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)

Stewart P. Greene, Esq.
c/o TIAA-CREF
730 Third Avenue

New York, New York 10017-3206
(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-490-9000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2013

Item 1. Reports to Stockholders.

2013 Annual Report

TIAA-CREF Funds

Equity Funds

October 31, 2013

Contents
Understanding your report from TIAA-CREF Funds		2
Information for investors		2
TIAA-CREF Market Monitor		3
About the funds’ benchmarks		4
Important information about expenses		5
Fund performance
Enhanced Large-Cap Growth Index Fund		6
Enhanced Large-Cap Value Index Fund		8
Growth & Income Fund		10
Large-Cap Growth Fund		12
Large-Cap Value Fund		14
Mid-Cap Growth Fund		16
Mid-Cap Value Fund		18
Small-Cap Equity Fund		20
Social Choice Equity Fund		22
Emerging Markets Equity Fund		24
Enhanced International Equity Index Fund		26
Global Natural Resources Fund		28
International Equity Fund		30
International Opportunities Fund		32
Summary portfolios of investments		34
Audited financial statements
Statements of assets and liabilities		68
Statements of operations		70
Statements of changes in net assets		74
Financial highlights		80
Notes to financial statements		92
Report of independent registered public accounting firm		102
Trustees and officers		103
Important tax information		106
How to reach us	Inside back cover

Understanding your report from TIAA-CREF Funds

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

This annual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of October 31, 2013. The report contains three main sections:

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of October 31, 2013.

• 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. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252 for the Institutional, Retirement and Premier classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

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’ portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at tiaa-cref.org; or

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-Q 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 www.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-cref.org or on the SEC’s website at www.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 www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 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, Inc. The members of these teams are responsible for the day-to-day investment management of the funds.

2 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

TIAA-CREF Market Monitor

Strengthening economy helps propel U.S. stocks higher

Despite numerous headwinds, including tax hikes and congressional wrangling over the debt ceiling, the broad U.S. stock market, as measured by the Russell 3000^® Index, soared 29.0% for the twelve-month period ended October 31, 2013. Investors largely shook off these concerns and were buoyed by signs of a strengthening domestic economy: unemployment fell slightly, housing prices climbed and consumer spending increased. At the same time, investors cheered the Federal Reserve’s ongoing efforts to stimulate the economy by keeping interest rates low.

The market’s impressive advance was broad-based: all ten industry sectors of the Russell 3000 scored double-digit gains for the period, including eight that advanced more than 20%. The largest contributions came from the sizable consumer discretionary and financial sectors, which gained 41.4% and 29.9%, respectively. Amid the powerful market rally, telecommunications and utilities lagged with returns of 14.9% and 11.6%, respectively. These sectors underperformed as investors sought higher returns from faster growing companies in other areas of the economy.

During the period, optimistic investors favored small-capitalization stocks because of their higher return potential. Small-cap issues soared 36.3%, while mid- and large-cap equities returned 33.8% and 28.4%, respectively. At the same time, growth stocks narrowly topped value shares, 29.2% to 28.6%. (Returns by market capitalization and investment style are based on the Russell indexes.)

Stocks in developed foreign markets, as measured by the MSCI EAFE Index, participated in the rally but couldn’t keep pace with the gains registered in the broad U.S. market. The EAFE index gained 26.9% on signs that Europe was beginning to emerge from its recession and on renewed

efforts by Japan to stimulate its stagnant economy. In contrast, emerging market equities lagged far behind their developed market counterparts, returning just 6.5%. This sharp divergence was, in part, due to slowing growth rates in China and various other emerging market economies. (All returns are in U.S. dollars.)

At the same time, the improving economy, coupled with rising long-term interest rates, led to widespread losses in the domestic fixed-income market. The Barclays U.S. Aggregate Bond Index declined 1.1% for the twelve months.

Stocks rally despite political uncertainty

The Russell 3000 Index posted gains in ten of the twelve months covered by this report. As the period began, uncertainty surrounding the “fiscal cliff” deadline weighed on stocks, which generated only modest gains in November and December of 2012. However, stocks rallied to start the New Year following the last-minute passage of a tax bill.

The equity markets endured elevated levels of volatility in the spring and intermittently over the summer, as investors began to worry that improving economic data might prompt the Fed to begin reducing its stimulus measures earlier than expected. When Chairman Ben Bernanke seemed to confirm these fears in May, stocks fell in June and again in August.

The equity markets regained their footing in September after the Fed surprised investors by announcing that it would continue its accommodative policies until stronger signs of steady economic growth emerged. The news triggered a global stock market rally, even as political gridlock in Washington led to a brief shutdown of the U.S. government. Although the shutdown was relatively short-lived, investors could see signs of more political wrangling in the coming months.

U.S. stocks move higher despite headwinds

Monthly returns for the Russell 3000 Index from November 1, 2012–October 31, 2013

 

The broad market climbs nearly 30% amid economic and political uncertainty.

Source: Russell Investments

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 3

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 44 developed and emerging market countries, excluding the United States.

The MSCI EAFE Index measures the performance of the leading stocks in 22 developed market countries outside North America—in Europe, Australasia, and Far East.

The MSCI Emerging Markets Index measures the performance of the leading stocks in 21 emerging market 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-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.

Specialty equity index

The MSCI All Country World Commodity Producers Sector Capped Index measures the performance of the stocks of commodity producers in 45 developed and emerging market nations throughout the world. The index is composed of three sectors—energy, metals and agriculture. The weight of each sector is fixed at one-third of the index.

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

Russell 1000, Russell 2000, Russell 3000 and Russell Midcap are trademarks and service marks of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. 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 the McGraw-Hill Companies, Inc.

4 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Important information about expenses

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

The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the fund for buying and selling securities. 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 redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2013–October 31, 2013).

Actual expenses

The first section of 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 line in each share class’s entry shows hypothetical account values and expenses based on the share class’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’s 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  ■  2013 Annual Report 5

Enhanced Large-Cap Growth Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Information technology		25.9
Consumer discretionary		19.3
Industrials		13.4
Health care		13.1
Consumer staples		11.1
Financials		5.2
Materials		4.9
Energy		4.5
Telecommunication services		2.3
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		52.5
More than $15 billion–$50 billion		18.3
More than $2 billion–$15 billion		29.2
Total		100.0

Performance for the twelve months ended October 31, 2013

The Enhanced Large-Cap Growth Index Fund returned 25.73%, compared with the 28.30% return of its benchmark, the Russell 1000^® Growth Index.

Large-cap growth stocks post strong gains

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, large-cap growth and value issues were closely matched, with the latter returning 28.29%. Within the growth category, large caps lagged both small- and mid-cap issues, which gained 39.84% and 33.93%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended October 31, 2013, the Russell 1000 Growth Index posted an average annual return of 17.51%, topping both the 14.06% average gain of the Russell 1000 Value Index and the 15.94% average return of the Russell 3000 Index.

Consumer discretionary stocks lead the benchmark higher

All ten industry sectors of the Russell 1000 Growth Index scored double-digit gains for the period, including four that soared more than 30%. The benchmark’s second-largest sector, consumer discretionary, advanced 40.3% and easily made the biggest contribution to the benchmark’s rise. An improving domestic economy and strengthening consumer confidence were tailwinds for consumer discretionary stocks. Sizable gains from health care stocks (up 41.9%) also made a substantial contribution. Health care issues benefited

Performance as of October 31,2013

		Total return			Average annual total return
Enhanced Large-Cap Growth Index Fund	Inception date	1year			5 years			since inception
Institutional Class	11/30/2007		25.73	%		16.89	%	6.36	%
Russell 1000 Growth Index	—		28.30			17.51		6.68	*

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

* Performance is calculated from the inception date of the Institutional Class.

6 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

from the president’s November reelection, which added clarity to the direction of health care policy. Strong contributions from industrials and information technology—the benchmark’s largest sector at period-end—further enhanced index performance. Together, these four sectors constituted 70% of the benchmark’s total market capitalization at the end of the period.

For the twelve months, just one of the benchmark’s five largest stocks recorded gains that exceeded the return of the index. Only Google outperformed; its stock climbed 51.5% as the company expanded its core advertising business within the mobile device market. Microsoft closely tracked the index, rising 27.9%, while Coca-Cola registered just a 9.5% gain. In contrast, IBM (down 6.2%) and Apple (down 10.1%) lagged far behind.

Stock choices dampen the fund’s relative results

The fund’s enhanced indexing strategy uses quantitative (mathematical) modeling techniques to construct a portfolio that resembles the risk characteristics of the fund’s benchmark index, while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

During the period, stock selections using the enhanced indexing methodology had both positive and negative effects on the fund’s relative performance, but the net result was to lower the fund’s return relative to that of its benchmark. The largest detractor was an underweight position in social media company Facebook, whose shares rose an impressive 137.8%. Overweight holdings in lagging semiconductor maker Broadcom and agricultural chemicals firm CF Industries also detracted from relative returns.

Partly offsetting these negative factors were favorable results from overweight investments in apparel manufacturer Hanesbrands (up 105.0%), technology company Alliance Data Systems (up 65.7%) and MasterCard (up 56.1%).

$10,000 invested at fund’s inception

Institutional Class (inception November 30, 2007)

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

Expense example

Six months ended October 31, 2013

Enhanced Large-Cap Growth Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,121.60		$1.93
5% annual hypothetical return
Institutional Class		1,000.00		1,023.39		1.84

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.36% for the Institutional Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 7

Enhanced Large-Cap Value Index Fund

Portfolio composition
	% of net assets
Sector	as of 10/31/2013
Financials		26.9
Energy		13.3
Health care		12.6
Industrials		10.9
Information technology		10.3
Consumer discretionary		10.0
Utilities		5.1
Consumer staples		4.5
Materials		3.5
Telecommunication services		2.4
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 10/31/2013
More than $50 billion		42.6
More than $15 billion–$50 billion		25.3
More than $2 billion–$15 billion		31.2
$2 billion or less		0.9
Total		100.0

Performance for the twelve months ended October 31, 2013

The Enhanced Large-Cap Value Index Fund returned 28.65%, compared with the 28.29% return of its benchmark, the Russell 1000^® Value Index.

Large-cap value stocks keep pace in a climbing market

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, large-cap value and growth issues were closely matched, with the latter returning 28.30%. Within the value category, large-cap issues trailed their mid- and small-cap counterparts, which soared 33.45% and 32.83%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended October 31, 2013, the Russell 1000 Value Index registered an average annual return of 14.06%, lagging both the 17.51% average gain of the Russell 1000 Growth Index and the 15.94% average return of the Russell 3000 Index.

Financials propel the benchmark higher

For the twelve months, all ten industry sectors of the fund’s benchmark achieved double-digit gains, including six that soared more than 25%. The benchmark’s largest sector, financials, advanced 30.5% and easily made the biggest contribution to the benchmark’s rise. Strong gains from information technology (up 50.4%), industrials (up 38.1%) and health care (up 30.0%) made substantial contributions as well. Together, these four sectors constituted 60% of the index’s total market capitalization on October 31, 2013.

Performance as of October 31, 2013
			Total return			Average annual total return
Enhanced Large-Cap Value Index Fund	Inception date		1 year			5 years			since inception
Institutional Class		11/30/2007		28.65	%		13.46	%		3.91	%
Russell 1000 Value Index		—		28.29			14.06			4.29	*

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

* Performance is calculated from the inception date of the Institutional Class.

8 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

For the period, only one of the benchmark’s five largest stocks registered gains that exceeded the return of the Russell 1000 Value Index. Johnson & Johnson advanced 35.0%. General Electric climbed 28.3%, matching the benchmark’s return. In contrast, Procter & Gamble (up 20.3%) and Chevron (up 12.5%) posted solid results but failed to keep pace with the benchmark. Exxon Mobil, the index’s largest individual component in terms of market capitalization at period-end, substantially lagged; it returned just 1.0%.

Stock choices aid the fund’s relative return

The fund’s enhanced indexing strategy uses quantitative (mathematical) modeling techniques to construct a portfolio that resembles the risk characteristics of the fund’s benchmark index, while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

During the period, stock selections using the enhanced indexing methodology produced mixed results, but the net effect was to lift the fund’s return above that of its benchmark. The largest positive contribution came from a nonbenchmark position in Netflix, whose shares rose a remarkable 307.0%, following a series of better-than-expected quarterly earnings results. The fund also benefited from overweight holdings in two well-performing consumer discretionary companies: Best Buy and GameStop. Underweights in Merck and Exxon Mobil helped relative results as well.

These positive contributors were partly offset by less favorable stock choices. These included overweight investments in coal and natural gas producer Walter Energy and international mining company Cliffs Natural Resources, both of which posted double-digit losses for the period. Underweight holdings in Time Warner and Capital One Financial also trimmed performance slightly.

$10,000 invested at fund’s inception

 
Institutional Class (inception November 30, 2007)

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

Expense example

Six months ended October 31, 2013

Enhanced Large-Cap Value Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,113.09		$1.92
5% annual hypothetical return
Institutional Class		1,000.00		1,023.39		1.84

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.36% for the Institutional Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 9

Growth & Income Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Consumer discretionary		17.2
Information technology		17.2
Health care		16.2
Financials		12.8
Industrials		9.7
Consumer staples		9.4
Energy		9.4
Materials		3.7
Telecommunication services		2.1
Utilities		1.7
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		43.8
More than $15 billion–$50 billion		27.3
More than $2 billion–$15 billion		26.9
$2 billion or less		2.0
Total		100.0

Performance for the twelve months ended October 31, 2013

The Growth & Income Fund returned 29.53% for the Institutional Class, compared with the 27.18% return of its benchmark, the S&P 500^® Index. The table below shows returns for all share classes of the fund.

Large-cap stocks climb on positive economic news but trail the broad market

During the twelve-month period, large-cap U.S. equities, as measured by the S&P 500 Index, produced a robust gain but lagged the 28.99% return of the Russell 3000^® Index, a proxy for the broad domestic stock market.

Stocks broadly rallied as signs of a strengthening economy, an improving housing market and rising consumer confidence lifted sentiment for riskier assets. At the same time, investors cheered as the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

The equity markets faced headwinds during the period, however. Ongoing concerns that the strengthening economy might lead the Fed to begin tapering its accommodative programs led to a sell-off in the equity markets in June and August. When the Fed announced that it would maintain its current policies, the rally resumed as the period came to a close.

Despite its strong gain, the S&P 500 Index failed to keep pace with the Russell 3000 Index. The broad U.S. market index benefited from a sizable position in small- and mid-cap stocks, which outperformed the large-cap issues of the S&P 500. During the period, optimistic investors favored smaller-cap companies because of their higher return potential.

For the ten years ended October 31, 2013, the S&P 500 Index posted an average annual gain of 7.46%, compared with an average annual return of 7.92% for the Russell 3000 Index.

Performance as of October 31, 2013

		Total return			Average annual total return
Growth & Income Fund	Inception date		1 year			5 years		10 years
Institutional Class	7/1/1999		29.53	%		15.78	%	9.34	%
Retirement Class	10/1/2002		29.05			15.49		9.03
Retail Class	3/31/2006		28.98			15.47		9.19	*
Premier Class	9/30/2009		29.20			15.64	*	9.27	*
S&P 500 Index	—		27.18			15.17		7.46

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

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

* The performance shown for the Retail and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retail and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

10 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Financials lead a broad-based sector advance

For the period, nine of the benchmark’s ten industry sectors generated double-digit gains. The biggest contribution came from the large financial sector, which gained 31.9%. Consumer discretionary (up 40.2%) and health care (up 34.5%) also made substantial contributions to the benchmark’s rise. Together, these three sectors constituted more than 40% of the benchmark’s total market capitalization on October 31, 2013.

Amid the market rally, telecommunications services and utilities lagged with returns of 12.7% and 9.5%, respectively. These sectors underperformed as investors sought higher returns from faster growing companies in other sectors of the economy, rather than focusing on issues with high dividend yields.

Strong stock selections boost the fund’s relative results

The fund generated a strong gain and outperformed its benchmark by more than two percentage points because of numerous favorable stock choices. These included overweight investments in biotechnology firm Gilead Sciences, which soared 111.9%, and Netflix, whose stock rose an extraordinary 307.0%, following a series of better-than-expected quarterly earnings results. An overweight holding in Delta Air Lines also aided relative returns, as did underweight positions in IBM, AT&T and Exxon Mobil.

In contrast, underweight holdings in information technology giants Hewlett-Packard (up 80.9%) and Microsoft (up 27.9%) detracted from relative performance. The fund was also hurt by an overweight investment in homebuilder D.R. Horton, whose stock fell 8.7%. Homebuilders came under pressure during the second half of the reporting period as investors became concerned that rising mortgage rates would constrain new home sales.

$10,000 over 10 years

  Institutional Class

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Growth & Income Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,138.33		$2.43
Retirement Class		1,000.00		1,136.20		3.77
Retail Class		1,000.00		1,135.41		4.14
Premier Class		1,000.00		1,136.46		3.23
5% annual hypothetical return
Institutional Class		1,000.00		1,022.94		2.29
Retirement Class		1,000.00		1,021.68		3.57
Retail Class		1,000.00		1,021.32		3.92
Premier Class		1,000.00		1,022.18		3.06

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.45% for the Institutional Class, 0.70% for the Retirement Class, 0.77% for the Retail Class and 0.60% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 11

Large-Cap Growth Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Information technology		29.5
Consumer discretionary		19.4
Health care		19.4
Industrials		12.1
Financials		6.3
Materials		4.3
Consumer staples		2.7
Energy		2.5
Telecommunication services		1.6
Short-term investments, other assets & liabilities, net		2.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		50.2
More than $15 billion–$50 billion		24.3
More than $2 billion–$15 billion		25.5
Total		100.0

Performance for the twelve months ended October 31, 2013

The Large-Cap Growth Fund returned 33.71% for the Institutional Class, compared with the 28.30% return of its benchmark, the Russell 1000^® Growth Index. The table below shows returns for all share classes of the fund.

Large-cap growth stocks post strong gains

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, large-cap growth and value issues were closely matched, with the latter returning 28.29%. Within the growth category, large caps lagged both small- and mid-cap issues, which gained 39.84% and 33.93%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended October 31, 2013, the Russell 1000 Growth Index posted an average annual return of 17.51%, topping both the 14.06% average gain of the Russell 1000 Value Index and the 15.94% average return of the Russell 3000 Index.

Consumer discretionary stocks lead the benchmark higher

All ten industry sectors of the Russell 1000 Growth Index scored double-digit gains for the period, including four that soared more than 30%. The benchmark’s second-largest sector, consumer discretionary, advanced 40.3% and easily made the biggest contribution to the benchmark’s rise. An improving domestic economy and strengthening consumer confidence were tailwinds

Performance as of October 31, 2013

			Total return			Average annual total return
Large-Cap Growth Fund	Inception date		1 year			5 years			since fund inception
Institutional Class		3/31/2006		33.71	%		16.97	%		7.36	%
Retirement Class		3/31/2006		33.49			16.71			7.09
Retail Class		3/31/2006		33.29			16.62			7.09
Premier Class		9/30/2009		33.68			16.85	*		7.29	*
Russell 1000 Growth Index		—		28.30			17.51			7.59	†

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

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

*	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower.
†	Performance is calculated from the inception date of the Institutional Class.

12 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

for consumer discretionary stocks. Sizable gains from health care stocks (up 41.9%) also made a substantial contribution. Health care issues benefited from the president’s November reelection, which added clarity to the direction of health care policy. Strong contributions from industrials and information technology—the benchmark’s largest sector at period-end—further enhanced index performance. Together, these four sectors constituted 70% of the benchmark’s total market capitalization at the end of the period.

For the twelve months, just one of the benchmark’s five largest stocks recorded gains that exceeded the return of the index. Only Google outperformed; its stock climbed 51.5% as the company expanded its core advertising business within the mobile device market. Microsoft closely tracked the index, rising 27.9%, while Coca-Cola registered just a 9.5% gain. In contrast, IBM (down 6.2%) and Apple (down 10.1%) lagged far behind.

Strong stock selections propel the fund above its benchmark

For the period, the fund outpaced its benchmark by nearly five-and-a-half percentage points, largely because of numerous successful stock choices. The largest contributors included overweight positions in biotechnology companies Gilead Sciences, Celgene and Biogen Idec, which surged 111.9%, 102.4% and 76.7%, respectively. Avoiding IBM and an overweight stake in social media company Facebook, whose shares jumped 137.8%, also helped the fund’s relative performance.

These positive effects were partly offset by other, less favorable stock selections. Chief among these were overweight investments in software provider Red Hat (down 12.0%) and two lagging medical equipment manufacturers: Edwards Lifesciences and Intuitive Surgical. An underweight holding in biotechnology firm Amgen (up 36.8%) detracted as well.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Large-Cap Growth Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,161.41		$2.51
Retirement Class		1,000.00		1,159.60		3.86
Retail Class		1,000.00		1,159.35		4.52
Premier Class		1,000.00		1,160.65		3.32
5% annual hypothetical return
Institutional Class		1,000.00		1,022.89		2.35
Retirement Class		1,000.00		1,021.63		3.62
Retail Class		1,000.00		1,021.02		4.23
Premier Class		1,000.00		1,022.13		3.11

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.46% for the Institutional Class, 0.71% for the Retirement Class, 0.83% for the Retail Class and 0.61% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 13

Large-Cap Value Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		24.4
Energy		15.4
Health care		13.2
Industrials		10.7
Information technology		10.5
Consumer discretionary		8.5
Consumer staples		5.5
Utilities		4.0
Telecommunication services		3.8
Materials		3.3
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		45.2
More than $15 billion–$50 billion		21.0
More than $2 billion–$15 billion		31.2
$2 billion or less		2.6
Total		100.0

Performance for the twelve months ended October 31, 2013

The Large-Cap Value Fund returned 31.38% for the Institutional Class, compared with the 28.29% return of its benchmark, the Russell 1000^® Value Index. The table below shows returns for all share classes of the fund.

Large-cap value stocks keep pace in a climbing market

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, large-cap value and growth issues were closely matched, with the latter returning 28.30%. Within the value category, large-cap issues trailed their mid- and small-cap counterparts, which soared 33.45% and 32.83%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2013, the Russell 1000 Value Index registered an average annual return of 7.81%, outpacing the 7.70% average gain of the Russell 1000 Growth Index but slightly lagging the 7.92% average return of the Russell 3000 Index.

Financials propel the benchmark higher

For the twelve months, all ten industry sectors of the fund’s benchmark achieved double-digit gains, including six that soared more than 25%. The benchmark’s largest sector, financials, advanced 30.5% and easily made the biggest contribution to the benchmark’s rise. Strong gains from information

Performance as of October 31, 2013

			Total return			Average annual total return
Large-Cap Value Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		31.38	%		15.98	%		8.47	%
Retirement Class		10/1/2002		31.06			15.69			8.17
Retail Class		10/1/2002		30.94			15.63			8.22
Premier Class		9/30/2009		31.21			15.84	*		8.40	*
Russell 1000 Value Index		—		28.29			14.06			7.81

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

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

* The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower.

14 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

technology (up 50.4%), industrials (up 38.1%) and health care (up 30.0%) made substantial contributions as well. Together, these four sectors constituted 60% of the index’s total market capitalization on October 31, 2013.

Amid the rising market, the smaller materials, telecommunications and utilities sectors lagged with returns of 18.6%, 12.0% and 11.1%, respectively.

For the period, only one of the benchmark’s five largest stocks registered gains that exceeded the return of the Russell 1000 Value Index. Johnson & Johnson advanced 35.0%. General Electric climbed 28.3%, matching the benchmark’s return. In contrast, Procter & Gamble (up 20.3%) and Chevron (up 12.5%) posted solid results but failed to keep pace with the benchmark. Exxon Mobil, the index’s largest individual component in terms of market capitalization at period-end, substantially lagged; it returned just 1.0%.

Stock selections lift the fund above its benchmark

For the period, the fund generated a strong absolute return and outpaced its benchmark by more than three percentage points on the strength of numerous successful stock choices. Among the largest positive contributions were overweight positions in Green Mountain Coffee Roasters and electronics retailer Best Buy, both of which recorded triple-digit gains. An underweight investment in lagging energy giant Exxon Mobil and the avoidance of gold producer Newmont Mining, whose stock fell 48.2%, further enhanced results. A favorable nonbenchmark holding in French telecommunications equipment provider Alcatel-Lucent also helped.

Other positions, however, detracted from relative performance. These included overweights in J.C. Penney, international mining company Cliffs Natural Resources and coal and natural gas producer Walter Energy, all of which posted losses for the period. An out-of-benchmark holding in Israeli drug maker Teva trimmed returns slightly as well.

$10,000 over 10 years

Institutional Class

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

 
Six months ended October 31, 2013

Large-Cap Value Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,117.07		$2.35
Retirement Class		1,000.00		1,115.57		3.68
Retail Class		1,000.00		1,115.56		4.21
Premier Class		1,000.00		1,116.67		3.15
5% annual hypothetical return
Institutional Class		1,000.00		1,022.99		2.24
Retirement Class		1,000.00		1,021.73		3.52
Retail Class		1,000.00		1,021.22		4.02
Premier Class		1,000.00		1,022.23		3.01

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.44% for the Institutional Class, 0.69% for the Retirement Class, 0.79% for the Retail Class and 0.59% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 15

Mid-Cap Growth Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Consumer discretionary		26.7
Information technology		18.9
Industrials		13.7
Health care		13.5
Financials		8.4
Energy		6.2
Consumer staples		4.4
Materials		3.6
Telecommunication services		2.4
Short-term investments, other assets & liabilities, net		2.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $15 billion–$50 billion		26.7
More than $2 billion–$15 billion		68.4
$2 billion or less		4.9
Total		100.0

Performance for the twelve months ended October 31, 2013

The Mid-Cap Growth Fund returned 34.07% for the Institutional Class, compared with the 33.93% return of its benchmark, the Russell Midcap^® Growth Index. The table below shows returns for all share classes of the fund.

Mid-cap growth stocks shine in a rising market

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, mid-cap growth stocks outperformed the broad market by nearly five percentage points. Within the growth category, mid-cap stocks easily outpaced the 28.30% return of large-cap equities but lagged the 39.84% advance of small-cap issues. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2013, the Russell Midcap Growth Index posted an average annual gain of 9.60%, outpacing the 7.92% average return of the Russell 3000 by more than one-and-a-half percentage points.

Consumer discretionary stocks lead the benchmark’s advance

All ten of the benchmark’s industry sectors registered double-digit gains, and eight rose more than 20%. By far, the largest contribution came from the benchmark’s biggest sector, consumer discretionary, which rose 39.8%. Information technology (up 24.9%), industrials (up 37.0%) and health care (up 36.9%) also made significant contributions to the index’s rise. Together,

Performance as of October 31, 2013

		Total return			Average annual total return
Mid-Cap Growth Fund	Inception date		1 year			5 years		10 years
Institutional Class	10/1/2002		34.07	%		20.21	%	9.54	%
Retirement Class	10/1/2002		33.71			19.91		9.25
Retail Class	10/1/2002		33.64			19.87		9.26
Premier Class	9/30/2009		33.93			20.06	*	9.48	*
Russell Midcap Growth Index	—		33.93			20.32		9.60

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

* The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower.

16 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

these four sectors constituted more than two-thirds of the benchmark’s total market capitalization at period-end. Solid gains from consumer staples and energy also aided the benchmark’s performance.

For the period, four of the five largest stocks in the Russell Midcap Growth Index generated double-digit gains that outpaced the return of the benchmark. Drug developer Actavis led the way with a 79.9% advance, while grocery store chain Kroger, Whole Foods Market and Alexion Pharmaceuticals rose 73.2%, 37.2% and 36.0%, respectively. Wireless infrastructure provider Crown Castle International lagged with a 13.9% return.

Stock selections aid the fund’s relative performance

The fund achieved a strong absolute gain for the period and edged past its benchmark because of several successful stock choices. The biggest contribution came from a nonbenchmark position in retirement plan provider Financial Engines, which gained an impressive 133.5%. Overweight investments in professional networking website LinkedIn, energy infrastructure provider Chicago Bridge & Iron and personal care products distributor Nu Skin Enterprises also enhanced the fund’s relative return.

These positive effects were partly countered by results from unsuccessful selections, including an underweight in Netflix, whose shares soared 307.0%, following a series of better-than-expected quarterly earnings results. Out-of-benchmark holdings in chemical producer Axiall and French alcoholic beverage maker Rémy Cointreau also hurt relative returns, as did an overweight investment in technology company F5 Networks.

$10,000 over 10 years

 
Institutional Class

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Mid-Cap Growth Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,154.06		$2.55
Retirement Class		1,000.00		1,152.66		3.91
Retail Class		1,000.00		1,152.05		4.34
Premier Class		1,000.00		1,153.31		3.37
5% annual hypothetical return
Institutional Class		1,000.00		1,022.84		2.40
Retirement Class		1,000.00		1,021.58		3.67
Retail Class		1,000.00		1,021.17		4.08
Premier Class		1,000.00		1,022.08		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 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.47% for the Institutional Class, 0.72% for the Retirement Class, 0.80% for the Retail Class and 0.62% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 17

Mid-Cap Value Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		29.0
Consumer discretionary		11.2
Industrials		11.0
Utilities		10.7
Information technology		10.7
Health care		9.2
Energy		8.5
Materials		5.7
Consumer staples		2.8
Telecommunication services		0.5
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $15 billion–$50 billion		28.1
More than $2 billion–$15 billion		67.7
$2 billion or less		4.2
Total		100.0

Performance for the twelve months ended October 31, 2013

The Mid-Cap Value Fund returned 31.23% for the Institutional Class, compared with the 33.45% return of its benchmark, the Russell Midcap^® Value Index. The table below shows returns for all share classes of the fund.

Mid-cap value stocks outpace the broad market

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, mid-cap value stocks outperformed the broad market by nearly four-and-a-half percentage points. Within the value category, mid-cap stocks outpaced the 32.83% advance of small-cap equities and the 28.29% return of large-cap issues. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2013, the Russell Midcap Value Index posted an average annual gain of 10.62%, easily topping the 7.92% average return of the Russell 3000 over the same period.

Financials lead a broad-based sector advance

For the twelve months, all ten industry sectors of the Russell Midcap Value Index produced double-digit gains, including five that soared more than 40%. The biggest contribution came from the benchmark’s largest sector, financials, which rose 25.9%. Financial stocks benefited from a strengthening economy and improving housing market. Solid advances from information

Performance as of October 31, 2013

			Total return			Average annual total return
Mid-Cap Value Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		31.23	%		17.28	%		10.77	%
Retirement Class		10/1/2002		30.87			16.99			10.48
Retail Class		10/1/2002		30.83			16.99			10.53
Premier Class		9/30/2009		31.00			17.13	*		10.70	*
Russell Midcap Value Index		—		33.45			18.85			10.62

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

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

* The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower.

18 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

technology (up 50.1%), health care (up 49.4%), industrials (up 47.4%) and consumer discretionary (up 41.8%) also significantly contributed to the benchmark’s strong results. Together, these five sectors comprised more than 70% of the index’s total market capitalization on October 31, 2013.

During the period, all of the five largest stocks in the Russell Midcap Value Index scored double-digit gains, and four surpassed the return of the benchmark. Oil and gas exploration firm Noble Energy (up 59.5%) achieved the best results, followed by insurer Cigna (up 51.0%), health care services provider Cardinal Health (up 46.3%) and Sempra Energy (up 34.8%). Real estate investment trust Prologis lagged the benchmark but still generated a 20.0% gain.

The fund generates a strong gain but trails its benchmark

The fund produced an impressive double-digit gain but trailed its benchmark by more than two percentage points largely because of stock choices that did not perform as anticipated. An underweight position in Valero Energy, which jumped 58.2%, was the largest detractor from relative results. An out-of-benchmark investment in Discover Financial Services also constrained the fund’s relative performance, as did avoiding semiconductor maker Cree (up 100.5%), Southwest Airlines (up 96.7%) and financial institution Lincoln National (up 85.8%).

Other holdings, however, bolstered the fund’s relative results. Chief among these was an overweight position in Green Mountain Coffee Roasters, which rose an exceptional 159.8%. Nonbenchmark holdings in surging technology firm Invensys and drugstore chain Rite Aid also helped. Avoiding health care real estate investment trust HCP, whose shares fell 0.9%, benefited the fund’s relative returns as well.

$10,000 over 10 years

Institutional Class

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Mid-Cap Value Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,113.01		$2.34
Retirement Class		1,000.00		1,111.69		3.67
Retail Class		1,000.00		1,111.22		3.94
Premier Class		1,000.00		1,112.27		3.14
5% annual hypothetical return
Institutional Class		1,000.00		1,022.99		2.24
Retirement Class		1,000.00		1,021.73		3.52
Retail Class		1,000.00		1,021.48		3.77
Premier Class		1,000.00		1,022.23		3.01

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.44% for the Institutional Class, 0.69% for the Retirement Class, 0.74% for the Retail Class and 0.59% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 19

Small-Cap Equity Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		21.9
Information technology		18.5
Industrials		15.1
Consumer discretionary		12.5
Health care		12.4
Energy		6.2
Materials		5.7
Consumer staples		3.3
Utilities		3.2
Telecommunication services		0.4
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size

Marketcapitalization	% of equity investments as of 10/31/2013
More than $2 billion–$15 billion		44.4
$2 billion or less		55.6
Total		100.0

Performance for the twelve months ended October 31, 2013

The Small-Cap Equity Fund returned 39.49% for the Institutional Class, compared with the 36.28% return of its benchmark, the Russell 2000^® Index. The table below shows returns for all share classes of the fund.

Small caps surge ahead of the broad market

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, small-cap stocks outpaced the broad U.S. equity market by more than seven percentage points, reflecting investors’ appetite for riskier securities amid signs of an improving economy. Within the small-cap category, growth issues easily outperformed value stocks, 39.84% to 32.83%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2013, the Russell 2000 Index achieved an average annual gain of 9.03%, easily outpacing the 7.92% average return of the Russell 3000 Index over the same period.

Largest sectors lead the index higher

For the period, all ten of the benchmark’s industry sectors scored double-digit gains, and five jumped more than 40%. The index’s advance was driven, in large part, by strong contributions from its three largest sectors: financials,

Performance as of October 31, 2013

			Total return			Average annual total return
Small-Cap Equity Fund*	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		39.49	%		17.31	%		8.88	%
Retirement Class		10/1/2002		39.20			17.02			8.60
Retail Class		10/1/2002		39.04			16.95			8.64
Premier Class		9/30/2009		39.32			17.17	†		8.81	†
Russell 2000 Index		—		36.28			17.04			9.03

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

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

*	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.
†	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower.

20 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

information technology and industrials, which gained 28.0%, 42.8% and 43.4%, respectively. Robust results from the sizable consumer discretionary (up 42.0%) and health care (40.4%) sectors further fueled the benchmark’s advance. Together, these five sectors constituted more than four-fifths of the benchmark’s total market capitalization on October 31, 2013.

For the period, the benchmark’s five largest stocks produced robust gains, with two registering triple-digit advances. In descending order of market capitalization at period-end, these issues and their returns were as follows: commercial real estate research provider CoStar Group (up 113.5%), business services provider Athenahealth (up 107.7%), diversified electronics company Acuity Brands (up 56.4%), commercial kitchen equipment maker Middleby (up 82.2%) and Ultimate Software Group (up 52.4%).

Strong stock selections boost the fund’s relative performance

The fund outpaced its benchmark by more than three percentage points on the strength of numerous favorable stock selections. The largest contributions came from overweight positions in two health care issues: drugstore chain Rite Aid and software provider Medidata Solutions, which soared 359.5% and 162.5%, respectively. The fund’s relative returns were also buoyed by overweight holdings in network supplier Infoblox, casino operator Boyd Gaming and credit risk manger Radian Group, whose shares jumped 211.1% for the twelve-month period.

These positive contributors were partly offset by less favorable stock choices. Chief among these were overweight investments in Coeur Mining (down 60.5%), electronics component maker OSI Systems (down 8.1%) and energy supplier Delek U.S. Holdings (up 2.3%).

$10,000 over 10 years

 
Institutional Class

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Small-Cap Equity Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,190.02		$2.43
Retirement Class		1,000.00		1,189.63		3.81
Retail Class		1,000.00		1,188.11		4.41
Premier Class		1,000.00		1,189.87		3.26
5% annual hypothetical return
Institutional Class		1,000.00		1,022.99		2.24
Retirement Class		1,000.00		1,021.73		3.52
Retail Class		1,000.00		1,021.17		4.08
Premier Class		1,000.00		1,022.23		3.01

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.44% for the Institutional Class, 0.69% for the Retirement Class, 0.80% for the Retail Class and 0.59% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 21

Social Choice Equity Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		20.0
Information technology		15.8
Consumer discretionary		13.3
Health care		10.9
Energy		10.5
Industrials		10.3
Consumer staples		8.1
Materials		4.9
Utilities		4.1
Telecommunication services		1.4
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		31.4
More than $15 billion–$50 billion		45.3
More than $2 billion–$15 billion		20.8
$2 billion or less		2.5
Total		100.0

Performance for the twelve months ended October 31, 2013

The Social Choice Equity Fund returned 31.32% for the Institutional Class, compared with the 28.99% return of its benchmark, the Russell 3000^® Index. The table below shows returns for all share classes of the fund. The fund uses certain environmental, social and governance criteria, while the benchmark does not.

Stock exclusions enhance the fund’s relative performance

Because of its social criteria, the fund did not invest in a number of stocks included in the Russell 3000 Index. The net effect of avoiding these companies was to help the fund outpace its benchmark by more than two percentage points.

The largest contribution to the fund’s outperformance was the exclusion of Apple, the benchmark’s largest stock in terms of market capitalization at period-end. Apple fell 10.1% during the twelve-month reporting period on concerns about increased competition and slowing growth rates. Relative results were also bolstered by avoiding AT&T, Philip Morris International, Wal-Mart and two energy giants, Exxon Mobil and Chevron, all of which significantly lagged the broad U.S. stock market during the period.

These positive effects were partly offset by the exclusion of biotechnology company Celgene, Boeing and Facebook. In the case of Facebook, its stock rose an extraordinary 137.8% following a series of better-than-expected quarterly earnings results. The exclusion of two other stocks that performed well, Amazon and Bank of America, also hindered relative returns slightly.

Performance as of October 31, 2013

			Total return			Average annual total return
Social Choice Equity Fund	Inception date		1 year			5 years			10 years
Institutional Class		7/1/1999		31.32	%		15.75	%		7.96	%
Retirement Class		10/1/2002		30.99			15.47			7.65
Retail Class		3/31/2006		30.87			15.47			7.81	*
Premier Class		9/30/2009		31.14			15.58	*		7.89	*
Russell 3000 Index		—		28.99			15.94			7.92

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

* The performance shown for the Retail and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retail and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

22 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Successful stock selections benefit the fund’s results

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.

For the period, the fund’s return was aided by overweight investments in a number of well-performing biotechnology and health care stocks. Chief among these were Gilead Sciences (up 111.9%), Biogen Idec (up 76.7%) and Bristol-Myers Squibb (up 63.5%). Health care issues benefited from the president’s November reelection, which added clarity to the direction of health care policy. Overweight positions in Yahoo, Starbucks and Pioneer Natural Resources, all of which easily outperformed the broad U.S. stock market, boosted the fund’s relative performance as well.

These positive contributions more than offset detractions from various other positions, including overweight holdings in two lagging information technology companies: IBM (down 6.2%) and EMC (down 0.6%). Relative returns were also constrained by overweight investments in Ariad Pharmaceuticals and Royal Gold, which fell 44.7%, as muted inflation expectations, an improving economic outlook and a strong rally in the equity markets provided a challenging environment for many precious metal stocks.

$10,000 over 10 years

 
Institutional Class

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Social Choice Equity Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,117.87		$0.96
Retirement Class		1,000.00		1,116.48		2.29
Retail Class		1,000.00		1,115.60		2.51
Premier Class		1,000.00		1,116.64		1.76
5% annual hypothetical return
Institutional Class		1,000.00		1,024.30		0.92
Retirement Class		1,000.00		1,023.04		2.19
Retail Class		1,000.00		1,022.84		2.40
Premier Class		1,000.00		1,023.54		1.68

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.18% for the Institutional Class, 0.43% for the Retirement Class, 0.47% for the Retail Class and 0.33% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 23

Emerging Markets Equity Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		22.2
Information technology		20.4
Consumer discretionary		14.4
Industrials		10.7
Materials		9.9
Energy		9.0
Consumer staples		8.0
Health care		3.1
Utilities		1.6
Telecommunication services		0.6
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2013
China		15.0
Korea		14.7
Brazil		10.7
Russia		7.5
Taiwan		7.0
Mexico		6.7
India		5.8
Philippines		3.9
Hong Kong		3.5
South Africa		2.6
23 other nations		17.8
Short-term investments		4.8
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		24.9
More than $15 billion–$50 billion		22.6
More than $2 billion–$15 billion		38.2
$2 billion or less		14.3
Total		100.0

Performance for the twelve months ended October 31, 2013

The Emerging Markets Equity Fund returned 8.18% for the Institutional Class, compared with the 6.53% return of its benchmark, the MSCI Emerging Markets Index. The table below shows returns for all share classes of the fund.

Emerging market stocks lag stronger returns elsewhere

The MSCI Emerging Markets Index registered a solid gain for the twelve-month period, yet it lagged the 26.88% advance of the 22 developed market nations that comprise the MSCI EAFE Index and the 28.99% gain of the broad U.S. stock market, as measured by the Russell 3000^® Index. Investors favored developed market equities during the period because developed economies were generally improving while many of the major emerging economies were experiencing slowing growth.

After rising 7.69% in the first three months of the period, emerging market equities tumbled 11.41% from February through August, in part because of investor concerns about slowing growth rates in China and worries that the Federal Reserve might begin to taper its long-term bond purchases sooner than expected. Aided by improving Chinese economic data and news that the Fed would continue its accommodative policies, emerging market stocks rebounded sharply in September and October, gaining 11.68% for the last two months of the reporting period.

For the twelve months, a rising dollar lowered the return of the MSCI Emerging Markets Index for U.S. investors. In terms of local currencies, the index gained 10.36%.

Gains in Taiwan and Korea drive the index higher

For the period, Taiwan and Korea rose 18.1% and 12.7%, respectively, and made the largest contributions to the benchmark’s return. The strength in Taiwanese stocks was due, in part, to policymakers’ efforts to boost capital flows between Taiwan and China. Korean equities benefited from a resurgence

Performance as of October 31, 2013

			Total return			Average annual total return
Emerging Markets Equity Fund*	Inception date		1 year			since inception
Institutional Class		8/31/2010		8.18	%		4.21	%
Retirement Class		8/31/2010		7.91			3.93
Retail Class		8/31/2010		7.74			3.78
Premier Class		8/31/2010		7.96			4.06
MSCI Emerging Markets Index		—		6.53			4.61	†

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.
†	Performance is calculated from the inception date of the Institutional Class.

24 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

in foreign investment that occurred during the last few months of the period. A solid 9.3% return from China—the largest country component of the index in terms of market capitalization at period-end also—helped. (All returns are in U.S. dollars.)

These gains more than offset a decline in the sizable Brazilian market (down 1.5%), as well as double-digit losses in Chile and Indonesia.

Stock choices boost the fund’s relative results

In a volatile market environment for emerging market equities, the fund outperformed its benchmark by more than one-and-a-half percentage points, largely on the strength of favorable stock selections. Chief among these were nonbenchmark investments in resorts operator Sands China and Hong Kong’s Melco Crown Entertainment. Overweight positions in Russian food retailer Magnit and Chinese Internet provider Tencent Holdings also enhanced relative performance.

These positive effects were partly offset by less successful results from other positions. These included out-of-benchmark investments in Chilean retailer Empresas La Polar and Chinese semiconductor company Spreadtrum Communications.

The fund’s returns may sometimes diverge from the returns of its benchmark index 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 (generally 4 p.m. ET). 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.

$10,000 invested at fund’s inception

 
Institutional Class (inception August 31, 2010)

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Emerging Markets Equity Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$985.01		$4.70
Retirement Class		1,000.00		983.20		6.00
Retail Class		1,000.00		982.32		6.70
Premier Class		1,000.00		984.13		5.50
5% annual hypothetical return
Institutional Class		1,000.00		1,020.47		4.79
Retirement Class		1,000.00		1,019.16		6.11
Retail Class		1,000.00		1,018.45		6.82
Premier Class		1,000.00		1,019.66		5.60

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.94% for the Institutional Class, 1.20% for the Retirement Class, 1.34% for the Retail Class and 1.10% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 25

Enhanced International Equity Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		27.0
Industrials		12.0
Consumer discretionary		11.7
Consumer staples		10.5
Health care		9.6
Materials		8.2
Energy		6.9
Telecommunication services		5.2
Information technology		4.2
Utilities		3.7
Short-term investments, other assets & liabilities, net		1.0
Total		100.0

Holdings by country

% of portfolio investments as of 10/31/2013
Japan	20.3
United Kingdom	20.2
France	9.5
Switzerland	8.5
Germany	8.3
Australia	8.0
Netherlands	3.9
Sweden	3.3
Spain	3.0
Hong Kong	2.5
14 other nations	10.6
Short-term investments	1.9
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		41.9
More than $15 billion–$50 billion		33.8
More than $2 billion–$15 billion		24.3
Total		100.0

Performance for the twelve months ended October 31, 2013

The Enhanced International Equity Index Fund returned 28.75%, compared with the 26.88% return of its benchmark, the MSCI EAFE Index.

Upbeat economic news boosts foreign stock returns

For the first time since 2009, the MSCI EAFE Index produced a double-digit gain for the twelve-month period ended October 31. During the current period, investors were encouraged by signs of strengthening in the U.S. economy, indications that Europe was emerging from its deep recession and by Japan’s recent efforts to stimulate its economy.

At the same time, slowing growth in China, fiscal showdowns in Washington and the possibility that the Federal Reserve might taper its accommodative policies intermittently weighed on the index. The EAFE, which measures stock performance in 22 developed market nations outside North America, retreated in four of the period’s twelve months.

In terms of local currencies, the EAFE soared 31.04%, as a stronger dollar versus the yen reduced its return for U.S. investors. (The dollar was weaker against the euro and flat against the pound.)

For the twelve months, the EAFE trailed the 28.99% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. For the five years ended October 31, 2013, the EAFE’s 11.99% average annual gain lagged the Russell 3000’s 15.94% return.

Broad-based gains push the benchmark higher

For the period, all but two of the EAFE’s country components registered double-digit advances, and only one—Israel—lost ground. (Returns are in U.S. dollars.) Japanese stocks, the largest segment of the index in terms of market capitalization at period-end, climbed 34.0%. Strong contributions also came from France (up 33.8%), Switzerland (up 31.1%), Germany (up 30.9%) and Great Britain (up 20.4%).

Performance as of October 31, 2013

			Total return			Average annual total return
Enhanced International Equity Index Fund*	Inception date		1 year			5 years			since inception
Institutional Class		11/30/2007		28.75	%		12.35	%		–0.49	%
MSCI EAFE Index		—		26.88			11.99			–0.47	†

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.
†	Performance is calculated from the inception date of the Institutional Class.

26 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

The fund outpaces its benchmark

The fund’s enhanced indexing strategy uses quantitative (mathematical) modeling techniques to construct a portfolio that resembles the risk characteristics of the fund’s benchmark index, while seeking to outperform that index. In terms of portfolio holdings, the fund diverges from its benchmark more than a fund that uses a pure indexing strategy.

During the period, stock selections using the enhanced indexing methodology produced mixed results, but the net effect was to enable the fund to outperform the MSCI EAFE Index. Positive contributors included overweight holdings in three financial firms: Spain’s Bankia, France’s Axa and Japan’s Sumitomo Mitsu Financial Group. Overweights in French automaker Renault and German automotive supplier Continental also boosted returns.

These positive effects were partly countered by overweight holdings in Australian mining giant BHP Billiton and Norwegian agricultural supplier Yara International. Underweights in Japanese telecommunications company SoftBank and German automaker Daimler reduced relative results as well.

The fund’s returns may sometimes diverge from the returns of its benchmark index 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 (generally 4 p.m. ET). 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.

$10,000 invested at fund’s inception

 
Institutional Class (inception November 30, 2007)

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

Expense example

Six months ended October 31, 2013

Enhanced International Equity Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,084.83		$2.31
5% annual hypothetical return
Institutional Class		1,000.00		1,022.99		2.24

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.44% for the Institutional Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 27

Global Natural Resources Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Materials		60.0
Energy		32.1
Consumer staples		6.4
Consumer discretionary		0.8
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by country

% of portfolio investments as of 10/31/2013
United States	42.2
United Kingdom	10.0
Canada	7.5
Australia	6.9
Switzerland	5.8
Japan	1.8
Finland	1.5
France	1.4
Mexico	1.3
South Africa	1.3
17 other nations	12.4
Short-term investments	7.9
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		34.5
More than $15 billion–$50 billion		25.4
More than $2 billion–$15 billion		37.6
$2 billion or less		2.5
Total		100.0

Performance for the twelve months ended October 31, 2013

The Global Natural Resources Fund returned –0.05% for the Institutional Class, compared with the 0.57% return of its benchmark, the MSCI All Country World Commodity Producers Sector Capped Index. The table below shows returns for all share classes of the fund.

Global commodity stocks fall short of strong gains elsewhere

During the twelve-month reporting period, the MSCI All Country World Commodity Producers Sector Capped Index, which is equally weighted among the energy, metals and agriculture sectors, lagged the 23.29% return of the broader MSCI All Country World Index.

During the first half of the reporting period, metals and mining stocks came under pressure, as concerns about slowing economic growth in China led to fears of potential oversupply. The possibility that the Federal Reserve might begin tapering its accommodative policies also hurt investor sentiment towards commodities. Economic data from China improved somewhat during the second half of the period, which led to a rebound in mining stocks, although the sector still remained largely out of favor with investors.

The energy sector performed relatively well versus the overall benchmark after previously lagging. Energy stocks were supported by high crude oil prices as well as by rising oil and gas production in the United States. Agriculture stocks were negatively affected by dropping grain prices after a jump in crop production in the United States, following last year’s drought.

For the period, a rising dollar lowered the return of the MSCI commodity producers index for U.S. investors. In terms of local currencies, the index gained 2.59%.

Performance as of October 31, 2013

			Total return			Average annual total return
Global Natural Resources Fund*	Inception date		1 Year			since inception
Institutional Class		11/1/2011		–0.05	%		1.02	%
Retirement Class		11/1/2011		–0.28			0.79
Retail Class		11/1/2011		–0.49			0.57
Premier Class		11/1/2011		–0.16			0.86
MSCI All Country World Commodity Producers Sector Capped Index		—		0.57			0.86	†

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

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

*	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.
†	Performance is calculated from the inception date of the Institutional Class.

28 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Stock selections trim the fund’s relative return

In a challenging market environment, the fund lagged its benchmark index. Investor concerns regarding the timing of the Fed’s tapering activities resulted in rising yields. This hurt gold and silver prices, despite strong demand for gold from China. At the same time, gold funds witnessed strong redemptions, which further hurt the stocks of gold and silver miners, including the fund’s investments in Canada’s Detour Gold and Mexico’s Fresnillo. The fund was also negatively affected by a position in Archer Daniels Midland. Metallurgical coal prices were hampered by strong production in Australia and a rebound in Chinese production. This hurt the fund’s holdings in coal producer Walter Energy.

The fund benefited from its investments in several U.S. energy producers, including Pioneer Natural Resources and Continental Resources, both of which reported strong results and impressed the market with their oil growth potential. Another positive contributor was Oasis Petroleum, whose production results beat market expectations. The fund also was helped by its position in Packaging Corporation of America, which benefited from a recovery in containerboard prices.

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

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). 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.

$10,000 invested at fund’s inception

Institutional Class (inception November 1, 2011)

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Global Natural Resources Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,014.21		$3.71
Retirement Class		1,000.00		1,013.21		5.02
Retail Class		1,000.00		1,011.19		5.78
Premier Class		1,000.00		1,013.21		4.52
5% annual hypothetical return
Institutional Class		1,000.00		1,021.53		3.72
Retirement Class		1,000.00		1,020.21		5.04
Retail Class		1,000.00		1,019.46		5.80
Premier Class		1,000.00		1,020.72		4.53

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.73% for the Institutional Class, 0.99% for the Retirement Class, 1.14% for the Retail Class and 0.89% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 29

International Equity Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Consumer discretionary		23.8
Industrials		22.8
Financials		18.6
Consumer staples		9.8
Health care		7.0
Information technology		6.5
Materials		6.1
Telecommunication services		1.1
Utilities		0.7
Energy		0.2
Short-term investments, other assets & liabilities, net		3.4
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2013
United Kingdom		24.2
France		19.6
Japan		12.0
Germany		9.8
Switzerland		7.9
Sweden		4.8
Greece		4.7
India		4.3
Netherlands		2.3
Spain		2.2
5 other nations		3.2
Short-term investments		5.0
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		20.6
More than $15 billion–$50 billion		22.4
More than $2 billion–$15 billion		54.9
$2 billion or less		2.1
Total		100.0

Performance for the twelve months ended October 31, 2013

The International Equity Fund returned 29.29% for the Institutional Class, compared with the 26.88% return of its benchmark, the MSCI EAFE Index. The table below shows returns for all share classes of the fund.

Upbeat economic news boosts foreign stock returns

For the first time since 2009, the MSCI EAFE Index produced a double-digit gain for the twelve-month period ended October 31. During the current period, investors were encouraged by signs of strengthening in the U.S. economy, indications that Europe was emerging from its deep recession and by Japan’s recent efforts to stimulate its economy.

At the same time, slowing growth in China, fiscal showdowns in Washington and the possibility that the Federal Reserve might taper its accommodative policies intermittently weighed on the index. The EAFE, which measures stock performance in 22 developed market nations outside North America, retreated in four of the period’s twelve months.

In terms of local currencies, the EAFE soared 31.04%, as a stronger dollar versus the yen reduced its return for U.S. investors. (The dollar was weaker against the euro and flat against the pound.)

Despite its strong showing for the twelve months, the EAFE’s return, in dollars, trailed the 28.99% advance of the broad U.S. stock market, as measured by the Russell 3000^® Index. However, for the ten years ended October 31, 2013, the EAFE’s 7.71% average annual return only slightly lagged the 7.92% average return of the Russell 3000.

Performance as of October 31, 2013

		Total return			Average annual total return
International Equity Fund*	Inception date		1 year			5 years		10 years
Institutional Class	7/1/1999		29.29	%		13.99	%	8.26	%
Retirement Class	10/1/2002		28.97			13.69		7.85
Retail Class	3/31/2006		28.75			13.64		8.30	†
Premier Class	9/30/2009		28.96			13.83	†	8.18	†
MSCI EAFE Index	—		26.88			11.99		7.71

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*

Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.

†

The performance shown for the Retail and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retail and Premier classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

30 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Broad-based gains push the benchmark higher

For the period, all but two of the EAFE’s country components registered double-digit advances, and only one—Israel—lost ground. (Returns are in U.S. dollars.) Japanese stocks, the largest segment of the index in terms of market capitalization at period-end, climbed 34.0%. Significant contributions also came from France (up 33.8%), Switzerland (up 31.1%), Germany (up 30.9%) and Great Britain (up 20.4%).

The fund tops its benchmark on strong security selections

For the twelve months, the fund outperformed its benchmark by almost two-and-a-half percentage points because of advantageous stock choices. These included overweight positions in Britain’s Lloyds Banking Group and French automaker Renault. Overweights in two Swiss companies—chemical maker Clariant and Adecco, an employment agency—also boosted the fund’s results.

These positive effects were partly offset by unsuccessful selections, such as overweight holdings in German chemical producer Lanxess and India’s HDFC Bank. Also detracting were overweights in two British firms: cruise ship operator Carnival and Britain’s Tate & Lyle, the producer of sugar substitute Splenda.

The fund’s returns may sometimes diverge from the returns of its benchmark index 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 (generally 4 p.m. ET). 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.

$10,000 over 10 years
Institutional Class

 

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

International Equity Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,130.78		$2.74
Retirement Class		1,000.00		1,128.57		4.08
Retail Class		1,000.00		1,128.76		4.67
Premier Class		1,000.00		1,129.06		3.54
5% annual hypothetical return
Institutional Class		1,000.00		1,022.63		2.60
Retirement Class		1,000.00		1,021.37		3.87
Retail Class		1,000.00		1,020.82		4.43
Premier Class		1,000.00		1,021.88		3.36

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.51% for the Institutional Class, 0.76% for the Retirement Class, 0.87% for the Retail Class and 0.66% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 31

International Opportunities Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Consumer discretionary		23.4
Financials		22.3
Industrials		14.4
Information technology		12.1
Health care		8.6
Consumer staples		7.1
Energy		5.9
Materials		5.6
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2013
United Kingdom		16.6
Japan		13.0
Netherlands		4.8
Canada		4.7
Sweden		4.1
France		4.0
Germany		3.8
Italy		3.7
Switzerland		3.5
Australia		3.3
24 other nations		32.3
Short-term investments		6.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		26.9
More than $15 billion–$50 billion		16.6
More than $2 billion–$15 billion		43.9
$2 billion or less		12.6
Total		100.0

Performance for the period ended October 31, 2013

The International Opportunities Fund was introduced on April 12, 2013. From that date through October 31, 2013, the fund returned 8.80% for the Institutional Class, compared with the 9.23% return of its benchmark, the MSCI All Country World ex USA Index. The table below shows returns for all share classes of the fund.

Foreign stocks gain amid heightened volatility

The MSCI All Country World ex USA Index, which tracks stock performance in 44 developed and emerging market nations, advanced for the period, but the road was bumpy. Investors were encouraged by the strengthening U.S. economy, Europe’s slow emergence from deep recession and Japan’s recent efforts to stimulate its economy. But slowing growth in China and the possibility that the Federal Reserve might taper its accommodative monetary policies were cause for concern.

In May and June, the Fed announced that it was considering a reduction in its stimulus measures, and stocks, including foreign issues, sold off. Shares bounced back in July on strong U.S. economic data and positive statements from the European and British central banks. In August, foreign stocks declined again, when investor jitters about the Fed’s direction resurfaced, but they rallied in September and October following the central bank’s decision to maintain its current policies.

Foreign currency valuations were not a significant factor in the benchmark’s return for U.S. investors. For the period, the MSCI All Country World ex USA Index gained 9.15% in local currencies, versus 9.23% in dollars.

Emerging market losses limit the benchmark’s rise

For the period, the benchmark’s advance was driven by double-digit gains in most European national markets. The biggest contribution came from Great Britain, the index’s largest country component based on market capitalization

Performance as of October 31, 2013

			Total return
International Opportunities Fund*	Inception date		since inception
Institutional Class		4/12/2013		8.80	%
Retirement Class		4/12/2013		8.70
Retail Class		4/12/2013		8.60
Premier Class		4/12/2013		8.70
MSCI All Country World ex USA Index		—		9.23	†

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.
†	Performance is calculated from the inception date of the Institutional Class.

32 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

at period-end. It returned 12.5%. Solid gains from Spain (up 30.5%), France (up 21.0%) and Germany (up 20.7%) also boosted the benchmark’s results. (Returns are in U.S. dollars.)

However, substantial losses from several emerging market nations limited the index’s rise. The largest detractors were Indonesia (down 22.0%), Mexico (down 10.9%) and Turkey (down 17.1%).

The fund trails its benchmark index

For the period, the fund lagged its benchmark because of unfavorable stock selections. These included overweight investments in Brazilian investment bank BTG Pactual Participations, Norwegian oilfield services provider Petroleum Geo-Services, Japanese eyewear company Jin Co and Polish wholesale food distributor Eurocash.

These negative effects were partly offset by other, successful holdings, such as overweights in Italian Internet retailer Yoox, British retailer Sports Direct and Japan’s Fuji Heavy Industries, manufacturer of Subaru automobiles.

The fund’s returns may sometimes diverge from the returns of its benchmark index 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 (generally 4 p.m. ET). 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.

$10,000 invested at fund’s inception

Institutional Class (inception April 12, 2013)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

International Opportunities Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class		$1,000.00		$1,068.76		$3.65
Retirement Class		1,000.00		1,068.83		4.95
Retail Class		1,000.00		1,067.85		5.21
Premier Class		1,000.00		1,067.78		4.43
5% annual hypothetical return
Institutional Class		1,000.00		1,021.68		3.57
Retirement Class		1,000.00		1,020.42		4.84
Retail Class		1,000.00		1,020.16		5.09
Premier Class		1,000.00		1,020.92		4.33

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.70% for the Institutional Class, 0.95% for the Retirement Class, 1.00% for the Retail Class and 0.85% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 33

Summary portfolio of investments

Enhanced Large-Cap Growth Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	9,950,702		0.7	%
BANKS					6,184,500		0.4
CAPITAL GOODS
	195,725		Boeing Co		25,542,113		1.7
	230,980		Honeywell International, Inc		20,032,895		1.4
	119,618		Rockwell Automation, Inc		13,207,023		0.9
			Other		84,792,379		5.8
					143,574,410		9.8
COMMERCIAL & PROFESSIONAL SERVICES
	93,927	*	Stericycle, Inc		10,914,317		0.7
			Other		16,811,966		1.2
					27,726,283		1.9
CONSUMER DURABLES & APPAREL
	273,932		Coach, Inc		13,882,874		1.0
	171,175		Hanesbrands, Inc		11,660,441		0.8
	673,121		Pulte Homes, Inc		11,880,586		0.8
			Other		7,613,880		0.5
					45,037,781		3.1
CONSUMER SERVICES
	21,631	*	Chipotle Mexican Grill, Inc (Class A)		11,398,888		0.8
	163,438		Starbucks Corp		13,246,650		0.9
	196,701		Wyndham Worldwide Corp		13,060,946		0.9
			Other		19,288,551		1.3
					56,995,035		3.9
DIVERSIFIED FINANCIALS
	66,436	*	Affiliated Managers Group, Inc		13,117,124		0.9
	197,476		Moody’s Corp		13,953,654		0.9
			Other		10,395,359		0.7
					37,466,137		2.5
ENERGY
	385,234		Cabot Oil & Gas Corp		13,606,465		0.9
	72,760		Pioneer Natural Resources Co		14,899,793		1.0
	311,079		Schlumberger Ltd		29,154,324		2.0
			Other		9,146,057		0.6
					66,806,639		4.5
FOOD & STAPLES RETAILING					17,414,409		1.2
FOOD, BEVERAGE & TOBACCO
	632,434		Altria Group, Inc		23,545,518		1.6
	564,386		Coca-Cola Co		22,332,754		1.5
	141,042		Hershey Co		13,997,008		1.0
	308,642		Kraft Foods Group, Inc		16,783,952		1.1
	145,122		Mead Johnson Nutrition Co		11,850,663		0.8
	196,471		PepsiCo, Inc		16,521,246		1.1
	228,243		Philip Morris International, Inc		20,341,016		1.4
			Other		11,039,319		0.8
					136,411,476		9.3

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	99,660		Bard (C.R.), Inc	$	13,575,685		0.9	%
	303,226	*	Express Scripts Holding Co		18,957,690		1.3
			Other		1,426,446		0.1
					33,959,821		2.3
HOUSEHOLD & PERSONAL PRODUCTS					9,403,549		0.6
INSURANCE					7,149,867		0.5
MATERIALS
	167,056		Monsanto Co		17,520,833		1.2
	74,948		Sherwin-Williams Co		14,090,224		0.9
			Other		39,677,796		2.8
					71,288,853		4.9
MEDIA
	386,108		Comcast Corp (Class A)		18,371,019		1.3
			Other		46,032,827		3.1
					64,403,846		4.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	486,153		AbbVie, Inc		23,554,113		1.6
	171,672		Allergan, Inc		15,555,200		1.1
	122,967		Amgen, Inc		14,264,172		1.0
	85,296	*	Biogen Idec, Inc		20,828,430		1.4
	277,452		Bristol-Myers Squibb Co		14,571,779		1.0
	119,859	*	Celgene Corp		17,797,863		1.2
	308,659	*	Gilead Sciences, Inc		21,911,703		1.5
			Other		30,006,304		2.0
					158,489,564		10.8
REAL ESTATE
	86,692		Simon Property Group, Inc		13,398,249		0.9
			Other		12,182,111		0.8
					25,580,360		1.7
RETAILING
	387,015		Home Depot, Inc		30,144,598		2.0
	19,276	*	Priceline.com, Inc		20,313,627		1.4
			Other		57,637,691		3.9
					108,095,916		7.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	332,160		Linear Technology Corp		13,665,062		0.9
			Other		21,691,617		1.5
					35,356,679		2.4
SOFTWARE & SERVICES
	259,414		Accenture plc		19,066,929		1.3
	57,555	*,e	Alliance Data Systems Corp		13,643,988		0.9
	48,589	*	Google, Inc (Class A)		50,074,852		3.4
	181,809		International Business Machines Corp		32,581,991		2.2
	34,675		Mastercard, Inc (Class A)		24,865,442		1.7
	1,443,707		Microsoft Corp		51,035,042		3.5
	481,501		Oracle Corp		16,130,284		1.1
			Other		59,446,064		4.0
					266,844,592		18.1

34 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments	concluded
Enhanced Large-Cap Growth Index Fund  ■  October 31, 2013

Shares			Company	Value			% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	99,674		Apple, Inc	$	52,064,714			3.6	%
	349,755		NetApp, Inc		13,573,991			0.9
			Other		11,738,029			0.8
					77,376,734			5.3
TELECOMMUNICATION SERVICES
	681,940		Verizon Communications, Inc		34,444,789			2.3
					34,444,789			2.3
TRANSPORTATION
	224,526		United Parcel Service, Inc (Class B)		22,057,434			1.5
			Other		4,394,356			0.3
					26,451,790			1.8
			TOTAL COMMON STOCKS (Cost $1,138,775,445)		1,466,413,732			99.7
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	30,380,888	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		30,380,888			2.1
					30,380,888			2.1
			TOTAL SHORT-TERM INVESTMENTS (Cost $30,380,888)		30,380,888			2.1
			TOTAL PORTFOLIO (Cost $1,169,156,333)		1,496,794,620			101.8
			OTHER ASSETS & LIABILITIES, NET		(25,704,108	)		(1.8	)
			NET ASSETS	$	1,471,090,512			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, including those in “Other,” is $29,560,086.

