N-CSR 1 c102506_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number File No. 811-09301

 

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

 

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

(Address of Principal Executive Offices) (Zip code)

 

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

 

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

 

Date of fiscal year end: October 31

 

Date of reporting period: October 31, 2021

 

Item 1. Reports to Stockholders.

 

       
     
TIAA-CREF
Funds		   October 31,
2021
       

 

TIAA-CREF
Equity Funds

 

The annual report contains the audited financial statements.

 

Fund name Institutional
Class		 Advisor
Class		 Premier
Class		 Retirement
Class		 Retail
Class		 Class
W
Growth & Income Fund TIGRX TGIHX TRPGX TRGIX TIIRX TGIWX
Large-Cap Growth Fund TILGX TILHX TILPX TILRX TIRTX TILWX
Large-Cap Value Fund TRLIX TRLHX TRCPX TRLCX TCLCX TRLWX
Mid-Cap Growth Fund TRPWX TCMHX TRGPX TRGMX TCMGX —
Mid-Cap Value Fund TIMVX TRVHX TRVPX TRVRX TCMVX —
Quant 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 —

 

Annual
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  
Audited financial statements      
Statements of assets and liabilities   68  
Statements of operations   76  
Statements of changes in net assets   80  
Financial highlights   86  
Notes to financial statements   114  
Report of independent registered public accounting firm 125  
Important tax information   126  
Trustees and officers   127  
Additional information about index providers   130  
How to reach us Inside back cover  
     
     
 

Understanding this report

 

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

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

 

Brad Finkle

Letter to investors

 

Global stock markets delivered strong gains for the twelve months ended October 31, 2021. The U.S. economy expanded at a robust pace as COVID-19 restrictions were eased and business activity increased. The Federal Reserve maintained an accommodative monetary policy, while the federal government continued to provide fiscal stimulus. Economic recovery was mixed elsewhere around the world as growth rates varied among individual countries and regions. For the twelve months:

 

•  The Russell 3000® Index, which measures the performance of the broad U.S. stock market, climbed 43.9%. Please see page 8 for benchmark definitions.

•  The MSCI EAFE® Index, which represents stocks in 21 developed-markets nations outside North America, gained 34.2%.

•  The MSCI Emerging Markets Index, which tracks the performance of stocks in 27 developing nations, returned 17.0%.

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

 

U.S. economy grew at a solid pace

Domestic stocks registered impressive gains for the twelve months as the economy grew at a solid pace, and the country continued to recover from the pandemic. The U.S. economy expanded during the fourth quarter of 2020, and growth accelerated over the following six months. Economic activity slowed late in the period as supply-chain bottlenecks limiting the delivery of certain products were felt throughout the country, and companies struggled to find workers. Unemployment declined steadily during the period, while inflation accelerated. The Fed maintained short-term interest rates at historically low levels but planned to reduce the pace of its bond-buying program designed to support the economy and credit markets.

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

 

Foreign developed markets delivered impressive returns

Foreign developed-markets stocks climbed higher despite varying rates of economic growth around the world. The economy of the 19-nation euro area contracted in the fourth quarter of 2020 and the first quarter of 2021 before returning to moderate growth over the next two quarters. Among developing markets, China’s economy expanded at an impressive pace early in the period, but growth decelerated year-over-year during the second and third quarters of 2021. The European Central Bank and the Bank of England both maintained benchmark interest rates at near-zero levels over the twelve months.

 

Emerging markets lagged foreign developed and U.S. stocks

Broad gains by emerging-markets equities were partially offset by a decline in Chinese stocks. Nearly all of the 27 countries tracked by the MSCI Emerging Markets Index posted positive returns. However, China is by far the index’s largest component, accounting for almost 35.0% of its weighting at the end of the period. Stocks in Taiwan and South Korea, the next two largest components in the index, both produced gains that surpassed the overall return of the benchmark.

 

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

Eight funds outperformed their benchmarks

All 14 TIAA-CREF Equity Funds produced positive results, and eight outpaced the returns of their respective benchmarks, reflecting beneficial stock allocation decisions. Gains for the twelve months ranged from 62.8% for the Quant Small/Mid-Cap Equity Fund to 2.4% for the Emerging Markets Equity Fund. (All fund returns are for the Institutional Class.)

Fund performances generally reflected market trends favoring small-cap and value-oriented stocks. The Quant Small/Mid-Cap Equity Fund and the Quant Small-Cap Equity Fund advanced 62.8% and 62.0%, respectively, outperforming their respective benchmarks, the Russell 2500® Index and the Russell 2000® Index.

The Mid-Cap Value Fund advanced 50.1%, surpassing the Russell Midcap® Value Index, and the Large-Cap Value Fund gained 47.3% to outperform the Russell 1000® Value Index.

The Social Choice Low Carbon Equity Fund returned 44.6%, and the Social Choice Equity Fund gained 44.1%, both exceeding the performance of their shared Russell 3000 Index benchmark.

The Growth & Income Fund advanced 42.3% but lagged its benchmark, the S&P 500® Index. The Large-Cap Growth Fund gained 37.4%, and the Mid-Cap Growth Fund returned 37.3%, but both also trailed their respective benchmarks, the Russell 1000 Growth Index and the Russell Midcap Growth Index.

Among foreign equity funds, the Social Choice International Equity Fund gained 35.7%, and the International Equity Fund advanced 35.6%. Both funds outpaced their common benchmark, the MSCI EAFE Index.

The Quant International Small-Cap Equity Fund returned 35.4%, trailing the MSCI All Country World (ACWI) ex USA Small Cap Index, while the International Opportunities Fund gained 29.2%, trailing the MSCI ACWI ex USA Index. The Emerging Markets Equity Fund also lagged its benchmark, the MSCI Emerging Markets Index.

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

 

Staying on course to achieve long-term goals

Over the last twelve months, the global economy has rebounded strongly from the COVID-19 pandemic, showing an impressive resilience and alleviating the concerns of many investors. The events of the past two years illustrate two key investment principles. First, no one can predict the future direction of the financial markets. Secondly, as a result, it is important to have a long-term financial plan and stay focused on that plan during the inevitable periods of volatility. We believe that by working with a financial advisor and maintaining a diversified portfolio of mutual funds that invest in different asset classes—including equities—investors can achieve their long-term investment objectives. Of course, diversification does not guarantee against market losses.

If you have any questions or would like to talk about the current status of your portfolio, please don’t hesitate to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We are always here to help.

 

/s/ Brad Finkle

Brad Finkle

President of the TIAA-CREF Fund Complex


 

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

Market monitor

 

Strong market rally led stocks higher

 

For the twelve-month period ended October 31, 2021, U.S. equities registered powerful gains as the country continued its economic expansion. The Russell 3000® Index, a broad measure of U.S. stock market performance, advanced by an impressive 43.9%, while international developed- and emerging-markets equities recorded double-digit returns.

 

U.S. economy expanded at a robust pace

During the period, the U.S. economy grew as pandemic-related restrictions continued to ease and businesses returned to a more normal pace of activity. Government stimulus and strong consumer spending also helped drive a rate of expansion that peaked in the middle of the period. Economic growth slowed in the third quarter of 2021 amid concerns over a spike in inflation, as energy prices rose and supply-chain bottlenecks became more widespread. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at an annualized rate of 4.5% during the fourth quarter of 2020. GDP expanded by 6.3% in the first quarter of 2021 and 6.7% in the second before slowing to 2.0% in the third quarter of the year, according to the government’s “advance” estimate.

The unemployment rate declined steadily throughout the period, falling from 6.7% in November 2020 to 4.6% in October 2021—its lowest level since March 2020.

 

Small-cap value stocks led performance

 

U.S. stocks surpassed foreign equities

 

 

Source: U.S. large-cap growth: Russell 1000® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE® Index; Emerging markets: MSCI Emerging Markets Index. Twelve month returns as of October 31, 2021.

Annualized core inflation, which includes all items except food and energy, rose 4.6% in October 2021. Meanwhile, oil prices moved sharply higher amid growing demand. The price of West Texas Intermediate (WTI) crude oil climbed from nearly $37 per barrel on November 2, 2020, to more than $83 on October 29, 2021. WTI prices peaked at more than $85 per barrel in the final week of the period, the highest level in seven years.

 

Value stocks and small-cap shares performed best

Among U.S. stock market investment styles, small-cap shares outpaced large- and mid-cap equities, while value stocks topped growth shares in all size categories. Small-cap stocks advanced 50.8%, while mid-cap shares gained 45.4% and large-cap equities returned 43.5%. Among small caps, value stocks advanced 64.3%, while growth shares gained 38.5%. Within the mid-cap category, value shares returned 48.6% and growth stocks advanced 39.4%. Large-cap value equities gained 43.8%, while large-cap growth shares returned 43.2%. (Returns by investment style and capitalization size are based on the Russell indexes.)

Foreign stocks also posted strong returns, though most of their gains were achieved early in the period. The MSCI EAFE® Index, which tracks stock performance in 21 developed-markets countries outside North America, advanced 34.2%. The MSCI Emerging Markets Index returned 17.0%.

 

Economic growth boosted U.S. stocks

For the twelve-month period, U.S. equities appreciated as the economy expanded, albeit at a slower pace in the third quarter of 2021. The Federal Reserve kept the federal funds target rate unchanged, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The Fed also continued a bond-buying program to support the economy and credit markets during the period, though policymakers said they intended to begin tapering the size of monthly purchases beginning in November 2021.

Economic recovery was mixed elsewhere around the world. The economy of the 19-nation euro area contracted year-over-year in the fourth quarter of 2020 and the first quarter of 2021 before expanding at moderate rates over the following two quarters. China’s economy grew by 6.5% year-over-year in the fourth quarter of 2020 and by a remarkable 18.3% in the first quarter of 2021. In the second and third quarters, however, China’s year-over-year growth decelerated to 7.9% and 4.9%, respectively. Most global central banks continued to maintain highly accommodative monetary policies. The European Central Bank left its benchmark interest rates unchanged within a near-zero range, while the Bank of England held its benchmark rate at 0.1%.


 

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

Information for investors

 

Portfolio holdings

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

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

•By visiting our 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 Annual Report 7
 

About the funds’ benchmarks

 

Broad market indexes

 

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

 

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

Important information about expenses

 

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2021–October 31, 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 Annual Report 9
 

Growth & Income Fund

 

Expense example

 

Six months ended October 31, 2021

Growth & Income Fund  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return      
Institutional Class  $1,000.00   $1,098.44   $2.12
Advisor Class   1,000.00    1,097.78    2.64
Premier Class   1,000.00    1,097.36    2.91
Retirement Class   1,000.00    1,096.50    3.43
Retail Class   1,000.00    1,096.73    3.59
Class W   1,000.00    1,100.67    0.00
5% annual hypothetical return     
Institutional Class   1,000.00    1,023.19    2.04
Advisor Class   1,000.00    1,022.68    2.55
Premier Class   1,000.00    1,022.43    2.80
Retirement Class   1,000.00    1,021.93    3.31
Retail Class   1,000.00    1,021.78    3.47
Class W   1,000.00    1,025.21    0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.50% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.68% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector % of net assets
as of 10/31/2021
Information technology  26.9
Health care  13.8
Consumer discretionary  13.0
Financials  10.5
Communication services  10.5
Industrials  10.3
Consumer staples  5.5
Materials  4.0
Energy  2.4
Real estate  1.4
Utilities  1.0
Short-term investments, other assets & liabilities, net  0.7
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Growth & Income Fund returned 42.33% for the Institutional Class, compared with the 42.91% return of its benchmark, the S&P 500® Index. The performance table shows returns for all share classes of the Fund.

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the large-cap-oriented S&P 500 Index underperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which gained 43.90%. A portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.

 

All benchmark sectors registered gains

All eleven industry sectors in the S&P 500 Index recorded positive results for the twelve months. Energy led the way, rising 111.3% on the strength of oil prices. Financials and information technology were the next-best performers. Financials climbed 72.1%, helped by an improving interest-rate environment for banks and increased deal-making activity in the capital markets. Information technology—the largest sector, representing nearly 30.0% of the index’s total market capitalization on October 31, 2021—advanced 46.9% as both consumers and businesses became more reliant on technology-related products and services during the COVID-19 pandemic. The utilities and consumer staples sectors, which tend to be more defensive, generated the smallest gains of 10.7% and 19.0%, respectively.

For the twelve-month period, three of the five largest stocks in the S&P 500 Index produced returns that exceeded the overall return of the index. Alphabet (the parent company of Google) performed best, helped by strong spending on digital advertising. Next came Microsoft and Tesla, followed by Apple, which modestly trailed the index. Amazon.com posted a double-digit gain but was the weakest performer, hurt by supply-chain bottlenecks and a shortage of labor.

 

Fund generated robust gains but trailed its benchmark

An underweight in the energy sector detracted most due to the sharp rise in oil prices. The Fund was underweighted in Exxon Mobil, which performed well, and overweighted in energy producer EOG, which disappointed. Investments in the health care and technology sectors also detracted.

On the plus side, the Fund benefited most from consumer discretionary positions, with Caesars Entertainment and Expedia performing well as the economy reopened. An out-of-benchmark position in retailer Children’s Place also helped. The financial sector also was a benefit with JP Morgan and Morgan Stanley contributing, as rising interest rates and strength in both public and private financial markets drove results.


 

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

Performance as of October 31, 2021

Growth & Income Fund     Total return  Average annual
total return		  Annual operating
expenses*
   Inception                    
   date  1 year   5 years   10 years   gross   net 
Institutional Class  7/1/99   42.33%   18.32%   15.84%   0.40%   0.40%
Advisor Class  12/4/15   42.23    18.21    15.78†    0.49    0.49 
Premier Class  9/30/09   42.08    18.15    15.67    0.55    0.55 
Retirement Class  10/1/02   41.96    18.02    15.55    0.65    0.65 
Retail Class  3/31/06   41.97    17.98    15.49    0.69    0.69 
Class W  9/28/18   42.93    18.62†    15.98†    0.40    0.00 
S&P 500® Index  —   42.91    18.93    16.21    —    — 

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 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.

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization  % of equity investments
as of 10/31/2021
More than $50 billion  71.1
More than $15 billion–$50 billion  18.8
More than $2 billion–$15 billion  9.3
$2 billion or less  0.8
Total  100.0

 

Fund profile

 

   as of 10/31/2021
Net assets  $6.99 billion
Portfolio turnover rate  61%
Number of holdings  183
Weighted median market capitalization  $167.04 billion
Price/earnings ratio (weighted 12-month trailing average)†  29.3
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Large-Cap Growth Fund

 

Expense example

 

Six months ended October 31, 2021

Large-Cap
Growth Fund		  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return    
Institutional Class  $1,000.00   $1,079.42   $2.10
Advisor Class   1,000.00    1,079.08    2.52
Premier Class   1,000.00    1,079.08    2.93
Retirement Class   1,000.00    1,078.17    3.40
Retail Class   1,000.00    1,078.13    3.61
Class W   1,000.00    1,081.76    0.00
5% annual hypothetical return     
Institutional Class   1,000.00    1,023.19    2.04
Advisor Class   1,000.00    1,022.79    2.45
Premier Class   1,000.00    1,022.38    2.85
Retirement Class   1,000.00    1,021.93    3.31
Retail Class   1,000.00    1,021.73    3.52
Class W   1,000.00    1,025.21    0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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, 0.56% for the Premier Class, 0.65% for the Retirement Class, 0.69% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector  % of net assets
as of 10/31/2021
Information technology  37.2
Consumer discretionary  20.9
Communication services  15.4
Health care  10.4
Industrials  7.9
Consumer staples  4.5
Financials  2.4
Materials  0.5
Short-term investments, other assets & liabilities, net  0.8
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Large-Cap Growth Fund returned 37.36% for the Institutional Class, compared with the 43.21% return of its benchmark, the Russell 1000® Growth Index. The performance table shows returns for all share classes of the Fund.

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Information technology drove the benchmark higher

All eleven industry sectors in the Russell 1000 Growth Index generated substantial gains for the twelve months. Information technology—the largest sector, representing nearly 45.0% of the index’s total market capitalization on October 31, 2021—advanced 49.0% and contributed most to the index’s return. Next were consumer discretionary and communication services, which gained 40.4% and 49.0%, respectively. Together, these three sectors accounted for nearly three-quarters of the index’s total market capitalization on October 31, 2021. Energy produced the strongest return, rising 97.4%; however, the sector made only a minimal contribution due to its low weighting in the index. Materials, up 19.7%, and consumer staples, up 20.1%, posted the smallest gains.

For the twelve-month period, three of the five largest stocks in the Russell 1000 Growth Index registered returns that surpassed the overall return of the index. Tesla had the highest return, followed by Alphabet (the parent company of Google) and Microsoft, both of which outperformed the index. Apple modestly underperformed, while Amazon.com trailed by a sizeable margin.

 

Fund generated robust gains but trailed its benchmark

For the period, the Fund underperformed its benchmark, as certain stocks did not perform as anticipated. The largest detractor was an underweight position in Tesla, followed by an underweight in Microsoft, which benefited from the COVID-19-driven shift toward remote work, and an overweight in Visa, which issued a disappointing sales outlook for its fiscal year 2022.

The top contributors were overweight positions in technology conglomerate IAC, which reported strong growth in its online video platform business, and software supplier Intuit, which expanded its stock buyback program and increased its dividend. An out-of-benchmark position in electric vehicle manufacturer Lucid Group also contributed.


 

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

Performance as of October 31, 2021

Large-Cap Growth Fund     Total return  Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  3/31/06   37.36%   24.53%   19.25%   0.41%   0.41%
Advisor Class  12/4/15   37.25    24.42    19.19†   0.48    0.48 
Premier Class  9/30/09   37.18    24.34    19.07    0.56    0.56 
Retirement Class  3/31/06   36.99    24.21    18.93    0.66    0.66 
Retail Class  3/31/06   36.96    24.16    18.85    0.70    0.70 
Class W  9/28/18   37.86    24.84†   19.39†   0.41    0.00 
Russell 1000® Growth Index  —   43.21    25.49    19.42    —    — 

 

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

 

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

 

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

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization  % of equity investments
as of 10/31/2021
More than $50 billion  80.4
More than $15 billion–$50 billion  16.2
More than $2 billion–$15 billion  2.8
$2 billion or less  0.6
Total  100.0

 

Fund profile

   as of 10/31/2021
Net assets  $7.19 billion
Portfolio turnover rate  47%
Number of holdings  90
Weighted median market capitalization  $216.39 billion
Price/earnings ratio (weighted 12-month trailing average)†  49.5

 

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


 

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

Large-Cap Value Fund

 

Expense example

 

Six months ended October 31, 2021

Large-Cap
Value Fund		   Beginning
account
value
(5/1/21)		     Ending
account
value
(10/31/21)		     Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return            
Institutional Class     $1,000.00       $1,062.93       $2.13
Advisor Class     1,000.00       1,062.99       2.50
Premier Class     1,000.00       1,062.13       2.91
Retirement Class     1,000.00       1,061.78       3.43
Retail Class     1,000.00       1,061.29       3.69
Class W     1,000.00       1,065.14       0.00
5% annual hypothetical return        
Institutional Class     1,000.00       1,023.14       2.09
Advisor Class     1,000.00       1,022.79       2.45
Premier Class     1,000.00       1,022.38       2.85
Retirement Class     1,000.00       1,021.88       3.36
Retail Class     1,000.00       1,021.63       3.62
Class W     1,000.00       1,025.21       0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.48% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class, 0.71% 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 10/31/2021
Financials  25.1
Health care  16.0
Industrials  14.8
Information technology  12.6
Communication services  8.7
Consumer discretionary  5.9
Energy  5.0
Materials  4.5
Consumer staples  3.2
Utilities  2.6
Real estate  1.2
Short-term investments,other assets & liabilities, net  0.4
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Large-Cap Value Fund returned 47.32% for the Institutional Class, compared with the 43.76% return of its benchmark, the Russell 1000® Value Index. The performance table shows returns for all share classes of the Fund.

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Financials propelled the benchmark higher

All eleven industry sectors in the Russell 1000 Value Index recorded strong gains for the twelve months. Financials–the biggest sector, representing more than 20.0% of the index’s total market capitalization on October 31, 2021–surged 74.3% and contributed nearly one-third of the index’s return for the period. The next-largest contributors were industrials, up 43.2%, and health care, up 30.4%. The energy sector generated the strongest return, surging 112.5% as oil prices climbed. Together, these four sectors accounted for over one-half of the index’s total market capitalization on October 31, 2021. Utilities and consumer staples, which tend to be more defensive sectors, posted the smallest gains, advancing 11.6% and 18.6%, respectively.

For the twelve-month period, three of the five largest stocks in the Russell 1000 Value Index produced returns that surpassed the overall return of the index. Bank of America and JPMorgan Chase performed best, followed by UnitedHealth Group. Berkshire Hathaway narrowly trailed the benchmark, while Johnson & Johnson underperformed by a substantial margin. Nonetheless, the stock still registered a double-digit gain for the period.

 

Fund outperformed its benchmark

Several stock allocations helped the Fund’s relative returns. 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 Group.

In contrast, the largest detractor was an underweight position in Exxon Mobil, which soared as oil prices rallied. Next came an overweight position in medical device maker Zimmer Biomet Holdings, which lagged amid a sluggish recovery in demand for elective medical procedures. An overweight in utility company American Electric Power also detracted.


 

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

Performance as of October 31, 2021

Large-Cap Value Fund     Total return  Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  10/1/02   47.32%   11.67%   12.28%   0.41%   0.41%
Advisor Class  12/4/15   47.30    11.60    12.24†   0.49    0.49 
Premier Class  9/30/09   47.06    11.49    12.11    0.56    0.56 
Retirement Class  10/1/02   47.01    11.39    12.00    0.66    0.66 
Retail Class  10/1/02   46.88    11.32    11.92    0.73    0.73 
Class W  9/28/18   47.95    11.94†   12.41†   0.41    0.00 
Russell 1000® Value Index  –   43.76    12.39    12.85    –    – 

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.

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market capitalization  % of equity investments
as of 10/31/2021
More than $50 billion  82.2
More than $15 billion–$50 billion  15.8
More than $2 billion–$15 billion  2.0
Total  100.0
    

Fund profile   
as of 10/31/2021
Net assets  $5.51 billion
Portfolio turnover rate  14%
Number of holdings  85
Weighted median market capitalization  $142.23 billion
Price/earnings ratio (weighted 12-month trailing average)†  18.9
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Mid-Cap Growth Fund

 

Expense example

 

Six months ended October 31, 2021

Mid-Cap
Growth Fund		   Beginning
account
value
(5/1/21)		     Ending
account
value
(10/31/21)		     Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return            
Institutional Class     $1,000.00       $1,056.20       $2.38
Advisor Class     1,000.00       1,055.54       2.59
Premier Class     1,000.00       1,055.34       3.16
Retirement Class     1,000.00       1,054.44       3.68
Retail Class     1,000.00       1,054.60       3.88
5% annual hypothetical return        
Institutional Class     1,000.00       1,022.89       2.35
Advisor Class     1,000.00       1,022.68       2.55
Premier Class     1,000.00       1,022.13       3.11
Retirement Class     1,000.00       1,021.63       3.62
Retail Class     1,000.00       1,021.42       3.82
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.50% 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 10/31/2021
Information technology  33.1
Consumer discretionary  20.6
Health care  15.7
Industrials  13.5
Communication services  7.5
Financials  3.3
Consumer staples  2.7
Real estate  1.5
Materials  0.9
Utilities  0.2
Short-term investments, other assets & liabilities, net  1.0
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Mid-Cap Growth Fund returned 37.33% for the Institutional Class, compared with the 39.43% return of its benchmark, the Russell Midcap® Growth Index. The performance table shows returns for all share classes of the Fund.

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Nearly all benchmark sectors advanced

Ten of the eleven industry sectors in the Russell Midcap Growth Index produced gains for the twelve months. The biggest sectors–information technology and health care–were the top contributors, rising 53.3% and 32.4%, respectively. Together, these two sectors represented almost 60.0% of the index’s total market capitalization on October 31, 2021. Energy climbed 97.6% and was the best-performing sector, although it made a relatively small contribution to the index’s return given its low weighting. Consumer staples was the sole decliner with a –9.4% return.

For the period, four of the five largest stocks in the Russell Midcap Growth Index posted returns that surpassed the overall return of the benchmark. Cybersecurity firm CrowdStrike Holdings was the clear leader, followed by veterinary testing company IDEXX Laboratories, apparel retailer lululemon athletica and medical device maker DexCom. Electronic signature firm DocuSign modestly lagged the index.

 

Fund generated robust gains but trailed its benchmark

For the period, the Fund underperformed its benchmark as several stocks did not perform as expected. Not owning biotechnology firm Moderna detracted most, as the stock soared due to the success of the company’s COVID-19 vaccine. The next-largest detractors were an out-of-benchmark position in information services provider Clarivate Analytics and a lack of exposure to cybersecurity firm Fortinet.

On the positive side, these negative effects were partially offset by several favorable stock allocations. The top contributors were overweight positions in software vendor HubSpot and technology conglomerate IAC. Next came a lack of exposure to software company Splunk, which performed poorly as the company struggled to transition its business to a cloud-based subscription model.


 

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

Performance as of October 31, 2021

Mid-Cap Growth Fund     Total return  Average annual
 total return		  Annual operating
expenses*
   Inception
date		   1 year    5 years    10 years    gross    net 
Institutional Class  10/1/02   37.33%   21.04%   15.64%   0.48%   0.48%
Advisor Class  12/4/15   37.26    20.98    15.61†   0.56    0.56 
Premier Class  9/30/09   37.11    20.86    15.47    0.63    0.63 
Retirement Class  10/1/02   36.93    20.74    15.35    0.73    0.73 
Retail Class  10/1/02   36.93    20.68    15.28    0.78    0.78 
Russell Midcap® Growth Index  –   39.43    21.90    16.86    –    – 

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.

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
% of equity investments
Market capitalization     as of 10/31/2021
More than $50 billion     11.9
More than $15 billion–$50 billion     49.9
More than $2 billion–$15 billion     35.1
$2 billion or less     3.1
Total     100.0
       
Fund profile      
      as of 10/31/2021
Net assets     $2.00 billion
Portfolio turnover rate     76%
Number of holdings     113
Weighted median market capitalization     $20.04 billion
Price/earnings ratio (weighted 12-month trailing average)†     35.6
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Mid-Cap Value Fund

 

Expense example

 

Six months ended October 31, 2021

Mid-Cap
Value Fund		  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return
Institutional Class    $1,000.00    $1,055.69    $2.28
Advisor Class   1,000.00    1,055.78    2.80
Premier Class   1,000.00    1,055.31    3.06
Retirement Class   1,000.00    1,054.64    3.57
Retail Class   1,000.00    1,054.21    3.88
5% annual hypothetical return
Institutional Class   1,000.00    1,022.99    2.24
Advisor Class   1,000.00    1,022.48    2.75
Premier Class   1,000.00    1,022.23    3.01
Retirement Class   1,000.00    1,021.73    3.52
Retail Class   1,000.00    1,021.42    3.82
   
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 10/31/2021
Financials  20.6
Industrials  17.1
Real estate  11.2
Utilities  9.4
Information technology  9.3
Consumer discretionary  8.5
Health care  8.5
Materials  7.3
Consumer staples  4.1
Energy  3.1
Communication services  0.3
Short-term investments, other assets & liabilities, net  0.6
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Mid-Cap Value Fund returned 50.13% for the Institutional Class, compared with the 48.60% return of its benchmark, the Russell Midcap® Value Index. The performance table shows returns for all share classes of the Fund.

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

All benchmark sectors recorded sizeable gains

All eleven industry sectors in the Russell Midcap Value Index generated double-digit gains for the twelve months. Energy and financials performed best, climbing 128.8% and 73.6%, respectively. The financials sector was also the top contributor to the index’s return. The next-largest contributors were industrials—the biggest component in the index—and consumer discretionary, which rose 43.9% and 47.3%, respectively. Together, these four sectors accounted for nearly one-half of the index’s total market capitalization on October 31, 2021. Utilities, up 10.4%, and consumer staples, up 20.5%, were the worst-performing sectors and also made the smallest contributions to the index’s return.

For the twelve-month period, all of the five largest stocks in the Russell Midcap Value Index generated returns that exceeded the overall return of the index. Private equity firm KKR and Marathon Petroleum delivered the strongest gains. Next came semiconductor manufacturer Marvell Technology, Prudential Financial and information services provider IHS Markit.

 

Fund outperformed its benchmark

For the period, the Fund outperformed its benchmark on the strength of several stock allocations. The top contributor was an overweight position in Western Alliance, a bank holding company that announced record quarterly loan growth for the third quarter of 2021. The next-largest contributors were overweights in fashion company Capri Holdings, which raised its annual revenue forecast, and Signature Bank, which reported a sharp decline in loan deferrals.

These positive effects were mitigated by certain stocks that did not perform as anticipated. The top detractors were out-of-benchmark positions in American Electric Power and health insurer Centene. The third-largest detractor was an overweight position in electric utility Entergy, which was hurt by winter storms in Texas.


 

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

Performance as of October 31, 2021

Mid-Cap Value Fund  Total return   Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  10/1/02   50.13%   9.65%   11.01%   0.46%   0.46%
Advisor Class  12/4/15   49.96    9.54    10.95†    0.55    0.55 
Premier Class  9/30/09   49.84    9.48    10.84    0.61    0.61 
Retirement Class  10/1/02   49.70    9.38    10.73    0.71    0.71 
Retail Class  10/1/02   49.65    9.32    10.66    0.78    0.78 
Russell Midcap® Value Index  —   48.60    12.30    13.18    —    — 

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.

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization % of equity investments
as of 10/31/2021
More than $50 billion  10.0
More than $15 billion–$50 billion  46.8
More than $2 billion–$15 billion  42.6
$2 billion or less  0.6
Total  100.0

 

Fund profile

  as of 10/31/2021
Net assets  $2.18 billion
Portfolio turnover rate  80%
Number of holdings  91
Weighted median market capitalization  $17.14 billion
Price/earnings ratio (weighted 12-month trailing average)†  23.3
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Quant Small-Cap Equity Fund

 

Expense example

 

Six months ended October 31, 2021

Quant Small-Cap
Equity Fund		  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return
Institutional Class    $1,000.00     $1,043.20    $2.11
Advisor Class   1,000.00    1,042.75    2.47
Premier Class   1,000.00    1,043.04    2.88
Retirement Class   1,000.00    1,042.29    3.40
Retail Class   1,000.00    1,041.92    3.65
Class W   1,000.00    1,045.41    0.00
5% annual hypothetical return
Institutional Class   1,000.00    1,023.14    2.09
Advisor Class   1,000.00    1,022.79    2.45
Premier Class   1,000.00    1,022.38    2.85
Retirement Class   1,000.00    1,021.88    3.36
Retail Class   1,000.00    1,021.63    3.62
Class W   1,000.00    1,025.21    0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.48% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class, 0.71% 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 10/31/2021
Health care  19.0
Industrials  14.6
Financials  14.3
Information technology  13.9
Consumer discretionary  10.7
Real estate  7.4
Energy  5.3
Materials  4.1
Consumer staples  4.1
Communication services  3.7
Utilities  2.5
Short-term investments, other assets & liabilities, net  0.4
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Quant Small-Cap Equity Fund returned 62.02% for the Institutional Class, compared with the 50.80% return of its benchmark, the Russell 2000® Index. The performance table shows returns for all share classes of the Fund.

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

All benchmark sectors registered significant gains

All eleven industry sectors in the Russell 2000 Index produced strong returns for the twelve months. Energy was the best-performing sector, climbing 180.8% as oil prices rallied. Industrials, up 60.5%, was the top contributor to the index’s return, followed by financials and consumer discretionary, which advanced 57.8% and 63.8%, respectively. Together, these four sectors accounted for almost one-half of the index’s total market capitalization on October 31, 2021. Health care, the largest component in the benchmark, was the weakest performer with a 17.9% return. Next came utilities, up 20.7%, and consumer staples, up 38.0%.

For the twelve-month period, all of the five largest stocks in the Russell 2000 Index generated gains that surpassed the overall return of the benchmark. AMC Entertainment Holdings led the way, followed by oil and gas producer Ovintiv, which benefited from rising energy prices, and footwear maker Crocs, which reported strong sales growth. Software company Asana and engineering services firm Tetra Tech posted smaller gains but still exceeded the index’s return by a wide margin.

 

Fund outperformed its benchmark

For the period, the Fund outperformed its benchmark due to several favorable stock selections. The top contributor was an overweight position in biopharmaceutical firm Cassava Sciences, which announced positive data from a clinical study of its lead drug candidate. The next-largest contributors were overweight positions in mobile applications provider Digital Turbine and beverage company Celsius Holdings, both of which reported strong revenue growth.

The largest detractors were an underweight position in AMC Entertainment Holdings and a lack of exposure to retailer GameStop, which also posted a dramatic gain due to social media-driven buying. The third-largest detractor was an overweight in biotechnology company Immunovant, which declined.


 

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

Performance as of October 31, 2021

Quant Small-Cap Equity Fund  Total return  Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  10/1/02   62.02%   15.20%   13.76%   0.43%   0.43%
Advisor Class  12/4/15   61.95    15.12    13.71†    0.51    0.51 
Premier Class  9/30/09   61.90    15.05    13.59    0.58    0.58 
Retirement Class  10/1/02   61.64    14.92    13.48    0.68    0.68 
Retail Class  10/1/02   61.59    14.89    13.41    0.74    0.74 
Class W  9/28/18   62.73    15.49†    13.90†    0.42    0.00 
Russell 2000® Index  —   50.80    15.52    13.50    —    — 

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.

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization % of equity investments
as of 10/31/2021
More than $15 billion–$50 billion  0.1
More than $2 billion–$15 billion  70.0
$2 billion or less  29.9
Total  100.0

 

Fund profile

  as of 10/31/2021
Net assets  $3.08 billion
Portfolio turnover rate  64%
Number of holdings  444
Weighted median market capitalization  $2.86 billion
Price/earnings ratio (weighted 12-month trailing average)†  32.2
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Quant Small/Mid-Cap Equity Fund

 

Expense example

 

Six months ended October 31, 2021

                Expenses
            paid
    Beginning   Ending   during
Quant   account   account   period*
Small/Mid-Cap   value   value   (5/1/21–
Equity Fund   (5/1/21)   (10/31/21)   10/31/21)
Actual return            
Institutional Class   $1,000.00   $1,073.49   $2.40
Advisor Class   1,000.00   1,072.77   3.03
Premier Class   1,000.00   1,072.47   3.40
Retirement Class   1,000.00   1,072.65   3.71
Retail Class   1,000.00   1,071.56   4.49
Class W   1,000.00   1,076.20   0.00
5% annual hypothetical return    
Institutional Class   1,000.00   1,022.89   2.35
Advisor Class   1,000.00   1,022.28   2.96
Premier Class   1,000.00   1,021.93   3.31
Retirement Class   1,000.00   1,021.63   3.62
Retail Class   1,000.00   1,020.87   4.38
Class W   1,000.00   1,025.21   0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.58% for the Advisor Class, 0.65% for the Premier Class, 0.71% for the Retirement Class, 0.86% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

  % of net assets
Sector as of 10/31/2021
Industrials 17.3
Information technology 16.3
Health care 13.9
Financials 14.0
Consumer discretionary 13.2
Real estate 8.4
Energy 4.4
Materials 4.3
Consumer staples 4.0
Communication services 2.5
Utilities 1.6
Short-term investments, other assets & liabilities, net 0.1
Total 100.0

Performance for the twelve months ended October 31, 2021

 

The Quant Small/Mid-Cap Equity Fund returned 62.76% for the Institutional Class, compared with the 49.43% return of its benchmark, the Russell 2500® Index. The performance table shows returns for all share classes of the Fund.

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

All benchmark sectors rallied

All eleven industry sectors in the Russell 2500 Index posted strong gains for the twelve months. Energy performed best, rising 188.7% as oil prices surged. Information technology—the largest sector in the index—climbed 52.8% and was the top contributor to the index’s return, followed by financials and industrials, which gained 63.0% and 53.4%, respectively. Together, these four sectors made up nearly one-half of the benchmark’s total market capitalization on October 31, 2021. Utilities, up 19.9%, and consumer staples, up 25.5%, made the smallest contributions and posted the lowest returns.

For the twelve-month period, all of the five largest stocks in the Russell 2500 registered gains that exceeded the overall return of the benchmark. Devon Energy led the way, followed by Enphase Energy and software supplier MongoDB. Next came life sciences firm Avantor and electronic technology company Monolithic Power Systems.

 

Fund outperformed its benchmark

The Fund outperformed its benchmark due to favorable security selection and allocation decisions. The top contributor was an overweight position in retailer GameStop, which soared amid enthusiasm for the stock on social media platforms. The next-largest contributors were overweight positions in SM Energy, which benefited from rising oil and gas prices, and electrical infrastructure provider Atkore, which reported solid volume growth across product segments.

In contrast, the largest detractor was an overweight in fitness equipment maker Nautilus, which performed poorly as the at-home workout boom slowed with the reopening of the economy. Overweight positions in biopharmaceutical company Amicus Therapeutics and Acadia Pharmaceuticals also detracted, as both stocks declined.


 

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

Performance as of October 31, 2021

Quant Small/Mid-Cap Equity Fund   Average annual   Annual operating
       Total return  total return   expenses*
   Inception           since         
   date   1 year   5 years   inception   gross   net 
Institutional Class   8/5/16    62.76%   19.48%   17.67%   0.50%   0.50%
Advisor Class   8/5/16    62.57    19.47    17.64    0.58    0.58 
Premier Class   8/5/16    62.45    19.32    17.49    0.68    0.68 
Retirement Class   8/5/16    62.34    19.19    17.37    0.75    0.75 
Retail Class   8/5/16    62.02    19.03    17.22    0.89    0.89 
Class W   9/28/18    63.50    19.85†   18.02†   0.50    0.00 
Russell 2500® Index   —    49.43    16.31    14.80‡   —    — 

 

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

 

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

 

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

 

$2,000,000 invested at Fund’s inception

 

Institutional Class (inception August 5, 2016)

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization % of equity investments
as of 10/31/2021
More than $15 billion–$50 billion 10.8
More than $2 billion–$15 billion 74.2
$2 billion or less 15.0
Total 100.0

 

Fund profile

  as of 10/31/2021
Net assets $1.15 billion
Portfolio turnover rate 85%
Number of holdings 412
Weighted median market capitalization $6.32 billion
Price/earnings ratio (weighted 12-month trailing average)† 28.1
   
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Social Choice Equity Fund

 

Expense example

 

Six months ended October 31, 2021

                Expenses
            paid
    Beginning   Ending   during
    account   account   period*
Social Choice   value   value   (5/1/21–
Equity Fund   (5/1/21)   (10/31/21)   10/31/21)
Actual return            
Institutional Class   $1,000.00   $1,106.10   $0.85
Advisor Class   1,000.00   1,105.45   1.33
Premier Class   1,000.00   1,105.07   1.70
Retirement Class   1,000.00   1,104.76   2.18
Retail Class   1,000.00   1,104.33   2.28
5% annual hypothetical return    
Institutional Class   1,000.00   1,024.40   0.82
Advisor Class   1,000.00   1,023.95   1.28
Premier Class   1,000.00   1,023.59   1.63
Retirement Class   1,000.00   1,023.14   2.09
Retail Class   1,000.00   1,023.04   2.19
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 0.43% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

  % of net assets
Sector as of 10/31/2021
Information technology 27.8
Health care 13.9
Financials 13.1
Consumer discretionary 11.7
Industrials 9.4
Communication services 7.2
Consumer staples 5.4
Real estate 3.4
Energy 3.0
Materials 2.1
Utilities 2.1
Short-term investments, other assets & liabilities, net 0.9
Total 100.0

Performance for the twelve months ended October 31, 2021

 

The Social Choice Equity Fund returned 44.13% for the Institutional Class, compared with the 43.90% return of its benchmark, the Russell 3000® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

 

Avoiding some stocks helped the Fund outperform its benchmark

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

Among stocks in which the Fund was not invested, omitting Amazon.com, Meta Platforms (Facebook) and AT&T benefited performance most relative to the benchmark. Neither Amazon nor Meta Platforms gained as much as the benchmark’s overall return. AT&T’s stock was just slightly positive as investors considered the implications of the company’s announcement that it would merge its WarnerMedia division with Discovery to form a new standalone company.

 

Excluding other benchmark stocks detracted from performance

The Fund’s exclusion of other stocks hurt its relative performance. Chief among these were Bank of America, JPMorgan Chase and Exxon Mobil. Bank of America and JPMorgan Chase reported strong results as the economy continued to improve, despite the Delta variant and supply-chain disruptions. Exxon Mobil’s stock significantly outperformed as crude oil prices rose to their highest level since 2014.

 

Fund gained more than 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 in which the Fund was invested, overweight positions in Tesla, Morgan Stanley and ServiceNow contributed most to relative performance. Electric vehicle manufacturer Tesla saw record vehicle production and deliveries. Financial company Morgan Stanley benefited from its acquisitions of E*TRADE and Eaton Vance, which supported revenue growth in its wealth management and investment management businesses, respectively. Digital workflow company ServiceNow reported strong growth in subscription revenue as customers continued the digital transformation of their businesses.

By contrast, other investments curtailed the Fund’s relative performance. An underweight position in Google parent Alphabet and overweight positions in electronic payments processor PayPal and rapid diagnostic test developer Quidel detracted most. Alphabet was removed from the ESG-eligible investment universe during the period, while PayPal’s stock lagged due to weaker earnings. Quidel’s stock was down as revenues from the company’s COVID-19 and influenza tests declined.


 

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

Performance as of October 31, 2021

Social Choice Equity Fund   Average annual   Annual operating
       Total return   total return   expenses*
   Inception                     
   date   1 year   5 years   10 years   gross   net 
Institutional Class   7/1/99    44.13%   18.94%   15.49%   0.18%   0.18%
Advisor Class   12/4/15    44.05    18.87    15.45†   0.26    0.26 
Premier Class   9/30/09    43.89    18.75    15.31    0.34    0.34 
Retirement Class   10/1/02    43.75    18.64    15.20    0.43    0.43 
Retail Class   3/31/06    43.78    18.61    15.16    0.46    0.46 
Russell 3000® Index   —    43.90    18.91    16.10    —    — 

 

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

 

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

 

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

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization % of equity investments
as of 10/31/2021
More than $50 billion 63.5
More than $15 billion–$50 billion 25.7
More than $2 billion–$15 billion 9.3
$2 billion or less 1.5
Total 100.0

 

Fund profile

  as of 10/31/2021
Net assets $7.66 billion
Portfolio turnover rate 27%
Number of holdings 605
Weighted median market capitalization $84.69 billion
Price/earnings ratio (weighted 12-month trailing average)† 29.6
   
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Social Choice Low Carbon Equity Fund

 

Expense example

 

Six months ended October 31, 2021

Social Choice
Low Carbon
Equity Fund		  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return        
Institutional Class    $1,000.00     $1,107.44    $1.59
Advisor Class   1,000.00    1,106.46    2.34
Premier Class   1,000.00    1,106.76    2.39
Retirement Class   1,000.00    1,106.38    2.92
Retail Class   1,000.00    1,105.24    3.24
5% annual hypothetical return    
Institutional Class   1,000.00    1,023.69    1.53
Advisor Class   1,000.00    1,022.99    2.24
Premier Class   1,000.00    1,022.94    2.29
Retirement Class   1,000.00    1,022.43    2.80
Retail Class   1,000.00    1,022.13    3.11

 

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.30% for the Institutional Class, 0.44% for the Advisor Class, 0.45% for the Premier Class, 0.55% for the Retirement Class and 0.61% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector % of net assets
as of 10/31/2021
Information technology  27.2
Health care  14.0
Financials  13.0
Consumer discretionary  12.8
Industrials  9.7
Communication services  7.4
Consumer staples  5.4
Real estate  3.5
Materials  2.3
Energy  2.2
Utilities  1.3
Short-term investments, other assets & liabilities, net  1.2
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Social Choice Low Carbon Equity Fund returned 44.55% for the Institutional Class, compared with the 43.90% return of its benchmark, the Russell 3000® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

 

Excluding some stocks aided the Fund’s relative performance

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

Among stocks the Fund excluded, leaving out Amazon.com, Meta Platforms (Facebook) and Johnson & Johnson contributed most to performance relative to the benchmark. Neither Amazon nor Meta Platforms gained as much as the benchmark. In the wake of the U.S. government’s plan to reduce drug prices, Johnson & Johnson underperformed the benchmark by about one-half.

 

Avoiding other benchmark stocks hindered relative performance

The Fund’s exclusion of certain stocks detracted from its relative performance. Chief among these were Bank of America, JPMorgan Chase and Exxon Mobil. Bank of America and JPMorgan Chase reported strong results as the economy continued to improve, despite the Delta variant and supply-chain disruptions. Exxon Mobil’s stock significantly outperformed as crude oil prices rose to their highest level since 2014.

 

Fund advanced more than its benchmark

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

Of stocks the Fund held, an overweight position in Tesla, a small position in GameStop and an overweight in Applied Materials contributed most. Electric vehicle manufacturer Tesla saw record vehicle production and deliveries, while social media-driven buying drove retailer GameStop’s stock to an enormous gain. Semiconductor manufacturing equipment provider Applied Materials reported record quarterly revenues as surging demand due to the economic recovery increased the need for silicon chips.

Not all of the Fund’s holdings aided relative performance. The largest detractors were an underweight position in Google parent Alphabet and overweights in electronic payments processor PayPal and precious metals producer Newmont. Alphabet was removed from the ESG-eligible investment universe during the period, while PayPal’s stock lagged due to weaker earnings. Newmont’s stock declined as gold prices fell and the company’s capital expenditures increased.


 

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

Performance as of October 31, 2021

Social Choice Low Carbon Equity Fund  Total return   Average annual
total return		  Annual operating
expenses*		 
   Inception
date		  1 year   5 years   since
inception		   gross   net 
Institutional Class  8/7/15   44.55%   19.42%   16.04%   0.35%   0.32%
Advisor Class  12/4/15   44.44    19.30    15.95†   0.45    0.42 
Premier Class  8/7/15   44.36    19.25    15.88    0.50    0.47 
Retirement Class  8/7/15   44.19    19.11    15.75    0.60    0.57 
Retail Class  8/7/15   44.09    19.02    15.67    0.66    0.63 
Russell 3000® Index  —   43.90    18.91    15.62‡   —    — 

 

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

 

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

 

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

 

$2,000,000 invested at Fund’s inception

 

Institutional Class (inception August 7, 2015)

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market capitalization % of equity investments
as of 10/31/2021
More than $50 billion  68.0
More than $15 billion–$50 billion  24.5
More than $2 billion–$15 billion  6.1
$2 billion or less  1.4
Total  100.0
    
Fund profile   
   as of 10/31/2021
Net assets  $1.06 billion
Portfolio turnover rate  26%
Number of holdings  490
Weighted median market capitalization  $89.48 billion
Price/earnings ratio (weighted 12-month trailing average)†  28.8
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Emerging Markets Equity Fund

 

Expense example

 

Six months ended October 31, 2021

Emerging Markets
Equity Fund		  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return              
Institutional Class   $1,000.00    $836.53    $4.03
Advisor Class   1,000.00    836.53    4.44
Premier Class   1,000.00    835.94    4.49
Retirement Class   1,000.00    836.55    4.49
Retail Class   1,000.00    834.76    6.06
Class W   1,000.00    840.43    0.00
5% annual hypothetical return    
Institutional Class   1,000.00    1,020.82    4.43
Advisor Class   1,000.00    1,020.37    4.89
Premier Class   1,000.00    1,020.32    4.94
Retirement Class   1,000.00    1,020.32    4.94
Retail Class   1,000.00    1,018.60    6.67
Class W   1,000.00    1,025.21    0.00

 

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.87% for the Institutional Class, 0.96% for the Advisor Class, 0.97% for the Premier Class, 0.97% for the Retirement Class, 1.31% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector  % of net assets
as of 10/31/2021
Consumer discretionary   26.3
Communication services   16.6
Information technology   15.4
Financials   14.3
Energy   7.5
Consumer staples   7.4
Materials   2.8
Industrials   2.6
Health care   0.6
Short-term investments, other assets & liabilities, net   6.5
Total   100.0

Performance for the twelve months ended October 31, 2021

 

The Emerging Markets Equity Fund returned 2.44% for the Institutional Class, compared with the 16.96% return of its benchmark, the MSCI Emerging Markets Index. The performance table shows returns for all share classes of the Fund.

 

Foreign stocks advanced amid mixed economic results

International stocks in both developed- and emerging-markets countries posted gains despite varying rates of economic growth around the world. The economy in the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021 before posting moderate growth over the second and third quarters. China’s economy continued to grow year-over-year, but its rate of expansion peaked during the first quarter of 2021 and decelerated in each of the two following quarters.

Global central banks left highly accommodative monetary policies in place throughout the period. The Federal Reserve kept the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank maintained its benchmark interest rates within a near-zero range. The Bank of England kept its benchmark rate at 0.1%.

The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 34.18%, outpacing the gain of the MSCI Emerging Markets Index, but trailing the 43.90% return of the Russell 3000® Index, a broad measure of the U.S. stock market, for the period.

 

Most countries in the benchmark advanced

Of the 27 country components in the MSCI Emerging Markets Index, most rose in U.S.-dollar terms for the twelve-month period. The Czech Republic and Russia posted the biggest gains at 86.7% and 81.5%, respectively. Taiwan, the second-largest index component, advanced 42.7%. South Korea, the third-largest index component, gained 24.7%. Together, these four countries accounted for more than 30.0% of the index’s total market capitalization on October 31, 2021. China, the benchmark’s largest component, declined most at –8.8%.

 

Fund trailed its benchmark

For the twelve-month period, the Fund underperformed its benchmark. An overweight position in China-based HUYA, Inc., a video game livestreaming company that declined due to a government clampdown on the video gaming industry, hurt relative performance the most. An overweight in Brazilian retailer Americanas, as well as its former subsidiary, Lojas Americanas, were the next-largest detractors.

By contrast, the three largest contributors were overweight positions in Indian conglomerate Piramal Enterprises, Brazilian retail giant Companhia Brasileira de Distribuicao and Mexican media company Grupo Televisa.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Performance as of October 31, 2021

Emerging Markets Equity Fund  Total return   Average annual
total return		  Annual operating
expenses*		 
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  8/31/10   2.44%   8.23%   4.07%   0.88%   0.88%
Advisor Class  12/4/15   2.28    8.19    4.03†   0.96    0.96 
Premier Class  8/31/10   2.27    8.09    3.93    1.03    1.03 
Retirement Class  8/31/10   2.36    8.06    3.86    1.13    1.13 
Retail Class  8/31/10   2.00    7.82    3.66    1.27    1.27 
Class W  9/28/18   3.33    8.83†   4.36†   0.88    0.00 
MSCI Emerging Markets Index  —   16.96    9.39    4.88    —    — 

 

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

 

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

 

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

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
   % of portfolio investments
as of 10/31/2021
China   30.1
India   11.3
Taiwan   9.7
Brazil   9.7
Korea, Republic of   8.4
Mexico   5.4
Indonesia   3.6
Macau   2.9
Tanzania, United Republic of   2.2
Russia   2.1
9 other nations   9.8
Short-term investments   4.8
Total   100.0
     
Holdings by company size
Market capitalization   % of equity investments
as of 10/31/2021
More than $50 billion   38.2
More than $15 billion–$50 billion   23.7
More than $2 billion–$15 billion   24.4
$2 billion or less   13.7
Total   100.0

     
Fund profile    
    as of 10/31/2021
Net assets   $1.68 billion
Portfolio turnover rate   112%
Number of holdings   68
Weighted median market capitalization   $26.57 billion
Price/earnings ratio (weighted 12-month trailing average)†   18.0

 

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


 

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

International Equity Fund

 

Expense example

 

Six months ended October 31, 2021

International
Equity Fund		  Beginning
 account
 value
 (5/1/21)		   Ending
 account
 value
 (10/31/21)		   Expenses
 paid
 during
 period*
 (5/1/21–
 10/31/21)
Actual return              
Institutional Class  $1,000.00   $1,054.11   $2.38
Advisor Class   1,000.00    1,053.63    2.95
Premier Class   1,000.00    1,053.47    3.16
Retirement Class   1,000.00    1,052.70    3.67
Retail Class   1,000.00    1,051.96    4.09
Class W   1,000.00    1,056.83    0.00
5% annual hypothetical return 
Institutional Class   1,000.00    1,022.89    2.35
Advisor Class   1,000.00    1,022.33    2.91
Premier Class   1,000.00    1,022.13    3.11
Retirement Class   1,000.00    1,021.63    3.62
Retail Class   1,000.00    1,021.22    4.02
Class W   1,000.00    1,025.21    0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.57% for the Advisor Class, 0.61% for the Premier Class, 0.71% for the Retirement Class, 0.79% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector % of net assets
 as of 10/31/2021
Industrials  21.5
Financials  19.4
Consumer discretionary  12.7
Information technology  9.5
Health care  8.3
Materials  7.8
Consumer staples  7.8
Energy  3.8
Communication services  3.4
Utilities  1.8
Short-term investments, other assets & liabilities, net  4.0
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The International Equity Fund returned 35.59% for the Institutional Class, compared with the 34.18% return of its benchmark, the MSCI EAFE® Index. The performance table shows returns for all share classes of the Fund.

 

Foreign stocks advanced amid mixed economic results
International stocks in both developed- and emerging-markets countries posted gains despite varying rates of economic growth around the world. The economy in the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021 before posting moderate growth over the second and third quarters. China’s economy continued to grow year-over-year, but its rate of expansion peaked during the first quarter of 2021 and decelerated in each of the two following quarters.

Global central banks left highly accommodative monetary policies in place throughout the period. The Federal Reserve kept the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank maintained its benchmark interest rates within a near-zero range. The Bank of England kept its benchmark rate at 0.1%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outpaced the 16.96% gain of the MSCI Emerging Markets Index for the period. Both indexes trailed the 43.90% return of the Russell 3000® Index, a broad measure of the U.S. stock market.

 

Nearly all countries in the benchmark gained ground
Twenty of the 21 countries in the MSCI EAFE Index advanced in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (22.9%), the United Kingdom (14.6%) and France (11.5%), up 20.3%, 43.1% and 47.4%, respectively. Collectively, these three nations represented nearly one-half of the benchmark’s total market capitalization on October 31, 2021. New Zealand was the worst performer, returning –0.8%.

 

Fund surpassed its benchmark
An overweight investment in Dutch financial firm ING Groep contributed most to performance versus the benchmark, as growth in mortgage lending helped the company post strong results. The next-largest contributors were an out-of-benchmark holding in online financial services provider TCS Group Holding and an overweight in Dutch semiconductor firm ASML Holding.

Conversely, an out-of-benchmark investment in online shop operator THG detracted most from relative performance. Although THG reported strong results, investor concerns weighed on the stock. The next-biggest detractors were an overweight in Japanese game maker Nintendo and an out-of-benchmark holding in Chinese data center operator GDS Holdings.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Performance as of October 31, 2021

International Equity Fund      Total return   Average annual
total return		  Annual operating
expenses*
    Inception
 date		  1 year    5 years   10 years   gross   net 
Institutional Class  7/1/99   35.59%    9.68%   8.39%    0.48%   0.48%
Advisor Class  12/4/15   35.42     9.56    8.33†     0.57    0.57 
Premier Class  9/30/09   35.31     9.51    8.23     0.63    0.63 
Retirement Class  10/1/02   35.28     9.41    8.13     0.73    0.73 
Retail Class  3/31/06   35.05     9.31    8.02     0.82    0.82 
Class W  9/28/18   36.17     10.00†    8.55†     0.48    0.00 
MSCI EAFE® Index  —   34.18     9.79    7.37     —    — 

 

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.

 

$2,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

  % of portfolio investments
 as of 10/31/2021
Japan  20.0
France  15.9
United Kingdom  13.6
Germany  10.0
Netherlands  8.2
Switzerland  4.6
Australia  4.5
Russia  2.4
United States  2.3
Italy  2.2
10 other nations  12.7
Short-term investments  3.6
Total  100.0

 

Holdings by company size

Market capitalization % of equity investments
 as of 10/31/2021
More than $50 billion  70.1
More than $15 billion–$50 billion  24.5
More than $2 billion–$15 billion  5.4
Total  100.0

 

Fund profile

    as of 10/31/2021
Net assets   $6.75 billion
Portfolio turnover rate   28%
Number of holdings   87
Weighted median market capitalization   $76.74 billion
Price/earnings ratio (weighted 12-month trailing average)†   19.4
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

International Opportunities Fund

 

Expense example

 

Six months ended October 31, 2021

International Opportunities
Fund		  Beginning
 account
 value (5/1/21)		   Ending
 account
 value
(10/31/21)		   Expenses
 paid
 during
 period*
(5/1/21–
 10/31/21)
Actual return              
Institutional Class  $1,000.00   $1,051.04   $3.10
Advisor Class   1,000.00    1,050.03    3.62
Premier Class   1,000.00    1,050.40    3.62
Retirement Class   1,000.00    1,050.69    3.62
Retail Class   1,000.00    1,047.95    5.37
Class W   1,000.00    1,054.05    0.00
5% annual hypothetical return 
Institutional Class   1,000.00    1,022.18    3.06
Advisor Class   1,000.00    1,021.68    3.57
Premier Class   1,000.00    1,021.68    3.57
Retirement Class   1,000.00    1,021.68    3.57
Retail Class   1,000.00    1,019.96    5.30
Class W   1,000.00    1,025.21    0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.60% for the Institutional Class, 0.70% for the Advisor Class, 0.70% for the Premier Class, 0.70% for the Retirement Class, 1.04% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector % of net assets
 as of 10/31/2021
Information technology  20.0
Consumer discretionary  16.2
Industrials  12.6
Financials  11.4
Health care  10.2
Consumer staples  9.0
Materials  5.4
Energy  3.2
Communication services  1.7
Real estate  0.8
Short-term investments, other assets & liabilities, net  9.5
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The International Opportunities Fund returned 29.21% for the Institutional Class, compared with the 29.66% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. The performance table shows returns for all share classes of the Fund.

 

Foreign stocks advanced amid mixed economic results

International stocks in both developed- and emerging-markets countries posted gains despite varying rates of economic growth around the world. The economy in the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021 before posting moderate growth over the second and third quarters. China’s economy continued to grow year-over-year, but its rate of expansion peaked during the first quarter of 2021 and then decelerated.

Global central banks left highly accommodative monetary policies in place throughout the period. The Federal Reserve kept the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank maintained its benchmark interest rates within a near-zero range.

The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 34.18%, outpacing the 16.96% gain of the MSCI Emerging Markets Index for the period. Both indexes trailed the 43.90% return of the Russell 3000® Index, a broad measure of the U.S. stock market.

 

Many country components outperformed the benchmark’s return

In U.S.-dollar terms, 28 of 49 countries within the MSCI ACWI ex USA Index gained more than the benchmark’s return for the twelve-month period. The largest markets were Japan (14.5%), China (10.1%) and the United Kingdom (9.2%), returning 20.3%, –8.8% and 43.1%, respectively. Collectively, these three nations represented over one-third of the index’s total market capitalization on October 31, 2021.

 

Fund trailed its benchmark

The Fund lagged its benchmark for the twelve months, primarily due to the effect of expenses. Among Fund holdings, overweight positions in Brazilian retailer Magazine Luiza and Dutch online food ordering firm Just Eat Takeaway.com detracted most, followed by an out-of-benchmark investment in Japanese internet services provider BASE.

On the positive side, not investing in Chinese online retailer Alibaba contributed most to the Fund’s performance versus the benchmark. The next-largest contributor was an overweight position in U.K.-based equipment rental company Ashtead, followed by an out-of-benchmark investment in Norwegian petroleum resources developer Aker BP. Ashtead and Aker BP each delivered triple-digit gains for the period.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Performance as of October 31, 2021

International Opportunities Fund     Total return  Average annual
total return		  Annual operating
expenses*		 
   Inception
date		   1 year    5 years    since
inception		    gross    net 
Institutional Class  4/12/13   29.21%   15.94%   9.58%   0.61%   0.61%
Advisor Class  12/4/15   29.09    15.83    9.53†    0.71    0.71 
Premier Class  4/12/13   29.06    15.78    9.43    0.77    0.77 
Retirement Class  4/12/13   29.13    15.73    9.36    0.86    0.86 
Retail Class  4/12/13   28.62    15.45    9.14    1.01    1.01 
Class W  9/28/18   30.03    16.37†    9.83†   0.61    0.00 
MSCI All Country World Index ex USA  —   29.66    9.77    6.14‡    —    — 

 

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.

 

$2,000,000 invested at Fund’s inception

 

Institutional Class (inception April 12, 2013)

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

 

Holdings by country

  % of portfolio investments
as of 10/31/2021
Japan  10.4
United Kingdom  8.5
Canada  8.1
Netherlands  6.3
Australia  5.8
China  5.0
France  5.0
Switzerland  4.8
Italy  4.5
Ireland  4.0
16 other nations  27.8
Short-term investments  9.8
Total  100.0

 

Holdings by company size

Market capitalization % of equity investments
as of 10/31/2021
More than $50 billion  30.3
More than $15 billion–$50 billion  27.9
More than $2 billion–$15 billion  37.9
$2 billion or less  3.9
Total  100.0

 

Fund profile

  as of 10/31/2021
Net assets  $2.52 billion
Portfolio turnover rate  29%
Number of holdings  101
Weighted median market capitalization  $24.54 billion
Price/earnings ratio (weighted 12-month trailing average)†  41.7
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Quant International Small-Cap Equity Fund

 

Expense example

 

Six months ended October 31, 2021

Quant
International
Small-Cap
Equity Fund		  Beginning
account
value
(5/1/21)		  Ending
account
value
(10/31/21)		  Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return         
Institutional Class   $1,000.00   $1,033.97  $3.64
Advisor Class  1,000.00  1,033.17  4.20
Premier Class  1,000.00  1,032.73  4.61
Retirement Class  1,000.00  1,032.34  5.12
Retail Class  1,000.00  1,031.43  5.84
Class W  1,000.00  1,037.16  0.00
5% annual hypothetical return
Institutional Class  1,000.00  1,021.63  3.62
Advisor Class  1,000.00  1,021.07  4.18
Premier Class  1,000.00  1,020.67  4.58
Retirement Class  1,000.00  1,020.16  5.09
Retail Class  1,000.00  1,019.46  5.80
Class W  1,000.00  1,025.21  0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.71% for the Institutional Class, 0.82% for the Advisor Class, 0.90% for the Premier Class, 1.00% for the Retirement Class, 1.14% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector% of net assets
as of 10/31/2021
Industrials  21.2
Information technology  12.6
Consumer discretionary  11.8
Financials  11.4
Real estate  10.8
Materials  9.9
Health care  7.6
Consumer staples  5.0
Communication services  4.1
Utilities  2.9
Energy  2.6
Short-term investments, other assets & liabilities, net  0.1
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Quant International Small-Cap Equity Fund returned 35.40% for the Institutional Class, compared with the 38.83% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. The performance table shows returns for all share classes of the Fund.

 

Foreign stocks advanced amid mixed economic results

International stocks in both developed- and emerging-markets countries posted gains despite varying rates of economic growth around the world. The economy in the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021 before posting moderate growth over the second and third quarters. China’s economy continued to grow year-over-year, but its rate of expansion peaked during the first quarter of 2021 and decelerated in each of the two following quarters.

Global central banks left highly accommodative monetary policies in place throughout the period. The Federal Reserve kept the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank maintained its benchmark interest rates within a near-zero range.

The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 34.18%, outpacing the 16.96% gain of the MSCI Emerging Markets Index for the period. Both indexes trailed the 43.90% return of the Russell 3000® Index, a broad measure of the U.S. stock market.

 

Most country components outperformed the benchmark’s return

In U.S.-dollar terms, 28 of 49 countries had larger returns than the benchmark for the twelve-month period. The largest markets were Japan (18.9%), the United Kingdom (11.8%) and Canada (6.8%), gaining 13.2%, 45.7% and 53.2%, respectively. These three nations collectively represented over one-third of the index’s total market capitalization on October 31, 2021.

 

Fund trailed its benchmark

Certain holdings limited the Fund’s relative return versus its benchmark. The largest detractor was an overweight position in Australian protective equipment provider Ansell, which underperformed despite reporting strong operating results. The next-largest detractors were overweight positions in Japanese electrical appliance store operator K’S Holdings and Japan-based office products provider ASKUL.

In contrast, the Fund’s relative performance benefited from overweight positions in three companies. Dutch semiconductor equipment manufacturer ASM International contributed most, followed by Taiwanese semiconductor manufacturer Faraday Technology and Indian investor-services provider Central Depository Services. All three investments delivered outstanding returns.

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 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Performance as of October 31, 2021

Quant International Small-Cap Equity Fund  Total return   Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   since
inception		   gross   net 
Institutional Class  12/9/16   35.40%   8.52%   0.71%   0.71%
Advisor Class  12/9/16   35.28    8.45    0.79    0.79 
Premier Class  12/9/16   35.08    8.37    0.91    0.90 
Retirement Class  12/9/16   35.00    8.28    0.96    0.96 
Retail Class  12/9/16   34.77    8.07    1.44    1.14 
Class W  9/28/18   36.31    8.97†    0.71    0.00 
MSCI ACWI ex USA Small Cap Index  —   38.83    11.81‡    —    — 

 

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

 

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

 

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

 

$2,000,000 invested at Fund’s inception

 

Institutional Class (inception December 9, 2016)

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

% of portfolio investments
 as of 10/31/2021
Japan  16.7
United Kingdom  12.4
Australia  7.8
Sweden  6.5
Canada  6.0
Korea, Republic of  5.5
Taiwan  4.5
Germany  4.2
India  3.3
Switzerland  3.2
38 other nations  29.2
Short-term investments  0.7
Total  100.0

 

Holdings by company size

% of equity investments
Market capitalizationas of 10/31/2021
More than $50 billion  0.3
More than $15 billion–$50 billion  1.6
More than $2 billion–$15 billion  57.7
$2 billion or less  40.4
Total  100.0

 

Fund profile

as of 10/31/2021
Net assets$1.58 billion
Portfolio turnover rate  119%
Number of holdings  670
Weighted median market capitalization$2.43 billion
Price/earnings ratio (weighted 12-month trailing average)†  17.1
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Social Choice International Equity Fund

 

Expense example

 

Six months ended October 31, 2021

Social Choice
International
Equity		  Beginning
account
value
(5/1/21)		  Ending
account
value
(10/31/21)		  Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return         
Institutional Class   $1,000.00   $1,060.63  $1.82
Advisor Class  1,000.00  1,059.86  2.39
Premier Class  1,000.00  1,059.77  2.70
Retirement Class  1,000.00  1,059.28  3.11
Retail Class  1,000.00  1,058.46  3.53
5% annual hypothetical return
Institutional Class  1,000.00  1,023.44  1.79
Advisor Class  1,000.00  1,022.89  2.35
Premier Class  1,000.00  1,022.58  2.65
Retirement Class  1,000.00  1,022.18  3.06
Retail Class  1,000.00  1,021.78  3.47
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.35% for the Institutional Class, 0.46% for the Advisor Class, 0.52% for the Premier Class, 0.60% for the Retirement Class and 0.68% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector% of net assets
as of 10/31/2021
Financials  18.6
Industrials  13.7
Consumer discretionary  12.0
Health care  11.7
Consumer staples  9.7
Information technology  9.4
Materials  7.9
Communication services  5.2
Utilities  3.8
Energy  3.7
Real estate  3.2
Short-term investments, other assets & liabilities, net  1.1
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Social Choice International Equity Fund returned 35.70% for the Institutional Class, compared with the 34.18% return of its benchmark, the MSCI EAFE® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

 

Avoiding certain stocks helped the Fund’s relative performance

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

The Fund’s performance versus its benchmark was helped most by avoiding Unilever, SoftBank and Novartis. Consumer products giant Unilever reported weaker profits and rising costs; Japanese conglomerate SoftBank’s Vision Fund suffered investment losses; and the retail division of Swiss drug manufacturer Novartis was affected by softer demand for generic drugs and price erosion.

 

Excluding other stocks detracted from Fund performance

The Fund’s relative performance was hurt by the exclusion of other stocks—namely Royal Dutch Shell, LVMH and BP. As the global economy has recovered from the pandemic and oil prices have risen, Royal Dutch Shell and BP have increased their dividends and announced plans to buy back shares. French luxury goods group LVMH delivered record revenue growth.

 

Fund surpassed 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.

Of stocks the Fund held, overweight investments in Nippon Yusen, CNH Industrial and Eni contributed most. Japanese marine transportation services provider Nippon Yusen benefited from soaring demand for shipping goods. U.K. industrial company CNH reported sales growth across most business segments. Italian hydrocarbon exploration and production firm Eni benefited from rising prices for Brent crude oil and higher natural gas prices in Europe.

In contrast, overweight positions in Japanese companies Nippon Paint, pharmaceutical company Daiichi Sankyo and German-based chemical products manufacturer Henkel detracted most. Nippon Paint forecasted lower profits due to rising costs for raw materials and decreased production of automobiles due to the global semiconductor shortage, which also weighed on the stock. Daiichi Sankyo and Henkel also underperformed.

The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.


 

36 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Performance as of October 31, 2021

Social Choice International Equity Fund     Total return   Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   since
inception		   gross   net 
Institutional Class  8/7/15   35.70%   10.46%   7.18%   0.41%   0.40%
Advisor Class  12/4/15   35.60    10.36    7.12†   0.52    0.51 
Premier Class  8/7/15   35.49    10.28    7.02    0.56    0.55 
Retirement Class  8/7/15   35.42    10.18    6.92    0.66    0.65 
Retail Class  8/7/15   35.27    10.07    6.82    0.72    0.71 
MSCI EAFE® Index  —   34.18    9.79    6.40‡   —    — 

 

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

 

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

 

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

 

$2,000,000 invested at Fund’s inception

 

Institutional Class (inception August 7, 2015)

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country

% of portfolio investments
 as of 10/31/2021
Japan  22.8
United Kingdom  13.0
France  10.1
Switzerland  9.1
Germany  8.2
Australia  6.7
Sweden  3.9
Netherlands  3.3
Spain  2.8
Denmark  2.6
16 other nations  16.2
Short-term investments  1.3
Total  100.0

 

Holdings by company size

% of equity investments
Market capitalizationas of 10/31/2021
More than $50 billion  42.9
More than $15 billion–$50 billion  38.0
More than $2 billion–$15 billion  19.1
Total  100.0

 

Fund profile

as of 10/31/2021
Net assets$968.46 million
Portfolio turnover rate  12%
Number of holdings  395
Weighted median market capitalization$39.23 billion
Price/earnings ratio (weighted 12-month trailing average)†  17.4
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Summary portfolio of investments

 

Growth & Income Fund ■ October 31, 2021

 

Shares        Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
233,048     *  Aptiv plc  $40,291,669    0.6%
739,172     *  General Motors Co   40,233,132    0.6 
94,441     *,n   Tesla, Inc   105,207,274    1.5 
             185,732,075    2.7 
BANKS          
2,244,669        Bank of America Corp   107,250,285    1.5 
528,876        JPMorgan Chase & Co   89,850,744    1.3 
1,199,959        Wells Fargo & Co   61,389,902    0.9 
         Other   93,200,842    1.3 
             351,691,773    5.0 
CAPITAL GOODS          
119,789     n  Deere & Co   41,004,973    0.6 
379,745        Eaton Corp   62,566,786    0.9 
331,340        Honeywell International, Inc   72,437,551    1.0 
461,652        Raytheon Technologies Corp   41,022,397    0.6 
         Other   295,286,786    4.2 
             512,318,493    7.3 
COMMERCIAL & PROFESSIONAL SERVICES      
269,888        Waste Management, Inc   43,244,154    0.6 
         Other   36,432,123    0.5 
             79,676,277    1.1 
CONSUMER DURABLES & APPAREL   87,736,517    1.3 
CONSUMER SERVICES          
288,777     n  Darden Restaurants, Inc   41,624,317    0.6 
264,415     *,n   Expedia Group, Inc   43,472,470    0.6 
         Other   74,936,900    1.1 
             160,033,687    2.3 
DIVERSIFIED FINANCIALS          
1,340,662        Equitable Holdings, Inc   44,912,177    0.6 
804,450        Morgan Stanley   82,681,371    1.2 
         Other   98,464,541    1.4 
             226,058,089    3.2 
ENERGY   169,166,666    2.4 
FOOD & STAPLES RETAILING   36,980,404    0.5 
FOOD, BEVERAGE & TOBACCO          
665,241     n  Mondelez International, Inc   40,406,738    0.6 
466,600        PepsiCo, Inc   75,402,560    1.1 
         Other   121,953,873    1.7 
             237,763,171    3.4 
HEALTH CARE EQUIPMENT & SERVICES       
341,733        Abbott Laboratories   44,045,966    0.6 
224,261     n  Danaher Corp   69,917,852    1.0 
74,445     *,n  DexCom, Inc   46,394,868    0.7 
464,245        Medtronic plc   55,644,406    0.8 
216,993        UnitedHealth Group, Inc   99,918,767    1.4 
         Other   153,254,914    2.2 
             469,176,773    6.7 
Shares        Company  Value   % of net
assets
HOUSEHOLD & PERSONAL PRODUCTS     
139,286        Estee Lauder Cos (Class A)  $45,174,628    0.7%
458,134        Procter & Gamble Co   65,508,581    0.9 
             110,683,209    1.6 
INSURANCE          
691,675        Metlife, Inc   43,437,190    0.6 
         Other   118,463,129    1.7 
             161,900,319    2.3 
MATERIALS          
255,323        Linde plc   81,499,102    1.2 
         Other   201,026,333    2.8 
             282,525,435    4.0 
MEDIA & ENTERTAINMENT          
112,165    *,n   Alphabet, Inc (Class C)   332,615,213    4.8 
408,885    *,n   Facebook, Inc   132,302,919    1.9 
74,084    *,n   Netflix, Inc   51,140,926    0.7 
445,453    *,n   Walt Disney Co   75,312,739    1.1 
         Other   112,877,594    1.6 
             704,249,391    10.1 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES      
645,244    n   AbbVie, Inc   73,990,129    1.1 
1,145,186    *   Avantor, Inc   46,242,611    0.7 
157,714        Eli Lilly & Co   40,179,219    0.6 
1,395,056    n   Pfizer, Inc   61,019,749    0.9 
         Other   271,263,596    3.8 
             492,695,304    7.1 
REAL ESTATE          
310,775        Prologis, Inc   45,049,944    0.6 
         Other   51,988,467    0.8 
             97,038,411    1.4 
RETAILING          
73,941    *   Amazon.com, Inc   249,360,847    3.6 
141,638    n   Home Depot, Inc   52,652,510    0.8 
235,464        Target Corp   61,131,164    0.9 
         Other   108,043,968    1.4 
             471,188,489    6.7 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT      
476,089    *,n   Advanced Micro Devices, Inc   57,240,180    0.8 
77,401        Broadcom, Inc   41,151,790    0.6 
88,196    n   Monolithic Power Systems, Inc   46,343,470    0.7 
445,297    n   NVIDIA Corp   113,849,084    1.6 
         Other   139,209,277    2.0 
             397,793,801    5.7 
SOFTWARE & SERVICES          
259,521        Mastercard, Inc (Class A)   87,074,486    1.2 
1,357,206        Microsoft Corp   450,076,654    6.4 
263,296    *   PayPal Holdings, Inc   61,240,017    0.9 
317,929    *   salesforce.com, Inc   95,280,142    1.4 
66,447    *   ServiceNow, Inc   46,364,059    0.7 
         Other   132,071,817    1.9 
             872,107,175    12.5 


 

38 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments continued

 

Growth & Income Fund ■ October 31, 2021

 

Shares        Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT          
2,653,593        Apple, Inc  $397,508,231    5.7%
1,100,463    n   Cisco Systems, Inc   61,592,914    0.9 
         Other   152,091,308    2.1 
             611,192,453    8.7 
TELECOMMUNICATION SERVICES   24,685,948    0.4 
TRANSPORTATION   132,680,868    1.9 
UTILITIES          
621,133        NextEra Energy, Inc   53,001,279    0.7 
         Other   18,810,325    0.3 
             71,811,604    1.0 
       TOTAL COMMON STOCKS
(Cost $3,550,226,649)		   6,946,886,332    99.3 
PURCHASED OPTIONS          
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   326,300    0.0 
SOFTWARE & SERVICES   18,144    0.0 
       TOTAL PURCHASED OPTIONS
(Cost $496,111)		   344,444    0.0 
                    
Principal        Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   16,815,738    0.2 
REPURCHASE AGREEMENT   17,080,000    0.3 
Shares        Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  
2,294,446    c   State Street Navigator Securities Lending Government Money Market portfolio 0.030%  $2,294,446    0.0%
             2,294,446    0.0 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $36,190,234)		   36,190,184    0.5 
       TOTAL PORTFOLIO
(Cost $3,586,912,994)		   6,983,420,960    99.8 
       OTHER ASSETS & LIABILITIES, NET   10,555,880    0.2 
       NET ASSETS  $6,993,976,840    100.0%

 

 

 

Abbreviation(s):
PIPE Private Investments in Public Equity
SPACs  Special Purpose Acquisition Companies

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $8,175,111. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

At 10/31/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $11,010,161 or 0.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

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


 

 

 

Purchased options outstanding as of October 31, 2021 were as follows:

 

Description/underlying investment Number of contracts Notional amount Exercise price Expiration date Value
Global Payments, Inc, Call 288 $144,585 $190.00 01/21/22 $ 18,144
Xilinx, Inc, Call 260 351,526 190.00 01/21/22 326,300
Total 548 $496,111     $344,444

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 39
 
Summary portfolio of investments continued

 

Growth & Income Fund ■ October 31, 2021

 

Written options outstanding as of October 31, 2021 were as follows:

 

Description/underlying investment  Number of contracts   Notional amount   Exercise price   Expiration date  Value 
AbbVie, Inc, Put   420         $(42,826)         $100.00   11/19/21        $(5,460) 
ACADIA Pharmaceuticals, Inc, Put   500    (157,396)    17.50   01/21/22   (65,000) 
Advanced Micro Devices, Inc, Call   400    (356,697)    135.00   12/17/21   (81,200) 
Advanced Micro Devices, Inc, Put   400    (6,391)    104.00   11/05/21   (2,800) 
Airbnb, Inc, Call   210    (41,901)    200.00   11/19/21   (18,690) 
Albertsons Cos, Inc, Put   1,800    (48,560)    22.50   12/17/21   (22,500) 
Alliance Data Systems Corp, Put   103    (27,859)    75.00   01/21/22   (27,859) 
Alliance Data Systems Corp, Put   103    (43,212)    80.00   01/21/22   (43,212) 
Alphabet, Inc, Put   20    (18,340)    2,370.00   12/17/21   (8,700) 
Ambarella, Inc, Put   330    (41,242)    130.00   11/19/21   (26,400) 
Ambarella, Inc, Put   300    (35,393)    140.00   11/19/21   (52,500) 
Arcturus Therapeutics Holdings, Inc, Put   500    (853,179)    45.00   03/18/22   (502,500) 
Axsome Therapeutics, Inc, Put   1,680    (1,256,578)    32.50   03/18/22   (1,362,480) 
BioNTech SE, Put   236    (340,392)    250.00   01/21/22   (481,440) 
Boston Beer Co, Inc, Put   100    (1,167,792)    580.00   06/17/22   (1,284,500) 
Brinker International, Inc, Put   1,200    (46,773)    35.00   12/17/21   (60,000) 
Brunswick Corp, Put   470    (36,927)    80.00   11/19/21   (10,340) 
Caesars Entertainment, Inc, Call   300    (41,390)    140.00   11/19/21   (5,550) 
Caesars Entertainment, Inc, Put   470    (39,779)    90.00   11/19/21   (23,970) 
CF Industries Holdings, Inc, Call   666    (73,237)    65.00   11/19/21   (11,322) 
Children’s Place, Inc, Call   222    (45,223)    105.00   11/19/21   (13,875) 
Children’s Place, Inc, Call   222    (31,155)    110.00   11/19/21   (10,545) 
Children’s Place, Inc, Call   615    (183,248)    110.00   12/17/21   (103,013) 
Children’s Place, Inc, Put   615    (515,346)    70.00   12/17/21   (164,512) 
Cisco Systems, Inc, Put   840    (41,133)    50.00   11/19/21   (14,280) 
Citigroup, Inc, Put   445    (173,533)    57.50   01/21/22   (24,030) 
Cloudflare, Inc, Put   300    (55,148)    140.00   11/05/21   (14,400) 
Coca-Cola Co, Put   884    (32,273)    47.50   12/17/21   (8,840) 
Comcast Corp, Put   950    (32,269)    45.00   11/19/21   (10,450) 
Crocs, Inc, Put   400    (17,991)    130.00   11/19/21   (15,600) 
Danaher Corp, Put   160    (37,275)    270.00   11/19/21   (11,200) 
Darden Restaurants, Inc, Put   350    (34,296)    120.00   12/17/21   (31,500) 
Deckers Outdoor Corp, Put   130    (33,536)    310.00   11/19/21   (3,250) 
Deere & Co, Put   130    (44,847)    290.00   12/17/21   (28,470) 
Dexcom, Inc, Call   65    (24,481)    640.00   11/19/21   (93,600) 
DraftKings, Inc, Put   300    (94,196)    45.00   01/21/22   (114,000) 
DraftKings, Inc, Put   500    (121,488)    40.00   02/18/22   (122,000) 
Duck Creek Technologies, Inc, Put   1,000    (149,227)    25.00   04/14/22   (130,000) 
DuPont de Nemours, Inc, Put   310    (34,400)    60.00   01/21/22   (22,475) 
DuPont de Nemours, Inc, Put   310    (64,469)    62.50   01/21/22   (36,580) 
Electronic Arts, Inc, Put   380    (39,158)    110.00   11/19/21   (7,220) 
Emergent BioSolutions, Inc, Put   460    (394,668)    55.00   03/18/22   (441,600) 
Entergy Corp, Put   470    (38,722)    92.50   12/17/21   (32,900) 
Estee Lauder Cos, Inc, Call   120    (16,797)    350.00   12/17/21   (51,600) 
Estee Lauder Cos, Inc, Put   160    (31,147)    270.00   12/17/21   (28,800) 
Expedia Group, Inc, Call   220    (27,504)    192.50   11/19/21   (20,240) 
Facebook, Inc, Put   160    (39,356)    270.00   12/17/21   (29,600) 
Farfetch Ltd, Put   800    (277,948)    35.00   01/21/22   (164,000) 
FedEx Corp, Put   86    (65,099)    210.00   01/21/22   (35,690) 
FedEx Corp, Put   86    (94,425)    210.00   03/18/22   (65,360) 
Global Payments, Inc, Call   370    (51,048)    220.00   01/21/22   (7,400) 
Global Payments, Inc, Put   288    (91,574)    135.00   01/21/22   (155,520) 
HCA Healthcare, Inc, Put   200    (35,603)    210.00   12/17/21   (20,000) 
Home Depot, Inc, Call   240    (112,794)    400.00   03/18/22   (231,600) 
Home Depot, Inc, Put   240    (119,994)    300.00   03/18/22   (91,200) 
Horizon Therapeutics PLC, Call   350    (41,666)    135.00   11/19/21   (29,750) 
Intel Corp, Put   800    (100,772)    45.00   12/17/21   (33,600) 
Knight-Swift Transportation Holdings, Inc, Put   900    (32,515)    45.00   11/19/21   (6,300) 
Kohl’s Corp, Put   1,000    (70,967)    37.50   11/19/21   (16,000) 
Lamb Weston Holdings, Inc, Put   666    (68,935)    50.00   01/21/22   (71,262) 
Levi Strauss & Co, Call   1,400    (40,568)    30.00   11/19/21   (7,000) 
Lumentum Holdings, Inc, Put   200    (110,268)    75.00   12/17/21   (33,000) 
Micron Technology, Inc, Put   570    (99,731)    60.00   11/19/21   (7,410) 
Moderna, Inc, Call   200    (428,613)    390.00   04/14/22   (620,000) 
Moderna, Inc, Put   200    (455,593)    250.00   04/14/22   (235,000) 

 

40 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Growth & Income Fund ■ October 31, 2021

 

Description/underlying investment   Number of contracts     Notional amount     Exercise price     Expiration date   Value  
Mondelez International, Inc, Put     800          $ (37,574)          $ 52.50     12/17/21        $ (16,000)  
Monolithic Power Systems, Inc, Call     75       (33,435)       560.00     12/17/21     (54,300)  
Monolithic Power Systems, Inc, Put     100       (39,264)       450.00     12/17/21     (39,264)  
Monster Beverage Corp, Put     560       (30,793)       75.00     11/19/21     (24,640)  
NetFlix, Inc, Put     75       (33,726)       555.00     12/17/21     (10,725)  
Newell Brands, Inc, Put     1,900       (81,634)       20.00     12/17/21     (38,000)  
Nordstrom, Inc, Put     750       (44,226)       22.50     11/19/21     (6,000)  
NVIDIA Corp, Put     250       (3,502)       205.00     11/05/21     (2,000)  
NXP Semiconductors NV, Put     280       (47,789)       165.00     11/05/21     (27,300)  
Otis Worldwide Corp, Put     560       (38,062)       75.00     11/19/21     (25,200)  
Petco Health & Wellness Co, Inc, Call     1,600       (33,564)       27.00     11/19/21     (65,600)  
Pfizer, Inc, Put     976       (114,170)       37.00     03/18/22     (69,296)  
QUALCOMM, Inc, Put     380       (45,588)       110.00     11/19/21     (9,880)  
Seagen, Inc, Call     320       (161,511)       190.00     12/17/21     (141,120)  
Seagen, Inc, Put     320       (29,173)       145.00     11/19/21     (27,200)  
Shake Shack, Inc, Put     500       (281,482)       70.00     03/18/22     (412,500)  
Six Flags Entertainment Corp, Put     940       (69,548)       40.00     11/19/21     (122,200)  
Skyworks Solutions, Inc, Put     290       (34,793)       145.00     11/19/21     (30,740)  
Snap, Inc, Put     700       (373,789)       55.00     02/18/22     (556,500)  
Sony Group Corp, Put     420       (34,006)       100.00     11/19/21     (7,350)  
Spirit AeroSystems Holdings, Inc, Put     450       (43,172)       38.00     11/19/21     (31,500)  
Spirit AeroSystems Holdings, Inc, Put     550       (72,950)       37.50     12/17/21     (72,875)  
Square, Inc, Put     190       (76,753)       205.00     11/05/21     (3,610)  
Stratasys Ltd, Call     900       (36,880)       45.00     12/17/21     (40,500)  
Teladoc Health, Inc, Put     286       (94,665)       115.00     11/19/21     (3,718)  
Tempur Sealy International, Inc, Call     840       (82,965)       55.00     12/17/21     (10,500)  
Tesla, Inc, Call     61       (485,812)       1,300.00     05/20/22     (671,000)  
Tesla, Inc, Put     50       (352,317)       850.00     05/20/22     (335,250)  
Ulta Beauty, Inc, Put     140       (31,217)       305.00     12/17/21     (32,900)  
Urban Outfitters, Inc, Call     1,000       (40,968)       40.00     11/19/21     (10,000)  
Urban Outfitters, Inc, Put     1,400       (175,654)       27.00     12/17/21     (87,500)  
ViacomCBS, Inc, Put     892       (578,876)       42.50     03/18/22     (664,540)  
Walt Disney Co, Put     290       (46,680)       145.00     11/19/21     (8,700)  
WW International, Inc, Put     1,000       (112,977)       15.00     01/21/22     (102,000)  
WW International, Inc, Put     900       (111,237)       17.50     01/21/22     (195,750)  
Xilinx, Inc, Call     260       (181,473)       210.00     01/21/22     (156,000)  
Xilinx, Inc, Put     260       (171,073)       160.00     01/21/22     (202,150)  
Zimmer Biomet Holdings, Inc, Put     300       (64,490)       120.00     12/17/21     (25,500)  
Total     51,087     $ (13,654,651)                 $ (11,850,903)  

 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE   Shares   Total
commitment
amount		   Fair
value amount		   Unrealized
Appreciation		  
J1 Holdings Inc.   1,001,000   $10,010,000   $11,591,580   $1,581,580  

 

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

Summary portfolio of investments

 

Large-Cap Growth Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
 150,931   *  Tesla, Inc  $168,137,134    2.3%
        Other   69,020,652    1.0 
            237,157,786    3.3 
CAPITAL GOODS          
 1,056,449      Carrier Global Corp   55,178,331    0.8 
 189,587      Roper Technologies Inc   92,493,810    1.3 
 427,090      Safran S.A.   57,481,925    0.8 
        Other   3,611,761    0.0 
            208,765,827    2.9 
COMMERCIAL & PROFESSIONAL SERVICES          
 2,375,160   *  Clarivate Analytics plc   55,697,502    0.8 
 1,151,987      Experian Group Ltd   52,819,984    0.7 
 495,592      Waste Connections, Inc   67,405,468    0.9 
        Other   13,471,510    0.2 
            189,394,464    2.6 
CONSUMER DURABLES & APPAREL          
 319,504      Essilor International S.A.   66,104,516    0.9 
 671,986   *  Peloton Interactive, Inc   61,446,400    0.8 
        Other   68,814,694    1.0 
            196,365,610    2.7 
CONSUMER SERVICES          
 41,151   *  Booking Holdings, Inc   99,617,518    1.4 
 2,103,935   *  Carnival Corp   46,623,199    0.7 
 32,372   *  Chipotle Mexican Grill, Inc (Class A)   57,590,759    0.8 
        Other   37,261,705    0.5 
            241,093,181    3.4 
DIVERSIFIED FINANCIALS          
 166,209      S&P Global, Inc   78,809,659    1.1 
        Other   49,338,629    0.7 
            128,148,288    1.8 
FOOD & STAPLES RETAILING          
 348,937      Costco Wholesale Corp   171,516,493    2.4 
            171,516,493    2.4 
FOOD, BEVERAGE & TOBACCO          
 644,557   *  Monster Beverage Corp   54,787,345    0.7 
        Other   96,659,700    1.4 
            151,447,045    2.1 
HEALTH CARE EQUIPMENT & SERVICES          
 113,528   *  Align Technology, Inc   70,883,477    1.0 
 250,863      Cigna Corp   53,586,845    0.7 
 126,074   *  DexCom, Inc   78,570,578    1.1 
 242,666   *  Intuitive Surgical, Inc   87,633,973    1.2 
        Other   92,161,082    1.3 
            382,835,955    5.3 
INSURANCE   40,259,081    0.6 
Shares       Company  Value   % of net
assets
MATERIALS  $35,158,603    0.5%
MEDIA & ENTERTAINMENT          
 137,857   *  Alphabet, Inc (Class C)   408,802,526    5.7 
 903,013      Comcast Corp (Class A)   46,441,959    0.7 
 901,098   *  Facebook, Inc   291,568,280    4.1 
 320,319   *  IAC   48,807,006    0.7 
 496,091   *  Match Group, Inc   74,800,601    1.0 
 300,896   *  Walt Disney Co   50,872,487    0.7 
        Other   148,360,101    2.0 
            1,069,652,960    14.9 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
 440,412      AstraZeneca plc   55,096,116    0.8 
 2,004,509   *  Avantor, Inc   80,942,074    1.1 
 197,653   *  Illumina, Inc   82,037,854    1.2 
 496,361      Zoetis, Inc   107,313,248    1.5 
        Other   38,120,588    0.5 
            363,509,880    5.1 
RETAILING          
 163,759   *  Amazon.com, Inc   552,265,764    7.7 
 414,312   *  CarMax, Inc   56,727,599    0.8 
 1,052,918      TJX Companies, Inc   68,955,600    1.0 
        Other   146,505,331    2.0 
            824,454,294    11.5 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 
 706,508      Applied Materials, Inc   96,544,318    1.3 
 213,515      Broadcom, Inc   113,519,520    1.6 
 914,578      Marvell Technology, Inc   62,648,593    0.9 
 594,730      NVIDIA Corp   152,054,619    2.1 
 426,439      Taiwan Semiconductor Manufacturing Co Ltd (ADR)   48,486,114    0.7 
        Other   32,810,458    0.4 
            506,063,622    7.0 
SOFTWARE & SERVICES          
 19,934   *,g  Adyen NV   60,147,040    0.8 
 253,031   *  DocuSign, Inc   70,415,997    1.0 
 248,292      Intuit, Inc   155,428,309    2.2 
 1,718,072      Microsoft Corp   569,747,037    7.9 
 716,565   *  PayPal Holdings, Inc   166,665,853    2.3 
 884,004   *  salesforce.com, Inc   264,927,159    3.7 
 163,129   *  ServiceNow, Inc   113,824,891    1.6 
 161,727   *  Twilio, Inc   47,120,779    0.7 
 1,327,648      Visa, Inc (Class A)   281,156,017    3.9 
 184,390   *  Zoom Video Communications, Inc   50,642,714    0.7 
        Other   149,623,475    2.0 
            1,929,699,271    26.8 
TECHNOLOGY HARDWARE & EQUIPMENT          
 1,629,925      Apple, Inc   244,162,765    3.4 
            244,162,765    3.4 
TELECOMMUNICATION SERVICES   37,472,124    0.5 


 

42 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Large-Cap Growth Fund  ■  October 31, 2021  

 

Shares       Company  Value   % of net
assets
TRANSPORTATION           
 1,994,742   *  Uber Technologies, Inc  $87,409,595    1.2%
 348,113      Union Pacific Corp   84,034,478    1.2 
            171,444,073    2.4 
       TOTAL COMMON STOCKS
(Cost $3,821,212,130)		   7,128,601,322    99.2 
                    
 Principal      Issuer             
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   19,834,520    0.3 
TREASURY DEBT   39,994,980    0.5 
                      
 Shares      Company               
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
 2   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%   2    0.0 
            2    0.0 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $59,829,562)		   59,829,502    0.8 
       TOTAL PORTFOLIO
(Cost $3,881,041,692)		   7,188,430,824    100.0 
       OTHER ASSETS & LIABILITIES, NET   1,214,240    0.0 
       NET ASSETS  $7,189,645,064    100.0%

 

 

 

Abbreviation(s):
ADR American Depositary Receipt
PIPE Private Investments in Public Equity
SPACs  Special Purpose Acquisition Companies
     
* Non-income producing
c Investments made with cash collateral received from securities on loan.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities, including those in “Other,” is $97,619,164 or 1.4% of net assets.

 

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

 

At 10/31/21, the aggregate value of securities on loan is $509, 065. 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.

 

Unfunded commitment with a SPAC outstanding at October 31, 2021:


 

     Total     
     commitment  Fair  Unrealized  
PIPE  Shares  amount  value amount  Appreciation  
J1 Holdings Inc.  3,133,698  $31,336,980  $36,288,223  $4,951,243  

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 43
 

Summary portfolio of investments

 

Large-Cap Value Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $39,811,463    0.7%
BANKS          
 3,821,439     Bank of America Corp   182,588,355    3.3 
 1,153,173      Citigroup, Inc   79,753,445    1.5 
 1,309,094      JPMorgan Chase & Co   222,401,980    4.0 
 348,339      PNC Financial Services Group, Inc   73,509,979    1.3 
 1,066,604      US Bancorp   64,390,883    1.2 
 2,375,691      Wells Fargo & Co   121,540,352    2.2 
            744,184,994    13.5 
CAPITAL GOODS          
 164,152      Deere & Co   56,190,871    1.0 
 362,755      Dover Corp   61,334,615    1.1 
 374,053      Eaton Corp   61,628,972    1.1 
 450,695      Honeywell International, Inc   98,530,941    1.8 
 212,694      Parker-Hannifin Corp   63,082,913    1.2 
 1,196,359      Raytheon Technologies Corp   106,308,461    1.9 
        Other   201,900,110    3.7 
            648,976,883    11.8 
CONSUMER DURABLES & APPAREL          
 11,585   *  NVR, Inc   56,706,258    1.0 
            56,706,258    1.0 
CONSUMER SERVICES          
 498,256   *  Hilton Worldwide Holdings, Inc   71,723,951    1.3 
 264,891      McDonald’s Corp   65,043,985    1.2 
        Other   33,087,221    0.6 
            169,855,157    3.1 
DIVERSIFIED FINANCIALS          
 471,183      American Express Co   81,882,182    1.5 
 294,903   *  Berkshire Hathaway, Inc (Class B)   84,640,110    1.6 
 70,494      BlackRock, Inc   66,508,269    1.2 
 269,477      Goldman Sachs Group, Inc   111,388,318    2.0 
            344,418,879    6.3 
ENERGY          
 977,143      Chevron Corp   111,873,102    2.0 
 1,139,341      ConocoPhillips   84,869,511    1.6 
        Other   77,749,718    1.4 
            274,492,331    5.0 
FOOD & STAPLES RETAILING          
 561,709      Walmart, Inc   83,930,559    1.5 
            83,930,559    1.5 
FOOD, BEVERAGE & TOBACCO   44,956,104    0.8 
HEALTH CARE EQUIPMENT & SERVICES          
 217,846      Anthem, Inc   94,791,330    1.8 
 337,169      Cigna Corp   72,022,670    1.3 
 220,962      HCA Healthcare, Inc   55,342,142    1.0 
 693,303      Medtronic plc   83,099,298    1.5 
 384,390      UnitedHealth Group, Inc   177,000,063    3.2 
 425,374      Zimmer Biomet Holdings, Inc   60,879,527    1.1 
            543,135,030    9.9 
Shares       Company  Value   % of net
assets
HOUSEHOLD & PERSONAL PRODUCTS  $47,150,381    0.9%
INSURANCE          
 1,284,211     American International Group, Inc   75,884,028    1.4 
 482,278      Chubb Ltd   94,227,476    1.7 
 429,953      Marsh & McLennan Cos, Inc   71,716,160    1.3 
        Other   50,559,171    0.9 
            292,386,835    5.3 
MATERIALS          
 653,065      Crown Holdings, Inc   67,912,229    1.2 
 372,962      PPG Industries, Inc   59,886,508    1.1 
        Other   121,268,249    2.2 
            249,066,986    4.5 
MEDIA & ENTERTAINMENT          
 40,428   *  Alphabet, Inc (Class C)   119,885,596    2.2 
 2,625,187      Comcast Corp (Class A)   135,013,367    2.4 
 669,361   *  Walt Disney Co   113,168,864    2.1 
        Other   52,266,856    0.9 
            420,334,683    7.6 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 
 1,151,318      Bristol-Myers Squibb Co   67,236,971    1.2 
 996,810      Johnson & Johnson   162,360,413    2.9 
 679,312      Merck & Co, Inc   59,813,421    1.1 
        Other   47,684,911    0.9 
            337,095,716    6.1 
REAL ESTATE          
 441,248      Prologis, Inc   63,963,310    1.2 
            63,963,310    1.2 
RETAILING          
 163,012      Home Depot, Inc   60,598,081    1.1 
            60,598,081    1.1 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT          
 329,641      Analog Devices, Inc   57,189,417    1.0 
 409,575      Applied Materials, Inc   55,968,424    1.0 
 291,552      NXP Semiconductors NV   58,561,135    1.1 
        Other   100,284,314    1.8 
            272,003,290    4.9 
SOFTWARE & SERVICES          
 219,523      Accenture plc   78,762,657    1.4 
 548,253   *  Fiserv, Inc   53,997,438    1.0 
 287,966      Microsoft Corp   95,495,285    1.7 
        Other   15,048,285    0.3 
            243,303,665    4.4 
TECHNOLOGY HARDWARE & EQUIPMENT          
 1,691,950      Cisco Systems, Inc   94,698,442    1.7 
 582,825      TE Connectivity Ltd   85,092,450    1.6 
            179,790,892    3.3 
TELECOMMUNICATION SERVICES   62,830,379    1.1 


 

44 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Large-Cap Value Fund  ■  October 31, 2021  

 

Shares       Company  Value   % of net
assets
TRANSPORTATION          
 383,483     Union Pacific Corp  $92,572,796    1.6%
        Other   75,399,633    1.4 
            167,972,429    3.0 
UTILITIES   143,851,680    2.6 
       TOTAL COMMON STOCKS
(Cost $3,412,240,030)		   5,490,815,985    99.6 
                      
 Principal      Issuer               
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   9,750,956    0.2 
REPURCHASE AGREEMENT   6,065,000    0.1 
TREASURY DEBT   28,155,993    0.5 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $43,971,956)		   43,971,949    0.8 
       TOTAL PORTFOLIO
(Cost $3,456,211,986)		   5,534,787,934    100.4 
       OTHER ASSETS & LIABILITIES, NET   (22,194,243)   (0.4)
       NET ASSETS  $5,512,593,691    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 Annual Report 45
 

Summary portfolio of investments

 

Mid-Cap Growth Fund  ■  October 31, 2021  

 

Shares       Company  Value   % of net
assets
COMMON STOCKS        
AUTOMOBILES & COMPONENTS        
 130,146    *  Aptiv plc  $22,500,942    1.1%
             22,500,942    1.1 
CAPITAL GOODS          
 537,024       Carrier Global Corp   28,048,764    1.4 
         Other   54,690,058    2.7 
             82,738,822    4.1 
COMMERCIAL & PROFESSIONAL SERVICES
 862,927    *  Clarivate Analytics plc   20,235,638    1.0 
 638,009    *  Driven Brands Holdings, Inc   20,716,152    1.0 
 426,500       Experian Group Ltd   19,555,536    1.0 
 1,200,263    *  First Advantage Corp   22,444,918    1.1 
 159,714       Waste Connections, Inc   21,722,701    1.1 
         Other   47,776,591    2.4 
             152,451,536    7.6 
CONSUMER DURABLES & APPAREL          
 390,632    *  Peloton Interactive, Inc   35,719,390    1.8 
 1,188,186    *  Traeger, Inc   22,444,834    1.1 
         Other   66,419,636    3.3 
             124,583,860    6.2 
CONSUMER SERVICES          
 12,613    *  Chipotle Mexican Grill, Inc (Class A)   22,438,905    1.1 
 861,777    *  European Wax Center, Inc   27,473,451    1.4 
         Other   88,918,596    4.4 
             138,830,952    6.9 
DIVERSIFIED FINANCIALS   49,605,659    2.5 
FOOD, BEVERAGE & TOBACCO          
 124,326    *  Freshpet, Inc   19,383,667    0.9 
         Other   35,634,457    1.8 
             55,018,124    2.7 
HEALTH CARE EQUIPMENT & SERVICES
 53,418    *  Align Technology, Inc   33,352,597    1.7 
 81,394    *  DexCom, Inc   50,725,555    2.5 
 434,433    *,e  GoodRx Holdings, Inc   19,375,712    1.0 
 159,297    *  Guardant Health, Inc   18,604,297    0.9 
 86,991    *  Molina Healthcare, Inc   25,724,978    1.3 
 393,392    *  Oak Street Health, Inc   18,579,904    0.9 
 108,021    *  Veeva Systems, Inc   34,243,737    1.7 
 68,164       West Pharmaceutical Services, Inc   29,302,340    1.5 
         Other   9,315,414    0.4 
             239,224,534    11.9 
INSURANCE           16,641,126    0.8 
MATERIALS           17,734,291    0.9 
MEDIA & ENTERTAINMENT          
 130,844    *  IAC   19,936,700    1.0 
 302,345    *  Match Group, Inc   45,587,579    2.3 
 113,035    *  Take-Two Interactive Software, Inc   20,459,335    1.0 
 381,712    *  Twitter, Inc   20,436,861    1.0 
         Other   34,351,326    1.7 
             140,771,801    7.0 
Shares       Company  Value   % of net
assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
 730,542    *  Avantor, Inc  $29,499,286    1.5%
 568,866    *  Elanco Animal Health, Inc   18,704,314    0.9 
 231,190    *  Horizon Therapeutics Plc   27,721,993    1.4 
             75,925,593    3.8 
REAL ESTATE          
 199,082       Simon Property Group, Inc   29,181,439    1.5 
             29,181,439    1.5 
RETAILING          
 155,111    *  CarMax, Inc   21,237,798    1.1 
         Other   106,386,779    5.3 
             127,624,577    6.4 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT      
 131,220       Entegris, Inc   18,473,152    0.9 
 455,093       Marvell Technology, Inc   31,173,870    1.5 
 130,755       MKS Instruments, Inc   19,619,788    1.0 
 78,409       Monolithic Power Systems, Inc   41,200,793    2.1 
 128,274       NXP Semiconductors NV   25,765,116    1.3 
             136,232,719    6.8 
SOFTWARE & SERVICES          
 8,190     *,g  Adyen NV   24,711,762    1.2 
 591,337    *  Anaplan, Inc   38,561,086    1.9 
 140,908    *  DocuSign, Inc   39,213,287    2.0 
 53,645    *  HubSpot, Inc   43,464,788    2.2 
 56,243    *  Monday.com Ltd   20,912,835    1.0 
 54,733    *  MongoDB, Inc   28,531,766    1.4 
 38,211    *  Palo Alto Networks, Inc   19,452,838    1.0 
 105,952    *  Paylocity Holding Corp   32,330,193    1.6 
 465,295    *  Qualtrics International, Inc   21,552,464    1.1 
 2,681,295    *  Sabre Corp   27,831,842    1.4 
 310,674    *  SentinelOne, Inc   20,628,754    1.0 
 125,711    *  Synopsys, Inc   41,884,391    2.1 
 65,857    *  Twilio, Inc   19,188,096    1.0 
         Other   106,516,969    5.3 
             484,781,071    24.2 
TECHNOLOGY HARDWARE & EQUIPMENT      
 237,877       Cognex Corp   20,835,646    1.1 
         Other   20,283,803    1.0 
             41,119,449    2.1 
TELECOMMUNICATION SERVICES   9,734,846    0.5 
TRANSPORTATION          
 402,358    *  Lyft, Inc (Class A)   18,456,161    0.9 
         Other   17,515,935    0.9 
             35,972,096    1.8 
       TOTAL COMMON STOCKS
(Cost $1,387,937,826)		   1,980,673,437    98.8 


 

46 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Mid-Cap Growth Fund  ■  October 31, 2021  

 

Shares        Company  Value   % of net
assets
RIGHTS / WARRANTS     
UTILITIES           $2,918,366    0.2%
         TOTAL RIGHTS / WARRANTS
(Cost $2,029,946)		   2,918,366    0.2 
                      
Principal        Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   11,059,976    0.5 
TREASURY DEBT   11,977,994    0.6 
                      
Shares        Company                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
  23,760,711     c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%   23,760,711    1.2 
               23,760,711    1.2 
         TOTAL SHORT-TERM INVESTMENTS
(Cost $46,798,685)		   46,798,681    2.3 
         TOTAL PORTFOLIO
(Cost $1,436,766,457)		   2,030,390,484    101.3 
         OTHER ASSETS & LIABILITIES, NET   (27,047,196)   (1.3)
         NET ASSETS  $2,003,343,288    100.0%

 

 

 

Abbreviation(s):
PIPE Private Investments in Public Equity
SPACs Special Purpose Acquisition Companies

 

* 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 $60,166,125. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities, including those in “Other,” is $39,618,096 or 2.0% of net assets.

 

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

 

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


 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE  Shares   Total
Commitment
amount		   Fair
value amount		   Unrealized
Appreciation		 
J1 Holdings Inc.              814,325    $8,142,350    $9,428,841    $1,286,491 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 47
 

Summary portfolio of investments

 

Mid-Cap Value Fund  ■  October 31, 2021  

 

Shares       Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
 208,427    *  Aptiv plc  $36,034,944    1.7%
 1,411,485    *  Ford Motor Co   24,108,164    1.1 
         Other   35,329,304    1.6 
             95,472,412    4.4 
BANKS                  
 780,254       Fifth Third Bancorp   33,964,456    1.6 
 1,835,362       Huntington Bancshares, Inc   28,888,598    1.3 
 102,891       Signature Bank   30,642,997    1.4 
 288,408       Western Alliance Bancorp   33,481,285    1.5 
         Other   47,592,232    2.2 
             174,569,568    8.0 
CAPITAL GOODS          
 502,401       Carrier Global Corp   26,240,404    1.2 
 261,288       Crane Co   26,985,825    1.2 
 154,554       Eaton Corp   25,464,317    1.2 
 139,290       Hubbell, Inc   27,770,247    1.3 
 383,397       Johnson Controls International plc   28,129,838    1.3 
 179,305       Stanley Black & Decker, Inc   32,226,488    1.5 
 929,150       Vertiv Holdings Co   23,860,572    1.1 
 326,296       Westinghouse Air Brake Technologies Corp   29,604,836    1.4 
         Other   64,422,239    2.9 
             284,704,766    13.1 
COMMERCIAL & PROFESSIONAL SERVICES      
 328,815       Republic Services, Inc   44,258,499    2.0 
             44,258,499    2.0 
CONSUMER DURABLES & APPAREL          
 124,042       Whirlpool Corp   26,151,775    1.2 
         Other   17,373,945    0.8 
             43,525,720    2.0 
CONSUMER SERVICES          
 274,120       Yum! Brands, Inc   34,248,553    1.6 
         Other   11,327,849    0.5 
             45,576,402    2.1 
DIVERSIFIED FINANCIALS          
 1,751,010       AGNC Investment Corp   27,876,079    1.3 
 688,241       Ally Financial, Inc   32,856,625    1.5 
 120,257       Ameriprise Financial, Inc   36,333,247    1.7 
 146,755       LPL Financial Holdings, Inc   24,070,755    1.1 
 696,057       Synchrony Financial   32,331,848    1.5 
 420,008       Voya Financial, Inc   29,303,958    1.3 
         Other   20,085,562    0.9 
             202,858,074    9.3 
ENERGY          
 197,956       Pioneer Natural Resources Co   37,013,813    1.7 
 391,179       Valero Energy Corp   30,249,872    1.4 
             67,263,685    3.1 
FOOD & STAPLES RETAILING   21,809,001    1.0 
Shares       Company  Value   % of net
assets
FOOD, BEVERAGE & TOBACCO          
 381,367       Tyson Foods, Inc (Class A)  $30,497,919    1.4%
         Other   37,139,664    1.7 
             67,637,583    3.1 
HEALTH CARE EQUIPMENT & SERVICES  
 422,261    *  Centene Corp   30,081,874    1.4 
 128,058       Cigna Corp   27,354,469    1.3 
 97,317    *  Molina Healthcare, Inc   28,778,583    1.3 
         Other   19,694,731    0.9 
             105,909,657    4.9 
INSURANCE          
 93,398       Everest Re Group Ltd   24,423,577    1.2 
 127,387       Willis Towers Watson plc   30,863,322    1.4 
         Other   15,505,748    0.7 
             70,792,647    3.3 
MATERIALS          
 918,358    *  Axalta Coating Systems Ltd   28,643,586    1.3 
 268,441       International Flavors & Fragrances, Inc   39,581,626    1.8 
         Other   91,308,167    4.2 
             159,533,379    7.3 
MEDIA & ENTERTAINMENT   7,570,931    0.3 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
 131,681    *  IQVIA Holdings, Inc   34,424,047    1.6 
 137,686    *  United Therapeutics Corp   26,264,981    1.2 
         Other   17,722,525    0.8 
             78,411,553    3.6 
REAL ESTATE          
 160,098       Extra Space Storage, Inc   31,598,542    1.5 
 608,056       Invitation Homes, Inc   25,082,310    1.2 
 635,997       MGM Growth Properties LLC   25,045,562    1.1 
 417,093       Regency Centers Corp   29,367,518    1.3 
 469,234       Rexford Industrial Realty, Inc   31,532,525    1.4 
 71,050       SBA Communications Corp   24,535,696    1.1 
 132,188       Sun Communities, Inc   25,906,204    1.2 
         Other   51,585,349    2.4 
             244,653,706    11.2 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT      
 434,014       Marvell Technology, Inc   29,729,959    1.4 
         Other   43,167,893    1.9 
             72,897,852    3.3 
SOFTWARE & SERVICES          
 77,501    *  Synopsys, Inc   25,821,783    1.2 
         Other   33,609,979    1.5 
             59,431,762    2.7 
TECHNOLOGY HARDWARE & EQUIPMENT      
 1,812,466       Hewlett Packard Enterprise Co   26,552,627    1.2 
 773,137       Vontier Corp   26,155,225    1.2 
         Other   19,039,883    0.9 
             71,747,735    3.3 


 

48 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Mid-Cap Value Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
TRANSPORTATION          $42,567,550    2.0%
UTILITIES                  
 681,583       Alliant Energy Corp   38,557,150    1.8 
 308,761        American Electric Power Co, Inc   26,155,144    1.2 
 437,429       Evergy, Inc   27,886,099    1.3 
 661,609       Xcel Energy, Inc   42,733,325    1.9 
         Other   68,773,910    3.2 
             204,105,628    9.4 
       TOTAL COMMON STOCKS
(Cost $1,691,196,760)		   2,165,298,110    99.4 
                    
 Principal       Issuer                          
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   5,132,909    0.2 
REPURCHASE AGREEMENT   10,940,000    0.5 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $16,072,933)		   16,072,909    0.7 
       TOTAL PORTFOLIO
(Cost $1,707,269,693)		   2,181,371,019    100.1 
        OTHER ASSETS & LIABILITIES, NET   (2,137,273)   (0.1)
        NET ASSETS  $2,179,233,746    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 Annual Report 49
 

Summary portfolio of investments

 

Quant Small-Cap Equity Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $33,762,522    1.1%
BANKS                  
  291,170       Essent Group Ltd   13,976,160    0.4 
  676,730       Radian Group, Inc   16,153,545    0.5 
  543,342       United Community Banks, Inc   18,930,035    0.6 
  97,370       Walker & Dunlop, Inc   12,664,916    0.4 
          Other   241,534,962    8.0 
              303,259,618    9.9 
CAPITAL GOODS          
  154,943    *  Atkore International Group, Inc   14,646,762    0.5 
  223,790       Comfort Systems USA, Inc   20,470,071    0.7 
  292,960       Federal Signal Corp   12,541,618    0.4 
  53,278    *  RBC Bearings, Inc   12,463,323    0.4 
  483,210    *  WillScot Mobile Mini Holdings Corp   16,791,548    0.5 
          Other   210,097,124    6.8 
              287,010,446    9.3 
COMMERCIAL & PROFESSIONAL SERVICES          
  127,912       Exponent, Inc   14,684,297    0.5 
  373,020       KBR, Inc   15,830,969    0.5 
  187,078    *  TriNet Group, Inc   18,941,647    0.6 
  391,840    *  Upwork, Inc   18,463,501    0.6 
          Other   37,622,660    1.2 
              105,543,074    3.4 
CONSUMER DURABLES & APPAREL         
  146,020    *  Crocs, Inc   23,574,929    0.8 
  420,980    *  Sonos, Inc   13,732,368    0.4 
          Other   43,145,281    1.4 
              80,452,578    2.6 
  CONSUMER SERVICES          
  1,030,210    *  Houghton Mifflin Harcourt Co   14,618,680    0.5 
  473,230    *  International Game Technology plc   13,955,553    0.5 
  144,440       Texas Roadhouse, Inc (Class A)   12,827,716    0.4 
          Other   95,396,597    3.0 
              136,798,546    4.4 
DIVERSIFIED FINANCIALS          
  264,200       Artisan Partners Asset Management, Inc   13,088,468    0.4 
          Other   89,522,505    2.9 
              102,610,973    3.3 
  ENERGY                  
  544,010    *  ChampionX Corp   14,269,382    0.5 
  201,020       Chesapeake Energy Corp   12,813,015    0.4 
  147,520    *  Denbury, Inc   12,489,043    0.4 
  549,420       Ovintiv, Inc   20,614,238    0.7 
  236,990       PDC Energy, Inc   12,396,947    0.4 
          Other   91,188,745    2.9 
              163,771,370    5.3 
FOOD & STAPLES RETAILING          
  460,731     *,d  BJ’s Wholesale Club Holdings, Inc   26,925,119    0.9 
          Other   8,867,933    0.3 
              35,793,052    1.2 
Shares       Company  Value   % of net
assets
FOOD, BEVERAGE & TOBACCO  $56,297,871    1.8%
HEALTH CARE EQUIPMENT & SERVICES          
  304,679    *  Inovalon Holdings, Inc   12,427,856    0.4 
  473,440    *  Option Care Health, Inc   12,939,115    0.4 
  188,300    *  Tenet Healthcare Corp   13,493,578    0.4 
          Other   189,387,327    6.2 
              228,247,876    7.4 
HOUSEHOLD & PERSONAL PRODUCTS   33,738,774    1.1 
INSURANCE           34,850,420    1.1 
MATERIALS                  
  474,230    *  Summit Materials, Inc   16,906,300    0.5 
          Other   110,067,080    3.6 
              126,973,380    4.1 
MEDIA & ENTERTAINMENT          
  367,319    *  Cargurus, Inc   12,319,879    0.4 
          Other   88,651,638    2.9 
              100,971,517    3.3 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   355,948,055    11.6 
REAL ESTATE          
  89,060       EastGroup Properties, Inc   17,614,287    0.6 
  394,470       Healthcare Realty Trust, Inc   13,041,178    0.4 
  348,380       National Storage Affiliates Trust   21,759,815    0.7 
  116,578       PS Business Parks, Inc   20,715,911    0.7 
  410,610       STAG Industrial, Inc   17,873,853    0.6 
          Other   137,626,910    4.4 
              228,631,954    7.4 
  RETAILING                  
  641,940       Macy’s, Inc   16,992,152    0.5 
          Other   62,133,645    2.1 
              79,125,797    2.6 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 
  299,857    *  Lattice Semiconductor Corp   20,822,070    0.7 
  216,800    *  MaxLinear, Inc   13,658,400    0.5 
          Other   66,415,615    2.1 
              100,896,085    3.3 
SOFTWARE & SERVICES          
  112,670    *  Asana, Inc   15,300,586    0.5 
  256,460    *  Digital Turbine, Inc   22,070,948    0.7 
  178,790    *  Mimecast Ltd   13,487,918    0.4 
  119,990    *  Sprout Social, Inc   15,320,323    0.5 
  89,090    *  SPS Commerce, Inc   13,606,716    0.5 
  260,999    *  Tenable Holdings, Inc   13,898,197    0.5 
  615,080    *  Zuora Inc   13,445,649    0.4 
          Other   125,557,849    4.1 
              232,688,186    7.6 
TECHNOLOGY HARDWARE & EQUIPMENT          
  385,981    *  Sanmina Corp   14,570,783    0.5 
          Other   76,832,411    2.5 
              91,403,194    3.0 


 

50 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Quant Small-Cap Equity Fund  ■  October 31, 2021

 

Shares      Company  Value    % of net
assets
TELECOMMUNICATION SERVICES  $12,455,934    0.4%
TRANSPORTATION          
 79,530   *  Avis Budget Group, Inc   13,783,344    0.5 
 160,439   *  Hub Group, Inc (Class A)   12,605,692    0.4 
        Other   30,680,763    1.0 
            57,069,799    1.9 
UTILITIES                 
 249,481      Portland General Electric Co   12,301,908    0.4 
        Other   63,869,335    2.1 
            76,171,243    2.5 
                
       TOTAL COMMON STOCKS
(Cost $2,244,118,432)		   3,064,472,264    99.6 
                     
 Principal      Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   14,999,667    0.5 
REPURCHASE AGREEMENT   1,605,000    0.0 
TREASURY DEBT  11,304,994    0.4 
Shares      Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
 26,343,171   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $26,343,171    0.9%
            26,343,171    0.9 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $54,252,907)		   54,252,832    1.8 
                   
       TOTAL PORTFOLIO
(Cost $2,298,371,339)		   3,118,725,096    101.4 
       OTHER ASSETS & LIABILITIES, NET   (42,055,002)   (1.4)
       NET ASSETS  $3,076,670,094    100.0%

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $58,964,315. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

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


 

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description Number of
long (short
contracts		 ) Expiration date Notional amount Value Unrealized
appreciation
(depreciation		 )
Russell 2000 E Mini Index 80   12/17/21 $8,903,963 $9,181,200 $277,237  

 

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

Summary portfolio of investments

 

Quant Small/Mid-Cap Equity Fund  ■  October 31, 2021

 

Shares        Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $4,854,496    0.4%
BANKS       79,227,472    6.9 
CAPITAL GOODS         
 71,126    *   Aecom Technology Corp   4,862,885    0.4 
 37,700        Allegion plc   4,836,910    0.4 
 88,588    *   Atkore International Group, Inc   8,374,224    0.7 
 111,066    *   Builders FirstSource, Inc   6,471,816    0.6 
 37,509        Regal-Beloit Corp   5,713,746    0.5 
 22,430    *   SiteOne Landscape Supply, Inc   5,270,153    0.5 
 90,701        UFP Industries, Inc   7,422,063    0.6 
          Other   105,880,152    9.2 
              148,831,949    12.9 
COMMERCIAL & PROFESSIONAL SERVICES          
 57,809        Booz Allen Hamilton Holding Co   5,021,290    0.4 
 80,860    *   IAA, Inc   4,823,299    0.4 
 78,480        Kforce, Inc   5,082,365    0.4 
          Other   11,490,323    1.1 
              26,417,277    2.3 
CONSUMER DURABLES & APPAREL          
 33,607    *   Crocs, Inc   5,425,850    0.5 
 128,090        Tempur Sealy International, Inc   5,696,162    0.5 
 52,230    *   YETI Holdings, Inc   5,135,776    0.4 
          Other   33,753,447    2.9 
              50,011,235    4.3 
CONSUMER SERVICES          
 101,880    *   Red Rock Resorts, Inc   5,543,291    0.5 
          Other   32,105,857    2.8 
              37,649,148    3.3 
DIVERSIFIED FINANCIALS         
 14,040        Factset Research Systems, Inc   6,232,216    0.5 
 158,380    *   LendingClub Corp   7,279,145    0.6 
 54,213        LPL Financial Holdings, Inc   8,892,016    0.8 
          Other   36,412,896    3.2 
              58,816,273    5.1 
ENERGY              
 201,150        APA Corp   5,272,142    0.5 
 420,840        Marathon Oil Corp   6,868,109    0.6 
 276,070        SM Energy Co   9,474,722    0.8 
 113,970        Targa Resources Investments, Inc   6,230,740    0.5 
          Other   22,653,445    2.0 
              50,499,158    4.4 
FOOD & STAPLES RETAILING   18,791,720    1.6 
FOOD, BEVERAGE & TOBACCO          
 52,673        Bunge Ltd   4,879,627    0.4 
          Other   10,816,171    1.0 
              15,695,798    1.4 
HEALTH CARE EQUIPMENT & SERVICES          
 27,850    *   Molina Healthcare, Inc   8,235,802    0.7 
          Other   52,791,675    4.6 
              61,027,477    5.3 
Shares      Company  Value   % of net
assets
HOUSEHOLD & PERSONAL PRODUCTS  $11,269,248    1.0%
INSURANCE                 
 83,930      Brown & Brown, Inc   5,296,822    0.5 
        Other   17,355,589    1.5 
            22,652,411    2.0 
MATERIALS                 
 28,292      Avery Dennison Corp   6,159,734    0.5 
 85,026      CF Industries Holdings, Inc   4,829,477    0.4 
 33,234      Reliance Steel & Aluminum Co   4,857,481    0.4 
        Other   33,340,446    3.0 
            49,187,138    4.3 
MEDIA & ENTERTAINMENT   22,914,226    2.0 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
 180,300   *  Avantor, Inc   7,280,514    0.6 
 20,702   *  Charles River Laboratories International, Inc   9,288,573    0.8 
 33,670      PerkinElmer, Inc   5,955,886    0.5 
 50,890   *  Syneos Health, Inc   4,750,073    0.4 
        Other   72,716,338    6.3 
            99,991,384    8.6 
REAL ESTATE         
 94,740      CubeSmart   5,211,647    0.4 
 66,906      Equity Lifestyle Properties, Inc   5,654,226    0.5 
 98,615      Gaming and Leisure Properties, Inc   4,781,841    0.4 
 38,259      Life Storage, Inc   5,119,437    0.4 
        Other   75,912,510    6.7 
            96,679,661    8.4 
RETAILING                 
 39,941   *  Autonation, Inc   4,837,654    0.4 
 13,190      Pool Corp   6,794,960    0.6 
 8,470   *  RH   5,587,066    0.5 
 29,410      Williams-Sonoma, Inc   5,462,319    0.5 
        Other   37,738,818    3.2 
            60,420,817    5.2 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 
 52,763      Brooks Automation, Inc   6,144,251    0.5 
 69,086   *  Lattice Semiconductor Corp   4,797,332    0.4 
        Other   26,398,176    2.3 
            37,339,759    3.2 
SOFTWARE & SERVICES          
 75,120   *  Anaplan, Inc   4,898,575    0.4 
 65,060   *  Domo, Inc   5,748,051    0.5 
 85,583   *  Dynatrace, Inc   6,418,725    0.6 
 27,585   *  Elastic NV   4,786,273    0.4 
 93,330   *  Nuance Communications, Inc   5,137,817    0.5 
 19,839   *  Paylocity Holding Corp   6,053,672    0.5 
 48,393   *  SPS Commerce, Inc   7,391,063    0.6 
        Other   76,488,883    6.6 
            116,923,059    10.1 


 

52 2021 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Quant Small/Mid-Cap Equity Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT
 56,050       Cognex Corp  $4,909,420    0.4%
         Other   30,011,390    2.6 
             34,920,810    3.0 
TELECOMMUNICATION SERVICES   6,124,935    0.5 
TRANSPORTATION      24,195,360    2.1 
UTILITIES      19,075,184    1.6 
        TOTAL COMMON STOCKS
(Cost $796,568,083)		   1,153,515,995    99.9 
                 
 Principal       Issuer            
SHORT-TERM INVESTMENTS          
TREASURY DEBT   3,744,000    0.3 
Shares      Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
 5,001,558   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $5,001,558    0.4%
            5,001,558    0.4 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $8,745,558)		   8,745,558    0.7 
       TOTAL PORTFOLIO
(Cost $805,313,641)		   1,162,261,553    100.6 
       OTHER ASSETS & LIABILITIES, NET   (7,370,787)   (0.6)
       NET ASSETS  $1,154,890,766    100.0%

 

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $10,044,668. 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 Annual Report 53

 

Summary portfolio of investments

 

Social Choice Equity Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS
 164,072  *   Tesla, Inc  $182,776,208    2.4%
         Other   21,514,074    0.3 
             204,290,282    2.7 
BANKS
 244,744       PNC Financial Services Group, Inc   51,648,326    0.7 
         Other   193,560,152    2.5 
             245,208,478    3.2 
CAPITAL GOODS
 218,248       Caterpillar, Inc   44,524,774    0.6 
 140,701       Deere & Co   48,163,359    0.6 
         Other   333,805,146    4.4 
             426,493,279    5.6 
COMMERCIAL & PROFESSIONAL SERVICES   139,222,133    1.8 
CONSUMER DURABLES & APPAREL
 421,867       Nike, Inc (Class B)   70,574,130    0.9 
         Other   51,053,362    0.7 
             121,627,492    1.6 
CONSUMER SERVICES
 21,012  *   Booking Holdings, Inc   50,865,429    0.7 
 483,650       Starbucks Corp   51,300,756    0.7 
         Other   103,765,293    1.3 
             205,931,478    2.7 
DIVERSIFIED FINANCIALS
 313,068       American Express Co   54,404,957    0.7 
 62,749       BlackRock, Inc   59,201,172    0.8 
 690,821       Charles Schwab Corp   56,668,047    0.7 
 367,675       Intercontinental Exchange Group, Inc   50,908,280    0.7 
 562,618       Morgan Stanley   57,825,878    0.8 
 120,608       S&P Global, Inc   57,187,489    0.7 
         Other   216,158,740    2.8 
             552,354,563    7.2 
ENERGY
 559,773       Chevron Corp   64,088,411    0.8 
         Other   165,967,390    2.2 
             230,055,801    3.0 
FOOD & STAPLES RETAILING   34,524,472    0.4 
FOOD, BEVERAGE & TOBACCO          
 1,268,481       Coca-Cola Co   71,504,274    0.9 
 450,376       PepsiCo, Inc   72,780,762    1.0 
         Other   60,660,088    0.8 
             204,945,124    2.7 
HEALTH CARE EQUIPMENT & SERVICES
 213,421       Danaher Corp   66,538,265    0.9 
 148,542  *   Intuitive Surgical, Inc   53,642,972    0.7 
         Other   468,472,198    6.1 
             588,653,435    7.7 
Shares       Company  Value   % of net
assets
HOUSEHOLD & PERSONAL PRODUCTS
 644,955       Procter & Gamble Co  $92,222,116    1.2%
         Other   82,819,311    1.1 
             175,041,427    2.3 
INSURANCE   204,734,920    2.7 
MATERIALS   161,681,621    2.1 
MEDIA & ENTERTAINMENT
 102,510  *   Netflix, Inc   70,763,678    0.9 
 499,288  *   Walt Disney Co   84,414,622    1.1 
         Other   298,147,425    3.9 
             453,325,725    5.9 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
 273,818       Eli Lilly & Co   69,757,874    0.9 
 123,624       Thermo Fisher Scientific, Inc   78,262,646    1.0 
 235,522       Zoetis, Inc   50,919,856    0.7 
         Other   277,765,102    3.6 
             476,705,478    6.2 
REAL ESTATE
 199,024       American Tower Corp   56,118,797    0.7 
 349,941       Prologis, Inc   50,727,447    0.7 
         Other   156,427,765    2.0 
             263,274,009    3.4 
RETAILING
 579,099       eBay, Inc   44,428,475    0.6 
 272,140       Home Depot, Inc   101,165,324    1.3 
 212,649       Lowe’s Companies, Inc   49,721,589    0.7 
 218,871       Target Corp   56,823,289    0.7 
         Other   104,881,944    1.4 
             357,020,621    4.7 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
 420,528       Applied Materials, Inc   57,465,151    0.8 
 1,336,388       Intel Corp   65,483,012    0.9 
 84,796       Lam Research Corp   47,788,482    0.6 
 536,773       NVIDIA Corp   137,236,753    1.8 
 332,726       Texas Instruments, Inc   62,379,470    0.8 
         Other   55,349,401    0.7 
             425,702,269    5.6 
SOFTWARE & SERVICES
 209,368       Accenture plc   75,119,145    1.0 
 134,763  *   Adobe, Inc   87,644,465    1.1 
 140,471  *   Autodesk, Inc   44,614,994    0.6 
 379,118       International Business Machines Corp   47,427,662    0.6 
 102,861       Intuit, Inc   64,389,957    0.8 
 241,907       Mastercard, Inc (Class A)   81,164,637    1.1 
 1,330,370   d   Microsoft Corp   441,177,299    5.8 
 325,979  *   PayPal Holdings, Inc   75,819,456    1.0 
 274,280  *   salesforce.com, Inc   82,198,973    1.1 
 86,132  *   ServiceNow, Inc   60,099,464    0.8 
 164,252  *   Workday, Inc   47,629,795    0.6 
         Other   267,743,233    3.4 
             1,375,029,080    17.9 


 

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

Summary portfolio of investments concluded

 

Social Choice Equity Fund  ■  October 31, 2021  

 

Shares       Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT
 1,324,347       Cisco Systems, Inc  $74,123,702    1.0%
         Other   254,831,373    3.3 
             328,955,075    4.3 
TELECOMMUNICATION SERVICES
 1,261,731       Verizon Communications, Inc   66,859,126    0.9 
         Other   35,306,829    0.4 
             102,165,955    1.3 
TRANSPORTATION
 1,265,121       CSX Corp   45,759,427    0.6 
         Other   111,512,861    1.4 
             157,272,288    2.0 
UTILITIES   160,701,115    2.1 
       TOTAL COMMON STOCKS
(Cost $4,409,766,245)		   7,594,916,120    99.1 
                      
Principal       Issuer            
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT   2,493,922    0.0 
TREASURY DEBT          
         United States Treasury Bill          
$50,309,000       0.000%, 11/02/21   50,308,975    0.7 
             50,308,975    0.7 
Shares       Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
 14,071,115    c   State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $14,071,115    0.2%
             14,071,115    0.2 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $66,874,019)		   66,874,012    0.9 
       TOTAL PORTFOLIO
(Cost $4,476,640,264)		   7,661,790,132    100.0 
       OTHER ASSETS & LIABILITIES, NET   (2,706,052)   (0.0)
       NET ASSETS  $7,659,084,080    100.0%

 

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $70,620,643. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

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

 


 

 

 

Futures contracts outstanding as of October 31, 2021 were as follows:  
   
Description Number of
 long (short
 contracts

)

 Expiration date Notional amount Value Unrealized
 appreciation
 (depreciation		 ) 
S&P 500 E Mini Index 244   12/17/21 $54,858,839 $56,083,400 $1,224,561  

 

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

Summary portfolio of investments

 

Social Choice Low Carbon Equity Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
 22,589    *  Tesla, Inc  $25,164,146    2.4%
         Other   6,622,190    0.6 
             31,786,336    3.0 
BANKS          
 117,651       Citigroup, Inc   8,136,743    0.8 
         Other   29,615,504    2.8 
             37,752,247    3.6 
CAPITAL GOODS          
 39,841       3M Co   7,118,790    0.7 
 37,544       Caterpillar, Inc   7,659,351    0.7 
 21,139       Deere & Co   7,236,091    0.7 
         Other   44,127,755    4.2 
             66,141,987    6.3 
COMMERCIAL & PROFESSIONAL SERVICES   19,829,999    1.9 
CONSUMER DURABLES & APPAREL          
 59,255       Nike, Inc (Class B)   9,912,769    1.0 
         Other   10,746,435    1.0 
             20,659,204    2.0 
CONSUMER SERVICES
 3,074    *  Booking Holdings, Inc   7,441,477    0.7 
 71,126       Starbucks Corp   7,544,335    0.7 
         Other   15,455,654    1.5 
             30,441,466    2.9 
DIVERSIFIED FINANCIALS
 42,018       American Express Co   7,301,888    0.7 
 8,834       BlackRock, Inc   8,334,526    0.8 
 95,440       Charles Schwab Corp   7,828,943    0.7 
 51,353       Intercontinental Exchange Group, Inc   7,110,336    0.7 
 81,161       Morgan Stanley   8,341,728    0.8 
 16,643       S&P Global, Inc   7,891,445    0.7 
         Other   19,314,067    1.8 
             66,122,933    6.2 
ENERGY   23,700,378    2.2 
FOOD & STAPLES RETAILING   3,681,194    0.3 
FOOD, BEVERAGE & TOBACCO
 180,356       Coca-Cola Co   10,166,668    1.0 
 62,517       PepsiCo, Inc   10,102,747    0.9 
         Other   9,849,736    0.9 
             30,119,151    2.8 
HEALTH CARE EQUIPMENT & SERVICES
 30,608       Danaher Corp   9,542,656    0.9 
 23,043    *  Intuitive Surgical, Inc   8,321,519    0.8 
         Other   59,752,572    5.6 
             77,616,747    7.3 
HOUSEHOLD & PERSONAL PRODUCTS
 90,247       Procter & Gamble Co   12,904,418    1.2 
         Other   11,023,925    1.1 
             23,928,343    2.3 
Shares       Company  Value   % of net
assets
INSURANCE
 37,236       Chubb Ltd  $7,275,170    0.7%
         Other   26,628,823    2.5 
             33,903,993    3.2 
MATERIALS   24,370,356    2.3 
MEDIA & ENTERTAINMENT
 12,447    *  Netflix, Inc   8,592,289    0.8 
 70,997    *  Walt Disney Co   12,003,463    1.1 
         Other   32,503,144    3.1 
             53,098,896    5.0 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
 34,842       Amgen, Inc   7,211,249    0.7 
 138,212       Bristol-Myers Squibb Co   8,071,581    0.8 
 39,862       Eli Lilly & Co   10,155,243    1.0 
 17,209       Thermo Fisher Scientific, Inc   10,894,502    1.0 
 35,513       Zoetis, Inc   7,677,911    0.7 
         Other   27,257,188    2.5 
             71,267,674    6.7 
REAL ESTATE
 28,246       American Tower Corp   7,964,525    0.8 
 52,354       Prologis, Inc   7,589,236    0.7 
         Other   21,303,291    2.0 
             36,857,052    3.5 
RETAILING          
 37,872       Home Depot, Inc   14,078,537    1.3 
 38,379       Lowe’s Companies, Inc   8,973,778    0.9 
 31,275       Target Corp   8,119,616    0.8 
         Other   20,446,926    1.9 
             51,618,857    4.9 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
 58,242       Applied Materials, Inc   7,958,769    0.8 
 194,675       Intel Corp   9,539,075    0.9 
 74,404       NVIDIA Corp   19,022,871    1.8 
 46,572       Texas Instruments, Inc   8,731,319    0.8 
         Other   14,973,420    1.4 
             60,225,454    5.7 
SOFTWARE & SERVICES
 28,795       Accenture plc   10,331,358    1.0 
 18,678    *  Adobe, Inc   12,147,424    1.2 
 33,303       Automatic Data Processing, Inc   7,476,190    0.7 
 60,372       International Business Machines Corp   7,552,537    0.7 
 14,105       Intuit, Inc   8,829,589    0.8 
 33,922       Mastercard, Inc (Class A)   11,381,509    1.1 
 184,367    d   Microsoft Corp   61,139,785    5.8 
 47,705    *  PayPal Holdings, Inc   11,095,706    1.1 
 38,277    *  salesforce.com, Inc   11,471,234    1.1 
 11,877    *  ServiceNow, Inc   8,287,295    0.8 
         Other   27,806,167    2.5 
             177,518,794    16.8 


 

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

Summary portfolio of investments concluded

 

Social Choice Low Carbon Equity Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT
 188,049       Cisco Systems, Inc  $10,525,102    1.0%
         Other   39,436,749    3.7 
             49,961,851    4.7 
TELECOMMUNICATION SERVICES
 341,221       AT&T, Inc   8,619,242    0.8 
 189,388       Verizon Communications, Inc   10,035,670    1.0 
         Other   6,781,281    0.6 
             25,436,193    2.4 
TRANSPORTATION   15,836,133    1.5 
UTILITIES   14,066,381    1.3 
      TOTAL COMMON STOCKS
(Cost $803,099,114)		   1,045,941,619    98.8 
                      
Principal       Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
         Federal Home Loan Bank (FHLB)          
$7,800,000       0.000%, 11/12/21   7,799,905    0.8 
             7,799,905    0.8 
TREASURY DEBT   1,986,999    0.2 
Shares       Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
 2,264,489    c   State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $2,264,489    0.2%
             2,264,489    0.2 
        TOTAL SHORT-TERM INVESTMENTS
(Cost $12,051,418)		   12,051,393    1.2 
        TOTAL PORTFOLIO
(Cost $815,150,532)		   1,057,993,012    100.0 
        OTHER ASSETS & LIABILITIES, NET   293,390    0.0 
        NET ASSETS  $1,058,286,402    100.0%

 

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $6,799,737. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

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


 

 

 

Futures contracts outstanding as of October 31, 2021 were as follows:
               
Description Number of
 long (short
 contracts		 )
 		 Expiration date Notional amount Value Unrealized
 appreciation
 (depreciation		 ) 
S&P 500 E Mini Index 45   12/17/21 $10,256,062 $10,343,250 $87,188  

 

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

Summary portfolio of investments

 

Emerging Markets Equity Fund  ■  October 31, 2021

 

Shares      Company  Value   % of net
assets
COMMON STOCKS    
BRAZIL          
 4,575,871   *  Americanas S.A.  $24,080,118    1.4%
 10,126,998   a  Arcos Dorados Holdings, Inc   48,305,780    2.9 
 4,400,000      BB Seguridade Participacoes S.A.   17,221,730    1.0 
 47,073,150      Lojas Americanas S.A. (Preference)   40,285,502    2.4 
 6,357,100      Sendas Distribuidora S.A.   17,222,449    1.0 
        Other   12,620,409    0.8 
            159,735,988    9.5 
CHINA          
 6,277,500      AAC Technologies Holdings, Inc   27,132,711    1.6 
 4,325,308   *  Alibaba Group Holding Ltd   88,939,829    5.3 
 520,801   *  Baidu, Inc (ADR)   84,494,754    5.0 
 20,065,000      China Construction Bank Corp (Hong Kong)   13,655,851    0.8 
 13,323,816      Foxconn Industrial Internet Co Ltd   23,638,298    1.4 
 2,911,320   *  HUYA, Inc (ADR)   23,931,050    1.4 
 2,745,513   *  iClick Interactive Asia Group Ltd (ADR)   18,916,585    1.1 
 292,321   *  JD.com, Inc (ADR)   22,882,888    1.4 
 16,488,000      Lenovo Group Ltd   17,905,440    1.1 
 3,579,262      Ping An Insurance Group Co of China Ltd (Class A)   27,648,015    1.7 
 335,450      Prosus NV   29,547,436    1.8 
 838,276      Tencent Holdings Ltd   50,992,155    3.1 
 2,263,774   *  Vipshop Holdings Ltd (ADR)   25,263,718    1.5 
        Other   40,478,219    2.4 
            495,426,949    29.6 
HONG KONG          
 3,115,584   *  Melco Crown Entertainment Ltd (ADR)   33,741,775    2.0 
            33,741,775    2.0 
INDIA          
 22,956,912      Edelweiss Capital Ltd   23,810,765    1.4 
 1,393,186      IndusInd Bank Ltd   21,311,356    1.3 
 881,321      Larsen & Toubro Ltd   20,876,984    1.3 
 1,172,266      Piramal Healthcare Ltd   40,861,834    2.4 
 6,934,488   *,g  RBL Bank Ltd   16,796,007    1.0 
 1,880,755      Reliance Industries Ltd   63,823,715    3.8 
            187,480,661    11.2 
INDONESIA          
 44,911,400      Astra International Tbk PT   19,128,328    1.2 
 9,237,400      PT United Tractors Tbk   15,366,509    0.9 
 95,143,700      Telkom Indonesia Persero Tbk PT   25,430,539    1.5 
            59,925,376    3.6 
KOREA, REPUBLIC OF          
 89,679      Amorepacific Corp   13,955,080    0.8 
 585,789      KB Financial Group, Inc   28,354,464    1.7 
 15,018      LG Household & Health Care Ltd   15,031,307    0.9 
 230,459      Samsung C&T Corp   22,565,018    1.4 
 483,039      Samsung Electronics Co Ltd   28,921,049    1.7 
 114,705      SK Telecom Co Ltd   30,372,352    1.8 
            139,199,270    8.3 
MACAU          
 11,494,400   *  Sands China Ltd   26,197,739    1.6 
 24,888,100   *,e  Wynn Macau Ltd   22,256,723    1.3 
            48,454,462    2.9 
Shares      Company  Value   % of net
assets
MALAYSIA  $9,276,942    0.5%
MEXICO          
 544,225      Fomento Economico Mexicano SAB de C.V. (ADR)   44,729,853    2.7 
 2,502,538      Grupo Televisa SAB (ADR)   25,325,684    1.5 
 5,695,500      Wal-Mart de Mexico SAB de C.V.   19,865,643    1.2 
            89,921,180    5.4 
PERU          
 190,400      Credicorp Ltd (NY)   24,687,264    1.5 
            24,687,264    1.5 
RUSSIA          
 1,203,004      Sberbank of Russia (ADR)   24,156,320    1.4 
        Other   10,885,782    0.7 
            35,042,102    2.1 
SAUDI ARABIA          
 3,208,919   g  Saudi Arabian Oil Co   32,295,367    1.9 
            32,295,367    1.9 
SOUTH AFRICA          
 161,083      Naspers Ltd (N Shares)   27,280,015    1.6 
            27,280,015    1.6 
TAIWAN          
 872,000      MediaTek, Inc   28,699,860    1.7 
 6,201,400      Taiwan Semiconductor Manufacturing Co Ltd   131,595,506    7.9 
            160,295,366    9.6 
TANZANIA, UNITED REPUBLIC OF          
 1,970,394      AngloGold Ashanti Ltd (ADR)   36,412,881    2.2 
            36,412,881    2.2 
THAILAND          
 12,276,100      PTT PCL   14,055,739    0.8 
            14,055,739    0.8 
TURKEY          
 5,495,500      Anadolu Efes Biracilik Ve Malt Sanayii AS   12,689,838    0.8 
            12,689,838    0.8 
       TOTAL COMMON STOCKS
(Cost $1,624,073,972)		   1,565,921,175    93.5 
PURCHASED OPTIONS          
UNITED STATES   296,000    0.0 
       TOTAL PURCHASED OPTIONS
(Cost $456,850)		   296,000    0.0 
PREFERRED STOCKS          
PHILIPPINES   3,416    0.0 
       TOTAL PREFERRED STOCKS
(Cost $4,057)		   3,416    0.0 


 

58 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Emerging Markets Equity Fund  ■  October 31, 2021

 

Principal       Issuer  Value   % of net
assets
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
         Federal Home Loan Bank (FHLB)          
 $25,000,000       0.000%, 01/05/22  $24,997,744    1.5%
         Other   29,813,984    1.8 
             54,811,728    3.3 
TREASURY DEBT          
         United States Treasury Bill          
 23,566,000       0.000%, 11/02/21   23,565,988    1.4 
             23,565,988    1.4 
Shares      Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES          
 727,240   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $727,240    0.0%
            727,240    0.0 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $79,105,638)		   79,104,956    4.7 
       TOTAL PORTFOLIO
(Cost $1,703,640,517)		   1,645,325,547    98.2 
       OTHER ASSETS & LIABILITIES, NET   30,881,113    1.8 
       NET ASSETS  $1,676,206,660    100.0%

 

 

 

Abbreviation(s):

ADR American Depositary Receipt
PIPE Private Investments in Public Equity
SPACs  Special Purpose Acquisition Companies

 

* Non-income producing
a Affiliate holding
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $14,133,396. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities, including those in “Other,” is $56,776,027 or 3.4% of net assets.

 

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

 

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


 

 

 

Purchased options outstanding as of October 31, 2021 were as follows:

 

Description/underlying investment  Number of contracts  Notional amount  Exercise price  Expiration date  Value  
Las Vegas Sands Corp, Call  4,000  $456,850  $41.00  11/19/21  $296,000  

 

Written options outstanding as of October 31, 2021 were as follows:

 

Description/underlying investment  Number of contracts  Notional amount  Exercise price  Expiration date  Value  
Las Vegas Sands Corp, Put  3,200  $(442,134)  $35.00  11/19/21  $(96,000)  

 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE  Shares  Total
commitment
amount		  Fair
value amount		  Unrealized
Appreciation		  
J1 Holdings Inc.  722,668  $7,226,680  $8,368,495  $1,141,815  

 

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

Summary portfolio of investments

 

International Equity Fund  ■  October 31, 2021

 

Shares      Company  Value   % of net
assets
COMMON STOCKS          
AUSTRALIA          
 2,480,517   e  BHP Billiton Ltd  $68,132,316    1.0%
 1,402,318      Commonwealth Bank of Australia   111,150,805    1.6 
 1,041,335      Rio Tinto plc   64,928,762    1.0 
        Other   55,354,138    0.8 
            299,566,021    4.4 
BRAZIL   51,047,711    0.8 
CHINA   114,994,789    1.7 
DENMARK          
 485,203      DSV AS   112,769,523    1.7 
            112,769,523    1.7 
FINLAND          
 6,555,643      Nordea Bank Abp   80,208,662    1.2 
            80,208,662    1.2 
FRANCE          
 1,260,195   *  Airbus SE   161,660,363    2.4 
 1,854,798      BNP Paribas S.A.   124,155,005    1.8 
 1,716,395      Compagnie de Saint-Gobain   118,452,765    1.8 
 5,157,529      Credit Agricole S.A.   77,811,434    1.1 
 1,669,331      Dassault Systemes SE   97,484,577    1.4 
 547,245      Essilor International S.A.   113,223,515    1.7 
 135,088      Kering   101,388,206    1.5 
 1,823,441      Total S.A.   91,308,716    1.4 
 645,043      Vinci S.A.   68,961,672    1.0 
        Other   112,774,328    1.7 
            1,067,220,581    15.8 
GERMANY          
 254,638      Adidas-Salomon AG.   83,343,326    1.2 
 1,266,256      Deutsche Post AG.   78,390,081    1.2 
 1,579,789      Infineon Technologies AG.   73,983,626    1.1 
 1,650,718      RWE AG.   63,538,864    1.0 
 1,117,898      Siemens AG.   181,749,960    2.7 
 310,373      Volkswagen AG. (Preference)   69,657,451    1.0 
        Other   120,746,719    1.8 
            671,410,027    10.0 
HONG KONG          
 1,950,324      Hong Kong Exchanges and Clearing Ltd   117,490,844    1.7 
            117,490,844    1.7 
IRELAND          
 2,107,542      CRH plc   100,853,939    1.5 
            100,853,939    1.5 
ITALY          
 1,286,463      Moncler S.p.A   92,579,520    1.4 
        Other   54,960,416    0.8 
            147,539,936    2.2 
Shares      Company  Value   % of net
assets
JAPAN          
 3,944,900      Daiichi Sankyo Co Ltd  $99,539,165    1.5%
 388,716      Daikin Industries Ltd   85,134,537    1.3 
 336,200   *  Fanuc Ltd   66,440,210    1.0 
 2,700,979   *  Hitachi Ltd   155,642,670    2.3 
 204,400      Keyence Corp   123,378,850    1.8 
 150,228      Nintendo Co Ltd   66,349,238    1.0 
 2,354,700      Recruit Holdings Co Ltd   156,632,286    2.3 
 989,900      Shiseido Co Ltd   66,052,985    1.0 
 1,768,459      Sony Corp   204,780,984    3.0 
 8,133,045   *  Toyota Motor Corp   143,500,706    2.1 
        Other   175,258,454    2.6 
            1,342,710,085    19.9 
KOREA, REPUBLIC OF   56,983,189    0.8 
NETHERLANDS          
 270,017      ASML Holding NV   219,496,712    3.3 
 631,642      Heineken NV   69,915,847    1.0 
 10,696,629      ING Groep NV   162,256,117    2.4 
 4,272,172      Royal Dutch Shell plc (A Shares)   97,870,654    1.5 
            549,539,330    8.2 
NORWAY          
 2,758,659      Equinor ASA   69,899,807    1.0 
            69,899,807    1.0 
RUSSIA          
 824,550      TCS Group Holding plc (ADR)   84,433,920    1.2 
        Other   80,181,571    1.2 
            164,615,491    2.4 
SPAIN          
 15,480,134      Banco Bilbao Vizcaya Argentaria S.A.   108,331,930    1.6 
            108,331,930    1.6 
SWITZERLAND          
 118,944      Lonza Group AG.   97,748,230    1.5 
 572,433      Nestle S.A.   75,508,019    1.1 
 350,681      Roche Holding AG.   135,851,702    2.0 
            309,107,951    4.6 
TAIWAN   47,154,232    0.7 
UNITED KINGDOM          
 1,374,960      Ashtead Group plc   115,235,574    1.7 
 1,319,239      AstraZeneca plc   165,038,519    2.4 
 51,900,244      Barclays plc   143,217,328    2.1 
 3,182,750      Diageo plc   158,347,188    2.4 
 357,147      Linde plc (Xetra)   114,907,182    1.7 
 20,879,973      Tesco plc   77,094,421    1.1 
        Other   139,375,439    2.1 
            913,215,651    13.5 
UNITED STATES          
 891,587      Schneider Electric S.A.   153,725,712    2.3 
            153,725,712    2.3 
       TOTAL COMMON STOCKS
(Cost $4,845,630,701)		   6,478,385,411    96.0 


 

60 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

International Equity Fund  ■  October 31, 2021

 

Principal        Issuer  Value     % of net
assets
SHORT-TERM INVESTMENTS             
GOVERNMENT AGENCY DEBT  $215,381,800     3.2 %
REPURCHASE AGREEMENT   9,840,000     0.1  
TREASURY DEBT   18,163,991     0.3  
             
 Shares        Company                      
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    
 5    c   State Street Navigator Securities Lending Government Money Market Portfolio 0.030%   5     0.0  
              5     0.0  
        TOTAL SHORT-TERM INVESTMENTS
(Cost $243,387,843)		   243,385,796     3.6  
        TOTAL PORTFOLIO
(Cost $5,089,018,544)		   6,721,771,207     99.6  
        OTHER ASSETS & LIABILITIES, NET   24,073,318     0.4  
        NET ASSETS  $6,745,844,525     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 $66,914,212. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

 

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

 

At 10/31/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $49,901,634 or 0.7% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

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


 

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

Summary portfolio of investments

 

International Opportunities Fund  ■  October 31, 2021

 

Shares      Company  Value   % of net
assets
COMMON STOCKS          
AUSTRALIA          
 308,901   *  Afterpay Touch Group Ltd  $28,616,397    1.1%
 1,464,354      Australia & New Zealand Banking Group Ltd   31,162,140    1.2 
 990,827      IDP Education Ltd   28,033,516    1.1 
        Other   59,524,011    2.4 
            147,336,064    5.8 
BRAZIL   95,044,586    3.8 
CANADA          
 1,049,500      Alimentation Couche Tard, Inc   39,364,730    1.6 
 330,635   e  Bank of Montreal   35,898,049    1.4 
 589,280      Dollarama, Inc   26,635,684    1.1 
 283,888   *  Lightspeed Commerce, Inc   27,670,822    1.1 
 407,696      Nutrien Ltd (Toronto)   28,495,236    1.1 
 32,665   *  Shopify, Inc (Class A) (Toronto)   47,694,173    1.9 
            205,758,694    8.2 
CHINA          
 416,380   *  JD.com, Inc (ADR)   32,594,226    1.3 
 185,600      Silergy Corp   30,662,069    1.2 
 703,300      Tencent Holdings Ltd   42,781,593    1.7 
        Other   22,394,769    0.9 
            128,432,657    5.1 
DENMARK          
 182,956      Carlsberg AS (Class B)   30,208,924    1.2 
 510,300      Novo Nordisk AS   55,956,875    2.2 
            86,165,799    3.4 
FRANCE          
 171,602      Essilor International S.A.   35,503,991    1.4 
 83,512      L’Oreal S.A.   38,202,959    1.5 
 127,639      Teleperformance   53,316,298    2.1 
            127,023,248    5.0 
GERMANY   81,722,456    3.2 
HONG KONG          
 2,358,900   *  Melco Crown Entertainment Ltd (ADR)   25,546,887    1.0 
            25,546,887    1.0 
INDIA          
 424,504      MindTree Ltd   25,541,531    1.0 
            25,541,531    1.0 
INDONESIA          
 85,976,300      Bank Rakyat Indonesia   25,808,679    1.0 
            25,808,679    1.0 
IRELAND          
 587,889      Smurfit Kappa Group plc   30,815,139    1.2 
        Other   69,793,702    2.8 
            100,608,841    4.0 
Shares      Company  Value   % of net
assets
ITALY          
 525,014      Amplifon S.p.A.  $26,717,042    1.1%
 1,926,620      Davide Campari-Milano NV   27,366,005    1.1 
 141,800      Ferrari NV   33,647,277    1.3 
 382,568      Moncler S.p.A   27,531,271    1.1 
            115,261,595    4.6 
JAPAN          
 496,400      Benefit One, Inc   25,051,601    1.0 
 206,900      GMO Payment Gateway, Inc   26,213,449    1.0 
 2,703,300      Infomart Corp   26,379,744    1.0 
 1,126,000      MonotaRO Co Ltd   25,663,524    1.0 
 125,699   *  SHIFT, Inc   28,988,581    1.1 
 695,200      SMS Co Ltd   26,972,613    1.1 
 836,000      TechnoPro Holdings, Inc   26,717,936    1.1 
        Other   76,917,991    3.1 
            262,905,439    10.4 
        KOREA, REPUBLIC OF   20,374,569    0.8 
NETHERLANDS          
 12,092   *,g  Adyen NV   36,485,302    1.5 
 87,682      ASML Holding NV   71,276,663    2.8 
 3,492,429      ING Groep NV   52,976,313    2.1 
            160,738,278    6.4 
NEW ZEALAND   16,802,627    0.7 
 NORWAY                 
 1,304,247      Aker BP ASA   50,046,445    2.0 
 1,162,538   e  Equinor ASA   29,456,769    1.2 
            79,503,214    3.2 
PHILIPPINES   21,456,782    0.9 
POLAND   7,839,377    0.3 
PORTUGAL          
 1,204,396      Jeronimo Martins SGPS S.A.   27,288,720    1.1 
            27,288,720    1.1 
SPAIN          
 441,397   *  Amadeus IT Holding S.A.   29,528,518    1.2 
        Other   1,643    0.0 
            29,530,161    1.2 
SWEDEN          
 2,009,889      Hexagon AB   32,346,542    1.3 
 2,945,980      Swedish Match AB   25,975,287    1.0 
        Other   35,654,197    1.4 
            93,976,026    3.7 
SWITZERLAND          
 6,007      Givaudan S.A.   28,304,598    1.1 
 52,867      Lonza Group AG.   43,446,123    1.7 
 128,319      Roche Holding AG.   49,710,006    2.0 
            121,460,727    4.8 


 

62 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

International Opportunities Fund  ■  October 31, 2021

 

Shares      Company  Value   % of net
assets
TAIWAN  $31,183,916    1.2%
UNITED KINGDOM          
 613,152      Ashtead Group plc   51,388,348    2.0 
 1,880,365      Electrocomponents plc   28,930,518    1.2 
        Other   136,597,589    5.4 
            216,916,455    8.6 
UNITED STATES          
 60,900   *   Lululemon Athletica, Inc   28,380,009    1.1 
            28,380,009    1.1 
       TOTAL COMMON STOCKS
(Cost $1,343,959,458)		   2,282,607,337    90.5 
RIGHTS / WARRANTS          
AUSTRALIA   84,744    0.0 
       TOTAL RIGHTS / WARRANTS
(Cost $0)		   84,744    0.0 
                   
 Principal      Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
        Federal Home Loan Bank (FHLB)          
 $30,809,000      0.000%, 11/10/21   30,808,692    1.2 
        FHLB          
 $82,155,000      0.000%, 11/26/21   82,152,719    3.2 
        FHLB          
 $40,000,000      0.000%, 12/01/21   39,998,667    1.6 
        Other   69,838,956    2.8 
            222,799,034    8.8 
REPURCHASE AGREEMENT   9,230,000    0.4 
TREASURY DEBT   4,547,998    0.2 
 Shares      Company   Value     % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES      
 12,669,361   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $12,669,361     0.5 %
            12,669,361     0.5  
       TOTAL SHORT-TERM INVESTMENTS
(Cost $249,246,873)		   249,246,393     9.9  
       TOTAL PORTFOLIO
(Cost $1,593,206,331)		   2,531,938,474     100.4  
       OTHER ASSETS & LIABILITIES, NET   (12,038,534)    (0.4)  
       NET ASSETS  $2,519,899,940     100.0 %

 

 

 

Abbreviation(s):

ADR American Depositary Receipt
PIPE Private Investments in Public Equity
SPACs  Special Purpose Acquisition Companies

 

* 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 $74,582,653. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities, including those in “Other,” is $101,333,206 or 4.0% of net assets.

 

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

 

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


 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE  Shares  Total
commitment
amount		  Fair
value amount		  Unrealized
Appreciation		  
J1 Holdings Inc.  980,069  $9,800,690  $11,349,199  $1,548,509  

 

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

Summary portfolio of investments

 

Quant International Small-Cap Equity Fund  ■  October 31, 2021

 

Shares      Company  Value   % of net
assets
COMMON STOCKS       
ARGENTINA  $1,886,975    0.1%
AUSTRALIA          
 1,558,111   *  Boral Ltd   7,517,330    0.5 
 503,894      carsales.com Ltd   9,429,944    0.6 
 3,920,286      Cleanaway Waste Management Ltd   7,972,910    0.5 
 4,507,161   *  Pilbara Minerals Ltd   7,558,819    0.5 
        Other   92,035,685    5.8 
            124,514,688    7.9 
AUSTRIA          
 131,125   g  BAWAG Group AG.   8,247,136    0.5 
        Other   10,222,154    0.7 
            18,469,290    1.2 
BELGIUM   12,737,575    0.8 
BRAZIL          
 2,012,600   *  Embraer S.A.   7,820,319    0.5 
        Other   31,567,860    2.0 
            39,388,179    2.5 
CANADA          
 813,054      Enerplus Corp   7,699,574    0.5 
 311,414      Finning International, Inc   9,219,626    0.6 
 97,079      Granite REIT   7,869,235    0.5 
        Other   69,731,458    4.4 
            94,519,893    6.0 
CHILE   466,181    0.0 
CHINA   29,168,386    1.8 
COLOMBIA   638,520    0.0 
DENMARK   18,796,496    1.2 
EGYPT   55,925    0.0 
FINLAND          
 216,130      Valmet Corp   8,774,014    0.6 
        Other   16,323,851    1.0 
            25,097,865    1.6 
FRANCE          
 282,475      SPIE S.A.   6,868,958    0.4 
        Other   20,345,312    1.3 
            27,214,270    1.7 
GERMANY          
 131,249      Hugo Boss AG.   8,218,447    0.5 
        Other   58,259,808    3.7 
            66,478,255    4.2 
GREECE   4,209,060    0.3 
GUERNSEY, C.I.   4,969    0.0 
HONG KONG          
 693,500      ASM Pacific Technology   7,503,952    0.5 
        Other   14,392,659    0.9 
            21,896,611    1.4 
Shares      Company  Value   % of net
assets
INDIA          
 468,646      Central Depository Services India Ltd  $8,490,883    0.5%
 3,158,113      Tata Power Co Ltd   9,061,193    0.6 
        Other   35,263,948    2.2 
            52,816,024    3.3 
INDONESIA   12,557,011    0.8 
IRELAND   8,962,962    0.6 
ISRAEL          
 70,249   *  Kornit Digital Ltd   11,751,253    0.8 
        Other   25,919,999    1.6 
            37,671,252    2.4 
ITALY   23,513,233    1.5 
JAPAN                 
 291,800      Asics Corp   7,272,072    0.4 
 1,430,600   *  Fujikura Ltd   7,716,439    0.5 
 975,000      Hitachi Zosen Corp   7,644,902    0.5 
 302,600      Nippon Electric Glass Co Ltd   7,726,268    0.5 
        Other   238,357,059    15.1 
            268,716,740    17.0 
KOREA, REPUBLIC OF          
 191,793      Samsung Techwin Co Ltd   7,407,913    0.5 
        Other   79,861,360    5.0 
            87,269,273    5.5 
LUXEMBOURG   4,453,502    0.3 
MALAYSIA   10,430,312    0.7 
MALTA   4,401,570    0.3 
MEXICO   3,973,922    0.2 
NETHERLANDS          
 22,544      ASM International NV   10,203,067    0.6 
 311,107   *  OCI NV   8,819,418    0.6 
 161,716   g  Signify NV   7,836,173    0.5 
        Other   8,515,127    0.5 
            35,373,785    2.2 
NEW ZEALAND   304,768    0.0 
NORWAY   5,650,852    0.4 
PERU   1,657,747    0.1 
PHILIPPINES   162,777    0.0 
POLAND          6,090,901    0.4 
PORTUGAL   196,705    0.0 
RUSSIA   1,017,765    0.1 
SAUDI ARABIA   735,834    0.0 
SINGAPORE          
 6,636,700      Frasers Logistics & Industrial Trust   7,473,141    0.5 
        Other   3,716,133    0.2 
            11,189,274    0.7 


 

64 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded
   
Quant International Small-Cap Equity Fund  ■  October 31, 2021  

 

Shares      Company  Value   % of net
assets
SOUTH AFRICA  $12,332,804    0.8%
SPAIN          
 530,047      Acerinox S.A.   7,379,485    0.5 
        Other   10,849,795    0.7 
            18,229,280    1.2 
SWEDEN          
 257,049      Getinge AB (B Shares)   11,503,416    0.7 
 271,931      Lifco AB   7,929,042    0.5 
 223,363      Lindab International AB   7,317,994    0.5 
 63,299      MIPS AB   7,643,347    0.5 
 1,373,019      Samhallsbyggnadsbolaget i Norden AB   9,208,884    0.6 
        Other   60,348,131    3.8 
            103,950,814    6.6 
SWITZERLAND          
 11,257      Bachem Holding AG.   9,061,419    0.6 
 64,923      PSP Swiss Property AG.   8,115,764    0.5 
 16,075      Tecan Group AG.   9,849,187    0.6 
 14,821   g  VAT Group AG.   7,084,892    0.5 
        Other   16,281,637    1.0 
            50,392,899    3.2 
TAIWAN          
 100,000      eMemory Technology, Inc   8,306,549    0.5 
 1,513,000      Faraday Technology Corp   10,981,084    0.7 
        Other   51,585,404    3.3 
            70,873,037    4.5 
THAILAND   2,010,617    0.1 
TURKEY   15,984,001    1.0 
UNITED ARAB EMIRATES   918,470    0.1 
UNITED KINGDOM          
 11,065,069   *  Centrica plc   9,134,065    0.6 
 168,870      Derwent London plc   7,811,214    0.5 
 591,421      HomeServe plc   6,920,281    0.4 
 299,948      Intermediate Capital Group plc   8,996,928    0.6 
 2,139,896      LondonMetric Property plc   7,653,430    0.5 
 2,671,568      Man Group plc   8,507,922    0.5 
 1,022,713      Rightmove plc   9,667,261    0.6 
 1,455,856      Rotork plc   7,037,760    0.5 
 452,049      Safestore Holdings plc   7,436,197    0.5 
 3,142,593      Tritax Big Box REIT plc   9,671,122    0.6 
 553,648      Unite Group plc   8,266,400    0.5 
        Other   106,095,311    6.7 
            197,197,891    12.5 
UNITED STATES          
 202,217   e  iShares MSCI EAFE Small-Cap ETF   15,419,046    1.0 
        Other   27,587,501    1.7 
            43,006,547    2.7 
      TOTAL COMMON STOCKS
(Cost $1,416,333,455)		   1,577,585,707    99.9 
Shares      Company  Value   % of net
assets
SHORT-TERM INVESTMENTS       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
 10,388,990   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $10,388,990    0.7%
            10,388,990    0.7 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $10,388,990)		   10,388,990    0.7 
       TOTAL PORTFOLIO
(Cost $1,426,722,445)		   1,587,974,697    100.6 
       OTHER ASSETS & LIABILITIES, NET   (8,901,618)   (0.6)
       NET ASSETS  $1,579,073,079    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 $16,662,092. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities, including those in “Other,” is $64,536,285 or 4.1% of net assets.

