UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2021

Item 1. Reports to Stockholders.

TIAA-CREF
Funds April 30,
2021

TIAA-CREF
Equity Funds

The semiannual report contains the financial statements (unaudited).

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class	Class W
Growth & Income Fund	TIGRX	TGIHX	TRPGX	TRGIX	TIIRX	TGIWX
Large-Cap Growth Fund	TILGX	TILHX	TILPX	TILRX	TIRTX	TILWX
Large-Cap Value Fund	TRLIX	TRLHX	TRCPX	TRLCX	TCLCX	TRLWX
Mid-Cap Growth Fund	TRPWX	TCMHX	TRGPX	TRGMX	TCMGX	—
Mid-Cap Value Fund	TIMVX	TRVHX	TRVPX	TRVRX	TCMVX	—
Quant 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 Small-Cap Equity Fund	TIISX	TAISX	TPISX	TTISX	TLISX	TAIWX
Social Choice International Equity Fund	TSONX	TSOHX	TSOPX	TSOEX	TSORX	—

Semiannual
Report

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 not be sent to you 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.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive 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 Small-Cap Equity Fund	20
Quant Small/Mid-Cap Equity Fund	22
Social Choice Equity Fund	24
Social Choice Low Carbon Equity Fund	26
Emerging Markets Equity Fund	28
International Equity Fund	30
International Opportunities Fund	32
Quant International Small-Cap Equity Fund	34
Social Choice International Equity Fund	36
Summary portfolios of investments	38
Financial statements (unaudited)
Statements of assets and liabilities	70
Statements of operations	78
Statements of changes in net assets	82
Financial highlights	88
Notes to financial statements	116
Approval of investment management agreement	126
Liquidity risk management program	133
Additional information about index providers	134
How to reach us	Inside back cover

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2021. The report contains four main sections:

• A letter from Brad Finkle, President of the TIAA-CREF Fund Complex.

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2021.

• 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 websites at TIAA.org or nuveen.com, 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  ■  2021 Semiannual Report 3

Brad Finkle

Letter to investors

Global stocks generated impressive gains for the six months ended April 30, 2021. The U.S. economy expanded at a robust pace as restrictions to contain the COVID-19 virus were slowly eased and the vaccine rollout was implemented. The U.S. Federal Reserve kept benchmark interest rates at historically low levels, while the federal government took aggressive fiscal action with two large stimulus measures. Major foreign economies had mixed performance as some countries continued to struggle with the effects of the pandemic. For the six months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, advanced 31.1%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which represents stocks in 21 developed-markets nations outside North America, returned 28.8%.

• The MSCI Emerging Markets Index, which tracks the performance of stocks in 27 developing nations, gained 23.0%.

• Institutional Class returns were positive for all 14 TIAA-CREF Equity Funds. Seven of the funds outperformed their respective benchmarks for the period.

U.S. economy continued its recovery

Domestic stocks recorded broad gains for the period in response to a strong economic recovery and improving data related to the COVID-19 pandemic. The U.S. economy expanded at a brisk pace in both the fourth quarter of 2020 and the first quarter of 2021. Unemployment declined and consumer spending increased, while inflation was higher than expected at the end of the period. Federal Reserve policymakers maintained they would not increase short-term interest rates before seeing specific signs of sustained economic growth. The federal government approved a $900 billion stimulus package in December 2020 and enacted a $1.9 trillion COVID-19 relief bill in March 2021.

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

Stocks in foreign developed markets posted strong gains

International developed stock markets also benefited from the delivery of vaccines and expectations of continued economic growth. However, economic trends overseas were mixed. The economy of the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021. Similarly, the United Kingdom’s economy contracted during the first three months of 2021. By contrast, China’s economy posted solid growth in the fourth quarter of 2020 and grew at its fastest pace in three decades in the first quarter of 2021. The European Central Bank and the Bank of England both left benchmark interest rates at near-zero levels throughout the period.

Emerging markets trailed foreign developed and U.S. stocks

Emerging-markets equities delivered broad gains for the period. Positive results were recorded in all but one of the 27 countries tracked by the MSCI Emerging Markets Index. Stocks in China, which account for 37.5% of the index’s weighting, advanced but underperformed the overall benchmark result for the six months. Stocks in Taiwan and Korea, the next two largest components of the index, both surpassed this benchmark’s return by wide margins.

4 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Seven funds outpaced their benchmarks

All of the 14 TIAA-CREF funds generated strong positive returns, while seven exceeded the returns of their respective benchmarks. Performance ranged from a 55.3% advance by the Quant Small-Cap Equity Fund to a 22.5% return by the Emerging Markets Equity Fund. (All fund returns are for the Institutional Class.)

The superior performance of smaller stocks and value-oriented equities were generally reflected in fund returns. The Quant Small-Cap Equity Fund’s gain outpaced the return of its benchmark, as did the Quant Small/Mid-Cap Equity Fund, which advanced 51.6%.

The Mid-Cap Value Fund gained 42.2% to outpace its benchmark, while the Large-Cap Value Fund advanced 38.6% to also exceed the performance of its benchmark, the Russell 1000^® Value Index.

The Social Choice Low Carbon Equity Fund gained 30.5%, and the Social Choice Equity Fund returned 30.3%, but both lagged their shared benchmark, the Russell 3000 Index.

The Mid-Cap Growth Fund advanced 30.0%, and the Large-Cap Growth Fund gained 27.3%. Both outperformed their respective benchmarks. The Growth & Income Fund climbed 29.6% to surpass its benchmark, the S&P 500^® Index.

Looking to foreign stock funds, the Quant International Small-Cap Equity Fund returned 31.0% but trailed its benchmark. The International Equity Fund gained 28.6% and the Social Choice International Equity Fund returned 27.9%. However, both modestly underperformed their mutual benchmark, the MSCI EAFE Index.

The International Opportunities Fund and Emerging Markets Equity Fund both had solid gains of 22.9% and 22.5%, respectively, but both fell short of their benchmarks.

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

Maintaining a long-term perspective

It’s encouraging to see that the health threat posed by COVID-19 is lessening. Many businesses and restaurants are seeing a welcome influx of customers, and consumer confidence appears to be on the rise.

However, we believe that no matter what the economic outlook may be—whether prosperous or uncertain—maintaining a diversified portfolio as part of a long-term, well-thought-out financial plan is a wise course of action. As such, a professionally managed portfolio of multiple asset classes that includes equities can provide the means to help investors achieve the appropriate balance of risk and reward and reach their long-term financial goals. Of course, diversification does not guarantee against market losses.

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

/s/ Brad Finkle

Brad Finkle

President of the TIAA-CREF Fund Complex

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 5

Market monitor

U.S. stocks led global equities in broad market rally

For the six months ended April 30, 2021, U.S. stocks generated double-digit gains as the economy grew and the country slowly eased COVID-19 restrictions that were intended to limit the spread of the virus. The Russell 3000^® Index, a broad measure of U.S. stock market performance, advanced 31.1%. International developed- and emerging-markets stocks both produced smaller but impressive gains.

Economy grew at a brisk pace

The U.S. economy extended its recovery through the six-month period, bouncing back from the earlier effects of the pandemic. Business activity gradually returned to more normal levels as vaccines were administered and COVID-19 data improved. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 4.3% during the fourth quarter of 2020. Strong consumer spending helped GDP expand further in the first quarter of 2021 at an annualized rate of 6.4%, according to the government’s “advance” estimate. Personal income increased $2.4 trillion during the first quarter, primarily reflecting direct payments and other government benefits related to pandemic relief programs. The unemployment rate edged down from 6.7% at the start of the period to 6.1% in April 2021, while consumer confidence climbed to its highest level since February 2020 by the end of the period.

Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended April 2021. Furthermore, oil prices climbed steeply as demand increased during the six-month period. The price of West Texas Intermediate crude oil rose from less than $37 per barrel to more than $63 by the end of April. The U.S. dollar generally lost ground against other major currencies during the period.

Small-cap stocks and value shares performed best

Among U.S. stock market investment styles, small-cap shares outperformed large- and mid-cap stocks, while value equities outpaced growth shares in all size categories. Small-cap stocks gained 48.1%, mid-cap equities advanced 35.4% and large-cap shares returned 30.0%. Among small caps, value shares gained 59.2%, while growth stocks returned 37.8%. Mid-cap value equities advanced 41.4%, while mid-cap growth shares gained 24.8%. Within the large-cap category, value stocks returned 36.3% and growth stocks gained 24.3%. (Returns by investment style and capitalization size are based on the Russell indexes.)

International stocks also produced strong gains over the six-month period. The MSCI EAFE^® Index, which tracks stock performance in 21 developed-markets countries outside North America, gained 28.8%. The MSCI Emerging Markets Index returned 23.0%.

U.S. equities rose as economy recovered

During the six-month period, U.S. stocks extended a rally that began in the spring of 2020. The economic recovery, along with strong fiscal action and accommodative monetary policy, drove stocks higher. The Federal Reserve left the federal funds target rate unchanged, maintaining the key short-term interest-rate measure at 0.00%---0.25%. Policymakers indicated they would take no action on rates until they saw specific signs of continued economic improvement. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

Around the world, economic recoveries were mixed as some countries continued to struggle to contain the COVID-19 virus and administer vaccines on a large scale. The economy of the 19-nation euro area contracted year-over-year in both the fourth quarter of 2020 and the first quarter of 2021. China’s economy grew 6.5% year-over-year in the fourth quarter of 2020 and expanded 18.3% year-over-year during the first three months of 2021—its fastest pace in nearly three decades. The European Central Bank held its key benchmark interest rates at near-zero levels and continued a bond-buying program to support its economy. The Bank of England maintained its benchmark interest rate at 0.10%.

Small-cap value stocks led performance

In a period of stellar returns, U.S. small-cap stocks outpaced large caps, and value dominated growth

Source: U.S. large-cap growth: Russell 1000^® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap^® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000^® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE^® Index; Emerging markets: MSCI Emerging Markets Index. Six-month returns as of April 30, 2021.

6 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Information for investors

Portfolio holdings

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

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

• By visiting our websites at TIAA.org or nuveen.com; 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  ■  2021 Semiannual Report 7

About the funds’ benchmarks

Broad market indexes

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

The MSCI All Country World ex USA Index measures the performance of large- and mid-cap stocks in 49 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 27 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 27 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 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2020–April 30, 2021).

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  ■  2021 Semiannual Report 9

Growth & Income Fund

Expense example

Six months ended April 30, 2021

Growth & Income Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class		$1,000.00		$1,295.73		$2.33
Advisor Class		1,000.00		1,295.61		2.90
Premier Class		1,000.00		1,294.74		3.19
Retirement Class		1,000.00		1,294.66		3.76
Retail Class		1,000.00		1,294.46		3.93
Class W		1,000.00		1,298.53		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.76		2.06
Advisor Class		1,000.00		1,022.27		2.56
Premier Class		1,000.00		1,022.02		2.81
Retirement Class		1,000.00		1,021.52		3.31
Retail Class		1,000.00		1,021.37		3.46
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.51% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class, 0.69% 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 4/30/2021
Information technology		25.5
Consumer discretionary		14.6
Health care		13.0
Communication services		11.1
Industrials		11.0
Financials		10.3
Consumer staples		5.5
Materials		4.8
Energy		2.2
Real estate		1.0
Utilities		1.0
Total		100.0

Performance for the six months ended April 30, 2021

The Growth & Income Fund returned 29.57% for the Institutional Class, compared with the 28.85% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2021, the Fund returned 51.04% versus 45.98% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.

For the six-month period, the large-cap-oriented S&P 500 Index trailed the Russell 3000^® Index, a broad measure of the U.S. stock market, which gained 31.08%. A portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.

Energy and financials led the benchmark’s broad advance

All eleven industry sectors in the S&P 500 Index generated positive results for the six months. Economically sensitive sectors tended to perform best, led by energy, which rose 75.9%. Next came financials, which gained 53.6%, followed by industrials and materials, which climbed 35.4% and 32.6%, respectively. Together, these four sectors represented more than one-quarter of the index’s total market capitalization on April 30, 2021. Information technology, the index’s largest sector, advanced 26.5%. The utilities and consumer staples sectors recorded the smallest gains of 8.7% and 13.1%, respectively.

For the six-month period, only one of the five largest stocks in the S&P 500 Index—Alphabet (the parent company of Google)—surpassed the overall return of the benchmark. The four stocks that underperformed posted double-digit gains. Among them, Microsoft performed best, followed by Facebook, Apple and Amazon.com.

Fund outperformed its benchmark

Several stock allocations helped the Fund’s relative return, led by an out-of-benchmark position in retailer Children’s Place, which experienced strong growth in online sales. The next-largest contributor was electric car maker Tesla, which joined the S&P 500 Index in December 2020. Other top contributors included overweight positions in travel company Expedia, which benefited from expectations of a rebound in travel, and Bank of America, which reported an earnings increase.

In contrast, the largest detractor was an underweight position in Exxon Mobil, which surged alongside the rally in oil prices. An out-of-benchmark position in Acadia Pharmaceuticals, which performed poorly, and an underweight in Wells Fargo also detracted.

10 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

Growth & Income Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		29.57	%		51.04	%		17.09	%		13.88	%		0.40	%		0.40	%
Advisor Class	12/4/15		29.56			50.94			17.01			13.84	†		0.49			0.49
Premier Class	9/30/09		29.47			50.86			16.92			13.71			0.55			0.55
Retirement Class	10/1/02		29.47			50.80			16.80			13.60			0.65			0.65
Retail Class	3/31/06		29.45			50.68			16.75			13.54			0.69			0.69
Class W	9/28/18		29.85			51.67			17.34	†		14.00	†		0.40			0.00
S&P 500® Index	—		28.85			45.98			17.42			14.17			—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion		66.6
More than $15 billion–$50 billion		22.3
More than $2 billion–$15 billion		10.7
$2 billion or less		0.4
Total		100.0

Fund profile

	as of 4/30/2021
Net assets	$6.21 billion
Portfolio turnover rate*	38%
Number of holdings	190
Weighted median market capitalization	$149.58 billion
Price/earnings ratio (weighted 12-month trailing average)†	56.1

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 11

Large-Cap Growth Fund

Expense example

Six months ended April 30, 2021

Large-Cap Growth Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class		$1,000.00		$1,272.52		$2.25
Advisor Class		1,000.00		1,271.94		2.70
Premier Class		1,000.00		1,271.26		3.10
Retirement Class		1,000.00		1,270.55		3.66
Retail Class		1,000.00		1,270.39		3.88
Class W		1,000.00		1,274.44		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.81		2.01
Advisor Class		1,000.00		1,022.41		2.41
Premier Class		1,000.00		1,022.07		2.76
Retirement Class		1,000.00		1,021.57		3.26
Retail Class		1,000.00		1,021.37		3.46
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.48% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 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 4/30/2021
Information technology		34.5
Consumer discretionary		21.0
Communication services		19.2
Health care		13.1
Industrials		5.6
Consumer staples		5.3
Financials		0.9
Materials		0.5
Short-term investments, other assets & liabilities, net		–0.1
Total		100.0

Performance for the six months ended April 30, 2021

The Large-Cap Growth Fund returned 27.25% for the Institutional Class, compared with the 24.31% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2021, the Fund returned 57.13% versus 51.41% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors posted double-digit gains

All eleven industry sectors in the Russell 1000 Growth Index advanced for the six months. Energy led the way, surging 60.9% amid the increase in oil prices. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on April 30, 2021—gained 24.6% and was the top contributor to the index’s return. The next-largest contributors were the consumer discretionary sector, which rose 26.3%, and the communication services sector, which returned 31.5%. Consumer staples and utilities, which tend to be more defensive, were the worst-performing sectors despite gaining 11.7% and 15.2%, respectively.

For the six-month period, two of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Alphabet (the parent company of Google), which benefited from strong spending on digital advertising, and Microsoft. Facebook, Apple and Amazon.com registered double-digit returns but underperformed the index.

Fund outperformed its benchmark

For the period, the Fund outperformed its benchmark on the strength of several stock choices. The top contributors were an overweight position in technology conglomerate IAC, which reported strong growth in its online video platform business; an overweight in payment processing firm PayPal, which added a significant number of net new active accounts; and an overweight in semiconductor manufacturing equipment supplier Applied Materials, which benefited from a positive demand outlook.

The largest detractor was an overweight position in software company salesforce.com, which announced an acquisition that many investors viewed as being too costly. The next-largest detractors were an underweight in electric car maker Tesla and an overweight in retailer Costco.

12 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

Large-Cap Growth Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		27.25	%		57.13	%		23.58	%		17.67	%		0.41	%		0.41	%
Advisor Class	12/4/15		27.19			57.01			23.50			17.62	†		0.48			0.48
Premier Class	9/30/09		27.13			56.88			23.39			17.49			0.56			0.56
Retirement Class	3/31/06		27.06			56.74			23.25			17.36			0.66			0.66
Retail Class	3/31/06		27.04			56.65			23.20			17.27			0.70			0.70
Class W	9/28/18		27.44			57.73			23.83	†		17.79	†		0.41			0.00
Russell 1000® Growth Index	—		24.31			51.41			22.88			17.02			—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion		75.6
More than $15 billion–$50 billion		21.5
More than $2 billion–$15 billion		2.7
$2 billion or less		0.2
Total		100.0

Fund profile

	as of 4/30/2021
Net assets	$6.94 billion
Portfolio turnover rate*	17%
Number of holdings	95
Weighted median market capitalization	$164.19 billion
Price/earnings ratio (weighted 12-month trailing average)†	63.5

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 13

Large-Cap Value Fund

Expense example

Six months ended April 30, 2021

Large-Cap Value Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class		$1,000.00		$1,386.01		$2.37
Advisor Class		1,000.00		1,385.71		2.84
Premier Class		1,000.00		1,384.58		3.25
Retirement Class		1,000.00		1,384.61		3.84
Retail Class		1,000.00		1,383.97		4.20
Class W		1,000.00		1,389.01		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.81		2.01
Advisor Class		1,000.00		1,022.41		2.41
Premier Class		1,000.00		1,022.07		2.76
Retirement Class		1,000.00		1,021.57		3.26
Retail Class		1,000.00		1,021.27		3.56
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.48% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.71% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2021
Financials		23.5
Industrials		17.1
Health care		14.1
Information technology		12.8
Communication services		9.8
Consumer discretionary		6.8
Materials		4.7
Energy		4.2
Consumer staples		3.0
Utilities		2.7
Real estate		0.9
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Performance for the six months ended April 30, 2021

The Large-Cap Value Fund returned 38.60% for the Institutional Class, compared with the 36.30% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2021, the Fund returned 47.93% versus 45.92% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors advanced

All eleven industry sectors in the Russell 1000 Value Index posted gains for the six months. Energy produced the strongest return, climbing 76.3% amid the increase in oil prices. Financials, the largest sector, rose 56.6% and was the top contributor to the index’s return. The next-largest contributors were industrials (up 40.7%) and information technology (up 36.9%). Together, these four sectors accounted for nearly one-half of the index’s total market capitalization on April 30, 2021. Utilities and consumer staples, which tend to be more defensive, recorded the smallest gains, rising 9.4% and 15.2%, respectively.

For the six-month period, three of the five largest stocks in the Russell 1000 Value Index generated returns that surpassed the overall return of the index. JPMorgan Chase performed best, followed by Walt Disney and Alphabet (the parent company of Google). Berkshire Hathaway narrowly lagged the index. Johnson & Johnson underperformed the index by a significant margin but still delivered a strong gain.

Fund outperformed its benchmark

For the period, the Fund outperformed its benchmark due to favorable security selection. The top contributor was an out-of-benchmark position in semiconductor manufacturing equipment supplier Applied Materials, which benefited from a positive demand outlook. The next-largest contributors were overweight positions in Bank of America and Goldman Sachs.

These positive effects were tempered by certain unsuccessful stock selections. The largest detractor was an underweight position in Exxon Mobil, which surged alongside the rally in oil prices. The next-largest detractors were overweight positions in pharmaceutical manufacturer Merck and utility company American Electric Power.

14 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

Large-Cap Value Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		38.60	%		47.93	%		11.51	%		9.97	%		0.41	%		0.41	%
Advisor Class	12/4/15		38.57			47.82			11.47			9.93	†		0.49			0.49
Premier Class	9/30/09		38.46			47.71			11.34			9.80			0.56			0.56
Retirement Class	10/1/02		38.46			47.54			11.24			9.70			0.66			0.66
Retail Class	10/1/02		38.40			47.50			11.18			9.62			0.73			0.73
Class W	9/28/18		38.90			48.52			11.74	†		10.08	†		0.41			0.00
Russell 1000® Value Index	—		36.30			45.92			12.15			11.13			—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion		79.1
More than $15 billion–$50 billion		17.9
More than $2 billion–$15 billion		3.0
Total		100.0

Fund profile

	as of 4/30/2021
Net assets	$5.79 billion
Portfolio turnover rate*	7%
Number of holdings	87
Weighted median market capitalization	$126.48 billion
Price/earnings ratio (weighted 12-month trailing average)†	26.4

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 15

Mid-Cap Growth Fund

Expense example

Six months ended April 30, 2021

Mid-Cap Growth Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class		$1,000.00		$1,300.23		$2.62
Advisor Class		1,000.00		1,300.35		2.79
Premier Class		1,000.00		1,299.23		3.48
Retirement Class		1,000.00		1,298.56		4.05
Retail Class		1,000.00		1,298.40		4.27
5% annual hypothetical return
Institutional Class		1,000.00		1,022.51		2.31
Advisor Class		1,000.00		1,022.36		2.46
Premier Class		1,000.00		1,021.77		3.06
Retirement Class		1,000.00		1,021.27		3.56
Retail Class		1,000.00		1,021.08		3.76

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.49% for the Advisor Class, 0.61% for the Premier Class, 0.71% for the Retirement Class and 0.75% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2021
Information technology		34.0
Consumer discretionary		22.1
Health care		19.3
Industrials		8.4
Communication services		7.5
Financials		4.1
Consumer staples		2.5
Materials		0.8
Real estate		0.4
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Performance for the six months ended April 30, 2021

The Mid-Cap Growth Fund returned 30.02% for the Institutional Class, compared with the 24.84% return of its benchmark, the Russell Midcap^® Growth Index. For the one-year period ended April 30, 2021, the Fund returned 67.61% versus 53.97% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors advanced

All eleven industry sectors in the Russell Midcap Growth Index posted gains. Energy rose 60.9% and was the strongest performer, but it made a relatively small contribution to the index’s return given its low weighting. The largest sectors—information technology and health care—were the top contributors, climbing 26.9% and 20.5%, respectively. Together, these two sectors accounted for nearly 60.0% of the index’s total market capitalization on April 30, 2021. Consumer staples, which increased 5.0%, generated the smallest gain.

For the six-month period, all of the five largest stocks in the Russell Midcap Growth Index posted returns that exceeded the overall return of the benchmark. The best performers were biotechnology company Moderna and semiconductor equipment maker KLA. Next came orthodontics supplier Align Technology, software provider Twilio and veterinary testing firm IDEXX Laboratories.

Fund outperformed its benchmark

The Fund outperformed its benchmark mainly because of numerous successful stock choices. The top contributors were an out-of-benchmark position in travel technology company Sabre, which surged on expectations of a recovery in the travel industry; an overweight position in technology conglomerate IAC, which reported strong growth in its online video platform business; and not owning software firm Splunk, which performed poorly as the pandemic slowed demand for its products.

Conversely, not owning Moderna detracted most, as its COVID-19 vaccine proved to be highly effective. The next-largest detractors were an underweight position in KLA and an out-of-benchmark position in Clarivate Analytics, a provider of information services.

16 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

Mid-Cap Growth Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		30.02	%		67.61	%		20.21	%		13.34	%		0.48	%		0.48	%
Advisor Class	12/4/15		30.04			67.65			20.17			13.32	†		0.56			0.56
Premier Class	9/30/09		29.92			67.42			20.04			13.18			0.63			0.63
Retirement Class	10/1/02		29.86			67.22			19.91			13.06			0.73			0.73
Retail Class	10/1/02		29.84			67.14			19.84			12.99			0.78			0.78
Russell Midcap® Growth Index	—		24.84			53.97			19.70			14.33			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion		5.2
More than $15 billion–$50 billion		60.8
More than $2 billion–$15 billion		32.3
$2 billion or less		1.7
Total		100.0

Fund profile

	as of 4/30/2021
Net assets	$1.84 billion
Portfolio turnover rate*	30%
Number of holdings	116
Weighted median market capitalization	$18.59 billion
Price/earnings ratio (weighted 12-month trailing average)†	41.5

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 17

Mid-Cap Value Fund

Expense example

Six months ended April 30, 2021

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
Mid-Cap	value	value	(11/1/20–
Value Fund	(11/1/20)	(4/30/21)	4/30/21)
Actual return
Institutional Class	$1,000.00	$1,422.10	$2.64
Advisor Class	1,000.00	1,420.41	3.24
Premier Class	1,000.00	1,419.91	3.54
Retirement Class	1,000.00	1,419.44	4.14
Retail Class	1,000.00	1,419.58	4.50
5% annual hypothetical return
Institutional Class	1,000.00	1,022.61	2.21
Advisor Class	1,000.00	1,022.12	2.71
Premier Class	1,000.00	1,021.87	2.96
Retirement Class	1,000.00	1,021.37	3.46
Retail Class	1,000.00	1,021.08	3.76

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.44% for the Institutional Class, 0.54% for the Advisor Class, 0.59% for the Premier Class, 0.69% for the Retirement Class and 0.75% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition
Sector	% of net assets as of 4/30/2021
Industrials	20.0
Financials	18.9
Consumer discretionary	12.7
Information technology	9.8
Real estate	9.4
Health care	8.8
Materials	8.4
Utilities	7.7
Energy	1.4
Consumer staples	1.3
Communication services	0.6
Short-term investments, other assets & liabilities, net	1.0
Total	100.0

Performance for the six months ended April 30, 2021

The Mid-Cap Value Fund returned 42.21% for the Institutional Class, compared with the 41.41% return of its benchmark, the Russell Midcap^® Value Index. For the one-year period ended April 30, 2021, the Fund returned 56.44% versus 60.70% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors advanced

All eleven industry sectors in the Russell Midcap Value Index registered double-digit gains. Energy and financials performed best, advancing 85.5% and 58.4%, respectively. The financials sector was also the top contributor to the index’s return. The next-largest contributors were industrials—the index’s biggest sector—and consumer discretionary, which climbed 40.3% and 46.5%, respectively. Together, these four sectors made up nearly one-half of the index’s total market capitalization on April 30, 2021. Gains were more modest in traditionally defensive sectors, including utilities, which returned 10.2%.

For the six-month period, four of the five largest stocks in the Russell Midcap Value Index produced returns that exceeded the overall return of the index. Mining company Freeport-McMoRan performed best, helped by rising copper prices. Next came computer and printer company HP, followed by Ford and industrial conglomerate Johnson Controls. Social media platform Twitter underperformed the index but still generated a strong gain.

Fund outperformed its benchmark

Several stock choices helped the Fund’s relative return, led by an overweight position in bank holding company Western Alliance, which experienced robust loan and deposit growth. The next-largest contributors were overweights in fashion company Capri, which benefited from accelerating e-commerce sales, and Ally Financial, which reported strong results in its auto financing unit.

The largest detractors were out-of-benchmark positions in utility company American Electric Power and health insurer Centene. An overweight position in electric utility Entergy was another major detractor, as the company was hurt by winter storms in Texas.

18 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021
Mid-Cap Value Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		42.21	%		56.44	%		9.46	%		9.04	%		0.46	%		0.46	%
Advisor Class	12/4/15		42.04			56.16			9.37			8.98	†		0.55			0.55
Premier Class	9/30/09		41.99			56.11			9.30			8.88			0.61			0.61
Retirement Class	10/1/02		41.94			56.04			9.19			8.77			0.71			0.71
Retail Class	10/1/02		41.96			55.91			9.13			8.71			0.78			0.78
Russell Midcap® Value Index	—		41.41			60.70			12.18			11.31			—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion	6.6
More than $15 billion–$50 billion	44.7
More than $2 billion–$15 billion	47.5
$2 billion or less	1.2
Total	100.0
Fund profile
	as of 4/30/2021
Net assets	$2.33 billion
Portfolio turnover rate*	55%
Number of holdings	90
Weighted median market capitalization	$15.20 billion
Price/earnings ratio (weighted 12-month trailing average)†	30.8

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 19

Quant Small-Cap Equity Fund

Expense example
Six months ended April 30, 2021
			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
Quant Small-Cap	value	value	(11/1/20–
Equity Fund	(11/1/20)	(4/30/21)	4/30/21)
Actual return
Institutional Class	$1,000.00	$1,553.12	$2.60
Advisor Class	1,000.00	1,553.09	2.98
Premier Class	1,000.00	1,552.17	3.54
Retirement Class	1,000.00	1,550.79	4.17
Retail Class	1,000.00	1,550.91	4.17
Class W	1,000.00	1,556.65	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.76	2.06
Advisor Class	1,000.00	1,022.46	2.36
Premier Class	1,000.00	1,022.02	2.81
Retirement Class	1,000.00	1,021.52	3.31
Retail Class	1,000.00	1,021.52	3.31
Class W	1,000.00	1,024.79	0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.47% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class, 0.66% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition
Sector	% of net assets as of 4/30/2021
Health care	18.4
Industrials	17.1
Consumer discretionary	15.4
Financials	14.7
Information technology	11.1
Real estate	6.5
Materials	5.3
Consumer staples	3.8
Energy	3.1
Communication services	2.7
Utilities	1.7
Short-term investments, other assets & liabilities, net	0.2
Total	100.0

Performance for the six months ended April 30, 2021

The Quant Small-Cap Equity Fund returned 55.31% for the Institutional Class, compared with the 48.06% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2021, the Fund returned 79.78% versus 74.91% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors posted substantial gains

All eleven industry sectors in the Russell 2000 Index posted strong returns for the six months. Energy was the best-performing sector, rising 103.2% amid the strong increase in oil prices. The top contributors to the index’s return were the industrials and consumer discretionary sectors, which advanced 54.1% and 68.0%, respectively. Health care, the index’s largest component, gained 30.1%. Together, these four sectors made up more than one-half of the index’s total market capitalization on April 30, 2021. Utilities, which rose 20.8%, was the worst-performing sector.

For the six-month period, all of the five largest stocks in the Russell 2000 Index produced gains that surpassed the overall return of the benchmark. Biotechnology firm Novavax performed best, lifted by favorable test results for its COVID-19 vaccine candidate. Next in line were casino and hotel operator Caesars Entertainment and hydrogen fuel-cell developer Plug Power. Penn National Gaming and food products company Darling Ingredients posted smaller gains but surpassed the index’s return.

Fund outperformed its benchmark

For the six-month period, the top contributors to the Fund’s relative performance were overweight positions in biopharmaceutical firm Cassava Sciences, which showed progress in the development of its lead drug candidate, and mobile applications provider Digital Turbine, which reported strong revenue growth. An overweight in freelance marketplace firm Upwork was the third-largest contributor.

Alternatively, not owning retailer GameStop detracted most as social media-driven buying led to a dramatic rally in its price. The next-largest detractors were overweight positions in retailer BJ’s Wholesale Club and human resources company TriNet.

20 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

Quant Small-Cap Equity Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		55.31	%		79.78	%		15.76	%		11.57	%		0.43	%		0.43	%
Advisor Class	12/4/15		55.31			79.65			15.69			11.53	†		0.51			0.51
Premier Class	9/30/09		55.22			79.45			15.59			11.40			0.58			0.58
Retirement Class	10/1/02		55.08			79.25			15.47			11.29			0.68			0.68
Retail Class	10/1/02		55.09			79.20			15.43			11.22			0.74			0.74
Class W	9/28/18		55.67			80.42			16.00	†		11.69	†		0.42			0.00
Russell 2000® Index	—		48.06			74.91			16.48			11.63			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2021
More than $15 billion–$50 billion	1.1
More than $2 billion–$15 billion	67.8
$2 billion or less	31.1
Total	100.0
Fund profile
	as of 4/30/2021
Net assets	$3.08 billion
Portfolio turnover rate*	28%
Number of holdings	448
Weighted median market capitalization	$2.90 billion
Price/earnings ratio (weighted 12-month trailing average)†	18.4

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 21

Quant Small/Mid-Cap Equity Fund

Expense example
Six months ended April 30, 2021
			Expenses
			paid
	Beginning	Ending	during
Quant	account	account	period*
Small/Mid-Cap	value	value	(11/1/20–
Equity Fund	(11/1/20)	(4/30/21)	4/30/21)
Actual return
Institutional Class	$1,000.00	$1,516.20	$2.93
Advisor Class	1,000.00	1,515.38	3.68
Premier Class	1,000.00	1,514.73	4.12
Retirement Class	1,000.00	1,513.43	4.49
Retail Class	1,000.00	1,512.05	5.61
Class W	1,000.00	1,519.26	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.46	2.36
Advisor Class	1,000.00	1,021.87	2.96
Premier Class	1,000.00	1,021.52	3.31
Retirement Class	1,000.00	1,021.22	3.61
Retail Class	1,000.00	1,020.33	4.51
Class W	1,000.00	1,024.79	0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.59% for the Advisor Class, 0.66% for the Premier Class, 0.72% 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 4/30/2021
Industrials	17.8
Financials	16.2
Information technology	15.3
Consumer discretionary	14.1
Health care	13.8
Real estate	7.4
Materials	5.3
Consumer staples	4.0
Energy	2.5
Communication services	2.3
Utilities	1.2
Short-term investments, other assets & liabilities, net	0.1
Total	100.0

Performance for the six months ended April 30, 2021

The Quant Small/Mid-Cap Equity Fund returned 51.62% for the Institutional Class, compared with the 44.37% return of its benchmark, the Russell 2500^® Index. For the one-year period ended April 30, 2021, the Fund returned 78.85% versus 71.95% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors generated significant gains

All eleven industry sectors in the Russell 2500 Index registered strong returns for the six months, led by energy, which soared 111.3%. Industrials, which rose 49.3%, made the largest contribution to the index’s return, followed by financials and consumer discretionary, which gained 52.8% and 59.0%, respectively. Together, these four sectors represented nearly one-half of the benchmark’s total market capitalization on April 30, 2021. Utilities, which advanced 19.1%, was the worst-performing sector and made the smallest contribution to the index’s return.

For the six-month period, four of the five largest stocks in the Russell 2500 posted gains that surpassed the overall return of the benchmark. They were software provider HubSpot, health care firm Novocure, e-commerce retailer Etsy and online real estate company Zillow. Testing equipment maker Teradyne trailed the benchmark by a narrow margin.

Fund outperformed its benchmark

The Fund outperformed its benchmark primarily on the strength of successful stock selections. Chief among them was an overweight position in retailer GameStop, which rose dramatically due to social media-driven buying. The next-largest contributors were overweight positions in online advertising company Magnite and electrical infrastructure provider Atkore, both of which also posted outsized gains.

The largest detractor was an overweight position in Acadia Pharmaceuticals, which experienced a setback in the approval for expanded use of a key drug. Overweight positions in fitness equipment maker Nautilus and biopharmaceutical company Amicus Therapeutics also detracted.

22 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

Quant Small/Mid-Cap Equity								Average annual			Annual operating
Fund		Total return						total return			expenses*
	Inception							since
	date	6 months			1 year			inception			gross			net
Institutional Class	8/5/16		51.62	%		78.85	%		17.95	%		0.50	%		0.50	%
Advisor Class	8/5/16		51.54			78.69			17.92			0.58			0.58
Premier Class	8/5/16		51.47			78.51			17.77			0.68			0.68
Retirement Class	8/5/16		51.34			78.48			17.64			0.75			0.75
Retail Class	8/5/16		51.21			78.18			17.49			0.89			0.89
Class W	9/28/18		51.93			79.81			18.27	†		0.50			0.00
Russell 2500® Index	—		44.37			71.95			15.66	‡		—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	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.

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion	1.6
More than $15 billion–$50 billion	9.8
More than $2 billion–$15 billion	70.2
$2 billion or less	18.4
Total	100.0
Fund profile
	as of 4/30/2021
Net assets	$1.19 billion
Portfolio turnover rate*	47%
Number of holdings	400
Weighted median market capitalization	$5.78 billion
Price/earnings ratio (weighted 12-month trailing average)†	47.1

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 23

Social Choice Equity Fund

Expense example
Six months ended April 30, 2021
			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
Social Choice	value	value	(11/1/20–
Equity Fund	(11/1/20)	(4/30/21)	4/30/21)
Actual return
Institutional Class	$1,000.00	$1,303.02	$0.91
Advisor Class	1,000.00	1,303.07	1.43
Premier Class	1,000.00	1,302.09	1.83
Retirement Class	1,000.00	1,301.18	2.34
Retail Class	1,000.00	1,301.93	2.51
5% annual hypothetical return
Institutional Class	1,000.00	1,024.00	0.80
Advisor Class	1,000.00	1,023.55	1.25
Premier Class	1,000.00	1,023.21	1.61
Retirement Class	1,000.00	1,022.76	2.06
Retail Class	1,000.00	1,022.61	2.21

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.16% for the Institutional Class, 0.25% for the Advisor Class, 0.32% for the Premier Class, 0.41% for the Retirement Class and 0.44% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition
	% of net assets
Sector	as of 4/30/2021
Information technology	25.6
Health care	13.5
Financials	12.4
Consumer discretionary	11.1
Industrials	10.2
Communication services	9.7
Consumer staples	5.6
Real estate	3.3
Materials	3.2
Energy	2.7
Utilities	2.4
Short-term investments, other assets & liabilities, net	0.3
Total	100.0

Performance for the six months ended April 30, 2021

The Social Choice Equity Fund returned 30.30% for the Institutional Class, compared with the 31.08% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2021, the Fund returned 49.18% versus 50.92% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Fund’s relative performance was hindered by omitting some stocks

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

Excluding JPMorgan Chase, Bank of America and Exxon Mobil detracted most from the Fund’s performance relative to its benchmark. JPMorgan Chase saw its net income rise, aided by an improving economy, and low long-term interest rates supported strength in the firm’s mortgage loan originations. Bank of America was helped by progress toward ending the pandemic and optimism regarding economic improvement. Exxon Mobil benefited as crude oil prices rebounded from multiyear lows in 2020.

Fund benefited from excluding other benchmark stocks

Not holding Amazon.com, Facebook or Walmart had the most positive effect on relative performance among stocks in which the Fund did not invest. Amazon rose during the period, but it trailed the benchmark’s return. Facebook’s stock rose, but it underperformed the broader market due to ongoing privacy regulation issues. Walmart’s earnings disappointed investors, as did the company’s expectation that sales would moderate over the coming year.

Fund trailed its benchmark

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

Of stocks the Fund held, an overweight position in Quidel, an underweight in PayPal and an overweight in Procter & Gamble hindered relative performance the most. Quidel, a provider of rapid diagnostic testing solutions, announced that revenues were below previous expectations due to the difficulty in predicting demand for COVID-19 tests as well as a flu season that failed to materialize. PayPal’s stock outperformed as net new active accounts, total payment volume and net revenue increased. Procter & Gamble’s stock declined over the six-month period, despite reporting solid results in a challenging operating environment.

By contrast, the Fund’s performance was helped most by overweight positions in Tesla, Applied Materials and Expedia Group. Electric car maker Tesla reported that its Model 3 was the best-selling premium sedan in the world and that revenue growth remained strong compared to the prior year. Semiconductor manufacturing equipment supplier Applied Materials saw record quarterly revenues as demand for silicon chips remained robust. Amid vaccine rollouts, internet-based travel company Expedia gained on consumer optimism for a more normal travel environment in 2021.

24 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021
Social Choice Equity Fund							Average annual					Annual operating
		Total return					total return					expenses*
	Inception
	date		6 months		1 year			5 years		10 years			gross		net
Institutional Class	7/1/99		30.30	%	49.18	%		17.46	%	13.42	%		0.18	%	0.18	%
Advisor Class	12/4/15		30.31		49.05			17.41		13.39	†		0.26		0.26
Premier Class	9/30/09		30.21		48.93			17.28		13.25			0.34		0.34
Retirement Class	10/1/02		30.12		48.79			17.15		13.13			0.43		0.43
Retail Class	3/31/06		30.19		48.79			17.14		13.11			0.46		0.46
Russell 3000® Index	—		31.08		50.92			17.67		14.03			—		—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion	60.8
More than $15 billion–$50 billion	26.7
More than $2 billion–$15 billion	10.8
$2 billion or less	1.7
Total	100.0
Fund profile
	as of 4/30/2021
Net assets	$7.01 billion
Portfolio turnover rate*	16%
Number of holdings	634
Weighted median market capitalization	$79.27 billion
Price/earnings ratio (weighted 12-month trailing average)†	43.5

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 25

Social Choice Low Carbon Equity Fund

Expense example
Six months ended April 30, 2021
Social Choice Low Carbon Equity Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,305.30		$ 1.77
Advisor Class		1,000.00		1,305.39		2.29
Premier Class		1,000.00		1,304.33		2.69
Retirement Class		1,000.00		1,303.22		3.20
Retail Class		1,000.00		1,303.68		3.60
5% annual hypothetical return
Institutional Class		1,000.00		1,023.26		1.56
Advisor Class		1,000.00		1,022.81		2.01
Premier Class		1,000.00		1,022.46		2.36
Retirement Class		1,000.00		1,022.02		2.81
Retail Class		1,000.00		1,021.67		3.16

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.31% for the Institutional Class, 0.40% for the Advisor Class, 0.47% for the Premier Class, 0.56% for the Retirement Class and 0.63% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition
	% of net assets
Sector	as of 4/30/2021
Information technology		24.9
Health care		13.2
Financials		12.7
Consumer discretionary		11.2
Industrials		10.3
Communication services		9.8
Consumer staples		5.7
Real estate		3.6
Materials		3.1
Energy		2.0
Utilities		1.8
Short-term investments, other assets & liabilities, net		1.7
Total		100.0

Performance for the six months ended April 30, 2021

The Social Choice Low Carbon Equity Fund returned 30.53% for the Institutional Class, compared with the 31.08% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2021, the Fund returned 51.06% versus 50.92% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Avoiding some stocks hindered 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 six-month period, but the net effect was that the Fund underperformed its benchmark.

Among stocks the Fund left out, JPMorgan Chase, Bank of America and Exxon Mobil detracted most from performance relative to the benchmark. JPMorgan Chase saw net income rise, aided by an improving economy, and low long-term interest rates supported strength in the firm’s mortgage loan originations. Bank of America was helped by progress toward ending the pandemic and optimism regarding economic improvement. Exxon Mobil benefited as crude oil prices recovered from multiyear lows in 2020.

Omitting other stocks helped the Fund’s relative performance

Not holding Amazon.com, Facebook or Walmart contributed most to relative performance among stocks the Fund avoided. Amazon rose during the period, but it trailed the benchmark’s return. Facebook’s stock rose but underperformed the broader market due to ongoing privacy issues. Walmart’s earnings disappointed investors, as did the company’s expectation that sales would moderate over the coming year.

Fund trailed its benchmark

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

Among the Fund’s holdings, an underweight position in PayPal and overweights in Quidel and Roku detracted most from the Fund’s relative performance. PayPal’s stock outperformed as net new active accounts, total payment volume and net revenue increased. Quidel, a provider of rapid diagnostic testing solutions, announced that revenues were below previous expectations due to the difficulty of predicting demand for COVID-19 tests and a flu season that failed to materialize. The Fund’s position in Roku, a provider of consumer electronics products—including wireless devices that stream audio and video content—declined during the reporting period.

In contrast, overweight investments in GameStop, Applied Materials and Tesla contributed most to relative performance among stocks the Fund held. Retailer GameStop’s stock soared due to a social media-driven rally. Semiconductor manufacturing equipment provider Applied Materials saw record quarterly revenues as demand for silicon chips remained robust. Electric car maker Tesla reported that its Model 3 was the best-selling premium sedan in the world and that revenue growth was strong compared to the prior year.

26 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021
Social Choice Low Carbon Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	8/7/15		30.53	%		51.06	%		17.81	%		15.48	%		0.35	%		0.32	%
Advisor Class	12/4/15		30.54			50.87			17.72			15.40	†		0.45			0.42
Premier Class	8/7/15		30.43			50.80			17.64			15.33			0.50			0.47
Retirement Class	8/7/15		30.32			50.58			17.51			15.19			0.60			0.57
Retail Class	8/7/15		30.37			50.52			17.47			15.12			0.66			0.63
Russell 3000® Index	—		31.08			50.92			17.67			15.21	‡		—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	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.

Holdings by company size
% of equity investments
Market capitalization	as of 4/30/2021
More than $50 billion	63.0
More than $15 billion–$50 billion	26.5
More than $2 billion–$15 billion	8.8
$2 billion or less	1.7
Total	100.0

Fund profile
	as of 4/30/2021
Net assets	$763.44 million
Portfolio turnover rate*	14%
Number of holdings	494
Weighted median market capitalization	$82.24 billion
Price/earnings ratio (weighted 12-month trailing average)†	38.3

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 27

Emerging Markets Equity Fund

Expense example
Six months ended April 30, 2021
Emerging Markets Equity Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,224.63	$	4.85
Advisor Class		1,000.00		1,222.72		5.35
Premier Class		1,000.00		1,223.41		5.40
Retirement Class		1,000.00		1,223.63		5.40
Retail Class		1,000.00		1,221.96		7.27
Class W		1,000.00		1,229.52		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,020.43		4.41
Advisor Class		1,000.00		1,019.98		4.86
Premier Class		1,000.00		1,019.93		4.91
Retirement Class		1,000.00		1,019.93		4.91
Retail Class		1,000.00		1,018.25		6.61
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.88% for the Institutional Class, 0.97% for the Advisor Class, 0.98% for the Premier Class, 0.98% for the Retirement Class, 1.32% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition
	% of net assets
Sector	as of 4/30/2021
Consumer discretionary	35.0
Information technology	16.6
Communication services	15.5
Financials	13.1
Consumer staples	9.0
Energy	5.8
Materials	3.5
Real estate	1.0
Short-term investments, other assets & liabilities, net	0.5
Total	100.0

Performance for the six months ended April 30, 2021

The Emerging Markets Equity Fund returned 22.46% for the Institutional Class, compared with the 22.95% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2021, the Fund returned 55.66% versus 48.71% for the index. The performance table shows returns for all share classes of the Fund.

Foreign stocks advanced as economic results varied

International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of pandemic-related restrictions. But global economies performed unevenly as the effectiveness of COVID-19 recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.

Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank held its benchmark interest rates at near-zero levels and maintained its aggressive bond-buying program.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, gained 28.84%, outperforming the MSCI Emerging Markets Index. Both benchmarks underperformed the 31.08% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Most countries in the benchmark advanced

Of the 27 country components in the MSCI Emerging Markets Index, 26 posted gains in U.S.-dollar terms for the six months. Czech Republic and Greece—two of the smallest index components—rose 52.0% and 47.1%, respectively. Taiwan, the second-largest component, advanced 45.2%. Korea, the third-largest component, gained 43.8%. Together, these four countries accounted for nearly 30.0% of the index’s total market capitalization on April 30, 2021. Egypt was the only decliner, returning –2.1%.

Fund advanced strongly but trailed its benchmark

For the six-month period, the Fund posted double-digit gains but underperformed its benchmark. The largest detractors were overweight positions in China-based companies Alibaba Group Holding, an internet retail giant that has come under antitrust scrutiny, and HUYA, a video game developer. India-based energy firm Reliance Industries also detracted.

By contrast, the three largest contributors were overweight positions in Brazilian retail giant Companhia Brasileira de Distribuicao, which had strong first-quarter revenues and earnings, followed by Mexican media company Grupo Televisa, SAB and South Korean beauty and cosmetics firm Amorepacific Corp.

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.

28 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021
Emerging Markets Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	8/31/10		22.46	%		55.66	%		14.35	%		3.84	%		0.88	%		0.88	%
Advisor Class	12/4/15		22.27			55.57			14.31			3.81	†		0.96			0.96
Premier Class	8/31/10		22.34			55.47			14.22			3.70			1.03			1.03
Retirement Class	8/31/10		22.36			55.38			14.16			3.61			1.13			1.13
Retail Class	8/31/10		22.20			54.98			13.93			3.44			1.27			1.27
Class W	9/28/18		22.95			57.05			14.88	†		4.08	†		0.88			0.00
MSCI Emerging Markets Index	—		22.95			48.71			12.50			3.59			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by country
% of portfolio investments
	as of 4/30/2021
China	32.6
Brazil	13.8
Taiwan	8.4
India	8.3
Korea, Republic of	8.0
Mexico	5.9
South Africa	4.7
Macau	3.4
Hong Kong	2.4
Tanzania, United Republic of	2.1
7 other nations	8.1
Short-term investments	2.3
Total	100.0

Holdings by company size
% of equity investments
Market capitalization	as of 4/30/2021
More than $50 billion	47.1
More than $15 billion–$50 billion	16.0
More than $2 billion–$15 billion	27.6
$2 billion or less	9.3
Total	100.0

Fund profile
	as of 4/30/2021
Net assets	$1.61 billion
Portfolio turnover rate*	45%
Number of holdings	59
Weighted median market capitalization	$42.73 billion
Price/earnings ratio (weighted 12-month trailing average)†	62.4

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 29

International Equity Fund

Expense example
Six months ended April 30, 2021
International Equity Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,286.33	$	2.61
Advisor Class		1,000.00		1,285.25		3.17
Premier Class		1,000.00		1,284.42		3.46
Retirement Class		1,000.00		1,285.08		4.02
Retail Class		1,000.00		1,283.79		4.53
Class W		1,000.00		1,288.43		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.51		2.31
Advisor Class		1,000.00		1,022.02		2.81
Premier Class		1,000.00		1,021.77		3.06
Retirement Class		1,000.00		1,021.27		3.56
Retail Class		1,000.00		1,020.83		4.01
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.56% for the Advisor Class, 0.61% for the Premier Class, 0.71% for the Retirement Class, 0.80% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition
	% of net assets
Sector	as of 4/30/2021
Financials	19.1
Industrials	18.5
Consumer discretionary	15.4
Information technology	10.6
Materials	10.6
Health care	8.3
Consumer staples	6.6
Communication services	3.3
Energy	3.3
Utilities	2.7
Short-term investments, other assets & liabilities, net	1.6
Total	100.0

Performance for the six months ended April 30, 2021

The International Equity Fund returned 28.63% for the Institutional Class, compared with the 28.84% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2021, the Fund returned 50.90% versus 39.88% for the index. The performance table shows returns for all share classes of the Fund.

Foreign stocks advanced as economic results varied

International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of pandemic-related restrictions. But global economies performed unevenly as the effectiveness of COVID-19 recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.

Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank held its benchmark interest rates steady at near-zero levels and maintained an aggressive bond-buying program to support European economies. The Bank of England kept its benchmark interest rate at 0.10%

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outperformed the 22.95% return of the MSCI Emerging Markets Index for the period. Both benchmarks underperformed the 31.08% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

All countries in the benchmark advanced

All of the 21 countries in the MSCI EAFE Index advanced in U.S.-dollar terms for the six-month period. The largest index components were Japan (23.8%), the United Kingdom (14.5%) and France (11.5%), gaining 17.2%, 36.5% and 40.1%, respectively. These three nations collectively represented nearly one-half of the benchmark’s total market capitalization on April 30, 2021.

Fund trailed its benchmark

The largest detractor from the Fund’s performance versus the benchmark was an overweight position in Japanese game maker Nintendo, which, despite strong sales, did not escape the volatility in technology share prices during the period. An underweight in energy giant Royal Dutch Shell and an overweight in Japanese pharmaceutical firm Daiichi Sankyo were the next-largest detractors.

In contrast, overweight positions in Dutch financial firm ING, European multinational Airbus and French financial company BNP Paribas contributed to the Fund’s relative performance. ING saw profits rebound on increased fee income and lower risk costs.

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.

30 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021
International Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		28.63	%		50.90	%		8.65	%		4.84	%		0.48	%		0.48	%
Advisor Class	12/4/15		28.52			50.69			8.54			4.79	†		0.57			0.57
Premier Class	9/30/09		28.44			50.56			8.48			4.69			0.63			0.63
Retirement Class	10/1/02		28.51			50.41			8.38			4.59			0.73			0.73
Retail Class	3/31/06		28.38			50.29			8.30			4.50			0.82			0.82
Class W	9/28/18		28.84			51.51			8.91	†		4.97	†		0.48			0.00
MSCI EAFE® Index	—		28.84			39.88			8.87			5.22			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by country
% of portfolio investments
	as of 4/30/2021
Japan	19.8
France	17.1
United Kingdom	12.9
Germany	10.9
Netherlands	6.6
Australia	6.3
Switzerland	5.4
Denmark	2.8
China	2.4
Italy	2.3
9 other nations	12.5
Short-term investments	1.0
Total	100.0

Holdings by company size
% of equity investments
Market capitalization	as of 4/30/2021
More than $50 billion	60.1
More than $15 billion–$50 billion	32.5
More than $2 billion–$15 billion	7.4
Total	100.0

Fund profile
	as of 4/30/2021
Net assets	$6.11 billion
Portfolio turnover rate*	16%
Number of holdings	87
Weighted median market capitalization	$63.66 billion
Price/earnings ratio (weighted 12-month trailing average)†	31.3

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 31

International Opportunities Fund

Expense example

Six months ended April 30, 2021

International Opportunities Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,229.35	$	3.37
Advisor Class		1,000.00		1,229.37		3.92
Premier Class		1,000.00		1,228.71		4.26
Retirement Class		1,000.00		1,228.98		4.26
Retail Class		1,000.00		1,227.31		5.96
Class W		1,000.00		1,233.64		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,021.77		3.06
Advisor Class		1,000.00		1,021.27		3.56
Premier Class		1,000.00		1,020.98		3.86
Retirement Class		1,000.00		1,020.98		3.86
Retail Class		1,000.00		1,019.44		5.41
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.61% for the Institutional Class, 0.71% for the Advisor Class, 0.77% for the Premier Class, 0.77% for the Retirement Class, 1.08% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2021
Information technology		20.4
Consumer discretionary		18.3
Industrials		14.0
Financials		12.1
Consumer staples		9.6
Health care		9.5
Materials		5.8
Energy		3.0
Communication services		3.0
Real estate		0.8
Short-term investments, other assets & liabilities, net		3.5
Total		100.0

Performance for the six months ended April 30, 2021

The International Opportunities Fund returned 22.93% for the Institutional Class, compared with the 27.40% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. For the one-year period ended April 30, 2021, the Fund returned 55.78% versus 42.98% for the index. The performance table shows returns for all share classes of the Fund.

Foreign stocks advanced as economic results varied

International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of pandemic-related restrictions. But global economies performed unevenly as the effectiveness of COVID-19 recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.

Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank held its benchmark interest rates steady at near-zero levels and maintained an aggressive bond-buying program to support European economies. The Bank of England kept its benchmark interest rate at 0.10%

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 28.84%, outperforming the 22.95% return of the MSCI Emerging Markets Index for the period. Both benchmarks underperformed the 31.08% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Most country components outperformed the benchmark’s return

Within the MSCI ACWI ex USA Index, 28 of 49 countries beat the benchmark’s return in U.S.-dollar terms for the six-month period. The largest markets were Japan (14.9%), China (11.6%) and the United Kingdom (9.0%), returning 17.2%, 6.6% and 36.5%, respectively. These three nations collectively represented over one-third of the index’s total market capitalization on April 30, 2021.

Fund trailed its benchmark

The Fund trailed its benchmark for the six months. The largest detractors were out-of-benchmark positions in Japanese internet services provider BASE and Japan-based uniforms retailer Workman. An overweight position in Japanese website operator MonotaRO also detracted.

By contrast, the Fund’s relative performance benefited most from an overweight position in Brazil’s Banco Inter and by the exclusion of Chinese online retailer Alibaba Group, a large benchmark stock that declined. An overweight in U.K.-based equipment rental company Ashtead also contributed. Banco Inter and Ashtead both outperformed 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.

32 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

International Opportunities Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	4/12/13		22.93	%		55.78	%		14.90	%		9.54	%		0.61	%		0.61	%
Advisor Class	12/4/15		22.94			55.73			14.84			9.49	†		0.71			0.71
Premier Class	4/12/13		22.87			55.64			14.76			9.38			0.77			0.77
Retirement Class	4/12/13		22.90			55.54			14.69			9.30			0.86			0.86
Retail Class	4/12/13		22.73			55.27			14.44			9.10			1.01			1.01
Class W	9/28/18		23.36			56.86			15.27	†		9.75	†		0.61			0.00
MSCI All Country World Index ex USA	—		27.40			42.98			9.83			6.30	‡		—			—

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

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	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.

Holdings by country

	% of portfolio investments as of 4/30/2021
United Kingdom		10.3
Japan		9.8
Canada		8.2
China		7.1
Netherlands		5.9
Brazil		5.8
Australia		5.7
Germany		5.3
France		5.1
Ireland		4.4
15 other nations		26.1
Short-term investments		6.3
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion		24.3
More than $15 billion–$50 billion		32.0
More than $2 billion–$15 billion		40.4
$2 billion or less		3.3
Total		100.0

Fund profile

	as of 4/30/2021
Net assets	$2.15 billion
Portfolio turnover rate*	12%
Number of holdings	100
Weighted median market capitalization	$24.32 billion
Price/earnings ratio (weighted 12-month trailing average)†	52.7

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 33

Quant International Small-Cap Equity Fund

Expense example

Six months ended April 30, 2021

Quant International Small-Cap Equity Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,309.53	$	3.84
Advisor Class		1,000.00		1,309.40		4.12
Premier Class		1,000.00		1,307.97		4.86
Retirement Class		1,000.00		1,307.68		4.81
Retail Class		1,000.00		1,306.67		6.23
Class W		1,000.00		1,314.26		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,021.47		3.36
Advisor Class		1,000.00		1,021.22		3.61
Premier Class		1,000.00		1,020.58		4.26
Retirement Class		1,000.00		1,020.63		4.21
Retail Class		1,000.00		1,019.39		5.46
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.67% for the Institutional Class, 0.72% 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 4/30/2021
Industrials		20.3
Consumer discretionary		12.6
Financials		11.8
Information technology		11.7
Materials		11.4
Real estate		9.5
Health care		7.7
Consumer staples		4.9
Communication services		4.4
Utilities		2.8
Energy		2.3
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Performance for the six months ended April 30, 2021

The Quant International Small-Cap Equity Fund returned 30.95% for the Institutional Class, compared with the 34.44% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. For the one-year period ended April 30, 2021, the Fund returned 55.39% versus 58.37% for the index. The performance table shows returns for all share classes of the Fund.

Foreign stocks advanced as economic results varied

International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of pandemic-related restrictions. But global economies performed unevenly as the effectiveness of COVID-19 recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.

Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank held its benchmark interest rates steady at near-zero levels and maintained an aggressive bond-buying program to support European economies.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 28.84%, outperforming the 22.95% return of the MSCI Emerging Markets Index for the period. Both benchmarks underperformed the 31.08% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Most country components outperformed the benchmark’s return

For the six-month period, 28 of 49 countries had returns that exceeded that of the benchmark in U.S.-dollar terms. The largest markets were Japan (18.7%), the United Kingdom (12.6%) and Canada (6.5%), returning 13.2%, 46.0% and 39.3%, respectively. Together, these three nations represented over one-third of the index’s total market capitalization on April 30, 2021.

Fund trailed its benchmark

For the six months, the largest detractor from the Fund’s relative performance was an overweight position in Australian protective equipment provider Ansell, which underperformed despite reporting strong operating results. Japanese construction contractor Haseko and Japan-based office products provider ASKUL were the next-largest detractors.

Conversely, several overweight holdings aided relative performance. Dutch semiconductor equipment manufacturer ASM International was the top contributor, followed by Hong Kong-based shipping services provider SITC International Holdings and Canadian transportation firm TFI International. All three companies reported strong revenue growth.

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 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

Quant International Small-Cap Equity Fund		Total return						Average annual total return			Annual operating expenses*
	Inception date	6 months			1 year			since inception			gross			net
Institutional Class	12/9/16		30.95	%		55.39	%		8.72	%		0.71	%		0.71	%
Advisor Class	12/9/16		30.94			55.21			8.65			0.79			0.79
Premier Class	12/9/16		30.80			55.07			8.58			0.91			0.90
Retirement Class	12/9/16		30.77			55.01			8.49			0.96			0.96
Retail Class	12/9/16		30.67			54.66			8.27			1.44			1.14
Class W	9/28/18		31.43			56.39			9.14	†		0.71			0.00
MSCI ACWI ex USA Small Cap Index	—		34.44			58.37			12.43	‡		—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	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.

Holdings by country

	% of portfolio investments as of 4/30/2021
Japan		16.8
United Kingdom		12.1
Sweden		6.2
Australia		5.9
Taiwan		5.8
Canada		5.7
Korea, Republic of		5.7
Switzerland		4.0
United States		3.6
Germany		2.9
38 other nations		30.4
Short-term investments		0.9
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion		0.5
More than $15 billion–$50 billion		0.7
More than $2 billion–$15 billion		55.8
$2 billion or less		43.0
Total		100.0

Fund profile

	as of 4/30/2021
Net assets	$1.25 billion
Portfolio turnover rate*	57%
Number of holdings	661
Weighted median market capitalization	$2.19 billion
Price/earnings ratio (weighted 12-month trailing average)†	36.5

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 35

Social Choice International Equity Fund

Expense example

Six months ended April 30, 2021

Social Choice International Equity	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,279.42	$	2.09
Advisor Class		1,000.00		1,279.38		2.66
Premier Class		1,000.00		1,278.51		2.99
Retirement Class		1,000.00		1,278.46		3.50
Retail Class		1,000.00		1,277.96		4.12
5% annual hypothetical return
Institutional Class		1,000.00		1,022.96		1.86
Advisor Class		1,000.00		1,022.46		2.36
Premier Class		1,000.00		1,022.17		2.66
Retirement Class		1,000.00		1,021.72		3.11
Retail Class		1,000.00		1,021.17		3.66

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.37% for the Institutional Class, 0.47% for the Advisor Class, 0.53% for the Premier Class, 0.62% for the Retirement Class and 0.73% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2021
Financials		18.2
Industrials		14.0
Consumer discretionary		11.5
Health care		11.3
Consumer staples		9.6
Materials		8.7
Information technology		8.3
Communication services		5.5
Utilities		4.0
Real estate		3.9
Energy		3.7
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Performance for the six months ended April 30, 2021

The Social Choice International Equity Fund returned 27.94% for the Institutional Class, compared with the 28.84% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2021, the Fund returned 39.70% versus 39.88% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Excluding certain stocks detracted from the Fund’s relative performance

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

The Fund’s relative performance was hurt most by omitting LVMH, Royal Dutch Shell and Banco Santander. French luxury goods group LVMH reported record revenue from its fashion and leather goods segment; Royal Dutch Shell benefited from rising gas prices as demand recovered; and Banco Santander saw profits grow on strength in U.S. and U.K. operations.

Avoiding other stocks benefited the Fund’s relative performance

Leaving out Unilever, Novartis and Reckitt Benckiser aided relative performance most. Consumer products giant Unilever reported that the pandemic continued to affect sales in parts of the world. Lower demand for cold and flu products resulted in weaker financial results for the Sandoz division of Swiss drug-maker Novartis and global consumer goods firm Reckitt Benckiser.

Fund trailed its benchmark

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

Among stocks the Fund held, overweight positions in Japanese companies Daiichi Sankyo, Nippon Paint and Unicharm detracted most. Daiichi reported that prescription drug revenue declined, while Nippon Paint saw reduced sales due to the pandemic. Hygiene products manufacturer Unicharm also reported disappointing sales growth.

Conversely, overweights in CNH Industrial, Repsol and Unibail-Rodamco-Westfield (URW) helped relative performance. U.K. industrial company CNH saw robust demand for agricultural machinery and commercial vehicles; Spanish oil and gas producer Repsol posted higher income as crude oil prices recovered; and French real estate investment trust URW’s stock soared in late 2020.

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 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2021

Social Choice International Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	8/7/15		27.94	%		39.70	%		9.26	%		6.73	%		0.41	%		0.40	%
Advisor Class	12/4/15		27.94			39.56			9.20			6.68	†		0.52			0.51
Premier Class	8/7/15		27.85			39.45			9.10			6.57			0.56			0.55
Retirement Class	8/7/15		27.85			39.35			8.99			6.47			0.66			0.65
Retail Class	8/7/15		27.80			39.29			8.92			6.38			0.72			0.71
MSCI EAFE® Index	—		28.84			39.88			8.87			6.22	‡		—			—

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

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	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.

Holdings by country

	% of portfolio investments as of 4/30/2021
Japan		23.4
United Kingdom		13.1
France		10.2
Switzerland		8.9
Germany		8.7
Australia		6.7
Sweden		3.9
Netherlands		3.6
Hong Kong		2.9
Spain		2.6
15 other nations		13.3
Short-term investments		2.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion		40.5
More than $15 billion–$50 billion		38.1
More than $2 billion–$15 billion		21.4
Total		100.0

Fund profile

	as of 4/30/2021
Net assets	$784.83 million
Portfolio turnover rate*	9%
Number of holdings	401
Weighted median market capitalization	$35.88 billion
Price/earnings ratio (weighted 12-month trailing average)†	30.7

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 37

Summary portfolio of investments (unaudited)

Growth & Income Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	654,632	*	General Motors Co	$	37,458,043		0.6	%
	85,780	*	Tesla, Inc		60,855,763		1.0
			Other		32,611,661		0.5
					130,925,467		2.1
BANKS
	2,509,982		Bank of America Corp		101,729,571		1.6
	589,695		JPMorgan Chase & Co		90,700,988		1.4
	914,870		Wells Fargo & Co		41,214,894		0.7
			Other		67,460,843		1.1
					301,106,296		4.8
CAPITAL GOODS
	138,455		Deere & Co		51,346,037		0.8
	370,349		Eaton Corp		52,933,983		0.9
	309,597		Honeywell International, Inc		69,052,515		1.1
	76,377	*	Teledyne Technologies, Inc		34,197,802		0.5
			Other		271,133,304		4.4
					478,663,641		7.7
COMMERCIAL & PROFESSIONAL SERVICES					65,829,532		1.1
CONSUMER DURABLES & APPAREL					96,618,276		1.6
CONSUMER SERVICES
	285,213	*	Expedia Group, Inc		50,263,087		0.8
			Other		143,056,774		2.3
					193,319,861		3.1
DIVERSIFIED FINANCIALS
	378,479		Discover Financial Services		43,146,606		0.7
	1,466,396		Equitable Holdings, Inc		50,194,735		0.8
	783,221		Morgan Stanley		64,654,894		1.0
			Other		57,098,331		1.0
					215,094,566		3.5
ENERGY					135,608,317		2.2
FOOD & STAPLES RETAILING					46,095,986		0.7
FOOD, BEVERAGE & TOBACCO
	421,664		PepsiCo, Inc		60,787,082		1.0
			Other		151,307,400		2.4
					212,094,482		3.4
HEALTH CARE EQUIPMENT & SERVICES
	308,919		Abbott Laboratories		37,094,994		0.6
	232,377		Danaher Corp		59,009,815		0.9
	481,322		Medtronic plc		63,014,676		1.0
	152,259		UnitedHealth Group, Inc		60,720,889		1.0
			Other		188,892,854		3.1
					408,733,228		6.6
HOUSEHOLD & PERSONAL PRODUCTS
	384,868		Procter & Gamble Co		51,349,089		0.8
			Other		33,992,385		0.6
					85,341,474		1.4

Shares			Company	Value		% of net assets
INSURANCE
	523,095		Hartford Financial Services Group, Inc	$	34,503,346		0.6	%
	673,640		Metlife, Inc		42,863,713		0.7
			Other		46,419,899		0.7
					123,786,958		2.0
MATERIALS
	702,251		Corteva, Inc		34,241,759		0.5
	551,193		Dow, Inc		34,449,562		0.6
	250,945		Linde plc		71,730,119		1.1
	204,231		PPG Industries, Inc		34,972,516		0.6
			Other		120,915,159		2.0
					296,309,115		4.8
MEDIA & ENTERTAINMENT
	109,483	*	Alphabet, Inc (Class C)		263,867,168		4.2
	846,468		Comcast Corp (Class A)		47,529,178		0.8
	444,052	*	Facebook, Inc		144,352,424		2.3
	97,980	*	Netflix, Inc		50,309,791		0.8
	456,753	*	Walt Disney Co		84,965,193		1.4
			Other		66,412,006		1.1
					657,435,760		10.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	616,794		AbbVie, Inc		68,772,531		1.1
	1,525,246		Pfizer, Inc		58,950,758		1.0
			Other		272,893,512		4.3
					400,616,801		6.4
REAL ESTATE
	303,308		Prologis, Inc		35,344,481		0.6
			Other		26,743,113		0.4
					62,087,594		1.0
RETAILING
	73,332	*	Amazon.com, Inc		254,272,843		4.1
	208,374		Home Depot, Inc		67,444,413		1.1
	241,958		Target Corp		50,148,215		0.8
			Other		114,664,630		1.8
					486,530,101		7.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	654,469		Intel Corp		37,651,601		0.6
	119,734		NVIDIA Corp		71,885,899		1.2
			Other		246,587,190		3.9
					356,124,690		5.7
SOFTWARE & SERVICES
	336,924	*	Fiserv, Inc		40,471,311		0.6
	253,026		Mastercard, Inc (Class A)		96,671,113		1.6
	1,344,399		Microsoft Corp		339,030,540		5.5
	225,468	*	PayPal Holdings, Inc		59,138,002		1.0
	295,714	*	salesforce.com, Inc		68,108,848		1.1
	74,258	*	ServiceNow, Inc		37,602,023		0.6
			Other		84,278,629		1.3
					725,300,466		11.7

38 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited)	continued
Growth & Income Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	2,701,633		Apple, Inc	$	355,156,674		5.7	%
	1,078,770		Cisco Systems, Inc		54,920,181		0.9
	298,754		TE Connectivity Ltd		40,173,450		0.7
			Other		52,378,927		0.8
					502,629,232		8.1
TELECOMMUNICATION SERVICES					31,015,236		0.5
TRANSPORTATION
	226,638		United Parcel Service, Inc (Class B)		46,202,423		0.7
			Other		92,649,919		1.5
					138,852,342		2.2
UTILITIES
	607,744		NextEra Energy, Inc		47,106,237		0.8
			Other		13,472,048		0.2
					60,578,285		1.0
		TOTAL COMMON STOCKS (Cost $3,157,514,886)			6,210,697,706		100.0
PURCHASED OPTIONS
CAPITAL GOODS					12,650		0.0
MATERIALS					63,240		0.0
MEDIA & ENTERTAINMENT					128,100		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					52,608		0.0
SOFTWARE & SERVICES					439,200		0.0
TECHNOLOGY HARDWARE & EQUIPMENT					311,567		0.0
		TOTAL PURCHASED OPTIONS (Cost $1,944,787)			1,007,365		0.0

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	5,565,000			0.1	%
REPURCHASE AGREEMENT					14,405,000			0.2
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	55,595,849	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%		55,595,849			0.9
					55,595,849			0.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $75,565,788)			75,565,849			1.2
		TOTAL PORTFOLIO (Cost $3,235,025,461)			6,287,270,920			101.2
		OTHER ASSETS & LIABILITIES, NET			(73,370,941	)		(1.2	)
		NET ASSETS		$	6,213,899,979			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 04/30/21, the aggregate value of securities on loan is $52,658,433. 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 April 30, 2021 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Anaplan, Inc, Call		720	$	582,368	$	67.50	11/19/21	$	439,200
Boeing Co, Call		55		166,927		250.00	05/21/21		12,650
DuPont de Nemours, Inc, Call		620		325,522		87.50	07/16/21		63,240
Lumentum Holdings, Inc, Call		500		311,567		92.50	09/17/21		311,567
QUALCOMM, Inc, Call		274		77,478		150.00	06/18/21		52,608
ViacomCBS, Inc, Call		700		480,925		52.50	09/17/21		128,100
Total		2,869	$	1,944,787				$	1,007,365

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 39

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  ■  April 30, 2021

Written options outstanding as of April 30, 2021 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
AbbVie, Inc, Put		480	$	(47,204	)	$	82.50	05/21/21	$	(6,240	)
ACADIA Pharmaceuticals, Inc, Put		500		(157,396	)		17.50	01/21/22		(108,750	)
Advanced Micro Devices, Inc, Call		400		(64,498	)		100.00	06/18/21		(23,600	)
Altria Group, Inc, Put		1,000		(33,735	)		40.00	05/21/21		(7,000	)
Anaplan, Inc, Call		720		(452,313	)		72.50	11/19/21		(331,200	)
Anaplan, Inc, Put		720		(262,536	)		50.00	11/19/21		(324,000	)
Apple, Inc, Call		1,000		(204,963	)		150.00	07/16/21		(111,000	)
Apple, Inc, Call		1,268		(1,361,921	)		150.00	09/17/21		(374,060	)
Apple, Inc, Put		616		(208,185	)		110.00	05/21/21		(7,392	)
Apple, Inc, Put		924		(299,342	)		105.00	06/18/21		(27,720	)
Apple, Inc, Put		1,268		(447,511	)		110.00	06/18/21		(54,524	)
Applied Materials, Inc, Put		364		(29,107	)		110.00	05/21/21		(13,832	)
Arcturus Therapeutics Holdings, Inc, Put		500		(652,701	)		45.00	09/17/21		(720,000	)
Arcturus Therapeutics Holdings, Inc, Put		500		(720,611	)		50.00	09/17/21		(930,000	)
Biogen, Inc, Put		150		(209,348	)		220.00	06/18/21		(106,500	)
Boeing Co, Call		55		(111,536	)		280.00	05/21/21		(2,145	)
Boeing Co, Put		167		(524,687	)		205.00	05/21/21		(14,028	)
Cadence Design Systems, Inc, Put		350		(42,551	)		115.00	06/18/21		(29,750	)
Caesars Entertainment, Inc, Call		320		(33,909	)		125.00	05/21/21		(10,880	)
Caesars Entertainment, Inc, Put		534		(68,333	)		75.00	05/21/21		(44,322	)
Celsius Holdings, Inc, Put		1,000		(86,385	)		40.00	05/21/21		(70,000	)
Chevron Corp, Call		222		(47,722	)		125.00	06/18/21		(2,664	)
Chevron Corp, Put		222		(23,968	)		85.00	06/18/21		(5,994	)
Children’s Place, Inc, Call		615		(755,181	)		100.00	09/17/21		(310,575	)
Children’s Place, Inc, Put		625		(87,853	)		55.00	05/21/21		(31,250	)
Children’s Place, Inc, Put		615		(441,538	)		50.00	09/17/21		(112,237	)
Chipotle Mexican Grill, Inc, Call		44		(293,693	)		1,780.00	09/17/21		(92,840	)
Chipotle Mexican Grill, Inc, Put		44		(152,165	)		1,100.00	09/17/21		(39,160	)
Citigroup, Inc, Call		445		(173,533	)		87.50	01/21/22		(90,335	)
Citigroup, Inc, Put		445		(173,533	)		57.50	01/21/22		(101,905	)
Corteva, Inc, Call		800		(104,884	)		55.00	09/17/21		(115,200	)
Corteva, Inc, Put		800		(90,892	)		38.00	09/17/21		(60,000	)
Cree, Inc, Call		295		(39,502	)		140.00	05/21/21		(5,900	)
Cree, Inc, Put		500		(48,982	)		80.00	06/18/21		(67,500	)
Delta Air Lines, Inc, Put		1,000		(29,965	)		40.00	05/21/21		(10,000	)
DraftKings, Inc, Put		800		(128,164	)		50.00	05/21/21		(81,600	)
DuPont de Nemours, Inc, Call		620		(153,734	)		95.00	07/16/21		(23,250	)
DuPont de Nemours, Inc, Put		620		(264,712	)		60.00	10/15/21		(63,240	)
eBay, Inc, Put		800		(35,900	)		50.00	06/18/21		(36,800	)
Eli Lilly & Co, Put		250		(22,801	)		160.00	05/21/21		(5,375	)
Emergent BioSolutions, Inc, Put		444		(309,895	)		70.00	09/17/21		(628,260	)
Enphase Energy, Inc, Put		340		(43,641	)		120.00	05/21/21		(51,680	)
Enphase Energy, Inc, Put		200		(229,588	)		130.00	05/21/21		(77,000	)
Enphase Energy, Inc, Put		200		(211,376	)		110.00	08/20/21		(129,000	)
Enphase Energy, Inc, Put		200		(169,660	)		105.00	11/19/21		(186,000	)
Envista Holdings Corp, Call		800		(39,172	)		50.00	05/21/21		(12,000	)
EQT Corp, Put		1,300		(37,653	)		14.00	05/21/21		(16,250	)
Expedia Group, Inc, Call		320		(259,658	)		210.00	10/15/21		(233,600	)
Expedia Group, Inc, Put		320		(102,977	)		145.00	07/16/21		(80,640	)
Freeport-McMoRan, Inc, Put		1,300		(38,955	)		31.00	05/07/21		(2,600	)
General Motors Co, Put		800		(39,604	)		50.00	05/21/21		(25,600	)
Hess Corp, Call		444		(26,252	)		90.00	06/18/21		(24,420	)
Home Depot, Inc, Call		240		(319,910	)		345.00	11/19/21		(289,800	)
Home Depot, Inc, Put		240		(95,511	)		260.00	11/19/21		(109,200	)
Honeywell International, Inc, Put		250		(7,909	)		200.00	05/21/21		(7,750	)
Horizon Therapeutics PLC, Call		420		(75,585	)		105.00	05/21/21		(67,200	)
Horizon Therapeutics PLC, Put		616		(45,562	)		65.00	05/21/21		(9,240	)
Humana, Inc, Put		160		(68,268	)		300.00	05/21/21		(160	)
LivePerson, Inc, Put		1,000		(65,965	)		40.00	05/21/21		(52,500	)
Lumentum Holdings, Inc, Call		500		(138,252	)		105.00	09/17/21		(138,252	)
Lumentum Holdings, Inc, Put		300		(197,385	)		75.00	09/17/21		(102,000	)
Lumentum Holdings, Inc, Put		200		(170,589	)		80.00	09/17/21		(102,000	)
Match Group, Inc, Put		230		(20,517	)		110.00	05/21/21		(3,910	)
Mattel, Inc, Put		2,000		(37,930	)		17.00	05/21/21		(10,000	)
Menora Mivtachim Holdings Ltd, Put		360		(114,187	)		100.00	07/16/21		(25,200	)
Moderna, Inc, Put		340		(30,928	)		115.00	05/21/21		(8,840	)

40 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Growth & Income Fund  ■  April 30, 2021

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Monolithic Power Systems, Inc, Put		134	$	(126,842	)	$	260.00	06/18/21	$	(34,505	)
Mosaic Co, Put		1,600		(60,152	)		25.00	05/21/21		(3,200	)
NetFlix, Inc, Put		160		(21,114	)		455.00	05/07/21		(3,040	)
NextEra Energy, Inc, Put		574		(30,402	)		70.00	06/18/21		(25,830	)
Nordstrom, Inc, Put		1,980		(554,317	)		30.00	07/16/21		(196,020	)
Pacific Biosciences of California, Inc, Put		1,800		(88,137	)		22.00	06/18/21		(88,137	)
Palomar Holdings, Inc, Put		800		(60,771	)		50.00	05/21/21		(28,000	)
QUALCOMM, Inc, Call		274		(33,416	)		160.00	06/18/21		(21,920	)
QUALCOMM, Inc, Put		274		(61,432	)		125.00	06/18/21		(48,224	)
Six Flags Entertainment Corp, Put		940		(55,427	)		42.50	05/21/21		(44,180	)
Snap, Inc, Put		800		(33,572	)		50.00	05/21/21		(21,600	)
Spotify Technology S.A., Put		180		(53,813	)		220.00	06/18/21		(68,400	)
STERIS plc, Put		230		(105,099	)		155.00	06/18/21		(10,925	)
Teladoc Health, Inc, Put		286		(46,608	)		140.00	06/18/21		(37,466	)
Twitter, Inc, Call		500		(41,482	)		80.00	05/21/21		(2,500	)
Twitter, Inc, Put		870		(41,730	)		46.00	06/18/21		(41,730	)
Universal Health Services, Inc, Put		332		(222,755	)		110.00	07/16/21		(22,410	)
ViacomCBS, Inc, Call		700		(310,073	)		60.00	09/17/21		(67,200	)
ViacomCBS, Inc, Put		700		(401,332	)		48.00	09/17/21		(693,000	)
Total		49,256	$	(14,332,897	)				$	(8,424,157	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 41

Summary portfolio of investments (unaudited)

Large-Cap Growth Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	123,516	*	Tesla, Inc	$	87,627,191		1.2	%
			Other		33,411,216		0.5
					121,038,407		1.7
CAPITAL GOODS
	196,570		Roper Technologies Inc		87,756,711		1.3
			Other		31,119,455		0.4
					118,876,166		1.7
COMMERCIAL & PROFESSIONAL SERVICES
	1,350,754		Experian Group Ltd		52,073,643		0.7
	642,276		Waste Connections, Inc		76,501,494		1.1
			Other		58,919,177		0.9
					187,494,314		2.7
CONSUMER DURABLES & APPAREL
	411,005		Nike, Inc (Class B)		54,507,483		0.8
			Other		88,288,007		1.3
					142,795,490		2.1
CONSUMER SERVICES
	48,662	*	Booking Holdings, Inc		120,004,385		1.7
	2,726,639	*	Carnival Corp		76,236,827		1.1
	41,960	*	Chipotle Mexican Grill, Inc (Class A)		62,605,579		0.9
	255,908	*	Flutter Entertainment plc		52,441,002		0.8
			Other		37,367,926		0.5
					348,655,719		5.0
DIVERSIFIED FINANCIALS
	144,616		S&P Global, Inc		56,456,640		0.8
			Other		5,231,061		0.1
					61,687,701		0.9
FOOD & STAPLES RETAILING
	366,525		Costco Wholesale Corp		136,380,287		2.0
					136,380,287		2.0
FOOD, BEVERAGE & TOBACCO
	835,330	*	Monster Beverage Corp		81,068,777		1.1
			Other		92,869,855		1.4
					173,938,632		2.5
HEALTH CARE EQUIPMENT & SERVICES
	123,409	*	Align Technology, Inc		73,493,762		1.1
	310,769		Cigna Corp		77,384,588		1.1
	310,190	*	Guardant Health, Inc		49,314,006		0.7
	86,731	*	Intuitive Surgical, Inc		75,022,315		1.1
			Other		125,121,946		1.8
					400,336,617		5.8
HOUSEHOLD & PERSONAL PRODUCTS
	177,570		Estee Lauder Cos (Class A)		55,721,466		0.8
					55,721,466		0.8
MATERIALS					31,959,770		0.5

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	178,667	*	Alphabet, Inc (Class C)	$	430,608,910		6.2	%
	402,182		Electronic Arts, Inc		57,142,019		0.8
	983,331	*	Facebook, Inc		319,661,241		4.6
	415,134	*	IAC/InterActive Corp		105,224,015		1.5
	576,194	*	Match Group, Inc		89,673,072		1.3
	582,500		Tencent Holdings Ltd		46,467,185		0.7
	319,586	*	Walt Disney Co		59,449,388		0.8
			Other		115,876,006		1.7
					1,224,101,836		17.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	570,765		AstraZeneca plc		60,754,437		0.9
	2,597,781	*	Avantor, Inc		83,232,903		1.2
	256,163	*	Illumina, Inc		100,631,073		1.5
	297,328	*	Vertex Pharmaceuticals, Inc		64,876,970		0.9
	643,274		Zoetis, Inc		111,305,700		1.6
			Other		90,908,764		1.3
					511,709,847		7.4
RETAILING
	228,539	*	Alibaba Group Holding Ltd (ADR)		52,781,082		0.8
	147,069	*	Amazon.com, Inc		509,949,992		7.4
	536,943	*	CarMax, Inc		71,542,285		1.0
	991,793		TJX Companies, Inc		70,417,303		1.0
			Other		137,572,908		1.9
					842,263,570		12.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	650,640		Applied Materials, Inc		86,346,434		1.3
	143,583		Broadcom, Inc		65,502,565		0.9
	1,296,120		Intel Corp		74,565,784		1.1
	192,691		NVIDIA Corp		115,687,822		1.7
	436,200		QUALCOMM, Inc		60,544,560		0.9
	552,546		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		64,504,220		0.9
			Other		42,934,355		0.6
					510,085,740		7.4
SOFTWARE & SERVICES
	25,843	*,g	Adyen NV		63,602,030		0.9
	237,989		Intuit, Inc		98,089,546		1.4
	1,540,589		Microsoft Corp		388,505,734		5.6
	1,068,273	*	PayPal Holdings, Inc		280,197,325		4.0
	1,102,367	*	salesforce.com, Inc		253,897,167		3.7
	173,287	*	ServiceNow, Inc		87,747,338		1.3
	1,195,224		Visa, Inc (Class A)		279,156,517		4.0
			Other		157,500,499		2.3
					1,608,696,156		23.2
TECHNOLOGY HARDWARE & EQUIPMENT
	2,112,332		Apple, Inc		277,687,165		4.0
					277,687,165		4.0
TELECOMMUNICATION SERVICES
	457,944	*	T-Mobile US, Inc		60,508,140		0.9
			Other		44,665,527		0.6
					105,173,667		1.5

42 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Growth Fund  ■  April 30, 2021

Shares			Company	Value			% of net assets
TRANSPORTATION
	1,561,605	*	Uber Technologies, Inc	$	85,529,106			1.2	%
					85,529,106			1.2
		TOTAL COMMON STOCKS (Cost $3,779,784,115)			6,944,131,656			100.1
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					38,190,000			0.5
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	48,115,518	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%		48,115,518			0.7
					48,115,518			0.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $86,305,508)			86,305,518			1.2
		TOTAL PORTFOLIO (Cost $3,866,089,623)			7,030,437,174			101.3
		OTHER ASSETS & LIABILITIES, NET			(92,860,725	)		(1.3	)
		NET ASSETS		$	6,937,576,449			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 4/30/21, the aggregate value of these securities, including those in “Other,” is $108,267,557 or 1.6% 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 04/30/21, the aggregate value of securities on loan is $49,931,388. 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  ■  2021 Semiannual Report 43

Summary portfolio of investments (unaudited)

Large-Cap Value Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	41,622,858		0.7	%
BANKS
	4,984,999		Bank of America Corp		202,042,009		3.5
	1,327,431		Citigroup, Inc		94,566,184		1.6
	1,530,834		JPMorgan Chase & Co		235,457,578		4.1
	368,645		PNC Financial Services Group, Inc		68,918,183		1.2
	1,128,771		US Bancorp		66,992,559		1.1
	1,893,147		Wells Fargo & Co		85,286,272		1.5
					753,262,785		13.0
CAPITAL GOODS
	285,090		Caterpillar, Inc		65,031,880		1.1
	296,896		Deere & Co		110,103,882		1.9
	427,635		Dover Corp		63,798,866		1.1
	431,955		Eaton Corp		61,739,328		1.1
	574,502		Honeywell International, Inc		128,136,926		2.2
	978,381		Masco Corp		62,498,978		1.1
	263,323		Parker-Hannifin Corp		82,633,391		1.4
	921,212		Raytheon Technologies Corp		76,681,687		1.3
	421,594		Trane Technologies plc		73,285,685		1.3
			Other		97,737,018		1.7
					821,647,641		14.2
CONSUMER DURABLES & APPAREL
	14,282	*	NVR, Inc		71,668,504		1.2
					71,668,504		1.2
CONSUMER SERVICES
	572,250	*	Hilton Worldwide Holdings, Inc		73,648,575		1.3
	258,861		McDonald’s Corp		61,111,905		1.1
			Other		42,110,782		0.7
					176,871,262		3.1
DIVERSIFIED FINANCIALS
	615,163		American Express Co		94,335,246		1.6
	312,093	*	Berkshire Hathaway, Inc (Class B)		85,809,971		1.5
	74,600		BlackRock, Inc		61,119,780		1.1
	311,736		Goldman Sachs Group, Inc		108,624,409		1.9
					349,889,406		6.1
ENERGY
	924,302		Chevron Corp		95,267,807		1.6
	1,103,495		ConocoPhillips		56,432,735		1.0
			Other		91,757,726		1.6
					243,458,268		4.2
FOOD & STAPLES RETAILING
	574,362		Walmart, Inc		80,358,987		1.4
					80,358,987		1.4
FOOD, BEVERAGE & TOBACCO					47,631,318		0.8

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	215,089		Anthem, Inc	$	81,602,616		1.4	%
	348,070		Cigna Corp		86,672,910		1.5
	328,284		HCA Healthcare, Inc		66,004,781		1.1
	640,875		Medtronic plc		83,903,355		1.5
	218,165		UnitedHealth Group, Inc		87,004,202		1.5
	496,749		Zimmer Biomet Holdings, Inc		88,004,053		1.5
					493,191,917		8.5
HOUSEHOLD & PERSONAL PRODUCTS					43,892,645		0.8
INSURANCE
	1,359,060		American International Group, Inc		65,846,457		1.1
	539,947		Chubb Ltd		92,649,506		1.6
			Other		100,377,587		1.8
					258,873,550		4.5
MATERIALS
	691,132		Crown Holdings, Inc		75,886,294		1.3
	408,886		PPG Industries, Inc		70,017,639		1.2
			Other		127,062,777		2.2
					272,966,710		4.7
MEDIA & ENTERTAINMENT
	59,544	*	Alphabet, Inc (Class C)		143,508,185		2.5
	2,778,185		Comcast Corp (Class A)		155,995,088		2.7
	708,378	*	Walt Disney Co		131,772,475		2.3
			Other		51,960,035		0.9
					483,235,783		8.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	990,535		Bristol-Myers Squibb Co		61,829,195		1.1
	980,555		Johnson & Johnson		159,565,715		2.7
			Other		101,856,636		1.8
					323,251,546		5.6
REAL ESTATE					54,415,898		0.9
RETAILING
	315,141		Home Depot, Inc		102,001,688		1.8
					102,001,688		1.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	531,301		Applied Materials, Inc		70,508,956		1.2
	1,209,969		Intel Corp		69,609,516		1.2
	693,688	*	Micron Technology, Inc		59,705,726		1.0
			Other		142,380,055		2.5
					342,204,253		5.9
SOFTWARE & SERVICES
	253,162		Accenture plc		73,409,385		1.3
	329,156		Microsoft Corp		83,006,560		1.4
			Other		70,865,884		1.2
					227,281,829		3.9
TECHNOLOGY HARDWARE & EQUIPMENT
	1,455,580		Cisco Systems, Inc		74,103,578		1.3
	702,932		TE Connectivity Ltd		94,523,266		1.6
					168,626,844		2.9

44 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	424,978	*	T-Mobile US, Inc	$	56,152,343		1.0	%
			Other		24,994,637		0.4
					81,146,980		1.4
TRANSPORTATION
	420,663		Union Pacific Corp		93,425,046		1.6
			Other		74,984,851		1.3
					168,409,897		2.9
UTILITIES					154,717,438		2.7
		TOTAL COMMON STOCKS (Cost $3,658,131,186)			5,760,628,007		99.6

Principal		Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT			$	18,377,000			0.3	%
REPURCHASE AGREEMENT				13,785,000			0.2
	TOTAL SHORT-TERM INVESTMENTS (Cost $32,161,974)			32,162,000			0.5
	TOTAL PORTFOLIO (Cost $3,690,293,160)			5,792,790,007			100.1
	OTHER ASSETS & LIABILITIES, NET			(7,629,666	)		(0.1	)
	NET ASSETS		$	5,785,160,341			100.0	%

Abbreviation(s):

* 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  ■  2021 Semiannual Report 45

Summary portfolio of investments (unaudited)

Mid-Cap Growth Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	13,252,701		0.7	%
CAPITAL GOODS
	32,358	*	TransDigm Group, Inc		19,859,399		1.1
			Other		30,222,178		1.6
					50,081,577		2.7
COMMERCIAL & PROFESSIONAL SERVICES
	165,364	*	Cimpress plc		15,752,575		0.9
	745,341	*	Clarivate Analytics plc		20,817,374		1.1
	205,109		Waste Connections, Inc		24,430,533		1.3
			Other		28,646,326		1.6
					89,646,808		4.9
CONSUMER DURABLES & APPAREL
	223,347	*	Peloton Interactive, Inc		21,966,177		1.2
	522,085		Tempur Sealy International, Inc		19,912,322		1.1
			Other		51,455,157		2.8
					93,333,656		5.1
CONSUMER SERVICES
	16,210	*	Chipotle Mexican Grill, Inc (Class A)		24,185,806		1.3
	99,710	*	Expedia Group, Inc		17,571,893		1.0
	200,815	*	Royal Caribbean Cruises Ltd		17,460,864		0.9
			Other		35,915,218		2.0
					95,133,781		5.2
DIVERSIFIED FINANCIALS
	176,885		Discover Financial Services		20,164,890		1.1
			Other		27,218,852		1.5
					47,383,742		2.6
FOOD, BEVERAGE & TOBACCO
	120,886	*,e	Beyond Meat, Inc		15,918,268		0.9
			Other		30,641,588		1.6
					46,559,856		2.5
HEALTH CARE EQUIPMENT & SERVICES
	74,730	*	Align Technology, Inc		44,503,957		2.4
	126,703	*	Guardant Health, Inc		20,143,243		1.1
	30,701	*	IDEXX Laboratories, Inc		16,854,542		0.9
	65,231	*	Insulet Corp		19,257,496		1.0
	111,722	*	Molina Healthcare, Inc		28,500,282		1.6
	279,504	*	Oak Street Health, Inc		17,225,831		0.9
	37,424		Teleflex, Inc		15,810,892		0.9
	59,250		West Pharmaceutical Services, Inc		19,464,810		1.1
			Other		36,142,178		1.9
					217,903,231		11.8
INSURANCE
	208,704	*	Trupanion, Inc		16,925,894		0.9
			Other		11,285,097		0.6
					28,210,991		1.5
MATERIALS					14,160,244		0.8

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	147,428	*	IAC/InterActive Corp	$	37,368,575		2.0	%
	156,302	*	Match Group, Inc		24,325,280		1.3
	490,195	*	Twitter, Inc		27,068,568		1.5
			Other		38,706,812		2.1
					127,469,235		6.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	106,570	*	10X Genomics, Inc		21,079,546		1.2
	938,188	*	Avantor, Inc		30,059,544		1.6
	296,892	*	Horizon Therapeutics Plc		28,091,921		1.5
			Other		59,125,087		3.2
					138,356,098		7.5
REAL ESTATE					7,691,549		0.4
RETAILING
	13,608	*	AutoZone, Inc		19,923,745		1.1
	49,040	*	Burlington Stores, Inc		16,003,223		0.9
	183,929	*	CarMax, Inc		24,506,700		1.3
	140,051	*	Dollar Tree, Inc		16,091,860		0.9
			Other		129,080,308		7.0
					205,605,836		11.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	405,365		Marvell Technology, Inc		18,326,552		1.0
	119,133		MKS Instruments, Inc		21,337,912		1.2
	71,249		Monolithic Power Systems, Inc		25,747,963		1.4
	90,078		NXP Semiconductors NV		17,340,916		0.9
	93,833		Skyworks Solutions, Inc		17,014,738		0.9
			Other		25,696,875		1.4
					125,464,956		6.8
SOFTWARE & SERVICES
	10,534	*,g	Adyen NV		25,925,155		1.4
	459,846	*	Anaplan, Inc		27,429,814		1.5
	169,104	*	DocuSign, Inc		37,700,046		2.1
	36,535	*	Fair Isaac Corp		19,049,714		1.0
	68,898	*	HubSpot, Inc		36,271,352		2.0
	70,298	*	MongoDB, Inc		20,910,843		1.1
	264,755	*	nCino, Inc		17,312,330		0.9
	136,071	*	Paylocity Holding Corp		26,294,360		1.4
	116,608	*	Proofpoint, Inc		20,069,403		1.1
	2,381,066	*	Sabre Corp		35,668,369		1.9
	161,442	*	Synopsys, Inc		39,885,861		2.2
	106,288	*	Twilio, Inc		39,092,726		2.1
	177,624	*	Zendesk, Inc		25,959,748		1.4
			Other		83,095,685		4.6
					454,665,406		24.7
TECHNOLOGY HARDWARE & EQUIPMENT
	211,551		Cognex Corp		18,218,772		1.0
			Other		26,277,474		1.4
					44,496,246		2.4
TELECOMMUNICATION SERVICES					11,498,512		0.6
TRANSPORTATION					14,254,470		0.8
		TOTAL COMMON STOCKS (Cost $1,216,855,516)			1,825,168,895		99.1

46 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Mid-Cap Growth Fund   ■  April 30, 2021

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	11,792,000			0.7	%
REPURCHASE AGREEMENT					4,380,000			0.2
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	36,851,204	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%		36,851,204			2.0
					36,851,204			2.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $53,023,160)			53,023,204			2.9
		TOTAL PORTFOLIO (Cost $1,269,878,676)			1,878,192,099			102.0
		OTHER ASSETS & LIABILITIES, NET			(35,984,334	)		(2.0	)
		NET ASSETS		$	1,842,207,765			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 $50,356,451. 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $46,426,981 or 2.5% of net assets.

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

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   ■  2021 Semiannual Report 47

Summary portfolio of investments (unaudited)

Mid-Cap Value Fund   ■  April 30, 2021

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	220,130	*	Aptiv plc	$	31,674,506		1.4	%
			Other		38,646,365		1.6
					70,320,871		3.0
BANKS
	679,356		Fifth Third Bancorp		27,541,092		1.2
	1,938,407		Huntington Bancshares, Inc		29,696,395		1.3
	108,662		Signature Bank		27,329,580		1.2
	353,905		Western Alliance Bancorp		37,184,798		1.6
			Other		23,745,322		1.0
					145,497,187		6.3
CAPITAL GOODS
	224,683		AGCO Corp		32,785,743		1.4
	871,922		Carrier Global Corp		37,998,361		1.6
	275,962		Crane Co		25,956,986		1.1
	186,912		Eaton Corp		26,715,332		1.2
	172,792		Hubbell, Inc		33,177,792		1.4
	715,569		Johnson Controls International plc		44,608,572		1.9
	189,367		Stanley Black & Decker, Inc		39,155,415		1.7
	1,357,352		Vertiv Holdings Co		30,811,890		1.3
	344,620		Wabtec Corp		28,282,963		1.2
	287,814	*	WESCO International, Inc		26,398,300		1.1
			Other		60,856,435		2.7
					386,747,789		16.6
COMMERCIAL & PROFESSIONAL SERVICES
	347,280		Republic Services, Inc		36,915,864		1.6
					36,915,864		1.6
CONSUMER DURABLES & APPAREL
	143,626	*	Mohawk Industries, Inc		29,515,143		1.3
	1,010,135		Newell Brands Inc		27,233,240		1.2
	131,000		Whirlpool Corp		30,974,950		1.3
			Other		39,261,772		1.7
					126,985,105		5.5
CONSUMER SERVICES
	489,565		Travel & Leisure Co		31,591,629		1.4
	505,032		Wyndham Hotels & Resorts, Inc		36,922,890		1.6
	238,541		Yum! Brands, Inc		28,510,420		1.2
					97,024,939		4.2
DIVERSIFIED FINANCIALS
	1,849,319		AGNC Investment Corp		33,158,290		1.4
	828,172		Ally Financial, Inc		42,609,449		1.9
	127,003		Ameriprise Financial, Inc		32,817,575		1.4
	430,624		Discover Financial Services		49,091,136		2.1
	865,417		Synchrony Financial		37,853,340		1.6
	443,592		Voya Financial, Inc		30,084,409		1.3
					225,614,199		9.7
ENERGY
	209,074		Pioneer Natural Resources Co		32,161,853		1.4
					32,161,853		1.4

Shares			Company	Value		% of net assets
FOOD, BEVERAGE & TOBACCO
	402,782		Tyson Foods, Inc (Class A)	$	31,195,466		1.3	%
					31,195,466		1.3
HEALTH CARE EQUIPMENT & SERVICES
	545,824	*	Centene Corp		33,699,174		1.5
	140,622	*	Molina Healthcare, Inc		35,872,672		1.5
	223,211		Zimmer Biomet Holdings, Inc		39,544,061		1.7
			Other		19,480,025		0.8
					128,595,932		5.5
INSURANCE
	915,265	*	BRP Group, Inc		26,560,990		1.1
	415,661		Prudential Financial, Inc		41,715,738		1.8
					68,276,728		2.9
MATERIALS
	813,318	*	Axalta Coating Systems Ltd		25,936,711		1.1
	210,282		FMC Corp		24,863,744		1.1
	1,326,793		Freeport-McMoRan, Inc (Class B)		50,033,364		2.1
	283,516		International Flavors & Fragrances, Inc		40,307,470		1.7
			Other		54,810,082		2.4
					195,951,371		8.4
MEDIA & ENTERTAINMENT					14,280,941		0.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	145,414	*	United Therapeutics Corp		29,309,646		1.3
			Other		46,165,527		2.0
					75,475,173		3.3
REAL ESTATE
	671,708		MGM Growth Properties LLC		24,194,922		1.0
	440,515		Regency Centers Corp		28,043,185		1.2
	495,581		Rexford Industrial Realty, Inc		27,529,524		1.2
	196,409		Simon Property Group, Inc		23,910,832		1.0
			Other		114,207,271		5.0
					217,885,734		9.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	47,158		Lam Research Corp		29,259,181		1.3
	154,326		NXP Semiconductors NV		29,709,298		1.3
			Other		59,840,520		2.5
					118,808,999		5.1
SOFTWARE & SERVICES					51,786,946		2.2
TECHNOLOGY HARDWARE & EQUIPMENT
	816,545	*	Vontier Corp		25,590,520		1.1
			Other		32,101,127		1.4
					57,691,647		2.5
TRANSPORTATION					42,567,576		1.8
UTILITIES
	719,853		Alliant Energy Corp		40,434,143		1.7
	326,101		American Electric Power Co, Inc		28,928,420		1.3
	574,410		Evergy, Inc		36,745,008		1.6
			Other		73,787,832		3.1
					179,895,403		7.7
		TOTAL COMMON STOCKS (Cost $1,755,174,204)			2,303,679,723		99.0

48 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Mid-Cap Value Fund   ■  April 30, 2021

Principal		Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
			$	24,592,000			1.1	%
GOVERNMENT AGENCY DEBT				2,596,000			0.1
	TOTAL SHORT-TERM INVESTMENTS (Cost $27,187,732)			27,188,000			1.2
	TOTAL PORTFOLIO (Cost $1,782,361,936)			2,330,867,723			100.2
	OTHER ASSETS & LIABILITIES, NET			(4,866,923	)		(0.2	)
	NET ASSETS		$	2,326,000,800			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   ■  2021 Semiannual Report 49

Summary portfolio of investments (unaudited)

Quant Small-Cap Equity Fund   ■  April 30, 2021

Shares				Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS					$	33,876,667		1.1	%
BANKS
	304,550			Essent Group Ltd		16,013,239		0.5
	217,150			Glacier Bancorp, Inc		12,800,992		0.4
	854,250			Investors Bancorp, Inc		12,506,220		0.4
	282,780			Pacific Premier Bancorp, Inc		12,450,803		0.4
	707,850			Radian Group, Inc		17,441,424		0.6
	615,742			United Community Banks, Inc		20,147,078		0.7
	135,800			Walker & Dunlop, Inc		15,053,430		0.5
				Other		204,848,861		6.6
						311,262,047		10.1
CAPITAL GOODS
	237,184			Advanced Drainage Systems, Inc		26,483,965		0.9
	179,703		*	Atkore International Group, Inc		14,067,151		0.5
	219,950			Boise Cascade Co		14,675,064		0.5
	616,818		*	Builders FirstSource, Inc		30,020,532		1.0
	318,700			Comfort Systems USA, Inc		26,248,132		0.9
	306,430			Federal Signal Corp		12,695,395		0.4
	486,860		*	Plug Power, Inc		13,880,379		0.5
	69,578		*	RBC Bearings, Inc		13,875,941		0.4
	326,844			Rexnord Corp		16,319,321		0.5
	461,760		*	WillScot Mobile Mini Holdings Corp		13,515,715		0.4
				Other		193,585,751		6.2
						375,367,346		12.2
COMMERCIAL & PROFESSIONAL SERVICES
	390,180			KBR, Inc		15,435,521		0.5
	234,028		*	TriNet Group, Inc		18,420,344		0.6
	438,330		*	Upwork, Inc		20,189,480		0.6
				Other		57,610,694		1.9
						111,656,039		3.6
CONSUMER DURABLES & APPAREL
	180,790		*	Crocs, Inc		18,100,695		0.6
	503,780		*	Sonos, Inc		20,166,313		0.7
	195,920	*		YETI Holdings, Inc		16,735,486		0.5
				Other		76,373,328		2.5
						131,375,822		4.3
CONSUMER SERVICES
	282,160		*	SeaWorld Entertainment, Inc		15,451,082		0.5
				Other		131,848,500		4.3
						147,299,582		4.8
DIVERSIFIED FINANCIALS
	433,914			Stifel Financial Corp		30,022,510		1.0
				Other		68,634,617		2.2
						98,657,127		3.2
ENERGY
	449,710		*	Green Plains Inc		13,401,358		0.4
				Other		83,307,777		2.7
						96,709,135		3.1

Shares			Company	Value		% of net assets
FOOD & STAPLES RETAILING
	481,911	*	BJ’s Wholesale Club Holdings, Inc	$	21,526,964		0.7	%
			Other		17,125,127		0.5
					38,652,091		1.2
FOOD, BEVERAGE & TOBACCO					54,201,855		1.8
HEALTH CARE EQUIPMENT & SERVICES
	568,720	*	R1 RCM, Inc		15,514,682		0.5
	285,850	*	Tenet Healthcare Corp		16,939,471		0.6
			Other		186,551,472		6.0
					219,005,625		7.1
HOUSEHOLD & PERSONAL PRODUCTS					25,328,600		0.8
INSURANCE					43,155,770		1.4
MATERIALS
	255,970		Louisiana-Pacific Corp		16,863,304		0.5
	152,410		Sensient Technologies Corp		12,534,198		0.4
	550,540	*	Summit Materials, Inc		15,850,047		0.5
	709,770		United States Steel Corp		16,331,808		0.5
			Other		103,591,516		3.4
					165,170,873		5.3
MEDIA & ENTERTAINMENT
	672,970		TEGNA, Inc		13,499,778		0.4
			Other		48,958,486		1.6
					62,458,264		2.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	221,334	*	Natera, Inc		24,351,167		0.8
	96,300	*	Novavax, Inc		22,816,359		0.7
			Other		304,002,833		9.9
					351,170,359		11.4
REAL ESTATE
	93,160		EastGroup Properties, Inc		14,780,766		0.5
	364,410		National Storage Affiliates Trust		16,558,790		0.5
	121,938		PS Business Parks, Inc		19,799,073		0.6
	429,500		STAG Industrial, Inc		15,681,045		0.5
			Other		133,061,112		4.4
					199,880,786		6.5
RETAILING
	419,140		Rent-A-Center, Inc		24,121,507		0.8
	124,360	*	Sleep Number Corp		13,914,640		0.4
			Other		125,708,055		4.1
					163,744,202		5.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	143,061		Brooks Automation, Inc		14,496,371		0.5
	313,647	*	Lattice Semiconductor Corp		15,779,580		0.5
			Other		63,128,381		2.0
					93,404,332		3.0
SOFTWARE & SERVICES
	328,840	*	Digital Turbine, Inc		24,804,401		0.8
	150,790	*	Workiva, Inc		14,174,260		0.5
			Other		123,219,372		4.0
					162,198,033		5.3

50 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Quant Small-Cap Equity Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	403,731	*	Sanmina Corp	$	16,488,374		0.5	%
			Other		65,674,755		2.2
					82,163,129		2.7
TELECOMMUNICATION SERVICES					19,728,666		0.6
TRANSPORTATION					39,452,160		1.3
UTILITIES
	180,058		Black Hills Corp		12,420,401		0.4
			Other		39,149,857		1.3
					51,570,258		1.7
		TOTAL COMMON STOCKS (Cost $2,006,613,328)			3,077,488,768		99.8
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	13,001,000		1.000%, 05/05/21		13,001,000		0.4
			Other		2,740,000		0.1
					15,741,000		0.5
TREASURY DEBT					479,998		0.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	30,680,500	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	30,680,500			1.0	%
					30,680,500			1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $46,901,486)			46,901,498			1.5
		TOTAL PORTFOLIO (Cost $2,053,514,814)			3,124,390,266			101.3
		OTHER ASSETS & LIABILITIES, NET			(40,269,401	)		(1.3	)
		NET ASSETS		$	3,084,120,865			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 04/30/21, the aggregate value of securities on loan is $65,488,320. 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 April 30, 2021 were as follows:

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
CME E-mini Russell 2000 Index Futures		130		06/18/21		$14,195,329		$14,699,750		$504,421

See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2021 Semiannual Report 51

Summary portfolio of investments (unaudited)

Quant Small/Mid-Cap Equity Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	14,177,007		1.2	%
BANKS
	450,902		First Bancorp (Puerto Rico)		5,667,838		0.5
			Other		82,697,667		6.9
					88,365,505		7.4
CAPITAL GOODS
	68,732		Advanced Drainage Systems, Inc		7,674,615		0.7
	77,046	*	Aecom Technology Corp		5,118,166		0.4
	35,830		AGCO Corp		5,228,314		0.4
	38,270		Allegion plc		5,142,723		0.4
	95,958	*	Atkore International Group, Inc		7,511,592		0.6
	143,406	*	Builders FirstSource, Inc		6,979,570		0.6
	60,321		EMCOR Group, Inc		7,226,456		0.6
	98,331		UFP Industries, Inc		8,263,737		0.7
			Other		108,960,987		9.3
					162,106,160		13.7
COMMERCIAL & PROFESSIONAL SERVICES
	62,589		Booz Allen Hamilton Holding Co		5,191,757		0.4
			Other		18,220,817		1.6
					23,412,574		2.0
CONSUMER DURABLES & APPAREL
	63,057	*	CROCS, Inc		6,313,267		0.5
	105,365		Pulte Homes, Inc		6,229,179		0.5
	130,000	*	Sonos, Inc		5,203,900		0.5
	138,770		Tempur Sealy International, Inc		5,292,688		0.5
	67,430	*	YETI Holdings, Inc		5,759,871		0.5
			Other		25,216,549		2.1
					54,015,454		4.6
CONSUMER SERVICES
	78,820	*	Boyd Gaming Corp		5,213,943		0.4
			Other		30,826,159		2.6
					36,040,102		3.0
DIVERSIFIED FINANCIALS
	82,000	e	iShares Russell 2000 Index Fund		18,440,980		1.6
	67,303		LPL Financial Holdings, Inc		10,546,380		0.9
			Other		44,450,880		3.7
					73,438,240		6.2
ENERGY
	456,060		Marathon Oil Corp		5,135,235		0.4
			Other		24,932,843		2.1
					30,068,078		2.5
FOOD & STAPLES RETAILING
	150,624	*	United Natural Foods, Inc		5,552,001		0.5
			Other		8,832,772		0.7
					14,384,773		1.2
FOOD, BEVERAGE & TOBACCO
	59,623		Bunge Ltd		5,033,374		0.4
	65,530		Lamb Weston Holdings, Inc		5,275,165		0.5
			Other		9,336,829		0.8
					19,645,368		1.7

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	30,160	*	Molina Healthcare, Inc	$	7,693,816		0.6	%
			Other		52,800,913		4.5
					60,494,729		5.1
HOUSEHOLD & PERSONAL PRODUCTS					13,393,780		1.1
INSURANCE
	47,721		American Financial Group, Inc		5,863,002		0.5
	102,460		Brown & Brown, Inc		5,448,823		0.5
	64,340		W.R. Berkley Corp		5,129,185		0.4
			Other		13,275,775		1.1
					29,716,785		2.5
MATERIALS
	30,622		Avery Dennison Corp		6,558,314		0.6
	75,670		Louisiana-Pacific Corp		4,985,140		0.4
	35,984		Reliance Steel & Aluminum Co		5,768,595		0.5
	24,613		Scotts Miracle-Gro Co (Class A)		5,689,541		0.5
			Other		39,872,761		3.3
					62,874,351		5.3
MEDIA & ENTERTAINMENT					23,439,521		2.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	22,432	*	Charles River Laboratories International, Inc		7,457,518		0.6
	104,683	*	Horizon Therapeutics Plc		9,905,105		0.8
	32,641	*	PRA Health Sciences, Inc		5,447,456		0.5
			Other		80,221,931		6.8
					103,032,010		8.7
REAL ESTATE
	138,620		American Homes 4 Rent		5,134,485		0.4
	78,256		Equity Lifestyle Properties, Inc		5,430,966		0.5
			Other		76,721,444		6.5
					87,286,895		7.4
RETAILING
	28,930	*	Etsy, Inc		5,750,995		0.5
	87,120		Kohl’s Corp		5,110,459		0.4
	15,530		Pool Corp		6,561,736		0.6
	9,190	*	RH		6,322,904		0.5
			Other		39,462,102		3.3
					63,208,196		5.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	57,213		Brooks Automation, Inc		5,797,393		0.5
	53,349		Teradyne, Inc		6,672,893		0.6
			Other		29,890,284		2.5
					42,360,570		3.6
SOFTWARE & SERVICES
	39,431	*	Five9, Inc		7,411,845		0.6
	134,620	*	Nuance Communications, Inc		7,157,745		0.6
	39,681		Pegasystems, Inc		5,037,106		0.4
	52,433	*	SPS Commerce, Inc		5,371,237		0.5
	36,332	*	Zendesk, Inc		5,309,922		0.4
			Other		66,437,570		5.7
					96,725,425		8.2
TECHNOLOGY HARDWARE & EQUIPMENT					42,285,487		3.6

52 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Quant Small/Mid-Cap Equity Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES				$	4,147,847		0.3	%
TRANSPORTATION
	91,755	*	Hub Group, Inc (Class A)		6,030,138		0.5
	29,914		Landstar System, Inc		5,153,584		0.4
			Other		13,436,994		1.2
					24,620,716		2.1
UTILITIES					14,286,022		1.2
		TOTAL COMMON STOCKS (Cost $786,678,469)			1,183,525,595		99.9
Principal			Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT
			Fixed Income Clearing Corp (FICC)
$	6,280,000	r	0.005%, 5/3/21		6,280,000		0.5
					6,280,000		0.5

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	29,158,029	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	29,158,029			2.5	%
					29,158,029			2.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $35,438,029)			35,438,029			3.0
		TOTAL PORTFOLIO (Cost $822,116,498)			1,218,963,624			102.9
		OTHER ASSETS & LIABILITIES, NET			(33,925,886	)		(2.9	)
		NET ASSETS		$	1,185,037,738			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 $29,955,232. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
r	Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $6,280,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $6,405,626.

“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   ■  2021 Semiannual Report 53

Summary portfolio of investments(unaudited)

Social Choice Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	170,522	*	Tesla, Inc	$	120,975,128		1.7	%
			Other		19,257,488		0.3
					140,232,616		2.0
BANKS
	251,083		PNC Financial Services Group, Inc		46,939,967		0.7
			Other		180,933,921		2.5
					227,873,888		3.2
CAPITAL GOODS
	213,347		3M Co		42,059,228		0.6
	218,248		Caterpillar, Inc		49,784,551		0.7
	135,980		Deere & Co		50,428,183		0.7
			Other		284,351,641		4.1
					426,623,603		6.1
COMMERCIAL & PROFESSIONAL SERVICES					112,204,955		1.6
CONSUMER DURABLES & APPAREL
	462,257		Nike, Inc (Class B)		61,304,523		0.9
			Other		48,857,276		0.7
					110,161,799		1.6
CONSUMER SERVICES
	20,720	*	Booking Holdings, Inc		51,097,178		0.7
	481,777		Starbucks Corp		55,158,649		0.8
			Other		108,429,897		1.6
					214,685,724		3.1
DIVERSIFIED FINANCIALS
	316,873		American Express Co		48,592,475		0.7
	66,250		BlackRock, Inc		54,278,625		0.8
	616,865		Charles Schwab Corp		43,427,296		0.6
	350,309		Intercontinental Exchange Group, Inc		41,234,872		0.6
	613,023		Morgan Stanley		50,605,049		0.7
	107,469		S&P Global, Inc		41,954,823		0.6
			Other		172,800,839		2.5
					452,893,979		6.5
ENERGY
	501,595		Chevron Corp		51,699,397		0.7
			Other		137,426,584		2.0
					189,125,981		2.7
FOOD & STAPLES RETAILING					48,113,874		0.7
FOOD, BEVERAGE & TOBACCO
	1,106,400		Coca-Cola Co		59,723,472		0.9
	466,553		PepsiCo, Inc		67,258,281		1.0
			Other		59,213,984		0.8
					186,195,737		2.7
HEALTH CARE EQUIPMENT & SERVICES
	191,615		Cigna Corp		47,714,051		0.7
			Other		394,693,566		5.6
					442,407,617		6.3
HOUSEHOLD & PERSONAL PRODUCTS
	641,116		Procter & Gamble Co		85,537,697		1.2
			Other		70,700,425		1.0
					156,238,122		2.2

Shares			Company	Value		% of net assets
INSURANCE				$	189,468,116		2.7	%
MATERIALS
	194,299		Ecolab, Inc		43,546,292		0.6
	206,745		Linde plc		59,095,991		0.8
			Other		120,588,621		1.8
					223,230,904		3.2
MEDIA & ENTERTAINMENT
	56,887	*	Alphabet, Inc (Class A)		133,883,555		1.9
	55,165	*	Alphabet, Inc (Class C)		132,954,270		1.9
			Other		297,767,139		4.2
					564,604,964		8.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	387,840		AbbVie, Inc		43,244,160		0.6
	180,747		Amgen, Inc		43,314,211		0.6
	694,911		Bristol-Myers Squibb Co		43,376,345		0.6
	279,150		Eli Lilly & Co		51,020,245		0.7
	688,678		Merck & Co, Inc		51,306,511		0.7
	117,437		Thermo Fisher Scientific, Inc		55,222,401		0.8
			Other		213,792,622		3.1
					501,276,495		7.1
REAL ESTATE
	206,290		American Tower Corp		52,556,503		0.8
			Other		182,075,161		2.5
					234,631,664		3.3
RETAILING
	257,453		Home Depot, Inc		83,329,813		1.2
	212,649		Lowe’s Companies, Inc		41,732,366		0.6
	226,308		Target Corp		46,904,596		0.7
			Other		142,588,949		2.0
					314,555,724		4.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	383,762		Applied Materials, Inc		50,929,055		0.7
	1,272,342		Intel Corp		73,197,835		1.1
	70,704		Lam Research Corp		43,868,297		0.6
	154,078		NVIDIA Corp		92,505,350		1.3
	341,844		Texas Instruments, Inc		61,706,260		0.9
			Other		39,937,209		0.6
					362,144,006		5.2
SOFTWARE & SERVICES
	220,982		Accenture plc		64,078,151		0.9
	146,354	*	Adobe, Inc		74,397,592		1.0
	388,803		International Business Machines Corp		55,163,370		0.8
	113,870		Intuit, Inc		46,932,659		0.7
	234,672		Mastercard, Inc (Class A)		89,658,784		1.3
	1,364,381		Microsoft Corp		344,069,601		4.9
	323,933	*	PayPal Holdings, Inc		84,964,387		1.2
	292,774	*	salesforce.com, Inc		67,431,708		1.0
			Other		298,970,952		4.2
					1,125,667,204		16.0

54 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Social Choice Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,318,948		Cisco Systems, Inc	$	67,147,643		1.0	%
	1,221,596		HP, Inc		41,668,640		0.6
			Other		198,541,006		2.8
					307,357,289		4.4
TELECOMMUNICATION SERVICES
	1,261,731		Verizon Communications, Inc		72,915,434		1.0
			Other		40,132,887		0.6
					113,048,321		1.6
TRANSPORTATION
	284,796		United Parcel Service, Inc (Class B)		58,058,513		0.8
			Other		121,489,137		1.8
					179,547,650		2.6
	UTILITIES				171,477,329		2.4
		TOTAL COMMON STOCKS (Cost $4,205,528,312)			6,993,767,561		99.7
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					45,992,000		0.6
REPURCHASE AGREEMENT					5,705,000		0.1
TREASURY DEBT					4,332,000		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	37,193,500	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	37,193,500			0.5	%
					37,193,500			0.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $93,222,065)			93,222,500			1.3
		TOTAL PORTFOLIO (Cost $4,298,750,377)			7,086,990,061			101.0
		OTHER ASSETS & LIABILITIES, NET			(73,320,447	)		(1.0	)
		NET ASSETS		$	7,013,669,614			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 04/30/21, the aggregate value of securities on loan is $55,425,854. 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 April 30, 2021 were as follows:

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
S&P 500 E Mini Index		270		06/18/21		$55,762,473		$56,354,400		$591,927

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 55

Summary portfolio of investments(unaudited)

Social Choice Low Carbon Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	18,724	*	Tesla, Inc	$	13,283,554		1.8	%
			Other		1,643,480		0.2
					14,927,034		2.0
BANKS
	89,145		Citigroup, Inc		6,350,690		0.8
	28,192		PNC Financial Services Group, Inc		5,270,494		0.7
	88,550		Truist Financial Corp		5,251,901		0.7
			Other		10,617,482		1.4
					27,490,567		3.6
CAPITAL GOODS
	28,209		3M Co		5,561,122		0.7
	25,080		Caterpillar, Inc		5,720,999		0.7
	13,604		Deere & Co		5,045,043		0.7
			Other		35,879,759		4.7
					52,206,923		6.8
COMMERCIAL & PROFESSIONAL SERVICES					11,768,309		1.5
CONSUMER DURABLES & APPAREL
	50,731		Nike, Inc (Class B)		6,727,945		0.9
			Other		4,660,069		0.6
					11,388,014		1.5
CONSUMER SERVICES
	2,284	*	Booking Holdings, Inc		5,632,527		0.7
	52,453		Starbucks Corp		6,005,344		0.8
			Other		12,209,865		1.6
					23,847,736		3.1
DIVERSIFIED FINANCIALS
	37,372		American Express Co		5,730,996		0.8
	7,217		BlackRock, Inc		5,912,888		0.8
	71,143		Morgan Stanley		5,872,855		0.8
	13,726		S&P Global, Inc		5,358,493		0.7
			Other		22,335,967		2.8
					45,211,199		5.9
ENERGY					15,023,399		2.0
FOOD & STAPLES RETAILING					4,048,198		0.5
FOOD, BEVERAGE & TOBACCO
	137,059		Coca-Cola Co		7,398,445		1.0
	50,198		PepsiCo, Inc		7,236,543		1.0
			Other		7,923,264		1.0
					22,558,252		3.0
HEALTH CARE EQUIPMENT & SERVICES
	20,521		Cigna Corp		5,109,934		0.7
			Other		39,129,757		5.1
					44,239,691		5.8
HOUSEHOLD & PERSONAL PRODUCTS
	71,201		Procter & Gamble Co		9,499,637		1.2
			Other		7,583,405		1.0
					17,083,042		2.2

Shares			Company	Value		% of net assets
INSURANCE
	30,140		Chubb Ltd	$	5,171,723		0.7	%
			Other		19,168,443		2.5
					24,340,166		3.2
MATERIALS					23,347,932		3.1
MEDIA & ENTERTAINMENT
	6,193	*	Alphabet, Inc (Class A)		14,575,225		1.9
	6,018	*	Alphabet, Inc (Class C)		14,504,102		1.9
			Other		32,508,484		4.3
					61,587,811		8.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	23,772		Amgen, Inc		5,696,722		0.8
	96,257		Bristol-Myers Squibb Co		6,008,362		0.8
	29,893		Eli Lilly & Co		5,463,544		0.7
	92,598		Merck & Co, Inc		6,898,551		0.9
	14,657		Thermo Fisher Scientific, Inc		6,892,161		0.9
	30,544		Zoetis, Inc		5,285,028		0.7
			Other		20,417,829		2.6
					56,662,197		7.4
REAL ESTATE
	22,469		American Tower Corp		5,724,427		0.8
	45,213		Prologis, Inc		5,268,671		0.7
			Other		16,308,696		2.1
					27,301,794		3.6
	RETAILING
	30,687		Home Depot, Inc		9,932,461		1.3
	28,606		Lowe’s Companies, Inc		5,613,927		0.8
	24,877		Target Corp		5,156,007		0.7
			Other		14,416,662		1.8
					35,119,057		4.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	42,948		Applied Materials, Inc		5,699,629		0.7
	136,240		Intel Corp		7,837,887		1.0
	8,105		Lam Research Corp		5,028,747		0.7
	16,660		NVIDIA Corp		10,002,331		1.3
	35,907		Texas Instruments, Inc		6,481,572		0.9
			Other		4,078,648		0.5
					39,128,814		5.1
SOFTWARE & SERVICES
	24,109		Accenture plc		6,990,887		0.9
	15,804	*	Adobe, Inc		8,033,805		1.0
	42,858		International Business Machines Corp		6,080,693		0.8
	25,308		Mastercard, Inc (Class A)		9,669,174		1.3
	148,033		Microsoft Corp		37,330,962		4.9
	34,916	*	PayPal Holdings, Inc		9,158,118		1.2
	31,338	*	salesforce.com, Inc		7,217,768		1.0
			Other		30,961,386		4.0
					115,442,793		15.1
TECHNOLOGY HARDWARE & EQUIPMENT
	147,324		Cisco Systems, Inc		7,500,265		1.0
			Other		28,372,110		3.7
					35,872,375		4.7

56 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Social Choice Low Carbon Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	37,688	*	T-Mobile US, Inc	$	4,979,715		0.7	%
	138,671		Verizon Communications, Inc		8,013,797		1.1
			Other		503,902		0.0
					13,497,414		1.8
TRANSPORTATION
	50,024		CSX Corp		5,039,918		0.7
	32,259		United Parcel Service, Inc (Class B)		6,576,320		0.9
			Other		2,830,843		0.3
					14,447,081		1.9
UTILITIES					13,585,600		1.8
		TOTAL COMMON STOCKS (Cost $569,797,797)			750,125,398		98.3
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	5,000,000		0.500%, 05/26/21		5,000,000		0.6
			Other		2,000,000		0.3
					7,000,000		0.9
REPURCHASE AGREEMENT					4,075,000		0.5
TREASURY DEBT					1,589,992		0.2

Shares			Company	Value		% of net assets
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	588,912	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	588,912		0.1	%
					588,912		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $13,253,878)			13,253,904		1.7
		TOTAL PORTFOLIO (Cost $583,051,675)			763,379,302		100.0
		OTHER ASSETS & LIABILITIES, NET			59,851		0.0
		NET ASSETS		$	763,439,153		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 04/30/21, the aggregate value of securities on loan is $3,085,410. 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 April 30, 2021 were as follows:

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
S&P 500 E Mini Index		52		06/18/21		$10,830,351		$10,853,440		$23,089

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 57

Summary portfolio of investments(unaudited)

Emerging Markets Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
BRAZIL
	9,984,365		Arcos Dorados Holdings, Inc	$	57,210,411		3.5	%
	1,200,100	*	B2W Companhia Global Do Varejo		14,872,973		0.9
	3,043,270		Banco Bradesco S.A. (Preference)		13,361,804		0.8
	1,868,800		Cia Brasileira de Distribuicao		14,012,431		0.9
	4,998,300		Itau Unibanco Holding S.A.		25,331,725		1.6
	10,111,950		Lojas Americanas S.A. (Preference)		38,831,616		2.4
	2,271,100		Sendas Distribuidora S.A.		33,819,512		2.1
	236,805	*	StoneCo Ltd		15,307,075		1.0
			Other		14,517,175		0.9
					227,264,722		14.1
CHINA
	4,613,500		AAC Technologies Holdings, Inc		25,610,360		1.6
	529,651	*	Alibaba Group Holding Ltd (ADR)		122,322,899		7.6
	204,465	*	Baidu, Inc (ADR)		43,005,123		2.7
	475,702	*,e	Baozun, Inc (ADR)		16,511,616		1.0
	3,602,900		China Vanke Co Ltd (Class A)		15,664,218		1.0
	9,745,755		Foxconn Industrial Internet Co Ltd		20,669,859		1.3
	7,238,000		Geely Automobile Holdings Ltd		18,852,759		1.2
	349,367	*	Huazhu Group Ltd (ADR)		20,598,678		1.3
	2,216,585	*,e	HUYA, Inc (ADR)		39,056,228		2.4
	1,433,707	*	iClick Interactive Asia Group Ltd (ADR)		18,494,820		1.1
	580,259	*	JD.com, Inc (ADR)		44,888,836		2.8
	3,014,863		Ping An Insurance Group Co of China Ltd (Class A)		33,690,600		2.1
	1,001,776		Tencent Holdings Ltd		79,913,666		4.9
	888,899	*	Tencent Music Entertainment (ADR)		15,484,621		0.9
			Other		22,125,394		1.4
					536,889,677		33.3
HONG KONG
	2,017,340	*	Melco Crown Entertainment Ltd (ADR)		38,914,489		2.4
					38,914,489		2.4
INDIA
	22,956,912		Edelweiss Capital Ltd		18,082,213		1.1
	1,561,784	*	ICICI Bank Ltd		12,651,183		0.8
	1,771,734		Piramal Healthcare Ltd		40,103,847		2.5
	2,422,304		Reliance Industries Ltd		65,078,094		4.0
					135,915,337		8.4
INDONESIA
	44,911,400		Astra International Tbk PT		17,067,902		1.1
	9,237,400		PT United Tractors Tbk		13,519,771		0.8
					30,587,673		1.9
ITALY					5,849,175		0.4
KOREA, REPUBLIC OF
	89,679		Amorepacific Corp		21,738,644		1.4
	406,903		KB Financial Group, Inc		20,031,254		1.2
	1,151,814		Samsung Electronics Co Ltd		83,950,515		5.2
			Other		6,233,463		0.4
					131,953,876		8.2

Shares			Company	Value		% of net assets
MACAU
	1,730,079	*	Galaxy Entertainment Group Ltd	$	15,186,843		0.9	%
	21,172,100	*	Wynn Macau Ltd		40,604,088		2.5
					55,790,931		3.4
MEXICO
	268,419		Fomento Economico Mexicano SAB de C.V. (ADR)		20,802,473		1.3
	3,015,348	*	Grupo Televisa SAB (ADR)		37,330,008		2.3
	11,771,900		Wal-Mart de Mexico SAB de C.V.		38,534,565		2.4
					96,667,046		6.0
RUSSIA
	1,203,004		Sberbank of Russia (ADR)		18,971,373		1.2
			Other		11,909,679		0.7
					30,881,052		1.9
SOUTH AFRICA
	121,229	*	Capitec Bank Holdings Ltd		12,425,084		0.8
	285,182		Naspers Ltd (N Shares)		64,901,716		4.0
					77,326,800		4.8
TAIWAN
	4,735,000		ASE Technology Holding Co Ltd		19,786,319		1.2
	1,167,000		Delta Electronics, Inc		12,501,973		0.8
	66,117	*	Sea Ltd (ADR)		16,697,187		1.1
	4,237,400		Taiwan Semiconductor Manufacturing Co Ltd		89,237,979		5.5
					138,223,458		8.6
TANZANIA, UNITED REPUBLIC OF
	1,649,861		AngloGold Ashanti Ltd (ADR)		33,954,139		2.1
					33,954,139		2.1
	THAILAND
	12,276,100		PTT PCL (ADR)		15,713,187		1.0
					15,713,187		1.0
TURKEY
	5,495,500		Anadolu Efes Biracilik Ve Malt Sanayii AS		15,480,001		1.0
	18,860,282		Turkiye Garanti Bankasi AS		16,439,662		1.0
					31,919,663		2.0
UNITED STATES
	129,816	*	Wynn Resorts Ltd		16,668,374		1.0
					16,668,374		1.0
		TOTAL COMMON STOCKS (Cost $1,347,655,459)			1,604,519,599		99.5
PREFERRED STOCKS
PHILIPPINES					3,576		0.0
		TOTAL PREFERRED STOCKS (Cost $4,057)			3,576		0.0

58 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Emerging Markets Equity Fund  ■  April 30, 2021

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	37,660,366	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	37,660,366			2.3	%
					37,660,366			2.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $37,660,366)			37,660,366			2.3
		TOTAL PORTFOLIO (Cost $1,385,319,882)			1,642,183,541			101.8
		OTHER ASSETS & LIABILITIES, NET			(29,515,800	)		(1.8	)
		NET ASSETS		$	1,612,667,741			100.0	%

Abbreviation(s):

ADR American Depositary Receipt

*	Non-income producing
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $39,456,925. 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.

Summary of market values by sector (unaudited)

Emerging Markets Equity Fund  ■  April 30, 2021

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	565,019,209			35.0	%
INFORMATION TECHNOLOGY		267,064,079			16.6
COMMUNICATION SERVICES		249,981,654			15.5
FINANCIALS		211,088,747			13.1
CONSUMER STAPLES		144,387,625			9.0
ENERGY		94,311,051			5.8
MATERIALS		57,003,016			3.5
REAL ESTATE		15,667,794			1.0
SHORT-TERM INVESTMENTS		37,660,366			2.3
OTHER ASSETS & LIABILITIES, NET		(29,515,800	)		(1.8	)
NET ASSETS	$	1,612,667,741			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 59

Summary portfolio of investments(unaudited)

International Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	2,452,367		BHP Billiton Ltd	$	89,256,062		1.5	%
	1,386,403		Commonwealth Bank of Australia		94,908,403		1.5
	1,029,515		Rio Tinto plc		86,229,255		1.4
			Other		115,442,570		1.9
					385,836,290		6.3
BRAZIL					83,081,751		1.4
CHINA					144,500,578		2.4
DENMARK
	596,173		DSV AS		132,821,454		2.2
			Other		39,758,304		0.6
					172,579,758		2.8
FINLAND					40,614,085		0.7
FRANCE
	1,245,895	*	Airbus SE		149,830,891		2.4
	1,833,748		BNP Paribas S.A.		117,575,694		1.9
	1,696,914		Compagnie de Saint-Gobain		107,067,012		1.7
	5,099,001		Credit Agricole S.A.		78,872,407		1.3
	330,078		Dassault Systemes S.A.		76,569,001		1.3
	541,035		Essilor International S.A.		90,049,741		1.5
	114,204		Kering		91,512,968		1.5
	881,469		Schneider Electric S.A.		140,643,443		2.3
	1,802,747		Total S.A.		79,677,371		1.3
	648,491		Vinci S.A.		71,158,716		1.2
			Other		35,180,758		0.6
					1,038,138,002		17.0
GERMANY
	213,625		Adidas-Salomon AG.		65,980,392		1.1
	822,926		HeidelbergCement AG.		75,407,399		1.3
	2,757,451		Infineon Technologies AG.		110,575,256		1.8
	851,941		Lanxess AG.		62,696,362		1.0
	1,105,211		Siemens AG.		184,387,743		3.0
	306,849		Volkswagen AG. (Preference)		79,891,039		1.3
			Other		84,701,625		1.4
					663,639,816		10.9
HONG KONG
	1,927,924		Hong Kong Exchanges and Clearing Ltd		116,275,071		1.9
					116,275,071		1.9
IRELAND
	2,083,623		CRH plc		98,314,092		1.6
					98,314,092		1.6
ITALY
	6,490,460		Enel S.p.A.		64,445,899		1.0
	1,271,861	e	Moncler S.p.A		77,952,923		1.3
					142,398,822		2.3

Shares			Company	Value		% of net assets
JAPAN
	3,900,000		Daiichi Sankyo Co Ltd	$	99,607,602		1.6	%
	384,116		Daikin Industries Ltd		77,481,830		1.3
	332,400	*	Fanuc Ltd		76,545,976		1.2
	2,670,079	*	Hitachi Ltd		132,162,812		2.2
	219,028		Nintendo Co Ltd		125,646,024		2.0
	2,327,800		Recruit Holdings Co Ltd		104,954,636		1.7
	978,400		Shiseido Co Ltd		71,199,404		1.2
	1,875,959		Sony Corp		187,556,319		3.1
	1,891,400		Sumitomo Mitsui Financial Group, Inc		66,442,461		1.1
	1,607,989	*	Toyota Motor Corp		120,316,445		2.0
			Other		137,436,634		2.2
					1,199,350,143		19.6
KOREA, REPUBLIC OF
	78,511		LG Chem Ltd		65,539,999		1.1
			Other		22,545,887		0.3
					88,085,886		1.4
NETHERLANDS
	289,286		ASML Holding NV		187,787,542		3.1
	10,575,246		ING Groep NV		135,098,553		2.2
	4,223,690		Royal Dutch Shell plc (A Shares)		79,474,059		1.3
					402,360,154		6.6
RUSSIA					109,660,824		1.8
SPAIN
	13,275,902		Banco Bilbao Vizcaya Argentaria S.A.		74,339,490		1.2
					74,339,490		1.2
SWITZERLAND
	6,088,422		Credit Suisse Group		63,806,516		1.0
	117,594	*	Lonza Group AG.		74,756,169		1.2
	565,936		Nestle S.A.		67,533,534		1.1
	346,700		Roche Holding AG.		113,078,142		1.9
			Other		6,988,404		0.1
					326,162,765		5.3
TAIWAN					47,851,142		0.8
UNITED KINGDOM
	1,359,355		Ashtead Group plc		87,339,808		1.4
	1,304,268		AstraZeneca plc		138,831,336		2.3
	46,566,922		Barclays plc		112,737,063		1.8
	2,253,866		Diageo plc		101,179,119		1.7
	353,094		Linde plc (Xetra)		100,927,344		1.7
	747,069		Reckitt Benckiser Group plc		66,517,233		1.1
	20,643,032		Tesco plc		63,014,179		1.0
			Other		112,385,048		1.8
					782,931,130		12.8
UNITED STATES					101,823,949		1.7
		TOTAL COMMON STOCKS (Cost $4,528,671,824)			6,017,943,748		98.5

60 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

International Equity Fund  ■  April 30, 2021

Principal			Issuer		Value	% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	62,346,000	1.0	%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	171	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%		171	0.0
					171	0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $62,345,033)			62,346,171	1.0
		TOTAL PORTFOLIO (Cost $4,591,016,857)			6,080,289,919	99.5
		OTHER ASSETS & LIABILITIES, NET			32,777,764	0.5
		NET ASSETS		$	6,113,067,683	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 $23,878,769. 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.

Summary of market values by sector(unaudited)

International Equity Fund  ■  April 30, 2021

Sector	Value		% of net assets
FINANCIALS	$	1,170,566,868		19.2	%
INDUSTRIALS		1,132,231,508		18.5
CONSUMER DISCRETIONARY		939,977,067		15.4
INFORMATION TECHNOLOGY		648,812,423		10.6
MATERIALS		646,498,607		10.6
HEALTH CARE		509,465,717		8.3
CONSUMER STAPLES		401,443,752		6.6
COMMUNICATION SERVICES		203,008,597		3.3
ENERGY		199,765,515		3.3
UTILITIES		166,173,694		2.7
SHORT-TERM INVESTMENTS		62,346,171		1.0
OTHER ASSETS & LIABILITIES, NET		32,777,764		0.5
NET ASSETS	$	6,113,067,683		100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 61

Summary portfolio of investments(unaudited)

International Opportunities Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	272,267	*	Afterpay Touch Group Ltd	$	24,521,844		1.2	%
	1,349,050		Australia & New Zealand Banking Group Ltd		29,765,813		1.4
			Other		71,717,155		3.3
					126,004,812		5.9
BRAZIL
	585,000		Banco Inter S.A.		24,952,734		1.1
	4,633,600		Itau Unibanco Holding S.A.		23,483,401		1.1
	5,613,900		Magazine Luiza S.A.		20,700,549		1.0
			Other		58,771,615		2.7
					127,908,299		5.9
CANADA
	1,089,847		Alimentation Couche Tard, Inc		36,929,689		1.7
	309,150	e	Bank of Montreal		29,178,287		1.3
	589,280		Dollarama, Inc		27,461,220		1.3
	360,556	*	Lightspeed POS, Inc		25,177,173		1.2
	538,500		Nutrien Ltd (Toronto)		29,725,603		1.4
	28,757	*	Shopify, Inc (Class A)		33,945,028		1.6
					182,417,000		8.5
CHINA
	311,000	*	JD.com, Inc (ADR)		24,058,960		1.1
	252,600		Silergy Corp		25,962,343		1.2
	703,300		Tencent Holdings Ltd		56,103,641		2.6
	1,840,000	*,g	Wuxi Biologics Cayman, Inc		25,829,540		1.2
			Other		26,563,035		1.3
					158,517,519		7.4
DENMARK
	146,100		Carlsberg AS (Class B)		25,631,788		1.2
	510,300		Novo Nordisk AS		37,643,527		1.7
					63,275,315		2.9
FINLAND					2,976,545		0.1
FRANCE
	171,602		Essilor International S.A.		28,561,398		1.3
	83,512		L’Oreal S.A.		34,195,653		1.6
	127,639		Teleperformance		49,287,069		2.3
					112,044,120		5.2
GERMANY
	278,006	*	HelloFresh SE		23,062,051		1.1
			Other		93,589,810		4.3
					116,651,861		5.4
HONG KONG					18,250,269		0.9
INDONESIA
	85,976,300		Bank Rakyat Indonesia		24,059,174		1.1
					24,059,174		1.1

Shares			Company	Value		% of net assets
IRELAND
	491,610		CRH plc	$	23,196,226		1.1	%
	109,518	*	Flutter Entertainment plc		22,442,572		1.0
	610,422	*	Keywords Studios plc		22,812,203		1.1
	587,889		Smurfit Kappa Group plc		30,053,039		1.4
					98,504,040		4.6
ITALY
	1,926,620		Davide Campari-Milano NV		22,734,889		1.0
	119,600		Ferrari NV		25,620,324		1.2
	382,568		Moncler S.p.A		23,447,762		1.1
			Other		10,748,359		0.5
					82,551,334		3.8
JAPAN
	147,099	*	SHIFT, Inc		21,412,382		1.0
			Other		195,590,394		9.1
					217,002,776		10.1
NETHERLANDS
	11,177	*,g	Adyen NV		27,507,638		1.3
	88,896		ASML Holding NV		57,706,081		2.7
	3,492,429		ING Groep NV		44,615,710		2.0
					129,829,429		6.0
NEW ZEALAND					19,329,670		0.9
NORWAY
	1,467,893		Aker BP ASA		41,804,495		1.9
	1,162,538		Equinor ASA		23,474,847		1.1
					65,279,342		3.0
PHILIPPINES					18,748,822		0.9
POLAND					19,517,954		0.9
PORTUGAL
	1,204,396		Jeronimo Martins SGPS S.A.		21,994,887		1.0
					21,994,887		1.0
SPAIN
	376,699		Amadeus IT Holding S.A.		25,652,457		1.2
			Other		1,709		0.0
					25,654,166		1.2
SWEDEN
	105,626	g	Evolution Gaming Group AB		20,851,480		1.0
	287,127		Hexagon AB (B Shares)		27,426,054		1.3
	652,000	e	Intrum Justitia AB		22,423,074		1.0
	294,598		Swedish Match AB		24,117,113		1.1
					94,817,721		4.4
SWITZERLAND
	52,867	*	Lonza Group AG.		33,608,299		1.6
	98,700		Roche Holding AG.		32,191,557		1.5
			Other		18,042,891		0.8
					83,842,747		3.9
TAIWAN					17,693,608		0.8

62 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

International Opportunities Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
UNITED KINGDOM
	915,246		Ashtead Group plc	$	58,805,396		2.7	%
	457,780		Dechra Pharmaceuticals plc		25,503,628		1.2
	2,207,886		Electrocomponents plc		32,496,180		1.5
	85,385		Linde plc (Xetra)		24,406,196		1.1
	2,502,520	*	THG Holdings Ltd		21,427,845		1.0
			Other		68,438,050		3.2
					231,077,295		10.7
UNITED STATES					20,417,943		1.0
		TOTAL COMMON STOCKS (Cost $1,177,374,107)			2,078,366,648		96.5
RIGHTS / WARRANTS
AUSTRALIA					312,419		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			312,419		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	29,820,000		1.000%, 05/05/21		29,820,000		1.4
			Other		34,657,193		1.6
					64,477,193		3.0
REPURCHASE AGREEMENT					3,830,000		0.2
TREASURY DEBT					4,459,979		0.2

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	66,715,772	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	66,715,772			3.1	%
					66,715,772			3.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $139,482,005)			139,482,944			6.5
		TOTAL PORTFOLIO (Cost $1,316,856,112)			2,218,162,011			103.0
		OTHER ASSETS & LIABILITIES, NET			(64,045,434	)		(3.0	)
		NET ASSETS		$	2,154,116,577			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 $108,934,960. 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $119,729,540 or 5.6% of net assets.