“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  ■  2013 Annual Report 35

Summary portfolio of investments

Enhanced Large-Cap Value Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	388,800		Ford Motor Co	$	6,652,368		0.5	%
	167,500	*	General Motors Co		6,189,125		0.4
			Other		10,590,820		0.8
					23,432,313		1.7
BANKS
	903,180		Wells Fargo & Co		38,556,754		2.7
			Other		29,195,887		2.1
					67,752,641		4.8
CAPITAL GOODS
	49,890		Cummins, Inc		6,337,028		0.4
	112,800		Eaton Corp		7,959,168		0.6
	1,179,274		General Electric Co		30,826,222		2.2
	57,500		Northrop Grumman Corp		6,181,825		0.4
			Other		70,992,342		5.0
					122,296,585		8.6
COMMERCIAL & PROFESSIONAL SERVICES					7,625,489		0.5
CONSUMER DURABLES & APPAREL					18,220,251		1.3
CONSUMER SERVICES					14,562,751		1.0
DIVERSIFIED FINANCIALS
	1,187,750		Bank of America Corp		16,580,990		1.2
	542,000		Citigroup, Inc		26,438,760		1.9
	141,911		Discover Financial Services		7,362,343		0.5
	101,300		Goldman Sachs Group, Inc		16,295,118		1.2
	718,889		JPMorgan Chase & Co		37,051,539		2.6
	206,000		PowerShares QQQ Trust Series		17,054,740		1.2
	44,000		SPDR Dow Jones Industrial Average ETF Trust		6,832,760		0.5
	110,880		State Street Corp		7,769,361		0.5
			Other		24,492,004		1.7
					159,877,615		11.3
ENERGY
	107,750		Anadarko Petroleum Corp		10,267,498		0.7
	272,275		Chevron Corp		32,662,109		2.3
	142,000		ConocoPhillips		10,408,600		0.7
	574,750		Exxon Mobil Corp		51,509,095		3.6
	81,811		Hess Corp		6,643,053		0.5
	218,800		Marathon Oil Corp		7,714,888		0.6
	78,800	z	Noble Energy, Inc		5,904,484		0.4
	102,750		Occidental Petroleum Corp		9,872,220		0.7
	128,891		Phillips 66		8,304,447		0.6
			Other		45,097,148		3.2
					188,383,542		13.3
FOOD & STAPLES RETAILING					6,158,880		0.4
FOOD, BEVERAGE & TOBACCO
	147,540		Archer Daniels Midland Co		6,034,386		0.4
			Other		24,146,980		1.7
					30,181,366		2.1

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	428,380		Abbott Laboratories	$	15,657,289		1.1	%
	80,000		Cigna Corp		6,158,400		0.5
	93,800		Covidien plc		6,013,518		0.4
	117,500		Medtronic, Inc		6,744,500		0.5
	70,380		WellPoint, Inc		5,968,224		0.4
			Other		28,242,063		2.0
					68,783,994		4.9
HOUSEHOLD & PERSONAL PRODUCTS
	264,242		Procter & Gamble Co		21,337,541		1.5
			Other		5,836,056		0.4
					27,173,597		1.9
INSURANCE
	111,380		Allstate Corp		5,909,823		0.4
	230,230		American International Group, Inc		11,891,380		0.8
	187,775	*	Berkshire Hathaway, Inc (Class B)		21,609,147		1.5
	96,390		Prudential Financial, Inc		7,845,182		0.6
			Other		61,874,346		4.4
					109,129,878		7.7
MATERIALS
	28,380		CF Industries Holdings, Inc		6,118,728		0.4
			Other		43,189,127		3.1
					49,307,855		3.5
MEDIA
	237,750		Walt Disney Co		16,307,273		1.2
			Other		31,343,131		2.2
					47,650,404		3.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	302,424		Johnson & Johnson		28,007,487		2.0
	269,942		Merck & Co, Inc		12,171,685		0.9
	1,213,380		Pfizer, Inc		37,226,498		2.6
	83,900		Thermo Electron Corp		8,203,742		0.6
			Other		24,453,064		1.7
					110,062,476		7.8
REAL ESTATE
	41,990		Public Storage, Inc		7,011,070		0.5
			Other		38,712,748		2.7
					45,723,818		3.2
RETAILING					37,761,667		2.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	435,750		Intel Corp		10,645,372		0.8
			Other		17,460,521		1.2
					28,105,893		2.0
SOFTWARE & SERVICES					39,455,508		2.8
TECHNOLOGY HARDWARE & EQUIPMENT
	28,750		Apple, Inc		15,017,563		1.0
	873,800		Cisco Systems, Inc		19,660,500		1.4
			Other		43,524,114		3.1
					78,202,177		5.5

36 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments	concluded
Enhanced Large-Cap Value Index Fund  ■  October 31, 2013

Shares			Company	Value			% of net assets
TELECOMMUNICATION SERVICES
	627,500		AT&T, Inc	$	22,715,500			1.6	%
			Other		10,523,562			0.8
					33,239,062			2.4
TRANSPORTATION
	60,000		FedEx Corp		7,860,000			0.6
			Other		16,217,780			1.0
					24,077,780			1.6
UTILITIES
	81,800		NextEra Energy, Inc		6,932,550			0.5
	68,800		Sempra Energy		6,270,432			0.4
			Other		58,850,999			4.2
					72,053,981			5.1
			TOTAL COMMON STOCKS (Cost $1,040,638,346)		1,409,219,523			99.5
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	22,983,731	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		22,983,731			1.6
					22,983,731			1.6
			TOTAL SHORT-TERM INVESTMENTS (Cost $22,983,731)		22,983,731			1.6
			TOTAL PORTFOLIO (Cost $1,063,622,077)		1,432,203,254			101.1
			OTHER ASSETS & LIABILITIES, NET		(16,570,380	)		(1.1	)
			NET ASSETS	$	1,415,632,874			100.0	%

Abbreviation(s):

ETF — Exchange Traded Funds

SPDR — Standard & Poor’s Depositary Receipts

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

The aggregate value of securities on loan is $22,548,337.

“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  ■  2013 Annual Report 37

Summary portfolio of investments

Growth & Income Fund  ■  October 31, 2013

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	440,032	Delphi Automotive plc	$	25,169,830		0.6	%
	493,666	Johnson Controls, Inc		22,782,686		0.6
				47,952,516		1.2
BANKS
	1,084,840	Wells Fargo & Co		46,311,819		1.2
		Other		51,924,466		1.3
				98,236,285		2.5
CAPITAL GOODS
	176,046	Boeing Co		22,974,003		0.6
	387,566	Eaton Corp		27,346,657		0.7
	4,041,986	General Electric Co		105,657,514		2.7
	579,508	Honeywell International, Inc		50,260,729		1.3
	207,059	Roper Industries, Inc		26,257,152		0.6
		Other		55,027,833		1.4
				287,523,888		7.3
COMMERCIAL & PROFESSIONAL SERVICES				14,896,750		0.4
CONSUMER DURABLES & APPAREL				131,387,864		3.3
CONSUMER SERVICES
	324,424	Las Vegas Sands Corp		22,781,053		0.6
		Other		45,108,988		1.1
				67,890,041		1.7
DIVERSIFIED FINANCIALS
	4,065,275	Bank of America Corp		56,751,239		1.4
	1,283,588	Citigroup, Inc		62,613,422		1.6
	674,961	Discover Financial Services		35,016,977		0.9
	499,287	JPMorgan Chase & Co		25,733,252		0.6
	926,605	Morgan Stanley		26,621,362		0.7
		Other		66,428,412		1.7
				273,164,664		6.9
ENERGY
	410,383	Anadarko Petroleum Corp		39,105,396		1.0
	660,579	Chevron Corp		79,243,057		2.0
	225,612	EOG Resources, Inc		40,249,181		1.0
	805,368	Halliburton Co		42,708,665		1.1
	612,584	Schlumberger Ltd		57,411,372		1.4
		Other		113,590,334		2.9
				372,308,005		9.4
FOOD & STAPLES RETAILING				36,104,638		0.9
FOOD, BEVERAGE & TOBACCO
	1,060,171	Altria Group, Inc		39,470,166		1.0
	362,253	Hershey Co		35,949,988		0.9
	751,278	PepsiCo, Inc		63,174,967		1.6
		Other		103,552,332		2.6
				242,147,453		6.1

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	606,915		Aetna, Inc	$	38,053,570		1.0	%
	379,906		Zimmer Holdings, Inc		33,230,378		0.8
			Other		45,165,176		1.1
					116,449,124		2.9
HOUSEHOLD & PERSONAL PRODUCTS
	475,593		Procter & Gamble Co		38,404,135		1.0
			Other		56,029,258		1.4
					94,433,393		2.4
INSURANCE
	370,078		ACE Ltd		35,320,244		0.9
	868,784		Hartford Financial Services Group, Inc		29,278,021		0.7
	592,720		Metlife, Inc		28,041,583		0.7
			Other		29,699,395		0.8
					122,339,243		3.1
MATERIALS
	130,183		PPG Industries, Inc		23,768,812		0.6
			Other		124,281,406		3.1
					148,050,218		3.7
MEDIA
	503,651		CBS Corp (Class B)		29,785,920		0.8
	1,238,551		Comcast Corp (Class A)		58,930,257		1.5
	423,752		Viacom, Inc (Class B)		35,294,304		0.9
			Other		47,852,961		1.2
					171,863,442		4.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	174,737	*	Actavis plc		27,010,846		0.7
	685,285		Bristol-Myers Squibb Co		35,991,168		0.9
	930,246	*	Gilead Sciences, Inc		66,038,164		1.7
	1,063,289		Johnson & Johnson		98,471,194		2.5
	1,069,150		Pfizer, Inc		32,801,522		0.8
			Other		264,691,521		6.7
					525,004,415		13.3
REAL ESTATE					11,760,543		0.3
RETAILING
	138,236	*,z	Amazon.com, Inc		50,322,051		1.3
	701,002		Home Depot, Inc		54,601,046		1.4
	526,027		TJX Companies, Inc		31,977,181		0.8
			Other		129,236,506		3.2
					266,136,784		6.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					86,278,300		2.2
SOFTWARE & SERVICES
	105,657	*,e	Alliance Data Systems Corp		25,047,048		0.6
	87,008	*	Google, Inc (Class A)		89,668,705		2.3
	2,129,678		Microsoft Corp		75,284,117		1.9
			Other		159,325,962		4.0
					349,325,832		8.8

38 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments	concluded
Growth & Income Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	260,496	z	Apple, Inc	$	136,070,086		3.4	%
	1,313,823		Cisco Systems, Inc		29,561,017		0.8
			Other		78,528,811		2.0
					244,159,914		6.2
TELECOMMUNICATION SERVICES
	899,932		Verizon Communications, Inc		45,455,565		1.2
			Other		37,017,127		0.9
					82,472,692		2.1
TRANSPORTATION
	191,082	z	Canadian Pacific Railway Ltd		27,338,102		0.7
	1,170,934		Delta Air Lines, Inc		30,889,239		0.8
			Other		21,201,228		0.4
					79,428,569		1.9
UTILITIES
	283,767		NextEra Energy, Inc		24,049,253		0.6
			Other		42,808,976		1.1
					66,858,229		1.7
			TOTAL COMMON STOCKS (Cost $3,047,991,806)		3,936,172,802		99.4
PURCHASED OPTIONS
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					10,500		0.0
			TOTAL PURCHASED OPTIONS (Cost $51,498)		10,500		0.0

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	134,598,775	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	134,598,775			3.4	%
					134,598,775			3.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $134,598,775)		134,598,775			3.4
			TOTAL PORTFOLIO (Cost $3,182,642,079)		4,070,782,077			102.8
			OTHER ASSETS & LIABILITIES, NET		(112,976,145	)		(2.8	)
			NET ASSETS	$	3,957,805,932			100.0	%

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $131,014,106.
z	All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

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

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  ■  2013 Annual Report 39

Summary portfolio of investments

Large-Cap Growth Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	22,727,839		1.0	%
CAPITAL GOODS
	290,653		Boeing Co		37,930,217		1.7
	148,373		Precision Castparts Corp		37,605,137		1.7
	163,287		Roper Industries, Inc		20,706,424		0.9
	119,637		W.W. Grainger, Inc		32,178,764		1.4
			Other		14,798,592		0.6
					143,219,134		6.3
COMMERCIAL & PROFESSIONAL SERVICES
	602,605		Nielsen Holdings NV		23,766,741		1.1
	340,396	*	Verisk Analytics, Inc		23,323,934		1.0
					47,090,675		2.1
CONSUMER DURABLES & APPAREL
	131,864		LVMH Moet Hennessy Louis Vuitton S.A.		25,317,275		1.1
	313,680		Nike, Inc (Class B)		23,764,397		1.1
			Other		25,349,092		1.1
					74,430,764		3.3
CONSUMER SERVICES
	657,900		Las Vegas Sands Corp		46,197,738		2.0
	594,269		Starbucks Corp		48,165,502		2.1
			Other		13,068,856		0.6
					107,432,096		4.7
DIVERSIFIED FINANCIALS
	220,876		Ameriprise Financial, Inc		22,206,873		1.0
	159,983		Goldman Sachs Group, Inc		25,734,866		1.1
	110,732	*	IntercontinentalExchange, Inc		21,341,378		0.9
			Other		54,075,217		2.4
					123,358,334		5.4
ENERGY
	124,785		EOG Resources, Inc		22,261,644		1.0
	435,498		Halliburton Co		23,094,459		1.0
			Other		10,896,659		0.5
					56,252,762		2.5
FOOD & STAPLES RETAILING
	206,143		Costco Wholesale Corp		24,324,874		1.1
					24,324,874		1.1
FOOD, BEVERAGE & TOBACCO					17,098,091		0.8
HEALTH CARE EQUIPMENT & SERVICES
	335,609	*	Edwards Lifesciences Corp		21,878,351		0.9
			Other		22,194,297		1.0
					44,072,648		1.9
HOUSEHOLD & PERSONAL PRODUCTS
	110,525		L’Oreal S.A.		18,871,780		0.8
					18,871,780		0.8

Shares			Company	Value		% of net assets
MATERIALS
	193,824	z	Ecolab, Inc	$	20,545,344		0.9	%
	536,736		Monsanto Co		56,292,872		2.5
	104,433		Sherwin-Williams Co		19,633,404		0.9
					96,471,620		4.3
MEDIA
	667,237		Comcast Corp (Class A)		31,747,137		1.4
	511,574	*	Discovery Communications, Inc (Class A)		45,489,160		2.0
	635,664		Twenty-First Century Fox, Inc		21,663,429		0.9
			Other		15,290,934		0.7
					114,190,660		5.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	179,146	*	Alexion Pharmaceuticals, Inc		22,026,000		1.0
	244,251		Bayer AG.		30,299,879		1.3
	286,309	*	Biogen Idec, Inc		69,913,795		3.1
	286,415	*	Celgene Corp		42,529,763		1.9
	1,035,113	*	Gilead Sciences, Inc		73,482,672		3.2
	338,002		e Perrigo Co		46,607,096		2.0
	163,010		Roche Holding AG.		45,078,034		2.0
	280,934	*	Salix Pharmaceuticals Ltd		20,157,014		0.9
	787,865		Zoetis Inc		24,943,806		1.1
			Other		20,373,198		0.9
					395,411,257		17.4
REAL ESTATE					20,286,816		0.9
RETAILING
	210,234	*	Amazon.com, Inc		76,531,483		3.4
	411,173	*	Carmax, Inc		19,321,019		0.8
			Other		24,991,162		1.1
					120,843,664		5.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	501,272		ARM Holdings plc (ADR)		23,655,026		1.0
	530,285		Xilinx, Inc		24,085,545		1.1
			Other		13,167,774		0.6
					60,908,345		2.7
SOFTWARE & SERVICES
	1,035,439	*	Adobe Systems, Inc		56,120,794		2.5
	676,566	*	eBay, Inc		35,661,794		1.6
	1,092,303	*	Facebook, Inc		54,899,149		2.4
	93,068	*	Google, Inc (Class A)		95,914,019		4.2
	910,081		Intuit, Inc		64,988,884		2.9
	83,001		Mastercard, Inc (Class A)		59,520,017		2.6
	764,884	*	Red Hat, Inc		33,096,531		1.4
	249,348		Visa, Inc (Class A)		49,039,271		2.1
	274,771	*	VMware, Inc (Class A)		22,333,387		1.0
			Other		62,780,345		2.8
					534,354,191		23.5
TECHNOLOGY HARDWARE & EQUIPMENT
	141,349		Apple, Inc		73,833,650		3.2
			Other		5,861,917		0.3
					79,695,567		3.5

40 2013 Annual Report  ■   TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments	concluded
Large-Cap Growth Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	482,200		Softbank Corp	$	36,010,146		1.6	%
					36,010,146		1.6
TRANSPORTATION
	377,349		Kansas City Southern Industries, Inc		45,855,451		2.0
			Other		37,855,087		1.7
					83,710,538		3.7
			TOTAL COMMON STOCKS (Cost $1,611,115,838)		2,220,761,801		97.8
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	36,139,401	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		36,139,401		1.6
					36,139,401		1.6
			TOTAL SHORT-TERM INVESTMENTS (Cost $36,139,401)		36,139,401		1.6
			TOTAL PORTFOLIO (Cost $1,647,255,239)		2,256,901,202		99.4
			OTHER ASSETS & LIABILITIES, NET		14,609,324		0.6
			NET ASSETS	$	2,271,510,526		100.0	%

Abbreviation(s):

ADR — American Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $36,418,170.
z	All or a portion of these securities have been segregated by the custodian to cover margin requirements on open written options contracts.

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

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   ■   2013 Annual Report 41

Summary portfolio of investments

Large-Cap Value Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	20,974,395		0.5	%
BANKS
	3,137,716		Keycorp		39,315,581		0.9
	1,860,928		TCF Financial Corp		28,248,887		0.6
	2,827,266		Wells Fargo & Co		120,695,986		2.7
			Other		62,102,388		1.4
					250,362,842		5.6
CAPITAL GOODS
	297,495		General Dynamics Corp		25,771,992		0.6
	6,635,163		General Electric Co		173,443,161		3.9
	779,904	e	Joy Global, Inc		44,259,552		1.0
	397,956		SPX Corp		36,098,589		0.8
			Other		54,109,289		1.2
					333,682,583		7.5
COMMERCIAL & PROFESSIONAL SERVICES					17,550,711		0.4
CONSUMER DURABLES & APPAREL
	605,738	e	Hasbro, Inc		31,286,368		0.7
	570,196	*	Jarden Corp		31,566,050		0.7
			Other		20,769,485		0.5
					83,621,903		1.9
CONSUMER SERVICES
	865,355		Carnival Corp		29,984,551		0.7
	537,611	*	Penn National Gaming, Inc		31,455,619		0.7
			Other		36,198,983		0.8
					97,639,153		2.2
DIVERSIFIED FINANCIALS
	3,885,736		Bank of America Corp		54,244,875		1.2
	1,859,655		Citigroup, Inc		90,713,971		2.1
	273,481		Goldman Sachs Group, Inc		43,992,154		1.0
	807,617		JPMorgan Chase & Co		41,624,580		1.0
	719,490		Legg Mason, Inc		27,678,780		0.6
	1,599,940		Morgan Stanley		45,966,276		1.0
	775,576		State Street Corp		54,344,610		1.2
			Other		35,722,149		0.8
					394,287,395		8.9
ENERGY
	794,973		Baker Hughes, Inc		46,179,982		1.0
	695,363		Chevron Corp		83,415,746		1.9
	729,197		ConocoPhillips		53,450,140		1.2
	1,315,815		Exxon Mobil Corp		117,923,340		2.6
	464,866		Occidental Petroleum Corp		44,664,325		1.0
	4,304,110		Tailsman Energy, Inc		53,715,293		1.2
	1,865,981	*	Weatherford International Ltd		30,676,728		0.7
			Other		256,849,841		5.8
					686,875,395		15.4
FOOD & STAPLES RETAILING					59,150,215		1.3
FOOD, BEVERAGE & TOBACCO
	785,596		Mondelez International, Inc		26,427,449		0.6
			Other		36,019,378		0.8
					62,446,827		1.4

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	534,986		Covidien plc	$	34,297,952		0.8	%
	659,659	*	Express Scripts Holding Co		41,241,881		0.9
	1,222,494	*	Hologic, Inc		27,371,641		0.6
	884,270		UnitedHealth Group, Inc		60,360,270		1.3
			Other		61,471,303		1.4
					224,743,047		5.0
HOUSEHOLD & PERSONAL PRODUCTS
	905,387		Procter & Gamble Co		73,110,000		1.7
			Other		50,407,180		1.1
					123,517,180		2.8
INSURANCE
	436,582		ACE Ltd		41,667,386		0.9
	768,302		American International Group, Inc		39,682,798		0.9
	466,970	*	Berkshire Hathaway, Inc (Class B)		53,738,908		1.2
	1,030,087		Hartford Financial Services Group, Inc		34,713,932		0.8
	718,431		Metlife, Inc		33,988,971		0.7
			Other		114,447,435		2.6
					318,239,430		7.1
MATERIALS
	1,578,528	e	Cliffs Natural Resources, Inc		40,536,599		0.9
			Other		106,980,577		2.4
					147,517,176		3.3
MEDIA
	499,708		Time Warner, Inc		34,349,928		0.8
			Other		36,341,964		0.8
					70,691,892		1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,340,579		Johnson & Johnson		124,151,021		2.8
	1,600,358		Merck & Co, Inc		72,160,142		1.6
	1,913,996		Pfizer, Inc		58,721,398		1.3
			Other		109,422,319		2.5
					364,454,880		8.2
REAL ESTATE					121,487,008		2.7
RETAILING					107,479,629		2.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					110,404,216		2.5
SOFTWARE & SERVICES
	1,145,456		Microsoft Corp		40,491,870		0.9
			Other		102,869,960		2.3
					143,361,830		3.2
TECHNOLOGY HARDWARE & EQUIPMENT
	106,184		Apple, Inc		55,465,212		1.3
	2,231,983		Cisco Systems, Inc		50,219,618		1.1
	1,142,970		Hewlett-Packard Co		27,854,179		0.6
	4,929,370	*	Nokia Oyj		37,611,093		0.8
			Other		43,943,150		1.0
					215,093,252		4.8

42 2013 Annual Report  ■   TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments	concluded
Large-Cap Value Fund  ■  October 31, 2013

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	3,069,326	AT&T, Inc	$	111,109,601		2.5	%
		Other		56,532,331		1.3
				167,641,932		3.8
TRANSPORTATION
	675,431	Con-Way, Inc		27,827,757		0.6
	294,744	FedEx Corp		38,611,464		0.9
		Other		58,661,986		1.3
				125,101,207		2.8
UTILITIES				178,577,952		4.0
		TOTAL COMMON STOCKS (Cost $3,670,751,084)		4,424,902,050		99.3
	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				14,999,344		0.3

Shares			Company		Value		% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	198,798,936	a,c	TIAA-CREF Short Term Lending Portfolio of the  State Street Navigator Securities Lending Trust	$	198,798,936		4.5	%
					198,798,936		4.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $213,798,280)		213,798,280		4.8
			TOTAL PORTFOLIO (Cost $3,884,549,364)		4,638,700,330		104.1
			OTHER ASSETS & LIABILITIES, NET		(181,454,475	)	(4.1	)
			NET ASSETS	$	4,457,245,855		100.0	%

*	Non-income producing.
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, including those in “Other,” is $193,070,664.

“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   ■   2013 Annual Report 43

Summary portfolio of investments

Mid-Cap Growth Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	355,633		Delphi Automotive plc	$	20,342,208		1.1	%
	235,687		Harley-Davidson, Inc		15,093,395		0.8
			Other		7,997,000		0.5
					43,432,603		2.4
BANKS					446,754		0.0
CAPITAL GOODS
	419,238		Ametek, Inc		20,052,153		1.1
	208,264		Chicago Bridge & Iron Co NV		15,430,280		0.8
	212,811		Flowserve Corp		14,783,980		0.8
	286,434		Ingersoll-Rand plc		19,342,888		1.1
	148,712		Rockwell Automation, Inc		16,419,292		0.9
	177,258		Roper Industries, Inc		22,478,087		1.2
			Other		57,381,249		3.1
					165,887,929		9.0
COMMERCIAL & PROFESSIONAL SERVICES
	282,902	*	Verisk Analytics, Inc		19,384,445		1.1
			Other		13,438,530		0.7
					32,822,975		1.8
CONSUMER DURABLES & APPAREL
	410,552	*	Jarden Corp		22,728,159		1.2
	229,424	*	Michael Kors Holdings Ltd		17,654,177		1.0
	872,284		Pulte Homes, Inc		15,395,812		0.8
			Other		101,020,914		5.5
					156,799,062		8.5
CONSUMER SERVICES					30,214,945		1.6
DIVERSIFIED FINANCIALS
	461,486	e	iShares Russell Midcap Growth Index Fund		37,015,792		2.0
	377,374		Lazard Ltd (Class A)		14,585,505		0.8
	248,471		Moody’s Corp		17,556,961		0.9
	206,707		T Rowe Price Group, Inc		16,001,189		0.9
			Other		53,839,841		2.9
					138,999,288		7.5
ENERGY
	96,020		Pioneer Natural Resources Co		19,662,975		1.1
	209,562		Range Resources Corp		15,865,939		0.9
			Other		78,066,836		4.2
					113,595,750		6.2
FOOD, BEVERAGE & TOBACCO
	252,188	*	Constellation Brands, Inc (Class A)		16,467,876		0.9
	188,769		Hershey Co		18,733,436		1.0
			Other		33,660,257		1.8
					68,861,569		3.7
HEALTH CARE EQUIPMENT & SERVICES
	359,441	*	Acadia Healthcare Co, Inc		15,585,362		0.8
	311,322	*	Catamaran Corp		14,619,681		0.8
	380,892	*	Cerner Corp		21,341,379		1.2
			Other		12,373,770		0.7
					63,920,192		3.5

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS				$	12,341,494		0.7	%
INSURANCE
	371,996		Validus Holdings Ltd		14,686,402		0.8
					14,686,402		0.8
MATERIALS
	94,135		Sherwin-Williams Co		17,697,380		0.9
			Other		49,151,419		2.7
					66,848,799		3.6
MEDIA
	178,043	*	Discovery Communications, Inc (Class A)		15,831,584		0.9
	192,710	*	Liberty Global plc (Class A)		15,102,683		0.8
			Other		31,429,654		1.7
					62,363,921		3.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	116,121	*	Actavis plc		17,949,984		1.0
	235,930	*	Alexion Pharmaceuticals, Inc		29,007,593		1.6
	220,890	*	Salix Pharmaceuticals Ltd		15,848,858		0.8
	700,807		Zoetis Inc		22,187,550		1.2
			Other		99,332,680		5.4
					184,326,665		10.0
RETAILING
	272,831	*,e	Conn’s, Inc		16,489,906		0.9
	241,775		GNC Holdings, Inc		14,221,205		0.8
	472,894	*	LKQ Corp		15,619,689		0.9
	152,839	*	O’Reilly Automotive, Inc		18,922,997		1.0
	290,341		Ross Stores, Inc		22,457,876		1.2
	257,498		Tractor Supply Co		18,372,482		1.0
	149,104	*	Ulta Salon Cosmetics & Fragrance, Inc		19,212,050		1.1
			Other		72,935,318		3.9
					198,231,523		10.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	331,220		Avago Technologies Ltd		15,047,324		0.8
	354,895		Xilinx, Inc		16,119,331		0.9
			Other		48,014,609		2.6
					79,181,264		4.3
SOFTWARE & SERVICES
	65,348	*,e	Alliance Data Systems Corp		15,491,397		0.8
	281,128	*	Guidewire Software, Inc		14,258,812		0.8
	113,210	*,z	LinkedIn Corp		25,321,681		1.4
			Other		128,443,175		7.0
					183,515,065		10.0
TECHNOLOGY HARDWARE & EQUIPMENT
	189,278	*	F5 Networks, Inc		15,428,050		0.8
	428,648		NetApp, Inc		16,635,829		0.9
			Other		53,207,913		2.9
					85,271,792		4.6
TELECOMMUNICATION SERVICES
	318,498	*	Crown Castle International Corp		24,212,218		1.3
	227,910	*	SBA Communications Corp (Class A)		19,935,288		1.1
					44,147,506		2.4

44 2013 Annual Report  ■   TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments	concluded
Mid-Cap Growth Fund  ■  October 31, 2013

Shares			Company	Value			% of net assets
TRANSPORTATION
	562,131		Delta Air Lines, Inc	$	14,829,016			0.8	%
	194,495		J.B. Hunt Transport Services, Inc		14,592,960			0.8
			Other		23,414,433			1.4
					52,836,409			3.0
			TOTAL COMMON STOCKS (Cost $1,409,338,286)		1,798,731,907			97.8
PURCHASED OPTIONS
AUTOMOBILES & COMPONENTS					390,000			0.0
			TOTAL PURCHASED OPTIONS (Cost $452,000)		390,000			0.0
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	122,450,941	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		122,450,941			6.7
					122,450,941			6.7
			TOTAL SHORT-TERM INVESTMENTS (Cost $122,450,941)		122,450,941			6.7
			TOTAL PORTFOLIO (Cost $1,532,241,227)		1,921,572,848			104.5
			OTHER ASSETS & LIABILITIES, NET		(81,795,694	)		(4.5	)
			NET ASSETS	$	1,839,777,154			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, including those in “Other,” is $119,544,939.
z	All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

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

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   ■   2013 Annual Report 45

Summary portfolio of investments

Mid-Cap Value Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	69,164,052		1.5	%
BANKS
	890,000	*	CIT Group, Inc		42,862,400		1.0
	2,450,000		Fifth Third Bancorp		46,623,500		1.0
	3,450,000		Huntington Bancshares, Inc		30,360,000		0.7
	3,280,000		Keycorp		41,098,400		0.9
	2,799,533		Regions Financial Corp		26,959,503		0.6
			Other		135,509,140		3.1
					323,412,943		7.3
CAPITAL GOODS
	795,000		KBR, Inc		27,459,300		0.6
	510,000		Paccar, Inc		28,356,000		0.6
			Other		309,494,341		7.0
					365,309,641		8.2
COMMERCIAL & PROFESSIONAL SERVICES					23,853,350		0.5
CONSUMER DURABLES & APPAREL					88,741,443		2.0
CONSUMER SERVICES					78,078,506		1.8
DIVERSIFIED FINANCIALS
	489,000		Ameriprise Financial, Inc		49,164,060		1.1
	875,000		Invesco Ltd		29,531,250		0.7
			Other		90,855,153		2.0
					169,550,463		3.8
ENERGY
	402,115		Anadarko Petroleum Corp		38,317,538		0.9
	645,000		Baker Hughes, Inc		37,468,050		0.9
	555,000		Noble Energy, Inc		41,586,150		0.9
	780,000	*	Rowan Cos plc		28,142,400		0.6
			Other		231,486,069		5.2
					377,000,207		8.5
FOOD & STAPLES RETAILING					21,657,217		0.5
FOOD, BEVERAGE & TOBACCO
	435,000		Ingredion, Inc		28,605,600		0.6
	1,220,000		Tyson Foods, Inc (Class A)		33,757,400		0.8
			Other		38,991,593		0.9
					101,354,593		2.3
HEALTH CARE EQUIPMENT & SERVICES
	2,630,000	*	Boston Scientific Corp		30,744,700		0.7
	950,000	*	CareFusion Corp		36,831,500		0.8
	435,200		Cigna Corp		33,501,696		0.8
	1,225,000	*	Hologic, Inc		27,427,750		0.6
	420,000		Zimmer Holdings, Inc		36,737,400		0.8
			Other		121,837,268		2.8
					287,080,314		6.5

Shares			Company	Value		% of net assets
INSURANCE
	325,000		ACE Ltd	$	31,018,000		0.7	%
	350,000		Aon plc		27,681,500		0.6
	1,350,000		Hartford Financial Services Group, Inc		45,495,000		1.0
	630,000		Marsh & McLennan Cos, Inc		28,854,000		0.7
	1,035,000		XL Capital Ltd		31,639,950		0.7
			Other		191,865,982		4.3
					356,554,432		8.0
MATERIALS
	570,000		Nucor Corp		29,508,900		0.7
	493,735	*	WR Grace & Co		45,255,750		1.0
			Other		178,937,334		4.0
					253,701,984		5.7
MEDIA
	970,000		DISH Network Corp (Class A)		46,754,000		1.1
			Other		66,775,793		1.5
					113,529,793		2.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	640,000		Agilent Technologies, Inc		32,486,400		0.7
			Other		88,522,857		2.0
					121,009,257		2.7
REAL ESTATE
	215,000		AvalonBay Communities, Inc		26,885,750		0.6
	287,000		Boston Properties, Inc		29,704,500		0.7
	1,445,577		Host Marriott Corp		26,815,453		0.6
	940,000		Prologis, Inc		37,553,000		0.8
	303,368		SL Green Realty Corp		28,689,512		0.7
	453,015		Vornado Realty Trust		40,345,516		0.9
			Other		248,349,655		5.6
					438,343,386		9.9
RETAILING
	690,000		Best Buy Co, Inc		29,532,000		0.7
	1,230,000	*	Liberty Interactive Corp		33,160,800		0.7
			Other		82,828,734		1.9
					145,521,534		3.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,883,322	*	Micron Technology, Inc		33,297,133		0.8
			Other		156,170,725		3.5
					189,467,858		4.3
SOFTWARE & SERVICES
	1,360,000		Symantec Corp		30,926,400		0.7
			Other		75,782,440		1.7
					106,708,840		2.4
TECHNOLOGY HARDWARE & EQUIPMENT
	3,500,000		Xerox Corp		34,790,000		0.8
			Other		143,122,672		3.2
					177,912,672		4.0

46 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments concluded

Mid-Cap Value Fund  ■  October 31, 2013

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES			$	21,229,349		0.5	%
TRANSPORTATION
	1,135,000	Delta Air Lines, Inc		29,941,300		0.7
		Other		68,805,157		1.6
				98,746,457		2.3
UTILITIES
	1,401,803	Centerpoint Energy, Inc		34,484,354		0.8
	470,000	DTE Energy Co		32,495,800		0.7
	794,060	Edison International		38,932,762		0.9
	730,000	OGE Energy Corp		26,937,000		0.6
	1,180,000	PPL Corp		36,143,400		0.8
	1,020,000	Public Service Enterprise Group, Inc		34,170,000		0.8
	555,000	Sempra Energy		50,582,700		1.1
	1,240,000	Xcel Energy, Inc		35,786,400		0.8
		Other		186,164,140		4.2
				475,696,556		10.7
		TOTAL COMMON STOCKS (Cost $3,264,705,276)		4,403,624,847		99.3
Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				29,999,194		0.7
TREASURY DEBT				10,999,040		0.2

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	117,563,395	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	117,563,395			2.6	%
					117,563,395			2.6
			TOTAL SHORT-TERM INVESTMENTS (Cost $158,560,933)		158,561,629			3.5
			TOTAL PORTFOLIO (Cost $3,423,266,209)		4,562,186,476			102.8
			OTHER ASSETS & LIABILITIES, NET		(125,809,731	)		(2.8	)
			NET ASSETS	$	4,436,376,745			100.0	%

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

The aggregate value of securities on loan is $115,665,544.

“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  ■  2013 Annual Report 47

Summary portfolio of investments

Small-Cap Equity Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	291,874	*	Tenneco, Inc	$	15,489,753		0.7	%
			Other		14,622,456		0.6
					30,112,209		1.3
BANKS
	893,311		FirstMerit Corp		20,063,765		0.9
	618,161		Home Loan Servicing Solutions Ltd		14,594,781		0.6
	278,993		Prosperity Bancshares, Inc		17,423,113		0.7
	175,588	*	SVB Financial Group		16,817,819		0.7
	939,708	e	Umpqua Holdings Corp		15,383,020		0.7
			Other		107,441,566		4.6
					191,724,064		8.2
CAPITAL GOODS
	156,030		Acuity Brands, Inc		15,682,575		0.7
	156,850		Alliant Techsystems, Inc		17,076,259		0.7
	206,593		EnerSys		13,707,446		0.6
	837,570		Exelis, Inc		13,811,529		0.6
	172,500	*	Teledyne Technologies, Inc		15,321,450		0.6
	160,470	*	WABCO Holdings, Inc		13,749,070		0.6
			Other		129,139,059		5.5
					218,487,388		9.3
COMMERCIAL & PROFESSIONAL SERVICES
	205,478	*	Advisory Board Co		14,095,791		0.6
	293,230	*	WageWorks, Inc		15,016,308		0.7
			Other		56,187,639		2.4
					85,299,738		3.7
CONSUMER DURABLES & APPAREL					40,378,427		1.7
CONSUMER SERVICES					93,940,758		4.0
DIVERSIFIED FINANCIALS
	1,884,204		Apollo Investment Corp		16,072,260		0.7
	291,350		MarketAxess Holdings, Inc		19,004,760		0.8
	231,300	*	Portfolio Recovery Associates, Inc		13,750,785		0.6
			Other		32,176,688		1.4
					81,004,493		3.5
ENERGY
	227,522		Bristow Group, Inc		18,308,695		0.8
	1,846,717	*,e	Penn Virginia Corp		15,715,562		0.7
	198,462		Targa Resources Investments, Inc		15,392,713		0.6
			Other		95,730,098		4.1
					145,147,068		6.2
FOOD & STAPLES RETAILING
	3,258,600	*	Rite Aid Corp		17,368,338		0.7
			Other		2,329,872		0.1
					19,698,210		0.8
FOOD, BEVERAGE & TOBACCO
	229,965		Sanderson Farms, Inc		14,536,088		0.6
			Other		34,418,374		1.5
					48,954,462		2.1

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	264,719	*	Cyberonics, Inc	$	15,290,170		0.6	%
	167,524	*	Medidata Solutions, Inc		18,479,572		0.8
	377,400	*	Team Health Holdings, Inc		16,394,256		0.7
	424,974	*	Thoratec Corp		18,354,627		0.8
			Other		98,219,761		4.2
					166,738,386		7.1
HOUSEHOLD & PERSONAL PRODUCTS					8,409,113		0.4
INSURANCE
	250,270		Platinum Underwriters Holdings Ltd		15,564,291		0.7
			Other		45,030,997		1.9
					60,595,288		2.6
MATERIALS
	245,340		Minerals Technologies, Inc		13,893,604		0.6
	215,745		Schweitzer-Mauduit International, Inc		13,350,301		0.6
			Other		105,022,872		4.5
					132,266,777		5.7
MEDIA
	976,380	*	Live Nation, Inc		18,980,827		0.8
			Other		16,557,044		0.7
					35,537,871		1.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	327,600	*	Parexel International Corp		14,974,596		0.6
			Other		107,655,851		4.6
					122,630,447		5.2
REAL ESTATE
	801,144		CubeSmart		14,636,901		0.6
	636,020		DuPont Fabros Technology, Inc		15,805,097		0.7
	317,442		Extra Space Storage, Inc		14,599,157		0.6
	632,307		RLJ Lodging Trust		15,972,075		0.7
	204,904		Sovran Self Storage, Inc		15,673,107		0.7
			Other		104,193,188		4.4
					180,879,525		7.7
RETAILING
	265,515	*	Children’s Place Retail Stores, Inc		14,494,464		0.6
	727,470	*	Express Parent LLC		16,884,579		0.7
			Other		60,562,095		2.6
					91,941,138		3.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					77,153,772		3.3
SOFTWARE & SERVICES
	475,095	*	Aspen Technology, Inc		18,162,882		0.8
	225,924	*	Commvault Systems, Inc		17,640,146		0.7
	421,237	*	Infoblox, Inc		18,723,985		0.8
	178,985	*	Manhattan Associates, Inc		19,063,692		0.8
	416,282		MAXIMUS, Inc		20,168,863		0.9
	1,133,154	*	TiVo, Inc		15,059,617		0.6
	447,242	*,e	WebMD Health Corp (Class A)		15,751,863		0.7
			Other		109,222,333		4.7
					233,793,381		10.0

48 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments concluded

Small-Cap Equity Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	834,108	*,e	InvenSense, Inc	$	14,088,084		0.6	%
	1,194,324	*	QLogic Corp		14,749,902		0.6
	318,212	*,e	Synaptics, Inc		14,796,858		0.6
			Other		78,118,052		3.5
					121,752,896		5.3
TELECOMMUNICATION SERVICES					9,666,510		0.4
TRANSPORTATION
	788,190	*,e	Swift Transportation Co, Inc		17,174,660		0.7
			Other		32,903,893		1.4
					50,078,553		2.1
UTILITIES					74,435,710		3.2
			TOTAL COMMON STOCKS (Cost $1,766,840,064)		2,320,626,184		99.2
Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT					7,299,957		0.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	206,556,372	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	206,556,372			8.8	%
					206,556,372			8.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $213,856,329)		213,856,329			9.1
			TOTAL PORTFOLIO (Cost $1,980,696,393)		2,534,482,513			108.3
			OTHER ASSETS & LIABILITIES, NET		(193,122,183	)		(8.3	)
			NET ASSETS	$	2,341,360,330			100.0	%

*	Non-income producing.
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, including those in “Other,” is $203,022,486.

“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  ■  2013 Annual Report 49

Summary portfolio of investments

Social Choice Equity Fund  ■  October 31, 2013

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	781,451	Ford Motor Co	$	13,370,626		0.8	%
		Other		17,221,249		1.0
				30,591,875		1.8
BANKS
	146,968	PNC Financial Services Group, Inc		10,806,557		0.6
	365,664	US Bancorp		13,661,207		0.8
		Other		35,357,465		2.0
				59,825,229		3.4
CAPITAL GOODS
	121,795	3M Co		15,327,901		0.9
	158,962	Danaher Corp		11,459,571		0.7
	182,425	Emerson Electric Co		12,217,002		0.7
	44,778	Precision Castparts Corp		11,348,984		0.6
		Other		82,419,656		4.8
				132,773,114		7.7
COMMERCIAL & PROFESSIONAL SERVICES				9,970,902		0.6
CONSUMER DURABLES & APPAREL				20,304,495		1.2
CONSUMER SERVICES
	160,605	McDonald’s Corp		15,501,595		0.9
	170,701	Starbucks Corp		13,835,316		0.8
		Other		13,273,675		0.8
				42,610,586		2.5
DIVERSIFIED FINANCIALS
	178,169	American Express Co		14,574,224		0.8
	340,621	Bank of New York Mellon Corp		10,831,748		0.6
	38,135	BlackRock, Inc		11,471,389		0.7
	161,492	Capital One Financial Corp		11,089,656		0.6
		Other		77,231,620		4.5
				125,198,637		7.2
ENERGY
	70,381	EOG Resources, Inc		12,555,970		0.7
	124,403	Occidental Petroleum Corp		11,952,640		0.7
		Other		156,910,404		9.1
				181,419,014		10.5
FOOD & STAPLES RETAILING				18,833,004		1.1
FOOD, BEVERAGE & TOBACCO
	345,831	Mondelez International, Inc		11,633,755		0.6
	227,271	PepsiCo, Inc		19,111,218		1.1
		Other		32,540,770		1.9
				63,285,743		3.6
HEALTH CARE EQUIPMENT & SERVICES
	349,886	Abbott Laboratories		12,788,334		0.7
	223,468	Medtronic, Inc		12,827,063		0.7
		Other		32,472,360		1.9
				58,087,757		3.3

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	203,106		Colgate-Palmolive Co	$	13,147,051		0.8	%
	335,896		Procter & Gamble Co		27,123,602		1.6
			Other		18,337,740		1.0
					58,608,393		3.4
INSURANCE
	224,409	*	Berkshire Hathaway, Inc (Class B)		25,824,988		1.5
	134,234		Prudential Financial, Inc		10,925,305		0.6
			Other		63,246,254		3.7
					99,996,547		5.8
MATERIALS
	86,457		Praxair, Inc		10,782,053		0.6
			Other		73,171,608		4.3
					83,953,661		4.9
MEDIA
	90,284		Time Warner Cable, Inc		10,847,623		0.6
	194,952		Time Warner, Inc		13,401,000		0.8
			Other		29,497,690		1.7
					53,746,313		3.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	93,562		Amgen, Inc		10,853,192		0.6
	52,297	*	Biogen Idec, Inc		12,770,404		0.7
	305,355		Bristol-Myers Squibb Co		16,037,245		0.9
	255,184	*	Gilead Sciences, Inc		18,115,512		1.1
	329,023		Johnson & Johnson		30,470,820		1.8
	435,289		Merck & Co, Inc		19,627,181		1.1
			Other		22,812,312		1.3
					130,686,666		7.5
REAL ESTATE
	75,282		Simon Property Group, Inc		11,634,833		0.7
			Other		50,162,739		2.9
					61,797,572		3.6
RETAILING
	260,564		Lowe’s Companies, Inc		12,970,876		0.8
	168,991		Target Corp		10,948,927		0.6
	200,904		TJX Companies, Inc		12,212,954		0.7
			Other		46,691,777		2.7
					82,824,534		4.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	747,737		Intel Corp		18,267,215		1.1
	281,521		Texas Instruments, Inc		11,846,404		0.7
			Other		14,422,013		0.8
					44,535,632		2.6
SOFTWARE & SERVICES
	155,111		Accenture plc		11,400,658		0.7
	31,199	*	Google, Inc (Class A)		32,153,065		1.8
	134,552		International Business Machines Corp		24,113,064		1.4
	540,464		Oracle Corp		18,105,544		1.0
			Other		67,045,564		3.9
					152,817,895		8.8

50 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments concluded

Social Choice Equity Fund  ■  October 31, 2013

Shares		Company	Value			% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	800,982	Cisco Systems, Inc	$	18,022,095			1.0	%
	496,352	EMC Corp		11,947,193			0.7
	473,996	Hewlett-Packard Co		11,551,282			0.7
	244,675	Qualcomm, Inc		16,997,572			1.0
		Other		17,791,560			1.0
				76,309,702			4.4
TELECOMMUNICATION SERVICES				23,709,939			1.4
TRANSPORTATION
	139,685	United Parcel Service, Inc (Class B)		13,722,654			0.8
		Other		22,607,885			1.2
				36,330,539			2.0
UTILITIES
	126,455	NextEra Energy, Inc		10,717,061			0.6
		Other		59,898,296			3.5
				70,615,357			4.1
		TOTAL COMMON STOCKS (Cost $1,204,075,033)		1,718,833,106			99.3
Principal		Issuer
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	20,700,000	0.014-0.046% 12/04/13-01/24/14		20,698,961			1.2
		Federal Home Loan Mortgage Corp (FHLMC)
	11,789,000	0.007-0.019% 11/25/13-12/16/13		11,788,762			0.7
		Other		1,699,956			0.1
				34,187,679			2.0
TREASURY DEBT				9,003,085			0.5
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		43,190,764			2.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $43,191,859)		43,190,764			2.5
		TOTAL PORTFOLIO (Cost $1,247,266,892)		1,762,023,870			101.8
		OTHER ASSETS & LIABILITIES, NET		(30,368,719	)		(1.8	)
		NET ASSETS	$	1,731,655,151			100.0	%

* Non-income producing.

The aggregate value of securities on loan is $45,554,639.

“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  ■  2013 Annual Report 51

Summary portfolio of investments

Emerging Markets Equity Fund  ■  October 31, 2013

Principal			Issuer	Value		% of net assets
EQUITY-LINKED NOTES
GERMANY				$	2,132,267		0.3	%
			TOTAL EQUITY-LINKED NOTES (Cost $2,271,242)		2,132,267		0.3
Shares			Company
COMMON STOCKS
AUSTRALIA					2,416,958		0.3
BRAZIL
	333,500		Banco Bradesco S.A. (Preference)		4,804,713		0.7
	697,790		Banco Itau Holding Financeira S.A.		10,796,789		1.5
	79,500		Cia Brasileira de Distribuicao Grupo Pao de Acucar		3,949,566		0.6
	177,660		Companhia Brasileira de Meios de Pagamento		5,387,818		0.8
	522,000		Gerdau S.A. (Preference)		4,119,160		0.6
	689,245		Petroleo Brasileiro S.A.		5,992,224		0.8
	148,200		Ultrapar Participacoes S.A.		3,939,774		0.6
	555,800		Vale S.A.		8,837,471		1.2
			Other		26,788,564		3.8
					74,616,079		10.6
CAMBODIA					2,232,890		0.3
CHILE					1,231,431		0.2
CHINA
	14,046,090		China Construction Bank		10,928,231		1.6
	886,000		China Mengniu Dairy Co Ltd		3,897,437		0.6
	1,494,000	e	China Overseas Land & Investment Ltd		4,629,938		0.7
	2,556,000	e	China Unicom Ltd		3,998,895		0.6
	3,607,000		CNOOC Ltd		7,336,535		1.0
	4,398,000		Huaneng Power International, Inc		4,590,678		0.6
	18,532,834		Industrial & Commercial Bank of China		12,991,999		1.8
	4,232,000	e	Lenovo Group Ltd		4,533,336		0.6
	279,300		Tencent Holdings Ltd		15,230,343		2.2
	1,188,000	e	Zhuzhou CSR Times Electric Co Ltd		4,264,244		0.6
			Other		38,375,832		5.5
					110,777,468		15.8
COLOMBIA					9,906,002		1.4
CYPRUS					3,299,487		0.5
CZECH REPUBLIC					3,363,131		0.5
GREECE					1,731,567		0.3
HONG KONG					25,702,464		3.7
INDIA
	800,403		Bharat Forge Ltd		3,896,272		0.6
	552,593		Sun Pharmaceutical Industries Ltd		5,465,895		0.8
	170,512		Tata Consultancy Services Ltd		5,858,605		0.8
			Other		27,244,282		3.9
					42,465,054		6.1
INDONESIA					6,635,055		1.0
ITALY					2,831,380		0.4

Shares			Company	Value		% of net assets
KOREA, REPUBLIC OF
	23,385		Honam Petrochemical Corp	$	4,791,574		0.7	%
	206,350	*	Hynix Semiconductor, Inc		6,209,255		0.9
	18,874		Hyundai Heavy Industries		4,507,057		0.6
	46,289		Hyundai Motor Co		11,028,069		1.6
	17,455		LG Chem Ltd		4,923,741		0.7
	10,044		NHN Corp		5,636,362		0.8
	22,857		Samsung Electronics Co Ltd		31,521,138		4.5
	127,040		Samsung Heavy Industries Co Ltd		4,658,219		0.6
	129,256		Shinhan Financial Group Co Ltd		5,636,028		0.8
			Other		29,349,506		4.2
					108,260,949		15.4
MACAU					2,782,335		0.4
MALAYSIA					4,037,715		0.6
MEXICO
	1,857,400		Alfa S.A. de C.V. (Class A)		5,093,623		0.7
	5,578,239	*,e	Cemex S.A. de C.V.		5,934,274		0.8
	505,400	e	Fomento Economico Mexicano S.A. de C.V.		4,727,745		0.7
	935,380		Grupo Financiero Banorte S.A. de C.V.		5,970,488		0.9
	1,398,800		Grupo Mexico S.A. de C.V. (Series B)		4,418,138		0.6
	775,200	e	Grupo Televisa S.A.		4,735,361		0.7
			Other		18,465,093		2.6
					49,344,722		7.0
NIGERIA					1,695,436		0.2
PERU					5,174,856		0.7
PHILIPPINES					28,981,894		4.1
POLAND					10,200,420		1.5
RUSSIA
	1,157,391		Gazprom OAO (ADR)		10,818,598		1.5
	143,282		LUKOIL (ADR)		9,384,091		1.3
	113,952		Magnit OAO (GDR)		7,318,011		1.1
	38,001		NovaTek OAO (GDR)		5,328,884		0.8
	895,955		Sberbank of Russian Federation (ADR)		11,425,556		1.6
	108,053	*	Yandex NV		3,982,834		0.6
			Other		7,124,386		1.0
					55,382,360		7.9
SINGAPORE					17,139,299		2.4
SOUTH AFRICA
	114,800		Naspers Ltd (N Shares)		10,745,712		1.5
	98,826		Sasol Ltd		5,049,790		0.7
			Other		3,266,493		0.5
					19,061,995		2.7
SWITZERLAND					3,271,570		0.5
TAIWAN
	1,512,509		Hon Hai Precision Industry Co, Ltd		3,845,242		0.5
	483,000		MediaTek, Inc		6,603,541		0.9
	4,861,000		Taiwan Semiconductor Manufacturing Co Ltd		17,915,532		2.6
			Other		23,085,304		3.3
					51,449,619		7.3

52 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments concluded

Emerging Markets Equity Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
THAILAND				$	18,500,305		2.6	%
TURKEY					16,449,560		2.3
UKRAINE					2,110,111		0.3
UNITED ARAB EMIRATES					6,491,857		0.9
UNITED KINGDOM
	81,547		SABMiller plc (Johannesburg)		4,235,079		0.6
			Other		2,635,580		0.4
					6,870,659		1.0
UNITED STATES					67,222		0.0
			TOTAL COMMON STOCKS (Cost $615,151,550)		694,481,850		98.9
PREFERRED STOCKS
BRAZIL
	111,860	*	Ambev Cia De Bebidas Das		4,161,621		0.6
					4,161,621		0.6
PHILIPPINES					3,985		0.0
			TOTAL PREFERRED STOCKS (Cost $4,413,738)		4,165,606		0.6
RIGHTS / WARRANTS
GREECE					905,507		0.1
			TOTAL RIGHTS / WARRANTS (Cost $686,770)		905,507		0.1

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	35,377,751	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	35,377,751			5.0	%
					35,377,751			5.0
			TOTAL SHORT-TERM INVESTMENTS (Cost $35,377,751)		35,377,751			5.0
			TOTAL PORTFOLIO (Cost $657,901,051)		737,062,981			104.9
			OTHER ASSETS & LIABILITIES, NET		(34,577,190	)		(4.9	)
			NET ASSETS	$	702,485,791			100.0	%

Abbreviation(s):

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $32,517,371.

“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  ■  2013 Annual Report 53

Summary of market values by sector

Emerging Markets Equity Fund  ■  October 31, 2013

Sector	Value			% of net assets
FINANCIALS	$	156,134,504			22.2	%
INFORMATION TECHNOLOGY		143,473,234			20.4
CONSUMER DISCRETIONARY		100,902,547			14.4
INDUSTRIALS		75,501,311			10.7
MATERIALS		69,567,344			9.9
ENERGY		63,004,590			9.0
CONSUMER STAPLES		56,463,603			8.0
HEALTH CARE		21,778,965			3.1
UTILITIES		10,860,237			1.6
TELECOMMUNICATION SERVICES		3,998,895			0.6
SHORT-TERM INVESTMENTS		35,377,751			5.0
OTHER ASSETS & LIABILITES, NET		(34,577,190	)		(4.9	)
NET ASSETS	$	702,485,791			100.0	%

54 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments

Enhanced International Equity Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	432,025		Australia & New Zealand Banking Group Ltd	$	13,824,951		1.7	%
	348,765		Westpac Banking Corp		11,323,404		1.4
			Other		41,207,952		5.0
					66,356,307		8.1
AUSTRIA					3,911,352		0.5
BELGIUM
	73,255		InBev NV		7,593,877		0.9
			Other		4,520,809		0.6
					12,114,686		1.5
CHINA					2,322,053		0.3
DENMARK
	680		AP Moller - Maersk AS (Class B)		6,578,979		0.8
			Other		2,499,708		0.3
					9,078,687		1.1
FINLAND					9,556,905		1.2
FRANCE
	423,685		AXA S.A.		10,556,295		1.3
	98,458	e	Cap Gemini S.A.		6,456,676		0.8
	206,794		Electricite de France		7,237,355		0.9
	84,162		Michelin (C.G.D.E.) (Class B)		8,769,504		1.1
	97,911		Renault S.A.		8,542,757		1.0
	98,510		Safran S.A.		6,280,799		0.8
	139,484		Total S.A.		8,557,753		1.0
	154,483		Vinci S.A.		9,884,777		1.2
			Other		12,356,437		1.5
					78,642,353		9.6
GERMANY
	76,015		Allianz AG.		12,763,094		1.6
	120,301		BASF AG.		12,488,987		1.5
	50,064		Continental AG.		9,155,041		1.1
	47,430		Muenchener Rueckver AG.		9,895,429		1.2
			Other		24,714,510		3.0
					69,017,061		8.4
HONG KONG					21,002,086		2.5
INDIA					1,651,028		0.2
IRELAND					1,376,185		0.2
ISRAEL					3,378,737		0.4
ITALY
	318,141		ENI S.p.A.		8,076,621		1.0
			Other		7,987,798		0.9
					16,064,419		1.9
JAPAN
	658,000		Daiwa Securities Group, Inc		6,010,021		0.7
	161,200		Japan Tobacco, Inc		5,832,809		0.7
	4,023,000		Mizuho Financial Group, Inc		8,444,526		1.0
	198,400		Sumitomo Mitsui Financial Group, Inc		9,589,837		1.2
	279,100		Toyota Motor Corp		18,096,334		2.2
			Other		121,361,671		14.8
					169,335,198		20.6

Shares		Company	Value		% of net assets
MACAU			$	702,020		0.1	%
NETHERLANDS
	457,560	Koninklijke Ahold NV		8,696,632		1.1
	223,978	Royal Dutch Shell plc (A Shares)		7,459,544		0.9
	192,357	Unilever NV		7,626,076		0.9
		Other		8,212,760		1.0
				31,995,012		3.9
NEW ZEALAND				241,690		0.0
NORWAY				8,159,961		1.0
SINGAPORE
	659,000	Oversea - Chinese Banking Corp		5,512,855		0.7
		Other		5,981,438		0.7
				11,494,293		1.4
SPAIN
	1,109,044	Criteria Caixacorp S.A.		5,748,344		0.7
	292,468	Gas Natural SDG S.A.		6,898,196		0.9
		Other		12,608,027		1.5
				25,254,567		3.1
SWEDEN
	720,613	Skandinaviska Enskilda Banken AB (Class A)		8,715,858		1.0
	219,957	Swedbank AB (A Shares)		5,724,672		0.7
	762,292	TeliaSonera AB		6,303,385		0.8
		Other		6,657,198		0.8
				27,401,113		3.3
SWITZERLAND
	151,730	Nestle S.A.		10,952,465		1.3
	250,341	Novartis AG.		19,432,111		2.3
	73,646	Roche Holding AG.		20,365,725		2.5
	109,610	Swiss Re Ltd		9,621,852		1.2
		Other		9,851,312		1.2
				70,223,465		8.5
UNITED KINGDOM
	195,156	AstraZeneca plc (ADR)		10,315,946		1.2
	862,428	BAE Systems plc		6,290,972		0.8
	398,458	BHP Billiton plc		12,295,804		1.5
	341,511	BP plc (ADR)		15,880,261		1.9
	105,827	British American Tobacco plc		5,838,713		0.7
	1,200,727	BT Group plc		7,265,154		0.9
	207,155	Diageo plc		6,603,572		0.8
	1,216,853	HSBC Holdings plc		13,338,338		1.6
	1,817,127	Legal & General Group plc		6,297,811		0.8
	487,934	National Grid plc		6,131,740		0.7
	552,556	Prudential plc		11,300,185		1.4
	145,826	Reckitt Benckiser Group plc		11,339,294		1.4
	193,743	Vodafone Group plc (ADR)		7,133,617		0.9
		Other		47,800,264		5.8
				167,831,671		20.4
UNITED STATES
	100,000	iShares MSCI EAFE Index Fund		6,588,000		0.8
				6,588,000		0.8
		TOTAL COMMON STOCKS (Cost $668,208,030)		813,698,849		99.0

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 55

Summary portfolio of investments concluded

Enhanced International Equity Index Fund  ■  October 31, 2013

Shares			Company	Value			% of net assets
RIGHTS / WARRANTS
SPAIN				$	54,258			0.0	%
			TOTAL RIGHTS / WARRANTS (Cost $51,888)		54,258			0.0
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	16,131,059	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		16,131,059			2.0
					16,131,059			2.0
			TOTAL SHORT-TERM INVESTMENTS (Cost $16,131,059)		16,131,059			2.0
			TOTAL PORTFOLIO (Cost $684,390,977)		829,884,166			101.0
			OTHER ASSETS & LIABILITIES, NET		(8,048,655	)		(1.0	)
			NET ASSETS	$	821,835,511			100.0	%

Abbreviation(s):

ADR — American Depositary Receipt

c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $15,294,595.

“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.

56 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary of market values by sector

Enhanced International Equity Index Fund  ■  October 31, 2013

Sector	Value			% of net assets
FINANCIALS	$	221,660,748			27.0	%
INDUSTRIALS		98,366,302			12.0
CONSUMER DISCRETIONARY		96,341,200			11.7
CONSUMER STAPLES		86,508,458			10.5
HEALTH CARE		78,623,464			9.6
MATERIALS		67,429,159			8.2
ENERGY		57,069,731			6.9
TELECOMMUNICATION SERVICES		43,092,474			5.2
INFORMATION TECHNOLOGY		34,602,053			4.2
UTILITIES		30,059,518			3.7
SHORT-TERM INVESTMENTS		16,131,059			2.0
OTHER ASSETS & LIABILITES, NET		(8,048,655	)		(1.0	)
NET ASSETS	$	821,835,511			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 57

Summary portfolio of investments

Global Natural Resources Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	281,293		BHP Billiton Ltd	$	9,944,658		3.8	%
	1,052,651	e	Fortescue Metals Group Ltd		5,162,613		2.0
			Other		4,263,660		1.6
					19,370,931		7.4
AUSTRIA					772,499		0.3
CANADA
	39,780		Agrium, Inc (Toronto)		3,395,598		1.3
	90,898		Goldcorp, Inc		2,315,495		0.9
	81,029	e	Peyto Energy Trust		2,441,789		0.9
	101,936		Potash Corp of Saskatchewan Toronto		3,167,627		1.2
	73,189		Suncor Energy, Inc		2,659,695		1.0
			Other		7,264,229		2.8
					21,244,433		8.1
CHILE					509,780		0.2
CHINA					3,290,081		1.3
COLOMBIA					1,046,609		0.4
FINLAND
	295,323		Stora Enso Oyj (R Shares)		2,742,330		1.0
			Other		1,506,623		0.6
					4,248,953		1.6
FRANCE
	65,063		Total S.A.		3,991,806		1.5
					3,991,806		1.5
GERMANY					1,487,725		0.6
INDIA
	125,655		Britannia Industries Ltd		1,917,999		0.7
			Other		516,970		0.2
					2,434,969		0.9
INDONESIA
	8,033,000		PT Charoen Pokphand Indonesia Tbk		2,776,316		1.1
			Other		846,967		0.3
					3,623,283		1.4
ISRAEL					571,609		0.2
JAPAN
	668,700		Nippon Steel Corp		2,207,079		0.9
			Other		2,887,540		1.1
					5,094,619		2.0
KOREA, REPUBLIC OF					1,911,532		0.7

Shares			Company	Value		% of net assets
LUXEMBOURG
	123,080		ArcelorMittal	$	1,938,586		0.7	%
					1,938,586		0.7
MALAYSIA					3,455,770		1.3
MEXICO
	126,842		Fresnillo plc		1,982,871		0.8
			Other		1,823,684		0.7
					3,806,555		1.5
NORWAY
	48,296		Yara International ASA		2,079,979		0.8
					2,079,979		0.8
POLAND					2,562,597		1.0
RUSSIA
	17,415		NovaTek OAO (GDR)		2,442,107		0.9
					2,442,107		0.9
SINGAPORE					846,940		0.3
SOUTH AFRICA
	47,601	e	Assore Ltd		1,944,079		0.7
			Other		1,706,615		0.7
					3,650,694		1.4
SWITZERLAND
	416,864		Glencore International AG.		2,268,665		0.9
	34,777		Syngenta AG.		14,036,572		5.3
					16,305,237		6.2
TURKEY
	168,772		Koza Altin Isletmeleri AS		2,985,445		1.1
					2,985,445		1.1
UNITED ARAB EMIRATES
	266,166		Dragon Oil plc		2,520,147		1.0
					2,520,147		1.0
UNITED KINGDOM
	229,149		Antofagasta plc		3,131,771		1.2
	162,231		BG Group plc		3,309,458		1.3
	366,084		BHP Billiton plc		11,296,792		4.3
	177,564		Rio Tinto plc		8,984,766		3.4
			Other		1,524,140		0.6
					28,246,927		10.8

58 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments concluded

Global Natural Resources Fund  ■  October 31, 2013

Shares			Company	Value		% of net   assets
UNITED STATES
	32,107		Anadarko Petroleum Corp	$	3,059,476		1.2	%
	145,604		Archer Daniels Midland Co		5,955,204		2.3
	31,810		CF Industries Holdings, Inc		6,858,236		2.6
	79,295		Chevron Corp		9,512,228		3.6
	22,042		Cimarex Energy Co		2,322,125		0.9
	191,468	e	Cliffs Natural Resources, Inc		4,916,898		1.9
	18,739	*	Concho Resources, Inc		2,072,721		0.8
	78,428		ConocoPhillips		5,748,772		2.2
	31,274	*,e	Continental Resources, Inc		3,562,109		1.4
	22,961		EOG Resources, Inc		4,096,242		1.6
	22,481		Equitable Resources, Inc		1,924,598		0.7
	61,202		Exxon Mobil Corp		5,484,923		2.1
	32,829		FMC Corp		2,388,638		0.9
	80,868		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,972,708		1.1
	105,054		International Paper Co		4,686,459		1.8
	35,030		Magellan Midstream Partners LP		2,103,201		0.8
	180,786		Monsanto Co		18,960,836		7.2
	85,675		Mosaic Co		3,928,199		1.5
	6,816	e	NewMarket Corp		2,122,230		0.8
	44,189	*	Oasis Petroleum, Inc		2,353,064		0.9
	36,647		Occidental Petroleum Corp		3,521,044		1.3
	137,774		Southern Copper Corp (NY)		3,850,783		1.5
	29,773		Tractor Supply Co		2,124,304		0.8
	60,900	e	Western Refining, Inc		1,965,243		0.8
			Other		12,966,317		5.0
					119,456,558		45.7
			TOTAL COMMON STOCKS (Cost $233,977,243)		259,896,371		99.3

	Shares		Company	Value			% of net  assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	22,400,309	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	22,400,309			8.6	%
					22,400,309			8.6
			TOTAL SHORT-TERM INVESTMENTS (Cost $22,400,309)		22,400,309			8.6
			TOTAL PORTFOLIO  (Cost $256,377,552)		282,296,680			107.9
			OTHER ASSETS & LIABILITIES, NET		(20,570,866	)		(7.9	)
			NET ASSETS	$	261,725,814			100.0	%

Abbreviation(s):

GDR — Global Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $21,575,825.

