Performance as of October 31, 2020 Holdings by company size

Large-Cap Value Fund Average annual Annual operating % of equity investments

Total return total return expenses* Market capitalization as of 10/31/2020
Inception More than $50 billion 71.1
date 1 year 5 years 10 years gross net More than $15 billion–$50 billion 22.8
Institutional Class 10/1/02 –7.51% 4.56% 8.20% 0.41% 0.41% More than $2 billion–$15 billion 6.1
Advisor Class 12/4/15 –7.60 4.50† 8.17† 0.49 0.49 Total 100.0
Premier Class 9/30/09 –7.65 4.41 8.03 0.56 0.56
Retirement Class 10/1/02 –7.80 4.30 7.93 0.66 0.66
Retail Class 10/1/02 –7.81 4.24 7.86 0.72 0.72 Fund profile
Class W 9/28/18 –7.19 4.72† 8.29† 0.41 0.00
as of 10/31/2020
Russell 1000® Value Index — –7.57 5.82 9.48 — —
Net assets $4.77 billion
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 Portfolio turnover rate 26%
and the principal value of your investment will fluctuate. Current performance may be higher or lower than Number of holdings 85
that shown, and you may have a gain or a loss when you redeem your shares. For current performance Weighted median market
information, including performance to the most recent month-end, please visit TIAA.org. Performance capitalization $88.68 billion
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement Price/earnings ratio (weighted
arrangements, performance would be lower. 12-month trailing average)† 25.0
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. †
Price/earnings ratio is the price of a stock divided by
its earnings per share for the past twelve-month period.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement
will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees.
Without these reimbursements, expenses would be higher and returns lower.
†
The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is
based on the performance of the Institutional Class. The performance for these periods has not been restated to
reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor Class
and Class W have different expenses than the Institutional Class.

$10,000 over 10 years

Institutional Class
$40,000

30,000

20,000

10,000

0
Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20

Large-Cap Value Fund $21,991

Russell 1000® Value Index $24,732

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

TIAA-CREF Funds: Equity Funds 2020 Annual Report 15