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

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

Summary of market values by sector(unaudited)

International Opportunities Fund  ■  April 30, 2021

Sector	Value			% of net assets
INFORMATION TECHNOLOGY	$	439,977,380			20.4	%
CONSUMER DISCRETIONARY		393,198,444			18.3
INDUSTRIALS		302,105,713			14.0
FINANCIALS		259,773,735			12.1
CONSUMER STAPLES		205,886,653			9.6
HEALTH CARE		204,849,448			9.5
MATERIALS		125,423,955			5.8
ENERGY		65,279,342			3.0
COMMUNICATION SERVICES		64,831,826			3.0
REAL ESTATE		17,352,571			0.8
SHORT-TERM INVESTMENTS		139,482,944			6.5
OTHER ASSETS & LIABILITIES, NET		(64,045,434	)		(3.0	)
NET ASSETS	$	2,154,116,577			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 63

Summary portfolio of investments (unaudited)

Quant International Small-Cap Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	244,344		Ansell Ltd	$	7,948,581		0.6	%
	438,691		carsales.com Ltd		6,701,735		0.5
	3,160,599		Cleanaway Waste Management Ltd		6,929,048		0.6
	1,106,213		Independence Group NL		6,320,939		0.5
			Other		45,663,684		3.7
					73,563,987		5.9
AUSTRIA
	159,000		Wienerberger AG.		6,233,463		0.5
			Other		5,200,789		0.4
					11,434,252		0.9
BELGIUM					6,624,975		0.5
BRAZIL					30,359,764		2.4
BURKINA FASO					1,318,374		0.1
CANADA
	1,523,249	e	Crescent Point Energy Corp		6,010,460		0.5
	1,100,595	*	MEG Energy Corp		6,079,844		0.5
	111,081		TFI International, Inc		9,733,087		0.8
			Other		49,610,989		3.9
					71,434,380		5.7
CHILE					3,713,743		0.3
CHINA
	2,223,000		SITC International Co Ltd		8,470,561		0.7
			Other		26,167,813		2.1
					34,638,374		2.8
COLOMBIA					236,129		0.0
DENMARK
	69,549		Royal Unibrew A.S.		8,495,470		0.7
			Other		14,502,336		1.1
					22,997,806		1.8
EGYPT					5,296,749		0.4
FINLAND
	187,554		Kesko Oyj (B Shares)		5,710,897		0.5
	192,201		Valmet Corp		8,027,716		0.6
			Other		1,068,790		0.1
					14,807,403		1.2
FRANCE					14,036,367		1.1
GERMANY
	39,472		Wacker Chemie AG.		5,953,150		0.5
			Other		29,726,306		2.4
					35,679,456		2.9
GREECE					3,484,306		0.3
GUERNSEY, C.I.					452,893		0.0
HONG KONG					17,237,417		1.4

Shares			Company	Value		% of net assets
INDIA
	637,996		Central Depository Services India Ltd	$	6,936,175		0.6	%
	1,058,000	*	Jindal Steel & Power Ltd		6,283,257		0.5
			Other		18,787,792		1.5
					32,007,224		2.6
INDONESIA					16,653,715		1.3
IRELAND					683,108		0.1
ISRAEL
	62,470	*	Kornit Digital Ltd		6,107,067		0.5
			Other		19,359,744		1.5
					25,466,811		2.0
ITALY
	259,046		Azimut Holding S.p.A.		6,197,796		0.5
	141,614		De’Longhi S.p.A.		6,189,945		0.5
			Other		18,531,208		1.5
					30,918,949		2.5
JAPAN
	160,300		ASKUL Corp		5,863,932		0.5
	151,900		Dowa Holdings Co Ltd		6,348,495		0.5
	1,161,400	*	Fujikura Ltd		5,986,780		0.5
	500,700		K’s Holdings Corp		6,830,691		0.6
	269,100		Nippon Electric Glass Co Ltd		6,809,139		0.5
			Other		179,564,429		14.4
					211,403,466		17.0
KOREA, REPUBLIC OF
	176,069		Samsung Techwin Co Ltd		6,081,518		0.5
	293,430		Seah Besteel Corp		6,867,293		0.5
			Other		58,137,172		4.7
					71,085,983		5.7
MALAYSIA
	2,840,300		Bursa Malaysia BHD		5,844,476		0.5
			Other		10,976,118		0.9
					16,820,594		1.4
MALTA					4,804,351		0.4
MEXICO					2,518,328		0.2
NETHERLANDS
	28,599		ASM International NV		8,676,278		0.7
	159,427	g	Signify NV		9,053,712		0.7
			Other		3,035,219		0.3
					20,765,209		1.7
NEW ZEALAND					176,686		0.0
NORWAY					5,406,529		0.4
PAKISTAN					1,142,434		0.1
PERU					5,087,280		0.4
PHILIPPINES					42,044		0.0
POLAND					1,941,738		0.2
QATAR					256,182		0.0

64 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Quant International Small-Cap Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
RUSSIA				$	1,365,600		0.1	%
SAUDI ARABIA					2,105,737		0.2
SINGAPORE
	5,902,000		Frasers Logistics & Industrial Trust		6,503,807		0.5
			Other		4,402,038		0.4
					10,905,845		0.9
SOUTH AFRICA					11,542,970		0.9
SPAIN					7,775,418		0.6
SWEDEN
	227,881	*	Embracer Group AB		6,961,407		0.6
	269,637		Getinge AB (B Shares)		9,119,397		0.7
	256,607		Trelleborg AB (B Shares)		6,675,841		0.5
			Other		54,784,428		4.4
					77,541,073		6.2
SWITZERLAND
	58,000		Cembra Money Bank AG.		6,306,773		0.5
	98,000	g	Galenica AG.		6,632,297		0.5
	14,295		Tecan Group AG.		6,965,746		0.6
	28,765	g	VAT Group AG.		8,214,251		0.7
			Other		21,477,252		1.7
					49,596,319		4.0
TAIWAN
	516,000		Simplo Technology Co Ltd		6,870,895		0.5
	1,177,000		Tripod Technology Corp		5,845,658		0.5
			Other		59,715,466		4.8
					72,432,019		5.8
THAILAND					67,943		0.0
TURKEY					16,074,969		1.3
UNITED ARAB EMIRATES					448,591		0.0
UNITED KINGDOM
	39,000		Games Workshop Group plc		5,843,689		0.5
	588,000		Howden Joinery Group plc		6,568,837		0.5
	496,698		IG Group Holdings plc		6,283,699		0.5
	909,483		Rightmove plc		7,709,885		0.6
	1,341,962		Rotork plc		6,378,344		0.5
	957,834	*	Royal Mail plc		6,562,290		0.5
	2,925,991		Tritax Big Box REIT plc		7,688,989		0.6
	492,350		Unite Group plc		7,921,531		0.7
			Other		95,967,582		7.7
					150,924,846		12.1
UNITED STATES
	1,129,012	g	Avast plc		7,448,445		0.6
	257,882	*	Carnival plc		6,028,402		0.5
	238,914		iShares MSCI EAFE Small-Cap ETF		17,813,428		1.4
			Other		13,137,872		1.1
					44,428,147		3.6
		TOTAL COMMON STOCKS (Cost $1,002,702,942)			1,239,706,483		99.4

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	879,000			0.1	%
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	10,256,092	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%		10,256,092			0.8
					10,256,092			0.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,135,092)			11,135,092			0.9
		TOTAL PORTFOLIO (Cost $1,013,838,034)			1,250,841,575			100.3
		OTHER ASSETS & LIABILITIES, NET			(3,409,886	)		(0.3	)
		NET ASSETS		$	1,247,431,689			100.0	%

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 $28,669,686. 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $59,945,935 or 4.8% 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  ■  2021 Semiannual Report 65

Summary of market values by sector (unaudited)

Quant International Small-Cap Equity Fund  ■  April 30, 2021

Sector	Value			% of net assets
INDUSTRIALS	$	253,137,215			20.3	%
CONSUMER DISCRETIONARY		157,461,627			12.6
INFORMATION TECHNOLOGY		146,141,655			11.7
FINANCIALS		147,012,388			11.8
MATERIALS		142,155,531			11.4
REAL ESTATE		118,608,607			9.5
HEALTH CARE		95,973,409			7.7
CONSUMER STAPLES		60,625,373			4.9
COMMUNICATION SERVICES		55,431,456			4.4
UTILITIES		34,657,594			2.8
ENERGY		28,501,628			2.3
SHORT-TERM INVESTMENTS		11,135,092			0.9
OTHER ASSETS & LIABILITIES, NET		(3,409,886	)		(0.3	)
NET ASSETS	$	1,247,431,689			100.0	%

66 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited)

Social Choice International Equity Fund  ■  April 30, 2021

Shares		Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	228,590	Australia & New Zealand Banking Group Ltd	$	5,043,673		0.6	%
	113,549	Commonwealth Bank of Australia		7,773,176		1.0
	29,016	CSL Ltd		6,061,280		0.8
	32,534	Macquarie Group Ltd		4,010,221		0.5
	277,731	Westpac Banking Corp		5,352,063		0.7
		Other		24,800,059		3.1
				53,040,472		6.7
AUSTRIA				4,428,978		0.6
BELGIUM				6,964,592		0.9
CHILE				2,765,582		0.4
CHINA				2,846,462		0.4
DENMARK
	106,220	Novo Nordisk AS		7,835,578		1.0
		Other		10,370,792		1.3
				18,206,370		2.3
FINLAND				7,056,170		0.9
FRANCE
	169,653	AXA S.A.		4,791,853		0.6
	86,976	BNP Paribas S.A.		5,576,701		0.7
	26,330	Essilor International S.A.		4,382,359		0.6
	4,996	Kering		4,003,352		0.5
	17,142	L’Oreal S.A.		7,019,134		0.9
	38,925	Schneider Electric S.A.		6,210,707		0.8
	167,364	Total S.A.		7,397,113		0.9
		Other		41,953,004		5.3
				81,334,223		10.3
GERMANY
	27,773	Allianz AG.		7,210,338		0.9
	60,432	BASF SE		4,870,291		0.6
	39,876	Bayerische Motoren Werke AG.		3,995,981		0.5
	84,545	Deutsche Post AG.		4,979,460		0.6
	64,282	SAP AG.		9,000,807		1.1
	48,907	Siemens AG.		8,159,393		1.0
		Other		30,664,194		4.0
				68,880,464		8.7
HONG KONG
	92,538	Hong Kong Exchanges and Clearing Ltd		5,581,062		0.7
		Other		17,857,662		2.3
				23,438,724		3.0
IRELAND
	83,553	CRH plc		3,942,382		0.5
		Other		2,786,996		0.4
				6,729,378		0.9
ISRAEL				2,456,925		0.3

Shares			Company	Value		% of net assets
ITALY
	601,898		Enel S.p.A.	$	5,976,442		0.8	%
	1,574,888		Intesa Sanpaolo S.p.A.		4,390,650		0.6
			Other		6,954,870		0.9
					17,321,962		2.3
JAPAN
	157,600		Daiichi Sankyo Co Ltd		4,025,169		0.5
	148,996		KDDI Corp		4,504,065		0.6
	13,346		Keyence Corp		6,406,783		0.8
	144,779		Mitsubishi Corp		4,003,241		0.5
	49,600		Murata Manufacturing Co Ltd		3,943,566		0.5
	8,104		Nintendo Co Ltd		4,648,882		0.6
	25,400		Shin-Etsu Chemical Co Ltd		4,287,572		0.5
	79,415		Sony Corp		7,939,824		1.0
	11,900		Tokyo Electron Ltd		5,404,833		0.7
	128,095	*	Toyota Motor Corp		9,584,602		1.2
			Other		132,278,668		16.8
					187,027,205		23.7
NETHERLANDS
	23,181		ASML Holding NV		15,047,749		1.9
	41,690		Prosus NV		4,524,682		0.6
			Other		9,058,199		1.2
					28,630,630		3.7
NEW ZEALAND					6,163,662		0.7
NORWAY					9,045,088		1.2
PORTUGAL					2,572,539		0.3
SAUDI ARABIA					3,273,233		0.4
SINGAPORE
	173,191		DBS Group Holdings Ltd		3,881,392		0.5
			Other		7,313,989		0.9
					11,195,381		1.4
SPAIN
	719,333		Banco Bilbao Vizcaya Argentaria S.A.		4,027,963		0.5
	323,123		Iberdrola S.A.		4,366,667		0.6
			Other		12,320,356		1.6
					20,714,986		2.7
SWEDEN
	64,714		Atlas Copco AB (A Shares)		3,924,260		0.5
			Other		27,034,581		3.5
					30,958,841		4.0
SWITZERLAND
	52,806		Alcon, Inc		3,966,297		0.5
	7,076	*	Lonza Group AG.		4,498,313		0.6
	152,464		Nestle S.A.		18,193,635		2.3
	39,459		Roche Holding AG.		12,869,773		1.6
	316,501		UBS Group AG		4,833,159		0.6
	12,475		Zurich Insurance Group AG		5,117,974		0.7
			Other		21,347,066		2.8
					70,826,217		9.1

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 67

Summary portfolio of investments(unaudited) concluded

Social Choice International Equity Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
UNITED KINGDOM
	63,630		AstraZeneca plc	$	6,773,024		0.9	%
	186,680	*	Compass Group plc		4,061,087		0.5
	355,048		GlaxoSmithKline plc		6,561,196		0.8
			Other		86,814,033		11.1
					104,209,340		13.3
UNITED STATES					4,396,438		0.5
		TOTAL COMMON STOCKS (Cost $641,098,456)			774,483,862		98.7
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	4,000,000		Federal Farm Credit Bank (FFCB) 1.000%, 05/20/21		4,000,000		0.5
	7,422,000		Federal Home Loan Bank (FHLB) 0.500%, 05/21/21		7,422,000		1.0
			Other		4,494,000		0.6
					15,916,000		2.1
REPURCHASE AGREEMENT					1,750,000		0.2
TREASURY DEBT					4,061,997		0.5

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	64	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	64			0.0	%
					64			0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $21,728,011)			21,728,061			2.8
		TOTAL PORTFOLIO (Cost $662,826,467)			796,211,923			101.5
		OTHER ASSETS & LIABILITIES, NET			(11,384,515	)		(1.5	)
		NET ASSETS		$	784,827,408			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 04/30/21, the aggregate value of securities on loan is $4,315,913. 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 April 30, 2021 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount	Value	Unrealized appreciation (depreciation	)
MSCI EAFE Index	175	06/18/21	$19,877,502	$19,751,375	$(126,127)

Summary of market values by sector(unaudited)

Social Choice International Equity Fund  ■  April 30, 2021

Sector	Value			% of net assets
FINANCIALS	$	143,566,057			18.3	%
INDUSTRIALS		109,812,185			14.0
CONSUMER DISCRETIONARY		89,997,251			11.5
HEALTH CARE		88,789,117			11.3
CONSUMER STAPLES		75,436,377			9.6
MATERIALS		68,215,876			8.7
INFORMATION TECHNOLOGY		64,906,706			8.3
COMMUNICATION SERVICES		43,455,352			5.5
UTILITIES		31,095,323			3.9
REAL ESTATE		30,457,859			3.9
ENERGY		28,751,759			3.7
SHORT-TERM INVESTMENTS		21,728,061			2.8
OTHER ASSETS & LIABILITIES, NET		(11,384,515	)		(1.5	)
NET ASSETS	$	784,827,408			100.0	%

68 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

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TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 69

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2021

		Growth & Income Fund		Large-Cap Growth Fund		Large-Cap Value Fund		Mid-Cap Growth Fund		Mid-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
ASSETS
Portfolio investments, at value*†		$	6,287,270,920	$	7,030,437,174	$	5,792,790,007	$	1,878,192,099	$	2,330,867,723		$3,124,390,266	$	1,218,963,624	$	7,086,990,061	$	763,379,302	$	1,584,973,130
Affiliated investments, at value‡			—		—		—		—		—		—		—		—		—		57,210,411
Cash			419		886		—		1,711		34		—		801		—		—		298,617
Cash - foreign^			301		—		1,519		—		47,640		—		—		—		—		193,306
Receivable from securities transactions			94,413,393		13,093,423		26,572,008		786		1,121,474		13,032,208		13,076,516		28,063,872		—		19,245,202
Receivable for delayed delivery securities			—		—		—		—		—		—		—		—		—		—
Receivable from Fund shares sold			589,319		1,994,941		419,661		7,414,143		944,345		749,513		407,104		2,764,920		1,109,027		3,699,500
Dividends and interest receivable			2,926,041		624,644		3,445,731		414,107		1,689,493		426,494		283,588		6,073,645		702,962		2,824,983
Due from affiliates			940,826		1,041,922		1,061,597		6,522		16,285		322,303		393,845		69,420		5,458		825,248
Receivable for variation margin on open futures contracts			—		—		—		—		—		194,125		—		—		20,151		—
Other			896,689		795,563		858,461		295,906		570,451		297,672		26,415		312,226		8,036		226,056
Total assets			6,387,037,908		7,047,988,553		5,825,148,984		1,886,325,274		2,335,257,445		3,139,412,581		1,233,151,893		7,124,274,144		765,224,936		1,669,496,453
LIABILITIES
Management fees payable			1,995,875		2,208,477		1,871,898		651,956		805,352		1,017,589		423,385		854,960		151,332		1,116,272
Service agreement fees payable			114,029		92,202		107,598		99,313		119,086		97,940		14,296		211,344		78,068		28,399
Distribution fees payable			315,503		284,815		40,083		65,075		55,533		36,339		2,610		140,642		9,889		3,792
Overdraft payable			—		—		4,942		786		—		724,129		—		632,130		94,490		—
Payable for collateral for securities loaned			55,595,849		48,115,518		—		36,851,204		—		30,680,500		29,158,029		37,193,500		588,912		37,660,366
Payable for securities transactions			74,944,477		22,622,844		3,073,789		5,883,079		4,118,398		12,984,299		7,795,648		69,702,509		—		12,120,991
Payable for delayed delivery securities			—		—		—		—		—		—		—		—		—		—
Payable for Fund shares redeemed			30,931,441		36,472,915		34,220,386		282,324		3,583,251		9,365,097		10,629,859		958,982		765,664		1,839,096
Written options◊			8,424,157		—		—		—		—		—		—		—		—		—
Payable for variation margin on futures contracts			—		—		—		—		—		—		—		52,800		—		—
Payable for trustee compensation			527,550		376,367		530,436		191,358		445,893		293,743		25,173		303,585		7,299		100,696
Accrued expenses and other payables			289,048		238,966		139,511		92,414		129,132		92,080		65,155		554,078		90,129		3,959,100
Total liabilities			173,137,929		110,412,104		39,988,643		44,117,509		9,256,645		55,291,716		48,114,155		110,604,530		1,785,783		56,828,712
NET ASSETS		$	6,213,899,979	$	6,937,576,449	$	5,785,160,341	$	1,842,207,765	$	2,326,000,800	$	3,084,120,865	$	1,185,037,738	$	7,013,669,614	$	763,439,153	$	1,612,667,741
NET ASSETS CONSIST OF:
Paid-in-capital		$	2,305,023,865	$	3,496,369,470	$	3,582,509,153	$	1,108,955,159	$	1,676,685,507	$	1,841,079,523	$	706,217,560	$	3,878,657,527	$	557,239,359	$	1,105,224,059
Total distributable earnings (loss)			3,908,876,114		3,441,206,979		2,202,651,188		733,252,606		649,315,293		1,243,041,342		478,820,178		3,135,012,087		206,199,794		507,443,682
NET ASSETS		$	6,213,899,979	$	6,937,576,449	$	5,785,160,341	$	1,842,207,765	$	2,326,000,800	$	3,084,120,865	$	1,185,037,738	$	7,013,669,614	$	763,439,153	$	1,612,667,741
*	Includes securities loaned of	$	52,658,433	$	49,931,388	$	—	$	50,356,451	$	—	$	65,488,320	$	29,955,232	$	55,425,854	$	3,085,410	$	39,456,925
†	Portfolio investments, cost	$	3,235,025,461	$	3,866,089,623	$	3,690,293,160	$	1,269,878,676	$	1,782,361,936	$	2,053,514,814	$	822,116,498	$	4,298,750,377	$	583,051,675	$	1,323,434,152
‡	Affiliated investments, cost	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	61,885,730
^	Foreign cash, cost	$	301	$	—	$	1,529	$	—	$	47,208	$	—	$	—	$	—	$	—	$	191,196
◊	Written options premiums	$	14,332,897	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

70 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 71

Statements of assets and liabilities (unaudited) continued

TIAA-CREF Funds  ■  April 30, 2021

	Growth & Income Fund		Large-Cap Growth Fund		Large-Cap Value Fund		Mid-Cap Growth Fund		Mid-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
INSTITUTIONAL CLASS:
Net assets	$	1,277,113,686	$	1,969,255,138	$	1,932,143,377	$	1,011,733,457	$	1,422,041,820	$	1,468,498,112	$	63,973,169	$	5,229,685,761	$	311,680,023	$	334,232,239
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		69,656,789		79,004,232		88,750,349		34,666,366		70,729,871		66,094,638		3,761,327		190,025,563		16,096,935		23,756,914
Net asset value per share	$	18.33	$	24.93	$	21.77	$	29.18	$	20.11	$	22.22	$	17.01	$	27.52	$	19.36	$	14.07
ADVISOR CLASS:
Net assets	$	3,387,958	$	5,529,924	$	442,150	$	7,002,943	$	444,095	$	728,469	$	7,193,118	$	49,154,188	$	2,432,842	$	204,275
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		184,674		222,030		20,325		240,106		22,112		32,794		422,241		1,787,779		125,748		14,513
Net asset value per share	$	18.35	$	24.91	$	21.75	$	29.17	$	20.08	$	22.21	$	17.04	$	27.49	$	19.35	$	14.08
PREMIER CLASS:
Net assets	$	27,477,944	$	15,171,421	$	79,763,866	$	50,191,820	$	82,825,920	$	88,254,205	$	188,868	$	114,656,346	$	5,075,074	$	12,279,953
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,495,880		608,973		3,670,158		1,736,167		4,126,193		3,998,399		11,042		4,183,105		261,716		872,200
Net asset value per share	$	18.37	$	24.91	$	21.73	$	28.91	$	20.07	$	22.07	$	17.11	$	27.41	$	19.39	$	14.08
RETIREMENT CLASS:
Net assets	$	558,576,444	$	447,111,733	$	529,883,063	$	484,737,804	$	598,112,999	$	475,866,008	$	69,091,234	$	994,161,507	$	397,253,983	$	136,027,221
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		29,813,753		18,108,996		24,429,786		17,363,444		29,976,574		22,110,107		4,080,599		35,541,482		20,610,974		9,709,395
Net asset value per share	$	18.74	$	24.69	$	21.69	$	27.92	$	19.95	$	21.52	$	16.93	$	27.97	$	19.27	$	14.01
RETAIL CLASS:
Net assets	$	1,544,441,301	$	1,395,638,336	$	148,803,092	$	288,541,741	$	222,575,966	$	153,730,864	$	13,458,637	$	626,011,812	$	46,997,231	$	11,455,112
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		59,207,670		56,211,155		7,183,217		10,362,511		11,489,996		7,240,338		795,883		25,818,654		2,436,593		815,875
Net asset value per share	$	26.09	$	24.83	$	20.72	$	27.84	$	19.37	$	21.23	$	16.91	$	24.25	$	19.29	$	14.04
CLASS W:
Net assets	$	2,802,902,646	$	3,104,869,897	$	3,094,124,793	$	—	$	—	$	897,043,207	$	1,031,132,712	$	—	$	—	$	1,118,468,941
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		152,894,701		124,437,904		141,911,417		—		—		40,337,512		60,453,306		—		—		79,334,788
Net asset value per share	$	18.33	$	24.95	$	21.80	$	—	$	—	$	22.24	$	17.06	$	—	$	—	$	14.10

72 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 73

Statements of assets and liabilities (unaudited) continued

TIAA-CREF Funds  ■  April 30, 2021

		International Equity Fund		International Opportunities Fund		Quant International Small-Cap Equity Fund		Social Choice International Equity Fund
ASSETS
Portfolio investments, at value*†		$	6,080,289,919	$	2,218,162,011	$	1,250,841,575	$	796,211,923
Cash			7		3,830		17,014		1,114,202
Cash - foreign^			1,993,336		1,790,329		2,247,153		280,209
Receivable from securities transactions			7,082,954		19,805,618		26,737,423		17,987,378
Receivable for delayed delivery securities			—		—		1,051,010		335,506
Receivable from Fund shares sold			6,177,236		376,580		2,527,454		1,307,857
Dividends and interest receivable			28,188,349		5,252,782		5,367,348		3,822,118
Due from affiliates			951,295		952,410		717,951		5,517
Other			911,798		259,751		46,210		8,167
Total assets			6,125,594,894		2,246,603,311		1,289,553,138		821,072,877
LIABILITIES
Management fees payable			2,236,235		1,034,571		657,180		189,439
Service agreement fees payable			98,206		38,266		904		57,873
Distribution fees payable			67,461		1,804		214		3,744
Payable for collateral for securities loaned			171		66,715,772		10,256,092		64
Payable for securities transactions			4,537,995		15,091,218		26,733,787		35,747,671
Payable for delayed delivery securities			—		—		1,249,654
Payable for Fund shares redeemed			4,881,395		9,437,292		2,228,043		66,116
Payable for variation margin on futures contracts			—		—		—		46,864
Payable for trustee compensation			450,863		95,267		32,929		6,849
Accrued expenses and other payables			254,885		72,544		962,646		126,849
Total liabilities			12,527,211		92,486,734		42,121,449		36,245,469
NET ASSETS		$	6,113,067,683	$	2,154,116,577	$	1,247,431,689	$	784,827,408
NET ASSETS CONSIST OF:
Paid-in-capital		$	4,855,625,710	$	1,137,896,472	$	1,063,586,974	$	644,518,244
Total distributable earnings (loss)			1,257,441,973		1,016,220,105		183,844,715		140,309,164
NET ASSETS		$	6,113,067,683	$	2,154,116,577	$	1,247,431,689	$	784,827,408
*	Includes securities loaned of	$	23,878,769	$	108,934,960	$	28,669,686	$	4,315,913
†	Portfolio investments, cost	$	4,591,016,857	$	1,316,856,112	$	1,013,838,034	$	662,826,467
^	Foreign cash, cost	$	2,011,996	$	1,798,940	$	2,249,554	$	283,205

74 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 75

Statements of assets and liabilities (unaudited)	concluded
TIAA-CREF Funds  ■  April 30, 2021

	International Equity Fund		International Opportunities Fund		Quant International Small-Cap Equity Fund		Social Choice International Equity Fund
INSTITUTIONAL CLASS:
Net assets	$	2,778,084,236	$	133,424,781	$	68,780,792	$	472,365,310
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		200,404,244		7,091,732		5,699,147		36,237,901
Net asset value per share	$	13.86	$	18.81	$	12.07	$	13.04
ADVISOR CLASS:
Net assets	$	3,409,390	$	5,003,043	$	88,291	$	2,206,143
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		240,592		266,272		7,321		169,291
Net asset value per share	$	14.17	$	18.79	$	12.06	$	13.03
PREMIER CLASS:
Net assets	$	73,889,739	$	540,964	$	89,556	$	770,176
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,337,297		28,700		7,327		59,006
Net asset value per share	$	13.84	$	18.85	$	12.22	$	13.05
RETIREMENT CLASS:
Net assets	$	475,371,311	$	182,337,667	$	4,402,875	$	291,323,481
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		32,966,559		9,728,000		365,028		22,418,940
Net asset value per share	$	14.42	$	18.74	$	12.06	$	12.99
RETAIL CLASS:
Net assets	$	279,957,220	$	8,611,386	$	996,172	$	18,162,298
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		32,315,949		458,891		82,420		1,397,277
Net asset value per share	$	8.66	$	18.77	$	12.09	$	13.00
CLASS W:
Net assets	$	2,502,355,787	$	1,824,198,736	$	1,173,074,003	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		179,978,046		96,675,773		96,867,495		—
Net asset value per share	$	13.90	$	18.87	$	12.11	$	—

76 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 77

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2021

		Growth & Income Fund			Large-Cap Growth Fund			Large-Cap Value Fund			Mid-Cap Growth Fund			Mid-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
INVESTMENT INCOME
Dividends*		$	33,146,321		$	17,614,332		$	45,623,838		$	795,265		$	13,956,682		$	11,363,548		$	5,056,989		$	42,448,880			$       4,009,064		$    8,190,971
Payment from affiliate			499,846			552,959			428,581			133,702			160,906			—			—			—			—		174,412
Income from securities lending, net			81,019			560,448			—			187,641			1,955			907,608			270,276			204,690			17,286		520,505
Interest			4,086			—			5,901			1,399			4,862			549			863			7,675			1,447		9,571
Total income			33,731,272			18,727,739			46,058,320			1,118,007			14,124,405			12,271,705			5,328,128			42,661,245			4,027,797		8,895,459
EXPENSES
Management fees			11,724,621			12,898,410			10,673,138			3,707,608			4,460,988			5,955,562			2,355,627			4,767,935			749,677		6,826,155
Shareholder servicing – Institutional Class			803			1,838			725			630			930			1,126			152			3,938			212		284
Shareholder servicing – Advisor Class			1,544			2,113			136			1,006			218			207			2,865			18,704			888		93
Shareholder servicing – Premier Class			35			35			42			39			46			45			32			6,330			34		36
Shareholder servicing – Retirement Class			651,696			544,718			612,361			573,934			642,218			546,952			50,920			1,136,407			369,155		174,505
Shareholder servicing – Retail Class			263,519			281,270			41,535			55,865			66,659			39,165			8,579			64,807			11,908		10,096
Shareholder servicing – Class W			887			1,057			958			—			—			542			564			—			—		615
Distribution fees – Premier Class			19,879			11,487			57,403			34,095			58,456			62,166			118			77,986			3,423		8,145
Distribution fees – Retail Class			1,761,061			1,610,667			162,889			340,115			249,722			170,511			12,085			694,611			42,543		13,412
Custody and accounting fees			87,959			43,546			43,916			26,946			9,285			27,782			23,098			30,547			18,185		160,092
Administrative service fees			85,903			89,452			80,543			48,174			49,186			62,694			49,678			80,760			40,752		55,349
Trustee fees and expenses			31,148			34,034			27,866			8,514			10,334			15,265			5,289			32,458			3,023		8,636
Other expenses			143,545			157,286			89,639			88,097			11,008			84,486			79,862			557,314			129,684		91,402
Total expenses			14,772,600			15,675,913			11,791,151			4,885,023			5,559,050			6,966,503			2,588,869			7,471,797			1,369,484		7,348,820
Less: Expenses reimbursed by the investment adviser			(5,581,600	)		(6,004,649	)		(5,804,575	)		—			—			(1,722,980	)		(2,244,116	)		—			—		(5,071,906	)
Fee waiver by investment adviser and Nuveen Securities			—			(164,689	)		(267,549	)		—			(51,257	)		(108,898	)		—			(325,001	)		—		—
Net expenses			9,191,000			9,506,575			5,719,027			4,885,023			5,507,793			5,134,625			344,753			7,146,796			1,369,484		2,276,914
Net investment income (loss)			24,540,272			9,221,164			40,339,293			(3,767,016	)		8,616,612			7,137,080			4,983,375			35,514,449			2,658,313		6,618,545
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			872,749,763			289,930,940			218,073,632			137,273,081			216,824,213			325,102,842			84,828,691			323,970,526			23,976,868		270,415,814
Written options			25,159,124			439,421			—			—			—			—			—			—			—		936,342
Futures contracts			—			—			—			—			—			5,175,690			—			8,583,676			1,759,819		—
Foreign currency transactions			(127,835	)		275,680			5,493			116,995			7,144			—			—			—			—		(866,624	)
Net realized gain (loss) on total investments			897,781,052			290,646,041			218,079,125			137,390,076			216,831,357			330,278,532			84,828,691			332,554,202			25,736,687		270,485,532
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			629,848,522			1,275,577,635			1,470,917,376			275,317,403			475,268,927			901,645,513			325,723,762			1,255,109,882			119,335,216		40,315,035
Affiliated investments			—			—			—			—			—			—			—			—			—		17,073,264
Purchased options			(817,563	)		—			—			—			—			—			—			—			—		—
Written options			(2,702,444	)		2,305,442			—			—			—			—			—			—			—		—
Futures contracts			—			—			—			—			—			193,821			—			1,343,494			461,123		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			8,502			12,379			(2,084	)		192			(2,265	)		—			—			—			—		181,060
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			626,337,017			1,277,895,456			1,470,915,292			275,317,595			475,266,662			901,839,334			325,723,762			1,256,453,376			119,796,339		57,569,359
Net realized and unrealized gain (loss) on total investments			1,524,118,069			1,568,541,497			1,688,994,417			412,707,671			692,098,019			1,232,117,866			410,552,453			1,589,007,578			145,533,026		328,054,891
Net increase (decrease) in net assets from operations		$	1,548,658,341		$	1,577,762,661		$	1,729,333,710		$	408,940,655		$	700,714,631		$	1,239,254,946		$	415,535,828		$	1,624,522,027		$	148,191,339	$	334,673,436
*	Net of foreign withholding taxes of	$	103,332		$	240,699		$	(93,104	)	$	35,224		$	(56,059	)	$	24,053		$	16,091		$	520		$	103	$	1,395,598
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	1,594,808		$	25,811,192		$	13,303,932		$	2,742,715		$	(1,244,161	)	$	1,478,231		$	8,720,348		$	39,518		$	27,384	$	—
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—	$	(3,363,401	)

78 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 79

Statements of operations (unaudited) concluded

TIAA-CREF Funds  ■  For the period ended April 30, 2021

								Quant International			Social Choice
		International			International			Small-Cap			International
		Equity Fund			Opportunities Fund			Equity Fund			Equity Fund
INVESTMENT INCOME
Dividends*		$	79,283,020		$	13,224,180		$	13,020,980		$	9,195,279
Payment from affiliate			568,230			213,228			—			—
Income from securities lending, net			58,740			842,543			382,189			41,650
Interest			49,631			19,187			—			—
Total income			79,959,621			14,299,138			13,403,169			9,236,929
EXPENSES
Management fees			12,984,588			6,059,208			3,763,342			1,008,640
Shareholder servicing – Institutional Class			1,759			193			130			319
Shareholder servicing – Advisor Class			1,751			2,321			23			892
Shareholder servicing – Premier Class			48			35			30			34
Shareholder servicing – Retirement Class			576,813			225,567			5,115			288,854
Shareholder servicing – Retail Class			126,034			8,253			6,371			7,838
Shareholder servicing – Class W			801			730			546			—
Distribution fees – Premier Class			59,892			368			62			442
Distribution fees – Retail Class			334,100			9,271			1,138			18,038
Custody and accounting fees			127,981			84,905			276,710			44,461
Administrative service fees			82,075			57,533			51,175			41,266
Trustee fees and expenses			29,496			10,685			5,991			3,419
Other expenses			152,765			109,117			90,067			138,210
Total expenses			14,478,103			6,568,186			4,200,700			1,552,413
Less: Expenses reimbursed by the investment adviser			(5,409,944	)		(5,402,237	)		(3,668,015	)		—
Fee waiver by investment adviser and Nuveen Securities			—			—			(291,501	)		—
Net expenses			9,068,159			1,165,949			241,184			1,552,413
Net investment income (loss)			70,891,462			13,133,189			13,161,985			7,684,516
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			73,452,760			108,330,958			109,654,705			5,165,535
Futures contracts			—			—			—			2,153,915
Foreign currency transactions			295,785			130,635			(197,721	)		64,730
Net realized gain (loss) on total investments			73,748,545			108,461,593			109,456,984			7,384,180
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			1,229,062,992			299,383,740			184,464,969			133,618,173
Affiliated investments
Futures contracts			—			—			—			131,932
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			265,000			23,573			41,237			(2,490	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			1,229,327,992			299,407,313			184,506,206			133,747,615
Net realized and unrealized gain (loss) on total investments			1,303,076,537			407,868,906			293,963,190			141,131,795
Net increase (decrease) in net assets from operations		$	1,373,967,999		$	421,002,095		$	307,125,175		$	148,816,311
*	Net of foreign withholding taxes of	$	5,177,257		$	1,370,500		$	1,382,637		$	899,669
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	—		$	—		$	225,492		$	—
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	(701,919	)	$	—

80 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 81

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund						Mid-Cap Value Fund						Quant Small-Cap Equity Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2021			2020			2021			2020			2021			2020			2021			2020			2021			2020			2021			2020
		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	24,540,272		$	81,340,716		$	9,221,164		$	29,929,720		$	40,339,293		$	110,770,184		$	(3,767,016)		$	(1,847,217)		$	8,616,612		$	30,188,838		$	7,137,080		$	16,759,466
Net realized gain (loss) on total investments			897,781,052			329,967,841			290,646,041			1,933,885,002			218,079,125			(95,177,011	)		137,390,076			192,373,268			216,831,357			(81,187,847	)		330,278,532			(146,015,497	)
Net change in unrealized appreciation (depreciation) on total investments			626,337,017			282,436,044			1,277,895,456			(221,762,317	)		1,470,915,292			(360,500,498	)		275,317,595			103,908,392			475,266,662			(333,445,616	)		901,839,334			(37,283,583	)
Net increase (decrease) in net assets from operations			1,548,658,341			693,744,601			1,577,762,661			1,742,052,405			1,729,333,710			(344,907,325	)		408,940,655			294,434,443			700,714,631			(384,444,625	)		1,239,254,946			(166,539,614	)
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(82,159,322	)		(90,187,214	)		(495,708,886	)		(59,458,798	)		(31,869,814	)		(38,755,194	)		(90,478,167	)		(80,335,148	)		(21,604,109	)		(337,686,068	)		(9,177,672	)		(77,018,388	)
	Advisor Class		(199,025	)		(137,212	)		(1,539,583	)		(129,148	)		(5,188	)		(4,294	)		(668,347	)		(22,522	)		(7,453	)		(164,800	)		(3,304	)		(39,401	)
	Premier Class		(1,676,217	)		(2,740,056	)		(4,254,808	)		(850,923	)		(1,269,479	)		(2,491,295	)		(4,580,207	)		(5,427,327	)		(1,192,312	)		(21,311,997	)		(373,242	)		(5,924,839	)
	Retirement Class		(32,755,895	)		(30,407,664	)		(124,055,269	)		(12,895,313	)		(8,037,304	)		(10,640,127	)		(49,900,869	)		(37,939,320	)		(7,509,518	)		(105,807,299	)		(1,834,410	)		(22,793,848	)
	Retail Class		(63,432,440	)		(54,350,956	)		(348,213,454	)		(37,462,033	)		(2,126,306	)		(2,571,729	)		(29,683,392	)		(21,438,004	)		(2,969,487	)		(43,383,144	)		(551,590	)		(6,769,035	)
	Class W		(191,115,429	)		(233,832,649	)		(848,095,442	)		(148,119,014	)		(65,314,928	)		(73,355,148	)		—			—			—			—			(7,896,457	)		(36,278,527	)
Total distributions			(371,338,328	)		(411,655,751	)		(1,821,867,442	)		(258,915,229	)		(108,623,019	)		(127,817,787	)		(175,310,982	)		(145,162,321	)		(33,282,879	)		(508,353,308	)		(19,836,675	)		(148,824,038	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		54,903,085			115,589,909			277,783,978			312,699,882			86,348,859			171,995,022			167,445,662			60,162,075			62,451,822			130,510,745			48,978,510			106,045,488
	Advisor Class		195,029			834,046			392,073			2,240,767			122,585			102,500			710,459			4,781,260			4,719			72,930			85,883			10,865
	Premier Class		2,362,676			1,419,729			3,026,957			6,545,943			4,603,564			3,653,888			9,847,620			7,525,232			6,526,601			4,852,190			4,443,450			5,817,555
	Retirement Class		12,461,863			9,953,510			36,578,043			76,133,475			9,875,156			6,513,918			37,001,320			19,963,314			47,893,114			13,579,801			20,070,852			10,423,456
	Retail Class		27,028,680			33,192,257			47,588,286			70,004,884			8,037,239			6,218,826			12,739,425			14,012,563			4,942,891			12,195,194			6,939,704			5,299,863
	Class W		12,101,747			392,152,562			32,829,365			317,943,280			43,689,860			715,364,513			—			—			—			—			20,500,659			243,367,738
Reinvestments of distributions:	Institutional Class		69,408,568			72,872,260			467,006,882			55,700,498			31,490,431			38,553,955			90,440,535			80,291,402			21,420,211			334,665,335			9,164,887			76,848,206
	Advisor Class		182,195			125,265			1,465,577			122,626			3,012			1,896			651,922			10,262			6,067			146,334			2,656			33,954
	Premier Class		1,676,217			2,740,056			4,254,808			850,923			1,269,438			2,491,250			4,580,207			5,427,327			1,192,312			21,311,997			373,242			5,924,839
	Retirement Class		32,755,867			30,407,485			123,785,256			12,849,316			8,036,604			10,639,371			49,900,869			37,939,320			7,509,195			105,799,497			1,834,375			22,793,471
	Retail Class		61,185,373			52,271,670			335,163,445			36,075,177			2,035,509			2,441,536			29,015,395			20,939,726			2,863,255			41,874,195			528,992			6,530,584
	Class W		168,568,108			172,049,045			848,095,442			148,119,014			65,314,928			73,355,148			—			—			—			—			7,896,457			36,278,527
Redemptions:	Institutional Class		(206,401,438	)		(498,046,878	)		(312,941,915	)		(460,990,116	)		(173,117,270	)		(507,628,529	)		(94,018,645	)		(259,001,371	)		(116,568,778	)		(708,695,941	)		(347,542,519	)		(328,544,974	)
	Advisor Class		(273,852	)		(442,634	)		(867,989	)		(1,353,097	)		(41,325	)		(2,864	)		(376,965	)		(63,372	)		(161,985	)		(367,723	)		(74,305	)		(228,646	)
	Premier Class		(7,563,047	)		(22,471,952	)		(5,915,870	)		(16,804,954	)		(18,813,672	)		(56,042,234	)		(10,500,944	)		(29,799,247	)		(18,748,766	)		(44,530,024	)		(15,226,434	)		(44,374,779	)
	Retirement Class		(37,597,295	)		(99,542,880	)		(87,820,466	)		(84,436,426	)		(58,954,200	)		(121,179,790	)		(40,301,115	)		(73,976,529	)		(37,512,516	)		(110,286,394	)		(50,344,321	)		(85,530,849	)
	Retail Class		(47,074,082	)		(131,988,268	)		(68,152,713	)		(208,959,097	)		(8,367,726	)		(20,015,839	)		(15,744,865	)		(33,592,750	)		(19,175,391	)		(41,128,534	)		(9,139,136	)		(20,312,794	)
	Class W		(842,364,470	)		(1,194,519,163	)		(612,795,766	)		(1,365,252,961	)		(603,989,145	)		(752,980,610	)		—			—			—			—			(158,386,985	)		(344,276,647	)
Net increase (decrease) from shareholder transactions			(698,444,776	)		(1,063,403,981	)		1,089,475,393			(1,098,510,866	)		(602,456,153	)		(426,518,043	)		241,390,880			(145,380,788	)		(37,357,249	)		(240,000,398	)		(459,894,033	)		(303,894,143	)
Net increase (decrease) in net assets			478,875,237			(781,315,131	)		845,370,612			384,626,310			1,018,254,538			(899,243,155	)		475,020,553			3,891,334			630,074,503			(1,132,798,331	)		759,524,238			(619,257,795	)
NET ASSETS
Beginning 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			2,324,596,627			2,943,854,422
End of period		$	6,213,899,979		$	5,735,024,742		$	6,937,576,449		$	6,092,205,837		$	5,785,160,341		$	4,766,905,803		$	1,842,207,765		$	1,367,187,212		$	2,326,000,800		$	1,695,926,297		$	3,084,120,865		$	2,324,596,627
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		3,210,698			8,382,883			11,726,126			13,451,128			4,375,473			11,087,888			5,881,672			2,808,955			3,389,317			10,085,475			2,402,799			7,987,403
	Advisor Class		11,619			59,801			15,200			91,080			6,371			5,822			25,018			196,466			297			4,366			4,897			833
	Premier Class		135,751			97,983			113,273			275,119			230,322			225,945			348,652			350,397			357,244			334,363			224,717			409,137
	Retirement Class		714,981			689,661			1,432,255			3,206,462			494,883			398,421			1,360,001			927,648			2,647,612			942,549			1,002,981			777,129
	Retail Class		1,111,670			1,694,526			1,945,132			2,934,816			423,698			410,760			471,393			677,212			286,714			767,297			356,604			401,187
	Class W		712,590			29,674,980			1,320,746			14,502,962			2,290,839			46,609,406			—			—			—			—			1,118,452			20,436,913
Shares reinvested:	Institutional Class		4,344,095			5,154,374			21,353,767			2,642,339			1,714,231			2,150,248			3,429,675			3,852,754			1,310,907			19,277,957			515,171			4,740,790
	Advisor Class		11,394			8,886			67,044			5,817			164			106			24,732			493			372			8,434			149			2,093
	Premier Class		104,661			193,849			194,550			40,366			69,179			139,098			175,218			262,190			73,058			1,229,066			21,111			367,546
	Retirement Class		2,005,545			2,108,792			5,709,652			613,040			438,679			594,711			1,976,272			1,887,528			462,674			6,133,304			106,340			1,449,045
	Retail Class		2,693,970			2,653,304			15,367,420			1,713,785			116,315			142,780			1,151,862			1,043,855			181,679			2,498,460			31,080			420,785
	Class W		10,575,164			12,006,214			38,796,681			7,026,518			3,555,521			4,091,196			—			—			—			—			444,120			2,240,798
Shares redeemed:	Institutional Class		(12,219,513	)		(35,575,357	)		(13,269,578	)		(19,103,946	)		(9,016,811	)		(30,289,793	)		(3,337,590	)		(12,234,975	)		(6,545,594	)		(49,053,484	)		(16,688,567	)		(22,253,562	)
	Advisor Class		(16,409	)		(32,375	)		(37,911	)		(59,066	)		(2,248	)		(159	)		(13,000	)		(3,224	)		(9,554	)		(24,952	)		(4,498	)		(16,361	)
	Premier Class		(443,765	)		(1,617,829	)		(230,374	)		(710,896	)		(975,088	)		(3,434,585	)		(373,651	)		(1,394,313	)		(1,050,110	)		(2,926,560	)		(806,303	)		(3,186,647	)
	Retirement Class		(2,146,446	)		(6,913,801	)		(3,732,392	)		(3,682,402	)		(3,059,161	)		(7,383,975	)		(1,485,336	)		(3,644,601	)		(2,092,165	)		(7,306,845	)		(2,548,582	)		(6,046,704	)
	Retail Class		(1,953,965	)		(6,875,813	)		(2,830,870	)		(9,390,272	)		(455,435	)		(1,312,926	)		(587,989	)		(1,669,409	)		(1,132,355	)		(2,799,547	)		(491,999	)		(1,506,659	)
	Class W		(50,638,009	)		(79,264,097	)		(23,707,736	)		(55,336,058	)		(31,896,375	)		(46,255,477	)		—			—			—			—			(8,309,754	)		(22,377,838	)
Net increase (decrease) from shareholder transactions			(41,785,969	)		(67,554,019	)		54,232,985			(41,779,208	)		(31,689,443	)		(22,820,534	)		9,046,929			(6,939,024	)		(2,119,904	)		(20,830,117	)		(22,621,282	)		(16,154,112	)

82 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 83

Statements of changes in net assets continued

TIAA-CREF Funds  ■  For the period or year ended

		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
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2021			2020			2021			2020			2021			2020			2021			2020			2021			2020			2021			2020
		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	4,983,375		$	8,553,202		$	35,514,449		$	70,855,016		$	2,658,313		$	3,907,526		$	6,618,545		$	20,925,514		$	70,891,462		$	82,972,209		$	13,133,189		$	18,207,219
Net realized gain (loss) on total investments			84,828,691			7,878,185			332,554,202			9,991,307			25,736,687			6,166,132			270,485,532			142,855,021			73,748,545			58,354,801			108,461,593			105,186,413
Net change in unrealized appreciation (depreciation) on total investments			325,723,762			(25,201,059	)		1,256,453,376			383,240,449			119,796,339			29,893,256			57,569,359			54,349,308			1,229,327,992			(131,984,746	)		299,407,313			186,966,241
Net increase (decrease) in net assets from operations			415,535,828			(8,769,672	)		1,624,522,027			464,086,772			148,191,339			39,966,914			334,673,436			218,129,843			1,373,967,999			9,342,264			421,002,095			310,359,873
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(972,771	)		(2,489,336	)		(63,889,184	)		(168,531,817	)		(5,334,207	)		(2,848,127	)		(27,194,444	)		(3,989,002	)		(32,194,161	)		(41,855,343	)		(3,386,116	)		(1,293,437	)
	Advisor Class		(41,428	)		(19,288	)		(566,039	)		(1,107,346	)		(37,811	)		(33,026	)		(17,018	)		(3,478	)		(38,781	)		(62,322	)		(114,491	)		(44,413	)
	Premier Class		(2,336	)		(6,181	)		(1,238,365	)		(4,581,397	)		(89,062	)		(61,050	)		(863,824	)		(110,927	)		(789,476	)		(2,078,293	)		(10,930	)		(12,250	)
	Retirement Class		(488,125	)		(768,208	)		(10,248,378	)		(31,299,265	)		(5,039,612	)		(3,103,548	)		(11,602,049	)		(1,896,928	)		(4,316,468	)		(6,530,742	)		(4,385,255	)		(1,648,514	)
	Retail Class		(122,413	)		(326,525	)		(7,105,313	)		(24,251,603	)		(536,250	)		(408,117	)		(802,316	)		(109,979	)		(4,327,792	)		(5,872,130	)		(151,722	)		(27,365	)
	Class W		(19,278,776	)		(38,931,761	)		—			—			—			—			(104,871,082	)		(28,568,947	)		(35,398,089	)		(32,389,087	)		(52,658,909	)		(24,740,090	)
Total distributions			(20,905,849	)		(42,541,299	)		(83,047,279	)		(229,771,428	)		(11,036,942	)		(6,453,868	)		(145,350,733	)		(34,679,261	)		(77,064,767	)		(88,787,917	)		(60,707,423	)		(27,766,069	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		9,913,815			10,169,763			391,570,078			774,039,788			67,627,590			124,913,509			44,972,418			74,883,538			185,375,121			430,295,003			16,470,621			25,065,516
	Advisor Class		4,536,091			3,528,786			5,427,320			17,179,786			586,159			381,693			—			1,989,897			—			132,884			57,530			392,019
	Premier Class		20,555			—			10,994,022			20,051,471			1,305,982			2,895,744			2,461,201			2,227,728			5,527,892			14,604,715			64,191			9,956
	Retirement Class		35,984,676			14,847,619			33,882,450			86,698,513			124,276,370			74,664,586			8,463,179			10,935,096			31,137,292			20,645,145			7,004,223			3,643,217
	Retail Class		5,027,433			3,318,589			46,847,804			36,964,798			19,036,590			8,707,501			2,001,933			3,904,236			5,152,241			6,860,817			2,386,426			2,347,771
	Class W		119,908,008			176,583,780			—			—			—			—			57,490,730			358,446,732			437,856,384			604,782,138			158,484,066			296,553,656
Reinvestments of distributions:	Institutional Class		972,316			2,284,974			60,468,392			160,206,156			3,219,592			1,390,280			27,194,444			3,989,002			30,709,663			39,648,451			3,386,116			1,293,437
	Advisor Class		38,963			12,197			435,562			702,022			34,084			29,073			2,895			1,468			37,138			60,104			110,126			43,044
	Premier Class		6			—			1,227,440			4,551,489			78,842			38,694			862,627			110,765			789,417			2,078,218			99			8,990
	Retirement Class		487,893			767,517			10,245,670			31,290,055			5,039,268			3,103,181			11,600,853			1,896,766			4,316,323			6,529,999			4,384,817			1,648,386
	Retail Class		120,042			299,546			6,801,862			23,269,895			529,625			404,694			783,574			107,225			4,164,562			5,667,087			149,949			26,316
	Class W		19,278,776			38,931,761			—			—			—			—			104,871,081			28,568,947			35,398,089			32,389,087			52,658,909			24,740,090
Redemptions:	Institutional Class		(9,336,306	)		(11,539,434	)		(333,072,319	)		(586,715,726	)		(32,724,537	)		(21,970,434	)		(57,827,254	)		(74,801,763	)		(269,954,095	)		(684,526,155	)		(30,673,525	)		(41,607,529	)
	Advisor Class		(528,660	)		(2,100,439	)		(4,876,065	)		(6,088,629	)		(158,343	)		(146,632	)		(454	)		(1,879,362	)		(422,168	)		(1,047,269	)		(40,425	)		(1,004,353	)
	Premier Class		(3,776	)		—			(12,132,174	)		(34,183,879	)		(595,080	)		(1,993,688	)		(1,326,218	)		(1,580,411	)		(32,584,630	)		(63,500,310	)		(2,716	)		(963,134	)
	Retirement Class		(1,745,845	)		(6,063,852	)		(38,904,996	)		(61,419,796	)		(296,557	)		(8,104,752	)		(17,485,743	)		(40,186,667	)		(48,460,809	)		(93,744,704	)		(18,656,412	)		(46,899,317	)
	Retail Class		(1,882,236	)		(2,111,434	)		(30,864,138	)		(72,722,058	)		(2,792,969	)		(3,693,509	)		(910,507	)		(5,338,289	)		(11,451,184	)		(31,848,125	)		(756,264	)		(1,515,111	)
	Class W		(138,258,236	)		(117,218,660	)		—			—			—			—			(373,740,958	)		(510,225,830	)		(255,666,471	)		(326,407,349	)		(217,166,159	)		(520,866,075	)
Net increase (decrease) from shareholder transactions			44,533,515			111,710,713			148,050,908			393,823,885			185,166,616			180,619,940			(190,586,199	)		(146,950,922	)		121,924,765			(37,380,264	)		(22,138,428	)		(257,083,121	)
Net increase (decrease) in net assets			439,163,494			60,399,742			1,689,525,656			628,139,229			322,321,013			214,132,986			(1,263,496	)		36,499,660			1,418,827,997			(116,825,917	)		338,156,244			25,510,683
NET ASSETS
Beginning of period			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			4,694,239,686			4,811,065,603			1,815,960,333			1,790,449,650
End of period		$	1,185,037,738		$	745,874,244		$	7,013,669,614		$	5,324,143,958		$	763,439,153		$	441,118,140		$	1,612,667,741		$	1,613,931,237		$	6,113,067,683		$	4,694,239,686		$	2,154,116,577		$	1,815,960,333
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		703,159			932,676			15,631,692			38,433,650			3,774,936			9,042,956			3,250,263			6,819,748			13,945,673			42,819,485			913,889			1,826,542
	Advisor Class		303,241			322,590			216,684			897,326			32,006			26,768			—			154,500			—			12,631			3,149			28,870
	Premier Class		1,269			—			437,299			986,199			74,452			200,749			173,966			192,014			414,378			1,359,212			3,484			713
	Retirement Class		2,324,614			1,366,168			1,324,769			4,160,637			6,932,068			5,173,717			619,899			937,534			2,238,539			1,881,484			382,594			247,934
	Retail Class		321,344			307,261			2,069,471			2,091,754			1,063,807			612,147			143,478			340,329			619,530			1,053,646			131,501			156,949
	Class W		9,153,725			15,891,729			—			—			—			—			4,086,401			34,663,615			34,840,828			56,698,948			8,848,890			21,548,880
Shares reinvested:	Institutional Class		72,184			188,841			2,526,887			7,958,577			191,187			99,023			2,017,392			341,524			2,431,486			3,540,040			193,382			94,549
	Advisor Class		2,886			1,005			18,217			34,892			2,025			2,071			214			126			2,874			5,249			6,297			3,149
	Premier Class		—			—			51,465			226,894			4,673			2,748			63,946			9,475			62,553			185,721			6			656
	Retirement Class		36,356			63,589			420,767			1,527,835			300,314			221,656			864,445			162,952			328,238			560,034			251,279			120,849
	Retail Class		8,945			24,838			322,364			1,308,033			31,544			28,866			58,172			9,180			527,160			801,795			8,573			1,922
	Class W		1,429,116			3,220,162			—			—			—			—			7,791,314			2,448,068			2,798,268			2,891,883			3,005,646			1,808,486
Shares redeemed:	Institutional Class		(605,666	)		(1,055,234	)		(13,092,415	)		(30,433,918	)		(1,829,969	)		(1,580,859	)		(4,151,900	)		(6,677,913	)		(20,388,193	)		(66,636,310	)		(1,703,495	)		(3,026,409	)
	Advisor Class		(32,530	)		(194,746	)		(191,762	)		(292,550	)		(8,422	)		(10,054	)		(33	)		(160,768	)		(30,747	)		(97,361	)		(2,255	)		(85,407	)
	Premier Class		(227	)		—			(491,375	)		(1,734,937	)		(31,723	)		(144,746	)		(92,753	)		(141,355	)		(2,540,502	)		(6,232,095	)		(164	)		(73,835	)
	Retirement Class		(126,725	)		(559,995	)		(1,491,314	)		(3,048,202	)		(16,415	)		(573,847	)		(1,248,836	)		(3,585,022	)		(3,446,874	)		(8,600,226	)		(1,024,981	)		(3,455,399	)
	Retail Class		(129,494	)		(209,086	)		(1,393,865	)		(4,183,746	)		(156,665	)		(264,479	)		(66,345	)		(481,026	)		(1,388,794	)		(4,817,963	)		(41,502	)		(108,084	)
	Class W		(8,958,219	)		(10,875,257	)		—			—			—			—			(27,152,259	)		(42,854,027	)		(19,437,285	)		(31,220,450	)		(11,951,707	)		(37,435,122	)
Net increase (decrease) from shareholder transactions			4,503,978			9,424,541			6,358,884			17,932,444			10,363,818			12,836,716			(13,642,636	)		(7,821,046	)		10,977,132			(5,794,277	)		(975,414	)		(18,344,757	)

84 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 85

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		Quant International						Social Choice
		Small-Cap Equity Fund						International Equity Fund
		April 30,			October 31,			April 30,			October 31,
		2021			2020			2021			2020
		(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	13,161,985		$	25,738,523		$	7,684,516		$	8,545,250
Net realized gain (loss) on total investments			109,456,984			(39,133,571	)		7,384,180			(5,012,492	)
Net change in unrealized appreciation (depreciation) on total investments			184,506,206			(19,350,590	)		133,747,615			(14,235,252	)
Net increase (decrease) in net assets from operations			307,125,175			(32,745,638	)		148,816,311			(10,702,494	)
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(1,268,142	)		(1,872,151	)		(6,126,216	)		(3,507,089	)
	Advisor Class		(1,574	)		(2,853	)		(20,437	)		(20,514	)
	Premier Class		(1,472	)		(2,446	)		(7,326	)		(29,235	)
	Retirement Class		(70,772	)		(118,259	)		(2,794,652	)		(1,001,947	)
	Retail Class		(14,356	)		(25,424	)		(158,750	)		(91,457	)
	Class W		(27,780,465	)		(37,081,313	)		—			—
Total distributions			(29,136,781	)		(39,102,446	)		(9,107,381	)		(4,650,242	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		5,055,572			10,480,650			65,700,396			224,647,331
	Advisor Class		—			231			808,036			730,537
	Premier Class		—			—			271,230			647,366
	Retirement Class		830,434			1,533,686			80,309,225			110,700,131
	Retail Class		65,177			245,187			6,688,029			12,581,394
	Class W		52,710,316			165,819,466			—			—
Reinvestments of distributions:	Institutional Class		1,267,923			1,871,799			3,943,380			2,250,257
	Advisor Class		—			309			18,561			18,562
	Premier Class		—			—			4,241			26,389
	Retirement Class		70,739			118,204			2,794,500			1,001,803
	Retail Class		14,221			25,228			155,211			88,589
	Class W		27,780,465			37,081,313			—			—
Redemptions:	Institutional Class		(7,101,462	)		(9,291,666	)		(26,417,365	)		(74,125,046	)
	Advisor Class		—			(9,034	)		(140,973	)		(653,773	)
	Premier Class		—			—			(66,181	)		(1,813,228	)
	Retirement Class		(721,112	)		(1,128,212	)		(451,347	)		(445,256	)
	Retail Class		(59,450	)		(298,904	)		(1,935,267	)		(8,656,307	)
	Class W		(91,951,917	)		(139,420,278	)		—			—
Net increase (decrease) from shareholder transactions			(12,039,094	)		67,027,979			131,681,676			266,998,749
Net increase (decrease) in net assets			265,949,300			(4,820,105	)		271,390,606			251,646,013
NET ASSETS
Beginning of period			981,482,389			986,302,494			513,436,802			261,790,789
End of period		$	1,247,431,689		$	981,482,389		$	784,827,408		$	513,436,802
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		455,831			1,206,969			5,273,015			22,570,611
	Advisor Class		—			28			63,568			69,911
	Premier Class		—			—			21,508			57,224
	Retirement Class		75,566			155,410			6,422,058			10,368,114
	Retail Class		5,915			26,451			535,598			1,229,278
	Class W		4,825,782			19,154,003			—			—
Shares reinvested:	Institutional Class		121,332			182,082			328,889			201,817
	Advisor Class		—			30			1,548			1,665
	Premier Class		—			—			353			2,364
	Retirement Class		6,769			11,487			233,654			90,009
	Retail Class		1,357			2,445			12,967			7,959
	Class W		2,655,876			3,607,132			—			—
Shares redeemed:	Institutional Class		(641,507	)		(1,009,016	)		(2,125,975	)		(7,253,505	)
	Advisor Class		—			(946	)		(11,188	)		(61,397	)
	Premier Class		—			—			(5,230	)		(174,262	)
	Retirement Class		(64,154	)		(122,689	)		(36,698	)		(45,350	)
	Retail Class		(5,291	)		(31,081	)		(154,843	)		(813,954	)
	Class W		(8,173,574	)		(14,704,387	)		—			—
Net increase (decrease) from shareholder transactions			(736,098	)		8,477,918			10,559,224			26,250,484

86 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

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TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 87

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:		4/30/21	#		$15.16		$0.06			$  4.25			$  4.31			$(0.10	)		$(1.04	)		$(1.14	)		$18.33
		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:		4/30/21	#		15.17		0.05			4.27			4.32			(0.10	)		(1.04	)		(1.14	)		18.35
		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:		4/30/21	#		15.19		0.05			4.26			4.31			(0.09	)		(1.04	)		(1.13	)		18.37
		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:		4/30/21	#		15.47		0.04			4.35			4.39			(0.08	)		(1.04	)		(1.12	)		18.74
		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:		4/30/21	#		21.14		0.05			6.01			6.06			(0.07	)		(1.04	)		(1.11	)		26.09
		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:		4/30/21	#		15.16		0.10			4.25			4.35			(0.14	)		(1.04	)		(1.18	)		18.33
		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

88 2021 Semiannual 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:		4/30/21	#		29.57	%b		29.56	%b		$1,277,114		0.41	%c		0.41	%c		0.73	%c		0.71	%c		38	%
		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:		4/30/21	#		29.56	b		29.55	b		3,388		0.51	c		0.51	c		0.62	c		0.60	c		38
		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:		4/30/21	#		29.47	b		29.46	b		27,478		0.56	c		0.56	c		0.59	c		0.57	c		38
		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:		4/30/21	#		29.47	b		29.46	b		558,576		0.66	c		0.66	c		0.47	c		0.46	c		38
		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:		4/30/21	#		29.45	b		29.44	b		1,544,441		0.69	c		0.69	c		0.43	c		0.42	c		38
		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:		4/30/21	#		29.85	b		29.84	b		2,802,903		0.41	c		0.00	c		1.14	c		1.12	c		38
		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  ■  2021 Semiannual Report 89

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:		4/30/21	#		$27.14		$  0.02			$  6.19			$  6.21			$(0.11	)		$(8.31	)		$(8.42	)		$24.93
		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:		4/30/21	#		27.12		0.01			6.19			6.20			(0.10	)		(8.31	)		(8.41	)		24.91
		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:		4/30/21	#		27.10		0.00	d		6.18			6.18			(0.06	)		(8.31	)		(8.37	)		24.91
		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:		4/30/21	#		26.93		(0.01	)		6.13			6.12			(0.05	)		(8.31	)		(8.36	)		24.69
		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:		4/30/21	#		27.03		(0.02	)		6.17			6.15			(0.04	)		(8.31	)		(8.35	)		24.83
		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:		4/30/21	#		27.24		0.07			6.19			6.26			(0.24	)		(8.31	)		(8.55	)		24.95
		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

90 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
LARGE-CAP GROWTH FUND
Institutional Class:		4/30/21	#		27.25	%b		27.24	%b		$1,969,255			0.40	%c		0.40	%c		0.17	%c		0.15	%c		17	%
		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:		4/30/21	#		27.19	b		27.18	b		5,530			0.48	c		0.48	c		0.10	c		0.08	c		17
		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:		4/30/21	#		27.13	b		27.12	b		15,171			0.55	c		0.55	c		0.02	c		0.00	c		17
		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:		4/30/21	#		27.06	b		27.05	b		447,112			0.65	c		0.65	c		(0.08	)c		(0.09	)c		17
		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:		4/30/21	#		27.04	b		27.03	b		1,395,638			0.70	c		0.69	c		(0.13	)c		(0.14	)c		17
		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:		4/30/21	#		27.44	b		27.43	b		3,104,870			0.40	c		0.00	c		0.57	c		0.55	c		17
		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  ■  2021 Semiannual Report 91

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:		4/30/21	#		$16.01		$0.13			$  5.98			$  6.11			$(0.35	)		$     —			$(0.35	)		$21.77
		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:		4/30/21	#		15.99		0.12			5.98			6.10			(0.34	)		—			(0.34	)		21.75
		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:		4/30/21	#		15.97		0.11			5.97			6.08			(0.32	)		—			(0.32	)		21.73
		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:		4/30/21	#		15.93		0.10			5.97			6.07			(0.31	)		—			(0.31	)		21.69
		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:		4/30/21	#		15.23		0.09			5.70			5.79			(0.30	)		—			(0.30	)		20.72
		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:		4/30/21	#		16.07		0.17			5.99			6.16			(0.43	)		—			(0.43	)		21.80
		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

92 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
LARGE-CAP VALUE FUND
Institutional Class:		4/30/21	#		38.60	%b		38.59	%b		$1,932,143			0.41	%c		0.40	%c		1.32	%c		1.30	%c		7	%
		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:		4/30/21	#		38.57	b		38.56	b		442			0.49	c		0.48	c		1.21	c		1.20	c		7
		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:		4/30/21	#		38.46	b		38.45	b		79,764			0.56	c		0.55	c		1.17	c		1.15	c		7
		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:		4/30/21	#		38.46	b		38.45	b		529,883			0.66	c		0.65	c		1.07	c		1.06	c		7
		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:		4/30/21	#		38.40	b		38.39	b		148,803			0.72	c		0.71	c		1.00	c		0.98	c		7
		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:		4/30/21	#		38.90	b		38.89	b		3,094,125			0.41	c		0.00	c		1.73	c		1.71	c		7
		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  ■  2021 Semiannual Report 93

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the			Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			on total			investment			investment			realized			and			end of
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period
MID-CAP GROWTH FUND
Institutional Class:		4/30/21	#		$25.15		$(0.05	)		$  7.26			$  7.21			$     —			$(3.18	)		$(3.18	)		$29.18
		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:		4/30/21	#		25.14		(0.05	)		7.26			7.21			—			(3.18	)		(3.18	)		29.17
		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:		4/30/21	#		24.96		(0.07	)		7.20			7.13			—			(3.18	)		(3.18	)		28.91
		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:		4/30/21	#		24.21		(0.08	)		6.97			6.89			—			(3.18	)		(3.18	)		27.92
		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:		4/30/21	#		24.15		(0.08	)		6.95			6.87			—			(3.18	)		(3.18	)		27.84
		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

94 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year			Total			payment from			end of period			Gross			Net			investment			payment from			turnover
	ended			return			affiliates		u	(in thousands		)	expenses			expenses			income (loss		)	affiliates		u	rate
MID-CAP GROWTH FUND
Institutional Class:		4/30/21	#		30.02	%b		30.01	%b		$1,011,733			0.46	%c		0.46	%c		(0.33	)%c		(0.35	)%c		30	%
		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:		4/30/21	#		30.04	b		30.03	b		7,003			0.49	c		0.49	c		(0.36	)c		(0.38	)c		30
		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:		4/30/21	#		29.92	b		29.91	b		50,192			0.61	c		0.61	c		(0.48	)c		(0.50	)c		30
		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:		4/30/21	#		29.86	b		29.85	b		484,738			0.71	c		0.71	c		(0.58	)c		(0.59	)c		30
		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:		4/30/21	#		29.84	b		29.83	b		288,542			0.75	c		0.75	c		(0.62	)c		(0.63	)c		30
		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  ■  2021 Semiannual Report 95

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:	4/30/21	#		$14.40		$0.08			$5.93			$6.01			$(0.30	)		$    —			$(0.30	)		$20.11
	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:	4/30/21	#		14.38		0.08			5.90			5.98			(0.28	)		—			(0.28	)		20.08
	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:	4/30/21	#		14.37		0.07			5.90			5.97			(0.27	)		—			(0.27	)		20.07
	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:	4/30/21	#		14.28		0.06			5.87			5.93			(0.26	)		—			(0.26	)		19.95
	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:	4/30/21	#		13.86		0.05			5.71			5.76			(0.25	)		—			(0.25	)		19.37
	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

96 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

								Ratios and supplemental data
											Ratios to average net assets
	For the period or year ended		Total return		Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
MID-CAP VALUE FUND
Institutional Class:	4/30/21	#	42.21	%b		42.20	%b		$1,422,042			0.44	%c		0.44	%c		0.94	%c		0.93	%c		55	%
	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:	4/30/21	#	42.04	b		42.03	b		444			0.54	c		0.54	c		0.94	c		0.93	c		55
	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:	4/30/21	#	41.99	b		41.98	b		82,826			0.59	c		0.59	c		0.79	c		0.78	c		55
	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:	4/30/21	#	41.94	b		41.93	b		598,113			0.69	c		0.69	c		0.68	c		0.66	c		55
	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:	4/30/21	#	41.96	b		41.95	b		222,576			0.76	c		0.75	c		0.63	c		0.61	c		55
	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  ■  2021 Semiannual Report 97

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 SMALL-CAP EQUITY FUND
Institutional Class:	4/30/21	#		$14.40		$0.04			$7.90			$7.94			$(0.12	)		$     —			$(0.12	)		$22.22
	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:	4/30/21	#		14.39		0.03			7.89			7.92			(0.10	)		—			(0.10	)		22.21
	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:	4/30/21	#		14.30		0.02			7.84			7.86			(0.09	)		—			(0.09	)		22.07
	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:	4/30/21	#		13.94		0.01			7.65			7.66			(0.08	)		—			(0.08	)		21.52
	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:	4/30/21	#		13.75		0.01			7.55			7.56			(0.08	)		—			(0.08	)		21.23
	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:	4/30/21	#		14.43		0.08			7.91			7.99			(0.18	)		—			(0.18	)		22.24
	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

98 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at						Ratios to average net assets						Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT SMALL-CAP EQUITY FUND
Institutional Class:	4/30/21	#		55.31	%b	$	1,468,498			0.41	%c		0.41	%c		0.43	%c		28	%
	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:	4/30/21	#		55.31	b		728			0.48	c		0.47	c		0.31	c		28
	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:	4/30/21	#		55.22	b		88,254			0.56	c		0.56	c		0.24	c		28
	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:	4/30/21	#		55.08	b		475,866			0.66	c		0.66	c		0.14	c		28
	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:	4/30/21	#		55.09	b		153,731			0.72	c		0.66	c		0.12	c		28
	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:	4/30/21	#		55.67	b		897,043			0.41	c		0.00	c		0.81	c		47
	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  ■  2021 Semiannual 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 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:	4/30/21	#		$11.43		$0.04			$5.79			$5.83			$(0.10	)		$(0.15	)		$(0.25	)		$17.01
	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:	4/30/21	#		11.45		0.02			5.81			5.83			(0.09	)		(0.15	)		(0.24	)		17.04
	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:	4/30/21	#		11.49		0.02			5.83			5.85			(0.08	)		(0.15	)		(0.23	)		17.11
	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:	4/30/21	#		11.38		0.01			5.77			5.78			(0.08	)		(0.15	)		(0.23	)		16.93
	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:	4/30/21	#		11.36		0.00	d		5.76			5.76			(0.06	)		(0.15	)		(0.21	)		16.91
	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:	4/30/21	#		11.48		0.07			5.81			5.88			(0.15	)		(0.15	)		(0.30	)		17.06
	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

100 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT SMALL/MID-CAP EQUITY FUND
Institutional Class:	4/30/21	#		51.62	%b		$63,973			0.47	%c		0.47	%c		0.53	%c		47	%
	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:	4/30/21	#		51.54	b		7,193			0.59	c		0.59	c		0.24	c		47
	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:	4/30/21	#		51.47	b		189			0.66	c		0.66	c		0.32	c		47
	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:	4/30/21	#		51.34	b		69,091			0.72	c		0.72	c		0.12	c		47
	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:	4/30/21	#		51.21	b		13,459			0.90	c		0.90	c		0.03	c		47
	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:	4/30/21	#		51.93	b		1,031,133			0.47	c		0.00	c		1.00	c		47
	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  ■  2021 Semiannual Report 101

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized		Total gain		Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments		(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period
SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/21	#		$21.42		$0.15			$6.29		$6.44		$(0.30	)		$(0.04	)		$(0.34	)		$27.52
	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:	4/30/21	#		21.39		0.14			6.29		6.43		(0.29	)		(0.04	)		(0.33	)		27.49
	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:	4/30/21	#		21.32		0.13			6.27		6.40		(0.27	)		(0.04	)		(0.31	)		27.41
	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:	4/30/21	#		21.75		0.12			6.39		6.51		(0.25	)		(0.04	)		(0.29	)		27.97
	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:	4/30/21	#		18.88		0.10			5.56		5.66		(0.25	)		(0.04	)		(0.29	)		24.25
	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

102 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/21	#		30.30	%b		$5,229,686			0.17	%c		0.16	%c		1.18	%c		16	%
	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:	4/30/21	#		30.31	b		49,154			0.26	c		0.25	c		1.10	c		16
	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:	4/30/21	#		30.21	b		114,656			0.33	c		0.32	c		1.02	c		16
	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:	4/30/21	#		30.12	b		994,162			0.42	c		0.41	c		0.93	c		16
	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:	4/30/21	#		30.19	b		626,012			0.45	c		0.44	c		0.91	c		16
	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  ■  2021 Semiannual Report 103

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized		Total gain		Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments		(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/21	#		$15.16		$0.09			$4.49		$4.58		$(0.16	)		$(0.22	)		$(0.38	)		$19.36
	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:	4/30/21	#		15.14		0.08			4.49		4.57		(0.14	)		(0.22	)		(0.36	)		19.35
	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:	4/30/21	#		15.18		0.08			4.49		4.57		(0.14	)		(0.22	)		(0.36	)		19.39
	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:	4/30/21	#		15.09		0.07			4.46		4.53		(0.13	)		(0.22	)		(0.35	)		19.27
	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:	4/30/21	#		15.09		0.06			4.48		4.54		(0.12	)		(0.22	)		(0.34	)		19.29
	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

104 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

					Ratios and supplemental data
	For the period					Net assets at		Ratios to average net assets							Portfolio
	or year ended		Total return				end of period (in thousands)		Gross expenses		Net expenses		Net investment  income (loss)			turnover rate
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/21	#	30.53	%b			$311,680		0.31	%c	0.31	%c	1.04	%c		14	%
	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:	4/30/21	#	30.54	b			2,433		0.40	c	0.40	c	0.95	c		14
	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:	4/30/21#		30.43	b			5,075		0.47	c	0.47	c	0.89	c		14
	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:	4/30/21	#	30.32	b			397,254		0.56	c	0.56	c	0.77	c		14
	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:	4/30/21	#	30.37	b			46,997		0.63	c	0.63	c	0.69	c		14
	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  ■  2021 Semiannual Report 105

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:	4/30/21	#		$12.53		$0.02			$2.73			$2.75			$(0.10	)		$(1.11	)		$(1.21	)		$14.07
	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:	4/30/21	#		12.52		0.01			2.74			2.75			(0.08	)		(1.11	)		(1.19	)		14.08
	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:	4/30/21	#		12.53		0.01			2.74			2.75			(0.09	)		(1.11	)		(1.20	)		14.08
	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:	4/30/21	#		12.48		0.01			2.72			2.73			(0.09	)		(1.11	)		(1.20	)		14.01
	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:	4/30/21	#		12.49		(0.01	)		2.72			2.71			(0.05	)		(1.11	)		(1.16	)		14.04
	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:	4/30/21	#		12.62		0.08			2.75			2.83			(0.24	)		(1.11	)		(1.35	)		14.10
	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

106 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
											Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/21	#		22.46	%b		22.45	%b	$	334,232		0.88	%c		0.88	%c		0.22	%c		0.20	%c		45	%
	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:	4/30/21	#		22.27	b		22.26	b		204		0.97	c		0.97	c		0.12	c		0.10	c		45
	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:	4/30/21	#		22.34	b		22.33	b		12,280		1.03	c		0.98	c		0.13	c		0.11	c		45
	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:	4/30/21	#		22.36	b		22.35	b		136,027		1.13	c		0.98	c		0.12	c		0.10	c		45
	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:	4/30/21	#		22.20	b		22.19	b		11,455		1.32	c		1.32	c		(0.21	)c		(0.23	)c		45
	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:	4/30/21	#		22.95	b		22.94	b		1,118,469		0.88	c		0.00	c		1.09	c		1.07	c		45
	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  ■  2021 Semiannual 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
INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/21	#		$10.91		$0.15			$2.96			$3.11			$(0.16	)	$	—			$(0.16	)		$13.86
	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:	4/30/21	#		11.15		0.14			3.03			3.17			(0.15	)		—			(0.15	)		14.17
	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:	4/30/21#			10.89		0.14			2.94			3.08			(0.13	)		—			(0.13	)		13.84
	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:	4/30/21	#		11.33		0.14			3.08			3.22			(0.13	)		—			(0.13	)		14.42
	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:	4/30/21	#		6.86		0.08			1.85			1.93			(0.13	)		—			(0.13	)		8.66
	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:	4/30/21	#		10.96		0.18			2.96			3.14			(0.20	)		—			(0.20	)		13.90
	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

108 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u		Net assets at end of period (in thousands)			Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/21	#		28.63	%b		28.62	%b		$	2,778,084			0.46	%c		0.46	%c		2.28	%c		2.26	%c		16	%
	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:	4/30/21	#		28.52	b		28.51	b			3,409			0.56	c		0.56	c		2.14	c		2.12	c		16
	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:	4/30/21	#		28.44	b		28.43	b			73,890			0.61	c		0.61	c		2.09	c		2.07	c		16
	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:	4/30/21	#		28.51	b		28.50	b			475,371			0.71	c		0.71	c		2.03	c		2.01	c		16
	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:	4/30/21	#		28.38	b		28.37	b			279,957			0.80	c		0.80	c		1.94	c		1.92	c		16
	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:	4/30/21	#		28.84	b		28.83	b			2,502,356			0.46	c		0.00	c		2.75	c		2.73	c		16
	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  ■  2021 Semiannual Report 109

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/21	#		$15.70		$0.07			$  3.50			$ 3.57			$(0.09	)		$(0.37	)		$(0.46	)		$18.81
	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:	4/30/21	#		15.67		0.06			3.51			3.57			(0.08	)		(0.37	)		(0.45	)		18.79
	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:	4/30/21	#		15.72		0.06			3.51			3.57			(0.07	)		(0.37	)		(0.44	)		18.85
	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:	4/30/21	#		15.63		0.05			3.50			3.55			(0.07	)		(0.37	)		(0.44	)		18.74
	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:	4/30/21	#		15.65		0.03			3.50			3.53			(0.04	)		(0.37	)		(0.41	)		18.77
	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:	4/30/21	#		15.78		0.12			3.53			3.65			(0.19	)		(0.37	)		(0.56	)		18.87
	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

110 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/21	#		22.93	%b		22.92	%b		$   133,425			0.61	%c		0.61	%c		0.74	%c		0.72	%c		12	%
	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:	4/30/21	#		22.94	b		22.93	b		5,003			0.71	c		0.71	c		0.67	c		0.65	c		12
	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:	4/30/21	#		22.87	b		22.86	b		541			0.77	c		0.77	c		0.64	c		0.62	c		12
	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:	4/30/21	#		22.90	b		22.89	b		182,338			0.86	c		0.77	c		0.60	c		0.58	c		12
	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:	4/30/21	#		22.73	b		22.72	b		8,611			1.08	c		1.08	c		0.36	c		0.33	c		12
	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:	4/30/21	#		23.36	b		23.35	b		1,824,199			0.61	c		0.00	c		1.38	c		1.36	c		12
	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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 111

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
								Net realized															Net
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	4/30/21	#		$  9.41		$0.09			$  2.79			$  2.88			$(0.22	)		$     —			$(0.22	)		$12.07
	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:	4/30/21	#		9.40		0.09			2.79			2.88			(0.22	)		—			(0.22	)		12.06
	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:	4/30/21	#		9.52		0.08			2.82			2.90			(0.20	)		—			(0.20	)		12.22
	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:	4/30/21	#		9.40		0.08			2.78			2.86			(0.20	)		—			(0.20	)		12.06
	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:	4/30/21	#		9.41		0.07			2.79			2.86			(0.18	)		—			(0.18	)		12.09
	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:	4/30/21	#		9.46		0.13			2.80			2.93			(0.28	)		—			(0.28	)		12.11
	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

112 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	4/30/21	#		30.95	%b		$   68,781			0.72	%c		0.67	%c		1.63	%c		57	%
	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:	4/30/21	#		30.94	b		88			0.77	c		0.72	c		1.58	c		57
	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:	4/30/21	#		30.80	b		90			0.94	c		0.85	c		1.45	c		57
	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:	4/30/21	#		30.77	b		4,403			0.97	c		0.84	c		1.48	c		57
	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:	4/30/21	#		30.67	b		996			2.37	c		1.09	c		1.21	c		57
	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:	4/30/21	#		31.43	b		1,173,074			0.72	c		0.00	c		2.30	c		57
	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  ■  2021 Semiannual Report 113

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/21	#		$10.34		$0.14			$  2.74			$  2.88			$(0.18	)		$     —			$(0.18	)		$13.04
	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:	4/30/21	#		10.33		0.15			2.72			2.87			(0.17	)		—			(0.17	)		13.03
	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:	4/30/21	#		10.34		0.14			2.73			2.87			(0.16	)		—			(0.16	)		13.05
	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:	4/30/21	#		10.30		0.14			2.71			2.85			(0.16	)		—			(0.16	)		12.99
	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:	4/30/21	#		10.30		0.13			2.72			2.85			(0.15	)		—			(0.15	)		13.00
	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

#	Unaudited
†	Class W commenced operations on September 28, 2018.
§	The Fund commenced operations on August 5, 2016.
**	The Fund commenced operations on December 9, 2016.
‡	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.
u	Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item.

114 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

concluded

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/21	#		27.94	%b		$472,365			0.37	%c		0.37	%c		2.34	%c		9	%
	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:	4/30/21	#		27.94	b		2,206			0.47	c		0.47	c		2.40	c		9
	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:	4/30/21	#		27.85	b		770			0.53	c		0.53	c		2.27	c		9
	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:	4/30/21	#		27.85	b		291,323			0.62	c		0.62	c		2.20	c		9
	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:	4/30/21	#		27.80	b		18,162			0.73	c		0.73	c		2.11	c		9
	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  ■  2021 Semiannual Report 115

Notes to financial statements (unaudited)

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 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 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” 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’

116 2021 Semiannual 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.

New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

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:

Debt securities: Prices of fixed-income securities are 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.

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 categorized 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 the securities 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. 

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.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 117

Notes to financial statements (unaudited)

Repurchase Agreements: Repurchase agreements are valued at contract 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.

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 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. 

The following table summarizes the market value of the Funds’ investments as of April 30, 2021, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth & Income
Equity investments:
Communication services	$	685,730,342		$	2,720,653	$	—	$	688,450,995
Consumer discretionary		856,073,524			51,320,181		—		907,393,705
Consumer staples		324,910,362			18,621,580		—		343,531,942
Financials		616,113,209			23,874,610		—		639,987,819
Health care		763,584,991			45,765,039		—		809,350,030
Industrials		639,994,737			43,350,777		—		683,345,514
Materials		290,642,392			5,666,724		—		296,309,116
All other equity investments*		1,842,328,585			—		—		1,842,328,585
Short-term investments		55,595,849			19,970,000		—		75,565,849
Purchased options**		1,007,365			—		—		1,007,365
Written options**		(8,424,157	)		—		—		(8,424,157	)
Total	$	6,067,557,199		$	211,289,564	$	—	$	6,278,846,763
Large-Cap Growth
Equity investments:
Communication services	$	1,238,142,792		$	91,132,711	$	—	$	1,329,275,503
Consumer discretionary		1,306,643,346			148,109,839		—		1,454,753,185
Consumer staples		332,831,318			33,209,067		—		366,040,385
Health care		779,083,329			132,963,134		—		912,046,463
Industrials		338,390,368			53,509,219		—		391,899,587
Information technology		2,332,867,032			63,602,030		—		2,396,469,062
All other equity investments*		93,647,471			—		—		93,647,471
Short-term investments		48,115,518			38,190,000		—		86,305,518
Total	$	6,469,721,174		$	560,716,000	$	—	$	7,030,437,174
Large-Cap Value
Equity investments*	$	5,760,628,007		$	—	$	—	$	5,760,628,007
Short-term investments		—			32,162,000		—		32,162,000
Total	$	5,760,628,007		$	32,162,000	$	—	$	5,792,790,007
Mid-Cap Growth
Equity investments:
Communication services	$	127,469,235		$	11,498,512	$	—	$	138,967,747
Consumer discretionary		359,934,833			47,391,140		—		407,325,973
Consumer staples		27,891,305			18,668,551		—		46,559,856
Industrials		142,341,679			11,641,176		—		153,982,855
Information technology		590,130,618			34,495,991		—		624,626,609
All other equity investments*		453,705,855			—		—		453,705,855
Short-term investments		36,851,204			16,172,000		—		53,023,204
Total	$	1,738,324,729		$	139,867,370	$	—	$	1,878,192,099
Mid-Cap Value
Equity investments*	$	2,303,679,723		$	—	$	—	$	2,303,679,723
Short-term investments		—			27,188,000		—		27,188,000
Total	$	2,303,679,723		$	27,188,000	$	—	$	2,330,867,723

118 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Fund	Level 1		Level 2		Level 3		Total
Quant Small-Cap Equity
Equity investments	$	3,077,488,768	$	—	$	—	$	3,077,488,768
Short-term investments		30,680,500		16,220,998		—		46,901,498
Futures contracts**		504,421		—		—		504,421
Total	$	3,108,673,689	$	16,220,998	$	—	$	3,124,894,687
Quant Small/Mid-Cap Equity
Equity investments		1,183,525,595		—		—		1,183,525,595
Short-term investments		29,158,029		6,280,000		—		35,438,029
Total	$	1,212,683,624	$	6,280,000	$	—	$	1,218,963,624
Social Choice Equity
Equity investments:
Communication Directionary	$	777,765,667	$	1,870,196	$	—	$	779,635,863
Energy		188,584,768		541,213		—		189,125,981
Financials		870,232,601		—		3,382		870,235,983
Health care		942,955,440		728,672		—		943,684,112
Information Technology		1,787,815,735		7,352,764		—		1,795,168,499
All other equity investments*		2,415,917,123		—		—		2,415,917,123
Short-term investments		37,193,500		56,029,000		—		93,222,500
Futures contracts**		591,927		—		—		591,927
Total	$	7,021,056,761	$	66,521,845	$	3,382	$	7,087,581,988
Social Choice Low Carbon Equity
Equity investments:
Communication Directionary	$	85,089,875	$	191,966	$	—	$	85,281,841
Energy		14,938,583		84,815		—		15,023,398
Financials		97,041,801		—		131		97,041,932
Health care		100,808,326		93,562		—		100,901,888
Information Technology		189,663,126		780,857		—		190,443,983
All other equity investments*		261,432,356		—		—		261,432,356
Short-term investments		588,911		12,664,993		—		13,253,904
Futures contracts**		23,089		—		—		23,089
Total	$	749,586,067	$	13,816,193	$	131	$	763,402,391
Emerging Markets Equity
Equity investments:
Africa/Middle East	$	33,954,139	$	77,326,800	$	—	$	111,280,939
Asia		392,560,185		645,127,581		—		1,037,687,766
Latin America		323,931,767		—		—		323,931,767
All other equity investments*		47,549,429		84,069,698		3,576		131,622,703
Short-term investments		37,660,366		—		—		37,660,366
Total	$	835,655,886	$	806,524,079	$	3,576	$	1,642,183,541
International Equity
Equity investments:
Asia	$	51,450,942	$	1,408,674,850	$	—	$	1,460,125,792
Australasia		—		385,836,290		—		385,836,290
Europe		62,542,669		3,673,642,694		—		3,736,185,363
North America		101,823,949		—		—		101,823,949
All other equity investments*		153,478,781		180,493,573		—		333,972,354
Short-term investments		171		62,346,000		—		62,346,171
Total	$	369,296,512	$	5,710,993,407	$	—	$	6,080,289,919
International Opportunities
Equity investments:
Asia	$	50,621,994	$	324,898,300	$	—	$	375,520,294
Australasia		—		126,317,231		—		126,317,231
Europe		—		1,077,873,204		—		1,077,873,204
Latin America		127,908,299		—		—		127,908,299
North America		182,417,000		—		—		182,417,000
All other equity investments*		41,644,758		146,996,572		1,709		188,643,039
Short-term investments		66,715,772		72,767,172		—		139,482,944
Total	$	469,307,823	$	1,748,852,479	$	1,709	$	2,218,162,011

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 119

Notes to financial statements (unaudited)

Fund	Level 1			Level 2		Level 3		Total
Quant International Small-Cap Equity
Equity investments:
Africa/Middle East	$	11,210,299		$	14,256,512	$	—	$	25,466,811
Asia		4,626,741			416,940,325		—		421,567,066
Australasia		—			73,563,987		—		73,563,987
Europe		—			388,423,659		—		388,423,659
Latin America		30,359,764			—		—		30,359,764
North America		99,345,633			16,516,894		—		115,862,527
All other equity investments*		14,239,454			170,223,215		—		184,462,669
Short-term investments		10,256,092			879,000		—		11,135,092
Total	$	170,037,983		$	1,080,803,592	$	—	$	1,250,841,575
Social Choice International Equity
Equity investments:
Asia	$	—		$	210,465,933	$	—	$	210,465,933
Australasia		—			53,040,471		—		53,040,471
Europe		6,029,518			399,525,181		—		405,554,699
All other equity investments*		—			105,422,759		—		105,422,759
Short-term investments		64			21,727,997		—		21,728,061
Futures contracts**		(126,127	)		—		—		(126,127	)
Total	$	5,903,455		$	790,182,341	$	—	$	796,085,796

*	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 Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.

As of April 30, 2021, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

At April 30, 2021, the total value of securities on loan and the total value of collateral received were as follows:

	Aggregate value		Cash			Non-cash		Total
	of securities		collateral			collateral		collateral
Fund	on loan		received		*	received		received
Growth & Income	$	52,658,433	$	55,595,849		$	—	$	55,595,849
Large-Cap Growth		49,931,388		48,115,518			4,309,145		52,424,663
Mid-Cap Growth		50,356,451		36,851,204			15,882,945		52,734,149
Quant Small-Cap Equity		65,488,320		30,680,500			37,994,215		68,674,715
Quant Small/Mid-Cap Equity		29,955,232		29,158,029			1,858,664		31,016,693
Social Choice Equity		55,425,854		37,193,500			20,004,305		57,197,805
Social Choice Low Carbon Equity		3,085,410		588,912			2,624,493		3,213,405
Emerging Markets Equity		39,456,925		37,660,366			4,196,187		41,856,553
International Equity		23,878,769		171			25,596,381		25,596,552
International Opportunities		108,934,960		66,715,772			50,802,940		117,518,712
Quant International Small-Cap Equity		28,669,686		10,256,092			20,647,357		30,903,449
Social Choice International Equity		4,315,913		64			4,475,467		4,475,531

* May include cash and investment of cash collateral.

120 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2021 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Growth & Income		$2,223,560,635		$3,235,512,829
Large-Cap Growth		1,130,124,414		1,842,997,491
Large-Cap Value		389,336,759		1,045,472,677
Mid-Cap Growth		543,102,124		488,808,131
Mid-Cap Value		1,096,003,749		1,149,489,786
Quant Small-Cap Equity		807,199,103		1,278,012,997
Quant Small/Mid-Cap Equity		520,643,200		491,118,768
Social Choice Equity		990,738,570		857,437,088
Social Choice Low Carbon Equity		259,105,073		80,451,510
Emerging Markets Equity		704,280,886		894,747,033
International Equity		1,206,086,189		881,810,937
International Opportunities		240,952,114		305,536,462
Quant International Small-Cap Equity		648,499,467		681,049,373
Social Choice International Equity		190,531,083		59,845,725

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 April 30, 2021, 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		$1,007,365	Written options		$(8,424,157	)
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts*		504,421
Social Choice Equity Fund
Equity contracts	Futures contracts*		591,927
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts*		23,089
Social Choice International Equity Fund
Equity contracts				Futures contracts*		(126,127	)

* 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

For the period ended April 30, 2021, 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	$	—	$	(817,563	)
Equity contracts	Written options		25,159,124		(2,702,444	)
Large-Cap Growth Fund
Equity contracts	Written options		439,421		2,305,442
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts		5,175,690		193,821
Social Choice Equity Fund
Equity contracts	Futures contracts		8,583,676		1,343,494
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts		1,759,819		461,123
Emerging Markets Equity Fund
Equity contracts	Written options		936,342		—
Social Choice International Equity Fund
Equity contracts	Futures contracts		2,153,915		131,932

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearinghouse (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in the Statements of assets and liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the period ended April 30, 2021, the Growth & Income Fund, Large-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 April 30, 2021 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 121

Notes to financial statements (unaudited)

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended April 30, 2021, the Quant Small-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund and Social Choice International Equity Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 4% of net assets. The futures contracts outstanding as of April 30, 2021 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.

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 April 30, 2021, 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		$3,291,331,901		$3,084,904,780		$(83,057,021	)		$3,001,847,759
Large-Cap Growth		3,888,659,637		3,185,512,752		(43,735,215	)		3,141,777,537
Large-Cap Value		3,707,793,523		2,106,522,674		(21,526,190	)		2,084,996,484
Mid-Cap Growth		1,278,424,105		619,232,332		(19,464,338	)		599,767,994
Mid-Cap Value		1,798,167,431		566,456,099		(33,755,807	)		532,700,292
Quant Small-Cap Equity		2,059,393,090		1,141,685,753		(76,184,156	)		1,065,501,597
Quant Small/Mid-Cap Equity		827,190,954		412,580,053		(20,807,383	)		391,772,670
Social Choice Equity		4,308,003,600		2,846,509,442		(66,931,054	)		2,779,578,388
Social Choice Low Carbon Equity		585,117,025		184,960,717		(6,675,351	)		178,285,366
Emerging Markets Equity		1,404,987,928		322,150,579		(84,954,966	)		237,195,613
International Equity		4,658,397,011		1,589,004,028		(167,111,291	)		1,421,892,737
International Opportunities		1,320,590,849		931,820,333		(34,249,171	)		897,571,162
Quant International Small-Cap Equity		1,022,892,875		269,992,281		(42,043,581	)		227,948,700
Social Choice International Equity		666,012,008		143,920,298		(13,846,510	)		130,073,788

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 year ended October 31, 2020 was as follows:

	10/31/2020
Fund	Ordinary income		Long-term capital gains		Total
Growth & Income		$ 94,655,539		$317,000,212		$411,655,751
Large-Cap Growth		32,073,551		226,841,678		258,915,229
Large-Cap Value		127,817,787		—		127,817,787
Mid-Cap Growth		1,432,788		143,729,533		145,162,321
Mid-Cap Value		64,499,632		443,853,676		508,353,308
Quant Small-Cap Equity		29,660,062		119,163,976		148,824,038
Quant Small/Mid-Cap Equity		9,170,076		33,371,223		42,541,299
Social Choice Equity		90,118,246		139,653,182		229,771,428
Social Choice Low Carbon Equity		3,087,118		3,366,750		6,453,868
Emerging Markets Equity		34,679,261		—		34,679,261
International Equity		88,787,917		—		88,787,917
International Opportunities		27,766,069		—		27,766,069
Quant International Small-Cap Equity		39,102,446		—		39,102,446
Social Choice International Equity		4,650,242		—		4,650,242

The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year. 

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

122 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

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 April 30, 2021, 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	%		0.200	%		0.250	%		0.150	%		0.250	%		0.520	%		0.670	%		0.670	%		0.770	%		0.910	%		0.520	%
Large-Cap Growth*		0.300–0.450	a		0.190			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		0.200			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			0.220			0.250			0.150			0.250			0.550			0.700			0.700			0.800			0.940			—
Mid-Cap Value*		0.290–0.480	c		0.220			0.250			0.150			0.250			0.545	c		0.695	c		0.695	c		0.795	c		0.935	c		—
Quant Small-Cap Equity*		0.270–0.460	d		0.200			0.250			0.150			0.250	e		0.525	d		0.675	d		0.675	d		0.775	d		0.865	d		0.525	d
Quant Small/Mid-Cap Equity*		0.270–0.460			0.220			0.250			0.150			0.250			0.530			0.680			0.680			0.780			0.920			0.530
Social Choice Equity		0.150	f		0.070			0.250			0.150			0.250			0.210	f		0.360	f		0.360	f		0.460	f		0.600	f		—
Social Choice Low Carbon Equity*		0.200–0.250			0.120			0.250			0.150			0.250			0.320			0.470			0.470			0.570			0.710			—
Emerging Markets Equity*		0.700–0.850			0.420			0.250			0.150			0.250			0.950			1.100			0.980	g		0.980	g		1.340			0.950
International Equity*		0.350–0.500			0.230			0.250			0.150			0.250			0.600			0.750			0.750			0.850			0.990			0.600
International Opportunities*		0.450–0.600			0.290			0.250			0.150			0.250			0.700			0.850			0.765	h		0.765	h		1.090			0.700
Quant International Small-Cap Equity*		0.500–0.650	i		—			0.250			0.150			0.250			0.700	i		0.850	i		0.850	i		0.840	i		1.090	i		0.700	i
Social Choice International Equity*		0.250–0.300			0.150			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, 2022. 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.
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.
d	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.
e	Effective May 1, 2020, Nuveen Securities agreed to voluntarily waive a portion of the distribution Rule 12b1 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%.
f	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.

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 123

Notes to financial statements (unaudited)

g	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 and can be discontinued at any time without prior notice to shareholders upon Board approval.
h	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.
i	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. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.

Income, reflected in Payment from affiliate on the Statements of operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2021, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss)
Growth & Income	$	1,770,706	$	4,433,014	$	1,594,808
Large-Cap Growth		119,679		209,467,903		25,811,192
Large-Cap Value		5,743,227		93,974,702		13,303,932
Mid-Cap Growth		15,762,572		8,914,618		2,742,715
Mid-Cap Value		665,750		8,065,087		(1,244,161	)
Quant Small-Cap Equity		588,376		4,043,929		1,478,231
Quant Small/Mid-Cap Equity		10,206,692		66,980,953		8,720,348
Social Choice Equity		33,710,137		2,231,567		39,518
Social Choice Low Carbon Equity		50,877,343		438,684		27,384
Emerging Markets Equity		779,131		—		—
International Equity		507,019		—		—
Quant International Small-Cap Equity		—		337,802		225,492

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds. The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of April 30, 2021:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Growth & Income		49	%		2	%		1	%		5	%		57	%
Large-Cap Growth		45			2			1			3			51
Large-Cap Value		53			2			1			8			64
Mid-Cap Growth		—			—			—			17			17
Mid-Cap Value		—			—			—			19			19
Quant Small-Cap Equity		29			1			1			8			39
Quant Small/Mid-Cap Equity		87			3			2			—			92
Social Choice Equity		—			—			—			6			6
Emerging Markets Equity		69			3			2			2			76
International Equity		40			1			1			8			50
International Opportunities		84			3			2			—			89
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, 2020		Purchases cost		Sales proceeds		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Dividend income		Shares at April 30, 2021		Value at April 30, 2021
Emerging Markets Equity Fund
Common stock
Uruguay
Arcos Dorados Holdings, Inc		$40,137,147	$	—	$	—	$	—		$17,073,264	$	—		9,984,365		$57,210,411

124 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

concluded

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 period ended April 30, 2021, 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 period ended April 30, 2021, there were no borrowings under this credit facility by the Funds.

Note 11—subsequent event

Advisors has agreed to implement voluntary waivers reducing the management fee breakpoint schedules for several Funds for one year effective May 1, 2021. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period the range paid to Advisors is as follows:

Fund	Waiver			Investment management fee range
Mid-Cap Value		0.005	%		0.285%–0.475	%
Social Choice Equity		0.005			–0.145

Also, Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2021. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:

Fund	Waiver			Maximum expense amounts
Mid-Cap Value – Institutional Class		0.005	%		0.545	%
Mid-Cap Value – Advisor Class		0.005			0.695
Mid-Cap Value – Premier Class		0.005			0.695
Mid-Cap Value – Retirement Class		0.005			0.795
Mid-Cap Value – Retail Class		0.005			0.935
Social Choice Equity – Institutional Class		0.005			0.215
Social Choice Equity – Advisor Class		0.005			0.365
Social Choice Equity – Premier Class		0.005			0.365
Social Choice Equity – Retirement Class		0.005			0.465
Social Choice Equity – Retail Class		0.005			0.605
Emerging Markets Equity – Premier Class		0.130			0.970
Emerging Markets Equity – Retirement Class		0.230			0.970
International Opportunities – Premier Class		0.150			0.700
International Opportunities – Retirement Class		0.250			0.700

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 125

Approval of investment management agreement (unaudited)

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

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

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

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

Overview of the renewal process

The Board held a videoconference meeting on March 12, 2021, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

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

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

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

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

In advance of the Board meeting held on March 12, 2021, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out”

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benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. Additionally, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations.

On March 4, 2021, the Board held a videoconference meeting with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 12, 2021 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

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

In addition to the March 12, 2021 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 12, 2021 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and discuss information regarding the performance of the Funds and other matters. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 12, 2021, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

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Approval of investment management agreement (unaudited)

significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

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

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

Investment performance

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

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

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2020. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to most of the Funds under the Agreement for the one-year period ended December 31, 2020. However, with respect to the Social Choice Low Carbon Equity Fund, Advisors calculated that it had incurred losses.

The Board considered Advisors’ voluntary reduction of certain Funds’ management fee rates for the year ended April 30, 2021: 0.050% for the Quant International Small-Cap Equity Fund; 0.010% for the Large-Cap Value and Social Choice Equity Funds; and 0.005% for the Large-Cap Growth, Mid-Cap Value and Quant Small-Cap Equity Funds. The Board also considered Advisors’ voluntary waiver of the Mid-Cap Value and Social Choice Equity Funds’ management fees by 0.005% for the year ended April 30, 2022. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. With respect to those Funds for which the Agreement was calculated by Advisors to be profitable to Advisors in 2020, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for most of the Funds that were currently profitable to Advisors affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered the contractual fee rate reductions and one-year voluntary advisory fee waivers agreed to by Advisors, as noted above. The Board also considered Advisors’ reimbursement to

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continued

the Funds for all of the soft dollar amounts the Funds spent on research during the year. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

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

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution, administration and investment-related benefits and/or personnel with other clients of Advisors, such as economies of scale to the extent the Funds share investment resources, use of research obtained through the Funds’ use of soft dollar to manage the assets of other clients and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2020. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2020. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net profit” or “net loss” refer to whether Advisors calculated that it earned a profit or incurred a loss for the services that it rendered to a Fund during 2020 under the Agreement.

Growth & Income Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.396% of average daily net assets.

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

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

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

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

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Approval of investment management agreement (unaudited)

Large-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.392% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2021.

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

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

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

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

Large-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.400% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.010% for the year ended April 30, 2021.

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

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

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

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

Mid-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.443% of average daily net assets.

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

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

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

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

Mid-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.438% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2021.

• Effective May 1, 2021, Advisors has voluntarily agreed to continue to reduce the Fund’s management fee rate by 0.005% through April 30, 2022.

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

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

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

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

Quant Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.400% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2021.

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

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

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

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

Quant Small/Mid-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.442% of average daily net assets.

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

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

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

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

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continued

Social Choice Equity Fund

• The Fund’s annual contractual management fee rate is 0.15% of average daily net assets. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.150%, of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.010% for the year ended April 30, 2021. Effective May 1, 2020, Advisors has voluntarily agreed to decrease this management fee rate waiver to 0.005% of average daily net assets through April 30, 2022.

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

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

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

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

Social Choice Low Carbon Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.250% of average daily net assets.

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

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

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

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

Emerging Markets Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.85% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.839% of average daily net assets.

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

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

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

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

International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.445% of average daily net assets.

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

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

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

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

International Opportunities Fund

• The Fund’s annual contractual management fee rate starts at 0.60% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.582% of average daily net assets.

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

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

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

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

Quant International Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.65% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.645% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.050% for the year ended April 30, 2021.

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

• The Fund was in the 5th quintile of both its Performance Group and its Performance Universe for each of the one- and three-year periods.

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

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

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Approval of investment management agreement (unaudited) concluded

Social Choice International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.300% of average daily net assets.

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

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

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

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

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

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Liquidity risk management program

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

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

At a February 9, 2021 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

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

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

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

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

TIAA-CREF Funds: Equity Funds  ■  2021 Semiannual Report 133

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)

134 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

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.

©2021 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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TIAA-CREF
Funds April 30,
2021

TIAA-CREF
Equity Index Funds

The semiannual report contains the financial statements (unaudited).

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

Semiannual Report

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 not be sent to you 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.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.

Contents

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

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2021. The report contains four main sections:

• A letter from Brad Finkle, President of the TIAA-CREF Fund Complex.

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2021.

• 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 websites at TIAA.org or nuveen.com, 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  ■  2021 Semiannual Report 3

Brad Finkle

Letter to investors

Global stocks generated impressive gains for the six months ended April 30, 2021. The U.S. economy expanded at a robust pace as restrictions to contain the COVID-19 virus were slowly eased and the vaccine rollout was implemented. The U.S. Federal Reserve kept benchmark interest rates at historically low levels, while the federal government took aggressive fiscal action with two large stimulus measures. Major foreign economies had mixed performance as some countries continued to struggle with the effects of the pandemic. For the six months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, advanced 31.1%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which represents stocks in 21 developed-markets nations outside North America, returned 28.8%.

• The MSCI Emerging Markets Index, which tracks the performance of stocks in 27 developing nations, gained 23.0%.

• All seven TIAA-CREF Equity Index Funds (Institutional Class) posted double-digit returns.

U.S. economy continued its recovery

Domestic stocks recorded broad gains for the period in response to a strong economic recovery and improving data related to the COVID-19 pandemic. The U.S. economy expanded at a brisk pace in both the fourth quarter of 2020 and the first quarter of 2021. Unemployment declined and consumer spending increased, while inflation was higher than expected at the end of the period. Federal Reserve policymakers maintained they would not increase short-term interest rates before seeing specific signs of sustained economic growth. The federal government approved a $900 billion stimulus package in December 2020 and enacted a $1.9 trillion COVID-19 relief bill in March 2021.

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

Stocks in foreign developed markets posted strong gains

International developed stock markets also benefited from the delivery of vaccines and expectations of continued economic growth. However, economic trends overseas were mixed. The economy of the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021. Similarly, the United Kingdom’s economy contracted during the first three months of 2021. By contrast, China’s economy posted solid growth in the fourth quarter of 2020 and grew at its fastest pace in three decades in the first quarter of 2021. The European Central Bank and the Bank of England both left benchmark interest rates at near-zero levels throughout the period.

Emerging markets trailed foreign developed and U.S. stocks

Emerging-markets equities delivered broad gains for the period. Positive results were recorded in all but one of the 27 countries tracked by the MSCI Emerging Markets Index. Stocks in China, which account for 37.5% of the index’s weighting, advanced but underperformed the overall benchmark result for the six months. Stocks in Taiwan and Korea, the next two largest components of the index, both surpassed this benchmark’s return by wide margins.

4 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

All index funds generated sizable results

All of the TIAA-CREF Equity Index Funds produced double-digit gains for the six months. Each fund invests in a portfolio that attempts to match the risk and return characteristics of its benchmark index at a low cost per invested dollar. The funds’ performance includes a deduction for expenses, while the returns of their respective indexes do not. The funds’ six-month returns ranged from 48.0% for the Small-Cap Blend Index Fund to 21.8% for the Emerging Markets Equity Index Fund. (All fund returns are for the Institutional Class.)

The Large-Cap Value Index Fund advanced 36.2%, while its growth counterpart, the Large-Cap Growth Index Fund, rose 24.3%. The Equity Index Fund gained 31.0%, and the S&P 500 Index Fund returned 28.8%, while the Small-Cap Blend Index Fund posted the largest return of all of the TIAA-CREF Equity Index Funds.

Among TIAA-CREF’s international equity index portfolios, the International Equity Index Fund advanced 28.4%, while the Emerging Markets Equity Index Fund produced a more modest double-digit gain.

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

Maintaining a long-term perspective

It’s encouraging to see that the health threat posed by COVID-19 is lessening. Many businesses and restaurants are seeing a welcome influx of customers, and consumer confidence appears to be on the rise.

However, we believe that no matter what the economic outlook may be—whether prosperous or uncertain—maintaining a diversified portfolio as part of a long-term, well-thought-out financial plan is a wise course of action. As such, a professionally managed portfolio of multiple asset classes that includes equities can provide the means to help investors achieve the appropriate balance of risk and reward and reach their long-term financial goals. Of course, diversification does not guarantee against market losses.

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

/s/ Brad Finkle

Brad Finkle

President of the TIAA-CREF Fund Complex

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 5

Market monitor

U.S. stocks led global equities in broad market rally

For the six months ended April 30, 2021, U.S. stocks generated double-digit gains as the economy grew and the country slowly eased COVID-19 restrictions that were intended to limit the spread of the virus. The Russell 3000^® Index, a broad measure of U.S. stock market performance, advanced 31.1%. International developed- and emerging-markets stocks both produced smaller but impressive gains.

Economy grew at a brisk pace

The U.S. economy extended its recovery through the six-month period, bouncing back from the earlier effects of the pandemic. Business activity gradually returned to more normal levels as vaccines were administered and COVID-19 data improved. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 4.3% during the fourth quarter of 2020. Strong consumer spending helped GDP expand further in the first quarter of 2021 at an annualized rate of 6.4%, according to the government’s “advance” estimate. Personal income increased $2.4 trillion during the first quarter, primarily reflecting direct payments and other government benefits related to pandemic relief programs. The unemployment rate edged down from 6.7% at the start of the period to 6.1% in April 2021, while consumer confidence climbed to its highest level since February 2020 by the end of the period.

Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended April 2021. Furthermore, oil prices climbed steeply as demand increased during the six-month period. The price of West Texas Intermediate crude oil rose from less than $37 per barrel to more than $63 by the end of April. The U.S. dollar generally lost ground against other major currencies during the period.

Small-cap stocks and value shares performed best

Among U.S. stock market investment styles, small-cap shares outperformed large- and mid-cap stocks, while value equities outpaced growth shares in all size categories. Small-cap stocks gained 48.1%, mid-cap equities advanced 35.4% and large-cap shares returned 30.0%. Among small caps, value shares gained 59.2%, while growth stocks returned 37.8%. Mid-cap value equities advanced 41.4%, while mid-cap growth shares gained 24.8%. Within the large-cap category, value stocks returned 36.3% and growth stocks gained 24.3%. (Returns by investment style and capitalization size are based on the Russell indexes.)

International stocks also produced strong gains over the six-month period. The MSCI EAFE^® Index, which tracks stock performance in 21 developed-markets countries outside North America, gained 28.8%. The MSCI Emerging Markets Index returned 23.0%.

U.S. equities rose as economy recovered

During the six-month period, U.S. stocks extended a rally that began in the spring of 2020. The economic recovery, along with strong fiscal action and accommodative monetary policy, drove stocks higher. The Federal Reserve left the federal funds target rate unchanged, maintaining the key short-term interest-rate measure at 0.00%---0.25%. Policymakers indicated they would take no action on rates until they saw specific signs of continued economic improvement. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

Around the world, economic recoveries were mixed as some countries continued to struggle to contain the COVID-19 virus and administer vaccines on a large scale. The economy of the 19-nation euro area contracted year-over-year in both the fourth quarter of 2020 and the first quarter of 2021. China’s economy grew 6.5% year-over-year in the fourth quarter of 2020 and expanded 18.3% year-over-year during the first three months of 2021—its fastest pace in nearly three decades. The European Central Bank held its key benchmark interest rates at near-zero levels and continued a bond-buying program to support its economy. The Bank of England maintained its benchmark interest rate at 0.10%.

Small-cap value stocks led performance

In a period of stellar returns, U.S. small-cap stocks outpaced large caps, and value dominated growth

Source: U.S. large-cap growth: Russell 1000^® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap^® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000^® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE^® Index; Emerging markets: MSCI Emerging Markets Index. Six-month returns as of April 30, 2021.

6 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Information for investors

Portfolio holdings

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

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

• By visiting our websites at TIAA.org or nuveen.com; 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  ■  2021 Semiannual Report 7

About the funds’ benchmarks

Broad market indexes

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

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

The MSCI Emerging Markets Index measures the performance of the leading stocks in 27 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 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2020–April 30, 2021).

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  ■  2021 Semiannual Report 9

Equity Index Fund

Expense example

Six months ended April 30, 2021

Equity Index Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,310.26		$ 0.29
Advisor Class		1,000.00		1,309.81		0.92
Premier Class		1,000.00		1,309.70		1.15
Retirement Class		1,000.00		1,308.88		1.72
Retail Class		1,000.00		1,308.80		1.83
Class W		1,000.00		1,310.63		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,024.00		0.80
Premier Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51
Retail Class		1,000.00		1,023.21		1.61
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. 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, 0.32% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2021
Information technology		25.7
Health care		13.3
Consumer discretionary		12.4
Financials		11.8
Communication services		10.1
Industrials		9.6
Consumer staples		5.5
Real estate		3.3
Materials		2.9
Utilities		2.5
Energy		2.5
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Performance for the six months ended April 30, 2021

The Equity Index Fund returned 31.03% for the Institutional Class, compared with the 31.08% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2021, the Fund returned 50.83% versus 50.92% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

For the six months, the Russell 3000 Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors posted double-digit gains

All eleven industry sectors in the Russell 3000 Index advanced for the six months. Energy led the way, surging 77.6% amid the increase in oil prices. Information technology—the largest sector—gained a more modest 27.0% but was the top contributor to the index’s return. The COVID-19 pandemic accelerated certain trends, such as working remotely and shopping online, which in turn boosted demand for technology products and services. The next-largest contributors were the financials sector, which rose 53.2%, and the consumer discretionary sector, which returned 32.4%. Together, these four sectors accounted for more than one-half of the index’s total market capitalization on April 30, 2021. Utilities and consumer staples, which tend to be more defensive, were the worst-performing sectors despite gaining 10.1% and 14.7%, respectively.

Only one of the benchmark’s five largest stocks outperformed

For the six-month period, only one of the five largest stocks in the Russell 3000 Index registered a return that exceeded the overall return of the benchmark. That stock was Alphabet (the parent company of Google), which reported impressive revenue and earnings growth amid strong spending on digital advertising. All four stocks that underperformed the benchmark posted double-digit gains. Among them, Microsoft performed best, followed by Facebook, Apple and Amazon.com.

10 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2021

Equity Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		31.03	%		50.83	%		17.63	%		13.99	%		0.05	%		0.05	%
Advisor Class	12/4/15		30.98			50.65			17.52			13.93	†		0.17			0.17
Premier Class	9/30/09		30.97			50.62			17.46			13.82			0.20			0.20
Retirement Class	3/31/06		30.89			50.43			17.34			13.70			0.30			0.30
Retail Class	3/31/06		30.88			50.42			17.30			13.65			0.33			0.33
Class W	9/28/18		31.06			50.86			17.66	†		14.00	†		0.05			0.00
Russell 3000® Index	—		31.08			50.92			17.67			14.03			—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion	64.9
More than $15 billion–$50 billion	19.9
More than $2 billion–$15 billion	13.2
$2 billion or less	2.0
Total	100.0

Fund profile

	as of 4/30/2021
Net assets	$32.79 billion
Portfolio turnover rate*	2%
Number of holdings	2,991
Weighted median market capitalization	$123.45 billion
Price/earnings ratio (weighted 12-month trailing average)†	38.3

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 11

Large-Cap Growth Index Fund

Expense example

Six months ended April 30, 2021

Large-Cap Growth Index Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class		$1,000.00		$1,242.76		$ 0.28
Advisor Class		1,000.00		1,241.75		0.94
Retirement Class		1,000.00		1,241.13		1.67
Class W		1,000.00		1,242.99		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.95		0.85
Retirement Class		1,000.00		1,023.31		1.51
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.17% for the Advisor Class, 0.30% 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 4/30/2021
Information technology		44.0
Consumer discretionary		16.7
Health care		13.3
Communication services		12.3
Industrials		4.8
Consumer staples		4.3
Financials		1.9
Real estate		1.7
Materials		0.8
Energy		0.1
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2021

The Large-Cap Growth Index Fund returned 24.28% for the Institutional Class, compared with the 24.31% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2021, the Fund returned 51.32% versus 51.41% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors posted double-digit gains

All eleven industry sectors in the Russell 1000 Growth Index advanced for the six months. Energy led the way, surging 60.9% amid the increase in oil prices. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on April 30, 2021—gained 24.6% and was the top contributor to the index’s return. The COVID-19 pandemic accelerated certain trends, such as working remotely and shopping online, which in turn boosted demand for technology products and services. The next-largest contributors were the consumer discretionary sector, which rose 26.3%, and the communication services sector, which returned 31.5%. Consumer staples and utilities, which tend to be more defensive, were the worst-performing sectors despite gaining 11.7% and 15.2%, respectively.

Two of the benchmark’s five largest stocks outperformed

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

12 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2021

Large-Cap Growth Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		24.28	%		51.32	%		22.80	%		16.95	%		0.05	%		0.05	%
Advisor Class	12/4/15		24.18			51.13			22.67			16.88	†		0.18			0.18
Retirement Class	10/1/02		24.11			50.92			22.50			16.65			0.30			0.30
Class W	9/30/19		24.30			51.37			22.82	†		16.96	†		0.05			0.00
Russell 1000® Growth Index	—		24.31			51.41			22.88			17.02			—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion	80.8
More than $15 billion–$50 billion	15.0
More than $2 billion–$15 billion	4.2
Total	100.0

Fund profile

	as of 4/30/2021
Net assets	$13.48 billion
Portfolio turnover rate*	5%
Number of holdings	462
Weighted median market capitalization	$307.40 billion
Price/earnings ratio (weighted 12-month trailing average)†	41.1

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 13

Large-Cap Value Index Fund

Expense example

Six months ended April 30, 2021

Large-Cap Value Index Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class		$1,000.00		$1,362.41		$ 0.29
Advisor Class		1,000.00		1,361.85		1.11
Retirement Class		1,000.00		1,360.37		1.76
Class W		1,000.00		1,362.79		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.85		0.95
Retirement Class		1,000.00		1,023.31		1.51
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.19% for the Advisor Class, 0.30% 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 4/30/2021
Financials		21.9
Industrials		13.5
Health care		12.4
Information technology		9.2
Communication services		9.1
Consumer discretionary		7.7
Consumer staples		6.9
Utilities		5.0
Energy		4.9
Materials		4.8
Real estate		4.5
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2021

The Large-Cap Value Index Fund returned 36.24% for the Institutional Class, compared with the 36.30% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2021, the Fund returned 45.78% versus 45.92% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors advanced

All eleven industry sectors in the Russell 1000 Value Index posted gains for the six months. Energy produced the strongest return, climbing 76.3% amid the increase in oil prices. Financials, the largest sector, rose 56.6% and was the top contributor to the index’s return. Financials benefited from several tailwinds, including the improving economy and a steepening in the U.S. Treasury yield curve, which boosted banks’ profitability. The next-largest contributors were industrials, which gained 40.7%, and information technology, which advanced 36.9%. Together, these four sectors accounted for nearly one-half of the index’s total market capitalization on April 30, 2021. Utilities and consumer staples, which tend to be more defensive sectors, recorded the smallest gains, rising 9.4% and 15.2%, respectively.

Three of the benchmark’s five largest stocks outperformed

For the six-month period, three of the five largest stocks in the Russell 1000 Value Index generated returns that surpassed the overall return of the index. JPMorgan Chase performed best, helped by robust growth in its trading and investment banking operations. Next came Walt Disney and Alphabet (the parent company of Google). Berkshire Hathaway narrowly lagged the index. Johnson & Johnson underperformed the index by a significant margin but still delivered a strong gain.

14 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2021

Large-Cap Value Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		36.24	%		45.78	%		12.09	%		11.07	%		0.05	%		0.05	%
Advisor Class	12/4/15		36.19			45.67			11.98			11.00	†		0.19			0.19
Retirement Class	10/1/02		36.04			45.48			11.82			10.79			0.30			0.30
Class W	9/30/19		36.28			45.91			12.12	†		11.08	†		0.05			0.00
Russell 1000® Value Index	—		36.30			45.92			12.15			11.13			—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion	58.5
More than $15 billion–$50 billion	27.4
More than $2 billion–$15 billion	14.0
$2 billion or less	0.1
Total	100.0

Fund profile

	as of 4/30/2021
Net assets	$8.78 billion
Portfolio turnover rate*	7%
Number of holdings	859
Weighted median market capitalization	$76.82 billion
Price/earnings ratio (weighted 12-month trailing average)†	31.1

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 15

S&P 500 Index Fund

Expense example

Six months ended April 30, 2021

S&P 500 Index Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class		$1,000.00		$1,288.18		$ 0.28
Advisor Class		1,000.00		1,287.26		1.02
Retirement Class		1,000.00		1,286.30		1.70
Class W		1,000.00		1,288.38		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.90		0.90
Retirement Class		1,000.00		1,023.31		1.51
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. 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 4/30/2021
Information technology		26.5
Health care		12.8
Consumer discretionary		12.6
Financials		11.3
Communication services		11.1
Industrials		8.6
Consumer staples		5.9
Materials		2.7
Energy		2.7
Utilities		2.6
Real estate		2.5
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Performance for the six months ended April 30, 2021

The S&P 500 Index Fund returned 28.82% for the Institutional Class, compared with the 28.85% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2021, the Fund returned 45.87% versus 45.98% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

For the six-month period, the large-cap-oriented S&P 500 Index trailed the Russell 3000^® Index, a broad measure of the U.S. stock market, which gained 31.08%. A portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.

Energy and financials led the benchmark’s broad advance

All eleven industry sectors in the S&P 500 Index generated positive results for the six months. Against an improving economic backdrop, sectors that are sensitive to economic activity generally delivered the strongest returns, led by energy, which rose 75.9%. Next came financials, which gained 53.6%, followed by industrials and materials, which climbed 35.4% and 32.6%, respectively. Together, these four sectors represented more than one-quarter of the index’s total market capitalization on April 30, 2021. Returns were more moderate but still robust for information technology, the index’s largest sector, which advanced 26.5%. The utilities and consumer staples sectors, which tend to be more defensive, recorded the smallest gains of 8.7% and 13.1%, respectively.

Only one of the benchmark’s five largest stocks outperformed

For the six-month period, only one of the five largest stocks in the S&P 500 Index registered a return that exceeded the overall return of the benchmark. That stock was Alphabet (the parent company of Google), which reported impressive revenue and earnings growth amid strong spending on digital advertising. All four stocks that underperformed the benchmark posted double-digit gains. Among them, Microsoft performed best, followed by Facebook, Apple and Amazon.com.

16 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2021

S&P 500 Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		28.82	%		45.87	%		17.35	%		14.10	%		0.05	%		0.05	%
Advisor Class	12/4/15		28.73			45.68			17.22			14.03	†		0.18			0.18
Retirement Class	10/1/02		28.63			45.50			17.06			13.81			0.30			0.30
Class W	9/30/19		28.84			45.94			17.37	†		14.11	†		0.04			0.00
S&P 500® Index	—		28.85			45.98			17.42			14.17			—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2021
More than $50 billion	77.1
More than $15 billion–$50 billion	20.0
More than $2 billion–$15 billion	2.9
Total	100.0

Fund profile

	as of 4/30/2021
Net assets	$7.75 billion
Portfolio turnover rate*	5%
Number of holdings	514
Weighted median market capitalization	$176.34 billion
Price/earnings ratio (weighted 12-month trailing average)†	33.8

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 17

Small-Cap Blend Index Fund

Expense example
Six months ended April 30, 2021
Small-Cap Blend Index Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,480.02		$ 0.31
Advisor Class		1,000.00		1,479.31		1.23
Retirement Class		1,000.00		1,478.13		1.84
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. 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 4/30/2021
Health care		19.1
Financials		16.4
Industrials		15.9
Consumer discretionary		14.8
Information technology		12.4
Real estate		6.1
Materials		4.4
Consumer staples		3.3
Utilities		2.7
Energy		2.5
Communication services		2.3
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2021

The Small-Cap Blend Index Fund returned 48.00% for the Institutional Class, compared with the 48.06% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2021, the Fund returned 75.10% versus 74.91% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks soared as economy recovered from the effects of COVID-19

The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.

Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors posted substantial gains

All eleven industry sectors in the Russell 2000 Index posted strong returns for the six months. Energy was the best-performing sector, rising 103.2% amid the strong increase in oil prices. The top contributors to the index’s return were the industrials and consumer discretionary sectors, which advanced 54.1% and 68.0%, respectively. Health care gained a relatively modest 30.1% but was a major contributor because it was the largest component in the index. Together, these four sectors made up more than one-half of the index’s total market capitalization on April 30, 2021. Utilities, which rose 20.8%, was the worst-performing sector and made the smallest contribution to the index’s return.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 2000 Index produced gains that surpassed the overall return of the benchmark. Biotechnology firm Novavax performed best, lifted by favorable test results for its COVID-19 vaccine candidate. Next in line were casino and hotel operator Caesars Entertainment, which benefited from positive trends in hotel bookings, and hydrogen fuel-cell developer Plug Power. Penn National Gaming and food products company Darling Ingredients posted smaller gains but surpassed the index’s return.

18 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2021

Small-Cap Blend Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		48.00	%		75.10	%		16.62	%		11.82	%		0.06	%		0.06	%
Advisor Class	12/4/15		47.93			74.76			16.48			11.75	†		1.08			0.21
Retirement Class	10/1/02		47.81			74.57			16.34			11.54			0.30			0.30
Russell 2000® Index	—		48.06			74.91			16.48			11.63			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2021
More than $50 billion		0.5
More than $15 billion–$50 billion		1.1
More than $2 billion–$15 billion		68.6
$2 billion or less		29.8
Total		100.0

Fund profile

as of 4/30/2021
Net assets	$4.71 billion
Portfolio turnover rate*	11%
Number of holdings	2,056
Weighted median market capitalization	$3.12 billion
Price/earnings ratio (weighted 12-month trailing average)†	19.5

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 19

Emerging Markets Equity Index Fund

Expense example

Six months ended April 30, 2021

Emerging Markets Equity Index Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,218.27		$ 0.99
Advisor Class		1,000.00		1,218.10		1.76
Premier Class		1,000.00		1,218.26		1.82
Retirement Class		1,000.00		1,218.03		2.36
Retail Class		1,000.00		1,216.45		3.08
Class W		1,000.00		1,219.67		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.90		0.90
Advisor Class		1,000.00		1,023.21		1.61
Premier Class		1,000.00		1,023.16		1.66
Retirement Class		1,000.00		1,022.66		2.16
Retail Class		1,000.00		1,022.02		2.81
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.18% for the Institutional Class, 0.32% 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

	% of net assets
Sector	as of 4/30/2021
Information technology		20.5
Financials		20.2
Consumer discretionary		16.9
Communication services		11.4
Materials		8.4
Consumer staples		5.4
Health care		4.6
Energy		4.5
Industrials		4.3
Real estate		2.0
Utilities		1.9
Short-term investments, other assets & liabilities, net		–0.1
Total		100.0

Performance for the six months ended April 30, 2021

The Emerging Markets Equity Index Fund returned 21.83% for the Institutional Class, compared with the 22.95% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2021, the Fund returned 48.49% versus 48.71% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses and fair value pricing. 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.

Foreign stocks advanced as economic results varied

International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of restrictions imposed to limit the spread of COVID-19. But global economies performed unevenly as the effectiveness of pandemic recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.

Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank held its benchmark interest rates at near-zero levels and maintained its aggressive bond-buying program.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, gained 28.84%, outperforming the MSCI Emerging Markets Index. Both benchmarks underperformed the 31.08% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Most countries in the benchmark advanced

Of the 27 country components in the MSCI Emerging Markets Index, 26 posted gains in U.S.-dollar terms for the six months. Czech Republic and Greece—two of the smallest index components—rose 52.0% and 47.1%, respectively. Taiwan, the second-largest component, advanced 45.2%. Korea, the third-largest component, gained 43.8%. Together, these four countries accounted for nearly 30.0% of the index’s total market capitalization on April 30, 2021. Egypt was the only decliner, returning –2.1%.

Two of the benchmark’s five largest stocks outperformed

Two of the five largest stocks in the MSCI Emerging Markets Index surpassed the benchmark’s overall return. Samsung Electronics and Taiwan Semiconductor Manufacturing—the index’s largest position—posted sizable double-digit gains. Internet company Tencent Holdings and online service firm Meituan advanced but lagged the index. Online retailer Alibaba Group Holding declined.

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 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2021

Emerging Markets Equity Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	8/31/10		21.83	%		48.49	%		12.27	%		3.31	%		0.20	%		0.20	%
Advisor Class	12/4/15		21.81			48.44			12.19			3.26	†		0.34			0.34
Premier Class	8/31/10		21.83			48.29			12.12			3.15			0.35			0.35
Retirement Class	8/31/10		21.80			48.19			12.01			3.05			0.45			0.45
Retail Class	8/31/10		21.64			48.09			11.87			2.92			0.57			0.57
Class W	9/28/18		21.97			48.76			12.38	†		3.36	†		0.20			0.00
MSCI Emerging Markets Index	—		22.95			48.71			12.50			3.59			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by country
% of portfolio investments as of 4/30/2021
China	35.5
Taiwan	13.7
Korea, Republic of	12.8
India	8.9
Brazil	4.3
South Africa	3.4
Russia	2.9
United States	2.8
Saudi Arabia	2.7
Thailand	1.7
23 other nations	9.1
Short-term investments	2.2
Total	100.0

Holdings by company size
% of equity investments
Market capitalization	as of 4/30/2021
More than $50 billion		46.4
More than $15 billion–$50 billion		24.1
More than $2 billion–$15 billion		29.1
$2 billion or less		0.4
Total		100.0

Fund profile
as of 4/30/2021
Net assets	$4.35 billion
Portfolio turnover rate*	18%
Number of holdings	1,387
Weighted median market capitalization	$44.17 billion
Price/earnings ratio (weighted 12-month trailing average)†	24.5

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 21

International Equity Index Fund

Expense example

Six months ended April 30, 2021

International Equity Index Fund	Beginning account value (11/1/20)		Ending account value (4/30/21)		Expenses paid during period* (11/1/20– 4/30/21)
Actual return
Institutional Class	$	1,000.00	$	1,284.17		$ 0.28
Advisor Class		1,000.00		1,283.38		0.96
Premier Class		1,000.00		1,283.93		1.13
Retirement Class		1,000.00		1,282.93		1.70
Class W		1,000.00		1,284.57		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.95		0.85
Premier Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. 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

	% of net assets
Sector	as of 4/30/2021
Financials	17.0
Industrials	15.1
Consumer discretionary	12.5
Health care	11.8
Consumer staples	10.2
Information technology	9.1
Materials	7.9
Communication services	5.2
Utilities	3.6
Energy	3.1
Real estate	3.0
Short-term investments, other assets & liabilities, net	1.5
Total	100.0

Performance for the six months ended April 30, 2021

The International Equity Index Fund returned 28.42% for the Institutional Class, compared with the 28.84% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2021, the Fund returned 40.48% versus 39.88% for the index. The performance table shows returns for all share classes of the Fund.

For the six-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses and fair value pricing. 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.

Foreign stocks advanced as economic results varied

International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of restrictions imposed to limit the spread of COVID-19. But global economies performed unevenly as the effectiveness of pandemic recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.

Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank held its benchmark interest rates steady at near-zero levels and maintained an aggressive bond-buying program to support European economies.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outperformed the 22.95% return of the MSCI Emerging Markets Index for the period. Both benchmarks underperformed the 31.08% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

All countries in the benchmark advanced

All of the 21 countries in the MSCI EAFE Index advanced in U.S.-dollar terms for the six-month period. The largest index components were Japan (23.8%), the United Kingdom (14.5%) and France (11.5%), gaining 17.2%, 36.5% and 40.1%, respectively. These three nations collectively represented nearly one-half of the benchmark’s total market capitalization on April 30, 2021.

Two of the benchmark’s five largest stocks outperformed

For the six-month period, two of the five largest stocks in the MSCI EAFE Index surpassed the benchmark’s overall return. Dutch semiconductor firm ASML Holding performed best, followed by French luxury goods group LVMH. Swiss drug-maker Novartis, Nestle and Swiss pharmaceutical manufacturer Roche Holding advanced but underperformed the index’s return.

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

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

22 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2021

International Equity Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		28.42	%		40.48	%		9.18	%		5.34	%		0.05	%		0.05	%
Advisor Class	12/4/15		28.34			40.33			9.06			5.28	†		0.17			0.17
Premier Class	9/30/09		28.39			40.24			9.01			5.19			0.20			0.20
Retirement Class	10/1/02		28.29			40.15			8.90			5.09			0.30			0.30
Class W	9/28/18		28.46			40.52			9.21	†		5.36	†		0.05			0.00
MSCI EAFE® Index	—		28.84			39.88			8.87			5.22			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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.

Holdings by country

% of portfolio investments
as of 4/30/2021
Japan	23.5
United Kingdom	11.9
France	11.0
Switzerland	9.3
Germany	9.3
Australia	8.0
Netherlands	5.1
Sweden	3.4
Hong Kong	2.8
Spain	2.5
23 other nations	11.8
Short-term investments	1.4
Total	100.0

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2021
More than $50 billion	46.7
More than $15 billion–$50 billion	34.5
More than $2 billion–$15 billion	18.8
Total	100.0

Fund profile

as of 4/30/2021
Net assets	$16.06 billion
Portfolio turnover rate*	2%
Number of holdings	887
Weighted median market capitalization	$46.36 billion
Price/earnings ratio (weighted 12-month trailing average)†	33.9

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 23

Summary portfolio of investments (unaudited)

Equity Index Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	590,802	*	Tesla, Inc	$	419,138,571		1.3	%
			Other		189,835,275		0.6
					608,973,846		1.9
BANKS
	5,962,571		Bank of America Corp		241,663,003		0.8
	2,334,643		JPMorgan Chase & Co		359,091,440		1.1
	2,925,600		Wells Fargo & Co		131,798,280		0.4
			Other		812,840,275		2.4
					1,545,392,998		4.7
CAPITAL GOODS
	541,585		Honeywell International, Inc		120,795,118		0.4
			Other		1,952,146,335		5.9
					2,072,941,453		6.3
COMMERCIAL & PROFESSIONAL SERVICES					398,914,521		1.2
CONSUMER DURABLES & APPAREL
	957,299		Nike, Inc (Class B)		126,956,993		0.4
			Other		370,199,842		1.1
					497,156,835		1.5
CONSUMER SERVICES
	573,183		McDonald’s Corp		135,317,043		0.4
			Other		626,165,193		1.9
					761,482,236		2.3
DIVERSIFIED FINANCIALS
	1,450,687	*	Berkshire Hathaway, Inc (Class B)		398,866,391		1.2
			Other		1,209,837,627		3.7
					1,608,704,018		4.9
ENERGY
	1,484,593		Chevron Corp		153,017,000		0.5
	3,265,982	d	Exxon Mobil Corp		186,944,810		0.6
			Other		481,788,753		1.4
					821,750,563		2.5
FOOD & STAPLES RETAILING
	340,606		Costco Wholesale Corp		126,736,086		0.4
	1,075,922		Walmart, Inc		150,532,247		0.5
			Other		121,117,599		0.3
					398,385,932		1.2
FOOD, BEVERAGE & TOBACCO
	2,982,766		Coca-Cola Co		161,009,709		0.5
	1,070,439		PepsiCo, Inc		154,314,486		0.5
			Other		619,846,730		1.9
					935,170,925		2.9
HEALTH CARE EQUIPMENT & SERVICES
	1,334,937		Abbott Laboratories		160,299,235		0.5
	485,439		Danaher Corp		123,272,380		0.4
	1,035,124		Medtronic plc		135,518,434		0.4
	728,634		UnitedHealth Group, Inc		290,579,239		0.9
			Other		1,369,517,124		4.1
					2,079,186,412		6.3

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,880,680		Procter & Gamble Co	$	250,920,326		0.8	%
			Other		202,300,825		0.6
					453,221,151		1.4
INSURANCE					703,106,992		2.2
MATERIALS					957,239,721		2.9
MEDIA & ENTERTAINMENT
	231,532	*	Alphabet, Inc (Class A)		544,910,562		1.7
	224,270	*	Alphabet, Inc (Class C)		540,517,612		1.7
	3,494,143		Comcast Corp (Class A)		196,196,130		0.6
	1,852,435	*	Facebook, Inc		602,189,570		1.8
	328,351	*	Netflix, Inc		168,598,388		0.5
	1,395,266	*	Walt Disney Co		259,547,381		0.8
			Other		565,183,982		1.6
					2,877,143,625		8.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,362,432		AbbVie, Inc		151,911,168		0.5
	650,691		Eli Lilly & Co		118,926,794		0.4
	2,034,895		Johnson & Johnson		331,138,463		1.0
	1,948,781		Merck & Co, Inc		145,184,185		0.5
	4,294,060		Pfizer, Inc		165,965,419		0.5
	306,300		Thermo Fisher Scientific, Inc		144,031,449		0.5
			Other		1,237,465,137		3.6
					2,294,622,615		7.0
REAL ESTATE					1,088,140,007		3.3
RETAILING
	327,108	*	Amazon.com, Inc		1,134,220,821		3.5
	828,682		Home Depot, Inc		268,219,503		0.8
			Other		804,312,424		2.4
					2,206,752,748		6.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	304,644		Broadcom, Inc		138,978,593		0.4
	3,163,401		Intel Corp		181,990,459		0.6
	455,619		NVIDIA Corp		273,544,535		0.8
	868,190		QUALCOMM, Inc		120,504,772		0.4
	708,029		Texas Instruments, Inc		127,806,315		0.4
			Other		702,366,172		2.1
					1,545,190,846		4.7
SOFTWARE & SERVICES
	491,789		Accenture plc		142,604,056		0.5
	371,465	*	Adobe, Inc		188,830,518		0.6
	680,639		Mastercard, Inc (Class A)		260,044,936		0.8
	5,775,973		Microsoft Corp		1,456,584,871		4.5
	906,533	*	PayPal Holdings, Inc		237,774,541		0.7
	676,732	*	salesforce.com, Inc		155,864,914		0.5
	1,302,514		Visa, Inc (Class A)		304,215,170		0.9
			Other		1,879,235,787		5.7
					4,625,154,793		14.2
TECHNOLOGY HARDWARE & EQUIPMENT
	12,220,062		Apple, Inc		1,606,449,351		4.9
	3,274,879		Cisco Systems, Inc		166,724,090		0.5
			Other		444,453,522		1.4
					2,217,626,963		6.8

24 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Equity Index Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	5,493,413		AT&T, Inc	$	172,548,102		0.5	%
	3,193,651		Verizon Communications, Inc		184,561,091		0.6
			Other		87,974,904		0.3
					445,084,097		1.4
TRANSPORTATION					692,636,162		2.1
UTILITIES
	1,510,069		NextEra Energy, Inc		117,045,448		0.4
			Other		712,556,256		2.1
					829,601,704		2.5
		TOTAL COMMON STOCKS (Cost $14,937,642,816)			32,663,581,163		99.6
RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,704		0.0
		TOTAL RIGHTS / WARRANTS (Cost $822)			2,704		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					200,708,540		0.6
REPURCHASE AGREEMENT					9,390,000		0.0
TREASURY DEBT					88,421,704		0.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	86,481,538	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	86,481,538			0.3	%
					86,481,538			0.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $385,000,515)			385,001,782			1.2
		TOTAL PORTFOLIO (Cost $15,322,644,153)			33,048,585,649			100.8
		OTHER ASSETS & LIABILITIES, NET			(257,884,549	)		(0.8	)
		NET ASSETS		$	32,790,701,100			100.0	%

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

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

At 4/30/21, the aggregate value of securities on loan is $151,106,293. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

At 04/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $2,026,121 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 April 30, 2021 were as follows:

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
Russell 2000 E Mini Index		206		06/18/21	$	23,014,678	$	23,293,450	$	278,772
S&P 500 E Mini Index		1,253		06/18/21		258,723,510		261,526,160		2,802,650
S&P Mid-Cap 400 E Mini Index		28		06/18/21		7,526,072		7,616,840		90,768
Total		1,487			$	289,264,260	$	292,436,450	$	3,172,190

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 25

Summary portfolio of investments (unaudited)

Large-Cap Growth Index Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	521,814	*	Tesla, Inc	$	370,195,724		2.8	%
			Other		916,267		0.0
					371,111,991		2.8
BANKS					658,750		0.0
CAPITAL GOODS
	253,038		3M Co		49,883,911		0.4
	168,776		Lockheed Martin Corp		64,229,395		0.5
			Other		189,684,617		1.4
					303,797,923		2.3
COMMERCIAL & PROFESSIONAL SERVICES					144,506,345		1.1
CONSUMER DURABLES & APPAREL
	846,691		Nike, Inc (Class B)		112,288,160		0.9
			Other		39,546,677		0.2
					151,834,837		1.1
CONSUMER SERVICES
	27,850	*	Booking Holdings, Inc		68,680,328		0.5
	459,975		Starbucks Corp		52,662,538		0.4
			Other		90,073,285		0.7
					211,416,151		1.6
DIVERSIFIED FINANCIALS					165,055,576		1.2
ENERGY					12,453,625		0.1
FOOD & STAPLES RETAILING
	265,487		Costco Wholesale Corp		98,785,058		0.7
			Other		23,132,598		0.2
					121,917,656		0.9
FOOD, BEVERAGE & TOBACCO
	1,546,197		Coca-Cola Co		83,463,714		0.6
	694,187		PepsiCo, Inc		100,073,998		0.7
			Other		101,851,611		0.8
					285,389,323		2.1
HEALTH CARE EQUIPMENT & SERVICES
	451,885		Abbott Laboratories		54,262,351		0.4
	78,912	*	Intuitive Surgical, Inc		68,258,880		0.5
	535,467		UnitedHealth Group, Inc		213,544,240		1.6
			Other		470,660,678		3.5
					806,726,149		6.0
HOUSEHOLD & PERSONAL PRODUCTS
	742,304		Procter & Gamble Co		99,038,200		0.8
			Other		71,122,919		0.5
					170,161,119		1.3
INSURANCE					95,842,786		0.7
MATERIALS					109,802,133		0.8

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	158,769	*	Alphabet, Inc (Class A)	$	373,662,842		2.8	%
	153,786	*	Alphabet, Inc (Class C)		370,642,714		2.8
	86,410	*	Charter Communications, Inc		58,192,815		0.4
	1,636,486	*	Facebook, Inc		531,988,869		4.0
	289,841	*	Netflix, Inc		148,824,658		1.1
			Other		171,859,150		1.2
					1,655,171,048		12.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,128,731		AbbVie, Inc		125,853,506		0.9
	397,100		Amgen, Inc		95,161,044		0.7
	574,118		Eli Lilly & Co		104,931,547		0.8
	1,505,582		Merck & Co, Inc		112,165,859		0.8
	158,070		Thermo Fisher Scientific, Inc		74,329,256		0.5
	293,172		Zoetis, Inc		50,727,551		0.4
			Other		427,451,047		3.2
					990,619,810		7.3
REAL ESTATE
	300,708		American Tower Corp		76,611,377		0.6
	264,273		Crown Castle International Corp		49,963,454		0.4
			Other		107,170,820		0.7
					233,745,651		1.7
RETAILING
	288,974	*	Amazon.com, Inc		1,001,994,227		7.4
	366,235		Home Depot, Inc		118,539,283		0.9
	500,095		Lowe’s Companies, Inc		98,143,644		0.7
			Other		296,591,464		2.2
					1,515,268,618		11.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	758,937	*	Advanced Micro Devices, Inc		61,944,438		0.5
	624,554		Applied Materials, Inc		82,884,561		0.6
	255,220		Broadcom, Inc		116,431,364		0.9
	97,280		Lam Research Corp		60,357,376		0.4
	402,338		NVIDIA Corp		241,555,688		1.8
	767,104		QUALCOMM, Inc		106,474,035		0.8
	311,419		Texas Instruments, Inc		56,214,244		0.4
			Other		152,463,586		1.1
					878,325,292		6.5
SOFTWARE & SERVICES
	434,618		Accenture plc		126,026,182		0.9
	327,984	*	Adobe, Inc		166,727,387		1.2
	171,569		Intuit, Inc		70,713,879		0.5
	601,356		Mastercard, Inc (Class A)		229,754,073		1.7
	5,103,473		Microsoft Corp		1,286,993,821		9.6
	1,105,289		Oracle Corp		83,769,853		0.6
	800,412	*	PayPal Holdings, Inc		209,940,064		1.6
	554,003	*	salesforce.com, Inc		127,597,971		0.9
	132,525	*	ServiceNow, Inc		67,106,684		0.5
	251,673	*	Square, Inc		61,614,584		0.5
	1,150,943		Visa, Inc (Class A)		268,814,247		2.0
			Other		843,024,623		6.3
					3,542,083,368		26.3

26 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Growth Index Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	10,795,947		Apple, Inc	$	1,419,235,193		10.5	%
			Other		93,929,021		0.7
					1,513,164,214		11.2
TRANSPORTATION
	232,966		Union Pacific Corp		51,739,419		0.4
	322,317		United Parcel Service, Inc (Class B)		65,707,544		0.5
			Other		70,021,512		0.5
					187,468,475		1.4
UTILITIES					2,096,974		0.0
		TOTAL COMMON STOCKS (Cost $6,510,833,378)			13,468,617,814		99.9

Shares			Company	Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	6,298,331	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	6,298,331		0.1	%
					6,298,331		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,298,331)			6,298,331		0.1
		TOTAL PORTFOLIO (Cost $6,517,131,709)			13,474,916,145		100.0
		OTHER ASSETS & LIABILITIES, NET			1,888,642		0.0
		NET ASSETS		$	13,476,804,787		100.0	%

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

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

At 4/30/21, the aggregate value of securities on loan is $18,702,007. 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  ■  2021 Semiannual Report 27

Summary portfolio of investments (unaudited)

Large-Cap Value Index Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	87,944,383		1.0	%
BANKS
	3,404,309		Bank of America Corp		137,976,644		1.6
	915,446		Citigroup, Inc		65,216,373		0.8
	1,333,349		JPMorgan Chase & Co		205,082,410		2.3
	596,651		US Bancorp		35,411,237		0.4
	1,670,456		Wells Fargo & Co		75,254,043		0.9
			Other		233,254,457		2.6
					752,195,164		8.6
CAPITAL GOODS
	234,645	*	Boeing Co		54,979,670		0.6
	238,359		Caterpillar, Inc		54,372,071		0.6
	124,193		Deere & Co		46,056,974		0.5
	3,825,376		General Electric Co		50,188,933		0.6
	309,083		Honeywell International, Inc		68,937,872		0.8
	627,850		Raytheon Technologies Corp		52,262,234		0.6
			Other		521,547,645		5.9
					848,345,399		9.6
COMMERCIAL & PROFESSIONAL SERVICES					91,205,603		1.0
CONSUMER DURABLES & APPAREL					135,533,404		1.5
CONSUMER SERVICES
	280,470		McDonald’s Corp		66,213,358		0.8
			Other		174,159,153		1.9
					240,372,511		2.7
DIVERSIFIED FINANCIALS
	288,078		American Express Co		44,176,761		0.5
	828,203	*	Berkshire Hathaway, Inc (Class B)		227,714,415		2.6
	64,784		BlackRock, Inc		53,077,531		0.6
	606,665		Charles Schwab Corp		42,709,216		0.5
	145,855		Goldman Sachs Group, Inc		50,823,175		0.6
	537,233		iShares Russell 1000 Value Index Fund		84,641,059		1.0
	615,323		Morgan Stanley		50,794,914		0.6
			Other		298,174,519		3.3
					852,111,590		9.7
ENERGY
	847,899		Chevron Corp		87,392,950		1.0
	1,862,698		Exxon Mobil Corp		106,620,834		1.2
			Other		235,225,288		2.7
					429,239,072		4.9
FOOD & STAPLES RETAILING
	613,539		Walmart, Inc		85,840,242		1.0
			Other		51,906,607		0.6
					137,746,849		1.6
FOOD, BEVERAGE & TOBACCO
	703,055		Coca-Cola Co		37,950,909		0.4
	614,833		Mondelez International, Inc		37,387,995		0.4
	683,967		Philip Morris International, Inc		64,976,865		0.7
			Other		186,454,807		2.2
					326,770,576		3.7

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	467,868		Abbott Laboratories	$	56,181,589		0.7	%
	575,913		CVS Health Corp		43,999,753		0.5
	275,585		Danaher Corp		69,982,055		0.8
	590,469		Medtronic plc		77,304,201		0.9
			Other		326,569,815		3.6
					574,037,413		6.5
HOUSEHOLD & PERSONAL PRODUCTS
	593,308		Procter & Gamble Co		79,159,153		0.9
			Other		62,796,387		0.7
					141,955,540		1.6
INSURANCE					314,279,044		3.6
MATERIALS
	230,868		Linde plc		65,991,309		0.8
			Other		354,153,411		4.0
					420,144,720		4.8
MEDIA & ENTERTAINMENT
	29,559	*	Alphabet, Inc (Class A)		69,567,106		0.8
	28,627	*	Alphabet, Inc (Class C)		68,994,505		0.8
	1,994,776		Comcast Corp (Class A)		112,006,672		1.3
	795,727	*	Walt Disney Co		148,021,137		1.7
			Other		154,466,787		1.7
					553,056,207		6.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	635,469		Bristol-Myers Squibb Co		39,665,975		0.5
	1,005,513		Johnson & Johnson		163,627,131		1.9
	2,448,050		Pfizer, Inc		94,617,133		1.1
			Other		222,234,486		2.4
					520,144,725		5.9
REAL ESTATE
	324,126		Prologis, Inc		37,770,403		0.4
			Other		355,011,553		4.1
					392,781,956		4.5
RETAILING
	236,406		Home Depot, Inc		76,517,530		0.9
	220,128		Target Corp		45,623,729		0.5
			Other		99,544,728		1.1
					221,685,987		2.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,806,600		Intel Corp		103,933,698		1.2
	489,830	*	Micron Technology, Inc		42,159,668		0.5
	202,977		Texas Instruments, Inc		36,639,378		0.4
			Other		94,957,879		1.1
					277,690,623		3.2
SOFTWARE & SERVICES
	271,948		Fidelity National Information Services, Inc		41,580,849		0.5
	391,173		International Business Machines Corp		55,499,625		0.6
			Other		172,290,645		2.0
					269,371,119		3.1

28 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Index Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,869,653		Cisco Systems, Inc	$	95,184,034		1.1	%
			Other		156,158,160		1.8
					251,342,194		2.9
TELECOMMUNICATION SERVICES
	3,136,640		AT&T, Inc		98,521,862		1.1
	1,823,813		Verizon Communications, Inc		105,398,153		1.2
			Other		39,315,778		0.5
					243,235,793		2.8
TRANSPORTATION					256,007,484		2.9
UTILITIES
	861,610		NextEra Energy, Inc		66,783,391		0.8
			Other		371,462,776		4.2
					438,246,167		5.0
		TOTAL COMMON STOCKS (Cost $5,862,226,615)			8,775,443,523		99.9
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					4,000,000		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	8,525,252	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	8,525,252			0.1	%
					8,525,252			0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $12,525,243)			12,525,252			0.2
		TOTAL PORTFOLIO (Cost $5,874,751,858)			8,787,968,775			100.1
		OTHER ASSETS & LIABILITIES, NET			(4,889,388	)		(0.1	)
		NET ASSETS		$	8,783,079,387			100.0	%

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

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

At 4/30/21, the aggregate value of securities on loan is $14,265,771. 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  ■  2021 Semiannual Report 29

Summary portfolio of investments (unaudited)

S&P 500 Index Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	166,964	*	Tesla, Inc	$	118,450,940		1.5	%
			Other		36,730,164		0.5
					155,181,104		2.0
BANKS
	1,651,547		Bank of America Corp		66,937,200		0.9
	458,077		Citigroup, Inc		32,633,405		0.4
	662,854		JPMorgan Chase & Co		101,953,574		1.3
	898,414		Wells Fargo & Co		40,473,551		0.5
			Other		99,813,360		1.3
					341,811,090		4.4
CAPITAL GOODS
	151,045		Honeywell International, Inc		33,689,077		0.4
			Other		418,606,551		5.4
					452,295,628		5.8
COMMERCIAL & PROFESSIONAL SERVICES					62,637,054		0.8
CONSUMER DURABLES & APPAREL
	275,927		Nike, Inc (Class B)		36,593,439		0.5
			Other		52,805,236		0.7
					89,398,675		1.2
CONSUMER SERVICES
	161,954		McDonald’s Corp		38,234,100		0.5
			Other		127,576,891		1.6
					165,810,991		2.1
DIVERSIFIED FINANCIALS
	414,109	*	Berkshire Hathaway, Inc (Class B)		113,859,270		1.5
			Other		274,855,812		3.5
					388,715,082		5.0
ENERGY
	419,111		Chevron Corp		43,197,771		0.6
	925,360	d	Exxon Mobil Corp		52,967,606		0.7
			Other		109,624,345		1.4
					205,789,722		2.7
FOOD & STAPLES RETAILING
	95,890		Costco Wholesale Corp		35,679,710		0.5
	301,996		Walmart, Inc		42,252,260		0.5
			Other		23,760,316		0.3
					101,692,286		1.3
FOOD, BEVERAGE & TOBACCO
	842,482		Coca-Cola Co		45,477,178		0.6
	299,381		PepsiCo, Inc		43,158,765		0.6
			Other		146,765,391		1.8
					235,401,334		3.0
HEALTH CARE EQUIPMENT & SERVICES
	384,559		Abbott Laboratories		46,177,845		0.6
	138,104		Danaher Corp		35,070,130		0.5
	292,569		Medtronic plc		38,303,133		0.5
	205,261		UnitedHealth Group, Inc		81,858,087		1.1
			Other		290,319,979		3.7
					491,729,174		6.4

Shares			Company		Value	% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	534,579		Procter & Gamble Co	$	71,323,530		0.9	%
			Other		49,813,160		0.7
					121,136,690		1.6
INSURANCE					150,305,758		1.9
MATERIALS					207,924,832		2.7
MEDIA & ENTERTAINMENT
	65,352	*	Alphabet, Inc (Class A)		153,805,932		2.0
	62,636	*	Alphabet, Inc (Class C)		150,960,276		2.0
	992,557		Comcast Corp (Class A)		55,732,075		0.7
	522,926	*	Facebook, Inc		169,992,784		2.2
	96,446	*	Netflix, Inc		49,522,128		0.6
	394,421	*	Walt Disney Co		73,370,194		1.0
			Other		85,831,804		1.0
					739,215,193		9.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	383,813		AbbVie, Inc		42,795,150		0.6
	570,802		Johnson & Johnson		92,886,609		1.2
	551,187		Merck & Co, Inc		41,063,432		0.5
	1,216,659		Pfizer, Inc		47,023,870		0.6
	85,578		Thermo Fisher Scientific, Inc		40,241,343		0.5
			Other		227,595,245		3.0
					491,605,649		6.4
REAL ESTATE					194,558,726		2.5
RETAILING
	93,053	*	Amazon.com, Inc		322,653,833		4.2
	233,893		Home Depot, Inc		75,704,147		1.0
			Other		166,159,768		2.1
					564,517,748		7.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	88,558		Broadcom, Inc		40,400,160		0.5
	883,180		Intel Corp		50,809,345		0.7
	134,802		NVIDIA Corp		80,932,425		1.0
	247,436		QUALCOMM, Inc		34,344,117		0.4
	200,189		Texas Instruments, Inc		36,136,116		0.5
			Other		166,478,481		2.2
					409,100,644		5.3
SOFTWARE & SERVICES
	137,630		Accenture plc		39,908,571		0.5
	104,213	*	Adobe, Inc		52,975,636		0.7
	190,547		Mastercard, Inc (Class A)		72,800,387		0.9
	1,639,417		Microsoft Corp		413,428,179		5.3
	254,689	*	PayPal Holdings, Inc		66,802,378		0.9
	199,461	*	salesforce.com, Inc		45,939,858		0.6
	368,524		Visa, Inc (Class A)		86,072,465		1.1
			Other		275,900,675		3.6
					1,053,828,149		13.6
TECHNOLOGY HARDWARE & EQUIPMENT
	3,430,771		Apple, Inc		451,009,156		5.8
	917,165		Cisco Systems, Inc		46,692,870		0.6
			Other		92,069,303		1.2
					589,771,329		7.6

30 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

S&P 500 Index Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	1,553,872		AT&T, Inc	$	48,807,120		0.6	%
	902,957		Verizon Communications, Inc		52,181,885		0.7
			Other		19,318,861		0.3
					120,307,866		1.6
TRANSPORTATION					155,847,585		2.0
UTILITIES
	425,619		NextEra Energy, Inc		32,989,729		0.4
			Other		170,461,304		2.2
					203,451,033		2.6
		TOTAL COMMON STOCKS (Cost $3,156,475,184)			7,692,033,342		99.3
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					49,525,000		0.7

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,244,796	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	1,244,796		0.0	%
					1,244,796		0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $50,769,472)			50,769,796		0.7
		TOTAL PORTFOLIO (Cost $3,207,244,656)			7,742,803,138		100.0
		OTHER ASSETS & LIABILITIES, NET			3,824,973		0.0
		NET ASSETS		$	7,746,628,111		100.0	%

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

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

At 4/30/21, the aggregate value of securities on loan is $1,209,752. 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 April 30, 2021 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
S&P 500 E Mini Index	250		06/18/21		$52,236,111		$52,180,000		$(56,111	)

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2021 Semiannual Report 31

Summary portfolio of investments (unaudited)

Small-Cap Blend Index Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	67,450	*	Fox Factory Holding Corp	$	10,335,363		0.2	%
			Other		62,889,617		1.4
					73,224,980		1.6
BANKS
	211,169		First Financial Bankshares, Inc		10,364,175		0.2
			Other		473,340,574		10.1
					483,704,749		10.3
CAPITAL GOODS
	91,888		Advanced Drainage Systems, Inc		10,260,214		0.2
	332,676	*	Builders FirstSource, Inc		16,191,341		0.3
	88,288		EMCOR Group, Inc		10,576,902		0.2
	672,205	*	Plug Power, Inc		19,164,565		0.4
	71,658	*	SiteOne Landscape Supply, Inc		12,854,012		0.3
	258,951	*	Sunrun, Inc		12,688,599		0.3
			Other		435,445,047		9.3
					517,180,680		11.0
COMMERCIAL & PROFESSIONAL SERVICES
	87,844		Tetra Tech, Inc		11,211,530		0.2
			Other		149,975,454		3.2
					161,186,984		3.4
CONSUMER DURABLES & APPAREL
	109,070	*	Crocs, Inc		10,920,088		0.2
	45,687	*	Deckers Outdoor Corp		15,451,343		0.3
	53,911	*	TopBuild Corp		11,988,728		0.3
	129,803	*	YETI Holdings, Inc		11,087,772		0.2
			Other		140,321,455		3.0
					189,769,386		4.0
CONSUMER SERVICES
	293,735	*	Caesars Entertainment, Inc		28,739,032		0.6
	62,042		Churchill Downs, Inc		13,121,883		0.3
	65,992	*	Marriott Vacations Worldwide Corp		11,722,159		0.3
	254,174	*	Penn National Gaming, Inc		22,651,987		0.5
	107,152	*	Texas Roadhouse, Inc (Class A)		11,467,407		0.3
			Other		125,439,620		2.5
					213,142,088		4.5
DIVERSIFIED FINANCIALS
	94,977	e	iShares Russell 2000 Index Fund		21,359,378		0.5
	163,348		Stifel Financial Corp		11,302,048		0.2
			Other		161,484,705		3.4
					194,146,131		4.1
ENERGY
	427,425		Ovintiv, Inc		10,228,280		0.2
			Other		106,783,387		2.3
					117,011,667		2.5
FOOD & STAPLES RETAILING
	213,452	*	Performance Food Group Co		12,529,632		0.3
			Other		25,479,574		0.5
					38,009,206		0.8

Shares			Company	Value		% of net assets
FOOD, BEVERAGE & TOBACCO
	262,513	*	Darling International, Inc	$	18,231,528		0.4	%
	66,403	*	Freshpet, Inc		12,272,602		0.3
			Other		56,892,589		1.2
					87,396,719		1.9
HEALTH CARE EQUIPMENT & SERVICES
	42,706	*	Inspire Medical Systems, Inc		10,113,635		0.2
	49,302	*	LHC Group, Inc		10,268,128		0.2
	74,300	*	Staar Surgical Co		10,179,843		0.2
	170,647	*	Tenet Healthcare Corp		10,112,541		0.2
			Other		299,960,154		6.4
					340,634,301		7.2
HOUSEHOLD & PERSONAL PRODUCTS					26,552,206		0.6
INSURANCE					91,873,441		2.0
MATERIALS
	305,448	*	Alcoa Corp		11,191,615		0.2
	732,111	*,e	Cleveland-Cliffs, Inc		13,075,502		0.3
	178,603		Louisiana-Pacific Corp		11,766,366		0.3
			Other		173,299,405		3.6
					209,332,888		4.4
MEDIA & ENTERTAINMENT					72,558,576		1.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	166,933	*	Arrowhead Pharmaceuticals Inc		12,146,045		0.3
	123,809	*	Fate Therapeutics, Inc		10,819,669		0.2
	215,205	*	Halozyme Therapeutics, Inc		10,749,490		0.2
	69,758	*	Mirati Therapeutics, Inc		11,595,175		0.3
	123,344	*	Natera, Inc		13,570,307		0.3
	100,550	*	Novavax, Inc		23,823,312		0.5
	76,590	*	Twist Bioscience Corp		10,277,612		0.2
	103,616	*	Ultragenyx Pharmaceutical, Inc		11,567,690		0.3
			Other		458,446,317		9.6
					562,995,617		11.9
REAL ESTATE
	63,908		EastGroup Properties, Inc		10,139,643		0.2
	162,529	*	Redfin Corp		11,503,803		0.2
			Other		267,178,805		5.7
					288,822,251		6.1
RETAILING
	93,299	*,e	GameStop Corp (Class A)		16,195,773		0.4
	42,428		Lithia Motors, Inc (Class A)		16,308,475		0.4
	25,732	*	RH		17,704,131		0.4
			Other		171,775,159		3.5
					221,983,538		4.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	118,498		Brooks Automation, Inc		12,007,402		0.3
	221,503	*	Lattice Semiconductor Corp		11,143,816		0.2
			Other		114,158,373		2.4
					137,309,591		2.9

32 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Small-Cap Blend Index Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
SOFTWARE & SERVICES
	137,391	*	Digital Turbine, Inc	$	10,363,403		0.2	%
			Other		296,133,032		6.3
					306,496,435		6.5
TECHNOLOGY HARDWARE & EQUIPMENT
	167,418	*	II-VI, Inc		11,240,445		0.3
			Other		128,178,898		2.7
					139,419,343		3.0
TELECOMMUNICATION SERVICES					39,331,230		0.8
TRANSPORTATION
	42,882	*	Saia, Inc		10,055,829		0.2
			Other		59,112,200		1.3
					69,168,029		1.5
UTILITIES					128,265,647		2.7
		TOTAL COMMON STOCKS (Cost $2,876,052,780)			4,709,515,683		99.9
RIGHTS / WARRANTS
ENERGY					21,345		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,651		0.0
		TOTAL RIGHTS / WARRANTS (Cost $561)			24,996		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT					3,730,000		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	114,636,088	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	114,636,088			2.4	%
					114,636,088			2.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $118,366,088)			118,366,088			2.5
		TOTAL PORTFOLIO (Cost $2,994,419,429)			4,827,906,767			102.4
		OTHER ASSETS & LIABILITIES, NET			(115,032,812	)		(2.4	)
		NET ASSETS		$	4,712,873,955			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 $205,815,174. 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 04/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $4,910,869 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   ■  2021 Semiannual Report 33

Summary portfolio of investments (unaudited)

Emerging Markets Equity Index Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
ARGENTINA				$	441,017		0.0	%
BRAZIL
	2,484,853		Itau Unibanco Holding S.A.		12,593,404		0.3
	1,904,359		Vale S.A.		38,220,049		0.9
			Other		141,408,246		3.2
					192,221,699		4.4
CHILE					20,888,026		0.5
CHINA
	977,665	*	Alibaba Group Holding Ltd (ADR)		225,791,732		5.2
	139,289	*	Baidu, Inc (ADR)		29,296,655		0.7
	42,849,953		Bank of China Ltd		17,000,632		0.4
	50,247,641		China Construction Bank Corp		39,662,552		0.9
	2,023,868		China Merchants Bank Co Ltd		16,256,540		0.4
	31,901,777		Industrial & Commercial Bank of China Ltd
			(Hong Kong)		20,700,792		0.5
	446,624	*	JD.com, Inc (ADR)		34,550,833		0.8
	38,900		Kweichow Moutai Co Ltd		12,017,823		0.3
	1,860,500	*,g	Meituan Dianping (Class B)		71,209,304		1.6
	216,005		NetEase, Inc		24,205,520		0.5
	795,550	*	New Oriental Education & Technology Group (ADR)		12,140,093		0.3
	663,234	*	NIO, Inc (ADR)		26,423,243		0.6
	203,159	*	Pinduoduo, Inc (ADR)		27,209,085		0.6
	3,087,526		Ping An Insurance Group Co of China Ltd		33,661,023		0.8
	2,968,804		Tencent Holdings Ltd		236,827,406		5.4
	1,686,801	*,g	Wuxi Biologics Cayman, Inc		23,678,964		0.5
	7,355,400	*,g	Xiaomi Corp		23,179,341		0.5
	208,173		Yum China Holdings, Inc		13,098,245		0.3
			Other		694,951,475		16.0
					1,581,861,258		36.3
COLOMBIA					6,396,966		0.2
CZECH REPUBLIC					4,413,436		0.1
EGYPT					3,382,771		0.1
GREECE					4,622,515		0.1
HONG KONG					13,857,112		0.3
HUNGARY					8,644,717		0.2
INDIA
	420,679		Hindustan Lever Ltd		13,342,905		0.3
	880,817		Housing Development Finance Corp		28,684,045		0.7
	2,637,347	*	ICICI Bank Ltd		21,363,748		0.5
	1,774,161		Infosys Technologies Ltd		32,243,062		0.7
	1,474,783		Reliance Industries Ltd		39,621,809		0.9
	483,731		Tata Consultancy Services Ltd		19,795,986		0.5
			Other		241,670,118		5.5
					396,721,673		9.1
INDONESIA					50,016,950		1.2

Shares			Company	Value		% of net assets
KOREA, REPUBLIC OF
	283,360		Hynix Semiconductor, Inc	$	32,326,070		0.7	%
	77,610		Hyundai Motor Co		14,757,682		0.3
	148,105		Kakao Corp		15,081,051		0.4
	23,816		LG Chem Ltd		19,881,298		0.5
	63,411		Naver Corp		20,419,734		0.5
	39,502		POSCO		12,909,832		0.3
	2,465,258		Samsung Electronics Co Ltd		179,681,510		4.1
	428,275		Samsung Electronics Co Ltd (Preference)		28,118,119		0.6
	28,748		Samsung SDI Co Ltd		16,779,635		0.4
			Other		230,555,418		5.3
					570,510,349		13.1
KUWAIT					21,858,518		0.5
LUXEMBOURG					1,564,014		0.0
MALAYSIA					58,549,693		1.3
MEXICO
	17,738,041		America Movil S.A.B. de C.V.		12,390,447		0.3
			Other		61,721,951		1.4
					74,112,398		1.7
PAKISTAN					691,095		0.0
PERU					8,554,111		0.2
PHILIPPINES					27,138,858		0.6
POLAND					29,423,283		0.7
QATAR					29,144,115		0.7
ROMANIA					1,346,182		0.0
RUSSIA
	2,851,696		Gazprom OAO (ADR)		17,291,940		0.4
	225,744		LUKOIL PJSC (ADR)		17,436,466		0.4
	1,380,561		Sberbank of Russian Federation (ADR)		21,734,484		0.5
			Other		71,208,208		1.6
					127,671,098		2.9
SAUDI ARABIA
	637,197		Al Rajhi Bank		16,776,907		0.4
	1,122,617	*	National Commercial Bank		17,002,999		0.4
	478,477		Saudi Basic Industries Corp		15,769,188		0.4
			Other		71,871,858		1.6
					121,420,952		2.8
SINGAPORE					1,102,675		0.0
SOUTH AFRICA
	223,694		Naspers Ltd (N Shares)		50,908,278		1.1
			Other		99,052,246		2.3
					149,960,524		3.4

34 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Emerging Markets Equity Index Fund   ■  April 30, 2021

Shares				Company	Value		% of net assets
TAIWAN
	6,510,002			Hon Hai Precision Industry Co, Ltd	$	26,762,919		0.6	%
	784,170			MediaTek, Inc		32,874,415		0.8
	12,716,848			Taiwan Semiconductor Manufacturing Co Ltd		267,811,820		6.1
	6,049,452			United Microelectronics Corp		12,065,688		0.3
				Other		269,100,304		6.2
						608,615,146		14.0
TANZANIA, UNITED REPUBLIC OF						4,095,787		0.1
THAILAND						77,137,741		1.8
TURKEY						11,926,478		0.3
UNITED ARAB EMIRATES						23,960,395		0.6
UNITED STATES
	171,447			iShares MSCI South Korea Index Fund		15,526,240		0.3
	1,948,340	e		Vanguard Emerging Markets ETF		103,223,053		2.4
				Other		7,654,899		0.2
						126,404,192		2.9
			TOTAL COMMON STOCKS (Cost $2,904,054,673)			4,358,655,744		100.1
PREFERRED STOCKS
PHILIPPINES						639		0.0
			TOTAL PREFERRED STOCKS (Cost $725)			639		0.0
RIGHTS / WARRANTS
THAILAND						7,690		0.0
			TOTAL RIGHTS / WARRANTS (Cost $0)			7,690		0.0
Principal				Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT						1,735,000		0.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	95,821,556	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	95,821,556			2.2	%
					95,821,556			2.2
		TOTAL SHORT-TERM INVESTMENTS (Cost $97,556,556)			97,556,556			2.2
		TOTAL PORTFOLIO (Cost $3,001,611,954)			4,456,220,629			102.3
		OTHER ASSETS & LIABILITIES, NET			(102,188,191	)		(2.3	)
		NET ASSETS		$	4,354,032,438			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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $139,370,482. 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $230,309,776 or 5.3% 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 Index Fund   ■  April 30, 2021

Sector	Value			% of net assets
INFORMATION TECHNOLOGY	$	895,357,718			20.5	%
FINANCIALS		881,226,537			20.2
CONSUMER DISCRETIONARY		737,808,426			16.9
COMMUNICATION SERVICES		497,057,323			11.4
MATERIALS		365,468,375			8.4
CONSUMER STAPLES		234,328,183			5.4
HEALTH CARE		198,683,043			4.6
ENERGY		194,807,726			4.5
INDUSTRIALS		187,443,408			4.3
REAL ESTATE		85,561,994			2.0
UTILITIES		80,921,340			1.9
SHORT-TERM INVESTMENTS		97,556,556			2.2
OTHER ASSETS & LIABILITIES, NET		(102,188,191	)		(2.3	)
NET ASSETS	$	4,354,032,438			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2021 Semiannual Report 35

Summary portfolio of investments (unaudited)

International Equity Index Fund   ■  April 30, 2021

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	2,785,760		BHP Billiton Ltd	$	101,390,195		0.6	%
	1,996,923		BHP Group plc		60,136,900		0.4
	1,677,940		Commonwealth Bank of Australia		114,866,028		0.7
	430,857		CSL Ltd		90,003,620		0.6
	3,113,782		National Australia Bank Ltd		63,720,978		0.4
	1,060,531		Rio Tinto plc		88,827,066		0.5
	3,416,248		Westpac Banking Corp		65,833,394		0.4
			Other		704,125,598		4.4
					1,288,903,779		8.0
AUSTRIA					29,513,407		0.2
BELGIUM					140,600,832		0.9
BRAZIL					8,574,305		0.1
CHILE					9,594,540		0.1
CHINA					30,151,899		0.2
DENMARK
	1,628,541		Novo Nordisk AS		120,133,308		0.7
			Other		272,601,067		1.7
					392,734,375		2.4
FINLAND					194,254,080		1.2
FRANCE
	448,627		Air Liquide		75,549,810		0.5
	557,160	*	Airbus SE		67,003,864		0.4
	1,058,088		BNP Paribas S.A.		67,842,163		0.4
	238,533		L’Oreal S.A.		97,672,091		0.6
	262,860		LVMH Moet Hennessy Louis Vuitton S.A.		198,025,615		1.2
	1,071,884		Sanofi-Aventis		112,378,747		0.7
	510,257		Schneider Electric S.A.		81,414,436		0.5
	2,385,596		Total S.A.		105,437,989		0.7
			Other		960,344,993		6.0
					1,765,669,708		11.0
GERMANY
	389,713		Allianz AG.		101,176,054		0.6
	868,685		BASF SE		70,008,418		0.4
	929,962		Bayer AG.		60,176,271		0.4
	810,951		Daimler AG. (Registered)		72,173,602		0.4
	3,176,565		Deutsche Telekom AG.		61,133,105		0.4
	987,866		SAP AG.		138,321,633		0.9
	723,291		Siemens AG.		120,670,166		0.7
			Other		860,989,318		5.4
					1,484,648,567		9.2
HONG KONG
	11,451,347		AIA Group Ltd		145,347,033		0.9
	1,140,964		Hong Kong Exchanges and Clearing Ltd		68,812,708		0.4
			Other		235,361,040		1.5
					449,520,781		2.8
IRELAND					110,743,864		0.7
ISRAEL					92,106,638		0.6

Shares			Company	Value		% of net assets
ITALY
	7,693,618		Enel S.p.A.	$	76,392,449		0.5	%
			Other		251,136,867		1.5
					327,529,316		2.0
JAPAN
	172,686		Keyence Corp		82,898,380		0.5
	11,567,388		Mitsubishi UFJ Financial Group, Inc		61,539,617		0.4
	105,913		Nintendo Co Ltd		60,757,288		0.4
	1,483,825		Softbank Group Corp		133,708,372		0.8
	1,193,432		Sony Corp		119,318,020		0.8
	141,353		Tokyo Electron Ltd		64,200,789		0.4
	2,007,710	*	Toyota Motor Corp		150,225,237		0.9
			Other		3,101,291,349		19.3
					3,773,939,052		23.5
JORDAN					5,568,915		0.0
LUXEMBOURG					35,036,164		0.2
MACAU					34,236,342		0.2
MEXICO					1,923,252		0.0
NETHERLANDS
	403,023		ASML Holding NV		261,618,946		1.6
	3,879,049		Royal Dutch Shell plc (A Shares)		72,989,204		0.5
	3,505,815		Royal Dutch Shell plc (B Shares)		62,731,844		0.4
			Other		414,933,464		2.6
					812,273,458		5.1
NEW ZEALAND					54,399,217		0.3
NORWAY					87,202,826		0.5
PORTUGAL					24,261,253		0.2
RUSSIA					4,221,764		0.0
SAUDI ARABIA					19,562,619		0.1
SINGAPORE					167,387,825		1.0
SOUTH AFRICA					49,252,757		0.3
SPAIN
	16,504,270		Banco Santander S.A. (AQXE)		63,666,071		0.4
	5,809,352		Iberdrola S.A.		78,507,277		0.5
			Other		254,406,753		1.6
					396,580,101		2.5
SWEDEN					541,174,859		3.4
SWITZERLAND
	2,725,189		Nestle S.A.		325,198,688		2.0
	2,099,371		Novartis AG.		179,152,643		1.1
	664,446		Roche Holding AG.		216,712,775		1.4
			Other		770,708,739		4.8
					1,491,772,845		9.3
UNITED ARAB EMIRATES					1,681		0.0

36 2021 Semiannual Report   ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

International Equity Index Fund  ■  April 30, 2021

Shares			Company	Value		% of net assets
UNITED KINGDOM
	1,241,612		AstraZeneca plc	$	132,161,989		0.8	%
	19,184,233		BP plc		80,311,818		0.5
	2,170,183		British American Tobacco plc		80,521,046		0.5
	2,212,025		Diageo plc		99,300,819		0.6
	4,742,078		GlaxoSmithKline plc		87,632,385		0.6
	19,282,667		HSBC Holdings plc		120,395,401		0.8
	674,123		Reckitt Benckiser Group plc		60,022,296		0.4
	2,487,046		Unilever plc		145,683,903		0.9
			Other		1,100,258,111		6.8
					1,906,287,768		11.9
UNITED STATES					93,549,798		0.6
		TOTAL COMMON STOCKS (Cost $11,866,037,509)			15,823,178,587		98.5
RIGHTS / WARRANTS
SWITZERLAND					36,883		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			36,883		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					44,923,765		0.3
REPURCHASE AGREEMENT					4,445,000		0.0
TREASURY DEBT					73,951,899		0.5

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	93,575,022	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.020%	$	93,575,022	0.6	%
					93,575,022	0.6
			TOTAL SHORT-TERM INVESTMENTS (Cost $216,895,272)		216,895,686	1.4
			TOTAL PORTFOLIO (Cost $12,082,932,781)		16,040,111,156	99.9
			OTHER ASSETS & LIABILITIES, NET		17,466,437	0.1
			NET ASSETS	$	16,057,577,593	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 04/30/21, the aggregate value of securities on loan is $193,540,932. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

At 04/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $300,649,090 or 1.9% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Futures contracts outstanding as of April 30, 2021 were as follows:

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
MSCI EAFE Index		1,057		06/18/21		$119,346,583		$119,298,305		$(48,278	)

Summary of market values by sector (unaudited)

International Equity Index Fund   ■  April 30, 2021

Sector	Value		% of net assets
FINANCIALS	$	2,738,970,475		17.0	%
INDUSTRIALS		2,421,466,423		15.1
CONSUMER DISCRETIONARY		2,007,928,501		12.5
HEALTH CARE		1,890,289,377		11.8
CONSUMER STAPLES		1,632,305,558		10.2
INFORMATION TECHNOLOGY		1,464,425,960		9.1
MATERIALS		1,275,900,880		7.9
COMMUNICATION SERVICES		831,730,937		5.2
UTILITIES		570,391,740		3.6
ENERGY		502,241,966		3.1
REAL ESTATE		487,563,653		3.0
SHORT-TERM INVESTMENTS		216,895,686		1.4
OTHER ASSETS & LIABILITIES, NET		17,466,437		0.1
NET ASSETS	$	16,057,577,593		100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds   ■  2021 Semiannual Report 37

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2021

		Equity Index Fund		Large-Cap Growth Index Fund		Large-Cap Value Index Fund		S&P 500 Index Fund		Small-Cap Blend Index Fund		Emerging Markets Equity Index Fund		International Equity Index Fund
ASSETS
Portfolio investments, at value*†		$	33,048,585,649	$	13,474,916,145	$	8,787,968,775	$	7,742,803,138	$	4,827,906,767	$	4,456,220,629	$	16,040,111,156
Cash			—		—		93,967		—		—		3,829		1,092,694
Cash – foreign^			—		—		—		—		—		1,471,291		9,616,671
Receivable from securities transactions			—		42,860,957		10,924,026		—		—		817,181		9,369,545
Receivable for delayed delivery securities			—		—		—		—		—		—		11,839,771
Receivable from Fund shares sold			22,127,378		3,964,681		5,885,198		3,935,023		2,462,897		9,252,968		19,470,201
Dividends and interest receivable			20,711,135		4,801,406		8,431,185		5,448,658		943,915		4,091,365		85,062,189
Due from affiliates			739,519		102,887		13,599		11,909		7,355		412,701		262,464
Receivable for variation margin on open futures contracts			528,858		—		—		—		—		—		—
Other			1,246,490		398,932		413,716		372,437		225,381		146,217		817,892
Total assets			33,093,939,029		13,527,045,008		8,813,730,466		7,752,571,165		4,831,546,315		4,472,416,181		16,177,642,583
LIABILITIES
Management fees payable			1,067,158		439,616		282,320		251,787		153,227		497,993		528,812
Service agreement fees payable			164,877		220,841		242,188		430,005		244,777		115,482		332,388
Distribution fees payable			289,369		—		—		—		—		8,720		30,506
Overdraft payable			5,412,410		2,308,739		—		287,172		24,891		—		—
Payable for collateral for securities loaned			86,481,538		6,298,331		8,525,252		1,244,796		114,636,088		95,821,556		93,575,022
Payable for securities transactions			—		847,488		5,014,075		—		2,447,725		6,414,474		8,763,582
Payable for Fund shares redeemed			208,246,257		39,490,140		16,041,332		3,212,479		859,866		4,304,229		15,509,624
Payable for variation margin on futures contracts			—		—		—		52,954		—		—		74,894
Payable for trustee compensation			1,204,253		383,313		402,998		362,493		220,021		140,686		795,672
Accrued expenses and other payables			372,067		251,753		142,914		101,368		85,765		11,080,603		454,490
Total liabilities			303,237,929		50,240,221		30,651,079		5,943,054		118,672,360		118,383,743		120,064,990
NET ASSETS		$	32,790,701,100	$	13,476,804,787	$	8,783,079,387	$	7,746,628,111	$	4,712,873,955	$	4,354,032,438	$	16,057,577,593
NET ASSETS CONSIST OF:
Paid-in-capital		$	15,217,975,334	$	6,508,686,619	$	6,188,775,217	$	3,249,243,277	$	2,897,110,810	$	3,223,216,272	$	12,535,563,183
Total distributable earnings (loss)			17,572,725,766		6,968,118,168		2,594,304,170		4,497,384,834		1,815,763,145		1,130,816,166		3,522,014,410
NET ASSETS		$	32,790,701,100	$	13,476,804,787	$	8,783,079,387	$	7,746,628,111	$	4,712,873,955	$	4,354,032,438	$	16,057,577,593
INSTITUTIONAL CLASS:
Net assets		$	11,221,151,993	$	9,267,481,958	$	7,524,441,585	$	5,628,444,123	$	3,546,453,322	$	1,040,187,681	$	8,769,711,019
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			361,057,865		174,248,625		318,784,041		122,101,124		126,584,864		74,863,693		388,547,168
Net asset value per share		$	31.08	$	53.19	$	23.60	$	46.10	$	28.02	$	13.89	$	22.57
ADVISOR CLASS:
Net assets		$	14,487,696	$	71,430,104	$	42,272,154	$	124,001,945	$	13,151,327	$	6,639,949	$	149,824,908
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			465,925		1,344,853		1,794,383		2,694,458		470,084		476,378		6,647,234
Net asset value per share		$	31.09	$	53.11	$	23.56	$	46.02	$	27.98	$	13.94	$	22.54
PREMIER CLASS:
Net assets		$	67,361,829	$	—	$	—	$	—	$	—	$	29,895,108	$	246,125,926
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,172,647		—		—		—		—		2,157,020		10,931,169
Net asset value per share		$	31.00	$	—	$	—	$	—	$	—	$	13.86	$	22.52
RETIREMENT CLASS:
Net assets		$	803,216,426	$	1,009,427,830	$	1,177,222,313	$	1,970,502,659	$	1,153,269,306	$	559,872,135	$	1,416,173,536
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			25,461,501		18,845,451		48,966,087		43,060,880		41,003,399		40,493,360		61,310,220
Net asset value per share		$	31.55	$	53.56	$	24.04	$	45.76	$	28.13	$	13.83	$	23.10
RETAIL CLASS:
Net assets		$	1,388,549,722	$	—	$	—	$	—	$	—	$	24,646,608	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			43,868,476		—		—		—		—		1,779,925		—
Net asset value per share		$	31.65	$	—	$	—	$	—	$	—	$	13.85	$	—
CLASS W:
Net assets		$	19,295,933,434	$	3,128,464,895	$	39,143,335	$	23,679,384	$	—	$	2,692,790,957	$	5,475,742,204
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			620,705,196		58,786,265		1,658,235		513,636		—		193,526,183		242,522,508
Net asset value per share		$	31.09	$	53.22	$	23.61	$	46.10	$	—	$	13.91	$	22.58
*	Includes securities loaned of	$	151,106,293	$	18,702,007	$	14,265,771	$	1,209,752	$	205,815,174	$	139,370,482	$	193,540,932
†	Portfolio investments, cost	$	15,322,644,153	$	6,517,131,709	$	5,874,751,858	$	3,207,244,656	$	2,994,419,429	$	3,001,611,954	$	12,082,932,781
^	Foreign cash, cost	$	—	$	—	$	—	$	—	$	—	$	1,478,422	$	9,701,654

38 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 39

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2021

		Equity Index Fund			Large-Cap Growth Index Fund			Large-Cap Value Index Fund			S&P 500 Index Fund			Small-Cap Blend Index Fund			Emerging Markets Equity Index Fund			International Equity Index Fund
INVESTMENT INCOME
Dividends*		$	207,155,580		$	51,502,662		$	76,877,609		$	52,675,893		$	17,451,151		$	29,675,645		$	205,907,746
Income from securities lending, net			1,119,907			94,792			361,941			28,202			1,489,474			279,985			847,501
Interest			16,701			5,640			1,042			5,867			2,940			887			5,515
Total income			208,292,188			51,603,094			77,240,592			52,709,962			18,943,565			29,956,517			206,760,762
EXPENSES
Management fees			6,106,758			2,490,520			1,559,209			1,419,894			850,541			2,906,186			3,139,006
Shareholder servicing – Institutional Class			9,554			10,956			7,393			2,852			4,417			1,155			11,083
Shareholder servicing – Advisor Class			7,473			43,030			16,040			76,703			42,994			3,088			78,729
Shareholder servicing – Premier Class			48			—			—			—			—			31			106
Shareholder servicing – Retirement Class			907,940			1,199,317			1,252,637			2,250,925			1,321,679			652,103			1,697,135
Shareholder servicing – Retail Class			159,285			—			—			—			—			13,579			—
Shareholder servicing – Class W			4,675			1,087			90			87			—			1,057			1,653
Distribution fees – Premier Class			46,850			—			—			—			—			22,178			178,372
Distribution fees – Retail Class			1,574,379			—			—			—			—			26,088			—
Administrative service fees			252,488			112,346			81,249			79,178			52,036			72,096			146,346
Trustee fees and expenses			155,623			61,942			39,816			36,308			21,592			21,119			80,530
Custody and accounting fees			100,429			92,570			27,064			27,412			23,692			670,326			382,064
Other expenses			367,101			287,843			198,882			145,403			137,480			121,546			282,249
Total expenses			9,692,603			4,299,611			3,182,380			4,038,762			2,454,431			4,510,552			5,997,273
Less: Expenses reimbursed by the investment adviser			(3,967,753	)		(677,777	)		(8,632	)		(5,258	)		(34,075	)		(2,305,765	)		(1,284,820	)
Net expenses			5,724,850			3,621,834			3,173,748			4,033,504			2,420,356			2,204,787			4,712,453
Net investment income (loss)			202,567,338			47,981,260			74,066,844			48,676,458			16,523,209			27,751,730			202,048,309
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			56,874,084			14,489,205			7,043,730			32,787,716			28,158,473			(19,255,229	)		(40,329,531	)
Futures contracts			18,017,701			—			—			7,973,271			(47	)		—			39,720,054
Foreign currency transactions			—			—			—			—			—			(753,549	)		1,186,206
In-kind redemptions			743,310,680			—			—			—			—			—			370,919,506
Net realized gain (loss) on total investments			818,202,465			14,489,205			7,043,730			40,760,987			28,158,426			(20,008,778	)		371,496,235
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			7,029,512,503			2,503,745,048			2,253,485,294			1,662,730,597			1,461,622,222			764,221,450			3,190,388,333
Futures contracts			4,426,743			—			—			415,789			—			—			4,821,115
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			—			—			—			—			36,690			(442,150	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			7,033,939,246			2,503,745,048			2,253,485,294			1,663,146,386			1,461,622,222			764,258,140			3,194,767,298
Net realized and unrealized gain (loss) on total investments			7,852,141,711			2,518,234,253			2,260,529,024			1,703,907,373			1,489,780,648			744,249,362			3,566,263,533
Net increase (decrease) in net assets from operations		$	8,054,709,049		$	2,566,215,513		$	2,334,595,868		$	1,752,583,831		$	1,506,303,857		$	772,001,092		$	3,768,311,842
*	Net of foreign withholding taxes of	$	25,579		$	—		$	3,327		$	—		$	40,688		$	3,966,870		$	17,666,990
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	84,397		$	1,081,167		$	(801,429	)	$	4,491,201		$	(146,180	)	$	(199,575	)	$	(13,302,737	)
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—		$	—		$	7,853,116		$	—

40 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 41

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
		April 30, 2021			October 31, 2020			April 30, 2021			October 31, 2020			April 30, 2021			October 31, 2020			April 30, 2021			October 31, 2020			April 30, 2021			October 31, 2020			April 30, 2021			October 31, 2020
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	202,567,338		$	413,771,581		$	47,981,260		$	80,701,773		$	74,066,844		$	165,012,226		$	48,676,458		$	101,293,790		$	16,523,209		$	32,861,429		$	27,751,730		$	67,412,204
Net realized gain (loss) on total investments			818,202,465			(213,830,290	)		14,489,205			459,246,509			7,043,730			(140,178,303	)		40,760,987			(41,076,547	)		28,158,426			73,316,462			(20,008,778	)		(81,098,298	)
Net change in unrealized appreciation (depreciation) on total investments			7,033,939,246			2,380,858,333			2,503,745,048			1,504,438,346			2,253,485,294			(503,895,217	)		1,663,146,386			474,267,747			1,461,622,222			(111,474,968	)		764,258,140			293,902,831
Net increase (decrease) in net assets from operations			8,054,709,049			2,580,799,624			2,566,215,513			2,044,386,628			2,334,595,868			(479,061,294	)		1,752,583,831			534,484,990			1,506,303,857			(5,297,077	)		772,001,092			280,216,737
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(158,023,347	)		(188,672,283	)		(164,805,321	)		(171,117,083	)		(147,209,704	)		(416,083,828	)		(78,758,573	)		(91,617,002	)		(79,088,443	)		(121,261,570	)		(21,408,760	)		(23,694,217	)
	Advisor Class		(147,386	)		(954,062	)		(1,310,526	)		(1,221,913	)		(288,876	)		(2,208,511	)		(1,669,528	)		(1,944,516	)		(283,310	)		(419,691	)		(48,204	)		(332,300	)
	Premier Class		(770,802	)		(1,243,642	)		—			—			—			—			—			—			—			—			(541,547	)		(764,353	)
	Retirement Class		(8,514,237	)		(12,122,608	)		(16,232,510	)		(15,539,759	)		(18,932,616	)		(58,587,438	)		(23,413,255	)		(28,317,601	)		(24,143,020	)		(39,812,298	)		(9,215,401	)		(9,140,752	)
	Retail Class		(14,418,739	)		(18,246,452	)		—			—			—			—			—			—			—			—			(317,009	)		(368,304	)
	Class W		(250,943,860	)		(249,759,049	)		(49,891,625	)		(532,201	)		(776,527	)		(1,962,348	)		(333,650	)		(392,802	)		—			—			(53,173,723	)		(45,714,504	)
Total distributions			(432,818,371	)		(470,998,096	)		(232,239,982	)		(188,410,956	)		(167,207,723	)		(478,842,125	)		(104,175,006	)		(122,271,921	)		(103,514,773	)		(161,493,559	)		(84,704,644	)		(80,014,430	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		451,316,088			1,869,864,766			868,079,352			1,766,639,482			682,082,683.00			1,585,018,314			405,171,262			722,236,542			373,310,585			386,395,309			67,280,580			264,735,647
	Advisor Class		3,668,719			4,182,181			13,590,115			44,562,327			30,611,897			15,854,567			15,666,237			57,894,307			2,025,951			4,634,341			4,571,980			2,835,380
	Premier Class		3,885,316			9,182,263			—			—			—			—			—			—			—			—			9,814,036			12,090,118
	Retirement Class		36,380,484			42,119,059			53,424,305			133,335,426			100,518,402			112,756,176			130,399,459			291,028,196			42,700,593			81,262,992			45,048,066			85,511,682
	Retail Class		43,933,878			73,037,504			—			—			—			—			—			—			—			—			9,965,456			6,804,939
	Class W		1,358,977,846			3,788,862,814			1,445,799,650			1,407,427,456			3,573,546			10,225,516			2,168,544			4,170,772			—			—			312,243,806			741,305,512
Reinvestments of distributions:	Institutional Class		157,404,139			187,944,328			134,210,760			143,396,014			121,869,085			352,666,600			76,296,247			90,094,298			77,489,433			118,809,583			21,212,715			23,609,222
	Advisor Class		143,897			949,716			1,306,342			1,218,032			286,145			2,199,560			1,666,946			1,941,297			279,613			413,424			45,300			328,518
	Premier Class		755,033			1,236,277			—			—			—			—			—			—			—			—			538,664			764,353
	Retirement Class		8,505,320			12,111,151			16,208,061			15,517,976			18,914,001			58,535,117			23,413,255			28,317,602			24,143,020			39,812,298			9,215,401			9,140,751
	Retail Class		13,709,838			17,337,990			—			—			—			—			—			—			—			—			303,631			355,270
	Class W		250,943,860			249,759,049			49,891,625			532,200			776,527			1,962,348			333,650			392,802			—			—			53,173,723			45,714,504
Redemptions:	Institutional Class		(1,669,477,053	)		(2,361,151,638	)		(936,061,838	)		(2,930,060,988	)		(738,621,023	)		(1,506,247,463	)		(478,416,139	)		(723,659,925	)		(258,478,717	)		(382,328,259	)		(149,050,971	)		(228,335,800	)
	Advisor Class		(1,773,387	)		(44,876,512	)		(21,063,228	)		(48,429,142	)		(3,465,628	)		(33,181,121	)		(24,105,356	)		(51,490,501	)		(1,940,472	)		(3,716,370	)		(765,319	)		(10,925,564	)
	Premier Class		(10,957,755	)		(20,137,058	)		—			—			—			—			—			—			—			—			(10,527,721	)		(15,069,736	)
	Retirement Class		(34,959,239	)		(150,328,488	)		(102,647,865	)		(160,976,505	)		(42,800,709	)		(98,365,132	)		(111,026,579	)		(280,912,558	)		(58,428,067	)		(76,851,519	)		(8,074,095	)		(12,931,319	)
	Retail Class		(53,776,755	)		(123,671,851	)		—			—			—			—			—			—			—			—			(3,789,442	)		(6,926,906	)
	Class W		(1,644,861,269	)		(1,816,710,563	)		(192,942,861	)		(8,558,721	)		(5,108,245	)		(6,618,586	)		(3,031,395	)		(4,268,089	)		—			—			(219,198,693	)		(196,981,732	)
Net increase (decrease) from shareholder transactions			(1,086,181,040	)		1,739,710,988			1,329,794,418			364,603,557			168,636,681			494,805,896			38,536,131			135,744,743			201,101,939			168,431,799			142,007,117			722,024,839
Net increase (decrease) in net assets			6,535,709,638			3,849,512,516			3,663,769,949			2,220,579,229			2,336,024,826			(463,097,523	)		1,686,944,956			547,957,812			1,603,891,023			1,641,163			829,303,565			922,227,146
NET ASSETS
Beginning 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
End of period		$	32,790,701,100		$	26,254,991,462		$	13,476,804,787		$	9,813,034,838		$	8,783,079,387		$	6,447,054,561		$	7,746,628,111		$	6,059,683,155		$	4,712,873,955		$	3,108,982,932		$	4,354,032,438		$	3,524,728,873
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		16,027,785			87,045,156			17,644,499			46,486,714			31,908,429			92,634,227			9,668,437			21,444,059			14,518,456			21,385,912			4,910,190			24,554,564
	Advisor Class		133,048			206,406			275,778			1,336,144			1,422,261			873,308			372,000			1,750,644			78,436			256,789			320,733			271,335
	Premier Class		137,659			411,409			—			—			—			—			—			—			—			—			724,791			1,117,836
	Retirement Class		1,250,969			1,818,715			1,072,487			3,501,790			4,479,981			5,934,561			3,170,847			8,765,222			1,620,725			4,308,922			3,306,801			7,884,920
	Retail Class		1,512,369			3,204,767			—			—			—			—			—			—			—			—			722,150			638,840
	Class W		47,550,067			169,783,033			30,511,881			30,647,699			168,393			584,260			51,407			122,610			—			—			22,888,284			70,177,431
Shares reinvested:	Institutional Class		5,819,007			8,268,558			2,826,680			4,069,127			6,060,124			17,775,534			1,898,861			2,618,259			3,290,422			5,835,441			1,639,313			2,171,961
	Advisor Class		5,316			41,764			27,537			34,594			14,250			111,033			41,528			56,466			11,883			20,316			3,487			30,167
	Premier Class		27,964			54,486			—			—			—			—			—			—			—			—			41,692			70,447
	Retirement Class		309,510			524,292			338,656			436,757			922,634			2,893,481			586,357			827,758			1,019,984			1,944,909			714,926			844,022
	Retail Class		497,274			747,977			—			—			—			—			—			—			—			—			23,519			32,744
	Class W		9,277,037			10,988,079			1,050,350			15,102			38,614			98,909			8,304			11,415			—			—			4,106,079			4,205,566
Shares redeemed:	Institutional Class		(58,138,600	)		(102,924,430	)		(18,893,520	)		(75,248,474	)		(34,401,790	)		(85,965,863	)		(11,237,052	)		(21,497,157	)		(9,919,825	)		(21,331,318	)		(10,886,904	)		(22,127,492	)
	Advisor Class		(63,470	)		(2,095,231	)		(419,801	)		(1,331,354	)		(156,728	)		(1,984,879	)		(573,917	)		(1,576,294	)		(74,720	)		(213,217	)		(58,068	)		(1,185,785	)
	Premier Class		(399,443	)		(901,560	)		—			—			—			—			—			—			—			—			(782,746	)		(1,444,478	)
	Retirement Class		(1,205,423	)		(6,547,804	)		(2,052,421	)		(4,205,309	)		(2,010,997	)		(5,290,118	)		(2,580,402	)		(8,369,709	)		(2,222,760	)		(4,211,125	)		(590,377	)		(1,237,384	)
	Retail Class		(1,857,760	)		(5,559,038	)		—			—			—			—			—			—			—			—			(279,397	)		(650,627	)
	Class W		(56,678,084	)		(78,474,699	)		(3,837,044	)		(219,391	)		(239,063	)		(370,219	)		(71,683	)		(124,518	)		—			—			(16,206,545	)		(18,083,233	)
Net increase (decrease) from shareholder transactions			(35,794,775	)		86,591,880			28,545,082			5,523,399			8,206,108			27,294,234			1,334,687			4,028,755			8,322,601			7,996,629			10,597,928			67,270,834

42 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 43

Statements of changes in net assets	concluded
TIAA-CREF Funds  ■  For the period or year ended

		International Equity Index Fund
		April 30, 2021			October 31, 2020
		(unaudited		)
OPERATIONS
Net investment income (loss)		$	202,048,309		$	326,178,016
Net realized gain (loss) on total investments			371,496,235			(190,634,176	)
Net change in unrealized appreciation (depreciation) on total investments			3,194,767,298			(975,808,381	)
Net increase (decrease) in net assets from operations			3,768,311,842			(840,264,541	)
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(179,887,061	)		(245,800,056	)
	Advisor Class		(2,504,669	)		(3,679,322	)
	Premier Class		(4,375,400	)		(7,532,223	)
	Retirement Class		(22,985,372	)		(32,985,275	)
	Retail Class		—			—
	Class W		(99,167,970	)		(116,525,339	)
Total distributions			(308,920,472	)		(406,522,215	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		499,821,935			1,531,729,367
	Advisor Class		15,872,027			41,912,638
	Premier Class		18,103,806			41,293,116
	Retirement Class		43,324,494			182,257,495
	Retail Class		—			—
	Class W		459,567,913			1,292,839,800
Reinvestments of distributions:	Institutional Class		174,854,263			237,980,362
	Advisor Class		2,501,794			3,675,587
	Premier Class		4,375,400			7,532,223
	Retirement Class		22,985,372			32,985,275
	Retail Class		—			—
	Class W		99,167,970			116,525,340
Redemptions:	Institutional Class		(1,549,969,202	)		(1,176,795,599	)
	Advisor Class		(10,120,683	)		(40,072,197	)
	Premier Class		(29,663,824	)		(65,382,558	)
	Retirement Class		(88,759,158	)		(130,901,190	)
	Retail Class		—			—
	Class W		(481,745,672	)		(400,572,288	)
Net increase (decrease) from shareholder transactions			(819,683,565	)		1,675,007,371
Net increase (decrease) in net assets			2,639,707,805			428,220,615
NET ASSETS
Beginning of period			13,417,869,788			12,989,649,173
End of period		$	16,057,577,593		$	13,417,869,788
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		23,632,622			85,506,993
	Advisor Class		742,541			2,352,677
	Premier Class		869,787			2,200,148
	Retirement Class		1,993,254			9,477,950
	Retail Class		—			—
	Class W		21,244,071			72,141,696
Shares reinvested:	Institutional Class		8,471,621			12,185,374
	Advisor Class		121,328			188,395
	Premier Class		212,398			386,268
	Retirement Class		1,087,293			1,649,264
	Retail Class		—			—
	Class W		4,804,649			5,966,479
Shares redeemed:	Institutional Class		(71,680,241	)		(66,182,507	)
	Advisor Class		(471,887	)		(2,277,490	)
	Premier Class		(1,414,813	)		(3,541,386	)
	Retirement Class		(4,007,828	)		(7,101,612	)
	Retail Class		—			—
	Class W		(22,592,219	)		(21,674,365	)
Net increase (decrease) from shareholder transactions			(36,987,424	)		91,277,884

44 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

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TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual 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			value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period
EQUITY INDEX FUND
Institutional Class:		4/30/21	#		$24.07		$0.19			$ 7.22			$ 7.41			$(0.40	)		$     —			$(0.40	)		$31.08
		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:		4/30/21	#		24.05		0.17			7.22			7.39			(0.35	)		—			(0.35	)		31.09
		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:		4/30/21	#		23.99		0.16			7.21			7.37			(0.36	)		—			(0.36	)		31.00
		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:		4/30/21	#		24.40		0.15			7.34			7.49			(0.34	)		—			(0.34	)		31.55
		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:		4/30/21	#		24.48		0.15			7.35			7.50			(0.33	)		—			(0.33	)		31.65
		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:		4/30/21	#		24.08		0.19			7.23			7.42			(0.41	)		—			(0.41	)		31.09
		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:		4/30/21	#		43.65		0.19			10.29			10.48			(0.35	)		(0.59	)		(0.94	)		53.19
		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:		4/30/21	#		43.57		0.16			10.26			10.42			(0.29	)		(0.59	)		(0.88	)		53.11
		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:		4/30/21	#		43.91		0.13			10.35			10.48			(0.24	)		(0.59	)		(0.83	)		53.56
		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:		4/30/21	#		43.67		0.20			10.29			10.49			(0.35	)		(0.59	)		(0.94	)		53.22
		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 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

							Ratios and supplemental data
	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year						end of period			Gross			Net			Net investment			turnover
	ended			Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
EQUITY INDEX FUND
Institutional Class:		4/30/21	#		31.03	%b		$ 11,221,152			0.05	%c		0.05	%c		1.33	%c		2	%b,f
		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:		4/30/21	#		30.98	b		14,488			0.16	c		0.16	c		1.18	c		2	b,f
		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:		4/30/21	#		30.97	b		67,362			0.20	c		0.20	c		1.17	c		2	b,f
		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:		4/30/21	#		30.89	b		803,216			0.30	c		0.30	c		1.06	c		2	b,f
		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:		4/30/21	#		30.88	b		1,388,550			0.32	c		0.32	c		1.04	c		2	b,f
		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:		4/30/21	#		31.06	b		19,295,933			0.05	c		0.00	c		1.36	c		2	b,f
		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:		4/30/21	#		24.28	b		9,267,482			0.05	c		0.05	c		0.78	c		5	b
		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:		4/30/21	#		24.18	b		71,430			0.17	c		0.17	c		0.67	c		5	b
		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:		4/30/21	#		24.11	b		1,009,428			0.30	c		0.30	c		0.54	c		5	b
		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:		4/30/21	#		24.30	b		3,128,465			0.05	c		0.00	c		0.81	c		5	b
		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  ■  2021 Semiannual 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			value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period
LARGE-CAP VALUE INDEX FUND
Institutional Class:		4/30/21	#		$17.72		$0.20			$  6.14			$  6.34			$(0.46	)		$     —			$(0.46	)		$23.60
		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:		4/30/21	#		17.67		0.16			6.16			6.32			(0.43	)		—			(0.43	)		23.56
		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:		4/30/21	#		18.03		0.18			6.25			6.43			(0.42	)		—			(0.42	)		24.04
		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:		4/30/21	#		17.73		0.21			6.14			6.35			(0.47	)		—			(0.47	)		23.61
		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:		4/30/21	#		36.35		0.30			10.08			10.38			(0.63	)		—			(0.63	)		46.10
		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:		4/30/21	#		36.27		0.27			10.06			10.33			(0.58	)		—			(0.58	)		46.02
		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:		4/30/21	#		36.06		0.25			9.99			10.24			(0.54	)		—			(0.54	)		45.76
		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:		4/30/21	#		36.36		0.31			10.08			10.39			(0.65	)		—			(0.65	)		46.10
		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

48 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

continued

							Ratios and supplemental data
	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year						end of period			Gross			Net			Net investment			turnover
	ended			Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
LARGE-CAP VALUE INDEX FUND
Institutional Class:		4/30/21	#		36.24	%b		$7,524,442			0.05	%c		0.05	%c		1.94	%c		7	%b
		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:		4/30/21	#		36.19	b		42,272			0.19	c		0.19	c		1.49	c		7	b
		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:		4/30/21	#		36.04	b		1,177,222			0.30	c		0.30	c		1.67	c		7	b
		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:		4/30/21	#		36.28	b		39,143			0.05	c		0.00	c		1.99	c		7	b
		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:		4/30/21	#		28.82	b		5,628,444			0.05	c		0.05	c		1.44	c		5	b
		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:		4/30/21	#		28.73	b		124,002			0.18	c		0.18	c		1.31	c		5	b
		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:		4/30/21	#		28.63	b		1,970,503			0.30	c		0.30	c		1.18	c		5	b
		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:		4/30/21	#		28.84	b		23,679			0.05	c		0.00	c		1.49	c		5	b
		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

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual 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			value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended			of period		(loss		)a	investments			operations			income			gains			distributions			period
SMALL-CAP BLEND INDEX FUND
Institutional Class:		4/30/21	#		$19.45		$0.11			$  9.11			$  9.22			$(0.26	)		$(0.39	)		$(0.65	)		$28.02
		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:		4/30/21	#		19.41		0.09			9.10			9.19			(0.23	)		(0.39	)		(0.62	)		27.98
		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:		4/30/21	#		19.51		0.08			9.14			9.22			(0.21	)		(0.39	)		(0.60	)		28.13
		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
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:		4/30/21	#		11.64		0.08			2.44			2.52			(0.27	)		—			(0.27	)		13.89
		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:		4/30/21	#		11.65		0.08			2.44			2.52			(0.23	)		—			(0.23	)		13.94
		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:		4/30/21	#		11.60		0.07			2.44			2.51			(0.25	)		—			(0.25	)		13.86
		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:		4/30/21	#		11.57		0.07			2.43			2.50			(0.24	)		—			(0.24	)		13.83
		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:		4/30/21	#		11.59		0.06			2.43			2.49			(0.23	)		—			(0.23	)		13.85
		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:		4/30/21	#		11.66		0.10			2.44			2.54			(0.29	)		—			(0.29	)		13.91
		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

50 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

continued

							Ratios and supplemental data
	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year						end of period			Gross			Net			Net investment			turnover
	ended			Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
SMALL-CAP BLEND INDEX FUND
Institutional Class:		4/30/21	#		48.00	%b		$3,546,453			0.05	%c		0.05	%c		0.84	%c		11	%b
		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:		4/30/21	#		47.93	b		13,151			0.77	c		0.20	c		0.69	c		11	b
		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:		4/30/21	#		47.81	b		1,153,269			0.30	c		0.30	c		0.59	c		11	b
		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
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:		4/30/21	#		21.83	b		1,040,188			0.18	c		0.18	c		1.25	c		18	b
		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:		4/30/21	#		21.81	b		6,640			0.32	c		0.32	c		1.21	c		18	b
		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:		4/30/21	#		21.83	b		29,895			0.33	c		0.33	c		1.11	c		18	b
		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:		4/30/21	#		21.80	b		559,872			0.43	c		0.43	c		1.02	c		18	b
		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:		4/30/21	#		21.64	b		24,647			0.56	c		0.56	c		0.92	c		18	b
		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:		4/30/21	#		21.97	b		2,692,791			0.18	c		0.00	c		1.45	c		18	b
		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

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 51

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			value,		investment			unrealized gain			(loss) from			Net			Net		dividends			value,
	or year			beginning		income			(loss) on total			investment			investment			realized		and			end of
	ended			of period		(loss		)a	investments			operations			income			gains		distributions			period
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:		4/30/21	#		$17.93		$0.27			$  4.79			$  5.06			$(0.42	)		$  —		$(0.42	)		$22.57
		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:		4/30/21	#		17.90		0.27			4.77			5.04			(0.40	)		—		(0.40	)		22.54
		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:		4/30/21	#		17.87		0.26			4.78			5.04			(0.39	)		—		(0.39	)		22.52
		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:		4/30/21	#		18.32		0.26			4.89			5.15			(0.37	)		—		(0.37	)		23.10
		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:		4/30/21	#		17.94		0.29			4.78			5.07			(0.43	)		—		(0.43	)		22.58
		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

#	Unaudited
‡	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.

52 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

concluded

							Ratios and supplemental data
	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year						end of period			Gross			Net			Net investment			turnover
	ended			Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:		4/30/21	#		28.42	%b		$  8,769,711			0.05	%c		0.05	%c		2.55	%c		2	%b,f
		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:		4/30/21	#		28.34	b		149,825			0.17	c		0.17	c		2.53	c		2	b,f
		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:		4/30/21	#		28.39	b		246,126			0.20	c		0.20	c		2.46	c		2	b,f
		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:		4/30/21	#		28.29	b		1,416,174			0.30	c		0.30	c		2.36	c		2	b,f
		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:		4/30/21	#		28.46	b		5,475,742			0.05	c		0.00	c		2.69	c		2	b,f
		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  ■  2021 Semiannual Report 53

Notes to financial statements (unaudited)

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.