“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  ■  2013 Annual Report 59

Summary of market values by sector

Global Natural Resources Fund  ■  October 31, 2013

Sector	Value			% of net assets
MATERIALS	$	157,231,353			60.0	%
ENERGY		83,930,596			32.1
CONSUMER STAPLES		16,610,118			6.4
CONSUMER DISCRETIONARY		2,124,304			0.8
SHORT-TERM INVESTMENTS		22,400,309			8.6
OTHER ASSETS & LIABILITES, NET		(20,570,866	)		(7.9	)
NET ASSETS	$	261,725,814			100.0	%

60 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments

International Equity Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
CHINA
	10,538,000	e	Anhui Conch Cement Co Ltd	$	36,775,206		1.0	%
					36,775,206		1.0
FRANCE
	3,054,804		Accor S.A.		136,537,267		3.9
	841,029		BNP Paribas		62,045,348		1.7
	2,706,415		Bouygues S.A.		105,595,699		3.0
	1,916,542		Compagnie de Saint-Gobain		100,599,390		2.8
	549,054		Compagnie Generale d’Optique Essilor International S.A.		58,839,561		1.7
	631,929		European Aeronautic Defence and Space Co		43,302,633		1.2
	1,601,894		Renault S.A.		139,765,614		3.9
	1,241,054		Societe Television Francaise 1		23,912,520		0.7
			Other		37,290,335		1.1
					707,888,367		20.0
GERMANY
	915,255		Bayer AG.		113,539,416		3.2
	475,895		Henkel KGaA (Preference)		51,382,489		1.4
	898,905	e	Lanxess AG.		63,131,705		1.8
	1,580,797		SAP AG.		123,700,728		3.5
					351,754,338		9.9
GREECE
	2,971,497	*	Hellenic Telecommunications Organization S.A.		37,397,516		1.1
	10,158,919	*	National Bank of Greece S.A.		57,700,952		1.6
	34,202,631	*	Piraeus Bank S.A.		71,397,393		2.0
					166,495,861		4.7
HONG KONG					9,505,269		0.3
INDIA
	386,448		Eicher Motors Ltd		24,888,182		0.7
	5,214,755		HDFC Bank Ltd		58,070,566		1.6
	3,332,925		IndusInd Bank Ltd		24,118,080		0.7
	8,906,281		Mahindra & Mahindra Financial Services Ltd		40,905,309		1.2
			Other		8,712,320		0.2
					156,694,457		4.4
INDONESIA
	36,788,000		PT Indofood Sukses Makmur Tbk		21,672,789		0.6
					21,672,789		0.6
JAPAN
	307,200		Don Quijote Co Ltd		20,449,217		0.6
	1,623,000		Hoya Corp		38,918,486		1.1
	19,056,000	*	Mazda Motor Corp		85,780,674		2.4
	2,381,675	*	Olympus Corp		76,193,128		2.2
	125,700		Oriental Land Co Ltd		20,127,971		0.6
	812,500		Rohm Co Ltd		33,351,214		0.9
	8,635,000		Sumitomo Heavy Industries Ltd		38,217,953		1.1
	504,100		Toyota Motor Corp		32,684,923		0.9
			Other		84,996,108		2.4
					430,719,674		12.2
MEXICO					2,143,396		0.1

Shares			Company	Value		% of net assets
NETHERLANDS
	5,219,557	*	ING Groep NV	$	66,328,605		1.9	%
			Other		15,217,285		0.4
					81,545,890		2.3
SINGAPORE
	34,578,000	e	Genting International plc		42,306,219		1.2
					42,306,219		1.2
SPAIN
	6,787,677		Banco Bilbao Vizcaya Argentaria S.A.		79,327,006		2.2
					79,327,006		2.2
SWEDEN
	5,076,847	e	SKF AB (B Shares)		134,329,931		3.8
	2,011,039		Trelleborg AB (B Shares)		37,947,614		1.1
					172,277,545		4.9
SWITZERLAND
	2,155,147		Adecco S.A.		158,928,568		4.5
	109,227		Burckhardt Compression Holding AG.		43,758,213		1.2
	2,920,350		Clariant AG.		51,456,094		1.4
			Other		30,410,565		0.9
					284,553,440		8.0
UNITED KINGDOM
	13,913,761		British Sky Broadcasting plc		209,053,793		5.9
	2,328,869		Drax Group plc		23,776,230		0.7
	4,923,538		Filtrona plc		61,903,132		1.7
	81,633,500	*	Lloyds TSB Group plc		100,964,020		2.9
	25,969,184		Man Group plc		36,959,873		1.0
	10,733,549	*	Ocado Ltd		74,692,111		2.1
	499,536		Reckitt Benckiser Group plc		38,843,453		1.1
	8,438,777	*	Royal Mail plc		75,772,079		2.1
	1,552,521		SABMiller plc		80,949,606		2.3
	12,181,749		Tate & Lyle plc		154,597,709		4.4
			Other		17,136,050		0.5
					874,648,056		24.7
			TOTAL COMMON STOCKS (Cost $3,078,065,583)		3,418,307,513		96.5
RIGHTS / WARRANTS
GREECE					4,397,306		0.1
			TOTAL RIGHTS / WARRANTS (Cost $3,335,079)		4,397,306		0.1

	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	33,400,000	0.045%, 12/06/13	33,398,539	1.0
		Federal Home Loan Mortgage Corp (FHLMC)
	40,155,000	0.030%, 11/25/13	40,154,197	1.1
		Other	8,499,667	0.2
			82,052,403	2.3

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 61

Summary portfolio of investments	concluded
International Equity Fund  ■  October 31, 2013

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	97,860,001	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	97,860,001			2.8	%
					97,860,001			2.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $179,912,404)		179,912,404			5.1
			TOTAL PORTFOLIO (Cost $3,261,313,066)		3,602,617,223			101.7
			OTHER ASSETS & LIABILITIES, NET		(59,566,082	)		(1.7	)
			NET ASSETS	$	3,543,051,141			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, including those in “Other,” is $92,112,786.

“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.

62 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary of market values by sector

International Equity Fund  ■  October 31, 2013

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	847,976,646			23.8	%
INDUSTRIALS		805,885,463			22.8
FINANCIALS		659,055,181			18.6
CONSUMER STAPLES		348,601,579			9.8
HEALTH CARE		248,572,105			7.0
INFORMATION TECHNOLOGY		229,722,417			6.5
MATERIALS		214,333,275			6.1
TELECOMMUNICATION SERVICES		37,397,516			1.1
UTILITIES		23,776,230			0.7
ENERGY		7,384,407			0.2
SHORT-TERM INVESTMENTS		179,912,404			5.1
OTHER ASSETS & LIABILITES, NET		(59,566,082	)		(1.7	)
NET ASSETS	$	3,543,051,141			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 63

Summary portfolio of investments

International Opportunities Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
ARGENTINA				$	4,766,214		0.6	%
AUSTRALIA
	344,347		Australia & New Zealand Banking Group Ltd		11,019,225		1.4
	314,626		BHP Billiton Ltd		11,123,092		1.4
			Other		5,354,573		0.7
					27,496,890		3.5
BELGIUM					6,484,231		0.8
BRAZIL
	623,000		Banco Itau Holding Financeira S.A.		9,639,576		1.2
	157,700		Cia Brasileira de Distribuicao Grupo Pao de Acucar		7,834,549		1.0
					17,474,125		2.2
CANADA
	108,915	e	Dollarama, Inc		9,361,686		1.2
	206,450		Suncor Energy, Inc		7,502,413		1.0
			Other		22,088,710		2.8
					38,952,809		5.0
CHINA
	151,400		Tencent Holdings Ltd		8,255,904		1.1
			Other		12,745,812		1.6
					21,001,716		2.7
COLOMBIA					5,724,610		0.7
DENMARK
	54,948		Novo Nordisk AS (Class B)		9,151,731		1.2
					9,151,731		1.2
FRANCE
	134,281		BNP Paribas		9,906,331		1.2
	144,025		Teleperformance		7,623,954		1.0
			Other		15,635,817		2.0
					33,166,102		4.2
GERMANY
	52,065		Allianz AG.		8,741,834		1.1
	82,393		Beiersdorf AG.		7,856,451		1.0
	158,001	*	Osram Licht AG.		8,187,375		1.0
			Other		6,721,167		0.9
					31,506,827		4.0
HONG KONG
	1,846,400		AIA Group Ltd		9,375,705		1.2
			Other		6,926,393		0.9
					16,302,098		2.1
INDIA					4,601,820		0.6
INDONESIA					6,015,312		0.8
IRELAND
	334,853		Smurfit Kappa Group plc		8,105,626		1.0
			Other		12,925,099		1.7
					21,030,725		2.7

Shares			Company	Value		% of net assets
ITALY
	269,173		Lottomatica S.p.A.	$	8,174,515		1.0	%
	252,425	*,e	Yoox S.p.A		9,080,806		1.2
			Other		13,727,174		1.7
					30,982,495		3.9
JAPAN
	218,500		Bridgestone Corp		7,490,767		1.0
	299,900		Fuji Heavy Industries Ltd		8,199,724		1.0
	485,900	*	ORIX Corp		8,416,314		1.1
	135,200	e	Sanrio Co Ltd		7,429,488		0.9
	231,500		Toyota Motor Corp		15,010,037		1.9
			Other		61,005,801		7.8
					107,552,131		13.7
KOREA, REPUBLIC OF
	10,519		Samsung Electronics Co Ltd		14,506,315		1.9
			Other		3,997,860		0.5
					18,504,175		2.4
MACAU					6,785,397		0.9
MALAYSIA					4,562,485		0.6
NETHERLANDS
	116,109		DSM NV		8,776,977		1.1
	816,466	*	ING Groep NV		10,375,411		1.3
	219,796		Royal Dutch Shell plc (A Shares)		7,320,263		0.9
			Other		13,685,972		1.8
					40,158,623		5.1
NORWAY
	592,724		DNB NOR Holding ASA		10,506,928		1.3
	328,483		Statoil ASA		7,772,303		1.0
			Other		3,845,744		0.5
					22,124,975		2.8
PANAMA
	50,080		Copa Holdings S.A. (Class A)		7,488,963		1.0
					7,488,963		1.0
PHILIPPINES
	88,704,800		Megaworld Corp		7,870,039		1.0
			Other		9,948,503		1.3
					17,818,542		2.3
POLAND					6,984,306		0.9
RUSSIA
	129,340		Magnit OAO (GDR)		8,306,231		1.1
			Other		4,969,695		0.6
					13,275,926		1.7
SINGAPORE
	6,274,500	e	Genting International plc		7,676,857		1.0
					7,676,857		1.0
SOUTH AFRICA					5,866,080		0.7

64 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

Summary portfolio of investments	concluded
International Opportunities Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
SPAIN
	223,068		Amadeus IT Holding S.A.	$	8,276,332		1.0	%
			Other		3,608,439		0.5
					11,884,771		1.5
SWEDEN
	213,879		Hennes & Mauritz AB (B Shares)		9,242,104		1.2
			Other		24,864,921		3.1
					34,107,025		4.3
SWITZERLAND
	84,938		Lonza Group AG.		7,581,813		1.0
	147,868		Novartis AG.		11,477,894		1.5
	496,828		UBS AG. (Switzerland)		9,609,181		1.2
					28,668,888		3.7
	TAIWAN
	797,640		Eclat Textile Co Ltd		8,772,030		1.1
			Other		17,284,744		2.2
					26,056,774		3.3
THAILAND					5,271,348		0.7
UKRAINE					3,071,397		0.4
UNITED KINGDOM
	1,369,237		Ashtead Group plc		14,388,142		1.8
	2,197,655		Barclays plc		9,246,543		1.2
	849,582		Countrywide plc		7,601,183		1.0
	360,402	e	easyJet plc		7,549,386		0.9
	197,038		Rightmove plc		8,372,982		1.1
	165,237		SABMiller plc		8,615,581		1.1
	650,501		Sports Direct International plc		7,310,384		0.9
	4,389,686		Taylor Woodrow plc		7,745,013		1.0
	262,376		Travis Perkins plc		7,802,418		1.0
	147,835		Whitbread plc		8,129,606		1.0
			Other		49,612,981		6.4
					136,374,219		17.4
			TOTAL COMMON STOCKS (Cost $738,689,146)		778,890,587		99.4
	Principal		Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT
			United States Treasury Bill
$	10,000,000		0.075%, 04/24/14		9,996,130		1.3
					9,996,130		1.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	41,283,462	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	41,283,462			5.3	%
					41,283,462			5.3
			TOTAL SHORT-TERM INVESTMENTS (Cost $51,279,837)		51,279,592			6.6
			TOTAL PORTFOLIO (Cost $789,968,983)		830,170,179			106.0
			OTHER ASSETS & LIABILITIES, NET		(46,669,564	)		(6.0	)
			NET ASSETS	$	783,500,615			100.0	%

Abbreviation(s):

GDR — Global Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $39,471,734.

“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  ■  2013 Annual Report 65

Summary of market values by sector

International Opportunities Fund  ■  October 31, 2013

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	183,977,446			23.4	%
FINANCIALS		174,555,007			22.3
INDUSTRIALS		113,095,265			14.4
INFORMATION TECHNOLOGY		94,676,562			12.1
HEALTH CARE		67,200,920			8.6
CONSUMER STAPLES		55,584,519			7.1
ENERGY		45,897,284			5.9
MATERIALS		43,903,584			5.6
SHORT-TERM INVESTMENTS		51,279,592			6.6
OTHER ASSETS & LIABILITES, NET		(46,669,564	)		(6.0	)
NET ASSETS	$	783,500,615			100.0	%

66 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

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TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 67

Statements of assets and liabilities

TIAA-CREF Funds  ■  October 31, 2013

	Enhanced Large-Cap Growth Index Fund		Enhanced Large-Cap Value Index Fund		Growth & Income Fund		Large-Cap Growth Fund		Large-Cap Value Fund		Mid-Cap Growth Fund		Mid-Cap Value Fund		Small-Cap Equity Fund		Social Choice Equity Fund		Emerging Markets Equity Fund			Enhanced International Equity Index Fund		Global Natural Resources Fund			International Equity Fund			International Opportunities Fund
ASSETS
Portfolio investments, at value*†	$	1,496,794,620	$	1,432,203,254	$	4,070,782,077	$	2,256,901,202	$	4,439,901,394	$	1,921,572,848	$	4,562,186,476	$	2,327,926,141	$	1,762,023,870	$	737,062,981		$	829,884,166	$	282,296,680		$	3,602,617,223		$	830,170,179
Affiliated investments, at value‡		–		–		–		–		198,798,936		–		–		206,556,372		–		–			–		–			–			–
Cash**		7,108,505		6,059,302		7,804,073		46,895,007		22,764,594		35,938,710		6,856,554		20,510,358		26,636,726		–			5,758,147		3,227,208			75,552,062			17,290,308
Cash-foreign^		–		–		–		–		–		–		–		–		–		1,771,727			50,609		–			4,950,912			103,421
Receivable from securities transactions		27,987,217		13,647,905		67,769,702		38,684,053		102,197,530		28,400,229		35,831,712		20,817,048		–		17,386,957			51,788		16,734,972			71,252,962			64,074,627
Receivable from Fund shares sold		33,809		6,588		1,913,118		254,790		2,209,460		2,073,120		3,054,075		1,957,468		2,953,173		97,049			14,676		82,189			2,048,039			95,150
Dividends and interest receivable		1,134,925		1,233,336		2,317,254		377,052		4,324,846		453,043		2,158,137		1,043,805		1,605,183		486,197			2,337,541		490,028			2,761,236			713,936
Due from affiliates		–		–		–		–		–		–		–		4,504		–		–			–		9			–			–
Other		43,665		43,530		101,521		60,967		98,429		59,485		112,488		64,653		56,725		12,075			33,528		3,900			111,249			–
Total assets		1,533,102,741		1,453,193,915		4,150,687,745		2,343,173,071		4,770,295,189		1,988,497,435		4,610,199,442		2,578,880,349		1,793,275,677		756,816,986			838,130,455		302,834,986			3,759,293,683			912,447,621
LIABILITIES
Management fees payable		40,549		39,178		139,637		82,290		155,973		67,469		154,273		85,332		21,413		49,246			27,187		14,156			140,159			38,670
Service agreement fees payable		–		–		12,867		3,940		24,019		11,805		31,824		11,607		8,087		309			–		284			17,819			55
Distribution fees payable		–		–		199,726		103,299		69,884		60,056		116,291		47,081		76,211		1,828			–		1,951			105,147			459
Due to affiliates		7,512		7,591		21,616		11,654		24,483		9,807		25,463		12,363		9,376		4,096			5,383		1,929			19,516			2,094
Overdraft payable		–		–		–		–		–		–		–		–		–		1,829,082			–		–			–			–
Payable for collateral for securities loaned		30,380,888		22,983,731		134,598,775		36,139,401		198,798,936		122,450,941		117,563,395		206,556,372		48,005,528		35,377,751			16,131,059		22,400,309			97,860,001			41,283,462
Payable for securities transactions		31,481,375		14,402,882		55,967,434		34,914,525		113,181,431		24,279,084		54,124,619		29,272,783		13,204,984		16,871,972			51,833		18,451,039			116,484,912			87,508,849
Payable for Fund shares redeemed		–		–		1,589,089		330,656		538,070		943,884		1,544,497		1,263,142		153,304		2,977			–		106,969			1,247,998			–
Income distribution payable		–		–		–		–		–		–		–		–		1,078		–			–		–			–			–
Payable for variation margin on open futures contracts		–		–		–		–		–		–		–		142,183		–		–			–		–			–			–
Written options§		–		43,731		119,570		8,613		–		763,450		–		–		–		–			–		–			–			–
Accrued expenses and other payables		101,905		83,928		233,099		68,167		256,538		133,785		262,335		129,156		140,545		193,934			79,482		132,535			366,990			113,417
Total liabilities		62,012,229		37,561,041		192,881,813		71,662,545		313,049,334		148,720,281		173,822,697		237,520,019		61,620,526		54,331,195			16,294,944		41,109,172			216,242,542			128,947,006
NET ASSETS	$	1,471,090,512	$	1,415,632,874	$	3,957,805,932	$	2,271,510,526	$	4,457,245,855	$	1,839,777,154	$	4,436,376,745	$	2,341,360,330	$	1,731,655,151	$	702,485,791		$	821,835,511	$	261,725,814		$	3,543,051,141		$	783,500,615
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,033,345,676	$	954,282,091	$	2,697,922,721	$	1,504,255,811	$	3,366,573,698	$	1,221,037,533	$	3,005,192,571	$	1,586,243,055	$	1,183,424,834	$	664,200,686		$	622,877,735	$	263,502,721		$	3,392,921,430		$	752,146,051
Undistributed net investment income (loss)		11,398,991		16,584,136		2,963,273		6,504,421		43,883,181		2,648,667		35,384,526		10,243,420		18,750,053		4,111,740			24,824,699		3,984,373			53,361,735			1,673,550
Accumulated net realized gain (loss) on total investments		98,707,557		76,180,933		368,693,008		151,099,277		292,637,040		225,820,893		256,884,276		190,964,473		14,723,286		(44,875,473	)		28,624,017		(31,599,608	)		(244,491,373	)		(10,524,767	)
Net unrealized appreciation (depreciation) on total investments		327,638,288		368,585,714		888,226,930		609,651,017		754,151,936		390,270,061		1,138,915,372		553,909,382		514,756,978		79,048,838			145,509,060		25,838,328			341,259,349			40,205,781
NET ASSETS	$	1,471,090,512	$	1,415,632,874	$	3,957,805,932	$	2,271,510,526	$	4,457,245,855	$	1,839,777,154	$	4,436,376,745	$	2,341,360,330	$	1,731,655,151	$	702,485,791		$	821,835,511	$	261,725,814		$	3,543,051,141		$	783,500,615
INSTITUTIONAL CLASS:
Net assets	$	1,471,090,512	$	1,415,632,874	$	2,307,312,964	$	1,581,267,714	$	2,837,162,941	$	915,881,953	$	2,181,142,242	$	1,482,702,309	$	934,574,159	$	676,999,213		$	821,835,511	$	237,218,004		$	2,059,286,160		$	778,178,031
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		127,606,079		133,108,959		182,521,663		104,638,528		156,454,123		36,379,429		93,043,466		74,904,288		61,985,233		60,627,244			97,365,810		23,755,585			179,119,510			71,487,421
Net asset value per share		$11.53		$10.64		$12.64		$15.11		$18.13		$25.18		$23.44		$19.79		$15.08		$11.17			$8.44		$9.99			$11.50			$10.89
RETIREMENT CLASS:
Net assets	$	–	$	–	$	623,205,741	$	191,224,598	$	1,162,307,847	$	570,942,310	$	1,542,181,157	$	558,845,429	$	392,916,879	$	15,039,793		$	–	$	13,548,153		$	862,959,591		$	2,674,974
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		–		–		48,738,370		12,715,743		64,381,245		23,116,463		66,206,116		28,650,521		25,784,953		1,352,449			–		1,359,654			72,809,683			246,114
Net asset value per share	$	–	$	–		$12.79		$15.04		$18.05		$24.70		$23.29		$19.51		$15.24		$11.12		$	–		$9.96			$11.85			$10.87
RETAIL CLASS:
Net assets	$	–	$	–	$	857,920,529	$	493,908,296	$	125,957,604	$	175,018,039	$	255,059,294	$	100,053,720	$	313,597,464	$	6,320,948		$	–	$	6,871,995		$	328,367,353		$	1,560,219
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		–		–		55,182,896		32,796,930		7,167,942		7,084,109		11,098,940		5,160,344		22,720,443		568,842			–		691,081			41,624,281			143,603
Net asset value per share	$	–	$	–		$15.55		$15.06		$17.57		$24.71		$22.98		$19.39		$13.80		$11.11		$	–		$9.94			$7.89			$10.86
PREMIER CLASS:
Net assets	$	–	$	–	$	169,366,698	$	5,109,918	$	331,817,463	$	177,934,852	$	457,994,052	$	199,758,872	$	90,566,649	$	4,125,837		$	–	$	4,087,662		$	292,438,037		$	1,087,391
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		–		–		13,393,125		338,473		18,342,984		7,102,109		19,585,969		10,120,691		6,027,038		369,717			–		410,157			25,507,704			100,000
Net asset value per share	$	–	$	–		$12.65		$15.10		$18.09		$25.05		$23.38		$19.74		$15.03		$11.16		$	–		$9.97			$11.46			$10.87
*    Includes securities loaned of	$	29,560,086	$	22,548,337	$	131,014,106	$	36,418,170	$	193,070,664	$	119,544,939	$	115,665,544	$	203,022,486	$	45,554,639	$	32,517,371		$	15,294,595	$	21,575,825		$	92,112,786		$	39,471,734
**  Includes cash collateral for securities loaned	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	3,999,940	$	–		$	–	$	–		$	–		$	–
†   Portfolio investments, cost	$	1,169,156,333	$	1,063,622,077	$	3,182,642,079	$	1,647,255,239	$	3,685,750,428	$	1,532,241,227	$	3,423,266,209	$	1,774,140,021	$	1,247,266,892	$	657,901,051		$	684,390,977	$	256,377,552		$	3,261,313,066		$	789,968,983
‡   Affiliated investments, cost	$	–	$	–	$	–	$	–	$	198,798,936	$	–	$	–	$	206,556,372	$	–	$	–		$	–	$	–		$	–		$	–
^   Foreign cash, cost	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	1,776,909		$	50,589	$	–		$	4,950,912		$	103,321
§   Written options premiums	$	–	$	48,269	$	201,384	$	13,277	$	–	$	1,702,387	$	–	$	–	$	–	$	–		$	–	$	–		$	–		$	–

68 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 69

Statements of operations

TIAA-CREF Funds  ■  For the period or year ended October 31, 2013

	Enhanced Large-Cap Growth Index Fund		Enhanced Large-Cap Value Index Fund			Growth & Income Fund			Large-Cap Growth Fund			Large-Cap Value Fund			Mid-Cap Growth Fund			Mid-Cap Value Fund			Small-Cap Equity Fund			Social Choice Equity Fund		Emerging Markets Equity Fund			Enhanced International Equity Index Fund			Global Natural Resources Fund			International Equity Fund
INVESTMENT INCOME
Dividends*	$	20,579,315	$	27,729,226		$	61,172,908		$	19,426,150		$	80,663,098		$	13,275,351		$	78,863,450		$	27,997,513		$	29,696,801	$	13,678,457		$	27,719,833		$	8,080,213		$	74,670,954
Income from securities lending		100,822		253,486			570,503			863,821			2,406,284			1,524,493			776,115			1,567,872			40,239		342,064			1,092,419			142,428			2,511,137
Interest		1,384		296			6,951			8,692			23,686			7,921			38,680			2,544			3,788		946			1,678			2,124			15,790
Total income		20,681,521		27,983,008			61,750,362			20,298,663			83,093,068			14,807,765			79,678,245			29,567,929			29,740,828		14,021,467			28,813,930			8,224,765			77,197,881
EXPENSES
Management fees		4,137,691		4,276,672			14,689,501			8,286,848			15,946,912			6,985,984			16,763,460			8,643,417			2,186,243		5,798,366			3,389,987			1,930,055			15,172,172
Shareholder servicing – Institutional Class		2,664		2,482			4,394			2,717			4,448			2,691			6,844			3,499			7,653		1,968			1,932			1,555			3,860
Shareholder servicing – Retirement Class		–		–			1,452,947			362,831			2,466,475			1,297,358			3,525,603			1,253,056			872,058		35,226			–			32,118			1,977,362
Shareholder servicing – Retail Class		–		–			642,962			602,589			106,538			136,773			172,725			95,552			135,056		8,976			–			11,032			365,832
Shareholder servicing – Premier Class		–		–			426			166			561			424			705			370			346		198			–			243			494
Distribution fees – Retail Class		–		–			1,896,082			1,084,031			265,280			368,883			713,712			202,794			656,154		14,922			–			16,557			753,379
Distribution fees – Premier Class		–		–			226,578			6,803			461,650			250,364			620,414			267,602			122,137		4,540			–			5,266			396,697
Fund administration fees		52,531		55,166			150,023			81,740			162,877			67,464			170,220			85,009			63,424		30,528			34,827			13,556			139,703
Compliance fees		27,451		28,911			78,125			42,654			84,831			35,232			88,672			44,364			33,054		15,886			18,122			7,067			72,892
Custody and accounting fees		26,899		47,454			83,208			42,637			65,240			31,945			53,486			41,118			34,116		371,106			118,003			69,407			261,304
Trustee fees and expenses		11,095		11,996			31,831			16,935			34,841			13,687			35,951			17,597			13,179		6,757			7,321			3,003			29,391
Other expenses		171,642		158,016			383,086			253,375			408,060			247,583			411,373			254,071			282,001		236,062			178,325			171,179			370,413
Total expenses		4,429,973		4,580,697			19,639,163			10,783,326			20,007,713			9,438,388			22,563,165			10,908,449			4,405,421		6,524,535			3,748,517			2,261,038			19,543,499
Less: Expenses reimbursed by the investment adviser		–		–			–			–			–			–			–			–			–		(335	)		–			(985	)		–
Fee waiver by investment adviser and TPIS		–		–			–			–			–			–			(173,023	)		(465,162	)		–		–			–			–			–
Net expenses		4,429,973		4,580,697			19,639,163			10,783,326			20,007,713			9,438,388			22,390,142			10,443,287			4,405,421		6,524,200			3,748,517			2,260,053			19,543,499
Net Investment income (loss)		16,251,548		23,402,311			42,111,199			9,515,337			63,085,355			5,369,377			57,288,103			19,124,642			25,335,407		7,497,267			25,065,413			5,964,712			57,654,382
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		104,907,254		92,938,823			395,211,684			156,686,685			304,794,588			231,570,199			275,819,058			197,206,357			24,590,357		8,047,033			47,697,671			(21,659,861	)		606,943,105
Futures transactions		–		(3,102	)		–			–			–			–			–			(357,001	)		–		–			814,369			–			–
Written options		–		997,878			3,625,512			(57,049	)		–			3,458,263			–			–			–		–			–			–			–
Foreign currency transactions		–		20			(248,743	)		(50,076	)		(41,101	)		5,334			22,863			–			–		(1,827,277	)		(180,768	)		(165,809	)		(1,621,913	)
Net realized gain (loss) on total investments		104,907,254		93,933,619			398,588,453			156,579,560			304,753,487			235,033,796			275,841,921			196,849,356			24,590,357		6,219,756			48,331,272			(21,825,670	)		605,321,192
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		163,779,856		200,847,925			442,890,200			385,491,349			628,049,188			208,981,041			697,758,949			427,847,993			340,113,940		37,876,492			125,241,220			14,844,589			140,503,960
Futures transactions		–		–			–			–			–			–			–			952,038			–		–			(31,634	)		–			–
Purchased options		–		–			(38,222	)		–			–			(62,000	)		–			–			–		–			–			–			–
Written options		–		2,422			180,332			4,664			–			938,937			–			–			–		–			–			–			–
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		–		–			5,385			337			1,561			(1,025	)		(4,978	)		–			–		(6,106	)		80,066			15,195			73,517
Net change in unrealized appreciation (depreciation) on total investments		163,779,856		200,850,347			443,037,695			385,496,350			628,050,749			209,856,953			697,753,971			428,800,031			340,113,940		37,870,386			125,289,652			14,859,784			140,577,477
Net realized and unrealized gain (loss) on total investments		268,687,110		294,783,966			841,626,148			542,075,910			932,804,236			444,890,749			973,595,892			625,649,387			364,704,297		44,090,142			173,620,924			(6,965,886	)		745,898,669
Net increase (decrease) in net assets from operations	$	284,938,658	$	318,186,277		$	883,737,347		$	551,591,247		$	995,889,591		$	450,260,126		$	1,030,883,995		$	644,774,029		$	390,039,704	$	51,587,409		$	198,686,337		$	(1,001,174	)	$	803,553,051
*   Net of foreign withholding taxes of	$	3,983	$	50,449		$	451,569		$	193,130		$	486,927		$	134,203		$	96,196		$	–		$	82,551	$	1,388,656		$	2,261,800		$	550,104		$	4,891,996
**  Includes net change in unrealized foreign capital   gains taxes of	$	–	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–	$	(4,845	)	$	–		$	119,758		$	88,927

70 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 71

Statements of operations concluded

TIAA-CREF Funds  ■  For the period or year ended October 31, 2013

	International Opportunities Fund‡
INVESTMENT INCOME
Dividends*	$	2,773,230
Income from securities lending		119,519
Interest		1,045
Total income		2,893,794
EXPENSES
Management fees		1,044,141
Shareholder servicing – Institutional Class		1,077
Shareholder servicing – Retirement Class		2,367
Shareholder servicing – Retail Class		222
Shareholder servicing – Premier Class		118
Distribution fees – Retail Class		1,804
Distribution fees – Premier Class		850
Professional fees		87,955
Registration fees		70,388
Fund administration fees		4,853
Compliance fees		2,758
Trustee fees and expenses		1,881
Other expenses		179,048
Total expenses		1,397,462
Less: Expenses reimbursed by the investment adviser		(173,998	)
Fee waiver by investment adviser and TPIS		—
Net expenses		1,223,464
Net Investment income (loss)		1,670,330
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(10,498,699	)
Futures transactions		—
Written options		—
Foreign currency transactions		(23,946	)
Net realized gain (loss) on total investments		(10,522,645	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		40,201,196
Affiliated investments		—
Written options		—
Futures transactions		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		4,585
Net change in unrealized appreciation (depreciation) on total investments		40,205,781
Net realized and unrealized gain (loss) on total investments		29,683,136
Net increase (decrease) in net assets from operations	$	31,353,466
*     Net of foreign withholding taxes of	$	282,075
‡    For the period April 12, 2013 to October 31, 2013

72 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

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TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 73

Statements of changes in net assets

TIAA-CREF Funds  ■  For the period or year ended

		Enhanced Large-Cap Growth Index Fund						Enhanced Large-Cap Value Index Fund						Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund
		October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012
OPERATIONS
Net investment income (loss)		$	16,251,548		$	11,046,916		$	23,402,311		$	19,765,051		$	42,111,199		$	31,188,426		$	9,515,337		$	5,279,821		$	63,085,355		$	46,908,433		$	5,369,377		$	5,462,163
Net realized gain (loss) on total investments			104,907,254			39,117,477			93,933,619			21,152,964			398,588,453			124,976,127			156,579,560			41,670,378			304,753,487			149,045,668			235,033,796			71,413,768
Net change in unrealized appreciation (depreciation) on total investments			163,779,856			52,260,178			200,850,347			85,705,766			443,037,695			185,849,724			385,496,350			99,923,216			628,050,749			192,088,178			209,856,953			46,907,223
Net increase (decrease) in net assets from operations			284,938,658			102,424,571			318,186,277			126,623,781			883,737,347			342,014,277			551,591,247			146,873,415			995,889,591			388,042,279			450,260,126			123,783,154
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(13,467,418	)		(8,848,758	)		(23,740,235	)		(15,182,063	)		(25,972,740	)		(19,192,154	)		(5,019,629	)		(2,705,887	)		(34,663,108	)		(18,994,576	)		(4,397,684	)		–
	Retirement Class		–			–			–			–			(6,483,714	)		(5,718,625	)		(256,484	)		(79,957	)		(13,360,757	)		(8,655,163	)		(2,436,490	)		–
	Retail Class		–			–			–			–			(5,979,036	)		(5,195,854	)		(125,368	)		(307	)		(1,358,584	)		(1,015,792	)		(531,254	)		–
	Premier Class		–			–			–			–			(1,852,441	)		(1,662,397	)		(10,066	)		(16,918	)		(4,574,026	)		(2,688,161	)		(936,632	)		–
From realized gains:	Institutional Class		(38,945,379	)		(72,436,649	)		(24,068,164	)		(33,272,697	)		(68,916,536	)		(9,486,320	)		(29,862,490	)		(7,851,350	)		(6,499,984	)		–			(29,551,493	)		(16,108,582	)
	Retirement Class		–			–			–			–			(22,875,752	)		(3,406,950	)		(3,128,923	)		(660,918	)		(2,871,196	)		–			(24,982,389	)		(19,231,829	)
	Retail Class		–			–			–			–			(24,099,778	)		(3,974,750	)		(10,503,061	)		(3,353,532	)		(313,921	)		–			(6,632,090	)		(4,508,171	)
	Premier Class		–			–			–			–			(6,020,633	)		(1,079,192	)		(117,536	)		(91,389	)		(920,597	)		–			(7,841,922	)		(6,339,338	)
Total distributions			(52,412,797	)		(81,285,407	)		(47,808,399	)		(48,454,760	)		(162,200,630	)		(49,716,242	)		(49,023,557	)		(14,760,258	)		(64,562,173	)		(31,353,692	)		(77,309,954	)		(46,187,920	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		256,731,902			168,386,314			163,550,770			202,693,668			448,913,662			387,127,434			258,487,355			211,203,186			651,209,525			402,282,903			228,112,657			196,433,008
	Retirement Class		–			–			–			–			110,289,391			177,861,532			60,298,071			65,574,304			247,014,142			158,654,633			66,152,917			84,779,884
	Retail Class		–			–			–			–			76,388,203			90,927,918			26,751,318			21,771,966			30,339,506			7,988,374			36,538,467			24,886,813
	Premier Class		–			–			–			–			35,673,779			59,911,942			5,850,180			7,622,561			98,898,703			97,180,997			42,481,138			49,834,362
Reinvestments of distributions:	Institutional Class		52,412,797			81,285,407			47,808,399			48,454,760			77,453,732			16,236,052			34,877,806			10,555,612			41,090,954			18,945,462			33,376,560			16,108,582
	Retirement Class		–			–			–			–			29,351,245			9,123,603			3,385,019			740,875			16,230,552			8,655,163			27,418,878			19,231,829
	Retail Class		–			–			–			–			29,271,966			8,878,230			10,384,263			3,286,496			1,620,094			981,586			6,960,603			4,370,077
	Premier Class		–			–			–			–			7,873,074			2,741,589			127,602			108,307			5,494,623			2,688,161			8,778,554			6,339,338
Redemptions:	Institutional Class		(78,216,178	)		(82,058,527	)		(116,280,819	)		(79,362,182	)		(173,592,703	)		(107,333,906	)		(141,709,412	)		(70,303,900	)		(211,328,400	)		(65,389,187	)		(107,100,520	)		(64,423,177	)
	Retirement Class		–			–			–			–			(164,544,746	)		(105,701,787	)		(22,832,133	)		(33,520,170	)		(141,459,250	)		(181,908,336	)		(121,214,592	)		(163,038,680	)
	Retail Class		–			–			–			–			(86,527,313	)		(69,734,679	)		(45,586,851	)		(39,709,487	)		(18,420,858	)		(13,850,129	)		(29,300,442	)		(26,168,561	)
	Premier Class		–			–			–			–			(57,914,860	)		(53,252,950	)		(6,350,155	)		(14,394,369	)		(117,710,247	)		(53,705,316	)		(73,045,221	)		(73,817,650	)
Net increase (decrease) from shareholder transactions			230,928,521			167,613,194			95,078,350			171,786,246			332,635,430			416,784,978			183,683,063			162,935,381			602,979,344			382,524,311			119,158,999			74,535,825
Net increase (decrease) in net assets			463,454,382			188,752,358			365,456,228			249,955,267			1,054,172,147			709,083,013			686,250,753			295,048,538			1,534,306,762			739,212,898			492,109,171			152,131,059
NET ASSETS
Beginning of period			1,007,636,130			818,883,772			1,050,176,646			800,221,379			2,903,633,785			2,194,550,772			1,585,259,773			1,290,211,235			2,922,939,093			2,183,726,195			1,347,667,983			1,195,536,924
End of period		$	1,471,090,512		$	1,007,636,130		$	1,415,632,874		$	1,050,176,646		$	3,957,805,932		$	2,903,633,785		$	2,271,510,526		$	1,585,259,773		$	4,457,245,855		$	2,922,939,093		$	1,839,777,154		$	1,347,667,983
Undistributed net investment income (loss) included in net assets		$	11,398,991		$	8,709,650		$	16,584,136		$	16,739,149		$	2,963,273		$	1,053,872		$	6,504,421		$	2,641,017		$	43,883,181		$	37,276,393		$	2,648,667		$	5,564,998
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		25,152,950			17,770,783			17,799,821			24,877,284			40,662,376			38,608,196			19,793,156			18,771,371			40,718,752			30,503,296			10,216,460			9,963,847
	Retirement Class		–			–			–			–			9,742,387			17,784,860			4,598,012			5,904,414			15,493,902			12,020,452			3,030,943			4,440,744
	Retail Class		–			–			–			–			5,602,264			7,541,319			2,050,592			1,929,801			1,918,590			619,597			1,658,078			1,294,066
	Premier Class		–			–			–			–			3,184,004			6,010,678			445,389			672,147			6,120,644			7,318,859			1,909,962			2,556,411
Shares reinvested:	Institutional Class		5,672,381			9,386,306			5,732,422			6,392,449			7,650,412			1,701,364			3,009,301			1,006,254			2,924,623			1,569,632			1,741,083			903,454
	Retirement Class		–			–			–			–			2,849,482			930,201			292,822			70,762			1,157,671			718,867			1,454,582			1,095,831
	Retail Class		–			–			–			–			2,344,565			758,092			895,968			313,299			118,601			83,610			368,872			248,724
	Premier Class		–			–			–			–			771,520			283,823			11,010			10,334			391,634			222,899			459,610			356,744
Shares redeemed:	Institutional Class		(7,623,163	)		(8,579,690	)		(11,969,931	)		(9,630,155	)		(15,423,677	)		(10,726,655	)		(11,009,934	)		(6,159,644	)		(12,961,310	)		(4,993,489	)		(4,988,415	)		(3,322,610	)
	Retirement Class		–			–			–			–			(14,406,822	)		(10,432,225	)		(1,766,305	)		(2,914,270	)		(8,838,343	)		(13,846,380	)		(5,688,470	)		(8,566,615	)
	Retail Class		–			–			–			–			(6,342,101	)		(5,731,410	)		(3,530,023	)		(3,513,646	)		(1,165,984	)		(1,082,008	)		(1,349,830	)		(1,375,538	)
	Premier Class		–			–			–			–			(5,345,020	)		(5,228,527	)		(486,534	)		(1,274,942	)		(7,207,177	)		(3,973,019	)		(3,320,352	)		(3,700,057	)
Net increase (decrease) from shareholder transactions			23,202,168			18,577,399			11,562,312			21,639,578			31,289,390			41,499,716			14,303,454			14,815,880			38,671,603			29,162,316			5,492,523			3,895,001

74 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 75

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

		Mid-Cap Value Fund						Small-Cap Equity Fund						Social Choice Equity Fund						Emerging Markets Equity Fund						Enhanced International Equity Index Fund						Global Natural Resources Fund
		October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012			October 31, 2013			October 31, 2012		*
OPERATIONS
Net investment income (loss)		$	57,288,103		$	43,756,164		$	19,124,642		$	12,305,384		$	25,335,407		$	22,307,911		$	7,497,267		$	6,142,565		$	25,065,413		$	22,897,631		$	5,964,712		$	3,376,668
Net realized gain (loss) on total investments			275,841,921			131,883,997			196,849,356			33,978,202			24,590,357			4,255,949			6,219,756			(36,628,459	)		48,331,272			(4,200,020	)		(21,825,670	)		(9,885,557	)
Net change in unrealized appreciation (depreciation) on total investments			697,753,971			165,116,078			428,800,031			84,233,209			340,113,940			94,970,768			37,870,386			58,123,149			125,289,652			24,758,246			14,859,784			10,978,545
Net increase (decrease) in net assets from operations			1,030,883,995			340,756,239			644,774,029			130,516,795			390,039,704			121,534,628			51,587,409			27,637,255			198,686,337			43,455,857			(1,001,174	)		4,469,656
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(24,226,412	)		(13,760,197	)		(11,308,204	)		(5,185,360	)		(12,778,678	)		(8,798,595	)		(6,823,353	)		(2,775,473	)		(25,469,837	)		(17,033,076	)		(4,781,428	)		(118,006	)
	Retirement Class		(18,504,300	)		(12,739,291	)		(4,439,347	)		(2,095,473	)		(5,458,025	)		(4,664,255	)		(110,035	)		(31,552	)		–			–			(191,608	)		(3,894	)
	Retail Class		(3,265,074	)		(1,720,671	)		(548,391	)		(299,763	)		(4,306,526	)		(3,302,221	)		(41,109	)		(13,506	)		–			–			(98,573	)		(1,763	)
	Premier Class		(5,681,008	)		(3,901,158	)		(1,660,428	)		(948,680	)		(1,414,210	)		(1,315,612	)		(20,775	)		(43,368	)		–			–			(49,581	)		(1,794	)
From realized gains:	Institutional Class		(25,110,963	)		–			(17,443,993	)		(21,334,569	)		–			–			–			–			–			–			–			–
	Retirement Class		(22,402,003	)		–			(8,782,533	)		(14,230,904	)		–			–			–			–			–			–			–			–
	Retail Class		(4,075,134	)		–			(1,268,631	)		(2,083,615	)		–			–			–			–			–			–			–			–
	Premier Class		(6,417,385	)		–			(2,917,648	)		(4,725,975	)		–			–			–			–			–			–			–			–
Total distributions			(109,682,279	)		(32,121,317	)		(48,369,175	)		(50,904,339	)		(23,957,439	)		(18,080,683	)		(6,995,272	)		(2,863,899	)		(25,469,837	)		(17,033,076	)		(5,121,190	)		(125,457	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		475,774,247			372,818,008			260,302,530			289,712,510			216,099,106			185,545,173			122,375,900			248,196,014			200,738,462			198,457,192			86,648,042			253,413,946
	Retirement Class		226,783,579			238,678,778			47,907,438			114,076,363			64,358,282			38,319,511			9,315,512			7,483,565			–			–			5,716,330			15,578,873
	Retail Class		132,200,836			57,320,732			17,182,861			6,648,486			61,875,125			42,700,058			2,263,079			1,659,859			–			–			2,693,221			7,377,440
	Premier Class		107,104,158			109,380,922			40,594,283			66,144,710			25,353,399			20,428,164			2,561,267			3,777,668			–			–			2,030,087			2,667,515
Reinvestments of distributions:	Institutional Class		48,414,337			13,180,757			28,714,547			26,481,707			11,693,949			7,476,776			6,823,353			2,775,473			25,469,837			17,033,076			4,781,428			118,006
	Retirement Class		40,888,940			12,739,173			13,220,509			16,326,377			5,454,719			4,664,255			110,035			31,552			–			–			191,608			3,894
	Retail Class		7,199,620			1,658,192			1,760,127			2,320,470			4,074,066			3,130,318			39,972			13,088			–			–			95,084			1,723
	Premier Class		12,098,393			3,901,158			4,578,076			5,674,655			1,414,134			1,315,612			20,775			43,368			–			–			49,581			1,794
Redemptions:	Institutional Class		(159,809,072	)		(80,328,081	)		(128,068,144	)		(48,858,100	)		(99,267,047	)		(79,728,976	)		(91,512,635	)		(49,142,240	)		(214,248,745	)		(141,669,018	)		(93,500,406	)		(13,458,860	)
	Retirement Class		(292,439,099	)		(337,334,932	)		(147,161,353	)		(130,557,451	)		(78,115,784	)		(93,910,019	)		(5,756,165	)		(2,620,989	)		–			–			(3,333,691	)		(3,928,196	)
	Retail Class		(151,226,160	)		(32,474,802	)		(11,523,493	)		(12,103,518	)		(40,111,185	)		(42,264,046	)		(1,555,746	)		(1,003,342	)		–			–			(1,898,602	)		(1,085,518	)
	Premier Class		(137,532,641	)		(86,699,531	)		(62,984,860	)		(71,850,695	)		(40,038,586	)		(28,784,718	)		(779,242	)		(10,122,426	)		–			–			(487,263	)		(172,057	)
Net increase (decrease) from shareholder transactions			309,457,138			272,840,374			64,522,521			264,015,514			132,790,178			58,892,108			43,906,105			201,091,590			11,959,554			73,821,250			2,985,419			260,518,560
Net increase (decrease) in net assets			1,230,658,854			581,475,296			660,927,375			343,627,970			498,872,443			162,346,053			88,498,242			225,864,946			185,176,054			100,244,031			(3,136,945	)		264,862,759
NET ASSETS
Beginning of period			3,205,717,891			2,624,242,595			1,680,432,955			1,336,804,985			1,232,782,708			1,070,436,655			613,987,549			388,122,603			636,659,457			536,415,426			264,862,759			–
End of period		$	4,436,376,745		$	3,205,717,891		$	2,341,360,330		$	1,680,432,955		$	1,731,655,151		$	1,232,782,708		$	702,485,791		$	613,987,549		$	821,835,511		$	636,659,457		$	261,725,814		$	264,862,759
Undistributed net investment income (loss) included in net assets		$	35,384,526		$	28,935,547		$	10,243,420		$	8,462,991		$	18,750,053		$	17,510,624		$	4,111,740		$	4,696,831		$	24,824,699		$	22,309,142		$	3,984,373		$	3,606,118
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		22,955,087			20,988,357			15,488,466			20,085,894			16,143,766			16,651,748			11,173,749			25,042,918			27,275,826			31,181,728			8,714,210			25,377,218
	Retirement Class		10,983,536			13,362,244			2,841,253			7,997,157			4,670,740			3,361,914			848,382			741,544			–			–			569,263			1,504,276
	Retail Class		6,704,641			3,265,963			1,005,829			469,504			4,996,614			4,161,443			206,852			163,603			–			–			268,512			715,329
	Premier Class		5,081,574			6,152,856			2,320,371			4,662,448			1,889,023			1,820,656			235,676			373,716			–			–			202,550			268,973
Shares reinvested:	Institutional Class		2,655,751			807,644			2,008,010			1,968,900			1,002,911			702,705			635,914			289,716			3,751,080			2,725,292			479,582			11,896
	Retirement Class		2,251,594			783,467			936,297			1,229,396			461,873			433,079			10,274			3,297			–			–			19,218			392
	Retail Class		401,764			103,250			125,276			175,527			380,754			319,746			3,732			1,368			–			–			9,537			174
	Premier Class		664,382			239,188			320,594			422,536			121,594			123,881			1,935			4,527			–			–			4,973			181
Shares redeemed:	Institutional Class		(7,904,262	)		(4,483,595	)		(7,952,317	)		(3,415,627	)		(7,482,629	)		(7,111,522	)		(8,284,192	)		(4,866,260	)		(27,047,788	)		(21,505,440	)		(9,476,548	)		(1,350,773	)
	Retirement Class		(14,130,690	)		(19,003,628	)		(9,341,111	)		(9,295,946	)		(5,845,839	)		(8,172,704	)		(530,543	)		(263,589	)		–			–			(339,287	)		(394,208	)
	Retail Class		(7,008,298	)		(1,863,744	)		(704,066	)		(858,127	)		(3,359,968	)		(4,020,804	)		(142,518	)		(103,015	)		–			–			(192,681	)		(109,790	)
	Premier Class		(6,644,252	)		(4,763,792	)		(3,683,136	)		(4,867,390	)		(3,152,127	)		(2,539,467	)		(70,591	)		(947,216	)		–			–			(49,831	)		(16,689	)
Net increase (decrease) from shareholder transactions			16,010,827			15,588,210			3,365,466			18,574,272			9,826,712			5,730,675			4,088,670			20,440,609			3,979,118			12,401,580			209,498			26,006,979

* For the period November 1, 2011 to October 31, 2012.

76 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 77

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

		International Equity Fund						International Opportunities Fund**
		October 31, 2013			October 31, 2012			October 31, 2013
OPERATIONS
Net investment income (loss)		$	57,654,382		$	50,926,417		$	1,670,330
Net realized gain (loss) on total investments			605,321,192			(78,635,540	)		(10,522,645	)
Net change in unrealized appreciation (depreciation) on total investments			140,577,477			367,838,640			40,205,781
Net increase (decrease) in net assets from operations			803,553,051			340,129,517			31,353,466
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(28,285,771	)		(19,841,910	)		–
	Retirement Class		(11,487,152	)		(9,709,478	)		–
	Retail Class		(6,326,126	)		(5,444,549	)		–
	Premier Class		(4,564,092	)		(3,518,270	)		–
From realized gains:	Institutional Class		–			–			–
	Retirement Class		–			–			–
	Retail Class		–			–			–
	Premier Class		–			–			–
Total distributions			(50,663,141	)		(38,514,207	)		–
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		484,480,309			506,995,688			764,379,280
	Retirement Class		98,236,698			92,323,919			2,615,138
	Retail Class		41,304,573			14,068,003			1,628,485
	Premier Class		58,299,071			89,185,524			1,000,021
Reinvestments of distributions:	Institutional Class		28,223,602			19,724,590			–
	Retirement Class		11,479,120			9,702,540			–
	Retail Class		6,126,574			5,271,863			–
	Premier Class		4,564,092			3,518,270			–
Redemptions:	Institutional Class		(529,758,063	)		(147,557,060	)		(17,194,921	)
	Retirement Class		(151,586,821	)		(211,246,996	)		(85,855	)
	Retail Class		(55,268,241	)		(36,133,627	)		(194,979	)
	Premier Class		(93,970,526	)		(82,427,446	)		(20	)
Net increase (decrease) from shareholder transactions			(97,869,612	)		263,425,268			752,147,149
Net increase (decrease) in net assets			655,020,298			565,040,578			783,500,615
NET ASSETS
Beginning of period			2,888,030,843			2,322,990,265			–
End of period		$	3,543,051,141		$	2,888,030,843		$	783,500,615
Undistributed net investment income (loss) included in net assets		$	53,361,735		$	47,992,407		$	1,673,550
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		48,141,547			62,052,491			73,224,874
	Retirement Class		9,389,137			10,815,851			254,696
	Retail Class		6,074,431			2,445,677			162,240
	Premier Class		5,721,972			11,092,283			100,002
Shares reinvested:	Institutional Class		3,015,342			2,605,626			–
	Retirement Class		1,187,086			1,242,323			–
	Retail Class		949,857			1,004,164			–
	Premier Class		488,138			465,380			–
Shares redeemed:	Institutional Class		(53,533,277	)		(17,377,204	)		(1,737,453	)
	Retirement Class		(14,573,775	)		(25,352,079	)		(8,582	)
	Retail Class		(7,968,472	)		(6,374,768	)		(18,637	)
	Premier Class		(9,516,063	)		(9,637,899	)		(2	)
Net increase (decrease) from shareholder transactions			(10,624,077	)		32,981,845			71,977,138

** For the period April 12, 2013 to October 31, 2013

78 2013 Annual Report   ■   TIAA-CREF Funds: Equity Funds See notes to financial statements

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TIAA-CREF Funds: Equity Funds   ■   2013 Annual Report 79

Financial highlights

TIAA-CREF Funds

					Selected per share data
						Gain (loss) from investment operations:
	For the			Net asset		Net			Net realized and			Total gain				Less distributions from:					Total		Net asset
	period			value,		investment			unrealized gain			(loss) from				Net		Net			dividends		value,
	or year			beginning		income			(loss) on total			investment				investment		realized			and		end of
	ended			of period		(loss		)a		investments		operations			income			gains			distributions		period
ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:		10/31/13			$9.65		$0.14			$2.22			$2.36			$(0.12	)		$(0.36	)	$(0.48	)		$11.53
		10/31/12			9.54		0.11			0.93			1.04			(0.10	)		(0.83	)	(0.93	)		9.65
		10/31/11			9.05		0.10			0.86			0.96			(0.09	)		(0.38	)	(0.47	)		9.54
		10/31/10	†		8.63		0.00	d		0.42			0.42			–			–		–			9.05
		9/30/10			7.77		0.10			0.85			0.95			(0.09	)		–		(0.09	)		8.63
		9/30/09			7.99		0.09			(0.27	)		(0.18	)		(0.04	)		–		(0.04	)		7.77
ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:		10/31/13			8.64		0.18			2.20			2.38			(0.19	)		(0.19	)	(0.38	)		10.64
		10/31/12			8.01		0.17			0.94			1.11			(0.15	)		(0.33	)	(0.48	)		8.64
		10/31/11			7.72		0.15			0.32			0.47			(0.11	)		(0.07	)	(0.18	)		8.01
		10/31/10	†		7.48		0.01			0.23			0.24			–			–		–			7.72
		9/30/10			7.10		0.14			0.36			0.50			(0.12	)		–		(0.12	)		7.48
		9/30/09			8.03		0.15			(0.97	)		(0.82	)		(0.11	)		–		(0.11	)		7.10
GROWTH & INCOME FUND
Institutional Class:		10/31/13			10.34		0.15			2.76			2.91			(0.16	)		(0.45	)	(0.61	)		12.64
		10/31/12			9.21		0.13			1.22			1.35			(0.14	)		(0.08	)	(0.22	)		10.34
		10/31/11			8.53		0.10			0.68			0.78			(0.10	)		–		(0.10	)		9.21
		10/31/10	†		8.22		0.00	d		0.31			0.31			–			–		–			8.53
		9/30/10			7.83		0.10			0.39			0.49			(0.10	)		–		(0.10	)		8.22
		9/30/09			8.16		0.11			(0.32	)		(0.21	)		(0.12	)		–		(0.12	)		7.83
Retirement Class:		10/31/13			10.46		0.13			2.78			2.91			(0.13	)		(0.45	)	(0.58	)		12.79
		10/31/12			9.31		0.11			1.24			1.35			(0.12	)		(0.08	)	(0.20	)		10.46
		10/31/11			8.62		0.08			0.69			0.77			(0.08	)		–		(0.08	)		9.31
		10/31/10	†		8.31		0.00	d		0.31			0.31			–			–		–			8.62
		9/30/10			7.91		0.08			0.40			0.48			(0.08	)		–		(0.08	)		8.31
		9/30/09			8.25		0.09			(0.33	)		(0.24	)		(0.10	)		–		(0.10	)		7.91
Retail Class:		10/31/13			12.59		0.14			3.38			3.52			(0.11	)		(0.45	)	(0.56	)		15.55
		10/31/12			11.16		0.12			1.49			1.61			(0.10	)		(0.08	)	(0.18	)		12.59
		10/31/11			10.32		0.10			0.82			0.92			(0.08	)		–		(0.08	)		11.16
		10/31/10	†		9.95		0.00	d		0.37			0.37			–			–		–			10.32
		9/30/10			9.45		0.10			0.48			0.58			(0.08	)		–		(0.08	)		9.95
		9/30/09			9.83		0.12			(0.40	)		(0.28	)		(0.10	)		–		(0.10	)		9.45
Premier Class:		10/31/13			10.35		0.14			2.75			2.89			(0.14	)		(0.45	)	(0.59	)		12.65
		10/31/12			9.21		0.12			1.23			1.35			(0.13	)		(0.08	)	(0.21	)		10.35
		10/31/11			8.53		0.09			0.68			0.77			(0.09	)		–		(0.09	)		9.21
		10/31/10	†		8.23		0.00	d		0.30			0.30			–			–		–			8.53
		9/30/10			7.83		0.09			0.40			0.49			(0.09	)		–		(0.09	)		8.23
		9/30/09	§		7.83		0.00	d		–			0.00	d		–			–		–			7.83

80 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

			Ratios and supplemental data
	For the
	period				Net assets at			Ratios to average net assets								Portfolio
	or year				end of period				Gross		Net		Net investment			turnover
	ended		Total return		(in thousands		)		expenses		expenses		income (loss)			rate
ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:	10/31/13		25.73	%		$1,471,091			0.37	%	0.37	%		1.34	%	104	%
	10/31/12		12.07			1,007,636			0.38		0.38			1.16		150
	10/31/11		10.78			818,884			0.38		0.37			1.05		121
	10/31/10	†	4.87	b		777,478			0.47	c	0.40	c		0.41	c	8	b
	9/30/10		12.22			737,787			0.40		0.39			1.21		130
	9/30/09		(2.04	)		495,248			0.45		0.40			1.39		141
ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/13		28.65			1,415,633			0.36		0.36			1.86		80
	10/31/12		14.73			1,050,177			0.38		0.38			2.12		87
	10/31/11		6.19			800,221			0.38		0.37			1.79		114
	10/31/10	†	3.21	b		752,004			0.47	c	0.40	c		1.44	c	10	b
	9/30/10		7.12			726,396			0.40		0.39			1.87		54
	9/30/09		(10.01	)		498,134			0.45		0.40			2.50		66
GROWTH & INCOME FUND
Institutional Class:	10/31/13		29.53			2,307,313			0.45		0.45			1.35		146
	10/31/12		14.83			1,547,720			0.46		0.46			1.33		111
	10/31/11		9.20			1,105,465			0.47		0.47			1.09		116
	10/31/10	†	3.77	b		684,913			0.53	c	0.52	c		0.42	c	13	b
	9/30/10		6.27			600,386			0.48		0.48			1.23		126
	9/30/09		(2.34	)		391,884			0.53		0.51			1.62		133
Retirement Class:	10/31/13		29.05			623,206			0.70		0.70			1.12		146
	10/31/12		14.61			528,574			0.71		0.71			1.08		111
	10/31/11		8.92			393,410			0.72		0.72			0.86		116
	10/31/10	†	3.73	b		513,285			0.78	c	0.77	c		0.18	c	13	b
	9/30/10		6.07			545,887			0.73		0.73			0.98		126
	9/30/09		(2.66	)		488,991			0.78		0.75			1.36		133
Retail Class:	10/31/13		28.98			857,921			0.79		0.79			1.03		146
	10/31/12		14.52			674,389			0.82		0.82			0.99		111
	10/31/11		8.90			569,318			0.72		0.72			0.85		116
	10/31/10	†	3.72	b		501,950			0.75	c	0.74	c		0.20	c	13	b
	9/30/10		6.17			487,427			0.66		0.66			1.04		126
	9/30/09		(2.63	)		475,828			0.94		0.70			1.48		133
Premier Class:	10/31/13		29.20			169,367			0.60		0.60			1.23		146
	10/31/12		14.77			152,950			0.61		0.61			1.20		111
	10/31/11		9.03			126,358			0.62		0.62			0.95		116
	10/31/10	†	3.65	b		112,196			0.68	c	0.67	c		0.22	c	13	b
	9/30/10		6.25			72,282			0.64		0.64			1.07		126
	9/30/09	§	0.00	b		250			221.06	c	0.67	c		0.00	c	133

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 81

Financial highlights

TIAA-CREF Funds

				Selected per share data
					Gain (loss) from investment operations:
	For the			Net asset	Net		Net realized and			Total gain			Less distributions from:				Total			Net asset
	period			value,	investment		unrealized gain			(loss) from			Net		Net		dividends			value,
	or year			beginning	income		(loss) on total			investment			investment		realized		and			end of
	ended			of period	(loss	)a		investments		operations			income		gains		distributions			period
LARGE-CAP GROWTH FUND
Institutional Class:		10/31/13		$11.65	$0.08			$3.75			$3.83		$(0.05	)	$(0.32	)		$(0.37	)		$15.11
		10/31/12		10.64	0.05			1.09			1.14		(0.03	)	(0.10	)		(0.13	)		11.65
		10/31/11		9.91	0.04			0.72			0.76		(0.03	)	–			(0.03	)		10.64
		10/31/10	†	9.38	0.00	d		0.53			0.53		–		–			–			9.91
		9/30/10		8.51	0.04			0.88			0.92		(0.05	)	–			(0.05	)		9.38
		9/30/09		8.96	0.06			(0.44	)		(0.38	)	(0.07	)	–			(0.07	)		8.51
Retirement Class:		10/31/13		11.60	0.04			3.75			3.79		(0.03	)	(0.32	)		(0.35	)		15.04
		10/31/12		10.60	0.03			1.08			1.11		(0.01	)	(0.10	)		(0.11	)		11.60
		10/31/11		9.87	0.01			0.73			0.74		(0.01	)	–			(0.01	)		10.60
		10/31/10	†	9.35	0.00	d		0.52			0.52		–		–			–			9.87
		9/30/10		8.48	0.02			0.88			0.90		(0.03	)	–			(0.03	)		9.35
		9/30/09		8.90	0.04			(0.42	)		(0.38	)	(0.04	)	–			(0.04	)		8.48
Retail Class:		10/31/13		11.61	0.03			3.74			3.77		0.00	d	(0.32	)		(0.32	)		15.06
		10/31/12		10.61	0.01			1.09			1.10		0.00	d	(0.10	)		(0.10	)		11.61
		10/31/11		9.89	0.01			0.72			0.73		(0.01	)	–			(0.01	)		10.61
		10/31/10	†	9.37	0.00	d		0.52			0.52		–		–			–			9.89
		9/30/10		8.49	0.02			0.89			0.91		(0.03	)	–			(0.03	)		9.37
		9/30/09		8.93	0.04			(0.43	)		(0.39	)	(0.05	)	–			(0.05	)		8.49
Premier Class:		10/31/13		11.63	0.06			3.76			3.82		(0.03	)	(0.32	)		(0.35	)		15.10
		10/31/12		10.62	0.04			1.09			1.13		(0.02	)	(0.10	)		(0.12	)		11.63
		10/31/11		9.90	0.02			0.73			0.75		(0.03	)	–			(0.03	)		10.62
		10/31/10	†	9.38	0.00	d		0.52			0.52		–		–			–			9.90
		9/30/10		8.51	0.02			0.90			0.92		(0.05	)	–			(0.05	)		9.38
		9/30/09	§	8.51	0.00	d		–			0.00	d	–		–			–			8.51
LARGE-CAP VALUE FUND
Institutional Class:		10/31/13		14.11	0.29			4.05			4.34		(0.27	)	(0.05	)		(0.32	)		18.13
		10/31/12		12.27	0.26			1.77			2.03		(0.19	)	–			(0.19	)		14.11
		10/31/11		12.21	0.19			0.03			0.22		(0.16	)	–			(0.16	)		12.27
		10/31/10	†	11.83	0.01			0.37			0.38		–		–			–			12.21
		9/30/10		11.14	0.18			0.66			0.84		(0.15	)	–			(0.15	)		11.83
		9/30/09		11.56	0.19			(0.35	)		(0.16	)	(0.26	)	–			(0.26	)		11.14
Retirement Class:		10/31/13		14.05	0.25			4.03			4.28		(0.23	)	(0.05	)		(0.28	)		18.05
		10/31/12		12.21	0.22			1.77			1.99		(0.15	)	–			(0.15	)		14.05
		10/31/11		12.15	0.16			0.03			0.19		(0.13	)	–			(0.13	)		12.21
		10/31/10	†	11.78	0.01			0.36			0.37		–		–			–			12.15
		9/30/10		11.10	0.14			0.66			0.80		(0.12	)	–			(0.12	)		11.78
		9/30/09		11.51	0.17			(0.35	)		(0.18	)	(0.23	)	–			(0.23	)		11.10
Retail Class:		10/31/13		13.68	0.22			3.94			4.16		(0.22	)	(0.05	)		(0.27	)		17.57
		10/31/12		11.91	0.20			1.72			1.92		(0.15	)	–			(0.15	)		13.68
		10/31/11		11.86	0.15			0.03			0.18		(0.13	)	–			(0.13	)		11.91
		10/31/10	†	11.49	0.01			0.36			0.37		–		–			–			11.86
		9/30/10		10.84	0.14			0.64			0.78		(0.13	)	–			(0.13	)		11.49
		9/30/09		11.26	0.17			(0.34	)		(0.17	)	(0.25	)	–			(0.25	)		10.84
Premier Class:		10/31/13		14.08	0.27			4.04			4.31		(0.25	)	(0.05	)		(0.30	)		18.09
		10/31/12		12.24	0.24			1.77			2.01		(0.17	)	–			(0.17	)		14.08
		10/31/11		12.20	0.17			0.02			0.19		(0.15	)	–			(0.15	)		12.24
		10/31/10	†	11.82	0.01			0.37			0.38		–		–			–			12.20
		9/30/10		11.14	0.16			0.66			0.82		(0.14	)	–			(0.14	)		11.82
		9/30/09	§	11.14	0.00	d		–			0.00	d	–		–			–			11.14

