UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

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

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

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2022

Item 1. Reports to Stockholders.

TIAA-CREF
Funds April 30,
2022

TIAA-CREF
Equity Funds

The semiannual report contains the financial statements (unaudited).

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

Semiannual
Report

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will not be sent to you by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or (2) contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.

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

Contents

Understanding this report	3
Letter to investors	4
Market monitor	6
Information for investors	7
About the funds’ benchmarks	8
Important information about expenses	9
Fund performance
Growth & Income Fund	10
Large-Cap Growth Fund	12
Large-Cap Value Fund	14
Mid-Cap Growth Fund	16
Mid-Cap Value Fund	18
Quant Small-Cap Equity Fund	20
Quant Small/Mid-Cap Equity Fund	22
Social Choice Equity Fund	24
Social Choice Low Carbon Equity Fund	26
Emerging Markets Equity Fund	28
International Equity Fund	30
International Opportunities Fund	32
Quant International Small-Cap Equity Fund	34
Social Choice International Equity Fund	36
Summary portfolios of investments	38
Financial statements (unaudited)
Statements of assets and liabilities	68
Statements of operations	76
Statements of changes in net assets	80
Financial highlights	86
Notes to financial statements	114
2021 special meeting	124
Approval of investment management agreement	125
Liquidity risk management program	132
Additional information about index providers	133
How to reach us	Inside back cover

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2022. The report contains four main sections:

• A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2022.

• 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  ■  2022 Semiannual Report 3

Brad Finkle

Letter to investors

Global stocks lost ground for the six months ended April 30, 2022. As inflation climbed higher during the period, the Federal Reserve responded by tightening monetary policy, raising short-term interest rates and indicating that further increases were likely. However, some international economies continued to grow, despite rising prices and the impact of Russia’s invasion of Ukraine. For the six months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, returned –11.8%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which represents stocks in 21 developed-markets nations outside North America, also returned –11.8%.

• The MSCI Emerging Markets Index, which tracks the performance of stocks in 24 developing nations, returned –14.2%.

• All 14 of the TIAA-CREF Equity Funds produced negative returns. Four of the funds outperformed their respective benchmarks for the period.

U.S. economic growth was mixed

Domestic stocks recorded losses for the six months as inflation and rising interest rates weighed on financial markets. The U.S. economy expanded in the fourth quarter of 2021 but contracted in the first quarter of 2022. A widening trade gap and lower government spending contributed to the slowdown, but spending by consumers and businesses remained strong. Unemployment fell to rates approaching pre-pandemic lows. In addition to raising short-term interest rates, the Fed indicated that it intends to reduce its portfolio of bonds that had been purchased to support the economy.

For the six months, small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Foreign developed markets posted losses

Foreign developed-markets stocks declined despite sustained economic growth in many countries. The economies in the 19-nation euro area grew at a moderate rate in the fourth quarter of 2021 and the first quarter of 2022. The United Kingdom’s economy grew at a similar pace through February 2022. Among developing markets, the Chinese economy continued to expand at a solid pace through the first quarter of 2022. The European Central Bank left its benchmark rates unchanged but said it may end its bond-buying program in the third quarter of 2022. The Bank of England raised its benchmark interest rate to 0.75%.

Emerging markets trailed U.S. and foreign developed equities

Emerging-markets stocks posted losses for the period. Thirteen of the 24 countries tracked by the MSCI Emerging Markets Index recorded gains in U.S. dollar-terms. But China, which accounted for more than 30.0% of the index’s weighting at period-end, posted a larger decline than the index. Taiwan, India and South Korea, which represented more than 40.0% of the index’s weighting collectively, each registered losses as well.

4 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Four funds outpaced their benchmarks

All of the 14 TIAA-CREF funds produced negative returns, though four outperformed their respective benchmarks. Performance ranged from a return of –3.6% by the Mid-Cap Value Fund to a return of –28.7% by the Mid-Cap Growth Fund.

Fund performances generally reflected market trends favoring larger-cap and value-oriented stocks. The Mid-Cap Value Fund’s return outpaced the Russell Midcap^® Value Index. The Large-Cap Value Fund returned –5.4%, trailing the Russell 1000^® Value Index.

The Quant Small/Mid-Cap Equity Fund returned –11.3% and outpaced the Russell 2500^® Index, while the Quant Small-Cap Equity Fund outperformed its benchmark, the Russell 2000^® Index, with a return of –14.1%.

The Social Choice Equity Fund returned –12.3%, and the Social Choice Low Carbon Equity Fund returned –12.9%. Both funds trailed their shared benchmark, the Russell 3000 Index.

The Growth & Income Fund returned –13.0%, lagging its benchmark, the S&P 500^® Index. The Large-Cap Growth Fund returned –23.3% and trailed the Russell 1000^® Growth Index. The Mid-Cap Growth Fund also lagged its benchmark, the Russell Midcap^® Growth Index.

Among foreign funds, the Social Choice International Equity Fund returned –12.1%, and the International Equity Fund returned –16.8%. Both funds trailed their shared benchmark, the MSCI EAFE Index.

The Quant International Small-Cap Equity Fund returned –12.7%, outperforming the MSCI All Country World (ACWI) ex USA Small Cap Index.

The Emerging Markets Equity Fund returned –15.4% and lagged its benchmark, the MSCI Emerging Markets Index. The International Opportunities Fund returned –21.7%, trailing the MSCI All Country World (ACWI) ex USA Index.

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

Keeping a focus on long-term goals

Investors may have been understandably concerned about the volatility in financial markets during the first four months of 2022. After well over a decade of generally favorable conditions, markets now face new challenges in the form of rising inflation and its implications for higher interest rates. But periods of volatility and economic uncertainty are not new, and history has shown that timing the market is nearly impossible. However, we believe that no matter what the economic outlook may be, maintaining a diversified portfolio that includes stocks, bonds and other asset classes as part of a long-term, well-thought-out financial plan is a wise course of action. A professionally managed portfolio of multiple asset classes can help investors achieve the appropriate balance of risk and reward to reach their long-term investment objectives. Of course, diversification cannot guarantee against market losses.

If you have any questions or would like to discuss the status of your portfolio, please do not hesitate to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We are here to help you.

/s/ Brad Finkle

Brad Finkle
Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 5

Market monitor

Equity markets declined across the board

For the six months ended April 30, 2022, U.S. stocks lost ground primarily due to concerns over the economic impact of rising inflation and higher interest rates. The Russell 3000^® Index, a broad measure of U.S. stock market performance, returned –11.8%. International developed- and emerging-markets equities also posted double-digit declines.

U.S. economy produced mixed results

The U.S. economy grew at a robust pace early in the period. A strong labor market helped drive consumer spending increases, pushing the economy forward despite ongoing concerns over COVID-19 variants and significant supply-chain disruptions. 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 6.9% in the final three months of 2021. However, GDP contracted by 1.5% in the first quarter of 2022, according to the government’s “second” estimate. A widening trade deficit and lower government spending contributed to the reversal, although consumer and business spending remained strong.

The unemployment rate continued to decline during the period, falling from 4.2% in November 2021 to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% over the twelve months ended in April 2022. The price of oil climbed amid continuing strong demand and supply concerns related to Russia’s invasion of

Small-cap growth stocks posted biggest losses

U.S. large-cap value stocks performed best in a down market

Source: U.S. large-cap growth: Russell 1000^® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap^® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000^® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE^® Index; Emerging markets: MSCI Emerging Markets Index. Six-month returns as of April 30, 2022.

Ukraine. The price of West Texas Intermediate (WTI) crude oil rose from $84 per barrel on November 1, 2021, to almost $105 per barrel on April 30, 2022. WTI oil prices peaked at nearly $124 in March, reaching their highest level since 2008. Meanwhile, the U.S. dollar generally gained ground against other major currencies during the six-month period.

Small-cap stocks and growth shares declined most

Among U.S. stock market investment styles, small-cap shares generally trailed mid- and large-cap stocks, while growth equities underperformed value shares in all size categories. Large-cap stocks returned –11.3%, while mid-cap stocks returned –12.5% and small-cap shares returned –18.4%. Among large caps, value stocks returned –3.9% while growth shares returned –17.8%. In the mid-cap category, value shares returned –4.8% and growth stocks returned –25.4%. Among small-cap equities, value stocks returned –9.5% and growth shares returned –26.8%. (Returns by investment style and capitalization size are based on the Russell indexes.)

Foreign stocks also recorded losses for the period. The MSCI EAFE^® Index, which tracks stock performance in 21 developed-markets countries outside North America, returned –11.8%. The MSCI Emerging Markets Index returned –14.2%.

Higher inflation prompted Fed to raise rates

For the six-month period, U.S. stocks lost ground as inflation and interest rates rose. The Federal Reserve increased the federal funds target rate in March, raising the key short-term interest-rate measure to 0.25%–0.50%. Policymakers, focused on curbing inflation, signaled that additional rate increases would be ongoing. The Fed also stated it would begin trimming its portfolio of bonds previously purchased to boost the economy. Meanwhile, yields on U.S. fixed-income securities across all maturities rose during the period.

6 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Information for investors

Portfolio holdings

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

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

• By visiting our websites at TIAA.org or nuveen.com; or

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT filings are as of January 31 or July 31. Copies of these forms are available:

• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or

• From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

TIAA-CREF Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link under Get Help 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  ■  2022 Semiannual Report 7

About the funds’ benchmarks

Broad market indexes

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

The MSCI All Country World ex USA Index measures the performance of large- and mid-cap stocks in 46 developed-and emerging-markets countries, excluding the United States.

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

The MSCI Emerging Markets Index measures the performance of the leading stocks in 24 emerging-markets countries in Europe, Asia, Africa, Latin America and the Middle East.

Large-cap indexes

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

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

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

Mid-cap indexes

The Russell Midcap^® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher relative forecasted growth rates and price/book ratios.

The Russell Midcap Value Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Value Index measures the performance of those stocks of the Russell Midcap Index with lower relative forecasted growth rates and price/book ratios.

Small/mid-cap index

The Russell 2500^® Index is a subset of the Russell 3000 Index and measures the smallest 2,500 companies, covering small- and mid-cap market capitalizations, in the Russell 3000 Index.

Small-cap indexes

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

The MSCI ACWI ex USA Small Cap Index measures the performance of small-cap stocks in 22 developed-markets countries, excluding the United States, and 24 emerging-markets countries.

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

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. 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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2021–April 30, 2022).

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  ■  2022 Semiannual Report 9

Growth & Income Fund

Expense example

Six months ended April 30, 2022

Growth & Income Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class		$ 1,000.00	$	870.09		$ 1.85
Advisor Class		1,000.00		869.25		2.32
Premier Class		1,000.00		869.65		2.55
Retirement Class		1,000.00		869.40		3.01
Retail Class		1,000.00		869.29		2.60
Class W		1,000.00		871.90		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.81		2.01
Advisor Class		1,000.00		1,022.32		2.51
Premier Class		1,000.00		1,022.07		2.76
Retirement Class		1,000.00		1,021.57		3.26
Retail Class		1,000.00		1,022.02		2.81
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. 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, 0.56% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Information technology		27.9
Health care		14.7
Financials		10.9
Consumer discretionary		9.9
Industrials		9.6
Consumer staples		7.5
Communication services		6.9
Energy		4.4
Materials		4.0
Utilities		2.0
Real estate		1.8
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Performance for the six months ended April 30, 2022

The Growth & Income Fund returned –12.99% for the Institutional Class, compared with the –9.65% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2022, the Fund returned –4.43% versus 0.21% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the large-cap-oriented S&P 500 Index outperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which returned –11.75%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.

Most benchmark sectors declined

Seven of the eleven industry sectors in the S&P 500 Index posted losses for the six months. Communication services was the worst performer, returning –27.7%. Next came consumer discretionary and financials, returning –19.5% and –13.5%, respectively, followed by information technology—the biggest sector—returning –12.3%. Together, these four sectors represented nearly 60.0% of the index’s total market capitalization on April 30, 2022. Energy was the best performer, surging 33.9%, while the defensive consumer staples and utilities sectors gained 10.7% and 8.2%, respectively.

For the six-month period, only one of the five largest stocks in the S&P 500 Index generated a return that surpassed the overall return of the index. That stock was Apple, which performed well despite supply-chain disruptions. The remaining four stocks recorded double-digit losses. Amazon.com posted the sharpest decline, followed by Alphabet (the parent company of Google), Tesla and Microsoft.

Fund underperformed its benchmark

The Fund underperformed its benchmark as certain stock allocations did not perform as anticipated. The largest detractor was an underweight position in Berkshire Hathaway, which advanced due to several factors, including robust share buyback activity. An underweight position in Exxon Mobil also hurt relative performance given the strength in oil prices, while an overweight position in technology company salesforce.com, which performed poorly, also detracted.

On the plus side, the top contributing factor was a lack of exposure to software firm Adobe, which issued lower-than-expected revenue and earnings forecasts for fiscal 2022. Overweight positions in biopharmaceutical company AbbVie and agricultural chemicals firm CF Industries were beneficial as well.

10 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Growth & Income Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		–12.99	%		–4.43	%		12.18	%		12.72	%		0.40	%		0.40	%
Advisor Class	12/4/15		–13.08			–4.58			12.06			12.66	†		0.50			0.50
Premier Class	9/30/09		–13.03			–4.57			12.02			12.57			0.55			0.55
Retirement Class	10/1/02		–13.06			–4.67			11.91			12.45			0.65			0.65
Retail Class	3/31/06		–13.07			–4.66			11.88			12.39			0.69			0.69
Class W	9/28/18		–12.81			–4.03			12.51	†		12.89	†		0.40			0.00
S&P 500® Index	—		–9.65			0.21			13.66			13.67			—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2022
More than $50 billion		70.2
More than $15 billion–$50 billion		20.3
More than $2 billion–$15 billion		9.0
$2 billion or less		0.5
Total		100.0

Fund profile

as of 4/30/2022
Net assets	$5.66 billion
Portfolio turnover rate*	38%
Number of holdings	160
Weighted median market capitalization	$156.58 billion
Price/earnings ratio (weighted 12-month trailing average)†	24.9

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 11

Large-Cap Growth Fund

Expense example

Six months ended April 30, 2022

Large-Cap Growth Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class		$1,000.00	$	766.69		$ 1.80
Advisor Class		1,000.00		766.64		2.10
Premier Class		1,000.00		766.19		2.45
Retirement Class		1,000.00		765.75		2.89
Retail Class		1,000.00		765.96		2.45
Class W		1,000.00		768.32		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.76		2.06
Advisor Class		1,000.00		1,022.41		2.41
Premier Class		1,000.00		1,022.02		2.81
Retirement Class		1,000.00		1,021.52		3.31
Retail Class		1,000.00		1,022.02		2.81
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. 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, 0.56% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Information technology	39.7
Consumer discretionary	21.3
Communication services	10.2
Health care	9.7
Industrials	9.5
Consumer staples	3.8
Financials	2.8
Energy	1.6
Materials	0.5
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Performance for the six months ended April 30, 2022

The Large-Cap Growth Fund returned –23.33% for the Institutional Class, compared with the –17.84% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2022, the Fund returned –17.24% versus –5.35% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Nearly all benchmark sectors declined

Nine of the eleven industry sectors in the Russell 1000 Growth Index posted losses for the six months. Communication services, consumer discretionary and financials were the worst performers, returning –34.7%, –22.6% and –18.9%, respectively. Information technology—the benchmark’s largest sector—returned –15.6% and was the biggest detractor from the benchmark’s performance. Together, these four sectors represented almost 80.0% of the index’s total market capitalization on April 30, 2022. Energy was the best performer, gaining 29.1%, followed by consumer staples, which rose 7.4%.

For the six-month period, two of the five largest stocks in the Russell 1000 Growth Index posted returns that surpassed the overall return of the index. Apple performed best despite supply-chain disruptions. Microsoft declined but outperformed the benchmark. The three stocks that lagged were Amazon.com, Alphabet (the parent company of Google) and Tesla.

Fund underperformed its benchmark

Several stock choices hurt the Fund’s relative return, most notably an underweight position in Apple. The next-largest detractors were overweight positions in technology company salesforce.com, which forecast a decline in annual revenue growth, and payment processing firm PayPal Holdings, which issued a disappointing sales outlook for 2022.

The top contributor to performance was a lack of exposure to Netflix, which plummeted after the company reported that it lost subscribers during the first quarter of 2022. Overweight positions in Visa, which benefited from an increase in international travel, and retailer Costco Wholesale, which experienced strong revenue growth, were also beneficial.

12 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Large-Cap Growth Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		–23.33	%		–17.24	%		15.15	%		14.67	%		0.40	%		0.40	%
Advisor Class	12/4/15		–23.34			–17.27			15.05			14.61	†		0.48			0.48
Premier Class	9/30/09		–23.38			–17.32			14.98			14.50			0.55			0.55
Retirement Class	3/31/06		–23.42			–17.44			14.86			14.37			0.65			0.65
Retail Class	3/31/06		–23.40			–17.42			14.83			14.30			0.69			0.69
Class W	9/28/18		–23.17			–16.89			15.49	†		14.83	†		0.40			0.00
Russell 1000® Growth Index	—		–17.84			–5.35			17.28			15.56			—			—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance 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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2022
More than $50 billion	79.6
More than $15 billion–$50 billion	18.2
More than $2 billion–$15 billion	2.0
$2 billion or less	0.2
Total	100.0

Fund profile

as of 4/30/2022
Net assets	$5.40 billion
Portfolio turnover rate*	46%
Number of holdings	84
Weighted median market capitalization	$228.96 billion
Price/earnings ratio (weighted 12-month trailing average)†	30.4

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 13

Large-Cap Value Fund

Expense example

Six months ended April 30, 2022

Large-Cap Value Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class		$1,000.00	$	946.10		$ 1.98
Advisor Class		1,000.00		945.89		2.32
Premier Class		1,000.00		945.86		2.70
Retirement Class		1,000.00		944.73		3.18
Retail Class		1,000.00		945.08		2.99
Class W		1,000.00		948.41		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.76		2.06
Advisor Class		1,000.00		1,022.41		2.41
Premier Class		1,000.00		1,022.02		2.81
Retirement Class		1,000.00		1,021.52		3.31
Retail Class		1,000.00		1,021.72		3.11
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. 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, 0.62% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2022
Financials	21.6
Health care	19.1
Industrials	14.1
Information technology	11.7
Energy	8.0
Communication services	6.8
Consumer discretionary	5.1
Materials	4.7
Consumer staples	3.7
Utilities	3.3
Real estate	1.0
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Performance for the six months ended April 30, 2022

The Large-Cap Value Fund returned –5.39% for the Institutional Class, compared with the –3.94% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2022, the Fund returned 0.56% versus 1.32% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark sectors posted mixed results

Six of the eleven industry sectors in the Russell 1000 Value Index recorded losses for the six months. Communication services, information technology and consumer discretionary were the worst performers, returning –17.7%, –13.5% and –13.3%, respectively. Financials—the largest sector in the index—returned –13.0% and was the biggest detractor from the index’s return. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on April 30, 2022. Energy, up 34.1%, was the index’s best-performing sector and the largest contributor to its return as oil prices surged. The next-largest contributors were consumer staples and utilities, which rose 11.4% and 8.1%, respectively.

For the six-month period, all of the five largest stocks in the Russell 1000 Value Index posted returns that exceeded the overall return of the index. Exxon Mobil gained the most on elevated oil prices. Returns for Procter & Gamble, Berkshire Hathaway, Johnson & Johnson and UnitedHealth Group were lower but still in double digits.

Fund underperformed its benchmark

The Fund underperformed its benchmark as several stock allocations did not perform as expected. The largest detractor was a lack of exposure to Exxon Mobil. Next came overweight positions in JPMorgan Chase and Bank of America, each of which reported a decline in quarterly profits.

These negative effects were tempered by more successful stock selections. The top contributors included overweight positions in Chevron, ConocoPhillips and Valero Energy, which saw strong performance as a result of the increase in oil prices.

14 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Large-Cap Value Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–5.39	%		0.56	%		7.93	%		10.25	%		0.41	%		0.41	%
Advisor Class	12/4/15		–5.41			0.55			7.88			10.21	†		0.49			0.49
Premier Class	9/30/09		–5.41			0.46			7.78			10.08			0.56			0.56
Retirement Class	10/1/02		–5.53			0.31			7.66			9.97			0.66			0.66
Retail Class	10/1/02		–5.49			0.30			7.62			9.90			0.72			0.72
Class W	9/28/18		–5.16			1.02			8.25	†		10.41	†		0.41			0.00
Russell 1000® Value Index	—		–3.94			1.32			9.06			11.17			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2022
More than $50 billion	80.9
More than $15 billion–$50 billion	15.2
More than $2 billion–$15 billion	3.9
Total	100.0

Fund profile

as of 4/30/2022
Net assets	$4.98 billion
Portfolio turnover rate*	8%
Number of holdings	86
Weighted median market capitalization	$132.52 billion
Price/earnings ratio (weighted 12-month trailing average)†	16.7

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 15

Mid-Cap Growth Fund

Expense example

Six months ended April 30, 2022

Mid-Cap Growth Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	713.50	$	2.00
Advisor Class		1,000.00		713.90		1.91
Premier Class		1,000.00		713.19		2.63
Retirement Class		1,000.00		712.93		3.06
Retail Class		1,000.00		713.19		2.68
5% annual hypothetical return
Institutional Class		1,000.00		1,022.46		2.36
Advisor Class		1,000.00		1,022.56		2.26
Premier Class		1,000.00		1,021.72		3.11
Retirement Class		1,000.00		1,021.22		3.61
Retail Class		1,000.00		1,021.67		3.16

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.45% for the Advisor Class, 0.62% for the Premier Class, 0.72% for the Retirement Class and 0.63% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Information technology	31.4
Industrials	18.8
Consumer discretionary	18.1
Health care	15.7
Energy	4.1
Communication services	3.6
Financials	3.4
Consumer staples	2.1
Real estate	1.5
Materials	1.1
Short-term investments, other assets & liabilities, net	0.2
Total	100.0

Performance for the six months ended April 30, 2022

The Mid-Cap Growth Fund returned –28.65% for the Institutional Class, compared with the –25.44% return of its benchmark, the Russell Midcap^® Growth Index. For the one-year period ended April 30, 2022, the Fund returned –24.64% versus –16.73% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Nearly all benchmark sectors declined

Ten of the eleven industry sectors in the Russell Midcap Growth Index posted losses for the six months. Communication services, health care and consumer discretionary were the worst performers, returning –53.1%, –28.3% and –27.9%, respectively. Information technology—the biggest sector—returned –27.2% and was the largest detractor from the benchmark’s performance. Together, these four sectors represented over 70.0% of the index’s total market capitalization on April 30, 2022. Energy, up 28.8%, was the only positive performer.

For the period, four of the five largest stocks in the Russell Midcap Growth Index generated returns that exceeded the overall return of the benchmark. Cybersecurity company Palo Alto Networks led the way, delivering a double-digit gain. Next came software developer Cadence Design Systems, restaurant chain Chipotle Mexican Grill and apparel retailer lululemon athletica. Cybersecurity firm CrowdStrike Holdings trailed the index.

Fund underperformed its benchmark

The Fund underperformed its benchmark mainly because of allocation decisions that did not perform as anticipated. The largest detractor was an overweight position in at-home fitness company Peloton Interactive, which lowered its annual revenue forecast as pandemic habits waned and many consumers returned to the gym. The next-largest detractors were out-of-benchmark positions in outdoor grill maker Traeger and software firm Qualtrics International.

Other stock choices bolstered the Fund’s performance versus the index. The largest contributor was an out-of-benchmark position in discount retailer Dollar Tree, which issued a better-than-expected earnings outlook. Overweight positions in travel technology company Sabre and health insurer Molina Healthcare also benefited relative results.

16 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Mid-Cap Growth Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–28.65	%		–24.64	%		10.26	%		10.33	%		0.46	%		0.46	%
Advisor Class	12/4/15		–28.61			–24.65			10.21			10.31	†		0.50			0.50
Premier Class	9/30/09		–28.68			–24.73			10.11			10.17			0.61			0.61
Retirement Class	10/1/02		–28.71			–24.83			9.99			10.06			0.71			0.71
Retail Class	10/1/02		–28.68			–24.79			9.95			10.00			0.75			0.75
Russell Midcap® Growth Index	—		–25.44			–16.73			12.06			12.17			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2022
More than $50 billion	5.8
More than $15 billion–$50 billion	60.7
More than $2 billion–$15 billion	29.8
$2 billion or less	3.7
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$1.34 billion
Portfolio turnover rate*	42%
Number of holdings	99
Weighted median market capitalization	$22.41 billion
Price/earnings ratio (weighted 12-month trailing average)†	29.4

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 17

Mid-Cap Value Fund

Expense example

Six months ended April 30, 2022

Mid-Cap Value Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	964.54		$2.14
Advisor Class		1,000.00		964.02		2.58
Premier Class		1,000.00		963.87		2.87
Retirement Class		1,000.00		963.15		3.36
Retail Class		1,000.00		963.64		3.16
5% annual hypothetical return
Institutional Class		1,000.00		1,022.61		2.21
Advisor Class		1,000.00		1,022.17		2.66
Premier Class		1,000.00		1,021.87		2.96
Retirement Class		1,000.00		1,021.37		3.46
Retail Class		1,000.00		1,021.57		3.26

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.44% for the Institutional Class, 0.53% for the Advisor Class, 0.59% for the Premier Class, 0.69% for the Retirement Class and 0.65% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Industrials	15.5
Financials	14.7
Real estate	12.7
Health care	11.5
Utilities	10.3
Information technology	9.3
Consumer discretionary	8.8
Energy	7.6
Materials	4.6
Consumer staples	4.0
Communication services	0.6
Short-term investments, other assets & liabilities, net	0.4
Total	100.0

Performance for the six months ended April 30, 2022

The Mid-Cap Value Fund returned –3.55% for the Institutional Class, compared with the –4.84% return of its benchmark, the Russell Midcap^® Value Index. For the one-year period ended April 30, 2022, the Fund returned 1.83% versus 0.00% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors declined

Seven of the eleven industry sectors in the Russell Midcap Value Index posted losses for the six months. The worst performers were communication services, consumer discretionary and information technology, which returned –18.1%, –14.6% and –12.9%, respectively. Financials—the index’s largest sector—returned –12.1% and was the largest detractor from the index’s return. Together, these four sectors represented more than 40.0% of the index’s total market capitalization on April 30, 2022. Energy gained 34.5% and was the best-performing sector, followed by the defensive consumer staples and utilities sectors, which advanced 16.7% and 9.4%, respectively.

For the six-month period, four of the five largest stocks in the Russell Midcap Value Index produced returns that exceeded the overall return of the index. These four stocks were Valero Energy, agriculture company Archer-Daniels-Midland, steel producer Nucor and Marathon Petroleum. Semiconductor manufacturer Marvell Technology trailed the index with a double-digit loss.

Fund outperformed its benchmark

The Fund surpassed its benchmark for the period. The top contributors were overweight positions in Valero Energy and Pioneer Natural Resources—both energy companies that benefited from high oil prices. The next-largest contributor was an overweight position in Hershey, which raised its 2022 earnings outlook due to continued strong demand.

Conversely, the largest detractor was an out-of-benchmark position in Vertiv Holdings, a provider of data-center equipment that reported disappointing operating results. Overweight positions in automotive systems supplier Aptiv and Western Alliance Bancorporation also hurt relative performance.

18 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Mid-Cap Value Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–3.55	%		1.83	%		6.46	%		9.32	%		0.45	%		0.45	%
Advisor Class	12/4/15		–3.60			1.78			6.35			9.25	†		0.54			0.54
Premier Class	9/30/09		–3.61			1.72			6.30			9.16			0.60			0.60
Retirement Class	10/1/02		–3.68			1.58			6.19			9.04			0.70			0.70
Retail Class	10/1/02		–3.64			1.59			6.14			8.98			0.76			0.76
Russell Midcap® Value Index	—		–4.84			0.00			8.61			11.40			—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	11.3
More than $15 billion–$50 billion	44.5
More than $2 billion–$15 billion	43.7
$2 billion or less	0.5
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$1.94 billion
Portfolio turnover rate*	37%
Number of holdings	86
Weighted median market capitalization	$16.71 billion
Price/earnings ratio (weighted 12-month trailing average)†	20.2

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 19

Quant Small-Cap Equity Fund

Expense example

Six months ended April 30, 2022

Quant Small-Cap Equity Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	859.00		$1.94
Advisor Class		1,000.00		858.88		2.17
Premier Class		1,000.00		858.36		2.58
Retirement Class		1,000.00		858.20		3.09
Retail Class		1,000.00		858.32		2.99
Class W		1,000.00		861.07		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.71		2.11
Advisor Class		1,000.00		1,022.46		2.36
Premier Class		1,000.00		1,022.02		2.81
Retirement Class		1,000.00		1,021.47		3.36
Retail Class		1,000.00		1,021.57		3.26
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.42% for the Institutional Class, 0.47% for the Advisor Class, 0.56% for the Premier Class, 0.67% for the Retirement Class, 0.65% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Industrials	15.8
Health care	15.7
Financials	14.1
Information technology	13.0
Consumer discretionary	8.1
Real estate	7.6
Energy	7.5
Materials	4.8
Consumer staples	4.2
Utilities	3.7
Communication services	3.4
Short-term investments, other assets & liabilities, net	2.1
Total	100.0

Performance for the six months ended April 30, 2022

The Quant Small-Cap Equity Fund returned –14.10% for the Institutional Class, compared with the –18.38% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2022, the Fund returned –10.39% versus –16.87% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Nearly all benchmark sectors declined

Nine of the eleven industry sectors in the Russell 2000 Index posted losses for the six months. Health care—the index’s largest component—returned –36.2% and detracted most from the index’s return. The next-biggest detractors were information technology, consumer discretionary and financials, which returned –24.9%, –23.6% and –15.0%, respectively. Together, these four sectors represented almost 60.0% of the index’s total market capitalization on April 30, 2022. Energy, up 21.5%, performed best. Utilities also gained, returning 2.0%.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 2000 Index exceeded the overall return of the benchmark. Energy firm Antero Resources was the best performer, followed by car rental company Avis Budget Group. Next in line were Ovintiv, an oil and gas producer, Chesapeake Energy and BJ’s Wholesale Club Holdings.

Fund outperformed its benchmark

The Fund outperformed its benchmark on the strength of numerous stock selections. The top contributor was an overweight position in medical diagnostics firm Lantheus Holdings, which soared on the successful launch of a new product. Overweight positions in PBF Energy and educational publisher Houghton Mifflin Harcourt also benefited.

Conversely, the largest detractor was an overweight position in mobile applications provider Digital Turbine. The next-largest detractors were overweight positions in Asana, a provider of collaboration software, and Upwork, an online freelance marketplace.

20 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Quant Small-Cap Equity Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–14.10	%		–10.39	%		7.96	%		10.87	%		0.41	%		0.41	%
Advisor Class	12/4/15		–14.11			–10.44			7.89			10.82	†		0.49			0.49
Premier Class	9/30/09		–14.16			–10.47			7.81			10.71			0.56			0.56
Retirement Class	10/1/02		–14.18			–10.55			7.70			10.60			0.66			0.66
Retail Class	10/1/02		–14.17			–10.57			7.68			10.54			0.72			0.72
Class W	9/28/18		–13.89			–9.98			8.27	†		11.03	†		0.41			0.00
Russell 2000® Index	—		–18.38			–16.87			7.24			10.06			—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $2 billion–$15 billion	65.5
$2 billion or less	34.5
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$2.62 billion
Portfolio turnover rate*	27%
Number of holdings	434
Weighted median market capitalization	$2.82 billion
Price/earnings ratio (weighted 12-month trailing average)†	17.5

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 21

Quant Small/Mid-Cap Equity Fund

Expense example

Six months ended April 30, 2022

Quant Small/Mid-Cap Equity Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	887.28		$2.20
Advisor Class		1,000.00		886.46		2.81
Premier Class		1,000.00		886.43		2.95
Retirement Class		1,000.00		886.08		3.41
Retail Class		1,000.00		885.71		3.69
Class W		1,000.00		888.88		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.46		2.36
Advisor Class		1,000.00		1,021.82		3.01
Premier Class		1,000.00		1,021.67		3.16
Retirement Class		1,000.00		1,021.17		3.66
Retail Class		1,000.00		1,020.88		3.96
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.60% for the Advisor Class, 0.63% for the Premier Class, 0.73% 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 4/30/2022
Industrials	16.6
Information technology	16.0
Financials	14.5
Health care	11.3
Consumer discretionary	9.4
Real estate	9.3
Energy	7.2
Materials	6.5
Consumer staples	5.1
Communication services	2.4
Utilities	1.3
Short-term investments, other assets & liabilities, net	0.4
Total	100.0

Performance for the six months ended April 30, 2022

The Quant Small/Mid-Cap Equity Fund returned –11.27% for the Institutional Class, compared with the –14.73% return of its benchmark, the Russell 2500^® Index. For the one-year period ended April 30, 2022, the Fund returned –4.75% versus –11.73% for the index. The performance table shows returns for all share classes of the Fund.

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors posted losses

Eight of the eleven industry sectors in the Russell 2500 Index declined for the six months. Health care, which returned –31.9%, was the worst performer and also the biggest detractor from the index’s performance. The next-largest detractors were information technology, consumer discretionary and industrials, which returned –22.1%, –21.5% and –13.7%, respectively. Together, these four sectors made up nearly 60.0% of the benchmark’s total market capitalization on April 30, 2022. Energy, up 29.8%, was the largest contributor to the benchmark’s return, followed by materials and utilities, which gained 5.4% and 3.9%, respectively.

For the six-month period, all of the five largest stocks in the Russell 2500 generated gains and exceeded the overall return of the benchmark. Fertilizer producer Mosaic and Devon Energy performed best, followed by Coterra Energy, Diamondback Energy and real estate investment trust VICI Properties.

Fund outperformed its benchmark

In a down market, the Fund outperformed its benchmark by several percentage points due to favorable security selections. The top contributors to relative performance were overweight positions in energy companies Marathon Oil, PBF Energy and APA. Each of these stocks posted outsized gains during the period, supported by tight global supplies and rising prices of oil and gas.

Conversely, the largest detractors were overweight positions in financial services firm LendingClub and software companies Domo and Asana. All three companies issued disappointing outlooks for revenues and earnings.

22 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Quant Small/Mid-Cap Equity Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception										since
	date	6 months			1 year			5 years			inception			gross			net
Institutional Class	8/5/16		–11.27	%		–4.75	%		13.00	%		13.63	%		0.47	%		0.47	%
Advisor Class	8/5/16		–11.35			–4.90			12.95			13.58			0.59			0.59
Premier Class	8/5/16		–11.36			–4.93			12.83			13.45			0.66			0.66
Retirement Class	8/5/16		–11.39			–4.95			12.72			13.34			0.72			0.72
Retail Class	8/5/16		–11.43			–5.09			12.59			13.20			0.87			0.87
Class W	9/28/18		–11.11			–4.34			13.39	†		13.97	†		0.47			0.00
Russell 2500® Index	—		–14.73			–11.73			9.44			10.33	‡		—			—

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

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	The performance shown for Class W that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because Class W has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	0.8
More than $15 billion–$50 billion	10.3
More than $2 billion–$15 billion	72.5
$2 billion or less	16.4
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$987.21 million
Portfolio turnover rate*	35%
Number of holdings	409
Weighted median market capitalization	$5.33 billion
Price/earnings ratio (weighted 12-month trailing average)†	18.7

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 23

Social Choice Equity Fund

Expense example

Six months ended April 30, 2022

Social Choice Equity Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	876.93		$0.84
Advisor Class		1,000.00		876.73		1.26
Premier Class		1,000.00		876.54		1.63
Retirement Class		1,000.00		875.95		2.00
Retail Class		1,000.00		876.21		1.77
5% annual hypothetical return
Institutional Class		1,000.00		1,023.90		0.90
Advisor Class		1,000.00		1,023.46		1.35
Premier Class		1,000.00		1,023.06		1.76
Retirement Class		1,000.00		1,022.66		2.16
Retail Class		1,000.00		1,022.91		1.91

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.18% for the Institutional Class, 0.27% for the Advisor Class, 0.35% for the Premier Class, 0.43% for the Retirement Class and 0.38% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

	% of net assets
Sector	as of 4/30/2022
Information technology	27.0
Health care	14.4
Financials	13.2
Consumer discretionary	10.1
Industrials	9.4
Consumer staples	6.2
Communication services	6.0
Energy	4.1
Real estate	3.3
Utilities	3.2
Materials	2.6
Short-term investments, other assets & liabilities, net	0.5
Total	100.0

Performance for the six months ended April 30, 2022

The Social Choice Equity Fund returned –12.31% for the Institutional Class, compared with the –11.75% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2022, the Fund returned –3.00% versus –3.11% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Excluding certain index stocks hindered the Fund’s relative performance

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

Among stocks in which the Fund was not invested, omitting Apple, Berkshire Hathaway and Exxon Mobil—all of which posted gains for the six months—detracted most from relative performance. Apple reported strong operating results as it successfully navigated global supply-chain disruptions. Berkshire Hathaway announced record annual earnings, while Exxon Mobil benefited from high oil prices.

Avoiding other benchmark stocks aided performance

The Fund’s exclusion of other stocks helped its relative performance. Not owning Amazon.com, Meta Platforms (Facebook) and Alphabet (the parent company of Google) had the largest positive impact, as all three stocks registered sizeable declines. Amazon reported its first quarterly operating loss in several years amid slowing revenue growth and rising costs. Meta Platforms and Alphabet were hurt by expectations that growth in digital advertising spending would decelerate following a pandemic-driven surge.

Fund trailed its benchmark

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

Of stocks the Fund held, overweight positions in PayPal Holdings and Netflix were the largest detractors from relative performance. PayPal issued a disappointing revenue outlook for 2022, citing a host of factors, including the loss of business to a competitor and the impact of high inflation on consumer spending. Netflix reported that it lost subscribers during the first quarter of 2022 and projected additional losses for the second quarter. The next-largest detractor was an underweight position in Chevron, which performed well amid an increase in oil prices during the period.

By contrast, the Fund’s performance was helped most by overweight positions in ConocoPhillips and Marathon Oil. An overweight in printer and PC manufacturer HP was also a top contributor. HP raised its annual earnings forecast as office re-openings and hybrid work arrangements fueled strong demand for personal computers.

24 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Social Choice Equity Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		–12.31	%		–3.00	%		12.99	%		12.84	%		0.17	%		0.17	%
Advisor Class	12/4/15		–12.33			–3.08			12.92			12.80	†		0.25			0.25
Premier Class	9/30/09		–12.35			–3.14			12.82			12.67			0.33			0.33
Retirement Class	10/1/02		–12.40			–3.23			12.71			12.57			0.42			0.42
Retail Class	3/31/06		–12.38			–3.24			12.68			12.53			0.44			0.44
Russell 3000® Index	—		–11.75			–3.11			13.01			13.29			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	63.2
More than $15 billion–$50 billion	26.4
More than $2 billion–$15 billion	8.9
$2 billion or less	1.5
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$6.67 billion
Portfolio turnover rate*	12%
Number of holdings	554
Weighted median market capitalization	$81.42 billion
Price/earnings ratio (weighted 12-month trailing average)†	20.5

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 25

Social Choice Low Carbon Equity Fund

Expense example

Six months ended April 30, 2022

Social Choice Low Carbon Equity Fund	Beginning account value (11/1/21)	Ending account value (4/30/22)	Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$1,000.00	$   871.42	$1.44
Advisor Class	1,000.00	871.04	1.95
Premier Class	1,000.00	870.88	2.13
Retirement Class	1,000.00	870.38	2.60
Retail Class	1,000.00	870.93	2.64
5% annual hypothetical return
Institutional Class	1,000.00	1,023.26	1.56
Advisor Class	1,000.00	1,022.71	2.11
Premier Class	1,000.00	1,022.51	2.31
Retirement Class	1,000.00	1,022.02	2.81
Retail Class	1,000.00	1,021.97	2.86

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.31% for the Institutional Class, 0.42% for the Advisor Class, 0.46% for the Premier Class, 0.56% for the Retirement Class and 0.57% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Information technology	28.3
Health care	14.7
Financials	13.4
Consumer discretionary	10.8
Industrials	8.2
Consumer staples	6.1
Communication services	5.4
Real estate	3.9
Energy	3.2
Materials	3.1
Utilities	2.0
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Performance for the six months ended April 30, 2022

The Social Choice Low Carbon Equity Fund returned –12.86% for the Institutional Class, compared with the –11.75% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2022, the Fund returned –3.50% versus –3.11% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Avoiding some index stocks detracted from the Fund’s relative performance

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

Among stocks in which the Fund was not invested, omitting Apple, Berkshire Hathaway and Exxon Mobil—all of which posted gains for the six months—detracted most from relative performance. Apple reported strong operating results as it successfully navigated global supply-chain disruptions. Berkshire Hathaway announced record annual earnings, while Exxon Mobil benefited from high oil prices.

Excluding other benchmark stocks helped performance

Avoiding other stocks bolstered the Fund’s relative performance. Not owning Amazon.com, Meta Platforms (Facebook) and Alphabet (the parent company of Google) had the largest positive impact, as all three stocks registered sizeable declines. Amazon reported its first quarterly operating loss in several years amid slowing revenue growth and rising costs. Meta Platforms and Alphabet were hurt by expectations that growth in digital advertising spending would decelerate following a pandemic-driven surge.

Fund lagged its benchmark

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

Among stocks the Fund held, overweight positions in PayPal Holdings and Netflix were the largest detractors from relative performance. PayPal issued a disappointing revenue outlook for 2022, citing a host of factors, including the loss of business to a competitor and the impact of high inflation on consumer spending. Netflix reported that it lost subscribers during the first quarter of 2022 and projected additional losses for the second quarter. The next-largest detractor was an overweight position in Okta, a provider of digital identity verification services that forecast weaker-than-expected annual earnings.

In contrast, overweight holdings in Halliburton, Merck and Newmont contributed most to the Fund’s relative return. Oilfield services company Halliburton performed well as shortages of the equipment it provides translated into strong pricing power. Drug maker Merck reported robust sales of its COVID-19 antiviral treatment, while mining company Newmont benefited from an increase in gold prices.

26 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Social Choice Low Carbon Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	8/7/15		–12.86	%		–3.50	%		13.19	%		12.44	%		0.31	%		0.31	%
Advisor Class	12/4/15		–12.90			–3.62			13.08			12.35	†		0.43			0.43
Premier Class	8/7/15		–12.91			–3.61			13.04			12.29			0.46			0.46
Retirement Class	8/7/15		–12.96			–3.70			12.93			12.17			0.56			0.56
Retail Class	8/7/15		–12.91			–3.74			12.86			12.10			0.62			0.62
Russell 3000® Index	—		–11.75			–3.11			13.01			12.28	‡		—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	65.2
More than $15 billion–$50 billion	26.2
More than $2 billion–$15 billion	7.2
$2 billion or less	1.4
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$1.06 billion
Portfolio turnover rate*	14%
Number of holdings	472
Weighted median market capitalization	$83.76 billion
Price/earnings ratio (weighted 12-month trailing average)†	20.0

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 27

Emerging Markets Equity Fund

Expense example

Six months ended April 30, 2022

Emerging Markets Equity Fund	Beginning account value (11/1/21)	Ending account value (4/30/22)	Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$1,000.00	$   846.05	$4.12
Advisor Class	1,000.00	846.05	4.35
Premier Class	1,000.00	845.98	4.44
Retirement Class	1,000.00	845.03	4.44
Retail Class	1,000.00	844.09	5.81
Class W	1,000.00	849.34	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,020.33	4.51
Advisor Class	1,000.00	1,020.08	4.76
Premier Class	1,000.00	1,019.98	4.86
Retirement Class	1,000.00	1,019.98	4.86
Retail Class	1,000.00	1,018.50	6.36
Class W	1,000.00	1,024.79	0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.90% for the Institutional Class, 0.95% for the Advisor Class, 0.97% for the Premier Class, 0.97% for the Retirement Class, 1.27% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Consumer discretionary	22.6
Information technology	20.7
Financials	16.3
Communication services	12.5
Energy	11.1
Consumer staples	6.4
Materials	4.3
Health care	0.8
Short-term investments, other assets & liabilities, net	5.3
Total	100.0

Performance for the six months ended April 30, 2022

The Emerging Markets Equity Fund returned –15.39% for the Institutional Class, compared with the –14.15% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2022, the Fund returned –29.23% versus –18.33% for the index. The performance table shows returns for all share classes of the Fund.

Foreign stocks fell amid concerns over inflation and interest rates

International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded.

Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –11.80% for the period, outperforming the return of the MSCI Emerging Markets Index but trailing the –11.75% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Countries in the benchmark had mixed returns

Of the 24 country components in the MSCI Emerging Markets Index, about one-half declined in U.S.-dollar terms. Hungary and Poland declined most at –37.6% and –31.6%, respectively. China, the largest index component, returned –25.0%. Due to Russia’s invasion of Ukraine and the ensuing sanctions, Russian equities became uninvestable. As a result, Russia was the second-largest detractor from the benchmark’s performance as MSCI removed all Russian shares from the index at a value of $0.0001 on March 9, 2022.

Fund trailed its benchmark

For the six-month period, the Fund underperformed its benchmark. Top detractors included out-of-benchmark positions in China-based e-commerce firm iClick Interactive Asia Group and video game firm HUYA. An overweight in e-commerce giant Alibaba Group Holding also detracted.

Helping to offset these factors were out-of-benchmark positions in Arcos Dorados Holdings, which owns the master franchise for McDonald’s restaurants in Latin America and the Caribbean, and Brazilian retail giant Lojas Americanas. Not owning benchmark component Gazprom, a Russian energy company, was the third-largest contributor.

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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Emerging Markets Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	8/31/10		–15.39	%		–29.23	%		1.86	%		1.87	%		0.88	%		0.88	%
Advisor Class	12/4/15		–15.39			–29.23			1.82			1.84	†		0.97			0.97
Premier Class	8/31/10		–15.40			–29.28			1.74			1.74			1.03			1.03
Retirement Class	8/31/10		–15.50			–29.31			1.70			1.67			1.12			1.12
Retail Class	8/31/10		–15.59			–29.54			1.46			1.48			1.31			1.31
Class W	9/28/18		–15.07			–28.62			2.50	†		2.19	†		0.88			0.00
MSCI Emerging Markets Index	—		–14.15			–18.33			4.32			2.89			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by country

	% of portfolio investments as of 4/30/2022
China	21.5
Brazil	13.7
Korea, Republic of	13.1
India	12.1
Taiwan	11.3
Mexico	5.1
Thailand	3.5
Indonesia	3.0
South Africa	2.2
Macau	2.0
9 other nations	7.8
Short-term investments	4.7
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	36.9
More than $15 billion–$50 billion	28.8
More than $2 billion–$15 billion	26.4
$2 billion or less	7.9
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$1.40 billion
Portfolio turnover rate*	55%
Number of holdings	64
Weighted median market capitalization	$34.06 billion
Price/earnings ratio (weighted 12-month trailing average)†	11.9

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 29

International Equity Fund

Expense example

Six months ended April 30, 2022

International Equity Fund	Beginning account value (11/1/21)	Ending account value (4/30/22)	Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$1,000.00	$   831.69	$2.09
Advisor Class	1,000.00	830.98	2.54
Premier Class	1,000.00	830.76	2.77
Retirement Class	1,000.00	830.57	3.22
Retail Class	1,000.00	831.53	3.04
Class W	1,000.00	833.28	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,022.51	2.31
Advisor Class	1,000.00	1,022.02	2.81
Premier Class	1,000.00	1,021.77	3.06
Retirement Class	1,000.00	1,021.27	3.56
Retail Class	1,000.00	1,021.47	3.36
Class W	1,000.00	1,024.79	0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.56% for the Advisor Class, 0.61% for the Premier Class, 0.71% for the Retirement Class, 0.67% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Health care	16.1
Industrials	15.8
Financials	13.5
Consumer discretionary	11.9
Consumer staples	9.9
Materials	8.7
Energy	7.3
Information technology	5.2
Communication services	3.6
Utilities	2.0
Short-term investments, other assets & liabilities, net	6.0
Total	100.0

Performance for the six months ended April 30, 2022

The International Equity Fund returned –16.83% for the Institutional Class, compared with the –11.80% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2022, the Fund returned –12.33% versus –8.15% for the index. The performance table shows returns for all share classes of the Fund.

Foreign stocks fell amid concerns over inflation and interest rates

International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded at a solid pace.

Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outperformed the –14.15% return of the MSCI Emerging Markets Index for the period. Both indexes trailed the –11.75% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Nearly all countries in the benchmark lost ground

Twenty of the 21 countries in the MSCI EAFE Index declined in U.S.-dollar terms for the six-month period. The largest index components were Japan (21.8%), the United Kingdom (15.7%) and France (11.4%), returning –15.4%, –0.6% and –12.4%, respectively. Collectively, these three nations represented almost one-half of the benchmark’s total market capitalization on April 30, 2022. The Netherlands was the worst performer, returning –28.0%.

Fund trailed its benchmark

For the six months, the Fund trailed its benchmark. Top detractors included overweight positions in Recruit Holdings, a Japanese human resources company, and Dutch financial services firm ING Groep, which had exposure to Russian financial institutions. An out-of-benchmark position in Cyprus-based TCS Group Holding, a digital provider of online financial and lifestyle services, also detracted.

By contrast, overweight positions in Norwegian energy company Equinor, global drug manufacturer AstraZeneca and British energy company Shell all contributed to the Fund’s relative performance, turning in strong six-month 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.

30 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

International Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		–16.83	%		–12.33	%		3.14	%		5.58	%		0.46	%		0.46	%
Advisor Class	12/4/15		–16.90			–12.45			3.02			5.52	†		0.56			0.56
Premier Class	9/30/09		–16.92			–12.48			2.97			5.43			0.61			0.61
Retirement Class	10/1/02		–16.94			–12.57			2.88			5.33			0.71			0.71
Retail Class	3/31/06		–16.85			–12.53			2.83			5.24			0.80			0.80
Class W	9/28/18		–16.67			–11.94			3.48	†		5.76	†		0.46			0.00
MSCI EAFE® Index	—		–11.80			–8.15			4.77			5.77			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by country

	% of portfolio investments as of 4/30/2022
Japan	18.4
United Kingdom	16.2
France	11.0
Germany	10.2
Netherlands	9.6
Switzerland	8.8
Australia	6.4
Italy	2.0
United States	1.9
Norway	1.7
8 other nations	8.9
Short-term investments	4.9
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	65.4
More than $15 billion–$50 billion	28.7
More than $2 billion–$15 billion	5.9
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$5.70 billion
Portfolio turnover rate*	15%
Number of holdings	79
Weighted median market capitalization	$76.22 billion
Price/earnings ratio (weighted 12-month trailing average)†	13.1

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 31

International Opportunities Fund

Expense example

Six months ended April 30, 2022

International Opportunities Fund	Beginning account value (11/1/21)	Ending account value (4/30/22)	Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$1,000.00	$   783.36	$2.70
Advisor Class	1,000.00	783.07	3.09
Premier Class	1,000.00	782.71	3.09
Retirement Class	1,000.00	782.93	3.09
Retail Class	1,000.00	782.24	4.46
Class W	1,000.00	786.01	0.00
5% annual hypothetical return
Institutional Class	1,000.00	1,021.77	3.06
Advisor Class	1,000.00	1,021.32	3.51
Premier Class	1,000.00	1,021.32	3.51
Retirement Class	1,000.00	1,021.32	3.51
Retail Class	1,000.00	1,019.79	5.06
Class W	1,000.00	1,024.79	0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.61% for the Institutional Class, 0.70% for the Advisor Class, 0.70% for the Premier Class, 0.70% for the Retirement Class, 1.01% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Information technology	17.3
Consumer discretionary	13.6
Industrials	12.7
Financials	11.5
Consumer staples	10.3
Health care	9.9
Materials	8.2
Energy	6.3
Communication services	1.6
Real estate	1.1
Short-term investments, other assets & liabilities, net	7.5
Total	100.0

Performance for the six months ended April 30, 2022

The International Opportunities Fund returned –21.66% for the Institutional Class, compared with the –11.87% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. For the one-year period ended April 30, 2022, the Fund returned –17.67% versus –10.31% for the index. The performance table shows returns for all share classes of the Fund.

Foreign stocks fell amid concerns over inflation and interest rates

International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy expanded at a solid pace.

Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March and signaled further increases were likely. The European Central Bank left its benchmark interest rates unchanged at near-zero levels but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –11.80%, and the MSCI Emerging Markets Index returned –14.15% for the period. Both indexes trailed the –11.75% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Most country components outperformed the benchmark’s return

For the six-month period, 30 of 46 countries had returns that surpassed that of the benchmark in U.S.-dollar terms. The largest markets were Japan (13.7%), the United Kingdom (9.9%) and China (8.8%), returning –15.4%, –0.6% and –25.0%, respectively. These three nations collectively represented nearly one-third of the index’s total market capitalization on April 30, 2022.

Fund underperformed its benchmark

The Fund underperformed its benchmark, primarily due to stock selections that did not perform as anticipated. The largest detractor was an overweight position in Canadian software firm Lightspeed Commerce, which declined due to investor concerns over the company’s quarterly results. The next-largest detractors were overweight positions in Canadian e-commerce firm Shopify and Japanese outsourcing company Benefit One.

On the positive side, the largest contributors were overweight positions in Norwegian energy company Equinor, Canadian fertilizer producer Nutrien and Canadian convenience store operator Alimentation Couche-Tard.

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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

International Opportunities Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	4/12/13		–21.66	%		–17.67	%		7.73	%		6.13	%		0.60	%		0.60	%
Advisor Class	12/4/15		–21.69			–17.78			7.65			6.08	†		0.70			0.70
Premier Class	4/12/13		–21.73			–17.78			7.60			5.98			0.77			0.77
Retirement Class	4/12/13		–21.71			–17.74			7.56			5.92			0.85			0.85
Retail Class	4/12/13		–21.78			–18.03			7.29			5.71			1.06			1.06
Class W	9/28/18		–21.40			–17.15			8.22	†		6.40	†		0.60			0.00
MSCI All Country World Index ex USA	—		–11.87			–10.31			4.94			4.32	‡		—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

	% of portfolio investments as of 4/30/2022
Canada	11.4
United Kingdom	8.2
Japan	7.9
Brazil	5.1
France	4.9
Netherlands	4.8
Switzerland	4.7
Italy	4.6
Norway	4.3
Germany	3.8
14 other nations	29.5
Short-term investments	10.8
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	35.8
More than $15 billion–$50 billion	27.9
More than $2 billion–$15 billion	34.6
$2 billion or less	1.7
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$2.10 billion
Portfolio turnover rate*	9%
Number of holdings	93
Weighted median market capitalization	$32.19 billion
Price/earnings ratio (weighted 12-month trailing average)†	21.2

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 33

Quant International Small-Cap Equity Fund

Expense example

Six months ended April 30, 2022

Quant International Small-Cap Equity Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	872.94	$	3.34
Advisor Class		1,000.00		873.64		3.44
Premier Class		1,000.00		872.69		4.18
Retirement Class		1,000.00		872.91		4.50
Retail Class		1,000.00		871.55		5.29
Class W		1,000.00		876.82		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,021.22		3.61
Advisor Class		1,000.00		1,021.12		3.71
Premier Class		1,000.00		1,020.33		4.51
Retirement Class		1,000.00		1,019.98		4.86
Retail Class		1,000.00		1,019.14		5.71
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.72% for the Institutional Class, 0.74% for the Advisor Class, 0.90% for the Premier Class, 0.97% 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 4/30/2022
Industrials	22.9
Financials	13.3
Information technology	12.0
Materials	11.7
Real estate	9.9
Consumer discretionary	7.9
Energy	5.8
Health care	5.5
Consumer staples	5.0
Communication services	3.1
Utilities	2.4
Short-term investments, other assets & liabilities, net	0.5
Total	100.0

Performance for the six months ended April 30, 2022

The Quant International Small-Cap Equity Fund returned –12.71% for the Institutional Class, compared with the –13.36% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. For the one-year period ended April 30, 2022, the Fund returned –9.74% versus –10.53% for the index. The performance table shows returns for all share classes of the Fund.

Foreign stocks fell amid concerns over inflation and interest rates

International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded.

Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –11.80%, and the MSCI Emerging Markets Index returned –14.15% for the period. Both indexes trailed the –11.75% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Most country components outperformed the benchmark’s return

For the six-month period, 29 of 46 countries had returns that exceeded that of the benchmark in U.S.-dollar terms. The largest markets were Japan (17.9%), the United Kingdom (11.3%) and Canada (7.5%), returning –17.9%, –19.9% and –4.8%, respectively. Together, these three nations represented more than one-third of the index’s total market capitalization on April 30, 2022.

Fund outperformed its benchmark

The Fund outperformed its benchmark due to favorable stock selections. The largest contributor was an overweight position in German chemical company K+S Aktiengesellschaft, which reported strong operating results. The next-largest contributors were overweight positions in Chinese amusement park operator Haichang Ocean Park Holdings and Canadian energy producer Tourmaline Oil.

Conversely, other holdings hurt the Fund’s relative performance. The largest detractors were overweight positions in Israeli printing solutions provider Kornit Digital, Swiss health care firm Tecan Group and British footwear company Dr. Martens.

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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Quant International Small-Cap Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	12/9/16		–12.71	%		–9.74	%		3.06	%		5.03	%		0.71	%		0.71	%
Advisor Class	12/9/16		–12.64			–9.74			3.01			4.98			0.80			0.80
Premier Class	12/9/16		–12.73			–9.87			2.92			4.89			0.96			0.90
Retirement Class	12/9/16		–12.71			–9.89			2.84			4.82			0.96			0.96
Retail Class	12/9/16		–12.85			–10.11			2.63			4.60			2.20			1.14
Class W	9/28/18		–12.32			–9.06			3.57	†		5.50	†		0.71			0.00
MSCI ACWI ex USA Small Cap Index	—		–13.36			–10.53			5.83			7.76	‡		—			—

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

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	The performance shown for Class W that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because Class W has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

% of portfolio investments
	as of 4/30/2022
Japan	16.8
United Kingdom	11.5
Canada	8.1
Australia	7.4
Korea, Republic of	4.7
Taiwan	4.5
Sweden	4.5
Germany	3.9
United States	3.5
India	3.3
38 other nations	30.9
Short-term investments	0.9
Total	100.0

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2022
More than $50 billion	0.6
More than $15 billion–$50 billion	0.7
More than $2 billion–$15 billion	51.3
$2 billion or less	47.4
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$1.33 billion
Portfolio turnover rate*	60%
Number of holdings	687
Weighted median market capitalization	$2.05 billion
Price/earnings ratio (weighted 12-month trailing average)†	9.5

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 35

Social Choice International Equity Fund

Expense example

Six months ended April 30, 2022

Social Choice International Equity	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	878.81	$	1.72
Advisor Class		1,000.00		877.94		2.24
Premier Class		1,000.00		877.55		2.42
Retirement Class		1,000.00		877.97		2.89
Retail Class		1,000.00		877.22		3.21
5% annual hypothetical return
Institutional Class		1,000.00		1,022.96		1.86
Advisor Class		1,000.00		1,022.41		2.41
Premier Class		1,000.00		1,022.22		2.61
Retirement Class		1,000.00		1,021.72		3.11
Retail Class		1,000.00		1,021.37		3.46

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.37% for the Institutional Class, 0.48% for the Advisor Class, 0.52% for the Premier Class, 0.62% for the Retirement Class and 0.69% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Financials	17.8
Health care	12.9
Industrials	12.7
Consumer discretionary	11.0
Consumer staples	10.7
Information technology	7.9
Materials	7.9
Communication services	5.4
Energy	5.2
Utilities	3.7
Real estate	3.3
Short-term investments, other assets & liabilities, net	1.5
Total	100.0

Performance for the six months ended April 30, 2022

The Social Choice International Equity Fund returned –12.12% for the Institutional Class, compared with the –11.80% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2022, the Fund returned –6.79% versus –8.15% for the index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Avoiding certain stocks in the benchmark hurt the Fund’s relative performance

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

The Fund’s relative performance was hurt most by omitting Shell, BHP Group and Novartis. British energy producer Shell benefited from high oil prices, while Australian mining company BHP Group reported robust profit growth amid strong prices for the commodities it mines. Swiss drug maker Novartis announced an organizational restructuring expected to generate significant cost savings.

Omitting other benchmark stocks helped Fund performance

Excluding Sea, Adyen and Infineon Technologies aided relative performance most. Singapore-based internet company Sea issued a weak outlook for its online gaming business. Dutch digital-payments processor Adyen was hurt by a slowdown in online shopping. German semiconductor manufacturer Infineon Technologies was pressured by concerns that a global chip shortage could quickly give way to oversupplied conditions.

Fund trailed its benchmark

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

Among stocks the Fund held, an underweight position in Australian financial firm Westpac Banking detracted most, as the stock outperformed the index. The next-largest detractors were overweight positions in New Zealand software provider Xero, which reported a decline in earnings, and Dutch financial company Prosus, which owns a large stake in a Chinese internet stock that performed poorly.

In contrast, overweight positions in energy producer Equinor and mining companies Fortescue Metals Group and Boliden helped relative returns. Norway-based Equinor announced that it would increase both its dividend and stock purchases. Australia-based Fortescue Metals Group raised its full-year estimate of iron ore shipments, while Sweden-based Boliden achieved record production levels at two of its mines.

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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Performance as of April 30, 2022

Social Choice International Equity Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	8/7/15		–12.12	%		–6.79	%		5.22	%		4.61	%		0.36	%		0.36	%
Advisor Class	12/4/15		–12.21			–6.95			5.13			4.54	†		0.46			0.46
Premier Class	8/7/15		–12.25			–7.00			5.05			4.44			0.52			0.52
Retirement Class	8/7/15		–12.20			–7.00			4.97			4.35			0.61			0.61
Retail Class	8/7/15		–12.28			–7.15			4.89			4.25			0.70			0.70
MSCI EAFE® Index	—		–11.80			–8.15			4.77			3.95	‡		—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

Holdings by country

% of portfolio investments
as of 4/30/2022
Japan	21.4
United Kingdom	13.4
Switzerland	10.1
France	9.7
Germany	7.7
Australia	7.4
Sweden	3.3
Netherlands	2.9
United States	2.9
Hong Kong	2.8
15 other nations	16.5
Short-term investments	1.9
Total	100.0

Holdings by company size

% of equity investments
Market capitalization	as of 4/30/2022
More than $50 billion	40.5
More than $15 billion–$50 billion	38.5
More than $2 billion–$15 billion	20.9
$2 billion or less	0.1
Total	100.0

Fund profile

as of 4/30/2022
Net assets	$1.09 billion
Portfolio turnover rate*	6%
Number of holdings	386
Weighted median market capitalization	$38.49 billion
Price/earnings ratio (weighted 12-month trailing average)†	12.8

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 37

Summary portfolio of investments (unaudited)

Growth & Income Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	72,335	*,n	Tesla, Inc	$	62,986,425		1.1	%
			Other		20,724,942		0.4
					83,711,367		1.5
BANKS
	2,190,290		Bank of America Corp		78,149,547		1.4
	430,447		JPMorgan Chase & Co		51,378,154		0.9
	238,640		M&T Bank Corp		39,766,970		0.7
	1,321,932		Wells Fargo & Co		57,675,893		1.0
			Other		63,188,935		1.1
					290,159,499		5.1
CAPITAL GOODS
	127,995	n	Deere & Co		48,324,512		0.9
	292,032		Eaton Corp		42,350,481		0.7
	638,210		Raytheon Technologies Corp		60,572,511		1.1
			Other		256,163,109		4.5
					407,410,613		7.2
COMMERCIAL & PROFESSIONAL SERVICES
	254,076		Waste Management, Inc		41,780,257		0.7
					41,780,257		0.7
CONSUMER DURABLES & APPAREL					39,996,908		0.7
CONSUMER SERVICES
	263,746	*	Expedia Group, Inc		46,089,613		0.8
			Other		101,766,151		1.8
					147,855,764		2.6
DIVERSIFIED FINANCIALS
	1,360,726		Equitable Holdings, Inc		39,229,731		0.7
	545,659		Morgan Stanley		43,974,659		0.8
			Other		56,514,680		1.0
					139,719,070		2.5
ENERGY
	259,513	n	Cheniere Energy, Inc		35,244,460		0.6
	688,785		ConocoPhillips		65,792,743		1.2
	610,970		Exxon Mobil Corp		52,085,192		0.9
			Other		95,339,765		1.7
					248,462,160		4.4
FOOD & STAPLES RETAILING
	319,975		Walmart, Inc		48,952,975		0.8
			Other		26,779,559		0.5
					75,732,534		1.3
FOOD, BEVERAGE & TOBACCO
	586,409		Mondelez International, Inc		37,811,652		0.7
	438,700		PepsiCo, Inc		75,329,177		1.3
			Other		157,975,858		2.8
					271,116,687		4.8

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	314,304		Abbott Laboratories	$	35,673,504		0.6	%
	213,420		UnitedHealth Group, Inc		108,534,741		1.9
			Other		232,846,811		4.2
					377,055,056		6.7
HOUSEHOLD & PERSONAL PRODUCTS
	272,700		Procter & Gamble Co		43,781,985		0.8
			Other		33,576,118		0.6
					77,358,103		1.4
INSURANCE
	706,595		American International Group, Inc		41,342,874		0.7
	193,111		Chubb Ltd		39,867,766		0.7
	579,640		Hartford Financial Services Group, Inc		40,534,225		0.7
	722,634		Metlife, Inc		47,462,601		0.8
			Other		19,457,170		0.4
					188,664,636		3.3
	MATERIALS
	806,641		Corteva, Inc		46,535,119		0.8
	192,775	n	Linde plc		60,138,089		1.1
			Other		118,560,623		2.1
					225,233,831		4.0
MEDIA & ENTERTAINMENT
	100,905	*	Alphabet, Inc (Class C)		232,013,893		4.1
	310,967	*	Meta Platforms, Inc		62,339,554		1.1
	457,452	*,n	Walt Disney Co		51,065,367		0.9
			Other		47,130,888		0.8
					392,549,702		6.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	609,949		AbbVie, Inc		89,589,309		1.6
	140,721		Danaher Corp		35,339,265		0.6
	195,700	n	Eli Lilly & Co		57,169,841		1.0
	452,480		Johnson & Johnson		81,654,541		1.4
			Other		191,298,447		3.4
					455,051,403		8.0
REAL ESTATE
	292,125		Prologis, Inc		46,824,716		0.8
			Other		56,586,000		1.0
					103,410,716		1.8
	RETAILING
	71,925	*	Amazon.com, Inc		178,778,938		3.2
	158,264	n	Home Depot, Inc		47,542,506		0.8
			Other		64,624,679		1.1
					290,946,123		5.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	464,485	*,n	Advanced Micro Devices, Inc		39,722,757		0.7
	86,589	n	Broadcom, Inc		48,004,076		0.9
	313,007	n	NVIDIA Corp		58,053,408		1.0
			Other		108,889,142		1.9
					254,669,383		4.5

38 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) continued

Growth & Income Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
SOFTWARE & SERVICES
	145,044		Accenture plc	$	43,565,416		0.8	%
	267,010		Mastercard, Inc (Class A)		97,026,094		1.7
	1,334,785	n	Microsoft Corp		370,429,533		6.5
	600,812		Oracle Corp		44,099,601		0.8
	218,134	*,n	salesforce.com, Inc		38,378,496		0.7
	167,769		Visa, Inc (Class A)		35,756,607		0.6
			Other		104,317,270		1.9
					733,573,017		13.0
TECHNOLOGY HARDWARE & EQUIPMENT
	2,561,325		Apple, Inc		403,792,886		7.1
	923,831		Cisco Systems, Inc		45,249,242		0.8
			Other		137,309,731		2.5
					586,351,859		10.4
TRANSPORTATION					97,041,715		1.7
UTILITIES
	404,487		American Electric Power Co, Inc		40,088,706		0.7
			Other		73,528,950		1.3
					113,617,656		2.0
			TOTAL COMMON STOCKS (Cost $3,463,357,789)		5,641,468,059		99.6
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					9,999,601		0.2
REPURCHASE AGREEMENT
$	36,430,000	r	Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22		36,430,000		0.6
					36,430,000		0.6

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,079,324	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	2,079,324			0.0	%
					2,079,324			0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $48,509,057)			48,508,925			0.8
		TOTAL PORTFOLIO (Cost $3,511,866,846)			5,689,976,984			100.4
		OTHER ASSETS & LIABILITIES, NET			(25,169,797	)		(0.4	)
		NET ASSETS		$	5,664,807,187			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $36,430,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 11/15/45, valued at $37,158,685.

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

At 4/30/22, the aggregate value of securities on loan is $5,337,629. 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  ■  2022 Semiannual Report 39

Summary portfolio of investments(unaudited) continued

Growth & Income Fund  ■  April 30, 2022

Written options outstanding as of April 30, 2022 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Advanced Micro Devices, Inc, Call		400	$	(22,788	)	$	120.00	05/20/22	$	(8,400	)
Advanced Micro Devices, Inc, Call		400		(123,664	)		130.00	08/19/22		(54,800	)
Advanced Micro Devices, Inc, Put		450		(95,580	)		80.00	05/20/22		(171,000	)
Advanced Micro Devices, Inc, Put		400		(267,419	)		85.00	08/19/22		(422,000	)
Airbnb, Inc, Call		210		(39,049	)		200.00	05/20/22		(12,600	)
Albertsons Cos, Inc, Call		900		(202,428	)		40.00	07/15/22		(33,750	)
Albertsons Cos, Inc, Put		1,100		(37,412	)		28.00	05/20/22		(41,250	)
Albertsons Cos, Inc, Put		900		(101,673	)		26.00	07/15/22		(74,250	)
Align Technology, Inc, Put		200		(42,628	)		210.00	05/20/22		(30,000	)
Alliance Data Systems Corp, Put		200		(109,594	)		60.00	09/16/22		(206,000	)
Alphabet, Inc, Call		14		(9,534	)		3,360.00	05/20/22		(1,456	)
Ambarella, Inc, Put		290		(962,207	)		115.00	01/20/23		(1,158,550	)
Aptiv plc, Put		165		(89,327	)		100.00	08/19/22		(133,650	)
Aptiv plc, Put		165		(71,605	)		105.00	08/19/22		(169,950	)
Aptiv plc, Put		165		(104,321	)		95.00	11/18/22		(156,750	)
Arcturus Therapeutics Holdings, Inc, Put		500		(623,982	)		30.00	01/20/23		(685,000	)
Axsome Therapeutics, Inc, Put		420		(267,946	)		30.00	09/16/22		(361,200	)
Axsome Therapeutics, Inc, Put		420		(364,390	)		32.50	09/16/22		(436,800	)
Axsome Therapeutics, Inc, Put		840		(692,678	)		35.00	09/16/22		(991,200	)
BioNTech SE, Put		187		(1,085,382	)		200.00	01/20/23		(1,369,775	)
BioNTech SE, Put		49		(399,015	)		210.00	01/20/23		(396,410	)
Boston Beer Co, Inc, Put		100		(1,024,260	)		540.00	12/16/22		(1,729,500	)
Broadcom, Inc, Put		82		(29,681	)		520.00	05/20/22		(86,510	)
Centene Corp, Put		600		(47,982	)		70.00	05/20/22		(15,000	)
CF Industries Holdings, Inc, Put		470		(62,327	)		80.00	05/20/22		(56,400	)
CF Industries Holdings, Inc, Put		39		(15,178	)		77.50	08/19/22		(18,720	)
CF Industries Holdings, Inc, Put		430		(184,517	)		80.00	08/19/22		(227,900	)
Cheniere Energy, Inc, Call		350		(247,789	)		150.00	06/17/22		(122,500	)
Cheniere Energy, Inc, Put		340		(66,769	)		115.00	06/17/22		(74,800	)
Children’s Place, Inc, Call		615		(316,484	)		75.00	09/16/22		(142,988	)
Children’s Place, Inc, Put		615		(252,297	)		40.00	09/16/22		(304,425	)
Citigroup, Inc, Put		445		(31,137	)		42.50	05/20/22		(18,690	)
Cloudflare, Inc, Put		300		(342,973	)		95.00	11/18/22		(657,000	)
Crowdstrike Holdings, Inc, Put		200		(200,327	)		180.00	09/16/22		(397,500	)
Deere & Co, Call		109		(158,264	)		450.00	06/17/22		(30,847	)
Deere & Co, Put		109		(152,269	)		350.00	06/17/22		(106,275	)
Dexcom, Inc, Put		60		(76,812	)		420.00	06/17/22		(187,200	)
Dexcom, Inc, Put		60		(88,051	)		430.00	06/17/22		(197,400	)
Dexcom, Inc, Put		65		(288,175	)		400.00	09/16/22		(281,125	)
DocuSign, Inc, Put		760		(112,830	)		85.00	05/20/22		(616,360	)
DraftKings, Inc, Put		300		(207,890	)		25.00	01/20/23		(370,800	)
DraftKings, Inc, Put		500		(521,483	)		30.00	01/20/23		(830,000	)
Duck Creek Technologies, Inc, Put		1,000		(341,699	)		22.50	10/21/22		(740,000	)
Edwards Lifesciences Corp, Put		420		(46,188	)		100.00	05/20/22		(73,500	)
Eli Lilly & Co, Put		100		(10,297	)		250.00	05/20/22		(5,900	)
Emergent BioSolutions, Inc, Put		115		(71,130	)		45.00	09/16/22		(147,200	)
Emergent BioSolutions, Inc, Put		173		(164,181	)		50.00	09/16/22		(299,290	)
EOG Resources, Inc, Put		420		(33,390	)		100.00	05/20/22		(43,260	)
Estee Lauder Cos, Inc, Put		160		(190,074	)		280.00	07/15/22		(379,200	)
Farfetch Ltd, Put		800		(693,205	)		25.00	01/20/23		(1,154,000	)
FedEx Corp, Put		86		(50,956	)		180.00	07/15/22		(52,890	)
Fortinet, Inc, Put		170		(115,001	)		260.00	06/17/22		(217,600	)
Generac Holdings, Inc, Put		60		(167,877	)		260.00	12/16/22		(361,800	)
Generac Holdings, Inc, Put		60		(188,877	)		270.00	12/16/22		(405,000	)
General Motors Co, Call		800		(155,320	)		48.00	09/16/22		(86,400	)
General Motors Co, Put		800		(239,095	)		38.00	09/16/22		(312,000	)
Global Payments, Inc, Put		288		(71,415	)		110.00	08/19/22		(115,200	)
HCA Healthcare, Inc, Put		215		(60,838	)		195.00	06/17/22		(105,350	)
Home Depot, Inc, Call		240		(290,022	)		380.00	01/20/23		(168,000	)
Home Depot, Inc, Put		240		(658,271	)		300.00	01/20/23		(726,480	)
IDEXX Laboratories, Inc, Put		73		(43,375	)		470.00	05/20/22		(358,065	)
Intel Corp, Put		1,000		(352,969	)		42.50	09/16/22		(342,000	)
Intuitive Surgical, Inc, Put		190		(121,214	)		230.00	07/15/22		(220,400	)
Linde plc, Put		150		(37,195	)		280.00	05/20/22		(20,100	)
Lululemon Athletica, Inc, Put		130		(49,070	)		330.00	05/20/22		(86,190	)
Lululemon Athletica, Inc, Put		200		(297,816	)		300.00	06/17/22		(168,000	)

40 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Growth & Income Fund  ■  April 30, 2022

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
M&T Bank Corp, Put		290	$	(48,711	)	$	145.00	05/20/22	$	(26,100	)
Microsoft Corp, Call		150		(15,446	)		330.00	06/17/22		(11,250	)
Moderna, Inc, Put		100		(540,695	)		250.00	09/16/22		(1,176,500	)
Moderna, Inc, Put		300		(2,205,880	)		220.00	01/20/23		(2,769,000	)
Monolithic Power Systems, Inc, Call		100		(169,796	)		540.00	12/16/22		(207,500	)
Monolithic Power Systems, Inc, Put		100		(363,995	)		350.00	12/16/22		(423,500	)
NetFlix, Inc, Call		75		(20,848	)		262.50	05/20/22		(2,850	)
NetFlix, Inc, Put		250		(36,253	)		170.00	05/20/22		(102,250	)
NetFlix, Inc, Put		75		(582,938	)		400.00	01/20/23		(1,527,075	)
NVIDIA Corp, Put		130		(156,565	)		200.00	06/17/22		(348,660	)
Palo Alto Networks, Inc, Call		67		(95,905	)		690.00	05/20/22		(18,927	)
Palo Alto Networks, Inc, Put		67		(101,771	)		510.00	06/17/22		(141,035	)
Paramount Global, Put		892		(597,618	)		35.00	09/16/22		(673,460	)
PayPal Holdings, Inc, Put		420		(225,947	)		87.50	07/15/22		(338,100	)
Peabody Energy Corp, Call		1,000		(163,690	)		34.00	05/20/22		(25,000	)
Petco Health & Wellness Co, Inc, Put		1,600		(220,752	)		15.00	09/16/22		(104,000	)
QUALCOMM, Inc, Call		240		(29,705	)		175.00	06/17/22		(20,640	)
Royal Caribbean Cruises Ltd, Put		646		(48,644	)		65.00	05/20/22		(66,538	)
salesforce.com, Inc, Call		190		(161,154	)		230.00	07/15/22		(25,270	)
salesforce.com, Inc, Put		190		(198,224	)		175.00	07/15/22		(250,800	)
Seagen, Inc, Call		320		(351,351	)		220.00	06/17/22		(75,200	)
Seagen, Inc, Put		320		(655,350	)		135.00	09/16/22		(640,000	)
ServiceNow, Inc, Call		62		(30,777	)		680.00	05/20/22		(1,240	)
Shake Shack, Inc, Put		500		(520,342	)		62.50	09/16/22		(560,000	)
Snap, Inc, Put		350		(258,158	)		45.00	07/15/22		(544,600	)
Snap, Inc, Put		350		(233,089	)		36.00	10/21/22		(327,250	)
Snowflake, Inc, Put		210		(930,781	)		215.00	01/20/23		(1,346,100	)
Sociedad Quimica y Minera de Chile S.A., Call		600		(371,141	)		105.00	09/16/22		(133,500	)
Sociedad Quimica y Minera de Chile S.A., Call		600		(403,780	)		95.00	09/16/22		(216,000	)
Sociedad Quimica y Minera de Chile S.A., Put		600		(490,780	)		75.00	09/16/22		(648,000	)
Spirit AeroSystems Holdings, Inc, Call		880		(143,414	)		55.00	05/20/22		(17,600	)
Spirit AeroSystems Holdings, Inc, Put		880		(98,534	)		39.00	05/20/22		(114,400	)
Take-Two Interactive Software, Inc, Call		290		(147,311	)		170.00	09/16/22		(44,225	)
Take-Two Interactive Software, Inc, Put		290		(185,011	)		120.00	09/16/22		(375,550	)
Teradyne, Inc, Put		520		(105,757	)		90.00	07/15/22		(136,240	)
Tesla, Inc, Call		110		(1,185,093	)		1,300.00	09/16/22		(330,000	)
Tesla, Inc, Put		60		(35,096	)		730.00	05/20/22		(22,800	)
Tesla, Inc, Put		65		(155,826	)		750.00	07/15/22		(348,270	)
Tesla, Inc, Put		111		(804,838	)		850.00	09/16/22		(1,376,400	)
Ulta Beauty, Inc, Put		140		(315,641	)		330.00	09/16/22		(196,000	)
United Parcel Service, Inc, Put		254		(35,491	)		165.00	05/20/22		(53,340	)
Walt Disney Co, Put		380		(34,189	)		110.00	05/20/22		(176,700	)
Wolfspeed, Inc, Call		300		(51,435	)		135.00	05/20/22		(9,000	)
WW International, Inc, Put		900		(295,172	)		12.50	10/21/22		(319,500	)
WW International, Inc, Put		1,000		(192,970	)		10.00	01/20/23		(220,000	)
Zscaler, Inc, Put		210		(411,172	)		230.00	08/19/22		(928,725	)
Total		39,998	$	(29,016,628	)				$	(37,393,651	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 41

Summary portfolio of investments (unaudited)

Large-Cap Growth Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	175,885	*	Tesla, Inc	$	153,153,622		2.8	%
			Other		17,362,917		0.4
					170,516,539		3.2
BANKS					25,823,593		0.5
CAPITAL GOODS
	244,343	*	Boeing Co		36,368,012		0.7
	766,248		Carrier Global Corp		29,324,311		0.5
	135,426		Deere & Co		51,130,086		0.9
	124,559		Roper Technologies Inc		58,532,765		1.1
	280,603		Safran S.A.		30,136,334		0.6
			Other		3,497,047		0.1
					208,988,555		3.9
COMMERCIAL & PROFESSIONAL SERVICES
	295,650		Verisk Analytics, Inc		60,327,383		1.1
	618,087		Waste Connections, Inc		85,277,463		1.6
			Other		31,143,309		0.6
					176,748,155		3.3
CONSUMER DURABLES & APPAREL
	235,547		Essilor International S.A.		40,101,339		0.7
			Other		42,139,293		0.8
					82,240,632		1.5
CONSUMER SERVICES
	78,192	*	Booking Holdings, Inc		172,828,559		3.2
			Other		62,840,340		1.2
					235,668,899		4.4
DIVERSIFIED FINANCIALS
	165,015		S&P Global, Inc		62,128,148		1.1
			Other		13,590,043		0.3
					75,718,191		1.4
ENERGY
	569,545		ConocoPhillips		54,402,939		1.0
	134,892		Pioneer Natural Resources Co		31,358,343		0.6
					85,761,282		1.6
FOOD & STAPLES RETAILING
	229,254		Costco Wholesale Corp		121,898,937		2.3
					121,898,937		2.3
FOOD, BEVERAGE & TOBACCO
	732,160	*	Monster Beverage Corp		62,731,469		1.2
			Other		19,348,679		0.3
					82,080,148		1.5
HEALTH CARE EQUIPMENT & SERVICES
	101,593	*	Align Technology, Inc		29,452,827		0.5
	121,103	*	Dexcom, Inc		49,480,264		0.9
	261,334	*	Intuitive Surgical, Inc		62,537,226		1.2
	139,389		UnitedHealth Group, Inc		70,886,276		1.3
			Other		25,796,099		0.5
					238,152,692		4.4

Shares			Company	Value		% of net assets
INSURANCE
	860,551		American International Group, Inc	$	50,350,839		0.9	%
					50,350,839		0.9
MATERIALS					26,505,993		0.5
MEDIA & ENTERTAINMENT
	121,328	*	Alphabet, Inc (Class C)		278,973,110		5.2
	646,684	*	Meta Platforms, Inc		129,640,742		2.4
			Other		143,385,467		2.6
					551,999,319		10.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	574,873		AbbVie, Inc		84,437,346		1.5
	1,317,010	*	Avantor, Inc		41,986,279		0.8
	250,488	*	Illumina, Inc		74,307,265		1.4
	326,116		Zoetis, Inc		57,804,061		1.1
			Other		26,971,240		0.5
					285,506,191		5.3
RETAILING
	194,556	*	Amazon.com, Inc		483,594,230		9.0
	632,681		eBay, Inc		32,848,798		0.6
	127,076		Home Depot, Inc		38,173,630		0.7
	945,072		TJX Companies, Inc		57,914,012		1.1
			Other		49,467,305		0.8
					661,997,975		12.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	771,924	*	Advanced Micro Devices, Inc		66,014,940		1.2
	659,515		Applied Materials, Inc		72,777,480		1.3
	197,386		Broadcom, Inc		109,428,825		2.0
	608,997		Marvell Technology, Inc		35,370,546		0.7
	450,885		NVIDIA Corp		83,625,641		1.6
			Other		28,481,372		0.5
					395,698,804		7.3
SOFTWARE & SERVICES
	218,886		Accenture plc		65,744,599		1.2
	183,845		Intuit, Inc		76,985,094		1.4
	1,880,272		Microsoft Corp		521,813,086		9.7
	740,737		Oracle Corp		54,370,096		1.0
	77,665	*	Palo Alto Networks, Inc		43,591,811		0.8
	470,799	*	PayPal Holdings, Inc		41,397,356		0.8
	612,090	*	salesforce.com, Inc		107,691,115		2.0
	151,734	*	ServiceNow, Inc		72,544,025		1.3
	114,191	*	Synopsys, Inc		32,748,837		0.6
	1,319,178		Visa, Inc (Class A)		281,156,407		5.2
	260,839	*	Workday, Inc		53,915,421		1.0
			Other		72,847,685		1.4
					1,424,805,532		26.4
TECHNOLOGY HARDWARE & EQUIPMENT
	2,059,088		Apple, Inc		324,615,223		6.0
					324,615,223		6.0

42 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Large-Cap Growth Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TRANSPORTATION
	1,814,647	*	Uber Technologies, Inc	$	57,125,088		1.0	%
	296,280		Union Pacific Corp		69,415,441		1.3
					126,540,529		2.3
		TOTAL COMMON STOCKS (Cost $3,744,630,062)			5,351,618,028		99.1
	Principal		Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT
$	74,845,000	r	Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22		74,845,000		1.4
					74,845,000		1.4

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,120,030	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	2,120,030			0.0	%
					2,120,030			0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $76,965,030)			76,965,030			1.4
		TOTAL PORTFOLIO (Cost $3,821,595,092)			5,428,583,058			100.5
		OTHER ASSETS & LIABILITIES, NET			(26,146,753	)		(0.5	)
		NET ASSETS		$	5,402,436,305			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $74,845,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.875%–3.000% and maturity dates 5/15/45–8/15/45, valued at $76,341,935.

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

At 4/30/22, the aggregate value of securities on loan is $1,942,164. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

At 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $20,023,528 or 0.4% 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  ■  2022 Semiannual Report 43

Summary portfolio of investments (unaudited)

Large-Cap Value Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS
	3,436,558		Bank of America Corp	$	122,616,390		2.5	%
	1,141,415		JPMorgan Chase & Co		136,239,294		2.7
	388,837		PNC Financial Services Group, Inc		64,585,826		1.3
	1,120,629		US Bancorp		54,417,744		1.1
	2,338,744		Wells Fargo & Co		102,039,401		2.0
					479,898,655		9.6
CAPITAL GOODS
	155,432		Deere & Co		58,683,352		1.2
	368,062		Dover Corp		49,062,665		1.0
	368,233		Eaton Corp		53,401,150		1.1
	416,462		Honeywell International, Inc		80,589,562		1.6
	216,824		Parker-Hannifin Corp		58,720,276		1.2
	1,135,116		Raytheon Technologies Corp		107,733,859		2.2
			Other		143,911,665		2.8
					552,102,529		11.1
CONSUMER DURABLES & APPAREL					40,843,168		0.8
CONSUMER SERVICES
	490,503	*	Hilton Worldwide Holdings, Inc		76,170,211		1.5
	260,766		McDonald’s Corp		64,972,456		1.3
			Other		29,750,773		0.6
					170,893,440		3.4
	DIVERSIFIED FINANCIALS
	415,424		American Express Co		72,578,727		1.4
	290,312	*	Berkshire Hathaway, Inc (Class B)		93,721,423		1.9
	226,662		Goldman Sachs Group, Inc		69,242,974		1.4
			Other		69,084,797		1.4
					304,627,921		6.1
ENERGY
	944,274		Chevron Corp		147,939,408		3.0
	1,224,596		ConocoPhillips		116,973,410		2.4
	642,444		EOG Resources, Inc		75,011,761		1.5
	503,203		Valero Energy Corp		56,097,070		1.1
					396,021,649		8.0
FOOD & STAPLES RETAILING
	552,970		Walmart, Inc		84,598,880		1.7
					84,598,880		1.7
FOOD, BEVERAGE & TOBACCO
	728,626		Mondelez International, Inc		46,981,805		0.9
					46,981,805		0.9
HEALTH CARE EQUIPMENT & SERVICES
	214,454		Anthem, Inc		107,640,896		2.2
	260,871		Cigna Corp		64,377,745		1.3
	694,121		Medtronic plc		72,438,468		1.4
	378,408		UnitedHealth Group, Inc		192,439,389		3.9
			Other		107,456,240		2.1
					544,352,738		10.9

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	324,615		Procter & Gamble Co	$	52,116,938		1.0	%
					52,116,938		1.0
INSURANCE
	1,264,237		American International Group, Inc		73,970,507		1.5
	474,772		Chubb Ltd		98,016,679		1.9
	423,264		Marsh & McLennan Cos, Inc		68,441,789		1.4
	452,272		Prudential Financial, Inc		49,076,035		1.0
					289,505,010		5.8
MATERIALS
	642,903		Crown Holdings, Inc		70,745,046		1.4
			Other		164,224,372		3.3
					234,969,418		4.7
MEDIA & ENTERTAINMENT
	37,303	*	Alphabet, Inc (Class C)		85,771,907		1.7
	2,584,360		Comcast Corp (Class A)		102,754,153		2.1
	540,882	*	Walt Disney Co		60,378,658		1.2
			Other		32,668,506		0.7
					281,573,224		5.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,133,411		Bristol-Myers Squibb Co		85,311,846		1.7
	981,306		Johnson & Johnson		177,086,481		3.5
			Other		146,945,653		3.0
					409,343,980		8.2
REAL ESTATE
	322,602		Prologis, Inc		51,709,875		1.0
					51,709,875		1.0
RETAILING					42,229,631		0.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	324,511		Analog Devices, Inc		50,098,008		1.0
	777,872		Micron Technology, Inc		53,043,092		1.1
	275,188		NXP Semiconductors NV		47,029,629		0.9
			Other		69,575,996		1.4
					219,746,725		4.4
SOFTWARE & SERVICES
	179,840		Accenture plc		54,016,743		1.1
	539,724	*	Fiserv, Inc		52,849,774		1.1
	252,151		Microsoft Corp		69,976,946		1.4
			Other		25,575,202		0.5
					202,418,665		4.1
TECHNOLOGY HARDWARE & EQUIPMENT
	1,771,059		Cisco Systems, Inc		86,746,470		1.8
	573,757		TE Connectivity Ltd		71,593,398		1.4
					158,339,868		3.2
TELECOMMUNICATION SERVICES
	478,667	*	T-Mobile US, Inc		58,943,054		1.2
					58,943,054		1.2

44 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TRANSPORTATION
	364,119		Union Pacific Corp	$	85,309,440		1.7	%
			Other		67,130,532		1.4
					152,439,972		3.1
UTILITIES
	501,498		Ameren Corp		46,589,164		1.0
	599,883		American Electric Power Co, Inc		59,454,404		1.2
			Other		57,074,884		1.1
					163,118,452		3.3
		TOTAL COMMON STOCKS (Cost $3,335,991,480)			4,936,775,597		99.1

Principal		Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT			$	15,721,282			0.3	%
REPURCHASE AGREEMENT				45,725,000			0.9
	TOTAL SHORT-TERM INVESTMENTS (Cost $61,447,559)			61,446,282			1.2
	TOTAL PORTFOLIO (Cost $3,397,439,039)			4,998,221,879			100.3
	OTHER ASSETS & LIABILITIES, NET			(17,397,831	)		(0.3	)
	NET ASSETS		$	4,980,824,048			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  ■  2022 Semiannual Report 45

Summary portfolio of investments (unaudited)

Mid-Cap Growth Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS				$	6,287,137		0.5	%
CAPITAL GOODS
	450,995		Carrier Global Corp		17,259,579		1.3
	316,731		Spirit Aerosystems Holdings, Inc (Class A)		13,315,371		1.0
	33,055	*	TransDigm Group, Inc		19,661,444		1.5
	46,093		W.W. Grainger, Inc		23,047,883		1.7
			Other		18,685,031		1.4
					91,969,308		6.9
COMMERCIAL & PROFESSIONAL SERVICES
	535,801	*	Driven Brands Holdings, Inc		14,943,490		1.1
	358,174		Experian Group Ltd		12,369,306		0.9
	921,551	*	First Advantage Corp		15,998,125		1.2
	176,901		Verisk Analytics, Inc		36,096,649		2.6
	180,550		Waste Connections, Inc		24,910,484		1.9
			Other		13,766,966		1.0
					118,085,020		8.7
CONSUMER DURABLES & APPAREL
	46,926	*	Lululemon Athletica, Inc		16,641,367		1.2
	2,028,700		Prada S.p.A		12,622,852		0.9
			Other		30,471,113		2.3
					59,735,332		4.4
CONSUMER SERVICES
	10,582	*	Chipotle Mexican Grill, Inc (Class A)		15,403,265		1.1
	765,407		European Wax Center, Inc		21,010,422		1.6
	98,422	*	Expedia Group, Inc		17,199,245		1.3
	174,031	*	Royal Caribbean Cruises Ltd		13,527,430		1.0
			Other		41,667,886		3.1
					108,808,248		8.1
DIVERSIFIED FINANCIALS
	47,715		Ameriprise Financial, Inc		12,667,855		0.9
			Other		19,398,276		1.5
					32,066,131		2.4
ENERGY
	163,836		Cheniere Energy, Inc		22,250,567		1.6
	107,274		Pioneer Natural Resources Co		24,937,987		1.9
			Other		7,863,400		0.6
					55,051,954		4.1
FOOD, BEVERAGE & TOBACCO
	1,078,137		Davide Campari-Milano NV		12,164,814		0.9
			Other		15,617,063		1.2
					27,781,877		2.1
HEALTH CARE EQUIPMENT & SERVICES
	68,350	*	Dexcom, Inc		27,926,443		2.1
	83,276	*	Molina Healthcare, Inc		26,102,862		2.0
	90,713	*	Veeva Systems, Inc		16,505,231		1.2
			Other		18,223,114		1.3
					88,757,650		6.6
INSURANCE					7,824,878		0.6
MATERIALS					14,397,626		1.1
MEDIA & ENTERTAINMENT
	285,246	*	Match Group, Inc		22,577,221		1.7
			Other		26,297,903		1.9
					48,875,124		3.6

Shares			Company	Value		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	200,742		Agilent Technologies, Inc	$	23,942,499		1.8	%
	613,510	*	Avantor, Inc		19,558,699		1.5
	63,824	*	Charles River Laboratories International, Inc		15,414,134		1.1
	238,338	*	Horizon Therapeutics Plc		23,490,593		1.8
	57,238		West Pharmaceutical Services, Inc		18,033,404		1.3
			Other		21,160,919		1.6
					121,600,248		9.1
REAL ESTATE
	167,186		Simon Property Group, Inc		19,727,948		1.5
					19,727,948		1.5
	RETAILING
	93,321	*	Burlington Stores, Inc		18,996,423		1.4
	123,516	*	Dollar Tree, Inc		20,065,174		1.5
	118,116	*	Five Below, Inc		18,556,024		1.4
			Other		16,634,203		1.2
					74,251,824		5.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	136,890		Entegris, Inc		15,248,177		1.2
	214,180		Marvell Technology, Inc		12,439,574		0.9
	69,504		Monolithic Power Systems, Inc		27,262,249		2.0
			Other		21,034,243		1.6
					75,984,243		5.7
SOFTWARE & SERVICES
	508,343	*,e	Clear Secure, Inc		15,463,794		1.2
	152,450	*	Datadog, Inc		18,412,911		1.4
	222,353	*	DocuSign, Inc		18,010,593		1.3
	54,784	*	Gartner, Inc		15,917,491		1.2
	51,717	*	HubSpot, Inc		19,622,981		1.5
	45,958	*	MongoDB, Inc		16,311,873		1.2
	76,329	*	Palo Alto Networks, Inc		42,841,941		3.2
	132,694	*	Paylocity Holding Corp		25,162,763		1.9
	3,007,054	*	Sabre Corp		31,483,856		2.4
	123,749	*	Synopsys, Inc		35,489,976		2.6
	66,814	*	Zscaler, Inc		13,545,870		1.0
			Other		76,106,564		5.6
					328,370,613		24.5
TECHNOLOGY HARDWARE & EQUIPMENT
	148,858	*	Arista Networks, Inc		17,203,519		1.3
					17,203,519		1.3
TRANSPORTATION
	715,532	*,e	Hertz Global Holdings, Inc		14,353,572		1.1
	386,801	*	Lyft, Inc (Class A)		12,609,713		0.9
			Other		11,930,797		0.9
					38,894,082		2.9
		TOTAL COMMON STOCKS (Cost $1,278,812,517)			1,335,672,762		99.7
RIGHTS / WARRANTS
TRANSPORTATION					2,378,180		0.2
		TOTAL RIGHTS / WARRANTS (Cost $2,029,947)			2,378,180		0.2

46 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Mid-Cap Growth Fund  ■  April 30, 2022

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT				$	3,870,000			0.3	%
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	23,616,631	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%		23,616,631			1.8
					23,616,631			1.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $27,486,631)			27,486,631			2.1
		TOTAL PORTFOLIO (Cost $1,308,329,095)			1,365,537,573			101.9
		OTHER ASSETS & LIABILITIES, NET			(25,216,387	)		(1.9	)
		NET ASSETS		$	1,340,321,186			100.0	%

Abbreviation(s):

*	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 $21,904,490. 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $9,377,747 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  ■  2022 Semiannual Report 47

Summary portfolio of investments (unaudited)

Mid-Cap Value Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
BANKS
	115,942		Signature Bank	$	28,086,949		1.5	%
			Other		79,884,600		4.1
					107,971,549		5.6
CAPITAL GOODS
	145,129		Curtiss-Wright Corp		20,740,385		1.1
	172,646		Dover Corp		23,013,712		1.2
	723,919		Howmet Aerospace, Inc		24,700,116		1.3
	133,401		Hubbell, Inc		26,061,219		1.3
	367,182		Johnson Controls International plc		21,983,186		1.1
	129,285		Parker-Hannifin Corp		35,012,964		1.8
	312,493		Westinghouse Air Brake Technologies Corp		28,096,246		1.5
			Other		57,696,468		3.0
					237,304,296		12.3
COMMERCIAL & PROFESSIONAL SERVICES
	167,426		Republic Services, Inc		22,480,289		1.2
					22,480,289		1.2
CONSUMER DURABLES & APPAREL
	1,283,268		Newell Brands Inc		29,707,654		1.5
			Other		20,423,852		1.1
					50,131,506		2.6
CONSUMER SERVICES
	378,097		Travel & Leisure Co		20,976,822		1.1
	262,525		Yum! Brands, Inc		30,718,050		1.6
			Other		26,914,661		1.4
					78,609,533		4.1
DIVERSIFIED FINANCIALS
	659,139		Ally Financial, Inc		26,339,194		1.4
	115,178		Ameriprise Financial, Inc		30,578,607		1.6
	165,264		LPL Financial Holdings, Inc		31,048,148		1.6
	402,245		Voya Financial, Inc		25,397,749		1.3
			Other		16,554,619		0.8
					129,918,317		6.7
ENERGY
	202,933		EOG Resources, Inc		23,694,457		1.2
	189,588		Pioneer Natural Resources Co		44,073,523		2.3
	374,636		Valero Energy Corp		41,764,421		2.2
			Other		37,655,877		1.9
					147,188,278		7.6
FOOD & STAPLES RETAILING
	586,974	*	Performance Food Group Co		28,908,469		1.5
					28,908,469		1.5
FOOD, BEVERAGE & TOBACCO
	122,638		Hershey Co		27,687,981		1.4
			Other		20,349,674		1.1
					48,037,655		2.5
HEALTH CARE EQUIPMENT & SERVICES
	404,404	*	Centene Corp		32,574,742		1.7
	122,649		Cigna Corp		30,267,320		1.6
	58,487		Humana, Inc		26,000,981		1.3
	93,208	*	Molina Healthcare, Inc		29,216,048		1.5
			Other		29,872,141		1.5
					147,931,232		7.6

Shares			Company	Value		% of net assets
INSURANCE
	89,454		Everest Re Group Ltd	$	24,573,908		1.3	%
			Other		20,260,062		1.0
					44,833,970		2.3
MATERIALS
	222,564		Crown Holdings, Inc		24,490,943		1.2
	1,129,379		Graphic Packaging Holding Co		24,620,462		1.3
	340,070		Sealed Air Corp		21,835,895		1.1
			Other		19,160,840		1.0
					90,108,140		4.6
MEDIA & ENTERTAINMENT					12,153,299		0.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	134,866	*	IQVIA Holdings, Inc		29,399,440		1.5
	143,004	*	United Therapeutics Corp		25,391,790		1.3
			Other		20,439,906		1.1
					75,231,136		3.9
REAL ESTATE
	603,605		American Homes 4 Rent		23,908,794		1.2
	432,187		Apartment Income REIT Corp		21,250,635		1.1
	153,329		Extra Space Storage, Inc		29,132,510		1.5
	946,130		Kimco Realty Corp		23,965,473		1.2
	449,392		Rexford Industrial Realty, Inc		35,070,552		1.8
	74,236		SBA Communications Corp		25,768,058		1.3
	431,364		UDR, Inc		22,952,878		1.2
	832,036		VICI Properties, Inc		24,802,995		1.3
			Other		39,454,359		2.1
					246,306,254		12.7
RETAILING
	105,236		Advance Auto Parts, Inc		21,008,263		1.1
			Other		20,443,968		1.0
					41,452,231		2.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					24,299,768		1.3
SOFTWARE & SERVICES
	987,545		NortonLifelock, Inc		24,728,127		1.3
	74,232	*	Synopsys, Inc		21,288,995		1.1
			Other		48,389,674		2.5
					94,406,796		4.9
TECHNOLOGY HARDWARE & EQUIPMENT
	460,729	*	Ciena Corp		25,418,419		1.3
	2,282,227		Hewlett Packard Enterprise Co		35,169,118		1.8
					60,587,537		3.1
TRANSPORTATION
	1,371,851	*,e	American Airlines Group, Inc		25,749,643		1.3
			Other		14,651,465		0.8
					40,401,108		2.1
UTILITIES
	652,762		Alliant Energy Corp		38,388,933		2.0
	295,705		American Electric Power Co, Inc		29,307,323		1.5
	355,390		Evergy, Inc		24,113,211		1.3
	214,326		WEC Energy Group, Inc		21,443,316		1.1
	633,632		Xcel Energy, Inc		46,419,880		2.4
			Other		39,319,807		2.0
					198,992,470		10.3
		TOTAL COMMON STOCKS (Cost $1,674,283,019)			1,927,253,833		99.6

48 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Mid-Cap Value Fund  ■  April 30, 2022

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT				$	17,830,000			0.9	%
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,121	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%		1,121			0.0
					1,121			0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $17,831,121)			17,831,121			0.9
		TOTAL PORTFOLIO (Cost $1,692,114,140)			1,945,084,954			100.5
		OTHER ASSETS & LIABILITIES, NET			(8,971,259	)		(0.5	)
		NET ASSETS		$	1,936,113,695			100.0	%

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 $9,065,422. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

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

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 49

Summary portfolio of investments (unaudited)

Quant Small-Cap Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	19,479,277		0.7	%
BANKS
	286,450		Essent Group Ltd		11,609,819		0.4
	425,090		OFG Bancorp		11,298,892		0.4
	665,760		Radian Group, Inc		14,240,606		0.5
	534,542		United Community Banks, Inc		16,111,096		0.6
			Other		205,210,752		8.0
					258,471,165		9.9
CAPITAL GOODS
	105,840		Applied Industrial Technologies, Inc		11,080,390		0.4
	152,433	*	Atkore International Group, Inc		14,648,811		0.6
	220,170		Comfort Systems USA, Inc		18,586,751		0.7
	143,360		UFP Industries, Inc		11,091,763		0.4
	475,380	*	WillScot Mobile Mini Holdings Corp		16,685,838		0.6
	356,454		Zurn Water Solutions Corp		11,128,494		0.4
			Other		174,384,951		6.7
					257,606,998		9.8
COMMERCIAL & PROFESSIONAL SERVICES
	136,952		Exponent, Inc		13,121,371		0.5
	366,970		KBR, Inc		18,065,933		0.7
	184,048	*	TriNet Group, Inc		16,325,058		0.6
			Other		39,549,596		1.5
					87,061,958		3.3
CONSUMER DURABLES & APPAREL					46,643,398		1.8
CONSUMER SERVICES
	168,730		Texas Roadhouse, Inc (Class A)		13,891,541		0.5
			Other		74,535,027		2.9
					88,426,568		3.4
DIVERSIFIED FINANCIALS					74,667,467		2.9
ENERGY
	538,870	*	Antero Resources Corp		18,968,224		0.7
	535,190		ChampionX Corp		11,292,509		0.4
	168,810		Chesapeake Energy Corp		13,845,796		0.5
	540,510		Ovintiv, Inc		27,668,707		1.1
	646,636	*	PBF Energy, Inc		18,791,242		0.7
	2,588,859	*	Tellurian, Inc		12,892,518		0.5
			Other		93,482,121		3.6
					196,941,117		7.5
FOOD & STAPLES RETAILING
	453,271	*,d	BJ’s Wholesale Club Holdings, Inc		29,167,989		1.1
	311,150	*	Performance Food Group Co		15,324,137		0.6
			Other		7,754,407		0.3
					52,246,533		2.0
FOOD, BEVERAGE & TOBACCO
	63,850		Sanderson Farms, Inc		12,091,274		0.5
			Other		34,944,257		1.3
					47,035,531		1.8

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	344,487	*	Lantheus Holdings, Inc	$	22,877,382		0.9	%
	396,190	*	Option Care Health, Inc		11,838,157		0.4
	534,910	*	R1 RCM, Inc		12,046,173		0.5
			Other		150,101,912		5.7
					196,863,624		7.5
HOUSEHOLD & PERSONAL PRODUCTS					11,809,095		0.4
INSURANCE					35,809,156		1.4
MATERIALS
	466,540	*	Summit Materials, Inc		12,969,812		0.5
			Other		112,460,202		4.3
					125,430,014		4.8
MEDIA & ENTERTAINMENT
	586,720		TEGNA, Inc		12,937,176		0.5
			Other		54,673,525		2.1
					67,610,701		2.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	225,294	*	Intra-Cellular Therapies, Inc		11,402,129		0.4
			Other		201,811,582		7.7
					213,213,711		8.1
REAL ESTATE
	87,620		EastGroup Properties, Inc		16,428,750		0.6
	342,730		National Storage Affiliates Trust		19,398,518		0.7
	197,490		PotlatchDeltic Corp		10,938,971		0.4
	103,018		PS Business Parks, Inc		19,284,970		0.7
	403,950		STAG Industrial, Inc		15,075,414		0.6
			Other		116,905,128		4.6
					198,031,751		7.6
RETAILING
	668,310		Macy’s, Inc		16,153,053		0.6
			Other		40,923,888		1.6
					57,076,941		2.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	294,997	*	Lattice Semiconductor Corp		14,171,656		0.5
	183,090	*	Semtech Corp		10,912,164		0.4
			Other		46,896,739		1.8
					71,980,559		2.7
SOFTWARE & SERVICES
	459,040	*	Box, Inc		14,055,805		0.5
	92,260	*	ExlService Holdings, Inc		12,561,199		0.5
	256,769	*	Tenable Holdings, Inc		14,181,352		0.5
	724,856	*	Vonage Holdings Corp		14,468,126		0.5
			Other		126,688,537		5.0
					181,955,019		7.0
TECHNOLOGY HARDWARE & EQUIPMENT
	196,550	*,e	II-VI, Inc		12,030,826		0.5
	379,721	*	Sanmina Corp		15,526,792		0.6
			Other		58,212,406		2.2
					85,770,024		3.3
TELECOMMUNICATION SERVICES					21,393,862		0.8

50 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Quant Small-Cap Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TRANSPORTATION
	61,120	*	Saia, Inc	$	12,588,275		0.5	%
			Other		56,955,790		2.2
					69,544,065		2.7
UTILITIES
	169,348		Black Hills Corp		12,403,048		0.5
	164,950	e	Brookfield Infrastructure Corp		11,698,254		0.4
	245,431		Portland General Electric Co		11,616,249		0.4
	388,157		South Jersey Industries, Inc		13,271,088		0.5
			Other		47,390,218		1.9
					96,378,857		3.7
		TOTAL COMMON STOCKS (Cost $2,324,352,857)			2,561,447,391		97.9
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					25,277,394		1.0
REPURCHASE AGREEMENT
$	19,740,000	r	Fixed Income Clearing Corp (FICC) 0.230%, 05/02/22		19,740,000		0.7
					19,740,000		0.7
TREASURY DEBT					9,999,660		0.4

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	43,360,329	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	43,360,329			1.7	%
					43,360,329			1.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $98,377,217)			98,377,383			3.8
		TOTAL PORTFOLIO (Cost $2,422,730,074)			2,659,824,774			101.7
		OTHER ASSETS & LIABILITIES, NET			(43,575,930	)		(1.7	)
		NET ASSETS		$	2,616,248,844			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $66,213,320. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $19,740,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $20,134,815.

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

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

Futures contracts outstanding as of April 30, 2022 were as follows:

	Number of							Unrealized
	long (short	)						appreciation
Description	contracts		Expiration date	Notional amount		Value		(depreciation		)
Russell 2000 E Mini Index	530		06/17/22		$53,515,366		$49,324,450		$(4,190,916	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 51

Summary portfolio of investments (unaudited)

Quant Small/Mid-Cap Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	2,833,575		0.3	%
BANKS					67,518,428		6.8
CAPITAL GOODS
	67,026		Aecom Technology Corp		4,729,355		0.5
	83,588	*	Atkore International Group, Inc		8,032,807		0.8
	65,027		Boise Cascade Co		4,914,741		0.5
	104,766	*	Builders FirstSource, Inc		6,450,443		0.7
	59,800		Fortune Brands Home & Security, Inc		4,260,750		0.4
	85,501		UFP Industries, Inc		6,615,212		0.7
			Other		87,603,830		8.8
					122,607,138		12.4
COMMERCIAL & PROFESSIONAL SERVICES
	54,509		Booz Allen Hamilton Holding Co		4,449,570		0.5
	68,980		Kforce, Inc		4,832,049		0.5
			Other		12,744,983		1.2
					22,026,602		2.2
CONSUMER DURABLES & APPAREL					29,163,908		3.0
CONSUMER SERVICES
	68,650		Boyd Gaming Corp		4,158,817		0.4
			Other		24,069,721		2.5
					28,228,538		2.9
DIVERSIFIED FINANCIALS
	41,310		CBOE Global Markets, Inc		4,667,204		0.5
	13,240		Factset Research Systems, Inc		5,342,207		0.5
	40,000	e	iShares Russell 2000 Index Fund		7,398,000		0.8
	32,513		LPL Financial Holdings, Inc		6,108,217		0.6
			Other		29,322,217		2.9
					52,837,845		5.3
ENERGY
	189,750		APA Corp		7,766,467		0.8
	94,690		Devon Energy Corp		5,508,117		0.5
	42,400		Diamondback Energy, Inc		5,352,152		0.5
	397,040		Marathon Oil Corp		9,894,237		1.0
	172,300	*	PBF Energy, Inc		5,007,038		0.5
	210,670		SM Energy Co		7,485,105		0.8
	107,470		Targa Resources Investments, Inc		7,889,373		0.8
			Other		22,417,353		2.3
					71,319,842		7.2
FOOD & STAPLES RETAILING
	84,780	*	Performance Food Group Co		4,175,415		0.4
	120,500	*	US Foods Holding Corp		4,533,210		0.4
			Other		10,517,016		1.1
					19,225,641		1.9
FOOD, BEVERAGE & TOBACCO
	58,073		Bunge Ltd		6,569,218		0.7
			Other		17,388,632		1.7
					23,957,850		2.4

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	14,250	*	Molina Healthcare, Inc	$	4,466,662		0.4	%
			Other		43,668,673		4.5
					48,135,335		4.9
HOUSEHOLD & PERSONAL PRODUCTS					7,454,923		0.8
INSURANCE
	68,130		W.R. Berkley Corp		4,529,964		0.4
			Other		18,077,964		1.9
					22,607,928		2.3
MATERIALS
	28,592		Avery Dennison Corp		5,163,715		0.5
	50,926		CF Industries Holdings, Inc		4,931,165		0.5
	31,334		Reliance Steel & Aluminum Co		6,211,965		0.6
	75,500		Sealed Air Corp		4,847,855		0.5
			Other		43,176,849		4.4
					64,331,549		6.5
MEDIA & ENTERTAINMENT					18,061,091		1.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	170,100	*	Avantor, Inc		5,422,788		0.6
	19,602	*	Charles River Laboratories International, Inc		4,734,079		0.5
	93,200	*	QIAGEN NV		4,228,484		0.4
			Other		49,494,055		5.0
					63,879,406		6.5
REAL ESTATE
	130,750		American Homes 4 Rent		5,179,007		0.5
	89,010		Apartment Income REIT Corp		4,376,622		0.4
	95,040		CubeSmart		4,515,350		0.5
	70,906		Equity Lifestyle Properties, Inc		5,479,616		0.6
	64,700		Rexford Industrial Realty, Inc		5,049,188		0.5
			Other		67,077,137		6.8
					91,676,920		9.3
RETAILING
	37,741	*	Autonation, Inc		4,374,559		0.4
	33,910		Williams-Sonoma, Inc		4,424,577		0.4
			Other		24,262,298		2.5
					33,061,434		3.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	86,500	*	ON Semiconductor Corp		4,507,515		0.4
			Other		29,770,583		3.1
					34,278,098		3.5
SOFTWARE & SERVICES
	34,000	*	Manhattan Associates, Inc		4,438,700		0.4
	12,800	*	MongoDB, Inc		4,543,104		0.5
	38,193	*	SPS Commerce, Inc		4,569,029		0.5
	101,000	*	Varonis Systems, Inc		4,363,200		0.4
	51,272	*	Zendesk, Inc		6,257,235		0.6
			Other		69,217,580		7.1
					93,388,848		9.5

52 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Quant Small/Mid-Cap Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	35,195	*	Arrow Electronics, Inc	$	4,148,083		0.4	%
	74,016		Jabil Inc		4,272,944		0.4
	154,120	*	Pure Storage, Inc		4,515,716		0.5
			Other		17,419,127		1.8
					30,355,870		3.1
TELECOMMUNICATION SERVICES					5,643,427		0.6
TRANSPORTATION					18,201,943		1.8
UTILITIES
	127,310		OGE Energy Corp		4,924,351		0.5
			Other		7,959,766		0.8
					12,884,117		1.3
		TOTAL COMMON STOCKS (Cost $826,470,154)			983,680,256		99.6
Principal			Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT					3,425,000		0.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,481,188	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	5,481,188			0.6	%
					5,481,188			0.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,906,188)			8,906,188			0.9
		TOTAL PORTFOLIO (Cost $835,376,342)			992,586,444			100.5
		OTHER ASSETS & LIABILITIES, NET			(5,378,158	)		(0.5	)
		NET ASSETS		$	987,208,286			100.0	%

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 $13,294,920. 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $2,414,656 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.

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 53

Summary portfolio of investments (unaudited)

Social Choice Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	166,307	*	Tesla, Inc	$	144,813,483		2.2	%
			Other		12,569,404		0.2
					157,382,887		2.4
BANKS					191,435,108		2.9
CAPITAL GOODS
	233,113		Caterpillar, Inc		49,079,611		0.7
	121,467		Deere & Co		45,859,866		0.7
			Other		277,802,863		4.2
					372,742,340		5.6
COMMERCIAL & PROFESSIONAL SERVICES					87,139,024		1.3
CONSUMER DURABLES & APPAREL
	419,574		Nike, Inc (Class B)		52,320,878		0.8
			Other		33,064,808		0.5
					85,385,686		1.3
CONSUMER SERVICES
	19,431	*	Booking Holdings, Inc		42,948,534		0.6
			Other		114,901,469		1.8
					157,850,003		2.4
DIVERSIFIED FINANCIALS
	286,307		American Express Co		50,020,696		0.8
	65,633		BlackRock, Inc		40,999,622		0.6
	647,988		Charles Schwab Corp		42,981,044		0.6
	543,535		Morgan Stanley		43,803,486		0.7
	140,865		S&P Global, Inc		53,035,673		0.8
			Other		241,890,684		3.6
					472,731,205		7.1
ENERGY
	578,708		ConocoPhillips		55,278,188		0.8
			Other		218,061,097		3.3
					273,339,285		4.1
FOOD & STAPLES RETAILING					39,024,417		0.6
FOOD, BEVERAGE & TOBACCO
	1,127,100		Coca-Cola Co		72,821,931		1.1
	414,457		PepsiCo, Inc		71,166,411		1.1
			Other		63,538,411		0.9
					207,526,753		3.1
HEALTH CARE EQUIPMENT & SERVICES
	105,691		Anthem, Inc		53,049,484		0.8
	185,551		Cigna Corp		45,790,276		0.7
			Other		322,356,366		4.8
					421,196,126		6.3
HOUSEHOLD & PERSONAL PRODUCTS
	595,703		Procter & Gamble Co		95,640,117		1.4
			Other		69,090,999		1.1
					164,731,116		2.5

Shares			Company	Value		% of net assets
INSURANCE
	230,403		Chubb Ltd	$	47,566,699		0.7	%
	277,166		Marsh & McLennan Cos, Inc		44,817,742		0.7
			Other		131,241,059		1.9
					223,625,500		3.3
MATERIALS					176,723,990		2.6
MEDIA & ENTERTAINMENT
	1,066,497		Comcast Corp (Class A)		42,403,921		0.6
	512,185	*	Walt Disney Co		57,175,212		0.9
			Other		184,041,344		2.7
					283,620,477		4.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	180,747		Amgen, Inc		42,148,393		0.6
	738,603		Bristol-Myers Squibb Co		55,594,648		0.8
	218,680		Danaher Corp		54,917,108		0.8
	253,670		Eli Lilly & Co		74,104,617		1.1
	120,749		Thermo Fisher Scientific, Inc		66,764,537		1.0
	229,553		Zoetis, Inc		40,688,269		0.6
			Other		207,978,962		3.2
					542,196,534		8.1
REAL ESTATE
	200,105		American Tower Corp		48,229,307		0.7
	319,767		Prologis, Inc		51,255,452		0.8
			Other		118,071,423		1.8
					217,556,182		3.3
RETAILING
	265,726		Home Depot, Inc		79,824,090		1.2
	241,920		Lowe’s Companies, Inc		47,834,842		0.7
	218,871		Target Corp		50,044,854		0.8
			Other		98,594,995		1.4
					276,298,781		4.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	441,575		Applied Materials, Inc		48,727,801		0.7
	1,376,307		Intel Corp		59,993,222		0.9
	561,347		NVIDIA Corp		104,113,028		1.6
	348,490		Texas Instruments, Inc		59,330,423		0.9
			Other		116,988,125		1.7
					389,152,599		5.8
SOFTWARE & SERVICES
	210,596		Accenture plc		63,254,615		1.0
	142,621	*	Adobe, Inc		56,470,785		0.9
	217,096		Automatic Data Processing, Inc		47,366,005		0.7
	388,025		International Business Machines Corp		51,300,785		0.8
	101,475		Intuit, Inc		42,492,656		0.6
	234,341		Mastercard, Inc (Class A)		85,154,833		1.3
	1,334,497	d	Microsoft Corp		370,349,607		5.6
	479,182	*	PayPal Holdings, Inc		42,134,473		0.6
	300,072	*	salesforce.com, Inc		52,794,668		0.8
	90,530	*	ServiceNow, Inc		43,282,393		0.7
			Other		270,056,258		3.9
					1,124,657,078		16.9
TECHNOLOGY HARDWARE & EQUIPMENT
	1,263,337		Cisco Systems, Inc		61,878,246		0.9
			Other		226,438,581		3.4
					288,316,827		4.3

54 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Social Choice Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	351,522	*	T-Mobile US, Inc	$	43,286,419		0.6	%
	1,261,731		Verizon Communications, Inc		58,418,145		0.9
			Other		5,977,604		0.1
					107,682,168		1.6
TRANSPORTATION
	1,265,121		CSX Corp		43,444,255		0.7
			Other		122,869,495		1.8
					166,313,750		2.5
UTILITIES
	710,043		NextEra Energy, Inc		50,427,254		0.8
			Other		162,925,903		2.4
					213,353,157		3.2
		TOTAL COMMON STOCKS (Cost $4,577,298,356)			6,639,980,993		99.5
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					25,699,051		0.4

Shares			Company	Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,185,122	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	5,185,122		0.1	%
					5,185,122		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $30,884,415)			30,884,173		0.5
		TOTAL PORTFOLIO (Cost $4,608,182,771)			6,670,865,166		100.0
		OTHER ASSETS & LIABILITIES, NET			29,613		0.0
		NET ASSETS		$	6,670,894,779		100.0	%

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

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

At 4/30/22, the aggregate value of securities on loan is $12,088,450. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of April 30, 2022 were as follows:

	Number of							Unrealized
	long (short	)						appreciation
Description	contracts		Expiration date	Notional amount		Value		(depreciation		)
S&P 500 E Mini Index	118		06/17/22		$25,466,015		$24,352,250		$(1,113,765	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 55

Summary portfolio of investments (unaudited)

Social Choice Low Carbon Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	27,408	*	Tesla, Inc	$	23,865,790		2.2	%
			Other		3,949,983		0.4
					27,815,773		2.6
BANKS					29,017,789		2.7
CAPITAL GOODS
	36,829		Caterpillar, Inc		7,753,978		0.7
	20,996		Deere & Co		7,927,040		0.8
			Other		42,788,984		4.0
					58,470,002		5.5
COMMERCIAL & PROFESSIONAL SERVICES					12,382,827		1.2
CONSUMER DURABLES & APPAREL
	61,996		Nike, Inc (Class B)		7,730,901		0.7
			Other		6,955,881		0.7
					14,686,782		1.4
CONSUMER SERVICES
	3,434	*	Booking Holdings, Inc		7,590,204		0.7
			Other		18,089,673		1.7
					25,679,877		2.4
DIVERSIFIED FINANCIALS
	45,074		American Express Co		7,874,879		0.8
	115,646		Charles Schwab Corp		7,670,799		0.7
	24,981		Goldman Sachs Group, Inc		7,631,446		0.7
	58,936		Intercontinental Exchange Group, Inc		6,825,378		0.7
	97,787		Morgan Stanley		7,880,654		0.8
	22,592		S&P Global, Inc		8,505,888		0.8
			Other		24,814,466		2.2
					71,203,510		6.7
ENERGY					35,290,448		3.3
FOOD & STAPLES RETAILING					4,962,006		0.5
FOOD, BEVERAGE & TOBACCO
	179,819		Coca-Cola Co		11,618,106		1.1
	65,923		PepsiCo, Inc		11,319,638		1.1
			Other		10,505,504		1.0
					33,443,248		3.2
HEALTH CARE EQUIPMENT & SERVICES
	16,837		Anthem, Inc		8,450,995		0.8
	28,978		Cigna Corp		7,151,191		0.7
			Other		48,167,738		4.5
					63,769,924		6.0
HOUSEHOLD & PERSONAL PRODUCTS
	94,302		Procter & Gamble Co		15,140,186		1.5
			Other		11,296,424		1.0
					26,436,610		2.5

Shares			Company	Value		% of net assets
INSURANCE
	36,322		Chubb Ltd	$	7,498,677		0.7	%
	43,812		Marsh & McLennan Cos, Inc		7,084,400		0.7
			Other		27,574,806		2.6
					42,157,883		4.0
MATERIALS					33,199,666		3.1
MEDIA & ENTERTAINMENT
	213,277		Comcast Corp (Class A)		8,479,893		0.8
	92,225	*	Walt Disney Co		10,295,077		1.0
			Other		22,797,530		2.1
					41,572,500		3.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	34,842		Amgen, Inc		8,124,806		0.8
	125,801		Bristol-Myers Squibb Co		9,469,041		0.9
	36,987		Danaher Corp		9,288,545		0.9
	39,516		Eli Lilly & Co		11,543,809		1.1
	125,099		Merck & Co, Inc		11,095,030		1.1
	19,606		Thermo Fisher Scientific, Inc		10,840,550		1.0
			Other		31,993,851		2.9
					92,355,632		8.7
REAL ESTATE
	32,699		American Tower Corp		7,881,113		0.8
	51,062		Prologis, Inc		8,184,728		0.8
			Other		25,710,408		2.3
					41,776,249		3.9
RETAILING
	44,412		Home Depot, Inc		13,341,365		1.3
	43,751		Lowe’s Companies, Inc		8,650,885		0.8
	34,416		Target Corp		7,869,218		0.8
			Other		16,544,366		1.5
					46,405,834		4.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	67,817		Applied Materials, Inc		7,483,606		0.7
	218,030		Intel Corp		9,503,928		0.9
	88,266		NVIDIA Corp		16,370,695		1.6
	53,948		Texas Instruments, Inc		9,184,647		0.9
			Other		18,543,302		1.7
					61,086,178		5.8
SOFTWARE & SERVICES
	33,307		Accenture plc		10,004,091		0.9
	25,058	*	Adobe, Inc		9,921,715		0.9
	34,383		Automatic Data Processing, Inc		7,501,683		0.7
	62,193		International Business Machines Corp		8,222,537		0.8
	17,523		Intuit, Inc		7,337,756		0.7
	36,977		Mastercard, Inc (Class A)		13,436,702		1.3
	211,593	d	Microsoft Corp		58,721,289		5.5
	83,406	*	PayPal Holdings, Inc		7,333,890		0.7
	52,532	*	salesforce.com, Inc		9,242,480		0.9
	14,574	*	ServiceNow, Inc		6,967,829		0.7
			Other		45,525,700		4.3
					184,215,672		17.4

56 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Social Choice Low Carbon Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	213,578		Cisco Systems, Inc	$	10,461,050		1.0	%
			Other		41,387,192		3.9
					51,848,242		4.9
TELECOMMUNICATION SERVICES
	54,752	*	T-Mobile US, Inc		6,742,161		0.6
	194,644		Verizon Communications, Inc		9,012,017		0.9
			Other		283,466		0.0
					16,037,644		1.5
TRANSPORTATION
	210,164		CSX Corp		7,217,032		0.7
			Other		9,167,854		0.8
					16,384,886		1.5
UTILITIES					20,996,788		2.0
		TOTAL COMMON STOCKS (Cost $975,319,543)			1,051,195,970		99.1
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					4,999,933		0.5
REPURCHASE AGREEMENT
$	16,895,000	r	Fixed Income Clearing Corp (FICC)
			0.230%, 05/02/22		16,895,000		1.6
					16,895,000		1.6

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	365,305	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	365,305			0.0	%
					365,305			0.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $22,260,249)			22,260,238			2.1
		TOTAL PORTFOLIO (Cost $997,579,792)			1,073,456,208			101.2
		OTHER ASSETS & LIABILITIES, NET			(12,600,323	)		(1.2	)
		NET ASSETS		$	1,060,855,885			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $16,895,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $17,232,910.

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

At 4/30/22, the aggregate value of securities on loan is $691,313. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
S&P 500 E Mini Index	32	06/17/22		$6,761,688		$6,604,000		$(157,688	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 57

Summary portfolio of investments (unaudited)

Emerging Markets Equity Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
BRAZIL
	11,542,002		Americanas S.A.	$	56,029,702	4.0	%
	7,715,472	*	Arcos Dorados Holdings, Inc		55,937,172	4.0
	1,887,100		Banco do Brasil S.A.		12,680,036	0.9
	1,271,425	*	Pagseguro Digital Ltd		18,702,662	1.3
	3,512,000		Petroleo Brasileiro S.A. (Preference)		21,509,797	1.5
	1,622,940	*	StoneCo Ltd		15,288,095	1.1
	444,707	*	XP, Inc		10,944,239	0.8
					191,091,703	13.6
CHILE
	178,743		Sociedad Quimica y Minera de Chile S.A. (ADR)		13,191,233	0.9
					13,191,233	0.9
CHINA
	4,734,308	*	Alibaba Group Holding Ltd		57,747,563	4.1
	520,801	*	Baidu, Inc (ADR)		64,667,860	4.6
	41,298,000		Bank of China Ltd		16,204,610	1.2
	2,911,320	*	HUYA, Inc (ADR)		12,023,752	0.9
	19,512,000		Lenovo Group Ltd		18,946,204	1.4
	622,733	*	Pinduoduo, Inc (ADR)		26,833,565	1.9
	1,142,776		Tencent Holdings Ltd		53,853,188	3.8
	3,880,772	*	Vipshop Holdings Ltd (ADR)		29,726,713	2.1
			Other		20,073,519	1.4
					300,076,974	21.4
HONG KONG
	17,183,500	g	WH Group Ltd		11,866,909	0.8
			Other		9,172,449	0.7
					21,039,358	1.5
INDIA
	202,857		Dr Reddy’s Laboratories Ltd		10,925,269	0.8
	22,956,912		Edelweiss Capital Ltd		17,916,917	1.3
	1,132,975		Housing Development Finance Corp		32,688,527	2.3
	1,023,221		Piramal Healthcare Ltd		28,659,865	2.0
	6,934,488	*,g	RBL Bank Ltd		10,772,114	0.8
	1,880,755		Reliance Industries Ltd		68,144,311	4.8
					169,107,003	12.0
INDONESIA
	42,306,500		Astra International Tbk PT		22,089,980	1.5
	9,237,400		PT United Tractors Tbk		19,291,045	1.4
					41,381,025	2.9
KOREA, REPUBLIC OF
	126,144		Amorepacific Corp		17,951,020	1.3
	391,414		KB Financial Group, Inc		18,210,177	1.3
	139,551		LG Electronics, Inc		12,638,724	0.9
	88,410		Naver Corp		19,694,123	1.4
	59,439		POSCO		13,571,516	0.9
	1,498,953		Samsung Electronics Co Ltd		79,884,519	5.7
	337,513		Shinhan Financial Group Co Ltd		11,213,735	0.8
			Other		9,938,094	0.7
					183,101,908	13.0

Shares			Company	Value		% of net assets
MACAU
	5,478,800	*	Sands China Ltd	$	12,076,234		0.9	%
	24,888,100	*	Wynn Macau Ltd		15,286,917		1.1
					27,363,151		2.0
MEXICO
	646,841		Fomento Economico Mexicano SAB de C.V. (ADR)		48,344,896		3.4
	2,502,538		Grupo Televisa SAB (ADR)		23,098,426		1.7
					71,443,322		5.1
PERU
	98,300		Credicorp Ltd		13,652,887		1.0
					13,652,887		1.0
QATAR
	1,992,578		Qatar National Bank		12,721,202		0.9
					12,721,202		0.9
SAUDI ARABIA
	1,684,447	g	Saudi Arabian Oil Co		20,128,776		1.4
					20,128,776		1.4
SOUTH AFRICA
	131,775		Naspers Ltd (N Shares)		13,290,291		1.0
	1,594,495		Standard Bank Group Ltd		16,897,669		1.2
					30,187,960		2.2
TAIWAN
	7,360,000		Hon Hai Precision Industry Co, Ltd		25,215,945		1.8
	679,000		MediaTek, Inc		18,718,658		1.3
	6,290,400		Taiwan Semiconductor Manufacturing Co Ltd		113,747,066		8.1
					157,681,669		11.2
TANZANIA, UNITED REPUBLIC OF
	624,334		AngloGold Ashanti Ltd (ADR)		12,748,900		0.9
					12,748,900		0.9
THAILAND
	6,551,400		CP Seven Eleven PCL (ADR)		12,352,249		0.9
	3,077,500		PTT Exploration & Production PCL (ADR)		13,465,328		1.0
	11,759,700		PTT PCL		12,780,755		0.9
			Other		10,392,426		0.7
					48,990,758		3.5
UNITED ARAB EMIRATES
	2,306,037		National Bank of Abu Dhabi PJSC		14,088,420		1.0
					14,088,420		1.0
UNITED STATES					2,131,871		0.2
		TOTAL COMMON STOCKS (Cost $1,557,017,115)			1,330,128,120		94.7
PREFERRED STOCKS
PHILIPPINES					3,298		0.0
		TOTAL PREFERRED STOCKS (Cost $4,057)			3,298		0.0

58 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Emerging Markets Equity Fund  ■  April 30, 2022

Principal			Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	23,603,107		1.7	%
REPURCHASE AGREEMENT
$	41,540,000	r	Fixed Income Clearing Corp (FICC)
			0.250%, 05/02/22		41,540,000		2.9
					41,540,000		2.9
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	727,368	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%		727,368		0.1
					727,368		0.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $65,870,733)			65,870,475		4.7
		TOTAL PORTFOLIO (Cost $1,622,891,905)			1,396,001,893		99.4
		OTHER ASSETS & LIABILITIES, NET			8,868,724		0.6
		NET ASSETS		$	1,404,870,617		100.0	%

ADR	American Depositary Receipt
*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities, including those in “Other,” is $42,767,799 or 3.0% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $41,540,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 11/15/45, valued at $42,370,899.

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

At 4/30/22, the aggregate value of securities on loan is $454,282. 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  ■  2022 Semiannual Report 59

Summary portfolio of investments (unaudited)

International Equity Fund  ■  April 30, 2022

Shares				Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	2,520,361		e	BHP Billiton Ltd	$	84,218,933		1.5	%
	1,424,844			Commonwealth Bank of Australia		103,562,669		1.8
	9,511,993			Glencore Xstrata plc		58,609,706		1.0
	1,058,063			Rio Tinto plc		74,758,653		1.3
				Other		37,423,470		0.7
						358,573,431		6.3
BRAZIL						41,201,303		0.7
DENMARK
	492,997			DSV AS		80,827,676		1.4
						80,827,676		1.4
FINLAND
	6,660,944			Nordea Bank Abp		66,455,564		1.2
						66,455,564		1.2
FRANCE
	1,280,437			Airbus SE		140,171,796		2.4
	1,743,966			Compagnie de Saint-Gobain		101,739,768		1.8
	556,035			Essilor International S.A.		94,663,690		1.7
	137,258			Kering		73,031,192		1.3
	1,852,731			Total S.A.		90,974,586		1.6
	655,404			Vinci S.A.		63,596,378		1.1
				Other		54,031,444		0.9
						618,208,854		10.8
GERMANY
	2,484,325	*		Bayer AG.		163,645,071		2.9
	1,677,234			RWE AG.		69,637,745		1.2
	733,828			Siemens AG.		90,227,802		1.6
	375,754			Volkswagen AG. (Preference)		58,191,674		1.0
				Other		194,302,170		3.4
						576,004,462		10.1
HONG KONG
	1,981,724			Hong Kong Exchanges and Clearing Ltd		84,062,702		1.5
						84,062,702		1.5
IRELAND
	2,141,395			CRH plc		84,638,299		1.5
						84,638,299		1.5
ITALY
	1,307,128			Moncler S.p.A		68,093,128		1.2
				Other		43,376,960		0.8
						111,470,088		2.0

Shares			Company	Value		% of net assets
JAPAN
	4,545,900		Daiichi Sankyo Co Ltd	$	114,460,738		2.0	%
	394,916		Daikin Industries Ltd		60,350,108		1.1
	2,744,379	*	Hitachi Ltd		130,156,151		2.3
	144,300		Keyence Corp		58,009,195		1.0
	152,628		Nintendo Co Ltd		69,658,001		1.2
	2,392,600		Recruit Holdings Co Ltd		86,807,335		1.5
	1,796,959		Sony Corp		155,079,386		2.7
	1,944,100		Sumitomo Mitsui Financial Group, Inc		58,738,911		1.0
	9,205,945	*	Toyota Motor Corp		157,731,953		2.8
			Other		149,943,588		2.7
					1,040,935,366		18.3
KOREA, REPUBLIC OF					33,047,388		0.6
NETHERLANDS
	186,099		ASML Holding NV		105,618,343		1.8
	641,788	e	Heineken NV		62,645,553		1.1
	7,030,523		ING Groep NV		66,608,649		1.2
	19,613,806		Koninklijke KPN NV		67,679,251		1.2
	7,188,941		Shell plc		192,993,533		3.4
			Other		44,598,310		0.8
					540,143,639		9.5
NORWAY
	2,802,971		Equinor ASA		94,739,195		1.7
					94,739,195		1.7
SPAIN
	12,484,981		Banco Bilbao Vizcaya Argentaria S.A.		65,511,827		1.1
					65,511,827		1.1
SWITZERLAND
	120,855		Lonza Group AG.		71,260,197		1.2
	581,628		Nestle S.A.		75,084,729		1.3
	1,458,689		Novartis AG.		128,903,241		2.3
	384,262		Roche Holding AG.		142,489,620		2.5
	170,400		Zurich Insurance Group AG		77,577,925		1.4
					495,315,712		8.7
TAIWAN					46,199,034		0.8
UNITED KINGDOM
	1,397,046		Ashtead Group plc		72,237,377		1.3
	1,588,635		AstraZeneca plc		211,989,483		3.7
	30,907,248		Barclays plc		56,811,879		1.0
	1,590,669		British American Tobacco plc		66,668,675		1.2
	3,233,874		Diageo plc		161,334,268		2.8
	362,884		Linde plc (Xetra)		113,814,066		2.0
	981,309		Reckitt Benckiser Group plc		76,527,934		1.3
	21,215,356		Tesco plc		72,075,308		1.3
			Other		82,267,889		1.4
					913,726,879		16.0
UNITED STATES
	3,724,156		GlaxoSmithKline plc		83,952,089		1.4
			Other		21,481,057		0.4
					105,433,146		1.8
		TOTAL COMMON STOCKS (Cost $4,892,191,722)			5,356,494,565		94.0

60 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

International Equity Fund  ■  April 30, 2022

Principal			Issuer	Value		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	143,262,971		2.5	%
REPURCHASE AGREEMENT
$	100,065,000	r	Fixed Income Clearing Corp (FICC)
			0.250%, 05/02/22		100,065,000		1.8
					100,065,000		1.8
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	34,029,231	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%		34,029,231		0.6
					34,029,231		0.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $277,360,868)			277,357,202		4.9
		TOTAL PORTFOLIO (Cost $5,169,552,590)			5,633,851,767		98.9
		OTHER ASSETS & LIABILITIES, NET			63,119,803		1.1
		NET ASSETS		$	5,696,971,570		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 $40,002,674. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $100,065,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.875%–3.000% and maturity dates 8/15/45–11/15/45, valued at $102,066,389.

“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  ■  2022 Semiannual Report 61

Summary portfolio of investments (unaudited)

International Opportunities Fund   ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	1,464,354		Australia & New Zealand Banking Group Ltd	$	27,865,467		1.3	%
			Other		27,665,376		1.3
					55,530,843		2.6
BRAZIL
	4,678,524		Banco BTG Pactual S.A. - Unit		21,850,366		1.0
	5,623,500		Itau Unibanco Holding S.A.		27,150,951		1.3
	2,097,700		Vale S.A.		35,339,644		1.7
			Other		27,083,737		1.3
					111,424,698		5.3
CANADA
	1,049,500		Alimentation Couche-Tard, Inc		46,721,601		2.2
	396,248	e	Bank of Montreal		42,013,731		2.0
	653,557		Dollarama, Inc		36,334,442		1.7
	407,696		Nutrien Ltd		40,063,475		1.9
	50,755	*	Shopify, Inc (Class A)		21,711,280		1.1
	830,767		Suncor Energy, Inc		29,864,025		1.4
			Other		28,621,537		1.4
					245,330,091		11.7
CHINA
	866,250	*	JD.com, Inc		27,008,407		1.3
	703,300		Tencent Holdings Ltd		33,142,932		1.5
			Other		20,530,879		1.0
					80,682,218		3.8
DENMARK
	182,956		Carlsberg AS (Class B)		23,241,473		1.1
	510,300		Novo Nordisk AS		58,289,646		2.8
					81,531,119		3.9
FRANCE
	186,139		Essilor International S.A.		31,689,740		1.5
	83,512		L’Oreal S.A.		30,382,490		1.4
	127,639		Teleperformance		45,811,050		2.2
					107,883,280		5.1
GERMANY
	453,465	*	Bayer AG.		29,870,211		1.4
	148,233		Deutsche Boerse AG.		25,806,555		1.2
			Other		27,938,456		1.4
					83,615,222		4.0
HONG KONG					6,290,633		0.3
INDIA					20,556,444		1.0
INDONESIA
	85,976,300		Bank Rakyat Indonesia		28,646,186		1.4
					28,646,186		1.4

Shares			Company	Value		% of net assets
IRELAND
	626,315		CRH plc	$	24,755,001		1.2	%
	587,889		Smurfit Kappa Group plc		24,841,700		1.2
			Other		26,231,936		1.2
					75,828,637		3.6
ITALY
	629,250		Amplifon S.p.A.		25,103,841		1.2
	1,926,620		Davide Campari-Milano NV		21,738,401		1.0
	141,800	e	Ferrari NV		29,856,662		1.4
	445,951		Moncler S.p.A		23,231,236		1.1
					99,930,140		4.7
JAPAN
	670,900		Recruit Holdings Co Ltd		24,341,320		1.2
	144,999	*	SHIFT, Inc		27,477,287		1.3
	836,000		TechnoPro Holdings, Inc		21,291,325		1.0
			Other		99,536,234		4.7
					172,646,166		8.2
NETHERLANDS
	13,634	*,g	Adyen NV		22,868,218		1.1
	87,682		ASML Holding NV		49,762,909		2.3
	3,492,429		ING Groep NV		33,088,004		1.6
					105,719,131		5.0
NORWAY
	1,304,247	e	Aker BP ASA		46,729,676		2.2
	1,364,890		Equinor ASA		46,132,686		2.2
					92,862,362		4.4
PHILIPPINES					20,240,112		1.0
PORTUGAL
	1,204,396		Jeronimo Martins SGPS S.A.		25,071,478		1.2
					25,071,478		1.2
SINGAPORE					12,112,166		0.6
SPAIN
	441,397	*	Amadeus IT Holding S.A.		27,659,223		1.3
			Other		1,500		0.0
					27,660,723		1.3
SWEDEN
	2,009,889	*,e	Hexagon AB		25,933,438		1.2
	3,273,725	e	Swedish Match AB		26,074,500		1.2
			Other		31,370,963		1.6
					83,378,901		4.0
SWITZERLAND
	6,007		Givaudan S.A.		23,874,951		1.1
	52,867		Lonza Group AG.		31,172,172		1.5
	128,319		Roche Holding AG.		47,582,445		2.3
					102,629,568		4.9
TAIWAN
	2,597,000		Taiwan Semiconductor Manufacturing Co Ltd		46,960,628		2.3
			Other		26,670,390		1.2
					73,631,018		3.5

62 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

International Opportunities Fund   ■  April 30, 2022

Shares			Company	Value		% of net assets
UNITED KINGDOM
	613,152		Ashtead Group plc	$	31,704,391		1.5	%
	1,880,365		Electrocomponents plc		24,543,421		1.2
	76,655		Linde plc (Xetra)		24,041,890		1.1
	7,333,728		Tritax Big Box REIT plc		22,387,439		1.1
			Other		75,998,919		3.6
					178,676,060		8.5
UNITED STATES
	173,862		Ferguson plc		21,810,847		1.0
	79,741	*	Lululemon Athletica, Inc		28,278,551		1.4
			Other		2,891,203		0.1
					52,980,601		2.5
		TOTAL COMMON STOCKS (Cost $1,539,713,199)			1,944,857,797		92.5
RIGHTS / WARRANTS
AUSTRALIA					3,980		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			3,980		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					48,325,411		2.3
REPURCHASE AGREEMENT
$	71,850,000	r	Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22		71,850,000		3.4
					71,850,000		3.4

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	114,799,533	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	114,799,533			5.5	%
					114,799,533			5.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $234,977,934)			234,974,944			11.2
		TOTAL PORTFOLIO (Cost $1,774,691,133)			2,179,836,721			103.7
		OTHER ASSETS & LIABILITIES, NET			(77,156,186	)		(3.7	)
		NET ASSETS		$	2,102,680,535			100.0	%

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 $178,503,599. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities, including those in “Other,” is $38,478,343 or 1.8% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $71,850,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.500%–3.000% and maturity dates 2/15/45–5/15/45, valued at $73,287,051.

“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  ■  2022 Semiannual Report 63

Summary portfolio of investments (unaudited)

Quant International Small-Cap Equity Fund   ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	1,294,520	e	Bank of Queensland Ltd (ASE)	$	7,344,540		0.6	%
	522,699		carsales.com Ltd		7,716,643		0.6
	1,999,004		Charter Hall Long Wale REIT		7,502,378		0.6
	1,352,571		Nufarm Ltd		6,084,811		0.5
	3,328,979		Qube Logistics Holdings Ltd		6,879,174		0.5
			Other		63,023,263		4.6
					98,550,809		7.4
AUSTRIA
	136,019		BAWAG Group AG.		6,458,707		0.5
			Other		3,458,646		0.3
					9,917,353		0.8
BELGIUM					7,088,429		0.5
BRAZIL					32,103,297		2.4
CANADA
	965,243		Crescent Point Energy Corp		6,687,162		0.5
	318,071		Finning International, Inc		8,948,029		0.7
	588,152	e	Freehold Royalty Trust		6,858,301		0.5
	100,702		Granite REIT		7,457,898		0.6
	339,726	e	Topaz Energy Corp		6,018,887		0.5
	167,564		Tourmaline Oil Corp		8,629,614		0.6
			Other		63,760,655		4.8
					108,360,546		8.2
CHILE					2,700,965		0.2
CHINA					28,285,926		2.1
COLOMBIA					155,309		0.0
CZECH REPUBLIC					255,011		0.0
DENMARK					18,335,057		1.4
EGYPT					141,740		0.0
FINLAND					6,241,458		0.5
FRANCE
	293,017		SPIE S.A.		6,896,455		0.5
			Other		16,940,535		1.3
					23,836,990		1.8
GEORGIA					298,005		0.0
GERMANY
	136,147		Hugo Boss AG.		7,635,518		0.6
	275,649	*	K&S AG.		9,258,494		0.7
			Other		35,555,657		2.7
					52,449,669		4.0
GREECE					1,252,721		0.1
GUERNSEY, C.I.					548,971		0.0
HONG KONG
	727,600		ASM Pacific Technology		7,332,594		0.6
			Other		9,811,609		0.7
					17,144,203		1.3

Shares			Company	Value		% of net assets
HUNGARY				$	129,018		0.0	%
INDIA
	421,023		Central Depository Services India Ltd		7,520,583		0.6
			Other		37,001,382		2.8
					44,521,965		3.4
INDONESIA					9,756,503		0.7
IRELAND					8,853,879		0.7
ISRAEL
	10,462	*	Israel Corp Ltd		5,878,258		0.4
			Other		34,770,423		2.7
					40,648,681		3.1
ITALY					21,769,503		1.6
JAPAN
	1,484,000		Fujikura Ltd		7,020,056		0.5
	972,800		Kyushu Electric Power Co, Inc		6,105,677		0.5
	249,700		Nihon Kohden Corp		5,994,324		0.5
	550,400		Nikon Corp		6,184,745		0.5
			Other		192,772,609		14.4
					218,077,411		16.4
KOREA, REPUBLIC OF
	185,187		Samsung Techwin Co Ltd		7,749,715		0.6
			Other		54,996,520		4.1
					62,746,235		4.7
LUXEMBOURG					4,602,377		0.4
MALAYSIA					8,452,465		0.6
MALTA					1,838,286		0.1
MEXICO					4,608,133		0.4
NETHERLANDS
	139,975		Aalberts Industries NV		6,801,705		0.5
	654,083	*	Fugro NV		8,012,740		0.6
	226,349	*	OCI NV		8,576,933		0.7
			Other		1,415,323		0.1
					24,806,701		1.9
NEW ZEALAND					5,126,550		0.4
NORWAY
	642,139		Golden Ocean Group Ltd		7,994,071		0.6
	159,280		Kongsberg Gruppen ASA		6,841,487		0.5
	2,211,519		MPC Container Ships AS.		6,582,543		0.5
			Other		11,126,946		0.9
					32,545,047		2.5
PHILIPPINES					2,432,433		0.2
POLAND					5,705,862		0.4
PORTUGAL					445,549		0.0
RUSSIA					813		0.0

64 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Quant International Small-Cap Equity Fund   ■  April 30, 2022

Shares			Company	Value		% of net assets
SINGAPORE
	6,884,400		Frasers Logistics & Industrial Trust	$	7,169,135		0.5	%
			Other		4,869,436		0.4
					12,038,571		0.9
SOUTH AFRICA					11,430,355		0.9
SPAIN
	220,077		Fluidra S.A.		5,956,204		0.5
			Other		9,071,382		0.6
					15,027,586		1.1
SWEDEN
	460,277		Billerud AB		7,102,662		0.5
	1,150,629		Ssab Svenskt Stal AB (Series B)		6,766,418		0.5
			Other		46,151,854		3.5
					60,020,934		4.5
SWITZERLAND
	72,650		DKSH Holding AG.		6,238,087		0.5
	67,346		PSP Swiss Property AG.		8,487,746		0.6
			Other		20,709,353		1.6
					35,435,186		2.7
TAIWAN
	5,309,000		Evergreen International Storage & Transport Corp		6,388,804		0.5
	837,000		Faraday Technology Corp		7,143,279		0.5
	1,915,000		Wisdom Marine Lines Co Ltd		5,892,624		0.4
			Other		40,887,576		3.1
					60,312,283		4.5
THAILAND					15,372,520		1.2
TURKEY					5,355,739		0.4
UNITED ARAB EMIRATES					1,648,227		0.1
UNITED KINGDOM
	175,172		Derwent London plc		6,646,362		0.5
	199,392		Diploma plc		6,838,904		0.5
	1,616,656		DS Smith plc		6,643,270		0.5
	672,631		HomeServe plc		8,314,215		0.6
	746,887		IG Group Holdings plc		7,633,239		0.6
	2,219,757		LondonMetric Property plc		7,502,492		0.6
	2,771,271		Man Group plc		8,076,945		0.6
	468,919		Safestore Holdings plc		7,376,923		0.6
	3,147,226		Tritax Big Box REIT plc		9,607,437		0.7
			Other		84,206,293		6.3
					152,846,080		11.5
UNITED STATES
	151,395		iShares Core MSCI Emerging Markets ETF		7,910,389		0.6
	339,653		iShares MSCI EAFE Small-Cap ETF		20,956,590		1.6
			Other		17,602,721		1.3
					46,469,700		3.5
		TOTAL COMMON STOCKS (Cost $1,393,989,835)			1,320,691,051		99.5

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT				$	400,000			0.0	%
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	11,656,317	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%		11,656,317			0.9
					11,656,317			0.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $12,056,317)			12,056,317			0.9
		TOTAL PORTFOLIO (Cost $1,406,046,152)			1,332,747,368			100.4
		OTHER ASSETS & LIABILITIES, NET			(4,678,521	)		(0.4	)
		NET ASSETS		$	1,328,068,847			100.0	%

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 $37,972,814. 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $35,297,622 or 2.7% 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  ■  2022 Semiannual Report 65

Summary portfolio of investments (unaudited)

Social Choice International Equity Fund   ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	332,706		Australia & New Zealand Banking Group Ltd	$	6,331,125		0.6	%
	147,411		Commonwealth Bank of Australia		10,714,349		1.0
	46,714		CSL Ltd		8,915,372		0.8
			Other		54,344,184		5.0
					80,305,030		7.4
AUSTRIA					6,512,555		0.6
BELGIUM					11,086,020		1.0
CHILE					3,256,474		0.3
CHINA
	115,405		Prosus NV		5,565,829		0.5
			Other		6,049,787		0.6
					11,615,616		1.1
DENMARK
	149,303		Novo Nordisk AS		17,054,319		1.6
			Other		12,036,621		1.1
					29,090,940		2.7
FINLAND					12,189,430		1.1
FRANCE
	252,867		AXA S.A.		6,689,601		0.6
	138,908		BNP Paribas S.A.		7,202,571		0.7
	27,323		Cap Gemini S.A.		5,562,388		0.5
	98,866		Danone		5,978,551		0.6
	38,916		Essilor International S.A.		6,625,360		0.6
	4,789		Hermes International		5,905,110		0.5
	26,698		L’Oreal S.A.		9,712,996		0.9
	245,752		Total S.A.		12,067,152		1.1
			Other		46,062,545		4.2
					105,806,274		9.7
GERMANY
	36,553		Allianz AG.		8,247,603		0.8
	104,484	*	BASF SE		5,502,438		0.5
	65,919		Bayerische Motoren Werke AG.		5,383,326		0.5
	108,068	*	Daimler AG. (Registered)		7,543,273		0.7
	106,034		SAP AG.		10,746,116		1.0
	80,902		Siemens AG.		9,947,303		0.9
			Other		36,405,581		3.3
					83,775,640		7.7
HONG KONG
	974,400		AIA Group Ltd		9,572,269		0.9
			Other		21,335,201		1.9
					30,907,470		2.8
IRELAND					9,394,390		0.9
ISRAEL					3,824,735		0.3
ITALY
	1,047,532		Enel S.p.A.		6,811,988		0.6
	2,713,754		Intesa Sanpaolo S.p.A.		5,529,862		0.5
			Other		11,900,119		1.1
					24,241,969		2.2

Shares			Company	Value		% of net assets
JAPAN
	192,796		KDDI Corp	$	6,384,380		0.6	%
	18,946		Keyence Corp		7,616,370		0.7
	165,679		Mitsubishi Corp		5,562,758		0.5
	13,004		Nintendo Co Ltd		5,934,905		0.5
	191,300		Nippon Telegraph & Telephone Corp		5,637,485		0.5
	41,200		Shin-Etsu Chemical Co Ltd		5,662,302		0.5
	126,515		Sony Corp		10,918,373		1.0
	17,900		Tokyo Electron Ltd		7,552,841		0.7
	944,275	*	Toyota Motor Corp		16,178,930		1.5
			Other		166,869,804		15.4
					238,318,148		21.9
NETHERLANDS
	35,246	e	ASML Holding NV		20,003,461		1.8
			Other		11,668,512		1.1
					31,671,973		2.9
NEW ZEALAND					6,226,859		0.6
NORWAY					13,906,494		1.3
PORTUGAL					4,646,600		0.4
SAUDI ARABIA					1,049,210		0.1
SINGAPORE					15,326,080		1.4
SPAIN
	1,104,594		Banco Bilbao Vizcaya Argentaria S.A.		5,796,082		0.5
	647,418		Iberdrola S.A.		7,439,353		0.7
			Other		12,570,937		1.2
					25,806,372		2.4
SWEDEN					35,552,041		3.3
SWITZERLAND
	221,656		ABB Ltd		6,650,110		0.6
	10,523		Lonza Group AG.		6,204,717		0.6
	226,574		Nestle S.A.		29,249,361		2.7
	58,905		Roche Holding AG.		21,842,782		2.0
	437,009		UBS Group AG		7,418,941		0.7
	14,962		Zurich Insurance Group AG		6,811,742		0.6
			Other		32,036,440		2.9
					110,214,093		10.1
UNITED KINGDOM
	135,286		AstraZeneca plc		18,052,737		1.7
	2,070,661		BP plc		9,996,724		0.9
	1,984,274		HSBC Holdings plc		12,399,983		1.1
	395,667		National Grid plc		5,878,413		0.5
	214,200		RELX plc		6,381,121		0.6
	3,896,432		Vodafone Group plc		5,899,038		0.5
			Other		87,406,682		8.1
					146,014,698		13.4
UNITED STATES
	502,559		GlaxoSmithKline plc		11,328,977		1.0
	56,701		Schneider Electric S.A.		8,134,842		0.8
			Other		11,934,117		1.1
					31,397,936		2.9
		TOTAL COMMON STOCKS (Cost $1,057,017,239)			1,072,137,047		98.5

66 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Social Choice International Equity Fund   ■  April 30, 2022

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT
$	13,430,000	r	Fixed Income Clearing Corp (FICC) 0.230%, 05/02/22	$	13,430,000			1.3	%
					13,430,000			1.3
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	6,871,652	c	State Street Navigator Securities Lending Government Money Market Portfolio 0.310%		6,871,652			0.6
					6,871,652			0.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $20,301,652)			20,301,652			1.9
		TOTAL PORTFOLIO (Cost $1,077,318,891)			1,092,438,699			100.4
		OTHER ASSETS & LIABILITIES, NET			(3,907,334	)		(0.4	)
		NET ASSETS		$	1,088,531,365			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 $31,637,409. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $13,430,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $13,698,605.