 

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

 

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


 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 65
 

Summary portfolio of investments

 

Social Choice International Equity Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
COMMON STOCKS          
AUSTRALIA          
 287,274       Australia & New Zealand Banking Group Ltd  $6,113,325    0.6%
 113,549       Commonwealth Bank of Australia   9,000,143    0.9 
 33,670       CSL Ltd   7,661,282    0.8 
 33,263       Macquarie Group Ltd   4,908,148    0.5 
 325,276       Westpac Banking Corp   6,328,286    0.7 
         Other   30,616,167    3.2 
             64,627,351    6.7 
AUSTRIA   7,552,578    0.8 
BELGIUM   9,706,045    1.0 
CHILE   2,548,710    0.3 
CHINA          
 81,270       Prosus NV   7,158,504    0.7 
         Other   3,466,769    0.4 
             10,625,273    1.1 
DENMARK          
 115,352       Novo Nordisk AS   12,648,907    1.3 
         Other   12,801,993    1.3 
             25,450,900    2.6 
FINLAND   7,733,435    0.8 
FRANCE          
 206,629       AXA S.A.   6,011,454    0.6 
 103,231       BNP Paribas S.A.   6,909,995    0.7 
 21,702       Cap Gemini S.A.   5,060,100    0.5 
 78,190       Danone   5,096,873    0.5 
 29,579       Essilor International S.A.   6,119,815    0.7 
 3,020       Hermes International   4,795,503    0.5 
 20,345       L’Oreal S.A.   9,306,916    1.0 
 191,516       Total S.A.   9,590,154    1.0 
         Other   44,790,758    4.6 
             97,681,568    10.1 
GERMANY          
 15,858       Adidas-Salomon AG.   5,190,343    0.5 
 34,692       Allianz AG.   8,055,841    0.8 
 73,369       BASF SE   5,280,634    0.5 
 49,012       Bayerische Motoren Werke AG.   4,951,976    0.5 
 94,087       Deutsche Post AG.   5,824,642    0.6 
 77,422       SAP AG.   11,211,564    1.2 
 59,333       Siemens AG.   9,646,471    1.0 
         Other   29,702,718    3.1 
             79,864,189    8.2 
HONG KONG          
 111,038       Hong Kong Exchanges and Clearing Ltd   6,689,119    0.7 
         Other   18,136,337    1.9 
             24,825,456    2.6 
IRELAND          
 101,529       CRH plc   4,858,550    0.5 
         Other   3,522,249    0.4 
             8,380,799    0.9 
Shares       Company  Value   % of net
assets
ISRAEL  $3,512,543    0.3%
ITALY          
 779,248       Enel S.p.A.   6,523,695    0.7 
 334,509       ENI S.p.A.   4,794,330    0.5 
 1,880,464       Intesa Sanpaolo S.p.A.   5,344,610    0.6 
         Other   5,303,073    0.5 
             21,965,708    2.3 
JAPAN          
 170,796       KDDI Corp   5,222,939    0.5 
 14,846       Keyence Corp   8,961,264    0.9 
 12,404       Nintendo Co Ltd   5,478,313    0.6 
 171,100       Nippon Telegraph & Telephone Corp   4,794,039    0.5 
 94,415       Sony Corp   10,932,906    1.1 
 14,700       Tokyo Electron Ltd   6,850,684    0.7 
 743,975    *  Toyota Motor Corp   13,126,810    1.4 
         Other   168,806,739    17.4 
             224,173,694    23.1 
NETHERLANDS          
 26,721       ASML Holding NV   21,721,490    2.2 
         Other   10,499,333    1.1 
             32,220,823    3.3 
NEW ZEALAND   8,509,433    0.9 
NORWAY   10,352,546    1.1 
PORTUGAL   3,040,263    0.3 
RUSSIA   2,303,308    0.2 
SAUDI ARABIA   2,701,793    0.3 
SINGAPORE   12,943,120    1.3 
 SPAIN                  
 772,609       Banco Bilbao Vizcaya Argentaria S.A.   5,406,815    0.6 
 485,105       Iberdrola S.A.   5,728,381    0.6 
         Other   15,641,559    1.6 
             26,776,755    2.8 
SWEDEN          
 74,005       Atlas Copco AB (A Shares)   4,765,824    0.5 
         Other   33,259,500    3.4 
             38,025,324    3.9 
SWITZERLAND          
 7,481       Lonza Group AG.   6,147,889    0.6 
 180,753       Nestle S.A.   23,842,618    2.5 
 45,871       Roche Holding AG.   17,770,148    1.8 
 14,398       Sika AG.   4,877,749    0.5 
 363,064       UBS Group AG   6,608,737    0.7 
 14,697       Zurich Insurance Group AG   6,514,012    0.7 
         Other   22,062,699    2.3 
             87,823,852    9.1 


 

66 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
Summary portfolio of investments concluded
   
Social Choice International Equity Fund  ■  October 31, 2021  

 

Shares       Company  Value   % of net
assets
UNITED KINGDOM          
 58,891       Ashtead Group plc  $4,935,662    0.5%
 89,229       AstraZeneca plc   11,162,664    1.2 
 235,644    *  Compass Group plc   5,000,516    0.5 
 419,284       GlaxoSmithKline plc   8,704,684    0.9 
         Other   96,193,833    9.9 
             125,997,359    13.0 
UNITED STATES          
 46,600       Schneider Electric S.A.   8,034,682    0.8 
         Other   10,211,256    1.1 
             18,245,938    1.9 
        TOTAL COMMON STOCKS
(Cost $791,938,643)		   957,588,763    98.9 
                     
 Principal      Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   4,579,858    0.5 
Shares      Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
 8,109,841   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $8,109,841    0.8%
            8,109,841    0.8 
       TOTAL SHORT-TERM INVESTMENTS
(Cost $12,689,734)		   12,689,699    1.3 
       TOTAL PORTFOLIO
(Cost $804,628,377)		   970,278,462    100.2 
       OTHER ASSETS & LIABILITIES, NET   (1,819,454)   (0.2)
       NET ASSETS  $968,459,008    100.0%

 

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $15,913,782. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

At 10/31/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $8,281,235 or 0.9% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

 

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


 

 

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description  Number of
long (short
contracts		)

 Expiration date  Notional amount  Value  Unrealized
appreciation
(depreciation		)
MSCI EAFE Index  35  12/17/21  $4,090,669  $4,094,300   $3,631 

 

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

Statements of assets and liabilities

 

TIAA-CREF Funds  ■  October 31, 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*†  $6,983,420,960   $7,188,430,824   $5,534,787,934   $2,030,390,484   $2,181,371,019        $3,118,725,096   $1,162,261,553   $7,661,790,132              $1,057,993,012            $1,597,019,767 
Affiliated investments, at value‡   –    –    –    –    –    –    –    –    –    48,305,780 
Cash   –    969    231    3,857    2,461    –    787    –    –    315 
Cash - foreign^   –    –    –    –    –    –    –    –    –    121,254 
Receivable from securities transactions   79,522,150    58,391,363    27,672,093    11,715,895    26,399,432    16,631,365    20,845,435    3,130,104    902,812    29,262,054 
Receivable from Fund shares sold   862,733    3,922,665    323,328    757,299    527,699    1,442,273    303,817    4,686,011    1,933,969    8,634,127 
Dividends and interest receivable   5,073,375    767,889    4,957,769    918,644    1,185,864    1,246,247    275,384    6,242,398    1,069,698    207,335 
Due from affiliates   911,699    1,088,153    986,463    –    9,156    290,123    372,892    32,808    –    927,182 
Receivable for variation margin on open futures contracts   –    –    –    –    –    277,424    –    1,225,132    87,294    – 
Unrealized appreciation on unfunded SPAC commitment   1,581,580    4,951,243    –    1,286,491    –    –    –    –    –    1,141,815 
Other   691,933    547,620    681,025    243,527    523,767    334,236    33,389    366,254    11,978    149,134 
Total assets   7,072,064,430    7,258,100,726    5,569,408,843    2,045,316,197    2,210,019,398    3,138,946,764    1,184,093,257    7,677,472,839    1,061,998,763    1,685,768,763 
LIABILITIES                                                  
Management fees payable   2,267,036    2,318,015    1,847,902    721,635    793,563    1,026,320    427,214    941,706    213,518    1,209,754 
Service agreement fees payable   119,826    100,269    109,612    109,522    124,413    95,353    20,744    226,970    108,837    22,581 
Distribution fees payable   345,749    307,247    41,651    68,888    56,474    42,740    3,604    155,969    13,413    3,554 
Due to affiliates   9,911    10,384    9,283    5,790    6,024    7,321    5,986    9,728    5,053    6,291 
Overdraft payable   48,246    –    –    –    –    271,434    –    1,108,779    74,804    – 
Payable for collateral for securities loaned   2,294,446    2    –    23,760,711    –    26,343,171    5,001,558    14,071,115    2,264,489    727,240 
Payable for securities transactions   18,579,611    49,234,414    –    16,947,294    28,652,574    19,516,501    6,810,596    –    –    – 
Payable for Fund shares redeemed   41,685,983    15,743,662    54,049,617    60,474    534,659    14,537,288    16,846,493    1,305,073    960,278    632,882 
Written options◊   11,850,903    –    –    –    –    –    –    –    –    96,000 
Payable for trustee compensation   598,012    437,399    598,901    214,499    491,683    330,882    32,088    358,037    10,869    116,483 
Accrued expenses and other payables   287,867    304,270    158,186    84,096    126,262    105,660    54,208    211,382    61,100    6,747,318 
Total liabilities   78,087,590    68,455,662    56,815,152    41,972,909    30,785,652    62,276,670    29,202,491    18,388,759    3,712,361    9,562,103 
NET ASSETS  $6,993,976,840   $7,189,645,064   $5,512,593,691   $2,003,343,288   $2,179,233,746   $3,076,670,094   $1,154,890,766   $7,659,084,080   $1,058,286,402   $1,676,206,660 
NET ASSETS CONSIST OF:                                                  
Paid-in-capital  $2,605,944,827   $3,246,293,545   $2,996,881,328   $1,177,275,934   $1,430,649,498   $1,740,717,975   $610,833,139   $3,821,724,213   $760,616,396   $1,473,846,529 
Total distributable earnings (loss)   4,388,032,013    3,943,351,519    2,515,712,363    826,067,354    748,584,248    1,335,952,119    544,057,627    3,837,359,867    297,670,006    202,360,131 
NET ASSETS  $6,993,976,840   $7,189,645,064   $5,512,593,691   $2,003,343,288   $2,179,233,746   $3,076,670,094   $1,154,890,766   $7,659,084,080   $1,058,286,402   $1,676,206,660 
* Includes securities loaned of  $8,175,111   $509,065   $–   $60,166,125   $–   $58,964,315   $10,044,668   $70,620,643   $6,799,737   $14,133,396 
† Portfolio investments, cost  $3,586,912,994   $3,881,041,692   $3,456,211,986   $1,436,766,457   $1,707,269,693   $2,298,371,339   $805,313,641   $4,476,640,264   $815,150,532   $1,641,754,787 
‡ Affiliated investments, cost  $–   $–   $–   $–   $–   $–   $–   $–   $–   $61,885,730 
^ Foreign cash, cost  $–   $–   $–   $–   $–   $–   $–   $–   $–   $121,211 
◊ Written options premiums  $13,654,651   $–   $–   $–   $–   $–   $–   $–   $–   $442,134 

 

68 2021 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2021 Annual Report 69
 
Statements of assets and liabilities continued

 

TIAA-CREF Funds  ■  October 31, 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  $1,988,937,052   $2,055,309,590   $1,898,837,300   $1,113,795,067   $1,291,813,392   $1,554,570,313   $63,132,136   $5,751,972,049               $452,025,356             $295,906,883 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   99,078,943    76,366,759    82,053,655    36,139,889    60,853,920    67,052,514    3,456,602    188,944,705    21,083,176    25,135,640 
Net asset value per share  $20.07   $26.91   $23.14   $30.82   $21.23   $23.18   $18.26   $30.44   $21.44   $11.77 
ADVISOR CLASS:                                                  
Net assets  $3,427,594   $5,461,584   $519,681   $7,556,640   $415,781   $781,201   $9,480,549   $55,706,349   $6,919,996   $170,851 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   170,647    203,172    22,482    245,403    19,617    33,713    518,564    1,832,439    323,272    14,513 
Net asset value per share  $20.09   $26.88   $23.12   $30.79   $21.20   $23.17   $18.28   $30.40   $21.41   $11.77 
PREMIER CLASS:                                                  
Net assets  $20,730,597   $15,986,728   $77,309,075   $60,297,884   $73,331,039   $80,889,081   $253,664   $112,029,748   $6,335,337   $10,993,563 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   1,030,732    594,760    3,349,102    1,976,623    3,462,683    3,514,662    13,823    3,698,029    295,271    933,630 
Net asset value per share  $20.11   $26.88   $23.08   $30.51   $21.18   $23.01   $18.35   $30.29   $21.46   $11.78 
RETIREMENT CLASS:                                                  
Net assets  $577,096,433   $477,945,288   $521,412,843   $524,636,795   $589,411,995   $451,648,272   $91,997,244   $1,047,444,567   $530,496,894   $103,032,961 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   28,131,436    17,950,889    22,643,660    17,818,434    28,013,259    20,135,456    5,066,241    33,895,223    24,888,255    8,793,508 
Net asset value per share  $20.51   $26.63   $23.03   $29.44   $21.04   $22.43   $18.16   $30.90   $21.32   $11.72 
RETAIL CLASS:                                                  
Net assets  $1,664,004,658   $1,476,126,309   $155,733,267   $297,056,902   $224,261,539   $157,995,251   $17,682,835   $691,931,367   $62,508,819   $9,841,549 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   58,208,906    55,140,973    7,083,331    10,117,375    10,981,912    7,141,876    975,725    25,833,822    2,931,357    839,545 
Net asset value per share  $28.59   $26.77   $21.99   $29.36   $20.42   $22.12   $18.12   $26.78   $21.32   $11.72 
CLASS W:                                                  
Net assets  $2,739,780,506   $3,158,815,565   $2,858,781,525   $–   $–   $830,785,976   $972,344,338   $–   $–   $1,256,260,853 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   136,506,035    117,013,509    123,098,052    –    –    35,726,861    52,963,128    –    –    106,027,174 
Net asset value per share  $20.07   $27.00   $23.22   $–   $–   $23.25   $18.36   $–   $–   $11.85 

 

70 2021 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2021 Annual Report 71
 
Statements of assets and liabilities continued

 

TIAA-CREF Funds   ■  October 31, 2021

 

   International
Equity Fund		   International
Opportunities Fund		   Quant International
Small-Cap
Equity Fund		   Social Choice
International
Equity Fund		 
ASSETS                    
Portfolio investments, at value*†  $6,721,771,207             $2,531,938,474              $1,587,974,697     $970,278,462 
Cash#   –    4,993    –    310,197 
Cash - foreign^   128    56,815    672,677    58,245 
Receivable from securities transactions   128    5,856    35,775,723    58,306 
Receivable for delayed delivery securities   –    –    –    1,807,574 
Receivable from Fund shares sold   8,239,073    4,297,624    3,888,249    1,439,631 
Dividends and interest receivable   23,140,784    2,861,692    3,819,106    3,204,565 
Due from affiliates   1,157,018    1,110,369    889,543    – 
Receivable for variation margin on open futures contracts   –    –    –    3,704 
Unrealized appreciation on unfunded SPAC commitment   –    1,548,509    –    – 
Other   606,111    151,351    42,637    12,140 
Total assets   6,754,914,449    2,541,975,683    1,633,062,632    977,172,824 
LIABILITIES                    
Management fees payable   2,480,736    1,214,675    845,779    240,210 
Service agreement fees payable   99,604    38,071    978    79,921 
Distribution fees payable   69,056    1,989    249    4,694 
Due to affiliates   9,681    6,748    6,112    5,039 
Overdraft payable   37,434    –    1,186,790    – 
Payable for collateral for securities loaned   5    12,669,361    10,388,990    8,109,841 
Payable for securities transactions   128    5,848    35,224,234    65,056 
Payable for Fund shares redeemed   5,507,902    7,293,936    2,894,267    92,500 
Payable for trustee compensation   513,660    112,513    41,041    10,639 
Accrued expenses and other payables   351,718    732,602    3,401,113    105,916 
Total liabilities   9,069,924    22,075,743    53,989,553    8,713,816 
NET ASSETS  $6,745,844,525   $2,519,899,940   $1,579,073,079   $968,459,008 
NET ASSETS CONSIST OF:                    
Paid-in-capital  $5,146,443,988   $1,395,172,055   $1,345,358,631   $779,550,335 
Total distributable earnings (loss)   1,599,400,537    1,124,727,885    233,714,448    188,908,673 
NET ASSETS  $6,745,844,525   $2,519,899,940   $1,579,073,079   $968,459,008 
* Includes securities loaned of  $66,914,212   $74,582,653   $16,662,092   $15,913,782 
† Portfolio investments, cost  $5,089,018,544   $1,593,206,331   $1,426,722,445   $804,628,377 
^ Foreign cash, cost  $128   $57,140   $672,925   $58,395 
# Includes cash collateral for open futures  $–   $–   $–   $363,540 

 

72 2021 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2021 Annual Report 73
 
Statements of assets and liabilities concluded

 

TIAA-CREF Funds   ■  October 31, 2021

 

   International
Equity Fund		   International
Opportunities Fund		   Quant International
Small-Cap
Equity Fund		   Social Choice
International
Equity Fund		 
INSTITUTIONAL CLASS:                    
Net assets  $2,828,714,243                 $146,167,738          $88,123,685   $556,304,262 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   193,632,769    7,393,648    7,064,005    40,254,365 
Net asset value per share  $14.61   $19.77   $12.48   $13.82 
ADVISOR CLASS:                    
Net assets  $3,174,605   $5,051,855   $91,213   $2,557,047 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   212,701    256,005    7,321    185,181 
Net asset value per share  $14.93   $19.73   $12.46   $13.81 
PREMIER CLASS:                    
Net assets  $75,861,519   $568,994   $92,481   $771,007 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   5,203,575    28,743    7,327    55,763 
Net asset value per share  $14.58   $19.80   $12.62   $13.83 
RETIREMENT CLASS:                    
Net assets  $467,995,248   $175,168,793   $4,626,164   $386,980,541 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   30,835,755    8,898,473    371,592    28,125,168 
Net asset value per share  $15.18   $19.69   $12.45   $13.76 
RETAIL CLASS:                    
Net assets  $286,698,964   $9,151,826   $1,134,424   $21,846,151 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   31,455,737    465,155    91,000    1,587,904 
Net asset value per share  $9.11   $19.67   $12.47   $13.76 
CLASS W:                    
Net assets  $3,083,399,946   $2,183,790,734   $1,485,005,112   $– 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   209,954,381    109,808,885    118,211,912    – 
Net asset value per share  $14.69   $19.89   $12.56   $– 

 

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

Statements of operations

 

TIAA-CREF Funds   ■  For the year ended October 31, 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*  $72,166,744   $31,291,313   $94,805,846   $2,707,354   $33,043,143   $25,685,737   $13,186,182   $89,059,238   $9,770,163   $23,751,738 
Payment from affiliate   981,809    1,151,196    879,767    294,365    339,008    –    –    –    –    354,361 
Income from securities lending, net   748,180    1,463,026    –    1,570,344    6,140    1,169,163    328,966    681,489    43,796    726,100 
Interest   6,942    –    7,939    1,744    6,458    753    1,021    6,417    1,567    33,182 
Total income   73,903,675    33,905,535    95,693,552    4,573,807    33,394,749    26,855,653    13,516,169    89,747,144    9,815,526    24,865,381 
EXPENSES                                                  
Management fees   24,778,832    26,782,450    22,004,755    7,907,352    9,337,813    12,042,434    4,953,316    10,269,734    1,886,076    13,663,876 
Shareholder servicing – Institutional Class   1,551    3,649    1,392    1,338    1,799    2,090    217    7,995    504    491 
Shareholder servicing – Advisor Class   3,232    4,266    324    2,575    427    449    7,702    41,431    4,307    180 
Shareholder servicing – Premier Class   93    91    104    99    110    106    72    13,155    85    103 
Shareholder servicing – Retirement Class   1,360,634    1,126,238    1,272,383    1,201,562    1,395,601    1,124,220    157,253    2,426,773    948,935    327,537 
Shareholder servicing – Retail Class   520,666    537,483    85,142    115,451    136,617    80,524    20,012    134,794    28,185    20,397 
Shareholder servicing – Class W   1,571    1,930    1,707    –    –    901    954    –    –    1,044 
Distribution fees – Premier Class   37,295    23,409    114,509    74,950    116,647    122,853    267    163,535    7,705    17,167 
Distribution fees – Retail Class   3,766,384    3,409,466    353,367    705,775    532,254    365,011    31,443    1,519,688    110,739    27,160 
Custody and accounting fees   162,130    91,856    83,180    47,647    23,129    59,522    41,331    67,242    36,845    262,002 
Administrative service fees   138,697    144,870    131,168    79,330    82,028    102,614    82,202    133,557    67,948    89,001 
Trustee fees and expenses   65,631    71,267    58,010    18,069    22,005    31,134    11,186    69,208    7,109    17,516 
Other expenses   315,533    553,284    247,770    211,024    142,156    193,926    168,943    1,003,830    304,771    225,480 
Total expenses   31,152,249    32,750,259    24,353,811    10,365,172    11,790,586    14,125,784    5,474,898    15,850,942    3,403,209    14,651,954 
Less: Expenses reimbursed by the investment adviser   (11,248,736)   (12,382,424)   (11,994,688)   –    –    (3,517,120)   (4,579,283)   –    –    (10,244,079)
  Fee waiver by investment adviser and Nuveen Securities   –    (164,689)   (267,549)   –    (107,797)   (108,898)   –    (516,591)   –    – 
Net expenses   19,903,513    20,203,146    12,091,574    10,365,172    11,682,789    10,499,766    895,615    15,334,351    3,403,209    4,407,875 
Net investment income (loss)   54,000,162    13,702,389    83,601,978    (5,791,365)   21,711,960    16,355,887    12,620,554    74,412,793    6,412,317    20,457,506 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS                                                  
Realized gain (loss):                                                  
Portfolio investments‡   1,112,948,661    680,023,892    543,805,940    257,588,049    397,732,501    695,624,448    201,940,527    621,218,160    50,210,556    297,100,142 
Purchased options   (769,480)   –    –    –    –    –    –    –    –    (1,560,288)
Written options   35,182,770    439,422    –    –    –    –    –    –    –    1,660,857 
Futures contracts   –    –    –    –    –    6,951,478    –    10,742,868    2,643,337    – 
Foreign currency transactions   (157,766)   265,067    5,439    126,135    6,209    –    –    –    –    (1,375,001)
Net realized gain (loss) on total investments   1,147,204,185    680,728,381    543,811,379    257,714,184    397,738,710    702,575,926    201,940,527    631,961,028    52,853,893    295,825,710 
Change in unrealized appreciation (depreciation) on:                                                  
Portfolio investments**   973,325,274    1,418,619,216    1,446,996,477    260,628,007    400,864,466    651,123,818    285,824,548    1,652,020,066    181,850,069    (268,697,170)
Affiliated investments   –    –    –    –    –    –    –    –    –    8,168,633 
Purchased options   (31,808)   –    –    –    –    –    –    –    –    (160,849)
Written options   (6,807,436)   2,305,442    –    –    –    –    –    –    –    346,134 
Unfunded commitment with a SPAC   1,581,580    4,951,243    –    1,286,491    –    –    –    –    –    1,141,815 
Futures contracts   –    –    –    –    –    277,237    –    2,621,487    528,282    – 
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies   (7,083)   3,403    (2,874)   633    (3,324)   –    –    –    –    282,456 
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments   968,060,527    1,425,879,304    1,446,993,603    261,915,131    400,861,142    651,401,055    285,824,548    1,654,641,553    182,378,351    (258,918,981)
Net realized and unrealized gain (loss) on total investments   2,115,264,712    2,106,607,685    1,990,804,982    519,629,315    798,599,852    1,353,976,981    487,765,075    2,286,602,581    235,232,244    36,906,729 
Net increase (decrease) in net assets from operations  $2,169,264,874   $2,120,310,074   $2,074,406,960   $513,837,950   $820,311,812   $1,370,332,868   $500,385,629   $2,361,015,374   $241,644,561   $57,364,235 
*    Net of foreign withholding taxes of  $344,905   $516,969   $(44,048)  $78,817   $61,665   $42,994   $32,004   $1,821   $359   $3,080,773 
‡   Includes net realized gain (loss) from securities sold to affiliates of  $1,852,029   $45,532,806   $15,221,706   $5,844,057   $1,770,896   $2,744,901   $21,810,493   $39,518   $27,384   $(351,773)
**  Includes net change in unrealized foreign capital gains taxes of  $–   $–   $–   $–   $–   $–   $–   $–   $–   $(6,262,457)

 

76 2021 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2021 Annual Report 77
 
Statements of operations concluded

 

TIAA-CREF Funds   ■  For the year ended October 31, 2021

 

   International
Equity Fund		   International
Opportunities Fund		   Quant International
Small-Cap
Equity Fund		   Social Choice
International
Equity Fund		 
INVESTMENT INCOME                    
Dividends*  $206,885,380   $26,906,411   $30,339,356   $23,893,643 
Payment from affiliate   978,247    421,361    –    – 
Income from securities lending, net   542,850    1,307,775    723,373    87,778 
Interest   62,663    34,599    –    – 
Total income   208,469,140    28,670,146    31,062,729    23,981,421 
EXPENSES                    
Management fees   27,101,974    12,695,530    8,249,349    2,346,492 
Shareholder servicing – Institutional Class   3,359    344    220    762 
Shareholder servicing – Advisor Class   3,622    4,899    74    2,183 
Shareholder servicing – Premier Class   127    97    84    97 
Shareholder servicing – Retirement Class   1,177,914    455,584    11,129    723,979 
Shareholder servicing – Retail Class   243,957    16,802    12,379    15,927 
Shareholder servicing – Class W   1,465    1,349    1,027    – 
Distribution fees – Premier Class   115,141    794    131    1,004 
Distribution fees – Retail Class   696,280    20,591    2,498    43,582 
Custody and accounting fees   269,425    157,688    542,148    96,161 
Administrative service fees   134,825    93,881    84,050    68,351 
Trustee fees and expenses   61,580    22,268    12,847    7,671 
Other expenses   348,962    236,656    242,361    273,210 
Total expenses   30,158,631    13,706,483    9,158,297    3,579,419 
Less: Expenses reimbursed by the investment adviser   (11,595,825)   (11,407,007)   (8,296,393)   – 
  Fee waiver by investment adviser and Nuveen Securities   –    –    (291,501)   – 
Net expenses   18,562,806    2,299,476    570,403    3,579,419 
Net investment income (loss)   189,906,334    26,370,670    30,492,326    20,402,002 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS                    
Realized gain (loss):                    
Portfolio investments‡   153,945,241    180,586,618    220,804,789    9,208,461 
Futures contracts   –    –    –    2,279,447 
Foreign currency transactions   23,882    (392,210)   (410,775)   88,167 
Net realized gain (loss) on total investments   153,969,123    180,194,408    220,394,014    11,576,075 
Change in unrealized appreciation (depreciation) on:                    
Portfolio investments**   1,372,542,593    336,250,573    106,544,083    165,882,802 
Unfunded commitment with a SPAC   –    1,548,509    –    – 
Futures contracts   –    –    –    182,791 
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies   (491,487)   (54,801)   (66,709)   (69,792)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments   1,372,051,106    337,744,281    106,477,374    165,995,801 
Net realized and unrealized gain (loss) on total investments   1,526,020,229    517,938,689    326,871,388    177,571,876 
Net increase (decrease) in net assets from operations  $1,715,926,563   $544,309,359   $357,363,714   $197,973,878 
*   Net of foreign withholding taxes of  $21,973,544   $2,757,845   $3,168,259   $2,250,357 
‡  Includes net realized gain (loss) from securities sold to affiliates of  $37,898,074   $(1,131,205)  $225,492   $– 
**  Includes net change in unrealized foreign capital gains taxes of  $–   $(559,411)  $(2,871,516)  $– 

 

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

Statements of changes in net assets

 

TIAA-CREF Funds   ■  For the year ended

 

      Growth & Income Fund   Large-Cap Growth Fund   Large-Cap Value Fund   Mid-Cap Growth Fund   Mid-Cap Value Fund   Quant Small-Cap Equity Fund 
       October 31,
2021		    October 31,
2020		    October 31,
2021		    October 31,
2020		    October 31,
2021		    October 31,
2020		    October 31,
2021		    October 31,
2020		    October 31,
2021		    October 31,
2020		    October 31,
2021		    October 31,
2020		 
OPERATIONS                                                               
Net investment income (loss)  $54,000,162   $81,340,716   $13,702,389   $29,929,720   $83,601,978   $110,770,184   $(5,791,365)   $ (1,847,217 )  $21,711,960   $30,188,838   $16,355,887   $16,759,466 
Net realized gain (loss) on total investments   1,147,204,185    329,967,841    680,728,381    1,933,885,002    543,811,379    (95,177,011)   257,714,184    192,373,268    397,738,710    (81,187,847)   702,575,926    (146,015,497)
Net change in unrealized appreciation (depreciation) on total investments   968,060,527    282,436,044    1,425,879,304    (221,762,317)   1,446,993,603    (360,500,498)   261,915,131    103,908,392    400,861,142    (333,445,616)   651,401,055    (37,283,583)
Net increase (decrease) in net assets from operations   2,169,264,874    693,744,601    2,120,310,074    1,742,052,405    2,074,406,960    (344,907,325)   513,837,950    294,434,443    820,311,812    (384,444,625)   1,370,332,868    (166,539,614)
DISTRIBUTIONS TO SHAREHOLDERS                                                        
   Institutional Class   (87,394,774)   (90,187,214)   (495,708,886)   (59,458,798)   (31,869,814)   (38,755,194)   (90,478,166)   (80,335,148)   (21,604,109)   (337,686,068)   (9,177,672)   (77,018,388)
   Advisor Class   (208,090)   (137,212)   (1,539,583)   (129,148)   (5,188)   (4,294)   (668,349)   (22,522)   (7,452)   (164,800)   (3,304)   (39,401)
   Premier Class   (1,731,230)   (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   (33,793,862)   (30,407,664)   (124,055,271)   (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   (64,749,459)   (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)   (551,591)   (6,769,035)
   Class W   (205,798,767)   (233,832,649)   (848,095,442)   (148,119,014)   (65,314,927)   (73,355,148)   –    –    –    –    (7,896,457)   (36,278,527)
Total distributions   (393,676,182)   (411,655,751)   (1,821,867,444)   (258,915,229)   (108,623,018)   (127,817,787)   (175,310,983)   (145,162,321)   (33,282,878)   (508,353,308)   (19,836,676)   (148,824,038)
SHAREHOLDER TRANSACTIONS                                                        
Subscriptions:  Institutional Class   782,730,670    115,589,909    385,391,956    312,699,882    133,743,043    171,995,022    285,201,706    60,162,075    102,653,252    130,510,745    211,019,674    106,045,488 
   Advisor Class   309,126    834,046    669,741    2,240,767    170,386    102,500    1,371,008    4,781,260    4,720    72,930    108,903    10,865 
   Premier Class   2,645,200    1,419,729    4,337,006    6,545,943    11,564,404    3,653,888    20,193,148    7,525,232    8,607,714    4,852,190    10,252,527    5,817,555 
   Retirement Class   18,208,471    9,953,510    81,274,283    76,133,475    18,837,038    6,513,918    80,553,067    19,963,314    61,576,910    13,579,801    30,327,919    10,423,456 
   Retail Class   49,610,121    33,192,257    75,701,123    70,004,884    12,506,585    6,218,826    19,994,591    14,012,563    12,001,549    12,195,194    11,767,487    5,299,863 
   Class W   37,560,438    392,152,562    123,356,319    317,943,280    81,382,905    715,364,513    –    –    –    –    42,011,723    243,367,738 
Reinvestments of distributions:  Institutional Class   73,553,405    72,872,260    467,006,881    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   190,606    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   1,731,230    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   33,793,717    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    1,834,376    22,793,471 
   Retail Class   62,436,062    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    65,314,927    73,355,148    –    –    –    –    7,896,457    36,278,527 
Redemptions:  Institutional Class   (373,372,169)   (498,046,878)   (487,899,163)   (460,990,116)   (369,295,243)   (507,628,529)   (168,814,551)   (259,001,371)   (359,226,765)   (708,695,941)   (489,074,188)   (328,544,974)
   Advisor Class   (663,032)   (442,634)   (1,626,783)   (1,353,097)   (41,325)   (2,864)   (891,041)   (63,372)   (212,777)   (367,723)   (76,326)   (228,646)
   Premier Class   (16,701,841)   (22,471,952)   (7,607,552)   (16,804,954)   (32,686,335)   (56,042,234)   (13,771,847)   (29,799,247)   (34,328,113)   (44,530,024)   (31,691,061)   (44,374,779)
   Retirement Class   (77,051,639)   (99,542,880)   (135,341,767)   (84,436,426)   (107,738,380)   (121,179,790)   (70,837,763)   (73,976,529)   (91,313,211)   (110,286,394)   (103,114,220)   (85,530,849)
   Retail Class   (98,144,849)   (131,988,268)   (123,391,610)   (208,959,097)   (14,965,663)   (20,015,839)   (29,958,137)   (33,592,750)   (36,475,804)   (41,128,534)   (16,054,273)   (20,312,794)
   Class W   (1,182,040,218)   (1,194,519,163)   (895,638,365)   (1,365,252,961)   (1,061,723,390)   (752,980,610)   –    –    –    –    (283,701,500)   (344,276,647)
Net increase (decrease) from shareholder transactions   (516,636,594)   (1,063,403,981)   798,996,597    (1,098,510,866)   (1,220,096,054)   (426,518,043)   297,629,109    (145,380,788)   (303,721,485)   (240,000,398)   (598,422,725)   (303,894,143)
Net increase (decrease) in net assets   1,258,952,098    (781,315,131)   1,097,439,227    384,626,310    745,687,888    (899,243,155)   636,156,076    3,891,334    483,307,449    (1,132,798,331)   752,073,467    (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     $6,993,976,840   $5,735,024,742   $7,189,645,064   $6,092,205,837   $5,512,593,691   $4,766,905,803   $2,003,343,288   $1,367,187,212   $2,179,233,746   $1,695,926,297   $3,076,670,094   $2,324,596,627 
CHANGE IN FUND SHARES                                                            
Shares sold:  Institutional Class   41,130,698    8,382,883    15,911,051    13,451,128    6,503,547    11,087,888    9,883,675    2,808,955    5,345,685    10,085,475    9,716,425    7,987,403 
   Advisor Class   17,543    59,801    25,860    91,080    8,528    5,822    47,752    196,466    297    4,366    5,909    833 
   Premier Class   150,602    97,983    164,652    275,119    536,900    225,945    699,816    350,397    458,761    334,363    479,097    409,137 
   Retirement Class   1,008,183    689,661    3,163,521    3,206,462    898,578    398,421    2,889,766    927,648    3,318,028    942,549    1,473,354    777,129 
   Retail Class   1,947,335    1,694,526    3,042,601    2,934,816    635,015    410,760    727,074    677,212    645,315    767,297    582,700    401,187 
   Class W   2,060,517    29,674,980    4,815,547    14,502,962    3,979,023    46,609,406    –    –    –    –    2,078,095    20,436,913 
Shares reinvested:  Institutional Class   4,562,328    5,154,374    21,353,767    2,642,339    1,714,232    2,150,248    3,429,675    3,852,754    1,310,906    19,277,957    515,171    4,740,790 
   Advisor Class   11,840    8,886    67,044    5,817    164    106    24,731    493    372    8,434    150    2,093 
   Premier Class   107,584    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   2,059,271    2,108,792    5,709,652    613,040    438,679    594,711    1,976,272    1,887,528    462,674    6,133,304    106,341    1,449,045 
   Retail Class   2,740,235    2,653,304    15,367,420    1,713,785    116,316    142,780    1,151,862    1,043,855    181,679    2,498,460    31,081    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   (20,935,592)   (35,575,357)   (20,091,976)   (19,103,946)   (17,841,580)   (30,289,793)   (5,866,070)   (12,234,975)   (18,377,912)   (49,053,484)   (23,044,317)   (22,253,562)
   Advisor Class   (36,806)   (32,375)   (67,429)   (59,066)   (2,248)   (159)   (30,436)   (3,224)   (12,049)   (24,952)   (4,592)   (16,361)
   Premier Class   (926,687)   (1,617,829)   (295,966)   (710,896)   (1,602,722)   (3,434,585)   (484,359)   (1,394,313)   (1,815,137)   (2,926,560)   (1,544,420)   (3,186,647)
   Retirement Class   (4,175,691)   (6,913,801)   (5,621,765)   (3,682,402)   (5,248,982)   (7,383,975)   (2,560,111)   (3,644,601)   (4,725,896)   (7,306,845)   (4,993,607)   (6,046,704)
   Retail Class   (3,834,659)   (6,875,813)   (4,998,521)   (9,390,272)   (766,639)   (1,312,926)   (1,088,806)   (1,669,409)   (1,999,040)   (2,799,547)   (816,558)   (1,506,659)
   Class W   (68,374,602)   (79,264,097)   (34,626,932)   (55,336,058)   (52,397,924)   (46,255,477)   –    –    –    –    (13,880,048)   (22,377,838)
Net increase (decrease) from shareholder transactions   (31,912,737)   (67,554,019)   42,909,757    (41,779,208)   (59,404,413)   (22,820,534)   10,976,059    (6,939,024)   (15,133,259)   (20,830,117)   (28,829,988)   (16,154,112)

 

80 2021 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2021 Annual Report 81
 
Statements of changes in net assets continued

 

TIAA-CREF Funds   ■  For the 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 
      October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		 
OPERATIONS                                                               
Net investment income (loss)  $12,620,554   $8,553,202   $74,412,793   $70,855,016   $6,412,317   $3,907,526   $20,457,506   $20,925,514   $189,906,334   $82,972,209   $26,370,670   $18,207,219 
Net realized gain (loss) on total investments   201,940,527    7,878,185    631,961,028    9,991,307    52,853,893    6,166,132    295,825,710    142,855,021    153,969,123    58,354,801    180,194,408    105,186,413 
Net change in unrealized appreciation (depreciation) on total investments   285,824,548    (25,201,059)   1,654,641,553    383,240,449    182,378,351    29,893,256    (258,918,981)   54,349,308    1,372,051,106    (131,984,746)   337,744,281    186,966,241 
Net increase (decrease) in net assets from operations   500,385,629    (8,769,672)   2,361,015,374    464,086,772    241,644,561    39,966,914    57,364,235    218,129,843    1,715,926,563    9,342,264    544,309,359    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)   (37,812)   (33,026)   (17,018)   (3,478)   (38,781)   (62,322)   (114,492)   (44,413)
   Premier Class   (2,337)   (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)   (11,602,050)   (1,896,928)   (4,316,468)   (6,530,742)   (4,385,253)   (1,648,514)
   Retail Class   (122,412)   (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)   –    –    –    –    (104,871,081)   (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)   (11,036,943)   (6,453,868)   (145,350,733)   (34,679,261)   (77,064,767)   (88,787,917)   (60,707,422)   (27,766,069)
SHAREHOLDER TRANSACTIONS                                                        
Subscriptions:  Institutional Class   13,886,678    10,169,763    696,604,927    774,039,788    198,885,213    124,913,509    94,627,075    74,883,538    328,835,919    430,295,003    44,422,405    25,065,516 
   Advisor Class   7,119,108    3,528,786    10,334,840    17,179,786    4,678,899    381,693    –    1,989,897    9,913    132,884    106,531    392,019 
   Premier Class   70,966    –    16,013,623    20,051,471    2,245,217    2,895,744    3,573,063    2,227,728    14,667,654    14,604,715    65,921    9,956 
   Retirement Class   62,865,538    14,847,619    51,452,894    86,698,513    213,049,624    74,664,586    10,587,581    10,935,096    46,133,753    20,645,145    9,297,878    3,643,217 
   Retail Class   9,661,220    3,318,589    77,460,588    36,964,798    33,134,252    8,707,501    3,105,511    3,904,236    8,162,975    6,860,817    3,041,602    2,347,771 
   Class W   126,119,942    176,583,780    –    –    –    –    457,552,027    358,446,732    1,033,299,497    604,782,138    578,910,844    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    2,896    1,468    37,137    60,104    110,125    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   (18,628,361)   (11,539,434)   (667,792,560)   (586,715,726)   (63,080,281)   (21,970,434)   (89,806,824)   (74,801,763)   (507,702,082)   (684,526,155)   (53,008,116)   (41,607,529)
   Advisor Class   (1,417,232)   (2,100,439)   (8,496,664)   (6,088,629)   (300,579)   (146,632)   (454)   (1,879,362)   (849,177)   (1,047,269)   (293,485)   (1,004,353)
   Premier Class   (3,809)   –    (31,114,377)   (34,183,879)   (859,534)   (1,993,688)   (1,600,686)   (1,580,411)   (43,612,992)   (63,500,310)   (3,605)   (963,134)
   Retirement Class   (11,483,568)   (6,063,852)   (105,437,378)   (61,419,796)   (3,236,812)   (8,104,752)   (31,395,093)   (40,186,667)   (95,239,367)   (93,744,704)   (37,133,199)   (46,899,317)
   Retail Class   (3,393,558)   (2,111,434)   (61,232,792)   (72,722,058)   (6,856,766)   (3,693,509)   (1,699,045)   (5,338,289)   (22,242,154)   (31,848,125)   (1,285,178)   (1,515,111)
   Class W   (276,158,178)   (117,218,660)   –    –    –    –    (439,996,709)   (510,225,830)   (424,136,087)   (326,407,349)   (384,473,943)   (520,866,075)
Net increase (decrease) from shareholder transactions   (70,463,258)   111,710,713    56,972,027    393,823,885    386,560,644    180,619,940    150,261,921    (146,950,922)   412,743,043    (37,380,264)   220,337,670    (257,083,121)
Net increase (decrease) in net assets   409,016,522    60,399,742    2,334,940,122    628,139,229    617,168,262    214,132,986    62,275,423    36,499,660    2,051,604,839    (116,825,917)   703,939,607    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  $1,154,890,766   $ 745,874,244   $7,659,084,080   $5,324,143,958   $1,058,286,402   $ 441,118,140     $1,676,206,660   $1,613,931,237   $6,745,844,525   $4,694,239,686   $2,519,899,940   $1,815,960,333 
CHANGE IN FUND SHARES                                                            
Shares sold:  Institutional Class   931,096    932,676    26,180,624    38,433,650    10,244,338    9,042,956    7,186,803    6,819,748    23,908,021    42,819,485    2,356,074    1,826,542 
   Advisor Class   452,442    322,590    387,748    897,326    236,653    26,768    –    154,500    666    12,631    5,660    28,870 
   Premier Class   4,052    –    613,684    986,199    121,130    200,749    256,752    192,014    1,044,589    1,359,212    3,572    713 
   Retirement Class   3,879,239    1,366,168    1,933,918    4,160,637    11,352,490    5,173,717    779,485    937,534    3,236,535    1,881,484    500,323    247,934 
   Retail Class   588,662    307,261    3,286,419    2,091,754    1,760,489    612,147    227,077    340,329    954,838    1,053,646    165,044    156,949 
   Class W   9,509,833    15,891,729    –    –    –    –    35,775,404    34,663,615    76,325,961    56,698,948    30,442,021    21,548,880 
Shares reinvested:  Institutional Class   72,184    188,841    2,526,886    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    2,875    5,249    6,296    3,149 
   Premier Class   –    –    51,465    226,894    4,673    2,748    63,945    9,475    62,553    185,721    5    656 
   Retirement Class   36,356    63,589    420,767    1,527,835    300,314    221,656    864,445    162,952    328,237    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    –    –    –    –    7,791,313    2,448,068    2,798,268    2,891,883    3,005,646    1,808,486 
Shares redeemed:  Institutional Class   (1,138,328)   (1,055,234)   (24,722,204)   (30,433,918)   (3,313,130)   (1,580,859)   (6,709,714)   (6,677,913)   (37,122,016)   (66,636,310)   (2,843,764)   (3,026,409)
   Advisor Class   (85,408)   (194,746)   (318,166)   (292,550)   (15,545)   (10,054)   (33)   (160,768)   (59,305)   (97,361)   (15,032)   (85,407)
   Premier Class   (229)   –    (1,152,836)   (1,734,937)   (44,846)   (144,746)   (114,108)   (141,355)   (3,304,435)   (6,232,095)   (208)   (73,835)
   Retirement Class   (695,708)   (559,995)   (3,746,722)   (3,048,202)   (159,556)   (573,847)   (2,324,309)   (3,585,022)   (6,575,673)   (8,600,226)   (1,972,237)   (3,455,399)
   Retail Class   (216,970)   (209,086)   (2,595,645)   (4,183,746)   (358,583)   (264,479)   (126,274)   (481,026)   (2,584,314)   (4,817,963)   (68,781)   (108,084)
   Class W   (16,804,505)   (10,875,257)   –    –    –    –    (32,148,875)   (42,854,027)   (30,946,083)   (31,220,450)   (20,411,726)   (37,435,122)
Net increase (decrease) from shareholder transactions   (2,026,337)   9,424,541    3,206,519    17,932,444    20,353,183    12,836,716    13,597,689    (7,821,046)   31,029,363    (5,794,277)   11,626,127    (18,344,757)

 

82 2021 Annual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds   ■  2021 Annual Report 83
 
Statements of changes in net assets concluded

 

TIAA-CREF Funds  ■  For the year ended

 

      Quant International
Small-Cap Equity Fund		   Social Choice
International Equity Fund		 
      October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		 
OPERATIONS                       
Net investment income (loss) $30,492,326   $25,738,523   $20,402,002   $8,545,250 
Net realized gain (loss) on total investments  220,394,014    (39,133,571)   11,576,075    (5,012,492)
Net change in unrealized appreciation (depreciation) on total investments  106,477,374    (19,350,590)   165,995,801    (14,235,252)
Net increase (decrease) in net assets from operations  357,363,714    (32,745,638)   197,973,878    (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)   (20,438)   (20,514)
   Premier Class   (1,472)   (2,446)   (7,327)   (29,235)
   Retirement Class   (70,771)   (118,259)   (2,794,652)   (1,001,947)
   Retail Class   (14,355)   (25,424)   (158,750)   (91,457)
   Class W   (27,780,465)   (37,081,313)   –    – 
Total distributions      (29,136,779)   (39,102,446)   (9,107,383)   (4,650,242)
SHAREHOLDER TRANSACTIONS                    
Subscriptions:  Institutional Class   23,096,217    10,480,650    150,759,120    224,647,331 
   Advisor Class   –    231    1,028,850    730,537 
   Premier Class   –    –    376,232    647,366 
   Retirement Class   1,552,842    1,533,686    157,333,490    110,700,131 
   Retail Class   217,740    245,187    11,860,819    12,581,394 
   Class W   346,760,366    165,819,466    –    – 
Reinvestments of distributions:  Institutional Class   1,267,923    1,871,799    3,943,381    2,250,257 
   Advisor Class   –    309    18,561    18,562 
   Premier Class   –    –    4,242    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   (8,313,017)   (9,291,666)   (56,774,439)   (74,125,046)
   Advisor Class   –    (9,034)   (146,523)   (653,773)
   Premier Class   –    –    (216,406)   (1,813,228)
   Retirement Class   (1,369,442)   (1,128,212)   (451,363)   (445,256)
   Retail Class   (105,920)   (298,904)   (4,529,964)   (8,656,307)
   Class W   (121,608,379)   (139,420,278)   –    – 
Net increase (decrease) from shareholder transactions  269,363,755    67,027,979    266,155,711    266,998,749 
Net increase (decrease) in net assets   597,590,690    (4,820,105)   455,022,206    251,646,013 
NET ASSETS                       
Beginning of period      981,482,389    986,302,494    513,436,802    261,790,789 
End of period     $1,579,073,079   $981,482,389   $968,459,008   $513,436,802 
CHANGE IN FUND SHARES                    
Shares sold:  Institutional Class   1,918,136    1,206,969    11,540,221    22,570,611 
   Advisor Class   –    28    79,864    69,911 
   Premier Class   –    –    29,335    57,224 
   Retirement Class   134,319    155,410    12,128,287    10,368,114 
   Retail Class   18,209    26,451    919,767    1,229,278 
   Class W   28,537,923    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   (738,954)   (1,009,016)   (4,376,717)   (7,253,505)
   Advisor Class   –    (946)   (11,594)   (61,397)
   Premier Class   –    –    (16,300)   (174,262)
   Retirement Class   (116,343)   (122,689)   (36,699)   (45,350)
   Retail Class   (9,005)   (31,081)   (348,385)   (813,954)
   Class W   (10,541,298)   (14,704,387)   –    – 
Net increase (decrease) from shareholder transactions  21,988,321    8,477,918    20,485,190    26,250,484 

 

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

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TIAA-CREF Funds: Equity Funds   ■  2021 Annual Report 85
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                
              Net realized                 Net 
   For the  Net asset   Net   and unrealized   Total gain   Less distributions from  Total  asset 
   period  value,   investment   gain (loss)   (loss) from   Net   Net   dividends value, 
   or year  beginning   income   on total   investment   investment   realized   and end of 
   ended  of period   (loss)a  investments   operations   income   gains   distributions period 
GROWTH & INCOME FUND                                    
Institutional Class:  10/31/21   $15.16    $0.14    $5.97    $6.11    $(0.16)   $(1.04)   $(1.20)   $20.07 
   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 
Advisor Class:  10/31/21   15.17    0.12    5.99    6.11    (0.15)   (1.04)   (1.19)   20.09 
   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 
Premier Class:  10/31/21   15.19    0.11    5.99    6.10    (0.14)   (1.04)   (1.18)   20.11 
   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 
Retirement Class:  10/31/21   15.47    0.09    6.11    6.20    (0.12)   (1.04)   (1.16)   20.51 
   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 
Retail Class:  10/31/21   21.14    0.12    8.46    8.58    (0.09)   (1.04)   (1.13)   28.59 
   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 
Class W:  10/31/21   15.16    0.21    5.98    6.19    (0.24)   (1.04)   (1.28)   20.07 
   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 
     
86 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 
              Ratios and supplemental data
                  Ratios to average net assets    
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended  return   affiliatesu  (in thousands)   expenses   expenses   income (loss)  affiliatesu  rate 
GROWTH & INCOME FUND                                    
Institutional Class:  10/31/21   42.33%   42.31%   $1,988,937    0.40%   0.40%   0.77%   0.76%   61%f 
   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 
Advisor Class:  10/31/21   42.23    42.21    3,428    0.50    0.50    0.66    0.65    61f 
   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 
Premier Class:  10/31/21   42.08    42.06    20,731    0.55    0.55    0.63    0.61    61f 
   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 
Retirement Class:  10/31/21   41.96    41.94    577,096    0.65    0.65    0.51    0.50    61f 
   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 
Retail Class:  10/31/21   41.97    41.95    1,664,005    0.69    0.69    0.48    0.46    61f 
   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 
Class W:  10/31/21   42.93    42.91    2,739,781    0.40    0.00    1.17    1.16    61f 
   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    0.41c    0.00c    0.95c    0.95c    59 
     
See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual 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 
LARGE-CAP GROWTH FUND                                    
Institutional Class:  10/31/21   $27.14    $0.02    $8.17    $8.19    $(0.11)   $(8.31)   $(8.42)   $26.91 
   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 
Advisor Class:  10/31/21   27.12    0.00d    8.17    8.17    (0.10)   (8.31)   (8.41)   26.88 
   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 
Premier Class:  10/31/21   27.10    (0.01)   8.16    8.15    (0.06)   (8.31)   (8.37)   26.88 
   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 
Retirement Class:  10/31/21   26.93    (0.04)   8.10    8.06    (0.05)   (8.31)   (8.36)   26.63 
   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 
Retail Class:  10/31/21   27.03    (0.05)   8.14    8.09    (0.04)   (8.31)   (8.35)   26.77 
   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 
Class W:  10/31/21   27.24    0.12    8.19    8.31    (0.24)   (8.31)   (8.55)   27.00 
   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 
     
88 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

              Ratios and supplemental data
                  Ratios to average net assets    
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended  return   affiliatesu  (in thousands)  expenses   expenses   income (loss)  affiliatesu  rate 
LARGE-CAP GROWTH FUND                                   
Institutional Class:  10/31/21   37.36%   37.34%   $2,055,310    0.40%   0.40%   0.09%   0.07%   47%
   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 
Advisor Class:  10/31/21   37.25    37.23    5,462    0.48    0.48    0.02    0.00    47 
   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 
Premier Class:  10/31/21   37.18    37.16    15,987    0.55    0.55    (0.06)   (0.07)   47 
   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 
Retirement Class:  10/31/21   36.99    36.97    477,945    0.65    0.65    (0.16)   (0.17)   47 
   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 
Retail Class:  10/31/21   36.96    36.94    1,476,126    0.69    0.69    (0.20)   (0.22)   47 
   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 
Class W:  10/31/21   37.86    37.84    3,158,816    0.40    0.00    0.49    0.48    47 
   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    0.42c    0.00c    0.42c    0.41c    90 
     
See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual 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 VALUE FUND                                    
Institutional Class:  10/31/21   $16.01    $0.28    $ 7.20    $ 7.48    $(0.35)   $      –    $(0.35)   $23.14 
   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 
Advisor Class:  10/31/21   15.99    0.26    7.21    7.47    (0.34)   –    (0.34)   23.12 
   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 
Premier Class:  10/31/21   15.97    0.24    7.19    7.43    (0.32)   –    (0.32)   23.08 
   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 
Retirement Class:  10/31/21   15.93    0.22    7.19    7.41    (0.31)   –    (0.31)   23.03 
   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 
Retail Class:  10/31/21   15.23    0.20    6.86    7.06    (0.30)   –    (0.30)   21.99 
   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 
Class W:  10/31/21   16.07    0.36    7.22    7.58    (0.43)   –    (0.43)   23.22 
   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 
     
90 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

              Ratios and supplemental data
                  Ratios to average net assets    
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended  return   affiliatesu  (in thousands)  expenses   expenses   income (loss)  affiliatesu  rate 
LARGE-CAP VALUE FUND                                    
Institutional Class:  10/31/21   47.32%   47.30%   $1,898,837    0.41%   0.40%   1.32%   1.31%   14%
   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 
Advisor Class:  10/31/21   47.30    47.28    520    0.48    0.48    1.23    1.22    14 
   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 
Premier Class:  10/31/21   47.06    47.04    77,309    0.56    0.55    1.18    1.16    14 
   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 
Retirement Class:  10/31/21   47.01    46.99    521,413    0.66    0.65    1.08    1.06    14 
   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 
Retail Class:  10/31/21   46.88    46.86    155,733    0.72    0.71    1.01    0.99    14 
   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 
Class W:  10/31/21   47.95    47.93    2,858,782    0.41    0.00    1.73    1.72    14 
   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    0.41c    0.00c    1.56c    1.56c    53 
     
See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual 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 
MID-CAP GROWTH FUND                                    
Institutional Class:  10/31/21   $25.15    $(0.06)   $8.91    $8.85    $      –    $(3.18)   $(3.18)   $30.82 
   10/31/20   22.21    0.00d    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 
Advisor Class:  10/31/21   25.14    (0.07)   8.90    8.83    –    (3.18)   (3.18)   30.79 
   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 
Premier Class:  10/31/21   24.96    (0.10)   8.83    8.73    –    (3.18)   (3.18)   30.51 
   10/31/20   22.05    (0.03)   5.28    5.25    0.00d    (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 
Retirement Class:  10/31/21   24.21    (0.13)   8.54    8.41    –    (3.18)   (3.18)   29.44 
   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 
Retail Class:  10/31/21   24.15    (0.14)   8.53    8.39    –    (3.18)   (3.18)   29.36 
   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 
     
92 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

              Ratios and supplemental data
                  Ratios to average net assets    
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended  return   affiliatesu  (in thousands)  expenses   expenses   income (loss)  affiliatesu  rate 
MID-CAP GROWTH FUND                                    
Institutional Class:  10/31/21   37.33%   37.31%   $1,113,795    0.46%   0.46%   (0.20)%   (0.22)%   76%
   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 
Advisor Class:  10/31/21   37.26    37.24    7,557    0.50    0.50    (0.24)   (0.26)   76 
   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 
Premier Class:  10/31/21   37.11    37.09    60,298    0.61    0.61    (0.35)   (0.37)   76 
   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 
Retirement Class:  10/31/21   36.93    36.91    524,637    0.71    0.71    (0.46)   (0.47)   76 
   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 
Retail Class:  10/31/21   36.93    36.91    297,057    0.75    0.75    (0.50)   (0.52)   76 
   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 
     
See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual 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 VALUE FUND                                     
Institutional Class:  10/31/21   $14.40    $0.21    $  6.92    $  7.13    $(0.30)   $      –    $(0.30)   $21.23 
   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 
Advisor Class:  10/31/21   14.38    0.20    6.90    7.10    (0.28)   –    (0.28)   21.20 
   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 
Premier Class:  10/31/21   14.37    0.18    6.90    7.08    (0.27)   –    (0.27)   21.18 
   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 
Retirement Class:  10/31/21   14.28    0.16    6.86    7.02    (0.26)   –    (0.26)   21.04 
   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 
Retail Class:  10/31/21   13.86    0.15    6.66    6.81    (0.25)   –    (0.25)   20.42 
   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 
     
94 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements
 

continued

 

              Ratios and supplemental data
                  Ratios to average net assets    
          Total                   Net investment     
   For the      return                   income (loss)     
   period      excluding   Net assets at           Net   excluding   Portfolio 
   or year  Total   payment from   end of period   Gross   Net   investment   payment from   turnover 
   ended  return   affiliatesu  (in thousands)  expenses   expenses   income (loss)   affiliatesu  rate 
MID-CAP VALUE FUND                                    
Institutional Class:  10/31/21   50.13%   50.11%   $1,291,813    0.45%   0.44%   1.11%   1.09%   80%
   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 
Advisor Class:  10/31/21   49.96    49.94    416    0.54    0.54    1.05    1.03    80 
   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 
Premier Class:  10/31/21   49.84    49.82    73,331    0.60    0.59    0.95    0.94    80 
   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 
Retirement Class:  10/31/21   49.70    49.68    589,412    0.70    0.69    0.86    0.84    80 
   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 
Retail Class:  10/31/21   49.65    49.63    224,262    0.76    0.75    0.80    0.78    80 
   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 
     
See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual 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		 
QUANT SMALL-CAP EQUITY FUND                               
Institutional Class:   10/31/21    $14.40    $0.10    $  8.80    $  8.90    $ (0.12)  $    –    $ (0.12)   $ 23.18 
    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 
Advisor Class:   10/31/21    14.39    0.08    8.80    8.88    (0.10)   –    (0.10)   23.17  
    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 
Premier Class:   10/31/21    14.30    0.07    8.73    8.80    (0.09)   –    (0.09)   23.01 
    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 
Retirement Class:   10/31/21    13.94    0.04    8.53    8.57    (0.08)   –    (0.08)   22.43 
    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 
Retail Class:   10/31/21    13.75    0.04    8.41    8.45    (0.08)   –    (0.08)   22.12 
    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 
Class W:   10/31/21    14.43    0.19    8.81    9.00    (0.18)   –    (0.18)   23.25 
    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    0.00d    (2.09)   (2.09)   –    –    –    18.77 

 

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

continued

 

          Ratios and supplemental data 
   For the
period		      Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		  Total return   end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net investment
income (loss		)  turnover
rate		 
QUANT SMALL-CAP EQUITY FUND                          
Institutional Class:  10/31/21   62.02%   $ 1,554,570    0.41%   0.41%   0.49%   64%f 
   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 
Advisor Class:  10/31/21   61.95    781    0.48    0.47    0.40    64f 
   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 
Premier Class:  10/31/21   61.90    80,889    0.56    0.56    0.31    64f 
   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 
Retirement Class:  10/31/21   61.64    451,648    0.66    0.66    0.22    64f 
   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 
Retail Class:  10/31/21   61.59    157,995    0.72    0.69    0.18    64f 
   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 
Class W:  10/31/21   62.73    830,786    0.41    0.00    0.88    64f 
   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    0.41c    0.00c    (0.30)c    87 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual 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/MID-CAP EQUITY FUND                               
Institutional Class:   10/31/21    $ 11.43    $ 0.12    $  6.96    $  7.08    $ (0.10)   $ (0.15)   $ (0.25)   $ 18.26  
    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 
Advisor Class:   10/31/21    11.45    0.10    6.97    7.07    (0.09)   (0.15)   (0.24)   18.28 
    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 
Premier Class:   10/31/21    11.49    0.09    7.00    7.09    (0.08)   (0.15)   (0.23)   18.35 
    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 
Retirement Class:   10/31/21    11.38    0.08    6.93    7.01    (0.08)   (0.15)   (0.23)   18.16 
    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 
Retail Class:   10/31/21    11.36    0.05    6.92    6.97    (0.06)   (0.15)   (0.21)   18.12 
    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 
Class W:   10/31/21    11.48    0.19    6.99    7.18    (0.15)   (0.15)   (0.30)   18.36 
    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    0.00d    (1.37)   (1.37)   –    –    –    12.44 

 

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

continued

 

          Ratios and supplemental data 
   For the
period		      Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		  Total return   end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net investment
income (loss		)  turnover
rate		 
QUANT SMALL/MID-CAP EQUITY FUND                        
Institutional Class:  10/31/21   62.76%  $ 63,132    0.47%   0.47%   0.73%   85%
   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 
Advisor Class:  10/31/21   62.57    9,481    0.59    0.59    0.57    85 
   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 
Premier Class:  10/31/21   62.45    254    0.66    0.66    0.54    85 
   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 
Retirement Class:  10/31/21   62.34    91,997    0.72    0.72    0.48    85 
   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 
Retail Class:  10/31/21   62.02    17,683    0.87    0.87    0.32    85 
   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 
Class W:  10/31/21   63.50    972,344    0.47    0.00    1.19    85 
   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    0.52c    0.00c    (0.12)c    64 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 99
 

Financial highlights

 

TIAA-CREF Funds

 

          Selected per share data
              Gain (loss) from investment operations                
                  Net realized                   Net 
     For the    Net asset   Net   and unrealized   Total gain     Less distributions from  Total   asset 
     period
or year
ended		    value,
beginning
of period		   investment
income
(loss		)a   gain (loss
on total
investments		)   (loss) from
investment
operations		   Net
investment
income		   Net
realized
gains		   dividends
and
distributions		   value,
end of
period		 
SOCIAL CHOICE EQUITY FUND      
Institutional Class:    10/31/21    $21.42   $0.31   $9.05   $9.36   $(0.30)  $(0.04)  $(0.34)  $30.44 
     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 
Advisor Class:    10/31/21     21.39    0.29    9.05    9.34    (0.29)   (0.04)   (0.33)   30.40 
     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 
Premier Class:    10/31/21     21.32    0.27    9.01    9.28    (0.27)   (0.04)   (0.31)   30.29 
     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 
Retirement Class:    10/31/21     21.75    0.25    9.19    9.44    (0.25)   (0.04)   (0.29)   30.90 
     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 
Retail Class:    10/31/21     18.88    0.21    7.98    8.19    (0.25)   (0.04)   (0.29)   26.78 
     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 

 

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

continued

 

          Ratios and supplemental data
   For the                        
   period      Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		  Total return   end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net investment
income (loss		)  turnover
rate		 
SOCIAL CHOICE EQUITY FUND  
Institutional Class:  10/31/21   44.13%  $5,751,972    0.17%   0.16%   1.15%   27%
   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 
Advisor Class:  10/31/21   44.05    55,706    0.25    0.25    1.06    27 
   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 
Premier Class:  10/31/21   43.89    112,030    0.33    0.32    0.99    27 
   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 
Retirement Class:  10/31/21   43.75    1,047,445    0.42    0.41    0.90    27 
   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 
Retail Class:  10/31/21   43.78    691,931    0.44    0.43    0.88    27 
   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 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 101
 
 

Financial highlights

 

TIAA-CREF Funds

          Selected per share data
              Gain (loss) from investment operations                
                  Net realized                   Net 
     For the    Net asset   Net   and unrealized   Total gain   Less distributions from  Total   asset 
     period
or year
ended		    value,
beginning
of period		   investment
income
(loss		)a  gain (loss
on total
investments		)  (loss) from
investment
operations		   Net
investment
income		   Net
realized
gains		   dividends
and
distributions		   value,
end of
period		 
SOCIAL CHOICE LOW CARBON EQUITY FUND 
Institutional Class:    10/31/21    $15.16   $0.19   $6.47   $6.66   $(0.16)  $(0.22)  $(0.38)  $21.44 
     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 
Advisor Class:    10/31/21     15.14    0.17    6.46    6.63    (0.14)   (0.22)   (0.36)   21.41 
     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 
Premier Class:    10/31/21     15.18    0.16    6.48    6.64    (0.14)   (0.22)   (0.36)   21.46 
     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 
Retirement Class:    10/31/21     15.09    0.14    6.44    6.58    (0.13)   (0.22)   (0.35)   21.32 
     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 
Retail Class:    10/31/21     15.09    0.13    6.44    6.57    (0.12)   (0.22)   (0.34)   21.32 
     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 

 

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

continued

 

          Ratios and supplemental data
   For the                        
   period      Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		  Total return   end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net investment
income (loss		)  turnover
rate		 
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:  10/31/21   44.55%  $452,025    0.31%   0.31%   1.00%   26%
   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 
Advisor Class:  10/31/21   44.44    6,920    0.43    0.43    0.87    26 
   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 
Premier Class:  10/31/21   44.36    6,335    0.46    0.46    0.85    26 
   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 
Retirement Class:  10/31/21   44.19    530,497    0.56    0.56    0.74    26 
   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 
Retail Class:  10/31/21   44.09    62,509    0.62    0.62    0.68    26 
   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 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual 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		  
EMERGING MARKETS EQUITY FUND
Institutional Class:       10/31/21     $12.53       $0.08       $ 0.37       $ 0.45       $(0.10 )     $(1.11 )     $(1.21 )     $11.77  
        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  
Advisor Class:       10/31/21     12.52       0.07       0.37       0.44       (0.08 )     (1.11 )     (1.19 )     11.77  
        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  
Premier Class:       10/31/21     12.53       0.07       0.38       0.45       (0.09 )     (1.11 )     (1.20 )     11.78  
        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  
Retirement Class:       10/31/21     12.48       0.07       0.37       0.44       (0.09 )     (1.11 )     (1.20 )     11.72  
        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  
Retail Class:       10/31/21     12.49       0.03       0.36       0.39       (0.05 )     (1.11 )     (1.16 )     11.72  
        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  
Class W:       10/31/21     12.62       0.21       0.37       0.58       (0.24 )     (1.11 )     (1.35 )     11.85  
        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  

 

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

continued

 

                  Ratios and supplemental data
                      Ratios to average net assets    
     For the
period
or year
ended		    Total
return		   Total
return
excluding
payment from
affiliates		u   Net assets at
end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net
investment
income (loss		)  Net investment
income (loss)
excluding
payment from
affiliates		u   Portfolio
turnover
rate		 
EMERGING MARKETS EQUITY FUND
Institutional Class:    10/31/21     2.44%   2.42%           $295,907    0.88%   0.88%   0.61%   0.59%   112%
     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 
Advisor Class:    10/31/21     2.28    2.26    171    0.97    0.97    0.51    0.49    112 
     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 
Premier Class:    10/31/21     2.27    2.25    10,994    1.03    0.98    0.54    0.52    112 
     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 
Retirement Class:    10/31/21     2.36    2.34    103,033    1.12    0.98    0.49    0.47    112 
     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 
Retail Class:    10/31/21     2.00    1.98    9,842    1.31    1.31    0.19    0.17    112 
     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 
Class W:    10/31/21     3.33    3.31    1,256,261    0.88    0.00    1.54    1.52    112 
     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    0.91c    0.00c    0.91c    0.90c    127 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual 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		 
INTERNATIONAL EQUITY FUND
Institutional Class:    10/31/21     $10.91    $0.41    $ 3.45    $ 3.86    $(0.16)   $    –    $(0.16)   $14.61 
     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 
Advisor Class:    10/31/21     11.15    0.39    3.54    3.93    (0.15)   –    (0.15)   14.93 
     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 
Premier Class:    10/31/21     10.89    0.37    3.45    3.82    (0.13)   –    (0.13)   14.58 
     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 
Retirement Class:    10/31/21     11.33    0.39    3.59    3.98    (0.13)   –    (0.13)   15.18 
     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 
Retail Class:    10/31/21     6.86    0.23    2.15    2.38    (0.13)   –    (0.13)   9.11 
     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 
Class W:    10/31/21     10.96    0.48    3.45    3.93    (0.20)   –    (0.20)   14.69 
     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 

 

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

continued

 

                  Ratios and supplemental data
                      Ratios to average net assets    
     For the
period
or year
ended		    Total
return		   Total
return
excluding
payment from
affiliates		u  Net assets at
end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net
investment
income (loss		)  Net investment
income (loss)
excluding
payment from
affiliates		u   Portfolio
turnover
rate		 
INTERNATIONAL EQUITY FUND
Institutional Class:    10/31/21     35.59%   35.57%   $2,828,714    0.46%   0.46%   2.95%   2.93%   28%
     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 
Advisor Class:    10/31/21     35.42    35.40    3,175    0.56    0.56    2.75    2.74    28 
     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 
Premier Class:    10/31/21     35.31    35.29    75,862    0.61    0.61    2.68    2.66    28 
     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 
Retirement Class:    10/31/21     35.28    35.26    467,995    0.71    0.71    2.68    2.66    28 
     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 
Retail Class:    10/31/21     35.05    35.03    286,699    0.80    0.80    2.61    2.60    28 
     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 
Class W:    10/31/21     36.17    36.15    3,083,400    0.46    0.00    3.45    3.43    28 
     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    0.48c    0.00c    1.08c    1.07c    73 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 107
 

Financial highlights

 

TIAA-CREF Funds

 

       Selected per share data
            Gain (loss) from investment operations                 
   For the   Net asset   Net   Net realized
and unrealized		   Total gain   Less distributions from   Total   Net
asset		 
    period
or year
ended		    value,
beginning
of period		    investment
income
(loss		)a    gain (loss)
on total
investments		    (loss) from
investment
operations		    Net
investment
income		    Net
realized
gains		    dividends
and
distributions		    value,
end of
period		 
INTERNATIONAL OPPORTUNITIES FUND                
Institutional Class:   10/31/21   $15.70   $0.13   $4.40   $4.53   $(0.09)  $(0.37)  $(0.46)  $19.77 
    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 
Advisor Class:   10/31/21    15.67    0.11    4.40    4.51    (0.08)   (0.37)   (0.45)   19.73 
    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 
Premier Class:   10/31/21    15.72    0.11    4.41    4.52    (0.07)   (0.37)   (0.44)   19.80 
    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 
Retirement Class:   10/31/21    15.63    0.10    4.40    4.50    (0.07)   (0.37)   (0.44)   19.69 
    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 
Retail Class:   10/31/21    15.65    0.05    4.38    4.43    (0.04)   (0.37)   (0.41)   19.67 
    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 
Class W:   10/31/21    15.78    0.25    4.42    4.67    (0.19)   (0.37)   (0.56)   19.89 
    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 

 

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

continued

 

                Ratios and supplemental data
                   Ratios to average net assets     
   For the
period
or year
ended		   Total
return		   Total
return
excluding
payment from
affiliates		u  Net assets at
end of period
(in thousands		)    Gross
expenses		   Net
expenses		   Net
investment
income (loss		)   Net investment
income (loss)
excluding
payment from
affiliates		u  Portfolio
turnover
rate		 
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:   10/31/21    29.21%   29.19%  $   146,168    0.60%   0.60%   0.70%   0.68%   29%
    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 
Advisor Class:   10/31/21    29.09    29.07    5,052    0.70    0.70    0.59    0.57    29 
    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 
Premier Class:   10/31/21    29.06    29.04    569    0.77    0.73    0.58    0.56    29 
    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 
Retirement Class:   10/31/21    29.13    29.11    175,169    0.85    0.73    0.56    0.54    29 
    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 
Retail Class:   10/31/21    28.62    28.60    9,152    1.06    1.06    0.26    0.24    29 
    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 
Class W:   10/31/21    30.03    30.01    2,183,791    0.60    0.00    1.31    1.29    29 
    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    0.63c    0.00c    0.76c    0.82c    21 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 109
 

Financial highlights

 

TIAA-CREF Funds

 

       Selected per share data
            Gain (loss) from investment operations                 
   For the   Net asset   Net   Net realized
and unrealized		   Total gain   Less distributions from   Total   Net
asset		 
   period
or year
ended		   value,
beginning
of period		   investment
income
(loss		)a   gain (loss)
on total
investments		   (loss) from
investment
operations		   Net
investment
income		   Net
realized
gains		   dividends
and
distributions		   value,
end of
period		 
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:   10/31/21   $  9.41   $0.20   $ 3.09   $ 3.29   $(0.22)  $     –   $(0.22)  $12.48 
    10/31/20    10.30    0.19    (0.73)   (0.54)   (0.35)   –    (0.35)   9.41 
    10/31/19    10.22    0.26    0.40    0.66    (0.29)   (0.29)   (0.58)   10.30 
    10/31/18    12.90    0.33    (2.22)   (1.89)   (0.34)   (0.45)   (0.79)   10.22 
    10/31/17**   10.00    0.27    2.64    2.91    (0.01)   –    (0.01)   12.90 
Advisor Class:   10/31/21    9.40    0.20    3.08    3.28    (0.22)   –    (0.22)   12.46 
    10/31/20    10.29    0.19    (0.73)   (0.54)   (0.35)   –    (0.35)   9.40 
    10/31/19    10.22    0.26    0.39    0.65    (0.29)   (0.29)   (0.58)   10.29 
    10/31/18    12.88    0.31    (2.20)   (1.89)   (0.32)   (0.45)   (0.77)   10.22 
    10/31/17**   10.00    0.22    2.67    2.89    (0.01)   –    (0.01)   12.88 
Premier Class:   10/31/21    9.52    0.19    3.11    3.30    (0.20)   –    (0.20)   12.62 
    10/31/20    10.42    0.17    (0.74)   (0.57)   (0.33)   –    (0.33)   9.52 
    10/31/19    10.23    0.25    0.41    0.66    (0.18)   (0.29)   (0.47)   10.42 
    10/31/18    12.88    0.29    (2.17)   (1.88)   (0.32)   (0.45)   (0.77)   10.23 
    10/31/17**   10.00    0.22    2.67    2.89    (0.01)   –    (0.01)   12.88 
Retirement Class:   10/31/21    9.40    0.18    3.07    3.25    (0.20)   –    (0.20)   12.45 
    10/31/20    10.29    0.18    (0.73)   (0.55)   (0.34)   –    (0.34)   9.40 
    10/31/19    10.19    0.25    0.39    0.64    (0.25)   (0.29)   (0.54)   10.29 
    10/31/18    12.87    0.27    (2.18)   (1.91)   (0.32)   (0.45)   (0.77)   10.19 
    10/31/17**   10.00    0.20    2.68    2.88    (0.01)   –    (0.01)   12.87 
Retail Class:   10/31/21    9.41    0.16    3.08    3.24    (0.18)   –    (0.18)   12.47 
    10/31/20    10.30    0.15    (0.73)   (0.58)   (0.31)   –    (0.31)   9.41 
    10/31/19    10.18    0.22    0.40    0.62    (0.21)   (0.29)   (0.50)   10.30 
    10/31/18    12.86    0.26    (2.19)   (1.93)   (0.30)   (0.45)   (0.75)   10.18 
    10/31/17**   10.00    0.20    2.67    2.87    (0.01)   –    (0.01)   12.86 
Class W:   10/31/21    9.46    0.29    3.09    3.38    (0.28)   –    (0.28)   12.56 
    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 

 

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

continued

 

          Ratios and supplemental data
                            
   For the
period		      Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		  Total return   end of period
(in thousands		)   Gross
expenses		   Net
expenses		   Net investment
income (loss		)   turnover
rate		 
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND     
Institutional Class:  10/31/21   35.40%  $  88,124    0.71%   0.69%   1.73%   119%
   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**  29.14b    935,888    0.73c    0.68c    2.59c    70b 
Advisor Class:  10/31/21   35.28    91    0.80    0.78    1.66    119 
   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**  28.92b    1,297    0.88c    0.83c    2.18c    70b 
Premier Class:  10/31/21   35.08    92    0.96    0.88    1.56    119 
   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**  28.92b    1,288    1.03c    0.85c    2.16c    70b 
Retirement Class:  10/31/21   35.00    4,626    0.96    0.93    1.51    119 
   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**  28.82b    8,020    1.03c    0.95c    1.93c    70b 
Retail Class:  10/31/21   34.77    1,134    2.20    1.12    1.31    119 
   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**  28.71b    2,336    1.42c    1.09c    1.91c    70b 
Class W:  10/31/21   36.31    1,485,005    0.71    0.00    2.42    119 
   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    0.72c    0.00c    0.80c    89 

 

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

Financial highlights

 

TIAA-CREF Funds

 

       Selected per share data
            Gain (loss) from investment operations                 
   For the   Net asset   Net   Net realized
and unrealized		   Total gain   Less distributions from   Total   Net
asset		 
   period
or year
ended		   value,
beginning
of period		   investment
income
(loss		)a  gain (loss)
on total
investments		   (loss) from
investment
operations		   Net
investment
income		   Net
realized
gains		   dividends
and
distributions		   value,
end of
period		 
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:   10/31/21   $10.34   $0.35   $ 3.31   $3.66   $(0.18)  $–   $(0.18)  $13.82 
    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 
Advisor Class:   10/31/21    10.33    0.35    3.30    3.65    (0.17)   –    (0.17)   13.81 
    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 
Premier Class:   10/31/21    10.34    0.34    3.31    3.65    (0.16)   –    (0.16)   13.83 
    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 
Retirement Class:   10/31/21    10.30    0.33    3.29    3.62    (0.16)   –    (0.16)   13.76 
    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 
Retail Class:   10/31/21    10.30    0.31    3.30    3.61    (0.15)   –    (0.15)   13.76 
    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 

** The Fund commenced operations on December 9, 2016.
† Class W commenced operations on September 28, 2018.
a Based on average shares outstanding.
b The percentages shown for this period are not annualized.
c The percentages shown for this period are annualized.
d Amount represents less than $0.01 per share.
f Does not include in-kind transactions.
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.

 

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

concluded

 

          Ratios and supplemental data
           
   For the
period		      Net assets at   Ratios to average net assets  Portfolio 
   or year
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:  10/31/21   35.70%  $556,304    0.36%   0.36%   2.68%   12%
   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 
Advisor Class:  10/31/21   35.60    2,557    0.46    0.46    2.66    12 
   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 
Premier Class:  10/31/21   35.49    771    0.52    0.52    2.58    12 
   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 
Retirement Class:  10/31/21   35.42    386,981    0.61    0.61    2.50    12 
   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 
Retail Class:  10/31/21   35.27    21,846    0.70    0.70    2.41    12 
   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 

 

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 113
 

Notes to financial statements

 

TIAA-CREF Funds

 

Note 1—organization

 

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following TIAA-CREF Funds are included in this report: Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Quant 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 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


 

114 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

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

 

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and 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 Annual Report 115
 

Notes to financial statements

 

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 October 31, 2021, based on the inputs used to value them:

 

Fund  Level 1   Level 2   Level 3   Total 
Growth & Income                    
Equity investments:                    
Consumer discretionary  $868,995,965   $35,694,803   $–   $904,690,768 
Consumer staples   371,518,961    13,907,823    –    385,426,784 
Financials   709,038,047    30,612,134    –    739,650,181 
Health care   897,283,287    64,588,789    –    961,872,076 
Industrials   692,990,433    31,685,205    –    724,675,638 
Information technology   1,870,083,269    11,010,161    –    1,881,093,430 
All other equity investments*   1,349,477,455    –    –    1,349,477,455 
Short-term investments   2,294,446    33,895,738    –    36,190,184 
Purchased options**   344,444    –    –    344,444 
Written options**   (11,850,903)   –    –    (11,850,903)
Unfunded commitment with a SPAC**   –    1,581,580    –    1,581,580 
Total  $6,750,175,404   $222,976,233   $–   $6,973,151,637 
Large-Cap Growth                    
Equity investments:                    
Communication services  $1,028,118,378   $79,006,706   $–   $1,107,125,084 
Consumer discretionary   1,294,009,991    205,060,882    –    1,499,070,873 
Consumer staples   289,438,626    33,524,912    –    322,963,538 
Health care   655,953,379    90,392,455    –    746,345,834 
Industrials   459,302,455    110,301,908    –    569,604,363 
Information technology   2,619,778,618    60,147,040    –    2,679,925,658 
All other equity investments*   203,565,972    –    –    203,565,972 
Short-term investments   2    59,829,500    –    59,829,502 
Unfunded commitment with a SPAC**   –    4,951,243    –    4,951,243 
Total  $6,550,167,421   $643,214,646   $–   $7,193,382,067 
Large-Cap Value                    
Equity investments*  $5,490,815,985   $–   $–   $5,490,815,985 
Short-term investments   –    43,971,949    –    43,971,949 
Total  $5,490,815,985   $43,971,949   $–   $5,534,787,934 
Mid-Cap Growth                    
Equity investments:                    
Communication services  $140,771,801   $9,734,846   $–   $150,506,647 
Consumer discretionary   359,448,108    54,092,222    –    413,540,330 
Consumer staples   27,639,717    27,378,407    –    55,018,124 
Industrials   251,606,918    19,555,536    –    271,162,454 
Information technology   629,523,683    32,609,556    –    662,133,239 
All other equity investments*   431,231,009    –    –    431,231,009 
Short-term investments   23,760,711    23,037,970    –    46,798,681 
Unfunded commitment with a SPAC**   –    1,286,491    –    1,286,491 
Total  $1,863,981,947   $167,695,028   $–   $2,031,676,975 
Mid-Cap Value                    
Equity investments*  $2,165,298,110   $–   $–   $2,165,298,110 
Short-term investments   –    16,072,909    –    16,072,909 
Total  $2,165,298,110   $16,072,909   $–   $2,181,371,019 
   
116 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

continued

 

Fund  Level 1   Level 2   Level 3   Total 
Quant Small-Cap Equity                    
Equity investments  $3,064,472,264   $–   $–   $3,064,472,264 
Short-term investments   26,343,171    27,909,661    –    54,252,832 
Futures contracts**   277,237    –    –    277,237 
Total  $3,091,092,672   $27,909,661   $–   $3,119,002,333 
Quant Small/Mid-Cap Equity                    
Equity investments*  $1,153,515,995   $–   $–   $1,153,515,995 
Short-term investments   5,001,558    3,744,000    –    8,745,558 
Total  $1,158,517,553   $3,744,000   $–   $1,162,261,553 
Social Choice Equity                    
Equity investments:                    
Financials  $1,002,294,580   $–   $3,382   $1,002,297,962 
All other equity investments*   6,592,618,158    –    –    6,592,618,158 
Short-term investments   14,071,115    52,802,897    –    66,874,012 
Futures contracts**   1,224,561    –    –    1,224,561 
Total  $7,610,208,414   $52,802,897   $3,382   $7,663,014,693 
Social Choice Low Carbon Equity                    
Equity investments:                    
Financials  $137,779,042   $–   $131   $137,779,173 
All other equity investments*   908,162,446    –    –    908,162,446 
Short-term investments   2,264,489    9,786,904    –    12,051,393 
Futures contracts**   87,188    –    –    87,188 
Total  $1,048,293,165   $9,786,904   $131   $1,058,080,200 
Emerging Markets Equity                    
Equity investments:                    
Africa/Middle East  $36,412,881   $–   $–   $36,412,881 
Asia   240,803,091    883,720,768    –    1,124,523,859 
Europe   35,042,102    –    –    35,042,102 
Latin America   249,657,168    –    –    249,657,168 
All other equity investments*   24,687,264    95,597,901    3,416    120,288,581 
Short-term investments   727,240    78,377,716    –    79,104,956 
Purchased options**   296,000    –    –    296,000 
Written options**   (96,000)   –    –    (96,000)
Unfunded commitment with a SPAC**   –    1,141,815    –    1,141,815 
Total  $587,529,746   $1,058,838,200   $3,416   $1,646,371,362 
International Equity                    
Equity investments:                    
Asia  $–   $1,342,710,085   $–   $1,342,710,085 
Australasia   –    299,566,021    –    299,566,021 
Europe   80,181,571    3,742,467,397    –    3,822,648,968 
North America   –    153,725,712    –    153,725,712 
All other equity investments*   134,848,654    724,885,971    –    859,734,625 
Short-term investments   5    243,385,791    –    243,385,796 
Total  $215,030,230   $6,506,740,977   $–   $6,721,771,207 
International Opportunities                    
Equity investments:                    
Asia  $32,594,226   $358,743,869   $–   $391,338,095 
Australasia   –    147,420,808    –    147,420,808 
Europe   –    1,183,376,640    –    1,183,376,640 
Latin America   92,215,730    2,828,856    –    95,044,586 
North America   205,758,694    –    –    205,758,694 
All other equity investments*   53,926,896    205,824,719    1,643    259,753,258 
Short-term investments   12,669,361    236,577,032    –    249,246,393 
Unfunded commitment with a SPAC**   –    1,548,509    –    1,548,509 
Total  $397,164,907   $2,136,320,433   $1,643   $2,533,486,983 
Quant International Small-Cap Equity                    
Equity investments:                    
Africa/Middle East  $14,244,160   $23,427,092   $–   $37,671,252 
Asia   –    479,675,075    –    479,675,075 
Australasia   –    124,514,688    –    124,514,688 
Europe   –    453,393,643    –    453,393,643 
Latin America   39,388,179    –    –    39,388,179 
North America   122,134,987    15,391,453    –    137,526,440 
All other equity investments*   9,791,091    295,132,409    492,930    305,416,430 
Short-term investments   10,388,990    –    –    10,388,990 
Total  $195,947,407   $1,391,534,360   $492,930   $1,587,974,697 
   
TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 117
 

Notes to financial statements

 

Fund  Level 1   Level 2   Level 3   Total 
Social Choice International Equity                    
Equity investments:                    
Asia  $–   $248,999,150   $–   $248,999,150 
Australasia   –    64,627,351    –    64,627,351 
Europe   6,594,171    529,212,306    –    535,806,477 
All other equity investments*   –    108,155,785    –    108,155,785 
Short-term investments   8,109,841    4,579,858    –    12,689,699 
Futures contracts**   3,631    –    –    3,631 
Total  $14,707,643   $955,574,450   $–   $970,282,093 
* 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. In addition, Unfunded commitments with a SPAC are also 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 October 31, 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 October 31, 2021, the total value of securities on loan and the total value of collateral received were as follows:

 

FundAggregate value
of securities
on loan		   Cash
collateral
received		*  Non-cash
collateral
received		   Total
collateral
received		 
Growth & Income           $8,175,111   $2,294,446   $6,283,148   $8,577,594 
Large-Cap Growth   509,065    2    527,920    527,922 
Mid-Cap Growth   60,166,125    23,760,711    37,281,405    61,042,116 
Quant Small-Cap Equity   58,964,315    26,343,171    34,434,718    60,777,889 
Quant Small/Mid-Cap Equity   10,044,668    5,001,558    5,250,898    10,252,456 
Social Choice Equity   70,620,643    14,071,115    58,320,133    72,391,248 
Social Choice Low Carbon Equity   6,799,737    2,264,489    4,751,314    7,015,803 
Emerging Markets Equity   14,133,396    727,240    14,979,710    15,706,950 
International Equity   66,914,212    5    75,642,019    75,642,024 
International Opportunities   74,582,653    12,669,361    67,494,351    80,163,712 
Quant International Small-Cap Equity   16,662,092    10,388,990    7,941,522    18,330,512 
Social Choice International Equity   15,913,782    8,109,841    10,324,842    18,434,683 
* May include cash and investment of cash collateral

 

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2021 were as follows:

 

   Non-U.S.   Non-U.S. 
   government   government 
Fund  purchases   sales 
Growth & Income  $3,800,764,692   $5,291,723,959 
Large-Cap Growth   3,216,704,286    4,246,826,626 
Large-Cap Value   780,300,313    2,008,049,557 
Mid-Cap Growth   1,466,818,983    1,351,190,437 
Mid-Cap Value   1,689,247,013    1,987,128,060 
Quant Small-Cap Equity   1,893,958,310    2,571,602,779 
Quant Small/Mid-Cap Equity   936,490,275    1,014,187,775 
Social Choice Equity   1,724,055,359    1,683,755,930 
Social Choice Low Carbon Equity   575,245,252    189,523,591 
Emerging Markets Equity   1,795,566,809    1,731,212,138 
International Equity   2,174,565,111    1,613,821,596 
International Opportunities   634,301,078    594,754,227 
Quant International Small-Cap Equity   1,776,614,616    1,507,189,889 
Social Choice International Equity   367,049,492    89,566,750 


 

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

continued

 

Private Investment in Public Equity (PIPE): The Funds may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the issuer’s common equity. Shares in PIPEs generally are not registered with the SEC until after a certain time-period from the date the private sale is completed (“Restricted Period”), which can last for several months. Until the public registration process is completed, PIPEs are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause PIPEs to be illiquid during this time.

 

At October 31, 2021, the following Funds had outstanding purchase commitments related to PIPEs:

 

          Total 
          commitment 
Fund  PIPE  Shares   amount 
Growth & Income  J1 Holdings Inc.   1,001,000    $10,010,000 
Large-Cap Growth  J1 Holdings Inc.   3,133,698    31,336,980 
Mid-Cap Growth  J1 Holdings Inc.   814,325    8,142,350 
Emerging Markets Equity  J1 Holdings Inc.   722,668    7,226,680 
International Opportunities  J1 Holdings Inc.   980,069    9,800,690 

 

Special Purpose Acquisition Companies (SPACs): Also known as a “blank check company,” SPACs are shell companies that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC’s initial public offering (“IPO”). A Fund may purchase units or shares of SPACs that have completed an IPO on a secondary market, during a SPAC’s IPO or through a PIPE offering, if and when the SPAC completes its merger or acquisition. Purchased PIPE shares will be restricted from trading until the registration statement for the shares is declared effective. Upon registration, the shares can be freely sold.

 

Note 5—derivative investments

 

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

 

At October 31, 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   $344,444   Written options   $(11,850,903)
Quant Small-Cap Equity Fund          
Equity contracts  Futures contracts*   277,237         
Social Choice Equity Fund            
Equity contracts  Futures contracts*   1,224,561         
Social Choice Low Carbon Equity Fund         
Equity contracts  Futures contracts*   87,188         
   Asset derivatives  Liability derivatives
Derivative contract  LocationFair value
amount		   Location  Fair value
amount		 
Emerging Markets Equity Fund         
Equity contracts  Portfolio investments   $296,000   Written options   $(96,000)
Social Choice International Equity Fund     
Equity contracts  Futures contracts*   3,631         
* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of assets and liabilities is only the receivable or payable for variation margin on open futures contracts.

 

For the year ended October 31, 2021, the effect of derivative contracts on the Funds’ Statements of operations was as follows:

 

          Change in 
          unrealized 
      Realized   appreciation 
Derivative contract  Location  gain (loss)   (depreciation) 
Growth & Income Fund          
Equity contracts  Purchased options  $(769,480)         $(31,808)
Equity contracts  Written options   35,182,770    (6,807,436)
Large-Cap Growth Fund          
Equity contracts  Written options   439,422    2,305,442 
Quant Small-Cap Equity Fund          
Equity contracts  Futures contracts   6,951,478    277,237 
Social Choice Equity Fund          
Equity contracts  Futures contracts   10,742,868    2,621,487 
Social Choice Low Carbon Equity Fund      
Equity contracts  Futures contracts   2,643,337    528,282 
Emerging Markets Equity Fund      
Equity contracts  Purchased options   (1,560,288)   (160,849)
Equity contracts  Written options   1,660,857    346,134 
Social Choice International Equity Fund      
Equity contracts  Futures contracts   2,279,447    182,791 

 

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


 

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

Notes to financial statements

 

potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the year ended October 31, 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 October 31, 2021 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

 

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended October 31, 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 October 31, 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.

 

For the year ended October 31, 2021, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, net operating losses, dividend redesignations, real estate investment trust adjustments and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.

 

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

 

Net unrealized appreciation (depreciation): At October 31, 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:

 

               Net 
       Gross   Gross   unrealized 
   Tax   unrealized   unrealized   appreciation 
Fund  cost   appreciation   depreciation   (depreciation) 
Growth & Income  $3,654,557,524   $3,439,616,728   $(97,357,964)  $3,342,258,764 
Large-Cap Growth   3,965,101,966    3,413,096,951    (153,479,870)   3,259,617,081 
Large-Cap Value   3,473,904,431    2,089,172,950    (28,289,447)   2,060,883,503 
Mid-Cap Growth   1,461,630,361    620,576,669    (42,387,705)   578,188,964 
Mid-Cap Value   1,713,449,715    499,833,458    (31,912,154)   467,921,304 
Quant Small-Cap Equity   2,307,259,537    934,218,808    (122,476,012)   811,742,796 
Quant Small/Mid-Cap Equity   809,014,203    377,905,010    (24,657,660)   353,247,350 
Social Choice Equity   4,486,240,954    3,290,758,074    (113,984,335)   3,176,773,739 
Social Choice Low Carbon Equity   817,484,050    258,089,748    (17,493,598)   240,596,150 
Emerging Markets Equity   1,767,635,343    202,104,363    (315,699,530)   (113,595,167)
International Equity   5,125,148,267    1,789,216,964    (192,594,024)   1,596,622,940 
International Opportunities   1,612,780,486    988,686,654    (58,179,467)   930,507,187 
Quant International Small-Cap Equity   1,449,241,694    237,094,779    (98,361,776)   138,733,003 
Social Choice International Equity   809,540,622    184,797,246    (24,055,775)   160,741,471 

 

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.


 

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

continued

 

Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2021 and October 31, 2020 was as follows:

 

   10/31/2021   10/31/2020
   Ordinary   Long-term       Ordinary   Long-term     
Fund  income   capital gains   Total   income   capital gains   Total 
Growth & Income  $57,606,075   $336,070,107   $393,676,182   $94,655,539   $317,000,212   $411,655,751 
Large-Cap Growth   613,008,989    1,208,858,455    1,821,867,444    32,073,551    226,841,678    258,915,229 
Large-Cap Value   108,623,018    –    108,623,018    127,817,787    –    127,817,787 
Mid-Cap Growth   15,281,591    160,029,392    175,310,983    1,432,788    143,729,533    145,162,321 
Mid-Cap Value   33,282,878    –    33,282,878    64,499,632    443,853,676    508,353,308 
Quant Small-Cap Equity   19,836,676    –    19,836,676    29,660,062    119,163,976    148,824,038 
Quant Small/Mid-Cap Equity   9,707,535    11,198,314    20,905,849    9,170,076    33,371,223    42,541,299 
Social Choice Equity   83,047,279    –    83,047,279    90,118,246    139,653,182    229,771,428 
Social Choice Low Carbon Equity   7,175,755    3,861,188    11,036,943    3,087,118    3,366,750    6,453,868 
Emerging Markets Equity   32,233,466    113,117,267    145,350,733    34,679,261    –    34,679,261 
International Equity   77,064,767    –    77,064,767    88,787,917    –    88,787,917 
International Opportunities   19,274,950    41,432,472    60,707,422    27,766,069    –    27,766,069 
Quant International Small-Cap Equity   29,136,779    –    29,136,779    39,102,446    –    39,102,446 
Social Choice International Equity   9,107,383    –    9,107,383    4,650,242    –    4,650,242 

 

Components of accumulated earnings: As of October 31, 2021, the components of accumulated earnings on a tax basis were as follows:

 

   Undistributed   Undistributed   Unrealized   Capital     
   ordinary   long-term   appreciation   loss     
Fund  income   capital gains   (depreciation)   carryover   Total 
Growth & Income     $250,238,341      $796,129,201   $3,342,258,738    $–   $4,388,626,280 
Large-Cap Growth   320,994,451    363,177,984    3,259,612,057    –    3,943,784,492 
Large-Cap Value   67,029,469    388,392,998    2,060,882,306    –    2,516,304,773 
Mid-Cap Growth   49,509,691    198,570,250    578,189,630    –    826,269,571 
Mid-Cap Value   124,604,592    156,539,349    467,922,461    –    749,066,402 
Quant Small-Cap Equity   207,254,550    317,274,685    811,742,796    –    1,336,272,031 
Quant Small/Mid-Cap Equity   107,927,995    82,915,672    353,247,350    –    544,091,017 
Social Choice Equity   197,177,205    463,761,161    3,176,773,739    –    3,837,712,105 
Social Choice Low Carbon Equity   21,499,124    35,586,711    240,596,150    –    297,681,985 
Emerging Markets Equity   199,530,876    123,042,526    (120,095,075)   –    202,478,327 
International Equity   199,189,003    –    1,596,539,628    (195,815,569)   1,599,913,062 
International Opportunities   35,368,326    159,526,627    929,947,986    –    1,124,842,939 
Quant International Small-Cap Equity   50,508,885    47,416,556    135,831,644    –    233,757,085 
Social Choice International Equity   23,333,767    4,881,724    160,704,877    –    188,920,368 

 

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

 

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2021, Growth & Income Fund received $641,822,730 of securities from in-kind purchase transactions. The Quant Small-Cap Equity Fund received $74,734,099 of securities from in-kind purchase transactions.

 

Capital loss carryovers: At October 31, 2021, the following Fund had capital loss carryovers, which will not expire.

 

Fund  Short-term     Long-term     Total 
International Equity   $195,815,569    $–    $195,815,569 

For the year ended October 31, 2021, the Large-Cap Value, Mid-Cap Value, Quant Small-Cap Equity, International Equity, Quant International Small-Cap Equity, and Social Choice International Equity Funds utilized $122,578,562, $98,928,036, $152,157,004, $112,002,314, $161,737,400, and $3,973,282 of capital loss carryover available from prior years respectively.

 

The capital loss carryover for the Large-Cap Value, Mid-Cap Value, Quant Small-Cap Equity, Quant International Small-Cap Equity, and Social Choice International Equity Funds were reduced to zero as a result of this utilization.

 

Note 7—investment adviser and other transactions with affiliates

 

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.


 

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

Notes to financial statements

 

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.

 

Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for providing distribution, promotional, and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.

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

 

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 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                                     
   Investment   management                                     
   management   fee–effective   Service                                
   fee range   rate   agreement fee  Distribution fee  Maximum expense amounts‡
           Retirement   Premier   Retail   Institutional   Advisor   Premier   Retirement   Retail   Class 
Fund          Class   Class   Class   Class   Class   Class   Class   Class   W§
Growth & Income*   0.300%–0.450%   0.390%   0.250%   0.150%   0.250%   0.520%   0.670%   0.670%   0.770%   0.910%   0.520%
Large-Cap Growth*   0.300–0.450e    0.390    0.250    0.150    0.250    0.520e    0.670e    0.670e    0.770e    0.910e    0.520e 
Large-Cap Value*   0.300–0.450f    0.400    0.250    0.150    0.250    0.520f    0.670f    0.670f    0.770f    0.910f    0.520f 
Mid-Cap Growth*   0.290–0.480    0.440    0.250    0.150    0.250    0.550    0.700    0.700    0.800    0.940    – 
Mid-Cap Value*   0.290–0.480c    0.430    0.250    0.150    0.250    0.550c    0.700c    0.700c    0.800c    0.940c    – 
Quant Small-Cap Equity*   0.270–0.460g    0.400    0.250    0.150    0.250h    0.530g    0.680g    0.680g    0.780g    0.920g    0.530g 
Quant Small/Mid-Cap Equity*   0.270–0.460    0.440    0.250    0.150    0.250    0.530    0.680    0.680    0.780    0.920    0.530 
Social Choice Equity   0.150d    0.150    0.250    0.150    0.250    0.220d    0.370d    0.370d    0.470d    0.610d    – 
Social Choice Low Carbon Equity*   0.200–0.250    0.250    0.250    0.150    0.250    0.320    0.470    0.470    0.570    0.710    – 
Emerging Markets Equity*   0.700–0.850    0.840    0.250    0.150    0.250    0.950    1.100    1.100a    1.200a    1.340    0.950 
International Equity*   0.350–0.500    0.440    0.250    0.150    0.250    0.600    0.750    0.750    0.850    0.990    0.600 
International Opportunities*   0.450–0.600    0.580    0.250    0.150    0.250    0.700    0.850    0.850b    0.950b    1.090    0.700 
Quant International Small-Cap Equity*   0.500–0.650i    0.640    0.250    0.150    0.250    0.750i    0.900i    0.900i    1.000i    1.140i    0.750i 
Social Choice International Equity*   0.250–0.300    0.300    0.250    0.150    0.250    0.400    0.550    0.550    0.650    0.790    – 
* These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase.
‡ Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 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, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the Emerging Markets Equity Fund Premier Class and Retirement Class. The expense caps are 0.970% for the Premier Class and 0.970% for the Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2021, the expense caps were 0.980% for the Premier Class and the Retirement Class.
b Effective May 1, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the International Opportunities Fund Premier Class and Retirement Class. The expense caps are 0.700% for the Premier Class and 0.700% for the Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2021, the expense caps were 0.765% for the Premier Class and the Retirement Class.
c Effective May 1, 2021, 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. The expense caps are 0.545% for the Institutional Class, 0.695% for the Advisor Class and the Premier Class, 0.795% for the Retirement Class, and 0.935% for the Retail Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
   
122 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

continued

 

d Effective May 1, 2021, Advisors agreed to voluntarily waive a portion of the investment management fee for the Social Choice Equity Fund. The investment management fee after the waiver is 0.145% of daily average net assets. The expense caps are 0.215% for the Institutional Class, 0.365% for the Advisor Class and the Premier Class, 0.465% for the Retirement Class, and 0.605% for the Retail Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2021, the investment management fee was 0.140% of daily average net assets. In addition, the expense caps were 0.210% for the Institutional Class, 0.360% for the Advisor Class and the Premier Class, 0.460% for the Retirement Class and 0.600% for the Retail Class.
e Prior to May 1, 2021, Advisors agreed to voluntarily waiver a portion of the management fee for the Large-Cap Growth Fund. The investment management fee range after the waiver was 0.295%–0.445% of daily average net assets. In addition, prior to May 1, 2021, the expense caps were 0.515% for the Institutional Class, 0.665% for the Advisor Class and the Premier Class, 0.765% for the Retirement Class, 0.905% for the Retail Class and 0.515% for Class W.
f Prior to May 1, 2021, Advisors agreed to voluntarily waiver a portion of the management fee for the Large-Cap Value Fund. The investment management fee range after the waiver was 0.290%–0.440% of daily average net assets. In addition, prior to May 1, 2021, the expense caps were 0.510% for the Institutional Class, 0.660% for the Advisor Class and the Premier Class, 0.760% for the Retirement Class, 0.900% for the Retail Class and 0.510% for Class W.
g Prior to May 1, 2021, Advisors agreed to voluntarily waiver a portion of the management fee for the Quant Small-Cap Equity Fund. The investment management fee range after the waiver was 0.265%–0.455% of daily average net assets. In addition, prior to May 1, 2021, the expense caps were 0.525% for the Institutional Class, 0.675% for the Advisor Class and the Premier Class, 0.775% for the Retirement Class, 0.915% for the Retail Class and 0.525% for Class W.
h Prior to May 1, 2021, Advisors agreed to voluntarily waiver a portion of the distribution 12b-1 fee by 0.050% for the Retail Class of the Quant Small-Cap Equity Fund. The distribution fee after the waiver was 0.200%.
i Prior to May 1, 2021, Advisors agreed to voluntary waive a portion of the investment management fee for the Quant International Small-Cap Equity Fund. The investment management fee after the waiver was 0.450%–0.600% of daily average net assets. In addition, prior to May 1, 2021, the expense caps were 0.700% for the Institutional Class, 0.850% for the Advisor Class and the Premier Class, 0.840% for the Retirement Class 1.090% for the Retail Class, and 0.700% for Class W.

 

Income, reflected in Payment from affiliate on the Statements of operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2021, the Funds engaged in the following security transactions with affiliated entities:

           Realized gain 
Fund  Purchases   Sales   (loss) 
Growth & Income  $2,832,423   $7,056,848   $1,852,029 
Large-Cap Growth   16,608,405    369,713,301    45,532,806 
Large-Cap Value   5,743,227    102,954,090    15,221,706 
Mid-Cap Growth   66,392,991    33,553,470    5,844,057 
Mid-Cap Value   665,750    17,228,692    1,770,896 
Quant Small-Cap Equity   3,315,200    6,025,142    2,744,901 
Quant Small/Mid-Cap Equity   13,259,425    147,874,954    21,810,493 
Social Choice Equity   56,458,931    2,231,567    39,518 
Social Choice Low Carbon Equity   115,201,021    438,684    27,384 
Emerging Markets Equity   779,131    3,658,667    (351,773)
International Equity   507,019    224,169,225    37,898,074 
International Opportunities   472,419    798,235    (1,131,205)
Quant International Small-Cap Equity   191,293    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 October 31, 2021:

 

           TIAA-CREF         
   TIAA-CREF   TIAA-CREF   Managed         
Underlying Fund  Lifecycle Funds   Lifestyle Funds   Allocation Fund   TIAA Access   Total 
Growth & Income   42%   2%   1%   5%   50%
Large-Cap Growth   44    2    1    3    50 
Large-Cap Value   52    2    1    9    64 
Mid-Cap Growth   –    –    –    17    17 
Mid-Cap Value   –    –    –    20    20 
Quant Small-Cap Equity   27    1    1    9    38 
Quant Small/Mid-Cap Equity   84    3    2    –    89 
Social Choice Equity   –    –    –    5    5 
Social Choice Low Carbon Equity   –    –    –    3    3 
Emerging Markets Equity   74    3    2    1    80 
International Equity   45    2    1    8    56 
International Opportunities   86    3    2    –    91 
Quant International Small-Cap Equity   93    4    2    –    99 
Social Choice International Equity   –    –    –    2    2 
   
TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 123
 
Notes to financial statements concluded

 

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:

 

                   Change in             
   Value at               unrealized       Shares at   Value at 
   October 31,   Purchases   Sales   Realized   appreciation   Dividend   October 31,   October 31, 
Issue  2020   cost   proceeds   gain (loss)  (depreciation)  income   2021   2021 
Emerging Markets Equity Fund Common stock
Uruguay		                                        
Arcos Dorados Holdings, Inc   $40,137,147    $     –    $     –    $     –    $8,168,633    $     –    10,126,998    $48,305,780 

 

Note 8—emerging markets risks

 

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

 

Note 9—inter-fund lending program

 

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended October 31, 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 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2021, there were no borrowings under this credit facility by the Funds.


 

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

Report of Independent Registered Public Accounting Firm

 

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

 

Opinions on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund (fourteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

 

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

 

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

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 16, 2021

 

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

 

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

Important tax information (unaudited)

 

For the fiscal year ended October 31, 2021, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

 

Fund  Long-term
capital gains		 
Growth & Income  $455,355,389 
Large-Cap Growth   1,249,350,858 
Large-Cap Value   32,012,076 
Mid-Cap Growth   172,253,265 
Mid-Cap Value   20,328,227 
Quant Small-Cap Equity   38,167,144 
Quant Small/Mid-Cap Equity   30,829,429 
Social Choice Equity   34,145,567 
Social Choice Low Carbon Equity   5,857,184 
Emerging Markets Equity   140,891,617 
International Equity   – 
International Opportunities   56,231,957 
Quant International Small-Cap Equity   368,808 
Social Choice International Equity   558,056 

 

For the fiscal year ended October 31, 2021, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

 

Fund  Percentage 
Growth & Income   100.0%
Large-Cap Growth   7.1 
Large-Cap Value   100.0 
Mid-Cap Growth   34.2 
Mid-Cap Value   100.0 
Quant Small-Cap Equity   100.0 
Quant Small/Mid-Cap Equity   68.1 
Social Choice Equity   100.0 
Social Choice Low Carbon Equity   100.0 
Emerging Markets Equity   48.7 
International Equity   100.0 
International Opportunities   62.3 
Quant International Small-Cap Equity   47.2 
Social Choice International Equity   92.4 

 

For the fiscal year ended October 31, 2021, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

 

Fund  Percentage 
Growth & Income   100.0%
Large-Cap Growth   5.9 
Large-Cap Value   99.3 
Mid-Cap Growth   29.5 
Mid-Cap Value   93.6 
Quant Small-Cap Equity   100.0 
Quant Small/Mid-Cap Equity   65.9 
Social Choice Equity   100.0 
Social Choice Low Carbon Equity   100.0 
Emerging Markets Equity   – 
International Equity   1.6 
International Opportunities   – 
Quant International Small-Cap Equity   – 
Social Choice International Equity   – 

For the year ended October 31, 2021 the TIAA-CREF Funds received the following amounts of income that was from foreign sources:

 

Fund  Foreign
source income		   Foreign source
income per share		 
Emerging Markets Equity        $26,832,510                     $0.18930 
International Equity   228,858,924    0.48560 
International Opportunities   29,664,258    0.23385 
Quant International Small-Cap Equity   32,654,922    0.25967 
Social Choice International Equity   26,155,486    0.37254 

 

For the year ended October 31, 2021 the TIAA-CREF Funds have elected to pass through the following amounts of foreign taxes paid:

 

Fund  Foreign
taxes paid		   Foreign source
taxes paid
per share		 
Emerging Markets Equity     $6,576,289                 $0.04640 
International Equity   20,476,127    0.04345 
International Opportunities   2,121,963    0.01673 
Quant International Small-Cap Equity   2,926,248    0.02327 
Social Choice International Equity   1,866,599    0.02659 

 

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2021, which will be reported in conjunction with your 2021 Form 1099-DIV.

 

By early 2022, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.


 

126 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds ■ October 31, 2021

 

Trustees

 

Name, Address and
Year of Birth (“YOB”)		    Position(s)
Held with
Fund		    Term of
Office and
Length
of Time
Served		    Principal Occupation(s) During Past 5 Years and
other relevant experience and qualifications		    Number of
Portfolios in
Fund Complex
Overseen by
Trustee		    Other Directorship(s) Held by Trustee
Forrest Berkley
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		   Trustee   Indefinite term.
Trustee since 2006.		   Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).   88   Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		   Trustee   Indefinite term.
Trustee since 2019.		   Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).   88   Board member, Lumina Foundation and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		   Trustee   Indefinite term.
Trustee since 2018.		   James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (2020). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).   88   Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC;
Nancy A. Eckl
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		   Trustee   Indefinite term.
Trustee since 2007.		   Vice President (1990–2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.   88   Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1967		   Trustee   Indefinite term.
Trustee since 2007.		   Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).   88   Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson
c/o Corporate Secretary
730 Third Avenue
New York, NY
10017-3206
YOB: 1954		   Trustee   Indefinite term.
Trustee since 2005.		   James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.   88   Director, Commonwealth (non-profit organization).
Thomas J. Kenny
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		   Chairman of the Board and Trustee   Indefinite term. Trustee since 2011; Chairman for term ending June 30, 2023. Chairman since September 13, 2017.   Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.   88   Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		   Trustee   Indefinite term.
Trustee since 2006.		   President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.   88   Director, National Bureau of Economic Research; Trustee, Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

 

TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 127
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds ■ October 31, 2021

 

Trustees — concluded

 

Name, Address and
Year of Birth (“YOB”)		    Position(s)
Held with
Fund		    Term of
Office and
Length
of Time
Served		    Principal Occupation(s) During Past 5 Years and
other relevant experience and qualifications		    Number of
Portfolios in
Fund Complex
Overseen by
Trustee		    Other Directorship(s) Held by Trustee
Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1949		   Trustee   Indefinite term.
Trustee since 1999.		   Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).   88   Director, TheraTrue Inc.
Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		   Trustee   Indefinite term.
Trustee since 2006.		   George Kozmetsky Centennial University Distinguished Chair and Executive Director of the Global Sustainability Leadership Institute and Professor (since 1987), McCombs School of Business, University of Texas at Austin. Charles E. and Sarah M. Seay Regents Chair of Finance (2002–2021), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011), McCombs School of Business, University of Texas at Austin. President (2019-2020), Vice President (2013–2018), Society of Financial Studies. President (since 2020), Vice President (2019–2020) American Finance Association.   88   Texa$aver Product Committee Member, Employees Retirement System of Texas.

 

Officers

 

Name, Address and
Year of Birth (“YOB”)		    Position(s)
Held with
Fund		    Term of
Office and
Length
of Time
Served		    Principal Occupation(s) During Past 5 Years
Richard S. Biegen
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		   Chief Compliance Officer   One-year term. Chief Compliance Officer since 2008.   Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1976		   Senior Managing Director and Corporate Secretary   One-year term. Senior Managing Director and Corporate Secretary since 2020.   Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
John L. Douglas
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		   Executive Vice President   One-year term. Executive Vice President since 2021.   Senior Executive Vice President, Chief Legal Risk & Compliance Officer at TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.

 

128 2021 Annual Report  ■  TIAA-CREF Funds: Equity Funds
 

concluded

 

Officers — concluded

 

Name, Address and
Year of Birth (“YOB”)		    Position(s)
Held with
Fund		    Term of
Office and
Length
of Time
Served		    Principal Occupation(s) During Past 5 Years
Bradley Finkle
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		   Principal Executive Officer and President   One-year term. Principal Executive Officer and President since 2017.   Executive Vice President, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1971		   Executive Vice President   One-year term. Executive Vice President since 2018.   Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief Investment Officer, Nuveen; Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
David Nason
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1970		   Executive Vice President   One-year term. Executive Vice President since 2020.   Senior Executive Vice President, Chief Operating Officer of TIAA. Formerly, Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
Phillip T. Rollock
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		   Executive Vice President and Chief Legal Officer   One-year term. Executive Vice President and Chief Legal Officer since 2018.   Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
E. Scott Wickerham
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		   Principal Financial Officer, Principal Accounting Officer and Treasurer   One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.   Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		   Executive Vice President   One-year term. Executive Vice President since 2018.   Senior Executive Vice President, Chief People Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.
Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.

 

TIAA-CREF Funds: Equity Funds  ■  2021 Annual Report 129
 

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)


 

130 2021 Annual 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		   October 31,
2021
       

 

TIAA-CREF
Equity Index Funds

 

The annual report contains the audited financial statements.

 

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

 

 

Annual
Report

 

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  
Audited financial statements      
Statements of assets and liabilities   38  
Statements of operations   40  
Statements of changes in net assets   42  
Financial highlights   46  
Notes to financial statements   52  
Reports of independent registered public accounting firm   60  
Important tax information   61  
Trustees and officers   62  
Additional information about index providers 65  
How to reach us Inside back cover  
       
       

 

 

Understanding this report

 

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

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

 

Brad Finkle

Letter to investors

 

Global stock markets delivered strong gains for the twelve months ended October 31, 2021. The U.S. economy expanded at a robust pace as COVID-19 restrictions were eased and business activity increased. The Federal Reserve maintained an accommodative monetary policy, while the federal government continued to provide fiscal stimulus. Economic recovery was mixed elsewhere around the world as growth rates varied among individual countries and regions. For the twelve months:

 

•  The Russell 3000® Index, which measures the performance of the broad U.S. stock market, climbed 43.9%. Please see page 8 for benchmark definitions.

•  The MSCI EAFE® Index, which represents stocks in 21 developed-markets nations outside North America, gained 34.2%.

•  The MSCI Emerging Markets Index, which tracks the performance of stocks in 27 developing nations, returned 17.0%.

•  All seven TIAA-CREF Equity Index Funds (Institutional Class) posted double-digit gains for the period.

 

U.S. economy grew at a solid pace

Domestic stocks registered impressive gains for the twelve months as the economy grew at a solid pace, and the country continued to recover from the pandemic. The U.S. economy expanded during the fourth quarter of 2020, and growth accelerated over the following six months. Economic activity slowed late in the period as supply-chain bottlenecks limiting the delivery of certain products were felt throughout the country, and companies struggled to find workers. Unemployment declined steadily during the period, while inflation accelerated. The Fed maintained short-term interest rates at historically low levels but planned to reduce the pace of its bond-buying program designed to support the economy and credit markets.

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

 

Foreign developed markets delivered impressive returns

Foreign developed-markets stocks climbed higher despite varying rates of economic growth around the world. The economy of the 19-nation euro area contracted in the fourth quarter of 2020 and the first quarter of 2021 before returning to moderate growth over the next two quarters. Among developing markets, China’s economy expanded at an impressive pace early in the period, but growth decelerated year-over-year during the second and third quarters of 2021. The European Central Bank and the Bank of England both maintained benchmark interest rates at near-zero levels over the twelve months.

 

Emerging markets lagged foreign developed and U.S. stocks

Broad gains by emerging-markets equities were partially offset by a decline in Chinese stocks. Nearly all of the 27 countries tracked by the MSCI Emerging Markets Index posted positive returns. However, China is by far the index’s largest component, accounting for almost 35.0% of its weighting at the end of the period. Stocks in Taiwan and South Korea, the next two largest components in the index, both produced gains that surpassed the overall return of the benchmark.

 

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

All index funds posted strong gains

All of the TIAA-CREF Equity Index Funds registered double-digit gains for the twelve months. Each fund invests in a portfolio that attempts to match the risk and return characteristics of its benchmark index at a low-cost-per-invested dollar. The funds’ performance includes a deduction for expenses, while the returns of their respective indexes do not. The funds’ twelve-month returns ranged from 50.8% for the Small-Cap Blend Index Fund to 15.8% for the Emerging Markets Equity Index Fund. (All fund returns are for the Institutional Class.)

The Small-Cap Blend Index Fund performed best with sizable double-digit gains.

The Equity Index Fund advanced 43.8% and the S&P 500 Index Fund rose 42.8%. The Large-Cap Value Index Fund posted a gain of 43.7%, while its growth counterpart, the Large-Cap Growth Index Fund returned 43.1%.

Among TIAA-CREF’s international equity index portfolios, the International Equity Index Fund rose 34.1%. The Emerging Markets Equity Index Fund returned a more modest gain.

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

Staying on course to achieve long-term goals

Over the last twelve months, the global economy has rebounded strongly from the COVID-19 pandemic, showing an impressive resilience and alleviating the concerns of many investors. The events of the past two years illustrate two key investment principles. First, no one can predict the future direction of the financial markets. Secondly, as a result, it is important to have a long-term financial plan and stay focused on that plan during the inevitable periods of volatility. We believe that by working with a financial advisor and maintaining a diversified portfolio of mutual funds that invest in different asset classes—including equities—investors can achieve their long-term investment objectives. Of course, diversification does not guarantee against market losses.

If you have any questions or would like to talk about the current status of your portfolio, please don’t hesitate to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We are always here to help.

 

/s/ Brad Finkle

Brad Finkle

President of the TIAA-CREF Fund Complex


 

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

Market monitor

 

Strong market rally led stocks higher

 

For the twelve-month period ended October 31, 2021, U.S. equities registered powerful gains as the country continued its economic expansion. The Russell 3000® Index, a broad measure of U.S. stock market performance, advanced by an impressive 43.9%, while international developed- and emerging-markets equities recorded double-digit returns.

 

U.S. economy expanded at a robust pace

During the period, the U.S. economy grew as pandemic-related restrictions continued to ease and businesses returned to a more normal pace of activity. Government stimulus and strong consumer spending also helped drive a rate of expansion that peaked in the middle of the period. Economic growth slowed in the third quarter of 2021 amid concerns over a spike in inflation, as energy prices rose and supply-chain bottlenecks became more widespread. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at an annualized rate of 4.5% during the fourth quarter of 2020. GDP expanded by 6.3% in the first quarter of 2021 and 6.7% in the second before slowing to 2.0% in the third quarter of the year, according to the government’s “advance” estimate.

The unemployment rate declined steadily throughout the period, falling from 6.7% in November 2020 to 4.6% in October 2021—its lowest level since March 2020.

 

Small-cap value stocks led performance

 

U.S. stocks surpassed foreign equities

 

 

Source: U.S. large-cap growth: Russell 1000® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE® Index; Emerging markets: MSCI Emerging Markets Index. Twelve-month returns as of October 31, 2021.

Annualized core inflation, which includes all items except food and energy, rose 4.6% in October 2021. Meanwhile, oil prices moved sharply higher amid growing demand. The price of West Texas Intermediate (WTI) crude oil climbed from nearly $37 per barrel on November 2, 2020, to more than $83 on October 29, 2021. WTI prices peaked at more than $85 per barrel in the final week of the period, the highest level in seven years.

 

Value stocks and small-cap shares performed best

Among U.S. stock market investment styles, small-cap shares outpaced large- and mid-cap equities, while value stocks topped growth shares in all size categories. Small-cap stocks advanced 50.8%, while mid-cap shares gained 45.4% and large-cap equities returned 43.5%. Among small caps, value stocks advanced 64.3%, while growth shares gained 38.5%. Within the mid-cap category, value shares returned 48.6% and growth stocks advanced 39.4%. Large-cap value equities gained 43.8%, while large-cap growth shares returned 43.2%. (Returns by investment style and capitalization size are based on the Russell indexes.)

Foreign stocks also posted strong returns, though most of their gains were achieved early in the period. The MSCI EAFE® Index, which tracks stock performance in 21 developed-markets countries outside North America, advanced 34.2%. The MSCI Emerging Markets Index returned 17.0%.

 

Economic growth boosted U.S. stocks

For the twelve-month period, U.S. equities appreciated as the economy expanded, albeit at a slower pace in the third quarter of 2021. The Federal Reserve kept the federal funds target rate unchanged, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The Fed also continued a bond-buying program to support the economy and credit markets during the period, though policymakers said they intended to begin tapering the size of monthly purchases beginning in November 2021.

Economic recovery was mixed elsewhere around the world. The economy of the 19-nation euro area contracted year-over-year in the fourth quarter of 2020 and the first quarter of 2021 before expanding at moderate rates over the following two quarters. China’s economy grew by 6.5% year-over-year in the fourth quarter of 2020 and by a remarkable 18.3% in the first quarter of 2021. In the second and third quarters, however, China’s year-over-year growth decelerated to 7.9% and 4.9%, respectively. Most global central banks continued to maintain highly accommodative monetary policies. The European Central Bank left its benchmark interest rates unchanged within a near-zero range, while the Bank of England held its benchmark rate at 0.1%.


 

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

Information for investors

 

Portfolio holdings

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

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

  •By visiting our 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 Annual Report 7
 

About the funds’ benchmarks

 

Broad market indexes

 

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

 

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

 

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

Important information about expenses

 

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2021–October 31, 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 Annual Report 9
 

Equity Index Fund

 

Expense example

 

Six months ended October 31, 2021

Equity Index Fund  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return              
Institutional Class   $1,000.00    $1,097.81    $0.26
Advisor Class   1,000.00    1,096.78    0.90
Premier Class   1,000.00    1,096.74    1.06
Retirement Class   1,000.00    1,096.35    1.53
Retail Class   1,000.00    1,096.02    1.69
Class W   1,000.00    1,097.78    0.00
5% annual hypothetical return
Institutional Class   1,000.00    1,024.95    0.26
Advisor Class   1,000.00    1,024.35    0.87
Premier Class   1,000.00    1,024.20    1.02
Retirement Class   1,000.00    1,023.74    1.48
Retail Class   1,000.00    1,023.59    1.63
Class W   1,000.00    1,025.21    0.00
*  “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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, 0.29% 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 10/31/2021
Information technology   27.4
Health care   13.2
Consumer discretionary   12.6
Financials   12.0
Communication services   9.7
Industrials   8.9
Consumer staples   5.1
Real estate   3.4
Energy   2.8
Materials   2.4
Utilities   2.3
Short-term investments, other assets &liabilities, net   0.2
Total   100.0

Performance for the twelve months ended October 31, 2021

 

The Equity Index Fund returned 43.84% for the Institutional Class, compared with the 43.90% return of its benchmark, the Russell 3000® Index. The performance table shows returns for all share classes of the Fund.

For the twelve-month period, the Fund’s return 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 posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Information technology drove the benchmark higher

All eleven industry sectors in the Russell 3000 Index generated substantial gains for the twelve months. Information technology—the largest sector, representing nearly 27.0% of the index’s total market capitalization on October 31, 2021—advanced 47.0% and contributed close to one-third of the index’s return for the period. The financials and consumer discretionary sectors were the next-largest contributors, with gains of 71.0% and 43.8%, respectively. Together, these three sectors accounted for more than one-half of the index’s total market capitalization on October 31, 2021. Energy produced the strongest return, rising 116.5%; however, the sector made a smaller contribution due to its low weighting in the index. Utilities, up 12.2%, and consumer staples, up 19.7%, posted the smallest gains.

 

Three of benchmark’s five largest stocks outperformed

For the twelve-month period, three of the five largest stocks in the Russell 3000 Index registered returns that surpassed the overall return of the index. Tesla was the clear leader, benefiting from a combination of strong operating performance and positive investor sentiment. Next came Alphabet (the parent company of Google) and Microsoft, whose gains were significantly lower than Tesla’s but still well above the return of the index. Apple modestly underperformed the benchmark, while Amazon.com trailed by a sizeable margin amid slower sales growth.


 

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

Performance as of October 31, 2021

Equity Index Fund     Total return  Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  7/1/99   43.84%   18.87%   16.06%   0.05%   0.05%
Advisor Class  12/4/15   43.66    18.72    15.99†   0.17    0.17 
Premier Class  9/30/09   43.64    18.68    15.88    0.20    0.20 
Retirement Class  3/31/06   43.50    18.57    15.77    0.30    0.30 
Retail Class  3/31/06   43.45    18.53    15.72    0.33    0.33 
Class W  9/28/18   43.88    18.90†   16.07†   0.05    0.00 
Russell 3000® Index  –   43.90    18.91    16.10    –    – 

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

 

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

 

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

 

$10,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size

Market capitalization % of equity investments
as of 10/31/2021
More than $50 billion   67.4
More than $15 billion–$50 billion   18.2
More than $2 billion–$15 billion   12.4
$2 billion or less   2.0
Total   100.0

 

Fund profile

  as of 10/31/2021
Net assets   $35.16 billion
Portfolio turnover rate   7%
Number of holdings   2,968
Weighted median market capitalization   $136.65 billion
Price/earnings ratio (weighted 12-month trailing average)†   29.0
†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Large-Cap Growth Index Fund

 

Expense example

 

Six months ended October 31, 2021

Large-Cap Growth
Index Fund		  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return              
Institutional Class   $1,000.00    $1,151.53    $0.27
Advisor Class   1,000.00    1,151.01    0.87
Retirement Class   1,000.00    1,150.30    1.63
Class W   1,000.00    1,151.82    0.00
5% annual hypothetical return
Institutional Class   1,000.00    1,024.95    0.26
Advisor Class   1,000.00    1,024.40    0.82
Retirement Class   1,000.00    1,023.69    1.53
Class W   1,000.00    1,025.21    0.00
*  “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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, 0.30% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector % of net assets
as of 10/31/2021
Information technology   44.7
Consumer discretionary   18.9
Communication services   12.3
Health care   8.8
Industrials   5.8
Consumer staples   3.6
Financials   2.8
Real estate   1.7
Materials   1.0
Energy   0.3
Short-term investments, other assets & liabilities, net   0.1
Total   100.0

Performance for the twelve months ended October 31, 2021

 

The Large-Cap Growth Index Fund returned 43.11% for the Institutional Class, compared with the 43.21% return of its benchmark, the Russell 1000® Growth Index. The performance table shows returns for all share classes of the Fund.

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

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Information technology drove the benchmark higher

All eleven industry sectors in the Russell 1000 Growth Index generated substantial gains for the twelve months. Information technology—the largest sector, representing nearly 45.0% of the index’s total market capitalization on October 31, 2021—advanced 49.0% and contributed almost one-half of the index’s return for the period. The consumer discretionary and communication services sectors were the next-largest contributors, with gains of 40.4% and 49.0%, respectively. Together, these three sectors accounted for nearly three-quarters of the index’s total market capitalization on October 31, 2021. Energy produced the strongest return, rising 97.4%; however, the sector made only a minimal contribution due to its low weighting in the index. Materials, up 19.7%, and consumer staples, up 20.1%, posted the smallest gains.

 

Three of the benchmark’s five largest stocks outperformed

For the twelve-month period, three of the five largest stocks in the Russell 1000 Growth Index registered returns that surpassed the overall return of the index. Tesla was the clear leader, benefiting from a combination of strong operating performance and positive investor sentiment. Next came Alphabet (the parent company of Google) and Microsoft, whose gains were significantly lower than Tesla’s but still well above the return of the index. Apple modestly underperformed the benchmark, while Amazon.com trailed by a sizeable margin amid slower sales growth.


 

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

Performance as of October 31, 2021

Large-Cap Growth Index Fund     Total return  Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  10/1/02   43.11%   25.40%   19.34%   0.05%   0.05%
Advisor Class  12/4/15   42.93    25.25    19.26†   0.18    0.18 
Retirement Class  10/1/02   42.77    25.09    19.05    0.30    0.30 
Class W  9/30/19   43.17    25.43†   19.36†   0.05    0.00 
Russell 1000® Growth Index  –   43.21    25.49    19.42    –    – 

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

 

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

 

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

 

$10,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size    

Market capitalization % of equity investments
as of 10/31/2021
More than $50 billion   82.5
More than $15 billion–$50 billion   13.3
More than $2 billion–$15 billion   4.2
Total   100.0
     
Fund profile    
    as of 10/31/2021
Net assets   $12.97 billion
Portfolio turnover rate   31%
Number of holdings   501
Weighted median market capitalization   $305.74 billion
Price/earnings ratio (weighted 12-month trailing average)†   39.3
†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Large-Cap Value Index Fund

 

Expense example

 

Six months ended October 31, 2021

Large-Cap Value
Index Fund		  Beginning
account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return      
Institutional Class   $1,000.00    $1,054.66    $0.26
Advisor Class   1,000.00    1,053.48    0.93
Retirement Class   1,000.00    1,053.24    1.55
Class W   1,000.00    1,054.64    0.00
5% annual hypothetical return
Institutional Class   1,000.00    1,024.95    0.26
Advisor Class   1,000.00    1,024.30    0.92
Retirement Class   1,000.00    1,023.69    1.53
Class W   1,000.00    1,025.21    0.00
*  “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 10/31/2021
Financials   22.1
Health care   17.4
Industrials   11.6
Information technology   9.8
Communication services   7.7
Consumer staples   7.0
Consumer discretionary   5.7
Energy   5.3
Utilities   4.9
Real estate   4.8
Materials   3.7
Short-term investments, other assets & liabilities, net   –
Total   100.0

Performance for the twelve months ended October 31, 2021

 

The Large-Cap Value Index Fund returned 43.69% for the Institutional Class, compared with the 43.76% return of its benchmark, the Russell 1000® Value Index. The performance table shows returns for all share classes of the Fund.

For the twelve-month period, the Fund’s return 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 posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

Financials propelled the benchmark higher

All eleven industry sectors in the Russell 1000 Value Index recorded strong gains for the twelve months. Financials—the biggest sector, representing more than 20.0% of the index’s total market capitalization on October 31, 2021—surged 74.3% and contributed nearly one-third of the index’s return for the period. The next-largest contributors were industrials, up 43.2%, and health care, up 30.4%. The energy sector generated the strongest return, surging 112.5% as oil prices climbed. Together, these four sectors accounted for over one-half of the index’s total market capitalization on October 31, 2021. Utilities and consumer staples, which tend to be more defensive sectors, posted the smallest gains, advancing 11.6% and 18.6%, respectively.

 

Three of the benchmark’s five largest stocks outperformed

For the twelve-month period, three of the five largest stocks in the Russell 1000 Value Index produced returns that surpassed the overall return of the index. Bank of America and JPMorgan Chase performed best, helped by strong revenue growth in their investment banking divisions. UnitedHealth Group also outperformed the index, while Berkshire Hathaway narrowly trailed. Johnson & Johnson underperformed the index by a substantial margin, in part because sales of its COVID-19 vaccine lagged behind sales of competitive vaccines. Nonetheless, the stock still registered a double-digit gain for the period.


 

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

Performance as of October 31, 2021

Large-Cap Value Index Fund     Total return  Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  10/1/02   43.69%   12.34%   12.77%   0.05%   0.05%
Advisor Class  12/4/15   43.47    12.19    12.69†   0.19    0.19 
Retirement Class  10/1/02   43.28    12.06    12.49    0.30    0.30 
Class W  9/30/19   43.73    12.36†   12.78†   0.05    0.00 
Russell 1000® Value Index  –   43.76    12.39    12.85    –    – 

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.

 

$10,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market capitalization % of equity investments
as of 10/31/2021
More than $50 billion   60.9
More than $15 billion–$50 billion   26.1
More than $2 billion–$15 billion   13.0
Total   100.0
     
Fund profile    
    as of 10/31/2021
Net assets   $9.02 billion
Portfolio turnover rate   29%
Number of holdings   847
Weighted median market capitalization   $78.45 billion
Price/earnings ratio (weighted 12-month trailing average)†   21.2
†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

S&P 500 Index Fund

 

Expense example

 

Six months ended October 31, 2021

S&P 500
Index Fund		  Beginning
account
value
(5/1/21)		    Ending
account
value
(10/31/21)		    Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return
Institutional Class    $1,000.00      $1,108.68      $0.27
Advisor Class    1,000.00      1,108.00      0.96
Retirement Class    1,000.00      1,107.30      1.59
Class W    1,000.00      1,109.11      0.00
5% annual hypothetical return
Institutional Class    1,000.00      1,024.95      0.26
Advisor Class    1,000.00      1,024.30      0.92
Retirement Class    1,000.00      1,023.69      1.53
Class W    1,000.00      1,025.21      0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 10/31/2021
Information technology 27.7
Health care 13.0
Consumer discretionary 12.7
Financials 11.4
Communication services 10.7
Industrials 8.0
Consumer staples 5.6
Energy 2.8
Real estate 2.6
Materials 2.5
Utilities 2.4
Short-term investments, other assets & liabilities, net 0.6
Total 100.0

Performance for the twelve months ended October 31, 2021

 

The S&P 500 Index Fund returned 42.82% for the Institutional Class, compared with the 42.91% return of its benchmark, the S&P 500® Index. The performance table shows returns for all share classes of the Fund.

For the twelve-month period, the Fund’s return 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 posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the large-cap-oriented S&P 500 Index underperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which gained 43.90%. A portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.

 

All benchmark sectors registered gains

All eleven industry sectors in the S&P 500 Index recorded positive results for the twelve months. Energy led the way, rising 111.3% on the strength of oil prices. Financials and information technology were the next-best performers. Financials climbed 72.1%, helped by an improving interest-rate environment for banks and increased deal-making activity in the capital markets. Information technology—the largest sector, representing nearly 30.0% of the index’s total market capitalization on October 31, 2021—advanced 46.9% as both consumers and businesses became more reliant on technology-related products and services during the COVID-19 pandemic. The utilities and consumer staples sectors, which tend to be more defensive, generated the smallest gains of 10.7% and 19.0%, respectively.

 

Three of the benchmark’s five largest stocks outperformed

For the twelve-month period, three of the five largest stocks in the S&P 500 Index produced returns that exceeded the overall return of the index. Alphabet (the parent company of Google) performed best, helped by strong spending on digital advertising. Next came Microsoft and Tesla, followed by Apple, which modestly trailed the index. Amazon.com posted a double-digit gain but was the weakest performer, hurt by global supply-chain bottlenecks and a shortage of labor.


 

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

Performance as of October 31, 2021

S&P 500 Index Fund     Total return  Average annual
total return		  Annual operating
expenses*
   Inception
 date		  1 year   5 years   10 years   gross   net 
Institutional Class  10/1/02   42.82%   18.86%   16.14%   0.05%   0.05%
Advisor Class  12/4/15   42.63    18.70    16.06†   0.18    0.18 
Retirement Class  10/1/02   42.43    18.56    15.85    0.30    0.30 
Class W  9/30/19   42.90    18.88†   16.15†   0.04    0.00 
S&P 500® Index  –   42.91    18.93    16.21    –    – 

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

 

$10,000,000 over 10 years

 

Institutional Class

 

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
% of equity investments
Market capitalization   as of 10/31/2021
More than $50 billion   79.5
More than $15 billion–$50 billion   18.0
More than $2 billion–$15 billion   2.5
Total   100.0
     
Fund profile    
    as of 10/31/2021
Net assets   $8.58 billion
Portfolio turnover rate   7%
Number of holdings   509
Weighted median market capitalization   $216.39 billion
Price/earnings ratio (weighted 12-month trailing average)†   26.7
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Small-Cap Blend Index Fund

 

Expense example

 

Six months ended October 31, 2021

Small-Cap Blend
Index Fund		   Beginning
account
value
(5/1/21)		     Ending
account
value
(10/31/21)		     Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return                      
Institutional Class     $1,000.00     $1,018.56     $0.25
Advisor Class     1,000.00       1,017.87       1.02
Retirement Class     1,000.00       1,017.42       1.53
5% annual hypothetical return
Institutional Class     1,000.00       1,024.95       0.26
Advisor Class     1,000.00       1,024.20       1.02
Retirement Class     1,000.00       1,023.69       1.53
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 10/31/2021
Health care  19.4
Financials  16.2
Industrials  14.8
Information technology  14.3
Consumer discretionary  11.1
Real estate  7.0
Energy  4.7
Materials  3.7
Communication services  3.2
Consumer staples  3.2
Utilities  2.4
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Small-Cap Blend Index Fund returned 50.75% for the Institutional Class, compared with the 50.80% return of its benchmark, the Russell 2000® Index. The performance table shows returns for all share classes of the Fund.

For the twelve-month period, the Fund’s return 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. During the twelve months, the Fund participated in a securities lending program.

 

U.S. stocks posted strong gains as economy expanded

The U.S. economy grew at a robust pace throughout the period as business activity continued to return to normal. Government fiscal support and strong consumer spending aided the recovery, though expansion slowed late in the period amid price pressures due to supply-chain bottlenecks. The unemployment rate declined steadily during the period, falling to 4.6% in October 2021. Core inflation, which includes all items except food and energy, rose 4.6% for the twelve months ended in October. Oil prices increased sharply, reaching their highest level in seven years.

Stock markets posted double-digit returns across all size and style categories for the period. Equities benefited from the economy’s growth and an accommodative monetary policy. The Federal Reserve maintained historically low interest rates throughout the period, keeping the federal funds target rate unchanged at 0.00%–0.25%.

For the twelve months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 43.90%. Small-cap equities outperformed larger and mid-sized stocks, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

 

All benchmark sectors registered significant gains

All eleven industry sectors in the Russell 2000 Index produced strong returns for the twelve months. Energy was the best-performing sector, climbing 180.8% as oil prices rallied. Industrials, up 60.5%, was the top contributor to the index’s return, followed by financials and consumer discretionary, which advanced 57.8% and 63.8%, respectively. Together, these four sectors accounted for almost one-half of the index’s total market capitalization on October 31, 2021. More defensive sectors recorded strong but less substantial gains. Health care, the largest component in the benchmark, was the weakest performer with a 17.9% return. Next came utilities, up 20.7%, and consumer staples, up 38.0%—the two sectors that made the smallest contributions to the index’s return.

 

All of the benchmark’s five largest stocks outperformed

For the twelve-month period, all of the five largest stocks in the Russell 2000 Index generated gains that surpassed the overall return of the benchmark. AMC Entertainment Holdings led the way, as enthusiasm for the stock on social media platforms sparked a wave of buying. Next came oil and gas producer Ovintiv, which benefited from rising energy prices, and footwear maker Crocs, which reported strong sales growth. Software company Asana and engineering services firm Tetra Tech posted smaller gains but still exceeded the index’s return by a wide margin.


 

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

Performance as of October 31, 2021

Small-Cap Blend Index Fund     Total return  Average annual
 total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  10/1/02   50.75%   15.64%   13.69%   0.06%   0.06%
Advisor Class  12/4/15   50.57    15.48    13.61†   1.08    0.21 
Retirement Class  10/1/02   50.39    15.35    13.42    0.30    0.30 
Russell 2000® Index  –   50.80    15.52    13.50    –    – 

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.

 

$10,000,000 over 10 years

 

Institutional Class

 

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by company size
Market capitalization   % of equity investments
as of 10/31/2021
More than $50 billion   0.6
More than $15 billion–$50 billion   0.6
More than $2 billion–$15 billion   68.6
$2 billion or less   30.2
Total   100.0
     
Fund profile    
    as of 10/31/2021
Net assets   $4.66 billion
Portfolio turnover rate   33%
Number of holdings   2,030
Weighted median market capitalization   $2.99 billion
Price/earnings ratio (weighted 12-month trailing average)†   64.4
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

Emerging Markets Equity Index Fund

 

Expense example

 

Six months ended October 31, 2021

Emerging
Markets Equity
Index Fund		  Beginning
 account
value
(5/1/21)		   Ending
 account
value
(10/31/21)		   Expenses
 paid
during
period*
(5/1/21–
10/31/21)
Actual return
Institutional Class    $1,000.00     $  950.32   $0.84
Advisor Class   1,000.00    949.07    1.57
Premier Class   1,000.00    948.77    1.57
Retirement Class   1,000.00    948.66    2.06
Retail Class   1,000.00    948.01    2.70
Class W   1,000.00    951.11    0.00
5% annual hypothetical return
Institutional Class   1,000.00    1,024.35    0.87
Advisor Class   1,000.00    1,023.59    1.63
Premier Class   1,000.00    1,023.59    1.63
Retirement Class   1,000.00    1,023.09    2.14
Retail Class   1,000.00    1,022.43    2.80
Class W   1,000.00    1,025.21    0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.17% for the Institutional Class, 0.32% for the Advisor Class, 0.32% for the Premier Class, 0.42% for the Retirement Class, 0.55% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

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

 

Portfolio composition

Sector % of net assets
as of 10/31/2021
Financials  20.4
Information technology  20.3
Consumer discretionary  15.2
Communication services  10.4
Materials  8.4
Consumer staples  5.8
Energy  5.6
Industrials  4.7
Health care  4.5
Utilities  2.2
Real estate  1.9
Short-term investments, other assets & liabilities, net  0.6
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The Emerging Markets Equity Index Fund returned 15.77% for the Institutional Class, compared with the 16.96% return of its benchmark, the MSCI Emerging Markets Index. The performance table shows returns for all share classes of the Fund.

For the twelve-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses 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. During the twelve months, the Fund participated in a securities lending program.

 

Foreign stocks advanced amid mixed economic results

International stocks in both developed- and emerging-markets countries posted gains despite varying rates of economic growth around the world. The economy in the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021 before posting moderate growth over the second and third quarters. China’s economy continued to grow year-over-year, but its rate of expansion peaked during the first quarter of 2021 and then decelerated.

Global central banks left highly accommodative monetary policies in place throughout the period. The Federal Reserve kept the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank maintained its benchmark interest rates within a near-zero range.

The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 34.18%, outpacing the gain of the MSCI Emerging Markets Index, but trailing the 43.90% return of the Russell 3000® Index, a broad measure of the U.S. stock market, for the period.

 

Most countries in the benchmark advanced

Of the 27 country components in the MSCI Emerging Markets Index, most rose in U.S.-dollar terms for the twelve-month period. Czech Republic and Russia posted the biggest gains at 86.7% and 81.5%, respectively. Taiwan, the second-largest index component, advanced 42.7%. South Korea, the third-largest index component, gained 24.7%. Together, these four countries accounted for more than 30.0% of the index’s total market capitalization on October 31, 2021. China, the benchmark’s largest component, declined most at –8.8%.

 

Two of the benchmark’s five largest stocks outperformed

Two of the five largest stocks in the MSCI Emerging Markets Index had performance that exceeded the benchmark’s overall return. Taiwan Semiconductor Manufacturing and Samsung Electronics outpaced the benchmark as they benefited from strong revenue growth. Internet shopping company Meituan, internet firm Tencent Holdings and internet retailer Alibaba Group Holding all posted losses.

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 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

Performance as of October 31, 2021

Emerging Markets Equity Index Fund    Total return  Average annual
total return		  Annual operating
expenses*
  Inception
date		  1 year   5 years   10 years   gross   net 
Institutional Class  8/31/10   15.77%   9.17%   4.77%   0.20%   0.20%
Advisor Class  12/4/15   15.61    9.04    4.70†    0.34    0.34 
Premier Class  8/31/10   15.58    8.99    4.60    0.35    0.35 
Retirement Class  8/31/10   15.55    8.90    4.51    0.45    0.45 
Retail Class  8/31/10   15.32    8.77    4.36    0.57    0.57 
Class W  9/28/18   16.00    9.30†    4.83†    0.20    0.00 
MSCI Emerging Markets Index  —   16.96    9.39    4.88    —    — 

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

 

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

 

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

 

$10,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
  % of portfolio investments
as of 10/31/2021
China  33.7
Taiwan  14.2
Korea, Republic of  12.0
India  11.7
Russia  4.0
Brazil  3.8
Saudi Arabia  3.4
South Africa  2.9
Mexico  1.9
Thailand  1.6
23 other nations  9.8
Short-term investments  1.0
Total  100.0
    
Holdings by company size
Market capitalization  % of equity investments
as of 10/31/2021
More than $50 billion  41.7
More than $15 billion–$50 billion  27.5
More than $2 billion–$15 billion  30.1
$2 billion or less  0.7
Total  100.0
    
Fund profile
   as of 10/31/2021
Net assets  $5.16 billion
Portfolio turnover rate  33%
Number of holdings  1,432
Weighted median market capitalization  $40.26 billion
Price/earnings ratio (weighted 12-month trailing average)†  15.3
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

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

International Equity Index Fund

 

Expense example

 

Six months ended October 31, 2021

International
Equity Index
Fund		  Beginning
 account
value
(5/1/21)		   Ending
account
value
(10/31/21)		   Expenses
paid
during
period*
(5/1/21–
10/31/21)
Actual return
Institutional Class  $1,000.00   $1,043.86   $0.26
Advisor Class   1,000.00    1,043.03    0.87
Premier Class   1,000.00    1,042.63    1.03
Retirement Class   1,000.00    1,042.42    1.54
Class W   1,000.00    1,043.84    0.00
5% annual hypothetical return
Institutional Class   1,000.00    1,024.95    0.25
Advisor Class   1,000.00    1,024.35    0.87
Premier Class   1,000.00    1,024.20    1.02
Retirement Class   1,000.00    1,023.69    1.53
Class W   1,000.00    1,025.21    0.00
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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

Sector % of net assets
as of 10/31/2021
Financials  16.9
Industrials  15.3
Consumer discretionary  12.6
Health care  12.4
Consumer staples  10.0
Information technology  9.5
Materials  7.2
Communication services  4.5
Energy  3.4
Utilities  3.3
Real estate  2.8
Short-term investments, other assets & liabilities, net  2.1
Total  100.0

Performance for the twelve months ended October 31, 2021

 

The International Equity Index Fund returned 34.05% for the Institutional Class, compared with the 34.18% return of its benchmark, the MSCI EAFE® Index. The performance table shows returns for all share classes of the Fund.

For the twelve-month period, the Fund’s return 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.

 

Foreign stocks advanced amid mixed economic results

International stocks in both developed- and emerging-markets countries posted gains despite varying rates of economic growth around the world. The economy in the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021 before posting moderate growth over the second and third quarters. China’s economy continued to grow year-over-year, but its rate of expansion peaked during the first quarter of 2021 and then decelerated.

Global central banks left highly accommodative monetary policies in place throughout the period. The Federal Reserve kept the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank maintained its benchmark interest rates within a near-zero range.

The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, outpaced the 16.96% return of the MSCI Emerging Markets Index for the period. Both indexes trailed the 43.90% return of the Russell 3000® Index, a broad measure of the U.S. stock market.

 

Nearly all countries in the benchmark gained ground

Twenty of the 21 countries in the MSCI EAFE Index advanced in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (22.9%), the United Kingdom (14.6%) and France (11.5%), up 20.3%, 43.1% and 47.4%, respectively. Collectively, these three nations represented nearly one-half of the benchmark’s total market capitalization on October 31, 2021. New Zealand was the worst performer, returning –0.8%.

 

Two of the benchmark’s five largest stocks outperformed

Two of the five largest stocks in the MSCI EAFE Index outperformed the benchmark’s return. Dutch semiconductor firm ASML Holding performed best, followed by French luxury goods group LVMH. Global drug manufacturer AstraZeneca, Swiss pharmaceutical manufacturer Roche Holding and Nestle 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 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Performance as of October 31, 2021

International Equity Index Fund     Total return  Average annual
total return		   Annual operating
expenses*
   Inception
date		   1 year    5 years    10 years    gross    net 
Institutional Class  10/1/02   34.05%   9.94%   7.67%   0.05%   0.05%
Advisor Class  12/4/15   33.86    9.80    7.60†   0.17    0.17 
Premier Class  9/30/09   33.87    9.77    7.50    0.20    0.20 
Retirement Class  10/1/02   33.74    9.66    7.40    0.30    0.30 
Class W  9/28/18   34.09    9.97†   7.68†   0.05    0.00 
MSCI EAFE® Index  —   34.18    9.79    7.37    —    — 

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.

 

$10,000,000 over 10 years

 

Institutional Class

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Holdings by country
  % of portfolio investments
as of 10/31/2021
Japan  22.4
United Kingdom  11.8
France  10.4
Switzerland  9.7
Germany  8.6
Australia  7.7
Netherlands  5.3
Sweden  3.5
Denmark  2.7
Hong Kong  2.4
24 other nations  13.1
Short-term investments  2.4
Total  100.0
    
Holdings by company size
Market capitalization % of equity investments
as of 10/31/2021
More than $50 billion  48.4
More than $15 billion–$50 billion  34.9
More than $2 billion–$15 billion  16.7
Total  100.0
    
Fund profile
   as of 10/31/2021
Net assets  $18.95 billion
Portfolio turnover rate  5%
Number of holdings  860
Weighted median market capitalization  $48.55 billion
Price/earnings ratio (weighted 12-month trailing average)†  17.1
† Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.


 

TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 23
 

Summary portfolio of investments

 

Equity Index Fund  ■  October 31, 2021

 

Shares        Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
595,669    *   Tesla, Inc  $663,575,266    1.9%
         Other   209,640,803    0.6 
             873,216,069    2.5 
BANKS                   
5,525,179        Bank of America Corp   263,993,053    0.8 
2,219,738        JPMorgan Chase & Co   377,111,289    1.1 
3,095,875        Wells Fargo & Co   158,384,965    0.5 
         Other   812,916,007    2.2 
             1,612,405,314    4.6 
CAPITAL GOODS   2,054,677,186    5.8 
COMMERCIAL & PROFESSIONAL SERVICES   433,068,655    1.2 
CONSUMER DURABLES & APPAREL          
929,129        Nike, Inc (Class B)   155,433,990    0.5 
         Other   358,087,443    1.0 
             513,521,433    1.5 
CONSUMER SERVICES          
558,796        McDonald’s Corp   137,212,358    0.4 
         Other   620,544,750    1.8 
             757,757,108    2.2 
DIVERSIFIED FINANCIALS          
1,380,229    *   Berkshire Hathaway, Inc (Class B)   396,139,525    1.1 
         Other   1,453,382,043    4.2 
             1,849,521,568    5.3 
ENERGY                   
1,446,664        Chevron Corp   165,628,561    0.5 
3,168,845    d   Exxon Mobil Corp   204,295,437    0.6 
         Other   624,570,137    1.7 
             994,494,135    2.8 
FOOD & STAPLES RETAILING          
329,044        Costco Wholesale Corp   161,738,288    0.5 
1,069,808        Walmart, Inc   159,850,711    0.4 
         Other   112,964,075    0.3 
             434,553,074    1.2 
FOOD, BEVERAGE & TOBACCO          
2,906,649        Coca-Cola Co   163,847,804    0.5 
1,035,967        PepsiCo, Inc   167,412,267    0.5 
         Other   578,664,942    1.6 
             909,925,013    2.6 
HEALTH CARE EQUIPMENT & SERVICES  
1,298,059        Abbott Laboratories   167,306,824    0.5 
473,556        Danaher Corp   147,640,554    0.4 
703,563        UnitedHealth Group, Inc   323,969,655    0.9 
         Other   1,557,200,978    4.4 
             2,196,118,011    6.2 
HOUSEHOLD & PERSONAL PRODUCTS  
1,824,272        Procter & Gamble Co   260,852,653    0.7 
         Other   194,085,889    0.6 
             454,938,542    1.3 
INSURANCE   720,740,900    2.1 
MATERIALS   827,319,902    2.4 
Shares        Company  Value   % of net
assets
MEDIA & ENTERTAINMENT          
224,691    *   Alphabet, Inc (Class A)  $665,292,076    1.9%
209,678    *   Alphabet, Inc (Class C)   621,781,238    1.8 
3,388,740        Comcast Corp (Class A)   174,282,898    0.5 
1,787,985    *   Facebook, Inc   578,538,306    1.7 
322,121    *   Netflix, Inc   222,363,347    0.6 
1,357,305    *   Walt Disney Co   229,479,556    0.7 
         Other   546,154,814    1.4 
             3,037,892,235    8.6 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES  
1,314,847        AbbVie, Inc   150,773,505    0.4 
634,108        Eli Lilly & Co   161,545,354    0.5 
1,970,784        Johnson & Johnson   321,001,298    0.9 
1,881,742        Merck & Co, Inc   165,687,383    0.5 
4,163,891        Pfizer, Inc   182,128,592    0.5 
294,011        Thermo Fisher Scientific, Inc   186,129,544    0.6 
         Other   1,298,635,045    3.6 
             2,465,900,721    7.0 
REAL ESTATE   1,190,734,403    3.4 
RETAILING          
324,367    *   Amazon.com, Inc   1,093,905,002    3.1 
796,170        Home Depot, Inc   295,968,236    0.9 
529,854        Lowe’s Companies, Inc   123,890,462    0.4 
         Other   738,940,921    2.0 
             2,252,704,621    6.4 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT  
298,173        Broadcom, Inc   158,529,639    0.5 
3,018,486        Intel Corp   147,905,814    0.4 
1,786,003        NVIDIA Corp   456,627,387    1.3 
693,882        Texas Instruments, Inc   130,088,997    0.4 
         Other   924,362,009    2.6 
             1,817,513,846    5.2 
SOFTWARE & SERVICES          
475,229        Accenture plc   170,507,413    0.5 
357,552    *   Adobe, Inc   232,537,519    0.7 
655,642        Mastercard, Inc (Class A)   219,981,004    0.6 
5,632,103        Microsoft Corp   1,867,717,997    5.3 
1,259,064        Oracle Corp   120,794,600    0.4 
878,441    *   PayPal Holdings, Inc   204,316,592    0.6 
691,157    *   salesforce.com, Inc   207,132,841    0.6 
1,266,857        Visa, Inc (Class A)   268,282,307    0.8 
         Other   2,124,374,814    5.9 
             5,415,645,087    15.4 
TECHNOLOGY HARDWARE & EQUIPMENT  
11,733,726        Apple, Inc   1,757,712,155    5.0 
3,151,682        Cisco Systems, Inc   176,399,642    0.5 
         Other   452,929,309    1.3 
             2,387,041,106    6.8 
TELECOMMUNICATION SERVICES          
5,263,928        AT&T, Inc   132,966,821    0.4 
3,089,415        Verizon Communications, Inc   163,708,101    0.5 
         Other   77,000,570    0.2 
             373,675,492    1.1 
TRANSPORTATION   681,806,848    1.9 


 

24 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Equity Index Fund  ■  October 31, 2021

 

Shares          Company  Value   % of net
assets
UTILITIES          
1,469,912        NextEra Energy, Inc  $125,427,591       0.4%
         Other   690,918,055    1.9 
             816,345,646    2.3 
         TOTAL COMMON STOCKS
(Cost $14,751,307,232)		   35,071,516,915    99.8 
RIGHTS / WARRANTS          
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   2,704    0.0 
         TOTAL RIGHTS / WARRANTS
(Cost $823)		   2,704    0.0 
                    
Principal        Issuer                           
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   116,590,076    0.3 
REPURCHASE AGREEMENT   35,445,000    0.1 
Shares        Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     
132,763,316    c   State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $132,763,316    0.4%
             132,763,316    0.4 
     TOTAL SHORT-TERM INVESTMENTS
(Cost $284,799,041)		   284,798,392    0.8 
     TOTAL PORTFOLIO
(Cost $15,036,107,096)		   35,356,318,011    100.6 
     OTHER ASSETS & LIABILITIES, NET   (198,803,241)   (0.6)
     NET ASSETS  $35,157,514,770    100.0%

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $230,867,953. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

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


 

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description Number of
long (short)
contracts		 Expiration date Notional amount Value Unrealized
appreciation
(depreciation)
Russel 2000 E Mini Index 30 12/17/21 $ 3,418,433 $ 3,442,950               $ 24,517
S&P 500 E Mini Index 223 12/17/21 50,604,741 51,256,550 651,809
Total 253   $ 54,023,174 $ 54,699,500 $ 676,326

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 25
 

Summary portfolio of investments

 

Large-Cap Growth Index Fund  ■  October 31, 2021

 

Shares        Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
444,748    *   Tesla, Inc  $495,449,272    3.8%
         Other   8,307,414    0.1 
             503,756,686    3.9 
BANKS   6,822,497    0.1 
CAPITAL GOODS          
263,727        Caterpillar, Inc   53,802,945    0.4 
157,445        Deere & Co   53,894,998    0.4 
         Other   284,020,688    2.2 
             391,718,631    3.0 
COMMERCIAL & PROFESSIONAL SERVICES   107,933,179    0.8 
CONSUMER DURABLES & APPAREL          
691,540        Nike, Inc (Class B)   115,687,727    0.9 
         Other   91,904,721    0.7 
             207,592,448    1.6 
CONSUMER SERVICES          
22,867    *   Booking Holdings, Inc   55,355,976    0.4 
658,114        Starbucks Corp   69,806,152    0.5 
         Other   180,592,405    1.5 
             305,754,533    2.4 
DIVERSIFIED FINANCIALS          
379,681        Blackstone Group, Inc   52,555,444    0.4 
94,987        S&P Global, Inc   45,039,036    0.3 
         Other   218,059,341    1.7 
             315,653,821    2.4 
ENERGY   42,144,186    0.3 
FOOD & STAPLES RETAILING          
230,501        Costco Wholesale Corp   113,300,461    0.9 
         Other   20,852,281    0.1 
             134,152,742    1.0 
FOOD, BEVERAGE & TOBACCO          
1,528,544        Coca-Cola Co   86,164,025    0.7 
639,515        PepsiCo, Inc   103,345,624    0.8 
         Other   72,994,586    0.5 
             262,504,235    2.0 
HEALTH CARE EQUIPMENT & SERVICES          
484,909        Abbott Laboratories   62,499,921    0.5 
197,851    *   Intuitive Surgical, Inc   71,449,932    0.6 
         Other   344,795,495    2.6 
             478,745,348    3.7 
HOUSEHOLD & PERSONAL PRODUCTS   82,215,346    0.6 
INSURANCE   40,053,999    0.3 
MATERIALS   125,967,381    1.0 
MEDIA & ENTERTAINMENT          
144,495    *   Alphabet, Inc (Class A)   427,838,136    3.3 
134,808    *   Alphabet, Inc (Class C)   399,760,991    3.1 
67,608    *   Charter Communications, Inc   45,627,963    0.4 
1,335,172    *   Facebook, Inc   432,021,604    3.3 
240,959    *   Netflix, Inc   166,336,407    1.3 
         Other   124,143,681    0.9 
             1,595,728,782    12.3 
Shares        Company  Value   % of net
assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES  
985,867        AbbVie, Inc  $113,049,369    0.9%
261,043        Amgen, Inc   54,028,070    0.4 
373,661        Eli Lilly & Co   95,193,876    0.7 
188,700    *   Moderna, Inc   65,141,127    0.5 
251,155        Zoetis, Inc   54,299,711    0.4 
         Other   277,727,454    2.2 
             659,439,607    5.1 
REAL ESTATE          
251,972        American Tower Corp   71,048,545    0.6 
240,560        Crown Castle International Corp   43,372,968    0.3 
         Other   97,789,291    0.8 
             212,210,804    1.7 
RETAILING          
242,134    *   Amazon.com, Inc   816,579,966    6.3 
593,515        Home Depot, Inc   220,633,266    1.7 
394,884        Lowe’s Companies, Inc   92,331,777    0.7 
674,035        TJX Companies, Inc   44,142,552    0.3 
         Other   249,847,915    2.0 
             1,423,535,476    11.0 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
675,235    *   Advanced Micro Devices, Inc   81,183,504    0.6 
511,225        Applied Materials, Inc   69,858,896    0.5 
222,825        Broadcom, Inc   118,469,368    0.9 
79,390        Lam Research Corp   44,741,822    0.3 
1,334,658        NVIDIA Corp   341,232,011    2.6 
629,648        QUALCOMM, Inc   83,768,370    0.7 
319,670        Texas Instruments, Inc   59,931,732    0.5 
         Other   190,412,280    1.5 
             989,597,983    7.6 
SOFTWARE & SERVICES          
285,589        Accenture plc   102,466,477    0.8 
266,523    *   Adobe, Inc   173,335,898    1.3 
218,159        Automatic Data Processing, Inc   48,974,514    0.4 
142,489        Intuit, Inc   89,196,689    0.7 
488,377        Mastercard, Inc (Class A)   163,860,251    1.3 
4,204,331        Microsoft Corp   1,394,240,246    10.8 
876,656        Oracle Corp   84,106,377    0.7 
655,649    *   PayPal Holdings, Inc   152,497,401    1.2 
110,012    *   ServiceNow, Inc   76,761,973    0.6 
220,844    *   Square, Inc   56,204,798    0.4 
944,750        Visa, Inc (Class A)   200,069,708    1.5 
         Other   839,618,574    6.4 
             3,381,332,906    26.1 
TECHNOLOGY HARDWARE & EQUIPMENT
8,758,366        Apple, Inc   1,312,003,227    10.1 
         Other   119,016,604    0.9 
             1,431,019,831    11.0 
TRANSPORTATION          
230,387        Union Pacific Corp   55,615,422    0.4 
403,976        United Parcel Service, Inc (Class B)   86,236,757    0.7 
         Other   120,567,158    0.9 
             262,419,337    2.0 
UTILITIES   3,144,100    0.0 
     TOTAL COMMON STOCKS
(Cost $5,021,849,007)		   12,963,443,858    99.9 


 

26 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded
   
Large-Cap Growth Index Fund  ■  October 31, 2021  
   
Shares        Company  Value   % of net
assets
SHORT-TERM INVESTMENTS          
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
15,701,698    c   State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $15,701,698    0.1%
             15,701,698    0.1 
     TOTAL SHORT-TERM INVESTMENTS
(Cost $15,701,698)		   15,701,698    0.1 
     Value     % of net
assets
  TOTAL PORTFOLIO
(Cost $5,037,550,705)		  $12,979,145,556    100.0%
  OTHER ASSETS & LIABILITIES, NET   (5,546,116)   (0.0)
  NET ASSETS  $12,973,599,440    100.0%

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $26,257,380. 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 Annual Report 27
 
Summary portfolio of investments

 

Large-Cap Value Index  ■  Fund October 31, 2021

 

Shares        Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS  $95,255,829    1.1%
BANKS          
3,208,945        Bank of America Corp   153,323,392    1.7 
877,421        Citigroup, Inc   60,682,436    0.7 
1,286,543        JPMorgan Chase & Co   218,570,790    2.4 
183,139        PNC Financial Services Group, Inc   38,647,823    0.4 
582,161        Truist Financial Corp   36,949,759    0.4 
1,792,450        Wells Fargo & Co   91,701,742    1.0 
         Other   203,166,098    2.3 
             803,042,040    8.9 
CAPITAL GOODS          
213,240        3M Co   38,101,723    0.4 
232,037     *   Boeing Co   48,038,620    0.5 
474,780        General Electric Co   49,790,179    0.6 
236,219        Honeywell International, Inc   51,642,198    0.6 
656,719        Raytheon Technologies Corp   58,356,050    0.7 
         Other   515,884,370    5.6 
             761,813,140    8.4 
COMMERCIAL & PROFESSIONAL SERVICES   121,262,781    1.3 
CONSUMER DURABLES & APPAREL   95,149,331    1.1 
CONSUMER SERVICES          
266,110        McDonald’s Corp   65,343,311    0.7 
         Other   96,704,451    1.1 
             162,047,762    1.8 
DIVERSIFIED FINANCIALS          
804,536     *   Berkshire Hathaway, Inc (Class B)   230,909,877    2.6 
61,958        BlackRock, Inc   58,454,895    0.7 
650,477        Charles Schwab Corp   53,358,628    0.6 
135,145        Goldman Sachs Group, Inc   55,862,186    0.6 
589,272        Morgan Stanley   60,565,376    0.7 
         Other   366,710,342    4.0 
             825,861,304    9.2 
ENERGY          
838,348        Chevron Corp   95,982,463    1.1 
585,014        ConocoPhillips   43,577,693    0.5 
1,835,226        Exxon Mobil Corp   118,317,020    1.3 
         Other   223,315,940    2.4 
             481,193,116    5.3 
FOOD & STAPLES RETAILING          
621,796        Walmart, Inc   92,908,758    1.0 
         Other   42,988,336    0.5 
             135,897,094    1.5 
FOOD, BEVERAGE & TOBACCO          
604,760        Mondelez International, Inc   36,733,122    0.4 
674,236        Philip Morris International, Inc   63,742,271    0.7 
         Other   203,900,971    2.3 
             304,376,364    3.4 
Shares        Company  Value   % of net
assets
HEALTH CARE EQUIPMENT & SERVICES          
376,464        Abbott Laboratories  $48,522,445    0.5%
106,220        Anthem, Inc   46,219,509    0.5 
570,415        CVS Health Corp   50,926,651    0.6 
260,451        Danaher Corp   81,200,808    0.9 
581,621        Medtronic plc   69,713,093    0.8 
379,580        UnitedHealth Group, Inc   174,785,203    1.9 
         Other   327,833,744    3.7 
             799,201,453    8.9 
HOUSEHOLD & PERSONAL PRODUCTS  
1,055,226        Procter & Gamble Co   150,886,766    1.7 
         Other   37,595,310    0.4 
             188,482,076    2.1 
INSURANCE          
189,852        Chubb Ltd   37,093,284    0.4 
         Other   323,716,903    3.6 
             360,810,187    4.0 
MATERIALS   331,860,133    3.7 
MEDIA & ENTERTAINMENT          
18,124    *   Alphabet, Inc (Class A)   53,663,714    0.6 
16,864    *   Alphabet, Inc (Class C)   50,008,674    0.6 
1,976,386        Comcast Corp (Class A)   101,645,532    1.1 
746,643    *   Walt Disney Co   126,234,932    1.4 
         Other   158,348,481    1.7 
             489,901,333    5.4 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
968,192        Bristol-Myers Squibb Co   56,542,413    0.6 
544,107        Gilead Sciences, Inc   35,301,662    0.4 
1,141,845        Johnson & Johnson   185,983,714    2.1 
1,097,892        Merck & Co, Inc   96,669,391    1.1 
2,419,115        Pfizer, Inc   105,812,090    1.2 
154,932        Thermo Fisher Scientific, Inc   98,082,801    1.1 
         Other   186,408,084    2.0 
             764,800,155    8.5 
REAL ESTATE          
318,377        Prologis, Inc   46,151,930    0.5 
         Other   387,209,821    4.3 
             433,361,751    4.8 
RETAILING   153,940,388    1.7 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
1,751,460        Intel Corp   85,821,540    0.9 
         Other   157,672,537    1.8 
             243,494,077    2.7 
SOFTWARE & SERVICES          
386,681        International Business Machines Corp   48,373,793    0.5 
323,550    *   salesforce.com, Inc   96,964,699    1.1 
         Other   264,276,334    2.9 
             409,614,826    4.5 


 

28 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Large-Cap Value Index Fund  ■  October 31, 2021

 

Shares        Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT
1,831,590        Cisco Systems, Inc  $102,514,092    1.1%
         Other   130,345,902    1.5 
             232,859,994    2.6 
TELECOMMUNICATION SERVICES          
3,095,810        AT&T, Inc   78,200,161    0.9 
1,796,157        Verizon Communications, Inc   95,178,359    1.0 
         Other   35,075,924    0.4 
             208,454,444    2.3 
TRANSPORTATION          
984,407        CSX Corp   35,606,001    0.4 
         Other   134,633,648    1.5 
             170,239,649    1.9 
UTILITIES          
849,461        NextEra Energy, Inc   72,484,507    0.8 
         Other   366,620,281    4.1 
             439,104,788    4.9 
     TOTAL COMMON STOCKS
(Cost $6,132,822,260)		   9,012,024,015    100.0 
                    
Principal        Issuer                   
SHORT-TERM INVESTMENTS          
TREASURY DEBT   1,687,000    0.0 
Shares        Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  
19,169,620    c   State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $19,169,620    0.2%
             19,169,620    0.2 
     TOTAL SHORT-TERM INVESTMENTS
(Cost $20,856,619)		   20,856,620    0.2 
     TOTAL PORTFOLIO
(Cost $6,153,678,879)		   9,032,880,635    100.2 
     OTHER ASSETS & LIABILITIES, NET   (15,419,969)   (0.2)
     NET ASSETS  $9,017,460,666    100.0%

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $31,194,606. 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 Annual Report 29
 
Summary portfolio of investments
   
S&P 500 Index Fund  ■  October 31, 2021  
   
Shares      Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
 176,960   *  Tesla, Inc  $197,133,440    2.3%
        Other   44,275,330    0.5 
            241,408,770    2.8 
BANKS          
 1,615,049      Bank of America Corp   77,167,041    0.9 
 651,830      JPMorgan Chase & Co   110,739,399    1.3 
 895,604      Wells Fargo & Co   45,819,101    0.5 
        Other   140,306,176    1.7 
            374,031,717    4.4 
CAPITAL GOODS   452,196,294    5.3 
COMMERCIAL & PROFESSIONAL SERVICES   74,241,924    0.9 
CONSUMER DURABLES & APPAREL          
 279,209      Nike, Inc (Class B)   46,708,874    0.6 
        Other   48,280,674    0.5 
            94,989,548    1.1 
CONSUMER SERVICES          
 163,426      McDonald’s Corp   40,129,254    0.5 
        Other   126,179,076    1.4 
            166,308,330    1.9 
DIVERSIFIED FINANCIALS          
 404,525   *  Berkshire Hathaway, Inc (Class B)   116,102,720    1.4 
        Other   318,665,825    3.7 
            434,768,545    5.1 
ENERGY          
 422,190      Chevron Corp   48,336,533    0.6 
 919,648   d  Exxon Mobil Corp   59,289,707    0.7 
        Other   135,864,421    1.5 
            243,490,661    2.8 
FOOD & STAPLES RETAILING          
 96,382      Costco Wholesale Corp   47,375,608    0.5 
 311,842      Walmart, Inc   46,595,432    0.5 
        Other   21,730,190    0.3 
            115,701,230    1.3 
FOOD, BEVERAGE & TOBACCO          
 847,311      Coca-Cola Co   47,762,921    0.6 
 301,439      PepsiCo, Inc   48,712,543    0.6 
        Other   140,152,434    1.6 
            236,627,898    2.8 
HEALTH CARE EQUIPMENT & SERVICES          
 386,707      Abbott Laboratories   49,842,665    0.6 
 138,578      Danaher Corp   43,204,463    0.5 
 205,704      UnitedHealth Group, Inc   94,720,521    1.1 
        Other   351,480,172    4.1 
            539,247,821    6.3 
HOUSEHOLD & PERSONAL PRODUCTS          
 529,700      Procter & Gamble Co   75,741,803    0.9 
        Other   49,009,861    0.6 
            124,751,664    1.5 
INSURANCE   163,982,326    1.9 
Shares      Company  Value   % of net
assets
MATERIALS          
 112,666      Linde plc  $35,962,987    0.4%
        Other   176,412,755    2.1 
            212,375,742    2.5 
MEDIA & ENTERTAINMENT          
 65,660   *  Alphabet, Inc (Class A)   194,414,007    2.3 
 61,443   *  Alphabet, Inc (Class C)   182,203,687    2.1 
 997,976      Comcast Corp (Class A)   51,325,906    0.6 
 519,868   *  Facebook, Inc   168,213,689    2.0 
 96,495   *  Netflix, Inc   66,611,463    0.8 
 396,101   *  Walt Disney Co   66,968,796    0.8 
        Other   88,883,487    0.9 
            818,621,035    9.5 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 
 385,435      AbbVie, Inc   44,197,831    0.5 
 172,543      Eli Lilly & Co   43,957,055    0.5 
 574,557      Johnson & Johnson   93,583,844    1.1 
 552,032      Merck & Co, Inc   48,606,418    0.6 
 1,222,656      Pfizer, Inc   53,478,973    0.6 
 85,828      Thermo Fisher Scientific, Inc   54,335,132    0.6 
        Other   232,229,166    2.8 
            570,388,419    6.7 
REAL ESTATE   224,044,576    2.6 
RETAILING          
 94,996   *  Amazon.com, Inc   320,367,360    3.7 
 231,861      Home Depot, Inc   86,192,008    1.0 
 153,902      Lowe’s Companies, Inc   35,985,366    0.4 
        Other   147,351,426    1.8 
            589,896,160    6.9 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 
 89,480      Broadcom, Inc   47,573,832    0.6 
 884,883      Intel Corp   43,359,267    0.5 
 543,424      NVIDIA Corp   138,937,214    1.6 
 201,392      Texas Instruments, Inc   37,756,972    0.4 
        Other   215,975,949    2.5 
            483,603,234    5.6 
SOFTWARE & SERVICES          
 138,563      Accenture plc   49,715,019    0.6 
 103,918   *  Adobe, Inc   67,584,110    0.8 
 59,839      Intuit, Inc   37,458,616    0.4 
 189,926      Mastercard, Inc (Class A)   63,723,972    0.7 
 1,639,148      Microsoft Corp   543,574,260    6.3 
 256,190   *  PayPal Holdings, Inc   59,587,232    0.7 
 211,911   *  salesforce.com, Inc   63,507,608    0.7 
 367,997      Visa, Inc (Class A)   77,930,725    0.9 
        Other   270,684,512    3.3 
            1,233,766,054    14.4 
TECHNOLOGY HARDWARE & EQUIPMENT          
 3,424,928      Apple, Inc   513,054,214    6.0 
 918,729      Cisco Systems, Inc   51,421,262    0.6 
        Other   99,346,064    1.1 
            663,821,540    7.7 


 

     
30 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

S&P 500 Index Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
TELECOMMUNICATION SERVICES          
 1,555,542       AT&T, Inc  $39,292,991    0.4%
 903,715       Verizon Communications, Inc   47,887,858    0.6 
         Other   17,433,004    0.2 
             104,613,853    1.2 
TRANSPORTATION   157,152,520    1.8 
UTILITIES          
 427,568       NextEra Energy, Inc   36,484,377    0.4 
         Other   168,473,838    2.0 
             204,958,215    2.4 
                    
       TOTAL COMMON STOCKS
(Cost $3,243,902,754)		   8,524,988,076    99.4 
                      
Principal       Issuer                  
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   21,098,974    0.3 
TREASURY DEBT   1,415,999    0.0 
Shares      Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
 2,720,983   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $2,720,983    0.0%
            2,720,983    0.0 
     TOTAL SHORT-TERM INVESTMENTS
(Cost $25,236,104)		   25,235,956    0.3 
     TOTAL PORTFOLIO
(Cost $3,269,138,858)		   8,550,224,032    99.7 
     OTHER ASSETS & LIABILITIES, NET   26,223,892    0.3 
     NET ASSETS  $8,576,447,924    100.0%

 

 

 

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

 

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

 

At 10/31/21, the aggregate value of securities on loan is $3,099,887. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

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


 

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

    Number of               Unrealized  
    long (short )             appreciation  
Description   contracts   Expiration date   Notional amount   Value   (depreciation )
S&P 500 E Mini Index   225   12/17/21   $50,777,864   $51,716,250   $938,386  
     
See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 31
 

Summary portfolio of investments

 

Small-Cap Blend Index Fund  ■  October 31, 2021

 

Shares      Company  Value   % of net
assets
COMMON STOCKS          
AUTOMOBILES & COMPONENTS          
 64,959   *  Fox Factory Holding Corp  $10,455,151    0.2%
        Other   60,506,694    1.3 
            70,961,845    1.5 
BANKS          
 198,995      First Financial Bankshares, Inc   10,093,026    0.2 
 167,866      Glacier Bancorp, Inc   9,281,311    0.2 
        Other   432,663,450    9.3 
            452,037,787    9.7 
CAPITAL GOODS          
 56,216   *  Chart Industries, Inc   9,979,464    0.2 
 80,822      EMCOR Group, Inc   9,819,065    0.2 
 42,388   *  RBC Bearings, Inc   9,915,825    0.2 
 324,096   *  WillScot Mobile Mini Holdings Corp   11,262,336    0.2 
        Other   405,585,710    8.8 
            446,562,400    9.6 
COMMERCIAL & PROFESSIONAL SERVICES      
 78,749   *  ASGN Inc   9,423,105    0.2 
 79,974      Exponent, Inc   9,181,015    0.2 
 214,483      KBR, Inc   9,102,659    0.2 
 82,353      Tetra Tech, Inc   14,466,128    0.3 
        Other   119,858,054    2.6 
            162,030,961    3.5 
CONSUMER DURABLES & APPAREL          
 94,402   *  Crocs, Inc   15,241,203    0.3 
        Other   130,937,072    2.8 
            146,178,275    3.1 
CONSUMER SERVICES          
 147,564   *  Scientific Games Corp (Class A)   11,812,498    0.3 
 106,471      Texas Roadhouse, Inc (Class A)   9,455,690    0.2 
        Other   119,277,521    2.5 
            140,545,709    3.0 
DIVERSIFIED FINANCIALS          
 78,042      Houlihan Lokey, Inc   8,746,947    0.2 
 109,734   e  iShares Russell 2000 Index Fund   25,024,839    0.5 
        Other   179,521,976    3.9 
            213,293,762    4.6 
ENERGY          
 149,862      Chesapeake Energy Corp   9,552,204    0.2 
 397,436      Ovintiv, Inc   14,911,799    0.3 
        Other   195,577,013    4.2 
            220,041,016    4.7 
FOOD & STAPLES RETAILING          
 207,969   *  BJ’s Wholesale Club Holdings, Inc   12,153,708    0.3 
 229,937   *  Performance Food Group Co   10,400,051    0.2 
        Other   19,840,084    0.4 
            42,393,843    0.9 
FOOD, BEVERAGE & TOBACCO   68,055,813    1.5 
Shares      Company  Value   % of net
assets
HEALTH CARE EQUIPMENT & SERVICES          
 40,833   *  Inspire Medical Systems, Inc  $11,007,760    0.2%
 65,431   *  Omnicell, Inc   11,656,533    0.3 
 51,249   *  Shockwave Medical Inc   10,951,911    0.2 
 162,980   *  Tenet Healthcare Corp   11,679,147    0.3 
        Other   314,361,777    6.7 
            359,657,128    7.7 
HOUSEHOLD & PERSONAL PRODUCTS   35,261,831    0.8 
INSURANCE   88,574,398    1.9 
MATERIALS   173,949,913    3.7 
MEDIA & ENTERTAINMENT          
 788,593   *,e  AMC Entertainment Holdings, Inc   27,892,534    0.6 
        Other   88,291,486    1.9 
            116,184,020    2.5 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 
 155,870   *  Arrowhead Pharmaceuticals Inc   9,947,623    0.2 
 84,868   *  Biohaven Pharmaceutical Holding Co Ltd   12,078,414    0.3 
 88,864   *  Blueprint Medicines Corp   9,996,311    0.2 
 105,506   *  Intellia Therapeutics, Inc   14,030,188    0.3 
 44,042   *  Medpace Holdings, Inc   9,977,715    0.2 
        Other   490,189,605    10.5 
            546,219,856    11.7 
REAL ESTATE          
 61,040      EastGroup Properties, Inc   12,072,491    0.3 
 35,978      Innovative Industrial Properties, Inc   9,465,452    0.2 
 248,074      STAG Industrial, Inc   10,798,661    0.2 
        Other   292,417,747    6.3 
            324,754,351    7.0 
RETAILING          
 476,832      Macy’s, Inc   12,621,743    0.3 
        Other   148,621,602    3.2 
            161,243,345    3.5 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 
 54,039   *  Ambarella, Inc   10,042,067    0.2 
 207,249   *  Lattice Semiconductor Corp   14,391,371    0.3 
 92,867      Power Integrations, Inc   9,584,803    0.2 
 67,312   *  Silicon Laboratories, Inc   12,705,813    0.3 
 54,275   *  Synaptics, Inc   10,560,287    0.2 
        Other   91,481,106    2.0 
            148,765,447    3.2 
SOFTWARE & SERVICES          
 112,307   *  Asana, Inc   15,251,291    0.3 
 81,654   *  Blackline, Inc   10,359,443    0.2 
 138,708   *  Digital Turbine, Inc   11,937,210    0.3 
 84,657   *  Rapid7, Inc   10,899,589    0.2 
 161,113   *  Varonis Systems, Inc   10,430,456    0.2 
 65,211   *  Workiva, Inc   9,752,305    0.2 
        Other   303,953,922    6.6 
            372,584,216    8.0 


 

32 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Small-Cap Blend Index Fund  ■  October 31, 2021

 

Shares      Company  Value   % of net
assets
TECHNOLOGY HARDWARE & EQUIPMENT      
 158,686   *  II-VI, Inc  $9,602,090    0.2%
 53,567   *  Novanta, Inc   9,243,521    0.2 
        Other   125,018,794    2.7 
            143,864,405    3.1 
TELECOMMUNICATION SERVICES   33,921,893    0.7 
TRANSPORTATION          
 74,765   *  Avis Budget Group, Inc   12,957,522    0.3 
 40,760   *  Saia, Inc   12,743,206    0.3 
        Other   52,616,281    1.1 
            78,317,009    1.7 
UTILITIES   114,020,289    2.4 
     TOTAL COMMON STOCKS
(Cost $3,075,751,224)		   4,659,419,512    100.0 
           
RIGHTS / WARRANTS          
ENERGY   103,294    0.0 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   3,650    0.0 
     TOTAL RIGHTS / WARRANTS
(Cost $561)		   106,944    0.0 
Principal      Issuer   Value  % of net
assets
SHORT-TERM INVESTMENTS             
TREASURY DEBT  $1,261,999    0.0%
                         
Shares      Company            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
 129,943,316   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%   129,943,316    2.8 
            129,943,316    2.8 
     TOTAL SHORT-TERM INVESTMENTS
(Cost $131,205,315)		   131,205,315    2.8 
     TOTAL PORTFOLIO
(Cost $3,206,957,100)		   4,790,731,771    102.8 
     OTHER ASSETS & LIABILITIES, NET   (129,155,636)   (2.8)
     NET ASSETS  $4,661,576,135    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 $251,907,666. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

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

 

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


 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 33
 

Summary portfolio of investments

 

Emerging Markets Equity Index Fund  ■  October 31, 2021

 

Principal      Issuer  Value   % of net
assets
BONDS          
CORPORATE BOND          
INDIA  $21,983    0.0%
     TOTAL CORPORATE BONDS
(Cost $22,656)		   21,983    0.0 
     TOTAL BONDS
(Cost $22,656)		   21,983    0.0 
                     
Shares      Company            
COMMON STOCKS          
ARGENTINA   749,700    0.0 
BRAZIL          
 2,523,759      Vale S.A.   32,022,109    0.6 
        Other   165,143,047    3.2 
            197,165,156    3.8 
CHILE   20,129,291    0.4 
CHINA          
 9,702,220   *  Alibaba Group Holding Ltd   199,503,431    3.9 
 177,589   *  Baidu, Inc (ADR)   28,812,039    0.6 
 52,238,953      Bank of China Ltd (Hong Kong)   18,487,446    0.3 
 506,500      BYD Co Ltd (H shares)   19,372,400    0.4 
 62,042,641      China Construction Bank Corp (Hong Kong)   42,225,023    0.8 
 2,515,368      China Merchants Bank Co Ltd   21,079,132    0.4 
 36,675,777      Industrial & Commercial Bank of China Ltd (Hong Kong)   20,104,270    0.4 
 556,924   *  JD.com, Inc (ADR)   43,596,011    0.8 
 1,443,000      Li Ning Co Ltd   15,923,586    0.3 
 2,579,700   *,g  Meituan Dianping (Class B)   87,783,606    1.7 
 257,405      NetEase, Inc (ADR)   25,120,154    0.5 
 872,734   *  NIO, Inc (ADR)   34,394,447    0.7 
 280,925   *  Pinduoduo, Inc (ADR)   24,979,851    0.5 
 4,071,526      Ping An Insurance Group Co of China Ltd   29,163,239    0.6 
 3,680,004      Tencent Holdings Ltd   223,853,881    4.3 
 2,301,301   *,g  Wuxi Biologics Cayman, Inc   34,857,696    0.7 
 9,200,800   *,g  Xiaomi Corp   25,150,888    0.5 
        Other   853,303,690    16.5 
            1,747,710,790    33.9 
COLOMBIA   9,680,585    0.2 
CZECH REPUBLIC   6,636,900    0.1 
EGYPT   4,464,435    0.1 
GREECE   9,486,304    0.2 
HONG KONG   11,361,803    0.2 
HUNGARY   13,391,296    0.3 
INDIA          
 175,447      Bajaj Finance Ltd   17,398,874    0.3 
 507,156      Hindustan Lever Ltd   16,232,599    0.3 
 1,025,793      Housing Development Finance Corp   39,110,064    0.8 
 3,154,576      ICICI Bank Ltd   33,965,654    0.7 
 2,100,818      Infosys Technologies Ltd   47,013,814    0.9 
 1,832,145      Reliance Industries Ltd   62,174,127    1.2 
 594,853      Tata Consultancy Services Ltd   27,038,742    0.5 
        Other   362,930,074    7.0 
            605,863,948    11.7 
Shares      Company  Value   % of net
assets
INDONESIA          
 35,077,575      Bank Central Asia Tbk PT  $18,548,226    0.3%
        Other   55,928,259    1.1 
            74,476,485    1.4 
KOREA, REPUBLIC OF          
 349,164      Hynix Semiconductor, Inc   30,779,004    0.6 
 88,592      Hyundai Motor Co   15,845,161    0.3 
 198,125      Kakao Corp   21,315,158    0.4 
 29,421      LG Chem Ltd   21,111,183    0.4 
 79,147      Naver Corp   27,518,034    0.5 
 3,055,400      Samsung Electronics Co Ltd   182,936,314    3.6 
 528,315      Samsung Electronics Co Ltd (Preference)   29,023,510    0.6 
 35,236      Samsung SDI Co Ltd   22,231,373    0.4 
        Other   272,481,735    5.3 
            623,241,472    12.1 
KUWAIT   30,979,775    0.6 
LUXEMBOURG   1,462,374    0.0 
MALAYSIA   69,883,018    1.4 
MEXICO          
 21,899,841      America Movil S.A.B. de C.V.   19,519,238    0.4 
        Other   76,878,999    1.5 
            96,398,237    1.9 
PAKISTAN   1,066,847    0.0 
PERU   10,153,678    0.2 
PHILIPPINES   33,823,992    0.7 
POLAND   39,755,953    0.8 
QATAR          
 2,890,080      Qatar National Bank   16,272,079    0.3 
        Other   22,891,001    0.5 
            39,163,080    0.8 
ROMANIA   1,914,944    0.0 
RUSSIA          
 2,851,696      Gazprom OAO (ADR)   27,983,305    0.6 
 271,672      LUKOIL PJSC (ADR)   27,718,694    0.5 
 1,380,561      Sberbank of Russian Federation (ADR)   27,687,170    0.5 
 195,500   *  Yandex NV   16,195,220    0.3 
        Other   106,582,658    2.1 
            206,167,047    4.0 
SAUDI ARABIA          
 797,066      Al Rajhi Bank   29,452,491    0.6 
 1,413,086      National Commercial Bank   24,826,673    0.5 
 585,518      Saudi Basic Industries Corp   20,180,724    0.4 
        Other   100,303,254    1.9 
            174,763,142    3.4 
SINGAPORE   1,219,858    0.0 
SOUTH AFRICA          
 138,720      Naspers Ltd (N Shares)   23,492,757    0.5 
        Other   125,440,749    2.4 
            148,933,506    2.9 


 

34 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

Emerging Markets Equity Index Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
TAIWAN          
 8,017,002       Hon Hai Precision Industry Co, Ltd  $30,948,338    0.6%
 970,170       MediaTek, Inc   31,930,899    0.6 
 15,759,848       Taiwan Semiconductor Manufacturing Co Ltd   334,428,542    6.5 
 7,600,452       United Microelectronics Corp   15,778,340    0.3 
         Other   322,947,188    6.3 
             736,033,307    14.3 
TANZANIA, UNITED REPUBLIC OF   4,783,480    0.1 
THAILAND   82,053,848    1.6 
TURKEY   13,139,758    0.3 
UNITED ARAB EMIRATES   42,220,642    0.8 
UNITED STATES          
 880,000       iShares MSCI Emerging Markets   44,809,600    0.8 
         Other   19,559,409    0.4 
             64,369,009    1.2 
      TOTAL COMMON STOCKS
(Cost $3,941,541,066)		   5,122,643,660    99.4 
PREFERRED STOCKS          
PHILIPPINES   610    0.0 
      TOTAL PREFERRED STOCKS
(Cost $725)		   610    0.0 
RIGHTS / WARRANTS          
BRAZIL   0    0.0 
THAILAND   3,982    0.0 
      TOTAL RIGHTS / WARRANTS
(Cost $0)		   3,982    0.0 
Principal      Issuer  Value   % of net
assets
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT          
$19,955,000      Federal Agricultural Mortgage Corp (FAMC) 0.000%, 12/16/21  $19,954,002    0.4%
        Other   9,999,356    0.2 
            29,953,358    0.6 
TREASURY DEBT   11,003,994    0.2 
                      
Shares      Company            
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
 12,418,395   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%   12,418,395    0.2 
            12,418,395    0.2 
     TOTAL SHORT-TERM INVESTMENTS
(Cost $53,376,076)		   53,375,747    1.0 
     TOTAL PORTFOLIO
(Cost $3,994,940,523)		   5,176,045,982    100.4 
     OTHER ASSETS & LIABILITIES, NET   (20,684,741)   (0.4)
     NET ASSETS  $5,155,361,241    100.0%

 

 

 

Abbreviation(s):

ADR American Depositary Receipt
   
* Non-income producing
c Investments made with cash collateral received from securities on loan.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities, including those in “Other,” is $294,342,756 or 5.7% of net assets.