82 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

(continued)

				Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets								Portfolio
	or year					end of period			Gross		Net			Net investment			turnover
	ended			Total return		(in thousands		)	expenses		expenses			income (loss		)	rate
LARGE-CAP GROWTH FUND
Institutional Class:		10/31/13		33.71	%		$1,581,268		0.46	%		0.46	%		0.61	%		102	%
		10/31/12		10.95			1,082,094		0.47			0.47			0.48			148
		10/31/11		7.71			843,064		0.48			0.48			0.34			160
		10/31/10	†	5.65	b		542,509		0.58	c		0.52	c		(0.22	)c		18	b
		9/30/10		10.82			497,251		0.50			0.50			0.45			214
		9/30/09		(3.97	)		333,710		0.53			0.50			0.76			269
Retirement Class:		10/31/13		33.49			191,225		0.71			0.71			0.34			102
		10/31/12		10.57			111,273		0.72			0.72			0.23			148
		10/31/11		7.49			69,209		0.73			0.73			0.10			160
		10/31/10	†	5.56	b		40,808		0.83	c		0.77	c		(0.47	)c		18	b
		9/30/10		10.65			38,261		0.75			0.75			0.20			214
		9/30/09		(4.17	)		39,754		0.77			0.72			0.55			269
Retail Class:		10/31/13		33.29			493,908		0.85			0.85			0.24			102
		10/31/12		10.44			387,606		0.89			0.89			0.06			148
		10/31/11		7.41			367,733		0.79			0.79			0.05			160
		10/31/10	†	5.55	b		357,252		0.84	c		0.79	c		(0.49	)c		18	b
		9/30/10		10.78			340,417		0.67			0.67			0.28			214
		9/30/09		(4.21	)		325,741		1.05			0.67			0.63			269
Premier Class:		10/31/13		33.68			5,110		0.62			0.62			0.48			102
		10/31/12		10.72			4,288		0.63			0.63			0.35			148
		10/31/11		7.55			10,205		0.63			0.63			0.20			160
		10/31/10	†	5.54	b		6,771		0.73	c		0.67	c		(0.36	)c		18	b
		9/30/10		10.78			4,650		0.66			0.66			0.26			214
		9/30/09	§	0.00	b		250		221.05	c		0.67	c		0.00	c		269
LARGE-CAP VALUE FUND
Institutional Class:		10/31/13		31.38			2,837,163		0.45			0.45			1.78			54
		10/31/12		16.79			1,774,248		0.46			0.46			1.93			63
		10/31/11		1.77			1,210,661		0.47			0.47			1.48			68
		10/31/10	†	3.21	b		643,951		0.53	c		0.52	c		0.89	c		11	b
		9/30/10		7.59			580,659		0.49			0.49			1.53			73
		9/30/09		(0.66	)		372,327		0.53			0.52			2.17			139
Retirement Class:		10/31/13		31.06			1,162,308		0.70			0.70			1.54			54
		10/31/12		16.53			794,585		0.71			0.71			1.70			63
		10/31/11		1.52			704,222		0.72			0.72			1.22			68
		10/31/10	†	3.14	b		788,706		0.78	c		0.77	c		0.66	c		11	b
		9/30/10		7.33			818,179		0.74			0.74			1.27			73
		9/30/09		(0.88	)		630,788		0.77			0.76			1.86			139
Retail Class:		10/31/13		30.94			125,958		0.80			0.80			1.44			54
		10/31/12		16.36			86,119		0.84			0.84			1.58			63
		10/31/11		1.49			79,489		0.72			0.72			1.22			68
		10/31/10	†	3.22	b		81,100		0.75	c		0.74	c		0.68	c		11	b
		9/30/10		7.28			79,558		0.70			0.70			1.30			73
		9/30/09		(0.82	)		74,703		0.92			0.71			1.96			139
Premier Class:		10/31/13		31.21			331,817		0.60			0.60			1.65			54
		10/31/12		16.66			267,987		0.61			0.61			1.79			63
		10/31/11		1.54			189,354		0.62			0.62			1.31			68
		10/31/10	†	3.21	b		163,731		0.68	c		0.67	c		0.68	c		11	b
		9/30/10		7.46			114,733		0.64			0.64			1.39			73
		9/30/09	§	0.00	b		250		221.09	c		0.67	c		0.00	c		139

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 83

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
MID-CAP GROWTH FUND
Institutional Class:		10/31/13		$	19.94	$	0.10		$	6.33		$	6.43		$	(0.15	)	$	(1.04	)	$	(1.19	)	$	25.18
		10/31/12			18.75		0.11			1.80			1.91			–			(0.72	)		(0.72	)		19.94
		10/31/11			17.57		0.03			1.15			1.18			–			–			–			18.75
		10/31/10	†		16.85		0.00	d		0.72			0.72			–			–			–			17.57
		9/30/10			13.90		0.03			2.95			2.98			(0.03	)		–			(0.03	)		16.85
		9/30/09			14.30		0.04			(0.41	)		(0.37	)		(0.03	)		–			(0.03	)		13.90
Retirement Class:		10/31/13			19.58		0.05			6.21			6.26			(0.10	)		(1.04	)		(1.14	)		24.70
		10/31/12			18.47		0.06			1.77			1.83			–			(0.72	)		(0.72	)		19.58
		10/31/11			17.35		(0.02	)		1.14			1.12			–			–			–			18.47
		10/31/10	†		16.64		(0.01	)		0.72			0.71			–			–			–			17.35
		9/30/10			13.74		(0.01	)		2.92			2.91			(0.01	)		–			(0.01	)		16.64
		9/30/09			14.12		0.01			(0.39	)		(0.38	)		–			–			–			13.74
Retail Class:		10/31/13			19.58		0.03			6.22			6.25			(0.08	)		(1.04	)		(1.12	)		24.71
		10/31/12			18.49		0.04			1.77			1.81			–			(0.72	)		(0.72	)		19.58
		10/31/11			17.37		(0.02	)		1.14			1.12			–			–			–			18.49
		10/31/10	†		16.66		(0.01	)		0.72			0.71			–			–			–			17.37
		9/30/10			13.76		(0.01	)		2.92			2.91			(0.01	)		–			(0.01	)		16.66
		9/30/09			14.15		0.02			(0.40	)		(0.38	)		(0.01	)		–			(0.01	)		13.76
Premier Class:		10/31/13			19.84		0.07			6.30			6.37			(0.12	)		(1.04	)		(1.16	)		25.05
		10/31/12			18.69		0.08			1.79			1.87			–			(0.72	)		(0.72	)		19.84
		10/31/11			17.54		0.00	d		1.15			1.15			–			–			–			18.69
		10/31/10	†		16.83		(0.01	)		0.72			0.71			–			–			–			17.54
		9/30/10			13.90		0.00	d		2.96			2.96			(0.03	)		–			(0.03	)		16.83
		9/30/09	§		13.90		0.00	d		–			0.00	d		–			–			–			13.90
MID-CAP VALUE FUND
Institutional Class:		10/31/13			18.50		0.33			5.26			5.59			(0.32	)		(0.33	)		(0.65	)		23.44
		10/31/12			16.65		0.28			1.80			2.08			(0.23	)		–			(0.23	)		18.50
		10/31/11			15.96		0.23			0.70			0.93			(0.24	)		–			(0.24	)		16.65
		10/31/10	†		15.42		0.00	d		0.54			0.54			–			–			–			15.96
		9/30/10			13.89		0.24			1.49			1.73			(0.20	)		–			(0.20	)		15.42
		9/30/09			14.78		0.24			(0.88	)		(0.64	)		(0.22	)		(0.03	)		(0.25	)		13.89
Retirement Class:		10/31/13			18.39		0.28			5.22			5.50			(0.27	)		(0.33	)		(0.60	)		23.29
		10/31/12			16.54		0.24			1.79			2.03			(0.18	)		–			(0.18	)		18.39
		10/31/11			15.86		0.20			0.68			0.88			(0.20	)		–			(0.20	)		16.54
		10/31/10	†		15.33		0.00	d		0.53			0.53			–			–			–			15.86
		9/30/10			13.81		0.20			1.49			1.69			(0.17	)		–			(0.17	)		15.33
		9/30/09			14.69		0.21			(0.87	)		(0.66	)		(0.19	)		(0.03	)		(0.22	)		13.81
Retail Class:		10/31/13			18.15		0.27			5.16			5.43			(0.27	)		(0.33	)		(0.60	)		22.98
		10/31/12			16.35		0.22			1.76			1.98			(0.18	)		–			(0.18	)		18.15
		10/31/11			15.68		0.21			0.67			0.88			(0.21	)		–			(0.21	)		16.35
		10/31/10	†		15.15		0.00	d		0.53			0.53			–			–			–			15.68
		9/30/10			13.66		0.20			1.47			1.67			(0.18	)		–			(0.18	)		15.15
		9/30/09			14.55		0.22			(0.87	)		(0.65	)		(0.21	)		(0.03	)		(0.24	)		13.66
Premier Class:		10/31/13			18.46		0.30			5.24			5.54			(0.29	)		(0.33	)		(0.62	)		23.38
		10/31/12			16.61		0.26			1.79			2.05			(0.20	)		–			(0.20	)		18.46
		10/31/11			15.94		0.22			0.68			0.90			(0.23	)		–			(0.23	)		16.61
		10/31/10	†		15.40		0.00	d		0.54			0.54			–			–			–			15.94
		9/30/10			13.89		0.22			1.48			1.70			(0.19	)		–			(0.19	)		15.40
		9/30/09	§		13.89		0.00	d		–			0.00	d		–			–			–			13.89

84 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

(continued)

				Ratios and supplemental data
	For the
	period						Net assets at		Ratios to average net assets									Portfolio
	or year						end of period		Gross			Net			Net investment			turnover
	ended			Total return			(in thousands)		expenses			expenses			income (loss)			rate
MID-CAP GROWTH FUND
Institutional Class:		10/31/13			34.07	%	$	915,882		0.47	%		0.47	%		0.46	%		105	%
		10/31/12			10.66			586,349		0.48			0.48			0.59			85
		10/31/11			6.72			409,941		0.49			0.49			0.16			81
		10/31/10	†		4.27	b		174,007		0.58	c		0.55	c		(0.29	)c		9	b
		9/30/10			21.48			151,222		0.52			0.52			0.18			77
		9/30/09			(2.49	)		92,912		0.53			0.52			0.35			80
Retirement Class:		10/31/13			33.71			570,942		0.72			0.72			0.25			105
		10/31/12			10.38			476,061		0.73			0.73			0.30			85
		10/31/11			6.52			505,020		0.74			0.74			(0.10	)		81
		10/31/10	†		4.21	b		597,228		0.83	c		0.80	c		(0.54	)c		9	b
		9/30/10			21.16			619,355		0.77			0.77			(0.08	)		77
		9/30/09			(2.69	)		525,148		0.78			0.76			0.10			80
Retail Class:		10/31/13			33.64			175,018		0.82			0.82			0.13			105
		10/31/12			10.26			125,453		0.84			0.84			0.20			85
		10/31/11			6.45			115,367		0.74			0.74			(0.10	)		81
		10/31/10	†		4.26	b		93,257		0.80	c		0.77	c		(0.52	)c		9	b
		9/30/10			21.15			88,419		0.75			0.75			(0.05	)		77
		9/30/09			(2.69	)		68,849		0.97			0.73			0.15			80
Premier Class:		10/31/13			33.93			177,935		0.62			0.62			0.33			105
		10/31/12			10.48			159,806		0.63			0.63			0.41			85
		10/31/11			6.56			165,209		0.64			0.64			0.01			81
		10/31/10	†		4.22	b		140,980		0.73	c		0.70	c		(0.44	)c		9	b
		9/30/10			21.29			85,529		0.67			0.67			0.00			77
		9/30/09	§		0.00	b		250		221.08	c		0.70	c		0.00	c		80
MID-CAP VALUE FUND
Institutional Class:		10/31/13			31.23			2,181,142		0.45			0.45			1.59			46
		10/31/12			12.66			1,393,965		0.46			0.46			1.61			33
		10/31/11			5.83			965,871		0.46			0.46			1.36			39
		10/31/10	†		3.50	b		446,584		0.52	c		0.52	c		0.17	c		4	b
		9/30/10			12.58			395,329		0.49			0.49			1.65			51
		9/30/09			(3.74	)		201,400		0.54			0.54			2.18			57
Retirement Class:		10/31/13			30.87			1,542,181		0.70			0.70			1.37			46
		10/31/12			12.41			1,233,934		0.71			0.71			1.39			33
		10/31/11			5.62			1,190,007		0.71			0.71			1.18			39
		10/31/10	†		3.39	b		1,311,060		0.77	c		0.77	c		(0.08	)c		4	b
		9/30/10			12.38			1,344,289		0.74			0.74			1.39			51
		9/30/09			(3.98	)		1,052,151		0.79			0.79			1.93			57
Retail Class:		10/31/13			30.83			255,059		0.76			0.76			1.30			46
		10/31/12			12.27			199,693		0.81			0.81			1.26			33
		10/31/11			5.59			155,210		0.70			0.70			1.22			39
		10/31/10	†		3.50	b		172,489		0.72	c		0.72	c		(0.03	)c		4	b
		9/30/10			12.35			167,576		0.69			0.69			1.43			51
		9/30/09			(3.94	)		140,846		0.92			0.74			2.03			57
Premier Class:		10/31/13			31.00			457,994		0.60			0.60			1.46			46
		10/31/12			12.53			378,125		0.61			0.61			1.47			33
		10/31/11			5.71			313,155		0.61			0.61			1.30			39
		10/31/10	†		3.44	b		248,261		0.67	c		0.67	c		0.00	c		4	b
		9/30/10			12.39			170,223		0.64			0.64			1.50			51
		9/30/09	§		0.00	b		250		221.06	c		0.70	c		0.00	c		57

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 85

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 EQUITY FUND
Institutional Class:	10/31/13			$14.63		$0.18			$5.43			$5.61			$(0.18	)		$(0.27	)		$(0.45	)		$19.79
	10/31/12			13.88		0.13			1.15			1.28			(0.10	)		(0.43	)		(0.53	)		14.63
	10/31/11			13.13		0.08			0.74			0.82			(0.07	)		–			(0.07	)		13.88
	10/31/10	†		12.58		0.00	d		0.55			0.55			–			–			–			13.13
	9/30/10			11.02		0.09			1.55			1.64			(0.08	)		–			(0.08	)		12.58
	9/30/09			12.12		0.09			(1.13	)		(1.04	)		(0.06	)		–			(0.06	)		11.02
Retirement Class:	10/31/13			14.42		0.14			5.36			5.50			(0.14	)		(0.27	)		(0.41	)		19.51
	10/31/12			13.68		0.09			1.14			1.23			(0.06	)		(0.43	)		(0.49	)		14.42
	10/31/11			12.94		0.04			0.74			0.78			(0.04	)		–			(0.04	)		13.68
	10/31/10	†		12.41		0.00	d		0.53			0.53			–			–			–			12.94
	9/30/10			10.88		0.06			1.52			1.58			(0.05	)		–			(0.05	)		12.41
	9/30/09			11.95		0.07			(1.11	)		(1.04	)		(0.03	)		–			(0.03	)		10.88
Retail Class:	10/31/13			14.33		0.12			5.33			5.45			(0.12	)		(0.27	)		(0.39	)		19.39
	10/31/12			13.62		0.07			1.13			1.20			(0.06	)		(0.43	)		(0.49	)		14.33
	10/31/11			12.89		0.04			0.73			0.77			(0.04	)		–			(0.04	)		13.62
	10/31/10	†		12.35		0.00	d		0.54			0.54			–			–			–			12.89
	9/30/10			10.83		0.06			1.52			1.58			(0.06	)		–			(0.06	)		12.35
	9/30/09			11.91		0.08			(1.12	)		(1.04	)		(0.04	)		–			(0.04	)		10.83
Premier Class:	10/31/13			14.59		0.16			5.41			5.57			(0.15	)		(0.27	)		(0.42	)		19.74
	10/31/12			13.85		0.11			1.15			1.26			(0.09	)		(0.43	)		(0.52	)		14.59
	10/31/11			13.11		0.06			0.75			0.81			(0.07	)		–			(0.07	)		13.85
	10/31/10	†		12.57		0.00	d		0.54			0.54			–			–			–			13.11
	9/30/10			11.02		0.06			1.56			1.62			(0.07	)		–			(0.07	)		12.57
	9/30/09	§		11.02		0.00	d		–			0.00	d		–			–			–			11.02
SOCIAL CHOICE EQUITY FUND
Institutional Class:	10/31/13			11.72		0.25			3.35			3.60			(0.24	)		–			(0.24	)		15.08
	10/31/12			10.75		0.23			0.93			1.16			(0.19	)		–			(0.19	)		11.72
	10/31/11			10.21		0.19			0.52			0.71			(0.17	)		–			(0.17	)		10.75
	10/31/10	†		9.81		0.01			0.39			0.40			–			–			–			10.21
	9/30/10			8.92		0.18			0.86			1.04			(0.15	)		–			(0.15	)		9.81
	9/30/09			9.72		0.16			(0.79	)		(0.63	)		(0.17	)		(0.00	)d		(0.17	)		8.92
Retirement Class:	10/31/13			11.84		0.22			3.39			3.61			(0.21	)		–			(0.21	)		15.24
	10/31/12			10.85		0.20			0.94			1.14			(0.15	)		–			(0.15	)		11.84
	10/31/11			10.30		0.16			0.53			0.69			(0.14	)		–			(0.14	)		10.85
	10/31/10	†		9.91		0.00	d		0.39			0.39			–			–			–			10.30
	9/30/10			9.01		0.15			0.88			1.03			(0.13	)		–			(0.13	)		9.91
	9/30/09			9.81		0.14			(0.79	)		(0.65	)		(0.15	)		(0.00	)d		(0.15	)		9.01
Retail Class:	10/31/13			10.75		0.19			3.07			3.26			(0.21	)		–			(0.21	)		13.80
	10/31/12			9.88		0.18			0.85			1.03			(0.16	)		–			(0.16	)		10.75
	10/31/11			9.40		0.15			0.48			0.63			(0.15	)		–			(0.15	)		9.88
	10/31/10	†		9.04		0.01			0.35			0.36			–			–			–			9.40
	9/30/10			8.23		0.15			0.80			0.95			(0.14	)		–			(0.14	)		9.04
	9/30/09			8.99		0.14			(0.74	)		(0.60	)		(0.16	)		(0.00	)d		(0.16	)		8.23
Premier Class:	10/31/13			11.68		0.23			3.34			3.57			(0.22	)		–			(0.22	)		15.03
	10/31/12			10.71		0.21			0.93			1.14			(0.17	)		–			(0.17	)		11.68
	10/31/11			10.18		0.17			0.52			0.69			(0.16	)		–			(0.16	)		10.71
	10/31/10	†		9.79		0.01			0.38			0.39			–			–			–			10.18
	9/30/10			8.92		0.17			0.85			1.02			(0.15	)		–			(0.15	)		9.79
	9/30/09	§		8.92		0.00	d		–			0.00	d		–			–			–			8.92

86 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

(continued)

			Ratios and supplemental data
	For the
	period				Net assets at	Ratios to average net assets						Portfolio
	or year ended		Total return		end of period (in thousands)	Gross expenses		Net expenses		Net investment income (loss)		turnover rate
SMALL-CAP EQUITY FUND
Institutional Class:	10/31/13		39.49	%	$1,482,702	0.47	%	0.44	%	1.06	%	85	%
	10/31/12		9.55		956,314	0.48		0.45		0.90		101
	10/31/11		6.25		648,675	0.49		0.46		0.53		100
	10/31/10	†	4.37	b	404,053	0.58	c	0.54	c	0.13	c	3	b
	9/30/10		14.94		365,132	0.52		0.51		0.75		87
	9/30/09		(8.34	)	253,985	0.57		0.53		1.01		91
Retirement Class:	10/31/13		39.20		558,845	0.72		0.69		0.86		85
	10/31/12		9.29		493,397	0.73		0.70		0.65		101
	10/31/11		5.96		469,155	0.74		0.71		0.30		100
	10/31/10	†	4.35	b	479,234	0.83	c	0.79	c	(0.11	)c	3	b
	9/30/10		14.64		490,390	0.77		0.76		0.50		87
	9/30/09		(8.57	)	351,575	0.82		0.78		0.76		91
Retail Class:	10/31/13		39.04		100,054	0.83		0.81		0.70		85
	10/31/12		9.09		67,848	0.87		0.85		0.51		101
	10/31/11		5.97		67,381	0.77		0.74		0.27		100
	10/31/10	†	4.37	b	58,724	0.83	c	0.79	c	(0.12	)c	3	b
	9/30/10		14.66		56,094	0.76		0.74		0.51		87
	9/30/09		(8.59	)	47,020	1.04		0.71		0.86		91
Premier Class:	10/31/13		39.32		199,759	0.62		0.59		0.94		85
	10/31/12		9.35		162,874	0.63		0.60		0.76		101
	10/31/11		6.13		151,593	0.64		0.61		0.40		100
	10/31/10	†	4.30	b	90,330	0.73	c	0.69	c	(0.05	)c	3	b
	9/30/10		14.81		46,963	0.68		0.66		0.50		87
	9/30/09	§	0.00	b	250	221.09	c	0.70	c	0.00	c	91
SOCIAL CHOICE EQUITY FUND
Institutional Class:	10/31/13		31.32		934,574	0.18		0.18		1.85		12
	10/31/12		10.93		612,990	0.19		0.19		2.00		17
	10/31/11		6.94		452,268	0.19		0.19		1.74		19
	10/31/10	†	4.08	b	287,199	0.28	c	0.22	c	0.81	c	0	b
	9/30/10		11.74		255,997	0.20		0.20		1.86		16
	9/30/09		(5.98	)	177,486	0.24		0.22		2.18		16
Retirement Class:	10/31/13		30.99		392,917	0.43		0.43		1.62		12
	10/31/12		10.68		313,635	0.43		0.43		1.76		17
	10/31/11		6.71		335,015	0.44		0.44		1.50		19
	10/31/10	†	3.94	b	409,282	0.52	c	0.47	c	0.55	c	0	b
	9/30/10		11.52		423,195	0.45		0.45		1.60		16
	9/30/09		(6.17	)	377,937	0.49		0.47		1.92		16
Retail Class:	10/31/13		30.87		313,597	0.48		0.48		1.56		12
	10/31/12		10.62		222,461	0.49		0.49		1.69		17
	10/31/11		6.71		199,997	0.41		0.41		1.53		19
	10/31/10	†	3.98	b	163,749	0.44	c	0.39	c	0.64	c	0	b
	9/30/10		11.62		157,804	0.37		0.37		1.67		16
	9/30/09		(6.16	)	144,580	0.56		0.38		2.02		16
Premier Class:	10/31/13		31.14		90,567	0.33		0.33		1.73		12
	10/31/12		10.80		83,697	0.33		0.33		1.86		17
	10/31/11		6.79		83,157	0.34		0.34		1.61		19
	10/31/10	†	3.98	b	77,584	0.43	c	0.37	c	0.68	c	0	b
	9/30/10		11.48		55,609	0.35		0.35		1.77		16
	9/30/09	§	0.00	b	250	220.76	c	0.37	c	0.00	c	16

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 87

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations:
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from:						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)		a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
EMERGING MARKETS EQUITY FUND
Institutional Class:	10/31/13			$10.44		$0.12			$0.73			$0.85			$(0.12	)		$    –			$(0.12	)		$11.17
	10/31/12			10.11		0.13			0.27			0.40			(0.07	)		–			(0.07	)		10.44
	10/31/11			11.35		0.14			(1.36	)		(1.22	)		–			(0.02	)		(0.02	)		10.11
	10/31/10	‡		10.00		0.01			1.34			1.35			–			–			–			11.35
Retirement Class:	10/31/13			10.40		0.09			0.73			0.82			(0.10	)		–			(0.10	)		11.12
	10/31/12			10.08		0.11			0.26			0.37			(0.05	)		–			(0.05	)		10.40
	10/31/11			11.34		0.14			(1.38	)		(1.24	)		–			(0.02	)		(0.02	)		10.08
	10/31/10	‡		10.00		0.00	d		1.34			1.34			–			–			–			11.34
Retail Class:	10/31/13			10.39		0.08			0.72			0.80			(0.08	)		–			(0.08	)		11.11
	10/31/12			10.07		0.08			0.27			0.35			(0.03	)		–			(0.03	)		10.39
	10/31/11			11.34		0.09			(1.34	)		(1.25	)		–			(0.02	)		(0.02	)		10.07
	10/31/10	‡		10.00		0.00	d		1.34			1.34			–			–			–			11.34
Premier Class:	10/31/13			10.42		0.10			0.74			0.84			(0.10	)		–			(0.10	)		11.16
	10/31/12			10.09		0.05			0.34			0.39			(0.06	)		–			(0.06	)		10.42
	10/31/11			11.34		0.13			(1.36	)		(1.23	)		–			(0.02	)		(0.02	)		10.09
	10/31/10	‡		10.00		0.01			1.33			1.34			–			–			–			11.34
ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/13			6.82		0.23			1.66			1.89			(0.27	)		–			(0.27	)		8.44
	10/31/12			6.62		0.24			0.16			0.40			(0.20	)		–			(0.20	)		6.82
	10/31/11			7.11		0.21			(0.52	)		(0.31	)		(0.18	)		–			(0.18	)		6.62
	10/31/10	†		6.82		0.00	d		0.29			0.29			–			–			–			7.11
	9/30/10			6.71		0.18			0.08			0.26			(0.15	)		–			(0.15	)		6.82
	9/30/09			6.85		0.17			(0.20	)		(0.03	)		(0.11	)		–			(0.11	)		6.71
GLOBAL NATURAL RESOURCES FUND
Institutional Class:	10/31/13			10.19		0.20			(0.21	)		(0.01	)		(0.19	)		–			(0.19	)		9.99
	10/31/12	*		10.00		0.18			0.03			0.21			(0.02	)		–			(0.02	)		10.19
Retirement Class:	10/31/13			10.17		0.17			(0.21	)		(0.04	)		(0.17	)		–			(0.17	)		9.96
	10/31/12	*		10.00		0.17			0.02			0.19			(0.02	)		–			(0.02	)		10.17
Retail Class:	10/31/13			10.15		0.16			(0.21	)		(0.05	)		(0.16	)		–			(0.16	)		9.94
	10/31/12	*		10.00		0.15			0.01			0.16			(0.01	)		–			(0.01	)		10.15
Premier Class:	10/31/13			10.17		0.18			(0.20	)		(0.02	)		(0.18	)		–			(0.18	)		9.97
	10/31/12	*		10.00		0.16			0.03			0.19			(0.02	)		–			(0.02	)		10.17

88 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

(continued)

			Ratios and supplemental data
	For the period				Net assets at	Ratios to average net assets						Portfolio
	or year ended		Total return		end of period (in thousands)	Gross expenses		Net expenses		Net investment income (loss)		turnover rate
EMERGING MARKETS EQUITY FUND
Institutional Class:	10/31/13		8.18	%	$676,999	0.95	%	0.95	%	1.11	%	110	%
	10/31/12		4.00		596,017	0.99		0.95		1.25		115
	10/31/11		(10.78	)	370,441	1.08		0.95		1.29		70
	10/31/10	‡	13.50	b	156,464	2.00	c	0.95	c	0.42	c	9	b
Retirement Class:	10/31/13		7.91		15,040	1.20		1.20		0.84		110
	10/31/12		3.71		10,655	1.24		1.20		1.06		115
	10/31/11		(10.96	)	5,476	1.33		1.20		1.22		70
	10/31/10	‡	13.40	b	1,134	2.98	c	1.20	c	0.27	c	9	b
Retail Class:	10/31/13		7.74		6,321	1.35		1.34		0.71		110
	10/31/12		3.50		5,203	1.40		1.34		0.83		115
	10/31/11		(11.05	)	4,417	1.47		1.34		0.84		70
	10/31/10	‡	13.40	b	2,189	2.80	c	1.34	c	(0.03	)c	9	b
Premier Class:	10/31/13		7.96		4,126	1.10		1.10		0.97		110
	10/31/12		3.96		2,113	1.15		1.10		0.46		115
	10/31/11		(10.87	)	7,788	1.23		1.10		1.21		70
	10/31/10	‡	13.40	b	1,134	2.89	c	1.10	c	0.37	c	9	b
ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/13		28.75		821,836	0.47		0.47		3.12		110
	10/31/12		6.33		636,659	0.51		0.51		3.69		81
	10/31/11		(4.51	)	536,415	0.53		0.53		2.97		92
	10/31/10	†	4.25	b	536,717	0.66	c	0.55	c	0.17	c	10	b
	9/30/10		3.88		518,371	0.53		0.53		2.74		146
	9/30/09		0.05		359,697	0.63		0.55		3.20		107
GLOBAL NATURAL RESOURCES FUND
Institutional Class:	10/31/13		(0.05	)	237,218	0.74		0.74		2.03		162
	10/31/12	*	2.09	b	244,856	0.86	c	0.75	c	1.80	c	65	b
Retirement Class:	10/31/13		(0.28	)	13,548	0.99		0.99		1.74		162
	10/31/12	*	1.87	b	11,290	1.13	c	1.00	c	1.65	c	65	b
Retail Class:	10/31/13		(0.49	)	6,872	1.16		1.14		1.58		162
	10/31/12	*	1.64	b	6,149	1.31	c	1.14	c	1.52	c	65	b
Premier Class:	10/31/13		(0.16	)	4,088	0.90		0.90		1.87		162
	10/31/12	*	1.88	b	2,568	1.11	c	0.90	c	1.59	c	65	b

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 89

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 FUND
Institutional Class:	10/31/13			$9.06		$0.20			$2.41			$2.61			$(0.17	)		$    –			$(0.17	)		$11.50
	10/31/12			8.14		0.18			0.88			1.06			(0.14	)		–			(0.14	)		9.06
	10/31/11			9.41		0.16			(1.35	)		(1.19	)		(0.08	)		–			(0.08	)		8.14
	10/31/10	†		8.95		0.00	d		0.46			0.46			–			–			–			9.41
	9/30/10			8.06		0.11			0.90			1.01			(0.12	)		–			(0.12	)		8.95
	9/30/09			8.68		0.12			(0.48	)		(0.36	)		(0.24	)		(0.02	)		(0.26	)		8.06
Retirement Class:	10/31/13			9.33		0.18			2.49			2.67			(0.15	)		–			(0.15	)		11.85
	10/31/12			8.37		0.16			0.91			1.07			(0.11	)		–			(0.11	)		9.33
	10/31/11			9.68		0.14			(1.39	)		(1.25	)		(0.06	)		–			(0.06	)		8.37
	10/31/10	†		9.20		0.00	d		0.48			0.48			–			–			–			9.68
	9/30/10			8.29		0.09			0.92			1.01			(0.10	)		–			(0.10	)		9.20
	9/30/09			8.90		0.10			(0.48	)		(0.38	)		(0.21	)		(0.02	)		(0.23	)		8.29
Retail Class:	10/31/13			6.27		0.11			1.66			1.77			(0.15	)		–			(0.15	)		7.89
	10/31/12			5.68		0.10			0.61			0.71			(0.12	)		–			(0.12	)		6.27
	10/31/11			6.59		0.09			(0.93	)		(0.84	)		(0.07	)		–			(0.07	)		5.68
	10/31/10	†		6.27		0.00	d		0.32			0.32			–			–			–			6.59
	9/30/10			5.69		0.06			0.63			0.69			(0.11	)		–			(0.11	)		6.27
	9/30/09			6.22		0.07			(0.35	)		(0.28	)		(0.23	)		(0.02	)		(0.25	)		5.69
Premier Class:	10/31/13			9.04		0.18			2.40			2.58			(0.16	)		–			(0.16	)		11.46
	10/31/12			8.12		0.15			0.90			1.05			(0.13	)		–			(0.13	)		9.04
	10/31/11			9.40		0.14			(1.34	)		(1.20	)		(0.08	)		–			(0.08	)		8.12
	10/31/10	†		8.93		0.00	d		0.47			0.47			–			–			–			9.40
	9/30/10			8.06		0.13			0.85			0.98			(0.11	)		–			(0.11	)		8.93
	9/30/09	§		8.06		0.00	d		–			0.00	d		–			–			–			8.06
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	10/31/13	^		10.00		0.06			0.83			0.89			–			–			–			10.89
Retirement Class:	10/31/13	^		10.00		0.06			0.81			0.87			–			–			–			10.87
Retail Class:	10/31/13	^		10.00		0.06			0.80			0.86			–			–			–			10.86
Premier Class:	10/31/13	^		10.00		0.08			0.79			0.87			–			–			–			10.87

90 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds See notes to financial statements

(concluded)

			Ratios and supplemental data
	For the period				Net assets at		Ratios to average net assets						Portfolio
	or year ended		Total return		end of period (in thousands)		Gross expenses		Net expenses		Net investment income (loss)		turnover rate
INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/13		29.29	%		$2,059,286	0.51	%	0.51	%	1.95	%	130	%
	10/31/12		13.36			1,644,055	0.52		0.52		2.16		98
	10/31/11		(12.76	)		1,092,168	0.53		0.53		1.69		107
	10/31/10	†	5.14	b		841,417	0.57	c	0.57	c	0.39	c	8	b
	9/30/10		12.62			785,755	0.53		0.53		1.36		119
	9/30/09		(3.19	)		684,965	0.58		0.57		1.81		118
Retirement Class:	10/31/13		28.97			862,960	0.76		0.76		1.68		130
	10/31/12		13.06			716,864	0.78		0.78		1.92		98
	10/31/11		(13.03	)		754,251	0.78		0.78		1.43		107
	10/31/10	†	5.22	b		1,105,129	0.82	c	0.82	c	0.12	c	8	b
	9/30/10		12.28			1,124,555	0.78		0.78		1.07		119
	9/30/09		(3.42	)		1,047,995	0.83		0.82		1.53		118
Retail Class:	10/31/13		28.75			328,367	0.88		0.88		1.59		130
	10/31/12		12.93			266,770	0.92		0.92		1.74		98
	10/31/11		(12.96	)		258,283	0.79		0.79		1.42		107
	10/31/10	†	5.10	b		314,977	0.80	c	0.80	c	0.17	c	8	b
	9/30/10		12.28			301,044	0.72		0.72		1.12		119
	9/30/09		(3.29	)		284,678	1.02		0.79		1.56		118
Premier Class:	10/31/13		28.96			292,438	0.66		0.66		1.78		130
	10/31/12		13.21			260,341	0.67		0.67		1.78		98
	10/31/11		(12.93	)		218,288	0.68		0.68		1.50		107
	10/31/10	†	5.26	b		178,553	0.72	c	0.72	c	0.55	c	8	b
	9/30/10		12.32			90,273	0.68		0.68		1.55		119
	9/30/09	§	0.00	b		250	221.11	c	0.75	c	0.00	c	118
INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	10/31/13	^	8.80	b		778,178	0.80	c	0.70	c	0.96	c	35	b
Retirement Class:	10/31/13	^	8.70	b		2,675	1.08	c	0.95	c	1.06	c	35	b
Retail Class:	10/31/13	^	8.60	b		1,560	1.10	c	1.00	c	1.13	c	35	b
Premier Class:	10/31/13	^	8.70	b		1,087	1.00	c	0.85	c	1.39	c	35	b

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.
†	Amounts shown are for the one-month period ended October 31, 2010 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to October 31.
§	The Premier Class commenced operations on September 30, 2009.
‡	The Fund commenced operations on August 31, 2010.
*	The Fund commenced operations on November 1, 2011.
^	The Fund commenced operations on April 12, 2013.

See notes to financial statements TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 91

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant
accounting policies

TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) 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: Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value Index Fund, Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Emerging Markets Equity Fund, Enhanced International Equity Index Fund, Global Natural Resources Fund, International Equity Fund and the International Opportunities Fund (collectively the “Funds” or individually, the “Fund”). The International Opportunities Fund commenced operations on April 12, 2013.

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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 Net Asset Value per share (“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.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. 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 gain 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.

Income and expenses 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.

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

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

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

For the year ended October 31, 2013, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, dividend redesignations, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

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

92 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

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. The investment of deferred amounts and the offsetting payable to the trustees are included in other assets and accrued expenses and other payables 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.

New accounting pronouncement: In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013, issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (collectively, the “Update”). The Update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Funds have adopted these new disclosure requirements and have determined no additional disclosures are required for this annual report.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that categorizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the

mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments 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. 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. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt securities: Debt securities, including equity-linked notes, will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields, or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Short-term investments: Short-term investments, excluding investments in registered investment companies, with maturities of 60 days or less are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity. Short-term investments with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.

Investments in Registered Investment Companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.

Options: Purchased and written options listed or traded 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. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Any portfolio security 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. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting year. For the year ended October 31, 2013, there were no material transfers between levels by the Funds.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 93

Notes to financial statements

As of October 31, 2013, 100% of the value of investments in the Enhanced Large-Cap Growth Index Fund were valued based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of October 31, 2013, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Enhanced Large-Cap Value Index
Equity investments:
Consumer discretionary	$	139,757,433		$	1,869,953	$	—	$	141,627,386
All other equity investments*		1,267,592,137			—		—		1,267,592,137
Short-term investments		22,983,731			—		—		22,983,731
Written options**		(43,731	)		—		—		(43,731	)
Total	$	1,430,289,570		$	1,869,953	$	—	$	1,432,159,523
Growth & Income
Equity investments:
Consumer discretionary	$	660,828,261		$	24,402,387	$	—	$	685,230,648
Consumer staples		305,522,837			67,162,647		—		372,685,484
Energy		360,089,659			12,218,346		—		372,308,005
Financials		488,402,409			17,098,326		—		505,500,735
Health care		552,194,242			89,259,297		—		641,453,539
Information technology		674,263,101			5,500,945		—		679,764,046
Telecommunication services		74,742,786			7,729,906		—		82,472,692
All other equity investments*		596,757,653			—		—		596,757,653
Purchased Options		10,500			—		—		10,500
Short-term investments		134,598,775			—		—		134,598,775
Written options**		(119,570	)		—		—		(119,570	)
Total	$	3,847,290,653		$	223,371,854	$	—	$	4,070,662,507
Large-Cap Growth
Equity investments:
Consumer discretionary	$	395,791,125		$	43,833,898	$	—	$	439,625,023
Consumer staples		41,422,965			18,871,780		—		60,294,745
Financials		135,987,244			7,657,905		—		143,645,149
Health care		364,105,993			75,377,913		—		439,483,906
Industrials		271,477,708			2,542,638		—		274,020,346
Telecommunication services		—			36,010,146		—		36,010,146
All other equity investments*		827,682,486			—		—		827,682,486
Short-term investments		36,139,401			—		—		36,139,401
Written options**		(8,613	)		—		—		(8,613	)
Total	$	2,072,598,309		$	184,294,280	$	—	$	2,256,892,589
Large-Cap Value
Equity investments:
Consumer discretionary	$	371,691,749		$	8,715,223	$	—	$	380,406,972
Consumer staples		183,731,425			61,382,798		—		245,114,223
Financials		1,059,893,721			24,482,952		—		1,084,376,673
Health care		519,082,646			70,115,281		—		589,197,927
Industrials		471,863,821			4,470,681		—		476,334,502
Materials		128,807,764			18,709,412		—		147,517,176
Telecommunication services		149,431,415			18,210,517		—		167,641,932
All other equity investments*		1,334,312,645			—		—		1,334,312,645
Short-term investments		198,798,936			14,999,344		—		213,798,280
Total	$	4,417,614,122		$	221,086,208	$	—	$	4,638,700,330
Mid-Cap Growth
Equity investments:
Consumer staples	$	78,240,925		$	2,962,138	$	—	$	81,203,063
Energy		104,302,952			9,292,798		—		113,595,750
All other equity investments*		1,603,933,094			—		—		1,603,933,094
Purchased Options		390,000			—		—		390,000
Short-term investments		122,450,941			—		—		122,450,941
Written options**		(763,450	)		—		—		(763,450	)
Total	$	1,908,554,462		$	12,254,936	$	—	$	1,920,809,398
Mid-Cap Value
Equity investments:
Energy	$	347,622,563		$	29,377,644	$	—	$	377,000,207
Health care		382,540,725			25,548,847		—		408,089,572
Industrials		467,744,801			20,164,647		—		487,909,448
All other equity investments*		3,130,625,620			—		—		3,130,625,620
Short-term investments		117,563,395			40,998,234		—		158,561,629
Total	$	4,446,097,104		$	116,089,372	$	—	$	4,562,186,476

94 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Fund	Level 1		Level 2		Level 3		Total
Small-Cap Equity
Equity investments:
Equity investments*	$	2,320,626,184	$	—	$	—	$	2,320,626,184
Short-term investments		206,556,372		7,299,957		—		213,856,329
Futures **		123,262		—		—		123,262
Total	$	2,527,305,818	$	7,299,957	$	—	$	2,534,605,775
Social Choice Equity
Equity investments:
Equity investments*	$	1,718,833,106	$	—	$	—	$	1,718,833,106
Short-term investments		—		43,190,764		—		43,190,764
Total	$	1,718,833,106	$	43,190,764	$	—	$	1,762,023,870
Emerging Markets Equity
Equity investments:
Africa	$	—	$	19,061,995	$	—	$	19,061,995
Asia		4,419,253		398,697,554		164,231		403,281,038
Central America		—		49,344,722		—		49,344,722
Europe		3,982,834		67,849,085		—		71,831,919
South America		—		78,777,700		—		78,777,700
All other equity investments*		4,271,816		75,116,040		—		79,387,856
Short-term investments		35,377,751		—		—		35,377,751
Total	$	48,051,654	$	688,847,096	$	164,231	$	737,062,981
Enhanced International Equity Index
Equity investments:
Asia	$	—	$	190,337,284	$	—	$	190,337,284
Australia		—		66,356,307		—		66,356,307
Europe		33,329,825		437,089,675		—		470,419,500
All other equity investments*		7,341,148		79,298,868		—		86,640,016
Short-term investments		16,131,059		—		—		16,131,059
Total	$	56,802,032	$	773,082,134	$	—	$	829,884,166
Global Natural Resources
Equity investments:
Asia	$	—	$	5,094,619	$	—	$	5,094,619
Australia		—		19,370,931		—		19,370,931
Europe		—		44,552,164		—		44,552,164
North America		119,456,558		21,244,433		—		140,700,991
All other equity investments*		1,046,608		49,131,058		—		50,177,666
Short-term investments		22,400,309		—		—		22,400,309
Total	$	142,903,475	$	139,393,205	$	—	$	282,296,680
International Equity
Equity investments:
Asia	$	—	$	587,414,132	$	—	$	587,414,132
Europe		—		2,722,887,811		—		2,722,887,811
All other equity investments*		—		112,402,876		—		112,402,876
Short-term investments		97,860,001		82,052,403		—		179,912,404
Total	$	97,860,001	$	3,504,757,222	$	—	$	3,602,617,223
International Opportunities
Equity investments:
Asia	$	—	$	205,339,701	$	1,895,736	$	207,235,437
Australia		—		27,496,890		—		27,496,890
Europe		—		344,012,855		—		344,012,855
North America		—		38,952,809		—		38,952,809
South America		—		17,474,125		—		17,474,125
All other equity investments*		12,255,177		131,463,294		—		143,718,471
Short-term investments		41,283,462		9,996,130		—		51,279,592
Total	$	53,538,639	$	774,735,804	$	1,895,736	$	830,170,179

*	For detailed categories, please see the accompanying summary portfolio of investments.
**	Derivative instruments are not reflected in the summary portfolio of investments.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 95

Notes to financial statements

Note 3—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. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.

At October 31, 2013, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives			Liabilities derivatives
Derivative contract	Location	Fair value amount		Location	Fair value amount
Enhanced Large-Cap Value Index Fund
Equity contracts				Written options	$	43,731
Growth & Income Fund
Equity contracts	Portfolio investments	$	10,500
Equity contracts				Written options		119,570
Large-Cap Growth Fund
Equity contracts				Written options		8,613
Mid-Cap Growth Fund
Equity contracts	Portfolio investments		390,000
Equity contracts				Written options		763,450
Small-Cap Equity Fund
Equity contracts	Futures*		123,262

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

For the year ended October 31, 2013, 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)
Enhanced Large-Cap Value Index Fund
Equity contracts	Futures transactions	$	(3,102)		$	–
Equity contracts	Written options		997,878			2,422
Growth & Income Fund
Equity contracts	Purchased options		–			(38,222	)
Equity contracts	Written options		3,625,512			180,332
Large-Cap Growth Fund
Equity contracts	Written options		(57,049	)		4,664
Mid-Cap Growth Fund
Equity contracts	Purchased options		–			(62,000	)
Equity contracts	Written options		3,458,263			938,937
Small-Cap Equity Fund
Equity contracts	Futures transactions		(357,001	)		952,038
Enhanced International Equity Index Fund
Equity contracts	Futures transactions		814,369			(31,634	)

Futures contracts: The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction

costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting daily changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended October 31, 2013, the Enhanced Large-Cap Value Index Fund, the Small-Cap Equity Fund and the Enhanced International Equity Index Fund, had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 2% of net assets.

At October 31, 2013, the Small-Cap Equity Fund held the following open futures contracts:

	Number of contracts		Settlement value		Expiration date	Unrealized gain (loss)
Mini Russell 2000 Index		156	$	17,125,680	12/20/13	$	123,262

Options: The Funds are subject to equity price risk in the normal course of pursuing its investment objectives. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains and losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended October 31, 2013, the Enhanced Large-Cap Value Index Fund, the Growth and Income Fund, the Large-Cap Growth Fund and the Mid-Cap Growth Fund had exposure to options, based on underlying nominal values, generally between 0% and 3% of net assets.

The following funds had purchased options outstanding as of October 31, 2013:

	Number of Contracts		Value
Growth & Income Fund
Jinkosolar Holding Co Ltd, Put, 11/16/13 at $18		300	$	10,500
Mid-Cap Growth Fund
Tesla Motors,Inc, Put, 11/08/13 at $155		500		390,000

96 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

continued

Written options outstanding as of October 31, 2013 were as follows:

	Number of Contracts		Value
Enhanced Large-Cap Value Index Fund
Alexion Pharmaceuticals Inc., Call, 11/01/13 at $117		20	$	(14,000	)
Alexion Pharmaceuticals Inc., Call, 11/01/13 at $118		9		(5,355	)
Alexion Pharmaceuticals Inc., Call, 11/01/13 at $125		9		(270	)
Cliffs Natural Resources Inc., Call, 11/01/13 at $26.50		60		(300	)
Delta Air lines Inc., Call, 11/01/13 at $27		120		(240	)
Electronic Arts Inc., Call, 11/16/13 at $28		100		(2,500	)
Expedia Inc., Call, 11/16/13 at $60		100		(11,000	)
Gilead Sciences Inc., Call, 11/08/13 at $75		30		(360	)
Noble Energy Inc., Call, 11/16/13 at $77.50		50		(2,500	)
Perrigo Co., Call, 11/16/13 at $140		12		(1,440	)
Sandisk Corp., Call, 11/01/13 at $72		30		(75	)
VMWare Inc., Call, 11/16/13 at $92.50		40		(400	)
Walter Energy Inc., Call, 11/01/13 at $17		500		(2,000	)
Walter Energy Inc., Call, 11/08/13 at $17		75		(1,275	)
Whirlpool Corp., Call, 11/16/13 at $150		14		(2,016	)
Total		1,169	$	(43,731	)
Growth & Income Fund
Amazon Inc., Call, 11/01/13 at $385		30	$	(120	)
Apple Inc., Call, 11/01/13 at $550		30		(120	)
Canadian Pacific Railway Ltd., Call, 11/16/13 at $150		190		(8,550	)
Facebook Inc., Call, 11/01/13 at $57		160		(320	)
Illumina Inc., Call, 11/16/13 at $100		100		(3,250	)
Jinkosolar Holding Co Ltd., Call, 11/16/13 at $22		300		(60,000	)
Medivation Inc., Call, 11/16/13 at $67.50		190		(9,310	)
Stratasys Ltd., Call, 11/16/13 at $130		100		(8,100	)
Whirlpool Corp., Call, 11/16/13 at $150		200		(28,800	)
Yelp Inc., Call, 11/01/13 at $75		100		(1,000	)
Total		1,400	$	(119,570	)
Large-Cap Growth Fund
Ecolab Inc., Call, 11/16/13 at $110		108	$	(3,240	)
Realogy Holdings Corp., Call, 11/16/13 at $50		307		(5,373	)
Total		415	$	(8,613	)
Mid-Cap Growth Fund
Cheniere Energy Inc., Call, 11/16/13 at $40		800	$	(91,200	)
Ciena Corp., Call, 11/16/13 at $28		2,000		(12,000	)
Commvault Systems Inc., Call, 11/16/13 at $90		500		(3,750	)
Linkedin Corp., Call, 11/16/13 at $230		110		(51,700	)
Proto Labs Inc., Call, 11/16/13 at $90		500		(47,500	)
Proto Labs Inc., Call, 11/16/13 at $95		750		(15,000	)
Qlik Technologies Inc., Call, 11/16/13 at $39		3,000		(15,000	)
Stratasys Ltd., Call, 11/16/13 at $130		800		(64,800	)
Tesla Motors Inc., Call, 11/08/13 at $175		500		(235,000	)
Tesla Motors Inc., Put, 11/08/13 at $140		500		(141,500	)
Yelp Inc., Call, 11/16/13 at $72.50		500		(86,000	)
Total		9,960	$	(763,450	)

Transactions in written options and related premiums received during the period ended October 31, 2013, were as follows:

Number of contracts			Premiums
Enhanced Large-Cap Value Index Fund
Outstanding at beginning of period	102		$	32,571
Written	20,551			1,054,977
Purchased	(876	)		(82,699	)
Exercised	(4,561	)		(340,692	)
Expired	(14,047	)		(615,888	)
Outstanding at end of period	1,169		$	48,269

Number of contracts			Premiums
Growth & Income Fund
Outstanding at beginning of period	1,500		$	191,032
Written	95,473			4,190,897
Purchased	(18,303	)		(962,855	)
Exercised	(28,782	)		(1,173,519	)
Expired	(48,488	)		(2,044,171	)
Outstanding at end of period	1,400		$	201,384
Large-Cap Growth Fund
Outstanding at beginning of period	–		$	–
Written	2,775			184,399
Purchased	(657	)		(82,070	)
Exercised	(146	)		(16,785	)
Expired	(1,557	)		(72,267	)
Outstanding at end of period	415		$	13,277
Mid-Cap Growth Fund
Outstanding at beginning of period	–		$	–
Written	26,292			4,782,308
Purchased	(9,450	)		(1,058,600	)
Exercised	(3,040	)		(1,258,142	)
Expired	(3,842	)		(763,179	)
Outstanding at end of period	9,960		$	1,702,387

Note 4—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 Services Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and operational oversight 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 TPIS 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. Prior to January 1, 2013, the Retail Class of each Fund (except the Emerging Markets Equity Fund and the Global Natural Resources Fund) reimbursed TPIS for amounts incurred up to 0.25% of the average daily net assets to distribute the Funds’ Retail Class. The Premier Class of each Fund has adopted a distribution Rule 12b-1 plan that compensates TPIS 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.

Certain affiliated entities may pay Fund expenses on behalf of the Funds. The Funds reimburse the affiliated entities for any such payment. Amounts owed to Fund affiliates for payment of Fund expenses are disclosed as due to affiliates on the Statements of Assets and Liabilities.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 97

Notes to financial statements

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 2013, 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			Retail Class			Premier Class			Institutional Class			Retirement Class			Retail Class			Premier Class
Enhanced Large-Cap Growth Index*		0.20%–0.35	%		0.34	%		–	%		–	%		–	%		0.40	%		–	%		–	%		–	%
Enhanced Large-Cap Value Index*		0.20–0.35			0.34			–			–			–			0.40			–			–			–
Growth & Income*		0.39–0.45			0.43			0.25			0.25			0.15			0.52			0.77			0.91			0.67
Large-Cap Growth*		0.39–0.45			0.44			0.25			0.25			0.15			0.52			0.77			0.91			0.67
Large-Cap Value*		0.39–0.45			0.43			0.25			0.25			0.15			0.52			0.77			0.91			0.67
Mid-Cap Growth*		0.42–0.48	^		0.45			0.25			0.25			0.15			0.55			0.80			0.94			0.70
Mid-Cap Value*		0.42–0.48	^		0.43			0.25			0.25			0.15			0.55			0.80			0.94			0.70
Small-Cap Equity*		0.42–0.48	ƒ		0.44			0.25			0.25			0.15			0.55			0.80			0.94			0.70
Social Choice Equity		0.15			0.15			0.25			0.25			0.15			0.22			0.47			0.61			0.37
Emerging Markets Equity*		0.79–0.85			0.85			0.25			0.25			0.15			0.95			1.20			1.34			1.10
Enhanced International Equity Index*		0.30–0.45	¥		0.42			–			–			–			0.55			–			–			–
Global Natural Resources*		0.59–0.65			0.65			0.25			0.25			0.15			0.75			1.00			1.14			0.90
International Equity*		0.44–0.50			0.48			0.25			0.25			0.15			0.60			0.85			0.99			0.75
International Opportunities*		0.54–0.60			0.60			0.25			0.25			0.15			0.70			0.95			1.09			0.85

*	These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase.
^	Beginning May 1, 2013, Advisors voluntarily waived a portion of the investment management fee for the Mid-Cap Growth and Mid-Cap Value Funds. The investment management fee range after the waiver was 0.40—0.48% of average daily net assets. Advisors has agreed to continue the investment management fee waiver for the period May 1, 2013 to April 30, 2014. This voluntary waiver may be terminated by the Board of Trustees after the first six-months.
ƒ	During the period November 1, 2012 to April 30, 2013, Advisors voluntarily waived a portion of the investment management fee for the Small-Cap Equity Fund. The investment management fee range after the waiver was 0.40%—0.45% of average daily net assets. Advisors has agreed to continue the investment management fee waiver for the period May 1, 2013 to April 30, 2014. This voluntary waiver may be terminated by the Board of Trustees after the first six-months. Effective May 1, 2013, the maximum expense amount is 0.52% for Institutional Class, 0.77% for the Retirement Class, 0.52% for the Retail Class and 0.67% for the Premier Class.
¥	Effective May 1, 2013, the investment management fees are 0.25—0.40% of average daily net assets for the Enhanced International Equity Index Fund. The maximum expense amount is 0.50% of average daily net assets.
‡	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, 2014. For the International Opportunities Fund, the reimbursement arrangements will continue through at least April 11, 2014. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

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.

TIAA-CREF Tuition Financing, Inc. (“TFI”), an indirect wholly owned subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in several of the Funds. As of October 31, 2013, three 529 Plans owned 8%, 6% and 8%, respectively, of the International Equity Fund; and one 529 Plan owns 6% of the Social Choice Equity Fund.

At the commencement of operations of the Emerging Markets Equity Fund and the Global Natural Resources Fund, TIAA, an affiliate, invested in each Fund. In addition, 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 Fund shares owned by TIAA and other funds within the Trust as of October 31, 2013:

Underlying Fund	TIAA			TIAA-CREF Lifecycle Funds			TIAA-CREF Lifestyle Funds			TIAA-CREF Managed Allocation Fund			TIAA Access			Total
Enhanced Large-Cap Growth Index		–	%		95	%		–	%		4	%		–	%		99	%
Enhanced Large-Cap Value Index		–			95			1			4			–			100
Growth & Income		–			31			–			1			5			37
Large-Cap Growth		–			62			1			2			2			67
Large-Cap Value		–			31			–			1			7			39
Mid-Cap Growth		–			5			–			–			8			13
Mid-Cap Value		–			2			–			–			9			11
Small-Cap Equity		–			26			–			1			6			33
Social Choice Equity		–			–			–			–			2			2
Emerging Markets Equity		1			87			1			3			–			92
Enhanced International Equity Index		–			95			1			4			–			100
Global Natural Resources		10			76			1			3			–			90
International Equity		–			26			1			1			6			34
International Opportunities		–			95			1			4			–			100

98 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

continued

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 affiliate companies is as follows:

Issue

Value at October 31, 2012

Purchase cost

Sales proceeds

Realized gain (loss)

Dividend income

Withholding expense

Shares at October 31, 2013

Value at October 31, 2013

Large-Cap Value Fund

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

$115,711,071

$180,687,528

$97,599,663

$–

$–

$–

198,798,936

$198,798,936

Small-Cap Equity Fund

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

157,154,884

157,697,884

108,296,396

–

–

–

206,556,372

206,556,372

Note 5—investments

Securities lending: The 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 a Fund will generally be invested in high-quality short-term instruments, or in one or more funds maintained by the securities lending 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. Securities lending income consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the lending agent. Such income is reflected separately in the Statements of Operations. In lending its securities, the Fund bears the market risk with respect to the collateral investment as well as the securities loaned and also bears the risk that the counterparty may default on its obligations to the Fund.

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. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Equity-linked notes: Equity-linked notes are debt securities issued by banks or broker-dealers and are designed to offer a return linked to an underlying security or market index. Equity-linked notes are structured with a defined maturity date. When the note matures, the issuer will pay to, or receive from the Fund, the difference between the nominal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. The Fund will record a realized gain or loss on the transaction. The note is valued daily and any change in the value of the note is reflected in net unrealized gains and losses. Investments in equity-linked notes involve the same risks associated with a direct investment in the underlying security or index that the notes seek to replicate. In addition, there is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under an equity-linked note against the issuer of the underlying security.

Net unrealized appreciation (depreciation): At October 31, 2013, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation)
Enhanced Large-Cap Growth Index	$	1,175,143,958	$	327,033,095	$	(5,382,433	)	$	321,650,662
Enhanced Large-Cap Value Index		1,083,160,713		350,673,230		(1,630,689	)		349,042,541
Growth & Income		3,206,686,780		873,495,713		(9,400,416	)		864,095,297
Large-Cap Growth		1,652,240,270		614,377,222		(9,716,290	)		604,660,932
Large-Cap Value		3,896,608,684		823,906,912		(81,815,266	)		742,091,646
Mid-Cap Growth		1,533,502,798		408,126,187		(20,056,137	)		388,070,050
Mid-Cap Value		3,434,301,710		1,155,206,436		(27,321,670	)		1,127,884,766
Small-Cap Equity		1,985,163,941		584,556,040		(35,237,468	)		549,318,572
Social Choice Equity		1,248,308,579		531,064,570		(17,349,279	)		513,715,291
Emerging Markets Equity		660,006,084		97,569,435		(20,512,537	)		77,056,898
Enhanced International Equity Index		687,730,353		147,067,120		(4,913,307	)		142,153,813
Global Natural Resources		264,270,602		20,935,977		(2,909,899	)		18,026,078
International Equity		3,266,713,880		381,005,436		(45,102,093	)		335,903,343
International Opportunities		791,360,776		47,643,276		(8,833,873	)		38,809,403

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2013 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Enhanced Large-Cap Growth Index	$	1,448,781,838	$	1,250,308,847
Enhanced Large-Cap Value Index		1,064,762,220		998,621,398
Growth & Income		5,166,647,462		4,937,634,149
Large-Cap Growth		2,002,254,676		1,885,943,603
Large-Cap Value		2,541,603,220		1,950,497,660
Mid-Cap Growth		1,636,410,745		1,611,147,051
Mid-Cap Value		2,006,461,769		1,740,775,737
Small-Cap Equity		1,680,901,385		1,637,441,955
Social Choice Equity		297,040,200		170,888,274
Emerging Markets Equity		786,765,619		743,630,760
Enhanced International Equity Index		871,359,475		860,550,638
Global Natural Resources		477,092,382		465,684,889
International Equity		4,016,182,402		4,204,430,536
International Opportunities		854,671,910		106,436,954

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 99

Notes to financial statements

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended October 31, 2013 and October 31, 2012 was as follows:

	10/31/2013						10/31/2012
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Enhanced Large-Cap Growth Index		$ 19,981,222		$ 32,431,575		$ 52,412,797		$ 44,755,249		$ 36,530,158		$ 81,285,407
Enhanced Large-Cap Value Index		26,866,075		20,942,323		47,808,398		26,245,491		22,209,269		48,454,760
Growth & Income		49,470,288		112,730,342		162,200,630		31,769,029		17,947,213		49,716,242
Large-Cap Growth		5,411,547		43,612,010		49,023,557		2,803,069		11,957,189		14,760,258
Large-Cap Value		53,399,862		11,162,311		64,562,173		31,353,692		–		31,353,692
Mid-Cap Growth		8,290,831		69,019,123		77,309,954		–		46,187,920		46,187,920
Mid-Cap Value		50,121,555		59,560,724		109,682,279		32,121,317		–		32,121,317
Small-Cap Equity		17,344,213		31,024,962		48,369,175		8,529,276		42,375,063		50,904,339
Social Choice Equity		23,957,439		–		23,957,439		18,080,683		–		18,080,683
Emerging Markets Equity		6,995,272		–		6,995,272		2,863,899		–		2,863,899
Enhanced International Equity Index		25,469,837		–		25,469,837		17,033,076		–		17,033,076
Global Natural Resources		5,121,190		–		5,121,190		125,457		–		125,457
International Equity		50,663,141		–		50,663,141		38,514,207		–		38,514,207
International Opportunities		–		–		–		–		–		–

As of October 31, 2013, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation)		Capital loss carryover			Total
Enhanced Large-Cap Growth Index	$	59,673,706	$	56,452,299	$	321,650,665	$	–		$	437,776,670
Enhanced Large-Cap Value Index		54,219,252		58,116,052		349,047,081		–			461,382,385
Growth & Income		159,176,855		236,614,046		864,182,229		–			1,259,973,130
Large-Cap Growth		70,777,161		91,859,987		604,665,983		–			767,303,131
Large-Cap Value		206,959,446		141,705,919		742,092,618		–			1,090,757,983
Mid-Cap Growth		54,653,870		175,122,289		389,008,491		–			618,784,650
Mid-Cap Value		88,925,371		214,479,546		1,127,879,869		–			1,431,284,786
Small-Cap Equity		110,610,923		95,238,110		549,318,570		–			755,167,603
Social Choice Equity		18,156,836		16,400,896		513,715,294		–			548,273,026
Emerging Markets Equity		4,123,988		–		76,943,808		(42,770,615	)		38,297,181
Enhanced International Equity Index		26,022,951		30,786,400		142,169,683		–			198,979,034
Global Natural Resources		3,968,921		–		17,945,280		(23,687,207	)		(1,773,006	)
International Equity		53,464,737		–		335,858,534		(239,090,556	)		150,232,715
International Opportunities		2,798,581		–		38,813,988		(10,258,005	)		31,354,564

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

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2013, the Funds did not have any in-kind purchase or in-kind redemption transactions.

At October 31, 2013, the following Funds had capital loss carryovers, which will expire as follows:

	Date of expiration
Fund	10/31/17		10/31/18		10/31/19		No expiration		Total
Emerging Markets Equity		$–		$–		$ 14,064,867		$ 28,705,748		$ 42,770,615
Global Natural Resources		–		–		–		23,687,207		23,687,207
International Equity		202,053,338		37,037,218		–		–		239,090,556
International Opportunities		–		–		–		10,258,005		10,258,005

For the year ended October 31, 2013, the Social Choice Equity Fund, Emerging Markets Equity Fund, Enhanced International Equity Index Fund, and International Equity Fund utilized $5,686,668, $6,884,947, $15,229,441, and $593,313,252, respectively, of their capital loss carryover available from prior years.

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

100 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

concluded

Note 7—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 8—line of credit

Each of the Funds participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2013. A new facility was entered into on June 25, 2013 expiring June 24, 2014. 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 funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2013, there were no borrowings under this credit facility by the Funds.

Note 9—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 101

Report of independent registered public accounting firm

To the Board of Trustees and Shareholders of the TIAA-CREF Funds:

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value Index Fund, Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Emerging Markets Equity Fund, Enhanced International Equity Index Fund, Global Natural Resources Fund, International Equity Fund, and International Opportunities Fund (fourteen of the portfolios constituting the TIAA-CREF Funds; hereafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

  

PricewaterhouseCoopers LLP

Baltimore, Maryland
December 17, 2013

102 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

Trustees and officers (unaudited)

TIAA-CREF Funds ■ October 31, 2013

Trustees

		Term of		Number of
		office and		portfolios in
	Position(s)	length		fund complex
Name, address and	held with	of time		overseen
date of birth (“DOB”)	fund	served	Principal occupation(s) during past 5 years	by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	78	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Director of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	78	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Member of the Boards of Lazard Alternative Strategies Fund, LLC and Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/5/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	78	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	78	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	Former President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	78	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	Indefinite term. Trustee since 2011.	Former Partner (2004–2010) and Managing Director (1999–2010), Goldman Sachs Asset Management.	78	Director, Sansum Clinic; Investment committee member, College of Mount Saint Vincent and Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Former Principal, BAM Consulting LLC (2003–2009); Former Independent Consultant for Merrill Lynch (2003–2009).	78	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and the North Shore Land Alliance.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	78	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 103

Trustees and officers (unaudited)

TIAA-CREF Funds  ■  October 31, 2013

Trustees — concluded

		Term of		Number of
		office and		portfolios in
	Position(s)	length		fund complex
Name, address and	held with	of time		overseen
date of birth (“DOB”)	fund	served	Principal occupation(s) during past 5 years	by trustee	Other directorship(s) held by trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012 ).	78	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002); Professor, University of Texas at Austin (since 1987). Former Chairman, Department of Finance, University of Texas at Austin (2002–2011).	78	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

		Term of
		office and
	Position(s)	length
Name, address and	held with	of time
date of birth (“DOB”)	fund	served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC. (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (since 2013). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) (since 2013). Managing Director/Director of Global Compliance, AIG Investments (2000–2008).
Carol Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/13/62	Executive Vice President	One-year term. Executive Vice President since 2013 .	Executive Vice President (since 2013), Chief Operating Officer (“COO”) Asset Management (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Interim Head of Asset Management, TIAA (2012–2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Senior Managing Director, President, and COO of Advisors and Investment Management (since 2012). Director of Advisors (since 2008). Manager, President, and COO of TCAA and TCAS (since 2011). Director (since 2011) of TIAA-CREF Asset Management (“TCAM”). Manager of TIAA-CREF Individual and Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM Group Ltd, and TH RE Group Holdings Ltd. (since 2013).