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

At 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $5,283,117 or 0.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
MSCI EAFE Index	79		06/17/22		$7,985,823		$7,886,570		$(99,253	)

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 67

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2022

		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*†		$	5,689,976,984	$	5,428,583,058	$	4,998,221,879	$	1,365,537,573	$	1,945,084,954	$	2,659,824,774	$	992,586,444	$	6,670,865,166	$	1,073,456,208	$	1,340,064,721
Affiliated investments, at value‡			—		—		—		—		—		—		—		—		—		55,937,172
Cash			4,793		17		1,926		2,383		4,192		2,771,086		4,700		211,401		—		3,682
Cash - foreign ^			770		3,147		—		—		—		—		—		—		—		19
Receivable from securities transactions			22,674,231		11,399,626		5,775,946		731,867		16,627,707		18,615,031		72,970		—		—		19
Receivable from Fund shares sold			12,944,410		15,128,490		13,878,060		150,023		696,722		2,978,664		2,463,254		3,557,245		2,071,921		8,794,689
Dividends and interest receivable			4,904,731		1,861,179		4,195,353		2,904,318		1,079,635		505,751		334,288		5,556,818		953,409		3,646,259
Due from affiliates			800,992		902,472		891,493		—		8,381		231,961		323,261		30,202		—		948,916
Other			832,164		714,359		771,972		281,357		555,819		276,267		24,098		283,298		9,482		205,566
Total assets			5,732,139,075		5,458,592,348		5,023,736,629		1,369,607,521		1,964,057,410		2,685,203,534		995,809,015		6,680,504,130		1,076,491,020		1,409,601,043
LIABILITIES
Management fees payable			1,976,575		1,908,982		1,721,788		540,841		731,379		920,724		379,716		868,885		226,908		1,003,714
Service agreement fees payable			102,061		75,697		103,505		82,789		111,537		83,302		35,626		206,196		115,605		17,942
Distribution fees payable			313,666		249,565		41,377		49,993		52,677		36,643		3,939		143,085		13,325		2,885
Due to affiliates			10,355		10,154		9,510		5,768		6,283		7,429		6,151		10,120		5,434		6,737
Overdraft payable			—		—		—		—		—		—		—		—		592,244		—
Payable for collateral for securities loaned			2,079,324		2,120,030		—		23,616,631		1,121		43,360,329		5,481,188		5,185,122		365,305		727,368
Payable for securities transactions			23,931,485		50,397,177		40,204,919		4,096,739		26,137,339		18,938,729		37,772		—		13,946,803		18
Payable for Fund shares redeemed			858,942		881,531		211,538		643,854		400,416		1,058,524		2,584,464		1,307,295		156,456		38,716
Written options◊			37,393,651		—		—		—		—		—		—		—		—		—
Payable for variation margin on futures contracts			—		—		—		—		—		4,189,739		—		1,113,483		157,611		—
Payable for trustee compensation			485,524		334,221		501,190		180,957		431,148		273,105		22,903		275,320		8,416		93,448
Accrued expenses and other payables			180,305		178,686		118,754		68,763		71,815		86,166		48,970		499,845		47,028		2,839,598
Total liabilities			67,331,888		56,156,043		42,912,581		29,286,335		27,943,715		68,954,690		8,600,729		9,609,351		15,635,135		4,730,426
NET ASSETS		$	5,664,807,187	$	5,402,436,305	$	4,980,824,048	$	1,340,321,186	$	1,936,113,695	$	2,616,248,844	$	987,208,286	$	6,670,894,779	$	1,060,855,885	$	1,404,870,617
NET ASSETS CONSIST OF:
Paid-in-capital		$	3,190,520,589	$	3,784,604,415	$	3,214,991,196	$	1,327,114,946	$	1,546,585,717	$	2,240,423,904	$	764,527,819	$	4,443,064,046	$	972,804,792	$	1,792,242,891
Total distributable earnings (loss)			2,474,286,598		1,617,831,890		1,765,832,852		13,206,240		389,527,978		375,824,940		222,680,467		2,227,830,733		88,051,093		(387,372,274	)
NET ASSETS		$	5,664,807,187	$	5,402,436,305	$	4,980,824,048	$	1,340,321,186	$	1,936,113,695	$	2,616,248,844	$	987,208,286	$	6,670,894,779	$	1,060,855,885	$	1,404,870,617
*	Includes securities loaned of	$	5,337,629	$	1,942,164	$	—	$	21,904,490	$	9,065,422	$	66,213,320	$	13,294,920	$	12,088,450	$	691,313	$	454,282
†	Portfolio investments, cost	$	3,511,866,846	$	3,821,595,092	$	3,397,439,039	$	1,308,329,095	$	1,692,114,140	$	2,422,730,074	$	835,376,342	$	4,608,182,771	$	997,579,792	$	1,580,029,920
‡	Affiliated investments, cost	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	42,861,985
^	Foreign cash, cost	$	796	$	3,194	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	19
◊	Written options premiums	$	29,016,628	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

68 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 69

Statements of assets and liabilities (unaudited) continued

TIAA-CREF Funds  ■  April 30, 2022

	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	$	1,551,208,367	$	1,560,057,303	$	1,801,421,522	$	734,765,711	$	1,152,367,582	$	1,425,506,966	$	50,271,800	$	5,044,222,446	$	465,860,861	$	231,604,813
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		106,306,960		83,553,233		89,964,867		38,523,161		64,857,299		87,118,898		3,766,359		207,118,562		26,374,421		28,951,607
Net asset value per share	$	14.59	$	18.67	$	20.02	$	19.07	$	17.77	$	16.36	$	13.35	$	24.35	$	17.66	$	8.00
ADVISOR CLASS:
Net assets	$	3,386,373	$	4,531,320	$	463,870	$	202,082	$	433,512	$	728,711	$	14,977,655	$	45,524,674	$	8,984,731	$	105,309
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		231,904		242,907		23,186		10,603		24,425		44,543		1,120,223		1,871,339		509,399		13,151
Net asset value per share	$	14.60	$	18.65	$	20.01	$	19.06	$	17.75	$	16.36	$	13.37	$	24.33	$	17.64		$8.01
PREMIER CLASS:
Net assets	$	10,956,982	$	12,329,503	$	70,771,387	$	35,537,133	$	58,032,362	$	60,934,168	$	199,773	$	76,679,040	$	6,153,223	$	9,192,833
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		749,091		660,861		3,541,102		1,886,754		3,271,980		3,753,102		14,867		3,162,609		347,880		1,147,710
Net asset value per share	$	14.63	$	18.66	$	19.99	$	18.84	$	17.74	$	16.24	$	13.44	$	24.25	$	17.69	$	8.01
RETIREMENT CLASS:
Net assets	$	457,924,227	$	329,214,945	$	478,444,272	$	367,451,328	$	515,032,647	$	378,559,282	$	161,879,922	$	897,855,512	$	522,249,328	$	82,645,211
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		30,578,677		17,841,608		23,989,683		20,337,202		29,241,421		24,042,814		12,202,862		36,216,766		29,726,275		10,378,602
Net asset value per share	$	14.98	$	18.45	$	19.94	$	18.07	$	17.61	$	15.75	$	13.27	$	24.79	$	17.57	$	7.96
RETAIL CLASS:
Net assets	$	1,413,038,523	$	1,097,559,460	$	149,425,421	$	202,364,932	$	210,247,592	$	130,190,942	$	18,100,200	$	606,613,107	$	57,607,742	$	7,924,927
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		64,234,973		59,097,227		7,877,258		11,231,763		12,347,106		8,407,384		1,366,142		28,638,800		3,276,201		991,397
Net asset value per share	$	22.00	$	18.57	$	18.97	$	18.02	$	17.03	$	15.49	$	13.25	$	21.18	$	17.58	$	7.99
CLASS W:
Net assets	$	2,228,292,715	$	2,398,743,774	$	2,480,297,576	$	—	$	—	$	620,328,775	$	741,778,936	$	—	$	—	$	1,073,397,524
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		152,749,698		128,339,934		123,723,179		—		—		37,901,263		55,436,088		—		—		133,810,303
Net asset value per share	$	14.59	$	18.69	$	20.05	$	—	$	—	$	16.37	$	13.38	$	—	$	—		$8.02

70 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 71

Statements of assets and liabilities (unaudited) continued

TIAA-CREF Funds  ■  April 30, 2022

		International Equity Fund		International Opportunities Fund		Quant International Small-Cap Equity Fund			Social Choice International Equity Fund
ASSETS
Portfolio investments, at value*†		$	5,633,851,767	$	2,179,836,721	$	1,332,747,368		$	1,092,438,699
Cash			9,838		3,157		630			—
Cash - foreign ^			3,066,703		740,807		815,778			788,339
Receivable from securities transactions			93,878,414		13,422,907		31,986,314			6,478,727
Receivable from Fund shares sold			16,610,894		21,415,914		2,116,707			2,828,216
Dividends and interest receivable			34,575,085		6,773,959		7,267,996			5,943,816
Due from affiliates			1,058,397		1,019,891		826,693			—
Other			971,307		468,124		133,743			18,077
Total assets			5,784,022,405		2,223,681,480		1,375,895,229			1,108,495,874
LIABILITIES
Management fees payable			2,168,281		1,050,668		731,624			273,361
Service agreement fees payable			80,650		27,337		1,165			93,001
Distribution fees payable			57,882		1,849		225			5,067
Due to affiliates			10,650		7,211		6,579			5,422
Overdraft payable			—		—		—			28,709
Payable for collateral for securities loaned			34,029,231		114,799,533		11,656,317			6,871,652
Payable for securities transactions			48,577,691		4,729,772		32,658,177			12,152,770
Payable for delayed delivery securities			—		—		780,982			—
Payable for Fund shares redeemed			1,501,373		198,629		429,914			294,471
Payable for variation margin on futures contracts			—		—		—			99,089
Payable for trustee compensation			467,547		84,082		29,057			7,963
Accrued expenses and other payables			157,530		101,864		1,532,342			133,004
Total liabilities			87,050,835		121,000,945		47,826,382			19,964,509
NET ASSETS		$	5,696,971,570	$	2,102,680,535	$	1,328,068,847		$	1,088,531,365
NET ASSETS CONSIST OF:
Paid-in-capital		$	5,423,438,124	$	1,736,532,811	$	1,390,128,955		$	1,067,057,808
Total distributable earnings (loss)			273,533,446		366,147,724		(62,060,108	)		21,473,557
NET ASSETS		$	5,696,971,570	$	2,102,680,535	$	1,328,068,847		$	1,088,531,365
*	Includes securities loaned of	$	40,002,674	$	178,503,599	$	37,972,814		$	31,637,409
†	Portfolio investments, cost	$	5,169,552,590	$	1,774,691,133	$	1,406,046,152		$	1,077,318,891
^	Foreign cash, cost	$	3,057,436	$	739,432	$	816,372		$	787,979

72 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 73

Statements of assets and liabilities (unaudited) concluded

TIAA-CREF Funds  ■  April 30, 2022

	International Equity Fund		International Opportunities Fund		Quant International Small-Cap Equity Fund		Social Choice International Equity Fund
INSTITUTIONAL CLASS:
Net assets	$	2,390,067,061	$	123,455,146	$	76,123,809	$	621,521,244
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		202,401,698		8,618,948		7,438,277		52,807,870
Net asset value per share	$	11.81	$	14.32	$	10.23	$	11.77
ADVISOR CLASS:
Net assets	$	2,470,431	$	3,722,867	$	74,880	$	2,965,045
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		204,508		260,246		7,321		252,049
Net asset value per share	$	12.08	$	14.31	$	10.23	$	11.76
PREMIER CLASS:
Net assets	$	62,865,001	$	2,261,239	$	76,005	$	696,450
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,330,667		157,543		7,327		59,099
Net asset value per share	$	11.79	$	14.35	$	10.37	$	11.78
RETIREMENT CLASS:
Net assets	$	372,859,940	$	120,815,618	$	5,866,400	$	440,092,796
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		30,317,101		8,465,185		573,673		37,532,284
Net asset value per share	$	12.30	$	14.27	$	10.23	$	11.73
RETAIL CLASS:
Net assets	$	231,880,090	$	7,056,507	$	1,002,129	$	23,255,830
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		31,953,391		493,834		97,775		1,982,457
Net asset value per share	$	7.26	$	14.29	$	10.25	$	11.73
CLASS W:
Net assets	$	2,636,829,047	$	1,845,369,158	$	1,244,925,624	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		222,501,722		128,354,945		121,090,295		—
Net asset value per share	$	11.85	$	14.38	$	10.28	$	—

74 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 75

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2022

		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*		$	37,701,040		$	17,389,314		$	47,067,307		$	5,457,348		$	16,743,362		$	15,538,255		$	7,298,777		$	49,230,093		$	6,929,193		$	28,847,834
Dividends from affiliated investments			—			—			—			—			—			—			—			—			—			308,619
Payment from affiliate			480,443			457,389			300,815			121,952			161,927			—			—			—			—			127,398
Income from securities lending, net			12,537			39,999			26			1,177,803			8,300			329,291			27,838			163,456			17,984			45,423
Interest			24,822			26,411			41,287			7,320			12,429			15,694			1,891			20,602			4,691			31,921
Total income			38,218,842			17,913,113			47,409,435			6,764,423			16,926,018			15,883,240			7,328,506			49,414,151			6,951,868			29,361,195
EXPENSES
Management fees			12,703,195			12,566,651			10,571,775			3,642,942			4,564,099			5,746,631			2,354,190			5,445,358			1,340,738			6,642,222
Shareholder servicing – Institutional Class			802			1,698			646			773			677			909			57			3,840			285			188
Shareholder servicing – Advisor Class			1,698			1,956			186			(313	)		192			199			7,069			22,521			4,771			31
Shareholder servicing – Premier Class			26			26			33			31			33			32			12			12,183			21			24
Shareholder servicing – Retirement Class			663,527			509,907			631,691			552,625			705,409			530,442			151,983			1,234,618			675,290			116,313
Shareholder servicing – Retail Class			242,866			251,018			39,853			53,515			61,383			37,579			11,233			64,964			14,930			9,747
Shareholder servicing – Class W			744			898			782			—			—			408			437			—			—			527
Distribution fees – Premier Class			12,619			10,859			56,844			35,627			51,068			54,344			166			74,670			4,843			7,621
Distribution fees – Retail Class			1,974,145			1,641,053			194,673			303,451			277,880			182,491			23,431			828,386			77,014			11,189
Administrative service fees			77,043			76,150			69,856			43,255			45,968			55,947			45,647			75,534			40,162			48,932
Trustee fees and expenses			35,350			35,049			28,789			8,982			11,288			15,607			5,820			39,181			5,771			8,511
Other expenses			164,696			391,796			174,733			175,148			81,702			150,186			122,856			1,201,971			276,449			461,971
Total expenses			15,876,711			15,487,061			11,769,861			4,816,036			5,799,699			6,774,775			2,722,901			9,003,226			2,440,274			7,307,276
Less: Expenses reimbursed by the investment adviser			(5,053,493	)		(5,782,828	)		(5,497,092	)		—			—			(1,508,657	)		(2,014,745	)		—			—			(5,495,925	)
Fee waiver by investment adviser and Nuveen Securities			(960,246	)		(906,667	)		(71,739	)		(158,377	)		(162,885	)		(46,545	)		(5,246	)		(430,759	)		(10,048	)		(4,657	)
Net expenses			9,862,972			8,797,566			6,201,030			4,657,659			5,636,814			5,219,573			702,910			8,572,467			2,430,226			1,806,694
Net investment income (loss)			28,355,870			9,115,547			41,208,405			2,106,764			11,289,204			10,663,667			6,625,596			40,841,684			4,521,642			27,554,501
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			356,951,441			54,924,032			158,643,839			(29,171,040	)		139,134,310			150,223,955			68,123,806			152,571,430			12,843,801			(107,212,149	)
Affiliated investments			—			—			—			—			—			—			—			—			—			(1,323,144	)
Purchased options			37,470			—			—			—			—			—			—			—			—			(456,849	)
Written options			(7,275,186	)		—			—			—			—			—			—			—			—			442,134
Futures contracts			—			—			—			—			—			(365,078	)		—			138,047			(864,283	)		—
Foreign currency transactions			(21,351	)		(14,712	)		—			(7,190	)		—			—			—			—			—			(951,082	)
Net realized gain (loss) on total investments			349,692,374			54,909,320			158,643,839			(29,178,230	)		139,134,310			149,858,877			68,123,806			152,709,477			11,979,518			(109,501,090	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			(1,218,549,495	)		(1,700,401,166	)		(477,793,108	)		(536,415,549	)		(221,130,512	)		(583,259,057	)		(199,737,810	)		(1,122,467,473	)		(166,966,064	)		(191,582,637	)
Affiliated investments			—			—			—			—			—			—			—			—			—			26,655,137
Purchased options			151,667			—			—			—			—			—			—			—			—			160,849
Written options			(10,180,771	)		—			—			—			—			—			—			—			—			(346,134	)
Futures contracts			—			—			—			—			—			(4,468,153	)		—			(2,338,326	)		(244,876	)		—
Unfunded commitment with a SPAC			(1,581,580	)		(4,951,243	)		—			(1,286,491	)		—			—			—			—			—			(1,141,815	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(41,969	)		(19,430	)		(1,750	)		(7,535	)		(1,358	)		—			—			—			—			(129,767	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(1,230,202,148	)		(1,705,371,839	)		(477,794,858	)		(537,709,575	)		(221,131,870	)		(587,727,210	)		(199,737,810	)		(1,124,805,799	)		(167,210,940	)		(166,384,367	)
Net realized and unrealized gain (loss) on total investments			(880,509,774	)		(1,650,462,519	)		(319,151,019	)		(566,887,805	)		(81,997,560	)		(437,868,333	)		(131,614,004	)		(972,096,322	)		(155,231,422	)		(275,885,457	)
Net increase (decrease) in net assets from operations		$	(852,153,904	)	$	(1,641,346,972	)	$	(277,942,614	)	$	(564,781,041	)	$	(70,708,356	)	$	(427,204,666	)	$	(124,988,408	)	$	(931,254,638	)	$	(150,709,780	)	$	(248,330,956	)
*	Net of foreign withholding taxes of	$	491,589		$	154,099		$	57,933		$	40,243		$	66,741		$	14,749		$	11,518		$	44,371		$	6,250		$	1,236,600
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	49,697		$	11,546,764		$	(700,167	)	$	1,359,702		$	—		$	523,579		$	12,518,750		$	1,215,914		$	10,830		$	(4,609,320	)
**	Includes net change in unrealized foreign capital gains taxes	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	3,808,392

76 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 77

Statements of operations (unaudited) concluded

TIAA-CREF Funds  ■  For the period ended April 30, 2022

		International Equity Fund			International Opportunities Fund			Quant International Small-Cap Equity Fund			Social Choice International Equity Fund
INVESTMENT INCOME
Dividends*		$	77,663,903		$	17,667,180		$	27,937,026		$	15,113,702
Payment from affiliate			452,149			212,072			—			—
Income from securities lending, net			199,198			499,784			460,359			72,103
Interest			107,208			71,427			—			4,222
Total income			78,422,458			18,450,463			28,397,385			15,190,027
EXPENSES
Management fees			13,962,703			6,755,914			4,717,736			1,536,462
Shareholder servicing – Institutional Class			1,384			107			62			417
Shareholder servicing – Advisor Class			1,485			2,039			8			1,510
Shareholder servicing – Premier Class			35			21			13			19
Shareholder servicing – Retirement Class			534,372			182,514			6,007			523,785
Shareholder servicing – Retail Class			109,328			8,173			6,139			8,286
Shareholder servicing – Class W			850			726			569			—
Distribution fees – Premier Class			53,159			992			62			552
Distribution fees – Retail Class			329,705			10,011			1,323			29,317
Administrative service fees			76,403			53,273			48,283			39,837
Trustee fees and expenses			33,875			12,615			7,932			5,482
Other expenses			390,264			274,322			520,341			317,815
Total expenses			15,493,563			7,300,707			5,308,475			2,463,482
Less: Expenses reimbursed by the investment adviser			(6,633,378	)		(6,290,526	)		(4,952,012	)		—
Fee waiver by investment adviser and Nuveen Securities			(165,739	)		(2,224	)		(737	)		(623	)
Net expenses			8,694,446			1,007,957			355,726			2,462,859
Net investment income (loss)			69,728,012			17,442,506			28,041,659			12,727,168
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡			(24,364,896	)		(43,432,433	)		13,328,276			2,544,666
Futures contracts			—			—			—			(1,683,222	)
Foreign currency transactions			(992,428	)		(315,126	)		(479,260	)		(160,661	)
Net realized gain (loss) on total investments			(25,357,324	)		(43,747,559	)		12,849,016			700,783
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			(1,168,453,486	)		(533,027,144	)		(233,007,303	)		(150,530,277	)
Futures contracts			—			—			—			(102,884	)
Unfunded commitment with a SPAC			—			(1,548,509	)		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(1,896,963	)		(236,079	)		(322,375	)		(269,286	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(1,170,350,449	)		(534,811,732	)		(233,329,678	)		(150,902,447	)
Net realized and unrealized gain (loss) on total investments			(1,195,707,773	)		(578,559,291	)		(220,480,662	)		(150,201,664	)
Net increase (decrease) in net assets from operations		$	(1,125,979,761	)	$	(561,116,785	)	$	(192,439,003	)	$	(137,474,496	)
*	Net of foreign withholding taxes of	$	7,324,051		$	1,641,650		$	2,850,268		$	1,483,964
‡	Includes net realized gain (loss) from securities sold to affiliates of	$	(1,290,896	)	$	(2,627,855	)	$	—		$	79,738
**	Includes net change in unrealized foreign capital gains taxes	$	—		$	559,411		$	1,543,733		$	—

78 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 79

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund						Mid-Cap Value Fund						Quant Small-Cap Equity Fund
		April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	28,355,870		$	54,000,162		$	9,115,547		$	13,702,389		$	41,208,405		$	83,601,978		$	2,106,764		$	(5,791,365	)	$	11,289,204		$	21,711,960		$	10,663,667		$	16,355,887
Net realized gain (loss) on total investments			349,692,374			1,147,204,185			54,909,320			680,728,381			158,643,839			543,811,379			(29,178,230	)		257,714,184			139,134,310			397,738,710			149,858,877			702,575,926
Net change in unrealized appreciation (depreciation) on total investments			(1,230,202,148	)		968,060,527			(1,705,371,839	)		1,425,879,304			(477,794,858	)		1,446,993,603			(537,709,575	)		261,915,131			(221,131,870	)		400,861,142			(587,727,210	)		651,401,055
Net increase (decrease) in net assets from operations			(852,153,904	)		2,169,264,874			(1,641,346,972	)		2,120,310,074			(277,942,614	)		2,074,406,960			(564,781,041	)		513,837,950			(70,708,356	)		820,311,812			(427,204,666	)		1,370,332,868
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(326,116,923	)		(87,394,774	)		(192,317,970	)		(495,708,886	)		(161,742,151	)		(31,869,814	)		(134,690,840	)		(90,478,166	)		(170,159,846	)		(21,604,109	)		(269,851,404	)		(9,177,672	)
	Advisor Class		(591,292	)		(208,090	)		(577,504	)		(1,539,583	)		(44,549	)		(5,188	)		(931,396	)		(668,349	)		(56,615	)		(7,452	)		(138,588	)		(3,304	)
	Premier Class		(3,384,152	)		(1,731,230	)		(1,463,685	)		(4,254,808	)		(6,636,926	)		(1,269,479	)		(7,531,626	)		(4,580,207	)		(9,782,982	)		(1,192,312	)		(14,094,339	)		(373,242	)
	Retirement Class		(92,398,090	)		(33,793,862	)		(43,322,452	)		(124,055,271	)		(43,186,224	)		(8,037,304	)		(67,266,962	)		(49,900,869	)		(77,513,516	)		(7,509,518	)		(80,710,971	)		(1,834,410	)
	Retail Class		(193,329,074	)		(64,749,459	)		(137,103,380	)		(348,213,454	)		(13,747,293	)		(2,126,306	)		(37,659,249	)		(29,683,392	)		(30,834,955	)		(2,969,487	)		(28,111,334	)		(551,591	)
	Class W		(445,771,980	)		(205,798,767	)		(309,387,666	)		(848,095,442	)		(246,579,754	)		(65,314,927	)		—			—			—			—			(140,015,877	)		(7,896,457	)
Total distributions			(1,061,591,511	)		(393,676,182	)		(684,172,657	)		(1,821,867,444	)		(471,936,897	)		(108,623,018	)		(248,080,073	)		(175,310,983	)		(288,347,914	)		(33,282,878	)		(532,922,513	)		(19,836,676	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		88,236,794			782,730,670			222,575,008			385,391,956			138,308,722			133,743,043			24,176,876			285,201,706			29,474,364			102,653,252			150,686,016			211,019,674
	Advisor Class		1,146,380			309,126			1,885,579			669,741			6,750			170,386			409,762			1,371,008			237,952			4,720			90,249			108,903
	Premier Class		448,008			2,645,200			1,747,270			4,337,006			6,802,412			11,564,404			3,749,395			20,193,148			2,269,230			8,607,714			4,535,858			10,252,527
	Retirement Class		6,434,539			18,208,471			10,627,539			81,274,283			23,406,266			18,837,038			26,146,342			80,553,067			4,764,553			61,576,910			22,263,245			30,327,919
	Retail Class		22,683,082			49,610,121			25,774,372			75,701,123			8,234,767			12,506,585			4,684,585			19,994,591			5,667,933			12,001,549			3,847,985			11,767,487
	Class W		101,660,317			37,560,438			189,207,913			123,356,319			87,735,062			81,382,905			—			—			—			—			25,988,434			42,011,723
Reinvestments of distributions:	Institutional Class		294,507,167			73,553,405			180,688,008			467,006,881			158,256,372			31,490,431			134,634,833			90,440,535			169,742,430			21,420,211			269,705,941			9,164,887
	Advisor Class		548,446			190,606			493,249			1,465,577			32,012			3,012			912,074			651,922			42,537			6,067			113,370			2,656
	Premier Class		3,384,150			1,731,230			1,463,685			4,254,808			6,636,672			1,269,438			7,531,219			4,580,207			9,782,982			1,192,312			14,093,294			373,242
	Retirement Class		92,387,361			33,793,717			43,242,143			123,785,256			43,181,838			8,036,604			67,266,962			49,900,869			77,510,009			7,509,195			80,709,212			1,834,376
	Retail Class		185,533,707			62,436,062			131,324,181			335,163,445			13,205,794			2,035,509			36,761,274			29,015,395			29,908,188			2,863,255			26,999,078			528,992
	Class W		427,267,439			168,568,108			309,387,666			848,095,442			246,579,754			65,314,927			—			—			—			—			140,015,877			7,896,457
Redemptions:	Institutional Class		(257,721,315	)		(373,372,169	)		(241,414,773	)		(487,899,163	)		(129,182,330	)		(369,295,243	)		(91,703,722	)		(168,814,551	)		(126,900,864	)		(359,226,765	)		(52,864,961	)		(489,074,188	)
	Advisor Class		(650,813	)		(663,032	)		(1,275,744	)		(1,626,783	)		(23,848	)		(41,325	)		(6,177,453	)		(891,041	)		(190,137	)		(212,777	)		(2,438	)		(76,326	)
	Premier Class		(8,186,980	)		(16,701,841	)		(1,633,846	)		(7,607,552	)		(9,377,952	)		(32,686,335	)		(12,104,132	)		(13,771,847	)		(15,497,358	)		(34,328,113	)		(13,688,123	)		(31,691,061	)
	Retirement Class		(55,077,545	)		(77,051,639	)		(54,203,996	)		(135,341,767	)		(38,304,898	)		(107,738,380	)		(31,468,191	)		(70,837,763	)		(60,048,808	)		(91,313,211	)		(31,707,117	)		(103,114,220	)
	Retail Class		(52,687,767	)		(98,144,849	)		(58,961,648	)		(123,391,610	)		(5,336,834	)		(14,965,663	)		(14,980,812	)		(29,958,137	)		(10,826,792	)		(36,475,804	)		(8,758,088	)		(16,054,273	)
	Class W		(265,337,208	)		(1,182,040,218	)		(222,615,736	)		(895,638,365	)		(332,050,691	)		(1,061,723,390	)		—			—			—			—			(132,321,903	)		(283,701,500	)
Net increase (decrease) from shareholder transactions			584,575,762			(516,636,594	)		538,310,870			798,996,597			218,109,868			(1,220,096,054	)		149,839,012			297,629,109			115,936,219			(303,721,485	)		499,705,929			(598,422,725	)
Net increase (decrease) in net assets			(1,329,169,653	)		1,258,952,098			(1,787,208,759	)		1,097,439,227			(531,769,643	)		745,687,888			(663,022,102	)		636,156,076			(243,120,051	)		483,307,449			(460,421,250	)		752,073,467
NET ASSETS
Beginning 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
End of period		$	5,664,807,187		$	6,993,976,840		$	5,402,436,305		$	7,189,645,064		$	4,980,824,048		$	5,512,593,691		$	1,340,321,186		$	2,003,343,288		$	1,936,113,695		$	2,179,233,746		$	2,616,248,844		$	3,076,670,094
CHANGE IN FUND SHARES
Shares sold:
	Institutional Class		5,373,351			41,130,698			10,358,820			15,911,051			6,439,672			6,503,547			980,257			9,883,675			1,530,836			5,345,685			8,182,510			9,716,425
	Advisor Class		68,624			17,543			78,226			25,860			319			8,528			16,964			47,752			12,713			297			4,825			5,909
	Premier Class		26,892			150,602			77,937			164,652			316,879			536,900			156,318			699,816			120,408			458,761			246,252			479,097
	Retirement Class		363,101			1,008,183			469,709			3,163,521			1,100,080			898,578			1,117,941			2,889,766			251,861			3,318,028			1,141,186			1,473,354
	Retail Class		896,019			1,947,335			1,113,328			3,042,601			403,251			635,015			209,917			727,074			304,621			645,315			212,413			582,700
	Class W		6,223,817			2,060,517			8,318,077			4,815,547			4,155,876			3,979,023			—			—			—			—			1,443,184			2,078,095
Shares reinvested:	Institutional Class		17,284,312			4,562,328			7,531,805			21,353,767			7,412,476			1,714,232			5,508,790			3,429,675			8,990,595			1,310,906			14,531,570			515,171
	Advisor Class		32,152			11,840			20,569			67,044			1,501			164			37,350			24,731			2,256			372			6,108			150
	Premier Class		198,084			107,584			61,012			194,550			311,289			69,179			311,852			175,218			518,991			73,058			764,693			21,111
	Retirement Class		5,281,557			2,059,271			1,822,257			5,709,652			2,029,222			438,679			2,903,192			1,976,272			4,138,281			462,674			4,513,938			106,341
	Retail Class		7,223,675			2,740,235			5,499,338			15,367,420			652,460			116,316			1,591,398			1,151,862			1,652,387			181,679			1,535,784			31,081
	Class W		25,074,380			10,575,164			12,901,904			38,796,681			11,554,815			3,555,521			—			—			—			—			7,552,097			444,120
Shares redeemed:	Institutional Class		(15,429,646	)		(20,935,592	)		(10,704,151	)		(20,091,976	)		(5,940,936	)		(17,841,580	)		(4,105,775	)		(5,866,070	)		(6,518,052	)		(18,377,912	)		(2,647,696	)		(23,044,317	)
	Advisor Class		(39,519	)		(36,806	)		(59,060	)		(67,429	)		(1,116	)		(2,248	)		(289,114	)		(30,436	)		(10,161	)		(12,049	)		(103	)		(4,592	)
	Premier Class		(506,617	)		(926,687	)		(72,848	)		(295,966	)		(436,168	)		(1,602,722	)		(558,039	)		(484,359	)		(830,102	)		(1,815,137	)		(772,505	)		(1,544,420	)
	Retirement Class		(3,197,417	)		(4,175,691	)		(2,401,247	)		(5,621,765	)		(1,783,279	)		(5,248,982	)		(1,502,365	)		(2,560,111	)		(3,161,980	)		(4,725,896	)		(1,747,766	)		(4,993,607	)
	Retail Class		(2,093,627	)		(3,834,659	)		(2,656,412	)		(4,998,521	)		(261,784	)		(766,639	)		(686,927	)		(1,088,806	)		(591,814	)		(1,999,040	)		(482,689	)		(816,558	)
	Class W		(15,054,534	)		(68,374,602	)		(9,893,556	)		(34,626,932	)		(15,085,564	)		(52,397,924	)		—			—			—			—			(6,820,879	)		(13,880,048	)
Net increase (decrease) from shareholder transactions			31,724,604			(31,912,737	)		22,465,708			42,909,757			10,868,993			(59,404,413	)		5,691,759			10,976,059			6,410,840			(15,133,259	)		27,662,922			(28,829,988	)

80 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 81

Statements of changes in net assets	continued
TIAA-CREF Funds  ■  For the period or year ended

		Quant Small/Mid-Cap Equity Fund						Social Choice Equity Fund						Social Choice Low Carbon Equity Fund						Emerging Markets Equity Fund						International Equity Fund						International Opportunities Fund
		April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	6,625,596		$	12,620,554		$	40,841,684		$	74,412,793		$	4,521,642		$	6,412,317		$	27,554,501		$	20,457,506		$	69,728,012		$	189,906,334		$	17,442,506		$	26,370,670
Net realized gain (loss) on total investments			68,123,806			201,940,527			152,709,477			631,961,028			11,979,518			52,853,893			(109,501,090	)		295,825,710			(25,357,324	)		153,969,123			(43,747,559	)		180,194,408
Net change in unrealized appreciation (depreciation) on total investments			(199,737,810	)		285,824,548			(1,124,805,799	)		1,654,641,553			(167,210,940	)		182,378,351			(166,384,367	)		(258,918,981	)		(1,170,350,449	)		1,372,051,106			(534,811,732	)		337,744,281
Net increase (decrease) in net assets from operations			(124,988,408	)		500,385,629			(931,254,638	)		2,361,015,374			(150,709,780	)		241,644,561			(248,330,956	)		57,364,235			(1,125,979,761	)		1,715,926,563			(561,116,785	)		544,309,359
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(10,543,842	)		(972,771	)		(507,547,892	)		(63,889,184	)		(25,369,815	)		(5,334,207	)		(57,149,105	)		(27,194,444	)		(78,121,348	)		(32,194,161	)		(10,983,509	)		(3,386,116	)
	Advisor Class		(1,671,229	)		(41,428	)		(4,791,532	)		(566,039	)		(392,122	)		(37,812	)		(32,119	)		(17,018	)		(80,608	)		(38,781	)		(349,764	)		(114,492	)
	Premier Class		(43,542	)		(2,337	)		(9,768,722	)		(1,238,365	)		(353,065	)		(89,062	)		(2,048,469	)		(863,824	)		(2,007,432	)		(789,476	)		(40,048	)		(10,930	)
	Retirement Class		(18,326,059	)		(488,125	)		(87,918,098	)		(10,248,378	)		(29,391,640	)		(5,039,612	)		(19,011,896	)		(11,602,050	)		(11,150,380	)		(4,316,468	)		(12,034,678	)		(4,385,253	)
	Retail Class		(3,347,479	)		(122,412	)		(68,248,252	)		(7,105,313	)		(3,402,491	)		(536,250	)		(1,747,210	)		(802,316	)		(11,664,129	)		(4,327,792	)		(635,081	)		(151,722	)
	Class W		(162,456,601	)		(19,278,776	)		—			—			—			—			(261,412,650	)		(104,871,081	)		(96,863,433	)		(35,398,089	)		(173,420,296	)		(52,658,909	)
Total distributions			(196,388,752	)		(20,905,849	)		(678,274,496	)		(83,047,279	)		(58,909,133	)		(11,036,943	)		(341,401,449	)		(145,350,733	)		(199,887,330	)		(77,064,767	)		(197,463,376	)		(60,707,422	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		2,324,376			13,886,678			487,846,483			696,604,927			141,762,655			198,885,213			17,505,025			94,627,075			185,833,944			328,835,919			18,565,735			44,422,405
	Advisor Class		8,706,976			7,119,108			4,281,205			10,334,840			4,244,655			4,678,899			—			—			74,889			9,913			27,278			106,531
	Premier Class		7,371			70,966			9,589,376			16,013,623			953,978			2,245,217			524,326			3,573,063			6,212,687			14,667,654			2,087,000			65,921
	Retirement Class		91,560,462			62,865,538			20,326,028			51,452,894			70,278,853			213,049,624			4,021,939			10,587,581			13,679,269			46,133,753			791,767			9,297,878
	Retail Class		6,339,923			9,661,220			44,846,487			77,460,588			10,067,911			33,134,252			1,342,371			3,105,511			4,160,373			8,162,975			1,030,626			3,041,602
	Class W		23,571,478			126,119,942			—			—			—			—			185,918,481			457,552,027			225,430,085			1,033,299,497			284,025,767			578,910,844
Reinvestments of distributions:	Institutional Class		10,538,161			972,316			486,234,335			60,468,392			19,079,440			3,219,592			57,149,105			27,194,444			73,939,350			30,709,663			10,983,509			3,386,116
	Advisor Class		1,639,747			38,963			3,750,561			435,562			370,080			34,084			5,799			2,896			76,281			37,137			335,971			110,125
	Premier Class		12,150			6			9,616,910			1,227,440			320,111			78,842			2,046,257			862,627			2,007,432			789,417			5,261			99
	Retirement Class		18,322,925			487,893			87,902,705			10,245,670			29,390,504			5,039,268			19,009,686			11,600,853			11,150,053			4,316,323			12,033,289			4,384,817
	Retail Class		3,167,605			120,042			65,619,749			6,801,862			3,341,379			529,625			1,707,177			783,574			11,137,143			4,164,562			620,754			149,949
	Class W		162,456,600			19,278,776			—			—			—			—			261,412,650			104,871,081			96,863,433			35,398,089			173,420,296			52,658,909
Redemptions:	Institutional Class		(8,573,104	)		(18,628,361	)		(475,341,289	)		(667,792,560	)		(57,180,401	)		(63,080,281	)		(37,517,204	)		(89,806,824	)		(145,649,470	)		(507,702,082	)		(8,172,851	)		(53,008,116	)
	Advisor Class		(1,611,495	)		(1,417,232	)		(6,894,436	)		(8,496,664	)		(861,352	)		(300,579	)		(17,802	)		(454	)		(267,550	)		(849,177	)		(304,852	)		(293,485	)
	Premier Class		(4,082	)		(3,809	)		(32,445,431	)		(31,114,377	)		(208,527	)		(859,534	)		(654,615	)		(1,600,686	)		(6,549,266	)		(43,612,992	)		(3,685	)		(3,605	)
	Retirement Class		(4,818,379	)		(11,483,568	)		(42,121,398	)		(105,437,378	)		(2,966,510	)		(3,236,812	)		(9,116,926	)		(31,395,093	)		(31,305,504	)		(95,239,367	)		(19,469,161	)		(37,133,199	)
	Retail Class		(3,401,522	)		(3,393,558	)		(41,871,452	)		(61,232,792	)		(6,404,380	)		(6,856,766	)		(1,706,651	)		(1,699,045	)		(10,674,699	)		(22,242,154	)		(1,153,217	)		(1,285,178	)
	Class W		(156,544,512	)		(276,158,178	)		—			—			—			—			(183,233,256	)		(439,996,709	)		(159,124,314	)		(424,136,087	)		(133,462,731	)		(384,473,943	)
Net increase (decrease) from shareholder transactions			153,694,680			(70,463,258	)		621,339,833			56,972,027			212,188,396			386,560,644			318,396,362			150,261,921			276,994,136			412,743,043			341,360,756			220,337,670
Net increase (decrease) in net assets			(167,682,480	)		409,016,522			(988,189,301	)		2,334,940,122			2,569,483			617,168,262			(271,336,043	)		62,275,423			(1,048,872,955	)		2,051,604,839			(417,219,405	)		703,939,607
NET ASSETS
Beginning 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
End of period		$	987,208,286		$	1,154,890,766		$	6,670,894,779		$	7,659,084,080		$	1,060,855,885		$	1,058,286,402		$	1,404,870,617		$	1,676,206,660		$	5,696,971,570		$	6,745,844,525		$	2,102,680,535		$	2,519,899,940
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		157,634			931,096			17,887,530			26,180,624			7,235,554			10,244,338			1,741,807			7,186,803			14,304,848			23,908,021			1,092,200			2,356,074
	Advisor Class		600,271			452,442			157,411			387,748			212,093			236,653			—			—			5,783			666			1,749			5,660
	Premier Class		509			4,052			350,979			613,684			47,381			121,130			58,180			256,752			465,464			1,044,589			128,735			3,572
	Retirement Class		6,214,929			3,879,239			733,208			1,933,918			3,541,362			11,352,490			458,100			779,485			979,994			3,236,535			48,074			500,323
	Retail Class		406,730			588,662			1,876,199			3,286,419			505,688			1,760,489			149,882			227,077			499,251			954,838			63,267			165,044
	Class W		1,636,073			9,509,833			—			—			—			—			19,078,490			35,775,404			17,488,886			76,325,961			16,998,806			30,442,021
Shares reinvested:	Institutional Class		711,077			72,184			17,427,754			2,526,886			939,411			191,187			6,287,030			2,017,392			5,311,735			2,431,486			633,055			193,382
	Advisor Class		110,421			2,886			134,525			18,217			18,240			2,025			637			214			5,357			2,875			19,376			6,296
	Premier Class		814			—			346,056			51,465			15,730			4,673			224,863			63,945			144,316			62,553			303			5
	Retirement Class		1,243,075			36,356			3,091,899			420,767			1,453,537			300,314			2,100,518			864,445			768,439			328,237			695,566			251,279
	Retail Class		215,045			8,945			2,702,625			322,364			165,170			31,544			187,809			58,172			1,301,068			527,160			35,799			8,573
	Class W		10,954,592			1,429,116			—			—			—			—			28,789,940			7,791,313			6,948,596			2,798,268			9,978,153			3,005,646
Shares redeemed:	Institutional Class		(558,954	)		(1,138,328	)		(17,141,427	)		(24,722,204	)		(2,883,720	)		(3,313,130	)		(4,212,870	)		(6,709,714	)		(10,847,654	)		(37,122,016	)		(499,955	)		(2,843,764	)
	Advisor Class		(109,033	)		(85,408	)		(253,036	)		(318,166	)		(44,206	)		(15,545	)		(1,999	)		(33	)		(19,333	)		(59,305	)		(16,884	)		(15,032	)
	Premier Class		(279	)		(229	)		(1,232,455	)		(1,152,836	)		(10,502	)		(44,846	)		(68,963	)		(114,108	)		(482,688	)		(3,304,435	)		(238	)		(208	)
	Retirement Class		(321,383	)		(695,708	)		(1,503,564	)		(3,746,722	)		(156,879	)		(159,556	)		(973,524	)		(2,324,309	)		(2,267,087	)		(6,575,673	)		(1,176,928	)		(1,972,237	)
	Retail Class		(231,358	)		(216,970	)		(1,773,846	)		(2,595,645	)		(326,014	)		(358,583	)		(185,839	)		(126,274	)		(1,302,665	)		(2,584,314	)		(70,387	)		(68,781	)
	Class W		(10,117,705	)		(16,804,505	)		—			—			—			—			(20,085,301	)		(32,148,875	)		(11,890,141	)		(30,946,083	)		(8,430,899	)		(20,411,726	)
Net increase (decrease) from shareholder transactions			10,912,458			(2,026,337	)		22,803,858			3,206,519			10,712,845			20,353,183			33,548,760			13,597,689			21,414,169			31,029,363			19,499,792			11,626,127

82 2022 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 83

Statements of changes in net assets	concluded
TIAA-CREF Funds  ■  For the period or year ended

		Quant International Small-Cap Equity Fund						Social Choice International Equity Fund
		April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
		(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	28,041,659		$	30,492,326		$	12,727,168		$	20,402,002
Net realized gain (loss) on total investments			12,849,016			220,394,014			700,783			11,576,075
Net change in unrealized appreciation (depreciation) on total investments			(233,329,678	)		106,477,374			(150,902,447	)		165,995,801
Net increase (decrease) in net assets from operations			(192,439,003	)		357,363,714			(137,474,496	)		197,973,878
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(5,395,633	)		(1,268,142	)		(17,567,457	)		(6,126,216	)
	Advisor Class		(5,296	)		(1,574	)		(82,867	)		(20,438	)
	Premier Class		(5,210	)		(1,472	)		(22,335	)		(7,327	)
	Retirement Class		(267,685	)		(70,771	)		(11,639,118	)		(2,794,652	)
	Retail Class		(60,769	)		(14,355	)		(648,843	)		(158,750	)
	Class W		(97,600,960	)		(27,780,465	)		—			—
Total distributions			(103,335,553	)		(29,136,779	)		(29,960,620	)		(9,107,383	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		4,369,433			23,096,217			198,535,686			150,759,120
	Advisor Class		—			—			912,792			1,028,850
	Premier Class		—			—			32,912			376,232
	Retirement Class		2,589,760			1,552,842			110,011,028			157,333,490
	Retail Class		58,976			217,740			8,732,431			11,860,819
	Class W		57,945,314			346,760,366			—			—
Reinvestments of distributions:	Institutional Class		5,394,899			1,267,923			11,047,222			3,943,381
	Advisor Class		—			—			63,694			18,561
	Premier Class		—			—			9,913			4,242
	Retirement Class		267,572			70,739			11,638,754			2,794,500
	Retail Class		59,813			14,221			634,425			155,211
	Class W		97,600,960			27,780,465			—			—
Redemptions:	Institutional Class		(5,204,573	)		(8,313,017	)		(49,459,586	)		(56,774,439	)
	Advisor Class		—			—			(93,511	)		(146,523	)
	Premier Class		—			—			(82	)		(216,406	)
	Retirement Class		(671,347	)		(1,369,442	)		(364,662	)		(451,363	)
	Retail Class		(44,499	)		(105,920	)		(4,193,543	)		(4,529,964	)
	Class W		(117,595,984	)		(121,608,379	)		—			—
Net increase (decrease) from shareholder transactions			44,770,324			269,363,755			287,507,473			266,155,711
Net increase (decrease) in net assets			(251,004,232	)		597,590,690			120,072,357			455,022,206
NET ASSETS
Beginning of period			1,579,073,079			981,482,389			968,459,008			513,436,802
End of period		$	1,328,068,847		$	1,579,073,079		$	1,088,531,365		$	968,459,008
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		371,665			1,918,136			15,617,229			11,540,221
	Advisor Class		—			—			69,300			79,864
	Premier Class		—			—			2,592			29,335
	Retirement Class		236,974			134,319			8,550,648			12,128,287
	Retail Class		5,271			18,209			672,947			919,767
	Class W		5,004,482			28,537,923			—			—
Shares reinvested:	Institutional Class		477,424			121,332			837,545			328,889
	Advisor Class		—			—			4,833			1,548
	Premier Class		—			—			750			353
	Retirement Class		23,679			6,769			885,077			233,654
	Retail Class		5,278			1,357			48,209			12,967
	Class W		8,621,993			2,655,876			—			—
Shares redeemed:	Institutional Class		(474,817	)		(738,954	)		(3,901,269	)		(4,376,717	)
	Advisor Class		—			—			(7,265	)		(11,594	)
	Premier Class		—			—			(6	)		(16,300	)
	Retirement Class		(58,572	)		(116,343	)		(28,609	)		(36,699	)
	Retail Class		(3,774	)		(9,005	)		(326,603	)		(348,385	)
	Class W		(10,748,092	)		(10,541,298	)		—			—
Net increase (decrease) from shareholder transactions			3,461,511			21,988,321			22,425,378			20,485,190

84 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

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TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual 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 or year ended			value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions				value, end of period
GROWTH & INCOME FUND
Institutional Class:		4/30/22	#		$20.07		$0.07			$(2.20	)		$(2.13	)		$(0.10	)		$(3.25	)			$(3.35	)		$14.59
		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:		4/30/22	#		20.09		0.06			(2.21	)		(2.15	)		(0.09	)		(3.25	)			(3.34	)		14.60
		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:		4/30/22	#		20.11		0.05			(2.20	)		(2.15	)		(0.08	)		(3.25	)			(3.33	)		14.63
		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:		4/30/22	#		20.51		0.05			(2.26	)		(2.21	)		(0.07	)		(3.25	)			(3.32	)		14.98
		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:		4/30/22	#		28.59		0.08			(3.35	)		(3.27	)		(0.07	)		(3.25	)			(3.32	)		22.00
		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:		4/30/22	#		20.07		0.10			(2.20	)		(2.10	)		(0.13	)		(3.25	)			(3.38	)		14.59
		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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year ended			Total return			payment from affiliates		u	end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	payment from affiliates		u	turnover rate
GROWTH & INCOME FUND
Institutional Class:		4/30/22	#		(12.99	)%b		(13.00	)%b		$ 1,551,208			0.40	%c		0.40	%c		0.78	%c		0.76	%c		38	%b
		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:		4/30/22	#		(13.08	)b		(13.09	)b		3,386			0.50	c		0.50	c		0.68	c		0.67	c		38	b
		10/31/21			42.23			42.21			3,428			0.50			0.50			0.66			0.65			61	f
		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:		4/30/22	#		(13.03	)b		(13.04	)b		10,957			0.55	c		0.55	c		0.62	c		0.60	c		38	b
		10/31/21			42.08			42.06			20,731			0.55			0.55			0.63			0.61			61	f
		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:		4/30/22	#		(13.06	)b		(13.07	)b		457,924			0.65	c		0.65	c		0.53	c		0.51	c		38	b
		10/31/21			41.96			41.94			577,096			0.65			0.65			0.51			0.50			61	f
		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:		4/30/22	#		(13.07	)b		(13.08	)b		1,413,039			0.68	c		0.56	c		0.62	c		0.60	c		38	b
		10/31/21			41.97			41.95			1,664,005			0.69			0.69			0.48			0.46			61	f
		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:		4/30/22	#		(12.81	)b		(12.82	)b		2,228,293			0.40	c		0.00	c		1.18	c		1.16	c		38	b
		10/31/21			42.93			42.91			2,739,781			0.40			0.00			1.17			1.16			61	f
		10/31/20			11.21			11.20			2,914,760			0.40			0.00			1.53			1.52			64
		10/31/19			11.39			11.38			3,363,807			0.41			0.00			1.93			1.92			68
		10/31/18	†		(9.29	)b		(9.29	)b		3,027,314			0.41	c		0.00	c		0.95	c		0.95	c		59

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 87

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the			Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year ended			beginning of period		income (loss		)a	on total investments			investment operations			investment income			realized gains			and distributions			end of period
LARGE-CAP GROWTH FUND
Institutional Class:		4/30/22	#		$ 26.91		$  0.02			$ (5.74	)		$ (5.72	)		$ (0.03	)		$ (2.49	)		$ (2.52	)		$ 18.67
		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:		4/30/22	#		26.88		0.01			(5.74	)		(5.73	)		(0.01	)		(2.49	)		(2.50	)		18.65
		10/31/21			27.12		0.00	d		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:		4/30/22	#		26.88		0.00	d		(5.73	)		(5.73	)		—			(2.49	)		(2.49	)		18.66
		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:		4/30/22	#		26.63		(0.01	)		(5.68	)		(5.69	)		—			(2.49	)		(2.49	)		18.45
		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:		4/30/22	#		26.77		0.00	d		(5.71	)		(5.71	)		—			(2.49	)		(2.49	)		18.57
		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:		4/30/22	#		27.00		0.06			(5.74	)		(5.68	)		(0.14	)		(2.49	)		(2.63	)		18.69
		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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year ended			Total return			payment from affiliates		u	end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	payment from affiliates		u	turnover rate
LARGE-CAP GROWTH FUND
Institutional Class:		4/30/22	#		(23.33	)%b		(23.34	)%b		$  1,560,057			0.41	%c		0.41	%c		0.15	%c		0.14	%c		46	%b
		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:		4/30/22	#		(23.34	)b		(23.35	)b		4,531			0.48	c		0.48	c		0.08	c		0.07	c		46	b
		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:		4/30/22	#		(23.38	)b		(23.39	)b		12,330			0.56	c		0.56	c		0.00	c		(0.01	)c		46	b
		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:		4/30/22	#		(23.42	)b		(23.43	)b		329,215			0.66	c		0.66	c		(0.10	)c		(0.11	)c		46	b
		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:		4/30/22	#		(23.40	)b		(23.41	)b		1,097,559			0.70	c		0.56	c		0.00	c		(0.01	)c		46	b
		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:		4/30/22	#		(23.17	)b		(23.18	)b		2,398,744			0.41	c		0.00	c		0.56	c		0.54	c		46	b
		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			0.42	c		0.00	c		0.42	c		0.41	c		90

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 89

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the			Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year ended			beginning of period		income (loss		)a	on total investments			investment operations			investment income			realized gains			and distributions			end of period
LARGE-CAP VALUE FUND
Institutional Class:		4/30/22	#		$ 23.14		$ 0.15			$ (1.27	)		$ (1.12	)		$ (0.32	)		$ (1.68	)		$ (2.00	)		$ 20.02
		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:		4/30/22	#		23.12		0.14			(1.27	)		(1.13	)		(0.30	)		(1.68	)		(1.98	)		20.01
		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:		4/30/22	#		23.08		0.13			(1.26	)		(1.13	)		(0.28	)		(1.68	)		(1.96	)		19.99
		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:		4/30/22	#		23.03		0.12			(1.27	)		(1.15	)		(0.26	)		(1.68	)		(1.94	)		19.94
		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:		4/30/22	#		21.99		0.12			(1.21	)		(1.09	)		(0.25	)		(1.68	)		(1.93	)		18.97
		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:		4/30/22	#		23.22		0.19			(1.26	)		(1.07	)		(0.42	)		(1.68	)		(2.10	)		20.05
		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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year ended			Total return			payment from affiliates		u	end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	payment from affiliates		u	turnover rate
LARGE-CAP VALUE FUND
Institutional Class:		4/30/22	#		(5.39	)%b		(5.40	)%b		1,801,422			0.41	%c		0.41	%c		1.38	%c		1.37	%c		8	%b
		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:		4/30/22	#		(5.41	)b		(5.42	)b		464			0.48	c		0.48	c		1.31	c		1.30	c		8	b
		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:		4/30/22	#		(5.41	)b		(5.42	)b		70,771			0.56	c		0.56	c		1.22	c		1.21	c		8	b
		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:		4/30/22	#		(5.53	)b		(5.54	)b		478,444			0.66	c		0.66	c		1.13	c		1.12	c		8	b
		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:		4/30/22	#		(5.49	)b		(5.50	)b		149,425			0.71	c		0.62	c		1.17	c		1.16	c		8	b
		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:		4/30/22	#		(5.16	)b		(5.17	)b		2,480,298			0.41	c		0.00	c		1.79	c		1.78	c		8	b
		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			0.41	c		0.00	c		1.56	c		1.56	c		53

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 91

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the			Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year ended			beginning of period		income (loss		)a	on total investments			investment operations			investment income			realized gains			and distributions			end of period
MID-CAP GROWTH FUND
Institutional Class:		4/30/22	#		$ 30.82		$  0.04			$ (8.05	)		$ (8.01	)		$      —			$ (3.74	)		$ (3.74	)		$ 19.07
		10/31/21			25.15		(0.06	)		8.91			8.85			—			(3.18	)		(3.18	)		30.82
		10/31/20			22.21		0.00	d		5.32			5.32			(0.04	)		(2.34	)		(2.38	)		25.15
		10/31/19			22.29		0.04			2.90			2.94			(0.08	)		(2.94	)		(3.02	)		22.21
		10/31/18			24.00		0.09			0.46			0.55			(0.13	)		(2.13	)		(2.26	)		22.29
		10/31/17			19.07		0.14			4.89			5.03			(0.10	)		—			(0.10	)		24.00
Advisor Class:		4/30/22	#		30.79		0.00	d		(7.99	)		(7.99	)		—			(3.74	)		(3.74	)		19.06
		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:		4/30/22	#		30.51		0.02			(7.95	)		(7.93	)		—			(3.74	)		(3.74	)		18.84
		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			0.00	d		(2.34	)		(2.34	)		24.96
		10/31/19			22.14		0.01			2.89			2.90			(0.05	)		(2.94	)		(2.99	)		22.05
		10/31/18			23.85		0.05			0.46			0.51			(0.09	)		(2.13	)		(2.22	)		22.14
		10/31/17			18.95		0.11			4.86			4.97			(0.07	)		—			(0.07	)		23.85
Retirement Class:		4/30/22	#		29.44		0.01			(7.64	)		(7.63	)		—			(3.74	)		(3.74	)		18.07
		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:		4/30/22	#		29.36		0.02			(7.62	)		(7.60	)		—			(3.74	)		(3.74	)		18.02
		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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year ended			Total return			payment from affiliates		u	end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	payment from affiliates		u	turnover rate
MID-CAP GROWTH FUND
Institutional Class:		4/30/22	#		(28.65	)%b		(28.66	)%b		$    734,766			0.47	%c		0.47	%c		0.35	%c		0.34	%c		42	%b
		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:		4/30/22	#		(28.61	)b		(28.62	)b		202			0.45	c		0.45	c		0.04	c		0.03	c		42	b
		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:		4/30/22	#		(28.68	)b		(28.69	)b		35,537			0.62	c		0.62	c		0.16	c		0.15	c		42	b
		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:		4/30/22	#		(28.71	)b		(28.72	)b		367,451			0.72	c		0.72	c		0.11	c		0.09	c		42	b
		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:		4/30/22	#		(28.68	)b		(28.69	)b		202,365			0.77	c		0.63	c		0.19	c		0.18	c		42	b
		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  ■  2022 Semiannual Report 93

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
									Net realized															Net
	For the			Net asset		Net			and unrealized			Total gain			Less distributions from						Total			asset
	period			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,
	or year ended			beginning of period		income (loss		)a	on total investments			investment operations			investment income			realized gains			and distributions			end of period
MID-CAP VALUE FUND
Institutional Class:		4/30/22	#		$ 21.23		$ 0.11			$ (0.69	)		$ (0.58	)		$ (0.23	)		$ (2.65	)		$ (2.88	)		$ 17.77
		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:		4/30/22	#		21.20		0.09			(0.68	)		(0.59	)		(0.21	)		(2.65	)		(2.86	)		17.75
		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:		4/30/22	#		21.18		0.10			(0.70	)		(0.60	)		(0.19	)		(2.65	)		(2.84	)		17.74
		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:		4/30/22	#		21.04		0.09			(0.69	)		(0.60	)		(0.18	)		(2.65	)		(2.83	)		17.61
		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:		4/30/22	#		20.42		0.09			(0.66	)		(0.57	)		(0.17	)		(2.65	)		(2.82	)		17.03
		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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

										Ratios and supplemental data
													Ratios to average net assets
							Total															Net investment
	For the						return															income (loss)
	period						excluding			Net assets at									Net			excluding			Portfolio
	or year ended			Total return			payment from affiliates		u	end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	payment from affiliates		u	turnover rate
MID-CAP VALUE FUND
Institutional Class:		4/30/22	#		(3.55	)%b		(3.56	)%b		$  1,152,368			0.45	%c		0.44	%c		1.17	%c		1.15	%c		37	%b
		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:		4/30/22	#		(3.60	)b		(3.61	)b		434			0.53	c		0.53	c		0.90	c		0.88	c		37	b
		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:		4/30/22	#		(3.61	)b		(3.62	)b		58,032			0.60	c		0.59	c		1.03	c		1.02	c		37	b
		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:		4/30/22	#		(3.68	)b		(3.69	)b		515,033			0.70	c		0.69	c		0.92	c		0.90	c		37	b
		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:		4/30/22	#		(3.64	)b		(3.65	)b		210,248			0.75	c		0.65	c		0.96	c		0.94	c		37	b
		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  ■  2022 Semiannual Report 95

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
QUANT SMALL-CAP EQUITY FUND
Institutional Class:	4/30/22	#		$ 23.18		$ 0.06			$ (2.85	)		$ (2.79	)		$ (0.12	)		$ (3.91	)		$ (4.03	)		$ 16.36
	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:	4/30/22	#		23.17		0.06			(2.85	)		(2.79	)		(0.11	)		(3.91	)		(4.02	)		16.36
	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:	4/30/22	#		23.01		0.05			(2.83	)		(2.78	)		(0.08	)		(3.91	)		(3.99	)		16.24
	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:	4/30/22	#		22.43		0.04			(2.75	)		(2.71	)		(0.06	)		(3.91	)		(3.97	)		15.75
	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:	4/30/22	#		22.12		0.04			(2.70	)		(2.66	)		(0.06	)		(3.91	)		(3.97	)		15.49
	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:	4/30/22	#		23.25		0.11			(2.86	)		(2.75	)		(0.22	)		(3.91	)		(4.13	)		16.37
	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		0.00	d		(2.09	)		(2.09	)		—			—			—			18.77

96 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT SMALL-CAP EQUITY FUND
Institutional Class:	4/30/22	#		(14.10	)%b		$1,425,507			0.42	%c		0.42	%c		0.68	%c		27	%b
	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:	4/30/22	#		(14.11	)b		729			0.47	c		0.47	c		0.62	c		27	b
	10/31/21			61.95			781			0.48			0.47			0.40			64	f
	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:	4/30/22	#		(14.16	)b		60,934			0.56	c		0.56	c		0.56	c		27	b
	10/31/21			61.90			80,889			0.56			0.56			0.31			64	f
	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:	4/30/22	#		(14.18	)b		378,559			0.67	c		0.67	c		0.44	c		27	b
	10/31/21			61.64			451,648			0.66			0.66			0.22			64	f
	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:	4/30/22	#		(14.17	)b		130,191			0.72	c		0.65	c		0.46	c		27	b
	10/31/21			61.59			157,995			0.72			0.69			0.18			64	f
	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:	4/30/22	#		(13.89	)b		620,329			0.41	c		0.00	c		1.12	c		27	b
	10/31/21			62.73			830,786			0.41			0.00			0.88			64	f
	10/31/20			(8.01	)		679,638			0.42			0.00			0.98			93
	10/31/19			5.78			778,275			0.42			0.00			1.40			98
	10/31/18	†		(10.02	)b		794,946			0.41	c		0.00	c		(0.30	)c		87

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 97

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
QUANT SMALL/MID-CAP EQUITY FUND
Institutional Class:	4/30/22	#		$ 18.26		$ 0.07			$ (1.81	)		$ (1.74	)		$ (0.19	)		$ (2.98	)		$ (3.17	)		$ 13.35
	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:	4/30/22	#		18.28		0.05			(1.81	)		(1.76	)		(0.17	)		(2.98	)		(3.15	)		13.37
	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:	4/30/22	#		18.35		0.06			(1.83	)		(1.77	)		(0.16	)		(2.98	)		(3.14	)		13.44
	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:	4/30/22	#		18.16		0.04			(1.80	)		(1.76	)		(0.15	)		(2.98	)		(3.13	)		13.27
	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:	4/30/22	#		18.12		0.04			(1.80	)		(1.76	)		(0.13	)		(2.98	)		(3.11	)		13.25
	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:	4/30/22	#		18.36		0.10			(1.82	)		(1.72	)		(0.28	)		(2.98	)		(3.26	)		13.38
	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		0.00	d		(1.37	)		(1.37	)		—			—			—			12.44

98 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
QUANT SMALL/MID-CAP EQUITY FUND
Institutional Class:	4/30/22	#		(11.27	)%b		$    50,272			0.47	%c		0.47	%c		0.92	%c		35	%b
	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:	4/30/22	#		(11.35	)b		14,978			0.60	c		0.60	c		0.64	c		35	b
	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:	4/30/22	#		(11.36	)b		200			0.63	c		0.63	c		0.80	c		35	b
	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:	4/30/22	#		(11.39	)b		161,880			0.73	c		0.73	c		0.50	c		35	b
	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:	4/30/22	#		(11.43	)b		18,100			0.84	c		0.79	c		0.57	c		35	b
	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:	4/30/22	#		(11.11	)b		741,779			0.47	c		0.00	c		1.39	c		35	b
	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			0.52	c		0.00	c		(0.12	)c		64

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 99

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/22	#		$ 30.44		$ 0.16			$ (3.56	)		$ (3.40	)		$ (0.33	)		$ (2.36	)		$ (2.69	)		$ 24.35
	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:	4/30/22	#		30.40		0.15			(3.55	)		(3.40	)		(0.31	)		(2.36	)		(2.67	)		24.33
	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:	4/30/22	#		30.29		0.14			(3.54	)		(3.40	)		(0.28	)		(2.36	)		(2.64	)		24.25
	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:	4/30/22	#		30.90		0.13			(3.62	)		(3.49	)		(0.26	)		(2.36	)		(2.62	)		24.79
	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:	4/30/22	#		26.78		0.12			(3.10	)		(2.98	)		(0.26	)		(2.36	)		(2.62	)		21.18
	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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/22	#		(12.31	)%b		$5,044,222			0.19	%c		0.18	%c		1.18	%c		12	%b
	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:	4/30/22	#		(12.33	)b		45,525			0.27	c		0.27	c		1.10	c		12	b
	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:	4/30/22	#		(12.35	)b		76,679			0.36	c		0.35	c		1.01	c		12	b
	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:	4/30/22	#		(12.40	)b		897,856			0.44	c		0.43	c		0.93	c		12	b
	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:	4/30/22	#		(12.38	)b		606,613			0.46	c		0.38	c		0.98	c		12	b
	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  ■  2022 Semiannual Report 101

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/22	#		$ 21.44		$ 0.10			$ (2.70	)		$ (2.60	)		$ (0.17	)		$ (1.01	)		$ (1.18	)		$ 17.66
	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:	4/30/22	#		21.41		0.08			(2.69	)		(2.61	)		(0.15	)		(1.01	)		(1.16	)		17.64
	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:	4/30/22	#		21.46		0.08			(2.70	)		(2.62	)		(0.14	)		(1.01	)		(1.15	)		17.69
	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:	4/30/22	#		21.32		0.07			(2.68	)		(2.61	)		(0.13	)		(1.01	)		(1.14	)		17.57
	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:	4/30/22	#		21.32		0.07			(2.68	)		(2.61	)		(0.12	)		(1.01	)		(1.13	)		17.58
	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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/22	#		(12.86	)%b		$465,861			0.31	%c		0.31	%c		0.98	%c		14	%b
	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:	4/30/22	#		(12.90	)b		8,985			0.42	c		0.42	c		0.86	c		14	b
	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:	4/30/22	#		(12.91	)b		6,153			0.46	c		0.46	c		0.83	c		14	b
	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:	4/30/22	#		(12.96	)b		522,249			0.56	c		0.56	c		0.73	c		14	b
	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:	4/30/22	#		(12.91	)b		57,608			0.61	c		0.57	c		0.72	c		14	b
	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  ■  2022 Semiannual Report 103

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/22	#		$ 11.77		$ 0.13			$ (1.68	)		$ (1.55	)		$ (0.43	)		$ (1.79	)		$ (2.22	)		$  8.00
	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:	4/30/22	#		11.77		0.15			(1.70	)		(1.55	)		(0.42	)		(1.79	)		(2.21	)		8.01
	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:	4/30/22	#		11.78		0.13			(1.69	)		(1.56	)		(0.42	)		(1.79	)		(2.21	)		8.01
	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:	4/30/22	#		11.72		0.13			(1.68	)		(1.55	)		(0.42	)		(1.79	)		(2.21	)		7.96
	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:	4/30/22	#		11.72		0.11			(1.68	)		(1.57	)		(0.37	)		(1.79	)		(2.16	)		7.99
	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:	4/30/22	#		11.85		0.17			(1.69	)		(1.52	)		(0.52	)		(1.79	)		(2.31	)		8.02
	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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/22	#		(15.39	)%b		(15.40	)%b		$    231,605			0.90	%c		0.90	%c		2.84	%c		2.82	%c		55	%b
	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:	4/30/22	#		(15.39	)b		(15.40	)b		105			0.95	c		0.95	c		3.09	c		3.08	c		55	b
	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:	4/30/22	#		(15.40	)b		(15.41	)b		9,193			1.06	c		0.97	c		2.77	c		2.75	c		55	b
	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:	4/30/22	#		(15.50	)b		(15.51	)b		82,645			1.15	c		0.97	c		2.79	c		2.78	c		55	b
	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:	4/30/22	#		(15.59	)b		(15.60	)b		7,925			1.37	c		1.27	c		2.46	c		2.45	c		55	b
	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:	4/30/22	#		(15.07	)b		(15.08	)b		1,073,398			0.90	c		0.00	c		3.69	c		3.68	c		55	b
	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			0.91	c		0.00	c		0.91	c		0.90	c		127

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 105

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
	For the			Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended			value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
INTERNATIONAL EQUITY FUND
Institutional Class:		4/30/22	#		$ 14.61		$ 0.14			$ (2.54	)		$ (2.40	)		$ (0.40	)		$     —			$ (0.40	)		$ 11.81
		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:		4/30/22	#		14.93		0.13			(2.60	)		(2.47	)		(0.38	)		—			(0.38	)		12.08
		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:		4/30/22	#		14.58		0.12			(2.53	)		(2.41	)		(0.38	)		—			(0.38	)		11.79
		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:		4/30/22	#		15.18		0.12			(2.64	)		(2.52	)		(0.36	)		—			(0.36	)		12.30
		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:		4/30/22	#		9.11		0.07			(1.55	)		(1.48	)		(0.37	)		—			(0.37	)		7.26
		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:		4/30/22	#		14.69		0.17			(2.55	)		(2.38	)		(0.46	)		—			(0.46	)		11.85
		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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/22	#		(16.83	)%b		(16.84	)%b		$ 2,390,067			0.46	%c		0.46	%c		2.03	%c		2.02	%c		15	%b
	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:	4/30/22	#		(16.90	)b		(16.91	)b		2,470			0.56	c		0.56	c		1.88	c		1.86	c		15	b
	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:	4/30/22	#		(16.92	)b		(16.93	)b		62,865			0.61	c		0.61	c		1.82	c		1.81	c		15	b
	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:	4/30/22	#		(16.94	)b		(16.95	)b		372,860			0.71	c		0.71	c		1.74	c		1.72	c		15	b
	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:	4/30/22	#		(16.85	)b		(16.86	)b		231,880			0.79	c		0.67	c		1.80	c		1.78	c		15	b
	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:	4/30/22	#		(16.67	)b		(16.68	)b		2,636,829			0.46	c		0.00	c		2.49	c		2.48	c		15	b
	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			0.48	c		0.00	c		1.08	c		1.07	c		73

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 107

Financial highlights

TIAA-CREF Funds

				Selected per share data
						Gain (loss) from investment operations
	For the			Net asset		Net			Net realized and unrealized			Total gain			Less distributions from						Total			Net asset
	period or year ended			value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:		4/30/22	#		$ 19.77		$ 0.08			$ (4.12	)		$ (4.04	)		$ (0.17	)		$ (1.24	)		$ (1.41	)		$ 14.32
		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:		4/30/22	#		19.73		0.07			(4.10	)		(4.03	)		(0.15	)		(1.24	)		(1.39	)		14.31
		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:		4/30/22	#		19.80		0.13			(4.19	)		(4.06	)		(0.15	)		(1.24	)		(1.39	)		14.35
		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:		4/30/22	#		19.69		0.07			(4.10	)		(4.03	)		(0.15	)		(1.24	)		(1.39	)		14.27
		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:		4/30/22	#		19.67		0.05			(4.10	)		(4.05	)		(0.09	)		(1.24	)		(1.33	)		14.29
		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:		4/30/22	#		19.89		0.13			(4.13	)		(4.00	)		(0.27	)		(1.24	)		(1.51	)		14.38
		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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

									Ratios and supplemental data
												Ratios to average net assets
	For the period or year ended		Total return			Total return excluding payment from affiliates		u	Net assets at end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	Net investment income (loss) excluding payment from affiliates		u	Portfolio turnover rate
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/22	#		(21.66	)%b		(21.67	)%b		$   123,455			0.61	%c		0.61	%c		0.97	%c		0.96	%c		9	%b
	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:	4/30/22	#		(21.69	)b		(21.70	)b		3,723			0.70	c		0.70	c		0.85	c		0.83	c		9	b
	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:	4/30/22	#		(21.73	)b		(21.74	)b		2,261			0.76	c		0.70	c		1.64	c		1.62	c		9	b
	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:	4/30/22	#		(21.71	)b		(21.72	)b		120,816			0.86	c		0.70	c		0.83	c		0.81	c		9	b
	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:	4/30/22	#		(21.78	)b		(21.79	)b		7,057			1.06	c		1.01	c		0.56	c		0.54	c		9	b
	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:	4/30/22	#		(21.40	)b		(21.41	)b		1,845,369			0.61	c		0.00	c		1.58	c		1.56	c		9	b
	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			0.63	c		0.00	c		0.76	c		0.82	c		21

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual 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:	4/30/22	#		$ 12.48		$ 0.17			$ (1.68	)		$ (1.51	)		$ (0.37	)		$ (0.37	)		$ (0.74	)		$ 10.23
	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:	4/30/22	#		12.46		0.17			(1.67	)		(1.50	)		(0.36	)		(0.37	)		(0.73	)		10.23
	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:	4/30/22	#		12.62		0.17			(1.71	)		(1.54	)		(0.34	)		(0.37	)		(0.71	)		10.37
	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:	4/30/22	#		12.45		0.17			(1.68	)		(1.51	)		(0.34	)		(0.37	)		(0.71	)		10.23
	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:	4/30/22	#		12.47		0.15			(1.68	)		(1.53	)		(0.32	)		(0.37	)		(0.69	)		10.25
	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:	4/30/22	#		12.56		0.21			(1.68	)		(1.47	)		(0.44	)		(0.37	)		(0.81	)		10.28
	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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

continued

					Ratios and supplemental data
	For the period					Net assets at		Ratios to average net assets						Portfolio
	or year ended		Total return			end of period (in thousands	)	Gross expenses		Net expenses		Net investment income (loss	)	turnover rate
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
Institutional Class:	4/30/22	#	(12.71	)%b		$   76,124		0.72	%c	0.72	%c	3.15	%c	60	%b
	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	**	29.14	b		935,888		0.73	c	0.68	c	2.59	c	70	b
Advisor Class:	4/30/22	#	(12.64	)b		75		0.74	c	0.74	c	3.11	c	60	b
	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	**	28.92	b		1,297		0.88	c	0.83	c	2.18	c	70	b
Premier Class:	4/30/22	#	(12.73	)b		76		0.90	c	0.90	c	2.95	c	60	b
	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	**	28.92	b		1,288		1.03	c	0.85	c	2.16	c	70	b
Retirement Class:	4/30/22	#	(12.71	)b		5,866		0.97	c	0.97	c	3.09	c	60	b
	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	**	28.82	b		8,020		1.03	c	0.95	c	1.93	c	70	b
Retail Class:	4/30/22	#	(12.85	)b		1,002		2.13	c	1.14	c	2.76	c	60	b
	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	**	28.71	b		2,336		1.42	c	1.09	c	1.91	c	70	b
Class W:	4/30/22	#	(12.32	)b		1,244,926		0.72	c	0.00	c	3.85	c	60	b
	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		0.72	c	0.00	c	0.80	c	89

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual 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:	4/30/22	#		$ 13.82		$ 0.17			$ (1.80	)		$ (1.63	)		$ (0.32	)		$ (0.10	)		$ (0.42	)		$ 11.77
	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:	4/30/22	#		13.81		0.16			(1.80	)		(1.64	)		(0.31	)		(0.10	)		(0.41	)		11.76
	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:	4/30/22	#		13.83		0.15			(1.80	)		(1.65	)		(0.30	)		(0.10	)		(0.40	)		11.78
	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:	4/30/22	#		13.76		0.15			(1.79	)		(1.64	)		(0.29	)		(0.10	)		(0.39	)		11.73
	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:	4/30/22	#		13.76		0.14			(1.79	)		(1.65	)		(0.28	)		(0.10	)		(0.38	)		11.73
	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

#	Unaudited
**	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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

concluded

							Ratios and supplemental data
	For the period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:		4/30/22	#		(12.12	)%b		$ 621,521			0.37	%c		0.37	%c		2.60	%c		6	%b
		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:		4/30/22	#		(12.21	)b		2,965			0.48	c		0.48	c		2.47	c		6	b
		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:		4/30/22	#		(12.25	)b		696			0.52	c		0.52	c		2.31	c		6	b
		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:		4/30/22	#		(12.20	)b		440,093			0.62	c		0.62	c		2.33	c		6	b
		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:		4/30/22	#		(12.28	)b		23,256			0.69	c		0.69	c		2.23	c		6	b
		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  ■  2022 Semiannual Report 113

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization

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

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

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

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

Note 2—significant accounting policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method.

Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

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

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.

114 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

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

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

New rule issuance: In December 2020, the SEC voted to adopt a new rule providing a framework for fund valuation practices. New Rule 2a-5 (“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 boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the 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. The compliance date for Rule 2a-5 and Rule 31a-4 is September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

Note 3—valuation of investments

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

data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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

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

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are categorized as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and the securities are generally classified as Level 2.

For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.

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

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 115

Notes to financial statements (unaudited)

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

Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.

Option contracts: Purchased and written options traded and listed on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported and are generally classified as Level 1. Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.

Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation

procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of April 30, 2022, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth & Income
Common stocks	$	5,505,811,034		$	135,657,025	$	—	$	5,641,468,059
Short-term investments		2,079,324			46,429,601		—		48,508,925
Written options**		(37,393,651	)		—		—		(37,393,651	)
Total	$	5,470,496,707		$	182,086,626	$	—	$	5,652,583,333
Large-Cap Growth
Common stocks	$	5,131,607,099		$	220,010,929	$	—	$	5,351,618,028
Short-term investments		2,120,030			74,845,000		—		76,965,030
Total	$	5,133,727,129		$	294,855,929	$	—	$	5,428,583,058
Large-Cap Value
Common stocks	$	4,936,768,330		$	—	$	7,267	$	4,936,775,597
Short-term investments		—			61,446,282		—		61,446,282
Total	$	4,936,768,330		$	61,446,282	$	7,267	$	4,998,221,879
Mid-Cap Growth
Common stocks	$	1,274,748,397		$	60,924,365	$	—	$	1,335,672,762
Rights/Warrants		2,378,180			—		—		2,378,180
Short-term investments		23,616,631			3,870,000		—		27,486,631
Total	$	1,300,743,208		$	64,794,365	$	—	$	1,365,537,573
Mid-Cap Value
Common stocks	$	1,927,253,833		$	—	$	—	$	1,927,253,833
Short-term investments		1,121			17,830,000		—		17,831,121
Total	$	1,927,254,954		$	17,830,000	$	—	$	1,945,084,954
Quant Small-Cap Equity
Common stocks	$	2,561,447,391		$	—	$	—	$	2,561,447,391
Short-term investments		43,360,329			55,017,054		—		98,377,383
Futures contracts**		(4,190,916	)		—		—		(4,190,916	)
Total	$	2,600,616,804		$	55,017,054	$	—	$	2,655,633,858
Quant Small/Mid-Cap Equity
Common stocks	$	983,680,256		$	—	$	—	$	983,680,256
Short-term investments		5,481,188			3,425,000		—		8,906,188
Total	$	989,161,444		$	3,425,000	$	—	$	992,586,444
Social Choice Equity
Common stocks	$	6,639,971,064		$	—	$	9,929	$	6,639,980,993
Short-term investments		5,185,122			25,699,051		—		30,884,173
Futures contracts**		(1,113,765	)		—		—		(1,113,765	)
Total	$	6,644,042,421		$	25,699,051	$	9,929	$	6,669,751,401
Social Choice Low Carbon Equity
Common stocks	$	1,051,195,970		$	—	$	—	$	1,051,195,970
Short-term investments		365,305			21,894,933		—		22,260,238
Futures contracts**		(157,688	)		—		—		(157,688	)
Total	$	1,051,403,587		$	21,894,933	$	—	$	1,073,298,520

116 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Fund	Level 1			Level 2		Level 3		Total
Emerging Markets Equity
Common stocks	$	452,777,716		$	877,350,404	$	—	$	1,330,128,120
Preferred stocks		—			—		3,298		3,298
Short-term investments		727,368			65,143,107		—		65,870,475
Total	$	453,505,084		$	942,493,511	$	3,298	$	1,396,001,893
International Equity
Common stocks	$	87,400,337		$	5,269,094,228	$	—	$	5,356,494,565
Short-term investments		34,029,231			243,327,971		—		277,357,202
Total	$	121,429,568		$	5,512,422,199	$	—	$	5,633,851,767
International Opportunities
Common stocks	$	391,323,973		$	1,553,532,324	$	1,500	$	1,944,857,797
Rights/Warrants		—			3,980		—		3,980
Short-term investments		114,799,533			120,175,411		—		234,974,944
Total	$	506,123,506		$	1,673,711,715	$	1,500	$	2,179,836,721
Quant International Small-Cap Equity
Common stocks	$	190,260,839		$	1,129,349,111	$	1,081,101	$	1,320,691,051
Short-term investments		11,656,317			400,000		—		12,056,317
Total	$	201,917,156		$	1,129,749,111	$	1,081,101	$	1,332,747,368
Social Choice International Equity
Common stocks	$	4,450,435		$	1,067,686,612	$	—	$	1,072,137,047
Short-term investments		6,871,652			13,430,000		—		20,301,652
Futures contracts**		(99,253	)		—		—		(99,253	)
Total	$	11,222,834		$	1,081,116,612	$	—	$	1,092,339,446

** Derivative instruments are not reflected in the market value of portfolio investments.

Note 4—investments

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

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

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

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.

As of April 30, 2022, securities lending transactions are for equity securities, and the resulting loans are continuous, can

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

At April 30, 2022, the total value of securities on loan and the total value of collateral received were as follows:

Fund	Aggregate value of securities on loan		Cash collateral received		*	Non-cash collateral received		Total collateral received
Growth & Income	$	5,337,629	$	2,079,324		$	3,438,003	$	5,517,327
Large-Cap Growth		1,942,164		2,120,030			—		2,120,030
Mid-Cap Growth		21,904,490		23,616,631			—		23,616,631
Mid-Cap Value		9,065,422		1,121			9,531,596		9,532,717
Quant Small-Cap Equity		66,213,320		43,360,329			26,925,692		70,286,021
Quant Small/Mid-Cap Equity		13,294,920		5,481,188			8,575,887		14,057,075
Social Choice Equity		12,088,450		5,185,122			7,844,863		13,029,985
Social Choice Low Carbon Equity		691,313		365,305			376,897		742,202
Emerging Markets Equity		454,282		727,368			432,062		1,159,430
International Equity		40,002,674		34,029,231			8,063,595		42,092,826
International Opportunities		178,503,599		114,799,533			73,190,411		187,989,944
Quant International Small-Cap Equity		37,972,814		11,656,317			29,269,337		40,925,654
Social Choice International Equity		31,637,409		6,871,652			26,573,171		33,444,823

* May include cash and investment of cash collateral

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 117

Notes to financial statements (unaudited)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2022 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Growth & Income	$	2,430,820,799	$	2,883,488,459
Large-Cap Growth		2,932,664,463		3,095,452,606
Large-Cap Value		408,543,162		641,905,547
Mid-Cap Growth		690,760,725		778,054,149
Mid-Cap Value		765,849,378		918,460,333
Quant Small-Cap Equity		777,713,126		841,267,324
Quant Small/Mid-Cap Equity		370,394,288		407,842,513
Social Choice Equity		882,279,006		862,992,575
Social Choice Low Carbon Equity		312,404,329		152,567,258
Emerging Markets Equity		857,511,538		823,624,387
International Equity		999,017,251		928,089,957
International Opportunities		425,815,130		196,450,120
Quant International Small-Cap Equity		878,659,522		915,519,874
Social Choice International Equity		327,769,757		65,235,779

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 April 30, 2022 the Funds had no outstanding purchase commitments related to PIPEs.

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

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.

At April 30, 2022, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

	Liability derivatives
Derivative contract	Location	Fair value amount
Growth & Income Fund
Equity contracts	Written options	$	(37,393,651	)
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts*		(4,190,916	)
Social Choice Equity Fund
Equity contracts	Futures contracts*		(1,113,765	)
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts*		(157,688	)
Social Choice International Equity Fund
Equity contracts	Futures contracts*		(99,253	)

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

For the period ended April 30, 2022, the effect of derivative contracts on the Funds’ Statements of operations was as follows:

Derivative contract	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Growth & Income Fund
Equity contracts	Purchased options	$	37,470		$	151,667
Equity contracts	Written options		(7,275,186	)		(10,180,771	)
Quant Small-Cap Equity Fund
Equity contracts	Futures contracts		(365,078	)		(4,468,153	)
Social Choice Equity Fund
Equity contracts	Futures contracts		138,047			(2,338,326	)
Social Choice Low Carbon Equity Fund
Equity contracts	Futures contracts		(864,283	)		(244,876	)
Emerging Markets Equity Fund
Equity contracts	Purchased options		(456,849	)		160,849
Equity contracts	Written options		442,134			(346,134	)
Social Choice International Equity Fund
Equity contracts	Futures contracts		(1,683,222	)		(102,884	)

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. To manage the risk, the Funds may invest in both equity and index options. The Funds may purchase (buy) or write (sell) put and call options on specific securities (including groups or “baskets” of specific securities), interest rates, stock indices and/or bond indices (each a “financial instrument”). Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a financial instrument at a specified exercise price at any time during the period of the option. Purchased options are included in the Summary portfolio of investments.

When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a liability on the Statements of assets and liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options purchased and/or written during the fiscal period are

118 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

recognized as in unrealized appreciation (depreciation) on the Statements of operations. When an option expires, the premiums received or paid are recognized as realized gains or losses on the Statements of operations. When an option is exercised or a closing purchase transaction is entered into, the difference between the premium and the amount received or paid in a closing transaction is recognized as a realized gain or loss on the Statements of operations.

The market risk associated with purchasing options is limited to the premium paid. The Fund, as writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

The average notional amount of option contracts written and option contracts purchased outstanding during the current fiscal period ended April 30, 2022 was as follows:

Fund	Average notional amount of options contracts written outstanding		*
Growth & Income		$(21,333,061	)
Emerging Markets Equity		(147,378	)
Fund		Average notional amount of options contracts purchased outstanding	*
Growth & Income		$209,044
Emerging Markets Equity		152,283

* The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

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 and for cash management purposes to remain highly invested in these markets while minimizing transaction costs.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Summary Portfolio of investments and cash deposited for initial margin, if any, is reflected on the Statements of assets and liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statements of assets and liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period ended April 30, 2022 was as follows:

Fund	Average notional amount of futures contracts outstanding		*
Quant Small-Cap Equity	$	25,084,778
Social Choice Equity		33,425,863
Social Choice Low Carbon Equity		14,045,239
Social Choice International Equity		7,081,966

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

Note 6—income tax information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files 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 each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 119

Notes to financial statements (unaudited)

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:

Fund	Tax Cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Growth & Income	$	3,569,501,376	$	2,300,546,441	$	(188,447,856	)	$	2,112,098,585
Large-Cap Growth		3,874,318,386		1,889,077,104		(334,812,432	)		1,554,264,672
Large-Cap Value		3,415,131,484		1,647,871,427		(64,781,032	)		1,583,090,395
Mid-Cap Growth		1,325,050,649		219,744,121		(179,257,197	)		40,486,924
Mid-Cap Value		1,698,556,463		314,206,119		(67,677,628	)		246,528,491
Quant Small-Cap Equity		2,428,120,524		583,706,101		(356,192,767	)		227,513,334
Quant Small/Mid-Cap Equity		839,234,495		232,391,873		(79,039,924	)		153,351,949
Social Choice Equity		4,615,709,043		2,421,862,985		(367,820,627	)		2,054,042,358
Social Choice Low Carbon Equity		999,691,959		154,109,062		(80,502,501	)		73,606,561
Emerging Markets Equity		1,679,660,051		125,380,329		(409,038,487	)		(283,658,158	)
International Equity		5,205,682,313		820,819,347		(392,649,893	)		428,169,454
International Opportunities		1,784,464,598		601,331,721		(205,959,598	)		395,372,123
Quant International Small-Cap Equity		1,428,565,401		114,517,972		(210,336,005	)		(95,818,033	)
Social Choice International Equity		1,082,128,252		95,940,190		(85,728,996	)		10,211,194

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 income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, 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 carryforwards			Late-year loss deferrals		Other book-to-tax differences			Total
Growth & Income	$	250,238,341	$	796,129,201	$	3,342,258,738		$	—		$	—	$	(594,267	)	$	4,388,032,013
Large-Cap Growth		320,994,451		363,177,984		3,259,612,057			—			—		(432,973	)		3,943,351,519
Large-Cap Value		67,029,469		388,392,998		2,060,882,306			—			—		(592,410	)		2,515,712,363
Mid-Cap Growth		49,509,691		198,570,250		578,189,630			—			—		(202,217	)		826,067,354
Mid-Cap Value		124,604,592		156,539,349		467,922,461			—			—		(482,154	)		748,584,248
Quant Small-Cap Equity		207,254,550		317,274,685		811,742,796			—			—		(319,912	)		1,335,952,119
Quant Small/Mid-Cap Equity		107,927,995		82,915,672		353,247,350			—			—		(33,390	)		544,057,627
Social Choice Equity		197,177,205		463,761,161		3,176,773,739			—			—		(352,238	)		3,837,359,867
Social Choice Low Carbon Equity		21,499,124		35,586,711		240,596,150			—			—		(11,979	)		297,670,006
Emerging Markets Equity		199,530,876		123,042,526		(120,095,075	)		—			—		(118,196	)		202,360,131
International Equity		199,189,003		—		1,596,539,628			(195,815,569	)		—		(512,525	)		1,599,400,537
International Opportunities		35,368,326		159,526,627		929,947,986			—			—		(115,054	)		1,124,727,885
Quant International Small-Cap Equity		50,508,885		47,416,556		135,831,644			—			—		(42,637	)		233,714,448
Social Choice International Equity		23,333,767		4,881,724		160,704,877			—			—		(11,695	)		188,908,673

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

Fund	Short-term		Long-term		Total
Growth & Income	$	—	$	—	$	—
Large-Cap Growth		—		—		—
Large-Cap Value		—		—		—
Mid-Cap Growth		—		—		—
Mid-Cap Value		—		—		—
Quant Small-Cap Equity		—		—		—
Quant Small/Mid-Cap Equity		—		—		—
Social Choice Equity		—		—		—
Social Choice Low Carbon Equity		—		—		—
Emerging Markets Equity		—		—		—
International Equity		195,815,569		—		195,815,569
International Opportunities		—		—		—
Quant International Small-Cap Equity		—		—		—
Social Choice International Equity		—		—		—

Note 7—investment adviser and affiliates

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

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

120 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

continued

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

Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional

expenses, acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. 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.

As of April 30, 2022, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

	Investment management fee range		Investment management fee – effective rate		Service agreement fee		Distribution fee				Maximum expense amounts‡
Fund					Retirement Class		Premier Class		Retail Class		Institutional Class		Advisor Class		Premier Class		Retirement Class		Retail Class		Class W	§
Growth & Income*	0.300%–0.450	%	0.390	%	0.250	%	0.150	%	0.250	%	0.520	%	0.670	%	0.670	%	0.770	%	0.910	%	0.520	%
Large-Cap Growth*	0.300–0.450		0.390		0.250		0.150		0.250		0.520		0.670		0.670		0.770		0.910		0.520
Large-Cap Value*	0.300–0.450		0.400		0.250		0.150		0.250		0.520		0.670		0.670		0.770		0.910		0.520
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*	0.290–0.480	a	0.430		0.250		0.150		0.250		0.550	a	0.700	a	0.700	a	0.800	a	0.940	a	—
Quant Small-Cap Equity*	0.270–0.460		0.400		0.250		0.150		0.250		0.530		0.680		0.680		0.780		0.920		0.530
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	0.150	b	0.150		0.250		0.150		0.250		0.220	b	0.370	b	0.370	b	0.470	b	0.610	b	—
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		1.100	c	1.200	c	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		0.850	d	0.950	d	1.090		0.700
Quant International Small-Cap Equity*	0.500–0.650		0.640		0.250		0.150		0.250		0.750		0.900		0.900		1.000		1.140		0.750
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, 2023. 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 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.
b	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.
c	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.
d	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.

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 121

Notes to financial statements (unaudited)

Income, reflected in Payment from affiliate on the Statements of operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2022, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Growth & Income	$	5,020,028	$	80,780	$	49,697
Large-Cap Growth		13,732,963		113,431,489		11,546,764
Large-Cap Value		—		3,903,541		(700,167	)
Mid-Cap Growth		—		19,031,764		1,359,702
Quant Small-Cap Equity		7,770,698		2,398,815		523,579
Quant Small/Mid-Cap Equity		284,107		65,142,217		12,518,750
Social Choice Equity		60,255,437		11,164,905		1,215,914
Social Choice Low Carbon Equity		51,217,624		1,303,418		10,830
Emerging Markets Equity		—		21,514,818		(4,609,320	)
International Equity		—		2,760,178		(1,290,896	)
International Opportunities		—		1,156,721		(2,627,855	)
Social Choice International Equity		17,764,440		788,796		79,738

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds. The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of April 30, 2022:

Underlying Fund	TIAA-CREF Lifecycle Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Growth & Income		43	%		2	%		1	%		5	%		51	%
Large-Cap Growth		44			2			1			3			50
Large-Cap Value		50			2			1			9			62
Mid-Cap Growth		—			—			—			17			17
Mid-Cap Value		—			—			—			21			21
Quant Small-Cap Equity		23			1			1			9			34
Quant Small/Mid-Cap Equity		75			3			2			—			80
Social Choice Equity		—			—			—			7			7
Social Choice Low Carbon Equity		—			—			—			3			3
Emerging Markets Equity		76			3			2			1			82
International Equity		45			2			1			8			56
International Opportunities		87			3			2			—			92
Quant International Small-Cap Equity		93			4			2			—			99
Social Choice International Equity		—			—			—			5			5

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

Issue	Value at October 31, 2021		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Shares at April 30, 2022		Value at April 30, 2022
Emerging Markets Equity Fund
Common stocks
Uruguay
Arcos Dorados Holdings, Inc	$	48,305,780	$	—	$	17,700,601	$	(1,323,144	)	$	26,655,137		$	308,619		7,715,472	$	55,937,172

122 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

concluded

Note 8—emerging markets risks

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

Note 9—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2022, there were no inter-fund borrowing or lending transactions.

Note 10—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 15, 2021 expiring on June 14, 2022, replacing the previous $1.25 billion 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 period ended April 30, 2022, there were no borrowings under this credit facility by the Funds.

Note 11—subsequent event

Advisors has agreed to implement voluntary waivers reducing the management fee breakpoint schedules for several Funds for one year effective May 1, 2022. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period the range paid to Advisors is as follows:

Fund	Waiver			Investment management fee range
Growth & Income		0.010	%		0.290%–0.440	%
Large-Cap Growth		0.025			0.275–0.425
Mid-Cap Value		0.005			0.285–0.475
Social Choice Equity		0.015			0.135

Also, Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2022. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:

Fund	Waiver			Maximum expense amounts
Large-Cap Value – Retirement		0.120	%		0.650	%
Emerging Markets Equity – Premier		0.160			0.940
Emerging Markets Equity – Retirement		0.260			0.940
Emerging Markets Equity – Retail		0.065			1.275
International Opportunities – Premier		0.210			0.640
International Opportunities – Retirement		0.310			0.640

TIAA-CREF Funds: Equity Funds  ■  2022 Semiannual Report 123

2021 special meeting (unaudited)

TIAA-CREF Funds

Large-Cap Growth Fund classification

On December 7, 2021, at a special meeting of the TIAA-CREF Large-Cap Growth Fund (the “Fund”) shareholders approved the proposed change of the Fund’s classification under the Investment Company Act of 1940, as amended (the “1940 Act”), from “diversified” to “non-diversified” and to eliminate the Fund’s related fundamental investment restriction.

Fund	Dollars for	Percent	Dollars against	Percent	Dollars abstain	Percent
Large-Cap Growth	155,538,027.447	98.961	1,130,940.139	0.720	501,611.308	0.319

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

124 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Funds

Approval of investment management agreement (unaudited)

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

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

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

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

Overview of the renewal process

The Board held a virtual meeting via videoconference on March 11, 2022, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related public health protocols imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

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

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

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

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

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

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

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Approval of investment management agreement (unaudited)

coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.

On March 3, 2022, the Board held a virtual meeting via videoconference with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 11, 2022 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as, if applicable, through management fee breakpoints; (7) comparisons, if applicable, of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund.

As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 11, 2022 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 11, 2022 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 11, 2022, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

126 2022 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds

continued

the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

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

During its review, the Board noted its ongoing review of the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services. Based on all factors considered, the Board concluded that the nature, extent, and quality of services provided by Advisors to each Fund under the Agreement was reasonable.

Investment performance

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

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

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2021. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the

entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to each Fund under the Agreement for the one-year period ended December 31, 2021.

The Board considered Advisors’ voluntary reduction by 0.005% of each of the Social Choice Equity and Mid-Cap Value Funds’ management fee rates for the year ended April 30, 2022. The Board also considered the following voluntary waivers of management fee rates for the year ended April 30, 2023: 0.005% for the Mid-Cap Value Fund; 0.010% for the Growth & Income Fund; 0.015% for the Social Choice Equity Fund; and 0.025% for the Large-Cap Growth Fund. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. With respect to those Funds for which the Agreement was calculated by Advisors to be profitable to Advisors in 2021, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for most of the Funds that were currently profitable to Advisors affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in

TIAA-CREF Funds: Equity Funds   ■  2022 Semiannual Report 127

Approval of investment management agreement (unaudited)

relation to peer groups of mutual funds. The Board also considered the contractual fee rate reductions and one-year voluntary advisory fee waivers agreed to by Advisors, as noted above. The Board also considered Advisors’ reimbursement to the Funds for all of the soft dollar amounts the Funds spent on research during the year. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

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

Other benefits

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

retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs. The Board concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2021. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2021. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net profit” refer to Advisors’ calculation that it earned a profit for the services that it rendered to a Fund during 2021 under the Agreement.

Growth & Income Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.390% of average daily net assets.

• Effective May 1, 2022, Advisors has voluntarily agreed to reduce the Fund’s management fee rate by 0.01% through April 30, 2023.

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

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

128 2022 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds

continued

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

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

Large-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.389% of average daily net assets.

• Effective May 1, 2022, Advisors has voluntarily agreed to reduce the Fund’s management fee rate by 0.025% through April 30, 2023.

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

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

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

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

Large-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.398% of average daily net assets.

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

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

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

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

Mid-Cap Growth Fund

• The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.440% of average daily net assets.

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

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

4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Board considered Advisors’ assertion that the Fund will be adjusting its investment strategy to minimize out-of-benchmark holdings in order to address the Fund’s underperformance.

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

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

Mid-Cap Value Fund

• The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.432% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2022.

• Effective May 1, 2022, Advisors has voluntarily agreed to continue to reduce the Fund’s management fee rate by 0.005% through April 30, 2023.

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

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

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

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

Quant Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.398% of average daily net assets.

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

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

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

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

Quant Small/Mid-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.438% of average daily net assets.

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

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

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

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

Social Choice Equity Fund

• The Fund’s annual contractual management fee rate is 0.15% of average daily net assets. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.15%, of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2022.

• Effective May 1, 2022, Advisors has voluntarily agreed to increase this management fee rate waiver to 0.015% of average daily net assets through April 30, 2023.

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

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

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

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

Social Choice Low Carbon Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.249% of average daily net assets.

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

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

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

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

Emerging Markets Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.85% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.838% of average daily net assets.

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

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

• The Board considered Advisors’ rationales for the Fund’s underperformance, including poor stock selection and exposure to China in 2021.

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

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

International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.441% of average daily net assets.

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

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

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

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

International Opportunities Fund

• The Fund’s annual contractual management fee rate starts at 0.60% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.576% of average daily net assets.

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

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

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

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

130 2022 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds

concluded

Quant International Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.65% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.639% of average daily net assets.

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

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

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

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

Social Choice International Equity Fund

• The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.30% of average daily net assets.

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

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

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

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

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

TIAA-CREF Funds: Equity Funds   ■  2022 Semiannual Report 131

Liquidity risk management program (unaudited)

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

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

At a February 15, 2022 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

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

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

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

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

132 2022 Semiannual Report   ■  TIAA-CREF Funds: Equity Funds

Additional information about index providers (unaudited)

Russell Indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Standard & Poor’s Index

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

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

MSCI Indexes

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

TIAA-CREF Funds: Equity Funds   ■  2022 Semiannual Report 133

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How to reach us

Websites

TIAA.org
nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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.

©2022 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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TIAA-CREF
Funds April 30,
2022

TIAA-CREF
Equity Index Funds

The semiannual report contains the financial statements (unaudited).

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

Semiannual
Report

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will not be sent to you by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or (2) contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.

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

Contents

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

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2022. The report contains four main sections:

• A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2022.

• 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  ■  2022 Semiannual Report 3

Brad Finkle

Letter to investors

Global stocks lost ground for the six months ended April 30, 2022. As inflation climbed higher during the period, the Federal Reserve responded by tightening monetary policy, raising short-term interest rates and indicating that further increases were likely. However, some international economies continued to grow, despite rising prices and the impact of Russia’s invasion of Ukraine. For the six months:

• The Russell 3000^® Index, which measures the performance of the broad U.S. stock market, returned –11.8%. Please see page 8 for benchmark definitions.

• The MSCI EAFE^® Index, which represents stocks in 21 developed-markets nations outside North America, also returned –11.8%.

• The MSCI Emerging Markets Index, which tracks the performance of stocks in 24 developing nations, returned –14.2%.

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

U.S. economic growth was mixed

Domestic stocks recorded losses for the six months as inflation and rising interest rates weighed on financial markets. The U.S. economy expanded in the fourth quarter of 2021 but contracted in the first quarter of 2022. A widening trade gap and lower government spending contributed to the slowdown, but spending by consumers and businesses remained strong. Unemployment fell to rates approaching pre-pandemic lows. In addition to raising short-term interest rates, the Fed indicated that it intends to reduce its portfolio of bonds that had been purchased to support the economy.

For the six months, small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Foreign developed markets posted losses

Foreign developed-markets stocks declined despite sustained economic growth in many countries. The economies in the 19-nation euro area grew at a moderate rate in the fourth quarter of 2021 and the first quarter of 2022. The United Kingdom’s economy grew at a similar pace through February 2022. Among developing markets, the Chinese economy continued to expand at a solid pace through the first quarter of 2022. The European Central Bank left its benchmark rates unchanged but said it may end its bond-buying program in the third quarter of 2022. The Bank of England raised its benchmark interest rate to 0.75%.

Emerging markets trailed U.S. and foreign developed equities

Emerging-markets stocks posted losses for the period. Thirteen of the 24 countries tracked by the MSCI Emerging Markets Index recorded gains in U.S. dollar-terms. But China, which accounted for more than 30.0% of the index’s weighting at period-end, posted a larger decline than the index. Taiwan, India and South Korea, which represented more than 40.0% of the index’s weighting collectively, each registered losses as well.

4 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

All index funds posted declines

All of the TIAA-CREF Equity Index Funds experienced losses for the six months. Each fund invests in a portfolio that attempts to match the risk and return characteristics of its benchmark index at a low cost per invested dollar. The funds’ performance includes a deduction for expenses, while the returns of their respective indexes do not. The funds’ six-month returns ranged from –4.0% for the Large-Cap Value Index Fund to –18.3% for the Small-Cap Blend Index Fund. (All fund returns are for the Institutional Class.)

The Large-Cap Value Index Fund performed best with a low single-digit loss, while its growth counterpart, the Large-Cap Growth Index Fund, returned –17.8%. The S&P 500 Index Fund returned –9.6%, and the Equity Index Fund returned –11.8%. The Small-Cap Blend Index Fund posted a sizable double-digit loss.

Among TIAA-CREF’s international equity index portfolios, the International Equity Index Fund returned –12.7%, while the Emerging Markets Equity Index Fund returned –15.0%.

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

Keeping a focus on long-term goals

Investors may have been understandably concerned about the volatility in financial markets during the first four months of 2022. After well over a decade of generally favorable conditions, markets now face new challenges in the form of rising inflation and its implications for higher interest rates. But periods of volatility and economic uncertainty are not new, and history has shown that timing the market is nearly impossible. However, we believe that no matter what the economic outlook may be, maintaining a diversified portfolio that includes stocks, bonds and other asset classes as part of a long-term, well-thought-out financial plan is a wise course of action. A professionally managed portfolio of multiple asset classes can help investors achieve the appropriate balance of risk and reward to reach their long-term investment objectives. Of course, diversification cannot guarantee against market losses.

If you have any questions or would like to discuss the status of your portfolio, please do not hesitate to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We are here to help you.

/s/ Brad Finkle

Brad Finkle

Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 5

Market monitor

Equity markets declined across the board

For the six months ended April 30, 2022, U.S. stocks lost ground primarily due to concerns over the economic impact of rising inflation and higher interest rates. The Russell 3000^® Index, a broad measure of U.S. stock market performance, returned –11.8%. International developed- and emerging-markets equities also posted double-digit declines.

U.S. economy produced mixed results

The U.S. economy grew at a robust pace early in the period. A strong labor market helped drive consumer spending increases, pushing the economy forward despite ongoing concerns over COVID-19 variants and significant supply-chain disruptions. 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 6.9% in the final three months of 2021. However, GDP contracted by 1.5% in the first quarter of 2022, according to the government’s “second” estimate. A widening trade deficit and lower government spending contributed to the reversal, although consumer and business spending remained strong.

The unemployment rate continued to decline during the period, falling from 4.2% in November 2021 to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% over the twelve months ended in April 2022. The price of oil climbed amid continuing strong demand and supply concerns related to Russia’s invasion of

Small-cap growth stocks posted biggest losses

U.S. large-cap value stocks performed best in a down market

Source: U.S. large-cap growth: Russell 1000^® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap^® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000^® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE^® Index; Emerging markets: MSCI Emerging Markets Index. Six-month returns as of April 30, 2022.

Ukraine. The price of West Texas Intermediate (WTI) crude oil rose from $84 per barrel on November 1, 2021, to almost $105 per barrel on April 30, 2022. WTI oil prices peaked at nearly $124 in March, reaching their highest level since 2008. Meanwhile, the U.S. dollar generally gained ground against other major currencies during the six-month period.

Small-cap stocks and growth shares declined most

Among U.S. stock market investment styles, small-cap shares generally trailed mid- and large-cap stocks, while growth equities underperformed value shares in all size categories. Large-cap stocks returned –11.3%, while mid-cap stocks returned –12.5% and small-cap shares returned –18.4%. Among large caps, value stocks returned –3.9% while growth shares returned –17.8%. In the mid-cap category, value shares returned –4.8% and growth stocks returned –25.4%. Among small-cap equities, value stocks returned –9.5% and growth shares returned –26.8%. (Returns by investment style and capitalization size are based on the Russell indexes.)

Foreign stocks also recorded losses for the period. The MSCI EAFE^® Index, which tracks stock performance in 21 developed-markets countries outside North America, returned –11.8%. The MSCI Emerging Markets Index returned –14.2%.

Higher inflation prompted Fed to raise rates

For the six-month period, U.S. stocks lost ground as inflation and interest rates rose. The Federal Reserve increased the federal funds target rate in March, raising the key short-term interest-rate measure to 0.25%–0.50%. Policymakers, focused on curbing inflation, signaled that additional rate increases would be ongoing. The Fed also stated it would begin trimming its portfolio of bonds previously purchased to boost the economy. Meanwhile, yields on U.S. fixed-income securities across all maturities rose during the period.

6 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Information for investors

Portfolio holdings

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

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

• By visiting our websites at TIAA.org or nuveen.com; or

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT filings are as of January 31 or July 31. Copies of these forms are available:

• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or

• From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

TIAA-CREF Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link under Get Help 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  ■  2022 Semiannual Report 7

About the funds’ benchmarks

Broad market indexes

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

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

The MSCI Emerging Markets Index measures the performance of the leading stocks in 24 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.

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. 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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2021–April 30, 2022).

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  ■  2022 Semiannual Report 9

Equity Index Fund

Expense example

Six months ended April 30, 2022

Equity Index Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	882.54		$0.23
Advisor Class		1,000.00		882.23		0.70
Premier Class		1,000.00		882.07		0.93
Retirement Class		1,000.00		881.45		1.40
Retail Class		1,000.00		881.68		1.07
Class W		1,000.00		882.94		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,024.05		0.75
Premier Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51
Retail Class		1,000.00		1,023.65		1.15
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.15% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class, 0.23% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Information technology		26.4
Health care		13.9
Financials		11.5
Consumer discretionary		11.3
Industrials		9.0
Communication services		7.8
Consumer staples		6.3
Energy		4.2
Real estate		3.7
Utilities		2.8
Materials		2.7
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Performance for the six months ended April 30, 2022

The Equity Index Fund returned –11.75% for the Institutional Class, compared with the –11.75% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2022, the Fund returned –3.11% versus –3.11% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000 Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors declined

Seven of the eleven industry sectors in the Russell 3000 Index posted losses for the six months. Information technology—the largest sector, representing 27.5% of the index’s total market capitalization on April 30, 2022—returned –15.5% and was the largest detractor from the index’s return for the period. The communication services and consumer discretionary sectors were the next-largest detractors, with losses of –28.6% and –20.8%, respectively. Together, these three sectors accounted for almost one-half of the index’s total market capitalization on April 30, 2022. Energy performed best and was the top contributor to the index return, gaining 32.5% on elevated oil prices. Consumer staples, up 9.5%, and utilities, up 7.6%, were the next-best performing sectors.

Only one of the benchmark’s five largest stocks outperformed

For the six-month period, only one of the five largest stocks in the Russell 3000 Index registered a return that surpassed the overall return of the index. That stock was Apple, which advanced as the company successfully navigated global supply-chain disruptions. The remaining four stocks recorded double-digit losses. Amazon.com posted the sharpest decline, hurt by slowing growth in online shopping. Next came Alphabet (the parent company of Google), followed by Tesla and Microsoft.

10 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2022

Equity Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	7/1/99		–11.75	%		–3.11	%		12.97	%		13.25	%		0.05	%		0.05	%
Advisor Class	12/4/15		–11.78			–3.24			12.83			13.18	†		0.17			0.17
Premier Class	9/30/09		–11.79			–3.26			12.80			13.08			0.20			0.20
Retirement Class	3/31/06		–11.85			–3.36			12.69			12.97			0.30			0.30
Retail Class	3/31/06		–11.83			–3.37			12.66			12.93			0.32			0.32
Class W	9/28/18		–11.71			–3.07			13.01	†		13.27	†		0.05			0.00
Russell 3000® Index	—		–11.75			–3.11			13.01			13.29			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	66.4
More than $15 billion–$50 billion	19.1
More than $2 billion–$15 billion	12.3
$2 billion or less	2.2
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$32.60 billion
Portfolio turnover rate*	3%
Number of holdings	2,951
Weighted median market capitalization	$118.73 billion
Price/earnings ratio (weighted 12-month trailing average)†	21.6

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 11

Large-Cap Growth Index Fund

Expense example

Six months ended April 30, 2022

Large-Cap Growth Index Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	821.55		$0.23
Advisor Class		1,000.00		820.97		0.72
Retirement Class		1,000.00		820.48		1.35
Class W		1,000.00		821.70		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,024.00		0.80
Retirement Class		1,000.00		1,023.31		1.51
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. 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 4/30/2022
Information technology		46.0
Consumer discretionary		17.8
Communication services		9.6
Health care		9.0
Industrials		6.3
Consumer staples		4.8
Financials		3.0
Real estate		1.9
Materials		1.0
Energy		0.5
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2022

The Large-Cap Growth Index Fund returned –17.84% for the Institutional Class, compared with the –17.84% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2022, the Fund returned –5.40% versus –5.35% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Nearly all benchmark sectors declined

Nine of the eleven industry sectors in the Russell 1000 Growth Index posted losses for the six months. Communication services, consumer discretionary and financials were the worst performers, returning –34.7%, –22.6% and –18.9%, respectively. Information technology—the largest sector, accounting for more than 45.0% of the index’s total market capitalization on April 30, 2022—returned –15.6% and was the biggest detractor from the benchmark’s performance. Together, these four sectors represented almost 80.0% of the index’s total market capitalization on April 30, 2022. Energy was the best performer, gaining 29.1% on elevated oil prices. Next came the defensive consumer staples sector, which rose 7.4%.

Two of the benchmark’s five largest stocks outperformed

For the six-month period, two of the five largest stocks in the Russell 1000 Growth Index posted returns that surpassed the overall return of the index. Apple performed best, generating a solid gain as the company successfully navigated supply-chain disruptions. Microsoft declined but outperformed the benchmark, supported by strong growth in its cloud-computing business. The three stocks that lagged were Amazon.com, which was the weakest performer, followed by Alphabet (the parent company of Google) and Tesla.

12 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2022

Large-Cap Growth Index Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–17.84	%		–5.40	%		17.22	%		15.49	%		0.05	%		0.05	%
Advisor Class	12/4/15		–17.90			–5.51			17.06			15.41	†		0.17			0.17
Retirement Class	10/1/02		–17.95			–5.62			16.92			15.20			0.30			0.30
Class W	9/30/19		–17.83			–5.35			17.25	†		15.51	†		0.05			0.00
Russell 1000® Growth Index	—		–17.84			–5.35			17.28			15.56			—			—

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance 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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	80.9
More than $15 billion–$50 billion	13.7
More than $2 billion–$15 billion	5.3
$2 billion or less	0.1
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$9.55 billion
Portfolio turnover rate*	13%
Number of holdings	502
Weighted median market capitalization	$279.44 billion
Price/earnings ratio (weighted 12-month trailing average)†	28.2

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 13

Large-Cap Value Index Fund

Expense example

Six months ended April 30, 2022

Large-Cap Value Index Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	960.53		$0.24
Advisor Class		1,000.00		960.25		0.87
Retirement Class		1,000.00		959.00		1.46
Class W		1,000.00		960.63		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.90		0.90
Retirement Class		1,000.00		1,023.31		1.51
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.30% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Financials		19.8
Health care		18.5
Industrials		10.8
Information technology		8.9
Consumer staples		8.1
Energy		7.4
Communication services		6.7
Utilities		5.5
Consumer discretionary		5.1
Real estate		5.0
Materials		4.1
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Performance for the six months ended April 30, 2022

The Large-Cap Value Index Fund returned –3.95% for the Institutional Class, compared with the –3.94% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2022, the Fund returned 1.30% versus 1.32% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Benchmark sectors posted mixed results

Six of the eleven industry sectors in the Russell 1000 Value Index recorded losses for the six months. Communication services, information technology and consumer discretionary were the worst performers, returning –17.7%, –13.5% and –13.3%, respectively. Financials—the largest sector in the index—returned –13.0% and was the biggest detractor from the index’s return. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on April 30, 2022. Energy, up 34.1%, was the index’s best-performing sector and the largest contributor to its return as oil prices surged. The next-largest contributors were consumer staples and utilities, which rose 11.4% and 8.1%, respectively.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 1000 Value Index posted returns that exceeded the overall return of the index. Exxon Mobil was the clear leader, generating an outsized gain on elevated oil prices. Returns were lower for Procter & Gamble, Berkshire Hathaway, Johnson & Johnson and UnitedHealth Group; however, these four stocks still produced double-digit gains.

14 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2022

Large-Cap Value Index Fund								Average annual						Annual operating
		Total return						total return						expenses*
	Inception
	date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–3.95	%		1.30	%		9.02	%		11.10	%		0.05	%		0.05	%
Advisor Class	12/4/15		–3.97			1.16			8.86			11.02	†		0.19			0.19
Retirement Class	10/1/02		–4.10			1.01			8.73			10.82			0.30			0.30
Class W	9/30/19		–3.94			1.31			9.04	†		11.11	†		0.05			0.00
Russell 1000® Value Index	—		–3.94			1.32			9.06			11.17			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	60.6
More than $15 billion–$50 billion	26.7
More than $2 billion–$15 billion	12.6
$2 billion or less	0.1
Total	100.0

Fund profile

	as of 4/30/2022
Net assets	$8.45 billion
Portfolio turnover rate*	6%
Number of holdings	851
Weighted median market capitalization	$74.41 billion
Price/earnings ratio (weighted 12-month trailing average)†	16.9

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 15

S&P 500 Index Fund

Expense example

Six months ended April 30, 2022

S&P 500 Index Fund		Beginning account value (11/1/21)		Ending account value (4/30/22)	Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	903.61	$0.24
Advisor Class		1,000.00		902.87	0.85
Retirement Class		1,000.00		902.45	1.42
Class W		1,000.00		903.67	0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55	0.25
Advisor Class		1,000.00		1,023.90	0.90
Retirement Class		1,000.00		1,023.31	1.51
Class W		1,000.00		1,024.79	0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.30% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Information technology		26.9
Health care		14.1
Consumer discretionary		11.4
Financials		10.9
Communication services		8.6
Industrials		7.9
Consumer staples		6.8
Energy		4.2
Real estate		2.9
Utilities		2.9
Materials		2.8
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Performance for the six months ended April 30, 2022

The S&P 500 Index Fund returned –9.64% for the Institutional Class, compared with the –9.65% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2022, the Fund returned 0.18% versus 0.21% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the large-cap-oriented S&P 500 Index outperformed the Russell 3000^® Index, a broad measure of the U.S. stock market, which returned –11.75%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.

Most benchmark sectors declined

Seven of the eleven industry sectors in the S&P 500 Index posted losses for the six months. Communication services was the worst performer, returning –27.7% on several concerns, including disappointing earnings reports from some of the sector’s largest companies. Next came consumer discretionary and financials, returning –19.5% and –13.5%, respectively, followed by information technology—the biggest sector—returning –12.3%. Together, these four sectors represented nearly 60.0% of the index’s total market capitalization on April 30, 2022. Energy was the best performer, surging 33.9% on elevated oil prices, while the defensive consumer staples and utilities sectors gained 10.7% and 8.2%, respectively.

Only one of the benchmark’s five largest stocks outperformed

For the six-month period, only one of the five largest stocks in the S&P 500 Index generated a return that surpassed the overall return of the index. That stock was Apple, which advanced as the company successfully navigated global supply-chain disruptions. The remaining four stocks recorded double-digit losses. Amazon.com posted the sharpest decline, hurt by slowing growth in online shopping. Next came Alphabet (the parent company of Google), followed by Tesla and Microsoft.

16 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2022

S&P 500 Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–9.64	%		0.18	%		13.61	%		13.60	%		0.05	%		0.05	%
Advisor Class	12/4/15		–9.71			0.04			13.45			13.51	†		0.18			0.18
Retirement Class	10/1/02		–9.76			–0.07			13.32			13.32			0.30			0.30
Class W	9/30/19		–9.63			0.23			13.63	†		13.61	†		0.05			0.00
S&P 500® Index	—		–9.65			0.21			13.66			13.67			—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	77.6
More than $15 billion–$50 billion	19.5
More than $2 billion–$15 billion	2.9
Total	100.0
Fund profile
	as of 4/30/2022
Net assets	$7.05 billion
Portfolio turnover rate*	1%
Number of holdings	508
Weighted median market capitalization	$174.00 billion
Price/earnings ratio (weighted 12-month trailing average)†	20.4

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 17

Small-Cap Blend Index Fund

Expense example

Six months ended April 30, 2022

Small-Cap Blend Index Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class		$1,000.00		$816.96		$0.23
Advisor Class		1,000.00		816.23		0.90
Retirement Class		1,000.00		815.56		1.35
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.20% for the Advisor Class and 0.30% for the Retirement Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Financials		16.7
Industrials		15.5
Health care		15.2
Information technology		13.3
Consumer discretionary		10.4
Real estate		7.9
Energy		7.1
Materials		4.0
Consumer staples		3.9
Utilities		3.1
Communication services		2.9
Total		100.0

Performance for the six months ended April 30, 2022

The Small-Cap Blend Index Fund returned –18.30% for the Institutional Class, compared with the –18.38% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2022, the Fund returned –16.79% versus –16.87% for the index. The performance table shows returns for all share classes of the Fund.

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

U.S. stocks declined as economy contracted and inflation remained elevated

The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.

Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Nearly all benchmark sectors declined

Nine of the eleven industry sectors in the Russell 2000 Index posted losses for the six months. Health care—the index’s largest component—returned –36.2% and was the worst-performing sector and the largest detractor from the benchmark’s return. The next-biggest detractors were information technology, consumer discretionary and financials, which returned –24.9%, –23.6% and –15.0%, respectively. Together, these four sectors represented almost 60.0% of the index’s total market capitalization on April 30, 2022. Energy, up 21.5%, was the index’s best-performing sector and the top contributor to its return, a reflection of high oil prices. Utilities, which gained 2.0%, was the other positive performer.

All of the benchmark’s five largest stocks outperformed

For the six-month period, all of the five largest stocks in the Russell 2000 Index generated strong gains and exceeded the overall return of the benchmark. Energy firm Antero Resources was the best performer, followed by car rental company Avis Budget Group, which benefited from a rebound in business and leisure travel. Next in line were Ovintiv, an oil and gas producer, and Chesapeake Energy. Warehouse chain BJ’s Wholesale Club Holdings delivered a more modest result but still posted a double-digit increase.

18 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2022
Small-Cap Blend Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–18.30	%		–16.79	%		7.37	%		10.25	%		0.05	%		0.05	%
Advisor Class	12/4/15		–18.38			–16.92			7.21			10.16	†		0.76			0.21
Retirement Class	10/1/02		–18.44			–17.02			7.10			9.97			0.30			0.30
Russell 2000® Index	—		–18.38			–16.87			7.24			10.06			—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	0.8
More than $2 billion–$15 billion	63.3
$2 billion or less	35.9
Total	100.0
Fund profile
	as of 4/30/2022
Net assets	$3.54 billion
Portfolio turnover rate*	7%
Number of holdings	2,011
Weighted median market capitalization	$2.69 billion
Price/earnings ratio (weighted 12-month trailing average)†	33.7

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 19

Emerging Markets Equity Index Fund

Expense example

Six months ended April 30, 2022

Emerging Markets Equity Index Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class	$	1,000.00	$	850.49		$0.87
Advisor Class		1,000.00		849.77		1.42
Premier Class		1,000.00		850.09		1.56
Retirement Class		1,000.00		849.73		2.02
Retail Class		1,000.00		848.71		2.38
Class W		1,000.00		851.28		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,023.85		0.95
Advisor Class		1,000.00		1,023.26		1.56
Premier Class		1,000.00		1,023.11		1.71
Retirement Class		1,000.00		1,022.61		2.21
Retail Class		1,000.00		1,022.22		2.61
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.19% for the Institutional Class, 0.31% for the Advisor Class, 0.34% for the Premier Class, 0.44% for the Retirement Class, 0.52% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower.

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

Portfolio composition

Sector	% of net assets as of 4/30/2022
Financials		22.1
Information technology		20.2
Consumer discretionary		12.3
Communication services		10.2
Materials		9.1
Consumer staples		6.0
Industrials		5.4
Energy		4.8
Health care		3.7
Utilities		2.7
Real estate		2.2
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Performance for the six months ended April 30, 2022

The Emerging Markets Equity Index Fund returned –14.95% for the Institutional Class, compared with the –14.15% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2022, the Fund returned –19.18% versus –18.33% for the index. The performance table shows returns for all share classes of the Fund.

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

Foreign stocks fell amid concerns over inflation and interest rates

International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded.

Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.

The MSCI EAFE^® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –11.80% for the period, outperforming the return of the MSCI Emerging Markets Index but trailing the –11.75% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Countries in the benchmark had mixed returns

Of the 24 country components in the MSCI Emerging Markets Index, about one-half declined in U.S.-dollar terms. Hungary and Poland declined most at –37.6% and –31.6%, respectively. China, the largest index component, returned –25.0%. Due to Russia’s invasion of Ukraine and the ensuing sanctions, Russian equities became uninvestable. As a result, Russia was the second-largest detractor from the benchmark’s performance as MSCI removed all Russian shares from the index at a value of $0.0001 on March 9, 2022.

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. Reliance Industries rose, benefiting from a rise in oil prices. Samsung Electronics declined but outpaced the index. Taiwan Semiconductor Manufacturing, internet firm Tencent Holdings and internet retailer Alibaba Group Holding all trailed the benchmark.

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

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

20 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2022
Emerging Markets Equity Index Fund
		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	8/31/10		–14.95	%		–19.18	%		3.89	%		2.63	%		0.18	%		0.18	%
Advisor Class	12/4/15		–15.02			–19.35			3.75			2.56	†		0.32			0.32
Premier Class	8/31/10		–14.99			–19.35			3.72			2.47			0.33			0.33
Retirement Class	8/31/10		–15.03			–19.39			3.62			2.37			0.43			0.43
Retail Class	8/31/10		–15.13			–19.54			3.49			2.24			0.56			0.56
Class W	9/28/18		–14.87			–19.03			4.03	†		2.70	†		0.18			0.00
MSCI Emerging Markets Index	—		–14.15			–18.33			4.32			2.89			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by country
	% of portfolio investments as of 4/30/2022
China		29.9
Taiwan		15.0
India		13.3
Korea, Republic of		12.3
Brazil		5.2
Saudi Arabia		4.7
South Africa		3.5
Mexico		2.2
Indonesia		1.9
Thailand		1.7
21 other nations		8.6
Short-term investments		1.7
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	36.1
More than $15 billion–$50 billion	30.3
More than $2 billion–$15 billion	32.6
$2 billion or less	1.0
Total	100.0
Fund profile
	as of 4/30/2022
Net assets	$4.93 billion
Portfolio turnover rate*	4%
Number of holdings	1,400
Weighted median market capitalization	$31.50 billion
Price/earnings ratio (weighted 12-month trailing average)†	13.0

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 21

International Equity Index Fund

Expense example

Six months ended April 30, 2022

International Equity Index Fund	Beginning account value (11/1/21)		Ending account value (4/30/22)		Expenses paid during period* (11/1/21– 4/30/22)
Actual return
Institutional Class		$1,000.00		$ 873.25		$ 0.23
Advisor Class		1,000.00		872.82		0.79
Premier Class		1,000.00		872.87		0.93
Retirement Class		1,000.00		872.07		1.39
Class W		1,000.00		873.66		0.00
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Advisor Class		1,000.00		1,023.95		0.85
Premier Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51
Class W		1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. 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 4/30/2022
Financials		17.0
Industrials		14.6
Health care		13.2
Consumer discretionary		10.9
Consumer staples		10.5
Materials		8.0
Information technology		7.9
Communication services		4.8
Energy		4.2
Utilities		3.5
Real estate		2.9
Short-term investments, other assets & liabilities, net		2.5
Total		100.0

Performance for the six months ended April 30, 2022

The International Equity Index Fund returned –12.68% for the Institutional Class, compared with the –11.80% return of its benchmark, the MSCI EAFE^® Index. For the one-year period ended April 30, 2022, the Fund returned –8.84% versus –8.15% for the index. The performance table shows returns for all share classes of the Fund.

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

Foreign stocks fell amid concerns over inflation and interest rates

International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded.

Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.

The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outperformed the –14.15% return of the MSCI Emerging Markets Index for the period. Both indexes trailed the –11.75% return of the Russell 3000^® Index, a broad measure of the U.S. stock market.

Nearly all countries in the benchmark lost ground

Twenty of the 21 countries in the MSCI EAFE Index declined in U.S.-dollar terms for the six-month period. The largest index components were Japan (21.8%), the United Kingdom (15.7%) and France (11.4%), returning –15.4%, –0.6% and –12.4%, respectively. Collectively, these three nations represented almost one-half of the benchmark’s total market capitalization on April 30, 2022. The Netherlands was the worst performer, returning –28.0%.

Four of the benchmark’s five largest stocks outperformed

Four of the five largest stocks in the MSCI EAFE Index exceeded the benchmark’s overall return. Shell performed best with double-digit gains, followed by global drug manufacturer AstraZeneca, which also advanced. Nestle and Swiss pharmaceutical manufacturer Roche Holding declined but outpaced the index. Dutch semiconductor firm ASML Holding posted a sizable loss and trailed 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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Performance as of April 30, 2022
International Equity Index Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			10 years			gross			net
Institutional Class	10/1/02		–12.68	%		–8.84	%		4.67	%		5.83	%		0.05	%		0.05	%
Advisor Class	12/4/15		–12.72			–8.96			4.53			5.75	†		0.17			0.17
Premier Class	9/30/09		–12.71			–8.99			4.52			5.66			0.20			0.20
Retirement Class	10/1/02		–12.79			–9.09			4.40			5.56			0.30			0.30
Class W	9/28/18		–12.63			–8.80			4.72	†		5.85	†		0.05			0.00
MSCI EAFE® Index	—		–11.80			–8.15			4.77			5.77			—			—

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

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

*

The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.

†

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

Holdings by country
	% of portfolio investments as of 4/30/2022
Japan	21.4
United Kingdom	11.9
France	10.2
Switzerland	10.1
Australia	8.7
Germany	7.7
Netherlands	5.1
Sweden	3.2
Denmark	2.7
Hong Kong	2.4
23 other nations	13.8
Short-term investments	2.8
Total	100.0
Holdings by company size
Market capitalization	% of equity investments as of 4/30/2022
More than $50 billion	44.8
More than $15 billion–$50 billion	35.6
More than $2 billion–$15 billion	19.6
Total	100.0
Fund profile
	as of 4/30/2022
Net assets	$17.38 billion
Portfolio turnover rate*	3%
Number of holdings	846
Weighted median market capitalization	$45.08 billion
Price/earnings ratio (weighted 12-month trailing average)†	12.3

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 23

Summary portfolio of investments (unaudited)

Equity Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	660,628	*	Tesla, Inc	$	575,248,437		1.8	%
			Other		166,822,791		0.5
					742,071,228		2.3
BANKS
	5,647,556		Bank of America Corp		201,504,798		0.6
	2,329,856		JPMorgan Chase & Co		278,091,612		0.9
	3,097,243		Wells Fargo & Co		135,132,712		0.4
			Other		706,592,561		2.2
					1,321,321,683		4.1
CAPITAL GOODS
	1,184,509		Raytheon Technologies Corp		112,421,749		0.4
			Other		1,822,735,732		5.5
					1,935,157,481		5.9
COMMERCIAL & PROFESSIONAL SERVICES					373,802,269		1.2
CONSUMER DURABLES & APPAREL
	988,577		Nike, Inc (Class B)		123,275,552		0.4
			Other		279,723,926		0.8
					402,999,478		1.2
CONSUMER SERVICES
	594,700		McDonald’s Corp		148,175,452		0.5
			Other		551,395,381		1.7
					699,570,833		2.2
DIVERSIFIED FINANCIALS
	1,455,652	*	Berkshire Hathaway, Inc (Class B)		469,928,135		1.5
			Other		1,232,944,770		3.7
					1,702,872,905		5.2
ENERGY
	1,536,062		Chevron Corp		240,654,834		0.8
	3,350,182	d	Exxon Mobil Corp		285,603,016		0.9
			Other		842,463,401		2.5
					1,368,721,251		4.2
FOOD & STAPLES RETAILING
	351,519		Costco Wholesale Corp		186,909,683		0.6
	1,125,403		Walmart, Inc		172,175,405		0.6
			Other		132,995,122		0.3
					492,080,210		1.5
FOOD, BEVERAGE & TOBACCO
	3,085,632		Coca-Cola Co		199,362,684		0.6
	1,098,193		PepsiCo, Inc		188,570,720		0.6
	1,232,854		Philip Morris International, Inc		123,285,400		0.4
			Other		555,027,863		1.7
					1,066,246,667		3.3
HEALTH CARE EQUIPMENT & SERVICES
	1,382,800		Abbott Laboratories		156,947,800		0.5
	1,062,692		Medtronic plc		110,902,537		0.4
	746,583		UnitedHealth Group, Inc		379,674,785		1.2
			Other		1,305,752,680		3.9
					1,953,277,802		6.0

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,910,253		Procter & Gamble Co	$	306,691,119		0.9	%
			Other		195,389,732		0.6
					502,080,851		1.5
INSURANCE					737,212,830		2.3
MATERIALS					872,417,783		2.7
MEDIA & ENTERTAINMENT
	238,755	*	Alphabet, Inc (Class A)		544,884,273		1.7
	219,596	*	Alphabet, Inc (Class C)		504,923,671		1.6
	3,581,806		Comcast Corp (Class A)		142,412,607		0.5
	1,830,702	*	Meta Platforms, Inc		367,000,830		1.1
	1,444,613	*	Walt Disney Co		161,262,149		0.5
			Other		489,472,816		1.4
					2,209,956,346		6.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,404,130		AbbVie, Inc		206,238,614		0.6
	1,725,436		Bristol-Myers Squibb Co		129,873,568		0.4
	501,937		Danaher Corp		126,051,439		0.4
	673,920		Eli Lilly & Co		196,872,250		0.6
	2,091,343		Johnson & Johnson		377,403,758		1.2
	2,015,726		Merck & Co, Inc		178,774,739		0.6
	4,435,615		Pfizer, Inc		217,655,628		0.7
	312,604		Thermo Fisher Scientific, Inc		172,845,004		0.5
			Other		977,043,970		2.9
					2,582,758,970		7.9
REAL ESTATE					1,219,617,710		3.7
RETAILING
	344,518	*	Amazon.com, Inc		856,344,276		2.6
	828,957		Home Depot, Inc		249,018,683		0.8
			Other		734,184,299		2.2
					1,839,547,258		5.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,303,960	*	Advanced Micro Devices, Inc		111,514,659		0.4
	320,911		Broadcom, Inc		177,909,849		0.6
	3,219,647		Intel Corp		140,344,413		0.4
	1,898,749		NVIDIA Corp		352,160,977		1.1
	892,591		QUALCOMM, Inc		124,686,037		0.4
	736,506		Texas Instruments, Inc		125,390,146		0.4
			Other		586,759,192		1.7
					1,618,765,273		5.0
SOFTWARE & SERVICES
	506,282		Accenture plc		152,066,862		0.5
	375,333	*	Adobe, Inc		148,613,101		0.5
	685,501		Mastercard, Inc (Class A)		249,097,353		0.8
	5,982,112		Microsoft Corp		1,660,155,722		5.1
	740,250	*	salesforce.com, Inc		130,239,585		0.4
	1,317,155		Visa, Inc (Class A)		280,725,245		0.9
			Other		1,811,778,707		5.4
					4,432,676,575		13.6
TECHNOLOGY HARDWARE & EQUIPMENT
	12,252,148		Apple, Inc		1,931,551,132		5.9
	3,363,231		Cisco Systems, Inc		164,731,054		0.5
			Other		420,555,883		1.3
					2,516,838,069		7.7

24 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Equity Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	3,324,020		Verizon Communications, Inc	$	153,902,126		0.5	%
			Other		186,911,977		0.5
					340,814,103		1.0
TRANSPORTATION
	508,769		Union Pacific Corp		119,199,489		0.4
			Other		502,854,605		1.5
					622,054,094		1.9
UTILITIES					919,704,074		2.8
		TOTAL COMMON STOCKS (Cost $16,694,061,612)			32,472,565,743		99.6
RIGHTS / WARRANTS
HEALTH CARE EQUIPMENT & SERVICES					3,581		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					276		0.0
		TOTAL RIGHTS / WARRANTS (Cost $276)			3,857		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					92,475,964		0.3
REPURCHASE AGREEMENT					60,625,000		0.2

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	102,378,941	c		State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	102,378,941			0.3	%
						102,378,941			0.3
			TOTAL SHORT-TERM INVESTMENTS (Cost $255,480,815)			255,479,905			0.8
			TOTAL PORTFOLIO (Cost $16,949,542,703)			32,728,049,505			100.4
			OTHER ASSETS & LIABILITIES, NET			(128,565,329	)		(0.4	)
			NET ASSETS		$	32,599,484,176			100.0	%

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

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

At 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $3,253,271 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

At 4/30/22, the aggregate value of securities on loan is $146,610,528. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short contracts	)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation			)
Russell 2000 E Mini Index	22		06/17/22	$	2,168,502	$	2,047,430		$	(121,072	)
S&P 500 E Mini Index	473		06/17/22		102,914,034		97,615,375			(5,298,659	)
Total	495			$	105,082,536	$	99,662,805		$	(5,419,731	)

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 25

Summary portfolio of investments (unaudited)

Large-Cap Growth Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	418,142	*	Tesla, Inc	$	364,101,328		3.8	%
			Other		5,229,307		0.1
					369,330,635		3.9
BANKS					5,109,662		0.1
CAPITAL GOODS
	234,180		Caterpillar, Inc		49,304,257		0.5
	140,006		Deere & Co		52,859,265		0.6
	106,420		Lockheed Martin Corp		45,986,210		0.5
			Other		173,666,614		1.8
					321,816,346		3.4
COMMERCIAL & PROFESSIONAL SERVICES					81,819,156		0.9
CONSUMER DURABLES & APPAREL
	622,121		Nike, Inc (Class B)		77,578,489		0.8
			Other		56,905,607		0.6
					134,484,096		1.4
CONSUMER SERVICES
	20,584	*	Booking Holdings, Inc		45,497,021		0.5
	577,206		Starbucks Corp		43,082,656		0.5
			Other		144,284,375		1.4
					232,864,052		2.4
DIVERSIFIED FINANCIALS
	196,722		American Express Co		34,369,301		0.4
	351,889		Blackstone, Inc		35,741,366		0.4
	186,180		iShares Russell 1000 Growth Index Fund		45,381,375		0.5
			Other		129,457,625		1.3
					244,949,667		2.6
ENERGY					47,999,489		0.5
FOOD & STAPLES RETAILING
	207,525		Costco Wholesale Corp		110,345,193		1.2
			Other		21,911,687		0.2
					132,256,880		1.4
FOOD, BEVERAGE & TOBACCO
	1,375,480		Coca-Cola Co		88,869,763		0.9
	575,513		PepsiCo, Inc		98,821,337		1.0
			Other		71,789,248		0.8
					259,480,348		2.7
HEALTH CARE EQUIPMENT & SERVICES
	435,859		Abbott Laboratories		49,469,997		0.5
	177,843	*	Intuitive Surgical, Inc		42,557,830		0.5
			Other		221,076,891		2.3
					313,104,718		3.3
HOUSEHOLD & PERSONAL PRODUCTS					67,327,092		0.7
INSURANCE					33,401,943		0.3
MATERIALS
	120,609		Sherwin-Williams Co		33,162,651		0.4
			Other		66,349,634		0.6
					99,512,285		1.0

Shares			Company	Value		% of net assets
MEDIA & ENTERTAINMENT
	130,092	*	Alphabet, Inc (Class A)	$	296,894,662		3.1	%
	119,649	*	Alphabet, Inc (Class C)		275,112,535		2.9
	1,158,658	*	Meta Platforms, Inc		232,276,169		2.4
	216,893	*	Netflix, Inc		41,287,751		0.4
			Other		74,443,186		0.8
					920,014,303		9.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	887,382		AbbVie, Inc		130,338,668		1.4
	230,613		Amgen, Inc		53,776,645		0.6
	336,336		Eli Lilly & Co		98,253,836		1.0
	225,812		Zoetis, Inc		40,025,177		0.4
			Other		226,473,330		2.3
					548,867,656		5.7
REAL ESTATE
	226,574		American Tower Corp		54,608,865		0.6
	216,184		Crown Castle International Corp		40,039,438		0.4
			Other		84,217,713		0.9
					178,866,016		1.9
RETAILING
	218,050	*	Amazon.com, Inc		541,991,621		5.7
	524,490		Home Depot, Inc		157,556,796		1.7
	338,454		Lowe’s Companies, Inc		66,922,509		0.7
	598,303		TJX Companies, Inc		36,664,008		0.4
			Other		161,374,731		1.6
					964,509,665		10.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	820,599	*	Advanced Micro Devices, Inc		70,177,626		0.7
	444,637		Applied Materials, Inc		49,065,693		0.5
	202,722		Broadcom, Inc		112,387,050		1.2
	70,531		Lam Research Corp		32,850,519		0.3
	1,201,826		NVIDIA Corp		222,902,668		2.3
	566,552		QUALCOMM, Inc		79,141,649		0.8
	287,394		Texas Instruments, Inc		48,928,829		0.5
			Other		123,483,238		1.4
					738,937,272		7.7
SOFTWARE & SERVICES
	256,682		Accenture plc		77,097,006		0.8
	236,622	*	Adobe, Inc		93,690,481		1.0
	193,870		Automatic Data Processing, Inc		42,298,557		0.4
	133,284		Intuit, Inc		55,812,675		0.6
	433,624		Mastercard, Inc (Class A)		157,570,289		1.7
	3,786,133		Microsoft Corp		1,050,727,630		11.0
	754,565		Oracle Corp		55,385,071		0.6
	590,144	*	PayPal Holdings, Inc		51,891,362		0.6
	100,220	*	ServiceNow, Inc		47,915,182		0.5
	833,445		Visa, Inc (Class A)		177,632,133		1.9
			Other		517,878,405		5.3
					2,327,898,791		24.4
TECHNOLOGY HARDWARE & EQUIPMENT
	7,754,798		Apple, Inc		1,222,543,905		12.8
			Other		92,706,616		1.0
					1,315,250,521		13.8

26 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Large-Cap Growth Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TRANSPORTATION
	203,840		Union Pacific Corp	$	47,757,674		0.5	%
	363,331		United Parcel Service, Inc (Class B)		65,392,313		0.7
			Other		85,455,978		0.9
					198,605,965		2.1
UTILITIES					2,671,786		0.0
		TOTAL COMMON STOCKS (Cost $4,441,794,484)			9,539,078,344		99.9
	Principal		Issuer
SHORT-TERM INVESTMENTS
REPURCHASE AGREEMENT					5,930,000		0.0

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	16,050,532	c		State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	16,050,532			0.2	%
						16,050,532			0.2
			TOTAL SHORT-TERM INVESTMENTS (Cost $21,980,532)			21,980,532			0.2
			TOTAL PORTFOLIO (Cost $4,463,775,016)			9,561,058,876			100.1
			OTHER ASSETS & LIABILITIES, NET			(14,012,956	)		(0.1	)
			NET ASSETS		$	9,547,045,920			100.0	%

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

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

At 4/30/22, the aggregate value of securities on loan is $18,626,427. 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  ■  2022 Semiannual Report 27

Summary portfolio of investments (unaudited)

Large-Cap Value Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	71,940,104		0.9	%
BANKS
	3,055,860		Bank of America Corp		109,033,085		1.3
	851,885		Citigroup, Inc		41,069,376		0.5
	1,264,526		JPMorgan Chase & Co		150,933,823		1.8
	1,676,728		Wells Fargo & Co		73,155,643		0.9
			Other		230,080,262		2.6
					604,272,189		7.1
CAPITAL GOODS
	230,134	*	Boeing Co		34,253,145		0.4
	469,444		General Electric Co		34,997,050		0.4
	231,517		Honeywell International, Inc		44,800,855		0.5
	643,600		Raytheon Technologies Corp		61,084,076		0.7
			Other		495,581,263		5.9
					670,716,389		7.9
COMMERCIAL & PROFESSIONAL SERVICES					93,991,820		1.1
CONSUMER DURABLES & APPAREL					74,154,382		0.9
CONSUMER SERVICES
	263,978		McDonald’s Corp		65,772,758		0.8
			Other		82,469,357		1.0
					148,242,115		1.8
DIVERSIFIED FINANCIALS
	790,046	*	Berkshire Hathaway, Inc (Class B)		255,050,550		3.0
	61,439		BlackRock, Inc		38,379,715		0.5
	646,301		Charles Schwab Corp		42,869,145		0.5
	154,673		CME Group, Inc		33,925,976		0.4
	132,928		Goldman Sachs Group, Inc		40,608,175		0.5
	569,821		Morgan Stanley		45,921,874		0.6
			Other		265,342,547		3.0
					722,097,982		8.5
ENERGY
	833,173		Chevron Corp		130,533,214		1.6
	567,127		ConocoPhillips		54,171,971		0.6
	1,823,702		Exxon Mobil Corp		155,470,596		1.8
			Other		286,697,439		3.4
					626,873,220		7.4
FOOD & STAPLES RETAILING
	607,937		Walmart, Inc		93,008,282		1.1
			Other		47,232,506		0.6
					140,240,788		1.7
FOOD, BEVERAGE & TOBACCO
	596,021		Mondelez International, Inc		38,431,434		0.5
	669,260		Philip Morris International, Inc		66,926,000		0.8
			Other		232,710,235		2.7
					338,067,669		4.0
HEALTH CARE EQUIPMENT & SERVICES
	373,465		Abbott Laboratories		42,388,277		0.5
	105,382		Anthem, Inc		52,894,387		0.6
	140,706		Cigna Corp		34,723,427		0.4
	565,737		CVS Health Corp		54,384,298		0.7
	577,208		Medtronic plc		60,237,427		0.7
	377,173		UnitedHealth Group, Inc		191,811,329		2.3
			Other		280,522,068		3.3
					716,961,213		8.5

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,036,325		Procter & Gamble Co	$	166,381,979		2.0	%
			Other		39,063,947		0.4
					205,445,926		2.4
INSURANCE
	185,173		Chubb Ltd		38,228,966		0.5
			Other		314,143,425		3.7
					352,372,391		4.2
MATERIALS					344,883,170		4.1
MEDIA & ENTERTAINMENT
	17,975	*	Alphabet, Inc (Class A)		41,022,365		0.5
	16,568	*	Alphabet, Inc (Class C)		38,095,299		0.5
	1,934,000		Comcast Corp (Class A)		76,895,840		0.9
	742,640	*	Walt Disney Co		82,900,903		1.0
			Other		148,577,278		1.7
					387,491,685		4.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	937,363		Bristol-Myers Squibb Co		70,555,313		0.8
	258,349		Danaher Corp		64,879,184		0.8
	1,134,810		Johnson & Johnson		204,787,813		2.4
	1,091,694		Merck & Co, Inc		96,822,341		1.1
	2,404,564		Pfizer, Inc		117,991,955		1.4
	153,647		Thermo Fisher Scientific, Inc		84,954,499		1.0
			Other		204,890,407		2.5
					844,881,512		10.0
REAL ESTATE
	316,909		Prologis, Inc		50,797,344		0.6
			Other		375,842,132		4.4
					426,639,476		5.0
RETAILING					136,282,979		1.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,742,355		Intel Corp		75,949,254		0.9
			Other		137,379,542		1.6
					213,328,796		2.5
SOFTWARE & SERVICES
	384,155		International Business Machines Corp		50,789,132		0.6
	324,706	*	salesforce.com, Inc		57,128,774		0.7
			Other		226,500,676		2.7
					334,418,582		4.0
TECHNOLOGY HARDWARE & EQUIPMENT
	1,816,397		Cisco Systems, Inc		88,967,125		1.1
			Other		115,283,783		1.3
					204,250,908		2.4
TELECOMMUNICATION SERVICES
	3,071,032		AT&T, Inc		57,919,664		0.7
	1,806,494		Verizon Communications, Inc		83,640,672		1.0
			Other		35,629,997		0.4
					177,190,333		2.1

28 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Large-Cap Value Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TRANSPORTATION
	955,845		CSX Corp	$	32,823,717		0.4	%
			Other		113,914,404		1.3
					146,738,121		1.7
UTILITIES
	331,870		Duke Energy Corp		36,558,799		0.4
	843,046		NextEra Energy, Inc		59,873,127		0.7
	455,653		Southern Co		33,440,374		0.4
			Other		334,927,333		4.0
					464,799,633		5.5
		TOTAL COMMON STOCKS (Cost $6,033,247,240)		$	8,446,281,383		99.9

Shares				Company	Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	6,892,890	c		State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	6,892,890		0.1	%
						6,892,890		0.1
			TOTAL SHORT-TERM INVESTMENTS (Cost $6,892,890)			6,892,890		0.1
			TOTAL PORTFOLIO (Cost $6,040,140,130)			8,453,174,273		100.0
			OTHER ASSETS & LIABILITIES, NET			1,764,669		0.0
			NET ASSETS		$	8,454,938,942		100.0	%

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

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

At 4/30/22, the aggregate value of securities on loan is $20,540,447. 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  ■  2022 Semiannual Report 29

Summary portfolio of investments (unaudited)

S&P 500 Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	167,796	*	Tesla, Inc	$	146,110,045		2.1	%
			Other		29,637,951		0.4
					175,747,996		2.5
BANKS
	1,423,651		Bank of America Corp		50,795,868		0.7
	591,867		JPMorgan Chase & Co		70,645,245		1.0
	781,848		Wells Fargo & Co		34,112,028		0.5
			Other		103,727,149		1.5
					259,280,290		3.7
CAPITAL GOODS
	301,092		Raytheon Technologies Corp		28,576,642		0.4
			Other		349,006,431		5.0
					377,583,073		5.4
COMMERCIAL & PROFESSIONAL SERVICES					53,800,589		0.8
CONSUMER DURABLES & APPAREL
	256,606		Nike, Inc (Class B)		31,998,768		0.5
			Other		32,536,544		0.4
					64,535,312		0.9
CONSUMER SERVICES
	149,547		McDonald’s Corp		37,261,131		0.5
			Other		99,267,914		1.4
					136,529,045		1.9
DIVERSIFIED FINANCIALS
	366,641	*	Berkshire Hathaway, Inc (Class B)		118,362,714		1.7
			Other		240,899,434		3.4
					359,262,148		5.1
ENERGY
	386,453		Chevron Corp		60,545,592		0.9
	848,577	d	Exxon Mobil Corp		72,341,189		1.0
			Other		159,667,071		2.2
					292,553,852		4.1
FOOD & STAPLES RETAILING
	88,851		Costco Wholesale Corp		47,243,854		0.7
	283,260		Walmart, Inc		43,335,947		0.6
			Other		21,877,068		0.3
					112,456,869		1.6
FOOD, BEVERAGE & TOBACCO
	778,327		Coca-Cola Co		50,287,708		0.7
	277,001		PepsiCo, Inc		47,563,842		0.7
	310,958		Philip Morris International, Inc		31,095,800		0.4
			Other		115,686,513		1.7
					244,633,863		3.5
HEALTH CARE EQUIPMENT & SERVICES
	354,034		Abbott Laboratories		40,182,859		0.6
	188,550		UnitedHealth Group, Inc		95,887,103		1.4
			Other		293,650,810		4.1
					429,720,772		6.1

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	479,822		Procter & Gamble Co	$	77,035,422		1.1	%
			Other		42,984,303		0.6
					120,019,725		1.7
INSURANCE					148,954,489		2.1
MATERIALS
	102,311		Linde plc		31,916,940		0.5
			Other		162,080,362		2.3
					193,997,302		2.8
MEDIA & ENTERTAINMENT
	60,269	*	Alphabet, Inc (Class A)		137,545,309		2.0
	55,661	*	Alphabet, Inc (Class C)		127,983,007		1.8
	905,651		Comcast Corp (Class A)		36,008,684		0.5
	462,799	*	Meta Platforms, Inc		92,777,315		1.3
	364,875	*	Walt Disney Co		40,730,996		0.6
			Other		87,828,691		1.2
					522,874,002		7.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	354,402		AbbVie, Inc		52,054,566		0.7
	438,916		Bristol-Myers Squibb Co		33,037,207		0.5
	127,716		Danaher Corp		32,073,319		0.5
	159,135		Eli Lilly & Co		46,488,108		0.7
	527,207		Johnson & Johnson		95,139,775		1.4
	505,817		Merck & Co, Inc		44,860,910		0.6
	1,125,075		Pfizer, Inc		55,207,430		0.8
	78,832		Thermo Fisher Scientific, Inc		43,587,789		0.6
			Other		161,940,492		2.2
					564,389,596		8.0
REAL ESTATE					204,731,965		2.9
RETAILING
	87,705	*	Amazon.com, Inc		218,002,179		3.1
	209,170		Home Depot, Inc		62,834,668		0.9
			Other		144,554,466		2.0
					425,391,313		6.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	82,741		Broadcom, Inc		45,870,783		0.7
	816,025		Intel Corp		35,570,530		0.5
	500,937		NVIDIA Corp		92,908,785		1.3
	225,146		QUALCOMM, Inc		31,450,645		0.4
	185,516		Texas Instruments, Inc		31,584,099		0.4
			Other		138,329,767		2.0
					375,714,609		5.3
SOFTWARE & SERVICES
	126,440		Accenture plc		37,977,518		0.5
	94,436	*	Adobe, Inc		37,391,934		0.5
	172,936		Mastercard, Inc (Class A)		62,841,484		0.9
	1,502,516		Microsoft Corp		416,978,240		5.9
	197,343	*	salesforce.com, Inc		34,720,527		0.5
	332,254		Visa, Inc (Class A)		70,813,295		1.0
			Other		256,902,070		3.7
					917,625,068		13.0

30 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

S&P 500 Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	3,107,306		Apple, Inc	$	489,866,791		7.0	%
	843,564		Cisco Systems, Inc		41,317,765		0.6
			Other		82,468,191		1.1
					613,652,747		8.7
TELECOMMUNICATION SERVICES
	844,437		Verizon Communications, Inc		39,097,433		0.6
			Other		43,016,892		0.6
					82,114,325		1.2
TRANSPORTATION
	127,189		Union Pacific Corp		29,799,111		0.4
			Other		96,171,240		1.4
					125,970,351		1.8
UTILITIES					201,254,849		2.9
		TOTAL COMMON STOCKS (Cost $3,021,137,320)			7,002,794,150		99.4
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					4,999,867		0.1

Shares				Company	Value		% of net assets
REPURCHASE AGREEMENT
$	28,945,000	r		Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22	$	28,945,000		0.4	%
						28,945,000		0.4
TREASURY DEBT						2,394,919		0.0
			TOTAL SHORT-TERM INVESTMENTS (Cost $36,339,745)			36,339,786		0.5
			TOTAL PORTFOLIO (Cost $3,057,477,065)			7,039,133,936		99.9
			OTHER ASSETS & LIABILITIES, NET			8,275,127		0.1
			NET ASSETS		$	7,047,409,063		100.0	%

*	Non-income producing
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $28,945,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $29,523,946.

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

At 4/30/22, the aggregate value of securities on loan is $4,012,776. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of April 30, 2022 were as follows:

	Number of							Unrealized
	long (short	)						appreciation
Description	contracts		Expiration date	Notional amount		Value		(depreciation		)
S&P 500 E Mini Index	170		06/17/22		$36,605,571		$35,083,750		$(1,521,821	)

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 31

Summary portfolio of investments (unaudited)

Small-Cap Blend Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	48,631,789		1.4	%
BANKS
	186,269		First Financial Bankshares, Inc		7,447,035		0.2
	159,074		Glacier Bancorp, Inc		7,279,226		0.2
	110,781		South State Corp		8,578,881		0.3
			Other		339,547,799		9.5
					362,852,941		10.2
CAPITAL GOODS
	52,111	*	Chart Industries, Inc		8,797,379		0.3
	76,506		EMCOR Group, Inc		8,146,359		0.2
	63,638	*	WESCO International, Inc		7,844,020		0.2
	299,523	*	WillScot Mobile Mini Holdings Corp		10,513,257		0.3
			Other		313,781,955		8.9
					349,082,970		9.9
COMMERCIAL & PROFESSIONAL SERVICES
	72,981	*	ASGN Inc		8,279,694		0.2
	203,906		KBR, Inc		10,038,292		0.3
	77,501		Tetra Tech, Inc		10,794,339		0.3
			Other		103,850,856		3.0
					132,963,181		3.8
CONSUMER DURABLES & APPAREL
	34,401	*	Helen of Troy Ltd		7,379,358		0.2
			Other		92,953,438		2.6
					100,332,796		2.8
CONSUMER SERVICES
	137,596	*	Scientific Games Corp (Class A)		7,713,632		0.2
	100,353		Texas Roadhouse, Inc (Class A)		8,262,062		0.2
			Other		90,342,655		2.6
					106,318,349		3.0
DIVERSIFIED FINANCIALS
	144,615	e	iShares Russell 2000 Index Fund		26,746,544		0.8
			Other		128,564,177		3.6
					155,310,721		4.4
ENERGY
	411,205	*	Antero Resources Corp		14,474,416		0.4
	150,848		Chesapeake Energy Corp		12,372,553		0.4
	158,627		Matador Resources Co		7,744,170		0.2
	212,590		Murphy Oil Corp		8,095,427		0.2
	377,979		Ovintiv, Inc		19,348,745		0.6
	140,624		PDC Energy, Inc		9,807,118		0.3
	342,320	*	Range Resources Corp		10,249,061		0.3
	1,462,607	*	Southwestern Energy Co		10,969,552		0.3
			Other		158,673,255		4.4
					251,734,297		7.1
FOOD & STAPLES RETAILING
	196,768	*	BJ’s Wholesale Club Holdings, Inc		12,662,021		0.4
	216,940	*	Performance Food Group Co		10,684,295		0.3
			Other		22,026,151		0.6
					45,372,467		1.3
FOOD, BEVERAGE & TOBACCO					60,277,148		1.7	%

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	117,772	*	HealthEquity, Inc	$	7,339,551		0.2
	38,779	*	Inspire Medical Systems, Inc		7,979,167		0.2
	43,604	*	LHC Group, Inc		7,231,723		0.2
	48,337	*	Shockwave Medical Inc		7,305,171		0.2
	152,523	*	Tenet Healthcare Corp		11,059,443		0.3
			Other		211,627,866		6.0
					252,542,921		7.1
HOUSEHOLD & PERSONAL PRODUCTS					30,830,653		0.9
INSURANCE					69,431,185		2.0
MATERIALS					143,241,832		4.0
MEDIA & ENTERTAINMENT
	742,780	*,e	AMC Entertainment Holdings, Inc		11,364,534		0.3
			Other		65,628,656		1.9
					76,993,190		2.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	197,993	*	Halozyme Therapeutics, Inc		7,899,921		0.2
			Other		279,498,021		7.9
					287,397,942		8.1
REAL ESTATE
	57,998		EastGroup Properties, Inc		10,874,625		0.3
	315,958		Independence Realty Trust, Inc		8,613,015		0.2
	77,632	*	Ryman Hospitality Properties		7,257,039		0.2
	256,871		STAG Industrial, Inc		9,586,426		0.3
	105,995		Terreno Realty Corp		7,711,136		0.2
			Other		237,617,114		6.7
					281,659,355		7.9
RETAILING
	432,195		Macy’s, Inc		10,446,153		0.3
	33,366		Murphy USA, Inc		7,794,298		0.2
			Other		95,082,214		2.7
					113,322,665		3.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	194,657	*	Lattice Semiconductor Corp		9,351,322		0.3
	54,215	*	Silicon Laboratories, Inc		7,314,146		0.2
	56,631	*	Synaptics, Inc		8,406,306		0.2
			Other		82,395,797		2.3
					107,467,571		3.0
SOFTWARE & SERVICES
	80,877	*	Rapid7, Inc		7,725,371		0.2
	131,820	*	SailPoint Technologies Holding, Inc		8,414,071		0.2
	131,738	*	Tenable Holdings, Inc		7,275,890		0.2
	365,208	*	Vonage Holdings Corp		7,289,552		0.2
			Other		217,462,330		6.2
					248,167,214		7.0
TECHNOLOGY HARDWARE & EQUIPMENT
	151,156	*	II-VI, Inc		9,252,259		0.3
			Other		107,204,162		3.0
					116,456,421		3.3
TELECOMMUNICATION SERVICES					25,989,499		0.7	%

32 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Small-Cap Blend Index Fund  ■  April 30, 2022

Shares				Company	Value		% of net assets
TRANSPORTATION
	59,423	*		Avis Budget Group, Inc	$	15,905,754		0.5
	37,868	*		Saia, Inc		7,799,293		0.2
				Other		43,341,281		1.2
						67,046,328		1.9
UTILITIES
	95,447			Southwest Gas Holdings Inc		8,409,835		0.2
				Other		101,110,215		2.9
						109,520,050		3.1
			TOTAL COMMON STOCKS (Cost $2,835,309,703)			3,542,943,485		100.0
RIGHTS / WARRANTS
ENERGY						233,244		0.0
HEALTH CARE EQUIPMENT & SERVICES						4,672		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						561		0.0
			TOTAL RIGHTS / WARRANTS (Cost $561)			238,477		0.0

Shares				Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	123,403,966	c		State Street Navigator Securities Lending Government Money Market Portfolio 0.310%	$	123,403,966			3.5	%
						123,403,966			3.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $123,403,966)			123,403,966			3.5
			TOTAL PORTFOLIO (Cost $2,958,714,230)			3,666,585,928			103.5
			OTHER ASSETS & LIABILITIES, NET			(122,384,333	)		(3.5	)
			NET ASSETS		$	3,544,201,595			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 $157,009,941. 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $5,412,393 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.

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 33

Summary portfolio of investments (unaudited)

Emerging Markets Equity Index Fund  ■  April 30, 2022

Principal				Issuer	Value		% of net assets
CORPORATE BOND
INDIA					$	21,350		0.0	%
			TOTAL CORPORATE BONDS (Cost $22,656)			21,350		0.0
Shares				Company
COMMON STOCKS
BRAZIL
	3,451,253			Itau Unibanco Holding S.A.		16,663,075		0.3
	2,723,716			Petroleo Brasileiro S.A.		18,422,731		0.4
	3,472,668			Petroleo Brasileiro S.A. (Preference)		21,268,902		0.4
	2,896,533			Vale S.A.		48,797,466		1.0
				Other		149,770,296		3.1
						254,922,470		5.2
CHILE						23,475,949		0.5
CHINA
	10,846,720	*		Alibaba Group Holding Ltd		132,304,793		2.7
	197,689	*		Baidu, Inc (ADR)		24,547,043		0.5
	57,828,953			Bank of China Ltd - H		22,691,066		0.5
	601,000			BYD Co Ltd (H shares)		17,490,135		0.4
	69,211,641			China Construction Bank Corp - H		49,306,304		1.0
	2,801,868			China Merchants Bank Co Ltd		16,887,544		0.4
	41,008,777			Industrial & Commercial Bank of China Ltd - H		24,720,349		0.5
	1,440,119	*		JD.com, Inc		44,900,802		0.9
	2,943,600	*,g		Meituan Dianping (Class B)		63,070,737		1.3
	1,499,225			NetEase, Inc		28,718,057		0.6
	946,934	*		NIO, Inc (ADR)		15,813,798		0.3
	4,585,526			Ping An Insurance Group Co of China Ltd		28,983,794		0.6
	4,109,004			Tencent Holdings Ltd		193,636,342		3.9
	2,535,301	*,g		Wuxi Biologics Cayman, Inc		18,712,576		0.4
	10,199,000	*,g		Xiaomi Corp		15,526,327		0.3
				Other		774,272,316		15.6
						1,471,581,983		29.9
COLOMBIA						10,679,576		0.2
CZECH REPUBLIC						8,260,609		0.2
EGYPT						3,367,701		0.1
GREECE						11,635,655		0.2
HONG KONG						7,386,109		0.2
HUNGARY						9,312,918		0.2
INDIA
	1,651,824			Axis Bank Ltd		15,570,986		0.3
	192,468			Bajaj Finance Ltd		16,591,110		0.3
	1,756,140	*		Bharti Airtel Ltd		16,854,234		0.3
	587,049			Hindustan Lever Ltd		17,055,933		0.4
	1,192,071			Housing Development Finance Corp		34,393,561		0.7
	3,708,953			ICICI Bank Ltd		35,654,393		0.7
	2,409,021			Infosys Technologies Ltd		48,824,063		1.0
	2,047,947			Reliance Industries Ltd		74,202,083		1.5
	669,384			Tata Consultancy Services Ltd		30,850,792		0.6
				Other		370,169,820		7.6
						660,166,975		13.4

Shares			Company	Value		% of net assets
INDONESIA
	40,398,175		Bank Central Asia Tbk PT	$	22,658,189		0.5	%
	46,795,049		Bank Rakyat Indonesia		15,591,503		0.3
			Other		57,657,581		1.1
					95,907,273		1.9
KOREA, REPUBLIC OF
	392,523		Hynix Semiconductor, Inc		34,396,043		0.7
	85,358		Naver Corp		19,014,262		0.4
	3,412,655		Samsung Electronics Co Ltd		181,872,482		3.7
	594,102		Samsung Electronics Co Ltd (Preference)		27,853,663		0.6
	39,631		Samsung SDI Co Ltd		18,878,396		0.4
			Other		326,980,899		6.6
					608,995,745		12.4
KUWAIT
	5,233,213	h	National Bank of Kuwait SAKP		17,935,988		0.4
			Other		22,819,380		0.4
					40,755,368		0.8
LUXEMBOURG					1,646,862		0.0
MALAYSIA					77,516,984		1.6
MEXICO
	21,745,241		America Movil S.A.B. de C.V.		21,162,889		0.4
			Other		86,560,113		1.8
					107,723,002		2.2
PERU					12,210,937		0.2
PHILIPPINES					38,475,085		0.8
POLAND					31,476,019		0.6
QATAR
	3,107,150		Qatar National Bank		19,836,957		0.4
			Other		31,035,416		0.6
					50,872,373		1.0
ROMANIA					2,068,277		0.0
RUSSIA					12,291		0.0
SAUDI ARABIA
	871,436		Al Rajhi Bank		40,823,404		0.8
	1,531,126		National Commercial Bank		32,092,112		0.7
	1,609,655	g	Saudi Arabian Oil Co		19,235,028		0.4
	653,134		Saudi Basic Industries Corp		22,625,643		0.5
			Other		116,852,211		2.3
					231,628,398		4.7
SINGAPORE					1,311,578		0.0
SOUTH AFRICA
	3,613,398		FirstRand Ltd		15,561,748		0.3
	154,534		Naspers Ltd (N Shares)		15,585,671		0.3
			Other		140,633,264		2.9
					171,780,683		3.5

34 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Emerging Markets Equity Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
TAIWAN
	8,830,002		Hon Hai Precision Industry Co, Ltd	$	30,252,289		0.6	%
	1,092,170		MediaTek, Inc		30,108,919		0.6
	17,581,848		Taiwan Semiconductor Manufacturing Co Ltd		317,926,306		6.5
			Other		363,324,039		7.4
					741,611,553		15.1
TANZANIA, UNITED REPUBLIC OF					5,953,807		0.1
THAILAND					82,795,518		1.7
TURKEY					15,152,768		0.3
UNITED ARAB EMIRATES
	2,458,021		Emirates Telecommunications Group Co PJSC		23,510,383		0.5
	3,227,335		National Bank of Abu Dhabi PJSC		19,716,965		0.4
			Other		30,544,929		0.6
					73,772,277		1.5
UNITED STATES					8,017,378		0.2
		TOTAL COMMON STOCKS (Cost $4,354,225,049)			4,860,474,121		98.7
PREFERRED STOCKS
PHILIPPINES					589		0.0
		TOTAL PREFERRED STOCKS (Cost $725)			589		0.0
RIGHTS / WARRANTS
EGYPT					111,354		0.0
THAILAND					2,497		0.0
		TOTAL RIGHTS / WARRANTS (Cost $296,292)			113,851		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					39,982,606		0.8

Shares				Company	Value			% of net assets
TREASURY DEBT					$	14,999,490			0.3	%
REPURCHASE AGREEMENT						8,040,000			0.2
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	21,704,964	c		State Street Navigator Securities Lending Government Money Market Portfolio 0.310%		21,704,964			0.4
						21,704,964			0.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $84,727,049)			84,727,060			1.7
			TOTAL PORTFOLIO (Cost $4,439,271,771)			4,945,336,971			100.4
			OTHER ASSETS & LIABILITIES, NET			(19,243,578	)		(0.4	)
			NET ASSETS		$	4,926,093,393			100.0	%

ADR	American Depositary Receipt
*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities, including those in “Other,” is $241,770,332 or 4.9% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

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

At 4/30/22, the aggregate value of securities on loan is 74,655,776. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of April 30, 2022 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	1,396		06/17/22		$75,571,803		$73,806,520		$(1,765,283	)

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 35

Summary of portfolio of investments (unaudited)

International Equity Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	5,738,152		BHP Billiton Ltd	$	191,742,785		1.1	%
	1,937,797		Commonwealth Bank of Australia		140,845,896		0.8
	549,199		CSL Ltd		104,814,691		0.6
	11,274,303		Glencore Xstrata plc		69,468,468		0.4
	3,696,740		National Australia Bank Ltd		84,391,674		0.5
	1,271,516		Rio Tinto plc		89,840,419		0.5
	4,145,326		Westpac Banking Corp		69,392,708		0.4
			Other		769,709,682		4.4
					1,520,206,323		8.7
AUSTRIA					44,998,357		0.3
BELGIUM					146,540,803		0.8
BRAZIL					9,519,649		0.1
CHILE					8,859,743		0.0
CHINA					95,795,974		0.6
DENMARK
	1,912,800		Novo Nordisk AS		218,491,935		1.3
			Other		252,087,678		1.4
					470,579,613		2.7
FINLAND					203,124,087		1.2
FRANCE
	538,835		Air Liquide		93,222,909		0.5
	674,544		Airbus SE		73,843,574		0.4
	1,295,013		BNP Paribas S.A.		67,148,204		0.4
	283,427		L’Oreal S.A.		103,113,539		0.6
	315,800		LVMH Moet Hennessy Louis Vuitton S.A.		204,365,236		1.2
	1,301,669		Sanofi-Aventis		137,579,751		0.8
	2,853,994		Total S.A.		140,139,568		0.8
			Other		951,728,414		5.5
					1,771,141,195		10.2
GERMANY
	463,238		Allianz AG.		104,522,281		0.6
	1,109,472	*	Bayer AG.		73,082,074		0.4
	976,799	*	Daimler AG. (Registered)		68,181,710		0.4
	3,665,297		Deutsche Telekom AG.		67,518,981		0.4
	1,187,044		SAP AG.		120,302,098		0.7
	871,377		Siemens AG.		107,140,135		0.6
			Other		809,992,863		4.7
					1,350,740,142		7.8
HONG KONG
	13,732,347		AIA Group Ltd		134,903,247		0.8
			Other		284,591,562		1.6
					419,494,809		2.4
IRELAND					109,846,744		0.6

Shares			Company	Value		% of net assets
ISRAEL				$	112,343,712		0.6	%
ITALY					338,313,646		1.9
JAPAN
	1,854,023		KDDI Corp		61,395,397		0.4
	221,186		Keyence Corp		88,917,683		0.5
	13,572,588		Mitsubishi UFJ Financial Group, Inc		78,902,518		0.5
	1,433,732		Sony Corp		123,732,527		0.7
	169,453		Tokyo Electron Ltd		71,500,084		0.4
	12,042,850	*	Toyota Motor Corp		206,338,648		1.2
			Other		3,086,468,602		17.7
					3,717,255,459		21.4
JORDAN					4,906,114		0.0
LUXEMBOURG					35,490,412		0.2
MACAU					20,308,728		0.1
NETHERLANDS
	471,244		ASML Holding NV		267,449,102		1.5
	8,760,752		Shell plc		235,190,201		1.4
			Other		393,933,720		2.3
					896,573,023		5.2
NEW ZEALAND					42,742,733		0.2
NORWAY					118,105,309		0.7
POLAND					1,425,361		0.0
PORTUGAL					28,676,600		0.2
SAUDI ARABIA					6,882,457		0.0
SINGAPORE					237,523,715		1.4
SOUTH AFRICA
	1,460,562		Anglo American plc		64,689,712		0.4
					64,689,712		0.4
SPAIN
	6,572,441		Iberdrola S.A.		75,522,624		0.4
			Other		334,320,291		2.0
					409,842,915		2.4
SWEDEN					554,039,317		3.2
SWITZERLAND
	597,422		Cie Financiere Richemont S.A.		69,414,871		0.4
	3,195,817		Nestle S.A.		412,561,041		2.4
	2,491,097		Novartis AG.		220,136,353		1.3
	798,414		Roche Holding AG.		296,062,861		1.7
	4,041,185		UBS Group AG		68,605,707		0.4
	170,749		Zurich Insurance Group AG		77,736,814		0.4
			Other		612,348,826		3.5
					1,756,866,473		10.1
TAIWAN					30,397,748		0.2
UNITED ARAB EMIRATES					1,530		0.0

36 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary of portfolio of investments (unaudited) concluded

International Equity Index Fund  ■  April 30, 2022

Shares			Company	Value		% of net assets
UNITED KINGDOM
	1,765,902		AstraZeneca plc	$	235,644,218		1.4	%
	22,446,478		BP plc		108,366,959		0.6
	2,477,954		British American Tobacco plc		103,856,874		0.6
	2,669,163		Diageo plc		133,161,483		0.8
	23,122,836		HSBC Holdings plc		144,497,575		0.8
	813,969		Reckitt Benckiser Group plc		63,477,830		0.4
	2,228,865		RELX plc		66,398,961		0.4
	2,938,190		Unilever plc		136,596,799		0.8
			Other		1,077,791,986		6.1
					2,069,792,685		11.9
UNITED STATES
	5,762,806		GlaxoSmithKline plc		129,908,521		0.7
	611,432		Schneider Electric S.A.		87,721,611		0.5
			Other		136,101,069		0.8
					353,731,201		2.0
		TOTAL COMMON STOCKS (Cost $15,181,788,109)			16,950,756,289		97.5
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					192,052,516		1.1

Shares				Company	Value			% of net assets
TREASURY DEBT					$	19,999,319			0.1	%
REPURCHASE AGREEMENT
	$61,695,000	r		Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22		61,695,000			0.4
						61,695,000			0.4
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	216,734,566	c		State Street Navigator Securities Lending Government Money Market Portfolio 0.310%		216,734,566			1.2
						216,734,566			1.2
			TOTAL SHORT-TERM INVESTMENTS (Cost $490,521,153)			490,481,401			2.8
			TOTAL PORTFOLIO (Cost $15,672,309,262)			17,441,237,690			100.3
			OTHER ASSETS & LIABILITIES, NET			(57,779,649	)		(0.3	)
			NET ASSETS		$	17,383,458,041			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $61,695,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 5/15/45, valued at $62,928,951.