 

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

 

At 10/31/21, the aggregate value of securities on loan is 57,845,311. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

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


 

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

    Number of               Unrealized  
    long (short )             appreciation  
Description   contracts   Expiration date   Notional amount   Value   (depreciation )
ICE US MSCI Emerging Markets EM Index Futures   795   12/17/21   $50,081,956   $50,164,500   $82,544  
     
See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 35
 

Summary portfolio of investments

 

International Equity Index Fund  ■  October 31, 2021

 

Shares      Company  Value   % of net
assets
COMMON STOCKS          
AUSTRALIA          
 3,163,699   e  BHP Billiton Ltd  $86,897,263    0.5%
 1,904,062      Commonwealth Bank of Australia   150,920,137    0.8 
 489,968      CSL Ltd   111,487,460    0.6 
 3,541,998      National Australia Bank Ltd   77,010,032    0.4 
 1,207,355      Rio Tinto plc   75,280,352    0.4 
 3,936,508      Westpac Banking Corp   76,585,264    0.4 
        Other   892,388,317    4.7 
            1,470,568,825    7.8 
AUSTRIA   52,452,849    0.3 
BELGIUM   153,218,560    0.8 
BRAZIL   9,784,497    0.1 
CHILE   8,232,263    0.0 
CHINA          
 1,001,560      Prosus NV   88,220,389    0.5 
        Other   43,022,078    0.2 
            131,242,467    0.7 
DENMARK          
 1,807,285      Novo Nordisk AS   198,177,581    1.1 
        Other   308,737,893    1.6 
            506,915,474    2.7 
FINLAND   230,658,010    1.2 
FRANCE          
 507,910      Air Liquide   84,799,477    0.5 
 634,112   *  Airbus SE   81,345,170    0.4 
 1,209,329      BNP Paribas S.A.   80,949,110    0.4 
 272,082      L’Oreal S.A.   124,465,197    0.7 
 298,159      LVMH Moet Hennessy Louis Vuitton S.A.   233,792,881    1.2 
 1,216,911      Sanofi-Aventis   122,231,538    0.6 
 2,685,731      Total S.A.   134,487,843    0.7 
        Other   1,114,263,318    5.9 
            1,976,334,534    10.4 
GERMANY          
 445,009      Allianz AG.   103,335,693    0.5 
 991,195      BASF SE   71,339,913    0.4 
 922,451      Daimler AG. (Registered)   91,564,715    0.5 
 1,122,558      SAP AG.   162,558,844    0.9 
 823,517      Siemens AG.   133,888,943    0.7 
        Other   1,070,865,123    5.6 
            1,633,553,231    8.6 
HONG KONG          
 13,020,147      AIA Group Ltd   145,916,902    0.8 
 1,296,164      Hong Kong Exchanges and Clearing Ltd   78,083,130    0.4 
        Other   241,336,869    1.3 
            465,336,901    2.5 
IRELAND   130,442,411    0.7 
ISRAEL   110,627,891    0.6 
Shares      Company  Value   % of net
assets
ITALY          
 8,710,101      Enel S.p.A.  $72,919,069    0.4%
        Other   312,850,999    1.6 
            385,770,068    2.0 
JAPAN          
 209,486      Keyence Corp   126,448,835    0.7 
 13,134,988      Mitsubishi UFJ Financial Group, Inc   72,025,634    0.4 
 1,456,448      Recruit Holdings Co Ltd   96,881,462    0.5 
 1,295,825      Softbank Group Corp   70,152,546    0.4 
 1,354,532      Sony Corp   156,849,775    0.8 
 160,553      Tokyo Electron Ltd   74,822,980    0.4 
 11,386,350   *  Toyota Motor Corp   200,902,523    1.1 
        Other   3,459,117,012    18.2 
            4,257,200,767    22.5 
JORDAN   6,182,565    0.0 
LUXEMBOURG   43,094,502    0.2 
MACAU   20,919,525    0.1 
NETHERLANDS          
 450,974      ASML Holding NV   366,596,585    1.9 
 4,409,993      Royal Dutch Shell plc (A Shares)   101,027,979    0.5 
 3,988,171      Royal Dutch Shell plc (B Shares)   91,523,427    0.5 
        Other   452,782,394    2.4 
            1,011,930,385    5.3 
NEW ZEALAND   61,274,747    0.3 
NORWAY   109,255,493    0.6 
POLAND   3,295,198    0.0 
PORTUGAL   28,592,605    0.1 
RUSSIA   12,015,667    0.1 
SAUDI ARABIA   21,669,849    0.1 
SINGAPORE   186,755,942    1.0 
SOUTH AFRICA   53,028,322    0.3 
SPAIN          
 18,637,819   e  Banco Santander S.A. (AQXE)   70,694,794    0.4 
 6,339,436      Iberdrola S.A.   74,859,475    0.4 
        Other   305,105,591    1.6 
            450,659,860    2.4 
SWEDEN   657,563,571    3.5 
SWITZERLAND          
 560,284      Cie Financiere Richemont S.A.   69,335,354    0.4 
 3,101,982      Nestle S.A.   409,173,681    2.2 
 2,381,658      Novartis AG.   196,993,371    1.0 
 755,832      Roche Holding AG.   292,804,753    1.5 
 3,943,408      UBS Group AG   71,780,586    0.4 
 161,749      Zurich Insurance Group AG   71,690,480    0.4 
        Other   724,438,042    3.8 
            1,836,216,267    9.7 
TAIWAN   25,355,466    0.1 
UNITED ARAB EMIRATES   1,666    0.0 


 

36 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
Summary portfolio of investments concluded

 

International Equity Index Fund  ■  October 31, 2021

 

Shares       Company  Value   % of net
assets
UNITED KINGDOM          
 1,666,487       AstraZeneca plc  $208,479,697    1.1%
 21,747,753       BP plc   104,191,321    0.6 
 2,336,417       British American Tobacco plc   81,270,902    0.4 
 2,522,856       Diageo plc   125,516,346    0.7 
 5,433,936       GlaxoSmithKline plc   112,813,018    0.6 
 21,935,989       HSBC Holdings plc   132,168,101    0.7 
 2,818,442       Unilever plc   150,904,681    0.8 
         Other   1,330,456,396    7.0 
             2,245,800,462    11.9 
UNITED STATES          
 578,456       Schneider Electric S.A.   99,736,268    0.5 
         Other   156,266,079    0.8 
             256,002,347    1.3 
      TOTAL COMMON STOCKS
(Cost $14,104,111,189)		   18,551,953,187    97.9 
                       
Principal       Issuer            
SHORT-TERM INVESTMENTS          
GOVERNMENT AGENCY DEBT   237,590,024    1.3 
TREASURY DEBT   33,869,161    0.2 
Shares      Company  Value   % of net
assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES 
 175,628,021   c  State Street Navigator Securities Lending Government Money Market Portfolio 0.030%  $175,628,021    0.9%
            175,628,021    0.9 
     TOTAL SHORT-TERM INVESTMENTS
(Cost $447,096,045)		   447,087,206    2.4 
     TOTAL PORTFOLIO
(Cost $14,551,207,234)		   18,999,040,393    100.3 
     OTHER ASSETS & LIABILITIES, NET   (52,600,486)   (0.3)
     NET ASSETS  $18,946,439,907    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 $360,967,041. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

 

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

 

At 10/31/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $360,288,253 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 October 31, 2021 were as follows:

 

    Number of               Unrealized  
    long (short )             appreciation  
Description   contracts   Expiration date   Notional amount   Value   (depreciation )
MSCI EAFE Index   2,470   12/17/21   $281,961,393   $288,940,600   $6,979,207  
     
See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 37
 

Statements of assets and liabilities

 

TIAA-CREF Funds  ■  October 31, 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*†  $35,356,318,011   $12,979,145,556   $9,032,880,635   $8,550,224,032   $4,790,731,771   $5,176,045,982   $18,999,040,393 
Cash#   –    –    1,529    –    582,707    1,600,181    5,127,366 
Cash – foreign ^   –    –    –    –    –    251,743    4,773,204 
Receivable from securities transactions   152,967,056    93,808,679    685,644    –    –    142,043    12,150,439 
Receivable for delayed delivery securities   –    –    –    –    –    –    11,124,958 
Receivable from Fund shares sold   1,233,666    9,622,967    3,232,876    33,055,590    11,237,962    14,473,339    38,297,256 
Dividends and interest receivable   24,018,158    4,974,210    9,944,665    6,404,432    1,262,374    3,485,959    72,197,412 
Due from affiliates   727,188    99,538    1,498    935    –    496,793    291,001 
Receivable for variation margin on open futures contracts   676,918    –    –    938,912    –    84,197    6,984,345 
Other   1,493,275    486,664    482,507    435,510    262,570    193,989    1,144,812 
Total assets   35,537,434,272    13,088,137,614    9,047,229,354    8,591,059,411    4,804,077,384    5,196,774,226    19,151,131,186 
LIABILITIES                                   
Management fees payable   1,164,287    464,310    301,897    280,424    155,067    522,964    629,732 
Service agreement fees payable   175,562    235,875    270,908    463,212    240,072    119,412    340,716 
Distribution fees payable   316,351    –    –    –    –    8,581    29,776 
Due to affiliates   30,307    14,067    10,100    9,550    6,303    8,436    16,741 
Overdraft payable   119,256    5,865,094    –    958,333    –    –    – 
Payable for collateral for securities loaned   132,763,316    15,701,698    19,169,620    2,720,983    129,943,316    12,418,395    175,628,021 
Payable for securities transactions   –    20,399,341    4,212,979    2,773,667    9,492,916    141,982    19,443,675 
Payable for Fund shares redeemed   243,422,858    71,074,962    5,148,258    6,840,878    2,293,416    3,659,078    6,792,168 
Payable for trustee compensation   1,443,334    470,617    472,768    425,042    257,557    170,948    931,326 
Accrued expenses and other payables   484,231    312,210    182,158    139,398    112,602    24,363,189    879,124 
Total liabilities   379,919,502    114,538,174    29,768,688    14,611,487    142,501,249    41,412,985    204,691,279 
NET ASSETS  $35,157,514,770          $12,973,599,440        $9,017,460,666   $8,576,447,924        $4,661,576,135           $5,155,361,241        $18,946,439,907 
NET ASSETS CONSIST OF:                                   
Paid-in-capital  $14,427,220,558   $4,155,373,514   $5,966,238,847   $3,249,697,851   $2,778,938,409   $4,252,898,008   $14,673,000,981 
Total distributable earnings (loss)   20,730,294,212    8,818,225,926    3,051,221,819    5,326,750,073    1,882,637,726    902,463,233    4,273,438,926 
NET ASSETS  $35,157,514,770   $12,973,599,440   $9,017,460,666   $8,576,447,924   $4,661,576,135   $5,155,361,241   $18,946,439,907 
INSTITUTIONAL CLASS:                                   
Net assets  $12,335,596,872   $10,180,858,337   $7,684,425,555   $6,310,496,267   $3,552,723,328   $1,165,240,661   $9,784,830,726 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   361,582,511    166,216,490    308,767,808    123,470,760    124,479,496    88,294,765    415,347,427 
Net asset value per share  $34.12   $61.25   $24.89   $51.11   $28.54   $13.20   $23.56 
ADVISOR CLASS:                                   
Net assets  $14,118,620   $81,992,613   $16,207,364   $134,423,525   $13,774,343   $4,300,156   $156,717,109 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   413,887    1,341,229    652,971    2,636,181    483,670    325,080    6,665,451 
Net asset value per share  $34.11   $61.13   $24.82   $50.99   $28.48   $13.23   $23.51 
PREMIER CLASS:                                   
Net assets  $71,580,786   $–   $–   $–   $–   $28,510,429   $235,696,067 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   2,104,772    –    –    –    –    2,167,418    10,036,359 
Net asset value per share  $34.01   $–   $–   $–   $–   $13.15   $23.48 
RETIREMENT CLASS:                                   
Net assets  $838,803,844   $1,085,054,718   $1,279,442,984   $2,107,555,344   $1,095,078,464   $556,243,555   $1,409,903,053 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   24,252,940    17,612,124    50,536,356    41,591,121    38,267,562    42,410,088    58,553,086 
Net asset value per share  $34.59   $61.61   $25.32   $50.67   $28.62   $13.12   $24.08 
RETAIL CLASS:                                   
Net assets  $1,493,507,115   $–   $–   $–   $–   $23,316,889   $– 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   43,043,016    –    –    –    –    1,776,279    – 
Net asset value per share  $34.70   $–   $–   $–   $–   $13.13   $– 
CLASS W:                                   
Net assets  $20,403,907,533   $1,625,693,772   $37,384,763   $23,972,788   $–   $3,377,749,551   $7,359,292,952 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   597,779,324    26,519,316    1,501,687    468,892    –    255,363,339    312,209,348 
Net asset value per share  $34.13   $61.30   $24.90   $51.13   $–   $13.23   $23.57 
* Includes securities loaned of  $230,867,953   $26,257,380   $31,194,606   $3,099,887   $251,907,666   $57,845,311   $360,967,041 
# Includes cash collateral for open futures of  $–   $–   $–   $–   $–   $2,200,347   $13,681,222 
† Portfolio investments, cost  $15,036,107,096   $5,037,550,705   $6,153,678,879   $3,269,138,858   $3,206,957,100   $3,994,940,523   $14,551,207,234 
^ Foreign cash, cost  $–   $–   $–   $–   $–   $251,692   $4,794,276 

 

38 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 39
 

Statements of operations

 

TIAA-CREF Funds  ■  For the year ended October 31, 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*  $433,991,459   $102,600,193   $164,247,695   $108,499,847   $44,011,276   $94,336,937   $459,639,806 
Income from securities lending, net   2,336,342    340,095    481,017    34,130    2,924,213    1,157,078    1,687,200 
Interest   28,282    5,870    1,646    3,796    32,482    6,883    – 
Total income   436,356,083    102,946,158    164,730,358    108,537,773    46,967,971    95,500,898    461,327,006 
EXPENSES                                   
Management fees   12,996,865    5,302,603    3,335,038    3,044,219    1,781,558    5,941,794    6,619,595 
Shareholder servicing – Institutional Class   19,739    23,287    15,724    6,268    10,585    2,355    22,948 
Shareholder servicing – Advisor Class   15,888    86,894    28,481    160,221    88,122    6,367    170,830 
Shareholder servicing – Premier Class   118    –    –    –    –    112    291 
Shareholder servicing – Retirement Class   1,931,166    2,501,427    2,801,879    4,815,657    2,717,689    1,362,197    3,500,847 
Shareholder servicing – Retail Class   330,472    –    –    –    –    29,508    – 
Shareholder servicing – Class W   9,525    1,977    189    182    –    1,970    3,277 
Distribution fees – Premier Class   99,557    –    –    –    –    44,292    360,728 
Distribution fees – Retail Class   3,366,973    –    –    –    –    56,683    – 
Administrative service fees   416,274    188,794    136,864    130,782    86,785    117,632    235,979 
Trustee fees and expenses   329,928    131,648    84,674    77,169    45,228    44,428    168,668 
Custody and accounting fees   225,544    170,940    66,525    63,749    55,730    1,370,352    761,227 
Other expenses   741,384    580,326    407,313    291,543    279,358    358,235    583,012 
Total expenses   20,483,433    8,987,896    6,876,687    8,589,790    5,065,055    9,335,925    12,427,402 
Less: Expenses reimbursed by the investment adviser   (8,437,385)   (1,392,177)   (17,907)   (10,923)   (69,407)   (4,807,716)   (2,790,695)
Net expenses   12,046,048    7,595,719    6,858,780    8,578,867    4,995,648    4,528,209    9,636,707 
Net investment income (loss)   424,310,035    95,350,439    157,871,578    99,958,906    41,972,323    90,972,689    451,690,299 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):                                   
Portfolio investments‡   393,543,857    935,402,848    423,608,897    67,703,283    334,796,631    (24,379,018)   (52,299,318)
Futures contracts   40,178,126    –    –    8,939,148    –    272,312    45,851,115 
Foreign currency transactions   5,165    –    –    –    –    (1,443,001)   251,838 
In-kind redemptions   743,310,680    –    –    –    –    –    370,919,506 
Net realized gain (loss) on total investments   1,177,037,828    935,402,848    423,608,897    76,642,431    334,796,631    (25,549,707)   364,723,141 
Change in unrealized appreciation (depreciation) on:                                   
Portfolio investments**   9,623,781,922    3,487,555,463    2,219,470,133    2,408,257,289    1,211,909,555    478,131,590    3,681,043,117 
Futures contracts   4,577,690    –    –    1,407,714    –    82,544    11,877,415 
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies   –    –    –    –    –    11,043    (2,038,234)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments   9,628,359,612    3,487,555,463    2,219,470,133    2,409,665,003    1,211,909,555    478,225,177    3,690,882,298 
Net realized and unrealized gain (loss) on total investments   10,805,397,440    4,422,958,311    2,643,079,030    2,486,307,434    1,546,706,186    452,675,470    4,055,605,439 
Net increase (decrease) in net assets from operations  $11,229,707,475            $4,518,308,750        $2,800,950,608   $2,586,266,340       $1,588,678,509               $543,648,159          $4,507,295,738 
* Net of foreign withholding taxes of  $78,175   $5,572   $17,824   $10,067   $83,137   $11,609,425   $40,371,399 
‡ Includes net realized gain (loss) from securities sold to affiliates of  $97,838   $2,732,211   $(801,429)  $5,637,596   $3,042,014   $(1,830,771)  $(13,302,737)
** Includes net change in unrealized foreign capital gains taxes of  $–   $–   $–   $–   $–   $20,439,760   $– 

 

40 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 41
 

Statements of changes in net assets

 

TIAA-CREF Funds  ■  For the year ended

 

      Equity Index Fund   Large-Cap Growth Index Fund   Large-Cap Value Index Fund   S&P 500 Index Fund   Small-Cap Blend Index Fund   Emerging Markets Equity Index Fund 
      October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		   October 31,
2021		   October 31,
2020		 
                                                                
OPERATIONS                                                               
Net investment income (loss)     $424,310,035   $413,771,581   $95,350,439   $80,701,773   $157,871,578   $165,012,226   $99,958,906   $101,293,790   $41,972,323   $32,861,429   $90,972,689   $67,412,204 
Net realized gain (loss) on total investments      1,177,037,828    (213,830,290)   935,402,848    459,246,509    423,608,897    (140,178,303)   76,642,431    (41,076,547)   334,796,631    73,316,462    (25,549,707)   (81,098,298)
Net change in unrealized appreciation (depreciation) on total investments      9,628,359,612    2,380,858,333    3,487,555,463    1,504,438,346    2,219,470,133    (503,895,217)   2,409,665,003    474,267,747    1,211,909,555    (111,474,968)   478,225,177    293,902,831 
Net increase (decrease) in net assets from operations      11,229,707,475    2,580,799,624    4,518,308,750    2,044,386,628    2,800,950,608    (479,061,294)   2,586,266,340    534,484,990    1,588,678,509    (5,297,077)   543,648,159    280,216,737 
DISTRIBUTIONS TO SHAREHOLDERS                                                               
   Institutional Class   (158,023,347)   (188,672,283)   (164,805,321)   (171,117,083)   (147,209,703)   (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)   (283,311)   (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)   (16,232,509)   (15,539,759)   (18,932,616)   (58,587,438)   (23,413,254)   (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)   (232,239,981)   (188,410,956)   (167,207,722)   (478,842,125)   (104,175,005)   (122,271,921)   (103,514,774)   (161,493,559)   (84,704,644)   (80,014,430)
SHAREHOLDER TRANSACTIONS                                                               
Subscriptions:  Institutional Class   1,236,876,808    1,869,864,766    1,643,187,117    1,766,639,482    1,250,711,197    1,585,018,314    829,156,973    722,236,542    631,337,426    386,395,309    317,579,488    264,735,647 
   Advisor Class   4,760,395    4,182,181    22,127,117    44,562,327    31,886,063    15,854,567    29,369,513    57,894,307    3,959,345    4,634,341    6,637,278    2,835,380 
   Premier Class   7,329,829    9,182,263    –    –    –    –    –    –    –    –    16,228,289    12,090,118 
   Retirement Class   51,311,282    42,119,059    87,370,416    133,335,426    209,992,188    112,756,176    192,080,514    291,028,196    58,870,717    81,262,992    80,549,259    85,511,682 
   Retail Class   81,301,909    73,037,504    –    –    –    –    –    –    –    –    13,658,303    6,804,939 
   Class W   2,994,720,099    3,788,862,814    1,475,482,012    1,407,427,456    5,920,038    10,225,516    3,770,400    4,170,772    –    –    1,246,492,339    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    76,296,249    90,094,298    77,489,433    118,809,583    21,212,714    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    23,413,254    28,317,602    24,143,020    39,812,298    9,215,401    9,140,751 
   Retail Class   13,709,838    17,337,990    –    –    –    –    –    –    –    –    303,632    355,270 
   Class W   250,943,860    249,759,049    49,891,625    532,200    776,527    1,962,348    333,649    392,802    –    –    53,173,723    45,714,504 
Redemptions:  Institutional Class   (2,425,533,869)   (2,361,151,638)   (2,183,849,552)   (2,930,060,988)   (1,547,113,521)   (1,506,247,463)   (830,215,078)   (723,659,925)   (573,642,465)   (382,328,259)   (218,575,444)   (228,335,800)
   Advisor Class   (4,473,609)   (44,876,512)   (29,667,423)   (48,429,142)   (31,935,577)   (33,181,121)   (40,437,698)   (51,490,501)   (3,508,307)   (3,716,370)   (5,085,919)   (10,925,564)
   Premier Class   (16,634,330)   (20,137,058)   –    –    –    –    –    –    –    –    (16,854,692)   (15,069,736)
   Retirement Class   (89,328,218)   (150,328,488)   (206,218,291)   (160,976,505)   (113,412,433)   (98,365,132)   (243,936,262)   (280,912,558)   (151,499,314)   (76,851,519)   (17,521,844)   (12,931,319)
   Retail Class   (117,712,848)   (123,671,851)   –    –    –    –    –    –    –    –    (7,556,287)   (6,926,906)
   Class W   (4,048,445,331)   (1,816,710,563)   (2,135,552,351)   (8,558,721)   (11,230,494)   (6,618,586)   (6,825,026)   (4,268,089)   –    –    (328,351,351)   (196,981,732)
Net increase (decrease) from shareholder transactions      (1,894,365,796)   1,739,710,988    (1,125,504,167)   364,603,557    (63,336,781)   494,805,896    34,673,434    135,744,743    67,429,468    168,431,799    1,171,688,853    722,024,839 
Net increase (decrease) in net assets      8,902,523,308    3,849,512,516    3,160,564,602    2,220,579,229    2,570,406,105    (463,097,523)   2,516,764,769    547,957,812    1,552,593,203    1,641,163    1,630,632,368    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     $35,157,514,770   $26,254,991,462   $12,973,599,440   $9,813,034,838   $9,017,460,666   $6,447,054,561   $8,576,447,924   $6,059,683,155   $4,661,576,135   $3,108,982,932   $5,155,361,241   $3,524,728,873 
CHANGE IN FUND SHARES                                                               
Shares sold:  Institutional Class   40,283,550    87,045,156    31,570,256    46,486,714    55,541,291    92,634,227    18,387,843    21,444,059    23,713,918    21,385,912    23,483,583    24,554,564 
   Advisor Class   167,316    206,406    427,566    1,336,144    1,475,658    873,308    657,102    1,750,644    148,140    256,789    474,683    271,335 
   Premier Class   246,250    411,409    –    –    –    –    –    –    –    –    1,193,894    1,117,836 
   Retirement Class   1,707,662    1,818,715    1,667,596    3,501,790    8,936,082    5,934,561    4,470,390    8,765,222    2,201,634    4,308,922    5,922,402    7,884,920 
   Retail Class   2,655,383    3,204,767    –    –    –    –    –    –    –    –    995,572    638,840 
   Class W   98,678,925    169,783,033    31,054,910    30,647,699    265,415    584,260    84,877    122,610    –    –    92,725,827    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   309,509    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   (81,869,719)   (102,924,430)   (40,851,412)   (75,248,474)   (68,050,885)   (85,965,863)   (18,586,822)   (21,497,157)   (21,220,655)   (21,331,318)   (16,029,225)   (22,127,492)
   Advisor Class   (149,776)   (2,095,231)   (575,213)   (1,331,354)   (1,351,537)   (1,984,879)   (917,296)   (1,576,294)   (130,838)   (213,217)   (363,316)   (1,185,785)
   Premier Class   (575,909)   (901,560)   –    –    –    –    –    –    –    –    (1,241,451)   (1,444,478)
   Retirement Class   (2,870,676)   (6,547,804)   (3,880,857)   (4,205,309)   (4,896,829)   (5,290,118)   (5,349,704)   (8,369,709)   (5,539,506)   (4,211,125)   (1,289,250)   (1,237,384)
   Retail Class   (3,826,234)   (5,559,038)   –    –    –    –    –    –    –    –    (556,465)   (650,627)
   Class W   (130,732,814)   (78,474,699)   (36,647,022)   (219,391)   (492,633)   (370,219)   (149,897)   (124,518)   –    –    (24,206,932)   (18,083,233)
Net increase (decrease) from shareholder transactions      (60,349,935)   86,591,880    (12,990,953)   5,523,399    (1,537,816)   27,294,234    1,131,543    4,028,755    3,494,982    7,996,629    87,638,338    67,270,834 

 

42 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 43
 
Statements of changes in net assets concluded
   
TIAA-CREF Funds  ■  For the year ended  

 

      International Equity Index Fund 
      October 31,
2021		   October 31,
2020		 
OPERATIONS             
Net investment income (loss)     $451,690,299   $326,178,016 
Net realized gain (loss) on total investments   364,723,141    (190,634,176)
Net change in unrealized appreciation (depreciation) on total investments   3,690,882,298    (975,808,381)
Net increase (decrease) in net assets from operations   4,507,295,738    (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)
   Class W   (99,167,970)   (116,525,339)
Total distributions      (308,920,472)   (406,522,215)
SHAREHOLDER TRANSACTIONS             
Subscriptions:  Institutional Class   1,587,283,373    1,531,729,367 
   Advisor Class   29,895,347    41,912,638 
   Premier Class   38,691,400    41,293,116 
   Retirement Class   71,431,787    182,257,495 
   Class W   2,314,524,808    1,292,839,800 
Reinvestments of distributions:  Institutional Class   174,854,263    237,980,362 
   Advisor Class   2,501,793    3,675,587 
   Premier Class   4,375,400    7,532,223 
   Retirement Class   22,985,372    32,985,275 
   Class W   99,167,970    116,525,340 
Redemptions:  Institutional Class   (2,009,409,741)   (1,176,795,599)
   Advisor Class   (23,731,150)   (40,072,197)
   Premier Class   (71,135,246)   (65,382,558)
   Retirement Class   (182,454,437)   (130,901,190)
   Class W   (728,786,086)   (400,572,288)
Net increase (decrease) from shareholder transactions   1,330,194,853    1,675,007,371 
Net increase (decrease) in net assets   5,528,570,119    428,220,615 
NET ASSETS             
Beginning of period      13,417,869,788    12,989,649,173 
End of period     $18,946,439,907   $13,417,869,788 
CHANGE IN FUND SHARES             
Shares sold:  Institutional Class   70,128,728    85,506,993 
   Advisor Class   1,345,182    2,352,677 
   Premier Class   1,759,341    2,200,148 
   Retirement Class   3,171,050    9,477,950 
   Class W   101,475,512    72,141,696 
Shares reinvested:  Institutional Class   8,471,621    12,185,374 
   Advisor Class   121,329    188,395 
   Premier Class   212,398    386,268 
   Retirement Class   1,087,293    1,649,264 
   Class W   4,804,650    5,966,479 
Shares redeemed:  Institutional Class   (91,376,088)   (66,182,507)
   Advisor Class   (1,056,312)   (2,277,490)
   Premier Class   (3,199,177)   (3,541,386)
   Retirement Class   (7,942,758)   (7,101,612)
   Class W   (33,136,821)   (21,674,365)
Net increase (decrease) from shareholder transactions   55,865,948    91,277,884 

 

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

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TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 45
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                 
   For the  Net asset   Net   Net realized and   Total gain   Less distributions from   Total   Net asset 
     period
or year
ended		    value,
beginning
of period		     investment
income
(loss		)a     unrealized gain
(loss) on total
investments		     (loss) from
investment
operations		     Net
investment
income		     Net
realized
gains		     dividends
and
distributions		     value,
end of
period		 
EQUITY INDEX FUND
Institutional Class:  10/31/21   $24.07    $0.39    $10.06    $10.45    $(0.40)   $      –    $(0.40)   $34.12 
   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 
Advisor Class:  10/31/21   24.05    0.35    10.06    10.41    (0.35)   –    (0.35)   34.11 
   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 
Premier Class:  10/31/21   23.99    0.35    10.03    10.38    (0.36)   –    (0.36)   34.01 
   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 
Retirement Class:  10/31/21   24.40    0.32    10.21    10.53    (0.34)   –    (0.34)   34.59 
   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 
Retail Class:  10/31/21   24.48    0.32    10.23    10.55    (0.33)   –    (0.33)   34.70 
   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 
Class W:  10/31/21   24.08    0.41    10.05    10.46    (0.41)   –    (0.41)   34.13 
   10/31/20   22.32    0.39    1.85    2.24    (0.43)   (0.05)   (0.48)   24.08 
   10/31/19   20.13    0.44    2.19    2.63    (0.37)   (0.07)   (0.44)   22.32 
   10/31/18†  21.72    0.01    (1.60)   (1.59)   –    –    –    20.13 
LARGE-CAP GROWTH INDEX FUND
Institutional Class:  10/31/21   43.65    0.39    18.15    18.54    (0.35)   (0.59)   (0.94)   61.25 
   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 
Advisor Class:  10/31/21   43.57    0.32    18.12    18.44    (0.29)   (0.59)   (0.88)   61.13 
   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 
Retirement Class:  10/31/21   43.91    0.26    18.27    18.53    (0.24)   (0.59)   (0.83)   61.61 
   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 
Class W:  10/31/21   43.67    0.41    18.16    18.57    (0.35)   (0.59)   (0.94)   61.30 
   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 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements
 
          Ratios and supplemental data
           
   For the
period		      Net assets at   Ratios to average net assets   Portfolio 
   or year
ended		  Total return   end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net investment
income (loss		)  turnover
rate		 
EQUITY INDEX FUND
Institutional Class:  10/31/21   43.84%   $12,335,597    0.05%   0.05%   1.30%   7%f
   10/31/20   10.10    9,563,188    0.05    0.05    1.69    12f
   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    5f
   10/31/17   24.00    14,021,233    0.05    0.05    1.96    11 
Advisor Class:  10/31/21   43.66    14,119    0.17    0.17    1.16    7f
   10/31/20   9.97    9,404    0.17    0.17    1.71    12f
   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    5f
   10/31/17   23.85    8,389    0.15    0.15    1.76    11 
Premier Class:  10/31/21   43.64    71,581    0.20    0.20    1.15    7f
   10/31/20   9.92    57,737    0.20    0.20    1.55    12f
   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    5f
   10/31/17   23.78    111,915    0.20    0.20    1.81    11 
Retirement Class:  10/31/21   43.50    838,804    0.30    0.30    1.05    7f
   10/31/20   9.79    612,612    0.30    0.30    1.45    12f
   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    5f
   10/31/17   23.66    544,772    0.30    0.30    1.72    11 
Retail Class:  10/31/21   43.45    1,493,507    0.32    0.32    1.02    7f
   10/31/20   9.77    1,070,150    0.33    0.33    1.41    12f
   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    5f
   10/31/17   23.59    942,518    0.33    0.33    1.69    11 
Class W:  10/31/21   43.88    20,403,908    0.05    0.00    1.34    7f
   10/31/20   10.14    14,941,901    0.05    0.00    1.71    12f
   10/31/19   13.48    11,566,892    0.05    0.00    2.13    4 
   10/31/18†  (7.32)b   7,873,593    0.04c   0.00c   0.55c   5f
LARGE-CAP GROWTH INDEX FUND
Institutional Class:  10/31/21   43.11    10,180,858    0.05    0.05    0.73    31 
   10/31/20   29.14    7,537,182    0.05    0.05    1.00    33f
   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 
Advisor Class:  10/31/21   42.93    81,993    0.17    0.17    0.61    31 
   10/31/20   29.00    63,667    0.18    0.18    0.86    33f
   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 
Retirement Class:  10/31/21   42.77    1,085,055    0.30    0.30    0.48    31 
   10/31/20   28.84    855,735    0.30    0.30    0.74    33f
   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 
Class W:  10/31/21   43.17    1,625,694    0.05    0.00    0.77    31 
   10/31/20   29.22    1,356,450    0.05    0.00    0.71    33f
   10/31/19†  2.82b   21,390    0.15c   0.00c   0.79c   28 

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 47
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                
   For the  Net asset   Net   Net realized and   Total gain   Less distributions from  Total   Net asset 
     period
or year
ended		    value,
beginning
of period		     investment
income
(loss		)a    unrealized gain
(loss) on total
investments		     (loss) from
investment
operations		     Net
investment
income		     Net
realized
gains		     dividends
and
distributions		     value,
end of
period		 
LARGE-CAP VALUE INDEX FUND
Institutional Class:  10/31/21   $17.72    $0.44    $  7.19    $  7.63    $(0.46)   $       –    $(0.46)   $24.89 
   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 
Advisor Class:  10/31/21   17.67    0.36    7.22    7.58    (0.43)   –    (0.43)   24.82 
   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 
Retirement Class:  10/31/21   18.03    0.39    7.32    7.71    (0.42)   –    (0.42)   25.32 
   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 
Class W:  10/31/21   17.73    0.45    7.19    7.64    (0.47)   –    (0.47)   24.90 
   10/31/20   20.54    0.47    (1.85)   (1.38)   (0.57)   (0.86)   (1.43)   17.73 
   10/31/19†  20.26    0.08    0.20    0.28    –    –    –    20.54 
S&P 500 INDEX FUND
Institutional Class:  10/31/21   36.35    0.62    14.77    15.39    (0.63)   –    (0.63)   51.11 
   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 
Advisor Class:  10/31/21   36.27    0.56    14.74    15.30    (0.58)   –    (0.58)   50.99 
   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 
Retirement Class:  10/31/21   36.06    0.51    14.64    15.15    (0.54)   –    (0.54)   50.67 
   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 
Class W:  10/31/21   36.36    0.64    14.78    15.42    (0.65)   –    (0.65)   51.13 
   10/31/20   33.88    0.63    2.62    3.25    (0.67)   (0.10)   (0.77)   36.36 
   10/31/19†  33.16    0.10    0.62    0.72    –    –    –    33.88 
SMALL-CAP BLEND INDEX FUND
Institutional Class:  10/31/21   19.45    0.27    9.47    9.74    (0.26)   (0.39)   (0.65)   28.54 
   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 
Advisor Class:  10/31/21   19.41    0.23    9.46    9.69    (0.23)   (0.39)   (0.62)   28.48 
   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 
Retirement Class:  10/31/21   19.51    0.20    9.51    9.71    (0.21)   (0.39)   (0.60)   28.62 
   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 

 

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

continued

 

          Ratios and supplemental data
                            
   For the
period		      Net assets at   Ratios to average net assets  Portfolio 
   or year
ended		  Total return   end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net investment
income (loss		)  turnover
rate		 
LARGE-CAP VALUE INDEX FUND
Institutional Class:  10/31/21   43.69%   $ 7,684,426    0.05%   0.05%   1.93%   29%
   10/31/20   (7.51)   5,586,461    0.05    0.05    2.52    33f
   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 
Advisor Class:  10/31/21   43.47    16,207    0.19    0.19    1.60    29 
   10/31/20   (7.63)   9,094    0.19    0.19    2.54    33f
   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 
Retirement Class:  10/31/21   43.28    1,279,443    0.30    0.30    1.67    29 
   10/31/20   (7.71)   821,535    0.30    0.30    2.29    33f
   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 
Class W:  10/31/21   43.73    37,385    0.05    0.00    1.98    29 
   10/31/20   (7.45)   29,964    0.05    0.00    2.57    33f
   10/31/19†  1.38b   28,293    0.12c   0.00c   4.13c   38 
S&P 500 INDEX FUND
Institutional Class:  10/31/21   42.82    6,310,496    0.05    0.05    1.38    7f
   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 
Advisor Class:  10/31/21   42.63    134,424    0.18    0.18    1.25    7f
   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 
Retirement Class:  10/31/21   42.43    2,107,555    0.30    0.30    1.13    7f
   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 
Class W:  10/31/21   42.90    23,973    0.05    0.00    1.43    7f
   10/31/20   9.72    19,113    0.04    0.00    1.83    7 
   10/31/19†  2.17b   17,484    0.16c   0.00c   3.34c   5 
SMALL-CAP BLEND INDEX FUND
Institutional Class:  10/31/21   50.75    3,552,723    0.05    0.05    1.00    33 
   10/31/20   0.08    2,308,446    0.06    0.06    1.16    32f
   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 
Advisor Class:  10/31/21   50.57    13,774    0.76    0.20    0.85    33 
   10/31/20   (0.11)   8,823    1.08    0.20    1.01    32f
   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 
Retirement Class:  10/31/21   50.39    1,095,078    0.30    0.30    0.75    33 
   10/31/20   (0.16)   791,714    0.30    0.30    0.92    32f
   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 

 

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 49
 

Financial highlights

 

TIAA-CREF Funds

 

      Selected per share data
          Gain (loss) from investment operations                
   For the  Net asset   Net   Net realized and   Total gain   Less distributions from   Total   Net asset 
     period
or year
ended		    value,
beginning
of period		     investment
income
(loss		)a    unrealized gain
(loss) on total
investments		     (loss) from
investment
operations		     Net
investment
income		     Net
realized
gains		     dividends
and
distributions		     value,
end of
period		 
EMERGING MARKETS EQUITY INDEX FUND                                    
Institutional Class:  10/31/21   $11.64    $0.27    $  1.56    $  1.83    $(0.27)   $    –    $(0.27)   $13.20 
   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 
Advisor Class:  10/31/21   11.65    0.24    1.57    1.81    (0.23)   –    (0.23)   13.23 
   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 
Premier Class:  10/31/21   11.60    0.25    1.55    1.80    (0.25)   –    (0.25)   13.15 
   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 
Retirement Class:  10/31/21   11.57    0.24    1.55    1.79    (0.24)   –    (0.24)   13.12 
   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 
Retail Class:  10/31/21   11.59    0.22    1.55    1.77    (0.23)   –    (0.23)   13.13 
   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 
Class W:  10/31/21   11.66    0.29    1.57    1.86    (0.29)   –    (0.29)   13.23 
   10/31/20   11.07    0.26    0.67    0.93    (0.34)   –    (0.34)   11.66 
   10/31/19   10.14    0.37    0.81    1.18    (0.25)   –    (0.25)   11.07 
   10/31/18†  11.06    0.02    (0.94)   (0.92)   –    –    –    10.14 
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:  10/31/21   17.93    0.61    5.44    6.05    (0.42)   –    (0.42)   23.56 
   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 
Advisor Class:  10/31/21   17.90    0.59    5.42    6.01    (0.40)   –    (0.40)   23.51 
   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 
Premier Class:  10/31/21   17.87    0.58    5.42    6.00    (0.39)   –    (0.39)   23.48 
   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 
Retirement Class:  10/31/21   18.32    0.57    5.56    6.13    (0.37)   –    (0.37)   24.08 
   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 
Class W:  10/31/21   17.94    0.63    5.43    6.06    (0.43)   –    (0.43)   23.57 
   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 
† Class W commenced operations on September 28, 2018 for the Equity Index Fund, the Emerging Markets Equity Index Fund and the International Equity Index Fund; and commenced operations on September 30, 2019 for the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund and the S&P 500 Index Fund.
a Based on average shares outstanding.
b The percentages shown for this period are not annualized.
c The percentages shown for this period are annualized.
f Does not include in-kind transactions.

 

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

concluded

 

          Ratios and supplemental data
           
   For the
period		      Net assets at   Ratios to average net assets   Portfolio 
   or year
ended		  Total return   end of period
(in thousands		)  Gross
expenses		   Net
expenses		   Net investment
income (loss		)  turnover
rate		 
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:  10/31/21   15.77%         $ 1,165,241    0.18%   0.18%   1.96%   33%f
   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 
Advisor Class:  10/31/21   15.61    4,300    0.32    0.32    1.77    33f
   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 
Premier Class:  10/31/21   15.58    28,510    0.33    0.33    1.80    33f
   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 
Retirement Class:  10/31/21   15.55    556,244    0.43    0.43    1.74    33f
   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 
Retail Class:  10/31/21   15.32    23,317    0.56    0.56    1.65    33f
   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 
Class W:  10/31/21   16.00    3,377,750    0.18    0.00    2.17    33f
   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    0.22c   0.00c   2.27c   27 
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:  10/31/21   34.05    9,784,831    0.05    0.05    2.72    5f
   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    4f
   10/31/17   23.84    10,221,016    0.06    0.06    3.01    11 
Advisor Class:  10/31/21   33.86    156,717    0.17    0.17    2.65    5f
   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    4f
   10/31/17   23.68    25,184    0.21    0.21    2.63    11 
Premier Class:  10/31/21   33.87    235,696    0.20    0.20    2.60    5f
   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    4f
   10/31/17   23.67    319,116    0.21    0.21    2.83    11 
Retirement Class:  10/31/21   33.74    1,409,903    0.30    0.30    2.50    5f
   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    4f
   10/31/17   23.55    1,008,677    0.31    0.31    2.75    11 
Class W:  10/31/21   34.09    7,359,293    0.05    0.00    2.80    5f
   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    0.06c   0.00c   1.15c   4f

 

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

Notes to financial statements

 

TIAA-CREF Funds

 

Note 1—organization

 

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund, and the International Equity Index Fund (collectively the “Funds” or individually, the “Fund”).

 

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

 

The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.

 

The Funds offer up to six share classes, although any one Fund may not necessarily offer all six classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

 

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.


 

52 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

continued

 

Indemnification: Under the Trust’s organizational documents, its officers and trustees 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 plus accrued interest, which approximates market value. These securities are generally classified as Level 2.


 

TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 53
 

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.


 

The following table summarizes the market value of the Funds’ investments as of October 31, 2021, based on the inputs used to value them:

 

Fund  Level 1   Level 2   Level 3   Total 
Equity Index                    
Equity investments:                    
Financials  $4,182,663,606   $–   $4,176   $4,182,667,782 
Health care   4,661,734,688    –    286,748    4,662,021,436 
All other equity investments*   26,226,830,401    –    –    26,226,830,401 
Short-term investments   132,763,316    152,035,076    –    284,798,392 
Futures contracts**   676,326    –    –    676,326 
Total  $35,204,668,337   $152,035,076   $290,924   $35,356,994,337 
Large-Cap Growth Index                    
Equity investments*  $12,963,443,858   $–   $–   $12,963,443,858 
Short-term investments   15,701,698    –    –    15,701,698 
Total  $12,979,145,556   $–   $–   $12,979,145,556 
Large-Cap Value Index                    
Equity investments*  $9,012,024,015   $–   $–   $9,012,024,015 
Short-term investments   19,169,621    1,686,999    –    20,856,620 
Total  $9,031,193,636   $1,686,999   $–   $9,032,880,635 
S&P 500 Index                    
Equity investments*  $8,524,988,076   $–   $–   $8,524,988,076 
Short-term investments   2,720,983    22,514,973    –    25,235,956 
Futures contracts**   938,386    –    –    938,386 
Total  $8,528,647,445   $22,514,973   $–   $8,551,162,418 
Small-Cap Blend Index                    
Equity investments:                    
Financials  $753,897,308   $–   $8,640   $753,905,948 
Health care   905,265,866    –    614,768    905,880,634 
All other equity investments*   2,999,739,874    –    –    2,999,739,874 
Short-term investments   129,943,316    1,261,999    –    131,205,315 
Total  $4,788,846,364   $1,261,999   $623,408   $4,790,731,771 
Emerging Markets Equity Index                    
Equity investments:                    
Africa/Middle East  $32,712,487   $390,627,223   $–   $423,339,710 
Asia   402,404,711    3,429,632,461    11,278    3,832,048,450 
Latin America   191,199,636    220,661,376    –    411,861,012 
All other equity investments*   141,145,657    314,275,406    –    455,421,063 
Short-term investments   12,418,395    40,957,352    –    53,375,747 
Futures contracts**   82,544    –    –    82,544 
Total  $779,963,430   $4,396,153,818   $11,278   $5,176,128,526 

 

54 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

continued

 

Fund  Level 1   Level 2   Level 3   Total 
International Equity Index                    
Equity investments:                    
Asia  $2,869,235   $4,719,668,433   $–   $4,722,537,668 
Australasia   –    1,470,565,849    2,976    1,470,568,825 
Europe   11,651,972    10,693,091,881    –    10,704,743,853 
All other equity investments*   71,516,058    1,582,585,117    1,666    1,654,102,841 
Short-term investments   175,628,021    271,459,185    –    447,087,206 
Futures contracts**   6,979,207    –    –    6,979,207 
Total  $268,644,493   $18,737,370,465   $4,642   $19,006,019,600 

 

* For detailed categories, see the accompanying Summary portfolio of investments.
** Derivative instruments are not reflected in the Summary portfolio of 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 October 31, 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 October 31, 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   $230,867,953    $132,763,316    $104,023,178    $236,786,494 
Large-Cap Growth Index   26,257,380    15,701,698    10,955,696    26,657,394 
Large-Cap Value Index   31,194,606    19,169,620    12,740,679    31,910,299 
S&P 500 Index   3,099,887    2,720,983    499,910    3,220,893 
Small-Cap Blend Index   251,907,666    129,943,316    129,001,813    258,945,129 
Emerging Markets Equity Index   57,845,311    12,418,395    49,360,048    61,778,443 
International Equity Index   360,967,041    175,628,021    210,011,491    385,639,512 

 

* 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 year ended October 31, 2021 were as follows:

 

Fund  Non-U.S.
government
purchases		   Non-U.S.
government
sales		 
Equity Index  $2,092,098,952   $3,326,146,707 
Large-Cap Growth Index   4,005,178,266    5,258,870,142 
Large-Cap Value Index   2,412,604,929    2,472,407,292 
S&P 500 Index   502,377,540    548,882,342 
Small-Cap Blend Index   1,466,952,483    1,449,931,913 
Emerging Markets Equity Index   2,454,393,454    1,445,744,851 
International Equity Index   2,338,758,405    843,374,185 


 

TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 55
 

Notes to financial statements (unaudited)

 

Note 5—derivative investments

 

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.

 

At October 31, 2021, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

 

   Asset derivatives
Derivative contracts  Location  Fair value
amount		 
Equity Index Fund       
Equity contracts  Futures contracts*  $676,326 
S&P 500 Index Fund        
Equity contracts  Futures contracts*   938,386 
Emerging Markets Equity Index Fund  
Equity contracts  Futures contracts*   82,544 
International Equity Index Fund        
Equity contracts  Futures contracts*   6,979,207 

 

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

 

For the year ended October 31, 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  $40,178,126    $  4,577,690 
S&P 500 Index Fund       
Equity contracts  Futures contracts   8,939,148    1,407,714 
Emerging Markets Equity Index Fund       
Equity contracts  Futures contracts   272,312    82,544 
International Equity Index Fund       
Equity contracts  Futures contracts   45,851,115    11,877,415 

 

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

there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended October 31, 2021, the Equity Index Fund, S&P 500 Index Fund, Emerging Markets Equity Index Fund and International Equity Index Funds had exposure to futures contracts, based on underlying notional values, generally between 0% and 4% of net assets. The futures contracts outstanding as of October 31, 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.

 

For the year ended October 31, 2021, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, redemptions in-kind, utilization of tax equalization credits, dividend redesignations, return of capital and long-term capital gain distributions received from portfolio investments, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.

 

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

 

Net unrealized appreciation (depreciation): At October 31, 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:


 

56 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

continued

 

Fund  Tax cost   Gross
unrealized
appreciation		   Gross
unrealized
(depreciation		)  Net unrealized
appreciation
(depreciation)		 
Equity Index   $15,267,805,805    $20,762,735,674    $  (673,547,142)    $20,089,188,532 
Large-Cap Growth Index   5,064,431,260    8,005,340,059    (90,625,763)    7,914,714,296 
Large-Cap Value Index   6,277,903,223    3,083,779,599    (328,802,187)   2,754,977,412 
S&P 500 Index   3,351,971,474    5,361,843,629    (162,652,685)   5,199,190,944 
Small-Cap Blend Index   3,260,006,327    1,875,953,291    (345,227,847)   1,530,725,444 
Emerging Markets Equity Index   4,067,677,990    1,472,138,481    (363,687,945)   1,108,450,536 
International Equity Index   14,802,009,093    5,474,233,602    (1,270,223,095)   4,204,010,507 

 

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

 

Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2021 and October 31, 2020 was as follows:

 

   10/31/2021   10/31/2020
Fund  Ordinary
income		   Long-term
capital gains		   Total   Ordinary
income		   Long-term
capital gains		   Total 
Equity Index   $432,818,371     $–     $432,818,371     $432,656,400     $38,341,696    $470,998,096 
Large-Cap Growth Index   130,103,218    102,136,763    232,239,981    85,041,646    103,369,310    188,410,956 
Large-Cap Value Index   167,207,722    –    167,207,722    187,639,650    291,202,475    478,842,125 
S&P 500 Index   104,175,005    –    104,175,005    105,924,670    16,347,251    122,271,921 
Small-Cap Blend Index   45,496,626    58,018,148    103,514,774    54,413,020    107,080,539    161,493,559 
Emerging Markets Equity Index   84,704,644    –    84,704,644    80,014,430    –    80,014,430 
International Equity Index   308,920,472    –    308,920,472    406,522,215    –    406,522,215 

 

Components of accumulated earnings: As of October 31, 2021, the components of accumulated earnings on a tax basis were as follows:

 

Fund  Undistributed
ordinary
income		   Undistributed
long-term
capital gains		   Unrealized
appreciation
(depreciation)		   Capital
loss
carryover		   Total 
Equity Index     $447,064,892      $195,512,009   $20,089,188,532   $–   $20,731,765,433 
Large-Cap Growth Index   457,187,965    446,795,379    7,914,714,296    –    8,818,697,640 
Large-Cap Value Index   279,859,207    16,852,963    2,754,977,412    –    3,051,689,582 
S&P 500 Index   94,761,325    33,220,251    5,199,190,943    –    5,327,172,519 
Small-Cap Blend Index   90,304,601    261,854,974    1,530,725,444    –    1,882,885,019 
Emerging Markets Equity Index   103,208,379    –    1,085,374,701    (285,943,684)   902,639,396 
International Equity Index   522,599,138    –    4,203,640,093    (451,861,435)   4,274,377,796 

 

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

 

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2021, the S&P 500 Index Fund received $71,046,990 of securities from in-kind purchase transactions. The Equity Index Fund received $390,827,810 of securities from in-kind purchase transactions. The International Equity Index Fund received $577,667,680 of securities from in-kind purchase transactions. The Emerging Markets Equity Index Fund received $114,812,598 of securities from in-kind purchase transactions.

 

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.

 

Capital loss carryovers: At October 31, 2021, the following Funds had capital loss carryovers, which will not expire.

 

Fund  Short-term   Long-term   Total 
Emerging Markets Equity Index  $49,339,027   $236,604,657   $285,943,684 
International Equity Index   121,507,165    330,354,270    451,861,435 

 

For the year ended October 31, 2021, the Equity Index, Large-Cap Value Index, and S&P 500 Index Funds utilized $109,154,519, $247,673,192 and $19,753,192 of capital loss carryover available from prior years respectively. The capital loss carryover for these funds was reduced to zero as a result of this utilization.


 

TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 57
 

Notes to financial statements (unaudited)

 

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 of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.

 

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 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    –    – 
Emerging Markets Equity Index   0.13a   0.25    0.15    0.25    0.23a   0.38a   0.38a   0.48a   0.62a   0.23a
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.
a Prior to August 1, 2021, the investment management fee rate for the Emerging Markets Equity Index Fund was 0.14% of average daily net assets. Effective August 1, 2021, the management fee rate is 0.12%. The expense caps were 0.25% for the Institutional Class, 0.40% for the Advisor Class, 0.40% for the Premier Class, 0.50% for the Retirement Class, 0.64% for the Retail Class and 0.25% for the Class W Class.

 

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2021, the Funds engaged in the following security transactions with affiliated entities:

Fund  Purchases   Sales   Realized
gain (loss)		 
Equity Index  $263,041,593   $3,536,870   $97,838 
Large-Cap Growth Index   486,027,436    43,077,401    2,732,211 
Large-Cap Value Index   82,564,922    8,728,305    (801,429)
S&P 500 Index   30,842,977    30,427,464    5,637,596 
Small-Cap Blend Index   11,920,809    19,087,705    3,042,014 
Emerging Markets Equity Index   21,272,917    12,319,741    (1,830,771)
International Equity Index   76,665,762    138,242,337    (13,302,737)


 

58 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

concluded

 

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds. The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of October 31, 2021:

 

Fund   TIAA-CREF
Lifecycle
Funds		    TIAA-CREF
Lifecycle
Index
Funds		    TIAA
Access		    Total 
Equity Index   –%   56%   1%   57%
Large-Cap Growth Index   12    –    4    16 
Large-Cap Value Index   –    –    8    8 
S&P 500 Index   –    –    10    10 
Small-Cap Blend Index   –    –    17    17 
Emerging Markets Equity Index   –    63    1    64 
International Equity Index   –    38    5    43 

 

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of October 31, 2021, three 529 Plans owned 5%, 5% and 7% respectively, of the Equity Index Fund; and two 529 plans owned 11% and 7% respectively, of 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 year ended October 31, 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 15th, 2021 expiring on June 14th, 2022, replacing the previous facility, which expired June 2021. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2021, there were no borrowings under this credit facility by the Funds.


 

TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 59
 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund

 

Opinions on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund, and TIAA-CREF International Equity Index Fund (seven of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

 

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

 

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

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 16, 2021

 

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

 

60 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Important tax information (unaudited)

 

For the year ended October 31, 2021, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

 

Fund  Long-term
capital gains		 
Equity Index  $24,745,761 
Large-Cap Growth Index   204,227,699 
Large-Cap Value Index   9,363,401 
S&P 500 Index   4,317,277 
Small-Cap Blend Index   73,564,872 
Emerging Markets Equity Index   – 
International Equity Index   – 

 

For the year ended October 31, 2021, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

 

Fund  Percentage 
Equity Index   92.4%
Large-Cap Growth Index   64.7 
Large-Cap Value Index   94.5 
S&P 500 Index   100.0 
Small-Cap Blend Index   60.2 
Emerging Markets Equity Index   45.2 
International Equity Index   83.6 

 

For the year ended October 31, 2021, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

 

Fund  Percentage 
Equity Index   90.1%
Large-Cap Growth Index   63.7 
Large-Cap Value Index   91.7 
S&P 500 Index   97.2 
Small-Cap Blend Index   59.5 
Emerging Markets Equity Index   – 
International Equity Index   – 

 

The Emerging Markets Equity Index and International Equity Index Funds received income from foreign sources during the year ended October 31, 2021 of $104,981,189 ($0.26895 per share), and $500,041,403 ($0.62286 per share) respectively, and paid taxes to foreign countries during the year ended October 31, 2021 of $10,603,403 ($0.02716 per share), and $30,512,164 ($0.03801 per share), respectively.

 

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2021, which will be reported in conjunction with your 2021 Form 1099-DIV.

 

By early 2022, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.


 

TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 61
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2021

 

Trustees

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years and
other relevant experience and qualifications		  Number of
Portfolios in
Fund Complex
Overseen by
Trustee		  Other Directorship(s) Held by Trustee
Forrest Berkley
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		  Trustee  Indefinite term.
Trustee since 2006.		  Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).  88  Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		  Trustee  Indefinite term.
Trustee since 2019.		  Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).  88  Board member, Lumina Foundation and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Trustee  Indefinite term.
Trustee since 2018.		  James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (2020). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).  88  Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC;
Nancy A. Eckl
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Trustee  Indefinite term.
Trustee since 2007.		  Vice President (1990–2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.  88  Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1967		  Trustee  Indefinite term.
Trustee since 2007.		  Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).  88  Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		  Trustee  Indefinite term.
Trustee since 2005.		  James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.  88  Director, Commonwealth (non-profit organization).
Thomas J. Kenny
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		  Chairman of the Board and Trustee  Indefinite term.
Trustee since 2011; Chairman for term ending June 30, 2023. Chairman since September 13, 2017.		  Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.  88  Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		  Trustee  Indefinite term.
Trustee since 2006.		  President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.  88  Director, National Bureau of Economic Research; Trustee, Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

 

62 2021 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds
 

Trustees – concluded

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years and
other relevant experience and qualifications		  Number of
Portfolios in
Fund Complex
Overseen by
Trustee		  Other Directorship(s) Held by Trustee
Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1949		  Trustee  Indefinite term.
Trustee since 1999.		  Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).  88  Director, TheraTrue Inc.
Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		  Trustee  Indefinite term.
Trustee since 2006.		  George Kozmetsky Centennial University Distinguished Chair and Executive Director of the Global Sustainability Leadership Institute and Professor (since 1987), McCombs School of Business, University of Texas at Austin. Charles E. and Sarah M. Seay Regents Chair of Finance (2002–2021), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011), McCombs School of Business, University of Texas at Austin. President (2019-2020), Vice President (2013–2018), Society of Financial Studies. President (since 2020), Vice President (2019–2020) American Finance Association.  88  Texa$aver Product Committee Member, Employees Retirement System of Texas.

 

Officers

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years
Richard S. Biegen
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Chief Compliance Officer  One-year term.
Chief Compliance Officer since 2008.		  Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1976		  Senior Managing Director and Corporate Secretary  One-year term.
Senior Managing Director and Corporate Secretary since 2020.		  Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
John L. Douglas
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		  Executive Vice President  One-year term.
Executive Vice President since 2021.		  Senior Executive Vice President, Chief Legal Risk & Compliance Officer at TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.

 

TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 63
 
Trustees and officers (unaudited) concluded

 

TIAA-CREF Funds  ■  October 31, 2021

 

Officers – concluded

 

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

 

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

 

64 2021 Annual Report   ■  TIAA-CREF Funds: Equity Index Funds
 

Additional information about index providers (unaudited)

 

Russell Indexes

 

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

 

Standard & Poor’s Index

 

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

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

 

MSCI Indexes

 

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


 

TIAA-CREF Funds: Equity Index Funds  ■  2021 Annual Report 65
 

[This page intentionally left blank.]

 

How to reach us

 

Websites

 

TIAA.org

nuveen.com

 

Automated telephone service

 

800-842-2252

24 hours a day, 7 days a week

 

For the hearing- or speech-impaired

 

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

 

 

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

 

PRESORTED STANDARD

U.S. POSTAGE

PAID

TIAA

730 Third Avenue
New York, NY 10017-3206		  

 

 

We’re fond of paper…in its original form.

 

Switch to eDelivery at

TIAA.org/eDelivery

 

 

 Printed on paper containing recycled fiber

 

1886930 A12447 (12/21)
 

 

730 Third Avenue
New York, NY 10017-3206

 

 

 Printed on paper containing recycled fiber

 

1886930 A12447 (12/21)
 

 

730 Third Avenue
New York, NY 10017-3206

 

1886930 A12447 (12/21)

 

 

       
     
TIAA-CREF
Funds		   October 31,
2021
       

 

TIAA-CREF

International Fixed-Income Funds

 

The annual report contains the audited financial statements.

 

Fund name Institutional
Class		 Advisor
Class		 Premier
Class		 Retirement
Class		 Retail
Class		 Class
W
Emerging Markets Debt Fund TEDNX TEDHX TEDPX TEDTX TEDLX TEDVX
International Bond Fund TIBWX TIBNX TIBLX TIBVX TIBEX TIBUX

 

Annual
Report

 

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   14  
Summary portfolios of investments   19  
Audited financial statements      
Statements of assets and liabilities   35  
Statements of operations   37  
Statements of changes in net assets   38  
Financial highlights   42  
Notes to financial statements   46  
Report of independent registered public accounting firm 60  
Important tax information   62  
Trustees and officers   63  
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 annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 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 October 31, 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 Annual Report 3
 

Letter to investors

 

International fixed-income securities posted mixed results for the twelve months ended October 31, 2021. Emerging-markets debt registered a solid gain amid fluctuating shifts in investor sentiment. Foreign investment-grade fixed-rate bonds hedged to the U.S. dollar declined slightly, giving back modest gains over the final three months of the period. For the twelve months:

 

•Emerging-markets debt securities returned 4.4%, 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 hedged to the U.S. dollar returned –1.3%, as measured by the Bloomberg Global Aggregate Ex-USD Index (Hedged).
•The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) gained 7.9% and the TIAA-CREF International Bond Fund (Institutional Class) returned –0.3%. Both outpaced their respective benchmarks.

 

Emerging-markets debt securities performed well early in the period amid improving risk sentiment and rising oil prices. However, higher U.S. interest rates and strong growth drove the dollar up in March 2021. A subsequent recovery later in the period was tempered by a slowing Chinese economy and price pressures due to supply-chain bottlenecks.

International investment-grade fixed-rate bonds began the period with modest gains, but experienced ups and downs driven by volatility in global interest rates throughout 2021, particularly over the final months of the period. Economies in the 19-nation euro area contracted during the fourth quarter of 2020 and the first quarter of 2021 before recovering to produce moderate growth over the next two quarters. While global central banks in large part left accommodative monetary policies in place, holding benchmark interest rates at near-zero levels, there were some notable shifts, such as in Australia, that dampened risk sentiment.

 

Foreign bond returns trailed U.S. bonds

For the period, foreign bonds lagged the results of U.S. bonds. International investment-grade debt securities trailed the –0.5% return of U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg U.S. Aggregate Bond Index. Emerging-markets debt lagged the 9.0% gain of U.S. high-yield bonds, as measured by the ICE BofA BB-B Cash Pay High Yield Constrained Index.

 

Shifting global economic trends emphasized the value of diversification

Over the last year, global economies continued to rebound from the impact of COVID-19. However, just as individual countries and regions were affected differently by the pandemic, the pace of their recovery has also varied and may be difficult to predict going forward.

 

4 2021 Annual Report   ■  TIAA-CREF International Fixed-Income Funds
 



Brad Finkle

In this environment, we believe asset class diversification, including international fixed-income securities, remains a time-tested approach in helping investors manage shifts in market conditions more effectively. With the many complexities involved in choosing international-debt securities, both in developed and emerging markets, we believe that a diversified portfolio of bonds in a professionally managed mutual fund or group of funds offers investors a sensible way to gain exposure to this dynamic asset class. Keep in mind that, while diversification can help reduce volatility, it does not provide a guarantee against market losses.

If you have any questions about your investment in the TIAA-CREF International Fixed-Income Funds, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We welcome the opportunity to speak with you.

 

/s/ Brad Finkle

Brad Finkle

President of the TIAA-CREF Fund Complex

 

TIAA-CREF International Fixed-Income Funds   ■  2021 Annual Report 5
 

Information for investors

 

Portfolio holdings

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

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

•By visiting our 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 Annual Report   ■  TIAA-CREF International Fixed-Income Funds
 

About the funds’ benchmarks

 

Emerging Markets Debt Fund

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds and other debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.

 

International Bond Fund

The Bloomberg 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”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, nor guarantees the accuracy or completeness of any information herein, nor 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.

 

During the reporting period, “Bloomberg Barclays” fixed-income indices were rebranded as “Bloomberg” indices. This change affects all Bloomberg fixed-income indices.

 

TIAA-CREF International Fixed-Income Funds   ■  2021 Annual Report 7
 

Important information about expenses

 

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2021–October 31, 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 Annual Report   ■  TIAA-CREF International Fixed-Income Funds
 

Emerging Markets Debt Fund

 

Performance for the twelve months ended October 31, 2021

The Emerging Markets Debt Fund returned 7.90% for the Institutional Class, compared with the 4.41% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). The performance table shows returns for all share classes of the Fund.

 

Emerging-markets debt rose but fluctuated amid shifts in sentiment

Emerging-markets (EM) debt securities rallied in the first half of the period as COVID-19 vaccination approvals improved risk sentiment, oil prices recovered as Saudi Arabia contained production, the U.S. dollar weakened and the federal government provided unprecedented levels of fiscal stimulus. Yet, higher U.S. interest rates and strong growth prospects drove the dollar up in March 2021.

Rate volatility then subsided and long-term U.S. yields declined. Risk-on sentiment supported demand for EM debt through the end of June. Over the last year, China tightened policy initiatives which led to slower growth. Globally, price pressures due to supply-chain bottlenecks weakened sentiment, and EM local markets struggled as the U.S. dollar rallied. Many EM markets saw inflationary spikes which had to be addressed by central bank interventions.

 

Fund surpassed its benchmark

For the period, the Fund outperformed its benchmark due to several factors, notably sovereign allocations and strong security selections within corporates and quasi-sovereigns. Allocations within corporates also helped.

Within sovereigns, the largest contributor was an overweight to Zambia, which recovered following the election of Hakainde Hichilema, the opposition candidate expected to usher in more orthodox policy and allow for the IMF to provide more financial support to the country. Positioning in Angola and Jamaica and an underweight to Peru were also beneficial.

Within corporates, security selections in Brazil, Ghana, Mexico and Argentina were substantial contributors, especially lower-quality-rated issues which were COVID-19 recovery stories, notably Aeromexico (in Chapter 11) and Tullow Oil, which successfully reprofiled its debts. Country allocations within corporates also benefited the Fund’s performance due to underweights in China and Malaysia and overweights in Mexico and South Africa. Local currency was a modest contributor, especially positions in the Dominican Republic, Uganda and Ukraine.

By contrast, the Fund’s largest detractors were corporate selections in China and an overweight to underperforming Brazilian corporates. Exposure to two Chinese property companies also hurt given the tightening of lending conditions, which impacted the entire sector. Detractors in local markets included Turkey and a Peruvian corporate.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 9
 

Emerging Markets Debt Fund

 

Performance as of October 31, 2021

Emerging Markets Debt Fund     Total return  Average annual
total return		  Annual operating
expenses*
   Inception
date		  1 year   5 years   since
inception		   gross   net 
Institutional Class  9/26/14   7.90%   5.42%   5.30%   0.62%   0.62%
Advisor Class  12/4/15   7.91    5.38    5.27†   0.69    0.69 
Premier Class  9/26/14   7.74    5.27    5.13    0.78    0.78 
Retirement Class  9/26/14   7.78    5.19    5.05    0.87    0.87 
Retail Class  9/26/14   7.61    5.09    4.95    0.93    0.93 
Class W  9/28/18   8.66    5.83†   5.59†   0.62    0.00 
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified  –   4.41    4.15    4.74‡   –    – 

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 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

Emerging Markets Debt Fund

 

$2,000,000 invested at Fund’s inception
Institutional Class (inception September 26, 2014)

 

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

 

Expense example

 

Six months ended October 31, 2021

Emerging Markets Debt Fund  Beginning
account value
(5/1/21		)   Ending
account value
(10/31/21		)   Expenses paid
during period*
(5/1/21–10/31/21		)
Actual return               
Institutional Class  $1,000.00   $1,012.09   $3.14 
Advisor Class   1,000.00    1,011.63    3.55 
Premier Class   1,000.00    1,011.14    4.11 
Retirement Class   1,000.00    1,012.16    3.96 
Retail Class   1,000.00    1,010.54    4.92 
Class W   1,000.00    1,016.20    0.00 
5% annual hypothetical return               
Institutional Class   1,000.00    1,022.08    3.16 
Advisor Class   1,000.00    1,021.68    3.57 
Premier Class   1,000.00    1,021.12    4.13 
Retirement Class   1,000.00    1,021.27    3.97 
Retail Class   1,000.00    1,020.32    4.94 
Class W   1,000.00    1,025.21    0.00 
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 11
 

Emerging Markets Debt Fund

 

  period were 0.62% for the Institutional Class, 0.70% for the Advisor Class, 0.81% for the Premier Class, 0.78% for the Retirement Class, 0.97% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

For more information about this expense example, please see page 8.

 

Fund profile

    as of 10/31/2021
Net assets   $602.57 million
Portfolio turnover rate   57%
Number of issues   307
Option-adjusted duration‡   6.84 years
Average maturity§   11.57 years
‡ Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§ Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

 

12 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

Emerging Markets Debt Fund

 

Portfolio composition    
Sector   % of net assets
as of 10/31/2021
Foreign government securities   48.9
Corporate bonds   45.8
Bank loan obligations   1.6
Common stocks & rights   0.2
Short-term investments, other assets & liabilities, net   3.5
Total   100.0
     
Holdings by country    
    % of portfolio investments
as of 10/31/2021
Mexico   7.9
Brazil   7.0
South Africa   4.7
Turkey   4.1
Indonesia   3.9
Colombia   3.8
Ukraine   3.1
Chile   3.0
59 other nations   58.4
Short-term investments   4.1
Total   100.0
Holdings by maturity
    % of fixed-income investments
(excluding short-term investments)
as of 10/31/2021
Less than 1 year   2.8
1–3 years   6.0
3–5 years   14.6
5–10 years   41.3
Over 10 years   35.3
Total   100.0
     
Holdings by credit quality
    % of fixed-income investments
(excluding short-term investments)
as of 10/31/2021
Aa/AA   2.1
A/A   3.9
Baa/BBB   23.7
Ba/BB   30.7
B/B   28.3
Below B/B   8.4
Non-rated   2.9
Total   100.0

 

Credit quality ratings are based on the J.P. Morgan methodology, which uses the middle rating of the S&P, Moody’s and Fitch ratings to determine an instrument’s rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.


 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 13
 

International Bond Fund

 

Performance for the twelve months ended October 31, 2021

The International Bond Fund returned –0.26% for the Institutional Class, compared with the –1.26% return of its benchmark, the Bloomberg Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). The performance table shows returns for all share classes of the Fund.

 

International fixed-income markets declined as volatility increased

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 the Democratic majority 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. A stronger second quarter—marked by yields reversing their first-quarter spike—was followed by a return to volatility in the final months of the period. Supply-chain bottlenecks and rising energy prices kept inflation in the spotlight, while strong consumer demand continued to support global economic growth.

The economy in the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021 before posting moderate growth over the second and third quarters. China’s economy continued to grow year-over-year, but its rate of expansion peaked during the first quarter of 2021 and decelerated in each of the following two quarters. Major global central banks largely left highly accommodative monetary policies in place, despite certain hawkish shifts from a select few developed-markets (DM) central banks late in the period.

 

Fund surpassed its benchmark

For the twelve-month period, the Fund declined slightly but outperformed its benchmark, primarily due to favorable asset allocation, security selection and select unhedged foreign exchange (FX) positions.

Allocations to out-of-benchmark emerging-markets (EM) government-related credit, particularly holdings in Africa and Eastern Europe, were key drivers. Allocations to corporate bonds, especially high yield, contributed meaningfully. Security selection also benefited the Fund’s return, especially among holdings of certain DM Treasuries—the most notable of which were Greece, Italy, Cyprus and Spain. Within EM, positive results were driven by selections in Ukraine, Ghana and the Dominican Republic.

The Fund’s FX exposure was modestly positive and led by unhedged positions in the Chinese yuan and Egyptian pound.

By contrast, yield curve positioning detracted overall due to U.S. dollar duration exposure in certain credit positions.

 

14 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 
 

International Bond Fund

 

Performance as of October 31, 2021

International Bond Fund     Total return  Average annual
 total return		  Annual operating
expenses*
   Inception
date		   1 year    5 years    since inception    gross    net 
Institutional Class  8/5/16   –0.26%   3.26%   2.86%   0.60%   0.60%
Advisor Class  8/5/16   –0.39    3.20    2.79    0.70    0.70 
Premier Class  8/5/16   –0.42    3.11    2.71    0.78    0.75 
Retirement Class  8/5/16   –0.58    3.01    2.60    0.85    0.85 
Retail Class  8/5/16   –0.68    2.92    2.51    1.07    0.95 
Class W  9/28/18   0.29    3.64†   3.21†   0.60    0.00 
Bloomberg Global Aggregate ex-USD Index (Hedged)  –   –1.26    2.86    2.54‡   –    – 

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance 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.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 15
 
 

International Bond Fund

 

$2,000,000 invested at Fund’s inception

Institutional Class (inception August 5, 2016)

 

 

 

Ending amounts are as of October 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

 

Expense example

 

Six months ended October 31, 2021

International Bond Fund  Beginning
account value
(5/1/21		)   Ending
account value
(10/31/21		)   Expenses paid
during period*
(5/1/21–10/31/21		) 
Actual return               
Institutional Class  $1,000.00   $   998.99   $3.02 
Advisor Class   1,000.00    997.99    3.37 
Premier Class   1,000.00    998.00    3.78 
Retirement Class   1,000.00    996.98    4.23 
Retail Class   1,000.00    996.98    4.68 
Class W   1,000.00    1,001.00    0.00 
5% annual hypothetical return               
Institutional Class   1,000.00    1,022.18    3.06 
Advisor Class   1,000.00    1,021.83    3.41 
Premier Class   1,000.00    1,021.42    3.82 
Retirement Class   1,000.00    1,020.97    4.28 
Retail Class   1,000.00    1,020.52    4.74 
Class W   1,000.00    1,025.21    0.00 
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were

 

16 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 
 

International Bond Fund

 

  184 days in the six months ended October 31, 2021. The Fund’s annualized six-month expense ratios for that period were 0.60% for the Institutional Class, 0.67% for the Advisor Class, 0.75% for the Premier Class, 0.84% for the Retirement Class, 0.93% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

 

For more information about this expense example, please see page 8.

 

Fund profile

   as of 10/31/2021
Net assets  $524.97 million
Portfolio turnover rate  37%
Number of issues  440
Option-adjusted duration‡  7.03 years
Average maturity§  8.52 years

 

‡ Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§ Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 17
 
 

International Bond Fund

 

Portfolio composition   
Sector  % of net assets
as of 10/31/2021
Foreign government securities  66.1
Corporate bonds  23.2
Mortgage-backed securities  1.7
Bank loan obligations  1.7
Commercial mortgage-backed securities  1.5
Asset-backed securities  1.0
Short-term investments, other assets & liabilities, net  4.8
Total  100.0
    
Holdings by country   
   % of portfolio investments
as of 10/31/2021
United States  14.6
Japan  12.3
China  10.8
United Kingdom  6.6
Italy  5.1
France  4.4
Spain  4.1
Canada  3.8
72 other nations  36.2
Short-term investments  2.1
Total  100.0
Holdings by maturity
   % of fixed-income investments
(excluding short-term investments)
as of 10/31/2021
Less than 1 year  1.9
1–3 years  18.7
3–5 years  14.7
5–10 years  38.0
Over 10 years  26.7
Total  100.0
    
Holdings by credit quality
   % of fixed-income investments
 (excluding short-term investments)
as of 10/31/2021
Aaa/AAA  7.0
Aa/AA  12.7
A/A  35.5
Baa/BBB  26.3
Ba/BB  9.1
B/B  7.6
Non-rated  1.8
Total  100.0

 

Credit quality ratings are based on the Bloomberg methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.


 

18 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 
 

Summary portfolio of investments

 

Emerging Markets Debt Fund  ■  October 31, 2021

 

Principal     Issuer     Value   % of net
assets		 
BANK LOAN OBLIGATIONS             
CHILE           $1,826,531    0.3%
MEXICO                   
$ 7,428,314  †,i,o  Grupo Aeromexico SAB de C.V.,
LIBOR 1 M + 8.000%–12.500%		  9.000%–13.500%, 08/19/22   7,531,519    1.3 
             7,531,519    1.3 
      TOTAL BANK LOAN OBLIGATIONS (Cost $9,221,788)   9,358,050    1.6 
BONDS                   
              
CORPORATE BONDS             
ARGENTINA            3,171,677    0.5 
BRAZIL                   
3,000,000  g  B3 S.A.-Brasil Bolsa Balcao  4.125%, 09/20/31   2,872,350    0.5 
3,750,000  g  Banco BTG Pactual S.A.  2.750%, 01/11/26   3,600,038    0.6 
      Other      26,229,114    4.3 
             32,701,502    5.4 
CHILE            16,500,041    2.7 
CHINA            13,134,978    2.2 
COLOMBIA            14,081,628    2.3 
COSTA RICA                   
3,200,000  e,g  Instituto Costarricense de Electricidad  6.750%, 10/07/31   3,177,600    0.5 
      Other      2,291,509    0.4 
             5,469,109    0.9 
DOMINICAN REPUBLIC      4,663,684    0.8 
GHANA                   
2,725,000  g  Tullow Oil plc  10.250%, 05/15/26   2,870,787    0.5 
      Other      2,325,000    0.4 
             5,195,787    0.9 
GUATEMALA            1,767,414    0.3 
INDIA                   
3,000,000  g,  Network i2i Ltd  3.975%, N/A‡   3,026,250    0.5 
      Other      10,661,777    1.8 
             13,688,027    2.3 
INDONESIA                   
4,250,000  g  Saka Energi Indonesia PT  4.450%, 05/05/24   4,126,750    0.7 
      Other      12,167,939    2.0 
             16,294,689    2.7 
ISRAEL                   
3,000,000  g  Bank Hapoalim BM  3.255%, 01/21/32   2,992,500    0.5 
      Other      4,008,786    0.7 
             7,001,286    1.2 
JAMAICA            387,981    0.1 
                    
See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 19
 
Summary portfolio of investments continued
   
Emerging Markets Debt Fund  ■  October 31, 2021  
   
Principal     Issuer     Value   % of net
assets		 
KAZAKHSTAN                   
$ 3,000,000  g  KazMunayGas National Co JSC  3.500%, 04/14/33  $3,104,420    0.5%
      Other      7,767,941    1.3 
             10,872,361    1.8 
MACAU            1,872,660    0.3 
MALAYSIA                   
3,000,000     1MDB Global Investments Ltd  4.400%, 03/09/23   3,015,686    0.5 
3,000,000  g  Genm Capital Labuan Ltd  3.882%, 04/19/31   2,934,673    0.5 
             5,950,359    1.0 
MEXICO                   
5,750,000  †,g,q  Aerovias de Mexico S.A.  7.000%, 02/05/25   5,347,500    0.9 
5,100,000     Petroleos Mexicanos  5.350%, 02/12/28   5,090,361    0.8 
4,647,000     Petroleos Mexicanos  7.000%, 01/23/30   4,857,974    0.8 
      Other      16,224,424    2.7 
             31,520,259    5.2 
MOROCCO            2,051,591    0.3 
NETHERLANDS            2,188,969    0.4 
NIGERIA            1,783,190    0.3 
OMAN            1,663,674    0.3 
PANAMA                   
3,200,000  g  Aeropuerto Internacional de Tocumen S.A.  5.125%, 08/11/61   3,332,032    0.5 
      Other      5,870,349    1.0 
             9,202,381    1.5 
PERU            10,749,719    1.8 
RUSSIA            3,996,185    0.7 
SAUDI ARABIA                   
3,500,000  g  Arabian Centres Sukuk II Ltd  5.625%, 10/07/26   3,645,530    0.6 
             3,645,530    0.6 
SOUTH AFRICA                   
7,475,000  g  Eskom Holdings SOC Ltd  6.350%–8.450%, 08/06/23–08/10/28   7,911,790    1.3 
3,000,000  g  Transnet SOC Ltd  4.000%, 07/26/22   3,028,088    0.5 
      Other      7,163,106    1.2 
             18,102,984    3.0 
SPAIN                   
3,000,000  g  EnfraGen Energia Sur S.A.  5.375%, 12/30/30   2,872,530    0.5 
             2,872,530    0.5 
TANZANIA, UNITED REPUBLIC OF             
3,050,000  e  AngloGold Ashanti Holdings plc  3.750%, 10/01/30   3,084,313    0.5 
      Other      1,714,395    0.3 
             4,798,708    0.8 
     
20 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Summary portfolio of investments continued
   
Emerging Markets Debt Fund  ■  October 31, 2021  
   
Principal     Issuer     Value   % of net
assets		 
THAILAND           $2,580,191    0.4%
TRINIDAD AND TOBAGO      2,435,211    0.4 
TURKEY            11,353,966    1.9 
UKRAINE            4,686,882    0.8 
UNITED ARAB EMIRATES      6,201,712    1.0 
ZAMBIA                   
$ 3,000,000  g  First Quantum Minerals Ltd  6.875%, 10/15/27   3,202,500    0.5 
             3,202,500    0.5 
      TOTAL CORPORATE BONDS (Cost $273,979,686)   275,789,365    45.8 
GOVERNMENT BONDS             
ANGOLA                   
6,525,000  e,g  Angolan Government International Bond  8.000%–9.375%, 05/09/28–05/08/48   6,496,470    1.1 
             6,496,470    1.1 
ARGENTINA            2,941,187    0.5 
ARMENIA            1,947,000    0.3 
AZERBAIJAN            2,342,920    0.4 
BAHRAIN            417,765    0.1 
BARBADOS            2,320,587    0.4 
BENIN            1,303,751    0.2 
BERMUDA            1,357,125    0.2 
BRAZIL                   
3,100,000     Brazilian Government International Bond  3.875%, 06/12/30   2,908,699    0.5 
      Other      6,769,282    1.1 
             9,677,981    1.6 
CAMEROON            1,124,060    0.2 
CHINA            4,581,138    0.8 
COLOMBIA                   
4,500,000     Colombia Government International Bond  3.000%, 01/30/30   4,242,780    0.7 
      Other      4,966,182    0.8 
             9,208,962    1.5 
                    
COSTA RICA            2,228,750    0.4 
COTE D’IVOIRE            2,659,585    0.4 
DOMINICAN REPUBLIC             
4,000,000  g  Dominican Republic Government International Bond  4.875%, 09/23/32   4,060,040    0.6 
3,060,000  g  Dominican Republic Government International Bond  7.450%, 04/30/44   3,641,431    0.6 
      Other      5,631,700    1.0 
             13,333,171    2.2 
     
See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 21
 
Summary portfolio of investments continued
   
Emerging Markets Debt Fund  ■  October 31, 2021  
   
Principal     Issuer     Value   % of net
assets		 
ECUADOR                   
$ 3,634,600  g  Ecuador Government International Bond (Step Bond)  5.000%, 07/31/30  $3,016,718    0.5%
4,637,020  g  Ecuador Government International Bond (Step Bond)  1.000%, 07/31/35   3,054,683    0.5 
      Other      431,934    0.1 
             6,503,335    1.1 
EGYPT                   
4,275,000  g  Egypt Government International Bond  7.600%, 03/01/29   4,301,347    0.7 
4,575,000  g  Egypt Government International Bond  7.053%, 01/15/32   4,291,706    0.7 
$,EGP 19,325,000  g  Egypt Government International Bond  5.750%–16.000%, 06/11/22–11/20/59   7,293,811    1.2 
             15,886,864    2.6 
EL SALVADOR         3,770,750    0.6 
GHANA                   
$ 8,575,000  g  Ghana Government International Bond  0.000%, 04/07/25–03/11/61   7,080,242    1.2 
      Other      1,483,641    0.2 
             8,563,883    1.4 
GREECE            2,544,642    0.4 
GUATEMALA            3,747,500    0.6 
HONDURAS            1,591,338    0.3 
HUNGARY            1,291,065    0.2 
INDIA            2,530,761    0.4 
INDONESIA            7,253,377    1.2 
IRAQ                   
3,310,938  g  Iraq Government International Bond  5.800%, 01/15/28   3,219,887    0.5 
      Other      2,168,449    0.4 
             5,388,336    0.9 
JAMAICA                   
2,950,000     Jamaica Government International Bond  8.000%, 03/15/39   4,135,900    0.7 
2,510,000     Jamaica Government International Bond  7.875%, 07/28/45   3,550,395    0.6 
             7,686,295    1.3 
JORDAN                   
4,050,000  e,g  Jordan Government International Bond  4.950%, 07/07/25   4,225,700    0.7 
      Other      2,063,084    0.3 
             6,288,784    1.0 
     
22 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Summary portfolio of investments continued
   
Emerging Markets Debt Fund  ■  October 31, 2021  
   
Principal     Issuer     Value   % of net
assets		 
KAZAKHSTAN           $1,801,739    0.3%
KENYA                   
$ 5,400,000  g  Kenya Government International Bond  6.300%–8.250%, 06/24/24–02/28/48   5,662,432    1.0 
      Other      1,482,734    0.2 
             7,145,166    1.2 
LEBANON            1,050,640    0.2 
MALAYSIA            933,640    0.1 
MEXICO                   
3,500,000     Mexico Government International Bond  4.280%, 08/14/41   3,647,945    0.6 
      Other      5,616,388    0.9 
             9,264,333    1.5 
MONGOLIA            3,044,031    0.5 
MOROCCO            3,083,257    0.5 
NIGERIA                   
2,975,000  g  Nigeria Government International Bond  6.500%, 11/28/27   3,041,780    0.5 
      Other      5,271,913    0.9 
             8,313,693    1.4 
OMAN                   
2,550,000  g  Oman Government International Bond  6.750%, 10/28/27   2,856,184    0.5 
6,150,000  g  Oman Government International Bond  5.375%–6.750%, 03/08/27–01/17/48   6,393,591    1.0 
             9,249,775    1.5 
PAKISTAN                   
3,200,000  g  Pakistan Government International Bond  6.875%, 12/05/27   3,271,286    0.5 
      Other      4,495,041    0.8 
             7,766,327    1.3 
PANAMA                   
2,850,000     Panama Notas del Tesoro  3.750%, 04/17/26   3,025,645    0.5 
             3,025,645    0.5 
PARAGUAY            3,391,063    0.6 
PERU            1,626,905    0.3 
QATAR            4,581,111    0.8 
REPUBLIC OF SERBIA      1,496,115    0.2 
ROMANIA            2,497,997    0.4 
RUSSIA            7,117,483    1.2 
     
See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 23
 
Summary portfolio of investments continued
   
Emerging Markets Debt Fund  ■  October 31, 2021  
   
Principal     Issuer     Value   % of net
assets		 
RWANDA                   
$ 3,825,000  g  Rwanda International Government Bond  5.500%, 08/09/31  $3,910,118    0.6%
             3,910,118    0.6 
SAUDI ARABIA                   
7,950,000  g  Saudi Government International Bond  2.250%–3.750%, 10/26/26–02/02/61   8,072,509    1.3 
             8,072,509    1.3 
SENEGAL            2,860,972    0.5 
SOUTH AFRICA                   
3,000,000     South Africa Government International Bond  4.300%, 10/12/28   3,025,701    0.5 
ZAR 59,300,000     South Africa Government International Bond  7.000%, 02/28/31   3,189,072    0.5 
      Other      4,117,632    0.7 
             10,332,405    1.7 
SRI LANKA            2,207,244    0.4 
SUPRANATIONAL                   
$ 2,975,000  g  Banque Ouest Africaine de Developpement  4.700%, 10/22/31   3,238,282    0.5 
      Other      1,776,416    0.3 
             5,014,698    0.8 
THAILAND            1,541,390    0.3 
TRINIDAD AND TOBAGO      1,085,700    0.2 
TURKEY                   
4,350,000     Turkey Government International Bond  4.875%, 04/16/43   3,376,087    0.6 
3,000,000  g  Turkiye Ihracat Kredit Bankasi  5.375%, 10/24/23   3,038,063    0.5 
      Other      6,944,572    1.1 
             13,358,722    2.2 
UGANDA            1,928,706    0.3 
UKRAINE                   
4,050,000  g  Ukraine Government International Bond  7.750%, 09/01/25   4,369,383    0.7 
3,000,000  g  Ukraine Government International Bond  7.253%, 03/15/33   3,055,487    0.5 
$,EGP,UAH 41,845,000  g  Ukraine Government International Bond  1.258%–15.840%, 02/26/25–05/31/40   6,795,347    1.2 
             14,220,217    2.4 
UNITED ARAB EMIRATES      5,169,665    0.9 
     
24 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Summary portfolio of investments continued
   
Emerging Markets Debt Fund  ■  October 31, 2021  
   
Principal      Issuer     Value   % of net
assets		 
URUGUAY                    
$ 4,878,796      Uruguay Government International Bond  4.375%, 01/23/31  $5,634,668    1.0%
       Other      1,374,749    0.2 
              7,009,417    1.2 
UZBEKISTAN             3,953,819    0.7 
ZAMBIA                    
$ 3,900,000  g   Zambia Government International Bond  8.500%, 04/14/24   3,095,820    0.5 
       Other      587,625    0.1 
              3,683,445    0.6 
       TOTAL GOVERNMENT BONDS (Cost $301,029,565)   294,725,329    48.9 
       TOTAL BONDS (Cost $575,009,251)   570,514,694    94.7 
                     
Shares      Company               
                
COMMON STOCKS             
UNITED STATES             1,031,804    0.2 
       TOTAL COMMON STOCKS (Cost $914,455)   1,031,804    0.2 
                     
Principal      Issuer               
                
SHORT-TERM INVESTMENTS             
EGYPT             2,167,256    0.3 
UNITED STATES                    
$ 7,593,000      United States Treasury Bill  0.000%, 11/02/21   7,592,996    1.3 
              7,592,996    1.3 
                     
Shares      Company               
                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES            
15,365,433  c   State Street Navigator Securities Lending Government Money Market Portfolio  0.030%   15,365,433    2.5 
              15,365,433    2.5 
       TOTAL SHORT-TERM INVESTMENTS (Cost $25,127,647)   25,125,685    4.1 
       TOTAL PORTFOLIO (Cost $610,273,141)   606,030,233    100.6 
          OTHER ASSETS & LIABILITIES, NET   (3,457,972)   (0.6)
          NET ASSETS  $602,572,261    100.0%

 

 

Abbreviation(s):

EGP Egyptian Pound
LIBOR London Interbank Offered Rate
M Month
UAH Ukranian Hryvnia
ZAR South African Rand

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 25
 
Summary portfolio of investments concluded

 

Emerging Markets Debt Fund  ■  October 31, 2021

 

‡ 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 $14,915,887. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $430,187,347 or 71.4% 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.
o Payment in Kind Bond
q In default

 

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

 

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

 

 

Forward foreign currency contracts outstanding as of October 31, 2021 were as follows:

 

Currency
to be
purchased		   Receive   Currency
to be
sold		   Deliver   Counterparty   Settlement
date		   Unrealized
appreciation
(depreciation		 )
$   1,952,748   PEN   8,100,000   Morgan Stanley   01/06/22   $ (71,594 )

 

Abbreviation(s):

PEN Peruvian Sol
   
26 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 

Consolidated summary portfolio of investments

 

International Bond Fund  ■  October 31, 2021

 

Principal  Issuer  Value   % of net
assets		 
BANK LOAN OBLIGATIONS          
AUSTRALIA     $320,319    0.0%
CANADA      382,021    0.1 
IRELAND      602,164    0.1 
LUXEMBOURG   426,412    0.1 
UNITED KINGDOM   995,940    0.2 
UNITED STATES   6,322,272    1.2 
   TOTAL BANK LOAN OBLIGATIONS (Cost $9,143,241)   9,049,128    1.7 
BONDS             
           
CORPORATE BONDS          
AUSTRALIA      330,750    0.1 
AUSTRIA      732,615    0.1 
BRAZIL      957,580    0.2 
CANADA      5,360,557    1.0 
CHILE      3,046,506    0.6 
CHINA      1,625,627    0.3 
COLOMBIA      764,072    0.1 
CZECH REPUBLIC   466,137    0.1 
DENMARK      689,075    0.1 
FRANCE      5,849,110    1.1 
GERMANY      3,719,572    0.7 
INDIA      1,790,293    0.3 
INDONESIA      686,333    0.1 
IRELAND      1,140,470    0.2 
ISRAEL      1,497,888    0.3 
ITALY      955,830    0.2 
JAPAN      2,458,349    0.5 
KAZAKHSTAN   928,425    0.2 
KOREA, REPUBLIC OF   244,989    0.0 
KUWAIT      613,629    0.1 
LUXEMBOURG   2,269,209    0.4 
MALAYSIA      855,733    0.2 
MEXICO      2,334,578    0.4 
NETHERLANDS      1,437,365    0.3 
PANAMA      730,092    0.1 
PERU      405,952    0.1 
POLAND      633,138    0.1 
PORTUGAL      1,188,116    0.2 
QATAR      2,820,562    0.5 
RUSSIA      867,523    0.2 
     
See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 27
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2021

 

Principal      Issuer     Value   % of net
assets		 
SAUDI ARABIA     $1,550,454    0.3%
SINGAPORE      726,955    0.1 
SOUTH AFRICA      1,230,272    0.2 
SPAIN      865,000    0.2 
SWITZERLAND      3,422,398    0.7 
TAIWAN      276,467    0.1 
TANZANIA, UNITED REPUBLIC OF      455,063    0.1 
THAILAND      913,202    0.2 
TURKEY      291,081    0.1 
UNITED ARAB EMIRATES      1,510,184    0.3 
UNITED KINGDOM             
GBP 2,355,000   g  Vmed O2 UK Financing I plc  4.500%, 07/15/31   3,229,956    0.6 
        Other      9,173,605    1.8 
               12,403,561    2.4 
UNITED STATES      50,698,861    9.7 
        TOTAL CORPORATE BONDS (Cost $120,843,972)   121,743,573    23.2 
GOVERNMENT BONDS             
AUSTRALIA             
AUD 3,650,000      Australia Government Bond  0.250%, 11/21/25   2,615,493    0.5 
        Other      4,499,290    0.9 
               7,114,783    1.4 
BELGIUM      2,480,652    0.5 
BENIN      1,401,700    0.3 
BERMUDA      336,600    0.1 
BRAZIL      938,290    0.2 
CAMEROON      730,639    0.1 
CANADA             
CAD 3,600,000      Canadian Government International Bond  2.000%, 09/01/23   2,958,481    0.6 
        Other      10,645,438    2.0 
               13,603,919    2.6 
CHILE      658,997    0.1 
CHINA             
CNY 27,700,000      China Government International Bond  2.360%, 07/02/23   4,315,050    0.8 
 83,560,000      China Government International Bond  2.880%, 11/05/23   13,135,377    2.5 
 49,600,000      China Government International Bond  2.940%, 10/17/24   7,806,512    1.5 
 60,500,000      China Government International Bond  3.120%, 12/05/26   9,575,274    1.8 
 18,900,000      China Government International Bond  3.860%, 07/22/49   3,103,277    0.6 
 30,000,000      China Government International Bond  3.390%, 03/16/50   4,569,607    0.9 
 18,800,000      China Government International Bond  3.720%, 04/12/51   3,052,934    0.6 
 33,600,000      China Government International Bond  2.570%–3.810%, 05/20/23–09/14/50   5,396,878    1.0 
     
28 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2021

 

Principal      Issuer     Value   % of net
assets		 
        Other     $2,337,138    0.5%
               53,292,047    10.2 
COTE D’IVOIRE      1,310,527    0.3 
CROATIA      1,141,408    0.2 
CYPRUS      4,594,406    0.9 
DOMINICAN REPUBLIC      1,075,547    0.2 
ECUADOR      611,510    0.1 
EGYPT      4,353,979    0.8 
EL SALVADOR      767,500    0.1 
FRANCE             
EUR 4,500,000      French Republic Government Bond OAT  0.500%, 05/25/25   5,368,603    1.0 
 3,775,000      French Republic Government Bond OAT  0.750%, 11/25/28   4,596,891    0.9 
 2,450,000   g  French Republic Government Bond OAT  0.500%, 05/25/40   2,771,517    0.5 
 2,500,000   z  UNEDIC ASSEO  0.250%, 07/16/35   2,782,220    0.6 
        Other      1,025,506    0.2 
               16,544,737    3.2 
GERMANY      1,405,730    0.3 
GHANA      2,872,750    0.5 
GREECE             
 2,300,000   g  Hellenic Republic Government International Bond  1.500%, 06/18/30   2,721,700    0.5 
        Other      799,619    0.2 
               3,521,319    0.7 
GUATEMALA      909,075    0.2 
HONDURAS      199,000    0.0 
HONG KONG      456,140    0.1 
HUNGARY      939,459    0.2 
ICELAND      1,132,141    0.2 
INDIA      445,288    0.1 
INDONESIA      3,914,013    0.7 
ISRAEL             
ILS 5,250,000      Israel Government International Bond  5.500%, 01/31/42   2,590,968    0.5 
        Other      1,274,715    0.2 
               3,865,683    0.7 
ITALY             
EUR 5,525,000      Italy Buoni Poliennali Del Tesoro  2.450%, 10/01/23   6,711,074    1.3 
 3,950,000      Italy Buoni Poliennali Del Tesoro  1.250%, 12/01/26   4,744,911    0.9 
 3,675,000      Italy Buoni Poliennali Del Tesoro  0.950%, 09/15/27   4,331,239    0.8 
 2,400,000   g  Italy Buoni Poliennali Del Tesoro  0.950%, 03/01/37   2,571,452    0.5 
     
See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 29
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2021

 

Principal      Issuer     Value   % of net
assets		  
EUR 5,150,000   g  Italy Buoni Poliennali Del Tesoro  0.900%–3.850%, 04/01/31–09/01/51  $6,755,696     1.3 %
               25,114,372     4.8  
JAPAN                
JPY 402,000,000      Japan Government Five Year Bond  0.100%, 06/20/23   3,538,774     0.7  
 557,000,000      Japan Government Ten Year Bond  0.100%, 06/20/28   4,933,417     0.9  
 335,000,000      Japan Government Ten Year Bond  0.100%, 06/20/29   2,964,516     0.6  
 322,000,000      Japan Government Ten Year Bond  0.100%, 09/20/29   2,847,538     0.5  
 325,000,000      Japan Government Ten Year Bond  0.100%, 12/20/29   2,872,489     0.5  
 425,000,000      Japan Government Ten Year Bond  0.100%, 06/20/30   3,752,644     0.7  
 513,000,000      Japan Government Ten Year Bond  0.100%, 09/20/30   4,523,412     0.9  
 525,950,000      Japan Government Thirty Year Bond  2.500%, 09/20/34   5,948,711     1.1  
 457,700,000      Japan Government Thirty Year Bond  0.500%, 09/20/46   3,943,880     0.8  
 340,000,000      Japan Government Twenty Year Bond  2.100%, 03/20/26   3,268,621     0.6  
 278,000,000      Japan Government Twenty Year Bond  0.600%, 12/20/36   2,543,604     0.5  
 660,000,000      Japan Government Twenty Year Bond  0.700%, 09/20/38   6,094,323     1.2  
 312,000,000      Japan Government Twenty Year Bond  0.400%, 09/20/40   2,713,052     0.5  
 787,000,000      Japan Government Twenty Year Bond  0.300%–1.800%, 09/20/31–06/20/39   7,426,531     1.4  
        Other      3,174,074     0.6  
               60,545,586     11.5  
KAZAKHSTAN      1,565,819     0.3  
KENYA      1,833,797     0.3  
KOREA, REPUBLIC OF                
KRW 3,800,000,000      Korea Treasury Bond  1.500%, 03/10/25   3,175,780     0.6  
 3,420,000,000      Korea Treasury Bond  2.000%, 06/10/31   2,780,072     0.5  
 4,435,000,000      Korea Treasury Bond  2.375%, 09/10/38   3,682,888     0.7  
        Other      3,051,316     0.6  
               12,690,056     2.4  
LEBANON      210,000     0.0  
MACEDONIA      1,316,005     0.3  
MALAYSIA      2,557,284     0.5  
MEXICO      2,824,918     0.5  
MONGOLIA      525,319     0.1  
MOROCCO      2,143,327     0.4  
NETHERLANDS      1,040,503     0.2  
NEW ZEALAND      1,611,826     0.3  
NIGERIA      1,354,742     0.3  
NORWAY                
NOK 34,375,000   g  Norway Government International Bond  2.000%, 04/26/28   4,156,960     0.8  
        Other      1,069,217     0.2  
               5,226,177     1.0  
PAKISTAN      1,007,312     0.2  
     
30 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2021

 

Principal      Issuer     Value   % of net
assets		 
PANAMA     $2,249,630    0.4%
PARAGUAY      1,042,938    0.2 
PHILIPPINES      623,778    0.1 
POLAND             
PLN 11,905,000      Republic of Poland Government International Bond  2.750%, 10/25/29   3,009,036    0.6 
REPUBLIC OF SERBIA      5,061,219    1.0 
ROMANIA      3,947,236    0.8 
RUSSIA      1,602,366    0.3 
RWANDA      2,504,520    0.5 
SAUDI ARABIA      1,175,655    0.2 
SENEGAL      2,092,116    0.4 
SINGAPORE             
SGD 3,525,000      Singapore Government Bond  1.625%, 07/01/31   2,563,746    0.5 
SOUTH AFRICA      2,074,833    0.4 
SPAIN             
EUR 4,325,000   g  Spain Government Bond  0.500%, 10/31/31   4,948,390    0.9 
 4,600,000   g  Spain Government International Bond  2.750%, 10/31/24   5,808,841    1.1 
 2,650,000   g  Spain Government International Bond  1.200%, 10/31/40   3,133,325    0.6 
 4,220,000   g  Spain Government International Bond  0.100%–1.400%, 07/30/28–04/30/31   4,966,098    1.0 
        Other      1,381,051    0.3 
               20,237,705    3.9 
SUPRANATIONAL      13,877,391    2.6 
SWEDEN      982,421    0.2 
THAILAND      3,499,692    0.7 
UKRAINE      3,372,745    0.6 
UNITED ARAB EMIRATES      236,099    0.0 
UNITED KINGDOM             
GBP 2,425,000      United Kingdom Gilt  1.625%, 10/22/28   3,492,307    0.7 
 3,775,000      United Kingdom Gilt  0.875%, 07/31/33   5,053,883    1.0 
 3,350,000      United Kingdom Gilt  1.750%, 09/07/37   4,977,338    0.9 
 2,000,000      United Kingdom Gilt  1.250%, 10/22/41   2,766,025    0.5 
        Other      3,815,839    0.7 
               20,105,392    3.8 
URUGUAY      2,147,854    0.4 
UZBEKISTAN      2,232,264    0.4 
        TOTAL GOVERNMENT BONDS (Cost $346,355,224)   346,823,518    66.1 
STRUCTURED ASSETS             
IRELAND      4,339,741    0.8 
     
See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 31
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2021

 

                    
Principal      Issuer     Value   % of net
assets		  
UNITED STATES                
$4,387,343   i  Connecticut Avenue Securities
Series 0-2017 C02 (Class 2ED3),
LIBOR 1 M + 1.350%		  143.925%, 09/25/29  $4,407,974     0.8 %
 2,809,713   i  Connecticut Avenue Securities
Series 0-2017 C05 (Class 1M2),
LIBOR 1 M + 2.200%		  228.925%, 01/25/30   2,859,750     0.6  
        Other      10,746,554     2.0  
               18,014,278     3.4  
        TOTAL STRUCTURED ASSETS (Cost $22,434,796)   22,354,019     4.2  
           TOTAL BONDS (Cost $489,633,992)   490,921,110     93.5  
                 
SHORT-TERM INVESTMENTS                
EGYPT                
EGP 56,500,000      Egypt Treasury Bill  0.000%, 11/16/21   3,582,713     0.7  
               3,582,713     0.7  
UNITED STATES                
$5,033,000      United States Treasury Bill  0.000%, 11/02/21   5,032,997     1.0  
               5,032,997     1.0  
                          
Shares      Company                  
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES             
 1,857,666   c  State Street Navigator Securities Lending Government Money Market Portfolio  0.030%   1,857,666     0.3  
               1,857,666     0.3  
        TOTAL SHORT-TERM INVESTMENTS (Cost $10,488,803)   10,473,376     2.0  
        TOTAL PORTFOLIO (Cost $509,266,036)   510,443,614     97.2  
           OTHER ASSETS & LIABILITIES, NET   14,527,073     2.8  
           NET ASSETS  $524,970,687     100.0 %

 

 

Abbreviation(s):

AUD Australian Dollar
CAD Canadian Dollar
CNY Chinese Yuan
EGP Egyptian Pound
EUR Euro
GBP Pound Sterling
ILS Israeli New Shekel
JPY Japanese Yen
KRW South Korean Won
LIBOR London Interbank Offered Rate
M Month
NOK Norwegian Krone
PLN Polish Zloty
SGD Singapore Dollar
     
32 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 
Consolidated summary portfolio of investments continued

 

International Bond Fund  ■  October 31, 2021

 

c Investments made with cash collateral received from securities on loan.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $141,143,910 or 26.9% 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.
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 10/31/21, the aggregate value of securities on loan is $1,816,550. 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 October 31, 2021 were as follows:

 

Currency
to be
purchased		  Receive   Currency
to be
sold		  Deliver   Counterparty  Settlement
date		  Unrealized
appreciation
(depreciation		) 
EUR  598,710   $  694,696   Australia and New Zealand Banking Group  11/02/21            $(2,560)
$  1,780,955   NZD  2,486,329   Australia and New Zealand Banking Group  02/01/22   2,254 
$  996,702   NZD  1,392,571   Australia and New Zealand Banking Group  02/01/22   468 
$  1,767,337   THB  58,839,061   Australia and New Zealand Banking Group  11/30/21   (5,351)
JPY  166,350,306   $  1,467,669   Australia and New Zealand Banking Group  12/15/21   (7,349)
JPY  220,019,522   $  1,941,471   Australia and New Zealand Banking Group  12/15/21   (10,012)
Total                   $(22,550)
$  11,057,791   KRW  12,926,115,168   Citibank, N.A.  11/30/21  $62,644 
$  15,085,397   CAD  18,622,206   Morgan Stanley  01/31/22  $36,931 
$  1,945,039   ILS  6,201,317   Morgan Stanley  11/30/21   (14,953)
$  2,672,482   NOK  22,446,082   Morgan Stanley  01/31/22   18,089 
$  1,506,883   PLN  5,997,705   Morgan Stanley  11/30/21   4,546 
$  964,980   SEK  8,267,919   Morgan Stanley  01/31/22   946 
$  548,478   ZAR  8,268,416   Morgan Stanley  11/30/21   9,145 
Total                   $54,704 
     
See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 33
 
Consolidated summary portfolio of investments concluded

 

International Bond Fund  ■  October 31, 2021

 

Currency
to be
purchased		  Receive   Currency
to be
sold		  Deliver   Counterparty  Settlement
date		  Unrealized
appreciation
(depreciation		) 
$  9,114,063   AUD  12,123,171   Toronto Dominion Bank  01/31/22            $(7,740)
$  39,200,059   CNY  251,150,469   Toronto Dominion bank  11/30/21   108,971 
$  165,252,799   EUR  142,232,963   Toronto Dominion bank  12/15/21   643,887 
$  40,241,273   GBP  29,301,969   Toronto Dominion bank  01/31/22   131,428 
$  62,840,786   JPY  7,130,144,961   Toronto Dominion bank  12/15/21   248,230 
Total                   $1,124,776 
Total                   $1,219,574 

 

Abbreviation(s):

AUD Australian Dollar
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
     
34 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 

Statements of assets and liabilities

 

TIAA-CREF Funds  ■  October 31, 2021

 

   Emerging Markets
Debt Fund		   International
Bond Fund		§
           
ASSETS          
Portfolio investments, at value*†  $606,030,233   $510,443,614 
Cash   128,088    – 
Cash – foreign^   7,124    982,770 
Receivable from securities transactions   –    4,389,901 
Receivable from Fund shares sold   10,128,336    11,406,260 
Dividends and interest receivable   7,629,568    4,271,275 
Due from affiliates   276,109    277,691 
Unrealized appreciation on forward foreign currency contracts   –    1,267,539 
Other   27,489    16,832 
Total assets   624,226,947    533,055,882 
           
LIABILITIES          
Management fees payable   277,593    219,978 
Service agreement fees payable   7,907    1,217 
Distribution fees payable   3,303    382 
Due to affiliates   5,583    5,675 
Overdraft payable   –    871,891 
Payable for collateral for securities loaned   15,365,433    1,857,666 
Payable for securities transactions   5,706,264    873,403 
Payable for delayed delivery securities   –    4,002,500 
Payable for Fund shares redeemed   32,804    28,130 
Unrealized depreciation on forward foreign currency contracts   71,594    47,965 
Payable for trustee compensation   26,181    16,233 
Accrued expenses and other payables   158,024    160,155 
Total liabilities   21,654,686    8,085,195 
NET ASSETS  $602,572,261   $524,970,687 
                   
NET ASSETS CONSIST OF:          
Paid-in-capital  $603,174,742   $523,554,149 
Total distributable earnings (loss)   (602,481)   1,416,538 
NET ASSETS  $602,572,261   $524,970,687 
§ Consolidated statement of assets and liabilities (see Note 2)          
* Includes securities loaned of  $14,915,887   $1,816,550 
† Portfolio investments, cost  $610,273,141   $509,266,036 
^ Foreign cash, cost  $11,814   $980,692 

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 35
 
Statements of assets and liabilities concluded

 

TIAA-CREF Funds  ■  October 31, 2021

 

   Emerging Markets
Debt Fund		   International
Bond Fund		§
           
INSTITUTIONAL CLASS:          
Net assets  $77,422,034   $731,963 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   7,761,956    73,648 
Net asset value per share  $9.97   $9.94 
           
ADVISOR CLASS:          
Net assets  $19,271,506   $116,864 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   1,926,793    11,776 
Net asset value per share  $10.00   $9.92 
           
PREMIER CLASS:          
Net assets  $252,681   $102,732 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   25,342    10,285 
Net asset value per share  $9.97   $9.99 
           
RETIREMENT CLASS:          
Net assets  $19,212,103   $5,681,536 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   1,927,405    573,320 
Net asset value per share  $9.97   $9.91 
           
RETAIL CLASS:          
Net assets  $15,698,355   $1,731,340 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   1,574,626    174,692 
Net asset value per share  $9.97   $9.91 
           
CLASS W:          
Net assets  $470,715,582   $516,606,252 
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)   47,171,230    51,706,216 
Net asset value per share  $9.98   $9.99 

 

36 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements
 

Statements of operations

 

TIAA-CREF Funds  ■  For the year ended October 31, 2021

 

   Emerging Markets
Debt Fund		   International
Bond Fund		§
         
INVESTMENT INCOME        
Interest*  $33,877,080   $10,389,995 
Total income   33,877,080    10,389,995 
           
EXPENSES          
Management fees   3,554,277    2,510,210 
Shareholder servicing – Institutional Class   1,063    76 
Shareholder servicing – Advisor Class   16,069    109 
Shareholder servicing – Premier Class   94    70 
Shareholder servicing – Retirement Class   50,882    17,572 
Shareholder servicing – Retail Class   16,715    12,263 
Shareholder servicing – Class W   721    507 
Distribution fees – Premier Class   408    156 
Distribution fees – Retail Class   54,932    4,672 
Administrative service fees   78,131    76,048 
Trustee fees and expenses   6,980    5,211 
Other expenses   315,332    354,286 
Total expenses   4,095,604    2,981,180 
Less: Expenses reimbursed by the investment adviser   (3,174,490)   (2,891,094)
Net expenses   921,114    90,086 
Net investment income (loss)   32,955,966    10,299,909 
           
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS          
Realized gain (loss):          
Portfolio investments   5,013,444    3,827,405 
Futures contracts   12    – 
Forward foreign currency contracts   45,911    3,567,181 
Foreign currency transactions   (1,432,169)   1,604,746 
Net realized gain (loss) on total investments   3,627,198    8,999,332 
Change in unrealized appreciation (depreciation) on:          
Portfolio investments‡   14,427,946    (20,337,955)
Forward foreign currency contracts   (71,594)   1,752,351 
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies   (19,187)   (70,959)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments   14,337,165    (18,656,563)
Net realized and unrealized gain (loss) on total investments   17,964,363    (9,657,231)
Net increase (decrease) in net assets from operations  $50,920,329   $642,678 
§ Consolidated statement of operations (see Note 2)          
* Net of foreign withholding taxes of  $135,562   $133,334 
‡ Includes net change in unrealized foreign capital gains taxes of  $(10,643)  $– 

 

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 37
 

Statements of changes in net assets

 

TIAA-CREF Funds  ■  For the year ended

 

      Emerging Markets Debt Fund     International Bond Fund§ 
      October 31, 2021   October 31, 2020   October 31, 2021   October 31, 2020 
                        
OPERATIONS                       
Net investment income (loss)  $32,955,966   $31,635,194   $10,299,909   $8,448,720 
Net realized gain (loss) on total investments   3,627,198    (6,505,954)   8,999,332    (3,428,857)
Net change in unrealized appreciation (depreciation) on total investments   14,337,165    (27,676,391)   (18,656,563)   7,122,290 
Net increase (decrease) in net assets from operations   50,920,329    (2,547,151)   642,678    12,142,153 
                        
DISTRIBUTIONS TO SHAREHOLDERS                   
   Institutional Class   (2,801,324)   (1,932,730)   (24,626)   (18,717)
   Advisor Class   (885,555)   (1,224,162)   (3,221)   (2,755)
   Premier Class   (17,541)   (20,748)   (2,701)   (2,704)
   Retirement Class   (828,970)   (815,401)   (212,350)   (145,875)
   Retail Class   (798,780)   (942,624)   (45,719)   (34,693)
   Class W   (25,831,466)   (24,726,109)   (14,770,167)   (11,358,780)
Total distributions      (31,163,636)   (29,661,774)   (15,058,784)   (11,563,524)
                        
SHAREHOLDER TRANSACTIONS                 
Subscriptions:  Institutional Class   39,940,984    36,895,432    132,566    264,820 
   Advisor Class   8,024,249    43,516,755    938    26,741 
   Premier Class   950,351    313,046    –    – 
   Retirement Class   5,143,604    7,187,365    924,606    4,163,815 
   Retail Class   38,414,089    22,685,532    335,439    1,011,790 
   Class W   121,940,374    242,777,901    167,042,654    147,706,134 
Reinvestments of distributions:  Institutional Class   2,769,318    1,869,418    24,347    18,450 
   Advisor Class   879,601    1,217,775    14    – 
   Premier Class   6,876    9,592    –    – 
   Retirement Class   828,550    814,956    212,062    145,582 
   Retail Class   794,022    931,629    45,120    34,055 
   Class W   –    –    4,197,582    – 
Redemptions:  Institutional Class   (13,465,364)   (31,510,664)   (279,803)   (127,854)
   Advisor Class   (10,865,753)   (36,376,172)   (12,513)   – 
   Premier Class   (950,080)   (961,387)   –    – 
   Retirement Class   (5,145,963)   (8,259,501)   (3,254,737)   (2,160,854)
   Retail Class   (44,010,220)   (25,226,278)   (430,222)   (490,803)
   Class W   (142,352,264)   (179,189,427)   (68,365,571)   (124,531,451)
Net increase (decrease) from shareholder transactions   2,902,374    76,695,972    100,572,482    26,060,425 
Net increase (decrease) in net assets   22,659,067    44,487,047    86,156,376    26,639,054 
                        
NET ASSETS                       
Beginning of period      579,913,194    535,426,147    438,814,311    412,175,257 
End of period     $602,572,261   $579,913,194   $524,970,687   $438,814,311 

 

38 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 39
 
Statements of changes in net assets concluded

 

TIAA-CREF Funds  ■  For the year ended

 

      Emerging Markets Debt Fund   International Bond Fund§ 
      October 31, 2021   October 31, 2020   October 31, 2021   October 31, 2020 
                        
CHANGE IN FUND SHARES                    
Shares sold:  Institutional Class   3,936,543    3,986,970    13,055    27,135 
   Advisor Class   790,673    4,342,304    94    2,623 
   Premier Class   95,130    30,996    –    – 
   Retirement Class   506,475    732,577    90,898    414,843 
   Retail Class   3,803,134    2,320,378    33,021    100,082 
   Class W   12,072,225    25,333,944    16,475,567    14,677,615 
Shares reinvested:  Institutional Class   273,789    197,686    2,398    1,858 
   Advisor Class   86,744    133,732    1    – 
   Premier Class   694    971    –    – 
   Retirement Class   81,938    87,301    20,913    14,661 
   Retail Class   78,796    99,409    4,445    3,426 
   Class W   –    –    413,555    – 
Shares redeemed:  Institutional Class   (1,345,820)   (3,334,013)   (28,009)   (12,584)
   Advisor Class   (1,070,239)   (4,144,550)   (1,217)   – 
   Premier Class   (95,775)   (94,089)   –    – 
   Retirement Class   (511,433)   (871,948)   (325,540)   (217,345)
   Retail Class   (4,364,829)   (2,597,809)   (42,835)   (49,630)
   Class W   (14,038,199)   (19,108,850)   (6,755,942)   (12,419,796)
Net increase (decrease) from shareholder transactions    299,846    7,115,009    9,900,404    2,542,888 
§ Consolidated statement of changes in net assets (see Note 2)            

 

40 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 41
 

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:                                                   
10/31/21  $  9.65   $0.47   $  0.29   $  0.76   $(0.44)  $    –   $(0.44)  $  9.97    7.90%  $   77,422    0.61%   0.61%   4.67%   57%
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 
Advisor Class:                                                   
10/31/21   9.67    0.46    0.30    0.76    (0.43)   –    (0.43)   10.00    7.91    19,272    0.69    0.69    4.55    57 
10/31/20   10.13    0.51    (0.51)   0.00d   (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 
Premier Class:                                                   
10/31/21   9.65    0.47    0.28    0.75    (0.43)   –    (0.43)   9.97    7.74    253    0.80    0.80    4.61    57 
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 
Retirement Class:                                                   
10/31/21   9.64    0.45    0.30    0.75    (0.42)   –    (0.42)   9.97    7.78    19,212    0.86    0.82    4.44    57 
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 
Retail Class:
10/31/21   9.64    0.43    0.30    0.73    (0.40)   –    (0.40)   9.97    7.61    15,698    0.94    0.94    4.30    57 
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 
Class W:                                                   
10/31/21   9.65    0.53    0.30    0.83    (0.50)   –    (0.50)   9.98    8.66    470,716    0.61    0.00    5.24    57 
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    0.64c   0.00c   6.37c   75 

 

42 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual 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§
Institutional Class:                                                   
10/31/21  $10.24    $0.15    $(0.17)  $(0.02)   $(0.18)   $(0.10)   $(0.28)   $  9.94    (0.26)%  $        732    0.60%   0.60%   1.46%   37%
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 
Advisor Class:                                                   
10/31/21   10.23    0.14    (0.17)   (0.03)   (0.18)   (0.10)   (0.28)   9.92    (0.39)   117    0.68    0.68    1.38    37 
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)   0.00d   (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 
Premier Class:                                                   
10/31/21   10.29    0.13    (0.16)   (0.03)   (0.17)   (0.10)   (0.27)   9.99    (0.42)   103    0.80    0.75    1.31    37 
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)   0.00d   (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 
Retirement Class:                                                   
10/31/21   10.22    0.12    (0.17)   (0.05)   (0.16)   (0.10)   (0.26)   9.91    (0.58)   5,682    0.84    0.84    1.21    37 
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 
Retail Class:                                                   
10/31/21   10.22    0.11    (0.17)   (0.06)   (0.15)   (0.10)   (0.25)   9.91    (0.68)   1,731    1.49    0.94    1.12    37 
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 
Class W:                                                   
10/31/21   10.29    0.21    (0.17)   0.04    (0.24)   (0.10)   (0.34)   9.99    0.29    516,606    0.59    0.00    2.07    37 
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    0.67c   0.00c   2.98c   62 

 

§ Consolidated financial highlights (see Note 2)
†† Class W commenced operations on September 28, 2018.
a Based on average shares outstanding.
b The percentages shown for this period are not annualized.
c The percentages shown for this period are annualized.
d Amount represents less than $0.01 per share.

 

44 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 45
 

Notes to financial statements

 

TIAA-CREF Funds

 

Note 1—organization

 

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Emerging Markets Debt Fund and International Bond Fund (collectively the “Funds” or individually, the “Fund”).

 

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

 

The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.

 

The Funds offer six share classes: Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

 

Note 2—significant accounting policies

 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

 

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as 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 Annual 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” on the Statements of operations, when applicable.

 

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 47
 

Notes to financial statements

 

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

 

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

 

Basis for consolidation: The International Bond Fund is presented on a consolidated basis with the TIAA-CREF International Bond Fund Offshore Limited (“Subsidiary”), a wholly owned subsidiary of the International Bond Fund organized under the laws of the Cayman Islands. The Subsidiary commenced operations on March 1, 2017 and is intended to provide the Fund with exposure to Regulation S fixed-income securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private placement transactions with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. The Subsidiary is advised by Advisors and has the same investment objective as the Fund, but unlike the Fund, it may invest in Regulation S securities without limitation. As of October 31, 2021, the net assets of the Subsidiary were $40,791,934 representing 8% of the Fund’s consolidated net assets. All inter-company transactions and balances have been eliminated.

 

Select financial information related to the Subsidiary is as follows:

 

Total market value of investments  $41,244,363 
Net assets   40,791,934 
Net investment income (loss)   568,407 
Net realized gain (loss)   907,824 
Net change in unrealized appreciation (depreciation)   (2,224,214)

 

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,

 

48 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

continued

 

account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, 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.).
   
TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 49
 

Notes to financial statements

 

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

 

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

 

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

 

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and 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 Annual 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.

 

Transfers between levels are recognized at the end of the reporting period. For the year ended October 31, 2021, the Emerging Markets Debt Fund had material transfers from Level 2 to Level 3 as a result of various market related factors. Please refer to the Level 3 reconciliation below.

 

The following table summarizes the market value of the Funds’ investments as of October 31, 2021, based on the inputs used to value them:

 

Fund  Level 1   Level 2   Level 3   Total 
Emerging Markets Debt                    
Africa/Middle East  $–   $170,107,283   $1,050,640   $171,157,923 
Asia   –    103,447,654    848,997    104,296,651 
Europe   –    67,624,773    –    67,624,773 
Latin America   –    217,841,832    13,936,867    231,778,699 
North America   –    1,031,804    –    1,031,804 
All other debt investments*   –    4,224,000    790,698    5,014,698 
Short-term investments   15,365,433    9,760,252    –    25,125,685 
Forward foreign currency contracts**   –    (71,594)   –    (71,594)
Total  $15,365,433   $573,966,004   $16,627,202   $605,958,639 
International Bond                    
Africa/Middle East  $–   $37,628,419   $210,000   $37,838,419 
Asia   –    156,424,717    –    156,424,717 
Australasia   –    9,377,678    –    9,377,678 
Europe   –    165,290,927    778,559    166,069,486 
Latin America   –    22,000,640    –    22,000,640 
North America   –    94,381,907    –    94,381,907 
All other debt investments*   –    12,383,850    1,493,541    13,877,391 
Short-term investments   1,857,666    8,615,710    –    10,473,376 
Forward foreign currency contracts**    –    1,219,574    –    1,219,574 
Total  $1,857,666   $507,323,422   $2,482,100   $511,663,188 

 

* 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   1,197,116 
Sales   (10,589,835)
Gains (losses)   (2,391,763)
Change in unrealized appreciation (depreciation)   11,547,508 
Transfers out of Level 3   (7,243,103)
Transfers into Level 3   848,997 
Balance as of October 31, 2021  $16,627,202 

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 51
 

Notes to financial statements

 

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of October 31, 2021:

 

Fund  Fair value   Valuation technique  Unobservable
input		    Range
(weighted average)§		 
Bank loan obligations   $ 7,531,519   Broker quote  *     
Corporate bonds   7,254,345   Recent market transaction  Discount   7.0%–99.0% (24.6%) 
Government bonds   790,698   Broker quote  *     
Government bonds   1,050,640   Recent market transaction  Discount   85.0% (85.0%) 
Total  $16,627,202            

 

* 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 rehypothecate those securities.

 

As of October 31, 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 invested collateral and lending fees, net of any rebates to the borrower

 

52 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

continued

 

and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned. At October 31, 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     $14,915,887   $15,365,433     $–    $15,365,433 
International Bond     1,816,550    1,857,666    –    1,857,666 

 

* 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 year ended October 31, 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  $349,355,545   $13,514,990   $340,048,451   $13,515,000 
International Bond   252,555,212    15,494,639    172,629,590    6,122,638 

 

Note 5—derivative investments

 

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 53
 

Notes to financial statements

 

At October 31, 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 
Derivative contracts  Location  Fair value
amount		   Location  Fair value
amount		 
Emerging Markets Debt Fund             
Foreign-exchange contracts  Forward foreign currency contracts  $–   Forward foreign currency contracts  $(71,594)
International Bond Fund                
Foreign-exchange contracts  Forward foreign currency contracts   1,267,539   Forward foreign currency contracts   (47,965)

 

For the period ended October 31, 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		)
Emerging Markets Debt Fund             
Interest-rate contracts  Futures contracts  $12          $– 
Foreign-exchange contracts  Forward foreign currency contracts   45,911    (71,594)
International Bond Fund             
Interest-rate contracts  Futures contracts   –    – 
Foreign-exchange contracts  Forward foreign currency contracts   3,567,181    1,752,351 

 

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 year ended October 31, 2021, the Emerging Markets Debt Fund and International Bond Fund had exposure to forwards contracts, based on underlying notional values, generally between 0% and 69% of net

 

54 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

continued

 

assets. The forward contracts outstanding as of October 31, 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.

 

For the year ended October 31, 2021, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, utilization of tax equalization credits and certain foreign taxes paid were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.

 

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

 

Net unrealized appreciation (depreciation): At October 31, 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  $610,273,141     $21,487,246     $(25,801,748)    $(4,314,502)
International Bond   521,466,706      15,481,162      (25,284,680)     (9,803,518)

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 55
 

Notes to financial statements

 

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

 

Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2021 and October 31, 2020 was as follows:

 

   10/31/2021
Fund   Ordinary
income		    Long-term
capital gains		    Total 
Emerging Markets Debt  $31,163,636   $          –   $31,163,636 
International Bond   14,610,210    448,574    15,058,784 
                
   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 

 

Components of accumulated earnings: As of October 31, 2021, the components of accumulated earnings on a tax basis were as follows:

 

Fund  Undistributed
ordinary
income		   Undistributed
long-term
capital gains		   Unrealized
appreciation
(depreciation		)  Capital
loss
carryover		   Total 
Emerging Markets Debt   $5,243,110    $              –    $(4,352,465)   $(1,466,285)   $(575,640)
International Bond   8,253,395    2,993,471    (9,813,497)   –    1,433,369 

 

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

 

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2021, the Funds did not have any in-kind purchase or in-kind redemption transactions.

 

Capital loss carryovers: At October 31, 2021, the following Fund had capital loss carryover, which will not expire.

 

Fund  Short-term   Long-term   Total 
Emerging Markets Debt   $       –   $1,466,285   $1,466,285 

 

For the year ended October 31, 2021, the Emerging Markets Debt Fund utilized $4,708,274, of capital loss carryover available from prior years.

 

56 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

continued

 

Note 7—investment adviser and other transactions with affiliates

 

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

 

The Subsidiary has entered into an investment management agreement with Advisors. Under this agreement, Advisors provides the same management services to the Subsidiary as it does to the International Bond Fund. Advisors is not compensated directly by the Subsidiary for their services, rather they are provided a management fee on the average net assets of the Fund which includes investments in the Subsidiary. The Fund bears all operating expenses of the Subsidiary.

 

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for providing certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.

 

Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.

 

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

 

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 57
 

Notes to financial statements

 

As of October 31, 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%   0.78%a   1.00%   0.65%
International Bond   0.60    0.75    0.75    0.85    0.93b   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, unless changed with 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 these waiver and/or reimbursement arrangements to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees.
a Effective May 1, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the Emerging Markets Debt Fund Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2021, the expense cap was 0.85%
b Effective May 1, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the International Bond Fund Retail Cass. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2021, the expense cap was 0.95%

 

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2021, the Funds did not have any security transactions with affiliated entities.

 

The following is the percentage of the Fund’s shares owned by affiliates as of October 31, 2021:

 

Underlying Fund  TIAA-CREF
Lifecycle Funds		 
Emerging Markets Debt   78%
International Bond   98 

 

58 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

concluded

 

Note 8—emerging markets risks

 

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

 

Note 9—inter-fund lending program

 

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended October 31, 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 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2021, there were no borrowings under this credit facility by the Funds.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 59
 

Report of Independent Registered
Public Accounting Firm

 

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

 

Opinions on the Financial Statements

 

We have audited the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, of TIAA-CREF Emerging Markets Debt Fund as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2021, and (ii) the accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, of TIAA-CREF International Bond Fund as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2021 (two of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

 

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

 

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

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and

 

60 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
December 16, 2021

 

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

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 61
 

Important tax information (unaudited)

 

For the year ended October 31, 2021, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

 

Fund  Long-term
capital gains		 
Emerging Markets Debt  $           – 
International Bond   449,100 

 

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2021, which will be reported in conjunction with your 2021 Form 1099-DIV.

 

By early 2022, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

 

62 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2021

 

Trustees

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years and
other relevant experience and qualifications		  Number of
Portfolios in
Fund Complex
Overseen by
Trustee		  Other Directorship(s) Held by Trustee
Forrest Berkley
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		  Trustee  Indefinite term.
Trustee since 2006.		  Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).  88  Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963 		  Trustee  Indefinite term.
Trustee since 2019.		  Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).  88  Board member, Lumina Foundation and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Trustee  Indefinite term.
Trustee since 2018.		  James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (2020). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).  88  Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC;

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 63
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2021

 

Trustees—continued

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years and
other relevant experience and qualifications		  Number of
Portfolios in
Fund Complex
Overseen by
Trustee		  Other Directorship(s) Held by Trustee
Nancy A. Eckl
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Trustee  Indefinite term.
Trustee since 2007.		  Vice President (1990–2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.  88  Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1967		  Trustee  Indefinite term.
Trustee since 2007.		  Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).  88  Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954		  Trustee  Indefinite term.
Trustee since 2005.		  James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.  88  Director, Commonwealth (non-profit organization).

 

64 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 
Thomas J. Kenny
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		  Chairman of the Board and Trustee  Indefinite term.
Trustee since 2011; Chairman for term ending June 30, 2023. Chairman since September 13, 2017.		  Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.  88  Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1958		  Trustee  Indefinite term.
Trustee since 2006.		  President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.  88  Director, National Bureau of Economic Research; Trustee, Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1949		  Trustee  Indefinite term.
Trustee since 1999.		  Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).  88  Director, TheraTrue Inc.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 65
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2021

 

Trustees—concluded

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years and
other relevant experience and qualifications		  Number of
Portfolios in
Fund Complex
Overseen by
Trustee		  Other Directorship(s) Held by Trustee
Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		  Trustee  Indefinite term.
Trustee since 2006.		  George Kozmetsky Centennial University Distinguished Chair and Executive Director of the Global Sustainability Leadership Institute and Professor (since 1987), McCombs School of Business, University of Texas at Austin. Charles E. and Sarah M. Seay Regents Chair of Finance (2002–2021), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011), McCombs School of Business, University of Texas at Austin. President (2019-2020), Vice President (2013–2018), Society of Financial Studies. President (since 2020), Vice President (2019–2020) American Finance Association.  88  Texa$aver Product Committee Member, Employees Retirement System of Texas.

 

66 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2021

 

Officers

 

Name, Address and
Year of Birth (“YOB”)		  Position(s)
Held with
Fund		  Term of
Office and
Length
of Time
Served		  Principal Occupation(s) During Past 5 Years
Richard S. Biegen
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1962		  Chief Compliance Officer  One-year term. Chief Compliance Officer since 2008.  Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1976		  Senior Managing Director and Corporate Secretary  One-year term. Senior Managing Director and Corporate Secretary since 2020.  Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
John L. Douglas
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1950		  Executive Vice President  One-year term. Executive Vice President since 2021.  Senior Executive Vice President, Chief Legal Risk & Compliance Officer at TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.
Bradley Finkle
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		  Principal Executive Officer and President   One-year term. Principal Executive Officer and President since 2017.  Executive Vice President, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual Report 67
 

Trustees and officers (unaudited)

 

TIAA-CREF Funds  ■  October 31, 2021

 

Officers—concluded

 

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

 

68 2021 Annual Report  ■  TIAA-CREF International Fixed-Income Funds
 
Sean N. Woodroffe
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1963		  Executive Vice President  One-year term. Executive Vice President since 2018.  Senior Executive Vice President, Chief People Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

 

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

 

TIAA-CREF International Fixed-Income Funds  ■  2021 Annual 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,
730 Third Avenue, New York, NY 10017-3206

 
 

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New York, NY 10017-3206

 

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1886945 A15653 (12/21)
 
 

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Item 2. Code of Conduct.

 

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

 

2(b) No response required.

 

2(c) During the reporting period, there were no amendments to the code of conduct.

 

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.

 

2(e) Not applicable.

 

2(f) A copy of the current code of conduct is filed as an exhibit to this Form N-CSR.

 

Item 3. Audit Committee Financial Expert.

 

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

 

3(a)(2) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

 

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

 

The aggregate fees billed by PwC as disclosed below for the fiscal years ended October 31, 2021 and October 31, 2020 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-09301) because the fees disclosed in this proxy statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant period.

 

4(a) Audit Fees.

 

For the fiscal years ended October 31, 2021 and October 31, 2020, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,041,135 and $1,093,723, respectively.

 

4(b) Audit Related Fees.

 

For the fiscal years ended October 31, 2021 and October 31, 2020, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

 

For the fiscal years ended October 31, 2021 and October 31, 2020, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

 

4(c) Tax Fees.

 

For the fiscal years ended October 31, 2021 and October 31, 2020, PwC’s aggregate fees for tax services billed to the Registrant were $181,177 and $0, respectively.

 

For the fiscal years ended October 31, 2021 and October 31, 2020, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

 

4(d) All Other Fees.

 

For the fiscal years ended October 31, 2021 and October 31, 2020, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $12,492, respectively.

 

For the fiscal years ended October 31, 2021 and October 31, 2020, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

 

4(e)(1) Preapproval Policy.

 

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

 

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

 

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

 

Audit-Related Fees:

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2021 and October 31, 2020 on behalf of the Registrant.

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2021 and October 31, 2020 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

 

Tax Fees:

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2021 and October 31, 2020 on behalf of the Registrant.

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2021 and October 31, 2020 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

 

All Other Fees:

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2021 and October 31, 2020 on behalf of the Registrant.

 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2021 and October 31, 2020 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

 

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

 

4(g) Non-Audit Fees for Related Entities.

 

For the fiscal years ended October 31, 2021 and October 31, 2020, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,053,458 and $1,464,833 respectively.

 

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

 

Item 5. Audit Committee of Listed Registrants.

 

Not Applicable.

 

Item 6. Schedule of Investments.

 

TIAA-CREF FUNDS – Growth & Income Fund

 

TIAA-CREF FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES     COMPANY    VALUE 
               
COMMON STOCKS - 99.3%        
                 
AUTOMOBILES & COMPONENTS - 2.7%        
 233,048   *  Aptiv plc     $40,291,669 
 739,172   *  General Motors Co      40,233,132 
 94,441   *,n  Tesla, Inc      105,207,274 
        TOTAL AUTOMOBILES & COMPONENTS      185,732,075 
                 
BANKS - 5.0%        
 2,244,669      Bank of America Corp      107,250,285 
 491,543   n  Citigroup, Inc      33,995,114 
 656,871      Fifth Third Bancorp      28,593,595 
 2,018,085      ING Groep NV      30,612,133 
 528,876      JPMorgan Chase & Co      89,850,744 
 1,199,959      Wells Fargo & Co      61,389,902 
        TOTAL BANKS      351,691,773 
                 
CAPITAL GOODS - 7.3%        
 83,785      Carlisle Cos, Inc      18,677,352 
 119,789   n  Deere & Co      41,004,973 
 209,594      Dover Corp      35,438,153 
 379,745      Eaton Corp      62,566,786 
 260,072   *  Evoqua Water Technologies Corp      10,878,812 
 14,809   *  Generac Holdings, Inc      7,383,175 
 331,340      Honeywell International, Inc      72,437,551 
 382,540   *  Ingersoll Rand, Inc      20,565,350 
 357,294      ITT, Inc      33,610,647 
 97,314   *  Middleby Corp      17,753,966 
 86,724      Northrop Grumman Corp      30,979,547 
 275,655   n  Otis Worldwide Corp      22,137,853 
 277,549   *  Plug Power, Inc      10,621,800 
 461,652      Raytheon Technologies Corp      41,022,397 
 383,862   n  Spirit Aerosystems Holdings, Inc (Class A)      15,849,662 
 324,269      Textron, Inc      23,947,266 
 177,605      Trane Technologies plc      32,134,073 
 135,539      Woodward Inc      15,309,130 
        TOTAL CAPITAL GOODS      512,318,493 
                 
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%        
 134,695      Jacobs Engineering Group, Inc      18,913,872 
 261,779   *  Stericycle, Inc      17,518,251 
 269,888      Waste Management, Inc      43,244,154 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES      79,676,277 
                 
CONSUMER DURABLES & APPAREL - 1.3%        
 469,525   *  Callaway Golf Co      12,700,651 
 547,336   n  Levi Strauss & Co      14,329,256 
 986,966   *  Mattel, Inc      21,525,728 
1

TIAA-CREF FUNDS – Growth & Income Fund

 

SHARES     COMPANY    VALUE 
               
 93,715      Sony Corp     $10,851,849 
 406,180   n  Tempur Sealy International, Inc      18,062,825 
 543,761   *  Under Armour, Inc (Class C)      10,266,208 
        TOTAL CONSUMER DURABLES & APPAREL      87,736,517 
                 
CONSUMER SERVICES - 2.3%        
 98,971   *,n  Airbnb, Inc      16,890,391 
 233,622   *,n  Caesars Entertainment, Inc      25,572,264 
 59,767      Churchill Downs, Inc      13,746,410 
 288,777   n  Darden Restaurants, Inc      41,624,317 
 24,505   *  Duolingo, Inc      4,256,273 
 264,415   *,n  Expedia Group, Inc      43,472,470 
 76,688   *  Flutter Entertainment plc      14,471,562 
        TOTAL CONSUMER SERVICES      160,033,687 
                 
DIVERSIFIED FINANCIALS - 3.2%        
 128,184      American Express Co      22,275,815 
 171,595      Blackstone Group, Inc      23,752,180 
 1,340,662      Equitable Holdings, Inc      44,912,177 
 236,615      KKR & Co, Inc      18,851,117 
 212,201      Lazard Ltd (Class A)      10,395,727 
 804,450      Morgan Stanley      82,681,371 
 235,309      State Street Corp      23,189,702 
        TOTAL DIVERSIFIED FINANCIALS      226,058,089 
                 
ENERGY - 2.4%        
 1,098,584      Cabot Oil & Gas Corp      23,421,811 
 237,556   *  Cheniere Energy, Inc      24,563,290 
 191,669      Chevron Corp      21,944,184 
 456,840      ConocoPhillips      34,030,012 
 387,911      Hess Corp      32,029,811 
 503,224      Marathon Petroleum Corp      33,177,558 
        TOTAL ENERGY      169,166,666 
                 
FOOD & STAPLES RETAILING - 0.5%        
 247,493      Walmart, Inc      36,980,404 
        TOTAL FOOD & STAPLES RETAILING      36,980,404 
                 
FOOD, BEVERAGE & TOBACCO - 3.4%        
 161,821      Archer-Daniels-Midland Co      10,395,381 
 276,368      Bunge Ltd      25,602,732 
 69,797   *  Freshpet, Inc      10,882,050 
 178,606      Hershey Co      31,318,562 
 665,241   n  Mondelez International, Inc      40,406,738 
 351,145   *,n  Monster Beverage Corp      29,847,325 
 466,600      PepsiCo, Inc      75,402,560 
 60,453      Pernod-Ricard S.A.      13,907,823 
        TOTAL FOOD, BEVERAGE & TOBACCO      237,763,171 
                 
HEALTH CARE EQUIPMENT & SERVICES - 6.7%        
 341,733      Abbott Laboratories      44,045,966 
 224,261   n  Danaher Corp      69,917,852 
 74,445   *,n  DexCom, Inc      46,394,868 
 436,563   *  Envista Holdings Corp      17,069,613 
2

TIAA-CREF FUNDS – Growth & Income Fund

 

SHARES     COMPANY    VALUE 
               
 100,532   *  Guardant Health, Inc     $11,741,132 
 25,680      Humana, Inc      11,893,949 
 54,027   *  IDEXX Laboratories, Inc      35,989,546 
 464,245      Medtronic plc      55,644,406 
 240,750   *  Neogen Corp      10,186,132 
 105,343      STERIS plc      24,622,873 
 216,993      UnitedHealth Group, Inc      99,918,767 
 55,295      West Pharmaceutical Services, Inc      23,770,215 
 125,639   n  Zimmer Biomet Holdings, Inc      17,981,454 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES      469,176,773 
                 
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%        
 139,286   n  Estee Lauder Cos (Class A)      45,174,628 
 458,134      Procter & Gamble Co      65,508,581 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS      110,683,209 
                 
INSURANCE - 2.3%        
 173,369      Allstate Corp      21,440,545 
 645,755      American International Group, Inc      38,157,663 
 395,183      Hartford Financial Services Group, Inc      28,820,696 
 317,468      Lincoln National Corp      22,905,316 
 691,675      Metlife, Inc      43,437,190 
 188,910   *  Ryan Specialty Group Holdings, Inc      7,138,909 
        TOTAL INSURANCE      161,900,319 
                 
MATERIALS - 4.0%        
 532,481   n  CF Industries Holdings, Inc      30,244,921 
 721,733      Corteva, Inc      31,142,779 
 377,039      Dow, Inc      21,102,873 
 350,095   n  DuPont de Nemours, Inc      24,366,612 
 82,182      International Flavors & Fragrances, Inc      12,117,736 
 255,323      Linde plc      81,499,102 
 185,779      PPG Industries, Inc      29,830,534 
 133,239      Reliance Steel & Aluminum Co      19,474,212 
 260,990      Sociedad Quimica y Minera de Chile S.A. (ADR)      14,325,741 
 516,716   *  Summit Materials, Inc      18,420,925 
        TOTAL MATERIALS      282,525,435 
                 
MEDIA & ENTERTAINMENT - 10.1%        
 112,165   *,n  Alphabet, Inc (Class C)      332,615,213 
 759,630   n  Comcast Corp (Class A)      39,067,771 
 408,885   *,n  Facebook, Inc      132,302,919 
 74,084   *,n  Netflix, Inc      51,140,926 
 269,599   *,n  Snap, Inc      14,175,515 
 157,364   *  Take-Two Interactive Software, Inc      28,482,884 
 291,576   *  Twitter, Inc      15,610,979 
 429,057   n  ViacomCBS, Inc (Class B)      15,540,445 
 445,453   *,n  Walt Disney Co      75,312,739 
        TOTAL MEDIA & ENTERTAINMENT      704,249,391 
                 
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%        
 645,244   n  AbbVie, Inc      73,990,129 
 342,023      AstraZeneca plc (ADR)      21,335,395 
 1,145,186   *  Avantor, Inc      46,242,611 
 184,758   *,e,n  Axsome Therapeutics, Inc      7,113,183 
3

TIAA-CREF FUNDS – Growth & Income Fund

 

SHARES     COMPANY    VALUE 
               
 167,934   *  Catalent, Inc     $23,151,381 
 157,714      Eli Lilly & Co      40,179,219 
 358,990   *  Genmab A.S. (ADR)      16,025,314 
 476,728      Gilead Sciences, Inc      30,930,113 
 281,545   *,n  Horizon Therapeutics Plc      33,760,061 
 148,948   *  IQVIA Holdings, Inc      38,937,986 
 21,558      Lonza Group AG.      17,716,374 
 98,591      Merck KGaA      23,299,493 
 65,416   *,n  Moderna, Inc      22,582,257 
 1,395,056   n  Pfizer, Inc      61,019,749 
 60,850      Roche Holding AG.      23,572,923 
 72,813   *,n  Seagen, Inc      12,839,116 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   492,695,304 
                 
REAL ESTATE - 1.4%        
 67,115      American Tower Corp      18,924,416 
 310,775      Prologis, Inc      45,049,944 
 225,570      Simon Property Group, Inc      33,064,051 
        TOTAL REAL ESTATE      97,038,411 
                 
RETAILING - 6.7%        
 73,941   *  Amazon.com, Inc      249,360,847 
 265,689   *,n  Children’s Place, Inc      22,022,961 
 133,049      Dollar General Corp      29,473,014 
 141,638   n  Home Depot, Inc      52,652,510 
 910,570   *  ironSource Ltd      10,371,392 
 677,013   *,n  Petco Health & Wellness Co, Inc      16,742,532 
 180,873   *  Portillo’s, Inc      6,873,174 
 235,464      Target Corp      61,131,164 
 528,965   *  Torrid Holdings, Inc      7,955,634 
 457,415   *,n  Urban Outfitters, Inc      14,605,261 
        TOTAL RETAILING      471,188,489 
                 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7%        
 476,089   *,n  Advanced Micro Devices, Inc      57,240,180 
 40,242   *,n  Ambarella, Inc      7,478,171 
 212,346      Applied Materials, Inc      29,017,081 
 25,645      ASML Holding NV      20,846,308 
 77,401      Broadcom, Inc      41,151,790 
 474,515      Marvell Technology, Inc      32,504,277 
 88,196   n  Monolithic Power Systems, Inc      46,343,470 
 445,297   n  NVIDIA Corp      113,849,084 
 217,984   n  QUALCOMM, Inc      29,000,591 
 169,535   *  Wolfspeed Inc      20,362,849 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   397,793,801 
                 
SOFTWARE & SERVICES - 12.5%        
 3,649   *,g  Adyen NV      11,010,161 
 149,998   n  Alliance Data Systems Corp      12,787,329 
 114,148   *  Anaplan, Inc      7,443,591 
 207,814   *  Fiserv, Inc      20,467,601 
 66,002   *  Fortinet, Inc      22,199,113 
 96,921   *,e  ironSource Ltd      1,103,930 
 196,110   *  Liveperson, Inc      10,101,626 
 42,614   *  Manhattan Associates, Inc      7,736,145 
 259,521      Mastercard, Inc (Class A)      87,074,486 
4

TIAA-CREF FUNDS – Growth & Income Fund

 

SHARES     COMPANY    VALUE 
               
 1,357,206      Microsoft Corp     $450,076,654 
 263,296   *  PayPal Holdings, Inc      61,240,017 
 317,929   *  salesforce.com, Inc      95,280,142 
 66,447   *  ServiceNow, Inc      46,364,059 
 94,480   *  Synopsys, Inc      31,478,846 
 26,577   *  Twilio, Inc      7,743,475 
        TOTAL SOFTWARE & SERVICES      872,107,175 
                 
TECHNOLOGY HARDWARE & EQUIPMENT - 8.7%        
 2,653,593      Apple, Inc      397,508,231 
 243,301   *  Calix, Inc      15,228,210 
 467,197   *  Ciena Corp      25,364,125 
 1,100,463   n  Cisco Systems, Inc      61,592,914 
 258,717      Cognex Corp      22,661,022 
 444,648   *,n  Stratasys Ltd      14,024,198 
 247,897      TE Connectivity Ltd      36,192,962 
 85,973   *  Teledyne Technologies, Inc      38,620,791 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT      611,192,453 
                 
TELECOMMUNICATION SERVICES - 0.4%        
 677,412      AT&T, Inc      17,111,427 
 98,897      Cogent Communications Group, Inc      7,574,521 
        TOTAL TELECOMMUNICATION SERVICES      24,685,948 
                 
TRANSPORTATION - 1.9%        
 536,264   *  Delta Air Lines, Inc      20,984,010 
 136,329      DSV AS      31,685,205 
 326,209   n  Knight-Swift Transportation Holdings, Inc      18,492,788 
 126,936      Union Pacific Corp      30,642,351 
 144,641      United Parcel Service, Inc (Class B)      30,876,514 
        TOTAL TRANSPORTATION      132,680,868 
                 
UTILITIES - 1.0%        
 223,162      Ameren Corp      18,810,325 
 621,133      NextEra Energy, Inc      53,001,279 
        TOTAL UTILITIES      71,811,604 
                 
        TOTAL COMMON STOCKS      6,946,886,332 
        (Cost $3,550,226,649)        
                 
PURCHASED OPTIONS - 0.0%        
                 
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%        
 26,000      Xilinx, Inc      326,300 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   326,300 
                 
SOFTWARE & SERVICES - 0.0%        
 28,800      Global Payments, Inc      18,144 
        TOTAL SOFTWARE & SERVICES      18,144 
                 
        TOTAL PURCHASED OPTIONS      344,444 
        (Cost $496,111)        
5

TIAA-CREF FUNDS – Growth & Income Fund

 

PRINCIPAL      ISSUER    RATE   MATURITY DATE  VALUE  
                          
SHORT-TERM INVESTMENTS - 0.5%                  
                           
GOVERNMENT AGENCY DEBT - 0.2%                  
$6,816,000      Federal Home Loan Bank (FHLB)   0.000 %   11/12/21  $6,815,916 
 10,000,000      FHLB       0.000     11/17/21   9,999,822 
        TOTAL GOVERNMENT AGENCY DEBT             16,815,738 
                           
REPURCHASE AGREEMENT - 0.3%                  
 17,080,000   r  Fixed Income Clearing Corp (FICC)   0.010     11/01/21   17,080,000 
        TOTAL REPURCHASE AGREEMENT             17,080,000 
                           
SHARES     COMPANY                  
                           
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%           
 2,294,446   c  State Street Navigator Securities Lending
Government Money Market Portfolio		 0.030         2,294,446 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   2,294,446 
                           
        TOTAL SHORT-TERM INVESTMENTS             36,190,184 
        (Cost $36,190,234)                  
        TOTAL INVESTMENTS - 99.8%             6,983,420,960 
        (Cost $3,586,912,994)               
        OTHER ASSETS & LIABILITIES, NET - 0.2%             10,555,880 
        NET ASSETS - 100.0%            $6,993,976,840 
                                   
                           
        Abbreviation(s):                  
          
   ADR     American Depositary Receipt 
    PIPE     Private Investments in Public Equity  
    SPACs  Special Purpose Acquisition Companies  
      
 *  Non-income producing 
 c  Investments made with cash collateral received from securities on loan. 
 e  All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,175,111. 
 g  Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $11,010,161 or 0.2% of net assets 
 n  All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts. 
 r  Agreement with Fixed Income Clearing Corporation, 0.010% dated 10/31/21 to be repurchased at $17,080,000 on 11/1/21, collateralized by U.S. Treasury Notes valued at $17,421,676. 
6

TIAA-CREF FUNDS – Growth & Income Fund

 

Purchased options outstanding as of October 31, 2021 were as follows:

 

Description/underlying investment  Number of contracts   Notional amount   Exercise price   Expiration date   Value 
Global Payments, Inc, Call   288   $144,585   $190.00    01/21/22   $18,144 
Xilinx, Inc, Call   260    351,526    190.00    01/21/22    326,300 
Total   548   $496,111             $344,444 
                     
Written options outstanding as of October 31, 2021 were as follows:     
                     
Description/underlying investment  Number of contracts   Notional amount   Exercise price   Expiration date   Value 
AbbVie, Inc, Put   420   $(42,826)  $100.00     11/19/21   $(5,460)
ACADIA Pharmaceuticals, Inc, Put   500    (157,396)   17.50    01/21/22    (65,000)
Advanced Micro Devices, Inc, Call   400    (356,697)   135.00    12/17/21    (81,200)
Advanced Micro Devices, Inc, Put   400    (6,391)   104.00    11/05/21    (2,800)
Airbnb, Inc, Call   210    (41,901)   200.00    11/19/21    (18,690)
Albertsons Cos, Inc, Put   1,800    (48,560)   22.50    12/17/21    (22,500)
Alliance Data Systems Corp, Put   103    (27,859)   75.00    01/21/22    (27,859)
Alliance Data Systems Corp, Put   103    (43,212)   80.00    01/21/22    (43,212)
Alphabet, Inc, Put   20    (18,340)   2,370.00    12/17/21    (8,700)
Ambarella, Inc, Put   330    (41,242)   130.00    11/19/21    (26,400)
Ambarella, Inc, Put   300    (35,393)   140.00    11/19/21    (52,500)
Arcturus Therapeutics Holdings, Inc, Put   500    (853,179)   45.00    03/18/22    (502,500)
Axsome Therapeutics, Inc, Put   1,680    (1,256,578)   32.50    03/18/22    (1,362,480)
BioNTech SE, Put   236    (340,392)   250.00    01/21/22    (481,440)
Boston Beer Co, Inc, Put   100    (1,167,792)   580.00    06/17/22    (1,284,500)
Brinker International, Inc, Put   1,200    (46,773)   35.00    12/17/21    (60,000)
Brunswick Corp, Put   470    (36,927)   80.00    11/19/21    (10,340)
Caesars Entertainment, Inc, Call   300    (41,390)   140.00    11/19/21    (5,550)
Caesars Entertainment, Inc, Put   470    (39,779)   90.00    11/19/21    (23,970)
CF Industries Holdings, Inc, Call   666    (73,237)   65.00    11/19/21    (11,322)
Children’s Place, Inc, Call   222    (45,223)   105.00    11/19/21    (13,875)
Children’s Place, Inc, Call   222    (31,155)   110.00    11/19/21    (10,545)
Children’s Place, Inc, Call   615    (183,248)   110.00    12/17/21    (103,013)
Children’s Place, Inc, Put   615    (515,346)   70.00    12/17/21    (164,512)
Cisco Systems, Inc, Put   840    (41,133)   50.00    11/19/21    (14,280)
Citigroup, Inc, Put   445    (173,533)   57.50    01/21/22    (24,030)
Cloudflare, Inc, Put   300    (55,148)   140.00    11/05/21    (14,400)
Coca-Cola Co, Put   884    (32,273)   47.50    12/17/21    (8,840)
Comcast Corp, Put   950    (32,269)   45.00    11/19/21    (10,450)
Crocs, Inc, Put   400    (17,991)   130.00    11/19/21    (15,600)
Danaher Corp, Put   160    (37,275)   270.00    11/19/21    (11,200)
Darden Restaurants, Inc, Put   350    (34,296)   120.00    12/17/21    (31,500)
Deckers Outdoor Corp, Put   130    (33,536)   310.00    11/19/21    (3,250)
Deere & Co, Put   130    (44,847)   290.00    12/17/21    (28,470)
Dexcom, Inc, Call   65    (24,481)   640.00    11/19/21    (93,600)
DraftKings, Inc, Put   300    (94,196)   45.00    01/21/22    (114,000)
DraftKings, Inc, Put   500    (121,488)   40.00    02/18/22    (122,000)
Duck Creek Technologies, Inc, Put   1,000    (149,227)   25.00    04/14/22    (130,000)
DuPont de Nemours, Inc, Put   310    (34,400)   60.00    01/21/22    (22,475)
DuPont de Nemours, Inc, Put   310    (64,469)   62.50    01/21/22    (36,580)
Electronic Arts, Inc, Put   380    (39,158)   110.00    11/19/21    (7,220)
Emergent BioSolutions, Inc, Put   460    (394,668)   55.00    03/18/22    (441,600)
Entergy Corp, Put   470    (38,722)   92.50    12/17/21    (32,900)
Estee Lauder Cos, Inc, Call   120    (16,797)   350.00    12/17/21    (51,600)
Estee Lauder Cos, Inc, Put   160    (31,147)   270.00    12/17/21    (28,800)
Expedia Group, Inc, Call   220    (27,504)   192.50    11/19/21    (20,240)
Facebook, Inc, Put   160    (39,356)   270.00    12/17/21    (29,600)
Farfetch Ltd, Put   800    (277,948)   35.00    01/21/22    (164,000)
FedEx Corp, Put   86    (65,099)   210.00    01/21/22    (35,690)
FedEx Corp, Put   86    (94,425)   210.00    03/18/22    (65,360)
7

TIAA-CREF FUNDS – Growth & Income Fund

 

Description/underlying investment  Number of contracts   Notional amount   Exercise price   Expiration date   Value 
Global Payments, Inc, Call   370   $(51,048)  $220.00    01/21/22   $(7,400)
Global Payments, Inc, Put   288    (91,574)   135.00    01/21/22    (155,520)
HCA Healthcare, Inc, Put   200    (35,603)   210.00    12/17/21    (20,000)
Home Depot, Inc, Call   240    (112,794)   400.00    03/18/22    (231,600)
Home Depot, Inc, Put   240    (119,994)   300.00    03/18/22    (91,200)
Horizon Therapeutics PLC, Call   350    (41,666)   135.00    11/19/21    (29,750)
Intel Corp, Put   800    (100,772)   45.00    12/17/21    (33,600)
Knight-Swift Transportation Holdings, Inc, Put   900    (32,515)   45.00    11/19/21    (6,300)
Kohl’s Corp, Put   1,000    (70,967)   37.50    11/19/21    (16,000)
Lamb Weston Holdings, Inc, Put   666    (68,935)   50.00    01/21/22    (71,262)
Levi Strauss & Co, Call   1,400    (40,568)   30.00    11/19/21    (7,000)
Lumentum Holdings, Inc, Put   200    (110,268)   75.00    12/17/21    (33,000)
Micron Technology, Inc, Put   570    (99,731)   60.00    11/19/21    (7,410)
Moderna, Inc, Call   200    (428,613)   390.00    04/14/22    (620,000)
Moderna, Inc, Put   200    (455,593)   250.00    04/14/22    (235,000)
Mondelez International, Inc, Put   800    (37,574)   52.50    12/17/21    (16,000)
Monolithic Power Systems, Inc, Call   75    (33,435)   560.00    12/17/21    (54,300)
Monolithic Power Systems, Inc, Put   100    (39,264)   450.00    12/17/21    (39,264)
Monster Beverage Corp, Put   560    (30,793)   75.00    11/19/21    (24,640)
NetFlix, Inc, Put   75    (33,726)   555.00    12/17/21    (10,725)
Newell Brands, Inc, Put   1,900    (81,634)   20.00    12/17/21    (38,000)
Nordstrom, Inc, Put   750    (44,226)   22.50    11/19/21    (6,000)
NVIDIA Corp, Put   250    (3,502)   205.00    11/05/21    (2,000)
NXP Semiconductors NV, Put   280    (47,789)   165.00    11/05/21    (27,300)
Otis Worldwide Corp, Put   560    (38,062)   75.00    11/19/21    (25,200)
Petco Health & Wellness Co, Inc, Call   1,600    (33,564)   27.00    11/19/21    (65,600)
Pfizer, Inc, Put   976    (114,170)   37.00    03/18/22    (69,296)
QUALCOMM, Inc, Put   380    (45,588)   110.00    11/19/21    (9,880)
Seagen, Inc, Call   320    (161,511)   190.00    12/17/21    (141,120)
Seagen, Inc, Put   320    (29,173)   145.00    11/19/21    (27,200)
Shake Shack, Inc, Put   500    (281,482)   70.00    03/18/22    (412,500)
Six Flags Entertainment Corp, Put   940    (69,548)   40.00    11/19/21    (122,200)
Skyworks Solutions, Inc, Put   290    (34,793)   145.00    11/19/21    (30,740)
Snap, Inc, Put   700    (373,789)   55.00    02/18/22    (556,500)
Sony Group Corp, Put   420    (34,006)   100.00    11/19/21    (7,350)
Spirit AeroSystems Holdings, Inc, Put   450    (43,172)   38.00    11/19/21    (31,500)
Spirit AeroSystems Holdings, Inc, Put   550    (72,950)   37.50    12/17/21    (72,875)
Square, Inc, Put   190    (76,753)   205.00    11/05/21    (3,610)
Stratasys Ltd, Call   900    (36,880)   45.00    12/17/21    (40,500)
Teladoc Health, Inc, Put   286    (94,665)   115.00    11/19/21    (3,718)
Tempur Sealy International, Inc, Call   840    (82,965)   55.00    12/17/21    (10,500)
Tesla, Inc, Call   61    (485,812)   1,300.00    05/20/22    (671,000)
Tesla, Inc, Put   50    (352,317)   850.00    05/20/22    (335,250)
Ulta Beauty, Inc, Put   140    (31,217)   305.00    12/17/21    (32,900)
Urban Outfitters, Inc, Call   1,000    (40,968)   40.00    11/19/21    (10,000)
Urban Outfitters, Inc, Put   1,400    (175,654)   27.00    12/17/21    (87,500)
ViacomCBS, Inc, Put   892    (578,876)   42.50    03/18/22    (664,540)
Walt Disney Co, Put   290    (46,680)   145.00    11/19/21    (8,700)
8

TIAA-CREF FUNDS – Growth & Income Fund

 

Description/underlying investment  Number of contracts   Notional amount   Exercise price   Expiration date   Value 
WW International, Inc, Put   1,000   $(112,977)  $15.00    01/21/22   $(102,000)
WW International, Inc, Put   900    (111,237)   17.50    01/21/22    (195,750)
Xilinx, Inc, Call   260    (181,473)   210.00    01/21/22    (156,000)
Xilinx, Inc, Put   260    (171,073)   160.00    01/21/22    (202,150)
Zimmer Biomet Holdings, Inc, Put   300    (64,490)   120.00    12/17/21    (25,500)
Total   51,087   $(13,654,651)            $(11,850,903)

 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE  Shares   Total
commitment
amount		   Fair
value amount		   Unrealized
Appreciation		 
J1 Holdings Inc.   1,001,000   $10,010,000   $11,591,580   $1,581,580 
9

TIAA-CREF FUNDS – Large-Cap Growth Fund

 

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES       COMPANY  VALUE 
             
COMMON STOCKS - 99.2%     
               
AUTOMOBILES & COMPONENTS - 3.3%  
 204,553    *  Aptiv plc  $35,365,168 
 618,326    *  General Motors Co   33,655,484 
 150,931    *  Tesla, Inc   168,137,134 
         TOTAL AUTOMOBILES & COMPONENTS   237,157,786 
               
CAPITAL GOODS - 2.9%     
 1,056,449       Carrier Global Corp   55,178,331 
 347,619    *  Liberty Media Acquisition Corp   3,611,761 
 189,587       Roper Technologies Inc   92,493,810 
 427,090       Safran S.A.   57,481,925 
         TOTAL CAPITAL GOODS   208,765,827 
               
COMMERCIAL & PROFESSIONAL SERVICES - 2.6%     
 150,823    *  Cimpress plc   13,471,510 
 2,375,160    *  Clarivate Analytics plc   55,697,502 
 1,151,987       Experian Group Ltd   52,819,984 
 495,592       Waste Connections, Inc   67,405,468 
         TOTAL COMMERCIAL & PROFESSIONAL SERVICES   189,394,464 
               
CONSUMER DURABLES & APPAREL - 2.7%     
 319,504       Essilor International S.A.   66,104,516 
 254,687       Nike, Inc (Class B)   42,606,588 
 671,986    *  Peloton Interactive, Inc   61,446,400 
 4,158,000       Prada S.p.A   26,208,106 
         TOTAL CONSUMER DURABLES & APPAREL   196,365,610 
               
CONSUMER SERVICES - 3.4%     
 41,151    *  Booking Holdings, Inc   99,617,518 
 2,103,935    *  Carnival Corp   46,623,199 
 32,372    *  Chipotle Mexican Grill, Inc (Class A)   57,590,759 
 197,458    *  Flutter Entertainment plc   37,261,705 
         TOTAL CONSUMER SERVICES   241,093,181 
               
DIVERSIFIED FINANCIALS - 1.8%     
 296,156       Capital One Financial Corp   44,728,441 
 433,696    *  Ribbit LEAP Ltd   4,610,188 
 166,209       S&P Global, Inc   78,809,659 
         TOTAL DIVERSIFIED FINANCIALS   128,148,288 
               
FOOD & STAPLES RETAILING - 2.4%     
 348,937       Costco Wholesale Corp   171,516,493 
         TOTAL FOOD & STAPLES RETAILING   171,516,493 
10

TIAA-CREF FUNDS – Large-Cap Growth Fund

 

SHARES       COMPANY  VALUE 
             
FOOD, BEVERAGE & TOBACCO - 2.1%     
 137,367       Constellation Brands, Inc (Class A)  $29,782,539 
 2,360,219       Davide Campari-Milano NV   33,524,912 
 924,141       Keurig Dr Pepper, Inc   33,352,249 
 644,557    *  Monster Beverage Corp   54,787,345 
         TOTAL FOOD, BEVERAGE & TOBACCO   151,447,045 
               
HEALTH CARE EQUIPMENT & SERVICES - 5.3%     
 425,675       Alcon, Inc   35,296,340 
 113,528    *  Align Technology, Inc   70,883,477 
 250,863       Cigna Corp   53,586,845 
 126,074    *  DexCom, Inc   78,570,578 
 295,041    *  Guardant Health, Inc   34,457,838 
 242,666    *  Intuitive Surgical, Inc   87,633,973 
 474,421    *  Oak Street Health, Inc   22,406,904 
         TOTAL HEALTH CARE EQUIPMENT & SERVICES   382,835,955 
               
INSURANCE - 0.6%     
 681,318       American International Group, Inc   40,259,081 
         TOTAL INSURANCE   40,259,081 
               
MATERIALS - 0.5%     
 110,146       Linde plc   35,158,603 
         TOTAL MATERIALS   35,158,603 
               
MEDIA & ENTERTAINMENT - 14.9%     
 137,857    *  Alphabet, Inc (Class C)   408,802,526 
 903,013       Comcast Corp (Class A)   46,441,959 
 310,325       Electronic Arts, Inc   43,523,081 
 901,098    *  Facebook, Inc   291,568,280 
 320,319    *  IAC   48,807,006 
 496,091    *  Match Group, Inc   74,800,601 
 682,800       Tencent Holdings Ltd   41,534,582 
 854,714    *  Twitter, Inc   45,761,388 
 520,043    *  Vimeo, Inc   17,541,050 
 300,896    *  Walt Disney Co   50,872,487 
         TOTAL MEDIA & ENTERTAINMENT   1,069,652,960 
               
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.1%     
 440,412       AstraZeneca plc   55,096,116 
 2,004,509    *  Avantor, Inc   80,942,074 
 317,910    *  Horizon Therapeutics Plc   38,120,588 
 197,653    *  Illumina, Inc   82,037,854 
 496,361       Zoetis, Inc   107,313,248 
         TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   363,509,880 
               
RETAILING - 11.5%     
 197,656    *  Alibaba Group Holding Ltd (ADR)   32,601,381 
 163,759    *  Amazon.com, Inc   552,265,764 
 287,400    *  ASOS plc   9,757,455 
 414,312    *  CarMax, Inc   56,727,599 
 851,807    *  Coupang, Inc   25,349,776 
 2,204,251    *  ironSource Ltd   25,106,419 
 914,459    *  Just Eat Takeaway.com NV (ADR)   13,067,619 
 54,125       Kering   40,622,681 
11

TIAA-CREF FUNDS – Large-Cap Growth Fund

 

SHARES     COMPANY  VALUE 
              
 1,052,918      TJX Companies, Inc  $68,955,600 
        TOTAL RETAILING   824,454,294 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.0%     
 706,508      Applied Materials, Inc   96,544,318 
 213,515      Broadcom, Inc   113,519,520 
 914,578      Marvell Technology, Inc   62,648,593 
 594,730      NVIDIA Corp   152,054,619 
 246,621      QUALCOMM, Inc   32,810,458 
 426,439      Taiwan Semiconductor Manufacturing Co Ltd (ADR)   48,486,114 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   506,063,622 
              
SOFTWARE & SERVICES - 26.8%     
 19,934   *,g  Adyen NV   60,147,040 
 253,031   *  DocuSign, Inc   70,415,997 
 248,292      Intuit, Inc   155,428,309 
 806,610   *,e  ironSource Ltd   9,187,288 
 1,718,072      Microsoft Corp   569,747,037 
 716,565   *  PayPal Holdings, Inc   166,665,853 
 901,367   *  Qualtrics International, Inc   41,751,319 
 884,004   *  salesforce.com, Inc   264,927,159 
 163,129   *  ServiceNow, Inc   113,824,891 
 86,186   *  Square, Inc   21,934,337 
 137,992   *  Synopsys, Inc   45,976,175 
 161,727   *  Twilio, Inc   47,120,779 
 612,425   *  UiPath, Inc   30,774,356 
 1,327,648      Visa, Inc (Class A)   281,156,017 
 184,390   *  Zoom Video Communications, Inc   50,642,714 
        TOTAL SOFTWARE & SERVICES   1,929,699,271 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 3.4%     
 1,629,925      Apple, Inc   244,162,765 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   244,162,765 
              
TELECOMMUNICATION SERVICES - 0.5%     
 609,306   g  Cellnex Telecom SAU   37,472,124 
        TOTAL TELECOMMUNICATION SERVICES   37,472,124 
              
TRANSPORTATION - 2.4%     
 1,994,742   *  Uber Technologies, Inc   87,409,595 
 348,113      Union Pacific Corp   84,034,478 
        TOTAL TRANSPORTATION   171,444,073 
              
        TOTAL COMMON STOCKS   7,128,601,322 
        (Cost $3,821,212,130)     

 

PRINCIPAL      ISSUER  RATE  MATURITY
DATE		    
                      
SHORT-TERM INVESTMENTS - 0.8%                 
                           
GOVERNMENT AGENCY DEBT - 0.3%                 
$7,950,000      Federal Home Loan Bank (FHLB)   0.000 %   11/18/21  7,949,850  
 11,885,000       FHLB   0.000     11/26/21  11,884,670  
         TOTAL GOVERNMENT AGENCY DEBT             19,834,520  
12

TIAA-CREF FUNDS – Large-Cap Growth Fund

 

PRINCIPAL       ISSUER  RATE  MATURITY
DATE		 VALUE  
                       
TREASURY DEBT - 0.5%               
$39,995,000       United States Treasury Bill   0.000 %   11/02/21$ 39,994,980  
          TOTAL TREASURY DEBT             39,994,980  
                           
 SHARES        COMPANY                
                           
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%              
 2   c  State Street Navigator Securities Lending
Government Money Market Portfolio		0.030         2  
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES  2  
                           
        TOTAL SHORT-TERM INVESTMENTS    59,829,502  
        (Cost $59,829,562)       
        TOTAL INVESTMENTS - 100.0%          7,188,430,824   
        (Cost $3,881,041,692)       
        OTHER ASSETS & LIABILITIES, NET - 0.0%    1,214,240  
         NET ASSETS - 100.0%  $ 7,189,645,064  

 

                    
   Abbreviation(s):           
   ADR     American Depositary Receipt         
   PIPE     Private Investments in Public Equity         
   SPACs  Special Purpose Acquisition Companies         
                    
*  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 $509,065.  
g  Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $97,619,164 or 1.4% of net assets.

 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE  Shares   Total
commitment
amount		   Fair
value amount		   Unrealized
Appreciation		 
J1 Holdings Inc.   3,133,698   $31,336,980   $36,288,223   $4,951,243 

13

TIAA-CREF FUNDS – Large-Cap Value Fund

 

TIAA-CREF FUNDS
 LARGE-CAP VALUE FUND
 SCHEDULE OF INVESTMENTS  
 October 31, 2021

 

SHARES       COMPANY  VALUE 
                
COMMON STOCKS - 99.6%     
                
AUTOMOBILES & COMPONENTS - 0.7%     
 731,425    *   General Motors Co  $39,811,463 
          TOTAL AUTOMOBILES & COMPONENTS   39,811,463 
                
BANKS - 13.5%       
 3,821,439        Bank of America Corp   182,588,355 
 1,153,173        Citigroup, Inc   79,753,445 
 1,309,094        JPMorgan Chase & Co   222,401,980 
 348,339        PNC Financial Services Group, Inc   73,509,979 
 1,066,604        US Bancorp   64,390,883 
 2,375,691        Wells Fargo & Co   121,540,352 
          TOTAL BANKS   744,184,994 
                
CAPITAL GOODS - 11.8%     
 158,902        Allegion plc   20,387,127 
 170,822    *   Boeing Co   35,365,279 
 124,989        Caterpillar, Inc   25,499,006 
 164,152        Deere & Co   56,190,871 
 362,755        Dover Corp   61,334,615 
 374,053        Eaton Corp   61,628,972 
 450,695        Honeywell International, Inc   98,530,941 
 688,045        Masco Corp   45,101,350 
 212,694        Parker-Hannifin Corp   63,082,913 
 1,196,359        Raytheon Technologies Corp   106,308,461 
 159,950        Stanley Black & Decker, Inc   28,747,813 
 258,661        Trane Technologies plc   46,799,535 
          TOTAL CAPITAL GOODS   648,976,883 
                
CONSUMER DURABLES & APPAREL - 1.0%     
 11,585    *   NVR, Inc   56,706,258 
          TOTAL CONSUMER DURABLES & APPAREL   56,706,258 
                
CONSUMER SERVICES - 3.1%     
 13,668    *   Booking Holdings, Inc   33,087,221 
 498,256    *   Hilton Worldwide Holdings, Inc   71,723,951 
 264,891        McDonald’s Corp   65,043,985 
          TOTAL CONSUMER SERVICES   169,855,157 
      
DIVERSIFIED FINANCIALS - 6.3%     
 471,183       American Express Co   81,882,182 
 294,903    *  Berkshire Hathaway, Inc (Class B)   84,640,110 
 70,494       BlackRock, Inc   66,508,269 
 269,477       Goldman Sachs Group, Inc   111,388,318 
         TOTAL DIVERSIFIED FINANCIALS   344,418,879 
14

TIAA-CREF FUNDS – Large-Cap Value Fund

 

SHARES       COMPANY  VALUE 
               
ENERGY - 5.0%     
 977,143       Chevron Corp  $111,873,102 
 1,139,341       ConocoPhillips   84,869,511 
 413,389       EOG Resources, Inc   38,221,947 
 511,157       Valero Energy Corp   39,527,771 
         TOTAL ENERGY   274,492,331 
               
FOOD & STAPLES RETAILING - 1.5%     
 561,709       Walmart, Inc   83,930,559 
         TOTAL FOOD & STAPLES RETAILING   83,930,559 
               
FOOD, BEVERAGE & TOBACCO - 0.8%     
 740,140       Mondelez International, Inc   44,956,104 
         TOTAL FOOD, BEVERAGE & TOBACCO   44,956,104 
               
HEALTH CARE EQUIPMENT & SERVICES - 9.9%     
 217,846       Anthem, Inc   94,791,330 
 337,169       Cigna Corp   72,022,670 
 220,962       HCA Healthcare, Inc   55,342,142 
 693,303       Medtronic plc   83,099,298 
 384,390       UnitedHealth Group, Inc   177,000,063 
 425,374       Zimmer Biomet Holdings, Inc   60,879,527 
         TOTAL HEALTH CARE EQUIPMENT & SERVICES   543,135,030 
               
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%     
 329,746       Procter & Gamble Co   47,150,381 
         TOTAL HOUSEHOLD & PERSONAL PRODUCTS   47,150,381 
               
INSURANCE - 5.3%     
 1,284,211       American International Group, Inc   75,884,028 
 482,278       Chubb Ltd   94,227,476 
 429,953       Marsh & McLennan Cos, Inc   71,716,160 
 459,420       Prudential Financial, Inc   50,559,171 
         TOTAL INSURANCE   292,386,835 
               
MATERIALS - 4.5%     
 339,087       Ball Corp   31,019,679 
 653,065       Crown Holdings, Inc   67,912,229 
 546,438       DuPont de Nemours, Inc   38,032,085 
 96,008       Linde plc   30,645,754 
 372,962       PPG Industries, Inc   59,886,508 
 147,583       Reliance Steel & Aluminum Co   21,570,731 
         TOTAL MATERIALS   249,066,986 
               
MEDIA & ENTERTAINMENT - 7.6%     
 40,428    *  Alphabet, Inc (Class C)   119,885,596 
 77,445    *  Charter Communications, Inc   52,266,856 
 2,625,187       Comcast Corp (Class A)   135,013,367 
 669,361    *  Walt Disney Co   113,168,864 
         TOTAL MEDIA & ENTERTAINMENT   420,334,683 
               
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.1%     
 1,151,318       Bristol-Myers Squibb Co   67,236,971 
 996,810       Johnson & Johnson   162,360,413 
 679,312       Merck & Co, Inc   59,813,421 
 1,090,190       Pfizer, Inc   47,684,911 
         TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES  337,095,716 
15

TIAA-CREF FUNDS – Large-Cap Value Fund

 

SHARES       COMPANY  VALUE 
      
REAL ESTATE - 1.2%     
 441,248       Prologis, Inc  $63,963,310 
         TOTAL REAL ESTATE   63,963,310 
               
RETAILING - 1.1%     
 163,012       Home Depot, Inc   60,598,081 
         TOTAL RETAILING   60,598,081 
               
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9%     
 329,641       Analog Devices, Inc   57,189,417 
 409,575       Applied Materials, Inc   55,968,424 
 619,119       Intel Corp   30,336,831 
 36,299       Lam Research Corp   20,457,027 
 716,215       Micron Technology, Inc   49,490,456 
 291,552       NXP Semiconductors NV   58,561,135 
         TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   272,003,290 
               
SOFTWARE & SERVICES - 4.4%     
 219,523       Accenture plc   78,762,657 
 548,253    *  Fiserv, Inc   53,997,438 
 287,966       Microsoft Corp   95,495,285 
 156,851       Oracle Corp   15,048,285 
         TOTAL SOFTWARE & SERVICES   243,303,665 
               
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%     
 1,691,950       Cisco Systems, Inc   94,698,442 
 582,825       TE Connectivity Ltd   85,092,450 
         TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   179,790,892 
               
TELECOMMUNICATION SERVICES - 1.1%     
 401,568    *  T-Mobile US, Inc   46,192,367 
 313,984       Verizon Communications, Inc   16,638,012 
         TOTAL TELECOMMUNICATION SERVICES   62,830,379 
               
TRANSPORTATION - 3.0%     
 1,200,003       CSX Corp   43,404,109 
 383,483       Union Pacific Corp   92,572,796 
 149,883       United Parcel Service, Inc (Class B)   31,995,524 
         TOTAL TRANSPORTATION   167,972,429 
               
UTILITIES - 2.6%     
 460,810       Ameren Corp   38,841,675 
 609,365       American Electric Power Co, Inc   51,619,309 
 1,515,016       Centerpoint Energy, Inc   39,451,017 
 163,362       NextEra Energy, Inc   13,939,679 
         TOTAL UTILITIES   143,851,680 
               
         TOTAL COMMON STOCKS   5,490,815,985 
         (Cost $3,412,240,030)     
16

TIAA-CREF FUNDS – Large-Cap Value Fund

 

PRINCIPAL      ISSUER  RATE  MATURITY
DATE		  VALUE 
              
SHORT-TERM INVESTMENTS - 0.8%             
                       
GOVERNMENT AGENCY DEBT - 0.2%             
$9,751,000       Federal Home Loan Bank (FHLB)    0.000%   11/05/21  $9,750,956 
         TOTAL GOVERNMENT AGENCY DEBT             9,750,956 
                         
REPURCHASE AGREEMENT - 0.1%               
 6,065,000   r   Fixed Income Clearing Corp (FICC)    0.010    11/01/21   6,065,000 
         TOTAL REPURCHASE AGREEMENT             6,065,000 
                         
TREASURY DEBT - 0.5%               
 14,066,000       United States Cash Management Bill    0.000   11/01/21   14,066,000 
 14,090,000       United States Treasury Bill    0.000    11/02/21   14,089,993 
         TOTAL TREASURY DEBT             28,155,993 
                         
         TOTAL SHORT-TERM INVESTMENTS             43,971,949 
         (Cost $43,971,956)               
         TOTAL INVESTMENTS - 100.4%             5,534,787,934 
         (Cost $3,456,211,986)               
         OTHER ASSETS & LIABILITIES, NET - (0.4)%             (22,194,243)
         NET ASSETS - 100.0%            $5,512,593,691 

 

       
* Non-income producing
r   Agreement with Fixed Income Clearing Corporation, 0.010% dated 10/31/21 to be repurchased at $6,065,000 on 11/1/21, collateralized by U.S. Treasury Notes valued at $6,186,404.
17

TIAA-CREF FUNDS – Mid-Cap Growth Fund

 

TIAA-CREF FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2021

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 98.8%
              
AUTOMOBILES & COMPONENTS - 1.1%
 130,146   *  Aptiv plc  $22,500,942 
        TOTAL AUTOMOBILES & COMPONENTS   22,500,942 
              
CAPITAL GOODS - 4.1%
 60,686      Ametek, Inc   8,034,826 
 537,024      Carrier Global Corp   28,048,764 
 21,223   *  Generac Holdings, Inc   10,580,939 
 87,301   *  Liberty Media Acquisition Corp   907,057 
 431,069      Spirit Aerosystems Holdings, Inc (Class A)   17,798,839 
 27,842   *  TransDigm Group, Inc   17,368,397 
        TOTAL CAPITAL GOODS   82,738,822 
              
COMMERCIAL & PROFESSIONAL SERVICES - 7.6%
 710,796   *  ACV Auctions, Inc   13,839,198 
 128,764   *  Cimpress plc   11,501,200 
 862,927   *  Clarivate Analytics plc   20,235,638 
 638,009   *  Driven Brands Holdings, Inc   20,716,152 
 426,500      Experian Group Ltd   19,555,536 
 1,200,263   *  First Advantage Corp   22,444,918 
 190,493   *  Stericycle, Inc   12,747,792 
 46,076      Verisk Analytics, Inc   9,688,401 
 159,714      Waste Connections, Inc   21,722,701 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   152,451,536 
              
CONSUMER DURABLES & APPAREL - 6.2%
 199,788   *  Capri Holdings Ltd   10,636,713 
 90,155      Garmin Ltd   12,946,258 
 390,632   *  Peloton Interactive, Inc   35,719,390 
 2,180,900      Prada S.p.A   13,746,334 
 406,543      Tempur Sealy International, Inc   18,078,967 
 1,188,186   *  Traeger, Inc   22,444,834 
 583,229   *  Under Armour, Inc (Class C)   11,011,364 
        TOTAL CONSUMER DURABLES & APPAREL   124,583,860 
              
CONSUMER SERVICES - 6.9%
 12,613   *  Chipotle Mexican Grill, Inc (Class A)   22,438,905 
 196,442   *  Dutch Bros, Inc   14,976,738 
 505,823   *  Entain PLC   14,173,734 
 861,777   *  European Wax Center, Inc   27,473,451 
 77,638   *  Expedia Group, Inc   12,764,464 
 47,251   *  Flutter Entertainment plc   8,916,594 
 569,684   *  Mister Car Wash, Inc   10,448,005 
 190,796   *  Royal Caribbean Cruises Ltd   16,108,906 
 166,693   *  Shake Shack, Inc   11,530,155 
        TOTAL CONSUMER SERVICES   138,830,952 
18

TIAA-CREF FUNDS – Mid-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
              
DIVERSIFIED FINANCIALS - 2.5%
 137,736      Discover Financial Services  $15,608,244 
 266,632      Jefferies Financial Group, Inc   11,465,176 
 132,831      Tradeweb Markets, Inc   11,835,242 
 153,318      Voya Financial, Inc   10,696,997 
        TOTAL DIVERSIFIED FINANCIALS   49,605,659 
              
FOOD, BEVERAGE & TOBACCO - 2.7%
 1,253,492      Davide Campari-Milano NV   17,804,792 
 308,305      Fevertree Drinks plc   9,573,615 
 124,326   *  Freshpet, Inc   19,383,667 
 97,130   *  Monster Beverage Corp   8,256,050 
        TOTAL FOOD, BEVERAGE & TOBACCO   55,018,124 
              
HEALTH CARE EQUIPMENT & SERVICES - 11.9%
 53,418   *  Align Technology, Inc   33,352,597 
 81,394   *  DexCom, Inc   50,725,555 
 245,040   *  Figs, Inc   8,235,794 
 434,433   *,e  GoodRx Holdings, Inc   19,375,712 
 159,297   *  Guardant Health, Inc   18,604,297 
 86,991   *  Molina Healthcare, Inc   25,724,978 
 9,492   *  Nevro Corp   1,079,620 
 393,392   *  Oak Street Health, Inc   18,579,904 
 108,021   *  Veeva Systems, Inc   34,243,737 
 68,164      West Pharmaceutical Services, Inc   29,302,340 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   239,224,534 
              
INSURANCE - 0.8%
 162,511   *  Trupanion, Inc   16,641,126 
        TOTAL INSURANCE   16,641,126 
              
MATERIALS - 0.9%
 568,589   *  Axalta Coating Systems Ltd   17,734,291 
        TOTAL MATERIALS   17,734,291 
              
MEDIA & ENTERTAINMENT - 7.0%
 135,521   *,e  Bilibili, Inc (ADR)   9,933,689 
 130,844   *  IAC   19,936,700 
 302,345   *  Match Group, Inc   45,587,579 
 331,250      News Corp (Class A)   7,585,625 
 113,035   *  Take-Two Interactive Software, Inc   20,459,335 
 381,712   *  Twitter, Inc   20,436,861 
 499,022   *  Vimeo, Inc   16,832,012 
        TOTAL MEDIA & ENTERTAINMENT   140,771,801 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.8%
 730,542   *  Avantor, Inc   29,499,286 
 568,866   *  Elanco Animal Health, Inc   18,704,314 
 231,190   *  Horizon Therapeutics Plc   27,721,993 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   75,925,593 
 
REAL ESTATE - 1.5%
 199,082      Simon Property Group, Inc   29,181,439 
        TOTAL REAL ESTATE   29,181,439 
19

TIAA-CREF FUNDS – Mid-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
              
RETAILING - 6.4%
 457,279   *,g  Allegro.eu S.A.  $5,171,488 
 116,154   *  ASOS plc   3,943,519 
 59,808   *  Burlington Stores, Inc   16,524,352 
 155,111   *  CarMax, Inc   21,237,798 
 87,628   *  Dollar Tree, Inc   9,442,793 
 244,650   *,e  Farfetch Ltd   9,592,727 
 74,237   *  Five Below, Inc   14,646,960 
 699,737      Gap, Inc   15,877,033 
 584,584   *  ironSource Ltd   6,658,412 
 825,318   *,e  Just Eat Takeaway.com NV (ADR)   11,793,794 
 455,057   *  Petco Health & Wellness Co, Inc   11,253,560 
 500,000   *  THG Holdings Ltd   1,482,141 
        TOTAL RETAILING   127,624,577 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.8%
 131,220      Entegris, Inc   18,473,152 
 455,093      Marvell Technology, Inc   31,173,870 
 130,755      MKS Instruments, Inc   19,619,788 
 78,409      Monolithic Power Systems, Inc   41,200,793 
 128,274      NXP Semiconductors NV   25,765,116 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   136,232,719 
              
SOFTWARE & SERVICES - 24.2%
 8,190   *,g  Adyen NV   24,711,762 
 591,337   *  Anaplan, Inc   38,561,086 
 162,186      Aveva Group plc   7,897,794 
 202,880   *  Black Knight, Inc   14,223,917 
 358,020   *  Clear Secure, Inc   15,999,914 
 140,908   *  DocuSign, Inc   39,213,287 
 53,645   *  HubSpot, Inc   43,464,788 
 1,094,685   *,e  ironSource Ltd   12,468,462 
 595,169   *,e  Marqeta, Inc   18,212,171 
 56,243   *  Monday.com Ltd   20,912,835 
 54,733   *  MongoDB, Inc   28,531,766 
 206,161   *  nCino, Inc   14,979,658 
 38,211   *  Palo Alto Networks, Inc   19,452,838 
 105,952   *  Paylocity Holding Corp   32,330,193 
 377,495   *  Paymentus Holdings, Inc   9,663,872 
 465,295   *  Qualtrics International, Inc   21,552,464 
 2,681,295   *  Sabre Corp   27,831,842 
 310,674   *  SentinelOne, Inc   20,628,754 
 125,711   *  Synopsys, Inc   41,884,391 
 65,857   *  Twilio, Inc   19,188,096 
 260,123   *  UiPath, Inc   13,071,181 
        TOTAL SOFTWARE & SERVICES   484,781,071 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 2.1%
 15,678   *  Arista Networks, Inc   6,423,120 
 237,877      Cognex Corp   20,835,646 
 30,855   *  Teledyne Technologies, Inc   13,860,683 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   41,119,449 
20

TIAA-CREF FUNDS – Mid-Cap Growth Fund

 

SHARES      COMPANY  VALUE 
              
TELECOMMUNICATION SERVICES - 0.5%
 158,291   g  Cellnex Telecom SAU  $9,734,846 
        TOTAL TELECOMMUNICATION SERVICES   9,734,846 
              
TRANSPORTATION - 1.8%
 372,199   *,e  Hertz Global Holdings, Inc   11,545,613 
 30,277      JB Hunt Transport Services, Inc   5,970,322 
 402,358   *  Lyft, Inc (Class A)   18,456,161 
        TOTAL TRANSPORTATION   35,972,096 
              
        TOTAL COMMON STOCKS   1,980,673,437 
        (Cost $1,387,937,826)     
              
RIGHTS / WARRANTS - 0.2%
              
UTILITIES - 0.2%
 169,870      Hertz Global Holdings, Inc   2,918,366 
        TOTAL UTILITIES   2,918,366 
              
        TOTAL RIGHTS / WARRANTS   2,918,366 
        (Cost $2,029,946)     

 

PRINCIPAL      ISSUER  RATE  MATURITY
DATE		    
                   
SHORT-TERM INVESTMENTS - 2.3%
                       
GOVERNMENT AGENCY DEBT - 0.5%
$11,060,000      Tennessee Valley Authority (TVA) 0.000%  11/03/21   11,059,976 
        TOTAL GOVERNMENT AGENCY DEBT         11,059,976 
                       
TREASURY DEBT - 0.6%
 11,978,000      United States Treasury Bill0.000   11/02/21   11,977,994 
        TOTAL TREASURY DEBT         11,977,994 
                       
SHARES      COMPANY             
                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2%
 23,760,711   c  State Street Navigator Securities Lending
Government Money Market Portfolio		 0.030       23,760,711 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES         23,760,711 
                       
        TOTAL SHORT-TERM INVESTMENTS         46,798,681 
        (Cost $46,798,685)           
        TOTAL INVESTMENTS - 101.3%         2,030,390,484 
        (Cost $1,436,766,457)           
        OTHER ASSETS & LIABILITIES, NET - (1.3)%         (27,047,196)
        NET ASSETS - 100.0%        $2,003,343,288 
                      
                        
        Abbreviation(s):             
        ADR      American Depositary Receipt             
        PIPE      Private Investments in Public Equity             
        SPACs   Special Purpose Acquisition Companies             
                      
     *  Non-income producing
     c  Investments made with cash collateral received from securities on loan.
21

TIAA-CREF FUNDS – Mid-Cap Growth Fund

 

e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $60,166,125.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $39,618,096 or 2.0% of net assets.