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

54 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

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.

New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

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:

Debt securities: Prices of fixed-income securities are 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.

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 categorized 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 the securities 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.

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.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 55

Notes to financial statements (unaudited)

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; otherwise they would be classified as Level 3.

As of April 30, 2021, 100% of the value of investments in the Large-Cap Growth Index Fund was valued based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of April 30, 2021, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Equity Index
Equity investments:
Financials	$	3,857,199,832		$	—	$	4,176	$	3,857,204,008
Health Care		4,373,727,271			—		84,460		4,373,811,731
All other equity investments*		24,432,568,128			—		—		24,432,568,128
Short-term investments		86,481,537			298,520,245		—		385,001,782
Futures contracts**		3,172,190			—		—		3,172,190
Total	$	32,753,148,958		$	298,520,245	$	88,636	$	33,051,757,839
Large-Cap Value Index
Equity investments*	$	8,775,443,523		$	—	$	—	$	8,775,443,523
Short-term investments		8,525,252			4,000,000		—		12,525,252
Total	$	8,783,968,775		$	4,000,000	$	—	$	8,787,968,775
S&P 500 Index
Equity investments*	$	7,692,033,342		$	—	$	—	$	7,692,033,342
Short-term investments		1,244,796			49,525,000		—		50,769,796
Futures contracts**		(56,111	)		—		—		(56,111	)
Total	$	7,693,222,027		$	49,525,000	$	—	$	7,742,747,027
Small-Cap Blend Index
Equity investments:
Financials	$	769,715,681		$	—	$	8,640	$	769,724,321
Health Care		903,527,175			—		106,394		903,633,569
All other equity investments*		3,036,182,789			—		—		3,036,182,789
Short-term investments		114,636,088			3,730,000		—		118,366,088
Total	$	4,824,061,733		$	3,730,000	$	115,034	$	4,827,906,767
Emerging Markets Equity Index
Equity investments:
Africa/Middle East	$	—		$	271,381,476	$	—	$	271,381,476
Asia		493,663,174			2,740,011,198		1,179,486		3,234,853,858
Europe		36,772,961			90,898,137		—		127,671,098
Latin America		192,221,699			—		—		192,221,699
North America		126,404,192			—		—		126,404,192
All other equity investments*		111,252,535			294,878,423		792		406,131,750
Short-term investments		95,821,556			1,735,000		—		97,556,556
Total	$	1,056,136,117		$	3,398,904,234	$	1,180,278	$	4,456,220,629

56 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

Fund	Level 1			Level 2		Level 3		Total
International Equity Index
Equity investments:
Asia	$	3,866,372		$	4,219,593,461	$	—	$	4,223,459,833
Australasia		—			1,288,900,731		3,048		1,288,903,779
Europe		11,029,330			9,107,678,549		—		9,118,707,879
All other equity investments*		45,454,174			1,146,688,124		1,681		1,192,143,979
Short-term investments		93,575,022			123,320,664		—		216,895,686
Futures contracts**		(48,278	)		—		—		(48,278	)
Total	$	153,876,620		$	15,886,181,529	$	4,729	$	16,040,062,878

*	For detailed categories, see the accompanying Summary portfolio of investments.
**	Derivative instruments 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 Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.

As of April 30, 2021, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to

indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

At April 30, 2021, 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		$151,106,293	$	86,481,538		$	70,915,505	$	157,397,043
Large-Cap Growth Index		18,702,007		6,298,331			13,222,501		19,520,832
Large-Cap Value Index		14,265,771		8,525,252			6,230,168		14,755,420
S&P 500 Index		1,209,752		1,244,796			—		1,244,796
Small-Cap Blend Index		205,815,174		114,636,088			99,931,838		214,567,926
Emerging Markets Equity Index		139,370,482		95,821,556			50,558,901		146,380,457
International Equity Index		193,540,932		93,575,022			119,793,523		213,368,545

* May include cash and investment of cash collateral.

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may 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.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2021 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Equity Index	$	726,569,655	$	1,047,250,996
Large-Cap Growth Index		1,759,900,004		603,787,726
Large-Cap Value Index		635,776,301		549,778,531
S&P 500 Index		317,327,591		345,315,941
Small-Cap Blend Index		586,197,010		462,410,817
Emerging Markets Equity Index		806,696,866		725,819,844
International Equity Index		377,507,009		553,191,907

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

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 57

Notes to financial statements (unaudited)

instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.

At April 30, 2021, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

	Asset derivatives			Liabilities derivatives
		Fair value			Fair value
Derivative contract	Location	amount		Location	amount
Equity Index Fund
Equity contracts	Futures contracts*	$	3,172,190
S&P 500 Index Fund
Equity contracts				Futures contracts*	$	(56,111	)
International Equity Index Fund
Equity contracts				Futures contracts*		(48,278	)

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

For the period ended April 30, 2021, 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	$	18,017,701		$	4,426,743
S&P 500 Index Fund
Equity contracts	Futures contracts		7,973,271			415,789
Small-Cap Blend Index Fund
Equity contracts	Futures contracts		(47	)		—
International Equity Index Fund
Equity contracts	Futures contracts		39,720,054			4,821,115

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended April 30, 2021, the Equity Index Fund, the S&P 500 Index Fund, and the International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. The futures contracts outstanding as of April 30,

2021 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.

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 April 30, 2021, 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	$	15,560,452,259	$	18,122,732,646	$	(631,427,066	)	$	17,491,305,580
Large-Cap Growth Index		6,548,343,712		6,995,817,462		(69,245,029	)		6,926,572,433
Large-Cap Value Index		5,993,917,998		3,105,025,063		(310,974,286	)		2,794,050,777
S&P 500 Index		3,294,518,773		4,622,573,212		(174,344,958	)		4,448,228,254
Small-Cap Blend Index		3,046,042,016		2,027,816,337		(245,951,586	)		1,781,864,751
Emerging Markets Equity Index		3,064,839,063		1,650,810,821		(259,429,255	)		1,391,381,566
International Equity Index		12,247,187,000		4,969,163,827		(1,176,287,949	)		3,792,875,878

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.

58 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

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

	10/31/2020
Fund	Ordinary income		Long-term capital gains		Total
Equity Index	$	432,656,400	$	38,341,696	$	470,998,096
Large-Cap Growth Index		85,041,646		103,369,310		188,410,956
Large-Cap Value Index		187,639,650		291,202,475		478,842,125
S&P 500 Index		105,924,670		16,347,251		122,271,921
Small-Cap Blend Index		54,413,020		107,080,539		161,493,559
Emerging Markets Equity Index		80,014,430		—		80,014,430
International Equity Index		406,522,215		—		406,522,215

The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.

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 period ended April 30, 2021, the Equity Index Fund recognized a net capital gain of $743,310,680 as the result of a delivery of $944,191,137 of securities from in-kind redemption transactions. The International Equity Index Fund recognized a net capital gain of $370,919,506 as the result of a delivery of $656,992,254 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.

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 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. 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 April 30, 2021, 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, 2022. 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.

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 59

Notes to financial statements (unaudited) concluded

Income, reflected in Payment from affiliate on the Statements of operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2021, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Equity Index	$	137,099,786	$	1,719,561	$	84,397
Large-Cap Growth Index		447,380,914		18,424,644		1,081,167
Large-Cap Value Index		12,482,595		8,728,305		(801,429	)
S&P 500 Index		30,099,419		23,249,929		4,491,201
Small-Cap Blend Index		5,819,379		10,209,806		(146,180	)
Emerging Markets Equity Index		4,245,053		8,920,972		(199,575	)
International Equity Index		76,665,762		138,242,337		(13,302,737	)

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds. The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of April 30, 2021:

Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifecycle Index Funds			TIAA Access			Total
Equity Index		—	%		58	%		1	%		59	%
Large-Cap Growth Index		23			—			4			27
Large-Cap Value Index		—			—			7			7
S&P 500 Index		—			—			11			11
Small-Cap Blend Index		—			—			18			18
Emerging Markets Equity Index		—			61			2			63
International Equity Index		—			34			6			40

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of April 30, 2021, three 529 Plans owned 5%, 6% and 7% respectively, of the Equity Index Fund; and two 529 Plans owned 11% and 7% respectively, of the S&P 500 Index Fund.

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 period ended April 30, 2021, 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 period ended April 30, 2021, there were no borrowings under this credit facility by the Funds.

60 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Approval of investment management agreement(unaudited)

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

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

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

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

Overview of the renewal process

The Board held a videoconference meeting on March 12, 2021, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

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

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

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

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

In advance of the Board meeting held on March 12, 2021, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any contractual fee rate, fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 61

Approval of investment management agreement(unaudited)

Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations of reasons to be included in the shareholder reports of why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. Additionally, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations

On March 4, 2021, the Board held a videoconference meeting with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 12, 2021 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

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

In addition to the March 12, 2021 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The

Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 12, 2021 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and discuss information regarding the performance of the Funds and other matters. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 12, 2021, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio

62 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

management services provided by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its benchmark index or other comparative information deemed relevant by management and/or the Board. The Board also reviewed the three-year performance of the Funds before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable, on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.

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

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2020. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2020. The Board acknowledge Advisors’ commitment to contractually reduce the Emerging Markets Equity Index Fund by 0.02% starting August 1, 2021 and by another 0.02% starting August 1, 2022. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses

exceeded certain specified amounts. Based upon the information provided by Advisors with respect to Advisors’ profitability under the Agreement for each Fund in 2020, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates and the performance of such investment companies. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 63

Approval of investment management agreement(unaudited)

the Funds may differ from the management fee rates chargeable to these other funds and accounts, this may be due in part to the fact that these other funds and accounts may: (1) involve less entrepreneurial risk on the part of Advisors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; and/or (5) target different investors.

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution, administration and investment-related benefits and/or personnel with other clients of Advisors, such as economies of scale to the extent the Funds share investment resources and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. References to “adjusted” relative gross performance means the performance of a Fund minus the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable. All time periods referenced below are ended December 31, 2020. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2020. For reference, one basis point equals 0.01%. Statements below regarding “net profit” refer to Advisors’ calculation that it earned a profit for the services that it rendered to a Fund during 2020 under the Agreement.

Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 3000^® Index, differed by –2 basis points.

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

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

Large-Cap Growth Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000^® Growth Index, differed by –1 basis point.

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

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

Large-Cap Value Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000^® Value Index, differed by +2 basis points.

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

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

S&P 500 Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance was the same as compared to its benchmark, the S&P 500^® Index.

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

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

64 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

concluded

Small-Cap Blend Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 2000^® Index, differed by +4 basis points.

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

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

Emerging Markets Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.14% of average daily net assets.

• Effective August 1, 2021, the Fund’s contractual management fee rate will be reduced to 0.12% of average daily net assets, and effective August 1, 2022, the Fund’s contractual management fee rate will be reduced to 0.10% of average daily net assets.

• The Fund’s total expense ratio and contractual management fee rate were each in the 2nd quintile of both its Expense Group and Expense Universe. The Fund’s actual management fee rate was in the 4th and 3rd quintiles of its Expense Group and Expense Universe, respectively.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI Emerging Markets Index, differed by –10 basis points.

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

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

International Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI EAFE Index, differed by –6 basis points.

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

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

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

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 65

Liquidity risk management program

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

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

At a February 9, 2021 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

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

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

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

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

66 2021 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Additional information about index providers(unaudited)

Russell Indexes

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

Standard & Poor’s Index

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

s&p dow jones indices does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the s&p 500 index or any data related thereto or any communication, including but not limited to, oral or written communication (including electronic communications) with respect thereto. s&p dow jones indices shall not be subject to any damages or liability for any errors, omissions, or delays therein. s&p dow jones indices makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by the fund, owners of the fund, or any other person or entity from the use of the s&p 500 index or with respect to any data related thereto. without limiting any of the foregoing, in no event whatsoever shall s&p dow jones indices be liable for any indirect, special, incidental, punitive, or consequential damages including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. there are no third party beneficiaries of any agreements or arrangements between s&p dow jones indices and the fund, other than the licensors of s&p dow jones indices.

MSCI Indexes

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

TIAA-CREF Funds: Equity Index Funds  ■  2021 Semiannual Report 67

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How to reach us

Websites

TIAA.org

nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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.

©2021 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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TIAA-CREF
Funds April 30,
2021

TIAA-CREF

International Fixed-Income Funds

The semiannual report contains the financial statements (unaudited).

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class	Class W
Emerging Markets Debt Fund	TEDNX	TEDHX	TEDPX	TEDTX	TEDLX	TEDVX
International Bond Fund	TIBWX	TIBNX	TIBLX	TIBVX	TIBEX	TIBUX

Semiannual
Report

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 not be sent to you 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.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.

Contents

Understanding this report	3
Letter to investors	4
Information for investors	6
About the funds’ benchmarks	7
Important information about expenses	8
Fund performance
Emerging Markets Debt Fund	9
International Bond Fund	13
Summary portfolios of investments	17
Financial statements (unaudited)
Statements of assets and liabilities	33
Statements of operations	35
Statements of changes in net assets	36
Financial highlights	40
Notes to financial statements	46
Approval of investment management agreement	60
Liquidity risk management program	68
How to reach us	Inside back cover

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2021. The report contains four main sections:

• A letter from Brad Finkle, President of the TIAA-CREF Fund Complex.

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

• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of April 30, 2021.

• 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 websites at TIAA.org or nuveen.com, 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  ■  2021 Semiannual Report 3

Letter to investors

International fixed-income securities recorded mixed results for the six months ended April 30, 2021. Emerging-markets debt advanced for the period despite rising U.S. bond yields. Foreign investment-grade fixed-rate bonds declined modestly as countries began to recover from the COVID-19 pandemic. For the six months:

• Emerging-markets debt securities gained 3.3%, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. Please see page 7 for benchmark definitions.

• International investment-grade fixed-rate bonds returned –1.4%, as measured by the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged).

• The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) advanced 6.6%, while the TIAA-CREF International Bond Fund (Institutional Class) returned –0.2%. Both outperformed their respective benchmarks.

Emerging-markets debt securities advanced in the early months of the period as COVID-19 vaccination approvals improved risk sentiment, oil prices recovered and the U.S. dollar weakened. However, they lost some ground later in the period amid a spike in U.S. bond yields, robust economic data and rising inflation.

International investment-grade fixed-rate bonds declined slightly over the six months. Modest gains early in the period were offset later by the impact of U.S. bond yields that rose sharply amid growing inflation concerns. Economies in the 19-nation euro area contracted during the fourth quarter of 2020 and the first quarter of 2021. Meanwhile, global central banks maintained accommodative monetary policies, keeping interest rates low and conducting bond-buying programs to support their economies.

Foreign bonds posted mixed results versus U.S. bonds

For the six months, international bonds delivered mixed results when compared with the performance of U.S. bonds. International investment-grade securities surpassed the –1.5% return of U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. Emerging-markets debt lagged the 6.6% gain of U.S. high-yield bonds, as measured by the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index.

The value of a diversified approach

The COVID-19 pandemic presented many global challenges, but it did not affect countries uniformly. Some struggled more than others, and the timing and impact of the virus varied considerably from nation to nation.

4 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Brad Finkle

As the pandemic evolved, diversification by geography and asset class was a sensible investment strategy to help navigate shifts in global bond markets. It may also serve investors well as the world recovers and gradually returns to more normal levels of business and consumer activities.

Since the progression of recovery among the world’s economies may be difficult to forecast, diversification that includes international fixed-income securities may help to balance market risks and opportunities more effectively, allowing investors to achieve their long-term financial goals. As such, a professionally managed portfolio of foreign bonds within a mutual fund offers investors a prudent way to gain access to this 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 welcome the opportunity to assist you.

/s/ Brad Finkle

Brad Finkle

President of the TIAA-CREF Fund Complex

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 5

Information for investors

Portfolio holdings

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

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

• By visiting our websites at TIAA.org or nuveen.com; 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 2021 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

About the funds’ benchmarks

Emerging Markets Debt Fund

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds and other debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.

International Bond Fund

The Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) is an unmanaged, global, investment-grade fixed-rate bond market index, including treasury, government-related, corporate and securitized fixed-rate bonds from both developed- and emerging-markets issuers, in 24 local currencies. Securities are SEC registered, taxable, non-dollar denominated and must have a minimum maturity of one year. Securities must be rated investment grade using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings.

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

Information has been obtained from sources believed to be reliable but J.P. Morgan does not guarantee its completeness or accuracy. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified (EMBI-GD Index) is used with permission. The EMBI-GD Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2021, 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   ■   2021 Semiannual Report 7

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2020–April 30, 2021).

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 2021 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Performance for the six months ended April 30, 2021

The Emerging Markets Debt Fund returned 6.61% for the Institutional Class, compared with the 3.26% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). For the one-year period ended April 30, 2021, the Fund returned 22.85% versus 15.97% for the index. The performance table shows returns for all share classes of the Fund.

Emerging-markets debt rose amid a mix of positive and negative economic trends

Emerging-markets (EM) debt, as measured by the JP Morgan index, gained 4.68% in the first three months of the period. COVID-19 vaccination approvals improved risk sentiment, oil prices recovered as Saudi Arabia contained production, the U.S. dollar weakened and the Democratic electoral victory led to the potential for higher levels of fiscal stimulus.

However, EM debt returned –1.35% in the final three months amid a sharp rise in U.S. bond yields triggered by a combination of factors: faster-than-expected vaccine distribution, the passage of a larger-than-expected $1.9 trillion U.S. fiscal stimulus package, robust economic data and a concurrent rise in headline inflation. Furthermore, higher U.S. interest rates and strong growth prospects drove the dollar higher in late March.

Fund surpassed its benchmark

For the period, the Fund outperformed its benchmark largely due to strong security allocations within sovereigns and selections within corporate debt. The allocation to local-currency positions (which outperformed the benchmark’s performance) was positive but not as noteworthy as gains from recovering high-yield markets in sovereigns and corporates.

Sovereign overweight positions in Angola, Zambia and Jamaica, as well as an underweight to Peru, were major contributors. Overweight positions in Oman and Egypt, and underweights to less volatile markets like Panama, Romania, Qatar and the Philippines, also contributed within the U.S. dollar sovereign segment.

Within corporates, Brazilian selections, an underweight and selections in China, along with an underweight to Malaysian quasi-sovereigns and a recovery in a Ghanaian oil producer, all boosted performance. Chilean and United Arab Emirates corporate selections and exposure to pan-Caribbean telecom provider Digicel also benefited. Exposure to Mexico and Ukraine contributed further.

By contrast, the Fund’s performance was hurt by an underweight to sovereigns and certain high-yield markets that had particularly sharp recoveries. Unfavorable security selection in Costa Rica within the corporate sector also detracted.

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 9

Emerging Markets Debt Fund

Performance as of April 30, 2021
Emerging Markets Debt Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception										since
	date	6 months			1 year			5 years			inception				gross		net
Institutional Class	9/26/14		6.61	%		22.85	%		6.85	%		5.52	%		0.62	%	0.62	%
Advisor Class	12/4/15		6.67			22.83			6.84			5.50	†		0.69		0.69
Premier Class	9/26/14		6.56			22.70			6.68			5.35			0.78		0.78
Retirement Class	9/26/14		6.49			22.59			6.60			5.25			0.87		0.87
Retail Class	9/26/14		6.48			22.54			6.52			5.17			0.93		0.93
Class W	9/28/18		6.92			23.56			7.19	†		5.77	†		0.62		0.00
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified	—		3.26			15.97			5.14			4.93	‡		—		—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	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 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Expense example
Six months ended April 30, 2021
	Beginning		Ending		Expenses paid
	account value		account value		during period	*
Emerging Markets Debt Fund	(11/1/20	)	(4/30/21	)	(11/1/20–4/30/21	)
Actual return
Institutional Class	$1,000.00		$1,066.10		$3.12
Advisor Class	1,000.00		1,066.68		3.43
Premier Class	1,000.00		1,065.56		3.99
Retirement Class	1,000.00		1,064.88		4.35
Retail Class	1,000.00		1,064.83		4.71
Class W	1,000.00		1,069.25		0.00
5% annual hypothetical return
Institutional Class	1,000.00		1,021.77		3.06
Advisor Class	1,000.00		1,021.47		3.36
Premier Class	1,000.00		1,020.93		3.91
Retirement Class	1,000.00		1,020.58		4.26
Retail Class	1,000.00		1,020.23		4.61
Class W	1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.61% for the Institutional Class, 0.67% for the Advisor Class, 0.78% for the Premier Class, 0.85% for the Retirement Class, 0.92% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

For more information about this expense example, please see page 8.

Fund profile
	as of 4/30/2021
Net assets	$706.15 million
Portfolio turnover rate*	19%
Number of issues	353
Option-adjusted duration‡	6.89 years
Average maturity§	11.75 years

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 11

Emerging Markets Debt Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2021
Foreign government securities	48.6
Corporate bonds	47.0
Bank loan obligations	1.0
Common stocks & rights	0.2
Short-term investments, other assets & liabilities, net	3.2
Total	100.0

Holdings by country
% of portfolio investments
	as of 4/30/2021
Mexico	8.0
Brazil	6.7
South Africa	4.6
Indonesia	3.8
Turkey	3.7
India	3.7
Ukraine	3.6
Peru	3.1
59 other nations	59.0
Short-term investments	3.8
Total	100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 4/30/2021
Less than 1 year	1.9
1–3 years	7.4
3–5 years	12.7
5–10 years	45.1
Over 10 years	32.9
Total	100.0

Holdings by credit quality
	% of fixed-income investments
	(excluding short-term investments)
	as of 4/30/2021
A/A	5.7
Baa/BBB	26.3
Ba/BB	31.8
B/B	22.4
Below B/B	4.5
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.

12 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Performance for the six months ended April 30, 2021

The International Bond Fund returned –0.16% for the Institutional Class, compared with the –1.38% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). For the one-year period ended April 30, 2021, the Fund returned 3.79% versus –0.07% for the index. The performance table shows returns for all share classes of the Fund.

International fixed-income markets declined as interest rates spiked

International bond markets began the period with modest gains, buoyed by positive vaccine trial results and continued fiscal and monetary accommodations, which added momentum to the global economic recovery and weakening U.S. dollar trend. However, sentiment shifted during the first quarter of 2021 after a Democratic win in the Senate paved the way for more U.S. stimulus, stoking fears of an overshoot and driving a sharp repricing of U.S. Treasury yields. The U.S.-led move created headwinds across markets with interest rates higher and credit spreads wider, though European bonds outperformed, anchored by a slower recovery.

Global economic growth was uneven as the pandemic’s path and vaccine rollouts varied widely among countries and regions. The economy in the 19-nation euro area contracted year-over-year in both the fourth quarter of 2020 and the first quarter of 2021. Meanwhile, China’s economy grew 18.3% year-over-year, and the U.S. posted 6.4% annualized growth in the first quarter of 2021. As the U.S. recovery gathered steam during the second half of the period, the euro and Japanese yen, along with most emerging-markets (EM) currencies, fell against the dollar.

Fund surpassed its benchmark

For the six-month period, the Fund declined slightly but outperformed its benchmark. Asset allocation was the most significant contributor. Off-benchmark selections in EM credit, particularly holdings in Africa, were key drivers of outperformance. Corporates were also contributors, led by high yield. Security selection also benefited the Fund’s return, led by holdings of certain European Treasuries. Currency positioning also helped, driven by exposure to EM, including the South African rand, Egyptian pound and Mexican peso, while the Japanese yen and Peruvian sol detracted.

By contrast, yield curve positioning was a slight detractor, with U.S. dollar duration as the main drag due to exposure in certain credit positions. Positioning in European and Canadian rates was positive, moderating the overall impact to performance from local interest-rate moves.

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 13

International Bond Fund

Performance as of April 30, 2021
International Bond Fund								Average annual			Annual operating
		Total return						total return			expenses*
	Inception							since
	date	6 months			1 year			inception			gross			net
Institutional Class	8/5/16		–0.16	%		3.79	%		3.19	%		0.60	%		0.60	%
Advisor Class	8/5/16		–0.19			3.76			3.14			0.70			0.70
Premier Class	8/5/16		–0.22			3.61			3.04			0.78			0.75
Retirement Class	8/5/16		–0.28			3.57			2.95			0.85			0.85
Retail Class	8/5/16		–0.37			3.47			2.84			1.07			0.95
Class W	9/28/18		0.19			4.45			3.54	†		0.60			0.00
Bloomberg Barclays Global Aggregate ex-USD Index (Hedged)	—		–1.38			–0.07			2.79	‡		—			—

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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	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.

14 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Expense example
Six months ended April 30, 2021
	Beginning		Ending		Expenses paid
	account value		account value		during period	*
International Bond Fund	(11/1/20	)	(4/30/21	)	(11/1/20–4/30/21	)
Actual return
Institutional Class	$1,000.00		$   998.41		$2.92
Advisor Class	1,000.00		998.08		3.42
Premier Class	1,000.00		997.81		3.72
Retirement Class	1,000.00		997.21		4.11
Retail Class	1,000.00		996.25		4.70
Class W	1,000.00		1,001.91		0.00
5% annual hypothetical return
Institutional Class	1,000.00		1,021.87		2.96
Advisor Class	1,000.00		1,021.37		3.46
Premier Class	1,000.00		1,021.08		3.76
Retirement Class	1,000.00		1,020.68		4.16
Retail Class	1,000.00		1,020.08		4.76
Class W	1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.59% for the Institutional Class, 0.69% for the Advisor Class, 0.75% for the Premier Class, 0.83% 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 4/30/2021
Net assets	$510.68 million
Portfolio turnover rate*	20%
Number of issues	403
Option-adjusted duration‡	7.18 years
Average maturity§	8.42 years

*	The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized.
‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 15

International Bond Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2021
Foreign government securities		68.9
Corporate bonds		20.3
Mortgage-backed securities		1.8
Bank loan obligations		1.0
Commercial mortgage-backed securities		0.8
Asset-backed securities		0.7
Short-term investments, other assets & liabilities, net		6.5
Total		100.0

Holdings by country
% of portfolio investments
	as of 4/30/2021
Japan		14.4
United States		13.3
China		9.0
United Kingdom		5.7
Italy		5.3
France		4.4
Spain		3.4
Canada		3.2
65 other nations		37.5
Short-term investments		3.8
Total		100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 4/30/2021
Less than 1 year	2.8
1–3 years	15.3
3–5 years	15.4
5–10 years	40.9
Over 10 years	25.6
Total	100.0

Holdings by credit quality
	% of fixed-income investments
	(excluding short-term investments)
	as of 4/30/2021
Aaa/AAA	8.3
Aa/AA	13.1
A/A	36.8
Baa/BBB	27.0
Ba/BB	7.9
B/B	5.3
Non-rated	1.6
Total	100.0

Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

16 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Summary portfolio of investments (unaudited)

Emerging Markets Debt Fund  ■  April 30, 2021

								% of net
Principal			Issuer			Value		assets
BANK LOAN OBLIGATIONS
MEXICO
$	4,000,000	†,i	Grupo Aeromexico SAB de C.V. LIBOR 1M + 8.000%		9.000%, 8/19/22	$	4,015,000		0.5	%
	3,250,000	†,i	Grupo Aeromexico SAB de C.V. LIBOR 1M + 12.500%		12.613%, 8/19/22		3,323,125		0.5
			TOTAL BANK LOAN OBLIGATIONS (Cost $7,197,022)				7,338,125		1.0
BONDS
CORPORATE BONDS
ARGENTINA							2,837,975		0.4
BRAZIL
	3,000,000	g	Amaggi Luxembourg International Sarl		5.250%, 01/28/28		3,135,750		0.4
	3,750,000	g	Banco BTG Pactual S.A.		2.750%, 01/11/26		3,562,538		0.5
			Other				29,867,175		4.2
							36,565,463		5.1
CHILE
	7,625,000	g	Corp Nacional del Cobre de Chile	3.000%–4.375%, 08/01/27–01/15/51			7,972,253		1.1
			Other				13,686,473		1.9
							21,658,726		3.0
CHINA							16,965,396		2.4
COLOMBIA							8,984,454		1.3
COSTA RICA							2,306,991		0.3
DOMINICAN REPUBLIC							4,640,889		0.7
ECUADOR							2,010,332		0.3
GHANA							2,833,750		0.5
GUATEMALA							3,432,650		0.5
HONG KONG							2,767,202		0.4
INDIA
	3,750,000	g	Bharti Airtel Ltd		3.250%, 06/03/31		3,657,899		0.5
			Other				17,435,873		2.5
							21,093,772		3.0
INDONESIA
	3,750,000	g	Saka Energi Indonesia PT		4.450%, 05/05/24		3,150,000		0.5
			Other				17,067,874		2.4
							20,217,874		2.9
ISRAEL
	3,500,000	g	Mizrahi Tefahot Bank Ltd		3.077%, 04/07/31		3,552,500		0.5
			Other				6,358,040		0.9
							9,910,540		1.4
JAMAICA							536,444		0.1

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 17

Summary portfolio of investments (unaudited)	continued
Emerging Markets Debt Fund  ■  April 30, 2021

								% of net
	Principal		Issuer				Value		assets
KAZAKHSTAN
$	3,000,000	g	KazMunayGas National Co JSC		3.500%, 04/14/33	$	3,186,088		0.5	%
			Other				12,162,924		1.7
							15,349,012		2.2
KUWAIT							4,603,233		0.7
MACAU							6,271,688		0.9
MALAYSIA							5,990,688		0.8
MEXICO
	5,750,000	†,g,q	Aerovias de Mexico S.A.		7.000%, 02/05/25		3,191,307		0.5
	5,100,000		Petroleos Mexicanos		5.350%, 02/12/28		5,010,240		0.7
	4,647,000		Petroleos Mexicanos		7.000%, 01/23/30		4,774,792		0.7
			Other				23,001,808		3.2
							35,978,147		5.1
OMAN							4,025,990		0.6
PAKISTAN							977,338		0.1
PANAMA							9,074,354		1.3
PERU							15,803,828		2.2
RUSSIA
	3,000,000	g	LUKOIL Securities BV		3.875%, 05/06/30		3,152,400		0.4
			Other				2,753,108		0.4
							5,905,508		0.8
SAUDI ARABIA
	3,500,000	g	Arabian Centres Sukuk II Ltd		5.625%, 10/07/26		3,611,510		0.5
							3,611,510		0.5
SOUTH AFRICA
	6,525,000	g	Eskom Holdings SOC Ltd	6.350%–8.450%, 08/06/23–08/10/28			6,946,005		1.0
	3,000,000		Sasol Financing USA LLC		5.875%, 03/27/24		3,199,500		0.5
	3,000,000	g	Transnet SOC Ltd		4.000%, 07/26/22		3,058,021		0.4
			Other				8,598,864		1.2
							21,802,390		3.1
SPAIN							2,977,500		0.4
TANZANIA, UNITED REPUBLIC OF
	3,050,000		AngloGold Ashanti Holdings plc		3.750%, 10/01/30		3,154,457		0.4
							3,154,457		0.4
THAILAND
	3,000,000	g	Bangkok Bank PCL		5.000%, N/A‡		3,150,000		0.4
			Other				2,759,953		0.4
							5,909,953		0.8
TRINIDAD AND TOBAGO							2,470,461		0.3
TURKEY							11,962,882		1.7
UKRAINE							9,757,521		1.4

18 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2021

								% of net
Principal			Issuer			Value		assets
UNITED ARAB EMIRATES						$	6,131,705		0.9	%
ZAMBIA
$	3,000,000	g	First Quantum Minerals Ltd		6.875%, 10/15/27		3,292,500		0.5
							3,292,500		0.5
			TOTAL CORPORATE BONDS (Cost $324,539,457)				331,813,123		47.0
GOVERNMENT BONDS
ANGOLA
	6,525,000	g	Angolan Government International Bond	8.000%–9.375%, 05/09/28–05/08/48			6,668,231		0.9
							6,668,231		0.9
ARGENTINA							4,000,239		0.6
AZERBAIJAN
	3,023,000	g	Southern Gas Corridor CJSC		6.875%, 03/24/26		3,627,842		0.5
							3,627,842		0.5
BAHRAIN							4,617,261		0.7
BARBADOS
	3,314,800	g	Barbados Government International Bond		6.500%, 10/01/29		3,372,809		0.5
							3,372,809		0.5
BENIN							1,991,888		0.3
BERMUDA							2,900,762		0.4
BRAZIL
	3,100,000		Brazilian Government International Bond		3.875%, 06/12/30		3,077,246		0.4
			Other				7,560,156		1.2
							10,637,402		1.6
CHINA							4,500,017		0.7
COLOMBIA							6,642,827		1.0
COSTA RICA							2,325,000		0.3
COTE D’IVOIRE							2,781,817		0.4
DOMINICAN REPUBLIC
	3,425,000	g	Dominican Republic Government International Bond		6.875%, 01/29/26		3,998,687		0.6
	4,000,000	g	Dominican Republic Government International Bond		4.875%, 09/23/32		4,186,000		0.6
	3,060,000	g	Dominican Republic Government International Bond		7.450%, 04/30/44		3,694,950		0.5
			Other				3,530,097		0.5
							15,409,734		2.2
ECUADOR
	4,637,020	g	Ecuador Government International Bond (Step Bond)		0.500%, 07/31/35		3,153,220		0.4
			Other				4,510,751		0.6
							7,663,971		1.0

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 19

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2021

								% of net
Principal			Issuer			Value		assets
EGYPT
$	5,225,000	g	Egypt Government International Bond		5.875%, 02/16/31	$	5,037,951		0.7	%
	4,050,000	g	Egypt Government International Bond		8.500%, 01/31/47		4,179,178		0.6
EGP, EUR, $
	19,450,000	g	Egypt Government International Bond	5.625%–16.000%, 06/11/22–11/20/59			8,114,207		1.1
							17,331,336		2.4
EL SALVADOR
$	3,100,000	g	El Salvador Government International Bond		7.625%, 02/01/41		3,178,430		0.4
			Other				2,092,800		0.3
							5,271,230		0.7
GHANA
	10,075,000	g	Ghana Government International Bond		0.000%–8.750%, 04/07/25–03/11/61		9,567,534		1.4
			Other				1,659,701		0.2
							11,227,235		1.6
GREECE
EUR	2,850,000	g	Hellenic Republic Government International Bond		2.000%, 04/22/27		3,758,415		0.5
							3,758,415		0.5
GUATEMALA							6,459,562		0.9
HONDURAS							1,673,687		0.2
INDIA							5,495,332		0.8
INDONESIA							7,022,804		1.0
IRAQ							5,680,012		0.8
ISRAEL							899,484		0.1
JAMAICA
$	2,950,000		Jamaica Government International Bond		8.000%, 03/15/39		4,144,750		0.6
	3,135,000		Jamaica Government International Bond		7.875%, 07/28/45		4,373,325		0.6
			Other				582,500		0.1
							9,100,575		1.3
JORDAN
	4,050,000	g	Jordan Government International Bond		4.950%, 07/07/25		4,188,934		0.6
			Other				2,096,008		0.3
							6,284,942		0.9
KAZAKHSTAN							3,712,990		0.5
KENYA							7,017,431		1.0
LEBANON							860,106		0.2
MALAYSIA							973,225		0.1
MEXICO
	2,775,000		Mexico Government International Bond		4.750%, 04/27/32		3,117,713		0.4
	3,500,000		Mexico Government International Bond		4.280%, 08/14/41		3,570,000		0.5
			Other				4,897,872		0.7
							11,585,585		1.6

20 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2021

								% of net
Principal			Issuer			Value		assets
MONGOLIA						$	2,599,775	0.4		%
MOROCCO
$	2,850,000	g	Morocco Government International Bond		5.500%, 12/11/42		3,165,267		0.4
			Other				1,944,789		0.3
							5,110,056		0.7
NIGERIA
	3,475,000	g	Nigeria Government International Bond		6.500%, 11/28/27		3,673,345		0.5
			Other				3,987,341		0.6
							7,660,686		1.1
OMAN
	4,750,000	g	Oman Government International Bond		6.750%, 10/28/27		5,331,808		0.8
			Other				5,870,922		0.8
							11,202,730		1.6
PAKISTAN
	3,200,000	g	Pakistan Government International Bond		6.875%, 12/05/27		3,346,320		0.5
			Other				2,628,636		0.4
							5,974,956		0.9
PANAMA
	2,850,000		Panama Notas del Tesoro		3.750%, 04/17/26		3,065,175		0.4
							3,065,175		0.4
PARAGUAY							3,854,869		0.5
PERU							6,185,297		0.9
PHILIPPINES							977,930		0.1
QATAR							4,971,897		0.7
REPUBLIC OF SERBIA							4,175,098		0.6
ROMANIA
	3,380,000	g	Romanian Government International Bond		3.000%, 02/14/31		3,438,267		0.5
			Other				2,325,939		0.3
							5,764,206		0.8
RUSSIA
	2,800,000	g	Russian Foreign Bond – Eurobond		5.100%, 03/28/35		3,296,076		0.5
			Other				5,857,979		0.8
							9,154,055		1.3
RWANDA							2,631,790		0.4
SAUDI ARABIA
	9,400,000	g	Saudi Government International Bond	2.250%–3.750%, 10/22/25–02/02/61			9,390,811		1.3
							9,390,811		1.3
SENEGAL							2,905,201		0.4

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 21

Summary portfolio of investments (unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2021

							% of net
Principal			Issuer		Value		assets
SOUTH AFRICA
ZAR	59,300,000		South Africa Government International Bond	7.000%, 02/28/31	$	3,395,390		0.5	%
			Other			7,219,669		1.0
						10,615,059		1.5
SRI LANKA						2,921,721		0.5
SUPRANATIONAL
$	2,975,000	g	Banque Ouest Africaine de Developpement	4.700%, 10/22/31		3,167,654		0.4
						3,167,654		0.4
THAILAND						1,700,490		0.2
TRINIDAD AND TOBAGO						1,098,090		0.2
TUNISIA						1,029,640		0.1
TURKEY
	4,350,000		Turkey Government International Bond	4.875%, 04/16/43		3,349,848		0.5
			Other			9,157,165		1.3
						12,507,013		1.8
UGANDA						1,795,215		0.3
UKRAINE
	5,000,000	g	Ukraine Government International Bond	7.750%, 09/01/25		5,384,800		0.8
	3,500,000	g	Ukraine Government International Bond	7.253%, 03/15/33		3,502,701		0.5
			Other			6,731,542		0.9
						15,619,043		2.2
UNITED ARAB EMIRATES						5,040,068		0.7
URUGUAY
	5,303,796		Uruguay Government International Bond	4.375%, 01/23/31		6,166,458		0.9
			Other			2,332,957		0.3
						8,499,415		1.2
UZBEKISTAN
	4,550,000	g	Republic of Uzbekistan Government International Bond	5.375%, 02/20/29		5,081,835		0.7
			Other			1,431,895		0.2
						6,513,730		0.9
ZAMBIA						3,071,134		0.4
			TOTAL GOVERNMENT BONDS (Cost $343,246,098)			340,696,555		48.2
STRUCTURED ASSETS
TURKEY						2,232,372		0.4
			TOTAL STRUCTURED ASSETS (Cost $2,224,408)			2,232,372		0.4
			TOTAL BONDS (Cost $670,009,963)			674,742,050		95.6
	Shares		Company
COMMON STOCKS
BRAZIL						231,278		0.0
UNITED STATES						994,137		0.2
			TOTAL COMMON STOCKS (Cost $1,959,028)			1,225,415		0.2

22 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Emerging Markets Debt Fund  ■  April 30, 2021

								% of net
Principal			Issuer		Value			assets
SHORT-TERM INVESTMENTS
EGYPT					$	2,744,258			0.4	%
UNITED STATES
$	5,040,000	r	Fixed Income Clearing Corp (FICC)	0.005%, 05/03/21		5,040,000			0.7
			Other			2,000,000			0.3
						7,040,000			1.0
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	17,039,061	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020%		17,039,061			2.4
						17,039,061			2.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $26,810,692)			26,823,319			3.8
			TOTAL PORTFOLIO (Cost $705,976,705)			710,128,909			100.6
			OTHER ASSETS & LIABILITIES, NET			(3,977,802	)		(0.6	)
				NET ASSETS	$	706,151,107			100.0	%

Abbreviation(s):

EGP	Egyptian Pound
EUR	Euro
LIBOR	London Interbank Offered Rate
M	Month
ZAR	South African Rand

†	Security is categorized as Level 3 in the fair value hierarchy.
‡	Perpetual security
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 4/30/21, the aggregate value of these securities, including those in “Other”, is $522,166,679 or 73.9% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
q	In default
r	Agreement with Fixed Income Clearing Corporation (FICC), 0.005% dated 4/30/21 to be repurchased at $5,040,000 on 5/03/21, collateralized by U.S. Treasury Notes valued at $5,140,816.

“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.

At 4/30/21, the aggregate value of securities on loan is $16,587,627. 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.

Forward foreign currency contracts outstanding as of April 30, 2021 were as follows:

Currency		Currency				Unrealized
to be		to be			Settlement	appreciation
purchased	Receive	sold	Deliver	Counterparty	date	(depreciation	)
$	2,341,007	PEN	9,000,000	Citibank, N.A.	07/30/21	$ (37,617	)

Abbreviation(s):

PEN Peruvian Sol

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 23

Summary of market values by sector (unaudited)

Emerging Markets Debt Fund  ■  April 30, 2021

				% of net
Sector	Value			assets
GOVERNMENT	$	340,696,555			48.2	%
ENERGY		62,028,047			8.8
FINANCIALS		59,913,383			8.5
UTILITIES		53,323,839			7.6
MATERIALS		42,177,513			6.0
INDUSTRIALS		40,158,578			5.7
COMMUNICATION SERVICES		36,808,798			5.2
CONSUMER STAPLES		19,349,970			2.7
CONSUMER DISCRETIONARY		13,415,444			1.9
REAL ESTATE		11,119,275			1.6
ASSET BACKED SECURITIES		2,232,372			0.3
INFORMATION TECHNOLOGY		2,081,816			0.3
SHORT-TERM INVESTMENTS		26,823,319			3.8
OTHER ASSETS & LIABILITIES, NET		(3,977,802	)		(0.6	)
NET ASSETS	$	706,151,107			100.0	%

24 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited)

International Bond Fund  ■  April 30, 2021

Principal	Issuer	Value		% of net assets
BANK LOAN OBLIGATIONS
AUSTRALIA		$	383,725		0.1	%
CANADA			385,442		0.1
IRELAND			600,180		0.1
LUXEMBOURG			426,521		0.1
UNITED STATES			3,225,957		0.6
	TOTAL BANK LOAN OBLIGATIONS  (Cost $5,107,986)		5,021,825		1.0
BONDS
CORPORATE BONDS
AUSTRALIA			1,163,278		0.3
BRAZIL			203,000		0.0
CANADA			2,824,149		0.5
CHILE			2,465,421		0.5
CHINA			1,280,108		0.3
COLOMBIA			786,352		0.2
CZECH REPUBLIC			486,578		0.1
DENMARK			706,522		0.1
FRANCE			4,486,689		1.0
GERMANY			3,651,662		0.7
INDIA			1,972,201		0.3
INDONESIA			691,807		0.2
IRELAND			1,195,453		0.2
ISRAEL			1,003,554		0.2
ITALY			1,541,164		0.3
JAPAN			2,572,634		0.5
KAZAKHSTAN			936,847		0.2
KOREA, REPUBLIC OF			1,249,311		0.2
LUXEMBOURG			1,123,604		0.2
MALAYSIA			860,472		0.2
MEXICO			2,286,731		0.3
NETHERLANDS			768,508		0.1
PANAMA			325,128		0.1
PERU			601,700		0.0

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 25

Consolidated summary portfolio of investments(unaudited) continued

International Bond Fund  ■  April 30, 2021

Principal			Issuer		Value		% of net assets
PORTUGAL					$	1,243,210		0.2	%
QATAR						861,651		0.2
RUSSIA						898,785		0.2
SAUDI ARABIA						835,450		0.3
SINGAPORE						937,715		0.2
SPAIN						882,000		0.2
SWITZERLAND						3,866,515		0.7
TANZANIA, UNITED REPUBLIC OF						465,412		0.1
THAILAND						495,032		0.1
UNITED ARAB EMIRATES						1,698,626		0.4
UNITED KINGDOM						8,321,769		1.7
UNITED STATES						47,842,368		9.3
			TOTAL CORPORATE BONDS (Cost $97,760,898)			103,531,406		20.3
GOVERNMENT BONDS
ARGENTINA						147,390		0.0
AUSTRALIA
AUD	4,100,000	z	Australia Government Bond	1.000%, 11/21/31		2,929,070		0.6
			Other			5,806,620		1.1
						8,735,690		1.7
BELGIUM
EUR	2,125,000	g	Kingdom of Belgium Government International Bond	0.000%, 10/22/27		2,602,926		0.5
						2,602,926		0.5
BERMUDA						335,750		0.1
BRAZIL						2,739,113		0.5
CANADA
CAD	3,600,000		Canadian Government International Bond	2.000%, 09/01/23		3,040,794		0.6
			Other			9,620,140		2.0
						12,660,934		2.6
CHILE						1,673,369		0.3
CHINA
CNY	61,260,000		China Government International Bond	2.880%, 11/05/23		9,495,287		1.9
	27,700,000		China Government International Bond	2.360%, 07/02/23		4,244,581		0.8
	49,600,000		China Government International Bond	2.940%, 10/17/24		7,687,388		1.5
	60,500,000		China Government International Bond	3.120%, 12/05/26		9,401,995		1.8
	18,900,000		China Government International Bond	3.860%, 07/22/49		3,009,615		0.6
	30,000,000		China Government International Bond	3.390%, 03/16/50		4,362,045		0.9
			Other			5,080,330		0.9
						43,281,241		8.4

26 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund   ■  April 30, 2021

Principal			Issuer		Value		% of net assets
COTE D’IVOIRE					$	1,421,691		0.3	%
CROATIA						1,187,550		0.2
CYPRUS
EUR	3,475,000	z	Cyprus Government International Bond	0.625%–2.750%, 09/25/28–05/03/49		4,803,499		1.0
						4,803,499		1.0
DOMINICAN REPUBLIC						1,958,546		0.5
ECUADOR						621,162		0.1
EGYPT						4,687,071		1.0
FRANCE
EUR	4,500,000		French Republic Government Bond OAT	0.500%, 05/25/25		5,634,867		1.1
3,775,000			French Republic Government Bond OAT	0.750%, 11/25/28		4,849,224		0.9
2,450,000		g	French Republic Government Bond OAT	0.500%, 05/25/40		2,876,225		0.6
2,500,000		z	UNEDIC ASSEO	0.250%, 07/16/35		2,927,993		0.6
			Other			1,038,054		0.2
						17,326,363		3.4
GERMANY
2,350,000			Bundesrepublik Deutschland Bundesanleihe	0.000%, 02/15/30		2,898,264		0.6
			Other			1,471,653		0.3
						4,369,917		0.9
GHANA						3,401,374		0.7
GREECE
2,300,000		g	Hellenic Republic Government International Bond	1.500%, 06/18/30		2,917,530		0.6
			Other			858,957		0.2
						3,776,487		0.8
GUATEMALA						1,160,500		0.2
HONDURAS						210,000		0.0
HONG KONG						445,659		0.1
HUNGARY						764,170		0.1
ICELAND						1,189,096		0.2
INDIA						443,257		0.0
INDONESIA						4,435,043		0.9
ISRAEL
ILS	5,250,000		Israel Government International Bond	5.500%, 01/31/42		2,588,009		0.5
			Other			2,637,212		0.5
						5,225,221		1.0

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 27

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund   ■  April 30, 2021

	Principal		Issuer			Value	% of net assets
ITALY
EUR	5,525,000		Italy Buoni Poliennali Del Tesoro	2.450%, 10/01/23	$	7,074,498	1.4	%
	3,950,000		Italy Buoni Poliennali Del Tesoro	1.250%, 12/01/26		5,005,886	1.0
	3,675,000	g	Italy Buoni Poliennali Del Tesoro	0.950%, 09/15/27		4,567,338	0.9
	5,775,000	g	Italy Buoni Poliennali Del Tesoro	0.900%–3.850%, 04/01/31–09/01/51		8,232,280	1.7
						24,880,002	5.0
JAPAN
JPY	628,000,000		Japan Government Five Year Bond	0.100%, 06/20/23		5,773,152	1.1
	557,000,000		Japan Government Ten Year Bond	0.100%, 06/20/28		5,143,742	1.0
	335,000,000		Japan Government Ten Year Bond	0.100%, 06/20/29		3,086,791	0.6
	322,000,000		Japan Government Ten Year Bond	0.100%, 09/20/29		2,965,000	0.6
	325,000,000		Japan Government Ten Year Bond	0.100%, 12/20/29		2,990,216	0.6
	425,000,000		Japan Government Ten Year Bond	0.100%, 06/20/30		3,904,622	0.8
	513,000,000		Japan Government Ten Year Bond	0.100%, 09/20/30		4,708,316	0.9
	525,950,000		Japan Government Thirty Year Bond	2.500%, 09/20/34		6,248,802	1.2
	457,700,000		Japan Government Thirty Year Bond	0.500%, 09/20/46		4,114,155	0.8
	340,000,000		Japan Government Twenty Year Bond	2.100%, 03/20/26		3,444,934	0.7
	278,000,000		Japan Government Twenty Year Bond	0.600%, 12/20/36		2,653,481	0.5
	660,000,000		Japan Government Twenty Year Bond	0.700%, 09/20/38		6,356,972	1.2
	312,000,000		Japan Government Twenty Year Bond	0.400%, 09/20/40		2,827,787	0.6
	787,000,000		Japan Government Twenty Year Bond	0.300%–1.800%, 09/20/31–06/20/39		7,759,574	1.5
			Other			6,746,252	1.3
						68,723,796	13.4
KAZAKHSTAN						1,252,305	0.2
KENYA						1,304,713	0.3
KOREA, REPUBLIC OF
KRW	3,290,000,000		Korea Treasury Bond	1.250%, 12/10/22		2,975,219	0.6
	3,800,000,000		Korea Treasury Bond	1.500%, 03/10/25		3,418,769	0.7
	2,815,000,000		Korea Treasury Bond	2.375%, 09/10/38		2,574,232	0.5
			Other			5,372,052	1.0
						14,340,272	2.8
LEBANON						173,460	0.0
MACEDONIA						2,361,972	0.5
MALAYSIA						1,386,846	0.3
MEXICO						4,246,089	0.8
MOROCCO						2,266,267	0.4
NETHERLANDS						1,055,855	0.2
NEW ZEALAND						1,394,205	0.3
NIGERIA						1,400,628	0.3
NORWAY
NOK	35,620,000	g	Norway Government International Bond	1.375%, 08/19/30		4,260,579	0.8
			Other			1,107,579	0.2
						5,368,158	1.0

28 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund   ■  April 30, 2021

Principal			Issuer		Value		% of net assets
PAKISTAN					$	1,027,866		0.2	%
PANAMA						1,075,500		0.2
PARAGUAY						1,042,022		0.2
PERU						2,090,663		0.4
PHILIPPINES						977,930		0.2
POLAND
PLN	11,905,000		Republic of Poland Government International Bond	2.750%, 10/25/29		3,428,624		0.7
						3,428,624		0.7
PORTUGAL						4,073,991		0.8
REPUBLIC OF SERBIA						5,203,887		1.0
ROMANIA
RON	9,500,000		Romania Government Bond	4.150%, 01/26/28		2,499,446		0.5
			Other			1,974,863		0.4
						4,474,309		0.9
RUSSIA						1,113,254		0.2
SAUDI ARABIA						1,175,027		0.2
SENEGAL						1,247,560		0.2
SOUTH AFRICA						2,214,837		0.5
SPAIN
EUR	4,600,000	g	Spain Government International Bond	2.750%, 10/31/24		6,137,621		1.2
	2,650,000	g	Spain Government International Bond	1.200%, 10/31/40		3,220,801		0.6
	4,220,000	g	Spain Government International Bond	0.100%–1.400%, 07/30/28–04/30/31		5,199,338		1.0
			Other			1,448,604		0.3
						16,006,364		3.1
SUPRANATIONAL
AUD	4,100,000		International Bank for Reconstruction & Development	2.200%, 02/27/24		3,317,039		0.7
			Other			10,943,188		2.2
						14,260,227		2.9
SWEDEN						969,831		0.2
THAILAND						3,829,515		0.8
TURKEY						589,108		0.1
UKRAINE						3,391,755		0.6
UNITED ARAB EMIRATES						977,588		0.1

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 29

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund   ■  April 30, 2021

Principal			Issuer			Value	% of net assets
UNITED KINGDOM
GBP	2,425,000		United Kingdom Gilt	1.625%, 10/22/28	$	3,588,641	0.7	%
2,720,000			United Kingdom Gilt	4.750%, 12/07/30		5,110,112	1.0
3,350,000			United Kingdom Gilt	1.750%, 09/07/37		4,996,655	1.0
2,000,000			United Kingdom Gilt	1.250%, 10/22/41		2,737,480	0.5
			Other			3,683,573	0.7
						20,116,461	3.9
URUGUAY						1,242,969	0.2
UZBEKISTAN						1,545,840	0.3
			TOTAL GOVERNMENT BONDS (Cost $338,352,854)			351,832,715	68.9
STRUCTURED ASSETS
IRELAND						1,852,597	0.4
UNITED STATES
$	4,540,062	i	Connecticut Avenue Securities Series 2017 C02 (Class 2ED3), LIBOR 1 M + 1.350%	1.456%, 09/25/29		4,560,086	0.9
	4,678,135	i	Connecticut Avenue Securities Series 2017 C05 (Class 1M2), LIBOR 1 M + 2.200%	2.306%, 01/25/30		4,738,571	0.9
			Other			5,749,613	1.1
						15,048,270	2.9
			TOTAL STRUCTURED ASSETS (Cost $16,905,259)			16,900,867	3.3
			TOTAL BONDS (Cost $453,019,011)			472,264,988	92.5
SHORT-TERM INVESTMENTS
EGYPT
EGP	56,500,000		Egypt Treasury Bill	0.000%, 11/16/21		3,365,953	0.6
						3,365,953	0.6
UKRAINE						822,652	0.2
UNITED STATES
$	6,790,000		Federal Farm Credit Bank (FFCB)	0.010%, 05/03/21		6,790,000	1.3
	6,310,000		United States Treasury Bill	0.013%, 05/20/21		6,309,970	1.2
			Other			1,038,000	0.2
						14,137,970	2.7
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	399,975	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020%,		399,975	0.1
						399,975	0.1
			TOTAL SHORT-TERM INVESTMENTS (Cost $18,726,991)			18,726,550	3.6
			TOTAL PORTFOLIO (Cost $476,853,988)			496,013,363	97.1
			OTHER ASSETS & LIABILITIES, NET			14,669,263	2.9
				NET ASSETS	$	510,682,626	100.0	%

30 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund   ■  April 30, 2021

Abbreviation(s):		LIBOR	London Interbank Offered Rate
AUD	Australian Dollar	M	Month
CAD	Canadian Dollar	JPY	Japanese Yen
CNY	Chinese Yuan	KRW	South Korean Won
EGP	Egyptian Pound	NOK	Norwegian Krone
EUR	Euro	PLN	Polish Zloty
GBP	Pound Sterling	RON	Romanian Leu
ILS	New Israeli Shekel	UAH	Ukrainian Hryvnia

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 4/30/21, the aggregate value of these securities, including those in “Other”, is $129,203,154 or 25.3% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
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.

At 4/30/21, the aggregate value of securities on loan is $392,066. 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 Consolidated summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

Forward foreign currency contracts outstanding as of April 30, 2021 were as follows:

Currency		Currency				Unrealized
to be		to be			Settlement	appreciation
purchased	Receive	sold	Deliver	Counterparty	date	(depreciation		)
$	2,580,794	NZD	3,580,721	Australia and New Zealand Banking Group	07/30/21	$	19,362
$	894,366	BRL	4,877,245	Citibank, N.A.	05/28/21	$	(1,079	)
$	11,678,125	KRW	12,970,777,159	Citibank, N.A.	05/28/21		75,775
$	1,763,122	PLN	6,665,040	Citibank, N.A.	05/28/21		5,331
$	2,863,320	THB	89,907,108	Citibank, N.A.	05/28/21		(23,537	)
Total						$	56,490
$	12,043,023	AUD	15,493,551	Morgan Stanley	07/30/21	$	102,915
$	161,973,436	EUR	133,687,611	Morgan Stanley	07/30/21		942,745
$	1,977,571	ILS	6,439,004	Morgan Stanley	05/28/21		(5,179	)
$	5,448,516	NOK	45,316,742	Morgan Stanley	07/30/21		3,755
Total						$	1,044,236
$	13,956,759	CAD	17,269,257	Toronto Dominion Bank	07/30/21	$	(95,397	)
$	30,557,168	CNY	198,412,580	Toronto Dominion Bank	05/28/21		(17,664	)
$	33,322,547	GBP	23,967,621	Toronto Dominion Bank	07/30/21		213,927
$	68,325,071	JPY	7,415,948,575	Toronto Dominion Bank	07/30/21		414,232
$	494,572	SEK	4,132,365	Toronto Dominion Bank	07/30/21		6,014
EUR	343,061	$	415,200	Toronto Dominion Bank	07/30/21		(1,973	)
$	575,343	ZAR	8,268,024	Toronto Dominion Bank	05/28/21		7,506
Total						$	526,645
Total						$	1,646,733

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 31

Consolidated summary portfolio of investments (unaudited) concluded

International Bond Fund   ■  April 30, 2021

Abbreviation(s):

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan
EUR	Euro
GBP	Pound Sterling
ILS	New Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
THB	Thai Baht
ZAR	South African Rand

Consolidated summary of market values by sector (unaudited)

International Bond Fund   ■  April 30, 2021

Sector	Value		% of net assets
GOVERNMENT	$	351,832,715		68.9	%
FINANCIALS		35,393,711		7.0
MORTGAGE SECURITIES		13,151,252		2.6
INDUSTRIALS		10,428,316		2.0
HEALTH CARE		10,147,119		2.0
MATERIALS		9,630,039		1.9
COMMUNICATION SERVICES		9,087,278		1.8
CONSUMER DISCRETIONARY		7,723,939		1.5
CONSUMER STAPLES		7,201,573		1.4
UTILITIES		5,879,886		1.2
ENERGY		5,312,924		1.0
INFORMATION TECHNOLOGY		5,094,671		1.0
ASSET BACKED SECURITIES		3,749,616		0.7
REAL ESTATE		2,653,774		0.5
SHORT-TERM INVESTMENTS		18,726,550		3.6
OTHER ASSETS & LIABILITIES, NET		14,669,263		2.9
NET ASSETS	$	510,682,626		100.0	%

32 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2021

		Emerging Markets Debt Fund		International Bond Fund		§
ASSETS
Portfolio investments, at value*†		$	710,128,909	$	496,013,363
Cash			2,856		5,517,605
Cash – foreign^			7,599		—
Receivable from securities transactions			6,806,033		1,998,735
Receivable for delayed delivery securities			—		203,488
Receivable from Fund shares sold			7,836,839		8,825,917
Dividends and interest receivable			8,822,154		3,547,413
Due from affiliates			276,689		251,277
Unrealized appreciation on forward foreign currency contracts			—		1,791,562
Other			22,950		13,625
Total assets			733,904,029		518,162,985
LIABILITIES
Management fees payable			314,133		206,220
Service agreement fees payable			7,911		1,408
Distribution fees payable			7,375		405
Overdraft payable			—		5,411,102
Payable for collateral for securities loaned			17,039,061		399,975
Payable for securities transactions			8,582,973		203,872
Payable for delayed delivery securities			1,625,000		999,854
Payable for Fund shares redeemed			18,389		—
Unrealized depreciation on forward foreign currency contracts			37,617		144,829
Payable for trustee compensation			21,363		12,941
Accrued expenses and other payables			99,100		99,753
Total liabilities			27,752,922		7,480,359
NET ASSETS		$	706,151,107	$	510,682,626
NET ASSETS CONSIST OF:
Paid-in-capital		$	701,828,836	$	509,977,104
Total distributable earnings (loss)			4,322,271		705,522
NET ASSETS		$	706,151,107	$	510,682,626
§	Consolidated statement of assets and liabilities (see Note 2)
*	Includes securities loaned of	$	16,587,627	$	392,066
†	Portfolio investments, cost	$	705,976,705	$	476,853,988
^	Foreign cash, cost	$	11,823	$	—

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 33

Statements of assets and liabilities (unaudited) concluded

TIAA-CREF Funds  ■  April 30, 2021

	Emerging Markets Debt Fund		International Bond Fund		§
INSTITUTIONAL CLASS:
Net assets	$	66,967,810	$	723,497
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,649,820		72,690
Net asset value per share	$	10.07	$	9.95
ADVISOR CLASS:
Net assets	$	21,178,864	$	116,147
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,097,386		11,682
Net asset value per share	$	10.10	$	9.94
PREMIER CLASS:
Net assets	$	254,981	$	102,961
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		25,328		10,285
Net asset value per share	$	10.07	$	10.01
RETIREMENT CLASS:
Net assets	$	20,089,505	$	6,517,069
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,996,436		655,865
Net asset value per share	$	10.06	$	9.94
RETAIL CLASS:
Net assets	$	36,170,026	$	1,872,827
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,596,490		188,374
Net asset value per share	$	10.06	$	9.94
CLASS W:
Net assets	$	561,489,921	$	501,350,125
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		55,734,598		50,257,229
Net asset value per share	$	10.07	$	9.98

34 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2021

		Emerging Markets Debt Fund			International Bond Fund		§
INVESTMENT INCOME
Interest*		$	16,906,648		$	4,663,947
Total income			16,906,648			4,663,947
EXPENSES
Management fees			1,779,384			1,189,999
Shareholder servicing — Institutional Class			445			33
Shareholder servicing — Advisor Class			7,320			63
Shareholder servicing — Premier Class			34			29
Shareholder servicing — Retirement Class			25,326			9,926
Shareholder servicing — Retail Class			8,550			6,436
Shareholder servicing — Class W			428			344
Distribution fees — Premier Class			213			77
Distribution fees — Retail Class			34,561			2,403
Administrative service fees			47,981			46,458
Trustee fees and expenses			3,440			2,492
Other expenses			129,026			153,546
Total expenses			2,036,708			1,411,806
Less: Expenses reimbursed by the investment adviser			(1,577,992	)		(1,363,703	)
Net expenses			458,716			48,103
Net investment income (loss)			16,447,932			4,615,844
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			1,393,613			2,549,515
Forward foreign currency contracts			23,951			(7,989,726	)
Foreign currency transactions			(646,795	)		960,097
Net realized gain (loss) on total investments			770,769			(4,480,114	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡			22,831,246			(2,356,158	)
Forward foreign currency contracts			(37,617	)		2,179,510
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(8,925	)		(27,946	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			22,784,704			(204,594	)
Net realized and unrealized gain (loss) on total investments			23,555,473			(4,684,708	)
Net increase (decrease) in net assets from operations		$	40,003,405		$	(68,864	)
§	Consolidated statement of operations (see Note 2)
*	Net of foreign withholding taxes of	$	60,967		$	88,934
‡	Includes net change in unrealized foreign capital gains taxes of	$	(2,455	)	$	—

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 35

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Emerging Markets Debt Fund						International Bond Fund§
		April 30, 2021			October 31, 2020			April 30, 2021			October 31, 2020
		(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	16,447,932		$	31,635,194		$	4,615,844		$	8,448,720
Net realized gain (loss) on total investments			770,769			(6,505,954	)		(4,480,114	)		(3,428,857	)
Net change in unrealized appreciation (depreciation) on total investments			22,784,704			(27,676,391	)		(204,594	)		7,122,290
Net increase (decrease) in net assets from operations			40,003,405			(2,547,151	)		(68,864	)		12,142,153
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(1,197,045	)		(1,932,730	)		(24,626	)		(18,717	)
	Advisor Class		(454,058	)		(1,224,162	)		(3,221	)		(2,755	)
	Premier Class		(12,092	)		(20,748	)		(2,701	)		(2,704	)
	Retirement Class		(401,834	)		(815,401	)		(212,350	)		(145,875	)
	Retail Class		(515,492	)		(942,624	)		(45,719	)		(34,693	)
	Class W		(12,741,439	)		(24,726,109	)		(14,770,167	)		(11,358,780	)
Total distributions			(15,321,960	)		(29,661,774	)		(15,058,784	)		(11,563,524	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		26,415,159			36,895,432			123,194			264,820
	Advisor Class		5,899,521			43,516,755			—			26,741
	Premier Class		950,680			313,046			—			—
	Retirement Class		4,134,914			7,187,365			710,443			4,163,815
	Retail Class		30,865,526			22,685,532			258,939			1,011,790
	Class W		91,057,630			242,777,901			118,272,713			147,706,134
Reinvestments of distributions:	Institutional Class		1,186,281			1,869,418			24,347			18,450
	Advisor Class		451,136			1,217,775			14			—
	Premier Class		6,804			9,592			—			—
	Retirement Class		401,630			814,956			212,062			145,582
	Retail Class		513,046			931,629			45,120			34,055
	Class W		—			—			4,197,582			—
Redemptions:	Institutional Class		(9,640,540	)		(31,510,664	)		(279,803	)		(127,854	)
	Advisor Class		(6,582,726	)		(36,376,172	)		(12,513	)		—
	Premier Class		(950,080	)		(961,387	)		—			—
	Retirement Class		(3,020,196	)		(8,259,501	)		(2,215,439	)		(2,160,854	)
	Retail Class		(15,755,295	)		(25,226,278	)		(216,995	)		(490,803	)
	Class W		(24,377,022	)		(179,189,427	)		(34,123,701	)		(124,531,451	)
Net increase (decrease) from shareholder transactions			101,556,468			76,695,972			86,995,963			26,060,425
Net increase (decrease) in net assets			126,237,913			44,487,047			71,868,315			26,639,054
NET ASSETS
Beginning of period			579,913,194			535,426,147			438,814,311			412,175,257
End of period		$	706,151,107		$	579,913,194		$	510,682,626		$	438,814,311

36 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 37

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		Emerging Markets Debt Fund						International Bond Fund§
		April 30, 2021			October 31, 2020			April 30, 2021			October 31, 2020
		(unaudited		)				(unaudited		)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		2,603,961			3,986,970			12,096			27,135
	Advisor Class		581,997			4,342,304			—			2,623
	Premier Class		95,123			30,996			—			—
	Retirement Class		407,236			732,577			69,421			414,843
	Retail Class		3,056,622			2,320,378			25,416			100,082
	Class W		9,012,721			25,333,944			11,626,121			14,677,615
Shares reinvested:	Institutional Class		118,059			197,686			2,399			1,858
	Advisor Class		44,696			133,732			1			—
	Premier Class		687			971			—			—
	Retirement Class		39,918			87,301			20,913			14,661
	Retail Class		51,155			99,409			4,445			3,426
	Class W		—			—			413,555			—
Shares redeemed:	Institutional Class		(969,644	)		(3,334,013	)		(28,009	)		(12,584	)
	Advisor Class		(648,922	)		(4,144,550	)		(1,217	)		—
	Premier Class		(95,775	)		(94,089	)		—			—
	Retirement Class		(301,143	)		(871,948	)		(221,518	)		(217,345	)
	Retail Class		(1,568,812	)		(2,597,809	)		(21,548	)		(49,630	)
	Class W		(2,415,327	)		(19,108,850	)		(3,355,483	)		(12,419,796	)
Net increase (decrease) from shareholder transactions			10,012,552			7,115,009			8,546,592			2,542,888

^§ Consolidated statement of changes in net assets (see Note 2)

38 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 39

Financial highlights

TIAA-CREF Funds

			Select per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
EMERGING MARKETS DEBT FUND
Institutional Class:
	4/30/21	#		$  9.65		$0.23			$  0.41			$  0.64			$(0.22	)		$    —			$(0.22	)		$10.07		6.61	%b		$   66,968			0.61	%c		0.61	%c		4.64	%c		19	%b
	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:
	4/30/21	#		9.67		0.23			0.41			0.64			(0.21	)		—			(0.21	)		10.10		6.67	b		21,179			0.67	c		0.67	c		4.54	c		19	b
	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:
	4/30/21	#		9.65		0.22			0.41			0.63			(0.21	)		—			(0.21	)		10.07		6.56	b		255			0.78	c		0.78	c		4.44	c		19	b
	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:
	4/30/21	#		9.64		0.22			0.40			0.62			(0.20	)		—			(0.20	)		10.06		6.49	b		20,089			0.86	c		0.85	c		4.37	c		19	b
	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:
	4/30/21	#		9.64		0.22			0.40			0.62			(0.20	)		—			(0.20	)		10.06		6.48	b		36,170			0.92	c		0.92	c		4.34	c		19	b
	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:
	4/30/21	#		9.65		0.26			0.41			0.67			(0.25	)		—			(0.25	)		10.07		6.92	b		561,490			0.61	c		0.00	c		5.22	c		19	b
	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

40 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 41

Financial highlights continued

TIAA-CREF Funds

			Select per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
INTERNATIONAL BOND FUND§
Institutional Class:
	4/30/21	#		$10.24		$0.07			$(0.08	)		$(0.01	)		$(0.18	)		$(0.10	)		$(0.28	)		$  9.95		(0.16	)%b		$        724			0.59	%c		0.59	%c		1.36	%c		20	%b
	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:
	4/30/21	#		10.23		0.06			(0.07	)		(0.01	)		(0.18	)		(0.10	)		(0.28	)		9.94		(0.19	)b		116			0.69	c		0.69	c		1.26	c		20	b
	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:
	4/30/21	#		10.29		0.06			(0.07	)		(0.01	)		(0.17	)		(0.10	)		(0.27	)		10.01		(0.22	)b		103			0.79	c		0.75	c		1.20	c		20	b
	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:
	4/30/21	#		10.22		0.06			(0.08	)		(0.02	)		(0.16	)		(0.10	)		(0.26	)		9.94		(0.28	)b		6,517			0.83	c		0.83	c		1.11	c		20	b
	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:
	4/30/21	#		10.22		0.05			(0.08	)		(0.03	)		(0.15	)		(0.10	)		(0.25	)		9.94		(0.37	)b		1,873			1.50	c		0.95	c		1.00	c		20	b
	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

42 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 43

Financial highlights concluded

TIAA-CREF Funds

			Select per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			and 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§ continued
Class W:
	4/30/21	#		$10.29		$0.10			$(0.07	)		$  0.03			$(0.24	)		$(0.10	)		$(0.34	)		$  9.98		0.19	%b		$501,350			0.59	%c		0.00	%c		1.96	%c		20	%b
	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

#	Unaudited
§	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 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 45

Notes to financial statements (unaudited)

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 a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

46 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

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.

Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of

TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 47

Notes to financial statements (unaudited)

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 April 30, 2021, the net assets of the Subsidiary were $46,815,864 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	$	46,426,460
Net assets		46,815,864
Net investment income (loss)		252,126
Net realized gain (loss)		425,792
Net change in unrealized appreciation (depreciation)		(24,959	)

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, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional

48 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.

New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

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).

TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 49

Notes to financial statements (unaudited)

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.

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 the securities 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

50 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

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.

The following table summarizes the market value of the Funds’ investments as of April 30, 2021, based on the inputs used to value them:

Fund	Level 1		Level 2			Level 3		Total
Emerging Markets Debt
Africa/Middle East	$	—	$	185,699,550		$	4,450,553	$	190,150,103
Asia		—		140,163,431			1,400,304		141,563,735
Europe		—		81,581,240			2,232,370		83,813,610
Latin America		231,278		250,875,499			12,509,574		263,616,351
North America		—		994,137			—		994,137
All other debt investments*		—		3,167,654			—		3,167,654
Short-term investments		17,039,061		9,784,258			—		26,823,319
Forward foreign currency contracts**		—		(37,617	)		—		(37,617	)
Total	$	17,270,339	$	672,228,152		$	20,592,801	$	710,091,292
International Bond
Africa/Middle East	$	—	$	30,186,668		$	173,460	$	30,360,128
Asia		—		151,433,395			1,252,305		152,685,700
Australasia		—		11,676,897			—		11,676,897
Europe		—		160,339,189			766,146		161,105,335
Latin America		—		25,211,403			—		25,211,403
North America		—		81,987,124			—		81,987,124
All other debt investments*		—		14,260,226			—		14,260,226
Short-term investments		399,975		18,326,575			—		18,726,550
Forward foreign currency contracts**		—		1,646,733			—		1,646,733
Total	$	399,975	$	495,068,210		$	2,191,911	$	497,660,096

*	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, 2020	$	23,258,282
Purchases		1,047,520
Sales		(6,093,841	)
Gains (losses)		(1,259,148	)
Change in unrealized appreciation (depreciation)		6,483,353
Transfers out of Level 3		(3,374,419	)
Transfers into Level 3		531,054
Balance as of April 30, 2021	$	20,592,801

TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 51

Notes to financial statements (unaudited)

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of April 30, 2021:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)§
Bank loan obligations		$7,338,125	Broker quote	*
Corporate bonds		4,012,073	Recent market transaction	Discount	44.5%–98.8% (51.8%)
Government bonds		1,919,616	Broker quote	*
Government bonds		5,090,615	Recent market transaction	Discount	39.0%–87.8% (51.3%)
Structured assets		2,232,372	Broker quote	*
Total		$20,592,801

*	Single source broker quote.
§	Unobservable inputs were weighted by the relative fair value of the instruments.

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 Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.

As of April 30, 2021, securities lending transactions are for fixed income 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

52 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

At April 30, 2021, 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
Emerging Markets Debt		$16,587,627		$17,039,061	$	—		$17,039,061
International Bond		392,066		399,975		—		399,975

* May include cash and investment of cash collateral

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may 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 period ended April 30, 2021 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	$	220,449,568	$	—	$	117,808,178	$	—
International Bond		132,227,174		9,378,896		91,263,878		—

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,

TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 53

Notes to financial statements(unaudited)

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 April 30, 2021, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

	Asset derivatives		Liability derivatives
Derivative contract	Location	Fair value amount	Location	Fair value amount
Emerging Markets Debt Fund
Foreign-exchange contracts			Forward foreign currency contracts	$  (37,617	)
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts	$1,791,562	Forward foreign currency contracts	(144,829	)

For the period ended April 30, 2021, 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		)
Emerging Markets Debt Fund
Foreign-exchange contracts	Forward foreign currency contracts	$	23,951		$	(37,617	)
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		(7,989,726	)		2,179,510

Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of assets and liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of assets and liabilities. During the period ended April 30, 2021, the Emerging Markets Debt Fund and International Bond Fund had exposure to forward

54 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

contracts, based on underlying notional values, generally between 0% and 69% of net assets. The forward contracts outstanding as of April 30, 2021 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.

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 April 30, 2021, 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		$706,054,277		$27,609,165		$(23,572,150	)		$4,037,015
International Bond		497,972,503		26,324,740		(26,637,147	)		(312,407	)

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.

TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 55

Notes to financial statements(unaudited)

Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended October 31, 2020 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

The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.

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

56 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

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. As of April 30, 2021, 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			0.50			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	%a		1.00	%		0.65	%
International Bond		0.60			0.75			0.75			0.85			0.95			0.60

‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2022. 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 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.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2021, the Funds engaged in the following security transactions with affiliated entities:

The following is the percentage of the Fund’s shares owned by affiliates as of April 30, 2021:

Underlying Fund	TIAA-CREF Lifecycle Funds
Emerging Markets Debt		79	%
International Bond		98

TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 57

Notes to financial statements(unaudited)

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 period ended April 30, 2021, 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 period ended April 30, 2021, there were no borrowings under this credit facility by the Funds.

58 2021 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

concluded

Note 11—subsequent event

Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2021. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:

Fund	Waiver			Maximum expense amounts
Emerging Markets Debt – Retirement Class		0.12	%		0.78	%
International Bond – Retail Class		0.02			0.93

TIAA-CREF International Fixed-Income Funds  ■  2021 Semiannual Report 59

Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

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

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

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

Overview of the renewal process

The Board held a videoconference meeting on March 12, 2021, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

60 2021 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

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

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

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

In advance of the Board meeting held on March 12, 2021, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following:

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 61

Approval of investment management agreement (unaudited)

(1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. Additionally, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations.

On March 4, 2021, the Board held a videoconference meeting with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 12, 2021 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit

62 2021 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

continued

of its investors, such as, if applicable, through management fee breakpoints; (7) comparisons, if applicable, of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 12, 2021 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 12, 2021 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and discuss information regarding the performance of the Funds and other matters. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 12, 2021, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 63

Approval of investment management agreement (unaudited)

conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

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

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2020. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that

64 2021 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

continued

Advisors had calculated that it had incurred losses with respect to the Funds under the Agreement for the one-year period ended December 31, 2020.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for the Funds affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including other mutual funds, foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as the Funds. In particular, the Board discussed the management fee rate Advisors charges to a UCITS series that has a similar mandate to the Emerging Markets Debt Fund and the

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 65

Approval of investment management agreement (unaudited)

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

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution, administration and investment-related benefits and/or personnel with other clients of Advisors, such as economies of scale to the extent the Funds share investment resources and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2020. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2020. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any

66 2021 Semiannual Report   ■   TIAA-CREF International Fixed-Income Funds

concluded

breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2020 under the Agreement.

Emerging Markets Debt Fund

• The Fund’s annual contractual management fee rate starts at 0.55% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.550% of average daily net assets.

• The Fund’s total expense ratio, actual management fee and contractual management fee rate were in the 1st, 2nd and 1st quintiles of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”), respectively. and were in the 1st, 3rd and 1st quintiles within the universe of comparable funds identified by Broadridge for expense comparison purposes (“Expense Universe”), respectively.

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

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

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

International Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.500% of average daily net assets.

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

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

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

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

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

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 67

Liquidity risk management program

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

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

At a February 9, 2021 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

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

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

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

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concluded

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

TIAA-CREF International Fixed-Income Funds   ■   2021 Semiannual Report 69

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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.

©2021 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,

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Item 2. Code of Conduct.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS – Growth & Income Fund

TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.0%
AUTOMOBILES & COMPONENTS - 2.1%
	226,643	*	Aptiv plc	$	32,611,661
	654,632	*,n	General Motors Co		37,458,043
	85,780	*	Tesla, Inc		60,855,763
			TOTAL AUTOMOBILES & COMPONENTS		130,925,467
BANKS - 4.8%
	2,509,982		Bank of America Corp		101,729,571
	247,972	n	Citigroup, Inc		17,665,525
	639,386		Fifth Third Bancorp		25,920,708
	1,868,857		ING Groep NV		23,874,610
	589,695		JPMorgan Chase & Co		90,700,988
	914,870		Wells Fargo & Co		41,214,894
			TOTAL BANKS		301,106,296
CAPITAL GOODS - 7.7%
	343,862	*	Builders FirstSource, Inc		16,735,763
	81,616		Carlisle Cos, Inc		15,641,706
	138,455		Deere & Co		51,346,037
	204,435		Dover Corp		30,499,658
	370,349		Eaton Corp		52,933,983
	309,597	n	Honeywell International, Inc		69,052,515
	679,422	*	InPost S.A.		12,946,832
	353,642		ITT, Inc		33,351,977
	132,188		John Bean Technologies Corp		19,217,491
	84,282		Northrop Grumman Corp		29,872,912
	206,865		Otis Worldwide Corp		16,108,578
	378,574		Raytheon Technologies Corp		31,512,500
	398,406		Spirit Aerosystems Holdings, Inc (Class A)		18,203,170
	76,377	*	Teledyne Technologies, Inc		34,197,802
	263,391		Textron, Inc		16,920,238
	173,287		Trane Technologies plc		30,122,479
			TOTAL CAPITAL GOODS		478,663,641
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	107,616		Jacobs Engineering Group, Inc		14,378,574
	255,478	*	Stericycle, Inc		19,487,862
	231,667		Waste Management, Inc		31,963,096
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		65,829,532
CONSUMER DURABLES & APPAREL - 1.6%
	129,656		Brunswick Corp		13,890,047
	339,588		Callaway Golf Co		9,831,073
	530,294		Levi Strauss & Co		15,304,285

1

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
	1,213,037	*,n	Mattel, Inc	$	26,031,774
	395,232		Tempur Sealy International, Inc		15,074,148
	69,727		Whirlpool Corp		16,486,949
			TOTAL CONSUMER DURABLES & APPAREL		96,618,276
CONSUMER SERVICES - 3.1%
	52,760	*,e	Airbnb, Inc		9,112,180
	255,147	*,n	Caesars Entertainment, Inc		24,963,582
	14,752	*,n	Chipotle Mexican Grill, Inc (Class A)		22,010,427
	57,984		Churchill Downs, Inc		12,263,616
	174,213		Darden Restaurants, Inc		25,560,531
	285,213	*,n	Expedia Group, Inc		50,263,087
	74,424	*	Flutter Entertainment plc		15,251,064
	148,182	*	Hilton Worldwide Holdings, Inc		19,071,023
	315,546	*,n	Six Flags Entertainment Corp		14,824,351
			TOTAL CONSUMER SERVICES		193,319,861
DIVERSIFIED FINANCIALS - 3.5%
	201,899		Blackstone Group, Inc		17,866,042
	24,994	*	Coinbase Global, Inc		7,439,214
	378,479		Discover Financial Services		43,146,606
	1,466,396		Equitable Holdings, Inc		50,194,735
	230,546		KKR & Co, Inc		13,044,293
	206,347		Lazard Ltd (Class A)		9,283,552
	783,221		Morgan Stanley		64,654,894
	139,564		Voya Financial, Inc		9,465,230
			TOTAL DIVERSIFIED FINANCIALS		215,094,566
ENERGY - 2.2%
	221,495	*	Cheniere Energy, Inc		17,170,292
	191,205	n	Chevron Corp		19,707,499
	1,119,509	*,n	EQT Corp		21,382,622
	398,032	n	Hess Corp		29,657,364
	448,067		Marathon Petroleum Corp		24,934,929
	147,927		Pioneer Natural Resources Co		22,755,611
			TOTAL ENERGY		135,608,317
FOOD & STAPLES RETAILING - 0.7%
	257,924	*	Performance Food Group Co		15,140,139
	153,356		Walmart, Inc		21,456,038
	28,544	*	Zur Rose Group AG.		9,499,809
			TOTAL FOOD & STAPLES RETAILING		46,095,986
FOOD, BEVERAGE & TOBACCO - 3.4%
	193,833		Bunge Ltd		16,363,382
	283,006		Coca-Cola Co		15,276,664
	74,906	*	Freshpet, Inc		13,844,127
	144,534		Hershey Co		23,746,936
	310,601		Kraft Heinz Co		12,824,715
	500,655		Mondelez International, Inc		30,444,831
	305,873	*	Monster Beverage Corp		29,684,975
	421,664		PepsiCo, Inc		60,787,082
	44,417		Pernod-Ricard S.A.		9,121,770
			TOTAL FOOD, BEVERAGE & TOBACCO		212,094,482

2

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 6.6%
	308,919		Abbott Laboratories	$	37,094,994
	232,377		Danaher Corp		59,009,815
	75,054	*	DexCom, Inc		28,978,350
	424,285	*,n	Envista Holdings Corp		18,363,055
	98,152	*	Guardant Health, Inc		15,604,205
	50,846	n	Humana, Inc		22,638,673
	55,388	*	IDEXX Laboratories, Inc		30,407,458
	481,322		Medtronic plc		63,014,676
	102,568	n	STERIS plc		21,643,899
	152,259		UnitedHealth Group, Inc		60,720,889
	53,627		West Pharmaceutical Services, Inc		17,617,542
	189,883		Zimmer Biomet Holdings, Inc		33,639,672
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		408,733,228
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	108,325		Estee Lauder Cos (Class A)		33,992,385
	384,868		Procter & Gamble Co		51,349,089
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		85,341,474
INSURANCE - 2.0%
	111,983		Everest Re Group Ltd		31,013,692
	523,095		Hartford Financial Services Group, Inc		34,503,346
	240,234		Lincoln National Corp		15,406,207
	673,640		Metlife, Inc		42,863,713
			TOTAL INSURANCE		123,786,958
MATERIALS - 4.8%
	106,615		Celanese Corp (Series A)		16,701,240
	595,307		CF Industries Holdings, Inc		28,949,779
	702,251	n	Corteva, Inc		34,241,759
	551,193		Dow, Inc		34,449,562
	159,549		DuPont de Nemours, Inc		12,302,823
	519,781	n	Freeport-McMoRan, Inc (Class B)		19,600,942
	131,942		International Flavors & Fragrances, Inc		18,758,194
	250,945		Linde plc		71,730,119
	1,345,667	*	Lynas Corp Ltd		5,666,724
	185,768	n	Mosaic Co		6,535,318
	204,231		PPG Industries, Inc		34,972,516
	77,351		Reliance Steel & Aluminum Co		12,400,139
			TOTAL MATERIALS		296,309,115
MEDIA & ENTERTAINMENT - 10.6%
	109,483	*	Alphabet, Inc (Class C)		263,867,168
	846,468		Comcast Corp (Class A)		47,529,178
	444,052	*	Facebook, Inc		144,352,424
	97,980	*,n	Netflix, Inc		50,309,791
	215,183	*,n	Snap, Inc		13,302,613
	120,000	*	Take-Two Interactive Software, Inc		21,045,600
	283,019	*,n	Twitter, Inc		15,628,309
	400,670	n	ViacomCBS, Inc (Class B)		16,435,484
	456,753	*	Walt Disney Co		84,965,193
			TOTAL MEDIA & ENTERTAINMENT		657,435,760

3

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.4%
	69,891	*	10X Genomics, Inc	$	13,824,440
	616,794	n	AbbVie, Inc		68,772,531
	245,153		AstraZeneca plc (ADR)		13,184,744
	1,001,436	*	Avantor, Inc		32,086,009
	178,826	*	Axsome Therapeutics, Inc		10,811,820
	413,955		Bristol-Myers Squibb Co		25,839,071
	163,543	*	Catalent, Inc		18,393,681
	432,733		Daiichi Sankyo Co Ltd		11,052,179
	246,656	*	Genmab A.S. (ADR)		9,094,207
	212,328		Gilead Sciences, Inc		13,476,458
	254,866	*,n	Horizon Therapeutics Plc		24,115,421
	159,613	*	Ionis Pharmaceuticals, Inc		6,834,629
	144,520	*	IQVIA Holdings, Inc		33,917,399
	27,928	*	Lonza Group AG.		17,754,224
	342,961		Merck & Co, Inc		25,550,594
	96,529		Merck KGaA		16,958,636
	1,525,246		Pfizer, Inc		58,950,758
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		400,616,801
REAL ESTATE - 1.0%
	303,308		Prologis, Inc		35,344,481
	219,674		Simon Property Group, Inc		26,743,113
			TOTAL REAL ESTATE		62,087,594
RETAILING - 7.8%
	73,332	*	Amazon.com, Inc		254,272,843
	187,807	*,n	Children’s Place, Inc		14,714,678
	530,713	*,e	Coupang, Inc		22,236,875
	55,550		Dollar General Corp		11,929,363
	208,374	n	Home Depot, Inc		67,444,413
	23,768		Kering		19,045,570
	654,951	*,e	Petco Health & Wellness Co, Inc		15,469,943
	241,958		Target Corp		50,148,215
	1,988,150	*	THG Holdings Ltd		17,023,548
	396,787	*	Urban Outfitters, Inc		14,244,653
			TOTAL RETAILING		486,530,101
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7%
	217,224	*,n	Advanced Micro Devices, Inc		17,729,823
	246,714	n	Applied Materials, Inc		32,741,415
	24,560		ASML Holding NV (ADR)		15,917,336
	71,923		Broadcom, Inc		32,811,273
	172,077	*,n	Cree, Inc		17,107,895
	62,331	*,n	Enphase Energy, Inc		8,679,592
	654,469		Intel Corp		37,651,601
	460,857		Marvell Technology, Inc		20,835,345
	68,674	n	Monolithic Power Systems, Inc		24,817,410
	119,734		NVIDIA Corp		71,885,899
	153,926		NXP Semiconductors NV		29,632,294
	196,793		QUALCOMM, Inc		27,314,868
	104,781		Skyworks Solutions, Inc		18,999,939
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		356,124,690

4

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 11.7%
	336,924	*	Fiserv, Inc	$	40,471,311
	70,374		Global Payments, Inc		15,104,372
	170,841	*,n	Liveperson, Inc		9,336,461
	253,026		Mastercard, Inc (Class A)		96,671,113
	1,344,399		Microsoft Corp		339,030,540
	225,468	*	PayPal Holdings, Inc		59,138,002
	295,714	*	salesforce.com, Inc		68,108,848
	74,258	*	ServiceNow, Inc		37,602,023
	103,594	*	Synopsys, Inc		25,593,934
	42,735	*	Twilio, Inc		15,717,933
	108,738	*,e	UiPath, Inc		7,829,136
	57,007	*	Zscaler, Inc		10,696,793
			TOTAL SOFTWARE & SERVICES		725,300,466
TECHNOLOGY HARDWARE & EQUIPMENT - 8.1%
	2,701,633	n	Apple, Inc		355,156,674
	236,680	*	Calix, Inc		10,009,197
	280,472	*	Ciena Corp		14,155,422
	1,078,770		Cisco Systems, Inc		54,920,181
	176,910		Cognex Corp		15,235,489
	579,153	*	Stratasys Ltd		12,978,819
	298,754		TE Connectivity Ltd		40,173,450
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		502,629,232
TELECOMMUNICATION SERVICES - 0.5%
	36,078		Cogent Communications Group, Inc		2,720,653
	214,142	*	T-Mobile US, Inc		28,294,583
			TOTAL TELECOMMUNICATION SERVICES		31,015,236
TRANSPORTATION - 2.2%
	431,580	*,n	Delta Air Lines, Inc		20,249,734
	136,469		DSV AS		30,403,945
	40,419	*	Saia, Inc		9,478,255
	158,030	*	Uber Technologies, Inc		8,655,303
	107,446		Union Pacific Corp		23,862,682
	226,638		United Parcel Service, Inc (Class B)		46,202,423
			TOTAL TRANSPORTATION		138,852,342
UTILITIES - 1.0%
	156,252		Eversource Energy		13,472,048
	607,744	n	NextEra Energy, Inc		47,106,237
			TOTAL UTILITIES		60,578,285
			TOTAL COMMON STOCKS		6,210,697,706
			(Cost $3,157,514,886)
PURCHASED OPTIONS - 0.0%
CAPITAL GOODS - 0.0%
	5,500	n	Boeing Co		12,650
			TOTAL CAPITAL GOODS		12,650

5

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
MATERIALS - 0.0%
	62,000	n	DuPont de Nemours, Inc	$	63,240
			TOTAL MATERIALS		63,240
MEDIA & ENTERTAINMENT - 0.0%
	70,000		ViacomCBS, Inc		128,100
			TOTAL MEDIA & ENTERTAINMENT		128,100
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	27,400	n	QUALCOMM, Inc		52,608
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		52,608
SOFTWARE & SERVICES - 0.0%
	72,000	n	Anaplan, Inc		439,200
			TOTAL SOFTWARE & SERVICES		439,200
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	50,000	n	Lumentum Holdings, Inc		311,567
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		311,567
			TOTAL PURCHASED OPTIONS		1,007,365
			(Cost $1,944,787)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.1%
$	2,565,000		Federal Home Loan Bank (FHLB)		0.010	%	05/14/21		2,565,000
	1,000,000		FHLB		0.005		05/19/21		1,000,000
	2,000,000		FHLB		0.017		06/22/21		2,000,000
			TOTAL GOVERNMENT AGENCY DEBT						5,565,000
REPURCHASE AGREEMENT - 0.2%
	14,405,000	r	Fixed Income Clearing Corp (FICC)		0.005		05/03/21		14,405,000
			TOTAL REPURCHASE AGREEMENT						14,405,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	55,595,849	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				55,595,849
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						55,595,849
			TOTAL SHORT-TERM INVESTMENTS						75,565,849
			(Cost $75,565,788)
			TOTAL INVESTMENTS - 101.2%						6,287,270,920
			(Cost $3,235,025,461)
			OTHER ASSETS & LIABILITIES, NET - (1.2)%						(73,370,941	)
			NET ASSETS - 100.0%					$	6,213,899,979

6

TIAA-CREF FUNDS – Growth & Income 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 $52,658,433.
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, 0.005% dated 4/30/21 to be repurchased at $14,405,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $14,693,104.

Purchased options outstanding as of April 30, 2021 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Anaplan, Inc, Call		720	$	582,368	$	67 .50	11/19/21	$	439,200
Boeing Co, Call		55		166,927		250 .00	05/21/21		12,650
DuPont de Nemours, Inc, Call		620		325,522		87 .50	07/16/21		63,240
Lumentum Holdings, Inc, Call		500		311,567		92 .50	09/17/21		311,567
QUALCOMM, Inc, Call		274		77,478		150 .00	06/18/21		52,608
ViacomCBS, Inc, Call		700		480,925		52 .50	09/17/21		128,100
Total		2,869	$	1,944,787				$	1,007,365

Written options outstanding as of April 30, 2021 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
AbbVie, Inc, Put		480	$	(47,204	)	$	82 .50	05/21/21	$	(6,240	)
ACADIA Pharmaceuticals, Inc, Put		500		(157,396	)		17 .50	01/21/22		(108,750	)
Advanced Micro Devices, Inc, Call		400		(64,498	)		100 .00	06/18/21		(23,600	)
Altria Group, Inc, Put		1,000		(33,735	)		40 .00	05/21/21		(7,000	)
Anaplan, Inc, Call		720		(452,313	)		72 .50	11/19/21		(331,200	)
Anaplan, Inc, Put		720		(262,536	)		50 .00	11/19/21		(324,000	)
Apple, Inc, Call		1,000		(204,963	)		150 .00	07/16/21		(111,000	)
Apple, Inc, Call		1,268		(1,361,921	)		150 .00	09/17/21		(374,060	)
Apple, Inc, Put		616		(208,185	)		110 .00	05/21/21		(7,392	)
Apple, Inc, Put		924		(299,342	)		105 .00	06/18/21		(27,720	)
Apple, Inc, Put		1,268		(447,511	)		110 .00	06/18/21		(54,524	)
Applied Materials, Inc, Put		364		(29,107	)		110 .00	05/21/21		(13,832	)
Arcturus Therapeutics Holdings, Inc, Put		500		(652,701	)		45 .00	09/17/21		(720,000	)
Arcturus Therapeutics Holdings, Inc, Put		500		(720,611	)		50 .00	09/17/21		(930,000	)
Biogen, Inc, Put		150		(209,348	)		220 .00	06/18/21		(106,500	)
Boeing Co, Call		55		(111,536	)		280 .00	05/21/21		(2,145	)
Boeing Co, Put		167		(524,687	)		205 .00	05/21/21		(14,028	)
Cadence Design Systems, Inc, Put		350		(42,551	)		115 .00	06/18/21		(29,750	)
Caesars Entertainment, Inc, Call		320		(33,909	)		125 .00	05/21/21		(10,880	)
Caesars Entertainment, Inc, Put		534		(68,333	)		75 .00	05/21/21		(44,322	)
Celsius Holdings, Inc, Put		1,000		(86,385	)		40 .00	05/21/21		(70,000	)
Chevron Corp, Call		222		(47,722	)		125 .00	06/18/21		(2,664	)
Chevron Corp, Put		222		(23,968	)		85 .00	06/18/21		(5,994	)
Children’s Place, Inc, Call		615		(755,181	)		100 .00	09/17/21		(310,575	)
Children’s Place, Inc, Put		625		(87,853	)		55 .00	05/21/21		(31,250	)
Children’s Place, Inc, Put		615		(441,538	)		50 .00	09/17/21		(112,237	)
Chipotle Mexican Grill, Inc, Call		44		(293,693	)		1,780 .00	09/17/21		(92,840	)
Chipotle Mexican Grill, Inc, Put		44		(152,165	)		1,100 .00	09/17/21		(39,160	)
Citigroup, Inc, Call		445		(173,533	)		87 .50	01/21/22		(90,335	)
Citigroup, Inc, Put		445		(173,533	)		57 .50	01/21/22		(101,905	)
Corteva, Inc, Call		800		(104,884	)		55 .00	09/17/21		(115,200	)
Corteva, Inc, Put		800		(90,892	)		38 .00	09/17/21		(60,000	)

7

TIAA-CREF FUNDS – Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Cree, Inc, Call		295		(39,502	)		140 .00	05/21/21		(5,900	)
Cree, Inc, Put		500		(48,982	)		80 .00	06/18/21		(67,500	)
Delta Air Lines, Inc, Put		1,000		(29,965	)		40 .00	05/21/21		(10,000	)
DraftKings, Inc, Put		800		(128,164	)		50 .00	05/21/21		(81,600	)
DuPont de Nemours, Inc, Call		620		(153,734	)		95 .00	07/16/21		(23,250	)
DuPont de Nemours, Inc, Put		620		(264,712	)		60 .00	10/15/21		(63,240	)
eBay, Inc, Put		800		(35,900	)		50 .00	06/18/21		(36,800	)
Eli Lilly & Co, Put		250		(22,801	)		160 .00	05/21/21		(5,375	)
Emergent BioSolutions, Inc, Put		444		(309,895	)		70 .00	09/17/21		(628,260	)
Enphase Energy, Inc, Put		340		(43,641	)		120 .00	05/21/21		(51,680	)
Enphase Energy, Inc, Put		200		(229,588	)		130 .00	05/21/21		(77,000	)
Enphase Energy, Inc, Put		200		(211,376	)		110 .00	08/20/21		(129,000	)
Enphase Energy, Inc, Put		200		(169,660	)		105 .00	11/19/21		(186,000	)
Envista Holdings Corp, Call		800		(39,172	)		50 .00	05/21/21		(12,000	)
EQT Corp, Put		1,300		(37,653	)		14 .00	05/21/21		(16,250	)
Expedia Group, Inc, Call		320		(259,658	)		210 .00	10/15/21		(233,600	)
Expedia Group, Inc, Put		320		(102,977	)		145 .00	07/16/21		(80,640	)
Freeport-McMoRan, Inc, Put		1,300		(38,955	)		31 .00	05/07/21		(2,600	)
General Motors Co, Put		800		(39,604	)		50 .00	05/21/21		(25,600	)
Hess Corp, Call		444		(26,252	)		90 .00	06/18/21		(24,420	)
Home Depot, Inc, Call		240		(319,910	)		345 .00	11/19/21		(289,800	)
Home Depot, Inc, Put		240		(95,511	)		260 .00	11/19/21		(109,200	)
Honeywell International, Inc, Put		250		(7,909	)		200 .00	05/21/21		(7,750	)
Horizon Therapeutics PLC, Call		420		(75,585	)		105 .00	05/21/21		(67,200	)
Horizon Therapeutics PLC, Put		616		(45,562	)		65 .00	05/21/21		(9,240	)
Humana, Inc, Put		160		(68,268	)		300 .00	05/21/21		(160	)
LivePerson, Inc, Put		1,000		(65,965	)		40 .00	05/21/21		(52,500	)
Lumentum Holdings, Inc, Call		500		(138,252	)		105 .00	09/17/21		(138,252	)
Lumentum Holdings, Inc, Put		300		(197,385	)		75 .00	09/17/21		(102,000	)
Lumentum Holdings, Inc, Put		200		(170,589	)		80 .00	09/17/21		(102,000	)
Match Group, Inc, Put		230		(20,517	)		110 .00	05/21/21		(3,910	)
Mattel, Inc, Put		2,000		(37,930	)		17 .00	05/21/21		(10,000	)
Menora Mivtachim Holdings Ltd, Put		360		(114,187	)		100 .00	07/16/21		(25,200	)
Moderna, Inc, Put		340		(30,928	)		115 .00	05/21/21		(8,840	)
Monolithic Power Systems, Inc, Put		134		(126,842	)		260 .00	06/18/21		(34,505	)
Mosaic Co, Put		1,600		(60,152	)		25 .00	05/21/21		(3,200	)
NetFlix, Inc, Put		160		(21,114	)		455 .00	05/07/21		(3,040	)
NextEra Energy, Inc, Put		574		(30,402	)		70 .00	06/18/21		(25,830	)
Nordstrom, Inc, Put		1,980		(554,317	)		30 .00	07/16/21		(196,020	)
Pacific Biosciences of California, Inc, Put		1,800		(88,137	)		22 .00	06/18/21		(88,137	)
Palomar Holdings, Inc, Put		800		(60,771	)		50 .00	05/21/21		(28,000	)
QUALCOMM, Inc, Call		274		(33,416	)		160 .00	06/18/21		(21,920	)
QUALCOMM, Inc, Put		274		(61,432	)		125 .00	06/18/21		(48,224	)
Six Flags Entertainment Corp, Put		940		(55,427	)		42 .50	05/21/21		(44,180	)
Snap, Inc, Put		800		(33,572	)		50 .00	05/21/21		(21,600	)
Spotify Technology S.A., Put		180		(53,813	)		220 .00	06/18/21		(68,400	)
STERIS plc, Put		230		(105,099	)		155 .00	06/18/21		(10,925	)
Teladoc Health, Inc, Put		286		(46,608	)		140 .00	06/18/21		(37,466	)
Twitter, Inc, Call		500		(41,482	)		80 .00	05/21/21		(2,500	)
Twitter, Inc, Put		870		(41,730	)		46 .00	06/18/21		(41,730	)
Universal Health Services, Inc, Put		332		(222,755	)		110 .00	07/16/21		(22,410	)
ViacomCBS, Inc, Call		700		(310,073	)		60 .00	09/17/21		(67,200	)
ViacomCBS, Inc, Put		700		(401,332	)		48 .00	09/17/21		(693,000	)
Total		49,256	$	(14,332,897	)				$	(8,424,157	)

8

TIAA-CREF FUNDS – Large-Cap Growth Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.1%
AUTOMOBILES & COMPONENTS - 1.7%
	583,908	*	General Motors Co	$	33,411,216
	123,516	*	Tesla, Inc		87,627,191
			TOTAL AUTOMOBILES & COMPONENTS		121,038,407
CAPITAL GOODS - 1.7%
	1,091,686	*	Churchill Capital Corp IV		25,174,279
	421,458	*	Liberty Media Acquisition Corp		4,509,600
	196,570		Roper Technologies Inc		87,756,711
	9,586		Safran S.A.		1,435,576
			TOTAL CAPITAL GOODS		118,876,166
COMMERCIAL & PROFESSIONAL SERVICES - 2.7%
	195,469	*	Cimpress plc		18,620,377
	1,180,902	*	Clarivate Analytics plc		32,982,593
	256,529	*	Driven Brands Holdings, Inc		7,316,207
	1,350,754		Experian Group Ltd		52,073,643
	642,276		Waste Connections, Inc		76,501,494
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		187,494,314
CONSUMER DURABLES & APPAREL - 2.1%
	189,241		Essilor International S.A.		31,497,229
	411,005		Nike, Inc (Class B)		54,507,483
	327,373	*	Peloton Interactive, Inc		32,197,135
	3,962,700		Prada S.p.A		24,593,643
			TOTAL CONSUMER DURABLES & APPAREL		142,795,490
CONSUMER SERVICES - 5.0%
	48,662	*	Booking Holdings, Inc		120,004,385
	2,726,639	*	Carnival Corp		76,236,827
	41,960	*	Chipotle Mexican Grill, Inc (Class A)		62,605,579
	255,908	*	Flutter Entertainment plc		52,441,002
	609,989	*	Las Vegas Sands Corp		37,367,926
			TOTAL CONSUMER SERVICES		348,655,719
DIVERSIFIED FINANCIALS - 0.9%
	464,158	*	Ribbit LEAP Ltd		5,231,061
	144,616		S&P Global, Inc		56,456,640
			TOTAL DIVERSIFIED FINANCIALS		61,687,701
FOOD & STAPLES RETAILING - 2.0%
	366,525		Costco Wholesale Corp		136,380,287
			TOTAL FOOD & STAPLES RETAILING		136,380,287
FOOD, BEVERAGE & TOBACCO - 2.5%
	106,514		Constellation Brands, Inc (Class A)		25,597,444

9

TIAA-CREF FUNDS – Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	2,814,232		Davide Campari-Milano NV	$	33,209,067
	950,163		Keurig Dr Pepper, Inc		34,063,344
	835,330	*	Monster Beverage Corp		81,068,777
			TOTAL FOOD, BEVERAGE & TOBACCO		173,938,632
HEALTH CARE EQUIPMENT & SERVICES - 5.8%
	455,810		Alcon, Inc		34,236,221
	123,409	*	Align Technology, Inc		73,493,762
	504,948	*	Boston Scientific Corp		22,015,733
	310,769		Cigna Corp		77,384,588
	96,213	*	DexCom, Inc		37,147,839
	210,114	*,e	GoodRx Holdings, Inc		8,406,661
	310,190	*	Guardant Health, Inc		49,314,006
	86,731	*	Intuitive Surgical, Inc		75,022,315
	378,314	*	Oak Street Health, Inc		23,315,492
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		400,336,617
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	177,570		Estee Lauder Cos (Class A)		55,721,466
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		55,721,466
MATERIALS - 0.5%
	111,810		Linde plc		31,959,770
			TOTAL MATERIALS		31,959,770
MEDIA & ENTERTAINMENT - 17.6%
	178,667	*	Alphabet, Inc (Class C)		430,608,910
	551,572		Comcast Corp (Class A)		30,970,768
	402,182		Electronic Arts, Inc		57,142,019
	983,331	*	Facebook, Inc		319,661,241
	415,134	*	IAC/InterActive Corp		105,224,015
	576,194	*	Match Group, Inc		89,673,072
	75,725	*	Netflix, Inc		38,882,516
	582,500		Tencent Holdings Ltd		46,467,185
	833,443	*	Twitter, Inc		46,022,722
	319,586	*	Walt Disney Co		59,449,388
			TOTAL MEDIA & ENTERTAINMENT		1,224,101,836
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%
	120,635	*	10X Genomics, Inc		23,861,603
	570,765		AstraZeneca plc		60,754,437
	2,597,781	*	Avantor, Inc		83,232,903
	286,930	*	Horizon Therapeutics Plc		27,149,316
	256,163	*	Illumina, Inc		100,631,073
	59,732	*	Lonza Group AG.		37,972,477
	89,552	*	Sana Biotechnology, Inc		1,925,368
	297,328	*	Vertex Pharmaceuticals, Inc		64,876,970
	643,274		Zoetis, Inc		111,305,700
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		511,709,847
RETAILING - 12.1%
	228,539	*	Alibaba Group Holding Ltd (ADR)		52,781,082
	147,069	*	Amazon.com, Inc		509,949,992
	372,468	*	ASOS plc		26,851,537
	536,943	*	CarMax, Inc		71,542,285

10

TIAA-CREF FUNDS – Large-Cap Growth Fund

SHARES			COMPANY					VALUE
	739,615	*,e	Coupang, Inc					$	30,989,869
	353,217	*	GrubHub, Inc						24,032,885
	391,375	*	JD.com, Inc (ADR)						30,276,770
	15,882		Kering						12,726,428
	537,486	*,e	Petco Health & Wellness Co, Inc						12,695,419
	991,793		TJX Companies, Inc						70,417,303
			TOTAL RETAILING						842,263,570
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.4%
	650,640		Applied Materials, Inc						86,346,434
	143,583		Broadcom, Inc						65,502,565
	1,296,120		Intel Corp						74,565,784
	949,665		Marvell Technology, Inc						42,934,355
	192,691		NVIDIA Corp						115,687,822
	436,200		QUALCOMM, Inc						60,544,560
	552,546		Taiwan Semiconductor Manufacturing Co Ltd (ADR)						64,504,220
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						510,085,740
SOFTWARE & SERVICES - 23.2%
	142,143	*	ACV Auctions, Inc						4,831,441
	25,843	*,g	Adyen NV						63,602,030
	188,734	*	DocuSign, Inc						42,076,358
	237,989		Intuit, Inc						98,089,546
	1,540,589		Microsoft Corp						388,505,734
	1,068,273	*	PayPal Holdings, Inc						280,197,325
	221,644	*	Qualtrics International, Inc						8,278,403
	1,102,367	*	salesforce.com, Inc						253,897,167
	173,287	*	ServiceNow, Inc						87,747,338
	557,689	*	Slack Technologies, Inc						23,646,014
	178,841	*	Synopsys, Inc						44,184,458
	93,757	*	Twilio, Inc						34,483,825
	1,195,224		Visa, Inc (Class A)						279,156,517
			TOTAL SOFTWARE & SERVICES						1,608,696,156
TECHNOLOGY HARDWARE & EQUIPMENT - 4.0%
	2,112,332		Apple, Inc						277,687,165
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						277,687,165
TELECOMMUNICATION SERVICES - 1.5%
	789,645	g	Cellnex Telecom SAU						44,665,527
	457,944	*	T-Mobile US, Inc						60,508,140
			TOTAL TELECOMMUNICATION SERVICES						105,173,667
TRANSPORTATION - 1.2%
	1,561,605	*	Uber Technologies, Inc						85,529,106
			TOTAL TRANSPORTATION						85,529,106
			TOTAL COMMON STOCKS						6,944,131,656
			(Cost $3,779,784,115)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.5%
$	23,293,000		Federal Home Loan Bank (FHLB)		0.001	%	05/04/21		23,293,000
	4,300,000		FHLB		0.005		05/12/21		4,300,000

11

TIAA-CREF FUNDS – Large-Cap Growth Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	10,597,000		Federal Agricultural Mortgage Corp (FAMC)		0.001	%	05/06/21	$	10,597,000
			TOTAL GOVERNMENT AGENCY DEBT						38,190,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	48,115,518	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				48,115,518
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						48,115,518
			TOTAL SHORT-TERM INVESTMENTS						86,305,518
			(Cost $86,305,508)
			TOTAL INVESTMENTS - 101.3%						7,030,437,174
			(Cost $3,866,089,623)
			OTHER ASSETS & LIABILITIES, NET - (1.3)%						(92,860,725	)
			NET ASSETS - 100.0%					$	6,937,576,449

	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 $49,931,388.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $108,267,557 or 1.6% of net assets.

12

TIAA-CREF FUNDS – Large-Cap Value Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 0.7%
	727,418	*	General Motors Co	$	41,622,858
			TOTAL AUTOMOBILES & COMPONENTS		41,622,858
BANKS - 13.0%
	4,984,999		Bank of America Corp		202,042,009
	1,327,431		Citigroup, Inc		94,566,184
	1,530,834		JPMorgan Chase & Co		235,457,578
	368,645		PNC Financial Services Group, Inc		68,918,183
	1,128,771		US Bancorp		66,992,559
	1,893,147		Wells Fargo & Co		85,286,272
			TOTAL BANKS		753,262,785
CAPITAL GOODS - 14.2%
	168,162		Allegion plc		22,597,609
	180,778	*	Boeing Co		42,358,093
	285,090		Caterpillar, Inc		65,031,880
	296,896		Deere & Co		110,103,882
	427,635		Dover Corp		63,798,866
	431,955		Eaton Corp		61,739,328
	574,502		Honeywell International, Inc		128,136,926
	978,381		Masco Corp		62,498,978
	263,323		Parker-Hannifin Corp		82,633,391
	921,212		Raytheon Technologies Corp		76,681,687
	158,540		Stanley Black & Decker, Inc		32,781,316
	421,594		Trane Technologies plc		73,285,685
			TOTAL CAPITAL GOODS		821,647,641
CONSUMER DURABLES & APPAREL - 1.2%
	14,282	*	NVR, Inc		71,668,504
			TOTAL CONSUMER DURABLES & APPAREL		71,668,504
CONSUMER SERVICES - 3.1%
	17,076	*	Booking Holdings, Inc		42,110,782
	572,250	*	Hilton Worldwide Holdings, Inc		73,648,575
	258,861		McDonald’s Corp		61,111,905
			TOTAL CONSUMER SERVICES		176,871,262
DIVERSIFIED FINANCIALS - 6.1%
	615,163		American Express Co		94,335,246
	312,093	*	Berkshire Hathaway, Inc (Class B)		85,809,971
	74,600		BlackRock, Inc		61,119,780
	311,736		Goldman Sachs Group, Inc		108,624,409
			TOTAL DIVERSIFIED FINANCIALS		349,889,406

13

TIAA-CREF FUNDS – Large-Cap Value Fund

SHARES			COMPANY	VALUE
ENERGY - 4.2%
	924,302		Chevron Corp	$	95,267,807
	1,103,495		ConocoPhillips		56,432,735
	351,352		EOG Resources, Inc		25,873,561
	656,001		Exxon Mobil Corp		37,549,497
	383,108		Valero Energy Corp		28,334,668
			TOTAL ENERGY		243,458,268
FOOD & STAPLES RETAILING - 1.4%
	574,362		Walmart, Inc		80,358,987
			TOTAL FOOD & STAPLES RETAILING		80,358,987
FOOD, BEVERAGE & TOBACCO - 0.8%
	783,281		Mondelez International, Inc		47,631,318
			TOTAL FOOD, BEVERAGE & TOBACCO		47,631,318
HEALTH CARE EQUIPMENT & SERVICES - 8.5%
	215,089		Anthem, Inc		81,602,616
	348,070		Cigna Corp		86,672,910
	328,284		HCA Healthcare, Inc		66,004,781
	640,875		Medtronic plc		83,903,355
	218,165		UnitedHealth Group, Inc		87,004,202
	496,749		Zimmer Biomet Holdings, Inc		88,004,053
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		493,191,917
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	328,981		Procter & Gamble Co		43,892,645
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		43,892,645
INSURANCE - 4.5%
	1,359,060		American International Group, Inc		65,846,457
	539,947		Chubb Ltd		92,649,506
	380,122		Marsh & McLennan Cos, Inc		51,582,555
	486,200		Prudential Financial, Inc		48,795,032
			TOTAL INSURANCE		258,873,550
MATERIALS - 4.7%
	254,255		Ball Corp		23,808,438
	691,132		Crown Holdings, Inc		75,886,294
	375,666		DuPont de Nemours, Inc		28,967,605
	155,930		Linde plc		44,571,031
	408,886		PPG Industries, Inc		70,017,639
	185,364		Reliance Steel & Aluminum Co		29,715,703
			TOTAL MATERIALS		272,966,710
MEDIA & ENTERTAINMENT - 8.4%
	59,544	*	Alphabet, Inc (Class C)		143,508,185
	77,155	*	Charter Communications, Inc		51,960,035
	2,778,185		Comcast Corp (Class A)		155,995,088
	708,378	*	Walt Disney Co		131,772,475
			TOTAL MEDIA & ENTERTAINMENT		483,235,783
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.6%
	49,807		Amgen, Inc		11,935,749
	990,535		Bristol-Myers Squibb Co		61,829,195
	980,555		Johnson & Johnson		159,565,715

14

TIAA-CREF FUNDS – Large-Cap Value Fund

SHARES			COMPANY	VALUE
	591,787		Merck & Co, Inc	$	44,088,132
	1,185,841		Pfizer, Inc		45,832,755
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		323,251,546
REAL ESTATE - 0.9%
	466,969		Prologis, Inc		54,415,898
			TOTAL REAL ESTATE		54,415,898
RETAILING - 1.8%
	315,141		Home Depot, Inc		102,001,688
			TOTAL RETAILING		102,001,688
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.9%
	348,855		Analog Devices, Inc		53,430,632
	531,301		Applied Materials, Inc		70,508,956
	1,209,969		Intel Corp		69,609,516
	55,353		Lam Research Corp		34,343,769
	693,688	*	Micron Technology, Inc		59,705,726
	283,651		NXP Semiconductors NV		54,605,654
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		342,204,253
SOFTWARE & SERVICES - 3.9%
	253,162		Accenture plc		73,409,385
	328,317	*	Fiserv, Inc		39,437,438
	329,156		Microsoft Corp		83,006,560
	414,678		Oracle Corp		31,428,446
			TOTAL SOFTWARE & SERVICES		227,281,829
TECHNOLOGY HARDWARE & EQUIPMENT - 2.9%
	1,455,580		Cisco Systems, Inc		74,103,578
	702,932		TE Connectivity Ltd		94,523,266
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		168,626,844
TELECOMMUNICATION SERVICES - 1.4%
	424,978	*	T-Mobile US, Inc		56,152,343
	432,508		Verizon Communications, Inc		24,994,637
			TOTAL TELECOMMUNICATION SERVICES		81,146,980
TRANSPORTATION - 2.9%
	423,315		CSX Corp		42,648,986
	420,663		Union Pacific Corp		93,425,046
	158,618		United Parcel Service, Inc (Class B)		32,335,865
			TOTAL TRANSPORTATION		168,409,897
UTILITIES - 2.7%
	518,346		American Electric Power Co, Inc		45,982,474
	1,868,760		Centerpoint Energy, Inc		45,765,932
	453,555		Entergy Corp		49,569,026
	172,881		NextEra Energy, Inc		13,400,006
			TOTAL UTILITIES		154,717,438
			TOTAL COMMON STOCKS		5,760,628,007
			(Cost $3,658,131,186)

15

TIAA-CREF FUNDS – Large-Cap Value Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 0.5%
GOVERNMENT AGENCY DEBT - 0.3%
$	1,140,000		Federal Home Loan Bank (FHLB)	0.010	%	05/05/21	$	1,140,000
	6,986,000		FHLB	0.010		05/11/21		6,986,000
	10,251,000		Tennessee Valley Authority (TVA)	0.005		05/05/21		10,251,000
			TOTAL GOVERNMENT AGENCY DEBT					18,377,000
REPURCHASE AGREEMENT - 0.2%
	13,785,000	r	Fixed Income Clearing Corp (FICC)	0.005		05/03/21		13,785,000
			TOTAL REPURCHASE AGREEMENT					13,785,000
			TOTAL SHORT-TERM INVESTMENTS					32,162,000
			(Cost $32,161,974)
			TOTAL INVESTMENTS - 100.1%					5,792,790,007
			(Cost $3,690,293,160)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%					(7,629,666	)
			NET ASSETS - 100.0%				$	5,785,160,341
*			Non-income producing
r			Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $13,785,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $14,060,794.

16

TIAA-CREF FUNDS – Mid-Cap Growth Fund

TIAA-CREF FUNDS

MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.1%
AUTOMOBILES & COMPONENTS - 0.7%
	92,103	*	Aptiv plc	$	13,252,701
			TOTAL AUTOMOBILES & COMPONENTS		13,252,701
CAPITAL GOODS - 2.7%
	77,938		Ametek, Inc		10,516,174
	94,721		Carrier Global Corp		4,127,941
	107,898	*	Liberty Media Acquisition Corp		1,154,509
	120,041		Spirit Aerosystems Holdings, Inc (Class A)		5,484,673
	19,964	*	Teledyne Technologies, Inc		8,938,881
	32,358	*	TransDigm Group, Inc		19,859,399
			TOTAL CAPITAL GOODS		50,081,577
COMMERCIAL & PROFESSIONAL SERVICES - 4.9%
	165,364	*	Cimpress plc		15,752,575
	745,341	*	Clarivate Analytics plc		20,817,374
	287,151	*	Driven Brands Holdings, Inc		8,189,547
	301,964		Experian Group Ltd		11,641,176
	115,569	*	Stericycle, Inc		8,815,603
	205,109		Waste Connections, Inc		24,430,533
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		89,646,808
CONSUMER DURABLES & APPAREL - 5.1%
	256,569	*	Capri Holdings Ltd		14,131,821
	101,908		Garmin Ltd		13,985,854
	223,347	*	Peloton Interactive, Inc		21,966,177
	1,357,500		Prada S.p.A		8,425,031
	522,085		Tempur Sealy International, Inc		19,912,322
	748,993	*	Under Armour, Inc (Class C)		14,912,451
			TOTAL CONSUMER DURABLES & APPAREL		93,333,656
CONSUMER SERVICES - 5.2%
	16,210	*	Chipotle Mexican Grill, Inc (Class A)		24,185,806
	99,710	*	Expedia Group, Inc		17,571,893
	60,687	*	Flutter Entertainment plc		12,436,060
	200,815	*	Royal Caribbean Cruises Ltd		17,460,864
	113,688	*	Shake Shack, Inc		12,363,570
	86,570	*	Wynn Resorts Ltd		11,115,588
			TOTAL CONSUMER SERVICES		95,133,781
DIVERSIFIED FINANCIALS - 2.6%
	176,885		Discover Financial Services		20,164,890
	170,586		Tradeweb Markets, Inc		13,865,230
	196,898		Voya Financial, Inc		13,353,622
			TOTAL DIVERSIFIED FINANCIALS		47,383,742

17

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 2.5%
	120,886	*,e	Beyond Meat, Inc	$	15,918,268
	757,466		Davide Campari-Milano NV		8,938,403
	280,920		Fevertree Drinks plc		9,730,148
	30,822	*	Freshpet, Inc		5,696,522
	64,673	*	Monster Beverage Corp		6,276,515
			TOTAL FOOD, BEVERAGE & TOBACCO		46,559,856
HEALTH CARE EQUIPMENT & SERVICES - 11.8%
	315,690	*	1Life Healthcare, Inc		13,735,672
	74,730	*	Align Technology, Inc		44,503,957
	278,132	*,e	GoodRx Holdings, Inc		11,128,061
	126,703	*	Guardant Health, Inc		20,143,243
	30,701	*	IDEXX Laboratories, Inc		16,854,542
	65,231	*	Insulet Corp		19,257,496
	111,722	*	Molina Healthcare, Inc		28,500,282
	65,265	*	Nevro Corp		11,278,445
	279,504	*	Oak Street Health, Inc		17,225,831
	37,424		Teleflex, Inc		15,810,892
	59,250		West Pharmaceutical Services, Inc		19,464,810
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		217,903,231
INSURANCE - 1.5%
	1,047,827	*,e	Root, Inc		11,285,097
	208,704	*	Trupanion, Inc		16,925,894
			TOTAL INSURANCE		28,210,991
MATERIALS - 0.8%
	444,034	*	Axalta Coating Systems Ltd		14,160,244
			TOTAL MATERIALS		14,160,244
MEDIA & ENTERTAINMENT - 6.9%
	79,010	*	Bilibili, Inc (ADR)		8,759,049
	147,428	*	IAC/InterActive Corp		37,368,575
	79,186	*	Liberty Broadband Corp (Class C)		12,885,146
	156,302	*	Match Group, Inc		24,325,280
	326,707		News Corp (Class A)		8,558,090
	48,492	*	Take-Two Interactive Software, Inc		8,504,527
	490,195	*	Twitter, Inc		27,068,568
			TOTAL MEDIA & ENTERTAINMENT		127,469,235
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	106,570	*	10X Genomics, Inc		21,079,546
	938,188	*	Avantor, Inc		30,059,544
	177,306	*	BioMarin Pharmaceutical, Inc		13,815,684
	120,201	*	Catalent, Inc		13,519,006
	442,023	*	Elanco Animal Health, Inc		14,016,549
	100,948	*	Exact Sciences Corp		13,306,965
	296,892	*	Horizon Therapeutics Plc		28,091,921
	207,762	*	Sana Biotechnology, Inc		4,466,883
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		138,356,098
REAL ESTATE - 0.4%
	190,432		Americold Realty Trust		7,691,549
			TOTAL REAL ESTATE		7,691,549

18

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
RETAILING - 11.2%
	587,244	*,g	Allegro.eu S.A.	$	9,003,314
	149,170	*	ASOS plc		10,753,793
	13,608	*	AutoZone, Inc		19,923,745
	49,040	*	Burlington Stores, Inc		16,003,223
	183,929	*	CarMax, Inc		24,506,700
	154,592	*,e	Coupang, Inc		6,477,405
	140,051	*	Dollar Tree, Inc		16,091,860
	314,183	*	Farfetch Ltd		15,391,825
	54,749	*	Five Below, Inc		11,019,331
	405,799		Gap, Inc		13,431,947
	197,246	*	Groupon, Inc		9,986,565
	153,391	*	GrubHub, Inc		10,436,724
	348,049	*,e	Petco Health & Wellness Co, Inc		8,220,917
	791,000	*	THG Holdings Ltd		6,772,943
	235,291	*	Trip.com Group Ltd (ADR)		9,195,172
	307,523	*	Vipshop Holdings Ltd (ADR)		9,462,483
	192,952	*	Vroom, Inc		8,927,889
			TOTAL RETAILING		205,605,836
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.8%
	113,232		Entegris, Inc		12,747,658
	41,063		KLA Corp		12,949,217
	405,365		Marvell Technology, Inc		18,326,552
	119,133		MKS Instruments, Inc		21,337,912
	71,249		Monolithic Power Systems, Inc		25,747,963
	90,078		NXP Semiconductors NV		17,340,916
	93,833		Skyworks Solutions, Inc		17,014,738
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		125,464,956
SOFTWARE & SERVICES - 24.7%
	277,973	*	ACV Auctions, Inc		9,448,302
	10,534	*,g	Adyen NV		25,925,155
	459,846	*	Anaplan, Inc		27,429,814
	178,331		Aveva Group plc		8,570,835
	188,953	*	Black Knight, Inc		13,683,976
	169,104	*	DocuSign, Inc		37,700,046
	36,535	*	Fair Isaac Corp		19,049,714
	68,898	*	HubSpot, Inc		36,271,352
	70,298	*	MongoDB, Inc		20,910,843
	264,755	*	nCino, Inc		17,312,330
	284,278	*	Nuance Communications, Inc		15,115,061
	136,071	*	Paylocity Holding Corp		26,294,360
	116,608	*	Proofpoint, Inc		20,069,403
	248,335	*	Qualtrics International, Inc		9,275,312
	2,381,066	*	Sabre Corp		35,668,369
	305,207	*	Slack Technologies, Inc		12,940,777
	161,442	*	Synopsys, Inc		39,885,861
	106,288	*	Twilio, Inc		39,092,726
	44,235	*	Wix.com Ltd		14,061,422
	177,624	*	Zendesk, Inc		25,959,748
			TOTAL SOFTWARE & SERVICES		454,665,406
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4%
	36,701	*	Arista Networks, Inc		11,567,054

19

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
	211,551		Cognex Corp	$	18,218,772
	101,908	*	Keysight Technologies, Inc		14,710,420
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		44,496,246
TELECOMMUNICATION SERVICES - 0.6%
	203,283	g	Cellnex Telecom SAU		11,498,512
			TOTAL TELECOMMUNICATION SERVICES		11,498,512
TRANSPORTATION - 0.8%
	256,099	*	Lyft, Inc (Class A)		14,254,470
			TOTAL TRANSPORTATION		14,254,470
			TOTAL COMMON STOCKS		1,825,168,895
			(Cost $1,216,855,516)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.9%
GOVERNMENT AGENCY DEBT - 0.7%
$	3,792,000		Federal Home Loan Bank (FHLB)		0.005	%	06/02/21		3,792,000
	8,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.005		05/25/21		8,000,000
			TOTAL GOVERNMENT AGENCY DEBT						11,792,000
REPURCHASE AGREEMENT - 0.2%
	4,380,000	r	Fixed Income Clearing Corp (FICC)		0.005		05/03/21		4,380,000
			TOTAL REPURCHASE AGREEMENT						4,380,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.0%
	36,851,204	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				36,851,204
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						36,851,204
			TOTAL SHORT-TERM INVESTMENTS						53,023,204
			(Cost $53,023,160)
			TOTAL INVESTMENTS - 102.0%						1,878,192,099
			(Cost $1,269,878,676)
			OTHER ASSETS & LIABILITIES, NET - (2.0)%						(35,984,334	)
			NET ASSETS - 100.0%					$	1,842,207,765

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 $50,356,451.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $46,426,981 or 2.5% of net assets.
r	Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $4,380,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $4,467,670.

20

TIAA-CREF FUNDS – Mid-Cap Value Fund

TIAA-CREF FUNDS
MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.0%
AUTOMOBILES & COMPONENTS - 3.0%
	478,720	*	Adient plc	$	22,183,885
	220,130	*	Aptiv plc		31,674,506
	287,705	*	General Motors Co		16,462,480
			TOTAL AUTOMOBILES & COMPONENTS		70,320,871
BANKS - 6.3%
	311,823		East West Bancorp, Inc		23,745,322
	679,356		Fifth Third Bancorp		27,541,092
	1,938,407		Huntington Bancshares, Inc		29,696,395
	108,662		Signature Bank		27,329,580
	353,905		Western Alliance Bancorp		37,184,798
			TOTAL BANKS		145,497,187
CAPITAL GOODS - 16.6%
	224,683		AGCO Corp		32,785,743
	453,975		Air Lease Corp		21,205,172
	871,922		Carrier Global Corp		37,998,361
	275,962		Crane Co		25,956,986
	186,912		Eaton Corp		26,715,332
	172,792		Hubbell, Inc		33,177,792
	715,569		Johnson Controls International plc		44,608,572
	184,397		Owens Corning, Inc		17,851,474
	189,367		Stanley Black & Decker, Inc		39,155,415
	463,924		Terex Corp		21,799,789
	1,357,352		Vertiv Holdings Co		30,811,890
	344,620		Wabtec Corp		28,282,963
	287,814	*	WESCO International, Inc		26,398,300
			TOTAL CAPITAL GOODS		386,747,789
COMMERCIAL & PROFESSIONAL SERVICES - 1.6%
	347,280		Republic Services, Inc		36,915,864
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		36,915,864
CONSUMER DURABLES & APPAREL - 5.5%
	397,305	*	Capri Holdings Ltd		21,883,559
	276,591		Kontoor Brands, Inc		17,378,213
	143,626	*	Mohawk Industries, Inc		29,515,143
	1,010,135		Newell Brands Inc		27,233,240
	131,000		Whirlpool Corp		30,974,950
			TOTAL CONSUMER DURABLES & APPAREL		126,985,105
CONSUMER SERVICES - 4.2%
	489,565		Travel & Leisure Co		31,591,629
	505,032		Wyndham Hotels & Resorts, Inc		36,922,890
	238,541		Yum! Brands, Inc		28,510,420
			TOTAL CONSUMER SERVICES		97,024,939

21

TIAA-CREF FUNDS – Mid-Cap Value Fund

SHARES			COMPANY	VALUE
DIVERSIFIED FINANCIALS - 9.7%
	1,849,319		AGNC Investment Corp	$	33,158,290
	828,172		Ally Financial, Inc		42,609,449
	127,003		Ameriprise Financial, Inc		32,817,575
	430,624		Discover Financial Services		49,091,136
	865,417		Synchrony Financial		37,853,340
	443,592		Voya Financial, Inc		30,084,409
			TOTAL DIVERSIFIED FINANCIALS		225,614,199
ENERGY - 1.4%
	209,074		Pioneer Natural Resources Co		32,161,853
			TOTAL ENERGY		32,161,853
FOOD, BEVERAGE & TOBACCO - 1.3%
	402,782		Tyson Foods, Inc (Class A)		31,195,466
			TOTAL FOOD, BEVERAGE & TOBACCO		31,195,466
HEALTH CARE EQUIPMENT & SERVICES - 5.5%
	545,824	*	Centene Corp		33,699,174
	450,093	*	Envista Holdings Corp		19,480,025
	140,622	*	Molina Healthcare, Inc		35,872,672
	223,211		Zimmer Biomet Holdings, Inc		39,544,061
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		128,595,932
INSURANCE - 2.9%
	915,265	*	BRP Group, Inc		26,560,990
	415,661		Prudential Financial, Inc		41,715,738
			TOTAL INSURANCE		68,276,728
MATERIALS - 8.4%
	813,318	*	Axalta Coating Systems Ltd		25,936,711
	384,949		CF Industries Holdings, Inc		18,720,070
	210,282		FMC Corp		24,863,744
	1,326,793		Freeport-McMoRan, Inc (Class B)		50,033,364
	283,516		International Flavors & Fragrances, Inc		40,307,470
	255,556		Newmont Goldcorp Corp		15,949,250
	364,935		Nutrien Ltd		20,140,762
			TOTAL MATERIALS		195,951,371
MEDIA & ENTERTAINMENT - 0.6%
	258,619	*	Twitter, Inc		14,280,941
			TOTAL MEDIA & ENTERTAINMENT		14,280,941
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.3%
	98,154	*	IQVIA Holdings, Inc		23,035,762
	140,692	*	Jazz Pharmaceuticals plc		23,129,765
	145,414	*	United Therapeutics Corp		29,309,646
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		75,475,173
REAL ESTATE - 9.4%
	45,988		Essex Property Trust, Inc		13,360,434
	642,197		Invitation Homes, Inc		22,515,427
	671,708		MGM Growth Properties LLC		24,194,922

22

TIAA-CREF FUNDS – Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	535,582		Omega Healthcare Investors, Inc	$	20,352,116
	440,515		Regency Centers Corp		28,043,185
	495,581		Rexford Industrial Realty, Inc		27,529,524
	196,409		Simon Property Group, Inc		23,910,832
	286,873		SL Green Realty Corp		21,231,471
	139,606		Sun Communities, Inc		23,290,469
	289,717		UDR, Inc		13,457,354
			TOTAL REAL ESTATE		217,885,734
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%
	153,335	*	Cree, Inc		15,244,566
	47,158		Lam Research Corp		29,259,181
	496,185		Marvell Technology, Inc		22,432,524
	123,742		MKS Instruments, Inc		22,163,430
	154,326		NXP Semiconductors NV		29,709,298
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		118,808,999
SOFTWARE & SERVICES - 2.2%
	148,215	*	Check Point Software Technologies		17,312,994
	117,792	*	j2 Global, Inc		14,252,832
	81,847	*	Synopsys, Inc		20,221,120
			TOTAL SOFTWARE & SERVICES		51,786,946
TECHNOLOGY HARDWARE & EQUIPMENT - 2.5%
	252,828	*	Ciena Corp		12,760,229
	1,207,297		Hewlett Packard Enterprise Co		19,340,898
	816,545	*	Vontier Corp		25,590,520
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		57,691,647
TRANSPORTATION - 1.8%
	433,469	*	Delta Air Lines, Inc		20,338,365
	1,091,808	*	JetBlue Airways Corp		22,229,211
			TOTAL TRANSPORTATION		42,567,576
UTILITIES - 7.7%
	719,853		Alliant Energy Corp		40,434,143
	326,101		American Electric Power Co, Inc		28,928,420
	407,766		Brookfield Renewable Corp		16,914,134
	882,542		Centerpoint Energy, Inc		21,613,453
	574,410		Evergy, Inc		36,745,008
	470,590		Exelon Corp		21,148,314
	102,580		Sempra Energy		14,111,931
			TOTAL UTILITIES		179,895,403
			TOTAL COMMON STOCKS		2,303,679,723
			(Cost $1,755,174,204)

PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 1.2%
$	701,000	Federal Home Loan Bank (FHLB)		0.010	%	05/11/21	701,000
	3,891,000	FHLB		0.005		05/26/21	3,891,000
	10,000,000	FHLB		0.010		06/18/21	10,000,000

23

TIAA-CREF FUNDS – Mid-Cap Value Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE
$	10,000,000	FHLB		0.008	%	06/23/21	$	10,000,000
	2,596,000	Federal Agricultural Mortgage Corp (FAMC)		0.010		05/03/21		2,596,000
		TOTAL GOVERNMENT AGENCY DEBT						27,188,000
		TOTAL SHORT-TERM INVESTMENTS						27,188,000
		(Cost $27,187,732)
		TOTAL INVESTMENTS - 100.2%						2,330,867,723
		(Cost $1,782,361,936)
		OTHER ASSETS & LIABILITIES, NET - (0.2)%						(4,866,923	)
		NET ASSETS - 100.0%					$	2,326,000,800

* Non-income producing

24

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.1%
	166,000	*	Adient plc	$	7,692,440
	79,080	*	Gentherm, Inc		5,630,496
	108,920	*	Goodyear Tire & Rubber Co		1,874,513
	348,920	*	Modine Manufacturing Co		5,680,418
	46,310		Patrick Industries, Inc		4,149,376
	60,460		Standard Motor Products, Inc		2,589,502
	37,500	*	Stoneridge, Inc		1,246,875
	497,820	*	Tenneco, Inc		5,013,047
			TOTAL AUTOMOBILES & COMPONENTS		33,876,667
BANKS - 10.1%
	56,890		Amalgamated Financial Corp		918,773
	62,770	*	Axos Financial, Inc		2,834,065
	83,280		Bank of NT Butterfield & Son Ltd		3,266,242
	90,450		Banner Corp		5,141,178
	237,770		Cathay General Bancorp		9,624,930
	162,890		Central Pacific Financial Corp		4,389,885
	140,193		ConnectOne Bancorp, Inc		3,806,240
	182,300	*	Customers Bancorp, Inc		6,292,996
	304,550		Essent Group Ltd		16,013,239
	70,260		Federal Agricultural Mortgage Corp Class C		7,226,944
	97,148		First Bancorp		4,119,075
	345,530		First Financial Bancorp		8,468,940
	90,620		First Merchants Corp		4,187,550
	196,190		Flagstar Bancorp, Inc		9,130,683
	217,150		Glacier Bancorp, Inc		12,800,992
	178,636		Great Western Bancorp, Inc		5,903,920
	95,610		Heartland Financial USA, Inc		4,806,315
	202,840		Heritage Commerce Corp		2,448,279
	341,197		Hilltop Holdings, Inc		12,010,134
	55,620		HomeStreet, Inc		2,271,521
	150,750		Horizon Bancorp		2,764,755
	85,519		Independent Bank Corp		2,014,828
	119,970		Independent Bank Group, Inc		9,058,935
	854,250		Investors Bancorp, Inc		12,506,220
	88,440		Kearny Financial Corp		1,130,263
	133,790		Lakeland Bancorp, Inc		2,425,613
	23,420		Lakeland Financial Corp		1,527,687
	76,510	*	Mr Cooper Group, Inc		2,638,065
	192,600		National Bank Holdings Corp		7,684,740
	208,240	*	NMI Holdings, Inc		5,380,922
	210,100		OceanFirst Financial Corp		4,802,886
	451,970		OFG Bancorp		10,707,169
	282,780		Pacific Premier Bancorp, Inc		12,450,803
	58,030		Peapack Gladstone Financial Corp		1,856,960
	70,090		PennyMac Financial Services, Inc		4,220,119

25

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	168,630		Premier Financial Corp	$	5,327,022
	55,495		QCR Holdings, Inc		2,675,969
	707,850		Radian Group, Inc		17,441,424
	260,430		Simmons First National Corp (Class A)		7,422,255
	258,590	*	The Bancorp, Inc		5,741,991
	170,960		Towne Bank		5,296,341
	165,340	*	Tristate Capital Holdings, Inc		3,946,666
	615,742		United Community Banks, Inc		20,147,078
	135,800		Walker & Dunlop, Inc		15,053,430
	112,110		Washington Federal, Inc		3,649,180
	241,360		WesBanco, Inc		8,758,954
	175,570		WSFS Financial Corp		8,969,871
			TOTAL BANKS		311,262,047
CAPITAL GOODS - 12.2%
	112,490	*	AAR Corp		4,526,598
	237,184		Advanced Drainage Systems, Inc		26,483,965
	87,300	*	Aerovironment, Inc		9,635,301
	43,000		Altra Industrial Motion Corp		2,537,430
	253,360	*,g	API Group Corp		5,386,434
	112,520		Applied Industrial Technologies, Inc		10,763,663
	90,840		Astec Industries, Inc		6,813,908
	179,703	*	Atkore International Group, Inc		14,067,151
	166,202	*	Bloom Energy Corp		4,316,266
	219,950		Boise Cascade Co		14,675,064
	616,818	*	Builders FirstSource, Inc		30,020,532
	18,040	*	Chart Industries, Inc		2,897,765
	85,490		Columbus McKinnon Corp		4,232,610
	318,700		Comfort Systems USA, Inc		26,248,132
	133,430	*	Construction Partners Inc		4,233,734
	473,950	*	Cornerstone Building Brands, Inc		6,663,737
	60,709		CSW Industrials, Inc		8,220,606
	86,406		EMCOR Group, Inc		10,351,439
	56,245		EnPro Industries, Inc		4,817,384
	306,430		Federal Signal Corp		12,695,395
	40,830		Franklin Electric Co, Inc		3,318,254
	97,470	*	Great Lakes Dredge & Dock Corp		1,530,279
	140,350		Hillenbrand, Inc		6,889,781
	24,000	*	Mastec, Inc		2,504,640
	199,820		Maxar Technologies, Inc		7,755,014
	76,200		McGrath RentCorp		6,246,876
	146,390	*	Meritor, Inc		3,956,922
	139,250		Mueller Industries, Inc		6,248,147
	486,860	*	Plug Power, Inc		13,880,379
	248,190		Primoris Services Corp		8,105,885
	69,578	*	RBC Bearings, Inc		13,875,941
	329,760	*	Resideo Technologies, Inc		9,896,098
	326,844	d	Rexnord Corp		16,319,321
	173,930		Rush Enterprises, Inc (Class A)		8,585,185
	125,130		Shyft Group, Inc		4,432,105
	102,770		Simpson Manufacturing Co, Inc		11,582,179
	28,980	*	SiteOne Landscape Supply, Inc		5,198,432
	236,430	*	Sunrun, Inc		11,585,070
	112,820	*,e	The ExOne Company		2,623,065
	75,620	*	Titan Machinery, Inc		1,974,438
	114,740		Triton International Ltd		5,756,506

26

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	461,760	*	WillScot Mobile Mini Holdings Corp	$	13,515,715
			TOTAL CAPITAL GOODS		375,367,346
COMMERCIAL & PROFESSIONAL SERVICES - 3.6%
	122,690		ABM Industries, Inc		6,307,493
	62,530		Brady Corp (Class A)		3,412,262
	100,122		Exponent, Inc		9,644,752
	75,940	*	Franklin Covey Co		2,319,208
	197,610		HNI Corp		8,366,807
	67,563		ICF International, Inc		6,152,287
	43,330		Insperity, Inc		3,793,108
	390,180		KBR, Inc		15,435,521
	96,710		Kforce, Inc		5,419,628
	142,884		Mantech International Corp (Class A)		12,195,149
	234,028	*	TriNet Group, Inc		18,420,344
	438,330	*	Upwork, Inc		20,189,480
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		111,656,039
CONSUMER DURABLES & APPAREL - 4.3%
	177,830	*	Beazer Homes USA, Inc		3,967,387
	327,960		Callaway Golf Co		9,494,442
	144,070	*	Century Communities, Inc		10,652,536
	180,790	*	CROCS, Inc		18,100,695
	26,750	*	Deckers Outdoor Corp		9,046,850
	25,600		Johnson Outdoors, Inc		3,630,336
	215,320	*	Purple Innovation, Inc		7,338,106
	178,992	*	Skyline Champion Corp		7,952,615
	154,400		Smith & Wesson Brands, Inc		2,686,560
	503,780	*	Sonos, Inc		20,166,313
	314,550	*	Taylor Morrison Home Corp		9,817,105
	240,140	*	Turtle Beach Corp		6,673,491
	156,820	*	Vista Outdoor, Inc		5,113,900
	195,920	*	YETI Holdings, Inc		16,735,486
			TOTAL CONSUMER DURABLES & APPAREL		131,375,822
CONSUMER SERVICES - 4.8%
	232,030	*	Adtalem Global Education, Inc		7,960,949
	101,290	*	American Public Education, Inc		3,085,293
	12,500	*	Biglari Holdings, Inc (B Shares)		1,663,250
	304,370	*	Bloomin’ Brands, Inc		9,618,092
	39,020	*	Bluegreen Vacations Holding Corp		722,650
	109,330	*	Caesars Entertainment, Inc		10,696,847
	120,330		Carriage Services, Inc		4,473,869
	336,610	*	Carrols Restaurant Group, Inc		1,982,633
	89,230	*	Chuy’s Holdings, Inc		4,359,778
	90,800	*	Dave & Buster’s Entertainment, Inc		4,145,928
	201,590	*	Everi Holdings, Inc		3,564,111
	88,660	*,e	GAN Ltd		1,634,891
	240,310	*	Hilton Grand Vacations, Inc		10,708,214
	1,158,250	*	Houghton Mifflin Harcourt Co		10,516,910
	558,930	*,e	International Game Technology plc		9,624,775
	94,690		Jack in the Box, Inc		11,424,349
	347,880	*	Laureate Education, Inc		4,783,350
	243,730	*	Noodles & Co		2,945,477
	64,560		Papa John’s International, Inc		6,244,243
	380,409	*	Perdoceo Education Corp		4,435,569

27

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	64,720	*	Red Robin Gourmet Burgers, Inc	$	2,353,219
	303,680	*	Red Rock Resorts, Inc		11,123,798
	282,160	*	SeaWorld Entertainment, Inc		15,451,082
	132,040	*	Stride, Inc		3,780,305
			TOTAL CONSUMER SERVICES		147,299,582
DIVERSIFIED FINANCIALS - 3.2%
	102,670		Artisan Partners Asset Management, Inc		5,227,956
	1,730,010		BGC Partners, Inc (Class A)		9,169,053
	244,860	*	Blucora, Inc		3,524,760
	187,010		Brightsphere Investment Group, Inc		4,209,595
	230,010		Cowen Group, Inc		9,083,095
	258,863	*	Enova International, Inc		8,863,469
	353,770		Federated Investors, Inc (Class B)		10,188,576
	122,050	*	Green Dot Corp		5,585,008
	50,780		Hamilton Lane, Inc		4,593,051
	70,610		Piper Jaffray Cos		8,190,054
	433,914		Stifel Financial Corp		30,022,510
			TOTAL DIVERSIFIED FINANCIALS		98,657,127
ENERGY - 3.1%
	1,054,120	*	Antero Resources Corp		9,508,162
	353,076		Berry Petroleum Co LLC		2,157,294
	190,410		Brigham Minerals, Inc		3,263,627
	529,430	*	ChampionX Corp		11,123,324
	202,590	*	CNX Resources Corp		2,718,758
	259,340		Delek US Holdings, Inc		6,154,138
	449,710	*	Green Plains Inc		13,401,358
	221,470	*	Liberty Oilfield Services, Inc		2,591,199
	1,415,065	*	NexTier Oilfield Solutions, Inc		5,080,083
	504,230	*	Oceaneering International, Inc		5,420,473
	447,459	*	Par Pacific Holdings, Inc		6,796,902
	490,320	*	PBF Energy, Inc		6,952,738
	323,850	*	PDC Energy, Inc		11,823,764
	744,560	*	ProPetro Holding Corp		7,170,113
	45,879	*	Renewable Energy Group, Inc		2,547,202
			TOTAL ENERGY		96,709,135
FOOD & STAPLES RETAILING - 1.2%
	164,148		Andersons, Inc		4,714,331
	481,911	*	BJ’s Wholesale Club Holdings, Inc		21,526,964
	110,408		Natural Grocers by Vitamin C		1,735,614
	181,860	*	Performance Food Group Co		10,675,182
			TOTAL FOOD & STAPLES RETAILING		38,652,091
FOOD, BEVERAGE & TOBACCO - 1.8%
	108,562		Calavo Growers, Inc		8,481,949
	177,270	*	Celsius Holdings, Inc		10,157,571
	218,830	*	Hostess Brands, Inc		3,345,911
	49,547		Lancaster Colony Corp		9,151,826
	67,890		Sanderson Farms, Inc		11,169,942
	171,929	*	Simply Good Foods Co		5,940,147
	244,840	*,e	Vital Farms, Inc		5,954,509
			TOTAL FOOD, BEVERAGE & TOBACCO		54,201,855

28

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 7.1%
	503,690	*	Allscripts Healthcare Solutions, Inc	$	7,837,416
	213,440	*	Alphatec Holdings Inc		3,412,906
	166,030	*	Angiodynamics, Inc		4,034,529
	847,320	*	Antares Pharma, Inc		3,211,343
	137,890	*	Avanos Medical, Inc		5,958,227
	922,090	*	Brookdale Senior Living, Inc		6,030,469
	160,300	*,e	Co-Diagnostics, Inc		1,420,258
	41,710		Conmed Corp		5,879,024
	51,810	*	Covetrus, Inc		1,484,356
	55,220		Ensign Group, Inc		4,740,637
	286,630	*	Evolent Health, Inc		6,208,406
	69,010	*	Health Catalyst, Inc		3,995,679
	136,724	*	HealthStream, Inc		3,303,252
	29,180	*	Heska Corp		5,329,727
	69,980	*	Inari Medical, Inc		7,998,014
	395,979	*	Inovalon Holdings, Inc		11,962,526
	42,380	*	Integer Holding Corp		3,978,634
	306,377	*	Intersect ENT, Inc		6,682,082
	389,477	*	Lantheus Holdings, Inc		9,230,605
	23,050	*	Magellan Health Services, Inc		2,171,310
	251,905	*	Meridian Bioscience, Inc		4,932,300
	68,810	*	Merit Medical Systems, Inc		4,376,316
	110,778	*	Natus Medical, Inc		2,830,378
	116,440	*	Neogen Corp		11,179,404
	266,110	*	NextGen Healthcare, Inc		4,872,474
	366,940	*	Option Care Health, Inc		7,001,215
	240,170		Owens & Minor, Inc		8,667,735
	130,990		Patterson Cos, Inc		4,210,019
	109,608	*	Pennant Group, Inc		4,430,355
	127,310	*	Phreesia, Inc		6,588,293
	568,720	*	R1 RCM, Inc		15,514,682
	26,297	*	Schrodinger, Inc		2,004,883
	305,110	*	Select Medical Holdings Corp		11,508,749
	39,270	*	SI-BONE, Inc		1,394,085
	285,850	*	Tenet Healthcare Corp		16,939,471
	36,910	*	Transmedics Group, Inc		1,059,686
	175,890	*	Varex Imaging Corp		4,175,629
	509,470	*	ViewRay, Inc		2,450,551
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		219,005,625
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	250,460	*	BellRing Brands, Inc		6,459,363
	388,780	*	elf Beauty, Inc		11,760,595
	67,561	*	Lifevantage Corp		549,271
	72,890	*	USANA Health Sciences, Inc		6,559,371
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		25,328,600
INSURANCE - 1.4%
	71,790		American Equity Investment Life Holding Co		2,224,054
	105,368		Amerisafe, Inc		6,541,245
	241,800		Conseco, Inc		6,173,154
	119,050		Heritage Insurance Holdings, Inc		1,084,546
	106,728		James River Group Holdings Ltd		5,027,956
	209,360	*	Selectquote, Inc		6,517,377
	356,821	*	SiriusPoint Ltd		3,775,166

29

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	148,760		Stewart Information Services Corp	$	8,724,774
	221,326		Universal Insurance Holdings, Inc		3,087,498
			TOTAL INSURANCE		43,155,770
MATERIALS - 5.3%
	170,050		Avient Corp		8,633,438
	89,570		Balchem Corp		11,392,408
	760,050	*	Coeur Mining, Inc		6,141,204
	220,190	*	Domtar Corp		8,679,890
	161,800	*	Ferro Corp		2,695,588
	673,900	*,†	Ferroglobe plc		0
	52,790		Innospec, Inc		5,142,274
	105,690	*	Koppers Holdings, Inc		3,513,136
	255,970		Louisiana-Pacific Corp		16,863,304
	114,640		Materion Corp		8,117,658
	153,534		Myers Industries, Inc		3,463,727
	45,214		Olympic Steel, Inc		1,313,467
	140,860	*	Ranpak Holdings Corp		2,708,738
	193,595		Schnitzer Steel Industries, Inc (Class A)		9,139,620
	152,410		Sensient Technologies Corp		12,534,198
	90,010		Stepan Co		11,760,707
	550,540	*	Summit Materials, Inc		15,850,047
	176,450		Trinseo S.A.		10,924,019
	709,770		United States Steel Corp		16,331,808
	157,162	*	US Concrete, Inc		9,965,642
			TOTAL MATERIALS		165,170,873
MEDIA & ENTERTAINMENT - 2.0%
	264,410	*	Cargurus, Inc		6,525,639
	237,510	*	Cars.com, Inc		3,137,507
	255,120		EW Scripps Co (Class A)		5,515,694
	284,320	*	Fluent, Inc		1,057,670
	132,080		Gray Television, Inc		2,683,866
	400,600	*	iHeartMedia, Inc		7,667,484
	189,010	*	Liberty Braves Group (Class C)		5,233,687
	614,640	*	LiveXLive Media, Inc		2,636,806
	163,030	*	QuinStreet, Inc		3,304,618
	102,370	*	TechTarget, Inc		7,851,779
	672,970		TEGNA, Inc		13,499,778
	237,650	*	WideOpenWest, Inc		3,343,736
			TOTAL MEDIA & ENTERTAINMENT		62,458,264
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.4%
	992,130	*,e	ADMA Biologics, Inc		1,944,575
	703,494	*	Affimed NV		7,520,351
	496,347	*	Amicus Therapeutics, Inc		4,884,054
	1,005,330	*	Amneal Pharmaceuticals, Inc		5,539,368
	106,140	*	AnaptysBio, Inc		2,478,369
	30,120	*	Anika Therapeutics, Inc		1,210,222
	673,790	*,e	Applied Genetic Technologies Corp		2,850,132
	488,420	*,e	Aquestive Therapeutics, Inc		1,987,869
	93,570	*	Arcus Biosciences, Inc		3,157,987
	4,773	*	Arcutis Biotherapeutics, Inc		159,895
	38,951	*	Arena Pharmaceuticals, Inc		2,673,207
	37,622	*	Arrowhead Pharmaceuticals Inc		2,737,377
	61,475	*	Arvinas, Inc		4,238,086

30

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	313,030	*	Atara Biotherapeutics, Inc	$	4,401,202
	255,970	*	Avid Bioservices, Inc		5,479,038
	38,450	*	Axsome Therapeutics, Inc		2,324,687
	795,820	*,e	BioCryst Pharmaceuticals, Inc		9,259,366
	558,560	*	BioDelivery Sciences International, Inc		1,932,618
	186,660	*	Cara Therapeutics, Inc		2,417,247
	153,312	*	CareDx, Inc		12,122,380
	219,127	*,e	Cassava Sciences, Inc		10,255,144
	320,370	*	Catalyst Pharmaceuticals, Inc		1,467,295
	475,600	*	Chimerix, Inc		4,142,476
	219,720	*	Codexis, Inc		5,093,110
	130,329	*	Concert Pharmaceuticals, Inc		540,865
	341,167	*	CytomX Therapeutics, Inc		3,193,323
	179,590	*	Editas Medicine, Inc		6,646,626
	76,630	*	Emergent Biosolutions, Inc		4,672,897
	64,680	*,e	Esperion Thereapeutics, Inc		1,743,126
	37,850	*	Fate Therapeutics, Inc		3,307,711
	683,026	*,e	Fluidigm Corp		3,421,960
	252,810	*	G1 Therapeutics, Inc		5,326,707
	281,020	*,e	Genprex, Inc		1,067,876
	557,900	*	GlycoMimetics, Inc		1,338,960
	435,890	*	Gossamer Bio, Inc		3,766,090
	134,580	*	Immunovant, Inc		2,110,214
	450,480	*,e	Inovio Pharmaceuticals, Inc		3,067,769
	93,196	*	Intellia Therapeutics, Inc		7,154,657
	217,454	*	Intra-Cellular Therapies, Inc		7,486,941
	210,555	*,e	Invitae Corp		7,348,370
	646,710	*	Ironwood Pharmaceuticals, Inc		7,139,678
	293,360	*,e	Karyopharm Therapeutics, Inc		2,739,982
	123,570		Luminex Corp		4,533,783
	27,200	*	Medpace Holdings, Inc		4,615,296
	1,269,450	*	Mustang Bio, Inc		4,100,324
	258,240	*	Myriad Genetics, Inc		7,804,013
	142,321	*	NanoString Technologies, Inc		11,338,714
	221,334	*	Natera, Inc		24,351,167
	206,840	*	NeoGenomics, Inc		10,133,092
	96,300	*	Novavax, Inc		22,816,359
	211,720	*,e	Omeros Corp		3,738,975
	778,420	*	Oncocyte Corp		4,001,079
	375,660	*	Organogenesis Holdings Inc		8,399,758
	197,920	*	Pacific Biosciences of California, Inc		5,907,912
	109,004		Phibro Animal Health Corp		2,672,778
	142,270	*,e	Provention Bio, Inc		1,022,921
	115,380	*	Puma Biotechnology, Inc		1,137,647
	98,598	*	Quanterix Corp		6,028,282
	2,234	*	REVOLUTION Medicines, Inc		74,146
	596,370	*	Sangamo Therapeutics Inc		7,025,239
	1,138,580	*	Selecta Biosciences, Inc		3,415,740
	412,325	*	Solid Biosciences, Inc		2,098,734
	186,730	*	Sutro Biopharma, Inc		3,829,832
	115,630	*	TG Therapeutics, Inc		5,169,817
	144,700	*	Translate Bio, Inc		3,359,934
	368,386	*	Travere Therapeutics, Inc		9,106,502
	56,000	*	Turning Point Therapeutics Inc		4,268,880
	38,836	*	Twist Bioscience Corp		5,211,403
	102,220	*	Veracyte, Inc		5,085,445

31

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	103,020	*	Vericel Corp	$	6,430,508
	446,200	*,e	vTv Therapeutics, Inc		1,142,272
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		351,170,359
REAL ESTATE - 6.5%
	268,310		Armada Hoffler Properties, Inc		3,657,065
	195,009		Bluerock Residential Growth REIT, Inc		1,848,685
	382,960		CareTrust REIT, Inc		9,259,973
	1,741,650	*	Colony Capital, Inc		12,191,550
	293,010		Columbia Property Trust, Inc		5,277,110
	1,255,920		Diversified Healthcare Trust		5,544,887
	93,160		EastGroup Properties, Inc		14,780,766
	227,630		Four Corners Property Trust, Inc		6,571,678
	431,060		Global Net Lease, Inc		8,276,352
	363,750		Healthcare Realty Trust, Inc		11,698,200
	298,860		Independence Realty Trust, Inc		5,032,803
	109,370	*	Marcus & Millichap, Inc		3,862,948
	364,410		National Storage Affiliates Trust		16,558,790
	335,308		Newmark Group, Inc		3,604,561
	95,520		Office Properties Income Trust		2,650,680
	494,000		Physicians Realty Trust		9,252,620
	118,150		Plymouth Industrial REIT, Inc		2,202,316
	198,630		PotlatchDeltic Corp		11,790,677
	115,900		Preferred Apartment Communities, Inc		1,182,180
	121,938		PS Business Parks, Inc		19,799,073
	166,220		QTS Realty Trust, Inc		11,051,968
	531,430	*	Realogy Holdings Corp		9,183,110
	101,370		RMR Group, Inc		4,012,225
	429,500		STAG Industrial, Inc		15,681,045
	430,660		Uniti Group, Inc		4,909,524
			TOTAL REAL ESTATE		199,880,786
RETAILING - 5.3%
	150,360	*,e	1-800-FLOWERS.COM, Inc (Class A)		4,807,761
	329,270	*	Abercrombie & Fitch Co (Class A)		12,344,332
	347,178	*	At Home Group, Inc		10,963,881
	129,250	*	Bed Bath & Beyond, Inc		3,272,610
	151,780		Buckle, Inc		6,365,653
	162,470		Caleres, Inc		3,787,176
	163,940		Camping World Holdings, Inc		7,137,948
	81,420	*	Citi Trends, Inc		8,516,532
	76,870		Dillard’s, Inc (Class A)		7,603,212
	100,220	*,e	GrowGeneration Corp		4,369,592
	153,140	*	Hibbett Sports, Inc		12,166,973
	583,870	*	Macy’s, Inc		9,680,565
	52,140	*	Magnite, Inc		2,088,207
	85,810	*	MarineMax, Inc		4,874,008
	60,920	*	Overstock.com, Inc		4,964,980
	393,500	*	Quotient Technology, Inc		6,429,790
	419,140		Rent-A-Center, Inc		24,121,507
	124,360	*	Sleep Number Corp		13,914,640
	334,610	*	Sportsman’s Warehouse Holdings, Inc		5,875,752
	50,928	*	Stamps.com, Inc		10,459,083
			TOTAL RETAILING		163,744,202

32

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
	521,160		Amkor Technology, Inc	$	10,537,855
	143,061		Brooks Automation, Inc		14,496,371
	283,712	*	Formfactor, Inc		11,107,325
	172,630	*	Ichor Holdings Ltd		9,627,575
	313,647	*	Lattice Semiconductor Corp		15,779,580
	50,270	*	MACOM Technology Solutions Holdings, Inc		2,845,785
	196,600	*	MaxLinear, Inc		7,075,634
	399,785	*	Rambus, Inc		7,587,919
	133,590	*	Semtech Corp		9,049,387
	37,580	*	Silicon Laboratories, Inc		5,296,901
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		93,404,332
SOFTWARE & SERVICES - 5.3%
	59,480	*	Alarm.com Holdings, Inc		5,338,925
	202,210	*	Avaya Holdings Corp		5,817,582
	36,747	*	BM Technologies, Inc		360,488
	488,060	*	Box, Inc		10,395,678
	161,230	*	ChannelAdvisor Corp		3,410,014
	696,310	*	Cloudera, Inc		8,836,174
	108,056	*	Commvault Systems, Inc		7,510,973
	404,210	*	Conduent, Inc		2,748,628
	84,000	*	Cornerstone OnDemand, Inc		3,718,260
	328,840	*	Digital Turbine, Inc		24,804,401
	141,130	*	LiveRamp Holdings, Inc		6,912,547
	232,160	*	Mitek Systems, Inc		3,763,314
	394,763		Perspecta, Inc		11,554,713
	209,085		Progress Software Corp		9,128,651
	85,334	*	Rapid7, Inc		6,933,387
	130,990		Sapiens International Corp NV		4,238,836
	105,130	*	Sprout Social, Inc		6,969,068
	62,090	*	SPS Commerce, Inc		6,360,500
	41,900	*	Sykes Enterprises, Inc		1,836,477
	272,999	*	Tenable Holdings, Inc		10,236,097
	150,790	*	Workiva, Inc		14,174,260
	441,300	*	Zuora Inc		7,149,060
			TOTAL SOFTWARE & SERVICES		162,198,033
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
	218,120	*	Calix, Inc		9,224,295
	543,640	*	Diebold, Inc		8,160,036
	29,589	*	ePlus, Inc		2,969,552
	831,490	*	Extreme Networks, Inc		9,462,356
	78,900	*	II-VI, Inc		5,297,346
	97,350	*	Insight Enterprises, Inc		9,771,020
	105,023	*	OSI Systems, Inc		10,142,071
	247,666	*	Ribbon Communications, Inc		1,671,746
	403,731	*	Sanmina Corp		16,488,374
	473,561	*	TTM Technologies, Inc		7,103,415
	58,749	*	Vishay Precision Group, Inc		1,872,918
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		82,163,129
TELECOMMUNICATION SERVICES - 0.6%
	264,636	*	Liberty Latin America Ltd (Class A)		3,674,471
	400,403	*	Liberty Latin America Ltd (Class C)		5,585,622
	96,542		Spok Holdings, Inc		991,486
	699,416	*	Vonage Holdings Corp		9,477,087
			TOTAL TELECOMMUNICATION SERVICES		19,728,666

33

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY					VALUE
TRANSPORTATION - 1.3%
	138,982		ArcBest Corp					$	10,112,330
	83,190	*	Avis Budget Group, Inc						7,454,656
	110,446		Forward Air Corp						9,751,277
	167,819	*	Hub Group, Inc (Class A)						11,029,065
	165,394	*	Radiant Logistics, Inc						1,104,832
			TOTAL TRANSPORTATION						39,452,160
UTILITIES - 1.7%
	108,430		Avista Corp						4,989,949
	180,058		Black Hills Corp						12,420,401
	127,785		Clearway Energy, Inc (Class A)						3,396,525
	56,270		Northwest Natural Holding Co						3,034,078
	166,691		NorthWestern Corp						11,339,989
	177,955	e	South Jersey Industries, Inc						4,404,386
	115,947		Southwest Gas Holdings Inc						8,083,825
	51,780		Spire, Inc						3,901,105
			TOTAL UTILITIES						51,570,258
			TOTAL COMMON STOCKS						3,077,488,768
			(Cost $2,006,613,328)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.5%
GOVERNMENT AGENCY DEBT - 0.5%
$	700,000		Federal Home Loan Bank (FHLB)		0.005	%	05/03/21		700,000
	13,001,000		FHLB		0.005-0.010		05/05/21		13,001,000
	2,040,000		FHLB		0.005		05/12/21		2,040,000
			TOTAL GOVERNMENT AGENCY DEBT						15,741,000
TREASURY DEBT - 0.0%
	480,000		United States Treasury Bill		0.013		05/20/21		479,998
			TOTAL TREASURY DEBT						479,998
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
	30,680,500	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				30,680,500
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						30,680,500
			TOTAL SHORT-TERM INVESTMENTS						46,901,498
			(Cost $46,901,486)
			TOTAL INVESTMENTS - 101.3%						3,124,390,266
			(Cost $2,053,514,814)
			OTHER ASSETS & LIABILITIES, NET - (1.3)%						(40,269,401	)
			NET ASSETS - 100.0%					$	3,084,120,865
			Abbreviation(s):
			REIT     Real Estate Investment Trust
*			Non-income producing

34

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

†	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 $65,488,320.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $5,386,434 or 0.2% of net assets.