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

At 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $262,442,491 or 1.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

At 4/30/22, the aggregate value of securities on loan is 389,945,535. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of April 30, 2022 were as follows:

	Number of							Unrealized
	long (short	)						appreciation
Description	contracts		Expiration date	Notional amount		Value		(depreciation		)
MSCI EAFE Index	3,005		06/17/22		$316,218,619		$299,989,150		$(16,229,469	)

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 37

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2022

		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*†		$	32,728,049,505	$	9,561,058,876	$	8,453,174,273	$	7,039,133,936	$	3,666,585,928	$	4,945,336,971		$	17,441,237,690
Cash			—		4,232		—		361,352		—		5,513,326			26,006,404
Cash – foreign^			—		—		—		—		—		1,909,602			16,907,901
Receivable from securities transactions			—		—		4,071,623		—		3,483,671		3,785,473			11,856,910
Receivable from Fund shares sold			62,279,530		8,452,940		5,564,493		5,825,670		1,149,593		14,566,101			27,636,924
Dividends and interest receivable			24,157,084		3,832,851		9,377,509		5,609,893		1,322,778		8,389,682			106,151,029
Due from affiliates			782,469		927		1,473		899		—		705,235			369,120
Other			1,179,654		381,030		374,810		361,283		203,590		153,995			1,564,996
Total assets			32,816,448,242		9,573,730,856		8,472,564,181		7,051,293,033		3,672,745,560		4,980,360,385			17,631,730,974
LIABILITIES
Management fees payable			1,144,737		325,273		293,957		250,654		125,967		498,214			594,287
Service agreement fees payable			159,017		199,706		286,062		436,676		191,998		108,472			290,653
Distribution fees payable			296,893		—		—		—		—		7,236			19,405
Due to affiliates			30,793		11,050		10,808		10,487		6,038		9,779			19,692
Overdraft payable			118,709		—		3,541,134		—		2,600,204		—			—
Payable for collateral for securities loaned			102,378,941		16,050,532		6,892,890		—		123,403,966		21,704,964			216,734,566
Payable for securities transactions			103,743,755		5,846,745		2,846,684		—		—		7,134,793			11,906,159
Payable for delayed delivery securities			—		—		—		—		—		554,129			—
Payable for Fund shares redeemed			2,186,217		3,791,157		3,297,403		1,251,293		1,963,494		337,204			1,237,056
Payable for variation margin on futures contracts			5,418,548		—		—		1,521,414		—		1,762,379			16,223,219
Payable for trustee compensation			1,132,014		356,711		365,594		352,128		198,744		130,986			746,910
Accrued expenses and other payables			354,442		103,762		90,707		61,318		53,554		22,018,836			500,986
Total liabilities			216,964,066		26,684,936		17,625,239		3,883,970		128,543,965		54,266,992			248,272,933
NET ASSETS		$	32,599,484,176	$	9,547,045,920	$	8,454,938,942	$	7,047,409,063	$	3,544,201,595	$	4,926,093,393		$	17,383,458,041
NET ASSETS CONSIST OF:
Paid-in-capital		$	16,818,011,961	$	3,560,140,614	$	6,082,256,234	$	2,653,160,455	$	2,855,501,286	$	4,965,490,296		$	16,130,758,915
Total distributable earnings (loss)			15,781,472,215		5,986,905,306		2,372,682,708		4,394,248,608		688,700,309		(39,396,903	)		1,252,699,126
NET ASSETS		$	32,599,484,176	$	9,547,045,920	$	8,454,938,942	$	7,047,409,063	$	3,544,201,595	$	4,926,093,393		$	17,383,458,041
INSTITUTIONAL CLASS:
Net assets		$	11,881,886,764	$	8,631,285,941	$	7,094,500,617	$	5,065,596,598	$	2,719,839,638	$	1,112,454,096		$	8,824,613,749
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			402,928,061		186,598,841		308,239,866		111,659,284		127,284,779		101,311,873			442,157,097
Net asset value per share		$	29.49	$	46.26	$	23.02	$	45.37	$	21.37	$	10.98		$	19.96
ADVISOR CLASS:
Net assets		$	12,482,733	$	47,696,274	$	25,426,712	$	119,318,765	$	13,254,287	$	3,282,036		$	142,213,539
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			423,297		1,032,741		1,106,206		2,634,821		621,412		298,033			7,135,814
Net asset value per share		$	29.49	$	46.18	$	22.99	$	45.29	$	21.33	$	11.01		$	19.93
PREMIER CLASS:
Net assets		$	49,982,846	$	—	$	—	$	—	$	—	$	25,314,608		$	151,703,924
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			1,699,196		—		—		—		—		2,311,127			7,616,746
Net asset value per share		$	29.42	$	—	$	—	$	—	$	—	$	10.95		$	19.92
RETIREMENT CLASS:
Net assets		$	705,239,777	$	843,685,373	$	1,299,924,687	$	1,841,502,938	$	811,107,670	$	507,224,790		$	1,153,073,717
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			23,556,100		18,102,003		55,423,087		40,903,090		37,787,801		46,425,156			56,409,393
Net asset value per share		$	29.94	$	46.61	$	23.45	$	45.02	$	21.46	$	10.93		$	20.44
RETAIL CLASS:
Net assets		$	1,317,556,358	$	—	$	—	$	—	$	—	$	18,642,259		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			43,841,952		—		—		—		—		1,703,308			—
Net asset value per share		$	30.05	$	—	$	—	$	—	$	—	$	10.94		$	—
CLASS W:
Net assets		$	18,632,335,698	$	24,378,332	$	35,086,926	$	20,990,762	$	—	$	3,259,175,604		$	7,111,853,112
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			631,638,685		550,635		1,524,376		462,651		—		296,267,844			356,186,556
Net asset value per share		$	29.50	$	44.27	$	23.02	$	45.37	$	—	$	11.00		$	19.97
*	Includes securities loaned of	$	146,610,528	$	18,626,427	$	20,540,447	$	4,012,776	$	157,009,941	$	74,655,776		$	389,945,535
†	Portfolio investments, cost	$	16,949,542,703	$	4,463,775,016	$	6,040,140,130	$	3,057,477,065	$	2,958,714,230	$	4,439,271,771		$	15,672,309,262
^	Foreign cash, cost	$	—	$	—	$	—	$	—	$	—	$	1,896,238		$	16,925,403

38 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 39

Statements of operations(unaudited)

TIAA-CREF Funds  ■  For the year ended April 30, 2022

		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*		$	225,118,630		$	38,667,730		$	85,750,154		$	55,216,799		$	22,510,372		$	56,700,766		$	269,608,623
Income from securities lending, net			1,013,118			123,466			80,718			5,803			1,332,053			554,641			1,422,570
Interest			46,433			7,111			1,644			13,211			373			20,310			142,996
Total income			226,178,181			38,798,307			85,832,516			55,235,813			23,842,798			57,275,717			271,174,189
EXPENSES
Management fees			6,903,681			2,077,866			1,778,240			1,622,768			832,165			3,093,391			3,679,320
Shareholder servicing – Institutional Class			9,169			11,726			8,506			3,022			7,151			1,067			13,103
Shareholder servicing – Advisor Class			12,746			36,610			11,921			86,919			44,076			2,892			87,062
Shareholder servicing – Premier Class			39			—			—			—			—			32			94
Shareholder servicing – Retirement Class			993,355			1,246,489			1,653,152			2,561,038			1,212,339			677,601			1,635,320
Shareholder servicing – Retail Class			157,613			—			—			—			—			13,964			—
Shareholder servicing – Class W			4,740			63			71			68			—			1,048			1,990
Distribution fees – Premier Class			47,116			—			—			—			—			20,265			130,822
Distribution fees – Retail Class			1,798,720			—			—			—			—			27,268			—
Administrative service fees			236,470			86,025			79,333			75,313			46,171			70,025			141,265
Trustee fees and expenses			187,830			58,514			48,010			43,609			22,563			27,503			98,705
Custody and accounting fees			104,383			—			37,038			28,317			24,804			1,490,152			475,579
Other expenses			440,192			388,068			228,346			148,019			152,580			262,784			320,870
Total expenses			10,896,054			3,905,361			3,844,617			4,569,073			2,341,849			5,687,992			6,584,130
Less: Expenses reimbursed by the investment adviser			(4,409,929	)		(24,878	)		(8,587	)		(5,293	)		(32,507	)		(3,199,311	)		(1,844,365	)
Less: Fee waiver by investment adviser and Nuveen Securities			(636,266	)		—			—			—			—			(5,395	)		—
Net expenses			5,849,859			3,880,483			3,836,030			4,563,780			2,309,342			2,483,286			4,739,765
Net investment income (loss)			220,328,322			34,917,824			81,996,486			50,672,033			21,533,456			54,792,431			266,434,424
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments†			114,353,837			897,033,009			37,722,852			29,615,662			30,506,005			(183,101,348	)		(26,526,592	)
Futures contracts			380,411			—			—			(2,089,653	)		—			(16,787,940	)		15,728,721
Foreign currency transactions			—			—			—			—			—			(773,481	)		(2,941,726	)
In-kind redemptions			—			—			—			440,709,075			—			—			—
Net realized gain (loss) on total investments			114,734,248			897,033,009			37,722,852			468,235,084			30,506,005			(200,662,769	)		(13,739,597	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡			(4,541,704,113	)		(2,844,310,991	)		(466,167,613	)		(1,299,428,303	)		(875,902,973	)		(673,289,796	)		(2,678,904,731	)
Futures contracts			(6,096,057	)		—			—			(2,460,207	)		—			(1,847,827	)		(23,208,676	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			—			—			—			—			(202,769	)		(5,222,520	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(4,547,800,170	)		(2,844,310,991	)		(466,167,613	)		(1,301,888,510	)		(875,902,973	)		(675,340,392	)		(2,707,335,927	)
Net realized and unrealized gain (loss) on total investments			(4,433,065,922	)		(1,947,277,982	)		(428,444,761	)		(833,653,426	)		(845,396,968	)		(876,003,161	)		(2,721,075,524	)
Net increase (decrease) in net assets from operations		$	(4,212,737,600	)	$	(1,912,360,158	)	$	(346,448,275	)	$	(782,981,393	)	$	(823,863,512	)	$	(821,210,730	)	$	(2,454,641,100	)
*	Net of foreign withholding taxes of	$	69,506		$	9,429		$	27,442		$	11,684		$	13,329		$	5,547,313		$	23,368,660
†	Includes net realized gain (loss) from securities sold to affiliates of	$	612,206		$	5,554,351		$	307,851		$	78,193		$	(24,536	)	$	(3,835,767	)	$	(1,257,034	)
‡	Includes net change in unrealized foreign capital gains taxes	$	—		$	—		$	—		$	—		$	—		$	(1,750,463	)	$	—

40 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 41

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended April 30, 2022

		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
		April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	220,328,322		$	424,310,035		$	34,917,824		$	95,350,439		$	81,996,486		$	157,871,578		$	50,672,033		$	99,958,906		$	21,533,456		$	41,972,323		$	54,792,431		$	90,972,689
Net realized gain (loss) on total investments			114,734,248			1,177,037,828			897,033,009			935,402,848			37,722,852			423,608,897			468,235,084			76,642,431			30,506,005			334,796,631			(200,662,769	)		(25,549,707	)
Net change in unrealized appreciation (depreciation) on total investments			(4,547,800,170	)		9,628,359,612			(2,844,310,991	)		3,487,555,463			(466,167,613	)		2,219,470,133			(1,301,888,510	)		2,409,665,003			(875,902,973	)		1,211,909,555			(675,340,392	)		478,225,177
Net increase (decrease) in net assets from operations			(4,212,737,600	)		11,229,707,475			(1,912,360,158	)		4,518,308,750			(346,448,275	)		2,800,950,608			(782,981,393	)		2,586,266,340			(823,863,512	)		1,588,678,509			(821,210,730	)		543,648,159
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(258,288,262	)		(158,023,347	)		(822,082,470	)		(164,805,321	)		(285,369,191	)		(147,209,703	)		(113,461,818	)		(78,758,573	)		(284,581,304	)		(79,088,443	)		(25,559,207	)		(21,408,760	)
	Advisor Class		(603,572	)		(147,386	)		(6,760,565	)		(1,310,526	)		(561,502	)		(288,876	)		(2,242,071	)		(1,669,528	)		(1,363,379	)		(283,311	)		(115,225	)		(48,204	)
	Premier Class		(1,389,770	)		(770,802	)		—			—			—			—			—			—			—			—			(571,822	)		(541,547	)
	Retirement Class		(15,200,952	)		(8,514,237	)		(86,458,639	)		(16,232,509	)		(44,781,956	)		(18,932,616	)		(33,383,568	)		(23,413,254	)		(84,129,222	)		(24,143,020	)		(10,903,950	)		(9,215,401	)
	Retail Class		(26,852,902	)		(14,418,739	)		—			—			—			—			—			—			—			—			(431,554	)		(317,009	)
	Class W		(433,748,939	)		(250,943,860	)		(3,658,788	)		(49,891,625	)		(1,378,187	)		(776,527	)		(432,615	)		(333,650	)		—			—			(83,067,648	)		(53,173,723	)
Total distributions			(736,084,397	)		(432,818,371	)		(918,960,462	)		(232,239,981	)		(332,090,836	)		(167,207,722	)		(149,520,072	)		(104,175,005	)		(370,073,905	)		(103,514,774	)		(120,649,406	)		(84,704,644	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,589,521,046			1,236,876,808			1,612,366,198			1,643,187,117			523,331,134			1,250,711,197			419,101,125			829,156,973			172,314,393			631,337,426			186,474,916			317,579,488
	Advisor Class		17,259,618			4,760,395			4,921,787			22,127,117			23,104,143			31,886,063			22,556,561			29,369,513			6,046,014			3,959,345			3,812,094			6,637,278
	Premier Class		2,357,616			7,329,829			—			—			—			—			—			—			—			—			3,082,645			16,228,289
	Retirement Class		19,553,754			51,311,282			32,676,905			87,370,416			116,735,803			209,992,188			88,340,525			192,080,514			7,720,811			58,870,717			44,007,095			80,549,259
	Retail Class		44,538,476			81,301,909			—			—			—			—			—			—			—			—			6,770,016			13,658,303
	Class W		1,930,736,872			2,994,720,099			2,338,356			1,475,482,012			3,167,515			5,920,038			1,828,050			3,770,400			—			—			618,812,441			1,246,492,339
Reinvestments of distributions:	Institutional Class		256,669,697			157,404,139			672,078,897			134,210,760			234,573,225			121,869,085			109,613,031			76,296,249			277,841,379			77,489,433			25,512,424			21,212,714
	Advisor Class		596,977			143,897			6,730,167			1,306,342			555,912			286,145			2,238,268			1,666,946			1,349,807			279,613			111,880			45,300
	Premier Class		1,374,868			755,033			—			—			—			—			—			—			—			—			571,821			538,664
	Retirement Class		15,183,932			8,505,320			86,250,105			16,208,061			44,734,272			18,914,001			33,383,169			23,413,254			84,129,222			24,143,020			10,903,950			9,215,401
	Retail Class		25,499,871			13,709,838			—			—			—			—			—			—			—			—			417,108			303,632
	Class W		433,748,939			250,943,860			3,658,788			49,891,625			1,378,187			776,527			432,615			333,649			—			—			83,067,648			53,173,723
Redemptions:	Institutional Class		(530,422,692	)		(2,425,533,869	)		(1,279,236,371	)		(2,183,849,552	)		(773,981,053	)		(1,547,113,521	)		(1,096,334,596	)		(830,215,078	)		(369,934,064	)		(573,642,465	)		(53,331,210	)		(218,575,444	)
	Advisor Class		(15,742,931	)		(4,473,609	)		(27,680,267	)		(29,667,423	)		(12,804,962	)		(31,935,577	)		(24,131,947	)		(40,437,698	)		(3,316,582	)		(3,508,307	)		(4,032,113	)		(5,085,919	)
	Premier Class		(16,751,579	)		(16,634,330	)		—			—			—			—			—			—			—			—			(1,917,776	)		(16,854,692	)
	Retirement Class		(56,651,548	)		(89,328,218	)		(84,744,010	)		(206,218,291	)		(40,721,619	)		(113,412,433	)		(150,971,585	)		(243,936,262	)		(99,588,103	)		(151,499,314	)		(5,265,917	)		(17,521,844	)
	Retail Class		(42,611,774	)		(117,712,848	)		—			—			—			—			—			—			—			—			(7,905,041	)		(7,556,287	)
	Class W		(1,284,069,739	)		(4,048,445,331	)		(1,624,593,455	)		(2,135,552,351	)		(4,055,170	)		(11,230,494	)		(2,592,612	)		(6,825,026	)		—			—			(198,499,693	)		(328,351,351	)
Net increase (decrease) from shareholder transactions			2,390,791,403			(1,894,365,796	)		(595,232,900	)		(1,125,504,167	)		116,017,387			(63,336,781	)		(596,537,396	)		34,673,434			76,562,877			67,429,468			712,592,288			1,171,688,853
Net increase (decrease) in net assets			(2,558,030,594	)		8,902,523,308			(3,426,553,520	)		3,160,564,602			(562,521,724	)		2,570,406,105			(1,529,038,861	)		2,516,764,769			(1,117,374,540	)		1,552,593,203			(229,267,848	)		1,630,632,368
NET ASSETS
Beginning 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
End of period		$	32,599,484,176		$	35,157,514,770		$	9,547,045,920		$	12,973,599,440		$	8,454,938,942		$	9,017,460,666		$	7,047,409,063		$	8,576,447,924		$	3,544,201,595		$	4,661,576,135		$	4,926,093,393		$	5,155,361,241
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		49,872,175			40,283,550			31,466,592			31,570,256			21,629,787			55,541,291			8,461,496			18,387,843			7,052,400			23,713,918			15,247,473			23,483,583
	Advisor Class		501,068			167,316			88,679			427,566			961,188			1,475,658			449,770			657,102			222,809			148,140			305,283			474,683
	Premier Class		71,769			246,250			—			—			—			—			—			—			—			—			253,007			1,193,894
	Retirement Class		582,933			1,707,662			585,304			1,667,596			4,707,097			8,936,082			1,769,421			4,470,390			299,420			2,201,634			3,589,092			5,922,402
	Retail Class		1,336,891			2,655,383			—			—			—			—			—			—			—			—			544,531			995,572
	Class W		59,719,415			98,678,925			45,933			31,054,910			131,251			265,415			37,078			84,877			—			—			50,382,237			92,725,827
Shares reinvested:	Institutional Class		7,600,524			5,819,007			11,641,762			2,826,680			9,773,885			6,060,124			2,129,649			1,898,861			11,012,342			3,290,422			2,005,694			1,639,313
	Advisor Class		17,667			5,316			116,722			27,537			23,192			14,250			43,546			41,528			53,564			11,883			8,768			3,487
	Premier Class		40,785			27,964			—			—			—			—			—			—			—			—			45,061			41,692
	Retirement Class		442,422			309,509			1,481,451			338,656			1,827,380			922,634			653,035			586,357			3,316,091			1,019,984			860,612			714,926
	Retail Class		740,415			497,274			—			—			—			—			—			—			—			—			32,869			23,519
	Class W		12,840,407			9,277,037			66,234			1,050,350			57,448			38,614			8,407			8,304			—			—			6,525,345			4,106,079
Shares redeemed:	Institutional Class		(16,127,149	)		(81,869,719	)		(22,726,003	)		(40,851,412	)		(31,931,614	)		(68,050,885	)		(22,402,621	)		(18,586,822	)		(15,259,459	)		(21,220,655	)		(4,236,059	)		(16,029,225	)
	Advisor Class		(509,325	)		(149,776	)		(513,889	)		(575,213	)		(531,145	)		(1,351,537	)		(494,676	)		(917,296	)		(138,631	)		(130,838	)		(341,098	)		(363,316	)
	Premier Class		(518,130	)		(575,909	)		—			—			—			—			—			—			—			—			(154,359	)		(1,241,451	)
	Retirement Class		(1,722,195	)		(2,870,676	)		(1,576,876	)		(3,880,857	)		(1,647,746	)		(4,896,829	)		(3,110,487	)		(5,349,704	)		(4,095,272	)		(5,539,506	)		(434,636	)		(1,289,250	)
	Retail Class		(1,278,370	)		(3,826,234	)		—			—			—			—			—			—			—			—			(650,371	)		(556,465	)
	Class W		(38,700,461	)		(130,732,814	)		(26,080,848	)		(36,647,022	)		(166,010	)		(492,633	)		(51,726	)		(149,897	)		—			—			(16,003,077	)		(24,206,932	)
Net increase (decrease) from shareholder transactions			74,910,841			(60,349,935	)		(5,404,939	)		(12,990,953	)		4,834,713			(1,537,816	)		(12,507,108	)		1,131,543			2,463,264			3,494,982			57,980,372			87,638,338

42 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 43

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended April 30, 2022

		International Equity Index Fund
		April 30, 2022			October 31, 2021
		(unaudited		)
OPERATIONS
Net investment income (loss)		$	266,434,424		$	451,690,299
Net realized gain (loss) on total investments			(13,739,597	)		364,723,141
Net change in unrealized appreciation (depreciation) on total investments			(2,707,335,927	)		3,690,882,298
Net increase (decrease) in net assets from operations			(2,454,641,100	)		4,507,295,738
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(290,285,531	)		(179,887,061	)
	Advisor Class		(4,484,401	)		(2,504,669	)
	Premier Class		(5,262,544	)		(4,375,400	)
	Retirement Class		(36,894,510	)		(22,985,372	)
	Retail Class		—			—
	Class W		(229,171,714	)		(99,167,970	)
Total distributions			(566,098,700	)		(308,920,472	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		709,373,490			1,587,283,373
	Advisor Class		16,183,207			29,895,347
	Premier Class		16,916,678			38,691,400
	Retirement Class		32,636,187			71,431,787
	Retail Class		—			—
	Class W		990,323,687			2,314,524,808
Reinvestments of distributions:	Institutional Class		280,101,957			174,854,263
	Advisor Class		4,480,152			2,501,793
	Premier Class		5,262,544			4,375,400
	Retirement Class		36,894,510			22,985,372
	Retail Class		—			—
	Class W		229,171,714			99,167,970
Redemptions:	Institutional Class		(405,837,033	)		(2,009,409,741	)
	Advisor Class		(10,208,915	)		(23,731,150	)
	Premier Class		(79,210,401	)		(71,135,246	)
	Retirement Class		(115,910,734	)		(182,454,437	)
	Retail Class		—			—
	Class W		(252,419,109	)		(728,786,086	)
Net increase (decrease) from shareholder transactions			1,457,757,934			1,330,194,853
Net increase (decrease) in net assets			(1,562,981,866	)		5,528,570,119
NET ASSETS
Beginning of period			18,946,439,907			13,417,869,788
End of period		$	17,383,458,041		$	18,946,439,907
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		32,636,777			70,128,728
	Advisor Class		738,065			1,345,182
	Premier Class		776,997			1,759,341
	Retirement Class		1,439,306			3,171,050
	Retail Class		—			—
	Class W		45,110,871			101,475,512
Shares reinvested:	Institutional Class		12,443,445			8,471,621
	Advisor Class		199,206			121,329
	Premier Class		234,099			212,398
	Retirement Class		1,598,549			1,087,293
	Retail Class		—			—
	Class W		10,180,885			4,804,650
Shares redeemed:	Institutional Class		(18,270,552	)		(91,376,088	)
	Advisor Class		(466,908	)		(1,056,312	)
	Premier Class		(3,430,709	)		(3,199,177	)
	Retirement Class		(5,181,548	)		(7,942,758	)
	Retail Class		—			—
	Class W		(11,314,548	)		(33,136,821	)
Net increase (decrease) from shareholder transactions			66,693,935			55,865,948

44 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

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TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 45

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the			Net asset		Net		Net realized and		Total gain		Less distributions from				Total		Net asset
	period 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:	4/30/22	#		$34.12		$0.20		$(4.12	)	$(3.92	)	$(0.41	)	$(0.30	)	$(0.71	)	$29.49
	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:	4/30/22	#		34.11		0.20		(4.13	)	(3.93	)	(0.39	)	(0.30	)	(0.69	)	29.49
	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:	4/30/22	#		34.01		0.18		(4.11	)	(3.93	)	(0.36	)	(0.30	)	(0.66	)	29.42
	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:	4/30/22	#		34.59		0.17		(4.19	)	(4.02	)	(0.33	)	(0.30	)	(0.63	)	29.94
	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:	4/30/22	#		34.70		0.18		(4.21	)	(4.03	)	(0.32	)	(0.30	)	(0.62	)	30.05
	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:	4/30/22	#		34.13		0.21		(4.11	)	(3.90	)	(0.43	)	(0.30	)	(0.73	)	29.50
	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:	4/30/22	#		61.25		0.19		(10.12	)	(9.93	)	(0.50	)	(4.56	)	(5.06	)	46.26
	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:	4/30/22	#		61.13		0.16		(10.11	)	(9.95	)	(0.44	)	(4.56	)	(5.00	)	46.18
	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:	4/30/22	#		61.61		0.12		(10.20	)	(10.08	)	(0.36	)	(4.56	)	(4.92	)	46.61
	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:	4/30/22	#		61.30		0.26		(9.68	)	(9.42	)	(3.05	)	(4.56	)	(7.61	)	44.27
	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 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
EQUITY INDEX FUND
Institutional Class:	4/30/22	#		(11.75	)%b		$ 11,881,887			0.05	%c		0.05	%c		1.26	%c		3	%b,f
	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			12	f
	10/31/19			13.47			9,034,344			0.05			0.05			2.08			4
	10/31/18			6.52			8,106,985			0.05			0.05			1.87			5	f
	10/31/17			24.00			14,021,233			0.05			0.05			1.96			11
Advisor Class:	4/30/22	#		(11.78	)b		12,483			0.15	c		0.15	c		1.21	c		3	b,f
	10/31/21			43.66			14,119			0.17			0.17			1.16			7	f
	10/31/20			9.97			9,404			0.17			0.17			1.71			12	f
	10/31/19			13.26			49,888			0.19			0.19			1.93			4
	10/31/18			6.44			35,041			0.19			0.19			1.61			5	f
	10/31/17			23.85			8,389			0.15			0.15			1.76			11
Premier Class:	4/30/22	#		(11.79	)b		49,983			0.20	c		0.20	c		1.12	c		3	b,f
	10/31/21			43.64			71,581			0.20			0.20			1.15			7	f
	10/31/20			9.92			57,737			0.20			0.20			1.55			12	f
	10/31/19			13.28			63,211			0.20			0.20			1.92			4
	10/31/18			6.36			86,396			0.20			0.20			1.68			5	f
	10/31/17			23.78			111,915			0.20			0.20			1.81			11
Retirement Class:	4/30/22	#		(11.85	)b		705,240			0.30	c		0.30	c		1.02	c		3	b,f
	10/31/21			43.50			838,804			0.30			0.30			1.05			7	f
	10/31/20			9.79			612,612			0.30			0.30			1.45			12	f
	10/31/19			13.18			662,900			0.30			0.30			1.83			4
	10/31/18			6.29			568,207			0.30			0.30			1.56			5	f
	10/31/17			23.66			544,772			0.30			0.30			1.72			11
Retail Class:	4/30/22	#		(11.83	)b		1,317,556			0.32	c		0.23	c		1.08	c		3	b,f
	10/31/21			43.45			1,493,507			0.32			0.32			1.02			7	f
	10/31/20			9.77			1,070,150			0.33			0.33			1.41			12	f
	10/31/19			13.15			1,028,244			0.33			0.33			1.80			4
	10/31/18			6.24			954,571			0.33			0.33			1.53			5	f
	10/31/17			23.59			942,518			0.33			0.33			1.69			11
Class W:	4/30/22	#		(11.71	)b		18,632,336			0.05	c		0.00	c		1.31	c		3	b,f
	10/31/21			43.88			20,403,908			0.05			0.00			1.34			7	f
	10/31/20			10.14			14,941,901			0.05			0.00			1.71			12	f
	10/31/19			13.48			11,566,892			0.05			0.00			2.13			4
	10/31/18	†		(7.32	)b		7,873,593			0.04	c		0.00	c		0.55	c		5	f
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/22	#		(17.84	)b		8,631,286			0.05	c		0.05	c		0.70	c		13	b
	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			33	f
	10/31/19			17.03			6,833,846			0.05			0.05			1.28			28
	10/31/18			10.67			5,375,762			0.05			0.05			1.28			28
	10/31/17			29.56			4,767,108			0.06			0.06			1.45			18
Advisor Class:	4/30/22	#		(17.90	)b		47,696			0.16	c		0.16	c		0.59	c		13	b
	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			33	f
	10/31/19			16.90			49,158			0.18			0.18			1.16			28
	10/31/18			10.49			40,368			0.19			0.19			1.13			28
	10/31/17			29.45			16,090			0.19			0.19			1.22			18
Retirement Class:	4/30/22	#		(17.95	)b		843,685			0.30	c		0.30	c		0.45	c		13	b
	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			33	f
	10/31/19			16.75			688,063			0.30			0.30			1.05			28
	10/31/18			10.37			705,970			0.30			0.30			1.03			28
	10/31/17			29.23			665,674			0.31			0.31			1.20			18
Class W:	4/30/22	#		(17.83	)b		24,378			0.05	c		0.00	c		0.69	c		13	b
	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			33	f
	10/31/19	†		2.82	b		21,390			0.15	c		0.00	c		0.79	c		28

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 47

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the			Net asset		Net		Net realized and		Total gain		Less distributions from				Total		Net asset
	period 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:	4/30/22	#		$24.89		$0.23		$(1.18	)	$(0.95	)	$(0.45	)	$(0.47	)	$(0.92	)	$23.02
	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:	4/30/22	#		24.82		0.19		(1.14	)	(0.95	)	(0.41	)	(0.47	)	(0.88	)	22.99
	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:	4/30/22	#		25.32		0.20		(1.20	)	(1.00	)	(0.40	)	(0.47	)	(0.87	)	23.45
	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:	4/30/22	#		24.90		0.23		(1.17	)	(0.94	)	(0.47	)	(0.47	)	(0.94	)	23.02
	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:	4/30/22	#		51.11		0.33		(5.14	)	(4.81	)	(0.64	)	(0.29	)	(0.93	)	45.37
	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:	4/30/22	#		50.99		0.29		(5.13	)	(4.84	)	(0.57	)	(0.29	)	(0.86	)	45.29
	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:	4/30/22	#		50.67		0.26		(5.10	)	(4.84	)	(0.52	)	(0.29	)	(0.81	)	45.02
	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:	4/30/22	#		51.13		0.34		(5.15	)	(4.81	)	(0.66	)	(0.29	)	(0.95	)	45.37
	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

48 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year 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:	4/30/22	#		(3.95	)%b		$ 7,094,501			0.05	%c		0.05	%c		1.88	%c		6	%b
	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			33	f
	10/31/19			11.13			5,973,386			0.05			0.05			2.97			38
	10/31/18			2.97			5,482,154			0.05			0.05			2.49			27
	10/31/17			17.66			5,510,818			0.06			0.06			2.42			27
Advisor Class:	4/30/22	#		(3.97	)b		25,427			0.18	c		0.18	c		1.62	c		6	b
	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			33	f
	10/31/19			11.00			31,051			0.19			0.19			2.85			38
	10/31/18			2.77			8,505			0.19			0.19			2.34			27
	10/31/17			17.58			2,346			0.20			0.20			2.21			27
Retirement Class:	4/30/22	#		(4.10	)b		1,299,925			0.30	c		0.30	c		1.62	c		6	b
	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			33	f
	10/31/19			10.85			877,423			0.30			0.30			2.71			38
	10/31/18			2.68			865,369			0.30			0.30			2.25			27
	10/31/17			17.41			959,169			0.30			0.30			2.17			27
Class W:	4/30/22	#		(3.94	)b		35,087			0.05	c		0.00	c		1.93	c		6	b
	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			33	f
	10/31/19	†		1.38	b		28,293			0.12	c		0.00	c		4.13	c		38
S&P 500 INDEX FUND
Institutional Class:	4/30/22	#		(9.64	)b		5,065,597			0.05	c		0.05	c		1.31	c		1	b,f
	10/31/21			42.82			6,310,496			0.05			0.05			1.38			7	f
	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:	4/30/22	#		(9.71	)b		119,319			0.18	c		0.18	c		1.18	c		1	b,f
	10/31/21			42.63			134,424			0.18			0.18			1.25			7	f
	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:	4/30/22	#		(9.76	)b		1,841,503			0.30	c		0.30	c		1.06	c		1	b,f
	10/31/21			42.43			2,107,555			0.30			0.30			1.13			7	f
	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:	4/30/22	#		(9.63	)b		20,991			0.05	c		0.00	c		1.36	c		1	b,f
	10/31/21			42.90			23,973			0.05			0.00			1.43			7	f
	10/31/20			9.72			19,113			0.04			0.00			1.83			7
	10/31/19	†		2.17	b		17,484			0.16	c		0.00	c		3.34	c		5

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 49

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the			Net asset		Net		Net realized and		Total gain		Less distributions from				Total		Net asset
	period or year ended			value, beginning of period		investment income (loss	)a	unrealized gain (loss) on total investments		(loss) from investment operations		Net investment income		Net realized gains		dividends and distributions		value, end of period
SMALL-CAP BLEND INDEX FUND
Institutional Class:	4/30/22	#		$28.54		$0.13		$(5.00	)	$(4.87	)	$(0.32	)	$(1.98	)	$(2.30	)	$21.37
	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:	4/30/22	#		28.48		0.11		(4.99	)	(4.88	)	(0.29	)	(1.98	)	(2.27	)	21.33
	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:	4/30/22	#		28.62		0.10		(5.03	)	(4.93	)	(0.25	)	(1.98	)	(2.23	)	21.46
	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
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/22	#		13.20		0.12		(2.05	)	(1.93	)	(0.29	)	—		(0.29	)	10.98
	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:	4/30/22	#		13.23		0.11		(2.06	)	(1.95	)	(0.27	)	—		(0.27	)	11.01
	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:	4/30/22	#		13.15		0.11		(2.05	)	(1.94	)	(0.26	)	—		(0.26	)	10.95
	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:	4/30/22	#		13.12		0.11		(2.05	)	(1.94	)	(0.25	)	—		(0.25	)	10.93
	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:	4/30/22	#		13.13		0.10		(2.05	)	(1.95	)	(0.24	)	—		(0.24	)	10.94
	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:	4/30/22	#		13.23		0.14		(2.07	)	(1.93	)	(0.30	)	—		(0.30	)	11.00
	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

50 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

continued

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
SMALL-CAP BLEND INDEX FUND
Institutional Class:	4/30/22	#		(18.30	)%b		$ 2,719,840			0.05	%c		0.05	%c		1.09	%c		7	%b
	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			32	f
	10/31/19			4.98			2,308,296			0.06			0.06			1.58			32
	10/31/18			1.99			1,966,064			0.06			0.06			1.38			20
	10/31/17			28.01			1,816,567			0.06			0.06			1.43			22
Advisor Class:	4/30/22	#		(18.38	)b		13,254			0.62	c		0.20	c		0.94	c		7	b
	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			32	f
	10/31/19			4.83			7,980			0.84			0.21			1.52			32
	10/31/18			1.84			13,215			0.42			0.21			1.13			20
	10/31/17			27.88			4,848			1.17			0.21			1.18			22
Retirement Class:	4/30/22	#		(18.44	)b		811,108			0.30	c		0.30	c		0.85	c		7	b
	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			32	f
	10/31/19			4.72			791,066			0.31			0.31			1.33			32
	10/31/18			1.75			689,246			0.31			0.31			1.12			20
	10/31/17			27.66			592,706			0.31			0.31			1.18			22
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/22	#		(14.95	)b		1,112,454			0.19	c		0.19	c		2.03	c		4	b
	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:	4/30/22	#		(15.02	)b		3,282			0.31	c		0.31	c		1.82	c		4	b
	10/31/21			15.61			4,300			0.32			0.32			1.77			33	f
	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:	4/30/22	#		(14.99	)b		25,315			0.34	c		0.34	c		1.87	c		4	b
	10/31/21			15.58			28,510			0.33			0.33			1.80			33	f
	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:	4/30/22	#		(15.03	)b		507,225			0.44	c		0.44	c		1.77	c		4	b
	10/31/21			15.55			556,244			0.43			0.43			1.74			33	f
	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:	4/30/22	#		(15.13	)b		18,642			0.57	c		0.52	c		1.67	c		4	b
	10/31/21			15.32			23,317			0.56			0.56			1.65			33	f
	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:	4/30/22	#		(14.87	)b		3,259,176			0.19	c		0.00	c		2.22	c		4	b
	10/31/21			16.00			3,377,750			0.18			0.00			2.17			33	f
	10/31/20			8.60			2,131,058			0.20			0.01			2.37			36
	10/31/19			11.86			1,399,712			0.20			0.00			3.50			53
	10/31/18	†		(8.32	)b		889,002			0.22	c		0.00	c		2.27	c		27

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 51

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the			Net asset		Net		Net realized and			Total gain		Less distributions from			Total		Net asset
	period or year ended			value, beginning of period		investment income (loss	)a	unrealized gain (loss) on total investments			(loss) from investment operations		Net investment income		Net realized gains	dividends and distributions		value, end of period
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/22	#		$23.56		$0.32		$(3.23	)	$	(2.91	)	$(0.69	)	$—	$(0.69	)	$19.96
	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:	4/30/22	#		23.51		0.30		(3.21	)		(2.91	)	(0.67	)	—	(0.67	)	19.93
	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:	4/30/22	#		23.48		0.29		(3.20	)		(2.91	)	(0.65	)	—	(0.65	)	19.92
	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:	4/30/22	#		24.08		0.29		(3.30	)		(3.01	)	(0.63	)	—	(0.63	)	20.44
	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:	4/30/22	#		23.57		0.32		(3.22	)		(2.90	)	(0.70	)	—	(0.70	)	19.97
	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

#	Unaudited
†	Class W commenced operations on September 28, 2018 for the Equity Index Fund, the Emerging Markets Equity Index Fund and the International Equity Index Fund; and commenced operations on September 30, 2019 for the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund and the S&P 500 Index Fund.
a	Based on average shares outstanding.
b	The percentages shown for this period are not annualized.
c	The percentages shown for this period are annualized.
f	Does not include in-kind transactions.

52 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

concluded

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year ended		Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/22	#		(12.68	)%b		$ 8,824,614			0.05	%c		0.05	%c		2.90	%c		3	%b
	10/31/21			34.05			9,784,831			0.05			0.05			2.72			5	f
	10/31/20			(6.45	)		7,675,874			0.05			0.05			2.46			4
	10/31/19			11.23			7,842,042			0.06			0.06			3.28			10
	10/31/18			(7.04	)		7,702,594			0.06			0.06			3.06			4	f
	10/31/17			23.84			10,221,016			0.06			0.06			3.01			11
Advisor Class:	4/30/22	#		(12.72	)b		142,214			0.17	c		0.17	c		2.78	c		3	b
	10/31/21			33.86			156,717			0.17			0.17			2.65			5	f
	10/31/20			(6.58	)		111,950			0.17			0.17			2.32			4
	10/31/19			11.15			118,307			0.19			0.19			3.15			10
	10/31/18			(7.16	)		28,194			0.20			0.20			3.00			4	f
	10/31/17			23.68			25,184			0.21			0.21			2.63			11
Premier Class:	4/30/22	#		(12.71	)b		151,704			0.20	c		0.20	c		2.61	c		3	b
	10/31/21			33.87			235,696			0.20			0.20			2.60			5	f
	10/31/20			(6.61	)		201,339			0.20			0.20			2.26			4
	10/31/19			11.06			240,884			0.21			0.21			3.18			10
	10/31/18			(7.18	)		215,656			0.21			0.21			2.80			4	f
	10/31/17			23.67			319,116			0.21			0.21			2.83			11
Retirement Class:	4/30/22	#		(12.79	)b		1,153,074			0.30	c		0.30	c		2.58	c		3	b
	10/31/21			33.74			1,409,903			0.30			0.30			2.50			5	f
	10/31/20			(6.73	)		1,140,317			0.30			0.30			2.20			4
	10/31/19			11.01			1,175,682			0.31			0.31			3.09			10
	10/31/18			(7.29	)		965,816			0.31			0.31			2.78			4	f
	10/31/17			23.55			1,008,677			0.31			0.31			2.75			11
Class W:	4/30/22	#		(12.63	)b		7,111,853			0.05	c		0.00	c		2.96	c		3	b
	10/31/21			34.09			7,359,293			0.05			0.00			2.80			5	f
	10/31/20			(6.40	)		4,288,389			0.05			0.00			2.53			4
	10/31/19			11.30			3,612,733			0.06			0.00			3.42			10
	10/31/18	†		(7.92	)b		2,478,430			0.06	c		0.00	c		1.15	c		4	f

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 53

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization

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

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

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

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

Note 2—significant accounting policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of

investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

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

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

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

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.

54 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

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

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

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

Note 3—valuation of investments

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

market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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

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

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are categorized as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and the securities are generally classified as Level 2.

For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2. 

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

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

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 55

Notes to financial statements (unaudited)

Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.

Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3. 

The following table summarizes the market value of the Funds’ investments as of April 30, 2022, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Equity Index
Common Stocks	$	32,472,267,022		$	—	$	298,721	$	32,472,565,743
Rights/Warrants		—			3,581		276		3,857
Short-term investments		102,378,941			153,100,964		—		255,479,905
Futures contracts**		(5,419,731	)		—		—		(5,419,731	)
Total	$	32,569,226,232		$	153,104,545	$	298,997	$	32,722,629,774
Large-Cap Growth Index
Common Stocks	$	9,539,078,344		$	—	$	—	$	9,539,078,344
Short-term investments		16,050,532			5,930,000		—		21,980,532
Total	$	9,555,128,876		$	5,930,000	$	—	$	9,561,058,876
Large-Cap Value Index
Common Stocks	$	8,446,095,967		$	—	$	185,416	$	8,446,281,383
Short-term investments		6,892,890			—		—		6,892,890
Total	$	8,452,988,857		$	—	$	185,416	$	8,453,174,273
S&P 500 Index
Common Stocks	$	7,002,794,150		$	—	$	—	$	7,002,794,150
Short-term investments		—			36,339,786		—		36,339,786
Futures contracts**		(1,521,821	)		—		—		(1,521,821	)
Total	$	7,001,272,329		$	36,339,786	$	—	$	7,037,612,115
Small-Cap Blend Index
Common Stocks	$	3,542,887,018		$	—	$	56,467	$	3,542,943,485
Rights/Warrants		233,244			4,672		561		238,477
Short-term investments		123,403,966			—		—		123,403,966
Total	$	3,666,524,228		$	4,672	$	57,028	$	3,666,585,928
Emerging Markets Equity Index
Corporate bonds	$	—		$	21,350	$	—	$	21,350
Common Stocks		560,947,656			4,296,221,517		3,304,948		4,860,474,121
Preferred Stocks		—			—		589		589
Rights/Warrants		—			113,851		—		113,851
Short-term investments		21,704,964			63,022,096		—		84,727,060
Futures contracts**		(1,765,283	)		—		—		(1,765,283	)
Total	$	580,887,337		$	4,359,378,814	$	3,305,537	$	4,943,571,688
International Equity Index
Common Stocks	$	102,165,780		$	16,848,586,183	$	4,326	$	16,950,756,289
Short-term investments		216,734,566			273,746,835		—		490,481,401
Futures contracts**		(16,229,469	)		—		—		(16,229,469	)
Total	$	302,670,877		$	17,122,333,018	$	4,326	$	17,425,008,221

** Derivative instruments are not reflected in the market value of portfolio investments.

56 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

Note 4—investments

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

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

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

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.

As of April 30, 2022, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned. 

At April 30, 2022, 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	$	146,610,528	$	102,378,941		$	55,583,054	$	157,961,995
Large-Cap Growth Index		18,626,427		16,050,532			3,709,864		19,760,396
Large-Cap Value Index		20,540,447		6,892,890			14,907,276		21,800,166
S&P 500 Index		4,012,776		—			4,209,587		4,209,587
Small-Cap Blend Index		157,009,941		123,403,966			46,930,748		170,334,714
Emerging Markets Equity Index		74,655,776		21,704,964			58,198,115		79,903,079
International Equity Index		389,945,535		216,734,566			190,678,094		407,412,660

* May include cash and investment of cash collateral

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have segregated securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2022 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Equity Index	$	2,711,687,196	$	876,705,004
Large-Cap Growth Index		1,426,940,908		2,903,387,062
Large-Cap Value Index		499,933,680		634,508,105
S&P 500 Index		51,858,606		743,635,565
Small-Cap Blend Index		290,393,777		558,746,516
Emerging Markets Equity Index		791,014,722		194,928,213
International Equity Index		1,622,513,045		518,308,719

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.

At April 30, 2022, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 57

Notes to financial statements (unaudited)

	Liabilities derivatives
Derivative contracts	Location	Fair value amount
Equity Index Fund
Equity contracts	Futures contracts*		$   5,419,731
S&P 500 Index Fund
Equity contracts	Futures contracts*		1,521,821
Emerging Markets Equity Index Fund
Equity contracts	Futures contracts*		1,765,283
International Equity Index Fund
Equity contracts	Futures contracts*		16,229,469

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

For the period ended April 30, 2022, 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	$	380,411			$(6,096,057	)
S&P 500 Index Fund
Equity contracts	Futures contracts		(2,089,653	)		(2,460,207	)
Emerging Markets Equity Index Fund
Equity contracts	Futures contracts		(16,787,940	)		(1,847,827	)
International Equity Index Fund
Equity contracts	Futures contracts		15,728,721			(23,208,676	)

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 and for cash management purposes to remain highly invested in these markets while minimizing transaction costs.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Summary Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of assets and liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin,” which is recognized on the Statement of assets and liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period ended April 30, 2022 was as follows:

Fund	Average notional amount of futures contracts outstanding		*
Equity Index Fund		$120,873,552
S&P 500 Index Fund		33,212,371
Emerging Markets Equity Index Fund		39,136,467
International Equity Index Fund		257,445,372

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

Note 6—income tax information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files 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 each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Equity Index	$	17,178,043,389	$	16,607,706,968	$	(1,063,120,583	)	$	15,544,586,385
Large-Cap Growth Index		4,491,023,949		5,315,452,148		(245,417,221	)		5,070,034,927
Large-Cap Value Index		6,164,982,026		2,732,597,536		(444,405,289	)		2,288,192,247
S&P 500 Index		3,137,864,440		4,097,156,250		(197,408,575	)		3,899,747,675
Small-Cap Blend Index		3,014,121,745		1,269,918,579		(617,454,396	)		652,464,183
Emerging Markets Equity Index		4,510,161,376		1,018,934,706		(585,524,394	)		433,410,312
International Equity Index		15,899,902,445		3,430,077,120		(1,904,971,344	)		1,525,105,776

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 income and/or capital gains for tax reporting, if applicable. 

58 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

Components of accumulated earnings: As of prior fiscal period end, 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 carryforwards			Late-Year loss deferrals		Other book-to-tax differences			Total
Equity Index		$447,064,892		$195,512,009		$20,089,188,532	$	—		$	—		$(1,471,221	)		$20,730,294,212
Large-Cap Growth Index		457,187,965		446,795,379		7,914,714,296		—			—		(471,714	)		8,818,225,926
Large-Cap Value Index		279,859,207		16,852,963		2,754,977,412		—			—		(467,763	)		3,051,221,819
S&P 500 Index		94,761,325		33,220,251		5,199,190,943		—			—		(422,446	)		5,326,750,073
Small-Cap Blend Index		90,304,601		261,854,974		1,530,725,444		—			—		(247,293	)		1,882,637,726
Emerging Markets Equity Index		103,208,379		—		1,085,374,701		(285,943,684	)		—		(176,163	)		902,463,233
International Equity Index		522,599,138		—		4,203,640,093		(451,861,435	)		—		(938,870	)		4,273,438,926

As of prior fiscal period end, the Funds had capital loss carryovers, which will not expire:

Fund	Short-Term		Long-Term		Total
Equity Index	$	—	$	—	$	—
Large-Cap Growth Index		—		—		—
Large-Cap Value Index		—		—		—
S&P 500 Index		—		—		—
Small-Cap Blend Index		—		—		—
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

Note 7—investment adviser and affiliates

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

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

Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for

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

Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. 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.

As of April 30, 2022, 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‡
				Retirement Class			Premier Class			Retail Class			Institutional Class			Advisor Class			Premier Class			Retirement Class			Retail Class			Class W		§
Equity Index		0.04	%		0.25	%		0.15	%		0.25	%		0.09	%		0.24	%		0.24	%		0.34	%		0.48	%		0.09	%
Large-Cap Growth Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—			0.09
Large-Cap Value Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—			0.09
S&P 500 Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—			0.09
Small-Cap Blend Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—			0.09
Emerging Markets Equity Index		0.12			0.25			0.15			0.25			0.23			0.38			0.38			0.48			0.62			0.23
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, 2023. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

§

Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect permanently, unless changed with approval of the Board of Trustees.

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 59

Notes to financial statements (unaudited) concluded

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2022, these transactions did not materially impact the Funds.

Fund	Purchases		Sales		Realized gain (loss		)
Equity Index	$	320,802,719	$	3,096,242	$	612,206
Large-Cap Growth Index		117,971,576		24,893,513		5,554,351
Large-Cap Value Index		28,030,491		1,393,420		307,851
S&P 500 Index		2,469,453		216,461		78,193
Small-Cap Blend Index		114,708		32,393		(24,536	)
Emerging Markets Equity Index		26,155,059		4,105,576		(3,835,767	)
International Equity Index		68,400,028		6,463,580		(1,257,034	)

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

The following is the percentage of the Funds’ shares owned by TIAA Access and other funds within the Trust as of April 30, 2022:

Fund	TIAA-CREF Lifecycle Index Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Equity Index		55	%		—	%		—	%		1	%		56	%
Large-Cap Growth Index		—			2			1			5			8
Large-Cap Value Index		—			1			1			8			10
S&P 500 Index		—			—			—			11			11
Small-Cap Blend Index		—			—			—			17			17
Emerging Markets Equity Index		64			1			1			1			67
International Equity Index		39			1			1			5			46

Note 8—emerging markets risks

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

Note 9—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2022, 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 period ended April 30, 2022, there were no borrowings under this credit facility by the Funds.

60 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Approval of investment management agreement (unaudited)

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

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

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

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

Overview of the renewal process

The Board held a virtual meeting via videoconference on March 11, 2022, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related public health protocols imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

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

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

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

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

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

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

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 61

Approval of investment management agreement (unaudited)

continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.

On March 3, 2022, the Board held a virtual meeting via videoconference with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 11, 2022 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as, if applicable, through management fee breakpoints; (7) comparisons, if applicable, of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board considered these factors, and any

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

In addition to the March 11, 2022 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 11, 2022 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 11, 2022, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

62 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

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

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

During its review, the Board noted its ongoing review of the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services. Based on all factors considered, the Board concluded that the nature, extent, and quality of services provided by Advisors to each Fund under the Agreement was reasonable.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its benchmark index or other comparative information deemed relevant by management and/or the Board. The Board also reviewed the three-year performance of the Funds before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable, on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.

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

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2021. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee

rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2021. The Board acknowledge Advisors’ commitment to contractually reduce the Emerging Markets Equity Index Fund’s management fee by 0.02% starting August 1, 2021 and by another 0.02% starting August 1, 2022. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. Based upon the information provided by Advisors with respect to Advisors’ profitability under the Agreement for each Fund in 2021, the Board concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered the contractual fee reductions agreed to by Advisors, as noted above. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 63

Approval of investment management agreement (unaudited)

and current asset levels. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by Advisors to its comparable clients.

Fee and performance comparisons with other Advisors clients

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

Other benefits

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

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below

to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. References to “adjusted” relative gross performance means the performance of a Fund minus the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable. All time periods referenced below are ended December 31, 2021. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2021. For reference, one basis point equals 0.01%. Statements below regarding “net profit” refer to Advisors’ calculation that it earned a profit for the services that it rendered to a Fund during 2021 under the Agreement.

Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 3rd and 1st quintiles of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”), respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 1st quintiles of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”), respectively.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 3000^® Index, differed by –2 basis points.

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

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

Large-Cap Growth Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000^® Growth Index, differed by –2 basis points.

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

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

64 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

concluded

Large-Cap Value Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate each ranked 2 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate each were in the 1st quintile of its Expense Universe.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000^® Value Index, differed by +1 basis point.

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

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

S&P 500 Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance was the same as compared to its benchmark, the S&P 500^® Index.

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

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

Small-Cap Blend Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 2000^® Index, differed by +16 basis points.

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

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

Emerging Markets Equity Index Fund

• Effective August 1, 2021, the Fund’s contractual management fee rate was reduced from 0.14% to 0.12% of average daily net assets, and effective August 1, 2022, the Fund’s contractual management fee rate will be reduced to 0.10% of average daily net assets.

• The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 2nd, 4th and 3rd quintiles of its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 2nd quintile of its Expense Universe.

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI Emerging Markets Index, differed by –13 basis points.

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

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

International Equity Index Fund

• The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.

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

• For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI EAFE Index, differed by +12 basis points.

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

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

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

TIAA-CREF Funds: Equity Index Funds  ■  2022 Semiannual Report 65

Liquidity risk management program (unaudited)

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

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

At a February 15, 2022 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

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

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

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

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

66 2022 Semiannual Report  ■  TIAA-CREF Funds: Equity Index Funds

Additional information about index providers (unaudited)

Russell Indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group 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  ■  2022 Semiannual Report 67

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How to reach us

Websites

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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.

©2022 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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  TIAA-CREF
Funds April 30,
2022

TIAA-CREF
International Fixed-Income Funds

The semiannual report contains the financial statements (unaudited).

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class	Class W
Emerging Markets Debt Fund	TEDNX	TEDHX	TEDPX	TEDTX	TEDLX	TEDVX
International Bond Fund	TIBWX	TIBNX	TIBLX	TIBVX	TIBEX	TIBUX

Semiannual
Report

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will not be sent to you by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or (2) contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.

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

Contents

Understanding this report	3
Letter to investors	4
Information for investors	6
About the funds’ benchmarks	7
Important information about expenses	8
Fund performance
Emerging Markets Debt Fund	9
International Bond Fund	13
Summary portfolios of investments	17
Financial statements (unaudited)
Statements of assets and liabilities	32
Statements of operations	34
Statements of changes in net assets	36
Financial highlights	40
Notes to financial statements	46
Approval of investment management agreement	60
Liquidity risk management program	69
How to reach us	Inside back cover

Understanding this report

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

This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2022. The report contains four main sections:

• A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.

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

• The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of April 30, 2022.

• 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  ■  2022 Semiannual Report 3

Letter to investors

International fixed-income securities recorded losses for the six months ended April 30, 2022. Foreign investment-grade fixed-rate bonds and emerging-markets debt both experienced most of their declines in the last three months of the period, as central banks around the world began tightening their monetary policies. For the six months:

• International investment-grade fixed-rate bonds hedged to the U.S. dollar returned –5.4%, as measured by the Bloomberg Global Aggregate Ex-USD Index (Hedged).

• Emerging-markets debt securities returned –15.5%, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. Please see page 7 for benchmark definitions.

• The TIAA-CREF International Bond Fund (Institutional Class) returned –7.3%, trailing its benchmark. The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) returned –12.4%, surpassing its benchmark.

International investment-grade bonds began the period with modest declines amid market volatility, as inflation became a growing concern and the Omicron COVID-19 variant emerged. Larger losses were recorded in the second half of the period as Russia invaded Ukraine and rising inflation prompted central banks to focus on tighter monetary policies. The economies in the 19-nation euro area expanded in the fourth quarter of 2021 and the first quarter of 2022. The European Central Bank scaled back monetary accommodation, while the Bank of England raised its benchmark interest rate to 0.75%.

Emerging-markets debt securities posted negative returns in the first three months of the period, also impacted by the Omicron variant, global price pressures and slower growth in China. The decline accelerated in the final three months of the period, as inflation concerns persisted, U.S. interest rates rose and the Russian invasion took place.

Foreign bonds posted mixed results versus U.S. bonds

For the six months, foreign bonds registered mixed results when compared with the performance of U.S. bonds. International investment-grade securities outperformed the –9.5% return of U.S. investment-grade fixed-income bonds, as measured by the Bloomberg U.S. Aggregate Bond Index. Emerging-markets debt trailed the –7.2% return of U.S. high-yield bonds, as measured by the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index.

The value of diversification amid market volatility

Global economies and financial markets are now adapting to inflationary pressures for the first time in many years. Furthermore, geopolitical instability

4 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Brad Finkle

has added another layer of uncertainty to the market environment, resulting in elevated volatility. How these challenges play out remains to be seen, but we believe that diversification by geography and asset class can be a sensible investment strategy to help navigate shifts in global bond markets. Since the progress of economies around the world may be difficult to forecast, diversification that includes international fixed-income securities may help to balance market risks and opportunities more effectively, allowing investors to achieve their long-term financial goals. International bond markets can be complex, so we believe a diversified portfolio of fixed-income securities in a professionally managed mutual fund or group of funds is a prudent way to gain access to this asset class. But 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 assist you.

/s/ Brad Finkle

Brad Finkle

Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 5

Information for investors

Portfolio holdings

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

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

• By visiting our websites at TIAA.org or nuveen.com; or

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT filings are as of January 31 or July 31. Copies of these forms are available:

•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or
•	From the SEC’s Office of Investor Education and Advocacy.
	Call 202-551-8090 for more information.

Proxy voting

In certain market conditions, the investment portfolio of a fixed-income fund may include shares of common or preferred stock. If that should occur, TIAA-CREF Funds’ ownership of stock would give it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link under Get Help 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 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

About the funds’ benchmarks

Emerging Markets Debt Fund

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds and other debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.

International Bond Fund

The Bloomberg 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 2022, 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.

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 7

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2021–April 30, 2022).

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 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Performance for the six months ended April 30, 2022

The Emerging Markets Debt Fund returned –12.42% for the Institutional Class, compared with the –15.45% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). For the one-year period ended April 30, 2022, the Fund returned –11.36% versus –14.51% for the index. The performance table shows returns for all share classes of the Fund.

Emerging-markets debt declined amid rising U.S. rates and geopolitical uncertainty

Emerging-markets (EM) debt, as measured by the JP Morgan index, returned –3.30% in the first three months of the period. EM debt markets were rattled primarily by the onset of the highly transmissible Omicron variant of COVID. In addition, concerns about global price pressures, a faster U.S. taper and issues related to slower growth in China contributed to the losses.

In the final three months, EM debt returned –12.56% amid spikes in both inflation and U.S. interest rates, which weighed heavily on the longer-duration nature of the asset class. These concerns were further exacerbated by the Russian invasion of Ukraine, which prompted a severe risk-off sentiment.

Fund surpassed its benchmark

For the period, the Fund declined but outperformed its benchmark due to an overweight to corporate credit and strong country allocations within corporates and sovereigns. Security selections within corporate debt also aided results. Local market positions contributed along with the Fund’s elevated cash level, as the latter mitigated downside volatility.

Within corporates, positioning in Russia was a significant driver of relative performance. An overweight to Brazilian, Turkish and South African corporates and no exposure to Belarus also helped. Among sovereigns, the Fund’s underweight to Russia and not owning Belarus were strong contributors. Mexican airline Aeromexico outperformed as the company successfully exited Chapter 11, paid off its debtor-in-possession lender and bought out the minority stake of its loyalty program. Among local markets, Brazil, Uganda and Uruguay all had positive returns during this otherwise bleak period.

By contrast, the Fund’s performance was hurt by holdings in out-of-benchmark Chinese property names, which were pressured by tightening liquidity and rising defaults. Underweights in higher-quality quasi-sovereigns in China and Malaysia detracted further, as did an overweight to Ukraine corporates. Additionally, an overweight to Ukraine sovereign debt and exposure to warrants, which are more sensitive to the growth outlook, also weighed on results. Select local market positions detracted including Russia, Ukraine, Benin and Serbia.

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 9

Emerging Markets Debt Fund

Performance as of April 30, 2022

Emerging Markets Debt Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	9/26/14		–12.42	%		–11.36	%		1.83	%		3.12	%		0.61	%		0.61	%
Advisor Class	12/4/15		–12.42			–11.40			1.80			3.10	†		0.69			0.69
Premier Class	9/26/14		–12.51			–11.53			1.68			2.96			0.80			0.80
Retirement Class	9/26/14		–12.49			–11.43			1.62			2.89			0.86			0.86
Retail Class	9/26/14		–12.56			–11.64			1.50			2.79			0.94			0.94
Class W	9/28/18		–12.23			–10.81			2.28	†		3.42	†		0.61			0.00
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified	—		–15.45			–14.51			0.23			2.14	‡		—			—

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 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, 2023, 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 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Emerging Markets Debt Fund

Expense example

Six months ended April 30, 2022

	Beginning		Ending		Expenses paid
	account value		account value		during period	*
Emerging Markets Debt Fund	(11/1/21	)	(4/30/22	)	(11/1/21–4/30/22	)
Actual return
Institutional Class	$1,000.00		$875.80		$2.88
Advisor Class	1,000.00		875.84		3.21
Premier Class	1,000.00		874.94		3.63
Retirement Class	1,000.00		875.11		3.63
Retail Class	1,000.00		874.35		4.51
Class W	1,000.00		877.71		0.00
5% annual hypothetical return
Institutional Class	1,000.00		1,021.72		3.11
Advisor Class	1,000.00		1,021.37		3.46
Premier Class	1,000.00		1,020.93		3.91
Retirement Class	1,000.00		1,020.93		3.91
Retail Class	1,000.00		1,019.98		4.86
Class W	1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.62% for the Institutional Class, 0.69% for the Advisor Class, 0.78% 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 4/30/2022
Net assets	$547.94 million
Portfolio turnover rate*	27%
Number of issues	321
Option-adjusted duration‡	6.52 years
Average maturity§	11.43 years

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 11

Emerging Markets Debt Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2022
Corporate bonds	48.9
Foreign government securities	45.8
Bank loan obligations	0.3
Common stocks & rights	1.1
Short-term investments, other assets & liabilities, net	3.9
Total	100.0

Holdings by country
	% of portfolio investments
	as of 4/30/2022
Mexico	8.6
South Africa	6.1
Brazil	6.0
Indonesia	4.4
Turkey	4.0
Chile	3.2
Peru	3.0
Israel	2.8
59 other nations	55.0
Short-term investments	6.9
Total	100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 4/30/2022
Less than 1 year	3.2
1–3 years	6.2
3–5 years	15.8
5–10 years	43.6
Over 10 years	31.2
Total	100.0

Holdings by credit quality
	% of fixed-income investments
	(excluding short-term investments)
	as of 4/30/2022
A/A	7.3
Baa/BBB	27.0
Ba/BB	29.0
B/B	24.7
Below B/B	4.7
Non-rated	7.3
Total	100.0

Credit quality ratings are based on the J.P. Morgan methodology, which uses the middle rating of the S&P, Moody’s and Fitch ratings to determine an instrument’s rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.

12 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Performance for the six months ended April 30, 2022

The International Bond Fund returned –7.29% for the Institutional Class, compared with the –5.39% return of its benchmark, the Bloomberg Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). For the one-year period ended April 30, 2022, the Fund returned –7.38% versus –5.27% for the index. The performance table shows returns for all share classes of the Fund.

International fixed-income markets declined in a volatile environment

Global fixed-income markets remained volatile during the period. In the first three months, international bonds were slightly negative with the emergence of the Omicron variant and higher inflation—the latter driving central banks to shift their interest rate stance in December 2021. The Bank of England raised rates in that month after unexpectedly holding steady at its prior meeting, while the European Central Bank scaled back on its monetary accommodation. The yield curve flattened due to the tightening, while currency (FX) returns were negative on U.S. dollar strength.

In the second half of the period, international bonds posted larger declines as Russia’s invasion of Ukraine, along with a spike in oil prices and other inflationary pressures, drove central banks to focus on monetary tightening. In Europe, credit spreads widened as geopolitics exacerbated an already difficult technical environment. Continued yield curve flattening was led by higher short-term rates in Australia, Canada and New Zealand. Meanwhile, European and Japanese bonds outperformed as yield curves in these regions bucked the flattening trend.

Fund trailed its benchmark

For the six-month period, the Fund underperformed its benchmark. The primary detractors were asset allocation within government credit and agency debt in emerging markets (EM), most notably in Eastern Europe (Ukraine, Romania and Serbia), along with exposure to select African issuers (Ghana and Kenya) and exposure to El Salvador in Central America. Many of these EM countries are not included in the benchmark. Corporate bonds also hurt the Fund’s relative performance, especially in Eastern Europe (Russia). FX exposure detracted further as the U.S. dollar rose, particularly the Egyptian pound, Russian ruble and Norwegian krone.

On the positive side, yield curve positioning in select markets made a strong contribution to the Fund’s relative return. In particular, shorter-duration positions in the euro area and the United Kingdom, along with a longer-duration position in Japan and Canada, provided substantial benefits.

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 13

International Bond Fund

Performance as of April 30, 2022
International Bond Fund		Total return						Average annual total return						Annual operating expenses*
	Inception date	6 months			1 year			5 years			since inception			gross			net
Institutional Class	8/5/16		–7.29	%		–7.38	%		1.61	%		1.26	%		0.60	%		0.60	%
Advisor Class	8/5/16		–7.18			–7.37			1.55			1.22			0.70			0.70
Premier Class	8/5/16		–7.33			–7.52			1.44			1.12			0.80			0.75
Retirement Class	8/5/16		–7.43			–7.71			1.34			1.00			0.84			0.84
Retail Class	8/5/16		–7.43			–7.71			1.25			0.92			1.49			0.95
Class W	9/28/18		–6.96			–6.87			2.05	†		1.64	†		0.59			0.00
Bloomberg Global Aggregate ex-USD Index (Hedged)	—		–5.39			–5.27			1.74			1.34	‡		—			—

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, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period.
†	The performance shown for Class W that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because Class W has different expenses than the Institutional Class.
‡	Performance is calculated from the inception date of the Institutional Class.

14 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

International Bond Fund

Expense example
Six months ended April 30, 2022
	Beginning		Ending		Expenses paid
	account value		account value		during period	*
International Bond Fund	(11/1/21	)	(4/30/22	)	(11/1/21–4/30/22	)
Actual return
Institutional Class	$1,000.00		$927.13		$2.82
Advisor Class	1,000.00		928.17		3.01
Premier Class	1,000.00		926.66		3.58
Retirement Class	1,000.00		925.74		4.01
Retail Class	1,000.00		925.69		4.44
Class W	1,000.00		930.41		0.00
5% annual hypothetical return
Institutional Class	1,000.00		1,021.87		2.96
Advisor Class	1,000.00		1,021.67		3.16
Premier Class	1,000.00		1,021.08		3.76
Retirement Class	1,000.00		1,020.63		4.21
Retail Class	1,000.00		1,020.18		4.66
Class W	1,000.00		1,024.79		0.00

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.59% for the Institutional Class, 0.63% 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 4/30/2022
Net assets	$457.98 million
Portfolio turnover rate*	21%
Number of issues	441
Option-adjusted duration‡	6.62 years
Average maturity§	8.19 years

*	The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, and is not annualized.
‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
§	Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 15

International Bond Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2022
Foreign government securities	63.2
Corporate bonds	22.6
Commercial mortgage-backed securities	3.0
Bank loan obligations	2.0
Mortgage-backed securities	1.9
Asset-backed securities	1.3
Short-term investments, other assets & liabilities, net	6.0
Total	100.0

Holdings by country
	% of portfolio investments
	as of 4/30/2022
United States	15.9
China	11.0
Japan	10.8
United Kingdom	5.8
France	4.5
Canada	4.2
Italy	4.1
Spain	3.6
64 other nations	36.6
Short-term investments	3.5
Total	100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 4/30/2022
Less than 1 year	2.2
1–3 years	21.2
3–5 years	18.0
5–10 years	34.4
Over 10 years	24.2
Total	100.0

Holdings by credit quality
	% of fixed-income investments
	(excluding short-term investments)
	as of 4/30/2022
Aaa/AAA	8.2
Aa/AA	12.2
A/A	34.1
Baa/BBB	26.1
Ba/BB	10.1
B/B	7.3
Below B/B	0.2
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.

16 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Summary portfolio of investments (unaudited)

Emerging Markets Debt Fund  ■  April 30, 2022

Principal			Issuer		Value		% of net assets
BANK LOAN OBLIGATIONS
CHILE					$	1,818,914		0.3	%
			TOTAL BANK LOAN OBLIGATIONS  (Cost $1,826,200)			1,818,914		0.3
BONDS
CORPORATE BONDS
ARGENTINA						1,411,332		0.3
BRAZIL						25,260,518		4.6
CHILE						13,714,817		2.5
CHINA						5,055,590		0.9
COLOMBIA						11,584,812		2.1
COSTA RICA
	$3,200,000	g	Instituto Costarricense de Electricidad	6.750%, 10/07/31		3,188,639		0.6
			Other			2,083,824		0.4
						5,272,463		1.0
DOMINICAN REPUBLIC						3,314,622		0.6
GHANA						3,787,100		0.7
GUATEMALA						4,507,563		0.8
INDIA
	3,000,000	e,g	Network i2i Ltd	3.975%, N/A‡		2,769,900		0.5
			Other			8,678,074		1.6
						11,447,974		2.1
INDONESIA
	3,000,000	g	Pertamina Persero PT	3.100%, 08/27/30		2,683,680		0.5
	4,250,000	g	Saka Energi Indonesia PT	4.450%, 05/05/24		4,050,080		0.7
			Other			12,884,512		2.4
						19,618,272		3.6
ISRAEL
	3,000,000	g	Bank Hapoalim BM	3.255%, 01/21/32		2,700,000		0.5
	3,850,000	g	Israel Electric Corp Ltd	3.750%, 02/22/32		3,596,770		0.6
			Other			9,497,376		1.8
						15,794,146		2.9
JAMAICA						325,092		0.1
KAZAKHSTAN						8,782,320		1.6
KOREA, REPUBLIC OF						1,764,614		0.3
MACAU						1,533,000		0.3

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 17

Summary portfolio of investments(unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2022

Principal			Issuer		Value		% of net assets
MALAYSIA
	$3,000,000		1MDB Global Investments Ltd	4.400%, 03/09/23	$	2,977,669		0.6	%
	3,400,000	g	Misc Capital Two Labuan Ltd	3.625%, 04/06/25		3,359,268		0.6
	3,045,000	g	Misc Capital Two Labuan Ltd	3.750%, 04/06/27		2,949,024		0.5
			Other			4,287,724		0.8
						13,573,685		2.5
MEXICO
	8,833,000	g	Grupo Aeromexico SAB de C.V.	8.500%, 03/17/27		8,921,330		1.6
	3,350,000	g	Grupo Axo SAPI de C.V.	5.750%, 06/08/26		3,065,250		0.6
	4,647,000		Petroleos Mexicanos	6.840%, 01/23/30		4,234,811		0.8
	6,219,000		Petroleos Mexicanos	6.700%, 02/16/32		5,358,788		1.0
			Other			15,438,575		2.8
						37,018,754		6.8
MOROCCO
	4,450,000	g	OCP S.A.	5.125%, 06/23/51		3,422,256		0.6
			Other			547,831		0.1
						3,970,087		0.7
NETHERLANDS						399,607		0.1
NIGERIA						1,667,015		0.3
OMAN
	3,000,000	g	OQ SAOC	5.125%, 05/06/28		2,910,382		0.5
						2,910,382		0.5
PANAMA						4,719,704		0.9
PERU						11,094,206		2.0
QATAR						1,340,066		0.2
RUSSIA						700,000		0.1
SAUDI ARABIA
	3,000,000	g	Saudi Arabian Oil Co	4.375%, 04/16/49		2,810,084		0.5
			Other			2,109,259		0.4
						4,919,343		0.9
SINGAPORE
	2,800,000	g	United Overseas Bank Ltd	3.059%, 04/07/25		2,789,984		0.5
						2,789,984		0.5
SOUTH AFRICA
	3,050,000		AngloGold Ashanti Holdings plc	3.750%, 10/01/30		2,728,377		0.5
	3,000,000	g	Eskom Holdings SOC Ltd	6.750%, 08/06/23		2,912,187		0.5
	2,875,000	g	Eskom Holdings SOC Ltd	6.350%, 08/10/28		2,826,529		0.5
			Other			13,035,616		2.4
						21,502,709		3.9

18 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2022

Principal			Issuer			Value		% of net assets
SPAIN						$	2,153,640		0.4	%
THAILAND							2,232,526		0.4
TRINIDAD AND TOBAGO							833,000		0.2
TURKEY
$4,100,000		g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375%, 06/29/28		3,359,172		0.6
			Other				8,561,281		1.6
							11,920,453		2.2
UKRAINE							917,750		0.2
UNITED ARAB EMIRATES							7,412,807		1.3
UNITED STATES							2,162,199		0.4
			TOTAL CORPORATE BONDS  (Cost $302,516,450)				267,412,152		48.9
GOVERNMENT BONDS
ANGOLA
	3,125,000	g	Angolan Government International Bond		8.750%, 04/14/32		2,958,455		0.5
	6,525,000	e,g	Angolan Government International Bond	8.000%–9.375%, 05/09/28–05/08/48			6,068,827		1.1
							9,027,282		1.6
ARGENTINA							3,148,931		0.6
AZERBAIJAN							2,129,541		0.4
BAHRAIN							1,966,160		0.4
BARBADOS							2,213,551		0.4
BENIN							973,560		0.2
BERMUDA							1,225,672		0.2
BRAZIL
	3,100,000		Brazilian Government International Bond		3.875%, 06/12/30		2,732,371		0.5
			Other				5,856,468		1.1
							8,588,839		1.6
CAMEROON							882,378		0.2
CHILE							2,443,954		0.4
CHINA
CNY 17,000,000			China Government International Bond		3.120%, 12/05/26		2,633,833		0.5
			Other				501,048		0.1
							3,134,881		0.6
COLOMBIA							4,027,427		0.7
COSTA RICA							3,545,439		0.6
COTE D’IVOIRE
$3,219,030		g	Ivory Coast Government International Bond (Step Bond)		5.750%, 12/31/32		3,055,788		0.6
							3,055,788		0.6

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 19

Summary portfolio of investments(unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2022

Principal			Issuer			Value		% of net assets
DOMINICAN REPUBLIC
	$4,000,000	g	Dominican Republic Government International Bond		4.875%, 09/23/32	$	3,359,313		0.6	%
	3,060,000	g	Dominican Republic Government International Bond		7.450%, 04/30/44		2,957,970		0.5
			Other				5,545,532		1.1
							11,862,815		2.2
ECUADOR
	3,634,600	g	Ecuador Government International Bond (Step Bond)		5.000%, 07/31/30		2,945,140		0.5
	4,637,020	g	Ecuador Government International Bond (Step Bond)		1.000%, 07/31/35		2,899,458		0.5
			Other				403,864		0.1
							6,248,462		1.1
EGYPT
	4,275,000	g	Egypt Government International Bond		7.600%, 03/01/29		3,637,769		0.7
	4,575,000	e,g	Egypt Government International Bond		7.053%, 01/15/32		3,524,104		0.7
	4,725,000	g	Egypt Government International Bond		8.500%, 01/31/47		3,425,956		0.6
			Other				2,599,909		0.4
							13,187,738		2.4
EL SALVADOR							1,929,589		0.3
GHANA
	8,675,000	g	Ghana Government International Bond	0.000%–8.750%, 04/07/25–03/11/61			5,297,948		1.0
			Other				1,204,448		0.2
							6,502,396		1.2
GUATEMALA							3,147,741		0.6
HONDURAS							673,631		0.1
INDIA							2,182,867		0.4
INDONESIA							5,026,676		0.9
IRAQ
	3,056,250	g	Iraq Government International Bond		5.800%, 01/15/28		2,937,917		0.6
			Other				2,323,209		0.4
							5,261,126		1.0
JAMAICA
	2,950,000		Jamaica Government International Bond		8.000%, 03/15/39		3,663,433		0.7
			Other				2,223,984		0.4
							5,887,417		1.1
JORDAN
	6,050,000	e,g	Jordan Government International Bond	4.950%–7.375%, 07/07/25–10/10/47			5,517,632		1.0
							5,517,632		1.0
KAZAKHSTAN							1,401,289		0.3

20 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2022

Principal			Issuer			Value		% of net assets
KENYA						$	5,920,006		1.1	%
LEBANON							814,236		0.1
MALAYSIA							1,521,583		0.3
MEXICO
	$3,500,000		Mexico Government International Bond		4.280%, 08/14/41		2,906,505		0.5
			Other				5,094,423		1.0
							8,000,928		1.5
MONGOLIA							2,729,392		0.5
MOROCCO							2,541,786		0.5
NAMIBIA							1,633,827		0.3
NIGERIA
	8,325,000	g	Nigeria Government International Bond	6.500%–8.375%, 11/28/27–02/23/38			6,974,991		1.3
							6,974,991		1.3
OMAN
	2,550,000	g	Oman Government International Bond		6.750%, 10/28/27		2,696,249		0.5
	6,150,000	g	Oman Government International Bond	5.375%–6.750%, 03/08/27–01/17/48			6,009,275		1.1
							8,705,524		1.6
PAKISTAN							7,190,561		1.3
PANAMA
	2,850,000		Panama Notas del Tesoro		3.750%, 04/17/26		2,815,800		0.5
							2,815,800		0.5
PARAGUAY							1,462,019		0.3
PERU
	3,000,000	e,g	Fondo MIVIVIENDA S.A.		4.625%, 04/12/27		2,962,500		0.5
			Other				2,666,024		0.5
							5,628,524		1.0
PHILIPPINES							2,287,023		0.4
QATAR							4,240,078		0.8
ROMANIA							3,204,070		0.6
RUSSIA							657,358		0.1
RWANDA
	3,825,000	g	Rwanda International Government Bond		5.500%, 08/09/31		3,378,787		0.6
							3,378,787		0.6
SAUDI ARABIA
	8,950,000	g	Saudi Government International Bond	2.250%–3.750%, 10/26/26–02/02/61			7,841,600		1.4
							7,841,600		1.4
SENEGAL							2,354,130		0.4

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 21

Summary portfolio of investments(unaudited) continued

Emerging Markets Debt Fund  ■  April 30, 2022

Principal			Issuer			Value		% of net assets
SOUTH AFRICA
	$3,000,000	e	South Africa Government International Bond		4.300%, 10/12/28	$	2,731,906		0.5	%
ZAR 59,300,000			South Africa Government International Bond		7.000%, 02/28/31		3,063,513		0.5
			Other				5,969,736		1.1
							11,765,155		2.1
SRI LANKA							1,473,640		0.3
SUPRANATIONAL
	$2,975,000	g	Banque Ouest Africaine de Developpement		4.700%, 10/22/31		2,938,441		0.5
			Other				1,655,478		0.3
							4,593,919		0.8
THAILAND							1,397,655		0.3
TRINIDAD AND TOBAGO							998,025		0.2
TURKEY
	4,350,000		Turkey Government International Bond		4.875%, 04/16/43		2,925,550		0.5
			Other				7,765,834		1.4
							10,691,384		1.9
UGANDA							1,963,481		0.4
UKRAINE							4,205,167		0.7
UNITED ARAB EMIRATES							4,289,721		0.8
URUGUAY
	3,770,000		Uruguay Government International Bond		4.375%, 01/23/31		3,864,325		0.7
			Other				1,340,115		0.2
							5,204,440		0.9
UZBEKISTAN							3,371,653		0.6
ZAMBIA
	3,900,000	g	Zambia Government International Bond		8.500%, 04/14/24		2,927,496		0.5
			Other				556,462		0.1
							3,483,958		0.6
			TOTAL GOVERNMENT BONDS  (Cost $303,105,775)				248,533,203		45.3
STRUCTURED ASSETS
CAYMAN ISLANDS
	3,000,000	†	Industrial DPR Funding Ltd Series 0-2022 1A (Class 1)	538.000%, 04/15/34			3,000,000		0.5
							3,000,000		0.5
			TOTAL STRUCTURED ASSETS  (Cost $3,000,000)				3,000,000		0.5
			TOTAL BONDS  (Cost $608,622,225)				518,945,355		94.7
	Shares		Company
COMMON STOCKS
UNITED STATES
	270,981	*,e	Grupo Aeromexico SAB de C.V.				4,784,478		0.9
			Other				1,131,103		0.2
							5,915,581		1.1
			TOTAL COMMON STOCKS (Cost $5,779,534)				5,915,581		1.1

22 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Summary portfolio of investments(unaudited) concluded

Emerging Markets Debt Fund  ■  April 30, 2022

Principal			Issuer		Value			% of net assets
SHORT-TERM INVESTMENTS
EGYPT					$	1,015,583			0.2	%
UNITED STATES
	$3,218,000		Federal Agricultural Mortgage Corp (FAMC)	0.000%, 05/03/22		3,217,957			0.6
						3,217,957			0.6
REPURCHASE AGREEMENT
	3,490,000	r	Fixed Income Clearing Corp (FICC)	0.230%, 05/02/22		3,490,000			0.6
						3,490,000			0.6
						6,707,957			1.2
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	31,496,628	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.310%		31,496,628			5.8
						31,496,628			5.8
			TOTAL SHORT-TERM INVESTMENTS  (Cost $39,395,099)			39,220,168			7.2
			TOTAL PORTFOLIO  (Cost $655,623,058)			565,900,018			103.3
			OTHER ASSETS & LIABILITIES, NET			(17,962,309	)		(3.3	)
				NET ASSETS	$	547,937,709			100.0	%

CNY	Chinese Yuan
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 $31,628,053.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $405,159,451 or 73.9% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $3,490,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $3,559,867.

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

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

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 23

Consolidated summary portfolio of investments (unaudited)

International Bond Fund  ■  April 30, 2022

Principal	Issuer		Value		% of net assets
BANK LOAN OBLIGATIONS
CANADA			$	380,065		0.1	%
IRELAND				593,647		0.1
LUXEMBOURG				1,419,058		0.3
UNITED STATES				6,980,078		1.5
		TOTAL BANK LOAN OBLIGATIONS (Cost $9,474,313)		9,372,848		2.0
BONDS
CORPORATE BONDS
AUSTRIA				574,420		0.1
BELGIUM				1,760,811		0.4
BRAZIL				843,845		0.2
CANADA				3,982,254		0.9
CHILE				2,569,604		0.6
CHINA				848,800		0.2
COLOMBIA				886,095		0.2
CZECH REPUBLIC				259,166		0.1
FRANCE				6,388,635		1.4
GERMANY				4,270,119		0.9
HUNGARY				373,881		0.1
INDIA				1,374,043		0.3
INDONESIA				606,627		0.1
IRELAND				961,705		0.2
ISRAEL				1,341,422		0.3
ITALY				849,187		0.2
JAPAN				2,008,078		0.4
KAZAKHSTAN				780,476		0.2
KOREA, REPUBLIC OF				725,948		0.2
KUWAIT				337,087		0.1
LUXEMBOURG				1,871,108		0.4
MALAYSIA				832,708		0.2
MEXICO				1,143,125		0.2
NETHERLANDS				1,737,492		0.4
NIGERIA				1,033,961		0.2
PANAMA				473,224		0.1

24 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2022

Principal			Issuer			Value		% of net assets
PERU						$	185,752		0.0	%
POLAND							498,913		0.1
QATAR
CNY 16,000,000			QNB Finance Ltd		3.150%, 02/04/26		2,316,954		0.5
			Other				278,749		0.1
							2,595,703		0.6
ROMANIA							217,227		0.0
RUSSIA							183,545		0.0
SAUDI ARABIA							962,263		0.2
SINGAPORE							636,232		0.1
SOUTH AFRICA							1,532,256		0.3
SPAIN							805,520		0.2
SUPRANATIONAL							935,643		0.2
SWITZERLAND							2,833,946		0.6
TAIWAN							298,650		0.1
THAILAND							801,866		0.2
TURKEY							245,112		0.0
UNITED ARAB EMIRATES							724,936		0.2
UNITED KINGDOM							9,178,864		2.0
UNITED STATES							41,931,655		9.2
			TOTAL CORPORATE BONDS (Cost $120,585,656)				103,401,904		22.6
GOVERNMENT BONDS
ANGOLA							1,467,394		0.3
AUSTRALIA
AUD 3,650,000			Australia Government Bond		0.250%, 11/21/25		2,353,274		0.5
	8,250,000	z	Australia Government Bond	1.250%–3.000%, 05/21/28–06/21/51			4,951,925		1.1
			Other				1,159,197		0.3
							8,464,396		1.9
BELGIUM
EUR 2,125,000		g	Kingdom of Belgium Government International Bond		0.000%, 10/22/27		2,131,598		0.6
							2,131,598		0.6
BENIN							1,075,236		0.2
BRAZIL							1,917,088		0.4
CAMEROON							573,546		0.1
CANADA
CAD 3,050,000		g	Canada Housing Trust No		1.100%, 12/15/26		2,173,711		0.5
			Other				12,033,200		2.6
							14,206,911		3.1

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 25

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2022

Principal			Issuer			Value		% of net assets
CHILE						$	1,487,555		0.3	%
CHINA
CNY 83,560,000			China Government Bond		2.880%, 11/05/23		12,811,002		2.8
	14,900,000		China Government Bond		2.910%, 10/14/28		2,273,549		0.5
	14,500,000		China Government Bond		3.270%, 11/19/30		2,270,373		0.5
	24,800,000		China Government Bond		3.720%, 04/12/51		3,996,989		0.9
	49,600,000		China Government International Bond		2.940%, 10/17/24		7,627,424		1.7
	60,500,000		China Government International Bond		3.120%, 12/05/26		9,373,348		2.0
	18,900,000		China Government International Bond		3.860%, 07/22/49		3,111,274		0.7
	30,000,000		China Government International Bond		3.390%, 03/16/50		4,534,600		1.0
			Other				2,077,329		0.4
							48,075,888		10.5
COTE D’IVOIRE							1,030,557		0.2
CROATIA							857,813		0.2
CYPRUS
EUR 5,025,000		z	Cyprus Government International Bond	0.625%–2.750%, 09/25/28–05/03/49			4,960,867		1.1
							4,960,867		1.1
DOMINICAN REPUBLIC							905,757		0.2
ECUADOR							593,166		0.1
EGYPT							3,572,261		0.8
EL SALVADOR							409,589		0.1
FRANCE
EUR 4,500,000			French Republic Government Bond OAT		0.500%, 05/25/25		4,727,693		1.0
	3,775,000		French Republic Government Bond OAT		0.750%, 11/25/28		3,905,124		0.8
	2,450,000	g	French Republic Government Bond OAT		0.500%, 05/25/40		2,082,510		0.5
	2,500,000	z	UNEDIC ASSEO		0.250%, 07/16/35		2,138,263		0.5
			Other				709,219		0.2
							13,562,809		3.0
GERMANY							991,008		0.2
GHANA							2,120,561		0.5
GREECE
EUR 2,300,000		g	Hellenic Republic Government International Bond		1.500%, 06/18/30		2,145,351		0.5
			Other				2,749,742		0.6
							4,895,093		1.1
GUATEMALA							739,925		0.2
HUNGARY							1,816,333		0.4
INDIA							202,117		0.0
INDONESIA							2,063,592		0.5

26 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2022

Principal			Issuer		Value		% of net assets
ISRAEL
ILS 5,250,000			Israel Government International Bond	5.500%, 01/31/42	$	2,200,689		0.5	%
			Other			1,075,115		0.2
						3,275,804		0.7
ITALY
EUR 5,525,000			Italy Buoni Poliennali Del Tesoro	2.450%, 10/01/23		5,997,409		1.3
	3,950,000		Italy Buoni Poliennali Del Tesoro	1.250%, 12/01/26		4,071,295		0.9
	3,675,000		Italy Buoni Poliennali Del Tesoro	0.950%, 09/15/27		3,676,195		0.8
			Other			2,665,364		0.6
						16,410,263		3.6
JAPAN
JPY 330,000,000			Japan Government Ten Year Bond	0.100%, 06/20/28		2,547,384		0.6
	322,000,000		Japan Government Ten Year Bond	0.100%, 09/20/29		2,472,798		0.5
	325,000,000		Japan Government Ten Year Bond	0.100%, 12/20/29		2,492,676		0.6
	425,000,000		Japan Government Ten Year Bond	0.100%, 06/20/30		3,253,459		0.7
	513,000,000		Japan Government Ten Year Bond	0.100%, 09/20/30		3,923,313		0.9
	525,950,000		Japan Government Thirty Year Bond	2.500%, 09/20/34		5,092,392		1.1
	457,700,000		Japan Government Thirty Year Bond	0.500%, 09/20/46		3,243,992		0.7
	533,000,000		Japan Government Thirty Year Bond	0.700%, 09/20/51		3,826,141		0.8
	340,000,000		Japan Government Twenty Year Bond	2.100%, 03/20/26		2,836,205		0.6
	278,000,000		Japan Government Twenty Year Bond	0.600%, 12/20/36		2,174,528		0.5
	660,000,000		Japan Government Twenty Year Bond	0.700%, 09/20/38		5,173,132		1.1
			Other			9,123,597		2.0
						46,159,617		10.1
KENYA						1,497,624		0.3
KOREA, REPUBLIC OF
KRW 3,800,000,000			Korea Treasury Bond	1.500%, 03/10/25		2,895,666		0.6
	3,420,000,000		Korea Treasury Bond	2.000%, 06/10/31		2,448,407		0.5
			Other			3,267,382		0.8
						8,611,455		1.9
LEBANON						160,300		0.0
MALAYSIA						3,350,195		0.7
MEXICO						3,776,123		0.8
MONGOLIA						465,831		0.1
MOROCCO						1,729,569		0.4
NETHERLANDS						2,347,429		0.5
NEW ZEALAND						1,331,069		0.3
NIGERIA						1,216,086		0.3
NORWAY
NOK 34,375,000		g	Norway Government International Bond	2.000%, 04/26/28		3,526,142		0.8
			Other			940,824		0.2
						4,466,966		1.0
PAKISTAN						2,003,478		0.4
PANAMA						2,089,600		0.5

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 27

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2022

Principal			Issuer		Value		% of net assets
PARAGUAY					$	819,911		0.2	%
PERU						1,294,206		0.3
PHILIPPINES						530,805		0.1
POLAND						939,720		0.2
REPUBLIC OF SERBIA						3,751,058		0.8
ROMANIA						3,673,481		0.8
RUSSIA						109,022		0.0
RWANDA
	$2,450,000	g	Rwanda International Government Bond	5.500%, 08/09/31		2,164,191		0.5
						2,164,191		0.5
SENEGAL						1,660,985		0.4
SINGAPORE
SGD 3,525,000			Singapore Government Bond	1.625%, 07/01/31		2,354,942		0.5
						2,354,942		0.5
SOUTH AFRICA						3,327,205		0.7
SPAIN
EUR 4,600,000		g	Spain Government International Bond	2.750%, 10/31/24		5,098,212		1.1
	3,875,000	g	Spain Government International Bond	0.500%, 10/31/31		3,596,901		0.8
	2,650,000	g	Spain Government International Bond	1.200%, 10/31/40		2,318,193		0.5
			Other			4,127,276		0.9
						15,140,582		3.3
SUPRANATIONAL						10,928,427		2.4
THAILAND						3,087,195		0.7
UKRAINE						1,512,919		0.3
UNITED ARAB EMIRATES						198,509		0.0
UNITED KINGDOM
GBP 1,750,000			United Kingdom Gilt	0.250%, 01/31/25		2,114,294		0.4
	2,425,000		United Kingdom Gilt	1.625%, 10/22/28		3,035,866		0.7
	3,350,000		United Kingdom Gilt	1.750%, 09/07/37		4,019,999		0.9
	5,060,000		United Kingdom Gilt	0.625%, 10/22/50		4,455,615		1.0
			Other			2,933,579		0.6
						16,559,353		3.6
URUGUAY						1,390,360		0.3
UZBEKISTAN						631,476		0.1
			TOTAL GOVERNMENT BONDS  (Cost $332,670,046)			287,086,816		62.8

28 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2022

Principal			Issuer		Value		% of net assets
STRUCTURED ASSETS
IRELAND
GBP 1,900,000		i	Frost CMBS DAC Series 0-2021 1A (Class GBD), SONIA Interest Rate Benchmark + 2.900%	0.000%, 11/22/26	$	2,363,210		0.5	%
			Other			5,124,761		1.2
						7,487,971		1.7
ITALY						949,455		0.2
UNITED STATES
	$2,350,289	i	Connecticut Avenue Securities Series 0-2017 C05 (Class 1M2), LIBOR 1 M + 2.200%	2.868%, 01/25/30		2,367,937		0.5
	6,200,000	i	Freddie Mac STACR REMIC Trust Series 0-2021 DNA5 (Class M2)	1.939%, 01/25/34		6,150,783		1.3
			Other			13,507,821		2.9
						22,026,541		4.7
			TOTAL STRUCTURED ASSETS  (Cost $31,775,226)			30,463,967		6.6
			TOTAL BONDS  (Cost $485,030,928)			420,952,687		92.0
SHORT-TERM INVESTMENTS
EGYPT
EGP 58,800,000			Egypt Treasury Bill	0.000%, 05/17/22		3,173,867		0.7
						3,173,867		0.7
REPURCHASE AGREEMENT
UNITED STATES
	$9,200,000	r	Fixed Income Clearing Corp (FICC)	0.230%, 05/02/22		9,200,000		2.0
						9,200,000		2.0
	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	3,076,986	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.310%		3,076,986		0.7
						3,076,986		0.7
			TOTAL SHORT-TERM INVESTMENTS  (Cost $15,995,370)			15,450,853		3.4
			TOTAL PORTFOLIO  (Cost $510,500,611)			445,776,388		97.4
			OTHER ASSETS & LIABILITIES, NET			12,205,079		2.6
				NET ASSETS	$	457,981,467		100.0	%

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
SGD	Singapore Dollar
SONIA	Sterling Overnight Index Average

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 29

Consolidated summary portfolio of investments (unaudited) continued

International Bond Fund  ■  April 30, 2022

c	Investments made with cash collateral received from securities on loan.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $132,548,769 or 28.9% 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.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $9,20,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $9,384,019.
z	All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited which is a 100% owned subsidiary of the fund.

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

At 4/30/22, the aggregate value of securities on loan is $3,171,360. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

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

Forward foreign currency contracts outstanding as of April 30, 2022 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation			)
$	48,058,416	CNY	318,257,245	Australia and New Zealand Banking Group	07/29/22		$	341,540
$	1,382,153	NZD	2,107,423	Australia and New Zealand Banking Group	07/29/22			22,685
$	1,563,327	THB	53,688,559	Australia and New Zealand Banking Group	05/31/22			(4,795	)
Total							$	359,430
$	139,543,137	EUR	130,053,594	Bank of America, N.A.	07/29/22		$	1,685,207
$	688,125	HUF	244,968,630	Bank of America, N.A.	05/31/22			7,766
$	9,761,717	KRW	11,970,989,368	Bank of America, N.A.	05/03/22			253,871
$	705,249	PEN	2,703,500	Bank of America, N.A.	05/03/22			1,021
$	659,817	PEN	2,530,397	Bank of America, N.A.	06/02/22			3,160
$	908,324	RON	4,282,163	Bank of America, N.A.	05/31/22			(753	)
KRW	11,970,989,368	$	9,460,241	Bank of America, N.A.	05/03/22			47,605
PEN	2,703,500	$	707,964	Bank of America, N.A.	05/03/22			(3,736	)
Total							$	1,994,141
$	882,280	KRW	1,116,437,000	Citibank, N.A.	05/03/22		$	(4,440	)
GBP	2,590,642	$	3,257,676	Citibank, N.A.	07/29/22			1,358
KRW	1,116,437,000	$	906,523	Citibank, N.A.	05/03/22			(19,803	)
Total							$	(22,885	)

30 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Consolidated summary portfolio of investments (unaudited) concluded

International Bond Fund  ■  April 30, 2022

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation			)
$	8,667,276	AUD	12,126,097	Morgan Stanley	07/29/22		$	86,212
$	520,079	GBP	398,716	Morgan Stanley	06/30/22			18,634
$	57,586,134	JPY	6,638,020,985	Morgan Stanley	05/02/22			6,432,695
$	2,247,945	NOK	20,918,393	Morgan Stanley	07/29/22			16,475
$	722,372	PEN	2,703,500	Morgan Stanley	05/03/22			18,145
$	476,359	PLN	2,136,316	Morgan Stanley	05/31/22			(3,651	)
JPY	402,936,054	$	3,316,091	Morgan Stanley	05/02/22			(211,014	)
PEN	2,703,500	$	705,249	Morgan Stanley	05/03/22			(1,021	)
SEK	6,916,490	$	712,452	Morgan Stanley	07/29/22			(6,148	)
Total							$	6,350,327
$	15,699,746	CAD	20,170,516	Toronto Dominion Bank	07/29/22		$	4,366
$	1,299,858	EUR	1,225,464	Toronto Dominion Bank	07/29/22			855
$	37,512,824	GBP	29,896,401	Toronto Dominion Bank	07/29/22			(96,914	)
$	501,392	GBP	398,716	Toronto Dominion Bank	07/29/22			(194	)
$	47,265,873	JPY	6,032,551,352	Toronto Dominion Bank	07/29/22			591,340
$	8,577,961	KRW	10,854,552,368	Toronto Dominion Bank	05/03/22			(43,165	)
$	8,425,892	KRW	10,683,693,984	Toronto Dominion Bank	06/03/22			(30,512	)
CAD	1,516,679	$	1,181,760	Toronto Dominion Bank	07/29/22			(1,579	)
CNY	26,677,641	$	3,999,958	Toronto Dominion Bank	07/29/22			(131	)
EUR	1,225,464	$	1,294,085	Toronto Dominion Bank	05/04/22			(1,082	)
GBP	398,716	$	501,273	Toronto Dominion Bank	06/30/22			172
GBP	631,783	$	792,882	Toronto Dominion Bank	07/29/22			1,903
KRW	10,854,552,368	$	8,560,913	Toronto Dominion Bank	05/03/22			60,214
$	608,200	ZAR	9,736,002	Toronto Dominion Bank	05/31/22			(6,099	)
Total							$	479,174
Total							$	9,160,187

AUD	Australian Dollar
CAD	Canadian Dollar
CNY	Chinese Yuan
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PLN	Polish Zloty
RON	Romanian New Leu
SEK	Swedish Krona
THB	Thai Baht
ZAR	South African Rand

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 31

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds  ■  April 30, 2022

		Emerging Markets Debt Fund			International Bond Fund		§
ASSETS
Portfolio investments, at value*†		$	565,900,018		$	445,776,388
Cash			296,311			3,041,566
Cash – foreign^			227,584			—
Receivable from securities transactions			3,752,109			4,296,247
Receivable from Fund shares sold			1,374,827			387,174
Dividends and interest receivable			8,319,458			3,711,326
Due from affiliates			242,868			234,536
Unrealized appreciation on forward foreign currency contracts			—			9,595,223
Other			19,824			11,950
Total assets			580,132,999			467,054,410
LIABILITIES
Management fees payable			253,732			192,461
Service agreement fees payable			6,466			1,080
Distribution fees payable			2,771			350
Due to affiliates			5,814			5,622
Overdraft payable			—			697,466
Payable for collateral for securities loaned			31,496,628			3,076,986
Payable for securities transactions			9,360			2,454,602
Payable for delayed delivery securities			—			1,565,084
Payable for Fund shares redeemed			328,088			575,855
Unrealized depreciation on forward foreign currency contracts			—			435,036
Payable for trustee compensation			18,555			11,404
Accrued expenses and other payables			73,876			56,997
Total liabilities			32,195,290			9,072,943
NET ASSETS		$	547,937,709		$	457,981,467
NET ASSETS CONSIST OF:
Paid-in-capital		$	638,003,448		$	508,199,774
Total distributable earnings (loss)			(90,065,739	)		(50,218,307	)
NET ASSETS		$	547,937,709		$	457,981,467
§	Consolidated statement of assets and liabilities (see Note 2)
*	Includes securities loaned of	$	31,628,053		$	3,171,360
†	Portfolio investments, cost	$	655,623,058		$	510,500,611
^	Foreign cash, cost	$	231,460		$	—

32 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

Statements of assets and liabilities (unaudited) concluded

TIAA-CREF Funds  ■  April 30, 2022

	Emerging Markets Debt Fund		International Bond Fund		§
INSTITUTIONAL CLASS:
Net assets	$	48,334,418	$	747,773
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,691,830		83,188
Net asset value per share	$	8.49	$	8.99
ADVISOR CLASS:
Net assets	$	17,277,609	$	1,931,867
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,028,708		214,998
Net asset value per share	$	8.52	$	8.99
PREMIER CLASS:
Net assets	$	215,732	$	93,037
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		25,409		10,285
Net asset value per share	$	8.49	$	9.05
RETIREMENT CLASS:
Net assets	$	16,318,715	$	5,190,253
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,923,006		577,830
Net asset value per share	$	8.49	$	8.98
RETAIL CLASS:
Net assets	$	12,614,406	$	1,627,174
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,486,349		181,010
Net asset value per share	$	8.49	$	8.99
CLASS W:
Net assets	$	453,176,829	$	448,391,363
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		53,350,840		49,845,154
Net asset value per share	$	8.49	$	9.00

See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 33

Statements of operations (unaudited)

TIAA-CREF Funds  ■  For the period ended April 30, 2022

		Emerging Markets Debt Fund			International Bond Fund		§
INVESTMENT INCOME
Interest*		$	18,391,734		$	5,912,402
Total income			18,391,734			5,912,402
EXPENSES
Management fees			1,533,240			1,239,665
Shareholder servicing — Institutional Class			577			17
Shareholder servicing — Advisor Class			6,750			21
Shareholder servicing — Premier Class			19			11
Shareholder servicing — Retirement Class			22,531			6,876
Shareholder servicing — Retail Class			8,363			5,983
Shareholder servicing — Class W			341			274
Distribution fees — Premier Class			177			73
Distribution fees — Retail Class			19,820			2,108
Administrative service fees			42,750			42,478
Trustee fees and expenses			2,982			2,710
Other expenses			132,560			167,440
Total expenses			1,770,110			1,467,656
Less: Expenses reimbursed by the investment adviser			(1,385,676	)		(1,427,882	)
Fee waiver by investment adviser and Nuveen Securities			—			(808	)
Net expenses			384,434			38,966
Net investment income (loss)			18,007,300			5,873,436
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			(4,368,288	)		(1,409,212	)
Forward foreign currency contracts			(93,355	)		20,477,323
Foreign currency transactions			(641,807	)		(1,764,952	)
Net realized gain (loss) on total investments			(5,103,450	)		17,303,159
Change in unrealized appreciation (depreciation) on:
Portfolio investments‡			(85,463,269	)		(65,901,801	)
Forward foreign currency contracts			71,594			7,940,613
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			2,821			(749,711	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(85,388,854	)		(58,710,899	)
Net realized and unrealized gain (loss) on total investments			(90,492,304	)		(41,407,740	)
Net increase (decrease) in net assets from operations		$	(72,485,004	)	$	(35,534,304	)
§	Consolidated statement of operations (see Note 2)
*	Net of foreign withholding taxes of	$	80,649		$	91,493
‡	Includes net change in unrealized foreign capital gains taxes of	$	16,863		$	—

34 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements

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TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 35

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Emerging Markets Debt Fund						International Bond Fund§
		April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
		(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	18,007,300		$	32,955,966		$	5,873,436		$	10,299,909
Net realized gain (loss) on total investments			(5,103,450	)		3,627,198			17,303,159			8,999,332
Net change in unrealized appreciation (depreciation) on total investments			(85,388,854	)		14,337,165			(58,710,899	)		(18,656,563	)
Net increase (decrease) in net assets from operations			(72,485,004	)		50,920,329			(35,534,304	)		642,678
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(1,482,501	)		(2,801,324	)		(18,242	)		(24,626	)
	Advisor Class		(499,070	)		(885,555	)		(2,776	)		(3,221	)
	Premier Class		(6,480	)		(17,541	)		(2,291	)		(2,701	)
	Retirement Class		(494,961	)		(828,970	)		(118,845	)		(212,350	)
	Retail Class		(482,417	)		(798,780	)		(34,281	)		(45,719	)
	Class W		(14,012,825	)		(25,831,466	)		(15,924,106	)		(14,770,167	)
Total distributions			(16,978,254	)		(31,163,636	)		(16,100,541	)		(15,058,784	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		13,577,660			39,940,984			74,059			132,566
	Advisor Class		3,354,475			8,024,249			1,837,704			938
	Premier Class		555			950,351			—			—
	Retirement Class		1,822,157			5,143,604			545,396			924,606
	Retail Class		13,082,592			38,414,089			72,801			335,439
	Class W		88,861,435			121,940,374			51,326,593			167,042,654
Reinvestments of distributions:	Institutional Class		1,444,067			2,769,318			18,000			24,347
	Advisor Class		495,449			879,601			38			14
	Premier Class		101			6,876			—			—
	Retirement Class		494,704			828,550			118,611			212,062
	Retail Class		476,319			794,022			34,017			45,120
	Class W		1			—			4,061,053			4,197,582
Redemptions:	Institutional Class		(35,601,103	)		(13,465,364	)		(1,245	)		(279,803	)
	Advisor Class		(2,909,334	)		(10,865,753	)		—			(12,513	)
	Premier Class		—			(950,080	)		—			—
	Retirement Class		(2,312,156	)		(5,145,963	)		(617,296	)		(3,254,737	)
	Retail Class		(14,135,469	)		(44,010,220	)		(46,244	)		(430,222	)
	Class W		(33,822,747	)		(142,352,264	)		(72,777,862	)		(68,365,571	)
Net increase (decrease) from shareholder transactions			34,828,706			2,902,374			(15,354,375	)		100,572,482
Net increase (decrease) in net assets			(54,634,552	)		22,659,067			(66,989,220	)		86,156,376
NET ASSETS
Beginning of period			602,572,261			579,913,194			524,970,687			438,814,311
End of period		$	547,937,709		$	602,572,261		$	457,981,467		$	524,970,687

36 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 37

Statements of changes in net assets concluded

TIAA-CREF Funds  ■  For the period or year ended

		Emerging Markets Debt Fund						International Bond Fund§
		April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
		(unaudited		)				(unaudited		)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,457,516			3,936,543			7,811			13,055
	Advisor Class		365,158			790,673			203,218			94
	Premier Class		56			95,130			—			—
	Retirement Class		191,873			506,475			56,662			90,898
	Retail Class		1,389,105			3,803,134			7,555			33,021
	Class W		9,830,518			12,072,225			5,356,251			16,475,567
Shares reinvested:	Institutional Class		154,449			273,789			1,860			2,398
	Advisor Class		52,837			86,744			4			1
	Premier Class		11			694			—			—
	Retirement Class		52,968			81,938			12,249			20,913
	Retail Class		50,625			78,796			3,510			4,445
	Class W		—			—			414,816			413,555
Shares redeemed:	Institutional Class		(3,682,091	)		(1,345,820	)		(131	)		(28,009	)
	Advisor Class		(316,080	)		(1,070,239	)		—			(1,217	)
	Premier Class		—			(95,775	)		—			—
	Retirement Class		(249,240	)		(511,433	)		(64,401	)		(325,540	)
	Retail Class		(1,528,007	)		(4,364,829	)		(4,747	)		(42,835	)
	Class W		(3,650,908	)		(14,038,199	)		(7,632,129	)		(6,755,942	)
Net increase (decrease) from shareholder transactions			4,118,790			299,846			(1,637,472	)		9,900,404

^§ Consolidated statement of changes in net assets (see Note 2)

38 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 39

Financial highlights

TIAA-CREF Funds

			Select per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
EMERGING MARKETS DEBT FUND
Institutional Class:
	4/30/22	#		$  9.97		$0.28			$(1.50	)		$(1.22	)		$(0.26	)		$     —			$(0.26	)		$  8.49		(12.42	)%b	$	48,334			0.62	%c		0.62	%c		5.86	%c		27	%b
	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:
	4/30/22	#		10.00		0.28			(1.50	)		(1.22	)		(0.26	)		—			(0.26	)		8.52		(12.42	)b		17,278			0.69	c		0.69	c		5.92	c		27	b
	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	)		0.00	d		(0.46	)		—			(0.46	)		9.67		0.26			20,506			0.69			0.69			5.29			77
	10/31/19			9.20		0.57			0.87			1.44			(0.51	)		—			(0.51	)		10.13		16.00			18,116			0.71			0.71			5.82			78
	10/31/18			10.48		0.59			(1.14	)		(0.55	)		(0.52	)		(0.21	)		(0.73	)		9.20		(5.56	)		2,330			0.71			0.71			5.94			75
	10/31/17			10.10		0.59			0.35			0.94			(0.54	)		(0.02	)		(0.56	)		10.48		9.64			141			0.70			0.70			5.81			126
Premier Class:
	4/30/22	#		9.97		0.27			(1.49	)		(1.22	)		(0.26	)		—			(0.26	)		8.49		(12.51	)b		216			0.78	c		0.78	c		5.83	c		27	b
	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:
	4/30/22	#		9.97		0.27			(1.49	)		(1.22	)		(0.26	)		—			(0.26	)		8.49		(12.49	)b		16,319			0.86	c		0.78	c		5.83	c		27	b
	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:
	4/30/22	#		9.97		0.26			(1.49	)		(1.23	)		(0.25	)		—			(0.25	)		8.49		(12.56	)b		12,614			0.97	c		0.97	c		5.62	c		27	b
	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:
	4/30/22	#		9.98		0.31			(1.51	)		(1.20	)		(0.29	)		—			(0.29	)		8.49		(12.23	)b		453,177			0.61	c		0.00	c		6.61	c		27	b
	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			0.64	c		0.00	c		6.37	c		75

40 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 41

Financial highlights continued

TIAA-CREF Funds

			Select per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
INTERNATIONAL BOND FUND§
Institutional Class:
	4/30/22	#		$  9.94		$0.09			$(0.80	)		$(0.71	)		$(0.16	)		$(0.08	)		$(0.24	)		$  8.99		(7.29	)%b	$	748			0.59	%c		0.59	%c		1.81	%c		21	%b
	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:
	4/30/22	#		9.92		0.08			(0.78	)		(0.70	)		(0.15	)		(0.08	)		(0.23	)		8.99		(7.18	)b		1,932			0.63	c		0.63	c		2.03	c		21	b
	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	)		0.00	d		(0.19	)		—			(0.19	)		9.71		(0.06	)		102			0.71			0.66			1.83			62
	10/31/17			9.87		0.16			0.13			0.29			(0.25	)		(0.01	)		(0.26	)		9.90		2.98			992			0.70			0.65			1.66			133
Premier Class:
	4/30/22	#		9.99		0.08			(0.80	)		(0.72	)		(0.14	)		(0.08	)		(0.22	)		9.05		(7.33	)b		93			0.76	c		0.75	c		1.63	c		21	b
	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	)		0.00	d		(0.12	)		—			(0.12	)		9.77		(0.04	)		100			0.86			0.80			1.69			62
	10/31/17			9.87		0.15			0.12			0.27			(0.24	)		(0.01	)		(0.25	)		9.89		2.82			989			0.84			0.79			1.51			133
Retirement Class:
	4/30/22	#		9.91		0.07			(0.79	)		(0.72	)		(0.13	)		(0.08	)		(0.21	)		8.98		(7.43	)b		5,190			0.84	c		0.84	c		1.55	c		21	b
	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:
	4/30/22	#		9.91		0.07			(0.79	)		(0.72	)		(0.12	)		(0.08	)		(0.20	)		8.99		(7.43	)b		1,627			1.55	c		0.93	c		1.46	c		21	b
	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

42 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 43

Financial highlights concluded

TIAA-CREF Funds

			Select per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			and unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)a	gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
INTERNATIONAL BOND FUND§ continued
Class W:
	4/30/22	#		$  9.99		$0.11			$(0.78	)		$(0.67	)		$(0.24	)		$(0.08	)		$(0.32	)		$  9.00		(6.96	)%b		$448,391			0.59	%c		0.00	%c		2.38	%c		21	%b
	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			0.67	c		0.00	c		2.98	c		62

#	Unaudited
§	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 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds See notes to financial statements See notes to financial statements TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 45

Notes to financial statements(unaudited)

TIAA-CREF Funds

Note 1—organization

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

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

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

The Funds offer six share classes: Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

Note 2—significant accounting policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

46 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

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

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

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

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.

Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 47

Notes to financial statements(unaudited)

their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

Basis for consolidation: The International Bond Fund is presented on a consolidated basis with the TIAA-CREF International Bond Fund Offshore Limited (“Subsidiary”), a wholly owned subsidiary of the International Bond Fund organized under the laws of the Cayman Islands. The Subsidiary commenced operations on March 1, 2017 and is intended to provide the Fund with exposure to Regulation S fixed-income securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private placement transactions with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. The Subsidiary is advised by Advisors and has the same investment objective as the Fund, but unlike the Fund, it may invest in Regulation S securities without limitation. As of April 30, 2022, the net assets of the Subsidiary were $36,169,032 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	$35,904,449
Net assets	36,169,032
Net investment income (loss)	270,104
Net realized gain (loss)	13,771
Net change in unrealized appreciation (depreciation)	(7,568,965	)

New accounting pronouncements: 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 is a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For

48 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

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 providing a framework for fund valuation practices. New Rule 2a-5 (“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 boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the 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. The compliance date for Rule 2a-5 and Rule 31a-4 is September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

Note 3—valuation of investments

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

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

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

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

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 49

Notes to financial statements(unaudited)

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

Debt securities: Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the 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 general 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 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

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

For the period ended April 30, 2022, the Emerging Markets Debt Fund had material transfers from Level 2 to Level 3 as a result of various market related factors. Please refer to the Level 3 reconciliation below.

The following table summarizes the market value of the Funds’ investments as of April 30, 2022, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Emerging Markets Debt
Bank loan obligations	$	—	$	1,818,914	$	—	$	1,818,914
Corporate bonds		—		263,410,044		4,002,108		267,412,152
Government bonds		—		243,508,347		5,024,856		248,533,203
Structured assets		—		—		3,000,000		3,000,000
Common stocks		4,784,478		1,131,103		—		5,915,581
Short-term investments		31,496,628		7,723,540		—		39,220,168
Total	$	36,281,106	$	517,591,948	$	12,026,964	$	565,900,018
International Bond
Bank loan obligations	$	—	$	9,372,848	$	—	$	9,372,848
Corporate bonds		—		102,402,140		999,764		103,401,904
Government bonds		—		285,387,961		1,698,855		287,086,816
Structured assets		—		30,463,967		—		30,463,967
Short-term investments		3,076,986		12,373,867		—		15,450,853
Forward foreign currency contracts**		—		9,160,187		—		9,160,187
Total	$	3,076,986	$	449,160,970	$	2,698,619	$	454,936,575

** 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, 2021	$	16,627,202
Purchases		6,292,996
Sales		(14,229,303	)
Gains (losses)		(258,005	)
Change in unrealized appreciation (depreciation)		(54,919	)
Transfers out of Level 3		—
Transfers into Level 3		3,648,993
Balance as of April 30, 2022	$	12,026,964

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 51

Notes to financial statements(unaudited)

The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of April 30, 2022:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)§
Corporate bonds	$	4,691,859	Recent market transaction	Discount	60.3%–99.9% (73.2%)
Government bonds		756,811	Broker quote	*
Government bonds		3,578,294	Recent market transaction	Discount	56.9%–86.1% (66.3%)
Structured assets		3,000,000	Broker quote	*
Total	$	12,026,964

*	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 April 30, 2022, 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 and compensation to the Agent. Such income is reflected separately in the Statements

52 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned. At April 30, 2022, 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		$31,628,053		$31,496,628			$1,448,748		$32,945,376
International Bond		3,171,360		3,076,986			236,692		3,313,678

* May include cash and investment of cash collateral

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have segregated securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

Zero coupon securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2022 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	$	178,970,983	$	—	$	143,063,657	$	—
International Bond		98,875,328		4,414,694		98,017,360		4,428,474

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.

At April 30, 2022, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 53

Notes to financial statements(unaudited)

	Asset derivatives			Liabilities derivatives
Derivative contract	Location	Fair value amount		Location	Fair value amount
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		$9,595,223	Forward foreign currency contracts		$(435,036	)

For the period ended April 30, 2022, the effect of derivative contracts on the Funds’ Statements of operations was as follows:

Derivative contract	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Emerging Markets Debt Fund
Foreign-exchange contracts	Forward foreign currency contracts	$	(93,355	)	$	71,594
International Bond Fund
Foreign-exchange contracts	Forward foreign currency contracts		20,477,323			7,940,613

Forward foreign currency contracts: Certain Funds may use forward foreign currency contracts (“forward contracts”) to hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing their investment objectives.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. Forward contracts are typically traded in the over-the-counter (“OTC”) markets and all details of the contract are negotiated between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are reflected as appreciation or depreciation on the Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward 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.

The average notional amount of forward contracts outstanding during the current fiscal period ended April 30, 2022 was as follows:

Fund	Average notional amount of forwards contracts outstanding			*
Emerging Markets Debt		$	674,781
International Bond			349,982,930

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

54 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued 

Note 6—Income tax information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files 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 each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Emerging Markets Debt		$655,623,058		$2,423,564		$(92,146,604	)		$(89,723,040	)
International Bond		530,624,522		2,432,484		(78,120,431	)		(75,687,947	)

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 income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, 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
Emerging Markets Debt		$5,243,110	$	—	$	(4,352,465	)	$	(1,466,285	)
International Bond		8,253,395		2,993,471		(9,813,497	)		—
Fund			Late-year loss deferrals		Other book-to- tax difference				Total
Emerging Markets Debt			$	—	$	(26,841	)	$	(602,481	)
International Bond				—		(16,831	)		1,416,538
As of prior fiscal period end, the Funds had capital loss carryovers, which will not expire:
Fund			Short-term		Long-term			Total
Emerging Markets Debt			$	—	$	1,466,285		$	1,466,285
International Bond				—		—			—

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 55

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.

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. As of April 30, 2022, 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:

56 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

	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			0.93	b		0.60

‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2023. 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 Market Debt Fund Retirement Cass. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
b	Effective May 1, 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.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2022, the Funds did not engage in security transactions with affiliated entities.

The following is the percentage of the Funds’ shares owned by affiliates as of April 30, 2022:

Underlying Fund	TIAA-CREF Lifecycle Funds
Emerging Markets Debt		82	%
International Bond		98

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.

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 57

Notes to financial statements(unaudited)

Note 9—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended April 30, 2022, 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 period ended April 30, 2022, there were no borrowings under this credit facility by the Funds.

Note 11—subsequent events

The Board has approved the creation and commencement of operations of a new wholly owned subsidiary of the International Bond Fund (the “TEFRA Bond Subsidiary”), which is intended to provide the Fund with exposure to certain bonds or fixed-income securities that are sold subject to selling restrictions generally designed to restrict the purchase of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes) (“TEFRA Bonds”). The TEFRA Bond Subsidiary will be advised by Advisors and have the same investment objective as the Fund, but unlike the Fund, it will be permitted to invest in TEFRA Bonds without limitation. It is currently expected that the TEFRA Bond Subsidiary will commence operations on or about August 1, 2022.

Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2022. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon

58 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

concluded

Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:

Fund	Waiver			Maximum expense amounts
Emerging Markets Debt – Retirement Class		0.075	%		0.825	%
International Bond – Institutional Class		0.015			0.585

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 59

Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund

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

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

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

Overview of the renewal process

The Board held a virtual meeting via videoconference on March 11, 2022, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related public health protocols imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

60 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

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

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

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

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

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 61

Approval of investment management agreement (unaudited)

Legal counsel for the Trustees also requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.

On March 3, 2022, the Board held a virtual meeting via videoconference with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 11, 2022 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from

62 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

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

In addition to the March 11, 2022 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 11, 2022 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 11, 2022, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 63

Approval of investment management agreement (unaudited)

manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

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

During its review, the Board noted its ongoing review of the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services. Based on all factors considered, the Board concluded that the nature, extent, and quality of services provided by Advisors to each Fund under the Agreement was reasonable.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2021. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking

64 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to International Bond Fund under the Agreement for the one-year period ended December 31, 2021. However, with respect to the Emerging Markets Debt Fund, Advisors calculated that it had incurred a loss.

Fees charged by other advisers

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

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for the Funds affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 65

Approval of investment management agreement (unaudited)

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including other mutual funds, foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as the Funds. In particular, the Board considered the management fee rate Advisors charges to a UCITS series that has a similar mandate to the Emerging Markets Debt Fund and the performance of such UCITS. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and accounts, this may be due in part to the fact that these other funds and accounts may: (1) involve less entrepreneurial risk on the part of Advisors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; and/or (5) target different investors. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by Advisors to its comparable clients.

Other benefits

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

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best

66 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

continued

of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2021. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2021. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net loss” or “net profit” refer to whether Advisors calculated that it incurred a loss or earned a profit for the services that it rendered to a Fund during 2021 under the Agreement.

Emerging Markets Debt Fund

• The Fund’s annual contractual management fee rate starts at 0.55% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.55% of average daily net assets.

• The Fund’s total expense ratio, actual management fee and contractual management fee rate were each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and were in the 1st, 3rd and 1st quintiles within the universe of comparable funds identified by Broadridge for expense comparison purposes (“Expense Universe”), respectively.

• The Fund was in the 1st quintile of both the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) and the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for each of the one-, three- and five-year periods.

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

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

International Bond Fund

• The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2021 asset level was 0.50% of average daily net assets.

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 67

Approval of investment management agreement (unaudited) concluded

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

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

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

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

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

68 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

Liquidity risk management program (unaudited)

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

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

At a February 15, 2022 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

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

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

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

TIAA-CREF International Fixed-Income Funds  ■  2022 Semiannual Report 69

Liquidity risk management program (unaudited) concluded

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

70 2022 Semiannual Report  ■  TIAA-CREF International Fixed-Income Funds

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How to reach us

Websites

TIAA.org

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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.

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Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS – Growth & Income Fund

TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 1.5%
	546,688	*,n	General Motors Co	$	20,724,942
	72,335	*,n	Tesla, Inc		62,986,425
			TOTAL AUTOMOBILES & COMPONENTS		83,711,367
BANKS - 5.1%
	2,190,290		Bank of America Corp		78,149,547
	714,736		Fifth Third Bancorp		26,824,042
	123,124		First Republic Bank		18,372,563
	1,899,085	e	ING Groep NV		17,992,330
	430,447		JPMorgan Chase & Co		51,378,154
	238,640	n	M&T Bank Corp		39,766,970
	1,321,932		Wells Fargo & Co		57,675,893
			TOTAL BANKS		290,159,499
CAPITAL GOODS - 7.2%
	103,107		Acuity Brands, Inc		17,783,895
	97,083		Carlisle Cos, Inc		25,179,447
	44,202		Caterpillar, Inc		9,306,289
	127,995	n	Deere & Co		48,324,512
	258,479		Dover Corp		34,455,251
	292,032		Eaton Corp		42,350,481
	115,785		Honeywell International, Inc		22,405,555
	583,430		Ingersoll Rand, Inc		25,647,583
	79,049		Lockheed Martin Corp		34,158,654
	259,055		Otis Worldwide Corp		18,869,566
	138,998		Quanta Services, Inc		16,120,988
	638,210		Raytheon Technologies Corp		60,572,511
	517,192	n	Spirit Aerosystems Holdings, Inc (Class A)		21,742,752
	440,334		Textron, Inc		30,493,129
			TOTAL CAPITAL GOODS		407,410,613
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	254,076		Waste Management, Inc		41,780,257
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		41,780,257
CONSUMER DURABLES & APPAREL - 0.7%
	1,083,549	*	Mattel, Inc		26,341,076
	962,356	*	Under Armour, Inc (Class C)		13,655,832
			TOTAL CONSUMER DURABLES & APPAREL		39,996,908
CONSUMER SERVICES - 2.6%
	105,208	*,n	Airbnb, Inc		16,118,918
	56,467		Churchill Downs, Inc		11,459,413
	221,747		Darden Restaurants, Inc		29,210,732
	263,746	*	Expedia Group, Inc		46,089,613
	137,565	*	Marriott International, Inc (Class A)		24,420,539

1

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
	1,026,288	*	Norwegian Cruise Line Holdings Ltd	$	20,556,549
			TOTAL CONSUMER SERVICES		147,855,764
DIVERSIFIED FINANCIALS - 2.5%
	197,465		American Express Co		34,499,110
	86,909		CME Group, Inc		19,062,620
	1,360,726		Equitable Holdings, Inc		39,229,731
	1,001,000	*	Grab Holdings Ltd.		2,952,950
	545,659		Morgan Stanley		43,974,659
			TOTAL DIVERSIFIED FINANCIALS		139,719,070
ENERGY - 4.4%
	259,513	n	Cheniere Energy, Inc		35,244,460
	688,785		ConocoPhillips		65,792,743
	248,347	n	EOG Resources, Inc		28,996,996
	638,736		EQT Corp		25,389,756
	610,970		Exxon Mobil Corp		52,085,192
	334,637		Hess Corp		34,491,036
	285,423	*,n	Peabody Energy Corp		6,461,977
			TOTAL ENERGY		248,462,160
FOOD & STAPLES RETAILING - 1.3%
	856,124	n	Albertsons Cos, Inc		26,779,559
	319,975		Walmart, Inc		48,952,975
			TOTAL FOOD & STAPLES RETAILING		75,732,534
FOOD, BEVERAGE & TOBACCO - 4.8%
	225,281		Bunge Ltd		25,483,787
	356,626		Coca-Cola Co		23,041,606
	125,298	*	Freshpet, Inc		11,696,568
	150,336		Hershey Co		33,941,359
	305,107		Lamb Weston Holdings, Inc		20,167,573
	586,409		Mondelez International, Inc		37,811,652
	371,967	*	Monster Beverage Corp		31,870,133
	438,700		PepsiCo, Inc		75,329,177
	57,053		Pernod-Ricard S.A.		11,774,832
			TOTAL FOOD, BEVERAGE & TOBACCO		271,116,687
HEALTH CARE EQUIPMENT & SERVICES - 6.7%
	314,304		Abbott Laboratories		35,673,504
	63,829		Anthem, Inc		32,037,690
	363,730	*,n	Centene Corp		29,298,452
	76,825	*,n	Dexcom, Inc		31,389,159
	290,762	*,n	Edwards Lifesciences Corp		30,756,804
	410,413	*	Envista Holdings Corp		16,260,563
	94,782	*	Guardant Health, Inc		5,848,049
	91,375	n	HCA Healthcare, Inc		19,604,506
	46,773	*,n	IDEXX Laboratories, Inc		20,134,841
	373,659	*	Neogen Corp		9,864,598
	99,243		STERIS plc		22,235,394
	63,901		Stryker Corp		15,416,755
	213,420		UnitedHealth Group, Inc		108,534,741
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		377,055,056

2

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	156,686		Colgate-Palmolive Co	$	12,072,656
	81,434	n	Estee Lauder Cos (Class A)		21,503,462
	272,700		Procter & Gamble Co		43,781,985
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		77,358,103
INSURANCE - 3.3%
	153,763		Allstate Corp		19,457,170
	706,595		American International Group, Inc		41,342,874
	193,111		Chubb Ltd		39,867,766
	579,640		Hartford Financial Services Group, Inc		40,534,225
	722,634		Metlife, Inc		47,462,601
			TOTAL INSURANCE		188,664,636
MATERIALS - 4.0%
	806,641		Corteva, Inc		46,535,119
	272,870		Crown Holdings, Inc		30,026,615
	279,881		Dow, Inc		18,612,086
	305,317		DuPont de Nemours, Inc		20,129,550
	926,877		Glencore Xstrata plc		5,711,105
	96,512		International Flavors & Fragrances, Inc		11,706,906
	192,775	n	Linde plc		60,138,089
	162,043		Nutrien Ltd		15,920,725
	222,949	n	Sociedad Quimica y Minera de Chile S.A. (ADR)		16,453,636
			TOTAL MATERIALS		225,233,831
MEDIA & ENTERTAINMENT - 6.9%
	100,905	*,n	Alphabet, Inc (Class C)		232,013,893
	310,967	*	Meta Platforms, Inc		62,339,554
	10,444	*,n	Netflix, Inc		1,988,120
	24,450		Nintendo Co Ltd		11,158,753
	182,586	*,n	Take-Two Interactive Software, Inc		21,820,853
	417,691	n	ViacomCBS, Inc (Class B)		12,163,162
	457,452	*,n	Walt Disney Co		51,065,367
			TOTAL MEDIA & ENTERTAINMENT		392,549,702
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0%
	609,949		AbbVie, Inc		89,589,309
	798,537	*	Avantor, Inc		25,457,359
	226,935	*,e,n	Axsome Therapeutics, Inc		7,205,186
	378,034		Bristol-Myers Squibb Co		28,454,619
	140,721		Danaher Corp		35,339,265
	195,700	n	Eli Lilly & Co		57,169,841
	225,682	*	Genmab A.S. (ADR)		7,939,493
	229,786	*	Horizon Therapeutics Plc		22,647,708
	67,428	*	IQVIA Holdings, Inc		14,698,630
	452,480		Johnson & Johnson		81,654,541
	23,485		Lonza Group AG.		13,847,550
	44,072		Roche Holding AG.		16,342,502
	227,559		Sanofi-Aventis		24,051,822
	68,763	*,n	Seagen, Inc		9,008,641
	68,701		West Pharmaceutical Services, Inc		21,644,937
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		455,051,403

3

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 1.8%
	74,814		AvalonBay Communities, Inc	$	17,018,689
	292,125		Prologis, Inc		46,824,716
	186,127		Rexford Industrial Realty, Inc		14,525,351
	212,220		Simon Property Group, Inc		25,041,960
			TOTAL REAL ESTATE		103,410,716
RETAILING - 5.1%
	68,061		Advance Auto Parts, Inc		13,587,017
	71,925	*	Amazon.com, Inc		178,778,938
	249,689	*,n	Children’s Place, Inc		11,568,091
	158,264	n	Home Depot, Inc		47,542,506
	50,506		Target Corp		11,548,197
	455,636		TJX Companies, Inc		27,921,374
			TOTAL RETAILING		290,946,123
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
	464,485	*,n	Advanced Micro Devices, Inc		39,722,757
	24,495		ASML Holding NV		13,809,546
	86,589	n	Broadcom, Inc		48,004,076
	326,597		Marvell Technology, Inc		18,968,754
	54,213	n	Monolithic Power Systems, Inc		21,264,507
	313,007	n	NVIDIA Corp		58,053,408
	184,540	n	QUALCOMM, Inc		25,778,393
	127,792		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		11,875,710
	187,463	*,n	Wolfspeed Inc		17,192,232
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		254,669,383
SOFTWARE & SERVICES - 13.0%
	145,044		Accenture plc		43,565,416
	215,809	*	Fiserv, Inc		21,132,017
	582,726	*	ironSource Ltd		2,231,841
	267,010		Mastercard, Inc (Class A)		97,026,094
	1,334,785	n	Microsoft Corp		370,429,533
	600,812		Oracle Corp		44,099,601
	37,333	*,n	Palo Alto Networks, Inc		20,954,266
	218,134	*,n	salesforce.com, Inc		38,378,496
	72,120	*,n	ServiceNow, Inc		34,480,572
	88,980	*	Synopsys, Inc		25,518,574
	167,769		Visa, Inc (Class A)		35,756,607
			TOTAL SOFTWARE & SERVICES		733,573,017
TECHNOLOGY HARDWARE & EQUIPMENT - 10.4%
	2,561,325		Apple, Inc		403,792,886
	271,946	*	Calix, Inc		10,853,365
	477,445	*	Ciena Corp		26,340,641
	923,831		Cisco Systems, Inc		45,249,242
	187,034		Cognex Corp		12,649,109
	576,016		Juniper Networks, Inc		18,156,024
	418,098	*	Stratasys Ltd		8,106,920
	261,316		TE Connectivity Ltd		32,607,011
	66,265	*	Teledyne Technologies, Inc		28,596,661
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		586,351,859

4

TIAA-CREF FUNDS – Growth & Income Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 1.7%
	302,336	*	Delta Air Lines, Inc	$	13,009,518
	110,568		DSV AS		18,127,807
	337,054		Knight-Swift Transportation Holdings, Inc		16,141,516
	141,267		Union Pacific Corp		33,097,446
	92,596	n	United Parcel Service, Inc (Class B)		16,665,428
			TOTAL TRANSPORTATION		97,041,715
UTILITIES - 2.0%
	186,582		Ameren Corp		17,333,468
	404,487		American Electric Power Co, Inc		40,088,706
	174,409		Evergy, Inc		11,833,651
	232,019		NextEra Energy, Inc		16,477,989
	203,653		Public Service Enterprise Group, Inc		14,186,468
	329,903		RWE AG.		13,697,374
			TOTAL UTILITIES		113,617,656
			TOTAL COMMON STOCKS		5,641,468,059
			(Cost $3,463,357,789)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.8%
GOVERNMENT AGENCY DEBT - 0.2%
$	10,000,000		Federal Home Loan Bank (FHLB)		0.000	%	05/05/22		9,999,601
			TOTAL GOVERNMENT AGENCY DEBT						9,999,601
REPURCHASE AGREEMENT - 0.6%
	36,430,000	r	Fixed Income Clearing Corp (FICC)		0.250		05/02/22		36,430,000
			TOTAL REPURCHASE AGREEMENT						36,430,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	2,079,324	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				2,079,324
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						2,079,324
			TOTAL SHORT-TERM INVESTMENTS						48,508,925
			(Cost $48,509,057)
			TOTAL INVESTMENTS - 100.4%						5,689,976,984
			(Cost $3,511,866,846)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(25,169,797	)
			NET ASSETS - 100.0%					$	5,664,807,187

	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 $5,337,629.
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 Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $36,430,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 11/15/45, valued at $37,158,685.

5

TIAA-CREF FUNDS – Growth & Income Fund

Written options outstanding as of April 30, 2022 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Advanced Micro Devices, Inc, Call		400	$	(22,788	)	$	120.00	05/20/22	$	(8,400	)
Advanced Micro Devices, Inc, Call		400		(123,664	)		130.00	08/19/22		(54,800	)
Advanced Micro Devices, Inc, Put		450		(95,580	)		80.00	05/20/22		(171,000	)
Advanced Micro Devices, Inc, Put		400		(267,419	)		85.00	08/19/22		(422,000	)
Airbnb, Inc, Call		210		(39,049	)		200.00	05/20/22		(12,600	)
Albertsons Cos, Inc, Call		900		(202,428	)		40.00	07/15/22		(33,750	)
Albertsons Cos, Inc, Put		1,100		(37,412	)		28.00	05/20/22		(41,250	)
Albertsons Cos, Inc, Put		900		(101,673	)		26.00	07/15/22		(74,250	)
Align Technology, Inc, Put		200		(42,628	)		210.00	05/20/22		(30,000	)
Alliance Data Systems Corp, Put		200		(109,594	)		60.00	09/16/22		(206,000	)
Alphabet, Inc, Call		14		(9,534	)		3,360.00	05/20/22		(1,456	)
Ambarella, Inc, Put		290		(962,207	)		115.00	01/20/23		(1,158,550	)
Aptiv plc, Put		165		(89,327	)		100.00	08/19/22		(133,650	)
Aptiv plc, Put		165		(71,605	)		105.00	08/19/22		(169,950	)
Aptiv plc, Put		165		(104,321	)		95.00	11/18/22		(156,750	)
Arcturus Therapeutics Holdings, Inc, Put		500		(623,982	)		30.00	01/20/23		(685,000	)
Axsome Therapeutics, Inc, Put		420		(267,946	)		30.00	09/16/22		(361,200	)
Axsome Therapeutics, Inc, Put		420		(364,390	)		32.50	09/16/22		(436,800	)
Axsome Therapeutics, Inc, Put		840		(692,678	)		35.00	09/16/22		(991,200	)
BioNTech SE, Put		187		(1,085,382	)		200.00	01/20/23		(1,369,775	)
BioNTech SE, Put		49		(399,015	)		210.00	01/20/23		(396,410	)
Boston Beer Co, Inc, Put		100		(1,024,260	)		540.00	12/16/22		(1,729,500	)
Broadcom, Inc, Put		82		(29,681	)		520.00	05/20/22		(86,510	)
Centene Corp, Put		600		(47,982	)		70.00	05/20/22		(15,000	)
CF Industries Holdings, Inc, Put		470		(62,327	)		80.00	05/20/22		(56,400	)
CF Industries Holdings, Inc, Put		39		(15,178	)		77.50	08/19/22		(18,720	)
CF Industries Holdings, Inc, Put		430		(184,517	)		80.00	08/19/22		(227,900	)
Cheniere Energy, Inc, Call		350		(247,789	)		150.00	06/17/22		(122,500	)
Cheniere Energy, Inc, Put		340		(66,769	)		115.00	06/17/22		(74,800	)
Children’s Place, Inc, Call		615		(316,484	)		75.00	09/16/22		(142,988	)
Children’s Place, Inc, Put		615		(252,297	)		40.00	09/16/22		(304,425	)
Citigroup, Inc, Put		445		(31,137	)		42.50	05/20/22		(18,690	)
Cloudflare, Inc, Put		300		(342,973	)		95.00	11/18/22		(657,000	)
Crowdstrike Holdings, Inc, Put		200		(200,327	)		180.00	09/16/22		(397,500	)
Deere & Co, Call		109		(158,264	)		450.00	06/17/22		(30,847	)
Deere & Co, Put		109		(152,269	)		350.00	06/17/22		(106,275	)
Dexcom, Inc, Put		60		(76,812	)		420.00	06/17/22		(187,200	)
Dexcom, Inc, Put		60		(88,051	)		430.00	06/17/22		(197,400	)
Dexcom, Inc, Put		65		(288,175	)		400.00	09/16/22		(281,125	)
DocuSign, Inc, Put		760		(112,830	)		85.00	05/20/22		(616,360	)
DraftKings, Inc, Put		300		(207,890	)		25.00	01/20/23		(370,800	)
DraftKings, Inc, Put		500		(521,483	)		30.00	01/20/23		(830,000	)
Duck Creek Technologies, Inc, Put		1,000		(341,699	)		22.50	10/21/22		(740,000	)
Edwards Lifesciences Corp, Put		420		(46,188	)		100.00	05/20/22		(73,500	)
Eli Lilly & Co, Put		100		(10,297	)		250.00	05/20/22		(5,900	)
Emergent BioSolutions, Inc, Put		115		(71,130	)		45.00	09/16/22		(147,200	)
Emergent BioSolutions, Inc, Put		173		(164,181	)		50.00	09/16/22		(299,290	)
EOG Resources, Inc, Put		420		(33,390	)		100.00	05/20/22		(43,260	)
Estee Lauder Cos, Inc, Put		160		(190,074	)		280.00	07/15/22		(379,200	)
Farfetch Ltd, Put		800		(693,205	)		25.00	01/20/23		(1,154,000	)
FedEx Corp, Put		86		(50,956	)		180.00	07/15/22		(52,890	)
Fortinet, Inc, Put		170		(115,001	)		260.00	06/17/22		(217,600	)

6

TIAA-CREF FUNDS – Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Generac Holdings, Inc, Put		60	$	(167,877	)	$	260.00	12/16/22	$	(361,800	)
Generac Holdings, Inc, Put		60		(188,877	)		270.00	12/16/22		(405,000	)
General Motors Co, Call		800		(155,320	)		48.00	09/16/22		(86,400	)
General Motors Co, Put		800		(239,095	)		38.00	09/16/22		(312,000	)
Global Payments, Inc, Put		288		(71,415	)		110.00	08/19/22		(115,200	)
HCA Healthcare, Inc, Put		215		(60,838	)		195.00	06/17/22		(105,350	)
Home Depot, Inc, Call		240		(290,022	)		380.00	01/20/23		(168,000	)
Home Depot, Inc, Put		240		(658,271	)		300.00	01/20/23		(726,480	)
IDEXX Laboratories, Inc, Put		73		(43,375	)		470.00	05/20/22		(358,065	)
Intel Corp, Put		1,000		(352,969	)		42.50	09/16/22		(342,000	)
Intuitive Surgical, Inc, Put		190		(121,214	)		230.00	07/15/22		(220,400	)
Linde plc, Put		150		(37,195	)		280.00	05/20/22		(20,100	)
Lululemon Athletica, Inc, Put		130		(49,070	)		330.00	05/20/22		(86,190	)
Lululemon Athletica, Inc, Put		200		(297,816	)		300.00	06/17/22		(168,000	)
M&T Bank Corp, Put		290		(48,711	)		145.00	05/20/22		(26,100	)
Microsoft Corp, Call		150		(15,446	)		330.00	06/17/22		(11,250	)
Moderna, Inc, Put		100		(540,695	)		250.00	09/16/22		(1,176,500	)
Moderna, Inc, Put		300		(2,205,880	)		220.00	01/20/23		(2,769,000	)
Monolithic Power Systems, Inc, Call		100		(169,796	)		540.00	12/16/22		(207,500	)
Monolithic Power Systems, Inc, Put		100		(363,995	)		350.00	12/16/22		(423,500	)
NetFlix, Inc, Call		75		(20,848	)		262.50	05/20/22		(2,850	)
NetFlix, Inc, Put		250		(36,253	)		170.00	05/20/22		(102,250	)
NetFlix, Inc, Put		75		(582,938	)		400.00	01/20/23		(1,527,075	)
NVIDIA Corp, Put		130		(156,565	)		200.00	06/17/22		(348,660	)
Palo Alto Networks, Inc, Call		67		(95,905	)		690.00	05/20/22		(18,927	)
Palo Alto Networks, Inc, Put		67		(101,771	)		510.00	06/17/22		(141,035	)
Paramount Global, Put		892		(597,618	)		35.00	09/16/22		(673,460	)
PayPal Holdings, Inc, Put		420		(225,947	)		87.50	07/15/22		(338,100	)
Peabody Energy Corp, Call		1,000		(163,690	)		34.00	05/20/22		(25,000	)
Petco Health & Wellness Co, Inc, Put		1,600		(220,752	)		15.00	09/16/22		(104,000	)
QUALCOMM, Inc, Call		240		(29,705	)		175.00	06/17/22		(20,640	)
Royal Caribbean Cruises Ltd, Put		646		(48,644	)		65.00	05/20/22		(66,538	)
salesforce.com, Inc, Call		190		(161,154	)		230.00	07/15/22		(25,270	)
salesforce.com, Inc, Put		190		(198,224	)		175.00	07/15/22		(250,800	)
Seagen, Inc, Call		320		(351,351	)		220.00	06/17/22		(75,200	)
Seagen, Inc, Put		320		(655,350	)		135.00	09/16/22		(640,000	)
ServiceNow, Inc, Call		62		(30,777	)		680.00	05/20/22		(1,240	)
Shake Shack, Inc, Put		500		(520,342	)		62.50	09/16/22		(560,000	)
Snap, Inc, Put		350		(258,158	)		45.00	07/15/22		(544,600	)
Snap, Inc, Put		350		(233,089	)		36.00	10/21/22		(327,250	)
Snowflake, Inc, Put		210		(930,781	)		215.00	01/20/23		(1,346,100	)
Sociedad Quimica y Minera de Chile S.A., Call		600		(371,141	)		105.00	09/16/22		(133,500	)
Sociedad Quimica y Minera de Chile S.A., Call		600		(403,780	)		95.00	09/16/22		(216,000	)
Sociedad Quimica y Minera de Chile S.A., Put		600		(490,780	)		75.00	09/16/22		(648,000	)
Spirit AeroSystems Holdings, Inc, Call		880		(143,414	)		55.00	05/20/22		(17,600	)
Spirit AeroSystems Holdings, Inc, Put		880		(98,534	)		39.00	05/20/22		(114,400	)
Take-Two Interactive Software, Inc, Call		290		(147,311	)		170.00	09/16/22		(44,225	)
Take-Two Interactive Software, Inc, Put		290		(185,011	)		120.00	09/16/22		(375,550	)
Teradyne, Inc, Put		520		(105,757	)		90.00	07/15/22		(136,240	)

7

TIAA-CREF FUNDS – Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Tesla, Inc, Call		110	$	(1,185,093	)	$	1,300.00	09/16/22	$	(330,000	)
Tesla, Inc, Put		60		(35,096	)		730.00	05/20/22		(22,800	)
Tesla, Inc, Put		65		(155,826	)		750.00	07/15/22		(348,270	)
Tesla, Inc, Put		111		(804,838	)		850.00	09/16/22		(1,376,400	)
Ulta Beauty, Inc, Put		140		(315,641	)		330.00	09/16/22		(196,000	)
United Parcel Service, Inc, Put		254		(35,491	)		165.00	05/20/22		(53,340	)
Walt Disney Co, Put		380		(34,189	)		110.00	05/20/22		(176,700	)
Wolfspeed, Inc, Call		300		(51,435	)		135.00	05/20/22		(9,000	)
WW International, Inc, Put		900		(295,172	)		12.50	10/21/22		(319,500	)
WW International, Inc, Put		1,000		(192,970	)		10.00	01/20/23		(220,000	)
Zscaler, Inc, Put		210		(411,172	)		230.00	08/19/22		(928,725	)
Total		39,998	$	(29,016,628	)				$	(37,393,651	)

8

TIAA-CREF FUNDS – Large-Cap Growth Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.1%
AUTOMOBILES & COMPONENTS - 3.2%
	406,255	*	General Motors Co	$	15,401,127
	64,874	*,e	Rivian Automotive, Inc		1,961,790
	175,885	*	Tesla, Inc		153,153,622
			TOTAL AUTOMOBILES & COMPONENTS		170,516,539
BANKS - 0.5%
	591,877		Wells Fargo & Co		25,823,593
			TOTAL BANKS		25,823,593
CAPITAL GOODS - 3.9%
	244,343	*	Boeing Co		36,368,012
	766,248		Carrier Global Corp		29,324,311
	135,426		Deere & Co		51,130,086
	347,619	*	Liberty Media Acquisition Corp		3,497,047
	124,559		Roper Technologies Inc		58,532,765
	280,603		Safran S.A.		30,136,334
			TOTAL CAPITAL GOODS		208,988,555
COMMERCIAL & PROFESSIONAL SERVICES - 3.3%
	99,089	*	Cimpress plc		5,004,985
	756,879		Experian Group Ltd		26,138,324
	295,650		Verisk Analytics, Inc		60,327,383
	618,087		Waste Connections, Inc		85,277,463
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		176,748,155
CONSUMER DURABLES & APPAREL - 1.5%
	235,547		Essilor International S.A.		40,101,339
	167,328		Nike, Inc (Class B)		20,865,802
	3,419,000		Prada S.p.A		21,273,491
			TOTAL CONSUMER DURABLES & APPAREL		82,240,632
CONSUMER SERVICES - 4.4%
	78,192	*	Booking Holdings, Inc		172,828,559
	1,382,330	*	Carnival Corp		23,914,309
	10,573	*	Chipotle Mexican Grill, Inc (Class A)		15,390,165
	664,292	*	Las Vegas Sands Corp		23,535,866
			TOTAL CONSUMER SERVICES		235,668,899
DIVERSIFIED FINANCIALS - 1.4%
	3,133,698	*	Grab Holdings Ltd.		9,244,409
	433,696	*	Ribbit LEAP Ltd		4,345,634
	165,015		S&P Global, Inc		62,128,148
			TOTAL DIVERSIFIED FINANCIALS		75,718,191

9

TIAA-CREF FUNDS – Large-Cap Growth Fund

SHARES			COMPANY	VALUE
ENERGY - 1.6%
	569,545		ConocoPhillips	$	54,402,939
	134,892		Pioneer Natural Resources Co		31,358,343
			TOTAL ENERGY		85,761,282
FOOD & STAPLES RETAILING - 2.3%
	229,254		Costco Wholesale Corp		121,898,937
			TOTAL FOOD & STAPLES RETAILING		121,898,937
FOOD, BEVERAGE & TOBACCO - 1.5%
	1,714,825		Davide Campari-Milano NV		19,348,679
	732,160	*	Monster Beverage Corp		62,731,469
			TOTAL FOOD, BEVERAGE & TOBACCO		82,080,148
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
	193,780		Alcon, Inc		13,836,048
	101,593	*	Align Technology, Inc		29,452,827
	121,103	*	Dexcom, Inc		49,480,264
	193,842	*	Guardant Health, Inc		11,960,051
	261,334	*	Intuitive Surgical, Inc		62,537,226
	139,389		UnitedHealth Group, Inc		70,886,276
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		238,152,692
INSURANCE - 0.9%
	860,551		American International Group, Inc		50,350,839
			TOTAL INSURANCE		50,350,839
MATERIALS - 0.5%
	84,966		Linde plc		26,505,993
			TOTAL MATERIALS		26,505,993
MEDIA & ENTERTAINMENT - 10.2%
	121,328	*	Alphabet, Inc (Class C)		278,973,110
	394,662		Comcast Corp (Class A)		15,691,761
	210,453	*	IAC		17,442,345
	351,989	*	Match Group, Inc		27,859,929
	646,684	*	Meta Platforms, Inc		129,640,742
	226,850	*	ROBLOX Corp		6,952,953
	445,500		Tencent Holdings Ltd		20,994,136
	538,273	*	Twitter, Inc		26,386,142
	251,350	*	Walt Disney Co		28,058,201
			TOTAL MEDIA & ENTERTAINMENT		551,999,319
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.3%
	574,873		AbbVie, Inc		84,437,346
	1,317,010	*	Avantor, Inc		41,986,279
	273,653	*	Horizon Therapeutics Plc		26,971,240
	250,488	*	Illumina, Inc		74,307,265
	326,116		Zoetis, Inc		57,804,061
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		285,506,191

10

TIAA-CREF FUNDS – Large-Cap Growth Fund

SHARES			COMPANY	VALUE
RETAILING - 12.2%
	194,556	*	Amazon.com, Inc	$	483,594,230
	272,207	*	CarMax, Inc		23,349,917
	559,654	*	Coupang, Inc		7,202,747
	632,681		eBay, Inc		32,848,798
	127,076		Home Depot, Inc		38,173,630
	35,549		Kering		18,914,641
	945,072		TJX Companies, Inc		57,914,012
			TOTAL RETAILING		661,997,975
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.3%
	771,924	*	Advanced Micro Devices, Inc		66,014,940
	659,515		Applied Materials, Inc		72,777,480
	197,386		Broadcom, Inc		109,428,825
	608,997		Marvell Technology, Inc		35,370,546
	450,885		NVIDIA Corp		83,625,641
	306,482		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		28,481,372
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		395,698,804
SOFTWARE & SERVICES - 26.4%
	218,886		Accenture plc		65,744,599
	11,938	*,g	Adyen NV		20,023,528
	330,994	*	DocuSign, Inc		26,810,514
	183,845		Intuit, Inc		76,985,094
	2,495,470	*	ironSource Ltd		9,557,650
	1,880,272		Microsoft Corp		521,813,086
	740,737		Oracle Corp		54,370,096
	77,665	*	Palo Alto Networks, Inc		43,591,811
	470,799	*	PayPal Holdings, Inc		41,397,356
	887,594	*	Qualtrics International, Inc		16,455,993
	612,090	*	salesforce.com, Inc		107,691,115
	151,734	*	ServiceNow, Inc		72,544,025
	114,191	*	Synopsys, Inc		32,748,837
	1,319,178		Visa, Inc (Class A)		281,156,407
	260,839	*	Workday, Inc		53,915,421
			TOTAL SOFTWARE & SERVICES		1,424,805,532
TECHNOLOGY HARDWARE & EQUIPMENT - 6.0%
	2,059,088		Apple, Inc		324,615,223
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		324,615,223
TRANSPORTATION - 2.3%
	1,814,647	*	Uber Technologies, Inc		57,125,088
	296,280		Union Pacific Corp		69,415,441
			TOTAL TRANSPORTATION		126,540,529
			TOTAL COMMON STOCKS		5,351,618,028
			(Cost $3,744,630,062)

11

TIAA-CREF FUNDS – Large-Cap Growth Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.4%
REPURCHASE AGREEMENT - 1.4%
$	74,845,000	r	Fixed Income Clearing Corp (FICC)		0.250	%	05/02/22	$	74,845,000
			TOTAL REPURCHASE AGREEMENT						74,845,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	2,120,030	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				2,120,030
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						2,120,030
			TOTAL SHORT-TERM INVESTMENTS						76,965,030
			(Cost $76,965,030)
			TOTAL INVESTMENTS - 100.5%						5,428,583,058
			(Cost $3,821,595,092)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%						(26,146,753	)
			NET ASSETS - 100.0%					$	5,402,436,305

	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 $1,942,164.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $20,023,528 or 0.4% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $74,845,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.875%-3.000% and maturity dates 5/15/45-8/15/45, valued at $76,341,935.

12

TIAA-CREF FUNDS – Large-Cap Value Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.1%
BANKS - 9.6%
	3,436,558		Bank of America Corp	$	122,616,390
	1,141,415		JPMorgan Chase & Co		136,239,294
	388,837		PNC Financial Services Group, Inc		64,585,826
	1,120,629		US Bancorp		54,417,744
	2,338,744		Wells Fargo & Co		102,039,401
			TOTAL BANKS		479,898,655
CAPITAL GOODS - 11.1%
	156,430		Allegion plc		17,870,563
	168,164	*	Boeing Co		25,029,530
	123,045		Caterpillar, Inc		25,905,894
	155,432		Deere & Co		58,683,352
	368,062		Dover Corp		49,062,665
	368,233		Eaton Corp		53,401,150
	416,462		Honeywell International, Inc		80,589,562
	677,341		Masco Corp		35,689,097
	216,824		Parker-Hannifin Corp		58,720,276
	1,135,116		Raytheon Technologies Corp		107,733,859
	157,462		Stanley Black & Decker, Inc		18,919,059
	146,526		Trane Technologies plc		20,497,522
			TOTAL CAPITAL GOODS		552,102,529
CONSUMER DURABLES & APPAREL - 0.8%
	9,333	*	NVR, Inc		40,843,168
			TOTAL CONSUMER DURABLES & APPAREL		40,843,168
CONSUMER SERVICES - 3.4%
	13,460	*	Booking Holdings, Inc		29,750,773
	490,503	*	Hilton Worldwide Holdings, Inc		76,170,211
	260,766		McDonald’s Corp		64,972,456
			TOTAL CONSUMER SERVICES		170,893,440
DIVERSIFIED FINANCIALS - 6.1%
	415,424		American Express Co		72,578,727
	290,312	*	Berkshire Hathaway, Inc (Class B)		93,721,423
	69,398		BlackRock, Inc		43,351,543
	387,958		Charles Schwab Corp		25,733,254
	226,662		Goldman Sachs Group, Inc		69,242,974
			TOTAL DIVERSIFIED FINANCIALS		304,627,921
ENERGY - 8.0%
	944,274		Chevron Corp		147,939,408
	1,224,596		ConocoPhillips		116,973,410
	642,444		EOG Resources, Inc		75,011,761
	503,203		Valero Energy Corp		56,097,070
			TOTAL ENERGY		396,021,649

13

TIAA-CREF FUNDS – Large-Cap Value Fund

SHARES			COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.7%
	552,970		Walmart, Inc	$	84,598,880
			TOTAL FOOD & STAPLES RETAILING		84,598,880
FOOD, BEVERAGE & TOBACCO - 0.9%
	728,626		Mondelez International, Inc		46,981,805
			TOTAL FOOD, BEVERAGE & TOBACCO		46,981,805
HEALTH CARE EQUIPMENT & SERVICES - 10.9%
	330,942		Abbott Laboratories		37,561,917
	214,454		Anthem, Inc		107,640,896
	260,871		Cigna Corp		64,377,745
	196,444		HCA Healthcare, Inc		42,147,060
	694,121		Medtronic plc		72,438,468
	378,408		UnitedHealth Group, Inc		192,439,389
	229,791		Zimmer Biomet Holdings, Inc		27,747,263
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		544,352,738
HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
	324,615		Procter & Gamble Co		52,116,938
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		52,116,938
INSURANCE - 5.8%
	1,264,237		American International Group, Inc		73,970,507
	474,772		Chubb Ltd		98,016,679
	423,264		Marsh & McLennan Cos, Inc		68,441,789
	452,272		Prudential Financial, Inc		49,076,035
			TOTAL INSURANCE		289,505,010
MATERIALS - 4.7%
	268,760		Ball Corp		21,812,562
	642,903		Crown Holdings, Inc		70,745,046
	638,558		DuPont de Nemours, Inc		42,100,129
	94,517		Linde plc		29,485,523
	337,051		PPG Industries, Inc		43,139,158
	139,657		Reliance Steel & Aluminum Co		27,687,000
			TOTAL MATERIALS		234,969,418
MEDIA & ENTERTAINMENT - 5.7%
	37,303	*	Alphabet, Inc (Class C)		85,771,907
	76,241	*	Charter Communications, Inc		32,668,506
	2,584,360		Comcast Corp (Class A)		102,754,153
	540,882	*	Walt Disney Co		60,378,658
			TOTAL MEDIA & ENTERTAINMENT		281,573,224
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
	256,811		AbbVie, Inc		37,720,400
	1,133,411		Bristol-Myers Squibb Co		85,311,846
	320,459		Gilead Sciences, Inc		19,016,037
	981,306		Johnson & Johnson		177,086,481
	522,483		Merck & Co, Inc		46,339,017
	894,033		Pfizer, Inc		43,870,199
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		409,343,980

14

TIAA-CREF FUNDS – Large-Cap Value Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 1.0%
	322,602		Prologis, Inc	$	51,709,875
			TOTAL REAL ESTATE		51,709,875
RETAILING - 0.9%
	140,578		Home Depot, Inc		42,229,631
			TOTAL RETAILING		42,229,631
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
	324,511		Analog Devices, Inc		50,098,008
	351,339		Applied Materials, Inc		38,770,259
	483,324		Intel Corp		21,068,093
	20,907		Lam Research Corp		9,737,644
	777,872		Micron Technology, Inc		53,043,092
	275,188		NXP Semiconductors NV		47,029,629
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		219,746,725
SOFTWARE & SERVICES - 4.1%
	179,840		Accenture plc		54,016,743
	539,724	*	Fiserv, Inc		52,849,774
	252,151		Microsoft Corp		69,976,946
	348,436		Oracle Corp		25,575,202
			TOTAL SOFTWARE & SERVICES		202,418,665
TECHNOLOGY HARDWARE & EQUIPMENT - 3.2%
	1,771,059		Cisco Systems, Inc		86,746,470
	573,757		TE Connectivity Ltd		71,593,398
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		158,339,868
TELECOMMUNICATION SERVICES - 1.2%
	478,667	*	T-Mobile US, Inc		58,943,054
			TOTAL TELECOMMUNICATION SERVICES		58,943,054
TRANSPORTATION - 3.1%
	726,667	*,†,b	AMR Corporation		7,267
	1,181,340		CSX Corp		40,567,216
	364,119		Union Pacific Corp		85,309,440
	147,550		United Parcel Service, Inc (Class B)		26,556,049
			TOTAL TRANSPORTATION		152,439,972
UTILITIES - 3.3%
	501,498		Ameren Corp		46,589,164
	599,883		American Electric Power Co, Inc		59,454,404
	1,491,453		Centerpoint Energy, Inc		45,653,376
	160,821		NextEra Energy, Inc		11,421,508
			TOTAL UTILITIES		163,118,452
			TOTAL COMMON STOCKS		4,936,775,597
			(Cost $3,335,991,480)

15

TIAA-CREF FUNDS – Large-Cap Value Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.3%
$	10,000,000		Federal Farm Credit Bank (FFCB)		0.000	%	06/14/22	$	9,991,434
	5,730,000		Federal Home Loan Bank (FHLB)		0.000		05/04/22		5,729,848
			TOTAL GOVERNMENT AGENCY DEBT						15,721,282
REPURCHASE AGREEMENT - 0.9%
	45,725,000	r	Fixed Income Clearing Corp (FICC)		0.250		05/02/22		45,725,000
			TOTAL REPURCHASE AGREEMENT						45,725,000
			TOTAL SHORT-TERM INVESTMENTS						61,446,282
			(Cost $61,447,559)
			TOTAL INVESTMENTS - 100.3%						4,998,221,879
			(Cost $3,397,439,039)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(17,397,831	)
			NET ASSETS - 100.0%					$	4,980,824,048

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
b	In bankruptcy
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $45,725,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.500% and maturity dates 2/15/46-5/15/46, valued at $46,639,526.

16

TIAA-CREF FUNDS – Mid-Cap Growth Fund

TIAA-CREF FUNDS

MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
BANKS - 0.5%
	159,572		Citizens Financial Group, Inc	$	6,287,137
			TOTAL BANKS		6,287,137
CAPITAL GOODS - 6.9%
	40,208		Carlisle Cos, Inc		10,428,347
	450,995		Carrier Global Corp		17,259,579
	31,768		L3Harris Technologies, Inc		7,378,436
	87,301	*	Liberty Media Acquisition Corp		878,248
	316,731		Spirit Aerosystems Holdings, Inc (Class A)		13,315,371
	33,055	*	TransDigm Group, Inc		19,661,444
	46,093		W.W. Grainger, Inc		23,047,883
			TOTAL CAPITAL GOODS		91,969,308
COMMERCIAL & PROFESSIONAL SERVICES - 8.7%
	616,552	*	ACV Auctions, Inc		8,230,969
	109,602	*	Cimpress plc		5,535,997
	535,801	*	Driven Brands Holdings, Inc		14,943,490
	358,174		Experian Group Ltd		12,369,306
	921,551	*	First Advantage Corp		15,998,125
	176,901		Verisk Analytics, Inc		36,096,649
	180,550		Waste Connections, Inc		24,910,484
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		118,085,020
CONSUMER DURABLES & APPAREL - 4.4%
	167,778	*	Capri Holdings Ltd		8,003,010
	92,047		Garmin Ltd		10,101,238
	46,926	*	Lululemon Athletica, Inc		16,641,367
	363,884	*	Peloton Interactive, Inc		6,389,803
	2,028,700		Prada S.p.A		12,622,852
	997,840	*,e	Traeger, Inc		5,977,062
			TOTAL CONSUMER DURABLES & APPAREL		59,735,332
CONSUMER SERVICES - 8.1%
	10,582	*	Chipotle Mexican Grill, Inc (Class A)		15,403,265
	164,969	*,e	Dutch Bros, Inc		7,880,569
	325,534	*	Entain PLC		6,116,890
	765,407		European Wax Center, Inc		21,010,422
	98,422	*	Expedia Group, Inc		17,199,245
	71,045	*	Hilton Worldwide Holdings, Inc		11,032,578
	27,179	*	Hyatt Hotels Corp		2,580,918
	39,900		Restaurant Brands International, Inc		2,277,891
	174,031	*	Royal Caribbean Cruises Ltd		13,527,430
	167,126	*	Wynn Resorts Ltd		11,779,040
			TOTAL CONSUMER SERVICES		108,808,248

17

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
DIVERSIFIED FINANCIALS - 2.4%
	47,715		Ameriprise Financial, Inc	$	12,667,855
	814,235	*	Grab Holdings Ltd.		2,401,993
	294,384		Jefferies Financial Group, Inc		9,055,252
	111,547		Tradeweb Markets, Inc		7,941,031
			TOTAL DIVERSIFIED FINANCIALS		32,066,131
ENERGY - 4.1%
	163,836		Cheniere Energy, Inc		22,250,567
	220,758		Halliburton Co		7,863,400
	107,274		Pioneer Natural Resources Co		24,937,987
			TOTAL ENERGY		55,051,954
FOOD, BEVERAGE & TOBACCO - 2.1%
	1,078,137		Davide Campari-Milano NV		12,164,814
	258,912		Fevertree Drinks plc		5,870,763
	104,406	*	Freshpet, Inc		9,746,300
			TOTAL FOOD, BEVERAGE & TOBACCO		27,781,877
HEALTH CARE EQUIPMENT & SERVICES - 6.6%
	34,387	*	Align Technology, Inc		9,969,135
	68,350	*	Dexcom, Inc		27,926,443
	133,776	*	Guardant Health, Inc		8,253,979
	83,276	*	Molina Healthcare, Inc		26,102,862
	90,713	*	Veeva Systems, Inc		16,505,231
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		88,757,650
INSURANCE - 0.6%
	122,994	*	Trupanion, Inc		7,824,878
			TOTAL INSURANCE		7,824,878
MATERIALS - 1.1%
	36,228		Albemarle Corp		6,985,845
	58,568		Westlake Chemical Corp		7,411,781
			TOTAL MATERIALS		14,397,626
MEDIA & ENTERTAINMENT - 3.6%
	57,563		Electronic Arts, Inc		6,795,312
	64,180	*	IAC		5,319,238
	285,246	*	Match Group, Inc		22,577,221
	278,185		News Corp (Class A)		5,524,754
	176,634	*	Twitter, Inc		8,658,599
			TOTAL MEDIA & ENTERTAINMENT		48,875,124
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1%
	200,742		Agilent Technologies, Inc		23,942,499
	613,510	*	Avantor, Inc		19,558,699
	63,824	*	Charles River Laboratories International, Inc		15,414,134
	477,735	*	Elanco Animal Health, Inc		12,091,473
	238,338	*	Horizon Therapeutics Plc		23,490,593
	57,679	*	Repligen Corp		9,069,446
	57,238		West Pharmaceutical Services, Inc		18,033,404
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		121,600,248

18

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 1.5%
	167,186		Simon Property Group, Inc	$	19,727,948
			TOTAL REAL ESTATE		19,727,948
RETAILING - 5.5%
	93,321	*	Burlington Stores, Inc		18,996,423
	130,258	*	CarMax, Inc		11,173,531
	123,516	*	Dollar Tree, Inc		20,065,174
	487,560	*	Farfetch Ltd		5,460,672
	118,116	*	Five Below, Inc		18,556,024
			TOTAL RETAILING		74,251,824
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7%
	136,890		Entegris, Inc		15,248,177
	214,180		Marvell Technology, Inc		12,439,574
	172,109		Microchip Technology, Inc		11,221,507
	69,504		Monolithic Power Systems, Inc		27,262,249
	57,418		NXP Semiconductors NV		9,812,736
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		75,984,243
SOFTWARE & SERVICES - 24.5%
	5,591	*,g	Adyen NV		9,377,747
	110,335	*	Black Knight, Inc		7,258,940
	508,343	*,e	Clear Secure, Inc		15,463,794
	152,450	*	Datadog, Inc		18,412,911
	222,353	*	DocuSign, Inc		18,010,593
	39,306	*	EPAM Systems, Inc		10,415,697
	54,784	*	Gartner, Inc		15,917,491
	51,717	*	HubSpot, Inc		19,622,981
	1,490,101	*	ironSource Ltd		5,707,087
	636,953	*	Marqeta, Inc		5,923,663
	47,913	*	Monday.com Ltd		6,199,942
	45,958	*	MongoDB, Inc		16,311,873
	99,070	*	Okta, Inc		11,820,042
	76,329	*	Palo Alto Networks, Inc		42,841,941
	132,694	*	Paylocity Holding Corp		25,162,763
	529,796	*	Qualtrics International, Inc		9,822,418
	3,007,054	*	Sabre Corp		31,483,856
	287,978	*	SentinelOne, Inc		9,581,028
	123,749	*	Synopsys, Inc		35,489,976
	66,814	*	Zscaler, Inc		13,545,870
			TOTAL SOFTWARE & SERVICES		328,370,613
TECHNOLOGY HARDWARE & EQUIPMENT - 1.3%
	148,858	*	Arista Networks, Inc		17,203,519
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		17,203,519
TRANSPORTATION - 2.9%
	715,532	*,e	Hertz Global Holdings, Inc		14,353,572
	69,832		JB Hunt Transport Services, Inc		11,930,797
	386,801	*	Lyft, Inc (Class A)		12,609,713
			TOTAL TRANSPORTATION		38,894,082
			TOTAL COMMON STOCKS		1,335,672,762
			(Cost $1,278,812,517)

19

TIAA-CREF FUNDS – Mid-Cap Growth Fund

SHARES		COMPANY	VALUE
RIGHTS / WARRANTS - 0.2%
TRANSPORTATION - 0.2%
	169,870	Hertz Global Holdings, Inc	$	2,378,180
		TOTAL TRANSPORTATION		2,378,180
		TOTAL RIGHTS / WARRANTS		2,378,180
		(Cost $2,029,947)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.1%
REPURCHASE AGREEMENT - 0.3%
$	3,870,000	r	Fixed Income Clearing Corp (FICC)		0.250	%	05/02/22		3,870,000
			TOTAL REPURCHASE AGREEMENT						3,870,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.8%
	23,616,631	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				23,616,631
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						23,616,631
			TOTAL SHORT-TERM INVESTMENTS						27,486,631
			(Cost $27,486,631)
			TOTAL INVESTMENTS - 101.9%						1,365,537,573
			(Cost $1,308,329,095)
			OTHER ASSETS & LIABILITIES, NET - (1.9)%						(25,216,387	)
			NET ASSETS - 100.0%					$	1,340,321,186

*	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 $21,904,490.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $9,377,747 or 0.7% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $3,870,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $3,947,481.

20

TIAA-CREF FUNDS – Mid-Cap Value Fund

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
BANKS - 5.6%
	282,755		East West Bancorp, Inc	$	20,160,431
	368,061		First Interstate Bancsystem, Inc		11,969,344
	1,157,717		Huntington Bancshares, Inc		15,223,979
	115,942		Signature Bank		28,086,949
	342,006		Webster Financial Corp		17,096,880
	202,785		Western Alliance Bancorp		15,433,966
			TOTAL BANKS		107,971,549
CAPITAL GOODS - 12.3%
	202,559		Crane Co		19,492,253
	145,129		Curtiss-Wright Corp		20,740,385
	172,646		Dover Corp		23,013,712
	122,655		Eaton Corp		17,787,428
	723,919		Howmet Aerospace, Inc		24,700,116
	133,401		Hubbell, Inc		26,061,219
	367,182		Johnson Controls International plc		21,983,186
	129,285		Parker-Hannifin Corp		35,012,964
	165,640	*	WESCO International, Inc		20,416,787
	312,493		Westinghouse Air Brake Technologies Corp		28,096,246
			TOTAL CAPITAL GOODS		237,304,296
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	167,426		Republic Services, Inc		22,480,289
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		22,480,289
CONSUMER DURABLES & APPAREL - 2.6%
	1,283,268		Newell Brands Inc		29,707,654
	1,439,313	*	Under Armour, Inc (Class C)		20,423,852
			TOTAL CONSUMER DURABLES & APPAREL		50,131,506
CONSUMER SERVICES - 4.1%
	105,890	*	Expedia Group, Inc		18,504,278
	378,097		Travel & Leisure Co		20,976,822
	95,616		Wyndham Hotels & Resorts, Inc		8,410,383
	262,525		Yum! Brands, Inc		30,718,050
			TOTAL CONSUMER SERVICES		78,609,533
DIVERSIFIED FINANCIALS - 6.7%
	659,139		Ally Financial, Inc		26,339,194
	115,178		Ameriprise Financial, Inc		30,578,607
	574,215		Equitable Holdings, Inc		16,554,619
	165,264		LPL Financial Holdings, Inc		31,048,148
	402,245		Voya Financial, Inc		25,397,749
			TOTAL DIVERSIFIED FINANCIALS		129,918,317

21

TIAA-CREF FUNDS – Mid-Cap Value Fund

SHARES			COMPANY	VALUE
ENERGY - 7.6%
	380,169	*	Antero Resources Corp	$	13,381,949
	169,531		Devon Energy Corp		9,861,618
	114,175		Diamondback Energy, Inc		14,412,310
	202,933		EOG Resources, Inc		23,694,457
	189,588		Pioneer Natural Resources Co		44,073,523
	374,636		Valero Energy Corp		41,764,421
			TOTAL ENERGY		147,188,278
FOOD & STAPLES RETAILING - 1.5%
	586,974	*	Performance Food Group Co		28,908,469
			TOTAL FOOD & STAPLES RETAILING		28,908,469
FOOD, BEVERAGE & TOBACCO - 2.5%
	82,692		Constellation Brands, Inc (Class A)		20,349,674
	122,638		Hershey Co		27,687,981
			TOTAL FOOD, BEVERAGE & TOBACCO		48,037,655
HEALTH CARE EQUIPMENT & SERVICES - 7.6%
	348,596		Cardinal Health, Inc		20,235,998
	404,404	*	Centene Corp		32,574,742
	122,649		Cigna Corp		30,267,320
	72,474		Conmed Corp		9,636,143
	58,487		Humana, Inc		26,000,981
	93,208	*	Molina Healthcare, Inc		29,216,048
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		147,931,232
INSURANCE - 2.3%
	406,848	*	BRP Group, Inc		9,406,326
	89,454		Everest Re Group Ltd		24,573,908
	355,627		Unum Group		10,853,736
			TOTAL INSURANCE		44,833,970
MATERIALS - 4.6%
	222,564		Crown Holdings, Inc		24,490,943
	290,624		DuPont de Nemours, Inc		19,160,840
	1,129,379		Graphic Packaging Holding Co		24,620,462
	340,070		Sealed Air Corp		21,835,895
			TOTAL MATERIALS		90,108,140
MEDIA & ENTERTAINMENT - 0.6%
	137,543	*	Ziff Davis Inc		12,153,299
			TOTAL MEDIA & ENTERTAINMENT		12,153,299
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.9%
	134,866	*	IQVIA Holdings, Inc		29,399,440
	127,574	*	Jazz Pharmaceuticals plc		20,439,906
	143,004	*	United Therapeutics Corp		25,391,790
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		75,231,136

22

TIAA-CREF FUNDS – Mid-Cap Value Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 12.7%
	603,605		American Homes 4 Rent	$	23,908,794
	432,187		Apartment Income REIT Corp		21,250,635
	153,329		Extra Space Storage, Inc		29,132,510
	425,611		Gaming and Leisure Properties, Inc		18,888,616
	946,130		Kimco Realty Corp		23,965,473
	449,392		Rexford Industrial Realty, Inc		35,070,552
	74,236		SBA Communications Corp		25,768,058
	117,137		Sun Communities, Inc		20,565,743
	431,364		UDR, Inc		22,952,878
	832,036		VICI Properties, Inc		24,802,995
			TOTAL REAL ESTATE		246,306,254
RETAILING - 2.1%
	105,236		Advance Auto Parts, Inc		21,008,263
	72,207		Lithia Motors, Inc (Class A)		20,443,968
			TOTAL RETAILING		41,452,231
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.3%
	24,136		Lam Research Corp		11,241,583
	224,831		Marvell Technology, Inc		13,058,185
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		24,299,768
SOFTWARE & SERVICES - 4.9%
	247,466		Bread Financial Holdings, Inc		13,561,137
	157,754		Fidelity National Information Services, Inc		15,641,309
	195,948	*	Fiserv, Inc		19,187,228
	987,545		NortonLifelock, Inc		24,728,127
	74,232	*	Synopsys, Inc		21,288,995
			TOTAL SOFTWARE & SERVICES		94,406,796
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
	460,729	*	Ciena Corp		25,418,419
	2,282,227		Hewlett Packard Enterprise Co		35,169,118
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		60,587,537
TRANSPORTATION - 2.1%
	1,371,851	*,e	American Airlines Group, Inc		25,749,643
	182,051		TFI International, Inc		14,651,465
			TOTAL TRANSPORTATION		40,401,108
UTILITIES - 10.3%
	652,762		Alliant Energy Corp		38,388,933
	295,705		American Electric Power Co, Inc		29,307,323
	539,204		Brookfield Renewable Corp		19,357,424
	355,390		Evergy, Inc		24,113,211
	426,729		Exelon Corp		19,962,383
	214,326		WEC Energy Group, Inc		21,443,316
	633,632		Xcel Energy, Inc		46,419,880
			TOTAL UTILITIES		198,992,470
			TOTAL COMMON STOCKS		1,927,253,833
			(Cost $1,674,283,019)

23

TIAA-CREF FUNDS – Mid-Cap Value Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.9%
REPURCHASE AGREEMENT - 0.9%
$	17,830,000	r	Fixed Income Clearing Corp (FICC)		0.250	%	05/02/22	$	17,830,000
			TOTAL REPURCHASE AGREEMENT						17,830,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	1,121	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				1,121
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						1,121
			TOTAL SHORT-TERM INVESTMENTS						17,831,121
			(Cost $17,831,121)
			TOTAL INVESTMENTS - 100.5%						1,945,084,954
			(Cost $1,692,114,140)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%						(8,971,259	)
			NET ASSETS - 100.0%					$	1,936,113,695

*	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 $9,065,422.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $17,830,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $18,186,646.