104 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

concluded

Officers — concluded

		Term of
		office and
	Position(s)	length
Name, address and	held with	of time
date of birth (“DOB”)	fund	served	Principal occupation(s) during past 5 years
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010) and Funds Treasurer (since 2006) of TIAA. Director of Advisors (since 2008). Director of TIAA-CREF Asset Management (“TCAM”) (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (“Trust”) (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Director, Senior Vice President and Funds Treasurer of TCAS (since 2011). Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2009). Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011). Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Director of TC Life (2006–2008). Director of TPIS, Advisors and Investment Management (2008).
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/20/61	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management (since 2013) of TIAA and Executive Vice President of CREF and VA-1 (since 2013); Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Director, President and CEO of Advisors (since 2013). Manager, President and CEO of Investment Management (since 2013). Director of TH RE Ltd (since 2013). Director, President & CEO of TPIS (since 2013). Director of TIAA International Holdings 1 Ltd, TIAA International Holdings 2 Ltd, and TIAA International Holdings 3 Ltd (since 2013). Director, President & CEO of TCAM, Inc. (since 2013). Representative, Securities Research, Inc. (February-May 2013). President and Chief Operating Officer, U.S., ING Americas (2010 to 2012). Chief Executive Officer, ING Insurance US (2009–2010). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009). Executive Vice President, AIG Financial Products Corp (1995–2007).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Funds Complex (since 2012). Director, Covariance (since 2012). Manager, TIAA-CREF Life Insurance Company (since 2012). Director, Kaspick & Company, LLC (“Kaspick”) (since 2012). Director, Aspen Insurance Holdings, LLC (since 2011). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/31/62	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2012.	Senior Managing Director and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2012). Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/16/51	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and CEO (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

TIAA-CREF Funds: Equity Funds  ■  2013 Annual Report 105

Important tax information (unaudited)

For the fiscal year ended October 31, 2013, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.

	Section 1250		Long-term
Fund	gains		capital gains		Total
Enhanced Large-Cap Growth Index	$	13,376	$	32,418,199	$	32,431,575
Enhanced Large-Cap Value Index		30,037		20,912,286		20,942,323
Growth & Income		12,715		120,824,869		120,837,584
Large-Cap Growth		–		43,612,010		43,612,010
Large-Cap Value		–		18,217,448		18,217,448
Mid-Cap Growth		–		75,607,604		75,607,604
Mid-Cap Value		–		71,641,523		71,641,523
Small-Cap Equity		–		35,699,406		35,699,406
Social Choice Equity		–		1,190,032		1,190,032
Emerging Markets Equity		–		–		–
Enhanced International Equity Index		–		–		–
Global Natural Resources		–		–		–
International Equity		–		–		–
International Opportunities		–		–		–

For the fiscal year ended October 31, 2013, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Enhanced Large-Cap Growth Index		64.63	%
Enhanced Large-Cap Value Index		72.56	%
Growth & Income		41.32	%
Large-Cap Growth		54.06	%
Large-Cap Value		76.63	%
Mid-Cap Growth		72.63	%
Mid-Cap Value		75.16	%
Small-Cap Equity		57.42	%
Social Choice Equity		100.00	%
Emerging Markets Equity		79.92	%
Enhanced International Equity Index		53.10	%
Global Natural Resources		95.11	%
International Equity		80.60	%
International Opportunities		65.58	%

For the fiscal year ended October 31, 2013, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Enhanced Large-Cap Growth Index		59.46	%
Enhanced Large-Cap Value Index		69.92	%
Growth & Income		40.51	%
Large-Cap Growth		53.76	%
Large-Cap Value		76.37	%
Mid-Cap Growth		72.40	%
Mid-Cap Value		69.04	%
Small-Cap Equity		57.21	%
Social Choice Equity		100.00	%
Emerging Markets Equity		0.23	%
Enhanced International Equity Index		0.00	%
Global Natural Resources		21.04	%
International Equity		0.00	%
International Opportunities		0.00	%

The Emerging Markets Equity, Enhanced International Equity Index, International Equity, and International Opportunities Funds received income from foreign sources during the year ended October 31, 2013 of $14,399,642 ($0.22886 per share), $16,986,760 ($0.17446 per share), $63,938,557 ($0.20040 per share), and $2,714,182 ($0.03771 per share), respectively, and paid taxes to foreign countries during the year ended October 31, 2013 of $1,348,169 ($0.02143 per share), $733,088 ($0.00753 per share), $2,712,673 ($0.00850 per share), and $241,065 ($0.00335 per share), respectively.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2013, which will be reported in conjunction with your 2013 Form 1099-DIV.

By early 2014, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

106 2013 Annual Report  ■  TIAA-CREF Funds: Equity Funds

How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

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
9 a.m. to 6 p.m. (ET), Saturday

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-cref.org, or call 800 842-2252 for the Institutional, Retirement and Premier classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not 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.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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2013 Annual Report

TIAA-CREF Funds

Equity Index Funds

October 31, 2013

Contents
Understanding your report from TIAA-CREF Funds		2
Information for investors		2
TIAA-CREF Market Monitor		3
About the funds’ benchmarks		4
Important information about expenses		5
Fund performance
Equity Index Fund		6
Large-Cap Growth Index Fund		8
Large-Cap Value Index Fund		10
S&P 500 Index Fund		12
Small-Cap Blend Index Fund		14
Emerging Markets Equity Index Fund		16
International Equity Index Fund		18
Summary portfolios of investments		20
Audited financial statements
Statements of assets and liabilities		34
Statements of operations		36
Statements of changes in net assets		38
Financial highlights		42
Notes to financial statements		48
Report of independent registered public accounting firm		55
Trustees and officers		56
Important tax information		59
How to reach us	Inside back cover

Understanding your report from TIAA-CREF Funds

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

This annual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of October 31, 2013. The report contains three main sections:

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of October 31, 2013.

• 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. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252 for the Institutional, Retirement and Premier classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

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’ portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at tiaa-cref.org; or

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

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-Q 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 www.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-cref.org or on the SEC’s website at www.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 www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 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, Inc. The members of these teams are responsible for the day-to-day investment management of the funds.

2 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

TIAA-CREF Market Monitor

Strengthening economy helps propel U.S. stocks higher

Despite numerous headwinds, including tax hikes and congressional wrangling over the debt ceiling, the broad U.S. stock market, as measured by the Russell 3000^® Index, soared 29.0% for the twelve-month period ended October 31, 2013. Investors largely shook off these concerns and were buoyed by signs of a strengthening domestic economy: unemployment fell slightly, housing prices climbed and consumer spending increased. At the same time, investors cheered the Federal Reserve’s ongoing efforts to stimulate the economy by keeping interest rates low.

The market’s impressive advance was broad-based: all ten industry sectors of the Russell 3000 scored double-digit gains for the period, including eight that advanced more than 20%. The largest contributions came from the sizable consumer discretionary and financial sectors, which gained 41.4% and 29.9%, respectively. Amid the powerful market rally, telecommunications and utilities lagged with returns of 14.9% and 11.6%, respectively. These sectors underperformed as investors sought higher returns from faster growing companies in other areas of the economy.

During the period, optimistic investors favored small-capitalization stocks because of their higher return potential. Small-cap issues soared 36.3%, while mid- and large-cap equities returned 33.8% and 28.4%, respectively. At the same time, growth stocks narrowly topped value shares, 29.2% to 28.6%. (Returns by market capitalization and investment style are based on the Russell indexes.)

Stocks in developed foreign markets, as measured by the MSCI EAFE Index, participated in the rally but couldn’t keep pace with the gains registered in the broad U.S. market. The EAFE index gained 26.9% on signs that Europe was beginning to emerge from its recession and on renewed

efforts by Japan to stimulate its stagnant economy. In contrast, emerging market equities lagged far behind their developed market counterparts, returning just 6.5%. This sharp divergence was, in part, due to slowing growth rates in China and various other emerging market economies. (All returns are in U.S. dollars.)

At the same time, the improving economy, coupled with rising long-term interest rates, led to widespread losses in the domestic fixed-income market. The Barclays U.S. Aggregate Bond Index declined 1.1% for the twelve months.

Stocks rally despite political uncertainty

The Russell 3000 Index posted gains in ten of the twelve months covered by this report. As the period began, uncertainty surrounding the “fiscal cliff” deadline weighed on stocks, which generated only modest gains in November and December of 2012. However, stocks rallied to start the New Year following the last-minute passage of a tax bill.

The equity markets endured elevated levels of volatility in the spring and intermittently over the summer, as investors began to worry that improving economic data might prompt the Fed to begin reducing its stimulus measures earlier than expected. When Chairman Ben Bernanke seemed to confirm these fears in May, stocks fell in June and again in August.

The equity markets regained their footing in September after the Fed surprised investors by announcing that it would continue its accommodative policies until stronger signs of steady economic growth emerged. The news triggered a global stock market rally, even as political gridlock in Washington led to a brief shutdown of the U.S. government. Although the shutdown was relatively short-lived, investors could see signs of more political wrangling in the coming months.

U.S. stocks move higher despite headwinds

Monthly returns for the Russell 3000 Index from November 1, 2012–October 31, 2013

The broad market climbs nearly 30% amid economic and political uncertainty.

Source:  Russell Investments

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 3

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 22 developed market countries outside North America—in Europe, Australasia, and the Far East.

The MSCI Emerging Markets Index measures the performance of the leading stocks in 21 emerging market 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.

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. 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 the McGraw-Hill Companies, Inc.

4 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the fund for buying and selling securities. 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 redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2013–October 31, 2013).

Actual expenses

The first section of 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 line in each share class’s entry shows hypothetical account values and expenses based on the share class’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’s 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  ■  2013 Annual Report 5

Equity Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Information technology		17.6
Financials		17.2
Consumer discretionary		13.4
Health care		12.4
Industrials		11.4
Energy		9.5
Consumer staples		8.8
Materials		3.8
Utilities		3.1
Telecommunication services		2.2
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		47.2
More than $15 billion–$50 billion		23.6
More than $2 billion–$15 billion		23.6
$2 billion or less		5.6
Total		100.0

Performance for the twelve months ended October 31, 2013

The Equity Index Fund returned 28.85% for the Institutional Class, compared with the 28.99% return of its benchmark, the Russell 3000^® Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund benefited from participating in a securities lending program, but its return trailed that of its benchmark partly because of 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 surge despite hurdles

The broad U.S. stock market, as measured by the Russell 3000 Index, rose nearly 29.0% for the twelve months ended October 31, 2013. Investors were buoyed by signs of strengthening in the U.S. economy: unemployment fell slightly, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, investors applauded the Federal Reserve’s ongoing efforts to stimulate the economy by keeping interest rates low.

But there were headwinds as investors periodically worried that the stronger economy might prompt the Fed to begin scaling back its accommodative programs. When Chairman Ben Bernanke hinted as much in May, stocks sold off in June and again in August. Although the Fed eventually decided to keep its current policies in place, federal budgetary cutbacks, tax hikes and congressional wrangling over the debt ceiling threatened to upend the Fed’s efforts.

During the period, optimistic investors favored small-capitalization stocks, which have the potential for higher returns than those issued by large-cap firms but which can also be more volatile. Small caps soared 36.28%, while

Performance as of October 31, 2013

		Total return			Average annual total return
Equity Index Fund	Inception date		1 year			5 years		10 years
Institutional Class	7/1/1999		28.85	%		15.90	%	7.88	%
Retirement Class	3/31/2006		28.52			15.60		7.68	*
Retail Class	3/31/2006		28.49			15.59		7.72	*
Premier Class	9/30/2009		28.68			15.76	*	7.81	*
Russell 3000 Index	—		28.99			15.94		7.92

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

* The performance shown for the Retirement, Retail and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Retirement, Retail and Premier classes. If those higher expenses had been reflected, the performance of these three classes shown for these periods would have been lower.

6 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

mid- and large-cap issues gained 33.79% and 28.40%, respectively. Growth stocks topped value shares, 29.16% to 28.64%. (Returns by market capitalization and investment style are based on the Russell indexes.)

Consumer discretionary stocks drive the benchmark higher

For the twelve months, all ten industry sectors of the Russell 3000 Index recorded double-digit gains, with eight climbing more than 20%. The consumer discretionary sector led with a 41.4% advance and contributed the most to the benchmark’s rise. The 29.9% gain of financial stocks, the index’s second-largest sector, also made a substantial contribution to the benchmark’s performance, as did the outsized returns of industrials (up 38.6%) and health care shares (up 36.0%). Together, these four sectors constituted more than half of the benchmark’s market capitalization on October 31, 2013.

Amid the soaring market, the telecommunications and utilities sectors lagged with returns of 14.9% and 11.6%, respectively. The benchmark’s largest sector, information technology, earned 23.2% for the period.

Five largest stocks produce mixed results

For the twelve months, four of the five largest stocks in the Russell 3000 lagged the overall market, reflecting in part investors’ preference for riskier small- and mid-cap stocks. Only Google outperformed; its stock climbed 51.5% as the company expanded its core advertising business within the mobile device market. The returns of General Electric (up 28.3%) and Microsoft (up 27.9%) only slightly lagged that of the index, while Exxon Mobil and Apple trailed far behind, returning 1.0% and –10.1%, respectively.

$10,000 over 10 years

Institutional Class

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Equity Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13- 10/31/13)
Actual return
Institutional Class	$	1,000.00		$1,119.77		$0.32
Retirement Class		1,000.00		1,118.12		1.66
Retail Class		1,000.00		1,117.84		1.98
Premier Class		1,000.00		1,119.24		1.12
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Retirement Class		1,000.00		1,023.64		1.58
Retail Class		1,000.00		1,023.34		1.89
Premier Class		1,000.00		1,024.15		1.07

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.31% for the Retirement Class, 0.37% for the Retail Class and 0.21% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 7

Large-Cap Growth Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Information technology		26.1
Consumer discretionary		19.9
Consumer staples		12.4
Industrials		12.1
Health care		12.0
Financials		5.5
Energy		4.8
Materials		4.5
Telecommunication services		2.1
Utilities		0.2
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		52.0
More than $15 billion–$50 billion		25.1
More than $2 billion–$15 billion		22.8
$2 billion or less		0.1
Total		100.0

Performance for the twelve months ended October 31, 2013

The Large-Cap Growth Index Fund returned 28.14% for the Institutional Class, compared with the 28.30% return of its benchmark, the Russell 1000^® Growth Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return trailed that of its benchmark index, primarily because of 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.

Large-cap growth stocks post strong gains

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, large-cap growth and value issues were closely matched, with the latter returning 28.29%. Within the growth category, large caps lagged both small- and mid-cap issues, which gained 39.84% and 33.93%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2013, the Russell 1000 Growth Index posted an average annual return of 7.70%, slightly trailing both the 7.81% average gain of the Russell 1000 Value Index and the 7.92% average return of the Russell 3000.

Performance as of October 31, 2013

		Total return			Average annual total return
Large-Cap Growth Index Fund	Inception date		1 year			5 years		10 years
Institutional Class	10/1/2002		28.14	%		17.43	%	7.60	%
Retirement Class	10/1/2002		27.90			17.15		7.31
Russell 1000 Growth Index	—		28.30			17.51		7.70

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

8 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Consumer discretionary stocks lead the benchmark higher

All ten industry sectors of the Russell 1000 Growth Index scored double-digit gains for the period, including four that soared more than 30%. The benchmark’s second-largest sector, consumer discretionary, advanced 40.3% and easily made the biggest contribution to the benchmark’s rise. An improving domestic economic environment and strengthening consumer confidence were tailwinds for consumer discretionary stocks. Sizable gains from health care stocks (up 41.9%) also made a substantial contribution. Health care issues benefited from the president’s November reelection, which added clarity to the direction of health care policy. Strong contributions from industrials and information technology—the benchmark’s largest sector at period-end—further enhanced index performance. Together, these four sectors constituted 70% of the benchmark’s total market capitalization at the end of the period.

Four of the five largest stocks lag the index

For the twelve months, just one of the benchmark’s five largest stocks recorded gains that exceeded the return of the index. Only Google outperformed; its stock climbed 51.5% as the company expanded its core advertising business within the mobile device market. Microsoft closely tracked the index, rising 27.9%, while Coca-Cola registered just a 9.5% gain. In contrast, IBM (down 6.2%) and Apple (down 10.1%) lagged far behind.

$10,000 over 10 years

Institutional Class

 

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 class varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Large-Cap Growth Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13- 10/31/13)
Actual return
Institutional Class	$	1,000.00		$1,127.62		$0.32
Retirement Class		1,000.00		1,126.15		1.66
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Retirement Class		1,000.00		1,023.64		1.58

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 9

Large-Cap Value Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		28.5
Energy		14.9
Health care		12.9
Industrials		10.2
Information technology		8.7
Consumer discretionary		6.6
Utilities		6.2
Consumer staples		5.9
Materials		2.9
Telecommunication services		2.7
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		50.3
More than $15 billion–$50 billion		26.7
More than $2 billion–$15 billion		22.7
$2 billion or less		0.3
Total		100.0

Performance for the twelve months ended October 31, 2013

The Large-Cap Value Index Fund returned 28.07% for the Institutional Class, compared with the 28.29% return of its benchmark, the Russell 1000^® Value Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return trailed that of its benchmark index, primarily because of 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.

Large-cap value stocks keep pace in a climbing market

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, large-cap value and growth issues were closely matched, with the latter returning 28.30%. Within the value category, large-cap issues trailed their mid- and small-cap counterparts, which soared 33.45% and 32.83%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2013, the Russell 1000 Value Index registered an average annual return of 7.81%, outpacing the 7.70% average gain of the Russell 1000 Growth Index but slightly lagging the 7.92% return of the Russell 3000 Index.

Performance as of October 31, 2013

			Total return			Average annual total return
Large-Cap Value Index Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		28.07	%		13.97	%		7.72	%
Retirement Class		10/1/2002		27.79			13.69			7.44
Russell 1000 Value Index		—		28.29			14.06			7.81

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

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

10 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Financials propel the benchmark higher

For the twelve months, all ten industry sectors of the fund’s benchmark achieved double-digit gains, including six that soared more than 25%. The benchmark’s largest sector, financials, advanced 30.5% and easily made the biggest contribution to the benchmark’s rise. Strong gains from information technology (up 50.4%), industrials (up 38.1%) and health care (up 30.0%) made substantial contributions as well. Together, these four sectors constituted 60% of the index’s total market capitalization on October 31, 2013.

The benchmark also benefited from outsized results from the consumer discretionary sector, which rose 43.5% for the period. An improving domestic economic environment and strengthening consumer confidence were tail-winds for consumer discretionary stocks. Amid the rising market, the smaller materials, telecommunications and utilities sectors lagged with returns of 18.6%, 12.0% and 11.1%, respectively.

Returns from the benchmark’s largest stocks vary widely

For the period, only one of the benchmark’s five largest stocks registered gains that exceeded the return of the Russell 1000 Value Index. Johnson & Johnson advanced 35.0%. General Electric climbed 28.3%, matching the benchmark’s return. In contrast, Procter & Gamble (up 20.3%) and Chevron (up 12.5%) posted solid results but failed to keep pace with the benchmark. Exxon Mobil, the index’s largest individual component in terms of market capitalization at period-end, substantially lagged; it returned just 1.0%.

$10,000 over 10 years

Institutional Class

 

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 class varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Large-Cap Value Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13– 10/31/13)
Actual return
Institutional Class	$	1,000.00		$1,102.11		$0.32
Retirement Class		1,000.00		1,101.41		1.64
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Retirement Class		1,000.00		1,023.64		1.58

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 11

S&P 500 Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Information technology		17.7
Financials		16.0
Health care		12.9
Consumer discretionary		12.5
Industrials		10.7
Energy		10.5
Consumer staples		10.1
Materials		3.5
Utilities		3.1
Telecommunication services		2.5
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		58.0
More than $15 billion–$50 billion		28.7
More than $2 billion–$15 billion		13.3
Total		100.0

Performance for the twelve months ended October 31, 2013

The S&P 500 Index Fund returned 27.08% for the Institutional Class, compared with the 27.18% return of its benchmark, the S&P 500^® Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return trailed that of its benchmark index, primarily because of 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.

Large-cap stocks climb on positive economic news but trail the broad market

During the twelve-month period, large-cap U.S. equities, as measured by the S&P 500 Index, produced a robust gain but lagged the 28.99% return of the Russell 3000^® Index, a proxy for the broad domestic stock market.

Stocks broadly rallied as signs of a strengthening economy, an improving housing market and rising consumer confidence lifted sentiment for riskier assets. At the same time, investors cheered as the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

The equity markets faced headwinds during the period, however. Ongoing concerns that the strengthening economy might lead the Fed to begin tapering its accommodative programs led to a sell-off in the equity markets in June and August. When the Fed announced that it would maintain its current policies, the rally resumed during the last two months of the period.

Despite its strong gain, the S&P 500 Index failed to keep pace with the Russell 3000 Index. The broad U.S. market index benefited from a sizable position in small- and mid-cap stocks, which outperformed the large-cap issues of the S&P 500. During the period, optimistic investors favored smaller-cap companies because of their higher return potential.

Performance as of October 31, 2013

		Total return			Average annual total return
S&P 500 Index Fund	Inception date		1 year			5 years		10 years
Institutional Class	10/1/2002		27.08	%		15.09	%	7.38	%
Retirement Class	10/1/2002		26.73			14.81		7.09
S&P 500 Index	—		27.18			15.17		7.46

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

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

12 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

For the ten years ended October 31, 2013, the S&P 500 Index posted an average annual gain of 7.46% compared with an average annual return of 7.92% for the Russell 3000 Index.

Financials lead a broad-based sector advance

For the period, nine of the benchmark’s ten industry sectors generated double-digit gains. The biggest contribution came from the large financial sector, which gained 31.9%. Consumer discretionary (up 40.2%) and health care (up 34.5%), also made substantial contributions to the benchmark’s rise. Together, these three sectors constituted more than 40% of the benchmark’s total market capitalization on October 31, 2013.

Amid the market rally, telecommunications services and utilities lagged with returns of 12.7% and 9.5%, respectively. These sectors underperformed as investors sought higher returns from faster growing companies in other sectors of the economy, rather than focusing on companies with high dividend yields.

Five largest stocks produce mixed results

For the twelve months, three of the five largest stocks in the S&P 500 outpaced the index. Google led the way; its stock climbed 51.5% as the company expanded its core advertising business within the mobile device market. The returns of General Electric (up 28.3%) and Microsoft (up 27.9%) slightly topped that of the index as well, while Exxon Mobil and Apple trailed far behind, returning 1.0% and –10.1%, respectively.

$10,000 over 10 years

Institutional Class

 

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 class varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

S&P 500 Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13- 10/31/13)
Actual return
Institutional Class	$	1,000.00		$1,111.05		$0.32
Retirement Class		1,000.00		1,109.93		1.65
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Retirement Class		1,000.00		1,023.64		1.58

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 13

Small-Cap Blend Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		22.6
Information technology		17.6
Industrials		14.6
Consumer discretionary		13.6
Health care		12.5
Energy		5.9
Materials		4.8
Consumer staples		4.0
Utilities		3.1
Telecommunication services		0.7
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $15 billion–$50 billion		0.2
More than $2 billion–$15 billion		33.5
$2 billion or less		66.3
Total		100.0

Performance for the twelve months ended October 31, 2013

The Small-Cap Blend Index Fund returned 36.38% for the Institutional Class, compared with the 36.28% return of its benchmark, the Russell 2000^® Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund benefited from participating in a securities lending program and outperformed its benchmark, 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.

Small caps surge ahead of the broad market

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose an extraordinary 28.99% for the twelve months ended October 31, 2013. Investors were encouraged by the strengthening U.S. economy: unemployment fell, housing prices climbed, consumer spending increased and the nation’s gross domestic product grew at an estimated annual rate of 2.8% in the third quarter of 2013. At the same time, the Federal Reserve continued its efforts to stimulate the economy by keeping interest rates low.

For the reporting period, small-cap stocks outpaced the broad U.S. equity market by more than seven percentage points, reflecting investors’ appetite for riskier securities amid signs of an improving economy. Within the small-cap category, growth issues easily outperformed value stocks, 39.84% to 32.83%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2013, the Russell 2000 Index achieved an average annual gain of 9.03%, easily outpacing the 7.92% average return of the Russell 3000 Index over the same period.

Performance as of October 31, 2013

		Total return			Average annual total return
Small-Cap Blend Index Fund*	Inception date		1 year			5 years		10 years
Institutional Class	10/1/2002		36.38	%		17.07	%	9.04	%
Retirement Class	10/1/2002		36.10			16.78		8.77
Russell 2000 Index	—		36.28			17.04		9.03

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

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

* Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.

14 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Largest sectors lead the index higher

For the period, all ten of the benchmark’s industry sectors scored double-digit gains, and five jumped more than 40%. The index’s advance was driven, in large part, by strong contributions from its three largest sectors: financials, information technology and industrials, which gained 28.0%, 42.8% and 43.4%, respectively. Robust results from the sizable consumer discretionary (up 42.0%) and health care (40.4%) sectors further fueled the benchmark’s advance. Together, these five sectors constituted more than four-fifths of the benchmark’s total market capitalization on October 31, 2013.

Amid the soaring market, the small telecommunications services sector lagged with a 13.6% return.

The benchmark’s five largest stocks score outsized gains

For the period, the benchmark’s five largest stocks produced robust gains, with two registering triple-digit advances. In descending order of market capitalization at period-end, these issues and their returns were as follows: commercial real estate research provider CoStar Group (up 113.5%), business services provider Athenahealth (up 107.7%), diversified electronics company Acuity Brands (up 56.4%), commercial kitchen equipment maker Middleby (up 82.2%) and Ultimate Software Group (up 52.4%).

$10,000 over 10 years

Institutional Class

 

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 class varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Small-Cap Blend Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13- 10/31/13)
Actual return
Institutional Class	$	1,000.00		$1,170.03		$0.38
Retirement Class		1,000.00		1,168.13		1.75
5% annual hypothetical return
Institutional Class		1,000.00		1,024.85		0.36
Retirement Class		1,000.00		1,023.59		1.63

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.07% for the Institutional Class and 0.32% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 15

Emerging Markets Equity Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		27.1
Information technology		15.0
Energy		11.7
Materials		9.5
Consumer discretionary		8.6
Consumer staples		8.4
Telecommunication services		7.2
Industrials		6.0
Utilities		3.2
Health care		1.5
Short-term investments, other assets & liabilities, net		1.8
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2013
China		17.4
Korea		15.2
Brazil		11.1
Taiwan		10.9
South Africa		7.1
Russia		5.9
India		5.8
Mexico		4.9
Malaysia		3.6
Thailand		2.4
14 other nations		11.2
Short-term investments		4.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		22.9
More than $15 billion–$50 billion		33.1
More than $2 billion–$15 billion		41.2
$2 billion or less		2.8
Total		100.0

Performance for the twelve months ended October 31, 2013

The Emerging Markets Equity Index Fund returned 6.06% for the Institutional Class, compared with the 6.53% return of its benchmark, the MSCI Emerging Markets Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return trailed that of its benchmark index, primarily because of the timing of foreign currency valuations and 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.

Emerging market stocks lag stronger returns elsewhere

The MSCI Emerging Markets Index registered a solid gain for the twelve-month period, yet it lagged the 26.88% advance of the 22 developed market nations that comprise the MSCI EAFE Index and the 28.99% gain of the broad U.S. stock market, as measured by the Russell 3000^® Index. Investors favored developed market equities during the period because developed economies were generally improving while many of the major emerging economies were experiencing slowing growth.

After rising 7.69% in the first three months of the period, emerging market equities tumbled 11.41% from February through August, in part because of investor concerns about slowing growth rates in China and worries that the Federal Reserve might begin to taper its long-term bond purchases sooner than expected. Aided by improving Chinese economic data and news that the Fed would continue its accommodative policies, emerging market stocks rebounded sharply in September and October, gaining 11.68% for the last two months of the reporting period.

For the twelve months, a rising dollar lowered the return of the MSCI Emerging Markets Index for U.S. investors. In terms of local currencies, the index gained 10.36%.

Performance as of October 31, 2013

			Total return			Average annual total return
Emerging Markets Equity Index Fund*	Inception date		1 year			since inception
Institutional Class		8/31/2010		6.06	%		3.79	%
Retirement Class		8/31/2010		5.79			3.53
Retail Class		8/31/2010		5.70			3.37
Premier Class		8/31/2010		5.96			3.64
MSCI Emerging Markets Index		—		6.53			4.61	†

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.
†	Performance is calculated from the inception date of the Institutional Class.

16 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Gains in Taiwan and Korea drive the index higher

For the period, Taiwan and Korea rose 18.1% and 12.7%, respectively, and made the largest contributions to the benchmark’s return. The strength in Taiwanese stocks was due, in part, to policymakers’ efforts to boost capital flows between Taiwan and China. Korean equities benefited from a resurgence in foreign investment that occurred during the last few months of the period. (All returns are in U.S. dollars).

These gains more than offset a decline in the sizable Brazilian market (down 1.5%), as well as double-digit losses in Chile and Indonesia.

Largest stocks post sharply divergent returns

Three of the five largest stocks in the MSCI Emerging Markets Index, as measured by market capitalization on October 31, 2013, scored double-digit gains for the period. Chinese Internet company Tencent Holdings led the way with a strong 54.9% advance. Taiwan Semiconductor and Korean electronics maker Samsung followed with gains of 26.2% and 15.6%, respectively, while China Construction Bank rose 9.4%. The only loss came from China Mobile, which slid 1.3%.

The fund’s returns may sometimes diverge from the returns of its benchmark index 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 (generally 4 p.m. ET). 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.

$10,000 invested at fund’s inception

Institutional Class (inception August 31, 2010)

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

Emerging Markets Equity Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13- 10/31/13)
Actual return
Institutional Class	$	1,000.00		$1,009.31		$1.27
Retirement Class		1,000.00		1,007.46		2.53
Retail Class		1,000.00		1,006.53		3.24
Premier Class		1,000.00		1,008.39		2.02
5% annual hypothetical return
Institutional Class		1,000.00		1,023.95		1.28
Retirement Class		1,000.00		1,022.68		2.55
Retail Class		1,000.00		1,021.98		3.26
Premier Class		1,000.00		1,023.19		2.04

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.25% for the Institutional Class, 0.50% for the Retirement Class, 0.64% for the Retail Class and 0.40% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 17

International Equity Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2013
Financials		26.0
Industrials		12.7
Consumer discretionary		11.6
Consumer staples		11.1
Health care		9.9
Materials		8.0
Energy		6.9
Telecommunication services		5.6
Information technology		4.2
Utilities		3.6
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2013
Japan		20.1
United Kingdom		18.7
France		9.3
Switzerland		9.0
Germany		8.5
Australia		7.8
Netherlands		4.3
Spain		3.2
Sweden		3.0
Hong Kong		2.7
19 other nations		10.0
Short-term investments		3.4
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2013
More than $50 billion		43.0
More than $15 billion–$50 billion		32.1
More than $2 billion–$15 billion		24.8
$2 billion or less		0.1
Total		100.0

Performance for the twelve months ended October 31, 2013

The International Equity Index Fund returned 26.65% for the Institutional Class, compared with the 26.88% return of its benchmark, the MSCI EAFE Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund benefited from participating in a securities lending program, but its return trailed that of its benchmark largely because of the effect of expenses and the timing of foreign currency valuations. 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.

Upbeat economic news boosts foreign stock returns

For the first time since 2009, the MSCI EAFE Index produced a double-digit gain for the twelve-month period ended October 31. During the current period, investors were encouraged by signs of strengthening in the U.S. economy, indications that Europe was emerging from its deep recession and by Japan’s recent efforts to stimulate its economy.

At the same time, slowing growth in China, fiscal showdowns in Washington and the possibility that the Federal Reserve might taper its accommodative policies intermittently weighed on the index. The EAFE, which measures stock performance in 22 developed market nations outside North America, retreated in four of the period’s twelve months.

In terms of local currencies, the EAFE soared 31.04%, as a stronger dollar versus the yen reduced its return for U.S. investors. (The dollar was weaker against the euro and flat against the pound.)

For the twelve months, the EAFE trailed the 28.99% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. For the ten years ended October 31, 2013, the EAFE’s 7.71% average annual gain lagged the Russell 3000’s 7.92% average return.

Performance as of October 31, 2013

		Total return			Average annual total return
International Equity Index Fund*	Inception date		1 year			5 years		10 years
Institutional Class	10/1/2002		26.65	%		11.83	%	7.78	%
Retirement Class	10/1/2002		26.35			11.54		7.48
Premier Class	9/30/2009		26.47			11.69	†	7.72	†
MSCI EAFE Index	—		26.88			11.99		7.71

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-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	Shares held 60 calendar days or less may be subject to a redemption fee of 2%. Please see the prospectus for details.
†	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Premier Class. If those higher expenses had been reflected, the performance of the Premier Class shown for these periods would have been lower.

18 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Broad-based gains push the benchmark higher

For the period, all but two of the EAFE’s country components registered double-digit advances, and only one—Israel—lost ground. (Returns are in U.S. dollars.) Japanese stocks, the largest national component of the index in terms of market capitalization on October 31, 2013, climbed 34.0%. Significant contributions also came from France (up 33.8%), Switzerland (up 31.1%), Germany (up 30.9%) and Great Britain (up 20.4%).

The benchmark’s five largest stocks underperform

All of the EAFE’s five largest stocks failed to match the rise of the benchmark. Swiss pharmaceutical companies Roche Holding and Novartis gained 14.6% and 6.6%, respectively, while Toyota earned 14.2%. Rounding out the top five were Britain’s HSBC Holdings (up 6.5%) and Nestlé, the benchmark’s largest issue, (up 2.8%).

The fund’s returns may sometimes diverge from the returns of its benchmark index 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 (generally 4 p.m. ET). 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.

$10,000 over 10 years

Institutional Class

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.

Expense example

Six months ended October 31, 2013

International Equity Index Fund	Beginning account value (5/1/13)		Ending account value (10/31/13)		Expenses paid during period* (5/1/13- 10/31/13)
Actual return
Institutional Class	$	1,000.00		$1,084.83		$0.32
Retirement Class		1,000.00		1,083.29		1.63
Premier Class		1,000.00		1,083.85		1.10
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Retirement Class		1,000.00		1,023.64		1.58
Premier Class		1,000.00		1,024.15		1.07

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2013. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.31% for the Retirement Class and 0.21% for the Premier Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

For more information about this expense example, please see page 5.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 19

Summary portfolio of investments

Equity Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	88,986,444		1.2	%
BANKS
	1,850,405		Wells Fargo & Co		78,993,789		1.0
			Other		177,500,480		2.4
					256,494,269		3.4
CAPITAL GOODS
	263,726		3M Co		33,189,917		0.4
	290,622		Boeing Co		37,926,171		0.5
	3,961,223		General Electric Co		103,546,369		1.4
	353,081		United Technologies Corp		37,514,857		0.5
			Other		422,262,229		5.6
					634,439,543		8.4
COMMERCIAL & PROFESSIONAL SERVICES					77,721,840		1.0
CONSUMER DURABLES & APPAREL					120,122,328		1.6
CONSUMER SERVICES
	385,013		McDonald’s Corp		37,161,455		0.5
			Other		129,643,254		1.7
					166,804,709		2.2
DIVERSIFIED FINANCIALS
	364,281		American Express Co		29,798,186		0.4
	4,134,282		Bank of America Corp		57,714,577		0.8
	1,166,931		Citigroup, Inc		56,922,894		0.7
	175,779		Goldman Sachs Group, Inc		28,275,810		0.4
	1,448,592		JPMorgan Chase & Co		74,660,432		1.0
			Other		222,197,245		2.9
					469,569,144		6.2
ENERGY
	742,747		Chevron Corp		89,099,930		1.2
	466,661		ConocoPhillips		34,206,251		0.5
	1,701,495	d	Exxon Mobil Corp		152,487,982		2.0
	307,097		Occidental Petroleum Corp		29,505,880		0.4
	510,034		Schlumberger Ltd		47,800,386		0.6
			Other		363,296,498		4.8
					716,396,927		9.5
FOOD & STAPLES RETAILING
	465,795		CVS Corp		29,000,397		0.4
	617,995		Wal-Mart Stores, Inc		47,431,116		0.6
			Other		78,690,986		1.0
					155,122,499		2.0
FOOD, BEVERAGE & TOBACCO
	772,483		Altria Group, Inc		28,759,542		0.4
	1,458,252		Coca-Cola Co		57,703,032		0.8
	589,866		PepsiCo, Inc		49,601,832		0.6
	623,955		Philip Morris International, Inc		55,606,870		0.7
			Other		164,764,924		2.2
					356,436,200		4.7
HEALTH CARE EQUIPMENT & SERVICES					337,056,085		4.5

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,050,288		Procter & Gamble Co	$	84,810,756		1.1	%
			Other		66,627,547		0.9
					151,438,303		2.0
INSURANCE
	566,085		American International Group, Inc		29,238,290		0.4
	689,659	*	Berkshire Hathaway, Inc (Class B)		79,365,958		1.0
			Other		211,395,354		2.8
					319,999,602		4.2
MATERIALS					287,147,728		3.8
MEDIA
	1,000,518		Comcast Corp (Class A)		47,604,647		0.6
	687,399		Walt Disney Co		47,148,697		0.6
			Other		196,420,048		2.6
					291,173,392		3.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	607,312		AbbVie, Inc		29,424,266		0.4
	287,401		Amgen, Inc		33,338,516		0.5
	631,347		Bristol-Myers Squibb Co		33,158,344		0.4
	585,638	*	Gilead Sciences, Inc		41,574,442		0.6
	1,076,056		Johnson & Johnson		99,653,546		1.3
	1,158,306		Merck & Co, Inc		52,228,018		0.7
	2,563,334		Pfizer, Inc		78,643,087		1.0
			Other		236,594,222		3.1
					604,614,441		8.0
REAL ESTATE					256,538,064		3.4
RETAILING
	141,017	*	Amazon.com, Inc		51,334,419		0.7
	559,223		Home Depot, Inc		43,557,879		0.6
			Other		251,229,927		3.3
					346,122,225		4.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,907,824		Intel Corp		46,608,141		0.6
			Other		113,497,225		1.5
					160,105,366		2.1
SOFTWARE & SERVICES
	651,368	*	Facebook, Inc		32,737,756		0.4
	103,211	*	Google, Inc (Class A)		106,367,192		1.4
	399,013		International Business Machines Corp		71,507,120		1.0
	44,846		Mastercard, Inc (Class A)		32,159,067		0.4
	3,198,941		Microsoft Corp		113,082,564		1.5
	1,362,757		Oracle Corp		45,652,360		0.6
	200,597		Visa, Inc (Class A)		39,451,412		0.5
			Other		300,524,861		4.0
					741,482,332		9.8
TECHNOLOGY HARDWARE & EQUIPMENT
	359,277	d	Apple, Inc		187,668,341		2.5
	2,051,066		Cisco Systems, Inc		46,148,985		0.6
	663,073		Qualcomm, Inc		46,063,681		0.6
			Other		150,241,133		2.0
					430,122,140		5.7

20 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Equity Index Fund  ■  October 31, 2013

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	2,062,279	AT&T, Inc	$	74,654,500		1.0	%
	1,097,376	Verizon Communications, Inc		55,428,462		0.7
		Other		39,111,509		0.5
				169,194,471		2.2
TRANSPORTATION				151,406,161		2.0
UTILITIES				236,933,671		3.1
		TOTAL COMMON STOCKS (Cost $5,464,899,701)		7,525,427,884		99.4
RIGHTS / WARRANTS
CONSUMER SERVICES				36,051		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				40,090		0.0
REAL ESTATE				4,098		0.0
		TOTAL RIGHTS / WARRANTS (Cost $46,029)		80,239		0.0

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	10,099,899			0.1	%
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	240,434,976	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		240,434,976			3.2
					240,434,976			3.2
			TOTAL SHORT-TERM INVESTMENTS (Cost $250,534,875)		250,534,875			3.3
			TOTAL PORTFOLIO (Cost $5,715,480,605)		7,776,042,998			102.7
			OTHER ASSETS & LIABILITIES, NET		(205,759,155	)		(2.7	)
			NET ASSETS	$	7,570,283,843			100.0	%

*	Non-income producing.
a	Affiliated holding.
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 transactions.

“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.

The aggregate value of securities on loan is $233,263,158.

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  ■  2013 Annual Report 21

Summary portfolio of investments

Large-Cap Growth Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	14,483,022		1.0	%
BANKS					1,145,950		0.1
CAPITAL GOODS
	88,351		3M Co		11,118,973		0.8
	114,759		Boeing Co		14,976,050		1.1
	119,059		Honeywell International, Inc		10,325,987		0.7
	130,304		United Technologies Corp		13,844,800		1.0
			Other		69,055,645		4.9
					119,321,455		8.5
COMMERCIAL & PROFESSIONAL SERVICES					11,213,164		0.8
CONSUMER DURABLES & APPAREL
	106,833		Nike, Inc (Class B)		8,093,668		0.6
			Other		23,036,311		1.6
					31,129,979		2.2
CONSUMER SERVICES
	151,458		McDonald’s Corp		14,618,726		1.0
	113,321		Starbucks Corp		9,184,667		0.7
			Other		23,844,010		1.7
					47,647,403		3.4
DIVERSIFIED FINANCIALS
	143,249		American Express Co		11,717,768		0.8
			Other		24,458,304		1.8
					36,176,072		2.6
ENERGY
	38,335		EOG Resources, Inc		6,838,964		0.5
	141,025		Halliburton Co		7,478,556		0.5
	200,881		Schlumberger Ltd		18,826,567		1.4
			Other		33,930,369		2.4
					67,074,456		4.8
FOOD & STAPLES RETAILING
	65,980		Costco Wholesale Corp		7,785,640		0.6
	161,525		Wal-Mart Stores, Inc		12,397,044		0.9
			Other		16,139,604		1.1
					36,322,288		2.6
FOOD, BEVERAGE & TOBACCO
	303,928		Altria Group, Inc		11,315,240		0.8
	578,365		Coca-Cola Co		22,885,903		1.6
	233,527		PepsiCo, Inc		19,637,285		1.4
	247,024		Philip Morris International, Inc		22,014,779		1.6
			Other		37,729,125		2.7
					113,582,332		8.1
HEALTH CARE EQUIPMENT & SERVICES
	107,775	*	Express Scripts Holding Co		6,738,093		0.5
			Other		43,318,256		3.1
					50,056,349		3.6

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	141,171		Colgate-Palmolive Co	$	9,137,999		0.6	%
			Other		13,709,404		1.0
					22,847,403		1.6
INSURANCE					13,800,946		1.0
MATERIALS
	139,327		Du Pont (E.I.) de Nemours & Co		8,526,812		0.6
	80,803		Monsanto Co		8,474,619		0.6
			Other		45,455,045		3.3
					62,456,476		4.5
MEDIA
	366,685		Comcast Corp (Class A)		17,446,872		1.3
	221,734		Twenty-First Century Fox, Inc		7,556,695		0.5
			Other		47,187,381		3.4
					72,190,948		5.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	239,616		AbbVie, Inc		11,609,395		0.8
	113,454		Amgen, Inc		13,160,664		0.9
	35,927	*	Biogen Idec, Inc		8,773,014		0.6
	213,988		Bristol-Myers Squibb Co		11,238,650		0.8
	63,125	*	Celgene Corp		9,373,431		0.7
	230,715	*	Gilead Sciences, Inc		16,378,458		1.2
			Other		47,382,034		3.4
					117,915,646		8.4
REAL ESTATE					25,824,358		1.9
RETAILING
	55,587	*	Amazon.com, Inc		20,235,335		1.4
	220,939		Home Depot, Inc		17,208,939		1.2
	164,774		Lowe’s Companies, Inc		8,202,450		0.6
	7,808	*	Priceline.com, Inc		8,228,305		0.6
	109,009		TJX Companies, Inc		6,626,657		0.5
			Other		51,743,722		3.7
					112,245,408		8.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	167,436		Texas Instruments, Inc		7,045,707		0.5
			Other		16,941,785		1.2
					23,987,492		1.7
SOFTWARE & SERVICES
	97,306		Accenture plc		7,151,991		0.5
	196,217	*	eBay, Inc		10,342,598		0.7
	257,169	*	Facebook, Inc		12,925,314		0.9
	40,767	*	Google, Inc (Class A)		42,013,655		3.0
	157,239		International Business Machines Corp		28,178,801		2.0
	17,679		Mastercard, Inc (Class A)		12,677,611		0.9
	1,262,232		Microsoft Corp		44,619,901		3.2
	536,963		Oracle Corp		17,988,260		1.3
	79,022		Visa, Inc (Class A)		15,541,257		1.1
			Other		59,367,728		4.3
					250,807,116		17.9

22 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Large-Cap Growth Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	107,344	d	Apple, Inc	$	56,071,138		4.0	%
	261,314		Qualcomm, Inc		18,153,484		1.3
			Other		17,864,771		1.3
					92,089,393		6.6
TELECOMMUNICATION SERVICES
	432,333		Verizon Communications, Inc		21,837,140		1.6
			Other		7,366,503		0.5
					29,203,643		2.1
TRANSPORTATION
	70,631		Union Pacific Corp		10,693,534		0.8
	109,518		United Parcel Service, Inc (Class B)		10,759,048		0.8
			Other		17,314,340		1.2
					38,766,922		2.8
UTILITIES					3,254,100		0.2
			TOTAL COMMON STOCKS (Cost $1,071,715,874)		1,393,542,321		99.6

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	30,275,798	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	30,275,798			2.2	%
					30,275,798			2.2
			TOTAL SHORT-TERM INVESTMENTS (Cost $30,275,798)		30,275,798			2.2
			TOTAL PORTFOLIO (Cost $1,101,991,672)		1,423,818,119			101.8
			OTHER ASSETS & LIABILITIES, NET		(25,415,241	)		(1.8	)
			NET ASSETS	$	1,398,402,878			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 or other requirements on open futures transactions.

“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.

The aggregate value of securities on loan is $29,501,369.

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  ■  2013 Annual Report 23

Summary portfolio of investments

Large-Cap Value Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	463,596		Ford Motor Co	$	7,932,128		0.5	%
			Other		14,559,098		0.9
					22,491,226		1.4
BANKS
	98,314		PNC Financial Services Group, Inc		7,229,028		0.4
	343,477		US Bancorp		12,832,301		0.8
	896,553		Wells Fargo & Co		38,273,848		2.3
			Other		39,094,035		2.4
					97,429,212		5.9
CAPITAL GOODS
	100,028		Caterpillar, Inc		8,338,334		0.5
	1,920,152		General Electric Co		50,192,773		3.0
			Other		76,047,131		4.6
					134,578,238		8.1
COMMERCIAL & PROFESSIONAL SERVICES					13,432,052		0.8
CONSUMER DURABLES & APPAREL					10,948,473		0.7
CONSUMER SERVICES					10,525,302		0.6
DIVERSIFIED FINANCIALS
	1,997,088		Bank of America Corp		27,879,348		1.7
	215,531		Bank of New York Mellon Corp		6,853,886		0.4
	108,479		Capital One Financial Corp		7,449,253		0.4
	565,061		Citigroup, Inc		27,563,675		1.7
	85,144		Goldman Sachs Group, Inc		13,696,264		0.8
	701,883		JPMorgan Chase & Co		36,175,050		2.2
	282,768		Morgan Stanley		8,123,925		0.5
			Other		49,054,425		2.9
					176,795,826		10.6
ENERGY
	87,948		Anadarko Petroleum Corp		8,380,565		0.5
	72,767		Apache Corp		6,461,710		0.4
	359,979		Chevron Corp		43,183,081		2.6
	226,626		ConocoPhillips		16,611,686		1.0
	825,688	d	Exxon Mobil Corp		73,998,158		4.5
	149,607		Occidental Petroleum Corp		14,374,241		0.9
	114,991		Phillips 66		7,408,870		0.4
			Other		77,361,604		4.6
					247,779,915		14.9
FOOD & STAPLES RETAILING
	201,221		CVS Corp		12,528,019		0.7
	100,593		Wal-Mart Stores, Inc		7,720,513		0.5
			Other		6,412,934		0.4
					26,661,466		1.6
FOOD, BEVERAGE & TOBACCO
	330,873		Mondelez International, Inc		11,130,568		0.7
			Other		16,655,792		1.0
					27,786,360		1.7

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	289,480		Abbott Laboratories	$	10,580,494		0.6	%
	188,673		Medtronic, Inc		10,829,830		0.7
	189,414		UnitedHealth Group, Inc		12,929,400		0.8
			Other		47,161,617		2.8
					81,501,341		4.9
HOUSEHOLD & PERSONAL PRODUCTS
	508,909		Procter & Gamble Co		41,094,402		2.5
			Other		2,848,478		0.1
					43,942,880		2.6
INSURANCE
	274,156		American International Group, Inc		14,160,157		0.9
	334,194	*	Berkshire Hathaway, Inc (Class B)		38,459,045		2.3
	166,022		Metlife, Inc		7,854,501		0.5
			Other		70,601,019		4.2
					131,074,722		7.9
MATERIALS
	194,690		Dow Chemical Co		7,684,414		0.5
	191,547		Freeport-McMoRan Copper & Gold, Inc (Class B)		7,041,268		0.4
			Other		33,353,081		2.0
					48,078,763		2.9
MEDIA
	173,104		Time Warner, Inc		11,899,169		0.7
	260,189		Walt Disney Co		17,846,364		1.1
			Other		18,888,313		1.1
					48,633,846		2.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	143,764		Eli Lilly & Co		7,162,322		0.4
	454,321		Johnson & Johnson		42,074,668		2.6
	560,740		Merck & Co, Inc		25,283,767		1.5
	1,241,976		Pfizer, Inc		38,103,824		2.3
	66,651		Thermo Electron Corp		6,517,135		0.4
			Other		13,001,625		0.8
					132,143,341		8.0
REAL ESTATE					70,673,658		4.3
RETAILING					17,794,986		1.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	863,109		Intel Corp		21,085,753		1.2
			Other		17,798,370		1.1
					38,884,123		2.3
SOFTWARE & SERVICES					24,492,604		1.5
TECHNOLOGY HARDWARE & EQUIPMENT
	42,222		Apple, Inc		22,054,662		1.3
	992,439		Cisco Systems, Inc		22,329,878		1.3
	359,666		Hewlett-Packard Co		8,765,060		0.5
			Other		27,324,737		1.6
					80,474,337		4.7

24 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Large-Cap Value Index Fund  ■  October 31, 2013

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	999,062	AT&T, Inc	$	36,166,044		2.2	%
		Other		7,809,837		0.5
				43,975,881		2.7
TRANSPORTATION
	58,842	FedEx Corp		7,708,302		0.4
		Other		12,967,394		0.8
				20,675,696		1.2
UTILITIES
	107,274	Dominion Resources, Inc		6,838,718		0.4
	131,055	Duke Energy Corp		9,400,575		0.6
	78,703	NextEra Energy, Inc		6,670,079		0.4
	161,631	Southern Co		6,612,324		0.4
		Other		72,619,968		4.4
				102,141,664		6.2
		TOTAL COMMON STOCKS (Cost $1,446,464,212)		1,652,915,912		99.5

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	24,341,186	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	24,341,186			1.4	%
					24,341,186			1.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $24,341,186)		24,341,186			1.4
			TOTAL PORTFOLIO (Cost $1,470,805,398)		1,677,257,098			100.9
			OTHER ASSETS & LIABILITIES, NET		(15,753,969	)		(0.9	)
			NET ASSETS	$	1,661,503,129			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 or other requirements on open futures transactions.

“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.

The aggregate value of securities on loan is $23,520,590.

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  ■  2013 Annual Report 25

Summary portfolio of investments

S&P 500 Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	22,206,939		1.2	%
BANKS
	592,424		Wells Fargo & Co		25,290,580		1.3
			Other		28,905,758		1.5
					54,196,338		2.8
CAPITAL GOODS
	79,608		3M Co		10,018,667		0.5
	85,115		Boeing Co		11,107,508		0.6
	1,247,537		General Electric Co		32,610,617		1.7
	103,449		United Technologies Corp		10,991,456		0.6
			Other		91,726,206		4.7
					156,454,454		8.1
COMMERCIAL & PROFESSIONAL SERVICES					12,688,161		0.7
CONSUMER DURABLES & APPAREL					23,384,413		1.2
CONSUMER SERVICES
	122,620		McDonald’s Corp		11,835,282		0.6
			Other		23,105,780		1.2
					34,941,062		1.8
DIVERSIFIED FINANCIALS
	113,484		American Express Co		9,282,991		0.5
	1,316,217		Bank of America Corp		18,374,390		1.0
	372,976		Citigroup, Inc		18,193,769		0.9
	461,574		JPMorgan Chase & Co		23,789,524		1.2
			Other		63,615,062		3.3
					133,255,736		6.9
ENERGY
	236,865		Chevron Corp		28,414,326		1.5
	149,748		ConocoPhillips		10,976,528		0.6
	539,637	d	Exxon Mobil Corp		48,362,268		2.5
	98,799		Occidental Petroleum Corp		9,492,608		0.5
	162,249		Schlumberger Ltd		15,205,976		0.8
			Other		89,132,469		4.6
					201,584,175		10.5
FOOD & STAPLES RETAILING
	150,613		CVS Corp		9,377,165		0.5
	199,574		Wal-Mart Stores, Inc		15,317,304		0.8
			Other		21,604,625		1.1
					46,299,094		2.4
FOOD, BEVERAGE & TOBACCO
	245,680		Altria Group, Inc		9,146,666		0.5
	466,958		Coca-Cola Co		18,477,528		1.0
	189,013		PepsiCo, Inc		15,894,103		0.8
	198,220		Philip Morris International, Inc		17,665,366		0.9
			Other		44,192,991		2.3
					105,376,654		5.5
HEALTH CARE EQUIPMENT & SERVICES					80,034,235		4.1

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	335,764		Procter & Gamble Co	$	27,112,943		1.4	%
			Other		16,693,665		0.9
					43,806,608		2.3
INSURANCE
	181,042		American International Group, Inc		9,350,819		0.5
	220,655	*	Berkshire Hathaway, Inc (Class B)		25,392,978		1.3
			Other		48,443,613		2.5
					83,187,410		4.3
MATERIALS					67,164,701		3.5
MEDIA
	320,634		Comcast Corp (Class A)		15,255,766		0.8
	203,713		Walt Disney Co		13,972,674		0.7
			Other		44,152,033		2.3
					73,380,473		3.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	194,371		AbbVie, Inc		9,417,275		0.5
	92,355		Amgen, Inc		10,713,180		0.6
	201,859		Bristol-Myers Squibb Co		10,601,635		0.5
	187,647	*	Gilead Sciences, Inc		13,321,061		0.7
	345,499		Johnson & Johnson		31,996,662		1.7
	358,802		Merck & Co, Inc		16,178,382		0.8
	811,714		Pfizer, Inc		24,903,385		1.3
			Other		51,997,200		2.7
					169,128,780		8.8
REAL ESTATE					38,047,891		2.0
RETAILING
	45,372	*	Amazon.com, Inc		16,516,769		0.8
	175,646		Home Depot, Inc		13,681,067		0.7
			Other		57,348,800		3.0
					87,546,636		4.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	610,804		Intel Corp		14,921,942		0.8
			Other		24,122,586		1.2
					39,044,528		2.0
SOFTWARE & SERVICES
	34,296	*	Google, Inc (Class A)		35,344,772		1.8
	126,246		International Business Machines Corp		22,624,545		1.2
	12,717		Mastercard, Inc (Class A)		9,119,361		0.5
	929,335		Microsoft Corp		32,851,992		1.7
	437,226		Oracle Corp		14,647,071		0.8
	63,301		Visa, Inc (Class A)		12,449,408		0.6
			Other		52,176,253		2.7
					179,213,402		9.3
TECHNOLOGY HARDWARE & EQUIPMENT
	111,342		Apple, Inc		58,159,493		3.0
	657,339		Cisco Systems, Inc		14,790,127		0.8
	210,310		Qualcomm, Inc		14,610,236		0.7
			Other		34,577,136		1.8
					122,136,992		6.3

26 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

S&P 500 Index Fund  ■  October 31, 2013

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	648,907	AT&T, Inc	$	23,490,433		1.2	%
	349,149	Verizon Communications, Inc		17,635,516		0.9
		Other		6,738,345		0.4
				47,864,294		2.5
TRANSPORTATION
	56,870	Union Pacific Corp		8,610,118		0.4
	88,402	United Parcel Service, Inc (Class B)		8,684,613		0.5
		Other		20,005,260		1.0
				37,299,991		1.9
UTILITIES				59,974,202		3.1
		TOTAL COMMON STOCKS (Cost $1,481,642,275)		1,918,217,169		99.5

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	15,151,123	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	15,151,123			0.8	%
					15,151,123			0.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $15,151,123)		15,151,123			0.8
			TOTAL PORTFOLIO (Cost $1,496,793,398)		1,933,368,292			100.3
			OTHER ASSETS & LIABILITIES, NET		(5,686,782	)		(0.3	)
			NET ASSETS	$	1,927,681,510			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 transactions.

“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.

The aggregate value of securities on loan is $14,771,581.

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  ■  2013 Annual Report 27

Summary portfolio of investments

Small-Cap Blend Index Fund  ■  October 31, 2013

Shares			Company		Value	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	58,835	*	Tenneco, Inc	$	3,122,373	0.2	%
			Other		13,165,684	0.9
					16,288,057	1.1
BANKS
	161,821		FirstMerit Corp		3,634,500	0.2
	58,910		Prosperity Bancshares, Inc		3,678,929	0.3
			Other		128,052,303	8.2
					135,365,732	8.7
CAPITAL GOODS
	42,074		Acuity Brands, Inc		4,228,858	0.3
	29,544	*	Chart Industries, Inc		3,175,094	0.2
	48,697		Clarcor, Inc		2,847,801	0.2
	47,239		EnerSys		3,134,307	0.2
	64,800		Heico Corp		3,471,984	0.2
	18,321	*	Middleby Corp		4,170,776	0.3
	36,538	*	Teledyne Technologies, Inc		3,245,305	0.2
			Other		117,694,551	7.5
					141,968,676	9.1
COMMERCIAL & PROFESSIONAL SERVICES					57,055,783	3.7
CONSUMER DURABLES & APPAREL
	87,640		Brunswick Corp		3,955,193	0.3
	116,055	*	Fifth & Pacific Cos, Inc		3,074,297	0.2
			Other		41,266,462	2.6
					48,295,952	3.1
CONSUMER SERVICES
	66,264		Sotheby’s (Class A)		3,439,101	0.2
			Other		61,485,782	4.0
					64,924,883	4.2
DIVERSIFIED FINANCIALS
	33,000	e	iShares Russell 2000 Index Fund		3,604,590	0.2
	49,568	*	Portfolio Recovery Associates, Inc		2,946,818	0.2
	271,565	e	Prospect Capital Corp		3,079,547	0.2
			Other		53,047,269	3.4
					62,678,224	4.0
ENERGY
	35,471		Bristow Group, Inc		2,854,351	0.2
	258,788	*	Kodiak Oil & Gas Corp		3,356,480	0.2
	59,003	*	Rosetta Resources, Inc		3,536,640	0.2
			Other		81,591,430	5.3
					91,338,901	5.9
FOOD & STAPLES RETAILING
	731,368	*	Rite Aid Corp		3,898,191	0.3
	48,185	*	United Natural Foods, Inc		3,442,818	0.2
			Other		14,700,685	0.9
					22,041,694	1.4

Shares			Company	Value		% of net assets
FOOD, BEVERAGE & TOBACCO
	37,764	*	Hain Celestial Group, Inc	$	3,143,098		0.2	%
			Other		28,060,607		1.8
					31,203,705		2.0
HEALTH CARE EQUIPMENT & SERVICES
	71,329	*	Align Technology, Inc		4,070,033		0.2
	35,901	*,e	athenahealth, Inc		4,793,143		0.3
	52,628	*	Centene Corp		2,955,589		0.2
	84,106		Healthsouth Corp		2,952,962		0.2
	26,133	*	Medidata Solutions, Inc		2,882,731		0.2
	67,562	*	Team Health Holdings, Inc		2,934,893		0.2
	67,818		West Pharmaceutical Services, Inc		3,279,000		0.2
			Other		84,026,357		5.4
					107,894,708		6.9
HOUSEHOLD & PERSONAL PRODUCTS					8,587,190		0.6
INSURANCE
	215,626		Conseco, Inc		3,359,453		0.2
			Other		33,379,697		2.2
					36,739,150		2.4
MATERIALS
	96,228		PolyOne Corp		2,915,708		0.2
			Other		72,149,464		4.6
					75,065,172		4.8
MEDIA					21,712,371		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	56,670	*	Alnylam Pharmaceuticals, Inc		3,264,758		0.2
	109,914	*,e	Isis Pharmaceuticals, Inc		3,656,839		0.2
	50,762	e	Questcor Pharmaceuticals, Inc		3,115,264		0.2
			Other		76,202,613		4.9
					86,239,474		5.5
REAL ESTATE
	88,451		Highwoods Properties, Inc		3,414,209		0.2
	100,659		LaSalle Hotel Properties		3,125,462		0.2
	120,382		RLJ Lodging Trust		3,040,849		0.2
			Other		107,929,271		7.0
					117,509,791		7.6
RETAILING
	26,614	*,e	Lumber Liquidators, Inc		3,039,053		0.2
	38,049	*	WEX, Inc		3,551,874		0.2
			Other		57,922,130		3.7
					64,513,057		4.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					49,972,639		3.2

28 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Small-Cap Blend Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
SOFTWARE & SERVICES
	91,569	*	Aspen Technology, Inc	$	3,500,683		0.2	%
	45,143	*	Commvault Systems, Inc		3,524,765		0.2
	27,750	*	CoStar Group, Inc		4,911,473		0.3
	67,100		MAXIMUS, Inc		3,250,995		0.2
	116,927	*	PTC, Inc		3,241,216		0.2
	30,618	*	Tyler Technologies, Inc		2,961,067		0.2
	27,094	*	Ultimate Software Group, Inc		4,185,481		0.3
			Other		115,760,054		7.5
					141,335,734		9.1
TECHNOLOGY HARDWARE & EQUIPMENT
	42,674		Belden CDT, Inc		2,870,253		0.2
	40,737		FEI Co		3,628,852		0.2
			Other		72,001,539		4.6
					78,500,644		5.0
TELECOMMUNICATION SERVICES					11,482,383		0.7
TRANSPORTATION
	182,539	*,e	US Airways Group, Inc		4,010,382		0.3
			Other		23,993,115		1.5
					28,003,497		1.8
UTILITIES					47,959,061		3.1
			TOTAL COMMON STOCKS (Cost $1,185,523,279)		1,546,676,478		99.4
RIGHTS / WARRANTS
CONSUMER SERVICES					80,207		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					108,883		0.0
REAL ESTATE					10,127		0.0
			TOTAL RIGHTS / WARRANTS (Cost $119,165)		199,217		0.0

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	214,865,928	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	214,865,928			13.8	%
					214,865,928			13.8
			TOTAL SHORT-TERM INVESTMENTS (Cost $214,865,928)		214,865,928			13.8
			TOTAL PORTFOLIO (Cost $1,400,508,372)		1,761,741,623			113.2
			OTHER ASSETS & LIABILITIES, NET		(206,091,366	)		(13.2	)
			NET ASSETS	$	1,555,650,257			100.0	%

*	Non-income producing.
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 $207,075,176.