Futures contracts outstanding as of April 30, 2021 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		130	06/18/21		$     14,195,329	$	14,699,750	$	504,421

35

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

TIAA-CREF FUNDS

QUANT SMALL/MID-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.2%
	94,291	*	Adient plc	$	4,369,445
	93,070		Gentex Corp		3,274,203
	80,665	*	Stoneridge, Inc		2,682,111
	27,200		Thor Industries, Inc		3,851,248
			TOTAL AUTOMOBILES & COMPONENTS		14,177,007
BANKS - 7.4%
	63,130	*	Axos Financial, Inc		2,850,319
	73,529		Bank of NT Butterfield & Son Ltd		2,883,807
	80,645		BankUnited		3,758,863
	111,323		Berkshire Hills Bancorp, Inc		2,470,257
	32,080		BOK Financial Corp		2,821,115
	111,200		Cadence BanCorp		2,474,200
	103,820		Capitol Federal Financial		1,341,874
	67,181		Cathay General Bancorp		2,719,487
	88,065		Central Pacific Financial Corp		2,373,352
	49,840		Comerica, Inc		3,745,974
	36,533		ConnectOne Bancorp, Inc		991,871
	55,398		Essent Group Ltd		2,912,827
	450,902		First Bancorp (Puerto Rico)		5,667,838
	580		First Citizens Bancshares, Inc (Class A)		503,127
	81,180		First Financial Bancorp		1,989,722
	21,851		Flagstar Bancorp, Inc		1,016,946
	77,815		Great Western Bancorp, Inc		2,571,786
	92,389		Hilltop Holdings, Inc		3,252,093
	16,090		International Bancshares Corp		762,505
	187,715		MGIC Investment Corp		2,860,777
	90,348		National Bank Holdings Corp		3,604,885
	69,039	*	NMI Holdings, Inc		1,783,968
	107,010		OFG Bancorp		2,535,067
	56,010		Old National Bancorp		1,058,589
	101,449		PacWest Bancorp		4,403,901
	58,006		Popular, Inc		4,290,124
	43,992		Prosperity Bancshares, Inc		3,227,253
	128,602		Radian Group, Inc		3,168,753
	53,478		TFS Financial Corp		1,046,030
	81,626	*	The Bancorp, Inc		1,812,505
	167,500		Umpqua Holdings Corp		3,122,200
	68,344		Washington Federal, Inc		2,224,597
	36,240		Westamerica Bancorporation		2,297,616
	74,795		WSFS Financial Corp		3,821,277
			TOTAL BANKS		88,365,505
CAPITAL GOODS - 13.7%
	68,732		Advanced Drainage Systems, Inc		7,674,615
	77,046	*	Aecom Technology Corp		5,118,166

36

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	35,830		AGCO Corp	$	5,228,314
	38,270		Allegion plc		5,142,723
	23,930		Applied Industrial Technologies, Inc		2,289,144
	95,958	*	Atkore International Group, Inc		7,511,592
	15,370	*	Axon Enterprise, Inc		2,330,246
	36,029		AZZ, Inc		1,896,567
	61,200	*	Beacon Roofing Supply, Inc		3,447,396
	188,127	*	Bloom Energy Corp		4,885,658
	74,687		Boise Cascade Co		4,983,117
	143,406	*	Builders FirstSource, Inc		6,979,570
	41,170		BWX Technologies, Inc		2,755,096
	41,252		Comfort Systems USA, Inc		3,397,515
	60,321		EMCOR Group, Inc		7,226,456
	30,915		EnPro Industries, Inc		2,647,870
	115,366	*	Evoqua Water Technologies Corp		3,297,160
	64,525		Federal Signal Corp		2,673,271
	68,560	*	Gates Industrial Corp plc		1,182,660
	23,747	*	Gibraltar Industries, Inc		2,181,399
	55,477		Graco, Inc		4,260,634
	104,800	*	Howmet Aerospace, Inc		3,349,408
	13,140		Huntington Ingalls		2,789,885
	50,575		ITT, Inc		4,769,728
	254,803	*	MRC Global, Inc		2,400,244
	45,920	*	MYR Group, Inc		3,577,168
	15,550		Nordson Corp		3,287,426
	291,700	*	NOW, Inc		2,864,494
	17,230		Oshkosh Corp		2,143,929
	91,222		Primoris Services Corp		2,979,311
	43,399		Quanta Services, Inc		4,194,079
	17,370	*	RBC Bearings, Inc		3,464,099
	22,810		Regal-Beloit Corp		3,294,448
	91,824		Rexnord Corp		4,584,772
	15,696		Simpson Manufacturing Co, Inc		1,768,939
	50,950	*	SPX Corp		3,090,627
	56,800	*	Titan Machinery, Inc		1,483,048
	43,100		Toro Co		4,939,260
	98,331		UFP Industries, Inc		8,263,737
	41,292	*	Vectrus, Inc		2,161,636
	93,300		Vertiv Holdings Co		2,117,910
	12,590		Watsco, Inc		3,687,107
	169,460	*	Welbilt, Inc		3,785,736
			TOTAL CAPITAL GOODS		162,106,160
COMMERCIAL & PROFESSIONAL SERVICES - 2.0%
	64,644		ABM Industries, Inc		3,323,348
	62,589		Booz Allen Hamilton Holding Co		5,191,757
	84,990		Kforce, Inc		4,762,840
	62,900		Kimball International, Inc (Class B)		917,082
	31,690		Manpower, Inc		3,831,004
	15,729		Mantech International Corp (Class A)		1,342,470
	21,561	*	SP Plus Corp		740,189
	71,730	*	Upwork, Inc		3,303,884
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		23,412,574

37

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 4.6%
	10,850	*	Cavco Industries, Inc	$	2,272,315
	10,670		Columbia Sportswear Co		1,163,137
	63,057	*	CROCS, Inc		6,313,267
	28,031	*	Malibu Boats, Inc		2,336,664
	91,810	*,e	Nautilus, Inc		1,538,736
	180,691		Newell Brands Inc		4,871,429
	623	*	NVR, Inc		3,126,276
	105,365		Pulte Homes, Inc		6,229,179
	62,778	*	Skyline Champion Corp		2,789,226
	68,690		Smith & Wesson Brands, Inc		1,195,206
	130,000	*	Sonos, Inc		5,203,900
	89,193		Steven Madden Ltd		3,627,479
	138,770		Tempur Sealy International, Inc		5,292,688
	5,961	*	TopBuild Corp		1,325,607
	29,760	*	Vista Outdoor, Inc		970,474
	67,430	*	YETI Holdings, Inc		5,759,871
			TOTAL CONSUMER DURABLES & APPAREL		54,015,454
CONSUMER SERVICES - 3.0%
	49,660	*	Bally’s Corp		2,878,294
	78,820	*	Boyd Gaming Corp		5,213,943
	37,650	*	Caesars Entertainment, Inc		3,683,676
	63,590		Extended Stay America, Inc		1,264,805
	44,412	*	frontdoor, Inc		2,377,374
	142,730		H&R Block, Inc		3,177,170
	236,010	*	Houghton Mifflin Harcourt Co		2,142,971
	158,270	*	International Game Technology plc		2,725,409
	92,445	*	Perdoceo Education Corp		1,077,909
	125,040	*	Red Rock Resorts, Inc		4,580,215
	18,565		Strategic Education, Inc		1,393,489
	67,704	*	Terminix Global Holdings, Inc		3,445,457
	74,960	*	WW International Inc		2,079,390
			TOTAL CONSUMER SERVICES		36,040,102
DIVERSIFIED FINANCIALS - 6.2%
	28,089		Artisan Partners Asset Management, Inc		1,430,292
	153,314		Brightsphere Investment Group, Inc		3,451,098
	97,452	*	Cannae Holdings, Inc		3,868,844
	49,310		Carlyle Group, Inc		2,103,565
	35,508		Cohen & Steers, Inc		2,415,254
	94,056		Federated Investors, Inc (Class B)		2,708,813
	82,000	e	iShares Russell 2000 Index Fund		18,440,980
	121,060		Jefferies Financial Group, Inc		3,935,661
	35,000		KKR Real Estate Finance Trust, Inc		738,500
	171,640	*	LendingClub Corp		2,641,540
	67,303		LPL Financial Holdings, Inc		10,546,380
	17,056		Morningstar, Inc		4,520,010
	69,983		OneMain Holdings, Inc		3,979,933
	57,930		PROG Holdings, Inc		2,950,954
	70,040		Santander Consumer USA Holdings, Inc		2,377,158
	80,630		Starwood Property Trust, Inc		2,081,867
	36,441	*	StoneX Group, Inc		2,314,732
	98,976		Virtu Financial, Inc		2,932,659
			TOTAL DIVERSIFIED FINANCIALS		73,438,240

38

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
ENERGY - 2.5%
	33,234		Cimarex Energy Co	$	2,200,091
	123,894	*	Clean Energy Fuels Corp		1,362,834
	108,760		Devon Energy Corp		2,542,809
	60,100	*	Green Plains Inc		1,790,980
	456,060		Marathon Oil Corp		5,135,235
	336,159	*	NexTier Oilfield Solutions, Inc		1,206,811
	190,220	*	Oceaneering International, Inc		2,044,865
	311,860		Patterson-UTI Energy, Inc		2,108,174
	18,181	*	Renewable Energy Group, Inc		1,009,409
	299,170		SM Energy Co		4,726,886
	123,490		Targa Resources Investments, Inc		4,283,868
	53,544		World Fuel Services Corp		1,656,116
			TOTAL ENERGY		30,068,078
FOOD & STAPLES RETAILING - 1.2%
	87,243		Andersons, Inc		2,505,619
	52,310	*	BJ’s Wholesale Club Holdings, Inc		2,336,688
	116,820	*	Rite Aid Corp		2,046,686
	100,350		SpartanNash Co		1,943,779
	150,624	*	United Natural Foods, Inc		5,552,001
			TOTAL FOOD & STAPLES RETAILING		14,384,773
FOOD, BEVERAGE & TOBACCO - 1.7%
	59,623		Bunge Ltd		5,033,374
	13,893	*	Freshpet, Inc		2,567,704
	147,053	*	Hostess Brands, Inc		2,248,440
	65,530		Lamb Weston Holdings, Inc		5,275,165
	60,060	*	Pilgrim’s Pride Corp		1,439,038
	18,730		Sanderson Farms, Inc		3,081,647
			TOTAL FOOD, BEVERAGE & TOBACCO		19,645,368
HEALTH CARE EQUIPMENT & SERVICES - 5.1%
	77,320	*,e	Accelerate Diagnostics, Inc		565,209
	142,100	*	Alphatec Holdings Inc		2,272,179
	19,330	*	Angiodynamics, Inc		469,719
	35,830	*	Axonics Modulation Technologies, Inc		2,254,782
	115,610	*,e	Co-Diagnostics, Inc		1,024,305
	254,880	*	Community Health Systems, Inc		2,841,912
	67,690	*	Cross Country Healthcare, Inc		901,631
	34,840		Encompass Health Corp		2,956,522
	130,430	*	Evolent Health, Inc		2,825,114
	36,850	*	Globus Medical, Inc		2,644,724
	42,921		Hill-Rom Holdings, Inc		4,730,753
	17,010	*	Inari Medical, Inc		1,944,073
	62,260	*	Inovalon Holdings, Inc		1,880,875
	15,925	*	Magellan Health Services, Inc		1,500,135
	18,601	*	ModivCare, Inc		2,605,628
	30,160	*	Molina Healthcare, Inc		7,693,816
	33,920	*	Natus Medical, Inc		866,656
	48,098	*	Orthofix Medical Inc		2,133,146
	87,500		Owens & Minor, Inc		3,157,875
	80,817		Patterson Cos, Inc		2,597,458
	151,100	*	PAVmed, Inc		690,527

39

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	169,900	*	R1 RCM, Inc	$	4,634,872
	35,786	*	Select Medical Holdings Corp		1,349,848
	18,270	*	Shockwave Medical Inc		2,986,414
	50,060	*	Tenet Healthcare Corp		2,966,556
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		60,494,729
HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
	51,630	*	BellRing Brands, Inc		1,331,537
	112,984	*	elf Beauty, Inc		3,417,766
	21,544		Medifast, Inc		4,892,427
	33,320		Spectrum Brands Holdings, Inc		2,936,825
	92,220	*	Veru, Inc		815,225
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		13,393,780
INSURANCE - 2.5%
	47,721		American Financial Group, Inc		5,863,002
	102,460		Brown & Brown, Inc		5,448,823
	55,910		First American Financial Corp		3,606,195
	30,622		Kemper Corp		2,390,353
	24,356		Mercury General Corp		1,516,648
	29,627		Selective Insurance Group, Inc		2,255,800
	64,340		W.R. Berkley Corp		5,129,185
	3,009		White Mountains Insurance Group Ltd		3,506,779
			TOTAL INSURANCE		29,716,785
MATERIALS - 5.3%
	30,622		Avery Dennison Corp		6,558,314
	39,582		Avient Corp		2,009,578
	121,190	*	Axalta Coating Systems Ltd		3,864,749
	76,676		CF Industries Holdings, Inc		3,728,754
	70,620	*	Domtar Corp		2,783,840
	171,045		Element Solutions, Inc		3,742,465
	15,659		Innospec, Inc		1,525,343
	75,670		Louisiana-Pacific Corp		4,985,140
	20,907		Materion Corp		1,480,425
	24,630		Packaging Corp of America		3,636,619
	45,160	*	Ranpak Holdings Corp		868,427
	35,984		Reliance Steel & Aluminum Co		5,768,595
	19,746		Royal Gold, Inc		2,208,787
	24,613		Scotts Miracle-Gro Co (Class A)		5,689,541
	38,520		Sensient Technologies Corp		3,167,885
	97,777		Silgan Holdings, Inc		4,123,256
	139,474	*	Summit Materials, Inc		4,015,456
	28,940		Westlake Chemical Corp		2,717,177
			TOTAL MATERIALS		62,874,351
MEDIA & ENTERTAINMENT - 2.0%
	45,084	*	EverQuote Inc		1,526,995
	146,140	*	iHeartMedia, Inc		2,797,120
	4,382	*	Liberty Broadband Corp (Class C)		713,039
	60,324	*	Liberty Media Group (Class C)		2,831,608
	261,900	*	Lions Gate Entertainment Corp (Class A)		3,789,693
	65,890	*	Meredith Corp		2,049,179

40

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	154,030		News Corp (Class A)	$	4,034,816
	42,490	*	Yelp, Inc		1,669,857
	30,950	*	Zillow Group, Inc (Class C)		4,027,214
			TOTAL MEDIA & ENTERTAINMENT		23,439,521
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
	73,056	*	Acadia Pharmaceuticals, Inc		1,502,031
	16,700	*	Acceleron Pharma, Inc		2,086,999
	171,497	*	Agenus, Inc		529,926
	28,768	*	Agios Pharmaceuticals, Inc		1,605,254
	58,652	*	Alkermes plc		1,290,637
	11,720	*	Allakos, Inc		1,278,886
	204,407	*	Amicus Therapeutics, Inc		2,011,365
	62,230	*	AnaptysBio, Inc		1,453,070
	41,970	*	Arcutis Biotherapeutics, Inc		1,405,995
	28,260	*	Arena Pharmaceuticals, Inc		1,939,484
	15,140	*	Arvinas, Inc		1,043,752
	210	*	Athenex, Inc		842
	120,370	*	Avantor, Inc		3,856,655
	64,150	*	Avid Bioservices, Inc		1,373,131
	4,410		Bio-Techne Corp		1,885,231
	23,326	*	Bluebird Bio, Inc		699,780
	85,790	*	Cara Therapeutics, Inc		1,110,980
	16,710	*	CareDx, Inc		1,321,260
	22,432	*	Charles River Laboratories International, Inc		7,457,518
	93,830	*	Chimerix, Inc		817,259
	119,160	*	Exelixis, Inc		2,933,719
	91,980	*	G1 Therapeutics, Inc		1,938,019
	103,870	*	Gossamer Bio, Inc		897,437
	60,601	*	Halozyme Therapeutics, Inc		3,027,020
	104,683	*	Horizon Therapeutics Plc		9,905,105
	109,780	*,e	Inovio Pharmaceuticals, Inc		747,602
	40,250	*	Intellia Therapeutics, Inc		3,089,993
	49,390	*,e	Invitae Corp		1,723,711
	132,550	*	Ironwood Pharmaceuticals, Inc		1,463,352
	15,505	*	Jazz Pharmaceuticals plc		2,549,022
	22,970	*	Keros Therapeutics, Inc		1,350,636
	141,530	*	Lexicon Pharmaceuticals, Inc		687,836
	8,790	*	Ligand Pharmaceuticals, Inc (Class B)		1,282,373
	413,140	*,e	MannKind Corp		1,888,050
	36,766	*	Natera, Inc		4,044,995
	26,280	*	NGM Biopharmaceuticals Inc		722,700
	20,528	*	Novavax, Inc		4,863,699
	15,170	*	Nurix Therapeutics, Inc		528,219
	60,360	*	Organogenesis Holdings Inc		1,349,650
	59,248		Phibro Animal Health Corp		1,452,761
	75,430	*	PPD, Inc		3,484,866
	32,641	*	PRA Health Sciences, Inc		5,447,456
	45,910	*	Prothena Corp plc		1,218,451
	87,949	*	Radius Health, Inc		1,961,263
	7,704	*	Reata Pharmaceuticals, Inc		781,186
	25,426	*	Sarepta Therapeutics, Inc		1,801,178
	11,435	*	Seagen, Inc		1,643,896

41

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	62,930	*	Travere Therapeutics, Inc	$	1,555,630
	19,955	*	United Therapeutics Corp		4,022,130
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		103,032,010
REAL ESTATE - 7.4%
	99,931		Alexander & Baldwin, Inc		1,831,735
	138,620		American Homes 4 Rent		5,134,485
	109,900		CareTrust REIT, Inc		2,657,382
	142,866		Columbia Property Trust, Inc		2,573,017
	102,670		CubeSmart		4,347,048
	447,920		Diversified Healthcare Trust		1,977,567
	78,256		Equity Lifestyle Properties, Inc		5,430,966
	70,239		First Industrial Realty Trust, Inc		3,495,795
	106,835		Gaming and Leisure Properties, Inc		4,966,759
	56,748		Getty Realty Corp		1,792,102
	43,140		Gladstone Land Corp		905,509
	71,552		Healthcare Realty Trust, Inc		2,301,112
	6,800	*	Jones Lang LaSalle, Inc		1,277,788
	106,956		Kennedy-Wilson Holdings, Inc		2,197,946
	41,439		Life Storage, Inc		3,980,630
	19,620	*	Marcus & Millichap, Inc		692,978
	70,390		Medical Properties Trust, Inc		1,552,100
	96,690		National Retail Properties, Inc		4,488,350
	24,180		National Storage Affiliates Trust		1,098,739
	51,343		NexPoint Residential Trust, Inc		2,575,365
	103,570		Omega Healthcare Investors, Inc		3,935,660
	232,020		Paramount Group, Inc		2,461,732
	105,780	*	Park Hotels & Resorts, Inc		2,359,952
	60,050		Regency Centers Corp		3,822,783
	74,360		Rexford Industrial Realty, Inc		4,130,698
	24,778		RMR Group, Inc		980,713
	92,785		STAG Industrial, Inc		3,387,580
	19,280		STORE Capital Corp		690,031
	29,660		Terreno Realty Corp		1,913,663
	148,460		VICI Properties, Inc		4,706,182
	111,952		Weingarten Realty Investors		3,620,528
			TOTAL REAL ESTATE		87,286,895
RETAILING - 5.3%
	60,450	*	Academy Sports & Outdoors, Inc		1,862,465
	43,271	*	Autonation, Inc		4,434,412
	64,870	*	Bed Bath & Beyond, Inc		1,642,508
	73,050		Camping World Holdings, Inc		3,180,597
	85,930	*	CarParts.com, Inc		1,484,870
	130,280	*	Container Store Group, Inc		1,835,645
	86,549		Core-Mark Holding Co, Inc		3,683,525
	28,930	*	Etsy, Inc		5,750,995
	4,910	*	GameStop Corp (Class A)		852,327
	18,080	*	Hibbett Sports, Inc		1,436,456
	87,120		Kohl’s Corp		5,110,459
	121,855	*	Magnite, Inc		4,880,293
	48,970	*	MarineMax, Inc		2,781,496
	55,767	*	National Vision Holdings, Inc		2,811,214

42

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	77,480	*	ODP Corp	$	3,132,516
	15,530		Pool Corp		6,561,736
	9,190	*	RH		6,322,904
	32,805		Sonic Automotive, Inc (Class A)		1,618,599
	6,170		Williams-Sonoma, Inc		1,053,528
	64,502	*	Zumiez, Inc		2,771,651
			TOTAL RETAILING		63,208,196
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
	33,030	*	Alpha & Omega Semiconductor Ltd		1,027,233
	15,690	*	Ambarella, Inc		1,529,618
	191,174		Amkor Technology, Inc		3,865,538
	57,213		Brooks Automation, Inc		5,797,393
	24,325	*	Enphase Energy, Inc		3,387,256
	72,067	*	Formfactor, Inc		2,821,423
	43,090	*	Ichor Holdings Ltd		2,403,129
	39,315	*	Impinj, Inc		1,865,890
	89,256	*	Lattice Semiconductor Corp		4,490,470
	21,683		Marvell Technology, Inc		980,289
	177,428	*	NeoPhotonics Corp Ltd		1,660,726
	53,349		Teradyne, Inc		6,672,893
	63,490	*	Ultra Clean Holdings		3,242,434
	11,696		Universal Display Corp		2,616,278
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		42,360,570
SOFTWARE & SERVICES - 8.2%
	38,863		Amdocs Ltd		2,982,347
	53,950	*	Anaplan, Inc		3,218,118
	13,767	*	Avalara, Inc		1,950,922
	66,290	*	Avaya Holdings Corp		1,907,163
	52,548	*	Black Knight, Inc		3,805,526
	210,290	*	Cloudera, Inc		2,668,580
	26,661	*	Concentrix Corp		4,142,586
	13,140	*	Digital Turbine, Inc		991,150
	7,914	*	DocuSign, Inc		1,764,347
	70,520	*	Domo, Inc		4,533,731
	92,783	*	Dynatrace, Inc		4,828,427
	33,695	*	Elastic NV		4,064,291
	62,061		EVERTEC, Inc		2,476,234
	39,431	*	Five9, Inc		7,411,845
	82,510		Genpact Ltd		3,921,700
	5,620	*	Globant S.A.		1,287,992
	134,620	*	Nuance Communications, Inc		7,157,745
	143,305	*	Nutanix, Inc		3,874,967
	23,349	*	Paylocity Holding Corp		4,511,961
	39,681		Pegasystems, Inc		5,037,106
	70,821		Progress Software Corp		3,092,045
	42,560	*	Smartsheet, Inc		2,523,808
	52,433	*	SPS Commerce, Inc		5,371,237
	103,456	*	SVMK, Inc		1,861,173
	40,530	*	Tenable Holdings, Inc		1,519,672
	62,480	*	Teradata Corp		3,090,886
	58,870	*	Veritone, Inc		1,419,944

43

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	36,332	*	Zendesk, Inc	$	5,309,922
			TOTAL SOFTWARE & SERVICES		96,725,425
TECHNOLOGY HARDWARE & EQUIPMENT - 3.6%
	174,990	*	Arlo Technologies, Inc		1,072,689
	33,285	*	Arrow Electronics, Inc		3,796,820
	89,725		Avnet, Inc		3,940,722
	51,210	*	Cambium Networks Corp		3,072,600
	39,690		Cognex Corp		3,418,103
	42,400	*	EchoStar Corp (Class A)		1,036,680
	8,110	*	ePlus, Inc		813,920
	84,090	*	Extreme Networks, Inc		956,944
	39,010	*	Insight Enterprises, Inc		3,915,434
	68,256		Jabil Inc		3,577,979
	126,343	*	Knowles Corp		2,640,569
	61,711		National Instruments Corp		2,555,452
	84,502	*	Sanmina Corp		3,451,062
	26,661		Synnex Corp		3,231,313
	58,600	*	Trimble Inc		4,805,200
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		42,285,487
TELECOMMUNICATION SERVICES - 0.3%
	38,150	*	Anterix, Inc		1,805,258
	126,513	*	Liberty Latin America Ltd (Class A)		1,756,633
	42,004	*	Liberty Latin America Ltd (Class C)		585,956
			TOTAL TELECOMMUNICATION SERVICES		4,147,847
TRANSPORTATION - 2.1%
	38,872	*	Alaska Air Group, Inc		2,687,610
	57,161	*	Echo Global Logistics, Inc		1,869,165
	17,956		Forward Air Corp		1,585,335
	91,755	*	Hub Group, Inc (Class A)		6,030,138
	29,914		Landstar System, Inc		5,153,584
	122,430		Marten Transport Ltd		2,047,030
	23,910		Ryder System, Inc		1,908,974
	24,000	*	XPO Logistics, Inc		3,338,880
			TOTAL TRANSPORTATION		24,620,716
UTILITIES - 1.2%
	35,951		Brookfield Renewable Corp		1,491,248
	91,774		Clearway Energy, Inc (Class A)		2,439,353
	115,146		MDU Resources Group, Inc		3,852,785
	60,426		NRG Energy, Inc		2,164,459
	30,060		ONE Gas, Inc		2,418,928
	113,767		Vistra Energy Corp		1,919,249
			TOTAL UTILITIES		14,286,022
			TOTAL COMMON STOCKS		1,183,525,595
			(Cost $786,678,469)

44

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 3.0%
REPURCHASE AGREEMENT - 0.5%
$	6,280,000	r	Fixed Income Clearing Corp (FICC)		0.005	%	05/03/21	$	6,280,000
			TOTAL REPURCHASE AGREEMENT						6,280,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.5%
	29,158,029	c	State Street Navigator Securities Lending		0.020				29,158,029
			Government Money Market Portfolio
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						29,158,029
			TOTAL SHORT-TERM INVESTMENTS						35,438,029
			(Cost $35,438,029)
			TOTAL INVESTMENTS - 102.9%						1,218,963,624
			(Cost $822,116,498)
			OTHER ASSETS & LIABILITIES, NET - (2.9)%						(33,925,886	)
			NET ASSETS - 100.0%					$	1,185,037,738
			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 $29,955,232.
r			Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $6,280,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $6,405,626.

45

TIAA-CREF FUNDS – Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 2.0%
	202,179	*	American Axle & Manufacturing Holdings, Inc	$	1,870,196
	110,497	*	Aptiv plc		15,899,413
	12,746		BorgWarner, Inc		619,201
	86,264	*	Tenneco, Inc		868,678
	170,522	*	Tesla, Inc		120,975,128
			TOTAL AUTOMOBILES & COMPONENTS		140,232,616
BANKS - 3.2%
	1,694		Ameris Bancorp		91,628
	26,689		Associated Banc-Corp		584,222
	47,422		Bank OZK		1,943,828
	3,518		Banner Corp		199,963
	47,884		Berkshire Hills Bancorp, Inc		1,062,546
	6,267		Brookline Bancorp, Inc		100,899
	8,221		Bryn Mawr Bank Corp		377,837
	1,799		Cadence BanCorp		40,028
	3,985		Camden National Corp		190,164
	487,312		Citigroup, Inc		34,716,107
	471,252		Citizens Financial Group, Inc		21,809,543
	440		Columbia Banking System, Inc		19,153
	108,335		Comerica, Inc		8,142,459
	353		Commerce Bancshares, Inc		27,467
	1,572		Community Trust Bancorp, Inc		70,048
	3,270		Cullen/Frost Bankers, Inc		392,596
	46,110	*	Customers Bancorp, Inc		1,591,717
	12,542		Federal Agricultural Mortgage Corp (Class C)		1,290,070
	10,587		First Busey Corp		264,463
	44,108		First Republic Bank		8,082,350
	1,130		FNB Corp		14,566
	540		Glacier Bancorp, Inc		31,833
	52,448		Great Western Bancorp, Inc		1,733,406
	1,279		Hancock Whitney Corp		59,141
	8,920		Heartland Financial USA, Inc		448,408
	3,902		Heritage Financial Corp		109,646
	19,184		HomeStreet, Inc		783,475
	285,811		Huntington Bancshares, Inc		4,378,624
	118,883		Investors Bancorp, Inc		1,740,447
	94,874		Kearny Financial Corp		1,212,490
	218,676		Keycorp		4,758,390
	24,031		Live Oak Bancshares, Inc		1,537,023
	277,015		MGIC Investment Corp		4,221,709
	15,374	*	Mr Cooper Group, Inc		530,096
	26,162		National Bank Holdings Corp		1,043,864
	310		NBT Bancorp, Inc		11,746
	468,877		New York Community Bancorp, Inc		5,607,769
	7,838		Old National Bancorp		148,138

46

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	166,628		People’s United Financial, Inc	$	3,020,966
	53,702		Pinnacle Financial Partners, Inc		4,706,443
	251,083		PNC Financial Services Group, Inc		46,939,967
	682,855		Regions Financial Corp		14,886,239
	12,826		Stock Yards Bancorp, Inc		656,178
	19,485	*	SVB Financial Group		11,142,108
	1,879	*	Texas Capital Bancshares, Inc		128,956
	10,055		TFS Financial Corp		196,676
	17,614	*	The Bancorp, Inc		391,119
	3,796		Trico Bancshares		175,679
	31,975	*	Tristate Capital Holdings, Inc		763,243
	513,618		Truist Financial Corp		30,462,684
	350		Trustmark Corp		11,343
	2,167		UMB Financial Corp		210,264
	650		Umpqua Holdings Corp		12,116
	3,046		United Bankshares, Inc		119,616
	17,523		Univest Financial Corp		489,417
	3,230		Webster Financial Corp		170,899
	21,910		WesBanco, Inc		795,114
	1,553		Westamerica Bancorporation		98,460
	230		Wintrust Financial Corp		17,733
	684		WSFS Financial Corp		34,946
	55,123		Zions Bancorporation		3,075,863
			TOTAL BANKS		227,873,888
CAPITAL GOODS - 6.1%
	213,347		3M Co		42,059,228
	954		Acuity Brands, Inc		176,986
	16,472	*	Aegion Corp		495,807
	85,519	*	Axon Enterprise, Inc		12,965,536
	46,198		Barnes Group, Inc		2,306,204
	419	*	Beacon Roofing Supply, Inc		23,602
	159,850	*	Bloom Energy Corp		4,151,304
	17,565		Carlisle Cos, Inc		3,366,332
	65,923		Carrier Global Corp		2,872,924
	218,248		Caterpillar, Inc		49,784,551
	41,474		Cubic Corp		3,103,914
	35,835		Cummins, Inc		9,031,853
	74,317		Curtiss-Wright Corp		9,505,144
	135,980		Deere & Co		50,428,183
	180,177		Eaton Corp		25,752,699
	1,365		EMCOR Group, Inc		163,527
	119,034		Fastenal Co		6,223,098
	99,730		Fortive Corp		7,062,879
	300		GATX Corp		29,313
	245		Granite Construction, Inc		9,334
	11,668	*	Herc Holdings, Inc		1,232,141
	143,741	*	Hexcel Corp		8,108,430
	1,801		IDEX Corp		403,784
	160,575		Illinois Tool Works, Inc		37,006,115
	317,614		Johnson Controls International plc		19,800,057
	171,085		Masco Corp		10,928,910
	98,990	*	Mercury Systems, Inc		7,448,008
	23,535		Moog, Inc (Class A)		2,036,954
	3,829	*	MYR Group, Inc		298,279
	6,412		Owens Corning, Inc		620,746

47

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	59,731		PACCAR, Inc	$	5,368,622
	45,133	*	PAE, Inc		404,843
	47,521		Parker-Hannifin Corp		14,912,565
	37,955		Rockwell Automation, Inc		10,029,988
	36,980		Roper Technologies Inc		16,509,351
	3,916		Rush Enterprises, Inc (Class A)		193,294
	9,292		Snap-On, Inc		2,207,779
	22,713		Stanley Black & Decker, Inc		4,696,367
	37,441	*	Teledyne Technologies, Inc		16,764,208
	69,059		Trane Technologies plc		12,004,526
	19,636	*	Trimas Corp		625,210
	30,230	*	United Rentals, Inc		9,672,089
	20,461	*	Vectrus, Inc		1,071,133
	13,236		W.W. Grainger, Inc		5,738,335
	1,174		Wabash National Corp		20,674
	4,192	*	WESCO International, Inc		384,490
	36,655		Woodward Inc		4,582,242
	36,530		Xylem, Inc		4,042,045
			TOTAL CAPITAL GOODS		426,623,603
COMMERCIAL & PROFESSIONAL SERVICES - 1.6%
	540		ABM Industries, Inc		27,761
	9,872		ACCO Brands Corp		84,702
	279,575		ADT, Inc		2,572,090
	970	*	ASGN Inc		102,025
	15,838		Cintas Corp		5,466,327
	140,578	*	Copart, Inc		17,503,367
	650		Covanta Holding Corp		9,776
	11,966	*	FTI Consulting, Inc		1,661,479
	4,282		Heidrick & Struggles International, Inc		181,129
	8,866	*	Huron Consulting Group, Inc		498,801
	4,156		ICF International, Inc		378,445
	262,982		IHS Markit Ltd		28,291,604
	232,801	*	KAR Auction Services, Inc		3,489,687
	39,570	*	Kelly Services, Inc (Class A)		991,228
	5,758		Kimball International, Inc (Class B)		83,952
	590		Knoll, Inc		14,101
	19,611		Resources Connection, Inc		276,711
	52,605		Robert Half International, Inc		4,608,724
	100,455		Science Applications International Corp		8,982,686
	1,210		Steelcase, Inc (Class A)		16,698
	120,100		TransUnion		12,561,259
	2,825	*	TriNet Group, Inc		222,356
	14,026		Verisk Analytics, Inc		2,639,693
	34,600	*	Viad Corp		1,441,436
	145,676		Waste Management, Inc		20,098,918
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		112,204,955
CONSUMER DURABLES & APPAREL - 1.6%
	13,930		Callaway Golf Co		403,273
	396		Columbia Sportswear Co		43,168
	48,547		DR Horton, Inc		4,771,685
	41,286		Ethan Allen Interiors, Inc		1,185,321
	6,860		Garmin Ltd		941,466
	26,976	*	GoPro, Inc		302,940
	9,306	*	Green Brick Partners, Inc		240,188

48

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	258		Hasbro, Inc	$	25,658
	23,776	*	iRobot Corp		2,586,829
	39,735		Lennar Corp (Class A)		4,116,546
	27,336	*	Lululemon Athletica, Inc		9,164,941
	17,259	*	Mohawk Industries, Inc		3,546,725
	5,483		Newell Brands Inc		147,822
	462,257		Nike, Inc (Class B)		61,304,523
	2,134	*	NVR, Inc		10,708,625
	1,614	*	PVH Corp		182,673
	136,133	*	Sonos, Inc		5,449,404
	57,495		VF Corp		5,040,012
			TOTAL CONSUMER DURABLES & APPAREL		110,161,799
CONSUMER SERVICES - 3.1%
	26,652	*	American Public Education, Inc		811,820
	20,720	*	Booking Holdings, Inc		51,097,178
	33,683	*	Bright Horizons Family Solutions		4,878,309
	27,978		Carriage Services, Inc		1,040,222
	42,424		Darden Restaurants, Inc		6,224,449
	79,641	*	Dave & Buster’s Entertainment, Inc		3,636,408
	320	*	Dine Brands Global Inc.		30,928
	24,042		Domino’s Pizza, Inc		10,153,898
	36,071	*	El Pollo Loco Holdings, Inc		611,043
	12,999	*	frontdoor, Inc		695,836
	7,258		Graham Holdings Co		4,613,257
	237,102	*	Hilton Worldwide Holdings, Inc		30,515,027
	17,475	*	Marriott Vacations Worldwide Corp		3,104,084
	28,107	*	Planet Fitness, Inc		2,360,707
	214,045	*	Royal Caribbean Cruises Ltd		18,611,213
	79,942		Service Corp International		4,272,101
	3,259	*	Shake Shack, Inc		354,416
	73,527	*	Six Flags Entertainment Corp		3,454,298
	481,777		Starbucks Corp		55,158,649
	87,949	*	Terminix Global Holdings, Inc		4,475,725
	19,207	*	Vail Resorts, Inc		6,245,348
	74,915		Wendy’s		1,690,832
	23,431	*	WW International Inc		649,976
			TOTAL CONSUMER SERVICES		214,685,724
DIVERSIFIED FINANCIALS - 6.5%
	178,603		Ally Financial, Inc		9,189,124
	316,873		American Express Co		48,592,475
	502,214		Bank of New York Mellon Corp		25,050,434
	66,250		BlackRock, Inc		54,278,625
	616,865		Charles Schwab Corp		43,427,296
	127,359		CME Group, Inc		25,725,244
	280		Cohen & Steers, Inc		19,046
	350,235		Discover Financial Services		39,926,790
	8,872		Factset Research Systems, Inc		2,982,944
	93,919		Franklin Resources, Inc		2,817,570
	9,333	*	Green Dot Corp		427,078
	350,309		Intercontinental Exchange Group, Inc		41,234,872
	36,329		Invesco Ltd		980,883
	18,792		MarketAxess Holdings, Inc		9,179,140
	66,740		Moody’s Corp		21,804,625
	613,023		Morgan Stanley		50,605,049

49

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	22,879		Nasdaq Inc	$	3,695,874
	14,006	*,†	NewStar Financial, Inc		3,382
	119,931		Northern Trust Corp		13,648,148
	5,668	*	PRA Group, Inc		213,570
	2,432		PROG Holdings, Inc		123,886
	107,469		S&P Global, Inc		41,954,823
	123,600		State Street Corp		10,376,220
	27,351		T Rowe Price Group, Inc		4,901,299
	25,591		Voya Financial, Inc		1,735,582
			TOTAL DIVERSIFIED FINANCIALS		452,893,979
ENERGY - 2.7%
	365,578		Antero Midstream Corp		3,158,594
	168,015		APA Corp		3,360,300
	255,419		Baker Hughes Co		5,128,814
	2,812	*	ChampionX Corp		59,080
	131,742	*	Cheniere Energy, Inc		10,212,640
	501,595		Chevron Corp		51,699,397
	12,907		Cimarex Energy Co		854,443
	473,573		ConocoPhillips		24,218,523
	2,207		Delek US Holdings, Inc		52,372
	211,025	*	EQT Corp		4,030,577
	166,604	*	Frank’s International NV		541,213
	244,595	*	Helix Energy Solutions Group, Inc		1,049,313
	96,629		Hess Corp		7,199,827
	950,369		Kinder Morgan, Inc		16,203,791
	681,982	*	Kosmos Energy Ltd		1,950,469
	1,400,276		Marathon Oil Corp		15,767,108
	702,032	*	NOV, Inc		10,495,378
	12,097	*	Oceaneering International, Inc		130,043
	19,522		ONEOK, Inc		1,021,781
	496,614		Schlumberger Ltd		13,433,409
	101,258	*	Select Energy Services, Inc		489,076
	744,346	*	Southwestern Energy Co		3,178,357
	201,345		Valero Energy Corp		14,891,476
			TOTAL ENERGY		189,125,981
FOOD & STAPLES RETAILING - 0.7%
	191,931	*	BJ’s Wholesale Club Holdings, Inc		8,573,558
	53,353		Casey’s General Stores, Inc		11,854,503
	53,344	*	Chefs’ Warehouse Holdings, Inc		1,719,277
	47,513	*	Performance Food Group Co		2,789,013
	37,095		Pricesmart, Inc		3,117,464
	59,184		SpartanNash Co		1,146,394
	201,369	*	Sprouts Farmers Market, Inc		5,157,060
	92,192	*	United Natural Foods, Inc		3,398,197
	249,841	*	US Foods Holding Corp		10,358,408
			TOTAL FOOD & STAPLES RETAILING		48,113,874
FOOD, BEVERAGE & TOBACCO - 2.7%
	48,741	*,e	Beyond Meat, Inc		6,418,215
	75,680		Campbell Soup Co		3,613,720
	1,106,400		Coca-Cola Co		59,723,472
	13,309	*	Darling International, Inc		924,310
	52,427		Fresh Del Monte Produce, Inc		1,478,441
	366,471		General Mills, Inc		22,303,425

50

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	3,800	*	Hain Celestial Group, Inc	$	155,838
	206,505		Hormel Foods Corp		9,540,531
	130,364		Kellogg Co		8,137,321
	70,056		McCormick & Co, Inc		6,330,260
	466,553		PepsiCo, Inc		67,258,281
	6,553	*	TreeHouse Foods, Inc		311,923
			TOTAL FOOD, BEVERAGE & TOBACCO		186,195,737
HEALTH CARE EQUIPMENT & SERVICES - 6.3%
	36,512	*	Abiomed, Inc		11,710,494
	40,357	*,e	Accelerate Diagnostics, Inc		295,010
	25,972	*,e	Acutus Medical, Inc		354,518
	42,465	*	Align Technology, Inc		25,289,181
	255,113	*	Allscripts Healthcare Solutions, Inc		3,969,558
	59,123	*	Angiodynamics, Inc		1,436,689
	198,633	*	Antares Pharma, Inc		752,819
	7,715	*	AtriCure, Inc		594,595
	983	*	Axonics Modulation Technologies, Inc		61,860
	42,429		Becton Dickinson & Co		10,556,759
	18,940		Cardinal Health, Inc		1,142,840
	408,000	*	Centene Corp		25,189,920
	305,608		Cerner Corp		22,935,880
	238,681	*	Cerus Corp		1,455,954
	191,615		Cigna Corp		47,714,051
	19,097		Computer Programs & Systems, Inc		573,292
	34,556		Cooper Cos, Inc		14,198,715
	86,367	*	Covetrus, Inc		2,474,415
	174,825		Dentsply Sirona, Inc		11,802,436
	47,832	*	DexCom, Inc		18,467,935
	356,778	*	Edwards Lifesciences Corp		34,079,435
	141,106	*	Envista Holdings Corp		6,107,068
	12,520	*	Glaukos Corp		1,178,883
	11,862	*	Globus Medical, Inc		851,336
	10,134	*	Guardant Health, Inc		1,611,103
	5,238	*	Haemonetics Corp		352,308
	105,672		HCA Healthcare, Inc		21,246,412
	55,315	*	Health Catalyst, Inc		3,202,739
	22,037	*	Henry Schein, Inc		1,597,683
	5,398	*	Heska Corp		985,945
	92,217	*	Hologic, Inc		6,044,824
	88,343		Humana, Inc		39,333,837
	49,662	*	IDEXX Laboratories, Inc		27,263,941
	7,998	*	Inogen, Inc		522,989
	18,829	*	Integer Holding Corp		1,767,667
	18,561	*	Intersect ENT, Inc		404,815
	37,957	*	Laboratory Corp of America Holdings		10,091,628
	25,670		LeMaitre Vascular, Inc		1,346,905
	7,921	*	LivaNova plc		672,255
	1,635	*	Magellan Health Services, Inc		154,017
	12,655	*	Meridian Bioscience, Inc		247,785
	57,619	*	Merit Medical Systems, Inc		3,664,568
	0	*	ModivCare, Inc		0
	94,024	*	NextGen Healthcare, Inc		1,721,579
	36,544	*	Omnicell, Inc		5,299,611
	51,150	*	OraSure Technologies, Inc		468,023
	30,909	*	Orthofix Medical Inc		1,370,814

51

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	13,076	*	Penumbra, Inc	$	4,001,125
	1,887		Premier, Inc		66,705
	22,904		Quest Diagnostics, Inc		3,020,580
	60,260	*	Quidel Corp		6,314,645
	68,280		Resmed, Inc		12,834,592
	41,276	*	Staar Surgical Co		5,655,225
	27,192		STERIS plc		5,738,056
	27,194	*	Tactile Systems Technology, Inc		1,558,216
	14,310	*	Tandem Diabetes Care, Inc		1,315,089
	86,043	*	Teladoc, Inc		14,829,511
	14,585	*	Triple-S Management Corp (Class B)		345,810
	52,629	*	Vocera Communications, Inc		1,903,591
	37,317		West Pharmaceutical Services, Inc		12,259,381
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		442,407,617
HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
	71,778		Clorox Co		13,099,485
	260,833		Colgate-Palmolive Co		21,049,223
	93,175		Estee Lauder Cos (Class A)		29,238,315
	54,856		Kimberly-Clark Corp		7,313,402
	641,116		Procter & Gamble Co		85,537,697
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		156,238,122
INSURANCE - 2.7%
	275,241		Aflac, Inc		14,788,699
	96,775		Allstate Corp		12,271,070
	198,853		Chubb Ltd		34,121,186
	1,444	*	eHealth, Inc		102,149
	909,210	*	Genworth Financial, Inc (Class A)		3,927,787
	73,799		Lincoln National Corp		4,732,730
	178,033		Loews Corp		9,925,340
	237,157		Marsh & McLennan Cos, Inc		32,182,205
	36,503		Metlife, Inc		2,322,686
	245,742		Progressive Corp		24,756,049
	268,139		Prudential Financial, Inc		26,910,430
	128,444		Travelers Cos, Inc		19,865,149
	366		White Mountains Insurance Group Ltd		426,547
	12,115		Willis Towers Watson plc		3,136,089
			TOTAL INSURANCE		189,468,116
MATERIALS - 3.2%
	15,724		Amcor plc		184,757
	10,332		Aptargroup, Inc		1,558,169
	242,787		Ball Corp		22,734,575
	78,491	*	Century Aluminum Co		1,229,169
	1,709		Compass Minerals International, Inc		116,075
	378,897		DuPont de Nemours, Inc		29,216,748
	194,299		Ecolab, Inc		43,546,292
	945		H.B. Fuller Co		63,145
	58,009		International Flavors & Fragrances, Inc		8,247,139
	206,745		Linde plc		59,095,991
	15,280		Martin Marietta Materials, Inc		5,395,673
	121,472		Mosaic Co		4,273,385
	417,007		Newmont Goldcorp Corp		26,025,407
	127,761		Nucor Corp		10,509,620
	19,087		PPG Industries, Inc		3,268,458

52

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	2,337		Reliance Steel & Aluminum Co	$	374,644
	4,126		Schnitzer Steel Industries, Inc (Class A)		194,788
	145,000	*	Summit Materials, Inc		4,174,550
	21,681		Trinseo S.A.		1,342,271
	26,495	*	US Concrete, Inc		1,680,048
			TOTAL MATERIALS		223,230,904
MEDIA & ENTERTAINMENT - 8.0%
	446,292		Activision Blizzard, Inc		40,697,367
	56,887	*	Alphabet, Inc (Class A)		133,883,555
	55,165	*	Alphabet, Inc (Class C)		132,954,270
	2,875		Cable One, Inc		5,146,250
	21,905	*	Cardlytics, Inc		3,012,595
	183,270	*	Cinemark Holdings, Inc		3,885,324
	0	*,e	Discovery, Inc (Class A)		0
	284,699	*	Discovery, Inc (Class C)		9,198,625
	155,882		Electronic Arts, Inc		22,147,715
	155,166		Gray Television, Inc		3,152,973
	103,389	*	iHeartMedia, Inc		1,978,865
	84,829	*	Imax Corp		1,749,174
	104,365		Interpublic Group of Cos, Inc		3,313,589
	48,734		John Wiley & Sons, Inc (Class A)		2,774,914
	19,147	*	Liberty Broadband Corp (Class A)		3,018,907
	170,308	*	Liberty Broadband Corp (Class C)		27,712,518
	223,677	*	Live Nation, Inc		18,314,673
	17,298	*	Madison Square Garden Co		3,197,362
	58,591		New York Times Co (Class A)		2,660,617
	200,000		Nuveen ESG Large-Cap ETF		7,785,780
	294,588		Omnicom Group, Inc		24,232,809
	436,290	*	Pinterest, Inc		28,956,567
	4,632	*	Roku, Inc		1,588,637
	38,431		Scholastic Corp		1,165,612
	79,157		Sinclair Broadcast Group, Inc (Class A)		2,570,228
	2,058,500	e	Sirius XM Holdings, Inc		12,556,850
	77,379	*	Take-Two Interactive Software, Inc		13,570,729
	8,077		TEGNA, Inc		162,025
	179,898	*	TripAdvisor, Inc		8,478,593
	469,482	*	Twitter, Inc		25,924,796
	39,121		World Wrestling Entertainment, Inc (Class A)		2,155,958
	1,539,472	*	Zynga, Inc		16,657,087
			TOTAL MEDIA & ENTERTAINMENT		564,604,964
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%
	387,840		AbbVie, Inc		43,244,160
	54,132	*	Acadia Pharmaceuticals, Inc		1,112,954
	72,985	*	Aerie Pharmaceuticals, Inc		1,250,233
	150,551		Agilent Technologies, Inc		20,119,636
	46,854	*	Agios Pharmaceuticals, Inc		2,614,453
	180,747		Amgen, Inc		43,314,211
	19,093	*	AnaptysBio, Inc		445,822
	39,118	*	Assembly Biosciences, Inc		167,425
	68,699	*	Atara Biotherapeutics, Inc		965,908
	7,618	*	Avrobio, Inc		88,978
	2,503	*	Axsome Therapeutics, Inc		151,331
	253,324	*,e	BioCryst Pharmaceuticals, Inc		2,947,425
	59,313	*	Biogen, Inc		15,856,144

53

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	47,040	*	BioMarin Pharmaceutical, Inc	$	3,665,357
	53,151	*	Bluebird Bio, Inc		1,594,530
	694,911		Bristol-Myers Squibb Co		43,376,345
	54,314	*	Collegium Pharmaceutical, Inc		1,211,202
	86,060	*	Cymabay Therapeutics, Inc		374,154
	279,150		Eli Lilly & Co		51,020,245
	4,990	*,e	Esperion Thereapeutics, Inc		134,480
	34,362	*,e	Flexion Therapeutics, Inc		266,649
	369,794		Gilead Sciences, Inc		23,470,825
	32,627	*	Halozyme Therapeutics, Inc		1,629,719
	13,651	*	Illumina, Inc		5,362,659
	32,728	*	Insmed, Inc		1,103,915
	91,116	*	Intra-Cellular Therapies, Inc		3,137,124
	56,297	*	IQVIA Holdings, Inc		13,212,343
	27,862	*	Jazz Pharmaceuticals plc		4,580,513
	67,163	*	Karyopharm Therapeutics, Inc		627,302
	32,897	*	MacroGenics, Inc		1,064,547
	688,678		Merck & Co, Inc		51,306,511
	5,838	*	Mettler-Toledo International, Inc		7,667,162
	2,895	*	Mirati Therapeutics, Inc		481,207
	5,398	*	Novavax, Inc		1,278,948
	365,030	*,e	Opko Health, Inc		1,496,623
	42,303		Perrigo Co plc		1,761,074
	66,120	*	Prothena Corp plc		1,754,825
	9,835	*	Regeneron Pharmaceuticals, Inc		4,733,586
	14,849	*	Repligen Corp		3,143,682
	74,418	*	Revance Therapeutics, Inc		2,167,052
	5,837	*	Sage Therapeutics, Inc		459,722
	87,463	*	Sangamo Therapeutics Inc		1,030,314
	607,784	*,e	TherapeuticsMD, Inc		735,419
	117,437		Thermo Fisher Scientific, Inc		55,222,401
	5,640	*	Tricida, Inc		26,226
	28,275	*	Ultragenyx Pharmaceutical, Inc		3,156,621
	138,897	*	Vertex Pharmaceuticals, Inc		30,307,325
	18,425	*	Waters Corp		5,525,105
	238,042	*	ZIOPHARM Oncology, Inc		823,625
	230,091		Zoetis, Inc		39,812,646
	14,602	*	Zogenix, Inc		275,832
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		501,276,495
REAL ESTATE - 3.3%
	48,860		Alexandria Real Estate Equities, Inc		8,848,546
	206,290		American Tower Corp		52,556,503
	5,584		Americold Realty Trust		225,538
	72,632		Boston Properties, Inc		7,942,309
	54,010		Brixmor Property Group, Inc		1,206,583
	27,618		CatchMark Timber Trust, Inc		321,197
	84,154	*	CBRE Group, Inc		7,169,921
	7,957		Coresite Realty		966,696
	23,373		Cousins Properties, Inc		857,088
	31,197		CyrusOne, Inc		2,272,078
	309,873	*	DiamondRock Hospitality Co		3,228,877
	8,358		Douglas Emmett, Inc		280,327
	19,598		Easterly Government Properties, Inc		419,985
	36,148		Equinix, Inc		26,054,033
	33,420		First Industrial Realty Trust, Inc		1,663,313

54

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	52,368		Franklin Street Properties Corp	$	276,503
	204,267		Healthpeak Properties Inc		7,014,529
	296,126	*	Host Hotels and Resorts, Inc		5,377,648
	32,022	*	Howard Hughes Corp		3,456,455
	24,076		Hudson Pacific Properties		676,776
	27,253		iStar Inc		504,453
	5,945	*	Jones Lang LaSalle, Inc		1,117,125
	4,739		Kilroy Realty Corp		324,811
	88,542		Kimco Realty Corp		1,859,382
	243,312		Macerich Co		3,355,272
	4,166		Paramount Group, Inc		44,201
	412,858	*	Park Hotels & Resorts, Inc		9,210,862
	540		Piedmont Office Realty Trust, Inc		10,055
	349,941		Prologis, Inc		40,778,625
	4,690		QTS Realty Trust, Inc		311,838
	59,974	*	Realogy Holdings Corp		1,036,351
	15,022		Regency Centers Corp		956,301
	33,735		RLJ Lodging Trust		544,483
	2,009		RMR Group, Inc		79,516
	50,222		SBA Communications Corp		15,052,538
	30,349		UDR, Inc		1,409,711
	63,246		Ventas, Inc		3,507,623
	297		Washington REIT		6,896
	177,561		Welltower, Inc		13,322,402
	238,457		Weyerhaeuser Co		9,244,978
	58,638	*	Xenia Hotels & Resorts, Inc		1,139,336
			TOTAL REAL ESTATE		234,631,664
RETAILING - 4.5%
	42,656	*,e	1-800-FLOWERS.COM, Inc (Class A)		1,363,926
	1,216		Aaron’s Co, Inc		37,562
	15,656		Advance Auto Parts, Inc		3,133,705
	250		Buckle, Inc		10,485
	1,601	*	CarMax, Inc		213,317
	110,482	*	Designer Brands, Inc		1,955,531
	19,185	*	Dollar Tree, Inc		2,204,357
	627,982		eBay, Inc		35,035,116
	6,360	*	Five Below, Inc		1,280,077
	20,838		Gap, Inc		689,738
	24,775	*	Genesco, Inc		1,238,750
	41,091	*	Groupon, Inc		2,080,437
	29,239	*	Hibbett Sports, Inc		2,323,039
	257,453		Home Depot, Inc		83,329,813
	17,745	*	Lands’ End, Inc		408,845
	77,025	*	LKQ Corp		3,597,838
	212,649		Lowe’s Companies, Inc		41,732,366
	424,516	*	Macy’s, Inc		7,038,475
	35,671	*	MarineMax, Inc		2,026,113
	397		Pool Corp		167,740
	147,288	*	Quotient Technology, Inc		2,406,686
	106,917	*	RealReal, Inc		2,648,334
	44,159		Ross Stores, Inc		5,782,180
	5,448	*	Sally Beauty Holdings, Inc		109,341
	16,066		Shoe Carnival, Inc		963,157
	226,308		Target Corp		46,904,596
	467,945		TJX Companies, Inc		33,224,095

55

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	15,754		Tractor Supply Co	$	2,971,204
	97,178	*	Wayfair, Inc		28,722,901
	0		Williams-Sonoma, Inc		0
	860		Winmark Corp		165,610
	18,394	*	Zumiez, Inc		790,390
			TOTAL RETAILING		314,555,724
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.2%
	383,762		Applied Materials, Inc		50,929,055
	22,180	*	Cirrus Logic, Inc		1,650,414
	27,359	*	Cree, Inc		2,720,032
	75,276	*	First Solar, Inc		5,760,872
	1,272,342		Intel Corp		73,197,835
	70,704		Lam Research Corp		43,868,297
	154,078		NVIDIA Corp		92,505,350
	625,390	*	ON Semiconductor Corp		24,390,210
	18,585	*	Silicon Laboratories, Inc		2,619,556
	341,844		Texas Instruments, Inc		61,706,260
	12,500		Universal Display Corp		2,796,125
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		362,144,006
SOFTWARE & SERVICES - 16.0%
	220,982		Accenture plc		64,078,151
	146,354	*	Adobe, Inc		74,397,592
	8,239	*	Anaplan, Inc		491,456
	21,767	*	Aspen Technology, Inc		2,847,994
	136,139	*	Autodesk, Inc		39,740,336
	154,389		Automatic Data Processing, Inc		28,869,199
	147,482	*	Avaya Holdings Corp		4,243,057
	50,952	*	Benefitfocus, Inc		688,871
	11,196	*	Bill.Com Holdings, Inc		1,731,237
	86,552	*	Blackline, Inc		10,045,225
	7,095	*	BM Technologies, Inc		69,602
	133,543	*	Cadence Design Systems, Inc		17,596,961
	31,906	*	ChannelAdvisor Corp		674,812
	27,122	*	Concentrix Corp		4,214,216
	55,469		CSG Systems International, Inc		2,551,019
	437,308	*	DXC Technology Co		14,391,806
	38,717	*	Elastic NV		4,670,045
	57,024	*	ExlService Holdings, Inc		5,267,877
	107,101	*	Five9, Inc		20,131,775
	182		InterDigital, Inc		12,634
	388,803		International Business Machines Corp		55,163,370
	113,870		Intuit, Inc		46,932,659
	216,899	*,e	Limelight Networks, Inc		678,894
	17,107	*	Liveperson, Inc		934,898
	234,672		Mastercard, Inc (Class A)		89,658,784
	1,364,381	d	Microsoft Corp		344,069,601
	87,517	*	New Relic, Inc		5,627,343
	123,295	*	Nutanix, Inc		3,333,897
	104,832	*	Okta, Inc		28,273,190
	5,290	*	OneSpan, Inc		141,825
	27,817	*	Paylocity Holding Corp		5,375,357
	323,933	*	PayPal Holdings, Inc		84,964,387
	54,901	*	Perficient, Inc		3,602,055
	21,141	*	Qualys, Inc		2,142,852

56

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	28,640	*	Rapid7, Inc	$	2,327,000
	475,652	*	Sabre Corp		7,125,267
	292,774	*	salesforce.com, Inc		67,431,708
	15,522	*	ServiceNow, Inc		7,859,875
	34,748	*	Smartsheet, Inc		2,060,556
	61,226	*	SPS Commerce, Inc		6,271,991
	110,299	*	SVMK, Inc		1,984,279
	67,259	*	Sykes Enterprises, Inc		2,947,962
	58,543	*	Teradata Corp		2,896,122
	29,975		TTEC Holdings, Inc		3,049,357
	134,149	*,e	VMware, Inc (Class A)		21,575,184
	74,003	*	WEX, Inc		15,186,156
	66,646	*	Workday, Inc		16,461,562
	9,332	*	Workiva, Inc		877,208
			TOTAL SOFTWARE & SERVICES		1,125,667,204
TECHNOLOGY HARDWARE & EQUIPMENT - 4.4%
	73,619		Avnet, Inc		3,233,346
	63,953		Belden CDT, Inc		2,767,886
	3,739		Benchmark Electronics, Inc		112,245
	131,980	*	Ciena Corp		6,661,031
	1,318,948		Cisco Systems, Inc		67,147,643
	132,522		Cognex Corp		11,412,795
	823,449		Corning, Inc		36,404,680
	34,326		CTS Corp		1,116,282
	113,572		Dolby Laboratories, Inc (Class A)		11,524,151
	5,701	*	ePlus, Inc		572,152
	26,536	*	Fabrinet		2,272,012
	1,520,006		Hewlett Packard Enterprise Co		24,350,496
	1,221,596		HP, Inc		41,668,640
	11,733	*	Insight Enterprises, Inc		1,177,641
	3,493	*	Itron, Inc		314,160
	154,293	*	Keysight Technologies, Inc		22,272,195
	37,235	*	Kimball Electronics, Inc		856,777
	126,755	*	Knowles Corp		2,649,180
	14,814	*	Lumentum Holdings, Inc		1,259,931
	6,814		Methode Electronics, Inc		306,153
	3,474		Motorola Solutions, Inc		654,154
	54,373		National Instruments Corp		2,251,586
	3,344	*	Novanta, Inc		440,438
	500	*	OSI Systems, Inc		48,285
	55,453	*	Ribbon Communications, Inc		374,308
	11,038	*	Rogers Corp		2,161,682
	27,122		Synnex Corp		3,287,186
	211,150	*	Trimble Inc		17,314,300
	179,596	*	TTM Technologies, Inc		2,693,940
	73,134		Vishay Intertechnology, Inc		1,796,902
	18,688	*	Vishay Precision Group, Inc		595,773
	276,797	*	Vontier Corp		8,674,818
	304,889		Xerox Holdings Corp		7,352,764
	44,351	*	Zebra Technologies Corp (Class A)		21,631,757
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		307,357,289
TELECOMMUNICATION SERVICES - 1.6%
	72,710	*	Boingo Wireless, Inc		1,015,032
	167,393	*	Iridium Communications, Inc		6,359,260

57

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	247,927	*	T-Mobile US, Inc	$	32,758,595
	1,261,731		Verizon Communications, Inc		72,915,434
			TOTAL TELECOMMUNICATION SERVICES		113,048,321
TRANSPORTATION - 2.6%
	43,563		ArcBest Corp		3,169,644
	26,629	*	Avis Budget Group, Inc		2,386,225
	55,101		CH Robinson Worldwide, Inc		5,349,205
	382,556		CSX Corp		38,542,517
	787,884	*	Delta Air Lines, Inc		36,967,517
	45,853	*	Echo Global Logistics, Inc		1,499,393
	8		Expeditors International of Washington, Inc		879
	5,175		Kansas City Southern		1,512,187
	180		Landstar System, Inc		31,010
	113,436		Norfolk Southern Corp		31,675,869
	1,373		Old Dominion Freight Line		353,973
	9		Ryder System, Inc		718
	284,796		United Parcel Service, Inc (Class B)		58,058,513
			TOTAL TRANSPORTATION		179,547,650
UTILITIES - 2.4%
	276,600		American Electric Power Co, Inc		24,537,186
	31,187		American Water Works Co, Inc		4,864,860
	126,378		Centerpoint Energy, Inc		3,094,997
	10,650		CMS Energy Corp		685,754
	187,145		Consolidated Edison, Inc		14,486,895
	187,480		Dominion Energy, Inc		14,979,652
	19,802		DTE Energy Co		2,772,676
	134,706		Eversource Energy		11,614,351
	290		Ormat Technologies, Inc		20,996
	206,735		Public Service Enterprise Group, Inc		13,057,383
	163,123		Sempra Energy		22,440,831
	6,282	e	South Jersey Industries, Inc		155,480
	499,130		Southern Co		33,027,432
	18,122	*	Sunnova Energy International, Inc		640,069
	30,558		UGI Corp		1,335,690
	112,385		WEC Energy Group, Inc		10,920,450
	180,121		Xcel Energy, Inc		12,842,627
			TOTAL UTILITIES		171,477,329
			TOTAL COMMON STOCKS (Cost $4,205,528,312)		6,993,767,561
RIGHTS / WARRANTS - 0.0%
MEDIA & ENTERTAINMENT - 0.0%
	21,053	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		0
			TOTAL RIGHTS / WARRANTS		0
			(Cost $0)

58

TIAA-CREF FUNDS – Social Choice Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.3%
GOVERNMENT AGENCY DEBT - 0.6%
$	18,232,000		Federal Home Loan Bank (FHLB)		0.005-0.010	%	05/05/21	$	18,232,000
	27,760,000		FHLB		0.005-0.020		06/23/21		27,760,000
			TOTAL GOVERNMENT AGENCY DEBT						45,992,000
REPURCHASE AGREEMENT - 0.1%
	5,705,000	r	Fixed Income Clearing Corp (FICC)		0.005		05/03/21		5,705,000
			TOTAL REPURCHASE AGREEMENT						5,705,000
TREASURY DEBT - 0.1%
	4,332,000		United States Treasury Bill		0.005		05/04/21		4,332,000
			TOTAL TREASURY DEBT						4,332,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
	37,193,500	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				37,193,500
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						37,193,500
			TOTAL SHORT-TERM INVESTMENTS						93,222,500
			(Cost $93,222,065)
			TOTAL INVESTMENTS - 101.0%						7,086,990,061
			(Cost $4,298,750,377)
			OTHER ASSETS & LIABILITIES, NET - (1.0)%						(73,320,447	)
			NET ASSETS - 100.0%					$	7,013,669,614

Abbreviation(s):

ETF      Exchange Traded Fund

REIT    Real Estate Investment Trust

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $55,425,854.
r	Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $5,705,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $5,819,115.

Futures contracts outstanding as of April 30, 2021 were as follows:
Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		270	06/18/21	$	55,762,473	$	56,354,400	$	591,927

59

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

TIAA-CREF FUNDS
SOCIAL CHOICE LOW CARBON EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021  

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.3%
AUTOMOBILES & COMPONENTS - 2.0%
	20,686	*	American Axle & Manufacturing Holdings, Inc	$	191,966
	9,867	*	Aptiv plc		1,419,763
	3,153	*	Tenneco, Inc		31,751
	18,724	*	Tesla, Inc		13,283,554
			TOTAL AUTOMOBILES & COMPONENTS		14,927,034
BANKS - 3.6%
	1,105		Amalgamated Financial Corp		17,846
	3,289	*	Amerant Bancorp Inc		62,327
	5,989		Berkshire Hills Bancorp, Inc		132,896
	3,941		Brookline Bancorp, Inc		63,450
	3,200		Bryn Mawr Bank Corp		147,072
	339		Camden National Corp		16,177
	1,460		CBTX, Inc		45,654
	89,145		Citigroup, Inc		6,350,690
	49,591		Citizens Financial Group, Inc		2,295,071
	3,253		Comerica, Inc		244,495
	2,370	*	Customers Bancorp, Inc		81,812
	2,710		Dime Community Bancshares, Inc		89,755
	129		Federal Agricultural Mortgage Corp (FAMC)		13,269
	119		First Commonwealth Financial Corp		1,724
	5,530		First Republic Bank		1,013,317
	4,571		Great Western Bancorp, Inc		151,072
	414		HomeStreet, Inc		16,908
	16,834		Huntington Bancshares, Inc		257,897
	11,424		Investors Bancorp, Inc		167,247
	3,981		Kearny Financial Corp		50,877
	33,252		Keycorp		723,564
	262		Live Oak Bancshares, Inc		16,758
	48,945		MGIC Investment Corp		745,922
	1,482		National Bank Holdings Corp		59,132
	22,902		New York Community Bancorp, Inc		273,908
	28,192		PNC Financial Services Group, Inc		5,270,494
	1,527		Premier Financial Corp		48,238
	2,454		QCR Holdings, Inc		118,332
	65,064		Regions Financial Corp		1,418,395
	2,387	*	SVB Financial Group		1,364,958
	6,131	*	Texas Capital Bancshares, Inc		420,771
	4,644	*	Tristate Capital Holdings, Inc		110,852
	88,550		Truist Financial Corp		5,251,901
	1,445		Univest Financial Corp		40,359
	3,256		WesBanco, Inc		118,160
	5,184		Zions Bancorporation		289,267
			TOTAL BANKS		27,490,567

60

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
CAPITAL GOODS - 6.8%
	28,209		3M Co	$	5,561,122
	2,505	*	Aegion Corp		75,401
	9,282	*	Axon Enterprise, Inc		1,407,244
	16,323	*	Bloom Energy Corp		423,908
	430		Carlisle Cos, Inc		82,410
	26,385		Carrier Global Corp		1,149,858
	25,080		Caterpillar, Inc		5,720,999
	2,596		Cubic Corp		194,285
	7,126		Curtiss-Wright Corp		911,415
	13,604		Deere & Co		5,045,043
	30,256		Eaton Corp		4,324,490
	271		EMCOR Group, Inc		32,466
	28,654		Fastenal Co		1,498,031
	18,048		Fortive Corp		1,278,159
	3,873		Granite Construction, Inc		147,561
	13,285	*	Hexcel Corp		749,407
	20,628		Illinois Tool Works, Inc		4,753,929
	32,510		Johnson Controls International plc		2,026,673
	10,631		Maxar Technologies, Inc		412,589
	10,481	*	Mercury Systems, Inc		788,591
	1,616		Moog, Inc (Class A)		139,865
	3,920		Owens Corning, Inc		379,495
	7,907		PACCAR, Inc		710,681
	8,367	*	PAE, Inc		75,052
	7,728		Parker-Hannifin Corp		2,425,124
	5,962		Quanta Services, Inc		576,168
	4,893		Raven Industries, Inc		198,754
	6,567		Rockwell Automation, Inc		1,735,396
	2,252		Roper Technologies Inc		1,005,383
	20,252		Stanley Black & Decker, Inc		4,187,506
	5,131	*	Teledyne Technologies, Inc		2,297,405
	2,387		Trane Technologies plc		414,932
	1,593	*	United Rentals, Inc		509,680
	1,821	*	Vectrus, Inc		95,329
	537		W.W. Grainger, Inc		232,811
	143	*	WESCO International, Inc		13,116
	3,439		Woodward Inc		429,909
	1,778		Xylem, Inc		196,736
			TOTAL CAPITAL GOODS		52,206,923
COMMERCIAL & PROFESSIONAL SERVICES - 1.5%
	6,190		ACCO Brands Corp		53,110
	30,235		ADT, Inc		278,162
	10,125		Cintas Corp		3,494,543
	33,241	*	Copart, Inc		4,138,837
	1,243		Heidrick & Struggles International, Inc		52,579
	278		ICF International, Inc		25,315
	15,579		IHS Markit Ltd		1,675,989
	162		Insperity, Inc		14,181
	4,819		Interface, Inc		61,876
	5,463	*	Kelly Services, Inc (Class A)		136,848
	7		Kforce, Inc		392
	2,978		Kimball International, Inc (Class B)		43,419
	4,140		Knoll, Inc		98,946
	2,521		Resources Connection, Inc		35,571
	8,735		Science Applications International Corp		781,084

61

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,902	*	SP Plus Corp	$	65,296
	5,558		TransUnion		581,311
	1,943	*	TrueBlue, Inc		54,987
	393		Verisk Analytics, Inc		73,963
	2,446	*	Viad Corp		101,900
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		11,768,309
CONSUMER DURABLES & APPAREL - 1.5%
	702		Garmin Ltd		96,342
	5		Hasbro, Inc		497
	1,724	*	iRobot Corp		187,571
	4,908		Lennar Corp (Class A)		508,469
	6,784	*	Lululemon Athletica, Inc		2,274,472
	50,731		Nike, Inc (Class B)		6,727,945
	118	*	NVR, Inc		592,136
	9,623	*	Sonos, Inc		385,209
	7,020		VF Corp		615,373
			TOTAL CONSUMER DURABLES & APPAREL		11,388,014
CONSUMER SERVICES - 3.1%
	2,547	*	American Public Education, Inc		77,582
	2,284	*	Booking Holdings, Inc		5,632,527
	3,091	*	Bright Horizons Family Solutions		447,669
	1,115		Carriage Services, Inc		41,456
	8,720		Darden Restaurants, Inc		1,279,398
	5,630	*	Dave & Buster’s Entertainment, Inc		257,066
	2,879		Domino’s Pizza, Inc		1,215,917
	1,397	*	El Pollo Loco Holdings, Inc		23,665
	128	*	frontdoor, Inc		6,852
	333		Graham Holdings Co		211,658
	28,899	*	Hilton Worldwide Holdings, Inc		3,719,301
	38,710	*	Royal Caribbean Cruises Ltd		3,365,834
	1,399		Service Corp International		74,763
	4,968	*	Six Flags Entertainment Corp		233,397
	52,453		Starbucks Corp		6,005,344
	8,519	*	Terminix Global Holdings, Inc		433,532
	2,511	*	Vail Resorts, Inc		816,477
	191	*	WW International Inc		5,298
			TOTAL CONSUMER SERVICES		23,847,736
DIVERSIFIED FINANCIALS - 5.9%
	6,499		Ally Financial, Inc		334,374
	37,372		American Express Co		5,730,996
	47,646		Bank of New York Mellon Corp		2,376,582
	7,217		BlackRock, Inc		5,912,888
	68,568		Charles Schwab Corp		4,827,187
	19,549		CME Group, Inc		3,948,703
	21,600		Discover Financial Services		2,462,400
	5,328	*	Encore Capital Group, Inc		209,604
	36,233		Intercontinental Exchange Group, Inc		4,264,986
	8,331		Moody’s Corp		2,721,821
	71,143		Morgan Stanley		5,872,855
	544	*,†	NewStar Financial, Inc		131
	13,726		S&P Global, Inc		5,358,493
	11,874		State Street Corp		996,822
	1,079		T Rowe Price Group, Inc		193,357
			TOTAL DIVERSIFIED FINANCIALS		45,211,199

62

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
ENERGY - 2.0%
	74,031		APA Corp	$	1,480,620
	23,226		Archrock, Inc		216,931
	128,735		Baker Hughes Co		2,584,999
	8,518		Cactus, Inc		253,922
	35,005	*	ChampionX Corp		735,455
	41,670	*	Cheniere Energy, Inc		3,230,258
	20,285	*	Clean Energy Fuels Corp		223,135
	11,183		Delek US Holdings, Inc		265,373
	2,093	*	DMC Global, Inc		113,022
	6,168	*	Dril-Quip, Inc		189,049
	26,097	*	Frank’s International NV		84,815
	21,912	*	Helix Energy Solutions Group, Inc		94,002
	15,246	*	Liberty Oilfield Services, Inc		178,378
	74,481	*	NOV, Inc		1,113,491
	17,766	*	Oceaneering International, Inc		190,985
	66,311		ONEOK, Inc		3,470,718
	5,324	*	Renewable Energy Group, Inc		295,588
	9,050	*	Select Energy Services, Inc		43,712
	8,372		World Fuel Services Corp		258,946
			TOTAL ENERGY		15,023,399
FOOD & STAPLES RETAILING - 0.5%
	17,173	*	BJ’s Wholesale Club Holdings, Inc		767,118
	4,345	*	Chefs’ Warehouse Holdings, Inc		140,039
	22,067	*	Performance Food Group Co		1,295,333
	5,542		SpartanNash Co		107,349
	18,448	*	Sprouts Farmers Market, Inc		472,453
	6,704	*	United Natural Foods, Inc		247,109
	24,573	*	US Foods Holding Corp		1,018,797
			TOTAL FOOD & STAPLES RETAILING		4,048,198
FOOD, BEVERAGE & TOBACCO - 3.0%
	9,352		Archer-Daniels-Midland Co		590,392
	6,700	*	Beyond Meat, Inc		882,256
	137,059		Coca-Cola Co		7,398,445
	1,258	*	Darling International, Inc		87,368
	2,570		Fresh Del Monte Produce, Inc		72,474
	53,245		General Mills, Inc		3,240,491
	87	*	Hain Celestial Group, Inc		3,568
	38,355		Hormel Foods Corp		1,772,001
	6,455		Kellogg Co		402,921
	9,648		McCormick & Co, Inc		871,793
	50,198		PepsiCo, Inc		7,236,543
			TOTAL FOOD, BEVERAGE & TOBACCO		22,558,252
HEALTH CARE EQUIPMENT & SERVICES - 5.8%
	2,773	*	Abiomed, Inc		889,384
	126	*	Acadia Healthcare Co, Inc		7,676
	3,696	*,e	Accelerate Diagnostics, Inc		27,018
	2,715	*,e	Acutus Medical, Inc		37,060
	5,929	*	Align Technology, Inc		3,530,897
	8,131	*	Allscripts Healthcare Solutions, Inc		126,518
	43	*	AMN Healthcare Services, Inc		3,410

63

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	2,779	*	Angiodynamics, Inc	$	67,530
	9,859	*	Antares Pharma, Inc		37,366
	16,925		Becton Dickinson & Co		4,211,109
	22,631	*	Brookdale Senior Living, Inc		148,007
	49,903	*	Centene Corp		3,081,011
	22,079		Cerner Corp		1,657,029
	10,266	*	Cerus Corp		62,623
	20,521		Cigna Corp		5,109,934
	711		Computer Programs & Systems, Inc		21,344
	2,215		Cooper Cos, Inc		910,121
	15,250		Dentsply Sirona, Inc		1,029,528
	6,456	*	DexCom, Inc		2,492,662
	49,087	*	Edwards Lifesciences Corp		4,688,790
	295		Encompass Health Corp		25,034
	9,467	*	Envista Holdings Corp		409,732
	517	*	Guardant Health, Inc		82,193
	10,796		HCA Healthcare, Inc		2,170,644
	3,910	*	Health Catalyst, Inc		226,389
	1,150		Hill-Rom Holdings, Inc		126,753
	6,341	*	Hologic, Inc		415,653
	8,603		Humana, Inc		3,830,400
	6,189	*	IDEXX Laboratories, Inc		3,397,699
	90	*	Integer Holding Corp		8,449
	6,206	*	Intersect ENT, Inc		135,353
	62	*	LivaNova plc		5,262
	2,340	*	NextGen Healthcare, Inc		42,845
	5,147	*	Omnicell, Inc		746,418
	4,963	*	OraSure Technologies, Inc		45,411
	1,385	*	Orthofix Medical Inc		61,425
	69	*	Penumbra, Inc		21,113
	1,739	*	Quidel Corp		182,230
	7,333	*	Quotient Ltd		28,745
	586	*	RadNet, Inc		13,091
	6,489		Resmed, Inc		1,219,737
	2,949	*	Staar Surgical Co		404,043
	368	*	Tactile Systems Technology, Inc		21,086
	1,379	*	Tandem Diabetes Care, Inc		126,730
	5,780	*	Teladoc, Inc		996,183
	272	*	Tivity Health, Inc		6,577
	3,682	*	Triple-S Management Corp (Class B)		87,300
	3,852	*	Vocera Communications, Inc		139,327
	3,424		West Pharmaceutical Services, Inc		1,124,852
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		44,239,691
HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
	1,263		Clorox Co		230,498
	26,913		Colgate-Palmolive Co		2,171,879
	15,714		Estee Lauder Cos (Class A)		4,931,053
	1,875		Kimberly-Clark Corp		249,975
	71,201		Procter & Gamble Co		9,499,637
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		17,083,042
INSURANCE - 3.2%
	48,655		Aflac, Inc		2,614,233
	5,460		Allstate Corp		692,328
	30,140		Chubb Ltd		5,171,723

64

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	86,123	*	Genworth Financial, Inc (Class A)	$	372,051
	4,760		Lincoln National Corp		305,259
	41,554		Loews Corp		2,316,635
	31,094		Marsh & McLennan Cos, Inc		4,219,456
	33,502		Metlife, Inc		2,131,732
	6,495		ProAssurance Corp		162,375
	12,140		Progressive Corp		1,222,984
	30,958		Prudential Financial, Inc		3,106,945
	11,412		Travelers Cos, Inc		1,764,980
	156		White Mountains Insurance Group Ltd		181,807
	300		Willis Towers Watson plc		77,658
			TOTAL INSURANCE		24,340,166
MATERIALS - 3.1%
	36,547		Ball Corp		3,422,261
	81		Compass Minerals International, Inc		5,502
	9,255	*	Domtar Corp		364,832
	54,415		DuPont de Nemours, Inc		4,195,941
	20,802		Ecolab, Inc		4,662,144
	1,370		Innospec, Inc		133,452
	6,388		International Flavors & Fragrances, Inc		908,182
	3,928	*	Koppers Holdings, Inc		130,567
	1,729		Martin Marietta Materials, Inc		610,544
	47,168		Mosaic Co		1,659,370
	898		Myers Industries, Inc		20,259
	69,604		Newmont Goldcorp Corp		4,343,986
	6,517		PPG Industries, Inc		1,115,971
	2,256		Reliance Steel & Aluminum Co		361,659
	1,689		Schnitzer Steel Industries, Inc (Class A)		79,738
	3,886		Scotts Miracle-Gro Co (Class A)		898,288
	4,276		Trinseo S.A.		264,727
	2,689	*	US Concrete, Inc		170,509
			TOTAL MATERIALS		23,347,932
MEDIA & ENTERTAINMENT - 8.1%
	33,960		Activision Blizzard, Inc		3,096,812
	6,193	*	Alphabet, Inc (Class A)		14,575,225
	6,018	*	Alphabet, Inc (Class C)		14,504,102
	336		Cable One, Inc		601,440
	18,250	*	Cinemark Holdings, Inc		386,900
	24,973	*,e	Discovery, Inc (Class A)		940,483
	44,563	*	Discovery, Inc (Class C)		1,439,830
	18,047		Electronic Arts, Inc		2,564,118
	14,623		Gray Television, Inc		297,139
	768	*	Hemisphere Media Group, Inc		9,385
	9,193	*	iHeartMedia, Inc		175,954
	7,724	*	Imax Corp		159,269
	32,301		Interpublic Group of Cos, Inc		1,025,557
	3,586		John Wiley & Sons, Inc (Class A)		204,187
	4,125	*	Liberty Broadband Corp (Class A)		650,389
	9,113	*	Liberty Broadband Corp (Class C)		1,482,867
	24,361	*	Live Nation, Inc		1,994,679
	2,286	*	Madison Square Garden Co		422,544
	10,118		New York Times Co (Class A)		459,458
	17,682		Omnicom Group, Inc		1,454,521
	49,882	*	Pinterest, Inc		3,310,668

65

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	11,544	*	Roku, Inc	$	3,959,246
	2,171		Scholastic Corp		65,846
	6,895		Sinclair Broadcast Group, Inc (Class A)		223,881
	196,515	e	Sirius XM Holdings, Inc		1,198,741
	8,178	*	Take-Two Interactive Software, Inc		1,434,258
	18,129		TEGNA, Inc		363,668
	14,313	*	TripAdvisor, Inc		674,572
	52,767	*	Twitter, Inc		2,913,794
	4,324	*	WideOpenWest, Inc		60,839
	4,343		World Wrestling Entertainment, Inc (Class A)		239,343
	64,519	*	Zynga, Inc		698,096
			TOTAL MEDIA & ENTERTAINMENT		61,587,811
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%
	44,290		AbbVie, Inc		4,938,335
	4,202	*	Aerie Pharmaceuticals, Inc		71,980
	5,756		Agilent Technologies, Inc		769,232
	6,524	*	Agios Pharmaceuticals, Inc		364,039
	23,772		Amgen, Inc		5,696,722
	1,705	*	Assembly Biosciences, Inc		7,297
	7,200	*	Atara Biotherapeutics, Inc		101,232
	3,874	*	Avrobio, Inc		45,248
	18,693	*,e	BioCryst Pharmaceuticals, Inc		217,493
	5,322	*	Biogen, Inc		1,422,730
	1,272	*	BioMarin Pharmaceutical, Inc		99,114
	8,261	*	Bluebird Bio, Inc		247,830
	96,257		Bristol-Myers Squibb Co		6,008,362
	13,049	*	Cymabay Therapeutics, Inc		56,502
	29,893		Eli Lilly & Co		5,463,544
	1,573	*	Esperion Thereapeutics, Inc		42,392
	2,615	*	Flexion Therapeutics, Inc		20,292
	45,225		Gilead Sciences, Inc		2,870,431
	2,701	*	Illumina, Inc		1,061,061
	4,157	*	Insmed, Inc		140,216
	5,648	*	Intra-Cellular Therapies, Inc		194,461
	1,896	*	IQVIA Holdings, Inc		444,972
	3,271	*,e	Kala Pharmaceuticals, Inc		25,285
	8,497	*	Karyopharm Therapeutics, Inc		79,362
	5,337	*	MacroGenics, Inc		172,705
	92,598		Merck & Co, Inc		6,898,551
	6,517	*,e	Opko Health, Inc		26,720
	2,785	*	Prothena Corp plc		73,914
	5,509	*	Radius Health, Inc		122,851
	417	*,e	Reata Pharmaceuticals, Inc		42,284
	4,469	*	Regeneron Pharmaceuticals, Inc		2,150,930
	2,210	*	Revance Therapeutics, Inc		64,355
	6,238	*	Sage Therapeutics, Inc		491,305
	7,138	*	Sangamo Therapeutics Inc		84,086
	43,973	*,e	TherapeuticsMD, Inc		53,207
	14,657		Thermo Fisher Scientific, Inc		6,892,161
	2,551	*	Ultragenyx Pharmaceutical, Inc		284,794
	16,390	*	Vertex Pharmaceuticals, Inc		3,576,298
	183	*	Waters Corp		54,876
	30,544		Zoetis, Inc		5,285,028
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		56,662,197

66

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 3.6%
	2,875		Alexandria Real Estate Equities, Inc	$	520,662
	349		American Campus Communities, Inc		15,778
	22,469		American Tower Corp		5,724,427
	5,091		Boston Properties, Inc		556,701
	7,158	*	CBRE Group, Inc		609,862
	3,538		City Office REIT, Inc		38,670
	58,844	*	Colony Capital, Inc		411,908
	37		CyrusOne, Inc		2,695
	24,207	*	DiamondRock Hospitality Co		252,237
	11,972		Empire State Realty Trust, Inc		136,361
	6,735		Equinix, Inc		4,854,319
	8,585		Franklin Street Properties Corp		45,329
	4,263		Healthpeak Properties Inc		146,391
	39,784	*	Host Hotels and Resorts, Inc		722,477
	2,503	*	Howard Hughes Corp		270,174
	973		Hudson Pacific Properties		27,351
	6,811		Iron Mountain, Inc		273,257
	22,106		Macerich Co		304,842
	32,490		Paramount Group, Inc		344,719
	33,468	*	Park Hotels & Resorts, Inc		746,671
	45,213		Prologis, Inc		5,268,671
	1,297		Regency Centers Corp		82,567
	21,708		RLJ Lodging Trust		350,367
	8,969		SBA Communications Corp		2,688,189
	3,687		SL Green Realty Corp		272,875
	17,766	*	Sunstone Hotel Investors, Inc		233,801
	1,117		UDR, Inc		51,885
	3,285		Ventas, Inc		182,186
	25,318		Welltower, Inc		1,899,609
	13,732	*	Xenia Hotels & Resorts, Inc		266,813
			TOTAL REAL ESTATE		27,301,794
RETAILING - 4.6%
	4,018	*	1-800-FLOWERS.COM, Inc (Class A)		128,476
	10,384	*	Designer Brands, Inc		183,797
	72,396		eBay, Inc		4,038,973
	1,171	*	Genesco, Inc		58,550
	4,534	*	Groupon, Inc		229,556
	703	*	Hibbett Sports, Inc		55,853
	30,687		Home Depot, Inc		9,932,461
	519	*	Lands’ End, Inc		11,958
	11	*	LKQ Corp		514
	28,606		Lowe’s Companies, Inc		5,613,927
	39,162	*	Macy’s, Inc		649,306
	5,592	*	Nordstrom, Inc		205,115
	13,828	*	Quotient Technology, Inc		225,950
	9,923	*	RealReal, Inc		245,793
	5,128		Ross Stores, Inc		671,460
	1,635	*	Signet Jewelers Ltd		97,691
	24,877		Target Corp		5,156,007
	66,027		TJX Companies, Inc		4,687,917
	9,786	*	Wayfair, Inc		2,892,448
	104		Winmark Corp		20,027
	309	*	Zumiez, Inc		13,278
			TOTAL RETAILING		35,119,057

67

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%
	42,948		Applied Materials, Inc	$	5,699,629
	67		Brooks Automation, Inc		6,789
	5,538	*	Cirrus Logic, Inc		412,083
	1,373	*	Cree, Inc		136,504
	17,400	*	First Solar, Inc		1,331,622
	136,240		Intel Corp		7,837,887
	8,105		Lam Research Corp		5,028,747
	16,660		NVIDIA Corp		10,002,331
	38,916	*	ON Semiconductor Corp		1,517,724
	10,812	*	Rambus, Inc		205,212
	1,540	*	Silicon Laboratories, Inc		217,063
	35,907		Texas Instruments, Inc		6,481,572
	1,125		Universal Display Corp		251,651
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		39,128,814
SOFTWARE & SERVICES - 15.1%
	24,109		Accenture plc		6,990,887
	15,804	*	Adobe, Inc		8,033,805
	10,967	*	Autodesk, Inc		3,201,377
	26,180		Automatic Data Processing, Inc		4,895,398
	5,540	*	Avaya Holdings Corp		159,386
	2,397	*	Benefitfocus, Inc		32,407
	960	*	Blackline, Inc		111,418
	364	*	BM Technologies, Inc		3,571
	1,366	*	Cadence Design Systems, Inc		179,998
	1,156	*	ChannelAdvisor Corp		24,449
	5,062	*	Concentrix Corp		786,534
	3,962		CSG Systems International, Inc		182,212
	49,716	*	DXC Technology Co		1,636,154
	330	*	Elastic NV		39,805
	3,754	*	ExlService Holdings, Inc		346,794
	1,161	*	Five9, Inc		218,233
	42,858		International Business Machines Corp		6,080,693
	11,053		Intuit, Inc		4,555,604
	19,627	*	Limelight Networks, Inc		61,432
	25,308		Mastercard, Inc (Class A)		9,669,174
	148,033	d	Microsoft Corp		37,330,962
	6,139	*	New Relic, Inc		394,738
	3,674	*	Nutanix, Inc		99,345
	12,350	*	Okta, Inc		3,330,795
	34,916	*	PayPal Holdings, Inc		9,158,118
	3,577	*	Perficient, Inc		234,687
	33,623	*	Sabre Corp		503,673
	31,338	*	salesforce.com, Inc		7,217,768
	5,970	*	ServiceNow, Inc		3,023,029
	2,174	*	SPS Commerce, Inc		222,705
	5,395	*	SVMK, Inc		97,056
	4,281	*	Sykes Enterprises, Inc		187,636
	9,005	*	Teradata Corp		445,477
	1,948		TTEC Holdings, Inc		198,170
	9,518	*,e	VMware, Inc (Class A)		1,530,780
	6,809	*	WEX, Inc		1,397,275
	11,584	*	Workday, Inc		2,861,248
			TOTAL SOFTWARE & SERVICES		115,442,793

68

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
	9,399		Avnet, Inc	$	412,804
	2,779		Badger Meter, Inc		259,531
	3,478		Benchmark Electronics, Inc		104,410
	9,562	*	Ciena Corp		482,594
	147,324		Cisco Systems, Inc		7,500,265
	16,070		Cognex Corp		1,383,948
	845	*	Coherent, Inc		219,691
	93,105		Corning, Inc		4,116,172
	3,035		CTS Corp		98,698
	12,748	*	Diebold, Inc		191,347
	6,043		Dolby Laboratories, Inc (Class A)		613,183
	2,346	*	ePlus, Inc		235,445
	3,500	*	Fabrinet		299,670
	1,692	*	FARO Technologies, Inc		128,330
	10,117		FLIR Systems, Inc		606,716
	194,312		Hewlett Packard Enterprise Co		3,112,878
	131,262		HP, Inc		4,477,347
	565	*	Insight Enterprises, Inc		56,709
	17,946	*	Keysight Technologies, Inc		2,590,505
	3,987	*	Kimball Electronics, Inc		91,741
	15,636	*	Knowles Corp		326,792
	172	*	Lumentum Holdings, Inc		14,629
	600		Methode Electronics, Inc		26,958
	147	*	OSI Systems, Inc		14,196
	644	*	Ribbon Communications, Inc		4,347
	5,062		Synnex Corp		613,514
	33,205	*	Trimble Inc		2,722,810
	17,643	*	TTM Technologies, Inc		264,645
	48		Vishay Intertechnology, Inc		1,179
	2,060	*	Vishay Precision Group, Inc		65,673
	29,934	*	Vontier Corp		938,132
	32,347		Xerox Holdings Corp		780,857
	6,390	*	Zebra Technologies Corp (Class A)		3,116,659
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		35,872,375
TELECOMMUNICATION SERVICES - 1.8%
	5,309	*	Boingo Wireless, Inc		74,114
	8,310	*	Cincinnati Bell, Inc		128,223
	7,938	*	Iridium Communications, Inc		301,565
	37,688	*	T-Mobile US, Inc		4,979,715
	138,671		Verizon Communications, Inc		8,013,797
			TOTAL TELECOMMUNICATION SERVICES		13,497,414
TRANSPORTATION - 1.9%
	3,575	*	Avis Budget Group, Inc		320,356
	50,024		CSX Corp		5,039,918
	5,920		Kansas City Southern		1,729,883
	5,982		Macquarie Infrastructure Co LLC		199,261
	1,477		Old Dominion Freight Line		380,785
	2,512		Ryder System, Inc		200,558
	32,259		United Parcel Service, Inc (Class B)		6,576,320
			TOTAL TRANSPORTATION		14,447,081

69

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY					VALUE
UTILITIES - 1.8%
	17,387		American Water Works Co, Inc					$	2,712,198
	27,119		Consolidated Edison, Inc						2,099,282
	32,947		Eversource Energy						2,840,690
	1,853		Ormat Technologies, Inc						134,157
	32,165		Sempra Energy						4,424,939
	5,408		Southwest Gas Holdings Inc						377,046
	22,816		UGI Corp						997,288
			TOTAL UTILITIES						13,585,600
			TOTAL COMMON STOCKS						750,125,398
			(Cost $569,797,797)
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 - 1.7%
GOVERNMENT AGENCY DEBT - 0.9%
$	2,000,000		Federal Home Loan Bank (FHLB)		0.005	%	05/19/21		2,000,000
	5,000,000		FHLB		0.005		05/26/21		5,000,000
			TOTAL GOVERNMENT AGENCY DEBT						7,000,000
REPURCHASE AGREEMENT - 0.5%
	4,075,000	r	Fixed Income Clearing Corp (FICC)		0.005		05/03/21		4,075,000
			TOTAL REPURCHASE AGREEMENT						4,075,000
TREASURY DEBT - 0.2%
	1,590,000		United States Treasury Bill		0.013		05/20/21		1,589,992
			TOTAL TREASURY DEBT						1,589,992
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	588,912	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				588,912
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						588,912
			TOTAL SHORT-TERM INVESTMENTS						13,253,904
			(Cost $13,253,878)
			TOTAL INVESTMENTS - 100.0%						763,379,302
			(Cost $583,051,675)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						59,851
			NET ASSETS - 100.0%					$	763,439,153

70

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 futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,085,410.
r	Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $4,075,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $4,156,524.

Futures contracts outstanding as of April 30, 2021 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index	52	06/18/21	$	10,830,351	$	10,853,440	$	23,089

71

TIAA-CREF FUNDS – Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
BRAZIL - 14.1%
	9,984,365	a	Arcos Dorados Holdings, Inc	$	57,210,411
	1,200,100	*	B2W Companhia Global Do Varejo		14,872,973
	3,043,270		Banco Bradesco S.A. (Preference)		13,361,804
	1,868,800		Cia Brasileira de Distribuicao		14,012,431
	5,768,225	*	CSN Mineracao S.A.		11,139,198
	4,998,300		Itau Unibanco Holding S.A.		25,331,725
	924,400	*	Lojas Americanas S.A.		3,377,977
	10,111,950		Lojas Americanas S.A. (Preference)		38,831,616
	2,271,100		Sendas Distribuidora S.A.		33,819,512
	236,805	*	StoneCo Ltd		15,307,075
			TOTAL BRAZIL		227,264,722
CHINA - 33.3%
	4,613,500		AAC Technologies Holdings, Inc		25,610,360
	529,651	*	Alibaba Group Holding Ltd (ADR)		122,322,899
	204,465	*	Baidu, Inc (ADR)		43,005,123
	475,702	*,e	Baozun, Inc (ADR)		16,511,616
	3,602,900		China Vanke Co Ltd (Class A)		15,664,218
	9,745,755		Foxconn Industrial Internet Co Ltd		20,669,859
	7,238,000		Geely Automobile Holdings Ltd		18,852,759
	349,367	*	Huazhu Group Ltd (ADR)		20,598,678
	2,216,585	*,e	HUYA, Inc (ADR)		39,056,228
	1,433,707	*	iClick Interactive Asia Group Ltd (ADR)		18,494,820
	580,259	*	JD.com, Inc (ADR)		44,888,836
	307,600	*,g	Meituan Dianping (Class B)		11,773,169
	259,845	*	NIO, Inc (ADR)		10,352,225
	3,014,863		Ping An Insurance Group Co of China Ltd (Class A)		33,690,600
	1,001,776		Tencent Holdings Ltd		79,913,666
	888,899	*	Tencent Music Entertainment (ADR)		15,484,621
			TOTAL CHINA		536,889,677
HONG KONG - 2.4%
	2,017,340	*	Melco Crown Entertainment Ltd (ADR)		38,914,489
	22,290	*,†	Mongolian Metals Corporation		0
			TOTAL HONG KONG		38,914,489
INDIA - 8.4%
	22,956,912		Edelweiss Capital Ltd		18,082,213
	1,561,784	*	ICICI Bank Ltd		12,651,183
	1,771,734		Piramal Healthcare Ltd		40,103,847
	2,422,304		Reliance Industries Ltd		65,078,094
			TOTAL INDIA		135,915,337

72

TIAA-CREF FUNDS – Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
INDONESIA - 1.9%
	44,911,400		Astra International Tbk PT	$	17,067,902
	9,237,400		PT United Tractors Tbk		13,519,771
			TOTAL INDONESIA		30,587,673
ITALY - 0.4%
	942,460		Prada S.p.A		5,849,175
			TOTAL ITALY		5,849,175
KOREA, REPUBLIC OF - 8.2%
	89,679		Amorepacific Corp		21,738,644
	148,770	*	Coupang, Inc		6,233,463
	406,903		KB Financial Group, Inc		20,031,254
	1,151,814		Samsung Electronics Co Ltd		83,950,515
			TOTAL KOREA, REPUBLIC OF		131,953,876
MACAU - 3.4%
	1,730,079	*	Galaxy Entertainment Group Ltd		15,186,843
	21,172,100	*	Wynn Macau Ltd		40,604,088
			TOTAL MACAU		55,790,931
MEXICO - 6.0%
	268,419		Fomento Economico Mexicano SAB de C.V. (ADR)		20,802,473
	3,015,348	*	Grupo Televisa SAB (ADR)		37,330,008
	11,771,900		Wal-Mart de Mexico SAB de C.V.		38,534,565
			TOTAL MEXICO		96,667,046
RUSSIA - 1.9%
	348,644		MMC Norilsk Nickel PJSC (ADR)		11,909,679
	1,203,004		Sberbank of Russia (ADR)		18,971,373
			TOTAL RUSSIA		30,881,052
SOUTH AFRICA - 4.8%
	121,229	*	Capitec Bank Holdings Ltd		12,425,084
	285,182		Naspers Ltd (N Shares)		64,901,716
			TOTAL SOUTH AFRICA		77,326,800
TAIWAN - 8.6%
	4,735,000		ASE Technology Holding Co Ltd		19,786,319
	1,167,000		Delta Electronics, Inc		12,501,973
	66,117	*	Sea Ltd (ADR)		16,697,187
	4,237,400		Taiwan Semiconductor Manufacturing Co Ltd		89,237,979
			TOTAL TAIWAN		138,223,458
TANZANIA, UNITED REPUBLIC OF - 2.1%
	1,649,861		AngloGold Ashanti Ltd (ADR)		33,954,139
			TOTAL TANZANIA, UNITED REPUBLIC OF		33,954,139
THAILAND - 1.0%
	12,276,100		PTT PCL (ADR)		15,713,187
			TOTAL THAILAND		15,713,187
TURKEY - 2.0%
	5,495,500		Anadolu Efes Biracilik Ve Malt Sanayii AS		15,480,001
	18,860,282		Turkiye Garanti Bankasi AS		16,439,662
			TOTAL TURKEY		31,919,663

73

TIAA-CREF FUNDS – Emerging Markets Equity Fund

SHARES			COMPANY	RATE			VALUE
UNITED STATES - 1.0%
	129,816	*	Wynn Resorts Ltd				$	16,668,374
			TOTAL UNITED STATES					16,668,374
			TOTAL COMMON STOCKS					1,604,519,599
			(Cost $1,347,655,459)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	1,721,900	*,†	Ayala Land, Inc					3,576
			TOTAL PHILIPPINES					3,576
			TOTAL PREFERRED STOCKS					3,576
			(Cost $4,057)
SHORT-TERM INVESTMENTS - 2.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.3%
	37,660,366	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020	%		37,660,366
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					37,660,366
			TOTAL SHORT-TERM INVESTMENTS					37,660,366
			(Cost $37,660,366)
			TOTAL INVESTMENTS - 101.8%					1,642,183,541
			(Cost $1,385,319,882)
			OTHER ASSETS & LIABILITIES, NET - (1.8)%					(29,515,800	)
			NET ASSETS - 100.0%				$	1,612,667,741

	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 $39,456,925.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $11,773,169 or 0.7% of net assets.

74

TIAA-CREF FUNDS – Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2021

				% OF
SECTOR	VALUE			NET ASSETS
CONSUMER DISCRETIONARY	$	565,019,209			35.0	%
INFORMATION TECHNOLOGY		267,064,079			16.6
COMMUNICATION SERVICES		249,981,654			15.5
FINANCIALS		211,088,747			13.1
CONSUMER STAPLES		144,387,625			9.0
ENERGY		94,311,051			5.8
MATERIALS		57,003,016			3.5
REAL ESTATE		15,667,794			1.0
SHORT-TERM INVESTMENTS		37,660,366			2.3
OTHER ASSETS & LIABILITIES, NET		(29,515,800	)		(1.8	)
NET ASSETS	$	1,612,667,741			100.0	%

75

TIAA-CREF FUNDS – International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.5%
AUSTRALIA - 6.3%
	2,452,367		BHP Billiton Ltd	$	89,256,062
	1,386,403		Commonwealth Bank of Australia		94,908,403
	132,272		CSL Ltd		27,630,882
	2,623,845		Fortescue Metals Group Ltd		45,395,960
	4,769,371	*	NEXTDC Ltd		42,415,728
	1,029,515		Rio Tinto plc		86,229,255
			TOTAL AUSTRALIA		385,836,290
BRAZIL - 1.4%
	10,020,780		Banco Bradesco S.A. (Preference)		43,997,313
	1,117,200		Cia Brasileira de Distribuicao		8,376,866
	3,664,566		Lojas Americanas S.A. (Preference)		14,072,560
	1,117,100		Sendas Distribuidora S.A.		16,635,012
			TOTAL BRAZIL		83,081,751
CHINA - 2.4%
	620,115	*	GDS Holdings Ltd (ADR)		51,450,942
	469,940		Tencent Holdings Ltd		37,488,049
	3,958,000	*,g	Wuxi Biologics Cayman, Inc		55,561,587
			TOTAL CHINA		144,500,578
DENMARK - 2.8%
	596,173		DSV AS		132,821,454
	273,507	g	Orsted AS		39,758,304
			TOTAL DENMARK		172,579,758
FINLAND - 0.7%
	671,632		Neste Oil Oyj		40,614,085
			TOTAL FINLAND		40,614,085
FRANCE - 17.0%
	1,245,895	*	Airbus SE		149,830,891
	1,833,748		BNP Paribas S.A.		117,575,694
	1,696,914		Compagnie de Saint-Gobain		107,067,012
	5,099,001		Credit Agricole S.A.		78,872,407
	330,078		Dassault Systemes S.A.		76,569,001
	541,035		Essilor International S.A.		90,049,741
	114,204		Kering		91,512,968
	881,469		Schneider Electric S.A.		140,643,443
	1,802,747		Total S.A.		79,677,371
	1,085,626		Valeo S.A.		35,180,758
	648,491		Vinci S.A.		71,158,716
			TOTAL FRANCE		1,038,138,002

76

TIAA-CREF FUNDS – International Equity Fund

SHARES			COMPANY	VALUE
GERMANY - 10.9%
	213,625		Adidas-Salomon AG.	$	65,980,392
	282,067		BASF SE		22,732,135
	822,926		HeidelbergCement AG.		75,407,399
	2,757,451		Infineon Technologies AG.		110,575,256
	851,941		Lanxess AG.		62,696,362
	1,631,985		RWE AG.		61,969,490
	1,105,211		Siemens AG.		184,387,743
	306,849		Volkswagen AG. (Preference)		79,891,039
			TOTAL GERMANY		663,639,816
HONG KONG - 1.9%
	1,927,924		Hong Kong Exchanges and Clearing Ltd		116,275,071
			TOTAL HONG KONG		116,275,071
IRELAND - 1.6%
	2,083,623		CRH plc		98,314,092
			TOTAL IRELAND		98,314,092
ITALY - 2.3%
	6,490,460		Enel S.p.A.		64,445,899
	1,271,861	e	Moncler S.p.A		77,952,923
			TOTAL ITALY		142,398,822
JAPAN - 19.6%
	3,900,000		Daiichi Sankyo Co Ltd		99,607,602
	384,116		Daikin Industries Ltd		77,481,830
	332,400	*	Fanuc Ltd		76,545,976
	2,670,079	*	Hitachi Ltd		132,162,812
	219,028		Nintendo Co Ltd		125,646,024
	2,830,400		ORIX Corp		45,693,596
	2,327,800		Recruit Holdings Co Ltd		104,954,636
	2,145,700	*	SBI Holdings, Inc		60,647,794
	978,400		Shiseido Co Ltd		71,199,404
	1,875,959		Sony Corp		187,556,319
	1,891,400		Sumitomo Mitsui Financial Group, Inc		66,442,461
	648,400		Tokio Marine Holdings, Inc		31,095,244
	1,607,989	*	Toyota Motor Corp		120,316,445
			TOTAL JAPAN		1,199,350,143
KOREA, REPUBLIC OF - 1.4%
	538,088	*	Coupang, Inc		22,545,887
	78,511		LG Chem Ltd		65,539,999
			TOTAL KOREA, REPUBLIC OF		88,085,886
NETHERLANDS - 6.6%
	289,286		ASML Holding NV		187,787,542
	10,575,246		ING Groep NV		135,098,553
	4,223,690		Royal Dutch Shell plc (A Shares)		79,474,059
			TOTAL NETHERLANDS		402,360,154
RUSSIA - 1.8%
	1,437,422		Sberbank of Russia (ADR)		22,668,145

77

TIAA-CREF FUNDS – International Equity Fund

SHARES			COMPANY	VALUE
	815,193		TCS Group Holding plc (ADR)	$	47,118,155
	608,307	*	Yandex NV		39,874,524
			TOTAL RUSSIA		109,660,824
SPAIN - 1.2%
	13,275,902		Banco Bilbao Vizcaya Argentaria S.A.		74,339,490
			TOTAL SPAIN		74,339,490
SWITZERLAND - 5.3%
	6,088,422		Credit Suisse Group		63,806,516
	117,594	*	Lonza Group AG.		74,756,169
	565,936		Nestle S.A.		67,533,534
	346,700		Roche Holding AG.		113,078,142
	20,998	*,e	Zur Rose Group AG.		6,988,404
			TOTAL SWITZERLAND		326,162,765
TAIWAN - 0.8%
	409,895		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		47,851,142
			TOTAL TAIWAN		47,851,142
UNITED KINGDOM - 12.8%
	1,359,355		Ashtead Group plc		87,339,808
	1,304,268		AstraZeneca plc		138,831,336
	46,566,922		Barclays plc		112,737,063
	2,253,866		Diageo plc		101,179,119
	7,147,576		HSBC Holdings plc		44,627,399
	353,094		Linde plc (Xetra)		100,927,344
	23,383,905		Lloyds TSB Group plc		14,663,564
	747,069		Reckitt Benckiser Group plc		66,517,233
	20,643,032		Tesco plc		63,014,179
	6,200,764	*	THG Holdings Ltd		53,094,085
			TOTAL UNITED KINGDOM		782,931,130
UNITED STATES - 1.7%
	871,901	*	Las Vegas Sands Corp		53,412,655
	377,035	*	Wynn Resorts Ltd		48,411,294
			TOTAL UNITED STATES		101,823,949
			TOTAL COMMON STOCKS		6,017,943,748
			(Cost $4,528,671,824)
RIGHTS / WARRANTS - 0.0%
SWITZERLAND - 0.0%
	6,088,422	†,e	Credit Suisse Group AG.		0
			TOTAL SWITZERLAND		0
			TOTAL RIGHTS / WARRANTS		0
			(Cost $0)

78

TIAA-CREF FUNDS – International Equity Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 1.0%
GOVERNMENT AGENCY DEBT - 1.0%
$	1,453,000		Federal Agricultural Mortgage Corp (FAMC)	0.010	%	05/03/21	$	1,453,000
	13,120,000		Federal Home Loan Bank (FHLB)	0.001		05/12/21		13,120,000
	9,653,000		FHLB	0.035		05/28/21		9,653,000
	22,295,000		FHLB	0.010-0.035		06/04/21		22,295,000
	10,000,000		FHLB	0.010		06/18/21		10,000,000
	5,825,000		FHLB	0.008		06/23/21		5,825,000
			TOTAL GOVERNMENT AGENCY DEBT					62,346,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	171	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020				171
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					171
			TOTAL SHORT-TERM INVESTMENTS					62,346,171
			(Cost $62,345,033)
			TOTAL INVESTMENTS - 99.5%					6,080,289,919
			(Cost $4,591,016,857)
			OTHER ASSETS & LIABILITIES, NET - 0.5%					32,777,764
			NET ASSETS - 100.0%				$	6,113,067,683

	Abbreviation(s):
	ADR      American Depositary Receipt
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $23,878,769.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $95,319,891 or 1.6% of net assets.

79

TIAA-CREF FUNDS – International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2021

			% OF
SECTOR	VALUE		NET ASSETS
FINANCIALS	$	1,170,566,868		19.2	%
INDUSTRIALS		1,132,231,508		18.5
CONSUMER DISCRETIONARY		939,977,067		15.4
INFORMATION TECHNOLOGY		648,812,423		10.6
MATERIALS		646,498,607		10.6
HEALTH CARE		509,465,717		8.3
CONSUMER STAPLES		401,443,752		6.6
COMMUNICATION SERVICES		203,008,597		3.3
ENERGY		199,765,515		3.3
UTILITIES		166,173,694		2.7
SHORT-TERM INVESTMENTS		62,346,171		1.0
OTHER ASSETS & LIABILITIES, NET		32,777,764		0.5
NET ASSETS	$	6,113,067,683		100.0	%

80

TIAA-CREF FUNDS – International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 96.5%
AUSTRALIA - 5.9%
	272,267	*	Afterpay Touch Group Ltd	$	24,521,844
	1,349,050		Australia & New Zealand Banking Group Ltd		29,765,813
	1,145,920		IDP Education Ltd		20,015,685
	1,865,100	*	NEXTDC Ltd		16,587,003
	1,882,496	*	PointsBet Holdings Ltd		19,629,077
	2,519,909	*,e	Zip Co Ltd		15,485,390
			TOTAL AUSTRALIA		126,004,812
BRAZIL - 5.9%
	585,000		Banco Inter S.A.		24,952,734
	4,633,600		Itau Unibanco Holding S.A.		23,483,401
	1,743,700		Localiza Rent A Car		20,640,441
	5,613,900		Magazine Luiza S.A.		20,700,549
	416,348	*	Pagseguro Digital Ltd		19,043,758
	295,288	*	StoneCo Ltd		19,087,416
			TOTAL BRAZIL		127,908,299
CANADA - 8.5%
	1,089,847		Alimentation Couche Tard, Inc		36,929,689
	309,150	e	Bank of Montreal		29,178,287
	589,280		Dollarama, Inc		27,461,220
	360,556	*	Lightspeed POS, Inc		25,177,173
	538,500		Nutrien Ltd (Toronto)		29,725,603
	28,757	*	Shopify, Inc (Class A)		33,945,028
			TOTAL CANADA		182,417,000
CHINA - 7.4%
	214,976	*	GDS Holdings Ltd (ADR)		17,836,559
	676,471	*	iClick Interactive Asia Group Ltd (ADR)		8,726,476
	311,000	*	JD.com, Inc (ADR)		24,058,960
	252,600		Silergy Corp		25,962,343
	703,300		Tencent Holdings Ltd		56,103,641
	1,840,000	*,g	Wuxi Biologics Cayman, Inc		25,829,540
			TOTAL CHINA		158,517,519
DENMARK - 2.9%
	146,100		Carlsberg AS (Class B)		25,631,788
	510,300		Novo Nordisk AS		37,643,527
			TOTAL DENMARK		63,275,315
FINLAND - 0.1%
	51,259		Cargotec Corp (B Shares)		2,976,545
			TOTAL FINLAND		2,976,545

81

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY	VALUE
FRANCE - 5.2%
	171,602		Essilor International S.A.	$	28,561,398
	83,512		L’Oreal S.A.		34,195,653
	127,639		Teleperformance		49,287,069
			TOTAL FRANCE		112,044,120
GERMANY - 5.4%
	309,000		Bayer AG.		19,994,868
	161,482		Beiersdorf AG.		18,226,549
	118,700		Deutsche Boerse AG.		20,455,010
	278,006	*	HelloFresh SE		23,062,051
	166,241	*,e,g	Just Eat Takeaway.com NV		17,176,563
	373,151	*,g	TeamViewer AG.		17,736,820
			TOTAL GERMANY		116,651,861
HONG KONG - 0.9%
	946,100	*	Melco Crown Entertainment Ltd (ADR)		18,250,269
			TOTAL HONG KONG		18,250,269
INDONESIA - 1.1%
	85,976,300		Bank Rakyat Indonesia		24,059,174
			TOTAL INDONESIA		24,059,174
IRELAND - 4.6%
	491,610		CRH plc		23,196,226
	109,518	*	Flutter Entertainment plc		22,442,572
	610,422	*	Keywords Studios plc		22,812,203
	587,889		Smurfit Kappa Group plc		30,053,039
			TOTAL IRELAND		98,504,040
ITALY - 3.8%
	254,669		Amplifon S.p.A.		10,748,359
	1,926,620		Davide Campari-Milano NV		22,734,889
	119,600		Ferrari NV		25,620,324
	382,568		Moncler S.p.A		23,447,762
			TOTAL ITALY		82,551,334
JAPAN - 10.1%
	1,069,400	*,e	BASE, Inc		17,681,768
	639,100		Benefit One, Inc		16,035,150
	152,400		GMO Payment Gateway, Inc		19,376,667
	2,174,800		Infomart Corp		20,504,187
	153,900		IR Japan Holdings Ltd		20,158,086
	857,800		Japan Elevator Service Holdings Co Ltd		17,214,099
	797,400		MonotaRO Co Ltd		20,247,896
	354,000		Paltac Corp		18,444,090
	2		Seria Co Ltd		73
	147,099	*	SHIFT, Inc		21,412,382
	544,400		SMS Co Ltd		14,854,916
	245,800		TechnoPro Holdings, Inc		18,076,403
	199,400	e	Workman Co Ltd		12,997,059
			TOTAL JAPAN		217,002,776

82

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY	VALUE
NETHERLANDS - 6.0%
	11,177	*,g	Adyen NV	$	27,507,638
	88,896		ASML Holding NV		57,706,081
	3,492,429		ING Groep NV		44,615,710
			TOTAL NETHERLANDS		129,829,429
NEW ZEALAND - 0.9%
	750,000		Fisher & Paykel Healthcare Corp		19,329,670
			TOTAL NEW ZEALAND		19,329,670
NORWAY - 3.0%
	1,467,893		Aker BP ASA		41,804,495
	1,162,538		Equinor ASA		23,474,847
			TOTAL NORWAY		65,279,342
PHILIPPINES - 0.9%
	5,703,054		BDO Unibank, Inc		12,196,931
	6,009,020		Robinsons Retail Holdings, Inc		6,551,891
			TOTAL PHILIPPINES		18,748,822
POLAND - 0.9%
	693,182	*,g	Allegro.eu S.A.		10,627,499
	466,552	*	InPost S.A.		8,890,455
			TOTAL POLAND		19,517,954
PORTUGAL - 1.0%
	1,204,396		Jeronimo Martins SGPS S.A.		21,994,887
			TOTAL PORTUGAL		21,994,887
SPAIN - 1.2%
	376,699		Amadeus IT Holding S.A.		25,652,457
	142,139	*,†,e	Let’s GOWEX S.A.		1,709
			TOTAL SPAIN		25,654,166
SWEDEN - 4.4%
	105,626	g	Evolution Gaming Group AB		20,851,480
	287,127		Hexagon AB (B Shares)		27,426,054
	652,000	e	Intrum Justitia AB		22,423,074
	294,598		Swedish Match AB		24,117,113
			TOTAL SWEDEN		94,817,721
SWITZERLAND - 3.9%
	4,306		Givaudan S.A.		18,042,891
	52,867	*	Lonza Group AG.		33,608,299
	98,700		Roche Holding AG.		32,191,557
			TOTAL SWITZERLAND		83,842,747
TAIWAN - 0.8%
	1,197,540		Dadi Early-Childhood Education Group Ltd		7,759,809
	2,700,349		Hota Industrial Manufacturing Co Ltd		9,933,799
			TOTAL TAIWAN		17,693,608
UNITED KINGDOM - 10.7%
	915,246		Ashtead Group plc		58,805,396
	3,252,963	*	Beazley plc		15,206,795
	457,780		Dechra Pharmaceuticals plc		25,503,628

83

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY	VALUE
	2,207,886		Electrocomponents plc	$	32,496,180
	447,623		Fevertree Drinks plc		15,504,193
	85,385		Linde plc (Xetra)		24,406,196
	199,421		London Stock Exchange Group plc		20,374,491
	2,502,520	*	THG Holdings Ltd		21,427,845
	6,603,400		Tritax Big Box REIT plc		17,352,571
			TOTAL UNITED KINGDOM		231,077,295
UNITED STATES - 1.0%
	60,900	*	Lululemon Athletica, Inc		20,417,943
			TOTAL UNITED STATES		20,417,943
			TOTAL COMMON STOCKS		2,078,366,648
			(Cost $1,177,374,107)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	112,654	e	PointsBet Holdings Pty Ltd		312,419
			TOTAL AUSTRALIA		312,419
			TOTAL RIGHTS / WARRANTS		312,419
			(Cost $0)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 6.5%
GOVERNMENT AGENCY DEBT - 3.0%
$	29,820,000		Federal Home Loan Bank (FHLB)		0.010	%	05/05/21		29,820,000
	7,111,000		Federal Home Loan Bank (FHLB)		0.005		05/10/21		7,111,000
	8,992,000		Federal Home Loan Bank (FHLB)		0.005		05/26/21		8,992,000
	8,800,000		Federal Home Loan Bank (FHLB)		0.035		05/28/21		8,800,000
	9,755,000		Federal Home Loan Bank (FHLB)		0.035		09/29/21		9,754,193
			TOTAL GOVERNMENT AGENCY DEBT						64,477,193
REPURCHASE AGREEMENT - 0.2%
	3,830,000	r	Fixed Income Clearing Corp (FICC)		0.005		05/03/21		3,830,000
			TOTAL REPURCHASE AGREEMENT						3,830,000
TREASURY DEBT - 0.2%
	4,460,000		United States Treasury Bill		0.013		05/20/21		4,459,979
			TOTAL TREASURY DEBT						4,459,979
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.1%
	66,715,772	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				66,715,772
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						66,715,772
			TOTAL SHORT-TERM INVESTMENTS						139,482,944
			(Cost $139,482,005)
			TOTAL INVESTMENTS - 103.0%						2,218,162,011
			(Cost $1,316,856,112)
			OTHER ASSETS & LIABILITIES, NET - (3.0)%						(64,045,434	)
			NET ASSETS - 100.0%					$	2,154,116,577

84

TIAA-CREF FUNDS – International Opportunities Fund

	Abbreviation(s):
	ADR     American Depositary Receipt
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $108,934,960.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $119,729,540 or 5.6% of net assets.
r	Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $3,830,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $3,906,635.

85

TIAA-CREF FUNDS – International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2021

				% OF
SECTOR	VALUE			NET ASSETS
INFORMATION TECHNOLOGY	$	439,977,380			20.4	%
CONSUMER DISCRETIONARY		393,198,444			18.3
INDUSTRIALS		302,105,713			14.0
FINANCIALS		259,773,735			12.1
CONSUMER STAPLES		205,886,653			9.6
HEALTH CARE		204,849,448			9.5
MATERIALS		125,423,955			5.8
ENERGY		65,279,342			3.0
COMMUNICATION SERVICES		64,831,826			3.0
REAL ESTATE		17,352,571			0.8
SHORT-TERM INVESTMENTS		139,482,944			6.5
OTHER ASSETS & LIABILITIES, NET		(64,045,434	)		(3.0	)
NET ASSETS	$	2,154,116,577			100.0	%

86

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
AUSTRALIA - 5.9%
	359,724		Accent Group Ltd	$	813,542
	244,344		Ansell Ltd		7,948,581
	12,267		ARB Corp Ltd		368,038
	1,232,000		Austal Ltd		2,286,223
	250,257		Aventus Retail Property Fund Ltd		572,198
	260,000		BWX Ltd		939,854
	438,691		carsales.com Ltd		6,701,735
	15,520		Cedar Woods Properties Ltd		87,637
	368,032	*	Champion Iron Ltd		1,920,355
	175,213		Charter Hall Education Trust		438,674
	239,466		Charter Hall Group		2,586,775
	565,214		Charter Hall Long Wale REIT		2,128,471
	3,160,599		Cleanaway Waste Management Ltd		6,929,048
	1,768,625	*,g	Coronado Global Resources, Inc (ADR)		804,750
	45,216	*	Domain Holdings Australia Ltd		176,444
	561,000		GDI Property Group		460,052
	107,531		Growthpoint Properties Australia Ltd		310,696
	1,106,213		Independence Group NL		6,320,939
	911,000		Ingenia Communities Group		3,710,585
	9,053		JB Hi-Fi Ltd		322,060
	1,559,872	*	Mayne Pharma Group Ltd		484,861
	80,200		Mineral Resources Ltd		2,928,939
	107,713	e	Moelis Australia Ltd		449,365
	97,843		Netwealth Group Ltd		1,119,952
	830,307		New Hope Corp Ltd		741,554
	442,594	*	Nufarm Ltd		1,776,506
	833,204		Perenti Global Ltd		697,500
	6,077,975	*	Pilbara Minerals Ltd		5,291,474
	298,000		Pinnacle Investment Management Group Ltd		2,430,321
	209,000		Premier Investments Ltd		4,232,329
	143,952		Ramelius Resources Ltd		186,636
	654,947		St Barbara Ltd		925,707
	655,851		Waypoint REIT		1,260,420
	848,101	*,e	Zip Co Ltd		5,211,766
			TOTAL AUSTRALIA		73,563,987
AUSTRIA - 0.9%
	263,654	*	ams AG.		4,571,291
	77,000		Telekom Austria AG.		629,498
	159,000		Wienerberger AG.		6,233,463
			TOTAL AUSTRIA		11,434,252
BELGIUM - 0.5%
	23,000		Befimmo SCA Sicafi		977,890

87

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	9,638		Gimv NV	$	604,889
	36,000	*	KBC Ancora		1,571,513
	16,839		Melexis NV		1,833,099
	4,467		Montea C.V.A		489,535
	20,000		Warehouses De Pauw CVA		705,364
	45,571	*,g	X-Fab Silicon Foundries SE		442,685
			TOTAL BELGIUM		6,624,975
BRAZIL - 2.4%
	73,400	*	Adecoagro S.A.		683,354
	276,800		Aliansce Sonae Shopping Centers sa		1,308,062
	173,290		Arcos Dorados Holdings, Inc		992,952
	286,600	*	Azul S.A.		2,031,296
	1,051,200		Banco Pan S.A.		3,558,798
	1,999,500		BR Properties S.A.		3,301,795
	1,785,800		Cia de Saneamento de Minas Gerais-COPASA		5,526,329
	760,400		Cia Energetica de Sao Paulo (Class B)		3,541,595
	356,400	*	Embraer S.A.		1,010,403
	634,500		Guararapes Confeccoes S.A.		1,960,017
	155,600		JHSF Participacoes S.A.		195,644
	379,000		LOG Commercial Properties e Participacoes S.A.		2,058,945
	758,200		M Dias Branco S.A.		3,715,592
	205,300	*	Marisa Lojas S.A.		202,577
	35,400		Transmissora Alianca de Energia Eletrica S.A.		272,405
			TOTAL BRAZIL		30,359,764
BURKINA FASO - 0.1%
	422,000	*	IAMGOLD Corp		1,318,374
			TOTAL BURKINA FASO		1,318,374
CANADA - 5.7%
	87,407		ARC Resources Ltd		549,694
	149,209	e	Atlas Corp		2,056,100
	67,952	*,e	Aurora Cannabis, Inc		605,357
	154,000		Canaccord Financial, Inc		1,484,685
	117,875		Canadian Western Bank		3,241,407
	75,614	*	Canfor Corp		1,888,581
	121,000		Cascades, Inc		1,419,534
	237,143	*	Celestica, Inc		1,975,629
	832,872		Corus Entertainment, Inc		3,984,288
	1,523,249	e	Crescent Point Energy Corp		6,010,460
	72,087		Enerflex Ltd		480,912
	85,459		Granite REIT		5,471,072
	345,574		H&R Real Estate Investment Trust		4,281,896
	73,000	e	Intertape Polymer Group, Inc		1,796,567
	140,000		Killam Apartment Real Estate Investment Trust		2,157,263
	90,000		Linamar Corp		5,274,133
	84,994	*	Lundin Gold, Inc		824,251
	120,000		Martinrea International, Inc		1,303,340
	82,895		Maverix Metals, Inc		468,040
	1,100,595	*	MEG Energy Corp		6,079,844
	41,944		Slate Grocery REIT		423,484
	15,892	*,e	SunOpta, Inc		196,783

88

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	111,081		TFI International, Inc	$	9,733,087
	100,000	e	Timbercreek Financial Corp		740,349
	113,000		Tourmaline Oil Corp		2,438,075
	170,579		TransAlta Corp		1,676,438
	4,751	*	Trillium Therapeutics, Inc		45,069
	264,000	*	Vermilion Energy, Inc		1,958,817
	655,522	e	Whitecap Resources, Inc		2,869,225
			TOTAL CANADA		71,434,380
CHILE - 0.3%
	356,015		Empresa Nacional de Telecomunicaciones S.A.		1,999,150
	40,083		Inversiones La Construccion S.A.		269,126
	424,519,368	*	Itau CorpBanca Chile SA		1,445,467
			TOTAL CHILE		3,713,743
CHINA - 2.8%
	45,504	*,e	111, Inc (ADR)		566,980
	595,000		Chaowei Power Holdings Ltd		215,712
	14,220,000		China BlueChemical Ltd		4,020,401
	28,800	*	China Online Education Group (ADR)		616,320
	745,000		China Shineway Pharmaceutical Group Ltd		536,747
	1,840,000		China South City Holdings Ltd		193,846
	58,837		China Yuchai International Ltd		939,627
	1,405,000		Citic 1616 Holdings Ltd		507,815
	5,284,000	*	Citic Resources Holdings Ltd		264,643
	1,140,000		Cofco International Ltd		474,633
	259,000	*,e,g	CStone Pharmaceuticals		371,228
	96,000		Essex Bio-technology Ltd		69,456
	699,000		Fufeng Group Ltd		258,570
	4,282,823		Fushan International Energy Group Ltd		1,118,370
	8,630,000		Gemdale Properties and Investment Corp Ltd		1,210,815
	19,800	*	Genetron Holdings Ltd (ADR)		418,968
	119,000	*	Immunotech Biopharm Ltd		264,497
	959,000	*,g	InnoCare Pharma Ltd		3,032,051
	80	*,e	JinkoSolar Holding Co Ltd (ADR)		2,957
	4,710,000	*	KWG Living Group Holdings Ltd		4,826,875
	5,238,000		Lonking Holdings Ltd		2,220,938
	67,600	*,e	OneSmart International Education Group Ltd (ADR)		184,548
	60	*,e	Qutoutiao, Inc (ADR)		138
	348,000	*	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		222,736
	4,356,500		Shui On Land Ltd		716,816
	2,223,000		SITC International Co Ltd		8,470,561
	200,550	*,e	So-Young International, Inc (ADR)		1,897,203
	960,000		VST Holdings Ltd		948,645
	393,000		Xinji Shaxi Group Co Ltd		66,278
			TOTAL CHINA		34,638,374
COLOMBIA - 0.0%
	172,761		Cementos Argos S.A.		236,129
			TOTAL COLOMBIA		236,129

89

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
DENMARK - 1.8%
	115,000		Alm Brand AS	$	1,307,482
	51,891		Chemometec A.S.		5,636,054
	21,000		PER Aarsleff A.S.		1,028,662
	30,000		Ringkjoebing Landbobank A.S.		3,049,707
	69,549		Royal Unibrew A.S.		8,495,470
	111,000	g	Scandinavian Tobacco Group A.S.		2,021,688
	30,000		Topdanmark AS		1,458,743
			TOTAL DENMARK		22,997,806
EGYPT - 0.4%
	3,471,267		Centamin plc		5,147,357
	215,801		Telecom Egypt		149,392
			TOTAL EGYPT		5,296,749
FINLAND - 1.2%
	321		Admicom Oyj		40,136
	187,554		Kesko Oyj (B Shares)		5,710,897
	40,000		Tokmanni Group Corp		1,028,654
	192,201		Valmet Corp		8,027,716
			TOTAL FINLAND		14,807,403
FRANCE - 1.1%
	10,024		ABC Arbitrage		86,167
	47,955		Carmila S.A.		805,000
	21,219	*	Cellectis S.A.		398,155
	4,064		Icade		316,252
	2,989		Pharmagest Inter@ctive		356,139
	136,431		Rexel S.A.		2,681,858
	31,000		Sechilienne-Sidec		1,403,092
	18,000		Sopra Group S.A.		3,349,992
	70,585		SPIE S.A.		1,784,198
	14,407	g	Verallia S.A.		583,262
	7,000	*	Virbac S.A.		2,272,252
			TOTAL FRANCE		14,036,367
GERMANY - 2.9%
	127,000	*	ADVA AG. Optical Networking		1,593,866
	105,208	*	Aurelius AG.		3,529,802
	1,718		Basler AG.		224,309
	1,814		Bertrandt AG.		100,429
	5,813		bet-at-home.com AG.		316,263
	4,378		Cewe Color Holding AG.		709,513
	7,524		Dermapharm Holding SE		657,607
	74,000		DIC Asset AG.		1,319,829
	7,959		Draegerwerk AG.		743,010
	1,151		Draegerwerk AG. & Co KGaA		101,640
	48,000		Eckert & Ziegler Strahlen- und Medizintechnik AG.		4,713,132
	3,195	*	flatexDEGIRO AG.		409,178
	5,345	g	JOST Werke AG.		351,689
	94,540	*	Kloeckner & Co AG.		1,281,506
	11,000	*	Morphosys AG.		1,038,561
	2,964		New Work SE		899,776
	41,000		Patrizia Immobilien AG.		1,121,675
	54,442		Salzgitter AG.		1,731,596

90

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	143,372		Sirius Real Estate Ltd	$	201,325
	1,070		Sixt AG. (Preference)		88,274
	31,443		Stabilus S.A.		2,455,105
	4,600		STRATEC Biomedical AG.		651,370
	22,658		TAG Tegernsee Immobilien und Beteiligungs AG.		700,723
	350,724	*	ThyssenKrupp AG.		4,688,792
	39,472		Wacker Chemie AG.		5,953,150
	4,473		Wuestenrot & Wuerttembergische AG.		97,336
			TOTAL GERMANY		35,679,456
GREECE - 0.3%
	306,144	*	Public Power Corp		3,484,306
			TOTAL GREECE		3,484,306
GUERNSEY, C.I. - 0.0%
	411,391		BMO Commercial Property Trust Ltd		452,893
			TOTAL GUERNSEY, C.I.		452,893
HONG KONG - 1.4%
	9,556,000	*	Beijing Energy International Holding Co Ltd		306,324
	760,000	e	China Grand Pharmaceutical and Healthcare Holdings Ltd		637,920
	3,266,000		China High Speed Transmission Equipment Group Co Ltd		2,364,430
	17,820,000	e	CMBC Capital Holdings Ltd		242,250
	1,370,000		Concord New Energy Group Ltd		98,668
	210,400		Dah Sing Banking Group Ltd		230,629
	4,873,000		Digital China Holdings Ltd		3,643,680
	838,000		Hang Lung Group Ltd		2,198,323
	2,191,400		Hutchison Port Holdings Trust		546,717
	523,500		Johnson Electric Holdings Ltd		1,391,189
	1,903,734		K Wah International Holdings Ltd		947,350
	1,162,800		Man Wah Holdings Ltd		2,434,365
	1,952,000	*	Skyworth Digital Holdings Ltd		637,809
	142,000		Sun Hung Kai & Co Ltd		73,123
	635,200		Television Broadcasts Ltd		695,079
	964,000		United Laboratories Ltd		789,561
			TOTAL HONG KONG		17,237,417
INDIA - 2.6%
	15,137		Aarti Drugs Ltd		144,933
	25,856	*	Adani Gas Ltd		400,776
	5,650		Amara Raja Batteries Ltd		61,723
	74,501	*	Apollo Tyres Ltd		217,004
	1,699		Astral Polytechnik Ltd		36,139
	2,137		Bata India Ltd		39,457
	19,325		Birlasoft Ltd		63,926
	122,784		Castrol India Ltd		208,163
	637,996		Central Depository Services India Ltd		6,936,175
	30,098		Cholamandalam Investment and Finance Co Ltd		231,611
	619		Coforge Ltd		23,925
	119,000		Crompton Greaves Consumer Electricals Ltd		616,985
	13,261	*	Deepak Nitrite Ltd		333,379
	22,844	*	Dhani Services Ltd		54,315
	23,083		Emami Ltd		152,982
	108,364		Escorts Ltd		1,632,790

91

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	471,053	*	Federal Bank Ltd	$	507,957
	25,960		Glenmark Pharmaceuticals Ltd		201,864
	29,751	*	Godrej Properties Ltd		548,368
	12,280		Gujarat Gas Ltd		87,834
	13,344		Gujarat State Petronet Ltd		48,526
	1,110,842	*	IDFC Bank Ltd		817,654
	31,634		India Cements Ltd		69,571
	195,570	*	Indiabulls Housing Finance Ltd		476,349
	9,794	*,g	IndiaMart InterMesh Ltd		1,049,240
	1,058,000	*	Jindal Steel & Power Ltd		6,283,257
	190,162		JSW Energy Ltd		280,701
	40,179		Kaveri Seed Co Ltd		327,185
	171,325	*	L&T Finance Holdings Ltd		200,675
	249,814	g	Laurus Labs Ltd		1,524,345
	34,471		LIC Housing Finance Ltd		188,238
	1,480		Mahanagar Gas Ltd		22,446
	55,528		Manappuram General Finance & Leasing Ltd		111,403
	6,175	*	Max Financial Services Ltd		74,576
	63,624		MindTree Ltd		1,806,552
	29,001		Mphasis Ltd		690,173
	17,559		Multi Commodity Exchange of India Ltd		349,575
	161,488	*,g	RBL Bank Ltd		403,380
	1,317		SRF Ltd		114,142
	12,390		Strides Arcolab Ltd		144,371
	26,741	*	Sun Pharma Advanced Research Company Ltd		63,034
	31,647		Tanla Platforms Ltd		377,577
	46,702		Tata Elxsi Ltd		2,191,181
	232,367		Tata Power Co Ltd		309,097
	67,337		Torrent Power Ltd		359,704
	10,108,245	*	Vodafone Idea Ltd		1,135,396
	12,769	*	Wockhardt Ltd		88,570
			TOTAL INDIA		32,007,224
INDONESIA - 1.3%
	13,400,300	*	Bank Tabungan Negara Persero Tbk PT		1,470,833
	80,695,000	*	Erajaya Swasembada Tbk PT		3,404,123
	11,411,400		Golden Agri-Resources Ltd		2,140,387
	3,102,100	*	Indosat Tbk PT		1,409,779
	1,392,800		Industri Jamu Dan Farmasi Sido Muncul Tbk PT		76,655
	24,321,100		Japfa Comfeed Indonesia Tbk PT		3,546,170
	25,668,200	*	Lippo Karawaci Tbk PT		379,709
	1,274,800		PT Selamat Sempurna Tbk		116,054
	13,521,000		PT Tambang Batubara Bukit Asam Tbk		2,212,571
	42,643,000		Puradelta Lestari Tbk PT		713,214
	8,760,500	*	Surya Citra Media Tbk PT		953,643
	1,598,500		XL Axiata Tbk PT		230,577
			TOTAL INDONESIA		16,653,715
IRELAND - 0.1%
	349,441		Irish Residential Properties REIT plc		683,108
			TOTAL IRELAND		683,108

92

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
ISRAEL - 2.0%
	23,613		Amot Investments Ltd	$	153,965
	41,000		Ashtrom Group Ltd		882,834
	143,426		Bayside Land Corp		1,314,218
	14,000		Elco Holdings Ltd		739,566
	2,000		Electra Israel Ltd		1,107,852
	18,383	*	Fattal Holdings 1998 Ltd		1,905,384
	23,397	*	Fiverr International Ltd		4,868,214
	107,000		Gazit Globe Ltd		697,075
	10,756		Ituran Location and Control Ltd		235,019
	62,470	*	Kornit Digital Ltd		6,107,067
	126,241		Maytronics Ltd		2,570,576
	34,231	*	Nova Measuring Instruments Ltd		3,284,573
	20,444		Shapir Engineering and Industry Ltd		146,353
	49,775		Strauss Group Ltd		1,454,115
			TOTAL ISRAEL		25,466,811
ITALY - 2.5%
	120,000		ACEA S.p.A.		2,724,477
	259,046		Azimut Holding S.p.A.		6,197,796
	185,840		Buzzi Unicem S.p.A.		4,958,561
	45,262	*	Credito Emiliano S.p.A.		279,413
	14,084		Danieli & Co S.p.A.		345,581
	141,614		De’Longhi S.p.A.		6,189,945
	52,064	*,g	GVS S.p.A		907,273
	686,706		Hera S.p.A.		2,763,339
	765,000		Piaggio & C S.p.A.		2,962,607
	21,000	*	Sesa S.p.A		2,912,821
	22,557	*	Tinexta S.p.A		677,136
			TOTAL ITALY		30,918,949
JAPAN - 17.0%
	26,000		Aeon Delight Co Ltd		793,299
	1,874,900	h	Aiful Corp		5,394,131
	362,500		Alps Electric Co Ltd		4,392,313
	34,000		Altech Corp		624,045
	17,400		Arata Corp		707,662
	160,300		ASKUL Corp		5,863,932
	13,200		BayCurrent Consulting, Inc		3,599,531
	104,300		Bunka Shutter Co Ltd		913,058
	72,500	h	Central Glass Co Ltd		1,494,768
	44,000		Computer Engineering & Consulting Ltd		544,848
	14,129		Daiichi Jitsugyo Co Ltd		544,831
	90,000		Daio Paper Corp		1,476,001
	223,800		DCM Holdings Co Ltd		2,231,843
	190,900	*,h	Dena Co Ltd		3,905,684
	151,900		Dowa Holdings Co Ltd		6,348,495
	100,100		Foster Electric Co Ltd		1,070,361
	1,161,400	*	Fujikura Ltd		5,986,780
	162,600		Futaba Corp/Chiba		1,281,414
	25,000		Fuyo General Lease Co Ltd		1,665,661
	50,800		Gakken Co Ltd		642,940
	62,000		GMO internet, Inc		1,841,752

93

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	24,000		Godo Steel Ltd	$	385,327
	123,000		Goldcrest Co Ltd		1,785,727
	106,800	*	GungHo Online Entertainment Inc		2,031,599
	224,500	*,h	Gurunavi, Inc		1,290,119
	44,300		Hanwa Co Ltd		1,316,372
	51,900	*	Heroz, Inc		1,296,770
	86,000		Hosiden Corp		815,984
	99		Hosokawa Micron Corp		5,636
	51,000		Inaba Denki Sangyo Co Ltd		1,192,685
	28,300		Inabata & Co Ltd		426,428
	44,200	*	Iseki & Co Ltd		628,869
	60,000		Itochu Enex Co Ltd		572,367
	33,000	*	Jafco Co Ltd		2,375,602
	2,882,300	*	Japan Display, Inc		1,209,116
	272,000	e	Japan Investment Adviser Co Ltd		4,008,455
	80		JDC Corp		438
	27,100		Joshin Denki Co Ltd		684,737
	94,400		Joyful Honda Co Ltd		1,162,739
	12,600	h	K&O Energy Group, Inc		164,812
	56,000		Kaken Pharmaceutical Co Ltd		2,308,919
	100,000		Kanto Denka Kogyo Co Ltd		788,119
	6,600		Kato Sangyo Co Ltd		193,627
	122,000		Kinden Corp		2,077,104
	90,700		Kintetsu World Express, Inc		2,188,362
	56,200	h	Kitz Corp		352,174
	131,800		Kobe Steel Ltd		948,929
	74,000		Kohnan Shoji Co Ltd		2,001,601
	148,200		Komeri Co Ltd		3,804,496
	119,500		Komori Corp		825,117
	500,700		K’s Holdings Corp		6,830,691
	41,800		Kumagai Gumi Co Ltd		1,164,128
	80,000	e	LEC, Inc		836,851
	423,565	e	Maeda Corp		3,619,231
	18,000		Maruzen Showa Unyu Co Ltd		523,872
	73,900	*	Maxell Holdings Ltd		871,016
	13,200		Maxvalu Tokai Co Ltd		299,114
	11,200		Ministop Co Ltd		146,028
	168,900		Mitsubishi Materials Corp		3,794,578
	913,400	*	Mitsubishi Motors Corp		2,474,735
	15,000		Mitsubishi Research Institute, Inc		565,857
	47,000		Mitsui-Soko Co Ltd		949,469
	2,262		Mori Hills REIT Investment Corp		3,281,168
	47,000		Musashino Bank Ltd		699,618
	48,000		Nichiha Corp		1,395,488
	48,000		Nihon Unisys Ltd		1,520,462
	471,900		Nikon Corp		4,443,427
	87,000		Nippo Corp		2,278,465
	269,100		Nippon Electric Glass Co Ltd		6,809,139
	77,000		Nippon Konpo Unyu Soko Co Ltd		1,615,059
	16,000		Nippon Steel Trading Co Ltd		565,326
	85,700		NOF Corp		4,528,964
	110,000		Nojima Corp		2,744,236
	44,100		NOK Corp		568,357
	255,800		Nomura Co Ltd		1,860,762

94

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	854,500	*	NTN Corp	$	2,427,702
	1,850,000	h	Onward Kashiyama Co Ltd		5,089,222
	26,000		Organo Corp		1,740,833
	22,400	e	Pressance Corp		329,354
	79,000		Prima Meat Packers Ltd		2,495,819
	50,000		Proto Corp		532,010
	521,400		Rengo Co Ltd		4,327,499
	35,000		Riken Vitamin Co Ltd		435,719
	16,600		Riso Kagaku Corp		200,780
	24,200	*	Ryobi Ltd		350,395
	3,800		Sakai Moving Service Co Ltd		173,275
	170,500		Sankyo Co Ltd		4,408,579
	316,100		Sanwa Shutter Corp		4,083,734
	100,100	*,h	Sanyo Special Steel Co Ltd		1,515,886
	104,700	h	Sato Corp		2,571,747
	100,000		SBS Holdings, Inc		2,456,124
	28,000		Seria Co Ltd		1,014,695
	5,700	*	Serverworks Co Ltd		225,821
	19,700		Shiga Bank Ltd		389,348
	21,300		Shima Seiki Manufacturing Ltd		428,689
	22,800	h	Shizuoka Gas Co Ltd		193,717
	15,500	h	Showa Denko KK		469,334
	30,000		Sinko Industries Ltd		617,647
	759,000		Sky Perfect Jsat Corp		3,193,126
	49,000		Starts Corp, Inc		1,200,158
	27,100		Sumitomo Bakelite Co Ltd		1,097,375
	60		Sumitomo Mitsui Construction Co Ltd		256
	78,300		Sun Frontier Fudousan Co Ltd		683,476
	1,361,000	e	Suruga Bank Ltd		4,877,457
	35,000		Taikisha Ltd		943,689
	301,000		Takara Leben Co Ltd		964,871
	39,700		Takasago Thermal Engineering Co Ltd		598,321
	69,000	*	Tamron Co Ltd		1,496,246
	92,000		TechMatrix Corp		1,766,175
	231,000		Toda Corp		1,649,179
	163,000		Toho Pharmaceutical Co Ltd		2,757,677
	63,000		Tokyo Tatemono Co Ltd		932,734
	197,000		Tosei Corp		1,950,142
	8,200		Trancom Co Ltd		636,500
	24,100	*	Trans Cosmos, Inc/Japan		688,339
	55,700		Uchida Yoko Co Ltd		2,383,126
	48,500	h	Wacoal Holdings Corp		1,094,873
	6,200		WDB Holdings Co Ltd		132,190
	56,300		World Co Ltd		721,203
	326,000		Yamaguchi Financial Group, Inc		1,928,233
	36,000	e	Yokogawa Bridge Holdings Corp		678,571
			TOTAL JAPAN		211,403,466
KOREA, REPUBLIC OF - 5.7%
	14,056		Boditech Med, Inc		308,992
	5,815		Cuckoo Electronics Co Ltd		733,988

95

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	25,290		Daishin Securities Co Ltd PF	$	370,050
	99,522		Dongbu HiTek Co Ltd		4,914,811
	29,172		Dongwon Development Co Ltd		168,330
	132,473	*	Feelux Co Ltd		450,615
	5,783		Global & Yuasa Battery Co Ltd		447,473
	3,903		Hanssem Co Ltd		391,463
	130,145		Hanwha Life Insurance Co Ltd		409,213
	63,546		Hyosung Corp		5,664,843
	21,368	*	Hyundai Electric & Energy System Co Ltd		420,681
	273,548	*	Hyundai Rotem Co Ltd		4,944,346
	55,887		Ilyang Pharmaceutical Co Ltd		1,913,678
	192,092		JB Financial Group Co Ltd		1,260,280
	15,203		Kginicis Co Ltd		272,788
	1,932		Korea District Heating Corp		73,773
	16,533		Korea Petrochemical Ind Co Ltd		4,649,824
	37,623		LG Hausys Ltd		3,066,848
	198,828		LG International Corp		5,490,344
	125,285	*	Lock & Lock Co Ltd		1,723,470
	200,413		LOTTE Reit Co Ltd		973,829
	38,000		LS Industrial Systems Co Ltd		1,937,417
	3,440		Meritz Fire & Marine Insurance Co Ltd		61,663
	107,712		NICE Information Service Co Ltd		2,115,072
	9,603	*	OCI Co Ltd		1,069,880
	40,750		Osstem Implant Co Ltd		3,242,420
	52,000		S&T Daewoo Co Ltd		2,853,383
	176,069		Samsung Techwin Co Ltd		6,081,518
	293,430		Seah Besteel Corp		6,867,293
	39,234		SK Discovery Co Ltd		2,031,677
	54,959	*	Soulbrain Holdings Co Ltd		2,064,616
	198,334	*	Telcon RF Pharmaceutical Inc		879,652
	91,298	*	TY Holdings Co Ltd		2,212,510
	41,434		Ubiquoss Holdings, Inc		770,346
	8,015	*	Webzen, Inc		248,897
			TOTAL KOREA, REPUBLIC OF		71,085,983
MALAYSIA - 1.4%
	2,840,300		Bursa Malaysia BHD		5,844,476
	1,123,900		Drb-Hicom BHD		522,289
	347,900	*	Greatech Technology Bhd		508,609
	5,389,500		Inari Amertron BHD		4,522,807
	252,700		IOI Properties Group BHD		84,513
	1,873,600	g	Lotte Chemical Titan Holding BHD		1,474,972
	256,500		Malaysian Pacific Industries BHD		2,424,720
	15,344,300	*	Sapurakencana Petroleum BHD		500,405
	828,700	*	UEM Sunrise Bhd		85,874
	368,300		UWC BHD		535,800
	80,700		ViTrox Corp BHD		316,129
			TOTAL MALAYSIA		16,820,594
MALTA - 0.4%
	70,760	*	Kambi Group plc		3,565,143
	72,000		Kindred Group plc (ADR)		1,239,208
			TOTAL MALTA		4,804,351

96

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
MEXICO - 0.2%
	60		Bolsa Mexicana de Valores S.A. de C.V.	$	133
	96,800		Grupo Cementos de Chihuahua SAB de C.V.		687,831
	573,200		Grupo Comercial Chedraui S.a. DE C.V.		889,639
	534,100	g	Macquarie Mexico Real Estate Management SA de CV		633,843
	201,500		PLA Administradora Industrial S de RL de C.V.		306,671
	20		Qualitas Controladora SAB de C.V.		109
	20	*	Regional SAB de C.V.		102
			TOTAL MEXICO		2,518,328
NETHERLANDS - 1.7%
	28,599		ASM International NV		8,676,278
	1,273	*	Brack Capital Properties NV		118,832
	83,903		Brunel International NV		1,121,299
	159,427	g	Signify NV		9,053,712
	343,661		TNT NV		1,795,088
			TOTAL NETHERLANDS		20,765,209
NEW ZEALAND - 0.0%
	166,466		Argosy Property Ltd		176,686
			TOTAL NEW ZEALAND		176,686
NORWAY - 0.4%
	282,000	*,g	Europris ASA		1,919,488
	73,520	g	Fjordkraft Holding ASA		550,693
	118,000	g	Sbanken ASA		1,466,227
	23,264		Selvaag Bolig ASA		170,763
	130,000		Sparebanken Nord-Norge		1,299,358
			TOTAL NORWAY		5,406,529
PAKISTAN - 0.1%
	393,659		Engro Chemical Pakistan Ltd		758,950
	558,679		Fauji Fertilizer Co Ltd		383,484
			TOTAL PAKISTAN		1,142,434
PERU - 0.4%
	681,158		HudBay Minerals, Inc		5,087,280
			TOTAL PERU		5,087,280
PHILIPPINES - 0.0%
	576,000		Vista Land & Lifescapes, Inc		42,044
			TOTAL PHILIPPINES		42,044
POLAND - 0.2%
	35,000		Asseco Poland S.A.		649,387
	10,396	*	Bank Handlowy w Warszawie S.A.		111,256
	119,278	*	Enea S.A.		264,719
	74,506		Warsaw Stock Exchange		916,376
			TOTAL POLAND		1,941,738
QATAR - 0.0%
	48,455		Al Meera Consumer Goods Co		256,182
			TOTAL QATAR		256,182

97

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
RUSSIA - 0.1%
	153,266		Sistema PJSFC	$	1,365,600
			TOTAL RUSSIA		1,365,600
SAUDI ARABIA - 0.2%
	140,380	*	Al Hammadi Co for Development and Investment		1,283,814
	15,866		Eastern Province Cement Co		205,401
	46,285	*	Saudi Ceramic Co		616,522
			TOTAL SAUDI ARABIA		2,105,737
SINGAPORE - 0.9%
	86,048	g	BW LPG Ltd		636,593
	5,902,000		Frasers Logistics & Industrial Trust		6,503,807
	301,200		Japfa Ltd		206,844
	313,100		Overseas Union Enterprise Ltd		345,388
	202,400		Parkway Life Real Estate Investment Trust		634,235
	2,217,300		Sheng Siong Group Ltd		2,578,978
			TOTAL SINGAPORE		10,905,845
SOUTH AFRICA - 0.9%
	218,699		African Rainbow Minerals Ltd		4,082,366
	1,498,405	*,e	Brait S.A.		275,019
	172,712	*	DataTec Ltd		339,410
	149,118		Imperial Holdings Ltd		486,864
	277,471	*	Massmart Holdings Ltd		1,028,570
	667,332		Royal Bafokeng Platinum Ltd		5,061,646
	76,746	*	Super Group Ltd		148,967
	16,251	*	Wilson Bayly Holmes-Ovcon Ltd		120,128
			TOTAL SOUTH AFRICA		11,542,970
SPAIN - 0.6%
	51,146	g	ContourGlobal plc		141,460
	5,132		Corp Financiera Alba		271,810
	6,496,047	*,e	Distribuidora Internacional de Alimentacion S.A.		637,285
	371,654		Faes Farma S.A. (Sigma)		1,548,681
	86,064	*	Mediaset Espana Comunicacion SA		547,816
	163,730	g	Prosegur Cash S.A.		147,473
	44,000		Viscofan S.A.		3,006,924
	232,700		Zardoya Otis S.A.		1,473,969
			TOTAL SPAIN		7,775,418
SWEDEN - 6.2%
	173,864		AAK AB		3,981,633
	221,000		Arjo AB		2,179,080
	231,000		Betsson AB		2,098,870
	101,000	e	Bilia AB		1,760,562
	111,000	*	Clas Ohlson AB (B Shares)		1,184,734
	357,000	*,e	Collector AB		1,319,032
	227,881	*	Embracer Group AB		6,961,407
	60,873		Fortnox AB		3,120,752

98

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	269,637		Getinge AB (B Shares)	$	9,119,397
	172,800	e	Hexpol AB		2,118,597
	6,667		HMS Networks AB		288,344
	5,928		Investment AB Oresund		106,514
	116,000		Inwido AB		2,029,437
	8,218	*	K-fast Holding AB		300,935
	595,305	g	LeoVegas AB		3,560,306
	4,650		Lifco AB		497,981
	19,794		Lime Technologies AB		766,550
	104,000		Lindab International AB		2,116,692
	173,570		Mekonomen AB		2,977,050
	56,292		MIPS AB		4,553,598
	187,111		NCC AB (B Shares)		3,528,087
	247,377	*,g	Nobina AB		2,186,639
	30,000	e	Nolato AB (B Shares)		2,962,212
	169,353		Nyfosa AB		2,037,333
	44,992	*,g	Oncopeptides AB		697,193
	162,691		Paradox Interactive AB		3,811,729
	242,312		Samhallsbyggnadsbolaget i - D		862,788
	42,644	g	Thule Group AB		1,934,236
	256,607		Trelleborg AB (B Shares)		6,675,841
	88,227	e	Wihlborgs Fastigheter AB		1,803,544
			TOTAL SWEDEN		77,541,073
SWITZERLAND - 4.0%
	10,978		Bachem Holding AG.		5,573,264
	1,767		Belimo Holding AG.		705,167
	1,342		Bucher Industries AG.		704,305
	58,000		Cembra Money Bank AG.		6,306,773
	6,678		Coltene Holding AG.		945,170
	2,000		Emmi AG.		2,076,102
	98,000	g	Galenica AG.		6,632,297
	1,000		Gurit Holding AG.		2,600,602
	213		LEM Holding S.A.		398,828
	33,000		PSP Swiss Property AG.		4,072,077
	9,000		Sulzer AG.		1,025,330
	14,295		Tecan Group AG.		6,965,746
	28,765	g	VAT Group AG.		8,214,251
	24,220		Vetropack Holding AG.		1,465,575
	11,966		Vontobel Holding AG.		900,586
	11,738		VZ Holding AG.		1,010,246
			TOTAL SWITZERLAND		49,596,319
TAIWAN - 5.8%
	342,000		Benq Corp		443,678
	1,491,000		Cheng Loong Corp		2,381,496
	139,000		Cheng Uei Precision Industry Co Ltd		229,460
	364,000		Chicony Power Technology Co Ltd		964,453
	641,000		China Bills Finance Corp		379,775
	370,000		ChipMOS Technologies, Inc		625,612
	235,000		Chong Hong Construction Co		697,024
	115,000		Clevo Co		133,664
	89,000		eMemory Technology, Inc		3,244,953

99

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	3,381,000		Evergreen International Storage & Transport Corp	$	2,960,828
	575,000		Ginko International Co Ltd		3,638,684
	258,000		Global Unichip Corp		3,675,885
	506		Hannstar Board Corp		896
	918,000		Kindom Construction Co		1,427,224
	1,343,000		King’s Town Bank		2,075,071
	686,000		KMC Kuei Meng International In		5,636,875
	1,151,000		Marketech International Corp		4,851,193
	600		Mercuries & Associates Holding Ltd		504
	3,942,000	*	Mercuries Life Insurance Co Lt		1,450,511
	325,000		Merida Industry Co Ltd		3,866,178
	268,000		Nantex Industry Co Ltd		1,312,271
	42,000		Paiho Shih Holdings Corp		73,075
	290,000		Prince Housing & Development Corp		130,637
	1,221,000		Radiant Opto-Electronics Corp		5,594,693
	786,000	*	Ritek Corp		350,325
	1,046,000	*	Roo Hsing Co Ltd		415,907
	331,000	*	Shining Building Business Co Ltd		181,302
	516,000		Simplo Technology Co Ltd		6,870,895
	355,000		Systex Corp		1,162,621
	534,000		Taiwan Hon Chuan Enterprise Co Ltd		1,500,841
	297,000		Taiwan Secom Co Ltd		1,013,723
	35,000	*	Tanvex BioPharma, Inc		83,575
	275,000		Topco Scientific Co Ltd		1,339,638
	1,281,000	*	TPK Holding Co Ltd		2,488,180
	1,177,000		Tripod Technology Corp		5,845,658
	827,000		Union Bank Of Taiwan		354,992
	1,414,944		USI Corp		2,089,093
	64,700		Voltronic Power Technology Corp		2,940,629
			TOTAL TAIWAN		72,432,019
THAILAND - 0.0%
	678,500		SC Asset Corp PCL		67,943
			TOTAL THAILAND		67,943
TURKEY - 1.3%
	1,886,938		Anadolu Efes Biracilik Ve Malt Sanayii AS		5,315,222
	112,000		Coca-Cola Icecek AS		1,064,452
	88,926	*	Izmir Demir Celik Sanayi AS		23,846
	155,000	*	Migros Ticaret AS		680,139
	3,187,276	*	Sok Marketler Ticaret AS.		4,658,582
	663,736		Tofas Turk Otomobil Fabrik		2,392,376
	76,812		Turk Traktor ve Ziraat Makineleri AS		1,940,352
			TOTAL TURKEY		16,074,969
UNITED ARAB EMIRATES - 0.0%
	1,377,022	*	DAMAC Properties Dubai Co PJSC		448,591
			TOTAL UNITED ARAB EMIRATES		448,591
UNITED KINGDOM - 12.1%
	772,228		888 Holdings plc		4,549,626
	234,272		Alliance Pharma plc		310,600
	3,361,000		Assura Group Ltd		3,460,003
	1,273,528	*	Avacta Group plc		4,678,422

100

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	3,765		Avon Rubber plc	$	172,524
	237,752		Big Yellow Group plc		3,934,023
	278,000		Brewin Dolphin Holdings plc		1,306,158
	201,926		Cairn Energy plc		473,530
	5,384,191		Centrica plc		4,214,408
	251,987		Civitas Social Housing plc		397,276
	127,118		Clipper Logistics plc		1,207,827
	238,312	g	CMC Markets plc		1,606,109
	56,000		Computacenter plc		2,071,308
	25,477		Dechra Pharmaceuticals plc		1,419,363
	93,346		Diploma plc		3,695,491
	54,568	*	Draper Esprit plc		635,294
	233,278		Drax Group plc		1,316,380
	15,972		EMIS Group plc		270,433
	639,000	*	Empiric Student Property plc		776,592
	36,461	*	Ergomed plc		720,069
	308,000	*	Frasers Group plc		2,191,195
	70,912	*,g	Funding Circle Holdings plc		150,407
	39,000		Games Workshop Group plc		5,843,689
	58,861		GB Group plc		730,390
	469,678		GCP Student Living plc		1,064,188
	21,000		Genus plc		1,474,867
	396,804		Grainger plc		1,566,468
	612,000	*	Halfords Group plc		3,186,413
	120,537		HomeServe plc		1,821,627
	588,000		Howden Joinery Group plc		6,568,837
	278,421		Hunting plc		945,902
	496,698		IG Group Holdings plc		6,283,699
	2,956,272	*	IP Group plc		5,240,645
	168,148		Kainos Group plc		3,548,333
	51,805		Keller Group plc		591,679
	178,345		Lancashire Holdings Ltd		1,748,470
	8,251		Marshalls plc		82,845
	796,519		Micro Focus International plc		5,681,436
	836,774	*	Mitie Group		717,644
	336,000		Ninety One plc		1,134,096
	61,841		Numis Corp plc		325,395
	498,000		OSB Group plc		3,297,363
	310,249		Pennon Group plc		4,431,572
	17,419		Pets at Home Group plc		106,893
	419,273		Picton Property Income Ltd		526,344
	30,641	*	Playtech Ltd		196,857
	47,120		PZ Cussons plc		171,771
	982,114		QinetiQ plc		4,501,711
	75,478		Rathbone Brothers		1,764,646
	909,483		Rightmove plc		7,709,885
	1,341,962		Rotork plc		6,378,344
	957,834	*	Royal Mail plc		6,562,290
	402,000		Safestore Holdings plc		4,727,374
	619,652		Serco Group plc		1,199,612
	676,990		Spirent Communications plc		2,396,556
	48,954	*	Team17 Group plc		523,961
	2,925,991		Tritax Big Box REIT plc		7,688,989
	492,350		Unite Group plc		7,921,531

101

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY					VALUE
	527,556		Warehouse REIT plc					$	979,213
	65,225	*	Weir Group plc						1,726,273
			TOTAL UNITED KINGDOM						150,924,846
UNITED STATES - 3.6%
	1,129,012	g	Avast plc						7,448,445
	1,832	*	Beyondspring Inc						19,767
	257,882	*	Carnival plc						6,028,402
	131,440	*	Charlottes Web Holdings, Inc						529,332
	84,705		iShares Core MSCI Emerging Markets ETF						5,545,636
	48,314		iShares MSCI Canada Index Fund						1,720,462
	238,914		iShares MSCI EAFE Small-Cap ETF						17,813,428
	62,000		Parade Technologies Ltd						3,040,046
	30,838	*	Taro Pharmaceutical Industries Ltd						2,282,629
			TOTAL UNITED STATES						44,428,147
			TOTAL COMMON STOCKS						1,239,706,483
			(Cost $1,002,702,942)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.1%
$	879,000		Federal Agricultural Mortgage Corp (FAMC)		0.010	%	05/03/21		879,000
			TOTAL GOVERNMENT AGENCY DEBT						879,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%
	10,256,092	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				10,256,092
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						10,256,092
			TOTAL SHORT-TERM INVESTMENTS						11,135,092
			(Cost $11,135,092)
			TOTAL INVESTMENTS - 100.3%						1,250,841,575
			(Cost $1,013,838,034)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(3,409,886	)
			NET ASSETS - 100.0%					$	1,247,431,689

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 $28,669,686.