 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE  Shares   Total
commitment
amount		   Fair
value amount		   Unrealized
Appreciation		 
J1 Holdings Inc.   814,325   $8,142,350   $9,428,841   $1,286,491 
22

TIAA-CREF FUNDS – Mid-Cap Value Fund

 

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES      COMPANY  VALUE 
               
COMMON STOCKS - 99.4%
               
AUTOMOBILES & COMPONENTS - 4.4%
 492,603    *  Adient plc  $20,502,137 
 208,427    *  Aptiv plc   36,034,944 
 1,411,485    *  Ford Motor Co   24,108,164 
 272,408    *  General Motors Co   14,827,167 
         TOTAL AUTOMOBILES & COMPONENTS   95,472,412 
               
BANKS - 8.0%
 295,243       East West Bancorp, Inc   23,465,914 
 780,254       Fifth Third Bancorp   33,964,456 
 249,670       First Interstate Bancsystem, Inc   10,378,782 
 1,835,362       Huntington Bancshares, Inc   28,888,598 
 102,891       Signature Bank   30,642,997 
 19,163    *  SVB Financial Group   13,747,536 
 288,408       Western Alliance Bancorp   33,481,285 
         TOTAL BANKS   174,569,568 
               
CAPITAL GOODS - 13.1%
 502,401       Carrier Global Corp   26,240,404 
 261,288       Crane Co   26,985,825 
 154,554       Eaton Corp   25,464,317 
 755,881       Howmet Aerospace, Inc   22,442,107 
 139,290       Hubbell, Inc   27,770,247 
 383,397       Johnson Controls International plc   28,129,838 
 174,590       Owens Corning, Inc   16,308,452 
 179,305       Stanley Black & Decker, Inc   32,226,488 
 72,846       Terex Corp   3,263,501 
 929,150       Vertiv Holdings Co   23,860,572 
 172,956    *  WESCO International, Inc   22,408,179 
 326,296       Westinghouse Air Brake Technologies Corp   29,604,836 
         TOTAL CAPITAL GOODS   284,704,766 
               
COMMERCIAL & PROFESSIONAL SERVICES - 2.0%
 328,815       Republic Services, Inc   44,258,499 
         TOTAL COMMERCIAL & PROFESSIONAL SERVICES   44,258,499 
               
CONSUMER DURABLES & APPAREL - 2.0%
 759,019       Newell Brands Inc   17,373,945 
 124,042       Whirlpool Corp   26,151,775 
         TOTAL CONSUMER DURABLES & APPAREL   43,525,720 
 
CONSUMER SERVICES - 2.1%
 134,105       Wyndham Hotels & Resorts, Inc   11,327,849 
 274,120       Yum! Brands, Inc   34,248,553 
         TOTAL CONSUMER SERVICES   45,576,402 
23

TIAA-CREF FUNDS – Mid-Cap Value Fund

 

SHARES      COMPANY  VALUE 
 
DIVERSIFIED FINANCIALS - 9.3%
 1,751,010       AGNC Investment Corp  $27,876,079 
 688,241       Ally Financial, Inc   32,856,625 
 120,257       Ameriprise Financial, Inc   36,333,247 
 599,569       Equitable Holdings, Inc   20,085,562 
 146,755       LPL Financial Holdings, Inc   24,070,755 
 696,057       Synchrony Financial   32,331,848 
 420,008       Voya Financial, Inc   29,303,958 
         TOTAL DIVERSIFIED FINANCIALS   202,858,074 
               
ENERGY - 3.1%
 197,956       Pioneer Natural Resources Co   37,013,813 
 391,179       Valero Energy Corp   30,249,872 
         TOTAL ENERGY   67,263,685 
               
FOOD & STAPLES RETAILING - 1.0%
 482,180    *  Performance Food Group Co   21,809,001 
         TOTAL FOOD & STAPLES RETAILING   21,809,001 
               
FOOD, BEVERAGE & TOBACCO - 3.1%
 158,523       Bunge Ltd   14,685,571 
 128,053       Hershey Co   22,454,093 
 381,367       Tyson Foods, Inc (Class A)   30,497,919 
         TOTAL FOOD, BEVERAGE & TOBACCO   67,637,583 
               
HEALTH CARE EQUIPMENT & SERVICES - 4.9%
 422,261    *  Centene Corp   30,081,874 
 128,058       Cigna Corp   27,354,469 
 47,873    *  Consensus Cloud Solutions, Inc   3,031,797 
 426,162    *  Envista Holdings Corp   16,662,934 
 97,317    *  Molina Healthcare, Inc   28,778,583 
         TOTAL HEALTH CARE EQUIPMENT & SERVICES   105,909,657 
               
INSURANCE - 3.3%
 424,815    *  BRP Group, Inc   15,505,748 
 93,398       Everest Re Group Ltd   24,423,577 
 127,387       Willis Towers Watson plc   30,863,322 
         TOTAL INSURANCE   70,792,647 
 
MATERIALS - 7.3%
 918,358    *  Axalta Coating Systems Ltd   28,643,586 
 364,482       CF Industries Holdings, Inc   20,702,578 
 303,457       DuPont de Nemours, Inc   21,120,607 
 268,441       International Flavors & Fragrances, Inc   39,581,626 
 343,316       Newmont Goldcorp Corp   18,539,064 
 234,911       Nutrien Ltd   16,422,628 
 254,884       Olin Corp   14,523,290 
         TOTAL MATERIALS   159,533,379 
               
MEDIA & ENTERTAINMENT - 0.3%
 141,407    *  Twitter, Inc   7,570,931 
         TOTAL MEDIA & ENTERTAINMENT   7,570,931 
24

TIAA-CREF FUNDS – Mid-Cap Value Fund

 

SHARES      COMPANY  VALUE 
               
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.6%
 131,681    *  IQVIA Holdings, Inc  $34,424,047 
 133,212    *  Jazz Pharmaceuticals plc   17,722,525 
 137,686    *  United Therapeutics Corp   26,264,981 
         TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   78,411,553 
               
REAL ESTATE - 11.2%
 43,549       Essex Property Trust, Inc   14,803,612 
 160,098       Extra Space Storage, Inc   31,598,542 
 444,406       Gaming and Leisure Properties, Inc   21,549,247 
 608,056       Invitation Homes, Inc   25,082,310 
 635,997       MGM Growth Properties LLC   25,045,562 
 417,093       Regency Centers Corp   29,367,518 
 469,234       Rexford Industrial Realty, Inc   31,532,525 
 71,050       SBA Communications Corp   24,535,696 
 132,188       Sun Communities, Inc   25,906,204 
 274,311       UDR, Inc   15,232,490 
         TOTAL REAL ESTATE   244,653,706 
               
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
 31,643       Lam Research Corp   17,833,046 
 434,014       Marvell Technology, Inc   29,729,959 
 75,329       MKS Instruments, Inc   11,303,116 
 116,824    *  Wolfspeed Inc   14,031,731 
         TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   72,897,852 
 
SOFTWARE & SERVICES - 2.7%
 178,158       Alliance Data Systems Corp   15,187,970 
 77,501    *  Synopsys, Inc   25,821,783 
 143,619    *  Ziff Davis Inc   18,422,009 
         TOTAL SOFTWARE & SERVICES   59,431,762 
               
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
 350,707    *  Ciena Corp   19,039,883 
 1,812,466       Hewlett Packard Enterprise Co   26,552,627 
 773,137       Vontier Corp   26,155,225 
         TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   71,747,735 
               
TRANSPORTATION - 2.0%
 1,532,390    *  JetBlue Airways Corp   21,499,432 
 190,094       TFI International, Inc   21,068,118 
         TOTAL TRANSPORTATION   42,567,550 
               
UTILITIES - 9.4%
 681,583       Alliant Energy Corp   38,557,150 
 308,761       American Electric Power Co, Inc   26,155,144 
 563,011       Brookfield Renewable Corp   23,314,286 
 835,624       Centerpoint Energy, Inc   21,759,649 
 437,429       Evergy, Inc   27,886,099 
 445,572       Exelon Corp   23,699,975 
 661,609       Xcel Energy, Inc   42,733,325 
         TOTAL UTILITIES   204,105,628 
               
         TOTAL COMMON STOCKS   2,165,298,110 
         (Cost $1,691,196,760)     
25

TIAA-CREF FUNDS – Mid-Cap Value Fund

 

PRINCIPAL      ISSUER  RATE  MATURITY DATE  VALUE 
                                 
SHORT-TERM INVESTMENTS - 0.7%
                                 
GOVERNMENT AGENCY DEBT - 0.2%
$ 5,133,000         Federal Home Loan Bank (FHLB)     0.000 %   11/17/21   $  5,132,909  
            TOTAL GOVERNMENT AGENCY DEBT                  5,132,909  
                                 
REPURCHASE AGREEMENT - 0.5%
   10,940,000     r   Fixed Income Clearing Corp (FICC)     0.010      11/01/21      10,940,000  
            TOTAL REPURCHASE AGREEMENT                  10,940,000  
                                 
            TOTAL SHORT-TERM INVESTMENTS                  16,072,909  
            (Cost $16,072,933)                    
            TOTAL INVESTMENTS - 100.1%
(Cost $1,707,269,693)		                  2,181,371,019  
            OTHER ASSETS & LIABILITIES, NET - (0.1)%                  (2,137,273 )
            NET ASSETS - 100.0%               $ 2,179,233,746  

       
       
*   Non-income producing
r   Agreement with Fixed Income Clearing Corporation, 0.010% dated 10/31/21 to be repurchased at $10,940,000 on 11/1/21, collateralized by U.S. Treasury Notes valued at $11,158,855.
       
26

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

TIAA-CREF FUNDS
QUANT SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2021

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 99.6%
              
AUTOMOBILES & COMPONENTS - 1.1%
 75,600   *  Gentherm, Inc  $5,566,428 
 374,390   *  Goodyear Tire & Rubber Co   7,158,337 
 333,580   *  Modine Manufacturing Co   3,669,380 
 38,120      Patrick Industries, Inc   2,969,929 
 103,180   *  Stoneridge, Inc   1,958,356 
 368,410   *  Tenneco, Inc   4,888,801 
 99,490   *  XPEL, Inc   7,551,291 
        TOTAL AUTOMOBILES & COMPONENTS   33,762,522 
              
BANKS - 9.9%
 54,380      Amalgamated Financial Corp   998,417 
 90,281      Bank of NT Butterfield & Son Ltd   3,241,088 
 136,144      Banner Corp   7,863,677 
 174,240      Cathay General Bancorp   7,351,186 
 155,730      Central Pacific Financial Corp   4,281,018 
 134,023      ConnectOne Bancorp, Inc   4,520,596 
 174,290     Customers Bancorp, Inc   9,287,914 
 369,000      CVB Financial Corp   7,387,380 
 291,170      Essent Group Ltd   13,976,160 
 59,680      Federal Agricultural Mortgage Corp Class C   7,525,051 
 120,167      First Financial Bancorp   2,857,571 
 154,250      First Merchants Corp   6,413,715 
 187,560      Flagstar Bancorp, Inc   8,850,956 
 139,044      Glacier Bancorp, Inc   7,687,743 
 170,776      Great Western Bancorp, Inc   5,814,923 
 127,050      Heartland Financial USA, Inc   6,367,746 
 193,920      Heritage Commerce Corp   2,325,101 
 326,197      Hilltop Holdings, Inc   11,560,422 
 92,563      HomeStreet, Inc   4,365,271 
 144,110      Horizon Bancorp   2,748,178 
 81,759      Independent Bank Corp   1,842,030 
 96,870      Independent Bank Group, Inc   7,002,732 
 598,346      Investors Bancorp, Inc   9,154,694 
 127,900      Lakeland Bancorp, Inc   2,299,642 
 235,170   *  Mr Cooper Group, Inc   10,309,853 
 184,130      National Bank Holdings Corp   7,985,718 
 368,235   *  NMI Holdings, Inc   8,940,746 
 265,630      OceanFirst Financial Corp   5,889,017 
 432,100      OFG Bancorp   11,191,390 
 285,560      Pacific Premier Bancorp, Inc   11,990,664 
 55,480      Peapack Gladstone Financial Corp   1,861,354 
 33,170      PennyMac Financial Services, Inc   2,058,530 
 161,220      Premier Financial Corp   5,139,694 
 53,055      QCR Holdings, Inc   2,925,453 
 676,730      Radian Group, Inc   16,153,545 
27

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 91,930      Renasant Corp  $3,439,101 
 188,650      Simmons First National Corp (Class A)   5,638,748 
 173,990   *  The Bancorp, Inc   5,315,394 
 163,440      Towne Bank   5,151,629 
 158,070   *  Tristate Capital Holdings, Inc   4,750,004 
 543,342      United Community Banks, Inc   18,930,035 
 97,370      Walker & Dunlop, Inc   12,664,916 
 255,550      WesBanco, Inc   8,885,474 
 160,493      WSFS Financial Corp   8,315,142 
        TOTAL BANKS   303,259,618 
              
CAPITAL GOODS - 9.3%
 107,720   *  AAR Corp   3,810,056 
 146,060      Altra Industrial Motion Corp   7,617,029 
 107,580      Applied Industrial Technologies, Inc   10,486,898 
 41,610      Astec Industries, Inc   2,221,142 
 154,943   *  Atkore International Group, Inc   14,646,762 
 86,200   *  Beacon Roofing Supply, Inc   4,557,394 
 302,872   *  Bloom Energy Corp   9,467,779 
 68,840      Boise Cascade Co   3,897,721 
 109,608   *  Builders FirstSource, Inc   6,386,858 
 113,220      Columbus McKinnon Corp   5,351,909 
 223,790      Comfort Systems USA, Inc   20,470,071 
 109,350   *  Construction Partners Inc   3,893,953 
 443,350   *  Cornerstone Building Brands, Inc   6,344,338 
 50,679      CSW Industrials, Inc   7,025,123 
 82,606      EMCOR Group, Inc   10,035,803 
 67,055      EnPro Industries, Inc   6,012,151 
 292,960      Federal Signal Corp   12,541,618 
 73,920      Franklin Electric Co, Inc   6,385,210 
 569,100      GrafTech International Ltd   6,089,370 
 183,720      Hillenbrand, Inc   8,351,911 
 368,200   *,e  Infrastructure and Energy Alternatives, Inc   4,075,974 
 72,860      McGrath RentCorp   5,256,120 
 25,360      Moog, Inc (Class A)   1,915,441 
 405,141   *  MRC Global, Inc   3,362,670 
 92,370      Mueller Industries, Inc   4,862,357 
 324,600   *  NOW, Inc   2,343,612 
 53,278   *  RBC Bearings, Inc   12,463,323 
 43,798      Regal-Beloit Corp   6,671,749 
 290,560   *  Resideo Technologies, Inc   7,165,210 
 166,270      Rush Enterprises, Inc (Class A)   8,659,342 
 36,860      Shyft Group, Inc   1,519,001 
 98,250      Simpson Manufacturing Co, Inc   10,423,343 
 32,840   *  SiteOne Landscape Supply, Inc   7,716,086 
 121,790   *  SPX Corp   7,074,781 
 238,100      Terex Corp   10,666,880 
 133,420   *  Titan Machinery, Inc   3,791,796 
 94,390      Triton International Ltd   5,870,114 
 483,210   *  WillScot Mobile Mini Holdings Corp   16,791,548 
 297,354      Zurn Water Solutions Corp   10,788,003 
        TOTAL CAPITAL GOODS   287,010,446 
              
COMMERCIAL & PROFESSIONAL SERVICES - 3.4%
 148,710      Brady Corp (Class A)   7,746,304 
 68,100   *  CBIZ, Inc   2,499,951 
28

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 127,912      Exponent, Inc  $14,684,297 
 72,600   *  Franklin Covey Co   3,067,350 
 165,730      HNI Corp   6,198,302 
 64,583      ICF International, Inc   6,489,946 
 373,020      KBR, Inc   15,830,969 
 92,460      Kforce, Inc   5,987,710 
 65,334      Mantech International Corp (Class A)   5,633,097 
 187,078   *  TriNet Group, Inc   18,941,647 
 391,840   *  Upwork, Inc   18,463,501 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   105,543,074 
              
CONSUMER DURABLES & APPAREL - 2.6%
 159,270   *  Callaway Golf Co   4,308,254 
 146,020   *  Crocs, Inc   23,574,929 
 8,830   *  Deckers Outdoor Corp   3,490,587 
 19,990      Johnson Outdoors, Inc   2,122,538 
 63,300   *  Malibu Boats, Inc   4,469,613 
 171,122   *  Skyline Champion Corp   10,835,445 
 420,980   *  Sonos, Inc   13,732,368 
 250,630      Steven Madden Ltd   11,303,413 
 56,110   *  Taylor Morrison Home Corp   1,713,038 
 117,170   *  Vista Outdoor, Inc   4,902,393 
        TOTAL CONSUMER DURABLES & APPAREL   80,452,578 
              
CONSUMER SERVICES - 4.4%
 11,950   *  Biglari Holdings, Inc (B Shares)   1,986,449 
 335,450   *  Bloomin’ Brands, Inc   7,252,429 
 75,400   *  Bluegreen Vacations Holding Corp   1,930,994 
 95,340      Carriage Services, Inc   4,905,243 
 321,820      Carrols Restaurant Group, Inc   1,181,079 
 189,550   *  Cheesecake Factory   7,703,312 
 207,960   *  Dave & Buster’s Entertainment, Inc   7,721,555 
 145,270   *  Everi Holdings, Inc   3,486,480 
 52,120   *  Golden Entertainment, Inc   2,708,676 
 124,630   *  Hilton Grand Vacations, Inc   6,266,396 
 1,030,210   *  Houghton Mifflin Harcourt Co   14,618,680 
 473,230   *  International Game Technology plc   13,955,553 
 440,010      Laureate Education, Inc   7,620,973 
 1,067,640   *  LiveOne, Inc   2,444,896 
 233,010   *  Noodles & Co   2,831,072 
 61,720      Papa John’s International, Inc   7,658,218 
 160,030   *  Red Rock Resorts, Inc   8,707,232 
 118,300   *  Rush Street Interactive, Inc   2,381,379 
 281,350   *  Ruth’s Hospitality Group Inc   5,441,309 
 133,030   *  SeaWorld Entertainment, Inc   8,447,405 
 133,000   *  Stride, Inc   4,721,500 
 144,440      Texas Roadhouse, Inc (Class A)   12,827,716 
        TOTAL CONSUMER SERVICES   136,798,546 
              
DIVERSIFIED FINANCIALS - 3.3%
 264,200      Artisan Partners Asset Management, Inc   13,088,468 
 1,653,950      BGC Partners, Inc (Class A)   8,881,711 
 234,090   *  Blucora, Inc   3,867,167 
 178,790      Brightsphere Investment Group, Inc   5,360,124 
 219,890      Cowen Group, Inc   8,296,450 
 46,800   *  Encore Capital Group, Inc   2,528,136 
29

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 247,473   *  Enova International, Inc  $8,028,024 
 338,210      Federated Investors, Inc (Class B)   11,265,775 
 170,730   *  Green Dot Corp   7,232,123 
 31,790      Hamilton Lane, Inc   3,322,373 
 67,500      Piper Jaffray Cos   11,116,575 
 551,190      Redwood Trust, Inc   7,474,136 
 100,500      Sculptor Capital Management, Inc   2,663,250 
 85,394      Stifel Financial Corp   6,222,661 
 10,200      Virtus Investment Partners, Inc   3,264,000 
        TOTAL DIVERSIFIED FINANCIALS   102,610,973 
              
ENERGY - 5.3%
 547,750   *  Antero Resources Corp   10,883,792 
 337,546      Berry Petroleum Co LLC   3,243,817 
 207,798      Brigham Minerals, Inc   4,816,758 
 91,350   *  California Resources Corp   4,213,976 
 813,300   *  Centennial Resource Development, Inc   5,855,760 
 544,010   *  ChampionX Corp   14,269,382 
 201,020      Chesapeake Energy Corp   12,813,015 
 147,520   *  Denbury, Inc   12,489,043 
 48,390   *  Green Plains Inc   1,836,401 
 580,966   *  NexTier Oilfield Solutions, Inc   2,591,108 
 38,780      Oasis Petroleum, Inc   4,676,868 
 523,286   *  Oceaneering International, Inc   7,116,690 
 549,420      Ovintiv, Inc   20,614,238 
 427,779   *  Par Pacific Holdings, Inc   6,613,463 
 657,296   *  PBF Energy, Inc   9,603,095 
 236,990      PDC Energy, Inc   12,396,947 
 711,820   *  ProPetro Holding Corp   6,826,354 
 94,670   *  Renewable Energy Group, Inc   6,058,880 
 2,296,519   *  Tellurian, Inc   9,002,354 
 782,600   *,e  Uranium Energy Corp   2,911,272 
 75,820   *  Whiting Petroleum Corp   4,938,157 
        TOTAL ENERGY   163,771,370 
              
FOOD & STAPLES RETAILING - 1.2%
 156,928      Andersons, Inc   5,344,968 
 460,731   *,d  BJ’s Wholesale Club Holdings, Inc   26,925,119 
 77,890   *  Performance Food Group Co   3,522,965 
        TOTAL FOOD & STAPLES RETAILING   35,793,052 
              
FOOD, BEVERAGE & TOBACCO - 1.8%
 79,282      Calavo Growers, Inc   3,187,136 
 105,150   *  Celsius Holdings, Inc   10,149,078 
 457,236   *  Hostess Brands, Inc   8,646,333 
 44,027      Lancaster Colony Corp   7,484,590 
 64,900      Sanderson Farms, Inc   12,295,305 
 253,049   *  Simply Good Foods Co   10,033,393 
 274,180   *  Vital Farms, Inc   4,502,036 
        TOTAL FOOD, BEVERAGE & TOBACCO   56,297,871 
              
HEALTH CARE EQUIPMENT & SERVICES - 7.4%
 297,974   *  1Life Healthcare, Inc   6,454,117 
 251,490   *  Alphatec Holdings Inc   2,949,978 
 108,990   *  Angiodynamics, Inc   3,117,114 
 86,920   *  Apria, Inc   3,253,416 
30

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 234,007   *  Avanos Medical, Inc  $7,380,581 
 402,750   *  Brookdale Senior Living, Inc   2,617,875 
 495,140   *  Community Health Systems, Inc   6,486,334 
 144,270   *  Cutera, Inc   6,203,610 
 216,190   *  Evolent Health, Inc   6,327,881 
 129,960   *  HealthEquity, Inc   8,600,753 
 130,714   *  HealthStream, Inc   3,478,300 
 27,900   *  Heska Corp   6,236,487 
 135,110   *  Inari Medical, Inc   12,230,157 
 304,679   *  Inovalon Holdings, Inc   12,427,856 
 81,510   *  Integer Holding Corp   7,337,530 
 102,197   *  Intersect ENT, Inc   2,756,253 
 372,357   *  Lantheus Holdings, Inc   8,709,430 
 116,735   *  Meridian Bioscience, Inc   2,195,785 
 65,780   *  Merit Medical Systems, Inc   4,424,363 
 40,370   *  Natus Medical, Inc   1,011,268 
 283,870   *  Neogen Corp   12,010,540 
 254,410   *  NextGen Healthcare, Inc   4,187,589 
 164,490   *  NuVasive, Inc   8,777,186 
 473,440   *  Option Care Health, Inc   12,939,115 
 455,020   *  Ortho Clinical Diagnostics Holdings plc   8,995,745 
 229,610      Owens & Minor, Inc   8,238,407 
 133,700      Patterson Cos, Inc   4,179,462 
 33,608   *  Pennant Group, Inc   859,357 
 86,790   *  Phreesia, Inc   6,122,167 
 543,720   *  R1 RCM, Inc   11,798,724 
 236,000   *  RadNet, Inc   7,337,240 
 291,700      Select Medical Holdings Corp   9,690,274 
 188,300   *  Tenet Healthcare Corp   13,493,578 
 201,840   *  Varex Imaging Corp   5,419,404 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   228,247,876 
              
HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
 239,450   *  BellRing Brands, Inc   6,422,049 
 371,680   *  elf Beauty, Inc   12,008,981 
 43,530      Medifast, Inc   8,543,633 
 69,690   *  USANA Health Sciences, Inc   6,764,111 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   33,738,774 
              
INSURANCE - 1.1%
 186,770      American Equity Investment Life Holding Co   5,952,360 
 100,738      Amerisafe, Inc   5,972,756 
 127,600   *  eHealth, Inc   5,659,060 
 68,620      Heritage Insurance Holdings, Inc   448,775 
 379,754   *  SiriusPoint Ltd   3,569,687 
 142,230      Stewart Information Services Corp   10,122,509 
 211,596      Universal Insurance Holdings, Inc   3,125,273 
        TOTAL INSURANCE   34,850,420 
              
MATERIALS - 4.1%
 148,050   *  AdvanSix, Inc   7,195,230 
 151,480      Avient Corp   8,161,742 
 72,820      Balchem Corp   11,148,014 
 103,900   *  Domtar Corp   5,671,901 
 673,900   *,†  Ferroglobe plc   0 
 182,600   *  Gatos Silver, Inc   2,209,460 
31

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 90,620      Innospec, Inc  $8,211,078 
 109,600      Materion Corp   7,910,928 
 146,794      Myers Industries, Inc   3,021,021 
 87,104      Olympic Steel, Inc   2,349,195 
 130,390   *  Orion Engineered Carbons SA   2,451,332 
 134,660   *  Ranpak Holdings Corp   4,640,384 
 441,700   *  Rayonier Advanced Materials, Inc   3,171,406 
 185,085      Schnitzer Steel Industries, Inc (Class A)   9,957,573 
 108,410      Sensient Technologies Corp   10,363,996 
 86,060      Stepan Co   10,328,921 
 474,230   *  Summit Materials, Inc   16,906,300 
 168,700      Trinseo plc   9,457,322 
 144,660      United States Steel Corp   3,817,577 
        TOTAL MATERIALS   126,973,380 
              
MEDIA & ENTERTAINMENT - 3.3%
 98,640   *,e  AMC Entertainment Holdings, Inc   3,488,897 
 367,319   *  Cargurus, Inc   12,319,879 
 401,190   *  Cars.com, Inc   5,223,494 
 579,530      Entravision Communications Corp (Class A)   4,618,854 
 196,010      EW Scripps Co (Class A)   3,645,786 
 126,270      Gray Television, Inc   2,959,769 
 401,300   *  iHeartMedia, Inc   7,777,194 
 180,710   *  Liberty Braves Group (Class C)   5,370,701 
 491,940   *  Lions Gate Entertainment Corp (Class A)   6,370,623 
 392,680   *  Magnite, Inc   10,614,140 
 244,700   *  QuinStreet, Inc   3,425,800 
 97,860   *  TechTarget, Inc   9,229,177 
 596,390      TEGNA, Inc   11,725,027 
 311,770   *  WideOpenWest, Inc   5,939,219 
 213,900   *  Yelp, Inc   8,262,957 
        TOTAL MEDIA & ENTERTAINMENT   100,971,517 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.6%
 846,786   *  Affimed NV   5,758,145 
 1,337,751   *  Agenus, Inc   5,136,964 
 373,820   *  Alkermes plc   11,323,008 
 395,230   *  Amneal Pharmaceuticals, Inc   2,169,813 
 146,260   *  Amphastar Pharmaceuticals, Inc   2,732,137 
 120,085   *  AnaptysBio, Inc   3,950,796 
 810,060   *  Antares Pharma, Inc   3,029,624 
 1,481,450   *,e  Arbutus Biopharma Corp   5,970,243 
 95,836   *  Arcus Biosciences, Inc   3,204,756 
 153,713   *  Arena Pharmaceuticals, Inc   8,821,589 
 25,912   *  Arrowhead Pharmaceuticals Inc   1,653,704 
 74,755   *  Arvinas, Inc   6,472,288 
 428,594   *  Atara Biotherapeutics, Inc   6,634,635 
 1,057,818   *  Atossa Therapeutics, Inc   2,718,592 
 244,710   *  Avid Bioservices, Inc   7,507,703 
 206,244   *  Berkeley Lights, Inc   4,795,173 
 760,830   *  BioCryst Pharmaceuticals, Inc   11,359,192 
 534,000   *  BioDelivery Sciences International, Inc   2,178,720 
 145,990   *  C4 Therapeutics, Inc   6,484,876 
 146,572   *  CareDx, Inc   7,475,172 
 97,727   *,e  Cassava Sciences, Inc   4,214,966 
 243,950   *  Catalyst Pharmaceuticals, Inc   1,439,305 
32

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 333,090   *,e  ChromaDex Corp  $2,061,827 
 146,230   *  Codexis, Inc   5,084,417 
 446,610   *  Dynavax Technologies Corp   8,918,802 
 229,940   *  Editas Medicine, Inc   8,443,397 
 36,700   *  Enanta Pharmaceuticals, Inc   3,150,695 
 469,450   *,e  Evolus, Inc   3,671,099 
 36,180   *  Fate Therapeutics, Inc   1,946,484 
 1,061,556   *,e  Fluidigm Corp   5,467,013 
 208,700   *  Fulcrum Therapeutics, Inc   4,620,618 
 441,005   *,e  G1 Therapeutics, Inc   6,390,162 
 537,900   *  Gritstone Oncology, Inc   5,911,521 
 184,243   *,e  Harmony Biosciences Holdings, Inc   7,640,557 
 128,660   *  Immunovant, Inc   1,034,426 
 185,704   *  Intra-Cellular Therapies, Inc   7,998,271 
 393,901   *,e  Invitae Corp   10,438,376 
 743,742   *  Ironwood Pharmaceuticals, Inc   9,497,585 
 329,439   *  IVERIC bio, Inc   5,831,070 
 612,870   *,e  Karyopharm Therapeutics, Inc   3,346,270 
 153,250   *  Kura Oncology, Inc   2,516,365 
 28,900   *  Madrigal Pharmaceuticals, Inc   2,246,975 
 944,200   *,e  MannKind Corp   4,447,182 
 12,950   *  Medpace Holdings, Inc   2,933,823 
 304,492   *,e  MiMedx Group, Inc   2,085,770 
 1,213,630   *  Mustang Bio, Inc   2,718,531 
 265,690   *  Myriad Genetics, Inc   8,175,281 
 83,861   *  NanoString Technologies, Inc   4,050,486 
 50,044   *  Natera, Inc   5,733,541 
 229,720   *  NeoGenomics, Inc   10,567,120 
 22,140   *  Novavax, Inc   3,295,096 
 136,080   *  Olema Pharmaceuticals, Inc   3,674,160 
 906,360   *  Oncocyte Corp   2,972,861 
 538,900   *  Organogenesis Holdings Inc   5,917,122 
 287,350   *  Pacific Biosciences of California, Inc   7,609,028 
 104,204      Phibro Animal Health Corp   2,286,236 
 309,050   *  Precision BioSciences Inc   2,932,885 
 79,068   *  Quanterix Corp   4,001,631 
 98,700   *  RAPT Therapeutics, Inc   3,116,946 
 652,466   *  Sangamo Therapeutics Inc   5,298,024 
 1,349,390   *  Selecta Biosciences, Inc   4,844,310 
 394,195   *  Solid Biosciences, Inc   800,216 
 260,563   *  Supernus Pharmaceuticals, Inc   7,777,806 
 84,597   *  Sutro Biopharma, Inc   1,705,476 
 193,572   *  TG Therapeutics, Inc   6,043,318 
 170,286   *  Travere Therapeutics, Inc   4,905,940 
 147,955   *  Turning Point Therapeutics Inc   6,151,969 
 302,720   *  Vanda Pharmaceuticals, Inc   5,182,566 
 103,160   *  Veracyte, Inc   4,939,301 
 44,740   *  Vericel Corp   2,058,935 
 564,624   *,e  Viking Therapeutics, Inc   3,286,112 
 338,490   *  Zogenix, Inc   5,189,052 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   355,948,055 
              
REAL ESTATE - 7.4%
 256,520      Armada Hoffler Properties, Inc   3,516,889 
 517,970   *  Cushman & Wakefield plc   9,525,468 
 351,890   *  DigitalBridge Group, Inc   2,357,663 
33

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 1,200,700      Diversified Healthcare Trust  $4,370,548 
 89,060      EastGroup Properties, Inc   17,614,287 
 349,570      Essential Properties Realty Trust, Inc   10,413,690 
 461,009      Global Net Lease, Inc   7,385,364 
 394,470      Healthcare Realty Trust, Inc   13,041,178 
 285,730      Independence Realty Trust, Inc   6,751,800 
 403,895      Kennedy-Wilson Holdings, Inc   9,035,131 
 355,142      Kite Realty Group Trust   7,209,393 
 637,450      Macerich Co   11,531,471 
 135,730   *  Marcus & Millichap, Inc   6,392,883 
 348,380      National Storage Affiliates Trust   21,759,815 
 613,018      Newmark Group, Inc   9,121,708 
 89,100      Office Properties Income Trust   2,282,742 
 130,213      Plymouth Industrial REIT, Inc   3,328,244 
 200,740      PotlatchDeltic Corp   10,492,680 
 320,380      Preferred Apartment Communities, Inc   4,039,992 
 116,578      PS Business Parks, Inc   20,715,911 
 508,070   *  Realogy Holdings Corp   8,799,773 
 96,910      RMR Group, Inc   3,371,499 
 733,870      Service Properties Trust   7,903,780 
 410,610      STAG Industrial, Inc   17,873,853 
 360,060      Tanger Factory Outlet Centers, Inc   6,049,008 
 408,190      Whitestone REIT   3,747,184 
        TOTAL REAL ESTATE   228,631,954 
              
RETAILING - 2.6%
 127,690      Aaron’s Co, Inc   2,986,669 
 245,240   *  Abercrombie & Fitch Co (Class A)   9,696,790 
 239,580   *  Academy Sports & Outdoors, Inc   10,249,232 
 272,310   e  Big 5 Sporting Goods Corp   6,584,456 
 26,400      Dillard’s, Inc (Class A)   6,102,096 
 112,002   *,e  Groupon, Inc   2,376,682 
 243,690   *,e  GrowGeneration Corp   5,136,985 
 151,990      Guess?, Inc   3,147,713 
 641,940      Macy’s, Inc   16,992,152 
 86,440      Monro Muffler, Inc   5,338,534 
 158,050      Rent-A-Center, Inc   8,417,743 
 121,480   *  Sportsman’s Warehouse Holdings, Inc   2,096,745 
        TOTAL RETAILING   79,125,797 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
 379,700      Amkor Technology, Inc   8,323,024 
 55,631      Brooks Automation, Inc   6,478,230 
 77,500   *  Diodes, Inc   7,446,975 
 78,342   *  Formfactor, Inc   3,116,445 
 165,040   *  Ichor Holdings Ltd   7,215,549 
 299,857   *  Lattice Semiconductor Corp   20,822,070 
 48,050   *  MACOM Technology Solutions Holdings, Inc   3,354,851 
 216,800   *  MaxLinear, Inc   13,658,400 
 76,615   *  Rambus, Inc   1,782,831 
 137,210   *  Semtech Corp   11,666,966 
 35,930   *  Silicon Laboratories, Inc   6,782,147 
 206,750   *  Ultra Clean Holdings   10,248,597 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   100,896,085 
34

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
SOFTWARE & SERVICES - 7.6%
 112,670   *  Asana, Inc  $15,300,586 
 466,610   *  Box, Inc   12,052,536 
 207,630   *  Brightcove, Inc   2,059,690 
 154,150   *  ChannelAdvisor Corp   3,932,366 
 26,766   *  Commvault Systems, Inc   1,646,109 
 1,096,970   *  Conduent, Inc   7,404,547 
 256,460   *  Digital Turbine, Inc   22,070,948 
 93,780   *  ExlService Holdings, Inc   11,500,241 
 170,969   *  LiveRamp Holdings, Inc   9,148,551 
 178,790   *  Mimecast Ltd   13,487,918 
 176,340   *  Mitek Systems, Inc   3,320,482 
 583,060   *  MoneyGram International, Inc   3,480,868 
 143,630   *  Pagerduty, Inc   5,996,552 
 348,926   *,e  Paya Holdings, Inc   3,178,716 
 296,980   *  Ping Identity Holding Corp   8,413,443 
 199,895      Progress Software Corp   10,276,602 
 74,334   *  Rapid7, Inc   9,570,503 
 188,100   *,e  Riot Blockchain, Inc   5,120,082 
 125,240      Sapiens International Corp NV   4,374,633 
 119,990   *  Sprout Social, Inc   15,320,323 
 89,090   *  SPS Commerce, Inc   13,606,716 
 260,999   *  Tenable Holdings, Inc   13,898,197 
 736,796   *  Vonage Holdings Corp   11,877,152 
 81,610   *  Workiva, Inc   12,204,776 
 615,080   *  Zuora Inc   13,445,649 
        TOTAL SOFTWARE & SERVICES   232,688,186 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 3.0%
 56,080   *  Calix, Inc   3,510,047 
 519,740   *  Diebold, Inc   4,677,660 
 268,130   *  EchoStar Corp (Class A)   6,290,330 
 33,009   *  ePlus, Inc   3,649,805 
 794,940   *  Extreme Networks, Inc   7,814,260 
 127,740   *  II-VI, Inc   7,729,547 
 295,360   *  Knowles Corp   6,155,302 
 102,920   *  Netgear, Inc   2,967,184 
 100,403   *  OSI Systems, Inc   9,348,523 
 236,776   *  Ribbon Communications, Inc   1,295,165 
 385,981   *  Sanmina Corp   14,570,783 
 452,731   *  TTM Technologies, Inc   5,994,159 
 229,580   *  Turtle Beach Corp   6,602,721 
 462,170      Vishay Intertechnology, Inc   8,882,907 
 56,169   *  Vishay Precision Group, Inc   1,914,801 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   91,403,194 
              
TELECOMMUNICATION SERVICES - 0.4%
 2,552,440   *,e  Globalstar, Inc   4,211,526 
 252,996   *  Liberty Latin America Ltd (Class A)   3,041,012 
 432,535   *  Liberty Latin America Ltd (Class C)   5,203,396 
        TOTAL TELECOMMUNICATION SERVICES   12,455,934 
              
TRANSPORTATION - 1.9%
 132,872      ArcBest Corp   11,938,549 
 79,530   *  Avis Budget Group, Inc   13,783,344 
 105,586      Forward Air Corp   10,617,728 

35

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

  

SHARES      COMPANY                VALUE 
                            
 160,439   *  Hub Group, Inc (Class A)                $12,605,692 
 371,830   *  Spirit Airlines, Inc                 8,124,486 
        TOTAL TRANSPORTATION               57,069,799 
                            
UTILITIES - 2.5%
 74,518      Avista Corp                 2,966,562 
 172,138      Black Hills Corp                 11,426,520 
 104,800      Brookfield Infrastructure Corp               6,355,072 
 139,954      Clearway Energy, Inc (Class A)               4,617,082 
 99,580      Northwest Natural Holding Co               4,490,062 
 150,266      NorthWestern Corp               8,544,125 
 119,200      Otter Tail Corp               7,391,592 
 249,481      Portland General Electric Co               12,301,908 
 365,377   e  South Jersey Industries, Inc               8,315,981 
 95,207      Southwest Gas Holdings Inc               6,593,085 
 50,498      Spire, Inc               3,169,254 
        TOTAL UTILITIES               76,171,243 
                            
        TOTAL COMMON STOCKS               3,064,472,264 
        (Cost $2,244,118,432)                 
                          
PRINCIPAL      ISSUER  RATE  MATURITY
DATE		    
                   
SHORT-TERM INVESTMENTS - 1.8%
                       
GOVERNMENT AGENCY DEBT - 0.5%
$5,000,000      Federal Home Loan Bank (FHLB) 0.000%  11/05/21   4,999,978 
 10,000,000      FHLB 0.000   11/29/21   9,999,689 
        TOTAL GOVERNMENT AGENCY DEBT         14,999,667 
                       
REPURCHASE AGREEMENT - 0.0%
 1,605,000   r  Fixed Income Clearing Corp (FICC) 0.010   11/01/21   1,605,000 
        TOTAL REPURCHASE AGREEMENT         1,605,000 
                       
TREASURY DEBT - 0.4%
 11,305,000      United States Treasury Bill 0.000   11/02/21   11,304,994 
        TOTAL TREASURY DEBT         11,304,994 
                       
SHARES      COMPANY             
                                   
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
 26,343,171   c  State Street Navigator Securities Lending 0.030       26,343,171 
        Government Money Market Portfolio           
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   26,343,171 
                       
        TOTAL SHORT-TERM INVESTMENTS         54,252,832 
        (Cost $54,252,907)           
        TOTAL INVESTMENTS - 101.4%         3,118,725,096 
        (Cost $2,298,371,339)           
        OTHER ASSETS & LIABILITIES, NET - (1.4)%         (42,055,002)
        NET ASSETS - 100.0%        $3,076,670,094 
                    
                        
        Abbreviation(s):             
        REIT     Real Estate Investment Trust             
36

TIAA-CREF FUNDS – Quant Small-Cap 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 $58,964,315.
r   Agreement with Fixed Income Clearing Corporation, 0.010% dated 10/31/21 to be repurchased at $1,605,000 on 11/1/21, collateralized by U.S. Treasury Notes valued at $1,637,209.
       

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description   Number of long
(short)
contracts		     Expiration date     Notional amount     Value     Unrealized
appreciation
(depreciation)		  
Russell 2000 E Mini Index     80     12/17/21     $            8,903,963     $ 9,181,200     $ 277,237  
37

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

TIAA-CREF FUNDS

QUANT SMALL/MID-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.9%
              
AUTOMOBILES & COMPONENTS - 0.4%
 74,465   *  Stoneridge, Inc  $1,413,346 
 33,750      Thor Industries, Inc   3,441,150 
        TOTAL AUTOMOBILES & COMPONENTS   4,854,496 
              
BANKS - 6.9%
 32,490   *  Axos Financial, Inc   1,721,970 
 67,889      Bank of NT Butterfield & Son Ltd   2,437,215 
 96,445      BankUnited   3,911,809 
 76,363      Berkshire Hills Bancorp, Inc   2,073,255 
 16,110      BOK Financial Corp   1,629,849 
 48,524   *  Cadence BanCorp   1,408,166 
 151,760      Capitol Federal Financial   1,840,849 
 62,001      Cathay General Bancorp   2,615,822 
 81,285      Central Pacific Financial Corp   2,234,525 
 56,360      CIT Group, Inc   2,791,511 
 45,960      Comerica, Inc   3,910,736 
 14,530      Community Bank System, Inc   1,041,365 
 51,383      ConnectOne Bancorp, Inc   1,733,149 
 51,088      Essent Group Ltd   2,452,224 
 344,012      First Bancorp   4,695,764 
 61,410      First Financial Bancorp   1,460,330 
 20,131      Flagstar Bancorp, Inc   949,982 
 55,785      Great Western Bancorp, Inc   1,899,479 
 22,800      Hancock Whitney Corp   1,128,144 
 38,209      Hilltop Holdings, Inc   1,354,127 
 69,350      International Bancshares Corp   2,940,440 
 119,255      MGIC Investment Corp   1,927,161 
 83,408      National Bank Holdings Corp   3,617,405 
 39,329   *  NMI Holdings, Inc   954,908 
 98,780      OFG Bancorp   2,558,402 
 112,330      Old National Bancorp   1,918,596 
 93,659      PacWest Bancorp   4,445,993 
 35,986      Popular, Inc   2,930,700 
 52,832      Prosperity Bancshares, Inc   3,978,778 
 55,382      Radian Group, Inc   1,321,968 
 127,430      Umpqua Holdings Corp   2,605,943 
 63,024      Washington Federal, Inc   2,228,529 
 33,480      Westamerica Bancorporation   1,866,845 
 50,985      WSFS Financial Corp   2,641,533 
        TOTAL BANKS   79,227,472 
              
CAPITAL GOODS - 12.9%
 15,252      Advanced Drainage Systems, Inc   1,720,426 
 71,126   *  Aecom Technology Corp   4,862,885 
 15,940      AGCO Corp   1,948,027 
38

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 37,700      Allegion plc  $4,836,910 
 22,060      Applied Industrial Technologies, Inc   2,150,409 
 88,588   *  Atkore International Group, Inc   8,374,224 
 14,210   *  Axon Enterprise, Inc   2,557,232 
 24,699      AZZ, Inc   1,312,258 
 56,450   *  Beacon Roofing Supply, Inc   2,984,511 
 129,777   *  Bloom Energy Corp   4,056,829 
 68,927      Boise Cascade Co   3,902,647 
 111,066   *  Builders FirstSource, Inc   6,471,816 
 38,072      Comfort Systems USA, Inc   3,482,446 
 34,700      Donaldson Co, Inc   2,082,347 
 36,001      EMCOR Group, Inc   4,373,761 
 19,560      Encore Wire Corp   2,622,214 
 28,485      EnPro Industries, Inc   2,553,965 
 76,616   *  Evoqua Water Technologies Corp   3,204,847 
 59,505      Federal Signal Corp   2,547,409 
 117,370   *  Gates Industrial Corp plc   1,929,563 
 21,887   *  Gibraltar Industries, Inc   1,426,157 
 51,167      Graco, Inc   3,846,735 
 96,730      Howmet Aerospace, Inc   2,871,914 
 9,320      Huntington Ingalls   1,889,444 
 43,265      ITT, Inc   4,069,938 
 7,890      Moog, Inc (Class A)   595,932 
 235,183   *  MRC Global, Inc   1,952,019 
 33,750   *  MYR Group, Inc   3,447,562 
 17,400      Nordson Corp   4,423,254 
 171,680   *  NOW, Inc   1,239,530 
 15,920      Oshkosh Corp   1,703,440 
 73,372      Primoris Services Corp   1,977,375 
 36,969      Quanta Services, Inc   4,483,600 
 3,350   *  RBC Bearings, Inc   783,665 
 37,509      Regal-Beloit Corp   5,713,746 
 14,526      Simpson Manufacturing Co, Inc   1,541,063 
 22,430   *  SiteOne Landscape Supply, Inc   5,270,153 
 47,050   *  SPX Corp   2,733,134 
 30,800      Textron, Inc   2,274,580 
 52,450   *  Titan Machinery, Inc   1,490,629 
 26,440      Toro Co   2,524,227 
 90,701      UFP Industries, Inc   7,422,063 
 135,860   *  Univar Solutions Inc   3,475,299 
 38,112   *  Vectrus, Inc   1,845,764 
 126,070      Vertiv Holdings Co   3,237,478 
 11,590      Watsco, Inc   3,356,232 
 109,350   *  Welbilt, Inc   2,587,221 
 73,734      Zurn Water Solutions Corp   2,675,069 
        TOTAL CAPITAL GOODS   148,831,949 
              
COMMERCIAL & PROFESSIONAL SERVICES - 2.3%
 57,809      Booz Allen Hamilton Holding Co   5,021,290 
 80,860   *  IAA, Inc   4,823,299 
 78,480      Kforce, Inc   5,082,365 
 29,240      Manpower, Inc   2,826,046 
 7,919      Mantech International Corp (Class A)   682,776 
 44,460   *  Stericycle, Inc   2,975,263 
 34,580   *  TriNet Group, Inc   3,501,225 
 31,940   *  Upwork, Inc   1,505,013 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   26,417,277 
39

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
CONSUMER DURABLES & APPAREL - 4.3%
 27,000      Acushnet Holdings Corp  $1,375,380 
 9,010   *  Cavco Industries, Inc   2,165,824 
 33,607   *  Crocs, Inc   5,425,850 
 84,740   *,e  Nautilus, Inc   866,890 
 166,701      Newell Brands Inc   3,815,786 
 85,575      Pulte Homes, Inc   4,114,446 
 57,888   *  Skyline Champion Corp   3,665,468 
 113,660      Smith & Wesson Brands, Inc   2,443,690 
 54,890   *  Sonos, Inc   1,790,512 
 82,283      Steven Madden Ltd   3,710,963 
 25,600      Tapestry, Inc   997,888 
 128,090      Tempur Sealy International, Inc   5,696,162 
 137,670   *  Under Armour, Inc (Class A)   3,023,233 
 126,000   *  Under Armour, Inc (Class C)   2,378,880 
 27,460   *  Vista Outdoor, Inc   1,148,927 
 68,000      Wolverine World Wide, Inc   2,255,560 
 52,230   *  YETI Holdings, Inc   5,135,776 
        TOTAL CONSUMER DURABLES & APPAREL   50,011,235 
              
CONSUMER SERVICES - 3.3%
 45,790   *  Bally’s Corp   2,097,640 
 72,750   *  Boyd Gaming Corp   4,639,995 
 30,500   *  Cheesecake Factory   1,239,520 
 40,962   *  frontdoor, Inc   1,527,063 
 131,750      H&R Block, Inc   3,039,473 
 217,830   *  Houghton Mifflin Harcourt Co   3,091,008 
 146,020   *  International Game Technology plc   4,306,130 
 40,360   *  Penn National Gaming, Inc   2,889,776 
 55,345   *  Perdoceo Education Corp   587,764 
 101,880   *  Red Rock Resorts, Inc   5,543,291 
 66,200   *  Rush Street Interactive, Inc   1,332,606 
 36,130      Texas Roadhouse, Inc (Class A)   3,208,705 
 136,930      Wendy’s   3,053,539 
 62,940   *  WW International Inc   1,092,638 
        TOTAL CONSUMER SERVICES   37,649,148 
              
DIVERSIFIED FINANCIALS - 5.1%
 8,400      A-Mark Precious Metals, Inc   629,916 
 63,194      Brightsphere Investment Group, Inc   1,894,556 
 89,952   *  Cannae Holdings, Inc   3,067,363 
 83,620      Carlyle Group, Inc   4,695,263 
 31,010      CBOE Global Markets, Inc   4,091,459 
 24,998      Cohen & Steers, Inc   2,372,060 
 14,040      Factset Research Systems, Inc   6,232,216 
 103,690      Jefferies Financial Group, Inc   4,458,670 
 47,680      KKR Real Estate Finance Trust, Inc   1,035,133 
 158,380   *  LendingClub Corp   7,279,145 
 54,213      LPL Financial Holdings, Inc   8,892,016 
 11,016      Morningstar, Inc   3,489,318 
 64,633      OneMain Holdings, Inc   3,413,269 
 53,460      PROG Holdings, Inc   2,162,457 
 22,280      Starwood Property Trust, Inc   567,472 
40

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 45,260      StepStone Group, Inc  $2,126,315 
 10,500      Vanguard Small-Cap ETF   2,409,645 
        TOTAL DIVERSIFIED FINANCIALS   58,816,273 
              
ENERGY - 4.4%
 201,150      APA Corp   5,272,142 
 113,388      Cabot Oil & Gas Corp   2,417,432 
 100,390      Devon Energy Corp   4,023,631 
 39,700      Diamondback Energy, Inc   4,255,443 
 183,450   *  Golar LNG Ltd   2,390,354 
 420,840      Marathon Oil Corp   6,868,109 
 5,800   *  Nabors Industries Ltd   594,500 
 376,509   *  NexTier Oilfield Solutions, Inc   1,679,230 
 175,520   *  Oceaneering International, Inc   2,387,072 
 143,140      Patterson-UTI Energy, Inc   1,225,278 
 89,900   *  PBF Energy, Inc   1,313,439 
 124,510      SFL Corp Ltd   984,874 
 276,070      SM Energy Co   9,474,722 
 113,970      Targa Resources Investments, Inc   6,230,740 
 352,600   *  Tellurian, Inc   1,382,192 
        TOTAL ENERGY   50,499,158 
              
FOOD & STAPLES RETAILING - 1.6%
 48,270   *  BJ’s Wholesale Club Holdings, Inc   2,820,899 
 94,380   *  Performance Food Group Co   4,268,808 
 107,860   *  Rite Aid Corp   1,465,817 
 92,570      SpartanNash Co   2,142,070 
 87,144   *  United Natural Foods, Inc   3,781,178 
 124,400   *  US Foods Holding Corp   4,312,948 
        TOTAL FOOD & STAPLES RETAILING   18,791,720 
              
FOOD, BEVERAGE & TOBACCO - 1.4%
 52,673      Bunge Ltd   4,879,627 
 135,673   *  Hostess Brands, Inc   2,565,576 
 60,480      Lamb Weston Holdings, Inc   3,414,096 
 55,430   *  Pilgrim’s Pride Corp   1,560,909 
 17,290      Sanderson Farms, Inc   3,275,590 
        TOTAL FOOD, BEVERAGE & TOBACCO   15,695,798 
              
HEALTH CARE EQUIPMENT & SERVICES - 5.3%
 72,450   *  Accelerate Diagnostics, Inc   427,455 
 131,140   *  Alphatec Holdings Inc   1,538,272 
 18,170   *  Angiodynamics, Inc   519,662 
 235,260   *  Community Health Systems, Inc   3,081,906 
 97,530   *  Cross Country Healthcare, Inc   2,021,797 
 50,900      Encompass Health Corp   3,235,204 
 82,850   *  Envista Holdings Corp   3,239,435 
 120,340   *  Evolent Health, Inc   3,522,352 
 42,120   *  Globus Medical, Inc   3,250,401 
 28,591      Hill-Rom Holdings, Inc   4,428,746 
 12,210   *  Inari Medical, Inc   1,105,249 
 39,100   *  Inovalon Holdings, Inc   1,594,889 
 27,850   *  Molina Healthcare, Inc   8,235,802 
 31,310   *  Natus Medical, Inc   784,316 
 121,880   *  Option Care Health, Inc   3,330,980 
 118,430   *  Ortho Clinical Diagnostics Holdings plc   2,341,361 
41

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 38,998   *  Orthofix Medical Inc  $1,403,148 
 80,730      Owens & Minor, Inc   2,896,592 
 89,097      Patterson Cos, Inc   2,785,172 
 209,430   *,e  PAVmed, Inc   1,137,205 
 14,100   *  Penumbra, Inc   3,899,355 
 156,780   *  R1 RCM, Inc   3,402,126 
 4,140   *  Shockwave Medical Inc   884,718 
 27,370   *  Tenet Healthcare Corp   1,961,334 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   61,027,477 
              
HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
 85,020   *  BellRing Brands, Inc   2,280,236 
 104,314   *  elf Beauty, Inc   3,370,385 
 19,834      Medifast, Inc   3,892,819 
 6,690      Spectrum Brands Holdings, Inc   627,188 
 134,470   *  Veru, Inc   1,098,620 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   11,269,248 
              
INSURANCE - 2.0%
 28,981      American Financial Group, Inc   3,942,575 
 31,440      Axis Capital Holdings Ltd   1,637,081 
 83,930      Brown & Brown, Inc   5,296,822 
 34,320      First American Financial Corp   2,510,165 
 21,007      Selective Insurance Group, Inc   1,646,318 
 59,420      W.R. Berkley Corp   4,729,832 
 2,739      White Mountains Insurance Group Ltd   2,889,618 
        TOTAL INSURANCE   22,652,411 
              
MATERIALS - 4.3%
 28,292      Avery Dennison Corp   6,159,734 
 73,720   *  Axalta Coating Systems Ltd   2,299,327 
 85,026      CF Industries Holdings, Inc   4,829,477 
 87,695      Element Solutions, Inc   1,991,554 
 373,600      Hecla Mining Co   2,159,408 
 73,840      Huntsman Corp   2,405,707 
 14,489      Innospec, Inc   1,312,848 
 54,180      Louisiana-Pacific Corp   3,192,827 
 29,647      Materion Corp   2,139,921 
 22,740      Packaging Corp of America   3,123,794 
 36,790   *  Ranpak Holdings Corp   1,267,783 
 33,234      Reliance Steel & Aluminum Co   4,857,481 
 17,303      Scotts Miracle-Gro Co (Class A)   2,568,803 
 63,057      Silgan Holdings, Inc   2,534,891 
 115,384   *  Summit Materials, Inc   4,113,440 
 36,710      Valvoline, Inc   1,246,672 
 30,650      Westlake Chemical Corp   2,983,471 
        TOTAL MATERIALS   49,187,138 
              
MEDIA & ENTERTAINMENT - 2.0%
 51,364   *  EverQuote Inc   708,309 
 95,770   *,e  fuboTV, Inc   2,854,904 
 134,890   *  iHeartMedia, Inc   2,614,168 
 45,064   *  Liberty Media Group (Class C)   2,514,571 
 241,700   *  Lions Gate Entertainment Corp (Class A)   3,130,015 
 112,465   *  Magnite, Inc   3,039,929 
 53,330   *  Meredith Corp   3,105,939 
42

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 149,890      News Corp (Class A)  $3,432,481 
 39,190   *  Yelp, Inc   1,513,910 
        TOTAL MEDIA & ENTERTAINMENT   22,914,226 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.6%
 13,260   *  Acceleron Pharma, Inc   2,309,627 
 18,978   *  Agios Pharmaceuticals, Inc   891,966 
 73,662   *  Alkermes plc   2,231,222 
 18,640   *  Allakos, Inc   1,874,811 
 188,677   *  Amicus Therapeutics, Inc   1,981,109 
 73,840   *  AnaptysBio, Inc   2,429,336 
 38,770   *  Arcutis Biotherapeutics, Inc   821,149 
 46,410   *  Arena Pharmaceuticals, Inc   2,663,470 
 23,200   *  Arvinas, Inc   2,008,656 
 180,300   *  Avantor, Inc   7,280,514 
 38,130   *  Avid Bioservices, Inc   1,169,828 
 30,420   *  Berkeley Lights, Inc   707,265 
 4,100      Bio-Techne Corp   2,146,965 
 45,266   *  Bluebird Bio, Inc   1,059,677 
 27,100   *  Blueprint Medicines Corp   3,048,479 
 39,100      Bruker BioSciences Corp   3,139,730 
 79,160   *  Cara Therapeutics, Inc   1,332,263 
 20,702   *  Charles River Laboratories International, Inc   9,288,573 
 82,660   *  Chimerix, Inc   433,138 
 108,540   *  Evolus, Inc   848,783 
 109,940   *  Exelixis, Inc   2,364,809 
 151,030   *  Heron Therapeutics, Inc   1,662,840 
 124,840   *  Innoviva, Inc   2,178,458 
 14,690   *  Intellia Therapeutics, Inc   1,953,476 
 38,310   *,e  Invitae Corp   1,015,215 
 187,350   *  Ironwood Pharmaceuticals, Inc   2,392,460 
 25,360   *  KalVista Pharmaceuticals Inc   455,973 
 152,180   *  Lexicon Pharmaceuticals, Inc   805,032 
 235,560   *,e  MannKind Corp   1,109,488 
 16,496   *  Natera, Inc   1,889,947 
 5,968   *  Novavax, Inc   888,217 
 33,670      PerkinElmer, Inc   5,955,886 
 33,800      Perrigo Co plc   1,526,070 
 39,338      Phibro Animal Health Corp   863,076 
 69,640   *  PPD, Inc   3,284,919 
 18,300   *  Prestige Consumer Healthcare, Inc.   1,097,817 
 50,910   *  Prothena Corp plc   2,817,869 
 47,500   *  QIAGEN NV   2,648,600 
 75,769   *  Radius Health, Inc   1,636,610 
 44,950   *  Sage Therapeutics, Inc   1,814,182 
 34,256   *  Sarepta Therapeutics, Inc   2,710,677 
 84,520   *  Supernus Pharmaceuticals, Inc   2,522,922 
 50,890   *  Syneos Health, Inc   4,750,073 
 20,865   *  United Therapeutics Corp   3,980,207 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   99,991,384 
              
REAL ESTATE - 8.4%
 139,260      Acadia Realty Trust   2,977,379 
 92,261      Alexander & Baldwin, Inc   2,263,162 
 43,970      American Campus Communities, Inc   2,362,069 
 100,350      American Homes 4 Rent   4,074,210 
43

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 81,310      Apartment Income REIT Corp  $4,359,029 
 47,700      CareTrust REIT, Inc   989,775 
 94,740      CubeSmart   5,211,647 
 413,330      Diversified Healthcare Trust   1,504,521 
 65,070      EPR Properties   3,267,165 
 66,906      Equity Lifestyle Properties, Inc   5,654,226 
 52,979      First Industrial Realty Trust, Inc   3,084,967 
 98,615      Gaming and Leisure Properties, Inc   4,781,841 
 23,588      Getty Realty Corp   757,647 
 113,730      JBG SMITH Properties   3,282,248 
 6,240   *  Jones Lang LaSalle, Inc   1,611,355 
 98,726      Kennedy-Wilson Holdings, Inc   2,208,501 
 75,094      Kimco Realty Corp   1,697,124 
 38,259      Life Storage, Inc   5,119,437 
 59,960   *  Mack-Cali Realty Corp   1,090,672 
 39,510   *  Marcus & Millichap, Inc   1,860,921 
 89,180      National Retail Properties, Inc   4,045,205 
 47,840      National Storage Affiliates Trust   2,988,086 
 38,423      NexPoint Residential Trust, Inc   2,721,117 
 214,130      Paramount Group, Inc   1,815,822 
 97,570   *  Park Hotels & Resorts, Inc   1,807,972 
 47,500      Piedmont Office Realty Trust, Inc   843,600 
 55,420      Regency Centers Corp   3,902,122 
 68,600      Rexford Industrial Realty, Inc   4,609,920 
 22,888      RMR Group, Inc   796,274 
 67,000      Spirit Realty Capital, Inc   3,278,310 
 85,585      STAG Industrial, Inc   3,725,515 
 69,490      STORE Capital Corp   2,385,592 
 25,560      Terreno Realty Corp   1,869,203 
 127,190      VICI Properties, Inc   3,733,027 
        TOTAL REAL ESTATE   96,679,661 
              
RETAILING - 5.2%
 59,200      Aaron’s Co, Inc   1,384,688 
 76,000   *  Academy Sports & Outdoors, Inc   3,251,280 
 39,941   *  Autonation, Inc   4,837,654 
 92,110   *  Bed Bath & Beyond, Inc   1,293,225 
 67,420      Camping World Holdings, Inc   2,511,395 
 140,230   *  CarParts.com, Inc   2,135,703 
 262,800   *  Chico’s FAS, Inc   1,434,888 
 120,200   *  Container Store Group, Inc   1,329,412 
 162,100   *  Designer Brands, Inc   2,193,213 
 16,970   *  Five Below, Inc   3,348,181 
 25,290      Foot Locker, Inc   1,205,574 
 4,500   *  GameStop Corp (Class A)   825,795 
 10,050      Hibbett Sports, Inc   778,272 
 62,660      Kohl’s Corp   3,040,890 
 42,447   *  National Vision Holdings, Inc   2,616,433 
 71,540   *  ODP Corp   3,097,682 
 135,900   *  Petco Health & Wellness Co, Inc   3,360,807 
 13,190      Pool Corp   6,794,960 
 8,470   *  RH   5,587,066 
 42,225      Sonic Automotive, Inc (Class A)   2,087,182 
 29,410      Williams-Sonoma, Inc   5,462,319 
 45,312   *  Zumiez, Inc   1,844,198 
        TOTAL RETAILING   60,420,817 
44

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
 48,680   *  Alpha & Omega Semiconductor Ltd  $1,686,762 
 17,520   *  Ambarella, Inc   3,255,742 
 29,744      Amkor Technology, Inc   651,989 
 52,763      Brooks Automation, Inc   6,144,251 
 37,050   *  Cirrus Logic, Inc   2,994,011 
 7,705   *  Enphase Energy, Inc   1,784,709 
 66,457   *  Formfactor, Inc   2,643,659 
 39,770   *  Ichor Holdings Ltd   1,738,744 
 36,285   *  Impinj, Inc   2,529,790 
 69,086   *  Lattice Semiconductor Corp   4,797,332 
 49,690   *  Semtech Corp   4,225,141 
 58,590   *  Ultra Clean Holdings   2,904,306 
 10,826      Universal Display Corp   1,983,323 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   37,339,759 
              
SOFTWARE & SERVICES - 10.1%
 42,773      Amdocs Ltd   3,329,450 
 75,120   *  Anaplan, Inc   4,898,575 
 26,370   *  Asana, Inc   3,581,046 
 6,597   *  Avalara, Inc   1,185,085 
 56,608   *  Black Knight, Inc   3,968,787 
 24,631      Concentrix Corp   4,376,436 
 65,060   *  Domo, Inc   5,748,051 
 85,583   *  Dynatrace, Inc   6,418,725 
 27,585   *  Elastic NV   4,786,273 
 57,291      EVERTEC, Inc   2,590,126 
 9,600   *  ExlService Holdings, Inc   1,177,248 
 23,071   *  Five9, Inc   3,645,449 
 78,360      Genpact Ltd   3,867,066 
 12,470   *  Globant S.A.   3,980,299 
 34,100   *  Grid Dynamics Holdings, Inc   980,375 
 20,900   *  Manhattan Associates, Inc   3,794,186 
 54,990   *  Mimecast Ltd   4,148,446 
 62,620   *  MoneyGram International, Inc   373,841 
 88,890      NortonLifelock, Inc   2,262,250 
 93,330   *  Nuance Communications, Inc   5,137,817 
 132,215   *  Nutanix, Inc   4,536,297 
 130,450   *  Paya Holdings, Inc   1,188,400 
 19,839   *  Paylocity Holding Corp   6,053,672 
 23,961      Pegasystems, Inc   2,844,650 
 51,641      Progress Software Corp   2,654,864 
 65,110   *  Smartsheet, Inc   4,493,241 
 48,393   *  SPS Commerce, Inc   7,391,063 
 95,516   *  SVMK, Inc   2,189,227 
 72,280   *  Tenable Holdings, Inc   3,848,910 
 69,790   *  Teradata Corp   3,947,322 
 54,380   *  Veritone, Inc   1,626,506 
 136,210      Western Union Co   2,481,746 
 33,572   *  Zendesk, Inc   3,417,630 
        TOTAL SOFTWARE & SERVICES   116,923,059 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 3.0%
 161,450   *  Arlo Technologies, Inc   1,114,005 
 30,695   *  Arrow Electronics, Inc   3,552,946 
45

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 100,005      Avnet, Inc  $3,811,191 
 56,050      Cognex Corp   4,909,420 
 46,990   *  EchoStar Corp (Class A)   1,102,385 
 77,590   *  Extreme Networks, Inc   762,710 
 22,630   *  Insight Enterprises, Inc   2,143,061 
 50,416      Jabil Inc   3,022,943 
 85,353   *  Knowles Corp   1,778,757 
 92,471      National Instruments Corp   3,927,243 
 163,420   *  Pure Storage, Inc   4,389,461 
 37,932   *  Sanmina Corp   1,431,933 
 28,331      SYNNEX Corp   2,974,755 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   34,920,810 
              
TELECOMMUNICATION SERVICES - 0.5%
 42,070   *  Anterix, Inc   2,696,687 
 940,490   *,e  Globalstar, Inc   1,551,809 
 116,713   *  Liberty Latin America Ltd (Class A)   1,402,890 
 39,364   *  Liberty Latin America Ltd (Class C)   473,549 
        TOTAL TELECOMMUNICATION SERVICES   6,124,935 
              
TRANSPORTATION - 2.1%
 49,602   *  Alaska Air Group, Inc   2,618,986 
 53,830      Costamare, Inc   721,860 
 28,641   *  Echo Global Logistics, Inc   1,381,355 
 16,526      Forward Air Corp   1,661,855 
 33,150      Genco Shipping & Trading Ltd   569,185 
 22,130   *  GXO Logistics, Inc   1,965,144 
 29,045   *  Hub Group, Inc (Class A)   2,282,066 
 90,990      Marten Transport Ltd   1,513,164 
 22,040      Ryder System, Inc   1,872,298 
 9,000   *  Saia, Inc   2,813,760 
 108,450      Schneider National, Inc   2,704,743 
 47,680   *  XPO Logistics, Inc   4,090,944 
        TOTAL TRANSPORTATION   24,195,360 
              
UTILITIES - 1.6%
 84,704      Clearway Energy, Inc (Class A)   2,794,385 
 59,330      Essential Utilities Inc   2,792,663 
 115,876      MDU Resources Group, Inc   3,560,870 
 31,200      Northwest Natural Holding Co   1,406,808 
 134,910      OGE Energy Corp   4,596,384 
 27,750      ONE Gas, Inc   1,867,575 
 104,977      Vistra Energy Corp   2,056,499 
        TOTAL UTILITIES   19,075,184 
              
        TOTAL COMMON STOCKS   1,153,515,995 
        (Cost $796,568,083)     

 

PRINCIPAL      ISSUER  RATE  MATURITY DATE    
              
SHORT-TERM INVESTMENTS - 0.7%             
                      
TREASURY DEBT - 0.3%             
$3,744,000      United States Cash Management Bill   0.000%  11/01/21   3,744,000 
        TOTAL TREASURY DEBT           3,744,000 
46

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

 

SHARES      COMPANY  RATE     VALUE 
              
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%             
 5,001,558   c  State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030%     $5,001,558 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     5,001,558 
                      
        TOTAL SHORT-TERM INVESTMENTS           8,745,558 
        (Cost $8,745,558)             
        TOTAL INVESTMENTS - 100.6%           1,162,261,553 
        (Cost $805,313,641)             
        OTHER ASSETS & LIABILITIES, NET - (0.6)%           (7,370,787)
        NET ASSETS - 100.0%          $1,154,890,766 
       
       
    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 $10,044,668.
47

TIAA-CREF FUNDS – Social Choice Equity Fund

 

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES       COMPANY  VALUE 
             
COMMON STOCKS - 99.1%   
             
AUTOMOBILES & COMPONENTS - 2.7%     
 202,179    *  American Axle & Manufacturing Holdings, Inc  $1,835,785 
 110,497    *  Aptiv plc   19,103,827 
 12,746       BorgWarner, Inc   574,462 
 164,072    *  Tesla, Inc   182,776,208 
         TOTAL AUTOMOBILES & COMPONENTS   204,290,282 
               
BANKS - 3.2%     
 1,694       Ameris Bancorp   88,749 
 26,689       Associated Banc-Corp   594,631 
 47,422       Bank OZK   2,118,341 
 3,518       Banner Corp   203,200 
 47,884       Berkshire Hills Bancorp, Inc   1,300,051 
 6,267       Brookline Bancorp, Inc   100,585 
 8,221       Bryn Mawr Bank Corp   380,961 
 1,259    *  Cadence BanCorp   36,545 
 3,985       Camden National Corp   189,686 
 525,266       Citigroup, Inc   36,327,397 
 471,252       Citizens Financial Group, Inc   22,327,920 
 440       Columbia Banking System, Inc   15,017 
 108,335       Comerica, Inc   9,218,225 
 353       Commerce Bancshares, Inc   24,890 
 1,572       Community Trust Bancorp, Inc   68,665 
 3,270       Cullen/Frost Bankers, Inc   423,465 
 46,110      Customers Bancorp, Inc   2,457,202 
 12,542       Federal Agricultural Mortgage Corp (Class C)   1,581,421 
 10,587       First Busey Corp   269,863 
 44,108       First Republic Bank   9,541,884 
 1,130       FNB Corp   13,164 
 540       Glacier Bancorp, Inc   29,857 
 52,448       Great Western Bancorp, Inc   1,785,854 
 1,279       Hancock Whitney Corp   63,285 
 8,920       Heartland Financial USA, Inc   447,070 
 3,902       Heritage Financial Corp   96,926 
 19,184       HomeStreet, Inc   904,717 
 285,811       Huntington Bancshares, Inc   4,498,665 
 218,676       Keycorp   5,088,591 
 24,031       Live Oak Bancshares, Inc   2,143,085 
 277,015       MGIC Investment Corp   4,476,562 
 15,374    *  Mr Cooper Group, Inc   673,996 
 26,162       National Bank Holdings Corp   1,134,646 
 310       NBT Bancorp, Inc   11,374 
 468,877       New York Community Bancorp, Inc   5,828,141 
 7,838       Old National Bancorp   133,873 
 166,628     People’s United Financial, Inc  2,856,004  
 53,702     Pinnacle Financial Partners, Inc  5,186,002  
48

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
               
 244,744       PNC Financial Services Group, Inc  $51,648,326 
 682,855       Regions Financial Corp   16,170,006 
 12,826       Stock Yards Bancorp, Inc   785,592 
 19,485    *  SVB Financial Group   13,978,539 
 1,879    *  Texas Capital Bancshares, Inc   113,867 
 10,055       TFS Financial Corp   195,670 
 17,614    *  The Bancorp, Inc   538,108 
 3,796       Trico Bancshares   166,379 
 31,975    *  Tristate Capital Holdings, Inc   960,849 
 513,618       Truist Financial Corp   32,599,334 
 350       Trustmark Corp   11,133 
 2,167       UMB Financial Corp   214,143 
 650       Umpqua Holdings Corp   13,292 
 3,046       United Bankshares, Inc   112,672 
 17,523       Univest Financial Corp   502,910 
 3,230       Webster Financial Corp   180,751 
 21,910       WesBanco, Inc   761,811 
 1,553       Westamerica Bancorporation   86,595 
 230       Wintrust Financial Corp   20,355 
 684       WSFS Financial Corp   35,438 
 55,123       Zions Bancorporation   3,472,198 
         TOTAL BANKS   245,208,478 
               
CAPITAL GOODS - 5.6%     
 213,347       3M Co   38,120,842 
 954       Acuity Brands, Inc   195,980 
 85,519    *  Axon Enterprise, Inc   15,389,999 
 46,198       Barnes Group, Inc   1,937,544 
 419    *  Beacon Roofing Supply, Inc   22,153 
 234,234    *  Bloom Energy Corp   7,322,155 
 17,565       Carlisle Cos, Inc   3,915,590 
 244,666       Carrier Global Corp   12,778,905 
 218,248       Caterpillar, Inc   44,524,774 
 35,835       Cummins, Inc   8,594,666 
 74,317       Curtiss-Wright Corp   9,488,795 
 140,701       Deere & Co   48,163,359 
 180,177       Eaton Corp   29,685,963 
 1,365       EMCOR Group, Inc   165,834 
 48,540       Emerson Electric Co   4,708,865 
 119,034       Fastenal Co   6,794,461 
 99,730       Fortive Corp   7,550,558 
 300       GATX Corp   28,455 
 245       Granite Construction, Inc   9,094 
 11,668       Herc Holdings, Inc   2,124,043 
 143,741    *  Hexcel Corp   8,155,864 
 1,801       IDEX Corp   400,849 
 160,575       Illinois Tool Works, Inc   36,590,225 
 317,614       Johnson Controls International plc   23,303,339 
 171,085       Masco Corp   11,214,622 
 98,990    *  Mercury Systems, Inc   5,101,945 
 23,535       Moog, Inc (Class A)   1,777,599 
 3,829    *  MYR Group, Inc   391,132 
 6,412       Owens Corning, Inc   598,945 
 59,731       PACCAR, Inc   5,353,092 
 45,133    *  PAE, Inc   447,719 
 47,521       Parker-Hannifin Corp   14,094,253 
49

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
               
 37,955       Rockwell Automation, Inc  $12,122,827 
 36,980       Roper Technologies Inc   18,041,433 
 3,916       Rush Enterprises, Inc (Class A)   203,945 
 9,292       Snap-On, Inc   1,888,413 
 22,713       Stanley Black & Decker, Inc   4,082,208 
 69,059       Trane Technologies plc   12,494,845 
 19,636    *  Trimas Corp   654,861 
 30,230    *  United Rentals, Inc   11,460,495 
 20,461    *  Vectrus, Inc   990,926 
 13,236       W.W. Grainger, Inc   6,129,724 
 1,174       Wabash National Corp   18,232 
 4,192    *  WESCO International, Inc   543,116 
 36,655       Woodward Inc   4,140,182 
 36,530       Xylem, Inc   4,770,453 
         TOTAL CAPITAL GOODS   426,493,279 
               
COMMERCIAL & PROFESSIONAL SERVICES - 1.8%     
 540       ABM Industries, Inc   23,765 
 9,872       ACCO Brands Corp   81,641 
 279,575       ADT, Inc   2,334,451 
 970    *  ASGN Inc   116,070 
 15,838       Cintas Corp   6,859,438 
 234,604    *  Copart, Inc   36,431,655 
 650       Covanta Holding Corp   13,117 
 11,966    *  FTI Consulting, Inc   1,722,147 
 4,282       Heidrick & Struggles International, Inc   200,740 
 188       Herman Miller, Inc   7,317 
 8,866    *  Huron Consulting Group, Inc   444,719 
 4,156       ICF International, Inc   417,636 
 291,584       IHS Markit Ltd   38,115,861 
 232,801    *  KAR Auction Services, Inc   3,415,191 
 39,570       Kelly Services, Inc (Class A)   713,447 
 5,758       Kimball International, Inc (Class B)   62,589 
 19,611       Resources Connection, Inc   341,428 
 52,605       Robert Half International, Inc   5,948,047 
 1,210       Steelcase, Inc (Class A)   14,399 
 120,100       TransUnion   13,846,329 
 2,825    *  TriNet Group, Inc   286,031 
 14,026       Verisk Analytics, Inc   2,949,247 
 34,600    *  Viad Corp   1,535,202 
 145,676       Waste Management, Inc   23,341,666 
         TOTAL COMMERCIAL & PROFESSIONAL SERVICES   139,222,133 
               
CONSUMER DURABLES & APPAREL - 1.6%     
 13,930    *  Callaway Golf Co   376,807 
 396       Columbia Sportswear Co   41,121 
 48,547       DR Horton, Inc   4,333,791 
 41,286       Ethan Allen Interiors, Inc   958,248 
 25,865       Garmin Ltd   3,714,214 
 26,976    *  GoPro, Inc   232,263 
 9,306    *  Green Brick Partners, Inc   242,421 
 258       Hasbro, Inc   24,706 
 23,776    *  iRobot Corp   1,983,394 
 39,735       Lennar Corp (Class A)   3,970,719 
 27,336    *  Lululemon Athletica, Inc   12,738,849 
 17,259    *  Mohawk Industries, Inc   3,058,467 
50

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
              
 5,483      Newell Brands Inc  $125,506 
 421,867      Nike, Inc (Class B)   70,574,130 
 2,134   *  NVR, Inc   10,445,503 
 1,614   *  PVH Corp   176,459 
 136,133   *  Sonos, Inc   4,440,658 
 57,495      VF Corp   4,190,236 
        TOTAL CONSUMER DURABLES & APPAREL   121,627,492 
              
CONSUMER SERVICES - 2.7%     
 26,652   *  American Public Education, Inc   666,033 
 21,012   *  Booking Holdings, Inc   50,865,429 
 33,683   *  Bright Horizons Family Solutions   5,591,378 
 27,978      Carriage Services, Inc   1,439,468 
 42,424      Darden Restaurants, Inc   6,114,995 
 79,641   *  Dave & Buster’s Entertainment, Inc   2,957,070 
 320   *  Dine Brands Global Inc.   27,043 
 24,042      Domino’s Pizza, Inc   11,755,817 
 36,071   *  El Pollo Loco Holdings, Inc   530,244 
 12,999   *  frontdoor, Inc   484,603 
 7,258      Graham Holdings Co   4,252,099 
 237,102   *  Hilton Worldwide Holdings, Inc   34,130,833 
 28,107   *  Planet Fitness, Inc   2,235,912 
 214,045   *  Royal Caribbean Cruises Ltd   18,071,819 
 3,259   *  Shake Shack, Inc   225,425 
 73,527   *  Six Flags Entertainment Corp   3,024,166 
 483,650      Starbucks Corp   51,300,756 
 87,949   *  Terminix Global Holdings, Inc   3,560,176 
 19,207      Vail Resorts, Inc   6,620,845 
 74,915      Wendy’s   1,670,605 
 23,431   *  WW International Inc   406,762 
        TOTAL CONSUMER SERVICES   205,931,478 
              
DIVERSIFIED FINANCIALS - 7.2%     
 178,603      Ally Financial, Inc   8,526,507 
 313,068      American Express Co   54,404,957 
 60,154      Ameriprise Financial, Inc   18,174,328 
 502,214      Bank of New York Mellon Corp   29,731,069 
 62,749      BlackRock, Inc   59,201,172 
 690,821      Charles Schwab Corp   56,668,047 
 127,359      CME Group, Inc   28,089,027 
 280      Cohen & Steers, Inc   26,569 
 318,912      Discover Financial Services   36,139,108 
 8,872      Factset Research Systems, Inc   3,938,192 
 93,919      Franklin Resources, Inc   2,957,509 
 9,333   *  Green Dot Corp   395,346 
 367,675      Intercontinental Exchange Group, Inc   50,908,280 
 36,329      Invesco Ltd   923,120 
 18,792      MarketAxess Holdings, Inc   7,679,727 
 78,034      Moody’s Corp   31,537,441 
 562,618      Morgan Stanley   57,825,878 
 22,879      Nasdaq Inc   4,801,616 
 14,006   *,†  NewStar Financial, Inc   3,382 
 119,931      Northern Trust Corp   14,756,310 
 5,668   *  PRA Group, Inc   243,044 
 2,432      PROG Holdings, Inc   98,374 
 120,608      S&P Global, Inc   57,187,489 
51

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
              
 123,600      State Street Corp  $12,180,780 
 65,344      T Rowe Price Group, Inc   14,171,807 
 25,591      Voya Financial, Inc   1,785,484 
        TOTAL DIVERSIFIED FINANCIALS   552,354,563 
              
ENERGY - 3.0%     
 365,578      Antero Midstream Corp   3,889,750 
 168,015      APA Corp   4,403,673 
 255,419      Baker Hughes Co   6,405,908 
 2,812   *  ChampionX Corp   73,759 
 131,742   *  Cheniere Energy, Inc   13,622,123 
 559,773      Chevron Corp   64,088,411 
 473,573      ConocoPhillips   35,276,453 
 2,207   *  Delek US Holdings, Inc   42,926 
 211,025   *  EQT Corp   4,201,508 
 49,038   *  Frank’s International NV   841,002 
 244,595   *  Helix Energy Solutions Group, Inc   924,569 
 96,629      Hess Corp   7,978,656 
 950,369      Kinder Morgan, Inc   15,918,681 
 681,982   *  Kosmos Energy Ltd   2,455,135 
 1,400,276      Marathon Oil Corp   22,852,504 
 702,032   *  NOV, Inc   9,842,489 
 12,097   *  Oceaneering International, Inc   164,519 
 19,522      ONEOK, Inc   1,241,990 
 496,614      Schlumberger Ltd   16,020,768 
 101,258   *  Select Energy Services, Inc   608,560 
 744,346   *  Southwestern Energy Co   3,632,408 
 201,345      Valero Energy Corp   15,570,009 
        TOTAL ENERGY   230,055,801 
              
FOOD & STAPLES RETAILING - 0.4%     
 191,931   *  BJ’s Wholesale Club Holdings, Inc   11,216,448 
 47,513   *  Performance Food Group Co   2,149,013 
 37,095      Pricesmart, Inc   2,668,985 
 59,184      SpartanNash Co   1,369,518 
 201,369   *  Sprouts Farmers Market, Inc   4,458,310 
 92,192   *  United Natural Foods, Inc   4,000,211 
 249,841   *  US Foods Holding Corp   8,661,987 
        TOTAL FOOD & STAPLES RETAILING   34,524,472 
              
FOOD, BEVERAGE & TOBACCO - 2.7%     
 70,442      Archer-Daniels-Midland Co   4,525,194 
 48,741   *,e  Beyond Meat, Inc   4,824,384 
 75,680      Campbell Soup Co   3,023,416 
 1,268,481      Coca-Cola Co   71,504,274 
 13,309   *  Darling International, Inc   1,124,877 
 52,427      Fresh Del Monte Produce, Inc   1,755,780 
 366,471      General Mills, Inc   22,647,908 
 3,800   *  Hain Celestial Group, Inc   170,506 
 206,505      Hormel Foods Corp   8,739,292 
 130,364      Kellogg Co   7,991,313 
 70,056      McCormick & Co, Inc   5,620,593 
 450,376      PepsiCo, Inc   72,780,762 
 6,553   *  TreeHouse Foods, Inc   236,825 
        TOTAL FOOD, BEVERAGE & TOBACCO   204,945,124 
52

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
      
HEALTH CARE EQUIPMENT & SERVICES - 7.7%     
 36,512   *  Abiomed, Inc  $12,123,444 
 40,357   *,e  Accelerate Diagnostics, Inc   238,106 
 42,465   *  Align Technology, Inc   26,513,872 
 255,113   *  Allscripts Healthcare Solutions, Inc   3,515,457 
 59,123   *  Angiodynamics, Inc   1,690,918 
 7,715   *  AtriCure, Inc   579,088 
 983   *  Axonics Modulation Technologies, Inc   72,103 
 18,940      Cardinal Health, Inc   905,521 
 408,000   *  Centene Corp   29,065,920 
 305,608      Cerner Corp   22,703,618 
 238,681   *  Cerus Corp   1,575,295 
 185,551      Cigna Corp   39,635,549 
 19,097   *  Computer Programs & Systems, Inc   689,402 
 34,556      Cooper Cos, Inc   14,407,087 
 86,367   *  Covetrus, Inc   1,743,750 
 213,421      Danaher Corp   66,538,265 
 174,825      Dentsply Sirona, Inc   10,001,738 
 47,832   *  DexCom, Inc   29,809,381 
 356,778   *  Edwards Lifesciences Corp   42,749,140 
 141,106   *  Envista Holdings Corp   5,517,245 
 12,520   *  Glaukos Corp   572,289 
 11,862   *  Globus Medical, Inc   915,390 
 10,134   *  Guardant Health, Inc   1,183,550 
 5,238   *  Haemonetics Corp   359,903 
 105,672      HCA Healthcare, Inc   26,466,609 
 55,315   *  Health Catalyst, Inc   2,911,782 
 22,037   *  Henry Schein, Inc   1,682,525 
 5,398   *  Heska Corp   1,206,615 
 92,217   *  Hologic, Inc   6,760,428 
 88,343      Humana, Inc   40,916,944 
 49,662   *  IDEXX Laboratories, Inc   33,081,845 
 7,998   *  Inogen, Inc   317,121 
 18,829   *  Integer Holding Corp   1,694,987 
 18,561   *  Intersect ENT, Inc   500,590 
 148,542   *  Intuitive Surgical, Inc   53,642,972 
 37,957   *  Laboratory Corp of America Holdings   10,894,418 
 25,670      LeMaitre Vascular, Inc   1,335,097 
 7,921   *  LivaNova plc   607,699 
 1,635   *  Magellan Health Services, Inc   155,047 
 12,655   *  Meridian Bioscience, Inc   238,041 
 57,619   *  Merit Medical Systems, Inc   3,875,454 
 94,024   *  NextGen Healthcare, Inc   1,547,635 
 36,544   *  Omnicell, Inc   6,510,314 
 51,150   *  OraSure Technologies, Inc   545,770 
 30,909   *  Orthofix Medical Inc   1,112,106 
 13,076   *  Penumbra, Inc   3,616,168 
 1,887      Premier, Inc   73,499 
 22,904      Quest Diagnostics, Inc   3,361,849 
 60,260   *  Quidel Corp   8,000,720 
 68,280      Resmed, Inc   17,951,495 
 41,276   *  Staar Surgical Co   4,889,555 
 27,192      STERIS plc   6,355,858 
 27,194   *  Tactile Systems Technology, Inc   937,921 
 14,310   *  Tandem Diabetes Care, Inc   1,950,882 
 86,043   *  Teladoc, Inc   12,871,172 
53

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
               
 14,585    *  Triple-S Management Corp (Class B)  $514,705 
 52,629    *  Vocera Communications, Inc   2,977,749 
 37,317       West Pharmaceutical Services, Inc   16,041,832 
         TOTAL HEALTH CARE EQUIPMENT & SERVICES   588,653,435 
               
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%     
 71,778       Clorox Co   11,700,532 
 260,833       Colgate-Palmolive Co   19,872,866 
 136,104       Estee Lauder Cos (Class A)   44,142,610 
 54,856       Kimberly-Clark Corp   7,103,303 
 644,955       Procter & Gamble Co   92,222,116 
         TOTAL HOUSEHOLD & PERSONAL PRODUCTS   175,041,427 
               
INSURANCE - 2.7%     
 275,241       Aflac, Inc   14,772,185 
 96,775       Allstate Corp   11,968,164 
 10,501       Arthur J. Gallagher & Co   1,760,703 
 198,853       Chubb Ltd   38,851,899 
 1,444    *  eHealth, Inc   64,041 
 909,210    *  Genworth Financial, Inc (Class A)   3,736,853 
 73,799       Lincoln National Corp   5,324,598 
 178,033       Loews Corp   9,982,310 
 237,157       Marsh & McLennan Cos, Inc   39,557,788 
 36,503       Metlife, Inc   2,292,388 
 245,742       Progressive Corp   23,316,001 
 268,139       Prudential Financial, Inc   29,508,697 
 128,444       Travelers Cos, Inc   20,664,071 
 12,115       Willis Towers Watson plc   2,935,222 
         TOTAL INSURANCE   204,734,920 
               
MATERIALS - 2.1%     
 15,724       Amcor plc   189,789 
 10,332       Aptargroup, Inc   1,247,899 
 242,787       Ball Corp   22,210,155 
 78,491    *  Century Aluminum Co   1,036,866 
 1,709       Compass Minerals International, Inc   112,110 
 378,897       DuPont de Nemours, Inc   26,371,231 
 194,299       Ecolab, Inc   43,177,124 
 945       H.B. Fuller Co   66,632 
 58,009       International Flavors & Fragrances, Inc   8,553,427 
 24,744    *  Koppers Holdings, Inc   868,267 
 15,280       Martin Marietta Materials, Inc   6,002,595 
 121,472       Mosaic Co   5,049,591 
 417,007       Newmont Goldcorp Corp   22,518,378 
 127,761       Nucor Corp   14,264,516 
 19,087       PPG Industries, Inc   3,064,799 
 2,337       Reliance Steel & Aluminum Co   341,576 
 4,126       Schnitzer Steel Industries, Inc (Class A)   221,979 
 145,000    *  Summit Materials, Inc   5,169,250 
 21,681       Trinseo plc   1,215,437 
         TOTAL MATERIALS   161,681,621 
               
MEDIA & ENTERTAINMENT - 5.9%     
 446,292       Activision Blizzard, Inc   34,895,571 
 2,875       Cable One, Inc   4,919,729 
 21,905    *  Cardlytics, Inc   1,723,047 
54

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
              
 183,270   *  Cinemark Holdings, Inc  $3,445,476 
 738,211      Comcast Corp (Class A)   37,966,192 
 284,699   *  Discovery, Inc (Class C)   6,422,809 
 155,882      Electronic Arts, Inc   21,862,450 
 155,166      Gray Television, Inc   3,637,091 
 103,389   *  iHeartMedia, Inc   2,003,679 
 84,829   *  Imax Corp   1,599,027 
 104,365      Interpublic Group of Cos, Inc   3,816,628 
 48,734      John Wiley & Sons, Inc (Class A)   2,639,921 
 19,147   *  Liberty Broadband Corp (Class A)   3,078,263 
 170,308   *  Liberty Broadband Corp (Class C)   27,666,535 
 223,677   *  Live Nation, Inc   22,624,929 
 102,510   *  Netflix, Inc   70,763,678 
 58,591      New York Times Co (Class A)   3,198,483 
 200,000      Nuveen ESG Large-Cap ETF   8,677,120 
 294,588      Omnicom Group, Inc   20,055,551 
 4,632   *  Roku, Inc   1,412,297 
 38,431      Scholastic Corp   1,390,818 
 79,157      Sinclair Broadcast Group, Inc (Class A)   2,068,372 
 2,058,500   e  Sirius XM Holdings, Inc   12,536,265 
 77,379   *  Take-Two Interactive Software, Inc   14,005,599 
 8,077      TEGNA, Inc   158,794 
 179,898   *  TripAdvisor, Inc   5,931,237 
 684,728   *  Twitter, Inc   36,660,337 
 499,288   *  Walt Disney Co   84,414,622 
 39,121      World Wrestling Entertainment, Inc (Class A)   2,389,902 
 1,539,472   *  Zynga, Inc   11,361,303 
        TOTAL MEDIA & ENTERTAINMENT   453,325,725 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.2%     
 54,132   *  Acadia Pharmaceuticals, Inc   971,669 
 72,985   *  Aerie Pharmaceuticals, Inc   775,831 
 225,045      Agilent Technologies, Inc   35,442,337 
 46,854   *  Agios Pharmaceuticals, Inc   2,202,138 
 180,747      Amgen, Inc   37,409,207 
 19,093   *  AnaptysBio, Inc   628,160 
 198,633   *  Antares Pharma, Inc   742,887 
 68,699   *  Atara Biotherapeutics, Inc   1,063,461 
 7,618   *  Avrobio, Inc   42,813 
 2,503   *,e  Axsome Therapeutics, Inc   96,365 
 253,324   *  BioCryst Pharmaceuticals, Inc   3,782,127 
 59,313   *  Biogen, Inc   15,817,591 
 47,040   *  BioMarin Pharmaceutical, Inc   3,726,979 
 53,151   *  Bluebird Bio, Inc   1,244,265 
 724,679      Bristol-Myers Squibb Co   42,321,254 
 54,314   *  Collegium Pharmaceutical, Inc   1,066,184 
 273,818      Eli Lilly & Co   69,757,874 
 4,990   *,e  Esperion Thereapeutics, Inc   44,611 
 34,362   *  Flexion Therapeutics, Inc   317,848 
 369,794      Gilead Sciences, Inc   23,992,235 
 32,627   *  Halozyme Therapeutics, Inc   1,242,110 
 16,303   *  Illumina, Inc   6,766,723 
 32,728   *  Insmed, Inc   986,749 
 91,116   *  Intra-Cellular Therapies, Inc   3,924,366 
 64,325   *  IQVIA Holdings, Inc   16,815,841 
 27,862   *  Jazz Pharmaceuticals plc   3,706,760 
55

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
              
 67,163   *,e  Karyopharm Therapeutics, Inc  $366,710 
 32,897   *  MacroGenics, Inc   642,478 
 5,838   *  Mettler-Toledo International, Inc   8,645,377 
 2,895   *  Mirati Therapeutics, Inc   547,213 
 43,228   *  Novavax, Inc   6,433,623 
 365,030   *,e  Opko Health, Inc   1,383,464 
 42,303      Perrigo Co plc   1,909,980 
 66,120   *  Prothena Corp plc   3,659,742 
 98,240   *,e  Provention Bio, Inc   614,982 
 9,835   *  Regeneron Pharmaceuticals, Inc   6,293,810 
 14,849   *  Repligen Corp   4,313,635 
 74,418   *  Revance Therapeutics, Inc   1,023,248 
 5,837   *  Sage Therapeutics, Inc   235,581 
 87,463   *  Sangamo Therapeutics Inc   710,200 
 607,784   *,e  TherapeuticsMD, Inc   442,467 
 123,624      Thermo Fisher Scientific, Inc   78,262,646 
 28,275   *  Ultragenyx Pharmaceutical, Inc   2,372,838 
 138,897   *  Vertex Pharmaceuticals, Inc   25,686,222 
 18,425   *  Waters Corp   6,772,109 
 238,042   *,e  ZIOPHARM Oncology, Inc   357,063 
 235,522      Zoetis, Inc   50,919,856 
 14,602   *  Zogenix, Inc   223,849 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   476,705,478 
              
REAL ESTATE - 3.4%     
 48,860      Alexandria Real Estate Equities, Inc   9,974,281 
 199,024      American Tower Corp   56,118,797 
 72,632      Boston Properties, Inc   8,253,901 
 54,010      Brixmor Property Group, Inc   1,265,994 
 27,618      CatchMark Timber Trust, Inc   236,410 
 84,154   *  CBRE Group, Inc   8,758,748 
 7,957      Coresite Realty   1,133,554 
 23,373      Cousins Properties, Inc   925,805 
 46,458      Crown Castle International Corp   8,376,377 
 31,197      CyrusOne, Inc   2,558,778 
 309,873   *  DiamondRock Hospitality Co   2,801,252 
 8,358      Douglas Emmett, Inc   273,140 
 19,598      Easterly Government Properties, Inc   412,146 
 36,148      Equinix, Inc   30,258,406 
 33,420      First Industrial Realty Trust, Inc   1,946,047 
 52,368      Franklin Street Properties Corp   235,656 
 204,267      Healthpeak Properties Inc   7,253,521 
 296,126   *  Host Hotels and Resorts, Inc   4,983,801 
 32,022   *  Howard Hughes Corp   2,790,077 
 24,076      Hudson Pacific Properties   619,957 
 27,253      iStar Inc   687,866 
 5,945   *  Jones Lang LaSalle, Inc   1,535,177 
 4,739      Kilroy Realty Corp   319,314 
 88,542      Kimco Realty Corp   2,001,049 
 243,312      Macerich Co   4,401,514 
 4,166      Paramount Group, Inc   35,328 
 412,858   *  Park Hotels & Resorts, Inc   7,650,259 
 540      Piedmont Office Realty Trust, Inc   9,590 
 349,941      Prologis, Inc   50,727,447 
 59,974   *  Realogy Holdings Corp   1,038,750 
 15,022      Regency Centers Corp   1,057,699 
56

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
              
 2,009      RMR Group, Inc  $69,893 
 50,222      SBA Communications Corp   17,343,163 
 63,246      Ventas, Inc   3,375,439 
 297      Washington REIT   7,529 
 177,561      Welltower, Inc   14,275,904 
 238,457      Weyerhaeuser Co   8,517,684 
 58,638   *  Xenia Hotels & Resorts, Inc   1,043,756 
        TOTAL REAL ESTATE   263,274,009 
              
RETAILING - 4.7%     
 42,656   *  1-800-FLOWERS.COM, Inc (Class A)   1,370,111 
 1,216      Aaron’s Co, Inc   28,442 
 15,656      Advance Auto Parts, Inc   3,530,741 
 250      Buckle, Inc   10,405 
 1,601   *  CarMax, Inc   219,209 
 110,482   *  Designer Brands, Inc   1,494,821 
 579,099      eBay, Inc   44,428,475 
 6,360   *  Five Below, Inc   1,254,828 
 20,838      Gap, Inc   472,814 
 24,775   *  Genesco, Inc   1,501,117 
 29,239      Hibbett Sports, Inc   2,264,268 
 272,140      Home Depot, Inc   101,165,324 
 25,413   *  Lands’ End, Inc   667,854 
 77,025   *  LKQ Corp   4,242,537 
 212,649      Lowe’s Companies, Inc   49,721,589 
 424,516      Macy’s, Inc   11,236,939 
 35,671   *  MarineMax, Inc   1,847,401 
 397      Pool Corp   204,519 
 147,288   *  Quotient Technology, Inc   948,535 
 139,297   *  RealReal, Inc   1,815,040 
 44,159      Ross Stores, Inc   4,998,799 
 5,448   *  Sally Beauty Holdings, Inc   83,136 
 32,132      Shoe Carnival, Inc   1,088,311 
 218,871      Target Corp   56,823,289 
 467,945      TJX Companies, Inc   30,645,718 
 15,754      Tractor Supply Co   3,421,296 
 122,787   *,e  Wayfair, Inc   30,586,242 
 860      Winmark Corp   200,225 
 18,394   *  Zumiez, Inc   748,636 
        TOTAL RETAILING   357,020,621 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.6%     
 420,528      Applied Materials, Inc   57,465,151 
 22,180   *  Cirrus Logic, Inc   1,792,366 
 75,276   *  First Solar, Inc   9,002,257 
 1,336,388      Intel Corp   65,483,012 
 84,796      Lam Research Corp   47,788,482 
 536,773      NVIDIA Corp   137,236,753 
 735,078   *  ON Semiconductor Corp   35,335,199 
 18,585   *  Silicon Laboratories, Inc   3,508,105 
 332,726      Texas Instruments, Inc   62,379,470 
 13,239      Universal Display Corp   2,425,385 
 27,359   *  Wolfspeed Inc   3,286,089 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   425,702,269 
57

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
      
SOFTWARE & SERVICES - 17.9%     
 209,368      Accenture plc  $75,119,145 
 134,763   *  Adobe, Inc   87,644,465 
 8,239   *  Anaplan, Inc   537,265 
 8,948   *  Ansys, Inc   3,396,482 
 21,767   *  Aspen Technology, Inc   3,410,671 
 140,471   *  Autodesk, Inc   44,614,994 
 191,669      Automatic Data Processing, Inc   43,027,774 
 147,482   *  Avaya Holdings Corp   2,746,115 
 50,952   *  Benefitfocus, Inc   558,434 
 11,196   *  Bill.Com Holdings, Inc   3,295,095 
 86,552   *  Blackline, Inc   10,980,852 
 133,543   *  Cadence Design Systems, Inc   23,117,629 
 51,744   *  ChannelAdvisor Corp   1,319,989 
 27,122      Concentrix Corp   4,819,037 
 55,469      CSG Systems International, Inc   2,776,223 
 113,572      Dolby Laboratories, Inc (Class A)   10,034,086 
 437,308   *  DXC Technology Co   14,243,122 
 38,717   *  Elastic NV   6,717,787 
 57,024   *  ExlService Holdings, Inc   6,992,853 
 107,101   *  Five9, Inc   16,923,029 
 182      InterDigital, Inc   12,185 
 379,118      International Business Machines Corp   47,427,662 
 102,861      Intuit, Inc   64,389,957 
 216,899   *  Limelight Networks, Inc   646,359 
 241,907      Mastercard, Inc (Class A)   81,164,637 
 1,330,370   d  Microsoft Corp   441,177,299 
 87,517   *  New Relic, Inc   7,102,880 
 123,295   *  Nutanix, Inc   4,230,251 
 104,832   *  Okta, Inc   25,912,374 
 5,290   *  OneSpan, Inc   108,022 
 27,817   *  Paylocity Holding Corp   8,488,079 
 325,979   *  PayPal Holdings, Inc   75,819,456 
 54,901   *  Perficient, Inc   6,785,764 
 21,141   *  Qualys, Inc   2,631,632 
 28,640   *  Rapid7, Inc   3,687,400 
 274,280   *  salesforce.com, Inc   82,198,973 
 86,132   *  ServiceNow, Inc   60,099,464 
 34,748   *  Smartsheet, Inc   2,397,959 
 61,226   *  SPS Commerce, Inc   9,351,047 
 110,299   *  SVMK, Inc   2,528,053 
 58,543   *  Teradata Corp   3,311,192 
 29,975      TTEC Holdings, Inc   2,829,340 
 134,149   *,e  VMware, Inc (Class A)   20,350,403 
 74,003   *  WEX, Inc   11,078,249 
 164,252   *  Workday, Inc   47,629,795 
 9,332   *  Workiva, Inc   1,395,601 
        TOTAL SOFTWARE & SERVICES   1,375,029,080 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 4.3%     
 73,619      Avnet, Inc   2,805,620 
 41,067      Benchmark Electronics, Inc   957,272 
 131,980   *  Ciena Corp   7,165,194 
 1,324,347      Cisco Systems, Inc   74,123,702 
 190,295      Cognex Corp   16,667,939 
 34,326      CTS Corp   1,222,692 
 5,701   *  ePlus, Inc   630,360 
58

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY  VALUE 
               
 50,687    *  Fabrinet  $4,865,952 
 1,520,006       Hewlett Packard Enterprise Co   22,268,088 
 1,221,596       HP, Inc   37,051,007 
 39,174    *  Insight Enterprises, Inc   3,709,778 
 3,493    *  Itron, Inc   271,651 
 154,293    *  Keysight Technologies, Inc   27,775,826 
 37,235    *  Kimball Electronics, Inc   1,070,506 
 126,755    *  Knowles Corp   2,641,574 
 14,814    *  Lumentum Holdings, Inc   1,223,340 
 6,814       Methode Electronics, Inc   286,665 
 3,474       Motorola Solutions, Inc   863,602 
 54,373       National Instruments Corp   2,309,221 
 3,344    *  Novanta, Inc   577,041 
 500    *  OSI Systems, Inc   46,555 
 55,453    *  Ribbon Communications, Inc   303,328 
 11,038    *  Rogers Corp   2,219,963 
 31,362       SYNNEX Corp   3,293,010 
 41,020    *  Teledyne Technologies, Inc   18,427,004 
 414,660    *  Trimble Inc   36,228,844 
 179,596    *  TTM Technologies, Inc   2,377,851 
 73,134       Vishay Intertechnology, Inc   1,405,635 
 18,688    *  Vishay Precision Group, Inc   637,074 
 276,797       Vontier Corp   9,364,042 
 304,889       Xerox Holdings Corp   5,427,024 
 76,295    *  Zebra Technologies Corp (Class A)   40,737,715 
         TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   328,955,075 
               
TELECOMMUNICATION SERVICES - 1.3%     
 167,393    *  Iridium Communications, Inc   6,787,786 
 247,927    *  T-Mobile US, Inc   28,519,043 
 1,261,731       Verizon Communications, Inc   66,859,126 
         TOTAL TELECOMMUNICATION SERVICES   102,165,955 
               
TRANSPORTATION - 2.0%     
 43,563       ArcBest Corp   3,914,135 
 26,629    *  Avis Budget Group, Inc   4,615,072 
 55,101       CH Robinson Worldwide, Inc   5,344,246 
 1,265,121       CSX Corp   45,759,427 
 787,884    *  Delta Air Lines, Inc   30,829,901 
 45,853    *  Echo Global Logistics, Inc   2,211,490 
 101,378       Expeditors International of Washington, Inc   12,495,852 
 5,175       Kansas City Southern   1,605,544 
 180       Landstar System, Inc   31,646 
 113,436       Norfolk Southern Corp   33,242,420 
 50,452       Old Dominion Freight Line   17,221,790 
 9       Ryder System, Inc   765 
         TOTAL TRANSPORTATION   157,272,288 
               
UTILITIES - 2.1%     
 276,600       American Electric Power Co, Inc   23,430,786 
 31,187       American Water Works Co, Inc   5,432,152 
 10,650       CMS Energy Corp   642,728 
 187,145       Consolidated Edison, Inc   14,110,733 
 187,480       Dominion Energy, Inc   14,235,356 
 19,802       DTE Energy Co   2,244,557 
 134,706       Eversource Energy   11,436,539 
59

TIAA-CREF FUNDS – Social Choice Equity Fund

 

SHARES       COMPANY      VALUE 
                        
 290   e Ormat Technologies, Inc         $ 20,976  
 206,735     Public Service Enterprise Group, Inc           13,189,693  
 163,123     Sempra Energy           20,819,388  
 6,282   e South Jersey Industries, Inc           142,978  
 499,130     Southern Co           31,105,782  
 18,122   * Sunnova Energy International, Inc           807,516  
 30,558     UGI Corp           1,326,523  
 112,385     WEC Energy Group, Inc           10,121,393  
 180,121     Xcel Energy, Inc           11,634,015  
       TOTAL UTILITIES           160,701,115  
                       
       TOTAL COMMON STOCKS           7,594,916,120  
       (Cost $4,409,766,245)               
                         
RIGHTS / WARRANTS - 0.0%              
                         
MEDIA & ENTERTAINMENT - 0.0%         
 21,053   † Media General, Inc           0  
       TOTAL MEDIA & ENTERTAINMENT           0  
                         
       TOTAL RIGHTS / WARRANTS  0
       (Cost $0)               
                         
PRINCIPAL       ISSUER  RATE  MATURITY
DATE		    
               
SHORT-TERM INVESTMENTS - 0.9%              
                         
GOVERNMENT AGENCY DEBT - 0.0%              
$2,494,000     Federal Home Loan Bank (FHLB)   0.000%  11/29/21  2,493,922  
       TOTAL GOVERNMENT AGENCY DEBT           2,493,922  
                         
TREASURY DEBT - 0.7%              
 50,309,000     United States Treasury Bill   0.000  11/02/21  50,308,975  
       TOTAL TREASURY DEBT           50,308,975  
                         
SHARES       COMPANY       
          
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%         
 14,071,115   c State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030       14,071,115  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   14,071,115  
                       
       TOTAL SHORT-TERM INVESTMENTS           66,874,012  
       (Cost $66,874,019)               
       TOTAL INVESTMENTS - 100.0%           7,661,790,132  
       (Cost $4,476,640,264)               
       OTHER ASSETS & LIABILITIES, NET - (0.0)%           (2,706,052 )
       NET ASSETS - 100.0%         $ 7,659,084,080  
       
       
  Abbreviation(s):
  ETF      Exchange Traded Fund
  REIT    Real Estate Investment Trust
60

TIAA-CREF FUNDS – Social Choice 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 $70,620,643.
       

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description   Number of long
(short)
 contracts		     Expiration date   Notional amount     Value     Unrealized
appreciation (depreciation)		  
S&P 500 E Mini Index     244         12/17/21      $ 54,858,839     $ 56,083,400     $ 1,224,561  
61

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

TIAA-CREF FUNDS
SOCIAL CHOICE LOW CARBON EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2021

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 98.8%     
              
AUTOMOBILES & COMPONENTS - 3.0%     
 20,686   *  American Axle & Manufacturing Holdings, Inc  $187,829 
 35,767   *  Aptiv plc   6,183,757 
 23,226   *,e  Lordstown Motors Corp   120,078 
 11,866   *  Modine Manufacturing Co   130,526 
 22,589   *  Tesla, Inc   25,164,146 
        TOTAL AUTOMOBILES & COMPONENTS   31,786,336 
              
BANKS - 3.6%     
 1,105      Amalgamated Financial Corp   20,288 
 3,289   *  Amerant Bancorp Inc   87,323 
 5,989      Berkshire Hills Bancorp, Inc   162,601 
 3,941      Brookline Bancorp, Inc   63,253 
 3,200      Bryn Mawr Bank Corp   148,288 
 339      Camden National Corp   16,136 
 1,460      CBTX, Inc   39,712 
 117,651      Citigroup, Inc   8,136,743 
 49,591      Citizens Financial Group, Inc   2,349,622 
 3,253      Comerica, Inc   276,798 
 2,370      Customers Bancorp, Inc   126,297 
 2,710      Dime Community Bancshares, Inc   96,693 
 129      Federal Agricultural Mortgage Corp (Class C)   16,266 
 119      First Commonwealth Financial Corp   1,821 
 5,530      First Republic Bank   1,196,305 
 4,571      Great Western Bancorp, Inc   155,643 
 414      HomeStreet, Inc   19,524 
 16,834      Huntington Bancshares, Inc   264,967 
 33,252      Keycorp   773,774 
 262      Live Oak Bancshares, Inc   23,365 
 48,945      MGIC Investment Corp   790,951 
 1,482      National Bank Holdings Corp   64,274 
 22,902      New York Community Bancorp, Inc   284,672 
 33,398      PNC Financial Services Group, Inc   7,047,980 
 1,527      Premier Financial Corp   48,681 
 2,454      QCR Holdings, Inc   135,314 
 65,064      Regions Financial Corp   1,540,715 
 8,130   *  SVB Financial Group   5,832,462 
 6,131   *  Texas Capital Bancshares, Inc   371,539 
 6,108   *  Tristate Capital Holdings, Inc   183,545 
 110,217      Truist Financial Corp   6,995,473 
 1,445      Univest Financial Corp   41,471 
 3,256      WesBanco, Inc   113,211 
 5,184      Zions Bancorporation   326,540 
        TOTAL BANKS   37,752,247 
62

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
CAPITAL GOODS - 6.3%     
 39,841      3M Co  $7,118,790 
 9,282   *  Axon Enterprise, Inc   1,670,389 
 16,323   *  Bloom Energy Corp   510,257 
 430      Carlisle Cos, Inc   95,856 
 63,860      Carrier Global Corp   3,335,408 
 37,544      Caterpillar, Inc   7,659,351 
 7,126      Curtiss-Wright Corp   909,848 
 21,139      Deere & Co   7,236,091 
 31,566      Eaton Corp   5,200,814 
 271      EMCOR Group, Inc   32,924 
 52,514      Emerson Electric Co   5,094,383 
 28,654      Fastenal Co   1,635,570 
 18,048      Fortive Corp   1,366,414 
 3,575   *  Generac Holdings, Inc   1,782,352 
 3,873      Granite Construction, Inc   143,766 
 13,285   *  Hexcel Corp   753,791 
 21,477      Illinois Tool Works, Inc   4,893,964 
 32,510      Johnson Controls International plc   2,385,259 
 10,631      Maxar Technologies, Inc   282,253 
 10,481   *  Mercury Systems, Inc   540,191 
 1,616      Moog, Inc (Class A)   122,056 
 3,920      Owens Corning, Inc   366,167 
 7,907      PACCAR, Inc   708,625 
 11,916   *  PAE, Inc   118,207 
 7,728      Parker-Hannifin Corp   2,292,048 
 5,962      Quanta Services, Inc   723,071 
 4,893   *  Raven Industries, Inc   282,913 
 6,567      Rockwell Automation, Inc   2,097,500 
 2,252      Roper Technologies Inc   1,098,683 
 20,252      Stanley Black & Decker, Inc   3,639,892 
 2,387      Trane Technologies plc   431,880 
 1,593   *  United Rentals, Inc   603,922 
 2,509   *  Vectrus, Inc   121,511 
 537      W.W. Grainger, Inc   248,690 
 143   *  WESCO International, Inc   18,527 
 3,439      Woodward Inc   388,435 
 1,778      Xylem, Inc   232,189 
        TOTAL CAPITAL GOODS   66,141,987 
              
COMMERCIAL & PROFESSIONAL SERVICES - 1.9%     
 6,190      ACCO Brands Corp   51,191 
 30,235      ADT, Inc   252,462 
 13,155      Cintas Corp   5,697,430 
 38,634   *  Copart, Inc   5,999,474 
 1,243      Heidrick & Struggles International, Inc   58,272 
 1,324      Herman Miller, Inc   51,530 
 278      ICF International, Inc   27,936 
 49,259      IHS Markit Ltd   6,439,136 
 162      Insperity, Inc   20,250 
 4,819      Interface, Inc   69,201 
 2,761   *  KAR Auction Services, Inc   40,504 
 5,463      Kelly Services, Inc (Class A)   98,498 
 7      Kforce, Inc   453 
 2,978      Kimball International, Inc (Class B)   32,371 
 2,521      Resources Connection, Inc   43,891 
 1,902   *  SP Plus Corp   61,340 
63

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
 5,558      TransUnion  $640,782 
 1,943   *  TrueBlue, Inc   54,113 
 393      Verisk Analytics, Inc   82,636 
 2,446   *  Viad Corp   108,529 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   19,829,999 
              
CONSUMER DURABLES & APPAREL - 2.0%     
 5,721      DR Horton, Inc   510,714 
 5,345      Ethan Allen Interiors, Inc   124,058 
 702      Garmin Ltd   100,807 
 5      Hasbro, Inc   479 
 1,724   *  iRobot Corp   143,816 
 15,455      Lennar Corp (Class A)   1,544,418 
 2,929   *  Lovesac Co   228,491 
 14,297   *  Lululemon Athletica, Inc   6,662,545 
 59,255      Nike, Inc (Class B)   9,912,769 
 74   *  NVR, Inc   362,215 
 9,623   *  Sonos, Inc   313,902 
 10,943   *  Tupperware Brands Corp   243,372 
 7,020      VF Corp   511,618 
        TOTAL CONSUMER DURABLES & APPAREL   20,659,204 
              
CONSUMER SERVICES - 2.9%     
 3,927   *  American Public Education, Inc   98,136 
 3,074   *  Booking Holdings, Inc   7,441,477 
 3,091   *  Bright Horizons Family Solutions   513,106 
 1,115      Carriage Services, Inc   57,367 
 8,720      Darden Restaurants, Inc   1,256,901 
 5,630   *  Dave & Buster’s Entertainment, Inc   209,042 
 2,879      Domino’s Pizza, Inc   1,407,744 
 1,397   *  El Pollo Loco Holdings, Inc   20,536 
 128   *  frontdoor, Inc   4,772 
 333      Graham Holdings Co   195,088 
 40,445   *  Hilton Worldwide Holdings, Inc   5,822,058 
 52,740   *  Royal Caribbean Cruises Ltd   4,452,838 
 4,968   *  Six Flags Entertainment Corp   204,334 
 71,126      Starbucks Corp   7,544,335 
 8,519   *  Terminix Global Holdings, Inc   344,849 
 2,511      Vail Resorts, Inc   865,567 
 191   *  WW International Inc   3,316 
        TOTAL CONSUMER SERVICES   30,441,466 
              
DIVERSIFIED FINANCIALS - 6.2%     
 6,499      Ally Financial, Inc   310,262 
 42,018      American Express Co   7,301,888 
 51,231      Bank of New York Mellon Corp   3,032,875 
 8,834      BlackRock, Inc   8,334,526 
 95,440      Charles Schwab Corp   7,828,943 
 19,549      CME Group, Inc   4,311,532 
 335      Diamond Hill Investment Group, Inc   72,648 
 28,027      Discover Financial Services   3,176,020 
 2,047   *  Donnelley Financial Solutions, Inc   78,441 
 5,328   *  Encore Capital Group, Inc   287,819 
 51,353      Intercontinental Exchange Group, Inc   7,110,336 
 14,643      Moody’s Corp   5,917,968 
 81,161      Morgan Stanley   8,341,728 
64

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
 544   *,†  NewStar Financial, Inc  $131 
 16,643      S&P Global, Inc   7,891,445 
 19,202      State Street Corp   1,892,357 
 1,079      T Rowe Price Group, Inc   234,014 
        TOTAL DIVERSIFIED FINANCIALS   66,122,933 
              
ENERGY - 2.2%     
 26,923      Archrock, Inc   220,499 
 179,333      Baker Hughes Co   4,497,672 
 13,271      Cactus, Inc   577,289 
 19,417   *  California Resources Corp   895,706 
 49,320   *  ChampionX Corp   1,293,664 
 53,158   *  Cheniere Energy, Inc   5,496,537 
 36,454   *  Clean Energy Fuels Corp   336,106 
 15,964   *  Delek US Holdings, Inc   310,500 
 4,198   *  DMC Global, Inc   175,393 
 8,392   *  Dril-Quip, Inc   197,716 
 10,242      DT Midstream, Inc   491,206 
 6,176   *  Frank’s International NV   105,918 
 28,172   *  Helix Energy Solutions Group, Inc   106,490 
 22,097   *  Liberty Oilfield Services, Inc   285,493 
 94,757   *  NOV, Inc   1,328,493 
 4,693      Oasis Petroleum, Inc   565,976 
 24,066   *  Oceaneering International, Inc   327,298 
 89,712      ONEOK, Inc   5,707,477 
 10,818   *  Renewable Energy Group, Inc   692,352 
 14,741   *  Select Energy Services, Inc   88,593 
        TOTAL ENERGY   23,700,378 
              
FOOD & STAPLES RETAILING - 0.3%     
 17,173   *  BJ’s Wholesale Club Holdings, Inc   1,003,590 
 22,067   *  Performance Food Group Co   998,090 
 5,542      SpartanNash Co   128,242 
 18,448   *  Sprouts Farmers Market, Inc   408,439 
 6,704   *  United Natural Foods, Inc   290,887 
 24,573   *  US Foods Holding Corp   851,946 
        TOTAL FOOD & STAPLES RETAILING   3,681,194 
              
FOOD, BEVERAGE & TOBACCO - 2.8%     
 45,249      Archer-Daniels-Midland Co   2,906,796 
 6,700   *,e  Beyond Meat, Inc   663,166 
 180,356      Coca-Cola Co   10,166,668 
 1,258   *  Darling International, Inc   106,326 
 2,570      Fresh Del Monte Produce, Inc   86,069 
 53,245      General Mills, Inc   3,290,541 
 87   *  Hain Celestial Group, Inc   3,904 
 38,355      Hormel Foods Corp   1,623,184 
 6,455      Kellogg Co   395,691 
 9,648      McCormick & Co, Inc   774,059 
 62,517      PepsiCo, Inc   10,102,747 
        TOTAL FOOD, BEVERAGE & TOBACCO   30,119,151 
              
HEALTH CARE EQUIPMENT & SERVICES - 7.3%     
 2,773   *  Abiomed, Inc   920,747 
 126   *  Acadia Healthcare Co, Inc   7,812 
 3,696   *  Accelerate Diagnostics, Inc   21,806 
65

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
 9,163   *  Align Technology, Inc  $5,721,102 
 8,131   *  Allscripts Healthcare Solutions, Inc   112,045 
 43   *  AMN Healthcare Services, Inc   4,244 
 2,779   *  Angiodynamics, Inc   79,479 
 22,631   *  Brookdale Senior Living, Inc   147,102 
 49,903   *  Centene Corp   3,555,090 
 22,079      Cerner Corp   1,640,249 
 10,266   *  Cerus Corp   67,756 
 31,353      Cigna Corp   6,697,314 
 2,905   *  Computer Programs & Systems, Inc   104,871 
 2,215      Cooper Cos, Inc   923,478 
 30,608      Danaher Corp   9,542,656 
 15,250      Dentsply Sirona, Inc   872,453 
 10,610   *  DexCom, Inc   6,612,258 
 51,451   *  Edwards Lifesciences Corp   6,164,859 
 295      Encompass Health Corp   18,750 
 9,467   *  Envista Holdings Corp   370,160 
 517   *  Guardant Health, Inc   60,380 
 25,183      HCA Healthcare, Inc   6,307,334 
 3,910   *  Health Catalyst, Inc   205,822 
 1,150      Hill-Rom Holdings, Inc   178,135 
 6,341   *  Hologic, Inc   464,859 
 10,486      Humana, Inc   4,856,696 
 8,089   *  IDEXX Laboratories, Inc   5,388,406 
 90   *  Integer Holding Corp   8,102 
 6,206   *  Intersect ENT, Inc   167,376 
 23,043   *  Intuitive Surgical, Inc   8,321,519 
 62   *  LivaNova plc   4,757 
 2,340   *  NextGen Healthcare, Inc   38,516 
 5,147   *  Omnicell, Inc   916,938 
 4,963   *  OraSure Technologies, Inc   52,955 
 1,385   *  Orthofix Medical Inc   49,832 
 69   *  Penumbra, Inc   19,082 
 1,739   *  Quidel Corp   230,887 
 16,785   *  Quotient Ltd   42,466 
 586   *  RadNet, Inc   18,219 
 6,489      Resmed, Inc   1,706,023 
 2,949   *  Staar Surgical Co   349,339 
 368   *  Tactile Systems Technology, Inc   12,692 
 1,379   *  Tandem Diabetes Care, Inc   187,999 
 16,667   *  Teladoc, Inc   2,493,217 
 272   *  Tivity Health, Inc   6,805 
 3,682   *  Triple-S Management Corp (Class B)   129,938 
 5,438   *  Vapotherm, Inc   124,367 
 3,852   *  Vocera Communications, Inc   217,946 
 3,424      West Pharmaceutical Services, Inc   1,471,909 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   77,616,747 
              
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%     
 1,263      Clorox Co   205,882 
 49,871      Colgate-Palmolive Co   3,799,671 
 20,891      Estee Lauder Cos (Class A)   6,775,578 
 1,875      Kimberly-Clark Corp   242,794 
 90,247      Procter & Gamble Co   12,904,418 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   23,928,343 
66

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
INSURANCE - 3.2%     
 48,655      Aflac, Inc  $2,611,314 
 5,460      Allstate Corp   675,238 
 37,236      Chubb Ltd   7,275,170 
 86,123   *  Genworth Financial, Inc (Class A)   353,965 
 4,760      Lincoln National Corp   343,434 
 41,554      Loews Corp   2,329,933 
 41,831      Marsh & McLennan Cos, Inc   6,977,411 
 92,365      Metlife, Inc   5,800,522 
 6,495      ProAssurance Corp   148,800 
 12,140      Progressive Corp   1,151,843 
 39,325      Prudential Financial, Inc   4,327,716 
 11,412      Travelers Cos, Inc   1,835,963 
 300      Willis Towers Watson plc   72,684 
        TOTAL INSURANCE   33,903,993 
              
MATERIALS - 2.3%     
 36,547      Ball Corp   3,343,320 
 3,176   *  Clearwater Paper Corp   132,852 
 81      Compass Minerals International, Inc   5,314 
 9,255   *  Domtar Corp   505,230 
 59,312      DuPont de Nemours, Inc   4,128,115 
 25,736      Ecolab, Inc   5,719,054 
 1,370      Innospec, Inc   124,136 
 6,388      International Flavors & Fragrances, Inc   941,911 
 3,928   *  Koppers Holdings, Inc   137,833 
 1,729      Martin Marietta Materials, Inc   679,220 
 48,139      Mosaic Co   2,001,138 
 3,959      Myers Industries, Inc   81,476 
 76,391      Newmont Goldcorp Corp   4,125,114 
 6,517      PPG Industries, Inc   1,046,435 
 2,256      Reliance Steel & Aluminum Co   329,737 
 2,888      Schnitzer Steel Industries, Inc (Class A)   155,374 
 3,886      Scotts Miracle-Gro Co (Class A)   576,916 
 1,475      Steel Dynamics, Inc   97,468 
 4,276      Trinseo plc   239,713 
        TOTAL MATERIALS   24,370,356 
              
MEDIA & ENTERTAINMENT - 5.0%     
 53,752      Activision Blizzard, Inc   4,202,869 
 8,010   *  AMC Entertainment Holdings, Inc   283,314 
 18,250   *  Cinemark Holdings, Inc   343,100 
 38,203      Comcast Corp (Class A)   1,964,780 
 24,973   *  Discovery, Inc (Class A)   585,367 
 44,563   *  Discovery, Inc (Class C)   1,005,341 
 18,047      Electronic Arts, Inc   2,531,092 
 768   *  Hemisphere Media Group, Inc   8,486 
 2,863   *  iHeartMedia, Inc   55,485 
 7,724   *  Imax Corp   145,597 
 32,301      Interpublic Group of Cos, Inc   1,181,248 
 4,125   *  Liberty Broadband Corp (Class A)   663,176 
 15,412   *  Liberty Broadband Corp (Class C)   2,503,679 
 24,361   *  Live Nation, Inc   2,464,115 
 12,447   *  Netflix, Inc   8,592,289 
 5,319      New York Times Co (Class A)   290,364 
 17,682      Omnicom Group, Inc   1,203,791 
67

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
 12,294   *  Roku, Inc  $3,748,441 
 196,515   e  Sirius XM Holdings, Inc   1,196,776 
 8,178   *  Take-Two Interactive Software, Inc   1,480,218 
 23,932   *  TripAdvisor, Inc   789,038 
 100,499   *  Twitter, Inc   5,380,717 
 70,997   *  Walt Disney Co   12,003,463 
 64,519   *  Zynga, Inc   476,150 
        TOTAL MEDIA & ENTERTAINMENT   53,098,896 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.7%     
 7,453   *  Aerie Pharmaceuticals, Inc   79,225 
 22,005      Agilent Technologies, Inc   3,465,567 
 6,524   *  Agios Pharmaceuticals, Inc   306,628 
 34,842      Amgen, Inc   7,211,249 
 9,859   *  Antares Pharma, Inc   36,873 
 7,200   *  Atara Biotherapeutics, Inc   111,456 
 7,278   *  Avrobio, Inc   40,902 
 18,693   *  BioCryst Pharmaceuticals, Inc   279,086 
 19,655   *  BioDelivery Sciences International, Inc   80,192 
 5,322   *  Biogen, Inc   1,419,271 
 1,272   *  BioMarin Pharmaceutical, Inc   100,781 
 8,261   *  Bluebird Bio, Inc   193,390 
 138,212      Bristol-Myers Squibb Co   8,071,581 
 39,862      Eli Lilly & Co   10,155,243 
 1,573   *,e  Esperion Thereapeutics, Inc   14,063 
 10,300   *  Flexion Therapeutics, Inc   95,275 
 54,140      Gilead Sciences, Inc   3,512,603 
 15,573   *  Illumina, Inc   6,463,729 
 4,157   *  Insmed, Inc   125,334 
 5,648   *  Intra-Cellular Therapies, Inc   243,259 
 1,896   *  IQVIA Holdings, Inc   495,652 
 3,271   *  Kala Pharmaceuticals, Inc   5,692 
 16,507   *  Karyopharm Therapeutics, Inc   90,128 
 5,337   *  MacroGenics, Inc   104,232 
 9,436   *  Novavax, Inc   1,404,360 
 6,517   *,e  Opko Health, Inc   24,699 
 8,624   *  Passage Bio, Inc   75,201 
 2,785   *  Prothena Corp plc   154,150 
 10,477   *,e  Provention Bio, Inc   65,586 
 5,509   *  Radius Health, Inc   118,994 
 417   *  Reata Pharmaceuticals, Inc   40,036 
 6,657   *  Regeneron Pharmaceuticals, Inc   4,260,081 
 3,440   *  Relmada Therapeutics, Inc   80,737 
 2,210   *  Revance Therapeutics, Inc   30,387 
 6,238   *  Sage Therapeutics, Inc   251,766 
 7,138   *  Sangamo Therapeutics Inc   57,961 
 69,083   *,e  TherapeuticsMD, Inc   50,292 
 17,209      Thermo Fisher Scientific, Inc   10,894,502 
 2,551   *  Ultragenyx Pharmaceutical, Inc   214,080 
 16,390   *  Vertex Pharmaceuticals, Inc   3,031,003 
 183   *  Waters Corp   67,262 
 44,837   *  ZIOPHARM Oncology, Inc   67,255 
 35,513      Zoetis, Inc   7,677,911 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   71,267,674 
68

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
REAL ESTATE - 3.5%     
 2,875      Alexandria Real Estate Equities, Inc  $586,902 
 349      American Campus Communities, Inc   18,748 
 28,246      American Tower Corp   7,964,525 
 5,091      Boston Properties, Inc   578,541 
 5,384      CatchMark Timber Trust, Inc   46,087 
 7,158   *  CBRE Group, Inc   745,005 
 6,445      City Office REIT, Inc   122,262 
 16,409      Crown Castle International Corp   2,958,543 
 37      CyrusOne, Inc   3,035 
 24,207   *  DiamondRock Hospitality Co   218,831 
 11,972      Empire State Realty Trust, Inc   115,889 
 8,293      Equinix, Inc   6,941,821 
 21,280      Franklin Street Properties Corp   95,760 
 4,263      Healthpeak Properties Inc   151,379 
 39,784   *  Host Hotels and Resorts, Inc   669,565 
 2,503   *  Howard Hughes Corp   218,086 
 973      Hudson Pacific Properties   25,055 
 6,811      Iron Mountain, Inc   310,854 
 22,106      Macerich Co   399,898 
 32,490      Paramount Group, Inc   275,515 
 33,468   *  Park Hotels & Resorts, Inc   620,162 
 52,354      Prologis, Inc   7,589,236 
 1,297      Regency Centers Corp   91,322 
 8,969      SBA Communications Corp   3,097,265 
 3,687      SL Green Realty Corp   258,348 
 17,766   *  Sunstone Hotel Investors, Inc   219,232 
 4,386   *  Tejon Ranch Co   79,869 
 3,285      Ventas, Inc   175,320 
 25,318      Welltower, Inc   2,035,567 
 13,732   *  Xenia Hotels & Resorts, Inc   244,430 
        TOTAL REAL ESTATE   36,857,052 
              
RETAILING - 4.9%     
 6,440   *  1-800-FLOWERS.COM, Inc (Class A)   206,853 
 10,384   *  Designer Brands, Inc   140,496 
 78,678      eBay, Inc   6,036,176 
 929   *  GameStop Corp (Class A)   170,481 
 703      Hibbett Sports, Inc   54,440 
 37,872      Home Depot, Inc   14,078,537 
 2,594   *  Lands’ End, Inc   68,170 
 11   *  LKQ Corp   606 
 38,379      Lowe’s Companies, Inc   8,973,778 
 39,162      Macy’s, Inc   1,036,618 
 5,592   *  Nordstrom, Inc   160,658 
 18,211   *  Quotient Technology, Inc   117,279 
 17,544   *  RealReal, Inc   228,598 
 8,952      Ross Stores, Inc   1,013,367 
 1,635      Signet Jewelers Ltd   145,809 
 31,275      Target Corp   8,119,616 
 98,711      TJX Companies, Inc   6,464,583 
 18,330   *,e  Wayfair, Inc   4,566,003 
 104      Winmark Corp   24,213 
 309   *  Zumiez, Inc   12,576 
        TOTAL RETAILING   51,618,857 
69

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7%     
 58,242      Applied Materials, Inc  $7,958,769 
 67      Brooks Automation, Inc   7,802 
 5,538   *  Cirrus Logic, Inc   447,526 
 18,633   *  First Solar, Inc   2,228,320 
 194,675      Intel Corp   9,539,075 
 12,386      Lam Research Corp   6,980,378 
 74,404      NVIDIA Corp   19,022,871 
 91,452   *  ON Semiconductor Corp   4,396,098 
 10,812   *  Rambus, Inc   251,595 
 1,540   *  Silicon Laboratories, Inc   290,690 
 46,572      Texas Instruments, Inc   8,731,319 
 1,125      Universal Display Corp   206,100 
 1,373   *  Wolfspeed Inc   164,911 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   60,225,454 
              
SOFTWARE & SERVICES - 16.8%     
 28,795      Accenture plc   10,331,358 
 18,678   *  Adobe, Inc   12,147,424 
 17,237   *  Autodesk, Inc   5,474,644 
 33,303      Automatic Data Processing, Inc   7,476,190 
 5,540   *  Avaya Holdings Corp   103,155 
 2,397   *  Benefitfocus, Inc   26,271 
 960   *  Blackline, Inc   121,795 
 2,479   *  Cadence Design Systems, Inc   429,140 
 3,080   *  ChannelAdvisor Corp   78,571 
 5,062      Concentrix Corp   899,416 
 3,962      CSG Systems International, Inc   198,298 
 6,043      Dolby Laboratories, Inc (Class A)   533,899 
 61,455   *  DXC Technology Co   2,001,589 
 330   *  Elastic NV   57,258 
 3,754   *  ExlService Holdings, Inc   460,353 
 1,161   *  Five9, Inc   183,450 
 460   *  HubSpot, Inc   372,706 
 60,372      International Business Machines Corp   7,552,537 
 14,105      Intuit, Inc   8,829,589 
 30,382   *  Limelight Networks, Inc   90,538 
 33,922      Mastercard, Inc (Class A)   11,381,509 
 184,367   d  Microsoft Corp   61,139,785 
 6,139   *  New Relic, Inc   498,241 
 3,674   *  Nutanix, Inc   126,055 
 22,581   *  Okta, Inc   5,581,572 
 3,687   *  OneSpan, Inc   75,289 
 47,705   *  PayPal Holdings, Inc   11,095,706 
 4,776   *  Perficient, Inc   590,314 
 38,277   *  salesforce.com, Inc   11,471,234 
 11,877   *  ServiceNow, Inc   8,287,295 
 2,174   *  SPS Commerce, Inc   332,035 
 5,395   *  SVMK, Inc   123,653 
 9,005   *  Teradata Corp   509,323 
 1,948      TTEC Holdings, Inc   183,872 
 9,518   *,e  VMware, Inc (Class A)   1,443,881 
 10,932   *  WEX, Inc   1,636,520 
 19,568   *  Workday, Inc   5,674,329 
        TOTAL SOFTWARE & SERVICES   177,518,794 
70

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY  VALUE 
            
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%     
 9,516      Adtran, Inc  $175,856 
 9,399      Avnet, Inc   358,196 
 2,779      Badger Meter, Inc   284,153 
 7,360      Benchmark Electronics, Inc   171,562 
 9,562   *  Ciena Corp   519,121 
 188,049      Cisco Systems, Inc   10,525,102 
 18,620      Cognex Corp   1,630,926 
 845   *  Coherent, Inc   214,968 
 3,035      CTS Corp   108,107 
 2,346   *  ePlus, Inc   259,397 
 4,056   *  Fabrinet   389,376 
 1,692   *  FARO Technologies, Inc   124,480 
 19,930   *  Harmonic, Inc   180,765 
 318,320      Hewlett Packard Enterprise Co   4,663,388 
 196,572      HP, Inc   5,962,029 
 3,827   *  Insight Enterprises, Inc   362,417 
 26,599   *  Keysight Technologies, Inc   4,788,352 
 5,371   *  Kimball Electronics, Inc   154,416 
 17,325   *  Knowles Corp   361,053 
 172   *  Lumentum Holdings, Inc   14,204 
 600      Methode Electronics, Inc   25,242 
 147   *  OSI Systems, Inc   13,687 
 5,925   *  PAR Technology Corp   372,208 
 2,594   *  Plexus Corp   226,508 
 644   *  Ribbon Communications, Inc   3,523 
 6,675      SYNNEX Corp   700,875 
 9,259   *  Teledyne Technologies, Inc   4,159,328 
 61,310   *  Trimble Inc   5,356,655 
 17,643   *  TTM Technologies, Inc   233,593 
 48      Vishay Intertechnology, Inc   923 
 2,890   *  Vishay Precision Group, Inc   98,520 
 30,985      Vontier Corp   1,048,222 
 34,198      Xerox Holdings Corp   608,724 
 10,986   *  Zebra Technologies Corp (Class A)   5,865,975 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   49,961,851 
              
TELECOMMUNICATION SERVICES - 2.4%     
 341,221      AT&T, Inc   8,619,242 
 7,938   *  Iridium Communications, Inc   321,886 
 56,154   *  T-Mobile US, Inc   6,459,395 
 189,388      Verizon Communications, Inc   10,035,670 
        TOTAL TELECOMMUNICATION SERVICES   25,436,193 
              
TRANSPORTATION - 1.5%     
 3,575   *  Avis Budget Group, Inc   619,583 
 196,530      CSX Corp   7,108,490 
 2,894   *  Echo Global Logistics, Inc   139,578 
 18,763      Expeditors International of Washington, Inc   2,312,727 
 5,920      Kansas City Southern   1,836,680 
 10,563      Old Dominion Freight Line   3,605,680 
 2,512      Ryder System, Inc   213,395 
        TOTAL TRANSPORTATION   15,836,133 
71

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

 

SHARES      COMPANY        VALUE 
                                 
UTILITIES - 1.3%     
 17,387      American Water Works Co, Inc  $3,028,468 
 30,454      Consolidated Edison, Inc   2,296,232 
 32,947      Eversource Energy           2,797,200 
 1,853      Ormat Technologies, Inc           134,027 
 32,941      Sempra Energy           4,204,260 
 5,408      Southwest Gas Holdings Inc           374,504 
 5,414   *  Sunnova Energy International, Inc           241,248 
 22,816      UGI Corp           990,442 
        TOTAL UTILITIES           14,066,381 
                      
        TOTAL COMMON STOCKS           1,045,941,619 
        (Cost $803,099,114)             
                      
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 - 1.2%             
                      
GOVERNMENT AGENCY DEBT - 0.8%             
$7,800,000      Federal Home Loan Bank (FHLB)   0.000%  11/12/21   7,799,905 
        TOTAL GOVERNMENT AGENCY DEBT           7,799,905 
                      
TREASURY DEBT - 0.2%             
 1,987,000      United States Treasury Bill   0.000   11/02/21   1,986,999 
        TOTAL TREASURY DEBT           1,986,999 
                      
SHARES      COMPANY          
                                 
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%             
 2,264,489   c  State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030       2,264,489 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   2,264,489 
                      
        TOTAL SHORT-TERM INVESTMENTS           12,051,393 
        (Cost $12,051,418)             
        TOTAL INVESTMENTS - 100.0%           1,057,993,012 
        (Cost $815,150,532)             
        OTHER ASSETS & LIABILITIES, NET - 0.0%           293,390 
        NET ASSETS - 100.0%          $1,058,286,402 
72

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

       
     
    Abbreviation(s):
    REIT      Real Estate Investment Trust
     
*   Non-income producing
†   Security is categorized as Level 3 in the fair value hierarchy.
c   Investments made with cash collateral received from securities on loan.
d   All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $6,799,737.
       

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description  Number of long
(short)
contracts		   Expiration date  Notional amount   Value   Unrealized
appreciation (depreciation)		 
S&P 500 E Mini Index   45   12/17/21     $10,256,062   $10,343,250   $87,188 
73

TIAA-CREF FUNDS – Emerging Markets Equity Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES     COMPANY              VALUE 
                        
COMMON STOCKS - 93.5%                
                        
BRAZIL - 9.5%                
 4,575,871   *  Americanas S.A.              $24,080,118 
 10,126,998   a  Arcos Dorados Holdings, Inc               48,305,780 
 4,400,000      BB Seguridade Participacoes S.A.               17,221,730 
 9,306,900      Lojas Americanas S.A.               8,129,809 
 47,073,150      Lojas Americanas S.A. (Preference)               40,285,502 
 2,344,500      Magazine Luiza S.A.               4,490,600 
 6,357,100      Sendas Distribuidora S.A.               17,222,449 
        TOTAL BRAZIL               159,735,988 
                          
CHINA - 29.6%         
 6,277,500      AAC Technologies Holdings, Inc               27,132,711 
 4,325,308   *  Alibaba Group Holding Ltd               88,939,829 
 520,801   *  Baidu, Inc (ADR)               84,494,754 
 706,473   *  Baozun, Inc (ADR)               12,221,983 
 20,065,000      China Construction Bank Corp               13,655,851 
 722,232   *  DouYu International Holdings Ltd (ADR)               2,275,031 
 13,323,816      Foxconn Industrial Internet Co Ltd               23,638,298 
 2,911,320   *  HUYA, Inc (ADR)               23,931,050 
 2,745,513   *  iClick Interactive Asia Group Ltd (ADR)               18,916,585 
 875,400   *,g  JD Health International, Inc               7,684,653 
 292,321   *  JD.com, Inc (ADR)               22,882,888 
 16,488,000      Lenovo Group Ltd               17,905,440 
 103,377      NetEase, Inc (ADR)               10,088,561 
 170,500      Ping An Insurance Group Co of China Ltd               1,221,245 
 3,579,262      Ping An Insurance Group Co of China Ltd (Class A)   27,648,015 
 335,450      Prosus NV               29,547,436 
 838,276      Tencent Holdings Ltd               50,992,155 
 888,899   *  Tencent Music Entertainment (ADR)               6,986,746 
 2,263,774   *  Vipshop Holdings Ltd (ADR)               25,263,718 
        TOTAL CHINA               495,426,949 
                          
HONG KONG - 2.0%                 
 3,115,584   *  Melco Crown Entertainment Ltd (ADR)               33,741,775 
 22,290   *,†  Mongolian Metals Corporation               0 
        TOTAL HONG KONG               33,741,775 
                          
INDIA - 11.2%                 
 22,956,912      Edelweiss Capital Ltd               23,810,765 
 1,393,186      IndusInd Bank Ltd               21,311,356 
 881,321      Larsen & Toubro Ltd               20,876,984 
 1,172,266      Piramal Healthcare Ltd               40,861,834 
 6,934,488   *,g  RBL Bank Ltd              16,796,007 
 1,880,755      Reliance Industries Ltd               63,823,715 
        TOTAL INDIA               187,480,661 
74

TIAA-CREF FUNDS – Emerging Markets Equity Fund

 

SHARES     COMPANY              VALUE 
                        
INDONESIA - 3.6%                 
 44,911,400      Astra International Tbk PT              $19,128,328 
 9,237,400      PT United Tractors Tbk               15,366,509 
 95,143,700      Telkom Indonesia Persero Tbk PT               25,430,539 
        TOTAL INDONESIA               59,925,376 
                          
KOREA, REPUBLIC OF - 8.3%                 
 89,679      Amorepacific Corp               13,955,080 
 585,789      KB Financial Group, Inc               28,354,464 
 15,018      LG Household & Health Care Ltd               15,031,307 
 230,459      Samsung C&T Corp               22,565,018 
 483,039      Samsung Electronics Co Ltd               28,921,049 
 114,705      SK Telecom Co Ltd               30,372,352 
        TOTAL KOREA, REPUBLIC OF               139,199,270 
                          
MACAU - 2.9%                 
 11,494,400   *  Sands China Ltd               26,197,739 
 24,888,100   *,e  Wynn Macau Ltd               22,256,723 
        TOTAL MACAU               48,454,462 
                          
MALAYSIA - 0.5%                 
 6,555,600      Hartalega Holdings BHD               9,276,942 
        TOTAL MALAYSIA               9,276,942 
                          
MEXICO - 5.4%                 
 544,225      Fomento Economico Mexicano SAB de C.V. (ADR)   44,729,853 
 2,502,538      Grupo Televisa SAB (ADR)               25,325,684 
 5,695,500      Wal-Mart de Mexico SAB de C.V.               19,865,643 
        TOTAL MEXICO               89,921,180 
                          
PERU - 1.5%                 
 190,400      Credicorp Ltd               24,687,264 
        TOTAL PERU               24,687,264 
                          
RUSSIA - 2.1%                 
 348,644      MMC Norilsk Nickel PJSC (ADR)               10,885,782 
 1,203,004      Sberbank of Russia (ADR)               24,156,320 
        TOTAL RUSSIA               35,042,102 
                          
SAUDI ARABIA - 1.9%                 
 3,208,919   g  Saudi Arabian Oil Co               32,295,367 
        TOTAL SAUDI ARABIA               32,295,367 
                          
SOUTH AFRICA - 1.6%                 
 161,083      Naspers Ltd (N Shares)               27,280,015 
        TOTAL SOUTH AFRICA               27,280,015 
                          
TAIWAN - 9.6%                 
 872,000      MediaTek, Inc               28,699,860 
 6,201,400      Taiwan Semiconductor Manufacturing Co Ltd   131,595,506 
        TOTAL TAIWAN               160,295,366 
75

TIAA-CREF FUNDS – Emerging Markets Equity Fund

 

SHARES     COMPANY                VALUE 
            
TANZANIA, UNITED REPUBLIC OF - 2.2%              
 1,970,394      AngloGold Ashanti Ltd (ADR)  $36,412,881 
        TOTAL TANZANIA, UNITED REPUBLIC OF   36,412,881 
                            
THAILAND - 0.8%                   
 12,276,100      PTT PCL   14,055,739 
        TOTAL THAILAND   14,055,739 
                            
TURKEY - 0.8%                   
 5,495,500      Anadolu Efes Biracilik Ve Malt Sanayii AS   12,689,838 
        TOTAL TURKEY   12,689,838 
                            
        TOTAL COMMON STOCKS   1,565,921,175 
        (Cost $1,624,073,972)     
                            
PURCHASED OPTIONS - 0.0%                   
                            
UNITED STATES - 0.0%                   
 400,000      Las Vegas Sands Corp   296,000 
        TOTAL UNITED STATES   296,000 
                            
        TOTAL PURCHASED OPTIONS   296,000 
        (Cost $456,850)     
              
PREFERRED STOCKS - 0.0%                   
                    
PHILIPPINES - 0.0%                   
 1,721,900   *,†  Ayala Land, Inc   3,416 
        TOTAL PHILIPPINES   3,416 
                            
        TOTAL PREFERRED STOCKS   3,416 
        (Cost $4,057)     
              
PRINCIPAL      ISSUER    RATE   MATURITY DATE     
                     
SHORT-TERM INVESTMENTS - 4.7%               
                        
GOVERNMENT AGENCY DEBT - 3.3%               
$10,000,000      Federal Home Loan Bank (FHLB)   0.000 %   11/05/21   9,999,956 
9,815,000      FHLB       0.000     11/29/21   9,814,695 
10,000,000      FHLB   0.000     12/31/21   9,999,333 
25,000,000      FHLB   0.000     01/05/22   24,997,744 
        TOTAL GOVERNMENT AGENCY DEBT   54,811,728 
                        
TREASURY DEBT - 1.4%               
 23,566,000      United States Treasury Bill   0.000     11/02/21   23,565,988 
        TOTAL TREASURY DEBT   23,565,988 
76

TIAA-CREF FUNDS – Emerging Markets Equity Fund

 

SHARES       COMPANY    RATE       VALUE  
                         
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
 727,240   c  State Street Navigator Securities Lending
Government Money Market Portfolio		  0.030%     $727,240 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   727,240 
                        
        TOTAL SHORT-TERM INVESTMENTS          79,104,956 
        (Cost $79,105,638)            
        TOTAL INVESTMENTS - 98.2%          1,645,325,547 
        (Cost $1,703,640,517)            
        OTHER ASSETS & LIABILITIES, NET - 1.8%          30,881,113 
        NET ASSETS - 100.0%         $1,676,206,660 
                        
                        
        Abbreviation(s):               
        ADR     American Depositary Receipt
        PIPE     Private Investments in Public Equity
        SPACs  Special Purpose Acquisition Companies
         
     *  Non-income producing
     †  Security is categorized as Level 3 in the fair value hierarchy.
     a  Affiliate holding
     c  Investments made with cash collateral received from securities on loan.
     e  All or a portion of these securities are out on loan. The aggregate value of securities on loan is $14,133,396.
     g  Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $56,776,027 or 3.4% of net assets.
                        

 

Purchased options outstanding as of October 31, 2021 were as follows:

 

Description/underlying investment  Number of contracts   Notional amount   Exercise price   Expiration date   Value 
Las Vegas Sands Corp, Call   4,000   $456,850   $ 41.00     11/19/21   $296,000 
                          
Written options outstanding as of October 31, 2021 were as follows: 
                          
Description/underlying investment   Number of contracts   Notional amount   Exercise price    Expiration date    Value 
Las Vegas Sands Corp, Put   3,200   $(442,134)  $ 35.00     11/19/21   $(96,000)

 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE  Shares   Total
commitment amount		   Fair
value amount		   Unrealized
Appreciation		 
J1 Holdings Inc.   722,668   $7,226,680   $8,368,495   $1,141,815 

77

TIAA-CREF FUNDS – International Equity Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 96.0%     
                
AUSTRALIA - 4.4%      
 2,480,517   e  BHP Billiton Ltd  $68,132,316 
 1,402,318      Commonwealth Bank of Australia   111,150,805 
 57,155      CSL Ltd   13,005,065 
 4,744,021   *  NEXTDC Ltd   42,349,073 
 1,041,335      Rio Tinto plc   64,928,762 
        TOTAL AUSTRALIA   299,566,021 
              
BRAZIL - 0.8%      
 10,136,180      Banco Bradesco S.A. (Preference)   35,740,101 
 5,650,300      Sendas Distribuidora S.A.   15,307,610 
        TOTAL BRAZIL   51,047,711 
              
CHINA - 1.7%      
 616,948   *  GDS Holdings Ltd (ADR)   36,646,711 
 467,640      Tencent Holdings Ltd   28,446,444 
 3,294,500   *,g  Wuxi Biologics Cayman, Inc   49,901,634 
        TOTAL CHINA   114,994,789 
              
DENMARK - 1.7%      
 485,203      DSV AS   112,769,523 
        TOTAL DENMARK   112,769,523 
              
FINLAND - 1.2%      
 6,555,643      Nordea Bank Abp   80,208,662 
        TOTAL FINLAND   80,208,662 
              
FRANCE - 15.8%      
 1,260,195   *  Airbus SE   161,660,363 
 1,854,798      BNP Paribas S.A.   124,155,005 
 1,716,395      Compagnie de Saint-Gobain   118,452,765 
 5,157,529      Credit Agricole S.A.   77,811,434 
 1,669,331      Dassault Systemes SE   97,484,577 
 547,245      Essilor International S.A.   113,223,515 
 135,088      Kering   101,388,206 
 1,823,441      Total S.A.   91,308,716 
 1,098,089      Valeo S.A.   32,264,115 
 645,043      Vinci S.A.   68,961,672 
 1,891,428   *  Vivendi SE   54,913,709 
 1,986,911      Vivendi Universal S.A.   25,596,504 
        TOTAL FRANCE   1,067,220,581 
              
GERMANY - 10.0%      
 254,638      Adidas-Salomon AG.   83,343,326 
 1,266,256      Deutsche Post AG.   78,390,081 
78

TIAA-CREF FUNDS – International Equity Fund

 

SHARES      COMPANY  VALUE 
            
 832,374       HeidelbergCement AG.  $62,681,856 
 1,579,789       Infineon Technologies AG.   73,983,626 
 861,722       Lanxess AG.   58,064,863 
 1,650,718       RWE AG.   63,538,864 
 1,117,898       Siemens AG.   181,749,960 
 310,373       Volkswagen AG. (Preference)   69,657,451 
         TOTAL GERMANY   671,410,027 
               
HONG KONG - 1.7%     
 1,950,324       Hong Kong Exchanges and Clearing Ltd   117,490,844 
         TOTAL HONG KONG   117,490,844 
               
IRELAND - 1.5%     
 2,107,542       CRH plc   100,853,939 
         TOTAL IRELAND   100,853,939 
               
ITALY - 2.2%     
 6,564,960       Enel S.p.A.   54,960,416 
 1,286,463       Moncler S.p.A   92,579,520 
         TOTAL ITALY   147,539,936 
               
JAPAN - 19.9%     
 3,944,900       Daiichi Sankyo Co Ltd   99,539,165 
 388,716       Daikin Industries Ltd   85,134,537 
 336,200    *  Fanuc Ltd   66,440,210 
 2,700,979    *  Hitachi Ltd   155,642,670 
 204,400       Keyence Corp   123,378,850 
 150,228       Nintendo Co Ltd   66,349,238 
 2,863,300       ORIX Corp   56,911,779 
 2,354,700       Recruit Holdings Co Ltd   156,632,286 
 2,170,600    *  SBI Holdings, Inc   56,260,791 
 989,900       Shiseido Co Ltd   66,052,985 
 1,768,459       Sony Corp   204,780,984 
 1,913,300       Sumitomo Mitsui Financial Group, Inc   62,085,884 
 8,133,045    *  Toyota Motor Corp   143,500,706 
         TOTAL JAPAN   1,342,710,085 
               
KOREA, REPUBLIC OF - 0.8%     
 79,413       LG Chem Ltd   56,983,189 
         TOTAL KOREA, REPUBLIC OF   56,983,189 
               
NETHERLANDS - 8.2%     
 270,017       ASML Holding NV   219,496,712 
 631,642       Heineken NV   69,915,847 
 10,696,629       ING Groep NV   162,256,117 
 4,272,172       Royal Dutch Shell plc (A Shares)   97,870,654 
         TOTAL NETHERLANDS   549,539,330 
               
NORWAY - 1.0%     
 2,758,659       Equinor ASA   69,899,807 
         TOTAL NORWAY   69,899,807 
               
RUSSIA - 2.4%     
 1,453,924       Sberbank of Russia (ADR)   29,194,794 
79

TIAA-CREF FUNDS – International Equity Fund

 

SHARES      COMPANY  VALUE 
            
 824,550       TCS Group Holding plc (ADR)  $84,433,920 
 615,485    *  Yandex NV   50,986,777 
         TOTAL RUSSIA   164,615,491 
               
SPAIN - 1.6%     
 15,480,134       Banco Bilbao Vizcaya Argentaria S.A.   108,331,930 
         TOTAL SPAIN   108,331,930 
               
SWITZERLAND - 4.6%     
 118,944       Lonza Group AG.   97,748,230 
 572,433       Nestle S.A.   75,508,019 
 350,681       Roche Holding AG.   135,851,702 
         TOTAL SWITZERLAND   309,107,951 
               
TAIWAN - 0.7%     
 414,725       Taiwan Semiconductor Manufacturing Co Ltd (ADR)   47,154,232 
         TOTAL TAIWAN   47,154,232 
               
UNITED KINGDOM - 13.5%     
 1,374,960       Ashtead Group plc   115,235,574 
 1,319,239       AstraZeneca plc   165,038,519 
 51,900,244       Barclays plc   143,217,328 
 3,182,750       Diageo plc   158,347,188 
 7,229,619       HSBC Holdings plc   43,559,696 
 357,147       Linde plc (Xetra)   114,907,182 
 23,652,308       Lloyds TSB Group plc   16,187,184 
 755,646       Reckitt Benckiser Group plc   61,345,456 
 20,879,973       Tesco plc   77,094,421 
 6,167,804    *  THG Holdings Ltd   18,283,103 
         TOTAL UNITED KINGDOM   913,215,651 
               
UNITED STATES - 2.3%     
 891,587       Schneider Electric S.A.   153,725,712 
         TOTAL UNITED STATES   153,725,712 
               
         TOTAL COMMON STOCKS   6,478,385,411 
         (Cost $4,845,630,701)     

 

PRINCIPAL       ISSUER  RATE  MATURITY
DATE		    
                   
SHORT-TERM INVESTMENTS - 3.6%            
                       
GOVERNMENT AGENCY DEBT - 3.2%             
$31,865,000       Federal Home Loan Bank (FHLB)   0.000%  11/05/21   31,864,858 
 36,028,000       FHLB   0.000   11/10/21   36,027,640 
 10,000,000       FHLB   0.000   11/29/21   9,999,689 
 20,000,000       FHLB   0.000   12/01/21   19,999,333 
 40,000,000       FHLB   0.000   12/29/21   39,997,423 
 20,000,000       FHLB   0.000   12/31/21   19,998,667 
 25,000,000       FHLB   0.000   01/05/22   24,997,744 
 7,500,000       FHLB   0.000   01/18/22   7,499,188 
 25,000,000       FHLB   0.000   01/19/22   24,997,258 
         TOTAL GOVERNMENT AGENCY DEBT           215,381,800 
80

TIAA-CREF FUNDS – International Equity Fund

 

              MATURITY    
PRINCIPAL      ISSUER  RATE  DATE  VALUE 
                  
REPURCHASE AGREEMENT - 0.1%                
$9,840,000   r  Fixed Income Clearing Corp (FICC)   0.010%  11/01/21  $9,840,000 
        TOTAL REPURCHASE AGREEMENT               9,840,000 
                          
TREASURY DEBT - 0.3%                    
 18,164,000      United States Treasury Bill   0.000   11/02/21   18,163,991 
        TOTAL TREASURY DEBT               18,163,991 
                          
SHARES      COMPANY             
                     
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%                
 5   c  State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030       5 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   5 
                          
        TOTAL SHORT-TERM INVESTMENTS           243,385,796 
        (Cost $243,387,843)             
        TOTAL INVESTMENTS - 99.6%               6,721,771,207 
        (Cost $5,089,018,544)             
        OTHER ASSETS & LIABILITIES, NET - 0.4%               24,073,318 
        NET ASSETS - 100.0%          $6,745,844,525 
       
     
    Abbreviation(s):
    ADR      American Depositary Receipt
    GDR      Global 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 $66,914,212.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $49,901,634 or 0.7% of net assets.
r   Agreement with Fixed Income Clearing Corporation, 0.010% dated 10/31/21 to be repurchased at $9,840,000 on 11/1/21, collateralized by U.S. Treasury Notes valued at $10,036,861.
81

TIAA-CREF FUNDS – International Opportunities Fund

 

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES      COMPANY  VALUE 
 
COMMON STOCKS - 90.5%
              
AUSTRALIA - 5.8%
 308,901   *  Afterpay Touch Group Ltd  $28,616,397 
 1,464,354      Australia & New Zealand Banking Group Ltd   31,162,140 
 990,827      IDP Education Ltd   28,033,516 
 2,307,548   *  NEXTDC Ltd   20,599,090 
 2,953,154   *  PointsBet Holdings Ltd   18,547,190 
 4,123,105   *,e  Zip Co Ltd   20,377,731 
        TOTAL AUSTRALIA   147,336,064 
              
BRAZIL - 3.8%
 3,718,724      Banco BTG Pactual S.A. - Unit   14,858,292 
 1,887,300      Banco Inter S.A.   11,871,284 
 3,737,900      Itau Unibanco Holding S.A.   15,438,259 
 9,435,800      Magazine Luiza S.A.   18,073,106 
 526,340   *  Pagseguro Digital Ltd   19,053,508 
 381,609   *  StoneCo Ltd   12,921,281 
 86,300   *  XP, Inc   2,828,856 
        TOTAL BRAZIL   95,044,586 
              
CANADA - 8.2%
 1,049,500      Alimentation Couche Tard, Inc   39,364,730 
 330,635   e  Bank of Montreal   35,898,049 
 589,280      Dollarama, Inc   26,635,684 
 283,888   *  Lightspeed Commerce, Inc   27,670,822 
 407,696      Nutrien Ltd (Toronto)   28,495,236 
 32,665   *  Shopify, Inc (Class A)   47,694,173 
        TOTAL CANADA   205,758,694 
              
CHINA - 5.1%
 416,380   *  JD.com, Inc (ADR)   32,594,226 
 185,600      Silergy Corp   30,662,069 
 703,300      Tencent Holdings Ltd   42,781,593 
 1,478,500   *,g  Wuxi Biologics Cayman, Inc   22,394,769 
        TOTAL CHINA   128,432,657 
              
DENMARK - 3.4%
 182,956      Carlsberg AS (Class B)   30,208,924 
 510,300      Novo Nordisk AS   55,956,875 
        TOTAL DENMARK   86,165,799 
              
FRANCE - 5.0%
 171,602      Essilor International S.A.   35,503,991 
 83,512      L’Oreal S.A.   38,202,959 
 127,639      Teleperformance   53,316,298 
        TOTAL FRANCE   127,023,248 
82

TIAA-CREF FUNDS – International Opportunities Fund

 

SHARES      COMPANY  VALUE 
              
GERMANY - 3.2%     
 309,000      Bayer AG.  $17,414,515 
 161,482      Beiersdorf AG.   17,170,927 
 148,233      Deutsche Boerse AG.   24,607,724 
 278,006   *  HelloFresh SE   22,529,290 
        TOTAL GERMANY   81,722,456 
              
HONG KONG - 1.0%     
 2,358,900   *  Melco Crown Entertainment Ltd (ADR)   25,546,887 
        TOTAL HONG KONG   25,546,887 
              
INDIA - 1.0%        
 424,504      MindTree Ltd   25,541,531 
        TOTAL INDIA   25,541,531 
              
INDONESIA - 1.0%        
 85,976,300      Bank Rakyat Indonesia   25,808,679 
        TOTAL INDONESIA   25,808,679 
              
IRELAND - 4.0%        
 491,610      CRH plc   23,525,417 
 119,638   *  Flutter Entertainment plc   22,576,527 
 610,422      Keywords Studios plc   23,691,758 
 587,889      Smurfit Kappa Group plc   30,815,139 
        TOTAL IRELAND   100,608,841 
              
ITALY - 4.6%        
 525,014      Amplifon S.p.A.   26,717,042 
 1,926,620      Davide Campari-Milano NV   27,366,005 
 141,800      Ferrari NV   33,647,277 
 382,568      Moncler S.p.A   27,531,271 
        TOTAL ITALY   115,261,595 
              
JAPAN - 10.4%          
 60,200      BayCurrent Consulting, Inc   24,984,194 
 496,400      Benefit One, Inc   25,051,601 
 206,900      GMO Payment Gateway, Inc   26,213,449 
 2,703,300      Infomart Corp   26,379,744 
 191,600      IR Japan Holdings Ltd   17,669,463 
 857,800      Japan Elevator Service Holdings Co Ltd   18,589,223 
 1,126,000      MonotaRO Co Ltd   25,663,524 
 354,000      Paltac Corp   15,675,045 
 2      Seria Co Ltd   66 
 125,699   *  SHIFT, Inc   28,988,581 
 695,200      SMS Co Ltd   26,972,613 
 836,000      TechnoPro Holdings, Inc   26,717,936 
        TOTAL JAPAN   262,905,439 
              
KOREA, REPUBLIC OF - 0.8%     
 377,317   *,e  KakaoBank Corp   20,374,569 
        TOTAL KOREA, REPUBLIC OF   20,374,569 
83

TIAA-CREF FUNDS – International Opportunities Fund

 

SHARES      COMPANY  VALUE 
              
 NETHERLANDS - 6.4%     
 12,092   *,g  Adyen NV  $36,485,302 
 87,682      ASML Holding NV   71,276,663 
 3,492,429      ING Groep NV   52,976,313 
        TOTAL NETHERLANDS   160,738,278 
              
NEW ZEALAND - 0.7%     
 750,000      Fisher & Paykel Healthcare Corp   16,802,627 
        TOTAL NEW ZEALAND   16,802,627 
              
NORWAY - 3.2%     
 1,304,247      Aker BP ASA   50,046,445 
 1,162,538   e  Equinor ASA   29,456,769 
        TOTAL NORWAY   79,503,214 
              
PHILIPPINES - 0.9%     
 5,703,054      BDO Unibank, Inc   14,036,399 
 6,009,020      Robinsons Retail Holdings, Inc   7,420,383 
        TOTAL PHILIPPINES   21,456,782 
              
POLAND - 0.3%       
 693,182   *,g  Allegro.eu S.A.   7,839,377 
        TOTAL POLAND   7,839,377 
              
PORTUGAL - 1.1%     
 1,204,396      Jeronimo Martins SGPS S.A.   27,288,720 
        TOTAL PORTUGAL   27,288,720 
              
SPAIN - 1.2%       
 441,397   *  Amadeus IT Holding S.A.   29,528,518 
 142,139   *,†,e  Let’s GOWEX S.A.   1,643 
        TOTAL SPAIN   29,530,161 
              
SWEDEN - 3.7%        
 105,626   g  Evolution Gaming Group AB   17,147,515 
 2,009,889      Hexagon AB   32,346,542 
 652,000      Intrum Justitia AB   18,506,682 
 2,945,980      Swedish Match AB   25,975,287 
        TOTAL SWEDEN   93,976,026 
              
SWITZERLAND - 4.8%     
 6,007      Givaudan S.A.   28,304,598 
 52,867      Lonza Group AG.   43,446,123 
 128,319      Roche Holding AG.   49,710,006 
        TOTAL SWITZERLAND   121,460,727 
              
TAIWAN - 1.2%     
 1,197,540      Dadi Early-Childhood Education Group Ltd   6,511,290 
 711,000      Eclat Textile Co Ltd   15,537,595 
 2,700,349      Hota Industrial Manufacturing Co Ltd   9,135,031 
        TOTAL TAIWAN   31,183,916 
84

TIAA-CREF FUNDS – International Opportunities Fund

 

SHARES      COMPANY  VALUE 
              
UNITED KINGDOM - 8.6%     
 613,152      Ashtead Group plc  $51,388,348 
 3,252,963   *  Beazley plc   17,362,195 
 1,714,946   *  Darktrace plc   18,834,599 
 343,237      Dechra Pharmaceuticals plc   24,050,547 
 1,880,365      Electrocomponents plc   28,930,518 
 447,623      Fevertree Drinks plc   13,899,775 
 243,143   *,g  Just Eat Takeaway.com NV   17,466,243 
 76,655      Linde plc (Xetra)   24,662,702 
 6,603,400      Tritax Big Box REIT plc   20,321,528 
        TOTAL UNITED KINGDOM   216,916,455 
              
UNITED STATES - 1.1%     
 60,900   *  Lululemon Athletica, Inc   28,380,009 
        TOTAL UNITED STATES   28,380,009 
              
        TOTAL COMMON STOCKS   2,282,607,337 
        (Cost $1,343,959,458)     
              
RIGHTS / WARRANTS - 0.0%    
              
AUSTRALIA - 0.0%     
 112,654   e  PointsBet Holdings Pty Ltd   84,744 
        TOTAL AUSTRALIA   84,744 
              
        TOTAL RIGHTS / WARRANTS   84,744 
        (Cost $0)     
              
PRINCIPAL      ISSUER  RATE  MATURITY DATE    
 
SHORT-TERM INVESTMENTS - 9.9%
                   
GOVERNMENT AGENCY DEBT - 8.8%
$19,841,000      Federal Home Loan Bank (FHLB)   0.000%   11/03/21   19,840,956 
 30,809,000      FHLB   0.000   11/10/21   30,808,692 
 20,000,000      FHLB   0.000   11/18/21   19,999,622 
 82,155,000      FHLB   0.000   11/26/21   82,152,719 
 10,000,000      FHLB   0.000   11/29/21   9,999,689 
 40,000,000      FHLB   0.000   12/01/21   39,998,667 
 10,000,000      FHLB   0.000   12/29/21   9,999,356 
 10,000,000      FHLB   0.000   12/31/21   9,999,333 
        TOTAL GOVERNMENT AGENCY DEBT           222,799,034 
                      
REPURCHASE AGREEMENT - 0.4%    
 9,230,000   r  Fixed Income Clearing Corp (FICC)   0.010   11/01/21   9,230,000 
        TOTAL REPURCHASE AGREEMENT           9,230,000 
                      
TREASURY DEBT - 0.2%    
 4,548,000      United States Treasury Bill   0.000   11/02/21   4,547,998 
        TOTAL TREASURY DEBT           4,547,998 
85

TIAA-CREF FUNDS – International Opportunities Fund

 

SHARES      COMPANY  RATE     VALUE 
                       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
 12,669,361   c  State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030%     $12,669,361 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     12,669,361 
                      
        TOTAL SHORT-TERM INVESTMENTS           249,246,393 
        (Cost $249,246,873)             
        TOTAL INVESTMENTS - 100.4%           2,531,938,474 
        (Cost $1,593,206,331)             
        OTHER ASSETS & LIABILITIES, NET - (0.4)%           (12,038,534)
        NET ASSETS - 100.0%          $2,519,899,940 
       
     
    Abbreviation(s):
    ADR     American Depositary Receipt
    REIT     Real Estate Investment Trust
    PIPE      Private Investments in Public Equity
    SPACs  Special Purpose Acquisition Companies
     
*   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 $74,582,653.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $101,333,206 or 4.0% of net assets.
r   Agreement with Fixed Income Clearing Corporation, 0.010% dated 10/31/21 to be repurchased at $9,230,000 on 11/1/21, collateralized by U.S. Treasury Notes valued at $9,414,607.