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

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

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 29

Summary portfolio of investments

Emerging Markets Equity Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
COMMON STOCKS
BRAZIL
	392,464		Banco Bradesco S.A. (Preference)	$	5,654,203		0.8	%
	468,110		Banco Itau Holding Financeira S.A.		7,242,989		1.0
	121,556		Perdigao S.A.		2,854,140		0.4
	576,772		Petroleo Brasileiro S.A.		5,014,396		0.7
	815,746		Petroleo Brasileiro S.A. (Preference)		7,396,466		1.0
	240,800		Vale S.A.		3,828,829		0.5
	354,773		Vale S.A. (Preference)		5,192,877		0.7
			Other		39,214,657		5.4
					76,398,557		10.5
CHILE					11,786,753		1.6
CHINA
	14,823,000		Bank of China Ltd		6,959,640		0.9
	13,791,350		China Construction Bank		10,730,037		1.5
	1,437,000		China Life Insurance Co Ltd		3,793,362		0.5
	1,144,500		China Mobile Hong Kong Ltd		11,893,244		1.6
	3,549,000		CNOOC Ltd		7,218,564		1.0
	14,132,000		Industrial & Commercial Bank of China		9,906,900		1.4
	368,500	e	Ping An Insurance Group Co of China Ltd		2,905,716		0.4
	191,300		Tencent Holdings Ltd		10,431,667		1.4
			Other		66,038,321		9.1
					129,877,451		17.8
COLOMBIA
	1,163,437		Ecopetrol S.A.		2,766,648		0.4
			Other		5,353,011		0.7
					8,119,659		1.1
CZECH REPUBLIC					1,915,797		0.3
EGYPT					1,205,964		0.2
HONG KONG					5,264,636		0.7
HUNGARY					1,434,092		0.2
INDIA
	285,830		HDFC Bank Ltd		3,182,951		0.5
	273,143		Housing Development Finance Corp		3,795,405		0.5
	85,602		Infosys Technologies Ltd		4,574,525		0.6
	260,226		Reliance Industries Ltd		3,871,887		0.5
	87,158		Tata Consultancy Services Ltd		2,994,653		0.4
			Other		25,346,142		3.5
					43,765,563		6.0
	INDONESIA				17,226,711		2.4

Shares			Company	Value		% of net assets
KOREA, REPUBLIC OF
	97,790	*	Hynix Semiconductor, Inc	$	2,942,588		0.4	%
	12,748		Hyundai Mobis		3,595,956		0.5
	28,789		Hyundai Motor Co		6,858,802		0.9
	72,446		KB Financial Group, Inc		2,853,175		0.4
	49,459		Kia Motors Corp		2,873,627		0.4
	5,203		NHN Corp		2,919,752		0.4
	12,223		POSCO		3,649,065		0.5
	20,600		Samsung Electronics Co Ltd		28,408,603		3.9
	3,831		Samsung Electronics Co Ltd (Preference)		3,692,963		0.5
	79,766		Shinhan Financial Group Co Ltd		3,478,085		0.5
			Other		52,546,983		7.2
					113,819,599		15.6
MALAYSIA
	859,604		Malayan Banking BHD		2,664,445		0.4
			Other		24,413,673		3.3
					27,078,118		3.7
MEXICO
	6,860,870	e	America Movil S.A. de C.V. (Series L)		7,361,872		1.0
	367,837	e	Fomento Economico Mexicano S.A. de C.V.		3,440,917		0.5
	454,787		Grupo Financiero Banorte S.A. de C.V.		2,902,884		0.4
	483,726		Grupo Televisa S.A.		2,954,873		0.4
			Other		19,723,227		2.7
					36,383,773		5.0
MOROCCO					558,965		0.1
PERU					2,254,764		0.3
PHILIPPINES					6,523,134		0.9
POLAND					12,044,550		1.7
RUSSIA
	451,000	d	Gazprom (ADR)		4,207,830		0.6
	693,535		Gazprom OAO (ADR)		6,482,750		0.9
	103,554		LUKOIL (ADR)		6,782,151		0.9
	47,749		Magnit OAO (GDR)		3,066,447		0.4
	534,089		Sberbank of Russian Federation (ADR)		6,810,904		1.0
			Other		16,993,008		2.3
					44,343,090		6.1
SOUTH AFRICA
	316,868		MTN Group Ltd		6,298,434		0.9
	73,730		Naspers Ltd (N Shares)		6,901,406		0.9
	111,954		Sasol Ltd		5,720,602		0.8
	230,823		Standard Bank Group Ltd		2,936,553		0.4
			Other		31,534,897		4.3
					53,391,892		7.3
TAIWAN
	2,073,423		Hon Hai Precision Industry Co, Ltd		5,271,250		0.7
	228,352		MediaTek, Inc		3,122,012		0.5
	4,595,000		Taiwan Semiconductor Manufacturing Co Ltd		16,935,172		2.3
			Other		56,222,846		7.7
					81,551,280		11.2

30 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

Emerging Markets Equity Index Fund  ■  October 31, 2013

Shares			Company		Value	% of net assets
THAILAND				$	18,152,668	2.5	%
TURKEY					12,220,046	1.7
UKRAINE					96,745	0.0
UNITED STATES					2,608,590	0.4
			TOTAL COMMON STOCKS (Cost $673,121,697)		708,022,397	97.3
PREFERRED STOCKS
BRAZIL
	129,607	*	Ambev Cia De Bebidas Das		4,821,877	0.6
			Other		2,293,389	0.3
					7,115,266	0.9
PHILIPPINES					712	0.0
			TOTAL PREFERRED STOCKS (Cost $6,950,536)		7,115,978	0.9
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	34,080,741	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		34,080,741	4.6
					34,080,741	4.6

Shares	Company		Value		% of net assets
	TOTAL SHORT-TERM INVESTMENTS (Cost $34,080,741)	$	34,080,741		4.6	%
	TOTAL PORTFOLIO (Cost $714,152,974)		749,219,116		102.8
	OTHER ASSETS & LIABILITIES, NET		(20,754,324	)	(2.8	)
	NET ASSETS	$	728,464,792		100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

GDR – Global Depository Receipt

*	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 transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $31,771,994.

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

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

Summary of market values by sector

Emerging Markets Equity Index Fund  ■  October 31, 2013

Sector		Value		% of net assets
FINANCIALS	$	197,224,767		27.1	%
INFORMATION TECHNOLOGY		109,534,520		15.0
ENERGY		85,020,159		11.7
MATERIALS		69,452,482		9.5
CONSUMER DISCRETIONARY		62,314,359		8.6
CONSUMER STAPLES		61,185,402		8.4
TELECOMMUNICATION SERVICES		52,487,441		7.2
INDUSTRIALS		43,476,577		6.0
UTILITIES		23,375,890		3.2
HEALTH CARE		11,066,778		1.5
SHORT-TERM INVESTMENTS		34,080,741		4.6
OTHER ASSETS & LIABILITES, NET		(20,754,324	)	(2.8	)
NET ASSETS	$	728,464,792		100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 31

Summary portfolio of investments

International Equity Index Fund  ■  October 31, 2013

Shares		Company	Value		% of net assets
COMMON STOCKS
AUSTRALIA
	1,140,965	Australia & New Zealand Banking Group Ltd	$	36,511,280		0.7	%
	1,336,635	BHP Billiton Ltd		47,254,563		0.8
	670,802	Commonwealth Bank of Australia		48,299,429		0.9
	974,911	National Australia Bank Ltd		32,582,345		0.6
	1,291,022	Westpac Banking Corp		41,915,797		0.8
		Other		230,592,535		4.2
				437,155,949		8.0
AUSTRIA				15,689,465		0.3
BELGIUM
	334,405	InBev NV		34,665,628		0.7
		Other		28,741,841		0.5
				63,407,469		1.2
CHINA				7,094,566		0.1
DENMARK
	165,860	Novo Nordisk AS (Class B)		27,624,410		0.5
		Other		31,865,199		0.6
				59,489,609		1.1
FINLAND				48,898,104		0.9
FRANCE
	414,037	BNP Paribas		30,544,809		0.6
	496,613	Sanofi-Aventis		52,950,430		1.0
	891,416	Total S.A.		54,690,988		1.0
		Other		381,337,658		7.0
				519,523,885		9.6
GERMANY
	190,119	Allianz AG.		31,921,419		0.6
	382,820	BASF AG.		39,742,264		0.7
	344,298	Bayer AG.		42,710,932		0.8
	400,608	Daimler AG. (Reg)		32,799,689		0.6
	384,222	SAP AG.		30,066,189		0.6
	330,396	Siemens AG.		42,222,012		0.8
		Other		258,091,624		4.7
				477,554,129		8.8
GREECE				2,513,014		0.1
HONG KONG
	5,019,600	AIA Group Ltd		25,488,675		0.5
		Other		123,108,351		2.2
				148,597,026		2.7
INDIA				662,674		0.0
IRELAND				30,839,526		0.6
ISRAEL				22,995,905		0.4

Shares			Company	Value		% of net assets
ITALY
	1,062,914		ENI S.p.A.	$	26,984,116		0.5	%
			Other		88,011,230		1.6
					114,995,346		2.1
JAPAN
	679,300		Honda Motor Co Ltd		27,126,406		0.5
	5,309,780		Mitsubishi UFJ Financial Group, Inc		33,814,077		0.6
	400,400		Softbank Corp		29,901,415		0.5
	529,500		Sumitomo Mitsui Financial Group, Inc		25,593,843		0.5
	1,149,400		Toyota Motor Corp		74,524,995		1.4
			Other		940,981,779		17.3
					1,131,942,515		20.8
JERSEY, C.I.					2,714,322		0.1
LUXEMBOURG					17,562,131		0.3
MACAU					3,818,460		0.1
MEXICO					1,206,259		0.0
NETHERLANDS
	1,579,935		Royal Dutch Shell plc (A Shares)		52,619,426		0.9
	1,067,900		Royal Dutch Shell plc (B Shares)		36,970,702		0.7
	679,970		Unilever NV		26,957,703		0.5
			Other		124,634,840		2.3
					241,182,671		4.4
NEW ZEALAND					6,520,497		0.1
NORWAY					42,622,906		0.8
PORTUGAL					9,586,678		0.2
SINGAPORE					81,110,565		1.5
SPAIN
	2,352,878		Banco Bilbao Vizcaya Argentaria S.A.		27,497,886		0.5
	4,609,921		Banco Santander Central Hispano S.A.		40,868,159		0.7
	1,706,623	*,e	Telefonica S.A.		30,035,386		0.6
			Other		79,628,753		1.5
					178,030,184		3.3
SWEDEN					167,211,442		3.1
SWITZERLAND
	914,899		ABB Ltd		23,309,386		0.4
	217,160		Cie Financiere Richemont S.A.		22,204,540		0.4
	4,415,739		Glencore International AG.		24,031,412		0.5
	1,344,523		Nestle S.A.		97,052,926		1.8
	957,928		Novartis AG.		74,356,831		1.4
	292,758		Roche Holding AG.		80,957,947		1.5
	1,519,174		UBS AG. (Switzerland)		29,382,438		0.5
			Other		153,671,933		2.8
					504,967,413		9.3

32 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

Summary portfolio of investments concluded

International Equity Index Fund  ■  October 31, 2013

Shares			Company	Value		% of net assets
UNITED KINGDOM
	521,007		AstraZeneca plc	$	27,582,176		0.5	%
	6,371,845		Barclays plc		26,809,277		0.5
	1,417,034		BG Group plc		28,907,019		0.5
	880,080		BHP Billiton plc		27,157,922		0.5
	7,906,990		BP plc		61,378,819		1.1
	799,751		British American Tobacco plc		44,124,054		0.8
	1,046,157		Diageo plc		33,348,813		0.6
	2,052,752		GlaxoSmithKline plc		54,115,374		1.0
	7,753,333		HSBC Holdings plc		84,986,910		1.6
	19,273,058	*	Lloyds TSB Group plc		23,836,849		0.4
	529,554		Rio Tinto plc		26,795,514		0.5
	1,008,822		Standard Chartered plc		24,221,799		0.4
	20,288,216		Vodafone Group plc		74,310,806		1.4
			Other		508,385,237		9.4
					1,045,960,569		19.2
UNITED STATES					28,146,419		0.5
			TOTAL COMMON STOCKS (Cost $4,524,363,003)		5,411,999,698		99.6
RIGHTS / WARRANTS
SPAIN					996,777		0.0
			TOTAL RIGHTS / WARRANTS (Cost $953,236)		996,777		0.0

Shares			Company	Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	190,194,530	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	190,194,530			3.5	%
					190,194,530			3.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $190,194,530)		190,194,530			3.5
			TOTAL PORTFOLIO (Cost $4,715,510,769)		5,603,191,005			103.1
			OTHER ASSETS & LIABILITIES, NET		(168,390,039	)		(3.1	)
			NET ASSETS	$	5,434,800,966			100.0	%

*	Non-income producing.
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 $180,075,648.

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

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

Summary of market values by sector

International Equity Index Fund  ■  October 31, 2013

Sector	Value			% of net assets
FINANCIALS	$	1,412,056,159			26.0	%
INDUSTRIALS		691,483,264			12.7
CONSUMER DISCRETIONARY		630,695,101			11.6
CONSUMER STAPLES		602,832,116			11.1
HEALTH CARE		536,365,548			9.9
MATERIALS		435,624,398			8.0
ENERGY		373,775,371			6.9
TELECOMMUNICATION SERVICES		303,469,763			5.6
INFORMATION TECHNOLOGY		228,655,906			4.2
UTILITIES		198,038,849			3.6
SHORT-TERM INVESTMENTS		190,194,530			3.5
OTHER ASSETS & LIABILITES, NET		(168,390,039	)		(3.1	)
NET ASSETS	$	5,434,800,966			100.0	%

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 33

Statements of assets and liabilities

TIAA-CREF Funds  ■  October 31, 2013
				Large-Cap		Large-Cap					Small-Cap			Emerging			International
	Equity			Growth		Value		S&P 500			Blend		Markets Equity				Equity
	Index Fund			Index Fund		Index Fund		Index Fund			Index Fund			Index Fund			Index Fund
ASSETS
Portfolio investments, at value*†	$	7,535,608,022		$	1,423,818,119	$	1,677,257,098	$	1,933,368,292		$	1,546,875,695		$	749,219,116		$	5,412,996,475
Affiliated investments, at value‡		240,434,976			–		–		–			214,865,928			–			190,194,530
Cash		28,654,098			16,990,612		24,727,654		6,365,845			9,418,803			12,900,745			29,148,550
Cash-foreign^		–			–		–		–			–			331,757			135,057
Receivable from securities transactions		2,760,959			1,192,815		832,714		–			367,007			415,647			19,868,907
Receivable from Fund shares sold		1,984,481			2,013,979		1,831,312		1,880,086			1,195,174			707,648			3,452,982
Dividends and interest receivable		6,753,192			1,028,909		1,797,845		1,953,658			932,379			515,785			12,268,567
Due from affiliates		–			–		–		–			–			87			–
Other		132,713			46,586		49,521		66,860			47,053			7,450			113,846
Total assets		7,816,328,441			1,445,091,020		1,706,496,144		1,943,634,741			1,773,702,039			764,098,235			5,668,178,914
LIABILITIES
Management fees payable		25,016			4,588		5,456		6,365			5,175			8,411			17,971
Service agreement fees payable		5,532			4,981		6,247		10,123			10,543			712			16,025
Distribution fees payable		118,743			–		–		–			–			2,251			27,767
Due to affiliates		40,647			8,103		9,936		10,740			8,060			3,311			28,536
Payable for collateral for securities loaned		240,434,976			30,275,798		24,341,186		15,151,123			214,865,928			34,080,741			190,194,530
Payable for securities transactions		2,731,839			15,679,691		20,178,958		104,179			2,469,563			276,007			39,845,280
Payable for Fund shares redeemed		2,049,211			634,045		353,569		542,136			519,407			607,942			2,921,183
Payable for variation margin on futures contracts		182,097			6,144		20,749		24,172			56,523			137,760			7,700
Accrued expenses and other payables		456,537			74,792		76,914		104,393			116,583			516,308			318,956
Total liabilities		246,044,598			46,688,142		44,993,015		15,953,231			218,051,782			35,633,443			233,377,948
NET ASSETS	$	7,570,283,843		$	1,398,402,878	$	1,661,503,129	$	1,927,681,510		$	1,555,650,257		$	728,464,792		$	5,434,800,966
NET ASSETS CONSIST OF:
Paid-in-capital	$	5,432,028,362		$	1,059,377,421	$	1,402,431,848	$	1,483,455,743		$	1,142,262,662		$	692,579,089		$	4,449,819,882
Undistributed net investment income (loss)		98,895,130			15,781,801		26,265,935		25,713,234			14,351,820			10,769,340			116,072,506
Accumulated net realized gain (loss) on total investments		(21,542,247	)		1,426,466		26,374,395		(18,038,060	)		37,896,684			(9,432,083	)		(18,905,216	)
Net unrealized appreciation (depreciation) on total investments		2,060,902,598			321,817,190		206,430,951		436,550,593			361,139,091			34,548,446			887,813,794
NET ASSETS	$	7,570,283,843		$	1,398,402,878	$	1,661,503,129	$	1,927,681,510		$	1,555,650,257		$	728,464,792		$	5,434,800,966
INSTITUTIONAL CLASS:
Net assets	$	6,705,277,219		$	1,157,001,072	$	1,359,068,374	$	1,436,986,387		$	1,048,944,022		$	680,381,748		$	4,459,896,487
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		491,169,987			63,265,952		83,921,225		72,192,027			56,457,984			62,783,988			230,987,198
Net asset value per share	$	13.65		$	18.29	$	16.19	$	19.91		$	18.58		$	10.84		$	19.31
RETIREMENT CLASS:
Net assets	$	267,636,303		$	241,401,806	$	302,434,755	$	490,695,123		$	506,706,235		$	34,502,831		$	774,407,052
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		19,363,995			13,127,607		18,443,492		24,800,511			27,218,479			3,195,024			39,428,690
Net asset value per share	$	13.82		$	18.39	$	16.40	$	19.79		$	18.62		$	10.80		$	19.64
RETAIL CLASS:
Net assets	$	536,027,389		$	–	$	–	$	–		$	–		$	7,126,666		$	–
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		38,689,992			–		–		–			–			660,348			–
Net asset value per share	$	13.85		$	–	$	–	$	–		$	–		$	10.79		$	–
PREMIER CLASS:
Net assets	$	61,342,932		$	–	$	–	$	–		$	–		$	6,453,547		$	200,497,427
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,506,996			–		–		–			–			596,510			10,410,194
Net asset value per share	$	13.61		$	–	$	–	$	–		$	–		$	10.82		$	19.26
*   Includes securities loaned of	$	233,263,158		$	29,501,369	$	23,520,590	$	14,771,581		$	207,075,176		$	31,771,994		$	180,075,648
†  Portfolio investments, cost	$	5,475,045,629		$	1,101,991,672	$	1,470,805,398	$	1,496,793,398		$	1,185,642,444		$	714,152,974		$	4,525,316,239
‡  Affiliated investments, cost	$	240,434,976		$	–	$	–	$	–		$	214,865,928		$	–		$	190,194,530
^  Foreign cash, cost	$	–		$	–	$	–	$	–		$	–		$	338,098		$	135,744

34 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements  TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 35

Statements of operations

TIAA-CREF Funds  ■  For the year ended October, 31, 2013

	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*	$	134,266,831		$	23,281,905	$	36,119,123	$	37,340,728		$	20,887,186			$	14,032,736		$	140,984,496
Income from securities lending		2,430,473			225,666		193,919		101,334			3,523,685				197,689			5,353,360
Interest		7,205			985		1,466		4,795			9,481				2,287			27,585
Total income		136,704,509			23,508,556		36,314,508		37,446,857			24,420,352				14,232,712			146,365,441
EXPENSES
Management fees		2,540,285			498,846		587,088		667,814			490,621				798,352			1,833,002
Shareholder servicing – Institutional Class		12,749			8,197		8,656		4,101			5,715				31,561			19,712
Shareholder servicing – Retirement Class		565,088			603,548		666,322		1,101,376			987,988				75,937			1,763,814
Shareholder servicing – Retail Class		322,714			–		–		–			–				12,450			–
Shareholder servicing – Premier Class		236			–		–		–			–				161			393
Distribution fees – Retail Class		1,150,922			–		–		–			–				16,338			–
Distribution fees – Premier Class		82,867			–		–		–			–				5,876			273,627
Fund administration fees		275,219			56,345		66,163		73,445			52,780				24,374			200,575
Custody and accounting fees		152,980			51,613		57,953		42,046			96,832				531,750			375,058
Compliance fees		143,254			28,996		34,433		38,264			27,585				12,769			104,393
Trustee fees and expenses		60,017			12,371		14,748		15,216			11,065				5,320			43,658
Other expenses		634,307			157,600		188,599		178,021			215,571				263,648			494,932
Total expenses		5,940,638			1,417,516		1,623,962		2,120,283			1,888,157				1,778,536			5,109,164
Less: Expenses reimbursed by the investment adviser		–			–		–		–			–				(245,283	)		–
Net expenses		5,940,638			1,417,516		1,623,962		2,120,283			1,888,157				1,533,253			5,109,164
Net Investment income (loss)		130,763,871			22,091,040		34,690,546		35,326,574			22,532,195				12,699,459			141,256,277
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(9,863,414	)		9,023,475		39,176,333		(5,371,463	)		36,386,831				(5,029,013	)		3,967,779
Futures transactions		5,670,721			1,344,996		1,041,874		2,390,150			6,514,585				629,445			12,493,828
Foreign currency transactions		(73	)		–		–		–			(280	)			(374,712	)		(1,180,947	)
In-kind redemptions		–			140,485,287		108,361,658		100,324,009			32,160,620				–			–
Net realized gain (loss) on total investments		(4,192,766	)		150,853,758		148,579,865		97,342,696			75,061,756				(4,774,280	)		15,280,660
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		1,526,726,855			130,172,508		163,670,030		248,730,817			275,866,722				31,531,966			929,770,788
Futures transactions		508,822			27,671		173,196		711,936			38,447				(26,202	)		260,265
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		20			–		–		–			59				(1,669	)		359,995
Net change in unrealized appreciation (depreciation) on total investments		1,527,235,697			130,200,179		163,843,226		249,442,753			275,905,228				31,504,095			930,391,048
Net realized and unrealized gain (loss) on total investments		1,523,042,931			281,053,937		312,423,091		346,785,449			350,966,984				26,729,815			945,671,708
Net increase (decrease) in net assets from operations	$	1,653,806,802		$	303,144,977	$	347,113,637	$	382,112,023		$	373,499,179			$	39,429,274		$	1,086,927,985
*   Net of foreign witholding taxes of	$	117,762		$	2,773	$	47,800	$	24,586		$	16,546			$	1,829,060		$	10,526,779
**  Includes net change in unrealized foreign capital gains taxes of	$	–		$	–	$	–	$	–		$	–			$	(315,608	)	$	–

36 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements  TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 37

Statements of changes in net assets

TIAA-CREF Funds  ■  For the year ended

																																Emerging Markets
		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Equity Index Fund
		October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
		2013			2012			2013			2012			2013			2012			2013			2012			2013			2012			2013			2012
OPERATIONS
Net investment income (loss)		$	130,763,871		$	73,578,813		$	22,091,040		$	15,282,664		$	34,690,546		$	24,036,874		$	35,326,574		$	29,288,001		$	22,532,195		$	14,279,986		$	12,699,459		$	5,812,903
Net realized gain (loss) on total investments			(4,192,766	)		135,779,926			150,853,758			13,552,339			148,579,865			19,194,493			97,342,696			(12,069,241	)		75,061,756			20,469,982			(4,774,280	)		(4,419,207	)
Net change in unrealized appreciation (depreciation) on total investments			1,527,235,697			291,106,235			130,200,179			78,949,353			163,843,226			110,364,339			249,442,753			178,451,341			275,905,228			59,877,327			31,504,095			9,135,727
Net increase (decrease) in net assets from operations			1,653,806,802			500,464,974			303,144,977			107,784,356			347,113,637			153,595,706			382,112,023			195,670,101			373,499,179			94,627,295			39,429,274			10,529,423
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(83,622,846	)		(38,368,597	)		(15,189,199	)		(8,415,916	)		(23,996,972	)		(14,532,736	)		(24,660,671	)		(17,749,409	)		(13,653,444	)		(6,640,844	)		(5,765,269	)		(3,376,850	)
	Retirement Class		(2,831,443	)		(2,250,253	)		(3,690,035	)		(2,175,298	)		(4,839,075	)		(4,010,863	)		(8,550,256	)		(5,886,889	)		(5,711,600	)		(3,948,426	)		(339,023	)		(139,878	)
	Retail Class		(5,545,590	)		(4,053,624	)		–			–			–			–			–			–			–			–			(65,068	)		(63,413	)
	Premier Class		(681,775	)		(266,342	)		–			–			–			–			–			–			–			–			(34,757	)		(18,944	)
From realized gains:	Institutional Class		(26,265,188	)		–			–			–			(22,679,307	)		(17,316,125	)		–			(3,914,946	)		(14,152,829	)		(10,497,581	)		–			(775,236	)
	Retirement Class		(1,054,521	)		–			–			–			(5,079,627	)		(5,377,992	)		–			(1,500,231	)		(6,762,292	)		(7,780,213	)		–			(35,989	)
	Retail Class		(2,152,356	)		–			–			–			–			–			–			–			–			–			–			(18,860	)
	Premier Class		(230,213	)		–			–			–			–			–			–			–			–			–			–			(4,781	)
Total distributions			(122,383,932	)		(44,938,816	)		(18,879,234	)		(10,591,214	)		(56,594,981	)		(41,237,716	)		(33,210,927	)		(29,051,475	)		(40,280,165	)		(28,867,064	)		(6,204,117	)		(4,433,951	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		2,529,595,980			2,050,773,526			478,476,258			530,240,135			566,215,962			600,184,077			280,982,456			488,450,838			302,007,443			220,218,563			430,251,272			241,047,021
	Retirement Class		63,611,802			26,742,234			59,779,793			87,873,735			67,263,982			51,606,866			99,941,199			91,751,231			127,886,298			35,535,884			15,388,390			20,103,732
	Retail Class		72,409,043			33,280,857			–			–			–			–			–			–			–			–			2,606,205			2,576,957
	Premier Class		26,407,020			31,550,109			–			–			–			–			–			–			–			–			5,096,578			2,109,864
Reinvestments of distributions:	Institutional Class		109,254,825			37,938,931			15,156,209			8,377,818			45,224,553			30,645,653			23,864,966			20,969,853			27,637,667			16,618,718			5,765,269			4,152,086
	Retirement Class		3,885,964			2,250,253			3,690,035			2,175,298			9,915,239			9,388,855			8,550,256			7,387,120			12,473,892			11,728,639			339,023			175,867
	Retail Class		7,297,179			3,837,766			–			–			–			–			–			–			–			–			63,301			78,876
	Premier Class		911,988			266,342			–			–			–			–			–			–			–			–			34,757			23,725
Redemptions:	Institutional Class		(998,950,525	)		(509,847,125	)		(536,727,100	)		(211,342,462	)		(623,984,684	)		(190,906,423	)		(463,613,308	)		(171,592,480	)		(155,305,472	)		(74,349,516	)		(76,144,474	)		(111,084,114	)
	Retirement Class		(48,113,202	)		(63,851,249	)		(109,099,156	)		(54,011,703	)		(55,031,600	)		(49,294,785	)		(110,072,394	)		(101,073,499	)		(52,546,442	)		(88,750,401	)		(7,308,467	)		(4,979,770	)
	Retail Class		(48,342,377	)		(48,227,313	)		–			–			–			–			–			–			–			–			(1,585,318	)		(2,295,674	)
	Premier Class		(26,791,097	)		(8,406,365	)		–			–			–			–			–			–			–			–			(973,871	)		(1,501,566	)
Net increase (decrease) from shareholder transactions			1,691,176,600			1,556,307,966			(88,723,961	)		363,312,821			9,603,452			451,624,243			(160,346,825	)		335,893,063			262,153,386			121,001,887			373,532,665			150,407,004
Net increase (decrease) in net assets			3,222,599,470			2,011,834,124			195,541,782			460,505,963			300,122,108			563,982,233			188,554,271			502,511,689			595,372,400			186,762,118			406,757,822			156,502,476
NET ASSETS
Beginning of period			4,347,684,373			2,335,850,249			1,202,861,096			742,355,133			1,361,381,021			797,398,788			1,739,127,239			1,236,615,550			960,277,857			773,515,739			321,706,970			165,204,494
End of period		$	7,570,283,843		$	4,347,684,373		$	1,398,402,878		$	1,202,861,096		$	1,661,503,129		$	1,361,381,021		$	1,927,681,510		$	1,739,127,239		$	1,555,650,257		$	960,277,857		$	728,464,792		$	321,706,970
Undistributed net investment income (loss) included in net assets		$	98,895,130		$	60,128,156		$	15,781,801		$	12,642,127		$	26,265,935		$	20,340,199		$	25,713,234		$	23,659,658		$	14,351,820		$	10,775,453		$	10,769,340		$	4,648,783
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		222,360,765			203,631,389			29,770,744			37,047,729			38,979,541			47,047,502			15,875,182			31,451,734			18,842,881			15,705,179			41,702,388			23,946,684
	Retirement Class		5,061,067			2,599,643			3,730,089			6,297,464			4,585,212			4,085,480			5,660,155			6,065,681			7,846,766			2,562,366			1,462,980			1,965,058
	Retail Class		5,846,563			3,183,671			–			–			–			–			–			–			–			–			249,280			250,518
	Premier Class		2,205,941			3,070,653			–			–			–			–			–			–			–			–			489,135			210,018
Shares reinvested:	Institutional Class		10,220,283			4,001,997			1,050,326			648,940			3,547,024			2,688,215			1,511,398			1,496,778			2,017,348			1,302,407			547,509			430,714
	Retirement Class		358,153			233,914			253,785			167,202			766,247			812,185			543,564			529,163			906,533			915,585			32,226			18,262
	Retail Class		670,697			397,696			–			–			–			–			–			–			–			–			6,017			8,191
	Premier Class		85,392			28,125			–			–			–			–			–			–			–			–			3,301			2,461
Shares redeemed:	Institutional Class		(83,445,454	)		(48,213,222	)		(34,358,494	)		(14,445,350	)		(44,106,613	)		(14,715,883	)		(28,815,058	)		(11,286,416	)		(9,981,578	)		(5,434,780	)		(7,349,001	)		(11,061,497	)
	Retirement Class		(3,897,783	)		(6,079,961	)		(6,718,053	)		(3,842,627	)		(3,784,820	)		(3,893,346	)		(6,278,741	)		(6,558,738	)		(3,361,813	)		(6,367,386	)		(706,858	)		(491,870	)
	Retail Class		(3,957,682	)		(4,594,389	)		–			–			–			–			–			–			–			–			(154,195	)		(220,015	)
	Premier Class		(2,242,479	)		(828,622	)		–			–			–			–			–			–			–			–			(90,627	)		(147,793	)
Net increase (decrease) from shareholder transactions			153,265,463			157,430,894			(6,271,603	)		25,873,358			(13,409	)		36,024,153			(11,503,500	)		21,698,202			16,270,137			8,683,371			36,192,155			14,910,731

38 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements See notes to financial statements  TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 39

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

		International Equity Index Fund
		October 31,			October 31,
		2013			2012
OPERATIONS
Net investment income (loss)		$	141,256,277		$	110,842,506
Net realized gain (loss) on total investments			15,280,660			(13,266,662	)
Net change in unrealized appreciation (depreciation) on total investments			930,391,048			146,883,169
Net increase (decrease) in net assets from operations			1,086,927,985			244,459,013
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(98,135,566	)		(59,964,053	)
	Retirement Class		(18,727,013	)		(15,978,210	)
	Retail Class		–			–
	Premier Class		(4,407,635	)		(3,526,773	)
From realized gains:	Institutional Class		–			–
	Retirement Class		–			–
	Premier Class		–			–
Total distributions			(121,270,214	)		(79,469,036	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,308,661,420			1,402,816,896
	Retirement Class		106,223,912			131,454,535
	Premier Class		83,877,665			69,610,728
Reinvestments of distributions:	Institutional Class		97,707,806			59,591,894
	Retirement Class		18,722,887			15,978,210
	Premier Class		4,407,635			3,526,773
Redemptions:	Institutional Class		(560,513,376	)		(413,182,087	)
	Retirement Class		(141,813,039	)		(149,082,685	)
	Premier Class		(88,890,224	)		(43,094,812	)
Net increase (decrease) from shareholder transactions			828,384,686			1,077,619,452
Net increase (decrease) in net assets			1,794,042,457			1,242,609,429
NET ASSETS
Beginning of period			3,640,758,509			2,398,149,080
End of period		$	5,434,800,966		$	3,640,758,509
Undistributed net investment income (loss) included in net assets		$	116,072,506		$	96,912,241
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		78,974,916			94,776,263
	Retirement Class		6,057,533			8,631,792
	Premier Class		4,849,589			4,703,033
Shares reinvested:	Institutional Class		6,207,612			4,152,745
	Retirement Class		1,167,262			1,092,154
	Premier Class		280,384			245,939
Shares redeemed:	Institutional Class		(34,315,015	)		(26,998,726	)
	Retirement Class		(8,148,663	)		(9,773,417	)
	Premier Class		(5,064,509	)		(2,842,846	)
Net increase (decrease) from shareholder transactions			50,009,109			73,986,937

40 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

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TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 41

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			value,	investment		unrealized gain		(loss) from		Net		Net		dividends		value,
	year			beginning	income		(loss) on total		investment		investment		realized		and		end of
	ended			of period	(loss	)a	investments		operations		income		gains		distributions		period
EQUITY INDEX FUND
Institutional Class:	10/31/13			$10.84	$0.25		$2.81		$3.06		$(0.19	)	$(0.06	)	$(0.25	)	$13.65
	10/31/12			9.58	0.21		1.18		1.39		(0.13	)	–		(0.13	)	10.84
	10/31/11			9.03	0.18		0.53		0.71		(0.16	)	–		(0.16	)	9.58
	10/31/10	†		8.70	0.01		0.32		0.33		–		–		–		9.03
	9/30/10			7.97	0.16		0.70		0.86		(0.13	)	–		(0.13	)	8.70
	9/30/09			8.70	0.15		(0.73	)	(0.58	)	(0.15	)	–		(0.15	)	7.97
Retirement Class:	10/31/13			10.97	0.23		2.84		3.07		(0.16	)	(0.06	)	(0.22	)	13.82
	10/31/12			9.69	0.19		1.20		1.39		(0.11	)	–		(0.11	)	10.97
	10/31/11			9.13	0.16		0.53		0.69		(0.13	)	–		(0.13	)	9.69
	10/31/10	†		8.79	0.01		0.33		0.34		–		–		–		9.13
	9/30/10			8.06	0.14		0.71		0.85		(0.12	)	–		(0.12	)	8.79
	9/30/09			8.81	0.12		(0.74	)	(0.62	)	(0.13	)	–		(0.13	)	8.06
Retail Class:	10/31/13			10.99	0.22		2.85		3.07		(0.15	)	(0.06	)	(0.21	)	13.85
	10/31/12			9.72	0.18		1.20		1.38		(0.11	)	–		(0.11	)	10.99
	10/31/11			9.17	0.16		0.53		0.69		(0.14	)	–		(0.14	)	9.72
	10/31/10	†		8.83	0.01		0.33		0.34		–		–		–		9.17
	9/30/10			8.09	0.14		0.72		0.86		(0.12	)	–		(0.12	)	8.83
	9/30/09			8.83	0.14		(0.74	)	(0.60	)	(0.14	)	–		(0.14	)	8.09
Premier Class:	10/31/13			10.81	0.24		2.80		3.04		(0.18	)	(0.06	)	(0.24	)	13.61
	10/31/12			9.56	0.20		1.17		1.37		(0.12	)	–		(0.12	)	10.81
	10/31/11			9.03	0.16		0.52		0.68		(0.15	)	–		(0.15	)	9.56
	10/31/10	†		8.69	0.01		0.33		0.34		–		–		–		9.03
	9/30/10			7.97	0.16		0.69		0.85		(0.13	)	–		(0.13	)	8.69
	9/30/09	*		7.97	0.00	d	–		0.00	d	–		–		–		7.97
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	10/31/13			14.54	0.29		3.73		4.02		(0.27	)	–		(0.27	)	18.29
	10/31/12			13.06	0.23		1.44		1.67		(0.19	)	–		(0.19	)	14.54
	10/31/11			12.04	0.19		0.99		1.18		(0.16	)	–		(0.16	)	13.06
	10/31/10	†		11.49	0.01		0.54		0.55		–		–		–		12.04
	9/30/10			10.35	0.17		1.11		1.28		(0.14	)	–		(0.14	)	11.49
	9/30/09			10.72	0.15		(0.38	)	(0.23	)	(0.14	)	(0.00	)d	(0.14	)	10.35
Retirement Class:	10/31/13			14.61	0.26		3.75		4.01		(0.23	)	–		(0.23	)	18.39
	10/31/12			13.12	0.20		1.45		1.65		(0.16	)	–		(0.16	)	14.61
	10/31/11			12.10	0.16		0.99		1.15		(0.13	)	–		(0.13	)	13.12
	10/31/10	†		11.55	0.00	d	0.55		0.55		–		–		–		12.10
	9/30/10			10.41	0.15		1.12		1.27		(0.13	)	–		(0.13	)	11.55
	9/30/09			10.78	0.13		(0.39	)	(0.26	)	(0.11	)	(0.00	)d	(0.11	)	10.41
LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/13			13.27	0.35		3.21		3.56		(0.33	)	(0.31	)	(0.64	)	16.19
	10/31/12			11.99	0.31		1.59		1.90		(0.28	)	(0.34	)	(0.62	)	13.27
	10/31/11			11.52	0.28		0.42		0.70		(0.22	)	(0.01	)	(0.23	)	11.99
	10/31/10	†		11.18	0.02		0.32		0.34		–		–		–		11.52
	9/30/10			10.49	0.25		0.66		0.91		(0.22	)	–		(0.22	)	11.18
	9/30/09			12.17	0.27		(1.62	)	(1.35	)	(0.32	)	(0.01	)	(0.33	)	10.49
Retirement Class:	10/31/13			13.43	0.32		3.25		3.57		(0.29	)	(0.31	)	(0.60	)	16.40
	10/31/12			12.12	0.29		1.61		1.90		(0.25	)	(0.34	)	(0.59	)	13.43
	10/31/11			11.64	0.25		0.43		0.68		(0.19	)	(0.01	)	(0.20	)	12.12
	10/31/10	†		11.30	0.01		0.33		0.34		–		–		–		11.64
	9/30/10			10.61	0.22		0.67		0.89		(0.20	)	–		(0.20	)	11.30
	9/30/09			12.30	0.24		(1.62	)	(1.38	)	(0.30	)	(0.01	)	(0.31	)	10.61

42 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

			Ratios and supplemental data
	For the
	period				Net assets at		Ratios to average net assets						Portfolio
	or year				end of period		Gross		Net		Net investment		turnover
	ended		Total return		(in thousands	)	expenses		expenses		income (loss)		rate
EQUITY INDEX FUND
Institutional Class:	10/31/13		28.85	%	$6,705,277		0.06	%	0.06	%	2.09	%	8	%e
	10/31/12		14.75		3,706,630		0.07		0.07		2.08		6	e
	10/31/11		7.88		1,749,384		0.07		0.07		1.83		11
	10/31/10	†	3.79	b	1,484,700		0.12	c	0.09	c	1.15	c	0	b
	9/30/10		10.90		1,361,428		0.08		0.08		1.87		9
	9/30/09		(6.26	)	884,250		0.12		0.09		2.28		11
Retirement Class:	10/31/13		28.52		267,636		0.31		0.31		1.86		8	e
	10/31/12		14.46		195,671		0.32		0.32		1.85		6	e
	10/31/11		7.61		204,345		0.32		0.32		1.59		11
	10/31/10	†	3.87	b	242,319		0.37	c	0.34	c	0.90	c	0	b
	9/30/10		10.63		251,201		0.33		0.33		1.62		9
	9/30/09		(6.60	)	279,063		0.37		0.33		1.66		11
Retail Class:	10/31/13		28.49		536,027		0.38		0.38		1.79		8	e
	10/31/12		14.35		397,199		0.40		0.40		1.76		6	e
	10/31/11		7.54		361,203		0.29		0.29		1.61		11
	10/31/10	†	3.85	b	348,162		0.31	c	0.28	c	0.96	c	0	b
	9/30/10		10.71		336,495		0.26		0.26		1.69		9
	9/30/09		(6.46	)	312,098		0.49		0.27		2.13		11
Premier Class:	10/31/13		28.68		61,343		0.21		0.21		1.95		8	e
	10/31/12		14.56		48,184		0.22		0.22		1.90		6	e
	10/31/11		7.60		20,918		0.22		0.22		1.63		11
	10/31/10	†	3.91	b	7,776		0.28	c	0.24	c	1.00	c	0	b
	9/30/10		10.73		4,812		0.24		0.24		1.86		9
	9/30/09	*	0.00	b	250		220.64	c	0.24	c	0.00	c	11
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	10/31/13		28.14		1,157,001		0.07		0.07		1.81		19	e
	10/31/12		12.96		971,051		0.07		0.07		1.66		24	e
	10/31/11		9.85		568,586		0.08		0.08		1.45		24
	10/31/10	†	4.79	b	470,424		0.19	c	0.09	c	0.71	c	0	b
	9/30/10		12.49		422,219		0.09		0.09		1.55		34
	9/30/09		(1.76	)	307,978		0.14		0.07		1.78		28
Retirement Class:	10/31/13		27.90		241,402		0.32		0.32		1.60		19	e
	10/31/12		12.69		231,810		0.32		0.32		1.42		24	e
	10/31/11		9.51		173,769		0.33		0.33		1.20		24
	10/31/10	†	4.76	b	161,099		0.44	c	0.34	c	0.45	c	0	b
	9/30/10		12.22		162,611		0.34		0.34		1.30		34
	9/30/09		(2.06	)	149,803		0.39		0.33		1.52		28
LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/13		28.07		1,359,068		0.07		0.07		2.41		19	e
	10/31/12		16.70		1,134,741		0.08		0.08		2.48		20	e
	10/31/11		6.13		605,062		0.08		0.08		2.27		27
	10/31/10	†	3.04	b	514,065		0.19	c	0.09	c	1.67	c	0	b
	9/30/10		8.82		462,184		0.09		0.09		2.29		36
	9/30/09		(10.56	)	338,574		0.13		0.08		3.02		31
Retirement Class:	10/31/13		27.79		302,435		0.32		0.32		2.15		19	e
	10/31/12		16.46		226,640		0.32		0.32		2.28		20	e
	10/31/11		5.88		192,336		0.33		0.33		2.02		27
	10/31/10	†	3.01	b	173,247		0.43	c	0.34	c	1.43	c	0	b
	9/30/10		8.52		176,489		0.34		0.34		2.03		36
	9/30/09		(10.77	)	169,714		0.38		0.33		2.68		31

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 43

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		value,	investment		unrealized gain		(loss) from		Net			Net		dividends		value,
	year		beginning	income		(loss) on total		investment		investment		realized			and		end of
	ended		of period	(loss	)a	investments		operations		income			gains		distributions		period
S&P 500 INDEX FUND
Institutional Class:	10/31/13		$16.05	$0.39		$3.86		$4.25		$(0.39	)		$     –		$(0.39	)	$19.91
	10/31/12		14.27	0.33		1.78		2.11		(0.27	)		(0.06	)	(0.33	)	16.05
	10/31/11		13.51	0.28		0.79		1.07		(0.31	)		–		(0.31	)	14.27
	10/31/10	†	13.02	0.01		0.48		0.49		–			–		–		13.51
	9/30/10		12.06	0.25		0.95		1.20		(0.24	)		–		(0.24	)	13.02
	9/30/09		13.34	0.26		(1.25	)	(0.99	)	(0.29	)		(0.00	)d	(0.29	)	12.06
Retirement Class:	10/31/13		15.96	0.34		3.84		4.18		(0.35	)		–		(0.35	)	19.79
	10/31/12		14.19	0.29		1.78		2.07		(0.24	)		(0.06	)	(0.30	)	15.96
	10/31/11		13.44	0.24		0.78		1.02		(0.27	)		–		(0.27	)	14.19
	10/31/10	†	12.95	0.01		0.48		0.49		–			–		–		13.44
	9/30/10		12.00	0.22		0.95		1.17		(0.22	)		–		(0.22	)	12.95
	9/30/09		13.27	0.23		(1.23	)	(1.00	)	(0.27	)		(0.00	)d	(0.27	)	12.00
SMALL-CAP BLEND INDEX FUND
Institutional Class:	10/31/13		14.24	0.31		4.65		4.96		(0.30	)		(0.32	)	(0.62	)	18.58
	10/31/12		13.17	0.25		1.33		1.58		(0.20	)		(0.31	)	(0.51	)	14.24
	10/31/11		12.49	0.17		0.66		0.83		(0.15	)		–		(0.15	)	13.17
	10/31/10	†	12.00	0.01		0.48		0.49		–			–		–		12.49
	9/30/10		10.69	0.14		1.26		1.40		(0.09	)		–		(0.09	)	12.00
	9/30/09		12.91	0.13		(1.61	)	(1.48	)	(0.17	)		(0.57	)	(0.74	)	10.69
Retirement Class:	10/31/13		14.26	0.27		4.68		4.95		(0.27	)		(0.32	)	(0.59	)	18.62
	10/31/12		13.18	0.22		1.33		1.55		(0.16	)		(0.31	)	(0.47	)	14.26
	10/31/11		12.51	0.14		0.65		0.79		(0.12	)		–		(0.12	)	13.18
	10/31/10	†	12.02	0.01		0.48		0.49		–			–		–		12.51
	9/30/10		10.71	0.11		1.28		1.39		(0.08	)		–		(0.08	)	12.02
	9/30/09		12.93	0.10		(1.61	)	(1.51	)	(0.14	)		(0.57	)	(0.71	)	10.71

44 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

(continued)

			Ratios and supplemental data
	For the
	period				Net assets at		Ratios to average net assets						Portfolio
	or year				end of period		Gross		Net		Net investment		turnover
	ended		Total return		(in thousands	)	expenses		expenses		income (loss)		rate
S&P 500 INDEX FUND
Institutional Class:	10/31/13		27.08	%	$1,436,986		0.06	%	0.06	%	2.19	%	4	%e
	10/31/12		15.14		1,342,205		0.07		0.07		2.13		7	e
	10/31/11		7.96		884,211		0.07		0.07		1.96		14
	10/31/10	†	3.76	b	725,376		0.15	c	0.09	c	1.26	c	0	b
	9/30/10		10.07		740,600		0.08		0.08		1.99		12
	9/30/09		(6.88	)	830,097		0.11		0.09		2.50		5
Retirement Class:	10/31/13		26.73		490,695		0.31		0.31		1.92		4	e
	10/31/12		14.85		396,922		0.32		0.32		1.89		7	e
	10/31/11		7.75		352,405		0.32		0.32		1.71		14
	10/31/10	†	3.71	b	338,947		0.40	c	0.34	c	1.01	c	0	b
	9/30/10		9.82		339,172		0.33		0.33		1.74		12
	9/30/09		(7.11	)	303,619		0.36		0.34		2.22		5
SMALL-CAP BLEND INDEX FUND
Institutional Class:	10/31/13		36.38		1,048,944		0.07		0.07		1.92		17	e
	10/31/12		12.48		648,984		0.08		0.08		1.81		17	e
	10/31/11		6.64		447,756		0.08		0.08		1.26		25
	10/31/10	†	4.08	b	354,242		0.18	c	0.09	c	0.79	c	0	b
	9/30/10		13.25		316,168		0.10		0.09		1.22		21
	9/30/09		(9.81	)	301,142		0.17		0.08		1.42		36
Retirement Class:	10/31/13		36.10		506,706		0.32		0.32		1.67		17	e
	10/31/12		12.20		311,294		0.33		0.33		1.57		17	e
	10/31/11		6.30		325,760		0.33		0.33		1.02		25
	10/31/10	†	4.08	b	383,599		0.43	c	0.34	c	0.54	c	0	b
	9/30/10		13.07		386,480		0.35		0.34		0.97		21
	9/30/09		(10.06	)	303,721		0.42		0.33		1.06		36

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 45

Financial highlights

TIAA-CREF Funds

			Selected per share data
				Gain (loss) from investment operations:
	For the		Net asset	Net		Net realized and		Total gain		Less distributions from:					Total		Net asset
	period or		value,	investment		unrealized gain		(loss) from		Net			Net		dividends		value,
	year		beginning	income		(loss) on total		investment		investment		realized			and		end of
	ended		of period	(loss	)a	investments		operations		income			gains		distributions		period
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	10/31/13		$10.37	$0.23		$0.39		$0.62		$(0.15	)		$     –		$(0.15	)	$10.84
	10/31/12		10.24	0.24		0.09		0.33		(0.16	)		(0.04	)	(0.20	)	10.37
	10/31/11		11.33	0.25		(1.31	)	(1.06	)	(0.02	)		(0.01	)	(0.03	)	10.24
	10/31/10	‡	10.00	0.03		1.30		1.33		–			–		–		11.33
Retirement Class:	10/31/13		10.34	0.20		0.40		0.60		(0.14	)		–		(0.14	)	10.80
	10/31/12		10.22	0.23		0.07		0.30		(0.14	)		(0.04	)	(0.18	)	10.34
	10/31/11		11.33	0.26		(1.35	)	(1.09	)	(0.01	)		(0.01	)	(0.02	)	10.22
	10/31/10	‡	10.00	0.02		1.31		1.33		–			–		–		11.33
Retail Class:	10/31/13		10.32	0.19		0.40		0.59		(0.12	)		–		(0.12	)	10.79
	10/31/12		10.21	0.20		0.07		0.27		(0.12	)		(0.04	)	(0.16	)	10.32
	10/31/11		11.32	0.22		(1.31	)	(1.09	)	(0.01	)		(0.01	)	(0.02	)	10.21
	10/31/10	‡	10.00	0.02		1.30		1.32		–			–		–		11.32
Premier Class:	10/31/13		10.35	0.22		0.39		0.61		(0.14	)		–		(0.14	)	10.82
	10/31/12		10.23	0.24		0.06		0.30		(0.14	)		(0.04	)	(0.18	)	10.35
	10/31/11		11.33	0.23		(1.30	)	(1.07	)	(0.02	)		(0.01	)	(0.03	)	10.23
	10/31/10	‡	10.00	0.02		1.31		1.33		–			–		–		11.33
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/13		15.73	0.54		3.54		4.08		(0.50	)		–		(0.50	)	19.31
	10/31/12		15.23	0.55		0.39		0.94		(0.44	)		–		(0.44	)	15.73
	10/31/11		16.43	0.53		(1.38	)	(0.85	)	(0.35	)		–		(0.35	)	15.23
	10/31/10	†	15.82	0.01		0.60		0.61		–			–		–		16.43
	9/30/10		15.67	0.44		0.05		0.49		(0.34	)		–		(0.34	)	15.82
	9/30/09		16.09	0.42		(0.31	)	0.11		(0.53	)		–		(0.53	)	15.67
Retirement Class:	10/31/13		15.99	0.50		3.61		4.11		(0.46	)		–		(0.46	)	19.64
	10/31/12		15.47	0.53		0.38		0.91		(0.39	)		–		(0.39	)	15.99
	10/31/11		16.68	0.51		(1.42	)	(0.91	)	(0.30	)		–		(0.30	)	15.47
	10/31/10	†	16.06	0.01		0.61		0.62		–			–		–		16.68
	9/30/10		15.92	0.39		0.06		0.45		(0.31	)		–		(0.31	)	16.06
	9/30/09		16.32	0.40		(0.30	)	0.10		(0.50	)		–		(0.50	)	15.92
Premier Class:	10/31/13		15.69	0.51		3.54		4.05		(0.48	)		–		(0.48	)	19.26
	10/31/12		15.20	0.53		0.38		0.91		(0.42	)		–		(0.42	)	15.69
	10/31/11		16.41	0.49		(1.36	)	(0.87	)	(0.34	)		–		(0.34	)	15.20
	10/31/10	†	15.80	0.01		0.60		0.61		–			–		–		16.41
	9/30/10		15.67	0.48		(0.02	)	0.46		(0.33	)		–		(0.33	)	15.80
	9/30/09	*	15.67	0.00	d	–		0.00	d	–			–		–		15.67

46 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds See notes to financial statements

(concluded)

			Ratios and supplemental data
	For the
	period				Net assets at		Ratios to average net assets						Portfolio
	or year				end of period		Gross		Net		Net investment		turnover
	ended		Total return		(in thousands	)	expenses		expenses		income (loss)		rate
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	10/31/13		6.06	%	$680,382		0.29	%	0.25	%	2.25	%	13	%
	10/31/12		3.31		289,041		0.38		0.25		2.42		25	e
	10/31/11		(9.36	)	149,206		0.46		0.25		2.26		38
	10/31/10	‡	13.30	b	109,910		1.30	c	0.25	c	1.37	c	2	b
Retirement Class:	10/31/13		5.79		34,503		0.54		0.50		1.96		13
	10/31/12		3.03		24,877		0.63		0.50		2.28		25	e
	10/31/11		(9.61	)	9,356		0.70		0.50		2.38		38
	10/31/10	‡	13.30	b	1,133		2.27	c	0.50	c	1.12	c	2	b
Retail Class:	10/31/13		5.70		7,127		0.73		0.64		1.81		13
	10/31/12		2.73		5,773		0.83		0.64		2.00		25	e
	10/31/11		(9.64	)	5,313		0.88		0.64		1.99		38
	10/31/10	‡	13.20	b	1,776		2.18	c	0.64	c	0.89	c	2	b
Premier Class:	10/31/13		5.96		6,454		0.44		0.40		2.16		13
	10/31/12		3.06		2,016		0.54		0.40		2.38		25	e
	10/31/11		(9.50	)	1,330		0.62		0.40		2.04		38
	10/31/10	‡	13.30	b	1,133		2.18	c	0.40	c	1.22	c	2	b
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/13		26.65		4,459,896		0.07		0.07		3.13		3
	10/31/12		6.43		2,833,093		0.08		0.08		3.69		6	e
	10/31/11		(5.32	)	1,647,918		0.09		0.09		3.23		6
	10/31/10	†	3.86	b	1,203,484		0.15	c	0.15	c	0.88	c	3	b
	9/30/10		3.14		1,001,071		0.10		0.10		2.88		11
	9/30/09		1.76		551,312		0.16		0.15		3.33		31
Retirement Class:	10/31/13		26.35		774,407		0.32		0.32		2.86		3
	10/31/12		6.13		645,359		0.33		0.33		3.46		6	e
	10/31/11		(5.54	)	625,016		0.34		0.34		3.02		6
	10/31/10	†	3.86	b	783,583		0.40	c	0.40	c	0.62	c	3	b
	9/30/10		2.85		801,279		0.35		0.35		2.55		11
	9/30/09		1.57		692,158		0.41		0.40		3.08		31
Premier Class:	10/31/13		26.47		200,497		0.22		0.22		2.97		3
	10/31/12		6.25		162,307		0.23		0.23		3.53		6	e
	10/31/11		(5.44	)	125,215		0.24		0.24		3.02		6
	10/31/10	†	3.86	b	60,259		0.30	c	0.30	c	0.73	c	3	b
	9/30/10		2.97		39,623		0.25		0.25		3.24		11
	9/30/09	*	0.00	b	250		220.65	c	0.30	c	0.00	c	31

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.
e	Does not include in-kind transactions.
*	Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the one-month period ended October 31, 2010 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to October 31.
‡	The Fund commenced operations on August 31, 2010.

See notes to financial statements TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 47

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

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

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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 Net Asset Value per share (“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.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. 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 gain 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.

Income and expenses 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.

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

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

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

For the year ended October 31, 2013, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, in-kind redemptions, dividend redesignations, investments in partnerships and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

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

48 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

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. The investment of deferred amounts and the offsetting payable to the trustees are included in other assets and accrued expenses and other payables 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.

New Accounting Pronouncements: In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013, issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (collectively, the “Update”). The Update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statements of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Funds have adopted these new disclosure requirements and have determined no additional disclosures are required for this annual report.

Note 2—valuation of investments

Portfolio investments are valued at their estimated fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that categorizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at

the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments 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. 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. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including, but not limited to, broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields, or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Short-term investments: Short-term investments, excluding investments in registered investment companies, with maturities of 60 days or less are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity. Short-term investments with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.

Investments in Registered Investment Companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.

Any portfolio security 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. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting year. For the year ended October 31, 2013, there were no material transfers between levels by the Funds.

As of October 31, 2013, 100% of the value of investments in the Large-Cap Growth Index Fund, Large-Cap Value Index Fund and S&P 500 Index Fund were valued based on Level 1 inputs.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 49

Notes to financial statements

The following table summarizes the market value of the Funds’ investments as of October 31, 2013, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Equity Index
Equity investments:
Consumer discretionary	$	1,011,790,832		$	36,051	$	–	$	1,011,826,883
Health care		941,706,587			–		4,028		941,710,615
All other equity investments*		5,571,970,625			–		–		5,571,970,625
Short-term investments		240,434,976			10,099,899		–		250,534,875
Futures**		340,214			–		–		340,214
Total	$	7,766,243,234		$	10,135,950	$	4,028	$	7,776,383,212
Small-Cap Blend Index
Equity investments:
Consumer discretionary	$	212,182,446		$	80,207	$	–	$	212,262,653
Health care		194,227,543			–		15,521		194,243,064
All other equity investments*		1,140,369,978			–		–		1,140,369,978
Short-term investments		214,865,928			–		–		214,865,928
Futures**		(94,138	)		–		–		(94,138	)
Total	$	1,761,551,757		$	80,207	$	15,521	$	1,761,647,485
Emerging Markets Equity Index
Equity investments:
Africa	$	–		$	53,391,892	$	–	$	53,391,892
Asia		97,920			431,346,527		26,943		431,471,390
Central America		–			36,383,773		–		36,383,773
Europe		6,337,783			38,005,307		–		44,343,090
South America		–			83,513,823		–		83,513,823
All other equity investments*		4,863,354			61,170,341		712		66,034,407
Short-term investments		34,080,741			–		–		34,080,741
Futures**		(107,298	)		–		–		(107,298	)
Total	$	45,272,500		$	703,811,663	$	27,655	$	749,111,818
International Equity Index
Equity investments:
Asia	$	–		$	1,280,539,541	$	–	$	1,280,539,541
Australia		–			437,155,949		–		437,155,949
Europe		–			3,250,422,416		–		3,250,422,416
All other equity investments*		21,440,677			423,437,892		–		444,878,569
Short-term investments		190,194,530			–		–		190,194,530
Futures**		(5,425	)		–		–		(5,425	)
Total	$	211,629,782		$	5,391,555,798	$	–	$	5,603,185,580

*	For detailed categories, please see the accompanying Summary portfolio of investments.
**	Derivative instruments are not reflected in the Summary portfolio of investments.

Note 3—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. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.

At October 31, 2013, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives
		Fair value
Derivative contract	Location	amount
Equity Index Fund
Equity contracts	Futures*	$ 340,214
Large-Cap Growth Index Fund
Equity contracts	Futures*	(9,256	)

	Asset derivatives
		Fair value
Derivative contract	Location	amount
Large-Cap Value Index Fund
Equity contracts	Futures*	$ (20,749	)
S&P 500 Index Fund
Equity contracts	Futures*	(24,302	)
Small-Cap Blend Index Fund
Equity contracts	Futures*	(94,138	)
Emerging Markets Equity Index Fund
Equity contracts	Futures*	(107,298	)
International Equity Index Fund
Equity contracts	Futures*	(5,425	)

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

50 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

For the year ended October 31, 2013, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

					Change in
					unrealized
			Realized		appreciation
Derivative contract	Location		gain (loss	)	(depreciation	)
Equity Index Fund
Equity contracts	Futures transactions	$	5,670,721		$  508,822
Large-Cap Growth Index Fund
Equity contracts	Futures transactions		1,344,996		27,671
Large-Cap Value Index Fund
Equity contracts	Futures transactions		1,041,874		173,196
S&P 500 Index Fund
Equity contracts	Futures transactions		2,390,150		711,936
Small-Cap Blend Index Fund
Equity contracts	Futures transactions		6,514,585		38,447
Emerging Markets Equity Index Fund
Equity contracts	Futures transactions		629,445		(26,202	)
International Equity Index Fund
Equity contracts	Futures transactions		12,493,828		260,265

Futures contracts: The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting daily changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended October 31, 2013, the Equity Index Fund, had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. During the year ended October 31, 2013, Large-Cap Growth Index Fund and the Large-Cap Value Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets. During the year ended October 31, 2013, the S&P 500 Index, the Small-Cap Blend Index Fund, and the Emerging Markets Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 3%. During the year ended October 31, 2013, the International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 4%.

At October 31, 2013, the Funds held the following open futures contracts:

		Number of	Settlement		Expiration	Unrealized
Fund	Futures	contracts	value		date	gain (loss)
Equity Index	S&P 500
	E Mini Index	326	$	28,541,300	December 2013		$  315,084
Equity Index	S&P MidCap
	400 E Mini Index	28		3,601,920	December 2013		34,754
Equity Index	Russell 2000
	Mini Index	26		2,854,280	December 2013		(9,624	)
Total		380		34,997,500			340,214
Large-Cap Growth	S&P 500
Index	E Mini Index	14		1,225,700	December 2013		(9,256	)
Large-Cap Value	S&P 500
Index	E Mini Index	55		4,815,250	December 2013		(20,749	)
S&P 500 Index	S&P 500
	E Mini Index	53		4,640,150	December 2013		(24,302	)
Small-Cap Blend	Russell 2000
Index	Mini Index	51		5,598,780	December 2013		(94,138	)
Emerging Markets	MSCI Emerging
Equity Index	Markets Mini Index	239		12,235,605	December 2013		(107,298	)
International	MSCI EAFE
Equity Index	Mini Index	8		750,120	December 2013		(5,425	)

Note 4—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 operational oversight 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 TPIS 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. Prior to January 1, 2013, the Retail Class of each Fund (except the Emerging Markets Equity Index Fund) reimbursed TPIS for amounts incurred up to 0.25% of the average daily net assets to distribute the Funds’ Retail Class. The Premier Class of each Fund has adopted a distribution Rule 12b-1 plan that compensated TPIS 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.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 51

Notes to financial statements

Certain affiliated entities may pay Fund expenses on behalf of the Funds. The Funds reimburse the affiliated entities for any such payment. Amounts owed to Fund affiliates for payment of Fund expenses are disclosed as due to affiliates on the Statements of Assets and Liabilities.

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 2013, 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			Retail			Premier			Institutional			Retirement			Retail			Premier
Fund				Class			Class			Class			Class			Class			Class			Class
Equity Index		0.04	%		0.25	%		0.25	%		0.15	%		0.09	%		0.34	%		0.48	%		0.24	%
Large-Cap Growth Index		0.04			0.25			–			–			0.09			0.34			–			–
Large-Cap Value Index		0.04			0.25			–			–			0.09			0.34			–			–
S&P 500 Index		0.04			0.25			–			–			0.09			0.34			–			–
Small-Cap Blend Index		0.04			0.25			–			–			0.09			0.34			–			–
Emerging Markets Equity Index		0.14			0.25			0.25			0.15			0.25			0.50			0.64			0.40
International Equity Index		0.04			0.25			–			0.15			0.15			0.40			–			0.30

^‡ 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, 2014. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

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.

A registered separate account of TIAA (collectively, “TIAA Access”) has various sub-accounts that invest in several of the funds, and certain other funds within the Trust also make investments in several of the Funds.

The following is the percentage of the Funds’ shares owned by TIAA Access and other funds within the Trust as of October 31, 2013:

	TIAA-CREF
	Lifecycle			TIAA
Underlying Fund	Index Funds			Access			Total
Equity Index		17	%		1	%		18	%
Large-Cap Growth Index		–			5			5
Large-Cap Value Index		–			5			5
S&P 500 Index		–			4			4
Small-Cap Blend Index		–			13			13
Emerging Markets Equity Index		17			–			17
International Equity Index		8			4			12

TIAA-CREF Tuition Financing, Inc. (“TFI”), an indirect wholly owned subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of October 31, 2013, three 529 Plans owned 17%, 17%, and 8%, respectively, of the Equity Index Fund; one 529 Plan owned 15% of the Large-Cap Growth Index Fund; one 529 Plan owned 12% of the Large-Cap Value Index Fund; two 529 Plans owned 13%, and 7%, respectively, of the S&P 500 Index Fund; three 529 Plans owned 15%, 12%, and 5%, respectively, of the Emerging Markets Equity Index Fund, and three 529 Plans owned 9%, 9% and 7%, respectively, of the International Equity Index Fund.

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:

															Shares at		Value at
	Value at		Purchase		Sales			Realized			Dividend		Withholding		October 31,		October 31,
Issue	October 31, 2012		cost		proceeds			gain (loss		)	income		expense		2013		2013
Equity Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$   95,617,580	$	187,933,921	$	(43,116,525	)		$ –			$ –		$ –		240,434,976	$	240,434,976
Small-Cap Blend Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		119,823,634		106,618,299		(11,576,005	)		–			–		–		214,865,928		214,865,928
International Equity Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		177,024,469		573,611,751		(560,441,690	)		–			–		–		190,194,530		190,194,530

52 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

continued

Note 5—investments

Securities lending: The 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 year of the loan; any additional collateral required due to changes in security values is delivered to the fund next business day. Cash collateral received by a Fund will generally be invested in high-quality short-term instruments, or in one or more funds maintained by the securities lending 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. Securities lending income consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the lending agent. Such income is reflected separately in the Statements of Operations. In lending its securities, the Fund bears the market risk with respect to the collateral investment as well as the securities loaned and also bears the risk that the counterparty may default on its obligations to the Fund.

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. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At October 31, 2013, net unrealized appreciation (depreciation) based on the

aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

								Net
			Gross		Gross			unrealized
			unrealized		unrealized			appreciation
Fund	Tax cost		appreciation		(depreciation		)	(depreciation		)
Equity Index	$	5,762,885,795	$	2,082,170,290	$	(69,013,087	)	$	2,013,157,203
Large-Cap Growth Index		1,105,346,055		325,633,087		(7,161,023	)		318,472,064
Large-Cap Value Index		1,491,253,217		233,481,355		(47,477,474	)		186,003,881
S&P 500 Index		1,505,461,085		519,886,727		(91,979,520	)		427,907,207
Small-Cap Blend Index		1,413,558,278		418,595,198		(70,411,853	)		348,183,345
Emerging Markets Equity Index		717,867,306		71,505,078		(40,153,268	)		31,351,810
International Equity Index		4,741,169,303		1,057,032,268		(195,010,566	)		862,021,702

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2013 were as follows:

	Non-U.S.		Non-U.S.
	government		government
Fund	purchases		sales
Equity Index	$	1,081,614,188	$	510,394,655
Large-Cap Growth Index		522,765,339		231,558,578
Large-Cap Value Index		646,326,524		271,268,060
S&P 500 Index		231,907,684		64,883,151
Small-Cap Blend Index		535,066,530		210,399,217
Emerging Markets Equity Index		446,168,610		72,894,741
International Equity Index		1,024,074,420		119,966,614

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended October, 31 2013 and October, 31 2012 was as follows:

	10/31/2013						10/31/2012
	Ordinary		Long-term				Ordinary		Long-term
Fund	income		capital gains		Total		income		capital gains		Total
Equity Index	$	91,978,723	$	30,405,210	$	122,383,933	$	44,938,816	$	–	$	44,938,816
Large-Cap Growth Index		18,879,234		–		18,879,234		10,591,214		–		10,591,214
Large-Cap Value Index		34,400,254		22,194,726		56,594,980		27,321,563		13,916,153		41,237,716
S&P 500 Index		33,210,927		–		33,210,927		23,636,298		5,415,177		29,051,475
Small-Cap Blend Index		19,048,724		21,231,441		40,280,165		10,589,269		18,277,795		28,867,064
Emerging Markets Equity Index		6,204,117		–		6,204,117		4,420,899		13,052		4,433,951
International Equity Index		121,270,214		–		121,270,214		79,469,036		–		79,469,036

As of October 31, 2013, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed		Unrealized			Capital
	ordinary		long-term		appreciation			loss
Fund	income		capital gains		(depreciation		)	carryover			Total
Equity Index	$	107,016,789	$	18,202,818	$	2,013,157,187		$	–		$	2,138,376,794
Large-Cap Growth Index		15,825,561		4,759,471		318,472,062			–			339,057,094
Large-Cap Value Index		37,646,623		35,455,549		186,003,885			–			259,106,057
S&P 500 Index		25,732,341		–		427,907,204			(9,358,733	)		444,280,812
Small-Cap Blend Index		25,510,334		39,725,720		348,183,322			–			413,419,376
Emerging Markets Equity Index		11,526,361		–		30,941,413			(6,574,621	)		35,893,153
International Equity Index		136,348,786		–		862,160,680			(13,426,950	)		985,082,516

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

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 53

Notes to financial statements concluded

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2013 the Large-Cap Growth Index Fund recognized a net capital gain of $140,485,287 as the result of a delivery of $372,005,467 of securities from in-kind redemption transactions. The Large-Cap Value Index Fund recognized a net capital gain of $108,361,658 as the result of a delivery of $381,126,565 of securities from in-kind redemption transactions. The S&P 500 Index Fund recognized a net capital gain of $100,324,009 as the result of a delivery of $294,466,168 of securities in an in-kind redemption transaction. The Small-Cap Blend Index Fund recognized a net capital gain of $32,160,620 as the result of a delivery of $65,099,362 securities from in-kind redemption transactions. For federal income tax purposes, the gain is not taxable and therefore will not be distributed to shareholders. The gain was reclassified from accumulated net realized gain (loss) on total investments to paid-in capital in the Statements of Assets and Liabilities. During the year ended October 31, 2013, the Equity Index Fund received $1,112,697,562 of securities from in-kind purchase transactions.