102

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $59,945,935 or 4.8% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

103

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2021

				% OF
SECTOR	VALUE			NET ASSETS
INDUSTRIALS	$	253,137,215			20.3	%
CONSUMER DISCRETIONARY		157,461,627			12.6
FINANCIALS		147,012,388			11.8
INFORMATION TECHNOLOGY		146,141,655			11.7
MATERIALS		142,155,531			11.4
REAL ESTATE		118,608,607			9.5
HEALTH CARE		95,973,409			7.7
CONSUMER STAPLES		60,625,373			4.9
COMMUNICATION SERVICES		55,431,456			4.4
UTILITIES		34,657,594			2.8
ENERGY		28,501,628			2.3
SHORT-TERM INVESTMENTS		11,135,092			0.9
OTHER ASSETS & LIABILITIES, NET		(3,409,886	)		(0.3	)
NET ASSETS	$	1,247,431,689			100.0	%

104

TIAA-CREF FUNDS – Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.7%
AUSTRALIA - 6.7%
	8,425		Ampol Ltd	$	166,072
	74,309		APA Group		574,137
	10,912		Aurizon Holdings Ltd		31,394
	205,677		AusNet Services		301,055
	228,590		Australia & New Zealand Banking Group Ltd		5,043,673
	8,834		Australian Stock Exchange Ltd		496,372
	69,761		BlueScope Steel Ltd		1,153,265
	40,091		Brambles Ltd		321,166
	4,415		Cochlear Ltd		755,759
	24,361		Coles Group Ltd		305,917
	113,549		Commonwealth Bank of Australia		7,773,176
	33,257		Computershare Ltd		361,593
	29,016		CSL Ltd		6,061,280
	39,866		Dexus Property Group		312,939
	123,256		Evolution Mining Ltd		436,425
	207,191		Fortescue Metals Group Ltd		3,584,676
	114,345		Goodman Group		1,667,443
	84,960		GPT Group		302,396
	71,463		Insurance Australia Group Ltd		269,258
	35,032		Lend Lease Corp Ltd		342,323
	32,534		Macquarie Group Ltd		4,010,221
	190,339		Mirvac Group		394,385
	120,833		Newcrest Mining Ltd		2,469,590
	2,654		Orica Ltd		27,631
	461,549		Origin Energy Ltd		1,475,840
	83,107		QBE Insurance Group Ltd		628,669
	24,861		Ramsay Health Care Ltd		1,288,776
	61,244	*	Seek Ltd		1,459,576
	192,404		Stockland Trust Group		693,361
	53,700	*	Sydney Airport		255,377
	306,717		Transurban Group		3,344,525
	186,464		Vicinity Centres		227,870
	277,731		Westpac Banking Corp		5,352,063
	37,212		Wisetech Global Ltd		895,647
	14,714		Woodside Petroleum Ltd		256,622
			TOTAL AUSTRALIA		53,040,472
AUSTRIA - 0.6%
	31,796		Erste Bank der Oesterreichischen Sparkassen AG.		1,130,101
	40,945		OMV AG.		2,012,793
	29,644		Voestalpine AG.		1,286,084
			TOTAL AUSTRIA		4,428,978
BELGIUM - 0.9%
	26,372		KBC Groep NV		2,046,165

105

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	3,149		Solvay S.A.	$	400,435
	19,737		UCB S.A.		1,827,607
	44,277		Umicore S.A.		2,690,385
			TOTAL BELGIUM		6,964,592
CHILE - 0.4%
	107,359		Antofagasta plc		2,765,582
			TOTAL CHILE		2,765,582
CHINA - 0.4%
	809,517		BOC Hong Kong Holdings Ltd		2,846,462
			TOTAL CHINA		2,846,462
DENMARK - 2.3%
	3,923	*	Chr Hansen Holding A/S		360,160
	7,347		Coloplast AS		1,216,954
	2,016	*	Genmab AS		739,796
	14,973		GN Store Nord		1,350,373
	15,526		H Lundbeck AS		478,092
	106,220		Novo Nordisk AS		7,835,578
	2,296		Novozymes AS		162,838
	21,837	g	Orsted AS		3,174,332
	4,056		Pandora AS		459,337
	1,728		Tryg A.S.		39,514
	57,240		Vestas Wind Systems A.S.		2,389,396
			TOTAL DENMARK		18,206,370
FINLAND - 0.9%
	3,543		Elisa Oyj (Series A)		200,843
	26,369		Kesko Oyj (B Shares)		802,919
	55,319		Neste Oil Oyj		3,345,181
	12,657		Orion Oyj (Class B)		560,438
	28,559		Stora Enso Oyj (R Shares)		546,404
	24,422		UPM-Kymmene Oyj		955,074
	50,005		Wartsila Oyj (B Shares)		645,311
			TOTAL FINLAND		7,056,170
FRANCE - 10.3%
	18,445		Accor S.A.		742,710
	18,929		Air Liquide		3,187,687
	14,375	g	Amundi S.A.		1,281,079
	16,314		Atos Origin S.A.		1,110,977
	169,653		AXA S.A.		4,791,853
	86,976		BNP Paribas S.A.		5,576,701
	15,655		Bouygues S.A.		670,902
	19,658		Cap Gemini S.A.		3,602,266
	64,656		Carrefour S.A.		1,252,192
	47,724		CNP Assurances		834,728
	47,834		Danone		3,376,577
	9,164		Eiffage S.A.		1,003,802
	26,330		Essilor International S.A.		4,382,359
	10,754		Eurazeo		896,016
	14,148		Fonciere Des Regions		1,262,158
	3,308		Gecina S.A.		484,217

106

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	37,510		Getlink S.E.	$	596,686
	4,996		Kering		4,003,352
	53,077		Klepierre		1,408,723
	15,519		Legrand S.A.		1,510,617
	17,142		L’Oreal S.A.		7,019,134
	23,337		Michelin (C.G.D.E.) (Class B)		3,376,878
	263,229		Natixis		1,285,347
	136,990		Orange S. A.		1,705,966
	38,925		Schneider Electric S.A.		6,210,707
	2,332		SEB S.A.		424,692
	120,255		Societe Generale		3,420,915
	2,559		Teleperformance		988,143
	167,364		Total S.A.		7,397,113
	6,609		Unibail-Rodamco-Westfield		544,993
	26,446		Unibail-Rodamco-Westfield		2,177,871
	62,516		Valeo S.A.		2,025,891
	60,583	*	Vivendi Universal S.A.		2,111,954
	5,026		Wendel		669,017
			TOTAL FRANCE		81,334,223
GERMANY - 8.7%
	10,008		Adidas-Salomon AG.		3,091,079
	27,773		Allianz AG.		7,210,338
	60,432		BASF SE		4,870,291
	39,876		Bayerische Motoren Werke AG.		3,995,981
	11,496		Beiersdorf AG.		1,297,559
	9,703		Brenntag AG.		871,084
	8,918		Deutsche Boerse AG.		1,536,797
	84,545		Deutsche Post AG.		4,979,460
	28,770		Deutsche Wohnen AG.		1,556,418
	22,418		HeidelbergCement AG.		2,054,235
	27,629	*	HelloFresh SE		2,291,970
	26,826		Henkel KGaA		2,665,229
	22,517		Henkel KGaA (Preference)		2,586,519
	6,480	*	Hochtief AG.		607,636
	3,912		LEG Immobilien AG.		544,297
	18,879		Merck KGaA		3,316,745
	11,781		MTU Aero Engines Holding AG.		2,973,021
	8,998		Muenchener Rueckver AG.		2,599,828
	5,666		Puma AG. Rudolf Dassler Sport		597,322
	64,282		SAP AG.		9,000,807
	48,907		Siemens AG.		8,159,393
	253,860		Telefonica Deutschland Holding AG.		737,761
	12,853	*,g	Zalando SE		1,336,694
			TOTAL GERMANY		68,880,464
HONG KONG - 3.0%
	85,300		ASM Pacific Technology		1,288,322
	304,000		CLP Holdings Ltd		3,000,697
	150,281		Hang Seng Bank Ltd		2,942,062
	1,855,039		Hong Kong & China Gas Ltd		2,975,570
	92,538		Hong Kong Exchanges and Clearing Ltd		5,581,062
	336,230		Link REIT		3,171,677
	429,731		MTR Corp		2,393,359
	138,468		Swire Pacific Ltd (Class A)		1,115,529
	325,200		Swire Properties Ltd		970,446
			TOTAL HONG KONG		23,438,724

107

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
IRELAND - 0.9%
	83,553		CRH plc	$	3,942,382
	21,501		Kerry Group plc (Class A)		2,786,996
			TOTAL IRELAND		6,729,378
ISRAEL - 0.3%
	309,140	*	Bank Hapoalim Ltd		2,456,925
			TOTAL ISRAEL		2,456,925
ITALY - 2.3%
	17,376		Amplifon S.p.A.		733,358
	131,793		Assicurazioni Generali S.p.A.		2,638,025
	601,898		Enel S.p.A.		5,976,442
	300,858		ENI S.p.A.		3,583,487
	1,574,888		Intesa Sanpaolo S.p.A.		4,390,650
			TOTAL ITALY		17,321,962
JAPAN - 23.7%
	52,900		Aeon Co Ltd		1,443,583
	60,200		Ajinomoto Co, Inc		1,203,907
	37,037		Alfresa Holdings Corp		663,913
	22,714	*	All Nippon Airways Co Ltd		521,476
	135,600		Asahi Kasei Corp		1,428,476
	164,600		Astellas Pharma, Inc		2,477,405
	20,800		Capcom Co Ltd		674,815
	2,900	*	Casio Computer Co Ltd		51,348
	18,781		Central Japan Railway Co		2,751,637
	85,865		Chugai Pharmaceutical Co Ltd		3,222,934
	8,427		Dai Nippon Printing Co Ltd		166,983
	6,800		Daifuku Co Ltd		672,128
	157,600		Daiichi Sankyo Co Ltd		4,025,169
	16,475		Daikin Industries Ltd		3,323,249
	52,149		Daiwa House Industry Co Ltd		1,546,335
	54,059		Denso Corp		3,495,076
	34,332		East Japan Railway Co		2,351,317
	36,648		Eisai Co Ltd		2,390,252
	1,900		Fast Retailing Co Ltd		1,558,820
	24,372		Fujitsu Ltd		3,871,687
	10,616		Hankyu Hanshin Holdings, Inc		334,819
	61,711		Hino Motors Ltd		517,947
	23,400	*	Hitachi Construction Machinery Co Ltd		719,333
	24,563	*	Hitachi Metals Ltd		476,228
	70,141		Hulic Co Ltd		800,207
	27,000		Ibiden Co Ltd		1,274,495
	178,250		Inpex Holdings, Inc		1,212,992
	30		Japan Retail Fund Investment Corp		29,564
	50,600		Kajima Corp		699,948
	2,900		Kansai Paint Co Ltd		73,019
	30,100		Kao Corp		1,935,235
	148,996		KDDI Corp		4,504,065
	1,500		Keio Corp		97,647
	13,346		Keyence Corp		6,406,783
	24,200		Kikkoman Corp		1,487,190
	3,165	*	Kintetsu Corp		113,543

108

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	3,200		Kobayashi Pharmaceutical Co Ltd	$	285,799
	25,600		Kobe Bussan Co Ltd		683,884
	69,200		Komatsu Ltd		2,034,800
	4,700		Kose Corp		707,517
	109,572		Kubota Corp		2,577,765
	5,300		Kuraray Co Ltd		57,612
	40,100		Kyowa Hakko Kogyo Co Ltd		1,220,568
	2,400		Kyushu Railway Co		53,878
	3,200		Lawson, Inc		143,811
	12,000		Lion Corp		225,158
	1,600		Marui Co Ltd		30,071
	15,100		MEIJI Holdings Co Ltd		937,008
	114,879		Mitsubishi Chemical Holdings Corp		855,215
	144,779		Mitsubishi Corp		4,003,241
	63,526		Mitsubishi Estate Co Ltd		1,045,567
	89,800		Mitsubishi UFJ Lease & Finance Co Ltd		516,091
	3,900		Mitsui Chemicals, Inc		122,772
	126,000		Mitsui Fudosan Co Ltd		2,739,151
	4,500		Miura Co Ltd		236,068
	17,600		MS&AD Insurance Group Holdings Inc		499,323
	49,600		Murata Manufacturing Co Ltd		3,943,566
	4,500		Nabtesco Corp		202,498
	37,601		NEC Corp		2,185,959
	5,600		NGK Insulators Ltd		102,348
	12,200		NGK Spark Plug Co Ltd		203,737
	8,104		Nintendo Co Ltd		4,648,882
	4,000		Nippon Express Co Ltd		306,135
	172,000		Nippon Paint Co Ltd		2,456,819
	169,554		Nippon Steel Corp		2,962,951
	147,100		Nippon Telegraph & Telephone Corp		3,708,814
	41,700		Nippon Yusen Kabushiki Kaisha		1,638,951
	5,313		Nissin Food Products Co Ltd		376,484
	1,562		Nitori Co Ltd		279,763
	17,700		Nitto Denko Corp		1,464,750
	21,100		Nomura Real Estate Holdings, Inc		520,168
	166		Nomura Real Estate Master Fund, Inc		262,289
	64,800		Nomura Research Institute Ltd		1,988,651
	12,285		Obayashi Corp		112,401
	2,121		Odakyu Electric Railway Co Ltd		57,445
	12,600		Omron Corp		954,147
	71,200		Ono Pharmaceutical Co Ltd		1,793,446
	13,082		Oriental Land Co Ltd		1,854,515
	92,900		Osaka Gas Co Ltd		1,798,170
	8,000		Otsuka Corp		402,429
	272,606		Panasonic Corp		3,200,940
	198,370	*	Rakuten, Inc		2,521,712
	70,429		Recruit Holdings Co Ltd		3,175,466
	288,800		Resona Holdings, Inc		1,188,885
	52,100		Santen Pharmaceutical Co Ltd		667,280
	11,001		Secom Co Ltd		916,761
	6,224		Sekisui Chemical Co Ltd		108,518
	17,563		Sekisui House Ltd		355,697
	74,200		SG Holdings Co Ltd		1,685,018
	56,808	e	Sharp Corp		958,657
	14,000		Shimadzu Corp		490,601
	13,068		Shimizu Corp		107,080

109

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	25,400		Shin-Etsu Chemical Co Ltd	$	4,287,572
	28,100		Shionogi & Co Ltd		1,481,410
	31,200		Shiseido Co Ltd		2,270,463
	258,900		Softbank Corp		3,337,316
	400		Sohgo Security Services Co Ltd		17,537
	25,600		Sompo Holdings, Inc		951,427
	79,415		Sony Corp		7,939,824
	36,214		Stanley Electric Co Ltd		1,036,676
	6,700		Sumisho Computer Systems Corp		388,813
	253,100		Sumitomo Chemical Co Ltd		1,291,872
	48,708		Sumitomo Dainippon Pharma Co Ltd		845,633
	63,071		Sumitomo Metal Mining Co Ltd		2,670,321
	79,200		Sumitomo Mitsui Trust Holdings, Inc		2,699,342
	33,900		Suntory Beverage & Food Ltd		1,144,305
	14,500		Sysmex Corp		1,448,311
	77,600		T&D Holdings, Inc		952,327
	8,100		TDK Corp		1,098,464
	2,900		Teijin Ltd		47,747
	2,200		Toho Gas Co Ltd		122,611
	30,126		Tokio Marine Holdings, Inc		1,444,749
	11,700		Tokyo Century Corp		723,312
	11,900		Tokyo Electron Ltd		5,404,833
	38,100		Tokyo Gas Co Ltd		773,197
	8,300		Tokyu Corp		106,744
	29,700		Toray Industries, Inc		184,681
	1,824		Toto Ltd		94,830
	6,000		Toyo Suisan Kaisha Ltd		244,650
	128,095	*	Toyota Motor Corp		9,584,602
	54,700		Uni-Charm Corp		2,126,207
	4,169		USS Co Ltd		75,650
	10,100		Welcia Holdings Co Ltd		315,134
	4,200		West Japan Railway Co		232,200
	18,800		Yakult Honsha Co Ltd		915,120
	13,800		Yamada Denki Co Ltd		68,700
	2,470		Yamaha Corp		134,802
	13,086		Yaskawa Electric Corp		603,197
	15,598		Yokogawa Electric Corp		283,152
	559,100		Z Holdings Corp		2,578,717
			TOTAL JAPAN		187,027,205
NETHERLANDS - 3.7%
	468,928		Aegon NV		2,173,165
	7,504		Akzo Nobel NV		900,997
	23,181		ASML Holding NV		15,047,749
	10,464		DSM NV		1,876,195
	117,774		Koninklijke KPN NV		406,275
	4,972	e	Koninklijke Vopak NV		227,659
	40,340		NN Group NV		2,012,097
	41,690		Prosus NV		4,524,682
	6,780		Randstad Holdings NV		489,191
	10,753		Wolters Kluwer NV		972,620
			TOTAL NETHERLANDS		28,630,630
NEW ZEALAND - 0.7%
	41,348	*	Auckland International Airport Ltd		223,612
	72,699		Fisher & Paykel Healthcare Corp		1,873,664

110

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	178,448		Mercury NZ Ltd	$	883,967
	172,174		Meridian Energy Ltd		656,336
	79,890		Ryman Healthcare Ltd		807,689
	48,013		Telecom Corp of New Zealand Ltd		151,136
	14,387	*	Xero Ltd		1,567,258
			TOTAL NEW ZEALAND		6,163,662
NORWAY - 1.2%
	159,083		Equinor ASA		3,212,324
	35,027		Mowi ASA		864,120
	373,900		Norsk Hydro ASA		2,380,913
	118,885		Orkla ASA		1,211,809
	77,234		Telenor ASA		1,375,922
			TOTAL NORWAY		9,045,088
PORTUGAL - 0.3%
	185,603		Energias de Portugal S.A.		1,031,358
	130,229		Galp Energia SGPS S.A.		1,499,561
	2,279		Jeronimo Martins SGPS S.A.		41,620
			TOTAL PORTUGAL		2,572,539
SAUDI ARABIA - 0.4%
	20,633	*,g	Delivery Hero AG.		3,273,233
			TOTAL SAUDI ARABIA		3,273,233
SINGAPORE - 1.4%
	604,508		CapitaLand Ltd		1,685,163
	77,468		CapitaMall Trust		124,984
	49,700		City Developments Ltd		293,999
	173,191		DBS Group Holdings Ltd		3,881,392
	135,800		Keppel Corp Ltd		551,716
	357,395	*	Singapore Airlines Ltd		1,354,496
	36,200		Singapore Exchange Ltd		283,580
	367,500		Singapore Technologies Engineering Ltd		1,063,160
	814,525		Singapore Telecommunications Ltd		1,528,167
	74,300		UOL Group Ltd		428,724
			TOTAL SINGAPORE		11,195,381
SPAIN - 2.7%
	49,025		Amadeus IT Holding S.A.		3,338,506
	719,333		Banco Bilbao Vizcaya Argentaria S.A.		4,027,963
	686,840	*	CaixaBank S.A.		2,197,176
	323,123		Iberdrola S.A.		4,366,667
	43,174	e	Industria De Diseno Textil S.A.		1,536,160
	78,263		Naturgy Energy Group S.A.		2,010,544
	10,991		Red Electrica Corp S.A.		201,773
	254,367		Repsol YPF S.A.		3,036,197
			TOTAL SPAIN		20,714,986
SWEDEN - 4.0%
	44,719		Assa Abloy AB		1,274,920
	64,714		Atlas Copco AB (A Shares)		3,924,260
	59,186		Atlas Copco AB (B Shares)		3,071,099
	69,989		Boliden AB		2,722,398
	10,733	e	Electrolux AB (Series B)		301,240

111

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	66,096		Essity AB	$	2,157,241
	23,325		Hennes & Mauritz AB (B Shares)		573,967
	9,086		Husqvarna AB (B Shares)		126,528
	2,585		ICA Gruppen AB		119,150
	51,332		Kinnevik AB		2,833,096
	15,109		Lundin Petroleum AB		481,946
	120,655		Sandvik AB		2,983,731
	227,162		Skandinaviska Enskilda Banken AB (Class A)		2,910,659
	19,911		Skanska AB (B Shares)		539,252
	11,637		SKF AB (B Shares)		300,651
	33,890		Svenska Cellulosa AB (B Shares)		593,460
	126,071		Svenska Handelsbanken AB		1,459,936
	33,046		Tele2 AB (B Shares)		426,832
	72,073		TeliaSonera AB		298,658
	158,056		Volvo AB (B Shares)		3,859,817
			TOTAL SWEDEN		30,958,841
SWITZERLAND - 9.1%
	7,035		Adecco S.A.		476,829
	52,806		Alcon, Inc		3,966,297
	774		Barry Callebaut AG.		1,708,916
	9,228		Clariant AG.		193,293
	55,696		Coca-Cola HBC AG.		1,924,960
	544		Givaudan S.A.		2,279,455
	9,706		Kuehne & Nagel International AG.		2,902,044
	7,076	*	Lonza Group AG.		4,498,313
	152,464		Nestle S.A.		18,193,635
	39,459		Roche Holding AG.		12,869,773
	411		SGS S.A.		1,216,108
	9,317		Sika AG.		2,782,639
	10,196	*	Sonova Holdings AG		3,019,035
	38,342		Swiss Re Ltd		3,559,714
	2,365		Swisscom AG.		1,284,073
	316,501		UBS Group AG		4,833,159
	12,475		Zurich Insurance Group AG		5,117,974
			TOTAL SWITZERLAND		70,826,217
UNITED KINGDOM - 13.3%
	177,155		3i Group plc		3,137,731
	55,562		Ashtead Group plc		3,569,910
	86,744	*	Associated British Foods plc		2,767,747
	63,630		AstraZeneca plc		6,773,024
	38,045	e	AstraZeneca plc (ADR)		2,019,048
	590,083		Aviva plc		3,262,301
	145,816		Barratt Developments plc		1,554,725
	14,140		Berkeley Group Holdings plc		903,666
	239,677		British Land Co plc		1,717,566
	1,468,621	*	BT Group plc		3,349,840
	27,810	*	Burberry Group plc		791,563
	187,572		CNH Industrial NV		2,784,425
	50,982		Coca-Cola European Partners plc (Class A)		2,896,797
	186,680	*	Compass Group plc		4,061,087
	23,245		Croda International plc		2,171,545
	7,785		DCC plc		675,497
	355,048		GlaxoSmithKline plc		6,561,196
	327,326		Informa plc		2,544,341

112

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	39,365	*	InterContinental Hotels Group plc	$	2,797,396
	22,639		Intertek Group plc		1,919,091
	341,344		J Sainsbury plc		1,121,142
	116,607	*	JD Sports Fashion plc		1,479,101
	16,714		Johnson Matthey plc		750,030
	190,476	*	Kingfisher plc		940,315
	875,561		Legal & General Group plc		3,287,369
	35,104		London Stock Exchange Group plc		3,586,514
	84,431		Mondi plc		2,291,772
	8,732		Next plc		941,014
	96,469	*	Ocado Ltd		2,792,675
	15,585		Persimmon plc		674,215
	139,559		RELX plc (London)		3,620,922
	28,103		Schroders plc		1,400,188
	160,232		Scottish & Southern Energy plc		3,248,467
	150,231		Segro plc		2,087,096
	77,415		St. James’s Place plc		1,456,048
	447,348		Standard Chartered plc		3,209,247
	577,802		Standard Life Aberdeen plc		2,214,276
	352,705		Taylor Wimpey plc		874,953
	913,873		Tesco plc		2,789,656
	1,855,703		Vodafone Group plc		3,502,080
	58,769		Vodafone Group plc (ADR)		1,113,673
	37,101	*	Whitbread plc		1,663,358
	458,465		WM Morrison Supermarkets plc		1,101,087
	133,929		WPP plc		1,805,646
			TOTAL UNITED KINGDOM		104,209,340
UNITED STATES - 0.5%
	28,166		Ferguson plc		3,552,465
	78,707		Tenaris S.A.		843,973
			TOTAL UNITED STATES		4,396,438
			TOTAL COMMON STOCKS		774,483,862
			(Cost $641,098,456)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.8%
GOVERNMENT AGENCY DEBT - 2.1%
$	4,000,000		Federal Farm Credit Bank (FFCB)		0.010	%	05/20/21	4,000,000
	930,000		Federal Home Loan Bank (FHLB)		0.005		05/13/21	930,000
	7,422,000		Federal Home Loan Bank (FHLB)		0.005		05/21/21	7,422,000
	3,564,000		Tennessee Valley Authority (TVA)		0.005		05/05/21	3,564,000
			TOTAL GOVERNMENT AGENCY DEBT					15,916,000
REPURCHASE AGREEMENT - 0.2%
	1,750,000	r	Fixed Income Clearing Corp (FICC)		0.005		05/03/21	1,750,000
			TOTAL REPURCHASE AGREEMENT					1,750,000
TREASURY DEBT - 0.5%
	1,872,000		United States Treasury Bill		0.005		05/04/21	1,872,000
	2,190,000		United States Treasury Bill		0.010		05/13/21	2,189,997
			TOTAL TREASURY DEBT					4,061,997

113

TIAA-CREF FUNDS – Social Choice International Equity Fund

	SHARES		COMPANY	RATE			VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	64	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020	%	$	64
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					64
			TOTAL SHORT-TERM INVESTMENTS					21,728,061
			(Cost $21,728,011)
			TOTAL INVESTMENTS - 101.5%					796,211,923
			(Cost $662,826,467)
			OTHER ASSETS & LIABILITIES, NET - (1.5)%					(11,384,515	)
			NET ASSETS - 100.0%				$	784,827,408

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,315,913.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $9,065,338 or 1.2% of net assets.
r	Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $1,750,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $1,785,006.

Futures contracts outstanding as of April 30, 2021 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index		175	06/18/21	$	19,877,502	$	19,751,375	$	(126,127)

114

TIAA-CREF FUNDS – Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2021

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	143,566,057			18.3	%
INDUSTRIALS		109,812,185			14.0
CONSUMER DISCRETIONARY		89,997,251			11.5
HEALTH CARE		88,789,117			11.3
CONSUMER STAPLES		75,436,377			9.6
MATERIALS		68,215,876			8.7
INFORMATION TECHNOLOGY		64,906,706			8.3
COMMUNICATION SERVICES		43,455,352			5.5
UTILITIES		31,095,323			3.9
REAL ESTATE		30,457,859			3.9
ENERGY		28,751,759			3.7
SHORT-TERM INVESTMENTS		21,728,061			2.8
OTHER ASSETS & LIABILITIES, NET		(11,384,515	)		(1.5	)
NET ASSETS	$	784,827,408			100.0	%

115

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021  

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 1.9%
	68,657	*	Adient plc	$	3,181,565
	90,168	*	American Axle & Manufacturing Holdings, Inc		836,759
	206,850	*	Aptiv plc		29,763,647
	188,661		BorgWarner, Inc		9,165,151
	39,555		Cooper Tire & Rubber Co		2,254,240
	12,531	*	Cooper-Standard Holding, Inc		363,900
	113,579		Dana Inc		2,873,549
	20,723	*	Dorman Products, Inc		2,055,307
	2,992,790	*	Ford Motor Co		34,536,797
	31,857	*	Fox Factory Holding Corp		4,881,448
	961,855	*	General Motors Co		55,037,343
	183,429		Gentex Corp		6,453,032
	26,007	*	Gentherm, Inc		1,851,698
	181,969	*	Goodyear Tire & Rubber Co		3,131,687
	119,535		Harley-Davidson, Inc		5,781,908
	18,753		LCI Industries, Inc		2,747,315
	46,685		Lear Corp		8,582,570
	29,014	*	Modine Manufacturing Co		472,348
	12,250	*	Motorcar Parts of America, Inc		264,600
	17,563		Patrick Industries, Inc		1,573,645
	16,474		Standard Motor Products, Inc		705,581
	20,436	*	Stoneridge, Inc		679,497
	40,873	*	Tenneco, Inc		411,591
	590,802	*	Tesla, Inc		419,138,571
	42,314		Thor Industries, Inc		5,991,239
	22,062	*	Visteon Corp		2,687,372
	22,645		Winnebago Industries, Inc		1,810,468
	71,767	*,e	Workhorse Group, Inc		889,193
	13,289	*	XPEL, Inc		851,825
			TOTAL AUTOMOBILES & COMPONENTS		608,973,846
BANKS - 4.7%
	322		1st Constitution Bancorp		6,176
	18,376		1st Source Corp		874,514
	3,172		ACNB Corp		87,230
	15,176		Allegiance Bancshares, Inc		600,970
	6,299		Altabancorp		262,983
	479		Amalgamated Financial Corp		7,736
	14,015	*	Amerant Bancorp Inc		265,584
	4,767		American National Bankshares, Inc		162,221
	48,289		Ameris Bancorp		2,611,952
	3,679		Ames National Corp		93,005
	6,991		Arrow Financial Corp		247,132
	121,220		Associated Banc-Corp		2,653,506
	16,582	*	Atlantic Capital Bancshares, Inc		443,568
	66,462		Atlantic Union Bankshares Corp		2,570,086

116

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	46,076	*	Axos Financial, Inc	$	2,080,331
	42,478		Banc of California, Inc		760,356
	15,213		Bancfirst Corp		1,057,456
	81,168		BancorpSouth Bank		2,401,761
	4,227	e	Bank First Corp		305,697
	5,962,571		Bank of America Corp		241,663,003
	9,389		Bank of Commerce Holdings		121,212
	31,540	e	Bank of Hawaii Corp		2,866,671
	6,797		Bank of Marin Bancorp		240,750
	41,122		Bank of NT Butterfield & Son Ltd		1,612,805
	162		Bank of Princeton		4,836
	94,287		Bank OZK		3,864,824
	107		Bank7 Corp		1,895
	7,624		BankFinancial Corp		79,442
	73,410		BankUnited		3,421,640
	2,718		Bankwell Financial Group, Inc		73,413
	27,864		Banner Corp		1,583,790
	13,280		Bar Harbor Bankshares		380,605
	21,297	*	Baycom Corp		385,263
	5,794		BCB Bancorp, Inc		79,783
	35,684		Berkshire Hills Bancorp, Inc		791,828
	25,187		BOK Financial Corp		2,214,945
	65,210		Boston Private Financial Holdings, Inc		959,891
	865	*	Bridgewater Bancshares, Inc		14,627
	61,942		Brookline Bancorp, Inc		997,266
	22,316		Bryn Mawr Bank Corp		1,025,643
	6,258		Business First Bancshares, Inc		148,753
	34,233		Byline Bancorp, Inc		777,089
	1,625		C&F Financial Corp		68,542
	95,463		Cadence BanCorp		2,124,052
	2,325		Cambridge Bancorp		203,554
	11,481		Camden National Corp		547,873
	197	*	Capital Bancorp, Inc		4,328
	4,674		Capital City Bank Group, Inc		118,112
	109,579		Capitol Federal Financial		1,416,309
	21,751		Capstar Financial Holdings, Inc		417,402
	16,499	*	Carter Bankshares, Inc		213,662
	63,661		Cathay General Bancorp		2,576,997
	11,400		CBTX, Inc		356,478
	16,564		Central Pacific Financial Corp		446,400
	5,936		Central Valley Community Bancorp		116,583
	1,697		Century Bancorp, Inc		193,882
	1,519		Chemung Financial Corp		64,557
	73,729		CIT Group, Inc		3,929,018
	1,602,899		Citigroup, Inc		114,190,525
	5,365		Citizens & Northern Corp		132,515
	322,991		Citizens Financial Group, Inc		14,948,023
	13,730		City Holding Co		1,062,702
	5,944		Civista Bancshares, Inc		137,485
	8,140		CNB Financial Corp		207,244
	318	*	Coastal Financial Corp		9,467
	4,675		Codorus Valley Bancorp, Inc		86,020
	254		Colony Bankcorp Inc		3,960
	54,751		Columbia Banking System, Inc		2,383,311
	38,006	*	Columbia Financial, Inc		694,370
	106,844		Comerica, Inc		8,030,395

117

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	82,807		Commerce Bancshares, Inc	$	6,443,213
	41,516		Community Bank System, Inc		3,222,887
	12,286		Community Bankers Trust Corp		102,957
	2,291		Community Financial Corp		82,751
	14,544		Community Trust Bancorp, Inc		648,081
	40,655		ConnectOne Bancorp, Inc		1,103,783
	33,310	*	CrossFirst Bankshares, Inc		490,989
	43,840		Cullen/Frost Bankers, Inc		5,263,430
	20,084	*	Customers Bancorp, Inc		693,300
	100,642		CVB Financial Corp		2,134,617
	29,954		Dime Community Bancshares, Inc		992,076
	28,915		Eagle Bancorp, Inc		1,544,350
	110,222		East West Bancorp, Inc		8,393,405
	121,309		Eastern Bankshares, Inc		2,587,521
	5,411		Enterprise Bancorp, Inc		188,465
	20,740		Enterprise Financial Services Corp		1,018,956
	11,532	*	Equity Bancshares, Inc		337,426
	252	*	Esquire Financial Holdings, Inc		5,783
	4,168		ESSA Bancorp, Inc		64,687
	85,813		Essent Group Ltd		4,512,048
	2,542		Evans Bancorp, Inc		93,952
	5,387		Farmers & Merchants Bancorp, Inc		126,594
	12,212		Farmers National Banc Corp		202,475
	27,818		FB Financial Corp		1,167,243
	4,159		Federal Agricultural Mortgage Corp (FAMC)		427,795
	111		Fidelity D&D Bancorp, Inc		6,245
	542,737		Fifth Third Bancorp		22,002,558
	9,067		Financial Institutions, Inc		289,509
	30,241		First Bancorp		1,282,218
	163,833		First Bancorp		2,059,381
	15,376		First Bancorp, Inc		434,987
	15,263		First Bancshares, Inc		597,089
	607		First Bank		7,703
	39,833		First Busey Corp		995,028
	3,440		First Business Financial Services, Inc		91,022
	2,779	e	First Capital Inc		125,277
	357		First Choice Bancorp		11,431
	4,968		First Citizens Bancshares, Inc (Class A)		4,309,541
	88,224		First Commonwealth Financial Corp		1,278,366
	14,507		First Community Bancshares, Inc		423,895
	76,443		First Financial Bancorp		1,873,618
	102,380		First Financial Bankshares, Inc		5,024,810
	16,015		First Financial Corp		708,504
	43,187		First Foundation, Inc		1,027,851
	2,629		First Guaranty Bancshares, Inc		45,666
	106,945		First Hawaiian, Inc		2,936,710
	419,165		First Horizon National Corp		7,666,528
	3,000		First Internet Bancorp		103,050
	34,924		First Interstate Bancsystem, Inc		1,640,380
	44,053		First Merchants Corp		2,035,689
	5,639		First Mid-Illinois Bancshares, Inc		245,522
	87,600		First Midwest Bancorp, Inc		1,836,972
	5,115		First Northwest Bancorp		85,830
	12,953		First of Long Island Corp		275,769
	131,851		First Republic Bank		24,160,377
	30,808		Flagstar Bancorp, Inc		1,433,804

118

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	22,952		Flushing Financial Corp	$	534,093
	246,362		FNB Corp		3,175,606
	581		FNCB Bancorp Inc		4,026
	143	e	Franklin Financial Services Corp		4,311
	136		FS Bancorp, Inc		9,296
	126,629		Fulton Financial Corp		2,159,024
	413	*	FVCBankcorp, Inc		7,265
	20,011		German American Bancorp, Inc		867,077
	74,814		Glacier Bancorp, Inc		4,410,285
	10,717		Great Southern Bancorp, Inc		604,546
	47,035		Great Western Bancorp, Inc		1,554,507
	1,634		Greene County Bancorp, Inc		41,520
	5,229		Guaranty Bancshares, Inc		203,408
	65,791		Hancock Whitney Corp		3,042,176
	30,069		Hanmi Financial Corp		610,401
	40,940		HarborOne Northeast Bancorp, Inc		585,851
	200		Hawthorn Bancshares Inc		4,308
	7,463		HBT Financial, Inc		135,827
	31,669		Heartland Financial USA, Inc		1,592,001
	57,544		Heritage Commerce Corp		694,556
	29,249		Heritage Financial Corp		821,897
	58,842		Hilltop Holdings, Inc		2,071,238
	693		Hingham Institution for Savings		210,769
	2,987		Home Bancorp, Inc		113,327
	123,387		Home Bancshares, Inc		3,433,860
	15,661		HomeStreet, Inc		639,595
	8,504		HomeTrust Bancshares, Inc		233,010
	110,417		Hope Bancorp, Inc		1,657,359
	39,049		Horizon Bancorp		716,159
	4,974	*	Howard Bancorp, Inc		83,762
	783,349		Huntington Bancshares, Inc		12,000,907
	27,327		Independent Bank Corp		2,238,081
	16,543		Independent Bank Corp		389,753
	28,509		Independent Bank Group, Inc		2,152,715
	44,473		International Bancshares Corp		2,107,575
	4,463		Investar Holding Corp		98,677
	181,377		Investors Bancorp, Inc		2,655,359
	2,334,643		JPMorgan Chase & Co		359,091,440
	64,314		Kearny Financial Corp		821,933
	737,996		Keycorp		16,058,793
	45,504		Lakeland Bancorp, Inc		824,988
	20,428		Lakeland Financial Corp		1,332,518
	4,763		LCNB Corp		86,306
	159		Level One Bancorp, Inc		4,298
	21,566		Live Oak Bancshares, Inc		1,379,361
	650		Luther Burbank Corp		7,241
	99,975		M&T Bank Corp		15,765,058
	13,130		Macatawa Bank Corp		125,654
	315		Mackinac Financial Corp		6,835
	243	*	MainStreet Bancshares Inc		5,152
	9,212		Mercantile Bank Corp		297,363
	9,590		Merchants Bancorp		391,176
	33,412		Meridian Bancorp, Inc		738,739
	30,380		Meta Financial Group, Inc		1,496,519
	575		Metrocity Bankshares, Inc		9,206
	8,949	*	Metropolitan Bank Holding Corp		562,445

119

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	268,063		MGIC Investment Corp	$	4,085,280
	234		Mid Penn Bancorp, Inc		6,316
	16,628		Midland States Bancorp, Inc		468,577
	6,127		MidWestOne Financial Group, Inc		193,368
	166	*,e	MMA Capital Holdings Inc		2,835
	51,827	*	Mr Cooper Group, Inc		1,786,995
	338		MVB Financial Corp		13,615
	30,003		National Bank Holdings Corp		1,197,120
	2,956		National Bankshares, Inc		106,091
	35,972		NBT Bancorp, Inc		1,362,979
	325,656		New York Community Bancorp, Inc		3,894,846
	7,504	*	Nicolet Bankshares, Inc		598,519
	62,520	*	NMI Holdings, Inc		1,615,517
	4,268		Northeast Bank		120,230
	33,801		Northfield Bancorp, Inc		546,900
	3,437		Northrim BanCorp, Inc		146,588
	90,595		Northwest Bancshares, Inc		1,271,954
	3,515		Norwood Financial Corp		89,597
	194	e	Oak Valley Bancorp		3,442
	53,843		OceanFirst Financial Corp		1,230,851
	39,594		OFG Bancorp		937,982
	2,468		Ohio Valley Banc Corp		55,234
	128,054		Old National Bancorp		2,420,221
	15,788		Old Second Bancorp, Inc		208,559
	521		OP Bancorp		5,668
	9,898		Origin Bancorp, Inc		432,840
	3,740		Orrstown Financial Services, Inc		88,675
	66,941		Pacific Premier Bancorp, Inc		2,947,412
	91,391		PacWest Bancorp		3,967,283
	11,966		Park National Corp		1,496,827
	4,176		Parke Bancorp, Inc		88,197
	451		PCB Bancorp		7,126
	10,634		PCSB Financial Corp		185,989
	369	*	PDL Community Bancorp		4,089
	10,600		Peapack Gladstone Financial Corp		339,200
	3,034		Penns Woods Bancorp, Inc		72,816
	28,339		PennyMac Financial Services, Inc		1,706,291
	2,557		Peoples Bancorp of North Carolina, Inc		59,757
	8,036		Peoples Bancorp, Inc		268,643
	8,413		Peoples Financial Services Corp		358,814
	324,144		People’s United Financial, Inc		5,876,731
	58,710		Pinnacle Financial Partners, Inc		5,145,344
	398	*	Pioneer Bancorp, Inc		4,680
	326,146		PNC Financial Services Group, Inc		60,972,995
	64,274		Popular, Inc		4,753,705
	12,596		Preferred Bank		825,542
	5,869		Premier Financial Bancorp, Inc		111,159
	29,544		Premier Financial Corp		933,295
	5,879		Primis Financial Corp		84,364
	129	*	Professional Holding Corp		2,224
	69,992		Prosperity Bancshares, Inc		5,134,613
	5,101		Provident Bancorp Inc		83,503
	201		Provident Financial Holdings, Inc		3,268
	60,407		Provident Financial Services, Inc		1,423,793
	4,776		Prudential Bancorp, Inc		66,148
	10,985		QCR Holdings, Inc		529,697

120

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	139,564		Radian Group, Inc	$	3,438,857
	8,732		RBB Bancorp		184,071
	4,675		Red River Bancshares Inc		260,117
	727,462		Regions Financial Corp		15,858,672
	15,134		Reliant Bancorp Inc		418,152
	44,579		Renasant Corp		1,878,113
	4,277		Republic Bancorp, Inc (Class A)		192,166
	30,260	*	Republic First Bancorp, Inc		120,737
	17,819	e	Richmond Mutual Bancorporation, Inc		243,586
	10,846		Riverview Bancorp, Inc		74,729
	85,088	e	Rocket Cos, Inc		1,910,226
	34,231		S&T Bancorp, Inc		1,127,911
	35,885		Sandy Spring Bancorp, Inc		1,627,744
	40,441	*	Seacoast Banking Corp of Florida		1,470,030
	477	*	Select Bancorp, Inc		5,624
	39,480		ServisFirst Bancshares, Inc		2,496,715
	6,930		Shore Bancshares, Inc		116,701
	5,427		Sierra Bancorp		146,909
	42,675		Signature Bank		10,733,189
	12,742	*	Silvergate Capital Corp		1,366,197
	84,685		Simmons First National Corp (Class A)		2,413,522
	16,613		SmartFinancial, Inc		393,562
	366		South Plains Financial Inc		8,359
	53,621		South State Corp		4,521,323
	2,839	*	Southern First Bancshares, Inc		146,209
	11,045		Southern Missouri Bancorp, Inc		462,675
	25,174		Southside Bancshares, Inc		1,010,736
	493		Spirit of Texas Bancshares, Inc		11,423
	153,369		Sterling Bancorp		3,854,163
	639	*	Sterling Bancorp, Inc		3,163
	18,105		Stock Yards Bancorp, Inc		926,252
	6,059		Summit Financial Group, Inc		157,837
	39,360	*	SVB Financial Group		22,507,229
	114,400		Synovus Financial Corp		5,360,784
	121,058		TCF Financial Corp		5,510,560
	3,886		Territorial Bancorp, Inc		97,733
	40,076	*	Texas Capital Bancshares, Inc		2,750,416
	28,786		TFS Financial Corp		563,054
	45,247	*	The Bancorp, Inc		1,004,710
	3,722		Timberland Bancorp, Inc		104,737
	11,508		Tompkins Financial Corp		899,350
	59,753		Towne Bank		1,851,148
	27,122		Trico Bancshares		1,255,206
	22,213	*	Tristate Capital Holdings, Inc		530,224
	18,271	*	Triumph Bancorp, Inc		1,619,359
	1,037,213		Truist Financial Corp		61,517,103
	104,781		Trustco Bank Corp		766,473
	55,905		Trustmark Corp		1,811,881
	34,522		UMB Financial Corp		3,349,670
	158,667		Umpqua Holdings Corp		2,957,553
	97,981		United Bankshares, Inc		3,847,714
	60,241		United Community Banks, Inc		1,971,086
	7,421		United Security Bancshares		61,446
	4,323		Unity Bancorp, Inc		95,322
	14,637		Univest Financial Corp		408,811
	1,047,371		US Bancorp		62,161,469

121

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	317,795		Valley National Bancorp	$	4,376,037
	46,914		Veritex Holdings, Inc		1,584,755
	22,487		Walker & Dunlop, Inc		2,492,684
	64,956		Washington Federal, Inc		2,114,318
	18,077		Washington Trust Bancorp, Inc		922,831
	20,122		Waterstone Financial, Inc		396,403
	68,394		Webster Financial Corp		3,618,727
	2,925,600		Wells Fargo & Co		131,798,280
	53,314		WesBanco, Inc		1,934,765
	8,649		West Bancorporation, Inc		227,123
	21,091		Westamerica Bancorporation		1,337,169
	74,556		Western Alliance Bancorp		7,833,599
	15,237		Western New England Bancorp, Inc		123,420
	41,642		Wintrust Financial Corp		3,210,598
	46,788		WSFS Financial Corp		2,390,399
	123,398		Zions Bancorporation		6,885,608
			TOTAL BANKS		1,545,392,998
CAPITAL GOODS - 6.3%
	433,489		3M Co		85,458,021
	103,645		A.O. Smith Corp		7,021,949
	31,735	e	Aaon, Inc		2,075,786
	24,480	*	AAR Corp		985,075
	28,158		Acuity Brands, Inc		5,223,872
	44,333		Advanced Drainage Systems, Inc		4,950,223
	108,225	*	Aecom Technology Corp		7,189,387
	20,408	*	Aegion Corp		614,281
	55,944		Aerojet Rocketdyne Holdings, Inc		2,613,704
	16,248	*	Aerovironment, Inc		1,793,292
	48,114		AGCO Corp		7,020,795
	84,491		Air Lease Corp		3,946,575
	7,721		Alamo Group, Inc		1,214,127
	24,539		Albany International Corp (Class A)		2,189,860
	71,358		Allegion plc		9,589,088
	4,279		Allied Motion Technologies, Inc		222,722
	88,061		Allison Transmission Holdings, Inc		3,651,890
	11,103	*,e	Alpha Pro Tech Ltd		99,483
	13,325	*	Alta Equipment Group, Inc		171,226
	49,939		Altra Industrial Motion Corp		2,946,900
	18,536	*	Ameresco, Inc		978,515
	20,904	*	American Superconductor Corp		344,289
	13,260	*	American Woodmark Corp		1,318,840
	176,517		Ametek, Inc		23,817,439
	95,302	*,g	API Group Corp		2,026,121
	16,450		Apogee Enterprises, Inc		577,888
	30,483		Applied Industrial Technologies, Inc		2,916,004
	37,664		Arcosa, Inc		2,270,763
	11,927		Argan, Inc		598,139
	36,407		Armstrong World Industries, Inc		3,773,586
	94,689	*	Array Technologies, Inc		2,666,442
	18,121		Astec Industries, Inc		1,359,256
	18,079	*	Astronics Corp		314,755
	35,759	*	Atkore International Group, Inc		2,799,215
	48,750	*	Axon Enterprise, Inc		7,390,988
	70,850	*	AZEK Co, Inc		3,420,638
	24,641		AZZ, Inc		1,297,102

122

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	36,600		Barnes Group, Inc	$	1,827,072
	44,573	*	Beacon Roofing Supply, Inc		2,510,797
	69,607	*	Bloom Energy Corp		1,807,694
	8,496	*	Blue Bird Corp		228,882
	412,130	*	Boeing Co		96,566,180
	28,213		Boise Cascade Co		1,882,371
	160,247	*	Builders FirstSource, Inc		7,799,221
	73,318		BWX Technologies, Inc		4,906,441
	13,838		Caesarstone Sdot-Yam Ltd		193,178
	12,590		CAI International, Inc		535,705
	41,515		Carlisle Cos, Inc		7,956,350
	668,808		Carrier Global Corp		29,146,653
	417,810		Caterpillar, Inc		95,306,639
	28,021	*	Chart Industries, Inc		4,501,013
	13,580	*	CIRCOR International, Inc		466,745
	78,693	*	Colfax Corp		3,556,137
	16,423		Columbus McKinnon Corp		813,103
	27,515		Comfort Systems USA, Inc		2,266,135
	917	*	Concrete Pumping Holdings Inc		7,455
	20,442	*	Construction Partners Inc		648,625
	38,880	*	Cornerstone Building Brands, Inc		546,653
	37,358		Crane Co		3,513,893
	10,578		CSW Industrials, Inc		1,432,367
	25,133		Cubic Corp		1,880,954
	112,844		Cummins, Inc		28,441,202
	33,142		Curtiss-Wright Corp		4,238,862
	217,537		Deere & Co		80,673,596
	94,740		Donaldson Co, Inc		5,957,251
	17,667		Douglas Dynamics, Inc		790,245
	105,137		Dover Corp		15,685,389
	6,677	*	Ducommun, Inc		393,476
	10,001	*	DXP Enterprises, Inc		292,729
	23,965	*	Dycom Industries, Inc		2,248,157
	2,940		Eastern Co		83,114
	308,706		Eaton Corp		44,123,349
	42,848		EMCOR Group, Inc		5,133,190
	459,534		Emerson Electric Co		41,583,232
	16,665		Encore Wire Corp		1,244,542
	44,680	*	Energy Recovery, Inc		947,216
	42,414		Enerpac Tool Group Corp		1,128,212
	34,599		EnerSys		3,168,576
	14,980		EnPro Industries, Inc		1,283,037
	19,986		ESCO Technologies, Inc		2,173,677
	2,079	*	EVI Industries, Inc		55,592
	75,949	*	Evoqua Water Technologies Corp		2,170,622
	441,113		Fastenal Co		23,061,388
	47,719		Federal Signal Corp		1,976,998
	101,738		Flowserve Corp		4,032,894
	107,431	*	Fluor Corp		2,468,764
	230,624		Fortive Corp		16,332,792
	107,284		Fortune Brands Home & Security, Inc		11,262,674
	36,680		Franklin Electric Co, Inc		2,980,984
	222,904	*	FuelCell Energy, Inc		2,164,398
	35,043	*	Gates Industrial Corp plc		604,492
	27,787		GATX Corp		2,715,068
	3,397	*	Gencor Industries, Inc		40,730

123

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	46,679	*	Generac Holdings, Inc	$	15,121,662
	194,619		General Dynamics Corp		37,022,372
	6,706,467		General Electric Co		87,988,847
	390	*	General Finance Corp		7,402
	26,326	*	Gibraltar Industries, Inc		2,418,306
	27,964	*	GMS, Inc		1,222,306
	14,216		Gorman-Rupp Co		490,736
	126,344		Graco, Inc		9,703,219
	132,539		GrafTech International Ltd		1,685,896
	4,644		Graham Corp		63,669
	40,038	e	Granite Construction, Inc		1,525,448
	62,965	*	Great Lakes Dredge & Dock Corp		988,551
	25,927		Greenbrier Cos, Inc		1,224,791
	33,330		Griffon Corp		903,910
	22,964		H&E Equipment Services, Inc		893,300
	54,670	*,e	HC2 Holdings, Inc		229,614
	34,854		HEICO Corp		4,907,443
	60,714		HEICO Corp (Class A)		7,666,964
	23,579		Helios Technologies, Inc		1,704,290
	22,146	*	Herc Holdings, Inc		2,338,618
	62,570	*	Hexcel Corp		3,529,574
	54,482		Hillenbrand, Inc		2,674,521
	541,585		Honeywell International, Inc		120,795,118
	304,519	*	Howmet Aerospace, Inc		9,732,427
	42,486		Hubbell, Inc		8,157,737
	30,372		Huntington Ingalls		6,448,583
	2,869		Hurco Cos, Inc		98,550
	7,528	*	Hydrofarm Holdings Group, Inc		494,590
	6,283		Hyster-Yale Materials Handling, Inc		507,981
	58,265		IDEX Corp		13,063,013
	9,052	*	IES Holdings, Inc		477,855
	242,060		Illinois Tool Works, Inc		55,785,148
	269,617	*	Ingersoll Rand, Inc		13,321,776
	16,162		Insteel Industries, Inc		616,257
	66,576		ITT, Inc		6,278,783
	51,685	*	JELD-WEN Holding, Inc		1,507,651
	25,594		John Bean Technologies Corp		3,720,856
	557,315		Johnson Controls International plc		34,743,017
	9,656		Kadant, Inc		1,719,058
	23,713		Kaman Corp		1,265,089
	65,544		Kennametal, Inc		2,632,247
	92,618	*	Kratos Defense & Security Solutions, Inc		2,476,605
	161,275		L3Harris Technologies, Inc		33,743,568
	2,093	*	Lawson Products, Inc		109,736
	5,752	*	LB Foster Co (Class A)		92,837
	27,010		Lennox International, Inc		9,057,533
	42,099		Lincoln Electric Holdings, Inc		5,390,777
	8,690		Lindsay Corp		1,440,628
	190,442		Lockheed Martin Corp		72,474,608
	19,704		Luxfer Holdings plc		435,655
	15,022	*	Lydall, Inc		553,561
	26,764	*	Manitowoc Co, Inc		612,360
	195,120		Masco Corp		12,464,266
	17,983	*	Masonite International Corp		2,271,073
	41,862	*	Mastec, Inc		4,368,718
	14,899	*	Matrix Service Co		196,816

124

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	47,116		Maxar Technologies, Inc	$	1,828,572
	214	*	Mayville Engineering Co Inc		3,341
	18,531		McGrath RentCorp		1,519,171
	42,663	*	Mercury Systems, Inc		3,209,964
	55,725	*	Meritor, Inc		1,506,247
	42,303	*	Middleby Corp		7,670,380
	12,956		Miller Industries, Inc		557,367
	24,740		Moog, Inc (Class A)		2,141,247
	77,007	*	MRC Global, Inc		725,406
	34,930		MSC Industrial Direct Co (Class A)		3,149,289
	44,442		Mueller Industries, Inc		1,994,113
	127,783		Mueller Water Products, Inc (Class A)		1,834,964
	15,625	*	MYR Group, Inc		1,217,188
	3,880		National Presto Industries, Inc		399,174
	34,935	*	Navistar International Corp		1,545,874
	50,241	*	NN, Inc		366,759
	44,787		Nordson Corp		9,468,420
	119,339		Northrop Grumman Corp		42,298,515
	5,310	*	Northwest Pipe Co		176,664
	104,932	*	NOW, Inc		1,030,432
	8,970	*	NV5 Global Inc		808,466
	124,469		nVent Electric plc		3,790,081
	2,460		Omega Flex, Inc		391,140
	19,470	*	Orion Energy Systems, Inc		117,209
	52,982		Oshkosh Corp		6,592,550
	314,168		Otis Worldwide Corp		24,464,262
	82,125		Owens Corning, Inc		7,950,521
	255,610		PACCAR, Inc		22,974,227
	46,943	*	PAE, Inc		421,079
	17,936		Park Aerospace Corp		241,957
	98,126		Parker-Hannifin Corp		30,792,920
	5,098		Park-Ohio Holdings Corp		185,108
	18,607	*	Parsons Corp		824,848
	128,574		Pentair plc		8,294,309
	54,131	*	PGT Innovations, Inc		1,425,269
	308,962	*	Plug Power, Inc		8,808,507
	6,448		Powell Industries, Inc		227,228
	1,196		Preformed Line Products Co		79,175
	34,956		Primoris Services Corp		1,141,663
	20,499	*	Proto Labs, Inc		2,297,118
	25,421		Quanex Building Products Corp		693,739
	106,925		Quanta Services, Inc		10,333,232
	21,167		Raven Industries, Inc		859,804
	1,100,556		Raytheon Technologies Corp		91,610,281
	19,374	*	RBC Bearings, Inc		3,863,757
	31,610		Regal-Beloit Corp		4,565,432
	109,515	*	Resideo Technologies, Inc		3,286,545
	21,327	*	REV Group, Inc		389,004
	92,718		Rexnord Corp		4,629,410
	89,191		Rockwell Automation, Inc		23,569,614
	80,206		Roper Technologies Inc		35,807,167
	30,831		Rush Enterprises, Inc (Class A)		1,521,818
	4,548		Rush Enterprises, Inc (Class B)		199,157
	119,164	*	Sensata Technologies Holding plc		6,880,529
	69,363	*	Shoals Technologies Group, Inc		2,224,471
	31,746		Shyft Group, Inc		1,124,443

125

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	33,033		Simpson Manufacturing Co, Inc	$	3,722,819
	34,079	*	SiteOne Landscape Supply, Inc		6,113,091
	40,946		Snap-On, Inc		9,728,770
	82,554		Spirit Aerosystems Holdings, Inc (Class A)		3,771,892
	34,159	*	SPX Corp		2,072,085
	33,086		SPX FLOW, Inc		2,203,197
	7,455		Standex International Corp		706,883
	118,351		Stanley Black & Decker, Inc		24,471,436
	16,556	*	Sterling Construction Co, Inc		345,193
	116,268	*	Sunrun, Inc		5,697,132
	11,337		Systemax, Inc		484,317
	28,189	*	Teledyne Technologies, Inc		12,621,625
	14,704		Tennant Co		1,160,293
	48,442		Terex Corp		2,276,290
	40,242	*	Textainer Group Holdings Ltd		1,031,000
	177,665		Textron, Inc		11,413,200
	10,317	*	The ExOne Company		239,870
	23,343	*	Thermon Group Holdings		445,851
	50,017		Timken Co		4,194,926
	10,469	*	Titan Machinery, Inc		273,346
	81,078		Toro Co		9,291,539
	23,461	*	TPI Composites, Inc		1,246,952
	183,662		Trane Technologies plc		31,925,965
	232	*	Transcat Inc		11,600
	40,674	*	TransDigm Group, Inc		24,963,261
	90,028	*	Trex Co, Inc		9,722,124
	33,781	*	Trimas Corp		1,075,587
	71,085		Trinity Industries, Inc		1,964,789
	46,140		Triton International Ltd		2,314,844
	37,869	*	Triumph Group, Inc		640,743
	16,208	*	Tutor Perini Corp		260,949
	46,527		UFP Industries, Inc		3,910,129
	55,036	*	United Rentals, Inc		17,608,768
	120,857	*	Univar Solutions Inc		2,822,011
	15,399		Valmont Industries, Inc		3,801,243
	11,878	*	Vectrus, Inc		621,813
	9,809	*	Veritiv Corp		410,801
	170,073		Vertiv Holdings Co		3,860,657
	14,903	*	Vicor Corp		1,374,504
	52,610	*,e	Virgin Galactic Holdings, Inc		1,165,312
	33,522		W.W. Grainger, Inc		14,533,128
	40,766		Wabash National Corp		717,889
	140,329		Wabtec Corp		11,516,801
	25,434		Watsco, Inc		7,448,601
	20,610		Watts Water Technologies, Inc (Class A)		2,566,976
	101,849	*	Welbilt, Inc		2,275,307
	36,985	*	WESCO International, Inc		3,392,264
	2,289	*	Willis Lease Finance Corp		98,015
	123,301	*	WillScot Mobile Mini Holdings Corp		3,609,020
	43,741		Woodward Inc		5,468,062
	138,713		Xylem, Inc		15,348,593
			TOTAL CAPITAL GOODS		2,072,941,453
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	52,190		ABM Industries, Inc		2,683,088
	34,633	*	Acacia Research (Acacia Technologies)		210,569

126

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	100,040		ACCO Brands Corp	$	858,343
	124,350		ADT, Inc		1,144,020
	30,535	*,e	Akerna Corp		128,858
	39,322	*	ASGN Inc		4,135,888
	4,474		Barrett Business Services, Inc		328,078
	13,584		BGSF, Inc		190,312
	105,010		Booz Allen Hamilton Holding Co		8,710,579
	38,542		Brady Corp (Class A)		2,103,237
	35,982	*	BrightView Holdings, Inc		645,157
	40,978		Brink’s Co		3,274,962
	19,341	*	CACI International, Inc (Class A)		4,929,247
	35,050	*	Casella Waste Systems, Inc (Class A)		2,352,205
	41,462	*	CBIZ, Inc		1,392,709
	16,964	*	Ceco Environmental Corp		123,837
	14,083	*	Cimpress plc		1,341,547
	68,092		Cintas Corp		23,501,273
	38,125	*	Clean Harbors, Inc		3,391,600
	157,823	*	Copart, Inc		19,650,542
	104,364	*	CoreCivic, Inc		810,908
	55,971		CoreLogic Inc		4,460,889
	30,183	*	CoStar Group, Inc		25,789,261
	80,270		Covanta Holding Corp		1,207,261
	4,636		CRA International, Inc		372,085
	27,690		Deluxe Corp		1,218,914
	28,159	*	Driven Brands Holdings, Inc		803,095
	68,956	*	Dun & Bradstreet Holdings, Inc		1,638,395
	29,973		Ennis, Inc		621,340
	93,046		Equifax, Inc		21,328,935
	40,541		Exponent, Inc		3,905,315
	8,467	*	Forrester Research, Inc		367,891
	6,725	*	Franklin Covey Co		205,381
	25,922	*	FTI Consulting, Inc		3,599,270
	19,954	*	GP Strategies Corp		314,275
	63,399	*	Harsco Corp		1,136,744
	58,399		Healthcare Services Group		1,749,050
	15,494		Heidrick & Struggles International, Inc		655,396
	8,521	*	Heritage-Crystal Clean, Inc		244,723
	46,545		Herman Miller, Inc		1,931,617
	38,853		HNI Corp		1,645,036
	18,175	*	Huron Consulting Group, Inc		1,022,525
	104,470	*	IAA, Inc		6,561,761
	14,707		ICF International, Inc		1,339,219
	305,346		IHS Markit Ltd		32,849,123
	28,734		Insperity, Inc		2,515,374
	36,159		Interface, Inc		464,282
	98,411		Jacobs Engineering Group, Inc		13,148,694
	103,138	*	KAR Auction Services, Inc		1,546,039
	107,081		KBR, Inc		4,236,124
	19,243	*	Kelly Services, Inc (Class A)		482,037
	13,183		Kforce, Inc		738,775
	18,374		Kimball International, Inc (Class B)		267,893
	27,600		Knoll, Inc		659,640
	44,966		Korn/Ferry International		3,052,742
	105,553		Leidos Holdings, Inc		10,690,408
	44,472		Manpower, Inc		5,376,220
	21,378		Mantech International Corp (Class A)		1,824,612

127

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	8,730	*	Mastech Holdings, Inc	$	137,847
	24,504		Matthews International Corp (Class A)		1,013,976
	15,831	*	Mistras Group, Inc		176,199
	8,643	*	Montrose Environmental Group, Inc		468,537
	28,870	e	MSA Safety, Inc		4,641,141
	273,193		Nielsen NV		7,007,400
	8,365		NL Industries, Inc		59,391
	136,262		Pitney Bowes, Inc		1,017,877
	26,063		Quad Graphics, Inc		93,827
	5,447	*,e	Red Violet, Inc		113,298
	160,286		Republic Services, Inc		17,038,402
	32,640		Resources Connection, Inc		460,550
	84,934		Robert Half International, Inc		7,441,068
	174,699		Rollins, Inc		6,512,779
	45,185		Science Applications International Corp		4,040,443
	18,282	*	SP Plus Corp		627,621
	75,038		Steelcase, Inc (Class A)		1,035,524
	71,439	*	Stericycle, Inc		5,449,367
	23,186	*	Team, Inc		228,846
	41,651		Tetra Tech, Inc		5,315,917
	145,490		TransUnion		15,216,799
	32,168	*	TriNet Group, Inc		2,531,943
	28,337	*	TrueBlue, Inc		801,937
	11,278		Unifirst Corp		2,528,415
	73,433	*	Upwork, Inc		3,382,324
	24,475	*	US Ecology, Inc		1,039,209
	122,391		Verisk Analytics, Inc		23,033,986
	14,763	*	Viad Corp		615,027
	12,685	*	Vidler Water Resouces, Inc		114,799
	4,931		VSE Corp		212,773
	322,419		Waste Management, Inc		44,484,149
	5,131	*	Willdan Group, Inc		195,850
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		398,914,521
CONSUMER DURABLES & APPAREL - 1.5%
	21,500		Acushnet Holdings Corp		909,665
	10,079	*	American Outdoor Brands, Inc		260,542
	10,679	*	Beazer Homes USA, Inc		238,249
	60,473		Brunswick Corp		6,478,472
	73,906		Callaway Golf Co		2,139,579
	110,814	*	Capri Holdings Ltd		6,103,635
	32,879	*	Carter’s, Inc		3,576,906
	16,508	*	Casper Sleep, Inc		141,143
	6,991	*	Cavco Industries, Inc		1,464,125
	18,065	*	Century Communities, Inc		1,335,726
	11,251		Clarus Corp		209,381
	21,521		Columbia Sportswear Co		2,346,004
	51,520	*	Crocs, Inc		5,158,182
	21,556	*	Deckers Outdoor Corp		7,290,239
	251,972		DR Horton, Inc		24,766,328
	3,923		Escalade, Inc		86,384
	18,468		Ethan Allen Interiors, Inc		530,216
	39,827	*	Fossil Group, Inc		513,768
	115,183		Garmin Ltd		15,807,715
	34,007	*	G-III Apparel Group Ltd		1,104,887
	98,454	*	GoPro, Inc		1,105,638

128

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	37,092	*	Green Brick Partners, Inc	$	957,345
	7,328	e	Hamilton Beach Brands Holding Co		142,896
	255,692		Hanesbrands, Inc		5,384,874
	99,238		Hasbro, Inc		9,869,219
	19,735	*	Helen of Troy Ltd		4,168,229
	6,882		Hooker Furniture Corp		258,144
	18,462		Installed Building Products, Inc		2,485,908
	21,578	*	iRobot Corp		2,347,686
	4,650		Johnson Outdoors, Inc		659,417
	62,787		KB Home		3,028,217
	39,507		Kontoor Brands, Inc		2,482,225
	8,004	*,e	Lakeland Industries, Inc		225,793
	34,974		La-Z-Boy, Inc		1,554,944
	171	*	Legacy Housing Corp		3,054
	103,147		Leggett & Platt, Inc		5,123,311
	209,614		Lennar Corp (Class A)		21,716,010
	13,304		Lennar Corp (Class B)		1,071,903
	17,151	*	LGI Homes, Inc		2,843,293
	4,217		Lifetime Brands, Inc		61,147
	7,117	*	Lovesac Co		521,463
	87,375	*	Lululemon Athletica, Inc		29,294,216
	21,153	*	M/I Homes, Inc		1,474,787
	16,019	*	Malibu Boats, Inc		1,335,344
	7,010		Marine Products Corp		121,694
	11,528	*	MasterCraft Boat Holdings, Inc		326,934
	263,239	*	Mattel, Inc		5,649,109
	40,624		MDC Holdings, Inc		2,383,004
	29,018	*	Meritage Homes Corp		3,087,225
	45,410	*	Mohawk Industries, Inc		9,331,755
	20,872		Movado Group, Inc		654,755
	23,664	*,e	Nautilus, Inc		396,609
	298,985		Newell Brands Inc		8,060,636
	957,299		Nike, Inc (Class B)		126,956,993
	2,554	*	NVR, Inc		12,816,227
	16,445		Oxford Industries, Inc		1,500,277
	195,803	*	Peloton Interactive, Inc		19,257,225
	43,237		Polaris Inc		6,054,477
	206,346		Pulte Homes, Inc		12,199,176
	12,871	*	Purple Innovation, Inc		438,644
	53,665	*	PVH Corp		6,073,805
	37,160	*	Ralph Lauren Corp		4,953,056
	264		Rocky Brands, Inc		13,900
	102,295	*	Skechers U.S.A., Inc (Class A)		4,960,285
	40,812	*	Skyline Champion Corp		1,813,277
	45,875		Smith & Wesson Brands, Inc		798,225
	93,242	*	Sonos, Inc		3,732,477
	68,041		Steven Madden Ltd		2,767,227
	13,251		Sturm Ruger & Co, Inc		860,520
	12,297		Superior Uniform Group, Inc		310,130
	214,769	*	Tapestry, Inc		10,276,697
	90,204	*	Taylor Morrison Home Corp		2,815,267
	141,791		Tempur Sealy International, Inc		5,407,909
	89,584		Toll Brothers, Inc		5,616,917
	25,656	*	TopBuild Corp		5,705,381
	83,374	*	TRI Pointe Homes, Inc		1,985,969
	37,338	*	Tupperware Brands Corp		909,927

129

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	11,009	*	Turtle Beach Corp	$	305,940
	144,146	*	Under Armour, Inc (Class A)		3,504,189
	147,983	*	Under Armour, Inc (Class C)		2,946,342
	14,350	*	Unifi, Inc		387,881
	11,195	*	Universal Electronics, Inc		636,436
	25,970	*	Vera Bradley, Inc		288,267
	247,152		VF Corp		21,665,344
	37,339	*	Vista Outdoor, Inc		1,217,625
	20,638	*	VOXX International Corp (Class A)		351,878
	47,402		Whirlpool Corp		11,208,203
	62,932		Wolverine World Wide, Inc		2,625,523
	60,961	*	YETI Holdings, Inc		5,207,289
			TOTAL CONSUMER DURABLES & APPAREL		497,156,835
CONSUMER SERVICES - 2.3%
	33,295	*	Accel Entertainment, Inc		431,503
	40,945	*	Adtalem Global Education, Inc		1,404,823
	12,247	*	American Public Education, Inc		373,044
	176,604		ARAMARK Holdings Corp		6,864,597
	9,857	*,e	Aspen Group, Inc		47,018
	15,015	*	Bally’s Corp		870,269
	2,259	*	Biglari Holdings, Inc (B Shares)		300,583
	16,786	*	BJ’s Restaurants, Inc		1,023,778
	59,244	*	Bloomin’ Brands, Inc		1,872,110
	277	e	Bluegreen Vacations Corp		2,571
	8,305	*	Bluegreen Vacations Holding Corp		153,809
	31,508	*	Booking Holdings, Inc		77,701,249
	63,869	*	Boyd Gaming Corp		4,224,934
	46,459	*	Bright Horizons Family Solutions		6,728,657
	34,204	*	Brinker International, Inc		2,296,115
	139,238	*	Caesars Entertainment, Inc		13,623,046
	473,183	*	Carnival Corp		13,230,197
	14,388		Carriage Services, Inc		534,946
	35,074	*	Carrols Restaurant Group, Inc		206,586
	17,769	*	Century Casinos, Inc		233,662
	36,867	*,e	Cheesecake Factory		2,307,506
	94,235	*	Chegg, Inc		8,512,248
	21,448	*	Chipotle Mexican Grill, Inc (Class A)		32,001,059
	27,061	*	Choice Hotels International, Inc		3,079,542
	29,364		Churchill Downs, Inc		6,210,486
	9,538	*	Chuy’s Holdings, Inc		466,027
	17,634		Cracker Barrel Old Country Store, Inc		2,953,166
	100,363		Darden Restaurants, Inc		14,725,259
	35,954	*	Dave & Buster’s Entertainment, Inc		1,641,660
	46,668		Del Taco Restaurants, Inc		532,015
	51,535	*	Denny’s Corp		976,073
	13,988	*	Dine Brands Global Inc.		1,351,940
	29,442		Domino’s Pizza, Inc		12,434,534
	12,624	*	El Pollo Loco Holdings, Inc		213,851
	63,546	*	Everi Holdings, Inc		1,123,493
	104,852	*	Expedia Group, Inc		18,478,068
	140,628		Extended Stay America, Inc		2,797,091
	13,910	*	Fiesta Restaurant Group, Inc		205,033
	65,408	*	frontdoor, Inc		3,501,290
	15,572	*,e	GAN Ltd		287,148
	17,627	*	Golden Entertainment, Inc		607,603

130

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	3,420		Graham Holdings Co	$	2,173,786
	36,221	*	Grand Canyon Education, Inc		3,922,372
	139,199		H&R Block, Inc		3,098,570
	70,608	*	Hilton Grand Vacations, Inc		3,146,292
	208,760	*	Hilton Worldwide Holdings, Inc		26,867,412
	93,634	*	Houghton Mifflin Harcourt Co		850,197
	27,715	*	Hyatt Hotels Corp		2,281,776
	79,385	*,e	International Game Technology plc		1,367,010
	17,850		Jack in the Box, Inc		2,153,602
	6,687	*,e	Kura Sushi USA, Inc		240,799
	258,212	*	Las Vegas Sands Corp		15,818,067
	86,132	*	Laureate Education, Inc		1,184,315
	19,909	*	Lindblad Expeditions Holdings, Inc		326,308
	206,503	*	Marriott International, Inc (Class A)		30,669,826
	30,301	*	Marriott Vacations Worldwide Corp		5,382,367
	573,183		McDonald’s Corp		135,317,043
	364,964		MGM Resorts International		14,861,334
	9,029	*	Monarch Casino & Resort, Inc		680,877
	1,621		Nathan’s Famous, Inc		102,820
	11,003	*	Noodles & Co		132,971
	282,810	*,e	Norwegian Cruise Line Holdings Ltd		8,781,250
	32,942	*	OneSpaWorld Holdings Ltd		350,997
	25,595		Papa John’s International, Inc		2,475,548
	118,498	*	Penn National Gaming, Inc		10,560,542
	53,516	*	Perdoceo Education Corp		623,997
	63,164	*	Planet Fitness, Inc		5,305,144
	21,263	*	PlayAGS, Inc		190,304
	6,723		RCI Hospitality Holdings, Inc		489,502
	18,948	*	Red Robin Gourmet Burgers, Inc		688,949
	48,546	*	Red Rock Resorts, Inc		1,778,240
	18,195	*,e	Regis Corp		235,443
	154,308	*	Royal Caribbean Cruises Ltd		13,417,081
	33,773	*	Ruth’s Hospitality Group Inc		881,813
	45,341	*	Scientific Games Corp (Class A)		2,653,355
	39,441	*	SeaWorld Entertainment, Inc		2,159,789
	127,863		Service Corp International		6,832,999
	27,649	*	Shake Shack, Inc		3,006,829
	59,980	*	Six Flags Entertainment Corp		2,817,860
	901,213		Starbucks Corp		103,179,876
	18,420		Strategic Education, Inc		1,382,605
	31,895	*	Stride, Inc		913,154
	24,593	*,e	Target Hospitality Corp		68,614
	102,309	*	Terminix Global Holdings, Inc		5,206,505
	50,718	*	Texas Roadhouse, Inc (Class A)		5,427,840
	63,367		Travel & Leisure Co		4,089,073
	29,540	*	Universal Technical Institute, Inc		166,310
	30,166	*	Vail Resorts, Inc		9,808,777
	59,890	*	Vivint Smart Home, Inc		717,482
	143,392		Wendy’s		3,236,357
	23,222		Wingstop, Inc		3,678,597
	36,862	*	WW International Inc		1,022,552
	73,122		Wyndham Hotels & Resorts, Inc		5,345,949
	79,472	*	Wynn Resorts Ltd		10,204,205
	307,256		Yum China Holdings, Inc		19,332,548
	228,797		Yum! Brands, Inc		27,345,817
			TOTAL CONSUMER SERVICES		761,482,236

131

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
DIVERSIFIED FINANCIALS - 4.9%
	33,275		Affiliated Managers Group, Inc	$	5,362,932
	413,046		AGNC Investment Corp		7,405,915
	11,648		Alerus Financial Corp		334,880
	288,843		Ally Financial, Inc		14,860,972
	3,682		A-Mark Precious Metals, Inc		137,228
	505,214		American Express Co		77,474,567
	90,071		Ameriprise Financial, Inc		23,274,346
	1,091,856		Annaly Capital Management, Inc		9,914,052
	129,780		Apollo Commercial Real Estate Finance, Inc		1,973,954
	132,907		Apollo Global Management, Inc		7,359,061
	81,055		Arbor Realty Trust, Inc		1,433,052
	28,800		Ares Commercial Real Estate Corp		425,088
	76,842		Ares Management Corp		4,035,742
	85,938	*	Arlington Asset Investment Corp (Class A)		352,346
	60,138		ARMOUR Residential REIT, Inc		747,515
	41,148		Artisan Partners Asset Management, Inc		2,095,256
	17,886	*	Assetmark Financial Holdings, Inc		402,793
	2,527		Associated Capital Group, Inc		90,290
	3,923	*	Atlanticus Holdings Corp		122,633
	12,937		B. Riley Financial, Inc		922,279
	26,431		Banco Latinoamericano de Exportaciones S.A. (Class E)		390,122
	614,645		Bank of New York Mellon Corp		30,658,493
	1,450,687	*	Berkshire Hathaway, Inc (Class B)		398,866,391
	223,083		BGC Partners, Inc (Class A)		1,182,340
	113,383		BlackRock, Inc		92,894,692
	109,020		Blackstone Mortgage Trust, Inc		3,542,060
	40,435	*	Blucora, Inc		582,062
	48,706		Brightsphere Investment Group, Inc		1,096,372
	101,143		Broadmark Realty Capital, Inc		1,090,322
	67,189	*	Cannae Holdings, Inc		2,667,403
	347,955		Capital One Financial Corp		51,873,131
	53,286		Capstead Mortgage Corp		345,293
	92,171		Carlyle Group, Inc		3,932,015
	85,528		CBOE Global Markets, Inc		8,926,557
	1,062,896		Charles Schwab Corp		74,827,878
	12,922		Cherry Hill Mortgage Investment Corp		130,771
	138,669		Chimera Investment Corp		1,822,111
	272,862		CME Group, Inc		55,115,395
	21,443		Cohen & Steers, Inc		1,458,553
	33,841		Colony Credit Real Estate, Inc		294,078
	21,902		Cowen Group, Inc		864,910
	7,660	*,e	Credit Acceptance Corp		3,024,091
	18,727		Curo Group Holdings Corp		268,171
	2,708		Diamond Hill Investment Group, Inc		463,068
	235,168		Discover Financial Services		26,809,152
	18,944	*	Donnelley Financial Solutions, Inc		578,929
	16,465		Dynex Capital, Inc		332,593
	32,739		Ellington Financial Inc		587,338
	19,178		Ellington Residential Mortgage REIT		238,574
	24,831	*	Encore Capital Group, Inc		976,852
	29,509	*	Enova International, Inc		1,010,388
	301,165		Equitable Holdings, Inc		10,308,878
	31,374		Evercore Inc		4,396,439
	29,783	*	Ezcorp, Inc (Class A)		167,678

132

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	28,112		Factset Research Systems, Inc	$	9,451,817
	77,672		Federated Investors, Inc (Class B)		2,236,954
	33,197		FirstCash, Inc		2,391,180
	25,085	*	Focus Financial Partners, Inc		1,180,500
	209,677		Franklin Resources, Inc		6,290,310
	2,638		GAMCO Investors, Inc (Class A)		51,916
	255,173		Goldman Sachs Group, Inc		88,915,032
	42,206		Granite Point Mortgage Trust, Inc		558,807
	17,463		Great Ajax Corp		213,223
	39,215	*	Green Dot Corp		1,794,478
	22,814		Greenhill & Co, Inc		346,317
	155	*,e	GWG Holdings Inc		1,100
	24,928		Hamilton Lane, Inc		2,254,738
	55,870		Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,927,588
	39,448		Houlihan Lokey, Inc		2,614,219
	57,131		Interactive Brokers Group, Inc (Class A)		4,086,009
	422,056		Intercontinental Exchange Group, Inc		49,680,212
	290,359		Invesco Ltd		7,839,693
	138,965		Invesco Mortgage Capital, Inc		541,963
	170,324		Jefferies Financial Group, Inc		5,537,233
	407,154		KKR & Co, Inc		23,036,773
	18,044		KKR Real Estate Finance Trust, Inc		380,728
	92,781		Ladder Capital Corp		1,103,166
	77,741		Lazard Ltd (Class A)		3,497,568
	44,911	*	LendingClub Corp		691,180
	9,236	*,e	LendingTree, Inc		1,907,142
	60,188		LPL Financial Holdings, Inc		9,431,460
	28,654		MarketAxess Holdings, Inc		13,996,333
	3,520		Marlin Business Services Corp		79,376
	366,443		MFA Financial Inc		1,612,349
	40,306		Moelis & Co		2,187,810
	125,305		Moody’s Corp		40,938,397
	1,075,588		Morgan Stanley		88,789,789
	16,330		Morningstar, Inc		4,327,613
	61,375		MSCI, Inc (Class A)		29,814,134
	87,045		Nasdaq Inc		14,061,249
	125,064		Navient Corp		2,104,827
	13,437		Nelnet, Inc (Class A)		997,429
	325,485		New Residential Investment Corp		3,489,199
	309,429		New York Mortgage Trust, Inc		1,420,279
	17,297	*,†	NewStar Financial, Inc		4,176
	146,721		Northern Trust Corp		16,696,850
	55,347		OneMain Holdings, Inc		3,147,584
	15,352	*	Oportun Financial Corp		333,292
	8,014		Oppenheimer Holdings, Inc		410,076
	42,835		Orchid Island Capital, Inc		235,593
	80,688		PennyMac Mortgage Investment Trust		1,617,794
	15,051		Piper Jaffray Cos		1,745,765
	19,040		PJT Partners, Inc		1,400,011
	35,342	*	PRA Group, Inc		1,331,687
	51,803		PROG Holdings, Inc		2,638,845
	9,606		Pzena Investment Management, Inc (Class A)		101,151
	94,026		Raymond James Financial, Inc		12,296,720
	49,956		Ready Capital Corp		724,862
	92,635		Redwood Trust, Inc		1,029,175
	6,059		Regional Management Corp		234,665

133

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	185,932		S&P Global, Inc	$	72,585,993
	16,133	*	Safeguard Scientifics, Inc		99,379
	59,412		Santander Consumer USA Holdings, Inc		2,016,443
	21,286		Sculptor Capital Management, Inc		484,044
	84,829		SEI Investments Co		5,211,894
	208	*	Siebert Financial Corp		834
	3,599		Silvercrest Asset Management Group, Inc		50,062
	287,031		SLM Corp		5,643,029
	212,308		Starwood Property Trust, Inc		5,481,793
	270,618		State Street Corp		22,718,381
	13,408		StepStone Group, Inc		446,486
	76,002		Stifel Financial Corp		5,258,578
	10,836	*	StoneX Group, Inc		688,303
	445,614		Synchrony Financial		19,491,156
	170,828		T Rowe Price Group, Inc		30,612,378
	48,537		TPG RE Finance Trust, Inc		604,771
	64,021		Tradeweb Markets, Inc		5,203,627
	208,653		Two Harbors Investment Corp		1,627,493
	10,834	*	Upstart Holdings, Inc		1,181,123
	50,168		Virtu Financial, Inc		1,486,478
	5,785		Virtus Investment Partners, Inc		1,581,966
	95,616		Voya Financial, Inc		6,484,677
	47,754		Waddell & Reed Financial, Inc (Class A)		1,192,895
	73,984		Western Asset Mortgage Capital Corp		233,789
	5,819		Westwood Holdings Group, Inc		105,266
	87,261		WisdomTree Investments, Inc		592,066
	3,402	*	World Acceptance Corp		444,777
			TOTAL DIVERSIFIED FINANCIALS		1,608,704,018
ENERGY - 2.5%
	227,359		Antero Midstream Corp		1,964,382
	163,732	*	Antero Resources Corp		1,476,863
	290,820		APA Corp		5,816,400
	12,551	*	Arch Resources, Inc		557,390
	84,566		Archrock, Inc		789,846
	36,328	*	Ardmore Shipping Corp		142,406
	13,625	*	Aspen Aerogels, Inc		248,384
	507,198		Baker Hughes Co		10,184,536
	77,118		Berry Petroleum Co LLC		471,191
	13,218	*	Bonanza Creek Energy, Inc		437,384
	32,783		Brigham Minerals, Inc		561,901
	4,981	*	Bristow Group, Inc		131,797
	306,413		Cabot Oil & Gas Corp		5,107,905
	34,757		Cactus, Inc		1,036,106
	146,917	*	ChampionX Corp		3,086,726
	176,744	*	Cheniere Energy, Inc		13,701,195
	1,484,593		Chevron Corp		153,017,000
	78,905		Cimarex Energy Co		5,223,511
	100,851	*	Clean Energy Fuels Corp		1,109,361
	175,760	*	CNX Resources Corp		2,358,699
	19,383	*	Comstock Resources Inc		106,413
	1,045,976		ConocoPhillips		53,491,213
	3,938	*	CONSOL Energy, Inc		34,576
	71,024	*,e	Contango Oil & Gas Co		265,630
	64,108	*	Continental Resources, Inc		1,746,302
	25,484		CVR Energy, Inc		542,554

134

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	45,275		Delek US Holdings, Inc	$	1,074,376
	464,201		Devon Energy Corp		10,853,019
	94,686		DHT Holdings, Inc		558,647
	34,143	*	Diamond S Shipping Inc		336,309
	124,581		Diamondback Energy, Inc		10,182,005
	14,538	*	DMC Global, Inc		785,052
	26,271	*	Dorian LPG Ltd		349,142
	24,796	*	Dril-Quip, Inc		759,997
	34,468	*	Earthstone Energy, Inc		241,965
	96,630	*,e	Energy Fuels, Inc		532,431
	448,980		EOG Resources, Inc		33,062,887
	216,127	*	EQT Corp		4,128,026
	324,419		Equitrans Midstream Corp		2,647,259
	19,412	e	Evolution Petroleum Corp		64,254
	9,925	*	Exterran Corp		32,554
	3,265,982	d	Exxon Mobil Corp		186,944,810
	28,935		Falcon Minerals Corp		128,471
	158,854	*,e	Frank’s International NV		516,275
	93,320	e	Frontline Ltd		712,965
	74,372	*	Golar LNG Ltd		853,791
	243	*,e	Goodrich Petroleum Corp		2,442
	27,537	*	Green Plains Inc		820,603
	672,582		Halliburton Co		13,155,704
	115,013	*	Helix Energy Solutions Group, Inc		493,406
	85,720		Helmerich & Payne, Inc		2,197,004
	213,209		Hess Corp		15,886,203
	116,986		HollyFrontier Corp		4,094,510
	21,109		International Seaways, Inc		373,207
	1,490,358		Kinder Morgan, Inc		25,410,604
	214,240	*	Kosmos Energy Ltd		612,726
	44,628	*	Liberty Oilfield Services, Inc		522,148
	84,877	*	Magnolia Oil & Gas Corp		955,715
	614,392		Marathon Oil Corp		6,918,054
	501,584		Marathon Petroleum Corp		27,913,150
	92,930		Matador Resources Co		2,444,988
	94,630		Murphy Oil Corp		1,602,086
	2,454	*	Nabors Industries Ltd		198,406
	2,620		Nacco Industries, Inc (Class A)		60,601
	17,995	*	National Energy Services Reunited Corp		228,357
	67,670	*	Newpark Resources, Inc		192,183
	104,424	*	NexTier Oilfield Solutions, Inc		374,882
	119,762	e	Nordic American Tankers Ltd		396,412
	306,141	*	NOV, Inc		4,576,808
	650,231		Occidental Petroleum Corp		16,489,858
	75,287	*	Oceaneering International, Inc		809,335
	51,141	*	Oil States International, Inc		286,901
	340,476		ONEOK, Inc		17,820,514
	67,330	*	Overseas Shipholding Group, Inc		148,799
	206,210		Ovintiv, Inc		4,934,605
	30,460	*	Par Pacific Holdings, Inc		462,687
	141,573		Patterson-UTI Energy, Inc		957,033
	74,899	*	PBF Energy, Inc		1,062,068
	84,603	*	PDC Energy, Inc		3,088,856
	54,996	*	Peabody Energy Corp		203,485
	15,324	*,e	Penn Virginia Corp		208,866
	338,752		Phillips 66		27,408,424

135

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	154,465		Pioneer Natural Resources Co	$	23,761,351
	18	*	PrimeEnergy Corp		761
	67,160	*	ProPetro Holding Corp		646,751
	161,865	*	Range Resources Corp		1,589,514
	29,975	*	Renewable Energy Group, Inc		1,664,212
	3,240	*	Rex American Resources Corp		261,565
	35,172	*	RPC, Inc		170,936
	1,075,008		Schlumberger Ltd		29,078,966
	41,375	e	Scorpio Tankers, Inc		750,542
	52,003	*,e	Select Energy Services, Inc		251,174
	89,438		SFL Corp Ltd		694,039
	79,160		SM Energy Co		1,250,728
	22,723		Solaris Oilfield Infrastructure, Inc		248,590
	497,297	*	Southwestern Energy Co		2,123,458
	11,888	*	Talos Energy, Inc		133,027
	173,604		Targa Resources Investments, Inc		6,022,323
	110,657	*,e	Tellurian, Inc		245,105
	51,548	*	Tidewater, Inc		631,978
	447,905	*,e	Transocean Ltd		1,442,254
	140,860	*,e	Uranium Energy Corp		408,494
	65,096	*	US Silica Holdings, Inc		693,272
	315,413		Valero Energy Corp		23,327,945
	109,415	*	W&T Offshore, Inc		359,975
	932,039		Williams Cos, Inc		22,704,470
	51,846		World Fuel Services Corp		1,603,597
			TOTAL ENERGY		821,750,563
FOOD & STAPLES RETAILING - 1.2%
	120,775	e	Albertsons Cos, Inc		2,242,792
	24,710		Andersons, Inc		709,671
	106,183	*	BJ’s Wholesale Club Holdings, Inc		4,743,195
	28,675		Casey’s General Stores, Inc		6,371,298
	26,760	*	Chefs’ Warehouse Holdings, Inc		862,475
	340,606		Costco Wholesale Corp		126,736,086
	54,313	*	Grocery Outlet Holding Corp		2,193,702
	39,894	*,e	HF Foods Group Inc		248,540
	9,085	e	Ingles Markets, Inc (Class A)		556,820
	580,009		Kroger Co		21,193,529
	10,760		Natural Grocers by Vitamin C		169,147
	101,780	*	Performance Food Group Co		5,974,486
	17,934		Pricesmart, Inc		1,507,173
	45,057	*,e	Rite Aid Corp		789,399
	29,053		SpartanNash Co		562,757
	90,053	*	Sprouts Farmers Market, Inc		2,306,257
	373,562		SYSCO Corp		31,651,908
	43,334	*	United Natural Foods, Inc		1,597,291
	169,151	*	US Foods Holding Corp		7,013,000
	4,683		Village Super Market (Class A)		114,172
	562,661		Walgreens Boots Alliance, Inc		29,877,299
	1,075,922		Walmart, Inc		150,532,247
	8,345	e	Weis Markets, Inc		432,688
			TOTAL FOOD & STAPLES RETAILING		398,385,932
FOOD, BEVERAGE & TOBACCO - 2.9%
	1,659		Alico, Inc		49,720
	1,431,740		Altria Group, Inc		68,365,585

136

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	423,294		Archer-Daniels-Midland Co	$	26,722,550
	48,265	e	B&G Foods, Inc (Class A)		1,408,373
	40,793	*,e	Beyond Meat, Inc		5,371,622
	6,894	*	Boston Beer Co, Inc (Class A)		8,386,482
	59	*	Bridgford Foods Corp		840
	32,846		Brown-Forman Corp (Class A)		2,343,562
	137,169		Brown-Forman Corp (Class B)		10,463,251
	102,012		Bunge Ltd		8,611,853
	14,762		Calavo Growers, Inc		1,153,355
	27,027		Cal-Maine Foods, Inc		1,009,729
	147,775		Campbell Soup Co		7,056,256
	27,128	*	Celsius Holdings, Inc		1,554,434
	2,982,766		Coca-Cola Co		161,009,709
	3,456		Coca-Cola Consolidated Inc		1,013,472
	378,848		ConAgra Brands, Inc		14,051,472
	124,596		Constellation Brands, Inc (Class A)		29,942,911
	120,939	*	Darling International, Inc		8,399,214
	7,025	*	Farmer Bros Co		71,655
	150,198		Flowers Foods, Inc		3,598,744
	21,564		Fresh Del Monte Produce, Inc		608,105
	30,281	*	Freshpet, Inc		5,596,534
	466,957		General Mills, Inc		28,419,003
	64,307	*	Hain Celestial Group, Inc		2,637,230
	112,577		Hershey Co		18,496,401
	210,644		Hormel Foods Corp		9,731,753
	94,942	*	Hostess Brands, Inc		1,451,663
	51,132		Ingredion, Inc		4,776,240
	11,897		J&J Snack Foods Corp		1,958,365
	85,611		J.M. Smucker Co		11,214,185
	7,570		John B. Sanfilippo & Son, Inc		665,403
	190,238		Kellogg Co		11,874,656
	537,132		Keurig Dr Pepper, Inc		19,256,182
	497,210		Kraft Heinz Co		20,529,801
	113,703		Lamb Weston Holdings, Inc		9,153,092
	14,999		Lancaster Colony Corp		2,770,465
	25,123	*	Landec Corp		284,392
	10,480		Limoneira Co		189,269
	189,878		McCormick & Co, Inc		17,157,376
	10,303		MGP Ingredients, Inc		619,210
	136,050	*	Molson Coors Brewing Co (Class B)		7,475,948
	1,076,938		Mondelez International, Inc		65,488,600
	284,190	*	Monster Beverage Corp		27,580,640
	17,210		National Beverage Corp		836,234
	53,148	*	NewAge, Inc		116,394
	1,070,439		PepsiCo, Inc		154,314,486
	1,200,057		Philip Morris International, Inc		114,005,415
	43,159	*	Pilgrim’s Pride Corp		1,034,090
	48,697	*	Post Holdings, Inc		5,540,745
	122,967		Primo Water Corp		2,058,468
	16,275		Sanderson Farms, Inc		2,677,726
	222		Seaboard Corp		794,314
	4,216	*	Seneca Foods Corp		194,189
	63,347	*	Simply Good Foods Co		2,188,639
	13,172	e	Tootsie Roll Industries, Inc		415,840
	44,787	*	TreeHouse Foods, Inc		2,131,861
	7,580		Turning Point Brands, Inc		370,056

137

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	223,561		Tyson Foods, Inc (Class A)	$	17,314,799
	19,801		Universal Corp		1,113,410
	107,929		Vector Group Ltd		1,408,473
	5,612	*	Vital Farms, Inc		136,484
			TOTAL FOOD, BEVERAGE & TOBACCO		935,170,925
HEALTH CARE EQUIPMENT & SERVICES - 6.3%
	61,348	*	1Life Healthcare, Inc		2,669,252
	1,334,937		Abbott Laboratories		160,299,235
	34,445	*	Abiomed, Inc		11,047,545
	68,105	*	Acadia Healthcare Co, Inc		4,148,957
	24,556	*,e	Accelerate Diagnostics, Inc		179,504
	10,598	*	Accolade, Inc		531,490
	78,515	*	Accuray, Inc		369,021
	7,460	*,e	Acutus Medical, Inc		101,829
	58,221	*	AdaptHealth Corp		1,691,902
	10,420	*	Addus HomeCare Corp		1,102,436
	60,245	*	Align Technology, Inc		35,877,705
	130,313	*	Allscripts Healthcare Solutions, Inc		2,027,670
	44,936	*	Alphatec Holdings Inc		718,527
	24,952	*	Amedisys, Inc		6,733,297
	44,043	*	American Well Corp		677,822
	113,688		AmerisourceBergen Corp		13,733,510
	35,917	*	AMN Healthcare Services, Inc		2,848,218
	22,554	*	Angiodynamics, Inc		548,062
	123,274	*	Antares Pharma, Inc		467,208
	192,437		Anthem, Inc		73,008,673
	20,835	*	Apollo Medical Holdings, Inc		618,591
	34,428	*	Apyx Medical Corp		348,756
	81,802	*,e	Aspira Women’s Health, Inc		467,907
	33,960	*	AtriCure, Inc		2,617,297
	1,124		Atrion Corp		717,786
	737	*,e	Avalon GloboCare Corp		752
	37,191	*	Avanos Medical, Inc		1,607,023
	28,753	*	AxoGen, Inc		538,256
	24,126	*	Axonics Modulation Technologies, Inc		1,518,249
	392,899		Baxter International, Inc		33,667,515
	222,120		Becton Dickinson & Co		55,265,677
	2,803	*	Bellerophon Therapeutics, Inc		12,305
	9,619	*,e	Beyond Air, Inc		59,061
	10,436	*	BioLife Solutions Inc		364,216
	13,421	*,e	BioSig Technologies Inc		45,900
	1,100,445	*	Boston Scientific Corp		47,979,402
	146,444	*	Brookdale Senior Living, Inc		957,744
	29,390	*	Cantel Medical Corp		2,583,675
	227,157		Cardinal Health, Inc		13,706,653
	27,347	*	Cardiovascular Systems, Inc		1,102,631
	9,485	*	Castle Biosciences, Inc		654,750
	442,875	*	Centene Corp		27,343,103
	233,034		Cerner Corp		17,489,202
	25,156	*	Certara, Inc		800,212
	128,984	*	Cerus Corp		786,802
	185,143	*	Change Healthcare, Inc		4,249,032
	10,887	*,e	Chembio Diagnostics, Inc		43,439
	12,022		Chemed Corp		5,729,805
	265,203		Cigna Corp		66,038,199

138

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	20,038	*,e	Co-Diagnostics, Inc	$	177,537
	64,683	*	Community Health Systems, Inc		721,215
	6,993		Computer Programs & Systems, Inc		209,930
	21,206		Conmed Corp		2,988,986
	37,118		Cooper Cos, Inc		15,251,415
	6,500	*	Corvel Corp		760,565
	90,257	*	Covetrus, Inc		2,585,863
	22,394	*	Cross Country Healthcare, Inc		298,288
	22,833	*	CryoLife, Inc		666,267
	26,914	*,e	CryoPort, Inc		1,522,525
	11,006	*	Cutera, Inc		330,510
	1,007,375		CVS Health Corp		76,963,450
	38,517	*	CytoSorbents Corp		356,282
	485,439		Danaher Corp		123,272,380
	56,949	*	DaVita, Inc		6,636,267
	169,394		Dentsply Sirona, Inc		11,435,789
	70,915	*	DexCom, Inc		27,380,282
	6,209	*	Eargo, Inc		355,403
	476,164	*	Edwards Lifesciences Corp		45,483,185
	13,523	*	Electromed, Inc		132,120
	75,836		Encompass Health Corp		6,435,443
	40,165		Ensign Group, Inc		3,448,165
	122,671	*	Envista Holdings Corp		5,309,201
	34,826	*	Enzo Biochem, Inc		106,916
	59,647	*	Evolent Health, Inc		1,291,954
	121	*	Exagen, Inc		2,040
	15,047	*	Five Star Senior Living, Inc		78,395
	10,459	*,e	Fulgent Genetics, Inc		805,552
	33,394	*	Glaukos Corp		3,144,379
	58,947	*	Globus Medical, Inc		4,230,626
	63,848	*	Guardant Health, Inc		10,150,555
	38,243	*	Haemonetics Corp		2,572,224
	26,333	*	Hanger Inc		656,482
	205,457		HCA Healthcare, Inc		41,309,184
	25,434	*,e	Health Catalyst, Inc		1,472,629
	57,275	*	HealthEquity, Inc		4,351,182
	15,634	*	HealthStream, Inc		377,717
	110,308	*	Henry Schein, Inc		7,997,330
	5,039	*	Heska Corp		920,373
	49,341		Hill-Rom Holdings, Inc		5,438,365
	195,617	*	Hologic, Inc		12,822,694
	99,276		Humana, Inc		44,201,646
	20,344	*	iCAD, Inc		367,006
	15,292	*	ICU Medical, Inc		3,184,865
	64,878	*	IDEXX Laboratories, Inc		35,617,373
	5,820	*	Inari Medical, Inc		665,168
	15,740	*	InfuSystem Holdings, Inc		356,039
	14,364	*	Inogen, Inc		939,262
	59,047	*	Inovalon Holdings, Inc		1,783,810
	20,165	*	Inspire Medical Systems, Inc		4,775,475
	51,077	*	Insulet Corp		15,078,952
	25,757	*	Integer Holding Corp		2,418,067
	55,460	*	Integra LifeSciences Holdings Corp		4,108,477
	21,611	*	Intersect ENT, Inc		471,336
	13,315	*	IntriCon Corp		307,976
	89,371	*	Intuitive Surgical, Inc		77,305,915

139

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	23,166	*	Invacare Corp	$	209,189
	161	*	iRadimed Corp		4,458
	22,296	*	iRhythm Technologies, Inc		1,735,967
	10,450	*	Joint Corp		579,766
	74,536	*	Laboratory Corp of America Holdings		19,816,886
	51,344	*	Lantheus Holdings, Inc		1,216,853
	16,588		LeMaitre Vascular, Inc		870,372
	8,082	*	LENSAR, Inc		55,847
	23,267	*	LHC Group, Inc		4,845,818
	38,763	*	LivaNova plc		3,289,816
	18,437	*	Magellan Health Services, Inc		1,736,765
	38,374	*	Masimo Corp		8,928,479
	122,078		McKesson Corp		22,896,950
	63,632	*	MEDNAX, Inc		1,674,794
	1,035,124		Medtronic plc		135,518,434
	31,113	*	Meridian Bioscience, Inc		609,193
	41,189	*	Merit Medical Systems, Inc		2,619,620
	3,666		Mesa Laboratories, Inc		911,551
	80,865	*,e	Milestone Scientific, Inc		203,780
	7,622	*	Misonix Inc		141,541
	9,626	*	ModivCare, Inc		1,348,410
	44,400	*	Molina Healthcare, Inc		11,326,440
	20,936	*,e	NantHealth, Inc		53,177
	9,997		National Healthcare Corp		702,889
	13,643		National Research Corp		699,886
	22,496	*	Natus Medical, Inc		574,773
	40,843	*	Neogen Corp		3,921,336
	26,411	*	Nevro Corp		4,564,085
	43,227	*	NextGen Healthcare, Inc		791,486
	78,913	*	Novocure Ltd		16,106,143
	40,332	*	NuVasive, Inc		2,881,721
	70,300	*	Oak Street Health, Inc		4,332,589
	32,580	*	Omnicell, Inc		4,724,752
	5,992	*,e	Ontrak, Inc		195,579
	10,481	*	OptimizeRx Corp		528,871
	42,686	*	Option Care Health, Inc		814,449
	55,936	*	OraSure Technologies, Inc		511,814
	68,590	*	Ortho Clinical Diagnostics Holdings plc		1,350,537
	10,498	*	Orthofix Medical Inc		465,586
	8,489	*	OrthoPediatrics Corp		496,607
	7,115	*	Outset Medical, Inc		426,331
	56,763		Owens & Minor, Inc		2,048,577
	66,702		Patterson Cos, Inc		2,143,802
	64,051	*,e	PAVmed, Inc		292,713
	19,910	*	Pennant Group, Inc		804,762
	25,533	*	Penumbra, Inc		7,812,843
	18,578	*,e	PetIQ, Inc		791,423
	25,816	*	Phreesia, Inc		1,335,978
	86,034		Premier, Inc		3,041,302
	20,863	*	Progyny, Inc		1,187,313
	8,415	*	Pulmonx Corp		395,589
	15,571	*,e	Pulse Biosciences, Inc		299,897
	103,869		Quest Diagnostics, Inc		13,698,244
	28,915	*	Quidel Corp		3,030,003
	47,864	*	Quotient Ltd		187,627
	84,719	*	R1 RCM, Inc		2,311,134

140

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	32,981	*	RadNet, Inc	$	736,796
	22,676	*,e	Repro-Med Systems, Inc		85,489
	110,714		Resmed, Inc		20,810,911
	10,301	*,e	Retractable Technologies, Inc		100,023
	31,391	*,e	Rockwell Medical, Inc		30,280
	23,159	*	Schrodinger, Inc		1,765,642
	17,851	*	SeaSpine Holdings Corp		371,479
	87,546	*	Select Medical Holdings Corp		3,302,235
	11,192	*	Sharps Compliance Corp		195,748
	21,919	*	Shockwave Medical Inc		3,582,880
	20,049	*	SI-BONE, Inc		711,740
	41,844	*	Sientra, Inc		287,050
	17,297	*	Signify Health, Inc		490,370
	22,030	*	Silk Road Medical Inc		1,346,914
	11,111		Simulations Plus, Inc		701,549
	261	*,e	Soliton Inc		4,675
	35,654	*	Staar Surgical Co		4,884,955
	37,108	*	Stereotaxis, Inc		267,178
	63,990		STERIS plc		13,503,170
	267,143		Stryker Corp		70,159,766
	50,925	*	Surgalign Holdings, Inc		92,174
	17,146	*	Surgery Partners, Inc		826,437
	12,498	*	SurModics, Inc		668,518
	15,711	*,e	Tabula Rasa HealthCare, Inc		747,215
	16,594	*	Tactile Systems Technology, Inc		950,836
	46,431	*	Tandem Diabetes Care, Inc		4,267,009
	9,395	*	Tela Bio, Inc		128,524
	84,160	*	Teladoc, Inc		14,504,976
	35,652		Teleflex, Inc		15,062,257
	82,701	*	Tenet Healthcare Corp		4,900,861
	34,296	*	Tivity Health, Inc		829,277
	19,088	*	Transmedics Group, Inc		548,016
	19,881	*	Triple-S Management Corp (Class B)		471,379
	728,634		UnitedHealth Group, Inc		290,579,239
	57,176		Universal Health Services, Inc (Class B)		8,485,490
	10,603	e	US Physical Therapy, Inc		1,192,307
	1,543		Utah Medical Products, Inc		134,642
	15,373	*	Vapotherm, Inc		338,206
	22,158	*	Varex Imaging Corp		526,031
	105,279	*	Veeva Systems, Inc		29,736,054
	27,034	*	Viemed Healthcare, Inc		271,962
	85,212	*	ViewRay, Inc		409,870
	25,288	*	Vocera Communications, Inc		914,667
	32,564	*,e	VolitionRX Ltd		109,089
	56,419		West Pharmaceutical Services, Inc		18,534,770
	159,027		Zimmer Biomet Holdings, Inc		28,173,223
	17,126	*,e	Zynex Inc		252,951
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,079,186,412
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	28,120	*	BellRing Brands, Inc		725,215
	8,650	*	Central Garden & Pet Co		468,311
	31,768	*	Central Garden and Pet Co (Class A)		1,565,209
	190,783		Church & Dwight Co, Inc		16,357,734
	97,147		Clorox Co		17,729,327
	648,696		Colgate-Palmolive Co		52,349,767

141

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	221,781	*	Coty, Inc	$	2,220,028
	43,109		Edgewell Personal Care Co		1,646,764
	30,324	*	elf Beauty, Inc		917,301
	49,150		Energizer Holdings, Inc		2,423,095
	174,693		Estee Lauder Cos (Class A)		54,818,663
	71,425	*	Herbalife Nutrition Ltd		3,269,122
	13,924		Inter Parfums, Inc		1,024,806
	258,882		Kimberly-Clark Corp		34,514,148
	8,497	*	Lifevantage Corp		69,081
	8,443		Medifast, Inc		1,917,321
	3,947		Nature’s Sunshine Products, Inc		82,137
	41,315		Nu Skin Enterprises, Inc (Class A)		2,183,911
	2,626		Oil-Dri Corp of America		91,726
	1,880,680		Procter & Gamble Co		250,920,326
	5,496	*	Revlon, Inc (Class A)		65,238
	33,018		Reynolds Consumer Products, Inc		968,088
	33,625		Spectrum Brands Holdings, Inc		2,963,708
	9,150	*	USANA Health Sciences, Inc		823,409
	48,983	*	Veru, Inc		433,010
	10,749		WD-40 Co		2,673,706
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		453,221,151
INSURANCE - 2.2%
	524,830		Aflac, Inc		28,199,116
	10,701	*	Alleghany Corp		7,265,658
	231,166		Allstate Corp		29,311,849
	26,478	*	AMBAC Financial Group, Inc		454,098
	72,765		American Equity Investment Life Holding Co		2,254,260
	57,708		American Financial Group, Inc		7,090,005
	665,633		American International Group, Inc		32,249,919
	5,742		American National Group, Inc		650,856
	15,389		Amerisafe, Inc		955,349
	174,282		Aon plc		43,821,466
	297,952	*	Arch Capital Group Ltd		11,831,674
	27,871	*	Argo Group International Holdings Ltd		1,454,309
	146,105		Arthur J. Gallagher & Co		21,177,920
	45,714		Assurant, Inc		7,113,098
	66,612		Assured Guaranty Ltd		3,387,220
	88,738	*	Athene Holding Ltd		5,294,996
	63,661		Axis Capital Holdings Ltd		3,552,284
	68,171	*	Brighthouse Financial, Inc		3,189,721
	177,991		Brown & Brown, Inc		9,465,561
	30,789	*	BRP Group, Inc		893,497
	346,749		Chubb Ltd		59,498,661
	116,311		Cincinnati Financial Corp		13,105,923
	31,384	*,e	Citizens, Inc (Class A)		183,283
	24,147		CNA Financial Corp		1,133,219
	113,594		Conseco, Inc		2,900,055
	563		Crawford & Co		5,906
	3,646		Donegal Group, Inc (Class A)		56,258
	20,297	*	eHealth, Inc		1,435,810
	30,028		Employers Holdings, Inc		1,215,533
	9,918	*	Enstar Group Ltd		2,491,203
	18,575		Erie Indemnity Co (Class A)		3,975,421
	30,428		Everest Re Group Ltd		8,427,035
	6,929		FBL Financial Group, Inc (Class A)		392,805

142

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,057		FedNat Holding Co	$	30,830
	214,718		Fidelity National Financial Inc		9,795,435
	83,023		First American Financial Corp		5,354,983
	396,086	*	Genworth Financial, Inc (Class A)		1,711,091
	78,273		Globe Life, Inc		8,022,200
	31,860	*	GoHealth, Inc		380,090
	10,133		Goosehead Insurance, Inc		1,114,022
	25,827	*	Greenlight Capital Re Ltd (Class A)		238,383
	29,303		Hanover Insurance Group, Inc		4,052,898
	277,168		Hartford Financial Services Group, Inc		18,282,001
	8,685		HCI Group, Inc		637,653
	32,368		Heritage Insurance Holdings, Inc		294,872
	37,257		Horace Mann Educators Corp		1,494,006
	2,871		Independence Holding Co		126,324
	763		Investors Title Co		134,616
	25,292		James River Group Holdings Ltd		1,191,506
	48,650		Kemper Corp		3,797,619
	16,258		Kinsale Capital Group, Inc		2,829,055
	25,945	*,e	Lemonade, Inc		2,345,428
	146,871		Lincoln National Corp		9,418,837
	173,836		Loews Corp		9,691,357
	10,504	*	Markel Corp		12,357,116
	388,825		Marsh & McLennan Cos, Inc		52,763,552
	56,330	*	MBIA, Inc		564,427
	22,360		Mercury General Corp		1,392,357
	580,684		Metlife, Inc		36,948,923
	1,863		National Western Life Group, Inc		427,186
	5,736	*	NI Holdings, Inc		109,844
	222,173		Old Republic International Corp		5,469,899
	16,124	*	Palomar Holdings, Inc		1,134,485
	31,002		Primerica, Inc		4,953,190
	209,876		Principal Financial Group		13,404,780
	43,676		ProAssurance Corp		1,091,900
	450,857		Progressive Corp		45,419,334
	9,175	*	ProSight Global, Inc		116,706
	3,923		Protective Insurance Corp		90,229
	302,969		Prudential Financial, Inc		30,405,969
	52,118		Reinsurance Group of America, Inc (Class A)		6,802,963
	39,529		RenaissanceRe Holdings Ltd		6,672,890
	30,110		RLI Corp		3,356,061
	11,864		Safety Insurance Group, Inc		973,204
	43,759		Selective Insurance Group, Inc		3,331,810
	101,259	*	Selectquote, Inc		3,152,193
	62,762	*	SiriusPoint Ltd		664,022
	14,283		State Auto Financial Corp		269,663
	20,193		Stewart Information Services Corp		1,184,319
	14,139		Tiptree Inc		141,531
	193,585		Travelers Cos, Inc		29,939,856
	23,398	*	Trupanion, Inc		1,897,578
	12,876		United Fire Group Inc		389,628
	12,036		United Insurance Holdings Corp		67,281
	22,601		Universal Insurance Holdings, Inc		315,284
	158,920		Unum Group		4,491,079
	107,596		W.R. Berkley Corp		8,577,553
	14,767	*	Watford Holdings Ltd		514,778
	2,396		White Mountains Insurance Group Ltd		2,792,370

143

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	98,686		Willis Towers Watson plc	$	25,545,858
			TOTAL INSURANCE		703,106,992
MATERIALS - 2.9%
	14,330	*	Advanced Emissions Solutions, Inc		67,351
	21,255	*	AdvanSix, Inc		618,095
	170,463		Air Products & Chemicals, Inc		49,175,166
	88,614		Albemarle Corp		14,902,216
	136,686	*	Alcoa Corp		5,008,175
	97,921	*	Allegheny Technologies, Inc		2,277,642
	1,230,079		Amcor plc		14,453,428
	16,772		American Vanguard Corp		331,750
	83,436	*,e	Amyris, Inc		1,214,828
	48,954		Aptargroup, Inc		7,382,753
	76,974	*	Arconic Corp		2,201,456
	15,086		Ardagh Group S.A.		405,210
	41,798		Ashland Global Holdings, Inc		3,603,406
	64,614		Avery Dennison Corp		13,838,380
	69,243		Avient Corp		3,515,467
	160,481	*	Axalta Coating Systems Ltd		5,117,739
	25,107		Balchem Corp		3,193,359
	246,460		Ball Corp		23,078,514
	102,116	*	Berry Global Group, Inc		6,496,620
	46,925		Cabot Corp		2,575,244
	11,306	e	Caledonia Mining Corp plc		157,266
	36,723		Carpenter Technology Corp		1,390,700
	86,762		Celanese Corp (Series A)		13,591,267
	37,374	*	Century Aluminum Co		585,277
	165,118		CF Industries Holdings, Inc		8,029,688
	5,569		Chase Corp		659,592
	126,652		Chemours Co		3,824,890
	12,952	*	Clearwater Paper Corp		433,374
	349,164	*,e	Cleveland-Cliffs, Inc		6,236,069
	191,386	*	Coeur Mining, Inc		1,546,399
	92,569		Commercial Metals Co		2,704,866
	27,716		Compass Minerals International, Inc		1,882,471
	577,646		Corteva, Inc		28,166,019
	97,691		Crown Holdings, Inc		10,726,472
	45,594	*	Domtar Corp		1,797,316
	571,389		Dow, Inc		35,711,813
	418,312		DuPont de Nemours, Inc		32,256,038
	32,294	*	Eagle Materials, Inc		4,461,093
	102,464		Eastman Chemical Co		11,823,321
	191,152		Ecolab, Inc		42,840,986
	173,232		Element Solutions, Inc		3,790,316
	73,399	*	Ferro Corp		1,222,827
	48,283	*,†	Ferroglobe plc		0
	98,404		FMC Corp		11,635,289
	24,415	*	Forterra, Inc		572,776
	1,116,437		Freeport-McMoRan, Inc (Class B)		42,100,839
	24,364		FutureFuel Corp		309,423
	18,237	*,e	Gatos Silver, Inc		209,361
	39,115	*	GCP Applied Technologies, Inc		1,004,864
	38,095		Glatfelter Corp		560,758
	35,140		Gold Resource Corp		94,527
	196,770		Graphic Packaging Holding Co		3,650,084

144

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	20,864		Greif, Inc (Class A)	$	1,262,481
	5,806		Greif, Inc (Class B)		347,257
	40,341		H.B. Fuller Co		2,695,586
	14,948		Hawkins, Inc		498,516
	7,327		Haynes International, Inc		214,242
	400,042		Hecla Mining Co		2,364,248
	152,123		Huntsman Corp		4,361,366
	30,978	*	Ingevity Corp		2,418,762
	20,839		Innospec, Inc		2,029,927
	191,620		International Flavors & Fragrances, Inc		27,242,615
	301,292		International Paper Co		17,474,936
	12,016	*	Intrepid Potash, Inc		386,435
	14,715		Kaiser Aluminum Corp		1,772,716
	12,058	*	Koppers Holdings, Inc		400,808
	23,752	*	Kraton Corp		849,372
	17,312		Kronos Worldwide, Inc		294,304
	405,140		Linde plc		115,805,218
	113,854	*	Livent Corp		2,051,649
	82,396		Louisiana-Pacific Corp		5,428,249
	196,261		LyondellBasell Industries NV		20,360,116
	1,527	*	Marrone Bio Innovations, Inc		2,581
	48,137		Martin Marietta Materials, Inc		16,998,137
	15,968		Materion Corp		1,130,694
	30,449		Minerals Technologies, Inc		2,379,285
	267,689		Mosaic Co		9,417,299
	23,866		Myers Industries, Inc		538,417
	14,884		Neenah Inc		791,382
	5,513		NewMarket Corp		1,910,751
	617,827		Newmont Goldcorp Corp		38,558,583
	181,575	*	Novagold Resources Inc		1,632,359
	233,690		Nucor Corp		19,223,339
	127,895	*	O-I Glass, Inc		2,108,989
	113,392		Olin Corp		4,879,258
	5,860		Olympic Steel, Inc		170,233
	43,249	*	Orion Engineered Carbons SA		858,925
	72,784		Packaging Corp of America		10,746,558
	30,719		Pactiv Evergreen, Inc		452,184
	181,349		PPG Industries, Inc		31,054,203
	32,840		PQ Group Holdings, Inc		459,760
	10,113		Quaker Chemical Corp		2,450,886
	23,322	*	Ranpak Holdings Corp		448,482
	19,426	*	Rayonier Advanced Materials, Inc		176,582
	48,408		Reliance Steel & Aluminum Co		7,760,287
	51,084		Royal Gold, Inc		5,714,256
	89,462		RPM International, Inc		8,484,576
	11,406	*	Ryerson Holding Corp		181,127
	15,288		Schnitzer Steel Industries, Inc (Class A)		721,747
	25,187		Schweitzer-Mauduit International, Inc		1,150,290
	30,644		Scotts Miracle-Gro Co (Class A)		7,083,667
	120,303		Sealed Air Corp		5,942,968
	31,845		Sensient Technologies Corp		2,618,933
	190,443		Sherwin-Williams Co		52,156,624
	60,662		Silgan Holdings, Inc		2,558,117
	77,462		Sonoco Products Co		5,070,663
	60,260		Southern Copper Corp		4,182,647
	154,374		Steel Dynamics, Inc		8,370,158

145

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	17,131		Stepan Co	$	2,238,336
	90,890	*	Summit Materials, Inc		2,616,723
	64,626		SunCoke Energy, Inc		436,226
	34,451	*	TimkenSteel Corp		414,101
	9,133	*	Trecora Resources		69,319
	15,399		Tredegar Corp		225,133
	27,946		Trinseo S.A.		1,730,137
	70,170		Tronox Holdings plc		1,487,604
	3,261	*	UFP Technologies, Inc		163,246
	834		United States Lime & Minerals, Inc		115,242
	195,769		United States Steel Corp		4,504,645
	12,237	*	US Concrete, Inc		775,948
	142,359		Valvoline, Inc		4,470,073
	27,947		Verso Corp		431,502
	102,897		Vulcan Materials Co		18,340,361
	43,831		W R Grace & Co		3,012,505
	40,038		Warrior Met Coal, Inc		634,602
	26,283		Westlake Chemical Corp		2,467,711
	199,304		WestRock Co		11,111,198
	29,399		Worthington Industries, Inc		1,918,579
			TOTAL MATERIALS		957,239,721
MEDIA & ENTERTAINMENT - 8.7%
	588,532		Activision Blizzard, Inc		53,668,233
	231,532	*	Alphabet, Inc (Class A)		544,910,562
	224,270	*	Alphabet, Inc (Class C)		540,517,612
	175,791	*	Altice USA, Inc		6,382,971
	293,751	*,e	AMC Entertainment Holdings, Inc		2,946,323
	24,488	*,e	AMC Networks, Inc		1,231,257
	8,391	*	Boston Omaha Corp		235,116
	4,150		Cable One, Inc		7,428,500
	20,398	*	Cardlytics, Inc		2,805,337
	66,063	*	Cargurus, Inc		1,630,435
	52,392	*	Cars.com, Inc		692,098
	108,413	*	Charter Communications, Inc		73,010,735
	85,356	*	Cinemark Holdings, Inc		1,809,547
	3,494,143		Comcast Corp (Class A)		196,196,130
	37,208	*	comScore, Inc		137,298
	470	*	Daily Journal Corp		143,439
	39,986	*	DHI Group, Inc		116,759
	120,779	*,e	Discovery, Inc (Class A)		4,548,537
	238,771	*	Discovery, Inc (Class C)		7,714,691
	189,414	*	DISH Network Corp (Class A)		8,483,853
	219,738		Electronic Arts, Inc		31,220,375
	61,574	*	Emerald Holding, Inc		345,430
	91,027	*	Entercom Communications Corp		440,571
	41,363		Entravision Communications Corp (Class A)		159,248
	114,747	*,e	Eros STX Global Corp		149,171
	50,131	*	Eventbrite Inc		1,181,588
	11,098	*	EverQuote Inc		375,889
	34,013		EW Scripps Co (Class A)		735,361
	1,852,435	*	Facebook, Inc		602,189,570
	32,327	*	Fluent, Inc		120,256
	262,826		Fox Corp (Class A)		9,834,949
	122,658		Fox Corp (Class B)		4,462,298
	5,234	*	Gaia, Inc		55,166

146

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	103,352	*	Gannett Co, Inc	$	469,218
	72,446		Gray Television, Inc		1,472,103
	9,282	*	Hemisphere Media Group, Inc		113,426
	56,904	*	IAC/InterActive Corp		14,423,457
	47,142	*	iHeartMedia, Inc		902,298
	38,923	*	Imax Corp		802,592
	295,209		Interpublic Group of Cos, Inc		9,372,886
	38,083		John Wiley & Sons, Inc (Class A)		2,168,446
	6,341	*	Liberty Braves Group (Class A)		177,485
	32,042	*	Liberty Braves Group (Class C)		887,243
	19,315	*	Liberty Broadband Corp (Class A)		3,045,396
	123,162	*	Liberty Broadband Corp (Class C)		20,040,839
	18,720	*	Liberty Media Group (Class A)		775,382
	154,653	*	Liberty Media Group (Class C)		7,259,412
	63,511	*	Liberty SiriusXM Group (Class A)		2,870,062
	133,349	*	Liberty SiriusXM Group (Class C)		6,031,375
	71,481	*	Liberty TripAdvisor Holdings, Inc		361,694
	46,102	*	Lions Gate Entertainment Corp (Class A)		667,096
	89,647	*	Lions Gate Entertainment Corp (Class B)		1,129,552
	110,417	*	Live Nation, Inc		9,040,944
	18,131	*	LiveXLive Media, Inc		77,782
	10,072		Loral Space & Communications, Inc		404,189
	14,125	*	Madison Square Garden Co		2,610,865
	14,125	*	Madison Square Garden Entertainment Corp		1,279,866
	25,461	*	Marcus Corp		508,202
	172,515	*	Match Group, Inc		26,848,510
	7,943	*	MediaAlpha, Inc		351,478
	34,743	*	Meredith Corp		1,080,507
	38,231	*	MSG Networks, Inc		606,726
	48,320		National CineMedia, Inc		206,326
	328,351	*	Netflix, Inc		168,598,388
	126,545		New York Times Co (Class A)		5,746,408
	292,807		News Corp (Class A)		7,670,079
	96,522		News Corp (Class B)		2,346,450
	32,427		Nexstar Media Group Inc		4,780,064
	161,886		Omnicom Group, Inc		13,316,742
	310,263	*	Pinterest, Inc		20,592,155
	59,561	*	Playtika Holding Corp		1,654,605
	42,462	*	QuinStreet, Inc		860,705
	83,957	*	Roku, Inc		28,794,732
	1,557	*	Saga Communications, Inc		35,079
	23,182		Scholastic Corp		703,110
	38,405		Sinclair Broadcast Group, Inc (Class A)		1,247,010
	851,374	e	Sirius XM Holdings, Inc		5,193,381
	102,408	*	Spotify Technology S.A.		25,819,105
	87,050	*	Take-Two Interactive Software, Inc		15,266,829
	19,799	*	TechTarget, Inc		1,518,583
	174,569		TEGNA, Inc		3,501,854
	12,665	*	Tribune Publishing Co		220,878
	75,518	*	TripAdvisor, Inc		3,559,163
	88,583	*	TrueCar, Inc		407,482
	600,743	*	Twitter, Inc		33,173,029
	9,181	e	ViacomCBS, Inc (Class A)		414,981
	421,937		ViacomCBS, Inc (Class B)		17,307,856
	1,395,266	*	Walt Disney Co		259,547,381
	40,981	*	WideOpenWest, Inc		576,603

147

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	35,196		World Wrestling Entertainment, Inc (Class A)	$	1,939,652
	58,093	*	Yelp, Inc		2,283,055
	45,669	*	Zillow Group, Inc (Class A)		6,089,961
	112,866	*	Zillow Group, Inc (Class C)		14,686,124
	686,462	*	Zynga, Inc		7,427,519
			TOTAL MEDIA & ENTERTAINMENT		2,877,143,625
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.0%
	44,908	*	10X Genomics, Inc		8,882,802
	5,492	*	89bio, Inc		144,385
	1,362,432		AbbVie, Inc		151,911,168
	55,363	*,e	Abeona Therapeutics, Inc		97,993
	85,651	*	Acadia Pharmaceuticals, Inc		1,760,985
	40,384	*	Acceleron Pharma, Inc		5,046,788
	68,121	*,e	AcelRx Pharmaceuticals, Inc		88,557
	59,032	*	Adaptive Biotechnologies Corp		2,455,731
	50,388	*,e	ADMA Biologics, Inc		98,760
	66,953	*	Adverum Biotechnologies, Inc		261,117
	33,288	*	Aeglea BioTherapeutics, Inc		258,981
	28,995	*	Aerie Pharmaceuticals, Inc		496,684
	56,149	*	Affimed NV		600,233
	115,174	*	Agenus, Inc		355,888
	70,317	*,e	Agile Therapeutics, Inc		130,086
	235,027		Agilent Technologies, Inc		31,409,008
	47,992	*	Agios Pharmaceuticals, Inc		2,677,954
	105,694	*	Akebia Therapeutics, Inc		337,164
	10,278	*,e	Akero Therapeutics, Inc		316,562
	10,990	*	Akouos, Inc		156,278
	10,108	*	Albireo Pharma, Inc		324,467
	71,596	*,†	Alder Biopharmaceuticals Inc		63,004
	36,531	*	Alector, Inc		712,354
	163,925	*	Alexion Pharmaceuticals, Inc		27,650,869
	7,790	*	Aligos Therapeutics, Inc		200,359
	121,352	*	Alkermes plc		2,670,351
	20,271	*	Allakos, Inc		2,211,972
	41,019	*	Allogene Therapeutics, Inc		1,268,307
	13,657	*	Allovir, Inc		322,715
	89,846	*	Alnylam Pharmaceuticals, Inc		12,635,941
	7,260	*	ALX Oncology Holdings, Inc		454,912
	451,208		Amgen, Inc		108,127,485
	193,454	*	Amicus Therapeutics, Inc		1,903,587
	90,760	*	Amneal Pharmaceuticals, Inc		500,088
	29,714	*	Amphastar Pharmaceuticals, Inc		517,024
	15,851	*	AnaptysBio, Inc		370,121
	34,119	*,e	Anavex Life Sciences Corp		412,158
	5,085	*	ANI Pharmaceuticals, Inc		169,229
	8,726	*	Anika Therapeutics, Inc		350,611
	9,398	*	Annexon, Inc		187,302
	44,202	*	Apellis Pharmaceuticals, Inc		2,239,715
	29,630	*,e	Applied Genetic Technologies Corp		125,335
	9,388	*,e	Applied Molecular Transport, Inc		539,716
	12,708	*	Applied Therapeutics, Inc		235,352
	5,480	*,e	Aprea Therapeutics, Inc		25,701
	47,220	*,e	Aptinyx, Inc		126,550
	16,175	*,e	Aquestive Therapeutics, Inc		65,832
	13,967	*,e	Aravive Inc		73,327

148

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	18,172	*	Arcturus Therapeutics Holdings, Inc	$	666,186
	32,066	*	Arcus Biosciences, Inc		1,082,227
	16,041	*	Arcutis Biotherapeutics, Inc		537,373
	50,131	*	Ardelyx, Inc		366,458
	44,454	*	Arena Pharmaceuticals, Inc		3,050,878
	78,302	*	Arrowhead Pharmaceuticals Inc		5,697,254
	26,912	*	Arvinas, Inc		1,855,313
	23,728	*	Assembly Biosciences, Inc		101,556
	56,121	*	Atara Biotherapeutics, Inc		789,061
	10,418	*,e	Atea Pharmaceuticals, Inc		257,429
	54,957	*	Athenex, Inc		220,378
	137,117	*,e	Athersys, Inc		228,985
	9,914	*,e	Athira Pharma, Inc		195,108
	19,488	*	Atreca, Inc		232,687
	387,105	*	Avantor, Inc		12,402,844
	18,249	*,e	Avenue Therapeutics, Inc		93,435
	17,272	*,e	AVEO Pharmaceuticals, Inc		121,768
	42,863	*	Avid Bioservices, Inc		917,483
	12,674	*	Avidity Biosciences, Inc		297,079
	25,652	*	Avrobio, Inc		299,615
	36,292	*	Axcella Health, Inc		150,249
	21,552	*	Axsome Therapeutics, Inc		1,303,034
	1,870	*,e	Aytu BioScience, Inc		12,379
	30,906	*,e	Beam Therapeutics, Inc		2,534,292
	14,129	*	Berkeley Lights, Inc		693,875
	14,105	*	Beyondspring Inc		152,193
	8,940	*	BioAtla, Inc		443,335
	136,958	*,e	BioCryst Pharmaceuticals, Inc		1,593,506
	59,451	*	BioDelivery Sciences International, Inc		205,700
	118,242	*	Biogen, Inc		31,609,634
	37,255	*	Biohaven Pharmaceutical Holding Co Ltd		2,797,850
	140,169	*	BioMarin Pharmaceutical, Inc		10,921,968
	16,374	*	Bio-Rad Laboratories, Inc (Class A)		10,317,749
	29,692		Bio-Techne Corp		12,693,033
	9,945	*,e	Bioxcel Therapeutics Inc		337,832
	12,497	*	Black Diamond Therapeutics, Inc		332,920
	49,659	*	Bluebird Bio, Inc		1,489,770
	42,192	*	Blueprint Medicines Corp		4,063,933
	9,800	*	Bolt Biotherapeutics, Inc		219,128
	30,785	*,e	BrainStorm Cell Therapeutics, Inc		106,824
	71,632	*	Bridgebio Pharma, Inc		4,005,661
	1,746,125		Bristol-Myers Squibb Co		108,993,122
	80,409		Bruker BioSciences Corp		5,509,625
	8,234	*,e	C4 Therapeutics, Inc		272,545
	6,432	*,e	Cabaletta Bio, Inc		71,588
	80,639	*	Calithera Biosciences, Inc		174,987
	4,890	*,e	Calyxt, Inc		24,352
	32,865	*	Cara Therapeutics, Inc		425,602
	37,486	*	CareDx, Inc		2,964,018
	32,782	*	CASI Pharmaceuticals, Inc		58,680
	25,270	*,e	Cassava Sciences, Inc		1,182,636
	27,064	*,e	Catabasis Pharmaceuticals, Inc		60,894
	125,949	*	Catalent, Inc		14,165,484
	76,486	*	Catalyst Pharmaceuticals, Inc		350,306
	28,692	*,e	CEL-SCI Corp		692,338
	68	*	Centogene NV		739

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	76,225	*	Cerecor Inc	$	239,346
	37,951	*	Charles River Laboratories International, Inc		12,616,810
	94,520	*,e	Checkpoint Therapeutics Inc		274,108
	38,382	*	ChemoCentryx, Inc		1,855,002
	39,879	*	Chiasma, Inc		118,839
	55,373	*	Chimerix, Inc		482,299
	26,874	*	Chinook Therapeutics, Inc		482,388
	33,231	*,e	ChromaDex Corp		295,091
	51,151	*,e	Cidara Therapeutics, Inc		113,555
	62,954	*,e	Clovis Oncology, Inc		373,947
	40,339	*	Codexis, Inc		935,058
	45,593	*	Coherus Biosciences, Inc		674,776
	24,680	*	Collegium Pharmaceutical, Inc		550,364
	29,976	*	Concert Pharmaceuticals, Inc		124,400
	21,905	*	Constellation Pharmaceuticals, Inc		473,586
	26,842	*,e	ContraFect Corp		118,910
	55,322	*,e	Corbus Pharmaceuticals Holdings, Inc		99,580
	75,382	*	Corcept Therapeutics, Inc		1,717,956
	20,500	*,e	CorMedix Inc		177,120
	12,442	*,e	Cortexyme Inc		487,353
	21,423	*	Crinetics Pharmaceuticals, Inc		370,832
	23,500	*	Cue Biopharma, Inc		285,055
	10,136	*	Cullinan Oncology, Inc		329,015
	52,860	*	Cymabay Therapeutics, Inc		228,884
	50,381	*	Cytokinetics, Inc		1,281,693
	29,131	*	CytomX Therapeutics, Inc		272,666
	29,585	*	Deciphera Pharmaceuticals, Inc		1,371,856
	48,723	*	Denali Therapeutics, Inc		2,944,818
	7,935	*,e	DermTech, Inc		333,667
	48,495	*	Dicerna Pharmaceuticals, Inc		1,512,559
	156,303	*	Durect Corp		296,976
	20,577	*,e	Dyadic International, Inc		92,802
	88,569	*,e	Dynavax Technologies Corp		883,919
	7,289	*	Dyne Therapeutics, Inc		143,448
	11,214	*	Eagle Pharmaceuticals, Inc		457,868
	48,697	*	Editas Medicine, Inc		1,802,276
	19,133	*	Eiger BioPharmaceuticals, Inc		162,439
	352,016	*	Elanco Animal Health, Inc		11,162,427
	650,691		Eli Lilly & Co		118,926,794
	14,278	*,e	Eloxx Pharmaceuticals, Inc		31,126
	35,006	*	Emergent Biosolutions, Inc		2,134,666
	13,792	*	Enanta Pharmaceuticals, Inc		699,806
	175,799	*	Endo International plc		1,007,328
	504	*,e	Enochian Biosciences Inc		1,704
	62,499	*	Epizyme, Inc		488,117
	20,619	*,e	Esperion Thereapeutics, Inc		555,682
	13,020	*,e	Evelo Biosciences, Inc		171,213
	58,211	*,e	Evofem Biosciences Inc		86,152
	22,516	*	Evolus, Inc		205,121
	115,658	*	Exact Sciences Corp		15,246,038
	237,326	*	Exelixis, Inc		5,842,966
	70,922	*,e	Exicure, Inc		139,716
	58,311	*	Fate Therapeutics, Inc		5,095,798
	21,118	*,e	Fennec Pharmaceuticals, Inc		131,988
	65,218	*	FibroGen, Inc		1,455,666
	26,060	*	Flexion Therapeutics, Inc		202,226

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	49,352	*,e	Fluidigm Corp	$	247,254
	12,202	*	Forma Therapeutics Holdings, Inc		328,844
	71,352	*,e	Fortress Biotech, Inc		308,241
	22,241	*,e	Frequency Therapeutics, Inc		258,218
	11,092	*	Fulcrum Therapeutics, Inc		124,785
	26,352	*	G1 Therapeutics, Inc		555,237
	72,963	*,e	Galectin Therapeutics, Inc		322,496
	9,277	*	Generation Bio Co		338,239
	23,320	*,e	Genprex, Inc		88,616
	194,122	*,e	Geron Corp		281,477
	973,976		Gilead Sciences, Inc		61,818,257
	44,211	*	Global Blood Therapeutics, Inc		1,802,925
	22,054	*	GlycoMimetics, Inc		52,930
	43,062	*	Gossamer Bio, Inc		372,056
	5,202	*,e	Graybug Vision, Inc		24,657
	36,887	*	Gritstone Oncology, Inc		333,827
	105,915	*	Halozyme Therapeutics, Inc		5,290,454
	3,376	*	Harmony Biosciences Holdings, Inc		98,917
	6,122	*	Harpoon Therapeutics, Inc		138,602
	34,843	*,e	Harrow Health, Inc		267,246
	61,808	*	Harvard Bioscience, Inc		428,329
	69,386	*	Heron Therapeutics, Inc		1,212,867
	29,012	*	Homology Medicines, Inc		196,411
	17,405	*,e	Hookipa Pharma, Inc		235,664
	151,549	*	Horizon Therapeutics Plc		14,339,566
	145,112	*,e	iBio, Inc		198,803
	13,639	*	Ideaya Biosciences, Inc		280,281
	6,036	*,e	IGM Biosciences, Inc		426,866
	113,788	*	Illumina, Inc		44,700,478
	2,811	*	Immunic, Inc		43,177
	22,711	*,e	ImmunityBio, Inc		403,120
	145,304	*	Immunogen, Inc		1,171,150
	30,492	*	Immunovant, Inc		478,115
	141,627	*	Incyte Corp		12,092,113
	5,912	*	Inhibrx, Inc		126,103
	51,012	*	Innoviva, Inc		584,087
	122,067	*,e	Inovio Pharmaceuticals, Inc		831,276
	5,115	*,e	Inozyme Pharma, Inc		94,525
	76,755	*	Insmed, Inc		2,588,946
	38,855	*	Intellia Therapeutics, Inc		2,982,898
	21,877	*	Intercept Pharmaceuticals, Inc		432,727
	51,393	*	Intra-Cellular Therapies, Inc		1,769,461
	89,736	*,e	Invitae Corp		3,131,786
	99,851	*	Ionis Pharmaceuticals, Inc		4,275,620
	106,776	*	Iovance Biotherapeutics, Inc		3,357,037
	146,484	*	IQVIA Holdings, Inc		34,378,330
	119,898	*	Ironwood Pharmaceuticals, Inc		1,323,674
	6,460	*	iTeos Therapeutics, Inc		151,875
	55,928	*	IVERIC bio, Inc		391,496
	42,120	*	Jazz Pharmaceuticals plc		6,924,528
	2,034,895		Johnson & Johnson		331,138,463
	8,662	*	Jounce Therapeutics, Inc		81,683
	131,404	*	Kadmon Holdings, Inc		533,500
	38,118	*,e	Kala Pharmaceuticals, Inc		294,652
	27,253	*	Kaleido Biosciences Inc		215,026
	17,147	*	KalVista Pharmaceuticals Inc		428,161

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	12,241	*	Karuna Therapeutics, Inc	$	1,358,873
	47,526	*	Karyopharm Therapeutics, Inc		443,893
	10,566	*	Keros Therapeutics, Inc		621,281
	36,515	*	Kezar Life Sciences, Inc		212,882
	33,982	*	Kindred Biosciences, Inc		169,910
	17,424	*	Kiniksa Pharmaceuticals Ltd		286,799
	10,555	*	Kinnate Biopharma, Inc		283,085
	25,022	*,e	Kodiak Sciences, Inc		3,023,658
	10,681	*,e	Kronos Bio, Inc		289,135
	10,562	*	Krystal Biotech Inc		839,045
	44,453	*	Kura Oncology, Inc		1,197,119
	7,413	*	Kymera Therapeutics, Inc		337,662
	10,743	*,e	La Jolla Pharmaceutical Co		47,699
	25,546	*	Lannett Co, Inc		111,636
	31,898	*	Lexicon Pharmaceuticals, Inc		155,024
	11,370	*	Ligand Pharmaceuticals, Inc (Class B)		1,658,769
	31,107	*,e	Liquidia Corp		88,344
	395	*,e	LogicBio Therapeutics, Inc		2,180
	33,861		Luminex Corp		1,242,360
	41,985	*	MacroGenics, Inc		1,358,635
	6,924	*,e	Madrigal Pharmaceuticals, Inc		942,356
	16,996	*	Magenta Therapeutics, Inc		198,003
	173,631	*,e	MannKind Corp		793,494
	52,282	*	Maravai LifeSciences Holdings, Inc		2,034,293
	16,647	*,e	Marinus Pharmaceuticals, Inc		244,877
	93,752	*,e	Marker Therapeutics Inc		240,005
	50,605	*,e	MediciNova, Inc		222,156
	20,927	*	Medpace Holdings, Inc		3,550,893
	67,141	*	MEI Pharma, Inc		245,065
	11,473	*	MeiraGTx Holdings plc		171,866
	1,948,781		Merck & Co, Inc		145,184,185
	42,083	*	Mersana Therapeutics, Inc		670,382
	18,122	*	Mettler-Toledo International, Inc		23,799,985
	25,528	*	Minerva Neurosciences, Inc		60,757
	33,221	*	Mirati Therapeutics, Inc		5,521,995
	5,376	*	Mirum Pharmaceuticals, Inc		105,047
	220,602	*	Moderna, Inc		39,448,050
	16,898	*	Molecular Templates, Inc		158,165
	10,823	*	Morphic Holding, Inc		599,594
	39,098	*	Mustang Bio, Inc		126,287
	51,538	*	Myriad Genetics, Inc		1,557,478
	33,206	*	NanoString Technologies, Inc		2,645,522
	57,888	*	Natera, Inc		6,368,838
	135,344	*	Nektar Therapeutics		2,654,096
	81,371	*	NeoGenomics, Inc		3,986,365
	23,519	*	Neoleukin Therapeutics, Inc		293,752
	19,825	*	Neubase Therapeutics, Inc		119,545
	71,239	*	Neurocrine Biosciences, Inc		6,731,373
	12,885	*	NextCure Inc		113,001
	17,096	*	NGM Biopharmaceuticals Inc		470,140
	12,317	*	Nkarta, Inc		392,296
	47,781	*	Novavax, Inc		11,320,752
	8,438	*	Nurix Therapeutics, Inc		293,811
	55,556	*,e	Nymox Pharmaceutical Corp		110,556
	56,023	*	Ocular Therapeutix, Inc		1,029,703
	9,458	*	Olema Pharmaceuticals, Inc		265,297

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	53,494	*,e	Omeros Corp	$	944,704
	62,129	*	Oncocyte Corp		319,343
	309,914	*,e	Opko Health, Inc		1,270,647
	19,877	*,e	Optinose, Inc		70,961
	20,799	*	Organogenesis Holdings Inc		465,066
	28,415	*,e	Orgenesis, Inc		133,266
	14,740	*	ORIC Pharmaceuticals, Inc		355,676
	18,519	*,e	Osmotica Pharmaceuticals plc		53,335
	35,176	*,e	Ovid therapeutics, Inc		129,096
	4,552	*,e	Oyster Point Pharma, Inc		93,999
	136,962	*	Pacific Biosciences of California, Inc		4,088,316
	31,707	*	Pacira BioSciences Inc		2,003,248
	33,108	*	Paratek Pharmaceuticals, Inc		253,276
	19,202	*	Passage Bio, Inc		360,230
	86,408		PerkinElmer, Inc		11,201,069
	106,709		Perrigo Co plc		4,442,296
	18,492	*	Personalis, Inc		455,643
	25,003	*,†	Pfenex, Inc CVR		18,752
	4,294,060		Pfizer, Inc		165,965,419
	29,202	*,e	PhaseBio Pharmaceuticals Inc		88,482
	8,197	*	Phathom Pharmaceuticals, Inc		315,748
	11,767		Phibro Animal Health Corp		288,527
	20,154	*	Pieris Pharmaceuticals, Inc		43,533
	5,754	*,e	Pliant Therapeutics, Inc		192,759
	9,995	*	PMV Pharmaceuticals, Inc		337,131
	11,274	*,e	Poseida Therapeutics, Inc		105,525
	126,353	*	PPD, Inc		5,837,509
	48,812	*	PRA Health Sciences, Inc		8,146,235
	8,128	*	Praxis Precision Medicines, Inc		249,204
	57,227	*,e	Precigen, Inc		442,651
	36,010	*	Precision BioSciences Inc		334,533
	6,665	*,e	Prelude Therapeutics, Inc		276,198
	40,272	*	Prestige Consumer Healthcare, Inc.		1,754,248
	72,597	*,†	Progenics Pharmaceuticals, Inc		0
	24,362	*	Protagonist Therapeutics, Inc		705,036
	26,368	*	Prothena Corp plc		699,807
	33,510	*,e	Provention Bio, Inc		240,937
	48,584	*	PTC Therapeutics, Inc		2,002,147
	18,940	*	Puma Biotechnology, Inc		186,748
	176,343	*	QIAGEN NV		8,487,389
	16,334	*	Quanterix Corp		998,661
	40,547	*	Radius Health, Inc		904,198
	8,664	*,e	RAPT Therapeutics, Inc		190,088
	18,369	*,e	Reata Pharmaceuticals, Inc		1,862,617
	47,016	*,e	Recro Pharma, Inc		125,533
	75,541	*	Regeneron Pharmaceuticals, Inc		36,357,883
	28,339	*	REGENXBIO, Inc		983,080
	24,394	*	Relay Therapeutics, Inc		773,534
	11,093	*,e	Relmada Therapeutics, Inc		427,746
	40,631	*	Repligen Corp		8,601,989
	18,429	*	Replimune Group, Inc		674,317
	44,552	*	Revance Therapeutics, Inc		1,297,354
	28,989	*	REVOLUTION Medicines, Inc		962,145
	23,914	*	Rhythm Pharmaceuticals, Inc		515,586
	89,456	*	Rigel Pharmaceuticals, Inc		332,776
	26,202	*	Rocket Pharmaceuticals, Inc		1,201,100

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	249,664	e	Royalty Pharma plc	$	10,985,216
	28,366	*,e	Rubius Therapeutics, Inc		709,717
	40,249	*	Sage Therapeutics, Inc		3,170,011
	20,645	*	Sana Biotechnology, Inc		443,868
	90,778	*	Sangamo Therapeutics Inc		1,069,365
	57,754	*	Sarepta Therapeutics, Inc		4,091,293
	4,005	*	Satsuma Pharmaceuticals, Inc		21,267
	19,771	*,e	Scholar Rock Holding Corp		639,592
	23,810	*,e	scPharmaceuticals, Inc		154,051
	99,099	*	Seagen, Inc		14,246,472
	11,173	*,e	Seer, Inc		569,041
	64,477	*	Selecta Biosciences, Inc		193,431
	42,380	*	Seres Therapeutics, Inc		881,928
	9,702	*	Shattuck Labs, Inc		365,571
	48,122	*	SIGA Technologies, Inc		345,035
	9,796	*	Silverback Therapeutics, Inc		313,962
	46,649	*,e	Soleno Therapeutics, Inc		56,445
	21,778	*	Solid Biosciences, Inc		110,850
	193,120	*,e	Sorrento Therapeutics, Inc		1,589,378
	42,011	*	Sotera Health Co		1,082,203
	116,328	*	Spectrum Pharmaceuticals, Inc		361,780
	14,313	*,e	Spero Therapeutics, Inc		196,947
	18,576	*	SpringWorks Therapeutics, Inc		1,334,871
	9,604	*	Stoke Therapeutics, Inc		310,209
	48,076	*	Strongbridge Biopharma plc		122,113
	35,959	*	Supernus Pharmaceuticals, Inc		1,094,952
	21,626	*	Sutro Biopharma, Inc		443,549
	21,205	*	Syndax Pharmaceuticals, Inc		338,008
	62,976	*	Syneos Health, Inc		5,343,514
	32,750	*	Syros Pharmaceuticals, Inc		197,810
	4,744	*	Tarsus Pharmaceuticals, Inc		145,736
	3,373	*,e	Taysha Gene Therapies, Inc		87,057
	19,287	*	TCR2 Therapeutics Inc		438,008
	88,963	*	TG Therapeutics, Inc		3,977,536
	223,814	*,e	TherapeuticsMD, Inc		270,815
	39,475	*	Theravance Biopharma, Inc		779,236
	306,300		Thermo Fisher Scientific, Inc		144,031,449
	52,166	*	Translate Bio, Inc		1,211,295
	33,361	*	Travere Therapeutics, Inc		824,684
	24,338	*	Tricida, Inc		113,172
	28,926	*	Turning Point Therapeutics Inc		2,205,029
	36,382	*	Twist Bioscience Corp		4,882,101
	137,760	*,e	Tyme Technologies, Inc		213,528
	48,032	*	Ultragenyx Pharmaceutical, Inc		5,362,292
	33,538	*	United Therapeutics Corp		6,759,919
	40,004	*,e	UNITY Biotechnology, Inc		198,820
	13,634	*,e	UroGen Pharma Ltd		265,181
	43,796	*	Vanda Pharmaceuticals, Inc		727,014
	40,491	*,e	Vaxart Inc		436,493
	13,788	*,e	Vaxcyte, Inc		256,043
	124,079	*,e	VBI Vaccines, Inc		390,849
	48,847	*	Veracyte, Inc		2,430,138
	130,303	*	Verastem, Inc		400,030
	35,482	*	Vericel Corp		2,214,786
	12,463	*,e	Verrica Pharmaceuticals, Inc		164,512
	203,113	*	Vertex Pharmaceuticals, Inc		44,319,257

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	922,884	*	Viatris, Inc	$	12,274,357
	58,971	*,e	Viking Therapeutics, Inc		376,825
	41,506	*	Vir Biotechnology, Inc		1,981,496
	8,814	*,e	Vor BioPharma, Inc		248,379
	19,222	*,e	Voyager Therapeutics, Inc		92,650
	27,556	*,e	VYNE Therapeutics, Inc		136,127
	47,510	*	Waters Corp		14,246,824
	22,084	*	WaVe Life Sciences Ltd		135,817
	20,254	*	X4 Pharmaceuticals, Inc		169,729
	14,325	*,e	XBiotech, Inc		244,671
	43,711	*	Xencor, Inc		1,860,340
	28,411	*,e	Xeris Pharmaceuticals, Inc		108,814
	23,557	*	Y-mAbs Therapeutics, Inc		708,359
	20,139	*	Zentalis Pharmaceuticals, Inc		1,194,645
	168,530	*,e	ZIOPHARM Oncology, Inc		583,114
	366,418		Zoetis, Inc		63,401,307
	43,843	*,e	Zogenix, Inc		828,194
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,294,622,615
REAL ESTATE - 3.3%
	70,210		Acadia Realty Trust		1,466,687
	40,314		Agree Realty Corp		2,836,493
	59,342		Alexander & Baldwin, Inc		1,087,739
	2,066		Alexander’s, Inc		572,778
	103,013		Alexandria Real Estate Equities, Inc		18,655,654
	12,199		Alpine Income Property Trust, Inc		222,144
	7,051	*,e	Altisource Portfolio Solutions S.A.		44,421
	38,198		American Assets Trust, Inc		1,338,840
	104,739		American Campus Communities, Inc		4,735,250
	77,596		American Finance Trust, Inc		776,736
	214,982		American Homes 4 Rent		7,962,933
	340,479		American Tower Corp		86,743,835
	185,166		Americold Realty Trust		7,478,855
	113,991		Apartment Income REIT Corp		5,146,694
	113,991		Apartment Investment and Management Co		791,098
	165,195		Apple Hospitality REIT, Inc		2,619,993
	38,539		Armada Hoffler Properties, Inc		525,287
	107,738		AvalonBay Communities, Inc		20,685,696
	18,492		Bluerock Residential Growth REIT, Inc		175,304
	120,272		Boston Properties, Inc		13,151,743
	132,051		Brandywine Realty Trust		1,786,650
	227,388		Brixmor Property Group, Inc		5,079,848
	25,611		Broadstone Net Lease, Inc		516,830
	35,657		Brookfield Property REIT, Inc		641,291
	16,295		Brt Realty Trust		306,835
	72,451		Camden Property Trust		8,728,897
	70,706		CareTrust REIT, Inc		1,709,671
	56,301		CatchMark Timber Trust, Inc		654,781
	255,107	*	CBRE Group, Inc		21,735,116
	11,003		Centerspace		774,501
	44,654	*	Chatham Lodging Trust		619,351
	435		CIM Commercial Trust Corp		4,872
	47,291		City Office REIT, Inc		516,891
	8,392		Clipper Realty, Inc		69,066
	356,632	*	Colony Capital, Inc		2,496,424
	80,898		Columbia Property Trust, Inc		1,456,973

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	15,373		Community Healthcare Trust, Inc	$	782,793
	34,901	*	CorePoint Lodging, Inc		348,661
	31,588		Coresite Realty		3,837,626
	86,545		Corporate Office Properties Trust		2,426,722
	113,835		Cousins Properties, Inc		4,174,329
	320,443		Crown Castle International Corp		60,582,954
	4,506		CTO Realty Growth, Inc		238,818
	143,148		CubeSmart		6,060,886
	93,315	*	Cushman & Wakefield plc		1,586,355
	93,468		CyrusOne, Inc		6,807,274
	162,943	*	DiamondRock Hospitality Co		1,697,866
	215,209		Digital Realty Trust, Inc		33,208,901
	162,100		Diversified Healthcare Trust		715,672
	127,377		Douglas Emmett, Inc		4,272,225
	278,943		Duke Realty Corp		12,976,428
	60,564		Easterly Government Properties, Inc		1,297,887
	30,459		EastGroup Properties, Inc		4,832,625
	105,979		Empire State Realty Trust, Inc		1,207,101
	59,559	*	EPR Properties		2,841,560
	68,616		Equinix, Inc		49,455,668
	84,970		Equity Commonwealth		2,447,136
	135,367		Equity Lifestyle Properties, Inc		9,394,470
	285,033		Equity Residential		21,158,000
	80,763		Essential Properties Realty Trust, Inc		2,115,183
	50,468		Essex Property Trust, Inc		14,661,963
	38,846	*,e	eXp World Holdings Inc		1,334,749
	98,127		Extra Space Storage, Inc		14,590,504
	21,817		Farmland Partners, Inc		290,821
	5,366	*,e	Fathom Holdings, Inc		184,054
	58,575		Federal Realty Investment Trust		6,609,603
	93,102		First Industrial Realty Trust, Inc		4,633,687
	13,051	*	Forestar Group, Inc		330,712
	59,330		Four Corners Property Trust, Inc		1,712,857
	85,813		Franklin Street Properties Corp		453,093
	6,315	*	FRP Holdings, Inc		320,549
	162,905		Gaming and Leisure Properties, Inc		7,573,453
	54,308		Geo Group, Inc		299,237
	27,040		Getty Realty Corp		853,923
	28,971		Gladstone Commercial Corp		609,550
	27,777		Gladstone Land Corp		583,039
	32,062		Global Medical REIT, Inc		460,410
	65,749		Global Net Lease, Inc		1,262,381
	103,431		Healthcare Realty Trust, Inc		3,326,341
	164,149		Healthcare Trust of America, Inc		4,821,056
	418,019		Healthpeak Properties Inc		14,354,772
	41,958	*	Hersha Hospitality Trust		485,035
	79,284		Highwoods Properties, Inc		3,551,130
	534,349	*	Host Hotels and Resorts, Inc		9,703,778
	29,579	*	Howard Hughes Corp		3,192,757
	115,833		Hudson Pacific Properties		3,256,066
	74,013		Independence Realty Trust, Inc		1,246,379
	53,373		Industrial Logistics Properties Trust		1,323,650
	17,342		Innovative Industrial Properties, Inc		3,175,840
	429,899		Invitation Homes, Inc		15,072,259
	221,705		Iron Mountain, Inc		8,894,805
	58,158		iStar Inc		1,076,505

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	95,575		JBG SMITH Properties	$	3,116,701
	39,742	*	Jones Lang LaSalle, Inc		7,467,919
	83,295		Kennedy-Wilson Holdings, Inc		1,711,712
	87,286		Kilroy Realty Corp		5,982,582
	317,669		Kimco Realty Corp		6,671,049
	62,094		Kite Realty Group Trust		1,292,176
	64,815		Lamar Advertising Co		6,419,278
	207,913		Lexington Realty Trust		2,544,855
	56,619		Life Storage, Inc		5,438,821
	33,190		LTC Properties, Inc		1,411,571
	90,546		Macerich Co		1,248,629
	77,905		Mack-Cali Realty Corp		1,274,526
	24,823	*	Marcus & Millichap, Inc		876,748
	7,257	*	Maui Land & Pineapple Co, Inc		81,859
	440,772		Medical Properties Trust, Inc		9,719,023
	85,089		Mid-America Apartment Communities, Inc		13,387,052
	80,998		Monmouth Real Estate Investment Corp (Class A)		1,496,843
	33,962		National Health Investors, Inc		2,493,150
	136,953		National Retail Properties, Inc		6,357,358
	48,382		National Storage Affiliates Trust		2,198,478
	6,083		NETSTREIT Corp		126,709
	85,509		New Senior Investment Group, Inc		566,070
	116,047		Newmark Group, Inc		1,247,505
	15,040		NexPoint Residential Trust, Inc		754,406
	38,398		Office Properties Income Trust		1,065,545
	175,713		Omega Healthcare Investors, Inc		6,677,094
	12,863		One Liberty Properties, Inc		319,903
	109,833	*	Outfront Media, Inc		2,676,630
	157,554		Paramount Group, Inc		1,671,648
	185,936	*	Park Hotels & Resorts, Inc		4,148,232
	104,427		Pebblebrook Hotel Trust		2,493,717
	154,198		Physicians Realty Trust		2,888,129
	91,402		Piedmont Office Realty Trust, Inc		1,701,905
	15,614		Plymouth Industrial REIT, Inc		291,045
	51,676		PotlatchDeltic Corp		3,067,487
	31,765		Preferred Apartment Communities, Inc		324,003
	568,383		Prologis, Inc		66,233,671
	15,702		PS Business Parks, Inc		2,549,534
	115,740		Public Storage, Inc		32,541,458
	49,081		QTS Realty Trust, Inc		3,263,396
	10,421	*	Rafael Holdings, Inc		430,804
	93,867		Rayonier, Inc		3,405,495
	11,250		Re/Max Holdings, Inc		413,213
	72,523	*	Realogy Holdings Corp		1,253,197
	286,149		Realty Income Corp		19,787,203
	77,248	*	Redfin Corp		5,467,613
	128,886		Regency Centers Corp		8,204,883
	97,039		Retail Opportunities Investment Corp		1,707,886
	181,436		Retail Properties of America, Inc		2,128,244
	11,545		Retail Value, Inc		215,083
	95,051		Rexford Industrial Realty, Inc		5,280,083
	139,724		RLJ Lodging Trust		2,255,145
	12,116		RMR Group, Inc		479,551
	63,234		RPT Realty		803,704
	39,194	*	Ryman Hospitality Properties		3,082,608
	162,473		Sabra Healthcare REIT, Inc		2,952,134

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	14,934		Safehold, Inc	$	1,055,983
	10,022		Saul Centers, Inc		432,750
	85,429		SBA Communications Corp		25,604,780
	22,932	*	Seritage Growth Properties		394,430
	126,749		Service Properties Trust		1,560,914
	251,981		Simon Property Group, Inc		30,676,167
	120,419		SITE Centers Corp		1,776,180
	58,917		SL Green Realty Corp		4,360,447
	81,740		Spirit Realty Capital, Inc		3,885,920
	26,201		St. Joe Co		1,199,744
	116,417		STAG Industrial, Inc		4,250,385
	186,206		STORE Capital Corp		6,664,313
	3,026	*	Stratus Properties, Inc		106,364
	96,563	*	Summit Hotel Properties, Inc		982,046
	82,516		Sun Communities, Inc		13,766,144
	164,654	*	Sunstone Hotel Investors, Inc		2,166,847
	77,041		Tanger Factory Outlet Centers, Inc		1,344,365
	24,087	*	Tejon Ranch Co		381,056
	53,103		Terreno Realty Corp		3,426,206
	226,720		UDR, Inc		10,531,144
	30,053		UMH Properties, Inc		647,041
	126,766		Uniti Group, Inc		1,445,132
	10,411		Universal Health Realty Income Trust		697,016
	86,312		Urban Edge Properties		1,626,981
	26,203		Urstadt Biddle Properties, Inc (Class A)		476,109
	290,393		Ventas, Inc		16,105,196
	167,647		VEREIT, Inc		8,020,232
	404,581		VICI Properties, Inc		12,825,218
	134,110		Vornado Realty Trust		6,135,533
	63,470		Washington REIT		1,473,773
	89,405		Weingarten Realty Investors		2,891,358
	325,629		Welltower, Inc		24,431,944
	571,114		Weyerhaeuser Co		22,142,090
	39,696		Whitestone REIT		387,830
	135,269		WP Carey, Inc		10,130,295
	84,639	*	Xenia Hotels & Resorts, Inc		1,644,536
			TOTAL REAL ESTATE		1,088,140,007
RETAILING - 6.7%
	16,381	*,e	1-800-FLOWERS.COM, Inc (Class A)		523,782
	25,901		Aaron’s Co, Inc		800,082
	40,842	*	Abercrombie & Fitch Co (Class A)		1,531,167
	22,980	*	Academy Sports & Outdoors, Inc		708,014
	51,386		Advance Auto Parts, Inc		10,285,422
	327,108	*	Amazon.com, Inc		1,134,220,821
	117,434	e	American Eagle Outfitters, Inc		4,059,693
	4,579	*	America’s Car-Mart, Inc		690,651
	15,443	*	Asbury Automotive Group, Inc		3,067,134
	34,550	*	At Home Group, Inc		1,091,089
	42,010	*	Autonation, Inc		4,305,185
	17,511	*	AutoZone, Inc		25,638,205
	96,618	*	Bed Bath & Beyond, Inc		2,446,368
	177,595		Best Buy Co, Inc		20,648,971
	26,843		Big Lots, Inc		1,850,556
	22,700	*	Boot Barn Holdings, Inc		1,601,258
	17,237		Buckle, Inc		722,920

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	50,268	*	Burlington Stores, Inc	$	16,403,956
	24,978		Caleres, Inc		582,237
	18,783		Camping World Holdings, Inc		817,812
	126,138	*	CarMax, Inc		16,806,627
	29,372	*	CarParts.com, Inc		507,548
	43,376	*	Carvana Co		12,373,438
	14,980	*	Cato Corp (Class A)		200,732
	1,092	*	Chico’s FAS, Inc		3,276
	10,977	*	Children’s Place, Inc		860,048
	9,396	*	Citi Trends, Inc		982,822
	2,065	*	Conn’s, Inc		41,796
	15,174	*	Container Store Group, Inc		213,802
	36,270		Core-Mark Holding Co, Inc		1,543,651
	42,569	*	Designer Brands, Inc		753,471
	47,175	e	Dick’s Sporting Goods, Inc		3,895,711
	7,657		Dillard’s, Inc (Class A)		757,354
	188,134		Dollar General Corp		40,401,777
	179,695	*	Dollar Tree, Inc		20,646,956
	6,009	*,e	Duluth Holdings, Inc		92,959
	498,054		eBay, Inc		27,786,433
	45,773	*,e	Envela Corp		177,599
	90,768	*	Etsy, Inc		18,043,771
	49,263	*,e	Express Parent LLC		150,252
	41,827	*	Five Below, Inc		8,418,520
	73,484	*	Floor & Decor Holdings, Inc		8,150,845
	76,898		Foot Locker, Inc		4,535,444
	19,391		Franchise Group, Inc		747,135
	16,819	*	Funko, Inc		362,281
	42,930	*,e	GameStop Corp (Class A)		7,452,219
	139,694		Gap, Inc		4,623,871
	4,791	*	Genesco, Inc		239,550
	109,133		Genuine Parts Co		13,638,351
	34,274	*,e	Greenlane Holdings Inc		150,806
	12,020		Group 1 Automotive, Inc		1,973,203
	18,048	*	Groupon, Inc		913,770
	28,615	*,e	GrowGeneration Corp		1,247,614
	71,635	*	GrubHub, Inc		4,874,045
	28,620		Guess?, Inc		773,885
	10,285	e	Haverty Furniture Cos, Inc		477,944
	15,753	*	Hibbett Sports, Inc		1,251,576
	828,682		Home Depot, Inc		268,219,503
	123,017		Kohl’s Corp		7,216,177
	176,787	*	L Brands, Inc		11,650,263
	9,141	*	Lands’ End, Inc		210,609
	55,398	*	Leslie’s, Inc		1,574,411
	21,175	*	Liquidity Services, Inc		379,668
	20,207		Lithia Motors, Inc (Class A)		7,767,167
	229,882	*	LKQ Corp		10,737,788
	565,740		Lowe’s Companies, Inc		111,026,475
	23,238	*	Lumber Liquidators, Inc		557,015
	247,470	*	Macy’s, Inc		4,103,053
	83,141	*	Magnite, Inc		3,329,797
	15,369	*	MarineMax, Inc		872,959
	25,760		Monro Muffler, Inc		1,818,398
	20,816		Murphy USA, Inc		2,901,750
	62,250	*	National Vision Holdings, Inc		3,138,023