 

Unfunded commitment with a SPAC outstanding at October 31, 2021:

 

PIPE  Shares   Total
commitment
amount		   Fair
value amount		   Unrealized
Appreciation		 
J1 Holdings Inc.   980,069   $9,800,690   $11,349,199   $1,548,509 
86

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2021 

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 99.9%     
      
ARGENTINA - 0.1%     
 169,692   *  Despegar.com Corp  $1,886,975 
        TOTAL ARGENTINA   1,886,975 
              
AUSTRALIA - 7.9%     
 885,118      Abacus Property Group   2,390,367 
 824,332      Accent Group Ltd   1,543,398 
 228,710      ALS Ltd   2,293,913 
 201,747      Ansell Ltd   4,830,356 
 906,319      Austal Ltd   1,288,142 
 57,082      Australian Ethical Investment Ltd   589,876 
 134,798      Bank of Queensland Ltd (ASE)   897,475 
 469,980      Bega Cheese Ltd   1,925,025 
 509,896      Bendigo Bank Ltd   3,571,263 
 1,558,111   *  Boral Ltd   7,517,330 
 292,370      BWX Ltd   1,027,730 
 503,894      carsales.com Ltd   9,429,944 
 81,941      Cedar Woods Properties Ltd   369,141 
 1,069,843      Centuria Capital Group   2,600,125 
 498,572      Centuria Office REIT   904,809 
 616,475      Charter Hall Education Trust   1,774,178 
 1,870,837      Charter Hall Long Wale REIT   6,863,372 
 3,920,286      Cleanaway Waste Management Ltd   7,972,910 
 3,185,759   *,g  Coronado Global Resources, Inc   3,282,889 
 881,604      Domain Holdings Australia Ltd   3,829,439 
 462,776      GrainCorp Ltd-A   2,199,393 
 1,024,420      Ingenia Communities Group   5,064,932 
 544,126      Macquarie CountryWide Trust   1,688,075 
 411,930   *  Mayne Pharma Group Ltd   105,578 
 1,235,391   *  nearmap Ltd   2,069,374 
 188,667      Netwealth Group Ltd   2,479,618 
 2,054,045      NRW Holdings Ltd   2,848,711 
 1,303,909   *  Nufarm Ltd   4,294,086 
 467,442      Orora Ltd   1,169,376 
 294,557      Pact Group Holdings Ltd   688,356 
 2,092,346      Perenti Global Ltd   1,619,822 
 25,815      Perpetual Trustees Australia Ltd   737,859 
 4,507,161   *  Pilbara Minerals Ltd   7,558,819 
 335,101      Pinnacle Investment Management Group Ltd   4,358,309 
 235,021      Premier Investments Ltd   5,454,398 
 2,188,388      Qube Logistics Holdings Ltd   5,285,141 
 382,423      Seven Group Holdings Ltd   6,245,847 
 862,697      Steadfast Group Ltd   3,035,218 
 1,314,455      Waypoint REIT   2,710,094 
        TOTAL AUSTRALIA   124,514,688 
87

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
            
AUSTRIA - 1.2%     
 331,417   *  ams AG.  $6,561,498 
 131,125   g  BAWAG Group AG.   8,247,136 
 15,083      CA Immobilien Anlagen AG.   647,196 
 67,967      EVN AG.   1,917,104 
 30,970      Wienerberger AG.   1,096,356 
        TOTAL AUSTRIA   18,469,290 
              
BELGIUM - 0.8%     
 25,862      Befimmo SCA Sicafi   1,058,335 
 17,847      Gimv NV   1,153,280 
 28,251      KBC Ancora   1,472,909 
 55,755      Melexis NV   6,430,583 
 17,668      Montea C.V.A   2,622,468 
        TOTAL BELGIUM   12,737,575 
              
BRAZIL - 2.5%     
 151,100   *  Azul S.A.   665,838 
 1,182,100      Banco Pan S.A.   2,783,605 
 81,800   *  BK Brasil Operacao e Assessoria a Restaurantes S.A.   99,572 
 1,721,560   *  BR Malls Participacoes S.A.   2,187,105 
 2,248,400      BR Properties S.A.   2,872,349 
 1,803,700      Cia de Saneamento de Minas Gerais-COPASA   4,349,615 
 534,900      Dexco S.A.   1,469,985 
 2,012,600   *  Embraer S.A.   7,820,319 
 988,200      Guararapes Confeccoes S.A.   1,917,288 
 732,400   *  Iochpe-Maxion S.A.   2,177,553 
 426,300      LOG Commercial Properties e Participacoes S.A.   1,769,767 
 781,600      M Dias Branco S.A.   4,286,211 
 27,773      Meliuz S.A.   16,289 
 285,300      Movida Participacoes S.A.   750,683 
 1,683,400      YDUQS Part   6,222,000 
        TOTAL BRAZIL   39,388,179 
              
CANADA - 6.0%     
 170,214      Absolute Software Corp   1,911,744 
 167,785   e  Atlas Corp   2,348,990 
 23,565      Canaccord Financial, Inc   272,665 
 132,550      Canadian Western Bank   4,240,186 
 85,028   *  Canfor Corp   1,761,569 
 136,064      Cascades, Inc   1,576,566 
 266,667   *  Celestica, Inc   2,628,747 
 149,625      CI Financial Corp   3,411,779 
 26,377   *  Cineplex Galaxy Income Fund   282,611 
 418,686   *  Converge Technology Solutions Corp   4,019,061 
 936,563      Corus Entertainment, Inc   4,245,409 
 616,652      Crescent Point Energy Corp   3,099,204 
 26,175      DREAM Unlimited Corp   653,529 
 78,898      Enerflex Ltd   672,571 
 813,054      Enerplus Corp   7,699,574 
 392,097   *,e  Enthusiast Gaming Holdings, Inc   1,194,413 
 311,414      Finning International, Inc   9,219,626 
 97,079      Granite REIT   7,869,235 
 236,975      H&R Real Estate Investment Trust   3,257,066 
88

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
            
 109,666      Interfor Corp  $2,511,259 
 82,089      Intertape Polymer Group, Inc   1,865,177 
 157,430      Killam Apartment REIT   2,892,662 
 32,701   *  Kinaxis, Inc   5,075,314 
 6,277      Linamar Corp   345,245 
 194,817      Martinrea International, Inc   1,808,700 
 93,216   e  Maverix Metals, Inc   446,647 
 42,990      Methanex Corp   1,925,796 
 8,509      Morguard Corp   938,836 
 36,573      Morguard North American Resid   544,340 
 62,121      Mullen Group Ltd   642,493 
 60,389      Slate Grocery REIT   636,778 
 54,194      SNC-Lavalin Group, Inc   1,457,756 
 54,953   *  Solaris Resources, Inc   632,741 
 22,539   *,g  Spin Master Corp   780,196 
 17,685   *  SunOpta, Inc   137,182 
 127,608      Timbercreek Financial Corp   1,003,253 
 304,095   e  Topaz Energy Corp   4,454,785 
 167,564      Tourmaline Oil Corp   6,056,188 
        TOTAL CANADA   94,519,893 
              
CHILE - 0.0%     
 11,581      Empresa Nacional de Telecomunicaciones S.A.   39,704 
 314,570      Grupo Security S.A.   47,605 
 1,120,521      Sonda S.A.   378,872 
        TOTAL CHILE   466,181 
              
CHINA - 1.8%     
 749,720   *,e,g  Alphamab Oncology   1,538,232 
 2,804,000      Central China Management Co Ltd   432,566 
 10,284,000      China BlueChemical Ltd   3,438,770 
 179,100   e,g  China Renaissance Holdings Ltd   432,811 
 335,000      China Shineway Pharmaceutical Group Ltd   321,167 
 4,059,000      China XLX Fertiliser Ltd   2,848,908 
 2,290      China Yuchai International Ltd   30,182 
 4,565,760   *,†,e  China Zhongwang Holdings Ltd   492,930 
 2,496,000      Citic 1616 Holdings Ltd   884,277 
 1,248,000      Cofco International Ltd   476,831 
 570,000      DaFa Properties Group Ltd   369,231 
 10,278,400   e  Differ Group Holding Co Ltd   2,479,396 
 96,000      Essex Bio-technology Ltd   65,394 
 8,430,823      Fushan International Energy Group Ltd   2,226,993 
 30,492,000   *,e  GCL New Energy Holdings Ltd   1,429,125 
 8,700   *  Genetron Holdings Ltd (ADR)   119,799 
 258,000      Greenland Hong Kong Holdings Ltd   54,864 
 4,912,000   *  Inke Ltd   996,602 
 1,050,000   *,g  InnoCare Pharma Ltd   2,517,940 
 826,000      Jingrui Holdings Ltd   231,435 
 4,849,000      KWG Living Group Holdings Ltd   3,266,472 
 132,000   *,g  Ocumension Therapeutics   286,732 
 562,000   *,g  Peijia Medical Ltd   1,369,435 
 315,000      Scholar Education Group   59,283 
 9,614,000      Shui On Land Ltd   1,421,001 
 1,052,000      VST Holdings Ltd   992,767 
89

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 364,900      Yangzijiang Shipbuilding  $385,243 
        TOTAL CHINA   29,168,386 
              
COLOMBIA - 0.0%     
 378,661      Cementos Argos S.A.   638,520 
        TOTAL COLOMBIA   638,520 
              
DENMARK - 1.2%     
 44,476      Chemometec A.S.   6,744,200 
 90,175      FLSmidth & Co AS   3,428,477 
 17,799   *  Nilfisk Holding A.S.   620,810 
 23,615      PER Aarsleff A.S.   1,018,362 
 10,223      Royal Unibrew A.S.   1,269,956 
 124,819   g  Scandinavian Tobacco Group A.S.   2,804,791 
 84,676      Sydbank AS   2,909,900 
        TOTAL DENMARK   18,796,496 
              
EGYPT - 0.0%     
 43,773      Centamin plc   55,925 
        TOTAL EGYPT   55,925 
              
FINLAND - 1.6%     
 189,143      Kesko Oyj (B Shares)   6,155,561 
 1,010,842   *  Outokumpu Oyj   6,296,430 
 58,599      Sanoma-WSOY Oyj   912,192 
 130,079      Tokmanni Group Corp   2,959,668 
 216,130      Valmet Corp   8,774,014 
        TOTAL FINLAND   25,097,865 
              
FRANCE - 1.7%     
 119,884   g  ALD S.A.   1,786,934 
 72,374   *  Beneteau S.A.   1,104,874 
 320,642   *  Elis S.A.   6,088,219 
 80,870   *  Eramet   6,758,314 
 7,069      Inter Parfums S.A.   571,917 
 30,249      Sa des Ciments Vicat   1,290,989 
 303,744   *,e  Solutions 30 SE   2,744,065 
 282,475      SPIE S.A.   6,868,958 
        TOTAL FRANCE   27,214,270 
              
GERMANY - 4.2%     
 266,906      Aixtron AG.   6,338,948 
 118,856   e,g  ALDER Group S.A.   1,611,673 
 3,932      Amadeus Fire AG   908,169 
 50,408      Aurubis AG.   4,343,650 
 8,181      Cewe Color Holding AG.   1,142,434 
 8,461      Dermapharm Holding SE   851,030 
 24,778      Deutsche Beteiligungs AG.   1,144,944 
 69,579      DIC Asset AG.   1,221,782 
 9,168      Draegerwerk AG.   721,738 
 1,151      Draegerwerk AG. & Co KGaA   85,814 
 171,085   *  ElringKlinger AG.   2,417,009 
 73,681      Gerresheimer AG.   6,760,427 
90

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 32,889      Hamburger Hafen und Logistik AG.  $737,202 
 162,373      Hensoldt AG.   2,624,090 
 131,249      Hugo Boss AG.   8,218,447 
 289,373   *  K&S AG.   4,986,554 
 5,330      KWS Saat AG.   454,717 
 456,866      Metro Wholesale & Food Specialist AG.   5,775,303 
 99,677   *  Morphosys AG.   4,691,422 
 1,974      New Work SE   481,490 
 10,721      NORMA Group   460,585 
 56,156      Patrizia Immobilien AG.   1,551,500 
 131,687   *  SAF-Holland SE   1,826,762 
 33,705      Stabilus S.A.   2,532,593 
 25,480      TAG Tegernsee Immobilien und Beteiligungs AG.   774,110 
 108,771      Wacker Construction Equipment AG.   3,570,451 
 1,017      Washtec AG.   66,180 
 8,604      Wuestenrot & Wuerttembergische AG.   179,231 
        TOTAL GERMANY   66,478,255 
              
GREECE - 0.3%     
 344,259   *  Public Power Corp   3,744,834 
 46,000      Sarantis S.A.   464,226 
        TOTAL GREECE   4,209,060 
              
GUERNSEY, C.I. - 0.0%     
 3,546      BMO Commercial Property Trust Ltd   4,969 
        TOTAL GUERNSEY, C.I.   4,969 
              
HONG KONG - 1.4%     
 693,500      ASM Pacific Technology   7,503,952 
 10,468,000   *,e  Beijing Energy International Holding Co Ltd   396,897 
 982,000      BOCOM International Holdings Co Ltd   220,089 
 3,577,000   *  China High Speed Transmission Equipment Group Co Ltd   2,773,097 
 381,200      Dah Sing Banking Group Ltd   364,712 
 1,303,000      Digital China Holdings Ltd   702,449 
 11,192,000   *  Glory Sun Financial Group Ltd   388,386 
 981,000      Hang Lung Group Ltd   2,297,061 
 1,950,500      HKBN Ltd   2,336,938 
 6,974,000      Hutchison Port Holdings Trust   1,502,269 
 478,000      Hutchison Telecommunications Hong Kong Holdings Ltd   76,323 
 2,084,734      K Wah International Holdings Ltd   833,923 
 316,000      Kerry Properties Ltd   893,237 
 94,000      Luk Fook Holdings International Ltd   256,186 
 438,000   *  Skyworth Digital Holdings Ltd   244,319 
 455,000      Stella International Holdings Ltd   542,105 
 142,000      Sun Hung Kai & Co Ltd   73,916 
 631,100   *  Television Broadcasts Ltd   490,752 
        TOTAL HONG KONG   21,896,611 
              
INDIA - 3.3%     
 370,116   *  Adani Power Ltd   496,648 
 96,667   *  Aditya Birla Fashion and Retail Ltd   340,391 
 7,645   *  Affle India Ltd   107,840 
 257,711   *  Alok Industries Ltd   76,043 
 14,585      Astral Polytechnik Ltd   426,394 
91

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 108,709      Castrol India Ltd  $200,975 
 468,646      Central Depository Services India Ltd   8,490,883 
 97,167      Century Textile & Industries Ltd   1,016,413 
 3,777      Coforge Ltd   246,298 
 29,885      Computer Age Management Services Ltd   1,205,046 
 27,356      Coromandel International Ltd   287,502 
 147,447      Crompton Greaves Consumer Electricals Ltd   917,936 
 329,243   *  Crompton Greaves Ltd   645,870 
 8,439      Cummins India Ltd   101,144 
 4,563      Cyient Ltd   65,217 
 18,233      Dalmia Bharat Ltd   491,217 
 14,914      Deepak Nitrite Ltd   445,090 
 181,948   *  Dhani Services Ltd   433,641 
 25,957      Emami Ltd   184,561 
 146,630      Glenmark Pharmaceuticals Ltd   987,848 
 94,575   g  ICICI Securities Ltd   935,496 
 31,634      India Cements Ltd   87,269 
 209,482      Indiabulls Housing Finance Ltd   608,818 
 2,796   g  IndiaMart InterMesh Ltd   267,487 
 257,605      Indian Railway Catering & Tourism Corp Ltd   2,918,446 
 1,066,063   *  Jindal Steel & Power Ltd   5,959,784 
 446,240      JSW Energy Ltd   2,077,711 
 45,181      Kaveri Seed Co Ltd   315,150 
 107,817      KPIT Engineering Ltd   446,521 
 15,051   g  L&T Technology Services Ltd   952,251 
 1,689      Linde India Ltd   52,095 
 6,714   *  Max Financial Services Ltd   87,426 
 63,685      MindTree Ltd   3,831,795 
 36,889      Mphasis Ltd   1,599,955 
 7,300      Multi Commodity Exchange of India Ltd   166,389 
 78,965      Rajesh Exports Ltd   673,825 
 26,348      Rallis India Ltd   93,594 
 4,651      Relaxo Footwears Ltd   82,795 
 30,547      Sonata Software Ltd   341,971 
 5,920      SRF Ltd   167,650 
 38,026      Tanla Platforms Ltd   621,582 
 37,500      Tata Elxsi Ltd   2,945,853 
 3,158,113      Tata Power Co Ltd   9,061,193 
 807,921      Vakrangee Ltd   397,048 
 389,226      Welspun India Ltd   717,039 
 38,784      Zensar Technologies Ltd   239,924 
        TOTAL INDIA   52,816,024 
              
INDONESIA - 0.8%     
 77,741,000      Erajaya Swasembada Tbk PT   3,572,862 
 12,036,400      Golden Agri-Resources Ltd   2,360,634 
 638,800      Indo Tambangraya Megah Tbk PT   973,925 
 1,515,200   *  Indosat Tbk PT   740,318 
 5,846,736      Industri Jamu Dan Farmasi Sido Muncul Tbk PT   348,720 
 27,349,100      Japfa Comfeed Indonesia Tbk PT   3,340,675 
 28,864,000   *  Lippo Karawaci Tbk PT   301,526 
 1,376,900      PT AKR Corporindo Tbk   415,436 
 7,052,400      Puradelta Lestari Tbk PT   111,504 
 1,797,500      XL Axiata Tbk PT   391,411 
          TOTAL INDONESIA   12,557,011 
92

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
                
IRELAND - 0.6%     
 546,213    *   AIB Group plc  $1,478,313 
 371,847        Glanbia plc   6,072,668 
 749,348        Irish Residential Properties REIT plc   1,411,981 
          TOTAL IRELAND   8,962,962 
                
ISRAEL - 2.4%     
 43,597        Ashtrom Group Ltd   1,019,408 
 29,163        Audiocodes Ltd   1,015,273 
 14,887        Elco Holdings Ltd   964,579 
 3,009    *   Electreon Wireless Ltd   160,608 
 17,110    *   Fattal Holdings 1998 Ltd   1,838,750 
 5,422        Formula Systems 1985 Ltd   584,021 
 106,224        Gazit Globe Ltd   860,871 
 201,551        Harel Insurance Investments & Finances Ltd   2,253,388 
 12,096        Ituran Location and Control Ltd   314,617 
 70,249    *   Kornit Digital Ltd   11,751,253 
 2,658        Malam-Team Ltd   89,431 
 118,382        Maytronics Ltd   2,798,340 
 58,635    *   NEOGAMES S.A.   2,178,290 
 7,128,650    *   Oil Refineries Ltd   1,928,889 
 81,289        Reit Ltd   508,294 
 33,852        Saipens International Corp NV   1,171,155 
 69,094        Strauss Group Ltd   2,030,876 
 189,458    *   Tower Semiconductor Ltd (Tel Aviv)   6,203,209 
          TOTAL ISRAEL   37,671,252 
                
ITALY - 1.5%     
 88,506        Banca IFIS S.p.A.   1,636,620 
 202,427        Banca Popolare di Sondrio SCARL   879,650 
 224,047        Buzzi Unicem S.p.A.   5,225,542 
 50,897        Credito Emiliano S.p.A.   386,155 
 70,344    *   Danieli & Co S.p.A. (RSP)   1,519,014 
 143,263        De’Longhi S.p.A.   5,604,437 
 2,261        Reply S.p.A   438,868 
 23,615        Sesa S.p.A   4,632,992 
 182,979        Tamburi Investment Partners S.p.A.   2,065,575 
 25,365        Tinexta S.p.A   1,124,380 
          TOTAL ITALY   23,513,233 
                
JAPAN - 17.0%     
 29,300        Aeon Delight Co Ltd   899,859 
 416,000        Alps Electric Co Ltd   4,064,760 
 38,300        Altech Corp   689,937 
 291,800        Asics Corp   7,272,072 
 12,300        BayCurrent Consulting, Inc   5,104,744 
 84,700        Central Glass Co Ltd   1,577,251 
 42,600        Chugoku Electric Power Co, Inc   353,360 
 1,072,400        Citizen Watch Co Ltd   4,676,800 
 49,500        Computer Engineering & Consulting Ltd   589,332 
 15,929        Daiichi Jitsugyo Co Ltd   740,930 
 46,500        Daiken Corp   1,016,149 
93

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 101,200      Daio Paper Corp  $1,780,771 
 322,700   *  Dena Co Ltd   5,960,971 
 158,200      Fancl Corp   4,796,302 
 1,430,600   *  Fujikura Ltd   7,716,439 
 264,600      Furukawa Electric Co Ltd   5,789,735 
 19,200      Fuyo General Lease Co Ltd   1,247,835 
 111,200      Goldcrest Co Ltd   1,593,272 
 120,000   *  GungHo Online Entertainment Inc   2,251,304 
 42,400      Hanwa Co Ltd   1,273,634 
 975,000      Hitachi Zosen Corp   7,644,902 
 25      Hoshino Resorts REIT, Inc   163,239 
 96,700      Hosiden Corp   1,019,556 
 57,300      Inaba Denki Sangyo Co Ltd   1,374,488 
 62,400      Inabata & Co Ltd   923,752 
 67,500      Itochu Enex Co Ltd   595,581 
 37,200   *  Jafco Co Ltd   2,356,886 
 239,240   e  Japan Investment Adviser Co Ltd   2,616,204 
 48,700      Japan Petroleum Exploration Co   886,228 
 2,500      Japan Pulp & Paper Co Ltd   84,336 
 30,400      Joshin Denki Co Ltd   632,758 
 112,500      Kanto Denka Kogyo Co Ltd   1,034,799 
 168,100      Kawasaki Heavy Industries Ltd   3,411,158 
 137,200      Kinden Corp   2,251,537 
 102,100      Kintetsu World Express, Inc   2,452,098 
 168,500      Kitz Corp   1,127,232 
 598,800      Kobe Steel Ltd   3,518,184 
 83,300      Kohnan Shoji Co Ltd   2,605,069 
 166,600      Komeri Co Ltd   3,847,341 
 134,400      Komori Corp   877,860 
 1,064,100      Konica Minolta Holdings, Inc   5,266,963 
 16,100      Konoike Transport Co Ltd   176,226 
 563,000      K’s Holdings Corp   5,811,687 
 47,000      Kumagai Gumi Co Ltd   1,163,318 
 76,400   e  Kura Corp   2,471,976 
 937,800      Kyushu Electric Power Co, Inc   6,606,222 
 20,300      Maruzen Showa Unyu Co Ltd   619,951 
 156,600      Maxell Holdings Ltd   1,884,408 
 14,900      Maxvalu Tokai Co Ltd   341,371 
 24,300      Milbon Co Ltd   1,454,938 
 31,600      Mimasu Semiconductor Industry Co Ltd   691,412 
 285,600      Mitsubishi Materials Corp   5,544,285 
 1,027,100   *  Mitsubishi Motors Corp   3,287,255 
 16,900      Mitsubishi Research Institute, Inc   631,210 
 101,500      Mitsui Mining & Smelting Co Ltd   2,912,561 
 52,800      Mitsui-Soko Co Ltd   1,059,026 
 84,500      Mizuno Corp   1,966,587 
 2,543      Mori Hills REIT Investment Corp   3,447,901 
 22,800      Musashino Bank Ltd   358,137 
 54,000      Nichiha Corp   1,552,324 
 159,900      Nihon Kohden Corp   5,087,897 
 54,000      Nihon Unisys Ltd   1,517,226 
 530,600      Nikon Corp   5,850,264 
 302,600      Nippon Electric Glass Co Ltd   7,726,268 
 86,500      Nippon Konpo Unyu Soko Co Ltd   1,689,978 
94

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 18,000      Nippon Steel Trading Co Ltd  $813,956 
 96,400      NOF Corp   4,837,986 
 50,540      Nojima Corp   1,108,394 
 49,600      NOK Corp   575,745 
 287,800      Nomura Co Ltd   2,837,544 
 960,900   *  NTN Corp   2,083,740 
 14,300   e  OBIC Business Consultants Ltd   705,922 
 1,841,800      Onward Kashiyama Co Ltd   5,447,273 
 22,300      Organo Corp   1,416,676 
 18,700      Paramount Bed Holdings Co Ltd   348,925 
 118,200   e  Pharma Foods International Co Ltd   2,678,973 
 25,100   e  Pressance Corp   416,007 
 88,800      Prima Meat Packers Ltd   2,087,106 
 56,300      Proto Corp   695,361 
 552,900      Rengo Co Ltd   4,192,710 
 12,800      Riken Keiki Co Ltd   355,176 
 30,000      Riken Vitamin Co Ltd   492,616 
 35,600      Riso Kagaku Corp   751,344 
 600      Rorze Corp   57,509 
 77,500      Ryobi Ltd   812,463 
 191,700      Sankyo Co Ltd   4,652,926 
 355,400      Sanwa Shutter Corp   4,145,262 
 112,600      Sanyo Special Steel Co Ltd   1,856,895 
 96,200      Sato Corp   2,217,379 
 65,600      SBS Holdings, Inc   2,333,942 
 31,500      Seria Co Ltd   1,039,931 
 22,100      Shiga Bank Ltd   357,609 
 277,700      Shikoku Electric Power Co, Inc   1,808,600 
 41,600      Shima Seiki Manufacturing Ltd   799,909 
 16,200      Shinko Electric Co Ltd   186,674 
 28,800   e  Shinwa Kaiun Kaisha Ltd   906,987 
 25,600      Shizuoka Gas Co Ltd   270,039 
 17,500      Showa Denko KK   438,901 
 13,500      Sinko Industries Ltd   245,044 
 991,400      Sky Perfect Jsat Corp   3,718,020 
 55,100      Starts Corp, Inc   1,324,094 
 63,300      Sumitomo Bakelite Co Ltd   2,844,871 
 88,100      Sun Frontier Fudousan Co Ltd   826,744 
 39,400      Taikisha Ltd   1,125,287 
 233,200      Takara Bio, Inc   6,085,789 
 96,400      Takara Leben Co Ltd   262,702 
 12,600      Takasago International Corp   328,380 
 44,700      Takasago Thermal Engineering Co Ltd   817,730 
 82,800      Takeuchi Manufacturing Co Ltd   2,125,836 
 77,600      Tamron Co Ltd   1,824,163 
 21,700      Toda Corp   136,702 
 183,400      Toho Pharmaceutical Co Ltd   2,969,240 
 119,000      Tokuyama Corp   2,037,798 
 50,600      Tokyo Seimitsu Co Ltd   2,060,231 
 68,400      Toppan Forms Co Ltd   657,587 
 221,500      Tosei Corp   2,129,233 
 27,200   *  Trans Cosmos, Inc/Japan   820,137 
 336,900      UBE Industries Ltd   6,276,903 
 38,600      Uchida Yoko Co Ltd   1,632,945 
95

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
                
 174,200        Wacoal Holdings Corp  $3,488,575 
 7,000        WDB Holdings Co Ltd   220,642 
 63,300        World Co Ltd   776,937 
 366,600        Yamaguchi Financial Group, Inc   2,046,552 
 13,200        Yokogawa Bridge Holdings Corp   266,062 
          TOTAL JAPAN   268,716,740 
                
KOREA, REPUBLIC OF - 5.5%     
 142,996        Daewoong Co Ltd   3,874,605 
 11,313        Daewoong Pharmaceutical Co Ltd   1,359,814 
 138,705        Daishin Securities Co Ltd   2,477,375 
 28,439        Daishin Securities Co Ltd PF   461,580 
 89,643        Dongbu HiTek Co Ltd   4,430,892 
 148,271        Dongwon Development Co Ltd   682,696 
 91,708        DoubleUGames Co Ltd   5,040,855 
 112,461    *   Eubiologics Co Ltd   4,605,475 
 15,608        Hanwha Corp   449,305 
 2,177,187        Hanwha Life Insurance Co Ltd   6,487,450 
 71,457        Hyosung Corp   6,326,600 
 119,002    *   Hyundai Construction Equipment Co Ltd   4,118,955 
 53,103        Ilyang Pharmaceutical Co Ltd   1,355,837 
 216,008        JB Financial Group Co Ltd   1,642,091 
 25,727        Kolon Industries, Inc   1,968,513 
 20,684    *   KONA I Co Ltd   612,415 
 70,956        LG Hausys Ltd   4,230,909 
 227,015        LG International Corp   5,291,633 
 126,361    *   Lock & Lock Co Ltd   1,135,825 
 7,990        Lotte Chilsung Beverage Co Ltd   997,663 
 426        Lotte Confectionery Co Ltd   46,969 
 105,177        LOTTE Reit Co Ltd   509,641 
 97,173        LS Cable Ltd   5,209,896 
 42,732        LS Industrial Systems Co Ltd   2,162,699 
 24,311        MegaStudyEdu Co Ltd   1,600,481 
 3,440        Meritz Fire & Marine Insurance Co Ltd   81,768 
 10,799    *   OCI Co Ltd   1,196,458 
 21,541        Osstem Implant Co Ltd   2,283,376 
 191,793        Samsung Techwin Co Ltd   7,407,913 
 228,861        Seah Besteel Corp   4,246,199 
 5,880        Shinyoung Securities Co Ltd   316,302 
 539,040        SK Networks Co Ltd   2,348,105 
 46,591        Ubiquoss Holdings, Inc   663,447 
 15,578        Unid Co Ltd   1,557,790 
 2,526        Value Added Technologies Co Ltd   87,741 
          TOTAL KOREA, REPUBLIC OF   87,269,273 
                
LUXEMBOURG - 0.3%     
 495,869        SES S.A.   4,453,502 
          TOTAL LUXEMBOURG   4,453,502 
                
MALAYSIA - 0.7%     
 3,754,900        Frontken Corp BHD   3,464,722 
 81,600        Genting Plantations BHD   143,849 
 391,200    *   Greatech Technology Bhd   680,291 
 687,000        IJM Corp BHD   307,601 
96

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 596,800      IOI Properties Group BHD  $184,473 
 624,900      Leong Hup International BHD   98,762 
 1,780,509   g  Lotte Chemical Titan Holding BHD   1,170,233 
 256,800      Malaysian Pacific Industries BHD   2,961,872 
 1,780,600      Malaysian Resources Corp BHD   176,510 
 15,344,300   *  Sapurakencana Petroleum BHD   371,532 
 90,800      ViTrox Corp BHD   431,323 
 2,886,500      YTL Corp BHD   439,144 
        TOTAL MALAYSIA   10,430,312 
              
MALTA - 0.3%     
 119,840   *  Kambi Group plc   3,263,856 
 80,963      Kindred Group plc   1,137,714 
        TOTAL MALTA   4,401,570 
              
MEXICO - 0.2%     
 172,300      Bolsa Mexicana de Valores S.A. de C.V.   330,072 
 255,200      Corp Inmobiliaria Vesta SAB de C.V.   444,257 
 108,800      Grupo Cementos de Chihuahua SAB de C.V.   809,341 
 644,600      Grupo Comercial Chedraui S.a. DE C.V.   1,271,166 
 600,500   g  Macquarie Mexico Real Estate Management SA de CV   716,353 
 226,700      PLA Administradora Industrial S de RL de C.V.   317,565 
 37,000      ProLogis Property Mexico S.A. de C.V.   85,168 
        TOTAL MEXICO   3,973,922 
              
NETHERLANDS - 2.2%     
 31,070      AMG Advanced Metallurgical Group NV   916,413 
 22,544      ASM International NV   10,203,067 
 1,354   *  Brack Capital Properties NV   158,049 
 89,761      Brunel International NV   1,233,364 
 606,446   *  Fugro NV   5,139,945 
 21,345   *,g  Intertrust NV   322,747 
 160,469   *  Meltwater Holding BV   744,609 
 311,107   *  OCI NV   8,819,418 
 161,716   g  Signify NV   7,836,173 
        TOTAL NETHERLANDS   35,373,785 
              
NEW ZEALAND - 0.0%     
 363,437      Kiwi Property Group Ltd   304,768 
        TOTAL NEW ZEALAND   304,768 
              
NORWAY - 0.4%     
 6,928   g  Europris ASA   51,302 
 196,172   g  Fjordkraft Holding ASA   1,167,972 
 263,623   *  LINK Mobility Group Holding ASA   850,206 
 118,000   g  Sbanken ASA   1,382,829 
 25,849      Sparebank Oestlandet   425,926 
 146,187      Sparebanken Nord-Norge   1,772,617 
        TOTAL NORWAY   5,650,852 
              
PERU - 0.1%     
 57,721      Intercorp Financial Services, Inc   1,657,747 
        TOTAL PERU   1,657,747 
97

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
           
PHILIPPINES - 0.0%    
 315,600      Semirara Mining & Power Corp  $162,777 
        TOTAL PHILIPPINES   162,777 
              
POLAND - 0.4%      
 87,801      Asseco Poland S.A.   2,162,211 
 53,459      Bank Handlowy w Warszawie S.A.   775,871 
 53,582      Ciech S.A.   476,774 
 611,880   *  Enea S.A.   1,553,333 
 56,239   *  Grupa Azoty S.A.   420,067 
 63,721      Warsaw Stock Exchange   702,645 
        TOTAL POLAND   6,090,901 
              
PORTUGAL - 0.0%      
 14,127      Corticeira Amorim SGPS S.A.   196,705 
        TOTAL PORTUGAL   196,705 
              
RUSSIA - 0.1%      
 134,625      Sistema PJSFC (GDR)   1,017,765 
        TOTAL RUSSIA   1,017,765 
              
SAUDI ARABIA - 0.0%      
 50,694      Saudi Ceramic Co   735,834 
        TOTAL SAUDI ARABIA   735,834 
              
SINGAPORE - 0.7%      
 6,636,700      Frasers Logistics & Industrial Trust   7,473,141 
 789,600      Olam International Ltd   995,377 
 425,000      Overseas Union Enterprise Ltd   435,358 
 1,152,600      Raffles Medical Group Ltd   1,172,361 
 1,765,800      Sasseur Real Estate Investment Trust   1,113,037 
        TOTAL SINGAPORE   11,189,274 
              
SOUTH AFRICA - 0.8%      
 128,057      DataTec Ltd   348,751 
 374,827   *  Distell Group Holdings Ltd   4,492,036 
 2,706,810   *  Life Healthcare Group Holdings Pte Ltd   4,309,631 
 312,016   *,e  Massmart Holdings Ltd   1,279,521 
 659,398      Transaction Capital Ltd   1,902,865 
        TOTAL SOUTH AFRICA   12,332,804 
              
SPAIN - 1.2%      
 530,047      Acerinox S.A.   7,379,485 
 36,221   g  Befesa S.A.   2,694,829 
 358,377   g  ContourGlobal plc   975,444 
 19,151      Corp Financiera Alba   1,091,366 
 3,756,129   *  Distribuidora Internacional de Alimentacion S.A.   68,605 
 417,925      Faes Farma S.A. (Sigma)   1,704,452 
 13,303      Laboratorios Farmaceuticos Rovi S.A   931,923 
 49,478      Viscofan S.A.   3,383,176 
        TOTAL SPAIN   18,229,280 
98

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
               
SWEDEN - 6.6%      
 196,062   g  AcadeMedia AB  $1,406,212 
 77,672      AF AB   2,311,288 
 38,141   g  Ambea AB   265,139 
 486,103      Arjo AB   6,629,112 
 54,035      Beijer Alma AB   1,355,909 
 259,760      Betsson AB   1,813,130 
 46,452   *,g  BioArctic AB   638,255 
 28,394      Biotage AB   917,813 
 250,995      Bonava AB   2,479,632 
 48,840   *,g  Boozt AB   822,766 
 31,469      Bure Equity AB   1,460,707 
 99,495      Clas Ohlson AB (B Shares)   1,071,235 
 630,815      Cloetta AB   2,003,833 
 401,447   *  Collector AB   1,977,477 
 524,774   *,e  Embracer Group AB   4,894,382 
 140,562      Fagerhult AB   1,127,704 
 125,445   *,e  Fingerprint Cards AB   300,466 
 257,049      Getinge AB (B Shares)   11,503,416 
 26,165      Investment AB Oresund   455,176 
 130,442      Inwido AB   2,391,496 
 669,421   g  LeoVegas AB   2,533,350 
 271,931      Lifco AB   7,929,042 
 223,363      Lindab International AB   7,317,994 
 63,299      MIPS AB   7,643,347 
 210,405      NCC AB (B Shares)   3,645,552 
 183,176      Nobia AB   1,128,990 
 231,207   g  Nobina AB   2,214,614 
 43,638   e  Paradox Interactive AB   640,241 
 622,014      Samhallsbyggnadsbolaget i - D   2,262,659 
 1,373,019      Samhallsbyggnadsbolaget i Norden AB   9,208,884 
 203,238   *  Storytel AB   4,007,252 
 104,091      SwedenCare AB   1,709,634 
 95,741   g  Thule Group AB   5,531,965 
 99,212      Wihlborgs Fastigheter AB   2,352,142 
        TOTAL SWEDEN   103,950,814 
              
SWITZERLAND - 3.2%      
 2,067,279   *  Aryzta AG.   2,703,207 
 11,257      Bachem Holding AG.   9,061,419 
 3,098      Coltene Holding AG.   391,141 
 29,640      DKSH Holding AG.   2,375,785 
 14,628      EFG International   102,595 
 492      Emmi AG.   512,903 
 239      LEM Holding S.A.   579,489 
 557,510      OC Oerlikon Corp AG.   5,676,399 
 64,923      PSP Swiss Property AG.   8,115,764 
 7,915   *  Rieter Holding AG.   1,642,977 
 16,075      Tecan Group AG.   9,849,187 
 14,821   g  VAT Group AG.   7,084,892 
 26,201      Vetropack Holding AG.   1,612,707 
 4,873   *  V-ZUG Holding AG.   684,434 
        TOTAL SWITZERLAND   50,392,899 
99

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
                
TAIWAN - 4.5%     
 210,000        Chang Wah Technology Co Ltd  $787,951 
 1,791,000        China Bills Finance Corp   1,073,377 
 3,933,000        ChipMOS Technologies, Inc   6,540,017 
 115,000        Clevo Co   142,560 
 100,000        eMemory Technology, Inc   8,306,549 
 4,479,000        Evergreen International Storage & Transport Corp   4,373,958 
 1,513,000        Faraday Technology Corp   10,981,084 
 1,613,000    *   Forhouse Corp   646,982 
 83,000        Formosa Sumco Technology Corp   471,851 
 1,785,000        King Yuan Electronics Co Ltd   2,561,278 
 1,510,000        King’s Town Bank   2,254,703 
 564,000        KMC Kuei Meng International In   4,109,245 
 1,169,500        Lien Hwa Industrial Corp   2,348,365 
 1,295,000        Marketech International Corp   5,447,489 
 5,178,806    *   Mercuries Life Insurance Co Lt   1,707,990 
 1,568,000        Paiho Shih Holdings Corp   2,117,422 
 323,000        Prince Housing & Development Corp   154,104 
 884,000    *   Ritek Corp   311,296 
 607,100        Ruentex Industries Ltd   2,369,073 
 1,065,000        Sigurd Microelectronics Corp   2,251,094 
 49,000        Simplo Technology Co Ltd   527,894 
 399,000        Systex Corp   1,238,841 
 334,000        Taiwan Secom Co Ltd   1,207,874 
 309,000        Topco Scientific Co Ltd   1,535,661 
 2,821,000        TPK Holding Co Ltd   4,315,078 
 988,183    *   Union Bank Of Taiwan   419,490 
 2,069,160    *   United Renewable Energy Co Ltd/Taiwan   1,782,494 
 874,575        Waterland Financial Holdings   500,279 
 343,000        Yeun Chyang Industrial Co Ltd   389,038 
          TOTAL TAIWAN   70,873,037 
                
THAILAND - 0.1%     
 762,900        SC Asset Corp PCL   82,308 
 897,100        Supalai PCL   632,821 
 409,200        TQM Corp PCL   1,295,488 
          TOTAL THAILAND   2,010,617 
                
TURKEY - 1.0%     
 1,742,985        Anadolu Efes Biracilik Ve Malt Sanayii AS   4,024,783 
 4,686,788        Haci Omer Sabanci Holding AS   5,456,231 
 1,343,509        Sok Marketler Ticaret AS.   1,551,170 
 566,611        Tofas Turk Otomobil Fabrik   3,465,439 
 86,376        Turk Traktor ve Ziraat Makineleri AS   1,486,378 
          TOTAL TURKEY   15,984,001 
                
UNITED ARAB EMIRATES - 0.1%     
 3,261,882        Dana Gas PJSC   918,470 
          TOTAL UNITED ARAB EMIRATES   918,470 
                
UNITED KINGDOM - 12.5%     
 1,086,893        888 Holdings plc   5,694,028 
 692,532        AJ Bell plc   3,885,837 
 1,050,614        Alliance Pharma plc   1,478,077 
100

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY  VALUE 
              
 267,352      Big Yellow Group plc  $5,411,436 
 559,105      Brewin Dolphin Holdings plc   2,880,841 
 11,065,069   *  Centrica plc   9,134,065 
 14,506      Clipper Logistics plc   142,434 
 165,982   g  CMC Markets plc   570,277 
 2,160,420      Coats Group plc   1,904,079 
 72,762      Computacenter plc   2,675,080 
 93,722   *  CVS Group plc   3,194,095 
 168,870      Derwent London plc   7,811,214 
 139,380      Diploma plc   5,728,117 
 971,988      Dixons Carphone plc   1,616,176 
 1,306,419   *  Dr. Martens PLC   6,593,778 
 311,039   *  Draper Esprit plc   4,104,453 
 16,072      Dunelm Group plc   281,320 
 17,960      EMIS Group plc   331,649 
 718,555   *  Empiric Student Property plc   870,290 
 44,261   *  Ergomed plc   869,229 
 285,936   *,e  Firstgroup plc   394,448 
 346,346   *  Frasers Group plc   3,052,896 
 116,507   *,g  Funding Circle Holdings plc   250,330 
 446,205      Grainger plc   1,876,667 
 499,536      Halfords Group plc   1,821,218 
 17,501      Helical Bar plc   110,308 
 591,421      HomeServe plc   6,920,281 
 84,399   *  Hotel Chocolat Group Ltd   609,863 
 350,339      Hunting plc   812,200 
 603,872      IG Group Holdings plc   6,557,718 
 299,948      Intermediate Capital Group plc   8,996,928 
 3,324,327      IP Group plc   5,486,709 
 107,655      Kainos Group plc   2,917,160 
 20,292      Keller Group plc   254,657 
 2,139,896      LondonMetric Property plc   7,653,430 
 1,777,818      LXI REIT plc   3,567,125 
 2,671,568      Man Group plc   8,507,922 
 252,802      Ninety One plc   902,296 
 69,540      Numis Corp plc   320,720 
 17,419      Pets at Home Group plc   114,998 
 264,319      PZ Cussons plc   776,533 
 1,119,316      QinetiQ plc   4,130,212 
 84,874      Rathbone Brothers   2,281,954 
 1,022,713      Rightmove plc   9,667,261 
 1,455,856      Rotork plc   7,037,760 
 452,049      Safestore Holdings plc   7,436,197 
 358,660      Serco Group plc   619,554 
 1,387,374      Spirent Communications plc   5,468,232 
 421,155      Sthree plc   3,394,831 
 720,457      Subsea 7 S.A.   6,467,183 
 55,049   *  Team17 Group plc   534,895 
 3,142,593      Tritax Big Box REIT plc   9,671,122 
 553,648      Unite Group plc   8,266,400 
 95,621      Vesuvius plc   616,541 
 593,237      Warehouse REIT plc   1,331,475 
 439,817      Watkin Jones plc   1,453,617 
 73,344      Weir Group plc   1,739,775 
        TOTAL UNITED KINGDOM   197,197,891 
101

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

 

SHARES      COMPANY   RATE      VALUE 
                        
UNITED STATES - 2.7%               
 296,162   *  Carnival plc            $5,978,223 
 3,049,459      Diversified Gas & Oil plc             4,817,265 
 21,394   *  Fiverr International Ltd             3,644,468 
 84,769      iShares Core MSCI Emerging Markets ETF             5,292,129 
 38,991      iShares MSCI Canada Index Fund             1,527,667 
 202,217   e  iShares MSCI EAFE Small-Cap ETF             15,419,046 
 70,000      Parade Technologies Ltd             4,509,366 
 344,800   *,e,g  Razer, Inc             86,600 
 31,164   *  Taro Pharmaceutical Industries Ltd             1,731,783 
        TOTAL UNITED STATES             43,006,547 
                        
        TOTAL COMMON STOCKS             1,577,585,707 
        (Cost $1,416,333,455)               
                        
SHORT-TERM INVESTMENTS - 0.7%               
                
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%               
 10,388,990   c  State Street Navigator Securities Lending
Government Money Market Portfolio		    0.030%       10,388,990 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   10,388,990 
                        
        TOTAL SHORT-TERM INVESTMENTS             10,388,990 
        (Cost $10,388,990)               
        TOTAL INVESTMENTS - 100.6%             1,587,974,697 
        (Cost $1,426,722,445)               
        OTHER ASSETS & LIABILITIES, NET - (0.6)%             (8,901,618)
        NET ASSETS - 100.0%            $1,579,073,079 
       
     
    Abbreviation(s):
    ADR      American Depositary Receipt
  ETF        Exchange Traded Fund
    GDR       Global Depositary Receipt
  REIT      Real Estate Investment Trust

 

*   Non-income producing
†   Security is categorized as Level 3 in the fair value hierarchy.
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $16,662,092.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $64,536,285 or 4.1% of net assets.
102

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

TIAA-CREF FUNDS
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2021

 

SHARES      COMPANY  VALUE 
      
COMMON STOCKS - 98.9%     
              
AUSTRALIA - 6.7%     
 74,309      APA Group  $461,061 
 10,912      Aurizon Holdings Ltd   27,820 
 211,357      AusNet Services   393,050 
 287,274      Australia & New Zealand Banking Group Ltd   6,113,325 
 8,834      Australian Stock Exchange Ltd   555,551 
 81,848      BlueScope Steel Ltd   1,278,965 
 40,091      Brambles Ltd   304,158 
 4,415      Cochlear Ltd   738,462 
 29,991      Coles Group Ltd   388,653 
 113,549      Commonwealth Bank of Australia   9,000,143 
 33,257      Computershare Ltd   473,226 
 33,670      CSL Ltd   7,661,282 
 39,866      Dexus Property Group   327,012 
 123,256      Evolution Mining Ltd   334,633 
 288,111      Fortescue Metals Group Ltd   3,002,127 
 114,345      Goodman Group   1,893,197 
 84,960      GPT Group   331,688 
 71,463      Insurance Australia Group Ltd   258,944 
 63,533      Lend Lease Corp Ltd   503,322 
 33,263      Macquarie Group Ltd   4,908,148 
 190,339      Mirvac Group   406,215 
 120,833      Newcrest Mining Ltd   2,263,908 
 22,517      Northern Star Resources Ltd   155,881 
 2,654      Orica Ltd   30,466 
 461,549      Origin Energy Ltd   1,767,723 
 83,107      QBE Insurance Group Ltd   744,093 
 24,861      Ramsay Health Care Ltd   1,328,723 
 72,273      Seek Ltd   1,796,192 
 192,404      Stockland Trust Group   663,205 
 136,134   *  Sydney Airport   844,226 
 340,797      Transurban Group   3,472,433 
 186,464      Vicinity Centres   243,519 
 72,928      Wesfarmers Ltd   3,155,282 
 325,276      Westpac Banking Corp   6,328,286 
 44,903      Wisetech Global Ltd   1,750,041 
 41,323      Woodside Petroleum Ltd   722,391 
        TOTAL AUSTRALIA   64,627,351 
              
AUSTRIA - 0.8%     
 31,796      Erste Bank der Oesterreichischen Sparkassen AG.   1,363,594 
 84,431      Mondi plc   2,108,559 
 48,800      OMV AG.   2,954,514 
 29,644      Voestalpine AG.   1,125,911 
        TOTAL AUSTRIA   7,552,578 
103

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
            
BELGIUM - 1.0%     
 43,395      KBC Groep NV  $4,041,071 
 3,149      Solvay S.A.   374,328 
 23,024      UCB S.A.   2,751,959 
 44,277      Umicore S.A.   2,538,687 
        TOTAL BELGIUM   9,706,045 
              
CHILE - 0.3%     
 130,668      Antofagasta plc   2,548,710 
        TOTAL CHILE   2,548,710 
              
CHINA - 1.1%     
 1,094,017      BOC Hong Kong Holdings Ltd   3,466,769 
 81,270      Prosus NV   7,158,504 
        TOTAL CHINA   10,625,273 
              
DENMARK - 2.6%     
 14,349      Ambu A.S.   408,472 
 3,923      Chr Hansen Holding A/S   312,133 
 8,437      Coloplast AS   1,377,914 
 5,622   *  Genmab AS   2,525,692 
 14,973      GN Store Nord   909,867 
 115,352      Novo Nordisk AS   12,648,907 
 3,950      Novozymes AS   290,557 
 21,837   g  Orsted AS   3,084,312 
 4,056      Pandora AS   567,579 
 1,728      Tryg A.S.   41,011 
 75,977      Vestas Wind Systems A.S.   3,284,456 
        TOTAL DENMARK   25,450,900 
              
FINLAND - 0.8%     
 3,543      Elisa Oyj (Series A)   213,821 
 26,369      Kesko Oyj (B Shares)   858,165 
 70,045      Neste Oil Oyj   3,899,532 
 12,657      Orion Oyj (Class B)   548,094 
 37,810      Stora Enso Oyj (R Shares)   629,140 
 25,253      UPM-Kymmene Oyj   891,202 
 50,005      Wartsila Oyj (B Shares)   693,481 
        TOTAL FINLAND   7,733,435 
              
FRANCE - 10.1%     
 18,445   *  Accor S.A.   660,080 
 28,090      Air Liquide   4,689,841 
 14,375   g  Amundi S.A.   1,280,771 
 32,802      Atos Origin S.A.   1,711,368 
 206,629      AXA S.A.   6,011,454 
 103,231      BNP Paribas S.A.   6,909,995 
 48,149      Bouygues S.A.   1,950,772 
 21,702      Cap Gemini S.A.   5,060,100 
 64,656      Carrefour S.A.   1,170,523 
 56,879      CNP Assurances   1,425,112 
 78,190      Danone   5,096,873 
 18,353      Eiffage S.A.   1,888,986 
104

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
            
 29,579      Essilor International S.A.  $6,119,815 
 10,754      Eurazeo   1,008,013 
 14,148      Fonciere Des Regions   1,225,413 
 3,308      Gecina S.A.   462,917 
 3,020      Hermes International   4,795,503 
 6,235      Kering   4,679,583 
 53,077      Klepierre   1,263,565 
 18,096      Legrand S.A.   1,974,093 
 20,345      L’Oreal S.A.   9,306,916 
 26,986      Michelin (C.G.D.E.) (Class B)   4,242,670 
 156,960      Orange S. A.   1,711,641 
 2,332      SEB S.A.   365,399 
 129,420      Societe Generale   4,323,136 
 2,659      Teleperformance   1,110,695 
 191,516      Total S.A.   9,590,154 
 30,833   *  Unibail-Rodamco-Westfield   2,201,621 
 76,090      Valeo S.A.   2,235,681 
 60,583   *  Vivendi SE   1,758,903 
 60,583      Vivendi Universal S.A.   780,464 
 5,026      Wendel   669,511 
        TOTAL FRANCE   97,681,568 
              
GERMANY - 8.2%     
 15,858      Adidas-Salomon AG.   5,190,343 
 34,692      Allianz AG.   8,055,841 
 73,369      BASF SE   5,280,634 
 49,012      Bayerische Motoren Werke AG.   4,951,976 
 12,246      Beiersdorf AG.   1,302,159 
 9,703      Brenntag AG.   923,126 
 13,541      Deutsche Boerse AG.   2,247,902 
 94,087      Deutsche Post AG.   5,824,642 
 31,570      HeidelbergCement AG.   2,377,376 
 27,629   *  HelloFresh SE   2,239,023 
 34,434      Henkel KGaA   2,875,662 
 34,682      Henkel KGaA (Preference)   3,107,074 
 3,912      LEG Immobilien AG.   581,883 
 18,427      Merck KGaA   4,354,756 
 15,983      MTU Aero Engines Holding AG.   3,560,013 
 12,007      Muenchener Rueckver AG.   3,555,108 
 5,666      Puma AG. Rudolf Dassler Sport   702,866 
 77,422      SAP AG.   11,211,564 
 59,333      Siemens AG.   9,646,471 
 253,860      Telefonica Deutschland Holding AG.   661,411 
 12,853   *,g  Zalando SE   1,214,359 
        TOTAL GERMANY   79,864,189 
              
HONG KONG - 2.6%     
 366,500      CLP Holdings Ltd   3,588,372 
 194,981      Hang Seng Bank Ltd   3,705,210 
 355,000      Hong Kong Electric Holdings Ltd   2,169,512 
 111,038      Hong Kong Exchanges and Clearing Ltd   6,689,119 
 429,230      Link REIT   3,802,737 
 512,231      MTR Corp   2,794,278 
 164,968      Swire Pacific Ltd (Class A)   1,037,086 
105

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
            
 387,600      Swire Properties Ltd  $1,039,142 
        TOTAL HONG KONG   24,825,456 
              
IRELAND - 0.9%     
 101,529      CRH plc   4,858,550 
 26,244      Kerry Group plc (Class A)   3,522,249 
        TOTAL IRELAND   8,380,799 
              
ISRAEL - 0.3%     
 356,641      Bank Hapoalim Ltd   3,512,543 
        TOTAL ISRAEL   3,512,543 
              
ITALY - 2.3%     
 39,107      Amplifon S.p.A.   1,990,087 
 152,145   e  Assicurazioni Generali S.p.A.   3,312,986 
 779,248      Enel S.p.A.   6,523,695 
 334,509      ENI S.p.A.   4,794,330 
 1,880,464      Intesa Sanpaolo S.p.A.   5,344,610 
        TOTAL ITALY   21,965,708 
              
JAPAN - 23.1%     
 52,900      Aeon Co Ltd   1,216,945 
 60,200      Ajinomoto Co, Inc   1,802,429 
 22,714   *  All Nippon Airways Co Ltd   529,260 
 137,300      Asahi Kasei Corp   1,442,384 
 164,600      Astellas Pharma, Inc   2,774,953 
 3,900      Azbil Corp   166,268 
 20,800      Capcom Co Ltd   559,840 
 18,781      Central Japan Railway Co   2,785,984 
 115,865      Chugai Pharmaceutical Co Ltd   4,332,118 
 8,427      Dai Nippon Printing Co Ltd   208,779 
 6,800      Daifuku Co Ltd   626,004 
 167,500      Daiichi Sankyo Co Ltd   4,226,421 
 16,475      Daikin Industries Ltd   3,608,268 
 52,149      Daiwa House Industry Co Ltd   1,720,405 
 64,159      Denso Corp   4,651,216 
 34,332      East Japan Railway Co   2,138,419 
 34,148      Eisai Co Ltd   2,419,595 
 367,300      ENEOS Holdings, Inc   1,481,045 
 2,800      Fast Retailing Co Ltd   1,858,689 
 34,000      Fujifilm Holdings Corp   2,627,431 
 25,672      Fujitsu Ltd   4,436,883 
 10,616      Hankyu Hanshin Holdings, Inc   329,155 
 61,711      Hino Motors Ltd   583,766 
 23,400   *  Hitachi Construction Machinery Co Ltd   746,599 
 24,563   *  Hitachi Metals Ltd   464,994 
 600      Hoshizaki Electric Co Ltd   50,455 
 70,141      Hulic Co Ltd   674,440 
 32,400      Ibiden Co Ltd   1,946,784 
 178,250      Inpex Holdings, Inc   1,486,484 
 30      Japan Retail Fund Investment Corp   27,556 
 50,600      Kajima Corp   623,025 
 2,900      Kansai Paint Co Ltd   67,152 
 31,900      Kao Corp   1,804,520 
106

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
            
 170,796      KDDI Corp  $5,222,939 
 1,500      Keio Corp   75,717 
 1,100      Keisei Electric Railway Co Ltd   35,399 
 14,846      Keyence Corp   8,961,264 
 24,200      Kikkoman Corp   1,979,320 
 3,165   *  Kintetsu Corp   99,628 
 3,200      Kobayashi Pharmaceutical Co Ltd   256,211 
 25,600   e  Kobe Bussan Co Ltd   881,835 
 104,100      Komatsu Ltd   2,726,514 
 4,700      Kose Corp   545,791 
 109,572      Kubota Corp   2,334,212 
 40,100      Kyowa Hakko Kogyo Co Ltd   1,318,811 
 3,200      Lawson, Inc   154,751 
 12,000      Lion Corp   199,853 
 12,800      LIXIL Group Corp   328,830 
 15,100      MEIJI Holdings Co Ltd   952,942 
 114,879      Mitsubishi Chemical Holdings Corp   950,902 
 149,179      Mitsubishi Corp   4,743,588 
 174,226      Mitsubishi Estate Co Ltd   2,647,710 
 3,900      Mitsui Chemicals, Inc   115,962 
 126,000      Mitsui Fudosan Co Ltd   2,880,843 
 4,500      Miura Co Ltd   173,094 
 17,600      MS&AD Insurance Group Holdings Inc   568,609 
 60,500      Murata Manufacturing Co Ltd   4,487,802 
 4,500      Nabtesco Corp   146,041 
 46,701      NEC Corp   2,391,185 
 5,600      NGK Insulators Ltd   93,246 
 12,404      Nintendo Co Ltd   5,478,313 
 4,000      Nippon Express Co Ltd   250,378 
 172,000      Nippon Paint Co Ltd   1,840,371 
 176,254      Nippon Steel Corp   3,090,219 
 171,100      Nippon Telegraph & Telephone Corp   4,794,039 
 39,100      Nippon Yusen Kabushiki Kaisha   2,817,440 
 5,313      Nissin Food Products Co Ltd   406,125 
 17,700      Nitto Denko Corp   1,383,080 
 424,300      Nomura Holdings, Inc   2,020,735 
 21,100      Nomura Real Estate Holdings, Inc   514,405 
 166      Nomura Real Estate Master Fund, Inc   248,579 
 64,800      Nomura Research Institute Ltd   2,594,207 
 48,485      Obayashi Corp   409,322 
 2,121      Odakyu Electric Railway Co Ltd   45,982 
 14,600      Omron Corp   1,396,266 
 71,200      Ono Pharmaceutical Co Ltd   1,493,899 
 13,082      Oriental Land Co Ltd   2,066,167 
 72,000      ORIX Corp   1,431,093 
 92,900      Osaka Gas Co Ltd   1,497,360 
 8,000      Otsuka Corp   394,052 
 292,906      Panasonic Corp   3,622,082 
 70,429      Recruit Holdings Co Ltd   4,684,867 
 288,800      Resona Holdings, Inc   1,084,906 
 52,100      Santen Pharmaceutical Co Ltd   734,347 
 11,001      Secom Co Ltd   749,965 
 6,224      Sekisui Chemical Co Ltd   102,252 
 17,563      Sekisui House Ltd   365,148 
107

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
            
 74,200      SG Holdings Co Ltd  $1,863,242 
 14,000      Shimadzu Corp   568,781 
 13,068      Shimizu Corp   95,747 
 26,100      Shin-Etsu Chemical Co Ltd   4,654,492 
 28,100      Shionogi & Co Ltd   1,832,127 
 33,600      Shiseido Co Ltd   2,242,025 
 258,900      Softbank Corp   3,533,901 
 400      Sohgo Security Services Co Ltd   17,113 
 25,600      Sompo Holdings, Inc   1,110,191 
 94,415      Sony Corp   10,932,906 
 43,114      Stanley Electric Co Ltd   1,086,696 
 20,100      Sumisho Computer Systems Corp   406,765 
 360,500      Sumitomo Chemical Co Ltd   1,775,936 
 48,708      Sumitomo Dainippon Pharma Co Ltd   688,807 
 81,871      Sumitomo Metal Mining Co Ltd   3,175,963 
 79,200      Sumitomo Mitsui Trust Holdings, Inc   2,605,192 
 33,900      Suntory Beverage & Food Ltd   1,315,402 
 14,500      Sysmex Corp   1,797,867 
 77,600      T&D Holdings, Inc   995,271 
 7,200      Taisei Corp   225,930 
 78,900      TDK Corp   2,868,251 
 2,200      Toho Gas Co Ltd   65,169 
 30,126      Tokio Marine Holdings, Inc   1,586,736 
 12,000      Tokyo Century Corp   687,070 
 14,700      Tokyo Electron Ltd   6,850,684 
 38,100      Tokyo Gas Co Ltd   661,147 
 8,300      Tokyu Corp   117,015 
 60,400      Toray Industries, Inc   376,384 
 5,724      Toto Ltd   276,551 
 6,000      Toyo Suisan Kaisha Ltd   258,535 
 743,975   *  Toyota Motor Corp   13,126,810 
 54,700      Uni-Charm Corp   2,212,221 
 10,100      Welcia Holdings Co Ltd   377,047 
 4,200      West Japan Railway Co   198,264 
 18,800      Yakult Honsha Co Ltd   949,930 
 13,800      Yamada Denki Co Ltd   52,734 
 2,470      Yamaha Corp   156,050 
 85,600      Yamaha Motor Co Ltd   2,385,997 
 16,486      Yaskawa Electric Corp   714,043 
 34,098      Yokogawa Electric Corp   681,354 
 554,200      Z Holdings Corp   3,440,484 
        TOTAL JAPAN   224,173,694 
              
NETHERLANDS - 3.3%     
 534,554      Aegon NV   2,711,412 
 10,289      Akzo Nobel NV   1,182,381 
 26,721      ASML Holding NV   21,721,490 
 10,464      DSM NV   2,286,156 
 117,774      Koninklijke KPN NV   351,901 
 4,972      Koninklijke Vopak NV   197,875 
 40,340      NN Group NV   2,156,446 
 6,780      Randstad Holdings NV   487,125 
 10,753      Wolters Kluwer NV   1,126,037 
        TOTAL NETHERLANDS   32,220,823 
108

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
              
NEW ZEALAND - 0.9%     
 137,246   *,e  a2 Milk Co Ltd  $646,490 
 41,348   *  Auckland International Airport Ltd   237,002 
 72,699      Fisher & Paykel Healthcare Corp   1,628,712 
 178,448      Mercury NZ Ltd   784,788 
 176,761      Meridian Energy Ltd   633,210 
 79,890      Ryman Healthcare Ltd   826,799 
 48,013      Telecom Corp of New Zealand Ltd   157,179 
 31,531   *  Xero Ltd   3,595,253 
        TOTAL NEW ZEALAND   8,509,433 
              
NORWAY - 1.1%     
 152,242   e  Equinor ASA   3,857,558 
 35,027      Mowi ASA   1,015,684 
 422,389      Norsk Hydro ASA   3,102,644 
 118,885      Orkla ASA   1,156,324 
 77,234      Telenor ASA   1,220,336 
        TOTAL NORWAY   10,352,546 
              
PORTUGAL - 0.3%     
 207,136      Energias de Portugal S.A.   1,168,794 
 166,096      Galp Energia SGPS S.A.   1,725,396 
 6,447      Jeronimo Martins SGPS S.A.   146,073 
        TOTAL PORTUGAL   3,040,263 
              
RUSSIA - 0.2%     
 66,454      Coca-Cola HBC AG.   2,303,308 
        TOTAL RUSSIA   2,303,308 
              
SAUDI ARABIA - 0.3%     
 21,662   *,g  Delivery Hero AG.   2,701,793 
        TOTAL SAUDI ARABIA   2,701,793 
              
SINGAPORE - 1.3%     
 604,508   *  Capitaland Investment Ltd   1,542,089 
 170,968      CapitaMall Trust   272,259 
 49,700      City Developments Ltd   269,794 
 173,191      DBS Group Holdings Ltd   4,047,102 
 135,800      Keppel Corp Ltd   541,922 
 192,200      Oversea-Chinese Banking Corp   1,680,179 
 357,395   *  Singapore Airlines Ltd   1,376,703 
 36,200      Singapore Exchange Ltd   259,797 
 367,500      Singapore Technologies Engineering Ltd   1,043,636 
 814,525      Singapore Telecommunications Ltd   1,511,136 
 74,300      UOL Group Ltd   398,503 
        TOTAL SINGAPORE   12,943,120 
              
SPAIN - 2.8%     
 64,041   *  Amadeus IT Holding S.A.   4,284,207 
 772,609      Banco Bilbao Vizcaya Argentaria S.A.   5,406,815 
 1,089,750      CaixaBank S.A.   3,132,665 
 485,105      Iberdrola S.A.   5,728,381 
109

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
            
 62,525   e  Industria De Diseno Textil S.A.  $2,264,920 
 78,263   e  Naturgy Energy Group S.A.   2,056,429 
 10,991      Red Electrica Corp S.A.   228,852 
 286,878      Repsol YPF S.A.   3,674,486 
        TOTAL SPAIN   26,776,755 
              
SWEDEN - 3.9%     
 90,027      Assa Abloy AB   2,641,631 
 74,005      Atlas Copco AB (A Shares)   4,765,824 
 67,394      Atlas Copco AB (B Shares)   3,652,338 
 88,878      Boliden AB   3,133,323 
 10,733      Electrolux AB   243,580 
 66,096      Essity AB   2,140,960 
 96,857   e  Hennes & Mauritz AB (B Shares)   1,822,154 
 9,086      Husqvarna AB (B Shares)   129,484 
 2,585      ICA Gruppen AB   133,645 
 1,939   e  Industrivarden AB   63,964 
 68,163   *  Kinnevik AB   2,675,453 
 15,109      Lundin Petroleum AB   596,706 
 129,308      Sandvik AB   3,279,084 
 227,162      Skandinaviska Enskilda Banken AB (Class A)   3,552,320 
 19,911      Skanska AB (B Shares)   506,255 
 47,299      SKF AB (B Shares)   1,098,528 
 39,997      Svenska Cellulosa AB (B Shares)   624,955 
 141,319   e  Svenska Handelsbanken AB   1,619,846 
 33,046      Tele2 AB (B Shares)   467,051 
 72,073   e  TeliaSonera AB   283,884 
 197,020      Volvo AB (B Shares)   4,594,339 
        TOTAL SWEDEN   38,025,324 
              
SWITZERLAND - 9.1%     
 29,361      Adecco S.A.   1,479,208 
 1,182      Barry Callebaut AG.   2,737,339 
 16,853      Clariant AG.   354,798 
 560      Givaudan S.A.   2,638,684 
 9,706      Kuehne & Nagel International AG.   3,056,909 
 7,481      Lonza Group AG.   6,147,889 
 180,753      Nestle S.A.   23,842,618 
 45,871      Roche Holding AG.   17,770,148 
 411      SGS S.A.   1,216,773 
 14,398      Sika AG.   4,877,749 
 9,770      Sonova Holdings AG   4,048,410 
 4,513      Swiss Life Holding   2,475,680 
 3,616      Swisscom AG.   1,969,000 
 363,064      UBS Group AG   6,608,737 
 16,154      Vifor Pharma AG.   2,085,898 
 14,697      Zurich Insurance Group AG   6,514,012 
        TOTAL SWITZERLAND   87,823,852 
              
UNITED KINGDOM - 13.0%     
 207,829      3i Group plc   3,881,211 
 58,891      Ashtead Group plc   4,935,662 
 118,047      Associated British Foods plc   2,886,941 
 89,229      AstraZeneca plc   11,162,664 
110

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

SHARES      COMPANY  VALUE 
            
 38,045      AstraZeneca plc (ADR)  $2,373,247 
 723,888      Aviva plc   3,906,039 
 250,567      Barratt Developments plc   2,274,666 
 13,058      Berkeley Group Holdings plc   778,891 
 239,677      British Land Co plc   1,618,293 
 1,662,450   *  BT Group plc   3,158,371 
 29,665      Burberry Group plc   784,018 
 208,865      CNH Industrial NV   3,597,817 
 63,482      Coca-Cola European Partners plc (Class A)   3,342,327 
 235,644   *  Compass Group plc   5,000,516 
 23,245      Croda International plc   3,008,613 
 7,785      DCC plc   649,583 
 419,284      GlaxoSmithKline plc   8,704,684 
 415,163   *  Informa plc   2,953,444 
 50,052   *  InterContinental Hotels Group plc   3,505,998 
 22,639      Intertek Group plc   1,516,087 
 341,344      J Sainsbury plc   1,398,097 
 116,607      JD Sports Fashion plc   1,738,014 
 16,714      Johnson Matthey plc   624,694 
 190,476      Kingfisher plc   874,207 
 1,042,363      Legal & General Group plc   4,110,853 
 42,846      London Stock Exchange Group plc   4,170,790 
 177,474      National Grid plc   2,272,299 
 8,732      Next plc   951,696 
 108,300   *  Ocado Ltd   2,672,908 
 11,272      Pearson plc   92,753 
 29,730      Persimmon plc   1,107,689 
 139,559      RELX plc   4,327,359 
 28,103      Schroders plc   1,392,049 
 160,232      Scottish & Southern Energy plc   3,608,359 
 150,231      Segro plc   2,655,264 
 77,415      St. James’s Place plc   1,672,383 
 557,946      Standard Chartered plc   3,773,389 
 722,599      Standard Life Aberdeen plc   2,511,824 
 352,705      Taylor Wimpey plc   746,257 
 1,182,104      Tesco plc   4,364,643 
 2,743,370      Vodafone Group plc   4,043,319 
 58,769      Vodafone Group plc (ADR)   878,597 
 66,922   *  Whitbread plc   2,993,942 
 205,946      WPP plc   2,976,902 
        TOTAL UNITED KINGDOM   125,997,359 
              
UNITED STATES - 1.9%     
 30,926      Ferguson plc   4,653,232 
 46,600      Schneider Electric S.A.   8,034,682 
 47,617      Swiss Re Ltd   4,612,921 
 84,867      Tenaris S.A.   945,103 
        TOTAL UNITED STATES   18,245,938 
              
        TOTAL COMMON STOCKS   957,588,763 
        (Cost $791,938,643)     
111

TIAA-CREF FUNDS – Social Choice International Equity Fund

 

PRINCIPAL      ISSUER  RATE  MATURITY DATE  VALUE 
                      
SHORT-TERM INVESTMENTS - 1.3%             
                      
GOVERNMENT AGENCY DEBT - 0.5%             
$4,580,000      Federal Home Loan Bank (FHLB)   0.000%  11/29/21  $4,579,858 
        TOTAL GOVERNMENT AGENCY DEBT           4,579,858 
                      
SHARES      COMPANY          
                  
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%     
 8,109,841   c  State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030       8,109,841 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   8,109,841 
                      
        TOTAL SHORT-TERM INVESTMENTS           12,689,699 
        (Cost $12,689,734)             
        TOTAL INVESTMENTS - 100.2%
(Cost $804,628,377)		           970,278,462 
        OTHER ASSETS & LIABILITIES, NET - (0.2)%           (1,819,454)
        NET ASSETS - 100.0%          $968,459,008 
       
       
    Abbreviation(s):  
    ADR      American Depositary Receipt
    REIT      Real Estate Investment Trust
     
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $15,913,782.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $8,281,235 or 0.9% of net assets.
       

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description  Number of long
(short)
contracts		   Expiration date  Notional amount   Value   Unrealized
appreciation (depreciation)		 
MSCI EAFE Index   35   12/17/21  $4,090,669   $4,094,300   $3,631 
112

TIAA-CREF FUNDS – Equity Index Fund

 

TIAA-CREF FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2021

 

SHARES       COMPANY  VALUE 
               
COMMON STOCKS - 99.8%    
                
AUTOMOBILES & COMPONENTS - 2.5%        
 53,135   *  Adient plc  $2,211,479 
 90,168   *  American Axle & Manufacturing Holdings, Inc   818,725 
 202,140   *  Aptiv plc   34,947,985 
 20,855   *,e  Arcimoto, Inc   243,586 
 183,571      BorgWarner, Inc   8,273,545 
 60,149   *,e  Canoo, Inc   482,395 
 16,640   *  Cooper-Standard Holding, Inc   431,642 
 101,506      Dana Inc   2,252,418 
 20,723   *  Dorman Products, Inc   2,163,067 
 119,971   *  Fisker, Inc   1,925,535 
 2,896,228   *  Ford Motor Co   49,467,574 
 32,192   *  Fox Factory Holding Corp   5,181,302 
 1,029,130   *  General Motors Co   56,015,546 
 183,429      Gentex Corp   6,491,552 
 26,007   *  Gentherm, Inc   1,914,895 
 172,233   *  Goodyear Tire & Rubber Co   3,293,095 
 119,535      Harley-Davidson, Inc   4,361,832 
 18,753      LCI Industries, Inc   2,618,669 
 45,981      Lear Corp   7,901,835 
 46,103   *,e  Lordstown Motors Corp   238,353 
 37,350   *  Modine Manufacturing Co   410,850 
 12,250   *  Motorcar Parts of America, Inc   231,770 
 17,563      Patrick Industries, Inc   1,368,333 
 153,520   *,e  QuantumScape Corp   4,442,869 
 16,474      Standard Motor Products, Inc   789,105 
 20,436   *  Stoneridge, Inc   387,875 
 53,400   *  Tenneco, Inc   708,618 
 595,669   *  Tesla, Inc   663,575,266 
 40,432      Thor Industries, Inc   4,122,447 
 22,062   *  Visteon Corp   2,496,977 
 24,358      Winnebago Industries, Inc   1,648,793 
 93,443   *,e  Workhorse Group, Inc   628,871 
 29,312   *,e  XL Fleet Corp   160,630 
 13,289   *  XPEL, Inc   1,008,635 
        TOTAL AUTOMOBILES & COMPONENTS   873,216,069 
              
BANKS - 4.6%        
 12,677      1st Source Corp   612,046 
 15,176      Allegiance Bancshares, Inc   594,444 
 479      Amalgamated Financial Corp   8,794 
 14,015   *  Amerant Bancorp Inc   372,098 
 4,767      American National Bankshares, Inc   176,856 
 50,096      Ameris Bancorp   2,624,529 
 7,200      Arrow Financial Corp   258,120 
 73,957      Associated Banc-Corp   1,647,762 
113

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 16,582   *  Atlantic Capital Bancshares, Inc  $456,171 
 60,073      Atlantic Union Bankshares Corp   2,154,818 
 46,076   *  Axos Financial, Inc   2,442,028 
 42,478      Banc of California, Inc   863,578 
 15,213      Bancfirst Corp   988,997 
 4,227   e  Bank First Corp   300,075 
 5,525,179      Bank of America Corp   263,993,053 
 31,540      Bank of Hawaii Corp   2,665,130 
 6,797      Bank of Marin Bancorp   259,034 
 41,122      Bank of NT Butterfield & Son Ltd   1,476,280 
 73,655      Bank OZK   3,290,169 
 73,410      BankUnited   2,977,510 
 27,864      Banner Corp   1,609,425 
 13,280      Bar Harbor Bankshares   394,416 
 38,325      Berkshire Hills Bancorp, Inc   1,040,524 
 13,256      Blue Ridge Bankshares, Inc   243,248 
 25,187      BOK Financial Corp   2,548,169 
 16,126   *  Bridgewater Bancshares, Inc   291,719 
 61,942      Brookline Bancorp, Inc   994,169 
 14,829      Bryn Mawr Bank Corp   687,176 
 6,258      Business First Bancshares, Inc   166,963 
 19,202      Byline Bancorp, Inc   494,643 
 147,992   *  Cadence BanCorp   4,294,731 
 5,146      Cambridge Bancorp   472,454 
 11,481      Camden National Corp   546,496 
 197      Capital Bancorp, Inc   5,014 
 4,674      Capital City Bank Group, Inc   125,590 
 109,579      Capitol Federal Financial   1,329,193 
 21,751      Capstar Financial Holdings, Inc   477,869 
 16,499   *  Carter Bankshares, Inc   247,155 
 57,028      Cathay General Bancorp   2,406,011 
 11,400      CBTX, Inc   310,080 
 16,564      Central Pacific Financial Corp   455,344 
 1,697      Century Bancorp, Inc   195,409 
 66,160      CIT Group, Inc   3,276,905 
 1,499,132      Citigroup, Inc   103,679,969 
 5,365      Citizens & Northern Corp   136,861 
 312,252      Citizens Financial Group, Inc   14,794,500 
 13,730      City Holding Co   1,092,633 
 5,944      Civista Bancshares, Inc   143,013 
 8,140      CNB Financial Corp   208,954 
 7,192   *  Coastal Financial Corp   273,656 
 54,751      Columbia Banking System, Inc   1,868,652 
 38,006   *  Columbia Financial, Inc   707,672 
 101,169      Comerica, Inc   8,608,470 
 82,807      Commerce Bancshares, Inc   5,838,722 
 41,516      Community Bank System, Inc   2,975,452 
 14,544      Community Trust Bancorp, Inc   635,282 
 28,022      ConnectOne Bancorp, Inc   945,182 
 33,310   *  CrossFirst Bankshares, Inc   474,001 
 43,840      Cullen/Frost Bankers, Inc   5,677,280 
 20,084     Customers Bancorp, Inc   1,070,276 
 100,642      CVB Financial Corp   2,014,853 
 29,954      Dime Community Bancshares, Inc   1,068,759 
 23,669      Eagle Bancorp, Inc   1,339,429 
 107,673      East West Bancorp, Inc   8,557,850 
114

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 128,785      Eastern Bankshares, Inc  $2,674,864 
 5,411      Enterprise Bancorp, Inc   201,019 
 25,938      Enterprise Financial Services Corp   1,219,605 
 11,532      Equity Bancshares, Inc   385,861 
 70,591      Essent Group Ltd   3,388,368 
 12,212      Farmers National Banc Corp   217,618 
 27,818      FB Financial Corp   1,260,990 
 6,843      Federal Agricultural Mortgage Corp (FAMC)   862,834 
 111   e  Fidelity D&D Bancorp, Inc   5,615 
 517,120      Fifth Third Bancorp   22,510,234 
 25,552   *,e  Finance Of America Cos, Inc   122,394 
 9,067      Financial Institutions, Inc   289,419 
 21,092      First Bancorp    1,021,275 
 163,833      First Bancorp   2,236,320 
 7,861      First Bancorp, Inc   233,236 
 15,263      First Bancshares, Inc   614,336 
 607      First Bank   9,129 
 39,833      First Busey Corp   1,015,343 
 4,602      First Citizens Bancshares, Inc (Class A)   3,745,568 
 70,866      First Commonwealth Financial Corp   1,084,250 
 14,507      First Community Bancshares, Inc   470,317 
 76,443      First Financial Bancorp   1,817,814 
 102,380      First Financial Bankshares, Inc   5,192,714 
 9,059      First Financial Corp   388,178 
 29,791      First Foundation, Inc   792,738 
 106,676      First Hawaiian, Inc   2,943,191 
 419,165      First Horizon National Corp   7,113,230 
 3,000      First Internet Bancorp   102,120 
 34,924      First Interstate Bancsystem, Inc   1,451,791 
 44,053      First Merchants Corp   1,831,724 
 12,500      First Mid-Illinois Bancshares, Inc   538,500 
 87,600      First Midwest Bancorp, Inc   1,686,300 
 12,953      First of Long Island Corp   260,744 
 130,817      First Republic Bank   28,299,642 
 4,042      Five Star Bancorp   110,832 
 39,546      Flagstar Bancorp, Inc   1,866,176 
 22,952      Flushing Financial Corp   551,307 
 160,974      FNB Corp   1,875,347 
 272      FS Bancorp, Inc   9,373 
 61,906      Fulton Financial Corp   996,687 
 20,011      German American Bancorp, Inc   788,834 
 85,641      Glacier Bancorp, Inc   4,735,091 
 10,717      Great Southern Bancorp, Inc   604,760 
 47,035      Great Western Bancorp, Inc   1,601,542 
 5,229      Guaranty Bancshares, Inc   196,297 
 65,791      Hancock Whitney Corp   3,255,339 
 30,069      Hanmi Financial Corp   667,231 
 40,940      HarborOne Northeast Bancorp, Inc   588,308 
 7,463      HBT Financial, Inc   134,558 
 31,669      Heartland Financial USA, Inc   1,587,250 
 57,544      Heritage Commerce Corp   689,953 
 29,249      Heritage Financial Corp   726,545 
 48,488      Hilltop Holdings, Inc   1,718,415 
 693      Hingham Institution for Savings   250,339 
 2,987      Home Bancorp, Inc   124,707 
 123,387      Home Bancshares, Inc   2,931,675 
115

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 15,661      HomeStreet, Inc  $738,573 
 8,504      HomeTrust Bancshares, Inc   258,522 
 102,627      Hope Bancorp, Inc   1,497,328 
 39,049      Horizon Bancorp   744,664 
 4,974   *  Howard Bancorp, Inc   103,011 
 1,088,994      Huntington Bancshares, Inc   17,140,766 
 24,732      Independent Bank Corp    2,089,854 
 16,543      Independent Bank Corp   372,714 
 28,509      Independent Bank Group, Inc   2,060,916 
 44,473      International Bancshares Corp   1,885,655 
 115,647      Investors Bancorp, Inc   1,769,399 
 2,219,738      JPMorgan Chase & Co   377,111,289 
 64,314      Kearny Financial Corp   863,094 
 710,052      Keycorp   16,522,910 
 45,504      Lakeland Bancorp, Inc   818,162 
 20,428      Lakeland Financial Corp   1,468,160 
 23,838      Live Oak Bancshares, Inc   2,125,873 
 650      Luther Burbank Corp   9,431 
 98,908      M&T Bank Corp   14,551,345 
 13,130      Macatawa Bank Corp   110,292 
 9,212      Mercantile Bank Corp   316,616 
 9,590      Merchants Bancorp   426,084 
 33,412      Meridian Bancorp, Inc   775,158 
 23,658      Meta Financial Group, Inc   1,311,599 
 14,419      Metrocity Bankshares, Inc   338,846 
 5,914   *  Metropolitan Bank Holding Corp   537,346 
 252,629      MGIC Investment Corp   4,082,485 
 234      Mid Penn Bancorp, Inc   6,557 
 16,628      Midland States Bancorp, Inc   426,674 
 6,127      MidWestOne Financial Group, Inc   192,081 
 44,500   *  Mr Cooper Group, Inc   1,950,880 
 7,598      MVB Financial Corp   324,359 
 22,010      National Bank Holdings Corp   954,574 
 35,972      NBT Bancorp, Inc   1,319,813 
 292,350      New York Community Bancorp, Inc   3,633,910 
 7,504   *  Nicolet Bankshares, Inc   539,463 
 62,520   *  NMI Holdings, Inc   1,517,986 
 33,801      Northfield Bancorp, Inc   593,207 
 3,437      Northrim BanCorp, Inc   152,671 
 90,595      Northwest Bancshares, Inc   1,250,211 
 53,843      OceanFirst Financial Corp   1,193,699 
 8,630   *  Ocwen Financial Corp   271,068 
 39,594      OFG Bancorp   1,025,485 
 67,974      Old National Bancorp   1,160,996 
 15,788      Old Second Bancorp, Inc   213,769 
 16,599      Origin Bancorp, Inc   740,315 
 3,740      Orrstown Financial Services, Inc   88,675 
 70,166      Pacific Premier Bancorp, Inc   2,946,270 
 91,391      PacWest Bancorp   4,338,331 
 11,966      Park National Corp   1,538,708 
 10,634      PCSB Financial Corp   203,216 
 10,600      Peapack Gladstone Financial Corp   355,630 
 24,449      PennyMac Financial Services, Inc   1,517,305 
 11,440      Peoples Bancorp, Inc   365,622 
 8,413      Peoples Financial Services Corp   385,147 
 330,257      People’s United Financial, Inc   5,660,605 
116

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 58,710      Pinnacle Financial Partners, Inc  $5,669,625 
 398   *  Pioneer Bancorp, Inc   5,039 
 317,204      PNC Financial Services Group, Inc   66,939,560 
 61,128      Popular, Inc   4,978,264 
 12,596      Preferred Bank   863,708 
 29,544      Premier Financial Corp   941,863 
 5,879      Primis Financial Corp   89,067 
 69,992      Prosperity Bancshares, Inc   5,271,097 
 5,101      Provident Bancorp Inc   91,920 
 60,407      Provident Financial Services, Inc   1,495,677 
 10,985      QCR Holdings, Inc   605,713 
 114,199      Radian Group, Inc   2,725,930 
 8,732      RBB Bancorp   224,150 
 4,675      Red River Bancshares Inc   244,876 
 685,957      Regions Financial Corp   16,243,462 
 15,134      Reliant Bancorp Inc   512,740 
 44,579      Renasant Corp   1,667,700 
 4,277      Republic Bancorp, Inc (Class A)   231,043 
 30,260   *  Republic First Bancorp, Inc   93,806 
 102,918   e  Rocket Cos, Inc   1,696,089 
 34,231      S&T Bancorp, Inc   1,046,099 
 35,885      Sandy Spring Bancorp, Inc   1,703,102 
 40,441      Seacoast Banking Corp of Florida   1,473,266 
 36,996      ServisFirst Bancshares, Inc   2,971,149 
 5,427      Sierra Bancorp   135,458 
 43,446      Signature Bank   12,939,088 
 18,170   *  Silvergate Capital Corp   2,845,785 
 84,685      Simmons First National Corp (Class A)   2,531,235 
 16,613      SmartFinancial, Inc   431,772 
 366      South Plains Financial Inc   9,538 
 54,315      South State Corp   4,241,458 
 2,839   *  Southern First Bancshares, Inc   152,937 
 5,867      Southern Missouri Bancorp, Inc   319,165 
 25,174      Southside Bancshares, Inc   1,040,190 
 9,690      Spirit of Texas Bancshares, Inc   235,758 
 153,369      Sterling Bancorp   3,903,241 
 18,105      Stock Yards Bancorp, Inc   1,108,931 
 6,059      Summit Financial Group, Inc   152,263 
 41,795   *  SVB Financial Group   29,983,733 
 114,400      Synovus Financial Corp   5,329,896 
 40,076   *  Texas Capital Bancshares, Inc   2,428,606 
 41,223      TFS Financial Corp   802,200 
 45,247   *  The Bancorp, Inc   1,382,296 
 11,508      Tompkins Financial Corp   944,922 
 51,695      Towne Bank   1,629,426 
 20,605      Trico Bancshares   903,117 
 22,213   *  Tristate Capital Holdings, Inc   667,501 
 18,271   *  Triumph Bancorp, Inc   2,143,188 
 1,003,688      Truist Financial Corp   63,704,077 
 14,297      TrustCo Bank Corp NY   479,807 
 47,111      Trustmark Corp   1,498,601 
 34,522      UMB Financial Corp   3,411,464 
 124,608      Umpqua Holdings Corp   2,548,234 
 97,981      United Bankshares, Inc   3,624,317 
 65,884      United Community Banks, Inc   2,295,399 
 22,856      Univest Financial Corp   655,967 
117

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 1,005,225      US Bancorp  $60,685,433 
 33,084   e  UWM Holdings Corp   224,971 
 317,795      Valley National Bancorp   4,213,962 
 35,703      Veritex Holdings, Inc   1,462,038 
 22,487      Walker & Dunlop, Inc   2,924,884 
 54,015      Washington Federal, Inc   1,909,970 
 12,787      Washington Trust Bancorp, Inc   698,937 
 20,122      Waterstone Financial, Inc   415,922 
 68,394      Webster Financial Corp   3,827,328 
 3,095,875      Wells Fargo & Co   158,384,965 
 53,314      WesBanco, Inc   1,853,728 
 8,649      West Bancorporation, Inc   274,173 
 21,091      Westamerica Bancorporation   1,176,034 
 76,581      Western Alliance Bancorp   8,890,288 
 43,106      Wintrust Financial Corp   3,814,881 
 35,314      WSFS Financial Corp   1,829,618 
 123,398      Zions Bancorporation   7,772,840 
        TOTAL BANKS   1,612,405,314 
              
CAPITAL GOODS - 5.8%        
 432,333      3M Co   77,249,260 
 98,759      A.O. Smith Corp   7,216,320 
 28,938      Aaon, Inc   2,073,408 
 24,480   *  AAR Corp   865,858 
 26,386      Acuity Brands, Inc   5,420,476 
 44,333      Advanced Drainage Systems, Inc   5,000,762 
 13,104   *,e  Advent Technologies Holdings, Inc   125,667 
 105,448   *  Aecom Technology Corp   7,209,480 
 55,516      Aerojet Rocketdyne Holdings, Inc   2,443,259 
 16,966   *  Aerovironment, Inc   1,511,840 
 48,114      AGCO Corp   5,880,012 
 41,752   *,e  AgEagle Aerial Systems, Inc   119,828 
 66,404      Air Lease Corp   2,659,480 
 7,721      Alamo Group, Inc   1,167,415 
 24,539      Albany International Corp (Class A)   1,979,070 
 69,267      Allegion plc   8,886,956 
 6,418      Allied Motion Technologies, Inc   225,593 
 54,353      Allison Transmission Holdings, Inc   1,813,216 
 13,325   *  Alta Equipment Group, Inc   192,280 
 49,939      Altra Industrial Motion Corp   2,604,319 
 23,361   *  Ameresco, Inc   1,918,639 
 20,904   *  American Superconductor Corp   384,216 
 13,260   *  American Woodmark Corp   911,492 
 170,716      Ametek, Inc   22,602,798 
 141,347   *  API Group Corp   3,078,538 
 18,861      Apogee Enterprises, Inc   790,842 
 30,483      Applied Industrial Technologies, Inc   2,971,483 
 37,664      Arcosa, Inc   1,948,359 
 11,927      Argan, Inc   492,108 
 36,407      Armstrong World Industries, Inc   3,846,400 
 94,689   *  Array Technologies, Inc   2,021,610 
 18,121      Astec Industries, Inc   967,299 
 18,079   *  Astronics Corp   233,219 
 35,759   *  Atkore International Group, Inc   3,380,298 
 48,411   *  Axon Enterprise, Inc   8,712,044 
 83,574   *  AZEK Co, Inc   3,066,330 
118

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 18,636      AZZ, Inc  $990,131 
 42,265   *  Babcock & Wilcox Enterprises, Inc   288,670 
 36,600      Barnes Group, Inc   1,535,004 
 44,573   *  Beacon Roofing Supply, Inc   2,356,575 
 477   *  Beam Global   15,025 
 23,884   *,e  Blink Charging Co   759,511 
 105,185   *  Bloom Energy Corp   3,288,083 
 11,902   *  Blue Bird Corp   233,398 
 6,753   *  BlueLinx Holdings, Inc   321,645 
 401,390   *  Boeing Co   83,099,772 
 28,213      Boise Cascade Co   1,597,420 
 154,455   *  Builders FirstSource, Inc   9,000,093 
 73,318      BWX Technologies, Inc   4,160,063 
 8,047   *,e  Byrna Technologies, Inc   135,592 
 13,838      Caesarstone Sdot-Yam Ltd   172,698 
 12,590      CAI International, Inc   704,159 
 35,527      Carlisle Cos, Inc   7,919,679 
 649,958      Carrier Global Corp   33,947,306 
 411,058      Caterpillar, Inc   83,859,943 
 55,734   *,e  ChargePoint Holdings, Inc   1,381,089 
 27,074   *  Chart Industries, Inc   4,806,176 
 13,580   *  CIRCOR International, Inc   387,573 
 93,795   *  Colfax Corp   4,841,698 
 20,834      Columbus McKinnon Corp   984,823 
 27,515      Comfort Systems USA, Inc   2,516,797 
 24,290   *  Commercial Vehicle Group, Inc   243,872 
 917   *  Concrete Pumping Holdings Inc   7,886 
 20,442   *  Construction Partners Inc   727,940 
 25,583   *  Core & Main, Inc   699,951 
 44,812   *  Cornerstone Building Brands, Inc   641,260 
 37,358      Crane Co   3,858,334 
 10,578      CSW Industrials, Inc   1,466,322 
 107,781      Cummins, Inc   25,850,195 
 30,809      Curtiss-Wright Corp   3,933,693 
 20,124   *,e  Custom Truck One Source, Inc   182,122 
 211,299      Deere & Co   72,329,761 
 111,973   *,e  Desktop Metal, Inc   782,691 
 80,762      Donaldson Co, Inc   4,846,528 
 17,667      Douglas Dynamics, Inc   747,314 
 109,427      Dover Corp   18,501,917 
 7,712   *  Ducommun, Inc   373,184 
 13,025   *  DXP Enterprises, Inc   429,304 
 23,965   *  Dycom Industries, Inc   1,903,300 
 299,026      Eaton Corp   49,267,524 
 40,967      EMCOR Group, Inc   4,977,081 
 448,506      Emerson Electric Co   43,509,567 
 16,665      Encore Wire Corp   2,234,110 
 32,188   *  Energy Recovery, Inc   654,060 
 45,604      Enerpac Tool Group Corp   952,668 
 34,599      EnerSys   2,769,304 
 14,980      EnPro Industries, Inc   1,343,107 
 31,985   *,e  Eos Energy Enterprises, Inc   337,442 
 19,986      ESCO Technologies, Inc   1,690,016 
 2,079   *  EVI Industries, Inc   65,488 
 87,235   *  Evoqua Water Technologies Corp   3,649,040 
 425,708      Fastenal Co   24,299,413 
119

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 47,719      Federal Signal Corp  $2,042,850 
 101,738      Flowserve Corp   3,420,432 
 107,431   *  Fluor Corp   2,088,459 
 247,920      Fortive Corp   18,770,023 
 105,739      Fortune Brands Home & Security, Inc   10,721,935 
 34,335      Franklin Electric Co, Inc   2,965,857 
 14,638   *  FTC Solar, Inc   139,647 
 242,039   *,e  FuelCell Energy, Inc   1,933,892 
 72,324   *  Gates Industrial Corp plc   1,189,007 
 27,787      GATX Corp   2,635,597 
 44,961   *  Generac Holdings, Inc   22,415,756 
 183,292      General Dynamics Corp   37,162,453 
 819,803      General Electric Co   85,972,741 
 26,326   *  Gibraltar Industries, Inc   1,715,402 
 11,337      Global Industrial Co   460,055 
 31,553   *  GMS, Inc   1,562,820 
 14,216      Gorman-Rupp Co   604,464 
 117,678      Graco, Inc   8,847,032 
 132,539      GrafTech International Ltd   1,418,167 
 34,531      Granite Construction, Inc   1,281,791 
 48,861   *  Great Lakes Dredge & Dock Corp   743,664 
 25,927      Greenbrier Cos, Inc   1,063,526 
 33,330      Griffon Corp   882,912 
 22,964      H&E Equipment Services, Inc   1,035,217 
 33,432      HEICO Corp   4,660,086 
 58,714      HEICO Corp (Class A)   7,379,176 
 24,756      Helios Technologies, Inc   2,254,034 
 16,279      Herc Holdings, Inc   2,963,429 
 64,289   *  Hexcel Corp   3,647,758 
 55,966      Hillenbrand, Inc   2,544,214 
 516,967      Honeywell International, Inc   113,019,326 
 297,033      Howmet Aerospace, Inc   8,818,910 
 42,592      Hubbell, Inc   8,491,567 
 25,235      Huntington Ingalls   5,115,892 
 22,835   *  Hydrofarm Holdings Group, Inc   752,870 
 88,714   *,e  Hyliion Holdings Corp   717,696 
 7,398      Hyster-Yale Materials Handling, Inc   355,400 
 338,713   *,e  Ideanomics Inc   670,652 
 56,675      IDEX Corp   12,614,155 
 9,052   *  IES Holdings, Inc   451,242 
 235,633      Illinois Tool Works, Inc   53,693,692 
 20,511   *,e  Infrastructure and Energy Alternatives, Inc   227,057 
 306,147   *  Ingersoll Rand, Inc   16,458,463 
 54,670   *,e  INNOVATE Corp   215,946 
 16,162      Insteel Industries, Inc   657,309 
 66,576      ITT, Inc   6,262,804 
 63,195   *  JELD-WEN Holding, Inc   1,732,175 
 23,637      John Bean Technologies Corp   3,492,367 
 532,310      Johnson Controls International plc   39,055,585 
 8,541      Kadant, Inc   1,897,127 
 23,713      Kaman Corp   848,688 
 65,544      Kennametal, Inc   2,605,374 
 92,618   *  Kratos Defense & Security Solutions, Inc   1,981,099 
 150,962      L3Harris Technologies, Inc   34,802,779 
 2,093   *  Lawson Products, Inc   106,115 
 26,217      Lennox International, Inc   7,846,224 
120

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 36,795      Lincoln Electric Holdings, Inc  $5,239,608 
 8,690      Lindsay Corp   1,265,872 
 186,501      Lockheed Martin Corp   61,978,012 
 19,704      Luxfer Holdings plc   396,247 
 26,764   *  Manitowoc Co, Inc   573,553 
 191,510      Masco Corp   12,553,481 
 17,983   *  Masonite International Corp   2,158,140 
 43,473   *  Mastec, Inc   3,874,748 
 14,899   *  Matrix Service Co   152,417 
 42,199      Maxar Technologies, Inc   1,120,383 
 214   *  Mayville Engineering Co Inc   3,801 
 18,531      McGrath RentCorp   1,336,826 
 42,663   *  Mercury Systems, Inc   2,198,851 
 55,725   *  Meritor, Inc   1,356,347 
 38,773   *  Middleby Corp   7,073,746 
 12,956      Miller Industries, Inc   468,230 
 21,755      Moog, Inc (Class A)   1,643,155 
 77,007   *  MRC Global, Inc   639,158 
 34,930      MSC Industrial Direct Co (Class A)   2,936,565 
 19,666      Mueller Industries, Inc   1,035,218 
 127,783      Mueller Water Products, Inc (Class A)   2,096,919 
 12,614   *  MYR Group, Inc   1,288,520 
 3,880      National Presto Industries, Inc   322,622 
 161,312   *,e  Nikola Corp   1,903,482 
 50,241   *  NN, Inc   250,703 
 43,318      Nordson Corp   11,011,869 
 113,431      Northrop Grumman Corp   40,519,822 
 5,310   *  Northwest Pipe Co   126,166 
 82,939   *  NOW, Inc   598,820 
 9,531   *  NV5 Global Inc   992,463 
 132,908      nVent Electric plc   4,711,589 
 2,460      Omega Flex, Inc   356,110 
 52,982      Oshkosh Corp   5,669,074 
 320,430      Otis Worldwide Corp   25,733,733 
 80,311      Owens Corning, Inc   7,501,851 
 250,529      PACCAR, Inc   22,452,409 
 46,943   *  PAE, Inc   465,675 
 17,936      Park Aerospace Corp   234,782 
 96,945      Parker-Hannifin Corp   28,752,918 
 5,098      Park-Ohio Holdings Corp   118,885 
 20,227   *  Parsons Corp   700,663 
 128,574      Pentair plc   9,510,619 
 44,109   *  PGT Innovations, Inc   941,727 
 385,966   *  Plug Power, Inc   14,770,919 
 6,448      Powell Industries, Inc   166,745 
 1,196      Preformed Line Products Co   83,002 
 39,620      Primoris Services Corp   1,067,759 
 21,351   *  Proto Labs, Inc   1,277,003 
 25,421      Quanex Building Products Corp   526,723 
 98,107      Quanta Services, Inc   11,898,417 
 26,881   *  Raven Industries, Inc   1,554,259 
 1,135,491      Raytheon Technologies Corp   100,899,730 
 19,374   *  RBC Bearings, Inc   4,532,160 
 52,282      Regal-Beloit Corp   7,964,117 
 109,515   *  Resideo Technologies, Inc   2,700,640 
 21,327      REV Group, Inc   322,251 
121

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 86,504      Rockwell Automation, Inc  $27,629,378 
 31,903   *,e  Romeo Power, Inc   138,459 
 78,205      Roper Technologies Inc   38,153,873 
 30,831      Rush Enterprises, Inc (Class A)   1,605,678 
 4,548      Rush Enterprises, Inc (Class B)   235,177 
 119,164   *  Sensata Technologies Holding plc   6,565,936 
 77,456   *  Shoals Technologies Group, Inc   2,400,361 
 25,668      Shyft Group, Inc   1,057,778 
 25,556      Simpson Manufacturing Co, Inc   2,711,236 
 32,886   *  SiteOne Landscape Supply, Inc   7,726,895 
 40,946      Snap-On, Inc   8,321,456 
 82,554      Spirit Aerosystems Holdings, Inc (Class A)   3,408,655 
 34,159   *  SPX Corp   1,984,296 
 33,086      SPX FLOW, Inc   2,471,855 
 8,839      Standex International Corp   983,516 
 121,582      Stanley Black & Decker, Inc   21,851,933 
 35,948   *  Stem, Inc   852,327 
 20,407   *  Sterling Construction Co, Inc   490,584 
 153,824   *  Sunrun, Inc   8,872,568 
 14,704      Tennant Co   1,168,380 
 50,935      Terex Corp   2,281,888 
 40,242   *  Textainer Group Holdings Ltd   1,581,108 
 170,238      Textron, Inc   12,572,076 
 15,293   *  The ExOne Company   352,045 
 23,343   *  Thermon Group Holdings   403,367 
 50,017      Timken Co   3,548,706 
 38,483   *  Titan International, Inc   277,847 
 14,352   *  Titan Machinery, Inc   407,884 
 73,469      Toro Co   7,014,085 
 27,510   *  TPI Composites, Inc   925,161 
 179,016      Trane Technologies plc   32,389,365 
 5,325   *  Transcat Inc   398,736 
 38,421   *  TransDigm Group, Inc   23,967,788 
 87,667   *  Trex Co, Inc   9,327,769 
 33,781   *  Trimas Corp   1,126,596 
 43,139      Trinity Industries, Inc   1,210,049 
 47,705      Triton International Ltd   2,966,774 
 43,006   *  Triumph Group, Inc   879,473 
 31,741   *  Tutor Perini Corp   432,312 
 46,527      UFP Industries, Inc   3,807,304 
 53,476   *  United Rentals, Inc   20,273,286 
 125,362   *  Univar Solutions Inc   3,206,760 
 16,118      Valmont Industries, Inc   3,851,557 
 11,878   *  Vectrus, Inc   575,252 
 10,384   *  Veritiv Corp   1,113,892 
 192,799      Vertiv Holdings Co   4,951,078 
 16,098   *  Vicor Corp   2,440,296 
 64,629   *,e  View, Inc   345,119 
 133,647   *,e  Virgin Galactic Holdings, Inc   2,505,881 
 35,164      W.W. Grainger, Inc   16,284,800 
 40,766      Wabash National Corp   633,096 
 25,434      Watsco, Inc   7,365,178 
 17,221      Watts Water Technologies, Inc (Class A)   3,272,334 
 101,849   *  Welbilt, Inc   2,409,747 
 32,007   *  WESCO International, Inc   4,146,827 
 136,717      Westinghouse Air Brake Technologies Corp   12,404,333 
122

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 2,289   *  Willis Lease Finance Corp  $92,727 
 141,208   *  WillScot Mobile Mini Holdings Corp   4,906,978 
 43,741      Woodward Inc   4,940,546 
 130,968      Xylem, Inc   17,103,111 
 92,718      Zurn Water Solutions Corp   3,363,809 
        TOTAL CAPITAL GOODS   2,054,677,186 
              
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%        
 52,190      ABM Industries, Inc   2,296,882 
 34,633   *  Acacia Research (Acacia Technologies)   198,447 
 69,788      ACCO Brands Corp   577,147 
 124,350      ADT, Inc   1,038,323 
 39,322   *  ASGN Inc   4,705,271 
 10,334   *  Atlas Technical Consultants, Inc   105,303 
 5,507      Barrett Business Services, Inc   451,574 
 102,880      Booz Allen Hamilton Holding Co   8,936,157 
 38,542      Brady Corp (Class A)   2,007,653 
 35,982   *  BrightView Holdings, Inc   570,675 
 36,672      Brink’s Co   2,525,967 
 17,696   *  CACI International, Inc (Class A)   5,090,077 
 36,142   *  Casella Waste Systems, Inc (Class A)   3,134,234 
 41,462   *  CBIZ, Inc   1,522,070 
 16,964   *  Ceco Environmental Corp   116,712 
 14,083   *  Cimpress plc   1,257,894 
 64,046      Cintas Corp   27,738,323 
 317,176   *  Clarivate Analytics plc   7,437,777 
 38,125   *  Clean Harbors, Inc   4,290,588 
 154,728   *  Copart, Inc   24,027,711 
 104,364   *  CoreCivic, Inc   898,574 
 291,054   *  CoStar Group, Inc   25,045,197 
 89,521      Covanta Holding Corp   1,806,534 
 4,636      CRA International, Inc   509,126 
 32,030      Deluxe Corp   1,142,510 
 36,162   *  Driven Brands Holdings, Inc   1,174,180 
 124,613   *  Dun & Bradstreet Holdings, Inc   2,347,709 
 20,190      Ennis, Inc   382,399 
 89,694      Equifax, Inc   24,883,806 
 38,501      Exponent, Inc   4,419,915 
 20,525   *  First Advantage Corp   383,818 
 8,467   *  Forrester Research, Inc   450,868 
 9,450   *  Franklin Covey Co   399,263 
 25,922   *  FTI Consulting, Inc   3,730,694 
 63,399   *  Harsco Corp   1,084,123 
 58,399      Healthcare Services Group   1,120,677 
 15,494      Heidrick & Struggles International, Inc   726,359 
 8,521   *  Heritage-Crystal Clean, Inc   295,423 
 57,994      Herman Miller, Inc   2,257,126 
 32,645      HNI Corp   1,220,923 
 18,175   *  Huron Consulting Group, Inc   911,658 
 100,644   *  IAA, Inc   6,003,415 
 14,707      ICF International, Inc   1,477,906 
 278,771      IHS Markit Ltd   36,440,945 
 26,945      Insperity, Inc   3,368,125 
 41,965      Interface, Inc   602,617 
 96,370      Jacobs Engineering Group, Inc   13,532,275 
 103,138   *  KAR Auction Services, Inc   1,513,034 
123

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 107,081      KBR, Inc  $4,544,518 
 26,308      Kelly Services, Inc (Class A)   474,333 
 15,300      Kforce, Inc   990,828 
 27,589      Kimball International, Inc (Class B)   299,892 
 40,417      Korn/Ferry International   3,120,597 
 12,823   *  Legalzoom.com, Inc   359,557 
 108,380      Leidos Holdings, Inc   10,835,832 
 41,289      Manpower, Inc   3,990,582 
 21,378      Mantech International Corp (Class A)   1,843,211 
 24,504      Matthews International Corp (Class A)   842,203 
 15,831   *  Mistras Group, Inc   155,460 
 16,885   *  Montrose Environmental Group, Inc   1,157,467 
 23,414      MSA Safety, Inc   3,583,044 
 273,193      Nielsen NV   5,532,158 
 8,365      NL Industries, Inc   48,266 
 136,262      Pitney Bowes, Inc   945,658 
 154,208      Republic Services, Inc   20,756,397 
 32,640      Resources Connection, Inc   568,262 
 82,877      Robert Half International, Inc   9,370,902 
 168,955      Rollins, Inc   5,952,285 
 53,555   *  RR Donnelley & Sons Co   342,752 
 45,185      Science Applications International Corp   4,056,709 
 18,282   *  SP Plus Corp   589,595 
 75,038      Steelcase, Inc (Class A)   892,952 
 71,439   *  Stericycle, Inc   4,780,698 
 23,186   *  Team, Inc   56,110 
 39,536      Tetra Tech, Inc   6,944,894 
 143,325      TransUnion   16,523,939 
 25,201   *  TriNet Group, Inc   2,551,601 
 28,337   *  TrueBlue, Inc   789,185 
 11,580      Unifirst Corp   2,292,377 
 89,145   *  Upwork, Inc   4,200,512 
 24,475   *  US Ecology, Inc   787,850 
 117,146      Verisk Analytics, Inc   24,632,289 
 14,763   *  Viad Corp   655,034 
 7,784      VSE Corp   432,401 
 316,650      Waste Management, Inc   50,736,830 
 8,181   *  Willdan Group, Inc   273,491 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   433,068,655 
              
CONSUMER DURABLES & APPAREL - 1.5%        
 26,048      Acushnet Holdings Corp   1,326,885 
 10,079   *  American Outdoor Brands, Inc   229,600 
 49,843   *,e  AMMO, Inc   301,052 
 6,074      Bassett Furniture Industries, Inc   102,590 
 27,318   *  Beazer Homes USA, Inc   494,729 
 60,473      Brunswick Corp   5,629,432 
 87,520   *  Callaway Golf Co   2,367,416 
 113,428   *  Capri Holdings Ltd   6,038,907 
 32,879      Carter’s, Inc   3,239,239 
 16,508   *  Casper Sleep, Inc   60,089 
 6,161   *  Cavco Industries, Inc   1,480,981 
 13,822      Century Communities, Inc   926,903 
 18,432      Clarus Corp   508,355 
 29,797      Columbia Sportswear Co   3,094,121 
 43,308   *  Crocs, Inc   6,992,077 
124

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 20,615   *  Deckers Outdoor Corp  $8,149,316 
 247,095      DR Horton, Inc   22,058,171 
 3,923      Escalade, Inc   73,399 
 18,468      Ethan Allen Interiors, Inc   428,642 
 5,192      Flexsteel Industries, Inc   145,376 
 39,827   *  Fossil Group, Inc   470,755 
 111,697      Garmin Ltd   16,039,689 
 213,483   *,e  Genius Brands International, Inc   296,741 
 34,007   *  G-III Apparel Group Ltd   974,641 
 98,454   *  GoPro, Inc   847,689 
 22,959   *  Green Brick Partners, Inc   598,082 
 7,328   e  Hamilton Beach Brands Holding Co   109,920 
 215,980      Hanesbrands, Inc   3,680,299 
 88,198      Hasbro, Inc   8,445,840 
 29,464   *  Hayward Holdings, Inc   683,270 
 18,508   *  Helen of Troy Ltd   4,163,375 
 6,882      Hooker Furniture Corp   173,495 
 3,314   *  Hovnanian Enterprises, Inc   279,238 
 16,849      Installed Building Products, Inc   2,140,665 
 21,578   *  iRobot Corp   1,800,037 
 4,650      Johnson Outdoors, Inc   493,737 
 47,236      KB Home   1,896,525 
 39,908      Kontoor Brands, Inc   2,115,124 
 17,760   *  Latham Group, Inc   273,504 
 34,974      La-Z-Boy, Inc   1,162,536 
 171   *  Legacy Housing Corp   3,035 
 103,147      Leggett & Platt, Inc   4,832,437 
 205,663      Lennar Corp (Class A)   20,551,904 
 14,807      Lennar Corp (Class B)   1,215,359 
 17,151   *  LGI Homes, Inc   2,560,644 
 4,217      Lifetime Brands, Inc   71,520 
 9,027   *  Lovesac Co   704,196 
 85,104   *  Lululemon Athletica, Inc   39,659,315 
 21,271   *  M/I Homes, Inc   1,217,977 
 16,019   *  Malibu Boats, Inc   1,131,102 
 7,010      Marine Products Corp   88,817 
 14,223   *  MasterCraft Boat Holdings, Inc   380,892 
 267,846   *  Mattel, Inc   5,841,721 
 25,905      MDC Holdings, Inc   1,268,827 
 29,018   *  Meritage Homes Corp   3,154,547 
 42,818   *  Mohawk Industries, Inc   7,587,778 
 11,843      Movado Group, Inc   394,372 
 23,664   *  Nautilus, Inc   242,083 
 295,246      Newell Brands Inc   6,758,181 
 929,129      Nike, Inc (Class B)   155,433,990 
 2,553   *  NVR, Inc   12,496,424 
 12,110      Oxford Industries, Inc   1,122,839 
 193,484   *  Peloton Interactive, Inc   17,692,177 
 17,540   *,e  PLBY Group, Inc   492,523 
 43,835      Polaris Inc   5,038,833 
 200,791      Pulte Homes, Inc   9,654,031 
 37,888   *  Purple Innovation, Inc   731,238 
 54,210   *  PVH Corp   5,926,779 
 35,188      Ralph Lauren Corp   4,474,858 
 5,184      Rocky Brands, Inc   282,787 
 102,295   *  Skechers U.S.A., Inc (Class A)   4,727,052 
125

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 37,638   *  Skyline Champion Corp  $2,383,238 
 40,917      Smith & Wesson Brands, Inc   879,716 
 93,242   *  Sonos, Inc   3,041,554 
 61,788      Steven Madden Ltd   2,786,639 
 13,251      Sturm Ruger & Co, Inc   1,045,239 
 12,297      Superior Uniform Group, Inc   319,599 
 214,769      Tapestry, Inc   8,371,696 
 58,306   *  Taylor Morrison Home Corp   1,780,082 
 141,791      Tempur Sealy International, Inc   6,305,446 
 87,165      Toll Brothers, Inc   5,244,718 
 25,656   *  TopBuild Corp   6,592,822 
 17,016   *  Traeger, Inc   321,432 
 90,288   *  TRI Pointe Homes, Inc   2,184,067 
 37,338   *  Tupperware Brands Corp   830,397 
 144,146   *  Under Armour, Inc (Class A)   3,165,446 
 147,983   *  Under Armour, Inc (Class C)   2,793,919 
 14,350   *  Unifi, Inc   344,687 
 11,195   *  Universal Electronics, Inc   461,010 
 25,970   *  Vera Bradley, Inc   254,766 
 243,895      VF Corp   17,775,068 
 36,886   *  Vista Outdoor, Inc   1,543,310 
 20,638   *  VOXX International Corp (Class A)   233,416 
 44,357   *,e  Vuzix Corp   474,176 
 47,402      Whirlpool Corp   9,993,764 
 62,932      Wolverine World Wide, Inc   2,087,454 
 63,837   *  YETI Holdings, Inc   6,277,092 
        TOTAL CONSUMER DURABLES & APPAREL   513,521,433 
              
CONSUMER SERVICES - 2.2%        
 53,962   *,e  2U, Inc   1,594,037 
 44,163   *  Accel Entertainment, Inc   537,905 
 40,945   *  Adtalem Global Education, Inc   1,512,099 
 14,657   *  American Public Education, Inc   366,278 
 176,604      ARAMARK Holdings Corp   6,442,514 
 24,631   *  Bally’s Corp   1,128,346 
 613   *  Biglari Holdings, Inc (B Shares)   101,899 
 16,786   *  BJ’s Restaurants, Inc   559,309 
 65,891   *  Bloomin’ Brands, Inc   1,424,563 
 8,447   *  Bluegreen Vacations Holding Corp   216,328 
 30,552   *  Booking Holdings, Inc   73,959,671 
 63,869   *  Boyd Gaming Corp   4,073,565 
 47,078   *  Bright Horizons Family Solutions   7,814,948 
 34,204   *  Brinker International, Inc   1,435,200 
 153,804   *  Caesars Entertainment, Inc   16,835,386 
 654,613   *  Carnival Corp   14,506,224 
 14,388      Carriage Services, Inc   740,263 
 35,074      Carrols Restaurant Group, Inc   128,722 
 20,956   *  Century Casinos, Inc   310,149 
 32,657   *  Cheesecake Factory   1,327,180 
 107,831   *  Chegg, Inc   6,409,475 
 20,798   *  Chipotle Mexican Grill, Inc (Class A)   37,000,266 
 19,291      Choice Hotels International, Inc   2,712,700 
 27,506      Churchill Downs, Inc   6,326,380 
 15,044   *  Chuy’s Holdings, Inc   438,683 
 43,972   *  Coursera, Inc   1,535,063 
 17,634      Cracker Barrel Old Country Store, Inc   2,348,320 
126

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 98,166      Darden Restaurants, Inc  $14,149,647 
 19,109   *  Dave & Buster’s Entertainment, Inc   709,517 
 22,730      Del Taco Restaurants, Inc   189,568 
 51,535   *  Denny’s Corp   819,406 
 13,988   *  Dine Brands Global Inc.   1,182,126 
 27,407      Domino’s Pizza, Inc   13,401,201 
 222,730   *  DraftKings, Inc   10,376,991 
 62,693   *  Drive Shack, Inc   163,002 
 12,624   *  El Pollo Loco Holdings, Inc   185,573 
 65,861   *  Everi Holdings, Inc   1,580,664 
 109,103   *  Expedia Group, Inc   17,937,624 
 13,910   *  Fiesta Restaurant Group, Inc   146,611 
 65,408   *  frontdoor, Inc   2,438,410 
 24,732   *  Full House Resorts, Inc   246,083 
 30,220   *  GAN Ltd   431,542 
 13,933   *  Golden Entertainment, Inc   724,098 
 24,465   *  Golden Nugget Online Gaming, Inc   412,725 
 2,907      Graham Holdings Co   1,703,066 
 34,604   *  Grand Canyon Education, Inc   2,757,939 
 106,444      H&R Block, Inc   2,455,663 
 34,888   *,e  Hall of Fame Resort & Entertainment Co   80,242 
 64,895   *  Hilton Grand Vacations, Inc   3,262,921 
 203,996   *  Hilton Worldwide Holdings, Inc   29,365,224 
 86,472   *  Houghton Mifflin Harcourt Co   1,227,038 
 30,993   *  Hyatt Hotels Corp   2,640,604 
 79,385   *  International Game Technology plc   2,341,064 
 17,850      Jack in the Box, Inc   1,766,257 
 4,617   *,e  Kura Sushi USA, Inc   196,592 
 255,312   *  Las Vegas Sands Corp   9,908,659 
 86,132      Laureate Education, Inc   1,491,806 
 19,909   *  Lindblad Expeditions Holdings, Inc   297,640 
 40,603   *  LiveOne, Inc   92,981 
 202,475   *  Marriott International, Inc (Class A)   32,400,049 
 32,099      Marriott Vacations Worldwide Corp   5,046,605 
 558,796      McDonald’s Corp   137,212,358 
 305,949      MGM Resorts International   14,428,555 
 30,221   *  Mister Car Wash, Inc   554,253 
 9,918   *  Monarch Casino & Resort, Inc   716,278 
 1,621      Nathan’s Famous, Inc   101,312 
 4,184   *  NEOGAMES S.A.   155,436 
 30,778   *  Noodles & Co   373,953 
 275,605   *,e  Norwegian Cruise Line Holdings Ltd   7,088,561 
 14,188   *  ONE Group Hospitality, Inc   187,565 
 40,465   *  OneSpaWorld Holdings Ltd   437,022 
 25,595      Papa John’s International, Inc   3,175,828 
 118,117   *  Penn National Gaming, Inc   8,457,177 
 53,516   *  Perdoceo Education Corp   568,340 
 63,164   *  Planet Fitness, Inc   5,024,696 
 21,263   *  PlayAGS, Inc   187,540 
 32,460   *  PowerSchool Holdings, Inc   750,151 
 6,723      RCI Hospitality Holdings, Inc   455,819 
 11,986   *  Red Robin Gourmet Burgers, Inc   238,162 
 48,546   *  Red Rock Resorts, Inc   2,641,388 
 166,432   *  Royal Caribbean Cruises Ltd   14,051,854 
 39,579   *  Rush Street Interactive, Inc   796,725 
 33,773   *  Ruth’s Hospitality Group Inc   653,170 
127

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 71,278   *  Scientific Games Corp (Class A)  $5,705,804 
 39,441   *  SeaWorld Entertainment, Inc   2,504,503 
 116,192      Service Corp International   7,957,990 
 28,420   *  Shake Shack, Inc   1,965,811 
 59,980   *  Six Flags Entertainment Corp   2,466,977 
 875,688      Starbucks Corp   92,884,226 
 38,315   *  StoneMor, Inc   99,236 
 18,420      Strategic Education, Inc   1,256,428 
 31,895   *  Stride, Inc   1,132,272 
 24,593   *  Target Hospitality Corp   101,815 
 99,812   *  Terminix Global Holdings, Inc   4,040,390 
 52,910      Texas Roadhouse, Inc (Class A)   4,698,937 
 65,334      Travel & Leisure Co   3,550,250 
 30,016      Vail Resorts, Inc   10,346,815 
 69,287   *  Vivint Smart Home, Inc   628,433 
 143,392      Wendy’s   3,197,642 
 22,035      Wingstop, Inc   3,800,376 
 40,606   *  WW International Inc   704,920 
 70,675      Wyndham Hotels & Resorts, Inc   5,969,917 
 80,585   *  Wynn Resorts Ltd   7,236,533 
 308,298      Yum China Holdings, Inc   17,597,650 
 222,022      Yum! Brands, Inc   27,739,429 
        TOTAL CONSUMER SERVICES   757,757,108 
              
DIVERSIFIED FINANCIALS - 5.3%        
 31,621      Affiliated Managers Group, Inc   5,308,534 
 339,048      AGNC Investment Corp   5,397,644 
 11,648      Alerus Financial Corp   365,747 
 265,951      Ally Financial, Inc   12,696,501 
 6,316      A-Mark Precious Metals, Inc   473,637 
 482,659      American Express Co   83,876,481 
 83,402      Ameriprise Financial, Inc   25,198,246 
 957,762      Annaly Capital Management, Inc   8,102,667 
 106,416      Apollo Commercial Real Estate Finance, Inc   1,611,138 
 136,671   e  Apollo Global Management, Inc   10,516,833 
 96,282      Arbor Realty Trust, Inc   1,936,231 
 28,800      Ares Commercial Real Estate Corp   449,856 
 105,975      Ares Management Corp   8,980,322 
 60,138      ARMOUR Residential REIT, Inc   632,652 
 37,490      Artisan Partners Asset Management, Inc   1,857,255 
 17,886   *  Assetmark Financial Holdings, Inc   458,597 
 2,527      Associated Capital Group, Inc   91,856 
 3,923   *  Atlanticus Holdings Corp   303,993 
 10,608      B. Riley Financial, Inc   760,169 
 26,431      Banco Latinoamericano de Exportaciones S.A. (Class E)   479,458 
 591,260      Bank of New York Mellon Corp   35,002,592 
 1,380,229   *  Berkshire Hathaway, Inc (Class B)   396,139,525 
 250,087      BGC Partners, Inc (Class A)   1,342,967 
 106,805      BlackRock, Inc   100,766,245 
 511,288      Blackstone Group, Inc   70,772,485 
 109,020      Blackstone Mortgage Trust, Inc   3,586,758 
 40,435   *  Blucora, Inc   667,986 
 48,706      Brightsphere Investment Group, Inc   1,460,206 
 63,577      BrightSpire Capital, Inc   623,690 
 101,143      Broadmark Realty Capital, Inc   1,043,796 
 67,189   *  Cannae Holdings, Inc   2,291,145 
128

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 328,649      Capital One Financial Corp  $49,635,858 
 125,156      Carlyle Group, Inc   7,027,509 
 82,299      CBOE Global Markets, Inc   10,858,530 
 1,128,086      Charles Schwab Corp   92,536,895 
 174,201      Chimera Investment Corp   2,719,278 
 268,119      CME Group, Inc   59,133,645 
 18,515      Cohen & Steers, Inc   1,756,888 
 21,902      Cowen Group, Inc   826,362 
 6,074   *,e  Credit Acceptance Corp   3,633,528 
 18,727      Curo Group Holdings Corp   321,730 
 2,708      Diamond Hill Investment Group, Inc   587,257 
 221,303      Discover Financial Services   25,078,056 
 22,077   *  Donnelley Financial Solutions, Inc   845,991 
 22,810      Dynex Capital, Inc   399,175 
 32,739      Ellington Financial Inc   595,195 
 24,831   *  Encore Capital Group, Inc   1,341,371 
 29,509   *  Enova International, Inc   957,272 
 285,662      Equitable Holdings, Inc   9,569,677 
 31,374      Evercore Inc   4,763,828 
 29,783   *  Ezcorp, Inc (Class A)   222,181 
 27,199      Factset Research Systems, Inc   12,073,364 
 77,672      Federated Investors, Inc (Class B)   2,587,254 
 30,284      FirstCash, Inc   2,679,225 
 39,102   *  Focus Financial Partners, Inc   2,457,952 
 20,886   *  Franklin BSP Realty Trust, Inc   342,739 
 222,408      Franklin Resources, Inc   7,003,628 
 2,457      GAMCO Investors, Inc (Class A)   64,988 
 24,464      GCM Grosvenor, Inc   280,113 
 245,666      Goldman Sachs Group, Inc   101,546,041 
 42,206      Granite Point Mortgage Trust, Inc   565,560 
 17,463      Great Ajax Corp   247,276 
 40,633   *  Green Dot Corp   1,721,214 
 22,814      Greenhill & Co, Inc   358,636 
 25,919      Hamilton Lane, Inc   2,708,795 
 58,141      Hannon Armstrong Sustainable Infrastructure Capital, Inc   3,511,716 
 39,448      Houlihan Lokey, Inc   4,421,332 
 61,127      Interactive Brokers Group, Inc (Class A)   4,330,848 
 413,595      Intercontinental Exchange Group, Inc   57,266,364 
 238,051      Invesco Ltd   6,048,876 
 182,557      Invesco Mortgage Capital, Inc   573,229 
 132,319      Janus Henderson Group plc   6,152,834 
 160,623      Jefferies Financial Group, Inc   6,906,789 
 413,067      KKR & Co, Inc   32,909,048 
 18,044      KKR Real Estate Finance Trust, Inc   391,735 
 92,781      Ladder Capital Corp   1,113,372 
 77,741      Lazard Ltd (Class A)   3,808,532 
 72,810   *  LendingClub Corp   3,346,348 
 9,236   *  LendingTree, Inc   1,490,598 
 60,924      LPL Financial Holdings, Inc   9,992,754 
 27,884      MarketAxess Holdings, Inc   11,395,354 
 3,520      Marlin Business Services Corp   80,678 
 329,555      MFA Financial Inc   1,486,293 
 46,337      Moelis & Co   3,370,553 
 121,550      Moody’s Corp   49,124,433 
 1,018,539      Morgan Stanley   104,685,438 
 17,528      Morningstar, Inc   5,551,994 
129

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 60,216      MSCI, Inc (Class A)  $40,036,414 
 85,728      Nasdaq Inc   17,991,735 
 103,018      Navient Corp   2,029,455 
 13,437      Nelnet, Inc (Class A)   1,110,299 
 290,163      New Residential Investment Corp   3,296,252 
 309,429      New York Mortgage Trust, Inc   1,358,393 
 17,297   *,†  NewStar Financial, Inc   4,176 
 155,472      Northern Trust Corp   19,129,275 
 73,077      OneMain Holdings, Inc   3,859,196 
 78,886   *  Open Lending Corp   2,486,487 
 15,352   *  Oportun Financial Corp   356,627 
 8,014      Oppenheimer Holdings, Inc   417,129 
 71,305      Orchid Island Capital, Inc   353,673 
 80,688      PennyMac Mortgage Investment Trust   1,625,863 
 13,468      Piper Jaffray Cos   2,218,045 
 19,040      PJT Partners, Inc   1,557,282 
 35,342   *  PRA Group, Inc   1,515,465 
 51,803      PROG Holdings, Inc   2,095,431 
 9,606      Pzena Investment Management, Inc (Class A)   104,513 
 132,176      Raymond James Financial, Inc   13,031,232 
 49,956      Ready Capital Corp   772,819 
 92,635      Redwood Trust, Inc   1,256,131 
 6,059      Regional Management Corp   309,494 
 180,432      S&P Global, Inc   85,553,637 
 46,085      Santander Consumer USA Holdings, Inc   1,921,745 
 21,286      Sculptor Capital Management, Inc   564,079 
 80,755      SEI Investments Co   5,090,795 
 244,885      SLM Corp   4,493,640 
 212,308      Starwood Property Trust, Inc   5,407,485 
 271,239      State Street Corp   26,730,603 
 28,072      StepStone Group, Inc   1,318,823 
 77,008      Stifel Financial Corp   5,611,573 
 12,459   *  StoneX Group, Inc   861,042 
 426,795      Synchrony Financial   19,824,628 
 167,604      T Rowe Price Group, Inc   36,349,956 
 48,537      TPG RE Finance Trust, Inc   634,379 
 73,993      Tradeweb Markets, Inc   6,592,776 
 227,872      Two Harbors Investment Corp   1,462,938 
 33,434   *  Upstart Holdings, Inc   10,767,085 
 70,717      Virtu Financial, Inc   1,759,439 
 5,785      Virtus Investment Partners, Inc   1,851,200 
 84,787      Voya Financial, Inc   5,915,589 
 103,714      WisdomTree Investments, Inc   662,732 
 3,402   *  World Acceptance Corp   630,697 
        TOTAL DIVERSIFIED FINANCIALS   1,849,521,568 
              
ENERGY - 2.8%        
 17,590   *,e  Aemetis, Inc   350,041 
 54,108   *,e  Alto Ingredients, Inc   287,855 
 1,657      Altus Midstream Co   102,436 
 243,872      Antero Midstream Corp   2,594,798 
 217,987   *  Antero Resources Corp   4,331,402 
 281,515      APA Corp   7,378,508 
 12,551   *  Arch Resources, Inc   1,143,145 
 95,125      Archrock, Inc   779,074 
 16,317   *  Aspen Aerogels, Inc   888,624 
130

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 556,890      Baker Hughes Co  $13,966,801 
 77,118      Berry Petroleum Co LLC   741,104 
 23,244      Bonanza Creek Energy, Inc   1,304,918 
 32,783      Brigham Minerals, Inc   759,910 
 4,981   *  Bristow Group, Inc   172,343 
 590,676      Cabot Oil & Gas Corp   12,593,212 
 41,026      Cactus, Inc   1,784,631 
 63,465   *  California Resources Corp   2,927,640 
 29,695   *,e  Callon Petroleum Co   1,536,122 
 84,099   *  Centennial Resource Development, Inc   605,513 
 6,408   *,e  Centrus Energy Corp   363,141 
 159,700   *  ChampionX Corp   4,188,931 
 171,876   *  Cheniere Energy, Inc   17,771,978 
 74,485      Chesapeake Energy Corp   4,747,674 
 1,446,664      Chevron Corp   165,628,561 
 100,851   *,e  Clean Energy Fuels Corp   929,846 
 160,470   *  CNX Resources Corp   2,344,467 
 68,794   *  Comstock Resources Inc   678,997 
 1,000,760      ConocoPhillips   74,546,612 
 26,027   *  CONSOL Energy, Inc   716,003 
 111,063   *,e  Contango Oil & Gas Co   458,690 
 49,543      Continental Resources, Inc   2,418,194 
 25,484      CVR Energy, Inc   488,528 
 27,534   *  Delek US Holdings, Inc   535,536 
 38,146   *  Denbury, Inc   3,229,440 
 509,284      Devon Energy Corp   20,412,103 
 108,512      DHT Holdings, Inc   706,413 
 133,288      Diamondback Energy, Inc   14,287,141 
 14,538   *  DMC Global, Inc   607,398 
 26,271      Dorian LPG Ltd   318,405 
 24,796   *  Dril-Quip, Inc   584,194 
 73,118      DT Midstream, Inc   3,506,739 
 34,468   *  Earthstone Energy, Inc   349,850 
 107,406   *,e  Energy Fuels, Inc   842,063 
 433,029      EOG Resources, Inc   40,037,861 
 216,127   *  EQT Corp   4,303,089 
 275,115      Equitrans Midstream Corp   2,836,436 
 11,769   *  Extraction Oil & Gas, Inc   784,168 
 3,168,845   d  Exxon Mobil Corp   204,295,437 
 28,935      Falcon Minerals Corp   170,138 
 26,474   *  Frank’s International NV   454,029 
 93,320   *,e  Frontline Ltd   822,149 
 5,476   *  FTS International, Inc   145,114 
 120,648   *,e  Gevo, Inc   872,285 
 74,372   *  Golar LNG Ltd   969,067 
 31,635   *  Green Plains Inc   1,200,548 
 684,045      Halliburton Co   17,094,285 
 115,013   *  Helix Energy Solutions Group, Inc   434,749 
 79,601      Helmerich & Payne, Inc   2,470,815 
 213,323      Hess Corp   17,614,080 
 116,986      HollyFrontier Corp   3,954,127 
 40,015      International Seaways, Inc   702,263 
 1,458,617      Kinder Morgan, Inc   24,431,835 
 300,973   *  Kosmos Energy Ltd   1,083,503 
 9,680   *  Laredo Petroleum, Inc   729,872 
 65,694   *  Liberty Oilfield Services, Inc   848,767 
 105,674      Magnolia Oil & Gas Corp  2,206,473 
131

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 578,485      Marathon Oil Corp  $9,440,875 
 479,393      Marathon Petroleum Corp   31,606,381 
 83,724      Matador Resources Co   3,503,849 
 79,065      Murphy Oil Corp   2,200,379 
 6,541   *  Nabors Industries Ltd   670,453 
 21,846   *  National Energy Services Reunited Corp   255,598 
 20,127   e  New Fortress Energy, Inc   603,810 
 67,670   *  Newpark Resources, Inc   230,078 
 131,357   *  NexTier Oilfield Solutions, Inc   585,852 
 119,762      Nordic American Tankers Ltd   281,441 
 36,072      Northern Oil and Gas, Inc   835,428 
 306,141   *  NOV, Inc   4,292,097 
 15,219      Oasis Petroleum, Inc   1,835,411 
 636,367      Occidental Petroleum Corp   21,337,386 
 17,212   *  Oceaneering International, Inc   234,083 
 51,141   *  Oil States International, Inc   309,914 
 325,197      ONEOK, Inc   20,689,033 
 198,002      Ovintiv, Inc   7,429,035 
 30,460   *  Par Pacific Holdings, Inc   470,912 
 141,573      Patterson-UTI Energy, Inc   1,211,865 
 74,899   *  PBF Energy, Inc   1,094,274 
 75,201      PDC Energy, Inc   3,933,764 
 54,996   *  Peabody Energy Corp   653,902 
 15,324   *  Penn Virginia Corp   506,305 
 335,294      Phillips 66   25,073,285 
 160,077      Pioneer Natural Resources Co   29,931,197 
 67,160   *  ProPetro Holding Corp   644,064 
 180,442   *  Range Resources Corp   4,207,907 
 33,786   *  Renewable Energy Group, Inc   2,162,304 
 4,181   *  Rex American Resources Corp   367,719 
 1,710   e  Riley Exploration Permian, Inc   45,366 
 56,320   *  RPC, Inc   303,565 
 1,057,619      Schlumberger Ltd   34,118,789 
 41,375   e  Scorpio Tankers, Inc   662,828 
 52,003   *  Select Energy Services, Inc   312,538 
 89,438      SFL Corp Ltd   707,455 
 89,308      SM Energy Co   3,065,051 
 22,723      Solaris Oilfield Infrastructure, Inc   172,468 
 517,823   *  Southwestern Energy Co   2,526,976 
 27,732   *  Talos Energy, Inc   359,684 
 168,195      Targa Resources Investments, Inc   9,195,221 
 52,731   *  Teekay Corp   186,668 
 18,022   *,e  Teekay Tankers Ltd   250,145 
 261,138   *  Tellurian, Inc   1,023,661 
 92,761   *  Tetra Technologies, Inc   299,618 
 4,549      Texas Pacific Land Corp   5,793,925 
 30,687   *  Tidewater, Inc   372,233 
 179,771   *,e  Uranium Energy Corp   668,748 
 138,061   *  Ur-Energy, Inc   240,226 
 65,096   *  US Silica Holdings, Inc   630,129 
 311,423      Valero Energy Corp   24,082,341 
 15,695   *  Vine Energy, Inc   267,914 
 109,415   *  W&T Offshore, Inc   449,696 
 29,713   *  Whiting Petroleum Corp   1,935,208 
 899,685      Williams Cos, Inc   25,272,152 
 51,846      World Fuel Services Corp   1,582,858 
        TOTAL ENERGY   994,494,135 
132

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
              
FOOD & STAPLES RETAILING - 1.2%        
 120,775   e  Albertsons Cos, Inc  $3,737,986 
 24,710      Andersons, Inc   841,623 
 106,183   *  BJ’s Wholesale Club Holdings, Inc   6,205,335 
 28,675      Casey’s General Stores, Inc   5,492,410 
 26,760   *  Chefs’ Warehouse Holdings, Inc   933,121 
 329,044      Costco Wholesale Corp   161,738,288 
 66,176   *  Grocery Outlet Holding Corp   1,468,446 
 39,894   *,e  HF Foods Group Inc   281,652 
 10,287   e  Ingles Markets, Inc (Class A)   711,758 
 553,817      Kroger Co   22,163,756 
 10,760      Natural Grocers by Vitamin C   131,057 
 117,738   *  Performance Food Group Co   5,325,290 
 17,934      Pricesmart, Inc   1,290,351 
 45,057   *,e  Rite Aid Corp   612,325 
 29,053      SpartanNash Co   672,286 
 90,053   *  Sprouts Farmers Market, Inc   1,993,773 
 360,889      SYSCO Corp   27,752,364 
 43,334   *  United Natural Foods, Inc   1,880,262 
 169,151   *  US Foods Holding Corp   5,864,465 
 4,683      Village Super Market (Class A)   104,290 
 527,863      Walgreens Boots Alliance, Inc   24,820,118 
 1,069,808      Walmart, Inc   159,850,711 
 12,101   e  Weis Markets, Inc   681,407 
        TOTAL FOOD & STAPLES RETAILING   434,553,074 
              
FOOD, BEVERAGE & TOBACCO - 2.6%        
 114,071   *,e  22nd Century Group, Inc   312,555 
 1,375,769      Altria Group, Inc   60,685,171 
 36,170   *,e  AppHarvest, Inc   217,743 
 413,192      Archer-Daniels-Midland Co   26,543,454 
 48,265      B&G Foods, Inc (Class A)   1,420,922 
 44,201   *,e  Beyond Meat, Inc   4,375,015 
 7,138   *  Boston Beer Co, Inc (Class A)   3,515,322 
 33,183      Brown-Forman Corp (Class A)   2,124,707 
 140,242      Brown-Forman Corp (Class B)   9,521,029 
 104,578      Bunge Ltd   9,688,106 
 14,762      Calavo Growers, Inc   593,432 
 27,027      Cal-Maine Foods, Inc   974,594 
 150,289      Campbell Soup Co   6,004,046 
 40,051   *  Celsius Holdings, Inc   3,865,722 
 2,906,649      Coca-Cola Co   163,847,804 
 3,577      Coca-Cola Consolidated Inc   1,435,808 
 360,234      ConAgra Brands, Inc   11,599,535 
 120,007      Constellation Brands, Inc (Class A)   26,018,718 
 120,976   *  Darling International, Inc   10,224,892 
 15,647   *  Duckhorn Portfolio, Inc   302,613 
 141,805      Flowers Foods, Inc   3,509,674 
 25,251      Fresh Del Monte Produce, Inc   845,656 
 30,966   *  Freshpet, Inc   4,827,909 
 458,080      General Mills, Inc   28,309,344 
 64,307   *  Hain Celestial Group, Inc   2,885,455 
 106,974      Hershey Co   18,757,891 
133

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 204,958      Hormel Foods Corp  $8,673,823 
 94,942   *  Hostess Brands, Inc   1,795,353 
 51,132      Ingredion, Inc   4,869,300 
 11,897      J&J Snack Foods Corp   1,755,402 
 82,015      J.M. Smucker Co   10,076,363 
 7,570      John B. Sanfilippo & Son, Inc   639,665 
 181,557      Kellogg Co   11,129,444 
 510,535      Keurig Dr Pepper, Inc   18,425,208 
 492,873      Kraft Heinz Co   17,689,212 
 5,149   *,e  Laird Superfood, Inc   89,902 
 112,220      Lamb Weston Holdings, Inc   6,334,819 
 9,072      Lancaster Colony Corp   1,542,240 
 25,123   *  Landec Corp   244,196 
 10,480      Limoneira Co   169,042 
 181,038      McCormick & Co, Inc   14,524,679 
 10,303      MGP Ingredients, Inc   661,556 
 27,917   *,e  Mission Produce, Inc   530,144 
 136,050      Molson Coors Brewing Co (Class B)   5,998,444 
 1,041,640      Mondelez International, Inc   63,269,214 
 275,131   *  Monster Beverage Corp   23,386,135 
 17,210      National Beverage Corp   970,644 
 101,144   *  NewAge, Inc   149,693 
 1,035,967      PepsiCo, Inc   167,412,267 
 1,158,947      Philip Morris International, Inc   109,566,849 
 43,159   *  Pilgrim’s Pride Corp   1,215,357 
 44,550   *  Post Holdings, Inc   4,520,934 
 122,967      Primo Water Corp   1,955,175 
 16,275      Sanderson Farms, Inc   3,083,299 
 217      Seaboard Corp   835,454 
 4,216   *  Seneca Foods Corp   217,672 
 63,347   *  Simply Good Foods Co   2,511,709 
 35,294   *,e  Tattooed Chef, Inc   634,233 
 13,172   e  Tootsie Roll Industries, Inc   416,894 
 39,282   *  TreeHouse Foods, Inc   1,419,651 
 10,723      Turning Point Brands, Inc   409,297 
 208,752      Tyson Foods, Inc (Class A)   16,693,897 
 19,801      Universal Corp   930,647 
 44,376      Utz Brands, Inc   691,822 
 107,929      Vector Group Ltd   1,431,139 
 18,534   *  Vital Farms, Inc   304,328 
 28,260   *  Whole Earth Brands, Inc   342,794 
        TOTAL FOOD, BEVERAGE & TOBACCO   909,925,013 
              
HEALTH CARE EQUIPMENT & SERVICES - 6.2%        
 88,031   *  1Life Healthcare, Inc   1,906,751 
 1,298,059      Abbott Laboratories   167,306,824 
 32,143   *  Abiomed, Inc   10,672,762 
 68,105   *  Acadia Healthcare Co, Inc   4,222,510 
 24,556   *,e  Accelerate Diagnostics, Inc   144,880 
 37,948   *  Accolade, Inc   1,509,951 
 78,515   *  Accuray, Inc   391,790 
 13,353   *,e  Acutus Medical, Inc   104,688 
 60,316   *  AdaptHealth Corp   1,643,611 
 11,376   *  Addus HomeCare Corp   1,063,656 
 16,978   *  Agiliti, Inc   382,854 
 38,300   *  agilon health, Inc   938,350 
134

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 58,519   *  Align Technology, Inc  $36,537,508 
 19,473   *  Alignment Healthcare, Inc   386,734 
 106,021   *  Allscripts Healthcare Solutions, Inc   1,460,969 
 52,892   *  Alphatec Holdings Inc   620,423 
 24,952   *  Amedisys, Inc   4,225,372 
 147,153   *  American Well Corp   1,324,377 
 113,367      AmerisourceBergen Corp   13,833,041 
 35,917   *  AMN Healthcare Services, Inc   3,545,008 
 27,895   *  Angiodynamics, Inc   797,797 
 183,649      Anthem, Inc   79,911,189 
 28,468   *,e  Apollo Medical Holdings, Inc   1,953,759 
 5,144   *  Apria, Inc   192,540 
 34,428   *  Apyx Medical Corp   492,320 
 211,364   *,e  Asensus Surgical, Inc   357,205 
 81,802   *,e  Aspira Women’s Health, Inc   274,037 
 33,960   *  AtriCure, Inc   2,549,038 
 1,124      Atrion Corp   818,272 
 37,191   *  Avanos Medical, Inc   1,173,004 
 28,947   *  Aveanna Healthcare Holdings, Inc   223,471 
 28,753   *  AxoGen, Inc   436,758 
 31,383   *  Axonics Modulation Technologies, Inc   2,301,943 
 376,419      Baxter International, Inc   29,722,044 
 214,138      Becton Dickinson & Co   51,305,323 
 18,374   *  BioLife Solutions Inc   976,578 
 1,054,066   *  Boston Scientific Corp   45,461,867 
 146,444   *  Brookdale Senior Living, Inc   951,886 
 139,920   *,e  Butterfly Network, Inc   1,443,974 
 205,231      Cardinal Health, Inc   9,812,094 
 31,027   *  Cardiovascular Systems, Inc   1,088,427 
 16,061   *  Castle Biosciences, Inc   1,001,403 
 93,347   *  Castlight Health, Inc   168,025 
 433,233   *  Centene Corp   30,863,519 
 219,145      Cerner Corp   16,280,282 
 64,191   *  Certara, Inc   2,651,730 
 128,984   *  Cerus Corp   851,294 
 188,192   *  Change Healthcare, Inc   4,051,774 
 12,022      Chemed Corp   5,797,609 
 248,600      Cigna Corp   53,103,446 
 14,237   *,e  ClearPoint Neuro, Inc   238,185 
 93,838   *  Community Health Systems, Inc   1,229,278 
 10,999   *  Computer Programs & Systems, Inc   397,064 
 21,972      Conmed Corp   3,214,064 
 11,171   *  Consensus Cloud Solutions, Inc   707,459 
 34,984      Cooper Cos, Inc   14,585,529 
 6,550   *  Corvel Corp   1,200,091 
 78,314   *  Covetrus, Inc   1,581,160 
 27,007   *  Cross Country Healthcare, Inc   559,855 
 29,096   *  CryoLife, Inc   600,541 
 30,605   *,e  CryoPort, Inc   2,495,532 
 13,300   *  Cutera, Inc   571,900 
 980,188      CVS Health Corp   87,511,185 
 38,517   *  CytoSorbents Corp   226,865 
 473,556      Danaher Corp   147,640,554 
 10,207   *,e  DarioHealth Corp   166,884 
 45,744   *  DaVita, Inc   4,722,611 
 165,611      Dentsply Sirona, Inc   9,474,605 
135

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 72,143   *  DexCom, Inc  $44,960,239 
 461,246   *  Edwards Lifesciences Corp   55,266,496 
 75,836      Encompass Health Corp   4,820,136 
 40,165      Ensign Group, Inc   3,133,272 
 122,671   *  Envista Holdings Corp   4,796,436 
 59,647   *  Evolent Health, Inc   1,745,868 
 121   *  Exagen, Inc   1,406 
 21,991   *  Figs, Inc   739,117 
 16,372   *,e  Fulgent Genetics, Inc   1,357,566 
 34,373   *  Glaukos Corp   1,571,190 
 57,547   *  Globus Medical, Inc   4,440,902 
 69,110   *  Guardant Health, Inc   8,071,357 
 38,243   *  Haemonetics Corp   2,627,677 
 26,333   *  Hanger Inc   491,900 
 189,245      HCA Healthcare, Inc   47,398,303 
 33,831   *  Health Catalyst, Inc   1,780,864 
 62,483   *  HealthEquity, Inc   4,135,125 
 20,673   *  HealthStream, Inc   550,109 
 108,297   *  Henry Schein, Inc   8,268,476 
 7,123   *  Heska Corp   1,592,204 
 49,413      Hill-Rom Holdings, Inc   7,654,074 
 182,290   *  Hologic, Inc   13,363,680 
 97,718      Humana, Inc   45,259,069 
 20,344   *  iCAD, Inc   214,629 
 15,292   *  ICU Medical, Inc   3,580,316 
 63,341   *  IDEXX Laboratories, Inc   42,193,974 
 25,688   *  Inari Medical, Inc   2,325,278 
 15,740   *  InfuSystem Holdings, Inc   261,756 
 13,721   *  Innovage Holding Corp   90,833 
 14,364   *  Inogen, Inc   569,533 
 59,047   *  Inovalon Holdings, Inc   2,408,527 
 19,813   *  Inspire Medical Systems, Inc   5,341,189 
 49,283   *  Insulet Corp   15,278,716 
 25,757   *  Integer Holding Corp   2,318,645 
 55,460   *  Integra LifeSciences Holdings Corp   3,685,872 
 25,524   *  Intersect ENT, Inc   688,382 
 265,473   *  Intuitive Surgical, Inc   95,870,264 
 23,166   *  Invacare Corp   114,440 
 161   *  iRadimed Corp   6,009 
 22,296   *  iRhythm Technologies, Inc   1,563,841 
 10,450   *  Joint Corp   914,166 
 71,998   *  Laboratory Corp of America Holdings   20,664,866 
 51,344   *  Lantheus Holdings, Inc   1,200,936 
 16,588      LeMaitre Vascular, Inc   862,742 
 23,267   *  LHC Group, Inc   3,131,506 
 34,055   *  LifeStance Health Group, Inc   407,979 
 40,079   *  LivaNova plc   3,074,861 
 15,519   *  Magellan Health Services, Inc   1,471,667 
 38,075   *  Masimo Corp   10,795,785 
 116,924      McKesson Corp   24,306,161 
 63,632   *  MEDNAX, Inc   1,732,699 
 1,000,586      Medtronic plc   119,930,238 
 31,113   *  Meridian Bioscience, Inc   585,236 
 30,562   *  Merit Medical Systems, Inc   2,055,600 
 3,666      Mesa Laboratories, Inc   1,120,696 
 7,622   *,†,e  Misonix Inc   202,288 
136

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 9,626   *  ModivCare, Inc  $1,566,824 
 40,781   *  Molina Healthcare, Inc   12,059,757 
 122,672   *  Multiplan Corp   528,716 
 20,936   *,e  NantHealth, Inc   32,870 
 9,997      National Healthcare Corp   699,190 
 13,643      National Research Corp   590,742 
 26,413   *  Natus Medical, Inc   661,646 
 79,226   *  Neogen Corp   3,352,052 
 18,881   *  Neuronetics, Inc   98,181 
 6,842   *  NeuroPace, Inc   103,725 
 26,411   *  Nevro Corp   3,003,987 
 43,227   *  NextGen Healthcare, Inc   711,516 
 77,578   *  Novocure Ltd   7,957,175 
 40,332   *  NuVasive, Inc   2,152,116 
 64,189   *  Oak Street Health, Inc   3,031,646 
 32,580   *  Omnicell, Inc   5,804,127 
 5,992   *  Ontrak, Inc   51,531 
 12,737   *  OptimizeRx Corp   1,231,668 
 97,600   *  Option Care Health, Inc   2,667,408 
 55,936   *  OraSure Technologies, Inc   596,837 
 68,590   *  Ortho Clinical Diagnostics Holdings plc   1,356,024 
 14,962   *  Orthofix Medical Inc   538,333 
 10,643   *  OrthoPediatrics Corp   757,462 
 34,512   *  Outset Medical, Inc   1,838,454 
 56,763      Owens & Minor, Inc   2,036,656 
 63,787      Patterson Cos, Inc   1,993,982 
 28,590   *,e  PAVmed, Inc   155,244 
 19,910   *  Pennant Group, Inc   509,099 
 25,205   *  Penumbra, Inc   6,970,443 
 18,578   *,e  PetIQ, Inc   465,379 
 29,309   *  Phreesia, Inc   2,067,457 
 82,149      Premier, Inc   3,199,704 
 14,938   *  Privia Health Group, Inc   383,907 
 47,584   *  Progyny, Inc   2,923,085 
 19,107   *,e  Pulmonx Corp   743,836 
 15,571   *,e  Pulse Biosciences, Inc   328,392 
 86,978      Quest Diagnostics, Inc   12,766,631 
 27,548   *  Quidel Corp   3,657,548 
 47,864   *  Quotient Ltd   121,096 
 88,094   *  R1 RCM, Inc   1,911,640 
 32,981   *  RadNet, Inc   1,025,379 
 107,613      Resmed, Inc   28,292,534 
 10,301   *  Retractable Technologies, Inc   97,447 
 34,225   *  Schrodinger, Inc   1,868,000 
 24,695   *  SeaSpine Holdings Corp   369,437 
 87,546      Select Medical Holdings Corp   2,908,278 
 313,654   *,e  Senseonics Holdings, Inc   1,097,789 
 11,192   *  Sharps Compliance Corp   92,334 
 24,884   *  Shockwave Medical Inc   5,317,711 
 24,420   *  SI-BONE, Inc   550,671 
 41,844   *  Sientra, Inc   245,206 
 30,133   *,e  Signify Health, Inc   484,237 
 26,274   *  Silk Road Medical Inc   1,542,547 
 11,111   e  Simulations Plus, Inc   561,105 
 27,452   *,e  SOC Telemed, Inc   60,394 
 8,451   *  Soliton Inc   174,006 
137

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 34,687   *  Staar Surgical Co  $4,109,022 
 37,108   *  Stereotaxis, Inc   218,937 
 64,685      STERIS plc   15,119,472 
 260,865      Stryker Corp   69,408,351 
 26,047   *  Surgery Partners, Inc   1,071,574 
 12,498   *  SurModics, Inc   695,639 
 17,723   *  Tabula Rasa HealthCare, Inc   481,179 
 16,594   *  Tactile Systems Technology, Inc   572,327 
 10,923   *,e  Talis Biomedical Corp   58,438 
 47,336   *  Tandem Diabetes Care, Inc   6,453,317 
 113,117   *  Teladoc, Inc   16,921,172 
 35,684      Teleflex, Inc   12,737,047 
 82,701   *  Tenet Healthcare Corp   5,926,354 
 34,296   *  Tivity Health, Inc   858,086 
 19,088   *  Transmedics Group, Inc   523,584 
 8,172   *  Treace Medical Concepts, Inc   188,446 
 19,881   *  Triple-S Management Corp (Class B)   701,600 
 703,563      UnitedHealth Group, Inc   323,969,655 
 57,679      Universal Health Services, Inc (Class B)   7,157,964 
 10,603   e  US Physical Therapy, Inc   1,143,640 
 1,543      Utah Medical Products, Inc   149,409 
 15,373   *  Vapotherm, Inc   351,581 
 28,457   *  Varex Imaging Corp   764,070 
 102,253   *  Veeva Systems, Inc   32,415,224 
 27,034   *,e  Viemed Healthcare, Inc   154,905 
 100,633   *  ViewRay, Inc   735,627 
 25,288   *  Vocera Communications, Inc   1,430,795 
 54,410      West Pharmaceutical Services, Inc   23,389,771 
 157,420      Zimmer Biomet Holdings, Inc   22,529,950 
 17,126   *,e  Zynex Inc   214,589 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   2,196,118,011 
              
HOUSEHOLD & PERSONAL PRODUCTS - 1.3%        
 44,512   *  Beauty Health Co   1,222,745 
 29,715   *  BellRing Brands, Inc   796,956 
 8,650   *  Central Garden & Pet Co   446,167 
 31,768   *  Central Garden and Pet Co (Class A)   1,467,682 
 180,171      Church & Dwight Co, Inc   15,739,739 
 94,925      Clorox Co   15,473,724 
 622,368      Colgate-Palmolive Co   47,418,218 
 221,781   *  Coty, Inc   1,880,703 
 43,109      Edgewell Personal Care Co   1,508,384 
 33,082   *  elf Beauty, Inc   1,068,879 
 49,150      Energizer Holdings, Inc   1,792,500 
 171,744      Estee Lauder Cos (Class A)   55,701,731 
 82,434   *  Herbalife Nutrition Ltd   3,824,938 
 18,611   *,e  Honest Co, Inc   170,291 
 13,924      Inter Parfums, Inc   1,286,299 
 251,761      Kimberly-Clark Corp   32,600,532 
 8,832      Medifast, Inc   1,733,457 
 9,715      Nature’s Sunshine Products, Inc   153,400 
 37,408      Nu Skin Enterprises, Inc (Class A)   1,501,931 
 2,626      Oil-Dri Corp of America   91,437 
 1,824,272      Procter & Gamble Co   260,852,653 
 5,496   *,e  Revlon, Inc (Class A)   56,939 
 44,850      Reynolds Consumer Products, Inc   1,210,053 
138

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 33,625      Spectrum Brands Holdings, Inc  $3,152,344 
 9,753   *  USANA Health Sciences, Inc   946,626 
 48,983   *  Veru, Inc   400,191 
 10,749      WD-40 Co   2,440,023 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   454,938,542 
              
INSURANCE - 2.1%        
 497,455      Aflac, Inc   26,698,410 
 10,439   *  Alleghany Corp   6,799,756 
 217,213      Allstate Corp   26,862,732 
 31,404   *  AMBAC Financial Group, Inc   531,042 
 64,805      American Equity Investment Life Holding Co   2,065,335 
 52,431      American Financial Group, Inc   7,132,713 
 648,458      American International Group, Inc   38,317,383 
 3,191      American National Group, Inc   605,365 
 15,389      Amerisafe, Inc   912,414 
 167,362      Aon plc   53,542,451 
 278,598   *  Arch Capital Group Ltd   11,650,968 
 23,843      Argo Group International Holdings Ltd   1,313,749 
 154,163      Arthur J. Gallagher & Co   25,848,510 
 47,518      Assurant, Inc   7,665,129 
 55,148      Assured Guaranty Ltd   3,065,126 
 79,543   *  Athene Holding Ltd   6,921,036 
 59,084      Axis Capital Holdings Ltd   3,076,504 
 68,171   *  Brighthouse Financial, Inc   3,424,229 
 164,425      Brown & Brown, Inc   10,376,862 
 34,486   *  BRP Group, Inc   1,258,739 
 326,150      Chubb Ltd   63,723,187 
 109,985      Cincinnati Financial Corp   13,356,578 
 31,384   *,e  Citizens, Inc (Class A)   202,113 
 23,266      CNA Financial Corp   1,043,713 
 99,432      Conseco, Inc   2,400,288 
 563      Crawford & Co   4,864 
 3,646      Donegal Group, Inc (Class A)   51,956 
 20,297   *  eHealth, Inc   900,172 
 21,352      Employers Holdings, Inc   824,187 
 10,462   *  Enstar Group Ltd   2,414,420 
 20,129      Erie Indemnity Co (Class A)   4,142,749 
 29,461      Everest Re Group Ltd   7,704,051 
 191,766      Fidelity National Financial Inc   9,187,509 
 71,118      First American Financial Corp   5,201,571 
 277,947   *  Genworth Financial, Inc (Class A)   1,142,362 
 78,273      Globe Life, Inc   6,967,862 
 38,499   *  GoHealth, Inc   207,895 
 13,362      Goosehead Insurance, Inc   1,928,137 
 25,827   *  Greenlight Capital Re Ltd (Class A)   191,895 
 27,316      Hanover Insurance Group, Inc   3,441,816 
 260,297      Hartford Financial Services Group, Inc   18,983,460 
 4,272      HCI Group, Inc   572,491 
 32,368      Heritage Insurance Holdings, Inc   211,687 
 31,895      Horace Mann Educators Corp   1,249,646 
 2,871      Independence Holding Co   140,823 
 763      Investors Title Co   147,869 
 25,292      James River Group Holdings Ltd   808,079 
 48,650      Kemper Corp   3,088,302 
 16,258      Kinsale Capital Group, Inc   3,042,685 
139

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 29,062   *,e  Lemonade, Inc  $1,806,494 
 135,267      Lincoln National Corp   9,759,514 
 152,579      Loews Corp   8,555,105 
 9,654   *  Markel Corp   12,676,957 
 381,792      Marsh & McLennan Cos, Inc   63,682,906 
 36,483   *  MBIA, Inc   566,946 
 22,360      Mercury General Corp   1,218,396 
 551,254      Metlife, Inc   34,618,751 
 27,674   *,e  MetroMile, Inc   84,959 
 1,863      National Western Life Group, Inc   400,564 
 5,736   *  NI Holdings, Inc   114,032 
 200,080      Old Republic International Corp   5,168,066 
 20,068   *  Palomar Holdings, Inc   1,835,219 
 31,002      Primerica, Inc   5,215,776 
 203,427      Principal Financial Group   13,647,917 
 43,676      ProAssurance Corp   1,000,617 
 439,092      Progressive Corp   41,661,049 
 293,840      Prudential Financial, Inc   32,337,092 
 52,118      Reinsurance Group of America, Inc (Class A)   6,154,093 
 36,472      RenaissanceRe Holdings Ltd   5,171,730 
 30,659      RLI Corp   3,320,676 
 11,864      Safety Insurance Group, Inc   930,256 
 47,185      Selective Insurance Group, Inc   3,697,888 
 101,259   *  Selectquote, Inc   1,345,732 
 62,762   *  SiriusPoint Ltd   589,963 
 14,283      State Auto Financial Corp   732,861 
 20,193      Stewart Information Services Corp   1,437,136 
 14,139      Tiptree Inc   220,710 
 187,849      Travelers Cos, Inc   30,221,147 
 29,700   *  Trupanion, Inc   3,041,280 
 12,876      United Fire Group Inc   263,057 
 12,036      United Insurance Holdings Corp   45,978 
 22,601      Universal Insurance Holdings, Inc   333,817 
 118,458      Unum Group   3,017,125 
 107,596      W.R. Berkley Corp   8,564,642 
 2,396      White Mountains Insurance Group Ltd   2,527,756 
 96,681      Willis Towers Watson plc   23,423,873 
        TOTAL INSURANCE   720,740,900 
              
MATERIALS - 2.4%        
 21,255   *  AdvanSix, Inc   1,032,993 
 164,969      Air Products & Chemicals, Inc   49,459,356 
 85,270      Albemarle Corp   21,357,577 
 138,631      Alcoa Corp   6,370,094 
 97,921   *  Allegheny Technologies, Inc   1,576,528 
 1,155,199      Amcor plc   13,943,252 
 22,290      American Vanguard Corp   347,278 
 126,372   *  Amyris, Inc   1,872,833 
 50,831      Aptargroup, Inc   6,139,368 
 84,956   *  Arconic Corp   2,499,406 
 15,086      Ardagh Group S.A.   371,493 
 41,798      Ashland Global Holdings, Inc   4,013,026 
 60,599      Avery Dennison Corp   13,193,614 
 69,243      Avient Corp   3,730,813 
 160,481   *  Axalta Coating Systems Ltd   5,005,402 
 25,107      Balchem Corp   3,843,631 
140

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 239,556      Ball Corp  $21,914,583 
 106,126   *  Berry Global Group, Inc   6,955,498 
 42,596      Cabot Corp   2,272,497 
 36,723      Carpenter Technology Corp   1,134,006 
 81,117      Celanese Corp (Series A)   13,101,207 
 37,374   *  Century Aluminum Co   493,711 
 163,066      CF Industries Holdings, Inc   9,262,149 
 5,569      Chase Corp   534,624 
 126,652      Chemours Co   3,548,789 
 12,952   *  Clearwater Paper Corp   541,782 
 340,258   *,e  Cleveland-Cliffs, Inc   8,203,620 
 191,386   *  Coeur Mining, Inc   1,211,473 
 92,569      Commercial Metals Co   2,978,870 
 27,716      Compass Minerals International, Inc   1,818,170 
 92,492   *  Constellium SE   1,702,778 
 547,833      Corteva, Inc   23,638,994 
 97,364      Crown Holdings, Inc   10,124,882 
 52,012   *,e  Danimer Scientific, Inc   767,697 
 38,124   *  Diversey Holdings Ltd   663,358 
 37,845   *  Domtar Corp   2,065,959 
 556,569      Dow, Inc   31,151,167 
 392,893      DuPont de Nemours, Inc   27,345,353 
 26,970      Eagle Materials, Inc   4,001,269 
 102,103      Eastman Chemical Co   10,621,775 
 187,390      Ecolab, Inc   41,641,806 
 178,471      Element Solutions, Inc   4,053,076 
 62,539   *  Ferro Corp   1,314,570 
 48,283   *,†  Ferroglobe plc   0 
 98,502      FMC Corp   8,964,667 
 28,535   *  Forterra, Inc   679,704 
 1,080,947      Freeport-McMoRan, Inc (Class B)   40,773,321 
 24,364      FutureFuel Corp   172,010 
 26,173   *  Gatos Silver, Inc   316,693 
 39,115   *  GCP Applied Technologies, Inc   884,390 
 38,095      Glatfelter Corp   625,901 
 212,728      Graphic Packaging Holding Co   4,239,669 
 20,864      Greif, Inc (Class A)   1,349,484 
 5,806      Greif, Inc (Class B)   378,900 
 40,341      H.B. Fuller Co   2,844,444 
 14,948      Hawkins, Inc   548,143 
 7,327      Haynes International, Inc   294,033 
 400,042      Hecla Mining Co   2,312,243 
 158,826      Huntsman Corp   5,174,551 
 30,978   *  Ingevity Corp   2,413,496 
 18,422      Innospec, Inc   1,669,217 
 185,397      International Flavors & Fragrances, Inc   27,336,788 
 285,824      International Paper Co   14,196,878 
 7,382   *  Intrepid Potash, Inc   359,577 
 12,024      Kaiser Aluminum Corp   1,168,011 
 14,958   *  Koppers Holdings, Inc   524,876 
 23,752   *  Kraton Corp   1,084,279 
 17,312      Kronos Worldwide, Inc   225,575 
 113,854   *  Livent Corp   3,212,960 
 61,727      Louisiana-Pacific Corp   3,637,572 
 191,375      LyondellBasell Industries NV   17,763,428 
 1,527   *  Marrone Bio Innovations, Inc   1,338 
141

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 48,016      Martin Marietta Materials, Inc  $18,862,605 
 15,968      Materion Corp   1,152,570 
 25,661      Minerals Technologies, Inc   1,820,391 
 258,323      Mosaic Co   10,738,487 
 57,682   *,e  MP Materials Corp   1,952,536 
 26,770      Myers Industries, Inc   550,927 
 14,884      Neenah Inc   752,237 
 5,513      NewMarket Corp   1,874,475 
 604,230      Newmont Goldcorp Corp   32,628,420 
 181,575   *  Novagold Resources Inc   1,327,313 
 219,679      Nucor Corp   24,527,160 
 127,895   *  O-I Glass, Inc   1,669,030 
 108,998      Olin Corp   6,210,706 
 5,860      Olympic Steel, Inc   158,044 
 43,249   *  Orion Engineered Carbons SA   813,081 
 69,538      Packaging Corp of America   9,552,435 
 30,719      Pactiv Evergreen, Inc   427,301 
 176,107      PPG Industries, Inc   28,277,501 
 38,871      PQ Group Holdings, Inc   454,013 
 25,097   *  PureCycle Technologies, Inc   336,049 
 10,380      Quaker Chemical Corp   2,551,819 
 27,104   *  Ranpak Holdings Corp   934,004 
 46,721   *  Rayonier Advanced Materials, Inc   335,457 
 47,476      Reliance Steel & Aluminum Co   6,939,092 
 51,084      Royal Gold, Inc   5,058,338 
 86,250      RPM International, Inc   7,521,000 
 11,406      Ryerson Holding Corp   300,662 
 19,787      Schnitzer Steel Industries, Inc (Class A)   1,064,541 
 25,187      Schweitzer-Mauduit International, Inc   877,515 
 31,523      Scotts Miracle-Gro Co (Class A)   4,679,905 
 117,356      Sealed Air Corp   6,961,558 
 34,143      Sensient Technologies Corp   3,264,071 
 181,909      Sherwin-Williams Co   57,594,209 
 63,867      Silgan Holdings, Inc   2,567,453 
 60,678      Sonoco Products Co   3,516,290 
 57,995      Southern Copper Corp   3,479,120 
 140,352      Steel Dynamics, Inc   9,274,460 
 17,131      Stepan Co   2,056,063 
 90,890   *  Summit Materials, Inc   3,240,229 
 64,626      SunCoke Energy, Inc   466,600 
 25,984   *  Sylvamo Corp   731,709 
 34,451   *  TimkenSteel Corp   480,591 
 20,458      Tredegar Corp   246,723 
 29,350      Trinseo plc   1,645,361 
 86,613      Tronox Holdings plc   2,019,815 
 3,261   *  UFP Technologies, Inc   201,823 
 834      United States Lime & Minerals, Inc   102,982 
 206,183      United States Steel Corp   5,441,169 
 142,359      Valvoline, Inc   4,834,512 
 27,947      Verso Corp   617,070 
 98,689      Vulcan Materials Co   18,762,753 
 40,038      Warrior Met Coal, Inc   959,711 
 24,048      Westlake Chemical Corp   2,340,832 
 200,353      WestRock Co   9,636,979 
 25,911      Worthington Industries, Inc   1,407,486 
 14,174   *  Zymergen, Inc   150,244 
        TOTAL MATERIALS   827,319,902 
142

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
              
MEDIA & ENTERTAINMENT - 8.6%        
 579,814      Activision Blizzard, Inc  $45,335,657 
 57,960   *  Advantage Solutions, Inc   494,978 
 224,691   *  Alphabet, Inc (Class A)   665,292,076 
 209,678   *  Alphabet, Inc (Class C)   621,781,238 
 149,920   *  Altice USA, Inc   2,443,696 
 384,211   *,e  AMC Entertainment Holdings, Inc   13,589,543 
 24,488   *  AMC Networks, Inc   974,378 
 13,100   *  Boston Omaha Corp   464,395 
 4,150      Cable One, Inc   7,101,521 
 24,134   *  Cardlytics, Inc   1,898,380 
 71,064   *  Cargurus, Inc   2,383,487 
 52,392   *  Cars.com, Inc   682,144 
 95,569   *  Charter Communications, Inc   64,498,562 
 8,724   *  Chicken Soup For The Soul Entertainment, Inc   170,554 
 85,356   *,e  Cinemark Holdings, Inc   1,604,693 
 274,370   *  Clear Channel   795,673 
 3,388,740      Comcast Corp (Class A)   174,282,898 
 50,683   *  comScore, Inc   198,171 
 19,689   *,e  CuriosityStream, Inc   196,299 
 470   *  Daily Journal Corp   161,313 
 116,507   *,e  Discovery, Inc (Class A)   2,730,924 
 242,499   *  Discovery, Inc (Class C)   5,470,777 
 187,181   *  DISH Network Corp (Class A)   7,687,524 
 207,664      Electronic Arts, Inc   29,124,876 
 18,495   *  Emerald Holding, Inc   74,905 
 91,027   *  Entercom Communications Corp   294,017 
 41,363      Entravision Communications Corp (Class A)   329,663 
 56,607   *  Eventbrite Inc   1,145,726 
 14,689   *  EverQuote Inc   202,561 
 41,829      EW Scripps Co (Class A)   778,019 
 1,787,985   *  Facebook, Inc   578,538,306 
 32,327   *  Fluent, Inc   76,938 
 237,358      Fox Corp (Class A)   9,432,607 
 117,714      Fox Corp (Class B)   4,350,709 
 99,363   *,e  fuboTV, Inc   2,962,011 
 103,352   *  Gannett Co, Inc   599,442 
 72,446      Gray Television, Inc   1,698,134 
 9,282   *  Hemisphere Media Group, Inc   102,566 
 58,672   *  IAC   8,939,853 
 84,522   *  iHeartMedia, Inc   1,638,036 
 38,923   *  Imax Corp   733,699 
 293,258      Interpublic Group of Cos, Inc   10,724,445 
 32,721      John Wiley & Sons, Inc (Class A)   1,772,497 
 6,341   *  Liberty Braves Group (Class A)   193,844 
 32,042   *  Liberty Braves Group (Class C)   952,288 
 15,098   *  Liberty Broadband Corp (Class A)   2,427,305 
 105,487   *  Liberty Broadband Corp (Class C)   17,136,363 
 18,720   *  Liberty Media Group (Class A)   976,248 
 150,259   *  Liberty Media Group (Class C)   8,384,452 
 63,511   *  Liberty SiriusXM Group (Class A)   3,161,578 
 123,155   *  Liberty SiriusXM Group (Class C)   6,074,005 
 71,481   *  Liberty TripAdvisor Holdings, Inc   220,876 
 46,102   *  Lions Gate Entertainment Corp (Class A)   597,021 
143

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 89,647   *  Lions Gate Entertainment Corp (Class B)  $1,014,804 
 102,322   *  Live Nation, Inc   10,349,870 
 10,072   e  Loral Space & Communications, Inc   501,787 
 14,125   *  Madison Square Garden Co   2,676,829 
 18,059   *  Madison Square Garden Entertainment Corp   1,272,618 
 96,667   *  Magnite, Inc   2,612,909 
 25,461   *,e  Marcus Corp   472,811 
 207,253   *  Match Group, Inc   31,249,607 
 15,622   *  MediaAlpha, Inc   273,854 
 29,576   *  Meredith Corp   1,722,506 
 48,320      National CineMedia, Inc   153,658 
 322,121   *  Netflix, Inc   222,363,347 
 126,545      New York Times Co (Class A)   6,908,092 
 297,765      News Corp (Class A)   6,818,818 
 96,522      News Corp (Class B)   2,177,536 
 29,383      Nexstar Media Group Inc   4,405,393 
 158,699      Omnicom Group, Inc   10,804,228 
 410,325   *  Pinterest, Inc   18,316,908 
 59,561   *  Playtika Holding Corp   1,684,385 
 42,462   *  QuinStreet, Inc   594,468 
 87,361   *  Roku, Inc   26,636,369 
 23,182      Scholastic Corp   838,957 
 38,405      Sinclair Broadcast Group, Inc (Class A)   1,003,523 
 686,749   e  Sirius XM Holdings, Inc   4,182,301 
 213,812   *,e  Skillz, Inc   2,390,418 
 101,713   *  Spotify Technology S.A.   29,435,742 
 47,656   *  Stagwell, Inc   413,654 
 87,900   *  Take-Two Interactive Software, Inc   15,909,900 
 19,799   *  TechTarget, Inc   1,867,244 
 174,569      TEGNA, Inc   3,432,027 
 5,030   *  Thryv Holdings, Inc   159,300 
 75,518   *  TripAdvisor, Inc   2,489,828 
 88,583   *  TrueCar, Inc   371,163 
 583,192   *  Twitter, Inc   31,224,100 
 6,103      ViacomCBS, Inc (Class A)   237,590 
 429,542      ViacomCBS, Inc (Class B)   15,558,011 
 96,498   *  Vimeo, Inc   3,254,878 
 1,357,305   *  Walt Disney Co   229,479,556 
 40,981   *  WideOpenWest, Inc   780,688 
 35,196      World Wrestling Entertainment, Inc (Class A)   2,150,124 
 58,093   *  Yelp, Inc   2,244,133 
 45,669   *  Zillow Group, Inc (Class A)   4,828,127 
 126,422   *  Zillow Group, Inc (Class C)   13,101,112 
 765,202   *  Zynga, Inc   5,647,191 
        TOTAL MEDIA & ENTERTAINMENT   3,037,892,235 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.0%        
 63,491   *  10X Genomics, Inc   10,239,194 
 8,842   *  4D Molecular Therapeutics, Inc   212,473 
 11,226   *  89bio, Inc   197,578 
 253,146   *  9 Meters Biopharma, Inc   321,495 
 1,314,847      AbbVie, Inc   150,773,505 
 91,291   *  Acadia Pharmaceuticals, Inc   1,638,673 
 37,865   *  Acceleron Pharma, Inc   6,595,326 
 32,750   *,e  Aclaris Therapeutics, Inc   568,212 
 16,050   *  Adagio Therapeutics, Inc   469,302 
144

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 82,792   *  Adaptive Biotechnologies Corp  $2,766,081 
 66,953   *  Adverum Biotechnologies, Inc   151,983 
 33,288   *  Aeglea BioTherapeutics, Inc   243,668 
 33,134   *  Aerie Pharmaceuticals, Inc   352,214 
 87,570   *  Affimed NV   595,476 
 147,964   *  Agenus, Inc   568,182 
 223,931      Agilent Technologies, Inc   35,266,893 
 47,992   *  Agios Pharmaceuticals, Inc   2,255,624 
 132,649   *  Akebia Therapeutics, Inc   380,703 
 19,401   *  Akero Therapeutics, Inc   416,927 
 18,665   *,e  Akouos, Inc   173,958 
 7,525   *  Akoya Biosciences, Inc   99,706 
 13,691   *  Albireo Pharma, Inc   400,051 
 71,596   *,†  Alder Biopharmaceuticals Inc   63,004 
 36,650   *,e  Aldeyra Therapeutics, Inc   333,515 
 43,454   *  Alector, Inc   944,690 
 14,186   *  Aligos Therapeutics, Inc   225,983 
 119,414   *  Alkermes plc   3,617,050 
 26,372   *  Allakos, Inc   2,652,496 
 51,492   *  Allogene Therapeutics, Inc   887,722 
 21,851   *  Allovir, Inc   524,643 
 90,002   *  Alnylam Pharmaceuticals, Inc   14,360,719 
 25,003   *  Altimmune, Inc   270,032 
 13,419   *  ALX Oncology Holdings, Inc   752,001 
 424,450      Amgen, Inc   87,848,416 
 193,454   *  Amicus Therapeutics, Inc   2,031,267 
 90,760   *  Amneal Pharmaceuticals, Inc   498,272 
 29,714   *  Amphastar Pharmaceuticals, Inc   555,058 
 143,738   *,e  Ampio Pharmaceuticals, Inc   224,231 
 15,851   *  AnaptysBio, Inc   521,498 
 46,837   *,e  Anavex Life Sciences Corp   877,725 
 5,085   *  ANI Pharmaceuticals, Inc   190,077 
 11,269   *  Anika Therapeutics, Inc   469,354 
 23,561   *  Annexon, Inc   384,280 
 123,274   *  Antares Pharma, Inc   461,045 
 52,374   *  Apellis Pharmaceuticals, Inc   1,609,977 
 18,548   *  Applied Molecular Transport, Inc   417,701 
 12,708   *  Applied Therapeutics, Inc   186,426 
 39,630   *,e  AquaBounty Technologies, Inc   158,124 
 65,091   *,e  Arbutus Biopharma Corp   262,317 
 13,951   *  Arcturus Therapeutics Holdings, Inc   627,097 
 34,341   *  Arcus Biosciences, Inc   1,148,363 
 20,143   *  Arcutis Biotherapeutics, Inc   426,629 
 66,021   *,e  Ardelyx, Inc   79,885 
 45,907   *  Arena Pharmaceuticals, Inc   2,634,603 
 75,132   *  Arrowhead Pharmaceuticals Inc   4,794,924 
 32,937   *  Arvinas, Inc   2,851,685 
 62,354   *  Atara Biotherapeutics, Inc   965,240 
 48,745   *,e  Atea Pharmaceuticals, Inc   567,392 
 76,887   *,e  Athenex, Inc   195,293 
 137,117   *,e  Athersys, Inc   160,427 
 25,454   *,e  Athira Pharma, Inc   332,684 
 88,477   *  Atossa Therapeutics, Inc   227,386 
 30,662   *,e  Atreca, Inc   158,829 
 76,225   *  Avalo Therapeutics, Inc   178,366 
 429,372   *  Avantor, Inc   17,338,041 
145

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 46,688   *  Avid Bioservices, Inc  $1,432,388 
 22,820   *  Avidity Biosciences, Inc   513,450 
 18,080   *,e  Avita Medical, Inc   297,778 
 25,652   *  Avrobio, Inc   144,164 
 21,552   *,e  Axsome Therapeutics, Inc   829,752 
 36,579   *  Beam Therapeutics, Inc   3,247,118 
 36,272   *  Berkeley Lights, Inc   843,324 
 17,232   *  Beyondspring Inc   238,146 
 8,940   *  BioAtla, Inc   261,316 
 136,958   *  BioCryst Pharmaceuticals, Inc   2,044,783 
 59,451   *  BioDelivery Sciences International, Inc   242,560 
 111,821   *  Biogen, Inc   29,820,424 
 41,643   *  Biohaven Pharmaceutical Holding Co Ltd   5,926,632 
 137,024   *  BioMarin Pharmaceutical, Inc   10,856,412 
 6,579   *,e  Biomea Fusion, Inc   70,658 
 188,314   *,e  Bionano Genomics, Inc   956,635 
 15,458   *  Bio-Rad Laboratories, Inc (Class A)   12,284,163 
 29,382      Bio-Techne Corp   15,385,884 
 9,945   *  Bioxcel Therapeutics Inc   289,797 
 17,523   *,e  Black Diamond Therapeutics, Inc   134,226 
 49,659   *  Bluebird Bio, Inc   1,162,517 
 44,489   *  Blueprint Medicines Corp   5,004,568 
 9,800   *,e  Bolt Biotherapeutics, Inc   128,282 
 82,243   *  Bridgebio Pharma, Inc   4,061,159 
 1,662,527      Bristol-Myers Squibb Co   97,091,577 
 18,013   *,e  Brooklyn ImmunoTherapeutics, Inc   153,471 
 80,409      Bruker BioSciences Corp   6,456,843 
 25,944   *  C4 Therapeutics, Inc   1,152,432 
 32,865   *  Cara Therapeutics, Inc   553,118 
 27,819   *,e  Cardiff Oncology, Inc   163,298 
 37,486   *  CareDx, Inc   1,911,786 
 14,588   *  Caribou Biosciences, Inc   322,541 
 25,205   *,e  Cassava Sciences, Inc   1,087,092 
 119,251   *  Catalent, Inc   16,439,943 
 76,486   *  Catalyst Pharmaceuticals, Inc   451,267 
 6,027   *,e  Celcuity, Inc   109,089 
 34,148   *  Celldex Therapeutics, Inc   1,452,656 
 28,692   *,e  CEL-SCI Corp   321,350 
 26,489   *,e  Cerevel Therapeutics Holdings, Inc   1,076,778 
 37,664   *  Charles River Laboratories International, Inc   16,899,084 
 38,382   *  ChemoCentryx, Inc   1,336,077 
 55,373   *  Chimerix, Inc   290,155 
 26,874   *  Chinook Therapeutics, Inc   288,627 
 33,231   *,e  ChromaDex Corp   205,700 
 85,782   *,e  Citius Pharmaceuticals, Inc   160,412 
 80,529   *,e  Clovis Oncology, Inc   348,691 
 45,404   *  Codexis, Inc   1,578,697 
 11,867   *  Codiak Biosciences, Inc   171,003 
 28,132   *,e  Cogent Biosciences, Inc   238,559 
 45,593   *  Coherus Biosciences, Inc   762,771 
 28,144   *  Collegium Pharmaceutical, Inc   552,467 
 75,382   *  Corcept Therapeutics, Inc   1,356,876 
 34,910   *,e  CorMedix Inc   169,663 
 15,260   *,e  Cortexyme Inc   201,432 
 29,586   *  Crinetics Pharmaceuticals, Inc   737,579 
 23,500   *  Cue Biopharma, Inc   286,935 
146

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 10,136   *,e  Cullinan Oncology, Inc  $225,222 
 40,402   *,e  CureVac NV   1,618,908 
 65,385   *  Curis, Inc   425,003 
 52,860   *  Cymabay Therapeutics, Inc   206,154 
 58,402   *  Cytokinetics, Inc   2,038,814 
 61,381   *  CytomX Therapeutics, Inc   363,989 
 29,585   *  Deciphera Pharmaceuticals, Inc   987,843 
 69,573   *  Denali Therapeutics, Inc   3,363,855 
 17,905   *,e  DermTech, Inc   489,702 
 10,125   *,e  Design Therapeutics, Inc   158,760 
 52,282   *  Dicerna Pharmaceuticals, Inc   1,087,988 
 156,303   *  Durect Corp   200,068 
 79,916   *  Dynavax Technologies Corp   1,595,923 
 22,646   *  Dyne Therapeutics, Inc   328,593 
 11,214   *  Eagle Pharmaceuticals, Inc   587,277 
 9,248   *  Edgewise Therapeutics, Inc   152,592 
 53,309   *  Editas Medicine, Inc   1,957,506 
 19,133   *  Eiger BioPharmaceuticals, Inc   128,956 
 335,487   *  Elanco Animal Health, Inc   11,030,813 
 634,108      Eli Lilly & Co   161,545,354 
 37,040   *  Emergent Biosolutions, Inc   1,765,697 
 17,038   *  Enanta Pharmaceuticals, Inc   1,462,712 
 62,499   *  Epizyme, Inc   262,496 
 20,619   *,e  Esperion Thereapeutics, Inc   184,334 
 22,962   *,e  Evelo Biosciences, Inc   203,214 
 22,516   *  Evolus, Inc   176,075 
 130,362   *  Exact Sciences Corp   12,413,070 
 237,326   *  Exelixis, Inc   5,104,882 
 61,787   *  Fate Therapeutics, Inc   3,324,141 
 65,218   *  FibroGen, Inc   725,224 
 45,267   *  Flexion Therapeutics, Inc   418,720 
 66,476   *  Fluidigm Corp   342,351 
 24,236   *  Forma Therapeutics Holdings, Inc   449,820 
 8,519   *,e  Forte Biosciences, Inc   23,086 
 71,352   *  Fortress Biotech, Inc   232,608 
 33,303   *,e  Frequency Therapeutics, Inc   209,143 
 16,181   *  Fulcrum Therapeutics, Inc   358,247 
 29,008   *,e  G1 Therapeutics, Inc   420,326 
 16,562   *  Gemini Therapeutics, Inc   62,936 
 33,712   *  Generation Bio Co   706,604 
 274,233   *,e  Geron Corp   422,319 
 936,937      Gilead Sciences, Inc   60,788,473 
 44,211   *  Global Blood Therapeutics, Inc   1,614,586 
 43,062   *  Gossamer Bio, Inc   534,830 
 3,183   *,e  Greenwich Lifesciences, Inc   112,551 
 36,887   *  Gritstone Oncology, Inc   405,388 
 24,592   *  GT Biopharma, Inc   158,864 
 108,327   *  Halozyme Therapeutics, Inc   4,124,009 
 16,826   *,e  Harmony Biosciences Holdings, Inc   697,774 
 19,227   *  Harpoon Therapeutics, Inc   120,361 
 29,173   *  Harvard Bioscience, Inc   219,673 
 69,386   *  Heron Therapeutics, Inc   763,940 
 29,012   *  Homology Medicines, Inc   166,239 
 17,405   *  Hookipa Pharma, Inc   84,762 
 163,616   *  Horizon Therapeutics Plc   19,619,195 
 33,935   *,e  Humanigen, Inc   243,653 
147

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 214,078   *,e  iBio, Inc  $166,981 
 10,184   *  Icosavax, Inc   266,413 
 22,147   *  Ideaya Biosciences, Inc   474,832 
 6,036   *,e  IGM Biosciences, Inc   283,209 
 7,542   *  Ikena Oncology, Inc   81,077 
 108,921   *  Illumina, Inc   45,208,750 
 11,727   *  Immunic, Inc   109,296 
 50,437   *,e  ImmunityBio, Inc   394,922 
 145,304   *  Immunogen, Inc   876,183 
 30,492   *  Immunovant, Inc   245,156 
 142,920   *  Incyte Corp   9,572,782 
 66,228   *,e  Infinity Pharmaceuticals, Inc   168,219 
 21,073   *  Inhibrx, Inc   846,924 
 51,012   *  Innoviva, Inc   890,159 
 9,755   *  Inotiv, Inc   472,044 
 156,129   *,e  Inovio Pharmaceuticals, Inc   1,114,761 
 5,115   *  Inozyme Pharma, Inc   47,774 
 76,755   *  Insmed, Inc   2,314,163 
 13,340   *  Instil Bio, Inc   271,736 
 51,768   *  Intellia Therapeutics, Inc   6,884,109 
 21,877   *,e  Intercept Pharmaceuticals, Inc   368,846 
 54,455   *  Intra-Cellular Therapies, Inc   2,345,377 
 151,332   *,e  Invitae Corp   4,010,298 
 106,785   *  Ionis Pharmaceuticals, Inc   3,403,238 
 111,258   *  Iovance Biotherapeutics, Inc   2,704,682 
 143,407   *  IQVIA Holdings, Inc   37,489,458 
 119,898   *  Ironwood Pharmaceuticals, Inc   1,531,097 
 15,278   *  iTeos Therapeutics, Inc   408,687 
 71,008   *  IVERIC bio, Inc   1,256,842 
 45,711   *  Jazz Pharmaceuticals plc   6,081,391 
 1,970,784      Johnson & Johnson   321,001,298 
 27,101   *  Jounce Therapeutics, Inc   237,947 
 131,404   *  Kadmon Holdings, Inc   1,241,768 
 38,118   *,e  Kala Pharmaceuticals, Inc   66,325 
 27,253   *,e  Kaleido Biosciences Inc   117,188 
 17,147   *  KalVista Pharmaceuticals Inc   308,303 
 16,757   *  Karuna Therapeutics, Inc   2,352,348 
 57,823   *,e  Karyopharm Therapeutics, Inc   315,714 
 21,604   *,e  KemPharm, Inc   205,238 
 11,863   *  Keros Therapeutics, Inc   494,924 
 36,515   *  Kezar Life Sciences, Inc   292,120 
 21,846   *  Kiniksa Pharmaceuticals Ltd   226,980 
 10,555   *,e  Kinnate Biopharma, Inc   250,892 
 25,631   *  Kodiak Sciences, Inc   3,001,134 
 29,278   *,e  Kronos Bio, Inc   481,916 
 13,379   *  Krystal Biotech Inc   670,154 
 47,680   *  Kura Oncology, Inc   782,906 
 21,812   *  Kymera Therapeutics, Inc   1,284,291 
 56,936   *  Lexicon Pharmaceuticals, Inc   301,191 
 11,370   *  Ligand Pharmaceuticals, Inc (Class B)   1,659,338 
 91,790   *,e  Lineage Cell Therapeutics, Inc   209,281 
 44,869   *  MacroGenics, Inc   876,292 
 8,601   *  Madrigal Pharmaceuticals, Inc   668,728 
 27,118   *  Magenta Therapeutics, Inc   173,555 
 186,883   *,e  MannKind Corp   880,219 
 68,127   *  Maravai LifeSciences Holdings, Inc   2,881,091 
148

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 27,883   *,e  Marinus Pharmaceuticals, Inc  $320,655 
 21,411   *  Medpace Holdings, Inc   4,850,662 
 101,155   *  MEI Pharma, Inc   285,257 
 11,473   *  MeiraGTx Holdings plc   246,669 
 1,881,742      Merck & Co, Inc   165,687,383 
 51,322   *  Mersana Therapeutics, Inc   439,316 
 17,168   *  Mettler-Toledo International, Inc   25,423,748 
 83,879   *  MiMedx Group, Inc   574,571 
 243,068   *  Mind Medicine MindMed, Inc   612,531 
 30,572   *  Mirati Therapeutics, Inc   5,778,719 
 5,376   *  Mirum Pharmaceuticals, Inc   85,371 
 252,544   *  Moderna, Inc   87,180,714 
 36,471   *  Molecular Templates, Inc   190,379 
 15,639   *  Morphic Holding, Inc   899,243 
 39,098   *  Mustang Bio, Inc   87,580 
 57,890   *  Myriad Genetics, Inc   1,781,275 
 34,387   *  NanoString Technologies, Inc   1,660,892 
 63,362   *  Natera, Inc   7,259,384 
 135,344   *  Nektar Therapeutics   2,051,815 
 85,951   *  NeoGenomics, Inc   3,953,746 
 23,519   *  Neoleukin Therapeutics, Inc   172,394 
 71,847   *  Neurocrine Biosciences, Inc   7,573,392 
 22,655   *  NGM Biopharmaceuticals Inc   418,438 
 12,317   *  Nkarta, Inc   193,131 
 54,100   *  Novavax, Inc   8,051,703 
 23,712   *  Nurix Therapeutics, Inc   793,166 
 26,510   *  Nuvation Bio, Inc   243,097 
 134,035   *,e  Ocugen, Inc   1,586,974 
 56,023   *  Ocular Therapeutix, Inc   371,993 
 18,751   *  Olema Pharmaceuticals, Inc   506,277 
 53,494   *,e  Omeros Corp   335,407 
 62,129   *  Oncocyte Corp   203,783 
 15,440   *,e  Oncorus, Inc   164,590 
 33,751   *  Oncternal Therapeutics, Inc   123,866 
 309,914   *,e  Opko Health, Inc   1,174,574 
 20,186   *  Oramed Pharmaceuticals, Inc   472,554 
 27,233   *  Organogenesis Holdings Inc   299,018 
 192,321      Organon & Co   7,067,797 
 23,965   *  ORIC Pharmaceuticals, Inc   350,848 
 75,101   *,e  Outlook Therapeutics, Inc   155,459 
 4,552   *,e  Oyster Point Pharma, Inc   53,623 
 141,186   *  Pacific Biosciences of California, Inc   3,738,605 
 33,811   *  Pacira BioSciences Inc   1,767,639 
 33,108   *,e  Paratek Pharmaceuticals, Inc   166,202 
 28,540   *  Passage Bio, Inc   248,869 
 82,836      PerkinElmer, Inc   14,652,860 
 103,254      Perrigo Co plc   4,661,918 
 26,969   *  Personalis, Inc   529,132 
 25,003   *,†  Pfenex, Inc   18,752 
 4,163,891      Pfizer, Inc   182,128,592 
 15,279   *,e  Phathom Pharmaceuticals, Inc   359,515 
 15,634      Phibro Animal Health Corp   343,010 
 18,166   *,e  Pliant Therapeutics, Inc   289,384 
 19,770   *  PMV Pharmaceuticals, Inc   466,967 
 22,651   *  Poseida Therapeutics, Inc   145,193 
 118,205   *  PPD, Inc   5,575,730 
149

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 18,388   *  Praxis Precision Medicines, Inc  $382,470 
 72,804   *,e  Precigen, Inc   351,643 
 36,010   *  Precision BioSciences Inc   341,735 
 9,787   *,e  Prelude Therapeutics, Inc   172,055 
 40,272   *  Prestige Consumer Healthcare, Inc.   2,415,917 
 72,597   *,†  Progenics Pharmaceuticals, Inc   0 
 8,373   *  Prometheus Biosciences, Inc   266,764 
 31,282   *  Protagonist Therapeutics, Inc   974,747 
 26,368   *  Prothena Corp plc   1,459,469 
 42,697   *,e  Provention Bio, Inc   267,283 
 52,242   *  PTC Therapeutics, Inc   1,981,539 
 18,940   *  Puma Biotechnology, Inc   96,594 
 164,337   *  QIAGEN NV   9,163,431 
 23,244   *  Quanterix Corp   1,176,379 
 40,547   *  Radius Health, Inc   875,815 
 8,345   *  Rain Therapeutics, Inc   130,015 
 13,284   *  RAPT Therapeutics, Inc   419,509 
 20,751   *  Reata Pharmaceuticals, Inc   1,992,304 
 15,847   *  Recursion Pharmaceuticals, Inc   303,470 
 74,560   *  Regeneron Pharmaceuticals, Inc   47,713,926 
 28,339   *  REGENXBIO, Inc   1,004,334 
 44,280   *  Relay Therapeutics, Inc   1,472,310 
 11,093   *  Relmada Therapeutics, Inc   260,353 
 41,429   *  Repligen Corp   12,035,125 
 20,307   *  Replimune Group, Inc   599,260 
 53,146   *  Revance Therapeutics, Inc   730,758 
 44,805   *  REVOLUTION Medicines, Inc   1,318,611 
 32,096   *  Rhythm Pharmaceuticals, Inc   369,425 
 130,007   *  Rigel Pharmaceuticals, Inc   436,824 
 29,922   *  Rocket Pharmaceuticals, Inc   888,983 
 251,867      Royalty Pharma plc   9,956,303 
 33,872   *  Rubius Therapeutics, Inc   481,321 
 40,249   *  Sage Therapeutics, Inc   1,624,450 
 66,030   *,e  Sana Biotechnology, Inc   1,369,462 
 90,778   *  Sangamo Therapeutics Inc   737,117 
 57,754   *  Sarepta Therapeutics, Inc   4,570,074 
 22,321   *,e  Scholar Rock Holding Corp   587,042 
 101,222   *  Seagen, Inc   17,848,475 
 91,963   *,e  Seelos Therapeutics, Inc   198,640 
 24,161   *,e  Seer, Inc   892,024 
 87,952   *  Selecta Biosciences, Inc   315,748 
 52,476   *  Seres Therapeutics, Inc   319,054 
 129,134   *,e  Sesen Bio, Inc   156,252 
 20,073   *,e  Shattuck Labs, Inc   387,409 
 48,122   *  SIGA Technologies, Inc   346,960 
 9,796   *  Silverback Therapeutics, Inc   84,539 
 49,251   *  Solid Biosciences, Inc   99,980 
 206,151   *,e  Sorrento Therapeutics, Inc   1,414,196 
 59,693   *  Sotera Health Co   1,474,417 
 116,328   *  Spectrum Pharmaceuticals, Inc   212,880 
 21,174   *  Spero Therapeutics, Inc   371,815 
 22,026   *  SpringWorks Therapeutics, Inc   1,477,064 
 17,150   *  SQZ Biotechnologies Co   229,639 
 14,271   *  Stoke Therapeutics, Inc   325,807 
 35,959   *  Supernus Pharmaceuticals, Inc   1,073,376 
 26,043   *,e  Surface Oncology, Inc   193,239 
150

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 32,745   *  Sutro Biopharma, Inc  $660,139 
 33,941   *  Syndax Pharmaceuticals, Inc   660,152 
 79,629   *  Syneos Health, Inc   7,432,571 
 51,303   *  Syros Pharmaceuticals, Inc   211,881 
 9,147   *  Talaris Therapeutics, Inc   154,493 
 8,236   *  Tarsus Pharmaceuticals, Inc   228,631 
 16,785   *,e  Taysha Gene Therapies, Inc   262,517 
 22,671   *  TCR2 Therapeutics Inc   142,827 
 96,764   *  TG Therapeutics, Inc   3,020,972 
 313,100   *,e  TherapeuticsMD, Inc   227,937 
 39,475   *  Theravance Biopharma, Inc   306,721 
 294,011      Thermo Fisher Scientific, Inc   186,129,544 
 247,260   *,e  Tonix Pharmaceuticals Holding Corp   136,488 
 45,002   *  Travere Therapeutics, Inc   1,296,508 
 123,515   *,e  Trevena, Inc   124,750 
 73,839   *  Trillium Therapeutics, Inc   1,337,224 
 34,787   *  Turning Point Therapeutics Inc   1,446,443 
 36,382   *  Twist Bioscience Corp   4,322,182 
 49,399   *  Ultragenyx Pharmaceutical, Inc   4,145,564 
 34,088   *  United Therapeutics Corp   6,502,627 
 13,634   *,e  UroGen Pharma Ltd   234,505 
 43,796   *  Vanda Pharmaceuticals, Inc   749,788 
 91,912   *,e  Vaxart Inc   616,730 
 30,025   *,e  Vaxcyte, Inc   702,585 
 154,475   *,e  VBI Vaccines, Inc   447,978 
 51,135   *  Veracyte, Inc   2,448,344 
 130,303   *  Verastem, Inc   338,788 
 35,482   *  Vericel Corp   1,632,882 
 12,463   *,e  Verrica Pharmaceuticals, Inc   156,909 
 194,959   *  Vertex Pharmaceuticals, Inc   36,053,768 
 12,019   *  Verve Therapeutics, Inc   557,561 
 856,475      Viatris, Inc   11,433,941 
 58,971   *,e  Viking Therapeutics, Inc   343,211 
 6,562   *  Vincerx Pharma, Inc   91,671 
 46,247   *  Vir Biotechnology, Inc   1,744,899 
 35,406   *  Viracta Therapeutics, Inc   208,187 
 144,499   *  VistaGen Therapeutics, Inc   330,903 
 8,814   *,e  Vor BioPharma, Inc   138,644 
 46,355   *  Waters Corp   17,037,780 
 37,055   *  WaVe Life Sciences Ltd   170,082 
 7,962   *  Werewolf Therapeutics, Inc   124,765 
 14,325      XBiotech, Inc   210,005 
 43,711   *  Xencor, Inc   1,729,207 
 26,589   *  Y-mAbs Therapeutics, Inc   653,026 
 25,157   *  Zentalis Pharmaceuticals, Inc   2,023,629 
 168,530   *,e  ZIOPHARM Oncology, Inc   252,795 
 356,296      Zoetis, Inc   77,031,195 
 43,843   *  Zogenix, Inc   672,113 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   2,465,900,721 
              
REAL ESTATE - 3.4%        
 70,210      Acadia Realty Trust   1,501,090 
 50,990      Agree Realty Corp   3,623,349 
 59,342      Alexander & Baldwin, Inc   1,455,659 
 2,066      Alexander’s, Inc   575,960 
 114,089      Alexandria Real Estate Equities, Inc   23,290,128 
151

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 38,198      American Assets Trust, Inc  $1,445,030 
 104,739      American Campus Communities, Inc   5,626,579 
 89,265      American Finance Trust, Inc   739,114 
 214,982      American Homes 4 Rent   8,728,269 
 337,948      American Tower Corp   95,291,198 
 193,928      Americold Realty Trust   5,715,058 
 118,967      Apartment Income REIT Corp   6,377,821 
 113,991      Apartment Investment and Management Co   864,052 
 165,195      Apple Hospitality REIT, Inc   2,595,213 
 38,539      Armada Hoffler Properties, Inc   528,370 
 6,400   *  Ashford Hospitality Trust, Inc   90,432 
 104,894      AvalonBay Communities, Inc   24,826,312 
 120,272      Boston Properties, Inc   13,667,710 
 33,815   *  BraeMar Hotels & Resorts, Inc   171,780 
 132,051      Brandywine Realty Trust   1,749,676 
 227,388      Brixmor Property Group, Inc   5,329,975 
 105,647      Broadstone Net Lease, Inc   2,809,154 
 16,295      Brt Realty Trust   324,271 
 73,195      Camden Property Trust   11,938,105 
 70,706      CareTrust REIT, Inc   1,467,150 
 37,030      CatchMark Timber Trust, Inc   316,977 
 248,781   *  CBRE Group, Inc   25,893,126 
 11,003      Centerspace   1,113,944 
 44,654   *  Chatham Lodging Trust   566,659 
 47,291      City Office REIT, Inc   897,110 
 8,392      Clipper Realty, Inc   72,003 
 39,127      Columbia Property Trust, Inc   750,065 
 17,150      Community Healthcare Trust, Inc   820,456 
 34,901   *  CorePoint Lodging, Inc   601,693 
 32,728      Coresite Realty   4,662,431 
 86,545      Corporate Office Properties Trust   2,347,100 
 113,835      Cousins Properties, Inc   4,509,004 
 322,664      Crown Castle International Corp   58,176,319 
 4,506      CTO Realty Growth, Inc   241,567 
 135,730      CubeSmart   7,466,507 
 93,315   *  Cushman & Wakefield plc   1,716,063 
 94,374      CyrusOne, Inc   7,740,555 
 162,943   *  DiamondRock Hospitality Co   1,473,005 
 210,263      Digital Realty Trust, Inc   33,181,604 
 371,000   *  DigitalBridge Group, Inc   2,485,700 
 177,635      Diversified Healthcare Trust   646,591 
 127,377      Douglas Emmett, Inc   4,162,680 
 282,899      Duke Realty Corp   15,910,240 
 60,564      Easterly Government Properties, Inc   1,273,661 
 30,459      EastGroup Properties, Inc   6,024,181 
 105,979      Empire State Realty Trust, Inc   1,025,877 
 46,624      EPR Properties   2,340,991 
 66,752      Equinix, Inc   55,876,097 
 51,143   *  Equity Commonwealth   1,326,138 
 136,033      Equity Lifestyle Properties, Inc   11,496,149 
 278,260      Equity Residential   24,041,664 
 88,596      Essential Properties Realty Trust, Inc   2,639,275 
 49,200      Essex Property Trust, Inc   16,724,556 
 46,778      eXp World Holdings Inc   2,413,745 
 98,287      Extra Space Storage, Inc   19,398,905 
 21,817      Farmland Partners, Inc   245,223 
152