24

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

TIAA-CREF FUNDS
QUANT SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.9%
AUTOMOBILES & COMPONENTS - 0.7%
	25,530	*	Dorman Products, Inc	$	2,520,322
	589,090	*	Goodyear Tire & Rubber Co		7,846,679
	73,410	*	Modine Manufacturing Co		579,939
	38,950	*	Stoneridge, Inc		767,704
	362,430	*	Tenneco, Inc		6,222,923
	35,630	*	XPEL, Inc		1,541,710
			TOTAL AUTOMOBILES & COMPONENTS		19,479,277
BANKS - 9.9%
	53,500		Amalgamated Financial Corp		941,065
	52,900		Ameris Bancorp		2,205,930
	142,930		Banc of California, Inc		2,578,457
	88,821		Bank of NT Butterfield & Son Ltd		2,844,937
	124,024		Banner Corp		6,660,089
	171,410		Cathay General Bancorp		6,871,827
	153,200		Central Pacific Financial Corp		3,704,376
	300,180		Columbia Banking System, Inc		8,429,054
	158,373		ConnectOne Bancorp, Inc		4,412,272
	171,460	*	Customers Bancorp, Inc		7,213,322
	431,880		CVB Financial Corp		9,941,878
	96,180		Enterprise Financial Services Corp		4,248,271
	286,450		Essent Group Ltd		11,609,819
	44,920		Federal Agricultural Mortgage Corp (FAMC)		4,601,156
	56,687		First Financial Bancorp		1,159,249
	44,750		First Financial Corp		1,907,245
	243,570		First Foundation, Inc		5,412,125
	252,044		First Interstate Bancsystem, Inc		8,196,471
	171,470		First Merchants Corp		6,719,909
	34,830		Flagstar Bancorp, Inc		1,229,499
	140,060		Hancock Whitney Corp		6,550,606
	119,150		Heartland Financial USA, Inc		5,215,196
	190,770		Heritage Commerce Corp		2,142,347
	248,077		Hilltop Holdings, Inc		6,323,483
	91,063		HomeStreet, Inc		3,696,247
	141,780		Horizon Bancorp		2,478,314
	80,429		Independent Bank Corp		1,587,668
	71,200		Independent Bank Group, Inc		4,827,360
	176,690		Lakeland Bancorp, Inc		2,655,651
	123,170		Meta Financial Group, Inc		5,376,371
	231,360	*	Mr Cooper Group, Inc		10,404,259
	164,320		National Bank Holdings Corp		5,999,323
	389,875	*	NMI Holdings, Inc		7,165,903
	261,320		OceanFirst Financial Corp		4,894,524
	425,090		OFG Bancorp		11,298,892
	280,930		Pacific Premier Bancorp, Inc		8,809,965

25

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	54,580		Peapack Gladstone Financial Corp	$	1,691,434
	158,610		Premier Financial Corp		4,209,509
	61,635		QCR Holdings, Inc		3,346,164
	665,760		Radian Group, Inc		14,240,606
	190,270		Renasant Corp		5,668,143
	221,360		Towne Bank		6,102,895
	155,500	*	Tristate Capital Holdings, Inc		4,697,655
	534,542		United Community Banks, Inc		16,111,096
	20,790		Walker & Dunlop, Inc		2,489,810
	105,020		Washington Federal, Inc		3,195,759
	114,360		WesBanco, Inc		3,686,966
	67,833		WSFS Financial Corp		2,718,068
			TOTAL BANKS		258,471,165
CAPITAL GOODS - 9.8%
	227,210		Altra Industrial Motion Corp		8,861,190
	105,840		Applied Industrial Technologies, Inc		11,080,390
	152,433	*	Atkore International Group, Inc		14,648,811
	74,612	*	Bloom Energy Corp		1,384,799
	34,140	*	BlueLinx Holdings, Inc		2,276,114
	67,730		Boise Cascade Co		5,119,033
	220,170		Comfort Systems USA, Inc		18,586,751
	137,150	*	Construction Partners Inc		3,539,842
	436,170	*	Cornerstone Building Brands, Inc		10,638,186
	35,639		CSW Industrials, Inc		3,760,271
	100,086		EMCOR Group, Inc		10,657,157
	155,800	*	Energy Recovery, Inc		2,885,416
	69,325		EnPro Industries, Inc		6,461,783
	92,660	*	Evoqua Water Technologies Corp		3,862,995
	288,210		Federal Signal Corp		9,807,786
	327,100	*	Fluor Corp		8,095,725
	72,720		Franklin Electric Co, Inc		5,086,037
	791,830		GrafTech International Ltd		7,189,816
	127,780		Hillenbrand, Inc		5,215,980
	238,820	*	Infrastructure and Energy Alternatives, Inc		2,232,967
	234,300		Kennametal, Inc		6,028,539
	71,680		McGrath RentCorp		5,982,413
	37,360		Moog, Inc (Class A)		2,983,943
	471,361	*	MRC Global, Inc		5,651,618
	90,870		Mueller Industries, Inc		4,920,611
	687,560	*	NOW, Inc		7,494,404
	185,540	*	Resideo Technologies, Inc		4,172,795
	163,570		Rush Enterprises, Inc (Class A)		8,322,442
	67,940		Shyft Group, Inc		1,730,432
	36,270		Simpson Manufacturing Co, Inc		3,760,111
	75,430	*	SPX Corp		3,160,517
	254,180		Terex Corp		8,642,120
	131,260	*	Titan Machinery, Inc		3,095,111
	109,980		Triton International Ltd		6,718,678
	143,360		UFP Industries, Inc		11,091,763
	76,770	*	Vicor Corp		4,646,120
	475,380	*	WillScot Mobile Mini Holdings Corp		16,685,838
	356,454		Zurn Water Solutions Corp		11,128,494
			TOTAL CAPITAL GOODS		257,606,998

26

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 3.3%
	85,940		Brady Corp (Class A)	$	3,845,815
	66,990	*	CBIZ, Inc		2,806,211
	136,952		Exponent, Inc		13,121,371
	310,250	*	First Advantage Corp		5,385,940
	71,420	*	Franklin Covey Co		2,861,799
	65,000	*	Huron Consulting Group, Inc		3,365,700
	63,533		ICF International, Inc		6,277,696
	366,970		KBR, Inc		18,065,933
	98,970		Kforce, Inc		6,932,848
	74,800		Korn/Ferry International		4,595,712
	184,048	*	TriNet Group, Inc		16,325,058
	165,850	*	Upwork, Inc		3,477,875
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		87,061,958
CONSUMER DURABLES & APPAREL - 1.8%
	393,810	*	Callaway Golf Co		8,640,191
	159,130	*	Crocs, Inc		10,571,006
	96,500	*	G-III Apparel Group Ltd		2,555,320
	168,352	*	Skyline Champion Corp		8,592,686
	269,940	*	Sonos, Inc		6,160,031
	246,570		Steven Madden Ltd		10,124,164
			TOTAL CONSUMER DURABLES & APPAREL		46,643,398
CONSUMER SERVICES - 3.4%
	11,750	*	Biglari Holdings, Inc (B Shares)		1,602,582
	369,850		Bloomin’ Brands, Inc		8,133,001
	74,170		Bluegreen Vacations Holding Corp		1,950,671
	83,110	*	Cheesecake Factory		3,067,590
	192,510	*	Coursera, Inc		3,621,113
	204,590	*	Dave & Buster’s Entertainment, Inc		9,308,845
	214,960	*	Everi Holdings, Inc		3,731,706
	122,610	*	Hilton Grand Vacations, Inc		5,741,826
	385,120	e	International Game Technology plc		8,407,170
	268,110	e	Krispy Kreme, Inc		3,560,501
	409,850		Laureate Education, Inc		4,643,601
	32,630	*	Noodles & Co		181,749
	41,404		Red Rock Resorts, Inc		1,820,120
	220,860	*	Rush Street Interactive, Inc		1,402,461
	139,340		Ruth’s Hospitality Group Inc		2,921,960
	142,750	*	SeaWorld Entertainment, Inc		9,627,060
	122,470	*	Stride, Inc		4,813,071
	168,730		Texas Roadhouse, Inc (Class A)		13,891,541
			TOTAL CONSUMER SERVICES		88,426,568
DIVERSIFIED FINANCIALS - 2.9%
	259,920		Artisan Partners Asset Management, Inc		8,353,829
	1,627,140		BGC Partners, Inc (Class A)		5,906,518
	230,300	*	Blucora, Inc		4,663,575
	131,117		Brightsphere Investment Group, Inc		2,627,585
	261,180	e	Cowen Group, Inc		5,967,963
	221,743	*	Enova International, Inc		8,293,188
	183,710	*	Green Dot Corp		4,864,641
	494,050	*	LendingClub Corp		7,534,263
	248,280	*	Open Lending Corp		3,386,539

27

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	66,400		Piper Jaffray Cos	$	7,634,672
	279,060		Redwood Trust, Inc		2,706,882
	181,160		Sculptor Capital Management, Inc		1,894,934
	84,004		Stifel Financial Corp		5,195,647
	31,820		Virtus Investment Partners, Inc		5,637,231
			TOTAL DIVERSIFIED FINANCIALS		74,667,467
ENERGY - 7.5%
	995,950	*	Alto Ingredients, Inc		5,746,631
	538,870	*	Antero Resources Corp		18,968,224
	271,678		Brigham Minerals, Inc		6,732,181
	144,270		California Resources Corp		5,801,097
	958,730	*	Centennial Resource Development, Inc		7,420,570
	535,190		ChampionX Corp		11,292,509
	168,810		Chesapeake Energy Corp		13,845,796
	311,770		CVR Energy, Inc		7,816,074
	276,990	*	Delek US Holdings, Inc		6,703,158
	127,410	*	Denbury, Inc		8,151,692
	262,010	*	Golar LNG Ltd		5,848,063
	197,280	*	Liberty Oilfield Services, Inc		3,184,099
	270,306	*	Oceaneering International, Inc		3,062,567
	540,510		Ovintiv, Inc		27,668,707
	420,849	*	Par Pacific Holdings, Inc		6,173,855
	646,636	*	PBF Energy, Inc		18,791,242
	116,880		PDC Energy, Inc		8,151,211
	533,300	*	ProPetro Holding Corp		7,540,862
	2,588,859	*	Tellurian, Inc		12,892,518
	774,980	*,e	Uranium Energy Corp		3,293,665
	129,580	*	US Silica Holdings, Inc		2,407,596
	74,590		Whiting Petroleum Corp		5,448,800
			TOTAL ENERGY		196,941,117
FOOD & STAPLES RETAILING - 2.0%
	154,378		Andersons, Inc		7,754,407
	453,271	*,d	BJ’s Wholesale Club Holdings, Inc		29,167,989
	311,150	*	Performance Food Group Co		15,324,137
			TOTAL FOOD & STAPLES RETAILING		52,246,533
FOOD, BEVERAGE & TOBACCO - 1.8%
	78,002		Calavo Growers, Inc		2,826,792
	114,920		Cal-Maine Foods, Inc		6,174,652
	43,570	*	Celsius Holdings, Inc		2,265,640
	449,826	*	Hostess Brands, Inc		10,206,552
	63,850		Sanderson Farms, Inc		12,091,274
	248,949	*	Simply Good Foods Co		10,368,726
	269,730	*	Vital Farms, Inc		3,101,895
			TOTAL FOOD, BEVERAGE & TOBACCO		47,035,531
HEALTH CARE EQUIPMENT & SERVICES - 7.5%
	293,144	*	1Life Healthcare, Inc		2,066,665
	252,480	*	Accolade, Inc		1,403,789
	423,140	*	Allscripts Healthcare Solutions, Inc		8,742,072
	30,890	*	AMN Healthcare Services, Inc		3,019,498
	230,217	*	Avanos Medical, Inc		6,713,128
	596,750	*	Brookdale Senior Living, Inc		3,687,915

28

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	326,860	*	Cardiovascular Systems, Inc	$	6,112,282
	655,730	*	Community Health Systems, Inc		5,029,449
	279,690	*	Cross Country Healthcare, Inc		5,241,391
	141,930	*	Cutera, Inc		7,708,218
	277,290	*	Evolent Health, Inc		7,631,021
	68,390	*	HealthEquity, Inc		4,262,065
	128,594	*	HealthStream, Inc		2,456,145
	19,940	*	Heska Corp		2,190,210
	61,900	*	Inari Medical, Inc		4,995,330
	36,090	*	Integer Holding Corp		2,712,885
	100,537	*	Intersect ENT, Inc		2,751,698
	387,511	*,e	Invitae Corp		2,057,683
	344,487	*	Lantheus Holdings, Inc		22,877,382
	165,840	*	Merit Medical Systems, Inc		10,283,738
	921,700	*,e	Multiplan Corp		4,083,131
	64,010	*	Natus Medical, Inc		2,129,613
	279,270	*	Neogen Corp		7,372,728
	282,430	*	NextGen Healthcare, Inc		5,323,806
	161,820	*	NuVasive, Inc		8,324,021
	396,190	*	Option Care Health, Inc		11,838,157
	447,640	*	Ortho Clinical Diagnostics Holdings plc		7,882,940
	85,390	*	Phreesia, Inc		1,953,723
	534,910	*	R1 RCM, Inc		12,046,173
	232,170	*	RadNet, Inc		4,527,315
	390,590		Select Medical Holdings Corp		8,831,240
	146,300	*	Tenet Healthcare Corp		10,608,213
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		196,863,624
HOUSEHOLD & PERSONAL PRODUCTS - 0.4%
	269,350	*	elf Beauty, Inc		6,553,285
	68,560	*	USANA Health Sciences, Inc		5,255,810
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		11,809,095
INSURANCE - 1.4%
	219,930		American Equity Investment Life Holding Co		8,295,760
	2,254,320	*	Genworth Financial, Inc (Class A)		8,363,527
	113,100		Selective Insurance Group, Inc		9,314,916
	139,930		Stewart Information Services Corp		7,220,388
	208,166		Universal Insurance Holdings, Inc		2,614,565
			TOTAL INSURANCE		35,809,156
MATERIALS - 4.8%
	145,650		AdvanSix, Inc		6,487,251
	75,180		Avient Corp		3,701,863
	261,090		Commercial Metals Co		10,704,690
	426,880	*	Constellium SE		7,124,627
	673,900	*,†	Ferroglobe plc		0
	256,160	*	Gatos Silver, Inc		865,821
	89,150		Innospec, Inc		8,496,886
	107,820		Materion Corp		9,180,873
	144,414		Myers Industries, Inc		3,166,999
	656,100	*	O-I Glass, Inc		8,844,228
	85,694		Olympic Steel, Inc		2,941,875
	47,990	*	Ranpak Holdings Corp		723,689
	434,530	*	Rayonier Advanced Materials, Inc		2,229,139

29

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	174,000		Ryerson Holding Corp	$	6,404,940
	182,085		Schnitzer Steel Industries, Inc (Class A)		8,308,539
	118,850		Sensient Technologies Corp		10,054,710
	36,180		Stepan Co		3,694,340
	466,540	*	Summit Materials, Inc		12,969,812
	155,950		Trinseo plc		7,399,827
	452,940		Tronox Holdings plc		7,790,568
	142,320		United States Steel Corp		4,339,337
			TOTAL MATERIALS		125,430,014
MEDIA & ENTERTAINMENT - 2.6%
	97,040	*,e	AMC Entertainment Holdings, Inc		1,484,712
	221,909	*	Cargurus, Inc		7,251,986
	394,690	*	Cars.com, Inc		4,388,953
	1,687,580	*	Clear Channel		4,151,447
	570,140		Entravision Communications Corp (Class A)		2,947,624
	348,400	*	iHeartMedia, Inc		5,570,916
	332,580	*	Integral Ad Science Holding Corp		3,927,770
	177,780	*	Liberty Braves Group (Class C)		4,464,056
	400,130	*	Lions Gate Entertainment Corp (Class A)		5,397,754
	1,050,330	*	LiveOne, Inc		714,224
	445,980	*	Magnite, Inc		4,303,707
	586,720		TEGNA, Inc		12,937,176
	306,710	*	WideOpenWest, Inc		6,149,535
	120,530	*	Yelp, Inc		3,920,841
			TOTAL MEDIA & ENTERTAINMENT		67,610,701
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	351,880	*	Acadia Pharmaceuticals, Inc		6,488,667
	833,056	*	Affimed NV		3,132,291
	1,585,261	*	Agenus, Inc		2,932,733
	367,760	*	Alkermes plc		10,609,876
	192,540	*	Amphastar Pharmaceuticals, Inc		6,829,394
	118,135	*	AnaptysBio, Inc		2,764,359
	796,930	*	Antares Pharma, Inc		4,434,915
	45,346	*	Arcus Biosciences, Inc		1,097,827
	75,742	*	Arrowhead Pharmaceuticals Inc		3,113,754
	421,644	*	Atara Biotherapeutics, Inc		2,681,656
	1,040,668	*,e	Atossa Therapeutics, Inc		1,051,075
	53,110	*	Avid Bioservices, Inc		714,861
	202,904	*	Berkeley Lights, Inc		1,009,447
	748,500	*	BioCryst Pharmaceuticals, Inc		6,953,565
	250,010	*	C4 Therapeutics, Inc		2,142,586
	144,192	*	CareDx, Inc		4,389,204
	59,557	*,e	Cassava Sciences, Inc		1,242,955
	687,320	*	Catalyst Pharmaceuticals, Inc		5,237,378
	215,860	*	Chinook Therapeutics, Inc		3,265,962
	327,320	*,e	ChromaDex Corp		618,635
	283,110	*	Codexis, Inc		3,405,813
	360,030	*	Coherus Biosciences, Inc		3,254,671
	165,580	*	Crinetics Pharmaceuticals, Inc		3,364,586
	536,730	*,e	Dynavax Technologies Corp		4,739,326
	275,470	*,e	Editas Medicine, Inc		3,647,223
	40,620	*	Enanta Pharmaceuticals, Inc		2,615,928
	461,840	*	Evolus, Inc		5,167,990

30

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	512,956	*,e	Fluidigm Corp	$	1,359,333
	235,020	*,e	Fulcrum Therapeutics, Inc		2,260,892
	585,550	*,e	Gritstone Oncology, Inc		1,516,575
	137,583	*	Harmony Biosciences Holdings, Inc		6,196,738
	608,080	*	Immunogen, Inc		2,937,026
	166,890	*	Innoviva, Inc		2,847,143
	172,800	*,e	Intercept Pharmaceuticals, Inc		2,714,688
	225,294	*	Intra-Cellular Therapies, Inc		11,402,129
	673,752	*	Ironwood Pharmaceuticals, Inc		8,085,024
	123,580	*	iTeos Therapeutics, Inc		3,298,350
	274,799	*	IVERIC bio, Inc		3,805,966
	680,720	*,e	Karyopharm Therapeutics, Inc		4,152,392
	231,380	*	Kezar Life Sciences, Inc		2,748,794
	290,920	*	Kura Oncology, Inc		4,174,702
	1,091,510	*,e	MannKind Corp		3,416,426
	12,740	*	Medpace Holdings, Inc		1,701,682
	419,492	*,e	MiMedx Group, Inc		1,656,993
	1,193,950	*	Mustang Bio, Inc		889,135
	225,990	*	NeoGenomics, Inc		2,135,606
	624,543	*,e	Oncocyte Corp		724,470
	530,160	*	Organogenesis Holdings Inc		3,414,230
	102,514		Phibro Animal Health Corp		1,844,227
	303,700	*	Precision BioSciences Inc		604,363
	103,060	*	Prestige Consumer Healthcare, Inc.		5,633,260
	148,320	*	Protagonist Therapeutics, Inc		1,348,229
	172,720	*	Prothena Corp plc		5,036,515
	77,788	*	Quanterix Corp		1,726,116
	97,100	*	RAPT Therapeutics, Inc		1,469,123
	110,600	*	REGENXBIO, Inc		3,070,256
	219,730	*	Revance Therapeutics, Inc		3,599,177
	886,890	*	Rigel Pharmaceuticals, Inc		2,093,060
	641,896	*	Sangamo Therapeutics Inc		2,663,868
	1,327,510	*	Selecta Biosciences, Inc		1,017,271
	167,526	*	Travere Therapeutics, Inc		4,209,928
	103,415	*	Turning Point Therapeutics Inc		3,044,538
	297,810	*	Vanda Pharmaceuticals, Inc		2,954,275
	223,810	*	Vir Biotechnology, Inc		4,554,534
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		213,213,711
REAL ESTATE - 7.6%
	134,070		Alexander & Baldwin, Inc		2,842,284
	294,690		Apple Hospitality REIT, Inc		5,213,066
	118,510		Armada Hoffler Properties, Inc		1,605,810
	509,570	*	Cushman & Wakefield plc		9,121,303
	87,620		EastGroup Properties, Inc		16,428,750
	376,370		Essential Properties Realty Trust, Inc		9,032,880
	388,070		Healthcare Realty Trust, Inc		10,508,936
	170,810		Independence Realty Trust, Inc		4,656,281
	351,395		Kennedy-Wilson Holdings, Inc		7,923,957
	682,280		Macerich Co		8,562,614
	133,530		Marcus & Millichap, Inc		5,980,809
	342,730		National Storage Affiliates Trust		19,398,518
	483,648		Newmark Group, Inc		5,876,323
	87,660		Office Properties Income Trust		1,895,209
	492,550		Paramount Group, Inc		4,684,151

31

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	231,290		Phillips Edison & Co, Inc	$	7,831,479
	197,490		PotlatchDeltic Corp		10,938,971
	103,018		PS Business Parks, Inc		19,284,970
	499,840	*	Realogy Holdings Corp		5,478,246
	655,400		Service Properties Trust		5,321,848
	403,950		STAG Industrial, Inc		15,075,414
	491,760		Tanger Factory Outlet Centers, Inc		7,932,089
	610,070		Uniti Group, Inc		7,558,767
	401,570		Whitestone REIT		4,879,076
			TOTAL REAL ESTATE		198,031,751
RETAILING - 2.2%
	125,620		Aaron’s Co, Inc		2,578,978
	265,130		Academy Sports & Outdoors, Inc		9,905,257
	28,220	*	Boot Barn Holdings, Inc		2,541,493
	474,030		Designer Brands, Inc		6,551,095
	12,980	e	Dillard’s, Inc (Class A)		3,943,454
	239,740	*,e	GrowGeneration Corp		1,416,863
	149,530	e	Guess?, Inc		3,359,939
	78,790		Hibbett Sports, Inc		3,402,152
	668,310		Macy’s, Inc		16,153,053
	119,930		Monro Muffler, Inc		5,484,399
	24,790		Signet Jewelers Ltd		1,740,258
			TOTAL RETAILING		57,076,941
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
	73,280	*	Alpha & Omega Semiconductor Ltd		3,143,712
	103,920		Amkor Technology, Inc		1,954,735
	76,250	*	Diodes, Inc		5,568,538
	77,730	*	Ichor Holdings Ltd		2,262,720
	294,997	*	Lattice Semiconductor Corp		14,171,656
	132,160	*	MACOM Technology Solutions Holdings, Inc		6,733,552
	213,290	*	MaxLinear, Inc		10,210,192
	427,510	*	Photronics, Inc		6,408,375
	75,365	*	Rambus, Inc		1,877,342
	183,090	*	Semtech Corp		10,912,164
	24,040	*	Silicon Laboratories, Inc		3,243,237
	176,270	*	Ultra Clean Holdings		5,494,336
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		71,980,559
SOFTWARE & SERVICES - 7.0%
	181,210	*	ACI Worldwide, Inc		5,005,020
	154,990	*,e	Asana, Inc		4,153,732
	459,040	*	Box, Inc		14,055,805
	204,270	*	Brightcove, Inc		1,440,103
	156,150	*	ChannelAdvisor Corp		2,265,736
	1,079,180	*	Conduent, Inc		6,075,783
	262,370	*	Digital Turbine, Inc		8,304,010
	135,090	*	DigitalOcean Holdings, Inc		5,326,599
	92,260	*	ExlService Holdings, Inc		12,561,199
	249,480	*	Flywire Corp		7,611,635
	406,920	*	Grid Dynamics Holdings, Inc		5,664,326
	48,060	*	Mimecast Ltd		3,829,421
	173,480	*	Mitek Systems, Inc		1,937,772
	141,300	*	Pagerduty, Inc		4,036,941

32

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	343,266	*	Paya Holdings, Inc	$	1,747,224
	184,750	*	Ping Identity Holding Corp		4,827,518
	196,655		Progress Software Corp		9,435,507
	28,690	*	Qualys, Inc		3,909,873
	18,854	*	Rapid7, Inc		1,800,934
	437,740	*	Repay Holdings Corp		5,856,961
	90,690	*	Sapiens International Corp NV		2,107,636
	148,680	*	Sprout Social, Inc		9,111,110
	87,650	*	SPS Commerce, Inc		10,485,570
	438,680	*	Sumo Logic, Inc		4,114,818
	256,769	*	Tenable Holdings, Inc		14,181,352
	66,970	*	Varonis Systems, Inc		2,893,104
	724,856	*	Vonage Holdings Corp		14,468,126
	76,500	*	Workiva, Inc		7,383,015
	605,110	*	Zuora Inc		7,364,189
			TOTAL SOFTWARE & SERVICES		181,955,019
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
	168,430		Belden CDT, Inc		8,696,041
	28,740	*	Calix, Inc		1,147,014
	481,700	*	Diebold, Inc		1,974,970
	99,388	*	ePlus, Inc		5,613,434
	782,050	*	Extreme Networks, Inc		7,507,680
	196,550	*,e	II-VI, Inc		12,030,826
	290,570	*	Knowles Corp		5,381,357
	101,250	*	Netgear, Inc		2,197,125
	98,773	*	OSI Systems, Inc		7,812,944
	232,676	*	Ribbon Communications, Inc		802,732
	379,721	*	Sanmina Corp		15,526,792
	60,570	*	Super Micro Computer, Inc		2,549,997
	225,860	*,e	Turtle Beach Corp		3,758,310
	485,570		Vishay Intertechnology, Inc		9,046,169
	55,259	*	Vishay Precision Group, Inc		1,724,633
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		85,770,024
TELECOMMUNICATION SERVICES - 0.8%
	263,780	*	EchoStar Corp (Class A)		6,159,263
	2,511,060	*,e	Globalstar, Inc		2,912,830
	330,810	*,e	Gogo, Inc		6,090,212
	248,896	*	Liberty Latin America Ltd (Class A)		2,299,799
	425,515	*	Liberty Latin America Ltd (Class C)		3,931,758
			TOTAL TELECOMMUNICATION SERVICES		21,393,862
TRANSPORTATION - 2.7%
	130,722		ArcBest Corp		9,432,900
	28,520	*	Avis Budget Group, Inc		7,633,948
	103,876		Forward Air Corp		10,072,856
	205,310		Genco Shipping & Trading Ltd		4,522,979
	157,839	*	Hub Group, Inc (Class A)		10,600,467
	568,670		Safe Bulkers, Inc		2,337,234
	61,120	*	Saia, Inc		12,588,275
	353,412	*	Spirit Airlines, Inc		8,344,057
	101,220		Werner Enterprises, Inc		4,011,349
			TOTAL TRANSPORTATION		69,544,065

33

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

SHARES			COMPANY	VALUE
UTILITIES - 3.7%
	169,348		Black Hills Corp	$	12,403,048
	164,950	e	Brookfield Infrastructure Corp		11,698,254
	137,684		Clearway Energy, Inc (Class A)		3,912,979
	229,410		Clearway Energy, Inc (Class C)		7,003,888
	153,090		Northwest Natural Holding Co		7,322,295
	172,426		NorthWestern Corp		9,774,830
	117,270		Otter Tail Corp		6,796,969
	245,431		Portland General Electric Co		11,616,249
	388,157		South Jersey Industries, Inc		13,271,088
	118,857		Southwest Gas Holdings Inc		10,472,490
	121,990	*	Sunnova Energy International, Inc		2,106,767
			TOTAL UTILITIES		96,378,857
			TOTAL COMMON STOCKS		2,561,447,391
			(Cost $2,324,352,857)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 3.8%
GOVERNMENT AGENCY DEBT - 1.0%
$	5,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.000	%	05/03/22		4,999,933
	10,000,000		Federal Farm Credit Bank (FFCB)		0.000		05/04/22		9,999,734
	10,278,000		Federal Home Loan Bank (FHLB)		0.000		05/04/22		10,277,727
			TOTAL GOVERNMENT AGENCY DEBT						25,277,394
REPURCHASE AGREEMENT - 0.7%
	19,740,000	r	Fixed Income Clearing Corp (FICC)		0.230		05/02/22		19,740,000
			TOTAL REPURCHASE AGREEMENT						19,740,000
TREASURY DEBT - 0.4%
	10,000,000		United States Treasury Bill		0.000		05/12/22		9,999,660
			TOTAL TREASURY DEBT						9,999,660
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
	43,360,329	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				43,360,329
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						43,360,329
			TOTAL SHORT-TERM INVESTMENTS						98,377,383
			(Cost $98,377,217)
			TOTAL INVESTMENTS - 101.7%						2,659,824,774
			(Cost $2,422,730,074)
			OTHER ASSETS & LIABILITIES, NET - (1.7)%						(43,575,930	)
			NET ASSETS - 100.0%					$	2,616,248,844

34

TIAA-CREF FUNDS – Quant Small-Cap Equity Fund

	REIT   Real Estate Investment Trust
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $66,213,320.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $19,740,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $20,134,815.

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index	530	06/17/22	$	53,515,366	$	49,324,450	$	(4,190,916	)

35

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

TIAA-CREF FUNDS
QUANT SMALL/MID-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 0.3%
	70,165	*	Stoneridge, Inc	$	1,382,952
	18,950		Thor Industries, Inc		1,450,623
			TOTAL AUTOMOBILES & COMPONENTS		2,833,575
BANKS - 6.8%
	30,590	*	Axos Financial, Inc		1,158,749
	63,689		Bank of NT Butterfield & Son Ltd		2,039,959
	91,045		BankUnited		3,417,829
	38,063		Berkshire Hills Bancorp, Inc		941,679
	15,210		BOK Financial Corp		1,261,365
	120,424		Cadence BanCorp		3,015,417
	143,160		Capitol Federal Financial		1,378,631
	58,501		Cathay General Bancorp		2,345,305
	76,685		Central Pacific Financial Corp		1,854,243
	43,360		Comerica, Inc		3,551,184
	48,230		Community Bank System, Inc		3,106,012
	48,483		ConnectOne Bancorp, Inc		1,350,736
	18,300		Enterprise Financial Services Corp		808,311
	74,088		Essent Group Ltd		3,002,787
	244,312		First Bancorp		3,325,086
	2,195		First Citizens Bancshares, Inc (Class A)		1,403,439
	78,002		First Interstate Bancsystem, Inc		2,536,625
	58,000		Hancock Whitney Corp		2,712,660
	63,609		Hilltop Holdings, Inc		1,621,394
	65,450		International Bancshares Corp		2,604,256
	78,708		National Bank Holdings Corp		2,873,629
	37,129	*	NMI Holdings, Inc		682,431
	93,180		OFG Bancorp		2,476,724
	147,543		Old National Bancorp		2,236,752
	22,200		Pacific Premier Bancorp, Inc		696,192
	88,359		PacWest Bancorp		2,906,128
	11,286		Popular, Inc		880,195
	49,832		Prosperity Bancshares, Inc		3,258,016
	115,800		Radian Group, Inc		2,476,962
	59,424		Washington Federal, Inc		1,808,272
	31,580		Westamerica Bancorporation		1,860,694
	48,085		WSFS Financial Corp		1,926,766
			TOTAL BANKS		67,518,428
CAPITAL GOODS - 12.4%
	4,152		Advanced Drainage Systems, Inc		425,414
	67,026		Aecom Technology Corp		4,729,355
	5,900		AGCO Corp		751,660
	130,100	*,g	API Group Corp		2,414,656
	18,160		Applied Industrial Technologies, Inc		1,901,170

36

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	83,588	*	Atkore International Group, Inc	$	8,032,807
	13,410	*	Axon Enterprise, Inc		1,504,602
	80,900	*	AZEK Co, Inc		1,718,316
	23,299		AZZ, Inc		1,063,366
	92,300	*	Bloom Energy Corp		1,713,088
	65,027		Boise Cascade Co		4,914,741
	104,766	*	Builders FirstSource, Inc		6,450,443
	29,872		Comfort Systems USA, Inc		2,521,794
	58,300		Donaldson Co, Inc		2,859,032
	34,001		EMCOR Group, Inc		3,620,426
	7,260		Encore Wire Corp		819,001
	12,385		EnPro Industries, Inc		1,154,406
	41,916	*	Evoqua Water Technologies Corp		1,747,478
	56,105		Federal Signal Corp		1,909,253
	49,700		Flowserve Corp		1,625,687
	59,800		Fortune Brands Home & Security, Inc		4,260,750
	110,670	*	Gates Industrial Corp plc		1,411,043
	20,587	*	Gibraltar Industries, Inc		779,012
	91,330		Howmet Aerospace, Inc		3,116,180
	39,665		ITT, Inc		2,785,276
	109,376		MDU Resources Group, Inc		2,817,526
	39,400	*	Meritor, Inc		1,414,854
	221,783	*	MRC Global, Inc		2,659,178
	22,700		Mueller Industries, Inc		1,229,205
	23,750	*	MYR Group, Inc		1,878,388
	16,400		Nordson Corp		3,537,316
	198,880	*	NOW, Inc		2,167,792
	73,400		nVent Electric plc		2,479,452
	76,600		Pentair plc		3,887,450
	10,869		Quanta Services, Inc		1,260,587
	11,009		Regal-Beloit Corp		1,400,785
	3,626		Simpson Manufacturing Co, Inc		375,907
	21,130	*	SiteOne Landscape Supply, Inc		2,979,964
	44,450	*	SPX Corp		1,862,455
	50,300		Textron, Inc		3,483,275
	49,450	*	Titan Machinery, Inc		1,166,031
	27,040		Toro Co		2,166,715
	48,000	*	Trex Co, Inc		2,793,120
	85,501		UFP Industries, Inc		6,615,212
	128,160	*	Univar Solutions Inc		3,732,019
	35,912	*	Vectrus, Inc		1,296,423
	118,970		Vertiv Holdings Co		1,490,694
	4,290		Watsco, Inc		1,144,486
	57,450	*	Welbilt, Inc		1,356,969
	101,934		Zurn Water Solutions Corp		3,182,379
			TOTAL CAPITAL GOODS		122,607,138
COMMERCIAL & PROFESSIONAL SERVICES - 2.2%
	54,509		Booz Allen Hamilton Holding Co		4,449,570
	32,000		Insperity, Inc		3,393,600
	58,900		KBR, Inc		2,899,647
	68,980		Kforce, Inc		4,832,049
	37,300		Korn/Ferry International		2,291,712
	10,640		Manpower, Inc		959,728
	36,080	*	TriNet Group, Inc		3,200,296
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		22,026,602

37

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 3.0%
	25,500		Acushnet Holdings Corp	$	1,038,870
	8,510	*	Cavco Industries, Inc		2,010,487
	38,807	*	Crocs, Inc		2,577,949
	38,200	*	G-III Apparel Group Ltd		1,011,536
	175,501		Newell Brands Inc		4,062,848
	58,300	*,e	PLBY Group, Inc		515,372
	58,275		Pulte Homes, Inc		2,433,564
	54,588	*	Skyline Champion Corp		2,786,172
	107,160		Smith & Wesson Brands, Inc		1,471,307
	82,683		Steven Madden Ltd		3,394,964
	70,200		Tapestry, Inc		2,310,984
	129,870	*	Under Armour, Inc (Class A)		1,994,803
	161,000	*	Under Armour, Inc (Class C)		2,284,590
	64,100		Wolverine World Wide, Inc		1,270,462
			TOTAL CONSUMER DURABLES & APPAREL		29,163,908
CONSUMER SERVICES - 2.9%
	68,650		Boyd Gaming Corp		4,158,817
	20,800	*	Cheesecake Factory		767,728
	111,800	*	Denny’s Corp		1,433,276
	66,362	*	frontdoor, Inc		2,051,249
	61,350		H&R Block, Inc		1,599,395
	137,820		International Game Technology plc		3,008,611
	26,660	*	Penn National Gaming, Inc		974,956
	86,472		Red Rock Resorts, Inc		3,801,309
	74,900	*	Stride, Inc		2,943,570
	47,630		Texas Roadhouse, Inc (Class A)		3,921,378
	4,000		Vail Resorts, Inc		1,016,640
	129,130		Wendy’s		2,551,609
			TOTAL CONSUMER SERVICES		28,228,538
DIVERSIFIED FINANCIALS - 5.3%
	30,200		A-Mark Precious Metals, Inc		2,379,760
	52,313		Brightsphere Investment Group, Inc		1,048,352
	56,152	*	Cannae Holdings, Inc		1,257,805
	90,220		Carlyle Group, Inc		3,274,084
	41,310		CBOE Global Markets, Inc		4,667,204
	23,498		Cohen & Steers, Inc		1,825,560
	8,200		Evercore Inc		867,150
	13,240		Factset Research Systems, Inc		5,342,207
	40,000	e	iShares Russell 2000 Index Fund		7,398,000
	111,600		Janus Henderson Group plc		3,401,568
	44,980		KKR Real Estate Finance Trust, Inc		854,620
	167,080	*	LendingClub Corp		2,547,970
	32,513		LPL Financial Holdings, Inc		6,108,217
	5,816		Morningstar, Inc		1,472,786
	49,833		OneMain Holdings, Inc		2,288,830
	21,360	*	PROG Holdings, Inc		565,399
	51,260		StepStone Group, Inc		1,313,281
	30,600	*,e	Upstart Holdings, Inc		2,295,612
	16,000		Vanguard Small-Cap ETF		3,120,800
	28,000		Virtu Financial, Inc		808,640
			TOTAL DIVERSIFIED FINANCIALS		52,837,845

38

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
ENERGY - 7.2%
	255,700	*	Alto Ingredients, Inc	$	1,475,389
	189,750		APA Corp		7,766,467
	67,788		Cabot Oil & Gas Corp		1,951,616
	226,600	*	Centennial Resource Development, Inc		1,753,884
	94,690		Devon Energy Corp		5,508,117
	42,400		Diamondback Energy, Inc		5,352,152
	173,050	*	Golar LNG Ltd		3,862,476
	397,040		Marathon Oil Corp		9,894,237
	14,800	*	Nabors Industries Ltd		2,288,376
	355,209	*	NexTier Oilfield Solutions, Inc		3,917,955
	143,420	*	Oceaneering International, Inc		1,624,949
	240,540		Patterson-UTI Energy, Inc		3,954,478
	172,300	*	PBF Energy, Inc		5,007,038
	210,670		SM Energy Co		7,485,105
	48,600	*	Talos Energy, Inc		883,062
	107,470		Targa Resources Investments, Inc		7,889,373
	141,600	*	Tellurian, Inc		705,168
			TOTAL ENERGY		71,319,842
FOOD & STAPLES RETAILING - 1.9%
	54,100		Albertsons Cos, Inc		1,692,248
	45,470	*	BJ’s Wholesale Club Holdings, Inc		2,925,994
	84,780	*	Performance Food Group Co		4,175,415
	101,760	*,e	Rite Aid Corp		648,211
	50,170		SpartanNash Co		1,719,828
	82,244	*	United Natural Foods, Inc		3,530,735
	120,500	*	US Foods Holding Corp		4,533,210
			TOTAL FOOD & STAPLES RETAILING		19,225,641
FOOD, BEVERAGE & TOBACCO - 2.4%
	58,073		Bunge Ltd		6,569,218
	35,300		Cal-Maine Foods, Inc		1,896,669
	175,673	*	Hostess Brands, Inc		3,986,020
	60,680		Lamb Weston Holdings, Inc		4,010,948
	74,530	*	Pilgrim’s Pride Corp		2,112,926
	16,290		Sanderson Farms, Inc		3,084,837
	180,600		Vector Group Ltd		2,297,232
			TOTAL FOOD, BEVERAGE & TOBACCO		23,957,850
HEALTH CARE EQUIPMENT & SERVICES - 4.9%
	135,200	*	Allscripts Healthcare Solutions, Inc		2,793,232
	38,440	*	Alphatec Holdings Inc		417,074
	24,000	*	Avanos Medical, Inc		699,840
	65,500	*	Cardiovascular Systems, Inc		1,224,850
	221,860	*	Community Health Systems, Inc		1,701,666
	113,430	*	Cross Country Healthcare, Inc		2,125,678
	10,200		Encompass Health Corp		702,066
	40,350	*	Envista Holdings Corp		1,598,667
	126,040	*	Evolent Health, Inc		3,468,621
	27,720	*	Globus Medical, Inc		1,835,618
	11,200	*	Henry Schein, Inc		908,320

39

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	12,700	*	Integer Holding Corp	$	954,659
	5,700	*	Masimo Corp		643,929
	48,300	*	Merit Medical Systems, Inc		2,995,083
	14,250	*	Molina Healthcare, Inc		4,466,662
	29,510	*	Natus Medical, Inc		981,798
	114,980	*	Option Care Health, Inc		3,435,602
	150,730	*	Ortho Clinical Diagnostics Holdings plc		2,654,355
	36,798	*	Orthofix Medical Inc		1,140,738
	76,130		Owens & Minor, Inc		2,701,854
	101,897		Patterson Cos, Inc		3,135,371
	42,100		Premier, Inc		1,524,441
	107,480	*	R1 RCM, Inc		2,420,450
	11,440	*	Shockwave Medical Inc		1,728,927
	25,870	*	Tenet Healthcare Corp		1,875,834
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		48,135,335
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	80,220	*	BellRing Brands, Inc		1,719,114
	98,414	*	elf Beauty, Inc		2,394,413
	18,734		Medifast, Inc		3,341,396
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		7,454,923
INSURANCE - 2.3%
	27,281		American Financial Group, Inc		3,777,873
	64,440		Axis Capital Holdings Ltd		3,694,345
	51,730		Brown & Brown, Inc		3,206,225
	62,400		Conseco, Inc		1,506,336
	120,600		Old Republic International Corp		2,654,406
	17,900	*	Palomar Holdings, Inc		974,655
	7,907		Selective Insurance Group, Inc		651,221
	68,130		W.R. Berkley Corp		4,529,964
	1,539		White Mountains Insurance Group Ltd		1,612,903
			TOTAL INSURANCE		22,607,928
MATERIALS - 6.5%
	78,000	*	Allegheny Technologies, Inc		2,120,040
	28,592		Avery Dennison Corp		5,163,715
	45,820	*	Axalta Coating Systems Ltd		1,162,453
	50,926		CF Industries Holdings, Inc		4,931,165
	102,100		Chemours Co		3,376,447
	96,900		Commercial Metals Co		3,972,900
	163,600	*	Constellium SE		2,730,484
	156,695		Element Solutions, Inc		3,231,051
	430,000		Hecla Mining Co		2,240,300
	69,740		Huntsman Corp		2,362,094
	15,200	*	Ingevity Corp		910,480
	13,689		Innospec, Inc		1,304,699
	43,480		Louisiana-Pacific Corp		2,805,330
	18,147		Materion Corp		1,545,217
	21,440		Packaging Corp of America		3,455,485
	31,334		Reliance Steel & Aluminum Co		6,211,965
	75,500		Sealed Air Corp		4,847,855
	59,457		Silgan Holdings, Inc		2,638,107
	108,884	*	Summit Materials, Inc		3,026,975
	148,900		Tronox Holdings plc		2,561,080

40

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	123,510		Valvoline, Inc	$	3,733,707
			TOTAL MATERIALS		64,331,549
MEDIA & ENTERTAINMENT - 1.8%
	723,300	*	Clear Channel		1,779,318
	97,064	*	EverQuote Inc		1,347,248
	90,370	*,e	fuboTV, Inc		342,502
	127,290	*	iHeartMedia, Inc		2,035,367
	42,464	*	Liberty Media Group (Class C)		2,646,781
	191,900	*	Lions Gate Entertainment Corp (Class A)		2,588,731
	15,000	*	Madison Square Garden Co		2,431,650
	57,965	*	Magnite, Inc		559,362
	111,090		News Corp (Class A)		2,206,248
	65,290	*	Yelp, Inc		2,123,884
			TOTAL MEDIA & ENTERTAINMENT		18,061,091
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.5%
	65,000	*	Acadia Pharmaceuticals, Inc		1,198,600
	33,678	*	Agios Pharmaceuticals, Inc		739,906
	69,562	*	Alkermes plc		2,006,864
	33,200	*	Amphastar Pharmaceuticals, Inc		1,177,604
	69,740	*	AnaptysBio, Inc		1,631,916
	63,170	*	Arcutis Biotherapeutics, Inc		1,275,402
	7,700	*	Arvinas, Inc		423,269
	170,100	*	Avantor, Inc		5,422,788
	3,900		Bio-Techne Corp		1,480,791
	74,660	*	Cara Therapeutics, Inc		651,035
	19,602	*	Charles River Laboratories International, Inc		4,734,079
	87,400	*	Codexis, Inc		1,051,422
	13,700	*	Enanta Pharmaceuticals, Inc		882,280
	102,440	*,e	Evolus, Inc		1,146,303
	43,640	*	Exelixis, Inc		974,918
	43,800	*	Global Blood Therapeutics, Inc		1,344,660
	24,500	*	Harmony Biosciences Holdings, Inc		1,103,480
	73,130	*	Heron Therapeutics, Inc		330,548
	165,100	*	Immunogen, Inc		797,433
	101,740	*	Innoviva, Inc		1,735,684
	213,750	*	Ironwood Pharmaceuticals, Inc		2,565,000
	298,400	*	Karyopharm Therapeutics, Inc		1,820,240
	17,970		PerkinElmer, Inc		2,634,582
	60,300		Perrigo Co plc		2,068,290
	37,138		Phibro Animal Health Corp		668,113
	17,200	*	Prestige Consumer Healthcare, Inc.		940,152
	48,110	*	Prothena Corp plc		1,402,887
	34,500	*	PTC Therapeutics, Inc		1,218,885
	93,200	*	QIAGEN NV		4,228,484
	165,969	*	Radius Health, Inc		1,135,228
	42,350	*	Sage Therapeutics, Inc		1,334,872
	41,356	*	Sarepta Therapeutics, Inc		2,990,866
	79,720	*	Supernus Pharmaceuticals, Inc		2,224,188
	52,990	*	Syneos Health, Inc		3,873,039
	18,265	*	United Therapeutics Corp		3,243,133
	69,900	*	Vir Biotechnology, Inc		1,422,465
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		63,879,406

41

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 9.3%
	131,360		Acadia Realty Trust	$	2,748,051
	64,261		Alexander & Baldwin, Inc		1,362,333
	61,870		American Campus Communities, Inc		4,001,133
	130,750		American Homes 4 Rent		5,179,007
	89,010		Apartment Income REIT Corp		4,376,622
	14,900		Camden Property Trust		2,337,661
	95,040		CubeSmart		4,515,350
	451,730		Diversified Healthcare Trust		1,016,392
	107,300		Douglas Elliman, Inc		650,238
	46,600		Douglas Emmett, Inc		1,372,836
	4,800		EastGroup Properties, Inc		900,000
	61,370		EPR Properties		3,223,152
	70,906		Equity Lifestyle Properties, Inc		5,479,616
	66,679		First Industrial Realty Trust, Inc		3,867,382
	93,015		Gaming and Leisure Properties, Inc		4,128,006
	33,100		Healthcare Trust of America, Inc		1,008,226
	107,000		Independence Realty Trust, Inc		2,916,820
	107,230		JBG SMITH Properties		2,826,583
	3,640	*	Jones Lang LaSalle, Inc		796,177
	93,126		Kennedy-Wilson Holdings, Inc		2,099,991
	29,659		Life Storage, Inc		3,929,521
	73,960	*	Mack-Cali Realty Corp		1,184,100
	37,310		Marcus & Millichap, Inc		1,671,115
	38,640		National Storage Affiliates Trust		2,187,024
	36,223		NexPoint Residential Trust, Inc		3,229,643
	116,300		Outfront Media, Inc		2,977,280
	202,030		Paramount Group, Inc		1,921,305
	110,100		Piedmont Office Realty Trust, Inc		1,772,610
	8,620		Regency Centers Corp		593,315
	64,700		Rexford Industrial Realty, Inc		5,049,188
	21,588		RMR Group, Inc		588,921
	85,900		Service Properties Trust		697,508
	76,900		Spirit Realty Capital, Inc		3,341,305
	80,785		STAG Industrial, Inc		3,014,896
	65,590		STORE Capital Corp		1,864,724
	17,160		Terreno Realty Corp		1,248,390
	53,690		VICI Properties, Inc		1,600,499
			TOTAL REAL ESTATE		91,676,920
RETAILING - 3.3%
	45,700		Aaron’s Co, Inc		938,221
	37,200		Academy Sports & Outdoors, Inc		1,389,792
	37,741	*	Autonation, Inc		4,374,559
	239,530	*	CarParts.com, Inc		1,434,785
	247,900	*	Chico’s FAS, Inc		1,313,870
	188,400		Designer Brands, Inc		2,603,688
	14,170	*	Five Below, Inc		2,226,107
	23,790		Foot Locker, Inc		697,285
	4,300	*,e	GameStop Corp (Class A)		537,801
	48,160		Kohl’s Corp		2,787,501
	67,440	*	ODP Corp		2,901,943
	135,100	*	Petco Health & Wellness Co, Inc		2,602,026
	2,690		Pool Corp		1,090,042
	6,470	*	RH		2,174,696

42

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	33,910		Williams-Sonoma, Inc	$	4,424,577
	42,712	*	Zumiez, Inc		1,564,541
			TOTAL RETAILING		33,061,434
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	45,880	*	Alpha & Omega Semiconductor Ltd		1,968,252
	31,020	*	Ambarella, Inc		2,546,122
	69,144		Amkor Technology, Inc		1,300,599
	49,763		Brooks Automation, Inc		3,730,235
	10,805	*	Enphase Energy, Inc		1,743,927
	51,057	*	Formfactor, Inc		1,945,782
	37,570	*	Ichor Holdings Ltd		1,093,663
	34,185	*	Impinj, Inc		1,683,953
	75,486	*	Lattice Semiconductor Corp		3,626,347
	6,500		Monolithic Power Systems, Inc		2,549,560
	86,500	*	ON Semiconductor Corp		4,507,515
	173,000	*	Photronics, Inc		2,593,270
	54,790	*	Semtech Corp		3,265,484
	55,290	*	Ultra Clean Holdings		1,723,389
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		34,278,098
SOFTWARE & SERVICES - 9.5%
	74,900	*	ACI Worldwide, Inc		2,068,738
	50,473		Amdocs Ltd		4,022,193
	59,020	*	Anaplan, Inc		3,835,710
	44,670	*	Asana, Inc		1,197,156
	6,197	*	Avalara, Inc		471,406
	60,308	*	Black Knight, Inc		3,967,663
	22,831		Concentrix Corp		3,595,426
	61,360	*	Domo, Inc		2,541,531
	139,700	*	Dropbox, Inc		3,038,475
	42,700	*	Duck Creek Technologies, Inc		680,211
	80,783	*	Dynatrace, Inc		3,098,836
	45,985	*	Elastic NV		3,501,298
	31,291		EVERTEC, Inc		1,232,865
	9,000	*	ExlService Holdings, Inc		1,225,350
	8,571	*	Five9, Inc		943,667
	84,560		Genpact Ltd		3,405,231
	9,570	*	Globant S.A.		2,067,024
	185,900	*	Grid Dynamics Holdings, Inc		2,587,728
	34,000	*	Manhattan Associates, Inc		4,438,700
	19,290	*	Mimecast Ltd		1,537,027
	12,800	*	MongoDB, Inc		4,543,104
	144,015	*	Nutanix, Inc		3,604,696
	123,050	*	Paya Holdings, Inc		626,325
	18,739	*	Paylocity Holding Corp		3,553,477
	19,761		Pegasystems, Inc		1,513,495
	24,041		Progress Software Corp		1,153,487
	76,310	*	Smartsheet, Inc		3,688,062
	38,193	*	SPS Commerce, Inc		4,569,029
	39,116	*	SVMK, Inc		618,815
	68,180	*	Tenable Holdings, Inc		3,765,581
	101,000	*	Varonis Systems, Inc		4,363,200
	71,900	*	Vonage Holdings Corp		1,435,124
	128,510		Western Union Co		2,153,828

43

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

SHARES			COMPANY	VALUE
	51,272	*	Zendesk, Inc	$	6,257,235
	171,500	*	Zuora Inc		2,087,155
			TOTAL SOFTWARE & SERVICES		93,388,848
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
	152,350	*	Arlo Technologies, Inc		1,179,189
	35,195	*	Arrow Electronics, Inc		4,148,083
	94,405		Avnet, Inc		4,121,722
	49,700	*	Ciena Corp		2,741,949
	7,250		Cognex Corp		490,318
	73,190	*	Extreme Networks, Inc		702,624
	21,330	*	Insight Enterprises, Inc		2,119,562
	74,016		Jabil Inc		4,272,944
	91,771		National Instruments Corp		3,316,604
	154,120	*	Pure Storage, Inc		4,515,716
	54,932	*	Sanmina Corp		2,246,169
	11,900	*	Super Micro Computer, Inc		500,990
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		30,355,870
TELECOMMUNICATION SERVICES - 0.6%
	33,870	*	Anterix, Inc		1,755,821
	887,290	*,e	Globalstar, Inc		1,029,257
	57,000	*	Gogo, Inc		1,049,370
	158,613	*	Liberty Latin America Ltd (Class A)		1,465,584
	37,164	*	Liberty Latin America Ltd (Class C)		343,395
			TOTAL TELECOMMUNICATION SERVICES		5,643,427
TRANSPORTATION - 1.8%
	46,802	*	Alaska Air Group, Inc		2,545,561
	94,830		Costamare, Inc		1,271,670
	15,626		Forward Air Corp		1,515,253
	20,830	*	GXO Logistics, Inc		1,232,928
	27,345	*	Hub Group, Inc (Class A)		1,836,490
	62,790		Marten Transport Ltd		1,091,290
	20,740		Ryder System, Inc		1,449,726
	8,500	*	Saia, Inc		1,750,660
	81,550		Schneider National, Inc		1,927,027
	66,580	*	XPO Logistics, Inc		3,581,338
			TOTAL TRANSPORTATION		18,201,943
UTILITIES - 1.3%
	46,904		Clearway Energy, Inc (Class A)		1,333,012
	15,030		Essential Utilities Inc		672,743
	35,400		Northwest Natural Holding Co		1,693,182
	127,310		OGE Energy Corp		4,924,351
	21,150		ONE Gas, Inc		1,784,425
	98,977		Vistra Energy Corp		2,476,404
			TOTAL UTILITIES		12,884,117
			TOTAL COMMON STOCKS		983,680,256
			(Cost $826,470,154)

44

TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 0.9%
REPURCHASE AGREEMENT - 0.3%
$	3,425,000	r	Fixed Income Clearing Corp (FICC)		0.230	%	05/02/22	$	3,425,000
			TOTAL REPURCHASE AGREEMENT						3,425,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
	5,481,188	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				5,481,188
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						5,481,188
			TOTAL SHORT-TERM INVESTMENTS						8,906,188
			(Cost $8,906,188)
			TOTAL INVESTMENTS - 100.5%						992,586,444
			(Cost $835,376,342)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%						(5,378,158	)
			NET ASSETS - 100.0%					$	987,208,286

	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 $13,294,920.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2022, the aggregate value of these securities is $2,414,656 or 0.2% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $3,425,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $3,493,560.

45

TIAA-CREF FUNDS – Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 2.4%
	51,826	*	American Axle & Manufacturing Holdings, Inc	$	343,088
	110,497	*	Aptiv plc		11,756,881
	12,746		BorgWarner, Inc		469,435
	166,307	*	Tesla, Inc		144,813,483
			TOTAL AUTOMOBILES & COMPONENTS		157,382,887
BANKS - 2.9%
	1,694		Ameris Bancorp		70,640
	47,422		Bank OZK		1,821,953
	3,518		Banner Corp		188,917
	47,884		Berkshire Hills Bancorp, Inc		1,184,650
	6,267		Brookline Bancorp, Inc		90,621
	1,259		Cadence BanCorp		31,525
	3,985		Camden National Corp		178,329
	830,296		Citigroup, Inc		40,028,570
	471,252		Citizens Financial Group, Inc		18,567,329
	440		Columbia Banking System, Inc		12,355
	108,335		Comerica, Inc		8,872,636
	370		Commerce Bancshares, Inc		25,297
	1,572		Community Trust Bancorp, Inc		62,581
	3,270		Cullen/Frost Bankers, Inc		432,588
	46,110	*	Customers Bancorp, Inc		1,939,848
	6,874		Federal Agricultural Mortgage Corp (FAMC)		704,104
	10,587		First Busey Corp		237,890
	44,187		First Interstate Bancsystem, Inc		1,436,961
	44,108		First Republic Bank		6,581,796
	1,130		FNB Corp		13,018
	540		Glacier Bancorp, Inc		24,710
	1,279		Hancock Whitney Corp		59,819
	3,902		Heritage Financial Corp		94,506
	19,184		HomeStreet, Inc		778,678
	285,811		Huntington Bancshares, Inc		3,758,415
	218,676		Keycorp		4,222,633
	24,031		Live Oak Bancshares, Inc		1,017,232
	15,374	*	Mr Cooper Group, Inc		691,369
	26,162		National Bank Holdings Corp		955,175
	310		NBT Bancorp, Inc		10,912
	7,838		Old National Bancorp		118,824
	53,702		Pinnacle Financial Partners, Inc		4,164,590
	232,447		PNC Financial Services Group, Inc		38,609,447
	682,855		Regions Financial Corp		14,148,756
	19,485	*	SVB Financial Group		9,501,665
	1,879	*	Texas Capital Bancshares, Inc		96,505
	10,055		TFS Financial Corp		150,724
	17,614	*	The Bancorp, Inc		399,662

46

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	3,796		Trico Bancshares	$	142,540
	31,975	*	Tristate Capital Holdings, Inc		965,965
	513,618		Truist Financial Corp		24,833,430
	350		Trustmark Corp		9,758
	2,167		UMB Financial Corp		195,420
	650		Umpqua Holdings Corp		10,751
	17,523		Univest Financial Corp		441,580
	1,553		Westamerica Bancorporation		91,503
	230		Wintrust Financial Corp		20,084
	8,082		WSFS Financial Corp		323,846
	55,123		Zions Bancorporation		3,115,001
			TOTAL BANKS		191,435,108
CAPITAL GOODS - 5.6%
	213,347		3M Co		30,768,904
	954		Acuity Brands, Inc		164,546
	85,519	*	Axon Enterprise, Inc		9,595,232
	419	*	Beacon Roofing Supply, Inc		24,985
	5,486	*	Bloom Energy Corp		101,820
	17,565		Carlisle Cos, Inc		4,555,658
	244,666		Carrier Global Corp		9,363,368
	233,113		Caterpillar, Inc		49,079,611
	35,835		Cummins, Inc		6,779,624
	69,250		Curtiss-Wright Corp		9,896,517
	121,467		Deere & Co		45,859,866
	180,177		Eaton Corp		26,129,269
	1,365		EMCOR Group, Inc		145,345
	48,540		Emerson Electric Co		4,377,337
	119,034		Fastenal Co		6,583,771
	99,730		Fortive Corp		5,734,475
	300		GATX Corp		31,017
	245		Granite Construction, Inc		7,264
	11,668		Herc Holdings, Inc		1,491,404
	143,741		Hexcel Corp		7,813,761
	1,801		IDEX Corp		341,866
	191,795		Illinois Tool Works, Inc		37,804,712
	317,614		Johnson Controls International plc		19,015,550
	171,085		Masco Corp		9,014,469
	98,990	*	Mercury Systems, Inc		5,522,652
	7,159		Moog, Inc (Class A)		571,789
	3,829	*	MYR Group, Inc		302,836
	6,412		Owens Corning, Inc		583,043
	59,731		PACCAR, Inc		4,960,660
	47,521		Parker-Hannifin Corp		12,869,637
	37,955		Rockwell Automation, Inc		9,590,090
	36,980		Roper Technologies Inc		17,377,642
	3,916		Rush Enterprises, Inc (Class A)		199,246
	9,292		Snap-On, Inc		1,974,457
	69,059		Trane Technologies plc		9,660,663
	30,230	*	United Rentals, Inc		9,568,400
	20,461	*	Vectrus, Inc		738,642
	13,236		W.W. Grainger, Inc		6,618,397
	1,174		Wabash National Corp		16,800
	4,192	*	WESCO International, Inc		516,706
	36,655		Woodward Inc		4,049,644

47

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	36,530		Xylem, Inc	$	2,940,665
			TOTAL CAPITAL GOODS		372,742,340
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	540		ABM Industries, Inc		26,066
	9,872		ACCO Brands Corp		72,362
	19,997		ADT, Inc		136,979
	970	*	ASGN Inc		110,047
	15,838		Cintas Corp		6,291,804
	288,631	*	Copart, Inc		32,802,913
	11,966	*	FTI Consulting, Inc		1,887,158
	4,282		Heidrick & Struggles International, Inc		136,853
	188		Herman Miller, Inc		5,965
	143,033	*	KAR Auction Services, Inc		2,096,864
	39,570		Kelly Services, Inc (Class A)		763,305
	5,758		Kimball International, Inc (Class B)		44,221
	52,605		Robert Half International, Inc		5,171,598
	1,210		Steelcase, Inc (Class A)		14,193
	120,100		TransUnion		10,511,152
	2,825	*	TriNet Group, Inc		250,578
	14,026		Verisk Analytics, Inc		2,862,005
	145,676		Waste Management, Inc		23,954,961
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		87,139,024
CONSUMER DURABLES & APPAREL - 1.3%
	396		Columbia Sportswear Co		32,535
	48,547		DR Horton, Inc		3,378,386
	41,286		Ethan Allen Interiors, Inc		980,130
	56,305	*	GoPro, Inc		502,241
	9,306	*	Green Brick Partners, Inc		183,328
	258		Hasbro, Inc		22,720
	23,776	*	iRobot Corp		1,204,254
	20,310	*	Lovesac Co		890,390
	27,336	*	Lululemon Athletica, Inc		9,694,166
	5,483		Newell Brands Inc		126,931
	419,574		Nike, Inc (Class B)		52,320,878
	1,897	*	NVR, Inc		8,301,670
	1,614		PVH Corp		117,467
	136,133	*	Sonos, Inc		3,106,555
	87,275	*	Tupperware Brands Corp		1,534,295
	57,495		VF Corp		2,989,740
			TOTAL CONSUMER DURABLES & APPAREL		85,385,686
CONSUMER SERVICES - 2.4%
	26,652	*	American Public Education, Inc		518,115
	19,431	*	Booking Holdings, Inc		42,948,534
	33,683	*	Bright Horizons Family Solutions		3,847,946
	27,978		Carriage Services, Inc		1,199,976
	42,424		Darden Restaurants, Inc		5,588,514
	79,641	*	Dave & Buster’s Entertainment, Inc		3,623,665
	24,042		Domino’s Pizza, Inc		8,126,196
	36,071	*	El Pollo Loco Holdings, Inc		384,156
	1,303		Graham Holdings Co		771,858
	237,102	*	Hilton Worldwide Holdings, Inc		36,819,570
	28,107	*	Planet Fitness, Inc		2,249,403

48

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	3,259	*	Shake Shack, Inc	$	188,468
	73,527	*	Six Flags Entertainment Corp		2,813,878
	511,018		Starbucks Corp		38,142,384
	87,949	*	Terminix Global Holdings, Inc		4,035,980
	19,207		Vail Resorts, Inc		4,881,651
	74,915		Wendy’s		1,480,320
	23,431	*	WW International Inc		229,389
			TOTAL CONSUMER SERVICES		157,850,003
DIVERSIFIED FINANCIALS - 7.1%
	178,603		Ally Financial, Inc		7,136,976
	286,307		American Express Co		50,020,696
	60,154		Ameriprise Financial, Inc		15,970,285
	502,214		Bank of New York Mellon Corp		21,123,121
	65,633		BlackRock, Inc		40,999,622
	647,988		Charles Schwab Corp		42,981,044
	127,359		CME Group, Inc		27,934,923
	280		Cohen & Steers, Inc		21,753
	318,912		Discover Financial Services		35,864,844
	8,872		Factset Research Systems, Inc		3,579,763
	93,919		Franklin Resources, Inc		2,309,468
	56,534		Goldman Sachs Group, Inc		17,270,572
	9,333	*	Green Dot Corp		247,138
	335,651		Intercontinental Exchange Group, Inc		38,871,742
	36,329		Invesco Ltd		667,727
	18,792		MarketAxess Holdings, Inc		4,953,759
	78,034		Moody’s Corp		24,696,200
	543,535		Morgan Stanley		43,803,486
	22,879		Nasdaq Inc		3,600,468
	119,931		Northern Trust Corp		12,358,890
	200,000		Nuveen ESG Large-Cap ETF		7,047,220
	5,668	*	PRA Group, Inc		238,226
	2,432	*	PROG Holdings, Inc		64,375
	140,865		S&P Global, Inc		53,035,673
	123,600		State Street Corp		8,277,492
	65,344		T Rowe Price Group, Inc		8,039,926
	25,591		Voya Financial, Inc		1,615,816
			TOTAL DIVERSIFIED FINANCIALS		472,731,205
ENERGY - 4.1%
	365,578		Antero Midstream Corp		3,754,486
	168,015		APA Corp		6,876,854
	255,419		Baker Hughes Co		7,923,098
	2,812		ChampionX Corp		59,333
	185,947		Cheniere Energy, Inc		25,253,462
	578,708		ConocoPhillips		55,278,188
	2,207	*	Delek US Holdings, Inc		53,410
	129,020		EOG Resources, Inc		15,064,375
	211,025		EQT Corp		8,388,244
	96,629		Hess Corp		9,959,551
	950,369		Kinder Morgan, Inc		17,249,197
	681,982	*	Kosmos Energy Ltd		4,610,198
	1,349,746		Marathon Oil Corp		33,635,670
	322,948		NOV, Inc		5,855,047
	12,097	*	Oceaneering International, Inc		137,059

49

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	19,522		ONEOK, Inc	$	1,236,328
	25,382		Pioneer Natural Resources Co		5,900,554
	996,943		Schlumberger Ltd		38,890,747
	744,346	*	Southwestern Energy Co		5,582,595
	70,630		Targa Resources Investments, Inc		5,184,948
	201,345		Valero Energy Corp		22,445,941
			TOTAL ENERGY		273,339,285
FOOD & STAPLES RETAILING - 0.6%
	191,931	*	BJ’s Wholesale Club Holdings, Inc		12,350,760
	47,513	*	Performance Food Group Co		2,340,015
	37,095		Pricesmart, Inc		2,947,198
	59,184		SpartanNash Co		2,028,827
	201,369	*	Sprouts Farmers Market, Inc		6,000,796
	92,192	*	United Natural Foods, Inc		3,957,803
	249,841	*	US Foods Holding Corp		9,399,018
			TOTAL FOOD & STAPLES RETAILING		39,024,417
FOOD, BEVERAGE & TOBACCO - 3.1%
	70,442		Archer-Daniels-Midland Co		6,308,786
	48,343		Campbell Soup Co		2,282,756
	1,127,100		Coca-Cola Co		72,821,931
	13,309	*	Darling International, Inc		976,748
	35,374		Fresh Del Monte Produce, Inc		921,493
	366,471		General Mills, Inc		25,920,494
	3,800	*	Hain Celestial Group, Inc		127,452
	206,505		Hormel Foods Corp		10,818,797
	130,364		Kellogg Co		8,929,934
	70,056		McCormick & Co, Inc		7,045,532
	414,457		PepsiCo, Inc		71,166,411
	6,553	*	TreeHouse Foods, Inc		206,419
			TOTAL FOOD, BEVERAGE & TOBACCO		207,526,753
HEALTH CARE EQUIPMENT & SERVICES - 6.3%
	36,512	*	Abiomed, Inc		10,463,609
	40,357	*,e	Accelerate Diagnostics, Inc		38,743
	42,465	*	Align Technology, Inc		12,311,028
	167,819	*	Allscripts Healthcare Solutions, Inc		3,467,140
	59,123	*	Angiodynamics, Inc		1,244,539
	105,691		Anthem, Inc		53,049,484
	7,715	*	AtriCure, Inc		400,640
	983	*	Axonics Modulation Technologies, Inc		50,939
	288,028		Cerner Corp		26,970,942
	238,681	*	Cerus Corp		1,102,706
	185,551		Cigna Corp		45,790,276
	19,097	*	Computer Programs & Systems, Inc		609,576
	34,556		Cooper Cos, Inc		12,476,098
	8,313	*	Covetrus, Inc		114,719
	174,825		Dentsply Sirona, Inc		6,991,252
	47,832	*	Dexcom, Inc		19,543,198
	356,778	*	Edwards Lifesciences Corp		37,739,977
	141,106	*	Envista Holdings Corp		5,590,620
	11,862	*	Globus Medical, Inc		785,502
	105,672		HCA Healthcare, Inc		22,671,928
	55,315	*	Health Catalyst, Inc		920,442

50

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	22,037	*	Henry Schein, Inc	$	1,787,201
	5,398	*	Heska Corp		592,916
	92,217	*	Hologic, Inc		6,638,702
	88,343		Humana, Inc		39,273,764
	49,662	*	IDEXX Laboratories, Inc		21,378,498
	7,998	*	Inogen, Inc		202,189
	18,561	*	Intersect ENT, Inc		508,015
	148,542	*	Intuitive Surgical, Inc		35,546,101
	37,957	*	Laboratory Corp of America Holdings		9,120,308
	25,670		LeMaitre Vascular, Inc		1,109,201
	7,921	*	LivaNova plc		607,224
	12,655	*	Meridian Bioscience, Inc		323,841
	36,789	*	Merit Medical Systems, Inc		2,281,286
	94,024	*	NextGen Healthcare, Inc		1,772,352
	36,544	*	Omnicell, Inc		3,989,508
	51,150	*	OraSure Technologies, Inc		314,061
	30,909	*	Orthofix Medical Inc		958,179
	13,076	*	Penumbra, Inc		2,256,394
	1,887		Premier, Inc		68,328
	22,904		Quest Diagnostics, Inc		3,065,471
	45,502	*	Quidel Corp		4,578,411
	68,280		Resmed, Inc		13,653,952
	20,651	*	Staar Surgical Co		1,178,966
	27,192		STERIS plc		6,092,368
	4,512	*	Tactile Systems Technology, Inc		76,162
	14,310	*	Tandem Diabetes Care, Inc		1,380,629
	3,221	*,e	Teladoc, Inc		108,741
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		421,196,126
HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
	32,542		Clorox Co		4,668,801
	260,833		Colgate-Palmolive Co		20,097,183
	139,019		Estee Lauder Cos (Class A)		36,709,357
	54,856		Kimberly-Clark Corp		7,615,658
	595,703		Procter & Gamble Co		95,640,117
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		164,731,116
INSURANCE - 3.3%
	275,241		Aflac, Inc		15,765,804
	96,775		Allstate Corp		12,245,909
	10,501		Arthur J. Gallagher & Co		1,769,313
	230,403		Chubb Ltd		47,566,699
	1,175	*	eHealth, Inc		9,459
	909,210	*	Genworth Financial, Inc (Class A)		3,373,169
	73,799		Lincoln National Corp		4,439,010
	178,033		Loews Corp		11,187,594
	277,166		Marsh & McLennan Cos, Inc		44,817,742
	36,503		Metlife, Inc		2,397,517
	245,742		Progressive Corp		26,382,861
	268,139		Prudential Financial, Inc		29,095,763
	128,444		Travelers Cos, Inc		21,971,631
	12,115		Willis Towers Watson plc		2,603,029
			TOTAL INSURANCE		223,625,500

51

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
MATERIALS - 2.6%
	15,724		Amcor plc	$	186,487
	10,332		Aptargroup, Inc		1,186,424
	242,787		Ball Corp		19,704,593
	78,491	*	Century Aluminum Co		1,324,143
	87,047	*	Cleveland-Cliffs, Inc		2,218,828
	41,035	*	Coeur Mining, Inc		148,957
	1,709		Compass Minerals International, Inc		101,053
	378,897		DuPont de Nemours, Inc		24,980,679
	194,299		Ecolab, Inc		32,902,593
	945		H.B. Fuller Co		63,031
	58,009		International Flavors & Fragrances, Inc		7,036,492
	36,220		Koppers Holdings, Inc		878,697
	15,280		Martin Marietta Materials, Inc		5,412,482
	268,049		Mosaic Co		16,731,619
	417,007		Newmont Goldcorp Corp		30,378,960
	159,805		Nucor Corp		24,734,618
	19,087		PPG Industries, Inc		2,442,945
	2,337		Reliance Steel & Aluminum Co		463,310
	4,126		Schnitzer Steel Industries, Inc (Class A)		188,269
	145,000	*	Summit Materials, Inc		4,031,000
	19,636		Trimas Corp		580,047
	21,681		Trinseo plc		1,028,763
			TOTAL MATERIALS		176,723,990
MEDIA & ENTERTAINMENT - 4.2%
	183,270	*	Cinemark Holdings, Inc		2,906,662
	1,066,497		Comcast Corp (Class A)		42,403,921
	155,882		Electronic Arts, Inc		18,401,870
	155,166		Gray Television, Inc		2,873,674
	103,389	*	iHeartMedia, Inc		1,653,190
	9,044	*	Imax Corp		143,076
	104,365		Interpublic Group of Cos, Inc		3,404,386
	13,563		John Wiley & Sons, Inc (Class A)		690,221
	19,147	*	Liberty Broadband Corp (Class A)		2,061,366
	170,308	*	Liberty Broadband Corp (Class C)		19,043,841
	127,851	*	Netflix, Inc		24,337,716
	58,591		New York Times Co (Class A)		2,245,207
	294,588		Omnicom Group, Inc		22,426,984
	4,632	*	Roku, Inc		430,313
	27,872		Scholastic Corp		1,027,083
	79,157		Sinclair Broadcast Group, Inc (Class A)		1,760,452
	1,551,879	e	Sirius XM Holdings, Inc		9,311,274
	77,379	*	Take-Two Interactive Software, Inc		9,247,564
	8,077		TEGNA, Inc		178,098
	179,898	*	TripAdvisor, Inc		4,617,982
	770,274	*	Twitter, Inc		37,758,832
	121,662	*	Vimeo, Inc		1,239,736
	512,185	*	Walt Disney Co		57,175,212
	284,699	*	Warner Bros Discovery, Inc		5,167,287
	6,561		World Wrestling Entertainment, Inc (Class A)		383,097
	1,539,472	*	Zynga, Inc		12,731,433
			TOTAL MEDIA & ENTERTAINMENT		283,620,477
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	54,132	*	Acadia Pharmaceuticals, Inc		998,194

52

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	72,985	*	Aerie Pharmaceuticals, Inc	$	518,923
	225,045		Agilent Technologies, Inc		26,841,117
	46,854	*	Agios Pharmaceuticals, Inc		1,029,382
	180,747		Amgen, Inc		42,148,393
	19,093	*	AnaptysBio, Inc		446,776
	198,633	*	Antares Pharma, Inc		1,105,393
	68,699	*	Atara Biotherapeutics, Inc		436,926
	2,503	*	Axsome Therapeutics, Inc		79,470
	253,324	*	BioCryst Pharmaceuticals, Inc		2,353,380
	49,316	*	Biogen, Inc		10,230,111
	47,040	*	BioMarin Pharmaceutical, Inc		3,826,704
	53,151	*	Bluebird Bio, Inc		192,938
	738,603		Bristol-Myers Squibb Co		55,594,648
	67,570	*	Chimerix, Inc		297,308
	54,314	*	Collegium Pharmaceutical, Inc		874,455
	114,594	*	Curis, Inc		104,705
	218,680		Danaher Corp		54,917,108
	253,670		Eli Lilly & Co		74,104,617
	369,794		Gilead Sciences, Inc		21,943,576
	32,627	*	Halozyme Therapeutics, Inc		1,301,817
	79,913	*,e	Humanigen, Inc		150,236
	16,303	*	Illumina, Inc		4,836,285
	32,728	*	Insmed, Inc		719,034
	91,116	*	Intra-Cellular Therapies, Inc		4,611,381
	64,325	*	IQVIA Holdings, Inc		14,022,207
	27,862	*	Jazz Pharmaceuticals plc		4,464,050
	28,395	*	Karyopharm Therapeutics, Inc		173,209
	32,897	*	MacroGenics, Inc		235,214
	296,339		Merck & Co, Inc		26,282,306
	5,838	*	Mettler-Toledo International, Inc		7,458,220
	2,895	*	Mirati Therapeutics, Inc		178,882
	365,030	*,e	Opko Health, Inc		985,581
	42,303		Perrigo Co plc		1,450,993
	66,120	*	Prothena Corp plc		1,928,059
	98,240	*,e	Provention Bio, Inc		441,098
	9,835	*	Regeneron Pharmaceuticals, Inc		6,482,347
	14,849	*	Repligen Corp		2,334,857
	74,418	*	Revance Therapeutics, Inc		1,218,967
	120,749		Thermo Fisher Scientific, Inc		66,764,537
	28,275	*	Ultragenyx Pharmaceutical, Inc		1,998,760
	138,897	*	Vertex Pharmaceuticals, Inc		37,949,438
	18,425	*	Waters Corp		5,583,144
	37,317		West Pharmaceutical Services, Inc		11,757,094
	238,042	*,e	ZIOPHARM Oncology, Inc		126,496
	229,553		Zoetis, Inc		40,688,269
	14,602	*,†	Zogenix, Inc		9,929
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		542,196,534
REAL ESTATE - 3.3%
	48,860		Alexandria Real Estate Equities, Inc		8,900,338
	200,105		American Tower Corp		48,229,307
	72,632		Boston Properties, Inc		8,541,523
	54,010		Brixmor Property Group, Inc		1,370,774
	27,618		CatchMark Timber Trust, Inc		226,744
	84,154		CBRE Group, Inc		6,988,148

53

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	46,458		Crown Castle International Corp	$	8,604,486
	309,873	*	DiamondRock Hospitality Co		3,290,851
	8,358		Douglas Emmett, Inc		246,227
	36,148		Equinix, Inc		25,993,304
	33,420		First Industrial Realty Trust, Inc		1,938,360
	52,368		Franklin Street Properties Corp		270,219
	204,267		Healthpeak Properties Inc		6,702,000
	1,487	*	Howard Hughes Corp		149,131
	27,253		iStar Inc		458,940
	5,945	*	Jones Lang LaSalle, Inc		1,300,350
	4,739		Kilroy Realty Corp		331,730
	243,312		Macerich Co		3,053,566
	4,166		Paramount Group, Inc		39,619
	412,858		Park Hotels & Resorts, Inc		8,137,431
	540		Piedmont Office Realty Trust, Inc		8,694
	319,767		Prologis, Inc		51,255,452
	59,974	*	Realogy Holdings Corp		657,315
	2,009		RMR Group, Inc		54,806
	11,019	*	Tejon Ranch Co		201,758
	63,246		Ventas, Inc		3,513,315
	297		Washington REIT		7,155
	177,561		Welltower, Inc		16,124,314
	238,457		Weyerhaeuser Co		9,829,198
	58,638	*	Xenia Hotels & Resorts, Inc		1,131,127
			TOTAL REAL ESTATE		217,556,182
RETAILING - 4.1%
	42,656	*	1-800-FLOWERS.COM, Inc (Class A)		435,091
	1,216		Aaron’s Co, Inc		24,965
	15,656		Advance Auto Parts, Inc		3,125,407
	250		Buckle, Inc		7,765
	1,601	*	CarMax, Inc		137,334
	680,137		eBay, Inc		35,312,713
	6,360	*	Five Below, Inc		999,156
	24,775	*	Genesco, Inc		1,536,793
	29,239		Hibbett Sports, Inc		1,262,540
	265,726		Home Depot, Inc		79,824,090
	25,413	*	Lands’ End, Inc		356,290
	77,025		LKQ Corp		3,822,751
	241,920		Lowe’s Companies, Inc		47,834,842
	424,516		Macy’s, Inc		10,260,552
	35,671	*	MarineMax, Inc		1,459,657
	397		Pool Corp		160,872
	147,288	*	Quotient Technology, Inc		782,099
	139,297	*	RealReal, Inc		754,990
	44,159		Ross Stores, Inc		4,405,744
	5,448	*	Sally Beauty Holdings, Inc		82,374
	32,132		Shoe Carnival, Inc		970,065
	218,871		Target Corp		50,044,854
	467,945		TJX Companies, Inc		28,675,670
	15,754		Tractor Supply Co		3,173,643
	860		Winmark Corp		174,752
	18,394	*	Zumiez, Inc		673,772
			TOTAL RETAILING		276,298,781

54

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8%
	441,575		Applied Materials, Inc	$	48,727,801
	22,180	*	Cirrus Logic, Inc		1,681,244
	75,276	*	First Solar, Inc		5,497,406
	1,376,307		Intel Corp		59,993,222
	74,040		Lam Research Corp		34,484,870
	561,347		NVIDIA Corp		104,113,028
	215,049		NXP Semiconductors NV		36,751,874
	611,501	*	ON Semiconductor Corp		31,865,317
	18,585	*	Silicon Laboratories, Inc		2,507,302
	348,490		Texas Instruments, Inc		59,330,423
	13,239		Universal Display Corp		1,691,018
	27,359	*	Wolfspeed Inc		2,509,094
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		389,152,599
SOFTWARE & SERVICES - 16.9%
	210,596		Accenture plc		63,254,615
	142,621	*	Adobe, Inc		56,470,785
	8,239	*	Anaplan, Inc		535,453
	8,948	*	Ansys, Inc		2,466,874
	21,767	*	Aspen Technology, Inc		3,450,940
	165,953	*	Autodesk, Inc		31,411,584
	217,096		Automatic Data Processing, Inc		47,366,005
	147,482	*	Avaya Holdings Corp		1,364,208
	50,952	*	Benefitfocus, Inc		542,639
	86,552	*	Blackline, Inc		5,803,312
	133,543	*	Cadence Design Systems, Inc		20,144,962
	51,744	*	ChannelAdvisor Corp		750,805
	27,122		Concentrix Corp		4,271,173
	55,469		CSG Systems International, Inc		3,409,679
	113,572		Dolby Laboratories, Inc (Class A)		8,798,423
	424,613	*	DXC Technology Co		12,186,393
	38,717	*	Elastic NV		2,947,912
	57,024	*	ExlService Holdings, Inc		7,763,818
	107,101	*	Five9, Inc		11,791,820
	31,479	*	HubSpot, Inc		11,944,077
	182		InterDigital, Inc		10,347
	388,025		International Business Machines Corp		51,300,785
	101,475		Intuit, Inc		42,492,656
	234,341		Mastercard, Inc (Class A)		85,154,833
	1,334,497	d	Microsoft Corp		370,349,607
	87,517	*	New Relic, Inc		5,537,201
	123,295	*	Nutanix, Inc		3,086,074
	184,262	*	Okta, Inc		21,984,299
	5,290	*	OneSpan, Inc		74,748
	27,817	*	Paylocity Holding Corp		5,274,938
	479,182	*	PayPal Holdings, Inc		42,134,473
	57,668	*	Perficient, Inc		5,732,776
	28,640	*	Rapid7, Inc		2,735,693
	300,072	*	salesforce.com, Inc		52,794,668
	90,530	*	ServiceNow, Inc		43,282,393
	34,748	*	Smartsheet, Inc		1,679,371
	61,226	*	SPS Commerce, Inc		7,324,466
	110,299	*	SVMK, Inc		1,744,930
	58,543	*	Teradata Corp		2,420,753

55

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	29,975		TTEC Holdings, Inc	$	2,212,455
	308,632		VMware, Inc (Class A)		33,344,601
	79,109	*	WEX, Inc		13,151,080
	160,899	*	Workday, Inc		33,257,823
	9,332	*	Workiva, Inc		900,631
			TOTAL SOFTWARE & SERVICES		1,124,657,078
TECHNOLOGY HARDWARE & EQUIPMENT - 4.3%
	73,619		Avnet, Inc		3,214,206
	62,976		Benchmark Electronics, Inc		1,496,310
	131,980	*	Ciena Corp		7,281,337
	1,263,337		Cisco Systems, Inc		61,878,246
	190,295		Cognex Corp		12,869,651
	17,347	*	Coherent, Inc		4,647,261
	47,144		CTS Corp		1,667,483
	20,950	*	ePlus, Inc		1,183,256
	50,687	*	Fabrinet		4,976,957
	5,366	*	FARO Technologies, Inc		184,000
	1,675,996		Hewlett Packard Enterprise Co		25,827,098
	1,076,966		HP, Inc		39,449,265
	39,174	*	Insight Enterprises, Inc		3,892,720
	3,493	*	Itron, Inc		166,896
	157,629	*	Keysight Technologies, Inc		22,110,620
	37,235	*	Kimball Electronics, Inc		664,272
	126,755	*	Knowles Corp		2,347,503
	14,814	*	Lumentum Holdings, Inc		1,203,045
	6,814		Methode Electronics, Inc		303,973
	3,474		Motorola Solutions, Inc		742,359
	54,373		National Instruments Corp		1,965,040
	3,344	*	Novanta, Inc		430,373
	500	*	OSI Systems, Inc		39,550
	42,879	*,e	PAR Technology Corp		1,416,722
	55,453	*	Ribbon Communications, Inc		191,313
	33,155	*	Rogers Corp		8,975,722
	59,803		SYNNEX Corp		5,985,682
	436,479	*	Trimble Inc		29,113,149
	179,596	*	TTM Technologies, Inc		2,505,364
	73,134		Vishay Intertechnology, Inc		1,362,486
	18,688	*	Vishay Precision Group, Inc		583,252
	276,797		Vontier Corp		7,091,539
	220,869		Xerox Holdings Corp		3,843,121
	77,658	*	Zebra Technologies Corp (Class A)		28,707,056
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		288,316,827
TELECOMMUNICATION SERVICES - 1.6%
	167,393	*	Iridium Communications, Inc		5,977,604
	351,522	*	T-Mobile US, Inc		43,286,419
	1,261,731		Verizon Communications, Inc		58,418,145
			TOTAL TELECOMMUNICATION SERVICES		107,682,168
TRANSPORTATION - 2.5%
	43,563		ArcBest Corp		3,143,506
	26,629	*	Avis Budget Group, Inc		7,127,784
	55,101		CH Robinson Worldwide, Inc		5,848,971
	1,265,121		CSX Corp		43,444,255

56

TIAA-CREF FUNDS – Social Choice Equity Fund

SHARES			COMPANY	VALUE
	787,884	*	Delta Air Lines, Inc	$	33,902,649
	101,378		Expeditors International of Washington, Inc		10,043,519
	180		Landstar System, Inc		27,882
	113,436		Norfolk Southern Corp		29,252,876
	50,452		Old Dominion Freight Line		14,132,614
	9		Ryder System, Inc		629
	107,729		United Parcel Service, Inc (Class B)		19,389,065
			TOTAL TRANSPORTATION		166,313,750
UTILITIES - 3.2%
	276,600		American Electric Power Co, Inc		27,413,826
	10,650		CMS Energy Corp		731,549
	187,145		Consolidated Edison, Inc		17,355,827
	19,802		DTE Energy Co		2,594,854
	134,706		Eversource Energy		11,773,304
	710,043		NextEra Energy, Inc		50,427,254
	206,735		Public Service Enterprise Group, Inc		14,401,160
	163,123		Sempra Energy		26,321,527
	6,282		South Jersey Industries, Inc		214,782
	499,130		Southern Co		36,631,151
	30,558		UGI Corp		1,048,139
	112,385		WEC Energy Group, Inc		11,244,119
	180,121		Xcel Energy, Inc		13,195,665
			TOTAL UTILITIES		213,353,157
			TOTAL COMMON STOCKS		6,639,980,993
			(Cost $4,577,298,356)
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 - 0.5%
GOVERNMENT AGENCY DEBT - 0.4%
$	1,430,000		Federal Farm Credit Bank (FFCB)		0.000	%	05/04/22	1,429,962
	4,270,000		Federal Home Loan Bank (FHLB)		0.000		05/04/22	4,269,887
	20,000,000		FHLB		0.000		05/05/22	19,999,202
			TOTAL GOVERNMENT AGENCY DEBT					25,699,051
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	5,185,122	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310			5,185,122
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					5,185,122
			TOTAL SHORT-TERM INVESTMENTS					30,884,173
			(Cost $30,884,415)

57

TIAA-CREF FUNDS – Social Choice Equity Fund

		VALUE
TOTAL INVESTMENTS - 100.0%	$	6,670,865,166
(Cost $4,608,182,771)
OTHER ASSETS & LIABILITIES, NET - 0.0%		29,613
NET ASSETS - 100.0%	$	6,670,894,779

ETF     Exchange Traded Fund

REIT   Real Estate Investment Trust

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $12,088,450.

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short) contracts		Expiration date		Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		118		06/17/22	$	25,466,015	$	24,352,250	$	(1,113,765	)

58

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE LOW CARBON EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.1%
AUTOMOBILES & COMPONENTS - 2.6%
	35,767	*	Aptiv plc	$	3,805,609
	23,226	*	Lordstown Motors Corp		50,633
	11,866	*	Modine Manufacturing Co		93,741
	27,408	*	Tesla, Inc		23,865,790
			TOTAL AUTOMOBILES & COMPONENTS		27,815,773
BANKS - 2.7%
	1,105		Amalgamated Financial Corp		19,437
	3,289		Amerant Bancorp Inc		87,454
	5,989		Berkshire Hills Bancorp, Inc		148,168
	3,941		Brookline Bancorp, Inc		56,987
	339		Camden National Corp		15,170
	1,460		CBTX, Inc		41,639
	126,003		Citigroup, Inc		6,074,605
	49,591		Citizens Financial Group, Inc		1,953,885
	3,253		Comerica, Inc		266,421
	2,370	*	Customers Bancorp, Inc		99,706
	2,710		Dime Community Bancshares, Inc		85,202
	129		Federal Agricultural Mortgage Corp (FAMC)		13,213
	119		First Commonwealth Financial Corp		1,604
	3,851		First Interstate Bancsystem, Inc		125,235
	5,530		First Republic Bank		825,187
	414		HomeStreet, Inc		16,804
	16,834		Huntington Bancshares, Inc		221,367
	33,252		Keycorp		642,096
	262		Live Oak Bancshares, Inc		11,090
	48,945		MGIC Investment Corp		639,222
	1,482		National Bank Holdings Corp		54,108
	33,398		PNC Financial Services Group, Inc		5,547,408
	1,527		Premier Financial Corp		40,527
	2,454		QCR Holdings, Inc		133,228
	65,064		Regions Financial Corp		1,348,126
	8,555	*	SVB Financial Group		4,171,760
	6,131	*	Texas Capital Bancshares, Inc		314,888
	6,108	*	Tristate Capital Holdings, Inc		184,523
	110,217		Truist Financial Corp		5,328,992
	1,445		Univest Financial Corp		36,414
	3,256		WesBanco, Inc		104,973
	2,880		WSFS Financial Corp		115,402
	5,184		Zions Bancorporation		292,948
			TOTAL BANKS		29,017,789
CAPITAL GOODS - 5.5%
	39,841		3M Co		5,745,869
	9,282	*	Axon Enterprise, Inc		1,041,440

59

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	1,631	*,e	Blink Charging Co	$	31,152
	430		Carlisle Cos, Inc		111,525
	88,108		Carrier Global Corp		3,371,893
	36,829		Caterpillar, Inc		7,753,978
	7,483		Curtiss-Wright Corp		1,069,396
	20,996		Deere & Co		7,927,040
	31,566		Eaton Corp		4,577,701
	271		EMCOR Group, Inc		28,856
	52,514		Emerson Electric Co		4,735,713
	28,654		Fastenal Co		1,584,853
	18,048		Fortive Corp		1,037,760
	3,575	*	Generac Holdings, Inc		784,283
	3,873		Granite Construction, Inc		114,834
	13,285		Hexcel Corp		722,173
	29,489		Illinois Tool Works, Inc		5,812,577
	32,510		Johnson Controls International plc		1,946,374
	10,631		Maxar Technologies, Inc		342,424
	10,481	*	Mercury Systems, Inc		584,735
	1,616		Moog, Inc (Class A)		129,070
	3,920		Owens Corning, Inc		356,446
	7,907		PACCAR, Inc		656,676
	7,728		Parker-Hannifin Corp		2,092,897
	5,962		Quanta Services, Inc		691,473
	6,567		Rockwell Automation, Inc		1,659,284
	2,252		Roper Technologies Inc		1,058,260
	2,387		Trane Technologies plc		333,917
	17,595	*	Triumph Group, Inc		396,591
	1,593	*	United Rentals, Inc		504,216
	2,509	*	Vectrus, Inc		90,575
	2,610	*	Veritiv Corp		366,809
	537		W.W. Grainger, Inc		268,516
	143	*	WESCO International, Inc		17,626
	3,439		Woodward Inc		379,941
	1,778		Xylem, Inc		143,129
			TOTAL CAPITAL GOODS		58,470,002
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	6,190		ACCO Brands Corp		45,373
	13,974		Cintas Corp		5,551,311
	51,687	*	Copart, Inc		5,874,228
	1,243		Heidrick & Struggles International, Inc		39,726
	1,324		Herman Miller, Inc		42,011
	278		ICF International, Inc		27,469
	162		Insperity, Inc		17,180
	2,761	*	KAR Auction Services, Inc		40,476
	5,463		Kelly Services, Inc (Class A)		105,381
	7		Kforce, Inc		490
	2,978		Kimball International, Inc (Class B)		22,871
	5,558		TransUnion		486,436
	1,943	*	TrueBlue, Inc		49,683
	393		Verisk Analytics, Inc		80,192
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		12,382,827
CONSUMER DURABLES & APPAREL - 1.4%
	5,721		DR Horton, Inc		398,124

60

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	5,345		Ethan Allen Interiors, Inc	$	126,890
	16,985	*	GoPro, Inc		151,506
	5		Hasbro, Inc		440
	1,724	*	iRobot Corp		87,321
	2,929	*	Lovesac Co		128,407
	13,993	*	Lululemon Athletica, Inc		4,962,338
	61,996		Nike, Inc (Class B)		7,730,901
	74	*	NVR, Inc		323,840
	9,623	*	Sonos, Inc		219,597
	10,943	*	Tupperware Brands Corp		192,378
	7,020		VF Corp		365,040
			TOTAL CONSUMER DURABLES & APPAREL		14,686,782
CONSUMER SERVICES - 2.4%
	9,654	*	2U, Inc		96,347
	3,927	*	American Public Education, Inc		76,341
	3,434	*	Booking Holdings, Inc		7,590,204
	3,091	*	Bright Horizons Family Solutions		353,116
	6,114	*	Brinker International, Inc		222,122
	4,301		Carriage Services, Inc		184,470
	8,720		Darden Restaurants, Inc		1,148,686
	5,630	*	Dave & Buster’s Entertainment, Inc		256,165
	2,879		Domino’s Pizza, Inc		973,102
	1,397	*	El Pollo Loco Holdings, Inc		14,878
	128	*	frontdoor, Inc		3,956
	333		Graham Holdings Co		197,259
	40,445	*	Hilton Worldwide Holdings, Inc		6,280,704
	5,037	*	Shake Shack, Inc		291,290
	4,968	*	Six Flags Entertainment Corp		190,125
	89,799		Starbucks Corp		6,702,597
	8,519	*	Terminix Global Holdings, Inc		390,937
	2,511		Vail Resorts, Inc		638,196
	7,087	*	WW International Inc		69,382
			TOTAL CONSUMER SERVICES		25,679,877
DIVERSIFIED FINANCIALS - 6.7%
	6,499		Ally Financial, Inc		259,700
	45,074		American Express Co		7,874,879
	4,768		Ameriprise Financial, Inc		1,265,856
	54,996		Bank of New York Mellon Corp		2,313,132
	9,930		BlackRock, Inc		6,203,072
	115,646		Charles Schwab Corp		7,670,799
	23,450		CME Group, Inc		5,143,523
	335		Diamond Hill Investment Group, Inc		56,404
	28,027		Discover Financial Services		3,151,916
	2,047	*	Donnelley Financial Solutions, Inc		59,916
	5,328	*	Encore Capital Group, Inc		308,012
	24,981		Goldman Sachs Group, Inc		7,631,446
	58,936		Intercontinental Exchange Group, Inc		6,825,378
	14,643		Moody’s Corp		4,634,217
	97,787		Morgan Stanley		7,880,654
	22,592		S&P Global, Inc		8,505,888
	19,202		State Street Corp		1,285,958
	1,079		T Rowe Price Group, Inc		132,760
			TOTAL DIVERSIFIED FINANCIALS		71,203,510

61

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
ENERGY - 3.3%
	26,923		Archrock, Inc	$	234,499
	185,553		Baker Hughes Co		5,755,854
	14,613		Cactus, Inc		729,627
	49,320		ChampionX Corp		1,040,652
	44,918		Cheniere Energy, Inc		6,100,314
	36,454	*	Clean Energy Fuels Corp		213,620
	15,964	*	Delek US Holdings, Inc		386,329
	4,198	*	DMC Global, Inc		83,918
	8,392	*	Dril-Quip, Inc		242,361
	26,289		DT Midstream, Inc		1,413,034
	167,810		Halliburton Co		5,977,392
	97,005		NOV, Inc		1,758,701
	24,066	*	Oceaneering International, Inc		272,668
	90,989		ONEOK, Inc		5,762,333
	10,818	*	Renewable Energy Group, Inc		660,547
	63,460		Targa Resources Investments, Inc		4,658,599
			TOTAL ENERGY		35,290,448
FOOD & STAPLES RETAILING - 0.5%
	17,173	*	BJ’s Wholesale Club Holdings, Inc		1,105,083
	22,067	*	Performance Food Group Co		1,086,800
	1,630		Pricesmart, Inc		129,503
	5,542		SpartanNash Co		189,980
	28,639	*	Sprouts Farmers Market, Inc		853,442
	10,982	*	United Natural Foods, Inc		471,457
	29,924	*	US Foods Holding Corp		1,125,741
			TOTAL FOOD & STAPLES RETAILING		4,962,006
FOOD, BEVERAGE & TOBACCO - 3.2%
	7,764	*,e	Beyond Meat, Inc		286,336
	17,950		Bunge Ltd		2,030,504
	179,819		Coca-Cola Co		11,618,106
	1,258	*	Darling International, Inc		92,325
	2,570		Fresh Del Monte Produce, Inc		66,948
	59,161		General Mills, Inc		4,184,458
	87	*	Hain Celestial Group, Inc		2,918
	38,355		Hormel Foods Corp		2,009,418
	6,455		Kellogg Co		442,167
	11,256		McCormick & Co, Inc		1,132,016
	65,923		PepsiCo, Inc		11,319,638
	6,997	*	TreeHouse Foods, Inc		220,406
	3,305	*	Vital Farms, Inc		38,008
			TOTAL FOOD, BEVERAGE & TOBACCO		33,443,248
HEALTH CARE EQUIPMENT & SERVICES - 6.0%
	2,773	*	Abiomed, Inc		794,686
	126	*	Acadia Healthcare Co, Inc		8,553
	3,696	*	Accelerate Diagnostics, Inc		3,548
	9,707	*	Align Technology, Inc		2,814,156
	8,131	*	Allscripts Healthcare Solutions, Inc		167,986
	43	*	AMN Healthcare Services, Inc		4,203
	2,779	*	Angiodynamics, Inc		58,498
	16,837		Anthem, Inc		8,450,995
	9,782	*	Aspira Women’s Health, Inc		6,225

62

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	22,631	*	Brookdale Senior Living, Inc	$	139,860
	22,079		Cerner Corp		2,067,478
	10,266	*	Cerus Corp		47,429
	28,978		Cigna Corp		7,151,191
	2,905	*	Computer Programs & Systems, Inc		92,728
	2,215		Cooper Cos, Inc		799,704
	43,263		CVS Health Corp		4,158,872
	15,250		Dentsply Sirona, Inc		609,847
	11,838	*	Dexcom, Inc		4,836,770
	56,849	*	Edwards Lifesciences Corp		6,013,487
	295		Encompass Health Corp		20,305
	9,467	*	Envista Holdings Corp		375,083
	517	*	Guardant Health, Inc		31,899
	24,807		HCA Healthcare, Inc		5,322,342
	3,910	*	Health Catalyst, Inc		65,062
	6,341	*	Hologic, Inc		456,489
	14,914		Humana, Inc		6,630,168
	8,089	*	IDEXX Laboratories, Inc		3,482,153
	90	*	Integer Holding Corp		6,765
	6,206	*	Intersect ENT, Inc		169,858
	23,210	*	Intuitive Surgical, Inc		5,554,153
	62	*	LivaNova plc		4,753
	7,558	*	NextGen Healthcare, Inc		142,468
	11,186	*	Omnicell, Inc		1,221,176
	17,854	*	OraSure Technologies, Inc		109,624
	1,385	*	Orthofix Medical Inc		42,935
	69	*	Penumbra, Inc		11,907
	3,621	*	PetIQ, Inc		72,058
	1,739	*	Quidel Corp		174,978
	586	*	RadNet, Inc		11,427
	6,489		Resmed, Inc		1,297,605
	2,949	*	Staar Surgical Co		168,358
	368	*	Tactile Systems Technology, Inc		6,212
	1,379	*	Tandem Diabetes Care, Inc		133,046
	272	*	Tivity Health, Inc		8,739
	5,438	*	Vapotherm, Inc		24,145
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		63,769,924
HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
	1,263		Clorox Co		181,203
	55,201		Colgate-Palmolive Co		4,253,237
	24,616		Estee Lauder Cos (Class A)		6,500,101
	1,875		Kimberly-Clark Corp		260,306
	94,302		Procter & Gamble Co		15,140,186
	8,667	*,e	Veru, Inc		101,577
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		26,436,610
INSURANCE - 4.0%
	48,655		Aflac, Inc		2,786,958
	5,460		Allstate Corp		690,909
	13,543		Arthur J. Gallagher & Co		2,281,860
	36,322		Chubb Ltd		7,498,677
	6,033	*	eHealth, Inc		48,566
	86,123	*	Genworth Financial, Inc (Class A)		319,516
	4,760		Lincoln National Corp		286,314

63

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	48,935		Loews Corp	$	3,075,075
	43,812		Marsh & McLennan Cos, Inc		7,084,400
	92,365		Metlife, Inc		6,066,533
	6,495		ProAssurance Corp		159,582
	51,935		Progressive Corp		5,575,742
	39,325		Prudential Financial, Inc		4,267,156
	11,412		Travelers Cos, Inc		1,952,137
	300		Willis Towers Watson plc		64,458
			TOTAL INSURANCE		42,157,883
MATERIALS - 3.1%
	42,375		Ball Corp		3,439,155
	3,176	*	Clearwater Paper Corp		105,157
	34,438	*	Coeur Mining, Inc		125,010
	81		Compass Minerals International, Inc		4,790
	59,312		DuPont de Nemours, Inc		3,910,440
	25,736		Ecolab, Inc		4,358,134
	1,370		Innospec, Inc		130,575
	6,388		International Flavors & Fragrances, Inc		774,864
	3,928		Koppers Holdings, Inc		95,293
	4,388		Martin Marietta Materials, Inc		1,554,317
	91,081		Mosaic Co		5,685,276
	3,959		Myers Industries, Inc		86,821
	84,958		Newmont Goldcorp Corp		6,189,190
	6,517		PPG Industries, Inc		834,111
	3,818		Reliance Steel & Aluminum Co		756,919
	2,888		Schnitzer Steel Industries, Inc (Class A)		131,780
	3,886		Scotts Miracle-Gro Co (Class A)		403,872
	51,441		Steel Dynamics, Inc		4,411,066
	4,276		Trinseo plc		202,896
			TOTAL MATERIALS		33,199,666
MEDIA & ENTERTAINMENT - 3.9%
	18,250	*	Cinemark Holdings, Inc		289,445
	213,277		Comcast Corp (Class A)		8,479,893
	38,397		Electronic Arts, Inc		4,532,766
	768	*	Hemisphere Media Group, Inc		2,988
	7,724	*	Imax Corp		122,194
	18,905		Interpublic Group of Cos, Inc		616,681
	4,125	*	Liberty Broadband Corp (Class A)		444,097
	15,412	*	Liberty Broadband Corp (Class C)		1,723,370
	19,238	*	Netflix, Inc		3,662,146
	5,319		New York Times Co (Class A)		203,824
	10,303	*	Roku, Inc		957,149
	8,178	*	Take-Two Interactive Software, Inc		977,353
	23,932	*	TripAdvisor, Inc		614,334
	123,858	*	Twitter, Inc		6,071,519
	19,478	*	Vimeo, Inc		198,481
	92,225	*	Walt Disney Co		10,295,077
	69,536	*	Warner Bros Discovery, Inc		1,262,078
	135,321	*	Zynga, Inc		1,119,105
			TOTAL MEDIA & ENTERTAINMENT		41,572,500
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
	7,453	*	Aerie Pharmaceuticals, Inc		52,991

64

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	22,005		Agilent Technologies, Inc	$	2,624,536
	6,524	*	Agios Pharmaceuticals, Inc		143,332
	34,842		Amgen, Inc		8,124,806
	9,859	*	Antares Pharma, Inc		54,865
	7,200	*	Atara Biotherapeutics, Inc		45,792
	12,823	*	Atea Pharmaceuticals, Inc		75,271
	18,693	*	BioCryst Pharmaceuticals, Inc		173,658
	5,322	*	Biogen, Inc		1,103,996
	1,272	*	BioMarin Pharmaceutical, Inc		103,477
	17,033	*	Bluebird Bio, Inc		61,830
	125,801		Bristol-Myers Squibb Co		9,469,041
	36,987		Danaher Corp		9,288,545
	39,516		Eli Lilly & Co		11,543,809
	54,140		Gilead Sciences, Inc		3,212,668
	6,112	*,e	Humanigen, Inc		11,491
	15,573	*	Illumina, Inc		4,619,730
	4,157	*	Insmed, Inc		91,329
	5,648	*	Intra-Cellular Therapies, Inc		285,845
	1,896	*	IQVIA Holdings, Inc		413,309
	16,507	*	Karyopharm Therapeutics, Inc		100,693
	5,337	*	MacroGenics, Inc		38,160
	125,099		Merck & Co, Inc		11,095,030
	6,517	*	Opko Health, Inc		17,596
	8,624	*	Passage Bio, Inc		16,817
	2,785	*	Prothena Corp plc		81,211
	10,477	*,e	Provention Bio, Inc		47,042
	417	*	Reata Pharmaceuticals, Inc		10,583
	10,076	*	Regeneron Pharmaceuticals, Inc		6,641,192
	3,440	*	Relmada Therapeutics, Inc		86,378
	2,210	*	Revance Therapeutics, Inc		36,200
	7,138	*	Sangamo Therapeutics Inc		29,623
	19,606		Thermo Fisher Scientific, Inc		10,840,550
	2,551	*	Ultragenyx Pharmaceutical, Inc		180,330
	16,390	*	Vertex Pharmaceuticals, Inc		4,478,076
	183	*	Waters Corp		55,453
	3,424		West Pharmaceutical Services, Inc		1,078,765
	44,837	*	ZIOPHARM Oncology, Inc		23,826
	33,838		Zoetis, Inc		5,997,786
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		92,355,632
REAL ESTATE - 3.9%
	2,875		Alexandria Real Estate Equities, Inc		523,710
	349		American Campus Communities, Inc		22,570
	32,699		American Tower Corp		7,881,113
	5,091		Boston Properties, Inc		598,702
	13,234		CatchMark Timber Trust, Inc		108,651
	41,029		CBRE Group, Inc		3,407,048
	11,949		City Office REIT, Inc		177,323
	35,811		Crown Castle International Corp		6,632,555
	24,207	*	DiamondRock Hospitality Co		257,078
	11,972		Empire State Realty Trust, Inc		103,438
	8,794		Equinix, Inc		6,323,590
	21,280		Franklin Street Properties Corp		109,805
	4,263		Healthpeak Properties Inc		139,869
	2,503	*	Howard Hughes Corp		251,026

65

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	973		Hudson Pacific Properties	$	22,651
	28,093		Independence Realty Trust, Inc		765,815
	6,811		Iron Mountain, Inc		365,955
	22,106		Macerich Co		277,430
	32,490		Paramount Group, Inc		308,980
	33,468		Park Hotels & Resorts, Inc		659,654
	51,062		Prologis, Inc		8,184,728
	3,682		SL Green Realty Corp		254,868
	17,766	*	Sunstone Hotel Investors, Inc		217,634
	4,386	*	Tejon Ranch Co		80,308
	3,285		Ventas, Inc		182,482
	40,242		Welltower, Inc		3,654,376
	13,732	*	Xenia Hotels & Resorts, Inc		264,890
			TOTAL REAL ESTATE		41,776,249
RETAILING - 4.4%
	6,440	*	1-800-FLOWERS.COM, Inc (Class A)		65,688
	10,384		Designer Brands, Inc		143,507
	114,767		eBay, Inc		5,958,703
	929	*,e	GameStop Corp (Class A)		116,190
	3,743		Hibbett Sports, Inc		161,623
	44,412		Home Depot, Inc		13,341,365
	2,594	*	Lands’ End, Inc		36,368
	6,255	*	Liquidity Services, Inc		90,197
	11		LKQ Corp		546
	43,751		Lowe’s Companies, Inc		8,650,885
	39,162		Macy’s, Inc		946,546
	5,592		Nordstrom, Inc		143,714
	18,211	*	Quotient Technology, Inc		96,700
	19,430	*	RealReal, Inc		105,311
	1,635		Signet Jewelers Ltd		114,777
	34,416		Target Corp		7,869,218
	98,711		TJX Companies, Inc		6,049,010
	19,030		Williams-Sonoma, Inc		2,483,034
	104		Winmark Corp		21,133
	309	*	Zumiez, Inc		11,319
			TOTAL RETAILING		46,405,834
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8%
	67,817		Applied Materials, Inc		7,483,606
	5,538	*	Cirrus Logic, Inc		419,781
	26,107	*	First Solar, Inc		1,906,594
	218,030		Intel Corp		9,503,928
	11,028		Lam Research Corp		5,136,401
	88,266		NVIDIA Corp		16,370,695
	31,143		NXP Semiconductors NV		5,322,339
	89,920	*	ON Semiconductor Corp		4,685,731
	10,812	*	Rambus, Inc		269,327
	1,540	*	Silicon Laboratories, Inc		207,761
	53,948		Texas Instruments, Inc		9,184,647
	1,125		Universal Display Corp		143,696
	4,925	*	Wolfspeed Inc		451,672
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		61,086,178

66

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 17.4%
	33,307		Accenture plc	$	10,004,091
	25,058	*	Adobe, Inc		9,921,715
	11,803	*	Ansys, Inc		3,253,969
	24,328	*	Autodesk, Inc		4,604,804
	34,383		Automatic Data Processing, Inc		7,501,683
	11,106	*	Avaya Holdings Corp		102,731
	6,757	*	Benefitfocus, Inc		71,962
	960	*	Blackline, Inc		64,368
	26,497	*	Cadence Design Systems, Inc		3,997,072
	7,985	*	ChannelAdvisor Corp		115,862
	4,679		Citrix Systems, Inc		468,368
	11,181		Concentrix Corp		1,760,784
	8,319		CSG Systems International, Inc		511,369
	8,698		Dolby Laboratories, Inc (Class A)		673,834
	64,586	*	DXC Technology Co		1,853,618
	330	*	Elastic NV		25,126
	9,187	*	ExlService Holdings, Inc		1,250,810
	46,097		Fidelity National Information Services, Inc		4,570,518
	1,161	*	Five9, Inc		127,826
	615	*	HubSpot, Inc		233,349
	62,193		International Business Machines Corp		8,222,537
	17,523		Intuit, Inc		7,337,756
	36,977		Mastercard, Inc (Class A)		13,436,702
	211,593	d	Microsoft Corp		58,721,289
	15,554	*	Mimecast Ltd		1,239,343
	6,139	*	New Relic, Inc		388,415
	29,388	*	Okta, Inc		3,506,282
	3,687	*	OneSpan, Inc		52,097
	83,406	*	PayPal Holdings, Inc		7,333,890
	8,584	*	Perficient, Inc		853,335
	52,532	*	salesforce.com, Inc		9,242,480
	14,574	*	ServiceNow, Inc		6,967,829
	19,439	*	Splunk, Inc		2,371,947
	2,174	*	SPS Commerce, Inc		260,076
	16,273	*	SVMK, Inc		257,439
	3,682	*	Synopsys, Inc		1,055,961
	14,747	*	Teradata Corp		609,788
	2,488		TTEC Holdings, Inc		183,639
	27,056		VMware, Inc (Class A)		2,923,130
	55,305		Western Union Co		926,912
	10,932	*	WEX, Inc		1,817,336
	26,094	*	Workday, Inc		5,393,630
			TOTAL SOFTWARE & SERVICES		184,215,672
TECHNOLOGY HARDWARE & EQUIPMENT - 4.9%
	9,516		Adtran, Inc		165,483
	13,436		Avnet, Inc		586,616
	2,779		Badger Meter, Inc		224,238
	7,360		Benchmark Electronics, Inc		174,874
	9,562	*	Ciena Corp		527,536
	213,578		Cisco Systems, Inc		10,461,050
	43,446		Cognex Corp		2,938,253
	6,881	*	Coherent, Inc		1,843,420
	11,948	*	CommScope Holding Co, Inc		72,046
	4,296		CTS Corp		151,950

67

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE
	6,932	*	ePlus, Inc	$	391,519
	4,976	*	Fabrinet		488,593
	2,448	*	FARO Technologies, Inc		83,942
	19,930	*	Harmonic, Inc		165,419
	366,225		Hewlett Packard Enterprise Co		5,643,527
	169,543		HP, Inc		6,210,360
	9,649	*	Insight Enterprises, Inc		958,821
	36,195	*	Keysight Technologies, Inc		5,077,073
	5,371	*	Kimball Electronics, Inc		95,819
	22,213	*	Knowles Corp		411,385
	172	*	Lumentum Holdings, Inc		13,968
	600		Methode Electronics, Inc		26,766
	17,963		National Instruments Corp		649,183
	7,525	*	Netgear, Inc		163,292
	147	*	OSI Systems, Inc		11,628
	5,925	*,e	PAR Technology Corp		195,762
	3,765	*	Plexus Corp		305,492
	644	*	Ribbon Communications, Inc		2,222
	5,063	*	Rogers Corp		1,370,655
	10,913		SYNNEX Corp		1,092,282
	65,685	*	Trimble Inc		4,381,189
	26,737	*	TTM Technologies, Inc		372,981
	17,946		Vishay Intertechnology, Inc		334,334
	2,890	*	Vishay Precision Group, Inc		90,197
	30,985		Vontier Corp		793,836
	34,198		Xerox Holdings Corp		595,045
	12,924	*	Zebra Technologies Corp (Class A)		4,777,486
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		51,848,242
TELECOMMUNICATION SERVICES - 1.5%
	7,938	*	Iridium Communications, Inc		283,466
	54,752	*	T-Mobile US, Inc		6,742,161
	194,644		Verizon Communications, Inc		9,012,017
			TOTAL TELECOMMUNICATION SERVICES		16,037,644
TRANSPORTATION - 1.5%
	10,562	*	Avis Budget Group, Inc		2,827,130
	210,164		CSX Corp		7,217,032
	18,763		Expeditors International of Washington, Inc		1,858,850
	15,373		Old Dominion Freight Line		4,306,285
	2,512		Ryder System, Inc		175,589
			TOTAL TRANSPORTATION		16,384,886
UTILITIES - 2.0%
	64,635		Consolidated Edison, Inc		5,994,250
	67,867		Eversource Energy		5,931,576
	7,098		ONE Gas, Inc		598,858
	40,390		Sempra Energy		6,517,330
	7,958		Southwest Gas Holdings Inc		701,179
	5,414	*	Sunnova Energy International, Inc		93,500
	33,822		UGI Corp		1,160,095
			TOTAL UTILITIES		20,996,788
			TOTAL COMMON STOCKS		1,051,195,970
			(Cost $975,319,543)

68

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

SHARES			COMPANY				VALUE
RIGHTS / WARRANTS - 0.0%
MEDIA & ENTERTAINMENT - 0.0%
	1,550	†	Media General, Inc				$	0
			TOTAL MEDIA & ENTERTAINMENT					0
			TOTAL RIGHTS / WARRANTS					0
			(Cost $0)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 2.1%
GOVERNMENT AGENCY DEBT - 0.5%
$	5,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.000%	05/03/22		4,999,933
			TOTAL GOVERNMENT AGENCY DEBT					4,999,933
REPURCHASE AGREEMENT - 1.6%
	16,895,000	r	Fixed Income Clearing Corp (FICC)		0.230	05/02/22		16,895,000
			TOTAL REPURCHASE AGREEMENT					16,895,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%
	365,305	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310			365,305
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					365,305
			TOTAL SHORT-TERM INVESTMENTS					22,260,238
			(Cost $22,260,249)
			TOTAL INVESTMENTS - 101.2%					1,073,456,208
			(Cost $997,579,792)
			OTHER ASSETS & LIABILITIES, NET - (1.2)%					(12,600,323	)
			NET ASSETS - 100.0%				$	1,060,855,885

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 $691,313.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $16,895,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $17,232,910.

69

TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		32	06/17/22	$	6,761,688	$	6,604,000	$	(157,688)

70

TIAA-CREF FUNDS – Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 94.7%
BRAZIL - 13.6%
	11,542,002		Americanas S.A.	$	56,029,702
	7,715,472	*,a	Arcos Dorados Holdings, Inc		55,937,172
	1,887,100		Banco do Brasil S.A.		12,680,036
	1,271,425	*	Pagseguro Digital Ltd		18,702,662
	3,512,000		Petroleo Brasileiro S.A. (Preference)		21,509,797
	1,622,940	*	StoneCo Ltd		15,288,095
	444,707	*	XP, Inc		10,944,239
			TOTAL BRAZIL		191,091,703
CHILE - 0.9%
	178,743		Sociedad Quimica y Minera de Chile S.A. (ADR)		13,191,233
			TOTAL CHILE		13,191,233
CHINA - 21.4%
	4,734,308	*	Alibaba Group Holding Ltd		57,747,563
	520,801	*	Baidu, Inc (ADR)		64,667,860
	41,298,000		Bank of China Ltd - H		16,204,610
	706,473	*,e	Baozun, Inc (ADR)		5,397,454
	2,911,320	*	HUYA, Inc (ADR)		12,023,752
	2,745,513	*	iClick Interactive Asia Group Ltd (ADR)		2,827,878
	61,522	*	JD.com, Inc		1,918,166
	19,512,000		Lenovo Group Ltd		18,946,204
	622,733	*	Pinduoduo, Inc (ADR)		26,833,565
	1,478,077		Ping An Insurance Group Co of China Ltd (Class A)		9,930,021
	1,142,776		Tencent Holdings Ltd		53,853,188
	3,880,772	*	Vipshop Holdings Ltd (ADR)		29,726,713
			TOTAL CHINA		300,076,974
HONG KONG - 1.5%
	1,603,575	*	Melco Crown Entertainment Ltd (ADR)		9,172,449
	22,290	*,†	Mongolian Metals Corporation		0
	17,183,500	g	WH Group Ltd		11,866,909
			TOTAL HONG KONG		21,039,358
INDIA - 12.0%
	202,857		Dr Reddy’s Laboratories Ltd		10,925,269
	22,956,912		Edelweiss Capital Ltd		17,916,917
	1,132,975		Housing Development Finance Corp		32,688,527
	1,023,221		Piramal Healthcare Ltd		28,659,865
	6,934,488	*,g	RBL Bank Ltd		10,772,114
	1,880,755		Reliance Industries Ltd		68,144,311
			TOTAL INDIA		169,107,003

71

TIAA-CREF FUNDS – Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
INDONESIA - 2.9%
	42,306,500		Astra International Tbk PT	$	22,089,980
	9,237,400		PT United Tractors Tbk		19,291,045
			TOTAL INDONESIA		41,381,025
KOREA, REPUBLIC OF - 13.0%
	126,144		Amorepacific Corp		17,951,020
	391,414		KB Financial Group, Inc		18,210,177
	24,265		LG Chem Ltd		9,938,094
	139,551		LG Electronics, Inc		12,638,724
	88,410		Naver Corp		19,694,123
	59,439		POSCO		13,571,516
	1,498,953		Samsung Electronics Co Ltd		79,884,519
	337,513		Shinhan Financial Group Co Ltd		11,213,735
			TOTAL KOREA, REPUBLIC OF		183,101,908
MACAU - 2.0%
	5,478,800	*	Sands China Ltd		12,076,234
	24,888,100	*	Wynn Macau Ltd		15,286,917
			TOTAL MACAU		27,363,151
MEXICO - 5.1%
	646,841		Fomento Economico Mexicano SAB de C.V. (ADR)		48,344,896
	2,502,538		Grupo Televisa SAB (ADR)		23,098,426
			TOTAL MEXICO		71,443,322
PERU - 1.0%
	98,300		Credicorp Ltd		13,652,887
			TOTAL PERU		13,652,887
QATAR - 0.9%
	1,992,578		Qatar National Bank		12,721,202
			TOTAL QATAR		12,721,202
SAUDI ARABIA - 1.4%
	1,684,447	g	Saudi Arabian Oil Co		20,128,776
			TOTAL SAUDI ARABIA		20,128,776
SOUTH AFRICA - 2.2%
	131,775		Naspers Ltd (N Shares)		13,290,291
	1,594,495		Standard Bank Group Ltd		16,897,669
			TOTAL SOUTH AFRICA		30,187,960
TAIWAN - 11.2%
	7,360,000		Hon Hai Precision Industry Co, Ltd		25,215,945
	679,000		MediaTek, Inc		18,718,658
	6,290,400		Taiwan Semiconductor Manufacturing Co Ltd		113,747,066
			TOTAL TAIWAN		157,681,669
TANZANIA, UNITED REPUBLIC OF - 0.9%
	624,334		AngloGold Ashanti Ltd (ADR)		12,748,900
			TOTAL TANZANIA, UNITED REPUBLIC OF		12,748,900
THAILAND - 3.5%
	6,551,400		CP Seven Eleven PCL (ADR)		12,352,249

72

TIAA-CREF FUNDS – Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
	3,077,500		PTT Exploration & Production PCL (ADR)	$	13,465,328
	7,168,100		PTT Global Chemical PCL (ADR)		10,392,426
	11,759,700		PTT PCL		12,780,755
			TOTAL THAILAND		48,990,758
UNITED ARAB EMIRATES - 1.0%
	2,306,037		National Bank of Abu Dhabi PJSC		14,088,420
			TOTAL UNITED ARAB EMIRATES		14,088,420
UNITED STATES - 0.2%
	722,668	*	Grab Holdings Ltd.		2,131,871
			TOTAL UNITED STATES		2,131,871
			TOTAL COMMON STOCKS		1,330,128,120
			(Cost $1,557,017,115)
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	1,721,900	*,†	Ayala Land, Inc		3,298
			TOTAL PHILIPPINES		3,298
			TOTAL PREFERRED STOCKS (Cost $4,057)		3,298

PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 4.7%
GOVERNMENT AGENCY DEBT - 1.7%
$	13,604,000		Federal Farm Credit Bank (FFCB)	0.000	%	05/04/22		13,603,639
	10,000,000		Federal Home Loan Bank (FHLB)	0.000		05/06/22		9,999,468
			TOTAL GOVERNMENT AGENCY DEBT					23,603,107
REPURCHASE AGREEMENT - 2.9%
	41,540,000	r	Fixed Income Clearing Corp (FICC)	0.250		05/02/22		41,540,000
			TOTAL REPURCHASE AGREEMENT					41,540,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	727,368	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.310				727,368
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					727,368
			TOTAL SHORT-TERM INVESTMENTS					65,870,475
			(Cost $65,870,733)
			TOTAL INVESTMENTS - 99.4%					1,396,001,893
			(Cost $1,622,891,905)
			OTHER ASSETS & LIABILITIES, NET - 0.6%					8,868,724
			NET ASSETS - 100.0%				$	1,404,870,617

ADR      American Depositary Receipt

73

TIAA-CREF FUNDS – Emerging Markets Equity Fund

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $454,282.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $42,767,799 or 3.0% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $41,540,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 11/15/45, valued at $42,370,899.

74

TIAA-CREF FUNDS – International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 94.0%
AUSTRALIA - 6.3%
	2,520,361	e	BHP Billiton Ltd	$	84,218,933
	1,424,844		Commonwealth Bank of Australia		103,562,669
	9,511,993		Glencore Xstrata plc		58,609,706
	4,820,223	*	NEXTDC Ltd		37,423,470
	1,058,063		Rio Tinto plc		74,758,653
			TOTAL AUSTRALIA		358,573,431
BRAZIL - 0.7%
	11,329,098		Banco Bradesco S.A. (Preference)		41,201,303
			TOTAL BRAZIL		41,201,303
DENMARK - 1.4%
	492,997		DSV AS		80,827,676
			TOTAL DENMARK		80,827,676
FINLAND - 1.2%
	6,660,944		Nordea Bank Abp		66,455,564
			TOTAL FINLAND		66,455,564
FRANCE - 10.8%
	1,280,437		Airbus SE		140,171,796
	1,743,966		Compagnie de Saint-Gobain		101,739,768
	238,757		Dassault Systemes SE		10,558,874
	556,035		Essilor International S.A.		94,663,690
	137,258		Kering		73,031,192
	1,852,731		Total S.A.		90,974,586
	1,115,728		Valeo S.A.		20,285,173
	655,404		Vinci S.A.		63,596,378
	2,018,828		Vivendi Universal S.A.		23,187,397
			TOTAL FRANCE		618,208,854
GERMANY - 10.1%
	258,729		Adidas-Salomon AG.		52,175,075
	2,484,325	*	Bayer AG.		163,645,071
	1,286,596		Deutsche Post AG.		54,966,545
	845,745		HeidelbergCement AG.		48,721,193
	1,354,299		Infineon Technologies AG.		38,439,357
	1,677,234		RWE AG.		69,637,745
	733,828		Siemens AG.		90,227,802
	375,754		Volkswagen AG. (Preference)		58,191,674
			TOTAL GERMANY		576,004,462
HONG KONG - 1.5%
	1,981,724		Hong Kong Exchanges and Clearing Ltd		84,062,702
			TOTAL HONG KONG		84,062,702

75

TIAA-CREF FUNDS – International Equity Fund

SHARES			COMPANY	VALUE
IRELAND - 1.5%
	2,141,395		CRH plc	$	84,638,299
			TOTAL IRELAND		84,638,299
ITALY - 2.0%
	6,670,410		Enel S.p.A.		43,376,960
	1,307,128		Moncler S.p.A		68,093,128
			TOTAL ITALY		111,470,088
JAPAN - 18.3%
	4,545,900		Daiichi Sankyo Co Ltd		114,460,738
	394,916		Daikin Industries Ltd		60,350,108
	2,744,379	*	Hitachi Ltd		130,156,151
	144,300		Keyence Corp		58,009,195
	152,628		Nintendo Co Ltd		69,658,001
	2,909,300		ORIX Corp		53,062,608
	2,392,600		Recruit Holdings Co Ltd		86,807,335
	2,205,500	*	SBI Holdings, Inc		49,330,647
	1,005,900		Shiseido Co Ltd		47,550,333
	1,796,959		Sony Corp		155,079,386
	1,944,100		Sumitomo Mitsui Financial Group, Inc		58,738,911
	9,205,945	*	Toyota Motor Corp		157,731,953
			TOTAL JAPAN		1,040,935,366
KOREA, REPUBLIC OF - 0.6%
	80,689		LG Chem Ltd		33,047,388
			TOTAL KOREA, REPUBLIC OF		33,047,388
NETHERLANDS - 9.5%
	186,099		ASML Holding NV		105,618,343
	641,788	e	Heineken NV		62,645,553
	7,030,523		ING Groep NV		66,608,649
	19,613,806		Koninklijke KPN NV		67,679,251
	7,188,941		Shell plc		192,993,533
	1,921,810		Universal Music Group NV		44,598,310
			TOTAL NETHERLANDS		540,143,639
NORWAY - 1.7%
	2,802,971		Equinor ASA		94,739,195
			TOTAL NORWAY		94,739,195
SPAIN - 1.1%
	12,484,981		Banco Bilbao Vizcaya Argentaria S.A.		65,511,827
			TOTAL SPAIN		65,511,827
SWITZERLAND - 8.7%
	120,855		Lonza Group AG.		71,260,197
	581,628		Nestle S.A.		75,084,729
	1,458,689		Novartis AG.		128,903,241
	384,262		Roche Holding AG.		142,489,620
	170,400		Zurich Insurance Group AG		77,577,925
			TOTAL SWITZERLAND		495,315,712

76

TIAA-CREF FUNDS – International Equity Fund

SHARES		COMPANY	VALUE
TAIWAN - 0.8%
	497,138	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	$	46,199,034
		TOTAL TAIWAN		46,199,034
UNITED KINGDOM - 16.0%
	1,397,046	Ashtead Group plc		72,237,377
	1,588,635	AstraZeneca plc		211,989,483
	30,907,248	Barclays plc		56,811,879
	7,532,092	BP plc		36,363,384
	1,590,669	British American Tobacco plc		66,668,675
	3,233,874	Diageo plc		161,334,268
	7,345,745	HSBC Holdings plc		45,904,505
	362,884	Linde plc (Xetra)		113,814,066
	981,309	Reckitt Benckiser Group plc		76,527,934
	21,215,356	Tesco plc		72,075,308
		TOTAL UNITED KINGDOM		913,726,879
UNITED STATES - 1.8%
	3,724,156	GlaxoSmithKline plc		83,952,089
	149,726	Schneider Electric S.A.		21,481,057
		TOTAL UNITED STATES		105,433,146
		TOTAL COMMON STOCKS		5,356,494,565
		(Cost $4,892,191,722)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 4.9%
GOVERNMENT AGENCY DEBT - 2.5%
$	5,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.000	%	05/03/22		4,999,933
	68,555,000		Federal Farm Credit Bank (FFCB)		0.000		05/04/22		68,553,176
	10,000,000		FFCB		0.000		06/14/22		9,991,435
	14,725,000		Federal Home Loan Bank (FHLB)		0.000		05/05/22		14,724,412
	10,000,000		FHLB		0.000		05/06/22		9,999,468
	30,000,000		FHLB		0.000		05/13/22		29,995,611
	5,000,000		FHLB		0.000		05/18/22		4,998,936
			TOTAL GOVERNMENT AGENCY DEBT						143,262,971
REPURCHASE AGREEMENT - 1.8%
	100,065,000	r	Fixed Income Clearing Corp (FICC)		0.250		05/02/22		100,065,000
			TOTAL REPURCHASE AGREEMENT						100,065,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
	34,029,231	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				34,029,231
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						34,029,231
			TOTAL SHORT-TERM INVESTMENTS						277,357,202
			(Cost $277,360,868)
			TOTAL INVESTMENTS - 98.9%						5,633,851,767
			(Cost $5,169,552,590)
			OTHER ASSETS & LIABILITIES, NET - 1.1%						63,119,803
			NET ASSETS - 100.0%					$	5,696,971,570

77

TIAA-CREF FUNDS – International Equity Fund

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 $40,002,674.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $100,065,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.875%-3.000% and maturity dates 8/15/45-11/15/45, valued at $102,066,389.

78

TIAA-CREF FUNDS – International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 92.5%
AUSTRALIA - 2.6%
	1,464,354		Australia & New Zealand Banking Group Ltd	$	27,865,467
	990,827		IDP Education Ltd		18,381,228
	4,272,409	*,e	PointsBet Holdings Ltd		8,706,377
	785,500	*,e	Zip Co Ltd		577,771
			TOTAL AUSTRALIA		55,530,843
BRAZIL - 5.3%
	4,678,524		Banco BTG Pactual S.A. - Unit		21,850,366
	5,623,500		Itau Unibanco Holding S.A.		27,150,951
	9,435,800		Magazine Luiza S.A.		9,313,748
	1,208,021	*	Pagseguro Digital Ltd		17,769,989
	2,097,700		Vale S.A.		35,339,644
			TOTAL BRAZIL		111,424,698
CANADA - 11.7%
	1,049,500		Alimentation Couche-Tard, Inc		46,721,601
	396,248	e	Bank of Montreal		42,013,731
	344,859		Cameco Corp (Toronto)		8,904,350
	653,557		Dollarama, Inc		36,334,442
	882,260	*,e	Lightspeed Commerce, Inc		19,717,187
	407,696		Nutrien Ltd		40,063,475
	50,755	*	Shopify, Inc (Class A)		21,711,280
	830,767		Suncor Energy, Inc		29,864,025
			TOTAL CANADA		245,330,091
CHINA - 3.8%
	866,250	*	JD.com, Inc		27,008,407
	230,600		Silergy Corp		20,530,879
	703,300		Tencent Holdings Ltd		33,142,932
			TOTAL CHINA		80,682,218
DENMARK - 3.9%
	182,956		Carlsberg AS (Class B)		23,241,473
	510,300		Novo Nordisk AS		58,289,646
			TOTAL DENMARK		81,531,119
FRANCE - 5.1%
	186,139		Essilor International S.A.		31,689,740
	83,512		L’Oreal S.A.		30,382,490
	127,639		Teleperformance		45,811,050
			TOTAL FRANCE		107,883,280
GERMANY - 4.0%
	453,465	*	Bayer AG.		29,870,211
	161,482		Beiersdorf AG.		16,219,334

79

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY	VALUE
	148,233		Deutsche Boerse AG.	$	25,806,555
	278,006	*	HelloFresh SE		11,719,122
			TOTAL GERMANY		83,615,222
HONG KONG - 0.3%
	1,099,761	*	Melco Crown Entertainment Ltd (ADR)		6,290,633
			TOTAL HONG KONG		6,290,633
INDIA - 1.0%
	449,229		MindTree Ltd		20,556,444
			TOTAL INDIA		20,556,444
INDONESIA - 1.4%
	85,976,300		Bank Rakyat Indonesia		28,646,186
			TOTAL INDONESIA		28,646,186
IRELAND - 3.6%
	626,315		CRH plc		24,755,001
	163,532	*	Flutter Entertainment plc		16,517,812
	321,350		Keywords Studios plc		9,714,124
	587,889		Smurfit Kappa Group plc		24,841,700
			TOTAL IRELAND		75,828,637
ITALY - 4.7%
	629,250		Amplifon S.p.A.		25,103,841
	1,926,620		Davide Campari-Milano NV		21,738,401
	141,800	e	Ferrari NV		29,856,662
	445,951		Moncler S.p.A		23,231,236
			TOTAL ITALY		99,930,140
JAPAN - 8.2%
	60,200		BayCurrent Consulting, Inc		19,737,604
	784,400		Benefit One, Inc		11,893,405
	206,900		GMO Payment Gateway, Inc		17,358,885
	1,225,700		Infomart Corp		6,104,417
	1,126,000		MonotaRO Co Ltd		19,342,477
	241,000		Paltac Corp		8,783,968
	670,900		Recruit Holdings Co Ltd		24,341,320
	2		Seria Co Ltd		39
	144,999	*	SHIFT, Inc		27,477,287
	695,200		SMS Co Ltd		16,315,439
	836,000		TechnoPro Holdings, Inc		21,291,325
			TOTAL JAPAN		172,646,166
NETHERLANDS - 5.0%
	13,634	*,g	Adyen NV		22,868,218
	87,682		ASML Holding NV		49,762,909
	3,492,429		ING Groep NV		33,088,004
			TOTAL NETHERLANDS		105,719,131
NORWAY - 4.4%
	1,304,247	e	Aker BP ASA		46,729,676
	1,364,890		Equinor ASA		46,132,686
			TOTAL NORWAY		92,862,362

80

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY	VALUE
PHILIPPINES - 1.0%
	5,703,054		BDO Unibank, Inc	$	14,092,636
	6,009,020		Robinsons Retail Holdings, Inc		6,147,476
			TOTAL PHILIPPINES		20,240,112
PORTUGAL - 1.2%
	1,204,396		Jeronimo Martins SGPS S.A.		25,071,478
			TOTAL PORTUGAL		25,071,478
SINGAPORE - 0.6%
	327,824		STMicroelectronics NV		12,112,166
			TOTAL SINGAPORE		12,112,166
SPAIN - 1.3%
	441,397	*	Amadeus IT Holding S.A.		27,659,223
	142,139	*,†,e	Let’s GOWEX S.A.		1,500
			TOTAL SPAIN		27,660,723
SWEDEN - 4.0%
	152,148	g	Evolution Gaming Group AB		15,610,125
	2,009,889	*,e	Hexagon AB		25,933,438
	652,000	*,e	Intrum Justitia AB		15,760,838
	3,273,725	e	Swedish Match AB		26,074,500
			TOTAL SWEDEN		83,378,901
SWITZERLAND - 4.9%
	6,007		Givaudan S.A.		23,874,951
	52,867		Lonza Group AG.		31,172,172
	128,319		Roche Holding AG.		47,582,445
			TOTAL SWITZERLAND		102,629,568
TAIWAN - 3.5%
	1,197,540		Dadi Early-Childhood Education Group Ltd		4,405,219
	938,000		Eclat Textile Co Ltd		15,391,189
	2,700,349		Hota Industrial Manufacturing Co Ltd		6,873,982
	2,597,000		Taiwan Semiconductor Manufacturing Co Ltd		46,960,628
			TOTAL TAIWAN		73,631,018
UNITED KINGDOM - 8.5%
	613,152		Ashtead Group plc		31,704,391
	3,252,963		Beazley plc		17,654,337
	3,360,116	*,e	Darktrace plc		18,125,347
	343,237		Dechra Pharmaceuticals plc		15,553,904
	1,880,365		Electrocomponents plc		24,543,421
	447,623		Fevertree Drinks plc		10,149,736
	76,655		Linde plc (Xetra)		24,041,890
	951,691		Travis Perkins plc		14,515,595
	7,333,728		Tritax Big Box REIT plc		22,387,439
			TOTAL UNITED KINGDOM		178,676,060
UNITED STATES - 2.5%
	173,862		Ferguson plc		21,810,847
	980,069	*	Grab Holdings Ltd.		2,891,203
	79,741	*	Lululemon Athletica, Inc		28,278,551
			TOTAL UNITED STATES		52,980,601
			TOTAL COMMON STOCKS		1,944,857,797
			(Cost $1,539,713,199)

81

TIAA-CREF FUNDS – International Opportunities Fund

SHARES			COMPANY	VALUE
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	112,654	e	PointsBet Holdings Pty Ltd	$	3,980
			TOTAL AUSTRALIA		3,980
			TOTAL RIGHTS / WARRANTS		3,980
			(Cost $0)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 11.2%
GOVERNMENT AGENCY DEBT - 2.3%
$	15,450,000		Federal Home Loan Bank (FHLB)		0.000	%	05/04/22		15,449,589
	5,090,000		FHLB		0.000		05/05/22		5,089,797
	10,000,000		FHLB		0.000		05/13/22		9,998,537
	10,000,000		FHLB		0.000		05/18/22		9,997,872
	7,792,000		FHLB		0.000		05/25/22		7,789,616
			TOTAL GOVERNMENT AGENCY DEBT						48,325,411
REPURCHASE AGREEMENT - 3.4%
	71,850,000	r	Fixed Income Clearing Corp (FICC)		0.250		05/02/22		71,850,000
			TOTAL REPURCHASE AGREEMENT						71,850,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.5%
	114,799,533	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				114,799,533
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						114,799,533
			TOTAL SHORT-TERM INVESTMENTS						234,974,944
			(Cost $234,977,934)
			TOTAL INVESTMENTS - 103.7%						2,179,836,721
			(Cost $1,774,691,133)
			OTHER ASSETS & LIABILITIES, NET - (3.7)%						(77,156,186	)
			NET ASSETS - 100.0%					$	2,102,680,535

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 $178,503,599.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $38,478,343 or 1.8% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $71,850,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.500%-3.000% and maturity dates 2/15/45-5/15/45, valued at $73,287,051.

82

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

TIAA-CREF FUNDS

QUANT INTERNATIONAL SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
AUSTRALIA - 7.4%
	946,930		Abacus Property Group	$	2,173,197
	59,212		Australian Ethical Investment Ltd		240,596
	1,294,520	e	Bank of Queensland Ltd (ASE)		7,344,540
	543,375		Bendigo Bank Ltd		4,051,308
	1,616,260		Boral Ltd		4,031,965
	303,281		BWX Ltd		398,965
	522,699		carsales.com Ltd		7,716,643
	926,795		Centuria Capital Group		1,800,190
	526,571		Centuria Office REIT		811,820
	653,483		Charter Hall Education Trust		1,849,901
	1,999,004		Charter Hall Long Wale REIT		7,502,378
	1,189,001		Cleanaway Waste Management Ltd		2,665,191
	156,790		Codan Ltd		781,894
	3,304,651	g	Coronado Global Resources, Inc		5,323,659
	14,370		Futuris Corp Ltd		144,463
	129,523		Growthpoint Properties Australia Ltd		398,391
	466,752		Healius Ltd		1,468,698
	48,863		Home Consortium		230,373
	1,098,077		HomeCo Daily Needs REIT		1,105,581
	270,223		Iluka Resources Ltd		2,116,629
	864,602		Ingenia Communities Group		2,846,360
	1,238,947		Macquarie CountryWide Trust		3,870,171
	2,608,439	*,e	nearmap Ltd		2,208,314
	280,591		Netwealth Group Ltd		2,540,625
	930,659		NRW Holdings Ltd		1,268,837
	1,352,571		Nufarm Ltd		6,084,811
	1,689,044		Orora Ltd		4,733,263
	236,187		Pact Group Holdings Ltd		381,421
	713,689		Perenti Global Ltd		354,605
	26,778	e	Perpetual Trustees Australia Ltd		615,619
	2,139,859		Perseus Mining Ltd		2,977,671
	105,845		Premier Investments Ltd		1,875,570
	3,328,979		Qube Logistics Holdings Ltd		6,879,174
	193,025		SmartGroup Corp Ltd		1,208,864
	894,893		Steadfast Group Ltd		3,239,855
	991,760		United Malt Grp Ltd		2,897,786
	1,279,245		Waypoint REIT		2,411,481
			TOTAL AUSTRALIA		98,550,809
AUSTRIA - 0.8%
	136,019		BAWAG Group AG.		6,458,707
	27,154		CA Immobilien Anlagen AG.		766,901
	16,103		EVN AG.		409,923
	171,709		Uniqa Versicherungen AG.		1,309,119
	34,459		Wienerberger AG.		972,703
			TOTAL AUSTRIA		9,917,353

83

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
BELGIUM - 0.5%
	121,796		Fagron NV	$	2,284,624
	18,513		Gimv NV		1,062,335
	29,305		KBC Ancora		1,185,637
	7,736		Melexis NV		664,016
	15,845		Montea C.V.A		1,891,817
			TOTAL BELGIUM		7,088,429
BRAZIL - 2.4%
	362,829	*	Azul S.A.		1,612,345
	1,082,000		Boa Vista Servicos S.A.		1,757,392
	2,456,560	*	BR Malls Participacoes S.A.		4,715,411
	1,871,000		Cia de Saneamento de Minas Gerais-COPASA		5,169,522
	397,900		EDP - Energias do Brasil S.A.		1,704,613
	36,000		Enauta Participacoes S.A.		150,293
	2,628,500	*	Grupo Mateus S.A.		2,514,751
	848,000		Guararapes Confeccoes S.A.		1,581,440
	2,691,100	*	Hidrovias do Brasil S.A.		1,736,387
	91,300	*	Hospital Mater Dei S.A.		221,604
	442,200		LOG Commercial Properties e Participacoes S.A.		2,140,363
	107,500		M Dias Branco S.A.		514,674
	1,368,100		Metalurgica Gerdau S.A.		3,143,563
	77,900		Movida Participacoes S.A.		285,983
	1,384,790		Odontoprev S.A.		2,842,994
	391,000		Vivara Participacoes S.A.		2,011,962
			TOTAL BRAZIL		32,103,297
CANADA - 8.2%
	284,843	*	Baytex Energy Trust		1,456,754
	217,576	*	Celestica, Inc		2,445,645
	100,324		Choice Properties REIT		1,185,473
	155,209		CI Financial Corp		2,023,704
	1,059,581	e	Corus Entertainment, Inc		3,472,414
	965,243		Crescent Point Energy Corp		6,687,162
	89,417	*,e	dentalcorp Holdings Ltd		1,002,996
	23,548	*	Descartes Systems Group, Inc		1,462,573
	161,455		Enerplus Corp		1,978,206
	32,043		Enghouse Systems Ltd		901,190
	572,787	*,e	Enthusiast Gaming Holdings, Inc		1,105,758
	318,071		Finning International, Inc		8,948,029
	588,152	e	Freehold Royalty Trust		6,858,301
	100,702		Granite REIT		7,457,898
	390,863		H&R Real Estate Investment Trust		3,888,397
	1,059,411	*	Headwater Exploration, Inc		5,467,555
	15,324	g	Jamieson Wellness, Inc		385,292
	267,220	*	Kelt Exploration Ltd		1,379,106
	163,305		Killam Apartment Real Estate Investment Trust		2,569,100
	52,150	*	Kinaxis, Inc		5,770,945
	81,286	e	Maverix Metals, Inc		366,361
	8,107		Morguard Corp		796,406
	17,235		Morguard North American Resid		247,527
	393,263		PrairieSky Royalty Ltd		5,396,977
	97,715		Primaris REIT		1,051,198
	164,082		Slate Grocery REIT		2,018,056

84

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	179,824	*	Solaris Resources, Inc	$	1,798,730
	23,380	*,g	Spin Master Corp		840,999
	148,119	e	Superior Plus Corp		1,306,339
	842,664		Tamarack Valley Energy Ltd		3,299,420
	132,370	e	Timbercreek Financial Corp		938,692
	339,726	e	Topaz Energy Corp		6,018,887
	309,079	*	Torex Gold Resources, Inc		3,459,741
	167,564		Tourmaline Oil Corp		8,629,614
	345,116		TransAlta Corp		3,701,941
	104,864		Vermilion Energy, Inc		2,043,160
			TOTAL CANADA		108,360,546
CHILE - 0.2%
	204,554		CAP S.A.		2,537,135
	11,581		Empresa Nacional de Telecomunicaciones S.A.		42,304
	267,191		Engie Energia Chile S.A.		121,526
			TOTAL CHILE		2,700,965
CHINA - 2.1%
	608,000	*,e,g	Antengene Corp Ltd		478,838
	2,908,000		Central China Management Co Ltd		455,457
	7,952,000		China BlueChemical Ltd		2,733,500
	348,000		China Shineway Pharmaceutical Group Ltd		284,306
	3,333,000		China XLX Fertiliser Ltd		2,860,061
	4,565,760	*,†,e	China Zhongwang Holdings Ltd		5,818
	8,232,000	*	Citic Resources Holdings Ltd		576,990
	2,589,000		Citic Telecom International Holdings Ltd		929,093
	1,498,000		Cofco International Ltd		535,097
	6,704,000	*	Coolpad Group Ltd		152,588
	548,000	e	CSSC Hong Kong Shipping Co Ltd		86,422
	1,204,000	*,†,e,g	CStone Pharmaceuticals		773,310
	591,000	e	DaFa Properties Group Ltd		287,705
	325,000		Excellence Commercial Property & Facilities Management Group Ltd		169,205
	4,220,000	†,e	Fire Rock Holdings Ltd		301,160
	11,446,823		Fushan International Energy Group Ltd		4,277,347
	7,454,000		Gemdale Properties and Investment Corp Ltd		790,592
	4,442,000	g	Greentown Management Holdings Co Ltd		3,349,201
	6,547,800	*,e,g	Haichang Holdings Ltd		4,383,796
	818,000		JH Educational Technology, Inc		421,144
	741,000		Jingrui Holdings Ltd		153,309
	288,500		JNBY Design Ltd		313,711
	887,200		KWG Living Group Holdings Ltd		333,787
	729,000	*,g	Peijia Medical Ltd		621,679
	5,475,500		Shui On Land Ltd		774,887
	1,144,000		Sinopec Kantons Holdings Ltd		389,211
	402,440	*	Tongdao Liepin Group		745,696
	1,280,000		VST Holdings Ltd		1,102,016
			TOTAL CHINA		28,285,926
COLOMBIA - 0.0%
	102,367		Cementos Argos S.A.		155,309
			TOTAL COLOMBIA		155,309
CZECH REPUBLIC - 0.0%
	338	*	Philip Morris CR		255,011
			TOTAL CZECH REPUBLIC		255,011

85

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
DENMARK - 1.4%
	37,023		Chemometec A.S.	$	4,185,170
	54,861		Dfds A.S.		2,124,586
	14,469	*	Nilfisk Holding A.S.		405,045
	24,496		PER Aarsleff A.S.		940,077
	10,605		Royal Unibrew A.S.		914,057
	102,125	g	Scandinavian Tobacco Group A.S.		2,128,870
	87,836		Sydbank AS		3,019,174
	82,064		Topdanmark AS		4,618,078
			TOTAL DENMARK		18,335,057
EGYPT - 0.0%
	24,000		Misr Fertilizers Production Co SAE		141,740
			TOTAL EGYPT		141,740
FINLAND - 0.5%
	45,655		Aktia Bank Oyj		462,931
	17,421		F-Secure Oyj		95,383
	189,143		Kesko Oyj (B Shares)		4,761,949
	8,264		Nokian Renkaat Oyj		110,974
	22,452		Sanoma-WSOY Oyj		283,614
	40,525		Tokmanni Group Corp		526,607
			TOTAL FINLAND		6,241,458
FRANCE - 1.8%
	34,201	*	Beneteau S.A.		429,394
	368,462		Elis S.A.		5,284,204
	34,727		Eramet		4,628,486
	5,256		Inter Parfums S.A.		291,632
	24,059		Neopost S.A.		449,934
	7,220		Sa des Ciments Vicat		217,113
	293,017		SPIE S.A.		6,896,455
	478,629	*	Vallourec S.A.		5,639,772
			TOTAL FRANCE		23,836,990
GEORGIA - 0.0%
	19,299		Bank of Georgia Group plc		298,005
			TOTAL GEORGIA		298,005
GERMANY - 4.0%
	118,015		Aixtron AG.		3,025,521
	4,079		Amadeus Fire AG		570,918
	106,511		Cancom SE		5,143,147
	8,777		Dermapharm Holding SE		496,257
	25,703		Deutsche Beteiligungs AG.		798,754
	89,100		DIC Asset AG.		1,246,501
	1,151		Draegerwerk AG. & Co KGaA		52,782
	1,265		Einhell Germany AG.		260,230
	108,622	*	ElringKlinger AG.		900,510
	34,116		Hamburger Hafen und Logistik AG.		555,188
	667,598	*	Heidelberger Druckmaschinen		1,474,971
	136,316		Hensoldt AG.		3,796,260
	4,688		Hornbach Holding AG. & Co KGaA		561,171

86

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	136,147		Hugo Boss AG.	$	7,635,518
	14,811	g	JOST Werke AG.		572,880
	275,649	*	K&S AG.		9,258,494
	12,965		KWS Saat AG.		956,724
	473,916		Metro Wholesale & Food Specialist AG.		4,162,853
	36,464	*	Morphosys AG.		768,763
	26,843		Patrizia Immobilien AG.		460,451
	22,178	*	PVA TePla AG.		547,409
	6,105		Rheinmetall AG.		1,376,214
	8,780		Sixt AG. (Preference)		634,580
	22,427		Software AG.		690,298
	70,862		Softwareone Holding AG.		958,088
	28,310		Stabilus S.A.		1,333,439
	9,688		Steico SE		972,062
	26,431		TAG Tegernsee Immobilien und Beteiligungs AG.		528,235
	51,424	*,g	TeamViewer AG.		617,040
	92,768		Wacker Construction Equipment AG.		1,926,064
	8,925		Wuestenrot & Wuerttembergische AG.		168,347
			TOTAL GERMANY		52,449,669
GREECE - 0.1%
	61,950		Holding CO ADMIE IPTO S.A.		148,582
	512,149	*	Piraeus Financial Holdings S.A.		739,370
	47,717		Sarantis S.A.		364,769
			TOTAL GREECE		1,252,721
GUERNSEY, C.I. - 0.0%
	371,924		BMO Commercial Property Trust Ltd		548,971
			TOTAL GUERNSEY, C.I.		548,971
HONG KONG - 1.3%
	727,600		ASM Pacific Technology		7,332,594
	10,858,000	*,e	Beijing Energy International Holding Co Ltd		358,088
	1,019,000		BOCOM International Holdings Co Ltd		138,921
	512,000		Canvest Environment Protection Group Co Ltd		215,004
	133,000		Chow Sang Sang Holding		147,250
	5,950,000		Concord New Energy Group Ltd		547,675
	853,000		Digital China Holdings Ltd		401,270
	11,608,000	*,e	Glory Sun Financial Group Ltd		112,426
	984,000		Hang Lung Group Ltd		1,921,251
	1,881,000		HKBN Ltd		2,197,643
	10,054,800		Hutchison Port Holdings Trust		2,396,622
	337,500	e	LK Technology Holdings Ltd		418,429
	200,000		Luk Fook Holdings International Ltd		457,782
	472,000		Stella International Holdings Ltd		499,248
			TOTAL HONG KONG		17,144,203
HUNGARY - 0.0%
	119,211		Magyar Telekom		129,018
			TOTAL HUNGARY		129,018
INDIA - 3.4%
	100,275	*	Aditya Birla Fashion and Retail Ltd		370,896
	9,016	*	Affle India Ltd		141,623
	16,449		Amara Raja Batteries Ltd		120,090

87

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	5,331	*	APL Apollo Tubes Ltd	$	71,094
	28,551		Astral Polytechnik Ltd		798,187
	2,780		Balaji Amines Ltd		116,529
	575,086	*	Brightcom Group Ltd		624,069
	862,629		Brightcom Group Ltd		936,103
	103,823		BSE Ltd		1,212,303
	112,766		Castrol India Ltd		158,920
	421,023		Central Depository Services India Ltd		7,520,583
	100,793		Century Textile & Industries Ltd		1,091,930
	83,869		CESC Ltd		93,423
	76,795		Chambal Fertilizers & Chemicals Ltd		455,254
	2,532	*	Clean Science & Technology Ltd		63,658
	31,000		Computer Age Management Services Ltd		995,446
	28,377		Coromandel International Ltd		330,511
	152,950		Crompton Greaves Consumer Electricals Ltd		765,673
	307,237	*	Crompton Greaves Ltd		788,839
	8,439		Cummins India Ltd		112,507
	34,214		Dalmia Bharat Ltd		675,851
	35,942		Deepak Fertilizers & Petrochemicals Corp Ltd		312,376
	32,308		Deepak Nitrite Ltd		971,130
	53,012	*	Devyani International Ltd		118,234
	608,640	*	Dhani Services Ltd		435,323
	26,926		Emami Ltd		172,083
	40,045		Glenmark Pharmaceuticals Ltd		229,164
	73,610		Gujarat State Fertilisers & Chemicals Ltd		163,214
	98,105	g	ICICI Securities Ltd		714,418
	202,762		IDFC Ltd		149,853
	675,386		Jindal Steel & Power Ltd		4,709,491
	101,563	*	JSL Ltd		241,003
	46,867		Kaveri Seed Co Ltd		328,870
	19,188	g	L&T Technology Services Ltd		1,014,876
	20,011		Laxmi Organic Industries Ltd		107,942
	4,678		Linde India Ltd		217,625
	1,462		Mastek Ltd		53,257
	63,685		MindTree Ltd		2,914,187
	1,431,917		National Aluminium Co Ltd		1,933,735
	540,511		NBCC India Ltd		264,755
	15,859	g	Nippon Life India Asset Management Ltd		65,232
	510,204		NLC India Ltd		539,838
	6,796	*	Olectra Greentech Ltd		56,142
	17,656		Persistent Systems Ltd		989,567
	3,312		Polyplex Corp Ltd		117,441
	71,238		Rajesh Exports Ltd		584,610
	11,100		Relaxo Footwears Ltd		155,917
	6,729,977	*	Reliance Power Ltd		1,242,278
	3,319		Route Mobile Ltd		70,431
	31,687		Sonata Software Ltd		308,957
	8,674		Tanla Platforms Ltd		158,445
	70,551		Tata Chemicals Ltd		859,979
	36,671		Tata Elxsi Ltd		3,672,863
	8,854	*,g	Tejas Networks Ltd		53,945
	2,643,960		Trident Ltd		1,785,195
	25,644		Triveni Engineering & Industries Ltd		106,599
	838,073		Vakrangee Ltd		378,593
	10,849		Voltas Ltd		177,806
	403,752		Welspun India Ltd		435,266

88

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	64,280		Zensar Technologies Ltd	$	267,836
			TOTAL INDIA		44,521,965
INDONESIA - 0.7%
	15,074,600		Bank Tabungan Negara Persero Tbk PT		1,913,008
	15,340,100		Erajaya Swasembada Tbk PT		554,291
	1,412,000		First Pacific Co		569,326
	183,200		First Resources Ltd		279,415
	13,361,700		Golden Agri-Resources Ltd		3,121,775
	3,597,000		Indosat Tbk PT		1,737,877
	9,547,937		Industri Jamu Dan Farmasi Sido Muncul Tbk PT		619,098
	299,300		PT Astra Agro Lestari Tbk		256,250
	3,847,100	*	PT Indika Energy Tbk		705,463
			TOTAL INDONESIA		9,756,503
IRELAND - 0.7%
	204,576	*	Bank of Ireland Group plc		1,239,875
	487,926		Glanbia plc		5,857,714
	777,314		Irish Residential Properties REIT plc		1,190,680
	127,223		Origin Enterprises plc		565,610
			TOTAL IRELAND		8,853,879
ISRAEL - 3.1%
	30,251		Audiocodes Ltd		703,874
	2,470,096	*	Bezeq Israeli Telecommunication Corp Ltd		3,915,810
	35,715	*	Cellcom Israel Ltd		207,182
	17,749	*	Fattal Holdings 1998 Ltd		2,559,993
	13,297		FIBI Holdings Ltd		624,900
	79,812		First International Bank Of Israel Ltd		3,351,506
	7,914		Formula Systems 1985 Ltd		765,809
	209,073		Harel Insurance Investments & Finances Ltd		2,562,583
	10,462	*	Israel Corp Ltd		5,878,258
	12,547		Ituran Location and Control Ltd		281,555
	25,788		Magic Software Enterprises Ltd		443,903
	19,959		Malam-Team Ltd		571,678
	62,483		Maytronics Ltd		1,109,436
	48,129	*	NEOGAMES S.A.		629,046
	150,579		Plus500 Ltd		2,932,212
	3,400	*	Property & Building Corp		471,569
	42,003	*	Radware Ltd		1,214,307
	42,631	*	Saipens International Corp NV		996,370
	235,200	g	Sisram Medical Ltd		251,151
	89,279		Strauss Group Ltd		2,386,525
	355,450	*	Taboola.com Ltd		1,531,990
	33,699	*	Tower Semiconductor Ltd (Tel Aviv)		1,620,590
	101,356		ZIM Integrated Shipping Services Ltd		5,638,434
			TOTAL ISRAEL		40,648,681
ITALY - 1.6%
	95,818		ACEA S.p.A.		1,643,649
	780,438	g	Anima Holding S.p.A		3,802,869
	91,809		Banca IFIS S.p.A.		1,667,187
	249,606		Banca Mediolanum S.p.A		1,811,975
	72,969		Danieli & Co S.p.A. (RSP)		1,141,469
	603,156		Iride S.p.A.		1,559,118
	11,248		Italmobiliare S.p.A		356,347

89

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	23,735		Reply S.p.A	$	3,494,198
	24,496		Sesa S.p.A		3,541,336
	22,436		SOL S.p.A.		394,264
	189,808		Tamburi Investment Partners S.p.A.		1,729,229
	25,097		Tinexta S.p.A		627,862
			TOTAL ITALY		21,769,503
JAPAN - 16.4%
	70,000		ABC-Mart, Inc		2,902,896
	18,500		Aeon Delight Co Ltd		395,417
	39,700		Altech Corp		593,653
	144,000		Asics Corp		2,271,852
	42,100	*,e	Bengo4.com, Inc		1,083,366
	21,800		BML, Inc		561,036
	56,000	*,e	CellSource Co Ltd		1,620,320
	105,300		Central Glass Co Ltd		1,938,995
	1,306,700		Citizen Watch Co Ltd		4,931,625
	266,700	*	COLOPL, Inc		1,314,462
	16,529		Daiichi Jitsugyo Co Ltd		479,946
	61,100		Daiken Corp		987,858
	95,700		Digital Arts, Inc		5,346,742
	46,400		ESPEC Corp		616,027
	164,100		Fancl Corp		3,141,369
	1,484,000		Fujikura Ltd		7,020,056
	258,800		Furukawa Electric Co Ltd		4,202,673
	16,700		Fuso Chemical Co Ltd		491,540
	19,900		Fuyo General Lease Co Ltd		1,076,687
	5,800		GMO Financial Gate, Inc		568,905
	38,500		Goldcrest Co Ltd		500,733
	26,500	*	GungHo Online Entertainment Inc		540,662
	62,900		Hankyu Department Stores, Inc		411,447
	44,000		Hanwa Co Ltd		1,075,517
	1,011,400		Hitachi Zosen Corp		5,457,751
	172,100		Iino Kaiun Kaisha Ltd		974,374
	86,100		Inaba Denki Sangyo Co Ltd		1,688,630
	64,700		Inabata & Co Ltd		1,058,730
	860		ITOCHU Advance Logistics Investment Corp		1,062,385
	70,000		Itochu Enex Co Ltd		579,547
	115,800		Jafco Co Ltd		1,396,103
	281,000		Japan Petroleum Exploration Co		5,601,449
	2,500		Japan Pulp & Paper Co Ltd		73,221
	93,600		JCR Pharmaceuticals Co Ltd		1,739,540
	27,000	e	Justsystems Corp		1,173,511
	116,700		Kanto Denka Kogyo Co Ltd		880,408
	174,400		Kawasaki Heavy Industries Ltd		3,101,320
	7,500		Kentucky Fried Chicken Japan Ltd		164,341
	142,300		Kinden Corp		1,686,188
	105,900		Kintetsu World Express, Inc		2,522,803
	174,800		Kitz Corp		888,564
	621,100		Kobe Steel Ltd		2,692,681
	70,300		Kohnan Shoji Co Ltd		2,035,904
	125,800		Komeri Co Ltd		2,657,292
	1,103,800		Konica Minolta Holdings, Inc		3,841,575
	16,700		Konoike Transport Co Ltd		148,230
	462,800		K’s Holdings Corp		4,583,161
	98,400	e	Kura Corp		2,436,735

90

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	18,100		Kyokuto Kaihatsu Kogyo Co Ltd	$	182,481
	972,800		Kyushu Electric Power Co, Inc		6,105,677
	13,200		Maruzen Showa Unyu Co Ltd		322,207
	162,400		Maxell Holdings Ltd		1,448,075
	15,500		Maxvalu Tokai Co Ltd		309,473
	51,100		Mcj Co Ltd		334,233
	42,000		Milbon Co Ltd		1,758,578
	92,300		Mimasu Semiconductor Industry Co Ltd		1,653,661
	296,300		Mitsubishi Materials Corp		4,635,091
	1,065,400	*	Mitsubishi Motors Corp		2,664,575
	17,500		Mitsubishi Research Institute, Inc		526,880
	7,800		Mitsui Sugar Co Ltd		116,007
	54,800		Mitsui-Soko Co Ltd		1,018,753
	87,700		Mizuno Corp		1,443,238
	1,310		Mori Hills REIT Investment Corp		1,485,721
	15,100		Nagaileben Co Ltd		224,833
	118,900		Nakanishi, Inc		1,943,420
	56,000		Nichiha Corp		1,012,459
	249,700		Nihon Kohden Corp		5,994,324
	56,000		Nihon Unisys Ltd		1,414,838
	550,400		Nikon Corp		6,184,745
	24,200		Nippon Ceramic Co Ltd		441,821
	149,200		Nippon Electric Glass Co Ltd		3,003,460
	59,300		Nippon Konpo Unyu Soko Co Ltd		898,160
	315,300		Nippon Light Metal Holdings Co Ltd		4,039,769
	22,100		Nippon Shokubai Co Ltd		889,112
	18,700		Nippon Steel Trading Co Ltd		761,043
	14,600		Nissan Shatai Co Ltd		63,673
	13,800		Nitto Kogyo Corp		162,484
	100,000		NOF Corp		3,753,447
	51,500		NOK Corp		438,176
	298,500		Nomura Co Ltd		2,052,626
	14,800		OBIC Business Consultants Ltd		531,939
	29,700		Okinawa Electric Power Co, Inc		295,645
	1,910,500	e	Onward Kashiyama Co Ltd		3,568,100
	19,400		Paramount Bed Holdings Co Ltd		323,106
	66,200		Park24 Co Ltd		942,722
	92,100		Prima Meat Packers Ltd		1,510,268
	58,400		Proto Corp		458,738
	360,700		Rengo Co Ltd		2,135,544
	15,700		Riken Vitamin Co Ltd		206,384
	72,300		Sakata Seed Corp		2,434,464
	198,900		Sankyo Co Ltd		5,723,346
	116,800		Sanyo Special Steel Co Ltd		1,786,854
	99,800		Sato Corp		1,372,263
	25,000		SBS Holdings, Inc		580,115
	19,300		Seikagaku Corp		125,324
	20,400		Seiko Holdings Corp		349,266
	32,700		Seria Co Ltd		639,478
	22,900		Shiga Bank Ltd		430,624
	288,100		Shikoku Electric Power Co, Inc		1,656,435
	9,700		Shima Seiki Manufacturing Ltd		138,395
	165,940	e	Shinwa Kaiun Kaisha Ltd		4,560,507
	84,300		Shizuoka Gas Co Ltd		604,276
	964,200		Sky Perfect Jsat Corp		3,123,439
	68,300		Sparx Group Co Ltd		134,686

91

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	37,000		Star Micronics Co Ltd	$	414,752
	18,600		Starts Corp, Inc		344,737
	65,700		Sumitomo Bakelite Co Ltd		2,155,691
	91,400		Sun Frontier Fudousan Co Ltd		763,758
	111,500		Suzuken Co Ltd		3,291,172
	4,600		Taihei Dengyo Kaisha Ltd		95,560
	275,700		Takara Bio, Inc		4,434,333
	46,400		Takasago Thermal Engineering Co Ltd		606,941
	200,000		Takeuchi Manufacturing Co Ltd		3,667,600
	80,500	e	Tamron Co Ltd		1,419,083
	16,100		Toho Pharmaceutical Co Ltd		261,347
	270,200		Tohoku Electric Power Co, Inc		1,502,998
	123,400		Tokuyama Corp		1,641,241
	52,500		Tokyo Seimitsu Co Ltd		1,806,045
	47,400		Tokyo Steel Manufacturing Co Ltd		490,590
	19,700		Totetsu Kogyo Co Ltd		356,112
	349,500		UBE Industries Ltd		5,418,927
	4,600		Uchida Yoko Co Ltd		173,602
	180,700		Wacoal Holdings Corp		2,573,844
	7,300		WDB Holdings Co Ltd		153,393
	380,300		Yamaguchi Financial Group, Inc		2,085,249
	13,700		Yokogawa Bridge Holdings Corp		200,917
	120,700		Yonex Co Ltd		786,334
			TOTAL JAPAN		218,077,411
KOREA, REPUBLIC OF - 4.7%
	98,455	*	Amicogen, Inc		2,464,451
	130,282		Daewoong Co Ltd		3,090,002
	124,166		Daishin Securities Co Ltd		1,728,875
	29,500		Daishin Securities Co Ltd PF		356,959
	2,207		Dong-A ST Co Ltd		122,307
	153,804		Dongwon Development Co Ltd		629,643
	58,675		DoubleUGames Co Ltd		2,292,926
	23,129		Hana Materials, Inc		1,136,778
	55,615		Hanwha Corp		1,313,920
	2,487,675		Hanwha Life Insurance Co Ltd		5,764,574
	38,154		Hyosung Corp		2,498,573
	205,706		Hyundai Marine & Fire Insurance Co Ltd		5,301,771
	19,853		Ilyang Pharmaceutical Co Ltd		388,340
	224,069		JB Financial Group Co Ltd		1,584,925
	15,853		Kolon Industries, Inc		772,154
	1,496,739	*	Korea Line Corp		3,148,766
	16,892		KT Skylife Co Ltd		122,694
	13,800		LG Hausys Ltd		637,141
	121,186		LG International Corp		3,695,268
	12,394	*	Lock & Lock Co Ltd		102,201
	100,112		Lotte Rental Co Ltd		3,492,988
	80,388		LS Cable Ltd		3,650,219
	322,283	*	LX Holdings Corp		2,532,969
	4,012		Nong Shim Co Ltd		958,776
	185,187		Samsung Techwin Co Ltd		7,749,715
	130,927		Seah Besteel Corp		1,877,744
	6,099	*	Shinyoung Securities Co Ltd		279,243
	559,157		SK Networks Co Ltd		2,134,538
	72,793		TES Co Ltd		1,594,745
	9,985		Tokai Carbon Korea Co Ltd		1,110,111

92

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	5,234		Youngone Holdings Co Ltd	$	212,919
			TOTAL KOREA, REPUBLIC OF		62,746,235
LUXEMBOURG - 0.4%
	514,375		SES S.A.		4,602,377
			TOTAL LUXEMBOURG		4,602,377
MALAYSIA - 0.6%
	298,000		Berjaya Auto BHD		121,158
	399,700		Bursa Malaysia BHD		640,769
	4,024,400		Frontken Corp BHD		2,508,318
	130,000		Genting Plantations BHD		271,735
	56,000	*	Greatech Technology Bhd		50,437
	619,100		IOI Properties Group BHD		145,052
	2,172,709	g	Lotte Chemical Titan Holding BHD		1,092,967
	226,700		Malaysian Pacific Industries BHD		1,614,806
	453,600		Time dotCom BHD		463,655
	392,200		ViTrox Corp BHD		675,282
	5,975,700		YTL Corp BHD		868,286
			TOTAL MALAYSIA		8,452,465
MALTA - 0.1%
	69,178	*	Kambi Group plc		1,101,957
	83,985		Kindred Group plc		736,329
			TOTAL MALTA		1,838,286
MEXICO - 0.4%
	997,200		Bolsa Mexicana de Valores S.A. de C.V.		1,975,684
	264,700		Corp Inmobiliaria Vesta SAB de C.V.		490,447
	576,800		Grupo Comercial Chedraui S.a. DE C.V.		1,453,978
	622,900	g	Macquarie Mexico Real Estate Management SA de CV		688,024
			TOTAL MEXICO		4,608,133
NETHERLANDS - 1.9%
	139,975		Aalberts Industries NV		6,801,705
	85,852		Brunel International NV		997,558
	654,083	*	Fugro NV		8,012,740
	317,416	*,e	Meltwater Holding BV		417,765
	226,349	*	OCI NV		8,576,933
			TOTAL NETHERLANDS		24,806,701
NEW ZEALAND - 0.4%
	923,209		Fletcher Building Ltd		3,677,621
	377,000		Kiwi Property Group Ltd		257,134
	182,131		Oceania Healthcare Ltd		120,870
	142,184		Summerset Group Holdings Ltd		1,070,925
			TOTAL NEW ZEALAND		5,126,550
NORWAY - 2.5%
	67,846	*,g	Crayon Group Holding ASA		997,975
	244,522	g	Fjordkraft Holding ASA		551,809
	642,139		Golden Ocean Group Ltd		7,994,071
	159,280		Kongsberg Gruppen ASA		6,841,487
	12,016	*	LINK Mobility Group Holding ASA		19,416
	2,211,519		MPC Container Ships AS.		6,582,543

93

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	41,086		Protector Forsikring ASA	$	467,835
	42,781		Sparebank Oestlandet		626,020
	145,318		Sparebanken Nord-Norge		1,547,791
	341,784		TGS Nopec Geophysical Co ASA		5,272,621
	420,545	*	Vaccibody AS.		1,643,479
			TOTAL NORWAY		32,545,047
PHILIPPINES - 0.2%
	4,105,000		DMCI Holdings, Inc		650,741
	3,382,300		Semirara Mining & Power Corp		1,781,692
			TOTAL PHILIPPINES		2,432,433
POLAND - 0.4%
	91,078		Asseco Poland S.A.		1,601,880
	45,985		Bank Handlowy w Warszawie S.A.		619,552
	33,849		Ciech S.A.		301,774
	634,715	*	Enea S.A.		1,370,919
	126,502	*	Grupa Azoty S.A.		1,140,666
	15,401		LiveChat Software S.A.		328,886
	39,127		Warsaw Stock Exchange		342,185
			TOTAL POLAND		5,705,862
PORTUGAL - 0.0%
	43,069		Corticeira Amorim SGPS S.A.		445,549
			TOTAL PORTUGAL		445,549
RUSSIA - 0.0%
	81,310	†	Sistema PJSFC (GDR)		813
			TOTAL RUSSIA		813
SINGAPORE - 0.9%
	6,884,400		Frasers Logistics & Industrial Trust		7,169,135
	116,200		Haw Par Corp Ltd		978,011
	306,000		Olam Group Ltd		373,940
	440,900		Overseas Union Enterprise Ltd		433,583
	1,195,600		Raffles Medical Group Ltd		1,032,439
	1,831,700		Sasseur Real Estate Investment Trust		1,105,947
	856,300		Sheng Siong Group Ltd		945,516
			TOTAL SINGAPORE		12,038,571
SOUTH AFRICA - 0.9%
	141,774		Coronation Fund Managers Ltd		375,431
	3,469,953		Life Healthcare Group Holdings Pte Ltd		4,728,408
	323,660	*	Massmart Holdings Ltd		856,672
	1,403,115		Pick’n Pay Stores Ltd		5,114,917
	20,741	*	Thungela Resources Ltd		354,927
			TOTAL SOUTH AFRICA		11,430,355
SPAIN - 1.1%
	188,721	g	ContourGlobal plc		453,585
	19,866		Corp Financiera Alba		1,173,973
	2,449,605	*	Distribuidora Internacional de Alimentacion S.A.		33,543
	405,125		Faes Farma S.A. (Sigma)		1,696,725
	220,077		Fluidra S.A.		5,956,204
	194,427		Inmobiliaria Colonial S.A.		1,616,735

94

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	74,212		Viscofan S.A.	$	4,096,821
			TOTAL SPAIN		15,027,586
SWEDEN - 4.5%
	196,062	g	AcadeMedia AB		1,106,798
	187,893		AddTech AB		3,314,504
	38,838		AF AB		643,842
	79,431	g	Ambea AB		403,171
	483,654		Arjo AB		3,644,847
	56,052		Beijer Alma AB		1,165,993
	460,277		Billerud AB		7,102,662
	47,680		Bufab AB		1,581,799
	117,874		Bure Equity AB		2,779,655
	284,855		Cloetta AB		719,838
	101,944	*	Collector AB		444,732
	29,941		Fabege AB		363,428
	145,808		Fagerhult AB		731,798
	583,998		Fortnox AB		3,099,915
	10,573		GARO AB		158,242
	33,340		Investment AB Oresund		399,967
	135,310		Inwido AB		1,868,071
	694,404	g	LeoVegas AB		2,978,138
	118,801	*	Lifco AB		2,491,926
	81,295		MIPS AB		5,773,523
	59,677	g	Munters Group AB		356,513
	332,380		NCC AB (B Shares)		4,118,283
	334,586	*	Nobia AB		1,313,077
	118,450	g	Resurs Holding AB		344,534
	536,867	e	Samhallsbyggnadsbolaget i - D		1,408,372
	301,244	e	Ssab Svenskt Stal AB (Series A)		1,913,235
	1,150,629		Ssab Svenskt Stal AB (Series B)		6,766,418
	560,697	*	Stillfront Group AB		1,132,385
	94,157	*,e	Storytel AB		681,233
	36,886		Troax Group AB		819,223
	18,315	*	Xvivo Perfusion AB		394,812
			TOTAL SWEDEN		60,020,934
SWITZERLAND - 2.7%
	3,366,272	*,e	Aryzta AG.		3,134,434
	6,956		Bucher Industries AG.		2,507,880
	72,650		DKSH Holding AG.		6,238,087
	655		LEM Holding S.A.		1,508,912
	701,292		OC Oerlikon Corp AG.		5,000,670
	67,346		PSP Swiss Property AG.		8,487,746
	8,210		Rieter Holding AG.		1,116,070
	10,917		SFS Group AG.		1,367,170
	16,675		Tecan Group AG.		5,011,133
	12,209		Vetropack Holding AG.		502,315
	5,055	*	V-ZUG Holding AG.		560,769
			TOTAL SWITZERLAND		35,435,186
TAIWAN - 4.5%
	66,000		Alchip Technologies Ltd		1,933,496
	46,000		ASPEED Technology, Inc		4,040,328
	218,000		Chang Wah Technology Co Ltd		658,745
	1,711,000		China Bills Finance Corp		1,025,789

95

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	2,229,000		ChipMOS Technologies, Inc	$	3,467,212
	343,000	*	ENNOSTAR, Inc		671,840
	5,309,000		Evergreen International Storage & Transport Corp		6,388,804
	837,000		Faraday Technology Corp		7,143,279
	170,000		Feng Hsin Iron & Steel Co		478,655
	66,000		International Games System Co Ltd		1,620,437
	2,219,000		King Yuan Electronics Co Ltd		3,004,816
	1,566,000		King’s Town Bank		2,067,064
	220,000		KMC Kuei Meng International In		1,215,407
	696,500		Lien Hwa Industrial Corp		1,319,320
	207,000		Lung Yen Life Service Corp		336,073
	6,064,034	*	Mercuries Life Insurance Co Lt		1,588,872
	51,000		Simplo Technology Co Ltd		501,171
	4,536,000		Sincere Navigation		4,555,127
	414,000		Systex Corp		1,131,815
	1,361,000		Taiwan Fertilizer Co Ltd		3,425,767
	346,000		Taiwan Secom Co Ltd		1,278,925
	247,000		Topco Scientific Co Ltd		1,390,645
	1,837,000		TPK Holding Co Ltd		2,117,698
	3,073,160	*	United Renewable Energy Co Ltd/Taiwan		2,216,888
	85,000		VIA Labs, Inc		841,486
	1,915,000		Wisdom Marine Lines Co Ltd		5,892,624
			TOTAL TAIWAN		60,312,283
THAILAND - 1.2%
	1,487,700	*	Bangkok Life Assurance PCL (ADR)		1,911,206
	4,175,700		Regional Container Lines PCL		5,412,633
	164,500		SPCG PCL		80,497
	2,447,300		Supalai PCL		1,559,751
	754,200		Synnex Thailand PCL		527,532
	1,018,420		Thonburi Healthcare Group PCL		1,828,696
	8,847,500		Thoresen Thai Agencies PCL		2,490,061
	2,092,600		TPI Polene Power PCL		232,866
	916,800		TQM Corp PCL		1,329,278
			TOTAL THAILAND		15,372,520
TURKEY - 0.4%
	3,978,468		Haci Omer Sabanci Holding AS		5,355,739
			TOTAL TURKEY		5,355,739
UNITED ARAB EMIRATES - 0.1%
	5,130,527		Dana Gas PJSC		1,648,227
			TOTAL UNITED ARAB EMIRATES		1,648,227
UNITED KINGDOM - 11.5%
	718,377		AJ Bell plc		2,226,090
	260,978		Alliance Pharma plc		374,110
	277,330		Big Yellow Group plc		5,011,899
	260,050		Bytes Technology Group plc		1,462,344
	92,561		Central Asia Metals plc		310,125
	411,094		Chemring Group plc		1,795,231
	88,626	g	CMC Markets plc		323,184
	1,209,709		Coats Group plc		1,069,451
	24,253		Computacenter plc		814,893
	33,644		Craneware plc		724,485
	142,575		CVS Group plc		3,218,600

96

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	14,991		Dechra Pharmaceuticals plc	$	679,322
	175,172		Derwent London plc		6,646,362
	199,392		Diploma plc		6,838,904
	1,385,826		Dr. Martens PLC		3,623,409
	1,616,656		DS Smith plc		6,643,270
	100,479		EMIS Group plc		1,674,823
	28,561	*	Ergomed plc		421,405
	89,249		Essentra plc		349,762
	510,852	*	Frasers Group plc		4,338,852
	570,347		GB Group plc		4,133,315
	240,352		Grafton Group plc		2,910,965
	627,807		Halfords Group plc		1,787,284
	4,865		Helical Bar plc		26,456
	672,631		HomeServe plc		8,314,215
	49,273	*	Hotel Chocolat Group Ltd		230,795
	314,317		Howden Joinery Group plc		2,975,800
	235,992		Hunting plc		860,570
	199,102	g	Ibstock plc		470,019
	746,887		IG Group Holdings plc		7,633,239
	57,744		Intermediate Capital Group plc		1,105,016
	3,448,391		IP Group plc		3,555,833
	190,470		Kainos Group plc		2,917,190
	11,001		Keller Group plc		115,929
	1,503,436		Learning Technologies Group plc		2,482,222
	2,219,757		LondonMetric Property plc		7,502,492
	1,518,299		LXI REIT plc		2,818,330
	2,771,271		Man Group plc		8,076,945
	255,229		Micro Focus International plc		1,205,241
	129,147		Morgan Crucible Co plc		452,913
	156,247		Ninety One plc		522,225
	72,135		Numis Corp plc		226,016
	202,397		PZ Cussons plc		519,334
	1,161,089		QinetiQ plc		4,926,055
	88,041		Rathbone Brothers		2,324,851
	143,513	g	Regional REIT Ltd		152,850
	468,919		Safestore Holdings plc		7,376,923
	158,186		Spectris plc		5,785,479
	1,395,182		Spirent Communications plc		4,034,005
	436,872		Sthree plc		2,013,938
	194,684		Tate & Lyle plc		1,892,251
	173,648	*	Team17 Group plc		949,839
	3,147,226		Tritax Big Box REIT plc		9,607,437
	49,577		Vesuvius plc		201,610
	560,456		Volex plc		1,815,745
	92,029		Warehouse REIT plc		185,618
	41,900		Watkin Jones plc		130,401
	864,198		Wickes Group plc		2,060,213
			TOTAL UNITED KINGDOM		152,846,080
UNITED STATES - 3.5%
	3,163,265		Diversified Gas & Oil plc		4,779,237
	151,395		iShares Core MSCI Emerging Markets ETF		7,910,389
	63,102	e	iShares MSCI Canada Index Fund		2,337,929
	339,653		iShares MSCI EAFE Small-Cap ETF		20,956,590
	126,205	*	MDA Ltd		868,448
	123,000		Parade Technologies Ltd		5,849,459

97

TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund

SHARES			COMPANY					VALUE
	1,021,701		Reliance Worldwide Corp Ltd					$	2,803,747
	24,558	*	Taro Pharmaceutical Industries Ltd						963,901
			TOTAL UNITED STATES						46,469,700
			TOTAL COMMON STOCKS						1,320,691,051
			(Cost $1,393,989,835)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.9%
REPURCHASE AGREEMENT - 0.0%
$	400,000	r	Fixed Income Clearing Corp (FICC)		0.230	%	05/02/22		400,000
			TOTAL REPURCHASE AGREEMENT						400,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	11,656,317	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				11,656,317
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						11,656,317
			TOTAL SHORT-TERM INVESTMENTS						12,056,317
			(Cost $12,056,317)
			TOTAL INVESTMENTS - 100.4%						1,332,747,368
			(Cost $1,406,046,152)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(4,678,521	)
			NET ASSETS - 100.0%					$	1,328,068,847
			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 $37,972,814.
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $35,297,622 or 2.7% of net assets.
		r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $400,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $408,086.