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	88,988	*	Nordstrom, Inc	$	3,264,080
	41,302	*	ODP Corp		1,669,840
	42,275	*	Ollie’s Bargain Outlet Holdings, Inc		3,900,714
	4,829	*	OneWater Marine, Inc		247,390
	53,883	*	O’Reilly Automotive, Inc		29,790,833
	33,221	*	Overstock.com, Inc		2,707,512
	24,321		Penske Auto Group, Inc		2,132,708
	41,187	*,e	Petco Health & Wellness Co, Inc		972,837
	15,878	e	PetMed Express, Inc		467,210
	30,024		Pool Corp		12,685,740
	61,858	*	Quotient Technology, Inc		1,010,760
	301,222		Qurate Retail Group, Inc QVC Group		3,584,542
	46,790	*	RealReal, Inc		1,158,988
	33,078		Rent-A-Center, Inc		1,903,639
	12,068	*	RH		8,303,025
	268,004		Ross Stores, Inc		35,092,444
	85,693	*	Sally Beauty Holdings, Inc		1,719,859
	8,471		Shoe Carnival, Inc		507,836
	16,941		Shutterstock, Inc		1,476,916
	37,698	*	Signet Jewelers Ltd		2,252,455
	21,386	*	Sleep Number Corp		2,392,880
	18,582	e	Sonic Automotive, Inc (Class A)		916,836
	37,818	*	Sportsman’s Warehouse Holdings, Inc		664,084
	13,399	*	Stamps.com, Inc		2,751,753
	47,187	*	Stitch Fix Inc		2,044,141
	385,056		Target Corp		79,806,707
	17,146	*	Tilly’s, Inc		206,781
	923,070		TJX Companies, Inc		65,537,970
	89,626		Tractor Supply Co		16,903,464
	41,755	*	Ulta Beauty, Inc		13,752,009
	50,871	*	Urban Outfitters, Inc		1,826,269
	80,245	*	Vroom, Inc		3,712,936
	46,764	*,e	Waitr Holdings Inc		115,039
	54,151	*	Wayfair, Inc		16,005,411
	2,679		Weyco Group, Inc		52,696
	60,032		Williams-Sonoma, Inc		10,250,464
	3,307		Winmark Corp		636,829
	17,633	*	Zumiez, Inc		757,690
			TOTAL RETAILING		2,206,752,748
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.7%
	29,347		Advanced Energy Industries, Inc		3,237,268
	923,873	*	Advanced Micro Devices, Inc		75,406,514
	36,284	*	Allegro MicroSystems, Inc		895,489
	16,124	*	Alpha & Omega Semiconductor Ltd		501,456
	26,230	*	Ambarella, Inc		2,557,163
	77,251		Amkor Technology, Inc		1,562,015
	281,922		Analog Devices, Inc		43,179,173
	706,446		Applied Materials, Inc		93,752,449
	16,289	*,e	Atomera, Inc		271,049
	22,409	*	Axcelis Technologies, Inc		930,646
	23,871	*	AXT, Inc		235,368
	304,644		Broadcom, Inc		138,978,593
	55,818		Brooks Automation, Inc		5,656,038
	17,599	*	Ceva, Inc		975,689
	45,716	*	Cirrus Logic, Inc		3,401,728

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	22,323		CMC Materials, Inc	$	4,094,708
	29,885	*	Cohu, Inc		1,195,699
	85,657	*	Cree, Inc		8,516,019
	5,871	*	CyberOptics Corp		193,684
	33,430	*	Diodes, Inc		2,567,758
	25,286	*	DSP Group, Inc		351,223
	82,299	*	Enphase Energy, Inc		11,460,136
	101,779		Entegris, Inc		11,458,280
	71,724	*	First Solar, Inc		5,489,038
	60,730	*	Formfactor, Inc		2,377,579
	519	*	GSI Technology, Inc		3,062
	17,087	*	Ichor Holdings Ltd		952,942
	13,316	*,e	Impinj, Inc		631,977
	3,163,401		Intel Corp		181,990,459
	119,623		KLA Corp		37,723,113
	110,088		Lam Research Corp		68,304,100
	103,532	*	Lattice Semiconductor Corp		5,208,695
	37,339	*	MACOM Technology Solutions Holdings, Inc		2,113,761
	598,265		Marvell Technology, Inc		27,047,561
	7,582	*,e	Maxeon Solar Technologies Ltd		136,476
	203,035		Maxim Integrated Products, Inc		19,085,290
	52,887	*	MaxLinear, Inc		1,903,403
	192,714		Microchip Technology, Inc		28,962,987
	856,915	*	Micron Technology, Inc		73,754,674
	41,768		MKS Instruments, Inc		7,481,066
	33,896		Monolithic Power Systems, Inc		12,249,336
	37,371	*	Nanometrics, Inc		2,560,661
	44,347	*	NeoPhotonics Corp Ltd		415,088
	2,807		NVE Corp		214,820
	455,619		NVIDIA Corp		273,544,535
	312,632	*	ON Semiconductor Corp		12,192,648
	22,434	*	PDF Solutions, Inc		397,755
	51,560	*	Photronics, Inc		654,812
	45,770		Power Integrations, Inc		3,790,214
	87,506	*	Qorvo, Inc		16,466,004
	868,190		QUALCOMM, Inc		120,504,772
	97,341	*	Rambus, Inc		1,847,532
	51,010	*	Semtech Corp		3,455,417
	33,906	*	Silicon Laboratories, Inc		4,779,051
	7,722	*	SiTime Corp		714,671
	126,782		Skyworks Solutions, Inc		22,989,380
	12,947	*	SMART Global Holdings, Inc		597,504
	37,421	*	SolarEdge Technologies, Inc		9,861,930
	60,658	*,e	SunPower Corp		1,558,304
	26,878	*	Synaptics, Inc		3,759,426
	129,290		Teradyne, Inc		16,171,593
	708,029		Texas Instruments, Inc		127,806,315
	28,905	*	Ultra Clean Holdings		1,476,178
	33,791		Universal Display Corp		7,558,709
	33,904	*	Veeco Instruments, Inc		780,131
	189,901		Xilinx, Inc		24,299,732
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,545,190,846
SOFTWARE & SERVICES - 14.2%
	53,962	*,e	2U, Inc		2,118,009
	77,718	*	8x8, Inc		2,556,145

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	41,224	*	A10 Networks, Inc	$	357,824
	491,789		Accenture plc		142,604,056
	88,969	*	ACI Worldwide, Inc		3,361,249
	371,465	*	Adobe, Inc		188,830,518
	16,639	*	Agilysys, Inc		838,772
	121,537	*	Akamai Technologies, Inc		13,211,072
	36,815	*	Alarm.com Holdings, Inc		3,304,514
	36,534		Alliance Data Systems Corp		4,305,532
	32,903	*,e	Altair Engineering, Inc		2,138,695
	41,995	*	Alteryx, Inc		3,433,091
	97,119		Amdocs Ltd		7,452,912
	27,834		American Software, Inc (Class A)		575,885
	103,045	*	Anaplan, Inc		6,146,634
	66,126	*	Ansys, Inc		24,179,633
	12,392	*	Appfolio, Inc		1,792,255
	27,582	*,e	Appian Corp		3,342,387
	50,573	*	Aspen Technology, Inc		6,616,971
	101,142	*	Atlassian Corp plc		24,027,294
	169,385	*	Autodesk, Inc		49,445,175
	331,682		Automatic Data Processing, Inc		62,021,217
	64,159	*	Avalara, Inc		9,091,972
	66,174	*	Avaya Holdings Corp		1,903,826
	25,395	*	Benefitfocus, Inc		343,340
	33,899	*	BigCommerce Holdings, Inc		2,031,906
	56,889	*	Bill.Com Holdings, Inc		8,796,746
	118,237	*	Black Knight, Inc		8,562,724
	39,767	*	Blackbaud, Inc		2,828,229
	39,653	*	Blackline, Inc		4,602,127
	4,672	*	BM Technologies, Inc		45,832
	34,305	*	Bottomline Technologies, Inc		1,665,851
	110,923	*	Box, Inc		2,362,660
	27,196	*	Brightcove, Inc		394,886
	87,637		Broadridge Financial Solutions, Inc		13,901,857
	12,186	*,e	C3.ai, Inc		807,444
	212,765	*	Cadence Design Systems, Inc		28,036,044
	25,980	*	Cardtronics plc		1,009,063
	11,050		Cass Information Systems, Inc		507,084
	93,197		CDK Global, Inc		4,994,427
	28,638	*	Cerence Inc		2,760,990
	90,252	*	Ceridian HCM Holding, Inc		8,527,009
	31,199	*	ChannelAdvisor Corp		659,859
	93,674		Citrix Systems, Inc		11,601,525
	161,585	*	Cloudera, Inc		2,050,514
	84,643	*	Cloudflare, Inc		7,172,648
	410,500		Cognizant Technology Solutions Corp (Class A)		33,004,200
	50,197	*	Cognyte Software Ltd		1,311,648
	32,454	*	Commvault Systems, Inc		2,255,878
	32,607	*	Concentrix Corp		5,066,476
	136,953	*	Conduent, Inc		931,280
	48,037	*	Cornerstone OnDemand, Inc		2,126,358
	53,293	*	Coupa Software, Inc		14,337,949
	118,595	*	Crowdstrike Holdings, Inc		24,728,243
	27,043		CSG Systems International, Inc		1,243,708
	118,611	*	Datadog, Inc		10,173,265
	17,633	*	Datto Holding Corp		450,523
	8,153	*,e	Digimarc Corp		275,001

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	66,325	*	Digital Turbine, Inc	$	5,002,895
	138,734	*	DocuSign, Inc		30,929,358
	20,126	*	Domo, Inc		1,293,901
	187,795	*	Dropbox, Inc		4,826,331
	56,515	*	Duck Creek Technologies, Inc		2,349,894
	200,659	*	DXC Technology Co		6,603,688
	142,206	*	Dynatrace, Inc		7,400,400
	20,502		Ebix, Inc		617,315
	17,054	*	eGain Corp		167,641
	51,601	*	Elastic NV		6,224,113
	40,748	*	Envestnet, Inc		3,008,425
	40,646	*	EPAM Systems, Inc		18,605,706
	39,210	*	Euronet Worldwide, Inc		5,623,890
	26,947	*	Everbridge, Inc		3,576,136
	47,756		EVERTEC, Inc		1,905,464
	30,387	*	Evo Payments, Inc		866,333
	26,004	*	ExlService Holdings, Inc		2,402,250
	21,786	*	Fair Isaac Corp		11,359,438
	61,900	*,e	Fastly, Inc		3,953,553
	476,305		Fidelity National Information Services, Inc		72,827,034
	174,603	*	FireEye, Inc		3,470,235
	441,841	*	Fiserv, Inc		53,073,941
	48,049	*	Five9, Inc		9,031,771
	63,081	*	FleetCor Technologies, Inc		18,149,665
	102,462	*	Fortinet, Inc		20,925,814
	65,670	*	Gartner, Inc		12,863,440
	145,809		Genpact Ltd		6,930,302
	229,346		Global Payments, Inc		49,224,532
	30,079	*	Globant S.A.		6,893,505
	131,468	*	GoDaddy, Inc		11,414,052
	49,129	*	GreenSky, Inc		299,196
	21,069	*	Grid Dynamics Holdings, Inc		303,604
	27,303	*,e	GTT Communications, Inc		43,958
	1,410	*	GTY Technology Holdings Inc		7,191
	65,645	*	Guidewire Software, Inc		6,926,204
	19,483		Hackett Group, Inc		324,002
	32,159	*	HubSpot, Inc		16,930,106
	11,042	*	I3 Verticals, Inc		366,815
	16,673	*	Information Services Group, Inc		75,862
	8,699	*,e	Intelligent Systems Corp		333,346
	25,045		InterDigital, Inc		1,738,624
	684,111		International Business Machines Corp		97,061,669
	15,169	*	International Money Express Inc		239,367
	194,373		Intuit, Inc		80,112,776
	31,867	*	j2 Global, Inc		3,855,907
	59,198		Jack Henry & Associates, Inc		9,639,210
	32,641	*	Jamf Holding Corp		1,192,049
	10,058	*,e	JFrog Ltd		493,144
	94,577	*,e	Limelight Networks, Inc		296,026
	47,868	*	Liveperson, Inc		2,615,986
	50,165	*	LiveRamp Holdings, Inc		2,457,082
	47,226	*	Manhattan Associates, Inc		6,481,296
	680,639		Mastercard, Inc (Class A)		260,044,936
	47,340		MAXIMUS, Inc		4,338,238
	27,324		McAfee Corp		663,427
	68,105	*	Medallia, Inc		2,008,416

163

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	5,775,973		Microsoft Corp	$	1,456,584,871
	5,483	*,e	MicroStrategy, Inc (Class A)		3,603,208
	44,613	*	Mimecast Ltd		1,937,096
	32,077	*	Mitek Systems, Inc		519,968
	26,865	*	Model N, Inc		1,068,690
	61,031	*	MoneyGram International, Inc		421,114
	39,622	*	MongoDB, Inc		11,785,960
	35,936	*	nCino, Inc		2,349,855
	39,247	*	New Relic, Inc		2,523,582
	415,247		NortonLifelock, Inc		8,973,488
	218,312	*	Nuance Communications, Inc		11,607,649
	150,888	*	Nutanix, Inc		4,080,012
	89,583	*	Okta, Inc		24,160,535
	6,639	*	ON24, Inc		292,116
	23,314	*	OneSpan, Inc		625,048
	1,420,657		Oracle Corp		107,671,594
	54,376	*	Pagerduty, Inc		2,308,805
	72,636	*	Palo Alto Networks, Inc		25,668,836
	245,909		Paychex, Inc		23,973,668
	37,587	*	Paycom Software, Inc		14,448,819
	29,430	*	Paylocity Holding Corp		5,687,053
	906,533	*	PayPal Holdings, Inc		237,774,541
	22,339	*,e	Paysign Inc		85,335
	33,286		Pegasystems, Inc		4,225,325
	23,999	*	Perficient, Inc		1,574,574
	108,179		Perspecta, Inc		3,166,399
	24,659	*	Ping Identity Holding Corp		598,721
	36,290		Progress Software Corp		1,584,421
	43,548	*	Proofpoint, Inc		7,495,046
	31,004	*	PROS Holdings, Inc		1,332,552
	81,011	*	PTC, Inc		10,607,580
	38,416	*	Q2 Holdings, Inc		3,996,032
	11,688		QAD, Inc (Class A)		826,225
	25,896	*	Qualys, Inc		2,624,819
	25,440	*	Rackspace Technology, Inc		632,693
	39,060	*	Rapid7, Inc		3,173,625
	40,927	*	Repay Holdings Corp		935,182
	14,512	*	Rimini Street, Inc		114,209
	61,267	*	RingCentral, Inc		19,541,110
	247,088	*	Sabre Corp		3,701,378
	66,850	*	SailPoint Technologies Holding, Inc		3,264,286
	676,732	*	salesforce.com, Inc		155,864,914
	20,011		Sapiens International Corp NV		647,556
	3,251	*	SecureWorks Corp		42,296
	150,328	*	ServiceNow, Inc		76,121,589
	4,732	*	ShotSpotter, Inc		165,336
	379,085	*	Slack Technologies, Inc		16,073,204
	86,299	*	Smartsheet, Inc		5,117,531
	44,616	*	Smith Micro Software, Inc		250,742
	36,450	*	SolarWinds Corp		614,547
	123,648	*	Splunk, Inc		15,631,580
	21,701	*	Sprout Social, Inc		1,438,559
	27,785	*	SPS Commerce, Inc		2,846,295
	285,631	*	Square, Inc		69,928,181
	169,716		SS&C Technologies Holdings, Inc		12,596,322
	552	*	StarTek, Inc		4,488

164

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	157,623	*	StoneCo Ltd	$	10,188,751
	10,437	*	Sumo Logic, Inc		203,417
	94,013	*	SVMK, Inc		1,691,294
	70,133		Switch, Inc		1,302,370
	30,989	*	Sykes Enterprises, Inc		1,358,248
	47,556	*	Synchronoss Technologies, Inc		158,837
	116,581	*	Synopsys, Inc		28,802,502
	12,684	*	Telos Corp		420,855
	52,967	*	Tenable Holdings, Inc		1,985,998
	85,859	*	Teradata Corp		4,247,445
	31,824	*	Trade Desk, Inc		23,209,561
	16,091		TTEC Holdings, Inc		1,636,937
	7,649	*,e	Tucows, Inc		601,288
	111,090	*	Twilio, Inc		40,858,902
	30,458	*	Tyler Technologies, Inc		12,940,386
	47,903	*	Unisys Corp		1,149,672
	22,708	*,e	Unity Software, Inc		2,306,679
	17,963	*	Upland Software, Inc		890,246
	75,024	*	Varonis Systems, Inc		3,972,521
	50,197	*	Verint Systems, Inc		2,438,068
	77,628	*	VeriSign, Inc		16,982,678
	18,164	*	Veritone, Inc		438,116
	92,580	*	Verra Mobility Corp		1,244,275
	8,329	*	Viant Technology, Inc		273,524
	48,159	e	VirnetX Holding Corp		224,421
	1,302,514		Visa, Inc (Class A)		304,215,170
	60,810	*	VMware, Inc (Class A)		9,780,072
	318,046		Western Union Co		8,192,865
	34,110	*	WEX, Inc		6,999,713
	137,422	*	Workday, Inc		33,943,234
	30,853	*	Workiva, Inc		2,900,182
	78,779		Xperi Holding Corp		1,618,908
	78,881	*	Yext, Inc		1,100,390
	89,205	*	Zendesk, Inc		13,037,311
	43,838	*	Zix Corp		345,663
	135,305	*	Zoom Video Communications, Inc		43,239,419
	56,100	*	Zscaler, Inc		10,526,604
	76,958	*	Zuora Inc		1,246,720
			TOTAL SOFTWARE & SERVICES		4,625,154,793
TECHNOLOGY HARDWARE & EQUIPMENT - 6.8%
	93,330	*	3D Systems Corp		2,010,328
	28,640		Adtran, Inc		489,458
	20,418	*	Akoustis Technologies, Inc		229,294
	446,261		Amphenol Corp (Class A)		30,051,216
	12,220,062		Apple, Inc		1,606,449,351
	28,417	*,e	Applied Optoelectronics, Inc		210,570
	44,837	*	Arista Networks, Inc		14,131,277
	61,760	*	Arlo Technologies, Inc		378,589
	57,849	*	Arrow Electronics, Inc		6,598,835
	24,242	*	Avid Technology, Inc		551,263
	71,813		Avnet, Inc		3,154,027
	24,353		Badger Meter, Inc		2,274,327
	6,194		Bel Fuse, Inc (Class B)		123,446
	30,681		Belden CDT, Inc		1,327,874
	28,683		Benchmark Electronics, Inc		861,064

165

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	21,606	*	CalAmp Corp	$	297,083
	42,216	*	Calix, Inc		1,785,315
	5,416	*	Cambium Networks Corp		324,960
	33,928	*	Casa Systems, Inc		266,165
	109,136		CDW Corp		19,462,223
	119,070	*	Ciena Corp		6,009,463
	3,274,879		Cisco Systems, Inc		166,724,090
	4,869	*	Clearfield, Inc		167,250
	131,536		Cognex Corp		11,327,880
	18,988	*	Coherent, Inc		4,936,690
	147,770	*	CommScope Holding Co, Inc		2,430,817
	13,778		Comtech Telecommunications Corp		330,396
	577,962		Corning, Inc		25,551,700
	17,703	*,e	Corsair Gaming, Inc		587,386
	24,590		CTS Corp		799,667
	21,059	*	Daktronics, Inc		129,934
	198,916	*	Dell Technologies, Inc		19,559,410
	62,918	*	Diebold, Inc		944,399
	19,320	*	Digi International, Inc		345,248
	47,058		Dolby Laboratories, Inc (Class A)		4,774,975
	331	*	DZS, Inc		4,972
	12,050	*,e	Eastman Kodak Co		89,893
	37,068	*	EchoStar Corp (Class A)		906,313
	9,293	*	ePlus, Inc		932,646
	77,044	*	Extreme Networks, Inc		876,761
	47,216	*	F5 Networks, Inc		8,818,060
	29,342	*	Fabrinet		2,512,262
	14,511	*	FARO Technologies, Inc		1,100,587
	100,815		FLIR Systems, Inc		6,045,876
	35,611	*	Genasys, Inc		222,569
	67,921	*	Harmonic, Inc		531,142
	1,001,021		Hewlett Packard Enterprise Co		16,036,356
	992,129		HP, Inc		33,841,520
	78,718	*	II-VI, Inc		5,285,127
	19,883	*	Immersion Corp		170,397
	123,476	*,e	Infinera Corp		1,138,449
	53,964	*,e	Inseego Corp		479,200
	27,194	*	Insight Enterprises, Inc		2,729,462
	27,490	*,e	Intellicheck, Inc		274,075
	27,630	*	IPG Photonics Corp		5,998,749
	15,183	*	Iteris, Inc		102,485
	31,796	*	Itron, Inc		2,859,732
	114,393		Jabil Inc		5,996,481
	252,332		Juniper Networks, Inc		6,406,709
	144,146	*	Keysight Technologies, Inc		20,807,475
	14,794	*	Kimball Electronics, Inc		340,410
	63,212	*	Knowles Corp		1,321,131
	6,399	*	KVH Industries, Inc		85,683
	18,313		Littelfuse, Inc		4,857,340
	58,266	*	Lumentum Holdings, Inc		4,955,523
	12,394	*	Luna Innovations, Inc		140,548
	29,619		Methode Electronics, Inc		1,330,782
	130,723		Motorola Solutions, Inc		24,615,141
	9,430	*	Napco Security Technologies, Inc		314,113
	102,594		National Instruments Corp		4,248,418
	99,167	*	NCR Corp		4,536,890

166

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	172,992		NetApp, Inc	$	12,920,772
	24,521	*	Netgear, Inc		912,426
	54,736	*	Netscout Systems, Inc		1,433,810
	25,300	*	nLight, Inc		742,302
	26,725	*	Novanta, Inc		3,519,950
	15,509	*	OSI Systems, Inc		1,497,704
	14,979	*,e	PAR Technology Corp		1,230,375
	9,082		PC Connection, Inc		411,869
	27,924		PCTEL, Inc		186,532
	25,985	*	Plantronics, Inc		1,039,140
	22,542	*	Plexus Corp		2,083,782
	184,460	*	Pure Storage, Inc		3,729,781
	37,906	*,e	Research Frontiers, Inc		97,039
	39,513	*	Resonant, Inc		129,208
	58,048	*	Ribbon Communications, Inc		391,824
	15,165	*	Rogers Corp		2,969,914
	55,011	*	Sanmina Corp		2,246,649
	15,276	*	Scansource, Inc		461,793
	35,032	*	Super Micro Computer, Inc		1,296,885
	32,607		Synnex Corp		3,951,968
	190,945	*	Trimble Inc		15,657,490
	76,878	*	TTM Technologies, Inc		1,153,170
	6,851		Ubiquiti, Inc		1,954,796
	44,286	*	Viasat, Inc		2,293,572
	182,020	*	Viavi Solutions, Inc		2,977,847
	96,525		Vishay Intertechnology, Inc		2,371,619
	6,683	*	Vishay Precision Group, Inc		213,054
	119,292	*	Vontier Corp		3,738,611
	233,925	*	Western Digital Corp		16,522,123
	16,625	*,e	Wrap Technologies Inc		97,755
	131,216		Xerox Holdings Corp		3,167,554
	40,424	*	Zebra Technologies Corp (Class A)		19,716,402
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,217,626,963
TELECOMMUNICATION SERVICES - 1.4%
	13,098	*	Anterix, Inc		619,797
	5,493,413		AT&T, Inc		172,548,102
	5,840		ATN International, Inc		266,187
	14,511	*	Bandwidth Inc		1,918,354
	39,329	*	Boingo Wireless, Inc		549,033
	38,930	*	Cincinnati Bell, Inc		600,690
	33,327		Cogent Communications Group, Inc		2,516,522
	70,859	*	Consolidated Communications Holdings, Inc		510,185
	44,664	*,e	Gogo, Inc		465,399
	12,896	*	IDT Corp (Class B)		309,633
	93,288	*	Iridium Communications, Inc		3,544,011
	27,165	*	Liberty Latin America Ltd (Class A)		377,186
	118,887	*	Liberty Latin America Ltd (Class C)		1,658,474
	847,847		Lumen Technologies, Inc		10,877,877
	22,870	*	Ooma, Inc		378,041
	51,661	*	ORBCOMM, Inc		592,035
	38,595		Shenandoah Telecom Co		1,824,000
	14,133		Spok Holdings, Inc		145,146
	90,410		Telephone & Data Systems, Inc		2,077,622
	423,519	*	T-Mobile US, Inc		55,959,566
	8,839	*	US Cellular Corp		301,675

167

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	3,193,651		Verizon Communications, Inc	$	184,561,091
	183,282	*	Vonage Holdings Corp		2,483,471
			TOTAL TELECOMMUNICATION SERVICES		445,084,097
TRANSPORTATION - 2.1%
	44,939	*	Air Transport Services Group, Inc		1,182,795
	93,675	*	Alaska Air Group, Inc		6,476,690
	10,685	*	Allegiant Travel Co		2,518,775
	6,591		Amerco, Inc		3,932,388
	481,815	*	American Airlines Group, Inc		10,465,022
	19,944		ArcBest Corp		1,451,125
	19,550	*	Atlas Air Worldwide Holdings, Inc		1,327,641
	41,175	*	Avis Budget Group, Inc		3,689,692
	99,676		CH Robinson Worldwide, Inc		9,676,546
	24,804	*	Copa Holdings S.A. (Class A)		2,145,546
	36,395		Costamare, Inc		382,875
	15,394	*	Covenant Transportation Group, Inc		331,125
	587,675		CSX Corp		59,208,256
	35,358	*,e	Daseke, Inc		268,367
	496,782	*	Delta Air Lines, Inc		23,309,011
	7,694	*,e	Eagle Bulk Shipping, Inc		333,458
	15,769	*	Echo Global Logistics, Inc		515,646
	7,162	e	Eneti, Inc		144,028
	129,241		Expeditors International of Washington, Inc		14,198,416
	189,210		FedEx Corp		54,929,555
	20,532		Forward Air Corp		1,812,770
	19,866		Genco Shipping & Trading Ltd		304,744
	45,051	*	Hawaiian Holdings, Inc		1,131,231
	38,745		Heartland Express, Inc		720,270
	25,530	*	Hub Group, Inc (Class A)		1,677,832
	63,447		JB Hunt Transport Services, Inc		10,831,037
	213,246	*	JetBlue Airways Corp		4,341,689
	69,551		Kansas City Southern		20,323,498
	45,468	*	Kirby Corp		2,896,312
	97,798		Knight-Swift Transportation Holdings, Inc		4,608,242
	27,881		Landstar System, Inc		4,803,339
	193,012	*	Lyft, Inc (Class A)		10,743,048
	56,697		Macquarie Infrastructure Co LLC		1,888,577
	48,163		Marten Transport Ltd		805,285
	33,308		Matson, Inc		2,176,012
	22,884	*	Mesa Air Group, Inc		257,674
	193,555		Norfolk Southern Corp		54,048,298
	74,785		Old Dominion Freight Line		19,280,321
	62	*	PAM Transportation Services, Inc		3,591
	26,622	*	Radiant Logistics, Inc		177,835
	40,037		Ryder System, Inc		3,196,554
	35,633	*	Safe Bulkers, Inc		127,922
	20,282	*	Saia, Inc		4,756,129
	44,402		Schneider National, Inc		1,075,860
	39,123	*	Skywest, Inc		1,942,848
	453,729	*	Southwest Airlines Co		28,485,107
	74,471	*	Spirit Airlines, Inc		2,667,551
	1,064,794	*	Uber Technologies, Inc		58,318,767
	516,787		Union Pacific Corp		114,773,225
	243,047	*	United Airlines Holdings Inc		13,221,757
	552,849		United Parcel Service, Inc (Class B)		112,703,797

168

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	7,345		Universal Logistics Holdings Inc	$	183,698
	11,478	*	US Xpress Enterprises, Inc		117,535
	48,383		Werner Enterprises, Inc		2,236,746
	68,359	*	XPO Logistics, Inc		9,510,104
			TOTAL TRANSPORTATION		692,636,162
UTILITIES - 2.5%
	513,735		AES Corp		14,292,108
	43,869		Allete, Inc		3,086,623
	188,558		Alliant Energy Corp		10,591,303
	190,233		Ameren Corp		16,139,368
	383,411		American Electric Power Co, Inc		34,012,390
	28,014		American States Water Co		2,218,429
	139,637		American Water Works Co, Inc		21,781,976
	4,314		Artesian Resources Corp		174,501
	79,667	*,e	Atlantic Power Corp		241,391
	97,061		Atmos Energy Corp		10,054,549
	25,594		Avangrid, Inc		1,302,735
	52,808		Avista Corp		2,430,224
	48,732		Black Hills Corp		3,361,533
	24,945	e	Brookfield Infrastructure Corp		1,796,788
	91,246		Brookfield Renewable Corp		3,784,884
	30,924	*,e	Cadiz, Inc		360,265
	39,413		California Water Service Group		2,315,514
	390,755		Centerpoint Energy, Inc		9,569,590
	15,108		Chesapeake Utilities Corp		1,790,600
	26,585		Clearway Energy, Inc (Class A)		706,629
	61,668		Clearway Energy, Inc (Class C)		1,769,255
	219,282		CMS Energy Corp		14,119,568
	262,062		Consolidated Edison, Inc		20,286,219
	6,419		Consolidated Water Co, Inc		75,552
	625,543		Dominion Energy, Inc		49,980,886
	147,776		DTE Energy Co		20,691,595
	564,106		Duke Energy Corp		56,799,833
	279,579		Edison International		16,620,972
	156,156		Entergy Corp		17,066,289
	174,799		Essential Utilities Inc		8,238,277
	174,625		Evergy, Inc		11,170,761
	264,571		Eversource Energy		22,811,312
	740,862		Exelon Corp		33,294,338
	419,601		FirstEnergy Corp		15,911,270
	28,059		Genie Energy Ltd		157,130
	6,030		Global Water Resources, Inc		102,811
	84,623		Hawaiian Electric Industries, Inc		3,643,866
	38,266		Idacorp, Inc		3,921,500
	153,851		MDU Resources Group, Inc		5,147,854
	29,583		MGE Energy, Inc		2,213,104
	13,552		Middlesex Water Co		1,111,535
	66,032		National Fuel Gas Co		3,279,149
	73,274		New Jersey Resources Corp		3,073,844
	1,510,069		NextEra Energy, Inc		117,045,448
	292,450		NiSource, Inc		7,609,549
	24,580		Northwest Natural Holding Co		1,325,354
	38,792		NorthWestern Corp		2,639,020
	189,173		NRG Energy, Inc		6,776,177
	156,650		OGE Energy Corp		5,257,174

169

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY				VALUE
	40,415		ONE Gas, Inc				$	3,252,195
	31,460		Ormat Technologies, Inc					2,277,704
	32,053		Otter Tail Corp					1,513,863
	1,010,972	*,b	PG&E Corp					11,444,203
	86,858		Pinnacle West Capital Corp					7,352,530
	60,711		PNM Resources, Inc					2,996,695
	71,224		Portland General Electric Co					3,622,453
	591,740		PPL Corp					17,237,386
	389,224		Public Service Enterprise Group, Inc					24,583,388
	9,378	*	Pure Cycle Corp					143,202
	3,907		RGC Resources, Inc					84,743
	223,280		Sempra Energy					30,716,630
	20,658		SJW Corp					1,354,132
	69,909	e	South Jersey Industries, Inc					1,730,248
	814,989		Southern Co					53,927,822
	43,362		Southwest Gas Holdings Inc					3,023,199
	7,602	e	Spark Energy, Inc					80,429
	39,858		Spire, Inc					3,002,902
	41,811	*	Sunnova Energy International, Inc					1,476,764
	161,651		UGI Corp					7,065,765
	12,150		Unitil Corp					700,204
	381,280		Vistra Energy Corp					6,432,194
	243,472		WEC Energy Group, Inc					23,658,174
	406,909		Xcel Energy, Inc					29,012,612
	14,741		York Water Co					761,225
			TOTAL UTILITIES					829,601,704
			TOTAL COMMON STOCKS					32,663,581,163
			(Cost $14,937,642,816)
RIGHTS / WARRANTS - 0.0%
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					1,193
	4,598	†	Tobira Therapeutics, Inc					276
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,704
			TOTAL RIGHTS / WARRANTS					2,704
			(Cost $822)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.6%
$	6,140,000		Federal Home Loan Bank (FHLB)	0.010	%	05/05/21		6,140,000
	15,019,000		FHLB	0.005		05/07/21		15,019,000
	9,696,000		FHLB	0.010		05/11/21		9,696,000
	12,092,000		FHLB	0.005-0.010		05/12/21		12,092,000
	10,000,000		FHLB	0.010		05/14/21		10,000,000

170

TIAA-CREF FUNDS - Equity Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
$	47,978,000		FHLB	0.005	%	05/19/21	$	47,978,000
	20,875,000		FHLB	0.011		06/09/21		20,875,000
	5,532,000		FHLB	0.015		06/21/21		5,532,000
	20,418,000		FHLB	0.015-0.020		07/23/21		20,417,540
	3,369,000		Federal Agricultural Mortgage Corp (FAMC)	0.005		05/24/21		3,369,000
	49,590,000		Tennessee Valley Authority (TVA)	0.005		05/05/21		49,590,000
			TOTAL GOVERNMENT AGENCY DEBT					200,708,540
REPURCHASE AGREEMENT - 0.0%
	9,390,000	r	Fixed Income Clearing Corp (FICC)	0.005		05/03/21		9,390,000
			TOTAL REPURCHASE AGREEMENT					9,390,000
TREASURY DEBT - 0.3%
	25,499,000		United States Treasury Bill	0.005		05/04/21		25,498,998
	50,423,000		United States Treasury Bill	0.010-0.013		05/20/21		50,422,762
	12,500,000		United States Treasury Bill	0.015		06/15/21		12,499,944
			TOTAL TREASURY DEBT					88,421,704
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	86,481,538	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020				86,481,538
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					86,481,538
			TOTAL SHORT-TERM INVESTMENTS					385,001,782
			(Cost $385,000,515)
			TOTAL INVESTMENTS - 100.8%					33,048,585,649
			(Cost $15,322,644,153)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%					(257,884,549	)
			NET ASSETS - 100.0%				$	32,790,701,100

	Abbreviation(s):
	CVR     Contingent Value Right
	REIT    Real Estate Investment Trust
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
b	In bankruptcy
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $151,106,293.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $2,026,121 or 0.0% of net assets.
r	Agreement with Fixed Income Clearing Corp, 0.005% dated 4/30/21 to be repurchased at $9,390,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $9,577,858.

171

TIAA-CREF FUNDS - Equity Index Fund

Futures contracts outstanding as of April 30, 2021 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index	206	06/18/21	$	23,014,678	$	23,293,450	$	278,772
S&P 500 E Mini Index	1,253	06/18/21		258,723,510		261,526,160		2,802,650
S&P Mid-Cap 400 E Mini Index	28	06/18/21		7,526,072		7,616,840		90,768
Total	1,487		$	289,264,260	$	292,436,450	$	3,172,190

172

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 2.8%
	18,861		BorgWarner, Inc	$	916,267
	521,814	*	Tesla, Inc		370,195,724
			TOTAL AUTOMOBILES & COMPONENTS		371,111,991
BANKS - 0.0%
	29,343	e	Rocket Cos, Inc		658,750
			TOTAL BANKS		658,750
CAPITAL GOODS - 2.3%
	253,038		3M Co		49,883,911
	40,658		Allegion plc		5,463,622
	49,259		Allison Transmission Holdings, Inc		2,042,771
	12,318		Armstrong World Industries, Inc		1,276,761
	2,783	*	Array Technologies, Inc		78,369
	42,424	*	Axon Enterprise, Inc		6,431,903
	8,837	*	AZEK Co, Inc		426,650
	41,187		BWX Technologies, Inc		2,756,234
	212,431		Carrier Global Corp		9,257,743
	3,334		Donaldson Co, Inc		209,642
	316,056		Fastenal Co		16,523,408
	38,187	*	Generac Holdings, Inc		12,370,679
	56,909		Graco, Inc		4,370,611
	24,526		HEICO Corp		3,453,261
	43,010		HEICO Corp (Class A)		5,431,303
	722		Huntington Ingalls		153,295
	94,993		Illinois Tool Works, Inc		21,892,087
	16,702		Lincoln Electric Holdings, Inc		2,138,691
	168,776		Lockheed Martin Corp		64,229,395
	30,730	*	Mercury Systems, Inc		2,312,125
	32,070		Nordson Corp		6,779,919
	97,876		Northrop Grumman Corp		34,691,169
	18,793		Quanta Services, Inc		1,816,155
	38,450		Rockwell Automation, Inc		10,160,797
	9,822		Roper Technologies Inc		4,384,934
	5,006	*	Shoals Technologies Group, Inc		160,542
	66,219		Toro Co		7,588,697
	7,978	*	TransDigm Group, Inc		4,896,418
	79,334	*	Trex Co, Inc		8,567,279
	162,646		Vertiv Holdings Co		3,692,064
	40,056	*,e	Virgin Galactic Holdings, Inc		887,240
	21,844		W.W. Grainger, Inc		9,470,248
			TOTAL CAPITAL GOODS		303,797,923
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	92,311		Booz Allen Hamilton Holding Co		7,657,197

173

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	2,750	*	CACI International, Inc (Class A)	$	700,865
	53,230		Cintas Corp		18,371,802
	139,781	*	Copart, Inc		17,404,132
	3,481		CoreLogic Inc		277,436
	26,639	*	CoStar Group, Inc		22,761,161
	47,502	*	Dun & Bradstreet Holdings, Inc		1,128,648
	61,150		Equifax, Inc		14,017,415
	21,426	*	IAA, Inc		1,345,767
	147,309		IHS Markit Ltd		15,847,502
	8,612		Leidos Holdings, Inc		872,223
	5,257		MSA Safety, Inc		845,115
	133,558		Rollins, Inc		4,979,042
	5,494		Science Applications International Corp		491,273
	118,057		TransUnion		12,347,582
	107,945		Verisk Analytics, Inc		20,315,249
	37,283		Waste Management, Inc		5,143,936
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		144,506,345
CONSUMER DURABLES & APPAREL - 1.1%
	77,303	*	Lululemon Athletica, Inc		25,917,377
	138,783	*	Mattel, Inc		2,978,283
	846,691		Nike, Inc (Class B)		112,288,160
	239	*	NVR, Inc		1,199,326
	41,949	*	Peloton Interactive, Inc		4,125,684
	4,482		Polaris Inc		627,615
	95,688		Tempur Sealy International, Inc		3,649,540
	11,965		VF Corp		1,048,852
			TOTAL CONSUMER DURABLES & APPAREL		151,834,837
CONSUMER SERVICES - 1.6%
	27,850	*	Booking Holdings, Inc		68,680,328
	28,467	*	Bright Horizons Family Solutions		4,122,876
	88,675	*	Chegg, Inc		8,010,013
	18,971	*	Chipotle Mexican Grill, Inc (Class A)		28,305,301
	26,625		Domino’s Pizza, Inc		11,244,803
	10,442	*	Expedia Group, Inc		1,840,194
	10,599	*	frontdoor, Inc		567,364
	87,950		H&R Block, Inc		1,957,767
	96,763	*	Las Vegas Sands Corp		5,927,701
	72,548		McDonald’s Corp		17,127,132
	31,643	*	Planet Fitness, Inc		2,657,696
	459,975		Starbucks Corp		52,662,538
	2,183	*	Vail Resorts, Inc		709,824
	108,557		Wendy’s		2,450,131
	17,168	*	Wynn Resorts Ltd		2,204,371
	18,373		Yum China Holdings, Inc		1,156,029
	14,994		Yum! Brands, Inc		1,792,083
			TOTAL CONSUMER SERVICES		211,416,151
DIVERSIFIED FINANCIALS - 1.2%
	57,464		Apollo Global Management, Inc		3,181,782
	67,123		Ares Management Corp		3,525,300
	6,182		Carlyle Group, Inc		263,724
	15,720		CBOE Global Markets, Inc		1,640,696
	379	*,e	Credit Acceptance Corp		149,625
	25,551		Factset Research Systems, Inc		8,590,757

174

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	131,450		Intercontinental Exchange Group, Inc	$	15,472,979
	3,254		iShares Russell 1000 Growth Index Fund		845,194
	7,244	*,e	LendingTree, Inc		1,495,814
	3,545		LPL Financial Holdings, Inc		555,501
	25,192		MarketAxess Holdings, Inc		12,305,284
	110,790		Moody’s Corp		36,196,201
	12,354		Morningstar, Inc		3,273,934
	54,708		MSCI, Inc (Class A)		26,575,505
	96,834		S&P Global, Inc		37,803,025
	57,050		SLM Corp		1,121,603
	38,013		T Rowe Price Group, Inc		6,811,930
	48,202		Tradeweb Markets, Inc		3,917,859
	2,088	*	Upstart Holdings, Inc		227,634
	37,166		Virtu Financial, Inc		1,101,229
			TOTAL DIVERSIFIED FINANCIALS		165,055,576
ENERGY - 0.1%
	157,995	*	Cheniere Energy, Inc		12,247,773
	25,227		Equitrans Midstream Corp		205,852
			TOTAL ENERGY		12,453,625
FOOD & STAPLES RETAILING - 0.9%
	37,616	e	Albertsons Cos, Inc		698,529
	265,487		Costco Wholesale Corp		98,785,058
	26,275	*	Grocery Outlet Holding Corp		1,061,247
	56,698	*	Sprouts Farmers Market, Inc		1,452,036
	235,109		SYSCO Corp		19,920,786
			TOTAL FOOD & STAPLES RETAILING		121,917,656
FOOD, BEVERAGE & TOBACCO - 2.1%
	553,206		Altria Group, Inc		26,415,587
	27,880	*,e	Beyond Meat, Inc		3,671,239
	6,081	*	Boston Beer Co, Inc (Class A)		7,397,476
	25,360		Brown-Forman Corp (Class A)		1,809,436
	104,100		Brown-Forman Corp (Class B)		7,940,748
	66,291		Campbell Soup Co		3,165,395
	1,546,197		Coca-Cola Co		83,463,714
	77,514		Hershey Co		12,735,550
	59,303		Kellogg Co		3,701,693
	22,508		Lamb Weston Holdings, Inc		1,811,894
	94,783		McCormick & Co, Inc		8,564,592
	251,347	*	Monster Beverage Corp		24,393,226
	694,187		PepsiCo, Inc		100,073,998
	10,216	*	Pilgrim’s Pride Corp		244,775
			TOTAL FOOD, BEVERAGE & TOBACCO		285,389,323
HEALTH CARE EQUIPMENT & SERVICES - 6.0%
	451,885		Abbott Laboratories		54,262,351
	30,051	*	Abiomed, Inc		9,638,257
	53,127	*	Align Technology, Inc		31,638,722
	21,821	*	Amedisys, Inc		5,888,397
	27,531	*	American Well Corp		423,702
	47,457		AmerisourceBergen Corp		5,732,806
	43,110		Anthem, Inc		16,355,503
	145,334		Baxter International, Inc		12,453,670
	200,720		Cardinal Health, Inc		12,111,445

175

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	117,322	*	Centene Corp	$	7,243,460
	205,604		Cerner Corp		15,430,580
	11,714	*	Certara, Inc		372,622
	118,362	*	Change Healthcare, Inc		2,716,408
	10,469		Chemed Corp		4,989,630
	63,386		Cigna Corp		15,783,748
	3,926		Cooper Cos, Inc		1,613,154
	8,875	*	DaVita, Inc		1,034,204
	62,574	*	DexCom, Inc		24,159,821
	420,207	*	Edwards Lifesciences Corp		40,138,173
	29,538		Encompass Health Corp		2,506,595
	55,679	*	Guardant Health, Inc		8,851,847
	31,949	*	Haemonetics Corp		2,148,890
	94,663		HCA Healthcare, Inc		19,032,943
	5,477		Hill-Rom Holdings, Inc		603,675
	121,759	*	Hologic, Inc		7,981,302
	33,368		Humana, Inc		14,856,768
	3,565	*	ICU Medical, Inc		742,483
	57,267	*	IDEXX Laboratories, Inc		31,439,010
	44,630	*	Insulet Corp		13,175,669
	78,912	*	Intuitive Surgical, Inc		68,258,880
	3,654	*	Laboratory Corp of America Holdings		971,489
	33,400	*	Masimo Corp		7,771,178
	80,924		McKesson Corp		15,178,105
	26,881	*	Molina Healthcare, Inc		6,857,343
	68,643	*	Novocure Ltd		14,010,036
	31,457	*	Oak Street Health, Inc		1,938,695
	22,245	*	Penumbra, Inc		6,806,748
	24,693	*	Quidel Corp		2,587,579
	97,748		Resmed, Inc		18,373,692
	10,200	*	Signify Health, Inc		289,170
	2,895		STERIS plc		610,903
	76,707		Stryker Corp		20,145,559
	37,007	*	Tandem Diabetes Care, Inc		3,400,943
	68,788	*	Teladoc, Inc		11,855,612
	19,876		Teleflex, Inc		8,397,213
	535,467		UnitedHealth Group, Inc		213,544,240
	92,027	*	Veeva Systems, Inc		25,993,026
	49,951		West Pharmaceutical Services, Inc		16,409,903
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		806,726,149
HOUSEHOLD & PERSONAL PRODUCTS - 1.3%
	169,071		Church & Dwight Co, Inc		14,496,148
	60,895		Clorox Co		11,113,337
	34,708		Energizer Holdings, Inc		1,711,104
	137,906		Estee Lauder Cos (Class A)		43,274,903
	7,234	*	Herbalife Nutrition Ltd		331,100
	742,304		Procter & Gamble Co		99,038,200
	6,696		Reynolds Consumer Products, Inc		196,327
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		170,161,119
INSURANCE - 0.7%
	925	*	Alleghany Corp		628,047
	154,357		Aon plc		38,811,524
	5,426		Axis Capital Holdings Ltd		302,771
	10,088		Brown & Brown, Inc		536,480

176

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	9,498		Erie Indemnity Co (Class A)	$	2,032,762
	7,113	*	GoHealth, Inc		84,858
	16,478		Lincoln National Corp		1,056,734
	267,499		Marsh & McLennan Cos, Inc		36,299,614
	16,111		Primerica, Inc		2,574,055
	114,953		Progressive Corp		11,580,365
	11,466		RenaissanceRe Holdings Ltd		1,935,576
			TOTAL INSURANCE		95,842,786
MATERIALS - 0.8%
	19,155		Air Products & Chemicals, Inc		5,525,834
	163,043		Amcor plc		1,915,755
	23,640		Avery Dennison Corp		5,062,979
	204,317		Ball Corp		19,132,244
	30,329	*	Berry Global Group, Inc		1,929,531
	9,713		Crown Holdings, Inc		1,066,487
	33,975		Ecolab, Inc		7,614,477
	17,334		FMC Corp		2,049,572
	37,827		Graphic Packaging Holding Co		701,691
	3,713		NewMarket Corp		1,286,889
	32,063		Royal Gold, Inc		3,586,567
	72,755		RPM International, Inc		6,900,084
	25,819		Scotts Miracle-Gro Co (Class A)		5,968,320
	168,418		Sherwin-Williams Co		46,124,638
	13,634		W R Grace & Co		937,065
			TOTAL MATERIALS		109,802,133
MEDIA & ENTERTAINMENT - 12.3%
	205,044		Activision Blizzard, Inc		18,697,962
	158,769	*	Alphabet, Inc (Class A)		373,662,842
	153,786	*	Alphabet, Inc (Class C)		370,642,714
	154,539	*	Altice USA, Inc		5,611,311
	3,646		Cable One, Inc		6,526,340
	86,410	*	Charter Communications, Inc		58,192,815
	26,716		Electronic Arts, Inc		3,795,809
	1,636,486	*	Facebook, Inc		531,988,869
	51,237	*	IAC/InterActive Corp		12,987,042
	5,536	*	Liberty SiriusXM Group (Class A)		250,172
	14,362	*	Liberty SiriusXM Group (Class C)		649,593
	97,039	*	Live Nation, Inc		7,945,553
	152,162	*	Match Group, Inc		23,680,972
	289,841	*	Netflix, Inc		148,824,658
	19,894		Nexstar Media Group Inc		2,932,575
	227,117	*	Pinterest, Inc		15,073,755
	24,251	*	Playtika Holding Corp		673,693
	74,053	*	Roku, Inc		25,397,957
	464,078	e	Sirius XM Holdings, Inc		2,830,876
	91,394	*	Spotify Technology S.A.		23,042,255
	71,839	*	Take-Two Interactive Software, Inc		12,599,124
	31,344		World Wrestling Entertainment, Inc (Class A)		1,727,368
	4,714	*	Zillow Group, Inc (Class A)		628,612
	11,163	*	Zillow Group, Inc (Class C)		1,452,530
	494,977	*	Zynga, Inc		5,355,651
			TOTAL MEDIA & ENTERTAINMENT		1,655,171,048

177

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3%
	39,241	*	10X Genomics, Inc	$	7,761,870
	1,128,731		AbbVie, Inc		125,853,506
	75,402	*	Acadia Pharmaceuticals, Inc		1,550,265
	32,546	*	Acceleron Pharma, Inc		4,067,274
	52,442	*	Adaptive Biotechnologies Corp		2,181,587
	17,734		Agilent Technologies, Inc		2,369,972
	3,881	*	Agios Pharmaceuticals, Inc		216,560
	22,434	*	Alexion Pharmaceuticals, Inc		3,784,167
	78,892	*	Alnylam Pharmaceuticals, Inc		11,095,371
	397,100		Amgen, Inc		95,161,044
	338,622	*	Avantor, Inc		10,849,449
	7,424	*	Berkeley Lights, Inc		364,593
	31,396	*	Biogen, Inc		8,393,093
	111,727	*	BioMarin Pharmaceutical, Inc		8,705,768
	24,600		Bio-Techne Corp		10,516,254
	20,237	*	Bluebird Bio, Inc		607,110
	559,783		Bristol-Myers Squibb Co		34,941,655
	29,536		Bruker BioSciences Corp		2,023,807
	29,510	*	Charles River Laboratories International, Inc		9,810,599
	574,118		Eli Lilly & Co		104,931,547
	87,686	*	Exact Sciences Corp		11,558,768
	77,672	*	Exelixis, Inc		1,912,285
	41,330	*	Global Blood Therapeutics, Inc		1,685,437
	123,325	*	Horizon Therapeutics Plc		11,669,011
	99,929	*	Illumina, Inc		39,256,108
	125,670	*	Incyte Corp		10,729,705
	44,515	*	Ionis Pharmaceuticals, Inc		1,906,132
	92,345	*	Iovance Biotherapeutics, Inc		2,903,327
	49,146	*	IQVIA Holdings, Inc		11,534,075
	240,877		Johnson & Johnson		39,197,914
	33,004	*	Maravai LifeSciences Holdings, Inc		1,284,186
	1,505,582		Merck & Co, Inc		112,165,859
	14,767	*	Mettler-Toledo International, Inc		19,393,796
	194,268	*	Moderna, Inc		34,739,004
	63,550	*	Neurocrine Biosciences, Inc		6,004,839
	14,891		PerkinElmer, Inc		1,930,320
	91,787	*	PPD, Inc		4,240,559
	36,775	*	PRA Health Sciences, Inc		6,137,380
	15,104	*	Reata Pharmaceuticals, Inc		1,531,546
	66,126	*	Regeneron Pharmaceuticals, Inc		31,826,444
	36,042	*	Repligen Corp		7,630,452
	94,361	e	Royalty Pharma plc		4,151,884
	2,341	*	Sage Therapeutics, Inc		184,377
	13,370	*	Sana Biotechnology, Inc		287,455
	51,699	*	Sarepta Therapeutics, Inc		3,662,357
	86,145	*	Seagen, Inc		12,384,205
	19,426	*	Sotera Health Co		500,414
	5,480	*	Syneos Health, Inc		464,978
	158,070		Thermo Fisher Scientific, Inc		74,329,256
	176,884	*	Vertex Pharmaceuticals, Inc		38,596,089
	3,030	*	Waters Corp		908,606
	293,172		Zoetis, Inc		50,727,551
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		990,619,810
REAL ESTATE - 1.7%
	300,708		American Tower Corp		76,611,377

178

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	13,985		Americold Realty Trust	$	564,854
	23,863		Brookfield Property REIT, Inc		429,176
	18,812		Coresite Realty		2,285,470
	264,273		Crown Castle International Corp		49,963,454
	60,545		Equinix, Inc		43,638,414
	47,883		Equity Lifestyle Properties, Inc		3,323,080
	61,055		Extra Space Storage, Inc		9,078,268
	114,210		Iron Mountain, Inc		4,582,105
	67,176		Public Storage, Inc		18,887,204
	10,062		SBA Communications Corp		3,015,783
	175,509		Simon Property Group, Inc		21,366,466
			TOTAL REAL ESTATE		233,745,651
RETAILING - 11.2%
	288,974	*	Amazon.com, Inc		1,001,994,227
	9,233	*	AutoZone, Inc		13,518,220
	28,245		Best Buy Co, Inc		3,284,046
	39,161	*	Burlington Stores, Inc		12,779,409
	8,035	*	CarMax, Inc		1,070,583
	37,976	*	Carvana Co		10,833,034
	167,027		Dollar General Corp		35,869,048
	76,638	*	Dollar Tree, Inc		8,805,706
	403,113		eBay, Inc		22,489,674
	80,298	*	Etsy, Inc		15,962,440
	37,208	*	Five Below, Inc		7,488,854
	64,661	*	Floor & Decor Holdings, Inc		7,172,198
	6,299	*	GrubHub, Inc		428,584
	366,235		Home Depot, Inc		118,539,283
	11,843	*	Leslie’s, Inc		336,578
	500,095		Lowe’s Companies, Inc		98,143,644
	33,280	*	Ollie’s Bargain Outlet Holdings, Inc		3,070,746
	47,798	*	O’Reilly Automotive, Inc		26,426,558
	17,994	*,e	Petco Health & Wellness Co, Inc		425,018
	26,460		Pool Corp		11,179,879
	193,229		Ross Stores, Inc		25,301,405
	661,862		TJX Companies, Inc		46,992,202
	78,961		Tractor Supply Co		14,892,045
	34,272	*	Ulta Beauty, Inc		11,287,483
	56,285	*	Vroom, Inc		2,604,307
	43,889	*	Wayfair, Inc		12,972,272
	8,206		Williams-Sonoma, Inc		1,401,175
			TOTAL RETAILING		1,515,268,618
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.5%
	758,937	*	Advanced Micro Devices, Inc		61,944,438
	7,992	*	Allegro MicroSystems, Inc		197,242
	30,111		Analog Devices, Inc		4,611,801
	624,554		Applied Materials, Inc		82,884,561
	255,220		Broadcom, Inc		116,431,364
	71,968	*	Enphase Energy, Inc		10,021,544
	84,812		Entegris, Inc		9,548,135
	105,405		KLA Corp		33,239,467
	97,280		Lam Research Corp		60,357,376
	76,075		Marvell Technology, Inc		3,439,351
	59,769		Maxim Integrated Products, Inc		5,618,286
	127,637		Microchip Technology, Inc		19,182,565

179

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	28,191		MKS Instruments, Inc	$	5,049,290
	30,032		Monolithic Power Systems, Inc		10,852,964
	402,338		NVIDIA Corp		241,555,688
	767,104		QUALCOMM, Inc		106,474,035
	33,207	*	SolarEdge Technologies, Inc		8,751,373
	113,031		Teradyne, Inc		14,137,917
	311,419		Texas Instruments, Inc		56,214,244
	29,153		Universal Display Corp		6,521,235
	166,399		Xilinx, Inc		21,292,416
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		878,325,292
SOFTWARE & SERVICES - 26.3%
	16,361	*	2U, Inc		642,169
	434,618		Accenture plc		126,026,182
	327,984	*	Adobe, Inc		166,727,387
	90,356	*	Akamai Technologies, Inc		9,821,697
	36,881	*	Alteryx, Inc		3,015,022
	91,274	*	Anaplan, Inc		5,444,494
	58,159	*	Ansys, Inc		21,266,420
	42,993	*	Aspen Technology, Inc		5,625,204
	89,163	*	Atlassian Corp plc		21,181,562
	99,426	*	Autodesk, Inc		29,023,444
	251,488		Automatic Data Processing, Inc		47,025,741
	56,821	*	Avalara, Inc		8,052,104
	24,816	*	BigCommerce Holdings, Inc		1,487,471
	50,582	*	Bill.Com Holdings, Inc		7,821,495
	104,509	*	Black Knight, Inc		7,568,542
	77,677		Broadridge Financial Solutions, Inc		12,321,903
	8,893	*,e	C3.ai, Inc		589,250
	187,137	*	Cadence Design Systems, Inc		24,659,043
	10,983		CDK Global, Inc		588,579
	55,421	*	Ceridian HCM Holding, Inc		5,236,176
	23,205		Citrix Systems, Inc		2,873,939
	79,037	*	Cloudflare, Inc		6,697,595
	25,523		Cognizant Technology Solutions Corp (Class A)		2,052,049
	47,490	*	Coupa Software, Inc		12,776,710
	76,278	*	Crowdstrike Holdings, Inc		15,904,726
	103,531	*	Datadog, Inc		8,879,854
	7,985	*	Datto Holding Corp		204,017
	123,319	*	DocuSign, Inc		27,492,738
	169,256	*	Dropbox, Inc		4,349,879
	41,371	*	Duck Creek Technologies, Inc		1,720,206
	123,424	*	Dynatrace, Inc		6,422,985
	45,316	*	Elastic NV		5,466,016
	35,969	*	EPAM Systems, Inc		16,464,810
	24,223	*	Everbridge, Inc		3,214,634
	19,096	*	Fair Isaac Corp		9,956,845
	52,872	*,e	Fastly, Inc		3,376,935
	35,189	*	FireEye, Inc		699,381
	115,306	*	Fiserv, Inc		13,850,557
	42,502	*	Five9, Inc		7,989,101
	56,429	*	FleetCor Technologies, Inc		16,235,752
	90,158	*	Fortinet, Inc		18,412,968
	59,048	*	Gartner, Inc		11,566,322
	49,563		Genpact Ltd		2,355,729
	26,273	*	Globant S.A.		6,021,246

180

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	115,420	*	GoDaddy, Inc	$	10,020,764
	10,765	*	Guidewire Software, Inc		1,135,815
	28,128	*	HubSpot, Inc		14,807,986
	171,569		Intuit, Inc		70,713,879
	40,606		Jack Henry & Associates, Inc		6,611,875
	11,106	*	Jamf Holding Corp		405,591
	7,548	*,e	JFrog Ltd		370,078
	38,102	*	Manhattan Associates, Inc		5,229,119
	601,356		Mastercard, Inc (Class A)		229,754,073
	12,356		McAfee Corp		300,004
	59,743	*	Medallia, Inc		1,761,821
	5,103,473		Microsoft Corp		1,286,993,821
	35,727	*	MongoDB, Inc		10,627,353
	26,368	*	nCino, Inc		1,724,204
	35,795	*	New Relic, Inc		2,301,619
	370,361		NortonLifelock, Inc		8,003,501
	128,488	*	Nutanix, Inc		3,474,316
	79,075	*	Okta, Inc		21,326,528
	1,105,289		Oracle Corp		83,769,853
	48,015	*	Pagerduty, Inc		2,038,717
	64,259	*	Palo Alto Networks, Inc		22,708,488
	171,720		Paychex, Inc		16,740,983
	33,046	*	Paycom Software, Inc		12,703,213
	26,017	*	Paylocity Holding Corp		5,027,525
	800,412	*	PayPal Holdings, Inc		209,940,064
	24,683		Pegasystems, Inc		3,133,260
	38,693	*	Proofpoint, Inc		6,659,452
	71,164	*	PTC, Inc		9,318,214
	53,581	*	RingCentral, Inc		17,089,660
	554,003	*	salesforce.com, Inc		127,597,971
	132,525	*	ServiceNow, Inc		67,106,684
	335,325	*	Slack Technologies, Inc		14,217,780
	76,597	*	Smartsheet, Inc		4,542,202
	109,591	*	Splunk, Inc		13,854,494
	251,673	*	Square, Inc		61,614,584
	31,351		SS&C Technologies Holdings, Inc		2,326,871
	137,270	*	StoneCo Ltd		8,873,133
	57,011		Switch, Inc		1,058,694
	95,364	*	Synopsys, Inc		23,560,630
	54,841	*	Teradata Corp		2,712,984
	28,031	*	Trade Desk, Inc		20,443,289
	81,386	*	Twilio, Inc		29,933,771
	26,851	*	Tyler Technologies, Inc		11,407,916
	16,326	*,e	Unity Software, Inc		1,658,395
	40,503	*	VeriSign, Inc		8,860,841
	1,150,943		Visa, Inc (Class A)		268,814,247
	54,575	*	VMware, Inc (Class A)		8,777,297
	54,932		Western Union Co		1,415,048
	2,772	*	WEX, Inc		568,842
	121,952	*	Workday, Inc		30,122,144
	78,676	*	Zendesk, Inc		11,498,497
	119,240	*	Zoom Video Communications, Inc		38,105,527
	49,088	*	Zscaler, Inc		9,210,872
			TOTAL SOFTWARE & SERVICES		3,542,083,368

181

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	RATE		VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 11.2%
	235,415		Amphenol Corp (Class A)			$	15,852,846
	10,795,947		Apple, Inc				1,419,235,193
	32,996	*	Arista Networks, Inc				10,399,349
	96,694		CDW Corp				17,243,441
	114,772		Cognex Corp				9,884,165
	13,105	*	Coherent, Inc				3,407,169
	11,338	*	CommScope Holding Co, Inc				186,510
	10,046	*	Dell Technologies, Inc				987,823
	5,380		Dolby Laboratories, Inc (Class A)				545,909
	1,720	*	IPG Photonics Corp				373,429
	18,124		Jabil Inc				950,060
	42,971	*	Keysight Technologies, Inc				6,202,864
	5,702	*	Lumentum Holdings, Inc				484,955
	11,599		Motorola Solutions, Inc				2,184,092
	81,869		NetApp, Inc				6,114,796
	94,698	*	Pure Storage, Inc				1,914,793
	4,790		Ubiquiti, Inc				1,366,731
	32,456	*	Zebra Technologies Corp (Class A)				15,830,089
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				1,513,164,214
TRANSPORTATION - 1.4%
	13,817		CH Robinson Worldwide, Inc				1,341,354
	70,395		Expeditors International of Washington, Inc				7,733,595
	15,399		JB Hunt Transport Services, Inc				2,628,763
	20,800		Landstar System, Inc				3,583,424
	57,082		Old Dominion Freight Line				14,716,311
	721,995	*	Uber Technologies, Inc				39,543,666
	232,966		Union Pacific Corp				51,739,419
	322,317		United Parcel Service, Inc (Class B)				65,707,544
	3,410	*	XPO Logistics, Inc				474,399
			TOTAL TRANSPORTATION				187,468,475
UTILITIES - 0.0%
	58,542		NRG Energy, Inc				2,096,974
			TOTAL UTILITIES				2,096,974
			TOTAL COMMON STOCKS				13,468,617,814
			(Cost $6,510,833,378)
SHORT-TERM INVESTMENTS - 0.1%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	6,298,331	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020	%		6,298,331
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES				6,298,331
			TOTAL SHORT-TERM INVESTMENTS				6,298,331
			(Cost $6,298,331)
			TOTAL INVESTMENTS - 100.0%				13,474,916,145
			(Cost $6,517,131,709)
			OTHER ASSETS & LIABILITIES, NET - 0.0%				1,888,642
			NET ASSETS - 100.0%			$	13,476,804,787

182

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

	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 $18,702,007.

183

TIAA-CREF FUNDS – Large-Cap Value Index Fund

TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.0%
	117,238	*	Aptiv plc	$	16,869,376
	93,952		BorgWarner, Inc		4,564,188
	1,715,876	*	Ford Motor Co		19,801,209
	549,809	*	General Motors Co		31,460,071
	110,051		Gentex Corp		3,871,594
	67,025		Harley-Davidson, Inc		3,241,999
	26,258		Lear Corp		4,827,271
	23,368		Thor Industries, Inc		3,308,675
			TOTAL AUTOMOBILES & COMPONENTS		87,944,383
BANKS - 8.6%
	71,407		Associated Banc-Corp		1,563,099
	3,404,309		Bank of America Corp		137,976,644
	17,274		Bank of Hawaii Corp		1,570,034
	53,507		Bank OZK		2,193,252
	13,741		BOK Financial Corp		1,208,383
	915,446		Citigroup, Inc		65,216,373
	186,805		Citizens Financial Group, Inc		8,645,335
	60,174		Comerica, Inc		4,522,678
	46,033		Commerce Bancshares, Inc		3,581,828
	24,533		Cullen/Frost Bankers, Inc		2,945,432
	61,779		East West Bancorp, Inc		4,704,471
	315,199		Fifth Third Bancorp		12,778,167
	2,665		First Citizens Bancshares, Inc (Class A)		2,311,781
	56,792		First Hawaiian, Inc		1,559,508
	240,072		First Horizon National Corp		4,390,917
	76,165		First Republic Bank		13,956,475
	140,329		FNB Corp		1,808,841
	442,712		Huntington Bancshares, Inc		6,782,348
	1,333,349		JPMorgan Chase & Co		205,082,410
	425,854		Keycorp		9,266,583
	56,129		M&T Bank Corp		8,850,982
	147,986		MGIC Investment Corp		2,255,307
	199,767		New York Community Bancorp, Inc		2,389,213
	51,536		PacWest Bancorp		2,237,178
	185,337		People’s United Financial, Inc		3,360,160
	32,370		Pinnacle Financial Partners, Inc		2,836,907
	186,315		PNC Financial Services Group, Inc		34,831,589
	36,867		Popular, Inc		2,726,683
	38,616		Prosperity Bancshares, Inc		2,832,870
	421,174		Regions Financial Corp		9,181,593
	32,046	e	Rocket Cos, Inc		719,433
	24,696		Signature Bank		6,211,291
	84,699		Sterling Bancorp		2,128,486
	22,645	*	SVB Financial Group		12,949,090
	63,215		Synovus Financial Corp		2,962,255

184

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	66,113		TCF Financial Corp	$	3,009,464
	22,192		TFS Financial Corp		434,075
	593,929		Truist Financial Corp		35,225,929
	97,760		Umpqua Holdings Corp		1,822,246
	596,651		US Bancorp		35,411,237
	39,080		Webster Financial Corp		2,067,723
	1,670,456		Wells Fargo & Co		75,254,043
	43,269		Western Alliance Bancorp		4,546,274
	25,142		Wintrust Financial Corp		1,938,448
	70,755		Zions Bancorporation		3,948,129
			TOTAL BANKS		752,195,164
CAPITAL GOODS - 9.6%
	84,660		3M Co		16,689,872
	58,421		A.O. Smith Corp		3,958,023
	16,354		Acuity Brands, Inc		3,033,994
	61,973	*	Aecom Technology Corp		4,116,866
	27,069		AGCO Corp		3,949,908
	47,407		Air Lease Corp		2,214,381
	14,134		Allegion plc		1,899,327
	17,377		Allison Transmission Holdings, Inc		720,624
	100,219		Ametek, Inc		13,522,550
	13,155		Armstrong World Industries, Inc		1,363,516
	49,719	*	Array Technologies, Inc		1,400,087
	33,690	*	AZEK Co, Inc		1,626,553
	234,645	*	Boeing Co		54,979,670
	14,536		BWX Technologies, Inc		972,749
	23,215		Carlisle Cos, Inc		4,449,155
	244,014		Carrier Global Corp		10,634,130
	238,359		Caterpillar, Inc		54,372,071
	48,388	*	Colfax Corp		2,186,654
	21,325		Crane Co		2,005,829
	64,627		Cummins, Inc		16,288,589
	18,184		Curtiss-Wright Corp		2,325,734
	124,193		Deere & Co		46,056,974
	48,813		Donaldson Co, Inc		3,069,361
	62,013		Dover Corp		9,251,719
	175,890		Eaton Corp		25,139,958
	261,267		Emerson Electric Co		23,642,051
	49,271		Fastenal Co		2,575,888
	57,087		Flowserve Corp		2,262,929
	130,059		Fortive Corp		9,210,778
	60,360		Fortune Brands Home & Security, Inc		6,336,593
	29,059	*	Gates Industrial Corp plc		501,268
	2,429	*	Generac Holdings, Inc		786,875
	111,204		General Dynamics Corp		21,154,337
	3,825,376		General Electric Co		50,188,933
	36,690		Graco, Inc		2,817,792
	74,565		GrafTech International Ltd		948,467
	3,837		HEICO Corp		540,250
	6,680		HEICO Corp (Class A)		843,550
	36,526	*	Hexcel Corp		2,060,432
	309,083		Honeywell International, Inc		68,937,872
	173,000	*	Howmet Aerospace, Inc		5,529,080

185

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	23,676		Hubbell, Inc	$	4,546,029
	15,696		Huntington Ingalls		3,332,575
	33,017		IDEX Corp		7,402,411
	77,598		Illinois Tool Works, Inc		17,883,235
	151,894	*	Ingersoll Rand, Inc		7,505,083
	37,876		ITT, Inc		3,572,086
	320,819		Johnson Controls International plc		19,999,856
	92,606		L3Harris Technologies, Inc		19,375,953
	15,153		Lennox International, Inc		5,081,407
	13,944		Lincoln Electric Holdings, Inc		1,785,529
	110,828		Masco Corp		7,079,693
	4,450	*	Mercury Systems, Inc		334,818
	24,138	*	Middleby Corp		4,376,702
	19,575		MSC Industrial Direct Co (Class A)		1,764,882
	4,463		Nordson Corp		943,523
	5,655		Northrop Grumman Corp		2,004,358
	68,153		nVent Electric plc		2,075,259
	29,677		Oshkosh Corp		3,692,709
	180,583		Otis Worldwide Corp		14,061,998
	46,850		Owens Corning, Inc		4,535,548
	148,878		PACCAR, Inc		13,381,155
	56,545		Parker-Hannifin Corp		17,744,386
	72,333		Pentair plc		4,666,202
	49,151		Quanta Services, Inc		4,749,953
	627,850		Raytheon Technologies Corp		52,262,234
	17,741		Regal-Beloit Corp		2,562,333
	26,126		Rockwell Automation, Inc		6,904,057
	39,284		Roper Technologies Inc		17,537,949
	67,621	*	Sensata Technologies Holding plc		3,904,436
	35,957	*	Shoals Technologies Group, Inc		1,153,141
	23,577		Snap-On, Inc		5,601,895
	45,169		Spirit Aerosystems Holdings, Inc (Class A)		2,063,772
	67,449		Stanley Black & Decker, Inc		13,946,430
	15,889	*	Teledyne Technologies, Inc		7,114,300
	99,800		Textron, Inc		6,411,152
	28,906		Timken Co		2,424,346
	4,637		Toro Co		531,400
	105,527		Trane Technologies plc		18,343,758
	18,071	*	TransDigm Group, Inc		11,090,896
	39,412		Trinity Industries, Inc		1,089,348
	31,561	*	United Rentals, Inc		10,097,942
	73,081	*	Univar Solutions Inc		1,706,441
	9,018		Valmont Industries, Inc		2,226,093
	4,147	*,e	Virgin Galactic Holdings, Inc		91,856
	5,190		W.W. Grainger, Inc		2,250,073
	79,819		Wabtec Corp		6,550,745
	14,277		Watsco, Inc		4,181,162
	24,381		Woodward Inc		3,047,869
	79,449		Xylem, Inc		8,791,032
			TOTAL CAPITAL GOODS		848,345,399
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	71,179		ADT, Inc		654,847
	9,129	*	CACI International, Inc (Class A)		2,326,617
	4,412		Cintas Corp		1,522,758

186

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	22,551	*	Clean Harbors, Inc	$	2,006,137
	29,770		CoreLogic Inc		2,372,669
	14,439	*	Driven Brands Holdings, Inc		411,800
	31,086	*	Dun & Bradstreet Holdings, Inc		738,603
	13,682		Equifax, Inc		3,136,325
	14,934	*	FTI Consulting, Inc		2,073,586
	44,839	*	IAA, Inc		2,816,338
	79,197		IHS Markit Ltd		8,520,013
	56,740		Jacobs Engineering Group, Inc		7,581,031
	53,255		Leidos Holdings, Inc		5,393,666
	25,374		Manpower, Inc		3,067,463
	12,405		MSA Safety, Inc		1,994,228
	159,314		Nielsen NV		4,086,404
	91,255		Republic Services, Inc		9,700,407
	48,925		Robert Half International, Inc		4,286,319
	12,181		Rollins, Inc		454,108
	22,143		Science Applications International Corp		1,980,027
	40,033	*	Stericycle, Inc		3,053,717
	7,412		TransUnion		775,221
	161,291		Waste Management, Inc		22,253,319
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		91,205,603
CONSUMER DURABLES & APPAREL - 1.5%
	34,565		Brunswick Corp		3,702,949
	63,619	*	Capri Holdings Ltd		3,504,135
	18,771	*	Carter’s, Inc		2,042,097
	12,618		Columbia Sportswear Co		1,375,488
	144,924		DR Horton, Inc		14,244,580
	66,358		Garmin Ltd		9,106,972
	151,946		Hanesbrands, Inc		3,199,983
	55,752		Hasbro, Inc		5,544,536
	57,852		Leggett & Platt, Inc		2,873,509
	119,457		Lennar Corp (Class A)		12,375,745
	5,591		Lennar Corp (Class B)		450,467
	62,469	*	Mattel, Inc		1,340,585
	25,456	*	Mohawk Industries, Inc		5,231,208
	168,306		Newell Brands Inc		4,537,530
	1,320	*	NVR, Inc		6,623,892
	85,129	*	Peloton Interactive, Inc		8,372,437
	22,837		Polaris Inc		3,197,865
	118,216		Pulte Homes, Inc		6,988,930
	31,992	*	PVH Corp		3,620,855
	20,931	*	Ralph Lauren Corp		2,789,893
	58,610	*	Skechers U.S.A., Inc (Class A)		2,841,999
	120,686	*	Tapestry, Inc		5,774,825
	21,452		Tempur Sealy International, Inc		818,179
	51,382		Toll Brothers, Inc		3,221,651
	82,501	*	Under Armour, Inc (Class A)		2,005,599
	83,055	*	Under Armour, Inc (Class C)		1,653,625
	134,304		VF Corp		11,773,089
	26,732		Whirlpool Corp		6,320,781
			TOTAL CONSUMER DURABLES & APPAREL		135,533,404

187

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 2.7%
	100,032		ARAMARK Holdings Corp	$	3,888,244
	7,733	*	Bright Horizons Family Solutions		1,119,970
	266,538	*	Carnival Corp		7,452,403
	15,242	*	Choice Hotels International, Inc		1,734,540
	57,009		Darden Restaurants, Inc		8,364,361
	53,880	*	Expedia Group, Inc		9,495,272
	77,542		Extended Stay America, Inc		1,542,310
	31,212	*	frontdoor, Inc		1,670,778
	1,639		Graham Holdings Co		1,041,765
	20,916	*	Grand Canyon Education, Inc		2,264,994
	25,112		H&R Block, Inc		558,993
	119,689	*	Hilton Worldwide Holdings, Inc		15,403,974
	15,597	*	Hyatt Hotels Corp		1,284,101
	83,427	*	Las Vegas Sands Corp		5,110,738
	117,854	*	Marriott International, Inc (Class A)		17,503,676
	280,470		McDonald’s Corp		66,213,358
	209,736		MGM Resorts International		8,540,450
	159,714	*	Norwegian Cruise Line Holdings Ltd		4,959,120
	15,174	*	Planet Fitness, Inc		1,274,464
	86,908	*	Royal Caribbean Cruises Ltd		7,556,651
	74,239		Service Corp International		3,967,332
	32,580	*	Six Flags Entertainment Corp		1,530,608
	217,252		Starbucks Corp		24,873,182
	58,332	*	Terminix Global Holdings, Inc		2,968,515
	37,154		Travel & Leisure Co		2,397,548
	16,107	*	Vail Resorts, Inc		5,237,352
	40,182		Wyndham Hotels & Resorts, Inc		2,937,706
	34,711	*	Wynn Resorts Ltd		4,456,892
	165,446		Yum China Holdings, Inc		10,409,862
	122,267		Yum! Brands, Inc		14,613,352
			TOTAL CONSUMER SERVICES		240,372,511
DIVERSIFIED FINANCIALS - 9.7%
	19,742		Affiliated Managers Group, Inc		3,181,818
	235,882		AGNC Investment Corp		4,229,364
	163,748		Ally Financial, Inc		8,424,835
	288,078		American Express Co		44,176,761
	52,141		Ameriprise Financial, Inc		13,473,235
	616,279		Annaly Capital Management, Inc		5,595,813
	37,681		Apollo Global Management, Inc		2,086,397
	349,654		Bank of New York Mellon Corp		17,440,742
	828,203	*	Berkshire Hathaway, Inc (Class B)		227,714,415
	64,784		BlackRock, Inc		53,077,531
	198,664		Capital One Financial Corp		29,616,829
	48,921		Carlyle Group, Inc		2,086,970
	37,211		CBOE Global Markets, Inc		3,883,712
	606,665		Charles Schwab Corp		42,709,216
	156,185		CME Group, Inc		31,547,808
	3,853	*,e	Credit Acceptance Corp		1,521,126
	135,458		Discover Financial Services		15,442,212
	177,640		Equitable Holdings, Inc		6,080,617
	17,303		Evercore Inc		2,424,669
	119,371		Franklin Resources, Inc		3,581,130

188

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	145,855		Goldman Sachs Group, Inc	$	50,823,175
	31,923		Interactive Brokers Group, Inc (Class A)		2,283,133
	158,523		Intercontinental Exchange Group, Inc		18,659,742
	165,243		Invesco Ltd		4,461,561
	537,233		iShares Russell 1000 Value Index Fund		84,641,059
	98,614		Jefferies Financial Group, Inc		3,205,941
	239,831		KKR & Co, Inc		13,569,638
	44,161		Lazard Ltd (Class A)		1,986,803
	352	*,e	LendingTree, Inc		72,685
	31,690		LPL Financial Holdings, Inc		4,965,823
	615,323		Morgan Stanley		50,794,914
	1,842		Morningstar, Inc		488,149
	50,708		Nasdaq Inc		8,191,370
	200,670		New Residential Investment Corp		2,151,182
	85,299		Northern Trust Corp		9,707,026
	31,769		OneMain Holdings, Inc		1,806,703
	53,573		Raymond James Financial, Inc		7,006,277
	43,434		S&P Global, Inc		16,956,199
	33,080		Santander Consumer USA Holdings, Inc		1,122,735
	49,823		SEI Investments Co		3,061,125
	126,117		SLM Corp		2,479,460
	119,754		Starwood Property Trust, Inc		3,092,048
	154,236		State Street Corp		12,948,112
	255,560		Synchrony Financial		11,178,194
	74,649		T Rowe Price Group, Inc		13,377,101
	5,396		Tradeweb Markets, Inc		438,587
	4,825	*	Upstart Holdings, Inc		526,022
	2,931		Virtu Financial, Inc		86,846
	55,069		Voya Financial, Inc		3,734,780
			TOTAL DIVERSIFIED FINANCIALS		852,111,590
ENERGY - 4.9%
	128,911		Antero Midstream Corp		1,113,791
	166,042		APA Corp		3,320,840
	289,990		Baker Hughes Co		5,822,999
	178,047		Cabot Oil & Gas Corp		2,968,044
	847,899		Chevron Corp		87,392,950
	44,593		Cimarex Energy Co		2,952,057
	599,241		ConocoPhillips		30,645,185
	32,763	*	Continental Resources, Inc		892,464
	258,324		Devon Energy Corp		6,039,615
	74,496		Diamondback Energy, Inc		6,088,558
	255,442		EOG Resources, Inc		18,810,749
	120,323	*	EQT Corp		2,298,169
	167,968		Equitrans Midstream Corp		1,370,619
	1,862,698		Exxon Mobil Corp		106,620,834
	390,097		Halliburton Co		7,630,297
	45,779		Helmerich & Payne, Inc		1,173,316
	120,741		Hess Corp		8,996,412
	65,712		HollyFrontier Corp		2,299,920
	851,424		Kinder Morgan, Inc		14,516,779
	345,310		Marathon Oil Corp		3,888,191
	283,797		Marathon Petroleum Corp		15,793,303
	68,669		Murphy Oil Corp		1,162,566
	170,032	*	NOV, Inc		2,541,979
	367,212		Occidental Petroleum Corp		9,312,496

189

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	195,706		ONEOK, Inc	$	10,243,252
	193,118		Phillips 66		15,625,177
	88,217		Pioneer Natural Resources Co		13,570,421
	609,083		Schlumberger Ltd		16,475,695
	100,948		Targa Resources Investments, Inc		3,501,886
	178,769		Valero Energy Corp		13,221,755
	531,558		Williams Cos, Inc		12,948,753
			TOTAL ENERGY		429,239,072
FOOD & STAPLES RETAILING - 1.6%
	42,648	e	Albertsons Cos, Inc		791,973
	16,132		Casey’s General Stores, Inc		3,584,369
	22,960		Costco Wholesale Corp		8,543,186
	14,202	*	Grocery Outlet Holding Corp		573,619
	333,083		Kroger Co		12,170,853
	8,108	*	Sprouts Farmers Market, Inc		207,646
	61,084		SYSCO Corp		5,175,647
	96,279	*	US Foods Holding Corp		3,991,727
	317,657		Walgreens Boots Alliance, Inc		16,867,587
	613,539		Walmart, Inc		85,840,242
			TOTAL FOOD & STAPLES RETAILING		137,746,849
FOOD, BEVERAGE & TOBACCO - 3.7%
	460,659		Altria Group, Inc		21,996,467
	244,786		Archer-Daniels-Midland Co		15,453,340
	4,562	*,e	Beyond Meat, Inc		600,724
	3,316		Brown-Forman Corp (Class A)		236,597
	13,096		Brown-Forman Corp (Class B)		998,963
	58,639		Bunge Ltd		4,950,304
	42,267		Campbell Soup Co		2,018,249
	703,055		Coca-Cola Co		37,950,909
	212,543		ConAgra Brands, Inc		7,883,220
	71,178		Constellation Brands, Inc (Class A)		17,105,497
	85,402		Flowers Foods, Inc		2,046,232
	265,636		General Mills, Inc		16,166,607
	35,933	*	Hain Celestial Group, Inc		1,473,612
	14,888		Hershey Co		2,446,099
	123,864		Hormel Foods Corp		5,722,517
	29,413		Ingredion, Inc		2,747,468
	49,279		J.M. Smucker Co		6,455,056
	72,172		Kellogg Co		4,504,976
	307,603		Keurig Dr Pepper, Inc		11,027,568
	287,445		Kraft Heinz Co		11,868,604
	49,309		Lamb Weston Holdings, Inc		3,969,375
	47,952		McCormick & Co, Inc		4,332,943
	76,495	*	Molson Coors Brewing Co (Class B)		4,203,400
	614,833		Mondelez International, Inc		37,387,995
	162,377		PepsiCo, Inc		23,408,268
	683,967		Philip Morris International, Inc		64,976,865
	15,501	*	Pilgrim’s Pride Corp		371,404
	27,924	*	Post Holdings, Inc		3,177,193
	111		Seaboard Corp		397,157
	24,589	*	TreeHouse Foods, Inc		1,170,436
	125,533		Tyson Foods, Inc (Class A)		9,722,531
			TOTAL FOOD, BEVERAGE & TOBACCO		326,770,576

190

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	467,868		Abbott Laboratories	$	56,181,589
	38,371	*	Acadia Healthcare Co, Inc		2,337,561
	8,899	*	American Well Corp		136,956
	34,221		AmerisourceBergen Corp		4,133,897
	81,377		Anthem, Inc		30,873,620
	131,087		Baxter International, Inc		11,232,845
	126,811		Becton Dickinson & Co		31,551,845
	627,764	*	Boston Scientific Corp		27,370,510
	179,418	*	Centene Corp		11,077,267
	6,807	*	Certara, Inc		216,531
	28,145	*	Change Healthcare, Inc		645,928
	110,471		Cigna Corp		27,508,384
	18,766		Cooper Cos, Inc		7,710,762
	575,913		CVS Health Corp		43,999,753
	275,585		Danaher Corp		69,982,055
	27,765	*	DaVita, Inc		3,235,455
	95,820		Dentsply Sirona, Inc		6,468,808
	24,181		Encompass Health Corp		2,052,000
	69,923	*	Envista Holdings Corp		3,026,267
	34,109	*	Globus Medical, Inc		2,448,003
	1,463	*	Haemonetics Corp		98,401
	56,466		HCA Healthcare, Inc		11,353,054
	62,485	*	Henry Schein, Inc		4,530,163
	25,795		Hill-Rom Holdings, Inc		2,843,125
	33,947	*	Hologic, Inc		2,225,226
	35,090		Humana, Inc		15,623,472
	6,488	*	ICU Medical, Inc		1,351,256
	30,729	*	Integra LifeSciences Holdings Corp		2,276,404
	40,466	*	Laboratory Corp of America Holdings		10,758,695
	17,799		McKesson Corp		3,338,380
	590,469		Medtronic plc		77,304,201
	8,809	*	Molina Healthcare, Inc		2,247,176
	18,531	*	Oak Street Health, Inc		1,142,066
	53,342		Premier, Inc		1,885,640
	58,243		Quest Diagnostics, Inc		7,681,087
	34,894		STERIS plc		7,363,332
	102,764		Stryker Corp		26,988,909
	2,794	*	Tandem Diabetes Care, Inc		256,769
	3,108	*	Teladoc, Inc		535,664
	7,553		Teleflex, Inc		3,190,991
	69,809		UnitedHealth Group, Inc		27,839,829
	32,275		Universal Health Services, Inc (Class B)		4,789,933
	91,576		Zimmer Biomet Holdings, Inc		16,223,604
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		574,037,413
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	16,096		Clorox Co		2,937,520
	371,118		Colgate-Palmolive Co		29,949,223
	126,637	*	Coty, Inc		1,267,636
	5,598		Energizer Holdings, Inc		275,981
	10,861		Estee Lauder Cos (Class A)		3,408,182
	34,050	*	Herbalife Nutrition Ltd		1,558,468
	150,149		Kimberly-Clark Corp		20,017,865
	23,767		Nu Skin Enterprises, Inc (Class A)		1,256,324

191

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	593,308		Procter & Gamble Co	$	79,159,153
	14,449		Reynolds Consumer Products, Inc		423,645
	19,305		Spectrum Brands Holdings, Inc		1,701,543
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		141,955,540
INSURANCE - 3.6%
	300,856		Aflac, Inc		16,164,993
	5,525	*	Alleghany Corp		3,751,309
	133,158		Allstate Corp		16,884,434
	32,312		American Financial Group, Inc		3,969,852
	380,747		American International Group, Inc		18,447,192
	3,108		American National Group, Inc		352,292
	173,183	*	Arch Capital Group Ltd		6,877,097
	84,217		Arthur J. Gallagher & Co		12,207,254
	26,121		Assurant, Inc		4,064,428
	35,990		Assured Guaranty Ltd		1,830,091
	50,730	*	Athene Holding Ltd		3,027,059
	31,866		Axis Capital Holdings Ltd		1,778,123
	38,595	*	Brighthouse Financial, Inc		1,805,860
	97,053		Brown & Brown, Inc		5,161,279
	197,820		Chubb Ltd		33,943,934
	65,625		Cincinnati Financial Corp		7,394,625
	12,988		CNA Financial Corp		609,527
	4,764		Erie Indemnity Co (Class A)		1,019,591
	17,528		Everest Re Group Ltd		4,854,380
	121,388		Fidelity National Financial Inc		5,537,721
	47,538		First American Financial Corp		3,066,201
	45,415		Globe Life, Inc		4,654,583
	16,362	*	GoHealth, Inc		195,199
	16,590		Hanover Insurance Group, Inc		2,294,563
	156,670		Hartford Financial Services Group, Inc		10,333,953
	27,102		Kemper Corp		2,115,582
	14,620	*,e	Lemonade, Inc		1,321,648
	73,943		Lincoln National Corp		4,741,965
	99,867		Loews Corp		5,567,585
	5,892	*	Markel Corp		6,931,467
	50,533		Marsh & McLennan Cos, Inc		6,857,328
	11,900		Mercury General Corp		741,013
	332,878		Metlife, Inc		21,181,027
	124,026		Old Republic International Corp		3,053,520
	5,926		Primerica, Inc		946,797
	119,057		Principal Financial Group		7,604,171
	182,901		Progressive Corp		18,425,447
	173,437		Prudential Financial, Inc		17,406,137
	29,686		Reinsurance Group of America, Inc (Class A)		3,874,914
	15,084		RenaissanceRe Holdings Ltd		2,546,330
	110,480		Travelers Cos, Inc		17,086,837
	89,093		Unum Group		2,517,768
	61,025		W.R. Berkley Corp		4,864,913
	1,322		White Mountains Insurance Group Ltd		1,540,698
	56,897		Willis Towers Watson plc		14,728,357
			TOTAL INSURANCE		314,279,044

192

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
MATERIALS - 4.8%
	85,182		Air Products & Chemicals, Inc	$	24,573,303
	51,284		Albemarle Corp		8,624,430
	598,822		Amcor plc		7,036,158
	27,852		Aptargroup, Inc		4,200,360
	9,807		Ardagh Group S.A.		263,416
	24,241		Ashland Global Holdings, Inc		2,089,817
	21,450		Avery Dennison Corp		4,593,946
	92,297	*	Axalta Coating Systems Ltd		2,943,351
	8,953		Ball Corp		838,359
	39,589	*	Berry Global Group, Inc		2,518,652
	26,304		Cabot Corp		1,443,564
	49,930		Celanese Corp (Series A)		7,821,535
	93,142		CF Industries Holdings, Inc		4,529,495
	71,637		Chemours Co		2,163,437
	330,993		Corteva, Inc		16,139,219
	50,969		Crown Holdings, Inc		5,596,396
	325,667		Dow, Inc		20,354,188
	235,683		DuPont de Nemours, Inc		18,173,516
	17,845	*	Eagle Materials, Inc		2,465,108
	59,443		Eastman Chemical Co		6,859,128
	88,162		Ecolab, Inc		19,758,867
	95,092		Element Solutions, Inc		2,080,613
	46,111		FMC Corp		5,452,165
	635,680		Freeport-McMoRan, Inc (Class B)		23,971,493
	95,253		Graphic Packaging Holding Co		1,766,943
	87,760		Huntsman Corp		2,516,079
	109,015		International Flavors & Fragrances, Inc		15,498,663
	172,386		International Paper Co		9,998,388
	230,868		Linde plc		65,991,309
	112,484		LyondellBasell Industries NV		11,669,090
	27,244		Martin Marietta Materials, Inc		9,620,401
	151,369		Mosaic Co		5,325,161
	625		NewMarket Corp		216,619
	353,251		Newmont Goldcorp Corp		22,046,395
	134,167		Nucor Corp		11,036,577
	62,477		Olin Corp		2,688,385
	41,055		Packaging Corp of America		6,061,771
	104,196		PPG Industries, Inc		17,842,523
	27,895		Reliance Steel & Aluminum Co		4,471,847
	8,159		Royal Gold, Inc		912,666
	8,319		RPM International, Inc		788,974
	1,118		Scotts Miracle-Gro Co (Class A)		258,437
	70,135		Sealed Air Corp		3,464,669
	34,462		Silgan Holdings, Inc		1,453,263
	45,634		Sonoco Products Co		2,987,202
	37,404		Southern Copper Corp (NY)		2,596,212
	88,818		Steel Dynamics, Inc		4,815,712
	81,200		Valvoline, Inc		2,549,680
	57,940		Vulcan Materials Co		10,327,226
	15,811		W R Grace & Co		1,086,690
	14,855		Westlake Chemical Corp		1,394,736
	112,441		WestRock Co		6,268,586
			TOTAL MATERIALS		420,144,720

193

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 6.3%
	202,817		Activision Blizzard, Inc	$	18,494,882
	29,559	*	Alphabet, Inc (Class A)		69,567,106
	28,627	*	Alphabet, Inc (Class C)		68,994,505
	5,993	*	Charter Communications, Inc		4,035,986
	1,994,776		Comcast Corp (Class A)		112,006,672
	68,711	*,e	Discovery, Inc (Class A)		2,587,656
	135,750	*	Discovery, Inc (Class C)		4,386,082
	108,386	*	DISH Network Corp (Class A)		4,854,609
	108,685		Electronic Arts, Inc		15,441,965
	148,656		Fox Corp (Class A)		5,562,708
	70,118		Fox Corp (Class B)		2,550,893
	170,286		Interpublic Group of Cos, Inc		5,406,581
	18,421		John Wiley & Sons, Inc (Class A)		1,048,892
	10,841	*	Liberty Broadband Corp (Class A)		1,709,300
	70,065	*	Liberty Broadband Corp (Class C)		11,400,977
	12,363	*	Liberty Media Group (Class A)		512,075
	86,858	*	Liberty Media Group (Class C)		4,077,115
	32,143	*	Liberty SiriusXM Group (Class A)		1,452,542
	67,211	*	Liberty SiriusXM Group (Class C)		3,039,954
	26,285	*	Lions Gate Entertainment Corp (Class A)		380,344
	51,515	*	Lions Gate Entertainment Corp (Class B)		649,089
	8,328	*	Madison Square Garden Co		1,539,348
	8,328	*	Madison Square Garden Entertainment Corp		754,600
	72,020		New York Times Co (Class A)		3,270,428
	170,038		News Corp (Class A)		4,454,145
	53,175		News Corp (Class B)		1,292,684
	6,776		Nexstar Media Group Inc		998,850
	93,214		Omnicom Group, Inc		7,667,784
	29,940	*	Pinterest, Inc		1,987,118
	17,409	*	Playtika Holding Corp		483,622
	205,677	e	Sirius XM Holdings, Inc		1,254,630
	3,696	*	Take-Two Interactive Software, Inc		648,204
	44,047	*	TripAdvisor, Inc		2,075,935
	342,899	*	Twitter, Inc		18,934,883
	6,405	e	ViacomCBS, Inc (Class A)		289,506
	246,892		ViacomCBS, Inc (Class B)		10,127,510
	795,727	*	Walt Disney Co		148,021,137
	22,635	*	Zillow Group, Inc (Class A)		3,018,377
	56,355	*	Zillow Group, Inc (Class C)		7,332,913
	68,817	*	Zynga, Inc		744,600
			TOTAL MEDIA & ENTERTAINMENT		553,056,207
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.9%
	46,758		AbbVie, Inc		5,213,517
	1,207	*	Acceleron Pharma, Inc		150,839
	122,585		Agilent Technologies, Inc		16,382,259
	24,001	*	Agios Pharmaceuticals, Inc		1,339,256
	79,417	*	Alexion Pharmaceuticals, Inc		13,396,060
	73,543	*	Alkermes plc		1,618,314
	4,963	*	Berkeley Lights, Inc		243,733
	46,335	*	Biogen, Inc		12,386,736
	7,363	*	BioMarin Pharmaceutical, Inc		573,725
	9,253	*	Bio-Rad Laboratories, Inc (Class A)		5,830,593
	998		Bio-Techne Corp		426,635

194

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	15,634	*	Bluebird Bio, Inc	$	469,020
	635,469		Bristol-Myers Squibb Co		39,665,975
	26,018		Bruker BioSciences Corp		1,782,753
	71,528	*	Catalent, Inc		8,044,754
	2,440	*	Charles River Laboratories International, Inc		811,178
	200,911	*	Elanco Animal Health, Inc		6,370,888
	8,536	*	Exact Sciences Corp		1,125,216
	86,462	*	Exelixis, Inc		2,128,694
	553,407		Gilead Sciences, Inc		35,124,742
	5,957	*	Horizon Therapeutics Plc		563,651
	29,083	*	Ionis Pharmaceuticals, Inc		1,245,334
	51,624	*	IQVIA Holdings, Inc		12,115,637
	24,398	*	Jazz Pharmaceuticals plc		4,011,031
	1,005,513		Johnson & Johnson		163,627,131
	12,362	*	Maravai LifeSciences Holdings, Inc		481,005
	139,910		Merck & Co, Inc		10,423,295
	620	*	Mettler-Toledo International, Inc		814,258
	74,117	*	Nektar Therapeutics		1,453,434
	39,322		PerkinElmer, Inc		5,097,311
	61,935		Perrigo Co plc		2,578,354
	2,448,050		Pfizer, Inc		94,617,133
	10,819	*	PPD, Inc		499,838
	4,123	*	PRA Health Sciences, Inc		688,087
	99,641	*	QIAGEN NV		4,795,721
	1,090	*	Reata Pharmaceuticals, Inc		110,526
	80,718	e	Royalty Pharma plc		3,551,592
	20,208	*	Sage Therapeutics, Inc		1,591,582
	3,280	*	Sana Biotechnology, Inc		70,520
	17,263	*	Sotera Health Co		444,695
	31,973	*	Syneos Health, Inc		2,712,909
	71,857		Thermo Fisher Scientific, Inc		33,789,317
	19,016	*	United Therapeutics Corp		3,832,865
	526,352	*	Viatris, Inc		7,000,482
	25,009	*	Waters Corp		7,499,449
	19,908		Zoetis, Inc		3,444,681
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		520,144,725
REAL ESTATE - 4.5%
	59,546		Alexandria Real Estate Equities, Inc		10,783,781
	59,985		American Campus Communities, Inc		2,711,922
	119,962		American Homes 4 Rent		4,443,392
	94,005		Americold Realty Trust		3,796,862
	64,522		Apartment Income REIT Corp		2,913,168
	64,522		Apartment Investment and Management Co		447,783
	91,855		Apple Hospitality REIT, Inc		1,456,820
	62,283		AvalonBay Communities, Inc		11,958,336
	68,186		Boston Properties, Inc		7,456,139
	73,832		Brandywine Realty Trust		998,947
	129,814		Brixmor Property Group, Inc		2,900,045
	41,339		Camden Property Trust		4,980,523
	145,978	*	CBRE Group, Inc		12,437,326
	5,978		Coresite Realty		726,267
	49,189		Corporate Office Properties Trust		1,379,260
	64,859		Cousins Properties, Inc		2,378,380
	12,596		Crown Castle International Corp		2,381,400
	84,655		CubeSmart		3,584,293

195

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	52,617		CyrusOne, Inc	$	3,832,096
	123,394		Digital Realty Trust, Inc		19,040,928
	72,900		Douglas Emmett, Inc		2,445,066
	160,435		Duke Realty Corp		7,463,436
	78,010		Empire State Realty Trust, Inc		888,534
	34,057	*	EPR Properties		1,624,859
	51,124		Equity Commonwealth		1,472,371
	44,963		Equity Lifestyle Properties, Inc		3,120,432
	162,809		Equity Residential		12,085,312
	28,980		Essex Property Trust, Inc		8,419,270
	16,360		Extra Space Storage, Inc		2,432,568
	32,976		Federal Realty Investment Trust		3,721,012
	54,650		First Industrial Realty Trust, Inc		2,719,930
	95,840		Gaming and Leisure Properties, Inc		4,455,602
	95,250		Healthcare Trust of America, Inc		2,797,492
	236,405		Healthpeak Properties Inc		8,118,148
	45,069		Highwoods Properties, Inc		2,018,640
	306,396	*	Host Hotels and Resorts, Inc		5,564,151
	17,193	*	Howard Hughes Corp		1,855,812
	65,811		Hudson Pacific Properties		1,849,947
	245,684		Invitation Homes, Inc		8,613,681
	51,890		Iron Mountain, Inc		2,081,827
	53,371		JBG SMITH Properties		1,740,428
	22,462	*	Jones Lang LaSalle, Inc		4,220,834
	50,345		Kilroy Realty Corp		3,450,646
	181,006		Kimco Realty Corp		3,801,126
	38,631		Lamar Advertising Co		3,826,014
	31,975		Life Storage, Inc		3,071,518
	253,673		Medical Properties Trust, Inc		5,593,490
	49,927		Mid-America Apartment Communities, Inc		7,855,015
	78,121		National Retail Properties, Inc		3,626,377
	98,595		Omega Healthcare Investors, Inc		3,746,610
	67,384	*	Outfront Media, Inc		1,642,148
	84,208		Paramount Group, Inc		893,447
	104,913	*	Park Hotels & Resorts, Inc		2,340,609
	324,126		Prologis, Inc		37,770,403
	22,739		Public Storage, Inc		6,393,297
	58,485		Rayonier, Inc		2,121,836
	164,365		Realty Income Corp		11,365,840
	73,842		Regency Centers Corp		4,700,782
	57,290		Rexford Industrial Realty, Inc		3,182,459
	42,041		SBA Communications Corp		12,600,529
	30,228		Simon Property Group, Inc		3,679,957
	32,108		SL Green Realty Corp		2,376,313
	47,674		Spirit Realty Capital, Inc		2,266,422
	107,157		STORE Capital Corp		3,835,149
	46,384		Sun Communities, Inc		7,738,243
	128,388		UDR, Inc		5,963,623
	163,633		Ventas, Inc		9,075,086
	94,642		VEREIT, Inc		4,527,673
	237,278		VICI Properties, Inc		7,521,713
	76,892		Vornado Realty Trust		3,517,809
	53,144		Weingarten Realty Investors		1,718,677
	184,876		Welltower, Inc		13,871,246
	330,414		Weyerhaeuser Co		12,810,151
	74,519		WP Carey, Inc		5,580,728
			TOTAL REAL ESTATE		392,781,956

196

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
RETAILING - 2.5%
	29,189		Advance Auto Parts, Inc	$	5,842,470
	24,552	*	Autonation, Inc		2,516,089
	4,085	*	AutoZone, Inc		5,980,930
	81,958		Best Buy Co, Inc		9,529,257
	3,019	*	Burlington Stores, Inc		985,190
	65,955	*	CarMax, Inc		8,787,844
	26,951	e	Dick’s Sporting Goods, Inc		2,225,614
	54,065	*	Dollar Tree, Inc		6,212,069
	25,186		eBay, Inc		1,405,127
	45,339		Foot Locker, Inc		2,674,094
	78,303		Gap, Inc		2,591,829
	61,590		Genuine Parts Co		7,696,902
	36,429	*	GrubHub, Inc		2,478,629
	236,406		Home Depot, Inc		76,517,530
	68,378		Kohl’s Corp		4,011,054
	100,481	*	L Brands, Inc		6,621,698
	20,665	*	Leslie’s, Inc		587,299
	132,734	*	LKQ Corp		6,200,005
	46,329	*	Nordstrom, Inc		1,699,348
	2,677	*	Ollie’s Bargain Outlet Holdings, Inc		247,007
	14,529		Penske Auto Group, Inc		1,274,048
	12,095	*,e	Petco Health & Wellness Co, Inc		285,684
	166,846		Qurate Retail Group, Inc QVC Group		1,985,467
	29,264		Ross Stores, Inc		3,831,828
	220,128		Target Corp		45,623,729
	101,472		TJX Companies, Inc		7,204,512
	1,652	*	Ulta Beauty, Inc		544,086
	9,321	*	Vroom, Inc		431,283
	2,989	*	Wayfair, Inc		883,459
	28,181		Williams-Sonoma, Inc		4,811,906
			TOTAL RETAILING		221,685,987
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	37,328	*	Advanced Micro Devices, Inc		3,046,711
	12,922	*	Allegro MicroSystems, Inc		318,915
	141,903		Analog Devices, Inc		21,733,864
	9,231		Broadcom, Inc		4,211,182
	25,596	*	Cirrus Logic, Inc		1,904,598
	48,908	*	Cree, Inc		4,862,433
	4,615		Entegris, Inc		519,557
	40,406	*	First Solar, Inc		3,092,271
	1,806,600		Intel Corp		103,933,698
	294,309		Marvell Technology, Inc		13,305,710
	77,246		Maxim Integrated Products, Inc		7,261,124
	27,192		Microchip Technology, Inc		4,086,686
	489,830	*	Micron Technology, Inc		42,159,668
	6,141		MKS Instruments, Inc		1,099,915
	177,837	*	ON Semiconductor Corp		6,935,643
	50,378	*	Qorvo, Inc		9,479,628
	72,242		Skyworks Solutions, Inc		13,099,642
	202,977		Texas Instruments, Inc		36,639,378
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		277,690,623

197

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 3.1%
	20,885	*	2U, Inc	$	819,736
	12,337	*	Akamai Technologies, Inc		1,341,032
	20,503		Alliance Data Systems Corp		2,416,279
	57,755		Amdocs Ltd		4,432,119
	2,014	*	Aspen Technology, Inc		263,512
	32,503	*	Autodesk, Inc		9,487,951
	26,604		Automatic Data Processing, Inc		4,974,682
	3,256	*	BigCommerce Holdings, Inc		195,165
	1,162	*,e	C3.ai, Inc		76,994
	46,597		CDK Global, Inc		2,497,133
	15,146	*	Ceridian HCM Holding, Inc		1,430,994
	39,333		Citrix Systems, Inc		4,871,392
	219,442		Cognizant Technology Solutions Corp (Class A)		17,643,137
	18,198	*	Concentrix Corp		2,827,605
	18,862	*	Crowdstrike Holdings, Inc		3,932,916
	5,374	*	Datto Holding Corp		137,306
	6,631	*	Duck Creek Technologies, Inc		275,717
	111,125	*	DXC Technology Co		3,657,124
	22,025	*	Euronet Worldwide, Inc		3,159,046
	271,948		Fidelity National Information Services, Inc		41,580,849
	74,344	*	FireEye, Inc		1,477,587
	177,763	*	Fiserv, Inc		21,352,892
	50,234		Genpact Ltd		2,387,622
	130,750		Global Payments, Inc		28,062,872
	30,358	*	Guidewire Software, Inc		3,203,073
	391,173		International Business Machines Corp		55,499,625
	7,250		Jack Henry & Associates, Inc		1,180,517
	7,166	*	Jamf Holding Corp		261,702
	1,612	*,e	JFrog Ltd		79,036
	2,881	*	Manhattan Associates, Inc		395,388
	8,275		McAfee Corp		200,917
	3,465	*	nCino, Inc		226,576
	126,034	*	Nuance Communications, Inc		6,701,228
	98,107		Oracle Corp		7,435,529
	29,549		Paychex, Inc		2,880,732
	1,540		Pegasystems, Inc		195,488
	135,953	*	Sabre Corp		2,036,576
	27,991	*	salesforce.com, Inc		6,446,887
	20,534	*	SolarWinds Corp		346,203
	77,904		SS&C Technologies Holdings, Inc		5,782,035
	4,726	*	Synopsys, Inc		1,167,606
	11,266	*	Teradata Corp		557,329
	10,800	*	Twilio, Inc		3,972,240
	2,156	*,e	Unity Software, Inc		219,006
	18,244	*	VeriSign, Inc		3,991,240
	144,851		Western Union Co		3,731,362
	17,344	*	WEX, Inc		3,559,162
			TOTAL SOFTWARE & SERVICES		269,371,119
TECHNOLOGY HARDWARE & EQUIPMENT - 2.9%
	104,806		Amphenol Corp (Class A)		7,057,636
	4,579	*	Arista Networks, Inc		1,443,163
	32,724	*	Arrow Electronics, Inc		3,732,827
	41,127		Avnet, Inc		1,806,298
	66,983	*	Ciena Corp		3,380,632

198

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	1,869,653		Cisco Systems, Inc	$	95,184,034
	1,840	*	Coherent, Inc		478,382
	79,422	*	CommScope Holding Co, Inc		1,306,492
	331,564		Corning, Inc		14,658,445
	107,768	*	Dell Technologies, Inc		10,596,827
	24,355		Dolby Laboratories, Inc (Class A)		2,471,302
	23,920	*	EchoStar Corp (Class A)		584,844
	27,333	*	F5 Networks, Inc		5,104,711
	57,157		FLIR Systems, Inc		3,427,705
	575,148		Hewlett Packard Enterprise Co		9,213,871
	567,521		HP, Inc		19,358,141
	14,531	*	IPG Photonics Corp		3,154,825
	52,178		Jabil Inc		2,735,171
	144,077		Juniper Networks, Inc		3,658,115
	54,457	*	Keysight Technologies, Inc		7,860,868
	10,318		Littelfuse, Inc		2,736,746
	29,276	*	Lumentum Holdings, Inc		2,489,924
	67,452		Motorola Solutions, Inc		12,701,212
	56,468		National Instruments Corp		2,338,340
	58,636	*	NCR Corp		2,682,597
	44,444		NetApp, Inc		3,319,522
	45,193	*	Pure Storage, Inc		913,803
	18,198		Synnex Corp		2,205,598
	110,010	*	Trimble Inc		9,020,820
	695		Ubiquiti, Inc		198,304
	25,694	*	Viasat, Inc		1,330,692
	66,941	*	Vontier Corp		2,097,931
	132,921	*	Western Digital Corp		9,388,210
	72,057		Xerox Holdings Corp		1,739,456
	1,978	*	Zebra Technologies Corp (Class A)		964,750
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		251,342,194
TELECOMMUNICATION SERVICES - 2.8%
	3,136,640		AT&T, Inc		98,521,862
	481,794		Lumen Technologies, Inc		6,181,417
	41,929		Telephone & Data Systems, Inc		963,528
	241,834	*	T-Mobile US, Inc		31,953,527
	6,367	*	US Cellular Corp		217,306
	1,823,813		Verizon Communications, Inc		105,398,153
			TOTAL TELECOMMUNICATION SERVICES		243,235,793
TRANSPORTATION - 2.9%
	52,562	*	Alaska Air Group, Inc		3,634,137
	3,903		Amerco, Inc		2,328,647
	271,416	*	American Airlines Group, Inc		5,895,155
	48,972		CH Robinson Worldwide, Inc		4,754,202
	14,603	*	Copa Holdings S.A. (Class A)		1,263,159
	335,476		CSX Corp		33,799,207
	280,266	*	Delta Air Lines, Inc		13,150,081
	28,281		Expeditors International of Washington, Inc		3,106,951
	107,866		FedEx Corp		31,314,578
	26,832		JB Hunt Transport Services, Inc		4,580,491
	134,996	*	JetBlue Airways Corp		2,748,518
	39,838		Kansas City Southern		11,641,062
	26,200	*	Kirby Corp		1,668,940
	54,774		Knight-Swift Transportation Holdings, Inc		2,580,951
	3,325		Landstar System, Inc		572,831

199

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	110,681	*	Lyft, Inc (Class A)	$	6,160,504
	33,801		Macquarie Infrastructure Co LLC		1,125,911
	110,762		Norfolk Southern Corp		30,929,181
	5,902		Old Dominion Freight Line		1,521,595
	22,960		Ryder System, Inc		1,833,126
	23,804		Schneider National, Inc		576,771
	260,265	*	Southwest Airlines Co		16,339,437
	140,891	*	Uber Technologies, Inc		7,716,600
	144,555		Union Pacific Corp		32,104,220
	136,904	*	United Airlines Holdings Inc		7,447,578
	107,651		United Parcel Service, Inc (Class B)		21,945,733
	37,866	*	XPO Logistics, Inc		5,267,918
			TOTAL TRANSPORTATION		256,007,484
UTILITIES - 5.0%
	289,791		AES Corp		8,061,986
	110,985		Alliant Energy Corp		6,234,027
	107,957		Ameren Corp		9,159,072
	217,532		American Electric Power Co, Inc		19,297,264
	79,644		American Water Works Co, Inc		12,423,667
	54,278		Atmos Energy Corp		5,622,658
	25,916		Avangrid, Inc		1,319,124
	220,787		Centerpoint Energy, Inc		5,407,074
	125,240		CMS Energy Corp		8,064,204
	150,260		Consolidated Edison, Inc		11,631,627
	358,361		Dominion Energy, Inc		28,633,044
	85,012		DTE Energy Co		11,903,380
	323,497		Duke Energy Corp		32,572,913
	156,420		Edison International		9,299,169
	88,075		Entergy Corp		9,625,717
	100,140		Essential Utilities Inc		4,719,598
	99,222		Evergy, Inc		6,347,231
	151,911		Eversource Energy		13,097,766
	427,713		Exelon Corp		19,221,422
	237,639		FirstEnergy Corp		9,011,271
	46,879		Hawaiian Electric Industries, Inc		2,018,610
	22,231		Idacorp, Inc		2,278,233
	87,361		MDU Resources Group, Inc		2,923,099
	38,577		National Fuel Gas Co		1,915,734
	861,610		NextEra Energy, Inc		66,783,391
	167,771		NiSource, Inc		4,365,401
	69,606		NRG Energy, Inc		2,493,287
	86,077		OGE Energy Corp		2,888,744
	589,443	*,b	PG&E Corp		6,672,495
	50,627		Pinnacle West Capital Corp		4,285,575
	341,313		PPL Corp		9,942,448
	221,997		Public Service Enterprise Group, Inc		14,021,330
	128,017		Sempra Energy		17,611,299
	464,566		Southern Co		30,740,332
	91,146		UGI Corp		3,983,992
	216,856		Vistra Energy Corp		3,658,361
	139,313		WEC Energy Group, Inc		13,537,044
	231,060		Xcel Energy, Inc		16,474,578
			TOTAL UTILITIES		438,246,167
			TOTAL COMMON STOCKS		8,775,443,523
			(Cost $5,862,226,615)

200

TIAA-CREF FUNDS – Large-Cap Value Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.2%
GOVERNMENT AGENCY DEBT - 0.1%
$	4,000,000		Federal Home Loan Bank (FHLB)		0.005	%	05/19/21	$	4,000,000
			TOTAL GOVERNMENT AGENCY DEBT						4,000,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	8,525,252	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				8,525,252
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						8,525,252
			TOTAL SHORT-TERM INVESTMENTS						12,525,252
			(Cost $12,525,243)
			TOTAL INVESTMENTS - 100.1%						8,787,968,775
			(Cost $5,874,751,858)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%						(4,889,388	)
			NET ASSETS - 100.0%					$	8,783,079,387
			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 $14,265,771.

201

TIAA-CREF FUNDS – S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 2.0%
	59,035	*	Aptiv plc	$	8,494,546
	54,890		BorgWarner, Inc		2,666,556
	862,189	*	Ford Motor Co		9,949,661
	272,971	*	General Motors Co		15,619,401
	166,964	*	Tesla, Inc		118,450,940
			TOTAL AUTOMOBILES & COMPONENTS		155,181,104
BANKS - 4.4%
	1,651,547		Bank of America Corp		66,937,200
	458,077		Citigroup, Inc		32,633,405
	91,168		Citizens Financial Group, Inc		4,219,255
	30,139		Comerica, Inc		2,265,247
	152,198		Fifth Third Bancorp		6,170,107
	38,718		First Republic Bank		7,094,686
	234,648		Huntington Bancshares, Inc		3,594,807
	662,854		JPMorgan Chase & Co		101,953,574
	206,515		Keycorp		4,493,766
	26,807		M&T Bank Corp		4,227,196
	80,381		People’s United Financial, Inc		1,457,308
	93,279		PNC Financial Services Group, Inc		17,438,509
	214,369		Regions Financial Corp		4,673,244
	11,784	*	SVB Financial Group		6,738,445
	295,423		Truist Financial Corp		17,521,538
	299,777		US Bancorp		17,791,765
	898,414		Wells Fargo & Co		40,473,551
	38,127		Zions Bancorporation		2,127,487
			TOTAL BANKS		341,811,090
CAPITAL GOODS - 5.8%
	125,724		3M Co		24,785,229
	27,527		A.O. Smith Corp		1,864,954
	19,449		Allegion plc		2,613,557
	49,533		Ametek, Inc		6,683,488
	119,823	*	Boeing Co		28,075,727
	178,059		Carrier Global Corp		7,759,811
	118,702		Caterpillar, Inc		27,077,113
	32,187		Cummins, Inc		8,112,412
	68,041		Deere & Co		25,233,005
	30,416		Dover Corp		4,537,763
	86,709		Eaton Corp		12,393,317
	130,632		Emerson Electric Co		11,820,890
	124,860		Fastenal Co		6,527,681
	72,315		Fortive Corp		5,121,348
	29,899		Fortune Brands Home & Security, Inc		3,138,797
	13,729	*	Generac Holdings, Inc		4,447,510
	50,584		General Dynamics Corp		9,622,594

202

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	1,909,328		General Electric Co	$	25,050,383
	151,045		Honeywell International, Inc		33,689,077
	86,820	*	Howmet Aerospace, Inc		2,774,767
	7,959		Huntington Ingalls		1,689,855
	16,134		IDEX Corp		3,617,243
	62,610		Illinois Tool Works, Inc		14,429,101
	79,347	*	Ingersoll Rand, Inc		3,920,535
	157,380		Johnson Controls International plc		9,811,069
	44,625		L3Harris Technologies, Inc		9,336,889
	53,539		Lockheed Martin Corp		20,374,802
	53,976		Masco Corp		3,447,987
	33,768		Northrop Grumman Corp		11,968,730
	87,976		Otis Worldwide Corp		6,850,691
	76,006		PACCAR, Inc		6,831,419
	28,661		Parker-Hannifin Corp		8,994,108
	35,803		Pentair plc		2,309,652
	30,131		Quanta Services, Inc		2,911,860
	330,907		Raytheon Technologies Corp		27,544,699
	25,539		Rockwell Automation, Inc		6,748,936
	23,117		Roper Technologies Inc		10,320,353
	11,804		Snap-On, Inc		2,804,630
	35,331		Stanley Black & Decker, Inc		7,305,391
	8,434	*	Teledyne Technologies, Inc		3,776,324
	49,909		Textron, Inc		3,206,154
	52,090		Trane Technologies plc		9,054,805
	11,768	*	TransDigm Group, Inc		7,222,492
	15,560	*	United Rentals, Inc		4,978,422
	9,544		W.W. Grainger, Inc		4,137,706
	36,611		Wabtec Corp		3,004,665
	39,473		Xylem, Inc		4,367,687
			TOTAL CAPITAL GOODS		452,295,628
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	18,898		Cintas Corp		6,522,456
	45,293	*	Copart, Inc		5,639,431
	26,243		Equifax, Inc		6,015,683
	81,286		IHS Markit Ltd		8,744,748
	26,941		Jacobs Engineering Group, Inc		3,599,587
	30,088		Leidos Holdings, Inc		3,047,313
	73,123		Nielsen NV		1,875,605
	45,045		Republic Services, Inc		4,788,283
	26,681		Robert Half International, Inc		2,337,522
	47,007		Rollins, Inc		1,752,421
	35,524		Verisk Analytics, Inc		6,685,617
	84,282		Waste Management, Inc		11,628,388
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		62,637,054
CONSUMER DURABLES & APPAREL - 1.2%
	74,046		DR Horton, Inc		7,277,981
	32,763		Garmin Ltd		4,496,394
	72,611		Hanesbrands, Inc		1,529,188
	27,910		Hasbro, Inc		2,775,649
	25,715		Leggett & Platt, Inc		1,277,264
	60,919		Lennar Corp (Class A)		6,311,208
	12,123	*	Mohawk Industries, Inc		2,491,276
	84,735		Newell Brands Inc		2,284,456

203

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	275,927		Nike, Inc (Class B)	$	36,593,439
	733	*	NVR, Inc		3,678,267
	55,286		Pulte Homes, Inc		3,268,508
	15,200	*	PVH Corp		1,720,336
	11,568	*	Ralph Lauren Corp		1,541,899
	62,102	*	Tapestry, Inc		2,971,581
	39,270	*	Under Armour, Inc (Class A)		954,654
	34,798	*	Under Armour, Inc (Class C)		692,828
	69,857		VF Corp		6,123,665
	14,422		Whirlpool Corp		3,410,082
			TOTAL CONSUMER DURABLES & APPAREL		89,398,675
CONSUMER SERVICES - 2.1%
	8,928	*	Booking Holdings, Inc		22,017,162
	45,489	*	Caesars Entertainment, Inc		4,450,644
	174,439	*	Carnival Corp		4,877,314
	6,120	*	Chipotle Mexican Grill, Inc (Class A)		9,131,224
	28,317		Darden Restaurants, Inc		4,154,670
	8,333		Domino’s Pizza, Inc		3,519,359
	30,112	*	Expedia Group, Inc		5,306,638
	61,816	*	Hilton Worldwide Holdings, Inc		7,955,719
	71,206	*	Las Vegas Sands Corp		4,362,080
	58,614	*	Marriott International, Inc (Class A)		8,705,351
	161,954		McDonald’s Corp		38,234,100
	91,807		MGM Resorts International		3,738,381
	79,523	*	Norwegian Cruise Line Holdings Ltd		2,469,189
	32,469	*	Penn National Gaming, Inc		2,893,637
	47,903	*	Royal Caribbean Cruises Ltd		4,165,166
	256,097		Starbucks Corp		29,320,546
	21,784	*	Wynn Resorts Ltd		2,797,066
	64,531		Yum! Brands, Inc		7,712,745
			TOTAL CONSUMER SERVICES		165,810,991
DIVERSIFIED FINANCIALS - 5.0%
	141,923		American Express Co		21,763,892
	24,990		Ameriprise Financial, Inc		6,457,416
	176,361		Bank of New York Mellon Corp		8,796,887
	414,109	*	Berkshire Hathaway, Inc (Class B)		113,859,270
	30,926		BlackRock, Inc		25,337,672
	99,790		Capital One Financial Corp		14,876,693
	22,776		CBOE Global Markets, Inc		2,377,131
	325,432		Charles Schwab Corp		22,910,413
	77,559		CME Group, Inc		15,666,142
	67,804		Discover Financial Services		7,729,656
	58,985		Franklin Resources, Inc		1,769,550
	74,867		Goldman Sachs Group, Inc		26,087,406
	121,173		Intercontinental Exchange Group, Inc		14,263,274
	83,754		Invesco Ltd		2,261,358
	8,075		MarketAxess Holdings, Inc		3,944,315
	34,917		Moody’s Corp		11,407,733
	325,373		Morgan Stanley		26,859,541
	17,968		MSCI, Inc (Class A)		8,728,315
	25,638		Nasdaq Inc		4,141,563
	44,613		Northern Trust Corp		5,076,959
	26,218		Raymond James Financial, Inc		3,428,790
	52,356		S&P Global, Inc		20,439,259

204

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	76,941		State Street Corp	$	6,459,197
	120,087		Synchrony Financial		5,252,605
	49,219		T Rowe Price Group, Inc		8,820,045
			TOTAL DIVERSIFIED FINANCIALS		388,715,082
ENERGY - 2.7%
	73,187		APA Corp		1,463,740
	148,506		Baker Hughes Co		2,982,000
	81,871		Cabot Oil & Gas Corp		1,364,790
	419,111		Chevron Corp		43,197,771
	294,612		ConocoPhillips		15,066,458
	131,860		Devon Energy Corp		3,082,887
	39,489		Diamondback Energy, Inc		3,227,436
	130,396		EOG Resources, Inc		9,602,361
	925,360	d	Exxon Mobil Corp		52,967,606
	191,988		Halliburton Co		3,755,285
	58,286		Hess Corp		4,342,890
	27,867		HollyFrontier Corp		975,345
	414,302		Kinder Morgan, Inc		7,063,849
	160,997		Marathon Oil Corp		1,812,826
	142,741		Marathon Petroleum Corp		7,943,537
	71,015	*	NOV, Inc		1,061,674
	186,738		Occidental Petroleum Corp		4,735,676
	94,634		ONEOK, Inc		4,953,144
	98,503		Phillips 66		7,969,878
	44,993		Pioneer Natural Resources Co		6,921,273
	309,341		Schlumberger Ltd		8,367,674
	89,378		Valero Energy Corp		6,610,397
	259,492		Williams Cos, Inc		6,321,225
			TOTAL ENERGY		205,789,722
FOOD & STAPLES RETAILING - 1.3%
	95,890		Costco Wholesale Corp		35,679,710
	167,213		Kroger Co		6,109,963
	111,153		SYSCO Corp		9,417,994
	155,035		Walgreens Boots Alliance, Inc		8,232,359
	301,996		Walmart, Inc		42,252,260
			TOTAL FOOD & STAPLES RETAILING		101,692,286
FOOD, BEVERAGE & TOBACCO - 3.0%
	405,033		Altria Group, Inc		19,340,326
	124,362		Archer-Daniels-Midland Co		7,850,973
	39,503		Brown-Forman Corp (Class B)		3,013,289
	45,398		Campbell Soup Co		2,167,754
	842,482		Coca-Cola Co		45,477,178
	102,932		ConAgra Brands, Inc		3,817,748
	37,513		Constellation Brands, Inc (Class A)		9,015,124
	132,675		General Mills, Inc		8,074,601
	31,476		Hershey Co		5,171,507
	58,211		Hormel Foods Corp		2,689,348
	22,916		J.M. Smucker Co		3,001,767
	52,430		Kellogg Co		3,272,681
	142,218		Kraft Heinz Co		5,872,181
	32,648		Lamb Weston Holdings, Inc		2,628,164
	55,802		McCormick & Co, Inc		5,042,269
	42,213	*	Molson Coors Brewing Co (Class B)		2,319,604

205

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	308,136		Mondelez International, Inc	$	18,737,750
	78,663	*	Monster Beverage Corp		7,634,244
	299,381		PepsiCo, Inc		43,158,765
	337,678		Philip Morris International, Inc		32,079,410
	65,031		Tyson Foods, Inc (Class A)		5,036,651
			TOTAL FOOD, BEVERAGE & TOBACCO		235,401,334
HEALTH CARE EQUIPMENT & SERVICES - 6.4%
	384,559		Abbott Laboratories		46,177,845
	9,544	*	Abiomed, Inc		3,061,047
	15,763	*	Align Technology, Inc		9,387,339
	31,390		AmerisourceBergen Corp		3,791,912
	53,489		Anthem, Inc		20,293,192
	110,702		Baxter International, Inc		9,486,054
	63,676		Becton Dickinson & Co		15,843,226
	308,587	*	Boston Scientific Corp		13,454,393
	62,461		Cardinal Health, Inc		3,768,897
	125,135	*	Centene Corp		7,725,835
	65,621		Cerner Corp		4,924,856
	76,846		Cigna Corp		19,135,422
	10,629		Cooper Cos, Inc		4,367,350
	285,005		CVS Health Corp		21,774,382
	138,104		Danaher Corp		35,070,130
	14,558	*	DaVita, Inc		1,696,444
	48,052		Dentsply Sirona, Inc		3,243,991
	20,916	*	DexCom, Inc		8,075,668
	136,532	*	Edwards Lifesciences Corp		13,041,537
	58,167		HCA Healthcare, Inc		11,695,057
	32,307	*	Henry Schein, Inc		2,342,257
	57,851	*	Hologic, Inc		3,792,133
	28,181		Humana, Inc		12,547,308
	18,720	*	IDEXX Laboratories, Inc		10,277,093
	25,603	*	Intuitive Surgical, Inc		22,146,595
	21,032	*	Laboratory Corp of America Holdings		5,591,778
	35,006		McKesson Corp		6,565,725
	292,569		Medtronic plc		38,303,133
	27,735		Quest Diagnostics, Inc		3,657,692
	31,091		Resmed, Inc		5,844,175
	18,926		STERIS plc		3,993,764
	71,526		Stryker Corp		18,784,873
	9,885		Teleflex, Inc		4,176,215
	205,261		UnitedHealth Group, Inc		81,858,087
	17,040		Universal Health Services, Inc (Class B)		2,528,906
	16,234		West Pharmaceutical Services, Inc		5,333,194
	44,997		Zimmer Biomet Holdings, Inc		7,971,669
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		491,729,174
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	53,135		Church & Dwight Co, Inc		4,555,795
	28,029		Clorox Co		5,115,293
	182,992		Colgate-Palmolive Co		14,767,454
	49,505		Estee Lauder Cos (Class A)		15,534,669
	73,807		Kimberly-Clark Corp		9,839,949
	534,579		Procter & Gamble Co		71,323,530
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		121,136,690

206

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES		COMPANY	VALUE
INSURANCE - 1.9%
	139,493	Aflac, Inc	$	7,494,959
	65,936	Allstate Corp		8,360,685
	189,155	American International Group, Inc		9,164,560
	48,985	Aon plc		12,316,788
	41,807	Arthur J. Gallagher & Co		6,059,925
	12,839	Assurant, Inc		1,997,748
	98,000	Chubb Ltd		16,815,820
	33,355	Cincinnati Financial Corp		3,758,441
	8,278	Everest Re Group Ltd		2,292,592
	19,450	Globe Life, Inc		1,993,430
	78,137	Hartford Financial Services Group, Inc		5,153,917
	36,213	Lincoln National Corp		2,322,340
	48,162	Loews Corp		2,685,031
	109,171	Marsh & McLennan Cos, Inc		14,814,505
	166,717	Metlife, Inc		10,608,203
	54,350	Principal Financial Group		3,471,334
	127,953	Progressive Corp		12,889,985
	86,222	Prudential Financial, Inc		8,653,240
	56,229	Travelers Cos, Inc		8,696,377
	36,588	Unum Group		1,033,977
	30,882	W.R. Berkley Corp		2,461,913
	28,046	Willis Towers Watson plc		7,259,988
		TOTAL INSURANCE		150,305,758
MATERIALS - 2.7%
	47,682	Air Products & Chemicals, Inc		13,755,303
	25,383	Albemarle Corp		4,268,659
	329,663	Amcor plc		3,873,540
	18,259	Avery Dennison Corp		3,910,530
	73,384	Ball Corp		6,871,678
	25,278	Celanese Corp (Series A)		3,959,799
	45,995	CF Industries Holdings, Inc		2,236,737
	162,902	Corteva, Inc		7,943,102
	164,782	Dow, Inc		10,298,875
	116,785	DuPont de Nemours, Inc		9,005,291
	30,249	Eastman Chemical Co		3,490,432
	54,284	Ecolab, Inc		12,166,130
	27,798	FMC Corp		3,286,836
	316,804	Freeport-McMoRan, Inc (Class B)		11,946,679
	53,897	International Flavors & Fragrances, Inc		7,662,536
	86,480	International Paper Co		5,015,840
	113,903	Linde plc		32,558,034
	55,029	LyondellBasell Industries NV		5,708,708
	13,556	Martin Marietta Materials, Inc		4,786,895
	71,544	Mosaic Co		2,516,918
	175,086	Newmont Goldcorp Corp		10,927,117
	65,917	Nucor Corp		5,422,332
	20,944	Packaging Corp of America		3,092,382
	51,182	PPG Industries, Inc		8,764,406
	33,656	Sealed Air Corp		1,662,606
	52,869	Sherwin-Williams Co		14,479,233
	28,627	Vulcan Materials Co		5,102,476
	57,610	WestRock Co		3,211,758
		TOTAL MATERIALS		207,924,832

207

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
MEDIA & ENTERTAINMENT - 9.5%
	167,548		Activision Blizzard, Inc	$	15,278,702
	65,352	*	Alphabet, Inc (Class A)		153,805,932
	62,636	*	Alphabet, Inc (Class C)		150,960,276
	30,888	*	Charter Communications, Inc		20,801,524
	992,557		Comcast Corp (Class A)		55,732,075
	32,448	*,e	Discovery, Inc (Class A)		1,221,992
	58,930	*	Discovery, Inc (Class C)		1,904,028
	54,106	*	DISH Network Corp (Class A)		2,423,408
	63,178		Electronic Arts, Inc		8,976,330
	522,926	*	Facebook, Inc		169,992,784
	72,781		Fox Corp (Class A)		2,723,465
	34,115		Fox Corp (Class B)		1,241,104
	87,598		Interpublic Group of Cos, Inc		2,781,236
	31,439	*	Live Nation, Inc		2,574,225
	96,446	*	Netflix, Inc		49,522,128
	83,491		News Corp (Class A)		2,187,047
	25,832		News Corp (Class B)		627,976
	46,833		Omnicom Group, Inc		3,852,483
	25,276	*	Take-Two Interactive Software, Inc		4,432,905
	172,783	*	Twitter, Inc		9,541,077
	128,335		ViacomCBS, Inc (Class B)		5,264,302
	394,421	*	Walt Disney Co		73,370,194
			TOTAL MEDIA & ENTERTAINMENT		739,215,193
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.4%
	383,813		AbbVie, Inc		42,795,150
	66,385		Agilent Technologies, Inc		8,871,691
	47,120	*	Alexion Pharmaceuticals, Inc		7,948,202
	125,389		Amgen, Inc		30,048,220
	32,669	*	Biogen, Inc		8,733,404
	4,916	*	Bio-Rad Laboratories, Inc (Class A)		3,097,719
	486,355		Bristol-Myers Squibb Co		30,358,279
	36,805	*	Catalent, Inc		4,139,458
	172,473		Eli Lilly & Co		31,522,890
	273,388		Gilead Sciences, Inc		17,351,936
	31,353	*	Illumina, Inc		12,316,713
	42,307	*	Incyte Corp		3,612,172
	41,706	*	IQVIA Holdings, Inc		9,787,981
	570,802		Johnson & Johnson		92,886,609
	551,187		Merck & Co, Inc		41,063,432
	5,112	*	Mettler-Toledo International, Inc		6,713,692
	25,014		PerkinElmer, Inc		3,242,565
	25,192		Perrigo Co plc		1,048,743
	1,216,659		Pfizer, Inc		47,023,870
	23,161	*	Regeneron Pharmaceuticals, Inc		11,147,389
	85,578		Thermo Fisher Scientific, Inc		40,241,343
	56,997	*	Vertex Pharmaceuticals, Inc		12,436,745
	258,994	*	Viatris, Inc		3,444,620
	13,045	*	Waters Corp		3,911,804
	103,225		Zoetis, Inc		17,861,022
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		491,605,649
REAL ESTATE - 2.5%
	27,657		Alexandria Real Estate Equities, Inc		5,008,683
	96,693		American Tower Corp		24,634,476

208

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	31,151		AvalonBay Communities, Inc	$	5,980,992
	29,849		Boston Properties, Inc		3,263,988
	74,841	*	CBRE Group, Inc		6,376,453
	94,492		Crown Castle International Corp		17,864,658
	61,006		Digital Realty Trust, Inc		9,413,836
	82,410		Duke Realty Corp		3,833,713
	19,632		Equinix, Inc		14,149,960
	74,656		Equity Residential		5,541,715
	14,647		Essex Property Trust, Inc		4,255,246
	28,906		Extra Space Storage, Inc		4,298,033
	13,721		Federal Realty Investment Trust		1,548,278
	116,736		Healthpeak Properties Inc		4,008,714
	162,236	*	Host Hotels and Resorts, Inc		2,946,206
	62,614		Iron Mountain, Inc		2,512,074
	83,344		Kimco Realty Corp		1,750,224
	24,421		Mid-America Apartment Communities, Inc		3,842,156
	160,683		Prologis, Inc		18,724,390
	33,328		Public Storage, Inc		9,370,500
	77,062		Realty Income Corp		5,328,837
	30,496		Regency Centers Corp		1,941,375
	23,804		SBA Communications Corp		7,134,535
	71,662		Simon Property Group, Inc		8,724,132
	66,466		UDR, Inc		3,087,346
	80,976		Ventas, Inc		4,490,929
	33,255		Vornado Realty Trust		1,521,416
	89,681		Welltower, Inc		6,728,765
	161,906		Weyerhaeuser Co		6,277,096
			TOTAL REAL ESTATE		194,558,726
RETAILING - 7.3%
	13,849		Advance Auto Parts, Inc		2,772,016
	93,053	*	Amazon.com, Inc		322,653,833
	4,849	*	AutoZone, Inc		7,099,518
	51,148		Best Buy Co, Inc		5,946,978
	36,015	*	CarMax, Inc		4,798,639
	53,465		Dollar General Corp		11,481,609
	50,104	*	Dollar Tree, Inc		5,756,950
	140,628		eBay, Inc		7,845,636
	27,238	*	Etsy, Inc		5,414,642
	45,479		Gap, Inc		1,505,355
	29,887		Genuine Parts Co		3,734,978
	233,893		Home Depot, Inc		75,704,147
	47,756	*	L Brands, Inc		3,147,120
	61,811	*	LKQ Corp		2,887,192
	159,692		Lowe’s Companies, Inc		31,339,555
	15,334	*	O’Reilly Automotive, Inc		8,477,862
	8,990		Pool Corp		3,798,455
	77,315		Ross Stores, Inc		10,123,626
	109,240		Target Corp		22,641,082
	261,650		TJX Companies, Inc		18,577,150
	24,640		Tractor Supply Co		4,647,104
	12,644	*	Ulta Beauty, Inc		4,164,301
			TOTAL RETAILING		564,517,748
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3%
	263,086	*	Advanced Micro Devices, Inc		21,473,079

209

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	80,554		Analog Devices, Inc	$	12,337,651
	199,370		Applied Materials, Inc		26,458,393
	88,558		Broadcom, Inc		40,400,160
	27,041	*	Enphase Energy, Inc		3,765,459
	883,180		Intel Corp		50,809,345
	33,346		KLA Corp		10,515,661
	31,108		Lam Research Corp		19,300,959
	58,402		Maxim Integrated Products, Inc		5,489,788
	56,853		Microchip Technology, Inc		8,544,437
	242,992	*	Micron Technology, Inc		20,914,321
	9,403		Monolithic Power Systems, Inc		3,398,056
	134,802		NVIDIA Corp		80,932,425
	60,501		NXP Semiconductors NV		11,647,048
	25,312	*	Qorvo, Inc		4,762,959
	247,436		QUALCOMM, Inc		34,344,117
	35,731		Skyworks Solutions, Inc		6,479,102
	35,436		Teradyne, Inc		4,432,335
	200,189		Texas Instruments, Inc		36,136,116
	54,386		Xilinx, Inc		6,959,233
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		409,100,644
SOFTWARE & SERVICES - 13.6%
	137,630		Accenture plc		39,908,571
	104,213	*	Adobe, Inc		52,975,636
	35,658	*	Akamai Technologies, Inc		3,876,025
	18,561	*	Ansys, Inc		6,787,015
	47,661	*	Autodesk, Inc		13,912,723
	93,144		Automatic Data Processing, Inc		17,416,997
	25,800		Broadridge Financial Solutions, Inc		4,092,654
	61,559	*	Cadence Design Systems, Inc		8,111,629
	26,066		Citrix Systems, Inc		3,228,274
	114,030		Cognizant Technology Solutions Corp (Class A)		9,168,012
	56,935	*	DXC Technology Co		1,873,731
	135,095		Fidelity National Information Services, Inc		20,656,026
	124,252	*	Fiserv, Inc		14,925,150
	18,058	*	FleetCor Technologies, Inc		5,195,648
	29,341	*	Fortinet, Inc		5,992,312
	20,022	*	Gartner, Inc		3,921,909
	64,524		Global Payments, Inc		13,848,786
	196,083		International Business Machines Corp		27,820,256
	59,245		Intuit, Inc		24,418,419
	17,021		Jack Henry & Associates, Inc		2,771,529
	190,547		Mastercard, Inc (Class A)		72,800,387
	1,639,417		Microsoft Corp		413,428,179
	132,526		NortonLifelock, Inc		2,863,887
	402,028		Oracle Corp		30,469,702
	71,012		Paychex, Inc		6,922,960
	10,480	*	Paycom Software, Inc		4,028,617
	254,689	*	PayPal Holdings, Inc		66,802,378
	22,959	*	PTC, Inc		3,006,252
	199,461	*	salesforce.com, Inc		45,939,858
	42,536	*	ServiceNow, Inc		21,538,954
	33,610	*	Synopsys, Inc		8,303,687
	8,756	*	Tyler Technologies, Inc		3,720,074
	21,317	*	VeriSign, Inc		4,663,520
	368,524		Visa, Inc (Class A)		86,072,465

210

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	91,845		Western Union Co	$	2,365,927
			TOTAL SOFTWARE & SERVICES		1,053,828,149
TECHNOLOGY HARDWARE & EQUIPMENT - 7.6%
	129,764		Amphenol Corp (Class A)		8,738,308
	3,430,771		Apple, Inc		451,009,156
	12,005	*	Arista Networks, Inc		3,783,616
	30,795		CDW Corp		5,491,672
	917,165		Cisco Systems, Inc		46,692,870
	168,482		Corning, Inc		7,448,589
	13,182	*	F5 Networks, Inc		2,461,870
	27,911		FLIR Systems, Inc		1,673,823
	287,040		Hewlett Packard Enterprise Co		4,598,381
	273,563		HP, Inc		9,331,234
	7,751	*	IPG Photonics Corp		1,682,820
	72,375		Juniper Networks, Inc		1,837,601
	39,795	*	Keysight Technologies, Inc		5,744,408
	37,178		Motorola Solutions, Inc		7,000,617
	49,184		NetApp, Inc		3,673,553
	43,871		Seagate Technology, Inc		4,072,984
	72,821		TE Connectivity Ltd		9,792,240
	53,076	*	Trimble Inc		4,352,232
	67,031	*	Western Digital Corp		4,734,399
	11,586	*	Zebra Technologies Corp (Class A)		5,650,956
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		589,771,329
TELECOMMUNICATION SERVICES - 1.6%
	1,553,872		AT&T, Inc		48,807,120
	202,572		Lumen Technologies, Inc		2,598,999
	126,541	*	T-Mobile US, Inc		16,719,862
	902,957		Verizon Communications, Inc		52,181,885
			TOTAL TELECOMMUNICATION SERVICES		120,307,866
TRANSPORTATION - 2.0%
	28,329	*	Alaska Air Group, Inc		1,958,667
	136,186	*	American Airlines Group, Inc		2,957,960
	28,725		CH Robinson Worldwide, Inc		2,788,623
	165,855		CSX Corp		16,709,891
	138,929	*	Delta Air Lines, Inc		6,518,548
	36,808		Expeditors International of Washington, Inc		4,043,727
	52,799		FedEx Corp		15,328,078
	18,087		JB Hunt Transport Services, Inc		3,087,632
	19,762		Kansas City Southern		5,774,654
	55,037		Norfolk Southern Corp		15,368,532
	21,097		Old Dominion Freight Line		5,439,017
	127,465	*	Southwest Airlines Co		8,002,253
	145,252		Union Pacific Corp		32,259,017
	69,558	*	United Airlines Holdings Inc		3,783,955
	156,122		United Parcel Service, Inc (Class B)		31,827,031
			TOTAL TRANSPORTATION		155,847,585
UTILITIES - 2.6%
	145,177		AES Corp		4,038,824
	53,696		Alliant Energy Corp		3,016,104
	55,135		Ameren Corp		4,677,654
	109,919		American Electric Power Co, Inc		9,750,915

211

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES		COMPANY	VALUE
	40,379	American Water Works Co, Inc	$	6,298,720
	26,537	Atmos Energy Corp		2,748,968
	115,040	Centerpoint Energy, Inc		2,817,330
	64,194	CMS Energy Corp		4,133,452
	74,025	Consolidated Edison, Inc		5,730,275
	175,553	Dominion Energy, Inc		14,026,685
	42,859	DTE Energy Co		6,001,117
	167,883	Duke Energy Corp		16,904,139
	80,474	Edison International		4,784,179
	43,111	Entergy Corp		4,711,601
	50,120	Evergy, Inc		3,206,176
	74,606	Eversource Energy		6,432,529
	211,544	Exelon Corp		9,506,787
	114,722	FirstEnergy Corp		4,350,258
	425,619	NextEra Energy, Inc		32,989,729
	78,346	NiSource, Inc		2,038,563
	53,497	NRG Energy, Inc		1,916,263
	24,187	Pinnacle West Capital Corp		2,047,430
	167,233	PPL Corp		4,871,497
	110,225	Public Service Enterprise Group, Inc		6,961,811
	66,088	Sempra Energy		9,091,726
	232,461	Southern Co		15,381,944
	68,139	WEC Energy Group, Inc		6,621,067
	117,746	Xcel Energy, Inc		8,395,290
		TOTAL UTILITIES		203,451,033
		TOTAL COMMON STOCKS		7,692,033,342
		(Cost $3,156,475,184)

PRINCIPAL		ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 0.7%
GOVERNMENT AGENCY DEBT - 0.7%
$	4,000,000	Federal Farm Credit Bank (FFCB)	0.010	%	05/04/21	4,000,000
	3,000,000	FFCB	0.010		06/03/21	3,000,000
	4,000,000	FFCB	0.010		06/29/21	4,000,000
	1,715,000	Federal Home Loan Bank (FHLB)	0.001		05/03/21	1,715,000
	5,000,000	FHLB	0.001		05/04/21	5,000,000
	2,170,000	FHLB	0.001		05/12/21	2,170,000
	14,215,000	FHLB	0.010		06/25/21	14,215,000
	15,425,000	Federal Agricultural Mortgage Corp (FAMC)	0.010		05/03/21	15,425,000
		TOTAL GOVERNMENT AGENCY DEBT				49,525,000

212

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	RATE		VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	1,244,796	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020	%	$	1,244,796
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES				1,244,796
			TOTAL SHORT-TERM INVESTMENTS				50,769,796
			(Cost $50,769,472)
			TOTAL INVESTMENTS - 100.0%				7,742,803,138
			(Cost $3,207,244,656)
			OTHER ASSETS & LIABILITIES, NET - 0.0%				3,824,973
			NET ASSETS - 100.0%			$	7,746,628,111

*	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 $1,209,752.