At October 31, 2013, the following Funds had capital loss carryovers, which will expire as follows:

	Date of expiration
Fund	10/31/17		10/31/19		No expiration		Total
S&P 500 Index	$	–	$	–		$   9,358,733	$	9,358,733
Emerging Markets Equity Index		–		–		6,574,621		6,574,621
International Equity Index		8,486,539		4,940,411		–		13,426,950

For the year ended October 31, 2013, the Equity Index Fund, Large-Cap Growth Index Fund, S&P 500 Index Fund and International Equity Index Fund utilized $2,652,135, $8,789,836, $167,919 and $15,891,503, respectively, of their capital loss carryover available from prior years.

Due to reorganizations in prior years, the future utilization of the Equity Index and Small-Cap Blend Index Funds capital losses may be subject to limitations under the Code and regulations thereunder.

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Note 7—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 8—line of credit

Each of the Funds participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2013. A new facility was entered into on June 25, 2013 expiring June 24, 2014. 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 funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2013, there were no borrowings under this credit facility by the Funds.

Note 9—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

54 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Report of independent registered public accounting firm

To the Board of Trustees and Shareholders of the TIAA-CREF Funds:

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the 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 International Equity Index Fund (seven of the portfolios constituting the TIAA-CREF Funds; hereafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

 

PricewaterhouseCoopers LLP

Baltimore, Maryland
December 17, 2013

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 55

Trustees and officers (unaudited)

TIAA-CREF Funds ■ October 31, 2013

Trustees

		Term of		Number of
		office and		portfolios in
	Position(s)	length		fund complex
Name, address and	held with	of time		overseen
date of birth (“DOB”)	fund	served	Principal occupation(s) during past 5 years	by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	78	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Director of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	78	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Member of the Boards of Lazard Alternative Strategies Fund, LLC and Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/5/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	78	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	78	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	Former President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	78	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	Indefinite term. Trustee since 2011.	Former Partner (2004–2010) and Managing Director (1999–2010), Goldman Sachs Asset Management.	78	Director, Sansum Clinic; Investment committee member, College of Mount Saint Vincent and Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Former Principal, BAM Consulting LLC (2003–2009); Former Independent Consultant for Merrill Lynch (2003–2009).	78	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and the North Shore Land Alliance.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	78	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

56 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Trustees — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012 ).	78	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of  Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in  Finance (since 2002); Professor, University of Texas at Austin (since 1987). Former Chairman,  Department of Finance, University of Texas at  Austin (2002–2011).	78	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

		Term of
		office and
	Position(s)	length
Name, address and	held with	of time
date of birth (“DOB”)	fund	served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC. (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (since 2013). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) (since 2013). Managing Director/Director of Global Compliance, AIG Investments (2000–2008).
Carol Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/13/62	Executive Vice President	One-year term. Executive Vice President since 2013 .	Executive Vice President (since 2013), Chief Operating Officer (“COO”) Asset Management (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Interim Head of Asset Management, TIAA (2012–2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Senior Managing Director, President, and COO of Advisors and Investment Management (since 2012). Director of Advisors (since 2008). Manager, President, and COO of TCAA and TCAS (since 2011). Director (since 2011) of TIAA-CREF Asset Management (“TCAM”). Manager of TIAA-CREF Individual and Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM Group Ltd, and TH RE Group Holdings Ltd. (since 2013).

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 57

Trustees and officers (unaudited)	concluded
TIAA-CREF Funds  ■  October 31, 2013

Officers — concluded

		Term of
		office and
	Position(s)	length
Name, address and	held with	of time
date of birth (“DOB”)	fund	served	Principal occupation(s) during past 5 years
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010) and Funds Treasurer (since 2006) of TIAA. Director of Advisors (since 2008). Director of TIAA-CREF Asset Management (“TCAM”) (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (“Trust”) (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Director, Senior Vice President and Funds Treasurer of TCAS (since 2011). Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2009). Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011). Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Director of TC Life (2006–2008). Director of TPIS, Advisors and Investment Management (2008).
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/20/61	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management (since 2013) of TIAA and Executive Vice President of CREF and VA-1 (since 2013); Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Director, President and CEO of Advisors (since 2013). Manager, President and CEO of Investment Management (since 2013). Director of TH RE Ltd (since 2013). Director, President & CEO of TPIS (since 2013). Director of TIAA International Holdings 1 Ltd, TIAA International Holdings 2 Ltd, and TIAA International Holdings 3 Ltd (since 2013). Director, President & CEO of TCAM, Inc. (since 2013). Representative, Securities Research, Inc. (February-May 2013). President and Chief Operating Officer, U.S., ING Americas (2010 to 2012). Chief Executive Officer, ING Insurance US (2009–2010). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009). Executive Vice President, AIG Financial Products Corp (1995–2007).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Funds Complex (since 2012). Director, Covariance (since 2012). Manager, TIAA-CREF Life Insurance Company (since 2012). Director, Kaspick & Company, LLC (“Kaspick”) (since 2012). Director, Aspen Insurance Holdings, LLC (since 2011). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/31/62	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2012.	Senior Managing Director and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2012). Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/16/51	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and CEO (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

58 2013 Annual Report  ■  TIAA-CREF Funds: Equity Index Funds

Important tax information (unaudited)

For the fiscal year ended October 31, 2013, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.

	Section 1250		Long-term
Fund	gains		capital gains		Total
Equity Index	$	–	$	34,061,502	$	34,061,502
Large-Cap Growth Index		–		–		–
Large-Cap Value Index		91,797		22,102,929		22,194,726
S&P 500 Index		–		–		–
Small-Cap Blend Index		–		21,231,441		21,231,441
Emerging Markets Equity Index		–		–		–
International Equity Index		–		–		–

For the fiscal year ended October 31, 2013, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Equity Index		89.97	%
Large-Cap Growth Index		99.07	%
Large-Cap Value Index		73.08	%
S&P 500 Index		99.94	%
Small-Cap Blend Index		44.85	%
Emerging Markets Equity Index		55.82	%
International Equity Index		50.57	%

For the fiscal year ended October 31, 2013, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Equity Index		88.58	%
Large-Cap Growth Index		97.30	%
Large-Cap Value Index		71.96	%
S&P 500 Index		99.21	%
Small-Cap Blend Index		44.77	%
Emerging Markets Equity Index		0.00	%
International Equity Index		0.03	%

The Emerging Markets Equity Index and International Equity Index Funds received income from foreign sources during the year ended October 31, 2013 of $14,463,951 ($0.21512 per share), and $89,808,564 ($0.31980 per share) respectively, and paid taxes to foreign countries during the year ended October 31, 2013 of $1,703,755 ($ 0.02534 per share), and $3,435,222 ($0.01223 per share), respectively.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2013, which will be reported in conjunction with your 2013 Form 1099-DIV.

By early 2014, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF Funds: Equity Index Funds  ■  2013 Annual Report 59

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How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

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

9 a.m. to 6 p.m. (ET), Saturday

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-cref.org, or call 800 842-2252 for the Institutional, Retirement and Premier classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not 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.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended October 31, 2013 and October 31, 2012, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $767,000 and $1,016,500, respectively.

4(b) Audit Related Fees.

For the fiscal years ended October 31, 2013 and October 31, 2012, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended October 31, 2013 and October 31, 2012 the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended October 31, 2013 and October 31, 2012, PwC’s aggregate fees for tax services billed to the Registrant were $254,100 and $236,800, respectively.

For the fiscal years ended October 31, 2013 and October 31, 2012, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0 respectively.

4(d) All Other Fees.

For the fiscal years ended October 31, 2013 and October 31, 2012, PwC’s aggregate fees for all other services to the Registrant were $30,000 and $10,000 respectively.

For the fiscal years ended October 31, 2013 and October 31, 2012, the Other Fees billed by PwC to the Fund Service Providers were $0 and $0 respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2013 and October 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2013 and October 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2013 and October 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2013 and October 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2013 and October 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2013 and October 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended October 31, 2013 and October 31, 2012, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $391,013 and $390,897, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

TIAA-CREF FUNDS

ENHANCED LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.7%
	8,213		Allison Transmission Holdings, Inc	$	199,987
	96,655		Delphi Automotive plc		5,528,666
	143,412		Gentex Corp		4,222,049
			TOTAL AUTOMOBILES & COMPONENTS		9,950,702
BANKS - 0.4%
	17,586	*	Essent Group Ltd		369,306
	103,418	*	Ocwen Financial Corp		5,815,194
			TOTAL BANKS		6,184,500
CAPITAL GOODS - 9.8%
	122,768	*	Aecom Technology Corp		3,901,567
	195,725		Boeing Co		25,542,113
	19,362		Crane Co		1,229,487
	95,386		Fortune Brands Home & Security, Inc		4,109,229
	26,631		Graco, Inc		2,057,511
	230,980		Honeywell International, Inc		20,032,895
	71,238		IDEX Corp		4,926,108
	442,657		Masco Corp		9,353,342
	61,866	*	MRC Global, Inc		1,729,155
	27,106		MSC Industrial Direct Co (Class A)		2,070,085
	68,891		Nordson Corp		4,966,352
	119,618		Rockwell Automation, Inc		13,207,023
	85,681		Rockwell Collins, Inc		5,983,104
	80,685		Roper Industries, Inc		10,231,665
	95,840	*	Spirit Aerosystems Holdings, Inc (Class A)		2,557,970
	68,941		Triumph Group, Inc		4,939,623
	26,355		United Technologies Corp		2,800,219
	19,757		W.W. Grainger, Inc		5,314,040
	96,797	*	WABCO Holdings, Inc		8,293,567
	158,450		Westinghouse Air Brake Technologies Corp		10,329,355
			TOTAL CAPITAL GOODS		143,574,410
COMMERCIAL & PROFESSIONAL SERVICES - 1.9%
	165,554	e	R.R. Donnelley & Sons Co		3,074,338
	244,245		Robert Half International, Inc		9,410,760
	13,150		Rollins, Inc		363,466
	93,927	*	Stericycle, Inc		10,914,317
	57,843	*	Verisk Analytics, Inc		3,963,402
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		27,726,283
CONSUMER DURABLES & APPAREL - 3.1%
	273,932		Coach, Inc		13,882,874
	171,175		Hanesbrands, Inc		11,660,441

1

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	100,500		Nike, Inc (Class B)	$	7,613,880
	673,121		Pulte Homes, Inc		11,880,586
			TOTAL CONSUMER DURABLES & APPAREL		45,037,781
CONSUMER SERVICES - 3.9%
	64,088	*	Bally Technologies, Inc		4,687,396
	21,631	*	Chipotle Mexican Grill, Inc (Class A)		11,398,888
	158,361		H&R Block, Inc		4,503,787
	65,132		McDonald’s Corp		6,286,541
	34,967		Six Flags Entertainment Corp		1,315,109
	163,438		Starbucks Corp		13,246,650
	33,900		Starwood Hotels & Resorts Worldwide, Inc		2,495,718
	196,701		Wyndham Worldwide Corp		13,060,946
			TOTAL CONSUMER SERVICES		56,995,035
DIVERSIFIED FINANCIALS - 2.5%
	66,436	*	Affiliated Managers Group, Inc		13,117,124
	105,853		American Express Co		8,658,776
	44,931		Lazard Ltd (Class A)		1,736,583
	197,476		Moody’s Corp		13,953,654
			TOTAL DIVERSIFIED FINANCIALS		37,466,137
ENERGY - 4.5%
	47,909		Anadarko Petroleum Corp		4,565,249
	12,856	*	Antero Resources Corp		726,235
	385,234		Cabot Oil & Gas Corp		13,606,465
	6,589		Kinder Morgan, Inc		232,658
	72,760		Pioneer Natural Resources Co		14,899,793
	311,079		Schlumberger Ltd		29,154,324
	97,311	*	Southwestern Energy Co		3,621,915
			TOTAL ENERGY		66,806,639
FOOD & STAPLES RETAILING - 1.2%
	30,198		Safeway, Inc		1,053,910
	89,253		Walgreen Co		5,287,348
	118,674		Wal-Mart Stores, Inc		9,108,230
	31,125		Whole Foods Market, Inc		1,964,921
			TOTAL FOOD & STAPLES RETAILING		17,414,409
FOOD, BEVERAGE & TOBACCO - 9.3%
	632,434		Altria Group, Inc		23,545,518
	564,386		Coca-Cola Co		22,332,754
	43,297		Flowers Foods, Inc		1,097,146
	12,503	*,e	Green Mountain Coffee Roasters, Inc		785,313
	141,042		Hershey Co		13,997,008
	200,543		Hillshire Brands Co		6,583,827
	308,642		Kraft Foods Group, Inc		16,783,952
	28,003		Lorillard, Inc		1,428,433
	145,122		Mead Johnson Nutrition Co		11,850,663
	20,000	*	Monster Beverage Corp		1,144,600
	196,471		PepsiCo, Inc		16,521,246

2

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	228,243		Philip Morris International, Inc	$	20,341,016
			TOTAL FOOD, BEVERAGE & TOBACCO		136,411,476
HEALTH CARE EQUIPMENT & SERVICES - 2.3%
	99,660		Bard (C.R.), Inc		13,575,685
	303,226	*	Express Scripts Holding Co		18,957,690
	9,124		McKesson Corp		1,426,446
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		33,959,821
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	71,900		Avon Products, Inc		1,258,250
	19,500		Church & Dwight Co, Inc		1,270,425
	96,206		Colgate-Palmolive Co		6,227,414
	5,995		Kimberly-Clark Corp		647,460
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		9,403,549
INSURANCE - 0.5%
	87,847		Prudential Financial, Inc		7,149,867
			TOTAL INSURANCE		7,149,867
MATERIALS - 4.9%
	39,492		LyondellBasell Industries AF S.C.A		2,946,103
	167,056		Monsanto Co		17,520,833
	155,379	*	Owens-Illinois, Inc		4,939,499
	128,190		Packaging Corp of America		7,983,673
	50,661		PPG Industries, Inc		9,249,685
	84,784		Sealed Air Corp		2,558,781
	74,948		Sherwin-Williams Co		14,090,224
	32,599		Silgan Holdings, Inc		1,469,237
	114,890	*	WR Grace & Co		10,530,818
			TOTAL MATERIALS		71,288,853
MEDIA - 4.4%
	104,347	*	AMC Networks, Inc		7,313,681
	44,168		CBS Corp (Class B)		2,612,096
	386,108		Comcast Corp (Class A)		18,371,019
	45,177	*	Discovery Communications, Inc (Class A)		4,017,139
	140,299	*,e	Lions Gate Entertainment Corp		4,851,539
	79,504		McGraw-Hill Cos, Inc		5,539,839
	42,999		Scripps Networks Interactive (Class A)		3,461,419
	2,548,215	e	Sirius XM Radio, Inc		9,606,771
	103,618		Viacom, Inc (Class B)		8,630,343
			TOTAL MEDIA		64,403,846
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.8%
	486,153		AbbVie, Inc		23,554,113
	219,583	*	Alkermes plc		7,727,126
	171,672		Allergan, Inc		15,555,200
	122,967		Amgen, Inc		14,264,172
	85,296	*	Biogen Idec, Inc		20,828,430
	277,452		Bristol-Myers Squibb Co		14,571,779

3

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	119,859	*	Celgene Corp	$	17,797,863
	37,055	*	Charles River Laboratories International, Inc		1,823,476
	308,659	*	Gilead Sciences, Inc		21,911,703
	90,766	*	Jazz Pharmaceuticals plc		8,236,107
	78,556		Johnson & Johnson		7,275,071
	1,701	*	Regeneron Pharmaceuticals, Inc		489,208
	62,095	*	Salix Pharmaceuticals Ltd		4,455,316
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		158,489,564
REAL ESTATE - 1.7%
	18,396		American Tower Corp		1,459,723
	17,797		Apartment Investment & Management Co (Class A)		497,960
	35,219	*	CBRE Group, Inc		818,137
	48,980		Equity Lifestyle Properties, Inc		1,860,750
	45,191		Public Storage, Inc		7,545,541
	86,692		Simon Property Group, Inc		13,398,249
			TOTAL REAL ESTATE		25,580,360
RETAILING - 7.3%
	23,509	*	Amazon.com, Inc		8,557,981
	7,861		Dillard’s, Inc (Class A)		644,445
	229,513		Gap, Inc		8,489,686
	11,243		GNC Holdings, Inc		661,313
	387,015		Home Depot, Inc		30,144,598
	54,689		Lowe’s Companies, Inc		2,722,418
	88,153		Macy’s, Inc		4,064,735
	12,511	*	NetFlix, Inc		4,034,547
	36,722	*	O’Reilly Automotive, Inc		4,546,551
	54,067		Petsmart, Inc		3,933,915
	19,276	*	Priceline.com, Inc		20,313,627
	112,097		TJX Companies, Inc		6,814,377
	72,919	*	TripAdvisor, Inc		6,031,131
	188,400	*	Urban Outfitters, Inc		7,136,592
			TOTAL RETAILING		108,095,916
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	279,851		Broadcom Corp (Class A)		7,477,619
	61,164	*	Lam Research Corp		3,316,924
	332,160		Linear Technology Corp		13,665,062
	226,638		Texas Instruments, Inc		9,536,927
	29,946		Xilinx, Inc		1,360,147
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		35,356,679
SOFTWARE & SERVICES - 18.1%
	259,414		Accenture plc		19,066,929
	57,555	*,e	Alliance Data Systems Corp		13,643,988
	175,904	*	eBay, Inc		9,271,900
	172,341	*	Facebook, Inc		8,661,859
	54,693	*	FleetCor Technologies, Inc		6,308,837
	48,589	*	Google, Inc (Class A)		50,074,852
	145,691	*	Informatica Corp		5,623,673
	181,809		International Business Machines Corp		32,581,991

4

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	2,837	*	LinkedIn Corp	$	634,552
	34,675		Mastercard, Inc (Class A)		24,865,442
	1,443,707		Microsoft Corp		51,035,042
	30,600	*	NeuStar, Inc (Class A)		1,405,152
	481,501		Oracle Corp		16,130,284
	19,393		Solera Holdings, Inc		1,090,274
	151,132	*	Vantiv, Inc		4,156,130
	128,133	*	VeriSign, Inc		6,955,059
	31,740		Visa, Inc (Class A)		6,242,306
	534,449		Western Union Co		9,096,322
			TOTAL SOFTWARE & SERVICES		266,844,592
TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
	99,674		Apple, Inc		52,064,714
	30,283	*	F5 Networks, Inc		2,468,367
	33,301		Harris Corp		2,063,330
	349,755		NetApp, Inc		13,573,991
	103,733		Qualcomm, Inc		7,206,332
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		77,376,734
TELECOMMUNICATION SERVICES - 2.3%
	681,940		Verizon Communications, Inc		34,444,789
			TOTAL TELECOMMUNICATION SERVICES		34,444,789
TRANSPORTATION - 1.8%
	43,426		Landstar System, Inc		2,401,024
	13,166		Union Pacific Corp		1,993,332
	224,526		United Parcel Service, Inc (Class B)		22,057,434
			TOTAL TRANSPORTATION		26,451,790
			TOTAL COMMON STOCKS		1,466,413,732
			(Cost $1,138,775,445)
SHORT-TERM INVESTMENTS - 2.1%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1%
	30,380,888	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		30,380,888
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		30,380,888
			TOTAL SHORT-TERM INVESTMENTS		30,380,888
			(Cost $30,380,888)
			TOTAL INVESTMENTS - 101.8%		1,496,794,620
			(Cost $1,169,156,333)
			OTHER ASSETS & LIABILITIES, NET - (1.8)%		(25,704,108	)
			NET ASSETS - 100.0%	$	1,471,090,512

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $29,560,086.

5

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

TIAA-CREF FUNDS

ENHANCED LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 1.7%
	388,800		Ford Motor Co	$	6,652,368
	167,500	*	General Motors Co		6,189,125
	105,950		Johnson Controls, Inc		4,889,592
	38,380		Lear Corp		2,970,228
	36,360	*	TRW Automotive Holdings Corp		2,731,000
			TOTAL AUTOMOBILES & COMPONENTS		23,432,313
BANKS - 4.8%
	17,750		BB&T Corp		602,967
	29,900		CapitalSource, Inc		391,092
	32,000	*	CIT Group, Inc		1,541,120
	7,500		City National Corp		540,825
	123,339		East West Bancorp, Inc		4,155,291
	168,000		Fifth Third Bancorp		3,197,040
	35,000		First Republic Bank		1,787,450
	91,700		Huntington Bancshares, Inc		806,960
	257,750		Keycorp		3,229,608
	45,750		PNC Financial Services Group, Inc		3,363,998
	219,000		Regions Financial Corp		2,108,970
	20,000	*	Signature Bank		2,036,400
	24,000		SunTrust Banks, Inc		807,360
	21,880	*	SVB Financial Group		2,095,666
	67,750		US Bancorp		2,531,140
	903,180		Wells Fargo & Co		38,556,754
			TOTAL BANKS		67,752,641
CAPITAL GOODS - 8.6%
	7,000		A.O. Smith Corp		361,550
	15,000	*	Aecom Technology Corp		476,700
	50,000		AGCO Corp		2,919,000
	31,890		Alliant Techsystems, Inc		3,471,864
	36,080	*	BE Aerospace, Inc		2,928,253
	28,380		Carlisle Cos, Inc		2,062,658
	28,500		Caterpillar, Inc		2,375,760
	47,500		Chicago Bridge & Iron Co NV		3,519,275
	49,890		Cummins, Inc		6,337,028
	41,260		Danaher Corp		2,974,433
	22,900		Dover Corp		2,101,991
	112,800		Eaton Corp		7,959,168
	203,111		Exelis, Inc		3,349,300
	10,250		Fluor Corp		760,755
	68,000		Fortune Brands Home & Security, Inc		2,929,440
	16,240		General Dynamics Corp		1,406,871

6

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	1,179,274		General Electric Co	$	30,826,222
	37,000		Huntington Ingalls		2,647,350
	22,380		IDEX Corp		1,547,577
	10,000		Illinois Tool Works, Inc		787,900
	63,900		Ingersoll-Rand plc		4,315,167
	36,360		ITT Corp		1,444,583
	43,090	*	Jacobs Engineering Group, Inc		2,620,734
	88,000	e	Joy Global, Inc		4,994,000
	29,000		L-3 Communications Holdings, Inc		2,913,050
	37,500	*	MRC Global, Inc		1,048,125
	57,500		Northrop Grumman Corp		6,181,825
	40,800	*	Oshkosh Truck Corp		1,941,672
	35,400		Parker Hannifin Corp		4,131,888
	41,750		Pentair Ltd		2,801,007
	24,000		Raytheon Co		1,976,880
	8,000		Snap-On, Inc		832,560
	7,750		Stanley Works		612,948
	12,290		Trinity Industries, Inc		622,243
	49,380		URS Corp		2,677,384
	16,800	*	WABCO Holdings, Inc		1,439,424
			TOTAL CAPITAL GOODS		122,296,585
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	103,801	*	CNH Industrial NV (NYSE)		1,217,586
	25,500		Corrections Corp of America		943,500
	6,000		Manpower, Inc		468,600
	96,800		Tyco International Ltd		3,538,040
	21,275	*	Verisk Analytics, Inc		1,457,763
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		7,625,489
CONSUMER DURABLES & APPAREL - 1.3%
	72,300		Hanesbrands, Inc		4,925,076
	29,000	e	Hasbro, Inc		1,497,850
	51,000	*	Jarden Corp		2,823,360
	19,880	*	Mohawk Industries, Inc		2,632,510
	32,500		Newell Rubbermaid, Inc		962,975
	140	*	NVR, Inc		128,425
	75,750		Pulte Homes, Inc		1,336,987
	26,800	z	Whirlpool Corp		3,913,068
			TOTAL CONSUMER DURABLES & APPAREL		18,220,251
CONSUMER SERVICES - 1.0%
	32,900		Brinker International, Inc		1,461,418
	57,750	*	MGM Mirage		1,099,560
	35,000	*	Penn National Gaming, Inc		2,047,850
	60,000		Royal Caribbean Cruises Ltd		2,522,400
	263,000		Sands China Ltd		1,869,953
	80,000		Service Corp International		1,440,800
	27,500		Starwood Hotels & Resorts Worldwide, Inc		2,024,550
	31,000		Yum! Brands, Inc		2,096,220
			TOTAL CONSUMER SERVICES		14,562,751

7

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
DIVERSIFIED FINANCIALS - 11.3%
	15,670	*	Affiliated Managers Group, Inc	$	3,093,885
	42,800		Ameriprise Financial, Inc		4,303,112
	1,187,750		Bank of America Corp		16,580,990
	3,750		BlackRock, Inc		1,128,037
	147,500		Charles Schwab Corp		3,340,875
	542,000		Citigroup, Inc		26,438,760
	141,911		Discover Financial Services		7,362,343
	101,300		Goldman Sachs Group, Inc		16,295,118
	24,000		Invesco Ltd		810,000
	718,889		JPMorgan Chase & Co		37,051,539
	162,400		Morgan Stanley		4,665,752
	206,000		PowerShares QQQ Trust Series		17,054,740
	69,800		SLM Corp		1,770,826
	44,000		SPDR Dow Jones Industrial Average ETF Trust		6,832,760
	25,000		SPDR Trust Series 1		4,393,250
	110,880		State Street Corp		7,769,361
	36,180		TD Ameritrade Holding Corp		986,267
			TOTAL DIVERSIFIED FINANCIALS		159,877,615
ENERGY - 13.3%
	107,750		Anadarko Petroleum Corp		10,267,498
	15,250		Apache Corp		1,354,200
	33,100	*	Atwood Oceanics, Inc		1,758,603
	7,500		Baker Hughes, Inc		435,675
	139,900		Chesapeake Energy Corp		3,911,604
	272,275		Chevron Corp		32,662,109
	26,380		Cimarex Energy Co		2,779,133
	142,000		ConocoPhillips		10,408,600
	17,500		Consol Energy, Inc		638,750
	23,000		Energen Corp		1,801,360
	13,880		EOG Resources, Inc		2,476,192
	32,540		Equitable Resources, Inc		2,785,749
	574,750		Exxon Mobil Corp		51,509,095
	24,380	*	Gulfport Energy Corp		1,430,862
	38,800		Halliburton Co		2,057,564
	33,300		Helmerich & Payne, Inc		2,582,415
	81,811		Hess Corp		6,643,053
	218,800		Marathon Oil Corp		7,714,888
	79,800		Marathon Petroleum Corp		5,718,468
	45,750		Nabors Industries Ltd		799,710
	36,420		National Oilwell Varco, Inc		2,956,576
	78,800	z	Noble Energy, Inc		5,904,484
	102,750		Occidental Petroleum Corp		9,872,220
	25,000		Patterson-UTI Energy, Inc		606,500
	128,891		Phillips 66		8,304,447
	15,500		Pioneer Natural Resources Co		3,174,090
	7,500		Spectra Energy Corp		266,775
	26,000	*	Superior Energy Services		697,580
	62,800		Tesoro Corp		3,070,292

8

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	47,500		Valero Energy Corp	$	1,955,575
	27,500	*	Whiting Petroleum Corp		1,839,475
			TOTAL ENERGY		188,383,542
FOOD & STAPLES RETAILING - 0.4%
	55,830		CVS Corp		3,475,976
	7,500		Wal-Mart Stores, Inc		575,625
	33,380		Whole Foods Market, Inc		2,107,279
			TOTAL FOOD & STAPLES RETAILING		6,158,880
FOOD, BEVERAGE & TOBACCO - 2.1%
	147,540		Archer Daniels Midland Co		6,034,386
	22,630		Bunge Ltd		1,858,602
	34,500		Coca-Cola Enterprises, Inc		1,439,685
	83,800	*	Dean Foods Co		1,634,100
	38,000	*,e	Diamond Foods, Inc		927,580
	22,250		Hershey Co		2,208,090
	31,393		Ingredion, Inc		2,064,404
	14,500		J.M. Smucker Co		1,612,545
	64,200		Mondelez International, Inc		2,159,688
	49,000	*	Monster Beverage Corp		2,804,270
	31,300		Philip Morris International, Inc		2,789,456
	168,000		Tyson Foods, Inc (Class A)		4,648,560
			TOTAL FOOD, BEVERAGE & TOBACCO		30,181,366
HEALTH CARE EQUIPMENT & SERVICES - 4.9%
	428,380		Abbott Laboratories		15,657,289
	76,800		Aetna, Inc		4,815,360
	60,000		Cardinal Health, Inc		3,519,600
	69,800	*	CareFusion Corp		2,706,146
	89,000	*	Catamaran Corp		4,179,440
	80,000		Cigna Corp		6,158,400
	13,060		Cooper Cos, Inc		1,687,483
	93,800		Covidien plc		6,013,518
	38,500		HCA Holdings, Inc		1,814,890
	13,100	*	Henry Schein, Inc		1,472,833
	10,000		Hill-Rom Holdings, Inc		412,900
	2,750		Humana, Inc		253,412
	3,636	*	Intuitive Surgical, Inc		1,350,774
	117,500		Medtronic, Inc		6,744,500
	29,000		Omnicare, Inc		1,599,350
	28,000		St. Jude Medical, Inc		1,606,920
	35,750		UnitedHealth Group, Inc		2,440,295
	4,750		Universal Health Services, Inc (Class B)		382,660
	70,380		WellPoint, Inc		5,968,224
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		68,783,994
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	33,880		Church & Dwight Co, Inc		2,207,282
	23,900		Colgate-Palmolive Co		1,547,047

9

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	9,880		Energizer Holdings, Inc	$	969,327
	10,300		Kimberly-Clark Corp		1,112,400
	264,242		Procter & Gamble Co		21,337,541
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		27,173,597
INSURANCE - 7.7%
	52,750		ACE Ltd		5,034,460
	20,000		Aflac, Inc		1,299,600
	16,390		Allied World Assurance Co Holdings Ltd		1,774,873
	111,380		Allstate Corp		5,909,823
	36,780		American Financial Group, Inc		2,069,243
	230,230		American International Group, Inc		11,891,380
	11,100		Aon plc		877,899
	19,290	*	Arch Capital Group Ltd		1,118,048
	12,390		Assurant, Inc		724,567
	75,750		Axis Capital Holdings Ltd		3,592,065
	187,775	*	Berkshire Hathaway, Inc (Class B)		21,609,147
	51,750		Cincinnati Financial Corp		2,587,500
	5,500		CNA Financial Corp		223,245
	5,000		Endurance Specialty Holdings Ltd		276,450
	26,190		Everest Re Group Ltd		4,026,451
	29,380		Hanover Insurance Group, Inc		1,719,905
	133,931		Hartford Financial Services Group, Inc		4,513,475
	43,430		HCC Insurance Holdings, Inc		1,982,579
	119,390		Lincoln National Corp		5,421,500
	67,500		Metlife, Inc		3,193,425
	152,800		Old Republic International Corp		2,565,512
	84,000		Principal Financial Group		3,986,640
	60,000		Protective Life Corp		2,764,800
	96,390		Prudential Financial, Inc		7,845,182
	43,800		Torchmark Corp		3,191,268
	83,990		UnumProvident Corp		2,665,843
	88,380		Validus Holdings Ltd		3,489,242
	90,800		XL Capital Ltd		2,775,756
			TOTAL INSURANCE		109,129,878
MATERIALS - 3.5%
	33,300		Axiall Corp		1,295,037
	28,380		CF Industries Holdings, Inc		6,118,728
	183,900	e,z	Cliffs Natural Resources, Inc		4,722,552
	47,742		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,754,996
	30,000		Huntsman Corp		696,600
	41,300		International Paper Co		1,842,393
	63,988		LyondellBasell Industries AF S.C.A		4,773,505
	25,500		Monsanto Co		2,674,440
	16,400		Mosaic Co		751,940
	49,300		Nucor Corp		2,552,261
	98,500	*	Owens-Illinois, Inc		3,131,315
	33,999		Packaging Corp of America		2,117,458
	46,380		PolyOne Corp		1,405,314

10

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	14,000		PPG Industries, Inc	$	2,556,120
	39,800		Reliance Steel & Aluminum Co		2,916,942
	16,380		Rock-Tenn Co (Class A)		1,752,824
	3,500		RPM International, Inc		135,520
	3,500		Sherwin-Williams Co		658,000
	283,338	e,z	Walter Energy, Inc		4,502,241
	13,380		Westlake Chemical Corp		1,437,279
	16,500	*	WR Grace & Co		1,512,390
			TOTAL MATERIALS		49,307,855
MEDIA - 3.4%
	68,380		CBS Corp (Class B)		4,043,993
	103,750		Comcast Corp (Class A)		4,936,425
	31,500	*	Discovery Communications, Inc (Class A)		2,800,980
	29,380		DISH Network Corp (Class A)		1,416,116
	138,000		Gannett Co, Inc		3,818,460
	9,100	*	Liberty Global plc (Class A)		713,167
	15,750	*	Liberty Media Corp		2,408,332
	22,883	*	Madison Square Garden, Inc		1,384,879
	70,180	*	Starz-Liberty Capital		2,115,927
	82,340		Time Warner, Inc		5,660,052
	60,000		Twenty-First Century Fox, Inc		2,044,800
	237,750		Walt Disney Co		16,307,273
			TOTAL MEDIA		47,650,404
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
	13,999	*	Actavis plc		2,163,965
	31,880	*,z	Alexion Pharmaceuticals, Inc		3,919,646
	13,900	*	Biogen Idec, Inc		3,394,241
	22,500		Bristol-Myers Squibb Co		1,181,700
	46,899	*	Endo Pharmaceuticals Holdings, Inc		2,050,893
	36,400	*	Forest Laboratories, Inc		1,711,892
	71,199	*,z	Gilead Sciences, Inc		5,054,417
	302,424		Johnson & Johnson		28,007,487
	269,942		Merck & Co, Inc		12,171,685
	36,080	*	Mylan Laboratories, Inc		1,366,350
	26,180	z	Perrigo Co		3,609,960
	1,213,380		Pfizer, Inc		37,226,498
	83,900		Thermo Electron Corp		8,203,742
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		110,062,476
REAL ESTATE - 3.2%
	5,000	*	Alexander & Baldwin, Inc		185,000
	34,200		Apartment Investment & Management Co (Class A)		956,916
	125,400		Brandywine Realty Trust		1,784,442
	12,000		BRE Properties, Inc (Class A)		655,320
	123,800		DDR Corp		2,098,410
	131,900		Duke Realty Corp		2,185,583
	106,380		Extra Space Storage, Inc		4,892,416
	20,000		General Growth Properties, Inc		424,600

11

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	65,000		Hospitality Properties Trust	$	1,909,700
	189,800		Host Marriott Corp		3,520,790
	18,380	*	Howard Hughes Corp		2,151,379
	12,800		Kilroy Realty Corp		680,448
	20,000		National Retail Properties, Inc		688,000
	41,990		Public Storage, Inc		7,011,070
	36,300	*	Realogy Holdings Corp		1,493,382
	37,950		Simon Property Group, Inc		5,865,173
	29,100		SL Green Realty Corp		2,751,987
	68,038		Ventas, Inc		4,438,799
	63,990		Weingarten Realty Investors		2,030,403
			TOTAL REAL ESTATE		45,723,818
RETAILING - 2.7%
	116,980		Best Buy Co, Inc		5,006,744
	500		DSW, Inc (Class A)		43,835
	55,750	z	Expedia, Inc		3,282,560
	102,880		GameStop Corp (Class A)		5,639,882
	89,500		Gap, Inc		3,310,605
	18,800		Genuine Parts Co		1,482,004
	44,000		Home Depot, Inc		3,427,160
	16,168	*	Liberty Ventures		1,735,958
	14,750		Macy’s, Inc		680,123
	13,290	*	NetFlix, Inc		4,285,759
	22,540	*	O’Reilly Automotive, Inc		2,790,677
	30,000		Signet Jewelers Ltd		2,239,800
	238,000		Staples, Inc		3,836,560
			TOTAL RETAILING		37,761,667
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
	63,300		Applied Materials, Inc		1,129,905
	33,800		Avago Technologies Ltd		1,535,534
	21,750	*	Cree, Inc		1,321,313
	435,750		Intel Corp		10,645,372
	4,000		Kla-Tencor Corp		262,400
	51,500	*	Lam Research Corp		2,792,845
	180,800		Marvell Technology Group Ltd		2,169,600
	283,000	*	Micron Technology, Inc		5,003,440
	213,800		Nvidia Corp		3,245,484
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		28,105,893
SOFTWARE & SERVICES - 2.8%
	29,889	*	Akamai Technologies, Inc		1,337,234
	12,950	*,e	Alliance Data Systems Corp		3,069,927
	73,380		Booz Allen Hamilton Holding Co		1,452,924
	41,890	*	Commvault Systems, Inc		3,270,771
	79,899		Computer Sciences Corp		3,935,825
	96,313	*,z	Electronic Arts, Inc		2,528,216
	69,290		Fidelity National Information Services, Inc		3,377,887
	60,380	*	First American Corp		2,008,843

12

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	28,000		Jack Henry & Associates, Inc	$	1,529,080
	32,750	e	Leidos Holdings, Inc		1,542,198
	198,000	*,e	Millennial Media, Inc		1,391,940
	8,000		Science Applications International Corp		282,000
	123,000		Symantec Corp		2,797,020
	50,000		Total System Services, Inc		1,491,500
	59,555	*,z	VMware, Inc (Class A)		4,840,630
	27,380	*	Workday, Inc		2,049,941
	77,424	*	Yahoo!, Inc		2,549,572
			TOTAL SOFTWARE & SERVICES		39,455,508
TECHNOLOGY HARDWARE & EQUIPMENT - 5.5%
	28,750		Apple, Inc		15,017,563
	45,000	*	Arrow Electronics, Inc		2,160,900
	72,390		Avnet, Inc		2,873,883
	238,000	*	Brocade Communications Systems, Inc		1,908,760
	873,800		Cisco Systems, Inc		19,660,500
	137,750		Corning, Inc		2,354,147
	37,500		Harris Corp		2,323,500
	177,242		Hewlett-Packard Co		4,319,388
	113,830	*	Ingram Micro, Inc (Class A)		2,637,441
	120,000	*,e	InvenSense, Inc		2,026,800
	98,000		Jabil Circuit, Inc		2,044,280
	63,998	e	Lexmark International, Inc (Class A)		2,275,129
	32,240		NetApp, Inc		1,251,234
	43,800	z	SanDisk Corp		3,044,100
	61,482		Seagate Technology, Inc		2,992,944
	136,000	*	Vishay Intertechnology, Inc		1,668,720
	81,400		Western Digital Corp		5,667,882
	399,900		Xerox Corp		3,975,006
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		78,202,177
TELECOMMUNICATION SERVICES - 2.4%
	627,500		AT&T, Inc		22,715,500
	61,000		Telephone & Data Systems, Inc		1,901,980
	81,000		T-Mobile US, Inc		2,246,130
	31,800		US Cellular Corp		1,539,120
	95,750		Verizon Communications, Inc		4,836,332
			TOTAL TELECOMMUNICATION SERVICES		33,239,062
TRANSPORTATION - 1.6%
	39,980		Con-Way, Inc		1,647,176
	181,800	z	Delta Air Lines, Inc		4,795,884
	60,000		FedEx Corp		7,860,000
	60,000	*	Hertz Global Holdings, Inc		1,377,600
	28,980		Kansas City Southern Industries, Inc		3,521,650
	47,500		Southwest Airlines Co		817,950
	26,800		Union Pacific Corp		4,057,520
			TOTAL TRANSPORTATION		24,077,780

13

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
UTILITIES - 5.1%
	245,000		AES Corp	$	3,452,050
	9,000		AGL Resources, Inc		430,740
	43,800		Alliant Energy Corp		2,287,236
	11,575		American Electric Power Co, Inc		542,173
	78,390		American Water Works Co, Inc		3,360,579
	35,000		Atmos Energy Corp		1,549,450
	55,000	*	Calpine Corp		1,109,350
	66,388		Centerpoint Energy, Inc		1,633,145
	41,800		CMS Energy Corp		1,147,828
	63,692		Dominion Resources, Inc		4,060,365
	47,500		DTE Energy Co		3,284,150
	70,250		Duke Energy Corp		5,039,033
	40,750		Edison International		1,997,973
	10,000		Exelon Corp		285,400
	50,500		MDU Resources Group, Inc		1,503,890
	31,380		National Fuel Gas Co		2,245,239
	81,800		NextEra Energy, Inc		6,932,550
	91,900		NiSource, Inc		2,896,688
	81,900		Northeast Utilities		3,512,691
	98,000		NRG Energy, Inc		2,795,940
	68,000		OGE Energy Corp		2,509,200
	66,380		Pinnacle West Capital Corp		3,719,271
	54,000		PPL Corp		1,654,020
	27,500		Public Service Enterprise Group, Inc		921,250
	68,800		Sempra Energy		6,270,432
	37,240		Southern Co		1,523,488
	54,000		UGI Corp		2,233,980
	68,090		Wisconsin Energy Corp		2,867,270
	10,000		Xcel Energy, Inc		288,600
			TOTAL UTILITIES		72,053,981
			TOTAL COMMON STOCKS		1,409,219,523
			(Cost $1,040,638,346)
SHORT-TERM INVESTMENTS - 1.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.6%
	22,983,731	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		22,983,731
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		22,983,731
			TOTAL SHORT-TERM INVESTMENTS		22,983,731
			(Cost $22,983,731)
			TOTAL INVESTMENTS - 101.1%		1,432,203,254
			(Cost $1,063,622,077)
			OTHER ASSETS & LIABILITIES, NET - (1.1)%		(16,570,380	)
			NET ASSETS - 100.0%	$	1,415,632,874

14

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

	Abbreviation(s):
	ETF       Exchange Traded Fund
	SPDR    Standard & Poor’s Depositary Receipts
*	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 $22,548,337.
z	All or a portion of this security has been segregated to cover margin requirements on open written options contracts.

15

TIAA-CREF FUNDS - Growth & Income Fund

TIAA-CREF FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 1.2%
	440,032		Delphi Automotive plc	$	25,169,830
	493,666		Johnson Controls, Inc		22,782,686
			TOTAL AUTOMOBILES & COMPONENTS		47,952,516
BANKS - 2.5%
	231,769		BNP Paribas		17,098,326
	297,195	*	CIT Group, Inc		14,312,911
	224,985		East West Bancorp, Inc		7,579,745
	229,928	*	Essent Group Ltd		4,828,488
	24,973	*	Essent Group Ltd		524,433
	787,182		Regions Financial Corp		7,580,563
	1,084,840		Wells Fargo & Co		46,311,819
			TOTAL BANKS		98,236,285
CAPITAL GOODS - 7.3%
	178,260	*	BE Aerospace, Inc		14,467,582
	176,046		Boeing Co		22,974,003
	387,566		Eaton Corp		27,346,657
	177,165		Emerson Electric Co		11,864,740
	4,041,986		General Electric Co		105,657,514
	579,508		Honeywell International, Inc		50,260,729
	345,195		ITT Corp		13,714,597
	207,059		Roper Industries, Inc		26,257,152
	168,666	*	Teledyne Technologies, Inc		14,980,914
			TOTAL CAPITAL GOODS		287,523,888
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	698,067	e	Pitney Bowes, Inc		14,896,750
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		14,896,750
CONSUMER DURABLES & APPAREL - 3.3%
	827,351		DR Horton, Inc		15,678,301
	139,042		Harman International Industries, Inc		11,265,183
	232,815		Hasbro, Inc		12,024,895
	406,064	*	Jarden Corp		22,479,703
	104,526	*	Mohawk Industries, Inc		13,841,333
	413,825		Newell Rubbermaid, Inc		12,261,635
	579,680		Prada S.p.A		5,655,736
	186,924	*,e	SodaStream International Ltd		9,994,826
	103,955	z	Whirlpool Corp		15,178,469
	225,282		Wolverine World Wide, Inc		13,007,783
			TOTAL CONSUMER DURABLES & APPAREL		131,387,864

16

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 1.7%
	186,312		Accor S.A.	$	8,327,386
	222,221	*	Chuy’s Holdings, Inc		8,355,510
	324,424		Las Vegas Sands Corp		22,781,053
	287,920	*	Penn National Gaming, Inc		16,846,199
	307,894		Six Flags Entertainment Corp		11,579,893
			TOTAL CONSUMER SERVICES		67,890,041
DIVERSIFIED FINANCIALS - 6.9%
	164,170		Ameriprise Financial, Inc		16,505,652
	4,065,275		Bank of America Corp		56,751,239
	463,993		Blackstone Group LP		12,193,736
	1,283,588		Citigroup, Inc		62,613,422
	674,961		Discover Financial Services		35,016,977
	455,367		Invesco Ltd		15,368,636
	499,287		JPMorgan Chase & Co		25,733,252
	926,605		Morgan Stanley		26,621,362
	319,115		State Street Corp		22,360,388
			TOTAL DIVERSIFIED FINANCIALS		273,164,664
ENERGY - 9.4%
	410,383		Anadarko Petroleum Corp		39,105,396
	195,863	*	Antero Resources Corp		11,064,301
	300,177	*	Cheniere Energy, Inc		11,947,045
	660,579		Chevron Corp		79,243,057
	225,612		EOG Resources, Inc		40,249,181
	805,368		Halliburton Co		42,708,665
	171,212		Hess Corp		13,902,414
	202,327		Oceaneering International, Inc		17,375,843
	405,457	e	Peyto Energy Trust		12,218,346
	345,800		Phillips 66		22,279,894
	612,584		Schlumberger Ltd		57,411,372
	366,611		Spectra Energy Corp		13,040,353
	942,479		Tailsman Energy, Inc		11,762,138
			TOTAL ENERGY		372,308,005
FOOD & STAPLES RETAILING - 0.9%
	167,318		Costco Wholesale Corp		19,743,524
	14,762	*	Sprouts Farmers Market, Inc		679,938
	248,395		Whole Foods Market, Inc		15,681,176
			TOTAL FOOD & STAPLES RETAILING		36,104,638
FOOD, BEVERAGE & TOBACCO - 6.1%
	1,060,171		Altria Group, Inc		39,470,166
	1,610,001		Britvic plc		16,134,215
	191,169		Brown-Forman Corp (Class B)		13,951,514
	371,158		Coca-Cola Enterprises, Inc		15,488,423
	228,311	*	Constellation Brands, Inc (Class A)		14,908,708
	188,721		Groupe Danone		13,977,461
	144,232	*	Hain Celestial Group, Inc		12,004,429
	362,253		Hershey Co		35,949,988
	751,278		PepsiCo, Inc		63,174,967

17

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
	24,939	e	Remy Cointreau S.A.	$	2,456,530
	731,187	*	WhiteWave Foods Co (Class A)		14,631,052
			TOTAL FOOD, BEVERAGE & TOBACCO		242,147,453
HEALTH CARE EQUIPMENT & SERVICES - 2.9%
	606,915		Aetna, Inc		38,053,570
	270,131	*	Cerner Corp		15,135,440
	491,930	*	Olympus Corp		15,737,532
	463,882	*	Premier, Inc		14,292,204
	379,906		Zimmer Holdings, Inc		33,230,378
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		116,449,124
HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
	211,034		Beiersdorf AG.		20,122,805
	302,069		Estee Lauder Cos (Class A)		21,434,816
	84,755		L’Oreal S.A.		14,471,637
	475,593		Procter & Gamble Co		38,404,135
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		94,433,393
INSURANCE - 3.1%
	370,078		ACE Ltd		35,320,244
	207,865		Aflac, Inc		13,507,068
	313,501		American International Group, Inc		16,192,327
	868,784		Hartford Financial Services Group, Inc		29,278,021
	592,720		Metlife, Inc		28,041,583
			TOTAL INSURANCE		122,339,243
MATERIALS - 3.7%
	47,800	*	Berry Plastics Group, Inc		959,824
	236,197		Cliffs Natural Resources, Inc		6,065,539
	466,161	e	Companhia Vale do Rio Doce (ADR)		7,463,238
	520,034		Dow Chemical Co		20,525,742
	258,587		Du Pont (E.I.) de Nemours & Co		15,825,524
	525,093		Freeport-McMoRan Copper & Gold, Inc (Class B)		19,302,419
	821,034		Huntsman Corp		19,064,409
	224,373		LyondellBasell Industries AF S.C.A		16,738,226
	174,833		Monsanto Co		18,336,485
	130,183		PPG Industries, Inc		23,768,812
			TOTAL MATERIALS		148,050,218
MEDIA - 4.4%
	503,651		CBS Corp (Class B)		29,785,920
	94,561	*	Charter Communications, Inc		12,693,869
	1,238,551		Comcast Corp (Class A)		58,930,257
	314,163		DISH Network Corp (Class A)		15,142,656
	181,514	*	DreamWorks Animation SKG, Inc (Class A)		6,215,039
	399,115	*,e	Lions Gate Entertainment Corp		13,801,397
	423,752		Viacom, Inc (Class B)		35,294,304
			TOTAL MEDIA		171,863,442

18

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 13.3%
	174,737	*	Actavis plc	$	27,010,846
	91,770	*	Aegerion Pharmaceuticals, Inc		7,600,391
	177,940	*	Alexion Pharmaceuticals, Inc		21,877,723
	181,382		Amgen, Inc		21,040,312
	155,202		Bayer AG.		19,253,153
	85,731	*	Biogen Idec, Inc		20,934,653
	117,601	*	Biovail Corp		12,432,778
	1,240,803	*	Biovitrum AB		11,859,929
	685,285		Bristol-Myers Squibb Co		35,991,168
	88,643	*	Celgene Corp		13,162,599
	12,206		Gerresheimer AG.		807,412
	930,246	*	Gilead Sciences, Inc		66,038,164
	174,304	*,e,z	Illumina, Inc		16,299,167
	206,537	*	Jazz Pharmaceuticals plc		18,741,167
	1,063,289		Johnson & Johnson		98,471,194
	203,000	*,z	Medivation, Inc		12,151,580
	383,990	*	Mylan Laboratories, Inc		14,541,701
	198,818		Novartis AG.		15,432,764
	1,069,150		Pfizer, Inc		32,801,522
	59,338		Roche Holding AG.		16,409,057
	213,787	*	Salix Pharmaceuticals Ltd		15,339,217
	220,103		Shire Ltd		9,759,451
	538,486		Zoetis Inc		17,048,467
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		525,004,415
REAL ESTATE - 0.3%
	148,211		American Tower Corp		11,760,543
			TOTAL REAL ESTATE		11,760,543
RETAILING - 6.7%
	138,236	*,z	Amazon.com, Inc		50,322,051
	506,052		Best Buy Co, Inc		21,659,026
	232,309	*,e	Ctrip.com International Ltd (ADR)		12,602,763
	186,630		GameStop Corp (Class A)		10,231,057
	1,399,010	*	Groupon, Inc		12,772,961
	701,002		Home Depot, Inc		54,601,046
	486,944		Macy’s, Inc		22,452,988
	64,300	*	NetFlix, Inc		20,735,464
	185,224	e	PetMed Express, Inc		2,748,724
	201,865		Ross Stores, Inc		15,614,258
	526,027		TJX Companies, Inc		31,977,181
	289,631	*	Yoox S.p.A		10,419,265
			TOTAL RETAILING		266,136,784
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	1,134,877		Applied Materials, Inc		20,257,555
	351,058		ARM Holdings plc		5,500,945
	156,701		Avago Technologies Ltd		7,118,926
	45,352	*	Cree, Inc		2,755,134
	428,240	*,e	GT Solar International, Inc		3,211,800
	294,104	*,e,z	JinkoSolar Holding Co Ltd (ADR)		6,623,222
	378,962	*	NXP Semiconductors NV		15,961,880

19

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
	124,032	*	SunPower Corp	$	3,744,526
	464,648		Xilinx, Inc		21,104,312
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		86,278,300
SOFTWARE & SERVICES - 8.8%
	105,657	*,e	Alliance Data Systems Corp		25,047,048
	207,823	*	Citrix Systems, Inc		11,800,190
	1,163,407		Compuware Corp		12,425,187
	171,814	*,z	Facebook, Inc		8,635,372
	361,358	*	First American Corp		12,022,381
	365,179	*	Fortinet, Inc		7,343,750
	87,008	*	Google, Inc (Class A)		89,668,705
	2,129,678		Microsoft Corp		75,284,117
	303,557	*,e	Pandora Media, Inc		7,628,387
	363,007	*	Salesforce.com, Inc		19,370,054
	172,742	*	Sina Corp		14,434,321
	134,798	*	Splunk, Inc		8,453,183
	780,540	*	Take-Two Interactive Software, Inc		13,979,471
	303,395	*	TIBCO Software, Inc		7,451,381
	166,923	*	VMware, Inc (Class A)		13,567,501
	378,576	*	Yahoo!, Inc		12,466,508
	143,886	*,z	Yelp, Inc		9,748,276
			TOTAL SOFTWARE & SERVICES		349,325,832
TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%
	3,388,983	*	Alcatel-Lucent (ADR)		12,979,805
	260,496	z	Apple, Inc		136,070,086
	1,313,823		Cisco Systems, Inc		29,561,017
	213,220	*	F5 Networks, Inc		17,379,562
	843,874	*,e	Infinera Corp		8,615,954
	1,383,400	*	JDS Uniphase Corp		18,108,706
	309,830	*	NCR Corp		11,324,287
	89,380	*,e,z	Stratasys Ltd		10,120,497
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		244,159,914
TELECOMMUNICATION SERVICES - 2.1%
	431,057		Telephone & Data Systems, Inc		13,440,357
	571,470		T-Mobile US, Inc		15,846,863
	899,932		Verizon Communications, Inc		45,455,565
	305,292		Vivendi Universal S.A.		7,729,907
			TOTAL TELECOMMUNICATION SERVICES		82,472,692
TRANSPORTATION - 1.9%
	191,082	z	Canadian Pacific Railway Ltd		27,338,102
	1,170,934		Delta Air Lines, Inc		30,889,239
	143,405		Kansas City Southern Industries, Inc		17,426,575
	80,483	*	Old Dominion Freight Line		3,774,653
			TOTAL TRANSPORTATION		79,428,569
UTILITIES - 1.7%
	321,716		American Water Works Co, Inc		13,791,965

20

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE
	439,870	*	Calpine Corp	$	8,872,178
	283,767		NextEra Energy, Inc		24,049,253
	287,671	*	NRG Yield, Inc		10,189,307
	176,204		Oneok, Inc		9,955,526
			TOTAL UTILITIES		66,858,229
			TOTAL COMMON STOCKS		3,936,172,802
			(Cost $3,047,991,806)
PURCHASED OPTIONS - 0.0%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	30,000		JinkoSolar Holding Co Ltd		10,500
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		10,500
			TOTAL PURCHASED OPTIONS		10,500
			(Cost $51,498)
SHORT-TERM INVESTMENTS - 3.4%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.4%
	134,598,775	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		134,598,775
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		134,598,775
			TOTAL SHORT-TERM INVESTMENTS		134,598,775
			(Cost $134,598,775)
			TOTAL INVESTMENTS - 102.8%		4,070,782,077
			(Cost $3,182,642,079)
			OTHER ASSETS & LIABILITIES, NET - (2.8)%		(112,976,145	)
			NET ASSETS - 100.0%	$	3,957,805,932

Abbreviation(s):

ADR    American Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $131,014,106.
z	All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

21

TIAA-CREF FUNDS - Large-Cap Growth Fund

TIAA-CREF FUNDS
LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

SHARES			COMPANY		VALUE
COMMON STOCKS - 97.8%
AUTOMOBILES & COMPONENTS - 1.0%
	181,849		Delphi Automotive plc	$	10,401,763
	333,588	*	General Motors Co		12,326,076
			TOTAL AUTOMOBILES & COMPONENTS		22,727,839
CAPITAL GOODS - 6.3%
	290,653		Boeing Co		37,930,217
	116,506		Cummins, Inc		14,798,592
	148,373		Precision Castparts Corp		37,605,137
	163,287		Roper Industries, Inc		20,706,424
	119,637		W.W. Grainger, Inc		32,178,764
			TOTAL CAPITAL GOODS		143,219,134
COMMERCIAL & PROFESSIONAL SERVICES - 2.1%
	602,605		Nielsen Holdings NV		23,766,741
	340,396	*	Verisk Analytics, Inc		23,323,934
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		47,090,675
CONSUMER DURABLES & APPAREL - 3.3%
	132,284		Hasbro, Inc		6,832,469
	341,816		Luxottica Group S.p.A.		18,516,623
	131,864		LVMH Moet Hennessy Louis Vuitton S.A.		25,317,275
	313,680		Nike, Inc (Class B)		23,764,397
			TOTAL CONSUMER DURABLES & APPAREL		74,430,764
CONSUMER SERVICES - 4.7%
	24,800	*	Chipotle Mexican Grill, Inc (Class A)		13,068,856
	657,900		Las Vegas Sands Corp		46,197,738
	594,269		Starbucks Corp		48,165,502
			TOTAL CONSUMER SERVICES		107,432,096
DIVERSIFIED FINANCIALS - 5.4%
	88,550	*	Affiliated Managers Group, Inc		17,483,312
	220,876		Ameriprise Financial, Inc		22,206,873
	223,893		Apollo Management LP		7,222,788
	563,153		Blackstone Group LP		14,799,661
	159,983		Goldman Sachs Group, Inc		25,734,866
	110,732	*	IntercontinentalExchange, Inc		21,341,378
	206,191		Moody’s Corp		14,569,456
			TOTAL DIVERSIFIED FINANCIALS		123,358,334
ENERGY - 2.5%
	124,785		EOG Resources, Inc		22,261,644
	215,562	*	FMC Technologies, Inc		10,896,659

22

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY		VALUE
	435,498		Halliburton Co	$	23,094,459
			TOTAL ENERGY		56,252,762
FOOD & STAPLES RETAILING - 1.1%
	206,143		Costco Wholesale Corp		24,324,874
			TOTAL FOOD & STAPLES RETAILING		24,324,874
FOOD, BEVERAGE & TOBACCO - 0.8%
	80,809	*,e	Green Mountain Coffee Roasters, Inc		5,075,613
	210,073	*	Monster Beverage Corp		12,022,478
			TOTAL FOOD, BEVERAGE & TOBACCO		17,098,091
HEALTH CARE EQUIPMENT & SERVICES - 1.9%
	235,918	*	Cerner Corp		13,218,486
	335,609	*	Edwards Lifesciences Corp		21,878,351
	24,161	*	Intuitive Surgical, Inc		8,975,811
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		44,072,648
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
	110,525		L’Oreal S.A.		18,871,780
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		18,871,780
MATERIALS - 4.3%
	193,824	z	Ecolab, Inc		20,545,344
	536,736		Monsanto Co		56,292,872
	104,433		Sherwin-Williams Co		19,633,404
			TOTAL MATERIALS		96,471,620
MEDIA - 5.0%
	115,878		CBS Corp (Class B)		6,853,025
	667,237		Comcast Corp (Class A)		31,747,137
	511,574	*	Discovery Communications, Inc (Class A)		45,489,160
	126,033	*	Tribune Co		8,437,909
	635,664		Twenty-First Century Fox, Inc		21,663,429
			TOTAL MEDIA		114,190,660
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 17.4%
	179,146	*	Alexion Pharmaceuticals, Inc		22,026,000
	244,251		Bayer AG.		30,299,879
	286,309	*	Biogen Idec, Inc		69,913,795
	286,415	*	Celgene Corp		42,529,763
	1,035,113	*	Gilead Sciences, Inc		73,482,672
	185,027	*,e	Illumina, Inc		17,301,875
	338,002	e	Perrigo Co		46,607,096
	50,046		Questcor Pharmaceuticals, Inc		3,071,323
	163,010		Roche Holding AG.		45,078,034
	280,934	*	Salix Pharmaceuticals Ltd		20,157,014
	787,865		Zoetis Inc		24,943,806
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		395,411,257

23

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
REAL ESTATE - 0.9%
	3,085,000		Global Logistic Properties	$	7,657,905
	306,974	*,z	Realogy Holdings Corp		12,628,911
			TOTAL REAL ESTATE		20,286,816
RETAILING - 5.3%
	210,234	*	Amazon.com, Inc		76,531,483
	411,173	*	Carmax, Inc		19,321,019
	153,587		Expedia, Inc		9,043,203
	1,020,531	*	Groupon, Inc		9,317,448
	20,561	*	NetFlix, Inc		6,630,511
			TOTAL RETAILING		120,843,664
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
	501,272		ARM Holdings plc (ADR)		23,655,026
	460,476	*	Micron Technology, Inc		8,141,216
	119,339	*	NXP Semiconductors NV		5,026,558
	530,285		Xilinx, Inc		24,085,545
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		60,908,345
SOFTWARE & SERVICES - 23.5%
	1,035,439	*	Adobe Systems, Inc		56,120,794
	132,265	*	Citrix Systems, Inc		7,510,007
	676,566	*	eBay, Inc		35,661,794
	1,092,303	*	Facebook, Inc		54,899,149
	93,068	*	Google, Inc (Class A)		95,914,019
	910,081		Intuit, Inc		64,988,884
	53,833	*	LinkedIn Corp		12,040,827
	83,001		Mastercard, Inc (Class A)		59,520,017
	764,884	*	Red Hat, Inc		33,096,531
	273,256	*	Salesforce.com, Inc		14,580,940
	176,752	*	Sina Corp		14,769,397
	60,433	*	Teradata Corp		2,663,282
	249,348		Visa, Inc (Class A)		49,039,271
	274,771	*	VMware, Inc (Class A)		22,333,387
	340,598	*	Yahoo!, Inc		11,215,892
			TOTAL SOFTWARE & SERVICES		534,354,191
TECHNOLOGY HARDWARE & EQUIPMENT - 3.5%
	141,349		Apple, Inc		73,833,650
	51,770	*	Stratasys Ltd		5,861,917
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		79,695,567
TELECOMMUNICATION SERVICES - 1.6%
	482,200		Softbank Corp		36,010,146
			TOTAL TELECOMMUNICATION SERVICES		36,010,146
TRANSPORTATION - 3.7%
	403,594		Delta Air Lines, Inc		10,646,810
	114,751		FedEx Corp		15,032,381
	419,567	*	Hertz Global Holdings, Inc		9,633,258
	377,349		Kansas City Southern Industries, Inc		45,855,451

24

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE
	283,175	*	Royal Mail plc	$	2,542,638
			TOTAL TRANSPORTATION		83,710,538
			TOTAL COMMON STOCKS		2,220,761,801
			(Cost $1,611,115,838)
SHORT-TERM INVESTMENTS - 1.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.6%
	36,139,401	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		36,139,401
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		36,139,401
			TOTAL SHORT-TERM INVESTMENTS		36,139,401
			(Cost $36,139,401)
			TOTAL INVESTMENTS - 99.4%		2,256,901,202
			(Cost $1,647,255,239)
			OTHER ASSETS & LIABILITIES, NET - 0.6%		14,609,324
			NET ASSETS - 100.0%	$	2,271,510,526

Abbreviation(s):

ADR   American Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $36,418,170.
z	All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

25

TIAA-CREF FUNDS - Large-Cap Value Fund

TIAA-CREF FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 0.5%
	551,220	*	American Axle & Manufacturing Holdings, Inc	$	10,258,204
	187,346		Delphi Automotive plc		10,716,191
			TOTAL AUTOMOBILES & COMPONENTS		20,974,395
BANKS - 5.6%
	3,629,889	*,e	Banco Espirito Santo S.A.		4,769,585
	53,147	*	Essent Group Ltd		1,116,087
	1,581,763		Huntington Bancshares, Inc		13,919,515
	3,137,716		Keycorp		39,315,581
	1,770,011		Regions Financial Corp		17,045,206
	348,974		Societe Generale		19,713,368
	1,704,193		Synovus Financial Corp		5,538,627
	1,860,928		TCF Financial Corp		28,248,887
	2,827,266		Wells Fargo & Co		120,695,986
			TOTAL BANKS		250,362,842
CAPITAL GOODS - 7.5%
	68,785		Boeing Co		8,976,442
	721,455	*	Foster Wheeler AG.		19,472,070
	297,495		General Dynamics Corp		25,771,992
	6,635,163		General Electric Co		173,443,161
	779,904	e	Joy Global, Inc		44,259,552
	88,065		L-3 Communications Holdings, Inc		8,846,129
	200,533	*,e	Polypore International, Inc		9,064,092
	397,956		SPX Corp		36,098,589
	269,210		Textron, Inc		7,750,556
			TOTAL CAPITAL GOODS		333,682,583
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	404,674	e	ADT Corp		17,550,711
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		17,550,711
CONSUMER DURABLES & APPAREL - 1.9%
	664,992	*	CROCS, Inc		8,099,603
	184,075	*,e	Deckers Outdoor Corp		12,669,882
	605,738	e	Hasbro, Inc		31,286,368
	570,196	*	Jarden Corp		31,566,050
			TOTAL CONSUMER DURABLES & APPAREL		83,621,903
CONSUMER SERVICES - 2.2%
	865,355		Carnival Corp		29,984,551
	416,768		Interval Leisure Group, Inc		10,114,959
	271,239		Las Vegas Sands Corp		19,046,403