98

TIAA-CREF FUNDS – Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.5%
AUSTRALIA - 7.4%
	74,309	APA Group	$	597,082
	10,912	Aurizon Holdings Ltd		30,817
	332,706	Australia & New Zealand Banking Group Ltd		6,331,125
	8,834	Australian Stock Exchange Ltd		534,101
	143,174	BlueScope Steel Ltd		2,035,304
	40,091	Brambles Ltd		296,045
	8,415	Cochlear Ltd		1,355,382
	111,698	Coles Group Ltd		1,468,678
	147,411	Commonwealth Bank of Australia		10,714,349
	56,186	Computershare Ltd		990,563
	46,714	CSL Ltd		8,915,372
	39,866	Dexus Property Group		311,695
	9,158	Evolution Mining Ltd		25,913
	316,737	Fortescue Metals Group Ltd		4,786,868
	134,218	Goodman Group		2,233,909
	84,960	GPT Group		302,023
	17,118	IDP Education Ltd		317,563
	71,463	Insurance Australia Group Ltd		228,202
	211,351	Lend Lease Corp Ltd		1,810,508
	33,263	Macquarie Group Ltd		4,788,641
	73,317	Mineral Resources Ltd		2,979,106
	190,339	Mirvac Group		321,690
	204,381	Newcrest Mining Ltd		3,838,143
	98,399	Northern Star Resources Ltd		676,374
	2,654	Orica Ltd		30,497
	483,363	Origin Energy Ltd		2,311,997
	83,107	QBE Insurance Group Ltd		716,988
	34,083	Ramsay Health Care Ltd		1,934,116
	18,283	Reece Ltd		222,131
	72,273	Seek Ltd		1,416,217
	192,404	Stockland Trust Group		556,899
	529,828	Transurban Group		5,320,327
	186,464	Vicinity Centres		243,301
	84,968	Wesfarmers Ltd		2,940,154
	51,339	Wisetech Global Ltd		1,591,652
	102,257	Woodside Petroleum Ltd		2,224,712
	181,369	Woolworths Ltd		4,906,586
		TOTAL AUSTRALIA		80,305,030
AUSTRIA - 0.6%
	31,796	Erste Bank der Oesterreichischen Sparkassen AG.		989,992
	84,431	Mondi plc		1,586,118
	56,255	OMV AG.		2,875,623
	40,765	Voestalpine AG.		1,060,822
		TOTAL AUSTRIA		6,512,555

99

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
BELGIUM - 1.0%
	51,327		KBC Groep NV	$	3,491,871
	3,149		Solvay S.A.		296,123
	36,109		UCB S.A.		4,104,605
	83,068		Umicore S.A.		3,193,421
			TOTAL BELGIUM		11,086,020
CHILE - 0.3%
	170,105		Antofagasta plc		3,256,474
			TOTAL CHILE		3,256,474
CHINA - 1.1%
	969,517		BOC Hong Kong Holdings Ltd		3,509,516
	115,405		Prosus NV		5,565,829
	796,900		Wilmar International Ltd		2,540,271
			TOTAL CHINA		11,615,616
DENMARK - 2.7%
	20,591		Ambu A.S.		271,028
	6,894		Chr Hansen Holding A/S		537,109
	11,290		Coloplast AS		1,521,087
	26,719	*	Demant A.S.		1,174,127
	6,389	*	Genmab AS		2,246,637
	18,468		GN Store Nord		693,095
	149,303		Novo Nordisk AS		17,054,319
	24,218	g	Orsted AS		2,679,247
	8,777		Pandora AS		770,677
	84,060		Vestas Wind Systems A.S.		2,143,614
			TOTAL DENMARK		29,090,940
FINLAND - 1.1%
	9,843		Elisa Oyj (Series A)		577,010
	41,613		Kesko Oyj (B Shares)		1,047,668
	99,122		Neste Oil Oyj		4,253,209
	748,694	*	Nokia Oyj		3,795,931
	12,657		Orion Oyj (Class B)		496,439
	37,810		Stora Enso Oyj (R Shares)		744,082
	25,253		UPM-Kymmene Oyj		873,559
	50,005		Wartsila Oyj (B Shares)		401,532
			TOTAL FINLAND		12,189,430
FRANCE - 9.7%
	42,766	*	Accor S.A.		1,405,018
	14,375	g	Amundi S.A.		864,369
	252,867		AXA S.A.		6,689,601
	16,247		BioMerieux		1,546,744
	138,908		BNP Paribas S.A.		7,202,571
	87,352		Bouygues S.A.		3,003,445
	16,547		Bureau Veritas S.A.		475,341
	27,323		Cap Gemini S.A.		5,562,388
	58,138		CNP Assurances		1,277,553
	98,866		Danone		5,978,551
	24,919		Eiffage S.A.		2,460,718
	38,916		Essilor International S.A.		6,625,360

100

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	17,087	*	Eurazeo	$	1,312,950
	14,148		Fonciere Des Regions		1,007,586
	3,308		Gecina S.A.		372,640
	4,789		Hermes International		5,905,110
	9,163		Kering		4,875,379
	76,318		Klepierre		1,826,721
	18,096		Legrand S.A.		1,603,562
	26,698		L’Oreal S.A.		9,712,996
	37,321		Michelin (C.G.D.E.) (Class B)		4,622,576
	266,121		Orange S. A.		3,168,276
	52,157		Publicis Groupe S.A.		3,131,333
	2,735		SEB S.A.		328,439
	174,587		Societe Generale		4,196,031
	4,761		Teleperformance		1,708,776
	245,752		Total S.A.		12,067,152
	2,113	*	Unibail-Rodamco-Westfield		151,579
	30,833	*	Unibail-Rodamco-Westfield		2,176,036
	96,405		Valeo S.A.		1,752,750
	142,854		Vivendi Universal S.A.		1,640,760
	11,582		Wendel		1,153,963
			TOTAL FRANCE		105,806,274
GERMANY - 7.7%
	24,317		Adidas-Salomon AG.		4,903,746
	36,553		Allianz AG.		8,247,603
	104,484	*	BASF SE		5,502,438
	65,919		Bayerische Motoren Werke AG.		5,383,326
	30,794		Beiersdorf AG.		3,092,965
	9,703		Brenntag AG.		748,717
	15,141		Carl Zeiss Meditec AG.		1,901,779
	108,068	*	Daimler AG. (Registered)		7,543,273
	46,647	*	Daimler Truck Holding AG.		1,254,558
	13,541		Deutsche Boerse AG.		2,357,414
	37,149		HeidelbergCement AG.		2,140,058
	41,866		Henkel KGaA		2,656,863
	47,964		Henkel KGaA (Preference)		3,079,831
	5,582		LEG Immobilien AG.		572,325
	26,422		Merck KGaA		4,902,002
	19,253	*	MTU Aero Engines Holding AG.		3,882,667
	12,007		Muenchener Rueckver AG.		2,859,355
	8,148		Puma AG. Rudolf Dassler Sport		599,519
	106,034		SAP AG.		10,746,116
	80,902		Siemens AG.		9,947,303
	253,860		Telefonica Deutschland Holding AG.		763,491
	17,544	*,g	Zalando SE		690,291
			TOTAL GERMANY		83,775,640
HONG KONG - 2.8%
	974,400		AIA Group Ltd		9,572,269
	366,500		CLP Holdings Ltd		3,576,445
	192,081		Hang Seng Bank Ltd		3,400,883
	115,638		Hong Kong Exchanges and Clearing Ltd		4,905,245
	429,230		Link REIT		3,707,595
	623,231		MTR Corp		3,311,292
	214,968		Swire Pacific Ltd (Class A)		1,224,438
	504,600		Swire Properties Ltd		1,209,303
			TOTAL HONG KONG		30,907,470

101

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
IRELAND - 0.9%
	121,176		CRH plc	$	4,789,462
	40,515		Kerry Group plc (Class A)		4,487,837
	2,771		Smurfit Kappa Group plc		117,091
			TOTAL IRELAND		9,394,390
ISRAEL - 0.3%
	412,539		Bank Hapoalim Ltd		3,824,735
			TOTAL ISRAEL		3,824,735
ITALY - 2.2%
	53,711		Amplifon S.p.A.		2,142,793
	152,145	e	Assicurazioni Generali S.p.A.		2,880,573
	86,716		Coca-Cola HBC AG.		1,758,070
	1,047,532		Enel S.p.A.		6,811,988
	366,175		ENI S.p.A.		5,118,683
	2,713,754		Intesa Sanpaolo S.p.A.		5,529,862
			TOTAL ITALY		24,241,969
JAPAN - 21.9%
	52,900		Aeon Co Ltd		1,005,378
	71,400		Ajinomoto Co, Inc		1,855,082
	35,914	*	All Nippon Airways Co Ltd		677,002
	137,300		Asahi Kasei Corp		1,126,504
	228,100		Astellas Pharma, Inc		3,472,986
	6,400		Azbil Corp		194,317
	26,281		Central Japan Railway Co		3,308,388
	150,965		Chugai Pharmaceutical Co Ltd		4,523,688
	8,427		Dai Nippon Printing Co Ltd		176,108
	9,400		Daifuku Co Ltd		577,993
	202,000		Daiichi Sankyo Co Ltd		5,086,137
	22,575		Daikin Industries Ltd		3,449,857
	65,649		Daiwa House Industry Co Ltd		1,578,214
	79,259		Denso Corp		4,830,460
	43,732		East Japan Railway Co		2,280,482
	54,348		Eisai Co Ltd		2,366,906
	961,800		ENEOS Holdings, Inc		3,384,201
	5,900	*	Fanuc Ltd		904,046
	3,600		Fast Retailing Co Ltd		1,657,461
	56,400		Fujifilm Holdings Corp		3,100,378
	34,872		Fujitsu Ltd		5,270,874
	10,616		Hankyu Hanshin Holdings, Inc		280,173
	61,711		Hino Motors Ltd		318,552
	23,400	*	Hitachi Construction Machinery Co Ltd		529,807
	24,563	*	Hitachi Metals Ltd		383,298
	600		Hoshizaki Electric Co Ltd		38,005
	70,141		Hulic Co Ltd		592,228
	44,500		Ibiden Co Ltd		1,663,048
	196,450		Inpex Holdings, Inc		2,337,395
	78,500		JFE Holdings, Inc		959,956
	50,600		Kajima Corp		563,911
	1,600		Kansai Paint Co Ltd		22,035
	77,100		Kao Corp		3,090,050
	192,796		KDDI Corp		6,384,380

102

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	3,600		Keio Corp	$	138,069
	5,200		Keisei Electric Railway Co Ltd		127,501
	18,946		Keyence Corp		7,616,370
	45,800		Kikkoman Corp		2,574,012
	3,165		Kintetsu Corp		90,744
	104,100		Komatsu Ltd		2,342,924
	109,572		Kubota Corp		1,861,481
	40,100		Kyowa Hakko Kogyo Co Ltd		845,179
	7,400		Lawson, Inc		272,173
	12,800		LIXIL Group Corp		225,130
	7,400		MEIJI Holdings Co Ltd		368,867
	114,879		Mitsubishi Chemical Holdings Corp		700,491
	165,679		Mitsubishi Corp		5,562,758
	197,926		Mitsubishi Estate Co Ltd		2,883,103
	3,900		Mitsui Chemicals, Inc		89,107
	175,600		Mitsui Fudosan Co Ltd		3,721,620
	4,500		Miura Co Ltd		93,995
	17,600		MS&AD Insurance Group Holdings Inc		523,904
	60,500		Murata Manufacturing Co Ltd		3,606,252
	59,201		NEC Corp		2,296,754
	5,600		NGK Insulators Ltd		75,329
	13,004		Nintendo Co Ltd		5,934,905
	11,500		Nippon Express Holdings, Inc		674,254
	172,000		Nippon Paint Co Ltd		1,362,469
	233,954		Nippon Steel Corp		3,714,857
	191,300		Nippon Telegraph & Telephone Corp		5,637,485
	41,500		Nippon Yusen Kabushiki Kaisha		2,993,976
	27,313		Nissin Food Products Co Ltd		1,899,963
	27,900		Nitto Denko Corp		1,872,673
	535,200	*	Nomura Holdings, Inc		2,060,762
	21,100		Nomura Real Estate Holdings, Inc		514,117
	166		Nomura Real Estate Master Fund, Inc		208,419
	98,000		Nomura Research Institute Ltd		2,771,089
	48,485		Obayashi Corp		333,438
	17,921		Odakyu Electric Railway Co Ltd		271,379
	14,600		Omron Corp		860,729
	71,200		Ono Pharmaceutical Co Ltd		1,829,166
	21,482		Oriental Land Co Ltd		3,249,584
	111,300		ORIX Corp		2,029,996
	92,900		Osaka Gas Co Ltd		1,674,374
	20,800		Otsuka Corp		681,660
	378,606		Panasonic Corp		3,374,589
	110,829		Recruit Holdings Co Ltd		4,021,052
	288,800		Resona Holdings, Inc		1,255,826
	52,100		Santen Pharmaceutical Co Ltd		423,817
	13,601		Secom Co Ltd		956,891
	6,224		Sekisui Chemical Co Ltd		84,280
	17,563		Sekisui House Ltd		305,033
	74,200		SG Holdings Co Ltd		1,307,603
	22,400		Shimadzu Corp		732,304
	13,068		Shimizu Corp		68,524
	41,200		Shin-Etsu Chemical Co Ltd		5,662,302
	61,300		Shionogi & Co Ltd		3,409,868
	85,000		Shiseido Co Ltd		4,018,072
	371,000		Softbank Corp		4,317,647
	400		Sohgo Security Services Co Ltd		11,112

103

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	25,600		Sompo Holdings, Inc	$	1,042,176
	126,515		Sony Corp		10,918,373
	54,014		Stanley Electric Co Ltd		931,369
	49,100		Sumisho Computer Systems Corp		780,607
	427,300		Sumitomo Chemical Co Ltd		1,816,967
	77,208		Sumitomo Dainippon Pharma Co Ltd		687,738
	90,271		Sumitomo Metal Mining Co Ltd		3,958,990
	79,200		Sumitomo Mitsui Trust Holdings, Inc		2,458,170
	60,000		Suntory Beverage & Food Ltd		2,364,061
	25,200		Sysmex Corp		1,653,058
	7,200		Taisei Corp		195,034
	78,900		TDK Corp		2,437,356
	12,500		Tokyo Century Corp		385,026
	17,900		Tokyo Electron Ltd		7,552,841
	38,100		Tokyo Gas Co Ltd		729,785
	8,300		Tokyu Corp		101,499
	60,400		Toray Industries, Inc		286,253
	5,724		Toto Ltd		192,892
	944,275	*	Toyota Motor Corp		16,178,930
	71,600		Uni-Charm Corp		2,491,106
	16,600		West Japan Railway Co		616,175
	5,070		Yamaha Corp		193,709
	100,800		Yamaha Motor Co Ltd		2,081,085
	16,486		Yaskawa Electric Corp		559,789
	34,098		Yokogawa Electric Corp		543,607
	670,500		Z Holdings Corp		2,632,274
			TOTAL JAPAN		238,318,148
NETHERLANDS - 2.9%
	405,719		Aegon NV		2,103,523
	10,289		Akzo Nobel NV		892,535
	35,246	e	ASML Holding NV		20,003,461
	10,464		DSM NV		1,759,099
	65,263		Koninklijke Ahold Delhaize NV		1,924,995
	236,962		Koninklijke KPN NV		817,659
	40,340		NN Group NV		1,975,917
	15,278		Randstad Holdings NV		807,887
	13,734		Wolters Kluwer NV		1,386,897
			TOTAL NETHERLANDS		31,671,973
NEW ZEALAND - 0.6%
	41,348	*	Auckland International Airport Ltd		207,691
	72,699		Fisher & Paykel Healthcare Corp		999,038
	144,347		Mercury NZ Ltd		559,642
	176,761		Meridian Energy Ltd		536,480
	79,890		Ryman Healthcare Ltd		472,810
	48,013		Telecom Corp of New Zealand Ltd		151,850
	50,034	*	Xero Ltd		3,299,348
			TOTAL NEW ZEALAND		6,226,859
NORWAY - 1.3%
	150,766		Equinor ASA		5,095,825
	100,886		Mowi ASA		2,849,729
	465,252		Norsk Hydro ASA		3,906,963
	118,885		Orkla ASA		964,710
	77,234		Telenor ASA		1,089,267
			TOTAL NORWAY		13,906,494

104

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
PORTUGAL - 0.4%
	245,645		Energias de Portugal S.A.	$	1,144,868
	191,470		Galp Energia SGPS S.A.		2,330,504
	56,264		Jeronimo Martins SGPS S.A.		1,171,228
			TOTAL PORTUGAL		4,646,600
SAUDI ARABIA - 0.1%
	29,847	*,g	Delivery Hero AG.		1,049,210
			TOTAL SAUDI ARABIA		1,049,210
SINGAPORE - 1.4%
	604,508	*	Capitaland Investment Ltd		1,832,989
	170,968		CapitaMall Trust		286,472
	49,700		City Developments Ltd		304,716
	207,691		DBS Group Holdings Ltd		5,038,712
	135,800		Keppel Corp Ltd		669,738
	192,200		Oversea-Chinese Banking Corp		1,706,464
	357,395	*	Singapore Airlines Ltd		1,408,730
	36,200		Singapore Exchange Ltd		254,716
	673,500		Singapore Technologies Engineering Ltd		1,983,534
	814,525		Singapore Telecommunications Ltd		1,625,624
	40,800	*	UOL Group Ltd		214,385
			TOTAL SINGAPORE		15,326,080
SPAIN - 2.4%
	1,104,594		Banco Bilbao Vizcaya Argentaria S.A.		5,796,082
	1,119,133	e	CaixaBank S.A.		3,612,443
	647,418		Iberdrola S.A.		7,439,353
	83,340	e	Industria De Diseno Textil S.A.		1,747,412
	71,169	e	Naturgy Energy Group S.A.		2,140,928
	18,137		Red Electrica Corp S.A.		365,175
	315,392		Repsol YPF S.A.		4,704,979
			TOTAL SPAIN		25,806,372
SWEDEN - 3.3%
	149,078		Assa Abloy AB		3,767,519
	81,067		Atlas Copco AB (A Shares)		3,675,323
	72,140	e	Atlas Copco AB (B Shares)		2,855,140
	90,330		Boliden AB		3,916,814
	10,733		Electrolux AB		163,683
	113,510		Essity AB		2,993,370
	96,857	e	Hennes & Mauritz AB (B Shares)		1,219,340
	9,086		Husqvarna AB (B Shares)		86,854
	87,934	*	Kinnevik AB		1,721,084
	129,308	e	Sandvik AB		2,447,582
	273,750		Skandinaviska Enskilda Banken AB (Class A)		3,069,858
	19,911		Skanska AB (B Shares)		380,344
	47,299		SKF AB (B Shares)		772,519
	39,997		Svenska Cellulosa AB (B Shares)		774,054
	214,371		Svenska Handelsbanken AB		2,162,214
	38,601	e	Tele2 AB (B Shares)		511,628
	204,463		TeliaSonera AB		848,647
	262,393		Volvo AB (B Shares)		4,186,068
			TOTAL SWEDEN		35,552,041

105

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
SWITZERLAND - 10.1%
	221,656		ABB Ltd	$	6,650,110
	39,488		Adecco S.A.		1,523,837
	1,539		Barry Callebaut AG.		3,542,093
	16,853		Clariant AG.		287,736
	677		Givaudan S.A.		2,690,751
	15,046		Kuehne & Nagel International AG.		4,209,062
	10,523		Lonza Group AG.		6,204,717
	226,574		Nestle S.A.		29,249,361
	58,905		Roche Holding AG.		21,842,782
	907		SGS S.A.		2,330,555
	17,611		Sika AG.		5,379,421
	12,415		Sonova Holdings AG		4,477,173
	4,750		Swiss Life Holding		2,777,397
	3,779		Swisscom AG.		2,234,526
	437,009		UBS Group AG		7,418,941
	14,609		Vifor Pharma AG.		2,583,889
	14,962		Zurich Insurance Group AG		6,811,742
			TOTAL SWITZERLAND		110,214,093
UNITED KINGDOM - 13.4%
	262,456		3i Group plc		4,295,158
	58,891		Ashtead Group plc		3,045,090
	150,128		Associated British Foods plc		3,004,174
	135,286		AstraZeneca plc		18,052,737
	45		AstraZeneca plc (ADR)		2,988
	738,294		Aviva plc		3,961,040
	250,567		Barratt Developments plc		1,532,979
	13,058		Berkeley Group Holdings plc		662,256
	2,070,661		BP plc		9,996,724
	239,677		British Land Co plc		1,543,859
	1,662,450		BT Group plc		3,686,625
	43,285		Burberry Group plc		854,249
	208,865		CNH Industrial NV		2,958,841
	75,882	*	Coca-Cola European Partners plc (Class A)		3,790,306
	237,184		Compass Group plc		5,005,018
	23,245		Croda International plc		2,257,707
	7,785		DCC plc		589,861
	1,984,274		HSBC Holdings plc		12,399,983
	415,163	*	Informa plc		2,945,123
	50,052		InterContinental Hotels Group plc		3,195,306
	22,639		Intertek Group plc		1,410,748
	640,345		J Sainsbury plc		1,868,369
	474,396	*	JD Sports Fashion plc		781,650
	57,739		Johnson Matthey plc		1,588,301
	140,439		Kingfisher plc		442,884
	1,062,424		Legal & General Group plc		3,311,677
	43,250		London Stock Exchange Group plc		4,264,093
	395,667		National Grid plc		5,878,413
	8,732		Next plc		654,033
	85,043		Pearson plc		825,751
	35,168		Persimmon plc		915,925
	214,200		RELX plc		6,381,121
	28,103		Schroders plc		992,042

106

TIAA-CREF FUNDS – Social Choice International Equity Fund

SHARES			COMPANY	VALUE
	185,409		Scottish & Southern Energy plc	$	4,306,277
	267,976		Segro plc		4,486,482
	77,415		St. James’s Place plc		1,244,027
	580,038		Standard Chartered plc		3,965,326
	722,599		Standard Life Aberdeen plc		1,696,755
	596,818		Taylor Wimpey plc		938,649
	1,467,050		Tesco plc		4,984,035
	3,896,432		Vodafone Group plc		5,899,038
	69		Vodafone Group plc (ADR)		1,048
	66,922	*	Whitbread plc		2,336,036
	245,650		WPP plc		3,061,994
			TOTAL UNITED KINGDOM		146,014,698
UNITED STATES - 2.9%
	29,097		Ferguson plc		3,650,195
	12,321	*,e	Fiverr International Ltd		656,093
	502,559		GlaxoSmithKline plc		11,328,977
	60,419		James Hardie Industries NV		1,741,774
	56,701		Schneider Electric S.A.		8,134,842
	45,140		Swiss Re Ltd		3,701,788
	142,929		Tenaris S.A.		2,184,267
			TOTAL UNITED STATES		31,397,936
			TOTAL COMMON STOCKS		1,072,137,047
			(Cost $1,057,017,239)

PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 1.9%
REPURCHASE AGREEMENT - 1.3%
$	13,430,000	r	Fixed Income Clearing Corp (FICC)	0.230	%	05/02/22		13,430,000
			TOTAL REPURCHASE AGREEMENT					13,430,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
	6,871,652	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.310				6,871,652
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					6,871,652
			TOTAL SHORT-TERM INVESTMENTS					20,301,652
			(Cost $20,301,652)
			TOTAL INVESTMENTS - 100.4%					1,092,438,699
			(Cost $1,077,318,891)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%					(3,907,334	)
			NET ASSETS - 100.0%				$	1,088,531,365

ADR    American Depositary Receipt

REIT    Real Estate Investment Trust

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

107

TIAA-CREF FUNDS – Social Choice International Equity Fund

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $31,637,409.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $5,283,117 or 0.5% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $13,430,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $13,698,605.

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index	79	06/17/22	$	7,985,823	$	7,886,570	$	(99,253	)

108

TIAA-CREF FUNDS – Equity Index Fund

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 2.3%
	73,044	*	Adient plc	$	2,493,722
	85,722	*	American Axle & Manufacturing Holdings, Inc		567,480
	213,975	*	Aptiv plc		22,766,940
	20,855	*,e	Arcimoto, Inc		70,073
	187,250		BorgWarner, Inc		6,896,417
	78,681	*,e	Canoo, Inc		377,669
	23,967	*	Cooper-Standard Holding, Inc		110,488
	111,367		Dana Inc		1,649,345
	20,723	*	Dorman Products, Inc		2,045,775
	119,971	*,e	Fisker, Inc		1,206,908
	3,086,342		Ford Motor Co		43,702,603
	32,192	*	Fox Factory Holding Corp		2,635,881
	1,084,798	*	General Motors Co		41,124,692
	201,421		Gentex Corp		5,911,706
	26,007	*	Gentherm, Inc		1,753,392
	213,368	*	Goodyear Tire & Rubber Co		2,842,062
	119,535		Harley-Davidson, Inc		4,357,051
	18,753		LCI Industries, Inc		1,825,042
	45,981		Lear Corp		5,882,809
	115,222	*,e	Lordstown Motors Corp		251,184
	37,350	*	Modine Manufacturing Co		295,065
	12,250	*	Motorcar Parts of America, Inc		186,322
	17,563		Patrick Industries, Inc		1,093,297
	204,071	*	QuantumScape Corp		3,048,821
	118,430	*,e	Rivian Automotive, Inc		3,581,323
	16,474		Standard Motor Products, Inc		703,110
	20,436	*	Stoneridge, Inc		402,794
	53,400	*	Tenneco, Inc		916,878
	660,628	*	Tesla, Inc		575,248,437
	40,432		Thor Industries, Inc		3,095,070
	22,062	*	Visteon Corp		2,310,112
	24,358		Winnebago Industries, Inc		1,295,358
	183,399	*,e	Workhorse Group, Inc		552,031
	211,683	*	XL Fleet Corp		296,356
	13,289	*	XPEL, Inc		575,015
			TOTAL AUTOMOBILES & COMPONENTS		742,071,228
BANKS - 4.1%
	12,677		1st Source Corp		548,534
	15,176		Allegiance Bancshares, Inc		620,091
	479		Amalgamated Financial Corp		8,426
	26,709		Amerant Bancorp Inc		710,192
	4,767		American National Bankshares, Inc		165,606
	50,096		Ameris Bancorp		2,089,003
	7,200		Arrow Financial Corp		225,360
	111,844		Associated Banc-Corp		2,231,288

109

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	60,073		Atlantic Union Bankshares Corp	$	2,029,266
	46,076	*	Axos Financial, Inc		1,745,359
	52,464		Banc of California, Inc		946,451
	12,807		Bancfirst Corp		1,046,972
	4,227	e	Bank First Corp		298,849
	5,647,556		Bank of America Corp		201,504,798
	31,540		Bank of Hawaii Corp		2,344,684
	6,797		Bank of Marin Bancorp		212,474
	41,122		Bank of NT Butterfield & Son Ltd		1,317,138
	93,778		Bank OZK		3,602,951
	73,410		BankUnited		2,755,811
	27,864		Banner Corp		1,496,297
	13,280		Bar Harbor Bankshares		346,741
	45,048		Berkshire Hills Bancorp, Inc		1,114,487
	13,256		Blue Ridge Bankshares, Inc		193,140
	25,187		BOK Financial Corp		2,088,758
	16,126	*	Bridgewater Bancshares, Inc		258,338
	61,942		Brookline Bancorp, Inc		895,681
	6,258		Business First Bancshares, Inc		138,677
	26,674		Byline Bancorp, Inc		625,772
	147,992		Cadence BanCorp		3,705,720
	5,146		Cambridge Bancorp		420,480
	11,481		Camden National Corp		513,775
	197		Capital Bancorp, Inc		4,434
	4,674		Capital City Bank Group, Inc		119,701
	109,579		Capitol Federal Financial		1,055,246
	21,751		Capstar Financial Holdings, Inc		438,283
	16,499	*	Carter Bankshares, Inc		269,924
	61,319		Cathay General Bancorp		2,458,279
	17,973		CBTX, Inc		512,590
	16,564		Central Pacific Financial Corp		400,517
	1,566,666		Citigroup, Inc		75,528,968
	5,365		Citizens & Northern Corp		125,595
	381,794		Citizens Financial Group, Inc		15,042,684
	13,730		City Holding Co		1,062,427
	5,944		Civista Bancshares, Inc		123,754
	8,140		CNB Financial Corp		202,279
	7,192	*	Coastal Financial Corp		295,160
	59,238		Columbia Banking System, Inc		1,663,403
	28,774	*	Columbia Financial, Inc		545,267
	103,353		Comerica, Inc		8,464,611
	88,934		Commerce Bancshares, Inc		6,080,418
	41,516		Community Bank System, Inc		2,673,630
	14,544		Community Trust Bancorp, Inc		578,997
	34,091		ConnectOne Bancorp, Inc		949,775
	33,310	*	CrossFirst Bankshares, Inc		426,701
	45,268		Cullen/Frost Bankers, Inc		5,988,504
	22,797	*	Customers Bancorp, Inc		959,070
	109,217		CVB Financial Corp		2,514,175
	29,954		Dime Community Bancshares, Inc		941,754
	27,023		Eagle Bancorp, Inc		1,360,608
	116,334		East West Bancorp, Inc		8,294,614
	138,123		Eastern Bankshares, Inc		2,646,437
	20,558		Enact Holdings, Inc		484,758
	5,411		Enterprise Bancorp, Inc		183,703
	29,950		Enterprise Financial Services Corp		1,322,891

110

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	11,532		Equity Bancshares, Inc	$	352,072
	91,723		Essent Group Ltd		3,717,533
	12,212		Farmers National Banc Corp		187,088
	27,818		FB Financial Corp		1,071,828
	8,455		Federal Agricultural Mortgage Corp (FAMC)		866,046
	111	e	Fidelity D&D Bancorp, Inc		4,126
	536,711		Fifth Third Bancorp		20,142,764
	25,552	*	Finance Of America Cos, Inc		57,748
	9,067		Financial Institutions, Inc		252,425
	163,833		First Bancorp		2,229,767
	25,537		First Bancorp		956,616
	7,861		First Bancorp, Inc		221,287
	15,263		First Bancshares, Inc		491,316
	607		First Bank		8,656
	39,833		First Busey Corp		895,047
	9,446		First Citizens Bancshares, Inc (Class A)		6,039,583
	70,866		First Commonwealth Financial Corp		955,274
	14,507		First Community Bancshares, Inc		386,321
	76,443		First Financial Bancorp		1,563,259
	103,439		First Financial Bankshares, Inc		4,135,491
	4,468		First Financial Corp		190,426
	29,791		First Foundation, Inc		661,956
	103,649		First Hawaiian, Inc		2,447,153
	419,165		First Horizon National Corp		9,380,913
	11,154		First Internet Bancorp		429,317
	74,550		First Interstate Bancsystem, Inc		2,424,366
	48,621		First Merchants Corp		1,905,457
	12,500		First Mid-Illinois Bancshares, Inc		450,500
	12,953		First of Long Island Corp		217,351
	141,122		First Republic Bank		21,058,225
	4,042		Five Star Bancorp		100,848
	39,546		Flagstar Bancorp, Inc		1,395,974
	13,945		Flushing Financial Corp		299,817
	258,963		FNB Corp		2,983,254
	272		FS Bancorp, Inc		7,994
	129,937		Fulton Financial Corp		1,971,144
	20,011		German American Bancorp, Inc		702,386
	85,641		Glacier Bancorp, Inc		3,918,932
	7,373		Great Southern Bancorp, Inc		418,344
	5,229		Guaranty Bancshares, Inc		179,878
	65,791		Hancock Whitney Corp		3,077,045
	30,069		Hanmi Financial Corp		696,097
	40,940		HarborOne Northeast Bancorp, Inc		548,187
	7,463		HBT Financial, Inc		128,214
	35,713		Heartland Financial USA, Inc		1,563,158
	57,544		Heritage Commerce Corp		646,219
	29,249		Heritage Financial Corp		708,411
	48,488		Hilltop Holdings, Inc		1,235,959
	693		Hingham Institution for Savings		223,887
	2,987		Home Bancorp, Inc		114,492
	123,387		Home Bancshares, Inc		2,667,627
	15,661		HomeStreet, Inc		635,680
	8,504		HomeTrust Bancshares, Inc		229,863
	102,627		Hope Bancorp, Inc		1,467,566
	39,049		Horizon Bancorp		682,577
	1,127,086		Huntington Bancshares, Inc		14,821,181

111

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	36,248		Independent Bank Corp	$	2,796,896
	16,543		Independent Bank Corp		326,559
	28,509		Independent Bank Group, Inc		1,932,910
	44,385		International Bancshares Corp		1,766,079
	2,329,856		JPMorgan Chase & Co		278,091,612
	64,314		Kearny Financial Corp		762,764
	724,302		Keycorp		13,986,272
	56,398		Lakeland Bancorp, Inc		847,662
	20,428		Lakeland Financial Corp		1,487,567
	23,838		Live Oak Bancshares, Inc		1,009,063
	650		Luther Burbank Corp		8,625
	140,667		M&T Bank Corp		23,440,749
	13,130		Macatawa Bank Corp		114,887
	9,212		Mercantile Bank Corp		289,257
	14,385		Merchants Bancorp		338,335
	23,658		Meta Financial Group, Inc		1,032,672
	14,419		Metrocity Bankshares, Inc		293,859
	7,388	*	Metropolitan Bank Holding Corp		657,901
	252,629		MGIC Investment Corp		3,299,335
	234		Mid Penn Bancorp, Inc		6,044
	23,372		Midland States Bancorp, Inc		616,086
	6,127		MidWestOne Financial Group, Inc		183,075
	47,547	*	Mr Cooper Group, Inc		2,138,189
	7,598		MVB Financial Corp		304,376
	22,010		National Bank Holdings Corp		803,585
	35,972		NBT Bancorp, Inc		1,266,214
	460,533		New York Community Bancorp, Inc		4,255,325
	9,277	*	Nicolet Bankshares, Inc		754,962
	62,520	*	NMI Holdings, Inc		1,149,118
	46,460		Northfield Bancorp, Inc		608,161
	3,437		Northrim BanCorp, Inc		137,721
	104,851		Northwest Bancshares, Inc		1,329,511
	53,843		OceanFirst Financial Corp		1,008,479
	8,176	*	Ocwen Financial Corp		170,061
	39,594		OFG Bancorp		1,052,409
	223,112		Old National Bancorp		3,382,378
	15,788		Old Second Bancorp, Inc		217,401
	21,000		Origin Bancorp, Inc		791,280
	3,740		Orrstown Financial Services, Inc		88,189
	75,328		Pacific Premier Bancorp, Inc		2,362,286
	89,618		PacWest Bancorp		2,947,536
	11,966		Park National Corp		1,410,193
	10,634		PCSB Financial Corp		194,815
	10,600		Peapack Gladstone Financial Corp		328,494
	25,625		PennyMac Financial Services, Inc		1,244,350
	23,909		Peoples Bancorp, Inc		655,585
	8,413		Peoples Financial Services Corp		417,621
	58,710		Pinnacle Financial Partners, Inc		4,552,960
	398	*	Pioneer Bancorp, Inc		4,139
	335,189		PNC Financial Services Group, Inc		55,674,893
	61,128		Popular, Inc		4,767,373
	12,596		Preferred Bank		845,444
	29,544		Premier Financial Corp		784,098
	5,879		Primis Financial Corp		80,248
	69,992		Prosperity Bancshares, Inc		4,576,077
	5,101		Provident Bancorp Inc		81,208

112

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	97,682		Provident Financial Services, Inc	$	2,161,703
	14,544		QCR Holdings, Inc		789,594
	137,907		Radian Group, Inc		2,949,831
	8,732		RBB Bancorp		186,777
	4,675		Red River Bancshares Inc		253,619
	747,169		Regions Financial Corp		15,481,342
	44,579		Renasant Corp		1,328,008
	4,277		Republic Bancorp, Inc (Class A)		178,265
	30,260	*	Republic First Bancorp, Inc		126,789
	102,918		Rocket Cos, Inc		910,824
	34,231		S&T Bancorp, Inc		967,368
	35,885		Sandy Spring Bancorp, Inc		1,409,204
	40,441		Seacoast Banking Corp of Florida		1,314,332
	39,137		ServisFirst Bancshares, Inc		3,143,484
	5,427		Sierra Bancorp		118,037
	49,251		Signature Bank		11,931,055
	22,657	*	Silvergate Capital Corp		2,649,963
	101,705		Simmons First National Corp (Class A)		2,427,698
	16,613		SmartFinancial, Inc		407,351
	366		South Plains Financial Inc		8,839
	60,284		South State Corp		4,668,393
	2,839	*	Southern First Bancshares, Inc		129,742
	5,867		Southern Missouri Bancorp, Inc		247,587
	25,174		Southside Bancshares, Inc		986,569
	21,811		Stock Yards Bancorp, Inc		1,140,279
	6,059		Summit Financial Group, Inc		165,108
	44,912	*	SVB Financial Group		21,900,888
	114,400		Synovus Financial Corp		4,752,176
	40,076	*	Texas Capital Bancshares, Inc		2,058,303
	41,223		TFS Financial Corp		617,933
	38,659	*	The Bancorp, Inc		877,173
	11,508		Tompkins Financial Corp		840,084
	58,073		Towne Bank		1,601,073
	25,146		Trico Bancshares		944,232
	22,213	*	Tristate Capital Holdings, Inc		671,055
	18,271	*	Triumph Bancorp, Inc		1,268,738
	1,046,498		Truist Financial Corp		50,598,178
	20,180		TrustCo Bank Corp		628,607
	47,111		Trustmark Corp		1,313,455
	34,522		UMB Financial Corp		3,113,194
	161,963		Umpqua Holdings Corp		2,678,868
	97,981		United Bankshares, Inc		3,258,848
	80,778		United Community Banks, Inc		2,434,649
	22,856		Univest Financial Corp		575,971
	1,058,750		US Bancorp		51,412,900
	75,868	e	UWM Holdings Corp		281,470
	317,795		Valley National Bancorp		3,807,184
	35,703		Veritex Holdings, Inc		1,172,844
	24,020		Walker & Dunlop, Inc		2,876,635
	54,015		Washington Federal, Inc		1,643,676
	16,423		Washington Trust Bancorp, Inc		770,896
	20,122		Waterstone Financial, Inc		323,159
	139,403		Webster Financial Corp		6,968,756
	3,097,243		Wells Fargo & Co		135,132,712
	53,314		WesBanco, Inc		1,718,843
	8,649		West Bancorporation, Inc		216,225

113

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	21,091		Westamerica Bancorporation	$	1,242,682
	81,571		Western Alliance Bancorp		6,208,369
	43,106		Wintrust Financial Corp		3,764,016
	48,660		WSFS Financial Corp		1,949,806
	122,076		Zions Bancorporation		6,898,515
			TOTAL BANKS		1,321,321,683
CAPITAL GOODS - 5.9%
	450,804		3M Co		65,014,953
	102,676		A.O. Smith Corp		5,999,359
	35,315		Aaon, Inc		1,721,253
	24,480	*	AAR Corp		1,150,070
	27,479		Acuity Brands, Inc		4,739,578
	56,565		Advanced Drainage Systems, Inc		5,795,650
	13,104	*,e	Advent Technologies Holdings, Inc		25,553
	108,026		Aecom Technology Corp		7,622,315
	55,516	*	Aerojet Rocketdyne Holdings, Inc		2,219,530
	16,966	*	Aerovironment, Inc		1,362,709
	6,691	*,e	AerSale Corp		96,886
	48,114		AGCO Corp		6,129,724
	140,762	*,e	AgEagle Aerial Systems, Inc		113,468
	82,995		Air Lease Corp		3,343,039
	7,671		Alamo Group, Inc		969,921
	24,539		Albany International Corp (Class A)		1,919,441
	70,689		Allegion plc		8,075,511
	6,418		Allied Motion Technologies, Inc		156,214
	79,869		Allison Transmission Holdings, Inc		2,990,295
	13,325	*	Alta Equipment Group, Inc		149,906
	49,939		Altra Industrial Motion Corp		1,947,621
	23,361	*	Ameresco, Inc		1,178,329
	20,904	*	American Superconductor Corp		111,418
	13,260	*	American Woodmark Corp		621,231
	181,471		Ametek, Inc		22,912,528
	175,284	*,g	API Group Corp		3,253,271
	18,861		Apogee Enterprises, Inc		829,884
	28,552		Applied Industrial Technologies, Inc		2,989,109
	37,664		Arcosa, Inc		2,016,154
	11,927		Argan, Inc		438,675
	36,407		Armstrong World Industries, Inc		3,082,217
	94,689	*	Array Technologies, Inc		618,319
	18,121		Astec Industries, Inc		708,531
	18,079	*	Astronics Corp		175,186
	35,759	*	Atkore International Group, Inc		3,436,440
	50,530	*	Axon Enterprise, Inc		5,669,466
	86,875	*	AZEK Co, Inc		1,845,225
	18,636		AZZ, Inc		850,547
	42,265	*	Babcock & Wilcox Enterprises, Inc		317,410
	36,600		Barnes Group, Inc		1,229,028
	41,196	*	Beacon Roofing Supply, Inc		2,456,517
	9,431	*,e	Beam Global		145,615
	29,480	*,e	Blink Charging Co		563,068
	114,879	*	Bloom Energy Corp		2,132,154
	11,902	*	Blue Bird Corp		190,789
	6,753	*	BlueLinx Holdings, Inc		450,223
	423,414	*	Boeing Co		63,020,940
	30,171		Boise Cascade Co		2,280,324

114

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	152,856	*	Builders FirstSource, Inc	$	9,411,344
	73,318		BWX Technologies, Inc		3,806,671
	8,047	*,e	Byrna Technologies, Inc		47,638
	9,104		Cadre Holdings, Inc		231,060
	13,838	e	Caesarstone Sdot-Yam Ltd		136,028
	39,776		Carlisle Cos, Inc		10,316,303
	677,586		Carrier Global Corp		25,931,216
	427,519		Caterpillar, Inc		90,009,850
	179,557	*,e	ChargePoint Holdings, Inc		2,323,468
	28,211	*	Chart Industries, Inc		4,762,581
	21,040	*	CIRCOR International, Inc		413,436
	20,834		Columbus McKinnon Corp		738,565
	29,839		Comfort Systems USA, Inc		2,519,008
	24,290	*	Commercial Vehicle Group, Inc		174,402
	917	*	Concrete Pumping Holdings Inc		5,117
	29,596	*	Construction Partners Inc		763,873
	56,775	*	Core & Main, Inc		1,348,974
	44,028	*	Cornerstone Building Brands, Inc		1,073,843
	39,328		Crane Co		3,784,533
	12,276		CSW Industrials, Inc		1,295,241
	112,611		Cummins, Inc		21,304,875
	30,809		Curtiss-Wright Corp		4,402,914
	57,706	*,e	Custom Truck One Source, Inc		379,128
	220,362		Deere & Co		83,197,673
	196,271	*,e	Desktop Metal, Inc		688,911
	98,033		Donaldson Co, Inc		4,807,538
	17,667		Douglas Dynamics, Inc		546,970
	112,790		Dover Corp		15,034,907
	7,712	*	Ducommun, Inc		393,852
	13,025	*	DXP Enterprises, Inc		307,781
	22,700	*	Dycom Industries, Inc		1,927,457
	315,157		Eaton Corp		45,704,068
	40,967		EMCOR Group, Inc		4,362,166
	473,849		Emerson Electric Co		42,731,703
	16,665		Encore Wire Corp		1,879,979
	32,188	*	Energy Recovery, Inc		596,122
	57,294		Enerpac Tool Group Corp		1,150,464
	34,599		EnerSys		2,264,851
	35,865	*	Enovis Corp		2,326,563
	16,945		EnPro Industries, Inc		1,579,443
	31,985	*,e	Eos Energy Enterprises, Inc		67,808
	35,865	*	Esab Corp		1,685,655
	19,986		ESCO Technologies, Inc		1,248,126
	2,079	*,e	EVI Industries, Inc		29,709
	91,845	*	Evoqua Water Technologies Corp		3,829,018
	452,247		Fastenal Co		25,013,782
	47,719		Federal Signal Corp		1,623,878
	101,738		Flowserve Corp		3,327,850
	25,385	*	Fluence Energy, Inc		232,780
	107,431	*	Fluor Corp		2,658,917
	256,298		Fortive Corp		14,737,135
	107,925		Fortune Brands Home & Security, Inc		7,689,656
	34,277		Franklin Electric Co, Inc		2,397,333
	61,150	*,e	FTC Solar, Inc		171,220
	277,451	*,e	FuelCell Energy, Inc		1,132,000
	72,324	*	Gates Industrial Corp plc		922,131

115

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	27,685		GATX Corp	$	2,862,352
	48,666	*	Generac Holdings, Inc		10,676,347
	196,409		General Dynamics Corp		46,456,621
	862,426		General Electric Co		64,293,858
	27,344	*	Gibraltar Industries, Inc		1,034,697
	11,337		Global Industrial Co		349,860
	31,553	*	GMS, Inc		1,512,966
	19,536		Gorman-Rupp Co		622,417
	132,462		Graco, Inc		8,215,293
	154,211		GrafTech International Ltd		1,400,236
	40,702		Granite Construction, Inc		1,206,814
	63,016	*	Great Lakes Dredge & Dock Corp		870,251
	25,927		Greenbrier Cos, Inc		1,107,342
	42,215		Griffon Corp		789,843
	22,964		H&E Equipment Services, Inc		814,763
	34,589		HEICO Corp		4,885,004
	69,662		HEICO Corp (Class A)		8,125,376
	24,756		Helios Technologies, Inc		1,663,108
	19,232		Herc Holdings, Inc		2,458,234
	64,289		Hexcel Corp		3,494,750
	55,966		Hillenbrand, Inc		2,284,532
	547,155		Honeywell International, Inc		105,879,964
	303,383		Howmet Aerospace, Inc		10,351,428
	42,592		Hubbell, Inc		8,320,773
	32,483		Huntington Ingalls		6,910,433
	39,661	*,e	Hydrofarm Holdings Group, Inc		378,763
	88,714	*,e	Hyliion Holdings Corp		284,772
	7,398		Hyster-Yale Materials Handling, Inc		227,267
	361,926	*,e	Ideanomics Inc		260,297
	58,798		IDEX Corp		11,161,036
	9,052	*	IES Holdings, Inc		265,224
	248,157		Illinois Tool Works, Inc		48,914,226
	39,116	*	Infrastructure and Energy Alternatives, Inc		365,735
	317,713		Ingersoll Rand, Inc		13,966,663
	54,670	*,e	INNOVATE Corp		165,650
	16,162		Insteel Industries, Inc		685,592
	68,836		ITT, Inc		4,833,664
	69,752	*	JELD-WEN Holding, Inc		1,450,144
	23,637		John Bean Technologies Corp		2,786,566
	552,592		Johnson Controls International plc		33,083,683
	9,592		Kadant, Inc		1,774,520
	23,713		Kaman Corp		925,044
	65,544		Kennametal, Inc		1,686,447
	92,618	*	Kratos Defense & Security Solutions, Inc		1,405,015
	155,023		L3Harris Technologies, Inc		36,005,642
	2,093	*	Lawson Products, Inc		79,513
	26,217		Lennox International, Inc		5,589,202
	44,533		Lincoln Electric Holdings, Inc		5,999,931
	8,690		Lindsay Corp		1,174,454
	191,714		Lockheed Martin Corp		82,843,454
	31,560		Luxfer Holdings plc		509,378
	26,764	*	Manitowoc Co, Inc		354,355
	189,513		Masco Corp		9,985,440
	17,983	*	Masonite International Corp		1,394,042
	43,473	*	Mastec, Inc		3,130,491
	14,899	*	Matrix Service Co		101,313

116

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	58,986		Maxar Technologies, Inc	$	1,899,939
	214	*	Mayville Engineering Co Inc		1,772
	18,531		McGrath RentCorp		1,546,597
	153,851		MDU Resources Group, Inc		3,963,202
	42,663	*	Mercury Systems, Inc		2,380,169
	55,725	*	Meritor, Inc		2,001,085
	44,005	*	Middleby Corp		6,771,929
	12,956		Miller Industries, Inc		347,350
	21,755		Moog, Inc (Class A)		1,737,572
	77,007	*	MRC Global, Inc		923,314
	34,930		MSC Industrial Direct Co (Class A)		2,894,300
	47,311		Mueller Industries, Inc		2,561,891
	127,783		Mueller Water Products, Inc (Class A)		1,537,229
	12,614	*	MYR Group, Inc		997,641
	3,880		National Presto Industries, Inc		275,984
	176,578	*,e	Nikola Corp		1,267,830
	50,241	*	NN, Inc		152,230
	46,105		Nordson Corp		9,944,387
	116,594		Northrop Grumman Corp		51,231,404
	5,310	*	Northwest Pipe Co		141,830
	82,939	*	NOW, Inc		904,035
	11,407	*	NV5 Global Inc		1,366,559
	132,908		nVent Electric plc		4,489,632
	2,460		Omega Flex, Inc		273,060
	52,982		Oshkosh Corp		4,897,656
	335,222		Otis Worldwide Corp		24,417,570
	80,311		Owens Corning, Inc		7,302,679
	270,810		PACCAR, Inc		22,490,771
	17,936		Park Aerospace Corp		209,851
	101,503		Parker-Hannifin Corp		27,489,042
	5,098		Park-Ohio Holdings Corp		48,890
	20,227	*	Parsons Corp		746,983
	127,693		Pentair plc		6,480,420
	44,109	*	PGT Innovations, Inc		783,817
	443,859	*,e	Plug Power, Inc		9,329,916
	6,448		Powell Industries, Inc		124,446
	1,196		Preformed Line Products Co		71,162
	39,620		Primoris Services Corp		918,392
	21,351	*	Proto Labs, Inc		909,766
	25,421		Quanex Building Products Corp		488,592
	111,854		Quanta Services, Inc		12,972,827
	1,184,509		Raytheon Technologies Corp		112,421,749
	21,496	*	RBC Bearings, Inc		3,618,852
	52,282		Regal-Beloit Corp		6,652,362
	109,515	*	Resideo Technologies, Inc		2,462,992
	36,153		REV Group, Inc		430,944
	92,036		Rockwell Automation, Inc		23,254,736
	202,404	*,e	Romeo Power, Inc		222,644
	83,431		Roper Technologies Inc		39,205,896
	30,831		Rush Enterprises, Inc (Class A)		1,568,681
	4,548		Rush Enterprises, Inc (Class B)		220,351
	119,164	*	Sensata Technologies Holding plc		5,411,237
	77,456	*	Shoals Technologies Group, Inc		773,011
	25,668		Shyft Group, Inc		653,764
	33,680		Simpson Manufacturing Co, Inc		3,491,606
	34,213	*	SiteOne Landscape Supply, Inc		4,825,059

117

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	41,809		Snap-On, Inc	$	8,883,994
	82,554		Spirit Aerosystems Holdings, Inc (Class A)		3,470,570
	34,159	*	SPX Corp		1,431,262
	8,739		Standex International Corp		821,816
	127,248		Stanley Black & Decker, Inc		15,288,847
	87,734	*,e	Stem, Inc		629,053
	20,407	*	Sterling Construction Co, Inc		467,116
	157,519	*	Sunrun, Inc		3,147,230
	14,704		Tennant Co		949,584
	50,935		Terex Corp		1,731,790
	40,242		Textainer Group Holdings Ltd		1,349,717
	173,636		Textron, Inc		12,024,293
	23,343	*	Thermon Group Holdings		350,145
	50,017		Timken Co		2,882,980
	37,680	*	Titan International, Inc		522,245
	14,352	*	Titan Machinery, Inc		338,420
	83,560		Toro Co		6,695,663
	45,085	*	TPI Composites, Inc		515,772
	185,913		Trane Technologies plc		26,007,370
	5,325	*	Transcat Inc		388,725
	41,614	*	TransDigm Group, Inc		24,752,423
	90,020	*	Trex Co, Inc		5,238,264
	69,451		Trinity Industries, Inc		1,926,571
	51,326		Triton International Ltd		3,135,505
	48,910	*	Triumph Group, Inc		1,102,431
	51,028	*	Tutor Perini Corp		473,030
	45,964		UFP Industries, Inc		3,556,235
	57,504	*	United Rentals, Inc		18,201,166
	129,291	*	Univar Solutions Inc		3,764,954
	16,934		Valmont Industries, Inc		4,213,349
	11,878	*	Vectrus, Inc		428,796
	11,760	*	Veritiv Corp		1,652,750
	249,794		Vertiv Holdings Co		3,129,919
	16,098	*	Vicor Corp		974,251
	119,575	*,e	View, Inc		184,146
	167,797	*,e	Virgin Galactic Holdings, Inc		1,256,800
	36,137		W.W. Grainger, Inc		18,069,584
	40,766		Wabash National Corp		583,361
	25,352		Watsco, Inc		6,763,407
	21,033		Watts Water Technologies, Inc (Class A)		2,680,866
	144,409	*	Welbilt, Inc		3,410,941
	34,309	*	WESCO International, Inc		4,228,927
	143,684		Westinghouse Air Brake Technologies Corp		12,918,628
	2,289	*	Willis Lease Finance Corp		71,188
	163,190	*	WillScot Mobile Mini Holdings Corp		5,727,969
	48,289		Woodward Inc		5,334,969
	139,010		Xylem, Inc		11,190,305
	92,718		Zurn Water Solutions Corp		2,894,656
			TOTAL CAPITAL GOODS		1,935,157,481
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	52,190		ABM Industries, Inc		2,519,211
	34,633	*	Acacia Research (Acacia Technologies)		162,429
	94,105		ACCO Brands Corp		689,790
	124,350		ADT, Inc		851,797
	14,321		Aris Water Solution, Inc		242,598

118

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	40,816	*	ASGN Inc	$	4,630,575
	10,334	*	Atlas Technical Consultants, Inc		125,041
	5,507		Barrett Business Services, Inc		396,339
	103,464		Booz Allen Hamilton Holding Co		8,445,766
	38,542		Brady Corp (Class A)		1,724,754
	35,982	*	BrightView Holdings, Inc		455,532
	36,672		Brink’s Co		2,161,814
	17,696	*	CACI International, Inc (Class A)		4,694,749
	36,142	*	Casella Waste Systems, Inc (Class A)		2,972,318
	36,685	*	CBIZ, Inc		1,536,735
	16,964	*	Ceco Environmental Corp		80,579
	14,083	*	Cimpress plc		711,332
	71,413		Cintas Corp		28,369,528
	367,279	*	Clarivate Analytics plc		5,758,935
	38,125	*	Clean Harbors, Inc		4,000,456
	166,084	*	Copart, Inc		18,875,447
	104,364	*	CoreCivic, Inc		1,297,245
	310,881	*	CoStar Group, Inc		19,778,249
	4,636		CRA International, Inc		381,867
	32,030		Deluxe Corp		867,372
	41,168	*	Driven Brands Holdings, Inc		1,148,176
	124,613	*	Dun & Bradstreet Holdings, Inc		1,967,639
	17,354		Ennis, Inc		299,356
	96,285		Equifax, Inc		19,595,923
	39,872		Exponent, Inc		3,820,136
	47,573	*	First Advantage Corp		825,867
	8,467	*	Forrester Research, Inc		471,527
	9,450	*	Franklin Covey Co		378,662
	26,081	*	FTI Consulting, Inc		4,113,235
	100,798	*	Geo Group, Inc		658,211
	63,399	*	Harsco Corp		647,938
	58,399		Healthcare Services Group		998,039
	15,494		Heidrick & Struggles International, Inc		495,188
	8,521	*	Heritage-Crystal Clean, Inc		232,623
	57,994		Herman Miller, Inc		1,840,150
	15,884	*	HireRight Holdings Corp		274,634
	37,487		HNI Corp		1,336,037
	18,175	*	Huron Consulting Group, Inc		941,102
	104,539	*	IAA, Inc		3,831,354
	14,707		ICF International, Inc		1,453,199
	27,928		Insperity, Inc		2,961,764
	41,965		Interface, Inc		532,536
	101,952		Jacobs Engineering Group, Inc		14,125,450
	103,138	*	KAR Auction Services, Inc		1,512,003
	111,182		KBR, Inc		5,473,490
	26,308		Kelly Services, Inc (Class A)		507,481
	15,300		Kforce, Inc		1,071,765
	27,589		Kimball International, Inc (Class B)		211,884
	40,417		Korn/Ferry International		2,483,220
	85,584	*,e	Legalzoom.com, Inc		1,228,130
	109,728		Leidos Holdings, Inc		11,357,945
	41,289		Manpower, Inc		3,724,268
	21,378		Mantech International Corp (Class A)		1,717,509
	24,504		Matthews International Corp (Class A)		730,464
	15,831	*	Mistras Group, Inc		90,078
	20,072	*	Montrose Environmental Group, Inc		910,667

119

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	30,579		MSA Safety, Inc	$	3,690,580
	279,438		Nielsen NV		7,491,733
	8,365		NL Industries, Inc		57,551
	136,262		Pitney Bowes, Inc		718,101
	165,570		Republic Services, Inc		22,231,084
	32,640		Resources Connection, Inc		561,082
	85,548		Robert Half International, Inc		8,410,224
	185,543		Rollins, Inc		6,223,112
	45,185		Science Applications International Corp		3,760,748
	18,282	*	SP Plus Corp		521,037
	75,038		Steelcase, Inc (Class A)		880,196
	70,641	*	Stericycle, Inc		3,545,472
	12,041	*,e	Sterling Check Corp		312,825
	42,803		Tetra Tech, Inc		5,961,602
	151,396		TransUnion		13,250,178
	32,233	*	TriNet Group, Inc		2,859,067
	28,337	*	TrueBlue, Inc		724,577
	11,580		Unifirst Corp		1,995,234
	89,145	*	Upwork, Inc		1,869,371
	24,475	*	US Ecology, Inc		1,174,555
	125,871		Verisk Analytics, Inc		25,683,978
	14,763	*	Viad Corp		483,488
	7,784		VSE Corp		337,125
	335,328		Waste Management, Inc		55,141,336
	8,181	*	Willdan Group, Inc		219,905
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		373,802,269
CONSUMER DURABLES & APPAREL - 1.2%
	30,455		Acushnet Holdings Corp		1,240,737
	10,079	*	American Outdoor Brands, Inc		126,995
	49,843	*,e	AMMO, Inc		201,864
	6,074		Bassett Furniture Industries, Inc		100,585
	38,651	*	Beazer Homes USA, Inc		582,857
	59,723		Brunswick Corp		4,515,656
	87,520	*	Callaway Golf Co		1,920,189
	116,854	*	Capri Holdings Ltd		5,573,936
	32,879		Carter’s, Inc		2,769,727
	7,789	*	Cavco Industries, Inc		1,840,151
	22,201		Century Communities, Inc		1,170,437
	18,432		Clarus Corp		411,955
	31,928		Columbia Sportswear Co		2,623,204
	45,741	*	Crocs, Inc		3,038,575
	21,271	*	Deckers Outdoor Corp		5,652,768
	255,004		DR Horton, Inc		17,745,728
	3,923		Escalade, Inc		51,587
	18,468		Ethan Allen Interiors, Inc		438,430
	5,192		Flexsteel Industries, Inc		112,614
	39,827	*	Fossil Group, Inc		393,491
	119,406		Garmin Ltd		13,103,614
	213,483	*,e	Genius Brands International, Inc		151,573
	34,007	*	G-III Apparel Group Ltd		900,505
	98,454	*	GoPro, Inc		878,210
	22,959	*	Green Brick Partners, Inc		452,292
	7,328	e	Hamilton Beach Brands Holding Co		68,590
	269,154		Hanesbrands, Inc		3,568,982
	99,473		Hasbro, Inc		8,759,592

120

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	37,877	*,e	Hayward Holdings, Inc	$	602,244
	18,508	*	Helen of Troy Ltd		3,970,151
	6,882		Hooker Furniture Corp		116,031
	5,577	*	Hovnanian Enterprises, Inc		256,654
	18,104		Installed Building Products, Inc		1,456,829
	21,578	*	iRobot Corp		1,092,926
	4,650		Johnson Outdoors, Inc		355,632
	60,599		KB Home		1,965,226
	39,908		Kontoor Brands, Inc		1,585,545
	29,783	*	Latham Group, Inc		357,396
	34,974		La-Z-Boy, Inc		919,117
	171	*	Legacy Housing Corp		2,996
	103,147		Leggett & Platt, Inc		3,675,128
	205,013		Lennar Corp (Class A)		15,681,444
	14,807		Lennar Corp (Class B)		965,416
	17,151	*	LGI Homes, Inc		1,607,220
	4,217		Lifetime Brands, Inc		53,219
	9,027	*	Lovesac Co		395,744
	90,582	*	Lululemon Athletica, Inc		32,123,095
	21,271	*	M/I Homes, Inc		941,880
	16,019	*	Malibu Boats, Inc		805,596
	7,010		Marine Products Corp		82,297
	14,223	*	MasterCraft Boat Holdings, Inc		342,348
	276,916	*	Mattel, Inc		6,731,828
	47,173		MDC Holdings, Inc		1,741,155
	28,148	*	Meritage Homes Corp		2,323,617
	43,705	*	Mohawk Industries, Inc		6,165,027
	11,843		Movado Group, Inc		425,993
	23,664	*	Nautilus, Inc		71,229
	301,601		Newell Brands Inc		6,982,063
	988,577		Nike, Inc (Class B)		123,275,552
	2,456	*	NVR, Inc		10,747,972
	12,110		Oxford Industries, Inc		1,085,056
	235,596	*	Peloton Interactive, Inc		4,137,066
	29,917	*,e	PLBY Group, Inc		264,466
	43,835		Polaris Inc		4,161,695
	204,800		Pulte Homes, Inc		8,552,448
	37,888	*,e	Purple Innovation, Inc		156,099
	55,322		PVH Corp		4,026,335
	37,049		Ralph Lauren Corp		3,865,693
	5,184		Rocky Brands, Inc		199,636
	102,295	*	Skechers U.S.A., Inc (Class A)		3,917,898
	40,498	*	Skyline Champion Corp		2,067,018
	40,917		Smith & Wesson Brands, Inc		561,790
	10,684	*,e	Snap One Holdings Corp		127,674
	101,207	*,e	Sonos, Inc		2,309,544
	61,788		Steven Madden Ltd		2,537,015
	13,251		Sturm Ruger & Co, Inc		903,056
	12,297		Superior Uniform Group, Inc		195,522
	210,894		Tapestry, Inc		6,942,630
	91,366	*	Taylor Morrison Home Corp		2,392,876
	138,066		Tempur Sealy International, Inc		3,742,969
	87,165		Toll Brothers, Inc		4,041,841
	25,656	*	TopBuild Corp		4,647,328
	17,016	*,e	Traeger, Inc		101,926
	90,288	*	TRI Pointe Homes, Inc		1,866,253

121

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	37,338	*	Tupperware Brands Corp	$	656,402
	147,040	*	Under Armour, Inc (Class A)		2,258,534
	158,135	*	Under Armour, Inc (Class C)		2,243,936
	14,350	*	Unifi, Inc		210,514
	11,195	*	Universal Electronics, Inc		330,253
	25,970	*	Vera Bradley, Inc		159,716
	252,112		VF Corp		13,109,824
	48,197	*	Vista Outdoor, Inc		1,697,980
	20,638	*	VOXX International Corp (Class A)		156,230
	44,357	*,e	Vuzix Corp		229,326
	12,871	e	Weber, Inc		113,007
	45,873		Whirlpool Corp		8,326,867
	62,932		Wolverine World Wide, Inc		1,247,312
	66,346	*	YETI Holdings, Inc		3,242,329
			TOTAL CONSUMER DURABLES & APPAREL		402,999,478
CONSUMER SERVICES - 2.2%
	53,962	*	2U, Inc		538,541
	44,163	*	Accel Entertainment, Inc		522,448
	40,945	*	Adtalem Global Education, Inc		1,200,098
	14,657	*	American Public Education, Inc		284,932
	176,604		ARAMARK Holdings Corp		6,401,895
	24,631	*,e	Bally’s Corp		734,989
	613	*	Biglari Holdings, Inc (B Shares)		83,607
	16,786	*	BJ’s Restaurants, Inc		466,483
	65,891		Bloomin’ Brands, Inc		1,448,943
	8,447		Bluegreen Vacations Holding Corp		222,156
	32,843	*	Booking Holdings, Inc		72,593,211
	63,869		Boyd Gaming Corp		3,869,184
	47,078	*	Bright Horizons Family Solutions		5,378,191
	34,204	*	Brinker International, Inc		1,242,631
	158,967	*	Caesars Entertainment, Inc		10,536,333
	682,651	*	Carnival Corp		11,809,862
	14,388		Carriage Services, Inc		617,101
	35,074		Carrols Restaurant Group, Inc		56,118
	20,956	*	Century Casinos, Inc		219,409
	32,657	*	Cheesecake Factory		1,205,370
	111,136	*	Chegg, Inc		2,749,505
	22,229	*	Chipotle Mexican Grill, Inc (Class A)		32,356,755
	28,165		Choice Hotels International, Inc		3,956,056
	29,473		Churchill Downs, Inc		5,981,251
	15,044	*	Chuy’s Holdings, Inc		376,250
	56,166	*	Coursera, Inc		1,056,482
	17,634		Cracker Barrel Old Country Store, Inc		1,957,198
	101,256		Darden Restaurants, Inc		13,338,453
	31,883	*	Dave & Buster’s Entertainment, Inc		1,450,676
	51,535	*	Denny’s Corp		660,679
	13,988		Dine Brands Global Inc.		1,002,800
	28,217		Domino’s Pizza, Inc		9,537,346
	239,587	*,e	DraftKings, Inc		3,277,550
	218,943	*,e	Drive Shack, Inc		269,300
	12,624	*	El Pollo Loco Holdings, Inc		134,446
	8,166	*,e	Esports Technologies, Inc		29,806
	9,928		European Wax Center, Inc		272,524
	65,861	*	Everi Holdings, Inc		1,143,347
	115,200	*	Expedia Group, Inc		20,131,200

122

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	32,101	*	F45 Training Holdings, Inc	$	282,168
	13,910	*	Fiesta Restaurant Group, Inc		94,588
	7,507	*	First Watch Restaurant Group, Inc		97,591
	65,408	*	frontdoor, Inc		2,021,761
	24,732	*	Full House Resorts, Inc		223,825
	30,220	*,e	GAN Ltd		112,721
	13,054	*	Golden Entertainment, Inc		626,070
	24,465	*	Golden Nugget Online Gaming, Inc		122,570
	2,907		Graham Holdings Co		1,722,019
	34,604	*	Grand Canyon Education, Inc		3,320,946
	136,267		H&R Block, Inc		3,552,481
	34,888	*,e	Hall of Fame Resort & Entertainment Co		28,866
	68,714	*	Hilton Grand Vacations, Inc		3,217,877
	217,776	*	Hilton Worldwide Holdings, Inc		33,818,435
	38,154	*	Hyatt Hotels Corp		3,623,104
	77,137		International Game Technology plc		1,683,901
	17,850		Jack in the Box, Inc		1,477,266
	64,501		Krispy Kreme, Inc		856,573
	4,617	*	Kura Sushi USA, Inc		231,681
	260,520	*	Las Vegas Sands Corp		9,230,224
	73,350		Laureate Education, Inc		831,055
	28,594	*,e	Life Time Group Holdings, Inc		408,894
	19,909	*	Lindblad Expeditions Holdings, Inc		304,807
	215,980	*	Marriott International, Inc (Class A)		38,340,770
	32,099		Marriott Vacations Worldwide Corp		4,793,344
	594,700		McDonald’s Corp		148,175,452
	303,753		MGM Resorts International		12,466,023
	58,624	*	Mister Car Wash, Inc		844,186
	9,918	*	Monarch Casino & Resort, Inc		695,748
	1,621		Nathan’s Famous, Inc		76,787
	4,184	*	NEOGAMES S.A.		54,685
	30,778	*	Noodles & Co		171,433
	287,566	*,e	Norwegian Cruise Line Holdings Ltd		5,759,947
	14,188	*	ONE Group Hospitality, Inc		132,090
	40,465	*	OneSpaWorld Holdings Ltd		406,269
	25,431		Papa John’s International, Inc		2,315,492
	128,295	*	Penn National Gaming, Inc		4,691,748
	53,516	*	Perdoceo Education Corp		598,309
	64,736	*	Planet Fitness, Inc		5,180,822
	21,263	*	PlayAGS, Inc		140,336
	17,418	*,e	Portillo’s, Inc		362,817
	41,267	*	PowerSchool Holdings, Inc		624,782
	6,723		RCI Hospitality Holdings, Inc		416,557
	11,986	*	Red Robin Gourmet Burgers, Inc		158,095
	44,870		Red Rock Resorts, Inc		1,972,485
	173,956	*	Royal Caribbean Cruises Ltd		13,521,600
	39,579	*	Rush Street Interactive, Inc		251,327
	33,773		Ruth’s Hospitality Group Inc		708,220
	74,392	*	Scientific Games Corp (Class A)		4,170,415
	39,441	*	SeaWorld Entertainment, Inc		2,659,901
	127,983		Service Corp International		8,396,965
	28,420	*	Shake Shack, Inc		1,643,529
	59,980	*	Six Flags Entertainment Corp		2,295,435
	909,226		Starbucks Corp		67,864,629
	38,315	*,e	StoneMor, Inc		90,806
	18,420		Strategic Education, Inc		1,189,932

123

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	31,895	*	Stride, Inc	$	1,253,473
	9,777	*,e	Sweetgreen, Inc		263,979
	24,593	*	Target Hospitality Corp		153,952
	92,748	*	Terminix Global Holdings, Inc		4,256,206
	55,054		Texas Roadhouse, Inc (Class A)		4,532,596
	65,334		Travel & Leisure Co		3,624,730
	9,689	*	Udemy, Inc		105,707
	31,051		Vail Resorts, Inc		7,891,922
	96,685	*	Vivint Smart Home, Inc		506,629
	143,392		Wendy’s		2,833,426
	23,002		Wingstop, Inc		2,110,663
	40,606	*	WW International Inc		397,533
	70,675		Wyndham Hotels & Resorts, Inc		6,216,573
	82,178	*	Wynn Resorts Ltd		5,791,905
	6,851	*	Xponential Fitness, Inc		141,953
	339,743		Yum China Holdings, Inc		14,201,257
	231,731		Yum! Brands, Inc		27,114,844
			TOTAL CONSUMER SERVICES		699,570,833
DIVERSIFIED FINANCIALS - 5.2%
	8,517		AFC Gamma, Inc		136,357
	31,621		Affiliated Managers Group, Inc		3,970,649
	405,643		AGNC Investment Corp		4,453,960
	11,648		Alerus Financial Corp		297,606
	269,366		Ally Financial, Inc		10,763,865
	6,316		A-Mark Precious Metals, Inc		497,701
	487,992		American Express Co		85,257,082
	89,292		Ameriprise Financial, Inc		23,706,133
	1,085,288		Annaly Capital Management, Inc		6,967,549
	106,416		Apollo Commercial Real Estate Finance, Inc		1,281,249
	290,502		Apollo Global Management, Inc		14,455,380
	110,220		Arbor Realty Trust, Inc		1,884,762
	27,305		Ares Commercial Real Estate Corp		411,486
	111,698		Ares Management Corp		7,396,642
	60,138		ARMOUR Residential REIT, Inc		441,413
	44,051		Artisan Partners Asset Management, Inc		1,415,799
	17,886	*	Assetmark Financial Holdings, Inc		343,948
	2,527		Associated Capital Group, Inc		100,069
	3,923	*	Atlanticus Holdings Corp		168,846
	14,956		B. Riley Financial, Inc		675,413
	26,431		Banco Latinoamericano de Exportaciones S.A. (Class E)		382,985
	581,343		Bank of New York Mellon Corp		24,451,287
	1,455,652	*	Berkshire Hathaway, Inc (Class B)		469,928,135
	250,087		BGC Partners, Inc (Class A)		907,816
	113,289		BlackRock, Inc		70,769,373
	120,837		Blackstone Mortgage Trust, Inc		3,629,943
	555,451		Blackstone, Inc		56,417,158
	40,435	*	Blucora, Inc		818,809
	34,377		Brightsphere Investment Group, Inc		688,915
	63,577		BrightSpire Capital, Inc		540,404
	101,143		Broadmark Realty Capital, Inc		789,927
	67,189	*	Cannae Holdings, Inc		1,505,034
	323,802		Capital One Financial Corp		40,352,205
	129,399		Carlyle Group, Inc		4,695,890
	83,550		CBOE Global Markets, Inc		9,439,479
	1,191,677		Charles Schwab Corp		79,043,935

124

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	174,201		Chimera Investment Corp	$	1,745,494
	288,247		CME Group, Inc		63,224,097
	23,385		Cohen & Steers, Inc		1,816,781
	21,902		Cowen Group, Inc		500,461
	6,480	*,e	Credit Acceptance Corp		3,321,000
	18,727		Curo Group Holdings Corp		219,855
	2,708		Diamond Hill Investment Group, Inc		455,946
	227,717		Discover Financial Services		25,609,054
	22,077	*	Donnelley Financial Solutions, Inc		646,194
	20,144		Dynex Capital, Inc		326,937
	40,420		Ellington Financial Inc		654,400
	20,636	*	Encore Capital Group, Inc		1,192,967
	29,509	*	Enova International, Inc		1,103,637
	279,280		Equitable Holdings, Inc		8,051,642
	29,317		Evercore Inc		3,100,273
	29,783	*	Ezcorp, Inc (Class A)		208,481
	30,276		Factset Research Systems, Inc		12,216,063
	77,672		Federated Investors, Inc (Class B)		2,212,099
	30,284		FirstCash Holdings, Inc		2,416,058
	50,027	*	Focus Financial Partners, Inc		1,973,565
	42,721		Franklin BSP Realty Trust, Inc		566,480
	226,722		Franklin Resources, Inc		5,575,094
	2,457		GAMCO Investors, Inc (Class A)		49,066
	24,464	e	GCM Grosvenor, Inc		201,828
	259,690		Goldman Sachs Group, Inc		79,332,698
	42,206		Granite Point Mortgage Trust, Inc		410,664
	17,463		Great Ajax Corp		162,581
	40,633	*	Green Dot Corp		1,075,962
	22,814		Greenhill & Co, Inc		276,278
	25,919		Hamilton Lane, Inc		1,777,525
	58,141		Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,325,059
	39,448		Houlihan Lokey, Inc		3,285,624
	61,127		Interactive Brokers Group, Inc (Class A)		3,640,724
	440,687		Intercontinental Exchange Group, Inc		51,035,961
	258,867		Invesco Ltd		4,757,975
	301,697		Invesco Mortgage Capital, Inc		524,953
	131,064		Janus Henderson Group plc		3,994,831
	169,782		Jefferies Financial Group, Inc		5,222,494
	440,994		KKR & Co, Inc		22,477,464
	25,564		KKR Real Estate Finance Trust, Inc		485,716
	92,781		Ladder Capital Corp		1,056,776
	77,741		Lazard Ltd (Class A)		2,547,573
	94,224	*	LendingClub Corp		1,436,916
	9,236	*	LendingTree, Inc		733,523
	64,118		LPL Financial Holdings, Inc		12,045,849
	29,689		MarketAxess Holdings, Inc		7,826,317
	82,388		MFA Financial, Inc		1,174,029
	46,337		Moelis & Co		2,050,876
	129,006		Moody’s Corp		40,827,819
	1,057,612		Morgan Stanley		85,232,951
	18,854		Morningstar, Inc		4,774,398
	62,907		MSCI, Inc (Class A)		26,499,574
	91,343		Nasdaq Inc		14,374,648
	121,730		Navient Corp		1,934,290
	23,191		Nelnet, Inc (Class A)		1,903,285
	335,869		New Residential Investment Corp		3,493,038

125

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	309,429		New York Mortgage Trust, Inc	$	996,361
	163,305		Northern Trust Corp		16,828,580
	87,052		OneMain Holdings, Inc		3,998,298
	78,886	*	Open Lending Corp		1,076,005
	15,352	*	Oportun Financial Corp		177,930
	8,014		Oppenheimer Holdings, Inc		258,211
	99,409		Orchid Island Capital, Inc		276,357
	80,688		PennyMac Mortgage Investment Trust		1,237,754
	13,468		Piper Jaffray Cos		1,548,551
	19,040		PJT Partners, Inc		1,256,450
	35,342	*	PRA Group, Inc		1,485,424
	51,803	*	PROG Holdings, Inc		1,371,225
	9,606		Pzena Investment Management, Inc (Class A)		60,422
	145,657		Raymond James Financial, Inc		14,195,731
	49,956		Ready Capital Corp		727,859
	92,635		Redwood Trust, Inc		898,559
	6,059		Regional Management Corp		260,840
	274,495		S&P Global, Inc		103,347,368
	16,501		Sculptor Capital Management, Inc		172,600
	85,592		SEI Investments Co		4,769,186
	223,476		SLM Corp		3,738,753
	224,423		Starwood Property Trust, Inc		5,134,798
	290,150		State Street Corp		19,431,346
	36,890		StepStone Group, Inc		945,122
	78,998		Stifel Financial Corp		4,886,026
	12,459	*	StoneX Group, Inc		844,471
	411,530		Synchrony Financial		15,148,419
	181,549		T Rowe Price Group, Inc		22,337,789
	48,537		TPG RE Finance Trust, Inc		512,065
	85,175		Tradeweb Markets, Inc		6,063,608
	263,765		Two Harbors Investment Corp		1,268,710
	38,360	*,e	Upstart Holdings, Inc		2,877,767
	70,717		Virtu Financial, Inc		2,042,307
	5,785		Virtus Investment Partners, Inc		1,024,871
	84,787		Voya Financial, Inc		5,353,451
	103,714		WisdomTree Investments, Inc		604,653
	3,402	*	World Acceptance Corp		641,991
			TOTAL DIVERSIFIED FINANCIALS		1,702,872,905
ENERGY - 4.2%
	17,590	*,e	Aemetis, Inc		160,597
	54,108	*	Alto Ingredients, Inc		312,203
	1,657		Altus Midstream Co		117,896
	259,588		Antero Midstream Corp		2,665,969
	226,818	*	Antero Resources Corp		7,983,994
	286,924		APA Corp		11,743,799
	12,551		Arch Resources, Inc		2,088,235
	106,449		Archrock, Inc		927,171
	583,536		Baker Hughes Co		18,101,287
	77,118		Berry Petroleum Co LLC		845,984
	37,229		Bonanza Creek Energy, Inc		2,182,364
	32,783		Brigham Minerals, Inc		812,363
	23,545	*	Bristow Group, Inc		702,112
	629,395		Cabot Oil & Gas Corp		18,120,282
	41,026		Cactus, Inc		2,048,428
	63,465		California Resources Corp		2,551,928

126

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	40,270	*	Callon Petroleum Co	$	2,064,643
	133,563	*	Centennial Resource Development, Inc		1,033,778
	6,408	*	Centrus Energy Corp		177,886
	159,700		ChampionX Corp		3,369,670
	185,108		Cheniere Energy, Inc		25,139,517
	81,096		Chesapeake Energy Corp		6,651,494
	1,536,062		Chevron Corp		240,654,834
	119,423	*	Clean Energy Fuels Corp		699,819
	160,470	*	CNX Resources Corp		3,297,659
	78,360	*	Comstock Resources Inc		1,334,471
	1,041,906		ConocoPhillips		99,522,861
	26,027	*	CONSOL Energy, Inc		1,237,584
	49,543	e	Continental Resources, Inc		2,753,105
	38,578	e	Crescent Energy, Inc		606,060
	25,484		CVR Energy, Inc		638,884
	48,546	*	Delek US Holdings, Inc		1,174,813
	40,714	*	Denbury, Inc		2,604,882
	534,228		Devon Energy Corp		31,076,043
	108,512		DHT Holdings, Inc		609,837
	142,274		Diamondback Energy, Inc		17,959,247
	14,538	*	DMC Global, Inc		290,615
	26,271		Dorian LPG Ltd		386,709
	24,796	*	Dril-Quip, Inc		716,108
	78,255		DT Midstream, Inc		4,206,206
	34,468	*,e	Earthstone Energy, Inc		464,973
	107,406	*,e	Energy Fuels, Inc		806,619
	461,609		EOG Resources, Inc		53,897,467
	243,625		EQT Corp		9,684,094
	333,011		Equitrans Midstream Corp		2,617,466
	3,350,182	d	Exxon Mobil Corp		285,603,016
	28,935		Falcon Minerals Corp		196,758
	35,506	*	Frank’s International NV		542,532
	93,320	*,e	Frontline Ltd		777,356
	155,431	*,e	Gevo, Inc		576,649
	74,372	*	Golar LNG Ltd		1,659,983
	36,721	*	Green Plains Inc		1,030,758
	701,391		Halliburton Co		24,983,547
	115,013	*	Helix Energy Solutions Group, Inc		472,703
	80,959		Helmerich & Payne, Inc		3,726,543
	221,674		Hess Corp		22,847,939
	116,986	*	HF Sinclair Corp		4,447,808
	40,015		International Seaways, Inc		845,517
	1,530,965		Kinder Morgan, Inc		27,787,015
	345,986	*	Kosmos Energy Ltd		2,338,865
	10,423	*	Laredo Petroleum, Inc		742,222
	65,694	*	Liberty Oilfield Services, Inc		1,060,301
	110,806		Magnolia Oil & Gas Corp		2,575,131
	602,805		Marathon Oil Corp		15,021,901
	486,064		Marathon Petroleum Corp		42,413,945
	87,382		Matador Resources Co		4,265,989
	112,829		Murphy Oil Corp		4,296,528
	6,541	*	Nabors Industries Ltd		1,011,369
	21,846	*	National Energy Services Reunited Corp		146,150
	20,127		New Fortress Energy, Inc		780,525
	118,239	*	Newpark Resources, Inc		412,654
	131,357	*	NexTier Oilfield Solutions, Inc		1,448,868

127

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	173,863	e	Nordic American Tankers Ltd	$	445,089
	46,551		Northern Oil and Gas, Inc		1,162,844
	306,141		NOV, Inc		5,550,336
	15,219		Oasis Petroleum, Inc		2,018,953
	667,725		Occidental Petroleum Corp		36,784,970
	163,443	*	Oceaneering International, Inc		1,851,809
	51,141	*	Oil States International, Inc		345,713
	348,277		ONEOK, Inc		22,056,382
	202,800		Ovintiv, Inc		10,381,332
	30,460	*	Par Pacific Holdings, Inc		446,848
	141,573		Patterson-UTI Energy, Inc		2,327,460
	77,171	*	PBF Energy, Inc		2,242,589
	75,201		PDC Energy, Inc		5,244,518
	76,094	*	Peabody Energy Corp		1,722,768
	45,374	*	Penn Virginia Corp		1,445,162
	369,432		Phillips 66		32,051,920
	169,644		Pioneer Natural Resources Co		39,437,141
	67,160	*	ProPetro Holding Corp		949,642
	188,986	*	Range Resources Corp		5,658,241
	33,786	*	Renewable Energy Group, Inc		2,062,973
	4,181	*	Rex American Resources Corp		353,838
	9,335	e	Riley Exploration Permian, Inc		216,852
	56,320	*	RPC, Inc		582,349
	1,110,134		Schlumberger Ltd		43,306,327
	41,375		Scorpio Tankers, Inc		1,023,204
	52,003	*	Select Energy Services, Inc		403,543
	109,369		SFL Corp Ltd		1,084,940
	92,801		SM Energy Co		3,297,220
	22,723		Solaris Oilfield Infrastructure, Inc		255,634
	786,161	*	Southwestern Energy Co		5,896,208
	27,732	*	Talos Energy, Inc		503,890
	189,321		Targa Resources Investments, Inc		13,898,055
	114,175	*	Teekay Corp		369,927
	18,022	*	Teekay Tankers Ltd		288,532
	299,694	*	Tellurian, Inc		1,492,476
	92,761	*	Tetra Technologies, Inc		341,360
	4,693		Texas Pacific Land Corp		6,413,454
	30,687	*	Tidewater, Inc		612,513
	232,916	*,e	Uranium Energy Corp		989,893
	138,061	*,e	Ur-Energy, Inc		190,524
	65,825	*	US Silica Holdings, Inc		1,223,029
	323,298		Valero Energy Corp		36,041,261
	109,415	*	W&T Offshore, Inc		520,815
	29,713		Whiting Petroleum Corp		2,170,535
	955,029		Williams Cos, Inc		32,747,944
	51,846		World Fuel Services Corp		1,255,710
			TOTAL ENERGY		1,368,721,251
FOOD & STAPLES RETAILING - 1.5%
	127,927		Albertsons Cos, Inc		4,001,557
	24,710		Andersons, Inc		1,241,183
	106,183	*	BJ’s Wholesale Club Holdings, Inc		6,832,876
	28,675		Casey’s General Stores, Inc		5,772,278
	26,760	*	Chefs’ Warehouse Holdings, Inc		979,416
	351,519		Costco Wholesale Corp		186,909,683
	66,176	*	Grocery Outlet Holding Corp		2,228,146

128

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	39,894	*,e	HF Foods Group Inc	$	232,981
	10,287		Ingles Markets, Inc (Class A)		957,925
	576,411		Kroger Co		31,103,138
	10,760		Natural Grocers by Vitamin C		219,396
	117,268	*	Performance Food Group Co		5,775,449
	17,934		Pricesmart, Inc		1,424,856
	45,057	*,e	Rite Aid Corp		287,013
	29,053		SpartanNash Co		995,937
	90,053	*	Sprouts Farmers Market, Inc		2,683,579
	404,086		SYSCO Corp		34,541,271
	43,334	*	United Natural Foods, Inc		1,860,329
	171,952	*	US Foods Holding Corp		6,468,834
	4,683		Village Super Market (Class A)		108,599
	567,382		Walgreens Boots Alliance, Inc		24,056,997
	1,125,403		Walmart, Inc		172,175,405
	15,315	e	Weis Markets, Inc		1,223,362
			TOTAL FOOD & STAPLES RETAILING		492,080,210
FOOD, BEVERAGE & TOBACCO - 3.3%
	114,071	*,e	22nd Century Group, Inc		217,876
	1,456,589		Altria Group, Inc		80,942,651
	103,210	*,e	AppHarvest, Inc		424,193
	439,073		Archer-Daniels-Midland Co		39,323,378
	58,750		B&G Foods, Inc (Class A)		1,582,137
	44,201	*,e	Beyond Meat, Inc		1,630,133
	7,138	*	Boston Beer Co, Inc (Class A)		2,676,750
	34,926		Brown-Forman Corp (Class A)		2,180,081
	145,320		Brown-Forman Corp (Class B)		9,800,381
	106,943		Bunge Ltd		12,097,392
	14,762		Calavo Growers, Inc		534,975
	30,770		Cal-Maine Foods, Inc		1,653,272
	153,607		Campbell Soup Co		7,253,323
	43,188	*	Celsius Holdings, Inc		2,245,776
	3,085,632		Coca-Cola Co		199,362,684
	3,983		Coca-Cola Consolidated Inc		1,758,494
	375,947		ConAgra Brands, Inc		13,131,829
	122,958		Constellation Brands, Inc (Class A)		30,258,734
	128,633	*	Darling International, Inc		9,440,376
	35,513	*	Duckhorn Portfolio, Inc		689,662
	148,997		Flowers Foods, Inc		3,951,400
	35,907		Fresh Del Monte Produce, Inc		935,377
	30,966	*	Freshpet, Inc		2,890,676
	475,484		General Mills, Inc		33,630,983
	70,395	*	Hain Celestial Group, Inc		2,361,048
	115,333		Hershey Co		26,038,731
	222,277		Hormel Foods Corp		11,645,092
	104,620	*	Hostess Brands, Inc		2,373,828
	51,132		Ingredion, Inc		4,351,845
	11,897		J&J Snack Foods Corp		1,780,981
	82,688		J.M. Smucker Co		11,322,468
	7,570		John B. Sanfilippo & Son, Inc		587,735
	202,655		Kellogg Co		13,881,867
	550,219		Keurig Dr Pepper, Inc		20,578,191
	548,541		Kraft Heinz Co		23,384,303
	5,149	*	Laird Superfood, Inc		15,498
	114,607		Lamb Weston Holdings, Inc		7,575,523

129

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	15,350		Lancaster Colony Corp	$	2,382,013
	25,123	*	Landec Corp		249,974
	10,480		Limoneira Co		125,131
	196,548		McCormick & Co, Inc		19,766,832
	12,847	e	MGP Ingredients, Inc		1,173,317
	27,917	*	Mission Produce, Inc		355,104
	139,127		Molson Coors Brewing Co (Class B)		7,532,336
	1,093,372		Mondelez International, Inc		70,500,627
	295,295	*	Monster Beverage Corp		25,300,876
	21,824		National Beverage Corp		962,002
	1,098,193		PepsiCo, Inc		188,570,720
	1,232,854		Philip Morris International, Inc		123,285,400
	43,159	*	Pilgrim’s Pride Corp		1,223,558
	44,550	*	Post Holdings, Inc		3,314,074
	122,967		Primo Water Corp		1,800,237
	20,487		Sanderson Farms, Inc		3,879,623
	241		Seaboard Corp		1,018,223
	4,216	*	Seneca Foods Corp		228,718
	68,477	*	Simply Good Foods Co		2,852,067
	18,473	*	Sovos Brands, Inc		278,942
	35,294	*,e	Tattooed Chef, Inc		281,999
	13,567		Tootsie Roll Industries, Inc		475,252
	39,282	*	TreeHouse Foods, Inc		1,237,383
	10,723		Turning Point Brands, Inc		336,595
	225,984		Tyson Foods, Inc (Class A)		21,052,669
	19,801		Universal Corp		1,145,488
	44,376		Utz Brands, Inc		626,589
	107,929		Vector Group Ltd		1,372,857
	18,534	*	Vital Farms, Inc		213,141
	28,260	*	Whole Earth Brands, Inc		195,277
			TOTAL FOOD, BEVERAGE & TOBACCO		1,066,246,667
HEALTH CARE EQUIPMENT & SERVICES - 6.0%
	88,031	*	1Life Healthcare, Inc		620,619
	1,382,800		Abbott Laboratories		156,947,800
	35,164	*	Abiomed, Inc		10,077,299
	68,105	*	Acadia Healthcare Co, Inc		4,622,967
	24,556	*,e	Accelerate Diagnostics, Inc		23,574
	37,948	*	Accolade, Inc		210,991
	78,515	*	Accuray, Inc		208,850
	13,353	*,e	Acutus Medical, Inc		17,092
	52,940	*	AdaptHealth Corp		670,220
	11,376	*	Addus HomeCare Corp		958,769
	28,381	*	Agiliti, Inc		560,241
	129,834	*	agilon health, Inc		2,307,150
	14,195	*	AirSculpt Technologies, Inc		148,622
	62,517	*	Align Technology, Inc		18,124,303
	68,336	*	Alignment Healthcare, Inc		656,709
	106,021	*	Allscripts Healthcare Solutions, Inc		2,190,394
	52,892	*	Alphatec Holdings Inc		573,878
	24,952	*	Amedisys, Inc		3,185,123
	147,153	*	American Well Corp		460,589
	116,956		AmerisourceBergen Corp		17,694,273
	35,917	*	AMN Healthcare Services, Inc		3,510,887
	27,895	*	Angiodynamics, Inc		587,190
	194,037		Anthem, Inc		97,392,991

130

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	28,468	*,e	Apollo Medical Holdings, Inc	$	1,038,513
	34,428	*	Apyx Medical Corp		129,794
	205,380	*,e	Asensus Surgical, Inc		93,099
	81,802	*,e	Aspira Women’s Health, Inc		52,059
	33,960	*	AtriCure, Inc		1,763,543
	1,124		Atrion Corp		704,321
	37,191	*	Avanos Medical, Inc		1,084,490
	28,947	*	Aveanna Healthcare Holdings, Inc		84,525
	28,753	*	AxoGen, Inc		208,172
	35,209	*	Axonics Modulation Technologies, Inc		1,824,530
	401,667		Baxter International, Inc		28,542,457
	225,258		Becton Dickinson & Co		55,681,525
	18,374	*	BioLife Solutions Inc		232,799
	20,138	*	Bioventus, Inc		242,260
	1,128,049	*	Boston Scientific Corp		47,502,143
	146,444	*	Brookdale Senior Living, Inc		905,024
	139,920	*,e	Butterfly Network, Inc		465,934
	219,235		Cardinal Health, Inc		12,726,592
	31,027	*	Cardiovascular Systems, Inc		580,205
	16,061	*	Castle Biosciences, Inc		358,803
	460,093	*	Centene Corp		37,060,491
	241,094		Cerner Corp		22,576,042
	88,812	*	Certara, Inc		1,629,700
	128,984	*	Cerus Corp		595,906
	193,244	*	Change Healthcare, Inc		4,552,829
	12,022		Chemed Corp		5,907,491
	256,957		Cigna Corp		63,411,848
	14,237	*,e	ClearPoint Neuro, Inc		122,011
	93,838	*	Community Health Systems, Inc		719,737
	20,990	*	Computer Programs & Systems, Inc		670,001
	23,321		Conmed Corp		3,100,760
	38,453		Cooper Cos, Inc		13,883,071
	7,699	*	Corvel Corp		1,193,961
	78,314	*	Covetrus, Inc		1,080,733
	27,007	*	Cross Country Healthcare, Inc		506,111
	29,096	*	CryoLife, Inc		590,358
	30,605	*,e	CryoPort, Inc		690,449
	10,689	*	Cue Health, Inc		71,616
	13,300	*	Cutera, Inc		722,323
	1,039,371		CVS Health Corp		99,914,734
	38,517	*,e	CytoSorbents Corp		80,886
	10,207	*,e	DarioHealth Corp		50,627
	52,183	*	DaVita, Inc		5,655,072
	20,022	*	Definitive Healthcare Corp		473,520
	169,125		Dentsply Sirona, Inc		6,763,309
	76,215	*	Dexcom, Inc		31,139,925
	489,763	*	Edwards Lifesciences Corp		51,807,130
	45,206	*	Embecta Corp		1,375,603
	75,836		Encompass Health Corp		5,219,792
	40,165		Ensign Group, Inc		3,226,454
	128,853	*	Envista Holdings Corp		5,105,156
	59,647	*	Evolent Health, Inc		1,641,485
	61,821	*,e	Figs, Inc		968,117
	16,372	*	Fulgent Genetics, Inc		898,495
	34,373	*	Glaukos Corp		1,625,499
	60,622	*	Globus Medical, Inc		4,014,389

131

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	69,110	*	Guardant Health, Inc	$	4,264,087
	38,243	*	Haemonetics Corp		1,937,773
	26,333	*	Hanger Inc		432,915
	193,392		HCA Healthcare, Inc		41,492,254
	39,874	*	Health Catalyst, Inc		663,503
	62,483	*	HealthEquity, Inc		3,893,941
	20,673	*	HealthStream, Inc		394,854
	109,164	*	Henry Schein, Inc		8,853,200
	7,123	*	Heska Corp		782,390
	196,942	*	Hologic, Inc		14,177,855
	102,455		Humana, Inc		45,547,395
	20,344	*,e	iCAD, Inc		73,238
	16,166	*	ICU Medical, Inc		3,459,362
	67,246	*	IDEXX Laboratories, Inc		28,948,058
	37,800	*	Inari Medical, Inc		3,050,460
	15,740	*	InfuSystem Holdings, Inc		124,818
	21,438	*,e	Innovage Holding Corp		98,400
	14,364	*	Inogen, Inc		363,122
	20,787	*	Inspire Medical Systems, Inc		4,277,133
	52,351	*	Insulet Corp		12,511,365
	25,757	*	Integer Holding Corp		1,936,154
	55,460	*	Integra LifeSciences Holdings Corp		3,391,934
	25,524	*	Intersect ENT, Inc		698,592
	284,320	*	Intuitive Surgical, Inc		68,037,776
	201,880	*	Invitae Corp		1,071,983
	4,627		iRadimed Corp		152,275
	23,821	*	iRhythm Technologies, Inc		2,938,797
	10,450	*	Joint Corp		318,934
	74,392	*	Laboratory Corp of America Holdings		17,874,910
	54,917	*	Lantheus Holdings, Inc		3,647,038
	16,588		LeMaitre Vascular, Inc		716,767
	23,267	*	LHC Group, Inc		3,858,832
	56,680	*,e	LifeStance Health Group, Inc		383,724
	42,540	*	LivaNova plc		3,261,116
	38,900	*	Masimo Corp		4,394,533
	121,461		McKesson Corp		37,605,540
	63,632	*	MEDNAX, Inc		1,178,465
	1,062,692		Medtronic plc		110,902,537
	31,113	*	Meridian Bioscience, Inc		796,182
	39,199	*	Merit Medical Systems, Inc		2,430,730
	3,666		Mesa Laboratories, Inc		783,168
	9,626	*	ModivCare, Inc		1,000,815
	45,486	*	Molina Healthcare, Inc		14,257,587
	269,758	*,e	Multiplan Corp		1,195,028
	20,936	*,e	NantHealth, Inc		14,747
	9,997		National Healthcare Corp		680,396
	13,643		National Research Corp		467,955
	26,413	*	Natus Medical, Inc		878,760
	87,993	*	Neogen Corp		2,323,015
	18,881	*,e	Neuronetics, Inc		46,070
	6,842	*,e	NeuroPace, Inc		55,010
	26,411	*	Nevro Corp		1,629,295
	43,227	*	NextGen Healthcare, Inc		814,829
	79,735	*	Novocure Ltd		6,106,106
	40,332	*	NuVasive, Inc		2,074,678
	76,047	*	Oak Street Health, Inc		1,375,690

132

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	33,694	*	Omnicell, Inc	$	3,678,374
	5,992	*	Ontrak, Inc		7,130
	12,737	*	OptimizeRx Corp		358,037
	122,648	*	Option Care Health, Inc		3,664,722
	55,936	*	OraSure Technologies, Inc		343,447
	92,137	*	Ortho Clinical Diagnostics Holdings plc		1,622,533
	14,962	*	Orthofix Medical Inc		463,822
	10,643	*	OrthoPediatrics Corp		479,786
	34,512	*	Outset Medical, Inc		1,203,779
	56,019		Owens & Minor, Inc		1,988,114
	12,400	*	Paragon 28, Inc		222,828
	70,379		Patterson Cos, Inc		2,165,562
	109,921	*,e	PAVmed, Inc		139,600
	32,233	*	Pennant Group, Inc		528,299
	26,905	*	Penumbra, Inc		4,642,727
	18,578	*,e	PetIQ, Inc		369,702
	36,146	*	Phreesia, Inc		827,020
	97,656		Premier, Inc		3,536,124
	32,316	*	Privia Health Group, Inc		710,629
	5,009	*	PROCEPT BioRobotics Corp		178,120
	47,584	*	Progyny, Inc		1,829,605
	19,107	*	Pulmonx Corp		460,479
	15,571	*,e	Pulse Biosciences, Inc		38,927
	94,887		Quest Diagnostics, Inc		12,699,676
	28,612	*	Quidel Corp		2,878,939
	47,864	*,e	Quotient Ltd		27,613
	96,106	*	R1 RCM, Inc		2,164,307
	32,981	*	RadNet, Inc		643,129
	114,264		Resmed, Inc		22,849,372
	10,301	*,e	Retractable Technologies, Inc		39,453
	34,225	*	Schrodinger, Inc		846,042
	24,695	*	SeaSpine Holdings Corp		229,910
	87,546		Select Medical Holdings Corp		1,979,415
	313,654	*,e	Senseonics Holdings, Inc		439,116
	11,192	*	Sharps Compliance Corp		48,349
	27,143	*	Shockwave Medical Inc		4,102,122
	24,420	*	SI-BONE, Inc		487,912
	41,844	*,e	Sientra, Inc		59,418
	8,216	*,e	Sight Sciences, Inc		57,348
	48,485	*	Signify Health, Inc		669,093
	26,274	*	Silk Road Medical Inc		920,904
	11,111		Simulations Plus, Inc		518,439
	36,688	*	Staar Surgical Co		2,094,518
	37,108	*	Stereotaxis, Inc		92,770
	68,075		STERIS plc		15,252,204
	275,860		Stryker Corp		66,553,984
	26,047	*	Surgery Partners, Inc		1,332,565
	12,498	*	SurModics, Inc		483,173
	17,723	*	Tabula Rasa HealthCare, Inc		59,726
	16,594	*	Tactile Systems Technology, Inc		280,107
	10,923	*,e	Talis Biomedical Corp		11,469
	48,134	*	Tandem Diabetes Care, Inc		4,643,968
	117,704	*,e	Teladoc, Inc		3,973,687
	36,407		Teleflex, Inc		10,398,567
	82,151	*	Tenet Healthcare Corp		5,956,769
	34,296	*	Tivity Health, Inc		1,101,930

133

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	19,088	*	Transmedics Group, Inc	$	400,084
	22,626	*	Treace Medical Concepts, Inc		443,470
	746,583		UnitedHealth Group, Inc		379,674,785
	57,509		Universal Health Services, Inc (Class B)		7,046,578
	10,603		US Physical Therapy, Inc		1,100,273
	1,543		Utah Medical Products, Inc		130,522
	15,373	*	Vapotherm, Inc		68,256
	28,457	*	Varex Imaging Corp		564,871
	110,024	*	Veeva Systems, Inc		20,018,867
	27,034	*,e	Viemed Healthcare, Inc		134,629
	100,633	*	ViewRay, Inc		268,690
	164,991		Zimmer Biomet Holdings, Inc		19,922,663
	16,254	*	Zimvie, Inc		365,715
	18,838	e	Zynex Inc		119,998
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,953,277,802
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	74,923	*	Beauty Health Co		981,491
	86,194	*	BellRing Brands, Inc		1,847,137
	8,650	*	Central Garden & Pet Co		378,783
	31,768	*	Central Garden and Pet Co (Class A)		1,314,560
	190,518		Church & Dwight Co, Inc		18,586,936
	97,652		Clorox Co		14,010,132
	659,508		Colgate-Palmolive Co		50,815,091
	285,172	*	Coty, Inc		2,312,745
	43,109		Edgewell Personal Care Co		1,644,177
	33,082	*	elf Beauty, Inc		804,885
	49,150		Energizer Holdings, Inc		1,488,754
	181,049		Estee Lauder Cos (Class A)		47,807,799
	82,434	*	Herbalife Nutrition Ltd		2,191,096
	63,134	*	Honest Co, Inc		250,011
	13,924		Inter Parfums, Inc		1,138,009
	265,893		Kimberly-Clark Corp		36,913,925
	8,832		Medifast, Inc		1,575,276
	9,715	*	Nature’s Sunshine Products, Inc		160,880
	101,144	*	NewAge, Inc		40,053
	37,408		Nu Skin Enterprises, Inc (Class A)		1,595,077
	2,626		Oil-Dri Corp of America		65,519
	71,709	*	Olaplex Holdings, Inc		1,054,122
	1,910,253		Procter & Gamble Co		306,691,119
	5,496	*,e	Revlon, Inc (Class A)		33,636
	75,019		Reynolds Consumer Products, Inc		2,219,812
	33,625		Spectrum Brands Holdings, Inc		2,860,479
	9,753	*	USANA Health Sciences, Inc		747,665
	48,983	*,e	Veru, Inc		574,081
	10,749		WD-40 Co		1,977,601
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		502,080,851
INSURANCE - 2.3%
	506,221		Aflac, Inc		28,996,339
	10,439	*	Alleghany Corp		8,732,224
	222,000		Allstate Corp		28,091,880
	31,404	*	AMBAC Financial Group, Inc		242,753
	64,805		American Equity Investment Life Holding Co		2,444,445
	52,573		American Financial Group, Inc		7,280,309
	656,777		American International Group, Inc		38,428,022

134

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	6,394		American National Group, Inc	$	1,205,972
	15,389		Amerisafe, Inc		713,280
	173,007		Aon plc		49,824,286
	293,088	*	Arch Capital Group Ltd		13,385,329
	23,843		Argo Group International Holdings Ltd		1,020,480
	162,825		Arthur J. Gallagher & Co		27,434,384
	44,830		Assurant, Inc		8,153,680
	55,148		Assured Guaranty Ltd		3,041,412
	59,084		Axis Capital Holdings Ltd		3,387,286
	363,754	*,e	Bright Health Group, Inc		654,757
	63,823	*	Brighthouse Financial, Inc		3,277,949
	184,753		Brown & Brown, Inc		11,450,991
	34,486	*	BRP Group, Inc		797,316
	339,607		Chubb Ltd		70,111,865
	118,260		Cincinnati Financial Corp		14,505,772
	31,384	*,e	Citizens, Inc (Class A)		93,838
	25,334		CNA Financial Corp		1,201,845
	99,432		Conseco, Inc		2,400,289
	563		Crawford & Co		4,391
	3,646		Donegal Group, Inc (Class A)		49,330
	20,297	*	eHealth, Inc		163,391
	21,352		Employers Holdings, Inc		839,988
	9,688	*	Enstar Group Ltd		2,283,946
	20,562		Erie Indemnity Co (Class A)		3,295,677
	30,066		Everest Re Group Ltd		8,259,431
	212,081		Fidelity National Financial Inc		8,445,065
	82,599		First American Financial Corp		4,816,348
	381,667	*	Genworth Financial, Inc (Class A)		1,415,985
	79,695		Globe Life, Inc		7,816,486
	38,499	*,e	GoHealth, Inc		28,766
	13,362		Goosehead Insurance, Inc		768,181
	25,827	*	Greenlight Capital Re Ltd (Class A)		177,690
	27,316		Hanover Insurance Group, Inc		4,010,535
	265,385		Hartford Financial Services Group, Inc		18,558,373
	4,272		HCI Group, Inc		273,792
	32,368		Heritage Insurance Holdings, Inc		137,888
	31,895		Horace Mann Educators Corp		1,271,016
	763		Investors Title Co		143,177
	37,916		James River Group Holdings Ltd		898,988
	48,650		Kemper Corp		2,245,684
	17,207		Kinsale Capital Group, Inc		3,814,620
	29,062	*,e	Lemonade, Inc		606,233
	142,058		Lincoln National Corp		8,544,789
	178,483		Loews Corp		11,215,872
	10,653	*	Markel Corp		14,416,492
	402,267		Marsh & McLennan Cos, Inc		65,046,574
	55,135	*	MBIA, Inc		663,825
	22,360		Mercury General Corp		1,127,615
	552,437		Metlife, Inc		36,284,062
	145,669	*	MetroMile, Inc		142,960
	1,863		National Western Life Group, Inc		370,290
	5,736	*	NI Holdings, Inc		90,916
	215,204		Old Republic International Corp		4,736,640
	20,068	*	Palomar Holdings, Inc		1,092,703
	30,196		Primerica, Inc		3,912,194
	207,401		Principal Financial Group		14,132,304

135

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	43,676		ProAssurance Corp	$	1,073,119
	461,456		Progressive Corp		49,541,916
	296,774		Prudential Financial, Inc		32,202,947
	52,118		Reinsurance Group of America, Inc (Class A)		5,593,304
	36,472		RenaissanceRe Holdings Ltd		5,234,461
	32,620		RLI Corp		3,744,124
	12,944		Safety Insurance Group, Inc		1,113,702
	44,976		Selective Insurance Group, Inc		3,704,223
	101,259	*	Selectquote, Inc		208,594
	89,608	*	SiriusPoint Ltd		562,738
	20,193		Stewart Information Services Corp		1,041,959
	14,139		Tiptree Inc		164,437
	189,957		Travelers Cos, Inc		32,494,044
	29,700	*	Trupanion, Inc		1,889,514
	12,876		United Fire Group Inc		377,138
	12,036		United Insurance Holdings Corp		27,562
	22,601		Universal Insurance Holdings, Inc		283,869
	157,217		Unum Group		4,798,263
	161,260		W.R. Berkley Corp		10,722,177
	2,249		White Mountains Insurance Group Ltd		2,356,997
	98,198		Willis Towers Watson plc		21,098,822
			TOTAL INSURANCE		737,212,830
MATERIALS - 2.7%
	21,255		AdvanSix, Inc		946,698
	174,949		Air Products & Chemicals, Inc		40,950,312
	92,633		Albemarle Corp		17,862,421
	148,084		Alcoa Corp		10,040,095
	97,921	*	Allegheny Technologies, Inc		2,661,493
	1,202,955		Amcor plc		14,267,046
	22,290		American Vanguard Corp		477,006
	126,372	*,e	Amyris, Inc		433,456
	52,485		Aptargroup, Inc		6,026,853
	84,956	*	Arconic Corp		2,137,493
	15,086	†	Ardagh Group S.A.		268,908
	130,309	*	Ardagh Metal Packaging S.A.		929,103
	43,921		Ashland Global Holdings, Inc		4,610,387
	16,317	*	Aspen Aerogels, Inc		352,447
	66,170		Avery Dennison Corp		11,950,302
	73,245		Avient Corp		3,606,584
	160,481	*	Axalta Coating Systems Ltd		4,071,403
	26,132		Balchem Corp		3,219,462
	252,083		Ball Corp		20,459,056
	104,859	*	Berry Global Group, Inc		5,908,805
	45,297		Cabot Corp		2,982,807
	36,723		Carpenter Technology Corp		1,402,084
	85,924		Celanese Corp (Series A)		12,625,673
	46,078	*	Century Aluminum Co		777,336
	168,946		CF Industries Holdings, Inc		16,359,041
	7,750		Chase Corp		653,790
	126,652		Chemours Co		4,188,382
	12,952	*	Clearwater Paper Corp		428,841
	354,839	*	Cleveland-Cliffs, Inc		9,044,846
	191,386	*	Coeur Mining, Inc		694,731
	92,569		Commercial Metals Co		3,795,329
	27,716		Compass Minerals International, Inc		1,638,847

136

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	92,492	*	Constellium SE	$	1,543,691
	592,299		Corteva, Inc		34,169,729
	96,943		Crown Holdings, Inc		10,667,608
	77,919	*,e	Danimer Scientific, Inc		305,442
	58,188	*	Diversey Holdings Ltd		450,375
	579,979		Dow, Inc		38,568,603
	405,986		DuPont de Nemours, Inc		26,766,657
	31,619		Eagle Materials, Inc		3,899,255
	104,315		Eastman Chemical Co		10,710,021
	199,074		Ecolab, Inc		33,711,191
	187,571		Element Solutions, Inc		3,867,714
	48,283	*,†	Ferroglobe plc		0
	101,062		FMC Corp		13,394,757
	1,179,345		Freeport-McMoRan, Inc (Class B)		47,822,440
	24,364		FutureFuel Corp		231,702
	26,173	*	Gatos Silver, Inc		88,465
	52,179	*	GCP Applied Technologies, Inc		1,636,855
	38,095		Glatfelter Corp		419,045
	212,728		Graphic Packaging Holding Co		4,637,470
	20,864		Greif, Inc (Class A)		1,266,028
	5,806		Greif, Inc (Class B)		338,838
	40,341		H.B. Fuller Co		2,690,745
	14,948		Hawkins, Inc		557,261
	7,327		Haynes International, Inc		286,339
	400,042		Hecla Mining Co		2,084,219
	163,765		Huntsman Corp		5,546,721
	30,978	*	Ingevity Corp		1,855,582
	20,562		Innospec, Inc		1,959,764
	201,792		International Flavors & Fragrances, Inc		24,477,370
	300,579		International Paper Co		13,910,796
	7,382	*	Intrepid Potash, Inc		565,314
	12,024		Kaiser Aluminum Corp		1,160,316
	14,958		Koppers Holdings, Inc		362,881
	30,158		Kronos Worldwide, Inc		459,005
	125,090	*	Livent Corp		2,671,922
	70,826		Louisiana-Pacific Corp		4,569,694
	204,724		LyondellBasell Industries NV		21,706,886
	1,527	*,e	Marrone Bio Innovations, Inc		1,771
	49,007		Martin Marietta Materials, Inc		17,359,260
	18,259		Materion Corp		1,554,754
	25,661		Minerals Technologies, Inc		1,632,296
	294,828		Mosaic Co		18,403,164
	61,951	*,e	MP Materials Corp		2,356,616
	26,770		Myers Industries, Inc		587,066
	14,884		Neenah Inc		526,894
	5,513		NewMarket Corp		1,789,575
	632,985		Newmont Goldcorp Corp		46,112,957
	181,575	*	Novagold Resources Inc		1,129,396
	214,747		Nucor Corp		33,238,541
	127,895	*	O-I Glass, Inc		1,724,025
	114,879		Olin Corp		6,594,055
	13,039		Olympic Steel, Inc		447,629
	43,249		Orion Engineered Carbons SA		653,060
	74,587		Packaging Corp of America		12,021,187
	30,719		Pactiv Evergreen, Inc		302,889
	188,168		PPG Industries, Inc		24,083,622

137

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	38,871		PQ Group Holdings, Inc	$	391,042
	59,880	*,e	PureCycle Technologies, Inc		467,064
	10,380		Quaker Chemical Corp		1,688,930
	27,104	*	Ranpak Holdings Corp		408,728
	46,721	*	Rayonier Advanced Materials, Inc		239,679
	48,274		Reliance Steel & Aluminum Co		9,570,321
	52,537		Royal Gold, Inc		6,855,028
	98,903		RPM International, Inc		8,199,059
	19,733		Ryerson Holding Corp		726,372
	19,787		Schnitzer Steel Industries, Inc (Class A)		902,881
	25,187		Schweitzer-Mauduit International, Inc		633,705
	31,523		Scotts Miracle-Gro Co (Class A)		3,276,185
	114,554		Sealed Air Corp		7,355,512
	34,596		Sensient Technologies Corp		2,926,822
	191,018		Sherwin-Williams Co		52,522,309
	63,867		Silgan Holdings, Inc		2,833,779
	74,277		Sonoco Products Co		4,598,489
	65,680		Southern Copper Corp		4,089,894
	145,943		Steel Dynamics, Inc		12,514,612
	17,131		Stepan Co		1,749,246
	90,890	*	Summit Materials, Inc		2,526,742
	64,626		SunCoke Energy, Inc		537,688
	25,520	*	Sylvamo Corp		1,139,468
	34,451	*	TimkenSteel Corp		712,102
	20,458		Tredegar Corp		234,244
	33,781		Trimas Corp		997,891
	29,350		Trinseo plc		1,392,657
	86,613		Tronox Holdings plc		1,489,744
	3,261	*	UFP Technologies, Inc		223,933
	834		United States Lime & Minerals, Inc		91,331
	208,106		United States Steel Corp		6,345,152
	140,246		Valvoline, Inc		4,239,637
	104,338		Vulcan Materials Co		17,976,394
	68,540		Warrior Met Coal, Inc		2,335,158
	25,371		Westlake Chemical Corp		3,210,700
	204,567		WestRock Co		10,132,204
	25,911		Worthington Industries, Inc		1,232,586
			TOTAL MATERIALS		872,417,783
MEDIA & ENTERTAINMENT - 6.8%
	610,586		Activision Blizzard, Inc		46,160,302
	83,734	*	Advantage Solutions, Inc		421,182
	238,755	*	Alphabet, Inc (Class A)		544,884,273
	219,596	*	Alphabet, Inc (Class C)		504,923,671
	162,466	*	Altice USA, Inc		1,507,684
	407,175	*,e	AMC Entertainment Holdings, Inc		6,229,777
	24,488	*	AMC Networks, Inc		799,043
	13,100	*	Boston Omaha Corp		273,004
	4,150		Cable One, Inc		4,839,730
	24,134	*	Cardlytics, Inc		823,693
	75,371	*	Cargurus, Inc		2,463,124
	52,392	*	Cars.com, Inc		582,599
	95,089	*	Charter Communications, Inc		40,744,686
	8,724	*,e	Chicken Soup For The Soul Entertainment, Inc		75,986
	85,356	*	Cinemark Holdings, Inc		1,353,746
	274,370	*	Clear Channel		674,950

138

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	3,581,806		Comcast Corp (Class A)	$	142,412,607
	50,683	*	comScore, Inc		102,380
	19,689	*,e	CuriosityStream, Inc		39,969
	470	*	Daily Journal Corp		120,860
	191,138	*	DISH Network Corp (Class A)		5,449,344
	223,761		Electronic Arts, Inc		26,414,986
	18,495	*	Emerald Holding, Inc		49,752
	159,055	*	Entercom Communications Corp		404,000
	41,363		Entravision Communications Corp (Class A)		213,847
	56,607	*	Eventbrite Inc		598,902
	14,689	*	EverQuote Inc		203,883
	41,829	*	EW Scripps Co (Class A)		688,505
	32,327	*	Fluent, Inc		43,318
	252,942		Fox Corp (Class A)		9,065,441
	120,187		Fox Corp (Class B)		3,995,016
	113,994	*,e	fuboTV, Inc		432,037
	103,352	*	Gannett Co, Inc		414,442
	72,446		Gray Television, Inc		1,341,700
	9,282	*	Hemisphere Media Group, Inc		36,107
	59,501	*	IAC		4,931,443
	84,522	*	iHeartMedia, Inc		1,351,507
	38,923	*	Imax Corp		615,762
	25,945	*	Integral Ad Science Holding Corp		306,410
	311,496		Interpublic Group of Cos, Inc		10,161,000
	32,721		John Wiley & Sons, Inc (Class A)		1,665,172
	6,341	*,e	Liberty Braves Group (Class A)		166,578
	32,042	*	Liberty Braves Group (Class C)		804,575
	19,423	*	Liberty Broadband Corp (Class A)		2,091,080
	111,087	*	Liberty Broadband Corp (Class C)		12,421,748
	18,720	*	Liberty Media Group (Class A)		1,074,902
	157,336	*	Liberty Media Group (Class C)		9,806,753
	71,878		Liberty SiriusXM Group (Class A)		3,006,657
	123,155	*	Liberty SiriusXM Group (Class C)		5,157,731
	71,481	*	Liberty TripAdvisor Holdings, Inc		107,221
	46,102	*	Lions Gate Entertainment Corp (Class A)		621,916
	89,647	*	Lions Gate Entertainment Corp (Class B)		1,126,863
	110,565	*	Live Nation, Inc		11,596,057
	40,603	*	LiveOne, Inc		27,610
	15,250	*	Loyalty Ventures, Inc		195,047
	14,125	*	Madison Square Garden Co		2,289,804
	20,032	*	Madison Square Garden Entertainment Corp		1,467,344
	96,667	*	Magnite, Inc		932,837
	25,461	*,e	Marcus Corp		400,502
	224,357	*	Match Group, Inc		17,757,857
	15,622	*	MediaAlpha, Inc		230,268
	1,830,702	*	Meta Platforms, Inc		367,000,830
	48,320		National CineMedia, Inc		106,787
	341,185	*	Netflix, Inc		64,947,977
	128,110		New York Times Co (Class A)		4,909,175
	303,887		News Corp (Class A)		6,035,196
	98,394		News Corp (Class B)		1,959,025
	30,528		Nexstar Media Group Inc		4,836,246
	163,848		Omnicom Group, Inc		12,473,748
	450,593	*	Pinterest, Inc		9,246,168
	77,751	*	Playtika Holding Corp		1,366,863
	42,462	*	QuinStreet, Inc		403,814

139

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	91,825	*	Roku, Inc	$	8,530,542
	23,182		Scholastic Corp		854,257
	38,405		Sinclair Broadcast Group, Inc (Class A)		854,127
	686,749	e	Sirius XM Holdings, Inc		4,120,494
	237,899	*,e	Skillz, Inc		487,693
	109,528	*	Spotify Technology S.A.		11,133,521
	47,656	*	Stagwell, Inc		323,108
	91,616	*	Take-Two Interactive Software, Inc		10,949,028
	19,799	*	TechTarget, Inc		1,332,671
	174,569		TEGNA, Inc		3,849,246
	5,030	*	Thryv Holdings, Inc		129,925
	75,518	*	TripAdvisor, Inc		1,938,547
	88,583	*	TrueCar, Inc		317,127
	620,039	*	Twitter, Inc		30,394,312
	6,103	e	ViacomCBS, Inc (Class A)		192,550
	463,733		ViacomCBS, Inc (Class B)		13,503,905
	109,885	*	Vimeo, Inc		1,119,728
	1,444,613	*	Walt Disney Co		161,262,149
	1,749,406	*	Warner Bros Discovery, Inc		31,751,719
	40,981	*	WideOpenWest, Inc		821,669
	35,196		World Wrestling Entertainment, Inc (Class A)		2,055,094
	58,093	*	Yelp, Inc		1,889,765
	33,513	*	Ziff Davis Inc		2,961,209
	822,121	*	Zynga, Inc		6,798,941
			TOTAL MEDIA & ENTERTAINMENT		2,209,956,346
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.9%
	65,837	*	10X Genomics, Inc		3,144,375
	16,553	*	2seventy bio, Inc		222,803
	20,729	*	4D Molecular Therapeutics, Inc		246,882
	11,226	*	89bio, Inc		24,360
	253,146	*,e	9 Meters Biopharma, Inc		105,764
	1,404,130		AbbVie, Inc		206,238,614
	61,628	*,e	Absci Corp		364,221
	91,291	*	Acadia Pharmaceuticals, Inc		1,683,406
	45,788	*,e	Aclaris Therapeutics, Inc		564,108
	110,987	*	Adagio Therapeutics, Inc		317,423
	82,792	*	Adaptive Biotechnologies Corp		683,034
	15,761	*	Adicet Bio, Inc		232,317
	66,953	*,e	Adverum Biotechnologies, Inc		71,640
	33,288	*	Aeglea BioTherapeutics, Inc		47,935
	33,134	*	Aerie Pharmaceuticals, Inc		235,583
	87,570	*	Affimed NV		329,263
	147,964	*	Agenus, Inc		273,733
	238,579		Agilent Technologies, Inc		28,455,317
	43,567	*	Agios Pharmaceuticals, Inc		957,167
	19,401	*	Akero Therapeutics, Inc		203,517
	18,665	*,e	Akouos, Inc		52,262
	7,525	*,e	Akoya Biosciences, Inc		70,810
	13,691	*	Albireo Pharma, Inc		435,648
	36,650	*	Aldeyra Therapeutics, Inc		112,516
	43,454	*	Alector, Inc		417,158
	14,186	*	Aligos Therapeutics, Inc		16,739
	123,689	*	Alkermes plc		3,568,428
	26,372	*	Allakos, Inc		99,422
	51,492	*	Allogene Therapeutics, Inc		429,958

140

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	21,851	*,e	Allovir, Inc	$	99,422
	95,572	*	Alnylam Pharmaceuticals, Inc		12,752,172
	25,003	*	Altimmune, Inc		113,014
	13,419	*	ALX Oncology Holdings, Inc		171,495
	441,938		Amgen, Inc		103,055,522
	193,454	*	Amicus Therapeutics, Inc		1,369,654
	90,760	*	Amneal Pharmaceuticals, Inc		350,334
	29,714	*	Amphastar Pharmaceuticals, Inc		1,053,956
	143,738	*,e	Ampio Pharmaceuticals, Inc		33,089
	28,209	*	Amylyx Pharmaceuticals, Inc		253,881
	15,851	*	AnaptysBio, Inc		370,913
	46,837	*	Anavex Life Sciences Corp		402,330
	17,279	*	ANI Pharmaceuticals, Inc		509,903
	11,269	*	Anika Therapeutics, Inc		242,622
	23,561	*	Annexon, Inc		60,081
	123,274	*	Antares Pharma, Inc		686,020
	61,057	*	Apellis Pharmaceuticals, Inc		2,657,811
	18,548	*,e	Applied Molecular Transport, Inc		79,571
	12,708	*	Applied Therapeutics, Inc		25,035
	39,630	*	AquaBounty Technologies, Inc		53,104
	65,091	*,e	Arbutus Biopharma Corp		151,662
	13,951	*	Arcturus Therapeutics Holdings, Inc		270,370
	34,341	*	Arcus Biosciences, Inc		831,396
	31,261	*	Arcutis Biotherapeutics, Inc		631,160
	78,352	*	Arrowhead Pharmaceuticals Inc		3,221,051
	35,794	*	Arvinas, Inc		1,967,596
	62,354	*	Atara Biotherapeutics, Inc		396,571
	48,745	*	Atea Pharmaceuticals, Inc		286,133
	76,887	*	Athenex, Inc		36,906
	137,117	*,e	Athersys, Inc		67,201
	25,454	*	Athira Pharma, Inc		261,922
	390,089	*,e	Atossa Therapeutics, Inc		393,990
	30,662	*,e	Atreca, Inc		60,098
	76,225	*	Avalo Therapeutics, Inc		31,313
	480,676	*	Avantor, Inc		15,323,951
	46,688	*	Avid Bioservices, Inc		628,420
	22,820	*	Avidity Biosciences, Inc		326,326
	18,080	*,e	Avita Medical, Inc		110,288
	25,652	*	Avrobio, Inc		23,674
	21,552	*	Axsome Therapeutics, Inc		684,276
	39,569	*	Beam Therapeutics, Inc		1,485,025
	89,988	*	Berkeley Lights, Inc		447,690
	17,232	*	Beyondspring Inc		26,193
	8,940	*	BioAtla, Inc		31,111
	136,958	*	BioCryst Pharmaceuticals, Inc		1,272,340
	116,095	*	Biogen, Inc		24,082,747
	43,092	*	Biohaven Pharmaceutical Holding Co Ltd		3,842,514
	144,637	*	BioMarin Pharmaceutical, Inc		11,766,220
	6,579	*	Biomea Fusion, Inc		19,737
	259,489	*,e	Bionano Genomics, Inc		422,967
	16,807	*	Bio-Rad Laboratories, Inc (Class A)		8,606,192
	30,922		Bio-Techne Corp		11,740,774
	9,945	*,e	Bioxcel Therapeutics Inc		130,379
	17,523	*	Black Diamond Therapeutics, Inc		42,581
	121,003	*	Bluebird Bio, Inc		439,241
	44,489	*	Blueprint Medicines Corp		2,595,933

141

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	9,800	*,e	Bolt Biotherapeutics, Inc	$	15,288
	78,384	*	Bridgebio Pharma, Inc		628,640
	1,725,436		Bristol-Myers Squibb Co		129,873,568
	18,013	*,e	Brooklyn ImmunoTherapeutics, Inc		18,914
	79,327		Bruker BioSciences Corp		4,560,509
	25,944	*	C4 Therapeutics, Inc		222,340
	32,865	*	Cara Therapeutics, Inc		286,583
	27,819	*	Cardiff Oncology, Inc		37,277
	37,486	*	CareDx, Inc		1,141,074
	38,668	*	Caribou Biosciences, Inc		286,143
	32,926	*,e	Cassava Sciences, Inc		687,166
	134,793	*	Catalent, Inc		12,206,854
	76,486	*	Catalyst Pharmaceuticals, Inc		582,823
	6,027	*,e	Celcuity, Inc		39,296
	34,148	*	Celldex Therapeutics, Inc		1,043,221
	28,692	*,e	CEL-SCI Corp		82,059
	32,902	*	Cerevel Therapeutics Holdings, Inc		963,371
	39,460	*	Charles River Laboratories International, Inc		9,529,985
	44,912	*	ChemoCentryx, Inc		829,076
	55,373	*	Chimerix, Inc		243,641
	26,874	*	Chinook Therapeutics, Inc		406,604
	33,231	*,e	ChromaDex Corp		62,807
	85,782	*,e	Citius Pharmaceuticals, Inc		86,640
	115,355	*,e	Clovis Oncology, Inc		230,710
	45,404	*	Codexis, Inc		546,210
	11,867	*,e	Codiak Biosciences, Inc		35,126
	28,132	*,e	Cogent Biosciences, Inc		180,607
	45,593	*	Coherus Biosciences, Inc		412,161
	28,144	*	Collegium Pharmaceutical, Inc		453,118
	75,382	*	Corcept Therapeutics, Inc		1,621,467
	34,910	*,e	CorMedix Inc		120,090
	15,260	*,e	Cortexyme Inc		55,852
	35,186	*	Crinetics Pharmaceuticals, Inc		714,980
	23,500	*	Cue Biopharma, Inc		93,060
	19,518	*,e	Cullinan Oncology, Inc		191,472
	40,402	*,e	CureVac NV		690,470
	65,385	*,e	Curis, Inc		59,742
	52,860	*	Cymabay Therapeutics, Inc		119,992
	96,552	*,e	Cytek Biosciences, Inc		912,416
	61,249	*	Cytokinetics, Inc		2,441,998
	61,381	*	CytomX Therapeutics, Inc		104,962
	501,937		Danaher Corp		126,051,439
	7,921	*,e	Day One Biopharmaceuticals, Inc		67,487
	29,585	*	Deciphera Pharmaceuticals, Inc		299,400
	69,573	*	Denali Therapeutics, Inc		1,655,837
	25,917	*,e	DermTech, Inc		221,590
	20,792	*	Design Therapeutics, Inc		248,256
	10,980	*	DICE Therapeutics, Inc		223,114
	156,303	*	Durect Corp		70,336
	79,916	*	Dynavax Technologies Corp		705,658
	22,646	*,e	Dyne Therapeutics, Inc		180,715
	11,214	*	Eagle Pharmaceuticals, Inc		494,874
	24,594	*	Edgewise Therapeutics, Inc		196,260
	53,309	*	Editas Medicine, Inc		705,811
	19,133	*	Eiger BioPharmaceuticals, Inc		131,444
	346,616	*	Elanco Animal Health, Inc		8,772,851

142

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	673,920		Eli Lilly & Co	$	196,872,250
	37,040	*	Emergent Biosolutions, Inc		1,199,355
	17,038	*	Enanta Pharmaceuticals, Inc		1,097,247
	62,499	*	Epizyme, Inc		40,337
	61,360	*,e	Erasca, Inc		446,701
	64,431	*,e	Esperion Thereapeutics, Inc		365,968
	22,962	*,e	Evelo Biosciences, Inc		56,716
	22,516	*	Evolus, Inc		251,954
	136,970	*	Exact Sciences Corp		7,540,199
	121	*,e	Exagen, Inc		738
	247,237	*	Exelixis, Inc		5,523,275
	15,681	*,e	EyePoint Pharmaceuticals, Inc		177,195
	61,787	*	Fate Therapeutics, Inc		1,764,637
	65,218	*	FibroGen, Inc		606,527
	66,476	*,e	Fluidigm Corp		176,161
	14,735	*	Foghorn Therapeutics, Inc		170,779
	60,294	*	Forma Therapeutics Holdings, Inc		455,823
	8,519	*	Forte Biosciences, Inc		9,797
	71,352	*,e	Fortress Biotech, Inc		78,487
	33,303	*	Frequency Therapeutics, Inc		43,294
	41,192	*	Fulcrum Therapeutics, Inc		396,267
	29,008	*,e	G1 Therapeutics, Inc		149,101
	16,562	*	Gemini Therapeutics, Inc		25,009
	33,712	*	Generation Bio Co		213,397
	274,233	*,e	Geron Corp		386,669
	996,691		Gilead Sciences, Inc		59,143,644
	47,677	*	Global Blood Therapeutics, Inc		1,463,684
	43,062	*	Gossamer Bio, Inc		297,558
	11,957	*,e	Graphite Bio, Inc		48,067
	3,183	*	Greenwich Lifesciences, Inc		37,719
	36,887	*	Gritstone Oncology, Inc		95,537
	24,592	*,e	GT Biopharma, Inc		51,889
	108,327	*	Halozyme Therapeutics, Inc		4,322,247
	16,826	*	Harmony Biosciences Holdings, Inc		757,843
	19,227	*	Harpoon Therapeutics, Inc		43,261
	29,173	*	Harvard Bioscience, Inc		152,283
	69,386	*,e	Heron Therapeutics, Inc		313,625
	29,012	*	Homology Medicines, Inc		48,160
	17,405	*,e	Hookipa Pharma, Inc		26,108
	174,072	*	Horizon Therapeutics Plc		17,156,536
	51,054	*,e	Humanigen, Inc		95,982
	214,078	*,e	iBio, Inc		62,639
	10,184	*	Icosavax, Inc		73,834
	22,147	*	Ideaya Biosciences, Inc		212,390
	22,092	*	IGM Biosciences, Inc		369,820
	7,542	*,e	Ikena Oncology, Inc		29,263
	115,508	*	Illumina, Inc		34,265,448
	26,816	*,e	Imago Biosciences, Inc		438,442
	11,727	*,e	Immunic, Inc		79,392
	90,801	*,e	ImmunityBio, Inc		329,608
	145,304	*	Immunogen, Inc		701,818
	30,492	*,e	Immunovant, Inc		140,568
	145,668	*	Incyte Corp		10,919,273
	66,228	*	Infinity Pharmaceuticals, Inc		52,267
	21,073	*	Inhibrx, Inc		334,007
	51,012	*	Innoviva, Inc		870,265

143

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	22,673	*,e	Inotiv, Inc	$	323,090
	156,129	*,e	Inovio Pharmaceuticals, Inc		426,232
	5,115	*,e	Inozyme Pharma, Inc		20,204
	88,860	*	Insmed, Inc		1,952,254
	48,473	*,e	Instil Bio, Inc		342,704
	53,987	*	Intellia Therapeutics, Inc		2,646,983
	21,877	*,e	Intercept Pharmaceuticals, Inc		343,688
	62,879	*	Intra-Cellular Therapies, Inc		3,182,306
	106,785	*	Ionis Pharmaceuticals, Inc		3,925,417
	111,258	*	Iovance Biotherapeutics, Inc		1,685,559
	151,455	*	IQVIA Holdings, Inc		33,015,675
	119,898	*	Ironwood Pharmaceuticals, Inc		1,438,776
	15,278	*	iTeos Therapeutics, Inc		407,770
	94,544	*	IVERIC bio, Inc		1,309,434
	46,582	*	Jazz Pharmaceuticals plc		7,463,368
	2,091,343		Johnson & Johnson		377,403,758
	27,101	*	Jounce Therapeutics, Inc		143,635
	38,118	*,e	Kala Pharmaceuticals, Inc		24,758
	17,147	*	KalVista Pharmaceuticals Inc		218,281
	16,757	*	Karuna Therapeutics, Inc		1,867,735
	57,823	*	Karyopharm Therapeutics, Inc		352,720
	21,604	*,e	KemPharm, Inc		96,570
	11,863	*	Keros Therapeutics, Inc		628,858
	36,515	*	Kezar Life Sciences, Inc		433,798
	21,846	*	Kiniksa Pharmaceuticals Ltd		203,823
	10,555	*	Kinnate Biopharma, Inc		78,846
	70,464	*	Kodiak Sciences, Inc		424,193
	29,278	*	Kronos Bio, Inc		138,485
	13,379	*	Krystal Biotech Inc		810,901
	47,680	*	Kura Oncology, Inc		684,208
	25,415	*	Kymera Therapeutics, Inc		796,760
	56,936	*	Lexicon Pharmaceuticals, Inc		103,054
	11,370	*	Ligand Pharmaceuticals, Inc (Class B)		1,055,818
	230,679	*,e	Lineage Cell Therapeutics, Inc		281,428
	126,735	*,e	Lyell Immunopharma, Inc		650,151
	82,299	*	MacroGenics, Inc		588,438
	8,601	*	Madrigal Pharmaceuticals, Inc		602,070
	27,118	*	Magenta Therapeutics, Inc		38,779
	186,883	*,e	MannKind Corp		584,944
	87,401	*	Maravai LifeSciences Holdings, Inc		2,685,833
	27,883	*,e	Marinus Pharmaceuticals, Inc		184,585
	71,270	*	MaxCyte, Inc		394,836
	22,342	*	Medpace Holdings, Inc		2,984,221
	101,155	*	MEI Pharma, Inc		49,718
	22,599	*	MeiraGTx Holdings plc		232,544
	2,015,726		Merck & Co, Inc		178,774,739
	124,404	*	Mersana Therapeutics, Inc		432,926
	18,021	*	Mettler-Toledo International, Inc		23,022,368
	83,879	*	MiMedx Group, Inc		331,322
	243,068	*,e	Mind Medicine MindMed, Inc		194,454
	32,538	*	Mirati Therapeutics, Inc		2,010,523
	5,376	*	Mirum Pharmaceuticals, Inc		127,841
	274,227	*	Moderna, Inc		36,858,851
	36,471	*,e	Molecular Templates, Inc		62,001
	32,298	*,e	Monte Rosa Therapeutics, Inc		352,048
	15,639	*	Morphic Holding, Inc		474,018

144

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	39,098	*	Mustang Bio, Inc	$	29,116
	65,991	*	Myriad Genetics, Inc		1,352,816
	34,387	*	NanoString Technologies, Inc		645,788
	64,906	*	Natera, Inc		2,279,499
	135,344	*	Nektar Therapeutics		558,971
	85,951	*	NeoGenomics, Inc		812,237
	23,519	*,e	Neoleukin Therapeutics, Inc		28,693
	82,837	*	Neurocrine Biosciences, Inc		7,457,815
	22,655	*	NGM Biopharmaceuticals Inc		282,734
	12,317	*,e	Nkarta, Inc		227,125
	58,768	*,e	Novavax, Inc		2,648,674
	23,712	*	Nurix Therapeutics, Inc		262,492
	165,406	*,e	Nuvation Bio, Inc		770,792
	134,035	*,e	Ocugen, Inc		293,537
	56,023	*	Ocular Therapeutix, Inc		200,002
	18,751	*	Olema Pharmaceuticals, Inc		47,815
	53,494	*,e	Omeros Corp		185,624
	62,129	*,e	Oncocyte Corp		72,070
	15,440	*,e	Oncorus, Inc		18,065
	33,751	*	Oncternal Therapeutics, Inc		28,800
	309,914	*,e	Opko Health, Inc		836,768
	45,381	*	Oramed Pharmaceuticals, Inc		233,258
	67,101	*	Organogenesis Holdings Inc		432,130
	201,989		Organon & Co		6,530,304
	23,965	*	ORIC Pharmaceuticals, Inc		79,564
	321,694	*,e	Outlook Therapeutics, Inc		498,626
	4,552	*,e	Oyster Point Pharma, Inc		29,042
	150,133	*	Pacific Biosciences of California, Inc		951,843
	33,811	*	Pacira BioSciences Inc		2,521,286
	33,108	*,e	Paratek Pharmaceuticals, Inc		73,169
	28,540	*	Passage Bio, Inc		55,653
	100,476		PerkinElmer, Inc		14,730,786
	103,541		Perrigo Co plc		3,551,456
	26,969	*	Personalis, Inc		151,026
	4,435,615		Pfizer, Inc		217,655,628
	15,279	*,e	Phathom Pharmaceuticals, Inc		197,710
	15,634		Phibro Animal Health Corp		281,256
	18,166	*	Pliant Therapeutics, Inc		106,453
	19,770	*	PMV Pharmaceuticals, Inc		286,467
	22,651	*	Poseida Therapeutics, Inc		69,992
	76,092	*	Praxis Precision Medicines, Inc		616,345
	72,804	*	Precigen, Inc		96,829
	36,010	*	Precision BioSciences Inc		71,660
	9,787	*,e	Prelude Therapeutics, Inc		44,922
	40,272	*	Prestige Consumer Healthcare, Inc.		2,201,268
	72,597	*,†	Progenics Pharmaceuticals, Inc		0
	25,152	*	Prometheus Biosciences, Inc		661,498
	39,449	*	Protagonist Therapeutics, Inc		358,591
	26,368	*	Prothena Corp plc		768,891
	42,697	*,e	Provention Bio, Inc		191,710
	52,242	*	PTC Therapeutics, Inc		1,845,710
	18,940	*	Puma Biotechnology, Inc		44,698
	176,435	*	QIAGEN NV		8,004,856
	23,244	*	Quanterix Corp		515,784
	40,547	*	Radius Health, Inc		277,341
	8,345	*,e	Rain Therapeutics, Inc		33,130

145

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	13,284	*	RAPT Therapeutics, Inc	$	200,987
	20,751	*,e	Reata Pharmaceuticals, Inc		526,660
	85,519	*	Recursion Pharmaceuticals, Inc		530,218
	80,882	*	Regeneron Pharmaceuticals, Inc		53,310,135
	28,339	*	REGENXBIO, Inc		786,691
	53,837	*	Relay Therapeutics, Inc		1,282,936
	22,557	*	Relmada Therapeutics, Inc		566,406
	42,611	*	Repligen Corp		6,700,154
	37,281	*	Replimune Group, Inc		625,202
	53,146	*	Revance Therapeutics, Inc		870,531
	44,805	*	REVOLUTION Medicines, Inc		894,756
	32,096	*	Rhythm Pharmaceuticals, Inc		200,921
	130,007	*	Rigel Pharmaceuticals, Inc		306,817
	29,922	*	Rocket Pharmaceuticals, Inc		307,598
	276,528		Royalty Pharma plc		11,774,562
	33,872	*,e	Rubius Therapeutics, Inc		56,228
	40,249	*	Sage Therapeutics, Inc		1,268,648
	105,792	*,e	Sana Biotechnology, Inc		798,730
	90,778	*	Sangamo Therapeutics Inc		376,729
	64,830	*	Sarepta Therapeutics, Inc		4,688,506
	22,321	*,e	Scholar Rock Holding Corp		157,809
	107,187	*	Seagen, Inc		14,042,569
	91,963	*,e	Seelos Therapeutics, Inc		57,017
	31,908	*	Seer, Inc		232,290
	87,952	*	Selecta Biosciences, Inc		67,398
	52,476	*	Seres Therapeutics, Inc		248,211
	129,134	*,e	Sesen Bio, Inc		49,084
	20,073	*	Shattuck Labs, Inc		77,080
	48,122	*	SIGA Technologies, Inc		330,598
	9,796	*	Silverback Therapeutics, Inc		30,466
	24,243	*	Singular Genomics Systems, Inc		99,154
	49,251	*,e	Solid Biosciences, Inc		27,581
	283,372	*,e	Sorrento Therapeutics, Inc		427,892
	75,271	*	Sotera Health Co		1,534,023
	116,328	*,e	Spectrum Pharmaceuticals, Inc		93,958
	21,174	*,e	Spero Therapeutics, Inc		102,906
	22,026	*	SpringWorks Therapeutics, Inc		945,136
	17,150	*,e	SQZ Biotechnologies Co		63,284
	14,271	*	Stoke Therapeutics, Inc		206,073
	35,959	*	Supernus Pharmaceuticals, Inc		1,003,256
	26,043	*	Surface Oncology, Inc		55,211
	32,745	*	Sutro Biopharma, Inc		196,797
	33,941	*	Syndax Pharmaceuticals, Inc		569,191
	79,102	*	Syneos Health, Inc		5,781,565
	51,303	*	Syros Pharmaceuticals, Inc		43,187
	9,147	*	Talaris Therapeutics, Inc		64,578
	8,236	*	Tarsus Pharmaceuticals, Inc		150,801
	16,785	*,e	Taysha Gene Therapies, Inc		61,433
	22,671	*	TCR2 Therapeutics Inc		48,289
	10,273	*,e	Tenaya Therapeutics, Inc		94,717
	96,764	*	TG Therapeutics, Inc		671,542
	39,475	*	Theravance Biopharma, Inc		380,934
	312,604		Thermo Fisher Scientific, Inc		172,845,004
	247,260	*,e	Tonix Pharmaceuticals Holding Corp		36,075
	45,002	*	Travere Therapeutics, Inc		1,130,900
	123,515	*,e	Trevena, Inc		36,622

146

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	34,787	*	Turning Point Therapeutics Inc	$	1,024,129
	42,685	*	Twist Bioscience Corp		1,231,035
	49,399	*	Ultragenyx Pharmaceutical, Inc		3,492,015
	35,279	*	United Therapeutics Corp		6,264,139
	13,634	*,e	UroGen Pharma Ltd		96,256
	43,796	*	Vanda Pharmaceuticals, Inc		434,456
	91,912	*,e	Vaxart Inc		319,854
	30,025	*	Vaxcyte, Inc		726,905
	154,475	*,e	VBI Vaccines, Inc		193,094
	51,135	*	Veracyte, Inc		1,046,733
	130,303	*	Verastem, Inc		185,030
	35,482	*	Vericel Corp		1,011,237
	12,463	*,e	Verrica Pharmaceuticals, Inc		81,882
	201,301	*	Vertex Pharmaceuticals, Inc		54,999,459
	30,790	*,e	Verve Therapeutics, Inc		459,387
	968,023		Viatris, Inc		9,999,678
	58,971	*	Viking Therapeutics, Inc		140,351
	6,562	*	Vincerx Pharma, Inc		16,930
	46,247	*	Vir Biotechnology, Inc		941,126
	35,406	*	Viracta Therapeutics, Inc		90,285
	144,499	*	VistaGen Therapeutics, Inc		183,514
	8,814	*,e	Vor BioPharma, Inc		50,504
	48,304	*	Waters Corp		14,637,078
	37,055	*	WaVe Life Sciences Ltd		72,257
	7,962	*	Werewolf Therapeutics, Inc		35,431
	58,819		West Pharmaceutical Services, Inc		18,531,514
	14,325		XBiotech, Inc		111,162
	43,711	*	Xencor, Inc		1,091,901
	26,589	*	Y-mAbs Therapeutics, Inc		223,348
	30,704	*	Zentalis Pharmaceuticals, Inc		814,270
	168,530	*,e	ZIOPHARM Oncology, Inc		89,557
	375,725		Zoetis, Inc		66,597,256
	43,843	*,†	Zogenix, Inc		29,813
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,582,758,970
REAL ESTATE - 3.7%
	70,210		Acadia Realty Trust		1,468,793
	50,990		Agree Realty Corp		3,463,241
	59,342		Alexander & Baldwin, Inc		1,258,050
	2,420		Alexander’s, Inc		600,571
	131,279		Alexandria Real Estate Equities, Inc		23,913,783
	43,740		American Assets Trust, Inc		1,600,884
	104,739		American Campus Communities, Inc		6,773,471
	115,651		American Finance Trust, Inc		863,913
	225,541		American Homes 4 Rent		8,933,679
	357,706		American Tower Corp		86,214,300
	207,100		Americold Realty Trust		5,463,298
	121,100		Apartment Income REIT Corp		5,954,487
	113,991	*	Apartment Investment and Management Co		718,143
	165,195		Apple Hospitality REIT, Inc		2,922,300
	52,561		Armada Hoffler Properties, Inc		712,202
	21,304	*	Ashford Hospitality Trust, Inc		150,193
	109,431		AvalonBay Communities, Inc		24,893,364
	122,454		Boston Properties, Inc		14,400,590
	33,815		BraeMar Hotels & Resorts, Inc		204,919
	127,223		Brandywine Realty Trust		1,484,692

147

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	227,388		Brixmor Property Group, Inc	$	5,771,107
	118,427		Broadstone Net Lease, Inc		2,450,255
	16,295		Brt Realty Trust		356,698
	77,324		Camden Property Trust		12,131,362
	81,949		CareTrust REIT, Inc		1,328,393
	37,030		CatchMark Timber Trust, Inc		304,016
	265,232		CBRE Group, Inc		22,024,865
	11,003		Centerspace		1,015,137
	44,654	*	Chatham Lodging Trust		641,231
	47,291		City Office REIT, Inc		701,798
	8,392		Clipper Realty, Inc		74,941
	21,853		Community Healthcare Trust, Inc		804,627
	86,545		Corporate Office Properties Trust		2,309,886
	118,941		Cousins Properties, Inc		4,269,982
	340,530		Crown Castle International Corp		63,069,561
	7,449		CTO Realty Growth, Inc		475,023
	165,761		CubeSmart		7,875,305
	116,334	*	Cushman & Wakefield plc		2,082,379
	162,943	*	DiamondRock Hospitality Co		1,730,455
	222,162		Digital Realty Trust, Inc		32,462,311
	371,000	*	DigitalBridge Group, Inc		2,582,160
	177,635		Diversified Healthcare Trust		399,679
	53,964		Douglas Elliman, Inc		327,022
	127,377		Douglas Emmett, Inc		3,752,526
	298,726		Duke Realty Corp		16,355,248
	70,273		Easterly Government Properties, Inc		1,338,701
	32,530		EastGroup Properties, Inc		6,099,375
	105,979		Empire State Realty Trust, Inc		915,659
	60,011		EPR Properties		3,151,778
	70,935		Equinix, Inc		51,007,940
	78,539	*	Equity Commonwealth		2,056,936
	138,015		Equity Lifestyle Properties, Inc		10,665,799
	289,431		Equity Residential		23,588,626
	92,757		Essential Properties Realty Trust, Inc		2,226,168
	51,141		Essex Property Trust, Inc		16,839,197
	54,311	e	eXp World Holdings Inc		727,224
	103,454		Extra Space Storage, Inc		19,656,260
	21,817		Farmland Partners, Inc		321,146
	5,366	*,e	Fathom Holdings, Inc		39,816
	60,145		Federal Realty Investment Trust		7,040,574
	98,928		First Industrial Realty Trust, Inc		5,737,824
	23,804	*	Forestar Group, Inc		388,243
	66,816		Four Corners Property Trust, Inc		1,834,767
	85,813		Franklin Street Properties Corp		442,795
	6,315	*	FRP Holdings, Inc		356,861
	182,432		Gaming and Leisure Properties, Inc		8,096,332
	41,861		Getty Realty Corp		1,126,480
	38,328		Gladstone Commercial Corp		806,421
	23,351		Gladstone Land Corp		849,976
	56,370		Global Medical REIT, Inc		832,021
	99,221		Global Net Lease, Inc		1,392,071
	112,154		Healthcare Realty Trust, Inc		3,037,130
	167,768		Healthcare Trust of America, Inc		5,110,213
	418,144		Healthpeak Properties Inc		13,719,305
	41,958	*	Hersha Hospitality Trust		410,349
	79,284		Highwoods Properties, Inc		3,237,959

148

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	555,895		Host Hotels and Resorts, Inc	$	11,312,463
	33,686	*	Howard Hughes Corp		3,378,369
	115,833		Hudson Pacific Properties		2,696,592
	166,086		Independence Realty Trust, Inc		4,527,504
	3,478		Indus Realty Trust, Inc		248,503
	53,373		Industrial Logistics Properties Trust		862,508
	18,233		Innovative Industrial Properties, Inc		2,636,309
	469,037		Invitation Homes, Inc		18,677,053
	222,921		Iron Mountain, Inc		11,977,545
	58,158		iStar Inc		979,381
	95,575		JBG SMITH Properties		2,519,357
	40,129	*	Jones Lang LaSalle, Inc		8,777,416
	101,518		Kennedy-Wilson Holdings, Inc		2,289,231
	88,635		Kilroy Realty Corp		6,204,450
	453,038		Kimco Realty Corp		11,475,453
	172,019		Kite Realty Group Trust		3,836,024
	68,714		Lamar Advertising Co		7,586,713
	208,014		Lexington Realty Trust		2,610,576
	63,043		Life Storage, Inc		8,352,567
	33,190		LTC Properties, Inc		1,095,270
	165,230		Macerich Co		2,073,636
	78,051	*	Mack-Cali Realty Corp		1,249,597
	21,606		Marcus & Millichap, Inc		967,733
	458,597		Medical Properties Trust, Inc		8,433,599
	90,504		Mid-America Apartment Communities, Inc		17,800,327
	37,480		National Health Investors, Inc		1,931,344
	142,363		National Retail Properties, Inc		6,241,194
	65,528		National Storage Affiliates Trust		3,708,885
	29,806		NETSTREIT Corp		644,406
	142,665		Newmark Group, Inc		1,733,380
	18,594		NexPoint Residential Trust, Inc		1,657,841
	44,187		Office Properties Income Trust		955,323
	185,007		Omega Healthcare Investors, Inc		4,713,978
	17,852		One Liberty Properties, Inc		511,460
	347,801	*,e	Opendoor Technologies, Inc		2,431,129
	39,959		Orion Office REIT, Inc		536,250
	109,833		Outfront Media, Inc		2,811,725
	138,584		Paramount Group, Inc		1,317,934
	185,936		Park Hotels & Resorts, Inc		3,664,799
	104,427		Pebblebrook Hotel Trust		2,550,107
	89,700		Phillips Edison & Co, Inc		3,037,242
	165,274		Physicians Realty Trust		2,832,796
	103,397		Piedmont Office Realty Trust, Inc		1,664,692
	23,260		Plymouth Industrial REIT, Inc		561,031
	15,840		Postal Realty Trust, Inc		266,587
	51,676		PotlatchDeltic Corp		2,862,334
	39,737		Preferred Apartment Communities, Inc		988,657
	584,021		Prologis, Inc		93,612,726
	15,747		PS Business Parks, Inc		2,947,838
	119,708		Public Storage, Inc		44,471,522
	115,081		Rayonier, Inc		4,971,499
	11,250		Re/Max Holdings, Inc		263,925
	99,115	*	Realogy Holdings Corp		1,086,300
	447,125		Realty Income Corp		31,012,590
	77,248	*,e	Redfin Corp		861,315
	132,370		Regency Centers Corp		9,111,027

149

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	97,039		Retail Opportunities Investment Corp	$	1,807,837
	128,279		Rexford Industrial Realty, Inc		10,010,893
	124,379		RLJ Lodging Trust		1,743,794
	12,116		RMR Group, Inc		330,524
	78,490		RPT Realty		1,043,132
	41,554	*	Ryman Hospitality Properties		3,884,468
	168,366		Sabra Healthcare REIT, Inc		1,966,515
	14,934		Safehold, Inc		642,909
	10,022		Saul Centers, Inc		517,235
	85,870		SBA Communications Corp		29,806,336
	27,860	*	Seritage Growth Properties		275,814
	155,385		Service Properties Trust		1,261,726
	258,739		Simon Property Group, Inc		30,531,202
	128,685		SITE Centers Corp		2,046,092
	51,778		SL Green Realty Corp		3,584,073
	101,055		Spirit Realty Capital, Inc		4,390,840
	29,663		St. Joe Co		1,578,368
	137,773		STAG Industrial, Inc		5,141,688
	186,206		STORE Capital Corp		5,293,837
	96,563	*	Summit Hotel Properties, Inc		953,077
	91,029		Sun Communities, Inc		15,981,962
	164,654	*	Sunstone Hotel Investors, Inc		2,017,012
	75,473		Tanger Factory Outlet Centers, Inc		1,217,379
	24,087	*	Tejon Ranch Co		441,033
	58,918		Terreno Realty Corp		4,286,285
	248,755		UDR, Inc		13,236,254
	38,434		UMH Properties, Inc		903,968
	162,883		Uniti Group, Inc		2,018,120
	10,411		Universal Health Realty Income Trust		522,528
	86,312		Urban Edge Properties		1,613,171
	26,203		Urstadt Biddle Properties, Inc (Class A)		454,622
	315,205		Ventas, Inc		17,509,638
	664,600		VICI Properties, Inc		19,811,726
	135,904		Vornado Realty Trust		5,260,844
	71,738		Washington REIT		1,728,168
	345,555		Welltower, Inc		31,379,850
	591,358		Weyerhaeuser Co		24,375,777
	32,454		Whitestone REIT		394,316
	147,620		WP Carey, Inc		11,923,267
	95,278	*	Xenia Hotels & Resorts, Inc		1,837,913
	45,669	*	Zillow Group, Inc (Class A)		1,765,107
	131,934	*	Zillow Group, Inc (Class C)		5,253,612
			TOTAL REAL ESTATE		1,219,617,710
RETAILING - 5.6%
	20,109	*	1-800-FLOWERS.COM, Inc (Class A)		205,112
	25,901		Aaron’s Co, Inc		531,748
	48,946	*	Abercrombie & Fitch Co (Class A)		1,692,553
	59,768		Academy Sports & Outdoors, Inc		2,232,932
	50,551		Advance Auto Parts, Inc		10,091,496
	344,518	*	Amazon.com, Inc		856,344,276
	117,434	e	American Eagle Outfitters, Inc		1,774,428
	4,579	*	America’s Car-Mart, Inc		370,212
	91,405		Arko Corp		847,324
	17,853	*	Asbury Automotive Group, Inc		3,279,775
	32,010	*	Autonation, Inc		3,710,279

150

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	16,232	*	AutoZone, Inc	$	31,741,189
	66,315	*	Barnes & Noble Education, Inc		201,598
	190,066		Bath & Body Works, Inc		10,052,591
	77,556	*,e	Bed Bath & Beyond, Inc		1,055,537
	191,415		Best Buy Co, Inc		17,213,951
	16,018	e	Big 5 Sporting Goods Corp		231,780
	26,843	e	Big Lots, Inc		829,449
	22,700	*	Boot Barn Holdings, Inc		2,044,362
	22,567		Buckle, Inc		700,931
	51,643	*	Burlington Stores, Inc		10,512,449
	28,050		Caleres, Inc		643,186
	32,088	e	Camping World Holdings, Inc		824,020
	129,445	*,e	CarLotz, Inc		114,934
	127,024	*	CarMax, Inc		10,896,119
	35,828	*	CarParts.com, Inc		214,610
	76,625	*	Carvana Co		4,441,185
	26,548		Cato Corp (Class A)		359,725
	105,197	*	Chico’s FAS, Inc		557,544
	10,763	*	Children’s Place, Inc		498,650
	6,729	*	Citi Trends, Inc		188,210
	13,492	*	Conn’s, Inc		211,150
	24,197	*	Container Store Group, Inc		185,107
	45,743		Designer Brands, Inc		632,168
	48,883	e	Dick’s Sporting Goods, Inc		4,713,299
	4,739	e	Dillard’s, Inc (Class A)		1,439,756
	184,081		Dollar General Corp		43,724,760
	175,467	*	Dollar Tree, Inc		28,504,614
	115,937	*	DoorDash, Inc		9,440,750
	9,258	*	Duluth Holdings, Inc		113,410
	495,908		eBay, Inc		25,747,543
	98,725	*	Etsy, Inc		9,200,183
	42,825	*	Five Below, Inc		6,727,807
	79,123	*	Floor & Decor Holdings, Inc		6,307,686
	68,071		Foot Locker, Inc		1,995,161
	21,367		Franchise Group, Inc		796,775
	16,819	*	Funko, Inc		273,982
	51,530	*	GameStop Corp (Class A)		6,444,857
	171,695		Gap, Inc		2,132,452
	11,254	*	Genesco, Inc		698,086
	108,450		Genuine Parts Co		14,103,922
	34,274	*,e	Greenlane Holdings Inc		11,825
	13,357		Group 1 Automotive, Inc		2,325,988
	18,048	*,e	Groupon, Inc		352,116
	40,788	*,e	GrowGeneration Corp		241,057
	40,172		Guess?, Inc		902,665
	12,488	e	Haverty Furniture Cos, Inc		310,077
	12,350		Hibbett Sports, Inc		533,273
	828,957		Home Depot, Inc		249,018,683
	26,535	e	JOANN, Inc		277,025
	10,575	*,e	Kirkland’s, Inc		76,457
	111,377		Kohl’s Corp		6,446,501
	11,048	*	Lands’ End, Inc		154,893
	5,555	*,e	Lazydays Holdings, Inc		107,934
	123,760	*	Leslie’s, Inc		2,425,696
	21,175	*	Liquidity Services, Inc		305,343
	22,885		Lithia Motors, Inc (Class A)		6,479,430