Futures contracts outstanding as of April 30, 2021 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		250	06/18/21		$       52,236,111		$      52,180,000		$      (56,111	)

213

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

TIAA-CREF FUNDS

SMALL-CAP BLEND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.6%
	154,622	*	Adient plc	$	7,165,183
	182,288	*	American Axle & Manufacturing Holdings, Inc		1,691,633
	81,922		Cooper Tire & Rubber Co		4,668,735
	27,009	*	Cooper-Standard Holding, Inc		784,341
	234,253		Dana Inc		5,926,601
	43,930	*	Dorman Products, Inc		4,356,977
	67,450	*	Fox Factory Holding Corp		10,335,363
	52,931	*	Gentherm, Inc		3,768,687
	379,256	*	Goodyear Tire & Rubber Co		6,526,996
	39,955		LCI Industries, Inc		5,853,407
	84,796	*	Modine Manufacturing Co		1,380,479
	29,659	*	Motorcar Parts of America, Inc		640,634
	36,186		Patrick Industries, Inc		3,242,266
	33,467		Standard Motor Products, Inc		1,433,392
	41,770	*	Stoneridge, Inc		1,388,853
	81,510	*	Tenneco, Inc		820,806
	44,991	*	Visteon Corp		5,480,354
	50,519		Winnebago Industries, Inc		4,038,994
	153,174	*,e	Workhorse Group, Inc		1,897,826
	28,447	*	XPEL, Inc		1,823,453
			TOTAL AUTOMOBILES & COMPONENTS		73,224,980
BANKS - 10.3%
	13,720		1st Constitution Bancorp		263,150
	26,528		1st Source Corp		1,262,468
	11,721		ACNB Corp		322,327
	30,330		Allegiance Bancshares, Inc		1,201,068
	26,559		Altabancorp		1,108,838
	20,399		Amalgamated Financial Corp		329,444
	36,185	*	Amerant Bancorp Inc		685,706
	16,123		American National Bankshares, Inc		548,666
	107,403		Ameris Bancorp		5,809,428
	13,346		Ames National Corp		337,387
	20,398		Arrow Financial Corp		721,069
	32,618	*	Atlantic Capital Bancshares, Inc		872,531
	128,517		Atlantic Union Bankshares Corp		4,969,752
	3,751	e	Auburn National Bancorporation, Inc		133,160
	92,684	*	Axos Financial, Inc		4,184,683
	75,350		Banc of California, Inc		1,348,765
	29,877		Bancfirst Corp		2,076,750
	160,302		BancorpSouth Bank		4,743,336
	10,074		Bank First Corp		728,552
	24,830		Bank of Commerce Holdings		320,555
	21,324		Bank of Marin Bancorp		755,296
	82,343		Bank of NT Butterfield & Son Ltd		3,229,492
	6,887		Bank of Princeton		205,577

214

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	4,543		Bank7 Corp	$	80,457
	21,737		BankFinancial Corp		226,500
	148,491		BankUnited		6,921,166
	10,923		Bankwell Financial Group, Inc		295,030
	57,928		Banner Corp		3,292,628
	27,319		Bar Harbor Bankshares		782,963
	15,527	*	Baycom Corp		280,883
	22,156		BCB Bancorp, Inc		305,088
	77,453		Berkshire Hills Bancorp, Inc		1,718,682
	9,368	*,e	Bogota Financial Corp		92,837
	131,755		Boston Private Financial Holdings, Inc		1,939,434
	36,837	*	Bridgewater Bancshares, Inc		622,914
	128,116		Brookline Bancorp, Inc		2,062,668
	31,617		Bryn Mawr Bank Corp		1,453,117
	31,016		Business First Bancshares, Inc		737,250
	44,685		Byline Bancorp, Inc		1,014,349
	5,305		C&F Financial Corp		223,765
	203,870		Cadence BanCorp		4,536,108
	12,117	*,e	California Bancorp, Inc		212,048
	11,338		Cambridge Bancorp		992,642
	23,860		Camden National Corp		1,138,599
	8,393	*	Capital Bancorp, Inc		184,394
	22,845		Capital City Bank Group, Inc		577,293
	217,977		Capitol Federal Financial		2,817,353
	23,608		Capstar Financial Holdings, Inc		453,038
	30,234	*	Carter Bankshares, Inc		391,530
	125,154		Cathay General Bancorp		5,066,234
	7,897		CB Financial Services, Inc		169,786
	30,502		CBTX, Inc		953,798
	44,476		Central Pacific Financial Corp		1,198,628
	13,356		Central Valley Community Bancorp		262,312
	4,239		Century Bancorp, Inc		484,306
	5,721		Chemung Financial Corp		243,143
	10,981	e	ChoiceOne Financial Services, Inc		269,474
	161,266		CIT Group, Inc		8,593,865
	21,602		Citizens & Northern Corp		533,569
	7,476	e	Citizens Holding Co		142,792
	25,210		City Holding Co		1,951,254
	24,288		Civista Bancshares, Inc		561,781
	23,959		CNB Financial Corp		609,996
	13,535	*	Coastal Financial Corp		402,937
	15,088		Codorus Valley Bancorp, Inc		277,619
	10,806		Colony Bankcorp Inc		168,466
	116,050		Columbia Banking System, Inc		5,051,657
	81,428	*	Columbia Financial, Inc		1,487,690
	86,754		Community Bank System, Inc		6,734,713
	24,694		Community Bankers Trust Corp		206,936
	7,045		Community Financial Corp		254,465
	24,916		Community Trust Bancorp, Inc		1,110,257
	62,780		ConnectOne Bancorp, Inc		1,704,477
	8,071	e	County Bancorp, Inc		190,798
	81,861	*	CrossFirst Bankshares, Inc		1,206,631
	46,456	*	Customers Bancorp, Inc		1,603,661
	209,234		CVB Financial Corp		4,437,853
	58,119		Dime Community Bancshares, Inc		1,924,901
	10,059		Eagle Bancorp Montana, Inc		235,280

215

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	51,024		Eagle Bancorp, Inc	$	2,725,192
	268,379		Eastern Bankshares, Inc		5,724,524
	13,817		Enterprise Bancorp, Inc		481,246
	40,158		Enterprise Financial Services Corp		1,972,963
	23,479	*	Equity Bancshares, Inc		686,996
	10,733	*	Esquire Financial Holdings, Inc		246,322
	11,255		ESSA Bancorp, Inc		174,678
	180,126		Essent Group Ltd		9,471,025
	7,709		Evans Bancorp, Inc		284,925
	14,657		Farmers & Merchants Bancorp, Inc		344,440
	42,907		Farmers National Banc Corp		711,398
	51,223		FB Financial Corp		2,149,317
	15,474		Federal Agricultural Mortgage Corp (FAMC)		1,591,656
	6,246	e	Fidelity D&D Bancorp, Inc		351,400
	24,377		Financial Institutions, Inc		778,358
	44,807		First Bancorp		1,899,817
	356,347		First Bancorp		4,479,282
	15,618		First Bancorp, Inc		441,833
	34,281		First Bancshares, Inc		1,341,073
	25,831		First Bank		327,795
	81,042		First Busey Corp		2,024,429
	12,667		First Business Financial Services, Inc		335,169
	4,693	e	First Capital Inc		211,560
	16,621		First Choice Bancorp		532,204
	156,728		First Commonwealth Financial Corp		2,270,989
	28,041		First Community Bancshares, Inc		819,358
	11,344		First Community Corp		208,730
	160,686		First Financial Bancorp		3,938,414
	211,169		First Financial Bankshares, Inc		10,364,175
	23,550		First Financial Corp		1,041,852
	65,288		First Foundation, Inc		1,553,854
	6,249		First Guaranty Bancshares, Inc		108,545
	16,499		First Internet Bancorp		566,741
	67,293		First Interstate Bancsystem, Inc		3,160,752
	89,316		First Merchants Corp		4,127,292
	24,496		First Mid-Illinois Bancshares, Inc		1,066,556
	186,390		First Midwest Bancorp, Inc		3,908,598
	11,269		First Northwest Bancorp		189,094
	39,882		First of Long Island Corp		849,088
	3,021	e	First Savings Financial Group, Inc		207,845
	10,786	e	First United Corp		182,499
	10,003	*	First Western Financial, Inc		256,777
	79,697		Flagstar Bancorp, Inc		3,709,098
	46,633		Flushing Financial Corp		1,085,150
	24,717		FNCB Bancorp Inc		171,289
	6,082	e	Franklin Financial Services Corp		183,372
	6,068		FS Bancorp, Inc		414,748
	256,544		Fulton Financial Corp		4,374,075
	17,587	*,e	FVCBankcorp, Inc		309,355
	40,252		German American Bancorp, Inc		1,744,119
	155,246		Glacier Bancorp, Inc		9,151,752
	19,151		Great Southern Bancorp, Inc		1,080,308
	93,070		Great Western Bancorp, Inc		3,075,964
	3,120		Greene County Bancorp, Inc		79,279
	13,084		Guaranty Bancshares, Inc		508,968
	141,610		Hancock Whitney Corp		6,548,046

216

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	50,366		Hanmi Financial Corp	$	1,022,430
	84,726		HarborOne Northeast Bancorp, Inc		1,212,429
	8,548		Hawthorn Bancshares Inc		184,124
	15,829		HBT Financial, Inc		288,088
	58,123		Heartland Financial USA, Inc		2,921,843
	101,510		Heritage Commerce Corp		1,225,226
	59,934		Heritage Financial Corp		1,684,145
	108,987		Hilltop Holdings, Inc		3,836,342
	2,423		Hingham Institution for Savings		736,931
	11,365		Home Bancorp, Inc		431,188
	250,741		Home Bancshares, Inc		6,978,122
	11,862	*	Home Point Capital, Inc		115,655
	34,561		HomeStreet, Inc		1,411,471
	25,940		HomeTrust Bancshares, Inc		710,756
	187,879		Hope Bancorp, Inc		2,820,064
	68,500		Horizon Bancorp		1,256,290
	20,861	*	Howard Bancorp, Inc		351,299
	54,348		Independent Bank Corp		4,451,101
	36,159		Independent Bank Corp		851,906
	61,134		Independent Bank Group, Inc		4,616,228
	88,330		International Bancshares Corp		4,185,959
	15,412		Investar Holding Corp		340,759
	373,297		Investors Bancorp, Inc		5,465,068
	121,390		Kearny Financial Corp		1,551,364
	83,816		Lakeland Bancorp, Inc		1,519,584
	39,224		Lakeland Financial Corp		2,558,582
	6,266		Landmark Bancorp, Inc		150,697
	18,657		LCNB Corp		338,065
	6,781		Level One Bancorp, Inc		183,290
	8,088	*,e	Limestone Bancorp, Inc		127,952
	47,064		Live Oak Bancshares, Inc		3,010,213
	27,683		Luther Burbank Corp		308,389
	41,374		Macatawa Bank Corp		395,949
	20,820		Mackinac Financial Corp		451,794
	10,165	*	MainStreet Bancshares Inc		215,498
	23,968		Mercantile Bank Corp		773,687
	14,370		Merchants Bancorp		586,152
	73,331		Meridian Bancorp, Inc		1,621,348
	8,582		Meridian Corp		226,565
	50,138		Meta Financial Group, Inc		2,469,798
	29,837		Metrocity Bankshares, Inc		477,690
	11,009	*	Metropolitan Bank Holding Corp		691,916
	14,066		Mid Penn Bancorp, Inc		379,641
	9,497	e	Middlefield Banc Corp		212,543
	35,305		Midland States Bancorp, Inc		994,895
	24,946		MidWestOne Financial Group, Inc		787,296
	7,084	*,e	MMA Capital Holdings Inc		120,995
	122,859	*	Mr Cooper Group, Inc		4,236,178
	14,402		MVB Financial Corp		580,113
	48,249		National Bank Holdings Corp		1,925,135
	9,960		National Bankshares, Inc		357,464
	68,718		NBT Bancorp, Inc		2,603,725
	15,864	*	Nicolet Bankshares, Inc		1,265,313
	136,970	*	NMI Holdings, Inc		3,539,305
	12,065		Northeast Bank		339,871
	77,894		Northfield Bancorp, Inc		1,260,325

217

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	9,924		Northrim BanCorp, Inc	$	423,259
	190,046		Northwest Bancshares, Inc		2,668,246
	8,879		Norwood Financial Corp		226,326
	8,267	e	Oak Valley Bancorp		146,657
	97,790		OceanFirst Financial Corp		2,235,479
	81,671		OFG Bancorp		1,934,786
	4,666		Ohio Valley Banc Corp		104,425
	270,066		Old National Bancorp		5,104,247
	49,526		Old Second Bancorp, Inc		654,238
	22,204		OP Bancorp		241,580
	35,056		Origin Bancorp, Inc		1,532,999
	20,109		Orrstown Financial Services, Inc		476,784
	129,449		Pacific Premier Bancorp, Inc		5,699,639
	23,781		Park National Corp		2,974,765
	16,102		Parke Bancorp, Inc		340,074
	15,783	e	Partners Bancorp		119,951
	27,378		PCB Bancorp		432,572
	24,441		PCSB Financial Corp		427,473
	15,712	*	PDL Community Bancorp		174,089
	29,602		Peapack Gladstone Financial Corp		947,264
	10,726		Penns Woods Bancorp, Inc		257,424
	68,844		PennyMac Financial Services, Inc		4,145,097
	5,310		Peoples Bancorp of North Carolina, Inc		124,095
	29,368		Peoples Bancorp, Inc		981,772
	10,436		Peoples Financial Services Corp		445,095
	16,955	*	Pioneer Bancorp, Inc		199,391
	7,352	e	Plumas Bancorp		195,196
	22,385		Preferred Bank		1,467,113
	20,251		Premier Financial Bancorp, Inc		383,554
	60,499		Premier Financial Corp		1,911,163
	32,075		Primis Financial Corp		460,276
	11,614	*	Professional Holding Corp		200,225
	27,206		Provident Bancorp Inc		445,362
	8,540		Provident Financial Holdings, Inc		138,860
	114,640		Provident Financial Services, Inc		2,702,065
	15,523		Prudential Bancorp, Inc		214,994
	23,572		QCR Holdings, Inc		1,136,642
	313,379		Radian Group, Inc		7,721,659
	25,818		RBB Bancorp		544,243
	7,570		Red River Bancshares Inc		421,195
	24,883		Reliant Bancorp Inc		687,517
	88,556		Renasant Corp		3,730,864
	16,512		Republic Bancorp, Inc (Class A)		741,884
	71,588	*	Republic First Bancorp, Inc		285,636
	20,153		Richmond Mutual Bancorporation, Inc		275,492
	31,200		Riverview Bancorp, Inc		214,968
	61,604		S&T Bancorp, Inc		2,029,852
	4,045	e	Salisbury Bancorp, Inc		187,971
	74,416		Sandy Spring Bancorp, Inc		3,375,510
	11,319		SB Financial Group, Inc		202,157
	83,493	*	Seacoast Banking Corp of Florida		3,034,971
	15,696	*,e	Security National Financial Corp		132,474
	20,322	*	Select Bancorp, Inc		239,596
	78,958		ServisFirst Bancshares, Inc		4,993,304
	15,695		Shore Bancshares, Inc		264,304
	21,936		Sierra Bancorp		593,808

218

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	32,301	*	Silvergate Capital Corp	$	3,463,313
	175,156		Simmons First National Corp (Class A)		4,991,946
	18,371		SmartFinancial, Inc		435,209
	15,593		South Plains Financial Inc		356,144
	114,285		South State Corp		9,636,511
	12,114	*	Southern First Bancshares, Inc		623,871
	11,360		Southern Missouri Bancorp, Inc		475,870
	51,865		Southside Bancshares, Inc		2,082,380
	20,877		Spirit of Texas Bancshares, Inc		483,720
	6,207	e	Standard AVB Financial Corp		204,086
	10,335	*	Sterling Bancorp, Inc		51,158
	32,984		Stock Yards Bancorp, Inc		1,687,461
	20,802		Summit Financial Group, Inc		541,892
	11,960		Territorial Bancorp, Inc		300,794
	81,990	*	Texas Capital Bancshares, Inc		5,626,974
	83,593	*	The Bancorp, Inc		1,856,183
	12,056		Timberland Bancorp, Inc		339,256
	23,206		Tompkins Financial Corp		1,813,549
	111,439		Towne Bank		3,452,380
	44,933		Trico Bancshares		2,079,499
	44,631	*	Tristate Capital Holdings, Inc		1,065,342
	36,732	*	Triumph Bancorp, Inc		3,255,557
	151,845		Trustco Bank Corp NY		1,110,746
	101,956		Trustmark Corp		3,304,394
	70,680		UMB Financial Corp		6,858,080
	202,603		United Bankshares, Inc		7,956,220
	126,140		United Community Banks, Inc		4,127,301
	14,975		United Security Bancshares		123,993
	14,239		Unity Bancorp, Inc		313,970
	50,102		Univest Financial Corp		1,399,349
	652,340		Valley National Bancorp		8,982,722
	77,462		Veritex Holdings, Inc		2,616,666
	46,614		Walker & Dunlop, Inc		5,167,162
	122,004		Washington Federal, Inc		3,971,230
	27,474		Washington Trust Bancorp, Inc		1,402,548
	37,789		Waterstone Financial, Inc		744,443
	105,913		WesBanco, Inc		3,843,583
	24,263		West Bancorporation, Inc		637,146
	43,785		Westamerica Bancorporation		2,775,969
	28,934		Western New England Bancorp, Inc		234,365
	76,495		WSFS Financial Corp		3,908,130
			TOTAL BANKS		483,704,749
CAPITAL GOODS - 11.0%
	67,814		Aaon, Inc		4,435,714
	54,385	*	AAR Corp		2,188,452
	91,888		Advanced Drainage Systems, Inc		10,260,214
	50,607	*	Aegion Corp		1,523,271
	117,092		Aerojet Rocketdyne Holdings, Inc		5,470,538
	35,805	*	Aerovironment, Inc		3,951,798
	10,234	*	Agrify Corp		110,527
	16,435		Alamo Group, Inc		2,584,404
	49,896		Albany International Corp (Class A)		4,452,719
	10,908		Allied Motion Technologies, Inc		567,761
	20,089	*,e	Alpha Pro Tech Ltd		179,997
	27,509	*	Alta Equipment Group, Inc		353,491

219

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	104,459		Altra Industrial Motion Corp	$	6,164,126
	39,889	*	Ameresco, Inc		2,105,740
	44,615	*	American Superconductor Corp		734,809
	28,024	*	American Woodmark Corp		2,787,267
	230,991	*,g	API Group Corp		4,910,869
	43,268		Apogee Enterprises, Inc		1,520,005
	62,647		Applied Industrial Technologies, Inc		5,992,812
	79,823		Arcosa, Inc		4,812,529
	23,823		Argan, Inc		1,194,723
	36,074		Astec Industries, Inc		2,705,911
	38,379	*	Astronics Corp		668,178
	76,896	*	Atkore International Group, Inc		6,019,419
	40,522		AZZ, Inc		2,133,078
	77,465		Barnes Group, Inc		3,867,053
	89,991	*	Beacon Roofing Supply, Inc		5,069,193
	146,927	*	Bloom Energy Corp		3,815,694
	27,733	*	Blue Bird Corp		747,127
	63,279		Boise Cascade Co		4,221,975
	332,676	*	Builders FirstSource, Inc		16,191,341
	35,727		Caesarstone Sdot-Yam Ltd		498,749
	26,927		CAI International, Inc		1,145,744
	58,984	*	Chart Industries, Inc		9,474,600
	33,279	*	CIRCOR International, Inc		1,143,799
	38,609		Columbus McKinnon Corp		1,911,532
	59,261		Comfort Systems USA, Inc		4,880,736
	43,300	*	Concrete Pumping Holdings Inc		352,029
	45,474	*	Construction Partners Inc		1,442,890
	70,619	*	Cornerstone Building Brands, Inc		992,903
	22,115		CSW Industrials, Inc		2,994,592
	52,647		Cubic Corp		3,940,102
	20,889	*,e	Custom Truck One Source, Inc		214,321
	35,865		Douglas Dynamics, Inc		1,604,241
	16,798	*	Ducommun, Inc		989,906
	26,361	*	DXP Enterprises, Inc		771,587
	50,639	*	Dycom Industries, Inc		4,750,445
	8,488		Eastern Co		239,956
	88,288		EMCOR Group, Inc		10,576,902
	32,362		Encore Wire Corp		2,416,794
	64,876	*	Energy Recovery, Inc		1,375,371
	97,149		Enerpac Tool Group Corp		2,584,163
	68,928		EnerSys		6,312,426
	33,435		EnPro Industries, Inc		2,863,708
	42,244		ESCO Technologies, Inc		4,594,457
	9,791	*	EVI Industries, Inc		261,811
	189,991	*	Evoqua Water Technologies Corp		5,429,943
	96,859		Federal Signal Corp		4,012,868
	232,194	*	Fluor Corp		5,335,818
	75,618		Franklin Electric Co, Inc		6,145,475
	518,407	*	FuelCell Energy, Inc		5,033,732
	56,264		GATX Corp		5,497,555
	15,863	*	Gencor Industries, Inc		190,197
	16,584	*	General Finance Corp		314,764
	52,907	*	Gibraltar Industries, Inc		4,860,037
	67,718	*	GMS, Inc		2,959,954
	28,505		Gorman-Rupp Co		983,993
	20,773		Graham Corp		284,798

220

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	75,548		Granite Construction, Inc	$	2,878,379
	100,351	*	Great Lakes Dredge & Dock Corp		1,575,511
	51,544		Greenbrier Cos, Inc		2,434,939
	74,972		Griffon Corp		2,033,241
	52,840		H&E Equipment Services, Inc		2,055,476
	80,118	*,e	HC2 Holdings, Inc		336,496
	50,370		Helios Technologies, Inc		3,640,744
	39,299	*	Herc Holdings, Inc		4,149,974
	121,831		Hillenbrand, Inc		5,980,684
	9,746		Hurco Cos, Inc		334,775
	15,564	*	Hydrofarm Holdings Group, Inc		1,022,555
	16,037		Hyster-Yale Materials Handling, Inc		1,296,591
	13,056	*	IES Holdings, Inc		689,226
	30,013		Insteel Industries, Inc		1,144,396
	112,973	*	JELD-WEN Holding, Inc		3,295,422
	50,764		John Bean Technologies Corp		7,380,070
	19,018		Kadant, Inc		3,385,775
	44,292		Kaman Corp		2,362,978
	134,451		Kennametal, Inc		5,399,552
	196,864	*	Kratos Defense & Security Solutions, Inc		5,264,143
	7,476	*	Lawson Products, Inc		391,967
	16,315	*	LB Foster Co (Class A)		263,324
	17,515		Lindsay Corp		2,903,637
	41,122		LSI Industries, Inc		338,023
	44,385		Luxfer Holdings plc		981,352
	29,014	*	Lydall, Inc		1,069,166
	54,380	*	Manitowoc Co, Inc		1,244,214
	39,605	*	Masonite International Corp		5,001,715
	92,036	*	Mastec, Inc		9,604,877
	42,964	*	Matrix Service Co		567,554
	115,305		Maxar Technologies, Inc		4,474,987
	11,877	*	Mayville Engineering Co Inc		185,400
	38,968		McGrath RentCorp		3,194,597
	112,679	*	Meritor, Inc		3,045,713
	18,268		Miller Industries, Inc		785,889
	47,239		Moog, Inc (Class A)		4,088,535
	130,469	*	MRC Global, Inc		1,229,018
	92,423		Mueller Industries, Inc		4,147,020
	252,494		Mueller Water Products, Inc (Class A)		3,625,814
	27,117	*	MYR Group, Inc		2,112,414
	8,368		National Presto Industries, Inc		860,900
	82,957	*	Navistar International Corp		3,670,847
	67,463	*	NN, Inc		492,480
	16,707	*	Northwest Pipe Co		555,842
	182,312	*	NOW, Inc		1,790,304
	17,666	*	NV5 Global Inc		1,592,237
	4,779		Omega Flex, Inc		759,861
	42,017	*	Orion Energy Systems, Inc		252,942
	95,471	*	PAE, Inc		856,375
	35,996		Park Aerospace Corp		485,586
	14,122		Park-Ohio Holdings Corp		512,770
	36,395	*	Parsons Corp		1,613,390
	91,824	*	PGT Innovations, Inc		2,417,726
	672,205	*	Plug Power, Inc		19,164,565
	15,137		Powell Industries, Inc		533,428
	5,078		Preformed Line Products Co		336,164

221

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	76,501		Primoris Services Corp	$	2,498,523
	43,360	*	Proto Labs, Inc		4,858,922
	53,441		Quanex Building Products Corp		1,458,405
	58,503		Raven Industries, Inc		2,376,392
	40,314	*	RBC Bearings, Inc		8,039,821
	233,505	*	Resideo Technologies, Inc		7,007,485
	44,286	*	REV Group, Inc		807,777
	195,671		Rexnord Corp		9,769,853
	68,754		Rush Enterprises, Inc (Class A)		3,393,697
	10,605		Rush Enterprises, Inc (Class B)		464,393
	55,955		Shyft Group, Inc		1,981,926
	70,794		Simpson Manufacturing Co, Inc		7,978,484
	71,658	*	SiteOne Landscape Supply, Inc		12,854,012
	71,112	*	SPX Corp		4,313,654
	69,957		SPX FLOW, Inc		4,658,437
	19,412		Standex International Corp		1,840,646
	47,125	*	Sterling Construction Co, Inc		982,556
	258,951	*	Sunrun, Inc		12,688,599
	20,047		Systemax, Inc		856,408
	29,552		Tennant Co		2,331,948
	108,818		Terex Corp		5,113,358
	80,770	*	Textainer Group Holdings Ltd		2,069,327
	25,338	*	The ExOne Company		589,109
	55,163	*	Thermon Group Holdings		1,053,613
	30,380	*	Titan Machinery, Inc		793,222
	49,757	*	TPI Composites, Inc		2,644,585
	11,870	*	Transcat Inc		593,500
	66,748	*	Trimas Corp		2,125,256
	99,447		Triton International Ltd		4,989,256
	84,248	*	Triumph Group, Inc		1,425,476
	67,522	*	Tutor Perini Corp		1,087,104
	97,845		UFP Industries, Inc		8,222,894
	14,536	*	Ultralife Corp		114,834
	17,748	*	Vectrus, Inc		929,108
	23,644	*	Veritiv Corp		990,211
	31,171	*	Vicor Corp		2,874,901
	85,265		Wabash National Corp		1,501,517
	44,376		Watts Water Technologies, Inc (Class A)		5,527,031
	211,211	*	Welbilt, Inc		4,718,454
	79,610	*	WESCO International, Inc		7,301,829
	3,003	*	Willis Lease Finance Corp		128,588
	283,238	*	WillScot Mobile Mini Holdings Corp		8,290,376
			TOTAL CAPITAL GOODS		517,180,680
COMMERCIAL & PROFESSIONAL SERVICES - 3.4%
	110,188		ABM Industries, Inc		5,664,765
	81,399	*	Acacia Research (Acacia Technologies)		494,906
	155,880		ACCO Brands Corp		1,337,450
	33,449	*,e	Akerna Corp		141,155
	83,168	*	ASGN Inc		8,747,610
	11,399		Barrett Business Services, Inc		835,889
	23,514		BGSF, Inc		329,431
	77,928		Brady Corp (Class A)		4,252,531
	65,632	*	BrightView Holdings, Inc		1,176,782
	79,860	e	Brink’s Co		6,382,411
	78,911	*	Casella Waste Systems, Inc (Class A)		5,295,717

222

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	82,298	*	CBIZ, Inc	$	2,764,390
	56,141	*	Ceco Environmental Corp		409,829
	29,658	*	Cimpress plc		2,825,221
	1,670		Compx International, Inc		32,131
	195,524	*	CoreCivic, Inc		1,519,222
	190,945		Covanta Holding Corp		2,871,813
	12,905		CRA International, Inc		1,035,755
	67,650		Deluxe Corp		2,977,953
	42,055		Ennis, Inc		871,800
	83,972		Exponent, Inc		8,089,023
	19,243	*	Forrester Research, Inc		836,108
	20,028	*	Franklin Covey Co		611,655
	19,950	*	GP Strategies Corp		314,213
	126,410	*	Harsco Corp		2,266,531
	121,249		Healthcare Services Group		3,631,408
	31,901		Heidrick & Struggles International, Inc		1,349,412
	26,493	*	Heritage-Crystal Clean, Inc		760,879
	95,875		Herman Miller, Inc		3,978,813
	68,369		HNI Corp		2,894,743
	36,598	*	Huron Consulting Group, Inc		2,059,004
	29,305		ICF International, Inc		2,668,513
	58,137		Insperity, Inc		5,089,313
	95,168		Interface, Inc		1,221,957
	213,500	*	KAR Auction Services, Inc		3,200,365
	232,596		KBR, Inc		9,201,498
	53,724	*	Kelly Services, Inc (Class A)		1,345,786
	31,049		Kforce, Inc		1,739,986
	60,047		Kimball International, Inc (Class B)		875,485
	81,786		Knoll, Inc		1,954,685
	88,342		Korn/Ferry International		5,997,538
	43,866		Mantech International Corp (Class A)		3,743,963
	6,144	*	Mastech Holdings, Inc		97,014
	51,240		Matthews International Corp (Class A)		2,120,311
	29,253	*	Mistras Group, Inc		325,586
	36,541	*	Montrose Environmental Group, Inc		1,980,888
	9,268		NL Industries, Inc		65,803
	289,987		Pitney Bowes, Inc		2,166,203
	53,179		Quad Graphics, Inc		191,444
	10,400	*,e	Red Violet, Inc		216,320
	55,447		Resources Connection, Inc		782,357
	36,466	*	SP Plus Corp		1,251,878
	137,445		Steelcase, Inc (Class A)		1,896,741
	48,496	*	Team, Inc		478,656
	87,844		Tetra Tech, Inc		11,211,530
	66,908	*	TriNet Group, Inc		5,266,329
	58,793	*	TrueBlue, Inc		1,663,842
	24,447		Unifirst Corp		5,480,773
	150,490	*	Upwork, Inc		6,931,569
	50,903	*	US Ecology, Inc		2,161,341
	34,410	*	Viad Corp		1,433,521
	26,441	*	Vidler Water Resouces, Inc		239,291
	17,002		VSE Corp		733,636
	18,190	*	Willdan Group, Inc		694,312
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		161,186,984

223

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 4.0%
	57,651		Acushnet Holdings Corp	$	2,439,214
	22,127	*	American Outdoor Brands, Inc		571,983
	45,604	*	Beazer Homes USA, Inc		1,017,425
	154,392		Callaway Golf Co		4,469,648
	40,697	*	Casper Sleep, Inc		347,959
	15,254	*	Cavco Industries, Inc		3,194,645
	47,224	*	Century Communities, Inc		3,491,743
	39,006		Clarus Corp		725,902
	109,070	*	Crocs, Inc		10,920,088
	45,687	*	Deckers Outdoor Corp		15,451,343
	17,839		Escalade, Inc		392,815
	36,403		Ethan Allen Interiors, Inc		1,045,130
	82,809	*	Fossil Group, Inc		1,068,236
	71,254	*	G-III Apparel Group Ltd		2,315,043
	204,681	*	GoPro, Inc		2,298,568
	49,597	*	Green Brick Partners, Inc		1,280,099
	10,453		Hamilton Beach Brands Holding Co		203,834
	39,949	*	Helen of Troy Ltd		8,437,628
	19,246		Hooker Furniture Corp		721,918
	37,705		Installed Building Products, Inc		5,076,978
	45,450	*	iRobot Corp		4,944,960
	8,411		Johnson Outdoors, Inc		1,192,764
	144,276		KB Home		6,958,432
	84,774		Kontoor Brands, Inc		5,326,350
	12,276	*	Lakeland Industries, Inc		346,306
	72,102		La-Z-Boy, Inc		3,205,655
	13,139	*	Legacy Housing Corp		234,663
	36,619	*	LGI Homes, Inc		6,070,698
	20,138		Lifetime Brands, Inc		292,001
	16,166	*	Lovesac Co		1,184,483
	45,048	*	M/I Homes, Inc		3,140,747
	33,680	*	Malibu Boats, Inc		2,807,565
	11,799		Marine Products Corp		204,831
	29,573	*	MasterCraft Boat Holdings, Inc		838,690
	91,794		MDC Holdings, Inc		5,384,636
	60,287	*	Meritage Homes Corp		6,413,934
	25,912		Movado Group, Inc		812,859
	48,869	*,e	Nautilus, Inc		819,044
	26,703		Oxford Industries, Inc		2,436,115
	52,449	*	Purple Innovation, Inc		1,787,462
	11,234		Rocky Brands, Inc		591,470
	85,301	*	Skyline Champion Corp		3,789,923
	94,157		Smith & Wesson Brands, Inc		1,638,332
	196,758	*	Sonos, Inc		7,876,223
	133,190		Steven Madden Ltd		5,416,837
	27,082		Sturm Ruger & Co, Inc		1,758,705
	18,501		Superior Uniform Group, Inc		466,595
	204,626	*	Taylor Morrison Home Corp		6,386,377
	53,911	*	TopBuild Corp		11,988,728
	208,119	*	TRI Pointe Homes, Inc		4,957,395
	79,734	*	Tupperware Brands Corp		1,943,118
	21,356	*	Turtle Beach Corp		593,483
	23,363	*	Unifi, Inc		631,502
	22,198	*	Universal Electronics, Inc		1,261,956
	32,491	*	Vera Bradley, Inc		360,650
	96,684	*	Vista Outdoor, Inc		3,152,865

224

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	31,848	*	VOXX International Corp (Class A)	$	543,008
	130,682		Wolverine World Wide, Inc		5,452,053
	129,803	*	YETI Holdings, Inc		11,087,772
			TOTAL CONSUMER DURABLES & APPAREL		189,769,386
CONSUMER SERVICES - 4.5%
	81,518	*	Accel Entertainment, Inc		1,056,473
	83,979	*	Adtalem Global Education, Inc		2,881,320
	23,067	*	American Public Education, Inc		702,621
	29,802	*,e	Aspen Group, Inc		142,156
	39,393	*	Bally’s Corp		2,283,218
	140	*,e	Biglari Holdings, Inc (A Shares)		90,328
	1,683	*	Biglari Holdings, Inc (B Shares)		223,940
	35,443	*	BJ’s Restaurants, Inc		2,161,669
	141,708	*	Bloomin’ Brands, Inc		4,477,973
	11,785	e	Bluegreen Vacations Corp		109,365
	20,148	*	Bluegreen Vacations Holding Corp		373,141
	131,663	*	Boyd Gaming Corp		8,709,507
	74,430	*	Brinker International, Inc		4,996,486
	293,735	*	Caesars Entertainment, Inc		28,739,032
	26,659		Carriage Services, Inc		991,182
	63,462	*	Carrols Restaurant Group, Inc		373,791
	41,827	*	Century Casinos, Inc		550,025
	69,516	*,e	Cheesecake Factory		4,351,006
	62,042		Churchill Downs, Inc		13,121,883
	31,490	*	Chuy’s Holdings, Inc		1,538,601
	38,913		Cracker Barrel Old Country Store, Inc		6,516,760
	71,706	*	Dave & Buster’s Entertainment, Inc		3,274,096
	44,551		Del Taco Restaurants, Inc		507,881
	99,827	*	Denny’s Corp		1,890,723
	25,146	*	Dine Brands Global Inc.		2,430,361
	29,146	*	El Pollo Loco Holdings, Inc		493,733
	133,022	*	Everi Holdings, Inc		2,351,829
	29,014	*	Fiesta Restaurant Group, Inc		427,666
	51,708	*,e	GAN Ltd		953,496
	27,024	*	Golden Entertainment, Inc		931,517
	139,974	*	Hilton Grand Vacations, Inc		6,237,241
	173,829	*	Houghton Mifflin Harcourt Co		1,578,367
	160,717	*,e	International Game Technology plc		2,767,547
	37,938		Jack in the Box, Inc		4,577,220
	5,140	*,e	Kura Sushi USA, Inc		185,091
	181,875	*	Laureate Education, Inc		2,500,781
	43,316	*	Lindblad Expeditions Holdings, Inc		709,949
	65,992	*	Marriott Vacations Worldwide Corp		11,722,159
	20,134	*	Monarch Casino & Resort, Inc		1,518,305
	4,421		Nathan’s Famous, Inc		280,424
	9,020	*	NEOGAMES S.A.		442,792
	52,986	*	Noodles & Co		640,336
	71,120	*	OneSpaWorld Holdings Ltd		757,784
	53,071		Papa John’s International, Inc		5,133,027
	254,174	*	Penn National Gaming, Inc		22,651,987
	110,517	*	Perdoceo Education Corp		1,288,628
	43,163	*	PlayAGS, Inc		386,309
	13,524		RCI Hospitality Holdings, Inc		984,682
	25,019	*	Red Robin Gourmet Burgers, Inc		909,691
	109,120	*	Red Rock Resorts, Inc		3,997,066

225

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	35,965	*,e	Regis Corp	$	465,387
	52,142	*	Ruth’s Hospitality Group Inc		1,361,428
	94,133	*	Scientific Games Corp (Class A)		5,508,663
	83,955	*	SeaWorld Entertainment, Inc		4,597,376
	56,770	*	Shake Shack, Inc		6,173,738
	40,167		Strategic Education, Inc		3,014,935
	65,618	*	Stride, Inc		1,878,643
	47,667	*,e	Target Hospitality Corp		132,991
	107,152	*	Texas Roadhouse, Inc (Class A)		11,467,407
	47,139	*	Universal Technical Institute, Inc		265,393
	135,200	*	Vivint Smart Home, Inc		1,619,696
	48,029		Wingstop, Inc		7,608,274
	76,676	*	WW International Inc		2,126,992
			TOTAL CONSUMER SERVICES		213,142,088
DIVERSIFIED FINANCIALS - 4.1%
	23,632		Alerus Financial Corp		679,420
	7,888		A-Mark Precious Metals, Inc		293,986
	227,619		Apollo Commercial Real Estate Finance, Inc		3,462,085
	191,598		Arbor Realty Trust, Inc		3,387,453
	52,133		Ares Commercial Real Estate Corp		769,483
	61,592	*	Arlington Asset Investment Corp (Class A)		252,527
	102,030		ARMOUR Residential REIT, Inc		1,268,233
	92,371		Artisan Partners Asset Management, Inc		4,703,531
	29,118	*	Assetmark Financial Holdings, Inc		655,737
	3,259		Associated Capital Group, Inc		116,444
	7,942	*	Atlanticus Holdings Corp		248,267
	32,278		B. Riley Financial, Inc		2,301,099
	50,095		Banco Latinoamericano de Exportaciones S.A. (Class E)		739,402
	502,565		BGC Partners, Inc (Class A)		2,663,594
	225,799		Blackstone Mortgage Trust, Inc		7,336,210
	77,387	*	Blucora, Inc		1,113,986
	102,724		Brightsphere Investment Group, Inc		2,312,317
	214,935		Broadmark Realty Capital, Inc		2,316,999
	139,752	*	Cannae Holdings, Inc		5,548,154
	154,079		Capstead Mortgage Corp		998,432
	24,713		Cherry Hill Mortgage Investment Corp		250,096
	311,997		Chimera Investment Corp		4,099,641
	40,981		Cohen & Steers, Inc		2,787,528
	137,889		Colony Credit Real Estate, Inc		1,198,255
	40,927		Cowen Group, Inc		1,616,207
	30,163		Curo Group Holdings Corp		431,934
	4,916		Diamond Hill Investment Group, Inc		840,636
	48,255	*	Donnelley Financial Solutions, Inc		1,474,673
	41,123		Dynex Capital, Inc		830,685
	70,215		Ellington Financial Inc		1,259,657
	14,658		Ellington Residential Mortgage REIT		182,346
	52,681	*	Encore Capital Group, Inc		2,072,471
	55,689	*	Enova International, Inc		1,906,791
	78,539	*	Ezcorp, Inc (Class A)		442,175
	154,355		Federated Investors, Inc (Class B)		4,445,424
	65,715		FirstCash, Inc		4,733,451
	62,194	*	Focus Financial Partners, Inc		2,926,850
	8,005		GAMCO Investors, Inc (Class A)		157,538
	90,009		Granite Point Mortgage Trust, Inc		1,191,719
	35,881		Great Ajax Corp		438,107

226

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	85,125	*	Green Dot Corp	$	3,895,320
	25,633		Greenhill & Co, Inc		389,109
	6,613	*,e	GWG Holdings Inc		46,952
	51,900		Hamilton Lane, Inc		4,694,355
	119,113		Hannon Armstrong Sustainable Infrastructure Capital, Inc		6,241,521
	85,083		Houlihan Lokey, Inc		5,638,450
	376,047		Invesco Mortgage Capital, Inc		1,466,583
	94,977	e	iShares Russell 2000 Index Fund		21,359,378
	45,928		KKR Real Estate Finance Trust, Inc		969,081
	171,125		Ladder Capital Corp		2,034,676
	114,598	*	LendingClub Corp		1,763,663
	8,046		Marlin Business Services Corp		181,437
	735,248		MFA Financial Inc		3,235,091
	87,146		Moelis & Co		4,730,285
	303,723		Navient Corp		5,111,658
	29,154		Nelnet, Inc (Class A)		2,164,101
	611,454		New York Mortgage Trust, Inc		2,806,574
	35,784	*,†	NewStar Financial, Inc		8,640
	31,025	*	Oportun Financial Corp		673,553
	15,084		Oppenheimer Holdings, Inc		771,848
	138,061		Orchid Island Capital, Inc		759,336
	159,377		PennyMac Mortgage Investment Trust		3,195,509
	28,015		Piper Jaffray Cos		3,249,460
	37,535		PJT Partners, Inc		2,759,949
	73,104	*	PRA Group, Inc		2,754,559
	109,457		PROG Holdings, Inc		5,575,740
	30,321		Pzena Investment Management, Inc (Class A)		319,280
	100,866		Ready Capital Corp		1,463,566
	180,498		Redwood Trust, Inc		2,005,333
	14,235		Regional Management Corp		551,322
	30,407	*	Safeguard Scientifics, Inc		187,307
	29,718		Sculptor Capital Management, Inc		675,787
	8,842	*	Siebert Financial Corp		35,456
	15,048		Silvercrest Asset Management Group, Inc		209,318
	33,270		StepStone Group, Inc		1,107,891
	163,348		Stifel Financial Corp		11,302,048
	26,771	*	StoneX Group, Inc		1,700,494
	6,037	*	SWK Holdings Corp		94,690
	95,896		TPG RE Finance Trust, Inc		1,194,864
	444,443		Two Harbors Investment Corp		3,466,655
	1,276		Value Line, Inc		38,969
	11,702		Virtus Investment Partners, Inc		3,200,029
	102,461		Waddell & Reed Financial, Inc (Class A)		2,559,476
	108,368		Western Asset Mortgage Capital Corp		342,443
	14,548		Westwood Holdings Group, Inc		263,173
	232,018		WisdomTree Investments, Inc		1,574,242
	7,063	*	World Acceptance Corp		923,417
			TOTAL DIVERSIFIED FINANCIALS		194,146,131
ENERGY - 2.5%
	3,503	e	Adams Resources & Energy, Inc		92,830
	393,316	*	Antero Resources Corp		3,547,710
	25,229	*	Arch Resources, Inc		1,120,420
	208,301		Archrock, Inc		1,945,531
	54,371	*	Ardmore Shipping Corp		213,134
	32,725	*	Aspen Aerogels, Inc		596,577

227

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	114,203		Berry Petroleum Co LLC	$	697,780
	33,121	*	Bonanza Creek Energy, Inc		1,095,974
	67,108		Brigham Minerals, Inc		1,150,231
	10,636	*	Bristow Group, Inc		281,429
	76,672		Cactus, Inc		2,285,592
	305,079	*	ChampionX Corp		6,409,710
	218,229	*	Clean Energy Fuels Corp		2,400,519
	359,766	*	CNX Resources Corp		4,828,060
	35,351	*	Comstock Resources Inc		194,077
	48,553	*	CONSOL Energy, Inc		426,295
	186,606	*,e	Contango Oil & Gas Co		697,907
	47,827		CVR Energy, Inc		1,018,237
	104,249		Delek US Holdings, Inc		2,473,829
	180,107		DHT Holdings, Inc		1,062,631
	41,840	*	Diamond S Shipping Inc		412,124
	22,684	*	DMC Global, Inc		1,224,936
	61,499	*	Dorian LPG Ltd		817,322
	57,882	*	Dril-Quip, Inc		1,774,083
	37,679	*	Earthstone Energy, Inc		264,507
	210,991	*,e	Energy Fuels, Inc		1,162,560
	45,753		Evolution Petroleum Corp		151,442
	42,790	*	Exterran Corp		140,351
	61,773		Falcon Minerals Corp		274,272
	250,481	*,e	Frank’s International NV		814,063
	190,624	e	Frontline Ltd		1,456,367
	165,378	*	Golar LNG Ltd		1,898,540
	24,535	*,e	Goodrich Petroleum Corp		246,577
	55,199	*	Green Plains Inc		1,644,930
	226,166	*	Helix Energy Solutions Group, Inc		970,252
	38,016		International Seaways, Inc		672,123
	647,675	*	Kosmos Energy Ltd		1,852,351
	133,901	*	Liberty Oilfield Services, Inc		1,566,642
	200,351	*	Magnolia Oil & Gas Corp		2,255,952
	182,339		Matador Resources Co		4,797,339
	11,426	*	Nabors Industries Ltd		923,792
	4,470		Nacco Industries, Inc (Class A)		103,391
	33,971	*	National Energy Services Reunited Corp		431,092
	149,191	*	Newpark Resources, Inc		423,703
	33,891	*,e	NextDecade Corp		74,899
	287,125	*	NexTier Oilfield Solutions, Inc		1,030,779
	233,030	e	Nordic American Tankers Ltd		771,329
	162,488	*	Oceaneering International, Inc		1,746,746
	114,838	*	Oil States International, Inc		644,241
	143,587	*	Overseas Shipholding Group, Inc		317,327
	427,425		Ovintiv, Inc		10,228,280
	64,405	*	Par Pacific Holdings, Inc		978,312
	295,981		Patterson-UTI Energy, Inc		2,000,832
	154,102	*	PBF Energy, Inc		2,185,166
	161,213	*	PDC Energy, Inc		5,885,887
	99,609	*	Peabody Energy Corp		368,553
	29,271	*,e	Penn Virginia Corp		398,964
	750	*	PrimeEnergy Corp		31,703
	127,984	*	ProPetro Holding Corp		1,232,486
	355,211	*	Range Resources Corp		3,488,172
	70,721	*	Renewable Energy Group, Inc		3,926,430
	8,758	*	Rex American Resources Corp		707,033

228

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	83,751	*	RPC, Inc	$	407,030
	83,122	e	Scorpio Tankers, Inc		1,507,833
	95,098	*	Select Energy Services, Inc		459,323
	159,504		SFL Corp Ltd		1,237,751
	187,121		SM Energy Co		2,956,512
	46,387		Solaris Oilfield Infrastructure, Inc		507,474
	1,049,794	*	Southwestern Energy Co		4,482,620
	19,740	*	Talos Energy, Inc		220,891
	274,489	*,e	Tellurian, Inc		607,993
	73,003	*	Tidewater, Inc		895,017
	948,446	*,e	Transocean Ltd		3,053,996
	321,176	*,e	Uranium Energy Corp		931,410
	117,412	*	US Silica Holdings, Inc		1,250,438
	147,897	*	W&T Offshore, Inc		486,581
	1,061	*	Whiting Petroleum Corp		42,514
	101,195		World Fuel Services Corp		3,129,961
			TOTAL ENERGY		117,011,667
FOOD & STAPLES RETAILING - 0.8%
	52,624		Andersons, Inc		1,511,361
	223,600	*	BJ’s Wholesale Club Holdings, Inc		9,988,212
	48,541	*	Chefs’ Warehouse Holdings, Inc		1,564,476
	56,638	*,e	HF Foods Group Inc		352,855
	24,505	e	Ingles Markets, Inc (Class A)		1,501,911
	15,412		Natural Grocers by Vitamin C		242,277
	213,452	*	Performance Food Group Co		12,529,632
	36,896		Pricesmart, Inc		3,100,740
	88,480	*,e	Rite Aid Corp		1,550,170
	56,600		SpartanNash Co		1,096,342
	92,042	*	United Natural Foods, Inc		3,392,668
	12,578		Village Super Market (Class A)		306,652
	16,816		Weis Markets, Inc		871,910
			TOTAL FOOD & STAPLES RETAILING		38,009,206
FOOD, BEVERAGE & TOBACCO - 1.9%
	7,099		Alico, Inc		212,757
	103,726	e	B&G Foods, Inc (Class A)		3,026,725
	2,497	*	Bridgford Foods Corp		35,557
	26,464		Calavo Growers, Inc		2,067,632
	59,448		Cal-Maine Foods, Inc		2,220,977
	59,120	*	Celsius Holdings, Inc		3,387,576
	7,917		Coca-Cola Consolidated Inc		2,321,660
	262,513	*	Darling International, Inc		18,231,528
	26,783	*	Farmer Bros Co		273,187
	50,269		Fresh Del Monte Produce, Inc		1,417,586
	66,403	*	Freshpet, Inc		12,272,602
	203,481	*	Hostess Brands, Inc		3,111,224
	24,305		J&J Snack Foods Corp		4,000,846
	13,969		John B. Sanfilippo & Son, Inc		1,227,875
	5,132	*,e	Laird Superfood, Inc		187,369
	30,818		Lancaster Colony Corp		5,692,393
	49,835	*	Landec Corp		564,132
	24,847		Limoneira Co		448,737
	20,778		MGP Ingredients, Inc		1,248,758
	11,920	*	Mission Produce, Inc		240,784
	39,576		National Beverage Corp		1,922,998

229

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	152,757	*	NewAge, Inc	$	334,538
	253,981		Primo Water Corp		4,251,642
	33,200		Sanderson Farms, Inc		5,462,396
	10,762	*	Seneca Foods Corp		495,698
	138,241	*	Simply Good Foods Co		4,776,227
	26,639	e	Tootsie Roll Industries, Inc		840,993
	19,050		Turning Point Brands, Inc		930,021
	39,273		Universal Corp		2,208,321
	233,170		Vector Group Ltd		3,042,869
	38,697	*	Vital Farms, Inc		941,111
			TOTAL FOOD, BEVERAGE & TOBACCO		87,396,719
HEALTH CARE EQUIPMENT & SERVICES - 7.2%
	127,385	*	1Life Healthcare, Inc		5,542,521
	48,667	*,e	Accelerate Diagnostics, Inc		355,756
	51,745	*	Accolade, Inc		2,595,012
	155,609	*	Accuray, Inc		731,362
	23,312	*,e	Acutus Medical, Inc		318,209
	124,728	*	AdaptHealth Corp		3,624,596
	23,805	*	Addus HomeCare Corp		2,518,569
	253,890	*	Allscripts Healthcare Solutions, Inc		3,950,528
	93,376	*	Alphatec Holdings Inc		1,493,082
	75,556	*	AMN Healthcare Services, Inc		5,991,591
	59,126	*	Angiodynamics, Inc		1,436,762
	270,773	*	Antares Pharma, Inc		1,026,230
	35,366	*	Apollo Medical Holdings, Inc		1,050,017
	12,237	*	Apria, Inc		366,498
	54,022	*	Apyx Medical Corp		547,243
	143,575	*,e	Aspira Women’s Health, Inc		821,249
	70,959	*	AtriCure, Inc		5,468,810
	2,287		Atrion Corp		1,460,478
	31,384	*,e	Avalon GloboCare Corp		32,012
	76,937	*	Avanos Medical, Inc		3,324,448
	59,834	*	AxoGen, Inc		1,120,092
	50,197	*	Axonics Modulation Technologies, Inc		3,158,897
	5,682	*	Bellerophon Therapeutics, Inc		24,944
	38,873	*,e	Beyond Air, Inc		238,680
	4,949	*	Biodesix, Inc		80,966
	22,074	*	BioLife Solutions Inc		770,383
	36,998	*,e	BioSig Technologies Inc		126,533
	12,422	*	Bioventus, Inc		178,877
	306,900	*	Brookdale Senior Living, Inc		2,007,126
	62,418	*	Cantel Medical Corp		5,487,166
	63,509	*	Cardiovascular Systems, Inc		2,560,683
	23,543	*	Castle Biosciences, Inc		1,625,173
	266,662	*	Cerus Corp		1,626,638
	31,463	*,e	Chembio Diagnostics, Inc		125,537
	43,565	*,e	Co-Diagnostics, Inc		385,986
	139,943	*	Community Health Systems, Inc		1,560,364
	21,820		Computer Programs & Systems, Inc		655,036
	44,012		Conmed Corp		6,203,491
	14,701	*	Corvel Corp		1,720,164
	188,505	*	Covetrus, Inc		5,400,668
	57,911	*	Cross Country Healthcare, Inc		771,374
	62,953	*	CryoLife, Inc		1,836,969
	66,260	*,e	CryoPort, Inc		3,748,328

230

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	27,133	*	Cutera, Inc	$	814,804
	68,952	*	CytoSorbents Corp		637,806
	13,080	*	Eargo, Inc		748,699
	11,193	*	Electromed, Inc		109,356
	84,655		Ensign Group, Inc		7,267,632
	66,719	*	Enzo Biochem, Inc		204,827
	126,411	*	Evolent Health, Inc		2,738,062
	11,267	*	Exagen, Inc		189,962
	30,465	*	Five Star Senior Living, Inc		158,723
	10,089	*	FONAR Corp		173,026
	22,845	*,e	Fulgent Genetics, Inc		1,759,522
	69,198	*	Glaukos Corp		6,515,684
	60,878	*	Hanger Inc		1,517,689
	55,824	*	Health Catalyst, Inc		3,232,210
	131,016	*	HealthEquity, Inc		9,953,285
	38,754	*	HealthStream, Inc		936,297
	11,091	*	Heska Corp		2,025,771
	31,792	*	iCAD, Inc		573,528
	26,759	*	Inari Medical, Inc		3,058,286
	23,923	*	InfuSystem Holdings, Inc		541,138
	29,867	*	Inogen, Inc		1,953,003
	124,037	*	Inovalon Holdings, Inc		3,747,158
	42,706	*	Inspire Medical Systems, Inc		10,113,635
	52,965	*	Integer Holding Corp		4,972,354
	54,922	*	Intersect ENT, Inc		1,197,849
	13,359	*	IntriCon Corp		308,994
	58,986	*	Invacare Corp		532,644
	9,882	*	iRadimed Corp		273,633
	46,918	*	iRhythm Technologies, Inc		3,653,035
	21,444	*	Joint Corp		1,189,713
	107,944	*	Lantheus Holdings, Inc		2,558,273
	27,236		LeMaitre Vascular, Inc		1,429,073
	13,045	*	LENSAR, Inc		90,141
	49,302	*	LHC Group, Inc		10,268,128
	79,226	*	LivaNova plc		6,723,911
	16,911	*	Lucira Health, Inc		105,863
	39,431	*	Magellan Health Services, Inc		3,714,400
	119,821	*	MEDNAX, Inc		3,153,689
	68,274	*	Meridian Bioscience, Inc		1,336,805
	89,100	*	Merit Medical Systems, Inc		5,666,760
	7,659		Mesa Laboratories, Inc		1,904,410
	74,534	*,e	Milestone Scientific, Inc		187,826
	23,040	*	Misonix Inc		427,853
	19,625	*	ModivCare, Inc		2,749,070
	43,104	*,e	NantHealth, Inc		109,484
	19,992		National Healthcare Corp		1,405,638
	24,074		National Research Corp		1,234,996
	55,665	*	Natus Medical, Inc		1,422,241
	10,702	*,e	Nemaura Medical, Inc		51,370
	86,272	*	Neogen Corp		8,282,975
	55,547	*	Nevro Corp		9,599,077
	91,549	*	NextGen Healthcare, Inc		1,676,262
	83,041	*	NuVasive, Inc		5,933,279
	69,329	*	Omnicell, Inc		10,054,092
	12,904	*,e	Ontrak, Inc		421,187
	27,523	*	OptimizeRx Corp		1,388,811

231

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	138,368	*	Option Care Health, Inc	$	2,640,061
	114,169	*	OraSure Technologies, Inc		1,044,646
	142,601	*	Ortho Clinical Diagnostics Holdings plc		2,807,814
	30,635	*	Orthofix Medical Inc		1,358,662
	20,885	*	OrthoPediatrics Corp		1,221,772
	16,295	*	Outset Medical, Inc		976,396
	117,541		Owens & Minor, Inc		4,242,055
	139,644		Patterson Cos, Inc		4,488,158
	101,020	*,e	PAVmed, Inc		461,661
	40,905	*	Pennant Group, Inc		1,653,380
	34,178	*,e	PetIQ, Inc		1,455,983
	54,375	*	Phreesia, Inc		2,813,906
	39,207	*	Progenity, Inc		123,894
	43,144	*	Progyny, Inc		2,455,325
	20,164	*	Pulmonx Corp		947,910
	24,876	*,e	Pulse Biosciences, Inc		479,112
	118,827	*	Quotient Ltd		465,802
	178,801	*	R1 RCM, Inc		4,877,691
	70,415	*	RadNet, Inc		1,573,071
	53,231	*,e	Repro-Med Systems, Inc		200,681
	20,903	*,e	Retractable Technologies, Inc		202,968
	109,022	*,e	Rockwell Medical, Inc		105,163
	48,883	*	Schrodinger, Inc		3,726,840
	42,799	*	SeaSpine Holdings Corp		890,647
	178,151	*	Select Medical Holdings Corp		6,719,856
	23,007	*	Sharps Compliance Corp		402,392
	46,576	*	Shockwave Medical Inc		7,613,313
	47,277	*	SI-BONE, Inc		1,678,333
	90,514	*	Sientra, Inc		620,926
	44,963	*	Silk Road Medical Inc		2,749,038
	24,536		Simulations Plus, Inc		1,549,203
	11,117	*,e	Soliton Inc		199,105
	74,300	*	Staar Surgical Co		10,179,843
	72,478	*	Stereotaxis, Inc		521,842
	160,713	*	Surgalign Holdings, Inc		290,891
	41,780	*	Surgery Partners, Inc		2,013,796
	21,908	*	SurModics, Inc		1,171,859
	35,188	*,e	Tabula Rasa HealthCare, Inc		1,673,541
	29,850	*	Tactile Systems Technology, Inc		1,710,405
	21,415	*	Talis Biomedical Corp		256,980
	8,703	*	Tela Bio, Inc		119,057
	170,647	*	Tenet Healthcare Corp		10,112,541
	70,375	*	Tivity Health, Inc		1,701,667
	40,378	*	Transmedics Group, Inc		1,159,252
	37,147	*	Triple-S Management Corp (Class B)		880,755
	20,254		US Physical Therapy, Inc		2,277,562
	5,769		Utah Medical Products, Inc		503,403
	31,621	*	Vapotherm, Inc		695,662
	61,654	*	Varex Imaging Corp		1,463,666
	29,424	*	Venus Concept, Inc		55,906
	64,785	*	Viemed Healthcare, Inc		651,737
	199,831	*	ViewRay, Inc		961,187
	51,689	*	Vocera Communications, Inc		1,869,591
	37,829	*,e	VolitionRX Ltd		126,727
	28,956	*,e	Zynex Inc		427,680
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		340,634,301

232

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	64,750	*	BellRing Brands, Inc	$	1,669,903
	15,580	*	Central Garden & Pet Co		843,501
	65,012	*	Central Garden and Pet Co (Class A)		3,203,141
	88,646		Edgewell Personal Care Co		3,386,277
	75,908	*	elf Beauty, Inc		2,296,217
	28,809		Inter Parfums, Inc		2,120,342
	20,175	*	Lifevantage Corp		164,023
	18,355		Medifast, Inc		4,168,237
	11,943		Nature’s Sunshine Products, Inc		248,534
	7,119		Oil-Dri Corp of America		248,667
	13,374	*	Revlon, Inc (Class A)		158,749
	19,555	*	USANA Health Sciences, Inc		1,759,754
	87,053	*	Veru, Inc		769,549
	22,173		WD-40 Co		5,515,312
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		26,552,206
INSURANCE - 2.0%
	70,492	*	AMBAC Financial Group, Inc		1,208,938
	147,392		American Equity Investment Life Holding Co		4,566,204
	31,152		Amerisafe, Inc		1,933,916
	53,049	*	Argo Group International Holdings Ltd		2,768,097
	70,315	*	BRP Group, Inc		2,040,541
	75,026	*,e	Citizens, Inc (Class A)		438,152
	218,187		Conseco, Inc		5,570,314
	23,966	e	Crawford & Co		251,403
	21,294		Donegal Group, Inc (Class A)		328,567
	42,954	*	eHealth, Inc		3,038,566
	46,277		Employers Holdings, Inc		1,873,293
	19,822	*	Enstar Group Ltd		4,978,890
	16,733		FBL Financial Group, Inc (Class A)		948,594
	20,602		FedNat Holding Co		104,864
	840,827	*	Genworth Financial, Inc (Class A)		3,632,373
	21,268		Goosehead Insurance, Inc		2,338,204
	49,145	*	Greenlight Capital Re Ltd (Class A)		453,608
	10,657		HCI Group, Inc		782,437
	40,812		Heritage Insurance Holdings, Inc		371,797
	67,038		Horace Mann Educators Corp		2,688,224
	7,592		Independence Holding Co		334,048
	2,096		Investors Title Co		369,797
	48,009		James River Group Holdings Ltd		2,261,704
	34,289		Kinsale Capital Group, Inc		5,966,629
	85,767	*	MBIA, Inc		859,385
	1,574	*	Midwest Holding, Inc		75,584
	4,231		National Western Life Group, Inc		970,168
	11,769	*	NI Holdings, Inc		225,376
	32,568	*	Palomar Holdings, Inc		2,291,485
	87,224		ProAssurance Corp		2,180,600
	21,726	*	ProSight Global, Inc		276,355
	15,417		Protective Insurance Corp		354,591
	64,831		RLI Corp		7,226,063
	22,803		Safety Insurance Group, Inc		1,870,530
	96,822		Selective Insurance Group, Inc		7,372,027
	214,348	*	Selectquote, Inc		6,672,653
	136,511	*	SiriusPoint Ltd		1,444,286

233

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	26,870		State Auto Financial Corp	$	507,306
	42,288		Stewart Information Services Corp		2,480,191
	43,768		Tiptree Inc		438,118
	21,328	*	Trean Insurance Group, Inc		373,027
	49,862	*	Trupanion, Inc		4,043,808
	37,248		United Fire Group Inc		1,127,125
	20,143		United Insurance Holdings Corp		112,599
	48,715		Universal Insurance Holdings, Inc		679,574
	29,932	*	Watford Holdings Ltd		1,043,430
			TOTAL INSURANCE		91,873,441
MATERIALS - 4.4%
	45,077	*	Advanced Emissions Solutions, Inc		211,862
	44,111	*	AdvanSix, Inc		1,282,748
	47,180	*	AgroFresh Solutions, Inc		100,022
	305,448	*	Alcoa Corp		11,191,615
	205,784	*	Allegheny Technologies, Inc		4,786,536
	46,599		American Vanguard Corp		921,728
	178,649	*,e	Amyris, Inc		2,601,129
	164,418	*	Arconic Corp		4,702,355
	148,217		Avient Corp		7,524,977
	52,278		Balchem Corp		6,649,239
	17,404	e	Caledonia Mining Corp plc		242,090
	76,026		Carpenter Technology Corp		2,879,105
	80,974	*	Century Aluminum Co		1,268,053
	11,795		Chase Corp		1,397,000
	26,505	*	Clearwater Paper Corp		886,857
	732,111	*,e	Cleveland-Cliffs, Inc		13,075,502
	392,559	*	Coeur Mining, Inc		3,171,877
	192,973		Commercial Metals Co		5,638,671
	56,637		Compass Minerals International, Inc		3,846,785
	90,997	*	Domtar Corp		3,587,102
	132,216	*	Ferro Corp		2,202,719
	69,112	*,†	Ferroglobe plc		0
	49,707	*	Forterra, Inc		1,166,126
	41,500		FutureFuel Corp		527,050
	38,744	*,e	Gatos Silver, Inc		444,781
	82,101	*	GCP Applied Technologies, Inc		2,109,175
	70,439		Glatfelter Corp		1,036,862
	110,132		Gold Resource Corp		296,255
	40,947		Greif, Inc (Class A)		2,477,703
	11,321		Greif, Inc (Class B)		677,109
	83,942		H.B. Fuller Co		5,609,004
	32,362		Hawkins, Inc		1,079,273
	22,259		Haynes International, Inc		650,853
	844,717		Hecla Mining Co		4,992,277
	68,480	*	Ingevity Corp		5,346,918
	39,720		Innospec, Inc		3,869,125
	15,883	*	Intrepid Potash, Inc		510,797
	25,423		Kaiser Aluminum Corp		3,062,709
	32,455	*	Koppers Holdings, Inc		1,078,804
	50,751	*	Kraton Corp		1,814,856
	40,998		Kronos Worldwide, Inc		696,966
	237,054	*	Livent Corp		4,271,713
	178,603		Louisiana-Pacific Corp		11,766,366
	135,131	*	Marrone Bio Innovations, Inc		228,371

234

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	32,791		Materion Corp	$	2,321,931
	56,305		Minerals Technologies, Inc		4,399,673
	59,517		Myers Industries, Inc		1,342,704
	27,233		Neenah Inc		1,447,979
	386,008	*	Novagold Resources Inc		3,470,212
	254,311	*	O-I Glass, Inc		4,193,588
	18,166		Olympic Steel, Inc		527,722
	96,147	*	Orion Engineered Carbons SA		1,909,479
	70,939		Pactiv Evergreen, Inc		1,044,222
	66,082		PQ Group Holdings, Inc		925,148
	21,534		Quaker Chemical Corp		5,218,765
	46,468	*	Ranpak Holdings Corp		893,580
	100,357	*	Rayonier Advanced Materials, Inc		912,245
	25,392	*	Ryerson Holding Corp		403,225
	40,648		Schnitzer Steel Industries, Inc (Class A)		1,918,992
	50,201		Schweitzer-Mauduit International, Inc		2,292,680
	69,759		Sensient Technologies Corp		5,736,980
	35,567		Stepan Co		4,647,184
	185,302	*	Summit Materials, Inc		5,334,845
	134,684		SunCoke Energy, Inc		909,117
	81,072	*	TimkenSteel Corp		974,485
	37,600	*	Trecora Resources		285,384
	41,483		Tredegar Corp		606,481
	61,965		Trinseo S.A.		3,836,253
	176,087		Tronox Holdings plc		3,733,044
	11,572	*	UFP Technologies, Inc		579,294
	3,243		United States Lime & Minerals, Inc		448,118
	422,541		United States Steel Corp		9,722,668
	25,631	*	US Concrete, Inc		1,625,262
	50,539		Verso Corp		780,322
	83,922		Warrior Met Coal, Inc		1,330,164
	56,391		Worthington Industries, Inc		3,680,077
			TOTAL MATERIALS		209,332,888
MEDIA & ENTERTAINMENT - 1.5%
	621,220	*,e	AMC Entertainment Holdings, Inc		6,230,837
	46,063	*,e	AMC Networks, Inc		2,316,048
	21,280	*	Boston Omaha Corp		596,266
	48,513	*	Cardlytics, Inc		6,671,993
	141,476	*	Cargurus, Inc		3,491,628
	110,859	*	Cars.com, Inc		1,464,447
	173,225	*	Cinemark Holdings, Inc		3,672,370
	95,556	*	comScore, Inc		352,602
	2,045	*	Daily Journal Corp		624,114
	73,841	*	DHI Group, Inc		215,616
	40,887	*	Emerald Holding, Inc		229,376
	190,599	*	Entercom Communications Corp		922,499
	94,998		Entravision Communications Corp (Class A)		365,742
	263,828	*,e	Eros STX Global Corp		342,976
	104,314	*	Eventbrite Inc		2,458,681
	22,632	*	EverQuote Inc		766,546
	90,575		EW Scripps Co (Class A)		1,958,231
	66,765	*	Fluent, Inc		248,366
	21,658	*	Gaia, Inc		228,275
	215,685	*	Gannett Co, Inc		979,210
	141,143		Gray Television, Inc		2,868,026

235

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	28,671	*	Hemisphere Media Group, Inc	$	350,360
	100,798	*	iHeartMedia, Inc		1,929,274
	78,969	*	Imax Corp		1,628,341
	14,316	*	Liberty Braves Group (Class A)		400,705
	59,670	*	Liberty Braves Group (Class C)		1,652,262
	118,933	*	Liberty TripAdvisor Holdings, Inc		601,801
	80,739	*	LiveXLive Media, Inc		346,370
	20,907		Loral Space & Communications, Inc		838,998
	36,289	*,e	Marcus Corp		724,328
	28,794	*	MediaAlpha, Inc		1,274,134
	65,100	*	Meredith Corp		2,024,610
	50,028	*	MSG Networks, Inc		793,944
	100,839		National CineMedia, Inc		430,583
	76,013	*	QuinStreet, Inc		1,540,783
	6,767	*	Saga Communications, Inc		152,461
	46,607		Scholastic Corp		1,413,590
	70,984		Sinclair Broadcast Group, Inc (Class A)		2,304,850
	38,543	*	TechTarget, Inc		2,956,248
	356,371		TEGNA, Inc		7,148,802
	25,374	*	Tribune Publishing Co		442,523
	177,249	*	TrueCar, Inc		815,345
	85,695	*	WideOpenWest, Inc		1,205,729
	116,506	*	Yelp, Inc		4,578,686
			TOTAL MEDIA & ENTERTAINMENT		72,558,576
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.9%
	12,588	*	4D Molecular Therapeutics, Inc		487,156
	16,242	*	89bio, Inc		427,002
	130,504	*,e	Abeona Therapeutics, Inc		230,992
	160,239	*,e	AcelRx Pharmaceuticals, Inc		208,311
	109,116	*,e	ADMA Biologics, Inc		213,867
	147,359	*	Adverum Biotechnologies, Inc		574,700
	67,104	*	Aeglea BioTherapeutics, Inc		522,069
	58,968	*	Aerie Pharmaceuticals, Inc		1,010,122
	182,413	*	Affimed NV		1,949,995
	274,171	*	Agenus, Inc		847,188
	109,474	*,e	Agile Therapeutics, Inc		202,527
	239,866	*	Akebia Therapeutics, Inc		765,173
	21,758	*,e	Akero Therapeutics, Inc		670,146
	39,627	*	Akouos, Inc		563,496
	27,735	*	Albireo Pharma, Inc		890,293
	116,754	*,†	Alder Biopharmaceuticals Inc		102,744
	76,643	*	Alector, Inc		1,494,538
	16,550	*	Aligos Therapeutics, Inc		425,666
	42,409	*	Allakos, Inc		4,627,670
	87,271	*	Allogene Therapeutics, Inc		2,698,419
	47,841	*	Allovir, Inc		1,130,483
	28,190	*	ALX Oncology Holdings, Inc		1,766,385
	421,664	*	Amicus Therapeutics, Inc		4,149,174
	160,259	*	Amneal Pharmaceuticals, Inc		883,027
	57,253	*	Amphastar Pharmaceuticals, Inc		996,202
	37,069	*	AnaptysBio, Inc		865,561
	94,386	*,e	Anavex Life Sciences Corp		1,140,183
	9,411	*	Angion Biomedica Corp		132,977
	18,270	*	ANI Pharmaceuticals, Inc		608,026
	22,317	*	Anika Therapeutics, Inc		896,697

236

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	43,103	*	Annexon, Inc	$	859,043
	97,483	*	Apellis Pharmaceuticals, Inc		4,939,464
	77,242	*,e	Applied Genetic Technologies Corp		326,734
	37,824	*,e	Applied Molecular Transport, Inc		2,174,502
	26,954	*	Applied Therapeutics, Inc		499,188
	11,833	*,e	Aprea Therapeutics, Inc		55,497
	74,017	*,e	Aptinyx, Inc		198,366
	32,363	*,e	Aquestive Therapeutics, Inc		131,717
	19,481	*,e	Aravive Inc		102,275
	32,541	*	Arcturus Therapeutics Holdings, Inc		1,192,953
	68,964	*	Arcus Biosciences, Inc		2,327,535
	37,388	*	Arcutis Biotherapeutics, Inc		1,252,498
	116,656	*	Ardelyx, Inc		852,755
	93,981	*	Arena Pharmaceuticals, Inc		6,449,916
	166,933	*	Arrowhead Pharmaceuticals Inc		12,146,045
	59,085	*	Arvinas, Inc		4,073,320
	48,927	*	Assembly Biosciences, Inc		209,408
	134,613	*	Atara Biotherapeutics, Inc		1,892,659
	25,831	*,e	Atea Pharmaceuticals, Inc		638,284
	118,180	*	Athenex, Inc		473,902
	284,745	*,e	Athersys, Inc		475,524
	21,049	*,e	Athira Pharma, Inc		414,244
	45,284	*	Atreca, Inc		540,691
	11,127	*,e	Avenue Therapeutics, Inc		56,970
	37,834	*,e	AVEO Pharmaceuticals, Inc		266,730
	100,395	*	Avid Bioservices, Inc		2,148,955
	49,306	*	Avidity Biosciences, Inc		1,155,733
	57,744	*	Avrobio, Inc		674,450
	12,519	*	Axcella Health, Inc		51,829
	44,787	*	Axsome Therapeutics, Inc		2,707,822
	35,681	*,e	Aytu BioScience, Inc		236,208
	3,697	*	Aziyo Biologics, Inc		36,120
	64,584	*,e	Beam Therapeutics, Inc		5,295,888
	27,129	*	Beyondspring Inc		292,722
	18,715	*	BioAtla, Inc		928,077
	287,385	*,e	BioCryst Pharmaceuticals, Inc		3,343,724
	164,801	*	BioDelivery Sciences International, Inc		570,211
	79,077	*	Biohaven Pharmaceutical Holding Co Ltd		5,938,683
	21,059	*,e	Bioxcel Therapeutics Inc		715,374
	29,063	*	Black Diamond Therapeutics, Inc		774,238
	89,531	*	Blueprint Medicines Corp		8,623,626
	20,498	*	Bolt Biotherapeutics, Inc		458,335
	48,554	*,e	BrainStorm Cell Therapeutics, Inc		168,482
	152,415	*	Bridgebio Pharma, Inc		8,523,047
	17,483	*,e	C4 Therapeutics, Inc		578,687
	20,442	*,e	Cabaletta Bio, Inc		227,519
	110,101	*	Calithera Biosciences, Inc		238,919
	15,056	*,e	Calyxt, Inc		74,979
	66,066	*	Cara Therapeutics, Inc		855,555
	82,360	*	CareDx, Inc		6,512,205
	122,975	*	CASI Pharmaceuticals, Inc		220,125
	55,151	*,e	Cassava Sciences, Inc		2,581,067
	29,040	*,e	Catabasis Pharmaceuticals, Inc		65,340
	49,961	*	Catalyst Biosciences, Inc		251,803
	158,496	*	Catalyst Pharmaceuticals, Inc		725,912
	57,115	*,e	CEL-SCI Corp		1,378,185

237

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	6,654	*	Centogene NV	$	72,329
	60,276	*	Cerecor Inc		189,267
	11,574	*	Champions Oncology, Inc		124,189
	8,813	*,e	Checkmate Pharmaceuticals, Inc		63,806
	105,477	*,e	Checkpoint Therapeutics Inc		305,883
	80,291	*	ChemoCentryx, Inc		3,880,464
	81,833	*	Chiasma, Inc		243,862
	96,201	*	Chimerix, Inc		837,911
	20,265	*	Chinook Therapeutics, Inc		363,757
	66,245	*,e	ChromaDex Corp		588,256
	53,598	*	Cidara Therapeutics, Inc		118,988
	133,313	*,e	Clovis Oncology, Inc		791,879
	94,044	*	Codexis, Inc		2,179,940
	9,141	*,e	Codiak Biosciences, Inc		180,992
	39,217	*,e	Cohbar, Inc		52,551
	93,151	*	Coherus Biosciences, Inc		1,378,635
	55,005	*	Collegium Pharmaceutical, Inc		1,226,611
	45,976	*	Concert Pharmaceuticals, Inc		190,800
	51,291	*	Constellation Pharmaceuticals, Inc		1,108,911
	36,361	*,e	ContraFect Corp		161,079
	106,951	*,e	Corbus Pharmaceuticals Holdings, Inc		192,512
	157,249	*	Corcept Therapeutics, Inc		3,583,705
	52,712	*,e	CorMedix Inc		455,432
	25,422	*,e	Cortexyme Inc		995,780
	43,166	*	Crinetics Pharmaceuticals, Inc		747,203
	44,155	*	Cue Biopharma, Inc		535,600
	21,212	*	Cullinan Oncology, Inc		688,542
	116,466	*	Cymabay Therapeutics, Inc		504,298
	110,306	*	Cytokinetics, Inc		2,806,185
	99,515	*	CytomX Therapeutics, Inc		931,460
	11,549	*	Decibel Therapeutics, Inc		105,327
	63,672	*	Deciphera Pharmaceuticals, Inc		2,952,471
	103,322	*	Denali Therapeutics, Inc		6,244,782
	16,537	*,e	DermTech, Inc		695,381
	108,031	*	Dicerna Pharmaceuticals, Inc		3,369,487
	391,718	*	Durect Corp		744,264
	30,875	*,e	Dyadic International, Inc		139,246
	170,834	*,e	Dynavax Technologies Corp		1,704,923
	28,715	*	Dyne Therapeutics, Inc		565,111
	17,397	*	Eagle Pharmaceuticals, Inc		710,320
	107,866	*	Editas Medicine, Inc		3,992,121
	51,589	*	Eiger BioPharmaceuticals, Inc		437,991
	62,219	*,e	Eloxx Pharmaceuticals, Inc		135,637
	73,176	*	Emergent Biosolutions, Inc		4,462,272
	30,764	*	Enanta Pharmaceuticals, Inc		1,560,965
	366,281	*	Endo International plc		2,098,790
	21,446	*,e	Enochian Biosciences Inc		72,487
	146,537	*	Epizyme, Inc		1,144,454
	43,316	*,e	Esperion Thereapeutics, Inc		1,167,366
	24,617	*,e	Eton Pharmaceuticals, Inc		213,676
	43,252	*,e	Evelo Biosciences, Inc		568,764
	123,763	*,e	Evofem Biosciences Inc		183,169
	32,742	*	Evolus, Inc		298,280
	94,909	*,e	Exicure, Inc		186,971
	123,809	*	Fate Therapeutics, Inc		10,819,669
	35,027	*,e	Fennec Pharmaceuticals, Inc		218,919

238

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	136,478	*	FibroGen, Inc	$	3,046,189
	70,379	*	Flexion Therapeutics, Inc		546,141
	120,058	*,e	Fluidigm Corp		601,491
	11,807	*	Foghorn Therapeutics, Inc		129,641
	48,857	*	Forma Therapeutics Holdings, Inc		1,316,696
	127,759	*,e	Fortress Biotech, Inc		551,919
	40,345	*,e	Frequency Therapeutics, Inc		468,405
	27,836	*	Fulcrum Therapeutics, Inc		313,155
	55,118	*	G1 Therapeutics, Inc		1,161,336
	70,721	*,e	Galectin Therapeutics, Inc		312,587
	14,027	*	Galera Therapeutics, Inc		114,320
	67,765	*	Generation Bio Co		2,470,712
	47,708	*,e	Genprex, Inc		181,290
	462,247	*,e	Geron Corp		670,258
	52,131	*	GlycoMimetics, Inc		125,114
	91,072	*	Gossamer Bio, Inc		786,862
	10,721	*,e	Graybug Vision, Inc		50,818
	54,049	*	Gritstone Oncology, Inc		489,143
	215,205	*	Halozyme Therapeutics, Inc		10,749,490
	10,157	*	Harmony Biosciences Holdings, Inc		297,600
	23,642	*	Harpoon Therapeutics, Inc		535,255
	36,542	*	Harrow Health, Inc		280,277
	60,379	*	Harvard Bioscience, Inc		418,426
	145,136	*	Heron Therapeutics, Inc		2,536,977
	54,223	*	Homology Medicines, Inc		367,090
	27,905	*	Hookipa Pharma, Inc		377,834
	370,538	*,e	iBio, Inc		507,637
	31,168	*	Ideaya Biosciences, Inc		640,502
	12,725	*,e	IGM Biosciences, Inc		899,912
	7,955	*,e	IMARA, Inc		58,867
	10,596	*	Immunic, Inc		162,755
	51,197	*,e	ImmunityBio, Inc		908,747
	312,314	*	Immunogen, Inc		2,517,251
	3,385	*	Immunome, Inc		89,906
	61,318	*	Immunovant, Inc		961,466
	13,296	*	Inhibrx, Inc		283,604
	100,266	*	Innoviva, Inc		1,148,046
	299,335	*,e	Inovio Pharmaceuticals, Inc		2,038,471
	16,177	*,e	Inozyme Pharma, Inc		298,951
	163,616	*	Insmed, Inc		5,518,768
	89,811	*	Intellia Therapeutics, Inc		6,894,790
	41,601	*	Intercept Pharmaceuticals, Inc		822,868
	107,535	*	Intra-Cellular Therapies, Inc		3,702,430
	198,570	*,e	Invitae Corp		6,930,093
	257,798	*	Ironwood Pharmaceuticals, Inc		2,846,090
	31,879	*	iTeos Therapeutics, Inc		749,475
	129,151	*	IVERIC bio, Inc		904,057
	27,178	*	Jounce Therapeutics, Inc		256,289
	277,344	*	Kadmon Holdings, Inc		1,126,017
	63,369	*,e	Kala Pharmaceuticals, Inc		489,842
	31,214	*	Kaleido Biosciences Inc		246,278
	30,802	*	KalVista Pharmaceuticals Inc		769,126
	25,626	*	Karuna Therapeutics, Inc		2,844,742
	112,820	*,e	Karyopharm Therapeutics, Inc		1,053,739
	21,330	*	Keros Therapeutics, Inc		1,254,204
	48,241	*	Kezar Life Sciences, Inc		281,245

239

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	69,781	*	Kindred Biosciences, Inc	$	348,905
	43,001	*	Kiniksa Pharmaceuticals Ltd		707,796
	21,852	*	Kinnate Biopharma, Inc		586,071
	53,779	*	Kodiak Sciences, Inc		6,498,654
	23,915	*,e	Kronos Bio, Inc		647,379
	24,357	*	Krystal Biotech Inc		1,934,920
	100,864	*	Kura Oncology, Inc		2,716,268
	16,487	*	Kymera Therapeutics, Inc		750,983
	34,153	*,e	La Jolla Pharmaceutical Co		151,639
	10,219	*	Landos Biopharma, Inc		112,613
	53,355	*	Lannett Co, Inc		233,161
	88,515	*	Lexicon Pharmaceuticals, Inc		430,183
	23,311	*	Ligand Pharmaceuticals, Inc (Class B)		3,400,842
	43,818	*,e	Liquidia Corp		124,443
	16,807	*,e	LogicBio Therapeutics, Inc		92,775
	70,964		Luminex Corp		2,603,669
	6,745	*	Lyra Therapeutics, Inc		67,922
	89,775	*	MacroGenics, Inc		2,905,119
	14,043	*,e	Madrigal Pharmaceuticals, Inc		1,911,252
	42,473	*	Magenta Therapeutics, Inc		494,810
	374,180	*,e	MannKind Corp		1,710,003
	47,341	*,e	Marinus Pharmaceuticals, Inc		696,386
	72,995	*	Marker Therapeutics Inc		186,867
	72,113	*,e	MediciNova, Inc		316,576
	44,740	*	Medpace Holdings, Inc		7,591,483
	173,968	*	MEI Pharma, Inc		634,983
	35,554	*	MeiraGTx Holdings plc		532,599
	87,138	*	Mersana Therapeutics, Inc		1,388,108
	10,906	*	Metacrine, Inc		42,315
	50,061	*	Minerva Neurosciences, Inc		119,145
	69,758	*	Mirati Therapeutics, Inc		11,595,175
	8,944	*	Mirum Pharmaceuticals, Inc		174,766
	46,970	*	Molecular Templates, Inc		439,639
	23,602	*	Morphic Holding, Inc		1,307,551
	82,910	*	Mustang Bio, Inc		267,799
	118,298	*	Myriad Genetics, Inc		3,574,966
	72,563	*	NanoString Technologies, Inc		5,781,094
	123,344	*	Natera, Inc		13,570,307
	177,490	*	NeoGenomics, Inc		8,695,235
	55,602	*	Neoleukin Therapeutics, Inc		694,469
	27,677	*	Neubase Therapeutics, Inc		166,892
	7,879	*,e	NeuroBo Pharmaceuticals, Inc		28,286
	10,368	*	NexImmune, Inc		200,206
	26,374	*	NextCure Inc		231,300
	41,571	*	NGM Biopharmaceuticals Inc		1,143,202
	32,906	*,e	Nkarta, Inc		1,048,056
	100,550	*	Novavax, Inc		23,823,312
	38,681	*	Nurix Therapeutics, Inc		1,346,872
	62,993	*,e	Nymox Pharmaceutical Corp		125,356
	118,445	*	Ocular Therapeutix, Inc		2,177,019
	19,610	*	Olema Pharmaceuticals, Inc		550,061
	95,054	*,e	Omeros Corp		1,678,654
	124,928	*	Oncocyte Corp		642,130
	10,863	*	Oncorus, Inc		174,351
	665,182	*,e	Opko Health, Inc		2,727,246
	76,970	*,e	Optinose, Inc		274,783

240

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	39,706	*	Organogenesis Holdings Inc	$	887,826
	29,018	*,e	Orgenesis, Inc		136,094
	36,309	*	ORIC Pharmaceuticals, Inc		876,136
	18,496	*,e	Osmotica Pharmaceuticals plc		53,268
	94,192	*,e	Ovid therapeutics, Inc		345,685
	13,731	*,e	Oyster Point Pharma, Inc		283,545
	297,726	*	Pacific Biosciences of California, Inc		8,887,121
	68,790	*	Pacira BioSciences Inc		4,346,152
	70,795	*	Paratek Pharmaceuticals, Inc		541,582
	46,513	*	Passage Bio, Inc		872,584
	41,654	*	Personalis, Inc		1,026,355
	37,966	*,e	PhaseBio Pharmaceuticals Inc		115,037
	20,455	*	Phathom Pharmaceuticals, Inc		787,927
	32,782		Phibro Animal Health Corp		803,815
	77,933	*	Pieris Pharmaceuticals, Inc		168,335
	38,810	*,e	Pliant Therapeutics, Inc		1,300,135
	22,349	*	PMV Pharmaceuticals, Inc		753,832
	53,565	*,e	Poseida Therapeutics, Inc		501,368
	18,051	*	Praxis Precision Medicines, Inc		553,444
	117,640	*,e	Precigen, Inc		909,945
	81,197	*	Precision BioSciences Inc		754,320
	17,783	*,e	Prelude Therapeutics, Inc		736,928
	81,060	*	Prestige Consumer Healthcare, Inc.		3,530,974
	137,717	*,†	Progenics Pharmaceuticals, Inc		0
	57,317	*	Protagonist Therapeutics, Inc		1,658,754
	8,040	*	Protara Therapeutics, Inc		89,968
	49,272	*	Prothena Corp plc		1,307,679
	85,790	*,e	Provention Bio, Inc		616,830
	99,854	*	PTC Therapeutics, Inc		4,114,983
	52,255	*	Puma Biotechnology, Inc		515,234
	38,858	*	Quanterix Corp		2,375,778
	73,857	*	Radius Health, Inc		1,647,011
	17,705	*	RAPT Therapeutics, Inc		388,448
	33,131	*,e	Recro Pharma, Inc		88,460
	62,529	*	REGENXBIO, Inc		2,169,131
	74,102	*	Relay Therapeutics, Inc		2,349,774
	25,154	*,e	Relmada Therapeutics, Inc		969,938
	38,919	*	Replimune Group, Inc		1,424,046
	101,756	*	Revance Therapeutics, Inc		2,963,135
	69,022	*	REVOLUTION Medicines, Inc		2,290,840
	61,616	*	Rhythm Pharmaceuticals, Inc		1,328,441
	290,839	*	Rigel Pharmaceuticals, Inc		1,081,921
	60,422	*	Rocket Pharmaceuticals, Inc		2,769,744
	57,943	*,e	Rubius Therapeutics, Inc		1,449,734
	189,249	*	Sangamo Therapeutics Inc		2,229,353
	15,016	*	Satsuma Pharmaceuticals, Inc		79,735
	78,105	*,e	Savara, Inc		148,400
	41,858	*,e	Scholar Rock Holding Corp		1,354,106
	8,929	*	scPharmaceuticals, Inc		57,771
	23,397	*,e	Seer, Inc		1,191,609
	108,559	*	Selecta Biosciences, Inc		325,677
	12,340	*	Sensei Biotherapeutics, Inc		163,382
	89,528	*	Seres Therapeutics, Inc		1,863,078
	21,444	*	Shattuck Labs, Inc		808,010
	96,294	*	SIGA Technologies, Inc		690,428
	12,499	*	Sigilon Therapeutics, Inc		173,736

241

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	20,497	*	Silverback Therapeutics, Inc	$	656,929
	133,341	*,e	Soleno Therapeutics, Inc		161,343
	45,566	*	Solid Biosciences, Inc		231,931
	416,268	*,e	Sorrento Therapeutics, Inc		3,425,886
	232,146	*	Spectrum Pharmaceuticals, Inc		721,974
	33,508	*,e	Spero Therapeutics, Inc		461,070
	39,303	*	SpringWorks Therapeutics, Inc		2,824,314
	11,422	*,e	Spruce Biosciences, Inc		185,036
	7,308	*	SQZ Biotechnologies Co		89,742
	23,382	*	Stoke Therapeutics, Inc		755,239
	91,417	*	Strongbridge Biopharma plc		232,199
	78,260	*	Supernus Pharmaceuticals, Inc		2,383,017
	52,532	*	Sutro Biopharma, Inc		1,077,431
	50,238	*	Syndax Pharmaceuticals, Inc		800,794
	81,311	*	Syros Pharmaceuticals, Inc		491,118
	10,088	*	Tarsus Pharmaceuticals, Inc		309,903
	14,228	*,e	Taysha Gene Therapies, Inc		367,225
	46,760	*	TCR2 Therapeutics Inc		1,061,920
	14,085	*,e	Terns Pharmaceuticals, Inc		309,870
	198,835	*	TG Therapeutics, Inc		8,889,913
	545,400	*,e	TherapeuticsMD, Inc		659,934
	73,678	*	Theravance Biopharma, Inc		1,454,404
	111,709	*	Translate Bio, Inc		2,593,883
	89,432	*	Travere Therapeutics, Inc		2,210,759
	45,266	*	Tricida, Inc		210,487
	60,409	*	Turning Point Therapeutics Inc		4,604,978
	76,590	*	Twist Bioscience Corp		10,277,612
	142,203	*,e	Tyme Technologies, Inc		220,415
	103,616	*	Ultragenyx Pharmaceutical, Inc		11,567,690
	50,989	*,e	UNITY Biotechnology, Inc		253,415
	32,317	*,e	UroGen Pharma Ltd		628,566
	85,753	*	Vanda Pharmaceuticals, Inc		1,423,500
	85,139	*,e	Vaxart Inc		917,798
	46,836	*,e	Vaxcyte, Inc		869,745
	310,890	*,e	VBI Vaccines, Inc		979,304
	107,323	*	Veracyte, Inc		5,339,319
	279,575	*	Verastem, Inc		858,295
	75,036	*	Vericel Corp		4,683,747
	20,030	*,e	Verrica Pharmaceuticals, Inc		264,396
	106,890	*,e	Viking Therapeutics, Inc		683,027
	86,696	*,e	Vir Biotechnology, Inc		4,138,867
	18,442	*,e	Vor BioPharma, Inc		519,696
	38,785	*,e	Voyager Therapeutics, Inc		186,944
	30,865	*,e	vTv Therapeutics, Inc		79,014
	58,455	*,e	VYNE Therapeutics, Inc		288,768
	53,722	*	WaVe Life Sciences Ltd		330,390
	25,626	*	X4 Pharmaceuticals, Inc		214,746
	22,872	*	XBiotech, Inc		390,654
	89,589	*	Xencor, Inc		3,812,908
	72,369	*,e	Xeris Pharmaceuticals, Inc		277,173
	9,763	*,e	XOMA Corp		371,580
	50,618	*	Y-mAbs Therapeutics, Inc		1,522,083
	47,028	*	Zentalis Pharmaceuticals, Inc		2,789,701
	339,984	*,e	ZIOPHARM Oncology, Inc		1,176,345
	92,154	*	Zogenix, Inc		1,740,789
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		562,995,617

242

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 6.1%
	137,949		Acadia Realty Trust	$	2,881,755
	102,069		Agree Realty Corp		7,181,575
	116,544		Alexander & Baldwin, Inc		2,136,251
	3,484		Alexander’s, Inc		965,904
	10,895		Alpine Income Property Trust, Inc		198,398
	3,587	*,e	Alset EHome International, Inc		38,202
	8,515	*	Altisource Portfolio Solutions S.A.		53,644
	81,388		American Assets Trust, Inc		2,852,649
	177,135		American Finance Trust, Inc		1,773,121
	2,523	*,e	American Realty Investors, Inc		19,629
	90,404		Armada Hoffler Properties, Inc		1,232,206
	36,499		Bluerock Residential Growth REIT, Inc		346,010
	60,566		Broadstone Net Lease, Inc		1,222,222
	15,565		Brt Realty Trust		293,089
	155,338		CareTrust REIT, Inc		3,756,073
	74,012		CatchMark Timber Trust, Inc		860,760
	20,596		Centerspace		1,449,752
	74,176	*	Chatham Lodging Trust		1,028,821
	18,535		CIM Commercial Trust Corp		207,592
	68,862		City Office REIT, Inc		752,662
	24,541		Clipper Realty, Inc		201,972
	789,007	*	Colony Capital, Inc		5,523,049
	185,795		Columbia Property Trust, Inc		3,346,168
	36,052		Community Healthcare Trust, Inc		1,835,768
	61,306	*	CorePoint Lodging, Inc		612,447
	9,468		CTO Realty Growth, Inc		501,804
	184,647	*	Cushman & Wakefield plc		3,138,999
	322,701	*	DiamondRock Hospitality Co		3,362,544
	389,997		Diversified Healthcare Trust		1,721,837
	132,530		Easterly Government Properties, Inc		2,840,118
	63,908		EastGroup Properties, Inc		10,139,643
	171,822		Essential Properties Realty Trust, Inc		4,500,018
	80,751	*,e	eXp World Holdings Inc		2,774,604
	41,487		Farmland Partners, Inc		553,022
	7,394	*,e	Fathom Holdings, Inc		253,614
	30,858	*	Forestar Group, Inc		781,942
	119,479		Four Corners Property Trust, Inc		3,449,359
	166,358		Franklin Street Properties Corp		878,370
	10,641	*	FRP Holdings, Inc		540,137
	190,509		Geo Group, Inc		1,049,705
	59,134		Getty Realty Corp		1,867,452
	54,153		Gladstone Commercial Corp		1,139,379
	34,820		Gladstone Land Corp		730,872
	73,234		Global Medical REIT, Inc		1,051,640
	144,649		Global Net Lease, Inc		2,777,261
	228,641		Healthcare Realty Trust, Inc		7,353,095
	55,186	*	Hersha Hospitality Trust		637,950
	164,741		Independence Realty Trust, Inc		2,774,238
	4,214		Indus Realty Trust, Inc		263,375
	108,647		Industrial Logistics Properties Trust		2,694,446
	38,437		Innovative Industrial Properties, Inc		7,038,968
	119,543		iStar Inc		2,212,741
	196,322		Kennedy-Wilson Holdings, Inc		4,034,417
	134,935		Kite Realty Group Trust		2,807,997

243

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	442,837		Lexington Realty Trust	$	5,420,325
	62,599		LTC Properties, Inc		2,662,335
	243,332		Macerich Co		3,355,548
	139,485		Mack-Cali Realty Corp		2,281,975
	37,863	*	Marcus & Millichap, Inc		1,337,321
	14,335	*	Maui Land & Pineapple Co, Inc		161,699
	158,735		Monmouth Real Estate Investment Corp (Class A)		2,933,423
	71,714		National Health Investors, Inc		5,264,525
	101,278		National Storage Affiliates Trust		4,602,072
	35,974		NETSTREIT Corp		749,338
	143,115		New Senior Investment Group, Inc		947,421
	235,447		Newmark Group, Inc		2,531,055
	36,835		NexPoint Residential Trust, Inc		1,847,644
	77,341		Office Properties Income Trust		2,146,213
	26,959		One Liberty Properties, Inc		670,470
	210,573		Pebblebrook Hotel Trust		5,028,483
	342,527		Physicians Realty Trust		6,415,531
	201,638		Piedmont Office Realty Trust, Inc		3,754,500
	40,302		Plymouth Industrial REIT, Inc		751,229
	106,197		PotlatchDeltic Corp		6,303,854
	88,736		Preferred Apartment Communities, Inc		905,107
	32,563		PS Business Parks, Inc		5,287,254
	104,251		QTS Realty Trust, Inc		6,931,649
	17,101	*	Rafael Holdings, Inc		706,955
	28,655		Re/Max Holdings, Inc		1,052,498
	190,937	*	Realogy Holdings Corp		3,299,391
	162,529	*	Redfin Corp		11,503,803
	187,040		Retail Opportunities Investment Corp		3,291,904
	347,115		Retail Properties of America, Inc		4,071,659
	26,626		Retail Value, Inc		496,042
	266,137		RLJ Lodging Trust		4,295,451
	24,169		RMR Group, Inc		956,609
	130,774		RPT Realty		1,662,138
	81,769	*	Ryman Hospitality Properties		6,431,132
	333,790		Sabra Healthcare REIT, Inc		6,064,964
	30,491		Safehold, Inc		2,156,019
	19,029		Saul Centers, Inc		821,672
	58,305	*	Seritage Growth Properties		1,002,846
	265,094		Service Properties Trust		3,264,633
	248,013		SITE Centers Corp		3,658,192
	55,107		St. Joe Co		2,523,350
	260,737		STAG Industrial, Inc		9,519,508
	6,780	*	Stratus Properties, Inc		238,317
	163,286	*	Summit Hotel Properties, Inc		1,660,619
	348,092	*	Sunstone Hotel Investors, Inc		4,580,891
	147,976		Tanger Factory Outlet Centers, Inc		2,582,181
	40,658	*	Tejon Ranch Co		643,210
	110,749		Terreno Realty Corp		7,145,525
	1,971	*	Transcontinental Realty Investors, Inc		39,834
	60,001		UMH Properties, Inc		1,291,822
	321,379		Uniti Group, Inc		3,663,721
	20,674		Universal Health Realty Income Trust		1,384,124
	187,594		Urban Edge Properties		3,536,147
	45,289		Urstadt Biddle Properties, Inc (Class A)		822,901
	139,504		Washington REIT		3,239,283
	75,551		Whitestone REIT		738,133

244

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	182,632	*	Xenia Hotels & Resorts, Inc	$	3,548,540
			TOTAL REAL ESTATE		288,822,251
RETAILING - 4.7%
	39,924	*,e	1-800-FLOWERS.COM, Inc (Class A)		1,276,570
	54,012		Aaron’s Co, Inc		1,668,431
	101,233	*	Abercrombie & Fitch Co (Class A)		3,795,225
	48,440	*	Academy Sports & Outdoors, Inc		1,492,436
	244,603	e	American Eagle Outfitters, Inc		8,455,926
	9,780	*	America’s Car-Mart, Inc		1,475,117
	31,184	*	Asbury Automotive Group, Inc		6,193,454
	89,927	*	At Home Group, Inc		2,839,895
	200,202	*	Bed Bath & Beyond, Inc		5,069,115
	61,469		Big Lots, Inc		4,237,673
	46,172	*	Boot Barn Holdings, Inc		3,256,973
	49,194		Buckle, Inc		2,063,196
	59,476		Caleres, Inc		1,386,386
	53,097		Camping World Holdings, Inc		2,311,843
	55,928	*	CarParts.com, Inc		966,436
	34,028	*	Cato Corp (Class A)		455,975
	191,671	*	Chico’s FAS, Inc		575,013
	22,869	*	Children’s Place, Inc		1,791,786
	15,421	*	Citi Trends, Inc		1,613,037
	31,045	*	Conn’s, Inc		628,351
	51,268	*	Container Store Group, Inc		722,366
	74,501		Core-Mark Holding Co, Inc		3,170,763
	99,388	*	Designer Brands, Inc		1,759,168
	11,479		Dillard’s, Inc (Class A)		1,135,388
	20,914	*,e	Duluth Holdings, Inc		323,540
	17,689	*	Envela Corp		68,633
	96,450	*,e	Express Parent LLC		294,172
	35,060		Franchise Group, Inc		1,350,862
	39,470	*	Funko, Inc		850,184
	93,299	*,e	GameStop Corp (Class A)		16,195,773
	22,946	*	Genesco, Inc		1,147,300
	16,658	*,e	Greenlane Holdings Inc		73,295
	28,273		Group 1 Automotive, Inc		4,641,296
	37,551	*	Groupon, Inc		1,901,207
	67,869	*,e	GrowGeneration Corp		2,959,088
	65,179		Guess?, Inc		1,762,440
	26,579		Haverty Furniture Cos, Inc		1,235,126
	26,506	*	Hibbett Sports, Inc		2,105,902
	18,693	*	Lands’ End, Inc		430,687
	42,733	*	Liquidity Services, Inc		766,203
	42,428		Lithia Motors, Inc (Class A)		16,308,475
	46,886	*	Lumber Liquidators, Inc		1,123,857
	505,865	*	Macy’s, Inc		8,387,242
	180,780	*	Magnite, Inc		7,240,239
	34,654	*	MarineMax, Inc		1,968,347
	53,268		Monro Muffler, Inc		3,760,188
	42,342		Murphy USA, Inc		5,902,475
	130,451	*	National Vision Holdings, Inc		6,576,035
	88,045	*	ODP Corp		3,559,659
	17,316	*	OneWater Marine, Inc		887,099
	69,293	*	Overstock.com, Inc		5,647,379
	30,325	e	PetMed Express, Inc		892,313

245

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	140,502	*	Quotient Technology, Inc	$	2,295,803
	102,829	*	RealReal, Inc		2,547,074
	78,435		Rent-A-Center, Inc		4,513,934
	25,732	*	RH		17,704,131
	186,747	*	Sally Beauty Holdings, Inc		3,748,012
	15,076		Shoe Carnival, Inc		903,806
	36,136		Shutterstock, Inc		3,150,336
	85,917	*	Signet Jewelers Ltd		5,133,541
	43,995	*	Sleep Number Corp		4,922,600
	37,488	e	Sonic Automotive, Inc (Class A)		1,849,658
	69,553	*	Sportsman’s Warehouse Holdings, Inc		1,221,351
	27,560	*	Stamps.com, Inc		5,659,997
	97,731	*	Stitch Fix Inc		4,233,707
	36,474	*	Tilly’s, Inc		439,876
	111,692	*	Urban Outfitters, Inc		4,009,743
	149,720	*,e	Waitr Holdings Inc		368,311
	10,368		Weyco Group, Inc		203,939
	4,858		Winmark Corp		935,505
	33,574	*	Zumiez, Inc		1,442,675
			TOTAL RETAILING		221,983,538
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
	61,547		Advanced Energy Industries, Inc		6,789,250
	34,119	*	Alpha & Omega Semiconductor Ltd		1,061,101
	54,785	*	Ambarella, Inc		5,340,990
	161,236		Amkor Technology, Inc		3,260,192
	29,434	*,e	Atomera, Inc		489,782
	54,725	*	Axcelis Technologies, Inc		2,272,729
	67,772	*	AXT, Inc		668,232
	118,498		Brooks Automation, Inc		12,007,402
	35,467	*	Ceva, Inc		1,966,291
	16	*,†	China Energy Savings Technology, Inc		0
	47,438		CMC Materials, Inc		8,701,552
	68,240	*	Cohu, Inc		2,730,282
	11,110	*	CyberOptics Corp		366,519
	69,489	*	Diodes, Inc		5,337,450
	35,872	*	DSP Group, Inc		498,262
	125,289	*	Formfactor, Inc		4,905,064
	22,115	*	GSI Technology, Inc		130,479
	43,720	*	Ichor Holdings Ltd		2,438,264
	27,743	*,e	Impinj, Inc		1,316,683
	221,503	*	Lattice Semiconductor Corp		11,143,816
	78,415	*	MACOM Technology Solutions Holdings, Inc		4,439,073
	20,404	*,e	Maxeon Solar Technologies Ltd		367,272
	113,136	*	MaxLinear, Inc		4,071,765
	78,085	*	Nanometrics, Inc		5,350,384
	85,323	*	NeoPhotonics Corp Ltd		798,623
	9,099		NVE Corp		696,347
	46,492	*	PDF Solutions, Inc		824,303
	105,049	*	Photronics, Inc		1,334,122
	91,692	*	Pixelworks, Inc		270,491
	95,238		Power Integrations, Inc		7,886,659
	187,994	*	Rambus, Inc		3,568,126
	104,595	*	Semtech Corp		7,085,265
	70,684	*	Silicon Laboratories, Inc		9,962,910
	19,796	*	SiTime Corp		1,832,120

246

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	23,200	*	SMART Global Holdings, Inc	$	1,070,680
	124,048	*,e	SunPower Corp		3,186,793
	57,185	*	Synaptics, Inc		7,998,466
	65,087	*	Ultra Clean Holdings		3,323,993
	79,003	*	Veeco Instruments, Inc		1,817,859
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		137,309,591
SOFTWARE & SERVICES - 6.5%
	174,938	*	8x8, Inc		5,753,711
	98,299	*	A10 Networks, Inc		853,235
	186,053	*	ACI Worldwide, Inc		7,029,082
	30,744	*	Agilysys, Inc		1,549,805
	77,111	*	Alarm.com Holdings, Inc		6,921,483
	71,635	*,e	Altair Engineering, Inc		4,656,275
	52,124		American Software, Inc (Class A)		1,078,446
	26,966	*	Appfolio, Inc		3,900,093
	58,232	*,e	Appian Corp		7,056,554
	21,628	*	Asure Software, Inc		173,240
	138,549	*	Avaya Holdings Corp		3,986,055
	46,182	*	Benefitfocus, Inc		624,381
	80,011	*	Blackbaud, Inc		5,690,382
	83,153	*	Blackline, Inc		9,650,737
	7,149	*	BM Technologies, Inc		70,132
	71,846	*	Bottomline Technologies, Inc		3,488,842
	234,424	*	Box, Inc		4,993,231
	65,364	*	Brightcove, Inc		949,085
	57,817	*	Cardtronics plc		2,245,612
	22,628		Cass Information Systems, Inc		1,038,399
	62,004	*	Cerence Inc		5,977,806
	45,049	*	ChannelAdvisor Corp		952,786
	337,584	*	Cloudera, Inc		4,283,941
	104,674	*	Cognyte Software Ltd		2,735,132
	68,522	*	Commvault Systems, Inc		4,762,964
	267,938	*	Conduent, Inc		1,821,978
	99,533	*	Cornerstone OnDemand, Inc		4,405,828
	52,592		CSG Systems International, Inc		2,418,706
	19,558	*,e	Digimarc Corp		659,691
	137,391	*	Digital Turbine, Inc		10,363,403
	44,105	*	Domo, Inc		2,835,510
	43,168		Ebix, Inc		1,299,789
	37,794	*	eGain Corp		371,515
	86,195	*	Envestnet, Inc		6,363,777
	99,202		EVERTEC, Inc		3,958,160
	73,926	*	Evo Payments, Inc		2,107,630
	54,516	*	ExlService Holdings, Inc		5,036,188
	99,322	*	GreenSky, Inc		604,871
	44,837	*	Grid Dynamics Holdings, Inc		646,101
	51,998	*,e	GTT Communications, Inc		83,717
	78,822	*	GTY Technology Holdings Inc		401,992
	41,876		Hackett Group, Inc		696,398
	30,347	*	I3 Verticals, Inc		1,008,127
	8,594	*	IBEX Ltd		198,521
	58,379	*	Information Services Group, Inc		265,624
	12,668	*,e	Intelligent Systems Corp		485,438
	49,847		InterDigital, Inc		3,460,379
	46,797	*	International Money Express Inc		738,457

247

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	70,489	*	j2 Global, Inc	$	8,529,169
	200,881	*,e	Limelight Networks, Inc		628,758
	100,908	*	Liveperson, Inc		5,514,622
	107,203	*	LiveRamp Holdings, Inc		5,250,803
	99,847		MAXIMUS, Inc		9,149,979
	11,877	*,e	MicroStrategy, Inc (Class A)		7,805,089
	94,913	*	Mimecast Ltd		4,121,122
	66,776	*	Mitek Systems, Inc		1,082,439
	57,131	*	Model N, Inc		2,272,671
	98,832	*	MoneyGram International, Inc		681,941
	13,963	*	ON24, Inc		614,372
	53,118	*	OneSpan, Inc		1,424,094
	19,678	*,e	Park City Group, Inc		104,097
	49,246	*,e	Paysign Inc		188,120
	52,901	*	Perficient, Inc		3,470,835
	226,212		Perspecta, Inc		6,621,225
	22,038	*,e	PFSweb, Inc		160,877
	60,096	*	Ping Identity Holding Corp		1,459,131
	9,815	*	Priority Technology Holdings Inc		68,214
	71,548		Progress Software Corp		3,123,786
	65,260	*	PROS Holdings, Inc		2,804,875
	81,715	*	Q2 Holdings, Inc		8,499,994
	19,009		QAD, Inc (Class A)		1,343,746
	55,131	*	Qualys, Inc		5,588,078
	58,538	*	Rackspace Technology, Inc		1,455,840
	83,563	*	Rapid7, Inc		6,789,494
	107,624	*	Repay Holdings Corp		2,459,208
	44,815	*	Rimini Street, Inc		352,694
	142,725	*	SailPoint Technologies Holding, Inc		6,969,262
	46,401		Sapiens International Corp NV		1,501,536
	47,717	*,e	Seachange International, Inc		53,443
	13,501	*	SecureWorks Corp		175,648
	139,051	*	ServiceSource International LLC		205,796
	14,412	*	ShotSpotter, Inc		503,555
	53,444	*	Smith Micro Software, Inc		300,355
	45,071	*	Sprout Social, Inc		2,987,757
	57,624	*	SPS Commerce, Inc		5,903,003
	39,485	*	StarTek, Inc		321,013
	23,304	*	Sumo Logic, Inc		454,195
	198,014	*	SVMK, Inc		3,562,272
	63,829	*	Sykes Enterprises, Inc		2,797,625
	65,367	*	Synchronoss Technologies, Inc		218,326
	26,633	*	Telos Corp		883,683
	115,419	*	Tenable Holdings, Inc		4,327,635
	30,237		TTEC Holdings, Inc		3,076,010
	15,124	*,e	Tucows, Inc		1,188,898
	99,980	*	Unisys Corp		2,399,520
	43,779	*	Upland Software, Inc		2,169,687
	164,337	*	Varonis Systems, Inc		8,701,644
	105,379	*	Verint Systems, Inc		5,118,258
	43,760	*	Veritone, Inc		1,055,491
	216,822	*	Verra Mobility Corp		2,914,088
	17,360	*	Viant Technology, Inc		570,102
	106,522	e	VirnetX Holding Corp		496,393
	65,195	*	Workiva, Inc		6,128,330
	173,483		Xperi Holding Corp		3,565,076

248

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	167,343	*	Yext, Inc	$	2,334,435
	92,357	*	Zix Corp		728,235
	164,610	*	Zuora Inc		2,666,682
			TOTAL SOFTWARE & SERVICES		306,496,435
TECHNOLOGY HARDWARE & EQUIPMENT - 3.0%
	199,662	*	3D Systems Corp		4,300,719
	11,667	*	908 Devices, Inc		618,234
	79,951		Adtran, Inc		1,366,363
	58,428	*	Akoustis Technologies, Inc		656,146
	37,079	*,e	Applied Optoelectronics, Inc		274,755
	134,762	*	Arlo Technologies, Inc		826,091
	50,282	*	Avid Technology, Inc		1,143,413
	46,972		Badger Meter, Inc		4,386,715
	16,559		Bel Fuse, Inc (Class B)		330,021
	71,214		Belden CDT, Inc		3,082,142
	58,864		Benchmark Electronics, Inc		1,767,097
	55,850	*	CalAmp Corp		767,938
	86,826	*	Calix, Inc		3,671,872
	13,097	*	Cambium Networks Corp		785,820
	50,054	*	Casa Systems, Inc		392,674
	18,621	*	Clearfield, Inc		639,631
	40,917		Comtech Telecommunications Corp		981,190
	37,169	*,e	Corsair Gaming, Inc		1,233,267
	52,925		CTS Corp		1,721,121
	55,737	*	Daktronics, Inc		343,897
	119,114	*	Diebold, Inc		1,787,901
	49,806	*	Digi International, Inc		890,033
	23,195	*	DZS, Inc		348,389
	24,822	*,e	Eastman Kodak Co		185,172
	21,495	*	ePlus, Inc		2,157,238
	195,595	*	Extreme Networks, Inc		2,225,871
	59,394	*	Fabrinet		5,085,314
	28,537	*	FARO Technologies, Inc		2,164,389
	52,692	*	Genasys, Inc		329,325
	151,436	*	Harmonic, Inc		1,184,230
	167,418	*	II-VI, Inc		11,240,445
	28,576	*	Immersion Corp		244,896
	265,185	*	Infinera Corp		2,445,006
	113,240	*,e	Inseego Corp		1,005,571
	56,977	*	Insight Enterprises, Inc		5,718,782
	35,797	*,e	Intellicheck, Inc		356,896
	37,124	*	Intevac, Inc		237,965
	60,654	*	Iteris, Inc		409,415
	71,362	*	Itron, Inc		6,418,298
	36,276	*	Kimball Electronics, Inc		834,711
	143,028	*	Knowles Corp		2,989,285
	25,893	*	KVH Industries, Inc		346,707
	46,474	*	Luna Innovations, Inc		527,015
	59,591		Methode Electronics, Inc		2,677,424
	23,084	*	Napco Security Technologies, Inc		768,928
	50,498	*	Netgear, Inc		1,879,031
	114,669	*	Netscout Systems, Inc		3,003,754
	57,113	*	nLight, Inc		1,675,695
	55,993	*	Novanta, Inc		7,374,838
	27,160	*	OSI Systems, Inc		2,622,841

249

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	31,754	*,e	PAR Technology Corp	$	2,608,274
	17,846		PC Connection, Inc		809,316
	28,122		PCTEL, Inc		187,855
	56,183	*	Plantronics, Inc		2,246,758
	45,789	*	Plexus Corp		4,232,735
	56,010	*	Powerfleet, Inc		423,436
	67,208	*	Quantum Corp		572,612
	42,424	*,e	Research Frontiers, Inc		108,605
	79,331	*,e	Resonant, Inc		259,412
	111,945	*	Ribbon Communications, Inc		755,629
	30,154	*	Rogers Corp		5,905,359
	105,935	*	Sanmina Corp		4,326,385
	40,648	*	Scansource, Inc		1,228,789
	70,382	*	Super Micro Computer, Inc		2,605,542
	167,877	*	TTM Technologies, Inc		2,518,155
	370,852	*	Viavi Solutions, Inc		6,067,139
	214,943		Vishay Intertechnology, Inc		5,281,150
	23,425	*	Vishay Precision Group, Inc		746,789
	18,866	*,e	Wrap Technologies Inc		110,932
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		139,419,343
TELECOMMUNICATION SERVICES - 0.8%
	80,292	*	Alaska Communications Systems Group, Inc		265,767
	17,451	*	Anterix, Inc		825,781
	18,247		ATN International, Inc		831,698
	30,977	*	Bandwidth Inc		4,095,159
	71,531	*	Boingo Wireless, Inc		998,573
	81,128	*	Cincinnati Bell, Inc		1,251,805
	69,062		Cogent Communications Group, Inc		5,214,872
	120,307	*	Consolidated Communications Holdings, Inc		866,210
	88,669	*,e	Gogo, Inc		923,931
	31,484	*	IDT Corp (Class B)		755,931
	194,937	*	Iridium Communications, Inc		7,405,657
	79,218	*	Liberty Latin America Ltd (Class A)		1,099,942
	251,449	*	Liberty Latin America Ltd (Class C)		3,507,714
	38,318	*	Ooma, Inc		633,397
	130,329	*	ORBCOMM, Inc		1,493,570
	78,204		Shenandoah Telecom Co		3,695,921
	31,498		Spok Holdings, Inc		323,484
	379,470	*	Vonage Holdings Corp		5,141,818
			TOTAL TELECOMMUNICATION SERVICES		39,331,230
TRANSPORTATION - 1.5%
	95,233	*	Air Transport Services Group, Inc		2,506,532
	21,546	*	Allegiant Travel Co		5,079,039
	40,828		ArcBest Corp		2,970,645
	42,845	*	Atlas Air Worldwide Holdings, Inc		2,909,604
	86,267	*	Avis Budget Group, Inc		7,730,386
	89,134		Costamare, Inc		937,690
	19,684	*	Covenant Transportation Group, Inc		423,403
	73,485	*	Daseke, Inc		557,751
	10,195	*,e	Eagle Bulk Shipping, Inc		441,851
	41,363	*	Echo Global Logistics, Inc		1,352,570
	14,961	e	Eneti, Inc		300,866
	44,325		Forward Air Corp		3,913,454
	34,315		Genco Shipping & Trading Ltd		526,392
	77,624	*	Hawaiian Holdings, Inc		1,949,139

250

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	79,191		Heartland Express, Inc	$	1,472,161
	52,605	*	Hub Group, Inc (Class A)		3,457,201
	95,698		Marten Transport Ltd		1,600,070
	69,135		Matson, Inc		4,516,589
	57,088	*	Mesa Air Group, Inc		642,811
	2,640	*	PAM Transportation Services, Inc		152,909
	17,145	e	Pangaea Logistics Solutions Ltd		66,180
	76,137	*	Radiant Logistics, Inc		508,595
	73,761	*	Safe Bulkers, Inc		264,802
	42,882	*	Saia, Inc		10,055,829
	79,691	*	Skywest, Inc		3,957,455
	158,673	*	Spirit Airlines, Inc		5,683,667
	11,955		Universal Logistics Holdings Inc		298,994
	37,863	*	US Xpress Enterprises, Inc		387,717
	97,420		Werner Enterprises, Inc		4,503,727
			TOTAL TRANSPORTATION		69,168,029
UTILITIES - 2.7%
	84,496		Allete, Inc		5,945,139
	60,728		American States Water Co		4,809,050
	13,672		Artesian Resources Corp		553,032
	141,475	*,e	Atlantic Power Corp		428,669
	111,614		Avista Corp		5,136,476
	102,319		Black Hills Corp		7,057,965
	52,552	e	Brookfield Infrastructure Corp		3,785,321
	210,139		Brookfield Renewable Corp		8,716,566
	32,021	*,e	Cadiz, Inc		373,045
	81,253		California Water Service Group		4,773,614
	28,445		Chesapeake Utilities Corp		3,371,301
	55,579		Clearway Energy, Inc (Class A)		1,477,290
	133,114		Clearway Energy, Inc (Class C)		3,819,041
	29,561		Consolidated Water Co, Inc		347,933
	25,526		Genie Energy Ltd		142,946
	17,733		Global Water Resources, Inc		302,348
	60,252		MGE Energy, Inc		4,507,452
	27,552		Middlesex Water Co		2,259,815
	154,530		New Jersey Resources Corp		6,482,533
	48,534		Northwest Natural Holding Co		2,616,953
	83,583		NorthWestern Corp		5,686,151
	85,918		ONE Gas, Inc		6,913,821
	70,757		Ormat Technologies, Inc		5,122,807
	65,531		Otter Tail Corp		3,095,029
	140,387		PNM Resources, Inc		6,929,502
	146,375		Portland General Electric Co		7,444,633
	29,806	*	Pure Cycle Corp		455,138
	11,815		RGC Resources, Inc		256,267
	42,617		SJW Corp		2,793,544
	163,296	e	South Jersey Industries, Inc		4,041,576
	93,129		Southwest Gas Holdings Inc		6,492,954
	20,201	e	Spark Energy, Inc		213,727
	81,441		Spire, Inc		6,135,765
	91,434	*	Sunnova Energy International, Inc		3,229,449
	25,432		Unitil Corp		1,465,646
	20,975		York Water Co		1,083,149
			TOTAL UTILITIES		128,265,647
			TOTAL COMMON STOCKS		4,709,515,683
			(Cost $2,876,052,780)

251

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	2,068	e	Whiting Petroleum Corp	$	6,411
	4,137		Whiting Petroleum Corp		14,934
			TOTAL ENERGY		21,345
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		24,996
			(Cost $561)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.5%
REPURCHASE AGREEMENT - 0.1%
$	3,730,000	r	Fixed Income Clearing Corp (FICC)		0.005	%	05/03/21		3,730,000
			TOTAL REPURCHASE AGREEMENT						3,730,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
	114,636,088	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.020				114,636,088
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						114,636,088
			TOTAL SHORT-TERM INVESTMENTS						118,366,088
			(Cost $118,366,088)
			TOTAL INVESTMENTS - 102.4%						4,827,906,767
			(Cost $2,994,419,429)
			OTHER ASSETS & LIABILITIES, NET - (2.4)%						(115,032,812	)
			NET ASSETS - 100.0%					$	4,712,873,955

	Abbreviations(s):
	REIT   Real Estate Investment Trust
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $205,815,174.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $4,910,869 or 0.1% of net assets.
r	Agreement with Fixed Income Clearing Corp, 0.005% dated 4/30/21 to be repurchased at $3,730,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $3,804,637.

252

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.1%
ARGENTINA - 0.0%
	47,900	e	Telecom Argentina S.A. (ADR) (Class B)	$	221,777
	58,000	*	YPF S.A. (ADR) (Class D)		219,240
			TOTAL ARGENTINA		441,017
BRAZIL - 4.4%
	91,800	*	Alpargatas S.A.		671,425
	2,422,497		AMBEV S.A.		6,662,697
	168,800		Atacadao Distribuicao Comercio e Industria Ltd		674,945
	105,275	*	B2W Companhia Global Do Varejo		1,304,685
	1,065,982		B3 SA-Brasil Bolsa Balcao		10,106,327
	733,726		Banco Bradesco S.A.		2,791,969
	2,499,931		Banco Bradesco S.A. (Preference)		10,976,216
	118,100		Banco BTG Pactual S.A. - Unit		2,342,629
	438,283		Banco do Brasil S.A.		2,391,493
	52,300		Banco Inter S.A.		2,230,817
	215,674		Banco Santander Brasil S.A.		1,529,794
	324,248		BB Seguridade Participacoes S.A.		1,332,914
	111,600		Bradespar S.A.		1,458,881
	298,505	*	BRF S.A.		1,142,464
	169,325		Centrais Eletricas Brasileiras S.A.		1,146,799
	113,992		Centrais Eletricas Brasileiras S.A. (Preference)		776,028
	471,456		Cia de Concessoes Rodoviarias		1,044,970
	160,658		Cia de Saneamento Basico do Estado de Sao Paulo		1,265,259
	555,225		Cia Energetica de Minas Gerais		1,414,625
	547,000		Cia Paranaense de Energia		630,373
	364,430		Cia Siderurgica Nacional S.A.		3,300,101
	132,976		Cosan SA Industria e Comercio		2,204,659
	119,600		CPFL Energia S.A.		646,213
	93,600		Energisa S.A.		759,201
	119,825		Engie Brasil Energia S.A.		897,135
	497,900		Equatorial Energia S.A.		2,299,742
	528,875		Gerdau S.A. (Preference)		3,234,364
	591,500	g	Hapvida Participacoes e Investimentos S.A.		1,572,382
	197,082		Hypermarcas S.A.		1,257,511
	2,300,832		Investimentos Itau S.A. - PR		4,261,075
	2,484,853		Itau Unibanco Holding S.A.		12,593,404
	361,733	*	Klabin S.A.		1,855,263
	318,206		Localiza Rent A Car		3,766,653
	483,199		Lojas Americanas S.A. (Preference)		1,855,567
	392,139		Lojas Renner S.A.		2,916,471
	1,485,960		Magazine Luiza S.A.		5,479,290
	467,119	*	Natura & Co Holding S.A.		4,191,305
	269,499		Notre Dame Intermedica Participacoes S.A.		4,032,029
	376,027		Petrobras Distribuidora S.A.		1,558,227
	1,989,516		Petroleo Brasileiro S.A.		8,460,493

253

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	2,533,168		Petroleo Brasileiro S.A. (Preference)	$	11,014,889
	563,915		Raia Drogasil S.A.		2,730,270
	634,227	*	Rumo S.A.		2,335,129
	143,822		Sul America S.A.		866,048
	391,920	*	Suzano SA		4,954,510
	271,421		Telefonica Brasil S.A.		2,158,557
	416,266		TIM S.A.		934,138
	249,000		Totvus S.A.		1,425,594
	390,860		Ultrapar Participacoes S.A.		1,518,958
	1,904,359		Vale S.A.		38,220,049
	622,900	*	Via Varejo S.A.		1,356,561
	879,834		Weg S.A.		5,670,601
			TOTAL BRAZIL		192,221,699
CHILE - 0.5%
	22,254,220		Banco de Chile		2,382,826
	24,128		Banco de Credito e Inversiones		1,120,460
	33,869,125		Banco Santander Chile S.A.		1,858,506
	749,568		Cencosud S.A.		1,556,129
	147,292		Cencosud Shopping S.A.		240,399
	53,986		Cia Cervecerias Unidas S.A.		496,769
	3,490,151		Colbun S.A.		599,100
	207,594		Embotelladora Andina S.A.		495,085
	634,055		Empresas CMPC S.A.		1,761,933
	212,005		Empresas COPEC S.A.		2,283,126
	13,069,567		Enel Chile S.A.		891,863
	10,416,273		Enersis S.A.		1,482,721
	394,553		SACI Falabella		1,781,992
	74,721		Sociedad Quimica y Minera de Chile S.A. (Class B)		3,937,117
			TOTAL CHILE		20,888,026
CHINA - 36.3%
	43,800	*	21Vianet Group, Inc (ADR)		1,222,458
	148,600		360 Security Technology, Inc		288,925
	651,500	*,g	3SBio, Inc		615,879
	14,033	*	51job, Inc (ADR)		863,731
	386,000		AAC Technologies Holdings, Inc		2,142,755
	15,200		Accelink Technologies Co Ltd		52,054
	41,900		Addsino Co Ltd		109,803
	38,500		AECC Aero-Engine Control Co Ltd		107,533
	90,500		AECC Aviation Power Co Ltd		527,777
	682,000		Agile Property Holdings Ltd		1,065,403
	15,188,064		Agricultural Bank of China Ltd		5,884,147
	2,373,000		Agricultural Bank of China Ltd (Class A)		1,172,582
	109,148		Aier Eye Hospital Group Co Ltd		1,251,105
	130,490		Air China Ltd		164,693
	962,000		Air China Ltd (H shares)		760,642
	66,000		Airtac International Group		2,754,587
	214,000	e,g	AK Medical Holdings Ltd		332,433
	977,665	*	Alibaba Group Holding Ltd (ADR)		225,791,732
	2,170,284	*	Alibaba Health Information Technology Ltd		6,605,903
	234,500	g	A-Living Services Co Ltd		1,077,859
	2,184,000	*	Aluminum Corp of China Ltd		1,128,551
	164,400	*	Aluminum Corp of China Ltd (Class A)		112,322

254

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	22,700		Angel Yeast Co Ltd	$	205,172
	650,282		Anhui Conch Cement Co Ltd		3,881,307
	130,000		Anhui Conch Cement Co Ltd (Class A)		982,036
	58,400		Anhui Gujing Distillery Co Ltd		782,415
	10,500		Anhui Gujing Distillery Co Ltd (Class A)		368,100
	17,100		Anhui Kouzi Distillery Co Ltd		164,107
	559,651		Anta Sports Products Ltd		9,983,279
	35,100		Apeloa Pharmaceutical Co Ltd		168,234
	5,800		Asymchem Laboratories Tianjin Co Ltd		293,692
	6,800		Autobio Diagnostics Co Ltd		128,099
	30,700		Autohome, Inc (ADR)		2,846,811
	70,700		AVIC Aircraft Co Ltd		262,202
	41,100		Avic Aviation High-Technology Co Ltd		151,925
	294,858		Avic Capital Co Ltd		176,535
	90,600		AVIC Electromechanical Systems Co Ltd		136,310
	23,800		AVIC Jonhon Optronic Technology Co Ltd		250,106
	47,400		AVIC Shenyang Aircraft Co Ltd		422,501
	1,054,861		AviChina Industry & Technology Co		676,916
	14,700		AVICOPTER plc		115,375
	139,289	*	Baidu, Inc (ADR)		29,296,655
	649,400		Bank of Beijing Co Ltd		477,374
	155,305		Bank of Chengdu Co Ltd		285,783
	1,165,700		Bank of China Ltd - A		585,054
	42,849,953		Bank of China Ltd - H		17,000,632
	1,382,800		Bank of Communications Co Ltd - A		1,027,190
	4,762,934		Bank of Communications Co Ltd - H		3,041,096
	195,500		Bank of Hangzhou Co Ltd		499,283
	407,810		Bank of Jiangsu Co Ltd		445,003
	422,900		Bank of Nanjing Co Ltd		598,971
	150,971		Bank of Ningbo Co Ltd		983,789
	385,390		Bank of Shanghai Co Ltd		486,688
	566,200		Baoshan Iron & Steel Co Ltd		752,585
	30,064	*	Baozun, Inc (ADR)		1,043,521
	155,900		BBMG Corp		66,886
	23,500	*	BeiGene Ltd (ADR)		8,073,190
	16,100	*	Beijing BDStar Navigation Co Ltd		100,760
	902,830		Beijing Capital International Airport Co Ltd		655,369
	132,200		Beijing Dabeinong Technology Group Co Ltd		166,066
	16,920		Beijing E-Hualu Information Technology Co Ltd		64,142
	67,700		Beijing Enlight Media Co Ltd		136,022
	299,000		Beijing Enterprises Holdings Ltd		975,336
	2,887,583		Beijing Enterprises Water Group Ltd		1,102,868
	38,900		Beijing Kunlun Tech Co Ltd		111,102
	49,500		Beijing New Building Materials plc		351,769
	57,450		Beijing Oriental Yuhong Waterproof Technology Co Ltd		510,876
	202,800		Beijing Originwater Technology Co Ltd		219,989
	20,300		Beijing Shiji Information Technology Co Ltd		89,314
	21,000		Beijing Shunxin Agriculture Co Ltd		160,762
	35,100		Beijing Sinnet Technology Co Ltd		76,258
	18,500		Beijing Thunisoft Corp Ltd		51,025
	37,320		Beijing Tiantan Biological Products Corp Ltd		207,806
	93,500		Beijing Yanjing Brewery Co Ltd		106,650
	368,300		Beijing-Shanghai High Speed Railway Co Ltd		334,073
	11,900		Betta Pharmaceuticals Co Ltd		196,241

255

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	16,700		BGI Genomics Co Ltd	$	332,617
	83,400	*	Bilibili, Inc (ADR)		9,245,724
	954,600		BOE Technology Group Co Ltd		1,076,235
	1,668,000		Bosideng International Holdings Ltd		846,001
	1,671,945	†	Brilliance China Automotive Holdings Ltd		785,633
	57,100		BYD Co Ltd		1,401,238
	402,500		BYD Co Ltd (H shares)		8,369,793
	350,000	e	BYD Electronic International Co Ltd		1,857,076
	51,300		By-health Co Ltd		258,529
	39,900		C&S Paper Co Ltd		189,572
	150,500		Caitong Securities Co Ltd		231,619
	31,200	*,e,g	CanSino Biologics, Inc		1,554,178
	4,977,000	g	CGN Power Co Ltd		1,145,008
	15,300		Chacha Food Co Ltd		127,295
	13,400		Changchun High & New Technology Industry Group, Inc		1,027,048
	183,100		Changjiang Securities Co Ltd		204,440
	5,100		Changzhou Xingyu Automotive Lighting Systems Co Ltd		153,024
	69,900		Chaozhou Three-Circle Group Co Ltd		466,004
	18,500		Chengdu Kanghong Pharmaceutical Group Co Ltd		61,597
	55,800	*	Chifeng Jilong Gold Mining Co Ltd		129,865
	187,400		China Aerospace Times Electronics Co Ltd		197,307
	658,000		China Aoyuan Group Ltd		682,867
	17,100		China Avionics Systems Co Ltd		39,614
	1,242,500	*,g	China Bohai Bank Co Ltd		561,446
	4,246,000		China Cinda Asset Management Co Ltd		834,616
	4,869,530		China Citic Bank		2,542,076
	1,260,000		China Communications Services Corp Ltd		544,843
	843,000		China Conch Venture Holdings Ltd		3,977,529
	346,200		China Construction Bank Corp - A		359,709
	50,247,641		China Construction Bank Corp - H		39,662,552
	289,000	g	China East Education Holdings Ltd		673,173
	270,700		China Eastern Airlines Corp Ltd		218,026
	351,000		China Education Group Holdings Ltd		847,392
	1,128,800		China Everbright Bank Co Ltd - A		658,515
	1,437,000		China Everbright Bank Co Ltd - H		600,060
	2,000,888		China Everbright International Ltd		1,257,768
	296,000		China Everbright Ltd		353,238
	981,000	e	China Evergrande Group		1,655,420
	620,000	g	China Feihe Ltd		1,761,671
	72,100		China Film Co Ltd		157,338
	39,946		China Fortune Land Development Co Ltd		34,368
	1,929,245		China Galaxy Securities Co Ltd		1,146,611
	135,300		China Galaxy Securities Co Ltd (Class A)		208,159
	1,367,268		China Gas Holdings Ltd		4,928,260
	171,800		China Gezhouba Group Co Ltd		188,614
	70,700		China Great Wall Securities Co Ltd		109,706
	74,800		China Greatwall Technology Group Co Ltd		136,000
	913,500		China Hongqiao Group Ltd		1,441,858
	5,955,000	†,g	China Huarong Asset Management Co Ltd		390,982
	2,230,000	*,†	China Huishan Dairy Holdings Co Ltd		2,871
	873,824		China Insurance International Holdings Co Ltd		1,617,523
	31,300	*	China International Capital Corp Ltd		240,190
	719,806	*,e,g	China International Capital Corp Ltd		1,801,988
	60,600		China International Travel Service Corp Ltd		2,908,110

256

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	2,718,000		China Jinmao Holdings Group Ltd	$	1,029,690
	112,900		China Jushi Co Ltd		312,628
	560,000		China Lesso Group Holdings Ltd		1,408,628
	3,919,880		China Life Insurance Co Ltd		7,946,182
	84,000		China Life Insurance Co Ltd (Class A)		427,722
	160,800	*,e,g	China Literature Ltd		1,674,676
	1,732,341		China Longyuan Power Group Corp		2,547,460
	712,000		China Medical System Holdings Ltd		1,644,530
	290,000		China Meidong Auto Holdings Ltd		1,446,118
	1,447,000		China Mengniu Dairy Co Ltd		7,744,484
	2,023,868		China Merchants Bank Co Ltd		16,256,540
	674,495		China Merchants Bank Co Ltd (Class A)		5,480,026
	350,700		China Merchants Energy Shipping Co Ltd		265,495
	804,894		China Merchants Holdings International Co Ltd		1,287,712
	31,400		China Merchants Property Operation & Service Co Ltd		102,223
	176,020		China Merchants Securities Co Ltd		507,896
	214,900		China Merchants Shekou Industrial Zone Holdings Co Ltd		385,290
	1,063,900		China Minsheng Banking Corp Ltd - A		772,206
	3,208,602		China Minsheng Banking Corp Ltd - H		1,644,138
	1,773,000		China Molybdenum Co Ltd		1,197,585
	489,300		China Molybdenum Co Ltd (Class A)		436,554
	10,400		China National Accord Medicines Corp Ltd		67,045
	2,191,913		China National Building Material Co Ltd		3,165,324
	172,000		China National Chemical Engineering Co Ltd		167,045
	18,000		China National Medicines Corp Ltd		102,264
	493,400		China National Nuclear Power Co Ltd		397,192
	22,800		China National Software & Service Co Ltd		162,087
	144,400	*	China Northern Rare Earth Group High-Tech Co Ltd		452,015
	1,110,773		China Oilfield Services Ltd		1,014,906
	1,977,294		China Overseas Land & Investment Ltd		5,004,246
	665,000		China Overseas Property Holdings Ltd		671,665
	218,200		China Pacific Insurance Group Co Ltd - A		1,105,523
	1,504,000		China Pacific Insurance Group Co Ltd - H		5,413,298
	2,274,000		China Power International Development Ltd		521,218
	556,900		China Railway Group Ltd - A		463,184
	1,983,000		China Railway Group Ltd - H		1,023,790
	776,677		China Resources Beer Holdings Company Ltd		6,256,684
	1,341,226		China Resources Cement Holdings Ltd		1,461,028
	486,000		China Resources Gas Group Ltd		2,629,541
	1,665,555		China Resources Land Ltd		7,798,246
	826,500	g	China Resources Pharmaceutical Group Ltd		556,569
	1,093,372		China Resources Power Holdings Co		1,436,326
	19,700		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		75,994
	257,900		China Shenhua Energy Co Ltd - A		763,800
	1,912,500		China Shenhua Energy Co Ltd - H		3,983,533
	733,700	*	China Shipbuilding Industry Co Ltd		463,128
	46,600		China South Publishing & Media Group Co Ltd		73,431
	802,000	*,e	China Southern Airlines Co Ltd		543,097
	242,700	*	China Southern Airlines Co Ltd (Class A)		237,721
	1,341,100		China State Construction Engineering Corp Ltd		1,022,611
	1,048,000		China State Construction International Holdings Ltd		733,855
	23,716,778	g	China Tower Corp Ltd		3,411,625
	31,700		China TransInfo Technology Co Ltd		73,076
	897,600		China Vanke Co Ltd		3,138,823

257

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	296,400		China Vanke Co Ltd (Class A)	$	1,288,649
	739,000		China Yangtze Power Co Ltd		2,277,860
	614,000	g	China Yuhua Education Corp Ltd		582,079
	348,900		China Zheshang Bank Co Ltd		212,817
	13,100		Chongqing Brewery Co Ltd		317,675
	176,300	*	Chongqing Changan Automobile Co Ltd		445,605
	26,500		Chongqing Fuling Zhacai Group Co Ltd		162,973
	1,342,000		Chongqing Rural Commercial Bank		568,691
	196,700		Chongqing Rural Commercial Bank Co Ltd		126,077
	52,900		Chongqing Zhifei Biological Products Co Ltd		1,834,885
	1,642,939		CIFI Holdings Group Co Ltd		1,467,860
	3,099,738		Citic Pacific Ltd		3,255,564
	1,197,500	e	CITIC Securities Co Ltd		2,879,447
	343,000		CITIC Securities Co Ltd (Class A)		1,260,440
	72,300		Contemporary Amperex Technology Co Ltd		4,344,778
	958,196		COSCO Pacific Ltd		804,878
	142,500		COSCO SHIPPING Energy Transportation Co Ltd		133,853
	298,700	*	COSCO SHIPPING Holdings Co Ltd - A		838,819
	1,336,000	*	COSCO SHIPPING Holdings Co Ltd - H		2,380,186
	4,147,416		Country Garden Holdings Co Ltd		4,930,399
	762,000		Country Garden Services Holdings Co Ltd		7,982,595
	94,100		CSC Financial Co Ltd		414,760
	4,751,489		CSPC Pharmaceutical Group Ltd		5,864,945
	30,910		Da An Gene Co Ltd of Sun Yat-Sen University		159,745
	1,106,000	g	Dali Foods Group Co Ltd		657,812
	467,600		Daqin Railway Co Ltd		496,723
	27,100	*	Daqo New Energy Corp (ADR)		2,181,279
	20,000		DaShenLin Pharmaceutical Group Co Ltd		233,447
	66,900		DHC Software Co Ltd		70,459
	8,900		Dong-E-E-Jiao Co Ltd		48,784
	90,400		Dongfang Electric Corp Ltd		158,648
	1,609,917		Dongfeng Motor Group Co Ltd		1,399,173
	84,000		Dongxing Securities Co Ltd		133,437
	50,100	*	DouYu International Holdings Ltd (ADR)		456,411
	76,100		East Group Co Ltd		73,249
	315,520		East Money Information Co Ltd		1,564,290
	13,900	*	Ecovacs Robotics Co Ltd		350,579
	415,200		ENN Energy Holdings Ltd		7,085,210
	70,661		Eve Energy Co Ltd		962,184
	350,000		Ever Sunshine Lifestyle Services Group Ltd		861,060
	123,000		Everbright Securities Co Ltd		284,233
	142,860	*	Fangda Carbon New Material Co Ltd		195,693
	1,007,000		Far East Horizon Ltd		1,153,783
	93,400	*	FAW Jiefang Group Co Ltd		159,283
	36,800		Fiberhome Telecommunication Technologies Co Ltd		101,288
	116,500		Financial Street Holdings Co Ltd		111,425
	178,400		First Capital Securities Co Ltd		179,491
	552,340		Focus Media Information Technology Co Ltd		917,398
	90,150		Foshan Haitian Flavouring & Food Co Ltd		2,353,407
	1,370,952		Fosun International		1,968,866
	234,600	*	Founder Securities Co Ltd		333,134
	228,600		Foxconn Industrial Internet Co Ltd		484,840
	6,700		Fu Jian Anjoy Foods Co Ltd		260,323
	26,100		Fujian Sunner Development Co Ltd		106,354

258

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	37,300		Fuyao Glass Industry Group Co Ltd - A	$	294,297
	271,698	g	Fuyao Glass Industry Group Co Ltd - H		1,572,983
	41,600		Ganfeng Lithium Co Ltd		697,110
	1,500		G-bits Network Technology Xiamen Co Ltd		105,916
	134,700	*	GCL System Integration Technology Co Ltd		64,498
	45,958	*	GDS Holdings Ltd (ADR)		3,813,135
	3,045,828		Geely Automobile Holdings Ltd		7,933,443
	268,600		GEM Co Ltd		412,264
	127,600		Gemdale Corp		231,288
	544,000	*	Genscript Biotech Corp		1,257,628
	714,000		GF Securities Co Ltd		1,031,864
	132,000		GF Securities Co Ltd (Class A)		302,123
	35,800		Giant Network Group Co Ltd		75,680
	11,620		Gigadevice Semiconductor Beijing, Inc		345,162
	136,500		GoerTek, Inc		790,683
	5,601,968	*,e	GOME Electrical Appliances Holdings Ltd		916,186
	52,200	*	Gotion High-tech Co Ltd		278,858
	65,500		Great Wall Motor Co Ltd		338,226
	1,612,766		Great Wall Motor Co Ltd		4,003,808
	207,300		Greenland Holdings Corp Ltd		181,029
	452,500	e	Greentown China Holdings Ltd		542,891
	757,305		Greentown Service Group Co Ltd		1,203,890
	51,700		GRG Banking Equipment Co Ltd		102,833
	37,800	*,e	GSX Techedu, Inc (ADR)		1,207,710
	37,500		Guangdong Haid Group Co Ltd		482,258
	70,300	*	Guangdong HEC Technology Holding Co Ltd		50,886
	20,100		Guangdong Hongda Blasting Co Ltd		86,153
	1,610,000		Guangdong Investments Ltd		2,478,797
	9,200		Guangdong Kinlong Hardware Products Co Ltd		268,151
	18,800		Guangdong Xinbao Electrical Appliances Holdings Co Ltd		108,414
	397,700	*	Guanghui Energy Co Ltd		186,839
	1,528,851		Guangzhou Automobile Group Co Ltd - H		1,304,253
	60,400		Guangzhou Baiyun International Airport Co Ltd		113,292
	42,100		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		199,050
	41,100		Guangzhou Haige Communications Group, Inc Co		62,922
	11,600		Guangzhou Kingmed Diagnostics Group Co Ltd		257,327
	925,600		Guangzhou R&F Properties Co Ltd		1,181,370
	20,272		Guangzhou Shiyuan Electronic Technology Co Ltd		416,710
	49,300		Guangzhou Tinci Materials Technology Co Ltd		510,673
	9,200		Guangzhou Wondfo Biotech Co Ltd		143,912
	55,000		Guangzhou Yuexiu Financial Holdings Group Co Ltd		109,052
	53,200	*	Guolian Securities Co Ltd		114,103
	134,800	*	Guosen Securities Co Ltd		218,151
	221,800		Guotai Junan Securities Co Ltd		566,358
	131,430		Guoyuan Securities Co Ltd		155,701
	418,000	e,g	Haidilao International Holding Ltd		2,704,759
	200,100		Haier Smart Home Co Ltd		1,021,603
	1,091,200	*	Haier Smart Home Co Ltd		4,692,679
	388,000		Haitian International Holdings Ltd		1,578,613
	1,842,800		Haitong Securities Co Ltd		1,647,980
	231,500		Haitong Securities Co Ltd (Class A)		395,243
	18,200		Hangzhou First Applied Material Co Ltd		256,088
	19,700		Hangzhou Robam Appliances Co Ltd		116,523
	34,500		Hangzhou Silan Microelectronics Co Ltd		191,157

259

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	16,000		Hangzhou Tigermed Consulting Co Ltd - A	$	385,200
	65,500	*,g	Hangzhou Tigermed Consulting Co Ltd - H		1,283,485
	626,000	*,g	Hansoh Pharmaceutical Group Co Ltd		2,692,612
	13,500		Hefei Meiya Optoelectronic Technology, Inc		99,974
	47,000		Heilongjiang Agriculture Co Ltd		109,790
	81,400		Henan Shuanghui Investment & Development Co Ltd		459,683
	353,000		Hengan International Group Co Ltd		2,281,222
	213,720		Hengli Petrochemical Co Ltd		974,652
	82,980		Hengtong Optic-electric Co Ltd		148,107
	110,260		Hengyi Petrochemical Co Ltd		223,318
	88,900	*	Hesteel Co Ltd		34,981
	20,000		Hithink RoyalFlush Information Network Co Ltd		334,405
	18,900		Hongfa Technology Co Ltd		162,617
	342,000		Hopson Development Holdings Ltd		1,341,287
	266,051	*,g	Hua Hong Semiconductor Ltd		1,655,035
	197,010		Huaan Securities Co Ltd		184,939
	408,000		Huadian Power International Corp Ltd (Class A)		214,114
	45,800		Huadong Medicine Co Ltd		370,725
	28,600		Huagong Tech Co Ltd		88,974
	57,720	*	Hualan Biological Engineering, Inc		374,082
	241,400		Huaneng Power International, Inc - A		157,241
	1,843,110		Huaneng Power International, Inc - H		663,461
	836,600	g	Huatai Securities Co Ltd		1,193,766
	216,000		Huatai Securities Co Ltd (Class A)		530,122
	135,500		Huaxi Securities Co Ltd		195,105
	373,900		Huaxia Bank Co Ltd		360,337
	35,900		Huaxin Cement Co Ltd		121,521
	81,273		Huayu Automotive Systems Co Ltd		328,453
	82,966	*	Huazhu Group Ltd (ADR)		4,891,675
	88,900		Hubei Biocause Pharmaceutical Co Ltd		52,357
	29,200	*	Hubei Jumpcan Pharmaceutical Co Ltd		86,950
	40,800		Humanwell Healthcare Group Co Ltd		207,253
	105,800		Hunan Valin Steel Co Ltd		128,073
	36,647		Hundsun Technologies, Inc		518,250
	35,000	*,e	HUYA, Inc (ADR)		616,700
	58,900		Iflytek Co Ltd		461,767
	1,842,500		Industrial & Commercial Bank of China Ltd - A		1,459,500
	31,901,777		Industrial & Commercial Bank of China Ltd - H		20,700,792
	699,000		Industrial Bank Co Ltd		2,343,819
	289,600		Industrial Securities Co Ltd		405,720
	12,000	*	Ingenic Semiconductor Co Ltd		130,174
	1,216,700	*	Inner Mongolia BaoTou Steel Union Co Ltd		275,936
	37,600		Inner Mongolia First Machinery Group Co Ltd		60,122
	343,300		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		306,824
	211,600		Inner Mongolia Yili Industrial Group Co Ltd		1,333,764
	488,500	*,g	Innovent Biologics, Inc		5,298,658
	46,000		Inspur Electronic Information Industry Co Ltd		191,256
	13,600		Intco Medical Technology Co Ltd		358,415
	145,067	*	IQIYI, Inc (ADR)		2,133,936
	32,200	*	JA Solar Technology Co Ltd		128,778
	18,240		Jafron Biomedical Co Ltd		271,129
	18,200		Jason Furniture Hangzhou Co Ltd		225,234
	149,200	*,g	JD Health International, Inc		2,303,537
	446,624	*	JD.com, Inc (ADR)		34,550,833

260

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	73,300		Jiangsu Changshu Rural Commercial Bank Co Ltd	$	78,483
	810,000		Jiangsu Express		953,319
	29,156		Jiangsu Hengli Hydraulic Co Ltd		386,142
	168,212		Jiangsu Hengrui Medicine Co Ltd		2,178,918
	33,000		Jiangsu King’s Luck Brewery JSC Ltd		271,594
	73,692		Jiangsu Shagang Co Ltd		111,918
	47,300		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		1,402,812
	8,500		Jiangsu Yangnong Chemical Co Ltd		146,744
	26,000		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		127,426
	207,800		Jiangsu Zhongnan Construction Group Co Ltd		226,859
	98,900		Jiangsu Zhongtian Technology Co Ltd		155,850
	695,000		Jiangxi Copper Co Ltd		1,687,008
	100,300		Jiangxi Copper Co Ltd (Class A)		408,789
	106,100		Jiangxi Zhengbang Technology Co Ltd		241,018
	36,500		Jilin Aodong Pharmaceutical Group Co Ltd		85,692
	208,500		Jinke Properties Group Co Ltd		212,196
	702,000	g	Jinxin Fertility Group Ltd		1,798,805
	39,800		Jinyu Bio-Technology Co Ltd		133,844
	10,100		JiuGui Liquor Co Ltd		308,522
	344,000	*,e,g	Jiumaojiu International Holdings Ltd		1,433,333
	49,000		Joincare Pharmaceutical Group Industry Co Ltd		111,021
	64,500	*	Jointown Pharmaceutical Group Co Ltd		168,753
	21,500		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		154,722
	22,400		Joyoung Co Ltd		109,911
	31,304		JOYY, Inc (ADR)		2,975,758
	13,800		Juewei Food Co Ltd		183,629
	1,408,000	e	Kaisa Group Holdings Ltd		611,113
	64,300	*	KE Holdings, Inc (ADR)		3,346,815
	392,881		Kingboard Chemical Holdings Ltd		2,320,142
	1,181,000		Kingdee International Software Group Co Ltd		3,889,222
	82,300		Kingfa Sci & Tech Co Ltd		288,399
	28,700	*	Kingsoft Cloud Holdings Ltd (ADR)		1,260,504
	428,000		Kingsoft Corp Ltd		3,019,811
	126,000	*,e,g	Koolearn Technology Holding Ltd		242,258
	105,000	*,g	Kuaishou Technology		3,555,084
	98,000	*	Kuang-Chi Technologies Co Ltd		283,036
	38,900		Kweichow Moutai Co Ltd		12,017,823
	644,929		KWG Group Holdings Ltd		1,033,192
	25,600		Lakala Payment Co Ltd		128,819
	9,940		Laobaixing Pharmacy Chain JSC		82,220
	693,000		Lee & Man Paper Manufacturing Ltd		602,557
	3,805,856		Lenovo Group Ltd		5,200,146
	152,300		Lens Technology Co Ltd		611,660
	237,100		Leo Group Co Ltd		89,966
	50,700		Lepu Medical Technology Beijing Co Ltd		250,797
	229,700		Leyard Optoelectronic Co Ltd		253,542
	93,800	*,e	Li Auto, Inc (ADR)		1,851,612
	1,103,500		Li Ning Co Ltd		8,955,655
	28,800		Liaoning Cheng Da Co Ltd		100,167
	216,700		Lingyi iTech Guangdong Co		274,857
	22,100		Livzon Pharmaceutical Group, Inc		160,279
	672,000		Logan Property Holdings Co Ltd		1,067,444
	60,600		Lomon Billions Group Co Ltd		315,436
	925,000	g	Longfor Properties Co Ltd		5,745,607

261

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	122,900		LONGi Green Energy Technology Co Ltd	$	1,874,842
	36,900		Luenmei Quantum Co Ltd		51,723
	89,441	*,e	Lufax Holding Ltd		1,064,348
	215,253		Luxshare Precision Industry Co Ltd		1,223,242
	41,000		Luzhou Laojiao Co Ltd		1,611,179
	15,800		Maccura Biotechnology Co Ltd		115,854
	66,770		Mango Excellent Media Co Ltd		699,621
	8,100		Maxscend Microelectronics Co Ltd		532,063
	93,728	*	Meinian Onehealth Healthcare Holdings Co Ltd		177,672
	1,860,500	*,g	Meituan Dianping (Class B)		71,209,304
	525,300		Metallurgical Corp of China Ltd		249,249
	370,000		Microport Scientific Corp		2,668,039
	110,100		Midea Group Co Ltd		1,359,818
	203,000	*,e	Ming Yuan Cloud Group Holdings Ltd		937,243
	390,000		Minth Group Ltd		1,579,589
	71,164		Momo, Inc (ADR)		1,043,264
	117,846		Muyuan Foodstuff Co Ltd		2,052,651
	56,700		NanJi E-Commerce Co Ltd		70,534
	15,600		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd		110,783
	103,900		Nanjing Securities Co Ltd		157,175
	131,900		NARI Technology Co Ltd		649,564
	20,300		NAURA Technology Group Co Ltd		516,171
	124,400		NavInfo Co Ltd		272,405
	216,005		NetEase, Inc		24,205,520
	64,400		New China Life Insurance Co Ltd - A		482,761
	454,200		New China Life insurance Co Ltd - H		1,744,906
	139,500		New Hope Liuhe Co Ltd		357,435
	795,550	*	New Oriental Education & Technology Group (ADR)		12,140,093
	23,700		Ninestar Corp		92,597
	30,200		Ningbo Joyson Electronic Corp		84,544
	31,900		Ningbo Tuopu Group Co Ltd		167,029
	663,234	*	NIO, Inc (ADR)		26,423,243
	17,852	*	Noah Holdings Ltd (ADR)		786,381
	160,000	*,e,g	Nongfu Spring Co Ltd		844,841
	76,100		Northeast Securities Co Ltd		96,453
	365,700		Oceanwide Holdings Co Ltd		155,049
	48,900		Offcn Education Technology Co Ltd		191,983
	207,326		Offshore Oil Engineering Co Ltd		138,929
	132,800		OFILM Group Co Ltd		173,253
	7,840		Oppein Home Group, Inc		201,641
	144,900		Orient Securities Co Ltd		196,870
	88,000		Oriental Pearl Group Co Ltd		119,592
	10,500		Ovctek China, Inc		187,897
	194,200	*	Pacific Securities Co Ltd		111,104
	193,600	*	Pangang Group Vanadium Titanium & Resources Co Ltd		66,556
	4,132,220		People’s Insurance Co Group of China Ltd		1,412,602
	167,600		People’s Insurance Co Group of China Ltd (Class A)		156,720
	45,750		Perfect World Co Ltd		150,167
	66,700	g	Pharmaron Beijing Co Ltd		1,377,135
	3,686,306		PICC Property & Casualty Co Ltd		3,608,855
	203,159	*	Pinduoduo, Inc (ADR)		27,209,085
	590,800		Ping An Bank Co Ltd		2,121,967
	270,600	*,e,g	Ping An Healthcare and Technology Co Ltd		3,157,319
	3,087,526		Ping An Insurance Group Co of China Ltd		33,661,023

262

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	328,900		Ping An Insurance Group Co of China Ltd (Class A)	$	3,675,404
	62,000	e	Poly Property Development Co Ltd		452,668
	326,100		Poly Real Estate Group Co Ltd		703,619
	836,000		Postal Savings Bank of China Co Ltd - A		656,464
	5,344,000	g	Postal Savings Bank of China Co Ltd - H		3,465,939
	483,600		Power Construction Corp of China Ltd		284,985
	5,200		Proya Cosmetics Co Ltd		146,410
	18,400		Qianhe Condiment and Food Co Ltd		93,294
	173,600		Qingdao Rural Commercial Bank Corp		114,905
	162,500		RiseSun Real Estate Development Co Ltd		154,457
	59,725	*,e	RLX Technology, Inc (ADR)		650,405
	122,600		Rongsheng Petro Chemical Co Ltd		534,669
	297,100		SAIC Motor Corp Ltd		920,533
	176,700		Sanan Optoelectronics Co Ltd		681,834
	8,600		Sangfor Technologies, Inc		362,451
	224,700		Sany Heavy Industry Co Ltd		1,067,119
	105,800		SDIC Capital Co Ltd		211,267
	221,300		SDIC Power Holdings Co Ltd		338,059
	368,160		Sealand Securities Co Ltd		238,914
	978,000		Seazen Group Ltd		1,042,383
	62,700		Seazen Holdings Co Ltd		435,566
	141,500		SF Holding Co Ltd		1,399,721
	4,700		SG Micro Corp		189,974
	266,700		Shaanxi Coal Industry Co Ltd		461,903
	73,690		Shandong Buchang Pharmaceuticals Co Ltd		259,709
	114,345		Shandong Gold Mining Co Ltd		340,908
	311,750	g	Shandong Gold Mining Co Ltd		569,281
	43,000		Shandong Hualu Hengsheng Chemical Co Ltd		258,286
	44,800		Shandong Linglong Tyre Co Ltd		383,874
	399,700		Shandong Nanshan Aluminum Co Ltd		235,093
	18,600		Shandong Pharmaceutical Glass Co Ltd		117,507
	20,000		Shandong Sinocera Functional Material Co Ltd		152,339
	62,300		Shandong Sun Paper Industry JSC Ltd		153,800
	1,319,390		Shandong Weigao Group Medical Polymer Co Ltd		2,953,818
	15,500		Shanghai Bairun Investment Holding Group Co Ltd		296,874
	20,000		Shanghai Baosight Software Co Ltd		195,351
	198,400		Shanghai Construction Group Co Ltd		88,848
	168,400	*	Shanghai Electric Group Co Ltd		132,748
	83,700		Shanghai Electric Power Co Ltd		90,888
	63,300		Shanghai Fosun Pharmaceutical Group Co Ltd - A		586,540
	275,985	e	Shanghai Fosun Pharmaceutical Group Co Ltd - H		1,750,612
	31,900		Shanghai International Airport Co Ltd		241,702
	295,600		Shanghai International Port Group Co Ltd		211,144
	16,700		Shanghai Jahwa United Co Ltd		151,819
	20,800		Shanghai Jinjiang International Hotels Development Co Ltd		196,103
	32,100		Shanghai Lingang Holdings Corp Ltd		102,020
	595,679		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		537,302
	20,600		Shanghai M&G Stationery, Inc		290,259
	60,400		Shanghai Pharmaceuticals Holding Co Ltd - A		208,674
	502,741		Shanghai Pharmaceuticals Holding Co Ltd - H		1,143,268
	1,012,500		Shanghai Pudong Development Bank Co Ltd		1,570,637
	19,320		Shanghai Putailai New Energy Technology Co Ltd		241,118
	186,000		Shanghai RAAS Blood Products Co Ltd		229,355
	73,100		Shanghai Yuyuan Tourist Mart Group Co Ltd		132,644

263

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	48,800		Shanghai Zhangjiang High-Tech Park Development Co Ltd	$	136,740
	204,600		Shanxi Lu’an Environmental Energy Development Co Ltd		282,433
	123,100	*	Shanxi Meijin Energy Co Ltd		149,034
	173,160		Shanxi Securities Co Ltd		178,638
	136,300		Shanxi Taigang Stainless Steel Co Ltd		133,934
	22,500		Shanxi Xinghuacun Fen Wine Factory Co Ltd		1,417,973
	144,170		Shanxi Xishan Coal & Electricity Power Co Ltd		125,083
	294,700		Shenergy Co Ltd		257,906
	55,200		Shengyi Technology Co Ltd		198,416
	11,760		Shennan Circuits Co Ltd		143,882
	585,400		Shenwan Hongyuan Group Co Ltd		408,208
	68,300		Shenzhen Airport Co Ltd		89,834
	12,600		Shenzhen Capchem Technology Co Ltd		149,350
	31,800		Shenzhen Energy Group Co Ltd		41,593
	5,300		Shenzhen Goodix Technology Co Ltd		92,926
	30,900		Shenzhen Hepalink Pharmaceutical Group Co Ltd		77,228
	43,300		Shenzhen Inovance Technology Co Ltd		595,791
	555,238		Shenzhen International Holdings Ltd		922,921
	1,772,470		Shenzhen Investment Ltd		648,552
	45,700		Shenzhen Kaifa Technology Co Ltd		121,424
	23,700		Shenzhen Kangtai Biological Products Co Ltd		659,154
	33,200		Shenzhen Mindray Bio-Medical Electronics Co Ltd		2,383,213
	126,600	*	Shenzhen MTC Co Ltd		113,119
	202,600		Shenzhen Overseas Chinese Town Co Ltd		290,963
	50,500		Shenzhen Salubris Pharmaceuticals Co Ltd		285,098
	15,400		Shenzhen SC New Energy Technology Corp		261,061
	23,100		Shenzhen Sunway Communication Co Ltd		99,871
	440,800		Shenzhou International Group Holdings Ltd		9,697,156
	42,700		Shijiazhuang Yiling Pharmaceutical Co Ltd		184,921
	651,000		Shimao Property Holdings Ltd		1,880,443
	146,900	*	Siasun Robot & Automation Co Ltd		218,742
	177,200		Sichuan Chuantou Energy Co Ltd		308,080
	44,300		Sichuan Kelun Pharmaceutical Co Ltd		148,414
	12,900		Sichuan Swellfun Co Ltd		203,395
	37,000		Silergy Corp		3,802,877
	82,200		Sinolink Securities Co Ltd		153,093
	52,100		Sinoma Science & Technology Co Ltd		175,816
	228,783		Sinopec Shanghai Petrochemical Co Ltd (Class A)		129,541
	774,000		Sinopharm Group Co		2,387,285
	308,700		Sinotrans Ltd (Class A)		232,223
	368,745		Sinotruk Hong Kong Ltd		906,047
	6,900		Skshu Paint Co Ltd		252,257
	333,000	*,g	Smoore International Holdings Ltd		2,349,366
	105,560		Songcheng Performance Development Co Ltd		353,699
	201,120		SooChow Securities Co Ltd		245,522
	131,200		Southwest Securities Co Ltd		91,058
	40,939		Spring Airlines Co Ltd		405,764
	50,800		STO Express Co Ltd		67,396
	989,500	e	Sun Art Retail Group Ltd		910,881
	1,347,031		Sunac China Holdings Ltd		5,224,811
	46,800		Sungrow Power Supply Co Ltd		645,598
	245,100		Suning.com Co Ltd		251,820
	368,417		Sunny Optical Technology Group Co Ltd		8,931,221
	38,400		Sunwoda Electronic Co Ltd		127,111

264

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	33,000	*	Suofeiya Home Collection Co Ltd	$	148,135
	128,000		Suzhou Dongshan Precision Manufacturing Co Ltd		343,687
	84,500		Suzhou Gold Mantis Construction Decoration Co Ltd		120,522
	196,432	*	TAL Education Group (ADR)		11,186,802
	36,800		Tangshan Jidong Cement Co Ltd		79,578
	191,900		TBEA Co Ltd		363,566
	396,500	*	TCL Technology Group Corp		548,612
	2,968,804		Tencent Holdings Ltd		236,827,406
	194,600	*	Tencent Music Entertainment (ADR)		3,389,932
	12,000		Thunder Software Technology Co Ltd		247,990
	8,500		Tianfeng Securities Co Ltd		6,175
	23,300		Tianjin 712 Communication & Broadcasting Co Ltd		111,010
	100,400		Tianjin Chase Sun Pharmaceutical Co Ltd		67,718
	101,300		Tianjin Zhonghuan Semiconductor Co Ltd		430,340
	72,100		Tianma Microelectronics Co Ltd		154,366
	86,500		Tianshui Huatian Technology Co Ltd		170,488
	1,058,000		Tingyi Cayman Islands Holding Corp		1,901,006
	13,900		Toly Bread Co Ltd		105,496
	453,600	*	Tongcheng-Elong Holdings Ltd		1,134,726
	36,000	*	TongFu Microelectronics Co Ltd		118,355
	92,900		Tonghua Dongbao Pharmaceutical Co Ltd		190,046
	55,100		Tongkun Group Co Ltd		194,168
	199,000		Tongling Nonferrous Metals Group Co Ltd		87,259
	143,392		Tongwei Co Ltd		774,583
	8,400	*	Topchoice Medical Corp		404,848
	34,500	*	Topsec Technologies Group Inc		96,463
	624,000	g	Topsports International Holdings Ltd		839,953
	92,900		Transfar Zhilian Co Ltd		87,495
	469,661		Travelsky Technology Ltd		1,027,587
	261,145	*	Trip.com Group Ltd (ADR)		10,205,547
	226,000		Tsingtao Brewery Co Ltd		2,046,790
	21,500		Tsingtao Brewery Co Ltd (Class A)		301,601
	30,300		Unigroup Guoxin Microelectronics Co Ltd		545,697
	787,000		Uni-President China Holdings Ltd		956,020
	75,880		Unisplendour Corp Ltd		213,539
	28,200		Universal Scientific Industrial Shanghai Co Ltd		70,297
	234,724	*	Vipshop Holdings Ltd (ADR)		7,222,457
	28,200	*	Visionox Technology, Inc		40,914
	51,400		Walvax Biotechnology Co Ltd		494,962
	24,000		Wangfujing Group Co Ltd		123,829
	88,500		Wangsu Science & Technology Co Ltd		75,780
	89,400		Wanhua Chemical Group Co Ltd		1,413,634
	2,630,252		Want Want China Holdings Ltd		1,900,936
	29,372	*,e	Weibo Corp (ADR)		1,480,349
	1,054,800		Weichai Power Co Ltd		2,441,531
	126,900		Weichai Power Co Ltd (Class A)		353,374
	10,200		Weifu High-Technology Group Co Ltd		38,342
	12,600		Weihai Guangwei Composites Co Ltd		122,651
	731,000	*,e,g	Weimob, Inc		1,613,593
	185,160		Wens Foodstuffs Group Co Ltd		411,218
	140,000		Western Securities Co Ltd		182,068
	803,000		Wharf Holdings Ltd		2,435,644
	26,400		Will Semiconductor Ltd		1,225,990
	38,000		Wingtech Technology Co Ltd		498,449

265

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	77,860		Winning Health Technology Group Co Ltd	$	181,516
	1,194,000		Winteam Pharmaceutical Group Ltd		681,742
	78,400		Wuchan Zhongda Group Co Ltd		55,905
	49,360		Wuhan Guide Infrared Co Ltd		265,512
	55,400		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		188,674
	80,400		Wuhu Token Science Co Ltd		93,700
	122,800		Wuliangye Yibin Co Ltd		5,381,255
	43,900		WUS Printed Circuit Kunshan Co Ltd		97,905
	70,420		WuXi AppTec Co Ltd - A		1,719,959
	144,815	g	WuXi AppTec Co Ltd - H		3,411,968
	1,686,801	*,g	Wuxi Biologics Cayman, Inc		23,678,964
	26,600		Wuxi Lead Intelligent Equipment Co Ltd		361,347
	68,900		Wuxi Taiji Industry Co Ltd		82,513
	143,900		XCMG Construction Machinery Co Ltd		163,591
	107,700		Xiamen C & D, Inc		134,768
	23,800		Xiamen Intretech, Inc		149,089
	47,100		Xiamen Tungsten Co Ltd		139,915
	7,355,400	*,g	Xiaomi Corp		23,179,341
	217,900		Xinhu Zhongbao Co Ltd		103,504
	105,500		Xinjiang Goldwind Science & Technology Co Ltd - A		197,741
	403,000	e	Xinjiang Goldwind Science & Technology Co Ltd - H		664,012
	2,131,780		Xinyi Solar Holdings Ltd		3,555,431
	87,115	*,e	XPeng, Inc (ADR)		2,605,610
	496,000	g	Yadea Group Holdings Ltd		1,085,870
	273,900		Yango Group Co Ltd		242,096
	15,000		Yantai Eddie Precision Machinery Co Ltd		141,414
	61,500		Yantai Jereh Oilfield Services Group Co Ltd		311,906
	964,464		Yanzhou Coal Mining Co Ltd		1,149,064
	148,900		Yanzhou Coal Mining Co Ltd (Class A)		298,199
	13,800		Yealink Network Technology Corp Ltd		148,896
	44,200		Yifan Pharmaceutical Co Ltd		122,005
	13,160		Yifeng Pharmacy Chain Co Ltd		182,445
	248,000		Yihai International Holding Ltd		2,412,292
	40,900		Yihai Kerry Arawana Holdings Co Ltd		493,791
	71,120		Yintai Gold Co Ltd		93,750
	383,600		Yonghui Superstores Co Ltd		329,576
	80,899		Yonyou Network Technology Co Ltd		413,439
	105,800		YTO Express Group Co Ltd		192,279
	38,100	*	Yuan Longping High-tech Agriculture Co Ltd		99,358
	3,236,000		Yuexiul Property Co Ltd		748,110
	208,173		Yum China Holdings, Inc		13,098,245
	60,710		Yunda Holding Co Ltd		150,797
	37,900		Yunnan Baiyao Group Co Ltd		628,194
	16,100		Yunnan Energy New Material Co Ltd		333,079
	38,885	*	Zai Lab Ltd (ADR)		6,463,076
	14,195		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		741,542
	630,500		Zhaojin Mining Industry Co Ltd		571,133
	164,400	*	Zhejiang Century Huatong Group Co Ltd		167,940
	56,916		Zhejiang Chint Electrics Co Ltd		291,787
	78,200		Zhejiang Dahua Technology Co Ltd		282,509
	10,220		Zhejiang Dingli Machinery Co Ltd		115,586
	918,414		Zhejiang Expressway Co Ltd		798,334
	42,130		Zhejiang Huahai Pharmaceutical Co Ltd		140,868

266

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	37,176	*	Zhejiang Huayou Cobalt Co Ltd	$	466,247
	38,400		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		228,429
	225,600		Zhejiang Juhua Co Ltd		303,924
	149,600		Zhejiang Longsheng Group Co Ltd		313,355
	60,600		Zhejiang NHU Co Ltd		365,197
	99,970		Zhejiang Sanhua Intelligent Controls Co Ltd		329,531
	73,800		Zhejiang Semir Garment Co Ltd		133,388
	12,900		Zhejiang Supor Co Ltd		150,020
	39,500		Zhejiang Weixing New Building Materials Co Ltd		143,198
	13,200		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		149,395
	91,800		Zhengzhou Yutong Bus Co Ltd		192,675
	782,000		Zhenro Properties Group Ltd		527,525
	128,300		Zheshang Securities Co Ltd		224,700
	199,400	*,e,g	ZhongAn Online P&C Insurance Co Ltd		1,174,793
	14,000		Zhongji Innolight Co Ltd		73,832
	190,440		Zhongjin Gold Corp Ltd		250,820
	296,500		Zhongsheng Group Holdings Ltd		2,242,708
	219,800	*	Zhongtian Financial Group Co Ltd		93,853
	281,500		Zhuzhou CSR Times Electric Co Ltd		1,117,642
	2,989,299		Zijin Mining Group Co Ltd		4,176,536
	591,800		Zijin Mining Group Co Ltd (Class A)		1,000,134
	816,600		Zoomlion Heavy Industry Science and Technology Co Ltd		1,128,799
	163,900		Zoomlion Heavy Industry Science and Technology Co Ltd		297,744
	126,100		ZTE Corp		561,725
	456,064	e	ZTE Corp (Class H)		1,136,218
	212,022		ZTO Express Cayman, Inc (ADR)		6,818,628
			TOTAL CHINA		1,581,861,258
COLOMBIA - 0.2%
	112,122		BanColombia S.A.		834,051
	233,711		BanColombia S.A. (Preference)		1,743,505
	2,969,739		Ecopetrol S.A.		1,748,625
	133,223		Grupo de Inversiones Suramericana S.A.		680,081
	244,141		Interconexion Electrica S.A.		1,390,704
			TOTAL COLOMBIA		6,396,966
CZECH REPUBLIC - 0.1%
	94,038		CEZ AS		2,619,099
	36,567	*	Komercni Banka AS		1,106,907
	185,101	*,g	Moneta Money Bank AS		687,430
			TOTAL CZECH REPUBLIC		4,413,436
EGYPT - 0.1%
	753,884	*	Commercial International Bank		2,805,344
	518,867		Eastern Tobacco		386,334
	371,381	*	ElSewedy Electric Co		191,093
			TOTAL EGYPT		3,382,771
GREECE - 0.1%
	12,741	*,†	FF Group		153
	121,171		Hellenic Telecommunications Organization S.A.		2,054,772
	44,252		JUMBO S.A.		826,709
	113,515		OPAP S.A.		1,740,881
			TOTAL GREECE		4,622,515

267

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
HONG KONG - 0.3%
	6,861,652	*	Alibaba Pictures Group Ltd	$	996,913
	7,772,000	*	China Youzan Ltd		2,502,088
	30,400	*	Hutchison China MediTech Ltd (ADR)		860,016
	565,651		Kingboard Laminates Holdings Ltd		1,410,922
	861,000		Nine Dragons Paper Holdings Ltd		1,179,808
	5,480,331		Sino Biopharmaceutical		5,881,039
	566,000		SSY Group Ltd		347,352
	191,000		Vinda International Holdings Ltd		678,974
			TOTAL HONG KONG		13,857,112
HUNGARY - 0.2%
	217,493	*	MOL Hungarian Oil & Gas plc		1,502,466
	116,417	*	OTP Bank		5,233,506
	66,738		Richter Gedeon Rt		1,908,745
			TOTAL HUNGARY		8,644,717
INDIA - 9.1%
	202,914	*	Adani Green Energy Ltd		2,787,471
	282,920	*	Adani Ports & Special Economic Zone Ltd		2,782,521
	334,042		Ambuja Cements Ltd		1,390,794
	47,126		Apollo Hospitals Enterprise Ltd		2,030,498
	199,921		Asian Paints Ltd		6,835,774
	39,350		Associated Cement Co Ltd		998,203
	153,581		Aurobindo Pharma Ltd		2,031,734
	81,484	*,g	Avenue Supermarts Ltd		3,134,337
	1,153,460	*	Axis Bank Ltd		11,088,111
	140,862	*	Bajaj Finance Ltd		10,339,534
	19,119	*	Bajaj Finserv Ltd		2,842,926
	36,763	*	Bajaj Holdings and Investment Ltd		1,900,120
	44,662		Balkrishna Industries Ltd		1,066,301
	386,497	*,g	Bandhan Bank Ltd		1,713,099
	124,199		Berger Paints India Ltd		1,178,611
	115,371	*	Bharat Forge Ltd		948,100
	448,616		Bharat Petroleum Corp Ltd		2,546,666
	1,272,052		Bharti Airtel Ltd		9,199,798
	219,982	*	Biocon Ltd		1,126,144
	56,853		Britannia Industries Ltd		2,643,207
	233,097	*	Cipla Ltd		2,861,802
	672,143		Coal India Ltd		1,204,754
	64,113		Colgate-Palmolive India Ltd		1,281,273
	146,207		Container Corp Of India Ltd		1,162,004
	237,161		Dabur India Ltd		1,721,295
	68,898	*	Divi S Laboratories Ltd		3,774,995
	289,284		DLF Ltd		963,265
	59,154		Dr Reddy’s Laboratories Ltd		4,116,865
	70,190	*	Eicher Motors Ltd		2,290,532
	962,406		GAIL India Ltd		1,777,816
	217,659	*	Godrej Consumer Products Ltd		2,029,831
	147,436		Grasim Industries Ltd		2,784,804
	116,808		Havells India Ltd		1,558,504
	576,467		HCL Technologies Ltd		6,984,732
	22,434	g	HDFC Asset Management Co Ltd		839,315

268

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	415,143	*,g	HDFC Life Insurance Co Ltd	$	3,721,234
	63,041		Hero Honda Motors Ltd		2,397,206
	747,254		Hindalco Industries Ltd		3,663,264
	420,679		Hindustan Lever Ltd		13,342,905
	320,033		Hindustan Petroleum Corp Ltd		1,011,014
	880,817		Housing Development Finance Corp		28,684,045
	2,637,347	*	ICICI Bank Ltd		21,363,748
	106,900	g	ICICI Lombard General Insurance Co Ltd		2,037,756
	184,532	*,g	ICICI Prudential Life Insurance Co Ltd		1,298,469
	1,133,603		Indian Oil Corp Ltd		1,386,703
	166,014		Indraprastha Gas Ltd		1,138,289
	355,649		Indus Towers Ltd		1,209,227
	36,753	*	Info Edge India Ltd		2,433,299
	1,774,161		Infosys Technologies Ltd		32,243,062
	46,919	*,g	InterGlobe Aviation Ltd		1,038,873
	35,484		Ipca Laboratories Ltd		1,006,951
	1,575,190		ITC Ltd		4,301,298
	457,180		JSW Steel Ltd		4,417,092
	38,386	*	Jubilant Foodworks Ltd		1,495,399
	288,439	*	Kotak Mahindra Bank Ltd		6,791,287
	27,140	g	Larsen & Toubro Infotech Ltd		1,423,174
	360,231		Larsen & Toubro Ltd		6,502,921
	116,299		Lupin Ltd		1,676,921
	420,795		Mahindra & Mahindra Ltd		4,263,096
	259,552		Marico Ltd		1,440,343
	70,307		Maruti Suzuki India Ltd		6,117,052
	664,462	*	Motherson Sumi Systems Ltd		1,922,030
	993		MRF Ltd		1,080,100
	61,394		Muthoot Finance Ltd		958,220
	17,569		Nestle India Ltd		3,864,010
	2,353,319		NTPC Ltd		3,248,900
	3,174		Page Industries Ltd		1,269,444
	409,034		Petronet LNG Ltd		1,323,100
	42,660		PI Industries Ltd		1,445,139
	79,221	*	Pidilite Industries Ltd		1,939,669
	49,329		Piramal Healthcare Ltd		1,116,580
	1,111,509		Power Grid Corp of India Ltd		3,297,842
	411,021		REC Ltd		709,026
	1,474,783		Reliance Industries Ltd		39,621,809
	232,155	g	SBI Life Insurance Co Ltd		2,905,329
	872,883		Sesa Sterlite Ltd		3,024,199
	5,621	*	Shree Cement Ltd		2,114,617
	99,157		Shriram Transport Finance Co Ltd		1,793,427
	30,838		Siemens India Ltd		781,518
	971,736	*	State Bank of India		4,622,700
	438,858		Sun Pharmaceutical Industries Ltd		3,873,428
	483,731		Tata Consultancy Services Ltd		19,795,986
	931,904	*	Tata Motors Ltd		3,663,073
	357,097		Tata Steel Ltd		4,967,117
	311,657		Tata Tea Ltd		2,812,282
	328,268		Tech Mahindra Ltd		4,247,900
	183,784		Titan Industries Ltd		3,694,348
	26,877		Torrent Pharmaceuticals Ltd		909,840
	92,767		Trent Ltd		970,729

269

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	61,017		Ultra Tech Cement Ltd	$	5,163,313
	151,767	*	United Spirits Ltd		1,062,626
	263,895		UPL Ltd		2,157,673
	586,826		Wipro Ltd		3,881,089
	5,285,065	*	Yes Bank Ltd		1,036,466
	443,127		ZEE Telefilms Ltd		1,107,780
			TOTAL INDIA		396,721,673
INDONESIA - 1.2%
	7,213,054		Adaro Energy Tbk		620,215
	10,588,572		Astra International Tbk PT		4,024,027
	5,110,175		Bank Central Asia Tbk PT		11,312,701
	28,600,182		Bank Rakyat Indonesia		8,003,331
	1,388,960		Indofood CBP Sukses Makmur Tbk		836,139
	9,861,300		Kalbe Farma Tbk PT		982,894
	5,012,500	*	Merdeka Copper Gold Tbk PT		906,669
	4,342,000		PT Aneka Tambang Tbk		744,965
	9,301,739		PT Bank Mandiri Persero Tbk		3,960,316
	3,531,959		PT Bank Negara Indonesia		1,390,102
	14,550,200	*	PT Barito Pacific Tbk		1,005,896
	3,661,600		PT Charoen Pokphand Indonesia Tbk		1,785,190
	308,900	*	PT Gudang Garam Tbk		771,303
	1,424,305		PT Indah Kiat Pulp and Paper Corp Tbk		894,999
	777,417		PT Indocement Tunggal Prakarsa Tbk		690,380
	2,046,900		PT Indofood Sukses Makmur Tbk		923,246
	5,462,000		PT Perusahaan Gas Negara Persero Tbk		461,804
	1,455,900		PT Semen Gresik Persero Tbk		1,049,158
	3,785,145		PT Unilever Indonesia Tbk		1,571,114
	961,300		PT United Tractors Tbk		1,406,949
	12,131,400		Sarana Menara Nusantara Tbk PT		956,867
	25,882,883		Telkom Indonesia Persero Tbk PT		5,718,685
			TOTAL INDONESIA		50,016,950
KOREA, REPUBLIC OF - 13.1%
	14,380	*	Alteogen, Inc		1,040,009
	16,790		Amorepacific Corp		4,069,981
	3,961		BGF retail Co Ltd		543,713
	36,474	*	Celltrion Healthcare Co Ltd		3,666,662
	8,672	*	Celltrion Pharm Inc		1,031,743
	49,758	*	Celltrion, Inc		11,844,528
	33,095		Cheil Communications, Inc		651,756
	4,382		CJ CheilJedang Corp		1,555,378
	7,960		CJ Corp		681,424
	5,823		CJ O Shopping Co Ltd		751,291
	21,472		Coway Co Ltd		1,286,677
	19,701	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		647,747
	25,987		Dongbu Insurance Co Ltd		1,141,820
	28,387	*	Doosan Bobcat, Inc		1,160,803
	100,605	*	Doosan Heavy Industries and Construction Co Ltd		1,253,499
	7,308		DuzonBIzon Co Ltd		552,208
	9,826		E-Mart Co Ltd		1,476,832
	23,470		Fila Korea Ltd		959,092
	32,023		GS Engineering & Construction Corp		1,266,531
	25,877		GS Holdings Corp		997,764

270

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	12,051		GS Retail Co Ltd	$	386,761
	161,152		Hana Financial Group, Inc		6,605,520
	33,218		Hankook Tire Co Ltd		1,433,329
	3,549		Hanmi Pharm Co Ltd		1,075,823
	78,099		Hanon Systems		1,137,681
	63,931	*	Hanwha Chemical Corp		2,624,011
	23,754		Hanwha Corp		654,354
	47,154	*,e	HLB, Inc		1,403,240
	8,663		Honam Petrochemical Corp		2,351,789
	17,608	e	Hotel Shilla Co Ltd		1,363,874
	283,360		Hynix Semiconductor, Inc		32,326,070
	38,599		Hyundai Engineering & Construction Co Ltd		1,743,834
	9,472		Hyundai Glovis Co Ltd		1,629,086
	21,012	*	Hyundai Heavy Industries		2,884,854
	33,069		Hyundai Marine & Fire Insurance Co Ltd		721,960
	34,187		Hyundai Mobis		8,274,207
	77,610		Hyundai Motor Co		14,757,682
	16,105		Hyundai Motor Co Ltd (2nd Preference)		1,531,986
	12,263		Hyundai Motor Co Ltd (Preference)		1,172,532
	24,555		Hyundai Robotics Co Ltd		1,549,464
	44,518		Hyundai Steel Co		2,212,917
	148,772		Industrial Bank of Korea		1,294,858
	148,105		Kakao Corp		15,081,051
	55,514	*	Kangwon Land, Inc		1,257,143
	205,203		KB Financial Group, Inc		10,101,851
	132,816		Kia Motors Corp		9,212,433
	13,605	*,e	KMW Co Ltd		699,901
	36,145		Korea Aerospace Industries Ltd		1,056,886
	134,877		Korea Electric Power Corp		2,862,423
	4,851	*	Korea Express Co Ltd		746,026
	16,318	*	Korea Gas Corp		511,255
	20,005		Korea Investment Holdings Co Ltd		2,008,262
	9,838		Korea Kumho Petrochemical		2,286,681
	4,262		Korea Zinc Co Ltd		1,704,870
	111,441	*	Korean Air Lines Co Ltd		2,682,550
	62,802		KT&G Corp		4,647,343
	23,816		LG Chem Ltd		19,881,298
	3,949		LG Chem Ltd (Preference)		1,575,149
	49,134		LG Corp		5,557,513
	134,184	*,e	LG Display Co Ltd		2,914,020
	54,355		LG Electronics, Inc		7,636,448
	4,785		LG Household & Health Care Ltd		6,608,697
	1,020		LG Household & Health Care Ltd (Preference)		656,098
	6,863		LG Innotek Co Ltd		1,231,542
	106,048		LG Telecom Ltd		1,256,374
	13,735		Lotte Corp		450,761
	6,195		Lotte Shopping Co Ltd		688,586
	149,331		Meritz Securities Co Ltd		647,448
	156,000		Mirae Asset Daewoo Co Ltd		1,397,561
	63,411		Naver Corp		20,419,734
	8,566		NCsoft		6,372,053
	11,094	g	Netmarble Corp		1,285,591
	12,283		Orion Corp/Republic of Korea		1,290,233
	732		Ottogi Corp		364,913

271

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	14,585		Pacific Corp	$	962,296
	140,190		Pan Ocean Co Ltd		920,084
	13,815	*	Pearl Abyss Corp		698,008
	39,502		POSCO		12,909,832
	13,497		POSCO Refractories & Environment Co Ltd		1,794,240
	8,530		S1 Corp		624,979
	8,563	*,g	Samsung Biologics Co Ltd		6,154,316
	44,910		Samsung C&T Corp		5,465,302
	14,041		Samsung Card Co		445,377
	28,397		Samsung Electro-Mechanics Co Ltd		4,538,135
	2,465,258		Samsung Electronics Co Ltd		179,681,510
	428,275		Samsung Electronics Co Ltd (Preference)		28,118,119
	77,417	*	Samsung Engineering Co Ltd		1,200,805
	15,949		Samsung Fire & Marine Insurance Co Ltd		2,833,450
	254,190	*	Samsung Heavy Industries Co Ltd		1,705,888
	38,081		Samsung Life Insurance Co Ltd		2,788,771
	28,748		Samsung SDI Co Ltd		16,779,635
	17,992		Samsung SDS Co Ltd		2,950,593
	27,887		Samsung Securities Co Ltd		1,065,615
	19,406		Seegene, Inc		1,632,941
	15,384		Shin Poong Pharmaceutical Co Ltd		964,665
	232,078		Shinhan Financial Group Co Ltd		8,339,836
	3,832		Shinsegae Co Ltd		1,044,961
	14,022	*	SK Biopharmaceuticals Co Ltd		1,367,188
	3,980		SK Chemicals Co Ltd		948,074
	17,736		SK Holdings Co Ltd		4,383,267
	28,463	*	SK Innovation Co Ltd		6,884,458
	21,037		SK Telecom Co Ltd		5,729,932
	25,625	*	S-Oil Corp		1,990,202
	275,742		Woori Financial Group, Inc		2,650,388
	54,605		Woori Investment & Securities Co Ltd		628,776
	26,029		Yuhan Corp		1,500,722
			TOTAL KOREA, REPUBLIC OF		570,510,349
KUWAIT - 0.5%
	576,265		Agility Public Warehousing Co KSC		1,808,084
	542,736	*	Boubyan Bank KSCP		1,179,470
	844,867		Gulf Bank KSCP		608,282
	2,330,818		Kuwait Finance House		5,581,041
	303,475		Mabanee Co KPSC		703,812
	1,121,461		Mobile Telecommunications Co KSC		2,239,908
	3,572,379		National Bank of Kuwait SAKP		9,737,921
			TOTAL KUWAIT		21,858,518
LUXEMBOURG - 0.0%
	81,022		Reinet Investments S.C.A		1,564,014
			TOTAL LUXEMBOURG		1,564,014
MALAYSIA - 1.3%
	1,026,433		AMMB Holdings BHD		745,907
	1,517,874		Axiata Group Bhd		1,433,218
	3,483,670		Bumiputra-Commerce Holdings BHD		3,516,928
	2,148,977		Dialog Group BHD		1,593,034
	1,546,925		Digi.Com BHD		1,581,803

272

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	72,100		Fraser & Neave Holdings BHD	$	527,280
	906,460	*	Gamuda BHD		780,666
	1,181,075		Genting BHD		1,434,395
	1,507,500		Genting Malaysia BHD		1,058,891
	90,100		Genting Plantations BHD		191,812
	350,600		HAP Seng Consolidated BHD		687,028
	892,700		Hartalega Holdings BHD		2,236,665
	304,987		Hong Leong Bank BHD		1,325,708
	103,006		Hong Leong Credit BHD		416,667
	1,167,912		IHH Healthcare BHD		1,532,938
	1,195,720		IOI Corp BHD		1,193,852
	669,000		Kossan Rubber Industries		723,408
	217,611		Kuala Lumpur Kepong BHD		1,168,695
	2,089,050		Malayan Banking BHD		4,195,694
	523,176		Malaysia Airports Holdings BHD		764,067
	854,200		Maxis BHD		958,918
	656,500		MISC BHD		1,085,602
	27,500		Nestle Malaysia BHD		910,653
	1,208,000		Petronas Chemicals Group BHD		2,416,063
	180,700		Petronas Dagangan BHD		888,103
	419,500		Petronas Gas BHD		1,610,587
	267,840		PPB Group BHD		1,209,608
	1,485,224		Press Metal BHD		1,883,970
	7,700,615		Public Bank BHD		7,796,303
	586,950		QL Resources BHD		866,870
	880,370		RHB Capital BHD		1,118,687
	1,441,965		Sime Darby BHD		795,254
	1,062,465		Sime Darby Plantation BHD		1,176,816
	807,146		Supermax Corp BHD		1,184,728
	573,565		Telekom Malaysia BHD		799,010
	1,222,963		Tenaga Nasional BHD		2,971,702
	2,458,500		Top Glove Corp BHD		3,383,972
	366,000		Westports Holdings BHD		384,191
			TOTAL MALAYSIA		58,549,693
MEXICO - 1.7%
	17,738,041		America Movil S.A.B. de C.V.		12,390,447
	279,800		Becle SAB de C.V.		667,282
	8,102,697	*	Cemex S.A. de C.V.		6,435,918
	287,760		Coca-Cola Femsa SAB de C.V.		1,347,104
	251,225		Embotelladoras Arca SAB de C.V.		1,345,109
	1,646,800		Fibra Uno Administracion S.A. de C.V.		2,033,197
	1,024,611		Fomento Economico Mexicano S.A. de C.V.		7,935,589
	112,945	e	Gruma SAB de C.V.		1,228,250
	175,530	*	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,804,431
	100,291	*	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		1,696,238
	788,320		Grupo Bimbo S.A. de C.V. (Series A)		1,577,652
	146,398		Grupo Carso S.A. de C.V. (Series A1)		417,361
	1,367,728		Grupo Financiero Banorte S.A. de C.V.		7,781,540
	1,079,144	*	Grupo Financiero Inbursa S.A.		1,002,591
	1,633,732		Grupo Mexico S.A. de C.V. (Series B)		7,385,143
	1,243,590	*	Grupo Televisa S.A.		3,085,493
	73,004	*	Industrias Penoles S.A. de C.V.		940,147
	318,600	*	Infraestructura Energetica, NV SAB de C.V.		1,364,710

273

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	823,442		Kimberly-Clark de Mexico S.A. de C.V. (Class A)	$	1,422,741
	146,600		Megacable Holdings SAB de C.V.		536,334
	531,523		Orbia Advance Corp SAB de C.V.		1,482,502
	82,665		Promotora y Operadora de Infraestructura SAB de C.V.		638,810
	650,700	*,e	Telesites SAB de C.V.		614,498
	2,743,084		Wal-Mart de Mexico SAB de C.V.		8,979,311
			TOTAL MEXICO		74,112,398
PAKISTAN - 0.0%
	221,358		Habib Bank Ltd		180,101
	191,300		MCB Bank Ltd		202,190
	519,317		Oil & Gas Development Co Ltd		308,804
			TOTAL PAKISTAN		691,095
PERU - 0.2%
	118,822	*	Cia de Minas Buenaventura S.A. (ADR) (Series B)		1,154,950
	35,610	*	Credicorp Ltd		4,251,834
	45,344		Southern Copper Corp		3,147,327
			TOTAL PERU		8,554,111
PHILIPPINES - 0.6%
	1,033,504		Aboitiz Equity Ventures, Inc		762,021
	750,800		Aboitiz Power Corp		358,637
	152,663		Ayala Corp		2,347,102
	4,285,193		Ayala Land, Inc		2,858,886
	935,929		Bank of the Philippine Islands		1,608,851
	1,016,476		BDO Unibank, Inc		2,173,903
	17,906		Globe Telecom, Inc		681,655
	58,566		GT Capital Holdings, Inc		637,373
	587,400		International Container Term Services, Inc		1,584,718
	1,516,506		JG Summit Holdings (Series B)		1,659,968
	227,840		Jollibee Foods Corp		832,811
	142,886		Manila Electric Co		809,539
	4,426,900		Megaworld Corp		289,030
	6,294,000		Metro Pacific Investments Corp		528,809
	906,890		Metropolitan Bank & Trust		827,735
	45,360		PLDT, Inc		1,197,317
	542,600		Puregold Price Club, Inc		420,189
	126,985		SM Investments Corp		2,534,043
	5,195,949		SM Prime Holdings		3,713,674
	461,747		Universal Robina		1,312,597
			TOTAL PHILIPPINES		27,138,858
POLAND - 0.7%
	184,957	*,g	Allegro.eu S.A.		2,835,663
	104,670	*	Bank Pekao S.A.		2,208,129
	17,488	*	Bank Zachodni WBK S.A.		1,034,523
	34,418	*	CD Projekt Red S.A.		1,575,676
	146,346		Cyfrowy Polsat S.A.		1,139,216
	25,322	*,g	Dino Polska S.A.		1,642,865
	71,195	*	KGHM Polska Miedz S.A.		3,643,696
	708	*	LPP S.A.		1,829,806
	441,908	*	PGE Polska Grupa Energetyczna S.A.		1,175,828
	167,555		Polski Koncern Naftowy Orlen S.A.		2,943,669

274

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	982,160		Polskie Gornictwo Naftowe i Gazownictwo S.A.	$	1,702,509
	470,970		Powszechna Kasa Oszczednosci Bank Polski S.A.		4,378,751
	315,296	*	Powszechny Zaklad Ubezpieczen S.A.		2,713,303
	333,889	*	Telekomunikacja Polska S.A.		599,649
			TOTAL POLAND		29,423,283
QATAR - 0.7%
	1,128,542		Barwa Real Estate Co		1,001,373
	1,040,012		Commercial Bank of Qatar QSC		1,542,451
	926,764		Industries Qatar QSC		3,419,727
	1,806,165		Masraf Al Rayan		2,216,311
	2,413,710		Mesaieed Petrochemical Holding Co		1,276,637
	412,631		Ooredoo QSC		802,722
	266,540		Qatar Electricity & Water Co		1,259,129
	275,910		Qatar Fuel QSC		1,379,171
	1,355,069		Qatar Gas Transport Co Ltd		1,172,717
	439,644		Qatar International Islamic Bank QSC		1,116,920
	575,479		Qatar Islamic Bank SAQ		2,750,161
	2,279,550		Qatar National Bank		11,206,796
			TOTAL QATAR		29,144,115
ROMANIA - 0.0%
	199,826		NEPI Rockcastle plc		1,346,182
			TOTAL ROMANIA		1,346,182
RUSSIA - 2.9%
	308,983		Gazprom (ADR)		1,881,706
	2,851,696		Gazprom OAO (ADR)		17,291,940
	225,744		LUKOIL PJSC (ADR)		17,436,466
	181,323		Magnit PJSC (ADR)		2,553,934
	55,342	*	Mail.Ru Group Ltd		1,234,127
	321,487		MMC Norilsk Nickel PJSC (ADR)		10,901,793
	235,649		Mobile TeleSystems (ADR)		1,995,947
	49,710		NovaTek OAO (GDR)		8,951,995
	1,838		Novatek PJSC (GDR)		330,932
	68,719		Novolipetsk Steel PJSC (GDR)		2,414,786
	76,224		PhosAgro OAO (GDR)		1,400,235
	127,540		Polymetal International plc (ADR)		2,633,535
	36,144		Polyus PJSC (GDR)		3,348,229
	689,501	*	Rosneft Oil Co PJSC (GDR)		4,767,210
	1,380,561		Sberbank of Russian Federation (ADR)		21,734,484
	121,222		Severstal (GDR) (Equiduct)		2,853,021
	812,543		Surgutneftegaz (ADR)		3,648,318
	129,740		Tatneft PAO (ADR)		5,210,561
	62,033		TCS Group Holding plc (ADR)		3,585,507
	911,463		VTB Bank PJSC (GDR) Equiduct		1,208,159
	66,543		X 5 Retail Group NV (GDR)		2,042,748
	156,300	*	Yandex NV		10,245,465
			TOTAL RUSSIA		127,671,098
SAUDI ARABIA - 2.8%
	21,709		Abdullah Al Othaim Markets Co		778,788
	60,880		Advanced Petrochemical Co		1,314,441
	637,197		Al Rajhi Bank		16,776,907

275

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	465,681		Alinma Bank	$	2,458,921
	132,738		Almarai Co JSC		1,901,571
	243,785		Arab National Bank		1,476,889
	170,600	*	Bank AlBilad		1,701,207
	179,429	*	Bank Al-Jazira		912,267
	297,878		Banque Saudi Fransi		3,095,139
	28,460	*	Bupa Arabia for Cooperative Insurance Co		877,280
	26,430	*	Co for Cooperative Insurance		546,896
	283,763	*	Dar Al Arkan Real Estate Development Co		780,133
	26,703		Dr Sulaiman Al Habib Medical Services Group Co		1,073,724
	249,998	*	Emaar Economic City		714,623
	181,790	*	Etihad Etisalat Co		1,496,451
	30,220		Jarir Marketing Co		1,603,589
	225,202	*	Mobile Telecommunications Co Saudi Arabia		907,420
	1,122,617	*	National Commercial Bank		17,002,999
	211,981	*	National Industrialization Co		1,082,243
	121,808	*	Rabigh Refining & Petrochemical Co		663,241
	679,494		Riyad Bank		4,828,680
	102,944		SABIC Agri-Nutrients Co		2,876,643
	187,564		Sahara International Petrochemical Co		1,356,293
	19,234	*	Saudi Airlines Catering Co		390,282
	228,510	*	Saudi Arabian Mining Co		3,477,959
	1,131,660	g	Saudi Arabian Oil Co		10,682,301
	478,477		Saudi Basic Industries Corp		15,769,188
	427,086	*	Saudi British Bank		3,501,918
	45,258		Saudi Cement Co		780,810
	443,211		Saudi Electricity Co		3,072,766
	115,690		Saudi Industrial Investment Group		1,090,765
	380,181	*	Saudi Kayan Petrochemical Co		1,839,176
	307,205		Saudi Telecom Co		10,387,319
	138,500		Savola Group		1,472,211
	140,602		Yanbu National Petrochemical Co		2,729,912
			TOTAL SAUDI ARABIA		121,420,952
SINGAPORE - 0.0%
	122,500	g	BOC Aviation Ltd		1,102,675
			TOTAL SINGAPORE		1,102,675
SOUTH AFRICA - 3.4%
	378,231	*	Absa Group Ltd		3,189,093
	57,130		African Rainbow Minerals Ltd		1,066,423
	28,628		Anglo American Platinum Ltd		3,909,459
	212,270	*	Aspen Pharmacare Holdings Ltd		2,362,246
	160,389	*	Bid Corp Ltd		3,162,105
	153,193	e	Bidvest Group Ltd		1,769,001
	33,717	*	Capitec Bank Holdings Ltd		3,455,746
	135,609		Clicks Group Ltd		2,264,747
	190,194	*	Discovery Holdings Ltd		1,726,961
	126,179	e	Exxaro Resources Ltd		1,326,826
	2,534,499		FirstRand Ltd		8,915,340
	458,161		Gold Fields Ltd		4,299,334
	1,672,109		Growthpoint Properties Ltd		1,674,127
	285,868		Harmony Gold Mining Co Ltd		1,288,384
	404,787		Impala Platinum Holdings Ltd		7,563,865

276

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	32,777		Kumba Iron Ore Ltd	$	1,485,361
	143,699		Mr Price Group Ltd		1,797,658
	870,103	*	MTN Group Ltd		5,504,890
	242,531		MultiChoice Group Ltd		2,087,221
	223,694		Naspers Ltd (N Shares)		50,908,278
	188,648	*	Nedbank Group Ltd		1,922,082
	185,040	*	Northam Platinum Ltd		3,182,060
	2,334,778		Old Mutual Ltd		2,032,297
	364,853		Rand Merchant Investment Holdings Ltd		740,558
	269,290	e	Remgro Ltd		2,043,310
	940,999		Sanlam Ltd		3,632,959
	277,532	*	Sasol Ltd		4,668,917
	267,448	e	Shoprite Holdings Ltd		2,666,458
	1,458,160		Sibanye Stillwater Ltd		6,783,940
	104,005		Spar Group Ltd		1,312,872
	652,205		Standard Bank Group Ltd		5,304,194
	84,627		Tiger Brands Ltd		1,137,891
	329,293		Vodacom Group Pty Ltd		2,854,793
	566,283	*	Woolworths Holdings Ltd		1,921,128
			TOTAL SOUTH AFRICA		149,960,524
TAIWAN - 14.0%
	270,000		Accton Technology Corp		3,057,231
	1,648,380		Acer, Inc		2,014,640
	202,407		Advantech Co Ltd		2,561,026
	1,703,011		ASE Technology Holding Co Ltd		7,116,435
	1,175,512		Asia Cement Corp		2,091,036
	15,000		ASMedia Technology, Inc		623,577
	382,500		Asustek Computer, Inc		5,123,067
	4,781,000	*	AU Optronics Corp		5,596,887
	373,389		Catcher Technology Co Ltd		2,634,908
	4,225,604		Cathay Financial Holding Co Ltd		7,888,504
	639,882		Chailease Holding Co Ltd		4,611,030
	2,502,843		Chang Hwa Commercial Bank		1,600,668
	983,922		Cheng Shin Rubber Industry Co Ltd		1,897,691
	317,079		Chicony Electronics Co Ltd		954,670
	6,675,754		China Development Financial Holding Corp		3,109,731
	707,000		China Life Insurance Co Ltd		669,503
	6,182,151		China Steel Corp		8,651,978
	9,399,282		Chinatrust Financial Holding Co		7,649,526
	1,958,763		Chunghwa Telecom Co Ltd		7,984,555
	2,273,000		Compal Electronics, Inc		2,025,906
	1,014,768		Delta Electronics, Inc		10,871,125
	5,650,875		E.Sun Financial Holding Co Ltd		5,445,623
	93,316		Eclat Textile Co Ltd		1,786,746
	1,245,980	*	Evergreen Marine Corp Taiwan Ltd		3,505,354
	1,583,071		Far Eastern Textile Co Ltd		1,877,552
	729,000		Far EasTone Telecommunications Co Ltd		1,697,514
	207,513		Feng TAY Enterprise Co Ltd		1,536,003
	5,316,975		First Financial Holding Co Ltd		4,348,617
	1,899,173		Formosa Chemicals & Fibre Corp		6,157,130
	528,064		Formosa Petrochemical Corp		1,951,755
	2,041,453		Formosa Plastics Corp		7,717,410
	439,512		Foxconn Technology Co Ltd		1,079,486

277

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	3,474,646		Fubon Financial Holding Co Ltd	$	7,961,914
	5,283,328		Fuhwa Financial Holdings Co Ltd		4,900,439
	160,000		Giant Manufacturing Co Ltd		2,031,814
	117,509		Globalwafers Co Ltd		3,601,534
	440,462		Highwealth Construction Corp		712,223
	128,163		Hiwin Technologies Corp		1,933,594
	6,510,002		Hon Hai Precision Industry Co, Ltd		26,762,919
	151,608		Hotai Motor Co Ltd		3,262,303
	4,036,291		Hua Nan Financial Holdings Co Ltd		2,741,618
	4,190,487		InnoLux Display Corp		4,473,728
	1,362,060		Inventec Co Ltd		1,321,564
	53,125		Largan Precision Co Ltd		5,877,122
	1,104,778		Lite-On Technology Corp		2,503,663
	784,170		MediaTek, Inc		32,874,415
	5,698,125		Mega Financial Holding Co Ltd		6,650,594
	336,000		Micro-Star International Co Ltd		2,200,813
	2,703,860		Nan Ya Plastics Corp		8,496,813
	117,000		Nan Ya Printed Circuit Board Corp		1,324,467
	666,000		Nanya Technology Corp		2,156,706
	87,000		Nien Made Enterprise Co Ltd		1,403,346
	303,474		Novatek Microelectronics Corp Ltd		6,695,469
	101,000	*	Oneness Biotech Co Ltd		846,047
	1,021,000		Pegatron Technology Corp		2,673,637
	75,000		Phison Electronics Corp		1,605,284
	1,263,512		Pou Chen Corp		1,604,405
	366,000		Powertech Technology, Inc		1,450,979
	316,000		President Chain Store Corp		3,054,176
	1,527,000		Quanta Computer, Inc		5,344,501
	254,085		Realtek Semiconductor Corp		4,793,290
	426,072		Ruentex Development Co Ltd		807,998
	1,686,421		Shanghai Commercial & Savings Bank Ltd		2,614,144
	5,844,536		Shin Kong Financial Holding Co Ltd		2,106,599
	5,063,717		SinoPac Financial Holdings Co Ltd		2,402,751
	702,050		Synnex Technology International Corp		1,394,290
	4,786,528		Taishin Financial Holdings Co Ltd		2,413,011
	2,607,100		Taiwan Business Bank		950,452
	2,584,958		Taiwan Cement Corp		4,821,405
	4,353,279		Taiwan Cooperative Financial Holding		3,329,060
	978,000		Taiwan High Speed Rail Corp		1,099,199
	881,859		Taiwan Mobile Co Ltd		3,157,051
	12,716,848		Taiwan Semiconductor Manufacturing Co Ltd		267,811,820
	625,000		Unimicron Technology Corp		2,552,413
	2,606,908		Uni-President Enterprises Corp		6,982,489
	6,049,452		United Microelectronics Corp		12,065,688
	489,000		Vanguard International Semiconductor Corp		2,068,750
	173,000		Walsin Technology Corp		1,485,416
	174,878		Win Semiconductors Corp		2,281,222
	1,409,000		Winbond Electronics Corp		1,779,841
	1,484,560		Wistron Corp		1,728,655
	40,000		Wiwynn Corp		1,300,947
	786,660		WPG Holdings Co Ltd		1,446,781
	195,009		Yageo Corp		3,755,833
	308,127		Zhen Ding Technology Holding Ltd		1,163,070
			TOTAL TAIWAN		608,615,146

278

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
TANZANIA, UNITED REPUBLIC OF - 0.1%
	198,562		AngloGold Ashanti Ltd	$	4,095,787
			TOTAL TANZANIA, UNITED REPUBLIC OF		4,095,787
THAILAND - 1.8%
	657,600		Advanced Info Service PCL		3,608,500
	2,265,400		Airports of Thailand PCL		4,502,554
	3,258,300	*	Asset World Corp PCL		497,418
	341,700		B Grimm Power PCL		468,172
	306,148		Bangkok Bank PCL		1,192,487
	945,100	*	Bangkok Commercial Asset Management PCL		624,738
	4,771,300		Bangkok Dusit Medical Services PCL		3,323,217
	3,279,100		Bangkok Expressway & Metro PCL		841,903
	502,500		Berli Jucker PCL		572,076
	3,990,500		BTS Group Holdings PCL		1,159,824
	195,100		Bumrungrad Hospital PCL		838,091
	1,108,400		Central Pattana PCL		1,856,172
	862,216		Central Retail Corp PCL		967,130
	2,126,680		Charoen Pokphand Foods PCL		1,979,142
	3,029,055		CP ALL plc		6,076,968
	161,700		Delta Electronics Thai PCL		1,838,356
	152,000		Electricity Generating PCL		860,474
	697,100		Energy Absolute PCL		1,361,386
	310,400		Global Power Synergy Co Ltd		723,919
	1,486,550		Gulf Energy Development PCL		1,643,946
	3,045,126		Home Product Center PCL		1,376,071
	742,978		Indorama Ventures PCL		1,143,344
	1,192,400		Intouch Holdings PCL (Class F)		2,438,939
	876,849		Kasikornbank PCL		3,739,791
	1,816,360		Krung Thai Bank PCL		657,981
	388,200		Krungthai Card PCL		949,479
	3,752,000		Land and Houses PCL Co Reg		1,041,360
	1,641,970	*	Minor International PCL		1,579,314
	362,200		Muangthai Capital PCL		743,533
	321,200		Osotspa PCL		368,496
	912,098		PTT Exploration & Production PCL		3,468,099
	1,205,429		PTT Global Chemical PCL		2,613,532
	1,400,000		PTT Oil & Retail Business PCL		1,360,096
	6,225,100		PTT PCL		7,933,733
	424,400		Ratch Group PCL		687,745
	413,558		Siam Cement PCL		6,119,773
	463,800		Siam Commercial Bank PCL		1,562,348
	445,000		Sri Trang Gloves Thailand PCL		632,026
	294,900		Srisawad Corp PCL		787,936
	684,500		Thai Oil PCL		1,295,607
	1,393,400		Thai Union Group PCL		674,961
	364,700		Total Access Communication PCL		382,907
	6,115,448		True Corp PCL		644,197
			TOTAL THAILAND		77,137,741
TURKEY - 0.3%
	1,635,208		Akbank TAS		965,923
	370,914		Aselsan Elektronik Sanayi Ve Ticaret AS		672,047

279

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	233,206		BIM Birlesik Magazalar AS	$	1,831,000
	727,230		Eregli Demir ve Celik Fabrikalari TAS		1,672,530
	26,593		Ford Otomotiv Sanayi AS		564,705
	466,615		Haci Omer Sabanci Holding AS		457,082
	439,680		KOC Holding AS		974,992
	285,468	*	Turk Hava Yollari		421,442
	588,201		Turkcell Iletisim Hizmet AS		1,054,375
	1,223,864		Turkiye Garanti Bankasi AS		1,066,787
	753,373		Turkiye Is Bankasi (Series C)		444,907
	72,453	*	Turkiye Petrol Rafinerileri AS		767,960
	720,555		Turkiye Sise ve Cam Fabrikalari AS		653,594
	1,496,703		Yapi ve Kredi Bankasi		379,134
			TOTAL TURKEY		11,926,478
UNITED ARAB EMIRATES - 0.6%
	1,471,493		Abu Dhabi Commercial Bank PJSC		2,506,288
	738,151		Abu Dhabi Islamic Bank PJSC		967,594
	1,907,605		Aldar Properties PJSC		1,817,948
	974,882		Dubai Islamic Bank PJSC		1,179,384
	1,119,316	*	Emaar Malls Group PJSC		557,979
	1,874,053		Emaar Properties PJSC		1,892,018
	1,334,872		Emirates NBD Bank PJSC		4,522,615
	872,372		Emirates Telecommunications Group Co PJSC		5,030,243
	1,417,591		National Bank of Abu Dhabi PJSC		5,486,326
			TOTAL UNITED ARAB EMIRATES		23,960,395
UNITED STATES - 2.9%
	19,546	*	Globant S.A.		4,479,553
	171,447		iShares MSCI South Korea Index Fund		15,526,240
	572,664		JBS S.A.		3,175,346
	1,948,340	e	Vanguard Emerging Markets ETF		103,223,053
			TOTAL UNITED STATES		126,404,192
			TOTAL COMMON STOCKS		4,358,655,744
			(Cost $2,904,054,673)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	307,700	*,†	Ayala Land, Inc		639
			TOTAL PHILIPPINES		639
			TOTAL PREFERRED STOCKS		639
			(Cost $725)
RIGHTS / WARRANTS - 0.0%
THAILAND - 0.0%
	11,796		Srisawad Corp PCL		7,690
			TOTAL THAILAND		7,690
			TOTAL RIGHTS / WARRANTS		7,690
			(Cost $0)

280

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 2.2%
REPURCHASE AGREEMENT - 0.0%
$	1,735,000	r	Fixed Income Clearing Corp (FICC)	0.005	%	05/03/21	$	1,735,000
			TOTAL REPURCHASE AGREEMENT					1,735,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2%
	95,821,556	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020				95,821,556
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					95,821,556
			TOTAL SHORT-TERM INVESTMENTS					97,556,556
			(Cost $97,556,556)
			TOTAL INVESTMENTS - 102.3%					4,456,220,629
			(Cost $3,001,611,954)
			OTHER ASSETS & LIABILITIES, NET - (2.3)%					(102,188,191	)
			NET ASSETS - 100.0%				$	4,354,032,438

Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
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 $139,370,482.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $230,309,776 or 5.3% of net assets.
r	Agreement with Fixed Income Clearing Corp, 0.005% dated 4/30/21 to be repurchased at $1,735,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $1,769,741.