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 5,366   *,e  Fathom Holdings, Inc  $135,706 
 59,142      Federal Realty Investment Trust   7,117,740 
 101,817      First Industrial Realty Trust, Inc   5,928,804 
 13,051   *  Forestar Group, Inc   255,408 
 59,330      Four Corners Property Trust, Inc   1,720,570 
 85,813      Franklin Street Properties Corp   386,159 
 6,315   *  FRP Holdings, Inc   361,218 
 151,675      Gaming and Leisure Properties, Inc   7,354,721 
 100,798      Geo Group, Inc   824,528 
 27,040      Getty Realty Corp   868,525 
 28,971      Gladstone Commercial Corp   633,306 
 18,993      Gladstone Land Corp   420,505 
 37,137      Global Medical REIT, Inc   615,731 
 73,602      Global Net Lease, Inc   1,179,104 
 108,573      Healthcare Realty Trust, Inc   3,589,423 
 164,149      Healthcare Trust of America, Inc   5,480,935 
 415,874      Healthpeak Properties Inc   14,767,686 
 41,958   *  Hersha Hospitality Trust   374,685 
 79,284      Highwoods Properties, Inc   3,555,095 
 534,349   *  Host Hotels and Resorts, Inc   8,993,094 
 31,641   *  Howard Hughes Corp   2,756,880 
 115,833      Hudson Pacific Properties   2,982,700 
 74,013      Independence Realty Trust, Inc   1,748,927 
 3,478      Indus Realty Trust, Inc   242,417 
 53,373      Industrial Logistics Properties Trust   1,499,248 
 16,931      Innovative Industrial Properties, Inc   4,454,377 
 419,152      Invitation Homes, Inc   17,290,020 
 199,523      Iron Mountain, Inc   9,106,230 
 58,158      iStar Inc   1,467,908 
 95,575      JBG SMITH Properties   2,758,295 
 35,644   *  Jones Lang LaSalle, Inc   9,204,350 
 92,945      Kennedy-Wilson Holdings, Inc   2,079,180 
 88,635      Kilroy Realty Corp   5,972,226 
 443,551      Kimco Realty Corp   10,024,253 
 162,863      Kite Realty Group Trust   3,306,119 
 66,087      Lamar Advertising Co   7,481,048 
 207,913      Lexington Realty Trust   3,029,292 
 59,241      Life Storage, Inc   7,927,038 
 33,190      LTC Properties, Inc   1,057,433 
 155,267      Macerich Co   2,808,780 
 66,085   *  Mack-Cali Realty Corp   1,202,086 
 13,672   *  Marcus & Millichap, Inc   643,951 
 430,141      Medical Properties Trust, Inc   9,174,908 
 88,117      Mid-America Apartment Communities, Inc   17,994,373 
 80,998      Monmouth Real Estate Investment Corp (Class A)   1,526,812 
 33,962      National Health Investors, Inc   1,826,476 
 134,465      National Retail Properties, Inc   6,099,332 
 60,531      National Storage Affiliates Trust   3,780,766 
 29,806      NETSTREIT Corp   722,497 
 116,047      Newmark Group, Inc   1,726,779 
 16,294      NexPoint Residential Trust, Inc   1,153,941 
 38,398      Office Properties Income Trust   983,757 
 180,008      Omega Healthcare Investors, Inc   5,285,035 
 12,863      One Liberty Properties, Inc   402,097 
 336,885   *,e  Opendoor Technologies, Inc   7,987,543 
 109,833      Outfront Media, Inc   2,733,743 
153

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 46,052      Paramount Group, Inc  $390,521 
 185,936   *  Park Hotels & Resorts, Inc   3,445,394 
 104,427      Pebblebrook Hotel Trust   2,345,430 
 13,856      Phillips Edison & Co, Inc   417,620 
 165,274      Physicians Realty Trust   3,141,859 
 91,402      Piedmont Office Realty Trust, Inc   1,623,300 
 18,903      Plymouth Industrial REIT, Inc   483,161 
 15,840      Postal Realty Trust, Inc   307,771 
 51,676      PotlatchDeltic Corp   2,701,105 
 31,765      Preferred Apartment Communities, Inc   400,557 
 553,108      Prologis, Inc   80,178,536 
 15,702      PS Business Parks, Inc   2,790,245 
 112,842      Public Storage, Inc   37,483,856 
 10,421   *,e  Rafael Holdings, Inc   78,783 
 105,207      Rayonier, Inc   3,927,377 
 11,250      Re/Max Holdings, Inc   357,863 
 86,795   *  Realogy Holdings Corp   1,503,289 
 285,180      Realty Income Corp   20,370,407 
 77,248   *,e  Redfin Corp   3,965,912 
 130,023      Regency Centers Corp   9,154,919 
 97,039      Retail Opportunities Investment Corp   1,724,383 
 11,545      Retail Value, Inc   72,272 
 102,307      Rexford Industrial Realty, Inc   6,875,030 
 124,379      RLJ Lodging Trust   1,793,545 
 12,116      RMR Group, Inc   421,516 
 63,234      RPT Realty   840,380 
 38,528   *  Ryman Hospitality Properties   3,295,685 
 168,366      Sabra Healthcare REIT, Inc   2,382,379 
 14,934      Safehold, Inc   1,115,570 
 10,022      Saul Centers, Inc   465,021 
 80,559      SBA Communications Corp   27,819,439 
 27,860   *  Seritage Growth Properties   429,044 
 71,766      Service Properties Trust   772,920 
 244,664      Simon Property Group, Inc   35,862,849 
 128,685      SITE Centers Corp   2,044,805 
 40,637      SL Green Realty Corp   2,847,435 
 87,330      Spirit Realty Capital, Inc   4,273,057 
 22,013      St. Joe Co   1,035,051 
 124,125      STAG Industrial, Inc   5,403,161 
 186,206      STORE Capital Corp   6,392,452 
 96,563   *  Summit Hotel Properties, Inc   965,630 
 85,153      Sun Communities, Inc   16,688,285 
 164,654   *  Sunstone Hotel Investors, Inc   2,031,830 
 53,779      Tanger Factory Outlet Centers, Inc   903,487 
 24,087   *  Tejon Ranch Co   438,624 
 53,103      Terreno Realty Corp   3,883,422 
 226,720      UDR, Inc   12,589,762 
 30,053      UMH Properties, Inc   719,469 
 122,165      Uniti Group, Inc   1,748,181 
 10,411      Universal Health Realty Income Trust   593,115 
 86,312      Urban Edge Properties   1,513,049 
 26,203      Urstadt Biddle Properties, Inc (Class A)   514,627 
 297,328      Ventas, Inc   15,868,395 
 162,288      VEREIT, Inc   8,163,086 
 426,936      VICI Properties, Inc   12,530,572 
 115,428      Vornado Realty Trust   4,920,696 
154

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 71,738      Washington REIT  $1,818,558 
 317,504      Welltower, Inc   25,527,322 
 551,433      Weyerhaeuser Co   19,697,187 
 39,696      Whitestone REIT   364,409 
 136,184      WP Carey, Inc   10,501,148 
 84,639   *  Xenia Hotels & Resorts, Inc   1,506,574 
        TOTAL REAL ESTATE   1,190,734,403 
              
RETAILING - 6.4%        
 20,109   *  1-800-FLOWERS.COM, Inc (Class A)   645,901 
 25,901      Aaron’s Co, Inc   605,824 
 48,946   *  Abercrombie & Fitch Co (Class A)   1,935,325 
 48,190   *  Academy Sports & Outdoors, Inc   2,061,568 
 49,538      Advance Auto Parts, Inc   11,171,810 
 324,367   *  Amazon.com, Inc   1,093,905,002 
 117,434   e  American Eagle Outfitters, Inc   2,787,883 
 4,579   *  America’s Car-Mart, Inc   547,145 
 39,925   *  Arko Corp   382,881 
 15,443   *  Asbury Automotive Group, Inc   3,022,350 
 30,843   *  Autonation, Inc   3,735,704 
 16,067   *  AutoZone, Inc   28,677,024 
 29,140   *  Barnes & Noble Education, Inc   302,473 
 181,538      Bath & Body Works, Inc   12,542,460 
 59,294   *  Bed Bath & Beyond, Inc   832,488 
 188,794      Best Buy Co, Inc   23,078,179 
 16,018   e  Big 5 Sporting Goods Corp   387,315 
 26,843      Big Lots, Inc   1,187,803 
 22,700   *  Boot Barn Holdings, Inc   2,371,923 
 11,169      Buckle, Inc   464,854 
 50,703   *  Burlington Stores, Inc   14,008,732 
 32,137      Caleres, Inc   741,079 
 22,465   e  Camping World Holdings, Inc   836,821 
 28,942   *,e  CarLotz, Inc   104,191 
 124,205   *  CarMax, Inc   17,006,149 
 35,828   *  CarParts.com, Inc   545,660 
 57,799   *  Carvana Co   17,523,501 
 14,980      Cato Corp (Class A)   264,097 
 70,292   *  Chico’s FAS, Inc   383,794 
 10,977   *  Children’s Place, Inc   909,884 
 6,729   *  Citi Trends, Inc   520,555 
 16,823   *  Conn’s, Inc   374,648 
 24,197   *  Container Store Group, Inc   267,619 
 49,433   *  Designer Brands, Inc   668,828 
 47,886      Dick’s Sporting Goods, Inc   5,947,920 
 4,739      Dillard’s, Inc (Class A)   1,095,372 
 175,400      Dollar General Corp   38,854,608 
 169,856   *  Dollar Tree, Inc   18,303,683 
 108,072   *  DoorDash, Inc   21,052,426 
 9,258   *  Duluth Holdings, Inc   132,667 
 488,822      eBay, Inc   37,502,424 
 93,573   *  Etsy, Inc   23,457,815 
 42,175   *  Five Below, Inc   8,321,127 
 77,045   *  Floor & Decor Holdings, Inc   10,471,956 
 68,071      Foot Locker, Inc   3,244,945 
 21,367      Franchise Group, Inc   786,306 
 16,819   *  Funko, Inc   275,663 
155

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 48,010   *,e  GameStop Corp (Class A)  $8,810,315 
 114,185      Gap, Inc   2,590,858 
 12,753   *  Genesco, Inc   772,704 
 106,088      Genuine Parts Co   13,909,198 
 34,274   *,e  Greenlane Holdings Inc   58,609 
 13,357      Group 1 Automotive, Inc   2,401,589 
 18,048   *  Groupon, Inc   382,979 
 40,788   *,e  GrowGeneration Corp   859,811 
 36,800      Guess?, Inc   762,128 
 12,488   e  Haverty Furniture Cos, Inc   358,406 
 12,350      Hibbett Sports, Inc   956,384 
 796,170      Home Depot, Inc   295,968,236 
 8,709   e  JOANN, Inc   89,006 
 10,575   *,e  Kirkland’s, Inc   237,726 
 114,211      Kohl’s Corp   5,542,660 
 11,048   *  Lands’ End, Inc   290,341 
 5,555   *,e  Lazydays Holdings, Inc   117,155 
 82,767   *  Leslie’s, Inc   1,711,622 
 21,175   *  Liquidity Services, Inc   467,544 
 22,161      Lithia Motors, Inc (Class A)   7,074,234 
 196,282   *  LKQ Corp   10,811,213 
 529,854      Lowe’s Companies, Inc   123,890,462 
 23,238   *  Lumber Liquidators, Inc   420,143 
 230,221      Macy’s, Inc   6,093,950 
 15,369   *  MarineMax, Inc   795,961 
 25,760      Monro Muffler, Inc   1,590,938 
 18,977      Murphy USA, Inc   3,092,302 
 62,250   *  National Vision Holdings, Inc   3,837,090 
 88,988   *  Nordstrom, Inc   2,556,625 
 36,954   *  ODP Corp   1,600,108 
 50,189   *  Ollie’s Bargain Outlet Holdings, Inc   3,395,788 
 7,760      OneWater Marine, Inc   344,078 
 51,494   *  O’Reilly Automotive, Inc   32,045,746 
 33,221   *,e  Overstock.com, Inc   3,163,636 
 81,927   *  Party City Holdco, Inc   595,609 
 24,321      Penske Auto Group, Inc   2,579,242 
 41,278   *  Petco Health & Wellness Co, Inc   1,020,805 
 15,878   e  PetMed Express, Inc   451,412 
 29,233      Pool Corp   15,059,672 
 44,675   *  Porch Group, Inc   939,515 
 61,858   *  Quotient Technology, Inc   398,366 
 282,750      Qurate Retail Group, Inc QVC Group   2,951,910 
 59,267   *  RealReal, Inc   772,249 
 52,886      Rent-A-Center, Inc   2,816,708 
 27,156   *  Revolve Group, Inc   2,037,786 
 13,044   *  RH   8,604,214 
 260,995      Ross Stores, Inc   29,544,634 
 85,693   *  Sally Beauty Holdings, Inc   1,307,675 
 46,936   *,e  Shift Technologies, Inc   320,573 
 16,942      Shoe Carnival, Inc   573,826 
 17,717      Shutterstock, Inc   2,146,415 
 39,958      Signet Jewelers Ltd   3,563,454 
 18,059   *  Sleep Number Corp   1,595,332 
 18,582   e  Sonic Automotive, Inc (Class A)   918,508 
 32,181   *  Sportsman’s Warehouse Holdings, Inc   555,444 
 47,187   *  Stitch Fix Inc   1,632,670 
156

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 366,541      Target Corp  $95,161,374 
 17,146      Tilly’s, Inc   237,986 
 899,117      TJX Companies, Inc   58,883,172 
 86,621      Tractor Supply Co   18,811,483 
 9,582   *  TravelCenters of America, Inc   516,566 
 39,994   *  Ulta Beauty, Inc   14,692,196 
 55,782   *  Urban Outfitters, Inc   1,781,119 
 60,512   *  Victoria’s Secret & Co   3,054,041 
 87,570   *,e  Vroom, Inc   1,675,214 
 55,669   *,e  Wayfair, Inc   13,867,148 
 56,943      Williams-Sonoma, Inc   10,576,023 
 3,307      Winmark Corp   769,936 
 6,051   *,e  Xometry, Inc   326,754 
 17,633   *  Zumiez, Inc   717,663 
        TOTAL RETAILING   2,252,704,621 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.2%        
 902,545   *  Advanced Micro Devices, Inc   108,512,985 
 36,804   *  Allegro MicroSystems, Inc   1,227,781 
 16,124   *  Alpha & Omega Semiconductor Ltd   558,697 
 26,230   *  Ambarella, Inc   4,874,321 
 79,493      Amkor Technology, Inc   1,742,487 
 401,127      Analog Devices, Inc   69,591,523 
 682,712      Applied Materials, Inc   93,292,595 
 16,289   *,e  Atomera, Inc   352,005 
 24,848   *  Axcelis Technologies, Inc   1,364,901 
 30,647   *  AXT, Inc   250,386 
 298,173      Broadcom, Inc   158,529,639 
 55,818      Brooks Automation, Inc   6,500,006 
 17,599   *  Ceva, Inc   802,690 
 45,716   *  Cirrus Logic, Inc   3,694,310 
 22,323      CMC Materials, Inc   2,865,604 
 36,109   *  Cohu, Inc   1,156,932 
 33,430   *  Diodes, Inc   3,212,289 
 25,286   *  DSP Group, Inc   555,533 
 98,635   *  Enphase Energy, Inc   22,846,825 
 99,725      Entegris, Inc   14,039,285 
 79,090   *  First Solar, Inc   9,458,373 
 60,730   *  Formfactor, Inc   2,415,839 
 21,380   *  Ichor Holdings Ltd   934,734 
 13,316   *  Impinj, Inc   928,392 
 3,018,486      Intel Corp   147,905,814 
 114,783      KLA Corp   42,786,511 
 71,387   *,e  Kopin Corp   374,068 
 47,137      Kulicke & Soffa Industries, Inc   2,686,809 
 106,800      Lam Research Corp   60,189,276 
 97,140   *  Lattice Semiconductor Corp   6,745,402 
 37,339   *  MACOM Technology Solutions Holdings, Inc   2,607,009 
 610,705      Marvell Technology, Inc   41,833,292 
 52,887   *  MaxLinear, Inc   3,331,881 
 125,528   *,e  Meta Materials, Inc   589,982 
 396,975      Microchip Technology, Inc   29,411,878 
 835,605      Micron Technology, Inc   57,740,306 
 37,295      MKS Instruments, Inc   5,596,115 
 32,905      Monolithic Power Systems, Inc   17,290,261 
 37,371   *  Nanometrics, Inc   2,960,157 
157

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 44,347   *  NeoPhotonics Corp Ltd  $448,792 
 4,170      NVE Corp   283,435 
 1,786,003      NVIDIA Corp   456,627,387 
 195,206      NXP Semiconductors NV   39,209,077 
 312,144   *  ON Semiconductor Corp   15,004,762 
 22,434   *  PDF Solutions, Inc   527,872 
 51,560   *  Photronics, Inc   669,764 
 45,770      Power Integrations, Inc   4,723,922 
 81,491   *  Qorvo, Inc   13,709,231 
 842,599      QUALCOMM, Inc   112,099,371 
 84,439   *  Rambus, Inc   1,964,896 
 47,950   *  Semtech Corp   4,077,189 
 33,906   *  Silicon Laboratories, Inc   6,400,097 
 9,690   *  SiTime Corp   2,566,784 
 3,881   *,e  SkyWater Technology, Inc   132,885 
 122,426      Skyworks Solutions, Inc   20,461,057 
 12,947   *  SMART Global Holdings, Inc   692,147 
 60,658   *,e  SunPower Corp   2,041,748 
 26,878   *  Synaptics, Inc   5,229,652 
 120,593      Teradyne, Inc   16,670,776 
 693,882      Texas Instruments, Inc   130,088,997 
 32,932   *  Ultra Clean Holdings   1,632,439 
 33,791      Universal Display Corp   6,190,511 
 38,313   *  Veeco Instruments, Inc   930,623 
 86,901   *  Wolfspeed Inc   10,437,679 
 182,977      Xilinx, Inc   32,935,860 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   1,817,513,846 
              
SOFTWARE & SERVICES - 15.4%        
 80,969   *  8x8, Inc   1,834,758 
 41,224   *  A10 Networks, Inc   770,477 
 475,229      Accenture plc   170,507,413 
 88,969   *  ACI Worldwide, Inc   2,729,569 
 357,552   *  Adobe, Inc   232,537,519 
 16,639   *  Agilysys, Inc   794,013 
 121,796   *  Akamai Technologies, Inc   12,844,606 
 34,409   *  Alarm.com Holdings, Inc   2,899,302 
 5,869   *  Alkami Technology, Inc   176,070 
 38,126      Alliance Data Systems Corp   3,250,241 
 34,070   *,e  Altair Engineering, Inc   2,650,305 
 44,748   *  Alteryx, Inc   3,275,106 
 98,742      Amdocs Ltd   7,686,077 
 27,834      American Software, Inc (Class A)   805,238 
 104,808   *  Anaplan, Inc   6,834,530 
 64,601   *  Ansys, Inc   24,521,248 
 14,183   *  Appfolio, Inc   1,867,759 
 30,205   *,e  Appian Corp   3,002,679 
 56,062   *  Asana, Inc   7,613,220 
 50,678   *  Aspen Technology, Inc   7,940,736 
 102,242   *  Atlassian Corp plc   46,840,127 
 163,654   *  Autodesk, Inc   51,978,147 
 317,616      Automatic Data Processing, Inc   71,301,616 
 64,207   *  Avalara, Inc   11,534,145 
 66,174   *  Avaya Holdings Corp   1,232,160 
 25,395   *  Benefitfocus, Inc   278,329 
 104,518      Bentley Systems, Inc   6,182,240 
158

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 36,148   *  BigCommerce Holdings, Inc  $1,670,399 
 58,337   *  Bill.Com Holdings, Inc   17,169,162 
 118,237   *  Black Knight, Inc   8,289,596 
 36,670   *  Blackbaud, Inc   2,603,937 
 39,163   *  Blackline, Inc   4,968,610 
 34,305   *  Bottomline Technologies, Inc   1,588,321 
 110,923   *  Box, Inc   2,865,141 
 27,196   *  Brightcove, Inc   269,784 
 83,575      Broadridge Financial Solutions, Inc   14,910,616 
 35,622   *  BTRS Holdings, Inc   305,993 
 19,425   *,e  C3.ai, Inc   876,456 
 204,427   *  Cadence Design Systems, Inc   35,388,358 
 44,004   *  Cantaloupe, Inc   550,050 
 11,050      Cass Information Systems, Inc   452,939 
 93,197      CDK Global, Inc   4,055,933 
 28,638   *  Cerence Inc   3,010,713 
 92,302   *  Ceridian HCM Holding, Inc   11,560,825 
 21,983   *  ChannelAdvisor Corp   560,786 
 95,368      Citrix Systems, Inc   9,034,211 
 24,736   *,e  Cleanspark, Inc   501,151 
 193,539   *  Cloudflare, Inc   37,685,914 
 392,115      Cognizant Technology Solutions Corp (Class A)   30,620,260 
 32,454   *  Commvault Systems, Inc   1,995,921 
 31,966      Concentrix Corp   5,679,719 
 136,953   *  Conduent, Inc   924,433 
 55,601   *  Coupa Software, Inc   12,660,348 
 146,874   *  Crowdstrike Holdings, Inc   41,389,093 
 9,750   *  CS Disco, Inc   559,162 
 27,043      CSG Systems International, Inc   1,353,502 
 174,180   *  Datadog, Inc   29,096,769 
 20,090   *,e  Datto Holding Corp   480,151 
 10,173   *,e  Digimarc Corp   514,042 
 66,325   *  Digital Turbine, Inc   5,707,929 
 37,887   *  DigitalOcean Holdings, Inc   3,697,392 
 143,143   *  DocuSign, Inc   39,835,265 
 48,996      Dolby Laboratories, Inc (Class A)   4,328,797 
 20,918   *  Domo, Inc   1,848,105 
 11,721   *,e  DoubleVerify Holdings, Inc   463,331 
 234,233   *  Dropbox, Inc   7,141,764 
 56,515   *  Duck Creek Technologies, Inc   1,780,222 
 191,611   *  DXC Technology Co   6,240,770 
 142,206   *  Dynatrace, Inc   10,665,450 
 123,656   *  E2open Parent Holdings, Inc   1,545,700 
 20,502      Ebix, Inc   672,671 
 17,054   *  eGain Corp   175,997 
 52,638   *  Elastic NV   9,133,219 
 40,748   *  Envestnet, Inc   3,402,458 
 40,002   *  EPAM Systems, Inc   26,930,946 
 39,210   *  Euronet Worldwide, Inc   4,398,970 
 28,541   *  Everbridge, Inc   4,546,867 
 47,756      EVERTEC, Inc   2,159,049 
 26,312   *  Evo Payments, Inc   570,444 
 24,351   *  ExlService Holdings, Inc   2,986,163 
 21,154   *  Fair Isaac Corp   8,423,523 
 82,481   *,e  Fastly, Inc   4,174,363 
 463,714      Fidelity National Information Services, Inc   51,351,688 
159

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 178,699   *  FireEye, Inc  $3,116,511 
 445,359   *  Fiserv, Inc   43,863,408 
 51,494   *  Five9, Inc   8,136,567 
 59,601   *  FleetCor Technologies, Inc   14,745,883 
 8,849   *  Flywire Corp   419,797 
 100,034   *  Fortinet, Inc   33,645,436 
 61,045   *  Gartner, Inc   20,261,446 
 136,653      Genpact Ltd   6,743,826 
 220,626      Global Payments, Inc   31,547,312 
 30,079   *  Globant S.A.   9,600,916 
 125,302   *  GoDaddy, Inc   8,667,139 
 12,478   *,e  GreenBox POS   101,321 
 49,129   *  GreenSky, Inc   601,339 
 21,069   *  Grid Dynamics Holdings, Inc   605,734 
 1,410   *  GTY Technology Holdings Inc   10,716 
 62,621   *  Guidewire Software, Inc   7,873,338 
 19,483      Hackett Group, Inc   411,871 
 32,990   *  HubSpot, Inc   26,729,488 
 15,281   *  I3 Verticals, Inc   342,142 
 8,699   *,e  Intelligent Systems Corp   368,229 
 25,045      InterDigital, Inc   1,676,763 
 662,218      International Business Machines Corp   82,843,472 
 24,509   *  International Money Express Inc   410,281 
 190,704      Intuit, Inc   119,378,797 
 55,100      Jack Henry & Associates, Inc   9,173,048 
 41,788   *  Jamf Holding Corp   1,991,198 
 38,949   *  JFrog Ltd   1,273,243 
 94,577   *,e  Limelight Networks, Inc   281,839 
 48,836   *  Liveperson, Inc   2,515,542 
 50,165   *  LiveRamp Holdings, Inc   2,684,329 
 46,757   *  Manhattan Associates, Inc   8,488,266 
 70,773   *,e  Marathon Digital Holdings, Inc   3,697,182 
 655,642      Mastercard, Inc (Class A)   219,981,004 
 47,340      MAXIMUS, Inc   4,003,544 
 35,292      McAfee Corp   754,190 
 5,632,103      Microsoft Corp   1,867,717,997 
 6,085   *,e  MicroStrategy, Inc (Class A)   4,351,140 
 44,613   *  Mimecast Ltd   3,365,605 
 32,077   *  Mitek Systems, Inc   604,010 
 26,865   *  Model N, Inc   870,695 
 61,031   *  MoneyGram International, Inc   364,355 
 45,664   *  MongoDB, Inc   23,804,187 
 26,182   *,e  N-Able, Inc   348,221 
 35,936   *  nCino, Inc   2,611,110 
 99,167   *  NCR Corp   3,921,063 
 38,495   *  New Relic, Inc   3,124,254 
 417,655      NortonLifelock, Inc   10,629,320 
 207,392   *  Nuance Communications, Inc   11,416,930 
 143,692   *  Nutanix, Inc   4,930,073 
 93,604   *  Okta, Inc   23,137,037 
 6,639   *  ON24, Inc   127,004 
 26,135   *  OneSpan, Inc   533,677 
 1,259,064      Oracle Corp   120,794,600 
 60,897   *  Pagerduty, Inc   2,542,450 
 1,217,481   *  Palantir Technologies, Inc   31,508,408 
 71,073   *  Palo Alto Networks, Inc   36,182,554 
160

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 61,800   *,e  Paya Holdings, Inc  $562,998 
 239,980      Paychex, Inc   29,584,734 
 37,186   *  Paycom Software, Inc   20,372,350 
 15,375   *  Paycor HCM, Inc   498,765 
 28,019   *  Paylocity Holding Corp   8,549,718 
 878,441   *  PayPal Holdings, Inc   204,316,592 
 234,643   *,e  Paysafe Ltd   1,830,215 
 30,436      Pegasystems, Inc   3,613,362 
 24,913   *  Perficient, Inc   3,079,247 
 37,546   *  Ping Identity Holding Corp   1,063,678 
 7,483   *  Procore Technologies, Inc   684,320 
 36,290      Progress Software Corp   1,865,669 
 31,004   *  PROS Holdings, Inc   930,120 
 79,431   *  PTC, Inc   10,115,538 
 41,416   *  Q2 Holdings, Inc   3,249,499 
 10,522      QAD, Inc (Class A)   922,148 
 25,896   *  Qualys, Inc   3,223,534 
 40,695   *,e  Rackspace Technology, Inc   540,837 
 41,208   *  Rapid7, Inc   5,305,530 
 23,674   *,e  Rekor Systems, Inc   321,966 
 57,915   *  Repay Holdings Corp   1,216,794 
 39,817   *  Rimini Street, Inc   414,495 
 61,434   *  RingCentral, Inc   14,976,381 
 56,382   *,e  Riot Blockchain, Inc   1,534,718 
 247,088   *  Sabre Corp   2,564,773 
 69,154   *  SailPoint Technologies Holding, Inc   3,318,009 
 691,157   *  salesforce.com, Inc   207,132,841 
 23,490      Sapiens International Corp NV   820,506 
 6,388   *  SecureWorks Corp   117,667 
 147,566   *  ServiceNow, Inc   102,965,652 
 33,189   *  Shift4 Payments, Inc   2,095,222 
 6,847   *  ShotSpotter, Inc   266,417 
 92,512   *  Smartsheet, Inc   6,384,253 
 44,616   *  Smith Micro Software, Inc   254,311 
 146,637   *  Snowflake, Inc   51,886,036 
 27,775      SolarWinds Corp   447,177 
 124,188   *  Splunk, Inc   20,468,666 
 33,371   *  Sprout Social, Inc   4,260,809 
 26,629   *  SPS Commerce, Inc   4,067,047 
 292,071   *  Square, Inc   74,332,069 
 159,285      SS&C Technologies Holdings, Inc   12,658,379 
 552   *  StarTek, Inc   3,036 
 164,042   *  StoneCo Ltd   5,554,462 
 61,561   *  Sumo Logic, Inc   1,063,158 
 97,569   *  SVMK, Inc   2,236,281 
 87,420      Switch, Inc   2,209,978 
 112,604   *  Synopsys, Inc   37,517,401 
 29,649   *  Telos Corp   768,206 
 68,420   *  Tenable Holdings, Inc   3,643,365 
 83,675   *  Teradata Corp   4,732,658 
 317,795   *  Trade Desk, Inc   23,806,023 
 14,025      TTEC Holdings, Inc   1,323,820 
 7,649   *  Tucows, Inc   629,513 
 124,724   *  Twilio, Inc   36,339,585 
 28,957   *  Tyler Technologies, Inc   15,730,022 
 47,903   *  Unisys Corp   1,224,880 
161

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 112,192   *  Unity Software, Inc  $16,975,772 
 21,072   *  Upland Software, Inc   703,173 
 79,876   *  Varonis Systems, Inc   5,171,172 
 50,197   *  Verint Systems, Inc   2,339,180 
 71,445   *  VeriSign, Inc   15,908,658 
 16,429   *  Veritone, Inc   491,391 
 101,650   *  Verra Mobility Corp   1,512,552 
 8,329   *  Viant Technology, Inc   97,866 
 48,159   *,e  VirnetX Holding Corp   185,412 
 1,266,857      Visa, Inc (Class A)   268,282,307 
 55,777   *,e  VMware, Inc (Class A)   8,461,371 
 183,282   *  Vonage Holdings Corp   2,954,506 
 303,517      Western Union Co   5,530,080 
 34,110   *  WEX, Inc   5,106,267 
 41,065   *  Wix.com Ltd   7,636,447 
 139,453   *  Workday, Inc   40,438,581 
 31,894   *  Workiva, Inc   4,769,748 
 78,779      Xperi Holding Corp   1,411,720 
 84,797   *  Yext, Inc   1,067,594 
 90,369   *  Zendesk, Inc   9,199,564 
 33,513   *  Ziff Davis Inc   4,298,712 
 43,838   *  Zix Corp   371,308 
 160,114   *  Zoom Video Communications, Inc   43,975,310 
 56,413   *  Zscaler, Inc   17,987,849 
 76,958   *  Zuora Inc   1,682,302 
        TOTAL SOFTWARE & SERVICES   5,415,645,087 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 6.8%        
 93,330   *  3D Systems Corp   2,628,173 
 5,454   *  908 Devices, Inc   179,437 
 35,686      Adtran, Inc   659,477 
 29,347      Advanced Energy Industries, Inc   2,694,642 
 19,109   *,e  Aeva Technologies, Inc   148,286 
 32,905   *,e  Akoustis Technologies, Inc   247,446 
 431,181      Amphenol Corp (Class A)   33,101,765 
 11,733,726      Apple, Inc   1,757,712,155 
 43,700   *  Arista Networks, Inc   17,903,453 
 61,760   *  Arlo Technologies, Inc   426,144 
 52,824   *  Arrow Electronics, Inc   6,114,378 
 7,328   *  Aviat Networks, Inc   209,581 
 27,434   *  Avid Technology, Inc   785,710 
 73,643      Avnet, Inc   2,806,535 
 22,437      Badger Meter, Inc   2,294,183 
 33,419      Belden CDT, Inc   2,012,158 
 28,683      Benchmark Electronics, Inc   668,601 
 21,606   *  CalAmp Corp   207,850 
 42,216   *  Calix, Inc   2,642,299 
 7,538   *  Cambium Networks Corp   212,722 
 33,928   *  Casa Systems, Inc   214,764 
 98,317      CDW Corp   18,350,868 
 119,070   *  Ciena Corp   6,464,310 
 3,151,682      Cisco Systems, Inc   176,399,642 
 7,678   *  Clearfield, Inc   433,730 
 126,288      Cognex Corp   11,061,566 
 18,988   *  Coherent, Inc   4,830,547 
 151,613   *  CommScope Holding Co, Inc   1,623,775 
162

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 18,962      Comtech Telecommunications Corp  $409,010 
 561,183      Corning, Inc   19,961,279 
 19,947   *,e  Corsair Gaming, Inc   487,704 
 24,590      CTS Corp   875,896 
 21,059   *  Daktronics, Inc   116,877 
 202,600   *  Dell Technologies, Inc   22,283,974 
 62,918   *  Diebold, Inc   566,262 
 24,428   *  Digi International, Inc   526,423 
 12,695   *  DZS, Inc   138,376 
 31,931   *,e  Eastman Kodak Co   216,812 
 37,068   *  EchoStar Corp (Class A)   869,615 
 27,619   *  EMCORE Corp   206,590 
 10,108   *  ePlus, Inc   1,117,642 
 92,854   *  Extreme Networks, Inc   912,755 
 44,995   *  F5 Networks, Inc   9,500,694 
 29,342   *  Fabrinet   2,816,832 
 14,511   *  FARO Technologies, Inc   1,067,574 
 67,921   *  Harmonic, Inc   616,043 
 939,327      Hewlett Packard Enterprise Co   13,761,141 
 893,660      HP, Inc   27,104,708 
 15,569   *,e  Identiv, Inc   298,302 
 79,903   *  II-VI, Inc   4,834,931 
 134,931   *  Infinera Corp   1,024,126 
 63,430   *,e  Inseego Corp   393,266 
 27,194   *  Insight Enterprises, Inc   2,575,272 
 27,960   *  IPG Photonics Corp   4,445,920 
 15,183   *  Iteris, Inc   81,381 
 34,094   *  Itron, Inc   2,651,490 
 108,038      Jabil Inc   6,477,958 
 241,643      Juniper Networks, Inc   7,133,301 
 137,700   *  Keysight Technologies, Inc   24,788,754 
 14,794   *  Kimball Electronics, Inc   425,328 
 63,212   *  Knowles Corp   1,317,338 
 6,399   *  KVH Industries, Inc   65,654 
 18,313      Littelfuse, Inc   5,394,094 
 58,266   *  Lumentum Holdings, Inc   4,811,606 
 23,038   *  Luna Innovations, Inc   224,390 
 29,619      Methode Electronics, Inc   1,246,071 
 104,440   *,e  Microvision, Inc   794,788 
 123,444      Motorola Solutions, Inc   30,686,944 
 9,430   *  Napco Security Technologies, Inc   452,263 
 102,594      National Instruments Corp   4,357,167 
 167,568      NetApp, Inc   14,963,822 
 24,521   *  Netgear, Inc   706,940 
 54,736   *  Netscout Systems, Inc   1,481,156 
 32,078   *  nLight, Inc   902,033 
 25,963   *  Novanta, Inc   4,480,175 
 12,970   *  OSI Systems, Inc   1,207,637 
 21,604   *,e  Ouster, Inc   133,081 
 17,935   *,e  PAR Technology Corp   1,126,677 
 9,082      PC Connection, Inc   418,226 
 25,985   *  Plantronics, Inc   695,359 
 22,542   *  Plexus Corp   1,968,367 
 202,553   *  Pure Storage, Inc   5,440,574 
 42,207   *  Quantum Corp   241,002 
 58,048   *  Ribbon Communications, Inc   317,523 
163

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 13,875   *  Rogers Corp  $2,790,540 
 48,189   *  Sanmina Corp   1,819,135 
 19,807   *  Scansource, Inc   708,694 
 35,032   *  Super Micro Computer, Inc   1,239,782 
 31,643      SYNNEX Corp   3,322,515 
 34,600   *  Teledyne Technologies, Inc   15,543,012 
 181,858   *  Trimble Inc   15,888,933 
 76,878   *  TTM Technologies, Inc   1,017,865 
 11,009   *  Turtle Beach Corp   316,619 
 4,858      Ubiquiti, Inc   1,484,265 
 53,544   *,e  Velodyne Lidar, Inc   326,618 
 47,632   *  Viasat, Inc   2,843,154 
 182,020   *  Viavi Solutions, Inc   2,803,108 
 96,525      Vishay Intertechnology, Inc   1,855,211 
 9,429   *  Vishay Precision Group, Inc   321,435 
 130,144      Vontier Corp   4,402,772 
 230,440   *  Western Digital Corp   12,049,708 
 116,551      Xerox Holdings Corp   2,074,608 
 39,479   *  Zebra Technologies Corp (Class A)   21,079,812 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   2,387,041,106 
              
TELECOMMUNICATION SERVICES - 1.1%        
 8,408   *  Anterix, Inc   538,953 
 5,263,928      AT&T, Inc   132,966,821 
 5,840      ATN International, Inc   238,155 
 17,300   *  Bandwidth Inc   1,475,344 
 33,327      Cogent Communications Group, Inc   2,552,515 
 70,859   *  Consolidated Communications Holdings, Inc   524,356 
 458,237   *,e  Globalstar, Inc   756,091 
 44,664   *,e  Gogo, Inc   726,237 
 15,140   *  IDT Corp (Class B)   732,322 
 93,288   *  Iridium Communications, Inc   3,782,828 
 27,165   *  Liberty Latin America Ltd (Class A)   326,523 
 118,887   *  Liberty Latin America Ltd (Class C)   1,430,211 
 811,845      Lumen Technologies, Inc   9,628,482 
 22,870   *  Ooma, Inc   528,297 
 33,201   *,e  Radius Global Infrastructure, Inc   575,373 
 38,595      Shenandoah Telecom Co   1,066,766 
 75,843      Telephone & Data Systems, Inc   1,421,298 
 437,903   *  T-Mobile US, Inc   50,371,982 
 10,626   *  US Cellular Corp   324,837 
 3,089,415      Verizon Communications, Inc   163,708,101 
        TOTAL TELECOMMUNICATION SERVICES   373,675,492 
              
TRANSPORTATION - 1.9%        
 44,939   *  Air Transport Services Group, Inc   1,118,532 
 93,675   *  Alaska Air Group, Inc   4,946,040 
 11,636   *  Allegiant Travel Co   2,039,442 
 6,360      Amerco, Inc   4,687,256 
 491,562   *  American Airlines Group, Inc   9,437,990 
 19,944      ArcBest Corp   1,791,968 
 21,565   *  Atlas Air Worldwide Holdings, Inc   1,749,353 
 34,741   *  Avis Budget Group, Inc   6,020,963 
 90,183      CH Robinson Worldwide, Inc   8,746,849 
 24,804   *  Copa Holdings S.A. (Class A)   1,834,504 
 51,828      Costamare, Inc   695,013 
164

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 15,394   *  Covenant Transportation Group, Inc  $437,190 
 1,690,500      CSX Corp   61,145,385 
 35,358   *,e  Daseke, Inc   334,133 
 490,670   *  Delta Air Lines, Inc   19,199,917 
 7,694   *,e  Eagle Bulk Shipping, Inc   331,227 
 20,259   *  Echo Global Logistics, Inc   977,092 
 126,124      Expeditors International of Washington, Inc   15,546,044 
 182,259      FedEx Corp   42,927,462 
 20,532      Forward Air Corp   2,064,698 
 26,908   *  Frontier Group Holdings, Inc   421,110 
 25,255      Genco Shipping & Trading Ltd   433,628 
 74,604   *  GXO Logistics, Inc   6,624,835 
 45,051   *  Hawaiian Holdings, Inc   871,737 
 38,745      Heartland Express, Inc   632,706 
 25,530   *  Hub Group, Inc (Class A)   2,005,892 
 13,219   *  HyreCar, Inc   89,757 
 59,294      JB Hunt Transport Services, Inc   11,692,184 
 241,087   *  JetBlue Airways Corp   3,382,451 
 67,903      Kansas City Southern   21,066,906 
 45,468   *  Kirby Corp   2,382,978 
 119,004      Knight-Swift Transportation Holdings, Inc   6,746,337 
 23,989      Landstar System, Inc   4,217,506 
 216,034   *  Lyft, Inc (Class A)   9,909,480 
 48,163      Marten Transport Ltd   800,951 
 33,308      Matson, Inc   2,773,890 
 35,322   *  Mesa Air Group, Inc   266,328 
 184,908      Norfolk Southern Corp   54,187,289 
 75,642      Old Dominion Freight Line   25,820,397 
 124   *  PAM Transportation Services, Inc   7,666 
 26,622   *  Radiant Logistics, Inc   179,166 
 40,037      Ryder System, Inc   3,401,143 
 35,633   *  Safe Bulkers, Inc   158,923 
 20,282   *  Saia, Inc   6,340,964 
 44,402      Schneider National, Inc   1,107,386 
 19,068   *  Skywest, Inc   820,496 
 436,235   *  Southwest Airlines Co   20,625,191 
 44,263   *  Spirit Airlines, Inc   967,146 
 12,938   *  Sun Country Airlines Holdings, Inc   391,763 
 22,431   *  TuSimple Holdings, Inc   877,501 
 1,210,821   *  Uber Technologies, Inc   53,058,176 
 488,412      Union Pacific Corp   117,902,657 
 246,870   *  United Airlines Holdings Inc   11,390,582 
 539,974      United Parcel Service, Inc (Class B)   115,268,250 
 7,345      Universal Logistics Holdings Inc   154,833 
 19,983   *  US Xpress Enterprises, Inc   151,271 
 48,383      Werner Enterprises, Inc   2,192,717 
 71,328   *  XPO Logistics, Inc   6,119,942 
 38,132   *  Yellow Corp   333,655 
        TOTAL TRANSPORTATION   681,806,848 
              
UTILITIES - 2.3%        
 502,006      AES Corp   12,615,411 
 42,184      Allete, Inc   2,596,003 
 179,141      Alliant Energy Corp   10,134,006 
 190,006      Ameren Corp   16,015,606 
 383,616      American Electric Power Co, Inc   32,496,111 
165

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 16,721      American States Water Co  $1,518,936 
 134,842      American Water Works Co, Inc   23,486,780 
 4,314      Artesian Resources Corp   173,509 
 95,305      Atmos Energy Corp   8,779,497 
 42,789      Avangrid, Inc   2,254,980 
 27,348      Avista Corp   1,088,724 
 48,732      Black Hills Corp   3,234,830 
 33,684   e  Brookfield Infrastructure Corp   2,042,598 
 97,186      Brookfield Renewable Corp   4,024,472 
 28,309   *,e  Cadiz, Inc   171,836 
 39,413      California Water Service Group   2,399,463 
 448,009      Centerpoint Energy, Inc   11,666,154 
 13,163      Chesapeake Utilities Corp   1,725,274 
 26,585      Clearway Energy, Inc (Class A)   877,039 
 61,668      Clearway Energy, Inc (Class C)   2,187,981 
 222,464      CMS Energy Corp   13,425,702 
 265,564      Consolidated Edison, Inc   20,023,526 
 606,259      Dominion Energy, Inc   46,033,246 
 144,955      DTE Energy Co   16,430,649 
 580,808      Duke Energy Corp   59,248,224 
 279,024      Edison International   17,558,980 
 154,306      Entergy Corp   15,896,604 
 176,666      Essential Utilities Inc   8,315,669 
 176,468      Evergy, Inc   11,249,835 
 263,166      Eversource Energy   22,342,793 
 716,454      Exelon Corp   38,108,188 
 391,212      FirstEnergy Corp   15,073,398 
 6,030      Global Water Resources, Inc   114,088 
 59,910      Hawaiian Electric Industries, Inc   2,429,950 
 30,364      Idacorp, Inc   3,167,572 
 153,851      MDU Resources Group, Inc   4,727,841 
 28,030      MGE Energy, Inc   2,127,197 
 13,552      Middlesex Water Co   1,492,346 
 66,032      National Fuel Gas Co   3,792,218 
 73,274      New Jersey Resources Corp   2,770,490 
 1,469,912      NextEra Energy, Inc   125,427,591 
 289,063      NiSource, Inc   7,131,184 
 24,580      Northwest Natural Holding Co   1,108,312 
 38,792      NorthWestern Corp   2,205,713 
 174,564      NRG Energy, Inc   6,963,358 
 156,650      OGE Energy Corp   5,337,065 
 40,415      ONE Gas, Inc   2,719,930 
 34,650   e  Ormat Technologies, Inc   2,506,235 
 32,053      Otter Tail Corp   1,987,607 
 1,139,882   *  PG&E Corp   13,222,631 
 72,609      Pinnacle West Capital Corp   4,682,554 
 63,628      PNM Resources, Inc   3,165,493 
 50,134      Portland General Electric Co   2,472,108 
 564,282      PPL Corp   16,251,322 
 373,556      Public Service Enterprise Group, Inc   23,832,873 
 16,583   *  Pure Cycle Corp   260,187 
 236,441      Sempra Energy   30,176,965 
 20,658      SJW Corp   1,361,775 
 75,890   e  South Jersey Industries, Inc   1,727,256 
 789,041      Southern Co   49,173,035 
 43,362      Southwest Gas Holdings Inc   3,002,819 
166

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES       COMPANY  VALUE 
               
 36,334      Spire, Inc  $2,280,322 
 64,862   *  Sunnova Energy International, Inc   2,890,251 
 153,592      UGI Corp   6,667,429 
 12,150      Unitil Corp   507,263 
 7,602   e  Via Renewables, Inc   84,762 
 347,282      Vistra Energy Corp   6,803,254 
 236,446      WEC Energy Group, Inc   21,294,327 
 413,546      Xcel Energy, Inc   26,710,936 
 11,965      York Water Co   573,363 
        TOTAL UTILITIES   816,345,646 
              
        TOTAL COMMON STOCKS   35,071,516,915 
        (Cost $14,751,307,232)     
              
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 $823)     
              
PRINCIPAL      ISSUER  RATE  MATURITY
DATE		    
                  
SHORT-TERM INVESTMENTS - 0.8%             
                      
GOVERNMENT AGENCY DEBT - 0.3%             
$5,000,000      Federal Farm Credit Bank (FFCB)   0.000%  04/06/22   4,998,484 
 14,595,000      Federal Home Loan Bank (FHLB)   0.000   11/17/21   14,594,740 
 25,000,000      FHLB   0.000   11/18/21   24,999,528 
 20,000,000      FHLB   0.000   11/26/21   19,999,445 
 6,000,000      FHLB   0.000   12/01/21   5,999,800 
 20,000,000      FHLB   0.000   12/31/21   19,998,667 
 5,000,000      FHLB   0.000   01/18/22   4,999,459 
 21,000,000      Tennessee Valley Authority (TVA)   0.000   11/03/21   20,999,953 
        TOTAL GOVERNMENT AGENCY DEBT           116,590,076 
                      
REPURCHASE AGREEMENT - 0.1%             
 35,445,000   r  Fixed Income Clearing Corp (FICC)   0.010   10/01/21   35,445,000 
        TOTAL REPURCHASE AGREEMENT           35,445,000 
167

TIAA-CREF FUNDS – Equity Index Fund

 

SHARES      COMPANY  RATE      VALUE 
                     
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%             
 132,763,316   c  State Street Navigator Securities Lending Government Money Market Portfolio   0.030%     $132,763,316 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES      132,763,316 
                      
        TOTAL SHORT-TERM INVESTMENTS           284,798,392 
        (Cost $284,799,041)             
        TOTAL INVESTMENTS - 100.6%           35,356,318,011 
        (Cost $15,036,107,096)             
        OTHER ASSETS & LIABILITIES, NET - (0.6)%           (198,803,241)
        NET ASSETS - 100.0%          $35,157,514,770 

 

       
    Abbreviation(s):
    CVR      Contingent Value Right
    REIT     Real Estate Investment Trust
     
*   Non-income producing
†   Security is categorized as Level 3 in the fair value hierarchy.
c   Investments made with cash collateral received from securities on loan.
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 $230,867,953.
r   Agreement with Fixed Income Clearing Corp (FICC), 0.010% dated 10/31/21 to be repurchased at $35,445,000 on 10/1/21, collateralized by U.S. Treasury Notes valued at $36,153,990.
       

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description  Number of long
(short)
contracts		   Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
Russell 2000 E Mini Index   30   12/17/21  $3,418,433   $3,442,950   $24,517 
S&P 500 E Mini Index   223   12/17/21   50,604,741    51,256,550    651,809 
Total   253      $54,023,174   $54,699,500   $676,326 
168

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

 

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES      COMPANY  VALUE 
         
COMMON STOCKS - 99.9%
      
AUTOMOBILES & COMPONENTS - 3.9%        
 27,564   *  Aptiv plc  $4,765,540 
 77,981   *,e  QuantumScape Corp   2,256,770 
 444,748   *  Tesla, Inc   495,449,272 
 12,604      Thor Industries, Inc   1,285,104 
        TOTAL AUTOMOBILES & COMPONENTS   503,756,686 
              
BANKS - 0.1%        
 39,761      Citizens Financial Group, Inc   1,883,876 
 73,220   e  Rocket Cos, Inc   1,206,665 
 2,488      Sterling Bancorp   63,320 
 2,441      Synovus Financial Corp   113,726 
 12,736   e  UWM Holdings Corp   86,605 
 29,876      Western Alliance Bancorp   3,468,305 
        TOTAL BANKS   6,822,497 
              
CAPITAL GOODS - 3.0%        
 47,381      3M Co   8,466,037 
 33,000      Advanced Drainage Systems, Inc   3,722,400 
 4,082      AGCO Corp   498,861 
 38,160      Allegion plc   4,895,928 
 40,368      Allison Transmission Holdings, Inc   1,346,677 
 12,323      Armstrong World Industries, Inc   1,301,925 
 35,853   *  Axon Enterprise, Inc   6,452,106 
 32,030   *  AZEK Co, Inc   1,175,181 
 38,365      BWX Technologies, Inc   2,176,830 
 10,810      Carlisle Cos, Inc   2,409,765 
 228,602      Carrier Global Corp   11,939,883 
 263,727      Caterpillar, Inc   53,802,945 
 10,730   *  Core & Main, Inc   293,573 
 157,445      Deere & Co   53,894,998 
 5,420      Donaldson Co, Inc   325,254 
 282,719      Fastenal Co   16,137,601 
 21,094      Fortune Brands Home & Security, Inc   2,138,932 
 34,436   *  Generac Holdings, Inc   17,168,412 
 55,879      Graco, Inc   4,200,983 
 8,921      HEICO Corp   1,243,498 
 13,667      HEICO Corp (Class A)   1,717,669 
 83,274      Honeywell International, Inc   18,205,362 
 19,267      Howmet Aerospace, Inc   572,037 
 158,798      Illinois Tool Works, Inc   36,185,300 
 31,237      Lincoln Electric Holdings, Inc   4,448,149 
 121,054      Lockheed Martin Corp   40,228,665 
 8,753   *  Middleby Corp   1,596,897 
 5,026      Nordson Corp   1,277,660 
 7,433      Northrop Grumman Corp   2,655,216 
169

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
 12,514      Parker-Hannifin Corp  $3,711,527 
 284,935   *  Plug Power, Inc   10,904,462 
 9,012      Regal-Beloit Corp   1,372,798 
 39,478      Rockwell Automation, Inc   12,609,273 
 12,592   *  SiteOne Landscape Supply, Inc   2,958,616 
 13,533      Spirit Aerosystems Holdings, Inc (Class A)   558,778 
 55,927      Toro Co   5,339,351 
 65,145      Trane Technologies plc   11,786,685 
 8,531   *  TransDigm Group, Inc   5,321,808 
 63,803   *  Trex Co, Inc   6,788,639 
 14,372   *  United Rentals, Inc   5,448,569 
 155,424      Vertiv Holdings Co   3,991,288 
 88,276   *,e  Virgin Galactic Holdings, Inc   1,655,175 
 21,728      W.W. Grainger, Inc   10,062,454 
 66,854      Xylem, Inc   8,730,464 
        TOTAL CAPITAL GOODS   391,718,631 
              
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%        
 72,880      Booz Allen Hamilton Holding Co   6,330,357 
 45,549      Cintas Corp   19,727,272 
 116,168   *  Copart, Inc   18,039,729 
 170,789   *  CoStar Group, Inc   14,696,393 
 26,037      Equifax, Inc   7,223,445 
 74,156   *  IAA, Inc   4,423,405 
 7,003   *  Legalzoom.com, Inc   196,364 
 5,207      MSA Safety, Inc   796,827 
 53,025      Robert Half International, Inc   5,995,537 
 120,262      Rollins, Inc   4,236,830 
 74,846      TransUnion   8,628,995 
 55,736      Verisk Analytics, Inc   11,719,609 
 36,937      Waste Management, Inc   5,918,416 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   107,933,179 
              
CONSUMER DURABLES & APPAREL - 1.6%        
 4,610      Brunswick Corp   429,145 
 1,613      Columbia Sportswear Co   167,494 
 2,533   *  Deckers Outdoor Corp   1,001,320 
 76,280      DR Horton, Inc   6,809,516 
 109,172      Hanesbrands, Inc   1,860,291 
 63,615   *  Lululemon Athletica, Inc   29,645,226 
 193,419   *  Mattel, Inc   4,218,468 
 691,540      Nike, Inc (Class B)   115,687,727 
 1,174   *  NVR, Inc   5,746,495 
 145,979   *  Peloton Interactive, Inc   13,348,320 
 21,063      Polaris Inc   2,421,192 
 40,379      Pulte Homes, Inc   1,941,422 
 5,449   *  Skechers U.S.A., Inc (Class A)   251,798 
 13,513      Tapestry, Inc   526,737 
 101,369      Tempur Sealy International, Inc   4,507,879 
 25,103      Toll Brothers, Inc   1,510,447 
 15,879   *  TopBuild Corp   4,080,427 
 119,040      VF Corp   8,675,635 
 48,438   *  YETI Holdings, Inc   4,762,909 
        TOTAL CONSUMER DURABLES & APPAREL   207,592,448 
170

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
CONSUMER SERVICES - 2.4%        
 22,867   *  Booking Holdings, Inc  $55,355,976 
 8,578   *  Boyd Gaming Corp   547,105 
 27,722   *  Bright Horizons Family Solutions   4,601,852 
 70,474   *  Caesars Entertainment, Inc   7,714,084 
 61,774   *  Chegg, Inc   3,671,847 
 15,651   *  Chipotle Mexican Grill, Inc (Class A)   27,843,598 
 19,649      Choice Hotels International, Inc   2,763,042 
 21,097      Churchill Downs, Inc   4,852,310 
 50,468      Darden Restaurants, Inc   7,274,457 
 14,043      Domino’s Pizza, Inc   6,866,606 
 167,597   *  DraftKings, Inc   7,808,344 
 81,432   *  Expedia Group, Inc   13,388,235 
 29,871   *  frontdoor, Inc   1,113,591 
 79,880      H&R Block, Inc   1,842,832 
 103,233   *  Hilton Worldwide Holdings, Inc   14,860,390 
 181,629   *  Las Vegas Sands Corp   7,049,021 
 152,847   *  Marriott International, Inc (Class A)   24,458,577 
 73,907      McDonald’s Corp   18,147,864 
 9,690   *  Mister Car Wash, Inc   177,715 
 5,243   *  Penn National Gaming, Inc   375,399 
 31,341   *  Planet Fitness, Inc   2,493,177 
 15,120   *  Six Flags Entertainment Corp   621,886 
 658,114      Starbucks Corp   69,806,152 
 28,189      Travel & Leisure Co   1,531,790 
 22,367      Vail Resorts, Inc   7,710,129 
 91,167      Wendy’s   2,033,024 
 33,508      Wyndham Hotels & Resorts, Inc   2,830,421 
 58,891   *  Wynn Resorts Ltd   5,288,412 
 18,450      Yum China Holdings, Inc   1,053,126 
 13,395      Yum! Brands, Inc   1,673,571 
        TOTAL CONSUMER SERVICES   305,754,533 
              
DIVERSIFIED FINANCIALS - 2.4%        
 228,134      American Express Co   39,645,126 
 35,444      Ameriprise Financial, Inc   10,708,696 
 100,906      Apollo Global Management, Inc   7,764,717 
 66,493      Ares Management Corp   5,634,617 
 379,681      Blackstone Group, Inc   52,555,444 
 379   *,e  Credit Acceptance Corp   226,722 
 92,203      Discover Financial Services   10,448,444 
 17,918      Factset Research Systems, Inc   7,953,621 
 10,267      Goldman Sachs Group, Inc   4,243,864 
 119,803      iShares Russell 1000 Growth Index Fund   35,701,294 
 45,517      LPL Financial Holdings, Inc   7,465,698 
 20,845      MarketAxess Holdings, Inc   8,518,726 
 85,521      Moody’s Corp   34,563,312 
 11,517      Morningstar, Inc   3,648,010 
 31,638      MSCI, Inc (Class A)   21,035,473 
 6,298      Raymond James Financial, Inc   620,920 
 94,987      S&P Global, Inc   45,039,036 
 62,865      Synchrony Financial   2,920,079 
 41,384      T Rowe Price Group, Inc   8,975,362 
 24,794   *  Upstart Holdings, Inc   7,984,660 
        TOTAL DIVERSIFIED FINANCIALS   315,653,821 
171

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
ENERGY - 0.3%        
 69,560      Cabot Oil & Gas Corp  $1,483,019 
 131,640   *  Cheniere Energy, Inc   13,611,576 
 1,989      Continental Resources, Inc   97,083 
 48,129      Diamondback Energy, Inc   5,158,948 
 41,044      EOG Resources, Inc   3,794,928 
 18,923      Halliburton Co   472,886 
 10,306      Hess Corp   850,966 
 14,008   e  New Fortress Energy, Inc   420,240 
 57,384      Occidental Petroleum Corp   1,924,086 
 53,754      Pioneer Natural Resources Co   10,050,923 
 3,360      Texas Pacific Land Corp   4,279,531 
        TOTAL ENERGY   42,144,186 
              
FOOD & STAPLES RETAILING - 1.0%        
 230,501      Costco Wholesale Corp   113,300,461 
 271,161      SYSCO Corp   20,852,281 
        TOTAL FOOD & STAPLES RETAILING   134,152,742 
              
FOOD, BEVERAGE & TOBACCO - 2.0%        
 579,081      Altria Group, Inc   25,543,263 
 28,741   *,e  Beyond Meat, Inc   2,844,784 
 5,296   *  Boston Beer Co, Inc (Class A)   2,608,174 
 10,608      Brown-Forman Corp (Class A)   679,230 
 50,644      Brown-Forman Corp (Class B)   3,438,221 
 1,528,544      Coca-Cola Co   86,164,025 
 3,216   *  Darling International, Inc   271,816 
 23,548   *  Freshpet, Inc   3,671,369 
 70,011      Hershey Co   12,276,429 
 59,716      Kellogg Co   3,660,591 
 25,290      Lamb Weston Holdings, Inc   1,427,621 
 191,593   *  Monster Beverage Corp   16,285,405 
 639,515      PepsiCo, Inc   103,345,624 
 10,216   *  Pilgrim’s Pride Corp   287,683 
        TOTAL FOOD, BEVERAGE & TOBACCO   262,504,235 
              
HEALTH CARE EQUIPMENT & SERVICES - 3.7%        
 484,909      Abbott Laboratories   62,499,921 
 24,731   *  Abiomed, Inc   8,211,681 
 28,691   *  agilon health, Inc   702,930 
 43,884   *  Align Technology, Inc   27,399,853 
 16,023   *  Amedisys, Inc   2,713,335 
 94,614      Cardinal Health, Inc   4,523,495 
 24,928   *  Certara, Inc   1,029,776 
 1,838      Chemed Corp   886,376 
 17,975      Danaher Corp   5,604,066 
 26,780   *  DaVita, Inc   2,764,767 
 53,769   *  DexCom, Inc   33,509,378 
 343,844   *  Edwards Lifesciences Corp   41,199,388 
 30,268      Encompass Health Corp   1,923,834 
 4,504   *  Figs, Inc   151,379 
 107   *  Globus Medical, Inc   8,257 
 50,194   *  Guardant Health, Inc   5,862,157 
 140,641      HCA Healthcare, Inc   35,224,945 
 47,196   *  IDEXX Laboratories, Inc   31,439,143 
 37,000   *  Insulet Corp   11,470,740 
 197,851   *  Intuitive Surgical, Inc   71,449,932 
172

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
 19,868   *  Masimo Corp  $5,633,373 
 12,730      McKesson Corp   2,646,312 
 4,771   *  Molina Healthcare, Inc   1,410,880 
 56,470   *  Novocure Ltd   5,792,128 
 47,245   *  Oak Street Health, Inc   2,231,381 
 18,883   *  Penumbra, Inc   5,222,094 
 71,988      Resmed, Inc   18,926,365 
 7,017      STERIS plc   1,640,154 
 83,057      Stryker Corp   22,098,976 
 32,244   *  Tandem Diabetes Care, Inc   4,395,825 
 4,947      Teleflex, Inc   1,765,782 
 36,182      UnitedHealth Group, Inc   16,660,726 
 76,318   *  Veeva Systems, Inc   24,193,569 
 40,831      West Pharmaceutical Services, Inc   17,552,430 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   478,745,348 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%        
 6,344      Church & Dwight Co, Inc   554,212 
 56,006      Clorox Co   9,129,538 
 245,916      Colgate-Palmolive Co   18,736,340 
 127,416      Estee Lauder Cos (Class A)   41,324,831 
 7,234   *  Herbalife Nutrition Ltd   335,658 
 93,712      Kimberly-Clark Corp   12,134,767 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   82,215,346 
              
INSURANCE - 0.3%        
 631   *  Alleghany Corp   411,021 
 73,447      Aon plc   23,497,164 
 56,269   *  Arch Capital Group Ltd   2,353,170 
 6,975      Brown & Brown, Inc   440,192 
 9,059      Erie Indemnity Co (Class A)   1,864,433 
 5,280      Everest Re Group Ltd   1,380,720 
 18,317   *  GoHealth, Inc   98,912 
 2,649   *,e  Lemonade, Inc   164,662 
 14,381      Lincoln National Corp   1,037,589 
 1,331   *  Markel Corp   1,747,776 
 32,341      Marsh & McLennan Cos, Inc   5,394,479 
 11,734      RenaissanceRe Holdings Ltd   1,663,881 
        TOTAL INSURANCE   40,053,999 
              
MATERIALS - 1.0%        
 24,936      Avery Dennison Corp   5,429,066 
 18,349   *  Axalta Coating Systems Ltd   572,305 
 52,922      Ball Corp   4,841,305 
 23,320      Celanese Corp (Series A)   3,766,413 
 47,081      Chemours Co   1,319,210 
 9,713      Crown Holdings, Inc   1,010,055 
 8,338   *  Diversey Holdings Ltd   145,081 
 32,205      Dow, Inc   1,802,514 
 122,411      Ecolab, Inc   27,202,172 
 19,449      FMC Corp   1,770,053 
 241,074      Freeport-McMoRan, Inc (Class B)   9,093,311 
 44,472      Graphic Packaging Holding Co   886,327 
 4,950      Louisiana-Pacific Corp   291,703 
 18,445      LyondellBasell Industries NV   1,712,065 
 3,362      Olin Corp   191,567 
173

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
 55,980      PPG Industries, Inc  $8,988,709 
 40,458      RPM International, Inc   3,527,938 
 23,106      Scotts Miracle-Gro Co (Class A)   3,430,317 
 45,634      Sealed Air Corp   2,707,009 
 135,870      Sherwin-Williams Co   43,017,801 
 43,469      Southern Copper Corp (NY)   2,607,705 
 18,572      Steel Dynamics, Inc   1,227,238 
 4,392      Westlake Chemical Corp   427,517 
        TOTAL MATERIALS   125,967,381 
              
MEDIA & ENTERTAINMENT - 12.3%        
 144,495   *  Alphabet, Inc (Class A)   427,838,136 
 134,808   *  Alphabet, Inc (Class C)   399,760,991 
 88,350   *  Altice USA, Inc   1,440,105 
 1,592      Cable One, Inc   2,724,246 
 67,608   *  Charter Communications, Inc   45,627,963 
 1,335,172   *  Facebook, Inc   432,021,604 
 28,934   *  Live Nation, Inc   2,926,674 
 3,770   *  Madison Square Garden Co   714,453 
 153,834   *  Match Group, Inc   23,195,091 
 240,959   *  Netflix, Inc   166,336,407 
 552      Nexstar Media Group Inc   82,761 
 306,820   *  Pinterest, Inc   13,696,445 
 59,755   *  Playtika Holding Corp   1,689,871 
 65,372   *  Roku, Inc   19,931,923 
 167,141   *,e  Skillz, Inc   1,868,636 
 76,028   *  Spotify Technology S.A.   22,002,503 
 12,895   *  Take-Two Interactive Software, Inc   2,333,995 
 34,338   *  TripAdvisor, Inc   1,132,124 
 45,416   *  Twitter, Inc   2,431,573 
 74,300   *  Vimeo, Inc   2,506,139 
 50,754   *  Walt Disney Co   8,580,979 
 22,182      World Wrestling Entertainment, Inc (Class A)   1,355,098 
 33,936   *  Zillow Group, Inc (Class A)   3,587,714 
 94,587   *  Zillow Group, Inc (Class C)   9,802,051 
 290,149   *  Zynga, Inc   2,141,300 
        TOTAL MEDIA & ENTERTAINMENT   1,595,728,782 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.1%        
 46,035   *  10X Genomics, Inc   7,424,064 
 985,867      AbbVie, Inc   113,049,369 
 29,139   *  Acceleron Pharma, Inc   5,075,431 
 49,905   *  Adaptive Biotechnologies Corp   1,667,326 
 151,837      Agilent Technologies, Inc   23,912,809 
 66,589   *  Alnylam Pharmaceuticals, Inc   10,624,941 
 261,043      Amgen, Inc   54,028,070 
 323,404   *  Avantor, Inc   13,059,054 
 22,016      Bio-Techne Corp   11,528,678 
 56,722      Bruker BioSciences Corp   4,554,777 
 21,640   *  Catalent, Inc   2,983,290 
 26,162   *  Charles River Laboratories International, Inc   11,738,366 
 28,820   *,e  CureVac NV   1,154,817 
 373,661      Eli Lilly & Co   95,193,876 
 88,023   *  Exact Sciences Corp   8,381,550 
 143,419   *  Exelixis, Inc   3,084,943 
 23,741   *  Horizon Therapeutics Plc   2,846,783 
174

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
 81,409   *  Illumina, Inc  $33,789,620 
 88,762   *  Incyte Corp   5,945,279 
 72,233   *  Ionis Pharmaceuticals, Inc   2,302,066 
 21,786   *  Iovance Biotherapeutics, Inc   529,618 
 52,200   *  IQVIA Holdings, Inc   13,646,124 
 55,379   *  Maravai LifeSciences Holdings, Inc   2,341,978 
 12,897   *  Mettler-Toledo International, Inc   19,098,909 
 17,793   *  Mirati Therapeutics, Inc   3,363,233 
 188,700   *  Moderna, Inc   65,141,127 
 44,183   *  Natera, Inc   5,062,046 
 52,103   *  Neurocrine Biosciences, Inc   5,492,177 
 41,052   *  Novavax, Inc   6,109,769 
 32,996   *  PPD, Inc   1,556,421 
 5,947   *  Regeneron Pharmaceuticals, Inc   3,805,723 
 28,588   *  Repligen Corp   8,304,814 
 104,217      Royalty Pharma plc   4,119,698 
 44,924   *  Sarepta Therapeutics, Inc   3,554,836 
 66,869   *  Seagen, Inc   11,791,011 
 52,238   *  Sotera Health Co   1,290,279 
 5,480   *  Syneos Health, Inc   511,503 
 19,679      Thermo Fisher Scientific, Inc   12,458,185 
 25,900   *  Ultragenyx Pharmaceutical, Inc   2,173,528 
 58,324   *  Vertex Pharmaceuticals, Inc   10,785,857 
 31,718   *  Waters Corp   11,657,951 
 251,155      Zoetis, Inc   54,299,711 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   659,439,607 
              
REAL ESTATE - 1.7%        
 251,972      American Tower Corp   71,048,545 
 8,819   *  CBRE Group, Inc   917,881 
 18,684      Coresite Realty   2,661,723 
 240,560      Crown Castle International Corp   43,372,968 
 35,404      Equinix, Inc   29,635,626 
 52,000      Equity Lifestyle Properties, Inc   4,394,520 
 7,207      Extra Space Storage, Inc   1,422,445 
 110,264      Iron Mountain, Inc   5,032,449 
 41,605      Lamar Advertising Co   4,709,686 
 40,711   *,e  Opendoor Technologies, Inc   965,258 
 64,032      Public Storage, Inc   21,270,150 
 10,561      SBA Communications Corp   3,647,030 
 157,815      Simon Property Group, Inc   23,132,523 
        TOTAL REAL ESTATE   212,210,804 
              
RETAILING - 11.0%        
 242,134   *  Amazon.com, Inc   816,579,966 
 2,576   *  AutoZone, Inc   4,597,748 
 76,367      Bath & Body Works, Inc   5,276,196 
 32,212      Best Buy Co, Inc   3,937,595 
 34,688   *  Burlington Stores, Inc   9,583,947 
 8,035   *  CarMax, Inc   1,100,152 
 43,289   *  Carvana Co   13,124,359 
 55,880      Dollar General Corp   12,378,538 
 70,201   *  DoorDash, Inc   13,675,155 
 362,469      eBay, Inc   27,808,622 
 70,296   *  Etsy, Inc   17,622,504 
 30,907   *  Five Below, Inc   6,097,951 
175

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
 57,203   *  Floor & Decor Holdings, Inc  $7,775,032 
 35,560   *,e  GameStop Corp (Class A)   6,525,616 
 593,515      Home Depot, Inc   220,633,266 
 60,189   *  Leslie’s, Inc   1,244,708 
 1,160      Lithia Motors, Inc (Class A)   370,295 
 394,884      Lowe’s Companies, Inc   92,331,777 
 45,154   *  Nordstrom, Inc   1,297,274 
 11,575   *  O’Reilly Automotive, Inc   7,203,354 
 2,942   *  Petco Health & Wellness Co, Inc   72,756 
 21,884      Pool Corp   11,273,761 
 9,494   *  RH   6,262,527 
 196,892      Ross Stores, Inc   22,288,174 
 123,683      Target Corp   32,110,580 
 674,035      TJX Companies, Inc   44,142,552 
 64,611      Tractor Supply Co   14,031,571 
 29,765   *  Ulta Beauty, Inc   10,934,470 
 24,563   *  Victoria’s Secret & Co   1,239,695 
 8,897   *,e  Vroom, Inc   170,200 
 23,377   *,e  Wayfair, Inc   5,823,211 
 32,423      Williams-Sonoma, Inc   6,021,924 
        TOTAL RETAILING   1,423,535,476 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.6%        
 675,235   *  Advanced Micro Devices, Inc   81,183,504 
 22,105   *  Allegro MicroSystems, Inc   737,423 
 118,861      Analog Devices, Inc   20,621,195 
 511,225      Applied Materials, Inc   69,858,896 
 222,825      Broadcom, Inc   118,469,368 
 33,395      Brooks Automation, Inc   3,888,848 
 73,172   *  Enphase Energy, Inc   16,948,830 
 74,182      Entegris, Inc   10,443,342 
 85,557      KLA Corp   31,892,227 
 79,390      Lam Research Corp   44,741,822 
 252,002      Microchip Technology, Inc   18,670,828 
 84,727      Micron Technology, Inc   5,854,636 
 26,436      MKS Instruments, Inc   3,966,722 
 24,976      Monolithic Power Systems, Inc   13,123,889 
 1,334,658      NVIDIA Corp   341,232,011 
 44,970      NXP Semiconductors NV   9,032,674 
 126,008   *  ON Semiconductor Corp   6,057,205 
 629,648      QUALCOMM, Inc   83,768,370 
 43,057      Skyworks Solutions, Inc   7,196,116 
 93,339      Teradyne, Inc   12,903,183 
 319,670      Texas Instruments, Inc   59,931,732 
 24,057      Universal Display Corp   4,407,242 
 137,044      Xilinx, Inc   24,667,920 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   989,597,983 
              
SOFTWARE & SERVICES - 26.1%        
 285,589      Accenture plc   102,466,477 
 266,523   *  Adobe, Inc   173,335,898 
 34,145   *  Alteryx, Inc   2,499,073 
 78,819   *  Anaplan, Inc   5,139,787 
 19,969   *  Ansys, Inc   7,579,833 
 37,986   *  Aspen Technology, Inc   5,952,026 
 76,052   *  Atlassian Corp plc   34,841,703 
176

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
 122,460   *  Autodesk, Inc  $38,894,521 
 218,159      Automatic Data Processing, Inc   48,974,514 
 47,450   *  Avalara, Inc   8,523,918 
 76,305      Bentley Systems, Inc   4,513,441 
 43,646   *  Bill.Com Holdings, Inc   12,845,454 
 58,421      Broadridge Financial Solutions, Inc   10,422,891 
 3,321   *,e  C3.ai, Inc   149,844 
 153,204   *  Cadence Design Systems, Inc   26,521,144 
 10,983      CDK Global, Inc   477,980 
 25,336      Citrix Systems, Inc   2,400,079 
 135,692   *  Cloudflare, Inc   26,421,946 
 41,089   *  Coupa Software, Inc   9,355,965 
 109,937   *  Crowdstrike Holdings, Inc   30,980,247 
 129,181   *  Datadog, Inc   21,579,686 
 106,375   *  DocuSign, Inc   29,603,099 
 10,116   *  DoubleVerify Holdings, Inc   399,885 
 170,289   *  Dropbox, Inc   5,192,112 
 10,607   *  Duck Creek Technologies, Inc   334,120 
 101,994   *  Dynatrace, Inc   7,649,550 
 38,155   *  Elastic NV   6,620,274 
 29,924   *  EPAM Systems, Inc   20,146,034 
 20,564   *  Euronet Worldwide, Inc   2,307,075 
 21,620   *  Everbridge, Inc   3,444,282 
 15,741   *  Fair Isaac Corp   6,268,066 
 35,189   *  FireEye, Inc   613,696 
 22,373   *  Fiserv, Inc   2,203,517 
 36,867   *  Five9, Inc   5,825,355 
 10,818   *  FleetCor Technologies, Inc   2,676,481 
 74,585   *  Fortinet, Inc   25,085,919 
 45,092   *  Gartner, Inc   14,966,486 
 5,969      Genpact Ltd   294,570 
 22,410   *  Globant S.A.   7,153,048 
 8,549   *  GoDaddy, Inc   591,334 
 24,775   *  HubSpot, Inc   20,073,448 
 142,489      Intuit, Inc   89,196,689 
 10,527      Jack Henry & Associates, Inc   1,752,535 
 25,485   *  Jamf Holding Corp   1,214,360 
 18,284   *  Manhattan Associates, Inc   3,319,277 
 488,377      Mastercard, Inc (Class A)   163,860,251 
 24,050      McAfee Corp   513,949 
 4,204,331      Microsoft Corp   1,394,240,246 
 34,401   *  MongoDB, Inc   17,932,897 
 31,182   *  nCino, Inc   2,265,684 
 28,914   *  NCR Corp   1,143,260 
 30,039   *  New Relic, Inc   2,437,965 
 81,603      NortonLifelock, Inc   2,076,796 
 57,671   *  Nuance Communications, Inc   3,174,789 
 108,959   *  Nutanix, Inc   3,738,383 
 69,745   *  Okta, Inc   17,239,569 
 876,656      Oracle Corp   84,106,377 
 904,216   *  Palantir Technologies, Inc   23,401,110 
 53,117   *  Palo Alto Networks, Inc   27,041,334 
 156,247      Paychex, Inc   19,262,130 
 28,098   *  Paycom Software, Inc   15,393,489 
 9,256   *  Paycor HCM, Inc   300,265 
 20,380   *  Paylocity Holding Corp   6,218,753 
177

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY  VALUE 
         
 655,649   *  PayPal Holdings, Inc  $152,497,401 
 20,751      Pegasystems, Inc   2,463,559 
 4,592   *  Procore Technologies, Inc   419,938 
 58,070   *  PTC, Inc   7,395,215 
 44,853   *  RingCentral, Inc   10,934,264 
 184,421   *  Sabre Corp   1,914,290 
 99,098   *  salesforce.com, Inc   29,698,680 
 110,012   *  ServiceNow, Inc   76,761,973 
 23,389   *  Shift4 Payments, Inc   1,476,548 
 68,182   *  Smartsheet, Inc   4,705,240 
 102,830   *  Snowflake, Inc   36,385,367 
 92,008   *  Splunk, Inc   15,164,759 
 220,844   *  Square, Inc   56,204,798 
 115,204   *  StoneCo Ltd   3,900,807 
 68,443      Switch, Inc   1,730,239 
 53,481   *  Synopsys, Inc   17,818,800 
 53,167   *  Teradata Corp   3,007,126 
 237,863   *  Trade Desk, Inc   17,818,317 
 26,014   *  Twilio, Inc   7,579,439 
 19,161   *  Tyler Technologies, Inc   10,408,638 
 83,507   *  Unity Software, Inc   12,635,444 
 944,750      Visa, Inc (Class A)   200,069,708 
 15,433   *,e  VMware, Inc (Class A)   2,341,186 
 54,932      Western Union Co   1,000,861 
 17,706   *  WEX, Inc   2,650,588 
 30,322   *  Wix.com Ltd   5,638,679 
 104,808   *  Workday, Inc   30,392,224 
 66,697   *  Zendesk, Inc   6,789,755 
 119,189   *  Zoom Video Communications, Inc   32,735,259 
 42,774   *  Zscaler, Inc   13,638,918 
        TOTAL SOFTWARE & SERVICES   3,381,332,906 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 11.0%        
 231,074      Amphenol Corp (Class A)   17,739,551 
 8,758,366      Apple, Inc   1,312,003,227 
 29,937   *  Arista Networks, Inc   12,264,890 
 77,166      CDW Corp   14,403,034 
 95,338      Cognex Corp   8,350,655 
 12,158   *  Coherent, Inc   3,092,995 
 98,938   *  CommScope Holding Co, Inc   1,059,626 
 147,545      Corning, Inc   5,248,176 
 73,136   *  Dell Technologies, Inc   8,044,229 
 234,597      HP, Inc   7,115,327 
 1,720   *  IPG Photonics Corp   273,497 
 63,493      Jabil Inc   3,807,040 
 44,349   *  Keysight Technologies, Inc   7,983,707 
 82,349      NetApp, Inc   7,353,766 
 139,455   *  Pure Storage, Inc   3,745,761 
 3,281      Ubiquiti, Inc   1,002,444 
 52,138      Vontier Corp   1,763,829 
 29,531   *  Zebra Technologies Corp (Class A)   15,768,077 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   1,431,019,831 
              
TRANSPORTATION - 2.0%        
 13,817      CH Robinson Worldwide, Inc   1,340,111 
 354,463   *  Delta Air Lines, Inc   13,870,137 
178

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

 

SHARES      COMPANY     RATE    VALUE 
                 
 68,333      Expeditors International of Washington, Inc          $8,422,725 
 59,985      FedEx Corp           14,128,267 
 45,658   *  GXO Logistics, Inc           4,054,430 
 42,027      JB Hunt Transport Services, Inc           8,287,304 
 13,640      Kansas City Southern           4,231,810 
 18,475      Landstar System, Inc           3,248,090 
 158,706   *  Lyft, Inc (Class A)           7,279,844 
 52,319      Old Dominion Freight Line           17,859,091 
 770,753   *  Uber Technologies, Inc           33,774,396 
 230,387      Union Pacific Corp           55,615,422 
 403,976      United Parcel Service, Inc (Class B)           86,236,757 
 47,447   *  XPO Logistics, Inc           4,070,953 
        TOTAL TRANSPORTATION           262,419,337 
                      
UTILITIES - 0.0%                
 16,409      Brookfield Renewable Corp           679,497 
 61,785      NRG Energy, Inc           2,464,603 
        TOTAL UTILITIES           3,144,100 
                      
        TOTAL COMMON STOCKS           12,963,443,858 
        (Cost $5,021,849,007)             
                      
SHORT-TERM INVESTMENTS - 0.1%            
                        
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%              
 15,701,698   c  State Street Navigator Securities Lending
Government Money Market Portfolio		     0.030%     15,701,698 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES           15,701,698 
                      
        TOTAL SHORT-TERM INVESTMENTS           15,701,698 
        (Cost $15,701,698)             
        TOTAL INVESTMENTS - 100.0%           12,979,145,556 
        (Cost $5,037,550,705)             
        OTHER ASSETS & LIABILITIES, NET - (0.0)%           (5,546,116) 
        NET ASSETS - 100.0%          $12,973,599,440 
       
     
*   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 $26,257,380.
179

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES      COMPANY  VALUE 
              
COMMON STOCKS - 100.0%     
              
AUTOMOBILES & COMPONENTS - 1.1%     
 95,735   *  Aptiv plc  $16,551,624 
 103,000      BorgWarner, Inc   4,642,210 
 1,701,180   *  Ford Motor Co   29,056,155 
 593,118   *  General Motors Co   32,283,413 
 102,890      Gentex Corp   3,641,277 
 67,025      Harley-Davidson, Inc   2,445,742 
 26,258      Lear Corp   4,512,437 
 25,545   *,e  QuantumScape Corp   739,272 
 13,571      Thor Industries, Inc   1,383,699 
        TOTAL AUTOMOBILES & COMPONENTS   95,255,829 
              
BANKS - 8.9%     
 3,208,945      Bank of America Corp   153,323,392 
 17,274      Bank of Hawaii Corp   1,459,653 
 53,507      Bank OZK   2,390,158 
 13,741      BOK Financial Corp   1,390,177 
 877,421      Citigroup, Inc   60,682,436 
 150,386      Citizens Financial Group, Inc   7,125,289 
 60,174      Comerica, Inc   5,120,206 
 46,147      Commerce Bancshares, Inc   3,253,825 
 24,533      Cullen/Frost Bankers, Inc   3,177,024 
 60,456      East West Bancorp, Inc   4,805,043 
 299,047      Fifth Third Bancorp   13,017,516 
 2,665   e  First Citizens Bancshares, Inc (Class A)   2,169,044 
 56,792      First Hawaiian, Inc   1,566,891 
 234,662      First Horizon National Corp   3,982,214 
 77,351      First Republic Bank   16,733,342 
 140,329      FNB Corp   1,634,833 
 633,734      Huntington Bancshares, Inc   9,974,973 
 1,286,543      JPMorgan Chase & Co   218,570,790 
 418,675      Keycorp   9,742,567 
 55,926      M&T Bank Corp   8,227,833 
 133,542      MGIC Investment Corp   2,158,039 
 184,073      New York Community Bancorp, Inc   2,288,027 
 50,839      PacWest Bancorp   2,413,327 
 185,337      People’s United Financial, Inc   3,176,676 
 32,370      Pinnacle Financial Partners, Inc   3,125,971 
 183,139      PNC Financial Services Group, Inc   38,647,823 
 33,061      Popular, Inc   2,692,488 
 38,616      Prosperity Bancshares, Inc   2,908,171 
 414,112      Regions Financial Corp   9,806,172 
 25,758      Signature Bank   7,671,248 
 75,648      Sterling Bancorp   1,925,242 
 24,585   *  SVB Financial Group   17,637,279 
 58,653      Synovus Financial Corp   2,732,643 
180

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 21,820      TFS Financial Corp  $424,617 
 582,161      Truist Financial Corp   36,949,759 
 94,329      Umpqua Holdings Corp   1,929,028 
 583,125      US Bancorp   35,203,256 
 7,250   e  UWM Holdings Corp   49,300 
 39,080      Webster Financial Corp   2,186,917 
 1,792,450      Wells Fargo & Co   91,701,742 
 20,546      Western Alliance Bancorp   2,385,185 
 25,142      Wintrust Financial Corp   2,225,067 
 70,755      Zions Bancorporation   4,456,857 
        TOTAL BANKS   803,042,040 
              
CAPITAL GOODS - 8.4%     
 213,240      3M Co   38,101,723 
 56,975      A.O. Smith Corp   4,163,163 
 15,550      Acuity Brands, Inc   3,194,436 
 61,166   *  Aecom Technology Corp   4,181,919 
 24,199      AGCO Corp   2,957,360 
 45,117      Air Lease Corp   1,806,936 
 9,226      Allegion plc   1,183,696 
 11,288      Allison Transmission Holdings, Inc   376,568 
 98,493      Ametek, Inc   13,040,473 
 11,217      Armstrong World Industries, Inc   1,185,076 
 21,346   *  AZEK Co, Inc   783,185 
 232,037   *  Boeing Co   48,038,620 
 88,106   *  Builders FirstSource, Inc   5,133,937 
 10,091      BWX Technologies, Inc   572,563 
 13,626      Carlisle Cos, Inc   3,037,508 
 197,887      Carrier Global Corp   10,335,638 
 33,028      Caterpillar, Inc   6,738,042 
 45,478   *,e  ChargePoint Holdings, Inc   1,126,945 
 50,611   *  Colfax Corp   2,612,540 
 7,363   *  Core & Main, Inc   201,452 
 21,325      Crane Co   2,202,446 
 62,338      Cummins, Inc   14,951,146 
 18,184      Curtiss-Wright Corp   2,321,733 
 44,881      Donaldson Co, Inc   2,693,309 
 62,635      Dover Corp   10,590,326 
 172,877      Eaton Corp   28,483,214 
 259,306      Emerson Electric Co   25,155,275 
 29,742      Fastenal Co   1,697,673 
 57,087      Flowserve Corp   1,919,265 
 141,970      Fortive Corp   10,748,549 
 44,261      Fortune Brands Home & Security, Inc   4,488,065 
 44,584   *  Gates Industrial Corp plc   732,961 
 108,119      General Dynamics Corp   21,921,127 
 474,780      General Electric Co   49,790,179 
 24,882      Graco, Inc   1,870,629 
 13,060      HEICO Corp   1,820,433 
 22,930      HEICO Corp (Class A)   2,881,842 
 36,526   *  Hexcel Corp   2,072,485 
 236,219      Honeywell International, Inc   51,642,198 
 156,026      Howmet Aerospace, Inc   4,632,412 
 23,676      Hubbell, Inc   4,720,284 
 16,935      Huntington Ingalls   3,433,232 
 33,175      IDEX Corp   7,383,760 
181

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 13,689      Illinois Tool Works, Inc  $3,119,312 
 176,118   *  Ingersoll Rand, Inc   9,468,104 
 36,817      ITT, Inc   3,463,375 
 310,704      Johnson Controls International plc   22,796,352 
 87,053      L3Harris Technologies, Inc   20,069,199 
 14,540      Lennox International, Inc   4,351,531 
 12,958      Lockheed Martin Corp   4,306,203 
 107,001      Masco Corp   7,013,916 
 22,237   *  Mastec, Inc   1,981,984 
 23,748   *  Mercury Systems, Inc   1,223,972 
 16,555   *  Middleby Corp   3,020,294 
 19,575      MSC Industrial Direct Co (Class A)   1,645,670 
 21,051      Nordson Corp   5,351,375 
 59,884      Northrop Grumman Corp   21,391,762 
 71,958      nVent Electric plc   2,550,911 
 29,677      Oshkosh Corp   3,175,439 
 186,666      Otis Worldwide Corp   14,991,146 
 44,782      Owens Corning, Inc   4,183,087 
 147,806      PACCAR, Inc   13,246,374 
 46,542      Parker-Hannifin Corp   13,803,892 
 72,224      Pentair plc   5,342,409 
 59,492      Quanta Services, Inc   7,215,190 
 656,719      Raytheon Technologies Corp   58,356,050 
 23,130      Regal-Beloit Corp   3,523,393 
 19,622      Rockwell Automation, Inc   6,267,267 
 45,464      Roper Technologies Inc   22,180,522 
 67,621   *  Sensata Technologies Holding plc   3,725,917 
 44,312   *  Shoals Technologies Group, Inc   1,373,229 
 9,076   *  SiteOne Landscape Supply, Inc   2,132,497 
 23,151      Snap-On, Inc   4,704,978 
 31,875      Spirit Aerosystems Holdings, Inc (Class A)   1,316,119 
 70,049      Stanley Black & Decker, Inc   12,589,907 
 87,774   *  Sunrun, Inc   5,062,804 
 98,076      Textron, Inc   7,242,913 
 27,223      Timken Co   1,931,472 
 2,495      Toro Co   238,198 
 53,186      Trane Technologies plc   9,622,943 
 15,985   *  TransDigm Group, Inc   9,971,763 
 20,309   *  United Rentals, Inc   7,699,345 
 73,081   *  Univar Solutions Inc   1,869,412 
 9,018      Valmont Industries, Inc   2,154,941 
 7,794   *,e  Virgin Galactic Holdings, Inc   146,137 
 3,397      W.W. Grainger, Inc   1,573,185 
 14,295      Watsco, Inc   4,139,546 
 79,054      Westinghouse Air Brake Technologies Corp   7,172,569 
 24,381      Woodward Inc   2,753,834 
 26,253      Xylem, Inc   3,428,379 
        TOTAL CAPITAL GOODS   761,813,140 
              
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%     
 69,879      ADT, Inc   583,490 
 9,994   *  CACI International, Inc (Class A)   2,874,674 
 2,642      Cintas Corp   1,144,250 
 188,758   *  Clarivate Analytics plc   4,426,375 
 22,551   *  Clean Harbors, Inc   2,537,890 
 37,740   *  CoStar Group, Inc   3,247,527 
182

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 26,801   *  Driven Brands Holdings, Inc  $870,229 
 68,841   *  Dun & Bradstreet Holdings, Inc   1,296,964 
 32,590      Equifax, Inc   9,041,444 
 14,419   *  FTI Consulting, Inc   2,075,183 
 162,085      IHS Markit Ltd   21,187,751 
 55,784      Jacobs Engineering Group, Inc   7,833,189 
 3,303   *  Legalzoom.com, Inc   92,616 
 61,641      Leidos Holdings, Inc   6,162,867 
 23,350      Manpower, Inc   2,256,778 
 10,075      MSA Safety, Inc   1,541,777 
 153,521      Nielsen NV   3,108,800 
 91,219      Republic Services, Inc   12,278,077 
 5,809      Robert Half International, Inc   656,824 
 6,268      Rollins, Inc   220,822 
 24,890      Science Applications International Corp   2,234,624 
 40,178   *  Stericycle, Inc   2,688,712 
 26,094      TransUnion   3,008,377 
 24,782      Verisk Analytics, Inc   5,210,911 
 154,045      Waste Management, Inc   24,682,630 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   121,262,781 
              
CONSUMER DURABLES & APPAREL - 1.1%     
 29,176      Brunswick Corp   2,715,994 
 64,721   *  Capri Holdings Ltd   3,445,746 
 18,771      Carter’s, Inc   1,849,319 
 16,102      Columbia Sportswear Co   1,672,032 
 10,607   *  Deckers Outdoor Corp   4,193,053 
 85,071      DR Horton, Inc   7,594,288 
 65,670      Garmin Ltd   9,430,212 
 59,973      Hanesbrands, Inc   1,021,940 
 55,707      Hasbro, Inc   5,334,502 
 16,491   *  Hayward Holdings, Inc   382,426 
 57,852      Leggett & Platt, Inc   2,710,366 
 116,659      Lennar Corp (Class A)   11,657,734 
 5,384      Lennar Corp (Class B)   441,919 
 25,084   *  Mohawk Industries, Inc   4,445,136 
 164,773      Newell Brands Inc   3,771,654 
 471   *  NVR, Inc   2,305,451 
 7,588      Polaris Inc   872,241 
 76,826      Pulte Homes, Inc   3,693,794 
 30,766   *  PVH Corp   3,363,647 
 20,931      Ralph Lauren Corp   2,661,795 
 50,292   *  Skechers U.S.A., Inc (Class A)   2,323,993 
 108,008      Tapestry, Inc   4,210,152 
 27,363      Toll Brothers, Inc   1,646,432 
 2,944   *  TopBuild Corp   756,520 
 82,942   *  Under Armour, Inc (Class A)   1,821,406 
 83,055   *  Under Armour, Inc (Class C)   1,568,078 
 49,720      VF Corp   3,623,594 
 26,732      Whirlpool Corp   5,635,907 
        TOTAL CONSUMER DURABLES & APPAREL   95,149,331 
              
CONSUMER SERVICES - 1.8%     
 100,032      ARAMARK Holdings Corp   3,649,167 
 27,773   *  Boyd Gaming Corp   1,771,362 
 5,277   *  Bright Horizons Family Solutions   875,982 
183

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 32,484   *  Caesars Entertainment, Inc  $3,555,699 
 370,720   *  Carnival Corp   8,215,155 
 14,340   *  Chegg, Inc   852,370 
 17,953      Darden Restaurants, Inc   2,587,745 
 5,324      Domino’s Pizza, Inc   2,603,276 
 11,691   *  frontdoor, Inc   435,841 
 19,883   *  Grand Canyon Education, Inc   1,584,675 
 20,846      H&R Block, Inc   480,917 
 38,892   *  Hilton Worldwide Holdings, Inc   5,598,503 
 17,516   *  Hyatt Hotels Corp   1,492,363 
 17,902      Marriott Vacations Worldwide Corp   2,814,552 
 266,110      McDonald’s Corp   65,343,311 
 175,500      MGM Resorts International   8,276,580 
 163,287   *,e  Norwegian Cruise Line Holdings Ltd   4,199,742 
 61,271   *  Penn National Gaming, Inc   4,387,004 
 11,175   *  Planet Fitness, Inc   888,971 
 94,253   *  Royal Caribbean Cruises Ltd   7,957,781 
 72,391      Service Corp International   4,958,060 
 22,716   *  Six Flags Entertainment Corp   934,309 
 56,194   *  Terminix Global Holdings, Inc   2,274,733 
 12,204      Travel & Leisure Co   663,165 
 14,548      Wyndham Hotels & Resorts, Inc   1,228,870 
 168,522      Yum China Holdings, Inc   9,619,236 
 118,444      Yum! Brands, Inc   14,798,393 
        TOTAL CONSUMER SERVICES   162,047,762 
              
DIVERSIFIED FINANCIALS - 9.2%     
 17,812      Affiliated Managers Group, Inc   2,990,279 
 219,220      AGNC Investment Corp   3,489,982 
 156,475      Ally Financial, Inc   7,470,117 
 101,536      American Express Co   17,644,926 
 21,557      Ameriprise Financial, Inc   6,513,016 
 584,619      Annaly Capital Management, Inc   4,945,877 
 7,150      Ares Management Corp   605,891 
 343,599      Bank of New York Mellon Corp   20,341,061 
 804,536   *  Berkshire Hathaway, Inc (Class B)   230,909,877 
 61,958      BlackRock, Inc   58,454,895 
 191,682      Capital One Financial Corp   28,949,732 
 69,781      Carlyle Group, Inc   3,918,203 
 45,728      CBOE Global Markets, Inc   6,033,352 
 650,477      Charles Schwab Corp   53,358,628 
 155,833      CME Group, Inc   34,368,968 
 3,376   *,e  Credit Acceptance Corp   2,019,557 
 57,723      Discover Financial Services   6,541,170 
 164,927      Equitable Holdings, Inc   5,525,055 
 17,303      Evercore Inc   2,627,288 
 2,266      Factset Research Systems, Inc   1,005,855 
 125,518      Franklin Resources, Inc   3,952,562 
 135,145      Goldman Sachs Group, Inc   55,862,186 
 34,983      Interactive Brokers Group, Inc (Class A)   2,478,546 
 241,705      Intercontinental Exchange Group, Inc   33,466,474 
 143,412      Invesco Ltd   3,644,099 
 139,612      iShares Russell 1000 Value Index Fund   22,971,758 
 73,442      Janus Henderson Group plc   3,415,053 
 95,419      Jefferies Financial Group, Inc   4,103,017 
 239,151      KKR & Co, Inc   19,053,160 
184

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 44,161      Lazard Ltd (Class A)  $2,163,447 
 3,879      Moody’s Corp   1,567,698 
 589,272      Morgan Stanley   60,565,376 
 946      Morningstar, Inc   299,646 
 10,184      MSCI, Inc (Class A)   6,771,138 
 49,965      Nasdaq Inc   10,486,155 
 169,831      New Residential Investment Corp   1,929,280 
 89,188      Northern Trust Corp   10,973,692 
 44,225      OneMain Holdings, Inc   2,335,522 
 76,512      Raymond James Financial, Inc   7,543,318 
 30,515      S&P Global, Inc   14,468,992 
 27,160      Santander Consumer USA Holdings, Inc   1,132,572 
 48,190      SEI Investments Co   3,037,898 
 138,361      SLM Corp   2,538,924 
 119,754      Starwood Property Trust, Inc   3,050,134 
 158,180      State Street Corp   15,588,639 
 43,860      Stifel Financial Corp   3,196,078 
 200,714      Synchrony Financial   9,323,165 
 64,454      T Rowe Price Group, Inc   13,978,784 
 43,070      Tradeweb Markets, Inc   3,837,537 
 40,117      Virtu Financial, Inc   998,111 
 48,941      Voya Financial, Inc   3,414,614 
        TOTAL DIVERSIFIED FINANCIALS   825,861,304 
              
ENERGY - 5.3%     
 147,707      Antero Midstream Corp   1,571,602 
 155,742      APA Corp   4,081,998 
 321,761      Baker Hughes Co   8,069,766 
 291,090      Cabot Oil & Gas Corp   6,206,039 
 838,348      Chevron Corp   95,982,463 
 585,014      ConocoPhillips   43,577,693 
 25,078   e  Continental Resources, Inc   1,224,057 
 290,652      Devon Energy Corp   11,649,332 
 40,858      Diamondback Energy, Inc   4,379,569 
 41,411      DT Midstream, Inc   1,986,072 
 223,112      EOG Resources, Inc   20,628,936 
 120,842   *  EQT Corp   2,405,964 
 1,835,226      Exxon Mobil Corp   118,317,020 
 365,680      Halliburton Co   9,138,343 
 111,172      Hess Corp   9,179,472 
 65,712      HollyFrontier Corp   2,221,066 
 834,364      Kinder Morgan, Inc   13,975,597 
 345,894      Marathon Oil Corp   5,644,990 
 276,956      Marathon Petroleum Corp   18,259,709 
 170,032   *  NOV, Inc   2,383,849 
 321,074      Occidental Petroleum Corp   10,765,611 
 192,654      ONEOK, Inc   12,256,647 
 190,077      Phillips 66   14,213,958 
 52,182      Pioneer Natural Resources Co   9,756,990 
 604,573      Schlumberger Ltd   19,503,525 
 96,734      Targa Resources Investments, Inc   5,288,448 
 177,256      Valero Energy Corp   13,707,206 
 527,490      Williams Cos, Inc   14,817,194 
        TOTAL ENERGY   481,193,116 
185

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
FOOD & STAPLES RETAILING - 1.5%     
 66,742   e  Albertsons Cos, Inc  $2,065,665 
 15,666      Casey’s General Stores, Inc   3,000,666 
 12,271      Costco Wholesale Corp   6,031,687 
 37,562   *  Grocery Outlet Holding Corp   833,501 
 326,420      Kroger Co   13,063,328 
 96,502   *  US Foods Holding Corp   3,345,724 
 311,522      Walgreens Boots Alliance, Inc   14,647,765 
 621,796      Walmart, Inc   92,908,758 
        TOTAL FOOD & STAPLES RETAILING   135,897,094 
              
FOOD, BEVERAGE & TOBACCO - 3.4%     
 356,989      Altria Group, Inc   15,746,785 
 241,522      Archer-Daniels-Midland Co   15,515,373 
 3,031   *,e  Beyond Meat, Inc   300,008 
 9,868      Brown-Forman Corp (Class A)   631,848 
 39,752      Brown-Forman Corp (Class B)   2,698,763 
 58,639      Bunge Ltd   5,432,317 
 83,903      Campbell Soup Co   3,351,925 
 492,017      Coca-Cola Co   27,734,998 
 201,483      ConAgra Brands, Inc   6,487,753 
 69,007      Constellation Brands, Inc (Class A)   14,961,408 
 65,794   *  Darling International, Inc   5,560,909 
 81,385      Flowers Foods, Inc   2,014,279 
 264,916      General Mills, Inc   16,371,809 
 35,933   *  Hain Celestial Group, Inc   1,612,314 
 9,508      Hershey Co   1,667,228 
 122,610      Hormel Foods Corp   5,188,855 
 29,413      Ingredion, Inc   2,801,000 
 46,391      J.M. Smucker Co   5,699,598 
 61,784      Kellogg Co   3,787,359 
 303,572      Keurig Dr Pepper, Inc   10,955,913 
 288,951      Kraft Heinz Co   10,370,451 
 44,189      Lamb Weston Holdings, Inc   2,494,469 
 108,490      McCormick & Co, Inc   8,704,153 
 76,495      Molson Coors Brewing Co (Class B)   3,372,665 
 604,760      Mondelez International, Inc   36,733,122 
 12,568   *  Monster Beverage Corp   1,068,280 
 100,761      PepsiCo, Inc   16,282,978 
 674,236      Philip Morris International, Inc   63,742,271 
 6,311   *  Pilgrim’s Pride Corp   177,718 
 26,505   *  Post Holdings, Inc   2,689,727 
 49      Seaboard Corp   188,651 
 125,440      Tyson Foods, Inc (Class A)   10,031,437 
        TOTAL FOOD, BEVERAGE & TOBACCO   304,376,364 
              
HEALTH CARE EQUIPMENT & SERVICES - 8.9%     
 376,464      Abbott Laboratories   48,522,445 
 39,760   *  Acadia Healthcare Co, Inc   2,465,120 
 1,599   *  Amedisys, Inc   270,775 
 63,059      AmerisourceBergen Corp   7,694,459 
 106,220      Anthem, Inc   46,219,509 
 218,414      Baxter International, Inc   17,245,969 
 124,064      Becton Dickinson & Co   29,724,494 
 616,629   *  Boston Scientific Corp   26,595,209 
 51,092      Cardinal Health, Inc   2,442,709 
 251,272   *  Centene Corp   17,900,617 
186

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 127,189      Cerner Corp  $9,448,871 
 15,362   *  Certara, Inc   634,604 
 106,060   *  Change Healthcare, Inc   2,283,472 
 4,933      Chemed Corp   2,378,939 
 143,890      Cigna Corp   30,736,343 
 21,058      Cooper Cos, Inc   8,779,501 
 570,415      CVS Health Corp   50,926,651 
 260,451      Danaher Corp   81,200,808 
 8,979   *  DaVita, Inc   926,992 
 94,162      Dentsply Sirona, Inc   5,387,008 
 17,920      Encompass Health Corp   1,138,995 
 69,923   *  Envista Holdings Corp   2,733,989 
 8,743   *  Figs, Inc   293,852 
 32,007   *  Globus Medical, Inc   2,469,980 
 61,108   *  Henry Schein, Inc   4,665,596 
 28,603      Hill-Rom Holdings, Inc   4,430,605 
 106,750   *  Hologic, Inc   7,825,843 
 55,513      Humana, Inc   25,711,401 
 8,561   *  ICU Medical, Inc   2,004,387 
 30,729   *  Integra LifeSciences Holdings Corp   2,042,249 
 41,884   *  Laboratory Corp of America Holdings   12,021,546 
 5,916   *  Masimo Corp   1,677,423 
 57,616      McKesson Corp   11,977,214 
 581,621      Medtronic plc   69,713,093 
 21,416   *  Molina Healthcare, Inc   6,333,140 
 4,280   *  Oak Street Health, Inc   202,144 
 54,034      Premier, Inc   2,104,624 
 52,953      Quest Diagnostics, Inc   7,772,441 
 14,237   *  Quidel Corp   1,890,247 
 6,189      Resmed, Inc   1,627,150 
 27,366   *,e  Signify Health, Inc   439,772 
 31,979      STERIS plc   7,474,771 
 86,659      Stryker Corp   23,057,360 
 1,936   *  Tandem Diabetes Care, Inc   263,935 
 65,619   *  Teladoc, Inc   9,815,946 
 16,544      Teleflex, Inc   5,905,215 
 379,580      UnitedHealth Group, Inc   174,785,203 
 32,275      Universal Health Services, Inc (Class B)   4,005,328 
 91,067      Zimmer Biomet Holdings, Inc   13,033,509 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   799,201,453 
              
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%     
 101,103      Church & Dwight Co, Inc   8,832,358 
 10,170      Clorox Co   1,657,812 
 167,877      Colgate-Palmolive Co   12,790,548 
 126,398   *  Coty, Inc   1,071,855 
 38,548   *  Herbalife Nutrition Ltd   1,788,627 
 70,841      Kimberly-Clark Corp   9,173,201 
 1,055,226      Procter & Gamble Co   150,886,766 
 23,360      Reynolds Consumer Products, Inc   630,253 
 17,607      Spectrum Brands Holdings, Inc   1,650,656 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   188,482,076 
              
INSURANCE - 4.0%     
 283,190      Aflac, Inc   15,198,807 
 4,986   *  Alleghany Corp   3,247,781 
187

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 127,500      Allstate Corp  $15,767,925 
 29,150      American Financial Group, Inc   3,965,566 
 372,496      American International Group, Inc   22,010,789 
 39,958      Aon plc   12,783,363 
 127,183   *  Arch Capital Group Ltd   5,318,793 
 89,618      Arthur J. Gallagher & Co   15,026,250 
 24,482      Assurant, Inc   3,949,191 
 27,764      Assured Guaranty Ltd   1,543,123 
 50,335   *  Athene Holding Ltd   4,379,648 
 31,866      Axis Capital Holdings Ltd   1,659,263 
 37,082   *  Brighthouse Financial, Inc   1,862,629 
 95,729      Brown & Brown, Inc   6,041,457 
 189,852      Chubb Ltd   37,093,284 
 65,255      Cincinnati Financial Corp   7,924,567 
 10,851      CNA Financial Corp   486,776 
 3,323      Erie Indemnity Co (Class A)   683,907 
 13,178      Everest Re Group Ltd   3,446,047 
 114,727      Fidelity National Financial Inc   5,496,571 
 45,776      First American Financial Corp   3,348,057 
 44,420      Globe Life, Inc   3,954,268 
 16,362   *  GoHealth, Inc   88,355 
 15,500      Hanover Insurance Group, Inc   1,953,000 
 150,603      Hartford Financial Services Group, Inc   10,983,477 
 27,102      Kemper Corp   1,720,435 
 11,479   *,e  Lemonade, Inc   713,535 
 69,089      Lincoln National Corp   4,984,771 
 93,150      Loews Corp   5,222,920 
 4,927   *  Markel Corp   6,469,791 
 193,188      Marsh & McLennan Cos, Inc   32,223,758 
 11,900      Mercury General Corp   648,431 
 315,211      Metlife, Inc   19,795,251 
 124,026      Old Republic International Corp   3,203,592 
 16,845      Primerica, Inc   2,834,003 
 117,084      Principal Financial Group   7,855,166 
 250,955      Progressive Corp   23,810,610 
 167,848      Prudential Financial, Inc   18,471,672 
 29,686      Reinsurance Group of America, Inc (Class A)   3,505,323 
 11,784      RenaissanceRe Holdings Ltd   1,670,971 
 109,010      Travelers Cos, Inc   17,537,529 
 89,093      Unum Group   2,269,199 
 59,744      W.R. Berkley Corp   4,755,622 
 1,322      White Mountains Insurance Group Ltd   1,394,697 
 55,762      Willis Towers Watson plc   13,510,017 
        TOTAL INSURANCE   360,810,187 
              
MATERIALS - 3.7%     
 95,224      Air Products & Chemicals, Inc   28,549,107 
 50,387      Albemarle Corp   12,620,432 
 80,289      Alcoa Corp   3,689,279 
 670,895      Amcor plc   8,097,703 
 26,974      Aptargroup, Inc   3,257,920 
 10,402      Ardagh Group S.A.   256,149 
 24,241      Ashland Global Holdings, Inc   2,327,378 
 16,691      Avery Dennison Corp   3,633,964 
 73,888   *  Axalta Coating Systems Ltd   2,304,567 
 98,566      Ball Corp   9,016,818 
188

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 58,068   *  Berry Global Group, Inc  $3,805,777 
 30,815      Celanese Corp (Series A)   4,976,931 
 93,142      CF Industries Holdings, Inc   5,290,466 
 34,318      Chemours Co   961,590 
 200,121   *,e  Cleveland-Cliffs, Inc   4,824,917 
 316,021      Corteva, Inc   13,636,306 
 48,105      Crown Holdings, Inc   5,002,439 
 5,026   *  Diversey Holdings Ltd   87,452 
 301,217      Dow, Inc   16,859,115 
 227,570      DuPont de Nemours, Inc   15,838,872 
 17,845      Eagle Materials, Inc   2,647,484 
 58,454      Eastman Chemical Co   6,080,970 
 12,406      Ecolab, Inc   2,756,861 
 104,404      Element Solutions, Inc   2,371,015 
 42,326      FMC Corp   3,852,089 
 450,587      Freeport-McMoRan, Inc (Class B)   16,996,142 
 89,761      Graphic Packaging Holding Co   1,788,937 
 87,760      Huntsman Corp   2,859,221 
 108,185      International Flavors & Fragrances, Inc   15,951,878 
 168,321      International Paper Co   8,360,504 
 37,886      Louisiana-Pacific Corp   2,232,622 
 100,163      LyondellBasell Industries NV   9,297,130 
 27,077      Martin Marietta Materials, Inc   10,636,929 
 148,538      Mosaic Co   6,174,725 
 2,878      NewMarket Corp   978,549 
 347,510      Newmont Goldcorp Corp   18,765,540 
 127,611      Nucor Corp   14,247,768 
 53,953      Olin Corp   3,074,242 
 40,388      Packaging Corp of America   5,548,100 
 59,467      PPG Industries, Inc   9,548,616 
 26,148      Reliance Steel & Aluminum Co   3,821,792 
 28,171      Royal Gold, Inc   2,789,492 
 24,016      RPM International, Inc   2,094,195 
 29,902      Sealed Air Corp   1,773,787 
 36,969      Silgan Holdings, Inc   1,486,154 
 43,377      Sonoco Products Co   2,513,697 
 3,185      Southern Copper Corp (NY)   191,068 
 70,140      Steel Dynamics, Inc   4,634,851 
 15,301   *  Sylvamo Corp   430,876 
 114,949      United States Steel Corp   3,033,504 
 73,658      Valvoline, Inc   2,501,426 
 57,145      Vulcan Materials Co   10,864,407 
 11,403      Westlake Chemical Corp   1,109,968 
 112,441      WestRock Co   5,408,412 
        TOTAL MATERIALS   331,860,133 
              
MEDIA & ENTERTAINMENT - 5.4%     
 335,674      Activision Blizzard, Inc   26,246,350 
 18,124   *  Alphabet, Inc (Class A)   53,663,714 
 16,864   *  Alphabet, Inc (Class C)   50,008,674 
 27,569   *  Altice USA, Inc   449,375 
 1,093      Cable One, Inc   1,870,353 
 2,999   *  Charter Communications, Inc   2,023,995 
 1,976,386      Comcast Corp (Class A)   101,645,532 
 72,114   *,e  Discovery, Inc (Class A)   1,690,352 
 136,724   *  Discovery, Inc (Class C)   3,084,493 
189

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 107,769   *  DISH Network Corp (Class A)  $4,426,073 
 122,592      Electronic Arts, Inc   17,193,528 
 138,476      Fox Corp (Class A)   5,503,036 
 63,346      Fox Corp (Class B)   2,341,268 
 32,870   *  IAC   5,008,402 
 170,286      Interpublic Group of Cos, Inc   6,227,359 
 10,841   *  Liberty Broadband Corp (Class A)   1,742,908 
 62,828   *  Liberty Broadband Corp (Class C)   10,206,409 
 12,352   *  Liberty Media Group (Class A)   644,157 
 84,727   *  Liberty Media Group (Class C)   4,727,767 
 34,509   *  Liberty SiriusXM Group (Class A)   1,717,858 
 71,319   *  Liberty SiriusXM Group (Class C)   3,517,453 
 35,620   *  Live Nation, Inc   3,602,963 
 4,999   *  Madison Square Garden Co   947,360 
 69,681      New York Times Co (Class A)   3,803,886 
 166,229      News Corp (Class A)   3,806,644 
 53,175      News Corp (Class B)   1,199,628 
 16,488      Nexstar Media Group Inc   2,472,046 
 91,644      Omnicom Group, Inc   6,239,124 
 387,514   e  Sirius XM Holdings, Inc   2,359,960 
 39,533   *  Take-Two Interactive Software, Inc   7,155,473 
 16,372   *  TripAdvisor, Inc   539,785 
 303,306   *  Twitter, Inc   16,239,003 
 5,779      ViacomCBS, Inc (Class A)   224,976 
 253,213      ViacomCBS, Inc (Class B)   9,171,375 
 4,311   *  Vimeo, Inc   145,410 
 746,643   *  Walt Disney Co   126,234,932 
 2,601      World Wrestling Entertainment, Inc (Class A)   158,895 
 225,043   *  Zynga, Inc   1,660,817 
        TOTAL MEDIA & ENTERTAINMENT   489,901,333 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%     
 5,099   *  Adaptive Biotechnologies Corp   170,358 
 12,338      Agilent Technologies, Inc   1,943,112 
 44,210      Amgen, Inc   9,150,144 
 64,367   *  Biogen, Inc   17,165,392 
 78,439   *  BioMarin Pharmaceutical, Inc   6,214,722 
 9,224   *  Bio-Rad Laboratories, Inc (Class A)   7,330,128 
 968,192      Bristol-Myers Squibb Co   56,542,413 
 53,434   *  Catalent, Inc   7,366,411 
 1,350   *  Charles River Laboratories International, Inc   605,718 
 193,255   *  Elanco Animal Health, Inc   6,354,224 
 76,461      Eli Lilly & Co   19,479,204 
 5,506   *  Exact Sciences Corp   524,281 
 19,168   *  Exelixis, Inc   412,304 
 544,107      Gilead Sciences, Inc   35,301,662 
 77,296   *  Horizon Therapeutics Plc   9,268,563 
 11,439   *  Incyte Corp   766,184 
 4,767   *  Ionis Pharmaceuticals, Inc   151,924 
 43,453   *  Iovance Biotherapeutics, Inc   1,056,342 
 41,922   *  IQVIA Holdings, Inc   10,959,249 
 25,264   *  Jazz Pharmaceuticals plc   3,361,123 
 1,141,845      Johnson & Johnson   185,983,714 
 1,097,892      Merck & Co, Inc   96,669,391 
 2,801   *  Mirati Therapeutics, Inc   529,445 
 2,288   *  Natera, Inc   262,136 
190

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 74,117   *  Nektar Therapeutics  $1,123,614 
 109,070      Organon & Co   4,008,322 
 48,737      PerkinElmer, Inc   8,621,088 
 58,349      Perrigo Co plc   2,634,457 
 2,419,115      Pfizer, Inc   105,812,090 
 40,704   *  PPD, Inc   1,920,008 
 94,842   *  QIAGEN NV   5,288,390 
 38,788   *  Regeneron Pharmaceuticals, Inc   24,821,993 
 1,365   *  Repligen Corp   396,532 
 57,056      Royalty Pharma plc   2,255,424 
 23,705   *  Sage Therapeutics, Inc   956,734 
 6,139   *  Seagen, Inc   1,082,490 
 38,100   *  Syneos Health, Inc   3,556,254 
 154,932      Thermo Fisher Scientific, Inc   98,082,801 
 7,093   *  Ultragenyx Pharmaceutical, Inc   595,245 
 19,139   *  United Therapeutics Corp   3,650,956 
 67,548   *  Vertex Pharmaceuticals, Inc   12,491,652 
 513,329      Viatris, Inc   6,852,942 
 1,841   *  Waters Corp   676,659 
 11,121      Zoetis, Inc   2,404,360 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   764,800,155 
              
REAL ESTATE - 4.8%     
 66,999      Alexandria Real Estate Equities, Inc   13,677,176 
 59,985      American Campus Communities, Inc   3,222,394 
 120,129      American Homes 4 Rent   4,877,237 
 114,295      Americold Realty Trust   3,368,274 
 67,604      Apartment Income REIT Corp   3,624,250 
 60,638      AvalonBay Communities, Inc   14,351,802 
 67,038      Boston Properties, Inc   7,618,198 
 129,814      Brixmor Property Group, Inc   3,042,840 
 41,339      Camden Property Trust   6,742,391 
 137,320   *  CBRE Group, Inc   14,292,266 
 3,990      Coresite Realty   568,415 
 64,859      Cousins Properties, Inc   2,569,065 
 86,455      CubeSmart   4,755,889 
 53,930      CyrusOne, Inc   4,423,339 
 121,893      Digital Realty Trust, Inc   19,235,934 
 72,900      Douglas Emmett, Inc   2,382,372 
 162,347      Duke Realty Corp   9,130,395 
 27,684      EPR Properties   1,390,014 
 11,274      Equinix, Inc   9,437,127 
 35,270      Equity Lifestyle Properties, Inc   2,980,668 
 159,919      Equity Residential   13,817,002 
 28,406      Essex Property Trust, Inc   9,656,052 
 51,838      Extra Space Storage, Inc   10,231,266 
 32,976      Federal Realty Investment Trust   3,968,662 
 58,485      First Industrial Realty Trust, Inc   3,405,581 
 96,540      Gaming and Leisure Properties, Inc   4,681,225 
 95,250      Healthcare Trust of America, Inc   3,180,397 
 232,617      Healthpeak Properties Inc   8,260,230 
 45,069      Highwoods Properties, Inc   2,020,894 
 306,396   *  Host Hotels and Resorts, Inc   5,156,645 
 17,193   *  Howard Hughes Corp   1,498,026 
 65,811      Hudson Pacific Properties   1,694,633 
 250,953      Invitation Homes, Inc   10,351,811 
191

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 36,465      Iron Mountain, Inc  $1,664,263 
 53,371      JBG SMITH Properties   1,540,287 
 21,410   *  Jones Lang LaSalle, Inc   5,528,704 
 50,345      Kilroy Realty Corp   3,392,246 
 254,783      Kimco Realty Corp   5,758,096 
 4,668      Lamar Advertising Co   528,418 
 32,353      Life Storage, Inc   4,329,155 
 256,612      Medical Properties Trust, Inc   5,473,534 
 50,536      Mid-America Apartment Communities, Inc   10,319,956 
 76,602      National Retail Properties, Inc   3,474,667 
 101,834      Omega Healthcare Investors, Inc   2,989,846 
 147,117   *,e  Opendoor Technologies, Inc   3,488,144 
 107,054   *  Park Hotels & Resorts, Inc   1,983,711 
 318,377      Prologis, Inc   46,151,930 
 15,586      Public Storage, Inc   5,177,357 
 62,079      Rayonier, Inc   2,317,409 
 169,207      Realty Income Corp   12,086,456 
 73,842      Regency Centers Corp   5,199,215 
 57,956      Rexford Industrial Realty, Inc   3,894,643 
 38,932      SBA Communications Corp   13,444,387 
 18,379      Simon Property Group, Inc   2,693,994 
 30,040      SL Green Realty Corp   2,104,903 
 49,701      Spirit Realty Capital, Inc   2,431,870 
 104,045      STORE Capital Corp   3,571,865 
 49,747      Sun Communities, Inc   9,749,417 
 128,388      UDR, Inc   7,129,386 
 170,655      Ventas, Inc   9,107,857 
 98,937      VEREIT, Inc   4,976,531 
 254,208      VICI Properties, Inc   7,461,005 
 76,892      Vornado Realty Trust   3,277,906 
 183,634      Welltower, Inc   14,764,174 
 325,294      Weyerhaeuser Co   11,619,502 
 79,347      WP Carey, Inc   6,118,447 
        TOTAL REAL ESTATE   433,361,751 
              
RETAILING - 1.7%     
 28,450      Advance Auto Parts, Inc   6,416,044 
 19,609   *  Autonation, Inc   2,375,042 
 7,348   *  AutoZone, Inc   13,115,004 
 42,618      Bath & Body Works, Inc   2,944,478 
 82,803      Best Buy Co, Inc   10,121,839 
 1,655   *  Burlington Stores, Inc   457,260 
 64,803   *  CarMax, Inc   8,872,827 
 26,951      Dick’s Sporting Goods, Inc   3,347,584 
 59,415      Dollar General Corp   13,161,611 
 100,653   *  Dollar Tree, Inc   10,846,367 
 7,513   *  DoorDash, Inc   1,463,532 
 38,590      Foot Locker, Inc   1,839,585 
 81,332      Gap, Inc   1,845,423 
 61,332      Genuine Parts Co   8,041,238 
 68,378      Kohl’s Corp   3,318,384 
 5,340   *  Leslie’s, Inc   110,431 
 11,307      Lithia Motors, Inc (Class A)   3,609,421 
 118,130   *  LKQ Corp   6,506,600 
 2,857   *  Nordstrom, Inc   82,082 
 28,048   *  Ollie’s Bargain Outlet Holdings, Inc   1,897,728 
192

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 20,525   *  O’Reilly Automotive, Inc  $12,773,118 
 13,655      Penske Auto Group, Inc   1,448,113 
 18,077   *  Petco Health & Wellness Co, Inc   447,044 
 166,733      Qurate Retail Group, Inc QVC Group   1,740,693 
 118,251      Target Corp   30,700,325 
 14,298   *  Victoria’s Secret & Co   721,620 
 37,119   *,e  Vroom, Inc   710,086 
 14,419   *,e  Wayfair, Inc   3,591,773 
 7,727      Williams-Sonoma, Inc   1,435,136 
        TOTAL RETAILING   153,940,388 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%     
 140,029      Analog Devices, Inc   24,293,631 
 6,654      Brooks Automation, Inc   774,858 
 25,269   *  Cirrus Logic, Inc   2,041,988 
 45,572   *  First Solar, Inc   5,449,956 
 1,751,460      Intel Corp   85,821,540 
 351,715      Marvell Technology, Inc   24,092,478 
 36,938      Microchip Technology, Inc   2,736,736 
 418,539      Micron Technology, Inc   28,921,045 
 3,708      MKS Instruments, Inc   556,385 
 79,811      NXP Semiconductors NV   16,030,838 
 83,575   *  ON Semiconductor Corp   4,017,450 
 48,071   *  Qorvo, Inc   8,086,984 
 37,975      Skyworks Solutions, Inc   6,346,762 
 151,309      Texas Instruments, Inc   28,367,411 
 49,588   *  Wolfspeed Inc   5,956,015 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   243,494,077 
              
SOFTWARE & SERVICES - 4.5%     
 53,471      Accenture plc   19,184,860 
 69,973   *  Akamai Technologies, Inc   7,379,353 
 21,369      Alliance Data Systems Corp   1,821,707 
 55,766      Amdocs Ltd   4,340,825 
 22,152   *  Ansys, Inc   8,408,456 
 15,195      Automatic Data Processing, Inc   3,411,126 
 65,351   *  Black Knight, Inc   4,581,759 
 4,575      Broadridge Financial Solutions, Inc   816,226 
 10,906   *,e  C3.ai, Inc   492,079 
 40,775      CDK Global, Inc   1,774,528 
 55,536   *  Ceridian HCM Holding, Inc   6,955,884 
 34,298      Citrix Systems, Inc   3,249,050 
 6,161   *  Cloudflare, Inc   1,199,670 
 228,829      Cognizant Technology Solutions Corp (Class A)   17,869,257 
 18,198      Concentrix Corp   3,233,421 
 12,535   *,e  Datto Holding Corp   299,586 
 27,604      Dolby Laboratories, Inc (Class A)   2,438,813 
 23,954   *  Duck Creek Technologies, Inc   754,551 
 110,700   *  DXC Technology Co   3,605,499 
 4,666   *  Dynatrace, Inc   349,950 
 6,358   *  Euronet Worldwide, Inc   713,304 
 46,835   *,e  Fastly, Inc   2,370,319 
 269,330      Fidelity National Information Services, Inc   29,825,604 
 74,344   *  FireEye, Inc   1,296,559 
 242,244   *  Fiserv, Inc   23,858,612 
 27,422   *  FleetCor Technologies, Inc   6,784,477 
193

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 74,802      Genpact Ltd  $3,691,479 
 127,419      Global Payments, Inc   18,219,643 
 64,824   *  GoDaddy, Inc   4,483,876 
 36,069   *  Guidewire Software, Inc   4,534,955 
 386,681      International Business Machines Corp   48,373,793 
 23,464      Jack Henry & Associates, Inc   3,906,287 
 4,374   *  Jamf Holding Corp   208,421 
 12,706   *  Manhattan Associates, Inc   2,306,647 
 8,275      McAfee Corp   176,837 
 16,118   *  N-Able, Inc   214,369 
 36,164   *  NCR Corp   1,429,925 
 177,077      NortonLifelock, Inc   4,506,610 
 72,857   *  Nuance Communications, Inc   4,010,778 
 49,275      Oracle Corp   4,727,443 
 17,887      Paychex, Inc   2,205,109 
 180,771   *,e  Paysafe Ltd   1,410,014 
 1,540      Pegasystems, Inc   182,829 
 1,226   *  Procore Technologies, Inc   112,118 
 323,550   *  salesforce.com, Inc   96,964,699 
 5,016   *  Snowflake, Inc   1,774,861 
 16,118      SolarWinds Corp   259,500 
 97,708      SS&C Technologies Holdings, Inc   7,764,855 
 6,514   *  StoneCo Ltd   220,564 
 24,239   *  Synopsys, Inc   8,075,950 
 6,834   *  Teradata Corp   386,531 
 52,012   *  Twilio, Inc   15,154,216 
 2,320   *  Tyler Technologies, Inc   1,260,270 
 42,869   *  VeriSign, Inc   9,545,640 
 20,701   *,e  VMware, Inc (Class A)   3,140,342 
 131,997      Western Union Co   2,404,985 
 6,318   *  WEX, Inc   945,805 
        TOTAL SOFTWARE & SERVICES   409,614,826 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%     
 70,518      Amphenol Corp (Class A)   5,413,667 
 2,745   *  Arista Networks, Inc   1,124,599 
 31,845   *  Arrow Electronics, Inc   3,686,059 
 41,127      Avnet, Inc   1,567,350 
 66,983   *  Ciena Corp   3,636,507 
 1,831,590      Cisco Systems, Inc   102,514,092 
 1,082   *  Coherent, Inc   275,261 
 219,128      Corning, Inc   7,794,383 
 59,055   *  Dell Technologies, Inc   6,495,460 
 25,923   *  F5 Networks, Inc   5,473,641 
 563,018      Hewlett Packard Enterprise Co   8,248,214 
 340,955      HP, Inc   10,341,165 
 14,531   *  IPG Photonics Corp   2,310,574 
 12,967      Jabil Inc   777,501 
 144,077      Juniper Networks, Inc   4,253,153 
 44,734   *  Keysight Technologies, Inc   8,053,015 
 10,318      Littelfuse, Inc   3,039,167 
 32,529   *  Lumentum Holdings, Inc   2,686,245 
 72,091      Motorola Solutions, Inc   17,921,102 
 58,588      National Instruments Corp   2,488,232 
 32,251      NetApp, Inc   2,880,014 
 7,333   *  Pure Storage, Inc   196,964 
194

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY  VALUE 
              
 18,503      SYNNEX Corp  $1,942,815 
 19,939   *  Teledyne Technologies, Inc   8,956,998 
 108,760   *  Trimble Inc   9,502,361 
 698      Ubiquiti, Inc   213,260 
 30,185   *  Viasat, Inc   1,801,743 
 33,370      Vontier Corp   1,128,907 
 133,974   *  Western Digital Corp   7,005,501 
 63,598      Xerox Holdings Corp   1,132,044 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   232,859,994 
              
TELECOMMUNICATION SERVICES - 2.3%     
 3,095,810      AT&T, Inc   78,200,161 
 478,902      Lumen Technologies, Inc   5,679,778 
 255,552   *  T-Mobile US, Inc   29,396,146 
 1,796,157      Verizon Communications, Inc   95,178,359 
        TOTAL TELECOMMUNICATION SERVICES   208,454,444 
              
TRANSPORTATION - 1.9%     
 52,562   *  Alaska Air Group, Inc   2,775,274 
 3,903      Amerco, Inc   2,876,472 
 275,337   *  American Airlines Group, Inc   5,286,470 
 45,590      CH Robinson Worldwide, Inc   4,421,774 
 11,532   *  Copa Holdings S.A. (Class A)   852,907 
 984,407      CSX Corp   35,606,001 
 18,880      Expeditors International of Washington, Inc   2,327,149 
 60,162      FedEx Corp   14,169,956 
 5,667   *  GXO Logistics, Inc   503,230 
 4,049      JB Hunt Transport Services, Inc   798,422 
 134,996   *  JetBlue Airways Corp   1,893,994 
 28,958      Kansas City Southern   8,984,219 
 26,200   *  Kirby Corp   1,373,142 
 69,127      Knight-Swift Transportation Holdings, Inc   3,918,810 
 1,857      Landstar System, Inc   326,479 
 107,126      Norfolk Southern Corp   31,393,274 
 3,473      Old Dominion Freight Line   1,185,508 
 22,960      Ryder System, Inc   1,950,452 
 23,804      Schneider National, Inc   593,672 
 257,312   *  Southwest Airlines Co   12,165,711 
 6,739   *  TuSimple Holdings, Inc   263,630 
 102,351   *  Uber Technologies, Inc   4,485,021 
 104,338      Union Pacific Corp   25,187,193 
 139,026   *  United Airlines Holdings Inc   6,414,660 
 5,667   *  XPO Logistics, Inc   486,229 
        TOTAL TRANSPORTATION   170,239,649 
              
UTILITIES - 4.9%     
 288,869      AES Corp   7,259,278 
 108,332      Alliant Energy Corp   6,128,341 
 109,890      Ameren Corp   9,262,628 
 218,228      American Electric Power Co, Inc   18,486,094 
 78,764      American Water Works Co, Inc   13,719,114 
 56,395      Atmos Energy Corp   5,195,107 
 20,607      Avangrid, Inc   1,085,989 
 41,126      Brookfield Renewable Corp   1,703,028 
 253,799      Centerpoint Energy, Inc   6,608,926 
 125,115      CMS Energy Corp   7,550,690 
195

TIAA-CREF FUNDS – Large-Cap Value Index Fund

 

SHARES      COMPANY              VALUE 
                          
 150,188      Consolidated Edison, Inc              $11,324,175 
 346,511      Dominion Energy, Inc               26,310,580 
 83,821      DTE Energy Co               9,501,110 
 333,747      Duke Energy Corp               34,045,532 
 160,386      Edison International               10,093,091 
 86,643      Entergy Corp               8,925,962 
 99,004      Essential Utilities Inc               4,660,118 
 99,139      Evergy, Inc               6,320,111 
 149,176      Eversource Energy               12,665,042 
 423,227      Exelon Corp               22,511,444 
 236,122      FirstEnergy Corp               9,097,781 
 43,173      Hawaiian Electric Industries, Inc               1,751,097 
 20,146      Idacorp, Inc               2,101,631 
 86,990      MDU Resources Group, Inc               2,673,203 
 38,591      National Fuel Gas Co               2,216,281 
 849,461      NextEra Energy, Inc               72,484,507 
 167,771      NiSource, Inc               4,138,911 
 53,365      NRG Energy, Inc               2,128,730 
 87,268      OGE Energy Corp               2,973,221 
 659,133   *  PG&E Corp               7,645,943 
 48,823      Pinnacle West Capital Corp               3,148,595 
 335,588      PPL Corp               9,664,934 
 218,671      Public Service Enterprise Group, Inc               13,951,210 
 138,952      Sempra Energy               17,734,444 
 458,432      Southern Co               28,569,482 
 91,146      UGI Corp               3,956,648 
 207,662      Vistra Energy Corp               4,068,099 
 136,940      WEC Energy Group, Inc               12,332,816 
 233,951      Xcel Energy, Inc               15,110,895 
        TOTAL UTILITIES               439,104,788 
                          
        TOTAL COMMON STOCKS               9,012,024,015 
        (Cost $6,132,822,260)                 
                          
PRINCIPAL      ISSUER  RATE  MATURITY
DATE		    
                   
SHORT-TERM INVESTMENTS - 0.2%            
                      
TREASURY DEBT - 0.0%             
$1,687,000      United States Treasury Bill   0.000%  11/02/21   1,687,000 
        TOTAL TREASURY DEBT           1,687,000 
                      
SHARES      COMPANY             
                      
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%       
 19,169,620        c  State Street Navigator Securities Lending Government Money Market Portfolio  0.030       19,169,620 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   19,169,620 
                      
        TOTAL SHORT-TERM INVESTMENTS           20,856,620 
        (Cost $20,856,619)             
        TOTAL INVESTMENTS - 100.2%           9,032,880,635 
        (Cost $6,153,678,879)             
        OTHER ASSETS & LIABILITIES, NET - (0.2)%           (15,419,969)
        NET ASSETS - 100.0%          $9,017,460,666 

 

         
      Abbreviation(s):
      REIT    Real Estate Investment Trust
196

TIAA-CREF FUNDS – Large-Cap Value Index 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 $31,194,606.
197

TIAA-CREF FUNDS – S&P 500 Index Fund

 

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES       COMPANY  VALUE 
             
COMMON STOCKS - 99.4%     
               
AUTOMOBILES & COMPONENTS - 2.8%     
 59,572    *  Aptiv plc  $10,299,403 
 50,757       BorgWarner, Inc   2,287,618 
 843,957    *  Ford Motor Co   14,414,785 
 317,353    *  General Motors Co   17,273,524 
 176,960    *  Tesla, Inc   197,133,440 
         TOTAL AUTOMOBILES & COMPONENTS   241,408,770 
               
BANKS - 4.4%     
 1,615,049       Bank of America Corp   77,167,041 
 441,413       Citigroup, Inc   30,528,123 
 91,994       Citizens Financial Group, Inc   4,358,676 
 30,126       Comerica, Inc   2,563,421 
 153,563       Fifth Third Bancorp   6,684,597 
 39,032       First Republic Bank   8,443,793 
 321,045       Huntington Bancshares, Inc   5,053,248 
 651,830       JPMorgan Chase & Co   110,739,399 
 196,605       Keycorp   4,574,998 
 28,624       M&T Bank Corp   4,211,163 
 95,215       People’s United Financial, Inc   1,631,985 
 92,591       PNC Financial Services Group, Inc   19,539,479 
 216,290       Regions Financial Corp   5,121,747 
 12,845    *  SVB Financial Group   9,215,003 
 290,169       Truist Financial Corp   18,417,026 
 294,875       US Bancorp   17,801,604 
 895,604       Wells Fargo & Co   45,819,101 
 34,312       Zions Bancorporation   2,161,313 
         TOTAL BANKS   374,031,717 
               
CAPITAL GOODS - 5.3%     
 125,637       3M Co   22,448,819 
 27,587       A.O. Smith Corp   2,015,782 
 19,616       Allegion plc   2,516,733 
 49,961       Ametek, Inc   6,614,836 
 120,244    *  Boeing Co   24,894,115 
 189,473       Carrier Global Corp   9,896,175 
 118,701       Caterpillar, Inc   24,216,191 
 31,022       Cummins, Inc   7,440,316 
 61,922       Deere & Co   21,196,520 
 30,682       Dover Corp   5,187,712 
 87,470       Eaton Corp   14,411,557 
 129,236       Emerson Electric Co   12,537,184 
 125,944       Fastenal Co   7,188,883 
 78,441       Fortive Corp   5,938,768 
 30,163       Fortune Brands Home & Security, Inc   3,058,528 
 13,851    *  Generac Holdings, Inc   6,905,555 
198

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
 51,026       General Dynamics Corp  $10,345,521 
 238,764       General Electric Co   25,039,181 
 150,730       Honeywell International, Inc   32,952,593 
 87,606       Howmet Aerospace, Inc   2,601,022 
 9,204       Huntington Ingalls   1,865,927 
 16,273       IDEX Corp   3,621,882 
 63,145       Illinois Tool Works, Inc   14,388,851 
 88,747    *  Ingersoll Rand, Inc   4,771,039 
 155,445       Johnson Controls International plc   11,405,000 
 43,864       L3Harris Technologies, Inc   10,112,407 
 54,090       Lockheed Martin Corp   17,975,189 
 54,442       Masco Corp   3,568,673 
 32,722       Northrop Grumman Corp   11,688,953 
 93,254       Otis Worldwide Corp   7,489,229 
 74,126       PACCAR, Inc   6,643,172 
 28,123       Parker-Hannifin Corp   8,341,001 
 36,121       Pentair plc   2,671,870 
 30,397       Quanta Services, Inc   3,686,548 
 327,274       Raytheon Technologies Corp   29,081,568 
 24,863       Rockwell Automation, Inc   7,941,242 
 23,303       Roper Technologies Inc   11,368,835 
 11,910       Snap-On, Inc   2,420,469 
 35,644       Stanley Black & Decker, Inc   6,406,296 
 46,882       Textron, Inc   3,462,236 
 51,215       Trane Technologies plc   9,266,330 
 11,423    *  TransDigm Group, Inc   7,125,896 
 15,699    *  United Rentals, Inc   5,951,648 
 9,628       W.W. Grainger, Inc   4,458,823 
 42,485       Westinghouse Air Brake Technologies Corp   3,854,664 
 39,992       Xylem, Inc   5,222,555 
         TOTAL CAPITAL GOODS   452,196,294 
               
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%     
 19,060       Cintas Corp   8,254,886 
 45,687    *  Copart, Inc   7,094,734 
 26,466       Equifax, Inc   7,342,462 
 86,233       IHS Markit Ltd   11,272,378 
 27,178       Jacobs Engineering Group, Inc   3,816,335 
 30,347       Leidos Holdings, Inc   3,034,093 
 86,164       Nielsen NV   1,744,821 
 45,434       Republic Services, Inc   6,115,416 
 24,252       Robert Half International, Inc   2,742,174 
 47,411       Rollins, Inc   1,670,290 
 35,827       Verisk Analytics, Inc   7,533,343 
 85,009       Waste Management, Inc   13,620,992 
         TOTAL COMMERCIAL & PROFESSIONAL SERVICES   74,241,924 
               
CONSUMER DURABLES & APPAREL - 1.1%     
 71,159       DR Horton, Inc   6,352,364 
 33,049       Garmin Ltd   4,745,836 
 72,684       Hanesbrands, Inc   1,238,535 
 28,208       Hasbro, Inc   2,701,198 
 25,945       Leggett & Platt, Inc   1,215,523 
 59,088       Lennar Corp (Class A)   5,904,664 
 12,234    *  Mohawk Industries, Inc   2,167,987 
 87,677       Newell Brands Inc   2,006,927 
199

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
 279,209      Nike, Inc (Class B)  $46,708,874 
 740   *  NVR, Inc   3,622,152 
 60,899      Pulte Homes, Inc   2,928,024 
 15,340   *  PVH Corp   1,677,122 
 11,674      Ralph Lauren Corp   1,484,583 
 62,678      Tapestry, Inc   2,443,189 
 39,922   *  Under Armour, Inc (Class A)   876,687 
 48,457   *  Under Armour, Inc (Class C)   914,868 
 70,490      VF Corp   5,137,311 
 13,583      Whirlpool Corp   2,863,704 
        TOTAL CONSUMER DURABLES & APPAREL   94,989,548 
              
CONSUMER SERVICES - 1.9%     
 8,909   *  Booking Holdings, Inc   21,566,729 
 45,907   *  Caesars Entertainment, Inc   5,024,980 
 176,084   *  Carnival Corp   3,902,022 
 6,048   *  Chipotle Mexican Grill, Inc (Class A)   10,759,574 
 28,574      Darden Restaurants, Inc   4,118,656 
 7,975      Domino’s Pizza, Inc   3,899,536 
 31,808   *  Expedia Group, Inc   5,229,553 
 60,522   *  Hilton Worldwide Holdings, Inc   8,712,142 
 71,858   *  Las Vegas Sands Corp   2,788,809 
 60,050   *  Marriott International, Inc (Class A)   9,609,201 
 163,426      McDonald’s Corp   40,129,254 
 92,652      MGM Resorts International   4,369,468 
 89,481   *,e  Norwegian Cruise Line Holdings Ltd   2,301,451 
 36,078   *  Penn National Gaming, Inc   2,583,185 
 48,344   *  Royal Caribbean Cruises Ltd   4,081,684 
 255,719      Starbucks Corp   27,124,114 
 21,985   *  Wynn Resorts Ltd   1,974,253 
 65,101      Yum! Brands, Inc   8,133,719 
        TOTAL CONSUMER SERVICES   166,308,330 
              
DIVERSIFIED FINANCIALS - 5.1%     
 140,369      American Express Co   24,393,325 
 25,208      Ameriprise Financial, Inc   7,616,093 
 172,398      Bank of New York Mellon Corp   10,205,962 
 404,525   *  Berkshire Hathaway, Inc (Class B)   116,102,720 
 31,247      BlackRock, Inc   29,480,295 
 96,985      Capital One Financial Corp   14,647,645 
 22,974      CBOE Global Markets, Inc   3,031,190 
 328,409      Charles Schwab Corp   26,939,390 
 78,106      CME Group, Inc   17,226,278 
 64,614      Discover Financial Services   7,322,058 
 59,515      Franklin Resources, Inc   1,874,127 
 73,483      Goldman Sachs Group, Inc   30,374,198 
 122,436      Intercontinental Exchange Group, Inc   16,952,489 
 75,924      Invesco Ltd   1,929,229 
 8,146      MarketAxess Holdings, Inc   3,329,026 
 35,890      Moody’s Corp   14,504,943 
 318,410      Morgan Stanley   32,726,180 
 18,050      MSCI, Inc (Class A)   12,001,084 
 25,677      Nasdaq Inc   5,388,832 
 45,003      Northern Trust Corp   5,537,169 
 39,678      Raymond James Financial, Inc   3,911,854 
 52,765      S&P Global, Inc   25,019,052 
200

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
 79,754      State Street Corp  $7,859,757 
 121,153      Synchrony Financial   5,627,557 
 49,650      T Rowe Price Group, Inc   10,768,092 
        TOTAL DIVERSIFIED FINANCIALS   434,768,545 
              
ENERGY - 2.8%     
 82,275      APA Corp   2,156,428 
 180,557      Baker Hughes Co   4,528,370 
 176,284      Cabot Oil & Gas Corp   3,758,375 
 422,190      Chevron Corp   48,336,533 
 292,363      ConocoPhillips   21,778,120 
 133,080      Devon Energy Corp   5,333,846 
 37,113      Diamondback Energy, Inc   3,978,142 
 127,587      EOG Resources, Inc   11,796,694 
 919,648   d  Exxon Mobil Corp   59,289,707 
 193,782      Halliburton Co   4,842,612 
 58,822      Hess Corp   4,856,933 
 417,981      Kinder Morgan, Inc   7,001,182 
 177,583      Marathon Oil Corp   2,898,155 
 138,737      Marathon Petroleum Corp   9,146,930 
 193,805      Occidental Petroleum Corp   6,498,282 
 95,516      ONEOK, Inc   6,076,728 
 95,621      Phillips 66   7,150,538 
 50,394      Pioneer Natural Resources Co   9,422,670 
 312,206      Schlumberger Ltd   10,071,766 
 90,192      Valero Energy Corp   6,974,547 
 270,349      Williams Cos, Inc   7,594,103 
        TOTAL ENERGY   243,490,661 
              
FOOD & STAPLES RETAILING - 1.3%     
 96,382      Costco Wholesale Corp   47,375,608 
 147,912      Kroger Co   5,919,438 
 112,146      SYSCO Corp   8,624,027 
 152,844      Walgreens Boots Alliance, Inc   7,186,725 
 311,842      Walmart, Inc   46,595,432 
        TOTAL FOOD & STAPLES RETAILING   115,701,230 
              
FOOD, BEVERAGE & TOBACCO - 2.8%     
 403,855      Altria Group, Inc   17,814,044 
 121,943      Archer-Daniels-Midland Co   7,833,618 
 39,852      Brown-Forman Corp (Class B)   2,705,552 
 45,785      Campbell Soup Co   1,829,111 
 847,311      Coca-Cola Co   47,762,921 
 103,806      ConAgra Brands, Inc   3,342,553 
 36,858      Constellation Brands, Inc (Class A)   7,991,183 
 133,819      General Mills, Inc   8,270,014 
 31,747      Hershey Co   5,566,837 
 63,831      Hormel Foods Corp   2,701,328 
 23,112      J.M. Smucker Co   2,839,540 
 52,881      Kellogg Co   3,241,605 
 143,451      Kraft Heinz Co   5,148,456 
 32,935      Lamb Weston Holdings, Inc   1,859,181 
 56,730      McCormick & Co, Inc   4,551,448 
 42,447      Molson Coors Brewing Co (Class B)   1,871,488 
 303,499      Mondelez International, Inc   18,434,529 
 82,016   *  Monster Beverage Corp   6,971,360 
201

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
 301,439       PepsiCo, Inc  $48,712,543 
 337,925       Philip Morris International, Inc   31,947,430 
 65,439       Tyson Foods, Inc (Class A)   5,233,157 
         TOTAL FOOD, BEVERAGE & TOBACCO   236,627,898 
               
HEALTH CARE EQUIPMENT & SERVICES - 6.3%     
 386,707       Abbott Laboratories   49,842,665 
 10,206    *  Abiomed, Inc   3,388,800 
 16,014    *  Align Technology, Inc   9,998,661 
 31,666       AmerisourceBergen Corp   3,863,885 
 53,253       Anthem, Inc   23,171,978 
 108,828       Baxter International, Inc   8,593,059 
 62,287       Becton Dickinson & Co   14,923,342 
 311,324    *  Boston Scientific Corp   13,427,404 
 63,009       Cardinal Health, Inc   3,012,460 
 126,245    *  Centene Corp   8,993,694 
 66,210       Cerner Corp   4,918,741 
 74,676       Cigna Corp   15,951,540 
 10,722       Cooper Cos, Inc   4,470,216 
 287,978       CVS Health Corp   25,710,676 
 138,578       Danaher Corp   43,204,463 
 14,687    *  DaVita, Inc   1,516,286 
 48,479       Dentsply Sirona, Inc   2,773,484 
 21,095    *  DexCom, Inc   13,146,615 
 135,288    *  Edwards Lifesciences Corp   16,210,208 
 53,820       HCA Healthcare, Inc   13,479,757 
 29,787    *  Henry Schein, Inc   2,274,237 
 54,660    *  Hologic, Inc   4,007,125 
 28,273       Humana, Inc   13,094,923 
 18,461    *  IDEXX Laboratories, Inc   12,297,611 
 77,838    *  Intuitive Surgical, Inc   28,109,637 
 21,216    *  Laboratory Corp of America Holdings   6,089,416 
 33,546       McKesson Corp   6,973,543 
 293,674       Medtronic plc   35,199,766 
 26,723       Quest Diagnostics, Inc   3,922,402 
 32,384       Resmed, Inc   8,514,077 
 21,241       STERIS plc   4,964,871 
 73,136       Stryker Corp   19,459,296 
 9,977       Teleflex, Inc   3,561,190 
 205,704       UnitedHealth Group, Inc   94,720,521 
 17,191       Universal Health Services, Inc (Class B)   2,133,403 
 15,890       West Pharmaceutical Services, Inc   6,830,793 
 45,396       Zimmer Biomet Holdings, Inc   6,497,076 
         TOTAL HEALTH CARE EQUIPMENT & SERVICES   539,247,821 
               
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%     
 53,592       Church & Dwight Co, Inc   4,681,797 
 26,830       Clorox Co   4,373,558 
 184,569       Colgate-Palmolive Co   14,062,312 
 50,760       Estee Lauder Cos (Class A)   16,462,991 
 72,818       Kimberly-Clark Corp   9,429,203 
 529,700       Procter & Gamble Co   75,741,803 
         TOTAL HOUSEHOLD & PERSONAL PRODUCTS   124,751,664 
202

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
INSURANCE - 1.9%     
 133,116       Aflac, Inc  $7,144,336 
 64,646       Allstate Corp   7,994,771 
 186,661       American International Group, Inc   11,029,799 
 49,407       Aon plc   15,806,287 
 45,121       Arthur J. Gallagher & Co   7,565,438 
 12,951       Assurant, Inc   2,089,126 
 51,514       Brown & Brown, Inc   3,251,049 
 95,066       Chubb Ltd   18,573,995 
 33,735       Cincinnati Financial Corp   4,096,778 
 8,350       Everest Re Group Ltd   2,183,525 
 19,619       Globe Life, Inc   1,746,483 
 75,695       Hartford Financial Services Group, Inc   5,520,436 
 36,540       Lincoln National Corp   2,636,361 
 44,325       Loews Corp   2,485,303 
 110,363       Marsh & McLennan Cos, Inc   18,408,548 
 158,828       Metlife, Inc   9,974,398 
 54,828       Principal Financial Group   3,678,411 
 126,710       Progressive Corp   12,022,245 
 86,983       Prudential Financial, Inc   9,572,479 
 55,126       Travelers Cos, Inc   8,868,671 
 31,147       W.R. Berkley Corp   2,479,301 
 28,292       Willis Towers Watson plc   6,854,586 
         TOTAL INSURANCE   163,982,326 
               
MATERIALS - 2.5%     
 48,102       Air Products & Chemicals, Inc   14,421,461 
 25,607       Albemarle Corp   6,413,785 
 353,272       Amcor plc   4,263,993 
 18,422       Avery Dennison Corp   4,010,838 
 71,197       Ball Corp   6,513,102 
 23,457       Celanese Corp (Series A)   3,788,540 
 46,418       CF Industries Holdings, Inc   2,636,542 
 159,197       Corteva, Inc   6,869,351 
 162,909       Dow, Inc   9,118,017 
 113,124       DuPont de Nemours, Inc   7,873,430 
 30,523       Eastman Chemical Co   3,175,308 
 54,776       Ecolab, Inc   12,172,323 
 28,046       FMC Corp   2,552,466 
 321,046       Freeport-McMoRan, Inc (Class B)   12,109,855 
 54,372       International Flavors & Fragrances, Inc   8,017,151 
 82,941       International Paper Co   4,119,679 
 112,666       Linde plc   35,962,987 
 55,536       LyondellBasell Industries NV   5,154,852 
 13,676       Martin Marietta Materials, Inc   5,372,480 
 72,464       Mosaic Co   3,012,329 
 176,137       Newmont Goldcorp Corp   9,511,398 
 64,193       Nucor Corp   7,167,148 
 21,327       Packaging Corp of America   2,929,690 
 51,629       PPG Industries, Inc   8,290,069 
 33,873       Sealed Air Corp   2,009,346 
 52,503       Sherwin-Williams Co   16,622,975 
 28,878       Vulcan Materials Co   5,490,285 
 58,136       WestRock Co   2,796,342 
         TOTAL MATERIALS   212,375,742 
203

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
MEDIA & ENTERTAINMENT - 9.5%     
 169,020      Activision Blizzard, Inc  $13,215,674 
 65,660   *  Alphabet, Inc (Class A)   194,414,007 
 61,443   *  Alphabet, Inc (Class C)   182,203,687 
 27,328   *  Charter Communications, Inc   18,443,394 
 997,976      Comcast Corp (Class A)   51,325,906 
 35,399   *,e  Discovery, Inc (Class A)   829,752 
 65,253   *  Discovery, Inc (Class C)   1,472,108 
 54,590   *  DISH Network Corp (Class A)   2,242,011 
 62,100      Electronic Arts, Inc   8,709,525 
 519,868   *  Facebook, Inc   168,213,689 
 73,726      Fox Corp (Class A)   2,929,871 
 34,115      Fox Corp (Class B)   1,260,890 
 88,389      Interpublic Group of Cos, Inc   3,232,386 
 28,759   *  Live Nation, Inc   2,908,973 
 60,359   *  Match Group, Inc   9,100,930 
 96,495   *  Netflix, Inc   66,611,463 
 84,465      News Corp (Class A)   1,934,248 
 25,832      News Corp (Class B)   582,770 
 47,249      Omnicom Group, Inc   3,216,712 
 25,499   *  Take-Two Interactive Software, Inc   4,615,319 
 174,485   *  Twitter, Inc   9,341,927 
 133,821      ViacomCBS, Inc (Class B)   4,846,997 
 396,101   *  Walt Disney Co   66,968,796 
        TOTAL MEDIA & ENTERTAINMENT   818,621,035 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.7%     
 385,435      AbbVie, Inc   44,197,831 
 65,534      Agilent Technologies, Inc   10,320,950 
 123,842      Amgen, Inc   25,631,579 
 32,136   *  Biogen, Inc   8,570,028 
 4,563   *  Bio-Rad Laboratories, Inc (Class A)   3,626,125 
 8,522      Bio-Techne Corp   4,462,545 
 486,213      Bristol-Myers Squibb Co   28,394,839 
 37,132   *  Catalent, Inc   5,119,018 
 10,903   *  Charles River Laboratories International, Inc   4,891,958 
 172,543      Eli Lilly & Co   43,957,055 
 272,255      Gilead Sciences, Inc   17,663,904 
 32,140   *  Illumina, Inc   13,340,028 
 42,684   *  Incyte Corp   2,858,974 
 42,137   *  IQVIA Holdings, Inc   11,015,455 
 574,557      Johnson & Johnson   93,583,844 
 552,032      Merck & Co, Inc   48,606,418 
 4,979   *  Mettler-Toledo International, Inc   7,373,302 
 76,827   *  Moderna, Inc   26,521,449 
 55,251      Organon & Co   2,030,474 
 25,308      PerkinElmer, Inc   4,476,732 
 1,222,656      Pfizer, Inc   53,478,973 
 22,892   *  Regeneron Pharmaceuticals, Inc   14,649,506 
 85,828      Thermo Fisher Scientific, Inc   54,335,132 
 56,361   *  Vertex Pharmaceuticals, Inc   10,422,840 
 278,608      Viatris, Inc   3,719,417 
 13,225   *  Waters Corp   4,860,849 
 103,049      Zoetis, Inc   22,279,194 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   570,388,419 
204

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
REAL ESTATE - 2.6%     
 29,861       Alexandria Real Estate Equities, Inc  $6,095,824 
 98,794       American Tower Corp   27,856,944 
 30,279       AvalonBay Communities, Inc   7,166,434 
 30,111       Boston Properties, Inc   3,421,814 
 72,849    *  CBRE Group, Inc   7,582,124 
 94,025       Crown Castle International Corp   16,952,707 
 61,539       Digital Realty Trust, Inc   9,711,469 
 83,126       Duke Realty Corp   4,675,006 
 19,781       Equinix, Inc   16,558,082 
 75,300       Equity Residential   6,505,920 
 14,774       Essex Property Trust, Inc   5,022,126 
 29,159       Extra Space Storage, Inc   5,755,112 
 13,842       Federal Realty Investment Trust   1,665,885 
 117,739       Healthpeak Properties Inc   4,180,912 
 150,101    *  Host Hotels and Resorts, Inc   2,526,200 
 63,346       Iron Mountain, Inc   2,891,111 
 130,890       Kimco Realty Corp   2,958,114 
 24,632       Mid-America Apartment Communities, Inc   5,030,101 
 162,050       Prologis, Inc   23,490,768 
 33,618       Public Storage, Inc   11,167,227 
 120,114       Realty Income Corp   8,579,743 
 32,385       Regency Centers Corp   2,280,228 
 24,011       SBA Communications Corp   8,291,719 
 72,303       Simon Property Group, Inc   10,598,174 
 67,037       UDR, Inc   3,722,565 
 86,126       Ventas, Inc   4,596,545 
 38,812       Vornado Realty Trust   1,654,555 
 90,452       Welltower, Inc   7,272,341 
 163,349       Weyerhaeuser Co   5,834,826 
         TOTAL REAL ESTATE   224,044,576 
               
RETAILING - 6.9%     
 13,973       Advance Auto Parts, Inc   3,151,191 
 94,996    *  Amazon.com, Inc   320,367,360 
 4,729    *  AutoZone, Inc   8,440,508 
 57,578       Bath & Body Works, Inc   3,978,064 
 49,620       Best Buy Co, Inc   6,065,549 
 36,337    *  CarMax, Inc   4,975,262 
 51,405       Dollar General Corp   11,387,236 
 50,545    *  Dollar Tree, Inc   5,446,729 
 141,854       eBay, Inc   10,883,039 
 27,474    *  Etsy, Inc   6,887,457 
 56,364       Gap, Inc   1,278,899 
 32,048       Genuine Parts Co   4,201,813 
 231,861       Home Depot, Inc   86,192,008 
 57,752    *  LKQ Corp   3,180,980 
 153,902       Lowe’s Companies, Inc   35,985,366 
 15,042    *  O’Reilly Automotive, Inc   9,360,938 
 8,511       Pool Corp   4,384,527 
 78,021       Ross Stores, Inc   8,831,977 
 107,907       Target Corp   28,014,815 
 260,485       TJX Companies, Inc   17,059,163 
 24,853       Tractor Supply Co   5,397,326 
 12,048    *  Ulta Beauty, Inc   4,425,953 
         TOTAL RETAILING   589,896,160 
205

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.6%     
 266,129    *  Advanced Micro Devices, Inc  $31,996,690 
 118,112       Analog Devices, Inc   20,491,251 
 199,463       Applied Materials, Inc   27,256,619 
 89,480       Broadcom, Inc   47,573,832 
 29,566    *  Enphase Energy, Inc   6,848,373 
 884,883       Intel Corp   43,359,267 
 32,987       KLA Corp   12,296,234 
 31,032       Lam Research Corp   17,488,704 
 120,998       Microchip Technology, Inc   8,964,742 
 245,520       Micron Technology, Inc   16,965,432 
 9,486       Monolithic Power Systems, Inc   4,984,513 
 543,424       NVIDIA Corp   138,937,214 
 57,861       NXP Semiconductors NV   11,621,960 
 23,507    *  Qorvo, Inc   3,954,583 
 245,967       QUALCOMM, Inc   32,723,450 
 36,049       Skyworks Solutions, Inc   6,024,869 
 34,881       Teradyne, Inc   4,821,949 
 201,392       Texas Instruments, Inc   37,756,972 
 52,981       Xilinx, Inc   9,536,580 
         TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   483,603,234 
               
SOFTWARE & SERVICES - 14.4%     
 138,563       Accenture plc   49,715,019 
 103,918    *  Adobe, Inc   67,584,110 
 35,967    *  Akamai Technologies, Inc   3,793,080 
 18,726    *  Ansys, Inc   7,108,015 
 47,670    *  Autodesk, Inc   15,140,469 
 92,722       Automatic Data Processing, Inc   20,815,162 
 24,505       Broadridge Financial Solutions, Inc   4,371,937 
 60,258    *  Cadence Design Systems, Inc   10,431,262 
 29,561    *  Ceridian HCM Holding, Inc   3,702,515 
 26,293       Citrix Systems, Inc   2,490,736 
 115,052       Cognizant Technology Solutions Corp (Class A)   8,984,411 
 57,447    *  DXC Technology Co   1,871,049 
 133,991       Fidelity National Information Services, Inc   14,838,163 
 130,620    *  Fiserv, Inc   12,864,764 
 18,217    *  FleetCor Technologies, Inc   4,507,068 
 29,595    *  Fortinet, Inc   9,953,982 
 18,393    *  Gartner, Inc   6,104,821 
 63,876       Global Payments, Inc   9,133,629 
 195,313       International Business Machines Corp   24,433,656 
 59,839       Intuit, Inc   37,458,616 
 15,686       Jack Henry & Associates, Inc   2,611,405 
 189,926       Mastercard, Inc (Class A)   63,723,972 
 1,639,148       Microsoft Corp   543,574,260 
 125,262       NortonLifelock, Inc   3,187,918 
 359,227       Oracle Corp   34,464,238 
 69,325       Paychex, Inc   8,546,386 
 10,424    *  Paycom Software, Inc   5,710,788 
 256,190    *  PayPal Holdings, Inc   59,587,232 
 23,163    *  PTC, Inc   2,949,808 
 211,911    *  salesforce.com, Inc   63,507,608 
 43,345    *  ServiceNow, Inc   30,244,407 
 33,466    *  Synopsys, Inc   11,150,202 
 8,833    *  Tyler Technologies, Inc   4,798,262 
 21,504    *  VeriSign, Inc   4,788,296 
206

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY  VALUE 
             
 367,997       Visa, Inc (Class A)  $77,930,725 
 92,650       Western Union Co   1,688,083 
         TOTAL SOFTWARE & SERVICES   1,233,766,054 
               
TECHNOLOGY HARDWARE & EQUIPMENT - 7.7%     
 130,924       Amphenol Corp (Class A)   10,051,036 
 3,424,928       Apple, Inc   513,054,214 
 12,112    *  Arista Networks, Inc   4,962,165 
 29,934       CDW Corp   5,587,181 
 918,729       Cisco Systems, Inc   51,421,262 
 169,989       Corning, Inc   6,046,509 
 13,299    *  F5 Networks, Inc   2,808,084 
 289,575       Hewlett Packard Enterprise Co   4,242,274 
 262,381       HP, Inc   7,958,016 
 7,820    *  IPG Photonics Corp   1,243,458 
 73,017       Juniper Networks, Inc   2,155,462 
 40,149    *  Keysight Technologies, Inc   7,227,623 
 36,437       Motorola Solutions, Inc   9,057,874 
 49,627       NetApp, Inc   4,431,691 
 44,278       Seagate Technology Holdings plc   3,943,841 
 71,754       TE Connectivity Ltd   10,476,084 
 10,529    *  Teledyne Technologies, Inc   4,729,837 
 53,160    *  Trimble Inc   4,644,589 
 67,670    *  Western Digital Corp   3,538,464 
 11,690    *  Zebra Technologies Corp (Class A)   6,241,876 
         TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   663,821,540 
               
TELECOMMUNICATION SERVICES - 1.2%     
 1,555,542       AT&T, Inc   39,292,991 
 233,734       Lumen Technologies, Inc   2,772,085 
 127,453    *  T-Mobile US, Inc   14,660,919 
 903,715       Verizon Communications, Inc   47,887,858 
         TOTAL TELECOMMUNICATION SERVICES   104,613,853 
               
TRANSPORTATION - 1.8%     
 28,590    *  Alaska Air Group, Inc   1,509,552 
 137,426    *  American Airlines Group, Inc   2,638,579 
 28,980       CH Robinson Worldwide, Inc   2,810,770 
 491,116       CSX Corp   17,763,666 
 135,289    *  Delta Air Lines, Inc   5,293,858 
 37,133       Expeditors International of Washington, Inc   4,577,014 
 53,266       FedEx Corp   12,545,741 
 18,250       JB Hunt Transport Services, Inc   3,598,717 
 19,935       Kansas City Southern   6,184,834 
 53,638       Norfolk Southern Corp   15,718,616 
 20,394       Old Dominion Freight Line   6,961,492 
 128,625    *  Southwest Airlines Co   6,081,390 
 142,207       Union Pacific Corp   34,328,770 
 70,412    *  United Airlines Holdings Inc   3,248,810 
 158,761       United Parcel Service, Inc (Class B)   33,890,711 
         TOTAL TRANSPORTATION   157,152,520 
               
UTILITIES - 2.4%    
 146,476       AES Corp   3,680,942 
 54,155       Alliant Energy Corp   3,063,548 
 55,606       Ameren Corp   4,687,030 
207

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES       COMPANY              VALUE 
                         
 108,142       American Electric Power Co, Inc            $9,160,709 
 40,721       American Water Works Co, Inc             7,092,784 
 28,525       Atmos Energy Corp               2,627,723 
 126,384       Centerpoint Energy, Inc               3,291,039 
 64,741       CMS Energy Corp               3,907,119 
 74,971       Consolidated Edison, Inc               5,652,813 
 177,184       Dominion Energy, Inc               13,453,581 
 43,227       DTE Energy Co               4,899,781 
 169,321       Duke Energy Corp               17,272,435 
 81,376       Edison International               5,120,992 
 43,480       Entergy Corp               4,479,310 
 46,736       Evergy, Inc               2,979,420 
 75,233       Eversource Energy               6,387,282 
 213,358       Exelon Corp               11,348,512 
 115,554       FirstEnergy Corp               4,452,296 
 427,568       NextEra Energy, Inc               36,484,377 
 79,015       NiSource, Inc               1,949,300 
 53,965       NRG Energy, Inc               2,152,664 
 28,035       Pinnacle West Capital Corp               1,807,977 
 169,043       PPL Corp               4,868,438 
 111,147       Public Service Enterprise Group, Inc             7,091,179 
 68,988       Sempra Energy               8,804,938 
 230,784       Southern Co               14,382,459 
 68,720       WEC Energy Group, Inc               6,188,923 
 118,759       Xcel Energy, Inc               7,670,644 
         TOTAL UTILITIES               204,958,215 
                           
         TOTAL COMMON STOCKS             8,524,988,076 
         (Cost $3,243,902,754)                 
                   
PRINCIPAL       ISSUER  RATE  MATURITY
DATE		    
                    
SHORT-TERM INVESTMENTS - 0.3%             
                       
GOVERNMENT AGENCY DEBT - 0.3%             
$10,000,000       Federal Home Loan Bank (FHLB)  0.000%  11/29/21   9,999,689 
 11,100,000       FHLB   0.000   12/29/21   11,099,285 
         TOTAL GOVERNMENT AGENCY DEBT          21,098,974 
                       
TREASURY DEBT - 0.0%             
 1,416,000       United States Treasury Bill   0.000   11/02/21   1,415,999 
         TOTAL TREASURY DEBT           1,415,999 
208

TIAA-CREF FUNDS – S&P 500 Index Fund

 

SHARES      COMPANY  RATE      VALUE 
                          
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%               
 2,720,983   c  State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030 %      $2,720,983 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     2,720,983 
                          
        TOTAL SHORT-TERM INVESTMENTS             25,235,956 
        (Cost $25,236,104)               
        TOTAL INVESTMENTS - 99.7%             8,550,224,032 
        (Cost $3,269,138,858)               
        OTHER ASSETS & LIABILITIES, NET - 0.3%             26,223,892 
        NET ASSETS - 100.0%            $8,576,447,924 

 

       
     
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
d   All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,099,887.
       