151

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	211,682		LKQ Corp	$	10,505,778
	532,231		Lowe’s Companies, Inc		105,238,036
	23,238	*	Lumber Liquidators, Inc		320,917
	243,089		Macy’s, Inc		5,875,461
	15,369	*	MarineMax, Inc		628,899
	25,760		Monro Muffler, Inc		1,178,005
	18,977		Murphy USA, Inc		4,433,027
	62,250	*	National Vision Holdings, Inc		2,343,712
	88,988		Nordstrom, Inc		2,286,992
	36,954	*	ODP Corp		1,590,131
	50,189	*	Ollie’s Bargain Outlet Holdings, Inc		2,411,581
	7,760		OneWater Marine, Inc		253,674
	52,592	*	O’Reilly Automotive, Inc		31,899,678
	33,221	*,e	Overstock.com, Inc		1,114,897
	85,186	*	Party City Holdco, Inc		263,225
	24,321		Penske Auto Group, Inc		2,549,327
	41,278	*,e	Petco Health & Wellness Co, Inc		795,014
	15,878	e	PetMed Express, Inc		347,728
	30,740		Pool Corp		12,456,463
	56,887	*	Porch Group, Inc		210,482
	61,858	*	Quotient Technology, Inc		328,466
	282,750		Qurate Retail Group, Inc QVC Group		1,190,378
	59,267	*	RealReal, Inc		321,227
	89,924		Rent-A-Center, Inc		2,168,967
	27,156	*	Revolve Group, Inc		1,147,613
	13,605	*	RH		4,572,913
	277,595		Ross Stores, Inc		27,695,653
	85,693	*	Sally Beauty Holdings, Inc		1,295,678
	152,200	*,e	Shift Technologies, Inc		203,948
	11,037		Shoe Carnival, Inc		333,207
	17,717		Shutterstock, Inc		1,341,531
	40,854		Signet Jewelers Ltd		2,867,951
	18,059	*	Sleep Number Corp		732,473
	18,582		Sonic Automotive, Inc (Class A)		790,664
	32,181	*	Sportsman’s Warehouse Holdings, Inc		309,259
	60,448	*	Stitch Fix Inc		574,256
	382,535		Target Corp		87,466,628
	17,146		Tilly’s, Inc		151,228
	945,828		TJX Companies, Inc		57,960,340
	22,051	*,e	Torrid Holdings, Inc		129,219
	89,000		Tractor Supply Co		17,929,050
	9,582	*	TravelCenters of America, Inc		364,212
	41,944	*	Ulta Beauty, Inc		16,643,379
	55,782	*	Urban Outfitters, Inc		1,327,612
	58,159	*	Victoria’s Secret & Co		2,740,452
	251,058	*,e	Vroom, Inc		391,650
	59,379	*,e	Wayfair, Inc		4,568,620
	57,618		Williams-Sonoma, Inc		7,517,997
	3,307		Winmark Corp		671,982
	21,243	*,e	Xometry, Inc		697,195
	17,633	*	Zumiez, Inc		645,897
			TOTAL RETAILING		1,839,547,258

152

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0%
	1,303,960	*	Advanced Micro Devices, Inc	$	111,514,659
	36,804	*	Allegro MicroSystems, Inc		894,705
	16,124	*	Alpha & Omega Semiconductor Ltd		691,720
	27,295	*	Ambarella, Inc		2,240,374
	79,493		Amkor Technology, Inc		1,495,263
	414,079		Analog Devices, Inc		63,925,516
	699,760		Applied Materials, Inc		77,218,516
	16,289	*,e	Atomera, Inc		170,220
	24,848	*	Axcelis Technologies, Inc		1,352,974
	30,647	*	AXT, Inc		180,817
	320,911		Broadcom, Inc		177,909,849
	58,078		Brooks Automation, Inc		4,353,527
	17,599	*	Ceva, Inc		639,548
	45,267	*	Cirrus Logic, Inc		3,431,239
	22,247		CMC Materials, Inc		3,980,211
	36,109	*	Cohu, Inc		959,055
	33,430	*	Diodes, Inc		2,441,393
	103,516	*	Enphase Energy, Inc		16,707,482
	107,781		Entegris, Inc		12,005,726
	82,514	*	First Solar, Inc		6,025,997
	65,638	*	Formfactor, Inc		2,501,464
	42,425	*	GLOBALFOUNDRIES, Inc		2,218,403
	21,380	*	Ichor Holdings Ltd		622,372
	13,316	*	Impinj, Inc		655,946
	3,219,647		Intel Corp		140,344,413
	119,827		KLA Corp		38,255,968
	71,387	*,e	Kopin Corp		114,219
	47,137		Kulicke & Soffa Industries, Inc		2,187,628
	111,108		Lam Research Corp		51,749,662
	104,686	*	Lattice Semiconductor Corp		5,029,115
	37,339	*	MACOM Technology Solutions Holdings, Inc		1,902,422
	665,391		Marvell Technology, Inc		38,645,909
	54,765	*	MaxLinear, Inc		2,621,601
	125,528	*,e	Meta Materials, Inc		150,634
	431,107		Microchip Technology, Inc		28,108,176
	888,479		Micron Technology, Inc		60,585,383
	44,088		MKS Instruments, Inc		5,025,150
	36,341		Monolithic Power Systems, Inc		14,254,394
	39,655	*	Nanometrics, Inc		2,821,057
	44,347	*	NeoPhotonics Corp Ltd		671,414
	4,170		NVE Corp		193,405
	1,898,749		NVIDIA Corp		352,160,977
	209,489		NXP Semiconductors NV		35,801,670
	336,482	*	ON Semiconductor Corp		17,534,077
	22,434	*	PDF Solutions, Inc		521,590
	51,560	*	Photronics, Inc		772,884
	48,003		Power Integrations, Inc		3,840,240
	87,656	*	Qorvo, Inc		9,973,500
	892,591		QUALCOMM, Inc		124,686,037
	84,439	*	Rambus, Inc		2,103,375
	52,459	*	Semtech Corp		3,126,556
	32,793	*	Silicon Laboratories, Inc		4,424,104
	12,310	*	SiTime Corp		2,075,097
	3,881	*,e	SkyWater Technology, Inc		23,752
	131,373		Skyworks Solutions, Inc		14,884,561
	36,959	*	SMART Global Holdings, Inc		837,491

153

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	60,658	*,e	SunPower Corp	$	1,001,464
	31,257	*	Synaptics, Inc		4,639,789
	130,246		Teradyne, Inc		13,735,743
	736,506		Texas Instruments, Inc		125,390,146
	32,932	*	Ultra Clean Holdings		1,026,490
	33,606		Universal Display Corp		4,292,494
	38,313	*	Veeco Instruments, Inc		878,134
	89,822	*	Wolfspeed Inc		8,237,576
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,618,765,273
SOFTWARE & SERVICES - 13.6%
	80,969	*	8x8, Inc		742,486
	41,224		A10 Networks, Inc		588,679
	506,282		Accenture plc		152,066,862
	88,969	*	ACI Worldwide, Inc		2,457,324
	375,333	*	Adobe, Inc		148,613,101
	16,639	*	Agilysys, Inc		612,482
	128,086	*	Akamai Technologies, Inc		14,381,496
	36,302	*	Alarm.com Holdings, Inc		2,217,326
	21,105	*,e	Alkami Technology, Inc		276,475
	37,151	*,e	Altair Engineering, Inc		2,018,042
	44,748	*	Alteryx, Inc		2,872,822
	98,568		Amdocs Ltd		7,854,884
	27,834		American Software, Inc (Class A)		475,961
	113,617	*	Anaplan, Inc		7,383,969
	69,425	*	Ansys, Inc		19,139,778
	14,183	*	Appfolio, Inc		1,473,046
	30,205	*,e	Appian Corp		1,443,799
	56,062	*,e	Asana, Inc		1,502,462
	53,361	*	Aspen Technology, Inc		8,459,853
	110,736	*	Atlassian Corp plc		24,896,775
	174,189	*	Autodesk, Inc		32,970,494
	336,302		Automatic Data Processing, Inc		73,374,370
	66,624	*	Avalara, Inc		5,068,088
	66,174	*	Avaya Holdings Corp		612,109
	18,580	*,e	AvidXchange Holdings, Inc		152,170
	25,395	*	Benefitfocus, Inc		270,457
	112,179		Bentley Systems, Inc		4,755,268
	36,148	*	BigCommerce Holdings, Inc		645,965
	74,065	*	Bill.Com Holdings, Inc		12,643,636
	118,237	*	Black Knight, Inc		7,778,812
	36,670	*	Blackbaud, Inc		2,127,227
	41,646	*	Blackline, Inc		2,792,364
	387,805	*	Block, Inc		38,602,110
	37,832	*	Bottomline Technologies, Inc		2,142,048
	110,923	*	Box, Inc		3,396,462
	38,126		Bread Financial Holdings, Inc		2,089,305
	27,196	*	Brightcove, Inc		191,732
	92,121		Broadridge Financial Solutions, Inc		13,277,400
	69,174	*	BTRS Holdings, Inc		464,849
	53,262	*,e	C3.ai, Inc		904,921
	218,594	*	Cadence Design Systems, Inc		32,974,905
	44,004	*	Cantaloupe, Inc		240,702
	11,050		Cass Information Systems, Inc		427,745
	93,197		CDK Global, Inc		5,070,849
	28,638	*	Cerence Inc		844,821
	101,143	*	Ceridian HCM Holding, Inc		5,677,157

154

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	21,983	*	ChannelAdvisor Corp	$	318,973
	98,424		Citrix Systems, Inc		9,852,242
	24,736	*,e	Cleanspark, Inc		160,537
	206,771	*	Cloudflare, Inc		17,811,254
	417,616		Cognizant Technology Solutions Corp (Class A)		33,785,134
	38,311	*	Commvault Systems, Inc		2,336,971
	33,775		Concentrix Corp		5,318,887
	136,953	*	Conduent, Inc		771,045
	11,171	*	Consensus Cloud Solutions, Inc		588,935
	23,931	*	Couchbase, Inc		406,827
	56,974	*	Coupa Software, Inc		4,916,856
	158,365	*	Crowdstrike Holdings, Inc		31,476,627
	9,750	*,e	CS Disco, Inc		299,422
	27,043		CSG Systems International, Inc		1,662,333
	201,903	*	Datadog, Inc		24,385,844
	20,090	*	Datto Holding Corp		697,123
	10,173	*,e	Digimarc Corp		263,176
	70,760	*	Digital Turbine, Inc		2,239,554
	39,319	*	DigitalOcean Holdings, Inc		1,550,348
	152,103	*	DocuSign, Inc		12,320,343
	52,134		Dolby Laboratories, Inc (Class A)		4,038,821
	20,918	*	Domo, Inc		866,424
	47,093	*	DoubleVerify Holdings, Inc		1,024,273
	239,768	*	Dropbox, Inc		5,214,954
	56,515	*	Duck Creek Technologies, Inc		900,284
	195,306	*	DXC Technology Co		5,605,282
	157,670	*	Dynatrace, Inc		6,048,221
	152,822	*,e	E2open Parent Holdings, Inc		1,182,842
	20,502		Ebix, Inc		610,960
	17,054	*	eGain Corp		176,509
	60,393	*	Elastic NV		4,598,323
	16,370	*	Enfusion, Inc		209,045
	12,068	*	EngageSmart, Inc		251,980
	43,493	*	Envestnet, Inc		3,463,783
	42,461	*	EPAM Systems, Inc		11,251,740
	39,210	*	Euronet Worldwide, Inc		4,769,896
	28,541	*	Everbridge, Inc		1,230,117
	11,625	*	EverCommerce, Inc		143,918
	47,756		EVERTEC, Inc		1,881,586
	35,747	*	Evo Payments, Inc		805,380
	25,180	*	ExlService Holdings, Inc		3,428,257
	20,479	*	Fair Isaac Corp		7,649,111
	82,247	*	Fastly, Inc		1,307,727
	480,845		Fidelity National Information Services, Inc		47,675,782
	178,699	*	FireEye, Inc		3,927,804
	472,820	*	Fiserv, Inc		46,298,534
	52,489	*	Five9, Inc		5,779,039
	63,518	*	FleetCor Technologies, Inc		15,849,011
	46,691	*	Flywire Corp		1,424,542
	109,112	*	Fortinet, Inc		31,534,459
	63,701	*	Gartner, Inc		18,508,326
	146,395		Genpact Ltd		5,895,327
	223,913		Global Payments, Inc		30,671,603
	32,209	*	Globant S.A.		6,956,822
	135,526	*	GoDaddy, Inc		10,951,856
	12,478	*,e	GreenBox POS		45,046
	33,757	*	Grid Dynamics Holdings, Inc		469,897

155

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	1,410	*	GTY Technology Holdings Inc	$	8,587
	67,262	*	Guidewire Software, Inc		5,847,758
	19,483		Hackett Group, Inc		457,656
	35,685	*	HubSpot, Inc		13,539,960
	15,281	*	I3 Verticals, Inc		419,463
	24,792	*	Informatica, Inc		482,452
	8,671	*	Instructure Holdings, Inc		156,945
	7,613	*	Intapp, Inc		189,868
	8,699	*,e	Intelligent Systems Corp		198,250
	25,045		InterDigital, Inc		1,423,808
	706,580		International Business Machines Corp		93,416,942
	24,509	*	International Money Express Inc		486,994
	209,793		Intuit, Inc		87,850,819
	58,509		Jack Henry & Associates, Inc		11,092,136
	41,788	*	Jamf Holding Corp		1,287,070
	38,949	*	JFrog Ltd		812,866
	174,055	*	Kyndryl Holdings, Inc		2,069,514
	94,577	*	Limelight Networks, Inc		337,640
	48,836	*	Liveperson, Inc		1,104,670
	50,165	*	LiveRamp Holdings, Inc		1,571,168
	50,671	*	Manhattan Associates, Inc		6,615,099
	79,398	*,e	Marathon Digital Holdings, Inc		1,238,609
	685,501		Mastercard, Inc (Class A)		249,097,353
	47,340		MAXIMUS, Inc		3,450,139
	8,990	*,e	MeridianLink, Inc		145,189
	5,982,112		Microsoft Corp		1,660,155,722
	7,356	*,e	MicroStrategy, Inc (Class A)		2,605,275
	59,748	*	Mimecast Ltd		4,760,721
	32,077	*	Mitek Systems, Inc		358,300
	26,865	*	Model N, Inc		694,192
	89,240	*	MoneyGram International, Inc		904,001
	50,323	*	MongoDB, Inc		17,861,142
	26,182	*	N-Able, Inc		261,820
	41,770	*,e	nCino OpCo, Inc		1,565,957
	99,167	*	NCR Corp		3,473,820
	40,047	*	New Relic, Inc		2,533,774
	441,101		NortonLifelock, Inc		11,045,169
	163,731	*	Nutanix, Inc		4,098,187
	99,397	*	Okta, Inc		11,859,056
	20,114	*	ON24, Inc		254,844
	26,135	*	OneSpan, Inc		369,288
	1,290,186		Oracle Corp		94,699,652
	60,897	*	Pagerduty, Inc		1,739,827
	1,317,629	*	Palantir Technologies, Inc		13,703,342
	78,150	*	Palo Alto Networks, Inc		43,864,032
	61,800	*	Paya Holdings, Inc		314,562
	255,539		Paychex, Inc		32,384,457
	39,162	*	Paycom Software, Inc		11,022,928
	40,991	*	Paycor HCM, Inc		1,009,608
	31,566	*	Paylocity Holding Corp		5,985,861
	931,402	*	PayPal Holdings, Inc		81,898,178
	318,648	*	Paysafe Ltd		885,841
	31,477		Pegasystems, Inc		2,410,823
	25,019	*	Perficient, Inc		2,487,139
	46,213	*	Ping Identity Holding Corp		1,207,546
	46,139	*	Procore Technologies, Inc		2,559,330

156

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	36,290		Progress Software Corp	$	1,741,194
	31,004	*	PROS Holdings, Inc		865,942
	83,756	*	PTC, Inc		9,565,773
	41,416	*	Q2 Holdings, Inc		2,142,450
	27,525	*	Qualys, Inc		3,751,107
	40,695	*,e	Rackspace Technology, Inc		402,474
	43,257	*	Rapid7, Inc		4,131,909
	23,674	*,e	Rekor Systems, Inc		70,312
	8,547	*	Remitly Global, Inc		94,872
	66,056	*	Repay Holdings Corp		883,829
	39,817	*	Rimini Street, Inc		229,346
	63,654	*	RingCentral, Inc		5,401,042
	86,085	*,e	Riot Blockchain, Inc		872,902
	247,088	*	Sabre Corp		2,587,011
	69,154	*	SailPoint Technologies Holding, Inc		4,414,100
	740,250	*	salesforce.com, Inc		130,239,585
	23,490	*	Sapiens International Corp NV		545,908
	6,388	*	SecureWorks Corp		70,524
	158,277	*	ServiceNow, Inc		75,672,234
	33,189	*	Shift4 Payments, Inc		1,741,095
	6,847	*	ShotSpotter, Inc		187,950
	94,520	*	Smartsheet, Inc		4,568,152
	44,616	*	Smith Micro Software, Inc		137,417
	159,776	*	Snowflake, Inc		27,391,997
	27,775		SolarWinds Corp		343,577
	127,461	*	Splunk, Inc		15,552,791
	34,888	*	Sprout Social, Inc		2,137,937
	29,309	*	SPS Commerce, Inc		3,506,236
	176,748		SS&C Technologies Holdings, Inc		11,428,526
	552	*	StarTek, Inc		2,070
	171,845	*	StoneCo Ltd		1,618,780
	61,561	*	Sumo Logic, Inc		577,442
	97,569	*	SVMK, Inc		1,543,542
	94,236		Switch, Inc		2,813,887
	120,700	*	Synopsys, Inc		34,615,553
	29,649	*	Telos Corp		230,966
	74,753	*	Tenable Holdings, Inc		4,128,608
	87,924	*	Teradata Corp		3,635,657
	344,601	*	Trade Desk, Inc		20,303,891
	14,025		TTEC Holdings, Inc		1,035,185
	7,649	*,e	Tucows, Inc		440,735
	31,716	*	Turing Holding Corp		587,063
	132,082	*	Twilio, Inc		14,769,409
	32,199	*	Tyler Technologies, Inc		12,709,267
	47,903	*	Unisys Corp		680,702
	119,404	*	Unity Software, Inc		7,929,620
	21,072	*	Upland Software, Inc		314,394
	82,404	*	Varonis Systems, Inc		3,559,853
	50,197	*	Verint Systems, Inc		2,738,748
	77,414	*	VeriSign, Inc		13,833,108
	16,429	*,e	Veritone, Inc		177,926
	110,081	*	Verra Mobility Corp		1,544,436
	8,329	*	Viant Technology, Inc		48,975
	48,159	*,e	VirnetX Holding Corp		68,386
	1,317,155		Visa, Inc (Class A)		280,725,245
	177,455		VMware, Inc (Class A)		19,172,238

157

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	197,024	*	Vonage Holdings Corp	$	3,932,599
	310,877		Western Union Co		5,210,299
	34,734	*	WEX, Inc		5,774,180
	41,065	*	Wix.com Ltd		3,098,765
	151,851	*	Workday, Inc		31,387,602
	32,990	*	Workiva, Inc		3,183,865
	78,779		Xperi Holding Corp		1,228,952
	84,797	*	Yext, Inc		490,975
	96,112	*	Zendesk, Inc		11,729,508
	173,081	*	Zoom Video Communications, Inc		17,233,675
	63,273	*	Zscaler, Inc		12,827,968
	85,083	*	Zuora Inc		1,035,460
			TOTAL SOFTWARE & SERVICES		4,432,676,575
TECHNOLOGY HARDWARE & EQUIPMENT - 7.7%
	93,330	*	3D Systems Corp		1,058,362
	14,000	*	908 Devices, Inc		248,500
	35,686		Adtran, Inc		620,580
	29,347		Advanced Energy Industries, Inc		2,245,633
	81,605	*,e	Aeva Technologies, Inc		267,664
	32,905	*,e	Akoustis Technologies, Inc		146,098
	464,902		Amphenol Corp (Class A)		33,240,493
	12,252,148		Apple, Inc		1,931,551,132
	191,772	*	Arista Networks, Inc		22,163,090
	61,760	*	Arlo Technologies, Inc		478,022
	52,747	*	Arrow Electronics, Inc		6,216,761
	7,328	*	Aviat Networks, Inc		219,107
	27,434	*	Avid Technology, Inc		869,932
	73,643		Avnet, Inc		3,215,253
	22,437		Badger Meter, Inc		1,810,442
	33,419		Belden CDT, Inc		1,725,423
	28,683		Benchmark Electronics, Inc		681,508
	21,606	*	CalAmp Corp		118,185
	42,216	*	Calix, Inc		1,684,841
	7,538	*	Cambium Networks Corp		115,105
	33,928	*	Casa Systems, Inc		166,247
	107,706		CDW Corp		17,575,465
	122,588	*	Ciena Corp		6,763,180
	3,363,231		Cisco Systems, Inc		164,731,054
	7,678	*	Clearfield, Inc		447,090
	135,802		Cognex Corp		9,184,289
	18,994	*	Coherent, Inc		5,088,493
	151,613	*	CommScope Holding Co, Inc		914,226
	18,962		Comtech Telecommunications Corp		257,883
	604,793		Corning, Inc		21,282,666
	19,947	*,e	Corsair Gaming, Inc		301,798
	24,590		CTS Corp		869,748
	21,059	*	Daktronics, Inc		70,548
	216,476		Dell Technologies, Inc		10,176,537
	62,918	*	Diebold, Inc		257,964
	24,428	*	Digi International, Inc		462,178
	12,695	*	DZS, Inc		153,483
	42,963	*,e	Eastman Kodak Co		222,119
	27,619	*	EMCORE Corp		95,286
	20,216	*	ePlus, Inc		1,141,800
	92,854	*	Extreme Networks, Inc		891,398

158

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	48,556	*	F5 Networks, Inc	$	8,128,760
	29,342	*	Fabrinet		2,881,091
	14,511	*	FARO Technologies, Inc		497,582
	67,921	*	Harmonic, Inc		563,744
	1,024,677		Hewlett Packard Enterprise Co		15,790,273
	856,010		HP, Inc		31,355,646
	15,569	*	Identiv, Inc		189,786
	81,854	*	II-VI, Inc		5,010,283
	134,931	*	Infinera Corp		1,037,619
	63,430	*,e	Inseego Corp		180,776
	25,303	*	Insight Enterprises, Inc		2,514,359
	28,045	*	IPG Photonics Corp		2,649,692
	15,183	*	Iteris, Inc		39,172
	34,094	*	Itron, Inc		1,629,011
	113,681		Jabil Inc		6,562,804
	257,168		Juniper Networks, Inc		8,105,935
	145,230	*	Keysight Technologies, Inc		20,371,412
	14,794	*	Kimball Electronics, Inc		263,925
	63,212	*	Knowles Corp		1,170,686
	6,399	*	KVH Industries, Inc		51,000
	18,313		Littelfuse, Inc		4,198,255
	57,817	*	Lumentum Holdings, Inc		4,695,319
	23,038	*	Luna Innovations, Inc		127,170
	29,619		Methode Electronics, Inc		1,321,304
	132,689	*,e	Microvision, Inc		428,586
	131,971		Motorola Solutions, Inc		28,200,883
	18,860	*	Napco Security Technologies, Inc		330,050
	102,594		National Instruments Corp		3,707,747
	175,786		NetApp, Inc		12,876,325
	24,521	*	Netgear, Inc		532,106
	54,736	*	Netscout Systems, Inc		1,685,869
	32,078	*	nLight, Inc		421,826
	27,122	*	Novanta, Inc		3,490,601
	12,970	*	OSI Systems, Inc		1,025,927
	89,933	*,e	Ouster, Inc		297,678
	17,935	*,e	PAR Technology Corp		592,572
	9,082		PC Connection, Inc		449,468
	32,451	*	Plantronics, Inc		1,293,497
	22,542	*	Plexus Corp		1,829,058
	216,071	*	Pure Storage, Inc		6,330,880
	60,042	*,e	Quantum Corp		112,279
	58,048	*	Ribbon Communications, Inc		200,266
	14,420	*	Rogers Corp		3,903,782
	48,189	*	Sanmina Corp		1,970,448
	19,807	*	Scansource, Inc		678,192
	35,032	*	Super Micro Computer, Inc		1,474,847
	31,643		SYNNEX Corp		3,167,148
	36,222	*	Teledyne Technologies, Inc		15,631,604
	200,582	*	Trimble Inc		13,378,819
	76,878	*	TTM Technologies, Inc		1,072,448
	11,009	*	Turtle Beach Corp		183,190
	5,566	e	Ubiquiti, Inc		1,571,004
	53,544	*	Velodyne Lidar, Inc		100,663
	53,957	*	Viasat, Inc		1,986,157
	194,238	*	Viavi Solutions, Inc		2,785,373
	96,525		Vishay Intertechnology, Inc		1,798,261

159

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	9,429	*	Vishay Precision Group, Inc	$	294,279
	130,144		Vontier Corp		3,334,289
	248,076	*	Western Digital Corp		13,165,393
	102,726		Xerox Holdings Corp		1,787,432
	42,428	*	Zebra Technologies Corp (Class A)		15,683,935
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,516,838,069
TELECOMMUNICATION SERVICES - 1.0%
	8,408	*	Anterix, Inc		435,871
	5,656,916		AT&T, Inc		106,689,436
	5,840		ATN International, Inc		230,680
	17,300	*	Bandwidth Inc		382,676
	33,327		Cogent Communications Group, Inc		1,949,630
	70,859	*	Consolidated Communications Holdings, Inc		421,611
	37,068	*	EchoStar Corp (Class A)		865,538
	458,237	*,e	Globalstar, Inc		531,555
	44,664	*,e	Gogo, Inc		822,264
	15,140	*	IDT Corp (Class B)		400,907
	93,288	*	Iridium Communications, Inc		3,331,314
	27,165	*	Liberty Latin America Ltd (Class A)		251,005
	118,887	*	Liberty Latin America Ltd (Class C)		1,098,516
	807,168		Lumen Technologies, Inc		8,120,110
	22,870	*	Ooma, Inc		293,651
	44,420	*	Radius Global Infrastructure, Inc		551,696
	38,595		Shenandoah Telecom Co		779,619
	91,530		Telephone & Data Systems, Inc		1,676,830
	10,072	*,e	Telesat Corp		113,209
	465,953	*	T-Mobile US, Inc		57,377,452
	20,445	*	US Cellular Corp		588,407
	3,324,020		Verizon Communications, Inc		153,902,126
			TOTAL TELECOMMUNICATION SERVICES		340,814,103
TRANSPORTATION - 1.9%
	44,939	*	Air Transport Services Group, Inc		1,406,591
	95,747	*	Alaska Air Group, Inc		5,207,679
	11,636	*	Allegiant Travel Co		1,805,791
	7,059		Amerco, Inc		3,779,953
	501,523	*,e	American Airlines Group, Inc		9,413,587
	19,944		ArcBest Corp		1,439,159
	22,110	*	Atlas Air Worldwide Holdings, Inc		1,524,263
	32,996	*	Avis Budget Group, Inc		8,832,039
	103,346		CH Robinson Worldwide, Inc		10,970,178
	24,804	*	Copa Holdings S.A. (Class A)		1,869,477
	48,562		Costamare, Inc		651,216
	15,394		Covenant Transportation Group, Inc		316,193
	1,742,769		CSX Corp		59,846,687
	35,358	*	Daseke, Inc		297,007
	500,476	*	Delta Air Lines, Inc		21,535,482
	7,694		Eagle Bulk Shipping, Inc		478,875
	133,991		Expeditors International of Washington, Inc		13,274,488
	193,615		FedEx Corp		38,479,045
	20,532		Forward Air Corp		1,990,988
	26,908	*,e	Frontier Group Holdings, Inc		285,494
	23,696		Genco Shipping & Trading Ltd		522,023
	77,961	*	GXO Logistics, Inc		4,614,512
	45,051	*	Hawaiian Holdings, Inc		764,065

160

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	38,745		Heartland Express, Inc	$	534,681
	25,530	*	Hub Group, Inc (Class A)		1,714,595
	13,219	*	HyreCar, Inc		20,622
	65,953		JB Hunt Transport Services, Inc		11,268,070
	241,087	*	JetBlue Airways Corp		2,654,368
	45,468	*	Kirby Corp		2,964,514
	124,863		Knight-Swift Transportation Holdings, Inc		5,979,689
	30,762		Landstar System, Inc		4,765,034
	233,233	*	Lyft, Inc (Class A)		7,603,396
	48,163		Marten Transport Ltd		837,073
	33,308		Matson, Inc		2,865,154
	38,558	*	Mesa Air Group, Inc		131,097
	188,812		Norfolk Southern Corp		48,690,839
	81,742		Old Dominion Freight Line		22,897,569
	5,260	*	PAM Transportation Services, Inc		159,851
	26,622	*	Radiant Logistics, Inc		153,609
	40,037		Ryder System, Inc		2,798,586
	35,633		Safe Bulkers, Inc		146,452
	20,497	*	Saia, Inc		4,221,562
	36,070		Schneider National, Inc		852,334
	38,889	*	Skywest, Inc		1,133,614
	470,636	*	Southwest Airlines Co		21,988,114
	88,109	*	Spirit Airlines, Inc		2,080,254
	24,319	*	Sun Country Airlines Holdings, Inc		669,016
	194,272	*,e	TuSimple Holdings, Inc		2,014,601
	1,275,809	*	Uber Technologies, Inc		40,162,467
	508,769		Union Pacific Corp		119,199,489
	271,399	*	United Airlines Holdings Inc		13,705,650
	578,059		United Parcel Service, Inc (Class B)		104,039,059
	7,345		Universal Logistics Holdings Inc		148,957
	66,280	*	US Xpress Enterprises, Inc		219,387
	48,383		Werner Enterprises, Inc		1,917,418
	75,132	*	XPO Logistics, Inc		4,041,350
	38,132	*	Yellow Corp		170,831
			TOTAL TRANSPORTATION		622,054,094
UTILITIES - 2.8%
	512,622		AES Corp		10,467,741
	42,184		Allete, Inc		2,503,199
	196,597		Alliant Energy Corp		11,561,870
	200,074		Ameren Corp		18,586,875
	396,830		American Electric Power Co, Inc		39,329,821
	35,416		American States Water Co		2,785,823
	144,347		American Water Works Co, Inc		22,240,986
	4,314		Artesian Resources Corp		200,601
	107,017		Atmos Energy Corp		12,135,728
	50,785		Avangrid, Inc		2,252,315
	57,936		Avista Corp		2,350,464
	51,514		Black Hills Corp		3,772,885
	50,157	e	Brookfield Infrastructure Corp		3,557,134
	104,865		Brookfield Renewable Corp		3,764,653
	28,309	*	Cadiz, Inc		56,052
	42,672		California Water Service Group		2,213,397
	465,286		Centerpoint Energy, Inc		14,242,404
	15,372		Chesapeake Utilities Corp		1,924,113
	26,585		Clearway Energy, Inc (Class A)		755,546

161

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY	VALUE
	61,668		Clearway Energy, Inc (Class C)	$	1,882,724
	227,156		CMS Energy Corp		15,603,346
	277,740		Consolidated Edison, Inc		25,757,608
	255,892		Constellation Energy Corp		15,151,365
	636,444		Dominion Energy, Inc		51,959,288
	151,309		DTE Energy Co		19,827,531
	618,150		Duke Energy Corp		68,095,404
	294,502		Edison International		20,258,793
	157,457		Entergy Corp		18,713,764
	182,135		Essential Utilities Inc		8,152,363
	180,031		Evergy, Inc		12,215,103
	272,546		Eversource Energy		23,820,520
	769,920		Exelon Corp		36,016,858
	428,213		FirstEnergy Corp		18,545,905
	6,030		Global Water Resources, Inc		86,350
	87,919		Hawaiian Electric Industries, Inc		3,614,350
	40,656		Idacorp, Inc		4,276,198
	31,879		MGE Energy, Inc		2,482,418
	13,552		Middlesex Water Co		1,205,450
	66,032		National Fuel Gas Co		4,630,824
	73,539		New Jersey Resources Corp		3,173,943
	1,549,785		NextEra Energy, Inc		110,065,731
	303,175		NiSource, Inc		8,828,456
	24,580		Northwest Natural Holding Co		1,175,661
	42,798		NorthWestern Corp		2,426,219
	189,156		NRG Energy, Inc		6,790,700
	156,909		OGE Energy Corp		6,069,240
	42,824		ONE Gas, Inc		3,613,061
	34,650		Ormat Technologies, Inc		2,692,305
	35,270		Otter Tail Corp		2,044,249
	1,568,850	*,b	PG&E Corp		19,845,952
	90,824		Pinnacle West Capital Corp		6,466,669
	86,759		PNM Resources, Inc		4,048,175
	67,008		Portland General Electric Co		3,171,489
	586,300		PPL Corp		16,598,153
	401,002		Public Service Enterprise Group, Inc		27,933,799
	16,583	*	Pure Cycle Corp		173,292
	253,656		Sempra Energy		40,929,932
	23,659		SJW Corp		1,395,881
	77,819		South Jersey Industries, Inc		2,660,632
	835,835		Southern Co		61,341,931
	50,760		Southwest Gas Holdings Inc		4,472,464
	40,139		Spire, Inc		2,920,112
	64,862	*	Sunnova Energy International, Inc		1,120,167
	160,667		UGI Corp		5,510,878
	17,944		Unitil Corp		915,144
	7,602	e	Via Renewables, Inc		54,278
	381,585		Vistra Energy Corp		9,547,257
	251,014		WEC Energy Group, Inc		25,113,951
	425,113		Xcel Energy, Inc		31,143,778
	11,965		York Water Co		462,806
			TOTAL UTILITIES		919,704,074
			TOTAL COMMON STOCKS		32,472,565,743
			(Cost $16,694,061,612)

162

TIAA-CREF FUNDS – Equity Index Fund

SHARES			COMPANY				VALUE
RIGHTS / WARRANTS - 0.0%
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	15,571		Pulse Biosciences, Inc				$	3,581
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					3,581
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
	4,598	†	Tobira Therapeutics, Inc					276
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					276
			TOTAL RIGHTS / WARRANTS					3,857
			(Cost $276)
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	%	05/03/22		4,999,933
	5,000,000		FFCB	0.000		05/04/22		4,999,867
	39,000,000		Federal Home Loan Bank (FHLB)	0.000		05/04/22		38,998,963
	33,480,000		FHLB	0.000		05/05/22		33,478,664
	10,000,000		FHLB	0.000		05/13/22		9,998,537
			TOTAL GOVERNMENT AGENCY DEBT					92,475,964
REPURCHASE AGREEMENT - 0.2%
	60,625,000	r	Fixed Income Clearing Corp (FICC)	0.250		05/02/22		60,625,000
			TOTAL REPURCHASE AGREEMENT					60,625,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	102,378,941	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.310				102,378,941
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					102,378,941
			TOTAL SHORT-TERM INVESTMENTS					255,479,905
			(Cost $255,480,815)
			TOTAL INVESTMENTS - 100.4%					32,728,049,505
			(Cost $16,949,542,703)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%					(128,565,329	)
			NET ASSETS - 100.0%				$	32,599,484,176

163

TIAA-CREF FUNDS – Equity Index Fund

REIT     Real Estate Investment Trust

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
b	In bankruptcy
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $146,610,528.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $3,253,271 or 0.0% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $60,625,000 on 5/2/22, collateralized by Government Agency Securities, with a coupon rate 2.500% and maturity date 2/15/46, valued at $61,837,560.

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index	22	06/17/22	$	2,168,502	$	2,047,430	$	(121,072	)
S&P 500 E Mini Index	473	06/17/22		102,914,034		97,615,375		(5,298,659	)
Total	495		$	105,082,536	$	99,662,805	$	(5,419,731	)

164

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 3.9%
	23,497	*	Aptiv plc	$	2,500,081
	93,874	*,e	QuantumScape Corp		1,402,478
	16,441	*,e	Rivian Automotive, Inc		497,176
	418,142	*	Tesla, Inc		364,101,328
	10,837		Thor Industries, Inc		829,572
			TOTAL AUTOMOBILES & COMPONENTS		369,330,635
BANKS - 0.1%
	47,022		Citizens Financial Group, Inc		1,852,667
	70,440		Rocket Cos, Inc		623,394
	6,729		Synovus Financial Corp		279,523
	60,374	e	UWM Holdings Corp		223,987
	27,987		Western Alliance Bancorp		2,130,091
			TOTAL BANKS		5,109,662
CAPITAL GOODS - 3.4%
	40,835		3M Co		5,889,224
	30,878		Advanced Drainage Systems, Inc		3,163,760
	2,435		AGCO Corp		310,219
	34,452		Allegion plc		3,935,796
	39,737		Allison Transmission Holdings, Inc		1,487,753
	13,555		Armstrong World Industries, Inc		1,147,566
	32,598	*	Axon Enterprise, Inc		3,657,496
	35,159	*	AZEK Co, Inc		746,777
	36,127		BWX Technologies, Inc		1,875,714
	9,732		Carlisle Cos, Inc		2,524,092
	197,292		Carrier Global Corp		7,550,365
	234,180		Caterpillar, Inc		49,304,257
	24,252	*	Core & Main, Inc		576,228
	140,006		Deere & Co		52,859,265
	12,817		Donaldson Co, Inc		628,546
	254,204		Fastenal Co		14,060,023
	37,339	*	Fluence Energy, Inc		342,399
	16,927		Fortune Brands Home & Security, Inc		1,206,049
	30,346	*	Generac Holdings, Inc		6,657,305
	53,982		Graco, Inc		3,347,964
	7,486		HEICO Corp		1,057,248
	12,188		HEICO Corp (Class A)		1,421,608
	75,445		Honeywell International, Inc		14,599,362
	12,742		Howmet Aerospace, Inc		434,757
	141,188		Illinois Tool Works, Inc		27,829,567
	30,699		Lincoln Electric Holdings, Inc		4,136,076
	106,420		Lockheed Martin Corp		45,986,210
	7,700	*	Middleby Corp		1,184,953
	4,266		Nordson Corp		920,134
	6,219		Northrop Grumman Corp		2,732,629

165

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	10,404		Parker-Hannifin Corp	$	2,817,611
	253,066	*,e	Plug Power, Inc		5,319,447
	6,346		Regal-Beloit Corp		807,465
	34,335		Rockwell Automation, Inc		8,675,424
	10,905	*	SiteOne Landscape Supply, Inc		1,537,932
	18,491		Spirit Aerosystems Holdings, Inc (Class A)		777,362
	50,530		Toro Co		4,048,969
	56,632		Trane Technologies plc		7,922,250
	7,154	*	TransDigm Group, Inc		4,255,271
	58,085	*	Trex Co, Inc		3,379,966
	12,383	*	United Rentals, Inc		3,919,467
	148,252		Vertiv Holdings Co		1,857,598
	113,527	*,e	Virgin Galactic Holdings, Inc		850,317
	19,023		W.W. Grainger, Inc		9,512,071
	56,669		Xylem, Inc		4,561,854
			TOTAL CAPITAL GOODS		321,816,346
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	68,194		Booz Allen Hamilton Holding Co		5,566,676
	41,639		Cintas Corp		16,541,509
	106,989	*	Copart, Inc		12,159,300
	153,019	*	CoStar Group, Inc		9,735,069
	23,199		Equifax, Inc		4,721,460
	62,620	*	IAA, Inc		2,295,023
	27,507	*,e	Legalzoom.com, Inc		394,725
	6,094		MSA Safety, Inc		735,485
	48,076		Robert Half International, Inc		4,726,352
	105,244		Rollins, Inc		3,529,884
	63,201		TransUnion		5,531,352
	50,670		Verisk Analytics, Inc		10,339,213
	33,709		Waste Management, Inc		5,543,108
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		81,819,156
CONSUMER DURABLES & APPAREL - 1.4%
	4,610		Brunswick Corp		348,562
	1,613		Columbia Sportswear Co		132,524
	1,994	*	Deckers Outdoor Corp		529,905
	63,917		DR Horton, Inc		4,447,984
	114,390		Hanesbrands, Inc		1,516,811
	57,202	*	Lululemon Athletica, Inc		20,285,545
	177,484	*	Mattel, Inc		4,314,636
	622,121		Nike, Inc (Class B)		77,578,489
	1,084	*	NVR, Inc		4,743,812
	158,217	*	Peloton Interactive, Inc		2,778,290
	20,940		Polaris Inc		1,988,044
	39,164		Pulte Homes, Inc		1,635,489
	5,449	*	Skechers U.S.A., Inc (Class A)		208,697
	13,513		Tapestry, Inc		444,848
	87,870		Tempur Sealy International, Inc		2,382,156
	27,900		Toll Brothers, Inc		1,293,723
	13,333	*	TopBuild Corp		2,415,140
	103,489		VF Corp		5,381,428
	42,112	*	YETI Holdings, Inc		2,058,013
			TOTAL CONSUMER DURABLES & APPAREL		134,484,096

166

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 2.4%
	20,584	*	Booking Holdings, Inc	$	45,497,021
	8,578		Boyd Gaming Corp		519,655
	23,099	*	Bright Horizons Family Solutions		2,638,830
	61,785	*	Caesars Entertainment, Inc		4,095,110
	49,402	*	Chegg, Inc		1,222,206
	14,064	*	Chipotle Mexican Grill, Inc (Class A)		20,471,699
	16,614		Choice Hotels International, Inc		2,333,602
	18,170		Churchill Downs, Inc		3,687,420
	41,134		Darden Restaurants, Inc		5,418,582
	12,287		Domino’s Pizza, Inc		4,153,006
	168,984	*,e	DraftKings, Inc		2,311,701
	72,692	*	Expedia Group, Inc		12,702,927
	34,771	*	frontdoor, Inc		1,074,772
	73,854		H&R Block, Inc		1,925,374
	91,812	*	Hilton Worldwide Holdings, Inc		14,257,486
	165,654	*	Las Vegas Sands Corp		5,869,121
	136,334	*	Marriott International, Inc (Class A)		24,202,012
	67,130		McDonald’s Corp		16,726,111
	46,691	*	Mister Car Wash, Inc		672,350
	9,520	*	Penn National Gaming, Inc		348,146
	26,441	*	Planet Fitness, Inc		2,116,073
	15,022	*	Six Flags Entertainment Corp		574,892
	577,206		Starbucks Corp		43,082,656
	29,971		Travel & Leisure Co		1,662,791
	19,244		Vail Resorts, Inc		4,891,055
	96,521		Wendy’s		1,907,255
	28,119		Wyndham Hotels & Resorts, Inc		2,473,347
	53,298	*	Wynn Resorts Ltd		3,756,443
	14,838		Yum China Holdings, Inc		620,228
	14,120		Yum! Brands, Inc		1,652,181
			TOTAL CONSUMER SERVICES		232,864,052
DIVERSIFIED FINANCIALS - 2.6%
	196,722		American Express Co		34,369,301
	31,794		Ameriprise Financial, Inc		8,440,989
	116,956		Apollo Global Management, Inc		5,819,731
	59,261		Ares Management Corp		3,924,263
	351,889		Blackstone, Inc		35,741,366
	379	*,e	Credit Acceptance Corp		194,237
	78,248		Discover Financial Services		8,799,770
	16,174		Factset Research Systems, Inc		6,526,047
	9,901		Goldman Sachs Group, Inc		3,024,656
	186,180		iShares Russell 1000 Growth Index Fund		45,381,375
	39,885		LPL Financial Holdings, Inc		7,493,195
	18,506		MarketAxess Holdings, Inc		4,878,367
	77,084		Moody’s Corp		24,395,544
	10,173		Morningstar, Inc		2,576,109
	28,718		MSCI, Inc (Class A)		12,097,457
	7,101		Raymond James Financial, Inc		692,063
	85,517		S&P Global, Inc		32,197,151
	53,459		Synchrony Financial		1,967,826
	37,520		T Rowe Price Group, Inc		4,616,461
	24,177	*,e	Upstart Holdings, Inc		1,813,759
			TOTAL DIVERSIFIED FINANCIALS		244,949,667

167

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
ENERGY - 0.5%
	69,905		Cabot Oil & Gas Corp	$	2,012,565
	117,373		Cheniere Energy, Inc		15,940,427
	6,946		Continental Resources, Inc		385,989
	43,516		Diamondback Energy, Inc		5,493,025
	33,672		EOG Resources, Inc		3,931,543
	30,108		Halliburton Co		1,072,447
	8,343		Hess Corp		859,913
	15,127		New Fortress Energy, Inc		586,625
	49,639		Occidental Petroleum Corp		2,734,612
	47,136		Pioneer Natural Resources Co		10,957,706
	2,945		Texas Pacific Land Corp		4,024,637
			TOTAL ENERGY		47,999,489
FOOD & STAPLES RETAILING - 1.4%
	207,525		Costco Wholesale Corp		110,345,193
	256,337		SYSCO Corp		21,911,687
			TOTAL FOOD & STAPLES RETAILING		132,256,880
FOOD, BEVERAGE & TOBACCO - 2.7%
	508,515		Altria Group, Inc		28,258,179
	23,175	*,e	Beyond Meat, Inc		854,694
	4,430	*	Boston Beer Co, Inc (Class A)		1,661,250
	12,654		Brown-Forman Corp (Class A)		789,863
	46,807		Brown-Forman Corp (Class B)		3,156,664
	1,375,480		Coca-Cola Co		88,869,763
	3,216	*	Darling International, Inc		236,022
	20,370	*	Freshpet, Inc		1,901,539
	63,646		Hershey Co		14,369,357
	57,368		Kellogg Co		3,929,708
	21,848		Lamb Weston Holdings, Inc		1,444,153
	172,464	*	Monster Beverage Corp		14,776,716
	575,513		PepsiCo, Inc		98,821,337
	14,501	*	Pilgrim’s Pride Corp		411,103
			TOTAL FOOD, BEVERAGE & TOBACCO		259,480,348
HEALTH CARE EQUIPMENT & SERVICES - 3.3%
	435,859		Abbott Laboratories		49,469,997
	21,911	*	Abiomed, Inc		6,279,254
	87,600	*	agilon health, Inc		1,556,652
	39,478	*	Align Technology, Inc		11,445,067
	12,996	*	Amedisys, Inc		1,658,939
	83,606		Cardinal Health, Inc		4,853,328
	29,601	*	Certara, Inc		543,178
	2,408		Chemed Corp		1,183,267
	22,851	*	DaVita, Inc		2,476,363
	9,211	*	Definitive Healthcare Corp		217,840
	48,349	*	Dexcom, Inc		19,754,434
	309,929	*	Edwards Lifesciences Corp		32,784,290
	28,992		Encompass Health Corp		1,995,519
	18,737	*	Figs, Inc		293,421
	1,873	*	Globus Medical, Inc		124,030
	45,681	*	Guardant Health, Inc		2,818,518
	122,798		HCA Healthcare, Inc		26,346,311
	42,401	*	IDEXX Laboratories, Inc		18,252,783
	32,511	*	Insulet Corp		7,769,804
	177,843	*	Intuitive Surgical, Inc		42,557,830

168

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	17,060	*	Masimo Corp	$	1,927,268
	10,881		McKesson Corp		3,368,866
	4,766	*	Molina Healthcare, Inc		1,493,903
	51,693	*	Novocure Ltd		3,958,650
	56,931	*,e	Oak Street Health, Inc		1,029,882
	17,487	*	Penumbra, Inc		3,017,557
	64,870		Resmed, Inc		12,972,054
	6,361		STERIS plc		1,425,182
	74,903		Stryker Corp		18,071,098
	30,518	*	Tandem Diabetes Care, Inc		2,944,377
	4,386		Teleflex, Inc		1,252,729
	32,711		UnitedHealth Group, Inc		16,635,179
	69,399	*	Veeva Systems, Inc		12,627,148
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		313,104,718
HOUSEHOLD & PERSONAL PRODUCTS - 0.7%
	8,176		Church & Dwight Co, Inc		797,650
	48,514		Clorox Co		6,960,303
	222,647		Colgate-Palmolive Co		17,154,951
	114,796		Estee Lauder Cos (Class A)		30,313,032
	7,234	*	Herbalife Nutrition Ltd		192,280
	85,142		Kimberly-Clark Corp		11,820,264
	6,028	*	Olaplex Holdings, Inc		88,612
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		67,327,092
INSURANCE - 0.3%
	631	*	Alleghany Corp		527,832
	64,691		Aon plc		18,630,361
	45,666	*	Arch Capital Group Ltd		2,085,566
	6,975		Brown & Brown, Inc		432,311
	9,831		Erie Indemnity Co (Class A)		1,575,713
	3,847		Everest Re Group Ltd		1,056,809
	106,140	*,e	GoHealth, Inc		79,308
	9,809	*,e	Lemonade, Inc		204,616
	14,381		Lincoln National Corp		865,017
	1,148	*	Markel Corp		1,553,565
	30,230		Marsh & McLennan Cos, Inc		4,888,191
	10,470		RenaissanceRe Holdings Ltd		1,502,654
			TOTAL INSURANCE		33,401,943
MATERIALS - 1.0%
	21,313		Avery Dennison Corp		3,849,128
	18,349	*	Axalta Coating Systems Ltd		465,514
	47,136		Ball Corp		3,825,558
	20,253		Celanese Corp (Series A)		2,975,976
	37,852		Chemours Co		1,251,766
	7,838		Crown Holdings, Inc		862,493
	31,768	*	Diversey Holdings Ltd		245,884
	28,209		Dow, Inc		1,875,898
	109,750		Ecolab, Inc		18,585,065
	14,811		FMC Corp		1,963,050
	217,517		Freeport-McMoRan, Inc (Class B)		8,820,314
	34,689		Graphic Packaging Holding Co		756,220
	6,459		Louisiana-Pacific Corp		416,735
	16,325		LyondellBasell Industries NV		1,730,940
	8,660		Olin Corp		497,084

169

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	48,641		PPG Industries, Inc	$	6,225,562
	36,413		RPM International, Inc		3,018,638
	19,684		Scotts Miracle-Gro Co (Class A)		2,045,758
	39,273		Sealed Air Corp		2,521,719
	120,609		Sherwin-Williams Co		33,162,651
	36,748		Southern Copper Corp		2,288,298
	18,335		Steel Dynamics, Inc		1,572,226
	4,392		Westlake Chemical Corp		555,808
			TOTAL MATERIALS		99,512,285
MEDIA & ENTERTAINMENT - 9.6%
	130,092	*	Alphabet, Inc (Class A)		296,894,662
	119,649	*	Alphabet, Inc (Class C)		275,112,535
	94,024	*	Altice USA, Inc		872,543
	1,465		Cable One, Inc		1,708,483
	57,186	*	Charter Communications, Inc		24,503,629
	24,826	*	Live Nation, Inc		2,603,751
	3,770	*	Madison Square Garden Co		611,155
	141,683	*	Match Group, Inc		11,214,209
	1,158,658	*	Meta Platforms, Inc		232,276,169
	216,893	*	Netflix, Inc		41,287,751
	2,239		Nexstar Media Group Inc		354,702
	285,130	*	Pinterest, Inc		5,850,868
	51,055	*	Playtika Holding Corp		897,547
	59,047	*	Roku, Inc		5,485,466
	178,330	*,e	Skillz, Inc		365,577
	68,470	*	Spotify Technology S.A.		6,959,976
	11,630	*	Take-Two Interactive Software, Inc		1,389,901
	28,196	*	TripAdvisor, Inc		723,791
	43,737	*	Twitter, Inc		2,143,988
	58,119	*	Vimeo, Inc		592,233
	45,938	*	Walt Disney Co		5,128,059
	18,760		World Wrestling Entertainment, Inc (Class A)		1,095,396
	234,814	*	Zynga, Inc		1,941,912
			TOTAL MEDIA & ENTERTAINMENT		920,014,303
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.7%
	45,047	*	10X Genomics, Inc		2,151,445
	887,382		AbbVie, Inc		130,338,668
	73,797	*	Adaptive Biotechnologies Corp		608,825
	134,523		Agilent Technologies, Inc		16,044,558
	60,956	*	Alnylam Pharmaceuticals, Inc		8,133,359
	230,613		Amgen, Inc		53,776,645
	303,316	*	Avantor, Inc		9,669,714
	19,420		Bio-Techne Corp		7,373,580
	52,368		Bruker BioSciences Corp		3,010,636
	18,376	*	Catalent, Inc		1,664,131
	22,264	*	Charles River Laboratories International, Inc		5,376,979
	30,046	*,e	CureVac NV		513,486
	16,783		Danaher Corp		4,214,715
	336,336		Eli Lilly & Co		98,253,836
	80,393	*	Exact Sciences Corp		4,425,635
	135,915	*	Exelixis, Inc		3,036,341
	19,404	*	Horizon Therapeutics Plc		1,912,458
	73,217	*	Illumina, Inc		21,719,823
	80,066	*	Incyte Corp		6,001,747

170

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	67,954	*	Ionis Pharmaceuticals, Inc	$	2,497,989
	21,786	*	Iovance Biotherapeutics, Inc		330,058
	46,082	*	IQVIA Holdings, Inc		10,045,415
	61,610	*	Maravai LifeSciences Holdings, Inc		1,893,275
	11,350	*	Mettler-Toledo International, Inc		14,499,966
	16,370	*	Mirati Therapeutics, Inc		1,011,502
	169,909	*	Moderna, Inc		22,837,469
	37,096	*	Natera, Inc		1,302,812
	46,438	*	Neurocrine Biosciences, Inc		4,180,813
	41,074	*,e	Novavax, Inc		1,851,205
	5,750	*	Regeneron Pharmaceuticals, Inc		3,789,883
	25,794	*	Repligen Corp		4,055,849
	99,892		Royalty Pharma plc		4,253,401
	40,851	*	Sarepta Therapeutics, Inc		2,954,344
	59,187	*	Seagen, Inc		7,754,089
	58,097	*	Sotera Health Co		1,184,017
	5,480	*	Syneos Health, Inc		400,533
	18,009		Thermo Fisher Scientific, Inc		9,957,536
	23,440	*	Ultragenyx Pharmaceutical, Inc		1,656,974
	51,852	*	Vertex Pharmaceuticals, Inc		14,167,003
	27,716	*	Waters Corp		8,398,502
	36,797		West Pharmaceutical Services, Inc		11,593,263
	225,812		Zoetis, Inc		40,025,177
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		548,867,656
REAL ESTATE - 1.9%
	226,574		American Tower Corp		54,608,865
	8,361		CBRE Group, Inc		694,297
	216,184		Crown Castle International Corp		40,039,438
	31,809		Equinix, Inc		22,873,216
	45,722		Equity Lifestyle Properties, Inc		3,533,396
	6,168		Extra Space Storage, Inc		1,171,920
	102,601		Iron Mountain, Inc		5,512,752
	40,007		Lamar Advertising Co		4,417,173
	69,930	*,e	Opendoor Technologies, Inc		488,811
	57,664		Public Storage, Inc		21,422,176
	8,688		SBA Communications Corp		3,015,692
	142,054		Simon Property Group, Inc		16,762,372
	27,957	*	Zillow Group, Inc (Class A)		1,080,538
	81,501	*	Zillow Group, Inc (Class C)		3,245,370
			TOTAL REAL ESTATE		178,866,016
RETAILING - 10.1%
	218,050	*	Amazon.com, Inc		541,991,621
	2,255	*	AutoZone, Inc		4,409,585
	65,841		Bath & Body Works, Inc		3,482,330
	28,387		Best Buy Co, Inc		2,552,843
	31,827	*	Burlington Stores, Inc		6,478,704
	8,715	*	CarMax, Inc		747,573
	40,229	*	Carvana Co		2,331,673
	49,899		Dollar General Corp		11,852,509
	62,569	*	DoorDash, Inc		5,094,994
	313,822		eBay, Inc		16,293,638
	63,466	*	Etsy, Inc		5,914,397
	26,570	*	Five Below, Inc		4,174,147
	47,722	*	Floor & Decor Holdings, Inc		3,804,398

171

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	32,831	*	GameStop Corp (Class A)	$	4,106,173
	524,490		Home Depot, Inc		157,556,796
	75,574	*	Leslie’s, Inc		1,481,250
	1,160		Lithia Motors, Inc (Class A)		328,431
	338,454		Lowe’s Companies, Inc		66,922,509
	45,491		Nordstrom, Inc		1,169,119
	10,058	*	O’Reilly Automotive, Inc		6,100,680
	2,942	*,e	Petco Health & Wellness Co, Inc		56,663
	19,705		Pool Corp		7,984,860
	8,115	*	RH		2,727,614
	175,316		Ross Stores, Inc		17,491,277
	107,590		Target Corp		24,600,453
	598,303		TJX Companies, Inc		36,664,008
	56,853		Tractor Supply Co		11,453,037
	26,384	*	Ulta Beauty, Inc		10,469,171
	26,756	*	Victoria’s Secret & Co		1,260,743
	42,853	*,e	Vroom, Inc		66,851
	20,036	*,e	Wayfair, Inc		1,541,570
	26,058		Williams-Sonoma, Inc		3,400,048
			TOTAL RETAILING		964,509,665
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.7%
	820,599	*	Advanced Micro Devices, Inc		70,177,626
	19,262	*	Allegro MicroSystems, Inc		468,259
	106,404		Analog Devices, Inc		16,426,650
	444,637		Applied Materials, Inc		49,065,693
	202,722		Broadcom, Inc		112,387,050
	32,191		Brooks Automation, Inc		2,413,037
	65,446	*	Enphase Energy, Inc		10,562,984
	67,669		Entegris, Inc		7,537,650
	18,148	*	GLOBALFOUNDRIES, Inc		948,959
	76,022		KLA Corp		24,270,784
	70,531		Lam Research Corp		32,850,519
	229,625		Microchip Technology, Inc		14,971,550
	81,275		Micron Technology, Inc		5,542,142
	21,995		MKS Instruments, Inc		2,506,990
	22,960		Monolithic Power Systems, Inc		9,005,830
	1,201,826		NVIDIA Corp		222,902,668
	39,946		NXP Semiconductors NV		6,826,771
	118,751	*	ON Semiconductor Corp		6,188,115
	566,552		QUALCOMM, Inc		79,141,649
	38,454		Skyworks Solutions, Inc		4,356,838
	82,818		Teradyne, Inc		8,733,986
	287,394		Texas Instruments, Inc		48,928,829
	21,316		Universal Display Corp		2,722,693
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		738,937,272
SOFTWARE & SERVICES - 24.4%
	256,682		Accenture plc		77,097,006
	236,622	*	Adobe, Inc		93,690,481
	28,382	*	Alteryx, Inc		1,822,124
	72,223	*	Anaplan, Inc		4,693,773
	19,029	*	Ansys, Inc		5,246,105
	33,445	*	Aspen Technology, Inc		5,302,370
	69,903	*	Atlassian Corp plc		15,716,291
	110,452	*	Autodesk, Inc		20,906,355

172

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	193,870		Automatic Data Processing, Inc	$	42,298,557
	40,195	*	Avalara, Inc		3,057,634
	72,516		Bentley Systems, Inc		3,073,953
	45,920	*	Bill.Com Holdings, Inc		7,839,003
	240,841	*	Block, Inc		23,973,313
	51,251		Broadridge Financial Solutions, Inc		7,386,807
	3,321	*,e	C3.ai, Inc		56,424
	137,871	*	Cadence Design Systems, Inc		20,797,840
	10,983		CDK Global, Inc		597,585
	23,028		Citrix Systems, Inc		2,305,103
	123,899	*	Cloudflare, Inc		10,672,660
	35,247	*	Coupa Software, Inc		3,041,816
	100,004	*	Crowdstrike Holdings, Inc		19,876,795
	127,575	*	Datadog, Inc		15,408,508
	98,236	*	DocuSign, Inc		7,957,116
	23,950	*	DoubleVerify Holdings, Inc		520,912
	153,703	*	Dropbox, Inc		3,343,040
	4,139	*	Duck Creek Technologies, Inc		65,934
	95,555	*	Dynatrace, Inc		3,665,490
	35,401	*	Elastic NV		2,695,432
	26,617	*	EPAM Systems, Inc		7,053,239
	18,777	*	Euronet Worldwide, Inc		2,284,222
	19,103	*	Everbridge, Inc		823,339
	12,786	*	Fair Isaac Corp		4,775,699
	35,189	*	FireEye, Inc		773,454
	23,143	*	Fiserv, Inc		2,266,163
	31,577	*	Five9, Inc		3,476,628
	8,942	*	FleetCor Technologies, Inc		2,231,208
	67,151	*	Fortinet, Inc		19,407,310
	40,207	*	Gartner, Inc		11,682,144
	2,020		Genpact Ltd		81,345
	20,070	*	Globant S.A.		4,334,919
	8,549	*	GoDaddy, Inc		690,845
	22,140	*	HubSpot, Inc		8,400,580
	10,960	*	Informatica, Inc		213,282
	133,284		Intuit, Inc		55,812,675
	10,715		Jack Henry & Associates, Inc		2,031,350
	21,345	*	Jamf Holding Corp		657,426
	18,138	*	Manhattan Associates, Inc		2,367,916
	433,624		Mastercard, Inc (Class A)		157,570,289
	3,786,133		Microsoft Corp		1,050,727,630
	31,835	*	MongoDB, Inc		11,299,197
	28,480	*,e	nCino OpCo, Inc		1,067,715
	24,032	*	NCR Corp		841,841
	24,337	*	New Relic, Inc		1,539,802
	73,135		NortonLifelock, Inc		1,831,300
	100,999	*	Nutanix, Inc		2,528,005
	63,165	*	Okta, Inc		7,536,216
	754,565		Oracle Corp		55,385,071
	848,129	*	Palantir Technologies, Inc		8,820,542
	48,504	*	Palo Alto Networks, Inc		27,224,325
	141,451		Paychex, Inc		17,926,085
	24,618	*	Paycom Software, Inc		6,929,228
	19,465	*	Paycor HCM, Inc		479,423
	20,224	*	Paylocity Holding Corp		3,835,077
	590,144	*	PayPal Holdings, Inc		51,891,362

173

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	19,105		Pegasystems, Inc	$	1,463,252
	19,825	*	Procore Technologies, Inc		1,099,693
	53,268	*	PTC, Inc		6,083,738
	38,701	*	RingCentral, Inc		3,283,780
	173,149	*	Sabre Corp		1,812,870
	91,080	*	salesforce.com, Inc		16,024,615
	100,220	*	ServiceNow, Inc		47,915,182
	20,083	*	Shift4 Payments, Inc		1,053,554
	62,663	*	Smartsheet, Inc		3,028,503
	95,571	*	Snowflake, Inc		16,384,692
	79,868	*	Splunk, Inc		9,745,493
	94,642	*	StoneCo Ltd		891,528
	62,595		Switch, Inc		1,869,087
	49,097	*	Synopsys, Inc		14,080,529
	45,465	*	Teradata Corp		1,879,978
	217,820	*	Trade Desk, Inc		12,833,954
	6,260	*	Turing Holding Corp		115,873
	22,252	*	Twilio, Inc		2,488,219
	17,465	*	Tyler Technologies, Inc		6,893,610
	75,511	*	Unity Software, Inc		5,014,686
	833,445		Visa, Inc (Class A)		177,632,133
	42,510		VMware, Inc (Class A)		4,592,780
	54,932		Western Union Co		920,660
	14,778	*	WEX, Inc		2,456,695
	26,192	*	Wix.com Ltd		1,976,448
	96,162	*	Workday, Inc		19,876,685
	62,519	*	Zendesk, Inc		7,629,819
	109,136	*	Zoom Video Communications, Inc		10,866,672
	39,848	*	Zscaler, Inc		8,078,784
			TOTAL SOFTWARE & SERVICES		2,327,898,791
TECHNOLOGY HARDWARE & EQUIPMENT - 13.8%
	210,250		Amphenol Corp (Class A)		15,032,875
	7,754,798		Apple, Inc		1,222,543,905
	107,855	*	Arista Networks, Inc		12,464,802
	67,946		CDW Corp		11,087,428
	82,460		Cognex Corp		5,576,770
	11,465	*	Coherent, Inc		3,071,474
	135,962	*	CommScope Holding Co, Inc		819,851
	128,386		Corning, Inc		4,517,903
	68,818		Dell Technologies, Inc		3,235,134
	185,574		HP, Inc		6,797,576
	1,720	*	IPG Photonics Corp		162,506
	55,664		Jabil Inc		3,213,483
	40,103	*	Keysight Technologies, Inc		5,625,248
	73,725		NetApp, Inc		5,400,356
	127,668	*	Pure Storage, Inc		3,740,672
	3,165	e	Ubiquiti, Inc		893,321
	46,199		Vontier Corp		1,183,618
	26,737	*	Zebra Technologies Corp (Class A)		9,883,599
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,315,250,521
TRANSPORTATION - 2.1%
	14,407		CH Robinson Worldwide, Inc		1,529,303
	319,190	*	Delta Air Lines, Inc		13,734,746
	60,336		Expeditors International of Washington, Inc		5,977,487

174

TIAA-CREF FUNDS – Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	52,049		FedEx Corp	$	10,344,218
	44,117	*	GXO Logistics, Inc		2,611,285
	37,261		JB Hunt Transport Services, Inc		6,366,042
	16,258		Landstar System, Inc		2,518,364
	148,818	*	Lyft, Inc (Class A)		4,851,467
	47,105		Old Dominion Freight Line		13,195,053
	34,418	*	TuSimple Holdings, Inc		356,915
	693,384	*	Uber Technologies, Inc		21,827,728
	203,840		Union Pacific Corp		47,757,674
	363,331		United Parcel Service, Inc (Class B)		65,392,313
	39,847	*	XPO Logistics, Inc		2,143,370
			TOTAL TRANSPORTATION		198,605,965
UTILITIES - 0.0%
	15,868		Brookfield Renewable Corp		569,661
	58,555		NRG Energy, Inc		2,102,125
			TOTAL UTILITIES		2,671,786
			TOTAL COMMON STOCKS		9,539,078,344
			(Cost $4,441,794,484)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.2%
REPURCHASE AGREEMENT - 0.0%
$	5,930,000	r	Fixed Income Clearing Corp (FICC)		0.230	%	05/02/22		5,930,000
			TOTAL REPURCHASE AGREEMENT						5,930,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	16,050,532	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				16,050,532
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						16,050,532
			TOTAL SHORT-TERM INVESTMENTS						21,980,532
			(Cost $21,980,532)
			TOTAL INVESTMENTS - 100.1%						9,561,058,876
			(Cost $4,463,775,016)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%						(14,012,956	)
			NET ASSETS - 100.0%					$	9,547,045,920

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $18,626,427.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $5,930,000 on 5/2/22, collateralized by Government Agency Securities, with a coupon rate 2.500% and maturity date 2/15/46, valued at $6,048,667.

175

TIAA-CREF FUNDS – Large-Cap Value Index Fund

TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.9%
	94,343	*	Aptiv plc	$	10,038,095
	103,000		BorgWarner, Inc		3,793,490
	1,687,358		Ford Motor Co		23,892,989
	594,015	*	General Motors Co		22,519,109
	102,890		Gentex Corp		3,019,821
	67,025		Harley-Davidson, Inc		2,443,061
	26,258		Lear Corp		3,359,449
	29,938	*	QuantumScape Corp		447,274
	45,898	*,e	Rivian Automotive, Inc		1,387,956
	13,571		Thor Industries, Inc		1,038,860
			TOTAL AUTOMOBILES & COMPONENTS		71,940,104
BANKS - 7.1%
	3,055,860		Bank of America Corp		109,033,085
	17,274		Bank of Hawaii Corp		1,284,149
	53,507		Bank OZK		2,055,739
	13,741		BOK Financial Corp		1,139,541
	851,885		Citigroup, Inc		41,069,376
	170,174		Citizens Financial Group, Inc		6,704,856
	56,978		Comerica, Inc		4,666,498
	49,079		Commerce Bancshares, Inc		3,355,531
	24,533		Cullen/Frost Bankers, Inc		3,245,471
	60,456		East West Bancorp, Inc		4,310,513
	294,476		Fifth Third Bancorp		11,051,684
	5,227		First Citizens Bancshares, Inc (Class A)		3,342,039
	56,792		First Hawaiian, Inc		1,340,859
	223,027		First Horizon National Corp		4,991,344
	76,073		First Republic Bank		11,351,613
	140,329		FNB Corp		1,616,590
	620,636		Huntington Bancshares, Inc		8,161,363
	1,264,526		JPMorgan Chase & Co		150,933,823
	409,024		Keycorp		7,898,253
	76,481		M&T Bank Corp		12,744,794
	130,005		MGIC Investment Corp		1,697,865
	180,296		New York Community Bancorp, Inc		1,665,935
	50,839		PacWest Bancorp		1,672,095
	32,370		Pinnacle Financial Partners, Inc		2,510,294
	183,007		PNC Financial Services Group, Inc		30,397,463
	33,061		Popular, Inc		2,578,427
	38,616		Prosperity Bancshares, Inc		2,524,714
	414,112		Regions Financial Corp		8,580,401
	25,758		Signature Bank		6,239,876
	24,217	*	SVB Financial Group		11,809,178
	58,653		Synovus Financial Corp		2,436,446
	25,874		TFS Financial Corp		387,851
	569,538		Truist Financial Corp		27,537,162

176

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	94,329		Umpqua Holdings Corp	$	1,560,202
	576,598		US Bancorp		27,999,599
	7,250	e	UWM Holdings Corp		26,898
	74,105		Webster Financial Corp		3,704,509
	1,676,728		Wells Fargo & Co		73,155,643
	20,546		Western Alliance Bancorp		1,563,756
	25,142		Wintrust Financial Corp		2,195,399
	66,030		Zions Bancorporation		3,731,355
			TOTAL BANKS		604,272,189
CAPITAL GOODS - 7.9%
	209,097		3M Co		30,155,969
	52,706		A.O. Smith Corp		3,079,612
	14,552		Acuity Brands, Inc		2,509,929
	57,495		Aecom Technology Corp		4,056,847
	24,199		AGCO Corp		3,082,953
	45,117		Air Lease Corp		1,817,313
	9,226		Allegion plc		1,053,978
	11,288		Allison Transmission Holdings, Inc		422,623
	98,414		Ametek, Inc		12,425,752
	9,478		Armstrong World Industries, Inc		802,407
	21,346	*	AZEK Co, Inc		453,389
	230,134	*	Boeing Co		34,253,145
	81,170	*	Builders FirstSource, Inc		4,997,637
	10,091		BWX Technologies, Inc		523,925
	13,626		Carlisle Cos, Inc		3,534,039
	197,887		Carrier Global Corp		7,573,135
	32,045		Caterpillar, Inc		6,746,754
	95,892	*,e	ChargePoint Holdings, Inc		1,240,842
	7,363	*	Core & Main, Inc		174,945
	21,325		Crane Co		2,052,105
	61,420		Cummins, Inc		11,620,050
	18,184		Curtiss-Wright Corp		2,598,675
	44,881		Donaldson Co, Inc		2,200,964
	62,635		Dover Corp		8,349,245
	171,907		Eaton Corp		24,929,953
	255,511		Emerson Electric Co		23,041,982
	20,072	*	Enovis Corp		1,302,071
	20,072	*	Esab Corp		943,384
	29,742		Fastenal Co		1,645,030
	50,654		Flowserve Corp		1,656,892
	8,599	*	Fluence Energy, Inc		78,853
	142,054		Fortive Corp		8,168,105
	44,261		Fortune Brands Home & Security, Inc		3,153,596
	44,584	*	Gates Industrial Corp plc		568,446
	107,745		General Dynamics Corp		25,484,925
	469,444		General Electric Co		34,997,050
	24,427		Graco, Inc		1,514,962
	13,060		HEICO Corp		1,844,464
	22,930		HEICO Corp (Class A)		2,674,555
	36,526		Hexcel Corp		1,985,553
	231,517		Honeywell International, Inc		44,800,855
	148,470		Howmet Aerospace, Inc		5,065,796
	23,676		Hubbell, Inc		4,625,343
	16,935		Huntington Ingalls		3,602,752
	32,328		IDEX Corp		6,136,501

177

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	14,778		Illinois Tool Works, Inc	$	2,912,892
	172,761		Ingersoll Rand, Inc		7,594,574
	36,817		ITT, Inc		2,585,290
	302,484		Johnson Controls International plc		18,109,717
	83,880		L3Harris Technologies, Inc		19,481,969
	14,540		Lennox International, Inc		3,099,783
	13,595		Lockheed Martin Corp		5,874,671
	107,001		Masco Corp		5,637,883
	25,573	*	Mastec, Inc		1,841,512
	86,990		MDU Resources Group, Inc		2,240,862
	23,748	*	Mercury Systems, Inc		1,324,901
	16,555	*	Middleby Corp		2,547,649
	17,453		MSC Industrial Direct Co (Class A)		1,446,156
	20,312		Nordson Corp		4,381,095
	57,336		Northrop Grumman Corp		25,193,438
	71,958		nVent Electric plc		2,430,741
	29,677		Oshkosh Corp		2,743,342
	183,990		Otis Worldwide Corp		13,401,832
	44,782		Owens Corning, Inc		4,072,027
	145,562		PACCAR, Inc		12,088,924
	45,897		Parker-Hannifin Corp		12,429,825
	72,224		Pentair plc		3,665,368
	61,883		Quanta Services, Inc		7,177,190
	643,600		Raytheon Technologies Corp		61,084,076
	23,130		Regal-Beloit Corp		2,943,061
	19,622		Rockwell Automation, Inc		4,957,891
	45,437		Roper Technologies Inc		21,351,755
	67,621	*	Sensata Technologies Holding plc		3,070,670
	44,312	*	Shoals Technologies Group, Inc		442,234
	9,076	*	SiteOne Landscape Supply, Inc		1,279,988
	23,151		Snap-On, Inc		4,919,356
	31,875		Spirit Aerosystems Holdings, Inc (Class A)		1,340,025
	69,005		Stanley Black & Decker, Inc		8,290,951
	92,722	*	Sunrun, Inc		1,852,586
	95,423		Textron, Inc		6,608,043
	27,223		Timken Co		1,569,134
	2,495		Toro Co		199,924
	51,411		Trane Technologies plc		7,191,885
	15,985	*	TransDigm Group, Inc		9,508,038
	20,309	*	United Rentals, Inc		6,428,205
	65,878	*	Univar Solutions Inc		1,918,367
	8,328		Valmont Industries, Inc		2,072,090
	7,794	*	Virgin Galactic Holdings, Inc		58,377
	3,397		W.W. Grainger, Inc		1,698,602
	14,295		Watsco, Inc		3,813,620
	75,916		Westinghouse Air Brake Technologies Corp		6,825,608
	26,698		Woodward Inc		2,949,595
	26,253		Xylem, Inc		2,113,366
			TOTAL CAPITAL GOODS		670,716,389
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	69,879		ADT, Inc		478,671
	9,994	*	CACI International, Inc (Class A)		2,651,408
	2,686		Cintas Corp		1,067,040
	205,517	*	Clarivate Analytics plc		3,222,507
	22,551	*	Clean Harbors, Inc		2,366,276

178

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	37,740	*	CoStar Group, Inc	$	2,401,019
	20,710	*	Driven Brands Holdings, Inc		577,602
	68,841	*	Dun & Bradstreet Holdings, Inc		1,086,999
	31,912		Equifax, Inc		6,494,730
	14,419	*	FTI Consulting, Inc		2,274,021
	55,784		Jacobs Engineering Group, Inc		7,728,873
	20,012	*,e	Legalzoom.com, Inc		287,172
	61,641		Leidos Holdings, Inc		6,380,460
	23,350		Manpower, Inc		2,106,170
	11,920		MSA Safety, Inc		1,438,625
	153,521		Nielsen NV		4,115,898
	89,742		Republic Services, Inc		12,049,658
	5,809		Robert Half International, Inc		571,083
	6,268		Rollins, Inc		210,229
	24,890		Science Applications International Corp		2,071,595
	40,178	*	Stericycle, Inc		2,016,534
	26,094		TransUnion		2,283,747
	24,782		Verisk Analytics, Inc		5,056,767
	152,364		Waste Management, Inc		25,054,736
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		93,991,820
CONSUMER DURABLES & APPAREL - 0.9%
	29,176		Brunswick Corp		2,205,997
	60,112	*	Capri Holdings Ltd		2,867,342
	18,771		Carter’s, Inc		1,581,269
	14,127		Columbia Sportswear Co		1,160,674
	9,928	*	Deckers Outdoor Corp		2,638,366
	83,247		DR Horton, Inc		5,793,159
	65,670		Garmin Ltd		7,206,626
	59,973		Hanesbrands, Inc		795,242
	55,707		Hasbro, Inc		4,905,558
	16,491	*	Hayward Holdings, Inc		262,207
	57,852		Leggett & Platt, Inc		2,061,267
	111,385		Lennar Corp (Class A)		8,519,839
	9,275		Lennar Corp (Class B)		604,730
	23,589	*	Mohawk Industries, Inc		3,327,464
	164,773		Newell Brands Inc		3,814,495
	471	*	NVR, Inc		2,061,195
	7,588		Polaris Inc		720,405
	70,475		Pulte Homes, Inc		2,943,036
	27,387		PVH Corp		1,993,226
	20,931		Ralph Lauren Corp		2,183,941
	50,292	*	Skechers U.S.A., Inc (Class A)		1,926,184
	108,008		Tapestry, Inc		3,555,623
	26,366		Toll Brothers, Inc		1,222,591
	1,970	*	TopBuild Corp		356,846
	82,942	*	Under Armour, Inc (Class A)		1,273,989
	83,055	*	Under Armour, Inc (Class C)		1,178,550
	49,720		VF Corp		2,585,440
	24,290		Whirlpool Corp		4,409,121
			TOTAL CONSUMER DURABLES & APPAREL		74,154,382
CONSUMER SERVICES - 1.8%
	100,032		ARAMARK Holdings Corp		3,626,160
	27,773		Boyd Gaming Corp		1,682,488
	5,277	*	Bright Horizons Family Solutions		602,844

179

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	32,484	*	Caesars Entertainment, Inc	$	2,153,039
	360,346	*	Carnival Corp		6,233,986
	14,340	*	Chegg, Inc		354,772
	17,953		Darden Restaurants, Inc		2,364,949
	5,324		Domino’s Pizza, Inc		1,799,512
	11,691	*	frontdoor, Inc		361,369
	17,149	*	Grand Canyon Education, Inc		1,645,789
	10,675		H&R Block, Inc		278,297
	38,892	*	Hilton Worldwide Holdings, Inc		6,039,539
	21,192	*	Hyatt Hotels Corp		2,012,392
	17,902		Marriott Vacations Worldwide Corp		2,673,306
	263,978		McDonald’s Corp		65,772,758
	167,190		MGM Resorts International		6,861,478
	6,577	*	Mister Car Wash, Inc		94,709
	164,192	*,e	Norwegian Cruise Line Holdings Ltd		3,288,766
	66,501	*	Penn National Gaming, Inc		2,431,942
	11,175	*	Planet Fitness, Inc		894,335
	94,253	*	Royal Caribbean Cruises Ltd		7,326,286
	68,496		Service Corp International		4,494,023
	17,531	*	Six Flags Entertainment Corp		670,911
	50,361	*	Terminix Global Holdings, Inc		2,311,066
	8,336		Travel & Leisure Co		462,481
	14,548		Wyndham Hotels & Resorts, Inc		1,279,642
	170,036		Yum China Holdings, Inc		7,107,505
	114,672		Yum! Brands, Inc		13,417,771
			TOTAL CONSUMER SERVICES		148,242,115
DIVERSIFIED FINANCIALS - 8.5%
	17,812		Affiliated Managers Group, Inc		2,236,653
	219,220		AGNC Investment Corp		2,407,036
	148,354		Ally Financial, Inc		5,928,226
	97,145		American Express Co		16,972,203
	21,557		Ameriprise Financial, Inc		5,723,168
	622,209		Annaly Capital Management, Inc		3,994,582
	58,977		Apollo Global Management, Inc		2,934,696
	7,150		Ares Management Corp		473,473
	319,099		Bank of New York Mellon Corp		13,421,304
	790,046	*	Berkshire Hathaway, Inc (Class B)		255,050,550
	61,439		BlackRock, Inc		38,379,715
	175,965		Capital One Financial Corp		21,928,758
	69,781		Carlyle Group, Inc		2,532,352
	45,728		CBOE Global Markets, Inc		5,166,349
	646,301		Charles Schwab Corp		42,869,145
	154,673		CME Group, Inc		33,925,976
	3,363	*,e	Credit Acceptance Corp		1,723,538
	55,246		Discover Financial Services		6,212,965
	156,690		Equitable Holdings, Inc		4,517,373
	15,835		Evercore Inc		1,674,551
	2,266		Factset Research Systems, Inc		914,308
	125,518		Franklin Resources, Inc		3,086,488
	132,928		Goldman Sachs Group, Inc		40,608,175
	34,983		Interactive Brokers Group, Inc (Class A)		2,083,587
	240,124		Intercontinental Exchange Group, Inc		27,808,760
	143,412		Invesco Ltd		2,635,913
	44,457		iShares Russell 1000 Value Index Fund		6,954,409
	73,442		Janus Henderson Group plc		2,238,512

180

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	95,419		Jefferies Financial Group, Inc	$	2,935,088
	240,168		KKR & Co, Inc		12,241,363
	44,161		Lazard Ltd (Class A)		1,447,156
	3,861		Moody’s Corp		1,221,929
	569,821		Morgan Stanley		45,921,874
	946		Morningstar, Inc		239,556
	10,184		MSCI, Inc (Class A)		4,290,010
	48,993		Nasdaq Inc		7,710,028
	194,270		New Residential Investment Corp		2,020,408
	87,498		Northern Trust Corp		9,016,669
	43,753		OneMain Holdings, Inc		2,009,575
	76,811		Raymond James Financial, Inc		7,486,000
	75,620		S&P Global, Inc		28,470,930
	44,882		SEI Investments Co		2,500,825
	124,101		SLM Corp		2,076,210
	119,692		Starwood Property Trust, Inc		2,738,553
	156,041		State Street Corp		10,450,066
	43,860		Stifel Financial Corp		2,712,741
	183,075		Synchrony Financial		6,738,991
	64,454		T Rowe Price Group, Inc		7,930,420
	46,043		Tradeweb Markets, Inc		3,277,801
	40,474		Virtu Financial, Inc		1,168,889
	48,941		Voya Financial, Inc		3,090,135
			TOTAL DIVERSIFIED FINANCIALS		722,097,982
ENERGY - 7.4%
	156,404		Antero Midstream Corp		1,606,269
	155,742		APA Corp		6,374,520
	319,926		Baker Hughes Co		9,924,105
	283,045		Cabot Oil & Gas Corp		8,148,866
	833,173		Chevron Corp		130,533,214
	567,127		ConocoPhillips		54,171,971
	25,078		Continental Resources, Inc		1,393,584
	290,652		Devon Energy Corp		16,907,227
	40,858		Diamondback Energy, Inc		5,157,505
	41,411		DT Midstream, Inc		2,225,841
	222,482		EOG Resources, Inc		25,976,998
	133,731		EQT Corp		5,315,807
	1,823,702		Exxon Mobil Corp		155,470,596
	361,851		Halliburton Co		12,889,133
	111,172		Hess Corp		11,458,498
	65,712	*	HF Sinclair Corp		2,498,370
	834,364		Kinder Morgan, Inc		15,143,707
	334,569		Marathon Oil Corp		8,337,460
	263,589		Marathon Petroleum Corp		23,000,776
	170,822		NOV, Inc		3,097,003
	314,971		Occidental Petroleum Corp		17,351,752
	188,674		ONEOK, Inc		11,948,724
	201,923		Phillips 66		17,518,839
	51,838		Pioneer Natural Resources Co		12,050,780
	606,098		Schlumberger Ltd		23,643,883
	96,734		Targa Resources Investments, Inc		7,101,243
	177,256		Valero Energy Corp		19,760,499
	521,028		Williams Cos, Inc		17,866,050
			TOTAL ENERGY		626,873,220

181

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.7%
	74,889		Albertsons Cos, Inc	$	2,342,528
	15,666		Casey’s General Stores, Inc		3,153,566
	12,799		Costco Wholesale Corp		6,805,484
	37,562	*	Grocery Outlet Holding Corp		1,264,712
	315,395		Kroger Co		17,018,714
	96,502	*	US Foods Holding Corp		3,630,405
	307,007		Walgreens Boots Alliance, Inc		13,017,097
	607,937		Walmart, Inc		93,008,282
			TOTAL FOOD & STAPLES RETAILING		140,240,788
FOOD, BEVERAGE & TOBACCO - 4.0%
	350,805		Altria Group, Inc		19,494,234
	238,751		Archer-Daniels-Midland Co		21,382,539
	3,031	*,e	Beyond Meat, Inc		111,783
	9,868		Brown-Forman Corp (Class A)		615,961
	39,752		Brown-Forman Corp (Class B)		2,680,875
	58,639		Bunge Ltd		6,633,244
	83,903		Campbell Soup Co		3,961,900
	492,861		Coca-Cola Co		31,843,749
	201,483		ConAgra Brands, Inc		7,037,801
	66,914		Constellation Brands, Inc (Class A)		16,466,866
	65,794	*	Darling International, Inc		4,828,622
	81,385		Flowers Foods, Inc		2,158,330
	261,823		General Mills, Inc		18,518,741
	35,933	*	Hain Celestial Group, Inc		1,205,193
	8,512		Hershey Co		1,921,754
	121,963		Hormel Foods Corp		6,389,642
	29,413		Ingredion, Inc		2,503,340
	46,391		J.M. Smucker Co		6,352,320
	58,590		Kellogg Co		4,013,415
	297,909		Keurig Dr Pepper, Inc		11,141,797
	297,719		Kraft Heinz Co		12,691,761
	44,189		Lamb Weston Holdings, Inc		2,920,893
	106,381		McCormick & Co, Inc		10,698,737
	76,495		Molson Coors Brewing Co (Class B)		4,141,439
	596,021		Mondelez International, Inc		38,431,434
	12,568	*	Monster Beverage Corp		1,076,826
	102,240		PepsiCo, Inc		17,555,630
	669,260		Philip Morris International, Inc		66,926,000
	15,841	*	Pilgrim’s Pride Corp		449,092
	26,505	*	Post Holdings, Inc		1,971,707
	118		Seaboard Corp		498,549
	122,837		Tyson Foods, Inc (Class A)		11,443,495
			TOTAL FOOD, BEVERAGE & TOBACCO		338,067,669
HEALTH CARE EQUIPMENT & SERVICES - 8.5%
	373,465		Abbott Laboratories		42,388,277
	36,352	*	Acadia Healthcare Co, Inc		2,467,574
	4,438	*	agilon health, Inc		78,863
	1,599	*	Amedisys, Inc		204,112
	63,059		AmerisourceBergen Corp		9,540,196
	105,382		Anthem, Inc		52,894,387
	218,329		Baxter International, Inc		15,514,459
	123,222		Becton Dickinson & Co		30,459,246
	607,236	*	Boston Scientific Corp		25,570,708

182

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	51,092		Cardinal Health, Inc	$	2,965,891
	250,925	*	Centene Corp		20,212,009
	127,032		Cerner Corp		11,895,276
	24,632	*	Certara, Inc		451,997
	106,060	*	Change Healthcare, Inc		2,498,774
	4,933		Chemed Corp		2,424,027
	140,706		Cigna Corp		34,723,427
	20,557		Cooper Cos, Inc		7,421,899
	565,737		CVS Health Corp		54,384,298
	8,979	*	DaVita, Inc		973,054
	5,205	*	Definitive Healthcare Corp		123,098
	94,162		Dentsply Sirona, Inc		3,765,538
	24,641	*	Embecta Corp		749,826
	17,920		Encompass Health Corp		1,233,434
	69,923	*	Envista Holdings Corp		2,770,349
	19,582	*	Figs, Inc		306,654
	32,007	*	Globus Medical, Inc		2,119,504
	58,173	*	Henry Schein, Inc		4,717,830
	106,750	*	Hologic, Inc		7,684,932
	55,680		Humana, Inc		24,753,101
	8,561	*	ICU Medical, Inc		1,831,968
	30,729	*	Integra LifeSciences Holdings Corp		1,879,386
	40,195	*	Laboratory Corp of America Holdings		9,658,055
	5,916	*	Masimo Corp		668,331
	55,591		McKesson Corp		17,211,530
	577,208		Medtronic plc		60,237,427
	20,824	*	Molina Healthcare, Inc		6,527,283
	4,280	*,e	Oak Street Health, Inc		77,425
	53,670		Premier, Inc		1,943,391
	51,703		Quest Diagnostics, Inc		6,919,930
	15,965	*	Quidel Corp		1,606,398
	6,189		Resmed, Inc		1,237,614
	27,366	*	Signify Health, Inc		377,651
	31,979		STERIS plc		7,164,895
	85,610		Stryker Corp		20,654,269
	1,936	*	Tandem Diabetes Care, Inc		186,785
	65,619	*,e	Teladoc, Inc		2,215,297
	16,544		Teleflex, Inc		4,725,297
	377,173		UnitedHealth Group, Inc		191,811,329
	30,501		Universal Health Services, Inc (Class B)		3,737,288
	89,406		Zimmer Biomet Holdings, Inc		10,795,774
	8,940	*	Zimvie, Inc		201,150
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		716,961,213
HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
	99,012		Church & Dwight Co, Inc		9,659,611
	10,770		Clorox Co		1,545,172
	171,069		Colgate-Palmolive Co		13,180,866
	154,111	*	Coty, Inc		1,249,840
	38,548	*	Herbalife Nutrition Ltd		1,024,606
	70,622		Kimberly-Clark Corp		9,804,452
	27,915	*	Olaplex Holdings, Inc		410,351
	1,036,325		Procter & Gamble Co		166,381,979
	23,360		Reynolds Consumer Products, Inc		691,222
	17,607		Spectrum Brands Holdings, Inc		1,497,827
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		205,445,926

183

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
INSURANCE - 4.2%
	274,594		Aflac, Inc	$	15,728,744
	4,986	*	Alleghany Corp		4,170,789
	120,453		Allstate Corp		15,242,123
	29,150		American Financial Group, Inc		4,036,692
	356,173		American International Group, Inc		20,839,682
	38,466		Aon plc		11,077,823
	121,474	*	Arch Capital Group Ltd		5,547,718
	88,487		Arthur J. Gallagher & Co		14,909,175
	24,482		Assurant, Inc		4,452,786
	27,764		Assured Guaranty Ltd		1,531,185
	31,866		Axis Capital Holdings Ltd		1,826,878
	37,082	*	Brighthouse Financial, Inc		1,904,532
	95,729		Brown & Brown, Inc		5,933,283
	185,173		Chubb Ltd		38,228,966
	63,673		Cincinnati Financial Corp		7,810,130
	10,851		CNA Financial Corp		514,771
	3,323		Erie Indemnity Co (Class A)		532,610
	13,178		Everest Re Group Ltd		3,620,128
	114,727		Fidelity National Financial Inc		4,568,429
	46,672		First American Financial Corp		2,721,444
	44,420		Globe Life, Inc		4,356,714
	16,362	*	GoHealth, Inc		12,226
	15,500		Hanover Insurance Group, Inc		2,275,710
	143,936		Hartford Financial Services Group, Inc		10,065,445
	27,102		Kemper Corp		1,251,028
	19,400	*,e	Lemonade, Inc		404,684
	69,089		Lincoln National Corp		4,155,703
	89,647		Loews Corp		5,633,418
	4,765	*	Markel Corp		6,448,379
	193,411		Marsh & McLennan Cos, Inc		31,274,559
	12,044		Mercury General Corp		607,379
	297,613		Metlife, Inc		19,547,222
	124,026		Old Republic International Corp		2,729,812
	16,845		Primerica, Inc		2,182,438
	113,338		Principal Financial Group		7,722,851
	251,666		Progressive Corp		27,018,862
	162,175		Prudential Financial, Inc		17,597,609
	29,686		Reinsurance Group of America, Inc (Class A)		3,185,902
	10,045		RenaissanceRe Holdings Ltd		1,441,658
	103,897		Travelers Cos, Inc		17,772,621
	89,093		Unum Group		2,719,118
	89,616		W.R. Berkley Corp		5,958,568
	1,322		White Mountains Insurance Group Ltd		1,385,483
	53,184		Willis Towers Watson plc		11,427,114
			TOTAL INSURANCE		352,372,391
MATERIALS - 4.1%
	95,443		Air Products & Chemicals, Inc		22,340,343
	49,626		Albemarle Corp		9,569,382
	80,289		Alcoa Corp		5,443,594
	652,553		Amcor plc		7,739,279
	26,974		Aptargroup, Inc		3,097,424
	10,402	†	Ardagh Group S.A.		185,416
	59,564	*	Ardagh Metal Packaging S.A.		424,691

184

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	21,717		Ashland Global Holdings, Inc	$	2,279,633
	16,691		Avery Dennison Corp		3,014,395
	73,888	*	Axalta Coating Systems Ltd		1,874,538
	96,426		Ball Corp		7,825,934
	58,068	*	Berry Global Group, Inc		3,272,132
	30,815		Celanese Corp (Series A)		4,527,956
	90,716		CF Industries Holdings, Inc		8,784,030
	34,318		Chemours Co		1,134,896
	192,100	*	Cleveland-Cliffs, Inc		4,896,629
	311,627		Corteva, Inc		17,977,762
	45,870		Crown Holdings, Inc		5,047,535
	5,026	*	Diversey Holdings Ltd		38,901
	297,090		Dow, Inc		19,756,485
	222,457		DuPont de Nemours, Inc		14,666,590
	16,630		Eagle Materials, Inc		2,050,812
	58,454		Eastman Chemical Co		6,001,472
	13,581		Ecolab, Inc		2,299,806
	95,900		Element Solutions, Inc		1,977,458
	40,335		FMC Corp		5,346,001
	443,736		Freeport-McMoRan, Inc (Class B)		17,993,495
	89,761		Graphic Packaging Holding Co		1,956,790
	87,760		Huntsman Corp		2,972,431
	109,198		International Flavors & Fragrances, Inc		13,245,717
	168,321		International Paper Co		7,789,896
	33,185		Louisiana-Pacific Corp		2,141,096
	97,938		LyondellBasell Industries NV		10,384,366
	26,342		Martin Marietta Materials, Inc		9,330,863
	160,640		Mosaic Co		10,027,149
	2,878		NewMarket Corp		934,228
	344,162		Newmont Goldcorp Corp		25,072,202
	117,941		Nucor Corp		18,254,908
	58,676		Olin Corp		3,368,002
	40,388		Packaging Corp of America		6,509,334
	58,242		PPG Industries, Inc		7,454,394
	26,338		Reliance Steel & Aluminum Co		5,221,508
	28,171		Royal Gold, Inc		3,675,752
	21,963		RPM International, Inc		1,820,733
	29,902		Sealed Air Corp		1,920,007
	36,904		Silgan Holdings, Inc		1,637,430
	40,037		Sonoco Products Co		2,478,691
	3,206		Southern Copper Corp		199,638
	65,653		Steel Dynamics, Inc		5,629,745
	15,301	*	Sylvamo Corp		683,190
	115,581		United States Steel Corp		3,524,065
	73,658		Valvoline, Inc		2,226,681
	57,145		Vulcan Materials Co		9,845,512
	11,403		Westlake Chemical Corp		1,443,050
	112,441		WestRock Co		5,569,203
			TOTAL MATERIALS		344,883,170
MEDIA & ENTERTAINMENT - 4.6%
	334,301		Activision Blizzard, Inc		25,273,156
	17,975	*	Alphabet, Inc (Class A)		41,022,365
	16,568	*	Alphabet, Inc (Class C)		38,095,299
	27,569	*	Altice USA, Inc		255,840
	1,093		Cable One, Inc		1,274,657

185

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	2,516	*	Charter Communications, Inc	$	1,078,081
	1,934,000		Comcast Corp (Class A)		76,895,840
	107,769	*	DISH Network Corp (Class A)		3,072,494
	120,858		Electronic Arts, Inc		14,267,287
	131,439		Fox Corp (Class A)		4,710,774
	63,346		Fox Corp (Class B)		2,105,621
	32,870	*	IAC		2,724,266
	170,286		Interpublic Group of Cos, Inc		5,554,729
	10,841	*	Liberty Broadband Corp (Class A)		1,167,142
	61,488	*	Liberty Broadband Corp (Class C)		6,875,588
	13,112	*	Liberty Media Group (Class A)		752,891
	84,727	*	Liberty Media Group (Class C)		5,281,034
	39,924		Liberty SiriusXM Group (Class A)		1,670,021
	71,319	*	Liberty SiriusXM Group (Class C)		2,986,840
	35,620	*	Live Nation, Inc		3,735,826
	8,547	*	Loyalty Ventures, Inc		109,316
	4,999	*	Madison Square Garden Co		810,388
	69,681		New York Times Co (Class A)		2,670,176
	166,229		News Corp (Class A)		3,301,308
	53,175		News Corp (Class B)		1,058,714
	16,488		Nexstar Media Group Inc		2,612,029
	88,237		Omnicom Group, Inc		6,717,483
	387,514	e	Sirius XM Holdings, Inc		2,325,084
	39,533	*	Take-Two Interactive Software, Inc		4,724,589
	16,372	*	TripAdvisor, Inc		420,269
	297,538	*	Twitter, Inc		14,585,313
	901	e	ViacomCBS, Inc (Class A)		28,426
	248,070		ViacomCBS, Inc (Class B)		7,223,798
	4,311	*	Vimeo, Inc		43,929
	742,640	*	Walt Disney Co		82,900,903
	944,751	*	Warner Bros Discovery, Inc		17,147,231
	2,601		World Wrestling Entertainment, Inc (Class A)		151,872
	225,043	*	Zynga, Inc		1,861,106
			TOTAL MEDIA & ENTERTAINMENT		387,491,685
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.0%
	5,096	*	Adaptive Biotechnologies Corp		42,042
	14,059		Agilent Technologies, Inc		1,676,817
	42,899		Amgen, Inc		10,003,618
	62,212	*	Biogen, Inc		12,905,257
	78,439	*	BioMarin Pharmaceutical, Inc		6,381,013
	9,224	*	Bio-Rad Laboratories, Inc (Class A)		4,723,241
	937,363		Bristol-Myers Squibb Co		70,555,313
	55,771	*	Catalent, Inc		5,050,622
	1,350	*	Charles River Laboratories International, Inc		326,038
	258,349		Danaher Corp		64,879,184
	195,149	*	Elanco Animal Health, Inc		4,939,221
	76,827		Eli Lilly & Co		22,443,472
	5,506	*	Exact Sciences Corp		303,105
	19,168	*	Exelixis, Inc		428,213
	540,934		Gilead Sciences, Inc		32,099,024
	75,307	*	Horizon Therapeutics Plc		7,422,258
	11,439	*	Incyte Corp		857,467
	4,767	*	Ionis Pharmaceuticals, Inc		175,235
	43,453	*	Iovance Biotherapeutics, Inc		658,313
	41,182	*	IQVIA Holdings, Inc		8,977,264

186

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	25,264	*	Jazz Pharmaceuticals plc	$	4,047,798
	1,134,810		Johnson & Johnson		204,787,813
	1,091,694		Merck & Co, Inc		96,822,341
	2,801	*	Mirati Therapeutics, Inc		173,074
	2,288	*	Natera, Inc		80,355
	74,117	*	Nektar Therapeutics		306,103
	109,070		Organon & Co		3,526,233
	54,047		PerkinElmer, Inc		7,923,831
	58,349		Perrigo Co plc		2,001,371
	2,404,564		Pfizer, Inc		117,991,955
	100,106	*	QIAGEN NV		4,541,809
	39,557	*	Regeneron Pharmaceuticals, Inc		26,072,414
	1,365	*	Repligen Corp		214,633
	57,056		Royalty Pharma plc		2,429,444
	23,705	*	Sage Therapeutics, Inc		747,182
	6,139	*	Seagen, Inc		804,270
	38,100	*	Syneos Health, Inc		2,784,729
	153,647		Thermo Fisher Scientific, Inc		84,954,499
	7,093	*	Ultragenyx Pharmaceutical, Inc		501,404
	19,139	*	United Therapeutics Corp		3,398,321
	66,238	*	Vertex Pharmaceuticals, Inc		18,097,546
	513,329		Viatris, Inc		5,302,689
	1,841	*	Waters Corp		557,860
	11,098		Zoetis, Inc		1,967,121
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		844,881,512
REAL ESTATE - 5.0%
	72,100		Alexandria Real Estate Equities, Inc		13,133,736
	59,985		American Campus Communities, Inc		3,879,230
	127,451		American Homes 4 Rent		5,048,334
	114,295		Americold Realty Trust		3,015,102
	67,604		Apartment Income REIT Corp		3,324,089
	59,707		AvalonBay Communities, Inc		13,582,148
	67,038		Boston Properties, Inc		7,883,669
	131,744		Brixmor Property Group, Inc		3,343,663
	42,875		Camden Property Trust		6,726,659
	137,385		CBRE Group, Inc		11,408,450
	59,780		Cousins Properties, Inc		2,146,102
	91,771		CubeSmart		4,360,040
	121,842		Digital Realty Trust, Inc		17,803,553
	72,900		Douglas Emmett, Inc		2,147,634
	163,340		Duke Realty Corp		8,942,865
	33,163		EPR Properties		1,741,721
	11,392		Equinix, Inc		8,191,759
	35,270		Equity Lifestyle Properties, Inc		2,725,666
	157,535		Equity Residential		12,839,102
	27,771		Essex Property Trust, Inc		9,144,157
	51,838		Extra Space Storage, Inc		9,849,220
	32,976		Federal Realty Investment Trust		3,860,171
	54,217		First Industrial Realty Trust, Inc		3,144,586
	96,710		Gaming and Leisure Properties, Inc		4,291,990
	89,331		Healthcare Trust of America, Inc		2,721,022
	232,617		Healthpeak Properties Inc		7,632,164
	40,552		Highwoods Properties, Inc		1,656,144
	306,396		Host Hotels and Resorts, Inc		6,235,159
	17,193	*	Howard Hughes Corp		1,724,286

187

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	65,811		Hudson Pacific Properties	$	1,532,080
	255,762		Invitation Homes, Inc		10,184,443
	36,465		Iron Mountain, Inc		1,959,264
	53,371		JBG SMITH Properties		1,406,860
	21,300	*	Jones Lang LaSalle, Inc		4,658,949
	50,345		Kilroy Realty Corp		3,524,150
	254,783		Kimco Realty Corp		6,453,653
	4,668		Lamar Advertising Co		515,394
	34,904		Life Storage, Inc		4,624,431
	256,612		Medical Properties Trust, Inc		4,719,095
	49,545		Mid-America Apartment Communities, Inc		9,744,511
	78,457		National Retail Properties, Inc		3,439,555
	101,834		Omega Healthcare Investors, Inc		2,594,730
	171,068	*,e	Opendoor Technologies, Inc		1,195,765
	23,895		Orion Office REIT, Inc		320,671
	110,076		Park Hotels & Resorts, Inc		2,169,598
	316,909		Prologis, Inc		50,797,344
	15,737		Public Storage, Inc		5,846,296
	57,727		Rayonier, Inc		2,493,806
	246,303		Realty Income Corp		17,083,576
	73,842		Regency Centers Corp		5,082,545
	69,560		Rexford Industrial Realty, Inc		5,428,462
	38,932		SBA Communications Corp		13,513,687
	18,379		Simon Property Group, Inc		2,168,722
	27,352		SL Green Realty Corp		1,893,305
	49,701		Spirit Realty Capital, Inc		2,159,508
	104,045		STORE Capital Corp		2,957,999
	49,747		Sun Communities, Inc		8,734,081
	133,094		UDR, Inc		7,081,932
	170,655		Ventas, Inc		9,479,885
	362,449		VICI Properties, Inc		10,804,605
	76,892		Vornado Realty Trust		2,976,489
	186,982		Welltower, Inc		16,979,835
	320,305		Weyerhaeuser Co		13,202,972
	79,347		WP Carey, Inc		6,408,857
			TOTAL REAL ESTATE		426,639,476
RETAILING - 1.6%
	26,979		Advance Auto Parts, Inc		5,385,818
	16,909	*	Autonation, Inc		1,959,922
	7,056	*	AutoZone, Inc		13,797,796
	42,618		Bath & Body Works, Inc		2,254,066
	80,086		Best Buy Co, Inc		7,202,134
	1,655	*	Burlington Stores, Inc		336,892
	64,803	*	CarMax, Inc		5,558,801
	26,951	e	Dick’s Sporting Goods, Inc		2,598,615
	57,309		Dollar General Corp		13,612,607
	95,431	*	Dollar Tree, Inc		15,502,766
	7,513	*	DoorDash, Inc		611,784
	38,590		Foot Locker, Inc		1,131,073
	81,332		Gap, Inc		1,010,144
	61,195		Genuine Parts Co		7,958,410
	59,794		Kohl’s Corp		3,460,877
	5,340	*	Leslie’s, Inc		104,664
	11,307		Lithia Motors, Inc (Class A)		3,201,351
	114,679		LKQ Corp		5,691,519

188

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	12,612		Nordstrom, Inc	$	324,128
	28,048	*	Ollie’s Bargain Outlet Holdings, Inc		1,347,706
	19,855	*	O’Reilly Automotive, Inc		12,043,050
	11,762		Penske Auto Group, Inc		1,232,893
	18,077	*,e	Petco Health & Wellness Co, Inc		348,163
	165,746		Qurate Retail Group, Inc QVC Group		697,791
	113,399		Target Corp		25,928,681
	15,693	*	Victoria’s Secret & Co		739,454
	79,652	*,e	Vroom, Inc		124,257
	14,419	*,e	Wayfair, Inc		1,109,398
	7,727		Williams-Sonoma, Inc		1,008,219
			TOTAL RETAILING		136,282,979
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	136,817		Analog Devices, Inc		21,121,809
	6,654		Brooks Automation, Inc		498,784
	25,269	*	Cirrus Logic, Inc		1,915,390
	45,572	*	First Solar, Inc		3,328,123
	10,636	*	GLOBALFOUNDRIES, Inc		556,156
	1,742,355		Intel Corp		75,949,254
	360,823		Marvell Technology, Inc		20,956,600
	36,938		Microchip Technology, Inc		2,408,358
	415,204		Micron Technology, Inc		28,312,761
	4,076		MKS Instruments, Inc		464,583
	78,608		NXP Semiconductors NV		13,434,107
	83,575	*	ON Semiconductor Corp		4,355,093
	46,814	*	Qorvo, Inc		5,326,497
	38,204		Skyworks Solutions, Inc		4,328,513
	151,689		Texas Instruments, Inc		25,825,052
	49,588	*	Wolfspeed Inc		4,547,716
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		213,328,796
SOFTWARE & SERVICES - 4.0%
	54,151		Accenture plc		16,264,794
	68,203	*	Akamai Technologies, Inc		7,657,833
	52,502		Amdocs Ltd		4,183,884
	21,650	*	Ansys, Inc		5,968,688
	15,204		Automatic Data Processing, Inc		3,317,209
	65,351	*	Black Knight, Inc		4,299,442
	21,369		Bread Financial Holdings, Inc		1,171,021
	4,575		Broadridge Financial Solutions, Inc		659,395
	19,471	*,e	C3.ai, Inc		330,812
	40,775		CDK Global, Inc		2,218,568
	55,536	*	Ceridian HCM Holding, Inc		3,117,236
	34,298		Citrix Systems, Inc		3,433,230
	6,161	*	Cloudflare, Inc		530,708
	228,464		Cognizant Technology Solutions Corp (Class A)		18,482,738
	18,198		Concentrix Corp		2,865,821
	12,535	*	Datto Holding Corp		434,964
	27,604		Dolby Laboratories, Inc (Class A)		2,138,482
	23,954	*	Duck Creek Technologies, Inc		381,587
	102,750	*	DXC Technology Co		2,948,925
	4,666	*	Dynatrace, Inc		178,988
	6,358	*	Euronet Worldwide, Inc		773,451
	48,844	*	Fastly, Inc		776,620
	260,958		Fidelity National Information Services, Inc		25,873,986

189

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	74,344	*	FireEye, Inc	$	1,634,081
	238,685	*	Fiserv, Inc		23,372,035
	26,381	*	FleetCor Technologies, Inc		6,582,587
	74,802		Genpact Ltd		3,012,276
	122,547		Global Payments, Inc		16,786,488
	64,824	*	GoDaddy, Inc		5,238,427
	36,069	*	Guidewire Software, Inc		3,135,839
	3,997	*	Informatica, Inc		77,782
	384,155		International Business Machines Corp		50,789,132
	23,464		Jack Henry & Associates, Inc		4,448,305
	4,374	*	Jamf Holding Corp		134,719
	96,075	*	Kyndryl Holdings, Inc		1,142,332
	12,706	*	Manhattan Associates, Inc		1,658,768
	16,118	*	N-Able, Inc		161,180
	36,164	*	NCR Corp		1,266,825
	178,117		NortonLifelock, Inc		4,460,050
	47,504		Oracle Corp		3,486,794
	17,848		Paychex, Inc		2,261,877
	3,888	*	Paycor HCM, Inc		95,761
	155,211	*	Paysafe Ltd		431,487
	1,540		Pegasystems, Inc		117,949
	7,111	*	Procore Technologies, Inc		394,447
	324,706	*	salesforce.com, Inc		57,128,774
	5,016	*	Snowflake, Inc		859,943
	16,118		SolarWinds Corp		199,380
	95,147		SS&C Technologies Holdings, Inc		6,152,205
	6,514	*	StoneCo Ltd		61,362
	24,239	*	Synopsys, Inc		6,951,503
	6,834	*	Teradata Corp		282,586
	12,000	*	Turing Holding Corp		222,120
	51,013	*	Twilio, Inc		5,704,274
	2,320	*	Tyler Technologies, Inc		915,727
	42,051	*	VeriSign, Inc		7,514,093
	59,853		VMware, Inc (Class A)		6,466,518
	131,997		Western Union Co		2,212,270
	6,318	*	WEX, Inc		1,050,304
			TOTAL SOFTWARE & SERVICES		334,418,582
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4%
	69,899		Amphenol Corp (Class A)		4,997,779
	10,980	*	Arista Networks, Inc		1,268,959
	29,712	*	Arrow Electronics, Inc		3,501,856
	41,127		Avnet, Inc		1,795,605
	66,983	*	Ciena Corp		3,695,452
	1,816,397		Cisco Systems, Inc		88,967,125
	1,306	*	Coherent, Inc		349,877
	219,128		Corning, Inc		7,711,114
	59,055		Dell Technologies, Inc		2,776,176
	25,923	*	F5 Networks, Inc		4,339,769
	563,018		Hewlett Packard Enterprise Co		8,676,107
	306,354		HP, Inc		11,221,747
	14,531	*	IPG Photonics Corp		1,372,889
	12,967		Jabil Inc		748,585
	136,446		Juniper Networks, Inc		4,300,778
	44,734	*	Keysight Technologies, Inc		6,274,838
	10,318		Littelfuse, Inc		2,365,402

190

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	32,529	*	Lumentum Holdings, Inc	$	2,641,680
	71,057		Motorola Solutions, Inc		15,184,170
	60,542		National Instruments Corp		2,187,988
	32,251		NetApp, Inc		2,362,386
	7,333	*	Pure Storage, Inc		214,857
	18,503		SYNNEX Corp		1,851,965
	19,479	*	Teledyne Technologies, Inc		8,406,163
	106,436	*	Trimble Inc		7,099,281
	14	e	Ubiquiti, Inc		3,952
	30,185	*	Viasat, Inc		1,111,110
	33,370		Vontier Corp		854,939
	133,974	*	Western Digital Corp		7,110,000
	49,331		Xerox Holdings Corp		858,359
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		204,250,908
TELECOMMUNICATION SERVICES - 2.1%
	3,071,032		AT&T, Inc		57,919,664
	436,981		Lumen Technologies, Inc		4,396,029
	253,646	*	T-Mobile US, Inc		31,233,968
	1,806,494		Verizon Communications, Inc		83,640,672
			TOTAL TELECOMMUNICATION SERVICES		177,190,333
TRANSPORTATION - 1.7%
	52,562	*	Alaska Air Group, Inc		2,858,847
	3,903		Amerco, Inc		2,089,978
	275,337	*,e	American Airlines Group, Inc		5,168,076
	45,590		CH Robinson Worldwide, Inc		4,839,379
	14,866	*	Copa Holdings S.A. (Class A)		1,120,450
	955,845		CSX Corp		32,823,717
	18,880		Expeditors International of Washington, Inc		1,870,442
	59,214		FedEx Corp		11,768,190
	5,667	*	GXO Logistics, Inc		335,430
	4,049		JB Hunt Transport Services, Inc		691,772
	134,996	*	JetBlue Airways Corp		1,486,306
	26,200	*	Kirby Corp		1,708,240
	69,127		Knight-Swift Transportation Holdings, Inc		3,310,492
	1,857		Landstar System, Inc		287,649
	103,105		Norfolk Southern Corp		26,588,717
	3,473		Old Dominion Freight Line		972,857
	22,539		Ryder System, Inc		1,575,476
	15,960		Schneider National, Inc		377,135
	257,312	*	Southwest Airlines Co		12,021,617
	50,203	*	TuSimple Holdings, Inc		520,605
	102,351	*	Uber Technologies, Inc		3,222,009
	102,456		Union Pacific Corp		24,004,416
	134,485	*	United Airlines Holdings Inc		6,791,493
	5,667	*	XPO Logistics, Inc		304,828
			TOTAL TRANSPORTATION		146,738,121
UTILITIES - 5.5%
	280,678		AES Corp		5,731,445
	108,332		Alliant Energy Corp		6,371,005
	109,890		Ameren Corp		10,208,781
	215,143		American Electric Power Co, Inc		21,322,823
	77,628		American Water Works Co, Inc		11,960,922
	57,986		Atmos Energy Corp		6,575,612

191

TIAA-CREF FUNDS – Large-Cap Value Index Fund

SHARES			COMPANY	RATE			VALUE
	26,120		Avangrid, Inc				$	1,158,422
	41,126		Brookfield Renewable Corp					1,476,423
	253,799		Centerpoint Energy, Inc					7,768,787
	125,115		CMS Energy Corp					8,594,149
	153,257		Consolidated Edison, Inc					14,213,054
	141,006		Constellation Energy Corp					8,348,965
	347,492		Dominion Energy, Inc					28,369,247
	82,420		DTE Energy Co					10,800,317
	331,870		Duke Energy Corp					36,558,799
	160,386		Edison International					11,032,953
	86,643		Entergy Corp					10,297,521
	98,886		Essential Utilities Inc					4,426,137
	96,151		Evergy, Inc					6,523,845
	146,900		Eversource Energy					12,839,060
	423,018		Exelon Corp					19,788,782
	230,466		FirstEnergy Corp					9,981,482
	43,173		Hawaiian Electric Industries, Inc					1,774,842
	22,632		Idacorp, Inc					2,380,434
	38,591		National Fuel Gas Co					2,706,387
	843,046		NextEra Energy, Inc					59,873,127
	167,771		NiSource, Inc					4,885,492
	53,365		NRG Energy, Inc					1,915,804
	88,663		OGE Energy Corp					3,429,485
	861,285	*,b	PG&E Corp					10,895,255
	48,823		Pinnacle West Capital Corp					3,476,198
	328,626		PPL Corp					9,303,402
	219,472		Public Service Enterprise Group, Inc					15,288,420
	137,370		Sempra Energy					22,166,023
	455,653		Southern Co					33,440,374
	91,146		UGI Corp					3,126,308
	207,662		Vistra Energy Corp					5,195,703
	136,745		WEC Energy Group, Inc					13,681,337
	230,856		Xcel Energy, Inc					16,912,511
			TOTAL UTILITIES					464,799,633
			TOTAL COMMON STOCKS					8,446,281,383
			(Cost $6,033,247,240)
SHORT-TERM INVESTMENTS - 0.1%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
	6,892,890	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310	%		6,892,890
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					6,892,890
			TOTAL SHORT-TERM INVESTMENTS					6,892,890
			(Cost $6,892,890)
			TOTAL INVESTMENTS - 100.0%					8,453,174,273
			(Cost $6,040,140,130)
			OTHER ASSETS & LIABILITIES, NET - 0.0%					1,764,669
			NET ASSETS - 100.0%				$	8,454,938,942

192

TIAA-CREF FUNDS – Large-Cap Value Index Fund

	REIT    Real Estate Investment Trust
*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
b	In bankruptcy
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $20,540,447.

193

TIAA-CREF FUNDS – S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 2.5%
	53,204	*	Aptiv plc	$	5,660,906
	47,078		BorgWarner, Inc		1,733,883
	782,788		Ford Motor Co		11,084,278
	294,352	*	General Motors Co		11,158,884
	167,796	*	Tesla, Inc		146,110,045
			TOTAL AUTOMOBILES & COMPONENTS		175,747,996
BANKS - 3.7%
	1,423,651		Bank of America Corp		50,795,868
	394,733		Citigroup, Inc		19,030,078
	100,283		Citizens Financial Group, Inc		3,951,150
	27,942		Comerica, Inc		2,288,450
	137,727		Fifth Third Bancorp		5,168,894
	36,203		First Republic Bank		5,402,212
	281,671		Huntington Bancshares, Inc		3,703,974
	591,867		JPMorgan Chase & Co		70,645,245
	182,355		Keycorp		3,521,275
	35,708		M&T Bank Corp		5,950,381
	83,513		PNC Financial Services Group, Inc		13,871,509
	200,614		Regions Financial Corp		4,156,722
	12,297		Signature Bank		2,978,948
	11,914	*	SVB Financial Group		5,809,743
	269,138		Truist Financial Corp		13,012,822
	273,503		US Bancorp		13,281,306
	781,848		Wells Fargo & Co		34,112,028
	28,308		Zions Bancorporation		1,599,685
			TOTAL BANKS		259,280,290
CAPITAL GOODS - 5.4%
	113,530		3M Co		16,373,297
	25,588		A.O. Smith Corp		1,495,107
	16,157		Allegion plc		1,845,776
	46,340		Ametek, Inc		5,850,888
	110,279	*	Boeing Co		16,413,926
	170,501		Carrier Global Corp		6,525,073
	108,871		Caterpillar, Inc		22,921,700
	28,774		Cummins, Inc		5,443,753
	55,968		Deere & Co		21,130,718
	28,458		Dover Corp		3,793,451
	79,634		Eaton Corp		11,548,523
	119,869		Emerson Electric Co		10,809,786
	116,816		Fastenal Co		6,461,093
	72,756		Fortive Corp		4,183,470
	27,977		Fortune Brands Home & Security, Inc		1,993,361
	12,847	*	Generac Holdings, Inc		2,818,375

194

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	46,231		General Dynamics Corp	$	10,935,018
	221,459		General Electric Co		16,509,768
	138,036		Honeywell International, Inc		26,711,346
	75,031		Howmet Aerospace, Inc		2,560,058
	7,284		Huntington Ingalls		1,549,598
	15,094		IDEX Corp		2,865,143
	57,457		Illinois Tool Works, Inc		11,325,349
	82,315		Ingersoll Rand, Inc		3,618,567
	144,178		Johnson Controls International plc		8,631,937
	38,679		L3Harris Technologies, Inc		8,983,585
	48,831		Lockheed Martin Corp		21,100,852
	46,195		Masco Corp		2,434,015
	10,954		Nordson Corp		2,362,668
	29,620		Northrop Grumman Corp		13,015,028
	83,512		Otis Worldwide Corp		6,083,014
	68,753		PACCAR, Inc		5,709,937
	26,085		Parker-Hannifin Corp		7,064,340
	33,503		Pentair plc		1,700,277
	28,194		Quanta Services, Inc		3,269,940
	301,092		Raytheon Technologies Corp		28,576,642
	23,061		Rockwell Automation, Inc		5,826,823
	21,124		Roper Technologies Inc		9,926,590
	10,033		Snap-On, Inc		2,131,912
	33,061		Stanley Black & Decker, Inc		3,972,279
	43,484		Textron, Inc		3,011,267
	47,503		Trane Technologies plc		6,645,195
	10,595	*	TransDigm Group, Inc		6,302,012
	14,561	*	United Rentals, Inc		4,608,848
	8,491		W.W. Grainger, Inc		4,245,755
	36,826		Westinghouse Air Brake Technologies Corp		3,311,026
	37,093		Xylem, Inc		2,985,987
			TOTAL CAPITAL GOODS		377,583,073
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	17,679		Cintas Corp		7,023,160
	42,376	*	Copart, Inc		4,816,032
	24,548		Equifax, Inc		4,996,009
	25,208		Jacobs Engineering Group, Inc		3,492,568
	28,147		Leidos Holdings, Inc		2,913,496
	71,466		Nielsen NV		1,916,004
	42,141		Republic Services, Inc		5,658,272
	22,494		Robert Half International, Inc		2,211,385
	43,975		Rollins, Inc		1,474,922
	32,188		Verisk Analytics, Inc		6,567,961
	77,419		Waste Management, Inc		12,730,780
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		53,800,589
CONSUMER DURABLES & APPAREL - 0.9%
	66,001		DR Horton, Inc		4,593,009
	30,654		Garmin Ltd		3,363,970
	26,164		Hasbro, Inc		2,304,002
	51,931		Lennar Corp (Class A)		3,972,202
	11,347	*	Mohawk Industries, Inc		1,600,608
	71,441		Newell Brands Inc		1,653,859
	256,606		Nike, Inc (Class B)		31,998,768
	642	*	NVR, Inc		2,809,527

195

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	46,076		Pulte Homes, Inc	$	1,924,134
	14,228		PVH Corp		1,035,514
	8,840		Ralph Lauren Corp		922,366
	51,575		Tapestry, Inc		1,697,849
	37,028	*	Under Armour, Inc (Class A)		568,750
	44,945	*	Under Armour, Inc (Class C)		637,769
	65,381		VF Corp		3,399,812
	11,311		Whirlpool Corp		2,053,173
			TOTAL CONSUMER DURABLES & APPAREL		64,535,312
CONSUMER SERVICES - 1.9%
	8,263	*	Booking Holdings, Inc		18,263,792
	42,580	*	Caesars Entertainment, Inc		2,822,202
	163,322	*	Carnival Corp		2,825,471
	5,610	*	Chipotle Mexican Grill, Inc (Class A)		8,165,972
	26,503		Darden Restaurants, Inc		3,491,240
	7,397		Domino’s Pizza, Inc		2,500,186
	29,503	*	Expedia Group, Inc		5,155,649
	56,135	*	Hilton Worldwide Holdings, Inc		8,717,204
	66,650	*	Las Vegas Sands Corp		2,361,409
	55,698	*	Marriott International, Inc (Class A)		9,887,509
	149,547		McDonald’s Corp		37,261,131
	79,028		MGM Resorts International		3,243,309
	82,996	*,e	Norwegian Cruise Line Holdings Ltd		1,662,410
	33,463	*	Penn National Gaming, Inc		1,223,742
	44,840	*	Royal Caribbean Cruises Ltd		3,485,413
	230,538		Starbucks Corp		17,207,356
	20,392	*	Wynn Resorts Ltd		1,437,228
	58,267		Yum! Brands, Inc		6,817,822
			TOTAL CONSUMER SERVICES		136,529,045
DIVERSIFIED FINANCIALS - 5.1%
	122,374		American Express Co		21,379,962
	22,642		Ameriprise Financial, Inc		6,011,225
	148,501		Bank of New York Mellon Corp		6,245,952
	366,641	*	Berkshire Hathaway, Inc (Class B)		118,362,714
	28,653		BlackRock, Inc		17,898,956
	83,951		Capital One Financial Corp		10,461,974
	21,309		CBOE Global Markets, Inc		2,407,491
	301,606		Charles Schwab Corp		20,005,526
	72,445		CME Group, Inc		15,890,086
	58,000		Discover Financial Services		6,522,680
	7,631		Factset Research Systems, Inc		3,079,032
	55,201		Franklin Resources, Inc		1,357,393
	68,071		Goldman Sachs Group, Inc		20,795,010
	111,703		Intercontinental Exchange Group, Inc		12,936,324
	59,872		Invesco Ltd		1,100,447
	7,556		MarketAxess Holdings, Inc		1,991,837
	31,924		Moody’s Corp		10,103,307
	285,078		Morgan Stanley		22,974,436
	16,277		MSCI, Inc (Class A)		6,856,686
	23,816		Nasdaq Inc		3,747,924
	41,741		Northern Trust Corp		4,301,410
	36,802		Raymond James Financial, Inc		3,586,723
	71,062		S&P Global, Inc		26,754,843
	73,974		State Street Corp		4,954,039

196

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	105,136		Synchrony Financial	$	3,870,056
	46,051		T Rowe Price Group, Inc		5,666,115
			TOTAL DIVERSIFIED FINANCIALS		359,262,148
ENERGY - 4.1%
	69,224		APA Corp		2,833,338
	183,889		Baker Hughes Co		5,704,237
	163,507		Cabot Oil & Gas Corp		4,707,367
	386,453		Chevron Corp		60,545,592
	262,071		ConocoPhillips		25,033,022
	123,434		Devon Energy Corp		7,180,156
	34,423		Diamondback Energy, Inc		4,345,215
	118,340		EOG Resources, Inc		13,817,378
	848,577	d	Exxon Mobil Corp		72,341,189
	179,737		Halliburton Co		6,402,232
	54,559		Hess Corp		5,623,396
	387,686		Kinder Morgan, Inc		7,036,501
	156,114		Marathon Oil Corp		3,890,361
	117,356		Marathon Petroleum Corp		10,240,485
	179,758		Occidental Petroleum Corp		9,902,868
	88,593		ONEOK, Inc		5,610,595
	92,098		Phillips 66		7,990,422
	45,794		Pioneer Natural Resources Co		10,645,731
	283,062		Schlumberger Ltd		11,042,249
	83,655		Valero Energy Corp		9,325,859
	243,093		Williams Cos, Inc		8,335,659
			TOTAL ENERGY		292,553,852
FOOD & STAPLES RETAILING - 1.6%
	88,851		Costco Wholesale Corp		47,243,854
	133,335		Kroger Co		7,194,757
	101,444		SYSCO Corp		8,671,433
	141,766		Walgreens Boots Alliance, Inc		6,010,878
	283,260		Walmart, Inc		43,335,947
			TOTAL FOOD & STAPLES RETAILING		112,456,869
FOOD, BEVERAGE & TOBACCO - 3.5%
	367,121		Altria Group, Inc		20,400,914
	113,105		Archer-Daniels-Midland Co		10,129,684
	36,964		Brown-Forman Corp (Class B)		2,492,852
	37,602		Campbell Soup Co		1,775,567
	778,327		Coca-Cola Co		50,287,708
	96,282		ConAgra Brands, Inc		3,363,130
	33,211		Constellation Brands, Inc (Class A)		8,172,895
	124,120		General Mills, Inc		8,779,008
	29,446		Hershey Co		6,648,023
	54,308		Hormel Foods Corp		2,845,196
	21,437		J.M. Smucker Co		2,935,368
	49,048		Kellogg Co		3,359,788
	138,453		Kraft Heinz Co		5,902,251
	30,548		Lamb Weston Holdings, Inc		2,019,223
	50,344		McCormick & Co, Inc		5,063,096
	35,331		Molson Coors Brewing Co (Class B)		1,912,820
	278,095		Mondelez International, Inc		17,931,566
	76,072	*	Monster Beverage Corp		6,517,849
	277,001		PepsiCo, Inc		47,563,842

197

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	310,958		Philip Morris International, Inc	$	31,095,800
	58,365		Tyson Foods, Inc (Class A)		5,437,283
			TOTAL FOOD, BEVERAGE & TOBACCO		244,633,863
HEALTH CARE EQUIPMENT & SERVICES - 6.1%
	354,034		Abbott Laboratories		40,182,859
	8,755	*	Abiomed, Inc		2,509,008
	14,853	*	Align Technology, Inc		4,306,033
	29,371		AmerisourceBergen Corp		4,443,539
	48,463		Anthem, Inc		24,325,034
	100,940		Baxter International, Inc		7,172,796
	56,925		Becton Dickinson & Co		14,071,291
	288,760	*	Boston Scientific Corp		12,159,684
	54,850		Cardinal Health, Inc		3,184,042
	117,095	*	Centene Corp		9,432,002
	57,283		Cerner Corp		5,363,980
	65,470		Cigna Corp		16,156,687
	9,945		Cooper Cos, Inc		3,590,543
	264,283		CVS Health Corp		25,405,525
	11,764	*	DaVita, Inc		1,274,865
	44,965		Dentsply Sirona, Inc		1,798,150
	19,566	*	Dexcom, Inc		7,994,276
	125,482	*	Edwards Lifesciences Corp		13,273,486
	1	*	Embecta Corp		15
	48,591		HCA Healthcare, Inc		10,425,199
	27,628	*	Henry Schein, Inc		2,240,631
	50,698	*	Hologic, Inc		3,649,749
	25,731		Humana, Inc		11,438,973
	17,123	*	IDEXX Laboratories, Inc		7,371,109
	71,434	*	Intuitive Surgical, Inc		17,094,156
	18,777	*	Laboratory Corp of America Holdings		4,511,738
	30,174		McKesson Corp		9,342,172
	270,359		Medtronic plc		28,214,665
	11,824	*	Molina Healthcare, Inc		3,706,233
	23,129		Quest Diagnostics, Inc		3,095,585
	29,101		Resmed, Inc		5,819,327
	19,701		STERIS plc		4,414,009
	67,835		Stryker Corp		16,365,872
	9,254		Teleflex, Inc		2,643,127
	188,550		UnitedHealth Group, Inc		95,887,103
	14,470		Universal Health Services, Inc (Class B)		1,773,009
	42,106		Zimmer Biomet Holdings, Inc		5,084,300
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		429,720,772
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	49,708		Church & Dwight Co, Inc		4,849,513
	24,885		Clorox Co		3,570,251
	168,379		Colgate-Palmolive Co		12,973,602
	46,256		Estee Lauder Cos (Class A)		12,214,359
	67,540		Kimberly-Clark Corp		9,376,578
	479,822		Procter & Gamble Co		77,035,422
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		120,019,725
INSURANCE - 2.1%
	120,025		Aflac, Inc		6,875,032
	56,488		Allstate Corp		7,147,991

198

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	165,297		American International Group, Inc	$	9,671,527
	42,903		Aon plc		12,355,635
	41,851		Arthur J. Gallagher & Co		7,051,475
	10,824		Assurant, Inc		1,968,669
	47,780		Brown & Brown, Inc		2,961,404
	85,993		Chubb Ltd		17,753,255
	29,398		Cincinnati Financial Corp		3,605,959
	7,745		Everest Re Group Ltd		2,127,629
	18,197		Globe Life, Inc		1,784,762
	67,007		Hartford Financial Services Group, Inc		4,685,799
	33,892		Lincoln National Corp		2,038,604
	37,339		Loews Corp		2,346,383
	101,049		Marsh & McLennan Cos, Inc		16,339,623
	142,601		Metlife, Inc		9,366,034
	50,854		Principal Financial Group		3,465,192
	117,526		Progressive Corp		12,617,591
	76,727		Prudential Financial, Inc		8,325,647
	48,959		Travelers Cos, Inc		8,374,927
	43,333		W.R. Berkley Corp		2,881,211
	24,249		Willis Towers Watson plc		5,210,140
			TOTAL INSURANCE		148,954,489
MATERIALS - 2.8%
	44,616		Air Products & Chemicals, Inc		10,443,267
	23,751		Albemarle Corp		4,579,905
	288,524		Amcor plc		3,421,895
	17,087		Avery Dennison Corp		3,085,912
	66,037		Ball Corp		5,359,563
	21,757		Celanese Corp (Series A)		3,196,974
	43,054		CF Industries Holdings, Inc		4,168,919
	143,919		Corteva, Inc		8,302,687
	151,102		Dow, Inc		10,048,283
	104,925		DuPont de Nemours, Inc		6,917,705
	26,022		Eastman Chemical Co		2,671,679
	49,560		Ecolab, Inc		8,392,490
	26,013		FMC Corp		3,447,763
	293,181		Freeport-McMoRan, Inc (Class B)		11,888,489
	50,431		International Flavors & Fragrances, Inc		6,117,280
	76,930		International Paper Co		3,560,320
	102,311		Linde plc		31,916,940
	51,511		LyondellBasell Industries NV		5,461,711
	12,685		Martin Marietta Materials, Inc		4,493,281
	75,119		Mosaic Co		4,688,928
	160,594		Newmont Goldcorp Corp		11,699,273
	53,918		Nucor Corp		8,345,428
	18,407		Packaging Corp of America		2,966,656
	47,887		PPG Industries, Inc		6,129,057
	31,418		Sealed Air Corp		2,017,350
	48,698		Sherwin-Williams Co		13,390,002
	26,785		Vulcan Materials Co		4,614,788
	53,922		WestRock Co		2,670,757
			TOTAL MATERIALS		193,997,302
MEDIA & ENTERTAINMENT - 7.4%
	156,770		Activision Blizzard, Inc		11,851,812
	60,269	*	Alphabet, Inc (Class A)		137,545,309

199

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	55,661	*	Alphabet, Inc (Class C)	$	127,983,007
	24,169	*	Charter Communications, Inc		10,356,175
	905,651		Comcast Corp (Class A)		36,008,684
	50,633	*	DISH Network Corp (Class A)		1,443,547
	55,739		Electronic Arts, Inc		6,579,989
	62,585		Fox Corp (Class A)		2,243,046
	31,642		Fox Corp (Class B)		1,051,780
	81,983		Interpublic Group of Cos, Inc		2,674,285
	26,675	*	Live Nation, Inc		2,797,674
	55,984	*	Match Group, Inc		4,431,134
	462,799	*	Meta Platforms, Inc		92,777,315
	89,501	*	Netflix, Inc		17,037,410
	78,343		News Corp (Class A)		1,555,892
	23,960		News Corp (Class B)		477,044
	41,069		Omnicom Group, Inc		3,126,583
	23,651	*	Take-Two Interactive Software, Inc		2,826,531
	161,838	*	Twitter, Inc		7,933,299
	117,206		ViacomCBS, Inc (Class B)		3,413,039
	364,875	*	Walt Disney Co		40,730,996
	442,394	*	Warner Bros Discovery, Inc		8,029,451
			TOTAL MEDIA & ENTERTAINMENT		522,874,002
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0%
	354,402		AbbVie, Inc		52,054,566
	60,784		Agilent Technologies, Inc		7,249,708
	113,447		Amgen, Inc		26,454,706
	28,779	*	Biogen, Inc		5,969,916
	4,232	*	Bio-Rad Laboratories, Inc (Class A)		2,167,038
	7,904		Bio-Techne Corp		3,001,070
	438,916		Bristol-Myers Squibb Co		33,037,207
	34,441	*	Catalent, Inc		3,118,977
	10,113	*	Charles River Laboratories International, Inc		2,442,391
	127,716		Danaher Corp		32,073,319
	159,135		Eli Lilly & Co		46,488,108
	252,522		Gilead Sciences, Inc		14,984,655
	31,046	*	Illumina, Inc		9,209,796
	36,676	*	Incyte Corp		2,749,233
	39,083	*	IQVIA Holdings, Inc		8,519,703
	527,207		Johnson & Johnson		95,139,775
	505,817		Merck & Co, Inc		44,860,910
	4,618	*	Mettler-Toledo International, Inc		5,899,634
	69,731	*	Moderna, Inc		9,372,544
	51,246		Organon & Co		1,656,783
	25,599		PerkinElmer, Inc		3,753,069
	1,125,075		Pfizer, Inc		55,207,430
	21,233	*	Regeneron Pharmaceuticals, Inc		13,994,883
	78,832		Thermo Fisher Scientific, Inc		43,587,789
	50,512	*	Vertex Pharmaceuticals, Inc		13,800,889
	222,047		Viatris, Inc		2,293,745
	12,266	*	Waters Corp		3,716,843
	14,738		West Pharmaceutical Services, Inc		4,643,354
	95,580		Zoetis, Inc		16,941,555
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		564,389,596

200

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 2.9%
	29,546		Alexandria Real Estate Equities, Inc	$	5,382,099
	91,634		American Tower Corp		22,085,627
	28,084		AvalonBay Communities, Inc		6,388,548
	27,929		Boston Properties, Inc		3,284,450
	20,736		Camden Property Trust		3,253,271
	67,569		CBRE Group, Inc		5,610,930
	87,210		Crown Castle International Corp		16,152,164
	57,079		Digital Realty Trust, Inc		8,340,384
	77,101		Duke Realty Corp		4,221,280
	18,050		Equinix, Inc		12,979,394
	69,842		Equity Residential		5,692,123
	13,058		Essex Property Trust, Inc		4,299,608
	27,046		Extra Space Storage, Inc		5,138,740
	12,839		Federal Realty Investment Trust		1,502,933
	102,708		Healthpeak Properties Inc		3,369,849
	139,222		Host Hotels and Resorts, Inc		2,833,168
	58,755		Iron Mountain, Inc		3,156,906
	121,403		Kimco Realty Corp		3,075,138
	22,847		Mid-America Apartment Communities, Inc		4,493,548
	148,976		Prologis, Inc		23,879,363
	30,619		Public Storage, Inc		11,374,959
	111,408		Realty Income Corp		7,727,259
	30,038		Regency Centers Corp		2,067,516
	21,665		SBA Communications Corp		7,520,138
	65,348		Simon Property Group, Inc		7,711,064
	62,178		UDR, Inc		3,308,491
	79,884		Ventas, Inc		4,437,556
	30,555		Vornado Realty Trust		1,182,784
	88,288		Welltower, Inc		8,017,433
	151,510		Weyerhaeuser Co		6,245,242
			TOTAL REAL ESTATE		204,731,965
RETAILING - 6.0%
	12,960		Advance Auto Parts, Inc		2,587,205
	87,705	*	Amazon.com, Inc		218,002,179
	4,149	*	AutoZone, Inc		8,113,245
	49,358		Bath & Body Works, Inc		2,610,545
	43,681		Best Buy Co, Inc		3,928,232
	31,229	*	CarMax, Inc		2,678,824
	46,710		Dollar General Corp		11,095,026
	45,209	*	Dollar Tree, Inc		7,344,202
	126,980		eBay, Inc		6,592,802
	25,483	*	Etsy, Inc		2,374,761
	28,059		Genuine Parts Co		3,649,073
	209,170		Home Depot, Inc		62,834,668
	53,566		LKQ Corp		2,658,481
	135,489		Lowe’s Companies, Inc		26,790,240
	13,585	*	O’Reilly Automotive, Inc		8,239,982
	7,894		Pool Corp		3,198,807
	70,250		Ross Stores, Inc		7,008,842
	96,268		Target Corp		22,011,678
	241,605		TJX Companies, Inc		14,805,554
	23,052		Tractor Supply Co		4,643,825
	10,643	*	Ulta Beauty, Inc		4,223,142
			TOTAL RETAILING		425,391,313

201

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3%
	326,468	*	Advanced Micro Devices, Inc	$	27,919,543
	105,216		Analog Devices, Inc		16,243,246
	178,305		Applied Materials, Inc		19,675,957
	82,741		Broadcom, Inc		45,870,783
	26,138	*	Enphase Energy, Inc		4,218,673
	816,025		Intel Corp		35,570,530
	30,596		KLA Corp		9,768,079
	28,119		Lam Research Corp		13,096,705
	112,228		Microchip Technology, Inc		7,317,266
	224,955		Micron Technology, Inc		15,339,682
	8,798		Monolithic Power Systems, Inc		3,450,928
	500,937		NVIDIA Corp		92,908,785
	53,667		NXP Semiconductors NV		9,171,690
	21,803	*	Qorvo, Inc		2,480,745
	225,146		QUALCOMM, Inc		31,450,645
	33,436		Skyworks Solutions, Inc		3,788,299
	9,772	*	SolarEdge Technologies, Inc		2,447,007
	32,353		Teradyne, Inc		3,411,947
	185,516		Texas Instruments, Inc		31,584,099
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		375,714,609
SOFTWARE & SERVICES - 13.0%
	126,440		Accenture plc		37,977,518
	94,436	*	Adobe, Inc		37,391,934
	33,360	*	Akamai Technologies, Inc		3,745,661
	17,369	*	Ansys, Inc		4,788,460
	44,215	*	Autodesk, Inc		8,369,015
	83,897		Automatic Data Processing, Inc		18,304,648
	22,729		Broadridge Financial Solutions, Inc		3,275,931
	55,891	*	Cadence Design Systems, Inc		8,431,157
	27,418	*	Ceridian HCM Holding, Inc		1,538,972
	24,387		Citrix Systems, Inc		2,441,139
	104,052		Cognizant Technology Solutions Corp (Class A)		8,417,807
	47,282	*	DXC Technology Co		1,356,993
	11,455	*	EPAM Systems, Inc		3,035,460
	122,052		Fidelity National Information Services, Inc		12,101,456
	118,893	*	Fiserv, Inc		11,642,003
	16,029	*	FleetCor Technologies, Inc		3,999,556
	26,751	*	Fortinet, Inc		7,731,307
	16,320	*	Gartner, Inc		4,741,776
	57,391		Global Payments, Inc		7,861,419
	179,553		International Business Machines Corp		23,738,702
	56,805		Intuit, Inc		23,787,094
	14,549		Jack Henry & Associates, Inc		2,758,199
	172,936		Mastercard, Inc (Class A)		62,841,484
	1,502,516		Microsoft Corp		416,978,240
	116,183		NortonLifelock, Inc		2,909,222
	314,039		Oracle Corp		23,050,463
	64,300		Paychex, Inc		8,148,739
	9,668	*	Paycom Software, Inc		2,721,252
	234,631	*	PayPal Holdings, Inc		20,631,104
	21,484	*	PTC, Inc		2,453,688
	197,343	*	salesforce.com, Inc		34,720,527
	40,203	*	ServiceNow, Inc		19,221,054
	31,040	*	Synopsys, Inc		8,901,962
	8,193	*	Tyler Technologies, Inc		3,233,859

202

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY	VALUE
	19,945	*	VeriSign, Inc	$	3,563,972
	332,254		Visa, Inc (Class A)		70,813,295
			TOTAL SOFTWARE & SERVICES		917,625,068
TECHNOLOGY HARDWARE & EQUIPMENT - 8.7%
	118,273		Amphenol Corp (Class A)		8,456,519
	3,107,306		Apple, Inc		489,866,791
	44,937	*	Arista Networks, Inc		5,193,369
	27,764		CDW Corp		4,530,530
	843,564		Cisco Systems, Inc		41,317,765
	150,612		Corning, Inc		5,300,036
	12,335	*	F5 Networks, Inc		2,065,002
	268,587		Hewlett Packard Enterprise Co		4,138,926
	213,851		HP, Inc		7,833,362
	7,253	*	IPG Photonics Corp		685,263
	67,725		Juniper Networks, Inc		2,134,692
	37,239	*	Keysight Technologies, Inc		5,223,515
	33,796		Motorola Solutions, Inc		7,221,867
	46,030		NetApp, Inc		3,371,698
	41,069		Seagate Technology Holdings plc		3,369,301
	66,553		TE Connectivity Ltd		8,304,483
	9,296	*	Teledyne Technologies, Inc		4,011,689
	49,307	*	Trimble Inc		3,288,777
	62,765	*	Western Digital Corp		3,330,939
	10,843	*	Zebra Technologies Corp (Class A)		4,008,223
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		613,652,747
TELECOMMUNICATION SERVICES - 1.2%
	1,430,995		AT&T, Inc		26,988,566
	167,040		Lumen Technologies, Inc		1,680,423
	116,517	*	T-Mobile US, Inc		14,347,903
	844,437		Verizon Communications, Inc		39,097,433
			TOTAL TELECOMMUNICATION SERVICES		82,114,325
TRANSPORTATION - 1.8%
	26,518	*	Alaska Air Group, Inc		1,442,314
	127,465	*,e	American Airlines Group, Inc		2,392,518
	24,657		CH Robinson Worldwide, Inc		2,617,341
	448,690		CSX Corp		15,408,015
	125,483	*	Delta Air Lines, Inc		5,399,533
	34,442		Expeditors International of Washington, Inc		3,412,169
	49,405		FedEx Corp		9,818,750
	16,927		JB Hunt Transport Services, Inc		2,891,978
	47,821		Norfolk Southern Corp		12,332,079
	18,916		Old Dominion Freight Line		5,298,750
	119,302	*	Southwest Airlines Co		5,573,789
	127,189		Union Pacific Corp		29,799,111
	65,309	*	United Airlines Holdings Inc		3,298,105
	146,049		United Parcel Service, Inc (Class B)		26,285,899
			TOTAL TRANSPORTATION		125,970,351
UTILITIES - 2.9%
	135,860		AES Corp		2,774,261
	50,230		Alliant Energy Corp		2,954,026
	51,576		Ameren Corp		4,791,410
	100,304		American Electric Power Co, Inc		9,941,129

203

TIAA-CREF FUNDS – S&P 500 Index Fund

SHARES			COMPANY					VALUE
	36,401		American Water Works Co, Inc					$	5,608,666
	26,458		Atmos Energy Corp						3,000,337
	127,616		Centerpoint Energy, Inc						3,906,326
	60,049		CMS Energy Corp						4,124,766
	69,537		Consolidated Edison, Inc						6,448,861
	65,964		Constellation Energy Corp						3,905,728
	161,750		Dominion Energy, Inc						13,205,270
	40,094		DTE Energy Co						5,253,918
	154,780		Duke Energy Corp						17,050,565
	75,478		Edison International						5,192,132
	40,329		Entergy Corp						4,793,102
	43,349		Evergy, Inc						2,941,230
	69,780		Eversource Energy						6,098,772
	197,894		Exelon Corp						9,257,481
	111,099		FirstEnergy Corp						4,811,698
	393,764		NextEra Energy, Inc						27,965,119
	73,288		NiSource, Inc						2,134,147
	50,054		NRG Energy, Inc						1,796,939
	19,820		Pinnacle West Capital Corp						1,411,184
	156,791		PPL Corp						4,438,753
	100,022		Public Service Enterprise Group, Inc						6,967,533
	63,988		Sempra Energy						10,325,104
	214,057		Southern Co						15,709,643
	63,739		WEC Energy Group, Inc						6,377,087
	110,151		Xcel Energy, Inc						8,069,662
			TOTAL UTILITIES						201,254,849
			TOTAL COMMON STOCKS						7,002,794,150
			(Cost $3,021,137,320)
PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.5%
GOVERNMENT AGENCY DEBT - 0.1%
$	5,000,000		Federal Home Loan Bank (FHLB)		0.000	%	05/04/22		4,999,867
			TOTAL GOVERNMENT AGENCY DEBT						4,999,867
REPURCHASE AGREEMENT - 0.4%
	28,945,000	r	Fixed Income Clearing Corp (FICC)		0.250		05/02/22		28,945,000
			TOTAL REPURCHASE AGREEMENT						28,945,000
TREASURY DEBT - 0.0%
	2,395,000		United States Treasury Bill		0.000		05/12/22		2,394,919
			TOTAL TREASURY DEBT						2,394,919
			TOTAL SHORT-TERM INVESTMENTS						36,339,786
			(Cost $36,339,745)
			TOTAL INVESTMENTS - 99.9%						7,039,133,936
			(Cost $3,057,477,065)
			OTHER ASSETS & LIABILITIES, NET - 0.1%						8,275,127
			NET ASSETS - 100.0%					$	7,047,409,063

204

TIAA-CREF FUNDS – S&P 500 Index Fund

*	Non-income producing
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 $4,012,776.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $28,945,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $29,523,946.