281

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2021

				% OF
SECTOR	VALUE			NET ASSETS
INFORMATION TECHNOLOGY	$	895,357,718			20.5	%
FINANCIALS		881,226,537			20.2
CONSUMER DISCRETIONARY		737,808,426			16.9
COMMUNICATION SERVICES		497,057,323			11.4
MATERIALS		365,468,375			8.4
CONSUMER STAPLES		234,328,183			5.4
HEALTH CARE		198,683,043			4.6
ENERGY		194,807,726			4.5
INDUSTRIALS		187,443,408			4.3
REAL ESTATE		85,561,994			2.0
UTILITIES		80,921,340			1.9
SHORT-TERM INVESTMENTS		97,556,556			2.2
OTHER ASSETS & LIABILITIES, NET		(102,188,191	)		(2.3	)
NET ASSETS	$	4,354,032,438			100.0	%

282

TIAA-CREF FUNDS – International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

SHARES			COMPANY	VALUE
COMMON STOCKS - 98.5%
AUSTRALIA - 8.0%
	202,976	*	Afterpay Touch Group Ltd	$	18,281,120
	585,629		AGL Energy Ltd		4,035,169
	3,182,442		AMP Ltd		2,732,915
	240,698		Ampol Ltd		4,744,605
	1,113,920		APA Group		8,606,526
	545,054		Aristocrat Leisure Ltd		15,546,194
	1,757,132		Aurizon Holdings Ltd		5,055,214
	1,747,068		AusNet Services		2,557,230
	2,684,606		Australia & New Zealand Banking Group Ltd		59,233,891
	183,486		Australian Stock Exchange Ltd		10,309,865
	989,098	*,†	AZ BGP Holdings		3,048
	2,785,760		BHP Billiton Ltd		101,390,195
	1,996,923		BHP Group plc		60,136,900
	476,324		BlueScope Steel Ltd		7,874,425
	1,399,117		Brambles Ltd		11,208,215
	87,260	*,e	CIMIC Group Ltd		1,299,096
	62,556		Cochlear Ltd		10,708,320
	1,261,981		Coles Group Ltd		15,847,539
	1,677,940		Commonwealth Bank of Australia		114,866,028
	516,294		Computershare Ltd		5,613,498
	352,696	*	Crown Resorts Ltd		3,312,052
	430,857		CSL Ltd		90,003,620
	1,042,921		Dexus Property Group		8,186,705
	1,532,153		Evolution Mining Ltd		5,425,049
	1,602,118		Fortescue Metals Group Ltd		27,718,743
	9,460,567		Glencore Xstrata plc		38,536,870
	1,575,542		Goodman Group		22,975,433
	1,835,603		GPT Group		6,533,413
	2,318,095		Insurance Australia Group Ltd		8,734,119
	637,015		Lend Lease Corp Ltd		6,224,729
	325,307		Macquarie Group Ltd		40,098,145
	123,756		Magellan Financial Group Ltd		4,610,508
	2,584,900		Medibank Pvt Ltd		6,133,123
	3,724,251		Mirvac Group		7,716,705
	3,113,782		National Australia Bank Ltd		63,720,978
	778,762		Newcrest Mining Ltd		15,916,370
	1,055,942		Northern Star Resources Ltd		8,483,896
	1,887,189		Oil Search Ltd		5,450,956
	388,858		Orica Ltd		4,048,464
	1,666,616		Origin Energy Ltd		5,329,138
	869,200	*	Qantas Airways Ltd		3,296,945
	1,398,721		QBE Insurance Group Ltd		10,580,723
	174,247		Ramsay Health Care Ltd		9,032,839
	50,222		REA Group Ltd		6,110,246
	350,570		Rio Tinto Ltd		32,583,694

283

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	1,060,531		Rio Tinto plc	$	88,827,066
	1,692,350		Santos Ltd		8,983,690
	4,912,315		Scentre Group		10,281,410
	316,732	*	Seek Ltd		7,548,403
	430,612		Sonic Healthcare Ltd		11,902,090
	4,590,281		South32 Ltd		10,105,718
	2,258,950		Stockland Trust Group		8,140,518
	1,196,198		Suncorp-Metway Ltd		9,674,317
	1,265,317	*	Sydney Airport		6,017,361
	2,108,929		Tabcorp Holdings Ltd		8,041,031
	3,981,576		Telstra Corp Ltd		10,401,367
	362,703		TPG Telecom Ltd		1,539,874
	2,598,419		Transurban Group		28,333,859
	683,153		Treasury Wine Estates Ltd		5,279,430
	3,667,655		Vicinity Centres		4,482,085
	101,594	e	Washington H Soul Pattinson & Co Ltd		2,366,352
	1,069,290		Wesfarmers Ltd		44,574,402
	3,416,248		Westpac Banking Corp		65,833,394
	140,917		Wisetech Global Ltd		3,391,699
	919,723		Woodside Petroleum Ltd		16,040,586
	1,197,719		Woolworths Ltd		36,325,671
			TOTAL AUSTRALIA		1,288,903,779
AUSTRIA - 0.2%
	266,241		Erste Bank der Oesterreichischen Sparkassen AG.		9,462,804
	140,278		OMV AG.		6,895,851
	140,585		Raiffeisen International Bank Holding AG.		3,071,448
	65,043		Verbund AG.		5,341,532
	109,297		Voestalpine AG.		4,741,772
			TOTAL AUSTRIA		29,513,407
BELGIUM - 0.9%
	165,840		Ageas		10,029,977
	720,960		Anheuser-Busch InBev S.A.		51,067,369
	50,809		Colruyt S.A.		3,013,328
	29,708	e	Elia System Operator S.A.		3,215,858
	40,757	*	Galapagos NV		3,173,142
	107,201		Groupe Bruxelles Lambert S.A.		11,722,774
	237,719		KBC Groep NV		18,444,268
	142,160	e	Proximus plc		3,028,712
	14,371		Sofina S.A.		5,460,401
	70,267	e	Solvay S.A.		8,935,329
	119,983		UCB S.A.		11,110,188
	187,607		Umicore S.A.		11,399,486
			TOTAL BELGIUM		140,600,832
BRAZIL - 0.1%
	164,378		Yara International ASA		8,574,305
			TOTAL BRAZIL		8,574,305
CHILE - 0.1%
	372,457		Antofagasta plc		9,594,540
			TOTAL CHILE		9,594,540

284

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
CHINA - 0.2%
	3,495,938		BOC Hong Kong Holdings Ltd	$	12,292,584
	1,651,921	g	Budweiser Brewing Co APAC Ltd		5,205,375
	1,619,497	*,g	ESR Cayman Ltd		5,530,905
	1,820,061		Wilmar International Ltd		7,123,035
			TOTAL CHINA		30,151,899
DENMARK - 2.4%
	154,588		Ambu A.S.		8,652,396
	2,895		AP Moller - Maersk AS (Class A)		6,802,307
	5,809		AP Moller - Maersk AS (Class B)		14,450,626
	97,277		Carlsberg AS (Class B)		17,066,280
	99,857	*	Chr Hansen Holding A/S		9,167,610
	112,469		Coloplast AS		18,629,318
	654,828		Danske Bank AS		12,446,788
	102,537	*	Demant A.S.		5,133,186
	196,418		DSV AS		43,759,990
	62,550	*	Genmab AS		22,953,476
	122,895		GN Store Nord		11,083,554
	66,574		H Lundbeck AS		2,050,011
	1,628,541		Novo Nordisk AS		120,133,308
	197,845		Novozymes AS		14,031,678
	179,454	g	Orsted AS		26,086,304
	94,647		Pandora AS		10,718,662
	7,746		Rockwool International AS (B Shares)		3,464,766
	310,952		Tryg A.S.		7,110,505
	934,125		Vestas Wind Systems A.S.		38,993,610
			TOTAL DENMARK		392,734,375
FINLAND - 1.2%
	135,664		Elisa Oyj (Series A)		7,690,433
	412,988		Fortum Oyj		10,852,827
	258,498		Kesko Oyj (B Shares)		7,871,095
	321,190		Kone Oyj (Class B)		25,227,066
	400,949		Neste Oil Oyj		24,245,683
	5,357,148	*	Nokia Oyj		25,376,563
	3,063,230	*	Nordea Bank Abp		31,749,088
	100,536		Orion Oyj (Class B)		4,451,619
	446,145		Sampo Oyj (A Shares)		21,162,718
	549,974		Stora Enso Oyj (R Shares)		10,522,352
	503,954		UPM-Kymmene Oyj		19,708,192
	418,169		Wartsila Oyj (B Shares)		5,396,444
			TOTAL FINLAND		194,254,080
FRANCE - 11.0%
	170,825		Accor S.A.		6,878,469
	225,345	*	Adevinta ASA		4,123,950
	28,494		Aeroports de Paris		3,652,437
	448,627		Air Liquide		75,549,810
	557,160	*	Airbus SE		67,003,864
	251,251	*	Alstom RGPT		13,721,218
	58,366	g	Amundi S.A.		5,201,490
	65,356		Arkema		8,170,600

285

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	94,844		Atos Origin S.A.	$	6,458,841
	1,832,835		AXA S.A.		51,768,467
	39,653		BioMerieux		4,716,789
	1,058,088		BNP Paribas S.A.		67,842,163
	796,076		Bollore		4,019,250
	220,451		Bouygues S.A.		9,447,520
	277,420		Bureau Veritas S.A.		8,296,851
	152,485		Cap Gemini S.A.		27,942,396
	583,471		Carrefour S.A.		11,300,079
	145,471		CNP Assurances		2,544,394
	482,306		Compagnie de Saint-Gobain		30,431,161
	1,102,258		Credit Agricole S.A.		17,049,956
	585,055		Danone		41,298,722
	2,367		Dassault Aviation S.A.		2,578,681
	125,545		Dassault Systemes S.A.		29,122,981
	234,371		Edenred		13,286,833
	78,534		Eiffage S.A.		8,602,417
	591,104		Electricite de France		8,624,890
	1,733,165		Engie S.A.		25,816,262
	270,823		Essilor International S.A.		45,075,718
	36,510		Eurazeo		3,041,988
	113,858		Faurecia		6,151,412
	49,193		Fonciere Des Regions		4,388,558
	44,260		Gecina S.A.		6,478,670
	420,943		Getlink S.E.		6,696,102
	30,022		Hermes International		37,680,904
	14,279		Iliad S.A.		2,592,887
	36,467		Ipsen		3,525,448
	71,786		Kering		57,522,941
	187,052		Klepierre		4,964,570
	82,256	g	La Francaise des Jeux SAEM		4,215,344
	253,785		Legrand S.A.		24,703,396
	238,533		L’Oreal S.A.		97,672,091
	262,860		LVMH Moet Hennessy Louis Vuitton S.A.		198,025,615
	162,471		Michelin (C.G.D.E.) (Class B)		23,509,648
	907,687		Natixis		4,432,236
	1,911,270		Orange S. A.		23,801,453
	49,382		Orpea		6,355,555
	198,538		Pernod-Ricard S.A.		40,773,083
	207,732		Publicis Groupe S.A.		13,444,390
	21,912		Remy Cointreau S.A.		4,378,059
	176,676	*	Renault S.A.		7,121,506
	303,710		Safran S.A.		45,346,530
	1,071,884		Sanofi-Aventis		112,378,747
	26,168		Sartorius Stedim Biotech		12,018,596
	510,257		Schneider Electric S.A.		81,414,436
	150,074	*	SCOR SE		4,849,109
	23,787		SEB S.A.		4,331,969
	768,462		Societe Generale		21,860,573
	84,772	*	Sodexho Alliance S.A.		8,481,287
	331,007		Suez Environnement S.A.		7,911,424
	55,842		Teleperformance		21,563,069
	101,526		Thales S.A.		10,350,199
	2,385,596		Total S.A.		105,437,989

286

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	88,529	*	Ubisoft Entertainment	$	6,643,584
	127,868		Unibail-Rodamco-Westfield		10,530,139
	208,866		Valeo S.A.		6,768,504
	512,377		Veolia Environnement		16,342,271
	494,880		Vinci S.A.		54,303,029
	788,227	*	Vivendi Universal S.A.		27,477,986
	25,393		Wendel		3,380,094
	226,915	*,g	Worldline S.A.		22,278,108
			TOTAL FRANCE		1,765,669,708
GERMANY - 9.2%
	180,305		Adidas-Salomon AG.		55,689,150
	389,713		Allianz AG.		101,176,054
	955,261		Aroundtown S.A.		7,355,612
	868,685		BASF SE		70,008,418
	929,962		Bayer AG.		60,176,271
	314,513		Bayerische Motoren Werke AG.		31,517,400
	53,810		Bayerische Motoren Werke AG. (Preference)		4,407,160
	26,307		Bechtle AG.		5,356,827
	95,740		Beiersdorf AG.		10,806,219
	145,960		Brenntag AG.		13,103,510
	37,972		Carl Zeiss Meditec AG.		6,689,579
	962,189		Commerzbank AG.		6,344,827
	105,232		Continental AG.		14,220,981
	173,645	g	Covestro AG.		11,356,280
	810,951		Daimler AG. (Registered)		72,173,602
	509,500		Deutsche Annington Immobilien SE		33,476,553
	1,862,349	*	Deutsche Bank AG. (Registered)		25,944,846
	179,927		Deutsche Boerse AG.		31,005,969
	287,227	*,e	Deutsche Lufthansa AG.		3,710,507
	937,029		Deutsche Post AG.		55,188,341
	3,176,565		Deutsche Telekom AG.		61,133,105
	323,507		Deutsche Wohnen AG.		17,501,288
	2,129,027		E.ON AG.		25,671,442
	196,841		Evonik Industries AG.		6,891,217
	201,925		Fresenius Medical Care AG.		16,078,533
	395,337		Fresenius SE		19,430,534
	65,050		Fuchs Petrolub AG. (Preference)		3,463,875
	146,567		GEA Group AG.		6,436,404
	57,397		Hannover Rueckversicherung AG.		10,598,977
	140,853		HeidelbergCement AG.		12,906,821
	140,660	*	HelloFresh SE		11,668,482
	97,533		Henkel KGaA		9,690,145
	167,869		Henkel KGaA (Preference)		19,283,050
	23,410	*	Hochtief AG.		2,195,180
	1,237,669		Infineon Technologies AG.		49,631,187
	119,707	*,e,g	Just Eat Takeaway.com NV		12,368,518
	68,953		KION Group AG.		6,870,979
	68,665		Knorr-Bremse AG.		8,416,689
	78,315		Lanxess AG.		5,763,387
	68,317		LEG Immobilien AG.		9,505,299
	122,318		Merck KGaA		21,489,360
	50,501		MTU Aero Engines Holding AG.		12,744,293
	132,569		Muenchener Rueckver AG.		38,303,688

287

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	55,157		Nemetschek AG.	$	4,111,608
	146,531		Porsche AG.		15,446,774
	93,300		Puma AG. Rudolf Dassler Sport		9,835,892
	4,933		Rational AG.		4,103,548
	608,862		RWE AG.		23,119,617
	987,866		SAP AG.		138,321,633
	33,761		Sartorius AG.		19,048,638
	101,089	g	Scout24 AG.		8,404,606
	723,291		Siemens AG.		120,670,166
	379,467	*	Siemens Energy AG.		12,692,009
	253,626	g	Siemens Healthineers AG.		14,493,828
	122,237		Symrise AG.		15,785,064
	145,664	*,g	TeamViewer AG.		6,923,782
	962,600		Telefonica Deutschland Holding AG.		2,797,480
	190,194		Uniper SE		6,939,833
	102,839		United Internet AG.		4,325,191
	29,053		Volkswagen AG.		9,223,525
	174,999		Volkswagen AG. (Preference)		45,562,645
	145,119	*,g	Zalando SE		15,092,169
			TOTAL GERMANY		1,484,648,567
HONG KONG - 2.8%
	11,451,347		AIA Group Ltd		145,347,033
	295,093		ASM Pacific Technology		4,456,914
	1,203,179		Bank of East Asia Ltd		2,522,731
	2,431,289		CK Asset Holdings Ltd		15,221,368
	620,544		CK Infrastructure Holdings Ltd		3,794,304
	1,539,882		CLP Holdings Ltd		15,199,732
	1,912,237		Hang Lung Properties Ltd		5,216,999
	722,010		Hang Seng Bank Ltd		14,134,841
	1,369,728		Henderson Land Development Co Ltd		6,088,063
	2,440,111		HK Electric Investments & HK Electric Investments Ltd		2,443,959
	3,608,835		HKT Trust and HKT Ltd		5,239,974
	10,081,136		Hong Kong & China Gas Ltd		16,170,618
	1,288,427		Hong Kong Electric Holdings Ltd		7,918,419
	1,140,964		Hong Kong Exchanges and Clearing Ltd		68,812,708
	1,116,970		Hongkong Land Holdings Ltd		5,523,655
	206,477		Jardine Matheson Holdings Ltd		13,864,757
	1,953,502		Link REIT		18,427,500
	200,434	*	Melco Crown Entertainment Ltd (ADR)		3,866,372
	1,457,688		MTR Corp		8,118,499
	1,465,588		New World Development Co Ltd		7,755,405
	4,314,738		PCCW Ltd		2,496,297
	3,012,833		Sino Land Co		4,474,495
	1,234,471		Sun Hung Kai Properties Ltd		18,569,347
	471,612		Swire Pacific Ltd (Class A)		3,799,412
	1,094,434		Swire Properties Ltd		3,265,956
	1,304,660		Techtronic Industries Co		23,672,744
	9,083,007	g	WH Group Ltd		7,914,040
	1,585,426		Wharf Real Estate Investment Co Ltd		9,111,490
	1,719,770		Xinyi Glass Holdings Co Ltd		6,093,149
			TOTAL HONG KONG		449,520,781

288

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
IRELAND - 0.7%
	740,744		CRH plc	$	34,951,416
	154,410	*	Flutter Entertainment PLC		31,478,032
	150,363		Kerry Group plc (Class A)		19,490,307
	146,349		Kingspan Group plc		13,017,016
	230,967		Smurfit Kappa Group plc		11,807,093
			TOTAL IRELAND		110,743,864
ISRAEL - 0.6%
	39,312		Azrieli Group		2,758,548
	1,081,166	*	Bank Hapoalim Ltd		8,592,688
	1,375,616	*	Bank Leumi Le-Israel		9,656,458
	105,820	*	Check Point Software Technologies		12,360,834
	25,257		Elbit Systems Ltd		3,463,767
	662,580		Israel Chemicals Ltd		4,239,600
	1,105,117	*	Israel Discount Bank Ltd		4,974,796
	134,703	*	Mizrahi Tefahot Bank Ltd		3,786,074
	59,307	*	Nice Systems Ltd		14,302,741
	1,037,410	*	Teva Pharmaceutical Industries Ltd (ADR)		11,100,287
	53,073	*	Wix.com Ltd		16,870,845
			TOTAL ISRAEL		92,106,638
ITALY - 2.0%
	120,038		Amplifon S.p.A.		5,066,229
	1,039,287		Assicurazioni Generali S.p.A.		20,802,812
	469,082	*	Autostrade S.p.A.		9,144,850
	555,589		Davide Campari-Milano NV		6,556,173
	24,055		DiaSorin S.p.A.		4,085,440
	7,693,618		Enel S.p.A.		76,392,449
	2,389,081		ENI S.p.A.		28,456,085
	120,153		Ferrari NV		25,738,786
	581,899		FinecoBank Banca Fineco S.p.A		10,008,540
	323,840	g	Infrastrutture Wireless Italiane S.p.A		3,778,392
	15,659,464		Intesa Sanpaolo S.p.A.		43,657,213
	564,393	*	Mediobanca S.p.A.		6,374,534
	184,589		Moncler S.p.A		11,313,541
	415,885	*,g	Nexi S.p.A		7,966,431
	499,342	g	Poste Italiane S.p.A		6,536,950
	229,456		Prysmian S.p.A.		7,178,890
	98,993		Recordati S.p.A.		5,454,372
	1,888,525		Snam Rete Gas S.p.A.		10,626,827
	5,770,508		Telecom Italia RSP		3,384,761
	8,076,967		Telecom Italia S.p.A.		4,428,361
	1,322,596		Terna Rete Elettrica Nazionale S.p.A.		9,749,448
	2,027,674		UniCredit S.p.A.		20,828,232
			TOTAL ITALY		327,529,316
JAPAN - 23.5%
	30,331		ABC-Mart, Inc		1,625,147
	359,042		Acom Co Ltd		1,543,304
	189,477		Advantest Corp		17,912,213
	619,477		Aeon Co Ltd		16,904,850
	98,630		Aeon Mall Co Ltd		1,565,710
	175,527		Air Water, Inc		2,903,344
	157,442		Aisin Seiki Co Ltd		6,059,920

289

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	440,522		Ajinomoto Co, Inc	$	8,809,763
	175,899		Alfresa Holdings Corp		3,153,110
	146,959	*	All Nippon Airways Co Ltd		3,373,933
	305,575		Amada Co Ltd		3,314,388
	431,959		Asahi Breweries Ltd		18,061,521
	182,908		Asahi Glass Co Ltd		8,340,474
	187,352		Asahi Intecc Co Ltd		5,042,928
	1,185,539		Asahi Kasei Corp		12,489,038
	1,757,903		Astellas Pharma, Inc		26,458,314
	116,558		Azbil Corp		4,706,293
	189,298		Bandai Namco Holdings Inc		13,890,867
	51,706		Bank of Kyoto Ltd		2,777,751
	507,387		Bridgestone Corp		20,335,120
	210,151		Brother Industries Ltd		4,455,855
	80,283		Calbee, Inc		1,923,883
	945,698	e	Canon, Inc		22,488,831
	166,314		Capcom Co Ltd		5,395,728
	181,806	*	Casio Computer Co Ltd		3,219,101
	136,928		Central Japan Railway Co		20,061,562
	501,912		Chiba Bank Ltd		3,138,560
	607,617		Chubu Electric Power Co, Inc		7,363,342
	636,227		Chugai Pharmaceutical Co Ltd		23,880,717
	274,457		Chugoku Electric Power Co, Inc		3,071,654
	118,782		Coca-Cola West Japan Co Ltd		1,900,567
	990,311		Concordia Financial Group Ltd		3,723,063
	18,970		Cosmos Pharmaceutical Corp		2,722,706
	387,176		CyberAgent, Inc		7,945,795
	232,375		Dai Nippon Printing Co Ltd		4,604,552
	96,334		Daifuku Co Ltd		9,521,881
	1,022,166		Dai-ichi Mutual Life Insurance Co		18,457,315
	1,610,642		Daiichi Sankyo Co Ltd		41,136,458
	235,811		Daikin Industries Ltd		47,566,537
	61,683		Daito Trust Construction Co Ltd		6,558,935
	535,363		Daiwa House Industry Co Ltd		15,874,714
	1,862		Daiwa House REIT Investment Corp		4,986,814
	1,361,191		Daiwa Securities Group, Inc		7,263,477
	414,278		Denso Corp		26,784,310
	204,810		Dentsu, Inc		6,321,182
	27,409		Disco Corp		8,850,940
	391,384		Don Quijote Co Ltd		8,436,411
	287,965		East Japan Railway Co		19,722,040
	238,645		Eisai Co Ltd		15,564,881
	2,905,859		ENEOS Holdings, Inc		12,497,852
	181,598	*	Fanuc Ltd		41,818,881
	55,181		Fast Retailing Co Ltd		45,272,234
	121,543	*	Fuji Electric Holdings Co Ltd		5,533,578
	590,064		Fuji Heavy Industries Ltd		10,971,325
	340,273		Fujifilm Holdings Corp		22,041,254
	185,915		Fujitsu Ltd		29,534,087
	160,365		Fukuoka Financial Group, Inc		2,735,154
	3,880		GLP J-Reit		6,503,944
	38,715		GMO Payment Gateway, Inc		4,922,360
	218,511		Hakuhodo DY Holdings, Inc		3,698,149
	130,987		Hamamatsu Photonics KK		7,592,300

290

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	215,303		Hankyu Hanshin Holdings, Inc	$	6,790,461
	37,125	e	Harmonic Drive Systems, Inc		2,496,662
	20,009		Hikari Tsushin, Inc		4,025,009
	274,780		Hino Motors Ltd		2,306,256
	30,570		Hirose Electric Co Ltd		4,873,063
	48,776		Hisamitsu Pharmaceutical Co, Inc		2,845,355
	101,863	*	Hitachi Construction Machinery Co Ltd		3,131,342
	915,100	*	Hitachi Ltd		45,295,360
	199,100	*	Hitachi Metals Ltd		3,860,155
	1,546,896		Honda Motor Co Ltd		46,128,139
	48,725		Hoshizaki Electric Co Ltd		4,328,642
	355,694	*	Hoya Corp		40,430,056
	286,885		Hulic Co Ltd		3,272,941
	101,686		Ibiden Co Ltd		4,799,935
	186,673		Idemitsu Kosan Co Ltd		4,464,465
	136,473		Iida Group Holdings Co Ltd		3,323,711
	981,192		Inpex Holdings, Inc		6,677,014
	531,324		Isuzu Motors Ltd		5,395,139
	49,719		Ito En Ltd		2,753,037
	1,273,582		Itochu Corp		39,759,617
	91,171		Itochu Techno-Science Corp		3,154,688
	136,276	*	Japan Airlines Co Ltd		2,919,308
	48,392	*	Japan Airport Terminal Co Ltd		2,172,780
	379,915		Japan Post Bank Co Ltd		3,474,113
	1,493,218		Japan Post Holdings Co Ltd		12,548,182
	210,663		Japan Post Insurance Co Ltd		4,061,775
	1,245		Japan Real Estate Investment Corp		7,716,744
	6,597		Japan Retail Fund Investment Corp		6,501,095
	1,124,091		Japan Tobacco, Inc		21,086,442
	470,449		JFE Holdings, Inc		6,186,273
	192,380		JSR Corp		5,929,928
	421,948		Kajima Corp		5,836,791
	128,974		Kakaku.com, Inc		3,501,682
	664,619		Kansai Electric Power Co, Inc		6,601,487
	167,382		Kansai Paint Co Ltd		4,214,512
	455,678		Kao Corp		29,297,150
	1,534,723		KDDI Corp		46,393,811
	91,060		Keihan Electric Railway Co Ltd		3,325,058
	208,960		Keihin Electric Express Railway Co Ltd		2,679,103
	97,436		Keio Corp		6,342,871
	122,368		Keisei Electric Railway Co Ltd		3,821,457
	172,686		Keyence Corp		82,898,380
	137,365		Kikkoman Corp		8,441,645
	162,460	*	Kintetsu Corp		5,828,188
	776,527		Kirin Brewery Co Ltd		14,582,581
	46,779		Kobayashi Pharmaceutical Co Ltd		4,177,931
	117,611		Kobe Bussan Co Ltd		3,141,884
	56,742		Koei Tecmo Holdings Co Ltd		2,529,840
	98,709	*	Koito Manufacturing Co Ltd		6,157,530
	828,205		Komatsu Ltd		24,353,054
	87,477		Konami Corp		5,217,683
	31,685		Kose Corp		4,769,715
	971,254		Kubota Corp		22,849,493
	268,179		Kuraray Co Ltd		2,915,162

291

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	94,958		Kurita Water Industries Ltd	$	4,385,575
	303,336		Kyocera Corp		18,416,486
	256,512		Kyowa Hakko Kogyo Co Ltd		7,807,739
	354,831		Kyushu Electric Power Co, Inc		3,252,288
	140,763		Kyushu Railway Co		3,160,036
	72,044		Lasertec Corp		12,686,145
	47,268		Lawson, Inc		2,124,274
	211,524		Lion Corp		3,968,858
	250,852		LIXIL Group Corp		6,794,804
	418,092		M3, Inc		28,881,737
	211,669		Makita Corp		9,532,563
	1,565,373		Marubeni Corp		13,038,355
	177,388		Marui Co Ltd		3,333,866
	557,506	*	Mazda Motor Corp		4,329,147
	61,815		McDonald’s Holdings Co Japan Ltd		2,822,351
	170,227		Mediceo Paltac Holdings Co Ltd		3,132,261
	106,826		MEIJI Holdings Co Ltd		6,628,927
	82,308	*	Mercari, Inc		4,040,052
	344,691		Minebea Co Ltd		8,644,552
	267,843		MISUMI Group, Inc		7,564,871
	1,215,641		Mitsubishi Chemical Holdings Corp		9,049,817
	1,264,462		Mitsubishi Corp		34,963,258
	1,721,934		Mitsubishi Electric Corp		26,532,153
	1,117,206		Mitsubishi Estate Co Ltd		18,387,961
	150,623		Mitsubishi Gas Chemical Co, Inc		3,480,099
	293,689		Mitsubishi Heavy Industries Ltd		8,742,639
	11,567,388		Mitsubishi UFJ Financial Group, Inc		61,539,617
	632,833		Mitsubishi UFJ Lease & Finance Co Ltd		3,636,967
	1,542,754		Mitsui & Co Ltd		32,557,717
	174,060		Mitsui Chemicals, Inc		5,479,400
	868,591		Mitsui Fudosan Co Ltd		18,882,552
	83,633		Miura Co Ltd		4,387,351
	2,279,688		Mizuho Financial Group, Inc		32,085,307
	239,196		MonotaRO Co Ltd		6,073,759
	419,923		MS&AD Insurance Group Holdings Inc		11,913,470
	543,532		Murata Manufacturing Co Ltd		43,214,809
	107,804		Nabtesco Corp		4,851,129
	179,890	*	Nagoya Railroad Co Ltd		4,131,870
	245,739		NEC Corp		14,286,199
	461,883		Nexon Co Ltd		15,277,821
	245,089		NGK Insulators Ltd		4,479,352
	148,093		NGK Spark Plug Co Ltd		2,473,119
	423,435		Nidec Corp		48,893,555
	285,488		Nihon M&A Center, Inc		7,458,301
	105,913		Nintendo Co Ltd		60,757,288
	1,405		Nippon Building Fund, Inc		9,221,000
	67,987		Nippon Express Co Ltd		5,203,303
	77,499		Nippon Meat Packers, Inc		3,461,463
	693,285		Nippon Paint Co Ltd		9,902,766
	2,007		Nippon ProLogis REIT, Inc		6,431,378
	43,073		Nippon Shinyaku Co Ltd		2,905,426
	765,938		Nippon Steel Corp		13,384,744
	1,224,736		Nippon Telegraph & Telephone Corp		30,879,117
	146,572		Nippon Yusen Kabushiki Kaisha		5,760,774

292

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	116,625		Nissan Chemical Industries Ltd	$	5,996,017
	2,216,364	*	Nissan Motor Co Ltd		11,126,030
	183,620		Nisshin Seifun Group, Inc		2,965,884
	59,765		Nissin Food Products Co Ltd		4,235,007
	75,776		Nitori Co Ltd		13,571,890
	149,641		Nitto Denko Corp		12,383,424
	2,978,650	*	Nomura Holdings, Inc		16,010,701
	111,062		Nomura Real Estate Holdings, Inc		2,737,959
	3,972		Nomura Real Estate Master Fund, Inc		6,275,985
	303,137		Nomura Research Institute Ltd		9,302,987
	339,217		NSK Ltd		3,128,140
	599,477		NTT Data Corp		9,334,427
	610,376		Obayashi Corp		5,584,614
	66,250		Obic Co Ltd		12,768,093
	279,060		Odakyu Electric Railway Co Ltd		7,558,049
	815,627		OJI Paper Co Ltd		5,144,808
	1,103,140		Olympus Corp		22,704,297
	175,417		Omron Corp		13,283,619
	348,270		Ono Pharmaceutical Co Ltd		8,772,522
	36,731	*	Oracle Corp Japan		3,443,715
	189,433		Oriental Land Co Ltd		26,854,184
	1,243,191		ORIX Corp		20,069,908
	2,469		Orix JREIT, Inc		4,355,253
	354,906		Osaka Gas Co Ltd		6,869,549
	483,453		Osaka Securities Exchange Co Ltd		11,338,625
	98,601		Otsuka Corp		4,959,985
	367,761		Otsuka Holdings KK		14,094,273
	2,088,334		Panasonic Corp		24,521,220
	89,030	*	PeptiDream, Inc		3,810,705
	167,456		Persol Holdings Co Ltd		3,083,909
	109,744		Pigeon Corp		3,724,547
	85,048		Pola Orbis Holdings, Inc		2,202,499
	829,699	*	Rakuten, Inc		10,547,271
	1,284,348		Recruit Holdings Co Ltd		57,908,014
	737,572	*	Renesas Electronics Corp		8,591,341
	1,994,234		Resona Holdings, Inc		8,209,541
	634,788		Ricoh Co Ltd		6,783,418
	33,999		Rinnai Corp		3,413,989
	83,044		Rohm Co Ltd		8,197,493
	226,042		Ryohin Keikaku Co Ltd		4,760,705
	342,016		Santen Pharmaceutical Co Ltd		4,380,430
	228,044	*	SBI Holdings, Inc		6,445,619
	198,153		Secom Co Ltd		16,512,953
	159,823		Sega Sammy Holdings, Inc		2,293,889
	198,361	*	Seibu Holdings, Inc		2,133,143
	255,134		Seiko Epson Corp		4,352,995
	335,518		Sekisui Chemical Co Ltd		5,849,885
	580,311		Sekisui House Ltd		11,752,820
	712,448		Seven & I Holdings Co Ltd		30,760,733
	303,624		SG Holdings Co Ltd		6,895,038
	201,332	e	Sharp Corp		3,397,555
	210,246		Shimadzu Corp		7,367,637
	20,508		Shimamura Co Ltd		2,028,850
	70,178		Shimano, Inc		16,046,539

293

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	529,871		Shimizu Corp	$	4,341,808
	335,246		Shin-Etsu Chemical Co Ltd		56,590,213
	148,784	*	Shinsei Bank Ltd		2,170,216
	249,833		Shionogi & Co Ltd		13,171,001
	378,838		Shiseido Co Ltd		27,568,520
	401,419		Shizuoka Bank Ltd		3,080,281
	54,251	*	SMC Corp		31,524,005
	2,735,177		Softbank Corp		35,257,435
	1,483,825		Softbank Group Corp		133,708,372
	67,243		Sohgo Security Services Co Ltd		2,948,119
	317,259		Sompo Holdings, Inc		11,790,976
	1,193,432		Sony Corp		119,318,020
	87,411		Square Enix Co Ltd		4,846,964
	121,188		Stanley Electric Co Ltd		3,469,176
	237,172		Sumco Corp		6,133,779
	49,788		Sumisho Computer Systems Corp		2,889,290
	1,414,519		Sumitomo Chemical Co Ltd		7,219,984
	1,122,555		Sumitomo Corp		15,254,382
	169,475		Sumitomo Dainippon Pharma Co Ltd		2,942,303
	713,994		Sumitomo Electric Industries Ltd		10,624,160
	221,642		Sumitomo Metal Mining Co Ltd		9,383,953
	1,233,645		Sumitomo Mitsui Financial Group, Inc		43,336,369
	318,402		Sumitomo Mitsui Trust Holdings, Inc		10,851,970
	293,022		Sumitomo Realty & Development Co Ltd		9,781,340
	65,753		Sundrug Co Ltd		2,240,747
	129,891		Suntory Beverage & Food Ltd		4,384,511
	64,323		Suzuken Co Ltd		2,318,040
	351,193	*	Suzuki Motor Corp		13,326,549
	158,303		Sysmex Corp		15,811,862
	506,530		T&D Holdings, Inc		6,216,266
	98,454		Taiheiyo Cement Corp		2,471,857
	179,185		Taisei Corp		6,620,575
	31,425		Taisho Pharmaceutical Holdings Co Ltd		1,852,689
	143,472		Taiyo Nippon Sanso Corp		2,699,055
	1,493,609		Takeda Pharmaceutical Co Ltd		49,887,274
	122,765		TDK Corp		16,648,515
	170,747		Teijin Ltd		2,811,262
	610,862		Terumo Corp		23,098,039
	118,172		THK Co Ltd		4,031,396
	213,829		TIS, Inc		5,305,154
	177,023		Tobu Railway Co Ltd		4,558,338
	106,097		Toho Co Ltd		4,228,278
	70,071		Toho Gas Co Ltd		3,905,226
	400,065		Tohoku Electric Power Co, Inc		3,534,165
	597,046		Tokio Marine Holdings, Inc		28,632,466
	42,033		Tokyo Century Corp		2,598,546
	1,333,546	*	Tokyo Electric Power Co, Inc		3,954,205
	141,353		Tokyo Electron Ltd		64,200,789
	353,029		Tokyo Gas Co Ltd		7,164,333
	468,758		Tokyu Corp		6,028,589
	585,043		Tokyu Fudosan Holdings Corp		3,256,307
	251,328		Toppan Printing Co Ltd		4,292,084
	1,320,540		Toray Industries, Inc		8,211,399
	366,411		Toshiba Corp		15,144,218

294

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	244,939		Tosoh Corp	$	4,341,525
	133,597		Toto Ltd		6,945,721
	84,514		Toyo Suisan Kaisha Ltd		3,446,056
	60,051		Toyoda Gosei Co Ltd		1,471,867
	138,267		Toyota Industries Corp		11,101,302
	2,007,710	*	Toyota Motor Corp		150,225,237
	201,741		Toyota Tsusho Corp		8,548,669
	126,466	*	Trend Micro, Inc		6,019,638
	34,879		Tsuruha Holdings, Inc		4,031,955
	382,416		Uni-Charm Corp		14,864,634
	2,784		United Urban Investment Corp		4,156,136
	204,261		USS Co Ltd		3,706,485
	89,215		Welcia Holdings Co Ltd		2,783,632
	154,906		West Japan Railway Co		8,564,098
	121,185		Yakult Honsha Co Ltd		5,898,875
	697,165		Yamada Denki Co Ltd		3,470,651
	126,516		Yamaha Corp		6,904,678
	265,087		Yamaha Motor Co Ltd		6,623,356
	276,106		Yamato Transport Co Ltd		7,787,246
	115,958		Yamazaki Baking Co Ltd		1,838,048
	228,569		Yaskawa Electric Corp		10,535,855
	217,736		Yokogawa Electric Corp		3,952,580
	2,511,836		Z Holdings Corp		11,585,251
	104,404		ZOZO Inc		3,511,524
			TOTAL JAPAN		3,773,939,052
JORDAN - 0.0%
	165,254		Hikma Pharmaceuticals plc		5,568,915
			TOTAL JORDAN		5,568,915
LUXEMBOURG - 0.2%
	677,404		ArcelorMittal		19,692,553
	126,958		Eurofins Scientific SE		12,574,110
	365,342		SES S.A.		2,769,501
			TOTAL LUXEMBOURG		35,036,164
MACAU - 0.2%
	2,057,914	*	Galaxy Entertainment Group Ltd		18,064,618
	2,298,022	*	Sands China Ltd		10,874,377
	1,884,433		SJM Holdings Ltd		2,433,474
	1,493,303	*	Wynn Macau Ltd		2,863,873
			TOTAL MACAU		34,236,342
MEXICO - 0.0%
	169,135		Fresnillo plc		1,923,252
			TOTAL MEXICO		1,923,252
NETHERLANDS - 5.1%
	400,437	*,g	ABN AMRO Group NV (ADR)		5,170,493
	16,511	*,g	Adyen NV		40,635,109
	1,641,493		Aegon NV		7,607,212
	182,356	e	Akzo Nobel NV		21,895,295
	43,088	*	Argenx SE		12,453,329

295

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	44,597		ASM International NV	$	13,529,704
	403,023		ASML Holding NV		261,618,946
	163,419		DSM NV		29,301,019
	103,088		EXOR NV		8,460,704
	109,097		Heineken Holding NV		10,836,632
	245,463		Heineken NV		28,473,573
	3,697,083		ING Groep NV		47,230,160
	72,310	*	JDE Peet’s BV		2,811,423
	1,040,697		Koninklijke Ahold Delhaize NV		28,007,143
	3,403,029		Koninklijke KPN NV		11,739,131
	860,699		Koninklijke Philips Electronics NV		48,666,604
	65,664	e	Koninklijke Vopak NV		3,006,637
	280,761		NN Group NV		14,003,927
	461,810		Prosus NV		50,120,977
	112,337		Randstad Holdings NV		8,105,355
	3,879,049		Royal Dutch Shell plc (A Shares)		72,989,204
	3,505,815		Royal Dutch Shell plc (B Shares)		62,731,844
	252,944		Wolters Kluwer NV		22,879,037
			TOTAL NETHERLANDS		812,273,458
NEW ZEALAND - 0.3%
	720,326	*	a2 Milk Co Ltd		3,938,155
	1,184,583	*	Auckland International Airport Ltd		6,406,288
	546,401		Fisher & Paykel Healthcare Corp		14,082,334
	637,761		Mercury NZ Ltd		3,159,237
	1,224,465		Meridian Energy Ltd		4,667,721
	379,878		Ryman Healthcare Ltd		3,840,573
	1,837,066		Telecom Corp of New Zealand Ltd		5,782,748
	114,950	*	Xero Ltd		12,522,161
			TOTAL NEW ZEALAND		54,399,217
NORWAY - 0.5%
	883,562		DNB NOR Holding ASA		18,949,072
	924,302		Equinor ASA		18,664,205
	186,986		Gjensidige Forsikring BA		4,246,288
	416,769		Mowi ASA		10,281,732
	1,268,762		Norsk Hydro ASA		8,079,199
	707,556		Orkla ASA		7,212,202
	72,866		Schibsted ASA		3,661,796
	93,806		Schibsted ASA (B Shares)		4,113,310
	673,311		Telenor ASA		11,995,022
			TOTAL NORWAY		87,202,826
PORTUGAL - 0.2%
	2,653,104		Energias de Portugal S.A.		14,742,763
	473,081		Galp Energia SGPS S.A.		5,447,432
	222,923		Jeronimo Martins SGPS S.A.		4,071,058
			TOTAL PORTUGAL		24,261,253
RUSSIA - 0.0%
	476,050		Evraz plc		4,221,764
			TOTAL RUSSIA		4,221,764

296

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
SAUDI ARABIA - 0.1%
	123,314	*,g	Delivery Hero AG.	$	19,562,619
			TOTAL SAUDI ARABIA		19,562,619
SINGAPORE - 1.0%
	3,069,506		Ascendas REIT		7,152,926
	2,498,601		CapitaLand Ltd		6,965,253
	4,336,486		CapitaMall Trust		6,996,326
	440,843		City Developments Ltd		2,607,793
	1,700,070		DBS Group Holdings Ltd		38,100,347
	5,674,939		Genting Singapore Ltd		3,680,478
	1,385,681		Keppel Corp Ltd		5,629,624
	1,994,201		Mapletree Commercial Trust		3,271,335
	2,717,895		Mapletree Logistics Trust		4,056,833
	3,163,731		Oversea-Chinese Banking Corp		28,921,323
	1,251,022	*	Singapore Airlines Ltd		4,741,266
	734,147		Singapore Exchange Ltd		5,751,084
	1,452,577		Singapore Technologies Engineering Ltd		4,202,238
	7,778,802		Singapore Telecommunications Ltd		14,594,161
	1,851,498		Suntec Real Estate Investment Trust		2,121,795
	1,112,338		United Overseas Bank Ltd		22,171,965
	426,791		UOL Group Ltd		2,462,657
	262,478		Venture Corp Ltd		3,960,421
			TOTAL SINGAPORE		167,387,825
SOUTH AFRICA - 0.3%
	1,161,610		Anglo American plc		49,252,757
			TOTAL SOUTH AFRICA		49,252,757
SPAIN - 2.5%
	226,907		ACS Actividades de Construccion y Servicios S.A.		7,392,796
	65,151	*,g	Aena S.A.		11,322,954
	428,172		Amadeus IT Holding S.A.		29,157,667
	6,359,021		Banco Bilbao Vizcaya Argentaria S.A.		35,607,854
	16,504,270		Banco Santander S.A.		63,666,071
	4,258,600	*	CaixaBank S.A.		13,623,108
	416,044	g	Cellnex Telecom SAU		23,533,138
	237,730		Enagas		5,175,494
	305,915		Endesa S.A.		8,046,085
	469,431		Ferrovial S.A.		13,327,615
	282,354	e	Grifols S.A.		7,647,880
	5,809,352		Iberdrola S.A.		78,507,277
	1,039,470	e	Industria De Diseno Textil S.A.		36,985,055
	280,841		Naturgy Energy Group S.A.		7,214,687
	411,689		Red Electrica Corp S.A.		7,557,805
	1,427,849		Repsol YPF S.A.		17,043,210
	229,681		Siemens Gamesa Renewable Energy		8,296,038
	4,849,767		Telefonica S.A.		22,475,367
			TOTAL SPAIN		396,580,101
SWEDEN - 3.4%
	297,905	e	Alfa Laval AB		10,061,038
	947,997		Assa Abloy AB		27,026,991
	634,911		Atlas Copco AB (A Shares)		38,501,037

297

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	368,608		Atlas Copco AB (B Shares)	$	19,126,677
	257,379	e	Boliden AB		10,011,402
	212,187	e	Electrolux AB (Series B)		5,955,388
	370,191		Epiroc AB		7,248,153
	623,760	e	Epiroc AB (Class A)		13,496,609
	225,442		EQT AB		7,597,945
	2,761,735		Ericsson (LM) (B Shares)		37,930,023
	576,955		Essity AB		18,830,657
	150,780	g	Evolution Gaming Group AB		29,765,268
	97,454	*	Fastighets AB Balder		5,615,096
	758,277		Hennes & Mauritz AB (B Shares)		18,659,206
	266,399		Hexagon AB (B Shares)		25,446,138
	394,666		Husqvarna AB (B Shares)		5,495,937
	94,768		ICA Gruppen AB		4,368,144
	152,757	e	Industrivarden AB		5,509,974
	100,587	e	Industrivarden AB		3,857,384
	138,349	e	Investment AB Latour		4,226,322
	430,527	e	Investor AB (B Shares)		36,545,935
	228,729		Kinnevik AB		12,623,922
	72,762		Lundbergs AB (B Shares)		4,154,395
	176,493		Lundin Petroleum AB		5,629,762
	298,277		Nibe Industrier AB		10,893,379
	1,067,824	e	Sandvik AB		26,406,694
	292,625	e	Securitas AB (B Shares)		4,981,187
	1,538,431		Skandinaviska Enskilda Banken AB (Class A)		19,712,134
	320,906		Skanska AB (B Shares)		8,691,136
	361,175		SKF AB (B Shares)		9,331,229
	573,430		Svenska Cellulosa AB (B Shares)		10,041,546
	1,472,282		Svenska Handelsbanken AB		17,049,417
	857,132		Swedbank AB (A Shares)		15,047,052
	153,295		Swedish Match AB		12,549,416
	477,258		Tele2 AB (B Shares)		6,164,399
	2,349,612	e	TeliaSonera AB		9,736,394
	1,346,712		Volvo AB (B Shares)		32,887,473
			TOTAL SWEDEN		541,174,859
SWITZERLAND - 9.3%
	1,742,592		ABB Ltd		56,603,128
	146,012		Adecco S.A.		9,896,628
	465,434		Alcon, Inc		34,959,086
	44,103	*	Baloise Holding AG.		7,457,534
	28,811		Banque Cantonale Vaudoise		2,937,179
	3,377		Barry Callebaut AG.		7,456,087
	494,418		Cie Financiere Richemont S.A.		50,740,524
	190,411		Clariant AG.		3,988,420
	189,600		Coca-Cola HBC AG.		6,552,938
	2,295,048	e	Credit Suisse Group		24,052,048
	7,728	e	EMS-Chemie Holding AG.		7,215,724
	35,007		Geberit AG.		23,034,892
	8,769		Givaudan S.A.		36,743,640
	494,855		Holcim Ltd		30,536,362
	212,316		Julius Baer Group Ltd		13,362,623
	50,843		Kuehne & Nagel International AG.		15,201,796
	977	*	Lindt & Spruengli AG.		9,061,254

298

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	97	*	Lindt & Spruengli AG. (Registered)	$	9,590,195
	156,703		Logitech International S.A.		17,441,724
	70,693	*	Lonza Group AG.		44,940,540
	2,725,189		Nestle S.A.		325,198,688
	2,099,371		Novartis AG.		179,152,643
	17,736		Partners Group		25,264,345
	29,947	e	Roche Holding AG.		10,412,785
	664,446		Roche Holding AG.		216,712,775
	38,530		Schindler Holding AG.		10,964,245
	19,028		Schindler Holding AG. (Registered)		5,294,482
	5,711		SGS S.A.		16,898,286
	134,602		Sika AG.		40,200,577
	51,886	*	Sonova Holdings AG		15,363,444
	605,967		STMicroelectronics NV		22,633,624
	9,831		Straumann Holding AG.		14,050,190
	27,632	e	Swatch Group AG.		8,469,388
	49,124		Swatch Group AG. (Registered)		2,946,733
	28,876		Swiss Life Holding		14,069,294
	72,308		Swiss Prime Site AG.		7,036,962
	270,833		Swiss Re Ltd		25,144,435
	24,314	e	Swisscom AG.		13,201,252
	63,446		Temenos Group AG.		9,327,822
	3,469,419		UBS Group AG		52,980,100
	43,507	e	Vifor Pharma AG.		6,270,368
	142,369		Zurich Insurance Group AG		58,408,085
			TOTAL SWITZERLAND		1,491,772,845
UNITED ARAB EMIRATES - 0.0%
	121,704	*,†	NMC Health plc		1,681
			TOTAL UNITED ARAB EMIRATES		1,681
UNITED KINGDOM - 11.9%
	925,690		3i Group plc		16,395,619
	183,247		Admiral Group plc		7,917,876
	427,916		Ashtead Group plc		27,493,996
	337,982	*	Associated British Foods plc		10,784,016
	1,241,612		AstraZeneca plc		132,161,989
	928,155	*,g	Auto Trader Group plc		7,306,987
	110,457		Aveva Group plc		5,308,717
	3,715,971		Aviva plc		20,543,915
	3,038,739		BAE Systems plc		21,226,290
	16,290,397		Barclays plc		39,438,542
	968,431		Barratt Developments plc		10,325,639
	118,645		Berkeley Group Holdings plc		7,582,425
	19,184,233		BP plc		80,311,818
	2,170,183		British American Tobacco plc		80,521,046
	840,777		British Land Co plc		6,025,149
	8,448,232	*	BT Group plc		19,269,934
	318,719		Bunzl plc		10,247,708
	383,298	*	Burberry Group plc		10,909,910
	2,563,239		CK Hutchison Holdings Ltd		20,949,611
	955,993		CNH Industrial NV		14,191,302
	194,110		Coca-Cola European Partners plc (Class A)		11,029,330
	1,690,352	*	Compass Group plc		36,772,374

299

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	132,537		Croda International plc	$	12,381,592
	93,427		DCC plc		8,106,568
	2,212,025		Diageo plc		99,300,819
	1,274,644		Direct Line Insurance Group plc		5,015,354
	553,957	*	Entain PLC		12,949,641
	869,136		Experian Group Ltd		33,506,529
	4,742,078		GlaxoSmithKline plc		87,632,385
	360,446		Halma plc		12,879,669
	313,182		Hargreaves Lansdown plc		7,435,453
	19,282,667		HSBC Holdings plc		120,395,401
	893,478		Imperial Tobacco Group plc		18,623,221
	1,446,257		Informa plc		11,241,917
	165,008	*	InterContinental Hotels Group plc		11,725,966
	152,842		Intertek Group plc		12,956,300
	1,697,123		J Sainsbury plc		5,574,189
	469,568	*	JD Sports Fashion plc		5,956,234
	184,860		Johnson Matthey plc		8,295,476
	1,997,269	*	Kingfisher plc		9,859,840
	666,906		Land Securities Group plc		6,645,756
	5,652,243		Legal & General Group plc		21,221,833
	66,612,867		Lloyds TSB Group plc		41,771,553
	299,998		London Stock Exchange Group plc		30,650,265
	2,467,161		M&G plc		7,405,466
	4,501,674		Melrose Industries plc		10,134,140
	463,075		Mondi plc		12,569,582
	3,325,863		National Grid plc		41,924,301
	4,636,293		Natwest Group plc		12,582,028
	125,835		Next plc		13,560,758
	462,355	*	Ocado Ltd		13,384,686
	718,740		Pearson plc		8,245,431
	302,090		Persimmon plc		13,068,572
	529,636		Phoenix Group Holdings plc		5,195,614
	2,469,527		Prudential plc		52,290,446
	674,123		Reckitt Benckiser Group plc		60,022,296
	1,827,004		RELX plc		47,402,451
	1,763,205		Rentokil Initial plc		12,185,984
	7,779,914	*	Rolls-Royce Group plc		11,259,138
	984,060		RSA Insurance Group plc		9,267,771
	1,043,348		Sage Group plc		9,192,533
	116,279		Schroders plc		5,793,419
	984,714		Scottish & Southern Energy plc		19,963,621
	1,126,582		Segro plc		15,651,127
	225,442		Severn Trent plc		7,716,944
	828,816		Smith & Nephew plc		17,938,684
	375,740		Smiths Group plc		8,438,489
	70,171		Spirax-Sarco Engineering plc		11,453,582
	512,899		St. James’s Place plc		9,646,783
	2,538,621		Standard Chartered plc		18,211,909
	2,086,632		Standard Life Aberdeen plc		7,996,474
	3,340,815		Taylor Wimpey plc		8,287,538
	7,321,715		Tesco plc		22,350,005
	2,487,046		Unilever plc		145,683,903
	641,653		United Utilities Group plc		8,582,613
	25,580,890		Vodafone Group plc		48,276,221

300

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY					VALUE
	191,431	*	Whitbread plc					$	8,582,471
	2,295,686		WM Morrison Supermarkets plc						5,513,505
	1,162,216		WPP plc						15,669,129
			TOTAL UNITED KINGDOM						1,906,287,768
UNITED STATES - 0.6%
	36,457	*	CyberArk Software Ltd						5,122,209
	212,916		Ferguson plc						26,854,247
	421,363		James Hardie Industries NV						13,885,749
	218,474	*,e	QIAGEN NV						10,651,370
	1,943,850		Stellantis NV						32,208,636
	450,210		Tenaris S.A.						4,827,587
			TOTAL UNITED STATES						93,549,798
			TOTAL COMMON STOCKS						15,823,178,587
			(Cost $11,866,037,509)
RIGHTS / WARRANTS - 0.0%
SWITZERLAND - 0.0%
	86,367		Cie Financiere Richemont S.A.						36,883
	2,295,048	†,e	Credit Suisse Group AG.						0
			TOTAL SWITZERLAND						36,883
			TOTAL RIGHTS / WARRANTS						36,883
			(Cost $0)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.4%
GOVERNMENT AGENCY DEBT - 0.3%
$	13,919,000		Federal Home Loan Bank (FHLB)		0.005	%	05/10/21		13,919,000
	1,665,000		FHLB		0.005		05/17/21		1,665,000
	16,300,000		FHLB		0.015		06/04/21		16,300,000
	13,040,000		FHLB		0.015		07/07/21		13,039,765
			TOTAL GOVERNMENT AGENCY DEBT						44,923,765
REPURCHASE AGREEMENT - 0.0%
	4,445,000	r	Fixed Income Clearing Corp (FICC)		0.005		05/03/21		4,445,000
			TOTAL REPURCHASE AGREEMENT						4,445,000
TREASURY DEBT - 0.5%
	7,139,000		United States Treasury Bill		0.005		05/04/21		7,138,999
	50,000,000		United States Treasury Bill		0.006		05/06/21		49,999,979
	16,813,000		United States Treasury Bill		0.010		05/20/21		16,812,921
			TOTAL TREASURY DEBT						73,951,899

301

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	RATE		VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
	93,575,022	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020	%	$	93,575,022
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES				93,575,022
			TOTAL SHORT-TERM INVESTMENTS				216,895,686
			(Cost $216,895,272)
			TOTAL INVESTMENTS - 99.9%				16,040,111,156
			(Cost $12,082,932,781)
			OTHER ASSETS & LIABILITIES, NET - 0.1%				17,466,437
			NET ASSETS - 100.0%			$	16,057,577,593

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 $193,540,932.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/21, the aggregate value of these securities is $300,649,090 or 1.9% of net assets.
r	Agreement with Fixed Income Clearing Corp, 0.005% dated 4/30/21 to be repurchased at $4,445,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $4,533,983.

Futures contracts outstanding as of April 30, 2021 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index	1,057	06/18/21	$	119,346,583	$	119,298,305	$	(48,278	)

302

TIAA-CREF FUNDS – International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2021

SECTOR	VALUE		% OF NET ASSETS
FINANCIALS	$	2,738,970,475		17.0	%
INDUSTRIALS		2,421,466,423		15.1
CONSUMER DISCRETIONARY		2,007,928,501		12.5
HEALTH CARE		1,890,289,377		11.8
CONSUMER STAPLES		1,632,305,558		10.2
INFORMATION TECHNOLOGY		1,464,425,960		9.1
MATERIALS		1,275,900,880		7.9
COMMUNICATION SERVICES		831,730,937		5.2
UTILITIES		570,391,740		3.6
ENERGY		502,241,966		3.1
REAL ESTATE		487,563,653		3.0
SHORT-TERM INVESTMENTS		216,895,686		1.4
OTHER ASSETS & LIABILITIES, NET		17,466,437		0.1
NET ASSETS	$	16,057,577,593		100.0	%

303

TIAA-CREF FUNDS – Emerging Markets Debt Fund

TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.0%
MEXICO - 1.0%
$	4,000,000	†,i	Grupo Aeromexico SAB de C.V.	LIBOR 1M + 8.000%		9.000	%	08/19/22	$	4,015,000
	3,250,000	†,i	Grupo Aeromexico SAB de C.V.	LIBOR 1M + 12.500%		12.613		08/19/22		3,323,125
			TOTAL MEXICO							7,338,125
			TOTAL BANK LOAN OBLIGATIONS							7,338,125
			(Cost $7,197,022)
BONDS - 95.6%
CORPORATE BONDS - 47.0%
ARGENTINA - 0.4%
	2,020,000	g	AES Argentina Generacion S.A.			7.750		02/02/24		1,638,725
	1,950,000	g	YPF S.A.			6.950		07/21/27		1,199,250
			TOTAL ARGENTINA							2,837,975
BRAZIL - 5.1%
	3,000,000	g	Amaggi Luxembourg International Sarl			5.250		01/28/28		3,135,750
	980,000	g	Atento Luxco S.A.			8.000		02/10/26		1,064,688
	3,750,000	g	Banco BTG Pactual S.A.			2.750		01/11/26		3,562,538
	1,775,000	g	BRF S.A.			4.875		01/24/30		1,822,677
	2,000,000	g	Cosan Ltd			5.500		09/20/29		2,131,000
	1,425,000	g	Embraer Netherlands Finance BV			6.950		01/17/28		1,604,792
	1,050,000	g	Hidrovias International Finance SARL			4.950		02/08/31		1,065,750
	2,250,000	g	Itau Unibanco Holding S.A.			3.875		04/15/31		2,184,750
	2,750,000	e,g	Itau Unibanco Holding S.A.			4.625		N/A‡		2,621,781
	2,250,000	g	JSM Global Sarl			4.750		10/20/30		2,275,335
	1,750,000	g	Natura Cosmeticos S.A.			4.125		05/03/28		1,776,250
	1,500,000	g	NBM US Holdings, Inc			6.625		08/06/29		1,661,415
	459,273	g	Odebrecht Offshore Drilling Finance Ltd			6.720		12/01/22		452,384
	4,072,822	†,g,o	Odebrecht Offshore Drilling Finance Ltd			7.720		12/01/26		814,442
	527,012	†,g	Odebrecht Oil & Gas Finance Ltd			0.000		N/A‡		6,324
	714,000	o	Oi S.A.			10.000		07/27/25		746,137
	1,000,000		Petrobras Global Finance BV			5.625		05/20/43		1,059,100
	2,000,000		Petrobras Global Finance BV			6.900		03/19/49		2,251,200
	1,920,000	g	Rio Oil Finance Trust			8.200		04/06/28		2,188,819
	775,000		Suzano Austria GmbH			6.000		01/15/29		906,362
	1,525,000	e,g	Suzano Austria GmbH			7.000		03/16/47		1,965,344
	1,275,000	g	Tupy Overseas S.A.			4.500		02/16/31		1,268,625
			TOTAL BRAZIL							36,565,463
CHILE - 3.0%
	1,525,000	g	ATP Tower Holdings LLC			4.050		04/27/26		1,500,600

304

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,325,000	g	Celulosa Arauco y Constitucion S.A.		5.150	%	01/29/50	$	2,617,636
	1,800,000	g	Corp Nacional del Cobre de Chile		3.625		08/01/27		1,965,798
	2,000,000	g	Corp Nacional del Cobre de Chile		3.000		09/30/29		2,055,940
	2,150,000	g	Corp Nacional del Cobre de Chile		4.375		02/05/49		2,407,505
	1,675,000	g	Corp Nacional del Cobre de Chile		3.150		01/15/51		1,543,010
	2,075,000	g	Embotelladora Andina S.A.		3.950		01/21/50		2,183,958
	2,000,000	g	Empresa de los Ferrocarriles del Estado		3.068		08/18/50		1,741,500
	2,250,000	g	Empresa de Transporte de Pasajeros Metro S.A.		3.650		05/07/30		2,417,554
	2,400,000	g	Inversiones CMPC S.A.		3.000		04/06/31		2,379,600
	825,000	g	Kenbourne Invest S.A.		4.700		01/22/28		845,625
			TOTAL CHILE						21,658,726
CHINA - 2.4%
	3,100,000		China Evergrande Group		8.250		03/23/22		3,039,487
	2,300,000		Country Garden Holdings Co Ltd		4.750		07/25/22		2,341,419
	1,000,000		Dalian Deta Holding Co Ltd		5.950		07/29/22		840,504
	3,000,000	g	ENN Energy Holdings Ltd		2.625		09/17/30		2,923,801
	2,050,000	g	Lenovo Group Ltd		3.421		11/02/30		2,081,816
	2,600,000		Shimao Group Holdings Ltd		5.200		01/30/25		2,713,609
	3,000,000		Sunac China Holdings Ltd		5.950		04/26/24		3,024,760
			TOTAL CHINA						16,965,396
COLOMBIA - 1.3%
	1,675,000		Bancolombia S.A.		4.625		12/18/29		1,688,618
	2,000,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		2,013,020
	1,000,000	g	Empresas Publicas de Medellin ESP		4.375		02/15/31		1,003,760
	900,000	e,g	Geopark Ltd		5.500		01/17/27		925,650
	2,075,000	g	Grupo Aval Ltd		4.375		02/04/30		2,080,188
	725,000	g	Millicom International Cellular S.A.		4.500		04/27/31		770,312
	475,000	g	Oleoducto Central S.A.		4.000		07/14/27		502,906
			TOTAL COLOMBIA						8,984,454
COSTA RICA - 0.3%
	2,278,510	g	Autopistas del Sol S.A.		7.375		12/30/30		2,306,991
			TOTAL COSTA RICA						2,306,991
DOMINICAN REPUBLIC - 0.7%
	2,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.		6.750		03/30/29		2,641,162
	1,975,000	g	AES Andres BV		5.700		05/04/28		1,999,727
			TOTAL DOMINICAN REPUBLIC						4,640,889
ECUADOR - 0.3%
	1,995,367	g	International Airport Finance S.A.		12.000		03/15/33		2,010,332
			TOTAL ECUADOR						2,010,332
GHANA - 0.5%
	2,000,000	e,g	Tullow Oil plc		6.250		04/15/22		1,965,000
	1,000,000	g	Tullow Oil plc		7.000		03/01/25		868,750
			TOTAL GHANA						2,833,750

305

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GUATEMALA - 0.5%
$	1,625,000	g	Banco Industrial S.A.		4.875	%	01/29/31	$	1,673,750
	1,650,000	g	Investment Energy Resources Ltd		6.250		04/26/29		1,758,900
			TOTAL GUATEMALA						3,432,650
HONG KONG - 0.4%
	2,375,000	g	Melco Resorts Finance Ltd		5.750		07/21/28		2,554,312
	200,000	g	Melco Resorts Finance Ltd		5.375		12/04/29		212,890
			TOTAL HONG KONG						2,767,202
INDIA - 3.0%
	2,325,000	g	Adani Green Energy UP Ltd		6.250		12/10/24		2,569,133
	2,100,000	g	Adani Ports & Special Economic Zone Ltd		4.375		07/03/29		2,164,076
	1,800,000	g	Adani Ports & Special Economic Zone Ltd		3.100		02/02/31		1,689,241
	400,000	g	Azure Power Solar Energy Pvt Ltd		5.650		12/24/24		422,750
	3,750,000	g	Bharti Airtel Ltd		3.250		06/03/31		3,657,899
	500,000	g	Continuum Energy Levanter Pte Ltd		4.500		02/09/27		510,500
	2,500,000	g	GMR Hyderabad International Airport Ltd		4.750		02/02/26		2,449,737
	3,000,000	g	Network i2i Ltd		3.975		N/A‡		3,009,900
	2,700,000	e,g	ReNew Wind Energy AP2		4.500		07/14/28		2,681,100
	2,075,000	g	UltraTech Cement Ltd		2.800		02/16/31		1,939,436
			TOTAL INDIA						21,093,772
INDONESIA - 2.9%
	1,482,000	g	LLPL Capital Pte Ltd		6.875		02/04/39		1,732,458
	300,000	g	Medco Oak Tree Pte Ltd		7.375		05/14/26		325,500
	2,200,000	g	Medco Platinum Road Pte Ltd		6.750		01/30/25		2,328,238
	1,750,000	g	Pertamina Persero PT		1.400		02/09/26		1,707,424
	1,250,000	g	Pertamina Persero PT		4.700		07/30/49		1,313,372
	2,750,000	g	Pertamina Persero PT		4.150		02/25/60		2,670,450
	2,000,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		2,220,340
	2,000,000	g	Perusahaan Listrik Negara PT		6.150		05/21/48		2,462,500
	3,750,000	g	Saka Energi Indonesia PT		4.450		05/05/24		3,150,000
	2,039,410	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		2,307,592
			TOTAL INDONESIA						20,217,874
ISRAEL - 1.4%
	2,200,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		2,266,000
	1,141,000	g	Energean Israel Finance Ltd		5.375		03/30/28		1,179,594
	2,600,000	g	Leviathan Bond Ltd		6.750		06/30/30		2,912,446
	3,500,000	g	Mizrahi Tefahot Bank Ltd		3.077		04/07/31		3,552,500
			TOTAL ISRAEL						9,910,540
JAMAICA - 0.1%
	277,603	g,o	Digicel Group 0.5 Ltd		8.000		04/01/25		232,641
	411,936	g,o	Digicel Group 0.5 Ltd		7.000		N/A‡		303,803
			TOTAL JAMAICA						536,444
KAZAKHSTAN - 2.2%
KZT	453,000,000	g	Development Bank of Kazakhstan JSC		8.950		05/04/23		1,047,434
$	2,300,000	g	Development Bank of Kazakhstan JSC		2.950		05/06/31		2,280,634
	1,800,000	g	KazMunayGas National Co JSC		4.750		04/19/27		2,048,919

306

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	3,000,000	g	KazMunayGas National Co JSC		3.500	%	04/14/33	$	3,186,088
	1,550,000	g	KazMunayGas National Co JSC		6.375		10/24/48		1,990,355
	2,475,000	g	KazTransGas JSC		4.375		09/26/27		2,755,856
	2,000,000	g	Tengizchevroil Finance Co International Ltd		2.625		08/15/25		2,039,726
			TOTAL KAZAKHSTAN						15,349,012
KUWAIT - 0.7%
	2,000,000	g	NBK Tier Financing Ltd		3.625		N/A‡		1,996,983
	2,500,000	g	NBK Tier 1 Financing 2 Ltd		4.500		N/A‡		2,606,250
			TOTAL KUWAIT						4,603,233
MACAU - 0.9%
	1,325,000	g	MGM China Holdings Ltd		5.875		05/15/26		1,391,250
	1,400,000	g	MGM China Holdings Ltd		4.750		02/01/27		1,450,750
	575,000	g	Studio City Finance Ltd		5.000		01/15/29		587,938
	2,700,000	g	Wynn Macau Ltd		5.625		08/26/28		2,841,750
			TOTAL MACAU						6,271,688
MALAYSIA - 0.8%
	3,000,000		1MDB Global Investments Ltd		4.400		03/09/23		3,020,490
	3,000,000	g	Genm Capital Labuan Ltd		3.882		04/19/31		2,970,198
			TOTAL MALAYSIA						5,990,688
MEXICO - 5.1%
	5,750,000	†,g,q	Aerovias de Mexico S.A.		7.000		02/05/25		3,191,307
	700,000	g	Alpek SAB de C.V.		3.250		02/25/31		689,507
	3,000,000	g	Banco Nacional de Comercio Exterior SNC		3.800		08/11/26		3,007,530
	800,000	g	BBVA Bancomer S.A.		5.350		11/12/29		831,232
	2,000,000	g	BBVA Bancomer S.A.		5.125		01/18/33		2,077,520
	2,000,000	g	Cemex SAB de C.V.		5.200		09/17/30		2,176,400
	1,575,000	g	Cemex SAB de C.V.		3.875		07/11/31		1,558,778
	2,750,000	e,g	Comision Federal de Electricidad		3.348		02/09/31		2,644,840
	2,000,000	g	Grupo Bimbo SAB de C.V.		4.000		09/06/49		2,009,360
	1,500,000	g	Mexico City Airport Trust		4.250		10/31/26		1,618,740
	1,630,000	g	Mexico Remittances Funding Fiduciary Estate Management Sarl		4.875		01/15/28		1,534,181
	2,000,000	e	Petroleos Mexicanos		4.875		01/18/24		2,079,300
	1,000,000		Petroleos Mexicanos		4.500		01/23/26		1,006,250
	5,100,000		Petroleos Mexicanos		5.350		02/12/28		5,010,240
	4,647,000		Petroleos Mexicanos		7.000		01/23/30		4,774,792
	2,075,000		Petroleos Mexicanos		6.350		02/12/48		1,768,170
			TOTAL MEXICO						35,978,147
OMAN - 0.6%
	1,625,000	g,h	OQ SAOC		5.125		05/06/28		1,645,313
	2,250,000	g	Oryx Funding Ltd		5.800		02/03/31		2,380,677
			TOTAL OMAN						4,025,990
PAKISTAN - 0.1%
	950,000	g	Third Pakistan International Sukuk Co Ltd		5.625		12/05/22		977,338
			TOTAL PAKISTAN						977,338

307

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PANAMA - 1.3%
$	2,750,000	g	Banistmo S.A.		4.250	%	07/31/27	$	2,920,156
	1,175,000	g	Cable Onda S.A.		4.500		01/30/30		1,245,500
	2,000,000	g	Empresa de Transmision Electrica S.A.		5.125		05/02/49		2,196,000
	1,025,000	g	ENA Master Trust		4.000		05/19/48		1,036,531
	1,676,150	g	UEP Penonome II S.A.		6.500		10/01/38		1,676,167
			TOTAL PANAMA						9,074,354
PERU - 2.2%
PEN	9,000,000	g	Alicorp SAA		6.875		04/17/27		2,681,311
$	2,825,000	g	Banco de Credito del Peru		3.125		07/01/30		2,797,456
	1,625,000	g	Banco de Credito del Peru		3.250		09/30/31		1,596,562
	1,500,000	g	Banco Internacional del Peru SAA Interbank		4.000		07/08/30		1,452,000
	2,300,000	e,g	Inkia Energy Ltd		5.875		11/09/27		2,331,234
	975,000	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		1,003,031
	2,750,000	g	Petroleos del Peru S.A.		5.625		06/19/47		2,832,500
	1,125,000	g	Volcan Cia Minera SAA		4.375		02/11/26		1,109,734
			TOTAL PERU						15,803,828
RUSSIA - 0.8%
	3,000,000	g	LUKOIL Securities BV		3.875		05/06/30		3,152,400
	2,750,000	g	Sovcombank Via SovCom Capital DAC		3.400		01/26/25		2,753,108
			TOTAL RUSSIA						5,905,508
SAUDI ARABIA - 0.5%
	3,500,000	g	Arabian Centres Sukuk II Ltd		5.625		10/07/26		3,611,510
			TOTAL SAUDI ARABIA						3,611,510
SOUTH AFRICA - 3.1%
	2,000,000	g	Eskom Holdings SOC Ltd		6.750		08/06/23		2,084,944
	2,000,000	g	Eskom Holdings SOC Ltd		7.125		02/11/25		2,090,282
	925,000	g	Eskom Holdings SOC Ltd		6.350		08/10/28		1,004,267
	1,600,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		1,766,512
	2,300,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		2,708,250
	1,400,000	e,g	Liquid Telecommunications Financing PLC		5.500		09/04/26		1,474,401
	1,829,000	g,o	Petra Diamonds US Treasury plc		10.500		03/08/26		1,783,275
	3,000,000		Sasol Financing USA LLC		5.875		03/27/24		3,199,500
	2,575,000		Sasol Financing USA LLC		4.375		09/18/26		2,632,938
	3,000,000	g	Transnet SOC Ltd		4.000		07/26/22		3,058,021
			TOTAL SOUTH AFRICA						21,802,390
SPAIN - 0.4%
	3,000,000	g	EnfraGen Energia Sur S.A.		5.375		12/30/30		2,977,500
			TOTAL SPAIN						2,977,500
TANZANIA, UNITED REPUBLIC OF - 0.4%
	3,050,000		AngloGold Ashanti Holdings plc		3.750		10/01/30		3,154,457
			TOTAL TANZANIA, UNITED REPUBLIC OF						3,154,457

308

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
THAILAND - 0.8%
$	3,000,000	g	Bangkok Bank PCL		5.000	%	N/A‡	$	3,150,000
	2,750,000	g	PTTEP Treasury Center Co Ltd		3.903		12/06/59		2,759,953
			TOTAL THAILAND						5,909,953
TRINIDAD AND TOBAGO - 0.3%
	2,350,000	g	National Gas Company of Trinidad and Tobago Limited		6.050		01/15/36		2,470,461
			TOTAL TRINIDAD AND TOBAGO						2,470,461
TURKEY - 1.7%
	2,000,000	g	Akbank T.A.S.		6.800		02/06/26		2,068,734
	1,900,000	g	Akbank T.A.S.		7.200		03/16/27		1,907,957
	500,000	g	Akbank T.A.S.		6.797		04/27/28		493,400
	2,000,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		1,984,400
	3,000,000	e,g	Turkiye Vakiflar Bankasi TAO		6.500		01/08/26		3,001,396
	2,325,000	g	Ulker Biskuvi Sanayi AS.		6.950		10/30/25		2,506,995
			TOTAL TURKEY						11,962,882
UKRAINE - 1.4%
	1,500,000	g	Kernel Holding S.A.		6.750		10/27/27		1,572,254
	450,000	g	Metinvest BV		7.650		10/01/27		479,931
	2,250,000	g	Metinvest BV		7.750		10/17/29		2,400,750
	2,000,000		NAK Naftogaz Ukraine via Kondor Finance plc		7.375		07/19/22		2,021,878
	2,000,000	g	NAK Naftogaz Ukraine via Kondor Finance plc		7.625		11/08/26		1,995,708
	1,200,000	g	Ukreximbank Via Biz Finance plc		9.750		01/22/25		1,287,000
			TOTAL UKRAINE						9,757,521
UNITED ARAB EMIRATES - 0.9%
	1,975,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		2,263,014
	1,325,000	g	DAE Funding LLC		3.375		03/20/28		1,322,441
	2,100,000	g	DP World Ltd		5.625		09/25/48		2,546,250
			TOTAL UNITED ARAB EMIRATES						6,131,705
ZAMBIA - 0.5%
	3,000,000	g	First Quantum Minerals Ltd		6.875		10/15/27		3,292,500
			TOTAL ZAMBIA						3,292,500
			TOTAL CORPORATE BONDS						331,813,123
			(Cost $324,539,457)
GOVERNMENT BONDS - 48.2%
ANGOLA - 0.9%
	2,250,000	g	Angolan Government International Bond		8.250		05/09/28		2,308,003
	1,775,000	g	Angolan Government International Bond		8.000		11/26/29		1,787,138
	2,500,000	g	Angolan Government International Bond		9.375		05/08/48		2,573,090
			TOTAL ANGOLA						6,668,231
ARGENTINA - 0.6%
	401,364		Argentina Republic Government International Bond		1.000		07/09/29		152,121
	1,481,000		Argentina Republic Government International Bond		0.125		07/09/41		529,457

309

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,494,380		Argentina Republic Government International Bond (Step Bond)		0.125	%	07/09/30	$	541,713
	5,134,989		Argentine Republic Government International Bond (Step Bond)		0.125		07/09/35		1,617,573
	2,650,000	†,g	Provincia de Buenos Aires		7.875		06/15/27		1,159,375
			TOTAL ARGENTINA						4,000,239
AZERBAIJAN - 0.5%
	3,023,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		3,627,842
			TOTAL AZERBAIJAN						3,627,842
BAHRAIN - 0.7%
	1,925,000	g	Bahrain Government International Bond		4.250		01/25/28		1,927,497
	2,450,000	g	CBB International Sukuk Programme Co SPC		6.250		11/14/24		2,689,764
			TOTAL BAHRAIN						4,617,261
BARBADOS - 0.5%
	3,314,800	g	Barbados Government International Bond		6.500		10/01/29		3,372,809
			TOTAL BARBADOS						3,372,809
BENIN - 0.3%
EUR	1,000,000	g	Benin Government International Bond		4.875		01/19/32		1,202,927
	625,000	g	Benin Government International Bond		6.875		01/19/52		788,961
			TOTAL BENIN						1,991,888
BERMUDA - 0.4%
$	2,000,000	g	Bermuda Government International Bond		4.750		02/15/29		2,313,200
	595,000	g	Bermuda Government International Bond		2.375		08/20/30		587,562
			TOTAL BERMUDA						2,900,762
BRAZIL - 1.6%
BRL	2,500,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		485,813
	9,475,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/25		1,862,033
	5,982,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/27		1,173,852
$	3,100,000		Brazilian Government International Bond		3.875		06/12/30		3,077,246
	2,050,000		Brazilian Government International Bond		5.625		02/21/47		2,161,458
	2,000,000		Brazilian Government International Bond		4.750		01/14/50		1,877,000
			TOTAL BRAZIL						10,637,402
CHINA - 0.7%
CNY	6,400,000		China Government International Bond		2.880		11/05/23		991,999
	3,200,000		China Government International Bond		3.270		11/19/30		498,373
	2,400,000		China Government International Bond		2.360		07/02/23		367,762
	17,000,000		China Government International Bond		3.120		12/05/26		2,641,883
			TOTAL CHINA						4,500,017
COLOMBIA - 1.0%
$	3,000,000		Colombia Government International Bond		3.000		01/30/30		2,941,200
	1,850,000		Colombia Government International Bond		3.250		04/22/32		1,814,702
COP	8,057,000,000		Colombian TES		6.250		07/09/36		1,886,925
			TOTAL COLOMBIA						6,642,827

310

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
COSTA RICA - 0.3%
$	2,500,000	g	Costa Rica Government International Bond		5.625	%	04/30/43	$	2,325,000
			TOTAL COSTA RICA						2,325,000
COTE D’IVOIRE - 0.4%
	2,757,085	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		2,781,817
			TOTAL COTE D’IVOIRE						2,781,817
DOMINICAN REPUBLIC - 2.2%
	3,425,000	g	Dominican Republic Government International Bond		6.875		01/29/26		3,998,687
DOP	22,500,000	g	Dominican Republic Government International Bond		9.750		06/05/26		433,687
	27,000,000	g	Dominican Republic Government International Bond		11.250		02/05/27		549,651
	74,000,000	g	Dominican Republic Government International Bond		10.375		01/11/30		1,479,434
$	4,000,000	g	Dominican Republic Government International Bond		4.875		09/23/32		4,186,000
	3,060,000	g	Dominican Republic Government International Bond		7.450		04/30/44		3,694,950
	1,050,000	g	Dominican Republic International Bond		5.300		01/21/41		1,067,325
			TOTAL DOMINICAN REPUBLIC						15,409,734
ECUADOR - 1.0%
	744,229	g	Ecuador Government International Bond		0.000		07/31/30		405,605
	3,634,600	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/30		3,034,891
	4,637,020	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/35		3,153,220
	1,520,900	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/40		904,951
	170,417	g	Petroamazonas EP		4.625		12/06/21		165,304
			TOTAL ECUADOR						7,663,971
EGYPT - 2.4%
EGP	12,500,000		Egypt Government International Bond		16.000		06/11/22		815,281
$	1,275,000	g	Egypt Government International Bond		5.750		05/29/24		1,346,911
	1,450,000	g	Egypt Government International Bond		7.600		03/01/29		1,572,166
EUR	500,000	g	Egypt Government International Bond		5.625		04/16/30		602,768
$	5,225,000	g	Egypt Government International Bond		5.875		02/16/31		5,037,951
	2,725,000	g	Egypt Government International Bond		7.053		01/15/32		2,789,581
	4,050,000	g	Egypt Government International Bond		8.500		01/31/47		4,179,178
	1,000,000	g	Egypt Government International Bond		8.150		11/20/59		987,500
			TOTAL EGYPT						17,331,336
EL SALVADOR - 0.7%
	2,000,000	g	El Salvador Government International Bond		7.650		06/15/35		2,092,800
	3,100,000	g	El Salvador Government International Bond		7.625		02/01/41		3,178,430
			TOTAL EL SALVADOR						5,271,230
GHANA - 1.6%
GHS	2,965,000	†,g	Citigroup Global Markets Holdings, Inc		24.500		06/28/21		519,312
$	2,250,000	g	Ghana Government International Bond		0.000		04/07/25		1,769,175
	2,000,000	g	Ghana Government International Bond		7.750		04/07/29		2,044,418
	2,825,000	g	Ghana Government International Bond		8.125		03/26/32		2,846,381
	2,000,000	g	Ghana Government International Bond		8.627		06/16/49		1,940,000
	1,000,000	g	Ghana Government International Bond		8.750		03/11/61		967,560

311

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GHS	6,658,000		Republic of Ghana Government Bonds		16.500	%	02/06/23	$	1,140,389
			TOTAL GHANA						11,227,235
GREECE - 0.5%
EUR	2,850,000	g	Hellenic Republic Government International Bond		2.000		04/22/27		3,758,415
			TOTAL GREECE						3,758,415
GUATEMALA - 0.9%
$	1,950,000	g	Guatemala Government International Bond		4.500		05/03/26		2,140,125
	1,275,000	g	Guatemala Government International Bond		5.375		04/24/32		1,469,437
	2,375,000	g	Guatemala Government International Bond		6.125		06/01/50		2,850,000
			TOTAL GUATEMALA						6,459,562
HONDURAS - 0.2%
	1,525,000	g	Honduras Government International Bond		6.250		01/19/27		1,673,687
			TOTAL HONDURAS						1,673,687
INDIA - 0.8%
	3,000,000	g	Export-Import Bank of India		3.250		01/15/30		3,011,358
	2,700,000	g	Export-Import Bank of India		2.250		01/13/31		2,483,974
			TOTAL INDIA						5,495,332
INDONESIA - 1.0%
	1,275,000	g	Indonesia Government International Bond		4.625		04/15/43		1,433,812
IDR	18,150,000,000		Indonesia Treasury Bond		8.375		09/15/26		1,399,549
	8,730,000,000		Indonesia Treasury Bond		7.000		09/15/30		623,139
	21,300,000,000		Indonesia Treasury Bond		8.375		03/15/34		1,630,641
$	1,900,000	e,g	Perusahaan Penerbit SBSN Indonesia III		2.800		06/23/30		1,935,663
			TOTAL INDONESIA						7,022,804
IRAQ - 0.8%
	2,850,000	g	Iraq Government International Bond		6.752		03/09/23		2,898,599
	2,887,500	g	Iraq Government International Bond		5.800		01/15/28		2,781,413
			TOTAL IRAQ						5,680,012
ISRAEL - 0.1%
	825,000		State of Israel		3.800		05/13/60		899,484
			TOTAL ISRAEL						899,484
JAMAICA - 1.3%
	500,000		Jamaica Government International Bond		7.625		07/09/25		582,500
	2,950,000		Jamaica Government International Bond		8.000		03/15/39		4,144,750
	3,135,000		Jamaica Government International Bond		7.875		07/28/45		4,373,325
			TOTAL JAMAICA						9,100,575
JORDAN - 0.9%
	4,050,000	g	Jordan Government International Bond		4.950		07/07/25		4,188,934
	2,000,000	g	Jordan Government International Bond		7.375		10/10/47		2,096,008
			TOTAL JORDAN						6,284,942

312

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
KAZAKHSTAN - 0.5%
$	1,600,000	g	Kazakhstan Government International Bond		6.500	%	07/21/45	$	2,312,686
KZT	615,000,000	†	National Bank of Kazakhstan Notes		0.000		07/23/21		1,400,304
			TOTAL KAZAKHSTAN						3,712,990
KENYA - 1.0%
$	1,950,000	g	Kenya Government International Bond		6.875		06/24/24		2,159,740
	900,000	g	Kenya Government International Bond		7.000		05/22/27		978,535
	2,250,000	g	Kenya Government International Bond		8.000		05/22/32		2,464,613
	1,325,000	g	Kenya Government International Bond		8.250		02/28/48		1,414,543
			TOTAL KENYA						7,017,431
LEBANON - 0.2%
	3,200,000	†,q	Lebanon Government International Bond		6.250		11/04/24		389,286
	3,800,000	†,q	Lebanon Government International Bond		6.850		03/23/27		470,820
			TOTAL LEBANON						860,106
MALAYSIA - 0.1%
MYR	4,000,000		Malaysia Government International Bond		3.828		07/05/34		973,225
			TOTAL MALAYSIA						973,225
MEXICO - 1.6%
MXN	38,600,000		Mexican Bonos		7.500		06/03/27		2,022,665
	41,700,000		Mexican Bonos		7.750		05/29/31		2,184,263
$	2,775,000		Mexico Government International Bond		4.750		04/27/32		3,117,713
	3,500,000		Mexico Government International Bond		4.280		08/14/41		3,570,000
	775,000		Mexico Government International Bond		3.771		05/24/61		690,944
			TOTAL MEXICO						11,585,585
MONGOLIA - 0.4%
	2,425,000	g	Mongolia Government International Bond		5.125		04/07/26		2,599,775
			TOTAL MONGOLIA						2,599,775
MOROCCO - 0.7%
	1,000,000	g	Morocco Government International Bond		2.375		12/15/27		973,096
	525,000	g	Morocco Government International Bond		3.000		12/15/32		498,794
	2,850,000	g	Morocco Government International Bond		5.500		12/11/42		3,165,267
	525,000	g	Morocco Government International Bond		4.000		12/15/50		472,899
			TOTAL MOROCCO						5,110,056
NIGERIA - 1.1%
	1,700,000	g	Nigeria Government International Bond		7.625		11/21/25		1,934,641
	3,475,000	g	Nigeria Government International Bond		6.500		11/28/27		3,673,345
	2,000,000	g	Nigeria Government International Bond		7.696		02/23/38		2,052,700
			TOTAL NIGERIA						7,660,686
OMAN - 1.6%
	1,975,000	g	Oman Government International Bond		5.375		03/08/27		2,062,761
	4,750,000	g	Oman Government International Bond		6.750		10/28/27		5,331,808

313

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,500,000	g	Oman Government International Bond		6.250	%	01/25/31	$	1,613,216
	1,200,000	g	Oman Government International Bond		6.500		03/08/47		1,173,000
	1,025,000	g	Oman Government International Bond		6.750		01/17/48		1,021,945
			TOTAL OMAN						11,202,730
PAKISTAN - 0.9%
	3,200,000	g	Pakistan Government International Bond		6.875		12/05/27		3,346,320
	2,500,000	g	Pakistan Government International Bond		7.375		04/08/31		2,628,636
			TOTAL PAKISTAN						5,974,956
PANAMA - 0.4%
	2,850,000		Panama Notas del Tesoro		3.750		04/17/26		3,065,175
			TOTAL PANAMA						3,065,175
PARAGUAY - 0.5%
	1,800,000	g	Paraguay Government International Bond		2.739		01/29/33		1,714,500
	1,900,000	g	Paraguay Government International Bond		5.400		03/30/50		2,140,369
			TOTAL PARAGUAY						3,854,869
PERU - 0.9%
	3,000,000	g	Corp Financiera de Desarrollo S.A.		2.400		09/28/27		2,869,530
	2,000,000		Peruvian Government International Bond		2.783		01/23/31		2,000,000
PEN	4,450,000	g	Peruvian Government International Bond		6.950		08/12/31		1,315,767
			TOTAL PERU						6,185,297
PHILIPPINES - 0.1%
EUR	820,000		Philippine Government International Bond		1.200		04/28/33		977,930
			TOTAL PHILIPPINES						977,930
QATAR - 0.7%
$	2,150,000	g	Qatar Government International Bond		3.750		04/16/30		2,408,897
	2,200,000	g	Qatar Government International Bond		4.400		04/16/50		2,563,000
			TOTAL QATAR						4,971,897
REPUBLIC OF SERBIA - 0.6%
	2,725,000	g	Serbia Government International Bond		2.125		12/01/30		2,509,074
RSD	147,700,000		Serbia Treasury Bonds		4.500		08/20/32		1,666,024
			TOTAL REPUBLIC OF SERBIA						4,175,098
ROMANIA - 0.8%
RON	3,550,000		Romania Government International Bond		4.150		01/26/28		934,004
$	3,380,000	g	Romanian Government International Bond		3.000		02/14/31		3,438,267
	1,400,000	g	Romanian Government International Bond		4.000		02/14/51		1,391,935
			TOTAL ROMANIA						5,764,206
RUSSIA - 1.3%
RUB	105,300,000		Russian Federal Bond-OFZ		7.100		10/16/24		1,439,439
	75,000,000		Russian Federal Bond-OFZ		7.950		10/07/26		1,061,243
	64,000,000		Russian Federal Bond-OFZ		7.650		04/10/30		892,694
$	2,200,000	g	Russian Foreign Bond - Eurobond		4.375		03/21/29		2,464,603
	2,800,000	g	Russian Foreign Bond - Eurobond		5.100		03/28/35		3,296,076
			TOTAL RUSSIA						9,154,055

314

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
RWANDA - 0.4%
$	2,500,000	g	Rwanda Government International Bond		6.625	%	05/02/23	$	2,631,790
			TOTAL RWANDA						2,631,790
SAUDI ARABIA - 1.3%
	1,000,000	g	Saudi Government International Bond		2.900		10/22/25		1,062,932
	2,400,000	g	Saudi Government International Bond		3.250		10/26/26		2,579,098
	2,500,000	g	Saudi Government International Bond		2.250		02/02/33		2,359,030
	2,000,000	g	Saudi Government International Bond		3.750		01/21/55		1,981,336
	1,500,000	g	Saudi Government International Bond		3.450		02/02/61		1,408,415
			TOTAL SAUDI ARABIA						9,390,811
SENEGAL - 0.4%
	950,000	g	Senegal Government International Bond		6.250		05/23/33		995,663
	1,900,000	g	Senegal Government International Bond		6.750		03/13/48		1,909,538
			TOTAL SENEGAL						2,905,201
SOUTH AFRICA - 1.5%
	1,025,000		Republic of South Africa Government International Bond		5.650		09/27/47		985,333
	1,500,000		Republic of South Africa Government International Bond		5.750		09/30/49		1,444,134
ZAR	7,500,000		South Africa Government International Bond		10.500		12/21/26		589,492
$	3,000,000		South Africa Government International Bond		4.300		10/12/28		3,013,360
ZAR	59,300,000		South Africa Government International Bond		7.000		02/28/31		3,395,390
$	1,250,000		South Africa Government International Bond		5.375		07/24/44		1,187,350
			TOTAL SOUTH AFRICA						10,615,059
SRI LANKA - 0.5%
	800,000	g	Sri Lanka Government International Bond		5.750		04/18/23		576,696
	925,000	g	Sri Lanka Government International Bond		6.850		11/03/25		613,590
	1,000,000	g	Sri Lanka Government International Bond		6.825		07/18/26		656,790
	1,650,000	g	Sri Lanka Government International Bond		7.550		03/28/30		1,074,645
			TOTAL SRI LANKA						2,921,721
SUPRANATIONAL - 0.4%
	2,975,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		3,167,654
			TOTAL SUPRANATIONAL						3,167,654
THAILAND - 0.2%
THB	11,000,000		Thailand Government International Bond		2.875		12/17/28		386,846
	35,700,000		Thailand Government International Bond		3.400		06/17/36		1,313,644
			TOTAL THAILAND						1,700,490
TRINIDAD AND TOBAGO - 0.2%
$	1,050,000	g	Trinidad & Tobago Government International Bond		4.500		06/26/30		1,098,090
			TOTAL TRINIDAD AND TOBAGO						1,098,090

315

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
TUNISIA - 0.1%
$	1,100,000	g	Banque Centrale de Tunisie S.A.		5.750	%	01/30/25	$	1,029,640
			TOTAL TUNISIA						1,029,640
TURKEY - 1.8%
	2,000,000		Turkey Government International Bond		5.125		02/17/28		1,880,874
	2,500,000		Turkey Government International Bond		5.250		03/13/30		2,288,928
	1,500,000		Turkey Government International Bond		5.875		06/26/31		1,405,552
	4,350,000		Turkey Government International Bond		4.875		04/16/43		3,349,848
	625,000		Turkey Government International Bond		6.625		02/17/45		572,675
	3,000,000	g	Turkiye Ihracat Kredit Bankasi		5.375		10/24/23		3,009,136
			TOTAL TURKEY						12,507,013
UGANDA - 0.3%
UGX	6,750,000,000		Republic of Uganda Government Bonds		14.250		08/23/29		1,795,215
			TOTAL UGANDA						1,795,215
UKRAINE - 2.2%
UAH	37,000,000		Ukraine Government International Bond		15.840		02/26/25		1,426,808
$	5,000,000	g	Ukraine Government International Bond		7.750		09/01/25		5,384,800
	1,450,000	g	Ukraine Government International Bond		9.750		11/01/28		1,676,702
EUR	1,075,000	g	Ukraine Government International Bond		4.375		01/27/30		1,184,376
$	3,500,000	g	Ukraine Government International Bond		7.253		03/15/33		3,502,701
	2,320,000	g	Ukraine Government International Bond		1.258		05/31/40		2,443,656
			TOTAL UKRAINE						15,619,043
UNITED ARAB EMIRATES - 0.7%
	3,000,000	g	Abu Dhabi Government International Bond		2.700		09/02/70		2,597,041
	2,650,000		Emirate of Dubai Government International Bonds		3.900		09/09/50		2,443,027
			TOTAL UNITED ARAB EMIRATES						5,040,068
URUGUAY - 1.2%
UYU	62,000,000		Uruguay Government International Bond		9.875		06/20/22		1,464,439
$	5,303,796		Uruguay Government International Bond		4.375		01/23/31		6,166,458
	700,000		Uruguay Government International Bond		4.975		04/20/55		868,518
			TOTAL URUGUAY						8,499,415
UZBEKISTAN - 0.9%
UZS	7,990,000,000	g	Republic of Uzbekistan Bond		14.500		11/25/23		760,596
$	675,000	g	Republic of Uzbekistan Bond		3.700		11/25/30		671,299
	4,550,000	g	Republic of Uzbekistan Government International Bond		5.375		02/20/29		5,081,835
			TOTAL UZBEKISTAN						6,513,730
ZAMBIA - 0.4%
	400,000	†,g	Zambia Government International Bond		5.375		09/20/22		239,660
	3,900,000	†,g	Zambia Government International Bond		8.500		04/14/24		2,378,906
	750,000	†,g	Zambia Government International Bond		8.970		07/30/27		452,568
			TOTAL ZAMBIA						3,071,134
			TOTAL GOVERNMENT BONDS						340,696,555
			(Cost $343,246,098)

316

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
STRUCTURED ASSETS - 0.4%
TURKEY - 0.4%
$	1,076,923	†,i	ARTS Ltd	LIBOR 3 M + 1.780%		1.964	%	09/15/21	$	1,071,539
			Series - 2016 53 (Class NOTE)
	1,166,667	†,i	Garanti Diversified Payment Rights Finance Co Series - 2016 A (Class A)	LIBOR 3 M + 3.172%		3.366		10/09/21		1,160,833
			TOTAL TURKEY							2,232,372
			TOTAL STRUCTURED ASSETS							2,232,372
			(Cost $2,224,408)
			TOTAL BONDS							674,742,050
			(Cost $670,009,963)
SHARES			COMPANY
COMMON STOCKS - 0.2%
BRAZIL - 0.0%
	151,162	*	Oi S.A. (ADR)							231,278
			TOTAL BRAZIL							231,278
UNITED STATES - 0.2%
	48,641,231	*	Petra Diamonds							994,137
			TOTAL UNITED STATES							994,137
			TOTAL COMMON STOCKS							1,225,415
			(Cost $1,959,028)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.8%
EGYPT - 0.4%
EGP	26,900,000		Egypt Treasury Bill			0.000		05/18/21		1,710,188
	8,500,000		Egypt Treasury Bill			0.000		08/03/21		525,389
	8,600,000		Egypt Treasury Bill			0.000		12/07/21		508,681
			TOTAL EGYPT							2,744,258
UNITED STATES - 1.0%
$	2,000,000		Federal Home Loan Bank (FHLB)			0.005		05/19/21		2,000,000
	5,040,000	r	Fixed Income Clearing Corp (FICC)			0.005		05/03/21		5,040,000
			TOTAL UNITED STATES							7,040,000

317

TIAA-CREF FUNDS – Emerging Markets Debt Fund

SHARES			COMPANY	RATE		VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
UNITED STATES - 2.4%
	17,039,061	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.020	%	$	17,039,061
			TOTAL UNITED STATES				17,039,061
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES				17,039,061
			TOTAL SHORT-TERM INVESTMENTS				26,823,319
			(Cost $26,810,692)
			TOTAL INVESTMENTS - 100.6%				710,128,909
			(Cost $705,976,705)
			OTHER ASSETS & LIABILITIES, NET - (0.6)%				(3,977,802	)
			NET ASSETS - 100.0%			$	706,151,107

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
IDR	Indonesian Rupiah
KZT	Kazakhstani Tenge
LIBOR	London Interbank Offered Rate
M	Month
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Sol
RON	Romanian Leu
RSD	Serbian Dinar
RUB	Russian Ruble
THB	Thai Baht
UAH	Ukrainian Hryvnia
UGX	Ugandan Shilling
UYU	Uruguayan Peso
UZS	Uzbekistani so‘m
ZAR	South African Rand

*	Non-income producing
‡	Perpetual security
†	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 $16,587,627.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2021, the aggregate value of these securities is $522,166,679 or 73.9% 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
r	Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/2021 to be repurchased at $5,040,000 on 5/3/2021, collateralized by U.S. Treasury Notes valued at $5,140,816.

318

TIAA-CREF FUNDS – Emerging Markets Debt Fund

Forward foreign currency contracts outstanding as of April 30, 2021 were as follows:

Currency to be purchased		Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
	$	2,341,007	PEN	9,000,000	Citibank, N.A.	07/30/21	$	(37,617	)

Abbreviation(s):

PEN Peruvian Sol

319

TIAA-CREF FUNDS – Emerging Markets Debt Fund

TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021

SECTOR	VALUE			% OF NET ASSETS
GOVERNMENT	$	340,696,555			48.2	%
ENERGY		62,028,047			8.8
FINANCIALS		59,913,383			8.5
UTILITIES		53,323,839			7.6
MATERIALS		42,177,513			6.0
INDUSTRIALS		40,158,578			5.7
COMMUNICATION SERVICES		36,808,798			5.2
CONSUMER STAPLES		19,349,970			2.7
CONSUMER DISCRETIONARY		13,415,444			1.9
REAL ESTATE		11,119,275			1.6
ASSET BACKED SECURITIES		2,232,372			0.3
INFORMATION TECHNOLOGY		2,081,816			0.3
SHORT-TERM INVESTMENTS		26,823,319			3.8
OTHER ASSETS & LIABILITIES, NET		(3,977,802	)		(0.6	)
NET ASSETS	$	706,151,107			100.0	%

320

TIAA-CREF FUNDS – International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2021

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 1.0%
AUSTRALIA - 0.1%
$	388,256	i	Hamilton HoldCo LLC	LIBOR 3 M + 2.000%		2.210	%	01/02/27	$	383,725
			TOTAL AUSTRALIA							383,725
CANADA - 0.1%
	391,873	i	1011778 BC ULC	LIBOR 1M + 1.750%		1.863		11/19/26		385,442
			TOTAL CANADA							385,442
IRELAND - 0.1%
	261,086	i	Avolon TLB Borrower US LLC	LIBOR 1M + 1.750%		2.500		01/15/25		259,373
	346,500	i	Avolon TLB Borrower US LLC	LIBOR 1M + 1.500%		2.250		02/12/27		340,807
			TOTAL IRELAND							600,180
LUXEMBOURG - 0.1%
	431,701	i	Ineos US Finance LLC	LIBOR 1M + 2.000%		2.113		03/31/24		426,521
			TOTAL LUXEMBOURG							426,521
UNITED STATES - 0.6%
	336,425	i	American Airlines, Inc	LIBOR 1M + 2.000%		2.115		12/14/23		323,705
	365,786	i	Bausch Health Americas, Inc	LIBOR 1M + 3.000%		3.109		06/02/25		365,076
	263,992	i	Change Healthcare Holdings LLC	LIBOR 1M and LIBOR 3M + 2.500%		3.500		03/01/24		263,572
	315,896	i	Dell International LLC	LIBOR 1M + 1.750%		2.000		09/19/25		315,529
	120,625	i	Endo International PLC	LIBOR 3M + 4.250%		5.000		04/29/24		117,308
	44,027	i	Endo Luxembourg Finance Co I Sarl	LIBOR 1M + 5.000%		5.750		03/27/28		42,816
	348,911	i	Nielsen Finance LLC	LIBOR 1M + 2.000%		2.113		10/04/23		347,959
	409,461	i	Plantronics, Inc	LIBOR 1M + 2.500%		2.609		07/02/25		403,946
	338,254	i	Sabre GLBL, Inc	LIBOR 1M + 2.000%		2.113		02/22/24		333,843
	414,527	i	Samsonite IP Holdings Sarl	LIBOR 1M + 1.750%		1.863		04/25/25		407,123
	328,163	i	Team Health Holdings, Inc	LIBOR 1M + 2.750%		3.750		02/06/24		305,080
			TOTAL UNITED STATES							3,225,957
			TOTAL BANK LOAN OBLIGATIONS							5,021,825
			(Cost $5,107,986)
BONDS - 92.5%
CORPORATE BONDS - 20.3%
AUSTRALIA - 0.3%
EUR	700,000	z	Australia & New Zealand Banking Group Ltd			0.669		05/05/31		838,899
$	325,000	g	Santos Finance Ltd			3.649		04/29/31		324,379
			TOTAL AUSTRALIA							1,163,278

321

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BRAZIL - 0.0%
$	200,000	g	Natura Cosmeticos S.A.		4.125	%	05/03/28	$	203,000
			TOTAL BRAZIL						203,000
CANADA - 0.5%
EUR	250,000	g	Fairfax Financial Holdings Ltd		2.750		03/29/28		325,869
$	750,000	g	GFL Environmental, Inc		4.250		06/01/25		772,500
	650,000	g	MEG Energy Corp		5.875		02/01/29		666,250
	500,000	g	Nova Chemicals Corp		4.875		06/01/24		527,130
	500,000	g	Parkland Fuel Corp		5.875		07/15/27		532,400
			TOTAL CANADA						2,824,149
CHILE - 0.5%
	300,000		Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		322,875
	250,000	g	Celulosa Arauco y Constitucion S.A.		4.250		04/30/29		272,190
	200,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		216,000
	425,000	g	Corp Nacional del Cobre de Chile		3.625		08/01/27		464,147
	325,000	g	Corp Nacional del Cobre de Chile		3.150		01/15/51		299,390
	425,000	g	Embotelladora Andina S.A.		3.950		01/21/50		447,317
	200,000		Enel Chile S.A.		4.875		06/12/28		230,602
	200,000	g	Inversiones CMPC S.A.		3.850		01/13/30		212,900
			TOTAL CHILE						2,465,421
CHINA - 0.3%
	500,000	g	ENN Energy Holdings Ltd		2.625		09/17/30		487,300
	350,000		JD.com, Inc		3.375		01/14/30		365,290
EUR	125,000	g	Prosus NV		2.031		08/03/32		154,541
$	250,000	g	Tencent Holdings Ltd		3.975		04/11/29		272,977
			TOTAL CHINA						1,280,108
COLOMBIA - 0.2%
	350,000		Bancolombia S.A.		3.000		01/29/25		358,754
	300,000		Ecopetrol S.A.		5.375		06/26/26		336,660
	75,000		Ecopetrol S.A.		6.875		04/29/30		90,938
			TOTAL COLOMBIA						786,352
CZECH REPUBLIC - 0.1%
EUR	400,000	z	CEZ AS.		0.875		11/21/22		486,578
			TOTAL CZECH REPUBLIC						486,578
DENMARK - 0.1%
GBP	500,000		Danske Bank A.S.		2.250		01/14/28		706,522
			TOTAL DENMARK						706,522
FRANCE - 1.0%
EUR	600,000		Airbus SE		1.625		06/09/30		780,325
	250,000	g	Altice France S.A.		5.875		02/01/27		320,099
	600,000	g	Altice France S.A.		3.375		01/15/28		710,375
	600,000		Electricite de France S.A.		2.000		10/02/30		815,760
	300,000	z	La Poste S.A.		0.625		01/18/36		342,664
GBP	700,000	z	Societe Generale S.A.		1.250		12/07/27		930,066

322

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EUR	500,000	z	Societe Generale S.A.		0.500	%	06/12/29	$	587,400
			TOTAL FRANCE						4,486,689
GERMANY - 0.7%
$	700,000		Deutsche Bank AG.		2.129		11/24/26		709,041
EUR	750,000	g,o	IHO Verwaltungs GmbH		3.750		09/15/26		924,230
	600,000		Volkswagen Bank GmbH		2.500		07/31/26		803,371
GBP	800,000		Volkswagen International Finance NV		3.375		11/16/26		1,215,020
			TOTAL GERMANY						3,651,662
INDIA - 0.3%
$	200,000	g	Adani Ports & Special Economic Zone Ltd		3.375		07/24/24		209,109
	625,000	g	Bharti Airtel Ltd		3.250		06/03/31		609,650
	475,000	g	ICICI Bank Ltd		3.800		12/14/27		505,702
	200,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		197,674
	250,000	z	Power Finance Corp Ltd		3.350		05/16/31		239,766
	225,000	g	UltraTech Cement Ltd		2.800		02/16/31		210,300
			TOTAL INDIA						1,972,201
INDONESIA - 0.2%
	225,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		238,500
	200,000	g	Pertamina Persero PT		3.650		07/30/29		211,499
	225,000	g	Perusahaan Listrik Negara PT		4.875		07/17/49		241,808
			TOTAL INDONESIA						691,807
IRELAND - 0.2%
EUR	1,000,000	z	Bank of Ireland Group plc		0.375		05/10/27		1,195,453
			TOTAL IRELAND						1,195,453
ISRAEL - 0.2%
$	300,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		309,000
	625,000	g	Israel Electric Corp Ltd		4.250		08/14/28		694,554
			TOTAL ISRAEL						1,003,554
ITALY - 0.3%
	700,000	g	Intesa Sanpaolo S.p.A		5.710		01/15/26		784,955
	750,000	g	UniCredit S.p.A		2.569		09/22/26		756,209
			TOTAL ITALY						1,541,164
JAPAN - 0.5%
EUR	500,000	z	Mitsubishi UFJ Financial Group, Inc		0.872		09/07/24		619,010
	500,000	z	Sumitomo Mitsui Financial Group, Inc		0.819		07/23/23		614,627
	500,000	z	Takeda Pharmaceutical Co Ltd		3.000		11/21/30		716,565
	500,000		Takeda Pharmaceutical Co Ltd		1.375		07/09/32		622,432
			TOTAL JAPAN						2,572,634
KAZAKHSTAN - 0.2%
$	475,000	g	KazTransGas JSC		4.375		09/26/27		528,902
	400,000	g	Tengizchevroil Finance Co International Ltd		2.625		08/15/25		407,945
			TOTAL KAZAKHSTAN						936,847

323

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
KOREA, REPUBLIC OF - 0.2%
$	225,000	g	Kia Corp		1.000	%	04/16/24	$	226,204
	400,000	g	POSCO		2.500		01/17/25		413,628
EUR	300,000	z	Shinhan Bank Co Ltd		0.250		10/16/24		363,726
$	250,000	z	SK Battery America, Inc		2.125		01/26/26		245,753
			TOTAL KOREA, REPUBLIC OF						1,249,311
LUXEMBOURG - 0.2%
EUR	350,000	g	INEOS Finance plc		2.875		05/01/26		425,584
	500,000	z	ProLogis International Funding II S.A.		2.375		11/14/30		698,020
			TOTAL LUXEMBOURG						1,123,604
MALAYSIA - 0.2%
$	400,000	e,g	Genm Capital Labuan Ltd		3.882		04/19/31		396,026
	200,000	g	Petronas Capital Ltd		3.500		04/21/30		215,781
	250,000	g	Petronas Energy Canada Ltd		2.112		03/23/28		248,665
			TOTAL MALAYSIA						860,472
MEXICO - 0.3%
	200,000	g	Alpek SAB de C.V.		3.250		02/25/31		197,002
	500,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.375		04/17/25		563,335
	225,000	g	BBVA Bancomer S.A.		1.875		09/18/25		225,900
	300,000	g	Fresnillo plc		4.250		10/02/50		294,000
	200,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		224,208
EUR	200,000		Petroleos Mexicanos		1.875		04/21/22		240,286
$	500,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		542,000
			TOTAL MEXICO						2,286,731
NETHERLANDS - 0.1%
EUR	625,000	g	OCI NV		3.125		11/01/24		768,508
			TOTAL NETHERLANDS						768,508
PANAMA - 0.1%
$	300,000	g	Banco General S.A.		4.125		08/07/27		325,128
			TOTAL PANAMA						325,128
PERU - 0.0%
	200,000	g	Banco de Credito del Peru		3.250		09/30/31		196,500
	200,000	g	Credicorp Ltd		2.750		06/17/25		199,700
	200,000	g	Kallpa Generacion SA		4.125		08/16/27		205,500
			TOTAL PERU						601,700
PORTUGAL - 0.2%
EUR	1,000,000		EDP Finance BV		1.125		02/12/24		1,243,210
			TOTAL PORTUGAL						1,243,210
QATAR - 0.2%
$	300,000	z	QIB Sukuk Ltd		1.950		10/27/25		301,644
	300,000	z	QNB Finance Ltd		1.625		09/22/25		299,870
	250,000	z	QNB Finance Ltd		2.750		02/12/27		260,137
			TOTAL QATAR						861,651

324

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
RUSSIA - 0.2%
EUR	300,000	z	Gazprom OAO Via Gaz Capital S.A.		2.500	%	03/21/26	$	373,385
$	500,000	g	LUKOIL Securities BV		3.875		05/06/30		525,400
			TOTAL RUSSIA						898,785
SAUDI ARABIA - 0.3%
	250,000	g	SABIC Capital II BV		4.000		10/10/23		269,048
	275,000	g	Saudi Arabian Oil Co		2.250		11/24/30		265,919
	300,000	z	Saudi Electricity Global Sukuk Co 5		2.413		09/17/30		300,483
			TOTAL SAUDI ARABIA						835,450
SINGAPORE - 0.2%
	200,000	g	BOC Aviation USA Corp		1.625		04/29/24		200,815
EUR	200,000	z	Temasek Financial I Ltd		0.500		11/20/31		239,500
$	500,000	g	United Overseas Bank Ltd		2.000		10/14/31		497,400
			TOTAL SINGAPORE						937,715
SPAIN - 0.2%
	800,000		Banco Santander S.A.		7.500		N/A‡		882,000
			TOTAL SPAIN						882,000
SWITZERLAND - 0.7%
EUR	750,000	z	Cloverie plc for Zurich Insurance Co Ltd		1.500		12/15/28		982,591
GBP	700,000	z	Credit Suisse Group AG.		2.250		06/09/28		987,126
EUR	600,000	z	UBS Group AG		0.250		11/05/28		710,955
	1,000,000	z	UBS Group AG.		0.250		02/24/28		1,185,843
			TOTAL SWITZERLAND						3,866,515
TANZANIA, UNITED REPUBLIC OF - 0.1%
$	450,000		AngloGold Ashanti Holdings plc		3.750		10/01/30		465,412
			TOTAL TANZANIA, UNITED REPUBLIC OF						465,412
THAILAND - 0.1%
	200,000	g,z	PTTEP Treasury Center Co Ltd		2.587		06/10/27		206,366
	300,000	g	Thaioil Treasury Center Co Ltd		2.500		06/18/30		288,666
			TOTAL THAILAND						495,032
UNITED ARAB EMIRATES - 0.4%
	200,000	g	DAE Funding LLC		3.375		03/20/28		199,614
	400,000	g	DP World Ltd		5.625		09/25/48		485,000
	300,000	z	EI Sukuk Co Ltd		1.827		09/23/25		299,611
GBP	300,000	z	First Abu Dhabi Bank PJSC		1.375		02/19/23		418,463
$	300,000	z	National Central Cooling Co PJSC		2.500		10/21/27		295,938
			TOTAL UNITED ARAB EMIRATES						1,698,626
UNITED KINGDOM - 1.7%
GBP	1,050,000		BAE Systems plc		4.125		06/08/22		1,505,110
EUR	800,000	z	Barclays plc		0.625		11/14/23		972,481
	1,000,000	z	Coca-Cola European Partners plc		1.500		11/08/27		1,283,929

325

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
GBP	750,000		HSBC Holdings plc		2.175	%	06/27/23	$	1,053,818
UGX	3,000,000,000	†,g	ICBC Standard Bank plc		14.250		06/26/34		766,146
EUR	750,000		Natwest Group plc		1.750		03/02/26		951,551
	750,000		RELX Capital, Inc		1.300		05/12/25		947,425
	700,000	z	Standard Chartered plc		1.200		09/23/31		841,309
			TOTAL UNITED KINGDOM						8,321,769
UNITED STATES - 9.3%
	500,000	z	Abbott Ireland Financing DAC		1.500		09/27/26		644,771
	1,200,000		AbbVie, Inc		1.250		06/01/24		1,494,454
	150,000		AbbVie, Inc		2.625		11/15/28		208,098
	900,000	g	Adient Global Holdings Ltd		3.500		08/15/24		1,118,373
JPY	100,000,000		Aflac, Inc		0.550		03/12/30		889,397
EUR	575,000		American Honda Finance Corp		1.950		10/18/24		738,567
	300,000		American Tower Corp		1.375		04/04/25		376,776
	600,000		American Tower Corp		1.950		05/22/26		779,487
	1,000,000	z	Amphenol Technologies Holding GmbH		2.000		10/08/28		1,349,232
	500,000		Aptiv plc		1.500		03/10/25		631,537
	750,000	g	Ardagh Metal Packaging Finance USA LLC		2.000		09/01/28		903,364
	750,000	g	Ardagh Metal Packaging Finance USA LLC		3.000		09/01/29		902,274
	300,000	g	Ashland Services BV		2.000		01/30/28		359,435
	500,000		AT&T, Inc		2.350		09/05/29		680,627
	750,000	g	Avantor Funding, Inc		3.875		07/15/28		950,361
	575,000		Ball Corp		0.875		03/15/24		697,121
	500,000	z	Bank of America Corp		1.662		04/25/28		646,624
	500,000	z	Bank of America Corp		0.654		10/26/31		591,272
	700,000		Becton Dickinson & Co		1.401		05/24/23		865,955
	670,000		Becton Dickinson & Co		1.900		12/15/26		875,185
	100,000		Capital One Financial Corp		0.800		06/12/24		122,825
	650,000	g	Carnival Corp		7.625		03/01/26		865,375
	750,000		Chubb INA Holdings, Inc		1.550		03/15/28		967,879
	350,000		Chubb INA Holdings, Inc		1.400		06/15/31		447,276
	750,000	z	Citigroup, Inc		1.250		07/06/26		941,031
GBP	500,000	z	Citigroup, Inc		1.750		10/23/26		703,197
EUR	700,000		Comcast Corp		0.250		05/20/27		846,642
	900,000		DH Europe Finance Sarl		1.200		06/30/27		1,139,422
	500,000	g	Diebold Nixdorf Dutch Holding BV		9.000		07/15/25		664,595
GBP	100,000	z	Digital Stout Holding LLC		2.750		07/19/24		145,992
	200,000		Discovery Communications LLC		2.500		09/20/24		287,672
EUR	400,000		FedEx Corp		1.000		01/11/23		489,258
	500,000		FedEx Corp		1.625		01/11/27		645,875
	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		465,699
GBP	600,000		Fiserv, Inc		3.000		07/01/31		899,552
EUR	750,000	z	General Motors Financial Co, Inc		0.600		05/20/27		896,979
	400,000		Goldman Sachs Group, Inc		1.375		05/15/24		494,554
	500,000	z	Goldman Sachs Group, Inc		0.250		01/26/28		588,834
	1,000,000		Honeywell International, Inc		0.000		03/10/24		1,208,392
	600,000		International Business Machines Corp		0.650		02/11/32		720,516
	500,000	g	International Game Technology plc		3.500		06/15/26		616,119
	500,000	g	IQVIA, Inc		1.750		03/15/26		606,354
	500,000	z	JPMorgan Chase & Co		1.638		05/18/28		645,252
	650,000		Liberty Mutual Group, Inc		2.750		05/04/26		875,543

326

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EUR	450,000	g	Liberty Mutual Group, Inc		2.750	%	05/04/26	$	606,109
	500,000		McDonald’s Corp		0.900		06/15/26		625,209
GBP	600,000		McKesson Corp		3.125		02/17/29		899,282
EUR	600,000	z	Metropolitan Life Global Funding I		0.550		06/16/27		739,635
	650,000		Mondelez International, Inc		1.375		03/17/41		756,743
	670,000		Morgan Stanley		1.342		10/23/26		846,182
	400,000	g	OI European Group BV		3.125		11/15/24		498,944
	1,200,000		Omnicom Finance Holdings plc		0.800		07/08/27		1,483,445
	100,000	g	Organon Finance LLC		2.875		04/30/28		122,780
	800,000		Parker-Hannifin Corp		1.125		03/01/25		1,000,995
$	1,075,000		Plains All American Pipeline LP		3.800		09/15/30		1,107,207
EUR	540,000		ProLogis Euro Finance LLC		0.375		02/06/28		653,499
	500,000	g	Scientific Games International, Inc		3.375		02/15/26		601,125
	400,000		Silgan Holdings, Inc		3.250		03/15/25		484,266
	450,000		Stryker Corp		2.625		11/30/30		636,742
	1,100,000		SYSCO Corp		1.250		06/23/23		1,356,783
	700,000		The Procter & Gamble Company		0.625		10/30/24		865,657
	500,000		The Procter & Gamble Company		1.875		10/30/38		710,193
	400,000		Verizon Communications, Inc		1.375		10/27/26		512,675
	400,000		Verizon Communications, Inc		1.875		10/26/29		535,410
	600,000		Walmart, Inc		2.550		04/08/26		811,744
			TOTAL UNITED STATES						47,842,368
			TOTAL CORPORATE BONDS						103,531,406
			(Cost $97,760,898)
GOVERNMENT BONDS - 68.9%
ARGENTINA - 0.0%
	13,818		Argentina Republic Government International Bond		1.000		07/09/29		5,237
	196,000		Argentina Republic Government International Bond		0.125		07/09/41		70,070
	198,850		Argentina Republic Government International Bond (Step Bond)		0.125		07/09/30		72,083
			TOTAL ARGENTINA						147,390
AUSTRALIA - 1.7%
AUD	3,100,000	z	Australia Government International Bond		2.250		05/21/28		2,561,778
	975,000		Australia Government International Bond		1.000		12/21/30		709,003
	4,100,000	z	Australia Government International Bond		1.000		11/21/31		2,929,070
	1,750,000	z	Australia Government International Bond		1.750		06/21/51		1,090,192
	1,715,000		Western Australian Treasury Corp		2.750		07/24/29		1,445,647
			TOTAL AUSTRALIA						8,735,690
BELGIUM - 0.5%
EUR	2,125,000	g	Kingdom of Belgium Government International Bond		0.000		10/22/27		2,602,926
			TOTAL BELGIUM						2,602,926
BERMUDA - 0.1%
$	340,000	g	Bermuda Government International Bond		2.375		08/20/30		335,750
			TOTAL BERMUDA						335,750

327

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BRAZIL - 0.5%
BRL	8,900,000		Brazil Notas do Tesouro Nacional Serie F		10.000	%	01/01/27	$	1,746,453
$	1,000,000		Brazilian Government International Bond		3.875		06/12/30		992,660
			TOTAL BRAZIL						2,739,113
CANADA - 2.6%
CAD	1,700,000	g	Canada Housing Trust No 1		2.550		12/15/23		1,455,224
	1,950,000		Canadian Government International Bond		1.500		02/01/22		1,602,073
	3,600,000		Canadian Government International Bond		2.000		09/01/23		3,040,794
	1,300,000		Canadian Government International Bond		5.000		06/01/37		1,523,776
	1,350,000		Hydro-Quebec		4.000		02/15/55		1,365,420
	1,600,000		Province of British Columbia Canada		2.550		06/18/27		1,382,744
	1,600,000		Province of New Brunswick Canada		3.100		08/14/28		1,417,552
	1,000,000		Province of Quebec Canada		2.750		09/01/27		873,351
			TOTAL CANADA						12,660,934
CHILE - 0.3%
CLP	760,000,000	g	Bonos de la Tesoreria de la Republica en pesos		2.300		10/01/28		986,754
EUR	650,000		Chile Government International Bond		1.250		01/22/51		686,615
			TOTAL CHILE						1,673,369
CHINA - 8.4%
CNY	61,260,000		China Government International Bond		2.880		11/05/23		9,495,287
	14,500,000		China Government International Bond		3.270		11/19/30		2,258,252
	3,300,000		China Government International Bond		3.810		09/14/50		521,649
	15,000,000		China Government International Bond		2.240		03/05/23		2,300,429
	27,700,000		China Government International Bond		2.360		07/02/23		4,244,581
	49,600,000		China Government International Bond		2.940		10/17/24		7,687,388
	60,500,000		China Government International Bond		3.120		12/05/26		9,401,995
	18,900,000		China Government International Bond		3.860		07/22/49		3,009,615
	30,000,000		China Government International Bond		3.390		03/16/50		4,362,045
			TOTAL CHINA						43,281,241
COTE D’IVOIRE - 0.3%
EUR	1,000,000	g	Ivory Coast Government International Bond		5.875		10/17/31		1,301,009
	100,000	g	Ivory Coast Government International Bond		4.875		01/30/32		120,682
			TOTAL COTE D’IVOIRE						1,421,691
CROATIA - 0.2%
	1,000,000	z	Croatia Government International Bond		1.125		03/04/33		1,187,550
			TOTAL CROATIA						1,187,550
CYPRUS - 1.0%
	1,300,000	z	Cyprus Government International Bond		2.375		09/25/28		1,807,490
	1,100,000	z	Cyprus Government International Bond		0.625		01/21/30		1,338,567
	575,000	z	Cyprus Government International Bond		2.750		02/26/34		852,464
	500,000	z	Cyprus Government International Bond		2.750		05/03/49		804,978
			TOTAL CYPRUS						4,803,499

328

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
DOMINICAN REPUBLIC - 0.5%
DOP	48,650,000	g	Dominican Republic Government International Bond		8.900	%	02/15/23	$	884,546
	15,000,000	g	Dominican Republic Government International Bond		9.750		06/05/26		289,125
$	750,000	g	Dominican Republic Government International Bond		4.875		09/23/32		784,875
			TOTAL DOMINICAN REPUBLIC						1,958,546
ECUADOR - 0.1%
	78,000	g	Ecuador Government International Bond		0.000		07/31/30		42,510
	441,250	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/30		368,444
	309,125	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/35		210,208
			TOTAL ECUADOR						621,162
EGYPT - 1.0%
	850,000	g	Egypt Government International Bond		5.750		05/29/24		897,940
EGP	16,250,000		Egypt Government International Bond		15.900		07/02/24		1,079,732
$	600,000	g	Egypt Government International Bond		5.875		02/16/31		578,521
EUR	900,000	g	Egypt Government International Bond		6.375		04/11/31		1,127,238
$	300,000	g	Egypt Government International Bond		7.053		01/15/32		307,110
	675,000	g	Egypt Government International Bond		8.500		01/31/47		696,530
			TOTAL EGYPT						4,687,071
FRANCE - 3.4%
EUR	4,500,000		French Republic Government Bond OAT		0.500		05/25/25		5,634,867
	3,775,000		French Republic Government Bond OAT		0.750		11/25/28		4,849,224
	2,450,000	g	French Republic Government Bond OAT		0.500		05/25/40		2,876,225
	910,000	g	French Republic Government Bond OAT		0.750		05/25/52		1,038,054
	2,500,000	z	UNEDIC ASSEO		0.250		07/16/35		2,927,993
			TOTAL FRANCE						17,326,363
GERMANY - 0.9%
	2,350,000		Bundesrepublik Deutschland Bundesanleihe		0.000		02/15/30		2,898,264
	1,200,000		Bundesrepublik Deutschland Bundesanleihe		0.000		02/15/31		1,471,653
			TOTAL GERMANY						4,369,917
GHANA - 0.7%
$	333,333	g	Ghana Government International Bond		9.250		09/15/22		352,517
	500,000	g	Ghana Government International Bond		7.750		04/07/29		511,104
	825,000	g	Ghana Government International Bond		8.125		03/26/32		831,244
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		970,000
GHS	4,300,000		Republic of Ghana Government Bonds		16.500		02/06/23		736,509
			TOTAL GHANA						3,401,374
GREECE - 0.8%
EUR	575,000	g	Hellenic Republic Government International Bond		3.875		03/12/29		858,957
	2,300,000	g	Hellenic Republic Government International Bond		1.500		06/18/30		2,917,530
			TOTAL GREECE						3,776,487
GUATEMALA - 0.2%
$	200,000	g	Guatemala Government International Bond		5.375		04/24/32		230,500
	775,000	g	Guatemala Government International Bond		6.125		06/01/50		930,000
			TOTAL GUATEMALA						1,160,500

329

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
HONDURAS - 0.0%
$	200,000	g	Honduras Government International Bond		5.625	%	06/24/30	$	210,000
			TOTAL HONDURAS						210,000
HONG KONG - 0.1%
	475,000	g	Airport Authority		1.625		02/04/31		445,659
			TOTAL HONG KONG						445,659
HUNGARY - 0.1%
EUR	600,000	z	Hungary Government International Bond		1.750		06/05/35		764,170
			TOTAL HUNGARY						764,170
ICELAND - 0.2%
EUR	1,000,000	z	Iceland Government International Bond		0.000		04/15/28		1,189,096
			TOTAL ICELAND						1,189,096
INDIA - 0.0%
$	200,000		Export-Import Bank of India		3.875		03/12/24		213,259
	250,000	g	Export-Import Bank of India		2.250		01/13/31		229,998
			TOTAL INDIA						443,257
INDONESIA - 0.9%
IDR	13,000,000,000		Indonesia Treasury Bond		8.125		05/15/24		973,214
	22,800,000,000		Indonesia Treasury Bond		7.500		05/15/38		1,613,113
$	1,700,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		1,848,716
			TOTAL INDONESIA						4,435,043
ISRAEL - 1.0%
ILS	5,250,000		Israel Government International Bond		5.500		01/31/42		2,588,009
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,274,358
$	1,250,000	z	State of Israel		3.800		05/13/60		1,362,854
			TOTAL ISRAEL						5,225,221
ITALY - 5.0%
EUR	5,525,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		7,074,498
	3,950,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		5,005,886
	3,675,000	g	Italy Buoni Poliennali Del Tesoro		0.950		09/15/27		4,567,338
	1,000,000		Italy Buoni Poliennali Del Tesoro		0.900		04/01/31		1,205,899
	300,000	g	Italy Buoni Poliennali Del Tesoro		0.950		03/01/37		339,176
	1,575,000	g	Italy Buoni Poliennali Del Tesoro		2.950		09/01/38		2,328,384
	900,000	g	Italy Buoni Poliennali Del Tesoro		3.450		03/01/48		1,454,438
	1,050,000	g	Italy Buoni Poliennali Del Tesoro		3.850		09/01/49		1,816,400
	950,000	g	Italy Buoni Poliennali Del Tesoro		1.700		09/01/51		1,087,983
			TOTAL ITALY						24,880,002
JAPAN - 13.4%
JPY	13,000,000		Japan Finance Organization for Municipalities		0.440		08/15/25		121,203
	21,000,000		Japan Finance Organization for Municipalities		0.320		01/19/26		195,034
	30,000,000		Japan Finance Organization for Municipalities		0.145		02/16/26		276,345

330

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
JPY	14,000,000		Japan Finance Organization for Municipalities		0.020	%	05/22/26	$	128,131
	628,000,000		Japan Government Five Year Bond		0.100		06/20/23		5,773,152
	170,000,000		Japan Government Ten Year Bond		0.100		09/20/26		1,571,003
	557,000,000		Japan Government Ten Year Bond		0.100		06/20/28		5,143,742
	335,000,000		Japan Government Ten Year Bond		0.100		06/20/29		3,086,791
	322,000,000		Japan Government Ten Year Bond		0.100		09/20/29		2,965,000
	325,000,000		Japan Government Ten Year Bond		0.100		12/20/29		2,990,216
	210,000,000		Japan Government Ten Year Bond		0.100		03/20/30		1,931,492
	425,000,000		Japan Government Ten Year Bond		0.100		06/20/30		3,904,622
	513,000,000		Japan Government Ten Year Bond		0.100		09/20/30		4,708,316
	525,950,000		Japan Government Thirty Year Bond		2.500		09/20/34		6,248,802
	457,700,000		Japan Government Thirty Year Bond		0.500		09/20/46		4,114,155
	73,000,000		Japan Government Thirty Year Bond		0.600		09/20/50		658,890
	340,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		3,444,934
	229,000,000		Japan Government Twenty Year Bond		1.800		09/20/31		2,459,054
	117,000,000		Japan Government Twenty Year Bond		1.700		03/20/32		1,250,727
	278,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		2,653,481
	256,000,000		Japan Government Twenty Year Bond		0.500		06/20/38		2,391,069
	660,000,000		Japan Government Twenty Year Bond		0.700		09/20/38		6,356,972
	185,000,000		Japan Government Twenty Year Bond		0.300		06/20/39		1,658,724
	312,000,000		Japan Government Twenty Year Bond		0.400		09/20/40		2,827,787
	203,000,000		Japan Government Two Year Bond		0.100		12/01/22		1,864,154
			TOTAL JAPAN						68,723,796
KAZAKHSTAN - 0.2%
KZT	550,000,000	†	National Bank of Kazakhstan Notes		0.000		07/23/21		1,252,305
			TOTAL KAZAKHSTAN						1,252,305
KENYA - 0.3%
$	1,200,000	g	Kenya Government International Bond		7.000		05/22/27		1,304,713
			TOTAL KENYA						1,304,713
KOREA, REPUBLIC OF - 2.8%
	200,000		Export-Import Bank of Korea		3.000		11/01/22		207,412
	500,000	g	Korea Housing Finance Corp		2.000		10/11/21		503,447
KRW	3,290,000,000		Korea Treasury Bond		1.250		12/10/22		2,975,219
	2,220,000,000		Korea Treasury Bond		2.250		09/10/23		2,049,191
	3,800,000,000		Korea Treasury Bond		1.500		03/10/25		3,418,769
	1,800,000,000		Korea Treasury Bond		1.500		12/10/26		1,593,416
	1,200,000,000		Korea Treasury Bond		1.375		12/10/29		1,018,586
	2,815,000,000		Korea Treasury Bond		2.375		09/10/38		2,574,232
			TOTAL KOREA, REPUBLIC OF						14,340,272
LEBANON - 0.0%
$	1,400,000	†,q,z	Lebanon Government International Bond		6.850		03/23/27		173,460
			TOTAL LEBANON						173,460
MACEDONIA - 0.5%
EUR	1,050,000	g	North Macedonia Government International Bond		3.675		06/03/26		1,373,939
	850,000	g	North Macedonia Government International Bond		1.625		03/10/28		988,033
			TOTAL MACEDONIA						2,361,972

331

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MALAYSIA - 0.3%
MYR	5,700,000		Malaysia Government International Bond		3.828	%	07/05/34	$	1,386,846
			TOTAL MALAYSIA						1,386,846
MEXICO - 0.8%
MXN	23,500,000		Mexican Bonos		5.750		03/05/26		1,149,594
	13,800,000		Mexican Bonos		7.750		05/29/31		722,850
$	1,300,000		Mexico Government International Bond		3.250		04/16/30		1,328,145
	1,025,000		Mexico Government International Bond		4.280		08/14/41		1,045,500
			TOTAL MEXICO						4,246,089
MOROCCO - 0.4%
EUR	850,000	g	Morocco Government International Bond		1.375		03/30/26		1,025,336
	1,100,000	g	Morocco Government International Bond		1.500		11/27/31		1,240,931
			TOTAL MOROCCO						2,266,267
NETHERLANDS - 0.2%
	550,000	g	Netherlands Government International Bond		2.750		01/15/47		1,055,855
			TOTAL NETHERLANDS						1,055,855
NEW ZEALAND - 0.3%
NZD	1,800,000		New Zealand Government International Bond		2.750		04/15/25		1,394,205
			TOTAL NEW ZEALAND						1,394,205
NIGERIA - 0.3%
$	1,325,000	g	Nigeria Government International Bond		6.500		11/28/27		1,400,628
			TOTAL NIGERIA						1,400,628
NORWAY - 1.0%
NOK	9,000,000		City of Oslo Norway		2.050		10/31/24		1,107,579
	35,620,000	g	Norway Government International Bond		1.375		08/19/30		4,260,579
			TOTAL NORWAY						5,368,158
PAKISTAN - 0.2%
$	1,000,000	g	Pakistan Government International Bond		6.000		04/08/26		1,027,866
			TOTAL PAKISTAN						1,027,866
PANAMA - 0.2%
	1,000,000		Panama Notas del Tesoro		3.750		04/17/26		1,075,500
			TOTAL PANAMA						1,075,500
PARAGUAY - 0.2%
	925,000	g	Paraguay Government International Bond		5.400		03/30/50		1,042,022
			TOTAL PARAGUAY						1,042,022
PERU - 0.4%
PEN	8,300,000	g	Peruvian Government International Bond		5.400		08/12/34		2,090,663
			TOTAL PERU						2,090,663

332

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PHILIPPINES - 0.2%
EUR	820,000		Philippine Government International Bond		1.200	%	04/28/33	$	977,930
			TOTAL PHILIPPINES						977,930
POLAND - 0.7%
PLN	11,905,000		Republic of Poland Government International Bond		2.750		10/25/29		3,428,624
			TOTAL POLAND						3,428,624
PORTUGAL - 0.8%
EUR	1,275,000	g	Portugal Obrigacoes do Tesouro OT		0.700		10/15/27		1,604,793
	1,800,000	g	Portugal Obrigacoes do Tesouro OT		1.950		06/15/29		2,469,198
			TOTAL PORTUGAL						4,073,991
REPUBLIC OF SERBIA - 1.0%
	1,700,000	g	Serbia Government International Bond		1.500		06/26/29		2,023,831
$	600,000	g	Serbia Government International Bond		2.125		12/01/30		552,457
RSD	120,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,482,701
	101,500,000		Serbia Treasury Bonds		4.500		08/20/32		1,144,898
			TOTAL REPUBLIC OF SERBIA						5,203,887
ROMANIA - 0.9%
RON	9,500,000		Romania Government International Bond		4.150		01/26/28		2,499,446
EUR	800,000	g	Romanian Government International Bond		2.000		01/28/32		966,740
	850,000	g	Romanian Government International Bond		2.000		04/14/33		1,008,123
			TOTAL ROMANIA						4,474,309
RUSSIA - 0.2%
RUB	90,000,000		Russian Federal Bond-OFZ		4.500		07/16/25		1,113,254
			TOTAL RUSSIA						1,113,254
SAUDI ARABIA - 0.2%
$	375,000	g	Saudi Government International Bond		2.900		10/22/25		398,599
	750,000	g	Saudi Government International Bond		2.500		02/03/27		776,428
			TOTAL SAUDI ARABIA						1,175,027
SENEGAL - 0.2%
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		1,247,560
			TOTAL SENEGAL						1,247,560
SOUTH AFRICA - 0.5%
ZAR	10,700,000		South Africa Government International Bond		10.500		12/21/26		841,008
	16,500,000		South Africa Government International Bond		7.000		02/28/31		944,754
	7,800,000		South Africa Government International Bond		8.750		01/31/44		429,075
			TOTAL SOUTH AFRICA						2,214,837
SPAIN - 3.1%
EUR	1,100,000	z	Autonomous Community of Madrid Spain		1.571		04/30/29		1,448,604
	4,600,000	g	Spain Government International Bond		2.750		10/31/24		6,137,621
	1,095,000	g	Spain Government International Bond		1.400		07/30/28		1,438,345
	1,875,000	g	Spain Government International Bond		0.600		10/31/29		2,313,536
	1,250,000	g	Spain Government International Bond		0.100		04/30/31		1,447,457
	2,650,000	g	Spain Government International Bond		1.200		10/31/40		3,220,801
			TOTAL SPAIN						16,006,364

333

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SUPRANATIONAL - 2.9%
$	1,200,000	g	Africa Finance Corp		2.875	%	04/28/28	$	1,191,581
	750,000	z	African Export-Import Bank		5.250		10/11/23		811,099
INR	105,000,000		Asian Development Bank		6.200		10/06/26		1,454,528
$	1,250,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		1,330,947
EUR	650,000	g	Banque Ouest Africaine de Developpement		2.750		01/22/33		812,990
AUD	2,150,000		Inter-American Development Bank		4.750		08/27/24		1,886,812
NZD	1,577,000		International Bank for Reconstruction & Development		3.375		01/25/22		1,152,847
AUD	4,100,000		International Bank for Reconstruction & Development		2.200		02/27/24		3,317,039
CAD	1,600,000		International Bank for Reconstruction & Development		1.900		01/16/25		1,348,691
GBP	700,000		International Finance Corp		0.250		12/15/25		953,693
			TOTAL SUPRANATIONAL						14,260,227
SWEDEN - 0.2%
SEK	9,000,000		Sweden Government International Bond		0.500		11/24/45		969,831
			TOTAL SWEDEN						969,831
THAILAND - 0.8%
THB	30,000,000		Thailand Government International Bond		1.450		12/17/24		985,576
	55,000,000		Thailand Government International Bond		3.300		06/17/38		1,995,815
	29,000,000		Thailand Government International Bond		2.000		06/17/42		848,124
			TOTAL THAILAND						3,829,515
TURKEY - 0.1%
TRY	5,425,000		Turkey Government International Bond		8.500		09/14/22		589,108
			TOTAL TURKEY						589,108
UKRAINE - 0.6%
UAH	31,000,000		Ukraine Government International Bond		17.000		05/11/22		1,167,650
EUR	1,000,000	g	Ukraine Government International Bond		6.750		06/20/26		1,287,622
	850,000	g	Ukraine Government International Bond		4.375		01/27/30		936,483
			TOTAL UKRAINE						3,391,755
UNITED ARAB EMIRATES - 0.1%
$	750,000	z	Dubai DOF Sukuk Ltd		2.763		09/09/30		747,114
	250,000	z	Emirate of Dubai Government International Bonds		3.900		09/09/50		230,474
			TOTAL UNITED ARAB EMIRATES						977,588
UNITED KINGDOM - 3.9%
GBP	2,425,000		United Kingdom Gilt		1.625		10/22/28		3,588,641
	2,720,000		United Kingdom Gilt		4.750		12/07/30		5,110,112
	3,350,000		United Kingdom Gilt		1.750		09/07/37		4,996,655
	2,000,000		United Kingdom Gilt		1.250		10/22/41		2,737,480
	1,800,000		United Kingdom Gilt		0.875		01/31/46		2,241,841
	1,260,000		United Kingdom Gilt		0.625		10/22/50		1,441,732
			TOTAL UNITED KINGDOM						20,116,461

334

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
URUGUAY - 0.2%
UYU	21,800,000	g	Uruguay Government International Bond			8.500	%	03/15/28	$	516,313
$	625,000		Uruguay Government International Bond			4.375		01/23/31		726,656
			TOTAL URUGUAY							1,242,969
UZBEKISTAN - 0.3%
	1,450,000	g	Republic of Uzbekistan Government International Bond			4.750		02/20/24		1,545,840
			TOTAL UZBEKISTAN							1,545,840
			TOTAL GOVERNMENT BONDS							351,832,715
			(Cost $338,352,854)
STRUCTURED ASSETS - 3.3%
IRELAND - 0.4%
GBP	300,000	g,i	Taurus UK DAC			0.000		05/17/31		414,885
			Series - 2021 UK1A (Class D)
	690,000	g,i	Taurus UK DAC			0.000		05/17/31		953,960
			Series - 2021 UK1A (Class C)
	350,000	g,i	Taurus UK DAC			0.000		05/17/31		483,752
			Series - 2021 UK1A (Class B)
			TOTAL IRELAND							1,852,597
UNITED STATES - 2.9%
$	2,000,000	g,i	Alen Mortgage Trust	LIBOR 1 M + 2.250%		2.365		04/15/34		1,999,998
			Series - 2021 ACEN (Class C)
	4,540,062	i	Connecticut Avenue Securities	LIBOR 1 M + 1.350%		1.456		09/25/29		4,560,086
			Series - 2017 C02 (Class 2ED3)
	4,678,135	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		2.306		01/25/30		4,738,571
			Series - 2017 C05 (Class 1M2)
	1,500,000	g	Diamond Resorts Owner Trust			2.700		11/21/33		1,499,980
			Series - 2021 1A (Class C)
	500,000	g,h	Oportun Issuance Trust			1.960		05/08/31		499,856
			Series - 2021 B (Class B)
	500,000	g,h	Oportun Issuance Trust			3.650		05/08/31		499,717
			Series - 2021 B (Class C)
	1,250,000	g	Purchasing Power Funding LLC			4.370		10/15/25		1,250,062
			Series - 2021 A (Class D)
			TOTAL UNITED STATES							15,048,270
			TOTAL STRUCTURED ASSETS							16,900,867
			(Cost $16,905,259)
			TOTAL BONDS							472,264,988
			(Cost $453,019,011)

335

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 3.6%
EGYPT - 0.6%
EGP	56,500,000		Egypt Treasury Bill		0.000	%	11/16/21	$	3,365,953
			TOTAL EGYPT						3,365,953
UKRAINE - 0.2%
UAH	24,000,000		Ukraine Treasury Bill		0.000		10/27/21		822,652
			TOTAL UKRAINE						822,652
UNITED STATES - 2.7%
$	6,790,000		Federal Farm Credit Bank (FFCB)		0.010		05/03/21		6,790,000
	1,038,000		Federal Home Loan Bank (FHLB)		0.005		05/17/21		1,038,000
	6,310,000		United States Treasury Bill		0.013		05/20/21		6,309,970
			TOTAL UNITED STATES						14,137,970
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
UNITED STATES - 0.1%
	399,975	c	State Street Navigator Securities Lending		0.020				399,975
			Government Money Market Portfolio
			TOTAL UNITED STATES						399,975
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						399,975
			TOTAL SHORT-TERM INVESTMENTS						18,726,550
			(Cost $18,726,991)
			TOTAL INVESTMENTS - 97.1%						496,013,363
			(Cost $476,853,988)
			OTHER ASSETS & LIABILITIES, NET - 2.9%						14,669,263
			NET ASSETS - 100.0%					$	510,682,626

Abbreviation(s):
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Yuan
DOP	Dominican Republic Peso
EGP	Egyptian Pound
EUR	Euro
GBP	Pound Sterling
GHS	Ghanaian Cedi
IDR	Indonesian Rupiah
ILS	Israeli New Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
KZT	Kazakhstani Tenge
LIBOR	London Interbank Offered Rate

336

TIAA-CREF FUNDS – International Bond Fund

M	Month
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PLN	Polish Zloty
RON	Romanian Leu
RSD	Serbian Dinar
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thai Baht
TRY	Turkish Lira
UAH	Ukrainian Hryvnia
UGX	Ugandan Shilling
UYU	Uruguayan Peso
ZAR	South African Rand

†	Security is categorized as Level 3 in the fair value hierarchy.
‡	Perpetual security.
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 $392,066.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2021, the aggregate value of these securities is $129,203,154 or 25.3% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
h	All or a portion of these securities were purchased on a delayed delivery basis.
o	Payment in Kind Bond
q	In default
z	All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited which is a 100% owned subsidiary of the fund.

Forward foreign currency contracts outstanding as of April 30, 2021 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date		Unrealized appreciation (depreciation)
$	2,580,794	NZD	3,580,721	Australia and New Zealand Banking Group	07/30/21	$	19,362
$	894,366	BRL	4,877,245	Citibank, N.A.	05/28/21	$	(1,079.00	)
$	11,678,125	KRW	12,970,777,159	Citibank, N.A.	05/28/21		75,775
$	1,763,122	PLN	6,665,040	Citibank, N.A.	05/28/21		5,331
$	2,863,320	THB	89,907,108	Citibank, N.A.	05/28/21		(23,537	)
Total						$	56,490
$	12,043,023	AUD	15,493,551	Morgan Stanley	07/30/21	$	102,915.00
$	161,973,436	EUR	133,687,611	Morgan Stanley	07/30/21		942,745
$	1,977,571	ILS	6,439,004	Morgan Stanley	05/28/21		(5,179	)
$	5,448,516	NOK	45,316,742	Morgan Stanley	07/30/21		3,755
Total						$	1,044,236

337

TIAA-CREF FUNDS – International Bond Fund

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date		Unrealized appreciation (depreciation)
$	13,956,759	CAD	17,269,257	Toronto Dominion Bank	07/30/21	$	(95,397	)
$	30,557,168	CNY	198,412,580	Toronto Dominion Bank	05/28/21		(17,664	)
$	33,322,547	GBP	23,967,621	Toronto Dominion Bank	07/30/21		213,927
$	68,325,071	JPY	7,415,948,575	Toronto Dominion Bank	07/30/21		414,232
$	494,572	SEK	4,132,365	Toronto Dominion Bank	07/30/21		6,014
EUR	343,061	$	415,200	Toronto Dominion Bank	07/30/21		(1,973	)
$	575,343	ZAR	8,268,024	Toronto Dominion Bank	05/28/21		7,506
Total						$	526,645
Total						$	1,646,733

Abbreviation(s):

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan
EUR	Euro
GBP	Pound Sterling
ILS	New Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
THB	Thai Baht
ZAR	South African Rand

338

TIAA-CREF FUNDS – International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2021

			% OF
SECTOR	VALUE		NET ASSETS
GOVERNMENT	$	351,832,715		68.9	%
FINANCIALS		35,393,711		7.0
MORTGAGE SECURITIES		13,151,252		2.6
INDUSTRIALS		10,428,316		2.0
HEALTH CARE		10,147,119		2.0
MATERIALS		9,630,039		1.9
COMMUNICATION SERVICES		9,087,278		1.8
CONSUMER DISCRETIONARY		7,723,939		1.5
CONSUMER STAPLES		7,201,573		1.4
UTILITIES		5,879,886		1.2
ENERGY		5,312,924		1.0
INFORMATION TECHNOLOGY		5,094,671		1.0
ASSET BACKED SECURITIES		3,749,616		0.7
REAL ESTATE		2,653,774		0.5
SHORT-TERM INVESTMENTS		18,726,550		3.6
OTHER ASSETS & LIABILITIES, NET		14,669,263		2.9
NET ASSETS	$	510,682,626		100.0	%

339

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF FUNDS
Dated:  June 15, 2021	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated:  June 15, 2021	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President (principal executive officer)

Dated:  June 15, 2021	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)