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description  Number of long
(short)
contracts		   Expiration date   Notional amount   Value   Unrealized
appreciation
(depreciation)		 
S&P 500 E Mini Index   225    12/17/21   $50,777,864   $51,716,250   $938,386 
209

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2021

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 100.0%
            
AUTOMOBILES & COMPONENTS - 1.5%
 143,891   *  Adient plc  $5,988,743 
 176,622   *  American Axle & Manufacturing Holdings, Inc   1,603,728 
 42,873   *,e  Arcimoto, Inc   500,757 
 157,235   *,e  Canoo, Inc   1,261,025 
 27,009   *  Cooper-Standard Holding, Inc   700,613 
 220,369      Dana Inc   4,889,988 
 41,187   *  Dorman Products, Inc   4,299,099 
 248,589   *  Fisker, Inc   3,989,853 
 64,959   *  Fox Factory Holding Corp   10,455,151 
 50,468   *  Gentherm, Inc   3,715,959 
 419,306   *  Goodyear Tire & Rubber Co   8,017,131 
 37,598      LCI Industries, Inc   5,250,185 
 146,459   *,e  Lordstown Motors Corp   757,193 
 78,325   *  Modine Manufacturing Co   861,575 
 29,659   *  Motorcar Parts of America, Inc   561,148 
 34,607      Patrick Industries, Inc   2,696,231 
 31,151      Standard Motor Products, Inc   1,492,133 
 41,770   *  Stoneridge, Inc   792,795 
 103,523   *  Tenneco, Inc   1,373,750 
 42,256   *  Visteon Corp   4,782,534 
 49,140      Winnebago Industries, Inc   3,326,287 
 184,020   *,e  Workhorse Group, Inc   1,238,455 
 45,575   *,e  XL Fleet Corp   249,751 
 28,429   *  XPEL, Inc   2,157,761 
        TOTAL AUTOMOBILES & COMPONENTS   70,961,845 
              
BANKS - 9.7%
 26,528      1st Source Corp   1,280,772 
 30,330      Allegiance Bancshares, Inc   1,188,026 
 20,399      Amalgamated Financial Corp   374,526 
 32,867   *  Amerant Bancorp Inc   872,619 
 16,123      American National Bankshares, Inc   598,163 
 101,296      Ameris Bancorp   5,306,897 
 21,009      Arrow Financial Corp   753,173 
 230,616      Associated Banc-Corp   5,138,124 
 32,618   *  Atlantic Capital Bancshares, Inc   897,321 
 116,405      Atlantic Union Bankshares Corp   4,175,447 
 86,628   *  Axos Financial, Inc   4,591,284 
 91,600      Banc of California, Inc   1,862,228 
 26,894      Bancfirst Corp   1,748,379 
 10,074   e  Bank First Corp   715,153 
 21,324      Bank of Marin Bancorp   812,658 
 76,255      Bank of NT Butterfield & Son Ltd   2,737,555 
 141,285      BankUnited   5,730,520 
 52,618      Banner Corp   3,039,216 
210

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 19,680      Bar Harbor Bankshares  $584,496 
 74,869      Berkshire Hills Bancorp, Inc   2,032,693 
 47,846   *  Blue Foundry Bancorp   673,193 
 21,867      Blue Ridge Bankshares, Inc   401,259 
 32,970   *  Bridgewater Bancshares, Inc   596,427 
 120,235      Brookline Bancorp, Inc   1,929,772 
 31,617      Bryn Mawr Bank Corp   1,465,132 
 26,831      Business First Bancshares, Inc   715,851 
 39,962      Byline Bancorp, Inc   1,029,421 
 286,203   *  Cadence BanCorp   8,305,605 
 10,685      Cambridge Bancorp   980,990 
 20,979      Camden National Corp   998,600 
 12,139      Capital Bancorp, Inc   308,938 
 18,901      Capital City Bank Group, Inc   507,870 
 194,807      Capitol Federal Financial   2,363,009 
 32,058      Capstar Financial Holdings, Inc   704,314 
 40,558   *  Carter Bankshares, Inc   607,559 
 113,704      Cathay General Bancorp   4,797,172 
 30,502      CBTX, Inc   829,654 
 44,476      Central Pacific Financial Corp   1,222,645 
 4,239      Century Bancorp, Inc   488,121 
 153,165      CIT Group, Inc   7,586,262 
 24,307      Citizens & Northern Corp   620,072 
 22,490      City Holding Co   1,789,754 
 24,288      Civista Bancshares, Inc   584,369 
 23,959      CNB Financial Corp   615,028 
 13,535   *  Coastal Financial Corp   515,007 
 118,635      Columbia Banking System, Inc   4,049,013 
 64,821   *  Columbia Financial, Inc   1,206,967 
 81,142      Community Bank System, Inc   5,815,447 
 21,657      Community Trust Bancorp, Inc   945,978 
 58,412      ConnectOne Bancorp, Inc   1,970,237 
 73,871   *  CrossFirst Bankshares, Inc   1,051,184 
 46,456     Customers Bancorp, Inc   2,475,640 
 197,483      CVB Financial Corp   3,953,610 
 52,783      Dime Community Bancshares, Inc   1,883,297 
 48,196      Eagle Bancorp, Inc   2,727,412 
 260,023      Eastern Bankshares, Inc   5,400,678 
 13,817      Enterprise Bancorp, Inc   513,302 
 53,302      Enterprise Financial Services Corp   2,506,260 
 21,169      Equity Bancshares, Inc   708,315 
 169,544      Essent Group Ltd   8,138,112 
 42,907      Farmers National Banc Corp   764,603 
 51,223      FB Financial Corp   2,321,939 
 14,320      Federal Agricultural Mortgage Corp (FAMC)   1,805,609 
 6,246   e  Fidelity D&D Bancorp, Inc   315,985 
 52,282   *  Finance Of America Cos, Inc   250,431 
 24,377      Financial Institutions, Inc   778,114 
 52,148      First Bancorp   2,525,006 
 311,341      First Bancorp   4,249,805 
 15,618      First Bancorp, Inc   463,386 
 29,413      First Bancshares, Inc   1,183,873 
 25,831      First Bank   388,498 
 77,611      First Busey Corp   1,978,304 
 149,468      First Commonwealth Financial Corp   2,286,860 
 28,041      First Community Bancshares, Inc   909,089 
211

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 143,926      First Financial Bancorp  $3,422,560 
 198,995      First Financial Bankshares, Inc   10,093,026 
 18,890      First Financial Corp   809,437 
 62,212      First Foundation, Inc   1,655,461 
 11,447      First Internet Bancorp   389,656 
 62,339      First Interstate Bancsystem, Inc   2,591,432 
 82,132      First Merchants Corp   3,415,049 
 26,040      First Mid-Illinois Bancshares, Inc   1,121,803 
 174,250      First Midwest Bancorp, Inc   3,354,313 
 35,843      First of Long Island Corp   721,520 
 8,287      Five Star Bancorp   227,230 
 81,368      Flagstar Bancorp, Inc   3,839,756 
 46,633      Flushing Financial Corp   1,120,125 
 12,136      FS Bancorp, Inc   418,207 
 241,607      Fulton Financial Corp   3,889,873 
 38,694      German American Bancorp, Inc   1,525,317 
 167,866      Glacier Bancorp, Inc   9,281,311 
 16,583      Great Southern Bancorp, Inc   935,779 
 84,214      Great Western Bancorp, Inc   2,867,487 
 13,084      Guaranty Bancshares, Inc   491,173 
 131,006      Hancock Whitney Corp   6,482,177 
 50,366      Hanmi Financial Corp   1,117,622 
 79,082      HarborOne Northeast Bancorp, Inc   1,136,408 
 9,884      HBT Financial, Inc   178,209 
 60,991      Heartland Financial USA, Inc   3,056,869 
 91,525      Heritage Commerce Corp   1,097,385 
 55,554      Heritage Financial Corp   1,379,961 
 96,844      Hilltop Holdings, Inc   3,432,151 
 2,237      Hingham Institution for Savings   808,094 
 11,365      Home Bancorp, Inc   474,489 
 231,266      Home Bancshares, Inc   5,494,880 
 11,862   e  Home Point Capital, Inc   54,269 
 31,155      HomeStreet, Inc   1,469,270 
 23,798      HomeTrust Bancshares, Inc   723,459 
 178,118      Hope Bancorp, Inc   2,598,742 
 60,962      Horizon Bancorp   1,162,545 
 20,861   *  Howard Bancorp, Inc   432,031 
 50,115      Independent Bank Corp   4,234,718 
 32,715      Independent Bank Corp   737,069 
 57,987      Independent Bank Group, Inc   4,191,880 
 81,566      International Bancshares Corp   3,458,398 
 348,313      Investors Bancorp, Inc   5,329,189 
 114,370      Kearny Financial Corp   1,534,845 
 76,570      Lakeland Bancorp, Inc   1,376,729 
 37,272      Lakeland Financial Corp   2,678,739 
 47,935      Live Oak Bancshares, Inc   4,274,843 
 23,542      Luther Burbank Corp   341,594 
 29,562      Macatawa Bank Corp   248,321 
 23,968      Mercantile Bank Corp   823,780 
 14,370      Merchants Bancorp   638,459 
 73,331      Meridian Bancorp, Inc   1,701,279 
 47,394      Meta Financial Group, Inc   2,627,523 
 25,254      Metrocity Bankshares, Inc   593,469 
 12,036   *  Metropolitan Bank Holding Corp   1,093,591 
 14,066      Mid Penn Bancorp, Inc   394,129 
 29,906      Midland States Bancorp, Inc   767,388 
212

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 19,523      MidWestOne Financial Group, Inc  $612,046 
 108,135   *  Mr Cooper Group, Inc   4,740,638 
 14,402      MVB Financial Corp   614,821 
 46,267      National Bank Holdings Corp   2,006,600 
 66,021      NBT Bancorp, Inc   2,422,310 
 13,982   *  Nicolet Bankshares, Inc   1,005,166 
 127,014   *  NMI Holdings, Inc   3,083,900 
 71,644      Northfield Bancorp, Inc   1,257,352 
 9,924      Northrim BanCorp, Inc   440,824 
 185,769      Northwest Bancshares, Inc   2,563,612 
 86,218      OceanFirst Financial Corp   1,911,453 
 13,841   *  Ocwen Financial Corp   434,746 
 75,979      OFG Bancorp   1,967,856 
 251,090      Old National Bancorp   4,288,617 
 43,458      Old Second Bancorp, Inc   588,421 
 35,056      Origin Bancorp, Inc   1,563,498 
 13,166      Orrstown Financial Services, Inc   312,166 
 142,230      Pacific Premier Bancorp, Inc   5,972,238 
 22,490      Park National Corp   2,891,989 
 21,293      PCSB Financial Corp   406,909 
 27,809      Peapack Gladstone Financial Corp   932,992 
 51,779      PennyMac Financial Services, Inc   3,213,405 
 33,792      Peoples Bancorp, Inc   1,079,992 
 10,436      Peoples Financial Services Corp   477,760 
 16,955   *  Pioneer Bancorp, Inc   214,650 
 21,162      Preferred Bank   1,451,078 
 54,867      Premier Financial Corp   1,749,160 
 37,773      Primis Financial Corp   572,261 
 27,206      Provident Bancorp Inc   490,252 
 115,259      Provident Financial Services, Inc   2,853,813 
 23,572      QCR Holdings, Inc   1,299,760 
 287,531      Radian Group, Inc   6,863,365 
 22,284      RBB Bancorp   572,030 
 5,706      Red River Bancshares Inc   298,880 
 21,642      Reliant Bancorp Inc   733,231 
 84,318      Renasant Corp   3,154,336 
 15,035      Republic Bancorp, Inc (Class A)   812,191 
 42,461   *  Republic First Bancorp, Inc   131,629 
 57,123      S&T Bancorp, Inc   1,745,679 
 70,979      Sandy Spring Bancorp, Inc   3,368,663 
 83,388      Seacoast Banking Corp of Florida   3,037,825 
 77,413      ServisFirst Bancshares, Inc   6,217,038 
 18,048      Sierra Bancorp   450,478 
 37,785   *  Silvergate Capital Corp   5,917,887 
 163,241      Simmons First National Corp (Class A)   4,879,273 
 21,675      SmartFinancial, Inc   563,333 
 15,593      South Plains Financial Inc   406,354 
 105,958      South State Corp   8,274,260 
 12,114   *  Southern First Bancshares, Inc   652,581 
 11,360      Southern Missouri Bancorp, Inc   617,984 
 48,797      Southside Bancshares, Inc   2,016,292 
 20,877      Spirit of Texas Bancshares, Inc   507,937 
 35,343      Stock Yards Bancorp, Inc   2,164,759 
 14,067      Summit Financial Group, Inc   353,504 
 77,063   *  Texas Capital Bancshares, Inc   4,670,018 
 78,198   *  The Bancorp, Inc   2,388,949 
213

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 21,557      Tompkins Financial Corp  $1,770,045 
 101,817      Towne Bank   3,209,272 
 43,162      Trico Bancshares   1,891,790 
 44,631   *  Tristate Capital Holdings, Inc   1,341,162 
 35,892   *  Triumph Bancorp, Inc   4,210,132 
 30,369      TrustCo Bank Corp NY   1,019,184 
 94,626      Trustmark Corp   3,010,053 
 66,344      UMB Financial Corp   6,556,114 
 192,855      United Bankshares, Inc   7,133,706 
 132,069      United Community Banks, Inc   4,601,284 
 45,289      Univest Financial Corp   1,299,794 
 607,218      Valley National Bancorp   8,051,711 
 13,428   *,e  Velocity Financial, Inc   172,550 
 72,167      Veritex Holdings, Inc   2,955,239 
 45,421      Walker & Dunlop, Inc   5,907,909 
 102,694      Washington Federal, Inc   3,631,260 
 27,474      Washington Trust Bancorp, Inc   1,501,729 
 29,370      Waterstone Financial, Inc   607,078 
 96,257      WesBanco, Inc   3,346,856 
 24,263      West Bancorporation, Inc   769,137 
 39,035      Westamerica Bancorporation   2,176,592 
 71,399      WSFS Financial Corp   3,699,182 
        TOTAL BANKS   452,037,787 
              
CAPITAL GOODS - 9.6%
 63,667      Aaon, Inc   4,561,741 
 50,374   *  AAR Corp   1,781,728 
 26,730   *,e  Advent Technologies Holdings, Inc   256,341 
 114,193      Aerojet Rocketdyne Holdings, Inc   5,025,634 
 34,198   *  Aerovironment, Inc   3,047,384 
 14,152   *,e  AerSale Corp   316,439 
 104,503   *,e  AgEagle Aerial Systems, Inc   299,924 
 15,607      Alamo Group, Inc   2,359,778 
 46,890      Albany International Corp (Class A)   3,781,678 
 18,217      Allied Motion Technologies, Inc   640,328 
 27,509   *  Alta Equipment Group, Inc   396,955 
 98,170      Altra Industrial Motion Corp   5,119,565 
 47,085   *  Ameresco, Inc   3,867,091 
 44,615   *  American Superconductor Corp   820,024 
 25,604   *  American Woodmark Corp   1,760,019 
 302,559   *  API Group Corp   6,589,735 
 39,620      Apogee Enterprises, Inc   1,661,267 
 58,873      Applied Industrial Technologies, Inc   5,738,940 
 73,479      Arcosa, Inc   3,801,069 
 23,923      Argan, Inc   987,063 
 193,007   *  Array Technologies, Inc   4,120,699 
 33,885      Astec Industries, Inc   1,808,781 
 38,379   *  Astronics Corp   495,089 
 69,984   *  Atkore International Group, Inc   6,615,587 
 37,815      AZZ, Inc   2,009,111 
 86,915   *  Babcock & Wilcox Enterprises, Inc   593,629 
 73,227      Barnes Group, Inc   3,071,140 
 84,792   *  Beacon Roofing Supply, Inc   4,482,953 
 13,768   *,e  Beam Global   433,692 
 58,862   *,e  Blink Charging Co   1,871,812 
 214,816   *  Bloom Energy Corp   6,715,148 
214

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 24,745   *  Blue Bird Corp  $485,249 
 14,047   *  BlueLinx Holdings, Inc   669,059 
 59,599      Boise Cascade Co   3,374,495 
 27,362   *,e  Byrna Technologies, Inc   461,050 
 28,872      Caesarstone Sdot-Yam Ltd   360,323 
 23,861      CAI International, Inc   1,334,546 
 56,216   *  Chart Industries, Inc   9,979,464 
 28,834   *  CIRCOR International, Inc   822,922 
 42,349      Columbus McKinnon Corp   2,001,837 
 54,008      Comfort Systems USA, Inc   4,940,112 
 50,187   *  Commercial Vehicle Group, Inc   503,877 
 32,351   *  Concrete Pumping Holdings Inc   278,219 
 45,488   *  Construction Partners Inc   1,619,828 
 85,731   *  Cornerstone Building Brands, Inc   1,226,811 
 22,442      CSW Industrials, Inc   3,110,910 
 66,568   *,e  Custom Truck One Source, Inc   602,440 
 243,553   *,e  Desktop Metal, Inc   1,702,435 
 35,865      Douglas Dynamics, Inc   1,517,089 
 16,798   *  Ducommun, Inc   812,855 
 26,361   *  DXP Enterprises, Inc   868,859 
 45,408   *  Dycom Industries, Inc   3,606,303 
 80,822      EMCOR Group, Inc   9,819,065 
 30,422      Encore Wire Corp   4,078,373 
 64,876   *  Energy Recovery, Inc   1,318,280 
 91,958      Enerpac Tool Group Corp   1,921,003 
 64,820      EnerSys   5,188,193 
 31,250      EnPro Industries, Inc   2,801,875 
 63,892   *,e  Eos Energy Enterprises, Inc   674,061 
 38,857      ESCO Technologies, Inc   3,285,748 
 9,791   *  EVI Industries, Inc   308,416 
 175,497   *  Evoqua Water Technologies Corp   7,341,039 
 91,358      Federal Signal Corp   3,911,036 
 216,278   *  Fluor Corp   4,204,444 
 71,718      Franklin Electric Co, Inc   6,195,001 
 29,785   *  FTC Solar, Inc   284,149 
 508,876   *,e  FuelCell Energy, Inc   4,065,919 
 53,557      GATX Corp   5,079,881 
 49,896   *  Gibraltar Industries, Inc   3,251,223 
 20,822      Global Industrial Co   844,957 
 65,004   *  GMS, Inc   3,219,648 
 35,143      Gorman-Rupp Co   1,494,280 
 311,562      GrafTech International Ltd   3,333,713 
 69,833      Granite Construction, Inc   2,592,201 
 100,351   *  Great Lakes Dredge & Dock Corp   1,527,342 
 48,511      Greenbrier Cos, Inc   1,989,921 
 68,977      Griffon Corp   1,827,201 
 50,360      H&E Equipment Services, Inc   2,270,229 
 49,121      Helios Technologies, Inc   4,472,467 
 38,253      Herc Holdings, Inc   6,963,576 
 110,841      Hillenbrand, Inc   5,038,832 
 62,078   *  Hydrofarm Holdings Group, Inc   2,046,712 
 183,565   *,e  Hyliion Holdings Corp   1,485,041 
 16,037      Hyster-Yale Materials Handling, Inc   770,417 
 667,922   *,e  Ideanomics Inc   1,322,486 
 13,056   *  IES Holdings, Inc   650,842 
 40,111   *  Infrastructure and Energy Alternatives, Inc   444,029 
215

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 80,118   *,e  INNOVATE Corp  $316,466 
 30,013      Insteel Industries, Inc   1,220,629 
 127,672   *  JELD-WEN Holding, Inc   3,499,489 
 47,651      John Bean Technologies Corp   7,040,435 
 17,533      Kadant, Inc   3,894,430 
 41,149      Kaman Corp   1,472,723 
 7,176   *  Karat Packaging, Inc   163,182 
 127,039      Kennametal, Inc   5,049,800 
 186,904   *  Kratos Defense & Security Solutions, Inc   3,997,877 
 7,476   *  Lawson Products, Inc   379,033 
 16,567      Lindsay Corp   2,413,315 
 44,385      Luxfer Holdings plc   892,582 
 54,380   *  Manitowoc Co, Inc   1,165,363 
 36,630   *  Masonite International Corp   4,395,966 
 42,964   *  Matrix Service Co   439,522 
 108,964      Maxar Technologies, Inc   2,892,994 
 11,877   *  Mayville Engineering Co Inc   210,936 
 36,665      McGrath RentCorp   2,645,013 
 102,993   *  Meritor, Inc   2,506,850 
 14,705      Miller Industries, Inc   531,439 
 43,975      Moog, Inc (Class A)   3,321,432 
 130,469   *  MRC Global, Inc   1,082,893 
 87,379      Mueller Industries, Inc   4,599,631 
 238,620      Mueller Water Products, Inc (Class A)   3,915,754 
 25,186   *  MYR Group, Inc   2,572,750 
 8,416      National Presto Industries, Inc   699,790 
 339,841   *,e  Nikola Corp   4,010,124 
 67,463   *  NN, Inc   336,640 
 13,152   *  Northwest Pipe Co   312,492 
 172,617   *  NOW, Inc   1,246,295 
 20,056   *  NV5 Global Inc   2,088,431 
 4,779      Omega Flex, Inc   691,808 
 108,721   *  PAE, Inc   1,078,512 
 30,593      Park Aerospace Corp   400,462 
 10,368      Park-Ohio Holdings Corp   241,782 
 41,216   *  Parsons Corp   1,427,722 
 88,479   *  PGT Innovations, Inc   1,889,027 
 15,137      Powell Industries, Inc   391,443 
 3,783      Preformed Line Products Co   262,540 
 81,614      Primoris Services Corp   2,199,497 
 42,360   *  Proto Labs, Inc   2,533,552 
 53,441      Quanex Building Products Corp   1,107,298 
 54,337   *  Raven Industries, Inc   3,141,765 
 42,388   *  RBC Bearings, Inc   9,915,825 
 219,363   *  Resideo Technologies, Inc   5,409,492 
 44,286      REV Group, Inc   669,161 
 185,738   *,e  Romeo Power, Inc   806,103 
 63,989      Rush Enterprises, Inc (Class A)   3,332,547 
 10,605      Rush Enterprises, Inc (Class B)   548,385 
 52,749      Shyft Group, Inc   2,173,786 
 67,241      Simpson Manufacturing Co, Inc   7,133,598 
 66,499   *  SPX Corp   3,862,927 
 63,184      SPX FLOW, Inc   4,720,477 
 18,002      Standex International Corp   2,003,083 
 73,911   *  Stem, Inc   1,752,430 
 43,561   *  Sterling Construction Co, Inc   1,047,206 
216

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 27,682      Tennant Co  $2,199,612 
 104,153      Terex Corp   4,666,054 
 72,948   *  Textainer Group Holdings Ltd   2,866,127 
 25,338   *  The ExOne Company   583,281 
 51,605   *  Thermon Group Holdings   891,734 
 79,056   *  Titan International, Inc   570,784 
 30,380   *  Titan Machinery, Inc   863,400 
 55,929   *  TPI Composites, Inc   1,880,892 
 9,859   *  Transcat Inc   738,242 
 66,748   *  Trimas Corp   2,226,046 
 119,824      Trinity Industries, Inc   3,361,063 
 103,663      Triton International Ltd   6,446,802 
 94,151   *  Triumph Group, Inc   1,925,388 
 68,017   *  Tutor Perini Corp   926,392 
 91,323      UFP Industries, Inc   7,472,961 
 17,748   *  Vectrus, Inc   859,536 
 22,321   *  Veritiv Corp   2,394,374 
 32,254   *  Vicor Corp   4,889,384 
 160,772   *,e  View, Inc   858,522 
 76,837      Wabash National Corp   1,193,279 
 41,659      Watts Water Technologies, Inc (Class A)   7,916,043 
 198,559   *  Welbilt, Inc   4,697,906 
 67,444   *  WESCO International, Inc   8,738,045 
 1,884   *  Willis Lease Finance Corp   76,321 
 324,096   *  WillScot Mobile Mini Holdings Corp   11,262,336 
 183,918      Zurn Water Solutions Corp   6,672,545 
        TOTAL CAPITAL GOODS   446,562,400 
              
COMMERCIAL & PROFESSIONAL SERVICES - 3.5%
 102,339      ABM Industries, Inc   4,503,939 
 67,210   *  Acacia Research (Acacia Technologies)   385,113 
 145,933      ACCO Brands Corp   1,206,866 
 78,749   *  ASGN Inc   9,423,105 
 21,078   *  Atlas Technical Consultants, Inc   214,785 
 11,399      Barrett Business Services, Inc   934,718 
 71,444      Brady Corp (Class A)   3,721,518 
 59,921   *  BrightView Holdings, Inc   950,347 
 75,421   e  Brink’s Co   5,194,999 
 74,932   *  Casella Waste Systems, Inc (Class A)   6,498,103 
 74,275   *  CBIZ, Inc   2,726,635 
 48,716   *  Ceco Environmental Corp   335,166 
 25,754   *  Cimpress plc   2,300,347 
 1,670      Compx International, Inc   36,072 
 187,823   *  CoreCivic, Inc   1,617,156 
 182,362      Covanta Holding Corp   3,680,065 
 11,137      CRA International, Inc   1,223,065 
 64,339      Deluxe Corp   2,294,972 
 35,323      Ennis, Inc   669,018 
 79,974      Exponent, Inc   9,181,015 
 44,337   *  First Advantage Corp   829,102 
 17,671   *  Forrester Research, Inc   940,981 
 20,028   *  Franklin Covey Co   846,183 
 119,373   *  Harsco Corp   2,041,278 
 113,999      Healthcare Services Group   2,187,641 
 30,280      Heidrick & Struggles International, Inc   1,419,526 
 24,464   *  Heritage-Crystal Clean, Inc   848,167 
217

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 112,911      Herman Miller, Inc  $4,394,496 
 7,959   e  HireQuest, Inc   143,262 
 64,896      HNI Corp   2,427,110 
 35,009   *  Huron Consulting Group, Inc   1,756,052 
 27,866      ICF International, Inc   2,800,254 
 56,242      Insperity, Inc   7,030,250 
 91,022      Interface, Inc   1,307,076 
 180,719   *  KAR Auction Services, Inc   2,651,148 
 214,483      KBR, Inc   9,102,659 
 53,724      Kelly Services, Inc (Class A)   968,644 
 31,112      Kforce, Inc   2,014,813 
 52,387      Kimball International, Inc (Class B)   569,447 
 83,598      Korn/Ferry International   6,454,602 
 41,871      Mantech International Corp (Class A)   3,610,118 
 48,451      Matthews International Corp (Class A)   1,665,261 
 29,253   *  Mistras Group, Inc   287,265 
 35,033   *  Montrose Environmental Group, Inc   2,401,512 
 9,268      NL Industries, Inc   53,476 
 267,677      Pitney Bowes, Inc   1,857,678 
 49,386      Resources Connection, Inc   859,810 
 110,946   *  RR Donnelley & Sons Co   710,054 
 36,466   *  SP Plus Corp   1,176,029 
 137,445      Steelcase, Inc (Class A)   1,635,596 
 48,496   *  Team, Inc   117,360 
 82,353      Tetra Tech, Inc   14,466,128 
 62,780   *  TriNet Group, Inc   6,356,475 
 54,747   *  TrueBlue, Inc   1,524,704 
 22,927      Unifirst Corp   4,538,629 
 181,360   *  Upwork, Inc   8,545,683 
 49,322   *  US Ecology, Inc   1,587,675 
 31,795   *  Viad Corp   1,410,744 
 14,203      VSE Corp   788,977 
 18,190   *  Willdan Group, Inc   608,092 
        TOTAL COMMERCIAL & PROFESSIONAL SERVICES   162,030,961 
              
CONSUMER DURABLES & APPAREL - 3.1%
 51,735      Acushnet Holdings Corp   2,635,381 
 22,127   *  American Outdoor Brands, Inc   504,053 
 127,562   *,e  AMMO, Inc   770,474 
 15,982   *,e  Aterian, Inc   102,125 
 14,577      Bassett Furniture Industries, Inc   246,206 
 45,604   *  Beazer Homes USA, Inc   825,888 
 175,650   *  Callaway Golf Co   4,751,333 
 40,697   *  Casper Sleep, Inc   148,137 
 14,499   *  Cavco Industries, Inc   3,485,270 
 45,304      Century Communities, Inc   3,038,086 
 39,006      Clarus Corp   1,075,785 
 94,402   *  Crocs, Inc   15,241,203 
 13,102      Escalade, Inc   245,138 
 36,403      Ethan Allen Interiors, Inc   844,914 
 10,399      Flexsteel Industries, Inc   291,172 
 73,847   *  Fossil Group, Inc   872,872 
 441,936   *,e  Genius Brands International, Inc   614,291 
 67,302   *  G-III Apparel Group Ltd   1,928,875 
 195,536   *  GoPro, Inc   1,683,565 
 44,309   *  Green Brick Partners, Inc   1,154,249 
218

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 10,453      Hamilton Beach Brands Holding Co  $156,795 
 36,707   *  Helen of Troy Ltd   8,257,240 
 19,246      Hooker Furniture Corp   485,192 
 8,013   *  Hovnanian Enterprises, Inc   675,175 
 36,333      Installed Building Products, Inc   4,616,108 
 42,895   *  iRobot Corp   3,578,301 
 8,411      Johnson Outdoors, Inc   893,080 
 127,247      KB Home   5,108,967 
 78,771      Kontoor Brands, Inc   4,174,863 
 9,397   *  Landsea Homes Corp   85,043 
 36,345   *  Latham Group, Inc   559,713 
 69,495      La-Z-Boy, Inc   2,310,014 
 8,158   *  Legacy Housing Corp   144,805 
 33,398   *  LGI Homes, Inc   4,986,321 
 20,138      Lifetime Brands, Inc   341,540 
 20,388   *  Lovesac Co   1,590,468 
 43,443   *  M/I Homes, Inc   2,487,546 
 31,601   *  Malibu Boats, Inc   2,231,347 
 11,799      Marine Products Corp   149,493 
 29,573   *  MasterCraft Boat Holdings, Inc   791,965 
 86,947      MDC Holdings, Inc   4,258,664 
 56,954   *  Meritage Homes Corp   6,191,469 
 22,241      Movado Group, Inc   740,625 
 44,297   *  Nautilus, Inc   453,158 
 24,525      Oxford Industries, Inc   2,273,958 
 39,454   *,e  PLBY Group, Inc   1,107,868 
 85,756   *  Purple Innovation, Inc   1,655,091 
 11,234      Rocky Brands, Inc   612,815 
 81,341   *  Skyline Champion Corp   5,150,512 
 72,968      Smith & Wesson Brands, Inc   1,568,812 
 17,436   *  Snap One Holdings Corp   254,566 
 183,082   *  Sonos, Inc   5,972,135 
 124,658      Steven Madden Ltd   5,622,076 
 27,123      Sturm Ruger & Co, Inc   2,139,462 
 18,501      Superior Uniform Group, Inc   480,841 
 189,894   *  Taylor Morrison Home Corp   5,797,464 
 31,529   *  Traeger, Inc   595,583 
 171,709   *  TRI Pointe Homes, Inc   4,153,641 
 80,074   *  Tupperware Brands Corp   1,780,846 
 20,773   *  Unifi, Inc   498,967 
 20,872   *  Universal Electronics, Inc   859,509 
 40,293   *  Vera Bradley, Inc   395,274 
 89,196   *  Vista Outdoor, Inc   3,731,961 
 24,370   *  VOXX International Corp (Class A)   275,625 
 96,957   *,e  Vuzix Corp   1,036,470 
 23,517   *,e  Weber, Inc   391,793 
 123,488      Wolverine World Wide, Inc   4,096,097 
        TOTAL CONSUMER DURABLES & APPAREL   146,178,275 
              
CONSUMER SERVICES - 3.0%
 108,535   *,e  2U, Inc   3,206,124 
 88,188   *  Accel Entertainment, Inc   1,074,130 
 75,511   *  Adtalem Global Education, Inc   2,788,621 
 29,129   *  American Public Education, Inc   727,934 
 49,853   *  Bally’s Corp   2,283,766 
 1,269   *  Biglari Holdings, Inc (B Shares)   210,946 
219

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 35,443   *  BJ’s Restaurants, Inc  $1,180,961 
 134,784   *  Bloomin’ Brands, Inc   2,914,030 
 25,367   *  Bluegreen Vacations Holding Corp   649,649 
 69,272   *  Brinker International, Inc   2,906,653 
 25,527      Carriage Services, Inc   1,313,364 
 52,342      Carrols Restaurant Group, Inc   192,095 
 41,827   *  Century Casinos, Inc   619,040 
 67,829   *  Cheesecake Factory   2,756,571 
 31,490   *  Chuy’s Holdings, Inc   918,248 
 89,732   *  Coursera, Inc   3,132,544 
 36,085      Cracker Barrel Old Country Store, Inc   4,805,439 
 65,925   *  Dave & Buster’s Entertainment, Inc   2,447,795 
 44,551      Del Taco Restaurants, Inc   371,555 
 91,520   *  Denny’s Corp   1,455,168 
 25,146   *  Dine Brands Global Inc.   2,125,088 
 129,349   *  Drive Shack, Inc   336,307 
 29,146   *  El Pollo Loco Holdings, Inc   428,446 
 15,721   *  Esports Technologies, Inc   441,760 
 13,515   *  European Wax Center, Inc   430,858 
 132,895   *  Everi Holdings, Inc   3,189,480 
 26,460   *  F45 Training Holdings, Inc   363,296 
 29,014   *  Fiesta Restaurant Group, Inc   305,808 
 51,227   *  Full House Resorts, Inc   509,709 
 62,817   *  GAN Ltd   897,027 
 26,997   *  Golden Entertainment, Inc   1,403,034 
 59,206   *  Golden Nugget Online Gaming, Inc   998,805 
 5,900      Graham Holdings Co   3,456,515 
 86,084   *,e  Hall of Fame Resort & Entertainment Co   197,993 
 130,423   *  Hilton Grand Vacations, Inc   6,557,668 
 191,812   *  Houghton Mifflin Harcourt Co   2,721,812 
 152,240   *  International Game Technology plc   4,489,558 
 33,284      Jack in the Box, Inc   3,293,452 
 36,465      Krispy Kreme, Inc   464,929 
 5,140   *,e  Kura Sushi USA, Inc   218,861 
 151,278      Laureate Education, Inc   2,620,135 
 48,045   *  Lindblad Expeditions Holdings, Inc   718,273 
 80,739   *  LiveOne, Inc   184,892 
 20,134   *  Monarch Casino & Resort, Inc   1,454,077 
 4,421      Nathan’s Famous, Inc   276,312 
 7,921   *  NEOGAMES S.A.   294,265 
 63,679   *  Noodles & Co   773,700 
 30,594   *  ONE Group Hospitality, Inc   404,453 
 82,761   *  OneSpaWorld Holdings Ltd   893,819 
 50,275      Papa John’s International, Inc   6,238,122 
 110,517   *  Perdoceo Education Corp   1,173,691 
 43,163   *  PlayAGS, Inc   380,698 
 61,888   *  PowerSchool Holdings, Inc   1,430,232 
 13,524      RCI Hospitality Holdings, Inc   916,927 
 25,019   *  Red Robin Gourmet Burgers, Inc   497,128 
 93,882   *  Red Rock Resorts, Inc   5,108,120 
 81,935   *  Rush Street Interactive, Inc   1,649,352 
 52,142   *  Ruth’s Hospitality Group Inc   1,008,426 
 147,564   *  Scientific Games Corp (Class A)   11,812,498 
 78,583   *  SeaWorld Entertainment, Inc   4,990,020 
 56,964   *  Shake Shack, Inc   3,940,200 
 50,372   *  StoneMor, Inc   130,463 
220

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 37,236      Strategic Education, Inc  $2,539,868 
 61,444   *  Stride, Inc   2,181,262 
 22,873   *  Target Hospitality Corp   94,694 
 106,471      Texas Roadhouse, Inc (Class A)   9,455,690 
 135,269   *  Vivint Smart Home, Inc   1,226,890 
 45,322      Wingstop, Inc   7,816,685 
 78,175   *  WW International Inc   1,357,118 
 11,400   *  Xponential Fitness, Inc   192,660 
        TOTAL CONSUMER SERVICES   140,545,709 
              
DIVERSIFIED FINANCIALS - 4.6%
 11,358      AFC Gamma, Inc   266,459 
 23,632      Alerus Financial Corp   742,045 
 14,255      A-Mark Precious Metals, Inc   1,068,982 
 6,232      Angel Oak Mortgage, Inc   110,556 
 214,984      Apollo Commercial Real Estate Finance, Inc   3,254,858 
 207,386      Arbor Realty Trust, Inc   4,170,532 
 59,049      Ares Commercial Real Estate Corp   922,345 
 120,781      ARMOUR Residential REIT, Inc   1,270,616 
 90,813      Artisan Partners Asset Management, Inc   4,498,876 
 29,291   *  Assetmark Financial Holdings, Inc   751,021 
 3,259      Associated Capital Group, Inc   118,465 
 7,942   *  Atlanticus Holdings Corp   615,426 
 31,228      B. Riley Financial, Inc   2,237,799 
 49,188      Banco Latinoamericano de Exportaciones S.A. (Class E)   892,270 
 508,620      BGC Partners, Inc (Class A)   2,731,289 
 226,700      Blackstone Mortgage Trust, Inc   7,458,430 
 77,387   *  Blucora, Inc   1,278,433 
 88,682      Brightsphere Investment Group, Inc   2,658,686 
 132,199      BrightSpire Capital, Inc   1,296,872 
 192,351      Broadmark Realty Capital, Inc   1,985,062 
 128,950   *  Cannae Holdings, Inc   4,397,195 
 358,661      Chimera Investment Corp   5,598,698 
 37,800      Cohen & Steers, Inc   3,586,842 
 40,927      Cowen Group, Inc   1,544,176 
 30,163      Curo Group Holdings Corp   518,200 
 4,916      Diamond Hill Investment Group, Inc   1,066,084 
 46,127   *  Donnelley Financial Solutions, Inc   1,767,587 
 47,606      Dynex Capital, Inc   833,105 
 71,742      Ellington Financial Inc   1,304,270 
 46,088   *  Encore Capital Group, Inc   2,489,674 
 55,689   *  Enova International, Inc   1,806,551 
 78,539   *  Ezcorp, Inc (Class A)   585,901 
 144,612      Federated Investors, Inc (Class B)   4,817,026 
 60,772      FirstCash, Inc   5,376,499 
 90,889   *  Focus Financial Partners, Inc   5,713,283 
 50,661   *  Franklin BSP Realty Trust, Inc   831,347 
 8,005      GAMCO Investors, Inc (Class A)   211,732 
 71,523      GCM Grosvenor, Inc   818,938 
 85,731      Granite Point Mortgage Trust, Inc   1,148,795 
 26,085      Great Ajax Corp   369,364 
 81,556   *  Green Dot Corp   3,454,712 
 19,071      Greenhill & Co, Inc   299,796 
 52,338      Hamilton Lane, Inc   5,469,844 
 116,839      Hannon Armstrong Sustainable Infrastructure Capital, Inc   7,057,076 
 78,042      Houlihan Lokey, Inc   8,746,947 
221

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 461,581      Invesco Mortgage Capital, Inc  $1,449,364 
 109,734   e  iShares Russell 2000 Index Fund   25,024,839 
 50,611      KKR Real Estate Finance Trust, Inc   1,098,765 
 169,799      Ladder Capital Corp   2,037,588 
 151,557   *  LendingClub Corp   6,965,560 
 17,802   *  LendingTree, Inc   2,873,065 
 12,715      Marlin Business Services Corp   291,428 
 671,464      MFA Financial Inc   3,028,303 
 93,365      Moelis & Co   6,791,370 
 251,122      Navient Corp   4,947,103 
 26,495      Nelnet, Inc (Class A)   2,189,282 
 580,723      New York Mortgage Trust, Inc   2,549,374 
 35,784   *,†  NewStar Financial, Inc   8,640 
 159,007   *  Open Lending Corp   5,011,901 
 31,025   *  Oportun Financial Corp   720,711 
 15,084      Oppenheimer Holdings, Inc   785,122 
 189,541      Orchid Island Capital, Inc   940,123 
 153,148      PennyMac Mortgage Investment Trust   3,085,932 
 26,393      Piper Jaffray Cos   4,346,663 
 36,362      PJT Partners, Inc   2,974,048 
 71,110   *  PRA Group, Inc   3,049,197 
 100,737      PROG Holdings, Inc   4,074,812 
 30,321      Pzena Investment Management, Inc (Class A)   329,892 
 90,582      Ready Capital Corp   1,401,304 
 169,540      Redwood Trust, Inc   2,298,962 
 12,871      Regional Management Corp   657,451 
 33,756      Sculptor Capital Management, Inc   894,534 
 62,990      StepStone Group, Inc   2,959,270 
 24,688   *  StoneX Group, Inc   1,706,188 
 98,264      TPG RE Finance Trust, Inc   1,284,310 
 498,431      Two Harbors Investment Corp   3,199,927 
 1,276      Value Line, Inc   43,958 
 11,170      Virtus Investment Partners, Inc   3,574,400 
 217,402      WisdomTree Investments, Inc   1,389,199 
 6,303   *  World Acceptance Corp   1,168,513 
        TOTAL DIVERSIFIED FINANCIALS   213,293,762 
              
ENERGY - 4.7%
 40,518   *,e  Aemetis, Inc   806,308 
 111,980   *  Alto Ingredients, Inc   595,734 
 5,104      Altus Midstream Co   315,529 
 434,085   *  Antero Resources Corp   8,625,269 
 23,674   *  Arch Resources, Inc   2,156,228 
 208,301      Archrock, Inc   1,705,985 
 32,725   *  Aspen Aerogels, Inc   1,782,204 
 105,593      Berry Petroleum Co LLC   1,014,749 
 46,937      Bonanza Creek Energy, Inc   2,635,043 
 67,108      Brigham Minerals, Inc   1,555,563 
 34,474   *  Bristow Group, Inc   1,192,800 
 83,092      Cactus, Inc   3,614,502 
 128,390   *  California Resources Corp   5,922,631 
 60,653   *,e  Callon Petroleum Co   3,137,580 
 288,219   *  Centennial Resource Development, Inc   2,075,177 
 14,799   *,e  Centrus Energy Corp   838,659 
 307,632   *  ChampionX Corp   8,069,187 
 149,862      Chesapeake Energy Corp   9,552,204 
222

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 232,570   *,e  Clean Energy Fuels Corp  $2,144,295 
 328,233   *  CNX Resources Corp   4,795,484 
 143,390   *  Comstock Resources Inc   1,415,259 
 54,711   *  CONSOL Energy, Inc   1,505,100 
 229,985   *,e  Contango Oil & Gas Co   949,838 
 47,827      CVR Energy, Inc   916,844 
 102,808   *  Delek US Holdings, Inc   1,999,616 
 77,054   *  Denbury, Inc   6,523,392 
 216,804      DHT Holdings, Inc   1,411,394 
 29,093   *  DMC Global, Inc   1,215,506 
 46,783      Dorian LPG Ltd   567,010 
 54,982   *  Dril-Quip, Inc   1,295,376 
 37,679   *  Earthstone Energy, Inc   382,442 
 220,788   *,e  Energy Fuels, Inc   1,730,978 
 620,796      Equitrans Midstream Corp   6,400,407 
 24,476   *  Extraction Oil & Gas, Inc   1,630,836 
 61,773      Falcon Minerals Corp   363,225 
 41,746   *  Frank’s International NV   715,944 
 187,134   *,e  Frontline Ltd   1,648,651 
 15,591   *  FTS International, Inc   413,162 
 296,957   *,e  Gevo, Inc   2,146,999 
 159,078   *  Golar LNG Ltd   2,072,786 
 71,140   *  Green Plains Inc   2,699,763 
 226,166   *  Helix Energy Solutions Group, Inc   854,907 
 160,748      Helmerich & Payne, Inc   4,989,618 
 7,803      HighPeak Energy, Inc   110,256 
 72,546      International Seaways, Inc   1,273,182 
 614,342   *  Kosmos Energy Ltd   2,211,631 
 19,699   *  Laredo Petroleum, Inc   1,485,305 
 141,659   *  Liberty Oilfield Services, Inc   1,830,234 
 218,774      Magnolia Oil & Gas Corp   4,568,001 
 168,018      Matador Resources Co   7,031,553 
 223,228      Murphy Oil Corp   6,212,435 
 10,685   *  Nabors Industries Ltd   1,095,213 
 62,716   *  National Energy Services Reunited Corp   733,777 
 117,612   *  Newpark Resources, Inc   399,881 
 270,835   *  NexTier Oilfield Solutions, Inc   1,207,924 
 233,030      Nordic American Tankers Ltd   547,621 
 79,087      Northern Oil and Gas, Inc   1,831,655 
 30,638      Oasis Petroleum, Inc   3,694,943 
 151,858   *  Oceaneering International, Inc   2,065,269 
 94,879   *  Oil States International, Inc   574,967 
 397,436      Ovintiv, Inc   14,911,799 
 70,057   *  Par Pacific Holdings, Inc   1,083,081 
 285,020      Patterson-UTI Energy, Inc   2,439,771 
 148,251   *  PBF Energy, Inc   2,165,947 
 150,916      PDC Energy, Inc   7,894,416 
 121,428   *  Peabody Energy Corp   1,443,779 
 24,138   *  Penn Virginia Corp   797,520 
 133,687   *  ProPetro Holding Corp   1,282,058 
 362,756   *  Range Resources Corp   8,459,470 
 68,196   *  Renewable Energy Group, Inc   4,364,544 
 8,758   *  Rex American Resources Corp   770,266 
 3,725      Riley Exploration Permian, Inc   98,824 
 105,786   *  RPC, Inc   570,187 
 76,371      Scorpio Tankers, Inc   1,223,463 
223

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 95,098   *  Select Energy Services, Inc  $571,539 
 159,504      SFL Corp Ltd   1,261,677 
 182,576      SM Energy Co   6,266,008 
 46,387      Solaris Oilfield Infrastructure, Inc   352,077 
 1,029,175   *  Southwestern Energy Co   5,022,374 
 57,733   *  Talos Energy, Inc   748,797 
 108,745   *  Teekay Corp   384,957 
 37,339   *,e  Teekay Tankers Ltd   518,265 
 541,747   *  Tellurian, Inc   2,123,648 
 192,153   *  Tetra Technologies, Inc   620,654 
 63,616   *  Tidewater, Inc   771,662 
 343,460   *,e  Uranium Energy Corp   1,277,671 
 283,325   *  Ur-Energy, Inc   492,986 
 106,568   *  US Silica Holdings, Inc   1,031,578 
 32,297   *  Vine Energy, Inc   551,310 
 147,897   *  W&T Offshore, Inc   607,857 
 57,961   *  Whiting Petroleum Corp   3,775,000 
 94,982      World Fuel Services Corp   2,899,800 
        TOTAL ENERGY   220,041,016 
              
FOOD & STAPLES RETAILING - 0.9%
 49,260      Andersons, Inc   1,677,796 
 207,969   *  BJ’s Wholesale Club Holdings, Inc   12,153,708 
 48,541   *  Chefs’ Warehouse Holdings, Inc   1,692,625 
 40,985   *,e  HF Foods Group Inc   289,354 
 21,988   e  Ingles Markets, Inc (Class A)   1,521,350 
 18,348   *,e  MedAvail Holdings, Inc   46,604 
 15,412      Natural Grocers by Vitamin C   187,718 
 229,937   *  Performance Food Group Co   10,400,051 
 35,234      Pricesmart, Inc   2,535,086 
 89,156   *,e  Rite Aid Corp   1,211,630 
 56,600      SpartanNash Co   1,309,724 
 175,201   *  Sprouts Farmers Market, Inc   3,878,950 
 86,626   *  United Natural Foods, Inc   3,758,702 
 12,578      Village Super Market (Class A)   280,112 
 25,758      Weis Markets, Inc   1,450,433 
        TOTAL FOOD & STAPLES RETAILING   42,393,843 
              
FOOD, BEVERAGE & TOBACCO - 1.5%
 236,406   *,e  22nd Century Group, Inc   647,752 
 102,772   *,e  AppHarvest, Inc   618,687 
 97,562      B&G Foods, Inc (Class A)   2,872,225 
 26,464      Calavo Growers, Inc   1,063,853 
 55,873      Cal-Maine Foods, Inc   2,014,780 
 82,836   *  Celsius Holdings, Inc   7,995,331 
 7,369      Coca-Cola Consolidated Inc   2,957,917 
 31,603   *  Duckhorn Portfolio, Inc   611,202 
 49,612      Fresh Del Monte Produce, Inc   1,661,506 
 198,139   *  Hostess Brands, Inc   3,746,809 
 22,429      J&J Snack Foods Corp   3,309,399 
 12,854      John B. Sanfilippo & Son, Inc   1,086,163 
 9,704   *,e  Laird Superfood, Inc   169,432 
 29,466      Lancaster Colony Corp   5,009,220 
 40,946   *  Landec Corp   397,995 
 24,847      Limoneira Co   400,782 
 22,194      MGP Ingredients, Inc   1,425,077 
224

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 58,062   *,e  Mission Produce, Inc  $1,102,597 
 37,493      National Beverage Corp   2,114,605 
 208,470   *  NewAge, Inc   308,536 
 238,531      Primo Water Corp   3,792,643 
 30,815      Sanderson Farms, Inc   5,837,902 
 8,835   *  Seneca Foods Corp   456,151 
 128,971   *  Simply Good Foods Co   5,113,700 
 73,219   *,e  Tattooed Chef, Inc   1,315,745 
 24,356   e  Tootsie Roll Industries, Inc   770,867 
 79,541   *  TreeHouse Foods, Inc   2,874,612 
 22,808      Turning Point Brands, Inc   870,581 
 37,855      Universal Corp   1,779,185 
 87,779      Utz Brands, Inc   1,368,475 
 218,524      Vector Group Ltd   2,897,628 
 38,697   *  Vital Farms, Inc   635,405 
 58,516   *  Whole Earth Brands, Inc   709,799 
 10,657   *  Zevia PBC   119,252 
        TOTAL FOOD, BEVERAGE & TOBACCO   68,055,813 
              
HEALTH CARE EQUIPMENT & SERVICES - 7.7%
 177,411   *  1Life Healthcare, Inc   3,842,722 
 48,667   *,e  Accelerate Diagnostics, Inc   287,135 
 76,539   *  Accolade, Inc   3,045,487 
 155,609   *  Accuray, Inc   776,489 
 23,312   *,e  Acutus Medical, Inc   182,766 
 108,995   *  AdaptHealth Corp   2,970,114 
 23,805   *  Addus HomeCare Corp   2,225,768 
 35,392   *  Agiliti, Inc   798,090 
 41,241   *  Alignment Healthcare, Inc   819,046 
 188,434   *  Allscripts Healthcare Solutions, Inc   2,596,621 
 107,779   *  Alphatec Holdings Inc   1,264,248 
 279,436   *  American Well Corp   2,514,924 
 71,496   *  AMN Healthcare Services, Inc   7,056,655 
 59,698   *  Angiodynamics, Inc   1,707,363 
 58,707   *,e  Apollo Medical Holdings, Inc   4,029,061 
 21,325   *  Apria, Inc   798,195 
 48,834   *  Apyx Medical Corp   698,326 
 366,350   *,e  Asensus Surgical, Inc   619,132 
 113,829   *,e  Aspira Women’s Health, Inc   381,327 
 68,174   *  AtriCure, Inc   5,117,140 
 2,069      Atrion Corp   1,506,232 
 73,558   *  Avanos Medical, Inc   2,320,019 
 60,420   *  Aveanna Healthcare Holdings, Inc   466,442 
 59,834   *  AxoGen, Inc   908,878 
 70,492   *  Axonics Modulation Technologies, Inc   5,170,588 
 19,231   *  Biodesix, Inc   145,002 
 38,221   *  BioLife Solutions Inc   2,031,446 
 20,308   *,e  Bioventus, Inc   306,651 
 289,788   *  Brookdale Senior Living, Inc   1,883,622 
 286,921   *,e  Butterfly Network, Inc   2,961,025 
 64,298   *  Cardiovascular Systems, Inc   2,255,574 
 32,493   *  Castle Biosciences, Inc   2,025,939 
 186,973   *  Castlight Health, Inc   336,551 
 243,926   *  Cerus Corp   1,609,912 
 29,461   *,e  ClearPoint Neuro, Inc   492,883 
 188,898   *  Community Health Systems, Inc   2,474,564 
225

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 21,820   *  Computer Programs & Systems, Inc  $787,702 
 44,125      Conmed Corp   6,454,605 
 22,044   *  Consensus Cloud Solutions, Inc   1,396,047 
 11,904   *  Convey Holding Parent, Inc   88,090 
 13,454   *  Corvel Corp   2,465,042 
 157,266   *  Covetrus, Inc   3,175,201 
 55,024   *  Cross Country Healthcare, Inc   1,140,648 
 59,533   *  CryoLife, Inc   1,228,761 
 61,605   *,e  CryoPort, Inc   5,023,272 
 27,133   *  Cutera, Inc   1,166,719 
 9,563   *  CVRx, Inc   161,710 
 68,952   *  CytoSorbents Corp   406,127 
 21,108   *,e  DarioHealth Corp   345,116 
 79,745      Ensign Group, Inc   6,220,907 
 120,289   *  Evolent Health, Inc   3,520,859 
 16,964   *  Exagen, Inc   197,122 
 28,415   *,e  Forian, Inc   288,128 
 32,353   *,e  Fulgent Genetics, Inc   2,682,711 
 68,374   *  Glaukos Corp   3,125,376 
 76,693   *  Haemonetics Corp   5,269,576 
 58,107   *  Hanger Inc   1,085,439 
 77,062   *  Health Catalyst, Inc   4,056,544 
 124,288   *  HealthEquity, Inc   8,225,380 
 38,754   *  HealthStream, Inc   1,031,244 
 15,001   *  Heska Corp   3,353,174 
 31,792   *  iCAD, Inc   335,406 
 51,737   *  Inari Medical, Inc   4,683,233 
 28,064   *  InfuSystem Holdings, Inc   466,704 
 28,699   *  Innovage Holding Corp   189,987 
 29,867   *  Inogen, Inc   1,184,227 
 115,645   *  Inovalon Holdings, Inc   4,717,160 
 40,833   *  Inspire Medical Systems, Inc   11,007,760 
 49,914   *  Integer Holding Corp   4,493,258 
 49,955   *  Intersect ENT, Inc   1,347,286 
 42,054   *  Invacare Corp   207,747 
 9,882   *  iRadimed Corp   368,796 
 45,879   *  iRhythm Technologies, Inc   3,217,953 
 20,600   *  Joint Corp   1,802,088 
 102,825   *  Lantheus Holdings, Inc   2,405,077 
 27,236      LeMaitre Vascular, Inc   1,416,544 
 46,336   *  LHC Group, Inc   6,236,362 
 75,126   *  LifeStance Health Group, Inc   900,010 
 80,995   *  LivaNova plc   6,213,936 
 36,613   *  Magellan Health Services, Inc   3,472,011 
 115,680   *  MEDNAX, Inc   3,149,966 
 63,135   *  Meridian Bioscience, Inc   1,187,569 
 79,109   *  Merit Medical Systems, Inc   5,320,871 
 7,659      Mesa Laboratories, Inc   2,341,356 
 19,155   *,†,e  Misonix Inc   508,374 
 18,869   *  ModivCare, Inc   3,071,307 
 346,116   *,e  Multiplan Corp   1,491,760 
 43,104   *,e  NantHealth, Inc   67,673 
 19,119      National Healthcare Corp   1,337,183 
 21,894      National Research Corp   948,010 
 52,817   *  Natus Medical, Inc   1,323,066 
 166,423   *  Neogen Corp   7,041,357 
226

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 39,105   *  Neuronetics, Inc  $203,346 
 10,903   *  NeuroPace, Inc   165,289 
 52,680   *  Nevro Corp   5,991,823 
 87,934   *  NextGen Healthcare, Inc   1,447,394 
 79,001   *  NuVasive, Inc   4,215,493 
 65,431   *  Omnicell, Inc   11,656,533 
 12,904   *,e  Ontrak, Inc   110,974 
 26,373   *  OptimizeRx Corp   2,550,269 
 228,217   *  Option Care Health, Inc   6,237,171 
 109,710   *  OraSure Technologies, Inc   1,170,606 
 168,420   *  Ortho Clinical Diagnostics Holdings plc   3,329,663 
 29,267   *  Orthofix Medical Inc   1,053,027 
 20,885   *  OrthoPediatrics Corp   1,486,385 
 69,694   *  Outset Medical, Inc   3,712,599 
 112,284      Owens & Minor, Inc   4,028,750 
 130,192      Patterson Cos, Inc   4,069,802 
 112,553   *,e  PAVmed, Inc   611,163 
 37,925   *  Pennant Group, Inc   969,742 
 41,336   *,e  PetIQ, Inc   1,035,467 
 74,481   *  Phreesia, Inc   5,253,890 
 30,699   *  Privia Health Group, Inc   788,964 
 95,939   *  Progyny, Inc   5,893,533 
 39,765   *,e  Pulmonx Corp   1,548,051 
 20,313   *  Pulse Biosciences, Inc   428,401 
 118,827   *  Quotient Ltd   300,632 
 180,776   *  R1 RCM, Inc   3,922,839 
 70,415   *  RadNet, Inc   2,189,202 
 27,142   *,e  Retractable Technologies, Inc   256,763 
 9,346   *  RxSight, Inc   111,965 
 68,884   *  Schrodinger, Inc   3,759,689 
 49,715   *  SeaSpine Holdings Corp   743,736 
 167,609      Select Medical Holdings Corp   5,567,971 
 657,489   *,e  Senseonics Holdings, Inc   2,301,212 
 23,007   *  Sharps Compliance Corp   189,808 
 51,249   *  Shockwave Medical Inc   10,951,911 
 50,302   *  SI-BONE, Inc   1,134,310 
 90,514   *  Sientra, Inc   530,412 
 14,210   *  Sight Sciences, Inc   383,244 
 51,923   *  Silk Road Medical Inc   3,048,399 
 24,536   e  Simulations Plus, Inc   1,239,068 
 64,097   *,e  SOC Telemed, Inc   141,013 
 21,192   *  Soliton Inc   436,343 
 72,143   *  Staar Surgical Co   8,546,060 
 72,478   *  Stereotaxis, Inc   427,620 
 48,275   *  Surgery Partners, Inc   1,986,034 
 20,944   *  SurModics, Inc   1,165,743 
 35,188   *  Tabula Rasa HealthCare, Inc   955,354 
 29,850   *  Tactile Systems Technology, Inc   1,029,527 
 21,415   *,e  Talis Biomedical Corp   114,570 
 162,980   *  Tenet Healthcare Corp   11,679,147 
 69,998   *  Tivity Health, Inc   1,751,350 
 40,378   *  Transmedics Group, Inc   1,107,569 
 17,123   *  Treace Medical Concepts, Inc   394,856 
 35,163   *  Triple-S Management Corp (Class B)   1,240,902 
 19,031      US Physical Therapy, Inc   2,052,684 
 4,768      Utah Medical Products, Inc   461,685 
227

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 35,627   *  Vapotherm, Inc  $814,790 
 56,699   *  Varex Imaging Corp   1,522,368 
 55,431   *  Viemed Healthcare, Inc   317,620 
 213,308   *  ViewRay, Inc   1,559,281 
 53,461   *  Vocera Communications, Inc   3,024,823 
 28,956   *,e  Zynex Inc   362,819 
        TOTAL HEALTH CARE EQUIPMENT & SERVICES   359,657,128 
              
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
 132,834   *  Beauty Health Co   3,648,950 
 62,364   *  BellRing Brands, Inc   1,672,602 
 12,733   *  Central Garden & Pet Co   656,768 
 61,538   *  Central Garden and Pet Co (Class A)   2,843,056 
 82,708      Edgewell Personal Care Co   2,893,953 
 71,509   *  elf Beauty, Inc   2,310,456 
 103,778      Energizer Holdings, Inc   3,784,784 
 38,880   *,e  Honest Co, Inc   355,752 
 26,696      Inter Parfums, Inc   2,466,176 
 17,776      Medifast, Inc   3,488,895 
 18,571      Nature’s Sunshine Products, Inc   293,236 
 75,704      Nu Skin Enterprises, Inc (Class A)   3,039,516 
 7,119      Oil-Dri Corp of America   247,884 
 8,567   *,e  Revlon, Inc (Class A)   88,754 
 19,900   *  USANA Health Sciences, Inc   1,931,494 
 98,950   *  Veru, Inc   808,421 
 20,842      WD-40 Co   4,731,134 
        TOTAL HOUSEHOLD & PERSONAL PRODUCTS   35,261,831 
              
INSURANCE - 1.9%
 70,492   *  AMBAC Financial Group, Inc   1,192,020 
 126,534      American Equity Investment Life Holding Co   4,032,639 
 11,925      American National Group, Inc   2,262,292 
 30,015      Amerisafe, Inc   1,779,589 
 48,254      Argo Group International Holdings Ltd   2,658,795 
 76,564   *,e  Bright Health Group, Inc   669,935 
 70,315   *  BRP Group, Inc   2,566,497 
 75,026   *,e  Citizens, Inc (Class A)   483,167 
 196,227      Conseco, Inc   4,736,920 
 23,966      Crawford & Co   207,066 
 21,294      Donegal Group, Inc (Class A)   303,439 
 38,804   *  eHealth, Inc   1,720,957 
 44,604      Employers Holdings, Inc   1,721,714 
 18,843   *  Enstar Group Ltd   4,348,588 
 787,352   *  Genworth Financial, Inc (Class A)   3,236,017 
 26,950      Goosehead Insurance, Inc   3,888,885 
 42,696   *  Greenlight Capital Re Ltd (Class A)   317,231 
 8,870      HCI Group, Inc   1,188,669 
 21,593      Heritage Insurance Holdings, Inc   141,218 
 65,345      Horace Mann Educators Corp   2,560,217 
 7,592      Independence Holding Co   372,388 
 1,606      Investors Title Co   311,243 
 56,049      James River Group Holdings Ltd   1,790,766 
 32,657      Kinsale Capital Group, Inc   6,111,758 
 108,845   *  Maiden Holdings Ltd   354,835 
 75,074   *  MBIA, Inc   1,166,650 
 57,491   *,e  MetroMile, Inc   176,497 
228

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 3,649      National Western Life Group, Inc  $784,571 
 11,769   *  NI Holdings, Inc   233,968 
 37,415   *  Palomar Holdings, Inc   3,421,602 
 81,924      ProAssurance Corp   1,876,879 
 61,916      RLI Corp   6,706,122 
 22,803      Safety Insurance Group, Inc   1,787,983 
 91,680      Selective Insurance Group, Inc   7,184,962 
 203,578   *  Selectquote, Inc   2,705,552 
 126,833   *  SiriusPoint Ltd   1,192,230 
 26,870      State Auto Financial Corp   1,378,700 
 39,966      Stewart Information Services Corp   2,844,380 
 35,553      Tiptree Inc   554,982 
 27,625   *  Trean Insurance Group, Inc   259,675 
 58,836   *  Trupanion, Inc   6,024,806 
 32,924      United Fire Group Inc   672,637 
 31,828      United Insurance Holdings Corp   121,583 
 35,462      Universal Insurance Holdings, Inc   523,774 
        TOTAL INSURANCE   88,574,398 
              
MATERIALS - 3.7%
 40,392   *  AdvanSix, Inc   1,963,051 
 193,442   *  Allegheny Technologies, Inc   3,114,416 
 46,599      American Vanguard Corp   726,012 
 264,416   *  Amyris, Inc   3,918,645 
 167,232   *  Arconic Corp   4,919,965 
 138,115      Avient Corp   7,441,636 
 49,798      Balchem Corp   7,623,576 
 85,332      Cabot Corp   4,552,462 
 72,593      Carpenter Technology Corp   2,241,672 
 83,016   *  Century Aluminum Co   1,096,641 
 10,628      Chase Corp   1,020,288 
 23,814   *  Clearwater Paper Corp   996,140 
 400,452   *  Coeur Mining, Inc   2,534,861 
 181,763      Commercial Metals Co   5,849,133 
 51,479      Compass Minerals International, Inc   3,377,022 
 186,324   *  Constellium SE   3,430,225 
 100,452   *,e  Danimer Scientific, Inc   1,482,672 
 77,330   *  Domtar Corp   4,221,445 
 125,093   *  Ferro Corp   2,629,455 
 69,112   *,†  Ferroglobe plc   0 
 44,437   *  Forterra, Inc   1,058,489 
 41,500      FutureFuel Corp   292,990 
 68,292   *  Gatos Silver, Inc   826,333 
 74,800   *  GCP Applied Technologies, Inc   1,691,228 
 61,752      Glatfelter Corp   1,014,585 
 38,778      Greif, Inc (Class A)   2,508,161 
 9,285      Greif, Inc (Class B)   605,939 
 79,049      H.B. Fuller Co   5,573,745 
 30,088      Hawkins, Inc   1,103,327 
 19,570      Haynes International, Inc   785,344 
 808,285      Hecla Mining Co   4,671,887 
 60,405   *  Ingevity Corp   4,706,154 
 37,287      Innospec, Inc   3,378,575 
 15,883   *  Intrepid Potash, Inc   773,661 
 24,013      Kaiser Aluminum Corp   2,332,623 
 32,455   *  Koppers Holdings, Inc   1,138,846 
229

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 47,217   *  Kraton Corp  $2,155,456 
 34,864      Kronos Worldwide, Inc   454,278 
 247,125   *  Livent Corp   6,973,868 
 135,131   *  Marrone Bio Innovations, Inc   118,388 
 31,080      Materion Corp   2,243,354 
 50,979      Minerals Technologies, Inc   3,616,450 
 110,996   *,e  MP Materials Corp   3,757,215 
 56,548      Myers Industries, Inc   1,163,758 
 27,233      Neenah Inc   1,376,356 
 363,569   *  Novagold Resources Inc   2,657,689 
 240,333   *  O-I Glass, Inc   3,136,346 
 14,674      Olympic Steel, Inc   395,758 
 92,302   *  Orion Engineered Carbons SA   1,735,278 
 68,197      Pactiv Evergreen, Inc   948,620 
 41,960   *,e  Perpetua Resources Corp   199,730 
 45,204   *,e  PolyMet Mining Corp   151,433 
 80,405      PQ Group Holdings, Inc   939,130 
 54,045   *  PureCycle Technologies, Inc   723,663 
 20,573      Quaker Chemical Corp   5,057,666 
 59,262   *  Ranpak Holdings Corp   2,042,169 
 102,870   *  Rayonier Advanced Materials, Inc   738,607 
 25,392      Ryerson Holding Corp   669,333 
 38,193      Schnitzer Steel Industries, Inc (Class A)   2,054,783 
 47,903      Schweitzer-Mauduit International, Inc   1,668,941 
 64,126      Sensient Technologies Corp   6,130,446 
 32,670      Stepan Co   3,921,053 
 181,350   *  Summit Materials, Inc   6,465,128 
 134,684      SunCoke Energy, Inc   972,419 
 71,179   *  TimkenSteel Corp   992,947 
 41,483      Tredegar Corp   500,285 
 59,127      Trinseo plc   3,314,660 
 174,232      Tronox Holdings plc   4,063,090 
 10,160   *  UFP Technologies, Inc   628,802 
 3,243      United States Lime & Minerals, Inc   400,446 
 3,773   e  Valhi, Inc   87,383 
 41,854      Verso Corp   924,136 
 78,286      Warrior Met Coal, Inc   1,876,515 
 51,223      Worthington Industries, Inc   2,782,433 
 29,311   *  Zymergen, Inc   310,697 
        TOTAL MATERIALS   173,949,913 
              
MEDIA & ENTERTAINMENT - 2.5%
 119,623   *  Advantage Solutions, Inc   1,021,580 
 788,593   *,e  AMC Entertainment Holdings, Inc   27,892,534 
 43,405   *  AMC Networks, Inc   1,727,085 
 27,297   *  Boston Omaha Corp   967,679 
 48,513   *  Cardlytics, Inc   3,816,033 
 143,718   *  Cargurus, Inc   4,820,302 
 100,452   *  Cars.com, Inc   1,307,885 
 11,490   *  Chicken Soup For The Soul Entertainment, Inc   224,629 
 165,142   *  Cinemark Holdings, Inc   3,104,670 
 580,591   *  Clear Channel   1,683,714 
 95,556   *  comScore, Inc   373,624 
 40,743   *,e  CuriosityStream, Inc   406,208 
 2,045   *  Daily Journal Corp   701,885 
 40,887   *  Emerald Holding, Inc   165,592 
230

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 163,326   *  Entercom Communications Corp  $527,543 
 94,998      Entravision Communications Corp (Class A)   757,134 
 151,416   *,e  Eros STX Global Corp   123,783 
 112,426   *  Eventbrite Inc   2,275,502 
 29,594   *  EverQuote Inc   408,101 
 90,575      EW Scripps Co (Class A)   1,684,695 
 66,765   *  Fluent, Inc   158,901 
 199,800   *,e  fuboTV, Inc   5,956,038 
 215,685   *  Gannett Co, Inc   1,250,973 
 130,501      Gray Television, Inc   3,058,943 
 28,671   *  Hemisphere Media Group, Inc   316,815 
 170,549   *  iHeartMedia, Inc   3,305,240 
 78,969   *  Imax Corp   1,488,566 
 27,539   *  Integral Ad Science Holding Corp   676,633 
 65,869      John Wiley & Sons, Inc (Class A)   3,568,124 
 14,316   *  Liberty Braves Group (Class A)   437,640 
 57,216   *  Liberty Braves Group (Class C)   1,700,459 
 118,933   *  Liberty TripAdvisor Holdings, Inc   367,503 
 91,194   *  Lions Gate Entertainment Corp (Class A)   1,180,962 
 180,437   *  Lions Gate Entertainment Corp (Class B)   2,042,547 
 20,321   e  Loral Space & Communications, Inc   1,012,392 
 38,518   *  Madison Square Garden Entertainment Corp   2,714,363 
 200,586   *  Magnite, Inc   5,421,840 
 36,289   *,e  Marcus Corp   673,887 
 32,430   *  MediaAlpha, Inc   568,498 
 60,897   *  Meredith Corp   3,546,641 
 100,839      National CineMedia, Inc   320,668 
 8,849   *  Outbrain, Inc   149,902 
 76,013   *  QuinStreet, Inc   1,064,182 
 40,740      Scholastic Corp   1,474,381 
 70,984      Sinclair Broadcast Group, Inc (Class A)   1,854,812 
 97,864   *  Stagwell, Inc   849,459 
 38,978   *  TechTarget, Inc   3,676,015 
 336,169      TEGNA, Inc   6,609,083 
 10,129   *  Thryv Holdings, Inc   320,785 
 154,083   *  TrueCar, Inc   645,608 
 82,078   *  WideOpenWest, Inc   1,563,586 
 109,200   *  Yelp, Inc   4,218,396 
        TOTAL MEDIA & ENTERTAINMENT   116,184,020 
              
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.7%
 30,731   *  4D Molecular Therapeutics, Inc   738,466 
 16,242   *  89bio, Inc   285,859 
 332,762   *  9 Meters Biopharma, Inc   422,608 
 18,799   *  Absci Corp   275,781 
 183,627   *  Acadia Pharmaceuticals, Inc   3,296,105 
 76,185   *,e  Aclaris Therapeutics, Inc   1,321,810 
 12,922   *  Acumen Pharmaceuticals, Inc   181,554 
 31,079   *  Adagio Therapeutics, Inc   908,750 
 32,748   *  Adicet Bio, Inc   281,633 
 147,359   *  Adverum Biotechnologies, Inc   334,505 
 67,104   *  Aeglea BioTherapeutics, Inc   491,201 
 66,281   *  Aerie Pharmaceuticals, Inc   704,567 
 14,128   *  Aerovate Therapeutics, Inc   225,059 
 182,413   *  Affimed NV   1,240,408 
 308,654   *  Agenus, Inc   1,185,231 
231

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 89,705   *  Agios Pharmaceuticals, Inc  $4,216,135 
 287,425   *  Akebia Therapeutics, Inc   824,910 
 40,255   *  Akero Therapeutics, Inc   865,080 
 39,627   *,e  Akouos, Inc   369,324 
 11,957   *  Akoya Biosciences, Inc   158,430 
 27,735   *  Albireo Pharma, Inc   810,417 
 116,754   *,†  Alder Biopharmaceuticals Inc   102,744 
 75,987   *,e  Aldeyra Therapeutics, Inc   691,482 
 92,478   *  Alector, Inc   2,010,472 
 29,375   *  Aligos Therapeutics, Inc   467,944 
 243,978   *  Alkermes plc   7,390,094 
 53,144   *  Allakos, Inc   5,345,224 
 103,944   *  Allogene Therapeutics, Inc   1,791,995 
 43,763   *  Allovir, Inc   1,050,750 
 9,350   *  Alpha Teknova, Inc   214,956 
 18,186   *,e  Alpine Immune Sciences, Inc   230,053 
 59,451   *  Altimmune, Inc   642,071 
 28,703   *  ALX Oncology Holdings, Inc   1,608,516 
 400,639   *  Amicus Therapeutics, Inc   4,206,709 
 166,225   *  Amneal Pharmaceuticals, Inc   912,575 
 57,253   *  Amphastar Pharmaceuticals, Inc   1,069,486 
 297,805   *,e  Ampio Pharmaceuticals, Inc   464,576 
 30,187   *  AnaptysBio, Inc   993,152 
 97,162   *,e  Anavex Life Sciences Corp   1,820,816 
 31,030   *,e  Angion Biomedica Corp   129,395 
 15,312   *  ANI Pharmaceuticals, Inc   572,363 
 22,317   *  Anika Therapeutics, Inc   929,503 
 48,818   *  Annexon, Inc   796,222 
 270,773   *  Antares Pharma, Inc   1,012,691 
 97,409   *  Apellis Pharmaceuticals, Inc   2,994,353 
 37,824   *  Applied Molecular Transport, Inc   851,796 
 26,954   *  Applied Therapeutics, Inc   395,415 
 82,167   *,e  AquaBounty Technologies, Inc   327,846 
 122,286   *,e  Arbutus Biopharma Corp   492,813 
 32,541   *  Arcturus Therapeutics Holdings, Inc   1,462,718 
 68,964   *  Arcus Biosciences, Inc   2,306,156 
 43,306   *  Arcutis Biotherapeutics, Inc   917,221 
 132,459   *,e  Ardelyx, Inc   160,275 
 93,197   *  Arena Pharmaceuticals, Inc   5,348,576 
 155,870   *  Arrowhead Pharmaceuticals Inc   9,947,623 
 66,240   *  Arvinas, Inc   5,735,059 
 123,720   *  Atara Biotherapeutics, Inc   1,915,186 
 97,749   *  Atea Pharmaceuticals, Inc   1,137,798 
 135,386   *,e  Athenex, Inc   343,880 
 284,745   *,e  Athersys, Inc   333,152 
 50,496   *,e  Athira Pharma, Inc   659,983 
 183,172   *  Atossa Therapeutics, Inc   470,752 
 45,284   *,e  Atreca, Inc   234,571 
 82,899   *  Avalo Therapeutics, Inc   193,984 
 95,425   *  Avid Bioservices, Inc   2,927,639 
 55,922   *  Avidity Biosciences, Inc   1,258,245 
 37,380   *,e  Avita Medical, Inc   615,649 
 57,744   *  Avrobio, Inc   324,521 
 43,503   *,e  Axsome Therapeutics, Inc   1,674,865 
 76,719   *  Beam Therapeutics, Inc   6,810,346 
 75,075   *  Berkeley Lights, Inc   1,745,494 
232

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 35,068   *  Beyondspring Inc  $484,640 
 22,508   *  BioAtla, Inc   657,909 
 269,582   *  BioCryst Pharmaceuticals, Inc   4,024,859 
 145,820   *  BioDelivery Sciences International, Inc   594,946 
 84,868   *  Biohaven Pharmaceutical Holding Co Ltd   12,078,414 
 13,510   *,e  Biomea Fusion, Inc   145,097 
 443,153   *,e  Bionano Genomics, Inc   2,251,217 
 28,575   *  Bioxcel Therapeutics Inc   832,675 
 35,663   *,e  Black Diamond Therapeutics, Inc   273,179 
 105,755   *  Bluebird Bio, Inc   2,475,725 
 88,864   *  Blueprint Medicines Corp   9,996,311 
 33,260   *,e  Bolt Biotherapeutics, Inc   435,373 
 165,772   *  Bridgebio Pharma, Inc   8,185,821 
 44,382   *,e  Brooklyn ImmunoTherapeutics, Inc   378,135 
 57,715   *  C4 Therapeutics, Inc   2,563,700 
 66,066   *  Cara Therapeutics, Inc   1,111,891 
 56,614   *,e  Cardiff Oncology, Inc   332,324 
 76,920   *  CareDx, Inc   3,922,920 
 27,856   *  Caribou Biosciences, Inc   615,896 
 59,859   *,e  Cassava Sciences, Inc   2,581,719 
 158,496   *  Catalyst Pharmaceuticals, Inc   935,126 
 12,481   *,e  Celcuity, Inc   225,906 
 72,240   *  Celldex Therapeutics, Inc   3,073,090 
 57,115   *,e  CEL-SCI Corp   639,688 
 16,231   *  Century Therapeutics, Inc   364,711 
 63,139   *,e  Cerevel Therapeutics Holdings, Inc   2,566,600 
 80,291   *  ChemoCentryx, Inc   2,794,930 
 114,296   *  Chimerix, Inc   598,911 
 49,242   *  Chinook Therapeutics, Inc   528,859 
 73,379   *  ChromaDex Corp   454,216 
 177,795   *,e  Citius Pharmaceuticals, Inc   332,477 
 24,108   *,e  Clene, Inc   130,906 
 187,451   *,e  Clovis Oncology, Inc   811,663 
 9,694   *  Codex DNA, Inc   89,573 
 94,044   *  Codexis, Inc   3,269,910 
 24,584   *  Codiak Biosciences, Inc   354,255 
 58,174   *,e  Cogent Biosciences, Inc   493,316 
 100,420   *  Coherus Biosciences, Inc   1,680,027 
 55,005   *  Collegium Pharmaceutical, Inc   1,079,748 
 147,076   *  Corcept Therapeutics, Inc   2,647,368 
 52,712   *,e  CorMedix Inc   256,180 
 29,914   *,e  Cortexyme Inc   394,865 
 57,109   *  Crinetics Pharmaceuticals, Inc   1,423,727 
 44,155   *  Cue Biopharma, Inc   539,133 
 38,291   *,e  Cullinan Oncology, Inc   850,826 
 135,600   *  Curis, Inc   881,400 
 116,466   *  Cymabay Therapeutics, Inc   454,217 
 10,846   *,e  Cyteir Therapeutics, Inc   194,252 
 22,641   *  Cytek Biosciences, Inc   516,441 
 122,745   *  Cytokinetics, Inc   4,285,028 
 99,515   *  CytomX Therapeutics, Inc   590,124 
 14,792   *,e  Day One Biopharmaceuticals, Inc   361,516 
 61,618   *  Deciphera Pharmaceuticals, Inc   2,057,425 
 138,125   *  Denali Therapeutics, Inc   6,678,344 
 37,117   *,e  DermTech, Inc   1,015,150 
 21,101   *,e  Design Therapeutics, Inc   330,864 
233

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 108,031   *  Dicerna Pharmaceuticals, Inc  $2,248,125 
 354,190   *  Durect Corp   453,363 
 167,799   *  Dynavax Technologies Corp   3,350,946 
 47,019   *  Dyne Therapeutics, Inc   682,246 
 17,397   *  Eagle Pharmaceuticals, Inc   911,081 
 19,318   *  Edgewise Therapeutics, Inc   318,747 
 103,848   *  Editas Medicine, Inc   3,813,299 
 51,589   *  Eiger BioPharmaceuticals, Inc   347,710 
 9,707   *,e  Eliem Therapeutics, Inc   169,096 
 74,441   *  Emergent Biosolutions, Inc   3,548,602 
 30,764   *  Enanta Pharmaceuticals, Inc   2,641,089 
 292,771   *  Endo International plc   1,244,277 
 146,537   *  Epizyme, Inc   615,455 
 28,880   *  Erasca, Inc   571,246 
 43,316   *,e  Esperion Thereapeutics, Inc   387,245 
 47,552   *,e  Evelo Biosciences, Inc   420,835 
 50,502   *  Evolus, Inc   394,926 
 33,078   *  EyePoint Pharmaceuticals, Inc   379,405 
 123,196   *  Fate Therapeutics, Inc   6,627,945 
 125,458   *  FibroGen, Inc   1,395,093 
 11,850   *,e  Finch Therapeutics Group, Inc   158,790 
 70,379   *  Flexion Therapeutics, Inc   651,006 
 120,058   *  Fluidigm Corp   618,299 
 30,625   *,e  Foghorn Therapeutics, Inc   388,631 
 48,857   *  Forma Therapeutics Holdings, Inc   906,786 
 17,664   *,e  Forte Biosciences, Inc   47,869 
 83,395   *,e  Fortress Biotech, Inc   271,868 
 50,086   *,e  Frequency Therapeutics, Inc   314,540 
 39,922   *  Fulcrum Therapeutics, Inc   883,873 
 61,382   *,e  G1 Therapeutics, Inc   889,425 
 34,300   *  Gemini Therapeutics, Inc   130,340 
 67,765   *  Generation Bio Co   1,420,354 
 462,247   *,e  Geron Corp   711,860 
 93,707   *  Global Blood Therapeutics, Inc   3,422,180 
 91,072   *  Gossamer Bio, Inc   1,131,114 
 22,971   *  Graphite Bio, Inc   292,651 
 6,319   *,e  Greenwich Lifesciences, Inc   223,440 
 63,220   *  Gritstone Oncology, Inc   694,788 
 28,093   *  GT Biopharma, Inc   181,481 
 213,871   *  Halozyme Therapeutics, Inc   8,142,069 
 34,998   *,e  Harmony Biosciences Holdings, Inc   1,451,367 
 29,286   *  Harpoon Therapeutics, Inc   183,330 
 60,379   *  Harvard Bioscience, Inc   454,654 
 145,136   *  Heron Therapeutics, Inc   1,597,947 
 65,675   *  Homology Medicines, Inc   376,318 
 27,905   *  Hookipa Pharma, Inc   135,897 
 70,221   *,e  Humanigen, Inc   504,187 
 319,637   *,e  iBio, Inc   249,317 
 19,470   *  Icosavax, Inc   509,335 
 48,776   *  Ideaya Biosciences, Inc   1,045,757 
 11,944   *  IGM Biosciences, Inc   560,412 
 14,195   *  Ikena Oncology, Inc   152,596 
 13,567   *  Imago Biosciences, Inc   361,154 
 11,625   *  Immuneering Corp   315,037 
 24,284   *  Immunic, Inc   226,327 
 104,716   *,e  ImmunityBio, Inc   819,926 
234

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 310,573   *  Immunogen, Inc  $1,872,755 
 57,972   *  Immunovant, Inc   466,095 
 8,430   *,e  Impel Neuropharma, Inc   90,117 
 137,047   *,e  Infinity Pharmaceuticals, Inc   348,099 
 45,018   *  Inhibrx, Inc   1,809,273 
 66,842   *  Innoviva, Inc   1,166,393 
 20,277   *  Inotiv, Inc   981,204 
 327,811   *,e  Inovio Pharmaceuticals, Inc   2,340,571 
 22,528   *  Inozyme Pharma, Inc   210,412 
 177,138   *  Insmed, Inc   5,340,711 
 27,289   *  Instil Bio, Inc   555,877 
 105,506   *  Intellia Therapeutics, Inc   14,030,188 
 41,601   *,e  Intercept Pharmaceuticals, Inc   701,393 
 107,509   *  Intra-Cellular Therapies, Inc   4,630,413 
 304,310   *,e  Invitae Corp   8,064,215 
 221,957   *  Ironwood Pharmaceuticals, Inc   2,834,391 
 31,879   *  iTeos Therapeutics, Inc   852,763 
 157,088   *  IVERIC bio, Inc   2,780,458 
 18,994   *,e  Janux Therapeutics, Inc   462,504 
 51,612   *  Jounce Therapeutics, Inc   453,153 
 265,061   *  Kadmon Holdings, Inc   2,504,826 
 75,701   *,e  Kala Pharmaceuticals, Inc   131,720 
 31,214   *,e  Kaleido Biosciences Inc   134,220 
 30,802   *  KalVista Pharmaceuticals Inc   553,820 
 33,771   *  Karuna Therapeutics, Inc   4,740,773 
 112,820   *,e  Karyopharm Therapeutics, Inc   615,997 
 44,747   *,e  KemPharm, Inc   425,096 
 24,433   *  Keros Therapeutics, Inc   1,019,345 
 48,241   *  Kezar Life Sciences, Inc   385,928 
 43,001   *  Kiniksa Pharmaceuticals Ltd   446,780 
 36,667   *,e  Kinnate Biopharma, Inc   871,575 
 51,000   *  Kodiak Sciences, Inc   5,971,590 
 60,779   *,e  Kronos Bio, Inc   1,000,422 
 28,079   *  Krystal Biotech Inc   1,406,477 
 97,556   *  Kura Oncology, Inc   1,601,870 
 51,741   *  Kymera Therapeutics, Inc   3,046,510 
 4,325   *  Landos Biopharma, Inc   58,215 
 106,290   *  Lexicon Pharmaceuticals, Inc   562,274 
 22,644   *  Ligand Pharmaceuticals, Inc (Class B)   3,304,665 
 189,854   *,e  Lineage Cell Therapeutics, Inc   432,867 
 40,327   *  Lyell Immunopharma, Inc   562,158 
 92,361   *  MacroGenics, Inc   1,803,810 
 17,776   *  Madrigal Pharmaceuticals, Inc   1,382,084 
 42,473   *  Magenta Therapeutics, Inc   271,827 
 366,865   *,e  MannKind Corp   1,727,934 
 57,829   *,e  Marinus Pharmaceuticals, Inc   665,034 
 21,130   *,e  MaxCyte, Inc   237,501 
 44,042   *  Medpace Holdings, Inc   9,977,715 
 173,968   *  MEI Pharma, Inc   490,590 
 46,638   *  MeiraGTx Holdings plc   1,002,717 
 107,823   *  Mersana Therapeutics, Inc   922,965 
 173,926   *  MiMedx Group, Inc   1,191,393 
 559,890   *,e  Mind Medicine MindMed, Inc   1,410,923 
 5,644   *  Mirum Pharmaceuticals, Inc   89,627 
 57,889   *  Molecular Templates, Inc   302,181 
 16,365   *  Monte Rosa Therapeutics, Inc   383,759 
235

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 31,680   *  Morphic Holding, Inc  $1,821,600 
 108,968   *  Mustang Bio, Inc   244,088 
 118,298   *  Myriad Genetics, Inc   3,640,029 
 69,121   *  NanoString Technologies, Inc   3,338,544 
 172,406   *  NeoGenomics, Inc   7,930,676 
 55,602   *  Neoleukin Therapeutics, Inc   407,563 
 25,340   *  NexImmune, Inc   288,369 
 49,333   *  NGM Biopharmaceuticals Inc   911,181 
 22,090   *  Nkarta, Inc   346,371 
 46,520   *  Nurix Therapeutics, Inc   1,556,094 
 15,375   *  Nuvalent, Inc   375,611 
 97,076   *  Nuvation Bio, Inc   890,187 
 281,051   *,e  Ocugen, Inc   3,327,644 
 118,445   *  Ocular Therapeutix, Inc   786,475 
 37,376   *  Olema Pharmaceuticals, Inc   1,009,152 
 9,915   *  Omega Therapeutics, Inc   291,303 
 95,054   *,e  Omeros Corp   595,989 
 94,140   *  Oncocyte Corp   308,779 
 31,978   *,e  Oncorus, Inc   340,885 
 69,291   *  Oncternal Therapeutics, Inc   254,298 
 629,235   *,e  Opko Health, Inc   2,384,801 
 45,104   *  Oramed Pharmaceuticals, Inc   1,055,885 
 59,717   *  Organogenesis Holdings Inc   655,693 
 46,202   *  ORIC Pharmaceuticals, Inc   676,397 
 137,127   *,e  Outlook Therapeutics, Inc   283,853 
 17,396   *,e  Oyster Point Pharma, Inc   204,925 
 295,119   *  Pacific Biosciences of California, Inc   7,814,751 
 66,447   *  Pacira BioSciences Inc   3,473,849 
 70,795   *,e  Paratek Pharmaceuticals, Inc   355,391 
 58,067   *  Passage Bio, Inc   506,344 
 55,744   *  Personalis, Inc   1,093,697 
 29,016   *,e  Phathom Pharmaceuticals, Inc   682,746 
 32,782      Phibro Animal Health Corp   719,237 
 38,810   *,e  Pliant Therapeutics, Inc   618,243 
 41,069   *  PMV Pharmaceuticals, Inc   970,050 
 5,644   *,e  Portage Biotech, Inc   115,138 
 45,032   *  Poseida Therapeutics, Inc   288,655 
 48,161   *  Praxis Precision Medicines, Inc   1,001,749 
 148,497   *,e  Precigen, Inc   717,241 
 74,406   *  Precision BioSciences Inc   706,113 
 15,982   *,e  Prelude Therapeutics, Inc   280,964 
 76,063   *  Prestige Consumer Healthcare, Inc.   4,563,019 
 137,717   *,†  Progenics Pharmaceuticals, Inc   0 
 17,697   *  Prometheus Biosciences, Inc   563,826 
 66,906   *  Protagonist Therapeutics, Inc   2,084,791 
 53,387   *  Prothena Corp plc   2,954,970 
 85,790   *,e  Provention Bio, Inc   537,045 
 106,425   *  PTC Therapeutics, Inc   4,036,700 
 52,255   *  Puma Biotechnology, Inc   266,501 
 47,064   *  Quanterix Corp   2,381,909 
 73,857   *  Radius Health, Inc   1,595,311 
 11,617   *  Rain Therapeutics, Inc   180,993 
 9,270   *  Rallybio Corp   165,470 
 10,806   *  Rapid Micro Biosystems, Inc   220,334 
 31,855   *  RAPT Therapeutics, Inc   1,005,981 
 41,692   *  Reata Pharmaceuticals, Inc   4,002,849 
236

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 41,088   *  Recursion Pharmaceuticals, Inc  $786,835 
 58,181   *  REGENXBIO, Inc   2,061,935 
 91,661   *  Relay Therapeutics, Inc   3,047,728 
 25,154   *  Relmada Therapeutics, Inc   590,364 
 9,875   *,e  Reneo Pharmaceuticals, Inc   64,780 
 44,085   *  Replimune Group, Inc   1,300,948 
 106,913   *  Revance Therapeutics, Inc   1,470,054 
 90,533   *  REVOLUTION Medicines, Inc   2,664,386 
 68,972   *  Rhythm Pharmaceuticals, Inc   793,868 
 267,513   *  Rigel Pharmaceuticals, Inc   898,844 
 62,195   *  Rocket Pharmaceuticals, Inc   1,847,813 
 70,592   *,e  Rubius Therapeutics, Inc   1,003,112 
 129,609   *,e  Sana Biotechnology, Inc   2,688,091 
 184,047   *  Sangamo Therapeutics Inc   1,494,462 
 41,858   *,e  Scholar Rock Holding Corp   1,100,865 
 179,462   *,e  Seelos Therapeutics, Inc   387,638 
 62,439   *,e  Seer, Inc   2,305,248 
 139,854   *  Selecta Biosciences, Inc   502,076 
 29,831   *  Sensei Biotherapeutics, Inc   259,231 
 108,972   *  Seres Therapeutics, Inc   662,550 
 267,664   *,e  Sesen Bio, Inc   323,873 
 41,649   *,e  Shattuck Labs, Inc   803,826 
 77,528   *  SIGA Technologies, Inc   558,977 
 12,499   *,e  Sigilon Therapeutics, Inc   67,370 
 29,778   *  Silverback Therapeutics, Inc   256,984 
 15,128   *  Singular Genomics Systems, Inc   209,523 
 93,352   *  Solid Biosciences, Inc   189,505 
 435,910   *,e  Sorrento Therapeutics, Inc   2,990,343 
 232,146   *  Spectrum Pharmaceuticals, Inc   424,827 
 37,888   *,e  Spero Therapeutics, Inc   665,313 
 44,419   *  SpringWorks Therapeutics, Inc   2,978,738 
 11,422   *,e  Spruce Biosciences, Inc   54,369 
 35,646   *,e  SQZ Biotechnologies Co   477,300 
 29,887   *  Stoke Therapeutics, Inc   682,320 
 35,191   *,e  Summit Therapeutics, Inc   181,586 
 74,927   *  Supernus Pharmaceuticals, Inc   2,236,571 
 52,096   *,e  Surface Oncology, Inc   386,552 
 67,890   *  Sutro Biopharma, Inc   1,368,662 
 70,402   *  Syndax Pharmaceuticals, Inc   1,369,319 
 81,311   *  Syros Pharmaceuticals, Inc   335,814 
 13,944   *  Talaris Therapeutics, Inc   235,514 
 13,199   *  Tarsus Pharmaceuticals, Inc   366,404 
 34,855   *,e  Taysha Gene Therapies, Inc   545,132 
 46,760   *  TCR2 Therapeutics Inc   294,588 
 19,928   *  Tenaya Therapeutics, Inc   512,349 
 14,085   *  Terns Pharmaceuticals, Inc   133,808 
 194,662   *  TG Therapeutics, Inc   6,077,348 
 545,400   *,e  TherapeuticsMD, Inc   397,051 
 83,472   *  Theravance Biopharma, Inc   648,577 
 511,493   *,e  Tonix Pharmaceuticals Holding Corp   282,344 
 89,432   *  Travere Therapeutics, Inc   2,576,536 
 256,044   *,e  Trevena, Inc   258,604 
 149,896   *  Trillium Therapeutics, Inc   2,714,617 
 69,976   *  Turning Point Therapeutics Inc   2,909,602 
 71,705   *  Twist Bioscience Corp   8,518,554 
 32,317   *,e  UroGen Pharma Ltd   555,852 
237

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 85,753   *  Vanda Pharmaceuticals, Inc  $1,468,091 
 196,134   *,e  Vaxart Inc   1,316,059 
 62,235   *,e  Vaxcyte, Inc   1,456,299 
 291,530   *,e  VBI Vaccines, Inc   845,437 
 5,198   *  Vera Therapeutics, Inc   100,581 
 102,555   *  Veracyte, Inc   4,910,333 
 253,070   *  Verastem, Inc   657,982 
 70,785   *  Vericel Corp   3,257,526 
 20,030   *,e  Verrica Pharmaceuticals, Inc   252,178 
 23,293   *  Verve Therapeutics, Inc   1,080,562 
 106,890   *,e  Viking Therapeutics, Inc   622,100 
 18,509   *  Vincerx Pharma, Inc   258,571 
 93,713   *  Vir Biotechnology, Inc   3,535,791 
 56,762   *  Viracta Therapeutics, Inc   333,761 
 299,543   *  VistaGen Therapeutics, Inc   685,953 
 27,224   *  Vor BioPharma, Inc   428,234 
 53,722   *  WaVe Life Sciences Ltd   246,584 
 11,851   *  Werewolf Therapeutics, Inc   185,705 
 22,872      XBiotech, Inc   335,304 
 85,350   *  Xencor, Inc   3,376,446 
 9,763   *,e  XOMA Corp   244,075 
 54,718   *  Y-mAbs Therapeutics, Inc   1,343,874 
 55,665   *  Zentalis Pharmaceuticals, Inc   4,477,693 
 339,984   *,e  ZIOPHARM Oncology, Inc   509,976 
 87,809   *  Zogenix, Inc   1,346,112 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   546,219,856 
              
REAL ESTATE - 7.0%
 132,726      Acadia Realty Trust   2,837,682 
 104,681      Agree Realty Corp   7,438,632 
 110,825      Alexander & Baldwin, Inc   2,718,537 
 3,471      Alexander’s, Inc   967,645 
 76,550      American Assets Trust, Inc   2,895,887 
 165,230      American Finance Trust, Inc   1,368,104 
 233,254      Apartment Investment and Management Co   1,768,065 
 322,988      Apple Hospitality REIT, Inc   5,074,142 
 90,404      Armada Hoffler Properties, Inc   1,239,439 
 25,315   *  Ashford Hospitality Trust, Inc   357,701 
 69,668   *  BraeMar Hotels & Resorts, Inc   353,913 
 260,387      Brandywine Realty Trust   3,450,128 
 236,621      Broadstone Net Lease, Inc   6,291,752 
 20,804      Brt Realty Trust   414,000 
 146,896      CareTrust REIT, Inc   3,048,092 
 74,012      CatchMark Timber Trust, Inc   633,543 
 20,596      Centerspace   2,085,139 
 74,176   *  Chatham Lodging Trust   941,293 
 68,862      City Office REIT, Inc   1,306,312 
 13,671      Clipper Realty, Inc   117,297 
 175,017      Columbia Property Trust, Inc   3,355,076 
 36,052      Community Healthcare Trust, Inc   1,724,728 
 61,306   *  CorePoint Lodging, Inc   1,056,915 
 172,468      Corporate Office Properties Trust   4,677,332 
 9,468      CTO Realty Growth, Inc   507,580 
 211,671   *  Cushman & Wakefield plc   3,892,630 
 322,701   *  DiamondRock Hospitality Co   2,917,217 
 734,011   *  DigitalBridge Group, Inc   4,917,874 
238

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 371,648      Diversified Healthcare Trust  $1,352,799 
 126,316      Easterly Government Properties, Inc   2,656,425 
 61,040      EastGroup Properties, Inc   12,072,491 
 223,943      Empire State Realty Trust, Inc   2,167,768 
 179,857   *  Equity Commonwealth   4,663,692 
 177,731      Essential Properties Realty Trust, Inc   5,294,607 
 95,374      eXp World Holdings Inc   4,921,298 
 41,487      Farmland Partners, Inc   466,314 
 7,394   *,e  Fathom Holdings, Inc   186,994 
 28,943   *  Forestar Group, Inc   566,415 
 114,488      Four Corners Property Trust, Inc   3,320,152 
 166,358      Franklin Street Properties Corp   748,611 
 10,641   *  FRP Holdings, Inc   608,665 
 177,866      Geo Group, Inc   1,454,944 
 59,418      Getty Realty Corp   1,908,506 
 54,153      Gladstone Commercial Corp   1,183,785 
 39,464      Gladstone Land Corp   873,733 
 88,786      Global Medical REIT, Inc   1,472,072 
 150,398      Global Net Lease, Inc   2,409,376 
 218,508      Healthcare Realty Trust, Inc   7,223,874 
 55,186   *  Hersha Hospitality Trust   492,811 
 159,988      Independence Realty Trust, Inc   3,780,516 
 6,842      Indus Realty Trust, Inc   476,887 
 101,554      Industrial Logistics Properties Trust   2,852,652 
 35,978      Innovative Industrial Properties, Inc   9,465,452 
 105,934      iStar Inc   2,673,774 
 183,347      Kennedy-Wilson Holdings, Inc   4,101,472 
 331,123      Kite Realty Group Trust   6,721,799 
 416,854      Lexington Realty Trust   6,073,563 
 60,966      LTC Properties, Inc   1,942,377 
 329,168      Macerich Co   5,954,649 
 131,699   *  Mack-Cali Realty Corp   2,395,605 
 37,487   *  Marcus & Millichap, Inc   1,765,638 
 146,271      Monmouth Real Estate Investment Corp (Class A)   2,757,208 
 66,592      National Health Investors, Inc   3,581,318 
 122,714      National Storage Affiliates Trust   7,664,716 
 62,143      NETSTREIT Corp   1,506,346 
 225,180      Newmark Group, Inc   3,350,678 
 33,400      NexPoint Residential Trust, Inc   2,365,388 
 74,983      Office Properties Income Trust   1,921,064 
 22,536      One Liberty Properties, Inc   704,475 
 221,472      Outfront Media, Inc   5,512,438 
 292,356      Paramount Group, Inc   2,479,179 
 203,767      Pebblebrook Hotel Trust   4,576,607 
 27,169      Phillips Edison & Co, Inc   818,874 
 328,318      Physicians Realty Trust   6,241,325 
 190,692      Piedmont Office Realty Trust, Inc   3,386,690 
 45,847      Plymouth Industrial REIT, Inc   1,171,849 
 18,870      Postal Realty Trust, Inc   366,644 
 100,139      PotlatchDeltic Corp   5,234,266 
 78,472      Preferred Apartment Communities, Inc   989,532 
 30,643      PS Business Parks, Inc   5,445,261 
 15,257   *,e  Rafael Holdings, Inc   115,343 
 28,655      Re/Max Holdings, Inc   911,516 
 174,775   *  Realogy Holdings Corp   3,027,103 
 154,555   *,e  Redfin Corp   7,934,854 
239

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 182,095      Retail Opportunities Investment Corp  $3,235,828 
 26,626      Retail Value, Inc   166,679 
 261,086      RLJ Lodging Trust   3,764,860 
 24,169      RMR Group, Inc   840,840 
 126,262      RPT Realty   1,678,022 
 81,670   *  Ryman Hospitality Properties   6,986,052 
 338,140      Sabra Healthcare REIT, Inc   4,784,681 
 28,343      Safehold, Inc   2,117,222 
 19,029      Saul Centers, Inc   882,946 
 58,305   *  Seritage Growth Properties   897,897 
 250,826      Service Properties Trust   2,701,396 
 264,293      SITE Centers Corp   4,199,616 
 50,918      St. Joe Co   2,394,164 
 248,074      STAG Industrial, Inc   10,798,661 
 163,286   *  Summit Hotel Properties, Inc   1,632,860 
 332,317   *  Sunstone Hotel Investors, Inc   4,100,792 
 155,344      Tanger Factory Outlet Centers, Inc   2,609,779 
 32,629   *  Tejon Ranch Co   594,174 
 106,230      Terreno Realty Corp   7,768,600 
 63,319      UMH Properties, Inc   1,515,857 
 299,351      Uniti Group, Inc   4,283,713 
 20,674      Universal Health Realty Income Trust   1,177,798 
 177,373      Urban Edge Properties   3,109,349 
 45,289      Urstadt Biddle Properties, Inc (Class A)   889,476 
 129,248      Washington REIT   3,276,437 
 62,723      Whitestone REIT   575,797 
 174,259   *  Xenia Hotels & Resorts, Inc   3,101,810 
        TOTAL REAL ESTATE   324,754,351 
              
RETAILING - 3.5%
 41,735   *  1-800-FLOWERS.COM, Inc (Class A)   1,340,528 
 8,664   *  1stdibs.com, Inc   148,501 
 49,523      Aaron’s Co, Inc   1,158,343 
 93,476   *  Abercrombie & Fitch Co (Class A)   3,696,041 
 117,872   *  Academy Sports & Outdoors, Inc   5,042,564 
 231,428   e  American Eagle Outfitters, Inc   5,494,101 
 8,941   *  America’s Car-Mart, Inc   1,068,360 
 180,316   *  Arko Corp   1,729,230 
 29,426   *  Asbury Automotive Group, Inc   5,758,962 
 60,171   *  Barnes & Noble Education, Inc   624,575 
 159,782   *  Bed Bath & Beyond, Inc   2,243,339 
 32,596   e  Big 5 Sporting Goods Corp   788,171 
 52,063      Big Lots, Inc   2,303,788 
 44,995   *  Boot Barn Holdings, Inc   4,701,528 
 44,395      Buckle, Inc   1,847,720 
 53,668      Caleres, Inc   1,237,584 
 64,867      Camping World Holdings, Inc   2,416,296 
 101,579   *,e  CarLotz, Inc   365,684 
 74,186   *  CarParts.com, Inc   1,129,853 
 32,567      Cato Corp (Class A)   574,156 
 175,489   *  Chico’s FAS, Inc   958,170 
 20,938   *  Children’s Place, Inc   1,735,551 
 13,956   *  Citi Trends, Inc   1,079,636 
 27,958   *  Conn’s, Inc   622,625 
 51,268   *  Container Store Group, Inc   567,024 
 94,137   *  Designer Brands, Inc   1,273,674 
240

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 9,145      Dillard’s, Inc (Class A)  $2,113,775 
 20,914   *  Duluth Holdings, Inc   299,698 
 45,422      Franchise Group, Inc   1,671,530 
 39,470   *  Funko, Inc   646,913 
 22,946   *  Genesco, Inc   1,390,298 
 16,658   *  Greenlane Holdings Inc   28,485 
 26,682      Group 1 Automotive, Inc   4,797,424 
 37,865   *  Groupon, Inc   803,495 
 82,304   *,e  GrowGeneration Corp   1,734,968 
 63,039      Guess?, Inc   1,305,538 
 26,579      Haverty Furniture Cos, Inc   762,817 
 24,503      Hibbett Sports, Inc   1,897,512 
 18,169   e  JOANN, Inc   185,687 
 21,941   *,e  Kirkland’s, Inc   493,234 
 22,463   *  Lands’ End, Inc   590,328 
 11,502   *  Lazydays Holdings, Inc   242,577 
 43,519   *  Liquidity Services, Inc   960,900 
 41,895   *  Lumber Liquidators, Inc   757,462 
 476,832      Macy’s, Inc   12,621,743 
 32,019   *  MarineMax, Inc   1,658,264 
 50,597      Monro Muffler, Inc   3,124,871 
 36,729      Murphy USA, Inc   5,984,991 
 123,831   *  National Vision Holdings, Inc   7,632,943 
 72,312   *  ODP Corp   3,131,110 
 14,176      OneWater Marine, Inc   628,564 
 66,305   *  Overstock.com, Inc   6,314,225 
 178,198   *  Party City Holdco, Inc   1,295,499 
 30,325   e  PetMed Express, Inc   862,140 
 115,515   *  Porch Group, Inc   2,429,280 
 140,502   *  Quotient Technology, Inc   904,833 
 123,121   *  RealReal, Inc   1,604,267 
 100,104      Rent-A-Center, Inc   5,331,539 
 54,660   *  Revolve Group, Inc   4,101,686 
 171,413   *  Sally Beauty Holdings, Inc   2,615,762 
 97,181   *,e  Shift Technologies, Inc   663,746 
 27,650      Shoe Carnival, Inc   936,505 
 35,597      Shutterstock, Inc   4,312,577 
 79,166      Signet Jewelers Ltd   7,060,024 
 35,187   *  Sleep Number Corp   3,108,420 
 34,273   e  Sonic Automotive, Inc (Class A)   1,694,114 
 69,590   *  Sportsman’s Warehouse Holdings, Inc   1,201,123 
 89,949   *  Stitch Fix Inc   3,112,235 
 30,347      Tilly’s, Inc   421,216 
 23,476   *  Torrid Holdings, Inc   353,079 
 17,481   *  TravelCenters of America, Inc   942,401 
 104,412   *  Urban Outfitters, Inc   3,333,875 
 5,524      Winmark Corp   1,286,098 
 11,502   *,e  Xometry, Inc   621,108 
 33,574   *  Zumiez, Inc   1,366,462 
        TOTAL RETAILING   161,243,345 
              
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
 32,313   *  Alpha & Omega Semiconductor Ltd   1,119,645 
 54,039   *  Ambarella, Inc   10,042,067 
 158,897      Amkor Technology, Inc   3,483,022 
 31,788   *,e  Atomera, Inc   686,939 
241

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 50,664   *  Axcelis Technologies, Inc  $2,782,974 
 62,521   *  AXT, Inc   510,797 
 35,467   *  Ceva, Inc   1,617,650 
 16   *,†  China Energy Savings Technology, Inc   0 
 44,365      CMC Materials, Inc   5,695,135 
 76,376   *  Cohu, Inc   2,447,087 
 66,041   *  Diodes, Inc   6,345,880 
 35,872   *  DSP Group, Inc   788,108 
 118,384   *  Formfactor, Inc   4,709,316 
 40,413   *  Ichor Holdings Ltd   1,766,856 
 27,632   *  Impinj, Inc   1,926,503 
 121,511   *,e  Kopin Corp   636,718 
 93,029      Kulicke & Soffa Industries, Inc   5,302,653 
 207,249   *  Lattice Semiconductor Corp   14,391,371 
 73,878   *  MACOM Technology Solutions Holdings, Inc   5,158,162 
 109,527   *  MaxLinear, Inc   6,900,201 
 330,175   *,e  Meta Materials, Inc   1,551,822 
 74,117   *  Nanometrics, Inc   5,870,808 
 78,972   *  NeoPhotonics Corp Ltd   799,197 
 7,462      NVE Corp   507,192 
 48,516   *  PDF Solutions, Inc   1,141,581 
 91,891   *  Photronics, Inc   1,193,664 
 92,867      Power Integrations, Inc   9,584,803 
 164,408   *  Rambus, Inc   3,825,774 
 98,011   *  Semtech Corp   8,333,875 
 67,312   *  Silicon Laboratories, Inc   12,705,813 
 19,796   *  SiTime Corp   5,243,762 
 12,309   *,e  SkyWater Technology, Inc   421,460 
 27,619   *  SMART Global Holdings, Inc   1,476,512 
 121,679   *,e  SunPower Corp   4,095,715 
 54,275   *  Synaptics, Inc   10,560,287 
 68,113   *  Ultra Clean Holdings   3,376,361 
 72,694   *  Veeco Instruments, Inc   1,765,737 
        TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT   148,765,447 
              
SOFTWARE & SERVICES - 8.0%
 166,685   *  8x8, Inc   3,777,082 
 88,162   *  A10 Networks, Inc   1,647,748 
 179,624   *  ACI Worldwide, Inc   5,510,864 
 30,967   *  Agilysys, Inc   1,477,745 
 71,960   *  Alarm.com Holdings, Inc   6,063,350 
 10,902   *  Alkami Technology, Inc   327,060 
 71,573   *,e  Altair Engineering, Inc   5,567,664 
 48,391      American Software, Inc (Class A)   1,399,952 
 28,733   *  Appfolio, Inc   3,783,849 
 59,835   *,e  Appian Corp   5,948,197 
 112,307   *  Asana, Inc   15,251,291 
 125,758   *  Avaya Holdings Corp   2,341,614 
 39,105   *  Benefitfocus, Inc   428,591 
 72,956   *  BigCommerce Holdings, Inc   3,371,297 
 74,009   *  Blackbaud, Inc   5,255,379 
 81,654   *  Blackline, Inc   10,359,443 
 68,058   *  Bottomline Technologies, Inc   3,151,085 
 217,476   *  Box, Inc   5,617,405 
 65,364   *  Brightcove, Inc   648,411 
 92,706   *,e  BTRS Holdings, Inc   796,345 
242

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 91,238   *  Cantaloupe, Inc  $1,140,475 
 22,628      Cass Information Systems, Inc   927,522 
 57,516   *  Cerence Inc   6,046,657 
 45,049   *  ChannelAdvisor Corp   1,149,200 
 51,257   *,e  Cleanspark, Inc   1,038,467 
 70,015   *  Commvault Systems, Inc   4,305,923 
 249,397   *  Conduent, Inc   1,683,430 
 13,346   *  Couchbase, Inc   538,111 
 21,189   *  CS Disco, Inc   1,215,189 
 49,091      CSG Systems International, Inc   2,457,005 
 19,558   *,e  Digimarc Corp   988,266 
 138,708   *  Digital Turbine, Inc   11,937,210 
 75,607   *  DigitalOcean Holdings, Inc   7,378,487 
 41,771   *  Domo, Inc   3,690,468 
 250,899   *  E2open Parent Holdings, Inc   3,136,238 
 42,919      Ebix, Inc   1,408,172 
 32,005   *  eGain Corp   330,292 
 83,124   *  Envestnet, Inc   6,940,854 
 25,755   *  EverCommerce, Inc   532,613 
 92,501      EVERTEC, Inc   4,181,970 
 68,767   *  Evo Payments, Inc   1,490,869 
 50,406   *  ExlService Holdings, Inc   6,181,288 
 19,205   *  Flywire Corp   911,085 
 27,194   *,e  GreenBox POS   220,815 
 112,363   *  GreenSky, Inc   1,375,323 
 62,336   *  Grid Dynamics Holdings, Inc   1,792,160 
 50,398   *  GTY Technology Holdings Inc   383,025 
 34,938      Hackett Group, Inc   738,589 
 32,351   *  I3 Verticals, Inc   724,339 
 8,594   *  IBEX Ltd   139,652 
 20,251   *  Instructure Holdings, Inc   510,730 
 13,105   *  Intapp, Inc   353,835 
 12,668   *,e  Intelligent Systems Corp   536,236 
 47,154      InterDigital, Inc   3,156,960 
 46,797   *  International Money Express Inc   783,382 
 80,804   *  JFrog Ltd   2,641,483 
 22,846   *  Kaltura, Inc   215,666 
 200,881   *,e  Limelight Networks, Inc   598,625 
 98,726   *  Liveperson, Inc   5,085,376 
 100,504   *  LiveRamp Holdings, Inc   5,377,969 
 144,887   *,e  Marathon Digital Holdings, Inc   7,568,897 
 93,509      MAXIMUS, Inc   7,908,056 
 16,864   *  MeridianLink, Inc   407,266 
 11,921   *,e  MicroStrategy, Inc (Class A)   8,524,230 
 92,099   *  Mimecast Ltd   6,947,949 
 67,603   *  Mitek Systems, Inc   1,272,964 
 54,450   *  Model N, Inc   1,764,725 
 133,745   *  MoneyGram International, Inc   798,458 
 39,105   *  ON24, Inc   748,079 
 53,118   *  OneSpan, Inc   1,084,670 
 123,042   *  Pagerduty, Inc   5,137,004 
 128,729   *  Paya Holdings, Inc   1,172,721 
 50,135   *  Perficient, Inc   6,196,686 
 77,453   *  Ping Identity Holding Corp   2,194,243 
 9,815   *,e  Priority Technology Holdings Inc   51,823 
 67,339      Progress Software Corp   3,461,898 
243

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 61,277   *  PROS Holdings, Inc  $1,838,310 
 83,489   *  Q2 Holdings, Inc   6,550,547 
 19,010      QAD, Inc (Class A)   1,666,036 
 51,971   *  Qualys, Inc   6,469,350 
 84,205   *,e  Rackspace Technology, Inc   1,119,084 
 84,657   *  Rapid7, Inc   10,899,589 
 49,132   *,e  Rekor Systems, Inc   668,195 
 131,001   *  Repay Holdings Corp   2,752,331 
 68,658   *  Rimini Street, Inc   714,730 
 130,723   *,e  Riot Blockchain, Inc   3,558,280 
 139,632   *  SailPoint Technologies Holding, Inc   6,699,543 
 48,433      Sapiens International Corp NV   1,691,765 
 13,501   *  SecureWorks Corp   248,688 
 11,953   *  ShotSpotter, Inc   465,091 
 69,634   *  Smith Micro Software, Inc   396,914 
 68,010   *  Sprout Social, Inc   8,683,517 
 54,927   *  SPS Commerce, Inc   8,389,001 
 26,354   *  StarTek, Inc   144,947 
 127,745   *  Sumo Logic, Inc   2,206,156 
 198,046   *  SVMK, Inc   4,539,214 
 59,340   *  Telos Corp   1,537,499 
 138,277   *  Tenable Holdings, Inc   7,363,250 
 29,129      TTEC Holdings, Inc   2,749,486 
 15,124   *  Tucows, Inc   1,244,705 
 100,269   *  Unisys Corp   2,563,878 
 43,779   *  Upland Software, Inc   1,460,905 
 161,113   *  Varonis Systems, Inc   10,430,456 
 98,683   *  Verint Systems, Inc   4,598,628 
 43,760   *  Veritone, Inc   1,308,862 
 205,283   *  Verra Mobility Corp   3,054,611 
 17,360   *  Viant Technology, Inc   203,980 
 106,522   *,e  VirnetX Holding Corp   410,110 
 369,303   *  Vonage Holdings Corp   5,953,164 
 65,211   *  Workiva, Inc   9,752,305 
 165,520      Xperi Holding Corp   2,966,118 
 173,918   *  Yext, Inc   2,189,628 
 66,134   *  Ziff Davis Inc   8,483,008 
 83,776   *  Zix Corp   709,583 
 169,019   *  Zuora Inc   3,694,755 
        TOTAL SOFTWARE & SERVICES   372,584,216 
              
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
 185,413   *  3D Systems Corp   5,221,230 
 18,622   *  908 Devices, Inc   612,664 
 70,879      Adtran, Inc   1,309,844 
 58,475      Advanced Energy Industries, Inc   5,369,174 
 128,229   *,e  Aeva Technologies, Inc   995,057 
 68,063   *,e  Akoustis Technologies, Inc   511,834 
 132,835   *  Arlo Technologies, Inc   916,561 
 15,093   *  Aviat Networks, Inc   431,660 
 57,804   *  Avid Technology, Inc   1,655,506 
 44,407      Badger Meter, Inc   4,540,616 
 67,325      Belden CDT, Inc   4,053,638 
 56,044      Benchmark Electronics, Inc   1,306,386 
 55,850   *  CalAmp Corp   537,277 
 83,796   *  Calix, Inc   5,244,792 
244

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 15,390   *  Cambium Networks Corp  $434,306 
 50,054   *  Casa Systems, Inc   316,842 
 17,455   *  Clearfield, Inc   986,033 
 40,917      Comtech Telecommunications Corp   882,580 
 42,108   *,e  Corsair Gaming, Inc   1,029,541 
 49,988      CTS Corp   1,780,572 
 55,737   *  Daktronics, Inc   309,340 
 112,680   *  Diebold, Inc   1,014,120 
 48,605   *  Digi International, Inc   1,047,438 
 26,323   *  DZS, Inc   286,921 
 70,250   *,e  Eastman Kodak Co   476,997 
 60,355   *  EchoStar Corp (Class A)   1,415,928 
 57,187   *  EMCORE Corp   427,759 
 20,295   *  ePlus, Inc   2,244,018 
 183,229   *  Extreme Networks, Inc   1,801,141 
 56,200   *  Fabrinet   5,395,200 
 27,761   *  FARO Technologies, Inc   2,042,377 
 139,832   *  Harmonic, Inc   1,268,276 
 32,348   *,e  Identiv, Inc   619,788 
 158,686   *  II-VI, Inc   9,602,090 
 278,606   *  Infinera Corp   2,114,619 
 130,514   *,e  Inseego Corp   809,187 
 52,370   *  Insight Enterprises, Inc   4,959,439 
 60,654   *  Iteris, Inc   325,105 
 68,950   *  Itron, Inc   5,362,241 
 36,276   *  Kimball Electronics, Inc   1,042,935 
 134,763   *  Knowles Corp   2,808,461 
 25,893   *  KVH Industries, Inc   265,662 
 46,474   *  Luna Innovations, Inc   452,657 
 58,146      Methode Electronics, Inc   2,446,202 
 248,269   *,e  Microvision, Inc   1,889,327 
 23,084   *  Napco Security Technologies, Inc   1,107,109 
 47,213   *  Netgear, Inc   1,361,151 
 106,184   *  Netscout Systems, Inc   2,873,339 
 64,894   *  nLight, Inc   1,824,819 
 53,567   *  Novanta, Inc   9,243,521 
 26,527   *  OSI Systems, Inc   2,469,929 
 45,466   *,e  Ouster, Inc   280,071 
 37,135   *,e  PAR Technology Corp   2,332,821 
 18,805      PC Connection, Inc   865,970 
 62,808   *  Plantronics, Inc   1,680,742 
 42,487   *  Plexus Corp   3,709,965 
 87,460   *  Quantum Corp   499,397 
 111,945   *  Ribbon Communications, Inc   612,339 
 28,878   *  Rogers Corp   5,807,943 
 97,160   *  Sanmina Corp   3,667,790 
 37,262   *  Scansource, Inc   1,333,234 
 65,692   *  Super Micro Computer, Inc   2,324,840 
 158,266   *  TTM Technologies, Inc   2,095,442 
 23,429   *  Turtle Beach Corp   673,818 
 110,692   *,e  Velodyne Lidar, Inc   675,221 
 346,114   *  Viavi Solutions, Inc   5,330,156 
 201,248      Vishay Intertechnology, Inc   3,867,987 
 19,462   *  Vishay Precision Group, Inc   663,460 
        TOTAL TECHNOLOGY HARDWARE & EQUIPMENT   143,864,405 
245

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
TELECOMMUNICATION SERVICES - 0.7%
 17,451   *  Anterix, Inc  $1,118,609 
 16,039      ATN International, Inc   654,070 
 35,753   *  Bandwidth Inc   3,049,016 
 65,001      Cogent Communications Group, Inc   4,978,426 
 105,124   *  Consolidated Communications Holdings, Inc   777,918 
 987,067   *,e  Globalstar, Inc   1,628,660 
 88,669   *,e  Gogo, Inc   1,441,758 
 29,527   *  IDT Corp (Class B)   1,428,221 
 179,455   *  Iridium Communications, Inc   7,276,900 
 67,135   *  Liberty Latin America Ltd (Class A)   806,963 
 235,587   *  Liberty Latin America Ltd (Class C)   2,834,112 
 34,046   *  Ooma, Inc   786,463 
 85,342   *,e  Radius Global Infrastructure, Inc   1,478,977 
 73,979      Shenandoah Telecom Co   2,044,779 
 153,963      Telephone & Data Systems, Inc   2,885,267 
 23,937   *  US Cellular Corp   731,754 
        TOTAL TELECOMMUNICATION SERVICES   33,921,893 
              
TRANSPORTATION - 1.7%
 89,971   *  Air Transport Services Group, Inc   2,239,378 
 23,351   *  Allegiant Travel Co   4,092,730 
 38,504      ArcBest Corp   3,459,584 
 43,637   *  Atlas Air Worldwide Holdings, Inc   3,539,833 
 74,765   *  Avis Budget Group, Inc   12,957,522 
 86,669      Costamare, Inc   1,162,231 
 19,684   *  Covenant Transportation Group, Inc   559,026 
 58,964   *  Daseke, Inc   557,210 
 13,046   *  Eagle Bulk Shipping, Inc   561,630 
 40,151   *  Echo Global Logistics, Inc   1,936,483 
 41,203      Forward Air Corp   4,143,374 
 56,661   *  Frontier Group Holdings, Inc   886,745 
 50,301      Genco Shipping & Trading Ltd   863,668 
 77,624   *  Hawaiian Holdings, Inc   1,502,024 
 74,705      Heartland Express, Inc   1,219,933 
 50,569   *  Hub Group, Inc (Class A)   3,973,206 
 27,447   *  HyreCar, Inc   186,365 
 87,785      Marten Transport Ltd   1,459,865 
 65,127      Matson, Inc   5,423,777 
 57,795   *  Mesa Air Group, Inc   435,774 
 5,280   *  PAM Transportation Services, Inc   326,410 
 61,458   *  Radiant Logistics, Inc   413,612 
 88,443   *  Safe Bulkers, Inc   394,456 
 40,760   *  Saia, Inc   12,743,206 
 76,069   *  Skywest, Inc   3,273,249 
 150,309   *  Spirit Airlines, Inc   3,284,252 
 39,216   *  Sun Country Airlines Holdings, Inc   1,187,460 
 11,955      Universal Logistics Holdings Inc   252,011 
 37,863   *  US Xpress Enterprises, Inc   286,623 
 95,005      Werner Enterprises, Inc   4,305,627 
 78,828   *  Yellow Corp   689,745 
        TOTAL TRANSPORTATION   78,317,009 
              
UTILITIES - 2.4%
 79,651      Allete, Inc   4,901,723 
 56,443      American States Water Co   5,127,282 
246

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

SHARES      COMPANY  VALUE 
            
 11,287      Artesian Resources Corp  $453,963 
 105,280      Avista Corp   4,191,197 
 95,499      Black Hills Corp   6,339,224 
 81,535      Brookfield Infrastructure Corp   4,944,282 
 32,021   *,e  Cadiz, Inc   194,368 
 80,339      California Water Service Group   4,891,038 
 26,988      Chesapeake Utilities Corp   3,537,317 
 55,544      Clearway Energy, Inc (Class A)   1,832,397 
 124,256      Clearway Energy, Inc (Class C)   4,408,603 
 17,733      Global Water Resources, Inc   335,508 
 56,954      MGE Energy, Inc   4,322,239 
 26,296      Middlesex Water Co   2,895,716 
 146,703      New Jersey Resources Corp   5,546,840 
 45,981      Northwest Natural Holding Co   2,073,283 
 78,463      NorthWestern Corp   4,461,406 
 79,828      ONE Gas, Inc   5,372,424 
 68,804   e  Ormat Technologies, Inc   4,976,593 
 62,986      Otter Tail Corp   3,905,762 
 132,289      PNM Resources, Inc   6,581,378 
 136,927      Portland General Electric Co   6,751,870 
 29,806   *  Pure Cycle Corp   467,656 
 43,247      SJW Corp   2,850,842 
 157,956   e  South Jersey Industries, Inc   3,595,079 
 89,573      Southwest Gas Holdings Inc   6,202,930 
 77,039      Spire, Inc   4,834,968 
 130,739   *  Sunnova Energy International, Inc   5,825,730 
 23,193      Unitil Corp   968,308 
 20,201      Via Renewables, Inc   225,241 
 20,975      York Water Co   1,005,122 
        TOTAL UTILITIES   114,020,289 
              
        TOTAL COMMON STOCKS   4,659,419,512 
        (Cost $3,075,751,224)     
              
RIGHTS / WARRANTS - 0.0%
              
ENERGY - 0.0%
 4,570   e  Nabors Industries Ltd   33,818 
 4,137      Whiting Petroleum Corp   47,162 
 2,068   e  Whiting Petroleum Corp   22,314 
        TOTAL ENERGY   103,294 
              
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   3,089 
 9,351   †  Tobira Therapeutics, Inc   561 
        TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES   3,650 
              
        TOTAL RIGHTS / WARRANTS   106,944 
        (Cost $561)     
247

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

 

PRINCIPAL      ISSUER  RATE  MATURITY DATE  VALUE 
                   
SHORT-TERM INVESTMENTS - 2.8%
                   
TREASURY DEBT - 0.0%
$1,262,000      United States Treasury Bill   0.000%  11/02/21  $1,261,999 
        TOTAL TREASURY DEBT           1,261,999 
                      
SHARES      COMPANY             
                      
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.8%
 
 129,943,316   c  State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030       129,943,316 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   129,943,316 
                      
        TOTAL SHORT-TERM INVESTMENTS           131,205,315 
        (Cost $131,205,315)             
        TOTAL INVESTMENTS - 102.8%           4,790,731,771 
        (Cost $3,206,957,100)             
        OTHER ASSETS & LIABILITIES, NET - (2.8)%           (129,155,636)
        NET ASSETS - 100.0%          $4,661,576,135 
       
     
    Abbreviation(s):
    REIT      Real Estate Investment Trust
     
*   Non-income producing
†   Security is categorized as Level 3 in the fair value hierarchy.
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $251,907,666.
248

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

PRINCIPAL      ISSUER  RATE  MATURITY
DATE		  VALUE 
                  
CORPORATE BONDS - 0.0%     
                    
INDIA - 0.0%                    
INR1,648,737       Britannia Industries Ltd   5.500%   06/03/24  $21,983 
         TOTAL INDIA              21,983  
                           
         TOTAL CORPORATE BONDS              21,983  
         (Cost $22,656)                 
                       
SHARES   COMPANY    
               
COMMON STOCKS - 99.4% 
  
ARGENTINA - 0.0%        
 178,500   *  YPF S.A. (ADR) (Class D)   749,700 
        TOTAL ARGENTINA    749,700  
                          
BRAZIL - 3.8%        
 60,600   *  Adecoagro S.A.   530,856 
 109,200   *  Alpargatas S.A.   747,439 
 3,024,397      AMBEV S.A.   9,104,594 
 288,450   *  Americanas S.A.   1,517,943 
 310,700      Atacadao Distribuicao Comercio e Industria Ltd   916,058 
 3,873,246      B3 SA-Brasil Bolsa Balcao   8,173,635 
 902,926      Banco Bradesco S.A.   2,719,753 
 3,118,731      Banco Bradesco S.A. (Preference)   10,996,624 
 787,500      Banco BTG Pactual S.A. - Unit   3,146,484 
 539,883      Banco do Brasil S.A.   2,726,295 
 224,237      Banco Inter S.A.   1,410,471 
 252,674      Banco Santander Brasil S.A.   1,540,095 
 438,148      BB Seguridade Participacoes S.A.   1,714,924 
 138,022      Bradespar S.A.   1,190,006 
 129,400   *  Braskem S.A.   1,248,649 
 419,605   *  BRF S.A.   1,727,103 
 205,825      Centrais Eletricas Brasileiras S.A.   1,233,754 
 170,592      Centrais Eletricas Brasileiras S.A. (Preference)   1,022,863 
 773,056      Cia de Concessoes Rodoviarias   1,565,617 
 217,458      Cia de Saneamento Basico do Estado de Sao Paulo   1,356,271 
 740,858      Cia Energetica de Minas Gerais   1,690,749 
 372,300      Cia Paranaense de Energia   390,520 
 441,330      Cia Siderurgica Nacional S.A.   1,781,335 
249

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
         
 645,604      Cosan SA Industria e Comercio  $2,263,812 
 149,700      CPFL Energia S.A.   697,864 
 112,500      Energisa S.A.   789,760 
 119,825      Engie Brasil Energia S.A.   826,108 
 569,000      Equatorial Energia S.A.   2,306,730 
 708,475      Gerdau S.A. (Preference)   3,376,799 
 1   *  Getnet Adquirencia e Servicos para Meios de Pagamento S.A.   0 
 738,000   g  Hapvida Participacoes e Investimentos S.A.   1,509,005 
 229,082      Hypermarcas S.A.   1,138,956 
 2,764,132      Investimentos Itau S.A. - PR   5,020,085 
 3,083,253      Itau Unibanco Holding S.A.   12,734,439 
 437,633   *  Klabin S.A.   1,778,819 
 378,806      Localiza Rent A Car   3,040,489 
 552,595      Lojas Renner S.A.   3,155,699 
 1,815,360      Magazine Luiza S.A.   3,477,097 
 557,419   *  Natura & Co Holding S.A.   3,842,021 
 324,799      Notre Dame Intermedica Participacoes S.A.   3,693,540 
 2,478,516      Petroleo Brasileiro S.A.   12,151,483 
 3,146,768      Petroleo Brasileiro S.A. (Preference)   15,193,562 
 708,015      Raia Drogasil S.A.   2,916,714 
 249,400   g  Rede D’Or Sao Luiz S.A.   2,607,215 
 798,427   *  Rumo S.A.   2,262,101 
 478,720   *  Suzano SA   4,175,801 
 372,521      Telefonica Brasil S.A.   3,004,564 
 522,766      TIM S.A.   1,039,270 
 326,900      Totvus S.A.   1,897,524 
 450,960      Ultrapar Participacoes S.A.   1,042,742 
 2,523,759      Vale S.A.   32,022,109 
 845,100   *  Via S   920,898 
 737,827      Vibra Energia S.A.   2,742,764 
 1,080,734      Weg S.A.   7,085,148 
        TOTAL BRAZIL    197,165,156  
              
CHILE - 0.4%        
 26,852,461      Banco de Chile   2,329,339 
 35,980      Banco de Credito e Inversiones   1,211,599 
 38,044,761      Banco Santander Chile S.A.   1,664,897 
 862,945      Cencosud S.A.   1,262,329 
 337,988      Cencosud Shopping S.A.   327,115 
 104,410      Cia Cervecerias Unidas S.A.   874,779 
 4,923,585      Colbun S.A.   339,537 
 746,454      Empresas CMPC S.A.   1,377,292 
 255,389      Empresas COPEC S.A.   2,009,207 
 17,037,926      Enel Chile S.A.   699,202 
 14,887,715      Enersis S.A.   1,694,151 
 486,510      SACI Falabella   1,345,363 
 91,783      Sociedad Quimica y Minera de Chile S.A. (Class B)   4,994,481 
        TOTAL CHILE    20,129,291  
              
CHINA - 33.9%        
 65,000   *  21Vianet Group, Inc (ADR)   1,019,200 
 55,900   *  360 Finance, Inc (ADR)   1,140,919 
 202,200   *  360 Security Technology, Inc   380,382 
 890,500   *,g  3SBio, Inc   814,904 
250

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 20,133   *  51job, Inc (ADR)  $1,199,121 
 474,000      AAC Technologies Holdings, Inc   2,048,730 
 41,900      Addsino Co Ltd   100,621 
 21,582   *  Advanced Micro-Fabrication Equipment, Inc China   527,416 
 38,500      AECC Aero-Engine Control Co Ltd   160,593 
 90,500      AECC Aviation Power Co Ltd   836,228 
 834,000      Agile Property Holdings Ltd   653,808 
 34,300   *  Agora, Inc (ADR)   747,740 
 17,940,064      Agricultural Bank of China Ltd   6,096,163 
 4,432,100      Agricultural Bank of China Ltd (Class A)   2,035,231 
 196,629      Aier Eye Hospital Group Co Ltd   1,487,057 
 356,390   *  Air China Ltd   473,499 
 1,176,000   *  Air China Ltd (H shares)   827,342 
 90,530      Airtac International Group   2,708,835 
 190,000   *,g  Akeso, Inc   1,059,217 
 9,702,220   *  Alibaba Group Holding Ltd   199,503,431 
 2,534,284   *  Alibaba Health Information Technology Ltd   3,173,400 
 362,250   g  A-Living Services Co Ltd   1,202,481 
 2,592,000   *  Aluminum Corp of China Ltd   1,559,840 
 542,300   *  Aluminum Corp of China Ltd (Class A)   521,508 
 22,700      Angel Yeast Co Ltd   197,421 
 791,282      Anhui Conch Cement Co Ltd   3,912,815 
 153,300      Anhui Conch Cement Co Ltd (Class A)   909,382 
 87,200      Anhui Gujing Distillery Co Ltd   1,124,285 
 17,000      Anhui Gujing Distillery Co Ltd (Class A)   604,182 
 15,200      Anhui Honglu Steel Construction Group Co Ltd   100,300 
 17,100      Anhui Kouzi Distillery Co Ltd   161,667 
 694,451      Anta Sports Products Ltd   10,759,629 
 35,100      Apeloa Pharmaceutical Co Ltd   190,520 
 11,000      Asymchem Laboratories Tianjin Co Ltd   684,060 
 24,540      Autobio Diagnostics Co Ltd   209,687 
 47,700      Autohome, Inc (ADR)   1,876,995 
 45,600      Avary Holding Shenzhen Co Ltd   249,463 
 294,858      Avic Capital Co Ltd   179,397 
 90,600      AVIC Electromechanical Systems Co Ltd   214,958 
 1,054,861      AviChina Industry & Technology Co   671,154 
 14,700      AVICOPTER plc   144,497 
 177,589   *  Baidu, Inc (ADR)   28,812,039 
 948,800      Bank of Beijing Co Ltd   656,709 
 155,305      Bank of Chengdu Co Ltd   309,758 
 3,268,600      Bank of China Ltd - A   1,557,074 
 52,238,953      Bank of China Ltd - H   18,487,446 
 2,239,600      Bank of Communications Co Ltd - A   1,581,278 
 6,198,934      Bank of Communications Co Ltd - H   3,687,639 
 195,500      Bank of Hangzhou Co Ltd   436,063 
 595,410      Bank of Jiangsu Co Ltd   585,101 
 422,900      Bank of Nanjing Co Ltd   641,004 
 225,971      Bank of Ningbo Co Ltd   1,347,149 
 612,890      Bank of Shanghai Co Ltd   698,300 
 814,500      Baoshan Iron & Steel Co Ltd   906,564 
 39,064   *  Baozun, Inc (ADR)   675,807 
 155,900      BBMG Corp   68,400 
 29,600   *  BeiGene Ltd (ADR)   10,588,512 
 16,100   *  Beijing BDStar Navigation Co Ltd   99,812 
251

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 1,368,830   *  Beijing Capital International Airport Co Ltd  $890,102 
 132,200      Beijing Dabeinong Technology Group Co Ltd   177,250 
 16,920   *  Beijing E-Hualu Information Technology Co Ltd   76,544 
 67,700      Beijing Enlight Media Co Ltd   99,057 
 393,500      Beijing Enterprises Holdings Ltd   1,512,571 
 2,887,583      Beijing Enterprises Water Group Ltd   1,103,733 
 13,358      Beijing Kingsoft Office Software, Inc   618,821 
 38,900      Beijing Kunlun Tech Co Ltd   113,177 
 49,500      Beijing New Building Materials plc   218,129 
 202,800      Beijing Originwater Technology Co Ltd   220,732 
 2,193      Beijing Roborock Technology Co Ltd   308,424 
 28,420      Beijing Shiji Information Technology Co Ltd   105,165 
 21,000      Beijing Shunxin Agriculture Co Ltd   106,948 
 35,100      Beijing Sinnet Technology Co Ltd   72,451 
 67,320      Beijing Tiantan Biological Products Corp Ltd   303,857 
 10,400      Beijing United Information Technology Co Ltd   182,130 
 16,600      Beijing Wantai Biological Pharmacy Enterprise Co Ltd   573,640 
 93,500      Beijing Yanjing Brewery Co Ltd   97,012 
 6,100      Beijing Yuanliu Hongyuan Electronic Technology Co Ltd   154,859 
 1,265,400      Beijing-Shanghai High Speed Railway Co Ltd   909,878 
 11,900      Betta Pharmaceuticals Co Ltd   147,165 
 16,700      BGI Genomics Co Ltd   232,330 
 106,500   *,e  Bilibili, Inc (ADR)   7,806,450 
 127,300      BOC International China Co Ltd   264,122 
 1,376,500      BOE Technology Group Co Ltd   1,057,540 
 2,074,000      Bosideng International Holdings Ltd   1,607,046 
 1,671,945   *  Brilliance China Automotive Holdings Ltd   553,414 
 36,100   *  Burning Rock Biotech Ltd (ADR)   508,649 
 68,100      BYD Co Ltd   3,328,436 
 506,500      BYD Co Ltd (H shares)   19,372,400 
 428,500   e  BYD Electronic International Co Ltd   1,272,049 
 51,300      By-health Co Ltd   204,211 
 39,900      C&S Paper Co Ltd   106,165 
 150,500      Caitong Securities Co Ltd   241,190 
 52,600   *,e,g  CanSino Biologics, Inc   1,345,224 
 3,037   *  CanSino Biologics, Inc   129,439 
 6,220,000   g  CGN Power Co Ltd   1,674,408 
 15,300      Chacha Food Co Ltd   136,279 
 13,400      Changchun High & New Technology Industry Group, Inc   571,342 
 400,200      Changjiang Securities Co Ltd   452,648 
 5,100      Changzhou Xingyu Automotive Lighting Systems Co Ltd   182,221 
 98,300      Chaozhou Three-Circle Group Co Ltd   614,839 
 55,800   *  Chifeng Jilong Gold Mining Co Ltd   141,786 
 926,000   e  China Aoyuan Group Ltd   365,715 
 96,000      China Baoan Group Co Ltd   314,895 
 1,633,500   g  China Bohai Bank Co Ltd   620,426 
 5,657,000      China Cinda Asset Management Co Ltd   944,413 
 6,146,530      China Citic Bank   2,696,173 
 1,706,000      China Communications Services Corp Ltd   943,110 
 1,015,000      China Conch Venture Holdings Ltd   4,932,236 
 918,600      China Construction Bank Corp - A   851,353 
 62,042,641      China Construction Bank Corp - H   42,225,023 
 171,100      China CSSC Holdings Ltd   601,214 
 377,000   g  China East Education Holdings Ltd   357,672 
252

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 270,700   *  China Eastern Airlines Corp Ltd  $204,199 
 553,000      China Education Group Holdings Ltd   945,263 
 1,415,800      China Everbright Bank Co Ltd - A   761,079 
 2,260,000      China Everbright Bank Co Ltd - H   794,754 
 2,400,888      China Everbright International Ltd   1,649,302 
 660,000      China Everbright Ltd   742,138 
 2,306,000   g  China Feihe Ltd   3,828,638 
 340,646   *  China Fortune Land Development Co Ltd   195,981 
 2,350,245      China Galaxy Securities Co Ltd   1,308,560 
 135,300      China Galaxy Securities Co Ltd (Class A)   208,869 
 1,990,468      China Gas Holdings Ltd   4,968,248 
 86,400      China Great Wall Securities Co Ltd   154,348 
 74,800      China Greatwall Technology Group Co Ltd   157,309 
 1,490,000      China Hongqiao Group Ltd   1,655,466 
 5,955,000   *,†,g  China Huarong Asset Management Co Ltd   7,654 
 2,230,000   *,†  China Huishan Dairy Holdings Co Ltd   2,866 
 1,043,224      China Insurance International Holdings Co Ltd   1,587,464 
 918,206   g  China International Capital Corp Ltd   2,273,265 
 46,100      China International Capital Corp Ltd   346,652 
 72,800      China International Travel Service Corp Ltd   3,049,067 
 2,718,000      China Jinmao Holdings Group Ltd   794,059 
 129,044      China Jushi Co Ltd   385,511 
 716,000      China Lesso Group Holdings Ltd   1,106,698 
 4,985,880      China Life Insurance Co Ltd   8,661,816 
 84,000      China Life Insurance Co Ltd (Class A)   389,671 
 260,200   *,e,g  China Literature Ltd   1,805,391 
 2,205,341      China Longyuan Power Group Corp   5,158,372 
 913,000      China Medical System Holdings Ltd   1,545,909 
 366,000      China Meidong Auto Holdings Ltd   1,890,692 
 2,033,000      China Mengniu Dairy Co Ltd   12,935,090 
 2,515,368      China Merchants Bank Co Ltd   21,079,132 
 773,095      China Merchants Bank Co Ltd (Class A)   6,511,902 
 420,840      China Merchants Energy Shipping Co Ltd   300,898 
 1,092,894      China Merchants Holdings International Co Ltd   1,822,051 
 31,400      China Merchants Property Operation & Service Co Ltd   66,189 
 247,620      China Merchants Securities Co Ltd   664,654 
 379,500      China Merchants Shekou Industrial Zone Holdings Co Ltd   618,954 
 1,832,000      China Minsheng Banking Corp Ltd - A   1,112,668 
 3,837,602   e  China Minsheng Banking Corp Ltd - H   1,521,596 
 2,097,000      China Molybdenum Co Ltd   1,296,371 
 698,100      China Molybdenum Co Ltd (Class A)   655,443 
 2,497,913      China National Building Material Co Ltd   3,130,617 
 256,700      China National Chemical Engineering Co Ltd   420,702 
 73,600      China National Medicines Corp Ltd   350,605 
 493,400   *  China National Nuclear Power Co Ltd   528,790 
 22,800      China National Software & Service Co Ltd   182,776 
 144,400      China Northern Rare Earth Group High-Tech Co Ltd   1,145,263 
 1,694,773      China Oilfield Services Ltd   1,620,824 
 1,977,294      China Overseas Land & Investment Ltd   4,361,032 
 665,000      China Overseas Property Holdings Ltd   597,439 
 256,000      China Pacific Insurance Group Co Ltd - A   1,093,508 
 1,771,800      China Pacific Insurance Group Co Ltd - H   5,417,938 
 3,202,000      China Power International Development Ltd   1,608,650 
 762,000      China Railway Group Ltd - A   624,964 
253

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 2,751,000      China Railway Group Ltd - H  $1,343,850 
 143,819      China Railway Signal & Communication Corp Ltd   110,822 
 934,677      China Resources Beer Holdings Company Ltd   7,717,476 
 1,545,226      China Resources Cement Holdings Ltd   1,299,387 
 598,000      China Resources Gas Group Ltd   3,212,698 
 2,073,555      China Resources Land Ltd   8,056,732 
 381,600   g  China Resources Mixc Lifestyle Services Ltd   2,007,351 
 826,500   g  China Resources Pharmaceutical Group Ltd   397,585 
 1,309,372      China Resources Power Holdings Co   3,388,946 
 19,700      China Resources Sanjiu Medical & Pharmaceutical Co Ltd   74,269 
 257,900      China Shenhua Energy Co Ltd - A   802,844 
 2,376,000      China Shenhua Energy Co Ltd - H   5,109,100 
 46,600      China South Publishing & Media Group Co Ltd   59,635 
 1,028,000   *,e  China Southern Airlines Co Ltd   625,139 
 454,500   *  China Southern Airlines Co Ltd (Class A)   465,787 
 1,571,300      China State Construction Engineering Corp Ltd   1,143,179 
 1,400,000      China State Construction International Holdings Ltd   1,434,396 
 23,716,778   g  China Tower Corp Ltd   3,073,665 
 31,700      China TransInfo Technology Co Ltd   66,246 
 1,144,300      China Vanke Co Ltd   2,673,576 
 384,700      China Vanke Co Ltd (Class A)   1,093,800 
 739,000      China Yangtze Power Co Ltd   2,453,979 
 910,000   g  China Yuhua Education Corp Ltd   414,035 
 579,700      China Zheshang Bank Co Ltd   311,702 
 1,726,000      Chinasoft International Ltd   2,881,953 
 62,800   *  Chindata Group Holdings Ltd (ADR)   625,488 
 18,500   *  Chongqing Brewery Co Ltd   434,002 
 246,820      Chongqing Changan Automobile Co Ltd   754,874 
 26,500      Chongqing Fuling Zhacai Group Co Ltd   144,410 
 1,884,000      Chongqing Rural Commercial Bank   677,709 
 417,700      Chongqing Rural Commercial Bank Co Ltd   249,269 
 58,400      Chongqing Zhifei Biological Products Co Ltd   1,372,939 
 2,192,939      CIFI Holdings Group Co Ltd   1,217,253 
 3,882,738      Citic Pacific Ltd   3,889,709 
 1,473,000      CITIC Securities Co Ltd   3,739,884 
 343,000      CITIC Securities Co Ltd (Class A)   1,386,600 
 89,000      Contemporary Amperex Technology Co Ltd   8,915,311 
 1,414,196      COSCO Pacific Ltd   1,177,157 
 408,100      COSCO SHIPPING Energy Transportation Co Ltd   378,504 
 500,610   *  COSCO SHIPPING Holdings Co Ltd - A   1,292,144 
 2,202,300   *,e  COSCO SHIPPING Holdings Co Ltd - H   3,411,159 
 4,927,416      Country Garden Holdings Co Ltd   4,636,733 
 977,000      Country Garden Services Holdings Co Ltd   7,521,415 
 150,700      CSC Financial Co Ltd   665,585 
 5,741,489      CSPC Pharmaceutical Group Ltd   5,991,242 
 49,456      Da An Gene Co Ltd of Sun Yat-Sen University   148,771 
 38,600   *  Dada Nexus Ltd (ADR)   783,966 
 1,340,500   g  Dali Foods Group Co Ltd   746,014 
 38,700   *  Daqo New Energy Corp (ADR)   3,010,473 
 24,000      DaShenLin Pharmaceutical Group Co Ltd   132,652 
 66,900      DHC Software Co Ltd   72,560 
 199,897   *,e  DiDi Global, Inc (ADR)   1,613,169 
 56,200      Dong-E-E-Jiao Co Ltd   356,203 
 90,400      Dongfang Electric Corp Ltd   256,658 
254

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 1,767,917      Dongfeng Motor Group Co Ltd  $1,646,562 
 231,500      Dongxing Securities Co Ltd   396,493 
 378,624      East Money Information Co Ltd   1,947,077 
 18,900      Ecovacs Robotics Co Ltd   506,740 
 520,200      ENN Energy Holdings Ltd   8,962,254 
 60,900      ENN Natural Gas Co Ltd   175,328 
 70,661      Eve Energy Co Ltd   1,252,517 
 485,000   *  Ever Sunshine Lifestyle Services Group Ltd   865,475 
 123,000      Everbright Securities Co Ltd   292,528 
 142,860      Fangda Carbon New Material Co Ltd   240,089 
 1,007,000      Far East Horizon Ltd   961,636 
 93,400      FAW Jiefang Group Co Ltd   152,253 
 36,800      Fiberhome Telecommunication Technologies Co Ltd   99,025 
 116,500      Financial Street Holdings Co Ltd   106,775 
 178,400      First Capital Securities Co Ltd   190,390 
 55,300      Flat Glass Group Co Ltd   475,520 
 272,000   e  Flat Glass Group Co Ltd   1,458,102 
 552,340      Focus Media Information Technology Co Ltd   632,946 
 137,895      Foshan Haitian Flavouring & Food Co Ltd   2,525,027 
 1,572,952      Fosun International   1,842,898 
 353,400      Founder Securities Co Ltd   450,630 
 228,600      Foxconn Industrial Internet Co Ltd   405,568 
 12,000      Fu Jian Anjoy Foods Co Ltd   379,992 
 68,400      Fujian Sunner Development Co Ltd   240,136 
 65,000      Fuyao Glass Industry Group Co Ltd - A   502,098 
 390,498   g  Fuyao Glass Industry Group Co Ltd - H   2,248,369 
 170,800   g  Ganfeng Lithium Co Ltd   3,200,057 
 41,600      Ganfeng Lithium Co Ltd   1,089,183 
 1,500      G-bits Network Technology Xiamen Co Ltd   80,073 
 286,300   *  GCL System Integration Technology Co Ltd   180,237 
 55,358   *  GDS Holdings Ltd (ADR)   3,288,265 
 3,762,828      Geely Automobile Holdings Ltd   13,059,420 
 268,600      GEM Co Ltd   456,855 
 300,600      Gemdale Corp   476,726 
 740,000   *  Genscript Biotech Corp   3,274,410 
 714,000      GF Securities Co Ltd   1,211,026 
 228,200      GF Securities Co Ltd (Class A)   718,161 
 35,800      Giant Network Group Co Ltd   55,528 
 21,568      Gigadevice Semiconductor Beijing, Inc   571,925 
 136,500      GoerTek, Inc   927,085 
 7,509,968   *,e  GOME Electrical Appliances Holdings Ltd   761,249 
 52,200   *  Gotion High-tech Co Ltd   480,725 
 1,993,266      Great Wall Motor Co Ltd   8,968,789 
 81,000      Great Wall Motor Co Ltd   863,946 
 505,665      Greenland Holdings Corp Ltd   324,844 
 614,000   e  Greentown China Holdings Ltd   845,937 
 993,305      Greentown Service Group Co Ltd   983,297 
 51,700      GRG Banking Equipment Co Ltd   83,619 
 105,100   *,e  GSX Techedu, Inc (ADR)   308,994 
 83,900      Guangdong Haid Group Co Ltd   859,565 
 20,100      Guangdong Hongda Blasting Co Ltd   86,561 
 1,934,000      Guangdong Investments Ltd   2,431,739 
 9,200      Guangdong Kinlong Hardware Products Co Ltd   190,945 
 18,800      Guangdong Xinbao Electrical Appliances Holdings Co Ltd   65,749 
255

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 525,800   *  Guanghui Energy Co Ltd  $542,649 
 1,916,851      Guangzhou Automobile Group Co Ltd - H   1,809,430 
 42,100      Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd   191,370 
 41,100      Guangzhou Haige Communications Group, Inc Co   60,628 
 11,600      Guangzhou Kingmed Diagnostics Group Co Ltd   208,203 
 1,120,400   e  Guangzhou R&F Properties Co Ltd   700,870 
 20,272      Guangzhou Shiyuan Electronic Technology Co Ltd   240,423 
 34,600      Guangzhou Tinci Materials Technology Co Ltd   890,420 
 11,960      Guangzhou Wondfo Biotech Co Ltd   64,815 
 182,450      Guangzhou Yuexiu Financial Holdings Group Co Ltd   220,268 
 122,100      Guolian Securities Co Ltd   232,741 
 134,800      Guosen Securities Co Ltd   240,260 
 221,800      Guotai Junan Securities Co Ltd   607,347 
 339,630      Guoyuan Securities Co Ltd   393,476 
 668,000   e,g  Haidilao International Holding Ltd   1,862,604 
 1,484,200      Haier Smart Home Co Ltd   5,526,705 
 236,500      Haier Smart Home Co Ltd   1,004,935 
 434,000      Haitian International Holdings Ltd   1,264,890 
 1,842,800      Haitong Securities Co Ltd   1,639,394 
 394,700      Haitong Securities Co Ltd (Class A)   761,617 
 37,700   *  Hang Zhou Great Star Industrial Co Ltd   188,781 
 40,740      Hangzhou First Applied Material Co Ltd   914,254 
 32,700      Hangzhou Oxygen Plant Group Co Ltd   132,574 
 19,700      Hangzhou Robam Appliances Co Ltd   96,375 
 46,500      Hangzhou Silan Microelectronics Co Ltd   448,416 
 16,000      Hangzhou Tigermed Consulting Co Ltd - A   425,936 
 78,400   g  Hangzhou Tigermed Consulting Co Ltd - H   1,529,084 
 796,000   g  Hansoh Pharmaceutical Group Co Ltd   1,769,597 
 13,500      Hefei Meiya Optoelectronic Technology, Inc   85,373 
 47,000      Heilongjiang Agriculture Co Ltd   101,070 
 106,064      Hello Group, Inc (ADR)   1,320,497 
 115,100      Henan Shuanghui Investment & Development Co Ltd   530,390 
 418,500      Hengan International Group Co Ltd   2,187,053 
 213,720      Hengli Petrochemical Co Ltd   736,981 
 1,788,000   *,e  HengTen Networks Group Ltd   609,998 
 110,260      Hengyi Petrochemical Co Ltd   188,701 
 768,900      Hesteel Co Ltd   295,459 
 20,000      Hithink RoyalFlush Information Network Co Ltd   352,449 
 18,900      Hongfa Technology Co Ltd   218,683 
 456,110      Hopson Development Holdings Ltd   1,237,684 
 333,051   *,g  Hua Hong Semiconductor Ltd   1,671,337 
 256,113      Huaan Securities Co Ltd   204,614 
 408,000      Huadian Power International Corp Ltd (Class A)   281,168 
 97,400      Huadong Medicine Co Ltd   556,066 
 146,400      Huafon Chemical Co Ltd   272,367 
 28,600      Huagong Tech Co Ltd   128,871 
 57,720      Hualan Biological Engineering, Inc   268,096 
 352,000      Huaneng Power International, Inc - A   424,626 
 2,565,110   e  Huaneng Power International, Inc - H   1,327,595 
 1,015,600   g  Huatai Securities Co Ltd   1,510,310 
 216,000      Huatai Securities Co Ltd (Class A)   535,076 
 135,500      Huaxi Securities Co Ltd   191,502 
 670,100      Huaxia Bank Co Ltd   589,313 
 122,700      Huaxin Cement Co Ltd   320,012 
256

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 121,373      Huayu Automotive Systems Co Ltd  $508,671 
 113,466   *  Huazhu Group Ltd (ADR)   5,260,284 
 88,900      Hubei Biocause Pharmaceutical Co Ltd   45,131 
 13,600      Huizhou Desay Sv Automotive Co Ltd   227,557 
 40,800      Humanwell Healthcare Group Co Ltd   133,973 
 214,500      Hunan Valin Steel Co Ltd   179,016 
 51,305      Hundsun Technologies, Inc   503,726 
 53,229   *  Hutchison China MediTech Ltd (ADR)   1,565,997 
 53,600   *  HUYA, Inc (ADR)   440,592 
 89,700      Iflytek Co Ltd   792,637 
 21,200   *  I-Mab (ADR)   1,309,948 
 6,400      Imeik Technology Development Co Ltd   625,768 
 3,117,400      Industrial & Commercial Bank of China Ltd - A   2,275,955 
 36,675,777      Industrial & Commercial Bank of China Ltd - H   20,104,270 
 771,000      Industrial Bank Co Ltd   2,243,858 
 289,600      Industrial Securities Co Ltd   412,986 
 16,400      Ingenic Semiconductor Co Ltd   352,265 
 1,554,900   *  Inner Mongolia BaoTou Steel Union Co Ltd   683,460 
 343,300      Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd   275,207 
 211,600      Inner Mongolia Yili Industrial Group Co Ltd   1,418,605 
 741,000   *,g  Innovent Biologics, Inc   6,632,210 
 46,000      Inspur Electronic Information Industry Co Ltd   223,281 
 20,400      Intco Medical Technology Co Ltd   163,632 
 184,367   *  IQIYI, Inc (ADR)   1,526,559 
 56,400      JA Solar Technology Co Ltd   804,706 
 30,740      Jafron Biomedical Co Ltd   248,008 
 18,200      Jason Furniture Hangzhou Co Ltd   176,967 
 230,400   *,e,g  JD Health International, Inc   2,022,554 
 556,924   *  JD.com, Inc (ADR)   43,596,011 
 216,000      Jiangsu Changshu Rural Commercial Bank Co Ltd   244,965 
 136,200      Jiangsu Eastern Shenghong Co Ltd   579,094 
 918,000      Jiangsu Express   870,475 
 42,356      Jiangsu Hengli Hydraulic Co Ltd   543,159 
 255,619      Jiangsu Hengrui Medicine Co Ltd   1,963,664 
 33,000      Jiangsu King’s Luck Brewery JSC Ltd   253,882 
 298,992      Jiangsu Shagang Co Ltd   290,119 
 56,900      Jiangsu Yanghe Brewery Joint-Stock Co Ltd   1,650,807 
 8,500      Jiangsu Yangnong Chemical Co Ltd   156,287 
 13,600      Jiangsu Yoke Technology Co Ltd   161,958 
 26,000      Jiangsu Yuyue Medical Equipment & Supply Co Ltd   143,204 
 207,800      Jiangsu Zhongnan Construction Group Co Ltd   124,326 
 302,700      Jiangsu Zhongtian Technology Co Ltd   478,376 
 695,000      Jiangxi Copper Co Ltd   1,213,691 
 100,300      Jiangxi Copper Co Ltd (Class A)   365,446 
 289,400      Jiangxi Zhengbang Technology Co Ltd   452,694 
 135,500      Jilin Aodong Pharmaceutical Group Co Ltd   334,540 
 208,500      Jinke Properties Group Co Ltd   144,686 
 796,000   *,e,g  Jinxin Fertility Group Ltd   1,122,698 
 13,800      JiuGui Liquor Co Ltd   461,791 
 465,000   g  Jiumaojiu International Holdings Ltd   1,164,049 
 49,000      Joincare Pharmaceutical Group Industry Co Ltd   88,230 
 12,440      Joinn Laboratories China Co Ltd   310,411 
 64,500      Jointown Pharmaceutical Group Co Ltd   136,779 
 21,500      Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd   122,620 
257

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 22,400      Joyoung Co Ltd  $81,734 
 36,304      JOYY, Inc (ADR)   1,829,359 
 30,900      Juewei Food Co Ltd   317,585 
 1,408,000   e  Kaisa Group Holdings Ltd   216,305 
 231,700   *  KE Holdings, Inc (ADR)   4,221,574 
 431,381      Kingboard Chemical Holdings Ltd   1,879,874 
 1,669,000   *  Kingdee International Software Group Co Ltd   5,491,638 
 82,300      Kingfa Sci & Tech Co Ltd   150,959 
 36,900   *,e  Kingsoft Cloud Holdings Ltd (ADR)   847,593 
 604,400      Kingsoft Corp Ltd   2,579,001 
 174,000   *,e,g  Kuaishou Technology   2,276,164 
 98,000   *  Kuang-Chi Technologies Co Ltd   313,941 
 49,000      Kweichow Moutai Co Ltd   13,982,580 
 936,929      KWG Group Holdings Ltd   816,734 
 25,600      Lakala Payment Co Ltd   96,402 
 9,940      Laobaixing Pharmacy Chain JSC   67,847 
 833,000      Lee & Man Paper Manufacturing Ltd   626,087 
 4,677,856      Lenovo Group Ltd   5,080,002 
 152,300      Lens Technology Co Ltd   506,743 
 237,100      Leo Group Co Ltd   84,488 
 50,700      Lepu Medical Technology Beijing Co Ltd   168,832 
 229,700      Leyard Optoelectronic Co Ltd   337,662 
 347,440   *  Li Auto, Inc (ADR)   11,336,967 
 1,443,000      Li Ning Co Ltd   15,923,586 
 28,800      Liaoning Cheng Da Co Ltd   91,661 
 216,700   *  Lingyi iTech Guangdong Co   225,821 
 22,100      Livzon Pharmaceutical Group, Inc   121,284 
 830,000      Logan Property Holdings Co Ltd   831,412 
 92,500      Lomon Billions Group Co Ltd   411,203 
 1,169,000   g  Longfor Properties Co Ltd   5,655,527 
 202,560      LONGi Green Energy Technology Co Ltd   3,088,426 
 117,941   *  Lufax Holding Ltd (ADR)   744,208 
 76,400      Luxi Chemical Group Co Ltd   196,047 
 251,953      Luxshare Precision Industry Co Ltd   1,523,680 
 54,700      Luzhou Laojiao Co Ltd   1,951,318 
 15,800      Maccura Biotechnology Co Ltd   68,737 
 66,770      Mango Excellent Media Co Ltd   409,564 
 12,700      Maxscend Microelectronics Co Ltd   613,950 
 216,928   *  Meinian Onehealth Healthcare Holdings Co Ltd   243,967 
 2,579,700   *,g  Meituan Dianping (Class B)   87,783,606 
 704,000      Metallurgical Corp of China Ltd   445,046 
 416,700      Microport Scientific Corp   1,960,464 
 75,700      Ming Yang Smart Energy Group Ltd   366,401 
 245,000   e  Ming Yuan Cloud Group Holdings Ltd   796,373 
 482,000      Minth Group Ltd   1,915,680 
 1,928,000   *,e  MMG Ltd   890,547 
 23,854      Montage Technology Co Ltd   243,080 
 188,584      Muyuan Foodstuff Co Ltd   1,686,317 
 264,500      NanJi E-Commerce Co Ltd   295,782 
 77,380      Nanjing King-Friend Biochemical Pharmaceutical Co Ltd   448,100 
 124,500      Nanjing Securities Co Ltd   188,794 
 249,880      NARI Technology Co Ltd   1,521,500 
 71,035   *  National Silicon Industry Group Co Ltd   314,429 
 20,300      NAURA Technology Group Co Ltd   1,177,464 
258

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 124,400   *  NavInfo Co Ltd   $227,552 
 257,405      NetEase, Inc (ADR)   25,120,154 
 104,200      New China Life Insurance Co Ltd - A   635,955 
 604,200      New China Life insurance Co Ltd - H   1,743,050 
 264,900   *  New Hope Liuhe Co Ltd   595,909 
 1,003,750   *  New Oriental Education & Technology Group (ADR)   2,057,687 
 23,700      Ninestar Corp   135,837 
 105,200      Ningbo Joyson Electronic Corp   292,068 
 31,900      Ningbo Tuopu Group Co Ltd   259,740 
 201,200      Ningxia Baofeng Energy Group Co Ltd   460,615 
 872,734   *  NIO, Inc (ADR)   34,394,447 
 24,152   *  Noah Holdings Ltd (ADR)   1,026,702 
 263,600   g  Nongfu Spring Co Ltd   1,337,130 
 266,500      Northeast Securities Co Ltd   358,792 
 48,900   *  Offcn Education Technology Co Ltd   79,542 
 207,326      Offshore Oil Engineering Co Ltd   150,657 
 132,800      OFILM Group Co Ltd   155,135 
 95,800   *  OneConnect Financial Technology Co Ltd (ADR)   303,686 
 16,240      Oppein Home Group, Inc   323,114 
 231,000      Orient Securities Co Ltd   497,127 
 27,600      Ovctek China, Inc   293,836 
 194,200   *  Pacific Securities Co Ltd   94,624 
 384,500   *  Pangang Group Vanadium Titanium & Resources Co Ltd   240,014 
 5,849,220      People’s Insurance Co Group of China Ltd   1,824,507 
 167,600      People’s Insurance Co Group of China Ltd (Class A)   131,424 
 45,750      Perfect World Co Ltd   124,056 
 24,800      Pharmaron Beijing Co Ltd - A   739,525 
 85,800   g  Pharmaron Beijing Co Ltd - H   1,856,455 
 4,746,306      PICC Property & Casualty Co Ltd   4,418,552 
 280,925   *  Pinduoduo, Inc (ADR)   24,979,851 
 727,900      Ping An Bank Co Ltd   2,217,196 
 310,400   *,e,g  Ping An Healthcare and Technology Co Ltd   1,500,542 
 4,071,526      Ping An Insurance Group Co of China Ltd   29,163,239 
 398,600      Ping An Insurance Group Co of China Ltd (Class A)   3,078,986 
 84,000      Poly Property Development Co Ltd   468,926 
 468,800      Poly Real Estate Group Co Ltd   920,065 
 1,016,000      Postal Savings Bank of China Co Ltd - A   858,355 
 5,134,000   g  Postal Savings Bank of China Co Ltd - H   3,731,357 
 578,500      Power Construction Corp of China Ltd   742,188 
 1,018,000      Powerlong Real Estate Holdings Ltd   697,401 
 5,200      Proya Cosmetics Co Ltd   163,209 
 22,080      Qianhe Condiment and Food Co Ltd   84,894 
 503,400      Qingdao Rural Commercial Bank Corp   300,687 
 13,104      Raytron Technology Co Ltd   148,085 
 352,200      RiseSun Real Estate Development Co Ltd   236,199 
 31,300      Riyue Heavy Industry Co Ltd   191,226 
 417,125   *  RLX Technology, Inc (ADR)   2,027,228 
 365,800      Rongsheng Petro Chemical Co Ltd   985,212 
 297,100      SAIC Motor Corp Ltd   942,844 
 74,800      Sailun Group Co Ltd   156,085 
 176,700      Sanan Optoelectronics Co Ltd   928,342 
 13,000      Sangfor Technologies, Inc   411,209 
 777,000      Sany Heavy Equipment International   884,162 
 318,100      Sany Heavy Industry Co Ltd   1,140,713 
259

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 343,816      SDIC Capital Co Ltd  $440,573 
 371,700      SDIC Power Holdings Co Ltd   612,553 
 368,160      Sealand Securities Co Ltd   222,103 
 1,426,000      Seazen Group Ltd   1,128,077 
 111,100   *  Seazen Holdings Co Ltd   593,539 
 163,300      SF Holding Co Ltd   1,646,654 
 9,050      SG Micro Corp   458,153 
 385,700      Shaanxi Coal Industry Co Ltd   755,847 
 73,690      Shandong Buchang Pharmaceuticals Co Ltd   201,403 
 200,845      Shandong Gold Mining Co Ltd - A   623,245 
 464,750   e,g  Shandong Gold Mining Co Ltd - H   840,250 
 83,700      Shandong Hualu Hengsheng Chemical Co Ltd   407,076 
 44,800      Shandong Linglong Tyre Co Ltd   247,661 
 399,700      Shandong Nanshan Aluminum Co Ltd   270,183 
 18,600      Shandong Pharmaceutical Glass Co Ltd   98,822 
 62,300      Shandong Sun Paper Industry JSC Ltd   111,764 
 1,607,390      Shandong Weigao Group Medical Polymer Co Ltd   2,737,916 
 57,000      Shanghai Bailian Group Co Ltd   122,664 
 21,700      Shanghai Bairun Investment Holding Group Co Ltd   215,667 
 48,300      Shanghai Baosight Software Co Ltd   529,392 
 421,400      Shanghai Construction Group Co Ltd   215,333 
 457,900      Shanghai Electric Group Co Ltd   339,485 
 80,800      Shanghai Fosun Pharmaceutical Group Co Ltd - A   632,755 
 313,985   e  Shanghai Fosun Pharmaceutical Group Co Ltd - H   1,478,003 
 72,400   *  Shanghai International Airport Co Ltd   598,690 
 295,600      Shanghai International Port Group Co Ltd   261,183 
 16,700      Shanghai Jahwa United Co Ltd   124,928 
 56,400      Shanghai Jinjiang International Hotels Development Co Ltd   474,607 
 38,520      Shanghai Lingang Holdings Corp Ltd   88,390 
 807,779      Shanghai Lujiazui Finance & Trade Zone Development Co Ltd   718,116 
 20,600      Shanghai M&G Stationery, Inc   204,182 
 60,400      Shanghai Pharmaceuticals Holding Co Ltd - A   175,975 
 502,741      Shanghai Pharmaceuticals Holding Co Ltd - H   920,130 
 1,012,500      Shanghai Pudong Development Bank Co Ltd   1,414,143 
 27,820      Shanghai Putailai New Energy Technology Co Ltd   773,460 
 186,000      Shanghai RAAS Blood Products Co Ltd   191,697 
 228,100      Shanghai Yuyuan Tourist Mart Group Co Ltd   350,214 
 48,800      Shanghai Zhangjiang High-Tech Park Development Co Ltd   127,080 
 204,600      Shanxi Lu’an Environmental Energy Development Co Ltd   415,230 
 237,700   *  Shanxi Meijin Energy Co Ltd   419,788 
 173,160      Shanxi Securities Co Ltd   169,337 
 281,100      Shanxi Taigang Stainless Steel Co Ltd   338,905 
 48,320      Shanxi Xinghuacun Fen Wine Factory Co Ltd   2,276,273 
 221,270      Shanxi Xishan Coal & Electricity Power Co Ltd   321,260 
 294,700      Shenergy Co Ltd   285,309 
 60,900      Shenghe Resources Holding Co Ltd   193,621 
 55,200      Shengyi Technology Co Ltd   191,907 
 11,760      Shennan Circuits Co Ltd   163,459 
 755,000      Shenwan Hongyuan Group Co Ltd   605,024 
 17,100      Shenzhen Capchem Technology Co Ltd   383,407 
 216,600      Shenzhen Energy Group Co Ltd   276,079 
 21,600      Shenzhen Goodix Technology Co Ltd   345,583 
 30,900      Shenzhen Hepalink Pharmaceutical Group Co Ltd   74,168 
 94,050      Shenzhen Inovance Technology Co Ltd   958,257 
260

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 857,738      Shenzhen International Holdings Ltd  $1,032,645 
 1,772,470      Shenzhen Investment Ltd   434,752 
 45,700      Shenzhen Kaifa Technology Co Ltd   105,697 
 23,700      Shenzhen Kangtai Biological Products Co Ltd   423,759 
 46,000      Shenzhen Mindray Bio-Medical Electronics Co Ltd   2,695,489 
 126,600   *  Shenzhen MTC Co Ltd   97,253 
 392,100      Shenzhen Overseas Chinese Town Co Ltd   383,800 
 50,500   *  Shenzhen Salubris Pharmaceuticals Co Ltd   227,842 
 15,400      Shenzhen SC New Energy Technology Corp   274,373 
 26,400      Shenzhen Sunlord Electronics Co Ltd   136,238 
 23,100      Shenzhen Sunway Communication Co Ltd   85,931 
 530,800      Shenzhou International Group Holdings Ltd   11,435,661 
 59,780      Shijiazhuang Yiling Pharmaceutical Co Ltd   150,164 
 776,500      Shimao Property Holdings Ltd   1,218,081 
 388,000   e,g  Shimao Services Holdings Ltd   731,303 
 365,800      Sichuan Chuantou Energy Co Ltd   748,257 
 132,500      Sichuan Kelun Pharmaceutical Co Ltd   366,488 
 300,600      Sichuan Road & Bridge Co Ltd   564,309 
 21,100      Sichuan Swellfun Co Ltd   416,326 
 51,000      Silergy Corp   8,425,461 
 82,200      Sinolink Securities Co Ltd   137,745 
 70,800      Sinoma Science & Technology Co Ltd   418,308 
 228,783      Sinopec Shanghai Petrochemical Co Ltd (Class A)   139,426 
 860,800      Sinopharm Group Co   2,043,981 
 308,700      Sinotrans Ltd (Class A)   217,723 
 453,745      Sinotruk Hong Kong Ltd   626,293 
 9,660      Skshu Paint Co Ltd   168,253 
 1,164,000   g  Smoore International Holdings Ltd   5,535,025 
 105,560      Songcheng Performance Development Co Ltd   231,047 
 201,120      SooChow Securities Co Ltd   266,359 
 131,200      Southwest Securities Co Ltd   98,644 
 40,939   *  Spring Airlines Co Ltd   374,172 
 5,500      StarPower Semiconductor Ltd   343,788 
 1,217,000   e  Sun Art Retail Group Ltd   713,478 
 1,671,031      Sunac China Holdings Ltd   3,573,541 
 525,000   g  Sunac Services Holdings Ltd   1,059,511 
 57,900      Sungrow Power Supply Co Ltd   1,488,235 
 245,100   *  Suning.com Co Ltd   171,206 
 458,517      Sunny Optical Technology Group Co Ltd   12,303,588 
 78,000      Sunwoda Electronic Co Ltd   600,818 
 33,000      Suofeiya Home Collection Co Ltd   87,020 
 128,000      Suzhou Dongshan Precision Manufacturing Co Ltd   407,152 
 316,900      Suzhou Gold Mantis Construction Decoration Co Ltd   295,612 
 4,900      Suzhou Maxwell Technologies Co Ltd   587,097 
 276,332   *  TAL Education Group (ADR)   1,130,198 
 161,200      Tangshan Jidong Cement Co Ltd   292,777 
 191,900      TBEA Co Ltd   812,394 
 542,600      TCL Technology Group Corp   514,383 
 3,680,004      Tencent Holdings Ltd   223,853,881 
 428,800   *  Tencent Music Entertainment (ADR)   3,370,368 
 12,000      Thunder Software Technology Co Ltd   255,276 
 8,500      Tianfeng Securities Co Ltd   5,233 
 23,300      Tianjin 712 Communication & Broadcasting Co Ltd   137,194 
 127,600      Tianjin Zhonghuan Semiconductor Co Ltd   1,046,594 
261

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 72,100      Tianma Microelectronics Co Ltd  $138,798 
 86,500      Tianshui Huatian Technology Co Ltd   173,886 
 1,394,000      Tingyi Cayman Islands Holding Corp   2,601,878 
 65,260      Toly Bread Co Ltd   320,444 
 631,200   *  Tongcheng-Elong Holdings Ltd   1,406,725 
 36,000      TongFu Microelectronics Co Ltd   112,670 
 92,900      Tonghua Dongbao Pharmaceutical Co Ltd   176,735 
 122,000      Tongkun Group Co Ltd   380,671 
 432,900      Tongling Nonferrous Metals Group Co Ltd   250,982 
 173,192      Tongwei Co Ltd   1,546,399 
 11,000   *  Topchoice Medical Corp   409,272 
 34,500      Topsec Technologies Group Inc   99,379 
 951,000   g  Topsports International Holdings Ltd   1,155,321 
 297,700      Transfar Zhilian Co Ltd   381,019 
 587,661      Travelsky Technology Ltd   1,098,018 
 332,645   *  Trip.com Group Ltd (ADR)   9,500,341 
 334,000      Tsingtao Brewery Co Ltd   2,906,406 
 21,500      Tsingtao Brewery Co Ltd (Class A)   350,419 
 21,000      Unigroup Guoxin Microelectronics Co Ltd   664,802 
 936,000      Uni-President China Holdings Ltd   797,744 
 109,480      Unisplendour Corp Ltd   474,369 
 28,200      Universal Scientific Industrial Shanghai Co Ltd   61,203 
 54,400   *,e  Up Fintech Holding Ltd (ADR)   351,968 
 140,500   *,e,g  Venus MedTech Hangzhou, Inc   650,234 
 295,124   *  Vipshop Holdings Ltd (ADR)   3,293,584 
 51,400      Walvax Biotechnology Co Ltd   444,021 
 24,000      Wangfujing Group Co Ltd   115,556 
 118,200      Wanhua Chemical Group Co Ltd   1,953,183 
 3,107,252      Want Want China Holdings Ltd   2,409,815 
 40,272   *  Weibo Corp (ADR)   1,811,435 
 1,270,800      Weichai Power Co Ltd   2,274,689 
 220,100      Weichai Power Co Ltd (Class A)   519,620 
 79,100      Weifu High-Technology Group Co Ltd   239,954 
 12,600      Weihai Guangwei Composites Co Ltd   133,787 
 1,131,000   *,e,g  Weimob, Inc   1,727,444 
 322,360      Wens Foodstuffs Group Co Ltd   829,392 
 140,000      Western Securities Co Ltd   167,700 
 883,000      Wharf Holdings Ltd   3,069,987 
 31,600      Will Semiconductor Ltd   1,312,900 
 38,000      Wingtech Technology Co Ltd   652,192 
 77,860      Winning Health Technology Group Co Ltd   153,835 
 1,810,000      Winteam Pharmaceutical Group Ltd   860,742 
 221,200      Wuchan Zhongda Group Co Ltd   216,731 
 69,104      Wuhan Guide Infrared Co Ltd   234,728 
 84,800   *  Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd   315,737 
 80,400      Wuhu Token Science Co Ltd   129,032 
 145,200      Wuliangye Yibin Co Ltd   4,906,511 
 48,290      WUS Printed Circuit Kunshan Co Ltd   77,315 
 95,204      WuXi AppTec Co Ltd - A   2,051,688 
 222,377   g  WuXi AppTec Co Ltd - H   4,748,008 
 2,301,301   *,g  Wuxi Biologics Cayman, Inc   34,857,696 
 42,560      Wuxi Lead Intelligent Equipment Co Ltd   542,276 
 11,600      Wuxi Shangji Automation Co Ltd   543,194 
262

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 293,200      XCMG Construction Machinery Co Ltd  $280,564 
 107,700      Xiamen C & D, Inc   134,714 
 23,800      Xiamen Intretech, Inc   114,638 
 47,100      Xiamen Tungsten Co Ltd   167,023 
 9,200,800   *,g  Xiaomi Corp   25,150,888 
 158,100      Xinjiang Goldwind Science & Technology Co Ltd - A   457,045 
 514,200      Xinjiang Goldwind Science & Technology Co Ltd - H   1,149,902 
 3,115,780      Xinyi Solar Holdings Ltd   6,472,283 
 247,249   *  XPeng, Inc (ADR)   11,529,221 
 762,000   g  Yadea Group Holdings Ltd   1,309,246 
 273,900      Yango Group Co Ltd   137,698 
 21,000      Yantai Eddie Precision Machinery Co Ltd   117,357 
 61,500      Yantai Jereh Oilfield Services Group Co Ltd   405,203 
 1,076,464   e  Yanzhou Coal Mining Co Ltd   1,596,673 
 148,900      Yanzhou Coal Mining Co Ltd (Class A)   528,407 
 32,667      Yealink Network Technology Corp Ltd   385,785 
 44,200      Yifan Pharmaceutical Co Ltd   113,212 
 17,108      Yifeng Pharmacy Chain Co Ltd   127,684 
 294,000   e  Yihai International Holding Ltd   1,722,138 
 51,100      Yihai Kerry Arawana Holdings Co Ltd   485,278 
 71,120      Yintai Gold Co Ltd   97,669 
 20,900      Yixintang Pharmaceutical Group Co Ltd   103,736 
 383,600      Yonghui Superstores Co Ltd   235,870 
 113,999      Yonyou Network Technology Co Ltd   565,849 
 105,800      YTO Express Group Co Ltd   241,235 
 38,100   *  Yuan Longping High-tech Agriculture Co Ltd   124,970 
 933,200      Yuexiu Property Co Ltd   819,993 
 272,821      Yum China Holdings, Inc   15,572,623 
 191,710      Yunda Holding Co Ltd   559,293 
 165,300   *  Yunnan Aluminium Co Ltd   307,722 
 47,900      Yunnan Baiyao Group Co Ltd   670,567 
 33,300      Yunnan Energy New Material Co Ltd   1,518,680 
 48,585   *  Zai Lab Ltd (ADR)   5,072,274 
 24,195      Zhangzhou Pientzehuang Pharmaceutical Co Ltd   1,555,402 
 831,500      Zhaojin Mining Industry Co Ltd   591,992 
 133,200      Zhefu Holding Group Co Ltd   149,034 
 261,200   *  Zhejiang Century Huatong Group Co Ltd   302,803 
 169,700      Zhejiang China Commodities City Group Co Ltd   129,469 
 80,916      Zhejiang Chint Electrics Co Ltd   763,482 
 78,200      Zhejiang Dahua Technology Co Ltd   266,390 
 10,220      Zhejiang Dingli Machinery Co Ltd   108,962 
 1,060,414      Zhejiang Expressway Co Ltd   941,772 
 10,580      Zhejiang HangKe Technology, Inc Co   171,294 
 42,130      Zhejiang Huahai Pharmaceutical Co Ltd   121,091 
 45,176      Zhejiang Huayou Cobalt Co Ltd   783,522 
 53,700      Zhejiang Jingsheng Mechanical & Electrical Co Ltd   642,028 
 23,300      Zhejiang Jiuzhou Pharmaceutical Co Ltd   190,571 
 106,800      Zhejiang Juhua Co Ltd   259,367 
 149,600      Zhejiang Longsheng Group Co Ltd   290,874 
 72,720      Zhejiang NHU Co Ltd   308,213 
 99,970      Zhejiang Sanhua Intelligent Controls Co Ltd   370,539 
 68,300      Zhejiang Satellite Petrochemical Co Ltd   416,171 
 242,400      Zhejiang Semir Garment Co Ltd   284,637 
 12,900      Zhejiang Supor Co Ltd   106,777 
263

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 118,900      Zhejiang Weixing New Building Materials Co Ltd  $334,095 
 13,200      Zhejiang Wolwo Bio-Pharmaceutical Co Ltd   110,501 
 91,800      Zhengzhou Yutong Bus Co Ltd   162,676 
 782,000   e  Zhenro Properties Group Ltd   371,878 
 201,800   *  Zheshang Securities Co Ltd   388,342 
 318,100   *,e,g  ZhongAn Online P&C Insurance Co Ltd   1,157,075 
 14,000      Zhongji Innolight Co Ltd   72,403 
 190,440      Zhongjin Gold Corp Ltd   246,858 
 365,500      Zhongsheng Group Holdings Ltd   3,295,475 
 301,900      Zhongtai Securities Co Ltd   437,108 
 219,800   *  Zhongtian Financial Group Co Ltd   86,267 
 369,300   *  Zhuzhou CSR Times Electric Co Ltd   1,764,705 
 140,900      Zhuzhou Kibing Group Co Ltd   349,682 
 3,721,299      Zijin Mining Group Co Ltd   5,175,016 
 746,800      Zijin Mining Group Co Ltd (Class A)   1,219,326 
 265,100      Zoomlion Heavy Industry Science and Technology Co Ltd - A   301,037 
 816,600      Zoomlion Heavy Industry Science and Technology Co Ltd - H   588,182 
 126,100      ZTE Corp   642,097 
 499,064      ZTE Corp (Class H)   1,498,108 
 279,622      ZTO Express Cayman, Inc (ADR)   8,201,313 
        TOTAL CHINA    1,747,710,790  
              
COLOMBIA - 0.2%        
 144,825      BanColombia S.A.   1,295,287 
 288,331      BanColombia S.A. (Preference)   2,587,964 
 4,308,589      Ecopetrol S.A.   3,257,413 
 158,431      Grupo de Inversiones Suramericana S.A.   923,474 
 269,222      Interconexion Electrica S.A.   1,616,447 
        TOTAL COLOMBIA    9,680,585  
              
CZECH REPUBLIC - 0.1%        
 114,687      CEZ AS   3,786,106 
 48,578      Komercni Banka AS   1,884,249 
 247,245   *,g  Moneta Money Bank AS   966,545 
        TOTAL CZECH REPUBLIC    6,636,900  
              
EGYPT - 0.1%        
 1,085,535   *  Commercial International Bank   3,533,857 
 518,867      Eastern Tobacco   383,123 
 572,143   *  Fawry for Banking & Payment Technology Services SAE   547,455 
        TOTAL EGYPT    4,464,435  
              
GREECE - 0.2%        
 1,390,827   *  Alpha Bank AE   1,773,111 
 1,658,545   *  Eurobank Ergasias S.A.   1,741,999 
 12,741   *,†  FF Group   147 
 163,200      Hellenic Telecommunications Organization S.A.   2,897,422 
 71,828      JUMBO S.A.   1,069,112 
 128,352      OPAP S.A.   2,004,513 
        TOTAL GREECE    9,486,304  
264

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
              
HONG KONG - 0.2%        
 6,861,652   *  Alibaba Pictures Group Ltd  $728,937 
 8,752,000   *  China Youzan Ltd   1,110,004 
 608,000      Huabao International Holdings Ltd   1,137,301 
 651,151      Kingboard Laminates Holdings Ltd   1,020,750 
 1,065,000      Nine Dragons Paper Holdings Ltd   1,339,238 
 6,627,331      Sino Biopharmaceutical   4,886,890 
 1,010,000      SSY Group Ltd   479,786 
 239,000   e  Vinda International Holdings Ltd   658,897 
        TOTAL HONG KONG    11,361,803  
              
HUNGARY - 0.3%        
 321,150      MOL Hungarian Oil & Gas plc   2,744,329 
 137,914   *  OTP Bank   8,286,895 
 84,247      Richter Gedeon Rt   2,360,072 
        TOTAL HUNGARY    13,391,296  
              
INDIA - 11.7%        
 183,426      Adani Enterprises Ltd   3,492,000 
 156,627      Adani Gas Ltd   3,010,857 
 223,286   *  Adani Green Energy Ltd   3,432,934 
 348,889      Adani Ports & Special Economic Zone Ltd   3,236,267 
 177,802   *  Adani Transmissions Ltd   4,188,324 
 451,980      Ambuja Cements Ltd   2,449,395 
 64,850      Apollo Hospitals Enterprise Ltd   3,699,273 
 249,485      Asian Paints Ltd   10,339,485 
 47,193      Associated Cement Co Ltd   1,473,604 
 195,084      Aurobindo Pharma Ltd   1,798,603 
 103,259   *,g  Avenue Supermarts Ltd   6,404,701 
 1,451,495   *  Axis Bank Ltd   14,443,765 
 175,447      Bajaj Finance Ltd   17,398,874 
 25,149      Bajaj Finserv Ltd   6,004,052 
 44,752      Bajaj Holdings and Investment Ltd   2,219,045 
 47,743      Balkrishna Industries Ltd   1,572,729 
 433,623   g  Bandhan Bank Ltd   1,694,248 
 147,650      Berger Paints India Ltd   1,464,463 
 822,475      Bharat Electronics Ltd   2,276,059 
 165,260      Bharat Forge Ltd   1,699,099 
 602,224      Bharat Petroleum Corp Ltd   3,366,806 
 1,595,509   *  Bharti Airtel Ltd   14,636,148 
 219,982   *  Biocon Ltd   1,033,078 
 71,132      Britannia Industries Ltd   3,499,260 
 272,163      Cholamandalam Investment and Finance Co Ltd   2,240,927 
 312,744      Cipla Ltd   3,785,906 
 1,089,209      Coal India Ltd   2,397,059 
 75,238      Colgate-Palmolive India Ltd   1,552,042 
 159,660      Container Corp Of India Ltd   1,400,243 
 371,618      Dabur India Ltd   2,910,736 
 80,902      Divi S Laboratories Ltd   5,566,735 
 436,711      DLF Ltd   2,332,381 
 74,828      Dr Reddy’s Laboratories Ltd   4,654,541 
 89,449      Eicher Motors Ltd   2,977,198 
 1,112,205      GAIL India Ltd   2,213,063 
 207,987   *  Godrej Consumer Products Ltd   2,662,795 
 175,343      Grasim Industries Ltd   4,039,760 
 184,632      Havells India Ltd   3,120,416 
265

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 718,072      HCL Technologies Ltd  $10,995,230 
 35,575   g  HDFC Asset Management Co Ltd   1,260,112 
 522,317   g  HDFC Life Insurance Co Ltd   4,750,120 
 78,928      Hero Honda Motors Ltd   2,806,023 
 1,036,466      Hindalco Industries Ltd   6,386,872 
 507,156      Hindustan Lever Ltd   16,232,599 
 430,929      Hindustan Petroleum Corp Ltd   1,788,518 
 1,025,793      Housing Development Finance Corp   39,110,064 
 3,154,576      ICICI Bank Ltd   33,965,654 
 125,382   g  ICICI Lombard General Insurance Co Ltd   2,484,514 
 212,607   g  ICICI Prudential Life Insurance Co Ltd   1,758,568 
 1,479,570      Indian Oil Corp Ltd   2,532,996 
 184,803      Indraprastha Gas Ltd   1,171,408 
 440,826      Indus Towers Ltd   1,602,433 
 49,650      Info Edge India Ltd   4,040,409 
 2,100,818      Infosys Technologies Ltd   47,013,814 
 64,816   *,g  InterGlobe Aviation Ltd   1,882,818 
 42,973      Ipca Laboratories Ltd   1,232,089 
 1,948,266      ITC Ltd   5,817,066 
 552,391      JSW Steel Ltd   4,947,493 
 52,426      Jubilant Foodworks Ltd   2,591,093 
 364,464      Kotak Mahindra Bank Ltd   9,914,143 
 35,376   g  Larsen & Toubro Infotech Ltd   3,164,839 
 456,147      Larsen & Toubro Ltd   10,805,341 
 152,631      Lupin Ltd   1,886,780 
 562,026      Mahindra & Mahindra Ltd   6,658,895 
 339,061      Marico Ltd   2,578,086 
 87,804      Maruti Suzuki India Ltd   8,791,612 
 851,365      Motherson Sumi Systems Ltd   2,551,312 
 1,086      MRF Ltd   1,122,925 
 78,423      Muthoot Finance Ltd   1,540,076 
 19,865      Nestle India Ltd   5,047,499 
 3,090,818      NTPC Ltd   5,487,522 
 3,174      Page Industries Ltd   1,599,329 
 490,071      Petronet LNG Ltd   1,504,456 
 53,327      PI Industries Ltd   2,139,397 
 98,022      Pidilite Industries Ltd   3,033,374 
 68,655      Piramal Healthcare Ltd   2,393,117 
 2,079,370      Power Grid Corp of India Ltd   5,150,665 
 563,584      REC Ltd   1,121,699 
 1,832,145      Reliance Industries Ltd   62,174,127 
 158,487   *  SBI Cards & Payment Services Ltd   2,238,030 
 294,193   g  SBI Life Insurance Co Ltd   4,508,159 
 765,536      Sesa Sterlite Ltd   3,115,343 
 6,307      Shree Cement Ltd   2,414,597 
 134,877      Shriram Transport Finance Co Ltd   2,598,027 
 39,938      Siemens India Ltd   1,167,994 
 1,179,220      State Bank of India   7,933,903 
 546,459      Sun Pharmaceutical Industries Ltd   5,810,824 
 594,853      Tata Consultancy Services Ltd   27,038,742 
 1,083,675   *  Tata Motors Ltd   6,971,295 
 467,888      Tata Steel Ltd   8,249,248 
 387,861      Tata Tea Ltd   4,203,262 
 421,837      Tech Mahindra Ltd   8,349,874 
266

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 229,915      Titan Industries Ltd  $7,335,975 
 26,877      Torrent Pharmaceuticals Ltd   1,028,020 
 118,956      Trent Ltd   1,596,935 
 65,417      Ultra Tech Cement Ltd   6,680,982 
 190,668   *  United Spirits Ltd   2,420,410 
 330,743      UPL Ltd   3,278,913 
 918,622      Wipro Ltd   7,954,846 
 7,267,021   *  Yes Bank Ltd   1,246,611 
        TOTAL INDIA    605,863,948  
              
INDONESIA - 1.4%        
 10,801,754      Adaro Energy Tbk   1,279,511 
 12,883,172      Astra International Tbk PT   5,487,105 
 35,077,575      Bank Central Asia Tbk PT   18,548,226 
 47,122,549      Bank Rakyat Indonesia   14,145,418 
 1,388,960      Indofood CBP Sukses Makmur Tbk   862,322 
 12,285,800      Kalbe Farma Tbk PT   1,387,516 
 7,053,300   *  Merdeka Copper Gold Tbk PT   1,573,517 
 5,308,400      PT Aneka Tambang Tbk   878,491 
 11,926,239      PT Bank Mandiri Persero Tbk   6,029,570 
 4,756,859      PT Bank Negara Indonesia   2,352,376 
 16,975,600      PT Barito Pacific Tbk   1,123,221 
 4,423,200      PT Charoen Pokphand Indonesia Tbk   1,939,579 
 308,900      PT Gudang Garam Tbk   731,781 
 1,694,005      PT Indah Kiat Pulp and Paper Corp Tbk   1,013,620 
 990,117      PT Indocement Tunggal Prakarsa Tbk   826,546 
 2,469,100      PT Indofood Sukses Makmur Tbk   1,108,295 
 1,930,300      PT Semen Gresik Persero Tbk   1,240,374 
 4,430,845      PT Unilever Indonesia Tbk   1,383,112 
 1,110,800      PT United Tractors Tbk   1,847,827 
 14,356,900      Sarana Menara Nusantara Tbk PT   1,176,749 
 31,913,683      Telkom Indonesia Persero Tbk PT   8,530,067 
 4,868,500      Tower Bersama Infrastructure   1,011,262 
        TOTAL INDONESIA    74,476,485  
              
KOREA, REPUBLIC OF - 12.1%        
 16,390   *  Alteogen, Inc   981,672 
 20,444      Amorepacific Corp   3,181,321 
 6,011      BGF retail Co Ltd   835,047 
 54,027   *  Celltrion Healthcare Co Ltd   3,756,686 
 10,378   *  Celltrion Pharm Inc   1,010,857 
 62,031   *  Celltrion, Inc   10,679,242 
 40,178      Cheil Communications, Inc   820,988 
 4,814      CJ CheilJedang Corp   1,564,568 
 7,960      CJ Corp   654,435 
 6,865      CJ O Shopping Co Ltd   1,038,342 
 35,355      Coway Co Ltd   2,397,245 
 19,701   *  Daewoo Shipbuilding & Marine Engineering Co Ltd   437,579 
 31,679      Dongbu Insurance Co Ltd   1,609,919 
 28,387   *  Doosan Bobcat, Inc   927,763 
 179,619   *,e  Doosan Heavy Industries and Construction Co Ltd   3,757,435 
 11,283      DuzonBIzon Co Ltd   787,620 
 7,178      Ecopro BM Co Ltd   2,523,713 
 12,353      E-Mart Co Ltd   1,778,240 
267

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 34,697      Fila Korea Ltd  $1,105,477 
 3,921      Green Cross Corp   922,490 
 37,492      GS Engineering & Construction Corp   1,330,362 
 32,912      GS Holdings Corp   1,191,891 
 193,028      Hana Financial Group, Inc   7,443,126 
 48,218      Hankook Tire Co Ltd   1,708,429 
 4,848      Hanmi Pharm Co Ltd   1,095,869 
 119,268      Hanon Systems   1,477,503 
 79,162   *  Hanwha Chemical Corp   2,777,224 
 56,582   *  HLB, Inc   2,037,739 
 10,509      Honam Petrochemical Corp   2,021,317 
 17,608      Hotel Shilla Co Ltd   1,318,963 
 9,135   *  HYBE Co Ltd   2,624,291 
 349,164      Hynix Semiconductor, Inc   30,779,004 
 51,219      Hyundai Engineering & Construction Co Ltd   2,214,205 
 11,986      Hyundai Glovis Co Ltd   1,726,106 
 24,718   *  Hyundai Heavy Industries   2,185,435 
 162,597   *,e  Hyundai Merchant Marine Co Ltd   3,720,260 
 42,050      Hyundai Mobis   9,089,907 
 88,592      Hyundai Motor Co   15,845,161 
 22,246      Hyundai Motor Co Ltd (2nd Preference)   1,869,030 
 14,071      Hyundai Motor Co Ltd (Preference)   1,177,471 
 33,263      Hyundai Robotics Co Ltd   1,803,341 
 53,538      Hyundai Steel Co   2,046,369 
 148,772      Industrial Bank of Korea   1,408,071 
 198,125      Kakao Corp   21,315,158 
 31,552   *,e  KakaoBank Corp   1,703,762 
 55,514   *  Kangwon Land, Inc   1,320,929 
 252,950      KB Financial Group, Inc   12,243,763 
 167,482      Kia Motors Corp   12,221,552 
 47,135      Korea Aerospace Industries Ltd   1,238,448 
 170,087      Korea Electric Power Corp   3,295,449 
 4,851   *  Korea Express Co Ltd   589,838 
 26,656      Korea Investment Holdings Co Ltd   1,993,638 
 11,381      Korea Kumho Petrochemical   1,674,569 
 5,312      Korea Zinc Co Ltd   2,445,750 
 109,993   *  Korean Air Lines Co Ltd   2,867,787 
 73,543      KT&G Corp   5,108,204 
 29,421      LG Chem Ltd   21,111,183 
 5,490      LG Chem Ltd (Preference)   1,803,345 
 55,118      LG Corp   4,308,987 
 152,796   *,e  LG Display Co Ltd   2,582,310 
 67,544      LG Electronics, Inc   6,987,688 
 6,214      LG Household & Health Care Ltd   6,219,506 
 2,402      LG Household & Health Care Ltd (Preference)   1,233,228 
 8,293      LG Innotek Co Ltd   1,490,721 
 121,798      LG Telecom Ltd   1,498,987 
 7,435      Lotte Shopping Co Ltd   669,177 
 220,527      Meritz Securities Co Ltd   881,199 
 156,000      Mirae Asset Daewoo Co Ltd   1,163,845 
 79,147      Naver Corp   27,518,034 
 10,468      NCsoft   5,624,537 
 15,238   g  Netmarble Corp   1,613,606 
 13,793      Orion Corp/Republic of Korea   1,394,939 
268

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 18,420      Pacific Corp  $784,003 
 176,275      Pan Ocean Co Ltd   912,116 
 19,995   *  Pearl Abyss Corp   1,780,347 
 47,443      POSCO   12,033,046 
 20,027      POSCO Refractories & Environment Co Ltd   2,498,667 
 8,530      S1 Corp   608,156 
 10,607   *,g  Samsung Biologics Co Ltd   7,902,088 
 53,644      Samsung C&T Corp   5,252,465 
 34,614      Samsung Electro-Mechanics Co Ltd   4,713,968 
 3,055,400      Samsung Electronics Co Ltd   182,936,314 
 528,315      Samsung Electronics Co Ltd (Preference)   29,023,510 
 105,152   *  Samsung Engineering Co Ltd   2,236,478 
 19,884      Samsung Fire & Marine Insurance Co Ltd   3,941,457 
 485,384   *  Samsung Heavy Industries Co Ltd   2,652,530 
 44,094      Samsung Life Insurance Co Ltd   2,550,671 
 35,236      Samsung SDI Co Ltd   22,231,373 
 21,606      Samsung SDS Co Ltd   2,839,961 
 39,887      Samsung Securities Co Ltd   1,621,546 
 22,618   e  Seegene, Inc   1,034,825 
 20,431      Shin Poong Pharmaceutical Co Ltd   909,831 
 280,205      Shinhan Financial Group Co Ltd   9,147,830 
 5,178      Shinsegae Co Ltd   1,101,423 
 15,907   *  SK Biopharmaceuticals Co Ltd   1,287,949 
 12,818   *  SK Bioscience Co Ltd   2,522,904 
 7,140      SK Chemicals Co Ltd   1,103,179 
 21,559      SK Holdings Co Ltd   4,499,087 
 9,108   *,g  SK IE Technology Co Ltd   1,296,148 
 33,343   *  SK Innovation Co Ltd   6,953,683 
 5,343      SK Telecom Co Ltd   1,414,755 
 12,903      SKC Co Ltd   1,983,733 
 31,931      S-Oil Corp   2,793,888 
 332,734      Woori Financial Group, Inc   3,782,570 
 107,349      Woori Investment & Securities Co Ltd   1,212,479 
 36,970      Yuhan Corp   1,896,640 
        TOTAL KOREA, REPUBLIC OF    623,241,472  
              
KUWAIT - 0.6%        
 779,397      Agility Public Warehousing Co KSC   2,590,297 
 696,672   *  Boubyan Bank KSCP   1,807,257 
 3,050,710      Kuwait Finance House   8,431,426 
 303,475      Mabanee Co KPSC   793,018 
 1,363,760      Mobile Telecommunications Co KSC   2,700,855 
 4,457,596      National Bank of Kuwait SAKP   14,656,922 
        TOTAL KUWAIT    30,979,775  
              
LUXEMBOURG - 0.0%        
 81,022      Reinet Investments S.C.A   1,462,374 
        TOTAL LUXEMBOURG    1,462,374  
              
MALAYSIA - 1.4%        
 1,026,433   *  AMMB Holdings BHD   832,846 
 1,724,274      Axiata Group Bhd   1,644,743 
 4,134,365      Bumiputra-Commerce Holdings BHD   5,216,466 
 3,191,977      Dialog Group BHD   2,182,715 
269