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		170	06/17/22	$	36,605,571	$	35,083,750	$	(1,521,821)

205

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

TIAA-CREF FUNDS

SMALL-CAP BLEND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 100.0%
AUTOMOBILES & COMPONENTS - 1.4%
	138,657	*	Adient plc	$	4,733,750
	162,351	*	American Axle & Manufacturing Holdings, Inc		1,074,764
	42,873	*,e	Arcimoto, Inc		144,053
	157,235	*,e	Canoo, Inc		754,728
	22,294	*	Cooper-Standard Holding, Inc		102,775
	211,188		Dana Inc		3,127,694
	37,362	*	Dorman Products, Inc		3,688,377
	231,137	*,e	Fisker, Inc		2,325,238
	61,098	*	Fox Factory Holding Corp		5,002,704
	47,445	*	Gentherm, Inc		3,198,742
	392,695	*	Goodyear Tire & Rubber Co		5,230,697
	35,751		LCI Industries, Inc		3,479,287
	222,737	*,e	Lordstown Motors Corp		485,567
	64,885	*	Modine Manufacturing Co		512,592
	29,659	*	Motorcar Parts of America, Inc		451,113
	32,853		Patrick Industries, Inc		2,045,099
	28,657		Standard Motor Products, Inc		1,223,081
	35,884	*	Stoneridge, Inc		707,274
	97,432	*	Tenneco, Inc		1,672,908
	40,189	*	Visteon Corp		4,208,190
	45,291		Winnebago Industries, Inc		2,408,575
	222,385	*,e	Workhorse Group, Inc		669,379
	170,792	*	XL Fleet Corp		239,109
	26,487	*	XPEL, Inc		1,146,093
			TOTAL AUTOMOBILES & COMPONENTS		48,631,789
BANKS - 10.2%
	24,163		1st Source Corp		1,045,533
	27,630		Allegiance Bancshares, Inc		1,128,962
	20,399		Amalgamated Financial Corp		358,818
	38,307		Amerant Bancorp Inc		1,018,583
	16,123		American National Bankshares, Inc		560,113
	95,437		Ameris Bancorp		3,979,723
	21,009		Arrow Financial Corp		657,582
	219,506		Associated Banc-Corp		4,379,145
	110,387		Atlantic Union Bankshares Corp		3,728,873
	81,796	*	Axos Financial, Inc		3,098,432
	82,917		Banc of California, Inc		1,495,823
	23,608		Bancfirst Corp		1,929,954
	8,541	e	Bank First Corp		603,849
	21,324		Bank of Marin Bancorp		666,588
	69,689		Bank of NT Butterfield & Son Ltd		2,232,139
	124,293		BankUnited		4,665,959
	50,745		Banner Corp		2,725,006
	19,680		Bar Harbor Bankshares		513,845

206

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	70,833		Berkshire Hills Bancorp, Inc	$	1,752,408
	47,846	*	Blue Foundry Bancorp		603,817
	21,867		Blue Ridge Bankshares, Inc		318,602
	32,970	*	Bridgewater Bancshares, Inc		528,179
	113,117		Brookline Bancorp, Inc		1,635,672
	26,831		Business First Bancshares, Inc		594,575
	35,621		Byline Bancorp, Inc		835,669
	262,140		Cadence BanCorp		6,563,986
	9,377		Cambridge Bancorp		766,195
	20,979		Camden National Corp		938,810
	12,139		Capital Bancorp, Inc		273,249
	18,901		Capital City Bank Group, Inc		484,055
	184,923		Capitol Federal Financial		1,780,808
	26,939		Capstar Financial Holdings, Inc		542,821
	33,668	*	Carter Bankshares, Inc		550,808
	103,156		Cathay General Bancorp		4,135,524
	26,441		CBTX, Inc		754,097
	40,283		Central Pacific Financial Corp		974,043
	19,873		Citizens & Northern Corp		465,227
	21,024		City Holding Co		1,626,837
	18,904		Civista Bancshares, Inc		393,581
	23,959		CNB Financial Corp		595,381
	13,535	*	Coastal Financial Corp		555,476
	111,877		Columbia Banking System, Inc		3,141,506
	53,071	*	Columbia Financial, Inc		1,005,695
	76,093		Community Bank System, Inc		4,900,389
	21,657		Community Trust Bancorp, Inc		862,165
	54,403		ConnectOne Bancorp, Inc		1,515,668
	65,804	*	CrossFirst Bankshares, Inc		842,949
	44,684	*	Customers Bancorp, Inc		1,879,856
	186,354		CVB Financial Corp		4,289,869
	46,087		Dime Community Bancshares, Inc		1,448,975
	46,227		Eagle Bancorp, Inc		2,327,529
	242,829		Eastern Bankshares, Inc		4,652,604
	16,328		Enact Holdings, Inc		385,014
	13,817		Enterprise Bancorp, Inc		469,087
	48,733		Enterprise Financial Services Corp		2,152,537
	21,169		Equity Bancshares, Inc		646,290
	155,737		Essent Group Ltd		6,312,021
	42,907		Farmers National Banc Corp		657,335
	48,210		FB Financial Corp		1,857,531
	13,354		Federal Agricultural Mortgage Corp (FAMC)		1,367,850
	6,246	e	Fidelity D&D Bancorp, Inc		232,164
	20,183	*	Finance Of America Cos, Inc		45,614
	24,377		Financial Institutions, Inc		678,656
	289,500		First Bancorp		3,940,095
	49,538		First Bancorp		1,855,693
	15,618		First Bancorp, Inc		439,647
	29,413		First Bancshares, Inc		946,804
	25,831		First Bank		368,350
	73,386		First Busey Corp		1,648,983
	141,265		First Commonwealth Financial Corp		1,904,252
	24,101		First Community Bancshares, Inc		641,810
	134,337		First Financial Bancorp		2,747,192
	186,269		First Financial Bankshares, Inc		7,447,035
	16,007		First Financial Corp		682,218

207

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	68,093		First Foundation, Inc	$	1,513,026
	11,447		First Internet Bancorp		440,595
	127,311		First Interstate Bancsystem, Inc		4,140,154
	83,064		First Merchants Corp		3,255,278
	22,959		First Mid-Illinois Bancshares, Inc		827,442
	35,843		First of Long Island Corp		601,446
	18,910		Five Star Bancorp		471,804
	73,141		Flagstar Bancorp, Inc		2,581,877
	41,324		Flushing Financial Corp		888,466
	12,136		FS Bancorp, Inc		356,677
	229,731		Fulton Financial Corp		3,485,019
	35,701		German American Bancorp, Inc		1,253,105
	159,074		Glacier Bancorp, Inc		7,279,226
	14,547		Great Southern Bancorp, Inc		825,397
	13,084		Guaranty Bancshares, Inc		450,090
	124,579		Hancock Whitney Corp		5,826,560
	45,219		Hanmi Financial Corp		1,046,820
	70,286		HarborOne Northeast Bancorp, Inc		941,130
	9,884		HBT Financial, Inc		169,807
	58,690		Heartland Financial USA, Inc		2,568,861
	81,942		Heritage Commerce Corp		920,209
	50,817		Heritage Financial Corp		1,230,788
	89,807		Hilltop Holdings, Inc		2,289,180
	1,908		Hingham Institution for Savings		616,418
	11,365		Home Bancorp, Inc		435,620
	216,187		Home Bancshares, Inc		4,673,963
	11,862	e	Home Point Capital, Inc		32,265
	28,854		HomeStreet, Inc		1,171,184
	20,007		HomeTrust Bancshares, Inc		540,789
	169,630		Hope Bancorp, Inc		2,425,709
	60,962		Horizon Bancorp		1,065,616
	66,075		Independent Bank Corp		5,098,347
	32,715		Independent Bank Corp		645,794
	53,260		Independent Bank Group, Inc		3,611,028
	76,009		International Bancshares Corp		3,024,398
	93,501		Kearny Financial Corp		1,108,922
	85,142		Lakeland Bancorp, Inc		1,279,684
	34,230		Lakeland Financial Corp		2,492,629
	46,072		Live Oak Bancshares, Inc		1,950,228
	14,354		Luther Burbank Corp		190,478
	29,562		Macatawa Bank Corp		258,667
	20,231		Mercantile Bank Corp		635,253
	21,555		Merchants Bancorp		506,974
	42,876		Meta Financial Group, Inc		1,871,537
	25,254		Metrocity Bankshares, Inc		514,677
	14,832	*	Metropolitan Bank Holding Corp		1,320,790
	21,712		Mid Penn Bancorp, Inc		560,821
	29,906		Midland States Bancorp, Inc		788,322
	19,523		MidWestOne Financial Group, Inc		583,347
	88,188	*	Mr Cooper Group, Inc		3,965,814
	14,402		MVB Financial Corp		576,944
	43,471		National Bank Holdings Corp		1,587,126
	59,571		NBT Bancorp, Inc		2,096,899
	16,677	*	Nicolet Bankshares, Inc		1,357,174
	122,047	*	NMI Holdings, Inc		2,243,224
	64,443		Northfield Bancorp, Inc		843,559

208

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	9,924		Northrim BanCorp, Inc	$	397,655
	177,191		Northwest Bancshares, Inc		2,246,782
	86,218		OceanFirst Financial Corp		1,614,863
	10,296	*	Ocwen Financial Corp		214,157
	71,728		OFG Bancorp		1,906,530
	423,417		Old National Bancorp		6,419,002
	43,458		Old Second Bancorp, Inc		598,417
	32,176		Origin Bancorp, Inc		1,212,392
	13,166		Orrstown Financial Services, Inc		310,454
	135,494		Pacific Premier Bancorp, Inc		4,249,092
	20,640		Park National Corp		2,432,424
	21,293		PCSB Financial Corp		390,088
	24,078		Peapack Gladstone Financial Corp		746,177
	43,240		PennyMac Financial Services, Inc		2,099,734
	34,667		Peoples Bancorp, Inc		950,569
	10,436		Peoples Financial Services Corp		518,043
	16,955	*	Pioneer Bancorp, Inc		176,332
	19,698		Preferred Bank		1,322,130
	50,911		Premier Financial Corp		1,351,178
	37,773		Primis Financial Corp		515,601
	27,206		Provident Bancorp Inc		433,120
	105,662		Provident Financial Services, Inc		2,338,300
	21,178		QCR Holdings, Inc		1,149,754
	256,004		Radian Group, Inc		5,475,926
	17,031		RBB Bancorp		364,293
	5,706		Red River Bancshares Inc		309,550
	81,093		Renasant Corp		2,415,760
	12,625		Republic Bancorp, Inc (Class A)		526,210
	60,595	*	Republic First Bancorp, Inc		253,893
	57,123		S&T Bancorp, Inc		1,614,296
	64,881		Sandy Spring Bancorp, Inc		2,547,877
	75,546		Seacoast Banking Corp of Florida		2,455,245
	71,239		ServisFirst Bancshares, Inc		5,721,916
	18,048		Sierra Bancorp		392,544
	39,921	*	Silvergate Capital Corp		4,669,160
	178,520		Simmons First National Corp (Class A)		4,261,272
	16,754		SmartFinancial, Inc		410,808
	15,593		South Plains Financial Inc		376,571
	110,781		South State Corp		8,578,881
	12,114	*	Southern First Bancshares, Inc		553,610
	11,360		Southern Missouri Bancorp, Inc		479,392
	46,008		Southside Bancshares, Inc		1,803,054
	33,225		Stock Yards Bancorp, Inc		1,737,003
	14,067		Summit Financial Group, Inc		383,326
	73,293	*	Texas Capital Bancshares, Inc		3,764,328
	74,214	*	The Bancorp, Inc		1,683,916
	5,508	*	Third Coast Bancshares, Inc		124,866
	20,103		Tompkins Financial Corp		1,467,519
	94,213		Towne Bank		2,597,452
	40,090		Trico Bancshares		1,505,379
	40,573	*	Tristate Capital Holdings, Inc		1,225,710
	34,818	*	Triumph Bancorp, Inc		2,417,762
	26,744		TrustCo Bank Corp NY		833,076
	87,219		Trustmark Corp		2,431,666
	62,992		UMB Financial Corp		5,680,619
	188,110		United Bankshares, Inc		6,256,539

209

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	153,369		United Community Banks, Inc	$	4,622,542
	40,777		Univest Financial Corp		1,027,580
	571,763		Valley National Bancorp		6,849,721
	13,428	*	Velocity Financial, Inc		143,680
	69,223		Veritex Holdings, Inc		2,273,976
	41,577		Walker & Dunlop, Inc		4,979,262
	94,627		Washington Federal, Inc		2,879,500
	25,441		Washington Trust Bancorp, Inc		1,194,201
	29,370		Waterstone Financial, Inc		471,682
	86,655		WesBanco, Inc		2,793,757
	24,263		West Bancorporation, Inc		606,575
	37,007		Westamerica Bancorporation		2,180,452
	93,050		WSFS Financial Corp		3,728,513
			TOTAL BANKS		362,852,941
CAPITAL GOODS - 9.9%
	59,895		Aaon, Inc		2,919,282
	47,919	*	AAR Corp		2,251,235
	26,730	*,e	Advent Technologies Holdings, Inc		52,123
	108,159	*	Aerojet Rocketdyne Holdings, Inc		4,324,197
	32,133	*	Aerovironment, Inc		2,580,923
	21,788	*,e	AerSale Corp		315,490
	104,503	*,e	AgEagle Aerial Systems, Inc		84,240
	13,858		Alamo Group, Inc		1,752,206
	44,012		Albany International Corp (Class A)		3,442,619
	18,217		Allied Motion Technologies, Inc		443,402
	27,509	*	Alta Equipment Group, Inc		309,476
	92,562		Altra Industrial Motion Corp		3,609,918
	44,907	*	Ameresco, Inc		2,265,109
	44,615	*	American Superconductor Corp		237,798
	25,604	*	American Woodmark Corp		1,199,547
	291,616	*,g	API Group Corp		5,412,393
	34,123		Apogee Enterprises, Inc		1,501,412
	55,306		Applied Industrial Technologies, Inc		5,789,985
	68,764		Arcosa, Inc		3,680,937
	20,671		Argan, Inc		760,279
	185,486	*	Array Technologies, Inc		1,211,224
	33,885		Astec Industries, Inc		1,324,903
	38,379	*	Astronics Corp		371,893
	63,855	*	Atkore International Group, Inc		6,136,465
	35,605		AZZ, Inc		1,625,012
	71,755	*	Babcock & Wilcox Enterprises, Inc		538,880
	67,700		Barnes Group, Inc		2,273,366
	80,406	*	Beacon Roofing Supply, Inc		4,794,610
	12,442	*,e	Beam Global		192,104
	49,795	*,e	Blink Charging Co		951,084
	202,212	*	Bloom Energy Corp		3,753,055
	24,745	*	Blue Bird Corp		396,662
	12,399	*	BlueLinx Holdings, Inc		826,641
	56,562		Boise Cascade Co		4,274,956
	27,362	*,e	Byrna Technologies, Inc		161,983
	9,681		Cadre Holdings, Inc		245,704
	28,872		Caesarstone Sdot-Yam Ltd		283,812
	52,111	*	Chart Industries, Inc		8,797,379
	28,834	*	CIRCOR International, Inc		566,588
	39,851		Columbus McKinnon Corp		1,412,718

210

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	51,292		Comfort Systems USA, Inc	$	4,330,071
	50,187	*	Commercial Vehicle Group, Inc		360,343
	32,351	*	Concrete Pumping Holdings Inc		180,519
	56,768	*	Construction Partners Inc		1,465,182
	77,795	*	Cornerstone Building Brands, Inc		1,897,420
	21,422		CSW Industrials, Inc		2,260,235
	83,326	*,e	Custom Truck One Source, Inc		547,452
	272,767	*,e	Desktop Metal, Inc		957,412
	32,435		Douglas Dynamics, Inc		1,004,188
	16,798	*	Ducommun, Inc		857,874
	26,361	*	DXP Enterprises, Inc		622,910
	42,593	*	Dycom Industries, Inc		3,616,572
	76,506		EMCOR Group, Inc		8,146,359
	28,735		Encore Wire Corp		3,241,595
	58,571	*	Energy Recovery, Inc		1,084,735
	86,402		Enerpac Tool Group Corp		1,734,952
	60,354		EnerSys		3,950,773
	30,156		EnPro Industries, Inc		2,810,841
	63,892	*,e	Eos Energy Enterprises, Inc		135,451
	37,397		ESCO Technologies, Inc		2,335,443
	9,791	*,e	EVI Industries, Inc		139,913
	165,370	*	Evoqua Water Technologies Corp		6,894,275
	88,683		Federal Signal Corp		3,017,882
	202,581	*	Fluor Corp		5,013,880
	65,678		Franklin Electric Co, Inc		4,593,519
	58,244	*,e	FTC Solar, Inc		163,083
	527,855	*,e	FuelCell Energy, Inc		2,153,648
	51,272		GATX Corp		5,301,012
	47,824	*	Gibraltar Industries, Inc		1,809,660
	17,548		Global Industrial Co		541,531
	60,375	*	GMS, Inc		2,894,981
	35,143		Gorman-Rupp Co		1,119,656
	288,620		GrafTech International Ltd		2,620,670
	66,580		Granite Construction, Inc		1,974,097
	91,725	*	Great Lakes Dredge & Dock Corp		1,266,722
	45,639		Greenbrier Cos, Inc		1,949,242
	68,977		Griffon Corp		1,290,560
	47,239		H&E Equipment Services, Inc		1,676,040
	46,133		Helios Technologies, Inc		3,099,215
	36,027		Herc Holdings, Inc		4,604,971
	105,405		Hillenbrand, Inc		4,302,632
	56,955	*	Hydrofarm Holdings Group, Inc		543,920
	159,135	*,e	Hyliion Holdings Corp		510,823
	16,037		Hyster-Yale Materials Handling, Inc		492,657
	667,922	*,e	Ideanomics Inc		480,369
	13,056	*	IES Holdings, Inc		382,541
	40,111	*	Infrastructure and Energy Alternatives, Inc		375,038
	48,313	*,e	INNOVATE Corp		146,388
	26,810		Insteel Industries, Inc		1,137,280
	133,424	*	JELD-WEN Holding, Inc		2,773,885
	44,939		John Bean Technologies Corp		5,297,859
	16,396		Kadant, Inc		3,033,260
	41,149		Kaman Corp		1,605,222
	7,176	*	Karat Packaging, Inc		131,680
	123,461		Kennametal, Inc		3,176,652
	173,809	*	Kratos Defense & Security Solutions, Inc		2,636,683

211

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	7,476	*	Lawson Products, Inc	$	284,013
	15,653		Lindsay Corp		2,115,503
	44,385		Luxfer Holdings plc		716,374
	47,428	*	Manitowoc Co, Inc		627,947
	34,293	*	Masonite International Corp		2,658,393
	42,964	*	Matrix Service Co		292,155
	104,618		Maxar Technologies, Inc		3,369,746
	11,877	*	Mayville Engineering Co Inc		98,342
	35,118		McGrath RentCorp		2,930,948
	98,705	*	Meritor, Inc		3,544,497
	14,705		Miller Industries, Inc		394,241
	41,405		Moog, Inc (Class A)		3,307,017
	113,331	*	MRC Global, Inc		1,358,839
	81,045		Mueller Industries, Inc		4,388,587
	220,903		Mueller Water Products, Inc (Class A)		2,657,463
	23,892	*	MYR Group, Inc		1,889,618
	6,945		National Presto Industries, Inc		493,998
	325,103	*,e	Nikola Corp		2,334,240
	31,748	*	NN, Inc		96,196
	13,152	*	Northwest Pipe Co		351,290
	158,316	*	NOW, Inc		1,725,644
	18,943	*	NV5 Global Inc		2,269,371
	3,999		Omega Flex, Inc		443,889
	30,593		Park Aerospace Corp		357,938
	10,368		Park-Ohio Holdings Corp		99,429
	37,512	*	Parsons Corp		1,385,318
	88,479	*	PGT Innovations, Inc		1,572,272
	15,137		Powell Industries, Inc		292,144
	3,783		Preformed Line Products Co		225,088
	77,014		Primoris Services Corp		1,785,185
	39,906	*	Proto Labs, Inc		1,700,395
	48,076		Quanex Building Products Corp		924,021
	39,950	*	RBC Bearings, Inc		6,725,582
	204,126	*	Resideo Technologies, Inc		4,590,794
	49,721		REV Group, Inc		592,674
	117,836	*,e	Romeo Power, Inc		129,620
	59,230		Rush Enterprises, Inc (Class A)		3,013,622
	10,605		Rush Enterprises, Inc (Class B)		513,812
	50,015		Shyft Group, Inc		1,273,882
	61,743		Simpson Manufacturing Co, Inc		6,400,897
	61,841	*	SPX Corp		2,591,138
	16,897		Standex International Corp		1,588,994
	162,597	*,e	Stem, Inc		1,165,820
	39,142	*	Sterling Construction Co, Inc		895,960
	26,146		Tennant Co		1,688,509
	98,477		Terex Corp		3,348,218
	65,921		Textainer Group Holdings Ltd		2,210,990
	45,098	*	Thermon Group Holdings		676,470
	67,274	*	Titan International, Inc		932,418
	30,380	*	Titan Machinery, Inc		716,360
	55,929	*	TPI Composites, Inc		639,828
	9,859	*	Transcat Inc		719,707
	112,396		Trinity Industries, Inc		3,117,865
	95,262		Triton International Ltd		5,819,556
	89,492	*	Triumph Group, Inc		2,017,150
	57,748	*	Tutor Perini Corp		535,324

212

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	87,160		UFP Industries, Inc	$	6,743,569
	17,748	*	Vectrus, Inc		640,703
	20,266	*	Veritiv Corp		2,848,184
	31,156	*	Vicor Corp		1,885,561
	144,927	*,e	View, Inc		223,188
	68,633		Wabash National Corp		982,138
	39,712		Watts Water Technologies, Inc (Class A)		5,061,692
	188,106	*	Welbilt, Inc		4,443,064
	63,638	*	WESCO International, Inc		7,844,020
	1,884	*	Willis Lease Finance Corp		58,592
	299,523	*	WillScot Mobile Mini Holdings Corp		10,513,257
	175,539		Zurn Water Solutions Corp		5,480,328
			TOTAL CAPITAL GOODS		349,082,970
COMMERCIAL & PROFESSIONAL SERVICES - 3.8%
	97,408		ABM Industries, Inc		4,701,884
	67,210	*	Acacia Research (Acacia Technologies)		315,215
	130,059		ACCO Brands Corp		953,333
	29,597		Aris Water Solution, Inc		501,373
	72,981	*	ASGN Inc		8,279,694
	21,078	*	Atlas Technical Consultants, Inc		255,044
	11,399		Barrett Business Services, Inc		820,386
	66,391		Brady Corp (Class A)		2,970,997
	59,921	*	BrightView Holdings, Inc		758,600
	69,214		Brink’s Co		4,080,165
	70,459	*	Casella Waste Systems, Inc (Class A)		5,794,548
	71,253	*	CBIZ, Inc		2,984,788
	48,716	*	Ceco Environmental Corp		231,401
	25,754	*	Cimpress plc		1,300,835
	1,670		Compx International, Inc		35,454
	166,924	*	CoreCivic, Inc		2,074,865
	11,137		CRA International, Inc		917,355
	60,805		Deluxe Corp		1,646,599
	35,323		Ennis, Inc		609,322
	74,640		Exponent, Inc		7,151,258
	76,056	*	First Advantage Corp		1,320,332
	15,470	*	Forrester Research, Inc		861,524
	17,415	*	Franklin Covey Co		697,819
	159,791	*	Geo Group, Inc		1,043,435
	111,593	*	Harsco Corp		1,140,480
	106,701		Healthcare Services Group		1,823,520
	27,521		Heidrick & Struggles International, Inc		879,571
	20,260	*	Heritage-Crystal Clean, Inc		553,098
	106,343		Herman Miller, Inc		3,374,263
	7,959	e	HireQuest, Inc		132,279
	27,234	*	HireRight Holdings Corp		470,876
	61,654		HNI Corp		2,197,349
	32,275	*	Huron Consulting Group, Inc		1,671,200
	26,669		ICF International, Inc		2,635,164
	51,440		Insperity, Inc		5,455,212
	91,022		Interface, Inc		1,155,069
	175,435	*	KAR Auction Services, Inc		2,571,877
	203,906		KBR, Inc		10,038,292
	48,227		Kelly Services, Inc (Class A)		930,299
	29,383		Kforce, Inc		2,058,279
	52,387		Kimball International, Inc (Class B)		402,332

213

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	77,864		Korn/Ferry International	$	4,783,964
	40,246		Mantech International Corp (Class A)		3,233,364
	45,086		Matthews International Corp (Class A)		1,344,014
	29,253	*	Mistras Group, Inc		166,450
	36,890	*	Montrose Environmental Group, Inc		1,673,699
	9,268		NL Industries, Inc		63,764
	247,519		Pitney Bowes, Inc		1,304,425
	49,386		Resources Connection, Inc		848,945
	32,878	*	SP Plus Corp		937,023
	126,550		Steelcase, Inc (Class A)		1,484,432
	25,011	*,e	Sterling Check Corp		649,786
	77,501		Tetra Tech, Inc		10,794,339
	58,467	*	TriNet Group, Inc		5,186,023
	50,352	*	TrueBlue, Inc		1,287,501
	21,640		Unifirst Corp		3,728,572
	167,543	*	Upwork, Inc		3,513,377
	44,338	*	US Ecology, Inc		2,127,781
	28,588	*	Viad Corp		936,257
	14,203		VSE Corp		615,132
	18,190	*	Willdan Group, Inc		488,947
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		132,963,181
CONSUMER DURABLES & APPAREL - 2.8%
	49,122		Acushnet Holdings Corp		2,001,230
	22,127	*	American Outdoor Brands, Inc		278,800
	127,562	*,e	AMMO, Inc		516,626
	15,982	*,e	Aterian, Inc		81,988
	14,577		Bassett Furniture Industries, Inc		241,395
	45,604	*	Beazer Homes USA, Inc		687,708
	166,417	*	Callaway Golf Co		3,651,189
	13,113	*	Cavco Industries, Inc		3,097,946
	43,385		Century Communities, Inc		2,287,257
	39,006		Clarus Corp		871,784
	84,520	*	Crocs, Inc		5,614,664
	13,102		Escalade, Inc		172,291
	36,403		Ethan Allen Interiors, Inc		864,207
	10,399		Flexsteel Industries, Inc		225,554
	62,234	*	Fossil Group, Inc		614,872
	327,636	*,e	Genius Brands International, Inc		232,622
	62,865	*	G-III Apparel Group Ltd		1,664,665
	181,696	*	GoPro, Inc		1,620,728
	44,309	*	Green Brick Partners, Inc		872,887
	10,453		Hamilton Beach Brands Holding Co		97,840
	34,401	*	Helen of Troy Ltd		7,379,358
	19,246		Hooker Furniture Corp		324,488
	6,733	*	Hovnanian Enterprises, Inc		309,853
	34,308		Installed Building Products, Inc		2,760,765
	38,809	*	iRobot Corp		1,965,676
	7,010		Johnson Outdoors, Inc		536,125
	114,002		KB Home		3,697,085
	73,494		Kontoor Brands, Inc		2,919,917
	9,397	*	Landsea Homes Corp		78,277
	61,420	*	Latham Group, Inc		737,040
	66,128		La-Z-Boy, Inc		1,737,844
	8,158	*	Legacy Housing Corp		142,928
	31,684	*	LGI Homes, Inc		2,969,108

214

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	20,138		Lifetime Brands, Inc	$	254,142
	18,423	*	Lovesac Co		807,664
	41,258	*	M/I Homes, Inc		1,826,904
	29,782	*	Malibu Boats, Inc		1,497,737
	11,799		Marine Products Corp		138,520
	25,345	*	MasterCraft Boat Holdings, Inc		610,054
	81,424		MDC Holdings, Inc		3,005,360
	53,628	*	Meritage Homes Corp		4,426,991
	22,241		Movado Group, Inc		800,009
	44,297	*	Nautilus, Inc		133,334
	23,157		Oxford Industries, Inc		2,074,867
	39,454	*,e	PLBY Group, Inc		348,773
	85,756	*,e	Purple Innovation, Inc		353,315
	8,350		Rocky Brands, Inc		321,558
	75,874	*	Skyline Champion Corp		3,872,609
	65,972		Smith & Wesson Brands, Inc		905,796
	25,142	*,e	Snap One Holdings Corp		300,447
	17,769	*,e	Solo Brands, Inc		106,081
	184,585	*,e	Sonos, Inc		4,212,230
	115,737		Steven Madden Ltd		4,752,161
	25,161		Sturm Ruger & Co, Inc		1,714,722
	18,501		Superior Uniform Group, Inc		294,166
	173,542	*	Taylor Morrison Home Corp		4,545,065
	44,410	*,e	Traeger, Inc		266,016
	154,699	*	TRI Pointe Homes, Inc		3,197,628
	71,108	*	Tupperware Brands Corp		1,250,079
	20,773	*	Unifi, Inc		304,740
	17,450	*	Universal Electronics, Inc		514,775
	40,293	*	Vera Bradley, Inc		247,802
	80,007	*	Vista Outdoor, Inc		2,818,647
	24,370	*	VOXX International Corp (Class A)		184,481
	82,592	*,e	Vuzix Corp		427,001
	23,517	e	Weber, Inc		206,479
	118,967		Wolverine World Wide, Inc		2,357,926
			TOTAL CONSUMER DURABLES & APPAREL		100,332,796
CONSUMER SERVICES - 3.0%
	108,535	*	2U, Inc		1,083,179
	79,449	*	Accel Entertainment, Inc		939,882
	72,081	*	Adtalem Global Education, Inc		2,112,694
	29,129	*	American Public Education, Inc		566,268
	46,593	*,e	Bally’s Corp		1,390,335
	1,269	*	Biglari Holdings, Inc (B Shares)		173,079
	31,486	*	BJ’s Restaurants, Inc		874,996
	129,247		Bloomin’ Brands, Inc		2,842,142
	21,376		Bluegreen Vacations Holding Corp		562,189
	63,002	*	Brinker International, Inc		2,288,863
	23,221		Carriage Services, Inc		995,949
	52,342		Carrols Restaurant Group, Inc		83,747
	41,827	*	Century Casinos, Inc		437,929
	67,829	*	Cheesecake Factory		2,503,568
	31,490	*	Chuy’s Holdings, Inc		787,565
	104,272	*	Coursera, Inc		1,961,356
	34,155		Cracker Barrel Old Country Store, Inc		3,790,863
	62,519	*	Dave & Buster’s Entertainment, Inc		2,844,614
	91,520	*	Denny’s Corp		1,173,286

215

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	23,689		Dine Brands Global Inc.	$	1,698,264
	116,924	*	Drive Shack, Inc		143,817
	29,146	*	El Pollo Loco Holdings, Inc		310,405
	15,721	*,e	Esports Technologies, Inc		57,382
	20,068		European Wax Center, Inc		550,867
	121,059	*	Everi Holdings, Inc		2,101,584
	45,209	*	F45 Training Holdings, Inc		397,387
	29,014	*	Fiesta Restaurant Group, Inc		197,295
	16,618	*	First Watch Restaurant Group, Inc		216,034
	38,985	*	Full House Resorts, Inc		352,814
	62,817	*	GAN Ltd		234,307
	24,160	*	Golden Entertainment, Inc		1,158,714
	59,206	*	Golden Nugget Online Gaming, Inc		296,622
	5,487		Graham Holdings Co		3,250,334
	86,084	*,e	Hall of Fame Resort & Entertainment Co		71,226
	122,974	*	Hilton Grand Vacations, Inc		5,758,872
	143,320		International Game Technology plc		3,128,676
	30,776		Jack in the Box, Inc		2,547,022
	121,445	e	Krispy Kreme, Inc		1,612,790
	5,140	*	Kura Sushi USA, Inc		257,925
	141,739		Laureate Education, Inc		1,605,903
	50,599	*	Life Time Group Holdings, Inc		723,566
	40,777	*	Lindblad Expeditions Holdings, Inc		624,296
	18,254	*	Monarch Casino & Resort, Inc		1,280,518
	4,421		Nathan’s Famous, Inc		209,423
	15,659	*	NEOGAMES S.A.		204,663
	63,679	*	Noodles & Co		354,692
	30,594	*	ONE Group Hospitality, Inc		284,830
	71,250	*	OneSpaWorld Holdings Ltd		715,350
	47,152		Papa John’s International, Inc		4,293,190
	100,007	*	Perdoceo Education Corp		1,118,078
	43,163	*	PlayAGS, Inc		284,876
	31,389	*	Portillo’s, Inc		653,833
	62,251	*	PowerSchool Holdings, Inc		942,480
	12,047		RCI Hospitality Holdings, Inc		746,432
	25,019	*	Red Robin Gourmet Burgers, Inc		330,001
	78,044		Red Rock Resorts, Inc		3,430,814
	81,935	*	Rush Street Interactive, Inc		520,287
	45,777		Ruth’s Hospitality Group Inc		959,944
	137,596	*	Scientific Games Corp (Class A)		7,713,632
	73,142	*	SeaWorld Entertainment, Inc		4,932,696
	53,692	*	Shake Shack, Inc		3,105,008
	50,372	*	StoneMor, Inc		119,382
	35,017		Strategic Education, Inc		2,262,098
	58,250	*	Stride, Inc		2,289,225
	16,997	*,e	Sweetgreen, Inc		458,919
	22,873	*	Target Hospitality Corp		143,185
	100,353		Texas Roadhouse, Inc (Class A)		8,262,062
	21,137	*	Udemy, Inc		230,605
	135,269	*	Vivint Smart Home, Inc		708,810
	42,787		Wingstop, Inc		3,926,135
	78,175	*	WW International Inc		765,333
	17,531	*	Xponential Fitness, Inc		363,242
			TOTAL CONSUMER SERVICES		106,318,349

216

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
DIVERSIFIED FINANCIALS - 4.4%
	18,852		AFC Gamma, Inc	$	301,820
	23,632		Alerus Financial Corp		603,798
	12,063		A-Mark Precious Metals, Inc		950,564
	6,232		Angel Oak Mortgage, Inc		100,709
	197,376		Apollo Commercial Real Estate Finance, Inc		2,376,407
	203,140		Arbor Realty Trust, Inc		3,473,694
	59,049		Ares Commercial Real Estate Corp		889,868
	134,293		ARMOUR Residential REIT, Inc		985,711
	82,074		Artisan Partners Asset Management, Inc		2,637,858
	24,382	*	Assetmark Financial Holdings, Inc		468,866
	3,259		Associated Capital Group, Inc		129,056
	6,063	*	Atlanticus Holdings Corp		260,951
	29,634		B. Riley Financial, Inc		1,338,271
	42,071		Banco Latinoamericano de Exportaciones S.A. (Class E)		609,609
	453,222		BGC Partners, Inc (Class A)		1,645,196
	224,569		Blackstone Mortgage Trust, Inc		6,746,053
	69,886	*	Blucora, Inc		1,415,191
	47,391		Brightsphere Investment Group, Inc		949,716
	119,071		BrightSpire Capital, Inc		1,012,103
	192,351		Broadmark Realty Capital, Inc		1,502,261
	120,665	*	Cannae Holdings, Inc		2,702,896
	7,901	e	Chicago Atlantic Real Estate Finance, Inc		140,559
	340,939		Chimera Investment Corp		3,416,209
	35,015		Cohen & Steers, Inc		2,720,315
	37,191		Cowen Group, Inc		849,814
	30,163		Curo Group Holdings Corp		354,114
	4,277		Diamond Hill Investment Group, Inc		720,118
	43,184	*	Donnelley Financial Solutions, Inc		1,263,996
	47,606		Dynex Capital, Inc		772,645
	74,361		Ellington Financial Inc		1,203,905
	35,997	*	Encore Capital Group, Inc		2,080,987
	52,725	*	Enova International, Inc		1,971,915
	78,539	*	Ezcorp, Inc (Class A)		549,773
	134,329		Federated Investors, Inc (Class B)		3,825,690
	57,448		FirstCash Holdings, Inc		4,583,201
	93,177	*	Focus Financial Partners, Inc		3,675,833
	50,661		Franklin BSP Realty Trust, Inc		671,765
	8,005		GAMCO Investors, Inc (Class A)		159,860
	58,596	e	GCM Grosvenor, Inc		483,417
	74,367		Granite Point Mortgage Trust, Inc		723,591
	26,085		Great Ajax Corp		242,851
	77,891	*	Green Dot Corp		2,062,554
	19,071		Greenhill & Co, Inc		230,950
	50,915		Hamilton Lane, Inc		3,491,751
	108,860		Hannon Armstrong Sustainable Infrastructure Capital, Inc		4,353,311
	72,899		Houlihan Lokey, Inc		6,071,758
	461,581		Invesco Mortgage Capital, Inc		803,151
	144,615	e	iShares Russell 2000 Index Fund		26,746,544
	50,611		KKR Real Estate Finance Trust, Inc		961,609
	159,643		Ladder Capital Corp		1,818,334
	137,784	*	LendingClub Corp		2,101,206
	16,869	*	LendingTree, Inc		1,339,736
	160,970		MFA Financial, Inc		2,293,822
	89,138		Moelis & Co		3,945,248
	219,664		Navient Corp		3,490,461
	23,865		Nelnet, Inc (Class A)		1,958,601

217

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	547,146		New York Mortgage Trust, Inc	$	1,761,810
	152,669	*	Open Lending Corp		2,082,405
	31,025	*	Oportun Financial Corp		359,580
	12,581		Oppenheimer Holdings, Inc		405,360
	189,541		Orchid Island Capital, Inc		526,924
	139,007		PennyMac Mortgage Investment Trust		2,132,367
	25,610		Piper Jaffray Cos		2,944,638
	34,601		PJT Partners, Inc		2,283,320
	62,722	*	PRA Group, Inc		2,636,206
	82,173	*	PROG Holdings, Inc		2,175,119
	30,321		Pzena Investment Management, Inc (Class A)		190,719
	90,582		Ready Capital Corp		1,319,780
	169,540		Redwood Trust, Inc		1,644,538
	10,396		Regional Management Corp		447,548
	33,756		Sculptor Capital Management, Inc		353,088
	65,065		StepStone Group, Inc		1,666,965
	24,688	*	StoneX Group, Inc		1,673,353
	87,321		TPG RE Finance Trust, Inc		921,237
	498,431		Two Harbors Investment Corp		2,397,453
	1,276		Value Line, Inc		83,540
	10,710		Virtus Investment Partners, Inc		1,897,384
	196,194		WisdomTree Investments, Inc		1,143,811
	5,741	*	World Acceptance Corp		1,083,384
			TOTAL DIVERSIFIED FINANCIALS		155,310,721
ENERGY - 7.1%
	40,518	*,e	Aemetis, Inc		369,929
	88,664	*	Alto Ingredients, Inc		511,591
	5,104		Altus Midstream Co		363,150
	411,205	*	Antero Resources Corp		14,474,416
	21,327		Arch Resources, Inc		3,548,386
	190,709		Archrock, Inc		1,661,075
	94,647		Berry Petroleum Co LLC		1,038,278
	61,508		Bonanza Creek Energy, Inc		3,605,599
	61,796		Brigham Minerals, Inc		1,531,305
	34,474	*	Bristow Group, Inc		1,028,015
	80,649		Cactus, Inc		4,026,805
	116,679		California Resources Corp		4,691,663
	69,357	*,e	Callon Petroleum Co		3,555,933
	266,837	*	Centennial Resource Development, Inc		2,065,318
	14,799	*	Centrus Energy Corp		410,820
	292,627		ChampionX Corp		6,174,430
	150,848		Chesapeake Energy Corp		12,372,553
	218,733	*	Clean Energy Fuels Corp		1,281,775
	286,528	*	CNX Resources Corp		5,888,150
	128,041	*	Comstock Resources Inc		2,180,538
	48,766	*	CONSOL Energy, Inc		2,318,823
	37,290	e	Crescent Energy, Inc		585,826
	42,261		CVR Energy, Inc		1,059,483
	95,814	*	Delek US Holdings, Inc		2,318,699
	72,110	*	Denbury, Inc		4,613,598
	216,804		DHT Holdings, Inc		1,218,438
	29,093	*	DMC Global, Inc		581,569
	46,783		Dorian LPG Ltd		688,646
	51,316	*	Dril-Quip, Inc		1,482,006
	37,679	*	Earthstone Energy, Inc		508,290

218

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	220,788	*,e	Energy Fuels, Inc	$	1,658,118
	592,016		Equitrans Midstream Corp		4,653,246
	61,773		Falcon Minerals Corp		420,056
	63,625	*	Frank’s International NV		972,190
	170,238	*,e	Frontline Ltd		1,418,083
	272,293	*,e	Gevo, Inc		1,010,207
	143,256	*	Golar LNG Ltd		3,197,474
	67,643	*	Green Plains Inc		1,898,739
	226,166	*	Helix Energy Solutions Group, Inc		929,542
	146,554		Helmerich & Payne, Inc		6,745,881
	7,803	e	HighPeak Energy, Inc		213,100
	63,861		International Seaways, Inc		1,349,383
	637,603	*	Kosmos Energy Ltd		4,310,196
	17,903	*	Laredo Petroleum, Inc		1,274,873
	131,529	*	Liberty Oilfield Services, Inc		2,122,878
	208,432		Magnolia Oil & Gas Corp		4,843,960
	158,627		Matador Resources Co		7,744,170
	212,590		Murphy Oil Corp		8,095,427
	9,000	*	Nabors Industries Ltd		1,391,580
	49,103	*	National Energy Services Reunited Corp		328,499
	117,612	*	Newpark Resources, Inc		410,466
	248,239	*	NexTier Oilfield Solutions, Inc		2,738,076
	233,030	e	Nordic American Tankers Ltd		596,557
	87,730		Northern Oil and Gas, Inc		2,191,495
	28,730		Oasis Petroleum, Inc		3,811,322
	143,825	*	Oceaneering International, Inc		1,629,537
	94,879	*	Oil States International, Inc		641,382
	377,979		Ovintiv, Inc		19,348,745
	62,803	*	Par Pacific Holdings, Inc		921,320
	267,803		Patterson-UTI Energy, Inc		4,402,681
	137,357	*	PBF Energy, Inc		3,991,594
	140,624		PDC Energy, Inc		9,807,118
	128,727	*	Peabody Energy Corp		2,914,379
	29,192	*	Penn Virginia Corp		929,765
	121,961	*	ProPetro Holding Corp		1,724,529
	342,320	*	Range Resources Corp		10,249,061
	63,293	*	Renewable Energy Group, Inc		3,864,671
	7,538	*	Rex American Resources Corp		637,941
	15,161	e	Riley Exploration Permian, Inc		352,190
	94,924	*	RPC, Inc		981,514
	68,309		Scorpio Tankers, Inc		1,689,282
	95,098	*	Select Energy Services, Inc		737,960
	175,536		SFL Corp Ltd		1,741,317
	172,538		SM Energy Co		6,130,275
	46,387		Solaris Oilfield Infrastructure, Inc		521,854
	1,462,607	*	Southwestern Energy Co		10,969,552
	52,071	*	Talos Energy, Inc		946,130
	108,745	*	Teekay Corp		352,334
	37,339	*	Teekay Tankers Ltd		597,797
	522,817	*	Tellurian, Inc		2,603,629
	151,153	*	Tetra Technologies, Inc		556,243
	58,422	*	Tidewater, Inc		1,166,103
	367,477	*,e	Uranium Energy Corp		1,561,777
	283,325	*,e	Ur-Energy, Inc		390,989
	106,568	*	US Silica Holdings, Inc		1,980,033
	147,897	*	W&T Offshore, Inc		703,990

219

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	54,851		Whiting Petroleum Corp	$	4,006,866
	90,880		World Fuel Services Corp		2,201,114
			TOTAL ENERGY		251,734,297
FOOD & STAPLES RETAILING - 1.3%
	45,664		Andersons, Inc		2,293,703
	196,768	*	BJ’s Wholesale Club Holdings, Inc		12,662,021
	44,578	*	Chefs’ Warehouse Holdings, Inc		1,631,555
	40,985	*,e	HF Foods Group Inc		239,352
	20,483		Ingles Markets, Inc (Class A)		1,907,377
	18,348	*,e	MedAvail Holdings, Inc		30,457
	12,766		Natural Grocers by Vitamin C		260,299
	216,940	*	Performance Food Group Co		10,684,295
	35,234		Pricesmart, Inc		2,799,341
	78,429	*,e	Rite Aid Corp		499,593
	51,410		SpartanNash Co		1,762,335
	162,346	*	Sprouts Farmers Market, Inc		4,837,911
	83,061	*	United Natural Foods, Inc		3,565,809
	12,578		Village Super Market (Class A)		291,684
	23,870		Weis Markets, Inc		1,906,735
			TOTAL FOOD & STAPLES RETAILING		45,372,467
FOOD, BEVERAGE & TOBACCO - 1.7%
	236,406	*,e	22nd Century Group, Inc		451,535
	102,772	*,e	AppHarvest, Inc		422,393
	93,707		B&G Foods, Inc (Class A)		2,523,530
	26,464		Calavo Growers, Inc		959,055
	58,447		Cal-Maine Foods, Inc		3,140,357
	76,094	*	Celsius Holdings, Inc		3,956,888
	6,661		Coca-Cola Consolidated Inc		2,940,831
	48,034	*	Duckhorn Portfolio, Inc		932,820
	49,612		Fresh Del Monte Produce, Inc		1,292,393
	201,432	*	Hostess Brands, Inc		4,570,492
	20,887		J&J Snack Foods Corp		3,126,784
	11,508		John B. Sanfilippo & Son, Inc		893,481
	9,704	*	Laird Superfood, Inc		29,209
	27,164		Lancaster Colony Corp		4,215,310
	40,946	*	Landec Corp		407,413
	24,847		Limoneira Co		296,673
	20,638		MGP Ingredients, Inc		1,884,869
	48,780	*	Mission Produce, Inc		620,482
	32,020		National Beverage Corp		1,411,442
	223,160		Primo Water Corp		3,267,062
	28,909		Sanderson Farms, Inc		5,474,497
	8,835	*	Seneca Foods Corp		479,299
	122,608	*	Simply Good Foods Co		5,106,623
	38,355	*	Sovos Brands, Inc		579,160
	63,791	*,e	Tattooed Chef, Inc		509,690
	21,446	e	Tootsie Roll Industries, Inc		751,253
	76,597	*	TreeHouse Foods, Inc		2,412,806
	22,808		Turning Point Brands, Inc		715,943
	33,785		Universal Corp		1,954,462
	87,779		Utz Brands, Inc		1,239,439
	208,132		Vector Group Ltd		2,647,439
	16,344	*	Vita Coco Co, Inc		177,496
	38,697	*	Vital Farms, Inc		445,016

220

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	58,516	*	Whole Earth Brands, Inc	$	404,346
	10,657	*	Zevia PBC		36,660
			TOTAL FOOD, BEVERAGE & TOBACCO		60,277,148
HEALTH CARE EQUIPMENT & SERVICES - 7.1%
	166,522	*	1Life Healthcare, Inc		1,173,980
	48,667	*,e	Accelerate Diagnostics, Inc		46,720
	76,539	*	Accolade, Inc		425,557
	126,108	*	Accuray, Inc		335,447
	23,312	*,e	Acutus Medical, Inc		29,839
	102,623	*	AdaptHealth Corp		1,299,207
	22,298	*	Addus HomeCare Corp		1,879,275
	30,205	*	Agiliti, Inc		596,247
	9,965	*	AirSculpt Technologies, Inc		104,334
	108,359	*	Alignment Healthcare, Inc		1,041,330
	175,391	*	Allscripts Healthcare Solutions, Inc		3,623,578
	97,724	*	Alphatec Holdings Inc		1,060,305
	279,436	*	American Well Corp		874,635
	68,042	*	AMN Healthcare Services, Inc		6,651,106
	54,479	*	Angiodynamics, Inc		1,146,783
	54,519	*,e	Apollo Medical Holdings, Inc		1,988,853
	48,834	*	Apyx Medical Corp		184,104
	366,350	*,e	Asensus Surgical, Inc		166,066
	113,829	*,e	Aspira Women’s Health, Inc		72,441
	64,546	*	AtriCure, Inc		3,351,874
	2,069		Atrion Corp		1,296,477
	70,129	*	Avanos Medical, Inc		2,044,962
	60,420	*	Aveanna Healthcare Holdings, Inc		176,426
	59,834	*	AxoGen, Inc		433,198
	66,558	*	Axonics Modulation Technologies, Inc		3,449,036
	19,231	*,e	Biodesix, Inc		30,962
	15,723	*	BioLife Solutions Inc		199,210
	32,806	*	Bioventus, Inc		394,656
	265,432	*	Brookdale Senior Living, Inc		1,640,370
	188,830	*,e	Butterfly Network, Inc		628,804
	57,439	*	Cardiovascular Systems, Inc		1,074,109
	29,882	*	Castle Biosciences, Inc		667,564
	243,926	*	Cerus Corp		1,126,938
	29,461	*,e	ClearPoint Neuro, Inc		252,481
	179,085	*	Community Health Systems, Inc		1,373,582
	21,820	*	Computer Programs & Systems, Inc		696,494
	41,538		Conmed Corp		5,522,893
	11,904	*	Convey Holding Parent, Inc		60,591
	12,134	*	Corvel Corp		1,881,741
	150,602	*	Covetrus, Inc		2,078,308
	49,587	*	Cross Country Healthcare, Inc		929,260
	54,426	*	CryoLife, Inc		1,104,304
	58,890	*	CryoPort, Inc		1,328,558
	22,133	*	Cue Health, Inc		148,291
	23,840	*	Cutera, Inc		1,294,750
	9,563	*	CVRx, Inc		59,578
	68,952	*,e	CytoSorbents Corp		144,799
	21,108	*,e	DarioHealth Corp		104,696
	75,211		Ensign Group, Inc		6,041,700
	115,159	*	Evolent Health, Inc		3,169,176
	28,415	*,e	Forian, Inc		96,611

221

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	29,099	*	Fulgent Genetics, Inc	$	1,596,953
	64,106	*	Glaukos Corp		3,031,573
	72,290	*	Haemonetics Corp		3,662,934
	58,107	*	Hanger Inc		955,279
	77,062	*	Health Catalyst, Inc		1,282,312
	117,772	*	HealthEquity, Inc		7,339,551
	38,754	*	HealthStream, Inc		740,201
	14,118	*	Heska Corp		1,550,721
	31,792	*	iCAD, Inc		114,451
	48,767	*	Inari Medical, Inc		3,935,497
	28,064	*	InfuSystem Holdings, Inc		222,548
	28,699	*,e	Innovage Holding Corp		131,728
	29,867	*	Inogen, Inc		755,038
	38,779	*	Inspire Medical Systems, Inc		7,979,167
	46,934	*	Integer Holding Corp		3,528,029
	45,523	*	Intersect ENT, Inc		1,245,965
	293,107	*	Invitae Corp		1,556,398
	9,882		iRadimed Corp		325,217
	41,887	*	iRhythm Technologies, Inc		5,167,599
	20,600	*	Joint Corp		628,712
	96,050	*	Lantheus Holdings, Inc		6,378,681
	27,236		LeMaitre Vascular, Inc		1,176,868
	43,604	*	LHC Group, Inc		7,231,723
	102,595	*,e	LifeStance Health Group, Inc		694,568
	76,408	*	LivaNova plc		5,857,437
	110,895	*	MEDNAX, Inc		2,053,775
	58,849	*	Meridian Bioscience, Inc		1,505,946
	73,104	*	Merit Medical Systems, Inc		4,533,179
	7,258		Mesa Laboratories, Inc		1,550,527
	18,056	*	ModivCare, Inc		1,877,282
	473,469	*,e	Multiplan Corp		2,097,468
	43,104	*,e	NantHealth, Inc		30,362
	17,566		National Healthcare Corp		1,195,542
	18,998		National Research Corp		651,631
	47,755	*	Natus Medical, Inc		1,588,809
	151,680	*	Neogen Corp		4,004,352
	39,105	*,e	Neuronetics, Inc		95,416
	10,903	*	NeuroPace, Inc		87,660
	49,710	*	Nevro Corp		3,066,610
	81,470	*	NextGen Healthcare, Inc		1,535,710
	74,655	*	NuVasive, Inc		3,840,253
	62,702	*	Omnicell, Inc		6,845,177
	12,904	*	Ontrak, Inc		15,356
	23,717	*	OptimizeRx Corp		666,685
	225,880	*	Option Care Health, Inc		6,749,294
	95,065	*	OraSure Technologies, Inc		583,699
	174,692	*	Ortho Clinical Diagnostics Holdings plc		3,076,326
	29,267	*	Orthofix Medical Inc		907,277
	20,885	*	OrthoPediatrics Corp		941,496
	67,186	*	Outset Medical, Inc		2,343,448
	103,998		Owens & Minor, Inc		3,690,889
	13,784	*	Paragon 28, Inc		247,699
	122,198		Patterson Cos, Inc		3,760,032
	112,553	*,e	PAVmed, Inc		142,942
	37,925	*	Pennant Group, Inc		621,591
	41,336	*,e	PetIQ, Inc		822,586

222

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	70,208	*	Phreesia, Inc	$	1,606,359
	59,914	*	Privia Health Group, Inc		1,317,509
	10,972	*	PROCEPT BioRobotics Corp		390,164
	92,796	*	Progyny, Inc		3,568,006
	35,411	*	Pulmonx Corp		853,405
	20,313	*,e	Pulse Biosciences, Inc		50,783
	118,827	*	Quotient Ltd		68,551
	170,868	*	R1 RCM, Inc		3,847,947
	65,876	*	RadNet, Inc		1,284,582
	5,265	*,e	Retractable Technologies, Inc		20,165
	24,910	*	RxSight, Inc		305,646
	64,574	*	Schrodinger, Inc		1,596,269
	49,715	*	SeaSpine Holdings Corp		462,847
	162,076		Select Medical Holdings Corp		3,664,538
	612,156	*,e	Senseonics Holdings, Inc		857,018
	23,007	*	Sharps Compliance Corp		99,390
	48,337	*	Shockwave Medical Inc		7,305,171
	50,302	*	SI-BONE, Inc		1,005,034
	90,514	*,e	Sientra, Inc		128,530
	31,573	*	Sight Sciences, Inc		220,380
	49,142	*	Silk Road Medical Inc		1,722,427
	21,815		Simulations Plus, Inc		1,017,888
	68,906	*	Staar Surgical Co		3,933,844
	72,478	*	Stereotaxis, Inc		181,195
	48,678	*	Surgery Partners, Inc		2,490,366
	20,944	*	SurModics, Inc		809,695
	35,188	*	Tabula Rasa HealthCare, Inc		118,584
	29,850	*	Tactile Systems Technology, Inc		503,868
	21,415	*,e	Talis Biomedical Corp		22,486
	152,523	*	Tenet Healthcare Corp		11,059,443
	64,512	*	Tivity Health, Inc		2,072,771
	35,416	*	Transmedics Group, Inc		742,319
	45,527	*	Treace Medical Concepts, Inc		892,329
	17,951		US Physical Therapy, Inc		1,862,775
	4,768		Utah Medical Products, Inc		403,325
	35,627	*	Vapotherm, Inc		158,184
	56,699	*	Varex Imaging Corp		1,125,475
	55,431	*,e	Viemed Healthcare, Inc		276,046
	215,109	*	ViewRay, Inc		574,341
	31,851	e	Zynex Inc		202,891
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		252,542,921
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	126,628	*	Beauty Health Co		1,658,827
	164,474	*	BellRing Brands, Inc		3,524,678
	12,733	*	Central Garden & Pet Co		557,578
	58,709	*	Central Garden and Pet Co (Class A)		2,429,378
	77,098		Edgewell Personal Care Co		2,940,518
	67,026	*	elf Beauty, Inc		1,630,743
	97,528		Energizer Holdings, Inc		2,954,123
	109,135	*	Honest Co, Inc		432,175
	25,387		Inter Parfums, Inc		2,074,879
	16,544		Medifast, Inc		2,950,788
	18,571	*	Nature’s Sunshine Products, Inc		307,536
	208,470	*	NewAge, Inc		82,554
	70,872		Nu Skin Enterprises, Inc (Class A)		3,021,982

223

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	7,119		Oil-Dri Corp of America	$	177,619
	8,567	*,e	Revlon, Inc (Class A)		52,430
	10,434	*	Thorne HealthTech, Inc		69,908
	16,808	*	USANA Health Sciences, Inc		1,288,501
	89,434	*,e	Veru, Inc		1,048,166
	19,721		WD-40 Co		3,628,270
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		30,830,653
INSURANCE - 2.0%
	70,492	*	AMBAC Financial Group, Inc		544,903
	117,791		American Equity Investment Life Holding Co		4,443,077
	10,580		American National Group, Inc		1,995,494
	27,572		Amerisafe, Inc		1,277,962
	46,189		Argo Group International Holdings Ltd		1,976,889
	372,194	*,e	Bright Health Group, Inc		669,949
	70,315	*	BRP Group, Inc		1,625,683
	75,026	*,e	Citizens, Inc (Class A)		224,328
	175,346		Conseco, Inc		4,232,852
	23,966		Crawford & Co		186,935
	21,294		Donegal Group, Inc (Class A)		288,108
	33,699	*	eHealth, Inc		271,277
	41,522		Employers Holdings, Inc		1,633,475
	17,436	*	Enstar Group Ltd		4,110,537
	726,118	*	Genworth Financial, Inc (Class A)		2,693,898
	25,496		Goosehead Insurance, Inc		1,465,765
	42,696	*	Greenlight Capital Re Ltd (Class A)		293,749
	8,870		HCI Group, Inc		568,478
	21,593		Heritage Insurance Holdings, Inc		91,986
	61,766		Horace Mann Educators Corp		2,461,375
	1,606		Investors Title Co		301,366
	51,336		James River Group Holdings Ltd		1,217,177
	30,951		Kinsale Capital Group, Inc		6,861,527
	108,845	*,e	Maiden Holdings Ltd		241,636
	65,830	*	MBIA, Inc		792,593
	146,022	*	MetroMile, Inc		143,306
	3,649		National Western Life Group, Inc		725,275
	11,769	*	NI Holdings, Inc		186,539
	35,261	*	Palomar Holdings, Inc		1,919,961
	76,985		ProAssurance Corp		1,891,521
	56,982		RLI Corp		6,540,394
	21,249		Safety Insurance Group, Inc		1,828,264
	84,988		Selective Insurance Group, Inc		6,999,612
	203,578	*	Selectquote, Inc		419,371
	126,833	*	SiriusPoint Ltd		796,511
	38,342		Stewart Information Services Corp		1,978,447
	35,553		Tiptree Inc		413,481
	27,625	*	Trean Insurance Group, Inc		138,678
	54,954	*	Trupanion, Inc		3,496,173
	32,924		United Fire Group Inc		964,344
	31,828		United Insurance Holdings Corp		72,886
	35,462		Universal Insurance Holdings, Inc		445,403
			TOTAL INSURANCE		69,431,185
MATERIALS - 4.0%
	40,392		AdvanSix, Inc		1,799,060
	183,107	*	Allegheny Technologies, Inc		4,976,848

224

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	46,599		American Vanguard Corp	$	997,219
	239,416	*,e	Amyris, Inc		821,197
	154,077	*	Arconic Corp		3,876,577
	32,725	*	Aspen Aerogels, Inc		706,860
	132,147		Avient Corp		6,506,918
	46,105		Balchem Corp		5,680,136
	81,398		Cabot Corp		5,360,058
	69,527		Carpenter Technology Corp		2,654,541
	73,328	*	Century Aluminum Co		1,237,043
	10,628		Chase Corp		896,578
	23,814	*	Clearwater Paper Corp		788,482
	375,010	*	Coeur Mining, Inc		1,361,286
	171,856		Commercial Metals Co		7,046,096
	47,618		Compass Minerals International, Inc		2,815,652
	179,476	*	Constellium SE		2,995,454
	116,358	*,e	Danimer Scientific, Inc		456,123
	69,112	*,†	Ferroglobe plc		0
	41,500		FutureFuel Corp		394,665
	68,292	*	Gatos Silver, Inc		230,827
	95,893	*	GCP Applied Technologies, Inc		3,008,163
	61,752		Glatfelter Corp		679,272
	36,978		Greif, Inc (Class A)		2,243,825
	7,352		Greif, Inc (Class B)		429,063
	75,163		H.B. Fuller Co		5,013,372
	26,964		Hawkins, Inc		1,005,218
	17,110		Haynes International, Inc		668,659
	767,090		Hecla Mining Co		3,996,539
	57,018	*	Ingevity Corp		3,415,378
	36,016		Innospec, Inc		3,432,685
	13,220	*	Intrepid Potash, Inc		1,012,388
	22,820		Kaiser Aluminum Corp		2,202,130
	28,214		Koppers Holdings, Inc		684,472
	34,864		Kronos Worldwide, Inc		530,630
	232,264	*	Livent Corp		4,961,159
	135,131	*,e	Marrone Bio Innovations, Inc		156,752
	28,217		Materion Corp		2,402,678
	47,378		Minerals Technologies, Inc		3,013,715
	109,063	*	MP Materials Corp		4,148,757
	49,797		Myers Industries, Inc		1,092,048
	24,773		Neenah Inc		876,964
	345,497	*	Novagold Resources Inc		2,148,991
	222,470	*	O-I Glass, Inc		2,998,896
	14,674		Olympic Steel, Inc		503,758
	84,934		Orion Engineered Carbons SA		1,282,503
	57,595		Pactiv Evergreen, Inc		567,887
	41,960	*,e	Perpetua Resources Corp		148,119
	45,204	*	PolyMet Mining Corp		142,393
	80,405		PQ Group Holdings, Inc		808,874
	80,696	*,e	PureCycle Technologies, Inc		629,429
	19,438		Quaker Chemical Corp		3,162,757
	55,446	*	Ranpak Holdings Corp		836,126
	81,696	*	Rayonier Advanced Materials, Inc		419,100
	23,348		Ryerson Holding Corp		859,440
	38,193		Schnitzer Steel Industries, Inc (Class A)		1,742,747
	47,903		Schweitzer-Mauduit International, Inc		1,205,239
	61,320		Sensient Technologies Corp		5,187,672

225

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	30,497		Stepan Co	$	3,114,049
	170,614	*	Summit Materials, Inc		4,743,069
	116,349		SunCoke Energy, Inc		968,024
	63,782	*	TimkenSteel Corp		1,318,374
	41,483		Tredegar Corp		474,980
	63,108		Trimas Corp		1,864,210
	56,890		Trinseo plc		2,699,431
	163,815		Tronox Holdings plc		2,817,618
	10,160	*	UFP Technologies, Inc		697,687
	3,243		United States Lime & Minerals, Inc		355,141
	3,773		Valhi, Inc		120,019
	73,714		Warrior Met Coal, Inc		2,511,436
	46,994		Worthington Industries, Inc		2,235,505
	61,233	*,e	Zymergen, Inc		102,871
			TOTAL MATERIALS		143,241,832
MEDIA & ENTERTAINMENT - 2.2%
	102,673	*	Advantage Solutions, Inc		516,445
	742,780	*,e	AMC Entertainment Holdings, Inc		11,364,534
	43,405	*	AMC Networks, Inc		1,416,305
	27,297	*	Boston Omaha Corp		568,870
	46,792	*	Cardlytics, Inc		1,597,011
	137,278	*	Cargurus, Inc		4,486,245
	100,452	*	Cars.com, Inc		1,117,026
	11,490	*,e	Chicken Soup For The Soul Entertainment, Inc		100,078
	157,734	*	Cinemark Holdings, Inc		2,501,661
	503,757	*	Clear Channel		1,239,242
	95,556	*	comScore, Inc		193,023
	40,743	*,e	CuriosityStream, Inc		82,708
	1,684	*	Daily Journal Corp		433,041
	40,887	*	Emerald Holding, Inc		109,986
	163,326	*	Entercom Communications Corp		414,848
	94,998		Entravision Communications Corp (Class A)		491,140
	7,570	*,e	Eros STX Global Corp		13,096
	112,426	*	Eventbrite Inc		1,189,467
	29,594	*	EverQuote Inc		410,765
	83,768	*	EW Scripps Co (Class A)		1,378,821
	66,765	*	Fluent, Inc		89,465
	199,800	*,e	fuboTV, Inc		757,242
	194,629	*	Gannett Co, Inc		780,462
	124,556		Gray Television, Inc		2,306,777
	28,671	*	Hemisphere Media Group, Inc		111,530
	158,474	*	iHeartMedia, Inc		2,533,999
	72,081	*	Imax Corp		1,140,321
	45,396	*	Integral Ad Science Holding Corp		536,127
	61,408		John Wiley & Sons, Inc (Class A)		3,125,053
	14,316	*,e	Liberty Braves Group (Class A)		376,081
	52,655	*	Liberty Braves Group (Class C)		1,322,167
	118,933	*	Liberty TripAdvisor Holdings, Inc		178,400
	83,961	*	Lions Gate Entertainment Corp (Class A)		1,132,634
	172,500	*	Lions Gate Entertainment Corp (Class B)		2,168,325
	80,739	*	LiveOne, Inc		54,903
	37,050	*	Madison Square Garden Entertainment Corp		2,713,913
	184,371	*	Magnite, Inc		1,779,180
	36,289	*,e	Marcus Corp		570,826
	32,430	*	MediaAlpha, Inc		478,018

226

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	56,359		National CineMedia, Inc	$	124,553
	33,575	*	Outbrain, Inc		302,175
	76,013	*	QuinStreet, Inc		722,884
	37,851		Scholastic Corp		1,394,809
	66,774		Sinclair Broadcast Group, Inc (Class A)		1,485,054
	81,329	*	Stagwell, Inc		551,411
	37,533	*	TechTarget, Inc		2,526,346
	318,810		TEGNA, Inc		7,029,761
	10,129	*	Thryv Holdings, Inc		261,632
	118,948	*	TrueCar, Inc		425,834
	75,690	*	WideOpenWest, Inc		1,517,585
	102,416	*	Yelp, Inc		3,331,592
	62,696	*	Ziff Davis Inc		5,539,819
			TOTAL MEDIA & ENTERTAINMENT		76,993,190
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	35,251	*	2seventy bio, Inc		474,478
	42,217	*	4D Molecular Therapeutics, Inc		502,804
	16,242	*	89bio, Inc		35,245
	332,762	*,e	9 Meters Biopharma, Inc		139,028
	79,793	*,e	Absci Corp		471,577
	173,342	*	Acadia Pharmaceuticals, Inc		3,196,426
	69,083	*,e	Aclaris Therapeutics, Inc		851,103
	39,241	*,e	Acumen Pharmaceuticals, Inc		151,470
	84,384	*	Adagio Therapeutics, Inc		241,338
	32,748	*	Adicet Bio, Inc		482,706
	147,359	*,e	Adverum Biotechnologies, Inc		157,674
	67,104	*	Aeglea BioTherapeutics, Inc		96,630
	52,671	*	Aerie Pharmaceuticals, Inc		374,491
	14,128	*	Aerovate Therapeutics, Inc		180,132
	154,754	*	Affimed NV		581,875
	308,654	*	Agenus, Inc		571,010
	78,074	*	Agios Pharmaceuticals, Inc		1,715,286
	40,255	*	Akero Therapeutics, Inc		422,275
	39,627	*,e	Akouos, Inc		110,956
	11,957	*,e	Akoya Biosciences, Inc		112,515
	22,991	*	Albireo Pharma, Inc		731,574
	75,987	*	Aldeyra Therapeutics, Inc		233,280
	86,500	*	Alector, Inc		830,400
	29,375	*	Aligos Therapeutics, Inc		34,662
	229,455	*	Alkermes plc		6,619,777
	53,144	*	Allakos, Inc		200,353
	103,944	*	Allogene Therapeutics, Inc		867,932
	43,763	*,e	Allovir, Inc		199,122
	9,350	*	Alpha Teknova, Inc		105,000
	18,186	*,e	Alpine Immune Sciences, Inc		167,311
	59,451	*	Altimmune, Inc		268,719
	22,305	*	ALX Oncology Holdings, Inc		285,058
	377,176	*	Amicus Therapeutics, Inc		2,670,406
	134,975	*	Amneal Pharmaceuticals, Inc		521,003
	54,318	*	Amphastar Pharmaceuticals, Inc		1,926,659
	297,805	*,e	Ampio Pharmaceuticals, Inc		68,555
	13,230	*	Amylyx Pharmaceuticals, Inc		119,070
	26,475	*	AnaptysBio, Inc		619,515
	97,162	*,e	Anavex Life Sciences Corp		834,622
	31,030	*,e	Angion Biomedica Corp		38,787

227

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	15,312	*	ANI Pharmaceuticals, Inc	$	451,857
	22,317	*	Anika Therapeutics, Inc		480,485
	33,617	*	Annexon, Inc		85,723
	235,424	*	Antares Pharma, Inc		1,310,135
	111,060	*	Apellis Pharmaceuticals, Inc		4,834,442
	37,824	*,e	Applied Molecular Transport, Inc		162,265
	26,954	*,e	Applied Therapeutics, Inc		53,099
	82,167	*	AquaBounty Technologies, Inc		110,104
	122,286	*,e	Arbutus Biopharma Corp		284,926
	12,711	*	Arcellx, Inc		138,931
	28,695	*	Arcturus Therapeutics Holdings, Inc		556,109
	62,034	*	Arcus Biosciences, Inc		1,501,843
	36,880	*	Arcutis Biotherapeutics, Inc		744,607
	148,575	*	Arrowhead Pharmaceuticals Inc		6,107,918
	67,559	*	Arvinas, Inc		3,713,718
	123,720	*	Atara Biotherapeutics, Inc		786,859
	80,845	*	Atea Pharmaceuticals, Inc		474,560
	135,386	*,e	Athenex, Inc		64,985
	284,745	*,e	Athersys, Inc		139,554
	41,472	*	Athira Pharma, Inc		426,747
	166,692	*,e	Atossa Therapeutics, Inc		168,359
	45,284	*,e	Atreca, Inc		88,757
	8,269	*,e	Aura Biosciences, Inc		140,242
	82,899	*	Avalo Therapeutics, Inc		34,055
	85,076	*	Avid Bioservices, Inc		1,145,123
	55,922	*	Avidity Biosciences, Inc		799,685
	37,380	*,e	Avita Medical, Inc		228,018
	57,744	*	Avrobio, Inc		53,292
	39,534	*	Axsome Therapeutics, Inc		1,255,204
	72,944	*	Beam Therapeutics, Inc		2,737,588
	75,075	*	Berkeley Lights, Inc		373,498
	35,068	*	Beyondspring Inc		53,303
	22,508	*	BioAtla, Inc		78,328
	261,128	*	BioCryst Pharmaceuticals, Inc		2,425,879
	79,404	*	Biohaven Pharmaceutical Holding Co Ltd		7,080,455
	32,865	*,e	Biomea Fusion, Inc		98,595
	389,652	*,e	Bionano Genomics, Inc		635,133
	21,972	*,e	Bioxcel Therapeutics Inc		288,053
	35,663	*	Black Diamond Therapeutics, Inc		86,661
	105,755	*	Bluebird Bio, Inc		383,891
	84,099	*	Blueprint Medicines Corp		4,907,177
	33,260	*,e	Bolt Biotherapeutics, Inc		51,886
	149,164	*	Bridgebio Pharma, Inc		1,196,295
	44,382	*,e	Brooklyn ImmunoTherapeutics, Inc		46,601
	57,715	*	C4 Therapeutics, Inc		494,618
	66,066	*	Cara Therapeutics, Inc		576,096
	56,614	*	Cardiff Oncology, Inc		75,863
	73,869	*	CareDx, Inc		2,248,572
	72,721	*	Caribou Biosciences, Inc		538,135
	54,373	*,e	Cassava Sciences, Inc		1,134,765
	137,919	*	Catalyst Pharmaceuticals, Inc		1,050,943
	12,481	*,e	Celcuity, Inc		81,376
	64,879	*	Celldex Therapeutics, Inc		1,982,053
	57,115	*,e	CEL-SCI Corp		163,349
	24,520	*	Century Therapeutics, Inc		294,730
	58,527	*	Cerevel Therapeutics Holdings, Inc		1,713,671

228

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	75,934	*	ChemoCentryx, Inc	$	1,401,742
	114,296	*	Chimerix, Inc		502,902
	59,040	*	Chinook Therapeutics, Inc		893,275
	73,379	*	ChromaDex Corp		138,686
	16,179	*	CinCor Pharma, Inc		384,898
	177,795	*,e	Citius Pharmaceuticals, Inc		179,573
	24,108	*,e	Clene, Inc		62,440
	130,592	*,e	Clovis Oncology, Inc		261,184
	9,694	*,e	Codex DNA, Inc		35,868
	89,565	*	Codexis, Inc		1,077,467
	24,584	*,e	Codiak Biosciences, Inc		72,769
	58,174	*,e	Cogent Biosciences, Inc		373,477
	100,420	*	Coherus Biosciences, Inc		907,797
	48,337	*	Collegium Pharmaceutical, Inc		778,226
	126,995	*	Corcept Therapeutics, Inc		2,731,662
	52,712	*,e	CorMedix Inc		181,329
	29,914	*,e	Cortexyme Inc		109,485
	63,950	*	Crinetics Pharmaceuticals, Inc		1,299,464
	44,155	*	Cue Biopharma, Inc		174,854
	38,291	*,e	Cullinan Oncology, Inc		375,635
	135,600	*	Curis, Inc		123,898
	116,466	*	Cymabay Therapeutics, Inc		264,378
	10,846	*,e	Cyteir Therapeutics, Inc		24,403
	140,230	*	Cytek Biosciences, Inc		1,325,173
	112,393	*	Cytokinetics, Inc		4,481,109
	99,515	*	CytomX Therapeutics, Inc		170,171
	31,684	*,e	Day One Biopharmaceuticals, Inc		269,948
	61,618	*	Deciphera Pharmaceuticals, Inc		623,574
	131,396	*	Denali Therapeutics, Inc		3,127,225
	37,117	*,e	DermTech, Inc		317,350
	34,495	*	Design Therapeutics, Inc		411,870
	21,064	*	DICE Therapeutics, Inc		428,020
	354,190	*	Durect Corp		159,385
	147,959	*	Dynavax Technologies Corp		1,306,478
	47,019	*	Dyne Therapeutics, Inc		375,212
	17,397	*	Eagle Pharmaceuticals, Inc		767,730
	58,456	*	Edgewise Therapeutics, Inc		466,479
	97,325	*	Editas Medicine, Inc		1,288,583
	37,698	*	Eiger BioPharmaceuticals, Inc		258,985
	9,707	*	Eliem Therapeutics, Inc		30,674
	69,224	*	Emergent Biosolutions, Inc		2,241,473
	28,904	*	Enanta Pharmaceuticals, Inc		1,861,418
	292,771	*	Endo International plc		585,542
	13,872	*,e	Entrada Therapeutics, Inc		82,955
	146,537	*	Epizyme, Inc		94,575
	90,817	*	Erasca, Inc		661,148
	82,370	*,e	Esperion Thereapeutics, Inc		467,862
	47,552	*,e	Evelo Biosciences, Inc		117,453
	50,502	*	Evolus, Inc		565,117
	16,964	*,e	Exagen, Inc		103,480
	33,078	*	EyePoint Pharmaceuticals, Inc		373,781
	117,696	*	Fate Therapeutics, Inc		3,361,398
	125,458	*	FibroGen, Inc		1,166,759
	11,850	*	Finch Therapeutics Group, Inc		29,980
	120,058	*,e	Fluidigm Corp		318,154
	23,067	*	Foghorn Therapeutics, Inc		267,347

229

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	48,857	*	Forma Therapeutics Holdings, Inc	$	369,359
	17,664	*	Forte Biosciences, Inc		20,314
	83,395	*,e	Fortress Biotech, Inc		91,734
	50,086	*	Frequency Therapeutics, Inc		65,112
	39,922	*	Fulcrum Therapeutics, Inc		384,050
	61,382	*,e	G1 Therapeutics, Inc		315,503
	34,300	*	Gemini Therapeutics, Inc		51,793
	53,413	*	Generation Bio Co		338,104
	462,247	*,e	Geron Corp		651,768
	89,620	*	Global Blood Therapeutics, Inc		2,751,334
	91,072	*	Gossamer Bio, Inc		629,308
	41,675	*,e	Graphite Bio, Inc		167,534
	6,319	*	Greenwich Lifesciences, Inc		74,880
	63,220	*	Gritstone Oncology, Inc		163,740
	28,093	*	GT Biopharma, Inc		59,276
	197,993	*	Halozyme Therapeutics, Inc		7,899,921
	31,903	*	Harmony Biosciences Holdings, Inc		1,436,911
	29,286	*	Harpoon Therapeutics, Inc		65,894
	60,379	*	Harvard Bioscience, Inc		315,178
	145,136	*	Heron Therapeutics, Inc		656,015
	65,675	*	Homology Medicines, Inc		109,021
	27,905	*,e	Hookipa Pharma, Inc		41,858
	70,221	*,e	Humanigen, Inc		132,015
	319,637	*,e	iBio, Inc		93,526
	34,554	*	Icosavax, Inc		250,517
	48,776	*	Ideaya Biosciences, Inc		467,762
	11,944	*	IGM Biosciences, Inc		199,943
	41,876	*,e	Ikena Oncology, Inc		162,479
	28,743	*	Imago Biosciences, Inc		469,948
	26,912	*,e	Immuneering Corp		133,753
	24,284	*,e	Immunic, Inc		164,403
	88,964	*,e	ImmunityBio, Inc		322,939
	308,394	*	Immunogen, Inc		1,489,543
	57,972	*,e	Immunovant, Inc		267,251
	8,430	*,e	Impel Neuropharma, Inc		53,446
	137,047	*	Infinity Pharmaceuticals, Inc		108,157
	41,962	*	Inhibrx, Inc		665,098
	66,842	*	Innoviva, Inc		1,140,325
	25,055	*,e	Inotiv, Inc		357,034
	306,108	*,e	Inovio Pharmaceuticals, Inc		835,675
	22,528	*,e	Inozyme Pharma, Inc		88,986
	171,909	*	Insmed, Inc		3,776,841
	81,640	*	Instil Bio, Inc		577,195
	100,259	*	Intellia Therapeutics, Inc		4,915,699
	33,800	*,e	Intercept Pharmaceuticals, Inc		530,998
	116,086	*	Intra-Cellular Therapies, Inc		5,875,112
	211,069	*	Ironwood Pharmaceuticals, Inc		2,532,828
	12,874	*	IsoPlexis Corp		28,065
	28,592	*	iTeos Therapeutics, Inc		763,120
	164,251	*	IVERIC bio, Inc		2,274,876
	25,197	*,e	Janux Therapeutics, Inc		247,938
	51,612	*	Jounce Therapeutics, Inc		273,544
	75,701	*,e	Kala Pharmaceuticals, Inc		49,168
	30,802	*	KalVista Pharmaceuticals Inc		392,109
	31,825	*	Karuna Therapeutics, Inc		3,547,215
	97,265	*,e	Karyopharm Therapeutics, Inc		593,317

230

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	44,747	*,e	KemPharm, Inc	$	200,019
	22,028	*	Keros Therapeutics, Inc		1,167,704
	54,301	*	Kezar Life Sciences, Inc		645,096
	43,001	*	Kiniksa Pharmaceuticals Ltd		401,199
	36,667	*	Kinnate Biopharma, Inc		273,902
	49,058	*	Kodiak Sciences, Inc		295,329
	60,779	*	Kronos Bio, Inc		287,485
	28,776	*	Krystal Biotech Inc		1,744,113
	90,715	*	Kura Oncology, Inc		1,301,760
	48,719	*	Kymera Therapeutics, Inc		1,527,341
	4,325	*	Landos Biopharma, Inc		4,130
	106,290	*	Lexicon Pharmaceuticals, Inc		192,385
	21,695	*	Ligand Pharmaceuticals, Inc (Class B)		2,014,598
	189,854	*,e	Lineage Cell Therapeutics, Inc		231,622
	213,324	*,e	Lyell Immunopharma, Inc		1,094,352
	82,943	*	MacroGenics, Inc		593,042
	16,655	*	Madrigal Pharmaceuticals, Inc		1,165,850
	42,473	*	Magenta Therapeutics, Inc		60,736
	334,878	*,e	MannKind Corp		1,048,168
	57,829	*,e	Marinus Pharmaceuticals, Inc		382,828
	144,966	*	MaxCyte, Inc		803,112
	41,293	*	Medpace Holdings, Inc		5,515,506
	173,968	*	MEI Pharma, Inc		85,505
	38,733	*	MeiraGTx Holdings plc		398,563
	107,823	*	Mersana Therapeutics, Inc		375,224
	150,057	*	MiMedx Group, Inc		592,725
	481,102	*,e	Mind Medicine MindMed, Inc		384,882
	5,644	*	Mirum Pharmaceuticals, Inc		134,214
	57,889	*,e	Molecular Templates, Inc		98,411
	41,302	*,e	Monte Rosa Therapeutics, Inc		450,192
	31,680	*	Morphic Holding, Inc		960,221
	108,968	*	Mustang Bio, Inc		81,148
	113,754	*	Myriad Genetics, Inc		2,331,957
	65,874	*	NanoString Technologies, Inc		1,237,114
	167,799	*	NeoGenomics, Inc		1,585,701
	55,602	*,e	Neoleukin Therapeutics, Inc		67,834
	25,340	*	NexImmune, Inc		53,467
	42,164	*	NGM Biopharmaceuticals Inc		526,207
	22,090	*	Nkarta, Inc		407,340
	46,520	*	Nurix Therapeutics, Inc		514,976
	26,152	*,e	Nuvalent, Inc		269,104
	219,345	*,e	Nuvation Bio, Inc		1,022,148
	244,743	*,e	Ocugen, Inc		535,987
	118,445	*	Ocular Therapeutix, Inc		422,849
	37,376	*	Olema Pharmaceuticals, Inc		95,309
	31,685	*	Omega Therapeutics, Inc		108,046
	95,054	*,e	Omeros Corp		329,837
	94,140	*,e	Oncocyte Corp		109,202
	31,978	*,e	Oncorus, Inc		37,414
	69,291	*	Oncternal Therapeutics, Inc		59,126
	560,548	*,e	Opko Health, Inc		1,513,480
	45,104	*	Oramed Pharmaceuticals, Inc		231,835
	99,130	*	Organogenesis Holdings Inc		638,397
	46,202	*	ORIC Pharmaceuticals, Inc		153,391
	137,127	*,e	Outlook Therapeutics, Inc		212,547
	17,396	*,e	Oyster Point Pharma, Inc		110,986

231

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	283,821	*	Pacific Biosciences of California, Inc	$	1,799,425
	63,001	*	Pacira BioSciences Inc		4,697,985
	70,795	*,e	Paratek Pharmaceuticals, Inc		156,457
	33,715	*	Passage Bio, Inc		65,744
	55,744	*	Personalis, Inc		312,166
	29,016	*	Phathom Pharmaceuticals, Inc		375,467
	32,782		Phibro Animal Health Corp		589,748
	28,227	*	Pliant Therapeutics, Inc		165,410
	35,155	*	PMV Pharmaceuticals, Inc		509,396
	5,644	*,e	Portage Biotech, Inc		31,268
	45,032	*	Poseida Therapeutics, Inc		139,149
	48,161	*	Praxis Precision Medicines, Inc		390,104
	148,497	*	Precigen, Inc		197,501
	74,406	*	Precision BioSciences Inc		148,068
	15,982	*,e	Prelude Therapeutics, Inc		73,357
	72,070	*	Prestige Consumer Healthcare, Inc.		3,939,346
	137,717	*,†	Progenics Pharmaceuticals, Inc		0
	41,798	*	Prometheus Biosciences, Inc		1,099,287
	62,702	*	Protagonist Therapeutics, Inc		569,961
	50,314	*	Prothena Corp plc		1,467,156
	85,790	*,e	Provention Bio, Inc		385,197
	100,493	*	PTC Therapeutics, Inc		3,550,418
	52,255	*	Puma Biotechnology, Inc		123,322
	16,163	*	Pyxis Oncology, Inc		39,599
	43,125	*	Quanterix Corp		956,944
	60,792	*	Radius Health, Inc		415,817
	24,092	*,e	Rain Therapeutics, Inc		95,645
	25,792	*,e	Rallybio Corp		256,888
	22,324	*,e	Rapid Micro Biosystems, Inc		130,149
	31,855	*	RAPT Therapeutics, Inc		481,966
	37,164	*	Reata Pharmaceuticals, Inc		943,222
	163,837	*	Recursion Pharmaceuticals, Inc		1,015,789
	58,181	*	REGENXBIO, Inc		1,615,105
	100,420	*	Relay Therapeutics, Inc		2,393,009
	35,276	*	Relmada Therapeutics, Inc		885,780
	9,875	*,e	Reneo Pharmaceuticals, Inc		22,910
	44,085	*	Replimune Group, Inc		739,305
	100,547	*	Revance Therapeutics, Inc		1,646,960
	85,130	*	REVOLUTION Medicines, Inc		1,700,046
	58,748	*	Rhythm Pharmaceuticals, Inc		367,762
	267,513	*	Rigel Pharmaceuticals, Inc		631,331
	62,195	*	Rocket Pharmaceuticals, Inc		639,365
	70,592	*,e	Rubius Therapeutics, Inc		117,183
	129,609	*,e	Sana Biotechnology, Inc		978,548
	184,047	*	Sangamo Therapeutics Inc		763,795
	41,858	*,e	Scholar Rock Holding Corp		295,936
	99,707	*,e	Seelos Therapeutics, Inc		61,818
	62,439	*	Seer, Inc		454,556
	139,854	*	Selecta Biosciences, Inc		107,170
	29,831	*	Sensei Biotherapeutics, Inc		46,238
	6,930	*	Sera Prognostics, Inc		15,939
	93,599	*	Seres Therapeutics, Inc		442,723
	267,664	*,e	Sesen Bio, Inc		101,739
	24,429	*	Shattuck Labs, Inc		93,807
	77,528	*	SIGA Technologies, Inc		532,617
	12,499	*	Sigilon Therapeutics, Inc		13,124

232

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	29,778	*	Silverback Therapeutics, Inc	$	92,610
	67,119	*	Singular Genomics Systems, Inc		274,517
	82,156	*,e	Solid Biosciences, Inc		46,007
	435,910	*,e	Sorrento Therapeutics, Inc		658,224
	232,146	*	Spectrum Pharmaceuticals, Inc		187,504
	37,888	*,e	Spero Therapeutics, Inc		184,136
	42,253	*	SpringWorks Therapeutics, Inc		1,813,076
	11,422	*	Spruce Biosciences, Inc		20,103
	35,646	*,e	SQZ Biotechnologies Co		131,534
	29,887	*	Stoke Therapeutics, Inc		431,568
	35,191	*,e	Summit Therapeutics, Inc		55,954
	70,790	*	Supernus Pharmaceuticals, Inc		1,975,041
	52,096	*	Surface Oncology, Inc		110,444
	67,890	*	Sutro Biopharma, Inc		408,019
	70,252	*	Syndax Pharmaceuticals, Inc		1,178,126
	81,311	*	Syros Pharmaceuticals, Inc		68,448
	32,222	*	Talaris Therapeutics, Inc		227,487
	13,199	*	Tarsus Pharmaceuticals, Inc		241,674
	34,855	*,e	Taysha Gene Therapies, Inc		127,569
	46,760	*	TCR2 Therapeutics Inc		99,599
	40,959	*,e	Tenaya Therapeutics, Inc		377,642
	14,085	*	Terns Pharmaceuticals, Inc		22,536
	183,588	*	TG Therapeutics, Inc		1,274,101
	83,472	*	Theravance Biopharma, Inc		805,505
	17,494	*	Theseus Pharmaceuticals, Inc		142,926
	511,493	*,e	Tonix Pharmaceuticals Holding Corp		74,627
	84,783	*	Travere Therapeutics, Inc		2,130,597
	256,044	*,e	Trevena, Inc		75,917
	66,919	*	Turning Point Therapeutics Inc		1,970,095
	79,783	*	Twist Bioscience Corp		2,300,942
	18,400	*	Tyra Biosciences, Inc		137,448
	32,317	*,e	UroGen Pharma Ltd		228,158
	77,049	*	Vanda Pharmaceuticals, Inc		764,326
	176,407	*,e	Vaxart Inc		613,896
	61,213	*	Vaxcyte, Inc		1,481,967
	291,530	*,e	VBI Vaccines, Inc		364,413
	15,829	*,e	Ventyx Biosciences, Inc		229,995
	19,644	*	Vera Therapeutics, Inc		392,880
	98,649	*	Veracyte, Inc		2,019,345
	253,070	*	Verastem, Inc		359,359
	67,232	*	Vericel Corp		1,916,112
	20,030	*,e	Verrica Pharmaceuticals, Inc		131,597
	52,445	*,e	Verve Therapeutics, Inc		782,479
	8,953	*	Vigil Neuroscience, Inc		30,351
	106,890	*	Viking Therapeutics, Inc		254,398
	18,509	*	Vincerx Pharma, Inc		47,753
	82,538	*	Vir Biotechnology, Inc		1,679,648
	56,762	*	Viracta Therapeutics, Inc		144,743
	224,554	*	VistaGen Therapeutics, Inc		285,184
	27,224	*,e	Vor BioPharma, Inc		155,994
	53,722	*	WaVe Life Sciences Ltd		104,758
	28,019	*,e	Werewolf Therapeutics, Inc		124,685
	22,872		XBiotech, Inc		177,487
	85,350	*	Xencor, Inc		2,132,043
	11,284	*	Xilio Therapeutics, Inc		39,833
	9,763	*,e	XOMA Corp		187,742

233

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	45,527	*	Y-mAbs Therapeutics, Inc	$	382,427
	51,272	*	Zentalis Pharmaceuticals, Inc		1,359,733
	339,984	*,e	ZIOPHARM Oncology, Inc		180,668
	83,039	*,†	Zogenix, Inc		56,467
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		287,397,942
REAL ESTATE - 7.9%
	126,731		Acadia Realty Trust		2,651,213
	99,307		Agree Realty Corp		6,744,931
	105,565		Alexander & Baldwin, Inc		2,237,978
	2,953		Alexander’s, Inc		732,846
	73,143		American Assets Trust, Inc		2,677,034
	187,059		American Finance Trust, Inc		1,397,331
	217,013	*	Apartment Investment and Management Co		1,367,182
	309,655		Apple Hospitality REIT, Inc		5,477,797
	90,404		Armada Hoffler Properties, Inc		1,224,974
	25,315	*	Ashford Hospitality Trust, Inc		178,471
	69,668		BraeMar Hotels & Resorts, Inc		422,188
	244,130		Brandywine Realty Trust		2,848,997
	226,350		Broadstone Net Lease, Inc		4,683,181
	15,332		Brt Realty Trust		335,617
	141,207		CareTrust REIT, Inc		2,288,965
	74,012		CatchMark Timber Trust, Inc		607,639
	20,596		Centerspace		1,900,187
	74,176	*	Chatham Lodging Trust		1,065,167
	62,424		City Office REIT, Inc		926,372
	13,671		Clipper Realty, Inc		122,082
	33,244		Community Healthcare Trust, Inc		1,224,044
	163,683		Corporate Office Properties Trust		4,368,699
	7,676		CTO Realty Growth, Inc		489,499
	200,516	*	Cushman & Wakefield plc		3,589,236
	298,656	*	DiamondRock Hospitality Co		3,171,727
	702,040	*	DigitalBridge Group, Inc		4,886,198
	332,930		Diversified Healthcare Trust		749,093
	109,262		Douglas Elliman, Inc		662,128
	120,654		Easterly Government Properties, Inc		2,298,459
	57,998		EastGroup Properties, Inc		10,874,625
	210,487		Empire State Realty Trust, Inc		1,818,608
	154,158	*	Equity Commonwealth		4,037,398
	173,718		Essential Properties Realty Trust, Inc		4,169,232
	90,982	e	eXp World Holdings Inc		1,218,249
	41,487		Farmland Partners, Inc		610,689
	7,394	*,e	Fathom Holdings, Inc		54,863
	22,836	*	Forestar Group, Inc		372,455
	109,955		Four Corners Property Trust, Inc		3,019,364
	144,551		Franklin Street Properties Corp		745,883
	8,758	*	FRP Holdings, Inc		494,915
	55,507		Getty Realty Corp		1,493,693
	54,153		Gladstone Commercial Corp		1,139,379
	47,267		Gladstone Land Corp		1,720,519
	88,786		Global Medical REIT, Inc		1,310,481
	150,398		Global Net Lease, Inc		2,110,084
	210,456		Healthcare Realty Trust, Inc		5,699,148
	43,384	*	Hersha Hospitality Trust		424,296
	315,958		Independence Realty Trust, Inc		8,613,015
	7,140		Indus Realty Trust, Inc		510,153

234

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	96,352		Industrial Logistics Properties Trust	$	1,557,048
	36,343		Innovative Industrial Properties, Inc		5,254,834
	95,377		iStar Inc		1,606,149
	167,260		Kennedy-Wilson Holdings, Inc		3,771,713
	313,975		Kite Realty Group Trust		7,001,643
	401,149		Lexington Realty Trust		5,034,420
	56,862		LTC Properties, Inc		1,876,446
	306,715		Macerich Co		3,849,273
	131,699	*	Mack-Cali Realty Corp		2,108,501
	34,715		Marcus & Millichap, Inc		1,554,885
	62,471		National Health Investors, Inc		3,219,131
	115,480		National Storage Affiliates Trust		6,536,168
	56,768		NETSTREIT Corp		1,227,324
	241,332		Newmark Group, Inc		2,932,184
	32,151		NexPoint Residential Trust, Inc		2,866,583
	70,215		Office Properties Income Trust		1,518,048
	22,536		One Liberty Properties, Inc		645,656
	207,583		Outfront Media, Inc		5,314,125
	267,839		Paramount Group, Inc		2,547,149
	186,345		Pebblebrook Hotel Trust		4,550,545
	162,738		Phillips Edison & Co, Inc		5,510,309
	315,612		Physicians Realty Trust		5,409,590
	177,277		Piedmont Office Realty Trust, Inc		2,854,160
	45,847		Plymouth Industrial REIT, Inc		1,105,830
	18,870		Postal Realty Trust, Inc		317,582
	93,526		PotlatchDeltic Corp		5,180,405
	73,871		Preferred Apartment Communities, Inc		1,837,910
	28,479		PS Business Parks, Inc		5,331,269
	28,655		Re/Max Holdings, Inc		672,246
	167,188	*	Realogy Holdings Corp		1,832,380
	150,429	*,e	Redfin Corp		1,677,283
	170,231		Retail Opportunities Investment Corp		3,171,404
	241,728		RLJ Lodging Trust		3,389,027
	20,413		RMR Group, Inc		556,867
	126,262		RPT Realty		1,678,022
	77,632	*	Ryman Hospitality Properties		7,257,039
	330,294		Sabra Healthcare REIT, Inc		3,857,834
	29,333		Safehold, Inc		1,262,786
	16,530		Saul Centers, Inc		853,113
	58,305	*	Seritage Growth Properties		577,220
	237,928		Service Properties Trust		1,931,975
	249,513		SITE Centers Corp		3,967,257
	48,359		St. Joe Co		2,573,182
	256,871		STAG Industrial, Inc		9,586,426
	150,610	*	Summit Hotel Properties, Inc		1,486,521
	311,976	*	Sunstone Hotel Investors, Inc		3,821,706
	148,487		Tanger Factory Outlet Centers, Inc		2,395,095
	32,629	*	Tejon Ranch Co		597,437
	105,995		Terreno Realty Corp		7,711,136
	63,319		UMH Properties, Inc		1,489,263
	281,223		Uniti Group, Inc		3,484,353
	18,440		Universal Health Realty Income Trust		925,504
	164,893		Urban Edge Properties		3,081,850
	45,289		Urstadt Biddle Properties, Inc (Class A)		785,764
	119,531		Washington REIT		2,879,502
	62,723		Whitestone REIT		762,084

235

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	161,219	*	Xenia Hotels & Resorts, Inc	$	3,109,915
			TOTAL REAL ESTATE		281,659,355
RETAILING - 3.2%
	36,380	*	1-800-FLOWERS.COM, Inc (Class A)		371,076
	28,633	*	1stdibs.com, Inc		216,465
	44,172		Aaron’s Co, Inc		906,851
	81,432	*	Abercrombie & Fitch Co (Class A)		2,815,919
	111,899		Academy Sports & Outdoors, Inc		4,180,547
	14,388	*	aka Brands Holding Corp		50,790
	221,222	e	American Eagle Outfitters, Inc		3,342,664
	8,941	*	America’s Car-Mart, Inc		722,880
	122,073		Arko Corp		1,131,617
	33,063	*	Asbury Automotive Group, Inc		6,074,004
	60,171	*	Barnes & Noble Education, Inc		182,920
	138,604	*,e	Bed Bath & Beyond, Inc		1,886,400
	26,152	e	Big 5 Sporting Goods Corp		378,419
	44,044		Big Lots, Inc		1,360,960
	42,493	*	Boot Barn Holdings, Inc		3,826,920
	41,887		Buckle, Inc		1,301,010
	53,668		Caleres, Inc		1,230,607
	57,287	e	Camping World Holdings, Inc		1,471,130
	101,579	*,e	CarLotz, Inc		90,192
	74,186	*	CarParts.com, Inc		444,374
	24,307		Cato Corp (Class A)		329,360
	175,489	*	Chico’s FAS, Inc		930,092
	18,530	*	Children’s Place, Inc		858,495
	11,745	*	Citi Trends, Inc		328,508
	27,958	*	Conn’s, Inc		437,543
	39,122	*	Container Store Group, Inc		299,283
	85,636		Designer Brands, Inc		1,183,489
	7,875	e	Dillard’s, Inc (Class A)		2,392,504
	11,609	*	Duluth Holdings, Inc		142,210
	40,242		Franchise Group, Inc		1,500,624
	39,470	*	Funko, Inc		642,966
	20,983	*	Genesco, Inc		1,301,575
	16,658	*,e	Greenlane Holdings Inc		5,747
	24,148		Group 1 Automotive, Inc		4,205,133
	32,196	*,e	Groupon, Inc		628,144
	82,304	*,e	GrowGeneration Corp		486,417
	57,108		Guess?, Inc		1,283,217
	22,347		Haverty Furniture Cos, Inc		554,876
	20,118		Hibbett Sports, Inc		868,695
	18,169	e	JOANN, Inc		189,684
	13,705	*,e	Kirkland’s, Inc		99,087
	22,463	*	Lands’ End, Inc		314,931
	11,502	*,e	Lazydays Holdings, Inc		223,484
	31,498	*	Liquidity Services, Inc		454,201
	8,835	*	Lulu’s Fashion Lounge Holdings, Inc		85,169
	41,895	*	Lumber Liquidators, Inc		578,570
	432,195		Macy’s, Inc		10,446,153
	29,604	*	MarineMax, Inc		1,211,396
	48,530		Monro Muffler, Inc		2,219,277
	33,366		Murphy USA, Inc		7,794,298
	118,102	*	National Vision Holdings, Inc		4,446,540
	66,063	*	ODP Corp		2,842,691

236

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	14,176		OneWater Marine, Inc	$	463,413
	61,918	*,e	Overstock.com, Inc		2,077,968
	153,715	*	Party City Holdco, Inc		474,979
	30,325	e	PetMed Express, Inc		664,117
	115,515	*	Porch Group, Inc		427,405
	122,870	*	Quotient Technology, Inc		652,440
	123,121	*	RealReal, Inc		667,316
	25,989	*	Rent the Runway, Inc		164,770
	92,369		Rent-A-Center, Inc		2,227,940
	51,981	*	Revolve Group, Inc		2,196,717
	158,597	*	Sally Beauty Holdings, Inc		2,397,987
	97,181	*,e	Shift Technologies, Inc		130,223
	24,101		Shoe Carnival, Inc		727,609
	32,934		Shutterstock, Inc		2,493,762
	75,196		Signet Jewelers Ltd		5,278,759
	31,864	*	Sleep Number Corp		1,292,404
	31,638		Sonic Automotive, Inc (Class A)		1,346,197
	59,219	*	Sportsman’s Warehouse Holdings, Inc		569,095
	115,618	*	Stitch Fix Inc		1,098,371
	30,347		Tilly’s, Inc		267,661
	25,481	*,e	Torrid Holdings, Inc		149,319
	17,481	*	TravelCenters of America, Inc		664,453
	100,398	*	Urban Outfitters, Inc		2,389,472
	4,993		Winmark Corp		1,014,578
	35,485	*,e	Xometry, Inc		1,164,618
	28,692	*	Zumiez, Inc		1,050,988
			TOTAL RETAILING		113,322,665
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
	32,313	*	Alpha & Omega Semiconductor Ltd		1,386,228
	50,468	*	Ambarella, Inc		4,142,413
	147,480		Amkor Technology, Inc		2,774,099
	25,045	*,e	Atomera, Inc		261,720
	48,710	*	Axcelis Technologies, Inc		2,652,259
	62,521	*	AXT, Inc		368,874
	32,245	*	Ceva, Inc		1,171,783
	16	*,†	China Energy Savings Technology, Inc		0
	40,283		CMC Materials, Inc		7,207,032
	68,616	*	Cohu, Inc		1,822,441
	28,964	*	Credo Technology Group Holding Ltd		319,763
	63,151	*	Diodes, Inc		4,611,918
	110,037	*	Formfactor, Inc		4,193,510
	40,413	*	Ichor Holdings Ltd		1,176,422
	27,632	*	Impinj, Inc		1,361,152
	121,511	*,e	Kopin Corp		194,418
	86,336		Kulicke & Soffa Industries, Inc		4,006,854
	194,657	*	Lattice Semiconductor Corp		9,351,322
	70,066	*	MACOM Technology Solutions Holdings, Inc		3,569,863
	102,997	*	MaxLinear, Inc		4,930,466
	285,347	*,e	Meta Materials, Inc		342,416
	70,156	*	Nanometrics, Inc		4,990,898
	71,057	*	NeoPhotonics Corp Ltd		1,075,803
	7,462		NVE Corp		346,088
	44,006	*	PDF Solutions, Inc		1,023,140
	84,882	*	Photronics, Inc		1,272,381
	84,131		Power Integrations, Inc		6,730,480

237

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	155,302	*	Rambus, Inc	$	3,868,573
	93,222	*	Semtech Corp		5,556,031
	54,215	*	Silicon Laboratories, Inc		7,314,146
	22,841	*	SiTime Corp		3,850,307
	12,309	*,e	SkyWater Technology, Inc		75,331
	69,700	*	SMART Global Holdings, Inc		1,579,402
	115,292	*,e	SunPower Corp		1,903,471
	56,631	*	Synaptics, Inc		8,406,306
	63,013	*	Ultra Clean Holdings		1,964,115
	72,694	*	Veeco Instruments, Inc		1,666,146
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		107,467,571
SOFTWARE & SERVICES - 7.0%
	166,685	*	8x8, Inc		1,528,501
	88,162		A10 Networks, Inc		1,258,953
	168,346	*	ACI Worldwide, Inc		4,649,717
	30,967	*	Agilysys, Inc		1,139,895
	68,584	*	Alarm.com Holdings, Inc		4,189,111
	42,923	*	Alkami Technology, Inc		562,291
	65,882	*,e	Altair Engineering, Inc		3,578,710
	42,903		American Software, Inc (Class A)		733,641
	26,682	*	Appfolio, Inc		2,771,193
	55,356	*,e	Appian Corp		2,646,017
	7,635	*	Arteris, Inc		90,017
	103,507	*,e	Asana, Inc		2,773,988
	119,098	*	Avaya Holdings Corp		1,101,656
	38,148	*,e	AvidXchange Holdings, Inc		312,432
	39,105	*	Benefitfocus, Inc		416,468
	68,929	*	BigCommerce Holdings, Inc		1,231,761
	68,876	*	Blackbaud, Inc		3,995,497
	78,321	*	Blackline, Inc		5,251,423
	62,163	*	Bottomline Technologies, Inc		3,519,669
	194,106	*	Box, Inc		5,943,526
	52,707	*	Brightcove, Inc		371,584
	134,265	*	BTRS Holdings, Inc		902,261
	91,238	*	Cantaloupe, Inc		499,072
	19,577		Cass Information Systems, Inc		757,826
	55,932	*	Cerence Inc		1,649,994
	45,049	*	ChannelAdvisor Corp		653,661
	51,257	*,e	Cleanspark, Inc		332,658
	62,915	*	Commvault Systems, Inc		3,837,815
	228,994	*	Conduent, Inc		1,289,236
	22,044	*	Consensus Cloud Solutions, Inc		1,162,160
	33,520	*	Couchbase, Inc		569,840
	22,184	*,e	CS Disco, Inc		681,271
	46,972		CSG Systems International, Inc		2,887,369
	19,558	*,e	Digimarc Corp		505,965
	130,566	*	Digital Turbine, Inc		4,132,414
	73,584	*	DigitalOcean Holdings, Inc		2,901,417
	41,771	*	Domo, Inc		1,730,155
	287,190	*,e	E2open Parent Holdings, Inc		2,222,851
	38,501		Ebix, Inc		1,147,330
	32,005	*	eGain Corp		331,252
	32,846	*	Enfusion, Inc		419,443
	24,108	*	EngageSmart, Inc		503,375
	78,215	*	Envestnet, Inc		6,229,043

238

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	41,484	*	EverCommerce, Inc	$	513,572
	87,067		EVERTEC, Inc		3,430,440
	68,767	*	Evo Payments, Inc		1,549,321
	47,403	*	ExlService Holdings, Inc		6,453,918
	81,626	*	Flywire Corp		2,490,409
	27,194	*,e	GreenBox POS		98,170
	63,899	*	Grid Dynamics Holdings, Inc		889,474
	50,398	*	GTY Technology Holdings Inc		306,924
	34,938		Hackett Group, Inc		820,694
	32,351	*	I3 Verticals, Inc		888,035
	8,594	*	IBEX Ltd		133,121
	20,251	*	Instructure Holdings, Inc		366,543
	19,278	*	Intapp, Inc		480,793
	9,395	*,e	Intelligent Systems Corp		214,112
	43,419		InterDigital, Inc		2,468,370
	46,797	*	International Money Express Inc		929,856
	76,290	*	JFrog Ltd		1,592,172
	76,489	*,e	Kaltura, Inc		118,558
	163,885	*	Limelight Networks, Inc		585,069
	93,900	*	Liveperson, Inc		2,124,018
	94,836	*	LiveRamp Holdings, Inc		2,970,264
	135,562	*,e	Marathon Digital Holdings, Inc		2,114,767
	87,675		MAXIMUS, Inc		6,389,754
	31,294	*,e	MeridianLink, Inc		505,398
	13,342	*,e	MicroStrategy, Inc (Class A)		4,725,336
	89,224	*	Mimecast Ltd		7,109,368
	59,675	*	Mitek Systems, Inc		666,570
	50,201	*	Model N, Inc		1,297,194
	123,367	*	MoneyGram International, Inc		1,249,708
	39,105	*	ON24, Inc		495,460
	53,118	*	OneSpan, Inc		750,557
	119,365	*	Pagerduty, Inc		3,410,258
	128,729	*	Paya Holdings, Inc		655,231
	46,800	*	Perficient, Inc		4,652,388
	86,534	*	Ping Identity Holding Corp		2,261,133
	9,815	*,e	Priority Technology Holdings Inc		47,112
	61,986		Progress Software Corp		2,974,088
	57,434	*	PROS Holdings, Inc		1,604,132
	78,758	*	Q2 Holdings, Inc		4,074,151
	49,203	*	Qualys, Inc		6,705,385
	74,371	*,e	Rackspace Technology, Inc		735,529
	80,877	*	Rapid7, Inc		7,725,371
	49,132	*,e	Rekor Systems, Inc		145,922
	18,560	*	Remitly Global, Inc		206,016
	123,186	*	Repay Holdings Corp		1,648,229
	68,658	*	Rimini Street, Inc		395,470
	155,490	*,e	Riot Blockchain, Inc		1,576,669
	131,820	*	SailPoint Technologies Holding, Inc		8,414,071
	44,478	*	Sapiens International Corp NV		1,033,669
	13,501	*	SecureWorks Corp		149,051
	11,953	*	ShotSpotter, Inc		328,110
	69,634	*	Smith Micro Software, Inc		214,473
	64,871	*	Sprout Social, Inc		3,975,295
	52,051	*	SPS Commerce, Inc		6,226,861
	26,354	*	StarTek, Inc		98,827
	11,185	*	Stronghold Digital Mining, Inc		43,621

239

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	127,745	*	Sumo Logic, Inc	$	1,198,248
	191,268	*	SVMK, Inc		3,025,860
	59,340	*	Telos Corp		462,259
	131,738	*	Tenable Holdings, Inc		7,275,890
	26,270		TTEC Holdings, Inc		1,938,989
	13,579	*,e	Tucows, Inc		782,422
	93,710	*	Unisys Corp		1,331,619
	43,779	*	Upland Software, Inc		653,183
	11,620	*,e	UserTesting, Inc		90,752
	153,135	*	Varonis Systems, Inc		6,615,432
	91,672	*	Verint Systems, Inc		5,001,624
	36,492	*,e	Veritone, Inc		395,208
	216,650	*	Verra Mobility Corp		3,039,600
	17,360	*	Viant Technology, Inc		102,077
	106,522	*,e	VirnetX Holding Corp		151,261
	365,208	*	Vonage Holdings Corp		7,289,552
	7,066	*	Weave Communications, Inc		33,493
	62,169	*	Workiva, Inc		5,999,930
	151,398		Xperi Holding Corp		2,361,809
	173,918	*	Yext, Inc		1,006,985
	161,837	*	Zuora Inc		1,969,556
			TOTAL SOFTWARE & SERVICES		248,167,214
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
	178,793	*	3D Systems Corp		2,027,513
	28,250	*	908 Devices, Inc		501,437
	70,879		Adtran, Inc		1,232,586
	54,508		Advanced Energy Industries, Inc		4,170,952
	159,607	*,e	Aeva Technologies, Inc		523,511
	68,063	*,e	Akoustis Technologies, Inc		302,200
	119,370	*	Arlo Technologies, Inc		923,924
	15,093	*	Aviat Networks, Inc		451,281
	50,153	*	Avid Technology, Inc		1,590,352
	42,035		Badger Meter, Inc		3,391,804
	63,617		Belden CDT, Inc		3,284,546
	51,183		Benchmark Electronics, Inc		1,216,108
	55,850	*	CalAmp Corp		305,499
	79,026	*	Calix, Inc		3,153,928
	15,390	*	Cambium Networks Corp		235,005
	50,054	*	Casa Systems, Inc		245,265
	15,803	*	Clearfield, Inc		920,209
	35,226		Comtech Telecommunications Corp		479,074
	36,950	*,e	Corsair Gaming, Inc		559,053
	46,447		CTS Corp		1,642,830
	55,737	*	Daktronics, Inc		186,719
	112,680	*	Diebold, Inc		461,988
	48,605	*	Digi International, Inc		919,607
	26,323	*	DZS, Inc		318,245
	45,149	*,e	Eastman Kodak Co		233,420
	57,187	*	EMCORE Corp		197,295
	38,822	*	ePlus, Inc		2,192,667
	183,229	*	Extreme Networks, Inc		1,758,998
	52,992	*	Fabrinet		5,203,284
	27,761	*	FARO Technologies, Inc		951,925
	126,869	*	Harmonic, Inc		1,053,013
	32,348	*	Identiv, Inc		394,322

240

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	151,156	*	II-VI, Inc	$	9,252,259
	264,557	*	Infinera Corp		2,034,443
	130,514	*,e	Inseego Corp		371,965
	48,705	*	Insight Enterprises, Inc		4,839,816
	60,654	*	Iteris, Inc		156,487
	64,683	*	Itron, Inc		3,090,554
	36,276	*	Kimball Electronics, Inc		647,164
	129,201	*	Knowles Corp		2,392,802
	25,893	*	KVH Industries, Inc		206,367
	46,474	*	Luna Innovations, Inc		256,536
	52,952		Methode Electronics, Inc		2,362,189
	237,128	*,e	Microvision, Inc		765,923
	40,341	*	Napco Security Technologies, Inc		705,967
	42,898	*	Netgear, Inc		930,887
	98,761	*	Netscout Systems, Inc		3,041,839
	64,894	*	nLight, Inc		853,356
	50,276	*	Novanta, Inc		6,470,521
	23,698	*	OSI Systems, Inc		1,874,512
	186,294	*,e	Ouster, Inc		616,633
	37,135	*,e	PAR Technology Corp		1,226,940
	15,879		PC Connection, Inc		785,852
	59,775	*	Plantronics, Inc		2,382,631
	40,969	*	Plexus Corp		3,324,225
	124,418	*,e	Quantum Corp		232,662
	111,945	*	Ribbon Communications, Inc		386,210
	26,568	*	Rogers Corp		7,192,489
	88,248	*	Sanmina Corp		3,608,461
	37,262	*	Scansource, Inc		1,275,851
	62,711	*	Super Micro Computer, Inc		2,640,133
	149,759	*	TTM Technologies, Inc		2,089,138
	23,429	*	Turtle Beach Corp		389,859
	110,692	*	Velodyne Lidar, Inc		208,101
	326,609	*	Viavi Solutions, Inc		4,683,573
	189,163		Vishay Intertechnology, Inc		3,524,107
	19,462	*	Vishay Precision Group, Inc		607,409
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		116,456,421
TELECOMMUNICATION SERVICES - 0.7%
	15,413	*	Anterix, Inc		799,010
	16,039		ATN International, Inc		633,540
	33,774	*	Bandwidth Inc		747,081
	61,300		Cogent Communications Group, Inc		3,586,050
	105,124	*	Consolidated Communications Holdings, Inc		625,488
	55,292	*	EchoStar Corp (Class A)		1,291,068
	880,509	*,e	Globalstar, Inc		1,021,390
	85,280	*,e	Gogo, Inc		1,570,005
	21,164	*	IDT Corp (Class B)		560,423
	169,530	*	Iridium Communications, Inc		6,053,916
	56,787	*	Liberty Latin America Ltd (Class A)		524,712
	225,005	*	Liberty Latin America Ltd (Class C)		2,079,046
	34,046	*	Ooma, Inc		437,151
	102,029	*	Radius Global Infrastructure, Inc		1,267,200
	68,994		Shenandoah Telecom Co		1,393,679
	147,821		Telephone & Data Systems, Inc		2,708,081
	10,684	*,e	Telesat Corp		120,088
	19,860	*	US Cellular Corp		571,571
			TOTAL TELECOMMUNICATION SERVICES		25,989,499

241

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 1.9%
	85,464	*	Air Transport Services Group, Inc	$	2,675,023
	21,916	*	Allegiant Travel Co		3,401,144
	35,551		ArcBest Corp		2,565,360
	40,656	*	Atlas Air Worldwide Holdings, Inc		2,802,825
	59,423	*	Avis Budget Group, Inc		15,905,754
	75,689		Costamare, Inc		1,014,989
	19,684		Covenant Transportation Group, Inc		404,309
	58,964	*	Daseke, Inc		495,298
	13,046		Eagle Bulk Shipping, Inc		811,983
	38,891		Forward Air Corp		3,771,260
	46,552	*,e	Frontier Group Holdings, Inc		493,917
	43,381		Genco Shipping & Trading Ltd		955,683
	77,624	*	Hawaiian Holdings, Inc		1,316,503
	66,883		Heartland Express, Inc		922,985
	47,634	*	Hub Group, Inc (Class A)		3,199,099
	27,447	*	HyreCar, Inc		42,817
	80,729		Marten Transport Ltd		1,403,070
	60,088		Matson, Inc		5,168,770
	32,524	*	Mesa Air Group, Inc		110,582
	10,560	*	PAM Transportation Services, Inc		320,918
	61,458	*	Radiant Logistics, Inc		354,613
	88,443		Safe Bulkers, Inc		363,501
	37,868	*	Saia, Inc		7,799,293
	72,171	*	Skywest, Inc		2,103,785
	140,191	*	Spirit Airlines, Inc		3,309,910
	44,117	*	Sun Country Airlines Holdings, Inc		1,213,659
	11,955		Universal Logistics Holdings Inc		242,447
	37,863	*	US Xpress Enterprises, Inc		125,327
	87,028		Werner Enterprises, Inc		3,448,920
	67,541	*	Yellow Corp		302,584
			TOTAL TRANSPORTATION		67,046,328
UTILITIES - 3.1%
	75,671		Allete, Inc		4,490,317
	53,839		American States Water Co		4,234,976
	11,287		Artesian Resources Corp		524,845
	100,000		Avista Corp		4,057,000
	92,170		Black Hills Corp		6,750,531
	90,492	e	Brookfield Infrastructure Corp		6,417,693
	32,021	*	Cadiz, Inc		63,402
	74,564		California Water Service Group		3,867,635
	24,129		Chesapeake Utilities Corp		3,020,227
	47,951		Clearway Energy, Inc (Class A)		1,362,767
	117,333		Clearway Energy, Inc (Class C)		3,582,176
	17,733		Global Water Resources, Inc		253,937
	51,750		MGE Energy, Inc		4,029,772
	25,076		Middlesex Water Co		2,230,510
	137,149		New Jersey Resources Corp		5,919,351
	43,473		Northwest Natural Holding Co		2,079,314
	76,437		NorthWestern Corp		4,333,213
	75,573		ONE Gas, Inc		6,376,094
	65,337		Ormat Technologies, Inc		5,076,685
	59,180		Otter Tail Corp		3,430,073

242

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

SHARES			COMPANY					VALUE
	121,286		PNM Resources, Inc					$	5,659,205
	129,763		Portland General Electric Co						6,141,683
	29,806	*	Pure Cycle Corp						311,473
	39,548		SJW Corp						2,333,332
	149,767		South Jersey Industries, Inc						5,120,534
	95,447		Southwest Gas Holdings Inc						8,409,835
	72,044		Spire, Inc						5,241,201
	125,135	*	Sunnova Energy International, Inc						2,161,081
	23,193		Unitil Corp						1,182,843
	20,201		Via Renewables, Inc						144,235
	18,462		York Water Co						714,110
			TOTAL UTILITIES						109,520,050
			TOTAL COMMON STOCKS						3,542,943,485
			(Cost $2,835,309,703)
RIGHTS / WARRANTS - 0.0%							EXPIRATION DATE
ENERGY - 0.0%
	4,570	e	Nabors Industries Ltd				06/11/26		143,498
	4,137		Whiting Petroleum Corp				09/01/24		63,089
	2,068	e	Whiting Petroleum Corp				09/01/25		26,657
			TOTAL ENERGY						233,244
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	20,313		Pulse Biosciences, Inc						4,672
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						4,672
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
	9,351	†	Tobira Therapeutics, Inc						561
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						561
			TOTAL RIGHTS / WARRANTS						238,477
			(Cost $561)
				RATE
SHORT-TERM INVESTMENTS - 3.5%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.5%
	123,403,966	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310	%			123,403,966
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						123,403,966
			TOTAL SHORT-TERM INVESTMENTS						123,403,966
			(Cost $123,403,966)
			TOTAL INVESTMENTS - 103.5%						3,666,585,928
			(Cost $2,958,714,230)
			OTHER ASSETS & LIABILITIES, NET - (3.5)%						(122,384,333	)
			NET ASSETS - 100.0%					$	3,544,201,595
			REIT     Real Estate Investment Trust

243

TIAA-CREF FUNDS – Small-Cap Blend Index Fund

*	Non-income producing
†	Security is categorized as Level 3 in the fair value hierarchy.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $157,009,941.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $5,412,393 or 0.2% of net assets.

244

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE
CORPORATE BONDS - 0.0%
INDIA - 0.0%
INR	1,648,737		Britannia Industries Ltd		5.500	%	06/03/24	$	21,350
			TOTAL INDIA						21,350
			TOTAL CORPORATE BONDS						21,350
			(Cost $22,656)
SHARES			COMPANY
COMMON STOCKS - 98.7%
BRAZIL - 5.2%
	167,400		Alpargatas S.A.						663,648
	3,464,697		AMBEV S.A.						10,175,548
	464,688		Americanas S.A.						2,255,790
	310,700		Atacadao Distribuicao Comercio e Industria Ltd						1,292,711
	4,302,446		B3 SA-Brasil Bolsa Balcao						11,574,254
	1,155,028		Banco Bradesco S.A.						3,483,342
	3,792,704		Banco Bradesco S.A. (Preference)						13,793,185
	866,500		Banco BTG Pactual S.A. - Unit						4,046,862
	612,483		Banco do Brasil S.A.						4,115,472
	292,137		Banco Inter S.A.						896,392
	252,674		Banco Santander Brasil S.A.						1,622,670
	499,948		BB Seguridade Participacoes S.A.						2,571,563
	144,900		Braskem S.A.						1,178,790
	583,205	*	BRF S.A.						1,601,943
	232,825		Centrais Eletricas Brasileiras S.A.						1,906,321
	170,592		Centrais Eletricas Brasileiras S.A. (Preference)						1,385,384
	980,356		Cia de Concessoes Rodoviarias						2,460,829
	237,858		Cia de Saneamento Basico do Estado de Sao Paulo						2,142,379
	814,258		Cia Energetica de Minas Gerais						2,416,118
	489,230		Cia Siderurgica Nacional S.A.						2,084,988
	732,904		Cosan SA Industria e Comercio						3,113,095
	112,500		Energisa S.A.						1,084,052
	119,825		Engie Brasil Energia S.A.						1,015,517
	688,465		Equatorial Energia S.A.						3,570,474
	764,575		Gerdau S.A. (Preference)						4,325,522
	3,074,186	g	Hapvida Participacoes e Investimentos S.A.						5,453,253
	229,082		Hypermarcas S.A.						1,733,887
	3,141,003		Investimentos Itau S.A. - PR						5,851,321

245

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	3,451,253		Itau Unibanco Holding S.A.	$	16,663,075
	488,133		Klabin S.A.		2,047,731
	432,306		Localiza Rent A Car		4,629,149
	672,054		Lojas Renner S.A.		3,228,447
	2,092,660		Magazine Luiza S.A.		2,065,591
	613,319		Natura & Co Holding S.A.		2,306,172
	646,100	*	Petro Rio S.A.		3,489,289
	2,723,716		Petroleo Brasileiro S.A.		18,422,731
	3,472,668		Petroleo Brasileiro S.A. (Preference)		21,268,902
	810,615		Raia Drogasil S.A.		3,431,704
	283,700	g	Rede D’Or Sao Luiz S.A.		2,107,687
	964,927		Rumo S.A.		3,194,987
	518,820		Suzano SA		5,206,092
	402,321		Telefonica Brasil S.A.		4,328,412
	589,466		TIM S.A.		1,607,217
	326,900		Totvus S.A.		2,113,895
	614,760		Ultrapar Participacoes S.A.		1,625,201
	2,896,533		Vale S.A.		48,797,466
	787,927		Vibra Energia S.A.		3,365,936
	1,183,834		Weg S.A.		7,207,476
			TOTAL BRAZIL		254,922,470
CHILE - 0.5%
	37,569,430		Banco de Chile		3,751,392
	35,980		Banco de Credito e Inversiones		1,113,458
	38,044,761		Banco Santander Chile S.A.		1,830,499
	1,118,207		Cencosud S.A.		1,789,897
	104,410		Cia Cervecerias Unidas S.A.		697,895
	870,584		Empresas CMPC S.A.		1,297,566
	281,151		Empresas COPEC S.A.		2,067,190
	17,037,926		Enel Chile S.A.		449,344
	14,887,715		Enersis S.A.		1,559,023
	543,442		SACI Falabella		1,526,272
	99,602		Sociedad Quimica y Minera de Chile S.A. (Class B)		7,393,413
			TOTAL CHILE		23,475,949
CHINA - 29.9%
	63,100		360 Finance, Inc (ADR)		910,533
	202,200		360 Security Technology, Inc		249,071
	890,500	*,g	3SBio, Inc		628,241
	20,133	*,e	51job, Inc (ADR)		1,225,093
	523,000	e	AAC Technologies Holdings, Inc		1,221,615
	41,900		Addsino Co Ltd		56,860
	21,582	*	Advanced Micro-Fabrication Equipment, Inc China		339,833
	38,500		AECC Aero-Engine Control Co Ltd		138,735
	90,500		AECC Aviation Power Co Ltd		515,282
	834,000		Agile Property Holdings Ltd		399,394
	19,575,064		Agricultural Bank of China Ltd		7,341,859
	4,195,600		Agricultural Bank of China Ltd (Class A)		1,944,702
	196,629		Aier Eye Hospital Group Co Ltd		1,061,250
	356,390	*	Air China Ltd		508,003
	1,412,000	*,e	Air China Ltd (H shares)		951,749
	98,530		Airtac International Group		2,673,923
	190,000	*,g	Akeso, Inc		354,459
	10,846,720	*	Alibaba Group Holding Ltd		132,304,793

246

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	2,718,284	*	Alibaba Health Information Technology Ltd	$	1,531,547
	497,250	g	A-Living Services Co Ltd		786,436
	2,836,000	*	Aluminum Corp of China Ltd		1,300,531
	542,300	*	Aluminum Corp of China Ltd (Class A)		384,954
	22,700		Angel Yeast Co Ltd		131,730
	938,782		Anhui Conch Cement Co Ltd		5,101,370
	153,300		Anhui Conch Cement Co Ltd (Class A)		926,300
	101,151		Anhui Gujing Distillery Co Ltd		1,345,818
	17,000		Anhui Gujing Distillery Co Ltd (Class A)		500,934
	15,200		Anhui Honglu Steel Construction Group Co Ltd		83,111
	17,100		Anhui Kouzi Distillery Co Ltd		132,150
	28,600		Anhui Yingjia Distillery Co Ltd		247,650
	779,451		Anta Sports Products Ltd		8,957,830
	35,100		Apeloa Pharmaceutical Co Ltd		99,060
	11,000		Asymchem Laboratories Tianjin Co Ltd		442,472
	16,310	*	Autel Intelligent Technology Corp Ltd		69,332
	24,540		Autobio Diagnostics Co Ltd		169,746
	55,400		Autohome, Inc (ADR)		1,610,478
	45,600		Avary Holding Shenzhen Co Ltd		202,011
	294,858		Avic Capital Co Ltd		171,203
	90,600		AVIC Electromechanical Systems Co Ltd		135,193
	1,054,861		AviChina Industry & Technology Co		572,327
	14,700		AVICOPTER plc		94,591
	197,689	*	Baidu, Inc (ADR)		24,547,043
	1,601,400		Bank of Beijing Co Ltd		1,107,052
	469,200		Bank of Changsha Co Ltd		526,729
	155,305		Bank of Chengdu Co Ltd		393,317
	2,424,900		Bank of China Ltd - A		1,186,322
	57,828,953		Bank of China Ltd - H		22,691,066
	2,239,600		Bank of Communications Co Ltd - A		1,720,512
	6,736,934		Bank of Communications Co Ltd - H		4,688,157
	195,500		Bank of Hangzhou Co Ltd		450,333
	595,410		Bank of Jiangsu Co Ltd		657,781
	422,900		Bank of Nanjing Co Ltd		740,366
	248,568		Bank of Ningbo Co Ltd		1,357,855
	1,036,890		Bank of Shanghai Co Ltd		1,018,037
	814,500		Baoshan Iron & Steel Co Ltd		792,660
	155,900		BBMG Corp		66,004
	32,300	*	BeiGene Ltd (ADR)		5,168,000
	16,100		Beijing BDStar Navigation Co Ltd		67,148
	1,828,830	*	Beijing Capital International Airport Co Ltd		999,103
	132,200		Beijing Dabeinong Technology Group Co Ltd		142,957
	19,500		Beijing Easpring Material Technology Co Ltd		195,408
	16,920		Beijing E-Hualu Information Technology Co Ltd		37,255
	67,700		Beijing Enlight Media Co Ltd		74,196
	393,500		Beijing Enterprises Holdings Ltd		1,330,284
	2,887,583		Beijing Enterprises Water Group Ltd		934,097
	19,254		Beijing Kingsoft Office Software, Inc		547,096
	38,900		Beijing Kunlun Tech Co Ltd		84,044
	49,500		Beijing New Building Materials plc		216,593
	202,800		Beijing Originwater Technology Co Ltd		143,255
	2,193		Beijing Roborock Technology Co Ltd		190,084
	28,420		Beijing Shiji Information Technology Co Ltd		77,231
	21,000		Beijing Shunxin Agriculture Co Ltd		64,781
	35,100		Beijing Sinnet Technology Co Ltd		51,027
	67,320		Beijing Tiantan Biological Products Corp Ltd		200,012

247

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	10,400		Beijing United Information Technology Co Ltd	$	151,355
	24,070		Beijing Wantai Biological Pharmacy Enterprise Co Ltd		589,783
	6,100	*	Beijing Yuanliu Hongyuan Electronic Technology Co Ltd		108,051
	1,891,400		Beijing-Shanghai High Speed Railway Co Ltd		1,312,024
	11,900	*	Betta Pharmaceuticals Co Ltd		77,153
	16,700		BGI Genomics Co Ltd		158,957
	118,500	*,e	Bilibili, Inc (ADR)		2,884,290
	91,800		BOC International China Co Ltd		172,382
	1,376,500		BOE Technology Group Co Ltd		788,687
	2,330,000	e	Bosideng International Holdings Ltd		1,162,136
	1,671,945	*,†	Brilliance China Automotive Holdings Ltd		763,508
	73,000		BYD Co Ltd		2,656,530
	601,000		BYD Co Ltd (H shares)		17,490,135
	472,500	e	BYD Electronic International Co Ltd		941,858
	51,300		By-health Co Ltd		155,422
	39,900		C&S Paper Co Ltd		63,283
	195,650		Caitong Securities Co Ltd		209,681
	52,600	*,e,g	CanSino Biologics, Inc		558,138
	6,152	*	CanSino Biologics, Inc		141,573
	147,500		CECEP Solar Energy Co Ltd		148,445
	260,900		CECEP Wind-Power Corp		157,885
	6,220,000	g	CGN Power Co Ltd		1,747,841
	15,300		Chacha Food Co Ltd		122,808
	16,900		Changchun High & New Technology Industry Group, Inc		399,900
	400,200		Changjiang Securities Co Ltd		334,091
	5,100		Changzhou Xingyu Automotive Lighting Systems Co Ltd		98,418
	127,100		Chaozhou Three-Circle Group Co Ltd		549,296
	108,600		Chengtun Mining Group Co Ltd		113,610
	34,400	*	Chengxin Lithium Group Co Ltd		228,589
	55,800	*	Chifeng Jilong Gold Mining Co Ltd		154,983
	161,600		China Baoan Group Co Ltd		218,192
	1,633,500	g	China Bohai Bank Co Ltd		268,538
	5,657,000		China Cinda Asset Management Co Ltd		953,911
	7,203,530		China Citic Bank		3,661,190
	1,708,000		China Coal Energy Co		1,437,907
	2,220,000		China Communications Services Corp Ltd		1,011,078
	1,200,500		China Conch Venture Holdings Ltd		3,117,425
	918,600		China Construction Bank Corp - A		842,685
	69,211,641		China Construction Bank Corp - H		49,306,304
	171,100		China CSSC Holdings Ltd		404,861
	270,700	*	China Eastern Airlines Corp Ltd		192,670
	763,000		China Education Group Holdings Ltd		650,257
	1,330,900	*	China Energy Engineering Corp Ltd		484,747
	1,415,800		China Everbright Bank Co Ltd - A		682,812
	2,724,000		China Everbright Bank Co Ltd - H		986,817
	2,607,888		China Everbright International Ltd		1,530,758
	2,432,000	g	China Feihe Ltd		2,312,267
	2,723,245		China Galaxy Securities Co Ltd		1,481,235
	135,300		China Galaxy Securities Co Ltd (Class A)		188,700
	2,077,468		China Gas Holdings Ltd		2,532,365
	86,400		China Great Wall Securities Co Ltd		107,045
	74,800		China Greatwall Technology Group Co Ltd		101,573
	1,645,500		China Hongqiao Group Ltd		2,047,379
	2,230,000	*,†	China Huishan Dairy Holdings Co Ltd		2,842
	1,152,024		China Insurance International Holdings Co Ltd		1,317,069
	46,100		China International Capital Corp Ltd		259,641

248

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,052,606	g	China International Capital Corp Ltd	$	2,109,814
	78,700		China International Travel Service Corp Ltd		2,141,871
	2,718,000		China Jinmao Holdings Group Ltd		893,284
	129,044		China Jushi Co Ltd		305,419
	716,000		China Lesso Group Holdings Ltd		895,380
	5,508,880		China Life Insurance Co Ltd		8,005,348
	84,000		China Life Insurance Co Ltd (Class A)		322,127
	260,200	*,e,g	China Literature Ltd		1,093,392
	2,422,341		China Longyuan Power Group Corp		4,672,242
	913,000		China Medical System Holdings Ltd		1,307,185
	366,000		China Meidong Auto Holdings Ltd		1,204,643
	2,256,000		China Mengniu Dairy Co Ltd		12,175,674
	2,801,868		China Merchants Bank Co Ltd		16,887,544
	881,795		China Merchants Bank Co Ltd (Class A)		5,315,059
	1,178,894		China Merchants Holdings International Co Ltd		2,058,109
	247,620		China Merchants Securities Co Ltd		476,846
	379,500		China Merchants Shekou Industrial Zone Holdings Co Ltd		901,802
	43,000		China Minmetals Rare Earth Co Ltd		149,819
	2,283,100		China Minsheng Banking Corp Ltd - A		1,279,233
	4,267,602	e	China Minsheng Banking Corp Ltd - H		1,618,245
	2,388,000		China Molybdenum Co Ltd		1,187,548
	698,100		China Molybdenum Co Ltd (Class A)		489,665
	3,053,913		China National Building Material Co Ltd		4,064,183
	256,700		China National Chemical Engineering Co Ltd		352,311
	73,600		China National Medicines Corp Ltd		327,983
	493,400		China National Nuclear Power Co Ltd		528,906
	144,400		China Northern Rare Earth Group High-Tech Co Ltd		685,766
	1,694,773		China Oilfield Services Ltd		1,735,039
	1,977,294		China Overseas Land & Investment Ltd		6,108,410
	665,000		China Overseas Property Holdings Ltd		787,165
	256,000		China Pacific Insurance Group Co Ltd - A		802,620
	2,062,200		China Pacific Insurance Group Co Ltd - H		4,571,841
	3,800,000		China Power International Development Ltd		1,837,360
	1,383,800		China Railway Group Ltd - A		1,483,565
	3,078,000		China Railway Group Ltd - H		2,155,716
	143,819		China Railway Signal & Communication Corp Ltd		93,952
	1,042,677		China Resources Beer Holdings Company Ltd		6,124,516
	2,157,226		China Resources Cement Holdings Ltd		1,789,929
	750,000		China Resources Gas Group Ltd		2,818,040
	2,287,555		China Resources Land Ltd		10,216,707
	45,334		China Resources Microelectronics Ltd		330,732
	425,600	g	China Resources Mixc Lifestyle Services Ltd		2,044,716
	1,377,372		China Resources Power Holdings Co		2,589,913
	123,800		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		693,145
	381,600		China Shenhua Energy Co Ltd - A		1,774,340
	2,564,000		China Shenhua Energy Co Ltd - H		8,191,607
	1,198,000	*,e	China Southern Airlines Co Ltd		669,068
	454,500	*	China Southern Airlines Co Ltd (Class A)		446,491
	2,338,100		China State Construction Engineering Corp Ltd		2,219,962
	1,400,000		China State Construction International Holdings Ltd		1,806,894
	1,866,000		China Suntien Green Energy Cor		1,053,394
	1,216,400		China Three Gorges Renewables Group Co Ltd		1,066,947
	23,716,778	g	China Tower Corp Ltd		2,767,966
	31,700		China TransInfo Technology Co Ltd		40,853
	1,425,400		China Vanke Co Ltd		3,361,092
	454,300		China Vanke Co Ltd (Class A)		1,334,667

249

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	739,000		China Yangtze Power Co Ltd	$	2,540,204
	18,500		China Zhenhua Group Science & Technology Co Ltd		294,333
	1,509,800		China Zheshang Bank Co Ltd		756,697
	1,726,000		Chinasoft International Ltd		1,396,577
	104,000	*	Chindata Group Holdings Ltd (ADR)		648,960
	18,500		Chongqing Brewery Co Ltd		349,423
	246,820		Chongqing Changan Automobile Co Ltd		387,290
	26,500		Chongqing Fuling Zhacai Group Co Ltd		139,545
	1,224,600		Chongqing Rural Commercial Bank Co Ltd		716,144
	66,800		Chongqing Zhifei Biological Products Co Ltd		953,789
	2,622,585		CIFI Holdings Group Co Ltd		1,261,510
	4,180,738		Citic Pacific Ltd		4,325,012
	1,975,324		CITIC Securities Co Ltd		4,340,050
	493,580		CITIC Securities Co Ltd (Class A)		1,459,625
	14,200		CNGR Advanced Material Co Ltd		179,004
	89,700		CNNC Hua Yuan Titanium Dioxide Co Ltd		99,179
	99,600		Contemporary Amperex Technology Co Ltd		6,088,950
	1,414,196		COSCO Pacific Ltd		1,008,373
	317,000		COSCO SHIPPING Development Co Ltd		147,455
	408,100		COSCO SHIPPING Energy Transportation Co Ltd		486,224
	500,610	*	COSCO SHIPPING Holdings Co Ltd - A		1,080,988
	2,409,800	*	COSCO SHIPPING Holdings Co Ltd - H		3,749,073
	6,108,416	e	Country Garden Holdings Co Ltd		4,225,047
	1,408,000		Country Garden Services Holdings Co Ltd		5,934,410
	150,700		CSC Financial Co Ltd		487,785
	6,311,489		CSPC Pharmaceutical Group Ltd		6,452,522
	49,456		Da An Gene Co Ltd of Sun Yat-Sen University		134,767
	53,700	*	Dada Nexus Ltd (ADR)		409,731
	2,006,000	g	Dali Foods Group Co Ltd		1,020,860
	1,109,200		Daqin Railway Co Ltd		1,118,582
	42,100	*	Daqo New Energy Corp (ADR)		1,750,097
	24,000		DaShenLin Pharmaceutical Group Co Ltd		95,718
	66,900		DHC Software Co Ltd		58,505
	199,897	*	DiDi Global, Inc (ADR)		375,806
	34,200		Do-Fluoride New Materials Co Ltd		161,689
	56,200		Dong-E-E-Jiao Co Ltd		257,047
	90,400		Dongfang Electric Corp Ltd		170,959
	1,953,917		Dongfeng Motor Group Co Ltd		1,425,373
	231,500		Dongxing Securities Co Ltd		286,943
	1,077,000		Dongyue Group		1,267,934
	518,188		East Money Information Co Ltd		1,766,958
	18,900		Ecovacs Robotics Co Ltd		306,942
	599,900		ENN Energy Holdings Ltd		8,035,705
	60,900		ENN Natural Gas Co Ltd		150,664
	78,661		Eve Energy Co Ltd		770,014
	581,000		Ever Sunshine Lifestyle Services Group Ltd		769,479
	123,000		Everbright Securities Co Ltd		210,887
	142,860		Fangda Carbon New Material Co Ltd		151,975
	1,007,000	e	Far East Horizon Ltd		821,388
	93,400		FAW Jiefang Group Co Ltd		114,385
	180,700		Fiberhome Telecommunication Technologies Co Ltd		366,097
	178,400		First Capital Securities Co Ltd		148,828
	55,300		Flat Glass Group Co Ltd		336,295
	272,000	e	Flat Glass Group Co Ltd		972,624
	552,340		Focus Media Information Technology Co Ltd		485,053
	168,404		Foshan Haitian Flavouring & Food Co Ltd		2,071,011

250

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,922,452		Fosun International	$	2,026,055
	353,400		Founder Securities Co Ltd		325,790
	228,600		Foxconn Industrial Internet Co Ltd		328,586
	12,000		Fu Jian Anjoy Foods Co Ltd		234,876
	68,400	*	Fujian Sunner Development Co Ltd		168,329
	65,000		Fuyao Glass Industry Group Co Ltd - A		347,821
	390,498	g	Fuyao Glass Industry Group Co Ltd - H		1,595,455
	41,600		Ganfeng Lithium Co Ltd		689,922
	195,800	g	Ganfeng Lithium Co Ltd		2,343,572
	1,500		G-bits Network Technology Xiamen Co Ltd		76,300
	286,300	*	GCL System Integration Technology Co Ltd		118,573
	1,721,500		GD Power Development Co Ltd		783,086
	62,458	*	GDS Holdings Ltd (ADR)		1,962,430
	4,343,828		Geely Automobile Holdings Ltd		6,716,378
	268,600		GEM Co Ltd		272,292
	300,600		Gemdale Corp		652,592
	824,000	*	Genscript Biotech Corp		2,327,471
	821,800		GF Securities Co Ltd		1,027,130
	228,200		GF Securities Co Ltd (Class A)		549,336
	35,800		Giant Network Group Co Ltd		44,534
	27,468		Gigadevice Semiconductor Beijing, Inc		511,212
	9,500		Ginlong Technologies Co Ltd		275,207
	136,500		GoerTek, Inc		718,208
	7,509,968	*,e	GOME Electrical Appliances Holdings Ltd		363,779
	70,200		Gotion High-tech Co Ltd		282,474
	2,302,766		Great Wall Motor Co Ltd		3,224,855
	81,000		Great Wall Motor Co Ltd		301,547
	147,600		Gree Electric Appliances, Inc of Zhuhai		695,252
	505,665		Greenland Holdings Corp Ltd		367,767
	614,000		Greentown China Holdings Ltd		1,078,245
	993,305		Greentown Service Group Co Ltd		988,864
	51,700		GRG Banking Equipment Co Ltd		66,522
	83,900		Guangdong Haid Group Co Ltd		781,892
	2,296,000		Guangdong Investments Ltd		2,939,665
	9,200		Guangdong Kinlong Hardware Products Co Ltd		107,938
	671,700		Guanghui Energy Co Ltd		903,486
	2,070,851		Guangzhou Automobile Group Co Ltd - H		1,755,866
	42,100		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		185,031
	41,100		Guangzhou Haige Communications Group, Inc Co		56,251
	11,600		Guangzhou Kingmed Diagnostics Group Co Ltd		143,226
	1,120,400	e	Guangzhou R&F Properties Co Ltd		415,923
	20,272		Guangzhou Shiyuan Electronic Technology Co Ltd		235,247
	34,600	*	Guangzhou Tinci Materials Technology Co Ltd		388,139
	182,450		Guangzhou Yuexiu Financial Holdings Group Co Ltd		202,414
	122,100		Guolian Securities Co Ltd		171,676
	134,800		Guosen Securities Co Ltd		196,910
	221,800		Guotai Junan Securities Co Ltd		487,200
	339,630		Guoyuan Securities Co Ltd		308,647
	841,000	e,g	Haidilao International Holding Ltd		1,632,379
	1,667,800		Haier Smart Home Co Ltd		5,891,994
	236,500		Haier Smart Home Co Ltd		920,148
	434,000		Haitian International Holdings Ltd		1,068,260
	2,063,600		Haitong Securities Co Ltd		1,441,163
	394,700		Haitong Securities Co Ltd (Class A)		537,795
	37,700	*	Hang Zhou Great Star Industrial Co Ltd		87,782
	40,740		Hangzhou First Applied Material Co Ltd		565,989

251

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	32,700		Hangzhou Oxygen Plant Group Co Ltd	$	128,866
	99,600		Hangzhou Robam Appliances Co Ltd		463,876
	46,500		Hangzhou Silan Microelectronics Co Ltd		290,632
	16,000		Hangzhou Tigermed Consulting Co Ltd - A		215,028
	78,400	g	Hangzhou Tigermed Consulting Co Ltd - H		759,813
	896,000	g	Hansoh Pharmaceutical Group Co Ltd		1,475,827
	13,500		Hefei Meiya Optoelectronic Technology, Inc		46,141
	47,000		Heilongjiang Agriculture Co Ltd		100,020
	150,264		Hello Group, Inc (ADR)		799,404
	115,100		Henan Shuanghui Investment & Development Co Ltd		517,183
	518,500		Hengan International Group Co Ltd		2,450,339
	273,320		Hengli Petrochemical Co Ltd		860,193
	1,788,000	*,e	HengTen Networks Group Ltd		428,539
	127,300		Hengtong Optic-electric Co Ltd		193,054
	354,660		Hengyi Petrochemical Co Ltd		408,828
	768,900		Hesteel Co Ltd		270,445
	20,000		Hithink RoyalFlush Information Network Co Ltd		246,890
	53,600	*	Hongfa Technology Co Ltd		391,029
	497,310	e	Hopson Development Holdings Ltd		958,860
	18,500		Hoshine Silicon Industry Co Ltd		220,924
	352,051	*,g	Hua Hong Semiconductor Ltd		1,367,109
	408,000		Huadian Power International Corp Ltd (Class A)		230,055
	97,400		Huadong Medicine Co Ltd		499,977
	146,400		Huafon Chemical Co Ltd		171,650
	28,600		Huagong Tech Co Ltd		72,384
	57,720		Hualan Biological Engineering, Inc		145,242
	352,000		Huaneng Power International, Inc - A		385,402
	2,565,110		Huaneng Power International, Inc - H		1,288,568
	1,015,600	g	Huatai Securities Co Ltd		1,395,872
	216,000		Huatai Securities Co Ltd (Class A)		433,200
	135,500		Huaxi Securities Co Ltd		142,528
	1,111,500		Huaxia Bank Co Ltd		916,243
	122,700		Huaxin Cement Co Ltd		405,375
	121,373		Huayu Automotive Systems Co Ltd		358,002
	123,566		Huazhu Group Ltd (ADR)		3,736,636
	47,800		Hubei Xingfa Chemicals Group Co Ltd		229,836
	13,600		Huizhou Desay Sv Automotive Co Ltd		243,826
	40,800		Humanwell Healthcare Group Co Ltd		96,355
	214,500		Hunan Valin Steel Co Ltd		188,055
	51,305		Hundsun Technologies, Inc		294,958
	64,629	*,e	Hutchison China MediTech Ltd (ADR)		975,252
	246,000	e,g	Hygeia Healthcare Holdings Co Ltd		1,188,762
	108,200		Iflytek Co Ltd		600,777
	27,500	*	I-Mab (ADR)		344,850
	10,900		Imeik Technology Development Co Ltd		847,896
	3,336,000		Industrial & Commercial Bank of China Ltd - A		2,413,765
	41,008,777		Industrial & Commercial Bank of China Ltd - H		24,720,349
	911,500		Industrial Bank Co Ltd		2,811,169
	289,600		Industrial Securities Co Ltd		283,502
	16,400		Ingenic Semiconductor Co Ltd		182,560
	1,554,900		Inner Mongolia BaoTou Steel Union Co Ltd		439,685
	343,300		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		226,301
	276,800		Inner Mongolia Yili Industrial Group Co Ltd		1,608,836
	186,500	*	Inner Mongolia Yuan Xing Energy Co Ltd		237,967
	850,500	*,g	Innovent Biologics, Inc		2,637,775
	46,000		Inspur Electronic Information Industry Co Ltd		171,007

252

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	20,400	*	Intco Medical Technology Co Ltd	$	88,684
	262,167	*,e	IQIYI, Inc (ADR)		933,315
	56,400		JA Solar Technology Co Ltd		688,417
	30,740		Jafron Biomedical Co Ltd		191,915
	18,200		Jason Furniture Hangzhou Co Ltd		159,608
	256,200	*,e,g	JD Health International, Inc		1,597,166
	1,440,119	*	JD.com, Inc		44,900,802
	136,200		Jiangsu Eastern Shenghong Co Ltd		251,098
	1,108,000		Jiangsu Express		1,094,679
	42,356		Jiangsu Hengli Hydraulic Co Ltd		293,201
	353,319		Jiangsu Hengrui Medicine Co Ltd		1,574,048
	33,000		Jiangsu King’s Luck Brewery JSC Ltd		223,016
	64,200		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		1,536,845
	8,500		Jiangsu Yangnong Chemical Co Ltd		168,370
	13,600		Jiangsu Yoke Technology Co Ltd		91,870
	26,000		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		93,761
	128,200		Jiangsu Zhongtian Technology Co Ltd		314,121
	933,000		Jiangxi Copper Co Ltd		1,459,422
	100,300		Jiangxi Copper Co Ltd (Class A)		263,568
	289,400		Jiangxi Zhengbang Technology Co Ltd		254,408
	430,100		Jinke Properties Group Co Ltd		291,994
	796,000	*,g	Jinxin Fertility Group Ltd		498,926
	13,800		JiuGui Liquor Co Ltd		311,591
	628,000	e,g	Jiumaojiu International Holdings Ltd		1,381,651
	49,000		Joincare Pharmaceutical Group Industry Co Ltd		82,456
	12,440		Joinn Laboratories China Co Ltd		186,240
	248,507		Jointown Pharmaceutical Group Co Ltd		482,176
	21,500	*	Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		81,092
	41,604		JOYY, Inc (ADR)		1,646,270
	30,900		Juewei Food Co Ltd		204,615
	66,800	*	Kanzhun Ltd (ADR)		1,571,804
	275,600	*	KE Holdings, Inc (ADR)		3,908,008
	464,881		Kingboard Chemical Holdings Ltd		2,092,949
	1,854,000	*	Kingdee International Software Group Co Ltd		3,783,259
	104,200		Kingfa Sci & Tech Co Ltd		130,134
	128,000	*,e	Kingsoft Cloud Holdings Ltd (ADR)		463,360
	694,600		Kingsoft Corp Ltd		2,084,500
	364,700	*,g	Kuaishou Technology		2,978,059
	98,000	*	Kuang-Chi Technologies Co Ltd		195,856
	55,400		Kweichow Moutai Co Ltd		15,339,018
	936,929		KWG Group Holdings Ltd		335,247
	25,600		Lakala Payment Co Ltd		68,793
	9,940		Laobaixing Pharmacy Chain JSC		48,339
	833,000		Lee & Man Paper Manufacturing Ltd		398,460
	5,009,856		Lenovo Group Ltd		4,864,584
	202,900		Lens Technology Co Ltd		309,658
	50,700		Lepu Medical Technology Beijing Co Ltd		130,426
	229,700		Leyard Optoelectronic Co Ltd		206,829
	409,540	*	Li Auto, Inc (ADR)		9,185,982
	1,687,000		Li Ning Co Ltd		13,148,759
	216,700	*	Lingyi iTech Guangdong Co		139,325
	22,100		Livzon Pharmaceutical Group, Inc		111,213
	696,000	e	Logan Property Holdings Co Ltd		216,542
	92,500		Lomon Billions Group Co Ltd		254,345
	1,297,500	g	Longfor Properties Co Ltd		6,425,976
	221,160		LONGi Green Energy Technology Co Ltd		2,243,219

253

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	450,900		Lufax Holding Ltd (ADR)	$	2,502,495
	6,600		Luoyang Xinqianglian Slewing Bearing Co Ltd		120,185
	76,400	*,†	Luxi Chemical Group Co Ltd		207,697
	287,653		Luxshare Precision Industry Co Ltd		1,333,990
	64,400		Luzhou Laojiao Co Ltd		2,043,745
	66,770		Mango Excellent Media Co Ltd		358,665
	12,700	*	Maxscend Microelectronics Co Ltd		352,984
	216,928	*	Meinian Onehealth Healthcare Holdings Co Ltd		163,456
	2,943,600	*,g	Meituan Dianping (Class B)		63,070,737
	704,000		Metallurgical Corp of China Ltd		371,719
	30,900	*	Mianyang Fulin Precision Co Ltd		92,348
	416,700		Microport Scientific Corp		819,049
	75,700		Ming Yang Smart Energy Group Ltd		251,097
	380,000	e	Ming Yuan Cloud Group Holdings Ltd		493,551
	574,000		Minth Group Ltd		1,352,462
	1,928,000	*	MMG Ltd		812,992
	64,976		Montage Technology Co Ltd		568,037
	215,084		Muyuan Foodstuff Co Ltd		1,687,811
	77,380		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd		301,627
	124,500		Nanjing Securities Co Ltd		139,734
	249,880		NARI Technology Co Ltd		1,201,391
	71,035	*	National Silicon Industry Group Co Ltd		221,924
	20,300		NAURA Technology Group Co Ltd		723,932
	124,400	*	NavInfo Co Ltd		232,765
	1,499,225		NetEase, Inc		28,718,057
	104,200		New China Life Insurance Co Ltd - A		468,741
	659,500		New China Life insurance Co Ltd - H		1,670,973
	264,900	*	New Hope Liuhe Co Ltd		560,641
	132,555	*	New Oriental Education & Technology Group, Inc (ADR)		1,663,565
	78,600		Ninestar Corp		484,041
	105,200		Ningbo Joyson Electronic Corp		172,529
	19,852		Ningbo Ronbay New Energy Technology Co Ltd		274,195
	95,200		Ningbo Shanshan Co Ltd		315,905
	31,900		Ningbo Tuopu Group Co Ltd		249,344
	256,800		Ningxia Baofeng Energy Group Co Ltd		545,325
	946,934	*	NIO, Inc (ADR)		15,813,798
	24,152	*	Noah Holdings Ltd (ADR)		434,011
	1,302,000	e,g	Nongfu Spring Co Ltd		6,890,086
	76,700	*	North Industries Group Red Arrow Co Ltd		241,580
	266,500		Northeast Securities Co Ltd		262,811
	207,326		Offshore Oil Engineering Co Ltd		128,161
	132,800	*	OFILM Group Co Ltd		110,741
	16,240		Oppein Home Group, Inc		286,109
	295,680		Orient Securities Co Ltd		405,925
	27,600		Ovctek China, Inc		154,031
	384,500	*	Pangang Group Vanadium Titanium & Resources Co Ltd		179,559
	7,401,220		People’s Insurance Co Group of China Ltd		2,357,683
	167,600		People’s Insurance Co Group of China Ltd (Class A)		110,736
	96,150		Perfect World Co Ltd		214,039
	7,500	*	PharmaBlock Sciences Nanjing, Inc		86,485
	24,800		Pharmaron Beijing Co Ltd - A		469,221
	85,800	g	Pharmaron Beijing Co Ltd - H		1,077,858
	5,200,306		PICC Property & Casualty Co Ltd		5,318,971
	321,490	*	Pinduoduo, Inc (ADR)		13,853,004
	727,900		Ping An Bank Co Ltd		1,682,672
	310,400	*,e,g	Ping An Healthcare and Technology Co Ltd		763,959

254

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	4,585,526		Ping An Insurance Group Co of China Ltd	$	28,983,794
	451,100		Ping An Insurance Group Co of China Ltd (Class A)		3,030,581
	623,100		Poly Real Estate Group Co Ltd		1,715,779
	1,699,700		Postal Savings Bank of China Co Ltd - A		1,385,738
	5,906,000	g	Postal Savings Bank of China Co Ltd - H		4,477,811
	715,600		Power Construction Corp of China Ltd		834,453
	1,018,000	e	Powerlong Real Estate Holdings Ltd		345,202
	5,200		Proya Cosmetics Co Ltd		158,719
	503,400		Qingdao Rural Commercial Bank Corp		258,126
	13,104		Raytron Technology Co Ltd		70,867
	352,200		RiseSun Real Estate Development Co Ltd		200,042
	31,300		Riyue Heavy Industry Co Ltd		76,725
	458,325	*,e	RLX Technology, Inc (ADR)		930,400
	465,500		Rongsheng Petro Chemical Co Ltd		959,676
	297,100		SAIC Motor Corp Ltd		713,795
	74,800		Sailun Group Co Ltd		108,618
	13,000		Sangfor Technologies, Inc		174,533
	777,000		Sany Heavy Equipment International		731,995
	318,100		Sany Heavy Industry Co Ltd		791,510
	343,816		SDIC Capital Co Ltd		332,437
	605,600		SDIC Power Holdings Co Ltd		886,526
	368,160		Sealand Securities Co Ltd		186,610
	1,662,000		Seazen Group Ltd		702,006
	111,100		Seazen Holdings Co Ltd		466,064
	203,600	*	SF Holding Co Ltd		1,574,752
	9,050		SG Micro Corp		379,370
	601,100		Shaanxi Coal Industry Co Ltd		1,570,507
	73,690		Shandong Buchang Pharmaceuticals Co Ltd		203,271
	200,845		Shandong Gold Mining Co Ltd - A		585,220
	753,250	e,g	Shandong Gold Mining Co Ltd - H		1,391,309
	83,700		Shandong Hualu Hengsheng Chemical Co Ltd		380,308
	44,800		Shandong Linglong Tyre Co Ltd		119,993
	399,700		Shandong Nanshan Aluminum Co Ltd		194,880
	62,300		Shandong Sun Paper Industry JSC Ltd		115,784
	1,607,390		Shandong Weigao Group Medical Polymer Co Ltd		1,712,430
	21,700		Shanghai Bairun Investment Holding Group Co Ltd		101,825
	369,170		Shanghai Baosight Software Co Ltd		1,354,538
	48,300		Shanghai Baosight Software Co Ltd		346,067
	421,400		Shanghai Construction Group Co Ltd		206,219
	457,900		Shanghai Electric Group Co Ltd		265,382
	80,800		Shanghai Fosun Pharmaceutical Group Co Ltd - A		522,529
	383,985		Shanghai Fosun Pharmaceutical Group Co Ltd - H		1,642,741
	2,137	*	Shanghai Friendess Electronic Technology Corp Ltd		79,549
	72,400	*	Shanghai International Airport Co Ltd		539,020
	295,600		Shanghai International Port Group Co Ltd		264,674
	16,700		Shanghai Jahwa United Co Ltd		78,584
	56,400		Shanghai Jinjiang International Hotels Development Co Ltd		456,704
	23,909	*	Shanghai Junshi Biosciences Co Ltd		346,494
	38,520		Shanghai Lingang Holdings Corp Ltd		74,309
	807,779		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		738,455
	20,600		Shanghai M&G Stationery, Inc		149,224
	2,419		Shanghai Medicilon, Inc		140,292
	137,200		Shanghai Pharmaceuticals Holding Co Ltd - A		364,835
	502,741		Shanghai Pharmaceuticals Holding Co Ltd - H		812,919
	1,311,200		Shanghai Pudong Development Bank Co Ltd		1,593,543
	27,820	*	Shanghai Putailai New Energy Technology Co Ltd		493,594

255

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	186,000		Shanghai RAAS Blood Products Co Ltd	$	151,916
	228,100		Shanghai Yuyuan Tourist Mart Group Co Ltd		310,128
	48,800		Shanghai Zhangjiang High-Tech Park Development Co Ltd		85,569
	204,600		Shanxi Lu’an Environmental Energy Development Co Ltd		481,138
	237,700		Shanxi Meijin Energy Co Ltd		372,311
	173,160		Shanxi Securities Co Ltd		130,758
	281,100		Shanxi Taigang Stainless Steel Co Ltd		251,509
	48,320		Shanxi Xinghuacun Fen Wine Factory Co Ltd		1,989,747
	221,270		Shanxi Xishan Coal & Electricity Power Co Ltd		471,295
	60,900		Shenghe Resources Holding Co Ltd		143,830
	161,300		Shengyi Technology Co Ltd		405,533
	11,760		Shennan Circuits Co Ltd		168,533
	755,000		Shenwan Hongyuan Group Co Ltd		465,417
	17,100		Shenzhen Capchem Technology Co Ltd		171,334
	216,600		Shenzhen Energy Group Co Ltd		190,462
	21,600		Shenzhen Goodix Technology Co Ltd		183,426
	94,050		Shenzhen Inovance Technology Co Ltd		815,134
	1,081,738		Shenzhen International Holdings Ltd		1,158,529
	45,700		Shenzhen Kaifa Technology Co Ltd		67,165
	23,700		Shenzhen Kangtai Biological Products Co Ltd		231,758
	8,900	*	Shenzhen Kedali Industry Co Ltd		162,826
	50,000		Shenzhen Mindray Bio-Medical Electronics Co Ltd		2,364,098
	126,600	*	Shenzhen MTC Co Ltd		61,450
	25,400		Shenzhen New Industries Biomedical Engineering Co Ltd		154,436
	392,100		Shenzhen Overseas Chinese Town Co Ltd		358,197
	50,500		Shenzhen Salubris Pharmaceuticals Co Ltd		175,138
	15,400		Shenzhen SC New Energy Technology Corp		137,405
	50,045		Shenzhen Senior Technology Material Co Ltd		158,807
	26,400		Shenzhen Sunlord Electronics Co Ltd		99,622
	23,100		Shenzhen Sunway Communication Co Ltd		50,874
	25,428		Shenzhen Transsion Holdings Co Ltd		323,951
	572,500		Shenzhou International Group Holdings Ltd		7,768,232
	59,780		Shijiazhuang Yiling Pharmaceutical Co Ltd		225,979
	1,109,000	†,e	Shimao Property Holdings Ltd		624,669
	1,438,000	e,g	Shimao Services Holdings Ltd		758,951
	365,800		Sichuan Chuantou Energy Co Ltd		609,988
	479,100		Sichuan Hebang Biotechnology Co Ltd		228,107
	132,500		Sichuan Kelun Pharmaceutical Co Ltd		340,123
	51,400	*	Sichuan New Energy Power Co Ltd		128,531
	300,600		Sichuan Road & Bridge Co Ltd		474,097
	21,100		Sichuan Swellfun Co Ltd		224,330
	49,000		Sichuan Yahua Industrial Group Co Ltd		194,717
	31,900		Sieyuan Electric Co Ltd		144,410
	58,000		Silergy Corp		5,163,881
	82,200		Sinolink Securities Co Ltd		102,058
	70,800		Sinoma Science & Technology Co Ltd		215,715
	514,583		Sinopec Shanghai Petrochemical Co Ltd (Class A)		241,223
	1,030,400		Sinopharm Group Co		2,371,133
	308,700		Sinotrans Ltd (Class A)		175,225
	453,745		Sinotruk Hong Kong Ltd		548,816
	9,660		Skshu Paint Co Ltd		108,216
	1,350,000	e,g	Smoore International Holdings Ltd		2,823,280
	105,560		Songcheng Performance Development Co Ltd		199,050
	261,456		SooChow Securities Co Ltd		267,120
	131,200		Southwest Securities Co Ltd		73,694
	14,300		StarPower Semiconductor Ltd		736,268

256

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,217,000	e	Sun Art Retail Group Ltd	$	377,773
	2,902,031	†,e	Sunac China Holdings Ltd		1,693,807
	764,000	g	Sunac Services Holdings Ltd		416,374
	57,900		Sungrow Power Supply Co Ltd		547,704
	1,172,200	*	Suning.com Co Ltd		572,596
	506,917		Sunny Optical Technology Group Co Ltd		7,387,751
	78,000		Sunwoda Electronic Co Ltd		258,010
	128,000		Suzhou Dongshan Precision Manufacturing Co Ltd		324,326
	7,840		Suzhou Maxwell Technologies Co Ltd		394,610
	24,300		Suzhou TA&A Ultra Clean Technology Co Ltd		222,595
	310,732	*	TAL Education Group (ADR)		1,053,381
	191,900		TBEA Co Ltd		557,498
	542,600		TCL Technology Group Corp		341,071
	4,109,004		Tencent Holdings Ltd		193,636,342
	503,100	*	Tencent Music Entertainment (ADR)		2,138,175
	12,000		Thunder Software Technology Co Ltd		168,339
	8,500		Tianfeng Securities Co Ltd		3,847
	23,300		Tianjin 712 Communication & Broadcasting Co Ltd		96,992
	127,600		Tianjin Zhonghuan Semiconductor Co Ltd		746,286
	72,100		Tianma Microelectronics Co Ltd		99,410
	184,400		Tianshan Aluminum Group Co Ltd		189,958
	86,500		Tianshui Huatian Technology Co Ltd		111,066
	181,800	*	Tibet Summit Resources Co Ltd		531,078
	1,586,000		Tingyi Cayman Islands Holding Corp		2,894,704
	87,700		Titan Wind Energy Suzhou Co Ltd		131,918
	91,364		Toly Bread Co Ltd		188,844
	708,000	*	Tongcheng-Elong Holdings Ltd		1,248,467
	36,000		TongFu Microelectronics Co Ltd		71,477
	122,000		Tongkun Group Co Ltd		279,308
	432,900		Tongling Nonferrous Metals Group Co Ltd		226,272
	173,192		Tongwei Co Ltd		1,067,235
	11,000	*	Topchoice Medical Corp		212,657
	34,500		Topsec Technologies Group Inc		47,948
	1,298,000	g	Topsports International Holdings Ltd		992,776
	297,700		Transfar Zhilian Co Ltd		283,032
	587,661		Travelsky Technology Ltd		887,471
	94,675		Trina Solar Co Ltd		718,075
	376,345	*	Trip.com Group Ltd (ADR)		8,900,559
	382,000		Tsingtao Brewery Co Ltd		3,092,733
	21,500		Tsingtao Brewery Co Ltd (Class A)		279,440
	21,000		Unigroup Guoxin Microelectronics Co Ltd		580,209
	936,000		Uni-President China Holdings Ltd		820,218
	109,480		Unisplendour Corp Ltd		280,777
	28,200		Universal Scientific Industrial Shanghai Co Ltd		51,340
	205,000	*,e,g	Venus MedTech Hangzhou, Inc		376,340
	313,624	*	Vipshop Holdings Ltd (ADR)		2,402,360
	67,400		Walvax Biotechnology Co Ltd		541,418
	135,600		Wanhua Chemical Group Co Ltd		1,591,189
	3,760,252		Want Want China Holdings Ltd		3,394,252
	40,272	*	Weibo Corp (ADR)		931,894
	1,351,800		Weichai Power Co Ltd		1,888,339
	277,000		Weichai Power Co Ltd (Class A)		465,371
	12,600		Weihai Guangwei Composites Co Ltd		94,720
	1,445,000	*,e,g	Weimob, Inc		846,797
	322,360		Wens Foodstuffs Group Co Ltd		910,149
	470,300		Western Securities Co Ltd		441,634

257

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	17,618		Western Superconducting Technologies Co Ltd	$	216,646
	993,000		Wharf Holdings Ltd		2,909,390
	35,400		Will Semiconductor Ltd		798,294
	50,200		Wingtech Technology Co Ltd		493,970
	77,860		Winning Health Technology Group Co Ltd		93,214
	1,810,000		Winteam Pharmaceutical Group Ltd		881,871
	221,200		Wuchan Zhongda Group Co Ltd		164,882
	69,104		Wuhan Guide Infrared Co Ltd		160,422
	84,800		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		307,104
	80,400		Wuhu Token Science Co Ltd		73,847
	165,800		Wuliangye Yibin Co Ltd		4,051,982
	48,290		WUS Printed Circuit Kunshan Co Ltd		94,340
	112,404		WuXi AppTec Co Ltd - A		1,747,293
	241,077	g	WuXi AppTec Co Ltd - H		3,279,078
	2,535,301	*,g	Wuxi Biologics Cayman, Inc		18,712,576
	42,560		Wuxi Lead Intelligent Equipment Co Ltd		281,158
	11,600		Wuxi Shangji Automation Co Ltd		212,787
	293,200		XCMG Construction Machinery Co Ltd		219,558
	419,100		Xiamen C & D, Inc		915,858
	9,000		Xiamen Faratronic Co Ltd		197,983
	23,800	*	Xiamen Intretech, Inc		73,727
	47,100		Xiamen Tungsten Co Ltd		111,587
	10,199,000	*,g	Xiaomi Corp		15,526,327
	158,100		Xinjiang Goldwind Science & Technology Co Ltd - A		267,684
	589,600		Xinjiang Goldwind Science & Technology Co Ltd - H		838,025
	133,200		Xinjiang Zhongtai Chemical Co Ltd		149,438
	3,491,780		Xinyi Solar Holdings Ltd		5,190,268
	282,749	*	XPeng, Inc (ADR)		6,958,453
	762,000	g	Yadea Group Holdings Ltd		1,148,559
	21,000		Yantai Eddie Precision Machinery Co Ltd		60,829
	109,900		Yantai Jereh Oilfield Services Group Co Ltd		513,268
	1,148,464	e	Yanzhou Coal Mining Co Ltd		3,240,009
	148,900		Yanzhou Coal Mining Co Ltd (Class A)		785,076
	32,667		Yealink Network Technology Corp Ltd		383,246
	17,108		Yifeng Pharmacy Chain Co Ltd		95,052
	323,000	e	Yihai International Holding Ltd		909,270
	51,100	*	Yihai Kerry Arawana Holdings Co Ltd		370,252
	71,120	*	Yintai Gold Co Ltd		100,280
	383,600		Yonghui Superstores Co Ltd		256,622
	18,100		YongXing Special Materials Technology Co Ltd		280,689
	113,999		Yonyou Network Technology Co Ltd		327,812
	11,000	*	Youngy Co Ltd		171,793
	105,800		YTO Express Group Co Ltd		286,369
	38,100	*	Yuan Longping High-tech Agriculture Co Ltd		93,605
	1,441,200		Yuexiu Property Co Ltd		1,499,588
	309,939		Yum China Holdings, Inc		12,955,450
	191,710		Yunda Holding Co Ltd		444,771
	165,300	*	Yunnan Aluminium Co Ltd		258,483
	47,900		Yunnan Baiyao Group Co Ltd		551,952
	33,300	*	Yunnan Energy New Material Co Ltd		1,014,235
	68,500	*	Yunnan Tin Co Ltd		184,499
	58,785	*	Zai Lab Ltd (ADR)		2,349,049
	26,695		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		1,230,146
	133,200		Zhefu Holding Group Co Ltd		89,966
	384,700	*	Zhejiang Century Huatong Group Co Ltd		276,145

258

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	169,700		Zhejiang China Commodities City Group Co Ltd	$	130,537
	80,916		Zhejiang Chint Electrics Co Ltd		396,305
	122,400		Zhejiang Dahua Technology Co Ltd		307,529
	10,220		Zhejiang Dingli Machinery Co Ltd		57,308
	1,060,414	*	Zhejiang Expressway Co Ltd		877,034
	16,334		Zhejiang HangKe Technology, Inc Co		107,279
	42,130		Zhejiang Huahai Pharmaceutical Co Ltd		97,026
	45,176		Zhejiang Huayou Cobalt Co Ltd		557,962
	53,700		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		406,429
	23,300		Zhejiang Jiuzhou Pharmaceutical Co Ltd		165,254
	106,800		Zhejiang Juhua Co Ltd		182,510
	149,600		Zhejiang Longsheng Group Co Ltd		227,736
	72,720		Zhejiang NHU Co Ltd		294,140
	99,970		Zhejiang Sanhua Intelligent Controls Co Ltd		251,606
	68,300		Zhejiang Satellite Petrochemical Co Ltd		371,667
	242,400		Zhejiang Semir Garment Co Ltd		238,374
	12,900		Zhejiang Supor Co Ltd		107,326
	44,900		Zhejiang Weiming Environment Protection Co Ltd		166,219
	118,900		Zhejiang Weixing New Building Materials Co Ltd		340,938
	13,200		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		81,739
	38,400	*	Zhejiang Yongtai Technology Co Ltd		144,823
	201,800		Zheshang Securities Co Ltd		279,327
	362,000	*,e,g	ZhongAn Online P&C Insurance Co Ltd		1,244,679
	14,000		Zhongji Innolight Co Ltd		64,736
	413,500		Zhongsheng Group Holdings Ltd		2,732,332
	301,900		Zhongtai Securities Co Ltd		328,905
	434,700		Zhuzhou CSR Times Electric Co Ltd		1,708,923
	140,900		Zhuzhou Kibing Group Co Ltd		234,666
	126,700		Zibo Qixiang Tengda Chemical Co Ltd		135,492
	4,129,299		Zijin Mining Group Co Ltd		6,012,705
	746,800		Zijin Mining Group Co Ltd (Class A)		1,239,431
	628,800		Zoomlion Heavy Industry Science and Technology Co Ltd - A		549,656
	1,049,000		Zoomlion Heavy Industry Science and Technology Co Ltd - H		613,356
	126,100		ZTE Corp		457,911
	600,464		ZTE Corp (Class H)		1,260,737
	310,522		ZTO Express Cayman, Inc (ADR)		8,542,460
			TOTAL CHINA		1,471,581,983
COLOMBIA - 0.2%
	144,825		BanColombia S.A.		1,420,441
	334,982		BanColombia S.A. (Preference)		3,249,952
	4,308,589		Ecopetrol S.A.		3,489,979
	80,228		Grupo de Inversiones Suramericana S.A.		812,820
	310,380		Interconexion Electrica S.A.		1,706,384
			TOTAL COLOMBIA		10,679,576
CZECH REPUBLIC - 0.2%
	120,099		CEZ AS		5,148,112
	66,538		Komercni Banka AS		2,185,102
	247,245	g	Moneta Money Bank AS		927,395
			TOTAL CZECH REPUBLIC		8,260,609
EGYPT - 0.1%
	1,210,376		Commercial International Bank		2,922,376
	518,867		Eastern Tobacco		301,971
	572,143	*	Fawry for Banking & Payment Technology Services SAE		143,354
			TOTAL EGYPT		3,367,701

259

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
GREECE - 0.2%
	1,648,533	*	Alpha Bank AE	$	1,855,659
	1,847,734	*	Eurobank Ergasias S.A.		1,909,715
	12,741	*,†	FF Group		134
	181,951		Hellenic Telecommunications Organization S.A.		3,500,383
	71,828		JUMBO S.A.		1,164,179
	143,766		OPAP S.A.		2,130,954
	134,223	*	Public Power Corp		1,074,631
			TOTAL GREECE		11,635,655
HONG KONG - 0.2%
	6,861,652	*	Alibaba Pictures Group Ltd		578,968
	689,000	e	Huabao International Holdings Ltd		375,894
	651,151		Kingboard Laminates Holdings Ltd		998,837
	1,065,000		Nine Dragons Paper Holdings Ltd		940,538
	7,460,331		Sino Biopharmaceutical		3,913,179
	239,000	e	Vinda International Holdings Ltd		578,693
			TOTAL HONG KONG		7,386,109
HUNGARY - 0.2%
	346,340		MOL Hungarian Oil & Gas plc		2,936,656
	157,407	*	OTP Bank		4,695,359
	84,247		Richter Gedeon Rt		1,680,903
			TOTAL HUNGARY		9,312,918
INDIA - 13.4%
	200,727		Adani Enterprises Ltd		6,076,701
	179,325		Adani Gas Ltd		5,749,637
	267,114	*	Adani Green Energy Ltd		9,995,829
	378,373		Adani Ports & Special Economic Zone Ltd		4,203,458
	177,802	*	Adani Transmissions Ltd		6,429,643
	451,980		Ambuja Cements Ltd		2,186,932
	73,337		Apollo Hospitals Enterprise Ltd		4,246,703
	285,076		Asian Paints Ltd		12,016,576
	47,193		Associated Cement Co Ltd		1,427,591
	208,622		Aurobindo Pharma Ltd		1,705,819
	115,002	*,g	Avenue Supermarts Ltd		5,890,998
	1,651,824		Axis Bank Ltd		15,570,986
	192,468		Bajaj Finance Ltd		16,591,110
	28,102		Bajaj Finserv Ltd		5,416,045
	44,752		Bajaj Holdings and Investment Ltd		2,172,091
	61,563		Balkrishna Industries Ltd		1,714,290
	533,325	g	Bandhan Bank Ltd		2,312,686
	147,650		Berger Paints India Ltd		1,384,395
	877,902		Bharat Electronics Ltd		2,717,129
	165,260		Bharat Forge Ltd		1,502,661
	709,607		Bharat Petroleum Corp Ltd		3,339,390
	1,756,140	*	Bharti Airtel Ltd		16,854,234
	219,982	*	Biocon Ltd		1,055,155
	71,132		Britannia Industries Ltd		3,035,757
	287,889		Cholamandalam Investment and Finance Co Ltd		2,757,137
	337,871		Cipla Ltd		4,312,278
	1,280,401		Coal India Ltd		3,036,195
	75,238		Colgate-Palmolive India Ltd		1,623,633

260

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	159,660		Container Corp Of India Ltd	$	1,338,004
	421,368		Dabur India Ltd		3,050,447
	93,300		Divi S Laboratories Ltd		5,461,589
	506,745		DLF Ltd		2,441,537
	74,828		Dr Reddy’s Laboratories Ltd		4,030,011
	94,293		Eicher Motors Ltd		3,216,736
	1,339,606		GAIL India Ltd		2,769,401
	207,987	*	Godrej Consumer Products Ltd		2,109,177
	97,718	*	Godrej Properties Ltd		1,987,488
	182,486		Grasim Industries Ltd		4,009,888
	193,668		Havells India Ltd		3,301,766
	780,562		HCL Technologies Ltd		10,932,971
	19,441	g	HDFC Asset Management Co Ltd		514,770
	605,094	g	HDFC Life Insurance Co Ltd		4,588,067
	83,922		Hero Honda Motors Ltd		2,726,160
	1,160,995		Hindalco Industries Ltd		7,228,055
	587,049		Hindustan Lever Ltd		17,055,933
	430,929		Hindustan Petroleum Corp Ltd		1,514,548
	1,192,071		Housing Development Finance Corp		34,393,561
	3,708,953		ICICI Bank Ltd		35,654,393
	125,382	g	ICICI Lombard General Insurance Co Ltd		2,084,097
	212,607	g	ICICI Prudential Life Insurance Co Ltd		1,451,882
	1,617,943		Indian Oil Corp Ltd		2,639,466
	205,189		Indian Railway Catering & Tourism Corp Ltd		1,974,964
	215,278		Indraprastha Gas Ltd		987,468
	440,826	*	Indus Towers Ltd		1,198,438
	55,039		Info Edge India Ltd		3,316,668
	2,409,021		Infosys Technologies Ltd		48,824,063
	71,179	*,g	InterGlobe Aviation Ltd		1,714,192
	2,212,763		ITC Ltd		7,457,926
	615,035		JSW Steel Ltd		5,788,683
	307,659		Jubilant Foodworks Ltd		2,172,617
	399,706		Kotak Mahindra Bank Ltd		9,269,235
	37,054	g	Larsen & Toubro Infotech Ltd		2,319,499
	508,055		Larsen & Toubro Ltd		11,165,806
	152,631		Lupin Ltd		1,479,346
	620,484		Mahindra & Mahindra Ltd		7,433,561
	339,061		Marico Ltd		2,304,513
	98,041		Maruti Suzuki India Ltd		9,819,392
	48,738		MindTree Ltd		2,230,221
	928,189		Motherson Sumi Systems Ltd		1,657,936
	60,276		Mphasis Ltd		2,213,387
	1,038		MRF Ltd		981,804
	78,423		Muthoot Finance Ltd		1,286,034
	22,094		Nestle India Ltd		5,267,771
	3,408,555		NTPC Ltd		6,918,365
	3,174		Page Industries Ltd		1,882,115
	490,071		Petronet LNG Ltd		1,299,010
	53,327		PI Industries Ltd		1,972,980
	98,022		Pidilite Industries Ltd		3,098,462
	86,163		Piramal Healthcare Ltd		2,413,379
	2,383,537		Power Grid Corp of India Ltd		7,063,267
	2,047,947		Reliance Industries Ltd		74,202,083
	171,615		SBI Cards & Payment Services Ltd		1,851,137
	294,193	g	SBI Life Insurance Co Ltd		4,225,397
	856,172		Sesa Sterlite Ltd		4,503,725

261

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	6,307		Shree Cement Ltd	$	2,122,078
	144,651		Shriram Transport Finance Co Ltd		2,246,925
	39,938		Siemens India Ltd		1,176,891
	111,488		SRF Ltd		3,625,871
	1,344,634		State Bank of India		8,636,085
	603,067		Sun Pharmaceutical Industries Ltd		7,289,863
	669,384		Tata Consultancy Services Ltd		30,850,792
	1,217,386	*	Tata Motors Ltd		6,889,119
	1,136,314		Tata Power Co Ltd		3,560,310
	530,982		Tata Steel Ltd		8,718,275
	441,029		Tata Tea Ltd		4,725,623
	461,981		Tech Mahindra Ltd		7,545,131
	263,825		Titan Industries Ltd		8,418,271
	26,877		Torrent Pharmaceuticals Ltd		983,846
	118,956		Trent Ltd		1,891,423
	73,880		Ultra Tech Cement Ltd		6,362,789
	204,083	*	United Spirits Ltd		2,288,061
	348,486		UPL Ltd		3,720,790
	1,003,439		Wipro Ltd		6,592,983
	7,267,021	*	Yes Bank Ltd		1,286,697
	1,204,190	*	Zomato Ltd		1,116,702
			TOTAL INDIA		660,166,975
INDONESIA - 1.9%
	12,388,954		Adaro Energy Tbk		2,830,565
	13,897,672		Astra International Tbk PT		7,256,551
	40,398,175		Bank Central Asia Tbk PT		22,658,189
	2,959,200	*	Bank Jago Tbk PT		2,376,931
	46,795,049		Bank Rakyat Indonesia		15,591,503
	2,031,460		Indofood CBP Sukses Makmur Tbk		1,068,694
	12,285,800		Kalbe Farma Tbk PT		1,389,854
	9,687,574	*	Merdeka Copper Gold Tbk PT		3,530,421
	5,308,400	*	PT Aneka Tambang Tbk		948,669
	13,466,339		PT Bank Mandiri Persero Tbk		8,268,799
	5,369,259		PT Bank Negara Indonesia		3,391,493
	16,975,600		PT Barito Pacific Tbk		991,916
	4,423,200		PT Charoen Pokphand Indonesia Tbk		1,571,324
	481,400		PT Gudang Garam Tbk		1,018,624
	2,226,605		PT Indah Kiat Pulp and Paper Corp Tbk		1,160,467
	1,182,017		PT Indocement Tunggal Prakarsa Tbk		851,850
	3,772,500		PT Indofood Sukses Makmur Tbk		1,641,601
	2,211,100		PT Semen Gresik Persero Tbk		975,693
	5,354,845		PT Unilever Indonesia Tbk		1,433,298
	1,446,200		PT United Tractors Tbk		3,020,191
	14,356,900		Sarana Menara Nusantara Tbk PT		999,604
	36,322,983		Telkom Indonesia Persero Tbk PT		11,575,649
	6,528,000	*	Tower Bersama Infrastructure		1,355,387
			TOTAL INDONESIA		95,907,273
KOREA, REPUBLIC OF - 12.4%
	18,516	*	Alteogen, Inc		835,029
	21,905		Amorepacific Corp		3,117,208
	6,011		BGF retail Co Ltd		859,817
	64,179		Celltrion Healthcare Co Ltd		3,232,113
	10,689	*	Celltrion Pharm Inc		776,879
	71,011	e	Celltrion, Inc		9,826,134

262

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	40,178		Cheil Communications, Inc	$	802,146
	5,800		CJ CheilJedang Corp		1,823,930
	10,850		CJ Corp		741,287
	6,865		CJ O Shopping Co Ltd		689,516
	39,354		Coway Co Ltd		2,204,221
	31,679		Dongbu Insurance Co Ltd		1,691,863
	41,014		Doosan Bobcat, Inc		1,332,674
	256,827	*	Doosan Heavy Industries and Construction Co Ltd		4,086,157
	7,542		Ecopro BM Co Ltd		2,786,333
	12,353		E-Mart Co Ltd		1,278,268
	13,415		F&F Co Ltd		1,481,004
	3,921		Green Cross Corp		582,000
	43,677		GS Engineering & Construction Corp		1,438,271
	32,912		GS Holdings Corp		1,136,899
	213,325		Hana Financial Group, Inc		7,920,055
	48,218		Hankook Tire Co Ltd		1,323,428
	4,944		Hanmi Pharm Co Ltd		1,220,514
	119,268		Hanon Systems		1,067,323
	92,143	*	Hanwha Chemical Corp		2,315,916
	70,840	*	HLB, Inc		1,724,229
	12,733		Honam Petrochemical Corp		1,965,231
	27,792	e	Hotel Shilla Co Ltd		1,768,598
	11,160	*	HYBE Co Ltd		2,191,686
	392,523		Hynix Semiconductor, Inc		34,396,043
	55,886		Hyundai Engineering & Construction Co Ltd		1,944,155
	13,450		Hyundai Glovis Co Ltd		2,203,635
	27,660	*	Hyundai Heavy Industries		1,989,749
	192,614		Hyundai Merchant Marine Co Ltd		4,269,425
	47,087		Hyundai Mobis		7,660,448
	99,022		Hyundai Motor Co		14,366,874
	24,675		Hyundai Motor Co Ltd (2nd Preference)		1,846,918
	14,071		Hyundai Motor Co Ltd (Preference)		1,044,210
	36,512		Hyundai Robotics Co Ltd		1,676,652
	64,121		Hyundai Steel Co		2,178,948
	15,233		Iljin Materials Co Ltd		1,043,858
	185,427		Industrial Bank of Korea		1,645,272
	219,561		Kakao Corp		15,337,108
	19,631	*	Kakao Games Corp		918,358
	66,589	*,e	KakaoBank Corp		2,201,004
	63,372	*	Kangwon Land, Inc		1,331,731
	276,614		KB Financial Group, Inc		12,869,212
	187,136		Kia Motors Corp		12,274,296
	58,170		Korea Aerospace Industries Ltd		2,005,679
	186,108		Korea Electric Power Corp		3,396,196
	4,851	*	Korea Express Co Ltd		469,735
	28,838		Korea Investment Holdings Co Ltd		1,598,808
	14,032		Korea Kumho Petrochemical		1,696,682
	6,043		Korea Zinc Co Ltd		2,758,858
	118,668	*	Korean Air Lines Co Ltd		2,796,162
	14,996	*,e,g	Krafton, Inc		2,945,908
	86,920		KT&G Corp		5,707,936
	15,607		L&F Co Ltd		2,640,452
	33,487		LG Chem Ltd		13,715,102
	5,490		LG Chem Ltd (Preference)		1,082,909
	61,604		LG Corp		3,557,531
	178,478	e	LG Display Co Ltd		2,332,032

263

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	75,092		LG Electronics, Inc	$	6,800,862
	15,065	*,e	LG Energy Solution		5,001,676
	7,354		LG Household & Health Care Ltd		5,266,792
	2,452		LG Household & Health Care Ltd (Preference)		965,056
	9,914		LG Innotek Co Ltd		2,690,045
	156,385		LG Telecom Ltd		1,727,615
	7,435		Lotte Shopping Co Ltd		550,756
	22,665		Meritz finance Holdings Co Ltd		678,938
	28,085		Meritz Fire & Marine Insurance Co Ltd		982,611
	220,527		Meritz Securities Co Ltd		1,140,060
	194,843		Mirae Asset Daewoo Co Ltd		1,232,513
	85,358		Naver Corp		19,014,262
	11,880		NCsoft		3,934,257
	18,070	g	Netmarble Corp		1,358,289
	13,793		Orion Corp/Republic of Korea		1,028,053
	18,420		Pacific Corp		724,665
	176,275		Pan Ocean Co Ltd		921,464
	21,839	*,e	Pearl Abyss Corp		1,163,029
	53,968		POSCO		12,322,341
	20,027		POSCO Refractories & Environment Co Ltd		2,115,688
	14,878		S1 Corp (Korea)		810,637
	13,643	*,g	Samsung Biologics Co Ltd		8,998,769
	59,427		Samsung C&T Corp		5,376,616
	39,002		Samsung Electro-Mechanics Co Ltd		5,048,232
	3,412,655		Samsung Electronics Co Ltd		181,872,482
	594,102		Samsung Electronics Co Ltd (Preference)		27,853,663
	105,152	*	Samsung Engineering Co Ltd		2,145,419
	23,205		Samsung Fire & Marine Insurance Co Ltd		3,846,416
	485,384	*	Samsung Heavy Industries Co Ltd		2,316,887
	47,674		Samsung Life Insurance Co Ltd		2,450,806
	39,631		Samsung SDI Co Ltd		18,878,396
	21,606		Samsung SDS Co Ltd		2,517,871
	39,887		Samsung Securities Co Ltd		1,245,745
	23,333		SD Biosensor, Inc		834,721
	24,722		Seegene, Inc		783,920
	309,703		Shinhan Financial Group Co Ltd		10,289,759
	19,071	*	SK Biopharmaceuticals Co Ltd		1,377,716
	15,692	*	SK Bioscience Co Ltd		1,658,283
	8,312		SK Chemicals Co Ltd		829,038
	31,822		SK Holdings Co Ltd		6,680,779
	20,345	*,g	SK IE Technology Co Ltd		2,004,051
	36,892	*	SK Innovation Co Ltd		5,871,585
	68,922	*	SK Square Co Ltd		2,846,809
	16,225		SK Telecom Co Ltd		731,880
	14,173		SKC Co Ltd		1,656,505
	38,207		S-Oil Corp		3,126,013
	356,782		Woori Financial Group, Inc		4,133,469
	107,349		Woori Investment & Securities Co Ltd		916,191
	44,702		Yuhan Corp		2,153,500
			TOTAL KOREA, REPUBLIC OF		608,995,745
KUWAIT - 0.8%
	844,579		Agility Public Warehousing Co KSC		3,426,684
	820,254		Boubyan Bank KSCP		2,634,158
	3,595,782	h	Kuwait Finance House		11,542,378
	482,290		Mabanee Co KPSC		1,313,906

264

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	1,754,989		Mobile Telecommunications Co KSC	$	3,902,254
	5,233,213	h	National Bank of Kuwait SAKP		17,935,988
			TOTAL KUWAIT		40,755,368
LUXEMBOURG - 0.0%
	81,022		Reinet Investments S.C.A		1,646,862
			TOTAL LUXEMBOURG		1,646,862
MALAYSIA - 1.6%
	1,269,533	*	AMMB Holdings BHD		1,072,107
	1,724,274		Axiata Group Bhd		1,390,192
	4,597,539		Bumiputra-Commerce Holdings BHD		5,480,101
	3,564,477		Dialog Group BHD		2,038,336
	2,216,225		Digi.Com BHD		1,937,823
	99,600		Fraser & Neave Holdings BHD		526,197
	1,688,775		Genting BHD		1,787,324
	1,807,400		Genting Malaysia BHD		1,256,360
	350,600		HAP Seng Consolidated BHD		601,581
	1,167,300		Hartalega Holdings BHD		1,179,768
	407,787		Hong Leong Bank BHD		1,957,086
	103,006		Hong Leong Credit BHD		459,014
	1,520,812		IHH Healthcare BHD		2,293,883
	1,895,700		Inari Amertron BHD		1,214,934
	1,940,520		IOI Corp BHD		2,081,596
	276,711		Kuala Lumpur Kepong BHD		1,872,495
	3,417,961		Malayan Banking BHD		7,108,739
	721,676	*	Malaysia Airports Holdings BHD		1,137,176
	1,597,500		Maxis BHD		1,388,709
	1,157,200		MISC BHD		2,070,310
	57,700		Nestle Malaysia BHD		1,765,393
	1,724,300		Petronas Chemicals Group BHD		4,047,857
	279,400		Petronas Dagangan BHD		1,395,235
	745,000		Petronas Gas BHD		2,902,073
	569,440		PPB Group BHD		2,247,153
	2,217,424		Press Metal BHD		3,039,907
	10,365,115		Public Bank BHD		11,140,907
	714,250		QL Resources BHD		838,364
	1,298,359		RHB Capital BHD		1,860,136
	1,702,965		Sime Darby BHD		910,257
	1,468,165		Sime Darby Plantation BHD		1,761,457
	1,079,565		Telekom Malaysia BHD		1,232,541
	1,628,863		Tenaga Nasional BHD		3,382,318
	3,370,600		Top Glove Corp BHD		1,300,702
	927,000		Westports Holdings BHD		838,953
			TOTAL MALAYSIA		77,516,984
MEXICO - 2.2%
	2,197,400		Alfa S.A. de C.V. (Class A)		1,472,004
	21,745,241		America Movil S.A.B. de C.V.		21,162,889
	392,100		Becle SAB de C.V.		977,440
	10,808,097	*,e	Cemex S.A. de C.V.		4,756,166
	342,775		Coca-Cola Femsa SAB de C.V.		1,869,040
	379,925		Embotelladoras Arca SAB de C.V.		2,410,824
	2,295,200		Fibra Uno Administracion S.A. de C.V.		2,517,167
	1,327,411		Fomento Economico Mexicano S.A. de C.V.		9,981,033
	161,510	e	Gruma SAB de C.V.		1,918,428

265

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	264,930		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)	$	4,076,935
	130,501		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		2,848,172
	1,114,420		Grupo Bimbo S.A. de C.V. (Series A)		3,435,034
	444,698		Grupo Carso S.A. de C.V. (Series A1)		1,452,653
	1,885,228		Grupo Financiero Banorte S.A. de C.V.		12,445,008
	1,437,844	*,e	Grupo Financiero Inbursa S.A.		2,437,215
	2,166,232		Grupo Mexico S.A. de C.V. (Series B)		10,139,832
	1,721,390	e	Grupo Televisa S.A.		3,195,367
	94,804	e	Industrias Penoles S.A. de C.V.		1,043,952
	1,385,642	e	Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,934,528
	204,100	e	Megacable Holdings SAB de C.V.		581,400
	650,700	e	Operadora de Sites Mexicanos S.A. de C.V.		794,622
	642,123		Orbia Advance Corp SAB de C.V.		1,545,010
	148,435		Promotora y Operadora de Infraestructura SAB de C.V.		1,082,067
	3,859,084		Wal-Mart de Mexico SAB de C.V.		13,646,216
			TOTAL MEXICO		107,723,002
PERU - 0.2%
	151,122		Cia de Minas Buenaventura S.A. (ADR) (Series B)		1,426,592
	48,110		Credicorp Ltd		6,681,998
	65,880		Southern Copper Corp		4,102,347
			TOTAL PERU		12,210,937
PHILIPPINES - 0.8%
	1,279,604		Aboitiz Equity Ventures, Inc		1,240,264
	8,586,300		AC Energy Corp		1,181,336
	185,863		Ayala Corp		2,615,228
	5,809,293		Ayala Land, Inc		3,545,811
	1,175,219		Bank of the Philippine Islands		2,136,352
	1,486,986		BDO Unibank, Inc		3,674,444
	23,966		Globe Telecom, Inc		1,041,926
	72,726		GT Capital Holdings, Inc		698,060
	820,930		International Container Term Services, Inc		3,370,730
	2,139,256		JG Summit Holdings (Series B)		2,275,732
	313,740		Jollibee Foods Corp		1,288,833
	233,746		Manila Electric Co		1,573,518
	6,294,000		Metro Pacific Investments Corp		455,216
	1,222,490		Metropolitan Bank & Trust		1,190,444
	3,669,400	*,g	Monde Nissin Corp		912,342
	65,620		PLDT, Inc		2,334,909
	183,565		SM Investments Corp		2,994,073
	7,190,149	*	SM Prime Holdings		4,792,609
	589,527		Universal Robina		1,153,258
			TOTAL PHILIPPINES		38,475,085
POLAND - 0.6%
	244,035	*,g	Allegro.eu S.A.		1,255,190
	126,998		Bank Pekao S.A.		2,790,814
	30,139		Bank Zachodni WBK S.A.		1,835,379
	12,099	*	BRE Bank S.A.		809,806
	47,577		CD Projekt Red S.A.		1,287,666
	172,719		Cyfrowy Polsat S.A.		943,875
	34,899	*,g	Dino Polska S.A.		2,257,678
	94,060		KGHM Polska Miedz S.A.		3,042,673
	835		LPP S.A.		1,764,505
	639,426	*	PGE Polska Grupa Energetyczna S.A.		1,422,041

266

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	231,141		Polski Koncern Naftowy Orlen S.A.	$	3,904,997
	1,539,797		Polskie Gornictwo Naftowe i Gazownictwo S.A.		2,157,359
	593,614	*	Powszechna Kasa Oszczednosci Bank Polski S.A.		4,381,192
	433,262		Powszechny Zaklad Ubezpieczen S.A.		2,995,461
	410,457	*	Telekomunikacja Polska S.A.		627,383
			TOTAL POLAND		31,476,019
QATAR - 1.0%
	1,759,712		Barwa Real Estate Co		1,635,384
	1,409,015		Commercial Bank of Qatar QSC		2,974,920
	1,038,985		Industries Qatar QSC		5,358,228
	3,456,165		Masraf Al Rayan		5,115,324
	2,988,071		Mesaieed Petrochemical Holding Co		2,113,509
	557,335		Ooredoo QSC		1,146,120
	390,823		Qatar Electricity & Water Co		1,827,553
	433,826		Qatar Fuel QSC		2,183,574
	2,093,588		Qatar Gas Transport Co Ltd		1,966,107
	439,644		Qatar International Islamic Bank QSC		1,391,146
	791,631		Qatar Islamic Bank SAQ		5,323,551
	3,107,150		Qatar National Bank		19,836,957
			TOTAL QATAR		50,872,373
ROMANIA - 0.0%
	338,036		NEPI Rockcastle plc		2,068,277
			TOTAL ROMANIA		2,068,277
RUSSIA - 0.0%
	35,937	*,†,e	Ozon Holdings plc (ADR)		359
	911,463	†	VTB Bank PJSC (GDR) Equiduct		9,115
	281,650	*,†	VTB Bank PJSC (GDR) Tradegate		2,817
			TOTAL RUSSIA		12,291
SAUDI ARABIA - 4.7%
	42,180		Abdullah Al Othaim Markets Co		1,257,258
	115,157		Advanced Petrochemical Co		2,048,663
	871,436		Al Rajhi Bank		40,823,404
	671,215		Alinma Bank		7,362,787
	196,458		Almarai Co JSC		2,707,657
	375,691		Arab National Bank		3,514,166
	340,909	*	Bank AlBilad		4,671,692
	256,343		Bank Al-Jazira		2,142,643
	402,336		Banque Saudi Fransi		5,780,839
	47,919		Bupa Arabia for Cooperative Insurance Co		2,115,278
	61,394		Co for Cooperative Insurance		1,117,445
	423,798	*	Dar Al Arkan Real Estate Development Co		1,213,167
	47,340		Dr Sulaiman Al Habib Medical Services Group Co		2,512,675
	249,998	*	Emaar Economic City		724,938
	273,142		Etihad Etisalat Co		3,149,566
	36,363		Jarir Marketing Co		1,856,901
	263,157	*	Mobile Telecommunications Co Saudi Arabia		970,674
	41,586		Mouwasat Medical Services Co		2,656,694
	1,531,126		National Commercial Bank		32,092,112
	211,981	*	National Industrialization Co		1,142,522
	160,082	*	Rabigh Refining & Petrochemical Co		1,217,951
	977,945		Riyad Bank		10,598,072
	159,805		SABIC Agri-Nutrients Co		6,884,175

267

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	251,687		Sahara International Petrochemical Co	$	3,770,196
	307,735	*	Saudi Arabian Mining Co		11,206,678
	1,609,655	g	Saudi Arabian Oil Co		19,235,028
	653,134		Saudi Basic Industries Corp		22,625,643
	589,253		Saudi British Bank		6,995,732
	654,099	*	Saudi Electricity Co		4,687,457
	285,925		Saudi Industrial Investment Group		2,478,551
	466,270	*	Saudi Kayan Petrochemical Co		2,296,731
	24,516	*	Saudi Research & Marketing Group		1,712,132
	435,668		Saudi Telecom Co		13,397,029
	203,074	*	Savola Group		1,919,788
	169,656		Yanbu National Petrochemical Co		2,742,154
			TOTAL SAUDI ARABIA		231,628,398
SINGAPORE - 0.0%
	167,200	g	BOC Aviation Ltd		1,311,578
			TOTAL SINGAPORE		1,311,578
SOUTH AFRICA - 3.5%
	597,579	e	Absa Group Ltd		6,455,984
	70,170		African Rainbow Minerals Ltd		1,163,642
	36,836		Anglo American Platinum Ltd		4,092,790
	275,719		Aspen Pharmacare Holdings Ltd		2,970,275
	228,743		Bid Corp Ltd		4,787,055
	184,716		Bidvest Group Ltd		2,532,199
	56,866	e	Capitec Bank Holdings Ltd		7,937,906
	155,588		Clicks Group Ltd		3,062,204
	338,646	*	Discovery Holdings Ltd		3,251,554
	193,462		Exxaro Resources Ltd		2,764,606
	3,613,398		FirstRand Ltd		15,561,748
	630,652		Gold Fields Ltd		8,545,061
	2,518,559		Growthpoint Properties Ltd		2,251,832
	452,543		Harmony Gold Mining Co Ltd		1,844,922
	572,024		Impala Platinum Holdings Ltd		7,399,368
	50,644		Kumba Iron Ore Ltd		1,681,304
	116,625		Momentum Metropolitan Holdings		123,919
	179,706		Mr Price Group Ltd		2,447,438
	1,212,665		MTN Group Ltd		12,861,518
	240,416		MultiChoice Group Ltd		1,968,389
	154,534		Naspers Ltd (N Shares)		15,585,671
	361,045		Nedbank Group Ltd		5,041,767
	226,776	*	Northam Platinum Holdings Ltd		2,713,414
	3,582,645	e	Old Mutual Ltd		2,874,174
	835,387	g	Pepkor Holdings Ltd		1,133,069
	328,042	e	Remgro Ltd		2,958,142
	1,289,238		Sanlam Ltd		5,340,720
	418,252	*	Sasol Ltd		10,245,883
	347,812		Shoprite Holdings Ltd		5,023,807
	1,918,948		Sibanye Stillwater Ltd		6,638,891
	157,195		Spar Group Ltd		1,647,051
	1,001,028		Standard Bank Group Ltd		10,608,399
	138,907		Tiger Brands Ltd		1,363,342
	440,616		Vodacom Group Pty Ltd		4,240,293
	711,184		Woolworths Holdings Ltd		2,662,346
			TOTAL SOUTH AFRICA		171,780,683

268

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
TAIWAN - 15.1%
	384,000		Accton Technology Corp	$	2,995,150
	1,814,380		Acer, Inc		1,683,302
	313,407		Advantech Co Ltd		3,895,856
	2,419,011		ASE Technology Holding Co Ltd		7,717,521
	1,699,512		Asia Cement Corp		2,761,757
	19,000		ASMedia Technology, Inc		894,233
	481,500		Asustek Computer, Inc		5,791,634
	5,999,000		AU Optronics Corp		3,426,560
	510,389		Catcher Technology Co Ltd		2,497,482
	5,754,604		Cathay Financial Holding Co Ltd		12,099,411
	927,976		Chailease Holding Co Ltd		7,374,442
	3,336,871		Chang Hwa Commercial Bank		2,086,131
	1,307,922		Cheng Shin Rubber Industry Co Ltd		1,474,008
	11,013,522		China Development Financial Holding Corp		6,641,618
	8,444,151		China Steel Corp		10,228,985
	13,143,282		Chinatrust Financial Holding Co		12,927,980
	2,762,763		Chunghwa Telecom Co Ltd		12,247,231
	2,914,000		Compal Electronics, Inc		2,186,608
	1,385,768		Delta Electronics, Inc		11,567,817
	8,997,694		E.Sun Financial Holding Co Ltd		10,276,470
	128,316		Eclat Textile Co Ltd		2,105,475
	44,000		eMemory Technology, Inc		1,849,184
	1,810,980		Evergreen Marine Corp Taiwan Ltd		8,705,259
	2,229,071		Far Eastern Textile Co Ltd		2,259,637
	1,310,000		Far EasTone Telecommunications Co Ltd		3,680,769
	281,513		Feng TAY Enterprise Co Ltd		1,812,408
	7,124,034		First Financial Holding Co Ltd		6,690,339
	2,521,173		Formosa Chemicals & Fibre Corp		6,789,923
	923,064		Formosa Petrochemical Corp		2,846,988
	2,797,453		Formosa Plastics Corp		9,945,070
	584,512		Foxconn Technology Co Ltd		1,158,212
	5,337,494		Fubon Financial Holding Co Ltd		13,402,001
	6,377,328		Fuhwa Financial Holdings Co Ltd		5,613,278
	191,000		Giant Manufacturing Co Ltd		1,596,851
	161,509		Globalwafers Co Ltd		2,814,711
	202,697		Hiwin Technologies Corp		1,501,008
	8,830,002		Hon Hai Precision Industry Co, Ltd		30,252,289
	200,608		Hotai Motor Co Ltd		3,912,055
	5,851,917		Hua Nan Financial Holdings Co Ltd		4,680,091
	6,749,487		InnoLux Display Corp		3,073,477
	2,121,060		Inventec Co Ltd		1,812,004
	71,125		Largan Precision Co Ltd		4,036,165
	1,492,778		Lite-On Technology Corp		3,270,683
	1,092,170		MediaTek, Inc		30,108,919
	7,807,125		Mega Financial Holding Co Ltd		10,975,306
	460,000		Micro-Star International Co Ltd		1,857,519
	35,000		momo.com, Inc		923,901
	3,817,860		Nan Ya Plastics Corp		11,154,184
	152,000		Nan Ya Printed Circuit Board Corp		2,018,932
	916,000		Nanya Technology Corp		2,004,416
	98,000		Nien Made Enterprise Co Ltd		1,032,170
	411,474		Novatek Microelectronics Corp Ltd		5,443,212
	154,000	*	Oneness Biotech Co Ltd		1,009,164
	1,415,000		Pegatron Technology Corp		3,352,317
	1,616,512		Pou Chen Corp		1,685,766

269

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	438,000		President Chain Store Corp	$	4,052,653
	611,000		Prime View International Co Ltd		3,493,280
	1,778,000		Quanta Computer, Inc		5,007,751
	306,085		Realtek Semiconductor Corp		4,153,424
	742,500		Ruentex Development Co Ltd		1,943,326
	2,429,421		Shanghai Commercial & Savings Bank Ltd		4,007,711
	8,740,684		Shin Kong Financial Holding Co Ltd		2,890,220
	7,115,717		SinoPac Financial Holdings Co Ltd		4,382,021
	1,000,050		Synnex Technology International Corp		2,602,827
	7,153,077		Taishin Financial Holdings Co Ltd		4,678,910
	3,623,958		Taiwan Cement Corp		5,625,735
	6,422,944		Taiwan Cooperative Financial Holding		6,176,460
	1,711,000		Taiwan High Speed Rail Corp		1,620,987
	1,335,859		Taiwan Mobile Co Ltd		4,907,793
	17,581,848		Taiwan Semiconductor Manufacturing Co Ltd		317,926,306
	855,000		Unimicron Technology Corp		5,997,077
	3,470,908		Uni-President Enterprises Corp		8,030,358
	8,593,452		United Microelectronics Corp		13,651,462
	588,000		Vanguard International Semiconductor Corp		2,068,899
	50,000		Voltronic Power Technology Corp		2,187,544
	425,400		Wan Hai Lines Ltd		2,062,010
	242,878		Win Semiconductors Corp		1,580,845
	2,100,000		Winbond Electronics Corp		1,895,928
	51,000		Wiwynn Corp		1,743,977
	954,660		WPG Holdings Co Ltd		1,751,357
	298,009		Yageo Corp		4,022,385
	1,254,000	*	Yang Ming Marine Transport		5,231,589
	500,127		Zhen Ding Technology Holding Ltd		1,770,839
			TOTAL TAIWAN		741,611,553
TANZANIA, UNITED REPUBLIC OF - 0.1%
	290,741		AngloGold Ashanti Ltd		5,953,807
			TOTAL TANZANIA, UNITED REPUBLIC OF		5,953,807
THAILAND - 1.7%
	879,900		Advanced Info Service PCL		5,501,232
	2,623,000		Airports of Thailand PCL		5,068,867
	3,258,300		Asset World Corp PCL		455,862
	341,700		B Grimm Power PCL		322,264
	945,100		Bangkok Commercial Asset Management PCL		527,039
	6,226,100		Bangkok Dusit Medical Services PCL		4,644,951
	3,279,100		Bangkok Expressway & Metro PCL		785,548
	502,500		Berli Jucker PCL		500,415
	3,990,500		BTS Group Holdings PCL		1,043,387
	267,700		Bumrungrad Hospital PCL		1,247,328
	159,400		Carabao Group PCL		506,781
	1,108,400		Central Pattana PCL		1,943,674
	862,216	*	Central Retail Corp PCL		985,288
	2,126,680		Charoen Pokphand Foods PCL		1,493,656
	4,202,155		CP ALL plc		7,974,893
	223,700		Delta Electronics Thai PCL		2,370,893
	152,000		Electricity Generating PCL		735,421
	996,703		Energy Absolute PCL		2,560,872
	422,100		Global Power Synergy Co Ltd		813,546
	1,896,050		Gulf Energy Development PCL		2,674,661
	3,045,126		Home Product Center PCL		1,323,912

270

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	952,078		Indorama Ventures PCL	$	1,246,772
	712,300		Intouch Holdings PCL (Class F)		1,449,992
	3,714,160		Krung Thai Bank PCL		1,637,425
	388,200		Krungthai Card PCL		648,949
	4,845,700		Land and Houses PCL Co Reg		1,346,703
	1,641,970	*	Minor International PCL		1,659,357
	362,200		Muangthai Capital PCL		484,970
	559,800		Osotspa PCL		567,707
	1,122,198		PTT Exploration & Production PCL		4,910,079
	1,806,629		PTT Global Chemical PCL		2,619,280
	1,400,000		PTT Oil & Retail Business PCL		1,016,349
	7,371,200		PTT PCL		8,011,218
	424,400		Ratch Group PCL		544,316
	463,800		SCB X PCL		1,557,285
	734,000		SCG Packaging PCL		1,176,009
	570,958		Siam Cement PCL		6,136,627
	445,000		Sri Trang Gloves Thailand PCL		315,723
	423,900		Srisawad Corp PCL		658,646
	1,091,500		Thai Oil PCL		1,785,939
	1,393,400		Thai Union Group PCL		685,269
	6,115,448		True Corp PCL		856,413
			TOTAL THAILAND		82,795,518
TURKEY - 0.3%
	2,264,911		Akbank TAS		1,360,632
	610,470		Aselsan Elektronik Sanayi Ve Ticaret AS		1,007,292
	399,445		BIM Birlesik Magazalar AS		2,244,116
	893,444		Eregli Demir ve Celik Fabrikalari TAS		2,019,361
	41,937		Ford Otomotiv Sanayi AS		844,205
	495,262		KOC Holding AS		1,340,867
	781,989		Turkcell Iletisim Hizmet AS		1,139,679
	1,545,744	*	Turkiye Garanti Bankasi AS		1,559,460
	995,621		Turkiye Is Bankasi (Series C)		706,069
	100,002	*	Turkiye Petrol Rafinerileri AS		1,577,322
	1,109,329		Turkiye Sise ve Cam Fabrikalari AS		1,353,765
			TOTAL TURKEY		15,152,768
UNITED ARAB EMIRATES - 1.5%
	1,919,543		Abu Dhabi Commercial Bank PJSC		5,306,250
	1,104,654		Abu Dhabi Islamic Bank PJSC		2,631,076
	2,132,544		Abu Dhabi National Oil Co for Distribution PJSC		2,392,287
	2,968,070		Aldar Properties PJSC		4,547,671
	1,804,985		Dubai Islamic Bank PJSC		3,157,215
	2,942,333		Emaar Properties PJSC		5,075,088
	1,799,826		Emirates NBD Bank PJSC		7,435,342
	2,458,021		Emirates Telecommunications Group Co PJSC		23,510,383
	3,227,335		National Bank of Abu Dhabi PJSC		19,716,965
			TOTAL UNITED ARAB EMIRATES		73,772,277
UNITED STATES - 0.2%
	480,464		JBS S.A.		3,678,347
	44,109	*	Legend Biotech Corp (ADR)		1,770,976
	54,000		Parade Technologies Ltd		2,568,055
			TOTAL UNITED STATES		8,017,378
			TOTAL COMMON STOCKS		4,860,474,121
			(Cost $4,354,225,049)

271

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

SHARES			COMPANY				VALUE
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
	307,700	*,†	Ayala Land, Inc				$	589
			TOTAL PHILIPPINES					589
			TOTAL PREFERRED STOCKS					589
			(Cost $725)
						EXPIRATION DATE
RIGHTS / WARRANTS - 0.0%
EGYPT - 0.0%
	536,183		Fawry for Banking & Payment Technology Services SAE			05/11/22		111,354
			TOTAL EGYPT					111,354
THAILAND - 0.0%
	11,796		Srisawad Corp PCL			08/29/25		2,497
			TOTAL THAILAND					2,497
			TOTAL RIGHTS / WARRANTS					113,851
			(Cost $296,292)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 1.7%
GOVERNMENT AGENCY DEBT - 0.8%
$	19,985,000		Federal Farm Credit Bank (FFCB)	0.000	%	05/04/22		19,984,468
	10,000,000		Federal Home Loan Bank (FHLB)	0.000		05/05/22		9,999,601
	10,000,000		FHLB	0.000		05/13/22		9,998,537
			TOTAL GOVERNMENT AGENCY DEBT					39,982,606
TREASURY DEBT - 0.3%
	15,000,000		United States Treasury Bill	0.000		05/12/22		14,999,490
			TOTAL TREASURY DEBT					14,999,490
REPURCHASE AGREEMENT - 0.2%
	8,040,000	r	Fixed Income Clearing Corp (FICC)	0.230		05/02/22		8,040,000
			TOTAL REPURCHASE AGREEMENT					8,040,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	21,704,964	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.310				21,704,964
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					21,704,964
			TOTAL SHORT-TERM INVESTMENTS					84,727,060
			(Cost $84,727,049)
			TOTAL INVESTMENTS - 100.4%					4,945,336,971
			(Cost $4,439,271,771)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%					(19,243,578	)
			NET ASSETS - 100.0%				$	4,926,093,393

272

TIAA-CREF FUNDS – Emerging Markets Equity Index Fund

ADR	American Depositary Receipt
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 $74,655,776.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $241,770,332 or 4.9% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $8,040,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $8,200,827.