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 2,013,225      Digi.Com BHD  $2,060,325 
 72,100      Fraser & Neave Holdings BHD   471,148 
 1,435,275      Genting BHD   1,795,393 
 1,807,400      Genting Malaysia BHD   1,384,848 
 350,600      HAP Seng Consolidated BHD   663,778 
 1,018,700      Hartalega Holdings BHD   1,441,580 
 407,787      Hong Leong Bank BHD   1,853,309 
 103,006      Hong Leong Credit BHD   456,386 
 1,320,212      IHH Healthcare BHD   2,085,049 
 1,681,520      IOI Corp BHD   1,595,738 
 925,500      Kossan Rubber Industries   527,452 
 276,711      Kuala Lumpur Kepong BHD   1,444,697 
 2,519,980      Malayan Banking BHD   4,898,778 
 721,676   *  Malaysia Airports Holdings BHD   1,128,693 
 1,402,100      Maxis BHD   1,582,569 
 1,157,200      MISC BHD   1,979,473 
 55,500      Nestle Malaysia BHD   1,803,014 
 1,523,200      Petronas Chemicals Group BHD   3,196,476 
 211,400      Petronas Dagangan BHD   1,039,490 
 633,800      Petronas Gas BHD   2,564,274 
 406,340      PPB Group BHD   1,783,932 
 1,970,524      Press Metal BHD   2,648,612 
 9,303,015      Public Bank BHD   9,368,165 
 714,250      QL Resources BHD   871,037 
 1,124,679      RHB Capital BHD   1,517,519 
 1,702,965      Sime Darby BHD   933,526 
 1,062,465      Sime Darby Plantation BHD   1,030,193 
 1,055,046      Supermax Corp BHD   489,179 
 781,565      Telekom Malaysia BHD   1,092,501 
 1,448,063      Tenaga Nasional BHD   3,378,109 
 3,370,600      Top Glove Corp BHD   2,213,966 
 655,000      Westports Holdings BHD   707,039 
        TOTAL MALAYSIA    69,883,018  
              
MEXICO - 1.9%        
 21,899,841      America Movil S.A.B. de C.V.   19,519,238 
 392,100      Becle SAB de C.V.   896,261 
 9,675,197   *  Cemex S.A. de C.V.   6,222,052 
 342,775      Coca-Cola Femsa SAB de C.V.   1,847,236 
 276,625      Embotelladoras Arca SAB de C.V.   1,686,649 
 2,092,400      Fibra Uno Administracion S.A. de C.V.   2,079,391 
 1,226,511      Fomento Economico Mexicano S.A. de C.V.   10,083,508 
 144,490      Gruma SAB de C.V.   1,696,642 
 243,830      Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)   3,073,693 
 130,501      Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)   2,631,762 
 984,720      Grupo Bimbo S.A. de C.V. (Series A)   2,914,748 
 294,598      Grupo Carso S.A. de C.V. (Series A1)   990,913 
 1,641,828      Grupo Financiero Banorte S.A. de C.V.   10,395,001 
 1,437,844   *  Grupo Financiero Inbursa S.A.   1,443,571 
 1,927,232      Grupo Mexico S.A. de C.V. (Series B)   8,454,808 
 1,506,790      Grupo Televisa S.A.   3,059,249 
 95,704   *  Industrias Penoles S.A. de C.V.   1,227,166 
 1,297,242      Kimberly-Clark de Mexico S.A. de C.V. (Class A)   2,052,223 
 204,100      Megacable Holdings SAB de C.V.   601,356 
270

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 642,123      Orbia Advance Corp SAB de C.V.  $1,668,933 
 148,435      Promotora y Operadora de Infraestructura SAB de C.V.   1,091,561 
 650,700   e  Telesites SAB de C.V.   593,557 
 3,488,784      Wal-Mart de Mexico SAB de C.V.   12,168,719 
        TOTAL MEXICO    96,398,237  
              
PAKISTAN - 0.0%        
 221,358      Habib Bank Ltd   163,074 
 106,897   *  Lucky Cement Ltd   483,188 
 439,285      MCB Bank Ltd   420,585 
        TOTAL PAKISTAN    1,066,847  
              
PERU - 0.2%        
 151,122   *,e  Cia de Minas Buenaventura S.A. (ADR) (Series B)   1,190,841 
 43,310      Credicorp Ltd   5,615,575 
 55,797      Southern Copper Corp   3,347,262 
        TOTAL PERU    10,153,678  
              
PHILIPPINES - 0.7%        
 1,279,604      Aboitiz Equity Ventures, Inc   1,228,582 
 177,253      Ayala Corp   3,034,504 
 5,187,793      Ayala Land, Inc   3,612,210 
 1,175,219      Bank of the Philippine Islands   2,027,084 
 1,220,376      BDO Unibank, Inc   3,003,599 
 22,881      Globe Telecom, Inc   1,359,878 
 72,726      GT Capital Holdings, Inc   815,120 
 650,460      International Container Term Services, Inc   2,322,611 
 1,920,286      JG Summit Holdings (Series B)   2,293,220 
 280,200      Jollibee Foods Corp   1,307,341 
 142,886      Manila Electric Co   814,055 
 6,294,000      Metro Pacific Investments Corp   468,643 
 1,222,490      Metropolitan Bank & Trust   1,156,224 
 49,655      PLDT, Inc   1,622,061 
 154,805      SM Investments Corp   2,963,436 
 6,356,749      SM Prime Holdings   4,181,563 
 589,527      Universal Robina   1,613,861 
        TOTAL PHILIPPINES    33,823,992  
              
POLAND - 0.8%        
 223,045   *,g  Allegro.eu S.A.   2,522,475 
 119,515      Bank Pekao S.A.   3,948,786 
 22,338      Bank Zachodni WBK S.A.   2,074,425 
 44,086      CD Projekt Red S.A.   1,921,390 
 172,719      Cyfrowy Polsat S.A.   1,544,650 
 30,192   *,g  Dino Polska S.A.   2,697,086 
 83,709      KGHM Polska Miedz S.A.   3,218,877 
 713      LPP S.A.   2,560,949 
 562,242   *  PGE Polska Grupa Energetyczna S.A.   1,383,551 
 202,836      Polski Koncern Naftowy Orlen S.A.   4,374,537 
 1,372,568      Polskie Gornictwo Naftowe i Gazownictwo S.A.   2,069,588 
 553,828   *  Powszechna Kasa Oszczednosci Bank Polski S.A.   6,781,004 
 385,578      Powszechny Zaklad Ubezpieczen S.A.   3,857,711 
 410,457   *  Telekomunikacja Polska S.A.   800,924 
        TOTAL POLAND    39,755,953  
271

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
              
QATAR - 0.8%        
 1,292,221      Barwa Real Estate Co  $1,120,372 
 1,189,355      Commercial Bank of Qatar QSC   1,995,869 
 954,802      Industries Qatar QSC   4,159,066 
 2,756,135      Masraf Al Rayan   3,614,541 
 2,727,752      Mesaieed Petrochemical Holding Co   1,802,166 
 542,367      Ooredoo QSC   1,030,810 
 296,975      Qatar Electricity & Water Co   1,372,511 
 326,682      Qatar Fuel QSC   1,650,009 
 1,595,400      Qatar Gas Transport Co Ltd   1,426,816 
 439,644      Qatar International Islamic Bank QSC   1,182,125 
 699,087      Qatar Islamic Bank SAQ   3,536,716 
 2,890,080      Qatar National Bank   16,272,079 
        TOTAL QATAR    39,163,080  
              
ROMANIA - 0.0%        
 285,652      NEPI Rockcastle plc   1,914,944 
        TOTAL ROMANIA    1,914,944  
              
RUSSIA - 4.0%        
 1,020,848      Gazprom (ADR)   10,055,353 
 2,851,696      Gazprom OAO (ADR)   27,983,305 
 271,672      LUKOIL PJSC (ADR)   27,718,694 
 181,323      Magnit PJSC (GDR)   3,358,102 
 31,982      Magnit PJSC (GDR)   592,307 
 8,155   *  Mail.ru (GDR)   166,713 
 68,204   *  Mail.Ru Group Ltd (GDR)   1,395,454 
 91,055      MMC Norilsk Nickel PJSC (ADR)   2,843,028 
 321,487      MMC Norilsk Nickel PJSC (ADR)   10,046,764 
 366,249      Mobile TeleSystems (ADR)   3,365,828 
 49,710      NovaTek OAO (GDR)   12,619,871 
 10,249      Novatek PJSC (GDR)   2,598,122 
 94,676      Novolipetsk Steel PJSC (GDR)   2,989,868 
 36,300   *  Ozon Holdings plc (ADR)   1,633,500 
 76,224      PhosAgro OAO (GDR)   1,823,278 
 29,616      PhosAgro PJSC (GDR)   708,415 
 241,566      Polymetal International plc   4,465,572 
 36,144      Polyus PJSC (GDR)   3,573,270 
 9,432      Polyus PJSC (GDR)   934,711 
 848,981   *  Rosneft Oil Co PJSC (GDR)   7,564,421 
 365,315      Sberbank of Russia (ADR)   7,335,525 
 1,380,561      Sberbank of Russian Federation (ADR)   27,687,170 
 34,733      Severstal (GDR)   793,996 
 121,222      Severstal (GDR) (Equiduct)   2,772,227 
 1,037,079      Surgutneftegaz (ADR)   5,015,833 
 129,740      Tatneft PAO (ADR)   5,933,154 
 30,898      Tatneft PJSC (ADR)   1,409,412 
 72,707      TCS Group Holding plc (ADR)   7,445,197 
 3,810      TCS Group Holding plc (GDR)   391,190 
 911,463      VTB Bank PJSC (GDR) Equiduct   1,324,914 
 281,650   *  VTB Bank PJSC (GDR) Tradegate   410,082 
 66,543      X 5 Retail Group NV (GDR)   2,266,854 
 22,024      X5 Retail Group NV (GDR)   749,697 
 195,500   *  Yandex NV   16,195,220 
        TOTAL RUSSIA    206,167,047  
272

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
SAUDI ARABIA - 3.4%        
 28,175      Abdullah Al Othaim Markets Co  $869,835 
 67,958      Advanced Petrochemical Co   1,350,464 
 797,066      Al Rajhi Bank   29,452,491 
 608,793      Alinma Bank   4,081,992 
 158,255      Almarai Co JSC   2,231,915 
 375,691      Arab National Bank   2,308,241 
 223,373   *  Bank AlBilad   2,516,000 
 256,343      Bank Al-Jazira   1,314,074 
 365,363      Banque Saudi Fransi   4,115,435 
 36,439      Bupa Arabia for Cooperative Insurance Co   1,404,751 
 39,093      Co for Cooperative Insurance   896,318 
 346,765   *  Dar Al Arkan Real Estate Development Co   915,206 
 33,661      Dr Sulaiman Al Habib Medical Services Group Co   1,487,908 
 249,998   *  Emaar Economic City   846,457 
 226,177      Etihad Etisalat Co   1,824,057 
 36,363      Jarir Marketing Co   1,966,039 
 263,157   *  Mobile Telecommunications Co Saudi Arabia   952,750 
 30,928      Mouwasat Medical Services Co   1,482,539 
 1,413,086      National Commercial Bank   24,826,673 
 211,981   *  National Industrialization Co   1,410,958 
 82,046      National Petrochemical Co   1,052,124 
 160,082   *  Rabigh Refining & Petrochemical Co   1,220,711 
 841,489      Riyad Bank   6,629,342 
 136,998      SABIC Agri-Nutrients Co   6,011,170 
 239,838      Sahara International Petrochemical Co   2,807,030 
 267,919   *  Saudi Arabian Mining Co   5,828,519 
 1,458,337   g  Saudi Arabian Oil Co   14,677,070 
 585,518      Saudi Basic Industries Corp   20,180,724 
 525,175      Saudi British Bank   4,641,113 
 53,710      Saudi Cement Co   847,698 
 533,329      Saudi Electricity Co   4,057,308 
 136,324      Saudi Industrial Investment Group   1,377,892 
 466,270   *  Saudi Kayan Petrochemical Co   2,538,232 
 380,504      Saudi Telecom Co   11,886,430 
 158,145      Savola Group   1,542,702 
 158,266      Yanbu National Petrochemical Co   3,210,974 
        TOTAL SAUDI ARABIA    174,763,142  
              
SINGAPORE - 0.0%        
 139,400   g  BOC Aviation Ltd   1,219,858 
        TOTAL SINGAPORE    1,219,858  
              
SOUTH AFRICA - 2.9%        
 447,962      Absa Group Ltd   4,097,783 
 70,170      African Rainbow Minerals Ltd   936,914 
 35,039      Anglo American Platinum Ltd   3,540,373 
 248,816      Aspen Pharmacare Holdings Ltd   3,962,324 
 209,256   e  Bid Corp Ltd   4,491,161 
 184,716      Bidvest Group Ltd   2,312,864 
 51,664   e  Capitec Bank Holdings Ltd   5,772,771 
273

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 161,796      Clicks Group Ltd  $2,953,532 
 266,032   *  Discovery Holdings Ltd   2,437,045 
 171,642      Exxaro Resources Ltd   1,879,354 
 3,238,677   e  FirstRand Ltd   12,302,676 
 554,428      Gold Fields Ltd   5,151,872 
 2,313,870      Growthpoint Properties Ltd   1,963,192 
 356,092      Harmony Gold Mining Co Ltd   1,278,046 
 518,204      Impala Platinum Holdings Ltd   6,706,778 
 35,414      Kumba Iron Ore Ltd   1,077,655 
 159,551      Mr Price Group Ltd   2,088,630 
 1,093,762   *  MTN Group Ltd   9,807,904 
 240,416      MultiChoice Group Ltd   1,911,838 
 138,720      Naspers Ltd (N Shares)   23,492,757 
 248,389      Nedbank Group Ltd   2,830,402 
 230,054   *  Northam Platinum Holdings Ltd   3,445,162 
 3,200,816      Old Mutual Ltd   3,266,823 
 445,453   e  Rand Merchant Investment Holdings Ltd   1,190,110 
 328,042      Remgro Ltd   2,891,280 
 1,177,477      Sanlam Ltd   4,837,099 
 368,594   *  Sasol Ltd   6,190,893 
 313,399      Shoprite Holdings Ltd   3,723,652 
 1,821,277      Sibanye Stillwater Ltd   6,374,014 
 122,209      Spar Group Ltd   1,559,955 
 834,828      Standard Bank Group Ltd   7,397,763 
 113,717      Tiger Brands Ltd   1,434,360 
 389,336      Vodacom Group Pty Ltd   3,455,723 
 616,700      Woolworths Holdings Ltd   2,170,801 
        TOTAL SOUTH AFRICA    148,933,506  
              
TAIWAN - 14.3%        
 341,000      Accton Technology Corp   2,981,308 
 1,814,380      Acer, Inc   1,698,226 
 303,407      Advantech Co Ltd   3,967,960 
 2,152,011      ASE Technology Holding Co Ltd   7,697,778 
 1,395,512      Asia Cement Corp   2,222,728 
 17,000      ASMedia Technology, Inc   996,432 
 450,500      Asustek Computer, Inc   5,727,573 
 5,170,000      AU Optronics Corp   3,552,943 
 437,389      Catcher Technology Co Ltd   2,536,160 
 5,094,604      Cathay Financial Holding Co Ltd   10,619,662 
 843,976      Chailease Holding Co Ltd   8,083,222 
 2,527,871      Chang Hwa Commercial Bank   1,492,755 
 983,922      Cheng Shin Rubber Industry Co Ltd   1,207,607 
 8,747,754      China Development Financial Holding Corp   4,471,226 
 1,220,960      China Life Insurance Co Ltd   1,276,237 
 7,466,151      China Steel Corp   9,001,611 
 11,778,282      Chinatrust Financial Holding Co   9,835,560 
 2,433,763      Chunghwa Telecom Co Ltd   9,657,787 
 2,596,000      Compal Electronics, Inc   2,284,634 
 1,242,768      Delta Electronics, Inc   10,970,378 
 7,408,694      E.Sun Financial Holding Co Ltd   7,079,171 
 120,316      Eclat Textile Co Ltd   2,629,284 
 1,626,980      Evergreen Marine Corp Taiwan Ltd   5,854,982 
 2,001,071      Far Eastern Textile Co Ltd   2,095,813 
274

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 1,014,000      Far EasTone Telecommunications Co Ltd  $2,231,235 
 281,513      Feng TAY Enterprise Co Ltd   2,190,475 
 6,369,034      First Financial Holding Co Ltd   5,243,724 
 2,202,173      Formosa Chemicals & Fibre Corp   6,390,013 
 782,064      Formosa Petrochemical Corp   2,815,667 
 2,460,453      Formosa Plastics Corp   9,530,466 
 584,512      Foxconn Technology Co Ltd   1,451,291 
 4,927,494      Fubon Financial Holding Co Ltd   13,025,449 
 6,091,328      Fuhwa Financial Holdings Co Ltd   5,414,477 
 191,000      Giant Manufacturing Co Ltd   2,218,325 
 140,509      Globalwafers Co Ltd   3,855,286 
 170,697      Hiwin Technologies Corp   1,900,836 
 8,017,002      Hon Hai Precision Industry Co, Ltd   30,948,338 
 185,608      Hotai Motor Co Ltd   4,087,110 
 5,131,917      Hua Nan Financial Holdings Co Ltd   3,757,776 
 5,939,487      InnoLux Display Corp   3,572,785 
 1,719,060      Inventec Co Ltd   1,644,121 
 63,125      Largan Precision Co Ltd   4,704,023 
 1,307,778      Lite-On Technology Corp   2,885,979 
 970,170      MediaTek, Inc   31,930,899 
 6,827,125      Mega Financial Holding Co Ltd   8,204,425 
 423,000      Micro-Star International Co Ltd   2,134,682 
 32,000      momo.com, Inc   2,062,088 
 3,330,860      Nan Ya Plastics Corp   10,221,945 
 143,000      Nan Ya Printed Circuit Board Corp   2,530,277 
 793,000      Nanya Technology Corp   1,901,395 
 98,000      Nien Made Enterprise Co Ltd   1,346,817 
 370,474      Novatek Microelectronics Corp Ltd   5,556,717 
 154,000   *  Oneness Biotech Co Ltd   1,450,923 
 1,250,000      Pegatron Technology Corp   3,060,049 
 98,000      Phison Electronics Corp   1,381,829 
 1,479,512      Pou Chen Corp   1,814,500 
 464,000      Powertech Technology, Inc   1,628,081 
 437,000      President Chain Store Corp   4,416,775 
 1,728,000      Quanta Computer, Inc   4,854,817 
 288,085      Realtek Semiconductor Corp   5,181,967 
 742,500      Ruentex Development Co Ltd   1,894,966 
 2,186,421      Shanghai Commercial & Savings Bank Ltd   3,462,554 
 7,277,684      Shin Kong Financial Holding Co Ltd   2,564,921 
 6,275,717      SinoPac Financial Holdings Co Ltd   3,196,141 
 808,050      Synnex Technology International Corp   1,565,635 
 6,604,077      Taishin Financial Holdings Co Ltd   4,335,546 
 3,204,958      Taiwan Cement Corp   5,561,329 
 5,765,944      Taiwan Cooperative Financial Holding   4,688,121 
 1,211,000      Taiwan High Speed Rail Corp   1,265,477 
 1,202,859      Taiwan Mobile Co Ltd   4,242,696 
 15,759,848      Taiwan Semiconductor Manufacturing Co Ltd   334,428,542 
 784,000      Unimicron Technology Corp   5,374,195 
 3,029,908      Uni-President Enterprises Corp   7,268,513 
 7,600,452      United Microelectronics Corp   15,778,340 
 588,000      Vanguard International Semiconductor Corp   3,063,934 
 199,000      Walsin Technology Corp   1,083,359 
 404,400      Wan Hai Lines Ltd   2,333,020 
 209,878      Win Semiconductors Corp   2,708,755 
275

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
 1,942,000      Winbond Electronics Corp  $1,841,294 
 1,658,560      Wistron Corp   1,743,064 
 51,000      Wiwynn Corp   1,633,810 
 954,660      WPG Holdings Co Ltd   1,783,420 
 241,009      Yageo Corp   3,772,205 
 1,027,000   *  Yang Ming Marine Transport   3,585,076 
 396,127      Zhen Ding Technology Holding Ltd   1,371,795 
        TOTAL TAIWAN    736,033,307  
              
TANZANIA, UNITED REPUBLIC OF - 0.1%        
 259,285      AngloGold Ashanti Ltd   4,783,480 
        TOTAL TANZANIA, UNITED REPUBLIC OF    4,783,480  
              
THAILAND - 1.6%        
 872,200      Advanced Info Service PCL   4,974,034 
 2,265,400      Airports of Thailand PCL   4,414,816 
 3,258,300   *  Asset World Corp PCL   449,446 
 341,700      B Grimm Power PCL   438,109 
 945,100      Bangkok Commercial Asset Management PCL   541,944 
 5,499,000      Bangkok Dusit Medical Services PCL   3,910,989 
 3,279,100      Bangkok Expressway & Metro PCL   890,032 
 502,500      Berli Jucker PCL   512,046 
 3,990,500      BTS Group Holdings PCL   1,149,035 
 267,700      Bumrungrad Hospital PCL   1,175,748 
 159,400      Carabao Group PCL   596,478 
 1,108,400      Central Pattana PCL   1,983,449 
 862,216      Central Retail Corp PCL   904,379 
 2,126,680      Charoen Pokphand Foods PCL   1,619,092 
 4,141,055      CP ALL plc   8,000,744 
 180,100      Delta Electronics Thai PCL   2,257,865 
 152,000      Electricity Generating PCL   819,152 
 862,900      Energy Absolute PCL   1,706,639 
 422,100      Global Power Synergy Co Ltd   993,284 
 1,486,550      Gulf Energy Development PCL   1,940,291 
 3,045,126      Home Product Center PCL   1,341,910 
 952,078      Indorama Ventures PCL   1,208,581 
 712,300      Intouch Holdings PCL (Class F)   1,615,924 
 5,139,460      Krung Thai Bank PCL   1,783,914 
 388,200      Krungthai Card PCL   676,834 
 4,845,700      Land and Houses PCL Co Reg   1,236,154 
 1,641,970   *  Minor International PCL   1,621,769 
 362,200      Muangthai Capital PCL   662,531 
 559,800      Osotspa PCL   553,199 
 1,122,198      PTT Exploration & Production PCL   3,969,610 
 1,781,129      PTT Global Chemical PCL   3,370,815 
 1,400,000      PTT Oil & Retail Business PCL   1,161,826 
 7,173,300      PTT PCL   8,235,399 
 424,400      Ratch Group PCL   582,009 
 734,000      SCG Packaging PCL   1,421,835 
 554,658      Siam Cement PCL   6,602,537 
 463,800      Siam Commercial Bank PCL   1,763,446 
 445,000      Sri Trang Gloves Thailand PCL   409,026 
 423,900      Srisawad Corp PCL   819,565 
 1,259,300      Thai Oil PCL   2,113,208 
 1,393,400      Thai Union Group PCL   877,633 
 6,115,448      True Corp PCL   748,551 
        TOTAL THAILAND    82,053,848  
276

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY  VALUE 
               
TURKEY - 0.3%        
 1,949,152      Akbank TAS  $1,188,062 
 370,914      Aselsan Elektronik Sanayi Ve Ticaret AS   633,880 
 302,276      BIM Birlesik Magazalar AS   1,954,073 
 893,444      Eregli Demir ve Celik Fabrikalari TAS   1,865,509 
 41,937      Ford Otomotiv Sanayi AS   809,601 
 495,262      KOC Holding AS   1,214,716 
 781,989      Turkcell Iletisim Hizmet AS   1,243,667 
 1,545,744      Turkiye Garanti Bankasi AS   1,583,688 
 995,621      Turkiye Is Bankasi (Series C)   584,068 
 88,608   *  Turkiye Petrol Rafinerileri AS   1,275,160 
 874,068      Turkiye Sise ve Cam Fabrikalari AS   787,334 
        TOTAL TURKEY    13,139,758  
              
UNITED ARAB EMIRATES - 0.8%        
 1,741,051      Abu Dhabi Commercial Bank PJSC   3,934,150 
 903,059      Abu Dhabi Islamic Bank PJSC   1,437,841 
 2,330,495      Abu Dhabi National Oil Co for Distribution PJSC   2,715,522 
 2,451,819      Aldar Properties PJSC   2,697,715 
 1,134,078      Dubai Islamic Bank PJSC   1,581,200 
 2,317,044      Emaar Properties PJSC   2,536,537 
 1,613,226      Emirates NBD Bank PJSC   6,126,758 
 1,081,194      Emirates Telecommunications Group Co PJSC   7,541,789 
 2,812,141      National Bank of Abu Dhabi PJSC   13,649,130 
        TOTAL UNITED ARAB EMIRATES    42,220,642  
              
UNITED STATES - 1.2%        
 24,800   *  Globant S.A.   7,915,912 
 880,000      iShares MSCI Emerging Markets   44,809,600 
 19,226      iShares MSCI South Korea Index Fund   1,528,275 
 566,264      JBS S.A.   3,918,035 
 122,329      Vanguard Emerging Markets ETF   6,197,187 
        TOTAL UNITED STATES    64,369,009  
              
        TOTAL COMMON STOCKS    5,122,643,660  
        (Cost $3,941,541,066)     
              
PREFERRED STOCKS - 0.0%     
              
PHILIPPINES - 0.0%        
 307,700   *,†  Ayala Land, Inc   610 
        TOTAL PHILIPPINES    610  
              
        TOTAL PREFERRED STOCKS    610  
        (Cost $725)     
277

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

 

SHARES   COMPANY     EXPIRATION 
DATE		   VALUE 
                      
RIGHTS / WARRANTS - 0.0%            
                     
BRAZIL - 0.0%            
 32,322   †  Ultrapar Participacoes S.A.     10/12/21   $0 
        TOTAL BRAZIL           0  
                     
THAILAND - 0.0%            
 399,050      BTS Group Holdings PCL     12/31/99    0 
 798,100      BTS Group Holdings PCL     12/31/99    0 
 11,796      Srisawad Corp PCL     08/29/25    3,982 
        TOTAL THAILAND           3,982  
                     
        TOTAL RIGHTS / WARRANTS           3,982  
        (Cost $0)            
                           
PRINCIPAL      ISSUER  RATE  MATURITY
DATE		      
                  
SHORT-TERM INVESTMENTS - 1.0%     
      
GOVERNMENT AGENCY DEBT - 0.6%                    
$19,955,000      Federal Agricultural Mortgage Corp (FAMC)    0.000 %  12/16/21   19,954,002 
 10,000,000      Federal Home Loan Bank (FHLB)    0.000    12/29/21   9,999,356 
        TOTAL GOVERNMENT AGENCY DEBT              29,953,358  
                          
TREASURY DEBT - 0.2%                    
 11,004,000      United States Treasury Bill    0.000    11/02/21   11,003,994 
        TOTAL TREASURY DEBT              11,003,994  
                          
SHARES      COMPANY               
                        
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%                    
 12,418,395   c  State Street Navigator Securities Lending
Government Money Market Portfolio		 0.030        12,418,395 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES     12,418,395  
                          
        TOTAL SHORT-TERM INVESTMENTS             53,375,747 
        (Cost $53,376,076)               
        TOTAL INVESTMENTS - 100.4%              5,176,045,982  
        (Cost $3,994,940,523)               
        OTHER ASSETS & LIABILITIES, NET - (0.4)%              (20,684,741 )
        NET ASSETS - 100.0%            $5,155,361,241 
                             
     
    Abbreviation(s):
    ADR   American Depositary Receipt
    ETF   Exchange Traded Fund
    GDR   Global Depositary Receipt
    INR   Indian Rupee
           
*   Non-income producing
†   Security is categorized as Level 3 in the fair value hierarchy.
c   Investments made with cash collateral received from securities on loan.
e   All or a portion of these securities are out on loan. The aggregate value of securities on loan is $57,845,311.
278

TIAA-CREF FUNDS – Emerging Markets Equity Index 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 10/31/21, the aggregate value of these securities is $294,342,756 or 5.7% of net assets.

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description  Number of long
(short)
contracts		  Expiration date  Notional amount   Value   Unrealized
appreciation
(depreciation)		 
ICE US MSCI Emerging Markets EM Index Futures  795  12/17/21  $50,081,956   $50,164,500   $82,544 
279

TIAA-CREF FUNDS – International Equity Index Fund

 

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2021

 

SHARES      COMPANY  VALUE 
            
COMMON STOCKS - 97.9%     
              
AUSTRALIA - 7.8%     
 232,874   *  Afterpay Touch Group Ltd  $21,573,303 
 762,258      AGL Energy Ltd   3,287,336 
 251,339      Ampol Ltd   5,813,789 
 1,291,305      APA Group   8,012,092 
 641,649      Aristocrat Leisure Ltd   22,757,182 
 2,013,284      Aurizon Holdings Ltd   5,132,790 
 2,227,151      AusNet Services   4,141,721 
 3,052,922      Australia & New Zealand Banking Group Ltd   64,967,612 
 211,499      Australian Stock Exchange Ltd   13,300,704 
 989,098   *,†  AZ BGP Holdings   2,976 
 3,163,699   e  BHP Billiton Ltd   86,897,263 
 2,270,077      BHP Group plc   59,956,300 
 532,981      BlueScope Steel Ltd   8,328,417 
 1,604,161      Brambles Ltd   12,170,274 
 70,987      Cochlear Ltd   11,873,433 
 1,432,189      Coles Group Ltd   18,559,704 
 1,904,062      Commonwealth Bank of Australia   150,920,137 
 575,444      Computershare Ltd   8,188,207 
 397,808   *  Crown Resorts Ltd   2,998,678 
 489,968      CSL Ltd   111,487,460 
 1,131,573      Dexus Property Group   9,282,046 
 65,798      Domino’s Pizza Enterprises Ltd   6,749,431 
 1,425,026      Endeavour Group Ltd   7,322,451 
 1,945,908      Evolution Mining Ltd   5,283,022 
 1,810,008      Fortescue Metals Group Ltd   18,860,350 
 10,763,191      Glencore Xstrata plc   53,822,201 
 1,786,342      Goodman Group   29,576,251 
 2,069,564      GPT Group   8,079,673 
 2,583,389      Insurance Australia Group Ltd   9,360,845 
 748,260      Lend Lease Corp Ltd   5,927,871 
 368,829      Macquarie Group Ltd   54,422,850 
 141,382      Magellan Financial Group Ltd   3,719,207 
 3,009,007      Medibank Pvt Ltd   7,562,024 
 4,227,895      Mirvac Group   9,023,024 
 3,541,998      National Australia Bank Ltd   77,010,032 
 878,036      Newcrest Mining Ltd   16,450,747 
 1,189,696      Northern Star Resources Ltd   8,236,069 
 2,155,204      Oil Search Ltd   6,982,005 
 436,909      Orica Ltd   5,015,405 
 1,891,158      Origin Energy Ltd   7,243,096 
 1,086,474   *  Qantas Airways Ltd   4,400,260 
 1,584,352      QBE Insurance Group Ltd   14,185,385 
 200,402      Ramsay Health Care Ltd   10,710,703 
 59,966      REA Group Ltd   7,277,996 
 313,037      Reece Ltd   4,746,656 
280

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 397,575      Rio Tinto Ltd  $27,238,949 
 1,207,355      Rio Tinto plc   75,280,352 
 1,989,584      Santos Ltd   10,447,441 
 5,572,664      Scentre Group   12,710,605 
 355,980      Seek Ltd   8,847,128 
 494,306      Sonic Healthcare Ltd   14,999,454 
 5,066,293      South32 Ltd   13,666,744 
 2,554,858      Stockland Trust Group   8,806,443 
 1,347,050      Suncorp-Metway Ltd   11,919,833 
 1,393,351   *  Sydney Airport   8,640,778 
 2,340,116      Tabcorp Holdings Ltd   8,811,362 
 4,499,887      Telstra Corp Ltd   13,006,823 
 3,269,456      Transurban Group   33,312,986 
 769,998      Treasury Wine Estates Ltd   6,718,637 
 4,355,134      Vicinity Centres   5,687,734 
 237,811   e  Washington H Soul Pattinson & Co Ltd   5,856,498 
 1,226,296      Wesfarmers Ltd   53,056,578 
 3,936,508      Westpac Banking Corp   76,585,264 
 158,294      Wisetech Global Ltd   6,169,319 
 1,022,016      Woodside Petroleum Ltd   17,866,448 
 1,365,066      Woolworths Ltd   39,320,471 
        TOTAL AUSTRALIA   1,470,568,825 
              
AUSTRIA - 0.3%     
 299,076      Erste Bank der Oesterreichischen Sparkassen AG.   12,826,086 
 515,212      Mondi plc   12,866,777 
 161,100      OMV AG.   9,753,529 
 156,670      Raiffeisen International Bank Holding AG.   4,577,885 
 72,295      Verbund AG.   7,536,193 
 128,811      Voestalpine AG.   4,892,379 
        TOTAL AUSTRIA   52,452,849 
              
BELGIUM - 0.8%     
 186,311      Ageas   9,063,600 
 816,563      Anheuser-Busch InBev S.A.   49,946,859 
 58,730      Colruyt S.A.   2,883,518 
 34,091      Elia System Operator S.A.   3,977,175 
 121,350      Groupe Bruxelles Lambert S.A.   14,080,384 
 267,352      KBC Groep NV   24,896,613 
 189,430      Proximus plc   3,567,262 
 16,589      Sofina S.A.   7,340,719 
 77,148      Solvay S.A.   9,170,743 
 135,624      UCB S.A.   16,210,546 
 210,706      Umicore S.A.   12,081,141 
        TOTAL BELGIUM   153,218,560 
              
BRAZIL - 0.1%     
 187,217      Yara International ASA   9,784,497 
        TOTAL BRAZIL   9,784,497 
              
CHILE - 0.0%     
 422,054      Antofagasta plc   8,232,263 
        TOTAL CHILE   8,232,263 
281

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
CHINA - 0.7%     
 3,845,438      BOC Hong Kong Holdings Ltd  $12,185,595 
 1,790,521   g  Budweiser Brewing Co APAC Ltd   4,911,044 
 2,129,400      Chow Tai Fook Jewellery Group Ltd   4,343,123 
 2,144,697   *,g  ESR Cayman Ltd   6,939,950 
 56,000   *,e  Futu Holdings Ltd (ADR)   2,997,120 
 1,001,560      Prosus NV   88,220,389 
 1,488,000      SITC International Co Ltd   5,029,203 
 2,069,361      Wilmar International Ltd   6,616,043 
        TOTAL CHINA   131,242,467 
              
DENMARK - 2.7%     
 184,057      Ambu A.S.   5,239,538 
 3,395      AP Moller - Maersk AS (Class A)   9,321,511 
 6,242      AP Moller - Maersk AS (Class B)   18,088,989 
 107,832      Carlsberg AS (Class B)   17,804,766 
 114,364      Chr Hansen Holding A/S   9,099,358 
 128,478      Coloplast AS   20,982,766 
 744,135      Danske Bank AS   12,591,971 
 117,128   *  Demant A.S.   5,678,125 
 216,393      DSV AS   50,293,455 
 70,517   *  Genmab AS   31,679,865 
 134,039      GN Store Nord   8,145,175 
 1,807,285      Novo Nordisk AS   198,177,581 
 223,529      Novozymes AS   16,442,528 
 201,104   g  Orsted AS   28,404,426 
 107,981      Pandora AS   15,110,381 
 8,858      Rockwool International AS (B Shares)   4,050,901 
 378,871      Tryg A.S.   8,991,785 
 1,082,877      Vestas Wind Systems A.S.   46,812,353 
        TOTAL DENMARK   506,915,474 
              
FINLAND - 1.2%     
 154,659      Elisa Oyj (Series A)   9,333,707 
 474,521      Fortum Oyj   14,112,285 
 285,343      Kesko Oyj (B Shares)   9,286,340 
 369,008      Kone Oyj (Class B)   25,165,997 
 452,915      Neste Oil Oyj   25,214,599 
 5,796,233   *  Nokia Oyj   33,267,506 
 3,483,239      Nordea Bank Abp   42,658,593 
 118,619      Orion Oyj (Class B)   5,136,630 
 536,733      Sampo Oyj (A Shares)   28,533,433 
 634,710      Stora Enso Oyj (R Shares)   10,561,269 
 568,554      UPM-Kymmene Oyj   20,064,796 
 528,031      Wartsila Oyj (B Shares)   7,322,855 
        TOTAL FINLAND   230,658,010 
              
FRANCE - 10.4%     
 185,678   *  Accor S.A.   6,644,749 
 301,098   *  Adevinta ASA   4,973,610 
 31,895   *  Aeroports de Paris   4,255,570 
 507,910      Air Liquide   84,799,477 
 634,112   *  Airbus SE   81,345,170 
282

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 335,647      Alstom RGPT  $11,961,717 
 66,280   g  Amundi S.A.   5,905,358 
 64,581      Arkema   8,834,293 
 107,341      Atos Origin S.A.   5,600,267 
 2,081,743      AXA S.A.   60,564,116 
 45,652      BioMerieux   5,814,628 
 1,209,329      BNP Paribas S.A.   80,949,110 
 918,145      Bollore   5,336,442 
 241,755      Bouygues S.A.   9,794,777 
 308,913      Bureau Veritas S.A.   9,818,807 
 171,981      Cap Gemini S.A.   40,099,576 
 669,528      Carrefour S.A.   12,121,038 
 223,167      CNP Assurances   5,591,484 
 544,566      Compagnie de Saint-Gobain   37,581,879 
 1,251,636      Credit Agricole S.A.   18,883,382 
 697,586      Danone   45,472,656 
 24,650      Dassault Aviation S.A.   2,576,020 
 719,100      Dassault Systemes SE   41,993,565 
 261,329      Edenred   14,140,827 
 90,594      Eiffage S.A.   9,324,402 
 508,212      Electricite de France   7,490,004 
 1,954,748      Engie S.A.   27,806,578 
 305,833      Essilor International S.A.   63,276,023 
 41,866      Eurazeo   3,924,259 
 129,965      Faurecia   6,787,810 
 55,898      Fonciere Des Regions   4,841,543 
 48,418      Gecina S.A.   6,775,551 
 470,638      Getlink S.E.   7,243,646 
 34,229      Hermes International   54,352,735 
 42,635      Ipsen   4,412,461 
 80,500      Kering   60,418,028 
 231,503      Klepierre   5,511,221 
 104,793   g  La Francaise des Jeux SAEM   5,441,420 
 284,046      Legrand S.A.   30,986,585 
 272,082      L’Oreal S.A.   124,465,197 
 298,159      LVMH Moet Hennessy Louis Vuitton S.A.   233,792,881 
 180,060      Michelin (C.G.D.E.) (Class B)   28,308,571 
 2,114,712      Orange S. A.   23,060,827 
 55,373      Orpea   5,783,930 
 227,171      Pernod-Ricard S.A.   52,262,982 
 238,435      Publicis Groupe S.A.   16,006,957 
 24,068      Remy Cointreau S.A.   4,861,966 
 209,309   *  Renault S.A.   7,542,257 
 367,378      Safran S.A.   49,445,303 
 1,216,911      Sanofi-Aventis   122,231,538 
 29,751      Sartorius Stedim Biotech   16,397,884 
 177,844      SCOR SE   5,987,141 
 31,635      SEB S.A.   4,956,864 
 872,025      Societe Generale   29,129,056 
 94,331      Sodexho Alliance S.A.   9,177,394 
 377,709      Suez Environnement S.A.   8,595,092 
 62,776      Teleperformance   26,222,266 
 112,915      Thales S.A.   10,419,626 
 2,685,731      Total S.A.   134,487,843 
283

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 100,453   *  Ubisoft Entertainment  $5,260,099 
 120,884   *  Unibail-Rodamco-Westfield   8,631,685 
 13,298   *  Unibail-Rodamco-Westfield   950,173 
 249,077      Valeo S.A.   7,318,395 
 778,737      Veolia Environnement   25,432,749 
 572,056      Vinci S.A.   61,158,617 
 775,604   *  Vivendi SE   22,518,062 
 759,551      Vivendi Universal S.A.   9,784,963 
 28,103      Wendel   3,743,587 
 252,929   *,g  Worldline S.A.   14,749,845 
        TOTAL FRANCE   1,976,334,534 
              
GERMANY - 8.6%     
 204,752      Adidas-Salomon AG.   67,015,578 
 445,009      Allianz AG.   103,335,693 
 1,129,380      Aroundtown S.A.   7,848,638 
 991,195      BASF SE   71,339,913 
 1,054,532      Bayer AG.   59,430,948 
 361,510      Bayerische Motoren Werke AG.   36,525,524 
 57,447      Bayerische Motoren Werke AG. (Preference)   4,896,881 
 89,059      Bechtle AG.   6,680,648 
 110,964      Beiersdorf AG.   11,799,177 
 166,363      Brenntag AG.   15,827,486 
 42,525      Carl Zeiss Meditec AG.   8,564,119 
 1,103,371   *  Commerzbank AG.   8,057,785 
 117,706   *  Continental AG.   13,838,859 
 208,242   g  Covestro AG.   13,335,529 
 922,451      Daimler AG. (Registered)   91,564,715 
 594,816      Deutsche Annington Immobilien SE   36,083,201 
 2,226,261   *  Deutsche Bank AG. (Registered)   28,597,007 
 204,374      Deutsche Boerse AG.   33,927,527 
 791,888   *,e  Deutsche Lufthansa AG.   5,234,785 
 1,066,448      Deutsche Post AG.   66,020,572 
 3,582,665      Deutsche Telekom AG.   66,627,359 
 2,398,015      E.ON AG.   30,406,350 
 224,077      Evonik Industries AG.   7,260,274 
 220,449      Fresenius Medical Care AG.   14,644,221 
 450,424      Fresenius SE   20,473,458 
 74,633      FUCHS PETROLUB SE   3,575,267 
 163,358      GEA Group AG.   8,045,572 
 65,132      Hannover Rueckversicherung AG.   11,892,053 
 162,578      HeidelbergCement AG.   12,242,923 
 178,075   *  HelloFresh SE   14,430,995 
 109,326      Henkel KGaA   9,130,064 
 191,446      Henkel KGaA (Preference)   17,151,169 
 1,408,252      Infineon Technologies AG.   65,950,320 
 77,027      KION Group AG.   8,413,563 
 79,073      Knorr-Bremse AG.   8,345,522 
 90,077      Lanxess AG.   6,069,601 
 80,351      LEG Immobilien AG.   11,951,651 
 140,889      Merck KGaA   33,295,557 
 57,458      MTU Aero Engines Holding AG.   12,798,050 
 151,528      Muenchener Rueckver AG.   44,865,367 
 62,371      Nemetschek AG.   7,161,225 
284

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 165,537      Porsche AG.  $17,228,500 
 113,574      Puma AG. Rudolf Dassler Sport   14,088,835 
 5,671      Rational AG.   5,628,733 
 686,639      RWE AG.   26,429,870 
 1,122,558      SAP AG.   162,558,844 
 28,186      Sartorius AG.   18,257,128 
 93,975   g  Scout24 AG.   6,544,986 
 823,517      Siemens AG.   133,888,943 
 428,747   *  Siemens Energy AG.   12,305,288 
 307,188   g  Siemens Healthineers AG.   20,429,820 
 141,497      Symrise AG.   19,572,161 
 164,438   *,g  TeamViewer AG.   2,454,281 
 1,037,242      Telefonica Deutschland Holding AG.   2,702,449 
 98,243      Uniper SE   4,342,991 
 102,839      United Internet AG.   3,794,798 
 43,819   e  Volkswagen AG.   14,245,462 
 186,856      Volkswagen AG. (Preference)   41,936,356 
 238,024   *,g  Zalando SE   22,488,640 
        TOTAL GERMANY   1,633,553,231 
              
HONG KONG - 2.5%     
 13,020,147      AIA Group Ltd   145,916,902 
 2,188,289      CK Asset Holdings Ltd   13,517,180 
 658,044      CK Infrastructure Holdings Ltd   3,967,343 
 1,788,382      CLP Holdings Ltd   17,509,905 
 2,237,237      Hang Lung Properties Ltd   5,192,299 
 802,010      Hang Seng Bank Ltd   15,240,540 
 1,554,728      Henderson Land Development Co Ltd   6,509,926 
 3,217,111      HK Electric Investments & HK Electric Investments Ltd   3,204,500 
 4,346,835      HKT Trust and HKT Ltd   5,898,798 
 11,941,292      Hong Kong & China Gas Ltd   18,551,164 
 1,561,427      Hong Kong Electric Holdings Ltd   9,542,351 
 1,296,164      Hong Kong Exchanges and Clearing Ltd   78,083,130 
 1,238,970      Hongkong Land Holdings Ltd   6,841,927 
 231,577      Jardine Matheson Holdings Ltd   13,450,712 
 2,253,602      Link REIT   19,965,648 
 264,934   *  Melco Crown Entertainment Ltd (ADR)   2,869,235 
 1,709,688      MTR Corp   9,326,540 
 1,637,588      New World Development Co Ltd   7,102,922 
 3,642,833   e  Sino Land Co   4,788,084 
 1,405,471      Sun Hung Kai Properties Ltd   18,634,188 
 516,112      Swire Pacific Ltd (Class A)   3,244,583 
 1,354,634      Swire Properties Ltd   3,631,728 
 1,469,160      Techtronic Industries Co   30,184,261 
 9,175,105   g  WH Group Ltd   6,431,877 
 1,793,426      Wharf Real Estate Investment Co Ltd   10,129,732 
 1,987,770      Xinyi Glass Holdings Co Ltd   5,601,426 
        TOTAL HONG KONG   465,336,901 
              
IRELAND - 0.7%     
 845,715      CRH plc   40,470,695 
 178,867   *  Flutter Entertainment plc   33,860,693 
 172,271      Kerry Group plc (Class A)   23,120,764 
 165,126      Kingspan Group plc   19,010,125 
 266,712      Smurfit Kappa Group plc   13,980,134 
        TOTAL IRELAND   130,442,411 
285

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
ISRAEL - 0.6%     
 47,744      Azrieli Group  $4,465,178 
 1,220,785      Bank Hapoalim Ltd   12,023,463 
 1,560,975      Bank Leumi Le-Israel   14,914,126 
 119,234   *  Check Point Software Technologies   14,260,386 
 30,872      Elbit Systems Ltd   4,866,400 
 731,792      Israel Chemicals Ltd   6,271,454 
 1,249,054   *  Israel Discount Bank Ltd   7,547,069 
 154,796      Mizrahi Tefahot Bank Ltd   5,632,252 
 68,086   *  Nice Systems Ltd   19,247,860 
 1,168,610   *  Teva Pharmaceutical Industries Ltd (ADR)   10,213,651 
 60,153   *  Wix.com Ltd   11,186,052 
        TOTAL ISRAEL   110,627,891 
              
ITALY - 2.0%     
 133,846      Amplifon S.p.A.   6,811,188 
 1,188,734      Assicurazioni Generali S.p.A.   25,884,911 
 533,515   *  Autostrade S.p.A.   10,311,979 
 571,570      Davide Campari-Milano NV   8,118,668 
 27,514      DiaSorin S.p.A.   6,219,923 
 8,710,101      Enel S.p.A.   72,919,069 
 2,711,857      ENI S.p.A.   38,867,528 
 136,591      Ferrari NV   32,411,250 
 666,074   *  FinecoBank Banca Fineco S.p.A   12,720,542 
 367,524   g  Infrastrutture Wireless Italiane S.p.A   4,060,443 
 17,789,307      Intesa Sanpaolo S.p.A.   50,560,341 
 672,087   *  Mediobanca S.p.A.   8,019,828 
 218,585      Moncler S.p.A   15,730,335 
 463,300   *,g  Nexi S.p.A   8,055,468 
 566,976   g  Poste Italiane S.p.A   8,097,454 
 282,422      Prysmian S.p.A.   10,678,110 
 110,845      Recordati S.p.A.   6,945,208 
 2,169,416      Snam Rete Gas S.p.A.   12,287,114 
 5,933,379      Telecom Italia RSP   2,255,714 
 10,444,730      Telecom Italia S.p.A.   3,726,154 
 1,449,790      Terna Rete Elettrica Nazionale S.p.A.   10,802,086 
 2,291,077      UniCredit S.p.A.   30,286,755 
        TOTAL ITALY   385,770,068 
              
JAPAN - 22.5%     
 33,131      ABC-Mart, Inc   1,592,407 
 389,742      Acom Co Ltd   1,299,839 
 216,077      Advantest Corp   17,715,704 
 707,477      Aeon Co Ltd   16,275,250 
 158,242      Aisin Seiki Co Ltd   5,790,512 
 505,422      Ajinomoto Co, Inc   15,132,676 
 156,959   *  All Nippon Airways Co Ltd   3,657,307 
 485,659      Asahi Breweries Ltd   22,039,323 
 205,908      Asahi Glass Co Ltd   10,253,304 
 223,952      Asahi Intecc Co Ltd   5,903,232 
 1,331,539      Asahi Kasei Corp   13,988,282 
286

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 2,001,003      Astellas Pharma, Inc  $33,734,446 
 129,058      Azbil Corp   5,502,105 
 216,598      Bandai Namco Holdings Inc   16,552,103 
 613,587      Bridgestone Corp   27,144,651 
 253,451      Brother Industries Ltd   4,900,205 
 1,074,098   e  Canon, Inc   24,424,311 
 200,914      Capcom Co Ltd   5,407,682 
 208,606   *  Casio Computer Co Ltd   2,952,005 
 153,228      Central Japan Railway Co   22,729,927 
 598,612      Chiba Bank Ltd   3,710,324 
 726,217      Chubu Electric Power Co, Inc   7,517,166 
 721,927      Chugai Pharmaceutical Co Ltd   26,992,390 
 1,194,911      Concordia Financial Group Ltd   4,749,378 
 22,770      Cosmos Pharmaceutical Corp   3,479,646 
 436,576      CyberAgent, Inc   7,315,067 
 232,375      Dai Nippon Printing Co Ltd   5,757,106 
 109,734      Daifuku Co Ltd   10,102,045 
 1,094,366      Dai-ichi Mutual Life Insurance Co   23,023,876 
 1,883,542      Daiichi Sankyo Co Ltd   47,526,223 
 268,811      Daikin Industries Ltd   58,873,573 
 70,683      Daito Trust Construction Co Ltd   8,763,566 
 607,263      Daiwa House Industry Co Ltd   20,033,711 
 2,340      Daiwa House REIT Investment Corp   6,714,940 
 1,511,891      Daiwa Securities Group, Inc   8,494,031 
 460,978      Denso Corp   33,418,670 
 227,510      Dentsu, Inc   8,314,055 
 30,309      Disco Corp   8,171,234 
 442,984      Don Quijote Co Ltd   9,301,284 
 326,665      East Japan Railway Co   20,346,808 
 254,745      Eisai Co Ltd   18,050,247 
 3,296,159      ENEOS Holdings, Inc   13,290,936 
 205,498   *  Fanuc Ltd   40,610,739 
 62,681      Fast Retailing Co Ltd   41,608,747 
 136,943   *  Fuji Electric Holdings Co Ltd   6,696,185 
 647,264      Fuji Heavy Industries Ltd   12,695,945 
 388,773      Fujifilm Holdings Corp   30,043,357 
 210,515      Fujitsu Ltd   36,383,235 
 4,409      GLP J-Reit   7,191,341 
 47,015      GMO Payment Gateway, Inc   5,956,623 
 231,011      Hakuhodo DY Holdings, Inc   3,766,310 
 152,487      Hamamatsu Photonics KK   9,050,468 
 242,403      Hankyu Hanshin Holdings, Inc   7,515,840 
 46,025      Harmonic Drive Systems, Inc   2,086,392 
 20,709      Hikari Tsushin, Inc   3,192,376 
 342,180      Hino Motors Ltd   3,236,913 
 35,370      Hirose Electric Co Ltd   5,914,953 
 49,976      Hisamitsu Pharmaceutical Co, Inc   1,705,010 
 124,363   *  Hitachi Construction Machinery Co Ltd   3,967,919 
 1,038,300   *  Hitachi Ltd   59,831,559 
 240,100   *  Hitachi Metals Ltd   4,545,250 
 1,746,696      Honda Motor Co Ltd   51,663,534 
 63,425      Hoshizaki Electric Co Ltd   5,333,467 
 398,094   *  Hoya Corp   58,602,808 
 402,685      Hulic Co Ltd   3,872,015 
287

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 114,386      Ibiden Co Ltd  $6,872,988 
 229,273      Idemitsu Kosan Co Ltd   6,261,973 
 165,373      Iida Group Holdings Co Ltd   4,077,188 
 1,103,492      Inpex Holdings, Inc   9,202,372 
 640,224      Isuzu Motors Ltd   8,612,805 
 56,219      Ito En Ltd   3,744,506 
 1,268,282      Itochu Corp   36,172,503 
 113,371      Itochu Techno-Science Corp   3,581,306 
 164,476   *  Japan Airlines Co Ltd   3,539,754 
 513,915      Japan Post Bank Co Ltd   4,009,573 
 2,629,518      Japan Post Holdings Co Ltd   20,204,956 
 249,463      Japan Post Insurance Co Ltd   4,047,458 
 1,333      Japan Real Estate Investment Corp   8,170,268 
 7,666      Japan Retail Fund Investment Corp   7,041,367 
 1,308,891      Japan Tobacco, Inc   25,695,064 
 526,349      JFE Holdings, Inc   8,042,844 
 216,680      JSR Corp   7,858,885 
 480,148      Kajima Corp   5,911,944 
 148,774      Kakaku.com, Inc   4,937,053 
 743,119      Kansai Electric Power Co, Inc   6,841,977 
 204,482      Kansai Paint Co Ltd   4,734,982 
 520,878      Kao Corp   29,465,042 
 1,725,723      KDDI Corp   52,772,580 
 110,936      Keio Corp   5,599,795 
 138,868      Keisei Electric Railway Co Ltd   4,468,884 
 209,486      Keyence Corp   126,448,835 
 156,965      Kikkoman Corp   12,838,177 
 190,560   *  Kintetsu Corp   5,998,449 
 878,527      Kirin Brewery Co Ltd   15,291,502 
 58,979      Kobayashi Pharmaceutical Co Ltd   4,722,213 
 146,711   e  Kobe Bussan Co Ltd   5,053,706 
 70,142      Koei Tecmo Holdings Co Ltd   3,264,985 
 112,509   *  Koito Manufacturing Co Ltd   6,383,554 
 934,005      Komatsu Ltd   24,462,805 
 100,477      Konami Corp   5,529,305 
 34,185      Kose Corp   3,969,761 
 1,093,054      Kubota Corp   23,285,323 
 108,758      Kurita Water Industries Ltd   5,371,724 
 338,636      Kyocera Corp   19,826,105 
 290,212      Kyowa Hakko Kogyo Co Ltd   9,544,506 
 81,044      Lasertec Corp   17,579,709 
 53,868      Lawson, Inc   2,605,035 
 238,224      Lion Corp   3,967,474 
 281,352      LIXIL Group Corp   7,227,896 
 472,892      M3, Inc   27,867,662 
 240,669      Makita Corp   11,169,912 
 1,680,073      Marubeni Corp   14,255,956 
 631,206   *  Mazda Motor Corp   5,677,238 
 87,215      McDonald’s Holdings Co Japan Ltd   3,897,775 
 180,427      Mediceo Paltac Holdings Co Ltd   3,264,325 
 133,026      MEIJI Holdings Co Ltd   8,395,103 
 110,608   *,e  Mercari, Inc   5,984,935 
 389,991      Minebea Co Ltd   9,873,413 
 304,043      MISUMI Group, Inc   12,716,211 
288

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 1,340,241      Mitsubishi Chemical Holdings Corp  $11,093,742 
 1,354,462      Mitsubishi Corp   43,069,128 
 1,937,434      Mitsubishi Electric Corp   26,018,640 
 1,296,506      Mitsubishi Estate Co Ltd   19,702,982 
 169,723      Mitsubishi Gas Chemical Co, Inc   3,415,885 
 335,989      Mitsubishi Heavy Industries Ltd   8,592,200 
 13,134,988      Mitsubishi UFJ Financial Group, Inc   72,025,634 
 680,533      Mitsubishi UFJ Lease & Finance Co Ltd   3,412,328 
 1,625,654      Mitsui & Co Ltd   37,202,298 
 196,560      Mitsui Chemicals, Inc   5,844,481 
 994,491      Mitsui Fudosan Co Ltd   22,737,879 
 95,133      Miura Co Ltd   3,659,331 
 2,592,988      Mizuho Financial Group, Inc   34,222,174 
 276,696      MonotaRO Co Ltd   6,306,389 
 472,723      MS&AD Insurance Group Holdings Inc   15,272,423 
 614,332      Murata Manufacturing Co Ltd   45,570,257 
 124,804      Nabtesco Corp   4,050,336 
 262,339      NEC Corp   13,432,284 
 527,883      Nexon Co Ltd   8,985,173 
 284,989      NGK Insulators Ltd   4,745,393 
 479,435      Nidec Corp   53,101,180 
 325,188      Nihon M&A Center, Inc   9,984,698 
 120,613      Nintendo Co Ltd   53,269,568 
 1,559      Nippon Building Fund, Inc   10,128,735 
 83,887      Nippon Express Co Ltd   5,250,862 
 88,499      Nippon Meat Packers, Inc   3,112,304 
 762,685      Nippon Paint Co Ltd   8,160,600 
 2,256      Nippon ProLogis REIT, Inc   7,535,116 
 52,473      Nippon Shinyaku Co Ltd   4,203,946 
 921,438      Nippon Steel Corp   16,155,352 
 1,376,236      Nippon Telegraph & Telephone Corp   38,560,664 
 173,072      Nippon Yusen Kabushiki Kaisha   12,471,097 
 130,825      Nissan Chemical Industries Ltd   7,281,540 
 2,461,164   *  Nissan Motor Co Ltd   12,526,977 
 194,920      Nisshin Seifun Group, Inc   3,077,904 
 68,865      Nissin Food Products Co Ltd   5,264,029 
 86,876      Nitori Co Ltd   15,960,030 
 149,841      Nitto Denko Corp   11,708,591 
 3,291,150     Nomura Holdings, Inc   15,674,151 
 136,462      Nomura Real Estate Holdings, Inc   3,326,858 
 4,622      Nomura Real Estate Master Fund, Inc   6,921,289 
 362,937      Nomura Research Institute Ltd   14,529,840 
 451,717      NSK Ltd   3,035,292 
 669,977      NTT Data Corp   13,440,284 
 698,676      Obayashi Corp   5,898,387 
 75,150      Obic Co Ltd   13,897,009 
 316,460      Odakyu Electric Railway Co Ltd   6,860,667 
 919,327      OJI Paper Co Ltd   4,556,862 
 1,251,340      Olympus Corp   27,107,832 
 199,517      Omron Corp   19,080,736 
 388,570      Ono Pharmaceutical Co Ltd   8,152,869 
 40,431   *  Oracle Corp Japan   3,825,760 
 215,733      Oriental Land Co Ltd   34,072,802 
 1,308,691      ORIX Corp   26,011,921 
289

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 2,698      Orix JREIT, Inc  $4,476,264 
 436,506      Osaka Gas Co Ltd   7,035,594 
 550,253      Osaka Securities Exchange Co Ltd   13,028,922 
 120,301      Otsuka Corp   5,925,608 
 417,061      Otsuka Holdings KK   16,494,450 
 2,366,134      Panasonic Corp   29,259,668 
 98,530   *  PeptiDream, Inc   2,381,687 
 199,756      Persol Holdings Co Ltd   5,369,170 
 113,544      Pigeon Corp   2,629,245 
 90,448      Pola Orbis Holdings, Inc   1,931,222 
 930,799   *  Rakuten, Inc   10,190,412 
 1,456,448      Recruit Holdings Co Ltd   96,881,462 
 1,357,372   *  Renesas Electronics Corp   16,697,607 
 2,236,034      Resona Holdings, Inc   8,399,883 
 714,688      Ricoh Co Ltd   6,959,515 
 42,499      Rinnai Corp   4,363,477 
 92,044      Rohm Co Ltd   8,416,276 
 273,442      Ryohin Keikaku Co Ltd   5,388,514 
 355,616      Santen Pharmaceutical Co Ltd   5,012,391 
 264,944   *  SBI Holdings, Inc   6,867,207 
 219,953      Secom Co Ltd   14,994,737 
 302,934      Seiko Epson Corp   5,394,062 
 388,318      Sekisui Chemical Co Ltd   6,379,569 
 662,111      Sekisui House Ltd   13,765,799 
 809,548      Seven & I Holdings Co Ltd   33,988,682 
 343,824      SG Holdings Co Ltd   8,633,793 
 251,332      Sharp Corp   2,964,508 
 258,846      Shimadzu Corp   10,516,195 
 79,978      Shimano, Inc   22,314,935 
 574,071      Shimizu Corp   4,206,127 
 379,946      Shin-Etsu Chemical Co Ltd   67,756,923 
 286,633      Shionogi & Co Ltd   18,688,544 
 428,438      Shiseido Co Ltd   28,588,351 
 460,019      Shizuoka Bank Ltd   3,704,249 
 61,951      SMC Corp   36,970,192 
 3,110,077      Softbank Corp   42,451,544 
 1,295,825      Softbank Group Corp   70,152,546 
 86,443      Sohgo Security Services Co Ltd   3,698,351 
 336,959      Sompo Holdings, Inc   14,612,846 
 1,354,532      Sony Corp   156,849,775 
 97,611      Square Enix Co Ltd   5,347,136 
 128,688      Stanley Electric Co Ltd   3,243,605 
 364,172      Sumco Corp   6,958,820 
 167,864      Sumisho Computer Systems Corp   3,397,076 
 1,596,519      Sumitomo Chemical Co Ltd   7,864,955 
 1,204,455      Sumitomo Corp   17,163,075 
 208,575      Sumitomo Dainippon Pharma Co Ltd   2,949,575 
 789,194      Sumitomo Electric Industries Ltd   10,474,864 
 265,742      Sumitomo Metal Mining Co Ltd   10,308,738 
 1,401,045      Sumitomo Mitsui Financial Group, Inc   45,463,397 
 360,502      Sumitomo Mitsui Trust Holdings, Inc   11,858,293 
 338,422      Sumitomo Realty & Development Co Ltd   12,230,540 
 152,591      Suntory Beverage & Food Ltd   5,920,900 
 390,893   *  Suzuki Motor Corp   17,432,601 
290

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 180,203      Sysmex Corp  $22,343,515 
 567,130      T&D Holdings, Inc   7,273,814 
 203,685      Taisei Corp   6,391,459 
 42,325      Taisho Pharmaceutical Holdings Co Ltd   2,271,204 
 171,272      Taiyo Nippon Sanso Corp   4,043,486 
 1,688,109      Takeda Pharmaceutical Co Ltd   47,378,149 
 414,895      TDK Corp   15,082,672 
 697,262      Terumo Corp   30,760,258 
 138,972      THK Co Ltd   2,988,402 
 241,729      TIS, Inc   6,585,392 
 211,323      Tobu Railway Co Ltd   5,261,440 
 123,197      Toho Co Ltd   5,788,306 
 75,671      Toho Gas Co Ltd   2,241,560 
 545,065      Tohoku Electric Power Co, Inc   3,536,453 
 671,146      Tokio Marine Holdings, Inc   35,349,254 
 42,033      Tokyo Century Corp   2,406,634 
 1,639,046   *  Tokyo Electric Power Co, Inc   4,540,160 
 160,553      Tokyo Electron Ltd   74,822,980 
 420,829      Tokyo Gas Co Ltd   7,302,618 
 528,858      Tokyu Corp   7,455,948 
 288,328      Toppan Printing Co Ltd   4,654,226 
 1,482,040      Toray Industries, Inc   9,235,355 
 440,011      Toshiba Corp   18,978,615 
 285,539      Tosoh Corp   4,808,767 
 150,797      Toto Ltd   7,285,651 
 92,214      Toyo Suisan Kaisha Ltd   3,973,418 
 153,467      Toyota Industries Corp   13,046,625 
 11,386,350   *  Toyota Motor Corp   200,902,523 
 224,441      Toyota Tsusho Corp   9,735,391 
 141,566      Trend Micro, Inc   8,001,362 
 43,979      Tsuruha Holdings, Inc   5,424,596 
 431,116      Uni-Charm Corp   17,435,538 
 3,372      United Urban Investment Corp   4,203,396 
 217,861      USS Co Ltd   3,511,547 
 107,415      Welcia Holdings Co Ltd   4,009,953 
 227,806      West Japan Railway Co   10,753,729 
 140,185      Yakult Honsha Co Ltd   7,083,291 
 836,165      Yamada Denki Co Ltd   3,195,236 
 140,716      Yamaha Corp   8,890,166 
 322,687      Yamaha Motor Co Ltd   8,994,513 
 309,106      Yamato Transport Co Ltd   7,598,813 
 254,869      Yaskawa Electric Corp   11,038,901 
 255,736      Yokogawa Electric Corp   5,110,177 
 2,876,336      Z Holdings Corp   17,856,346 
 138,204      ZOZO Inc   4,436,148 
        TOTAL JAPAN   4,257,200,767 
              
JORDAN - 0.0%     
 187,567      Hikma Pharmaceuticals plc   6,182,565 
        TOTAL JORDAN   6,182,565 
              
LUXEMBOURG - 0.2%     
 772,951      ArcelorMittal   26,141,306 
 143,653      Eurofins Scientific SE   16,953,196 
        TOTAL LUXEMBOURG   43,094,502 
291

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
MACAU - 0.1%     
 2,252,914   *  Galaxy Entertainment Group Ltd  $12,122,302 
 2,606,822   *  Sands China Ltd   5,941,401 
 1,940,433   *,e  SJM Holdings Ltd   1,443,138 
 1,579,703   *,e  Wynn Macau Ltd   1,412,684 
        TOTAL MACAU   20,919,525 
              
NETHERLANDS - 5.3%     
 464,328   g  ABN AMRO Group NV   6,829,201 
 21,215   *,g  Adyen NV   64,012,213 
 1,918,809      Aegon NV   9,732,752 
 204,134      Akzo Nobel NV   23,458,463 
 47,183   *  Argenx SE   14,121,323 
 1,564   *  Argenx SE   470,856 
 51,006      ASM International NV   23,084,529 
 450,974      ASML Holding NV   366,596,585 
 187,793      DSM NV   41,028,673 
 116,361      EXOR NV   10,976,439 
 120,831      Heineken Holding NV   11,198,017 
 274,962      Heineken NV   30,435,280 
 4,197,043      ING Groep NV   63,664,534 
 74,705      JDE Peet’s BV   2,175,324 
 1,130,738      Koninklijke Ahold Delhaize NV   36,785,681 
 3,610,255      Koninklijke KPN NV   10,787,203 
 979,102      Koninklijke Philips Electronics NV   46,189,302 
 75,314      Koninklijke Vopak NV   2,997,338 
 290,284      NN Group NV   15,517,642 
 128,387      Randstad Holdings NV   9,224,271 
 4,409,993      Royal Dutch Shell plc (A Shares)   101,027,979 
 3,988,171      Royal Dutch Shell plc (B Shares)   91,523,427 
 287,374      Wolters Kluwer NV   30,093,353 
        TOTAL NETHERLANDS   1,011,930,385 
              
NEW ZEALAND - 0.3%     
 851,957   *,e  a2 Milk Co Ltd   4,013,098 
 1,335,077   *  Auckland International Airport Ltd   7,652,500 
 617,267      Fisher & Paykel Healthcare Corp   13,828,943 
 674,051      Mercury NZ Ltd   2,964,380 
 1,446,567      Meridian Energy Ltd   5,182,028 
 432,382      Ryman Healthcare Ltd   4,474,818 
 2,128,418      Telecom Corp of New Zealand Ltd   6,967,743 
 142,000   *  Xero Ltd   16,191,237 
        TOTAL NEW ZEALAND   61,274,747 
              
NORWAY - 0.6%     
 993,310   e  DNB Bank ASA   23,637,474 
 1,050,081      Equinor ASA   26,607,297 
 219,773      Gjensidige Forsikring BA   5,472,048 
 470,710      Mowi ASA   13,649,258 
 1,453,455      Norsk Hydro ASA   10,676,304 
 821,114      Orkla ASA   7,986,490 
 83,547      Schibsted ASA   4,316,468 
292

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 107,932      Schibsted ASA (B Shares)  $4,872,840 
 761,831      Telenor ASA   12,037,314 
        TOTAL NORWAY   109,255,493 
              
POLAND - 0.0%     
 230,792   *  InPost S.A.   3,295,198 
        TOTAL POLAND   3,295,198 
              
PORTUGAL - 0.1%     
 2,958,517      Energias de Portugal S.A.   16,693,846 
 546,650      Galp Energia SGPS S.A.   5,678,569 
 274,530      Jeronimo Martins SGPS S.A.   6,220,190 
        TOTAL PORTUGAL   28,592,605 
              
RUSSIA - 0.1%     
 214,285      Coca-Cola HBC AG.   7,427,159 
 540,206      Evraz plc   4,588,508 
        TOTAL RUSSIA   12,015,667 
              
SAUDI ARABIA - 0.1%     
 173,741   *,g  Delivery Hero AG.   21,669,849 
        TOTAL SAUDI ARABIA   21,669,849 
              
SINGAPORE - 1.0%     
 3,502,806      Ascendas REIT   8,022,935 
 2,927,801   *  Capitaland Investment Ltd   7,468,769 
 5,237,300      CapitaMall Trust   8,340,166 
 440,843      City Developments Ltd   2,393,099 
 1,936,570      DBS Group Holdings Ltd   45,253,489 
 6,000,139      Genting Singapore Ltd   3,469,295 
 1,574,281      Keppel Corp Ltd   6,282,306 
 2,472,901      Mapletree Commercial Trust   3,999,973 
 3,313,395      Mapletree Logistics Trust   4,968,547 
 3,587,831      Oversea-Chinese Banking Corp   31,364,196 
 1,380,722   *  Singapore Airlines Ltd   5,318,609 
 879,647      Singapore Exchange Ltd   6,312,970 
 1,915,177      Singapore Technologies Engineering Ltd   5,438,769 
 8,661,902      Singapore Telecommunications Ltd   16,069,868 
 1,252,038      United Overseas Bank Ltd   24,888,430 
 561,591      UOL Group Ltd   3,012,052 
 297,278      Venture Corp Ltd   4,152,469 
        TOTAL SINGAPORE   186,755,942 
              
SOUTH AFRICA - 0.3%     
 1,393,904      Anglo American plc   53,028,322 
        TOTAL SOUTH AFRICA   53,028,322 
              
SPAIN - 2.4%     
 274,260      ACS Actividades de Construccion y Servicios S.A.   7,188,249 
 80,621   *,g  Aena S.A.   13,240,910 
 483,186   *  Amadeus IT Holding S.A.   32,324,113 
 7,167,409      Banco Bilbao Vizcaya Argentaria S.A.   50,158,432 
 18,637,819   e  Banco Santander S.A.   70,694,794 
293

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 4,733,633      CaixaBank S.A.  $13,607,605 
 549,497   g  Cellnex Telecom SAU   33,793,889 
 306,442      EDP Renovaveis S.A.   8,537,351 
 268,340      Enagas   6,021,407 
 339,633      Endesa S.A.   7,832,858 
 509,408      Ferrovial S.A.   16,081,017 
 322,526   e  Grifols S.A.   7,380,368 
 6,339,436      Iberdrola S.A.   74,859,475 
 1,171,238   e  Industria De Diseno Textil S.A.   42,427,196 
 206,453   e  Naturgy Energy Group S.A.   5,424,734 
 483,405      Red Electrica Corp S.A.   10,065,335 
 1,560,870      Repsol YPF S.A.   19,992,453 
 258,896   *  Siemens Gamesa Renewable Energy   7,025,295 
 5,526,305      Telefonica S.A.   24,004,379 
        TOTAL SPAIN   450,659,860 
              
SWEDEN - 3.5%     
 338,900      Alfa Laval AB   14,537,051 
 1,073,074      Assa Abloy AB   31,486,838 
 718,885   e  Atlas Copco AB (A Shares)   46,295,248 
 416,142   e  Atlas Copco AB (B Shares)   22,552,321 
 293,113      Boliden AB   10,333,465 
 248,051      Electrolux AB   5,629,383 
 506,780   *  Embracer Group AB   4,726,558 
 702,732   e  Epiroc AB   17,485,004 
 415,482      Epiroc AB   8,826,436 
 320,521      EQT AB   16,929,876 
 3,127,683      Ericsson (LM) (B Shares)   34,139,927 
 662,343      Essity AB   21,454,403 
 182,260   g  Evolution Gaming Group AB   29,588,417 
 118,179   *  Fastighets AB Balder   8,568,919 
 784,908   e  Hennes & Mauritz AB (B Shares)   14,766,339 
 2,092,272      Hexagon AB   33,672,389 
 471,671   e  Husqvarna AB (B Shares)   6,721,743 
 107,919   e  ICA Gruppen AB   5,579,417 
 175,298      Industrivarden AB   5,702,195 
 130,062   e  Industrivarden AB   4,290,513 
 152,355      Investment AB Latour   5,534,051 
 1,964,767   *,e  Investor AB   45,334,883 
 261,297   *  Kinnevik AB   10,256,119 
 81,629      Lundbergs AB (B Shares)   4,706,174 
 215,822      Lundin Petroleum AB   8,523,548 
 1,526,098      Nibe Industrier AB   22,698,675 
 1,207,940      Sandvik AB   30,631,796 
 339,705      Securitas AB (B Shares)   5,627,783 
 556,611   *,g  Sinch AB   10,594,963 
 1,747,909      Skandinaviska Enskilda Banken AB (Class A)   27,333,499 
 366,682      Skanska AB (B Shares)   9,323,215 
 407,774      SKF AB (B Shares)   9,470,627 
 650,640      Svenska Cellulosa AB (B Shares)   10,166,289 
 1,561,075   e  Svenska Handelsbanken AB   17,893,565 
 969,365   e  Swedbank AB (A Shares)   21,024,264 
 1,715,131      Swedish Match AB   15,122,648 
 531,370      Tele2 AB (B Shares)   7,510,042 
294

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 2,944,395   e  TeliaSonera AB  $11,597,516 
 215,201      Volvo AB (A Shares)   5,087,594 
 1,536,929      Volvo AB (B Shares)   35,839,878 
        TOTAL SWEDEN   657,563,571 
              
SWITZERLAND - 9.7%     
 1,863,161      ABB Ltd   61,639,371 
 163,316      Adecco S.A.   8,227,865 
 536,834      Alcon, Inc   44,513,479 
 49,308      Baloise Holding AG.   7,857,725 
 30,243      Banque Cantonale Vaudoise   2,434,935 
 3,946      Barry Callebaut AG.   9,138,358 
 560,284      Cie Financiere Richemont S.A.   69,335,354 
 223,851      Clariant AG.   4,712,630 
 2,744,785      Credit Suisse Group   28,550,447 
 7,747   e  EMS-Chemie Holding AG.   7,684,439 
 39,443      Geberit AG.   30,803,112 
 10,012      Givaudan S.A.   47,175,901 
 562,852      Holcim Ltd   28,076,499 
 239,855      Julius Baer Group Ltd   17,349,211 
 58,358      Kuehne & Nagel International AG.   18,379,877 
 1,147      Lindt & Spruengli AG.   13,516,962 
 114      Lindt & Spruengli AG. (Registered)   13,683,486 
 185,993      Logitech International S.A.   15,558,863 
 80,393      Lonza Group AG.   66,067,002 
 3,101,982      Nestle S.A.   409,173,681 
 2,381,658      Novartis AG.   196,993,371 
 24,303      Partners Group   42,456,228 
 34,435      Roche Holding AG.   14,811,284 
 755,832      Roche Holding AG.   292,804,753 
 45,068      Schindler Holding AG.   11,735,144 
 23,303      Schindler Holding AG. (Registered)   5,982,503 
 6,424      SGS S.A.   19,018,374 
 151,904      Sika AG.   51,461,979 
 58,508      Sonova Holdings AG   24,244,050 
 734,350      STMicroelectronics NV   34,866,049 
 11,045      Straumann Holding AG.   22,992,344 
 30,913      Swatch Group AG.   8,508,634 
 52,219      Swatch Group AG. (Registered)   2,778,010 
 34,218      Swiss Life Holding   18,770,841 
 84,053      Swiss Prime Site AG.   8,545,356 
 28,338      Swisscom AG.   15,430,730 
 69,922      Temenos Group AG.   10,704,813 
 3,943,408      UBS Group AG   71,780,586 
 52,364      Vifor Pharma AG.   6,761,541 
 161,749      Zurich Insurance Group AG   71,690,480 
        TOTAL SWITZERLAND   1,836,216,267 
              
TAIWAN - 0.1%     
 73,800   *  Sea Ltd (ADR)   25,355,466 
        TOTAL TAIWAN   25,355,466 
              
UNITED ARAB EMIRATES - 0.0%     
 121,704   *,†  NMC Health plc   1,666 
        TOTAL UNITED ARAB EMIRATES   1,666 
295

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
UNITED KINGDOM - 11.9%     
 1,054,552      3i Group plc  $19,693,780 
 210,722      Admiral Group plc   8,277,615 
 481,952      Ashtead Group plc   40,392,459 
 374,128      Associated British Foods plc   9,149,622 
 1,666,487      AstraZeneca plc   208,479,697 
 1,038,217   g  Auto Trader Group plc   8,607,272 
 129,412      Aveva Group plc   6,301,835 
 4,237,134      Aviva plc   22,863,220 
 3,454,567      BAE Systems plc   26,047,993 
 18,312,994      Barclays plc   50,534,214 
 1,080,703      Barratt Developments plc   9,810,701 
 121,125      Berkeley Group Holdings plc   7,224,937 
 21,747,753      BP plc   104,191,321 
 2,336,417      British American Tobacco plc   81,270,902 
 951,970      British Land Co plc   6,427,676 
 9,585,221   *  BT Group plc   18,210,280 
 368,533      Bunzl plc   13,621,010 
 430,030      Burberry Group plc   11,365,292 
 2,876,739      CK Hutchison Holdings Ltd   19,286,866 
 1,095,306      CNH Industrial NV   18,867,259 
 221,310      Coca-Cola European Partners plc (Class A)   11,651,972 
 1,915,710   *  Compass Group plc   40,652,591 
 152,330      Croda International plc   19,716,153 
 103,725      DCC plc   8,654,852 
 2,522,856      Diageo plc   125,516,346 
 1,451,340      Direct Line Insurance Group plc   5,800,865 
 630,521   *  Entain PLC   17,667,914 
 988,559      Experian Group Ltd   45,326,614 
 5,433,936      GlaxoSmithKline plc   112,813,018 
 414,863      Halma plc   16,824,061 
 387,803      Hargreaves Lansdown plc   8,160,520 
 21,935,989      HSBC Holdings plc   132,168,101 
 1,016,908      Imperial Tobacco Group plc   21,457,952 
 1,615,423   *  Informa plc   11,492,020 
 197,968   *  InterContinental Hotels Group plc   13,867,088 
 173,687      Intertek Group plc   11,631,456 
 1,789,920      J Sainsbury plc   7,331,260 
 558,905      JD Sports Fashion plc   8,330,414 
 205,904      Johnson Matthey plc   7,695,770 
 190,728   *,g  Just Eat Takeaway.com NV   13,700,998 
 2,241,646      Kingfisher plc   10,288,238 
 752,655      Land Securities Group plc   7,070,801 
 6,404,637      Legal & General Group plc   25,258,496 
 76,266,692      Lloyds TSB Group plc   52,195,454 
 352,380      London Stock Exchange Group plc   34,301,991 
 2,828,041      M&G plc   7,726,489 
 4,685,689      Melrose Industries plc   10,109,584 
 3,789,012      National Grid plc   48,512,846 
 6,225,320      Natwest Group plc   18,770,426 
 143,270      Next plc   15,614,915 
 525,506   *  Ocado Ltd   12,969,800 
296

TIAA-CREF FUNDS – International Equity Index Fund

 

SHARES      COMPANY  VALUE 
            
 800,860      Pearson plc  $6,589,976 
 341,200      Persimmon plc   12,712,531 
 691,662      Phoenix Group Holdings plc   6,210,105 
 2,810,557      Prudential plc   57,357,714 
 766,719      Reckitt Benckiser Group plc   62,244,393 
 2,094,780      RELX plc   64,953,641 
 2,021,084      Rentokil Initial plc   16,267,591 
 8,998,607   *  Rolls-Royce Group plc   16,241,039 
 1,180,604      Sage Group plc   11,481,985 
 134,278      Schroders plc   6,651,300 
 1,111,789      Scottish & Southern Energy plc   25,037,036 
 1,280,196      Segro plc   22,626,880 
 273,539      Severn Trent plc   10,244,653 
 944,521      Smith & Nephew plc   16,311,941 
 420,421      Smiths Group plc   7,806,398 
 80,379      Spirax-Sarco Engineering plc   17,158,460 
 576,590      St. James’s Place plc   12,455,978 
 2,835,607      Standard Chartered plc   19,177,210 
 2,335,334      Standard Life Aberdeen plc   8,117,847 
 3,888,147      Taylor Wimpey plc   8,226,578 
 8,278,871      Tesco plc   30,567,797 
 2,818,442      Unilever plc   150,904,681 
 715,757      United Utilities Group plc   10,173,153 
 29,965,571      Vodafone Group plc   44,164,790 
 215,040   *  Whitbread plc   9,620,412 
 1,286,317      WPP plc   18,593,417 
        TOTAL UNITED KINGDOM   2,245,800,462 
              
UNITED STATES - 1.3%     
 41,660   *  CyberArk Software Ltd   7,503,383 
 239,475      Ferguson plc   36,032,228 
 475,184      James Hardie Industries NV   18,668,175 
 247,742   *  QIAGEN NV   13,629,287 
 578,456      Schneider Electric S.A.   99,736,268 
 2,182,792      Stellantis NV   43,578,238 
 324,182      Swiss Re Ltd   31,405,294 
 489,344      Tenaris S.A.   5,449,474 
        TOTAL UNITED STATES   256,002,347 
              
        TOTAL COMMON STOCKS   18,551,953,187 
        (Cost $14,104,111,189)     
                  
PRINCIPAL      ISSUER  RATE  MATURITY DATE    
                      
SHORT-TERM INVESTMENTS - 2.4%             
                      
GOVERNMENT AGENCY DEBT - 1.3%             
$12,500,000      Federal Farm Credit Bank (FFCB)   0.000%  03/02/22   12,497,480 
 11,000,000      FFCB   0.000   07/25/22   10,991,164 
 10,180,000      Federal Home Loan Bank (FHLB)   0.000   11/26/21   10,179,717 
 9,225,000      FHLB   0.000   11/29/21   9,224,713 
 25,630,000      FHLB   0.000   12/01/21   25,629,146 
 48,900,000      FHLB   0.000   12/29/21   48,896,849 
 32,685,000      FHLB   0.000   12/31/21   32,682,821 
297

TIAA-CREF FUNDS – International Equity Index Fund

 

PRINCIPAL      ISSUER  RATE  MATURITY DATE  VALUE 
                      
$25,000,000      FHLB   0.000%  01/05/22  $24,997,744 
 7,500,000      FHLB   0.000   01/18/22   7,499,188 
 25,000,000      FHLB   0.000   01/19/22   24,997,258 
 25,000,000      FHLB   0.000   02/18/22   24,995,460 
        TOTAL GOVERNMENT AGENCY DEBT           232,591,540 
                      
GOVERNMENT AGENCY DEBT - 0.0%             
 5,000,000      Federal Farm Credit Bank (FFCB)   0.000   04/06/22   4,998,484 
        TOTAL GOVERNMENT AGENCY DEBT           4,998,484 
                      
TREASURY DEBT - 0.2%             
 17,370,000      United States Treasury Bill   0.000   11/02/21   17,369,992 
 16,500,000      United States Treasury Bill   0.000   11/30/21   16,499,169 
        TOTAL TREASURY DEBT           33,869,161 
                      
SHARES      COMPANY             
                      
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%             
 175,628,021   c  State Street Navigator Securities Lending
Government Money Market Portfolio		  0.030       175,628,021 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   175,628,021 
                      
        TOTAL SHORT-TERM INVESTMENTS           447,087,206 
        (Cost $447,096,045)             
        TOTAL INVESTMENTS - 100.3%           18,999,040,393 
        (Cost $14,551,207,234)             
        OTHER ASSETS & LIABILITIES, NET - (0.3)%           (52,600,486)
        NET ASSETS - 100.0%          $18,946,439,907 
                        
       
    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 $360,967,041.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $360,288,253 or 1.9% of net assets.
         

 

Futures contracts outstanding as of October 31, 2021 were as follows:

 

Description  Number of long
(short)
contracts		  Expiration date  Notional amount   Value   Unrealized
appreciation (depreciation)		 
MSCI EAFE Index  2,470  12/17/21   $   281,961,393   $288,940,600    $   6,979,207 
298

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS
October 31, 2021

 

PRINCIPAL      ISSUER  REFERENCE
RATE & SPREAD		  RATE  MATURITY
DATE		  VALUE 
                        
BANK LOAN OBLIGATIONS - 1.6%                
                         
CHILE - 0.3%                
$1,840,000   i  Coral-US Co-Borrower LLC  LIBOR 3 M + 3.000%   3.135%  10/15/29  $1,826,531 
        TOTAL CHILE              1,826,531 
                         
MEXICO - 1.3%                
 4,075,000   †,i  Grupo Aeromexico SAB de C.V.  LIBOR 1 M + 8.000%   9.000   08/19/22   4,110,656 
 3,353,314   †,i,o  Grupo Aeromexico SAB de C.V.  LIBOR 1 M + 12.500%   13.500   08/19/22   3,420,863 
        TOTAL MEXICO              7,531,519 
                         
        TOTAL BANK LOAN OBLIGATIONS          9,358,050 
        (Cost $9,221,788)                
                         
BONDS - 94.7%                
                         
CORPORATE BONDS - 45.8%                
                         
ARGENTINA - 0.5%                
 2,020,000   g  AES Argentina Generacion S.A.      7.750   02/02/24   1,757,420 
 1,950,000   g  YPF S.A.      6.950   07/21/27   1,414,257 
        TOTAL ARGENTINA          3,171,677 
                         
BRAZIL - 5.4%                
 3,000,000   g  B3 S.A.-Brasil Bolsa Balcao      4.125   09/20/31   2,872,350 
 3,750,000   g  Banco BTG Pactual S.A.      2.750   01/11/26   3,600,038 
 2,855,000   g  Banco do Brasil S.A.      3.250   09/30/26   2,815,030 
 1,775,000   g  BRF S.A.      4.875   01/24/30   1,767,900 
 2,000,000   g  Cosan Ltd      5.500   09/20/29   2,090,020 
 1,425,000   g  Embraer Netherlands Finance BV      6.950   01/17/28   1,581,037 
 2,750,000   g  Itau Unibanco Holding S.A.      4.625   N/A‡   2,567,840 
 2,250,000   g  JSM Global Sarl      4.750   10/20/30   2,143,148 
 1,750,000   g  Natura Cosmeticos S.A.      4.125   05/03/28   1,732,150 
 298,878   g  Odebrecht Offshore Drilling Finance Ltd      6.720   12/01/22   295,892 
 4,210,817   †,g,o  Odebrecht Offshore Drilling Finance Ltd      7.720   12/01/26   1,052,578 
 527,012   †,g  Odebrecht Oil & Gas Finance Ltd      0.000   N/A‡   5,270 
 714,000   o  Oi S.A.      10.000   07/27/25   642,957 
 2,000,000      Petrobras Global Finance BV      6.900   03/19/49   2,102,010 
 600,000   e  Petrobras Global Finance BV      5.500   06/10/51   526,662 
 1,855,600   g  Rio Oil Finance Trust      8.200   04/06/28   2,110,745 
 3,000,000   g  Rumo Luxembourg Sarl      4.200   01/18/32   2,808,750 
 2,100,000      Suzano Austria GmbH      2.500   09/15/28   1,987,125 
        TOTAL BRAZIL              32,701,502 
299

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
CHILE - 2.7%                
$2,400,000   g  Alfa Desarrollo S.p.A      4.550%  09/27/51  $2,345,040 
 2,325,000   g  Celulosa Arauco y Constitucion S.A.   5.150   01/29/50   2,587,969 
 2,000,000   g  Corp Nacional del Cobre de Chile      3.000   09/30/29   2,024,882 
 2,150,000   g  Corp Nacional del Cobre de Chile      4.375   02/05/49   2,421,352 
 1,675,000   g  Corp Nacional del Cobre de Chile      3.150   01/15/51   1,539,275 
 2,075,000   g  Embotelladora Andina S.A.      3.950   01/21/50   2,145,052 
 2,000,000   e,g  Empresa de los Ferrocarriles del Estado   3.068   08/18/50   1,752,440 
 1,775,000   g  Empresa Nacional del Petroleo      3.450   09/16/31   1,684,031 
        TOTAL CHILE              16,500,041 
                         
CHINA - 2.2%                
 3,100,000   †  China Evergrande Group      8.250   03/23/22   848,997 
 2,300,000      Country Garden Holdings Co Ltd      4.750   07/25/22   2,279,351 
 1,000,000      Dalian Deta Holding Co Ltd      5.950   07/29/22   927,957 
 2,500,000   g  ENN Clean Energy International Investment Ltd   3.375   05/12/26   2,476,242 
 1,000,000   g  ENN Energy Holdings Ltd      2.625   09/17/30   985,676 
 2,050,000   g  Lenovo Group Ltd      3.421   11/02/30   2,125,783 
 2,600,000      Shimao Group Holdings Ltd      5.200   01/30/25   2,409,155 
 1,500,000      Sunac China Holdings Ltd      5.950   04/26/24   1,081,817 
        TOTAL CHINA              13,134,978 
                         
COLOMBIA - 2.3%                
 1,675,000      Bancolombia S.A.      4.625   12/18/29   1,706,331 
 1,375,000      Ecopetrol S.A.      4.625   11/02/31   1,364,687 
 2,700,000      Ecopetrol S.A.      5.875   11/02/51   2,679,750 
 2,000,000   g  Empresas Publicas de Medellin ESP   4.250   07/18/29   1,945,800 
 1,000,000   g  Empresas Publicas de Medellin ESP   4.375   02/15/31   968,760 
 2,075,000   g  Grupo Aval Ltd      4.375   02/04/30   2,028,312 
 725,000   g  Millicom International Cellular S.A.   4.500   04/27/31   744,039 
 475,000   g  Oleoducto Central S.A.      4.000   07/14/27   485,925 
 2,200,000   g  SierraCol Energy Andina LLC      6.000   06/15/28   2,158,024 
        TOTAL COLOMBIA              14,081,628 
                         
COSTA RICA - 0.9%                
 2,215,174   g  Autopistas del Sol S.A.      7.375   12/30/30   2,291,509 
 3,200,000   e,g  Instituto Costarricense de Electricidad   6.750   10/07/31   3,177,600 
        TOTAL COSTA RICA          5,469,109 
                         
DOMINICAN REPUBLIC - 0.8%                
 2,500,000   g  Aeropuertos Dominicanos Siglo XXI S.A.      6.750   03/30/29   2,640,000 
 1,975,000   g  AES Andres BV      5.700   05/04/28   2,023,684 
        TOTAL DOMINICAN REPUBLIC        4,663,684 
                         
GHANA - 0.9%                
 1,450,000   g  Kosmos Energy Ltd      7.750   05/01/27   1,450,000 
 1,000,000   e,g  Tullow Oil plc      7.000   03/01/25   875,000 
 2,725,000   g  Tullow Oil plc      10.250   05/15/26   2,870,787 
        TOTAL GHANA              5,195,787 
                         
GUATEMALA - 0.3%                
 1,650,000   g  Investment Energy Resources Ltd   6.250   04/26/29   1,767,414 
        TOTAL GUATEMALA          1,767,414 
300

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
INDIA - 2.3%                
$2,100,000   g  Adani Ports & Special Economic Zone Ltd   4.375%  07/03/29  $2,200,320 
 1,800,000   g  Adani Ports & Special Economic Zone Ltd   3.100   02/02/31   1,714,032 
 2,000,000   e,g  Bharti Airtel Ltd      3.250   06/03/31   2,014,723 
 3,000,000   g  Network i2i Ltd      3.975   N/A‡   3,026,250 
 2,700,000   g  ReNew Wind Energy AP2      4.500   07/14/28   2,744,757 
 2,075,000   g  UltraTech Cement Ltd      2.800   02/16/31   1,987,945 
        TOTAL INDIA              13,688,027 
                         
INDONESIA - 2.7%                
 1,457,138   g  LLPL Capital Pte Ltd      6.875   02/04/39   1,668,422 
 2,200,000   e,g  Medco Platinum Road Pte Ltd      6.750   01/30/25   2,286,328 
 1,250,000   e,g  Pertamina Persero PT      4.700   07/30/49   1,363,900 
 2,000,000   g  Perusahaan Listrik Negara PT      5.250   10/24/42   2,225,000 
 2,000,000   g  Perusahaan Listrik Negara PT      6.150   05/21/48   2,468,620 
 4,250,000   g  Saka Energi Indonesia PT      4.450   05/05/24   4,126,750 
 1,929,010   g  Star Energy Geothermal Wayang Windu Ltd   6.750   04/24/33   2,155,669 
        TOTAL INDONESIA              16,294,689 
                         
ISRAEL - 1.2%                
 3,000,000   g  Bank Hapoalim BM      3.255   01/21/32   2,992,500 
 1,141,000   g  Energean Israel Finance Ltd      5.375   03/30/28   1,156,939 
 2,600,000   g  Leviathan Bond Ltd      6.750   06/30/30   2,851,847 
        TOTAL ISRAEL              7,001,286 
                         
JAMAICA - 0.1%                
 426,353   g,o  Digicel Group 0.5 Ltd      7.000   N/A‡   387,981 
        TOTAL JAMAICA              387,981 
                         
KAZAKHSTAN - 1.8%                
KZT 453,000,000   g  Development Bank of Kazakhstan JSC      8.950   05/04/23   1,057,879 
$1,800,000   g  KazMunayGas National Co JSC      4.750   04/19/27   1,996,548 
 3,000,000   g  KazMunayGas National Co JSC      3.500   04/14/33   3,104,420 
 1,550,000   g  KazMunayGas National Co JSC      6.375   10/24/48   1,991,750 
 2,475,000   g  KazTransGas JSC      4.375   09/26/27   2,721,764 
        TOTAL KAZAKHSTAN              10,872,361 
                         
MACAU - 0.3%                
 2,000,000   e,g  Sands China Ltd      3.250   08/08/31   1,872,660 
        TOTAL MACAU              1,872,660 
                         
MALAYSIA - 1.0%                
 3,000,000      1MDB Global Investments Ltd      4.400   03/09/23   3,015,686 
 3,000,000   g  Genm Capital Labuan Ltd      3.882   04/19/31   2,934,673 
        TOTAL MALAYSIA              5,950,359 
                         
MEXICO - 5.2%                
 5,750,000   †,g,q  Aerovias de Mexico S.A.      7.000   02/05/25   5,347,500 
 800,000   g  BBVA Bancomer S.A.      5.350   11/12/29   838,864 
301

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
$2,000,000   g  BBVA Bancomer S.A.      5.125%  01/18/33  $2,063,000 
 2,000,000   g  Cemex SAB de C.V.      5.200   09/17/30   2,165,400 
 2,025,000   g  Cemex SAB de C.V.      5.125   N/A‡   2,092,097 
 1,300,000   g  Electricidad Firme de Mexico Holdings S.A. de C.V.   4.900   11/20/26   1,268,150 
 1,350,000   g  Grupo Axo SAPI de C.V.      5.750   06/08/26   1,377,000 
 1,630,000   g  Mexico Remittances Funding Fiduciary Estate Management Sarl   4.875   01/15/28   1,572,966 
 2,000,000   e  Petroleos Mexicanos      4.875   01/18/24   2,069,120 
 1,000,000      Petroleos Mexicanos      4.500   01/23/26   1,008,890 
 5,100,000      Petroleos Mexicanos      5.350   02/12/28   5,090,361 
 4,647,000      Petroleos Mexicanos      7.000   01/23/30   4,857,974 
 2,075,000      Petroleos Mexicanos      6.350   02/12/48   1,768,937 
        TOTAL MEXICO              31,520,259 
                         
MOROCCO - 0.3%                
 650,000   g  OCP S.A.      3.750   06/23/31   637,807 
 1,450,000   g  OCP S.A.      5.125   06/23/51   1,413,784 
        TOTAL MOROCCO              2,051,591 
                         
NETHERLANDS - 0.4%                
RUB158,400,000   g  VEON Holdings BV      8.125   09/16/26   2,188,969 
        TOTAL NETHERLANDS              2,188,969 
                         
NIGERIA - 0.3%                
$1,775,000   g  Access Bank plc      6.125   09/21/26   1,783,190 
        TOTAL NIGERIA              1,783,190 
                         
OMAN - 0.3%                
 1,625,000   g  OQ SAOC      5.125   05/06/28   1,663,674 
        TOTAL OMAN              1,663,674 
                         
PANAMA - 1.5%                
 675,000   g  Aeropuerto Internacional de Tocumen S.A.   4.000   08/11/41   677,826 
 3,200,000   g  Aeropuerto Internacional de Tocumen S.A.   5.125   08/11/61   3,332,032 
 1,175,000   g  Cable Onda S.A.      4.500   01/30/30   1,218,769 
 2,000,000   g  Empresa de Transmision Electrica S.A.   5.125   05/02/49   2,268,980 
 1,635,259   g  UEP Penonome II S.A.      6.500   10/01/38   1,704,774 
        TOTAL PANAMA              9,202,381 
                         
PERU - 1.8%                
PEN9,000,000   g  Alicorp SAA      6.875   04/17/27   2,241,429 
$1,225,000   g  Cia de Minas Buenaventura SAA   5.500   07/23/26   1,215,825 
 2,300,000   g  Inkia Energy Ltd      5.875   11/09/27   2,392,000 
 951,662   g  Lima Metro Line 2 Finance Ltd      4.350   04/05/36   1,012,340 
 2,750,000   g  Petroleos del Peru S.A.      5.625   06/19/47   2,791,250 
 1,125,000   g  Volcan Cia Minera SAA      4.375   02/11/26   1,096,875 
        TOTAL PERU              10,749,719 
                         
RUSSIA - 0.7%                
 2,000,000   g  LUKOIL Capital DAC      2.800   04/26/27   2,000,212 
 2,000,000   g  LUKOIL Capital DAC      3.600   10/26/31   1,995,973 
        TOTAL RUSSIA              3,996,185 
302

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
SAUDI ARABIA - 0.6%                
$3,500,000   g  Arabian Centres Sukuk II Ltd      5.625%  10/07/26  $3,645,530 
        TOTAL SAUDI ARABIA          3,645,530 
                         
SOUTH AFRICA - 3.0%                
 2,000,000   g  Eskom Holdings SOC Ltd      6.750   08/06/23   2,062,616 
 2,000,000   g  Eskom Holdings SOC Ltd      7.125   02/11/25   2,079,387 
 1,875,000   g  Eskom Holdings SOC Ltd      6.350   08/10/28   2,016,814 
 1,600,000   g  Eskom Holdings SOC Ltd      8.450   08/10/28   1,752,973 
 2,300,000   g  Gold Fields Orogen Holdings BVI Ltd   6.125   05/15/29   2,664,550 
 1,829,000   g,o  Petra Diamonds US Treasury plc      10.500   03/08/26   1,881,584 
 2,575,000      Sasol Financing USA LLC      4.375   09/18/26   2,616,972 
 3,000,000   g  Transnet SOC Ltd      4.000   07/26/22   3,028,088 
        TOTAL SOUTH AFRICA              18,102,984 
                         
SPAIN - 0.5%                
 3,000,000   g  EnfraGen Energia Sur S.A.      5.375   12/30/30   2,872,530 
        TOTAL SPAIN              2,872,530 
                         
TANZANIA, UNITED REPUBLIC OF - 0.8%                
 1,725,000      AngloGold Ashanti Holdings plc      3.375   11/01/28   1,714,395 
 3,050,000   e  AngloGold Ashanti Holdings plc      3.750   10/01/30   3,084,313 
        TOTAL TANZANIA, UNITED REPUBLIC OF           4,798,708 
                         
THAILAND - 0.4%                
 2,600,000   g  Bangkok Bank PCL      3.466   09/23/36   2,580,191 
        TOTAL THAILAND              2,580,191 
                         
TRINIDAD AND TOBAGO - 0.4%                
 2,350,000   g  National Gas Company of Trinidad and Tobago Limited   6.050   01/15/36   2,435,211 
        TOTAL TRINIDAD AND TOBAGO        2,435,211 
                         
TURKEY - 1.9%                
 2,000,000   g  Akbank T.A.S.      6.800   02/06/26   2,054,284 
 1,900,000   g  Akbank T.A.S.      7.200   03/16/27   1,905,795 
 500,000   g  Akbank T.A.S.      6.797   04/27/28   499,580 
 2,000,000   g  Turkiye Garanti Bankasi AS.      6.125   05/24/27   1,999,520 
 2,550,000   g  Turkiye Vakiflar Bankasi TAO      5.500   10/01/26   2,455,827 
 2,325,000   e,g  Ulker Biskuvi Sanayi AS.      6.950   10/30/25   2,438,960 
        TOTAL TURKEY              11,353,966 
                         
UKRAINE - 0.8%                
 1,500,000   g  Kernel Holding S.A.      6.750   10/27/27   1,590,877 
 2,000,000   g  NAK Naftogaz Ukraine via Kondor Finance plc   7.625   11/08/26   1,971,949 
 1,050,000   g  Ukreximbank Via Biz Finance plc      9.750   01/22/25   1,124,056 
        TOTAL UKRAINE              4,686,882 
303

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
UNITED ARAB EMIRATES - 1.0%                
$1,975,000   g  Abu Dhabi Crude Oil Pipeline LLC   4.600%  11/02/47  $2,292,402 
 1,325,000   g  DAE Funding LLC      3.375   03/20/28   1,353,887 
 2,100,000   g  DP World Ltd      5.625   09/25/48   2,555,423 
        TOTAL UNITED ARAB EMIRATES           6,201,712 
                         
ZAMBIA - 0.5%                
 3,000,000   g  First Quantum Minerals Ltd      6.875   10/15/27   3,202,500 
        TOTAL ZAMBIA              3,202,500 
                         
        TOTAL CORPORATE BONDS          275,789,365 
        (Cost $273,979,686)                
                         
GOVERNMENT BONDS -  48.9%                
                         
ANGOLA - 1.1%                
 2,250,000   g  Angolan Government International Bond   8.250   05/09/28   2,255,624 
 1,775,000   e,g  Angolan Government International Bond   8.000   11/26/29   1,757,385 
 2,500,000   g  Angolan Government International Bond   9.375   05/08/48   2,483,461 
        TOTAL ANGOLA              6,496,470 
                         
ARGENTINA - 0.5%                
 5,134,989      Argentine Republic Government International Bond (Step Bond)   1.125   07/09/35   1,584,196 
 2,949,981   g  Provincia de Buenos Aires      3.900   09/01/37   1,356,991 
        TOTAL ARGENTINA              2,941,187 
                         
ARMENIA - 0.3%                
 2,000,000   g  Republic of Armenia International Bond   3.950   09/26/29   1,947,000 
        TOTAL ARMENIA              1,947,000 
                         
AZERBAIJAN - 0.4%                
 2,000,000   g  Southern Gas Corridor CJSC      6.875   03/24/26   2,342,920 
        TOTAL AZERBAIJAN           2,342,920 
                         
BAHRAIN - 0.1%                
 425,000   g  Bahrain Government International Bond   4.250   01/25/28   417,765 
        TOTAL BAHRAIN              417,765 
                         
BARBADOS - 0.4%                
 2,314,800   g  Barbados Government International Bond   6.500   10/01/29   2,320,587 
        TOTAL BARBADOS              2,320,587 
                         
BENIN - 0.2%                
EUR1,125,000   g  Benin Government International Bond   6.875   01/19/52   1,303,751 
        TOTAL BENIN              1,303,751 
                         
BERMUDA - 0.2%                
$1,175,000   g  Bermuda Government International Bond   4.750   02/15/29   1,357,125 
        TOTAL BERMUDA              1,357,125 
304

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
BRAZIL - 1.6%                
BRL2,500,000      Brazil Notas do Tesouro Nacional Serie F   10.000%  01/01/23  $434,066 
 9,475,000      Brazil Notas do Tesouro Nacional Serie F   10.000   01/01/25   1,591,929 
 5,982,000      Brazil Notas do Tesouro Nacional Serie F   10.000   01/01/27   981,825 
$1,040,000      Brazilian Government International Bond   4.625   01/13/28   1,067,009 
 3,100,000      Brazilian Government International Bond   3.875   06/12/30   2,908,699 
 1,025,000      Brazilian Government International Bond   5.625   02/21/47   986,573 
 2,000,000      Brazilian Government International Bond   4.750   01/14/50   1,707,880 
        TOTAL BRAZIL              9,677,981 
                         
CAMEROON - 0.2%                
EUR1,000,000   g  Republic of Cameroon International Bond   5.950   07/07/32   1,124,060 
        TOTAL CAMEROON              1,124,060 
                         
CHINA - 0.8%                
CNY6,400,000      China Government International Bond   2.880   11/05/23   1,006,060 
 3,200,000      China Government International Bond   3.270   11/19/30   510,638 
 2,400,000      China Government International Bond   2.360   07/02/23   373,867 
 17,000,000      China Government International Bond   3.120   12/05/26   2,690,573 
        TOTAL CHINA              4,581,138 
                         
COLOMBIA - 1.5%                
$4,500,000      Colombia Government International Bond   3.000   01/30/30   4,242,780 
 2,925,000      Colombia Government International Bond   3.250   04/22/32   2,729,844 
 950,000      Colombia Government International Bond   5.200   05/15/49   955,994 
COP5,857,000,000      Colombian TES      6.250   07/09/36   1,280,344 
        TOTAL COLOMBIA              9,208,962 
                         
COSTA RICA - 0.4%                
$2,500,000   g  Costa Rica Government International Bond   5.625   04/30/43   2,228,750 
        TOTAL COSTA RICA          2,228,750 
                         
COTE D’IVOIRE - 0.4%                
 2,659,585   g  Ivory Coast Government International Bond (Step Bond)   5.750   12/31/32   2,659,585 
        TOTAL COTE D’IVOIRE          2,659,585 
                         
DOMINICAN REPUBLIC - 2.2%                
 1,575,000   g  Dominican Republic Government International Bond   6.875   01/29/26   1,803,391 
DOP22,500,000   g  Dominican Republic Government International Bond   9.750   06/05/26   471,434 
 27,000,000   g  Dominican Republic Government International Bond   11.250   02/05/27   600,522 
 74,000,000   g  Dominican Republic Government International Bond   10.375   01/11/30   1,716,843 
$4,000,000   g  Dominican Republic Government International Bond   4.875   09/23/32   4,060,040 
 3,060,000   g  Dominican Republic Government International Bond   7.450   04/30/44   3,641,431 
 1,050,000   g  Dominican Republic International Bond   5.300   01/21/41   1,039,510 
        TOTAL DOMINICAN REPUBLIC           13,333,171 
                         
ECUADOR - 1.1%                
 744,229   g  Ecuador Government International Bond   0.000   07/31/30   397,240 
 3,634,600   g  Ecuador Government International Bond (Step Bond)   5.000   07/31/30   3,016,718 
305

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
$4,637,020   g  Ecuador Government International Bond (Step Bond)   1.000%  07/31/35  $3,054,683 
 35,000   g  Petroamazonas EP      4.625   12/06/21   34,694 
        TOTAL ECUADOR              6,503,335 
                         
EGYPT - 2.6%                
EGP12,500,000      Egypt Government International Bond   16.000   06/11/22   807,970 
$1,275,000   g  Egypt Government International Bond   5.750   05/29/24   1,317,387 
 1,500,000   g  Egypt Government International Bond   5.800   09/30/27   1,459,200 
 4,275,000   g  Egypt Government International Bond   7.600   03/01/29   4,301,347 
 4,575,000   g  Egypt Government International Bond   7.053   01/15/32   4,291,706 
 3,050,000   g  Egypt Government International Bond   8.500   01/31/47   2,816,494 
 1,000,000   g  Egypt Government International Bond   8.150   11/20/59   892,760 
        TOTAL EGYPT              15,886,864 
                         
EL SALVADOR - 0.6%                
 2,000,000   g  El Salvador Government International Bond   7.650   06/15/35   1,500,000 
 3,100,000   g  El Salvador Government International Bond   7.625   02/01/41   2,270,750 
        TOTAL EL SALVADOR              3,770,750 
                         
GHANA - 1.4%                
 2,250,000   g  Ghana Government International Bond   0.000   04/07/25   1,599,750 
 2,000,000   g  Ghana Government International Bond   7.750   04/07/29   1,781,028 
 1,325,000   g  Ghana Government International Bond   8.125   03/26/32   1,166,580 
 2,000,000   g  Ghana Government International Bond   8.627   06/16/49   1,691,764 
 1,000,000   g  Ghana Government International Bond   8.750   03/11/61   841,120 
GHS2,500,000      Republic of Ghana Government Bonds   20.750   01/16/23   418,752 
 6,658,000      Republic of Ghana Government Bonds   16.500   02/06/23   1,064,889 
        TOTAL GHANA              8,563,883 
                         
GREECE - 0.4%                
EUR2,050,000   g  Hellenic Republic Government International Bond   2.000   04/22/27   2,544,642 
        TOTAL GREECE              2,544,642 
                         
GUATEMALA - 0.6%                
$2,000,000   e,g  Guatemala Government International Bond   3.700   10/07/33   1,988,000 
 1,500,000   g  Guatemala Government International Bond   6.125   06/01/50   1,759,500 
        TOTAL GUATEMALA           3,747,500 
                         
HONDURAS - 0.3%                
 1,525,000   g  Honduras Government International Bond   6.250   01/19/27   1,591,338 
        TOTAL HONDURAS              1,591,338 
                         
HUNGARY - 0.2%                
 1,325,000   g  Hungary Government International Bond   3.125   09/21/51   1,291,065 
        TOTAL HUNGARY              1,291,065 
                         
INDIA - 0.4%                
 2,700,000   g  Export-Import Bank of India      2.250   01/13/31   2,530,761 
        TOTAL INDIA              2,530,761 
306

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
INDONESIA - 1.2%                
$1,275,000   g  Indonesia Government International Bond   4.625%  04/15/43  $1,451,165 
IDR18,150,000,000      Indonesia Treasury Bond      8.375   09/15/26   1,449,954 
 8,730,000,000      Indonesia Treasury Bond      7.000   09/15/30   648,550 
 21,300,000,000      Indonesia Treasury Bond      8.375   03/15/34   1,698,888 
$2,000,000   g  Perusahaan Penerbit SBSN Indonesia III   2.550   06/09/31   2,004,820 
        TOTAL INDONESIA              7,253,377 
                         
IRAQ - 0.9%                
 2,125,000   g  Iraq Government International Bond   6.752   03/09/23   2,168,449 
 3,310,938   g  Iraq Government International Bond   5.800   01/15/28   3,219,887 
        TOTAL IRAQ              5,388,336 
                         
JAMAICA - 1.3%                
 2,950,000      Jamaica Government International Bond   8.000   03/15/39   4,135,900 
 2,510,000      Jamaica Government International Bond   7.875   07/28/45   3,550,395 
        TOTAL JAMAICA              7,686,295 
                         
JORDAN - 1.0%                
 4,050,000   e,g  Jordan Government International Bond   4.950   07/07/25   4,225,700 
 2,000,000   g  Jordan Government International Bond   7.375   10/10/47   2,063,084 
        TOTAL JORDAN              6,288,784 
                         
KAZAKHSTAN - 0.3%                
 1,250,000   g  Kazakhstan Government International Bond   6.500   07/21/45   1,801,739 
        TOTAL KAZAKHSTAN          1,801,739 
                         
KENYA - 1.2%                  
 1,950,000   g  Kenya Government International Bond   6.875   06/24/24   2,100,231 
 1,000,000   g  Kenya Government International Bond   8.000   05/22/32   1,087,609 
 1,125,000   g  Kenya Government International Bond   6.300   01/23/34   1,098,050 
 1,325,000   g  Kenya Government International Bond   8.250   02/28/48   1,376,542 
KES 160,000,000      Republic of Kenya Infrastructure Bond   12.257   01/05/37   1,482,734 
        TOTAL KENYA              7,145,166 
                         
LEBANON - 0.2%                
$3,200,000   †,q  Lebanon Government International Bond   6.250   11/04/24   480,640 
 3,800,000   †,q  Lebanon Government International Bond   6.850   03/23/27   570,000 
        TOTAL LEBANON              1,050,640 
                         
MALAYSIA - 0.1%                
MYR4,000,000      Malaysia Government International Bond   3.828   07/05/34   933,640 
        TOTAL MALAYSIA              933,640 
                         
MEXICO - 1.5%                
MXN38,600,000      Mexican Bonos      7.500   06/03/27   1,882,509 
 25,400,000      Mexican Bonos      8.500   05/31/29   1,307,012 
 15,100,000      Mexican Bonos      7.750   05/29/31   744,842 
$1,500,000      Mexico Government International Bond   4.750   04/27/32   1,682,025 
 3,500,000      Mexico Government International Bond   4.280   08/14/41   3,647,945 
        TOTAL MEXICO              9,264,333 
307

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
MONGOLIA - 0.5%                
$2,425,000   g  Mongolia Government International Bond   5.125%  04/07/26  $2,518,712 
 550,000   e,g  Mongolia Government International Bond   4.450   07/07/31   525,319 
        TOTAL MONGOLIA              3,044,031 
                         
MOROCCO - 0.5%                
 1,000,000   g  Morocco Government International Bond   2.375   12/15/27   980,566 
 525,000   g  Morocco Government International Bond   3.000   12/15/32   498,788 
 1,450,000   g  Morocco Government International Bond   5.500   12/11/42   1,603,903 
        TOTAL MOROCCO              3,083,257 
                         
NIGERIA - 1.4%                
 1,700,000   g  Nigeria Government International Bond   7.625   11/21/25   1,854,683 
 2,975,000   g  Nigeria Government International Bond   6.500   11/28/27   3,041,780 
 1,500,000   g  Nigeria Government International Bond   7.375   09/28/33   1,487,230 
 2,000,000   g  Nigeria Government International Bond   7.696   02/23/38   1,930,000 
        TOTAL NIGERIA              8,313,693 
                         
OMAN - 1.5%                
 2,425,000   g  Oman Government International Bond   5.375   03/08/27   2,549,547 
 2,550,000   g  Oman Government International Bond   6.750   10/28/27   2,856,184 
 1,500,000   g  Oman Government International Bond   6.250   01/25/31   1,625,820 
 1,200,000   g  Oman Government International Bond   6.500   03/08/47   1,183,548 
 1,025,000   g  Oman Government International Bond   6.750   01/17/48   1,034,676 
        TOTAL OMAN              9,249,775 
                         
PAKISTAN - 1.3%                
 3,200,000   g  Pakistan Government International Bond   6.875   12/05/27   3,271,286 
 1,500,000   g  Pakistan Government International Bond   7.375   04/08/31   1,526,262 
 1,000,000   g  Pakistan Government International Bond   8.875   04/08/51   1,004,124 
 2,000,000      Pakistan Water & Power Development Authority   7.500   06/04/31   1,964,655 
        TOTAL PAKISTAN              7,766,327 
                         
PANAMA - 0.5%                
 2,850,000      Panama Notas del Tesoro      3.750   04/17/26   3,025,645 
        TOTAL PANAMA              3,025,645 
                         
PARAGUAY - 0.6%                
 1,800,000   g  Paraguay Government International Bond   2.739   01/29/33   1,728,000 
 1,475,000   g  Paraguay Government International Bond   5.400   03/30/50   1,663,063 
        TOTAL PARAGUAY              3,391,063 
                         
PERU - 0.3%                
 1,645,000      Peruvian Government International Bond   3.000   01/15/34   1,626,905 
        TOTAL PERU              1,626,905 
                         
QATAR - 0.8%                
 1,700,000   g  Qatar Government International Bond   3.750   04/16/30   1,897,262 
 2,200,000   g  Qatar Government International Bond   4.400   04/16/50   2,683,849 
        TOTAL QATAR              4,581,111 
308

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
REPUBLIC OF SERBIA - 0.2%                
RSD147,700,000      Serbia Treasury Bonds      4.500%  08/20/32  $1,496,115 
        TOTAL REPUBLIC OF SERBIA          1,496,115 
                         
ROMANIA - 0.4%                
$1,080,000   g  Romanian Government International Bond   3.000   02/14/31   1,088,033 
 1,400,000   g  Romanian Government International Bond   4.000   02/14/51   1,409,964 
        TOTAL ROMANIA              2,497,997 
                         
RUSSIA - 1.2%                
RUB105,300,000      Russian Federal Bond-OFZ      7.100   10/16/24   1,443,225 
 75,000,000      Russian Federal Bond-OFZ      7.950   10/07/26   1,049,400 
 64,000,000      Russian Federal Bond-OFZ      7.650   04/10/30   881,326 
$1,200,000   g  Russian Foreign Bond - Eurobond      4.375   03/21/29   1,353,612 
 2,000,000   g  Russian Foreign Bond - Eurobond      5.100   03/28/35   2,389,920 
        TOTAL RUSSIA              7,117,483 
                         
RWANDA - 0.6%                
 3,825,000   g  Rwanda International Government Bond   5.500   08/09/31   3,910,118 
        TOTAL RWANDA              3,910,118 
                         
SAUDI ARABIA - 1.3%                
 1,950,000   g  Saudi Government International Bond   3.250   10/26/26   2,088,060 
 2,500,000   g  Saudi Government International Bond   2.250   02/02/33   2,415,849 
 2,000,000   g  Saudi Government International Bond   3.750   01/21/55   2,088,360 
 1,500,000   g  Saudi Government International Bond   3.450   02/02/61   1,480,240 
        TOTAL SAUDI ARABIA          8,072,509 
                         
SENEGAL - 0.5%                
 950,000   g  Senegal Government International Bond   6.250   05/23/33   979,854 
 1,900,000   g  Senegal Government International Bond   6.750   03/13/48   1,881,118 
        TOTAL SENEGAL              2,860,972 
                         
SOUTH AFRICA - 1.7%                
 1,025,000      Republic of South Africa Government International Bond   5.650   09/27/47   969,968 
 1,500,000      Republic of South Africa Government International Bond   5.750   09/30/49   1,431,300 
ZAR7,500,000      South Africa Government International Bond   10.500   12/21/26   538,269 
$3,000,000      South Africa Government International Bond   4.300   10/12/28   3,025,701 
ZAR59,300,000      South Africa Government International Bond   7.000   02/28/31   3,189,072 
$1,250,000   e  South Africa Government International Bond   5.375   07/24/44   1,178,095 
        TOTAL SOUTH AFRICA          10,332,405 
                         
SRI LANKA - 0.4%                
 800,000   g  Sri Lanka Government International Bond   5.750   04/18/23   546,200 
 1,000,000   g  Sri Lanka Government International Bond   6.825   07/18/26   632,500 
 1,650,000   g  Sri Lanka Government International Bond   7.550   03/28/30   1,028,544 
        TOTAL SRI LANKA              2,207,244 
309

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
SUPRANATIONAL - 0.8%                
$975,000   g  African Export-Import Bank      2.634%  05/17/26  $985,718 
 2,975,000   g  Banque Ouest Africaine de Developpement   4.700   10/22/31   3,238,282 
 900,000   †  European Bank for Reconstruction & Development   10.000   02/28/23   790,698 
        TOTAL SUPRANATIONAL          5,014,698 
                         
THAILAND - 0.3%                
THB11,000,000      Thailand Government International Bond   2.875   12/17/28   359,706 
 35,700,000      Thailand Government International Bond   3.400   06/17/36   1,181,684 
        TOTAL THAILAND              1,541,390 
                         
TRINIDAD AND TOBAGO - 0.2%                
$1,050,000   g  Trinidad & Tobago Government International Bond   4.500   06/26/30   1,085,700 
        TOTAL TRINIDAD AND TOBAGO          1,085,700 
                         
TURKEY - 2.2%                
 2,675,000      Turkey Government International Bond   5.125   02/17/28   2,511,836 
 1,500,000      Turkey Government International Bond   6.500   09/20/33   1,427,223 
 4,350,000      Turkey Government International Bond   4.875   04/16/43   3,376,087 
 625,000      Turkey Government International Bond   6.625   02/17/45   566,584 
 2,500,000   g  Turkiye Ihracat Kredi Bankasi AS.      5.750   07/06/26   2,438,929 
 3,000,000   g  Turkiye Ihracat Kredit Bankasi      5.375   10/24/23   3,038,063 
        TOTAL TURKEY              13,358,722 
                         
UGANDA - 0.3%                
UGX6,750,000,000      Republic of Uganda Government Bonds   14.250   08/23/29   1,928,706 
        TOTAL UGANDA              1,928,706 
                         
UKRAINE - 2.4%                
UAH37,000,000      Ukraine Government International Bond   15.840   02/26/25   1,510,709 
$4,050,000   g  Ukraine Government International Bond   7.750   09/01/25   4,369,383 
 1,450,000   g  Ukraine Government International Bond   9.750   11/01/28   1,684,535 
EUR1,075,000   g  Ukraine Government International Bond   4.375   01/27/30   1,157,375 
$3,000,000   g  Ukraine Government International Bond   7.253   03/15/33   3,055,487 
 2,320,000   g,i  Ukraine Government International Bond   1.258   05/31/40   2,442,728 
        TOTAL UKRAINE              14,220,217 
                         
UNITED ARAB EMIRATES - 0.9%                
 2,650,000   g  Abu Dhabi Government International Bond   3.125   09/30/49   2,667,013 
 2,650,000      Emirate of Dubai Government International Bonds   3.900   09/09/50   2,502,652 
        TOTAL UNITED ARAB EMIRATES          5,169,665 
                         
URUGUAY - 1.2%                
 4,878,796      Uruguay Government International Bond   4.375   01/23/31   5,634,668 
UYU61,000,000      Uruguay Government International Bond   8.250   05/21/31   1,374,749 
        TOTAL URUGUAY              7,009,417 
                         
UZBEKISTAN - 0.7%                
UZS7,990,000,000   g  Republic of Uzbekistan Government International Bond   14.500   11/25/23   758,785 
$2,450,000   g  Republic of Uzbekistan Government International Bond   5.375   02/20/29   2,658,802 
310

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

PRINCIPAL      ISSUER     RATE  MATURITY
DATE		  VALUE 
                        
UZS 5,708,925,000   g  Republic of Uzbekistan International Bond   14.000%  07/19/24  $536,232 
        TOTAL UZBEKISTAN              3,953,819 
                         
ZAMBIA - 0.6%                  
$3,900,000   g  Zambia Government International Bond   8.500   04/14/24   3,095,820 
 750,000   g  Zambia Government International Bond   8.970   07/30/27   587,625 
        TOTAL ZAMBIA              3,683,445 
                         
        TOTAL GOVERNMENT BONDS           294,725,329 
        (Cost $301,029,565)                
                         
        TOTAL BONDS              570,514,694 
        (Cost $575,009,251)                
                         
SHARES      COMPANY                
                         
COMMON STOCKS -  0.2%               
                         
UNITED STATES - 0.2%                
 48,641,231   *  Petra Diamonds              1,031,804 
        TOTAL UNITED STATES              1,031,804 
                         
        TOTAL COMMON STOCKS           1,031,804 
        (Cost $914,455)                
                         
SHORT-TERM INVESTMENTS - 4.1%             
              
EGYPT - 0.3%             
EGP 8,600,000      Egypt Treasury Bill      0.000   12/07/21   541,969 
  26,500,000      Egypt Treasury Bill      0.000   02/22/22   1,625,287 
        TOTAL EGYPT              2,167,256 
                         
UNITED STATES - 1.3%             
$7,593,000      United States Treasury Bill      0.000   11/02/21   7,592,996 
        TOTAL UNITED STATES              7,592,996 
                         
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.5%             
                         
UNITED STATES - 2.5%             
 15,365,433   c  State Street Navigator Securities Lending
Government Money Market Portfolio		   0.030       15,365,433 
        TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   15,365,433 
                         
        TOTAL SHORT-TERM INVESTMENTS           25,125,685 
        (Cost $25,127,647)                
        TOTAL INVESTMENTS - 100.6%           606,030,233 
        (Cost $610,273,141)                
        OTHER ASSETS & LIABILITIES, NET - (0.6)%           (3,457,972)
        NET ASSETS - 100.0%             $602,572,261 
311

TIAA-CREF FUNDS – Emerging Markets Debt Fund

 

                    
        BRL   Brazilian Real
        CNY   Chinese Yuan
        COP   Colombian Peso
        DOP   Dominican Republic Peso
        EGP   Egyptian Pound
        EUR   Euro  
        GHS   Ghanaian Cedi
        IDR   Indonesian Rupiah
        KES   Kenyan Shilling
        KZT   Kazakhstani Tenge
        LIBOR   London Interbank Offered Rate
        M   Month  
        MXN   Mexican Peso
        MYR   Malaysian Ringgit
        PEN   Peruvian Sol  
        RSD   Serbian Dinar  
        RUB   Russian Ruble
        THB   Thai Baht  
        UAH   Ukrainian Hryvnia
        UGX   Ugandan Shilling
        UYU   Uruguayan Peso
        ZAR   South African Rand
             
    *   Non-income producing
    †   Security is categorized as Level 3 in the fair value hierarchy.
    ‡   Perpetual security
    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 $14,915,887.
    g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $430,187,347 or 71.4% 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.
    o   Payment in Kind Bond
    q   In default

 

Forward foreign currency contracts outstanding as of October 31, 2021 were as follows:

 

Currency to be purchased   Receive   Currency to be
sold		   Deliver   Counterparty   Settlement date   Unrealized
appreciation
(depreciation)		  
$   1,952,748   PEN   8,100,000   Morgan Stanley   01/06/22   $ (71,594 )  
                        
               
            Abbreviation(s):  
            PEN   Peruvian Sol  
312

TIAA-CREF FUNDS – International Bond Fund

 

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

October 31, 2021

 

PRINCIPAL     ISSUER  REFERENCE
RATE & SPREAD		  RATE  MATURITY
DATE		  VALUE 
                     
BANK LOAN OBLIGATIONS - 1.7%               
                        
AUSTRALIA - 0.0%                 
$323,284  i  Hamilton HoldCo LLC  LIBOR 3 M + 2.000%   2.140%  07/02/25  $320,319 
        TOTAL AUSTRALIA                  320,319 
                        
CANADA - 0.1%               
 389,889  i  1011778 BC ULC  LIBOR 1 M + 1.750%   1.837   11/19/26   382,021 
        TOTAL CANADA                  382,021 
                        
IRELAND - 0.1%               
 261,086  i  Avolon TLB Borrower US LLC  LIBOR 1 M + 1.750%   2.500   01/15/25   260,700 
 344,750  i  Avolon TLB Borrower US LLC  LIBOR 1 M + 1.500%   2.250   02/12/27   341,464 
        TOTAL IRELAND                  602,164 
                        
LUXEMBOURG - 0.1%               
 429,452  i  Ineos US Finance LLC  LIBOR 1 M + 2.000%   2.087   03/31/24   426,412 
        TOTAL LUXEMBOURG                  426,412 
                        
UNITED KINGDOM - 0.2%               
 1,000,000  h,i  Delta 2 Lux Sarl  LIBOR 3 M + 2.500%   3.500   02/01/24   995,940 
        TOTAL UNITED KINGDOM                  995,940 
                        
UNITED STATES - 1.2%                 
 336,425  i  American Airlines, Inc  LIBOR 1 M + 2.000%   2.090   12/14/23   331,171 
 1,000,000  h,i  APi Group DE, Inc  LIBOR 1 M + 2.750%   2.750   10/06/28   999,750 
 312,976  i  Bausch Health Americas, Inc  LIBOR 1 M + 3.000%   3.087   06/02/25   312,175 
 251,900  i  Change Healthcare Holdings LLC  LIBOR 1 M + 2.500%   3.500   03/01/24   251,613 
 314,312  i  Dell International LLC  LIBOR 1 M + 1.750%   2.000   09/19/25   314,070 
 116,647  i  Endo Luxembourg Finance Co I Sarl  LIBOR 3 M + 5.000%   5.750   03/27/28   113,569 
 225,233  i,q  Mallinckrodt International Finance S.A.  LIBOR 3 M + 5.250%   6.000   09/24/24   209,248 
 1,000,000  h,i  MKS Instruments, Inc  LIBOR 1 M + 2.250%   2.750   10/22/28   998,750 
 348,911  i  Nielsen Finance LLC  LIBOR 1 M + 2.000%   2.086   10/04/23   348,499 
 1,000,000  i  Phoenix Newco, Inc  LIBOR 1 M + 3.500%   4.000   08/11/28   1,000,690 
 409,461  i  Plantronics, Inc  LIBOR 1 M + 2.500%   2.587   07/02/25   398,328 
 336,506  i  Sabre GLBL, Inc  LIBOR 1 M + 2.000%   2.087   02/22/24   332,659 
 412,005  i  Samsonite IP Holdings Sarl  LIBOR 1 M + 1.750%   1.837   04/25/25   400,802 
 326,454  i  Team Health Holdings, Inc  LIBOR 1 M + 2.750%   3.750   02/06/24   310,948 
        TOTAL UNITED STATES                  6,322,272 
                        
       TOTAL BANK LOAN OBLIGATIONS           9,049,128 
       (Cost $9,143,241)                
313

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
BONDS - 93.5%                     
                         
CORPORATE BONDS - 23.2%                    
                           
AUSTRALIA - 0.1%                    
$325,000  g  Santos Finance Ltd       3.649%  04/29/31  $330,750 
        TOTAL AUSTRALIA               330,750 
                         
AUSTRIA - 0.1%                   
EUR 600,000     Erste Group Bank AG.       4.250   N/A‡   732,615 
        TOTAL AUSTRIA               732,615 
                         
BRAZIL - 0.2%                   
$300,000  g  B3 S.A.-Brasil Bolsa Balcao       4.125   09/20/31   287,235 
 200,000  g  Natura Cosmeticos S.A.       4.125   05/03/28   197,960 
 500,000     Suzano Austria GmbH       3.125   01/15/32   472,385 
        TOTAL BRAZIL               957,580 
                         
CANADA - 1.0%                     
EUR 1,200,000  z  Bank of ,NV Scotia       0.250   11/01/28   1,350,023 
$500,000     Enbridge, Inc       5.750   07/15/80   562,000 
EUR 250,000  g  Fairfax Financial Holdings Ltd       2.750   03/29/28   315,056 
$750,000  g  GFL Environmental, Inc       4.250   06/01/25   773,322 
 1,275,000  g  MEG Energy Corp       5.875   02/01/29   1,311,656 
 500,000  g  Nova Chemicals Corp       4.875   06/01/24   520,375 
 500,000  g  Parkland Fuel Corp       5.875   07/15/27   528,125 
        TOTAL CANADA               5,360,557 
                         
CHILE - 0.6%                    
 400,000  g  Alfa Desarrollo S.p.A       4.550   09/27/51   390,840 
 300,000     Celulosa Arauco y Constitucion S.A.      3.875   11/02/27   319,830 
 250,000  g  Celulosa Arauco y Constitucion S.A.      4.250   04/30/29   265,315 
 275,000  g  Colbun S.A.       3.150   01/19/32   271,562 
 425,000  g  Corp Nacional del Cobre de Chile       3.625   08/01/27   450,764 
 325,000  g  Corp Nacional del Cobre de Chile       3.150   01/15/51   298,665 
 425,000  g  Embotelladora Andina S.A.       3.950   01/21/50   439,348 
 325,000  g  Empresa Nacional de Telecomunicaciones S.A.    3.050   09/14/32   317,265 
 300,000  g  Sociedad Quimica y Minera de Chile S.A.    3.500   09/10/51   292,917 
        TOTAL CHILE               3,046,506 
                         
CHINA - 0.3%                  
 300,000  z  Country Garden Holdings Co Ltd       3.125   10/22/25   279,406 
 550,000  g  ENN Clean Energy International Investment Ltd    3.375   05/12/26   544,773 
 300,000  g  ENN Energy Holdings Ltd       2.625   09/17/30   295,703 
 350,000     JD.com, Inc       3.375   01/14/30   363,441 
EUR 125,000  g  Prosus NV       2.031   08/03/32   142,304 
        TOTAL CHINA               1,625,627 
                         
COLOMBIA - 0.1%                    
$350,000     Bancolombia S.A.       3.000   01/29/25   353,066 
 300,000     Ecopetrol S.A.       5.375   06/26/26   324,381 
 75,000     Ecopetrol S.A.       6.875   04/29/30   86,625 
        TOTAL COLOMBIA               764,072 
314

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
CZECH REPUBLIC - 0.1%                  
EUR400,000  z  CEZ AS.       0.875%  11/21/22  $466,137 
        TOTAL CZECH REPUBLIC               466,137 
                         
DENMARK - 0.1%                  
GBP 500,000     Danske Bank A.S.       2.250   01/14/28   689,075 
        TOTAL DENMARK               689,075 
                         
FRANCE - 1.1%                    
EUR 600,000     Airbus SE       1.625   06/09/30   742,936 
  250,000  g  Altice France S.A.       5.875   02/01/27   302,169 
  600,000  g  Altice France S.A.       3.375   01/15/28   663,849 
  600,000     Electricite de France S.A.       2.000   10/02/30   766,711 
  500,000  z  Engie S.A.       1.875   N/A‡   574,390 
  835,000  g  Iliad Holding SAS       5.125   10/15/26   992,144 
  300,000  z  La Poste S.A.       0.625   01/18/36   331,186 
GBP 700,000  z  Societe Generale S.A.       1.250   12/07/27   912,932 
EUR 500,000  z  Societe Generale S.A.       0.500   06/12/29   562,793 
        TOTAL FRANCE               5,849,110 
                         
GERMANY - 0.7%                  
EUR 750,000  g,o  IHO Verwaltungs GmbH       3.750   09/15/26   880,317 
  600,000     Volkswagen Bank GmbH       2.500   07/31/26   758,316 
GBP 800,000     Volkswagen International Finance NV       3.375   11/16/26   1,175,102 
EUR 800,000     Vonovia SE       0.625   12/14/29   905,837 
        TOTAL GERMANY               3,719,572 
                         
INDIA - 0.3%                  
$300,000  g  Adani Electricity Mumbai Ltd       3.867   07/22/31   292,043 
 625,000  e,g  Bharti Airtel Ltd       3.250   06/03/31   629,601 
 200,000  g,h  CA Magnum Holdings       5.375   10/31/26   205,080 
 200,000  g  Indian Railway Finance Corp Ltd       3.249   02/13/30   202,165 
 250,000  z  Power Finance Corp Ltd       3.350   05/16/31   245,844 
 225,000  g  UltraTech Cement Ltd       2.800   02/16/31   215,560 
        TOTAL INDIA               1,790,293 
                         
INDONESIA - 0.1%                
 225,000  g  Pelabuhan Indonesia III Persero PT       4.500   05/02/23   235,125 
 200,000  g  Pertamina Persero PT       3.650   07/30/29   212,431 
 225,000  g  Perusahaan Listrik Negara PT       4.875   07/17/49   238,777 
        TOTAL INDONESIA               686,333 
                         
IRELAND - 0.2%                
EUR 1,000,000  z  Bank of Ireland Group plc       0.375   05/10/27   1,140,470 
        TOTAL IRELAND               1,140,470 
                         
ISRAEL - 0.3%                  
$500,000  g  Bank Hapoalim BM       3.255   01/21/32   498,750 
 300,000  g  Bank Leumi Le-Israel BM       3.275   01/29/31   302,250 
 625,000  g  Israel Electric Corp Ltd       4.250   08/14/28   696,888 
       TOTAL ISRAEL               1,497,888 
315

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
ITALY - 0.2%                    
$200,000  g  Intesa Sanpaolo S.p.A       4.198%  06/01/32  $201,622 
 750,000  g  UniCredit S.p.A       2.569   09/22/26   754,208 
        TOTAL ITALY               955,830 
                         
JAPAN - 0.5%                   
EUR 500,000  z  Mitsubishi UFJ Financial Group, Inc    0.872   09/07/24   591,119 
  500,000  z  Sumitomo Mitsui Financial Group, Inc    0.819   07/23/23   587,858 
  500,000  z  Takeda Pharmaceutical Co Ltd       3.000   11/21/30   682,078 
  500,000     Takeda Pharmaceutical Co Ltd       1.375   07/09/32   597,294 
        TOTAL JAPAN               2,458,349 
                         
KAZAKHSTAN - 0.2%                    
$475,000  g  KazTransGas JSC       4.375   09/26/27   522,359 
 400,000  g  Tengizchevroil Finance Co International Ltd    2.625   08/15/25   406,066 
        TOTAL KAZAKHSTAN               928,425 
                         
KOREA, REPUBLIC OF - 0.0%                   
 250,000  z  SK Battery America, Inc       2.125   01/26/26   244,989 
        TOTAL KOREA, REPUBLIC OF               244,989 
                         
KUWAIT - 0.1%                    
 625,000  g  NBK SPC Ltd       1.625   09/15/27   613,629 
        TOTAL KUWAIT               613,629 
                         
LUXEMBOURG - 0.4%                    
EUR 1,000,000  g  Albion Financing SARL       5.250   10/15/26   1,160,266 
  250,000  z  Czech Gas Networks Investments Sarl    0.450   09/08/29   283,414 
  150,000  z  GTC Aurora Luxembourg S.A.       2.250   06/23/26   175,136 
  500,000  z  ProLogis International Funding II S.A.    2.375   11/14/30   650,393 
        TOTAL LUXEMBOURG               2,269,209 
                         
MALAYSIA - 0.2%                    
$400,000  g  Genm Capital Labuan Ltd       3.882   04/19/31   391,290 
 200,000  g  Petronas Capital Ltd       3.500   04/21/30   215,465 
 250,000  g  Petronas Energy Canada Ltd       2.112   03/23/28   248,978 
        TOTAL MALAYSIA               855,733 
                         
MEXICO - 0.4%                    
 250,000  g  Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand    5.375   04/17/25   276,250 
 375,000  g  Becle SAB de C.V.       2.500   10/14/31   368,974 
 300,000  e,g  Fresnillo plc       4.250   10/02/50   306,750 
 200,000  g  Grupo Bimbo SAB de C.V.       4.700   11/10/47   242,065 
 375,000  g  Orbia Advance Corp SAB de C.V.       1.875   05/11/26   371,250 
EUR 200,000     Petroleos Mexicanos       1.875   04/21/22   232,409 
$500,000  g  Sigma Alimentos S.A. de C.V.       4.125   05/02/26   536,880 
        TOTAL MEXICO               2,334,578 
316

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
NETHERLANDS - 0.3%                  
EUR600,000     Cooperatieve Rabobank UA       3.250%  N/A‡  $705,713 
 625,000  g  OCI NV       3.125   11/01/24   731,652 
        TOTAL NETHERLANDS               1,437,365 
                         
PANAMA - 0.1%                
$200,000  g  Aeropuerto Internacional de Tocumen S.A.   4.000   08/11/41   200,837 
 200,000  g  Aeropuerto Internacional de Tocumen S.A.   5.125   08/11/61   208,252 
 300,000  g  Banco General S.A.       4.125   08/07/27   321,003 
        TOTAL PANAMA               730,092 
                         
PERU - 0.1%                    
 200,000  g  Banco de Credito del Peru       3.250   09/30/31   198,200 
 200,000  g  Kallpa Generacion SA       4.125   08/16/27   207,752 
        TOTAL PERU               405,952 
                         
POLAND - 0.1%                  
EUR 300,000  z  mBank S.A.       0.966   09/21/27   342,678 
  250,000  z  Polski Koncern Naftowy ORLEN S.A.   1.125   05/27/28   290,460 
        TOTAL POLAND               633,138 
                         
PORTUGAL - 0.2%                    
EUR 1,000,000     EDP Finance BV       1.125   02/12/24   1,188,116 
        TOTAL PORTUGAL               1,188,116 
                         
QATAR - 0.5%                  
$300,000  z  CBQ Finance Ltd       2.000   05/12/26   298,707 
 300,000  z  QNB Finance Ltd       1.625   09/22/25   300,390 
CNY 12,850,000     QNB Finance Ltd       3.150   02/04/26   1,961,757 
$250,000  z  QNB Finance Ltd       2.750   02/12/27   259,708 
        TOTAL QATAR               2,820,562 
                         
RUSSIA - 0.2%                    
EUR 300,000  z  Gazprom OAO Via Gaz Capital S.A.       2.500   03/21/26   361,644 
$200,000  g  LUKOIL Securities BV       3.875   05/06/30   207,600 
 300,000  g  Phosagro OAO Via Phosagro Bond Funding DAC   2.600   09/16/28   298,279 
        TOTAL RUSSIA               867,523 
                         
SAUDI ARABIA - 0.3%                    
 500,000  g  Arabian Centres Sukuk II Ltd       5.625   10/07/26   520,790 
 200,000  g  S.A. Global Sukuk Ltd       0.946   06/17/24   197,820 
 250,000  g  SABIC Capital II BV       4.000   10/10/23   263,897 
 275,000  g  Saudi Arabian Oil Co       2.250   11/24/30   266,468 
 300,000  z  Saudi Electricity Global Sukuk Co 5       2.413   09/17/30   301,479 
        TOTAL SAUDI ARABIA               1,550,454 
                         
SINGAPORE - 0.1%                    
EUR 200,000  z  Temasek Financial I Ltd       0.500   11/20/31   229,525 
$500,000  g  United Overseas Bank Ltd       2.000   10/14/31   497,430 
        TOTAL SINGAPORE               726,955 
317

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
SOUTH AFRICA - 0.2%            
$1,250,000  z  Eskom Holdings SOC Ltd       4.314%  07/23/27  $1,230,272 
        TOTAL SOUTH AFRICA               1,230,272 
                         
SPAIN - 0.2%                    
 800,000     Banco Santander S.A.       7.500   N/A‡   865,000 
        TOTAL SPAIN               865,000 
                         
SWITZERLAND - 0.7%                  
EUR 750,000  z  Cloverie plc for Zurich Insurance Co Ltd   1.500   12/15/28   927,831 
GBP 500,000     Credit Suisse Group AG.       2.250   06/09/28   686,183 
EUR 600,000  z  UBS Group AG       0.250   11/05/28   678,367 
  1,000,000  z  UBS Group AG.       0.250   02/24/28   1,130,017 
        TOTAL SWITZERLAND               3,422,398 
                         
TAIWAN - 0.1%                  
$275,000     TSMC Arizona Corp       1.750   10/25/26   276,467 
        TOTAL TAIWAN               276,467 
                         
TANZANIA, UNITED REPUBLIC OF - 0.1%                    
 450,000  e  AngloGold Ashanti Holdings plc       3.750   10/01/30   455,063 
        TOTAL TANZANIA, UNITED REPUBLIC OF           455,063 
                         
THAILAND - 0.2%                    
 430,000  g  Bangkok Bank PCL       3.466   09/23/36   426,724 
 200,000  g,z  PTTEP Treasury Center Co Ltd       2.587   06/10/27   204,811 
 300,000  g  Thaioil Treasury Center Co Ltd       2.500   06/18/30   281,667 
        TOTAL THAILAND               913,202 
                         
TURKEY - 0.1%                  
EUR 250,000  z  Arcelik AS.       3.000   05/27/26   291,081 
        TOTAL TURKEY               291,081 
                         
UNITED ARAB EMIRATES - 0.3%                  
$200,000  g  DAE Funding LLC       3.375   03/20/28   204,360 
 300,000  z  EI Sukuk Co Ltd       1.827   09/23/25   299,756 
GBP 300,000  z  First Abu Dhabi Bank PJSC       1.375   02/19/23   411,204 
$600,000  z  National Central Cooling Co PJSC       2.500   10/21/27   594,864 
        TOTAL UNITED ARAB EMIRATES           1,510,184 
                         
UNITED KINGDOM - 2.4%                    
GBP 1,050,000     BAE Systems plc       4.125   06/08/22   1,467,345 
EUR 800,000  z  Barclays plc       0.625   11/14/23   932,383 
GBP 500,000     BAT International Finance plc       4.000   09/04/26   741,842 
UGX 3,000,000,000  †,g  ICBC Standard Bank plc       14.250   06/26/34   778,559 
GBP 750,000     Lloyds Banking Group plc       1.985   12/15/31   1,009,742 
  500,000     National Grid Gas plc       1.375   02/07/31   639,023 
EUR 750,000     Natwest Group plc       1.750   03/02/26   903,808 
  750,000     RELX Capital, Inc       1.300   05/12/25   900,665 
  700,000  z  Standard Chartered plc       1.200   09/23/31   800,768 
318

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
GBP700,000     Virgin Money UK plc       3.375%  04/24/26  $999,470 
  2,355,000  g  Vmed O2 UK Financing I plc       4.500   07/15/31   3,229,956 
        TOTAL UNITED KINGDOM               12,403,561 
                         
UNITED STATES - 9.7%                
EUR 500,000  z  Abbott Ireland Financing DAC       1.500   09/27/26   612,516 
  1,200,000     AbbVie, Inc       1.250   06/01/24   1,427,931 
  900,000  g  Adient Global Holdings Ltd       3.500   08/15/24   1,053,460 
JPY 100,000,000     Aflac, Inc       0.550   03/12/30   868,806 
EUR 250,000  g  Allied Universal Holdco LLC       3.625   06/01/28   282,257 
  575,000     American Honda Finance Corp       1.950   10/18/24   702,232 
  300,000     American Tower Corp       1.375   04/04/25   358,731 
  650,000     American Tower Corp       0.450   01/15/27   742,831 
 500,000     Aptiv plc       1.500   03/10/25   599,847 
  750,000  g  Ardagh Metal Packaging Finance USA LLC   2.000   09/01/28   855,689 
  750,000  g  Ardagh Metal Packaging Finance USA LLC   3.000   09/01/29   848,255 
  300,000  g  Ashland Services BV       2.000   01/30/28   355,338 
  500,000     AT&T, Inc       2.350   09/05/29   643,939 
 750,000  g  Avantor Funding, Inc       3.875   07/15/28   898,035 
  575,000     Ball Corp       0.875   03/15/24   665,293 
  500,000  z  Bank of America Corp       1.662   04/25/28   610,622 
  500,000  z  Bank of America Corp       0.654   10/26/31   560,940 
  700,000     Becton Dickinson & Co       1.401   05/24/23   827,498 
  670,000     Becton Dickinson & Co       1.900   12/15/26   828,784 
  600,000  h,z  Blackstone Private Credit Fund       1.750   11/30/26   686,601 
  100,000     Capital One Financial Corp       0.800   06/12/24   117,474 
  650,000  g  Carnival Corp       7.625   03/01/26   806,620 
 100,000     Celanese US Holdings LLC       0.625   09/10/28   113,663 
  750,000     Chubb INA Holdings, Inc       1.550   03/15/28   920,439 
  350,000     Chubb INA Holdings, Inc       1.400   06/15/31   424,481 
  750,000  z  Citigroup, Inc       1.250   07/06/26   895,112 
  700,000     Comcast Corp       0.250   05/20/27   802,753 
  1,250,000  g  Coty, Inc       3.875   04/15/26   1,470,513 
  500,000  g  Dana Financing Luxembourg Sarl       3.000   07/15/29   580,876 
  500,000  g  Diebold Nixdorf Dutch Holding BV       9.000   07/15/25   622,274 
GBP 100,000  z  Digital Stout Holding LLC       2.750   07/19/24   141,971 
  200,000     Discovery Communications LLC       2.500   09/20/24   281,276 
EUR 800,000     Dow Chemical Co       0.500   03/15/27   921,946 
  500,000     FedEx Corp       1.625   01/11/27   612,179 
  375,000     Fidelity National Information Services, Inc   1.100   07/15/24   444,546 
GBP 600,000     Fiserv, Inc       3.000   07/01/31   883,755 
EUR 750,000  z  General Motors Financial Co, Inc       0.600   05/20/27   855,298 
  400,000     Goldman Sachs Group, Inc       1.375   05/15/24   472,167 
  500,000  z  Goldman Sachs Group, Inc       0.250   01/26/28   558,901 
  295,000  g  Goodyear Europe BV       2.750   08/15/28   343,426 
  1,000,000     Honeywell International, Inc       0.000   03/10/24   1,158,361 
  600,000     International Business Machines Corp   0.650   02/11/32   682,421 
  500,000  g  International Game Technology plc       3.500   06/15/26   591,542 
  500,000  g  IQVIA, Inc       1.750   03/15/26   579,551 
  500,000  z  JPMorgan Chase & Co       1.638   05/18/28   610,453 
$1,000,000     JPMorgan Chase & Co       3.650   N/A‡   996,250 
319

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
EUR450,000  g  Liberty Mutual Group, Inc       2.750%  05/04/26  $570,563 
  650,000     Liberty Mutual Group, Inc       2.750   05/04/26   824,146 
GBP 600,000     McKesson Corp       3.125   02/17/29   881,072 
EUR 600,000  z  Metropolitan Life Global Funding I       0.550   06/16/27   703,302 
  600,000  z  Mondelez International Holdings Netherlands BV   1.250   09/09/41   669,672 
  650,000     Mondelez International, Inc       1.375   03/17/41   738,807 
  670,000     Morgan Stanley       1.342   10/23/26   804,246 
  400,000  g  OI European Group BV       3.125   11/15/24   472,576 
  500,000  g  Olympus Water US Holding Corp       3.875   10/01/28   575,326 
  100,000  g  Organon Finance LLC       2.875   04/30/28   116,581 
$1,250,000  g  Organon Finance LLC       5.125   04/30/31   1,289,287 
 1,075,000     Plains All American Pipeline LP       3.800   09/15/30   1,135,734 
EUR 540,000     ProLogis Euro Finance LLC       0.375   02/06/28   620,373 
  500,000  g  Scientific Games International, Inc       3.375   02/15/26   583,185 
  400,000     Silgan Holdings, Inc       3.250   03/15/25   464,851 
$1,500,000     Skyworks Solutions, Inc       0.900   06/01/23   1,500,212 
EUR 700,000     Southern Co       1.875   09/15/81   790,181 
  450,000     Stryker Corp       2.625   11/30/30   600,303 
  1,100,000     SYSCO Corp       1.250   06/23/23   1,296,435 
  700,000     The Procter & Gamble Company       0.625   10/30/24   826,906 
  500,000     The Procter & Gamble Company       1.875   10/30/38   682,409 
  600,000     Thermo Fisher Scientific Finance I BV     0.800   10/18/30   692,752 
$125,000  g  Univision Communications, Inc       4.500   05/01/29   126,462 
EUR 400,000     Verizon Communications, Inc       1.875   10/26/29   505,012 
  600,000     Walmart, Inc       2.550   04/08/26   766,970 
  1,000,000     Whirlpool EMEA Finance Sarl       0.500   02/20/28   1,143,645 
        TOTAL UNITED STATES               50,698,861 
                         
       TOTAL CORPORATE BONDS               121,743,573 
       (Cost $120,843,972)                 
                         
GOVERNMENT BONDS - 66.1%                  
                           
AUSTRALIA - 1.4%                    
AUD 3,650,000     Australia Government Bond       0.250   11/21/25   2,615,493 
  2,100,000  z  Australia Government Bond       2.250   05/21/28   1,630,681 
  2,550,000  z  Australia Government Bond       1.750   06/21/51   1,518,764 
  1,685,000     New South Wales Treasury Corp       3.000   04/20/29   1,349,845 
        TOTAL AUSTRALIA               7,114,783 
                         
BELGIUM - 0.5%                    
EUR 2,125,000  g  Kingdom of Belgium Government International Bond   0.000   10/22/27   2,480,652 
        TOTAL BELGIUM               2,480,652 
                         
BENIN - 0.3%                    
EUR 1,275,000  g  Benin Government International Bond   4.950   01/22/35   1,401,700 
        TOTAL BENIN               1,401,700 
320

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
BERMUDA - 0.1%                
$340,000  g  Bermuda Government International Bond   2.375%  08/20/30  $336,600 
        TOTAL BERMUDA               336,600 
                         
BRAZIL - 0.2%                  
 1,000,000     Brazilian Government International Bond   3.875   06/12/30   938,290 
        TOTAL BRAZIL               938,290 
                         
CAMEROON - 0.1%                  
EUR 650,000  g  Republic of Cameroon International Bond   5.950   07/07/32   730,639 
        TOTAL CAMEROON               730,639 
                         
CANADA - 2.6%               
CAD 1,700,000  g  Canada Housing Trust No 1       2.550   12/15/23   1,412,253 
  2,625,000     Canadian Government Bond       2.000   06/01/28   2,177,015 
  775,000     Canadian Government Bond       2.000   12/01/51   623,144 
  3,600,000     Canadian Government International Bond   2.000   09/01/23   2,958,481 
  1,300,000     Canadian Government International Bond   5.000   06/01/37   1,488,214 
  1,350,000     Hydro-Quebec       4.000   02/15/55   1,381,383 
  1,600,000     Province of British Columbia Canada   2.550   06/18/27   1,340,944 
  1,600,000     Province of New Brunswick Canada   3.100   08/14/28   1,376,315 
  1,000,000     Province of Quebec Canada       2.750   09/01/27   846,170 
        TOTAL CANADA               13,603,919 
                         
CHILE - 0.1%                  
EUR 650,000     Chile Government International Bond   1.250   01/22/51   658,997 
        TOTAL CHILE               658,997 
                         
CHINA - 10.2%                  
CNY 6,400,000     China Government Bond       2.570   05/20/23   1,001,113 
  83,560,000     China Government Bond       2.880   11/05/23   13,135,377 
  14,500,000     China Government Bond       3.270   11/19/30   2,313,828 
  12,700,000     China Government Bond       3.810   09/14/50   2,081,937 
  18,800,000     China Government Bond       3.720   04/12/51   3,052,934 
  15,000,000     China Government International Bond   2.240   03/05/23   2,337,138 
  27,700,000     China Government International Bond   2.360   07/02/23   4,315,050 
  49,600,000     China Government International Bond   2.940   10/17/24   7,806,512 
  60,500,000     China Government International Bond   3.120   12/05/26   9,575,274 
  18,900,000     China Government International Bond   3.860   07/22/49   3,103,277 
  30,000,000     China Government International Bond   3.390   03/16/50   4,569,607 
        TOTAL CHINA               53,292,047 
                         
COTE D’IVOIRE - 0.3%                
EUR 1,000,000  g  Ivory Coast Government International Bond   5.875   10/17/31   1,197,713 
  100,000  g  Ivory Coast Government International Bond   4.875   01/30/32   112,814 
        TOTAL COTE D’IVOIRE               1,310,527 
                         
CROATIA - 0.2%                
EUR 1,000,000  z  Croatia Government International Bond   1.125   03/04/33   1,141,408 
        TOTAL CROATIA               1,141,408 
321

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
CYPRUS - 0.9%                     
EUR1,300,000  z  Cyprus Government International Bond   2.375%  09/25/28  $1,717,990 
  1,100,000  z  Cyprus Government International Bond   0.625   01/21/30   1,284,700 
  575,000  z  Cyprus Government International Bond   2.750   02/26/34   814,352 
  500,000  z  Cyprus Government International Bond   2.750   05/03/49   777,364 
        TOTAL CYPRUS               4,594,406 
                         
DOMINICAN REPUBLIC - 0.2%                 
DOP 15,000,000  g  Dominican Republic Government International Bond   9.750   06/05/26   314,289 
$750,000  g  Dominican Republic Government International Bond   4.875   09/23/32   761,258 
        TOTAL DOMINICAN REPUBLIC           1,075,547 
                         
ECUADOR - 0.1%                  
 78,000  g  Ecuador Government International Bond   0.000   07/31/30   41,633 
 441,250  g  Ecuador Government International Bond (Step Bond)   5.000   07/31/30   366,238 
 309,125  g  Ecuador Government International Bond (Step Bond)   1.000   07/31/35   203,639 
        TOTAL ECUADOR               611,510 
                         
EGYPT - 0.8%                    
$850,000  g  Egypt Government International Bond   5.750   05/29/24   878,258 
EGP 16,250,000     Egypt Government International Bond   15.900   07/02/24   1,063,330 
$525,000  g  Egypt Government International Bond   7.600   03/01/29   528,236 
EUR 900,000  g  Egypt Government International Bond   6.375   04/11/31   979,409 
$300,000  g  Egypt Government International Bond   7.053   01/15/32   281,423 
 675,000  g  Egypt Government International Bond   8.500   01/31/47   623,323 
        TOTAL EGYPT               4,353,979 
                         
EL SALVADOR - 0.1%                    
 1,000,000  g  El Salvador Government International Bond   6.375   01/18/27   767,500 
        TOTAL EL SALVADOR               767,500 
                         
FRANCE - 3.2%                  
EUR 4,500,000     French Republic Government Bond OAT   0.500   05/25/25   5,368,603 
  3,775,000     French Republic Government Bond OAT   0.750   11/25/28   4,596,891 
  2,450,000  g  French Republic Government Bond OAT   0.500   05/25/40   2,771,517 
  910,000  g  French Republic Government Bond OAT   0.750   05/25/52   1,025,506 
  2,500,000  z  UNEDIC ASSEO       0.250   07/16/35   2,782,220 
        TOTAL FRANCE               16,544,737 
                         
GERMANY - 0.3%                    
EUR 1,200,000     Bundesrepublik Deutschland Bundesanleihe   0.000   02/15/31   1,405,730 
        TOTAL GERMANY               1,405,730 
                         
GHANA - 0.5%                     
$166,667  g  Ghana Government International Bond   9.250   09/15/22   167,503 
 500,000  g  Ghana Government International Bond   7.750   04/07/29   445,257 
 825,000  g  Ghana Government International Bond   8.125   03/26/32   726,361 
 1,000,000  g  Ghana Government International Bond   8.627   06/16/49   845,882 
GHS 4,300,000     Republic of Ghana Government Bonds   16.500   02/06/23   687,747 
        TOTAL GHANA               2,872,750 
322

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
GREECE - 0.7%                
EUR575,000  g  Hellenic Republic Government International Bond   3.875%  03/12/29  $799,619 
  2,300,000  g  Hellenic Republic Government International Bond   1.500   06/18/30   2,721,700 
        TOTAL GREECE               3,521,319 
                         
GUATEMALA - 0.2%                
$775,000  g  Guatemala Government International Bond   6.125   06/01/50   909,075 
        TOTAL GUATEMALA               909,075 
                         
HONDURAS - 0.0%                    
 200,000  e,g  Honduras Government International Bond   5.625   06/24/30   199,000 
        TOTAL HONDURAS               199,000 
                         
HONG KONG - 0.1%                  
 475,000  g  Airport Authority       1.625   02/04/31   456,140 
        TOTAL HONG KONG               456,140 
                         
HUNGARY - 0.2%                    
EUR 600,000  z  Hungary Government International Bond   1.750   06/05/35   720,221 
 225,000  g  Hungary Government International Bond   3.125   09/21/51   219,238 
        TOTAL HUNGARY               939,459 
                         
ICELAND - 0.2%                    
EUR 1,000,000  z  Iceland Government International Bond   0.000   04/15/28   1,132,141 
        TOTAL ICELAND               1,132,141 
                         
INDIA - 0.1%                    
$200,000     Export-Import Bank of India       3.875   03/12/24   210,958 
 250,000  g  Export-Import Bank of India       2.250   01/13/31   234,330 
        TOTAL INDIA               445,288 
                         
INDONESIA - 0.7%               
IDR 13,000,000,000     Indonesia Treasury Bond       8.125   05/15/24   1,002,470 
  17,000,000,000     Indonesia Treasury Bond       6.375   04/15/32   1,228,520 
  22,800,000,000     Indonesia Treasury Bond       7.500   05/15/38   1,683,023 
        TOTAL INDONESIA               3,914,013 
                         
ISRAEL - 0.7%                  
ILS 5,250,000     Israel Government International Bond   5.500   01/31/42   2,590,968 
  3,200,000     Israel Government International Bond   3.750   03/31/47   1,274,715 
        TOTAL ISRAEL               3,865,683 
                         
ITALY - 4.8%                
EUR 5,525,000     Italy Buoni Poliennali Del Tesoro   2.450   10/01/23   6,711,074 
  3,950,000     Italy Buoni Poliennali Del Tesoro   1.250   12/01/26   4,744,911 
  3,675,000     Italy Buoni Poliennali Del Tesoro   0.950   09/15/27   4,331,239 
  1,000,000     Italy Buoni Poliennali Del Tesoro   0.900   04/01/31   1,137,534 
  1,250,000  g  Italy Buoni Poliennali Del Tesoro   0.950   12/01/31   1,415,774 
  2,400,000  g  Italy Buoni Poliennali Del Tesoro   0.950   03/01/37   2,571,452 
  900,000  g  Italy Buoni Poliennali Del Tesoro   3.450   03/01/48   1,395,189 
  1,050,000  g  Italy Buoni Poliennali Del Tesoro   3.850   09/01/49   1,747,852 
 950,000  g  Italy Buoni Poliennali Del Tesoro   1.700   09/01/51   1,059,347 
        TOTAL ITALY               25,114,372 
323

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL     ISSUER     RATE  MATURITY
DATE		  VALUE 
                    
JAPAN - 11.5%                  
JPY 13,000,000     Japan Finance Organization for Municipalities   0.440%  08/15/25  $115,912 
  21,000,000     Japan Finance Organization for Municipalities   0.320   01/19/26   186,614 
  30,000,000     Japan Finance Organization for Municipalities   0.145   02/16/26   264,648 
  14,000,000     Japan Finance Organization for Municipalities   0.020   05/22/26   122,819 
  402,000,000     Japan Government Five Year Bond       0.100   06/20/23   3,538,774 
  557,000,000     Japan Government Ten Year Bond       0.100   06/20/28   4,933,417 
  335,000,000     Japan Government Ten Year Bond       0.100   06/20/29   2,964,516 
  322,000,000     Japan Government Ten Year Bond       0.100   09/20/29   2,847,538 
  325,000,000     Japan Government Ten Year Bond       0.100   12/20/29   2,872,489 
  210,000,000     Japan Government Ten Year Bond       0.100   03/20/30   1,855,671 
  425,000,000     Japan Government Ten Year Bond       0.100   06/20/30   3,752,644 
  513,000,000     Japan Government Ten Year Bond       0.100   09/20/30   4,523,412 
  525,950,000     Japan Government Thirty Year Bond   2.500   09/20/34   5,948,711 
  457,700,000     Japan Government Thirty Year Bond   0.500   09/20/46   3,943,880 
  73,000,000     Japan Government Thirty Year Bond       0.600   09/20/50   628,410 
  340,000,000     Japan Government Twenty Year Bond       2.100   03/20/26   3,268,621 
  229,000,000     Japan Government Twenty Year Bond       1.800   09/20/31   2,345,037 
  117,000,000     Japan Government Twenty Year Bond       1.700   03/20/32   1,193,939 
  278,000,000     Japan Government Twenty Year Bond       0.600   12/20/36   2,543,604 
  256,000,000     Japan Government Twenty Year Bond       0.500   06/20/38   2,293,538 
  660,000,000     Japan Government Twenty Year Bond       0.700   09/20/38   6,094,323 
  185,000,000     Japan Government Twenty Year Bond       0.300   06/20/39   1,594,017 
  312,000,000     Japan Government Twenty Year Bond       0.400   09/20/40   2,713,052 
        TOTAL JAPAN               60,545,586 
                         
KAZAKHSTAN - 0.3%                    
KZT 672,350,900     National Bank of Kazakhstan Notes       0.000   11/19/21   1,565,819 
        TOTAL KAZAKHSTAN               1,565,819 
                         
KENYA - 0.3%                    
$1,200,000  g  Kenya Government International Bond   7.000   05/22/27   1,272,572 
 575,000  g  Kenya Government International Bond   6.300   01/23/34   561,225 
        TOTAL KENYA               1,833,797 
                         
KOREA, REPUBLIC OF - 2.4%                    
$200,000     Export-Import Bank of Korea       3.000   11/01/22   204,751 
KRW 2,220,000,000     Korea Treasury Bond       2.250   09/10/23   1,913,482 
  3,800,000,000     Korea Treasury Bond       1.500   03/10/25   3,175,780 
  1,200,000,000     Korea Treasury Bond       1.375   12/10/29   933,083 
  3,420,000,000     Korea Treasury Bond       2.000   06/10/31   2,780,072 
  4,435,000,000     Korea Treasury Bond       2.375   09/10/38   3,682,888 
        TOTAL KOREA, REPUBLIC OF               12,690,056 
                         
LEBANON - 0.0%                    
$1,400,000  †,q,z  Lebanon Government International Bond   6.850   03/23/27   210,000 
        TOTAL LEBANON               210,000 
324

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL    ISSUER   RATE   MATURITY
DATE		 VALUE  
                        
MACEDONIA - 0.3%                 
EUR1,050,000  g  North Macedonia Government International Bond     3.675%  06/03/26 $ 1,316,005  
       TOTAL MACEDONIA             1,316,005  
                         
MALAYSIA - 0.5%                 
MYR 5,700,000     Malaysia Government International Bond     3.828   07/05/34   1,330,437  
 5,400,000     Malaysia Government International Bond     3.757   05/22/40   1,226,847  
       TOTAL MALAYSIA             2,557,284  
                         
MEXICO - 0.5%                 
MXN 23,500,000     Mexican Bonos     5.750   03/05/26   1,077,715  
 8,400,000     Mexican Bonos     8.500   05/31/29   432,240  
 5,000,000     Mexican Bonos     7.750   05/29/31   246,636  
 1,025,000     Mexico Government International Bond     4.280   08/14/41   1,068,327  
       TOTAL MEXICO             2,824,918  
                         
MONGOLIA - 0.1%                 
$550,000  e,g  Mongolia Government International Bond     4.450   07/07/31   525,319  
       TOTAL MONGOLIA             525,319  
                         
MOROCCO - 0.4%                 
EUR 850,000  g  Morocco Government International Bond     1.375   03/30/26   978,913  
 1,100,000  g  Morocco Government International Bond     1.500   11/27/31   1,164,414  
       TOTAL MOROCCO             2,143,327  
                         
NETHERLANDS - 0.2%                 
EUR 550,000  g  Netherlands Government International Bond     2.750   01/15/47   1,040,503  
       TOTAL NETHERLANDS             1,040,503  
                         
NEW ZEALAND - 0.3%                 
NZD 2,370,000     New Zealand Government Bond     2.000   05/15/32   1,611,826  
       TOTAL NEW ZEALAND             1,611,826  
                         
NIGERIA - 0.3%                 
$1,325,000  g  Nigeria Government International Bond     6.500   11/28/27   1,354,742  
       TOTAL NIGERIA             1,354,742  
                         
NORWAY - 1.0%                 
NOK 9,000,000     City of Oslo Norway     2.050   10/31/24   1,069,217  
 34,375,000  g  Norway Government International Bond     2.000   04/26/28   4,156,960  
       TOTAL NORWAY             5,226,177  
                         
PAKISTAN - 0.2%                 
$1,000,000  g  Pakistan Government International Bond     6.000   04/08/26   1,007,312  
       TOTAL PAKISTAN             1,007,312  
                         
PANAMA - 0.4%                 
 1,200,000     Panama Bonos del Tesoro     3.362   06/30/31   1,188,000  
 1,000,000     Panama Notas del Tesoro     3.750   04/17/26   1,061,630  
       TOTAL PANAMA             2,249,630  
325

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL    ISSUER   RATE   MATURITY
DATE		 VALUE  
                         
PARAGUAY - 0.2%                 
$925,000  g  Paraguay Government International Bond     5.400%  03/30/50 $ 1,042,938  
       TOTAL PARAGUAY             1,042,938  
                         
PHILIPPINES - 0.1%                 
PHP 27,000,000     Philippine Government International Bond     6.250   01/14/36   623,778  
       TOTAL PHILIPPINES             623,778  
                         
POLAND - 0.6%                 
PLN 11,905,000     Republic of Poland Government International Bond     2.750   10/25/29   3,009,036  
       TOTAL POLAND             3,009,036  
                         
REPUBLIC OF SERBIA - 1.0%                 
EUR 1,700,000  g  Serbia Government International Bond     1.500   06/26/29   1,924,536  
 725,000  g  Serbia International Bond     2.050   09/23/36   779,210  
RSD 120,000,000     Serbia Treasury Bonds     5.875   02/08/28   1,329,337  
 101,500,000     Serbia Treasury Bonds     4.500   08/20/32   1,028,136  
       TOTAL REPUBLIC OF SERBIA             5,061,219  
                         
ROMANIA - 0.8%                 
RON 9,500,000     Romania Government International Bond     4.150   01/26/28   2,144,895  
EUR 800,000  g  Romanian Government International Bond     2.000   01/28/32   882,308  
  850,000  g  Romanian Government International Bond     2.000   04/14/33   920,033  
       TOTAL ROMANIA             3,947,236  
                         
RUSSIA - 0.3%                 
RUB 90,000,000     Russian Federal Bond-OFZ     4.500   07/16/25   1,120,927  
 37,000,000     Russian Federal Bond-OFZ     6.900   07/23/31   481,439  
       TOTAL RUSSIA             1,602,366  
                         
RWANDA - 0.5%                 
$2,450,000  g  Rwanda International Government Bond     5.500   08/09/31   2,504,520  
       TOTAL RWANDA             2,504,520  
                         
SAUDI ARABIA - 0.2%                 
 375,000  g  Saudi Government International Bond     3.250   10/26/26   401,550  
 750,000  g  Saudi Government International Bond     2.500   02/03/27   774,105  
       TOTAL SAUDI ARABIA             1,175,655  
                         
SENEGAL - 0.4%                 
EUR 1,000,000  g  Senegal Government International Bond     4.750   03/13/28   1,175,874  
 825,000  g  Senegal Government International Bond     5.375   06/08/37   916,242  
       TOTAL SENEGAL             2,092,116  
                         
SINGAPORE - 0.5%                 
SGD 3,525,000     Singapore Government Bond     1.625   07/01/31   2,563,746  
       TOTAL SINGAPORE             2,563,746  
326

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL    ISSUER   RATE   MATURITY
DATE		 VALUE  
                        
SOUTH AFRICA - 0.4%                
ZAR10,700,000     South Africa Government International Bond    10.500%  12/21/26 $ 767,930  
  16,500,000     South Africa Government International Bond    7.000   02/28/31   887,347  
  7,800,000     South Africa Government International Bond    8.750   01/31/44   419,556  
       TOTAL SOUTH AFRICA            2,074,833  
                        
SPAIN - 3.9%                
EUR 1,100,000  z  Autonomous Community of Madrid Spain    1.571   04/30/29   1,381,051  
 4,325,000  g  Spain Government International Bond    0.500   10/31/31   4,948,390  
 4,600,000  g  Spain Government International Bond    2.750   10/31/24   5,808,841  
 1,095,000  g  Spain Government International Bond    1.400   07/30/28   1,368,415  
 1,875,000  g  Spain Government International Bond    0.600   10/31/29   2,210,935  
 1,250,000  g  Spain Government International Bond    0.100   04/30/31   1,386,748  
 2,650,000  g  Spain Government International Bond    1.200   10/31/40   3,133,325  
       TOTAL SPAIN            20,237,705  
                        
SUPRANATIONAL - 2.6%                
$1,200,000  g  Africa Finance Corp    2.875   04/28/28   1,192,069  
GBP 695,000     African Development Bank    0.500   06/22/26   926,681  
$750,000  z  African Export-Import Bank    5.250   10/11/23   801,776  
 750,000  g  African Export-Import Bank    2.634   05/17/26   758,245  
INR 105,000,000     Asian Development Bank    6.200   10/06/26   1,413,017  
$1,250,000  g  Banque Ouest Africaine de Developpement    4.700   10/22/31   1,360,623  
EUR 650,000  g  Banque Ouest Africaine de Developpement    2.750   01/22/33   792,862  
$1,700,000  †  European Bank for Reconstruction & Development    10.000   02/28/23   1,493,541  
AUD 2,150,000     Inter-American Development Bank    4.750   08/27/24   1,765,817  
NZD 1,577,000     International Bank for Reconstruction & Development    3.375   01/25/22   1,136,634  
CAD 1,600,000     International Bank for Reconstruction & Development    1.900   01/16/25   1,308,804  
GBP 700,000     International Finance Corp    0.250   12/15/25   927,322  
       TOTAL SUPRANATIONAL            13,877,391  
                        
SWEDEN - 0.2%                
SEK 9,000,000     Sweden Government Bond    0.500   11/24/45   982,421  
       TOTAL SWEDEN            982,421  
                        
THAILAND - 0.7%                
THB 30,000,000     Thailand Government International Bond    1.450   12/17/24   917,993  
  55,000,000     Thailand Government International Bond    3.300   06/17/38   1,804,067  
  29,000,000     Thailand Government International Bond    2.000   06/17/42   777,632  
       TOTAL THAILAND            3,499,692  
                        
UKRAINE - 0.6%                
UAH 31,000,000     Ukraine Government International Bond    17.000   05/11/22   1,214,320  
EUR 1,000,000  g  Ukraine Government International Bond    6.750   06/20/26   1,243,291  
  850,000  g  Ukraine Government International Bond    4.375   01/27/30   915,134  
       TOTAL UKRAINE            3,372,745  
                        
UNITED ARAB EMIRATES - 0.0%                
$250,000  z  Emirate of Dubai Government International Bonds    3.900   09/09/50   236,099  
       TOTAL UNITED ARAB EMIRATES            236,099  
327

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL    ISSUER  REFERENCE
RATE & SPREAD		  RATE   MATURITY
DATE		 VALUE  
                            
UNITED KINGDOM - 3.8%                    
GBP2,425,000     United Kingdom Gilt       1.625%   10/22/28 $ 3,492,307  
 3,775,000     United Kingdom Gilt       0.875    07/31/33   5,053,883  
 3,350,000     United Kingdom Gilt       1.750    09/07/37   4,977,338  
 2,000,000     United Kingdom Gilt       1.250    10/22/41   2,766,025  
 1,800,000     United Kingdom Gilt       0.875    01/31/46   2,304,147  
 1,260,000     United Kingdom Gilt       0.625    10/22/50   1,511,692  
       TOTAL UNITED KINGDOM             20,105,392  
                            
URUGUAY - 0.4%                    
UYU 21,800,000  g  Uruguay Government International Bond    8.500    03/15/28   511,026  
$625,000     Uruguay Government International Bond    4.375    01/23/31   721,831  
UYU 40,600,000     Uruguay Government International Bond    8.250    05/21/31   914,997  
       TOTAL URUGUAY                2,147,854  
                            
UZBEKISTAN - 0.4%                    
$1,450,000  g  Republic of Uzbekistan International Bond    4.750    02/20/24   1,518,406  
UZS 7,600,000,000  g  Republic of Uzbekistan International Bond    14.000    07/19/24   713,858  
       TOTAL UZBEKISTAN                2,232,264  
                            
       TOTAL GOVERNMENT BONDS             346,823,518  
       (Cost $346,355,224)                    
                            
STRUCTURED ASSETS -  4.2%                    
                            
IRELAND - 0.8%                    
GBP 1,064,833  g,i  Atom Mortgage Securities DAC       0.000    07/22/31   1,457,866  
       Series - 0 2021 1A (Class D)                    
EUR 900,000  g,i  Last Mile Logistics Pan Euro Finance DAC  EURIBOR 3 M + 2.700%    2.700    08/17/33   1,045,291  
       Series - 0 2021 1A (Class E)                    
GBP 350,000  g,i  Taurus UK DAC       1.349    05/17/31   479,930  
       Series - 0 2021 UK1A (Class B)                    
 690,000  g,i  Taurus UK DAC       1.699    05/17/31   945,247  
       Series - 0 2021 UK1A (Class C)                    
 300,000  g,i  Taurus UK DAC       2.649    05/17/31   411,407  
       Series - 0 2021 UK1A (Class D)                    
       TOTAL IRELAND                4,339,741  
                            
UNITED STATES - 3.4%                    
 2,000,000  g,i  Alen Mortgage Trust  LIBOR 1 M + 2.250%    2.340    04/15/34   2,001,882  
       Series - 0 2021 ACEN (Class C)                    
 1,500,000     Carvana Auto Receivables Trust       1.270    03/10/28   1,491,359  
       Series - 0 2021 N2 (Class D)                    
 1,500,000  i  COMM Mortgage Trust       4.380    08/10/48   1,565,803  
       Series - 0 2015 CR24 (Class C)                    
 4,387,343  i  Connecticut Avenue Securities  LIBOR 1 M + 1.350%    1.439    09/25/29   4,407,974  
       Series - 0 2017 C02 (Class 2ED3)                    

 

328

TIAA-CREF FUNDS – International Bond Fund

 

PRINCIPAL    ISSUER  REFERENCE
RATE & SPREAD		  RATE   MATURITY
DATE		 VALUE  
                            
$2,809,713  i  Connecticut Avenue Securities  LIBOR 1 M + 2.200%    2.289%   01/25/30 $ 2,859,750  
       Series - 0 2017 C05 (Class 1M2)                    
 1,164,369  g  Diamond Resorts Owner Trust       2.700    11/21/33   1,165,860  
       Series - 0 2021 1A (Class C)                    
 1,810,000  g,i  Freddie Mac STACR REMIC Trust       1.699    01/25/34   1,820,257  
       Series - 0 2021 DNA5 (Class M2)                    
 448,002  g  MVW LLC       1.940    01/22/41   444,174  
       Series - 0 2021 1WA (Class C)                    
 500,000  g  Oportun Issuance Trust       1.960    05/08/31   500,376  
       Series - 0 2021 B (Class B)                    
 500,000  g  Oportun Issuance Trust       3.650    05/08/31   503,941  
       Series - 0 2021 B (Class C)                    
 1,250,000  g  Purchasing Power Funding LLC       4.370    10/15/25   1,252,902  
       Series - 0 2021 A (Class D)                    
       TOTAL UNITED STATES                18,014,278  
                            
       TOTAL STRUCTURED ASSETS             22,354,019  
       (Cost $22,434,796)                    
                            
       TOTAL BONDS                490,921,110  
       (Cost $489,633,992)                    
                            
SHORT-TERM INVESTMENTS - 2.0%                 
                  
EGYPT - 0.7%                    
EGP 56,500,000     Egypt Treasury Bill       0.000    11/16/21   3,582,713  
       TOTAL EGYPT                3,582,713  
                            
UNITED STATES - 1.0%                    
$5,033,000     United States Treasury Bill       0.000    11/02/21   5,032,997  
       TOTAL UNITED STATES                5,032,997  
                            
SHARES     COMPANY                    
                           
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%                
                 
UNITED STATES - 0.3%                    
 1,857,666  c  State Street Navigator Securities Lending
Government Money Market Portfolio		    0.030        1,857,666  
       TOTAL UNITED STATES              1,857,666  
       TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES   1,857,666  
                            
       TOTAL SHORT-TERM INVESTMENTS             10,473,376  
       (Cost $10,488,803)                    
       TOTAL INVESTMENTS - 97.2%            510,443,614  
       (Cost $509,266,036)                    
       OTHER ASSETS & LIABILITIES, NET - 2.8%             14,527,073  
       NET ASSETS - 100.0%              $ 524,970,687  
329

TIAA-CREF FUNDS – International Bond Fund

       
       

    Abbreviation(s):
    AUD Australian Dollar
    CAD Canadian Dollar
    CNY Chinese Yuan
    DOP Dominican Republic Peso
    EGP Egyptian Pound
    EUR Euro
    EURIBOR Euro Interbank offer Rate
    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
    M Month
    MXN Mexican Peso
    MYR Malaysian Ringgit
    NOK Norwegian Krone
    NZD New Zealand Dollar
    PHP Philippine Peso
    PLN Polish Zloty
    RON Romanian Leu
    RSD Serbian Dinar
    RUB Russian Ruble
    SEK Swedish Krona
    SGD Singapore Dollar
    THB Thai Baht
    UAH Ukrainian Hryvnia
    UGX Ugandan Shilling
    UYU Uruguayan Peso
    UZS Uzebkistani Som
    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 $1,816,550.
g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/21, the aggregate value of these securities is $141,143,910 or 26.9% of net assets.
h   All or a portion of these securities were purchased on a delayed delivery basis.
i   Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
o   Payment in Kind Bond
q   In default
z   All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited which is a 100% owned subsidiary of the fund.

330

TIAA-CREF FUNDS – International Bond Fund

 

Forward foreign currency contracts outstanding as of October 31, 2021 were as follows:

 

Currency to be
purchased		  Receive  Currency to be
sold		  Deliver  Counterparty  Settlement
date		  Unrealized
appreciation
(depreciation)		 
EUR  598,710  $  694,696  Australia and New Zealand Banking Group  11/02/21  $(2,560)
$  1,780,955  NZD  2,486,329  Australia and New Zealand Banking Group  02/01/22   2,254 
$  996,702  NZD  1,392,571  Australia and New Zealand Banking Group  02/01/22   468 
$  1,767,337  THB  58,839,061  Australia and New Zealand Banking Group  11/30/21   (5,351)
JPY  166,350,306  $  1,467,669  Australia and New Zealand Banking Group  12/15/21   (7,349)
JPY  220,019,522  $  1,941,471  Australia and New Zealand Banking Group  12/15/21   (10,012)
Total                 $(22,550)
$  11,057,791  KRW  12,926,115,168  Citibank, N.A.  11/30/21  $62,644 
                     
$  15,085,397  CAD  18,622,206  Morgan Stanley   01/31/22  $36,931 
$  1,945,039  ILS  6,201,317  Morgan Stanley   11/30/21   (14,953)
$  2,672,482  NOK  22,446,082  Morgan Stanley   01/31/22   18,089 
$  1,506,883  PLN  5,997,705  Morgan Stanley   11/30/21   4,546 
$  964,980  SEK  8,267,919  Morgan Stanley   01/31/22   946 
$  548,478  ZAR  8,268,416  Morgan Stanley   11/30/21   9,145 
Total                 $54,704 
$  9,114,063  AUD  12,123,171  Toronto Dominion Bank  01/31/22  $(7,740)
$  39,200,059  CNY  251,150,469  Toronto Dominion bank  11/30/21   108,971 
$  165,252,799  EUR  142,232,963  Toronto Dominion bank  12/15/21   643,887 
$  40,241,273  GBP  29,301,969  Toronto Dominion bank  01/31/22   131,428 
$  62,840,786  JPY  7,130,144,961  Toronto Dominion bank  12/15/21   248,230 
Total                 $1,124,776 
Total                 $1,219,574 
       
       
    Abbreviation(s):
    AUD Australian Dollar
    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
331

 

Report of Independent Registered Public Accounting Firm

 

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

 

Opinions on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund (fourteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

 

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

 

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

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant

332

estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 16, 2021

 

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

333

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund

 

Opinions on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund (seven of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

 

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

 

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

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

334

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 16, 2021

 

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

335

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

 

Opinions on the Financial Statements

 

We have audited the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, of TIAA-CREF Emerging Markets Debt Fund as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2021, and (ii) the accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, of TIAA-CREF International Bond Fund as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2021 (two of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

 

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

 

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

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

336

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 16, 2021

 

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

337

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not Applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not Applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not Applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

 

Item 11. Controls and Procedures.

 

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

 

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not Applicable.

 

Item 13. Exhibits.

 

13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  TIAA-CREF FUNDS
     
Dated: December 16, 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: December 16, 2021 By: /s/Bradley Finkle
    Bradley Finkle
    Principal Executive Officer and President
(principal executive officer)
     
Dated: December 16, 2021 By: /s/E. Scott Wickerham
    E. Scott Wickerham
    Principal Financial Officer, Principal Accounting   Officer and Treasurer
(principal financial officer)