Futures contracts outstanding as of April 30, 2022 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	1,396	06/17/22		$         75,571,803	$	73,806,520	$	(1,765,283	)

273

TIAA-CREF FUNDS – International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.5%
AUSTRALIA - 8.7%
	273,804		Ampol Ltd	$	6,437,463
	1,408,310		APA Group		11,315,940
	691,949		Aristocrat Leisure Ltd		16,054,824
	2,380,150		Aurizon Holdings Ltd		6,721,819
	3,199,421		Australia & New Zealand Banking Group Ltd		60,882,382
	228,825		Australian Stock Exchange Ltd		13,834,681
	989,098	*,†	AZ BGP Holdings		2,795
	5,738,152		BHP Billiton Ltd		191,742,785
	582,071		BlueScope Steel Ltd		8,274,486
	1,604,161		Brambles Ltd		11,845,633
	76,578		Cochlear Ltd		12,334,214
	1,516,546		Coles Group Ltd		19,940,541
	1,937,797		Commonwealth Bank of Australia		140,845,896
	607,111		Computershare Ltd		10,703,408
	397,808	*	Crown Resorts Ltd		3,601,812
	549,199		CSL Ltd		104,814,691
	1,213,846		Dexus Property Group		9,490,538
	74,700		Domino’s Pizza Enterprises Ltd		3,915,858
	1,518,182		Endeavour Group Ltd		8,310,612
	2,044,834		Evolution Mining Ltd		5,786,065
	1,900,770		Fortescue Metals Group Ltd		28,726,469
	11,274,303		Glencore Xstrata plc		69,468,468
	1,966,064		Goodman Group		32,722,949
	2,069,564		GPT Group		7,357,060
	232,538		IDP Education Ltd		4,313,905
	2,767,094		Insurance Australia Group Ltd		8,836,130
	748,260		Lend Lease Corp Ltd		6,409,862
	381,245		Macquarie Group Ltd		54,885,166
	3,354,604		Medibank Pvt Ltd		7,538,274
	200,204		Mineral Resources Ltd		8,134,935
	4,515,583		Mirvac Group		7,631,743
	3,696,740		National Australia Bank Ltd		84,391,674
	1,032,701		Newcrest Mining Ltd		19,393,457
	1,240,146		Northern Star Resources Ltd		8,524,500
	436,909		Orica Ltd		5,020,444
	1,891,158		Origin Energy Ltd		9,045,691
	1,073,282	*	Qantas Airways Ltd		4,158,779
	1,688,260		QBE Insurance Group Ltd		14,565,100
	221,322		Ramsay Health Care Ltd		12,559,409
	59,966		REA Group Ltd		5,372,228
	327,704		Reece Ltd		3,981,474
	422,394		Rio Tinto Ltd		33,413,004
	1,271,516		Rio Tinto plc		89,840,419
	3,656,773		Santos Ltd		20,434,304
	5,841,719		Scentre Group		12,171,284

274

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	380,906		Seek Ltd	$	7,464,001
	511,741		Sonic Healthcare Ltd		13,216,330
	5,316,557		South32 Ltd		17,705,922
	2,847,066		Stockland Trust Group		8,240,626
	1,458,418		Suncorp-Metway Ltd		11,709,624
	2,497,131		Tabcorp Holdings Ltd		9,549,567
	4,557,603		Telstra Corp Ltd		12,937,431
	3,439,028		Transurban Group		34,533,381
	832,600		Treasury Wine Estates Ltd		6,587,266
	4,355,134		Vicinity Centres		5,682,640
	243,419		Washington H Soul Pattinson & Co Ltd		4,743,289
	1,289,825		Wesfarmers Ltd		44,631,908
	4,145,326		Westpac Banking Corp		69,392,708
	158,294		Wisetech Global Ltd		4,907,556
	1,156,116		Woodside Petroleum Ltd		25,152,555
	1,404,586		Woolworths Ltd		37,998,348
			TOTAL AUSTRALIA		1,520,206,323
AUSTRIA - 0.3%
	386,285		Erste Bank der Oesterreichischen Sparkassen AG.		12,027,275
	541,869		Mondi plc		10,179,533
	179,180		OMV AG.		9,159,258
	177,187		Raiffeisen International Bank Holding AG.		2,016,974
	77,307	*	Verbund AG.		8,263,286
	128,811		Voestalpine AG.		3,352,031
			TOTAL AUSTRIA		44,998,357
BELGIUM - 0.8%
	194,488		Ageas		9,306,556
	982,580		Anheuser-Busch InBev S.A.		56,537,188
	60,035		Colruyt S.A.		2,204,534
	37,329		Elia System Operator S.A.		5,941,968
	121,350		Groupe Bruxelles Lambert S.A.		11,450,639
	280,944		KBC Groep NV		19,113,138
	178,114		Proximus plc		3,113,131
	18,097	e	Sofina S.A.		5,545,954
	81,407		Solvay S.A.		7,655,289
	149,241		UCB S.A.		16,964,618
	226,509		Umicore S.A.		8,707,788
			TOTAL BELGIUM		146,540,803
BRAZIL - 0.1%
	187,217		Yara International ASA		9,519,649
			TOTAL BRAZIL		9,519,649
CHILE - 0.0%
	462,797		Antofagasta plc		8,859,743
			TOTAL CHILE		8,859,743
CHINA - 0.6%
	4,198,938		BOC Hong Kong Holdings Ltd		15,199,568
	1,937,421	g	Budweiser Brewing Co APAC Ltd		4,820,684
	2,270,000		Chow Tai Fook Jewellery Group Ltd		3,806,159
	2,318,097	*,g	ESR Cayman Ltd		7,036,831

275

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	60,600	*,e	Futu Holdings Ltd (ADR)	$	1,938,594
	1,062,261		Prosus NV		51,231,430
	1,554,000		SITC International Co Ltd		5,166,224
	2,069,361		Wilmar International Ltd		6,596,484
			TOTAL CHINA		95,795,974
DENMARK - 2.7%
	183,255		Ambu A.S.		2,412,085
	3,553		AP Moller - Maersk AS (Class A)		10,057,258
	6,738		AP Moller - Maersk AS (Class B)		19,501,297
	112,665		Carlsberg AS (Class B)		14,312,187
	125,036		Chr Hansen Holding A/S		9,741,517
	133,644		Coloplast AS		18,005,679
	784,258		Danske Bank AS		12,029,612
	128,998	*	Demant A.S.		5,668,626
	230,306		DSV AS		37,759,051
	73,470	*	Genmab AS		25,835,096
	147,243		GN Store Nord		5,525,961
	1,912,800		Novo Nordisk AS		218,491,935
	231,514		Novozymes AS		16,138,730
	209,639	g	Orsted AS		23,192,451
	113,103		Pandora AS		9,931,166
	11,098		Rockwool International AS (B Shares)		3,103,889
	402,010		Tryg A.S.		9,558,634
	1,149,541		Vestas Wind Systems A.S.		29,314,439
			TOTAL DENMARK		470,579,613
FINLAND - 1.2%
	165,464		Elisa Oyj (Series A)		9,699,727
	493,805		Fortum Oyj		8,209,927
	308,226		Kesko Oyj (B Shares)		7,760,036
	380,958		Kone Oyj (Class B)		18,315,582
	476,960		Neste Oil Oyj		20,465,795
	6,194,936	*	Nokia Oyj		31,408,758
	3,668,124		Nordea Bank Abp		36,571,480
	128,030		Orion Oyj (Class B)		5,021,658
	569,816		Sampo Oyj (A Shares)		27,668,809
	661,160		Stora Enso Oyj (R Shares)		13,011,294
	599,874		UPM-Kymmene Oyj		20,751,016
	528,031		Wartsila Oyj (B Shares)		4,240,005
			TOTAL FINLAND		203,124,087
FRANCE - 10.2%
	192,155	*	Accor S.A.		6,312,987
	315,486	*	Adevinta ASA		2,437,264
	33,359	*	Aeroports de Paris		4,718,625
	538,835		Air Liquide		93,222,909
	674,544		Airbus SE		73,843,574
	366,891		Alstom RGPT		8,064,414
	66,280	g	Amundi S.A.		3,985,417
	68,274		Arkema		7,779,433
	2,217,481		AXA S.A.		58,663,502
	48,428		BioMerieux		4,610,434
	1,295,013		BNP Paribas S.A.		67,148,204
	1,018,460		Bollore		4,752,567
	258,148		Bouygues S.A.		8,875,966

276

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	329,955		Bureau Veritas S.A.	$	9,478,521
	181,209		Cap Gemini S.A.		36,890,342
	698,335		Carrefour S.A.		14,809,985
	192,753		CNP Assurances		4,235,650
	578,007		Compagnie de Saint-Gobain		33,719,865
	1,434,292		Credit Agricole S.A.		15,487,573
	733,867		Danone		44,377,854
	27,212		Dassault Aviation S.A.		4,566,313
	751,783		Dassault Systemes SE		33,247,116
	283,556		Edenred		14,240,798
	96,052		Eiffage S.A.		9,485,008
	708,499		Electricite de France		6,440,993
	2,067,620		Engie S.A.		24,398,888
	324,843		Essilor International S.A.		55,303,780
	44,193	*	Eurazeo		3,395,750
	156,397		Faurecia		3,399,753
	64,199		Fonciere Des Regions		4,572,097
	51,615		Gecina S.A.		5,814,333
	547,794		Getlink S.E.		10,024,142
	35,806		Hermes International		44,150,836
	42,635		Ipsen		4,419,705
	85,008		Kering		45,230,410
	244,596		Klepierre		5,854,565
	104,793	g	La Francaise des Jeux SAEM		3,913,072
	304,591		Legrand S.A.		26,991,077
	283,427		L’Oreal S.A.		103,113,539
	315,800		LVMH Moet Hennessy Louis Vuitton S.A.		204,365,236
	192,920		Michelin (C.G.D.E.) (Class B)		23,895,055
	2,327,878		Orange S. A.		27,714,310
	55,373		Orpea		1,980,266
	236,864		Pernod-Ricard S.A.		48,884,965
	254,823		Publicis Groupe S.A.		15,298,724
	29,035		Remy Cointreau S.A.		5,755,718
	224,134	*	Renault S.A.		5,476,401
	387,586		Safran S.A.		41,626,144
	1,301,669		Sanofi-Aventis		137,579,751
	31,007		Sartorius Stedim Biotech		10,146,391
	31,635		SEB S.A.		3,798,961
	924,500		Societe Generale		22,219,472
	98,917		Sodexho Alliance S.A.		7,441,086
	66,262		Teleperformance		23,782,165
	118,752		Thales S.A.		15,203,212
	2,853,994		Total S.A.		140,139,568
	108,894	*	Ubisoft Entertainment		4,923,416
	120,884	*	Unibail-Rodamco-Westfield		8,531,378
	19,944	*	Unibail-Rodamco-Westfield		1,430,715
	266,778		Valeo S.A.		4,850,320
	732,342		Veolia Environnement		21,367,229
	612,112		Vinci S.A.		59,395,589
	845,931		Vivendi Universal S.A.		9,716,003
	32,305		Wendel		3,218,682
	264,923	*,g	Worldline S.A.		10,423,177
			TOTAL FRANCE		1,771,141,195

277

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
GERMANY - 7.8%
	216,075		Adidas-Salomon AG.	$	43,573,505
	463,238		Allianz AG.		104,522,281
	1,101,084		Aroundtown S.A.		5,536,836
	1,046,648	*	BASF SE		55,119,594
	1,109,472	*	Bayer AG.		73,082,074
	388,471		Bayerische Motoren Werke AG.		31,724,782
	57,447		Bayerische Motoren Werke AG. (Preference)		4,232,037
	89,059		Bechtle AG.		4,115,391
	119,932		Beiersdorf AG.		12,046,031
	173,366		Brenntag AG.		13,377,523
	45,807		Carl Zeiss Meditec AG.		5,753,570
	1,129,323	*	Commerzbank AG.		7,372,588
	125,027	*	Continental AG.		8,569,490
	224,335	g	Covestro AG.		9,658,862
	976,799	*	Daimler AG. (Registered)		68,181,710
	460,772	*	Daimler Truck Holding AG.		12,392,335
	829,270	*	Deutsche Annington Immobilien SE		33,038,918
	2,362,036	*	Deutsche Bank AG. (Registered)		23,618,768
	221,037		Deutsche Boerse AG.		38,481,333
	679,631	*,e	Deutsche Lufthansa AG.		5,056,161
	1,127,026		Deutsche Post AG.		48,149,323
	3,665,297		Deutsche Telekom AG.		67,518,981
	2,518,490		E.ON AG.		26,209,816
	243,000		Evonik Industries AG.		6,355,998
	229,266		Fresenius Medical Care AG.		14,257,330
	477,988		Fresenius SE		16,895,898
	74,633		FUCHS PETROLUB SE		2,354,017
	176,250		GEA Group AG.		6,860,786
	68,391		Hannover Rueckversicherung AG.		10,630,049
	176,102		HeidelbergCement AG.		10,144,783
	186,877	*	HelloFresh SE		7,877,651
	117,506		Henkel KGaA		7,457,063
	201,151		Henkel KGaA (Preference)		12,916,168
	1,503,754		Infineon Technologies AG.		42,681,370
	81,347		KION Group AG.		4,525,005
	81,894		Knorr-Bremse AG.		5,840,236
	93,445		Lanxess AG.		3,612,216
	80,351		LEG Immobilien AG.		8,238,428
	151,429		Merck KGaA		28,094,209
	59,460	*	MTU Aero Engines Holding AG.		11,991,035
	159,387		Muenchener Rueckver AG.		37,956,528
	62,371		Nemetschek AG.		4,949,409
	172,340		Porsche AG.		14,214,585
	115,572		Puma AG. Rudolf Dassler Sport		8,503,625
	5,671		Rational AG.		3,459,565
	717,344		RWE AG.		29,783,691
	1,187,044		SAP AG.		120,302,098
	28,882		Sartorius AG.		10,828,714
	93,975	g	Scout24 AG.		5,943,759
	871,377		Siemens AG.		107,140,135
	469,427		Siemens Energy AG.		9,042,227
	335,492	g	Siemens Healthineers AG.		17,938,742
	158,545		Symrise AG.		18,865,943
	1,037,242		Telefonica Deutschland Holding AG.		3,119,536
	98,243		Uniper SE		2,525,302
	102,839		United Internet AG.		3,308,417

278

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	55,865		Volkswagen AG.	$	12,114,965
	186,856		Volkswagen AG. (Preference)		28,937,719
	247,572	*,g	Zalando SE		9,741,031
			TOTAL GERMANY		1,350,740,142
HONG KONG - 2.4%
	13,732,347		AIA Group Ltd		134,903,247
	2,305,789		CK Asset Holdings Ltd		15,631,264
	750,044		CK Infrastructure Holdings Ltd		5,042,850
	1,941,882		CLP Holdings Ltd		18,949,614
	2,237,237		Hang Lung Properties Ltd		4,278,873
	863,710		Hang Seng Bank Ltd		15,292,383
	1,680,728		Henderson Land Development Co Ltd		6,796,892
	3,352,611		HK Electric Investments & HK Electric Investments Ltd		3,311,168
	4,488,835		HKT Trust and HKT Ltd		6,441,224
	12,687,292		Hong Kong & China Gas Ltd		13,993,069
	1,607,927		Hong Kong Electric Holdings Ltd		10,829,482
	1,360,064		Hong Kong Exchanges and Clearing Ltd		57,692,522
	1,238,970		Hongkong Land Holdings Ltd		5,779,745
	248,677		Jardine Matheson Holdings Ltd		13,212,209
	2,315,102		Link REIT		19,997,347
	305,434	*	Melco Crown Entertainment Ltd (ADR)		1,747,082
	1,859,688		MTR Corp		9,880,717
	1,637,588		New World Development Co Ltd		6,263,431
	3,642,833		Sino Land Co		4,815,032
	1,496,971		Sun Hung Kai Properties Ltd		17,240,741
	603,112		Swire Pacific Ltd (Class A)		3,435,271
	1,354,634		Swire Properties Ltd		3,246,457
	1,574,660		Techtronic Industries Co		21,018,711
	9,175,105	g	WH Group Ltd		6,336,319
	1,901,426		Wharf Real Estate Investment Co Ltd		8,960,599
	1,987,770		Xinyi Glass Holdings Co Ltd		4,398,560
			TOTAL HONG KONG		419,494,809
IRELAND - 0.6%
	155,470	*	AerCap Holdings NV		7,262,004
	884,224		CRH plc		34,948,814
	190,779	*	Flutter Entertainment plc		19,171,268
	184,938		Kerry Group plc (Class A)		20,485,541
	176,361		Kingspan Group plc		16,416,925
	273,624		Smurfit Kappa Group plc		11,562,192
			TOTAL IRELAND		109,846,744
ISRAEL - 0.6%
	47,744		Azrieli Group		4,101,127
	1,277,259		Bank Hapoalim Ltd		11,841,734
	1,623,722		Bank Leumi Le-Israel		17,040,550
	122,454	*	Check Point Software Technologies		15,464,716
	33,683		Elbit Systems Ltd		7,311,497
	808,601		Israel Chemicals Ltd		8,768,711
	1,357,299		Israel Discount Bank Ltd		8,016,802
	51,971	*	Kornit Digital Ltd		3,456,071
	154,796		Mizrahi Tefahot Bank Ltd		5,725,852
	70,418	*	Nice Systems Ltd		14,641,954
	1,236,310	*	Teva Pharmaceutical Industries Ltd (ADR)		10,768,260
	68,996	*	Wix.com Ltd		5,206,438
			TOTAL ISRAEL		112,343,712

279

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
ITALY - 1.9%
	145,703		Amplifon S.p.A.	$	5,812,801
	1,249,932	e	Assicurazioni Generali S.p.A.		23,665,060
	572,308	*	Autostrade S.p.A.		13,652,718
	239,999		Coca-Cola HBC AG.		4,865,711
	601,066		Davide Campari-Milano NV		6,781,936
	28,663		DiaSorin S.p.A.		3,754,617
	9,239,839		Enel S.p.A.		60,085,681
	2,838,958		ENI S.p.A.		39,685,198
	142,311		Ferrari NV		29,964,256
	666,074		FinecoBank Banca Fineco S.p.A		9,259,334
	367,524	g	Infrastrutture Wireless Italiane S.p.A		3,921,602
	18,801,493		Intesa Sanpaolo S.p.A.		38,312,114
	712,992		Mediobanca S.p.A.		7,146,211
	232,530		Moncler S.p.A		12,113,347
	576,466	*,g	Nexi S.p.A		5,653,932
	616,962	g	Poste Italiane S.p.A		6,045,696
	282,422		Prysmian S.p.A.		9,185,749
	134,188		Recordati S.p.A.		6,466,300
	2,407,860		Snam Rete Gas S.p.A.		13,206,151
	10,444,730		Telecom Italia S.p.A.		3,050,078
	1,634,605		Terna Rete Elettrica Nazionale S.p.A.		13,331,971
	2,415,234	e	UniCredit S.p.A.		22,353,183
			TOTAL ITALY		338,313,646
JAPAN - 21.4%
	226,877		Advantest Corp		15,483,919
	737,677		Aeon Co Ltd		14,019,738
	163,742		Aisin Seiki Co Ltd		4,756,796
	537,522		Ajinomoto Co, Inc		13,965,650
	183,159	*,e	All Nippon Airways Co Ltd		3,452,666
	509,659		Asahi Breweries Ltd		19,210,481
	223,608		Asahi Glass Co Ltd		8,382,932
	257,552		Asahi Intecc Co Ltd		4,976,915
	1,390,439		Asahi Kasei Corp		11,408,119
	2,081,803		Astellas Pharma, Inc		31,696,939
	142,058		Azbil Corp		4,313,176
	234,098		Bandai Namco Holdings Inc		15,849,113
	87,200		Benefit One, Inc		1,322,163
	645,287		Bridgestone Corp		23,652,146
	253,451		Brother Industries Ltd		4,404,873
	1,123,098		Canon, Inc		25,841,527
	209,514		Capcom Co Ltd		5,528,467
	164,528		Central Japan Railway Co		20,711,633
	598,612		Chiba Bank Ltd		3,449,972
	781,317		Chubu Electric Power Co, Inc		7,887,446
	760,827		Chugai Pharmaceutical Co Ltd		22,798,292
	1,194,911		Concordia Financial Group Ltd		4,348,406
	22,770		Cosmos Pharmaceutical Corp		2,099,110
	469,976		CyberAgent, Inc		4,965,231
	232,375		Dai Nippon Printing Co Ltd		4,856,180
	114,334		Daifuku Co Ltd		7,030,238
	1,155,766		Dai-ichi Mutual Life Insurance Co		23,143,075
	2,004,842		Daiichi Sankyo Co Ltd		50,479,706
	282,211		Daikin Industries Ltd		43,126,802

280

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	70,683		Daito Trust Construction Co Ltd	$	6,807,608
	635,963		Daiwa House Industry Co Ltd		15,288,664
	2,340		Daiwa House REIT Investment Corp		5,695,564
	1,629,391	*	Daiwa Securities Group, Inc		7,985,854
	488,878		Denso Corp		29,794,794
	248,410		Dentsu, Inc		8,953,109
	33,509		Disco Corp		8,201,337
	473,384		Don Quijote Co Ltd		7,249,096
	337,765		East Japan Railway Co		17,613,351
	262,845		Eisai Co Ltd		11,447,145
	3,543,259		ENEOS Holdings, Inc		12,467,355
	217,498	*	Fanuc Ltd		33,326,795
	65,781		Fast Retailing Co Ltd		30,285,956
	147,843	*	Fuji Electric Holdings Co Ltd		6,483,018
	681,664		Fuji Heavy Industries Ltd		10,344,046
	404,773		Fujifilm Holdings Corp		22,250,874
	222,315		Fujitsu Ltd		33,602,725
	4,929		GLP J-Reit		6,651,067
	48,915		GMO Payment Gateway, Inc		4,103,963
	252,511		Hakuhodo DY Holdings, Inc		2,980,026
	161,887		Hamamatsu Photonics KK		7,243,338
	262,003		Hankyu Hanshin Holdings, Inc		6,914,678
	22,709		Hikari Tsushin, Inc		2,659,070
	342,180		Hino Motors Ltd		1,766,330
	38,570		Hirose Electric Co Ltd		4,893,527
	124,363	*	Hitachi Construction Machinery Co Ltd		2,815,746
	1,096,500	*	Hitachi Ltd		52,003,101
	283,600	*	Hitachi Metals Ltd		4,425,489
	1,852,996		Honda Motor Co Ltd		48,740,374
	63,425		Hoshizaki Electric Co Ltd		4,017,487
	419,994	*	Hoya Corp		41,681,086
	402,685		Hulic Co Ltd		3,400,028
	118,586		Ibiden Co Ltd		4,431,780
	245,573		Idemitsu Kosan Co Ltd		6,472,090
	165,373		Iida Group Holdings Co Ltd		2,630,196
	1,157,492		Inpex Holdings, Inc		13,772,031
	656,024		Isuzu Motors Ltd		7,653,031
	65,619	e	Ito En Ltd		2,696,646
	1,344,582		Itochu Corp		40,580,795
	118,271		Itochu Techno-Science Corp		2,769,409
	164,476	*	Japan Airlines Co Ltd		2,715,412
	560,915		Japan Post Bank Co Ltd		4,231,704
	2,714,918		Japan Post Holdings Co Ltd		19,036,606
	220,263		Japan Post Insurance Co Ltd		3,561,606
	1,441		Japan Real Estate Investment Corp		6,974,233
	7,666		Japan Retail Fund Investment Corp		6,093,155
	1,319,791		Japan Tobacco, Inc		22,451,999
	552,049		JFE Holdings, Inc		6,750,865
	216,680		JSR Corp		5,883,968
	480,148		Kajima Corp		5,351,000
	148,774		Kakaku.com, Inc		3,115,597
	864,219		Kansai Electric Power Co, Inc		7,575,740
	204,482		Kansai Paint Co Ltd		2,816,110
	544,278		Kao Corp		21,813,829
	1,854,023		KDDI Corp		61,395,397
	110,936		Keio Corp		4,254,679

281

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	138,868		Keisei Electric Railway Co Ltd	$	3,404,968
	221,186		Keyence Corp		88,917,683
	165,165		Kikkoman Corp		9,282,460
	198,260		Kintetsu Corp		5,684,361
	911,327		Kirin Brewery Co Ltd		13,285,074
	62,079		Kobayashi Pharmaceutical Co Ltd		4,233,455
	161,911		Kobe Bussan Co Ltd		3,947,277
	70,142	e	Koei Tecmo Holdings Co Ltd		2,150,905
	127,009	*	Koito Manufacturing Co Ltd		4,660,535
	999,205		Komatsu Ltd		22,488,584
	100,477		Konami Corp		6,178,670
	37,285		Kose Corp		3,827,715
	1,171,654		Kubota Corp		19,904,830
	108,758		Kurita Water Industries Ltd		3,710,422
	363,036		Kyocera Corp		19,061,907
	326,412		Kyowa Hakko Kogyo Co Ltd		6,879,712
	84,444		Lasertec Corp		11,281,831
	59,668		Lawson, Inc		2,194,600
	256,724		Lion Corp		2,645,139
	324,652		LIXIL Group Corp		5,710,080
	503,492		M3, Inc		16,078,482
	257,369		Makita Corp		7,607,015
	1,762,873		Marubeni Corp		19,242,842
	721,506		Mazda Motor Corp		5,123,236
	100,715		McDonald’s Holdings Co Japan Ltd		3,995,650
	211,527		Mediceo Paltac Holdings Co Ltd		3,483,510
	144,526		MEIJI Holdings Co Ltd		7,204,172
	131,908	*,e	Mercari, Inc		2,161,626
	404,291		Minebea Co Ltd		7,756,790
	321,243		MISUMI Group, Inc		8,054,948
	1,391,241		Mitsubishi Chemical Holdings Corp		8,483,287
	1,434,362		Mitsubishi Corp		48,159,449
	2,029,734		Mitsubishi Electric Corp		21,260,021
	1,336,106		Mitsubishi Estate Co Ltd		19,462,482
	169,723		Mitsubishi Gas Chemical Co, Inc		2,478,459
	356,589		Mitsubishi Heavy Industries Ltd		12,191,819
	13,572,588		Mitsubishi UFJ Financial Group, Inc		78,902,518
	680,533		Mitsubishi UFJ Lease & Finance Co Ltd		3,062,039
	1,772,954		Mitsui & Co Ltd		42,933,477
	217,560		Mitsui Chemicals, Inc		4,970,786
	1,048,691		Mitsui Fudosan Co Ltd		22,225,681
	403,600		Mitsui OSK Lines Ltd		9,448,723
	104,033		Miura Co Ltd		2,173,008
	2,739,188		Mizuho Financial Group, Inc		33,261,155
	291,596		MonotaRO Co Ltd		5,009,049
	489,723		MS&AD Insurance Group Holdings Inc		14,577,713
	646,832		Murata Manufacturing Co Ltd		38,556,025
	274,439		NEC Corp		10,647,099
	561,983		Nexon Co Ltd		12,796,969
	284,989		NGK Insulators Ltd		3,833,564
	512,135		Nidec Corp		33,109,048
	362,788		Nihon M&A Center, Inc		4,467,302
	126,813		Nintendo Co Ltd		57,876,275
	1,645		Nippon Building Fund, Inc		8,539,694
	83,887		Nippon Express Holdings, Inc		4,918,358
	963,785		Nippon Paint Co Ltd		7,634,460

282

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	2,443		Nippon ProLogis REIT, Inc	$	6,761,657
	66,973		Nippon Shinyaku Co Ltd		4,529,637
	981,338		Nippon Steel Corp		15,582,253
	1,389,836		Nippon Telegraph & Telephone Corp		40,957,548
	184,672		Nippon Yusen Kabushiki Kaisha		13,322,975
	130,825		Nissan Chemical Industries Ltd		6,910,515
	2,724,264	*	Nissan Motor Co Ltd		10,906,716
	263,720		Nisshin Seifun Group, Inc		3,515,603
	72,565		Nissin Food Products Co Ltd		5,047,808
	92,876		Nitori Co Ltd		9,555,018
	162,341		Nitto Denko Corp		10,896,476
	3,531,550	*	Nomura Holdings, Inc		13,598,066
	136,462		Nomura Real Estate Holdings, Inc		3,324,998
	4,758		Nomura Real Estate Master Fund, Inc		5,973,854
	395,237		Nomura Research Institute Ltd		11,175,887
	713,177		NTT Data Corp		13,149,495
	698,676		Obayashi Corp		4,804,891
	82,550		Obic Co Ltd		12,195,875
	340,560		Odakyu Electric Railway Co Ltd		5,157,117
	919,327		OJI Paper Co Ltd		4,354,855
	1,261,440		Olympus Corp		22,202,755
	207,517		Omron Corp		12,233,971
	445,170		Ono Pharmaceutical Co Ltd		11,436,658
	89,400		Open House Co Ltd		3,459,302
	46,531	*	Oracle Corp Japan		2,990,145
	232,533		Oriental Land Co Ltd		35,175,291
	1,382,691		ORIX Corp		25,218,846
	2,847		Orix JREIT, Inc		3,848,349
	462,006		Osaka Gas Co Ltd		8,326,921
	609,853		Osaka Securities Exchange Co Ltd		9,080,960
	140,901		Otsuka Corp		4,617,623
	439,161		Otsuka Holdings KK		14,756,869
	2,502,634		Panasonic Corp		22,306,463
	199,756		Persol Holdings Co Ltd		3,963,085
	90,448		Pola Orbis Holdings, Inc		1,042,786
	999,799	*	Rakuten, Inc		7,028,469
	1,546,848		Recruit Holdings Co Ltd		56,122,107
	1,450,972	*	Renesas Electronics Corp		15,493,423
	2,236,034		Resona Holdings, Inc		9,723,229
	785,488		Ricoh Co Ltd		5,735,560
	42,499		Rinnai Corp		2,716,510
	95,044		Rohm Co Ltd		6,639,855
	273,442		Ryohin Keikaku Co Ltd		2,457,458
	389,616		Santen Pharmaceutical Co Ltd		3,169,401
	272,244	*	SBI Holdings, Inc		6,089,310
	228,953		Secom Co Ltd		16,107,863
	302,934		Seiko Epson Corp		4,267,589
	409,518		Sekisui Chemical Co Ltd		5,545,339
	691,911		Sekisui House Ltd		12,017,067
	851,248		Seven & I Holdings Co Ltd		37,639,543
	386,224		SG Holdings Co Ltd		6,806,302
	251,332		Sharp Corp		2,126,595
	270,746		Shimadzu Corp		8,851,264
	87,778		Shimano, Inc		15,552,885
	574,071		Shimizu Corp		3,010,219
	403,546		Shin-Etsu Chemical Co Ltd		55,461,144

283

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	297,033		Shionogi & Co Ltd	$	16,522,731
	446,638		Shiseido Co Ltd		21,113,218
	460,019		Shizuoka Bank Ltd		2,976,356
	64,751		SMC Corp		31,353,737
	3,322,577		Softbank Corp		38,667,692
	1,365,525		Softbank Group Corp		56,164,363
	94,543		Sohgo Security Services Co Ltd		2,626,292
	354,859		Sompo Holdings, Inc		14,446,308
	1,433,732		Sony Corp		123,732,527
	101,211		Square Enix Co Ltd		4,040,926
	140,588		Stanley Electric Co Ltd		2,424,173
	373,872		Sumco Corp		5,384,378
	167,864		Sumisho Computer Systems Corp		2,668,754
	1,690,819		Sumitomo Chemical Co Ltd		7,189,708
	1,272,755		Sumitomo Corp		20,139,605
	208,575		Sumitomo Dainippon Pharma Co Ltd		1,857,903
	883,994		Sumitomo Electric Industries Ltd		9,503,665
	273,442		Sumitomo Metal Mining Co Ltd		11,992,270
	1,476,745		Sumitomo Mitsui Financial Group, Inc		44,618,278
	379,002		Sumitomo Mitsui Trust Holdings, Inc		11,763,276
	345,122		Sumitomo Realty & Development Co Ltd		9,155,560
	165,591		Suntory Beverage & Food Ltd		6,524,452
	424,193	*	Suzuki Motor Corp		12,787,339
	186,703		Sysmex Corp		12,247,260
	619,930		T&D Holdings, Inc		7,966,371
	203,685		Taisei Corp		5,517,419
	56,225		Taisho Pharmaceutical Holdings Co Ltd		2,214,586
	171,272		Taiyo Nippon Sanso Corp		3,082,123
	1,778,209		Takeda Pharmaceutical Co Ltd		51,597,441
	450,595		TDK Corp		13,919,652
	721,462		Terumo Corp		21,474,412
	241,729		TIS, Inc		5,429,078
	223,323		Tobu Railway Co Ltd		5,019,892
	144,497		Toho Co Ltd		5,361,912
	711,946		Tokio Marine Holdings, Inc		38,493,969
	42,033		Tokyo Century Corp		1,294,705
	1,813,146	*	Tokyo Electric Power Co, Inc		6,258,537
	169,453		Tokyo Electron Ltd		71,500,084
	448,829		Tokyo Gas Co Ltd		8,597,073
	528,858		Tokyu Corp		6,467,304
	288,328		Toppan Printing Co Ltd		4,765,965
	1,534,840		Toray Industries, Inc		7,274,042
	442,011		Toshiba Corp		18,355,978
	285,539		Tosoh Corp		3,942,869
	164,497		Toto Ltd		5,543,351
	100,614		Toyo Suisan Kaisha Ltd		3,106,593
	174,167		Toyota Industries Corp		10,445,977
	12,042,850	*	Toyota Motor Corp		206,338,648
	238,241		Toyota Tsusho Corp		8,559,336
	158,566	*	Trend Micro, Inc		8,841,151
	43,979	e	Tsuruha Holdings, Inc		2,247,680
	473,716		Uni-Charm Corp		16,481,521
	297,261		USS Co Ltd		4,948,816
	107,415		Welcia Holdings Co Ltd		2,201,907
	247,506		West Japan Railway Co		9,187,171
	143,485		Yakult Honsha Co Ltd		7,429,737

284

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	145,016		Yamaha Corp	$	5,540,622
	356,887		Yamaha Motor Co Ltd		7,368,177
	309,106		Yamato Transport Co Ltd		5,783,991
	281,369		Yaskawa Electric Corp		9,554,010
	255,736		Yokogawa Electric Corp		4,077,067
	3,033,836		Z Holdings Corp		11,910,348
	138,204		ZOZO Inc		2,893,644
			TOTAL JAPAN		3,717,255,459
JORDAN - 0.0%
	208,856		Hikma Pharmaceuticals plc		4,906,114
			TOTAL JORDAN		4,906,114
LUXEMBOURG - 0.2%
	743,484		ArcelorMittal		21,678,279
	148,617		Eurofins Scientific SE		13,812,133
			TOTAL LUXEMBOURG		35,490,412
MACAU - 0.1%
	2,467,914		Galaxy Entertainment Group Ltd		14,082,326
	2,824,822	*	Sands China Ltd		6,226,402
			TOTAL MACAU		20,308,728
NETHERLANDS - 5.2%
	481,822	e,g	ABN AMRO Group NV		5,989,607
	22,686	*,g	Adyen NV		38,051,077
	2,124,489		Aegon NV		11,014,795
	213,309		Akzo Nobel NV		18,503,805
	51,018	*	Argenx SE		14,741,696
	1,564	*	Argenx SE		450,602
	52,920		ASM International NV		15,902,043
	471,244		ASML Holding NV		267,449,102
	198,787		DSM NV		33,418,002
	93,443	g	Euronext NV		7,486,852
	121,928		EXOR NV		8,461,169
	131,413		Heineken Holding NV		10,258,389
	295,087		Heineken NV		28,803,730
	62,156		IMCD Group NV		9,896,628
	4,445,342		ING Groep NV		42,116,102
	101,338		JDE Peet’s BV		2,981,269
	1,201,037		Koninklijke Ahold Delhaize NV		35,425,744
	3,793,361		Koninklijke KPN NV		13,089,343
	1,025,692		Koninklijke Philips Electronics NV		26,802,478
	303,915		NN Group NV		14,886,238
	136,809		Randstad Holdings NV		7,234,342
	8,760,752		Shell plc		235,190,201
	814,897		Universal Music Group NV		18,910,833
	292,218		Wolters Kluwer NV		29,508,976
			TOTAL NETHERLANDS		896,573,023
NEW ZEALAND - 0.2%
	1,435,850	*	Auckland International Airport Ltd		7,212,279
	646,425		Fisher & Paykel Healthcare Corp		8,883,250
	685,433		Mercury NZ Ltd		2,657,463
	1,446,567		Meridian Energy Ltd		4,390,412

285

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	461,859		Ryman Healthcare Ltd	$	2,733,405
	2,219,309		Telecom Corp of New Zealand Ltd		7,018,986
	149,327	*	Xero Ltd		9,846,938
			TOTAL NEW ZEALAND		42,742,733
NORWAY - 0.7%
	138,036	e	Aker BP ASA		4,945,672
	1,054,245	e	DNB Bank ASA		20,428,432
	1,111,549		Equinor ASA		37,569,871
	219,773		Gjensidige Forsikring BA		4,698,615
	507,425		Mowi ASA		14,333,245
	1,553,585		Norsk Hydro ASA		13,046,262
	924,299	e	Orkla ASA		7,500,356
	83,547		Schibsted ASA		1,741,025
	107,932		Schibsted ASA (B Shares)		2,088,594
	833,358		Telenor ASA		11,753,237
			TOTAL NORWAY		118,105,309
POLAND - 0.0%
	232,489	*,e	InPost S.A.		1,425,361
			TOTAL POLAND		1,425,361
PORTUGAL - 0.2%
	3,137,368		Energias de Portugal S.A.		14,622,210
	567,196		Galp Energia SGPS S.A.		6,903,707
	343,508		Jeronimo Martins SGPS S.A.		7,150,683
			TOTAL PORTUGAL		28,676,600
SAUDI ARABIA - 0.0%
	195,786	*,g	Delivery Hero AG.		6,882,457
			TOTAL SAUDI ARABIA		6,882,457
SINGAPORE - 1.4%
	3,812,906		Ascendas REIT		7,844,975
	3,246,601	*	Capitaland Investment Ltd		9,844,341
	5,558,300		CapitaMall Trust		9,313,439
	481,243		City Developments Ltd		2,950,556
	2,057,470		DBS Group Holdings Ltd		49,915,493
	6,847,039		Genting Singapore Ltd		3,975,328
	1,194,033	*	Grab Holdings Ltd		3,522,397
	1,574,281		Keppel Corp Ltd		7,764,038
	2,472,901		Mapletree Commercial Trust		3,325,857
	3,435,990		Mapletree Logistics Trust		4,412,915
	3,782,431		Oversea-Chinese Banking Corp		33,582,632
	1,464,022	*,e	Singapore Airlines Ltd		5,770,680
	1,015,647		Singapore Exchange Ltd		7,146,438
	2,027,977		Singapore Technologies Engineering Ltd		5,972,622
	9,320,402		Singapore Telecommunications Ltd		18,601,600
	777,468		STMicroelectronics NV		28,725,236
	1,319,938		United Overseas Bank Ltd		28,254,908
	561,591	*	UOL Group Ltd		2,950,898
	297,278		Venture Corp Ltd		3,649,362
			TOTAL SINGAPORE		237,523,715

286

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
SOUTH AFRICA - 0.4%
	1,460,562		Anglo American plc	$	64,689,712
			TOTAL SOUTH AFRICA		64,689,712
SPAIN - 2.4%
	256,373	e	ACS Actividades de Construccion y Servicios S.A.		6,564,498
	83,917	*,g	Aena S.A.		11,908,622
	514,525	*	Amadeus IT Holding S.A.		32,241,637
	7,649,183	e	Banco Bilbao Vizcaya Argentaria S.A.		40,137,182
	19,838,999	e	Banco Santander S.A.		57,976,465
	5,108,900	e	CaixaBank S.A.		16,490,991
	568,489	g	Cellnex Telecom SAU		26,497,431
	327,329	e	EDP Renovaveis S.A.		7,746,947
	295,291	e	Enagas		6,384,983
	377,882		Endesa S.A.		7,919,441
	544,250		Ferrovial S.A.		13,956,940
	354,371	e	Grifols S.A.		5,935,269
	6,572,441		Iberdrola S.A.		75,522,624
	1,231,210	e	Industria De Diseno Textil S.A.		25,815,105
	240,419	e	Naturgy Energy Group S.A.		7,232,360
	493,119		Red Electrica Corp S.A.		9,928,581
	1,618,278		Repsol YPF S.A.		24,141,273
	283,599	*	Siemens Gamesa Renewable Energy		4,517,325
	5,946,017		Telefonica S.A.		28,925,241
			TOTAL SPAIN		409,842,915
SWEDEN - 3.2%
	359,662	e	Alfa Laval AB		10,011,648
	1,124,732	e	Assa Abloy AB		28,424,375
	756,335	e	Atlas Copco AB (A Shares)		34,289,848
	447,707	e	Atlas Copco AB (B Shares)		17,719,241
	304,535	e	Boliden AB		13,204,994
	248,051		Electrolux AB		3,782,878
	616,101	*,e	Embracer Group AB		4,118,025
	773,026		Epiroc AB		15,671,604
	445,121		Epiroc AB		7,765,512
	344,217		EQT AB		9,741,967
	3,274,619		Ericsson (LM) (B Shares)		26,122,365
	669,508		Essity AB		17,655,584
	198,009	g	Evolution Gaming Group AB		20,315,386
	118,179	*	Fastighets AB Balder		5,857,810
	262,937		Getinge AB (B Shares)		7,606,186
	830,828	e	Hennes & Mauritz AB (B Shares)		10,459,353
	2,204,499	*	Hexagon AB		28,444,476
	471,671	e	Husqvarna AB (B Shares)		4,508,752
	157,747	e	Industrivarden AB		4,041,878
	194,442	e	Industrivarden AB		4,895,946
	160,099		Investment AB Latour		4,241,430
	2,074,436	e	Investor AB		39,918,165
	577,822		Investor AB		12,068,684
	272,320	*	Kinnevik AB		5,329,969
	257,685	*	Lifco AB		5,405,107
	81,629		Lundbergs AB (B Shares)		3,817,491
	236,388	e	Lundin Petroleum AB		9,773,662
	1,615,284		Nibe Industrier AB		15,836,894
	193,159		Sagax AB		4,934,137
	1,282,105	e	Sandvik AB		24,268,085

287

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	339,705	e	Securitas AB (B Shares)	$	4,010,829
	597,136	*,e,g	Sinch AB		2,638,978
	1,817,627		Skandinaviska Enskilda Banken AB (Class A)		20,383,042
	385,580		Skanska AB (B Shares)		7,365,422
	450,540	e	SKF AB (B Shares)		7,358,526
	679,929		Svenska Cellulosa AB (B Shares)		13,158,530
	1,662,796		Svenska Handelsbanken AB		16,771,488
	1,028,795	e	Swedbank AB (A Shares)		16,274,755
	1,825,151	e	Swedish Match AB		14,536,926
	607,552	e	Tele2 AB (B Shares)		8,052,666
	3,238,594		TeliaSonera AB		13,442,153
	235,339		Volvo AB (A Shares)		3,869,120
	1,626,323		Volvo AB (B Shares)		25,945,430
			TOTAL SWEDEN		554,039,317
SWITZERLAND - 10.1%
	1,877,514		ABB Ltd		56,329,060
	177,725		Adecco S.A.		6,858,386
	564,618		Alcon, Inc		40,314,180
	6,758		Bachem Holding AG.		2,948,838
	53,411		Baloise Holding AG.		9,290,360
	3,925		Barry Callebaut AG.		9,033,602
	597,422		Cie Financiere Richemont S.A.		69,414,871
	233,340		Clariant AG.		3,983,884
	3,100,047		Credit Suisse Group		21,041,003
	8,107		EMS-Chemie Holding AG.		7,232,452
	40,513		Geberit AG.		23,103,499
	10,438		Givaudan S.A.		41,486,057
	597,879		Holcim Ltd		29,233,594
	253,568		Julius Baer Group Ltd		12,117,462
	60,675		Kuehne & Nagel International AG.		16,973,602
	1,196		Lindt & Spruengli AG.		13,413,121
	119		Lindt & Spruengli AG. (Registered)		14,117,296
	192,539		Logitech International S.A.		12,530,169
	83,594		Lonza Group AG.		49,289,851
	3,195,817		Nestle S.A.		412,561,041
	2,491,097		Novartis AG.		220,136,353
	25,752		Partners Group		27,284,170
	798,414		Roche Holding AG.		296,062,861
	36,403		Roche Holding AG.		14,624,740
	45,068		Schindler Holding AG.		8,658,712
	23,303		Schindler Holding AG. (Registered)		4,473,575
	6,706		SGS S.A.		17,231,206
	160,555		Sika AG.		49,042,807
	61,005		Sonova Holdings AG		21,999,997
	116,220		Straumann Holding AG.		13,701,358
	35,298		Swatch Group AG.		9,058,976
	52,219		Swatch Group AG. (Registered)		2,576,181
	36,132		Swiss Life Holding		21,126,925
	84,053		Swiss Prime Site AG.		8,215,717
	29,880		Swisscom AG.		17,668,068
	79,919		Temenos Group AG.		8,067,484
	4,041,185		UBS Group AG		68,605,707
	30,817	g	VAT Group AG.		9,532,051
	52,364		Vifor Pharma AG.		9,261,605
	2,965		Vifor Pharma AG.		528,838
	170,749		Zurich Insurance Group AG		77,736,814
			TOTAL SWITZERLAND		1,756,866,473

288

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
TAIWAN - 0.2%
	367,300	*	Sea Ltd (ADR)	$	30,397,748
			TOTAL TAIWAN		30,397,748
UNITED ARAB EMIRATES - 0.0%
	121,704	*,†	NMC Health plc		1,530
			TOTAL UNITED ARAB EMIRATES		1,530
UNITED KINGDOM - 11.9%
	1,108,374		3i Group plc		18,138,815
	234,022		Admiral Group plc		7,366,378
	503,068		Ashtead Group plc		26,012,252
	385,223		Associated British Foods plc		7,708,601
	1,765,902		AstraZeneca plc		235,644,218
	1,134,082	g	Auto Trader Group plc		8,950,355
	129,412		Aveva Group plc		3,478,086
	4,356,084		Aviva plc		23,370,939
	3,596,093		BAE Systems plc		33,215,874
	19,139,031		Barclays plc		35,180,237
	1,224,046		Barratt Developments plc		7,488,765
	121,125		Berkeley Group Holdings plc		6,143,035
	22,446,478		BP plc		108,366,959
	2,477,954		British American Tobacco plc		103,856,874
	1,030,354		British Land Co plc		6,636,938
	10,075,040		BT Group plc		22,342,262
	395,804		Bunzl plc		15,270,365
	471,357		Burberry Group plc		9,302,444
	3,013,739		CK Hutchison Holdings Ltd		21,150,200
	1,159,188		CNH Industrial NV		16,421,389
	232,110	*	Coca-Cola European Partners plc (Class A)		11,593,895
	2,021,786		Compass Group plc		42,663,399
	163,387		Croda International plc		15,869,218
	110,794		DCC plc		8,394,745
	2,669,163		Diageo plc		133,161,483
	656,962	*	Entain PLC		12,344,530
	1,036,548		Experian Group Ltd		35,796,511
	428,414		Halma plc		13,150,394
	394,013		Hargreaves Lansdown plc		4,510,797
	23,122,836		HSBC Holdings plc		144,497,575
	1,074,618		Imperial Tobacco Group plc		22,368,744
	1,675,357	*	Informa plc		11,884,807
	205,660		InterContinental Hotels Group plc		13,129,278
	182,126		Intertek Group plc		11,349,167
	1,992,675		J Sainsbury plc		5,814,135
	3,110,195	*	JD Sports Fashion plc		5,124,590
	205,904		Johnson Matthey plc		5,664,067
	205,360	*,g	Just Eat Takeaway.com NV		5,578,100
	2,294,401		Kingfisher plc		7,235,554
	803,752		Land Securities Group plc		7,538,044
	6,811,485		Legal & General Group plc		21,232,046
	79,987,701		Lloyds TSB Group plc		45,430,029
	373,551		London Stock Exchange Group plc		36,829,049
	2,929,199		M&G plc		7,776,860

289

TIAA-CREF FUNDS – International Equity Index Fund

SHARES			COMPANY	VALUE
	5,008,541		Melrose Industries plc	$	7,277,896
	4,121,709		National Grid plc		61,236,112
	6,479,338		Natwest Group plc		17,382,682
	145,927		Next plc		10,930,029
	546,732	*	Ocado Ltd		6,252,780
	852,267		Pearson plc		8,275,347
	352,985		Persimmon plc		9,193,236
	719,667		Phoenix Group Holdings plc		5,451,047
	3,138,311		Prudential plc		39,067,118
	813,969		Reckitt Benckiser Group plc		63,477,830
	2,228,865		RELX plc		66,398,961
	2,200,035		Rentokil Initial plc		15,110,436
	9,627,769	*	Rolls-Royce Group plc		9,870,007
	1,125,042		Sage Group plc		10,324,048
	134,278		Schroders plc		4,740,044
	1,203,077		Scottish & Southern Energy plc		27,942,457
	1,322,891		Segro plc		22,147,976
	283,949		Severn Trent plc		11,159,633
	982,143		Smith & Nephew plc		15,919,122
	439,120		Smiths Group plc		8,035,585
	82,685		Spirax-Sarco Engineering plc		12,476,797
	604,340		St. James’s Place plc		9,711,492
	2,990,459		Standard Chartered plc		20,443,739
	2,662,178		Standard Life Aberdeen plc		6,251,134
	4,386,426		Taylor Wimpey plc		6,898,778
	8,750,668		Tesco plc		29,728,801
	2,938,190		Unilever plc		136,596,799
	776,678		United Utilities Group plc		11,161,178
	30,963,379		Vodafone Group plc		46,877,285
	236,363	*	Whitbread plc		8,250,685
	1,301,390		WPP plc		16,221,648
			TOTAL UNITED KINGDOM		2,069,792,685
UNITED STATES - 2.0%
	46,160	*	CyberArk Software Ltd		7,253,582
	247,112		Ferguson plc		31,000,000
	39,652	*,e	Fiverr International Ltd		2,111,469
	5,762,806		GlaxoSmithKline plc		129,908,521
	57,488	*	Inmode Ltd		1,443,524
	511,061		James Hardie Industries NV		14,732,990
	266,912	*	QIAGEN NV		12,309,204
	611,432		Schneider Electric S.A.		87,721,611
	2,313,279	e	Stellantis NV		31,057,267
	340,888	e	Swiss Re Ltd		27,955,142
	539,052		Tenaris S.A.		8,237,891
			TOTAL UNITED STATES		353,731,201
			TOTAL COMMON STOCKS		16,950,756,289
			(Cost $15,181,788,109)

290

TIAA-CREF FUNDS – International Equity Index Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 2.8%
GOVERNMENT AGENCY DEBT - 1.1%
$	5,000,000		Federal Farm Credit Bank (FFCB)		0.000	%	05/03/22	$	4,999,934
	11,000,000		FFCB		0.000		07/25/22		10,977,027
	20,585,000		Federal Home Loan Bank (FHLB)		0.000		05/04/22		20,584,452
	19,930,000		FHLB		0.000		05/05/22		19,929,205
	10,000,000		FHLB		0.000		05/06/22		9,999,468
	12,500,000		FHLB		0.000		05/11/22		12,498,504
	20,000,000		FHLB		0.000		05/13/22		19,997,074
	17,800,000		FHLB		0.000		05/18/22		17,796,212
	15,000,000		FHLB		0.000		05/23/22		14,995,811
	20,000,000		FHLB		0.000		05/24/22		19,994,148
	12,500,000		FHLB		0.000		06/16/22		12,488,795
	17,820,000		FHLB		0.000		06/17/22		17,803,672
	10,000,000		FHLB		0.000		06/30/22		9,988,214
			TOTAL GOVERNMENT AGENCY DEBT						192,052,516
REPURCHASE AGREEMENT - 0.4%
	61,695,000	r	Fixed Income Clearing Corp (FICC)		0.250		05/02/22		61,695,000
			TOTAL REPURCHASE AGREEMENT						61,695,000
TREASURY DEBT - 0.1%
	20,000,000		United States Treasury Bill		0.000		05/12/22		19,999,319
			TOTAL TREASURY DEBT						19,999,319
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2%
	216,734,566	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				216,734,566
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						216,734,566
			TOTAL SHORT-TERM INVESTMENTS						490,481,401
			(Cost $490,521,153)
			TOTAL INVESTMENTS - 100.3%						17,441,237,690
			(Cost $15,672,309,262)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(57,779,649	)
			NET ASSETS - 100.0%					$	17,383,458,041

	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 $389,945,535.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $262,442,491 or 1.5% of net assets.
r	Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $61,695,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 5/15/45, valued at $62,928,951.

291

TIAA-CREF FUNDS – International Equity Index Fund

Futures contracts outstanding as of April 30, 2022 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index		3,005	06/17/22	$	316,218,619	$	299,989,150	$	(16,229,469	)

292

TIAA-CREF FUNDS – Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
BANK LOAN OBLIGATIONS - 0.3%
CHILE - 0.3%
$	1,840,000	i	Coral-US Co-Borrower LLC	LIBOR 1 M + 3.000%		3.554	%	10/01/29	$	1,818,914
			TOTAL CHILE							1,818,914
			TOTAL BANK LOAN OBLIGATIONS							1,818,914
			(Cost $1,826,200)
BONDS - 94.7%
CORPORATE BONDS - 48.9%
ARGENTINA - 0.3%
	1,950,000	g	YPF S.A.			6.950		07/21/27		1,411,332
			TOTAL ARGENTINA							1,411,332
BRAZIL - 4.6%
	2,550,000	g	Arcos Dorados BV			6.125		05/27/29		2,499,841
	3,000,000	g	B3 S.A.-Brasil Bolsa Balcao			4.125		09/20/31		2,607,750
	2,500,000	g	Banco BTG Pactual S.A.			2.750		01/11/26		2,278,125
	1,855,000	g	Banco do Brasil S.A.			3.250		09/30/26		1,720,531
	1,425,000	g	Embraer Netherlands Finance BV			6.950		01/17/28		1,433,657
	2,750,000	g	Itau Unibanco Holding S.A.			4.625		N/A‡		2,375,312
	2,250,000	g	JSM Global Sarl			4.750		10/20/30		1,924,493
	1,925,000	g	Natura &Co Luxembourg Holdings Sarl			6.000		04/19/29		1,868,867
	163,688	g	Odebrecht Offshore Drilling Finance Ltd			6.720		12/01/22		161,233
	4,353,488	†,g,o	Odebrecht Offshore Drilling Finance Ltd			7.720		12/01/26		1,023,070
	527,012	†,g	Odebrecht Oil & Gas Finance Ltd			0.000		N/A‡		1,581
	714,000	o	Oi S.A.			10.000		07/27/25		569,422
	2,000,000		Petrobras Global Finance BV			6.900		03/19/49		1,884,180
	600,000		Petrobras Global Finance BV			5.500		06/10/51		492,372
	1,791,200	g	Rio Oil Finance Trust			8.200		04/06/28		1,916,584
	3,000,000	e,g	Rumo Luxembourg Sarl			4.200		01/18/32		2,503,500
			TOTAL BRAZIL							25,260,518
CHILE - 2.5%
	2,393,530	g	Alfa Desarrollo S.p.A			4.550		09/27/51		1,876,647
	2,325,000	g	Celulosa Arauco y Constitucion S.A.			5.150		01/29/50		2,080,898
	2,250,000	g	Cia Cervecerias Unidas S.A.			3.350		01/19/32		1,996,875
	2,150,000	g	Corp Nacional del Cobre de Chile			4.375		02/05/49		1,912,038
	1,675,000	e,g	Corp Nacional del Cobre de Chile			3.150		01/15/51		1,228,244
	2,075,000	g	Embotelladora Andina S.A.			3.950		01/21/50		1,735,240
	2,000,000	e,g	Empresa de los Ferrocarriles del Estado			3.068		08/18/50		1,385,000
	1,775,000	g	Empresa Nacional del Petroleo			3.450		09/16/31		1,499,875
			TOTAL CHILE							13,714,817

293

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
CHINA - 0.9%
$	2,500,000	g	ENN Clean Energy International Investment Ltd		3.375	%	05/12/26	$	2,293,991
	2,050,000	e,g	Lenovo Group Ltd		3.421		11/02/30		1,801,499
	1,000,000	†	Shimao Group Holdings Ltd		4.750		07/03/22		320,500
	2,600,000	†	Shimao Group Holdings Ltd		5.200		01/30/25		639,600
			TOTAL CHINA						5,055,590
COLOMBIA - 2.1%
	1,675,000		Bancolombia S.A.		4.625		12/18/29		1,561,770
	1,375,000		Ecopetrol S.A.		4.625		11/02/31		1,148,812
	2,700,000		Ecopetrol S.A.		5.875		11/02/51		2,055,375
	2,000,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		1,672,520
	1,000,000	g	Empresas Publicas de Medellin ESP		4.375		02/15/31		822,510
	2,075,000	g	Grupo Aval Ltd		4.375		02/04/30		1,756,799
	725,000	g	Millicom International Cellular S.A.		4.500		04/27/31		627,506
	2,200,000	g	SierraCol Energy Andina LLC		6.000		06/15/28		1,939,520
			TOTAL COLOMBIA						11,584,812
COSTA RICA - 1.0%
	2,148,250	g	Autopistas del Sol S.A.		7.375		12/30/30		2,083,824
	3,200,000	g	Instituto Costarricense de Electricidad		6.750		10/07/31		3,188,639
			TOTAL COSTA RICA						5,272,463
DOMINICAN REPUBLIC - 0.6%
	2,500,000	g	Aeropuertos Dominicanos Siglo XXI S.A.		6.750		03/30/29		2,420,350
	975,000	g	AES Andres BV		5.700		05/04/28		894,272
			TOTAL DOMINICAN REPUBLIC						3,314,622
GHANA - 0.7%
	1,000,000	g	Kosmos Energy Ltd		7.750		05/01/27		990,000
	1,000,000	g	Tullow Oil plc		7.000		03/01/25		811,300
	2,000,000	g	Tullow Oil plc		10.250		05/15/26		1,985,800
			TOTAL GHANA						3,787,100
GUATEMALA - 0.8%
	1,830,000	g	CNTL AMR BOTTLING CORP		5.250		04/27/29		1,738,628
	1,225,000	g	CT Trust		5.125		02/03/32		1,141,210
	1,650,000	g	Investment Energy Resources Ltd		6.250		04/26/29		1,627,725
			TOTAL GUATEMALA						4,507,563
INDIA - 2.1%
	2,100,000	g	Adani Ports & Special Economic Zone Ltd		4.375		07/03/29		1,914,591
	1,800,000	g	Adani Ports & Special Economic Zone Ltd		3.100		02/02/31		1,453,500
	1,425,000	e,g	Indian Railway Finance Corp Ltd		3.570		01/21/32		1,242,182
	3,000,000	e,g	Network i2i Ltd		3.975		N/A‡		2,769,900
	2,700,000	g	ReNew Wind Energy AP2		4.500		07/14/28		2,353,228
	2,075,000	e,g	UltraTech Cement Ltd		2.800		02/16/31		1,714,573
			TOTAL INDIA						11,447,974

294

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
INDONESIA - 3.6%
$	200,000		Bank Mandiri Persero Tbk PT		3.750	%	04/11/24	$	199,833
	1,860,000	g	Freeport Indonesia PT		5.315		04/14/32		1,799,550
	2,000,000	e,g	Freeport Indonesia PT		6.200		04/14/52		1,911,320
	2,000,000	g	Medco Laurel Tree Pte Ltd		6.950		11/12/28		1,871,000
	2,200,000	g	Medco Platinum Road Pte Ltd		6.750		01/30/25		2,174,546
	3,000,000	g	Pertamina Persero PT		3.100		08/27/30		2,683,680
	1,250,000	g	Pertamina Persero PT		4.700		07/30/49		1,112,083
	2,000,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		1,806,640
	2,000,000	g	Perusahaan Listrik Negara PT		6.150		05/21/48		2,009,540
	4,250,000	g	Saka Energi Indonesia PT		4.450		05/05/24		4,050,080
			TOTAL INDONESIA						19,618,272
ISRAEL - 2.9%
	3,000,000	g	Bank Hapoalim BM		3.255		01/21/32		2,700,000
	1,141,000	g	Energean Israel Finance Ltd		5.375		03/30/28		1,045,652
	2,000,000	g	Israel Chemicals Ltd		6.375		05/31/38		2,146,313
	3,850,000	g	Israel Electric Corp Ltd		3.750		02/22/32		3,596,770
	2,600,000	g	Leviathan Bond Ltd		6.750		06/30/30		2,537,480
EUR	2,750,000		Teva Pharmaceutical Finance Netherlands II BV		4.375		05/09/30		2,556,418
$	1,335,000	e	Teva Pharmaceutical Finance Netherlands III BV		5.125		05/09/29		1,211,513
			TOTAL ISRAEL						15,794,146
JAMAICA - 0.1%
	441,275	g,o	Digicel Group 0.5 Ltd		7.000		N/A‡		325,092
			TOTAL JAMAICA						325,092
KAZAKHSTAN - 1.6%
KZT	453,000,000	g	Development Bank of Kazakhstan JSC		8.950		05/04/23		861,298
$	1,800,000	g	KazMunayGas National Co JSC		4.750		04/19/27		1,703,862
	1,550,000	g	KazMunayGas National Co JSC		6.375		10/24/48		1,471,792
	2,475,000	g	KazTransGas JSC		4.375		09/26/27		2,224,760
	2,800,000	g	Tengizchevroil Finance Co International Ltd		4.000		08/15/26		2,520,608
			TOTAL KAZAKHSTAN						8,782,320
KOREA, REPUBLIC OF - 0.3%
	1,800,000	e,g	Shinhan Bank Co Ltd		4.375		04/13/32		1,764,614
			TOTAL KOREA, REPUBLIC OF						1,764,614
MACAU - 0.3%
	2,000,000	e,g	Sands China Ltd		3.250		08/08/31		1,533,000
			TOTAL MACAU						1,533,000
MALAYSIA - 2.5%
	3,000,000		1MDB Global Investments Ltd		4.400		03/09/23		2,977,669
	3,000,000	g	Genm Capital Labuan Ltd		3.882		04/19/31		2,478,309
	3,400,000	g	Misc Capital Two Labuan Ltd		3.625		04/06/25		3,359,268
	3,045,000	g	Misc Capital Two Labuan Ltd		3.750		04/06/27		2,949,024
	2,000,000	g	Petronas Energy Canada Ltd		2.112		03/23/28		1,809,415
			TOTAL MALAYSIA						13,573,685

295

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
MEXICO - 6.8%
$	800,000	g	BBVA Bancomer S.A.		5.350	%	11/12/29	$	778,000
	2,000,000	g	BBVA Bancomer S.A.		5.125		01/18/33		1,872,500
	2,025,000	g	Cemex SAB de C.V.		5.125		N/A‡		1,849,655
	2,500,000	g	Comision Federal de Electricidad		4.688		05/15/29		2,308,802
	1,300,000	g	Electricidad Firme de Mexico Holdings S.A. de C.V.		4.900		11/20/26		1,150,500
	1,650,000	g	GCC SAB de C.V.		3.614		04/20/32		1,443,750
	8,833,000	g	Grupo Aeromexico SAB de C.V.		8.500		03/17/27		8,921,330
	3,350,000	g	Grupo Axo SAPI de C.V.		5.750		06/08/26		3,065,250
	1,000,000	g	Mexico City Airport Trust		3.875		04/30/28		933,950
	1,630,000	g	Mexico Remittances Funding Fiduciary Estate Management Sarl		4.875		01/15/28		1,361,213
	2,800,000	g	Nemak SAB de C.V.		3.625		06/28/31		2,284,800
	4,647,000		Petroleos Mexicanos		6.840		01/23/30		4,234,811
	6,219,000		Petroleos Mexicanos		6.700		02/16/32		5,358,788
	2,075,000		Petroleos Mexicanos		6.350		02/12/48		1,455,405
			TOTAL MEXICO						37,018,754
MOROCCO - 0.7%
	650,000	g	OCP S.A.		3.750		06/23/31		547,831
	4,450,000	g	OCP S.A.		5.125		06/23/51		3,422,256
			TOTAL MOROCCO						3,970,087
NETHERLANDS - 0.1%
RUB	158,400,000	†,g	VEON Holdings BV		8.125		09/16/26		399,607
			TOTAL NETHERLANDS						399,607
NIGERIA - 0.3%
$	1,775,000	g	Access Bank plc		6.125		09/21/26		1,667,015
			TOTAL NIGERIA						1,667,015
OMAN - 0.5%
	3,000,000	g	OQ SAOC		5.125		05/06/28		2,910,382
			TOTAL OMAN						2,910,382
PANAMA - 0.9%
	2,400,000	g	Aeropuerto Internacional de Tocumen S.A.		5.125		08/11/61		2,056,800
	1,175,000	g	Cable Onda S.A.		4.500		01/30/30		1,098,625
	1,612,658	g	UEP Penonome II S.A.		6.500		10/01/38		1,564,279
			TOTAL PANAMA						4,719,704
PERU - 2.0%
PEN	9,000,000	g	Alicorp SAA		6.875		04/17/27		2,157,655
$	1,225,000	g	Cia de Minas Buenaventura SAA		5.500		07/23/26		1,122,406
	1,900,000	e,g	Consorcio Transmantaro S.A.		5.200		04/11/38		1,769,850
	2,300,000	g	Inkia Energy Ltd		5.875		11/09/27		2,170,648
	927,813	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		868,897
	2,750,000	g	Petroleos del Peru S.A.		5.625		06/19/47		1,997,875
	1,125,000	g	Volcan Cia Minera SAA		4.375		02/11/26		1,006,875
			TOTAL PERU						11,094,206

296

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
QATAR - 0.2%
$	1,000,000	g	Qatar Petroleum		1.375	%	09/12/26	$	904,480
	500,000	g	Qatar Petroleum		2.250		07/12/31		435,586
			TOTAL QATAR						1,340,066
RUSSIA - 0.1%
	2,000,000	†,g	LUKOIL Capital DAC		3.600		10/26/31		700,000
			TOTAL RUSSIA						700,000
SAUDI ARABIA - 0.9%
	2,500,000	g	EIG Pearl Holdings Sarl		4.387		11/30/46		2,109,259
	3,000,000	g	Saudi Arabian Oil Co		4.375		04/16/49		2,810,084
			TOTAL SAUDI ARABIA						4,919,343
SINGAPORE - 0.5%
	2,800,000	g	United Overseas Bank Ltd		3.059		04/07/25		2,789,984
			TOTAL SINGAPORE						2,789,984
SOUTH AFRICA - 3.9%
	1,725,000		AngloGold Ashanti Holdings plc		3.375		11/01/28		1,539,985
	3,050,000		AngloGold Ashanti Holdings plc		3.750		10/01/30		2,728,377
	3,000,000	g	Eskom Holdings SOC Ltd		6.750		08/06/23		2,912,187
	2,000,000	g	Eskom Holdings SOC Ltd		7.125		02/11/25		1,900,766
	2,875,000	g	Eskom Holdings SOC Ltd		6.350		08/10/28		2,826,529
	1,600,000	g	Eskom Holdings SOC Ltd		8.450		08/10/28		1,533,831
	2,300,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		2,426,500
	2,000,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		2,066,544
	1,986,784	g,o	Petra Diamonds US Treasury plc		10.500		03/08/26		2,091,090
	1,500,000	g	Transnet SOC Ltd		4.000		07/26/22		1,476,900
			TOTAL SOUTH AFRICA						21,502,709
SPAIN - 0.4%
	3,000,000	g	EnfraGen Energia Sur S.A.		5.375		12/30/30		2,153,640
			TOTAL SPAIN						2,153,640
THAILAND - 0.4%
	2,600,000	g	Bangkok Bank PCL		3.466		09/23/36		2,232,526
			TOTAL THAILAND						2,232,526
TRINIDAD AND TOBAGO - 0.2%
	850,000	g	National Gas Company of Trinidad and Tobago Limited		6.050		01/15/36		833,000
			TOTAL TRINIDAD AND TOBAGO						833,000
TURKEY - 2.2%
	2,000,000	g	Akbank T.A.S.		6.800		02/06/26		1,917,172
	500,000	g	Akbank T.A.S.		6.797		04/27/28		483,750
	4,100,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		06/29/28		3,359,172
	2,000,000	g	Turkiye Garanti Bankasi AS.		6.125		05/24/27		1,899,680
	2,550,000	g	Turkiye Vakiflar Bankasi TAO		5.500		10/01/26		2,272,804
	2,325,000	g	Ulker Biskuvi Sanayi AS.		6.950		10/30/25		1,987,875
			TOTAL TURKEY						11,920,453

297

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
UKRAINE - 0.2%
$	2,000,000	†,g	NAK Naftogaz Ukraine via Kondor Finance plc		7.625	%	11/08/26	$	560,000
	900,000	†,g	Ukreximbank Via Biz Finance plc		9.750		01/22/25		357,750
			TOTAL UKRAINE						917,750
UNITED ARAB EMIRATES - 1.3%
	1,975,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		1,942,833
	1,325,000	g	DAE Funding LLC		3.375		03/20/28		1,200,257
	2,100,000	g	DP World Ltd		5.625		09/25/48		2,092,457
	2,500,000	g	Sweihan PV Power Co PJSC		3.625		01/31/49		2,177,260
			TOTAL UNITED ARAB EMIRATES						7,412,807
UNITED STATES - 0.4%
	2,500,000	g	Sempra Infrastructure Partners LP		3.250		01/15/32		2,162,199
			TOTAL UNITED STATES						2,162,199
			TOTAL CORPORATE BONDS						267,412,152
			(Cost $302,516,450)
GOVERNMENT BONDS -  45.3%
ANGOLA - 1.6%
	2,250,000	g	Angolan Government International Bond		8.250		05/09/28		2,157,266
	1,775,000	g	Angolan Government International Bond		8.000		11/26/29		1,660,085
	3,125,000	g	Angolan Government International Bond		8.750		04/14/32		2,958,455
	2,500,000	e,g	Angolan Government International Bond		9.375		05/08/48		2,251,476
			TOTAL ANGOLA						9,027,282
ARGENTINA - 0.6%
	1,300,000		Argentine Republic Government International Bond		2.000		01/09/38		466,765
	5,134,989		Argentine Republic Government International Bond (Step Bond)		1.125		07/09/35		1,465,269
	2,949,981	g	Provincia de Buenos Aires (Step Bond)		3.900		09/01/37		1,216,897
			TOTAL ARGENTINA						3,148,931
AZERBAIJAN - 0.4%
	2,000,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		2,129,541
			TOTAL AZERBAIJAN						2,129,541
BAHRAIN - 0.4%
	1,000,000	g	Bahrain Government International Bond		7.375		05/14/30		1,038,294
	1,000,000	g	Bahrain Government International Bond		7.500		09/20/47		927,866
			TOTAL BAHRAIN						1,966,160
BARBADOS - 0.4%
	2,314,800	g	Barbados Government International Bond		6.500		10/01/29		2,213,551
			TOTAL BARBADOS						2,213,551
BENIN - 0.2%
EUR	1,125,000	g	Benin Government International Bond		6.875		01/19/52		973,560
			TOTAL BENIN						973,560

298

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
BERMUDA - 0.2%
$	1,175,000	g	Bermuda Government International Bond		4.750	%	02/15/29	$	1,225,672
			TOTAL BERMUDA						1,225,672
BRAZIL - 1.6%
BRL	2,500,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		496,581
	5,000,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/25		963,588
	5,982,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/27		1,126,441
$	3,100,000		Brazilian Government International Bond		3.875		06/12/30		2,732,371
	1,100,000		Brazilian Government International Bond		5.000		01/27/45		883,839
	1,025,000		Brazilian Government International Bond		5.625		02/21/47		876,139
	2,000,000		Brazilian Government International Bond		4.750		01/14/50		1,509,880
			TOTAL BRAZIL						8,588,839
CAMEROON - 0.2%
EUR	1,000,000	g	Republic of Cameroon International Bond		5.950		07/07/32		882,378
			TOTAL CAMEROON						882,378
CHILE - 0.4%
CLP	1,235,000,000		Bonos de la Tesoreria de la Republica en pesos		2.500		03/01/25		1,284,798
	1,225,000		Chile Government International Bond		2.750		01/31/27		1,159,156
			TOTAL CHILE						2,443,954
CHINA - 0.6%
CNY	17,000,000		China Government International Bond		3.120		12/05/26		2,633,833
	3,200,000		China Government International Bond		3.270		11/19/30		501,048
			TOTAL CHINA						3,134,881
COLOMBIA - 0.7%
$	1,350,000		Colombia Government International Bond		3.000		01/30/30		1,079,420
	2,925,000		Colombia Government International Bond		3.250		04/22/32		2,234,320
	950,000		Colombia Government International Bond		5.200		05/15/49		713,687
			TOTAL COLOMBIA						4,027,427
COSTA RICA - 0.6%
	2,500,000	g	Costa Rica Government International Bond		5.625		04/30/43		2,118,311
	1,500,000	g	Costa Rica Government International Bond		7.000		04/04/44		1,427,128
			TOTAL COSTA RICA						3,545,439
COTE D’IVOIRE - 0.6%
	3,219,030	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		3,055,788
			TOTAL COTE D’IVOIRE						3,055,788
DOMINICAN REPUBLIC - 2.2%
	1,575,000	g	Dominican Republic International Bond		6.875		01/29/26		1,652,075
DOP	22,500,000	g	Dominican Republic International Bond		9.750		06/05/26		413,828
	27,000,000	g	Dominican Republic International Bond		11.250		02/05/27		537,224
	74,000,000	g	Dominican Republic International Bond		10.375		01/11/30		1,335,065

299

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,720,000	g	Dominican Republic International Bond		5.500	%	02/22/29	$	1,607,340
	4,000,000	g	Dominican Republic International Bond		4.875		09/23/32		3,359,313
	3,060,000	g	Dominican Republic International Bond		7.450		04/30/44		2,957,970
			TOTAL DOMINICAN REPUBLIC						11,862,815
ECUADOR - 1.1%
	744,229	g	Ecuador Government International Bond		0.000		07/31/30		403,864
	3,634,600	g	Ecuador Government International Bond (Step Bond)		5.000		07/31/30		2,945,140
	4,637,020	g	Ecuador Government International Bond (Step Bond)		1.000		07/31/35		2,899,458
			TOTAL ECUADOR						6,248,462
EGYPT - 2.4%
EGP	12,500,000		Egypt Government International Bond		16.000		06/11/22		678,915
$	1,500,000	g	Egypt Government International Bond		5.800		09/30/27		1,226,994
	4,275,000	g	Egypt Government International Bond		7.600		03/01/29		3,637,769
	4,575,000	e,g	Egypt Government International Bond		7.053		01/15/32		3,524,104
	4,725,000	g	Egypt Government International Bond		8.500		01/31/47		3,425,956
	1,000,000	g	Egypt Government International Bond		8.150		11/20/59		694,000
			TOTAL EGYPT						13,187,738
EL SALVADOR - 0.3%
	2,000,000	g	El Salvador Government International Bond		7.650		06/15/35		764,105
	3,100,000	g	El Salvador Government International Bond		7.625		02/01/41		1,165,484
			TOTAL EL SALVADOR						1,929,589
GHANA - 1.2%
	3,325,000	g	Ghana Government International Bond		0.000		04/07/25		2,030,511
	3,325,000	g	Ghana Government International Bond		7.750		04/07/29		2,103,062
	2,025,000	g	Ghana Government International Bond		8.750		03/11/61		1,164,375
GHS	2,500,000		Republic of Ghana Government Bonds		20.750		01/16/23		335,765
	6,658,000		Republic of Ghana Government Bonds		16.500		02/06/23		868,683
			TOTAL GHANA						6,502,396
GUATEMALA - 0.6%
$	2,000,000	g	Guatemala Government Bond		3.700		10/07/33		1,715,627
	1,500,000	g	Guatemala Government Bond		6.125		06/01/50		1,432,114
			TOTAL GUATEMALA						3,147,741
HONDURAS - 0.1%
	775,000	g	Honduras Government International Bond		6.250		01/19/27		673,631
			TOTAL HONDURAS						673,631

300

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
INDIA - 0.4%
$	2,700,000	g	Export-Import Bank of India		2.250	%	01/13/31	$	2,182,867
			TOTAL INDIA						2,182,867
INDONESIA - 0.9%
	2,265,000		Indonesia Government International Bond		3.550		03/31/32		2,148,067
	1,000,000	g	Indonesia Government International Bond		4.625		04/15/43		939,196
IDR	28,230,000,000		Indonesia Treasury Bond		7.000		09/15/30		1,939,413
			TOTAL INDONESIA						5,026,676
IRAQ - 1.0%
$	2,325,000	g	Iraq Government International Bond		6.752		03/09/23		2,323,209
	3,056,250	g	Iraq Government International Bond		5.800		01/15/28		2,937,917
			TOTAL IRAQ						5,261,126
JAMAICA - 1.1%
	2,950,000		Jamaica Government International Bond		8.000		03/15/39		3,663,433
	1,810,000		Jamaica Government International Bond		7.875		07/28/45		2,223,984
			TOTAL JAMAICA						5,887,417
JORDAN - 1.0%
	2,550,000	e,g	Jordan Government International Bond		4.950		07/07/25		2,450,122
	1,500,000	g	Jordan Government International Bond		5.850		07/07/30		1,330,099
	2,000,000	g	Jordan Government International Bond		7.375		10/10/47		1,737,411
			TOTAL JORDAN						5,517,632
KAZAKHSTAN - 0.3%
	1,250,000	g	Kazakhstan Government International Bond		6.500		07/21/45		1,401,289
			TOTAL KAZAKHSTAN						1,401,289
KENYA - 1.1%
	1,950,000	e,g	Kenya Government International Bond		6.875		06/24/24		1,872,770
	1,000,000	g	Kenya Government International Bond		8.000		05/22/32		856,720
	1,125,000	g	Kenya Government International Bond		6.300		01/23/34		845,606
	1,325,000	g	Kenya Government International Bond		8.250		02/28/48		1,011,796
KES	160,000,000		Republic of Kenya Infrastructure Bond		12.257		01/05/37		1,333,114
			TOTAL KENYA						5,920,006
LEBANON - 0.1%
$	3,200,000	†,q	Lebanon Government International Bond		6.250		11/04/24		379,136
	3,800,000	†,q	Lebanon Government International Bond		6.850		03/23/27		435,100
			TOTAL LEBANON						814,236
MALAYSIA - 0.3%
MYR	3,000,000		Malaysia Government Bond		3.900		11/30/26		688,406
	4,000,000		Malaysia Government Bond		3.828		07/05/34		833,177
			TOTAL MALAYSIA						1,521,583
MEXICO - 1.5%
MXN	38,600,000		Mexican Bonos		7.500		06/03/27		1,772,878
	39,900,000		Mexican Bonos		8.500		11/18/38		1,846,078
$	3,500,000		Mexico Government International Bond		4.280		08/14/41		2,906,505

301

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,850,000		Mexico Government International Bond		4.400	%	02/12/52	$	1,475,467
			TOTAL MEXICO						8,000,928
MONGOLIA - 0.5%
	2,425,000	g	Mongolia Government International Bond		5.125		04/07/26		2,263,561
	550,000	e,g	Mongolia Government International Bond		4.450		07/07/31		465,831
			TOTAL MONGOLIA						2,729,392
MOROCCO - 0.5%
	1,000,000	g	Morocco Government International Bond		2.375		12/15/27		863,685
	525,000	g	Morocco Government International Bond		3.000		12/15/32		414,345
	1,450,000	g	Morocco Government International Bond		5.500		12/11/42		1,263,756
			TOTAL MOROCCO						2,541,786
NAMIBIA - 0.3%
	1,700,000	g	Namibia Government International Bond		5.250		10/29/25		1,633,827
			TOTAL NAMIBIA						1,633,827
NIGERIA - 1.3%
	900,000	g	Nigeria Government International Bond		6.500		11/28/27		797,176
	2,075,000	g	Nigeria Government International Bond		8.375		03/24/29		1,933,195
	1,850,000	g	Nigeria Government International Bond		7.875		02/16/32		1,546,298
	1,500,000	g	Nigeria Government International Bond		7.375		09/28/33		1,196,119
	2,000,000	g	Nigeria Government International Bond		7.696		02/23/38		1,502,203
			TOTAL NIGERIA						6,974,991
OMAN - 1.6%
	2,425,000	g	Oman Government International Bond		5.375		03/08/27		2,433,844
	2,550,000	g	Oman Government International Bond		6.750		10/28/27		2,696,249
	1,500,000	g	Oman Government International Bond		6.250		01/25/31		1,523,625
	1,200,000	g	Oman Government International Bond		6.500		03/08/47		1,094,707
	1,025,000	g	Oman Government International Bond		6.750		01/17/48		957,099
			TOTAL OMAN						8,705,524
PAKISTAN - 1.3%
	1,500,000	e,g	Pakistan Global Sukuk Programme Co Ltd		7.950		01/31/29		1,425,693
	3,200,000	g	Pakistan Government International Bond		6.875		12/05/27		2,611,558
	1,500,000	g	Pakistan Government International Bond		7.375		04/08/31		1,149,810
	1,000,000	g	Pakistan Government International Bond		8.875		04/08/51		717,500
	2,000,000		Pakistan Water & Power Development Authority		7.500		06/04/31		1,286,000
			TOTAL PAKISTAN						7,190,561
PANAMA - 0.5%
	2,850,000		Panama Notas del Tesoro		3.750		04/17/26		2,815,800
			TOTAL PANAMA						2,815,800
PARAGUAY - 0.3%
	1,800,000	g	Paraguay Government International Bond		2.739		01/29/33		1,462,019
			TOTAL PARAGUAY						1,462,019

302

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
PERU - 1.0%
$	3,000,000	e,g	Fondo MIVIVIENDA S.A.		4.625	%	04/12/27	$	2,962,500
	1,645,000		Peruvian Government International Bond		3.000		01/15/34		1,369,890
PEN	4,150,000	g	Peruvian Government International Bond		5.400		08/12/34		866,144
$	550,000		Peruvian Government International Bond		3.300		03/11/41		429,990
			TOTAL PERU						5,628,524
PHILIPPINES - 0.4%
	500,000		Philippine Government International Bond		3.556		09/29/32		473,067
	1,975,000	k	Philippine Government International Bond		4.200		03/29/47		1,813,956
			TOTAL PHILIPPINES						2,287,023
QATAR - 0.8%
	2,000,000	g	Qatar Government International Bond		3.750		04/16/30		2,017,223
	2,200,000	g	Qatar Government International Bond		4.400		04/16/50		2,222,855
			TOTAL QATAR						4,240,078
ROMANIA - 0.6%
	1,320,000	g	Romanian Government International Bond		3.000		02/27/27		1,224,570
	1,080,000	e,g	Romanian Government International Bond		3.000		02/14/31		918,354
	1,400,000	g	Romanian Government International Bond		4.000		02/14/51		1,061,146
			TOTAL ROMANIA						3,204,070
RUSSIA - 0.1%
RUB	105,300,000	†	Russian Federal Bond-OFZ		7.100		10/16/24		90,394
	83,900,000	†	Russian Federal Bond-OFZ		7.950		10/07/26		72,024
	64,000,000	†	Russian Federal Bond-OFZ		7.650		04/10/30		54,940
$	2,000,000	†,g	Russian Foreign Bond - Eurobond		5.100		03/28/35		440,000
			TOTAL RUSSIA						657,358
RWANDA - 0.6%
	3,825,000	g	Rwanda International Government Bond		5.500		08/09/31		3,378,787
			TOTAL RWANDA						3,378,787
SAUDI ARABIA - 1.4%
	1,950,000	g	Saudi Government International Bond		3.250		10/26/26		1,937,791
	2,500,000	g	Saudi Government International Bond		2.250		02/02/33		2,162,377
	1,000,000	g	Saudi Government International Bond		3.250		11/17/51		802,011
	2,000,000	g	Saudi Government International Bond		3.750		01/21/55		1,741,131
	1,500,000	g	Saudi Government International Bond		3.450		02/02/61		1,198,290
			TOTAL SAUDI ARABIA						7,841,600
SENEGAL - 0.4%
	950,000	g	Senegal Government International Bond		6.250		05/23/33		847,232
	1,900,000	g	Senegal Government International Bond		6.750		03/13/48		1,506,898
			TOTAL SENEGAL						2,354,130
SOUTH AFRICA - 2.1%
	1,625,000	k	Republic of South Africa Government International Bond		5.875		04/20/32		1,545,050
ZAR	9,050,000		Republic of South Africa Government International Bond		8.875		02/28/35		499,426

303

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	1,025,000		Republic of South Africa Government International Bond		5.650	%	09/27/47	$	810,205
	1,500,000		Republic of South Africa Government International Bond		5.750		09/30/49		1,185,775
	1,000,000	e	Republic of South Africa Government International Bond		7.300		04/20/52		935,200
	3,000,000	e	South Africa Government International Bond		4.300		10/12/28		2,731,906
ZAR	59,300,000		South Africa Government International Bond		7.000		02/28/31		3,063,513
$	1,250,000		South Africa Government International Bond		5.375		07/24/44		994,080
			TOTAL SOUTH AFRICA						11,765,155
SRI LANKA - 0.3%
	800,000	†,g	Sri Lanka Government International Bond		5.750		04/18/23		344,535
	1,000,000	†,g	Sri Lanka Government International Bond		6.825		07/18/26		435,000
	1,650,000	†,g	Sri Lanka Government International Bond		7.550		03/28/30		694,105
			TOTAL SRI LANKA						1,473,640
SUPRANATIONAL - 0.8%
	975,000	g	African Export-Import Bank		2.634		05/17/26		898,666
	2,975,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		2,938,441
	900,000	†	European Bank for Reconstruction & Development		10.000		02/28/23		756,812
			TOTAL SUPRANATIONAL						4,593,919
THAILAND - 0.3%
THB	47,000,000		Thailand Government International Bond		2.875		12/17/28		1,397,655
			TOTAL THAILAND						1,397,655
TRINIDAD AND TOBAGO - 0.2%
$	1,050,000	g	Trinidad & Tobago Government International Bond		4.500		06/26/30		998,025
			TOTAL TRINIDAD AND TOBAGO						998,025
TURKEY - 1.9%
	2,675,000		Turkey Government International Bond		5.125		02/17/28		2,279,948
	1,500,000	e	Turkey Government International Bond		6.500		09/20/33		1,265,537
	4,350,000		Turkey Government International Bond		4.875		04/16/43		2,925,550
	625,000		Turkey Government International Bond		6.625		02/17/45		493,925
	2,500,000	g	Turkiye Ihracat Kredi Bankasi AS.		5.750		07/06/26		2,256,379
	1,500,000	g	Turkiye Ihracat Kredit Bankasi		5.375		10/24/23		1,470,045
			TOTAL TURKEY						10,691,384
UGANDA - 0.4%
UGX	6,750,000,000		Republic of Uganda Government Bonds		14.250		08/23/29		1,963,481
			TOTAL UGANDA						1,963,481
UKRAINE - 0.7%
$	2,225,000	†,g	NPC Ukrenergo		6.875		11/09/26		689,750
UAH	37,000,000	†	Ukraine Government International Bond		15.840		02/26/25		633,060
$	1,925,000	g	Ukraine Government International Bond		7.750		09/01/25		627,189
	1,450,000	g	Ukraine Government International Bond		9.750		11/01/28		474,875
EUR	525,000	g	Ukraine Government International Bond		4.375		01/27/30		171,693
$	3,000,000	g	Ukraine Government International Bond		7.253		03/15/33		930,000

304

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	2,320,000	g,i	Ukraine Government International Bond		1.258	%	05/31/40	$	678,600
			TOTAL UKRAINE						4,205,167
UNITED ARAB EMIRATES - 0.8%
	2,650,000	g	Abu Dhabi Government International Bond		3.125		09/30/49		2,185,527
	2,650,000		Emirate of Dubai Government International Bonds		3.900		09/09/50		2,104,194
			TOTAL UNITED ARAB EMIRATES						4,289,721
URUGUAY - 0.9%
	3,770,000		Uruguay Government International Bond		4.375		01/23/31		3,864,325
UYU	61,000,000		Uruguay Government International Bond		8.250		05/21/31		1,340,115
			TOTAL URUGUAY						5,204,440
UZBEKISTAN - 0.6%
UZS	7,990,000,000	g	Republic of Uzbekistan International Bond		14.500		11/25/23		699,668
	5,708,925,000	g	Republic of Uzbekistan International Bond		14.000		07/19/24		474,349
$	1,450,000	g	Republic of Uzbekistan International Bond		5.375		02/20/29		1,385,361
	1,000,000	g	Republic of Uzbekistan International Bond		3.700		11/25/30		812,275
			TOTAL UZBEKISTAN						3,371,653
ZAMBIA - 0.6%
	3,900,000	g	Zambia Government International Bond		8.500		04/14/24		2,927,496
	750,000	g	Zambia Government International Bond		8.970		07/30/27		556,462
			TOTAL ZAMBIA						3,483,958
			TOTAL GOVERNMENT BONDS						248,533,203
			(Cost $303,105,775)
STRUCTURED ASSETS - 0.5%
CAYMAN ISLANDS - 0.5%
	3,000,000	†,g	Industrial DPR Funding Ltd		5.380		04/15/34		3,000,000
			Series - 0 2022 1A (Class 1)
			TOTAL CAYMAN ISLANDS						3,000,000
			TOTAL STRUCTURED ASSETS						3,000,000
			(Cost $3,000,000)
			TOTAL BONDS						518,945,355
			(Cost $608,622,225)
SHARES			COMPANY
COMMON STOCKS - 1.1%
UNITED STATES - 1.1%
	729,619	*	Petra Diamonds Ltd						1,131,103
	270,981	*,e	Grupo Aeromexico SAB de C.V.						4,784,478
			TOTAL UNITED STATES						5,915,581
			TOTAL COMMON STOCKS						5,915,581
			(Cost $5,779,534)

305

TIAA-CREF FUNDS – Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 7.2%
EGYPT - 0.2%
EGP	10,000,000		Egypt Treasury Bill		0.000	%	05/17/22	$	539,773
	9,200,000		Egypt Treasury Bill		0.000		09/13/22		475,810
			TOTAL EGYPT						1,015,583
UNITED STATES - 1.2%
$	3,218,000		Federal Agricultural Mortgage Corp (FAMC)		0.000		05/03/22		3,217,957
									3,217,957
REPURCHASE AGREEMENT
	3,490,000	r	Fixed Income Clearing Corp (FICC)		0.230		05/02/22		3,490,000
									3,490,000
			TOTAL UNITED STATES						6,707,957
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.8%
UNITED STATES - 5.8%
	31,496,628	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.310				31,496,628
			TOTAL UNITED STATES						31,496,628
			TOTAL SHORT-TERM INVESTMENTS						39,220,168
			(Cost $39,395,099)
			TOTAL INVESTMENTS - 103.3%						565,900,018
			(Cost $655,623,058)
			OTHER ASSETS & LIABILITIES, NET - (3.3)%						(17,962,309	)
			NET ASSETS - 100.0%					$	547,937,709

BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
DOP	Dominican Republic Peso
EGP	Egyptian Pound
EUR	Euro
IDR	Indonesian Rupiah
KES	Kenyan Shilling
KZT	Kazakhstani Tenge
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Sol
RUB	Russian Ruble
THB	Thai Baht
UAH	Ukrainian Hryvnia
UGX	Ugandan Shillings
UYU	Uruguayan Peso
UZS	Uzbekistan Som
ZAR	South African Rand

306

TIAA-CREF FUNDS – Emerging Markets Debt Fund

*	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 $31,628,053.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/22, the aggregate value of these securities is $405,159,451 or 73.9% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
o	Payment in Kind Bond
q	In default
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $3,490,000 on 5/2/22, collateralized by U.S. Government Agency Securities, with a coupon rate of 2.500% and an expiration date of 2/15/46, valued at $3,559,867.

307

TIAA-CREF FUNDS – International Bond Fund

TIAA-CREF FUNDS

INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2022

PRINCIPAL			ISSUER	REFERENCE  RATE & SPREAD	RATE			MATURITY  DATE	VALUE
BANK LOAN OBLIGATIONS - 2.0%
CANADA - 0.1%
$	387,905	i	1011778 BC ULC	LIBOR 1 M + 1.750%		2.514	%	11/19/26	$	380,065
			TOTAL CANADA							380,065
IRELAND - 0.1%
	261,086	i	Avolon TLB Borrower US LLC	LIBOR 3 M + 1.750%		2.500		01/15/25		258,149
	343,000	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.500%		2.250		02/12/27		335,498
			TOTAL IRELAND							593,647
LUXEMBOURG - 0.3%
	1,000,000	i	Delta 2 Lux Sarl	LIBOR 3 M + 2.500%		3.500		02/01/24		994,220
	427,239	i	Ineos US Finance LLC	LIBOR 3 M + 2.000%		2.764		03/31/24		424,838
			TOTAL LUXEMBOURG							1,419,058
UNITED STATES - 1.5%
	332,921	i	American Airlines, Inc	LIBOR 3 M + 2.000%		2.840		12/14/23		329,386
	986,339	i	APi Group DE, Inc	LIBOR 1 M + 2.750%		3.514		01/03/29		981,654
	290,851	i	Bausch Health Americas, Inc	LIBOR 3 M + 3.000%		3.457		06/02/25		289,094
	250,389	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.500%		3.500		03/01/24		249,775
	116,061	i	Endo Luxembourg Finance Co I Sarl	LIBOR 1 M + 5.000%		5.813		03/25/28		107,385
	750,000	h,i	II-VI, Inc	LIBOR 1 M + 2.750%		3.250		12/08/28		745,628
	994,987	i	Jazz Financing Lux Sarl	LIBOR 1 M + 3.500%		4.264		05/05/28		992,998
	294,485	i	Nielsen Finance LLC	LIBOR 3 M + 2.000%		2.488		10/04/23		294,016
	1,000,000	i	Phoenix Newco, Inc	LIBOR 1 M + 3.500%		4.000		11/15/28		992,190
	409,461	i	Plantronics, Inc	LIBOR 3 M + 2.500%		2.957		07/02/25		405,813
	299,967	i	Sabre GLBL, Inc	LIBOR 3 M + 2.000%		4.750		02/22/24		295,779
	409,483	i	Samsonite IP Holdings Sarl	LIBOR 3 M + 1.750%		2.514		04/25/25		401,191
	298,237	i	Team Health Holdings, Inc	LIBOR 3 M + 2.750%		6.250		02/06/24		277,113
	625,000	h,i	Trans Union LLC	LIBOR 1 M + 2.250%		2.750		12/01/28		618,056
			TOTAL UNITED STATES							6,980,078
			TOTAL BANK LOAN OBLIGATIONS							9,372,848
			(Cost $9,474,313)
BONDS - 92.0%
CORPORATE BONDS - 22.6%
AUSTRIA - 0.1%
EUR	600,000		Erste Group Bank AG.			4.250		N/A‡		574,420
			TOTAL AUSTRIA							574,420
BELGIUM - 0.4%
	300,000	z	Argenta Spaarbank NV			1.375		02/08/29		289,537

308

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
EUR	800,000	z	KBC Group NV		0.750	%	01/21/28	$	786,022
	800,000	z	Proximus SADP		0.750		11/17/36		685,252
			TOTAL BELGIUM						1,760,811
BRAZIL - 0.2%
$	300,000	g	B3 S.A.-Brasil Bolsa Balcao		4.125		09/20/31		260,775
	200,000	g	Natura Cosmeticos S.A.		4.125		05/03/28		179,320
	500,000		Suzano Austria GmbH		3.125		01/15/32		403,750
			TOTAL BRAZIL						843,845
CANADA - 0.9%
	500,000		Enbridge, Inc		5.750		07/15/80		496,250
EUR	250,000	g	Fairfax Financial Holdings Ltd		2.750		03/29/28		256,927
$	750,000	g	GFL Environmental, Inc		4.250		06/01/25		727,418
	1,275,000	g	MEG Energy Corp		5.875		02/01/29		1,248,059
	500,000	g	Nova Chemicals Corp		4.875		06/01/24		493,125
	315,000	g	Parkland Corp		4.625		05/01/30		275,625
	500,000	g	Parkland Fuel Corp		5.875		07/15/27		484,850
			TOTAL CANADA						3,982,254
CHILE - 0.6%
	398,922	g	Alfa Desarrollo S.p.A		4.550		09/27/51		312,775
	300,000		Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		290,250
	250,000	g	Celulosa Arauco y Constitucion S.A.		4.250		04/30/29		233,440
	450,000	e,g	Cia Cervecerias Unidas S.A.		3.350		01/19/32		399,375
	275,000	g	Colbun S.A.		3.150		01/19/32		232,375
	200,000	g	Corp Nacional del Cobre de Chile		3.625		08/01/27		192,540
	325,000	g	Corp Nacional del Cobre de Chile		3.150		01/15/51		238,316
	200,000	g	Embotelladora Andina S.A.		3.950		01/21/50		167,252
	325,000	g	Empresa Nacional de Telecomunicaciones S.A.		3.050		09/14/32		273,406
	300,000	g	Sociedad Quimica y Minera de Chile S.A.		3.500		09/10/51		229,875
			TOTAL CHILE						2,569,604
CHINA - 0.2%
	300,000	g	ENN Clean Energy International Investment Ltd		3.375		05/12/26		275,279
	300,000	g	ENN Energy Holdings Ltd		2.625		09/17/30		255,393
	350,000	e	JD.com, Inc		3.375		01/14/30		318,128
			TOTAL CHINA						848,800
COLOMBIA - 0.2%
	350,000		Bancolombia S.A.		3.000		01/29/25		328,814
	300,000		Ecopetrol S.A.		5.375		06/26/26		295,230
	75,000		Ecopetrol S.A.		6.875		04/29/30		74,063
	225,000		Ecopetrol S.A.		4.625		11/02/31		187,988
			TOTAL COLOMBIA						886,095
CZECH REPUBLIC - 0.1%
EUR	300,000	z	CPI Property Group S.A.		1.750		01/14/30		259,166
			TOTAL CZECH REPUBLIC						259,166

309

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
FRANCE - 1.4%
EUR	600,000		Airbus SE		2.375	%	06/09/40	$	566,142
	250,000	g	Altice France S.A.		5.875		02/01/27		264,122
	600,000	g	Altice France S.A.		3.375		01/15/28		540,494
	500,000	z	BNP Paribas S.A.		2.100		04/07/32		494,161
	500,000		Credit Agricole Assurances S.A.		1.500		10/06/31		437,601
	600,000		Electricite de France S.A.		2.000		10/02/30		614,619
GBP	500,000		Electricite de France S.A.		5.500		10/17/41		733,532
EUR	500,000	z	Engie S.A.		1.875		N/A‡		422,389
	835,000	g	Iliad Holding SAS		5.125		10/15/26		851,071
	300,000	z	La Poste S.A.		0.625		01/18/36		239,105
GBP	700,000	z	Societe Generale S.A.		1.250		12/07/27		768,004
EUR	500,000	z	Societe Generale S.A.		0.500		06/12/29		457,395
			TOTAL FRANCE						6,388,635
GERMANY - 0.9%
$	900,000		Deutsche Bank AG.		3.742		01/07/33		735,215
EUR	750,000	g,o	IHO Verwaltungs GmbH		3.750		09/15/26		734,787
MXN	11,000,000		Kreditanstalt fuer Wiederaufbau		4.400		07/25/25		458,888
EUR	600,000		Volkswagen Bank GmbH		2.500		07/31/26		633,490
GBP	800,000		Volkswagen International Finance NV		3.375		11/16/26		997,028
EUR	800,000		Vonovia SE		0.625		12/14/29		710,711
			TOTAL GERMANY						4,270,119
HUNGARY - 0.1%
EUR	400,000	z	MVM Energetika Zrt		0.875		11/18/27		373,881
			TOTAL HUNGARY						373,881
INDIA - 0.3%
$	300,000	g	Adani Electricity Mumbai Ltd		3.867		07/22/31		247,741
	425,000	g	Bharti Airtel Ltd		3.250		06/03/31		364,538
	200,000	g	CA Magnum Holdings		5.375		10/31/26		191,000
	200,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		175,541
	250,000	z	Power Finance Corp Ltd		3.350		05/16/31		209,305
	225,000	g	UltraTech Cement Ltd		2.800		02/16/31		185,918
			TOTAL INDIA						1,374,043
INDONESIA - 0.1%
	225,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		226,904
	200,000	g	Pertamina Persero PT		3.650		07/30/29		188,473
	225,000	g	Perusahaan Listrik Negara PT		4.875		07/17/49		191,250
			TOTAL INDONESIA						606,627
IRELAND - 0.2%
EUR	1,000,000	z	Bank of Ireland Group plc		0.375		05/10/27		961,705
			TOTAL IRELAND						961,705
ISRAEL - 0.3%
$	500,000	g	Bank Hapoalim BM		3.255		N/A‡		450,000
	300,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		274,140
	625,000	g	Israel Electric Corp Ltd		4.250		08/14/28		617,282
			TOTAL ISRAEL						1,341,422

310

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	$	165,660
	750,000	g	UniCredit S.p.A		2.569		09/22/26		683,527
			TOTAL ITALY						849,187
JAPAN - 0.4%
EUR	500,000	z	ORIX Corp		1.919		04/20/26		525,814
	500,000	z	Sumitomo Mitsui Financial Group, Inc		0.819		07/23/23		529,196
	500,000		Takeda Pharmaceutical Co Ltd		1.000		07/09/29		482,978
	500,000		Takeda Pharmaceutical Co Ltd		1.375		07/09/32		470,090
			TOTAL JAPAN						2,008,078
KAZAKHSTAN - 0.2%
$	475,000	g	KazTransGas JSC		4.375		09/26/27		426,974
	400,000	g	Tengizchevroil Finance Co International Ltd		2.625		08/15/25		353,502
			TOTAL KAZAKHSTAN						780,476
KOREA, REPUBLIC OF - 0.2%
	300,000	z	Hyundai Heavy Industries Co Ltd		3.179		03/28/27		290,648
	250,000	g	Kia Corp		2.750		02/14/27		235,706
	200,000	g,h	Korea East-West Power Co Ltd		3.600		05/06/25		199,594
			TOTAL KOREA, REPUBLIC OF						725,948
KUWAIT - 0.1%
	375,000	g	NBK SPC Ltd		1.625		09/15/27		337,087
			TOTAL KUWAIT						337,087
LUXEMBOURG - 0.4%
EUR	1,000,000	g	Albion Financing SARL		5.250		10/15/26		998,932
	250,000	z	Czech Gas Networks Investments Sarl		0.450		09/08/29		216,331
	150,000	z	GTC Aurora Luxembourg S.A.		2.250		06/23/26		140,720
	500,000	z	ProLogis International Funding II S.A.		2.375		11/14/30		515,125
			TOTAL LUXEMBOURG						1,871,108
MALAYSIA - 0.2%
$	300,000	g	CIMB Bank Bhd		2.125		07/20/27		276,090
	400,000	g	Genm Capital Labuan Ltd		3.882		04/19/31		330,441
	250,000	g	Petronas Energy Canada Ltd		2.112		03/23/28		226,177
			TOTAL MALAYSIA						832,708
MEXICO - 0.2%
	375,000	g	Becle SAB de C.V.		2.500		10/14/31		315,000
	375,000	g	Orbia Advance Corp SAB de C.V.		1.875		05/11/26		335,625
	500,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		492,500
			TOTAL MEXICO						1,143,125
NETHERLANDS - 0.4%
EUR	600,000		Cooperatieve Rabobank UA		3.250		N/A‡		568,091
	1,300,000	g	VZ Secured Financing BV		3.500		01/15/32		1,169,401
			TOTAL NETHERLANDS						1,737,492

311

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
NIGERIA - 0.2%
EUR	1,000,000	g	BOI Finance BV		7.500	%	02/16/27	$	1,033,961
			TOTAL NIGERIA						1,033,961
PANAMA - 0.1%
$	200,000	g	Aeropuerto Internacional de Tocumen S.A.		4.000		08/11/41		174,124
	300,000	g	Banco General S.A.		4.125		08/07/27		299,100
			TOTAL PANAMA						473,224
PERU - 0.0%
	200,000	g	Kallpa Generacion SA		4.125		08/16/27		185,752
			TOTAL PERU						185,752
POLAND - 0.1%
EUR	300,000	z	mBank S.A.		0.966		09/21/27		277,336
	250,000	z	Polski Koncern Naftowy ORLEN S.A.		1.125		05/27/28		221,577
			TOTAL POLAND						498,913
QATAR - 0.6%
$	300,000	z	CBQ Finance Ltd		2.000		05/12/26		278,749
CNY	16,000,000		QNB Finance Ltd		3.150		02/04/26		2,316,954
			TOTAL QATAR						2,595,703
ROMANIA - 0.0%
EUR	250,000	z	NE Property BV		2.000		01/20/30		217,227
			TOTAL ROMANIA						217,227
RUSSIA - 0.0%
	400,000	†,g	Gazprom PJSC via Gaz Finance plc		1.850		11/17/28		116,045
$	300,000	†,g	Phosagro OAO Via Phosagro Bond Funding DAC		2.600		09/16/28		67,500
			TOTAL RUSSIA						183,545
SAUDI ARABIA - 0.2%
	500,000	g	Arabian Centres Sukuk II Ltd		5.625		10/07/26		470,862
	250,000	g	SABIC Capital II BV		4.000		10/10/23		252,452
	275,000	g	Saudi Arabian Oil Co		2.250		11/24/30		238,949
			TOTAL SAUDI ARABIA						962,263
SINGAPORE - 0.1%
EUR	200,000	z	Temasek Financial I Ltd		0.500		11/20/31		181,779
$	500,000	g	United Overseas Bank Ltd		2.000		10/14/31		454,453
			TOTAL SINGAPORE						636,232
SOUTH AFRICA - 0.3%
	450,000		AngloGold Ashanti Holdings plc		3.750		10/01/30		402,547
	1,250,000	z	Eskom Holdings SOC Ltd		4.314		07/23/27		1,129,709
			TOTAL SOUTH AFRICA						1,532,256

312

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
SPAIN - 0.2%
$	800,000		Banco Santander S.A.		7.500	%	N/A‡	$	805,520
			TOTAL SPAIN						805,520
SUPRANATIONAL - 0.2%
IDR	13,800,000,000		European Bank for Reconstruction & Development		5.200		05/28/24		935,643
			TOTAL SUPRANATIONAL						935,643
SWITZERLAND - 0.6%
EUR	750,000	z	Cloverie plc for Zurich Insurance Co Ltd		1.500		12/15/28		764,353
GBP	500,000		Credit Suisse Group AG.		2.250		06/09/28		572,864
EUR	600,000	z	UBS Group AG		0.250		11/05/28		562,954
	1,000,000	z	UBS Group AG.		0.250		02/24/28		933,775
			TOTAL SWITZERLAND						2,833,946
TAIWAN - 0.1%
$	300,000		TSMC Arizona Corp		4.125		04/22/29		298,650
			TOTAL TAIWAN						298,650
THAILAND - 0.2%
	430,000	g	Bangkok Bank PCL		3.466		09/23/36		369,225
	200,000	g,z	PTTEP Treasury Center Co Ltd		2.587		06/10/27		186,797
	300,000	g	Thaioil Treasury Center Co Ltd		2.500		06/18/30		245,844
			TOTAL THAILAND						801,866
TURKEY - 0.0%
EUR	250,000	z	Arcelik AS.		3.000		05/27/26		245,112
			TOTAL TURKEY						245,112
UNITED ARAB EMIRATES - 0.2%
$	200,000	g	DAE Funding LLC		3.375		03/20/28		181,171
	300,000	z	EI Sukuk Co Ltd		1.827		09/23/25		282,494
	300,000	g	Sweihan PV Power Co PJSC		3.625		01/31/49		261,271
			TOTAL UNITED ARAB EMIRATES						724,936
UNITED KINGDOM - 2.0%
EUR	800,000	z	Barclays plc		0.625		11/14/23		845,395
	800,000	z	Barclays plc		0.877		01/28/28		773,555
GBP	500,000		BAT International Finance plc		4.000		09/04/26		627,997
UGX	3,000,000,000	†,g	ICBC Standard Bank plc		14.250		06/26/34		816,219
GBP	750,000		Lloyds Banking Group plc		1.985		12/15/31		852,533
EUR	750,000		Natwest Group plc		1.750		03/02/26		780,580
	750,000		RELX Capital, Inc		1.300		05/12/25		785,783
	600,000	z	Standard Chartered plc		0.800		11/17/29		553,816
	700,000	z	Standard Chartered plc		1.200		09/23/31		668,311
GBP	400,000		Tesco Corporate Treasury Services plc		2.750		04/27/30		470,723
	700,000		Virgin Money UK plc		3.375		04/24/26		860,375
	1,055,000	g	Vmed O2 UK Financing I plc		4.500		07/15/31		1,143,577
			TOTAL UNITED KINGDOM						9,178,864
UNITED STATES - 9.2%
EUR	500,000	z	Abbott Ireland Financing DAC		1.500		09/27/26		529,717

313

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	REFERENCE  RATE & SPREAD	RATE			MATURITY  DATE	VALUE
EUR	1,200,000		AbbVie, Inc			1.250	%	06/01/24	$	1,269,793
	900,000	g	Adient Global Holdings Ltd			3.500		08/15/24		892,569
JPY	100,000,000		Aflac, Inc			0.550		03/12/30		748,371
EUR	250,000	g	Allied Universal Holdco LLC			3.625		06/01/28		226,161
	575,000		American Honda Finance Corp			1.950		10/18/24		615,811
	300,000		American Tower Corp			1.375		04/04/25		312,094
	650,000		American Tower Corp			0.450		01/15/27		624,486
	500,000		Aptiv plc			1.500		03/10/25		521,722
	750,000	g	Ardagh Metal Packaging Finance USA LLC			2.000		09/01/28		672,657
	750,000	g	Ardagh Metal Packaging Finance USA LLC			3.000		09/01/29		646,254
	300,000	g	Ashland Services BV			2.000		01/30/28		286,462
	500,000		AT&T, Inc			2.350		09/05/29		527,406
	750,000	g	Avantor Funding, Inc			3.875		07/15/28		748,702
	575,000		Ball Corp			0.875		03/15/24		588,771
	500,000	z	Bank of America Corp			1.662		04/25/28		510,170
	500,000	z	Bank of America Corp			0.654		10/26/31		444,573
	500,000	z	Bank of America Corp			2.824		04/27/33		524,975
	700,000		Becton Dickinson & Co			1.401		05/24/23		744,081
	600,000	z	Blackstone Private Credit Fund			1.750		11/30/26		578,078
	100,000		Capital One Financial Corp			0.800		06/12/24		103,450
	400,000		Celanese US Holdings LLC			0.625		09/10/28		358,433
	750,000		Chubb INA Holdings, Inc			1.550		03/15/28		763,920
	350,000		Chubb INA Holdings, Inc			1.400		06/15/31		337,365
	750,000	z	Citigroup, Inc			1.250		07/06/26		772,274
	700,000		Comcast Corp			0.250		05/20/27		682,719
	1,250,000	g	Coty, Inc			3.875		04/15/26		1,235,292
	500,000	g	Dana Financing Luxembourg Sarl			3.000		07/15/29		436,671
	500,000	g	Diebold Nixdorf Dutch Holding BV			9.000		07/15/25		467,203
GBP	600,000		Digital Stout Holding LLC			3.750		10/17/30		751,504
	200,000		Discovery Communications LLC			2.500		09/20/24		248,997
	800,000		Dow Chemical Co			0.500		03/15/27		781,679
	300,000		Equinix, Inc			1.000		03/15/33		253,200
	500,000		FedEx Corp			1.625		01/11/27		522,886
	375,000		Fidelity National Information Services, Inc			1.100		07/15/24		392,735
	750,000	z	General Motors Financial Co, Inc			0.600		05/20/27		698,401
	400,000		Goldman Sachs Group, Inc			1.375		05/15/24		424,015
	500,000	i,z	Goldman Sachs Group, Inc	EURIBOR 3 M + 1.000%		0.449		02/07/25		529,222
	500,000	z	Goldman Sachs Group, Inc			0.250		01/26/28		464,797
GBP	400,000	z	Goldman Sachs Group, Inc			3.625		10/29/29		500,450
EUR	295,000	g	Goodyear Europe BV			2.750		08/15/28		266,551
	1,000,000		Honeywell International, Inc			0.000		03/10/24		1,034,623
	600,000		International Business Machines Corp			0.650		02/11/32		545,125
	400,000		International Flavors & Fragrances, Inc			1.800		09/25/26		415,432
	500,000	g	International Game Technology plc			3.500		06/15/26		512,582
	500,000	g	IQVIA, Inc			1.750		03/15/26		494,585
$	1,000,000		JPMorgan Chase & Co			3.650		N/A‡		897,500
EUR	450,000	g	Liberty Mutual Group, Inc			2.750		05/04/26		486,491
	650,000		Liberty Mutual Group, Inc			2.750		05/04/26		702,719
GBP	600,000		McKesson Corp			3.125		02/17/29		738,018
EUR	1,100,000	z	Metropolitan Life Global Funding I			0.550		06/16/27		1,078,671

314

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
EUR	600,000	z	Mondelez International Holdings Netherlands BV		1.250	%	09/09/41	$	466,769
	670,000		Morgan Stanley		1.342		10/23/26		690,279
	400,000	g	OI European Group BV		3.125		11/15/24		415,334
	500,000	g	Olympus Water US Holding Corp		3.875		10/01/28		470,876
	100,000	g	Organon Finance LLC		2.875		04/30/28		94,940
$	1,250,000	g	Organon Finance LLC		5.125		04/30/31		1,129,688
	1,075,000		Plains All American Pipeline LP		3.800		09/15/30		995,032
	540,000		ProLogis Euro Finance LLC		0.375		02/06/28		508,457
	500,000		Raytheon Technologies Corp		2.150		05/18/30		509,766
	400,000		Silgan Holdings, Inc		3.250		03/15/25		416,449
	700,000		Southern Co		1.875		09/15/81		626,763
	450,000		Stryker Corp		2.625		11/30/30		482,946
	700,000		The Procter & Gamble Company		0.625		10/30/24		732,581
	500,000		The Procter & Gamble Company		1.875		10/30/38		498,987
	1,100,000		Thermo Fisher Scientific Finance I BV		0.800		10/18/30		1,031,182
GBP	600,000		Time Warner Cable LLC		5.750		06/02/31		824,902
$	125,000	g	Univision Communications, Inc		4.500		05/01/29		112,188
EUR	400,000		Verizon Communications, Inc		1.875		10/26/29		410,504
	600,000		Walmart, Inc		2.550		04/08/26		657,801
	1,000,000		Whirlpool EMEA Finance Sarl		0.500		02/20/28		945,848
			TOTAL UNITED STATES						41,931,655
			TOTAL CORPORATE BONDS						103,401,904
			(Cost $120,585,656)
GOVERNMENT BONDS - 62.8%
ANGOLA - 0.3%
$	1,550,000	g	Angolan Government International Bond		8.750		04/14/32		1,467,394
			TOTAL ANGOLA						1,467,394
AUSTRALIA - 1.9%
AUD	3,650,000		Australia Government Bond		0.250		11/21/25		2,353,274
	2,100,000	z	Australia Government Bond		2.250		05/21/28		1,419,399
	1,940,000		Australia Government Bond		1.250		05/21/32		1,149,916
	1,660,000	z	Australia Government Bond		3.000		11/21/33		1,143,119
	2,550,000	z	Australia Government Bond		1.750		06/21/51		1,239,491
	1,685,000		New South Wales Treasury Corp		3.000		04/20/29		1,159,197
			TOTAL AUSTRALIA						8,464,396
BELGIUM - 0.6%
EUR	2,125,000	g	Kingdom of Belgium Government International Bond		0.000		10/22/27		2,131,598
			TOTAL BELGIUM						2,131,598
BENIN - 0.2%
	1,275,000	g	Benin Government International Bond		4.950		01/22/35		1,075,236
			TOTAL BENIN						1,075,236
BRAZIL - 0.4%
BRL	5,500,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/27		1,035,678

315

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
$	1,000,000		Brazilian Government International Bond		3.875	%	06/12/30	$	881,410
			TOTAL BRAZIL						1,917,088
CAMEROON - 0.1%
EUR	650,000	g	Republic of Cameroon International Bond		5.950		07/07/32		573,546
			TOTAL CAMEROON						573,546
CANADA - 3.1%
CAD	3,050,000	g	Canada Housing Trust No		1.100		12/15/26		2,173,711
	1,800,000		Canadian Government International Bond		2.000		09/01/23		1,391,310
	2,625,000		Canadian Government International Bond		2.000		06/01/28		1,957,435
	1,300,000		Canadian Government International Bond		5.000		06/01/37		1,264,875
	2,550,000		Canadian Government International Bond		2.000		12/01/51		1,662,021
	1,350,000		Hydro-Quebec		4.000		02/15/55		1,094,533
	1,600,000		Province of British Columbia Canada		2.550		06/18/27		1,207,202
	1,600,000		Province of New Brunswick Canada		3.100		08/14/28		1,225,187
	1,300,000		Province of Ontario Canada		2.150		06/02/31		898,560
	1,100,000		Province of Ontario Canada		1.900		12/02/51		571,325
	1,000,000		Province of Quebec Canada		2.750		09/01/27		760,752
			TOTAL CANADA						14,206,911
CHILE - 0.3%
CLP	450,000,000		Bonos de la Tesoreria de la Republica en pesos		2.500		03/01/25		468,145
$	600,000		Chile Government International Bond		2.750		01/31/27		567,750
EUR	650,000		Chile Government International Bond		1.250		01/22/51		451,660
			TOTAL CHILE						1,487,555
CHINA - 10.5%
CNY	83,560,000		China Government International Bond		2.880		11/05/23		12,811,002
	49,600,000		China Government International Bond		2.940		10/17/24		7,627,424
	60,500,000		China Government International Bond		3.120		12/05/26		9,373,348
	14,900,000		China Government International Bond		2.910		10/14/28		2,273,549
	14,500,000		China Government International Bond		3.270		11/19/30		2,270,373
	18,900,000		China Government International Bond		3.860		07/22/49		3,111,274
	30,000,000		China Government International Bond		3.390		03/16/50		4,534,600
	12,700,000		China Government International Bond		3.810		09/14/50		2,077,329
	24,800,000		China Government International Bond		3.720		04/12/51		3,996,989
			TOTAL CHINA						48,075,888
COTE D’IVOIRE - 0.2%
EUR	1,000,000	g	Ivory Coast Government International Bond		5.875		10/17/31		942,060
	100,000	g	Ivory Coast Government International Bond		4.875		01/30/32		88,497
			TOTAL COTE D’IVOIRE						1,030,557
CROATIA - 0.2%
	1,000,000	z	Croatia Government International Bond		1.125		03/04/33		857,813
			TOTAL CROATIA						857,813
CYPRUS - 1.1%
	1,300,000	z	Cyprus Government International Bond		2.375		09/25/28		1,403,538

316

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
EUR	1,100,000	z	Cyprus Government International Bond		0.625	%	01/21/30	$	1,024,330
	1,550,000	z	Cyprus Government International Bond		0.950		01/20/32		1,419,631
	575,000	z	Cyprus Government International Bond		2.750		02/26/34		602,297
	500,000	z	Cyprus Government International Bond		2.750		05/03/49		511,071
			TOTAL CYPRUS						4,960,867
DOMINICAN REPUBLIC - 0.2%
DOP	15,000,000	g	Dominican Republic Government International Bond		9.750		06/05/26		275,886
$	750,000	g	Dominican Republic Government International Bond		4.875		09/23/32		629,871
			TOTAL DOMINICAN REPUBLIC						905,757
ECUADOR - 0.1%
	78,000	g	Ecuador Government International Bond		0.000		07/31/30		42,327
	441,250	g	Ecuador Government International Bond (Step Bond)		5.000		07/31/30		357,548
	309,125	g	Ecuador Government International Bond (Step Bond)		1.000		07/31/35		193,291
			TOTAL ECUADOR						593,166
EGYPT - 0.8%
	850,000	g	Egypt Government International Bond		5.750		05/29/24		792,951
EGP	16,250,000		Egypt Government International Bond		15.900		07/02/24		898,862
$	525,000	g	Egypt Government International Bond		7.600		03/01/29		446,744
EUR	900,000	g	Egypt Government International Bond		6.375		04/11/31		713,193
	300,000	g	Egypt Government International Bond		7.053		01/15/32		231,089
	675,000	e,g	Egypt Government International Bond		8.500		01/31/47		489,422
			TOTAL EGYPT						3,572,261
EL SALVADOR - 0.1%
	1,000,000	g	El Salvador Government International Bond		6.375		01/18/27		409,589
			TOTAL EL SALVADOR						409,589
FRANCE - 3.0%
EUR	4,500,000		French Republic Government Bond OAT		0.500		05/25/25		4,727,693
	3,775,000		French Republic Government Bond OAT		0.750		11/25/28		3,905,124
	2,450,000	g	French Republic Government Bond OAT		0.500		05/25/40		2,082,510
	910,000	g	French Republic Government Bond OAT		0.750		05/25/52		709,219
	2,500,000	z	UNEDIC ASSEO		0.250		07/16/35		2,138,263
			TOTAL FRANCE						13,562,809
GERMANY - 0.2%
EUR	1,300,000		Bundesrepublik Deutschland Bundesanleihe		0.000		08/15/52		991,008
			TOTAL GERMANY						991,008
GHANA - 0.5%
$	166,667	g	Ghana Government International Bond		9.250		09/15/22		163,200
	500,000	g	Ghana Government International Bond		7.750		04/07/29		316,250
	825,000	g	Ghana Government International Bond		8.125		03/26/32		505,081
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		575,000
GHS	4,300,000		Republic of Ghana Government International Bond		16.500		02/06/23		561,030
			TOTAL GHANA						2,120,561

317

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
GREECE - 1.1%
EUR	575,000	g	Hellenic Republic Government International Bond		3.875	%	03/12/29	$	642,641
	2,300,000	g	Hellenic Republic Government International Bond		1.500		06/18/30		2,145,351
	1,300,000	g	Hellenic Republic Government International Bond		0.750		06/18/31		1,104,034
	1,100,000	g	Hellenic Republic Government International Bond		1.750		06/18/32		1,003,067
			TOTAL GREECE						4,895,093
GUATEMALA - 0.2%
$	775,000	g	Guatemala Government International Bond		6.125		06/01/50		739,925
			TOTAL GUATEMALA						739,925
HUNGARY - 0.4%
HUF	504,050,000		Hungary Government International Bond		3.000		06/26/24		1,298,192
EUR	600,000	z	Hungary Government International Bond		1.750		06/05/35		518,141
			TOTAL HUNGARY						1,816,333
INDIA - 0.0%
$	250,000	g	Export-Import Bank of India		2.250		01/13/31		202,117
			TOTAL INDIA						202,117
INDONESIA - 0.5%
IDR	13,000,000,000		Indonesia Treasury Bond		8.125		05/15/24		941,196
	17,000,000,000		Indonesia Treasury Bond		6.375		04/15/32		1,122,396
			TOTAL INDONESIA						2,063,592
ISRAEL - 0.7%
ILS	5,250,000		Israel Government International Bond		5.500		01/31/42		2,200,689
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,075,115
			TOTAL ISRAEL						3,275,804
ITALY - 3.6%
EUR	5,525,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		5,997,409
	3,950,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		4,071,295
	3,675,000	g	Italy Buoni Poliennali Del Tesoro		0.950		09/15/27		3,676,195
	2,400,000	g	Italy Buoni Poliennali Del Tesoro		0.950		03/01/37		1,939,681
	950,000	g	Italy Buoni Poliennali Del Tesoro		1.700		09/01/51		725,683
			TOTAL ITALY						16,410,263
JAPAN - 10.1%
JPY	13,000,000		Japan Finance Organization for Municipalities		0.440		08/15/25		101,556
	21,000,000		Japan Finance Organization for Municipalities		0.320		01/19/26		163,572
	30,000,000		Japan Finance Organization for Municipalities		0.145		02/16/26		232,170
	14,000,000		Japan Finance Organization for Municipalities		0.020		05/22/26		107,801
	268,000,000		Japan Government Five Year Bond		0.005		09/20/26		2,066,348
	330,000,000		Japan Government Ten Year Bond		0.100		06/20/28		2,547,384
	322,000,000		Japan Government Ten Year Bond		0.100		09/20/29		2,472,798
	325,000,000		Japan Government Ten Year Bond		0.100		12/20/29		2,492,676
	210,000,000		Japan Government Ten Year Bond		0.100		03/20/30		1,609,030
	425,000,000		Japan Government Ten Year Bond		0.100		06/20/30		3,253,459
	513,000,000		Japan Government Ten Year Bond		0.100		09/20/30		3,923,313
	525,950,000		Japan Government Thirty Year Bond		2.500		09/20/34		5,092,392

318

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
JPY	457,700,000		Japan Government Thirty Year Bond		0.500	%	09/20/46	$	3,243,992
	73,000,000		Japan Government Thirty Year Bond		0.600		09/20/50		513,169
	533,000,000		Japan Government Thirty Year Bond		0.700		09/20/51		3,826,141
	340,000,000		Japan Government Twenty Year Bond		2.100		03/20/26		2,836,205
	117,000,000		Japan Government Twenty Year Bond		1.700		03/20/32		1,031,383
	278,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		2,174,528
	256,000,000		Japan Government Twenty Year Bond		0.500		06/20/38		1,948,987
	660,000,000		Japan Government Twenty Year Bond		0.700		09/20/38		5,173,132
	185,000,000		Japan Government Twenty Year Bond		0.300		06/20/39		1,349,581
			TOTAL JAPAN						46,159,617
KENYA - 0.3%
$	1,200,000	g	Kenya Government International Bond		7.000		05/22/27		1,065,425
	575,000	g	Kenya Government International Bond		6.300		01/23/34		432,199
			TOTAL KENYA						1,497,624
KOREA, REPUBLIC OF - 1.9%
	200,000		Export-Import Bank of Korea		3.000		11/01/22		200,134
KRW	3,800,000,000		Korea Treasury Bond		1.500		03/10/25		2,895,666
	1,200,000,000		Korea Treasury Bond		1.375		12/10/29		835,754
	3,420,000,000		Korea Treasury Bond		2.000		06/10/31		2,448,407
	1,175,000,000		Korea Treasury Bond		2.375		12/10/31		863,722
	1,940,000,000		Korea Treasury Bond		2.375		09/10/38		1,367,772
			TOTAL KOREA, REPUBLIC OF						8,611,455
LEBANON - 0.0%
$	1,400,000	†,q,z	Lebanon Government International Bond		6.850		03/23/27		160,300
			TOTAL LEBANON						160,300
MALAYSIA - 0.7%
MYR	4,800,000		Malaysia Government Bond		3.900		11/30/26		1,101,450
	5,700,000		Malaysia Government Bond		3.828		07/05/34		1,187,277
	5,400,000		Malaysia Government Bond		3.757		05/22/40		1,061,468
			TOTAL MALAYSIA						3,350,195
MEXICO - 0.8%
MXN	30,800,000		Mexican Bonos		5.750		03/05/26		1,347,207
	34,100,000		Mexican Bonos		8.500		11/18/38		1,577,725
$	1,025,000		Mexico Government International Bond		4.280		08/14/41		851,191
			TOTAL MEXICO						3,776,123
MONGOLIA - 0.1%
	550,000	e,g	Mongolia Government International Bond		4.450		07/07/31		465,831
			TOTAL MONGOLIA						465,831
MOROCCO - 0.4%
EUR	850,000	g	Morocco Government International Bond		1.375		03/30/26		832,561
	1,100,000	g	Morocco Government International Bond		1.500		11/27/31		897,008
			TOTAL MOROCCO						1,729,569

319

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY  DATE	VALUE
NETHERLANDS - 0.5%
EUR	550,000	g	Netherlands Government International Bond		2.750	%	01/15/47	$	768,910
	2,200,000	g	Netherlands Government International Bond		0.000		01/15/52		1,578,519
			TOTAL NETHERLANDS						2,347,429
NEW ZEALAND - 0.3%
NZD	1,185,000		New Zealand Government Bond		2.000		05/15/32		658,231
	1,000,000		New Zealand Government International Bond		4.500		04/15/27		672,838
			TOTAL NEW ZEALAND						1,331,069
NIGERIA - 0.3%
$	400,000	g	Nigeria Government International Bond		6.500		11/28/27		354,300
	925,000	g,k	Nigeria Government International Bond		8.375		03/24/29		861,786
			TOTAL NIGERIA						1,216,086
NORWAY - 1.0%
NOK	9,000,000		City of Oslo Norway		2.050		10/31/24		940,824
	34,375,000	g	Norway Government International Bond		2.000		04/26/28		3,526,142
			TOTAL NORWAY						4,466,966
PAKISTAN - 0.4%
$	1,250,000	e,g	Pakistan Global Sukuk Programme Co Ltd		7.950		01/31/29		1,188,078
	1,000,000	g	Pakistan Government International Bond		6.000		04/08/26		815,400
			TOTAL PAKISTAN						2,003,478
PANAMA - 0.5%
	1,200,000		Panama Bonos del Tesoro		3.362		06/30/31		1,101,600
	1,000,000		Panama Notas del Tesoro		3.750		04/17/26		988,000
			TOTAL PANAMA						2,089,600
PARAGUAY - 0.2%
	925,000	g	Paraguay Government International Bond		5.400		03/30/50		819,911
			TOTAL PARAGUAY						819,911
PERU - 0.3%
PEN	6,201,000	g	Peruvian Government International Bond		5.400		08/12/34		1,294,206
			TOTAL PERU						1,294,206
PHILIPPINES - 0.1%
PHP	27,000,000		Philippine Government International Bond		6.250		01/14/36		530,805
			TOTAL PHILIPPINES						530,805
POLAND - 0.2%
PLN	4,500,000		Republic of Poland Government International Bond		2.500		04/25/24		939,720
			TOTAL POLAND						939,720
REPUBLIC OF SERBIA - 0.8%
EUR	1,700,000	g	Serbia Government International Bond		1.500		06/26/29		1,372,996
	725,000	g	Serbia Government International Bond		2.050		09/23/36		496,141
RSD	120,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,080,559
	101,500,000		Serbia Treasury Bonds		4.500		08/20/32		801,362
			TOTAL REPUBLIC OF SERBIA						3,751,058

320

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
ROMANIA - 0.8%
RON	9,500,000		Romania Government International Bond		4.150	%	01/26/28	$	1,767,697
$	660,000	g	Romanian Government International Bond		3.000		02/27/27		612,285
EUR	800,000	g	Romanian Government International Bond		2.000		01/28/32		641,102
	850,000	g	Romanian Government International Bond		2.000		04/14/33		652,397
			TOTAL ROMANIA						3,673,481
RUSSIA - 0.0%
RUB	90,000,000	†	Russian Federal Bond-OFZ		4.500		07/16/25		77,260
	37,000,000	†	Russian Federal Bond-OFZ		6.900		07/23/31		31,762
			TOTAL RUSSIA						109,022
RWANDA - 0.5%
$	2,450,000	g	Rwanda International Government Bond		5.500		08/09/31		2,164,191
			TOTAL RWANDA						2,164,191
SENEGAL - 0.4%
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		989,183
	825,000	g	Senegal Government International Bond		5.375		06/08/37		671,802
			TOTAL SENEGAL						1,660,985
SINGAPORE - 0.5%
SGD	3,525,000		Singapore Government Bond		1.625		07/01/31		2,354,942
			TOTAL SINGAPORE						2,354,942
SOUTH AFRICA - 0.7%
$	475,000	k	Republic of South Africa Government International Bond		5.875		04/20/32		451,630
ZAR	20,900,000		Republic of South Africa Government International Bond		8.875		02/28/35		1,153,370
$	500,000	e	Republic of South Africa Government International Bond		7.300		04/20/52		467,600
ZAR	16,500,000		South Africa Government International Bond		7.000		02/28/31		852,411
	7,800,000		South Africa Government International Bond		8.750		01/31/44		402,194
			TOTAL SOUTH AFRICA						3,327,205
SPAIN - 3.3%
EUR	4,600,000	g	Spain Government International Bond		2.750		10/31/24		5,098,212
	1,095,000	g	Spain Government International Bond		1.400		07/30/28		1,152,646
	1,875,000	g	Spain Government International Bond		0.600		10/31/29		1,842,005
	1,250,000	g	Spain Government International Bond		0.100		04/30/31		1,132,625
	3,875,000	g	Spain Government International Bond		0.500		10/31/31		3,596,901
	2,650,000	g	Spain Government International Bond		1.200		10/31/40		2,318,193
			TOTAL SPAIN						15,140,582
SUPRANATIONAL - 2.4%
$	1,200,000	g	Africa Finance Corp		2.875		04/28/28		1,095,694
GBP	695,000		African Development Bank		0.500		06/22/26		818,793
$	750,000	z	African Export-Import Bank		5.250		10/11/23		762,920

321

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
$	750,000	g	African Export-Import Bank		2.634	%	05/17/26	$	691,282
INR	52,500,000		Asian Development Bank		6.200		10/06/26		662,616
$	1,250,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		1,234,639
EUR	650,000	g	Banque Ouest Africaine de Developpement		2.750		01/22/33		622,077
$	1,700,000	†	European Bank for Reconstruction & Development		10.000		02/28/23		1,429,533
AUD	2,150,000		Inter-American Development Bank		4.750		08/27/24		1,573,798
CAD	1,600,000		International Bank for Reconstruction & Development		1.900		01/16/25		1,211,387
GBP	700,000		International Finance Corp		0.250		12/15/25		825,688
			TOTAL SUPRANATIONAL						10,928,427
THAILAND - 0.7%
THB	30,000,000		Thailand Government International Bond		1.450		12/17/24		870,429
	27,700,000		Thailand Government International Bond		2.875		12/17/28		823,724
	27,500,000		Thailand Government International Bond		3.300		06/17/38		772,632
	29,000,000		Thailand Government International Bond		2.000		06/17/42		620,410
			TOTAL THAILAND						3,087,195
UKRAINE - 0.3%
UAH	31,000,000		Ukraine Government International Bond		17.000		05/11/22		1,036,345
EUR	1,000,000	g	Ukraine Government International Bond		6.750		06/20/26		337,584
	425,000	g	Ukraine Government International Bond		4.375		01/27/30		138,990
			TOTAL UKRAINE						1,512,919
UNITED ARAB EMIRATES - 0.0%
	250,000	z	Emirate of Dubai Government International Bonds		3.900		09/09/50		198,509
			TOTAL UNITED ARAB EMIRATES						198,509
UNITED KINGDOM - 3.6%
GBP	1,750,000		United Kingdom Gilt		0.250		01/31/25		2,114,294
	2,425,000		United Kingdom Gilt		1.625		10/22/28		3,035,866
	450,000		United Kingdom Gilt		0.250		07/31/31		487,525
	3,350,000		United Kingdom Gilt		1.750		09/07/37		4,019,999
	1,450,000		United Kingdom Gilt		1.250		10/22/41		1,572,943
	900,000		United Kingdom Gilt		0.875		01/31/46		873,111
	5,060,000		United Kingdom Gilt		0.625		10/22/50		4,455,615
			TOTAL UNITED KINGDOM						16,559,353
URUGUAY - 0.3%
UYU	21,800,000	g	Uruguay Government International Bond		8.500		03/15/28		498,415
	40,600,000		Uruguay Government International Bond		8.250		05/21/31		891,945
			TOTAL URUGUAY						1,390,360
UZBEKISTAN - 0.1%
UZS	7,600,000,000	g	Republic of Uzbekistan International Bond		14.000		07/19/24		631,476
			TOTAL UZBEKISTAN						631,476
			TOTAL GOVERNMENT BONDS						287,086,816
			(Cost $332,670,046)

322

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE
STRUCTURED ASSETS - 6.6%
IRELAND - 1.7%
GBP	1,035,800	g,i	Atom Mortgage Securities DAC	SONIA Interest Rate Benchmark + 1.900%		0.000	%	07/22/31	$	1,271,657
			Series - 0 2021 1A (Class D)
EUR	1,230,838	g,i	Bruegel 2021 DAC	EURIBOR 3 M + 2.470%		2.470		05/22/31		1,280,237
			Series - 0 2021 1A (Class D)
GBP	1,900,000	g,i	Frost CMBS DAC	SONIA Interest Rate Benchmark + 2.900%		0.000		11/22/26		2,363,210
			Series - 0 2021 1A (Class GBD)
EUR	895,985	g,i	Last Mile Logistics Pan Euro Finance DAC	EURIBOR 3 M + 2.700%		1.000		08/17/33		932,993
			Series - 0 2021 1A (Class E)
GBP	347,448	g,i	Taurus UK DAC	SONIA Interest Rate Benchmark + 1.300%		1.455		05/17/31		432,348
			Series - 0 2021 UK1A (Class B)
	684,969	g,i	Taurus UK DAC	SONIA Interest Rate Benchmark + 1.650%		1.805		05/17/31		840,389
			Series - 0 2021 UK1A (Class C)
	297,813	g,i	Taurus UK DAC	SONIA Interest Rate Benchmark + 2.600%		2.755		05/17/31		367,137
			Series - 0 2021 UK1A (Class D)
			TOTAL IRELAND							7,487,971
ITALY - 0.2%
EUR	900,000	g,i	Cassia SRL	EURIBOR 3 M + 3.500%		0.000		05/22/34		949,455
			Series - 0 2022 1A (Class B)
			TOTAL ITALY							949,455
UNITED STATES - 4.7%
$	2,000,000	g,i	Alen Mortgage Trust	LIBOR 1 M + 2.250%		2.804		04/15/34		1,946,767
			Series - 0 2021 ACEN (Class C)
	1,500,000		Carvana Auto Receivables Trust			1.270		03/10/28		1,444,520
			Series - 0 2021 N2 (Class D)
	1,500,000	i	COMM Mortgage Trust			4.522		08/10/48		1,435,870
			Series - 0 2015 CR24 (Class C)
	2,350,289	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		2.868		01/25/30		2,367,937
			Series - 0 2017 C05 (Class 1M2)
	875,899	g	Diamond Resorts Owner Trust			2.700		11/21/33		832,535
			Series - 0 2021 1A (Class C)
	1,500,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 2.667%		3.222		11/15/38		1,443,669
			Series - 0 2021 ELP (Class F)
	6,200,000	g,i	Freddie Mac STACR REMIC Trust			1.939		01/25/34		6,150,783
			Series - 0 2021 DNA5 (Class M2)
	1,000,000	g,i	MTN Commercial Mortgage Trust			4.798		03/15/39		989,523
			Series - 0 2022 LPFL (Class E)
	378,829	g	MVW LLC			1.940		01/22/41		352,915
			Series - 0 2021 1WA (Class C)

323

TIAA-CREF FUNDS – International Bond Fund

PRINCIPAL			ISSUER		RATE			MATURITY DATE	VALUE
$	1,000,000	g,i	NCMF Trust			3.844	%	03/15/39	$	994,689
			Series - 0 2022 MFP (Class D)
	500,000	g	Oportun Issuance Trust			1.960		05/08/31		472,701
			Series - 0 2021 B (Class B)
	500,000	g	Oportun Issuance Trust			3.650		05/08/31		482,685
			Series - 0 2021 B (Class C)
	1,250,000	g	Purchasing Power Funding LLC			4.370		10/15/25		1,216,353
			Series - 0 2021 A (Class D)
	1,929,181	g,i	SMR Mortgage Trust			4.459		02/15/39		1,895,594
			Series - 0 2022 IND (Class D)
			TOTAL UNITED STATES							22,026,541
			TOTAL STRUCTURED ASSETS							30,463,967
			(Cost $31,775,226)
			TOTAL BONDS							420,952,687
			(Cost $485,030,928)
SHORT-TERM INVESTMENTS - 3.4%
EGYPT - 0.7%
EGP	58,800,000		Egypt Treasury Bill			0.000		05/17/22		3,173,867
			TOTAL EGYPT							3,173,867
REPURCHASE AGREEMENT
UNITED STATES - 2.0%
$	9,200,000	r	Fixed Income Clearing Corp (FICC)			0.230		05/02/22		9,200,000
			TOTAL UNITED STATES							9,200,000
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
UNITED STATES - 0.7%
	3,076,986	c	State Street Navigator Securities Lending Government Money Market Portfolio			0.310				3,076,986
			TOTAL UNITED STATES							3,076,986
			TOTAL SHORT-TERM INVESTMENTS							15,450,853
			(Cost $15,995,370)
			TOTAL INVESTMENTS - 97.4%							445,776,388
			(Cost $510,500,611)
			OTHER ASSETS & LIABILITIES, NET - 2.6%							12,205,079
			NET ASSETS - 100.0%						$	457,981,467
			AUD	Australian Dollar
			BRL	Brazilian Real
			CAD	Canadian Dollar

324

TIAA-CREF FUNDS – International Bond Fund

	CLP	Chilean Peso
	CNY	Chinese Yuan
	DOP	Dominican Republic Peso
	EGP	Egyptian Pound
	EUR	Euro
	EURIBOR	Euro Interbank offer Rate
	GBP	Pound Sterling
	GHS	Ghanaian cedi
	HUF	Hungarian Forint
	IDR	Indonesian Rupiah
	ILS	Israeli New Shekel
	INR	Indian Rupee
	JPY	Japanese Yen
	KRW	South Korean Won
	LIBOR	London Interbank Offered Rate
	M	Month
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NOK	Norwegian Krone
	NZD	New Zealand Dollar
	PEN	Peruvian Sol
	PHP	Philippine Peso
	PLN	Polish Zloty
	RON	Romanian Leu
	RSD	Serbian Dinar
	RUB	Russian Ruble
	SGD	Singapore Dollar
	SONIA	Sterling Overnight Index Average
	THB	Thai Baht
	UAH	Ukrainian Hryvnia
	UGX	Ugandan Shillings
	UYU	Uruguayan Peso
	UZS	Uzbekistan 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 $3,171,360.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/29/22, the aggregate value of these securities is $132,548,769 or 28.9% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
o	Payment in Kind Bond
q	In default
r	Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $9,200,000 on 5/2/22, collateralized by U.S. Government Agency Securities, with a coupon rate of 2.875% and an expiration date of 8/15/45, valued at $9,384,019.
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.

325

TIAA-CREF FUNDS – International Bond Fund

Forward foreign currency contracts outstanding as of April 30, 2022 were as follows:

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	48,058,416	CNY	318,257,245	Australia and New Zealand Banking Group Limited	07/29/22	$	341,540
$	1,382,153	NZD	2,107,423	Australia and New Zealand Banking Group Limited	07/29/22		22,685
$	1,563,327	THB	53,688,559	Australia and New Zealand Banking Group Limited	05/31/22		(4,795	)
Total						$	359,430
$	139,543,137	EUR	130,053,594	Bank of America, N.A.	07/29/22	$	1,685,207
$	688125	HUF	244968630	Bank of America, N.A.	44712		7,766
$	9761717	KRW	11970989368	Bank of America, N.A.	44684		253,871
$	705249	PEN	2703500	Bank of America, N.A.	44684		1,021
$	659,817	PEN	2,530,397	Bank of America, N.A.	06/02/22		3,160
$	908,324	RON	4,282,163	Bank of America, N.A.	05/31/22		(753	)
KRW	11,970,989,368	$	9,460,241	Bank of America, N.A.	05/03/22		47,605
PEN	2,703,500	$	707,964	Bank of America, N.A.	05/03/22		(3,736	)
Total						$	1,994,141
$	882,280	KRW	1,116,437,000	Citibank N.A.	05/03/22	$	(4,440	)
GBP	2,590,642	$	3,257,676	Citibank N.A.	07/29/22		1,358
KRW	1116437000	$	906523	Citibank N.A.	44684		(19,803	)
Total						$	(22,885	)
$	8,667,276	AUD	12,126,097	Morgan Stanley Capital Services	07/29/22	$	86,212
$	520,079	GBP	398,716	Morgan Stanley Capital Services	06/30/22		18,634
$	57,586,134	JPY	6,638,020,985	Morgan Stanley Capital Services	05/02/22		6,432,695
$	2,247,945	NOK	20,918,393	Morgan Stanley Capital Services	07/29/22		16,475
$	722,372	PEN	2,703,500	Morgan Stanley Capital Services	05/03/22		18,145
$	476,359	PLN	2,136,316	Morgan Stanley Capital Services	05/31/22		(3,651	)
JPY	402,936,054	$	3,316,091	Morgan Stanley Capital Services	05/02/22		(211,014	)
PEN	2703500	$	705249	Morgan Stanley Capital Services	05/03/22		(1,021	)
SEK	6916490	$	712452	Morgan Stanley Capital Services	07/29/22		(6,148	)
Total						$	6,350,327
$	15699746	CAD	20170516	Toronto Dominion Bank	07/29/22	$	4,366
$	1299858	EUR	1225464	Toronto Dominion Bank	07/29/22		855
$	37512824	GBP	29896401	Toronto Dominion Bank	07/29/22		(96,914	)
$	501392	GBP	398716	Toronto Dominion Bank	07/29/22		(194	)
$	47265873	JPY	6032551352	Toronto Dominion Bank	07/29/22		591,340
$	8577961	KRW	10854552368	Toronto Dominion Bank	05/03/22		(43,165	)
$	8425892	KRW	10683693984	Toronto Dominion Bank	06/03/22		(30,512	)
CAD	1516679	$	1181760	Toronto Dominion Bank	07/29/22		(1,579	)
CNY	26677641	$	3999958	Toronto Dominion Bank	07/29/22		(131	)
EUR	1225464	$	1294085	Toronto Dominion Bank	05/04/22		(1,082	)
GBP	398716	$	501273	Toronto Dominion Bank	06/30/22		172
GBP	631783	$	792882	Toronto Dominion Bank	07/29/22		1,903
KRW	10854552368	$	8560913	Toronto Dominion Bank	05/03/22		60,214
$	608200	ZAR	9736002	Toronto Dominion Bank	05/31/22		(6,099	)
Total						$	479,174
Total						$	9,160,187

326

TIAA-CREF FUNDS – International Bond Fund

AUD	Australian Dollar
CAD	Canadian Dollar
CNY	Chinese Yuan
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PLN	Polish Zloty
RON	Romanian Leu
THB	Thai Baht
ZAR	South African Rand

327

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TIAA-CREF FUNDS

Dated:  June 21, 2022	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated:  June 21, 2022	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President (principal executive officer)

Dated:  June 21, 2022	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)