26

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
	537,611	*	Penn National Gaming, Inc	$	31,455,619
	187,121		Six Flags Entertainment Corp		7,037,621
			TOTAL CONSUMER SERVICES		97,639,153
DIVERSIFIED FINANCIALS - 8.9%
	330,150		Apollo Management LP		10,650,639
	3,885,736		Bank of America Corp		54,244,875
	662,622		Blackstone Group LP		17,413,706
	111,516		Capital One Financial Corp		7,657,804
	1,859,655		Citigroup, Inc		90,713,971
	273,481		Goldman Sachs Group, Inc		43,992,154
	807,617		JPMorgan Chase & Co		41,624,580
	719,490		Legg Mason, Inc		27,678,780
	1,599,940		Morgan Stanley		45,966,276
	775,576		State Street Corp		54,344,610
			TOTAL DIVERSIFIED FINANCIALS		394,287,395
ENERGY - 15.4%
	258,036		Anadarko Petroleum Corp		24,588,250
	311,047	*	Antero Resources Corp		17,571,045
	794,973		Baker Hughes, Inc		46,179,982
	516,304		Chesapeake Energy Corp		14,435,860
	695,363		Chevron Corp		83,415,746
	516,716	*	Cobalt International Energy, Inc		11,992,978
	729,197		ConocoPhillips		53,450,140
	299,232		Devon Energy Corp		18,917,447
	272,493	*	Dresser-Rand Group, Inc		16,559,400
	1,802,756	e	EXCO Resources, Inc		9,752,910
	1,315,815		Exxon Mobil Corp		117,923,340
	267,026		Hess Corp		21,682,511
	1,303,549	*	Kodiak Oil & Gas Corp		16,907,031
	357,038		Marathon Oil Corp		12,589,160
	925,569	*	Matador Resources Co		17,039,725
	132,072		Nabors Industries Ltd		2,308,619
	464,866		Occidental Petroleum Corp		44,664,325
	170,935		Phillips 66		11,013,342
	314,387	*	Southwestern Energy Co		11,701,484
	708,706		Spectra Energy Corp		25,208,672
	4,304,110		Tailsman Energy, Inc		53,715,293
	1,865,981	*	Weatherford International Ltd		30,676,728
	688,362		Williams Cos, Inc		24,581,407
			TOTAL ENERGY		686,875,395
FOOD & STAPLES RETAILING - 1.3%
	176,685	e	Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		8,908,458
	394,854		CVS Corp		24,583,610
	433,122		Walgreen Co		25,658,147
			TOTAL FOOD & STAPLES RETAILING		59,150,215
FOOD, BEVERAGE & TOBACCO - 1.4%
	116,383		Groupe Danone		8,619,808
	785,596		Mondelez International, Inc		26,427,449

27

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
	81,067	e	Remy Cointreau S.A.	$	7,985,223
	372,345		SABMiller plc		19,414,347
			TOTAL FOOD, BEVERAGE & TOBACCO		62,446,827
HEALTH CARE EQUIPMENT & SERVICES - 5.0%
	508,722		Abbott Laboratories		18,593,789
	1,011,827	*	Boston Scientific Corp		11,828,258
	534,986		Covidien plc		34,297,952
	659,659	*	Express Scripts Holding Co		41,241,881
	1,222,494	*	Hologic, Inc		27,371,641
	619,100	*	Olympus Corp		19,805,878
	884,270		UnitedHealth Group, Inc		60,360,270
	132,587		WellPoint, Inc		11,243,378
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		224,743,047
HOUSEHOLD & PERSONAL PRODUCTS - 2.8%
	1,431,072		Avon Products, Inc		25,043,760
	167,378		Beiersdorf AG.		15,960,058
	55,072		L’Oreal S.A.		9,403,362
	905,387		Procter & Gamble Co		73,110,000
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		123,517,180
INSURANCE - 7.1%
	436,582		ACE Ltd		41,667,386
	409,869		Allstate Corp		21,747,649
	768,302		American International Group, Inc		39,682,798
	466,970	*	Berkshire Hathaway, Inc (Class B)		53,738,908
	1,030,087		Hartford Financial Services Group, Inc		34,713,932
	479,029		Marsh & McLennan Cos, Inc		21,939,528
	718,431		Metlife, Inc		33,988,971
	491,310		Principal Financial Group		23,317,573
	274,887		Prudential Financial, Inc		22,373,053
	290,494		Travelers Cos, Inc		25,069,632
			TOTAL INSURANCE		318,239,430
MATERIALS - 3.3%
	142,414		Akzo Nobel NV		10,338,455
	417,276		Axiall Corp		16,227,864
	355,123		Celanese Corp (Series A)		19,890,439
	1,578,528	e	Cliffs Natural Resources, Inc		40,536,599
	644,523	*	Constellium NV		11,904,340
	544,123		Freeport-McMoRan Copper & Gold, Inc (Class B)		20,001,962
	477,581		PolyOne Corp		14,470,704
	89,140	e	Wacker Chemie AG.		8,370,957
	363,490	e	Walter Energy, Inc		5,775,856
			TOTAL MATERIALS		147,517,176
MEDIA - 1.6%
	145,233		Time Warner Cable, Inc		17,449,745
	499,708		Time Warner, Inc		34,349,928
	282,184	*	Tribune Co		18,892,219
			TOTAL MEDIA		70,691,892

28

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
	133,177		Bayer AG.	$	16,520,903
	1,411,055	*	Biovitrum AB		13,487,244
	5,355	*,e	Foundation Medicine, Inc		170,717
	1,340,579		Johnson & Johnson		124,151,021
	110,223	*	Medivation, Inc		6,597,949
	1,600,358		Merck & Co, Inc		72,160,142
	316,591	*	Mylan Laboratories, Inc		11,989,301
	219,925		Novartis AG. (ADR)		17,055,184
	1,913,996		Pfizer, Inc		58,721,398
	190,402		Sanofi-Aventis		20,301,256
	735,937		Zoetis Inc		23,299,765
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		364,454,880
REAL ESTATE - 2.7%
	497,319	*	Forest City Enterprises, Inc (Class A)		10,075,683
	261,460		Liberty Property Trust		9,723,698
	373,187		Mack-Cali Realty Corp		7,672,725
	174,569		Potlatch Corp		7,127,652
	509,388	*	Realogy Holdings Corp		20,956,222
	133,568		Simon Property Group, Inc		20,642,934
	177,255		SL Green Realty Corp		16,763,005
	601,537		Starwood Property Trust, Inc		15,453,486
	146,773		Vornado Realty Trust		13,071,603
			TOTAL REAL ESTATE		121,487,008
RETAILING - 2.4%
	159,186		Abercrombie & Fitch Co (Class A)		5,966,291
	529,547		Best Buy Co, Inc		22,664,612
	235,190	*,e	Conn’s, Inc		14,214,884
	289,769		Expedia, Inc		17,061,599
	1,122,045	*	Groupon, Inc		10,244,271
	17,745,948	e	Hengdeli Holdings Ltd		4,212,029
	638,424	*,e	JC Penney Co, Inc		4,788,180
	2,056,500		Lifestyle International Holdings Ltd		4,482,761
	100,900	*,e	Lifestyle Properties Development Ltd		20,432
	1,477,951		Staples, Inc		23,824,570
			TOTAL RETAILING		107,479,629
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	381,135		Broadcom Corp (Class A)		10,183,927
	1,074,314	*,e	Freescale Semiconductor Holdings Ltd		16,587,408
	741,030		Intel Corp		18,103,363
	363,412	*	International Rectifier Corp		9,463,248
	286,861	*	Lam Research Corp		15,556,472
	2,700,732	*	ON Semiconductor Corp		19,067,168
	689,252	*	Semtech Corp		21,442,630
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		110,404,216

29

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 3.2%
	116,615		DST Systems, Inc	$	9,885,454
	290,013	*	eBay, Inc		15,286,585
	1,145,456		Microsoft Corp		40,491,870
	301,024	*	Rackspace Hosting, Inc		15,421,460
	170,651	*	Sina Corp		14,259,598
	406,621	*	Teradata Corp		17,919,787
	156,825	*,e	VistaPrint Ltd		8,476,391
	656,565	*	Yahoo!, Inc		21,620,685
			TOTAL SOFTWARE & SERVICES		143,361,830
TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
	106,184		Apple, Inc		55,465,212
	343,530	*	Ciena Corp		7,993,943
	2,231,983		Cisco Systems, Inc		50,219,618
	460,738		Corning, Inc		7,874,012
	403,718		EMC Corp		9,717,492
	1,142,970		Hewlett-Packard Co		27,854,179
	719,006	*	JDS Uniphase Corp		9,411,789
	479,931	*	Juniper Networks, Inc		8,945,914
	4,929,370	*	Nokia Oyj		37,611,093
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		215,093,252
TELECOMMUNICATION SERVICES - 3.8%
	3,069,326		AT&T, Inc		111,109,601
	742,673	*	Level 3 Communications, Inc		22,688,660
	501,384		Telephone & Data Systems, Inc		15,633,153
	4,971,806		Vodafone Group plc		18,210,518
			TOTAL TELECOMMUNICATION SERVICES		167,641,932
TRANSPORTATION - 2.8%
	6,554,000		Air China Ltd		4,470,681
	2,373,501	*,b,e	AMR Corp		17,445,232
	675,431		Con-Way, Inc		27,827,757
	294,744		FedEx Corp		38,611,464
	912,065	*	Hertz Global Holdings, Inc		20,941,012
	303,690	*	UAL Corp		10,310,276
	361,499		UTI Worldwide, Inc		5,494,785
			TOTAL TRANSPORTATION		125,101,207
UTILITIES - 4.0%
	908,278	*	Calpine Corp		18,319,967
	892,006		Centerpoint Energy, Inc		21,943,348
	322,397		Consolidated Edison, Inc		18,769,953
	314,871		Duke Energy Corp		22,585,697
	238,223		Edison International		11,680,074
	367,189		Entergy Corp		23,764,472
	464,136		Exelon Corp		13,246,441
	213,424		FirstEnergy Corp		8,082,367
	122,041		NextEra Energy, Inc		10,342,975
	246,749		NRG Energy, Inc		7,039,749
	22,366	*	Pattern Energy Group, Inc		507,261

30

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE
	253,985		PG&E Corp					$	10,629,272
	128,005		Sempra Energy						11,666,376
			TOTAL UTILITIES						178,577,952
			TOTAL COMMON STOCKS						4,424,902,050
			(Cost $3,670,751,084)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.8%
GOVERNMENT AGENCY DEBT - 0.3%
$	15,000,000		Federal Home Loan Bank (FHLB)		0.045	%	12/06/13		14,999,344
									14,999,344
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.5%
	198,798,936	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						198,798,936
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						198,798,936
			TOTAL SHORT-TERM INVESTMENTS						213,798,280
			(Cost $213,798,280)
			TOTAL INVESTMENTS - 104.1%						4,638,700,330
			(Cost $3,884,549,364)
			OTHER ASSETS & LIABILITIES, NET - (4.1)%						(181,454,475	)
			NET ASSETS - 100.0%					$	4,457,245,855

Abbreviation(s):

ADR    American Depositary Receipt

*	Non-income producing.
a	Affiliated holding.
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 $193,070,664.

31

TIAA-CREF FUNDS - Mid-Cap Growth Fund

TIAA-CREF FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.8%
AUTOMOBILES & COMPONENTS - 2.4%
	355,633		Delphi Automotive plc	$	20,342,208
	235,687		Harley-Davidson, Inc		15,093,395
	50,000	*	Tesla Motors, Inc		7,997,000
			TOTAL AUTOMOBILES & COMPONENTS		43,432,603
BANKS - 0.0%
	21,274	*	Essent Group Ltd		446,754
			TOTAL BANKS		446,754
CAPITAL GOODS - 9.0%
	419,238		Ametek, Inc		20,052,153
	208,264		Chicago Bridge & Iron Co NV		15,430,280
	103,240		Crane Co		6,555,740
	212,811		Flowserve Corp		14,783,980
	287,333		Fortune Brands Home & Security, Inc		12,378,306
	200,000		Generac Holdings, Inc		9,870,000
	286,434		Ingersoll-Rand plc		19,342,888
	34,726	*	Middleby Corp		7,905,374
	71,373		Parker Hannifin Corp		8,330,656
	147,164	*,z	Proto Labs, Inc		12,341,173
	148,712		Rockwell Automation, Inc		16,419,292
	177,258		Roper Industries, Inc		22,478,087
			TOTAL CAPITAL GOODS		165,887,929
COMMERCIAL & PROFESSIONAL SERVICES - 1.8%
	115,650	*	Stericycle, Inc		13,438,530
	282,902	*	Verisk Analytics, Inc		19,384,445
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		32,822,975
CONSUMER DURABLES & APPAREL - 8.5%
	150,037	*,e	Deckers Outdoor Corp		10,327,047
	260,000		Hasbro, Inc		13,429,000
	410,552	*	Jarden Corp		22,728,159
	229,424	*	Michael Kors Holdings Ltd		17,654,177
	7,430	*	NVR, Inc		6,815,688
	112,546		Phillips-Van Heusen Corp		14,019,855
	92,090		Polaris Industries, Inc		12,059,185
	872,284		Pulte Homes, Inc		15,395,812
	647,689	*	TRI Pointe Homes, Inc		10,311,209
	136,828		Tupperware Corp		12,266,630
	56,000		VF Corp		12,040,000
	66,792		Whirlpool Corp		9,752,300
			TOTAL CONSUMER DURABLES & APPAREL		156,799,062

32

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 1.6%
	241,028	*	Chuy’s Holdings, Inc	$	9,062,653
	337,396	*	Del Frisco’s Restaurant Group, Inc		6,106,868
	128,828	*	Penn National Gaming, Inc		7,537,726
	144,657		Sotheby’s (Class A)		7,507,698
			TOTAL CONSUMER SERVICES		30,214,945
DIVERSIFIED FINANCIALS - 7.5%
	70,556	*	Affiliated Managers Group, Inc		13,930,577
	214,281		Financial Engines, Inc		11,971,879
	72,414	*	IntercontinentalExchange, Inc		13,956,350
	461,486	e	iShares Russell Midcap Growth Index Fund		37,015,792
	377,374		Lazard Ltd (Class A)		14,585,505
	248,471		Moody’s Corp		17,556,961
	235,173	*	Portfolio Recovery Associates, Inc		13,981,035
	206,707		T Rowe Price Group, Inc		16,001,189
			TOTAL DIVERSIFIED FINANCIALS		138,999,288
ENERGY - 6.2%
	37,230	*	Antero Resources Corp		2,103,123
	342,258		Cabot Oil & Gas Corp		12,088,553
	246,478	*,z	Cheniere Energy, Inc		9,809,824
	339,367	*	Cobalt International Energy, Inc		7,876,708
	122,331	*	Concho Resources, Inc		13,531,032
	239,297	e	Crescent Point Energy Corp		9,292,798
	542,972	*	Denbury Resources, Inc		10,311,038
	152,000		Oceaneering International, Inc		13,053,760
	96,020		Pioneer Natural Resources Co		19,662,975
	209,562		Range Resources Corp		15,865,939
			TOTAL ENERGY		113,595,750
FOOD, BEVERAGE & TOBACCO - 3.7%
	252,188	*	Constellation Brands, Inc (Class A)		16,467,876
	90,305	*,e	Green Mountain Coffee Roasters, Inc		5,672,057
	131,820	*	Hain Celestial Group, Inc		10,971,379
	188,769		Hershey Co		18,733,436
	275,528		Lorillard, Inc		14,054,683
	30,072		Remy Cointreau S.A.		2,962,138
			TOTAL FOOD, BEVERAGE & TOBACCO		68,861,569
HEALTH CARE EQUIPMENT & SERVICES - 3.5%
	359,441	*	Acadia Healthcare Co, Inc		15,585,362
	311,322	*	Catamaran Corp		14,619,681
	380,892	*	Cerner Corp		21,341,379
	113,500	*	Pediatrix Medical Group, Inc		12,373,770
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		63,920,192
HOUSEHOLD & PERSONAL PRODUCTS - 0.7%
	105,546		Nu Skin Enterprises, Inc (Class A)		12,341,494
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		12,341,494

33

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
INSURANCE - 0.8%
	371,996		Validus Holdings Ltd	$	14,686,402
			TOTAL INSURANCE		14,686,402
MATERIALS - 3.6%
	220,000		Aptargroup, Inc		14,115,200
	270,757		Axiall Corp		10,529,740
	613,935	*	Calgon Carbon Corp		12,248,003
	115,646		Ecolab, Inc		12,258,476
	94,135		Sherwin-Williams Co		17,697,380
			TOTAL MATERIALS		66,848,799
MEDIA - 3.4%
	178,043	*	Discovery Communications, Inc (Class A)		15,831,584
	834,915		Interpublic Group of Cos, Inc		14,026,572
	192,710	*	Liberty Global plc (Class A)		15,102,683
	191,526		McGraw-Hill Cos, Inc		13,345,532
	472,908	*	SFX Entertainment, Inc		4,057,550
			TOTAL MEDIA		62,363,921
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.0%
	116,121	*	Actavis plc		17,949,984
	239,913		Agilent Technologies, Inc		12,177,984
	235,930	*	Alexion Pharmaceuticals, Inc		29,007,593
	146,071	*	BioMarin Pharmaceuticals, Inc		9,176,180
	84,566	*,e	Illumina, Inc		7,907,767
	95,279	*	Intercept Pharmaceuticals, Inc		5,167,933
	356,788	*	Mylan Laboratories, Inc		13,511,562
	206,642	*	NPS Pharmaceuticals, Inc		5,947,157
	91,084		Perrigo Co		12,559,573
	217,779	e	Questcor Pharmaceuticals, Inc		13,365,097
	220,890	*	Salix Pharmaceuticals Ltd		15,848,858
	247,393	*,e	Theravance, Inc		9,064,479
	146,551	*	Vertex Pharmaceuticals, Inc		10,454,948
	700,807		Zoetis Inc		22,187,550
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		184,326,665
RETAILING - 10.8%
	27,419	*	AutoZone, Inc		11,918,765
	159,993	*	Bed Bath & Beyond, Inc		12,370,659
	220,801	*	Carmax, Inc		10,375,439
	272,831	*,e	Conn’s, Inc		16,489,906
	161,575	*	Dollar Tree, Inc		9,435,980
	241,775		GNC Holdings, Inc		14,221,205
	1,078,253	*	Groupon, Inc		9,844,450
	246,732	*,e	HomeAway, Inc		7,315,604
	472,894	*	LKQ Corp		15,619,689
	36,202	*	NetFlix, Inc		11,674,421
	152,839	*	O’Reilly Automotive, Inc		18,922,997

34

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
	290,341		Ross Stores, Inc	$	22,457,876
	257,498		Tractor Supply Co		18,372,482
	149,104	*	Ulta Salon Cosmetics & Fragrance, Inc		19,212,050
			TOTAL RETAILING		198,231,523
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%
	1,087,465	*	Applied Micro Circuits Corp		12,679,842
	331,220		Avago Technologies Ltd		15,047,324
	148,350	*	Cree, Inc		9,012,263
	237,878	*	Lam Research Corp		12,900,124
	318,670	*	NXP Semiconductors NV		13,422,380
	354,895		Xilinx, Inc		16,119,331
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		79,181,264
SOFTWARE & SERVICES - 10.0%
	65,348	*,e	Alliance Data Systems Corp		15,491,397
	356,276	*	Aspen Technology, Inc		13,620,431
	107,247	*,z	Commvault Systems, Inc		8,373,846
	7,755	*	Criteo S.A. (ADR)		273,829
	281,128	*	Guidewire Software, Inc		14,258,812
	155,172	*	Infoblox, Inc		6,897,395
	113,210	*,z	LinkedIn Corp		25,321,681
	560,220	*,z	QLIK Technologies, Inc		14,195,975
	185,051	*	ServiceNow, Inc		10,105,635
	155,827	*	Splunk, Inc		9,771,911
	87,356	*	Tableau Software, Inc		5,368,900
	315,000	*	TIBCO Software, Inc		7,736,400
	554,993	*	TiVo, Inc		7,375,857
	488,304	*	Vantiv, Inc		13,428,360
	162,082	*,e	VistaPrint Ltd		8,760,532
	107,073	*	Workday, Inc		8,016,555
	115,681	*,z	Yelp, Inc		7,837,388
	83,890	*,e	Zillow, Inc		6,680,161
			TOTAL SOFTWARE & SERVICES		183,515,065
TECHNOLOGY HARDWARE & EQUIPMENT - 4.6%
	494,802	*,z	Ciena Corp		11,514,042
	189,278	*	F5 Networks, Inc		15,428,050
	700,000	*	Infinera Corp		7,147,000
	915,608	*	JDS Uniphase Corp		11,985,309
	306,865	*	NCR Corp		11,215,916
	428,648		NetApp, Inc		16,635,829
	100,200	*,e,z	Stratasys Ltd		11,345,646
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		85,271,792
TELECOMMUNICATION SERVICES - 2.4%
	318,498	*	Crown Castle International Corp		24,212,218
	227,910	*	SBA Communications Corp (Class A)		19,935,288
			TOTAL TELECOMMUNICATION SERVICES		44,147,506

35

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE
TRANSPORTATION - 3.0%
	562,131		Delta Air Lines, Inc	$	14,829,016
	214,133		Expeditors International of Washington, Inc		9,698,083
	597,402	*	Hertz Global Holdings, Inc		13,716,350
	194,495		J.B. Hunt Transport Services, Inc		14,592,960
			TOTAL TRANSPORTATION		52,836,409
			TOTAL COMMON STOCKS		1,798,731,907
			(Cost $1,409,338,286)
PURCHASED OPTIONS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	50,000	z	Tesla Motors, Inc		390,000
			TOTAL AUTOMOBILES & COMPONENTS		390,000
			TOTAL PURCHASED OPTIONS		390,000
			(Cost $452,000)
SHORT-TERM INVESTMENTS - 6.7%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 6.7%
	122,450,941	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		122,450,941
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		122,450,941
			TOTAL SHORT-TERM INVESTMENTS		122,450,941
			(Cost $122,450,941)
			TOTAL INVESTMENTS - 104.5%		1,921,572,848
			(Cost $1,532,241,227)
			OTHER ASSETS & LIABILITIES, NET - (4.5)%		(81,795,694	)
			NET ASSETS - 100.0%	$	1,839,777,154

	Abbreviation(s):
	ADR    American Depositary Receipt
*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $119,544,939.
z	All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

36

TIAA-CREF FUNDS - Mid-Cap Value Fund

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.5%
	259,593		Autoliv, Inc	$	23,163,483
	255,000		Lear Corp		19,734,450
	147,612		Magna International, Inc - Class A (NY)		12,502,737
	183,243	*	TRW Automotive Holdings Corp		13,763,382
			TOTAL AUTOMOBILES & COMPONENTS		69,164,052
BANKS - 7.3%
	671,466		BankUnited		20,661,009
	890,000	*	CIT Group, Inc		42,862,400
	78,165	e	Cullen/Frost Bankers, Inc		5,533,300
	300,000		East West Bancorp, Inc		10,107,000
	52,904	*	Essent Group Ltd		1,110,984
	2,450,000		Fifth Third Bancorp		46,623,500
	865,310		First Horizon National Corp		9,215,552
	3,450,000		Huntington Bancshares, Inc		30,360,000
	3,280,000		Keycorp		41,098,400
	231,182	e	M&T Bank Corp		26,014,910
	2,799,533		Regions Financial Corp		26,959,503
	770,000		SunTrust Banks, Inc		25,902,800
	5,103,071		Synovus Financial Corp		16,584,981
	1,000,000		TCF Financial Corp		15,180,000
	183,243		Zions Bancorporation		5,198,604
			TOTAL BANKS		323,412,943
CAPITAL GOODS - 8.2%
	100,000		AGCO Corp		5,838,000
	126,601	*	Armstrong World Industries, Inc		6,764,291
	205,000		Chicago Bridge & Iron Co NV		15,188,450
	315,000		Exelis, Inc		5,194,350
	244,323		Fortune Brands Home & Security, Inc		10,525,435
	520,000	*	Foster Wheeler AG.		14,034,800
	129,288		Hubbell, Inc (Class B)		13,903,631
	215,000		Ingersoll-Rand plc		14,518,950
	2,512,848		Invensys plc		20,164,647
	447,925		ITT Corp		17,796,060
	795,000		KBR, Inc		27,459,300
	519,187		Masco Corp		10,970,421
	300,000	*,e	Navistar International Corp		10,848,000
	305,000	*	Owens Corning, Inc		10,958,650
	510,000		Paccar, Inc		28,356,000
	61,080		Pall Corp		4,918,162
	357,818		Pentair Ltd		24,006,010
	36,648		Precision Castparts Corp		9,288,436
	150,000		Rockwell Collins, Inc		10,474,500

37

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	155,000		SPX Corp	$	14,060,050
	274,863	*	Terex Corp		9,606,462
	630,000		Textron, Inc		18,137,700
	132,342		Triumph Group, Inc		9,482,304
	404,156	*	USG Corp		11,037,500
	274,863	*	WABCO Holdings, Inc		23,550,262
	83,790		Westinghouse Air Brake Technologies Corp		5,462,270
	370,000		Xylem, Inc		12,765,000
			TOTAL CAPITAL GOODS		365,309,641
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	195,000	e	ADT Corp		8,457,150
	460,000		Republic Services, Inc		15,396,200
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		23,853,350
CONSUMER DURABLES & APPAREL - 2.0%
	800,000		DR Horton, Inc		15,160,000
	397,025	*	Jarden Corp		21,979,304
	96,711	*	Mohawk Industries, Inc		12,806,471
	844,950		Newell Rubbermaid, Inc		25,035,868
	15,000	*	NVR, Inc		13,759,800
			TOTAL CONSUMER DURABLES & APPAREL		88,741,443
CONSUMER SERVICES - 1.8%
	415,000		Darden Restaurants, Inc		21,384,950
	1,374,317	*	Denny’s Corp		8,726,913
	325,765		Interval Leisure Group, Inc		7,906,317
	300,000		Marriott International, Inc (Class A)		13,524,000
	325,765	*	Penn National Gaming, Inc		19,060,510
	101,546		Starwood Hotels & Resorts Worldwide, Inc		7,475,816
			TOTAL CONSUMER SERVICES		78,078,506
DIVERSIFIED FINANCIALS - 3.8%
	489,000		Ameriprise Financial, Inc		49,164,060
	570,087		Blackstone Group LP		14,981,886
	252,000		Discover Financial Services		13,073,760
	1,250,000	*	E*Trade Financial Corp		21,137,500
	875,000		Invesco Ltd		29,531,250
	1,000,000		KKR Financial Holdings LLC		9,910,000
	286,465		Lazard Ltd (Class A)		11,071,872
	453,015		Raymond James Financial, Inc		20,680,135
			TOTAL DIVERSIFIED FINANCIALS		169,550,463
ENERGY - 8.5%
	402,115		Anadarko Petroleum Corp		38,317,538
	645,000		Baker Hughes, Inc		37,468,050
	435,507		Capital Product Partners LP		4,076,346
	95,000	*	Concho Resources, Inc		10,507,950
	542,092		Consol Energy, Inc		19,786,358
	240,000	*	Dresser-Rand Group, Inc		14,584,800
	140,000	*	Dril-Quip, Inc		16,438,800

38

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	300,000		Equitable Resources, Inc	$	25,683,000
	460,000		Gibson Energy, Inc		11,298,710
	185,000	*	Hornbeck Offshore Services, Inc		10,224,950
	1,050,000	*	Kodiak Oil & Gas Corp		13,618,500
	432,655	*	Laredo Petroleum Holdings, Inc		13,745,449
	555,000		Noble Energy, Inc		41,586,150
	210,000		Oceaneering International, Inc		18,034,800
	64,135		Pioneer Natural Resources Co		13,133,565
	315,584		Questar Market Resources, Inc		10,433,207
	780,000	*	Rowan Cos plc		28,142,400
	1,450,000		Talisman Energy, Inc (Toronto)		18,078,934
	145,000		Targa Resources Investments, Inc		11,246,200
	840,000	*	Weatherford International Ltd		13,809,600
	190,000		Williams Cos, Inc		6,784,900
			TOTAL ENERGY		377,000,207
FOOD & STAPLES RETAILING - 0.5%
	277,554		Kroger Co		11,890,413
	1,832,421	*	Rite Aid Corp		9,766,804
			TOTAL FOOD & STAPLES RETAILING		21,657,217
FOOD, BEVERAGE & TOBACCO - 2.3%
	260,000		ConAgra Foods, Inc		8,270,600
	435,000		Ingredion, Inc		28,605,600
	167,006		Pinnacle Foods, Inc		4,524,193
	350,000		Reynolds American, Inc		17,979,500
	130,000		Sanderson Farms, Inc		8,217,300
	1,220,000		Tyson Foods, Inc (Class A)		33,757,400
			TOTAL FOOD, BEVERAGE & TOBACCO		101,354,593
HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	687,158	*	Allscripts Healthcare Solutions, Inc		9,503,395
	2,630,000	*	Boston Scientific Corp		30,744,700
	400,000		Cardinal Health, Inc		23,464,000
	950,000	*	CareFusion Corp		36,831,500
	435,200		Cigna Corp		33,501,696
	260,000		Healthsouth Corp		9,128,600
	1,225,000	*	Hologic, Inc		27,427,750
	240,000		Humana, Inc		22,116,000
	468,286		Omnicare, Inc		25,825,973
	230,000	*	Tenet Healthcare Corp		10,853,700
	260,000		Universal Health Services, Inc (Class B)		20,945,600
	420,000		Zimmer Holdings, Inc		36,737,400
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		287,080,314
INSURANCE - 8.0%
	325,000		ACE Ltd		31,018,000
	350,000		Aon plc		27,681,500
	285,043	*	Arch Capital Group Ltd		16,521,092
	205,000		Assurant, Inc		11,988,400
	340,000		Axis Capital Holdings Ltd		16,122,800
	134,151		Everest Re Group Ltd		20,624,375

39

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	1,350,000		Hartford Financial Services Group, Inc	$	45,495,000
	1,030,000	*	Hilltop Holdings, Inc		17,860,200
	14,935	*	Markel Corp		7,910,621
	630,000		Marsh & McLennan Cos, Inc		28,854,000
	230,000		PartnerRe Ltd		23,048,300
	432,655		Principal Financial Group		20,533,806
	356,304		Progressive Corp		9,253,215
	260,000		RenaissanceRe Holdings Ltd		24,364,600
	390,204		UnumProvident Corp		12,385,075
	285,043		Validus Holdings Ltd		11,253,498
	1,035,000		XL Capital Ltd		31,639,950
			TOTAL INSURANCE		356,554,432
MATERIALS - 5.7%
	132,342		Albemarle Corp		8,759,717
	255,000		Ashland, Inc		23,600,250
	205,000		Celanese Corp (Series A)		11,482,050
	650,000	e	Cliffs Natural Resources, Inc		16,692,000
	300,000	*	Crown Holdings, Inc		13,080,000
	239,233		Cytec Industries, Inc		19,877,870
	167,000		Eastman Chemical Co		13,157,930
	447,925		MeadWestvaco Corp		15,610,186
	570,000		Nucor Corp		29,508,900
	540,000	*	Owens-Illinois, Inc		17,166,600
	155,000		Schweitzer-Mauduit International, Inc		9,591,400
	565,000	e	United States Steel Corp		14,062,850
	147,612		Westlake Chemical Corp		15,856,481
	493,735	*	WR Grace & Co		45,255,750
			TOTAL MATERIALS		253,701,984
MEDIA - 2.6%
	230,000		Cablevision Systems Corp (Class A)		3,576,500
	120,000		CBS Corp (Class B)		7,096,800
	970,000		DISH Network Corp (Class A)		46,754,000
	1,530,000		Interpublic Group of Cos, Inc		25,704,000
	203,602	*	Madison Square Garden, Inc		12,321,993
	270,000	*	Tribune Co		18,076,500
			TOTAL MEDIA		113,529,793
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.7%
	40,720	*	Actavis plc		6,294,497
	640,000		Agilent Technologies, Inc		32,486,400
	618,418	*	Biovitrum AB		5,911,006
	223,963	*	Bruker BioSciences Corp		4,580,043
	220,000		Lonza Group AG.		19,637,841
	463,000	*	Mylan Laboratories, Inc		17,533,810
	335,944		PerkinElmer, Inc		12,779,310
	355,000	e	Questcor Pharmaceuticals, Inc		21,786,350
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		121,009,257
REAL ESTATE - 9.9%
	356,304		American Assets Trust,Inc		11,861,360
	670,000		American Capital Agency Corp		14,552,400

40

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
	1,600,000		Annaly Capital Management, Inc	$	18,864,000
	215,000		AvalonBay Communities, Inc		26,885,750
	287,000		Boston Properties, Inc		29,704,500
	2,000,000		Chimera Investment Corp		6,060,000
	276,445	*	Forestar Real Estate Group, Inc		6,173,017
	1,099,173		General Growth Properties, Inc		23,335,443
	1,445,577		Host Marriott Corp		26,815,453
	381,755		Kilroy Realty Corp		20,294,096
	768,600		Kimco Realty Corp		16,509,528
	240,000		Macerich Co		14,210,400
	559,906		Mack-Cali Realty Corp		11,511,667
	1,750,000		MFA Mortgage Investments, Inc		12,967,500
	510,000		Pennsylvania REIT		9,246,300
	940,000		Prologis, Inc		37,553,000
	178,153		Regency Centers Corp		9,203,384
	303,368		SL Green Realty Corp		28,689,512
	600,000		Starwood Property Trust, Inc		15,414,000
	235,000		Tanger Factory Outlet Centers, Inc		8,189,750
	104,855		Taubman Centers, Inc		6,898,410
	1,040,000		Two Harbors Investment Corp		9,703,200
	200,000		Ventas, Inc		13,048,000
	453,015		Vornado Realty Trust		40,345,516
	640,000		Weingarten Realty Investors		20,307,200
			TOTAL REAL ESTATE		438,343,386
RETAILING - 3.3%
	505,000	*	Ann Taylor Stores Corp		17,856,800
	690,000		Best Buy Co, Inc		29,532,000
	1,230,000	*	Liberty Interactive Corp		33,160,800
	340,000		Macy’s, Inc		15,677,400
	788,959	e	OfficeMax, Inc		11,818,606
	183,243		Signet Jewelers Ltd		13,680,922
	1,476,117		Staples, Inc		23,795,006
			TOTAL RETAILING		145,521,534
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%
	198,512		Analog Devices, Inc		9,786,642
	1,075,000		Applied Materials, Inc		19,188,750
	360,000		Avago Technologies Ltd		16,354,800
	1,270,000	*	Fairchild Semiconductor International, Inc		16,090,900
	475,000	*,e	Freescale Semiconductor Holdings Ltd		7,334,000
	380,000	*	Lam Research Corp		20,607,400
	1,400,000		Marvell Technology Group Ltd		16,800,000
	1,883,322	*	Micron Technology, Inc		33,297,133
	800,000		Nvidia Corp		12,144,000
	335,000	*	NXP Semiconductors NV		14,110,200
	1,240,000	*	ON Semiconductor Corp		8,754,400
	351,214	*,e	Teradyne, Inc		6,142,733
	195,000		Xilinx, Inc		8,856,900
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		189,467,858

41

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 2.4%
	41,000	*,e	Alliance Data Systems Corp	$	9,719,460
	620,000		CA, Inc		19,691,200
	1,119,814		Earthlink, Inc		5,666,259
	1,360,000		Symantec Corp		30,926,400
	1,200,000		Western Union Co		20,424,000
	615,898	*	Yahoo!, Inc		20,281,521
			TOTAL SOFTWARE & SERVICES		106,708,840
TECHNOLOGY HARDWARE & EQUIPMENT - 4.0%
	434,386	*	Arrow Electronics, Inc		20,859,216
	1,018,012	*	Brocade Communications Systems, Inc		8,164,456
	480,000	*,e	Ciena Corp		11,169,600
	1,450,000	*	JDS Uniphase Corp		18,980,500
	900,000	*	Juniper Networks, Inc		16,776,000
	410,000		NetApp, Inc		15,912,100
	150,000		SanDisk Corp		10,425,000
	310,000		Seagate Technology, Inc		15,090,800
	500,000		Tyco Electronics Ltd		25,745,000
	3,500,000		Xerox Corp		34,790,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		177,912,672
TELECOMMUNICATION SERVICES - 0.5%
	320,675		Telephone & Data Systems, Inc		9,998,647
	356,304	*	tw telecom inc (Class A)		11,230,702
			TOTAL TELECOMMUNICATION SERVICES		21,229,349
TRANSPORTATION - 2.3%
	150,000		Alaska Air Group, Inc		10,599,000
	232,946		Costamare, Inc		4,325,807
	407,205		CSX Corp		10,611,763
	1,135,000		Delta Air Lines, Inc		29,941,300
	725,000	*	Diana Shipping, Inc		8,221,500
	447,925	*	Hertz Global Holdings, Inc		10,284,358
	101,802		Kansas City Southern Industries, Inc		12,370,979
	365,000	*	UAL Corp		12,391,750
			TOTAL TRANSPORTATION		98,746,457
UTILITIES - 10.7%
	359,000		American Water Works Co, Inc		15,390,330
	671,888	*	Calpine Corp		13,551,981
	1,401,803		Centerpoint Energy, Inc		34,484,354
	760,000		CMS Energy Corp		20,869,600
	470,000		DTE Energy Co		32,495,800
	794,060		Edison International		38,932,762
	167,972		National Fuel Gas Co		12,018,397
	775,057		NiSource, Inc		24,429,797
	335,159		Northeast Utilities		14,374,969
	381,755		NorthWestern Corp		17,499,649
	610,807		NRG Energy, Inc		17,426,324
	476,020		NV Energy, Inc		11,300,715
	730,000		OGE Energy Corp		26,937,000

42

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE
	100,000		Oneok, Inc					$	5,650,000
	311,593		PG&E Corp						13,040,167
	1,180,000		PPL Corp						36,143,400
	1,020,000		Public Service Enterprise Group, Inc						34,170,000
	366,484		Questar Corp						8,671,011
	555,000		Sempra Energy						50,582,700
	310,000		UIL Holdings Corp						11,941,200
	1,240,000		Xcel Energy, Inc						35,786,400
			TOTAL UTILITIES						475,696,556
			TOTAL COMMON STOCKS						4,403,624,847
			(Cost $3,264,705,276)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.5%
GOVERNMENT AGENCY DEBT - 0.7%
$	15,000,000		Federal Home Loan Bank (FHLB)		0.030	%	11/13/13		14,999,850
	15,000,000		Federal Home Loan Bank (FHLB)		0.045		12/06/13		14,999,344
									29,999,194
TREASURY DEBT - 0.2%
	2,400,000		United States Treasury Bill		0.047		12/19/13		2,399,849
	8,600,000		United States Treasury Bill		0.070		01/30/14		8,599,191
									10,999,040
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.6%
	117,563,395	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						117,563,395
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						117,563,395
			TOTAL SHORT-TERM INVESTMENTS						158,561,629
			(Cost $158,560,933)
			TOTAL INVESTMENTS - 102.8%						4,562,186,476
			(Cost $3,423,266,209)
			OTHER ASSETS & LIABILITIES, NET - (2.8)%						(125,809,731	)
			NET ASSETS - 100.0%					$	4,436,376,745
			Abbreviation(s):
			REIT    Real Estate Investment Trust
		*	Non-income producing.
		c	Investments made with cash collateral received from securities on loan.
		e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $115,665,544.

43

TIAA-CREF FUNDS - Small-Cap Equity Fund

TIAA-CREF FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.2%
AUTOMOBILES & COMPONENTS - 1.3%
	421,191		Dana Holding Corp	$	8,255,344
	33,180		Lear Corp		2,567,800
	202,630		Superior Industries International, Inc		3,799,312
	291,874	*	Tenneco, Inc		15,489,753
			TOTAL AUTOMOBILES & COMPONENTS		30,112,209
BANKS - 8.2%
	645,611		Brookline Bancorp, Inc		5,726,570
	936,620		Capitol Federal Financial		11,866,975
	283,005		Columbia Banking System, Inc		7,270,399
	180,842		Community Bank System, Inc		6,566,373
	893,311		FirstMerit Corp		20,063,765
	618,161		Home Loan Servicing Solutions Ltd		14,594,781
	717,562		National Penn Bancshares, Inc		7,441,118
	134,140	*	Ocwen Financial Corp		7,542,692
	328,614		Oritani Financial Corp		5,330,119
	376,100		PrivateBancorp, Inc		9,161,796
	278,993		Prosperity Bancshares, Inc		17,423,113
	551,241		Provident Financial Services, Inc		10,330,256
	690,970	e	Radian Group, Inc		10,067,433
	1,000,400		Susquehanna Bancshares, Inc		11,789,714
	175,588	*	SVB Financial Group		16,817,819
	939,708	e	Umpqua Holdings Corp		15,383,020
	232,380		Webster Financial Corp		6,481,078
	180,810		Wintrust Financial Corp		7,867,043
			TOTAL BANKS		191,724,064
CAPITAL GOODS - 9.3%
	156,030		Acuity Brands, Inc		15,682,575
	156,850		Alliant Techsystems, Inc		17,076,259
	45,269		Ampco-Pittsburgh Corp		833,402
	261,300		Applied Industrial Technologies, Inc		12,362,103
	175,251		Brady Corp (Class A)		5,115,577
	314,553		Comfort Systems USA, Inc		5,860,122
	110,485		Cubic Corp		5,800,462
	223,089		Curtiss-Wright Corp		11,105,370
	25,458	*	DXP Enterprises, Inc		2,339,590
	168,510	*	Dycom Industries, Inc		4,996,322
	206,593		EnerSys		13,707,446
	837,570		Exelis, Inc		13,811,529
	504,721	*	Federal Signal Corp		6,909,630
	80,997		Franklin Electric Co, Inc		3,065,736
	46,580		Graco, Inc		3,598,771
	158,144		Granite Construction, Inc		5,115,958

44

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	97,851		Kadant, Inc	$	3,503,066
	101,510		LB Foster Co (Class A)		4,745,593
	23,530	e	Lindsay Manufacturing Co		1,788,515
	37,367	*	Middleby Corp		8,506,598
	102,120	*	Moog, Inc (Class A)		6,099,628
	140,200		Mueller Industries, Inc		8,452,658
	228,603	*	NCI Building Systems, Inc		3,298,741
	312,054		Pike Electric Corp		3,373,304
	126,403	*,e	Proto Labs, Inc		10,600,156
	172,500	*	Teledyne Technologies, Inc		15,321,450
	99,666	*	Trex Co, Inc		6,998,547
	160,470	*	WABCO Holdings, Inc		13,749,070
	49,000		Watsco, Inc		4,669,210
			TOTAL CAPITAL GOODS		218,487,388
COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
	205,478	*	Advisory Board Co		14,095,791
	111,179		Corporate Executive Board Co		8,104,949
	107,733		Exponent, Inc		8,145,692
	339,550	*	Korn/Ferry International		8,081,290
	327,301		Rollins, Inc		9,046,600
	518,553	*	RPX Corp		9,261,356
	362,113	*	TrueBlue, Inc		8,944,191
	172,418		Viad Corp		4,603,561
	293,230	*	WageWorks, Inc		15,016,308
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		85,299,738
CONSUMER DURABLES & APPAREL - 1.7%
	390,679	*,e	Beazer Homes USA, Inc		7,098,637
	183,350		Brunswick Corp		8,274,586
	434,373	*	CROCS, Inc		5,290,663
	68,200	*	iRobot Corp		2,309,934
	649,900	*	Standard-Pacific Corp		5,153,707
	333,994	*	Steven Madden Ltd		12,250,900
			TOTAL CONSUMER DURABLES & APPAREL		40,378,427
CONSUMER SERVICES - 4.0%
	123,497	*	Boyd Gaming Corp		1,304,128
	468,900		Hillenbrand, Inc		13,232,358
	204,149	*	Hyatt Hotels Corp		9,717,493
	465,386	*	Krispy Kreme Doughnuts, Inc		11,290,264
	236,080	*	Marriott Vacations Worldwide Corp		11,822,886
	472,100	*	MGM Mirage		8,988,784
	235,960	*	Multimedia Games, Inc		7,671,060
	401,219	*	Orient-Express Hotels Ltd (Class A)		5,340,225
	63,682		Papa John’s International, Inc		4,818,817
	711,687		Service Corp International		12,817,483
	253,000		Texas Roadhouse, Inc (Class A)		6,937,260
			TOTAL CONSUMER SERVICES		93,940,758
DIVERSIFIED FINANCIALS - 3.5%
	1,884,204		Apollo Investment Corp		16,072,260
	115,322		Financial Engines, Inc		6,443,040

45

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	59,288		Friedman Billings Ramsey Group, Inc (Class A)	$	1,462,635
	217,639	e	FXCM, Inc		3,567,103
	1,400	e	iShares Russell 2000 Index Fund		152,922
	674,243		Janus Capital Group, Inc		6,654,779
	291,350		MarketAxess Holdings, Inc		19,004,760
	231,300	*	Portfolio Recovery Associates, Inc		13,750,785
	248,760	e	Prospect Capital Corp		2,820,938
	463,613	e	TCP Capital Corp		7,728,429
	240,780	*	WisdomTree Investments, Inc		3,346,842
			TOTAL DIVERSIFIED FINANCIALS		81,004,493
ENERGY - 6.2%
	255,443	e	Alon USA Energy, Inc		3,085,751
	771,800	e	Arch Coal, Inc		3,272,432
	227,522		Bristow Group, Inc		18,308,695
	114,700		Cimarex Energy Co		12,083,645
	268,070		Comstock Resources, Inc		4,586,677
	254,002		Delek US Holdings, Inc		6,489,751
	160,213		Energy XXI Bermuda Ltd		4,655,790
	1,846,717	*,e	Penn Virginia Corp		15,715,562
	374,303	*	Renewable Energy Group, Inc		4,083,646
	153,937	*	Rosetta Resources, Inc		9,226,984
	521,000	e	RPC, Inc		9,555,140
	302,384	*	Stone Energy Corp		10,541,106
	153,600	*,e	Swift Energy Co		2,107,392
	198,462		Targa Resources Investments, Inc		15,392,713
	646,729	*	Vaalco Energy, Inc		3,408,262
	547,267		W&T Offshore, Inc		10,447,327
	194,500	e	Western Refining, Inc		6,276,515
	605,500	*	Willbros Group, Inc		5,909,680
			TOTAL ENERGY		145,147,068
FOOD & STAPLES RETAILING - 0.8%
	3,258,600	*	Rite Aid Corp		17,368,338
	45,532		Weis Markets, Inc		2,329,872
			TOTAL FOOD & STAPLES RETAILING		19,698,210
FOOD, BEVERAGE & TOBACCO - 2.1%
	118,466	*,e	Annie’s, Inc		5,597,519
	25,590	*,e	Boston Beer Co, Inc (Class A)		5,875,208
	124,190	*,e	Diamond Foods, Inc		3,031,478
	238,050		Fresh Del Monte Produce, Inc		6,329,749
	90,963		J&J Snack Foods Corp		7,783,704
	409,366	*	Pilgrim’s Pride Corp		5,800,716
	229,965		Sanderson Farms, Inc		14,536,088
			TOTAL FOOD, BEVERAGE & TOBACCO		48,954,462
HEALTH CARE EQUIPMENT & SERVICES - 7.1%
	174,870	*	Align Technology, Inc		9,978,082
	411,502	*	Amedisys, Inc		6,699,253
	515,146	*	AMN Healthcare Services, Inc		6,387,810

46

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	62,833		Analogic Corp	$	5,795,088
	146,018	*	Arthrocare Corp		5,466,914
	136,341		Cantel Medical Corp		4,785,569
	20,000	*	Centene Corp		1,123,200
	132,804		Computer Programs & Systems, Inc		7,575,140
	264,719	*	Cyberonics, Inc		15,290,170
	235,613	*	Cynosure, Inc (Class A)		5,091,597
	110,757	*	HealthStream, Inc		3,956,240
	279,208		Masimo Corp		7,153,309
	167,524	*	Medidata Solutions, Inc		18,479,572
	66,738	*	MWI Veterinary Supply, Inc		10,587,316
	172,490	*	NuVasive, Inc		5,481,732
	243,916	*	Omnicell, Inc		5,627,142
	377,400	*	Team Health Holdings, Inc		16,394,256
	424,974	*	Thoratec Corp		18,354,627
	187,633	*	WellCare Health Plans, Inc		12,511,369
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		166,738,386
HOUSEHOLD & PERSONAL PRODUCTS - 0.4%
	112,520		Inter Parfums, Inc		3,956,203
	191,030	*	Medifast, Inc		4,452,910
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		8,409,113
INSURANCE - 2.6%
	33,442		Allied World Assurance Co Holdings Ltd		3,621,434
	118,560		American Financial Group, Inc		6,670,186
	515,141		Conseco, Inc		8,025,897
	209,850		Employers Holdings, Inc		6,310,189
	261,851		First American Financial Corp		6,771,467
	145,968	e	HCI Group, Inc		6,413,834
	143,887		Horace Mann Educators Corp		3,985,670
	250,270		Platinum Underwriters Holdings Ltd		15,564,291
	207,200	*	Third Point Reinsurance Ltd		3,232,320
			TOTAL INSURANCE		60,595,288
MATERIALS - 5.7%
	141,658		Aptargroup, Inc		9,088,777
	67,967		Avery Dennison Corp		3,202,605
	112,300		Balchem Corp		6,430,298
	119,904	*	Boise Cascade Co		3,070,741
	329,300	*	Century Aluminum Co		2,858,324
	463,680	*	Coeur d’Alene Mines Corp		5,661,533
	386,381		Globe Specialty Metals, Inc		6,777,123
	146,000		Kaiser Aluminum Corp		9,847,700
	245,340		Minerals Technologies, Inc		13,893,604
	422,706		Myers Industries, Inc		7,532,621
	235,599	*	OM Group, Inc		8,010,366
	70,938		Quaker Chemical Corp		5,384,904
	504,229	*,e	Resolute Forest Products		8,062,622
	196,105	*	RTI International Metals, Inc		6,647,959
	275,729		Schnitzer Steel Industries, Inc (Class A)		8,007,170
	215,745		Schweitzer-Mauduit International, Inc		13,350,301

47

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	205,614	*	SunCoke Energy, Inc	$	4,112,280
	254,757		Worthington Industries, Inc		10,327,849
			TOTAL MATERIALS		132,266,777
MEDIA - 1.5%
	329,090	*	Digital Generation, Inc		4,162,989
	399,577	*	EW Scripps Co (Class A)		7,919,616
	535,861	*	Journal Communications, Inc (Class A)		4,474,439
	976,380	*	Live Nation, Inc		18,980,827
			TOTAL MEDIA		35,537,871
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.2%
	144,100	*,e	Acadia Pharmaceuticals, Inc		3,275,393
	298,500	*	Acorda Therapeutics, Inc		9,137,085
	148,933	*	AMAG Pharmaceuticals, Inc		4,018,212
	874,090	*	Array Biopharma, Inc		4,387,932
	289,900	*	Auxilium Pharmaceuticals, Inc		4,989,179
	236,704	*,e	Cepheid, Inc		9,638,587
	46,190	*,e	Epizyme, Inc		1,770,001
	185,700	*,e	Genomic Health, Inc		5,556,144
	168,303	*	Impax Laboratories, Inc		3,409,819
	61,170	*,e	Isis Pharmaceuticals, Inc		2,035,126
	47,160	*	Jazz Pharmaceuticals plc		4,279,298
	370,223	*	Medicines Co		12,557,964
	37,000	*	Medivation, Inc		2,214,820
	69,710	*	NPS Pharmaceuticals, Inc		2,006,254
	671,231	*	Orexigen Therapeutics, Inc		3,275,607
	327,600	*	Parexel International Corp		14,974,596
	50,860	*	Pharmacyclics, Inc		6,034,030
	53,499	e	Questcor Pharmaceuticals, Inc		3,283,234
	541,908	*	Santarus, Inc		12,642,714
	338,600	*	Viropharma, Inc		13,144,452
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		122,630,447
REAL ESTATE - 7.7%
	309,696		Chesapeake Lodging Trust		7,299,535
	801,144		CubeSmart		14,636,901
	636,020		DuPont Fabros Technology, Inc		15,805,097
	182,570		EastGroup Properties, Inc		11,622,406
	317,442		Extra Space Storage, Inc		14,599,157
	533,366		Glimcher Realty Trust		5,467,002
	413,684		Government Properties Income Trust		10,114,574
	191,553		Home Properties, Inc		11,552,561
	179,263		LTC Properties, Inc		7,071,925
	191,640		Omega Healthcare Investors, Inc		6,370,114
	304,867		Parkway Properties, Inc		5,521,141
	117,308		PS Business Parks, Inc		9,559,429
	934,677		RAIT Investment Trust		7,056,811
	632,307		RLJ Lodging Trust		15,972,075
	80,003		Saul Centers, Inc		3,760,141
	204,904		Sovran Self Storage, Inc		15,673,107
	256,588		Sun Communities, Inc		11,436,127

48

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	555,579		Sunstone Hotel Investors, Inc	$	7,361,422
			TOTAL REAL ESTATE		180,879,525
RETAILING - 3.9%
	102,150	*	Ann Taylor Stores Corp		3,612,024
	104,200	*	Autonation, Inc		5,025,566
	281,190		Big 5 Sporting Goods Corp		5,317,303
	265,515	*	Children’s Place Retail Stores, Inc		14,494,464
	749,799	*	Christopher & Banks Corp		4,326,340
	727,470	*	Express Parent LLC		16,884,579
	195,700		Finish Line, Inc (Class A)		4,900,328
	155,239	*	Five Below, Inc		7,491,834
	82,720		GameStop Corp (Class A)		4,534,710
	773,953	*	Orbitz Worldwide, Inc		7,151,326
	158,899	*	Overstock.com, Inc		3,723,004
	311,228		Penske Auto Group, Inc		12,330,853
	764,700	*,e	RadioShack Corp		2,148,807
			TOTAL RETAILING		91,941,138
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
	250,336	*	Advanced Energy Industries, Inc		5,227,016
	158,900	*	Ambarella, Inc		3,265,395
	175,665	*	ATMI, Inc		4,802,681
	134,721	*	Cavium Networks, Inc		5,430,603
	445,480	*,e	Cirrus Logic, Inc		9,992,116
	1,365,260	*	Entropic Communications, Inc		5,843,313
	36,300	*	Hittite Microwave Corp		2,319,207
	1,217,606	*	Integrated Device Technology, Inc		12,955,328
	1,730,622	*	Lattice Semiconductor Corp		8,878,091
	896,617	*	Rambus, Inc		7,836,433
	1,204,666	*	Silicon Image, Inc		6,324,496
	118,060	*	Spansion, Inc		1,413,178
	150,679		Tessera Technologies, Inc		2,865,915
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		77,153,772
SOFTWARE & SERVICES - 10.0%
	475,095	*	Aspen Technology, Inc		18,162,882
	225,924	*	Commvault Systems, Inc		17,640,146
	249,215	*	Cornerstone OnDemand, Inc		11,805,315
	102,100	*	Demandware, Inc		5,048,845
	137,843		DST Systems, Inc		11,684,951
	112,133		Forrester Research, Inc		4,351,882
	205,850	*	Gartner, Inc		12,134,857
	421,237	*	Infoblox, Inc		18,723,985
	337,535	*	LogMeIn, Inc		10,902,380
	178,985	*	Manhattan Associates, Inc		19,063,692
	158,073	*,e	Marketo, Inc		5,336,544
	416,282		MAXIMUS, Inc		20,168,863
	139,883	*	PROS Holdings, Inc		4,944,864
	155,510	*	QLIK Technologies, Inc		3,940,623
	108,027	*	Rally Software Development Corp		2,898,364
	213,200	*	Seachange International, Inc		3,025,308

49

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE
	60,712	*	Sykes Enterprises, Inc	$	1,136,529
	139,274		Syntel, Inc		11,955,280
	1,133,154	*	TiVo, Inc		15,059,617
	196,080	*	Trulia, Inc		7,837,318
	99,357	*	Virtusa Corp		3,088,016
	447,242	*,e	WebMD Health Corp (Class A)		15,751,863
	306,933	*	Xoom Corp		9,131,257
			TOTAL SOFTWARE & SERVICES		233,793,381
TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
	119,512	*	Agilysys, Inc		1,404,266
	275,400	*	Aruba Networks, Inc		5,166,504
	335,126	*	Audience, Inc		3,827,139
	129,660	*	Benchmark Electronics, Inc		2,947,172
	462,400	*	Brocade Communications Systems, Inc		3,708,448
	565,900	*	Calix Networks, Inc		5,755,203
	254,940	*	Cray, Inc		5,700,458
	260,937	*	Datalink Corp		2,679,823
	204,000	*	Electronics for Imaging, Inc		6,999,240
	581,110	*	Extreme Networks, Inc		3,114,750
	162,600	*	Finisar Corp		3,741,426
	524,963	*	Immersion Corp		6,677,529
	834,108	*,e	InvenSense, Inc		14,088,084
	82,996		Littelfuse, Inc		7,057,150
	198,758	*	Plexus Corp		7,608,456
	1,194,324	*	QLogic Corp		14,749,902
	2,104,040	*	Sonus Networks, Inc		6,312,120
	318,212	*,e	Synaptics, Inc		14,796,858
	140,445	e	Ubiquiti Networks, Inc		5,418,368
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		121,752,896
TELECOMMUNICATION SERVICES - 0.4%
	843,500	*	8x8, Inc		9,666,510
			TOTAL TELECOMMUNICATION SERVICES		9,666,510
TRANSPORTATION - 2.1%
	36,158		Amerco, Inc		7,301,385
	307,581		Arkansas Best Corp		8,418,492
	289,046		Matson, Inc		7,830,256
	715,099	*	Republic Airways Holdings, Inc		8,423,867
	788,190	*,e	Swift Transportation Co, Inc		17,174,660
	98,090	*,e	YRC Worldwide, Inc		929,893
			TOTAL TRANSPORTATION		50,078,553
UTILITIES - 3.2%
	337,960		American States Water Co		9,625,101
	405,703		Avista Corp		11,274,486
	163,889		Black Hills Corp		8,312,450
	264,064		Empire District Electric Co		5,938,799
	177,375	*	Genie Energy Ltd		1,832,284
	229,589		New Jersey Resources Corp		10,567,982
	251,180		NorthWestern Corp		11,514,091

50

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	RATE	MATURITY DATE	VALUE
	151,711	Southwest Gas Corp			$	8,231,839
	144,274	UNS Energy Corp				7,138,678
		TOTAL UTILITIES				74,435,710
		TOTAL COMMON STOCKS				2,320,626,184
		(Cost $1,766,840,064)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 9.1%
TREASURY DEBT - 0.3%
$	7,300,000	d	United States Treasury Bill	0.035	%	11/07/13	7,299,957
							7,299,957

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 8.8%
	206,556,372	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		206,556,372
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		206,556,372
			TOTAL SHORT-TERM INVESTMENTS		213,856,329
			(Cost $213,856,329)
			TOTAL INVESTMENTS - 108.3%		2,534,482,513
			(Cost $1,980,696,393)
			OTHER ASSETS & LIABILITIES, NET - (8.3)%		(193,122,183	)
			NET ASSETS - 100.0%	$	2,341,360,330

*	Non-income producing.
a	Affiliated holding.
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of this security has been segregated to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $203,022,486.

51

TIAA-CREF FUNDS - Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.8%
	130		Autoliv, Inc	$	11,600
	9,838		BorgWarner, Inc		1,014,593
	3,000		Delphi Automotive plc		171,600
	781,451		Ford Motor Co		13,370,626
	66,933		Harley-Davidson, Inc		4,286,389
	213,524		Johnson Controls, Inc		9,854,132
	8,602	*	Modine Manufacturing Co		114,579
	26,269	*	Tenneco, Inc		1,394,096
	2,340	*,e	Tesla Motors, Inc		374,260
			TOTAL AUTOMOBILES & COMPONENTS		30,591,875
BANKS - 3.4%
	13,100		Associated Banc-Corp		213,006
	4,424		Astoria Financial Corp		58,441
	6,558		Bank of Hawaii Corp		380,233
	283,306		BB&T Corp		9,623,905
	5,200		Boston Private Financial Holdings, Inc		59,228
	12,500		CapitalSource, Inc		163,500
	1,470		Capitol Federal Financial		18,625
	1,120		Cardinal Financial Corp		18,480
	690		Cathay General Bancorp		16,995
	3,446		Centerstate Banks of Florida, Inc		33,978
	2,810	*	CIT Group, Inc		135,330
	440		Columbia Banking System, Inc		11,304
	44,810		Comerica, Inc		1,940,273
	242		Commerce Bancshares, Inc		11,134
	797		Community Bank System, Inc		28,939
	2,109	e	Cullen/Frost Bankers, Inc		149,296
	2,540		East West Bancorp, Inc		85,573
	715		Federal Agricultural Mortgage Corp (Class C)		25,518
	2,880		First Commonwealth Financial Corp		25,027
	1,352		First Interstate Bancsystem, Inc		33,949
	910		First Merchants Corp		17,108
	3,680		First Midwest Bancorp, Inc		61,198
	574		First Niagara Financial Group, Inc		6,331
	16,679	*	Flagstar Bancorp, Inc		270,367
	201		Flushing Financial Corp		4,038
	1,130		FNB Corp		14,136
	540		Glacier Bancorp, Inc		14,920
	1,279		Hancock Holding Co		41,926
	36,850		Huntington Bancshares, Inc		324,280
	471,301		Keycorp		5,905,401
	3,900		Lakeland Bancorp, Inc		44,460
	77,670	e	M&T Bank Corp		8,740,205

52

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	4,307		MainSource Financial Group, Inc	$	69,860
	5,010	*	MGIC Investment Corp		40,781
	1,360		National Penn Bancshares, Inc		14,103
	310		NBT Bancorp, Inc		7,555
	40,135	e	New York Community Bancorp, Inc		650,588
	2,082		Northfield Bancorp, Inc		26,920
	3,640		Old National Bancorp		52,926
	1,877	e	PacWest Bancorp		71,420
	120	e	Park National Corp		9,506
	2,510		Peoples Bancorp, Inc		56,274
	982		People’s United Financial, Inc		14,170
	510	*	Pinnacle Financial Partners, Inc		15,810
	146,968		PNC Financial Services Group, Inc		10,806,557
	43,931	*	Popular, Inc		1,109,258
	5,210		PrivateBancorp, Inc		126,916
	11,168		Provident Financial Services, Inc		209,288
	207,622	e	Radian Group, Inc		3,025,053
	1,440	*	Signature Bank		146,621
	997		Susquehanna Bancshares, Inc		11,750
	6,870	*	SVB Financial Group		658,009
	429		TCF Financial Corp		6,512
	870	*	Texas Capital Bancshares, Inc		45,283
	350		Trustmark Corp		9,506
	650	e	Umpqua Holdings Corp		10,640
	365,664		US Bancorp		13,661,207
	3,230		Webster Financial Corp		90,085
	513	e	Westamerica Bancorporation		26,409
	1,160	*	Western Alliance Bancorp		24,534
	5,660		Wilshire Bancorp, Inc		47,940
	230		Wintrust Financial Corp		10,007
	10,315		Zions Bancorporation		292,637
			TOTAL BANKS		59,825,229
CAPITAL GOODS - 7.7%
	121,795		3M Co		15,327,901
	5,778		A.O. Smith Corp		298,434
	589		Aceto Corp		9,394
	1,450		Acuity Brands, Inc		145,739
	2,117	*	Aerovironment, Inc		57,392
	137,819		Ametek, Inc		6,591,883
	286		Applied Industrial Technologies, Inc		13,531
	12,937	*	ArvinMeritor, Inc		88,877
	2,565		Astec Industries, Inc		86,723
	29,970		Barnes Group, Inc		1,065,134
	419	*	Beacon Roofing Supply, Inc		14,543
	2,490		Briggs & Stratton Corp		45,667
	16,964	*	Builders FirstSource, Inc		125,703
	1,630	*	Chart Industries, Inc		175,176
	218		Clarcor, Inc		12,749
	3,420	*	Colfax Corp		191,383
	60,350		Cummins, Inc		7,665,657
	158,962		Danaher Corp		11,459,571

53

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	115,484		Deere & Co	$	9,451,210
	16,301		Dover Corp		1,496,269
	95,714		Eaton Corp		6,753,580
	1,365		EMCOR Group, Inc		50,587
	182,425		Emerson Electric Co		12,217,002
	1,790		EnerSys		118,766
	600	*	Esterline Technologies Corp		48,096
	50,373		Fastenal Co		2,508,575
	1,000		Fluor Corp		74,220
	300		GATX Corp		15,465
	300		Gorman-Rupp Co		12,222
	16,191		Graco, Inc		1,250,917
	245		Granite Construction, Inc		7,926
	1,410	*	H&E Equipment Services, Inc		35,292
	1,138		Heico Corp		60,947
	4,430	*	Hexcel Corp		187,433
	3,902		Houston Wire & Cable Co		54,121
	130,492		Illinois Tool Works, Inc		10,281,465
	36,662		Ingersoll-Rand plc		2,475,785
	500	*	Jacobs Engineering Group, Inc		30,410
	880		Joy Global, Inc		49,940
	246		Kadant, Inc		8,807
	1,785	*	Layne Christensen Co		34,522
	6,290		Lincoln Electric Holdings, Inc		435,520
	133,099		Masco Corp		2,812,382
	149	*	Middleby Corp		33,920
	1,639		MSC Industrial Direct Co (Class A)		125,170
	415	*	MYR Group, Inc		10,977
	37,252		Nordson Corp		2,685,497
	45,734	*	Owens Corning, Inc		1,643,223
	82,292		Paccar, Inc		4,575,435
	10,326		Pall Corp		831,449
	9,792		Parker Hannifin Corp		1,142,922
	32,920		Pentair Ltd		2,208,603
	2,753		Pike Electric Corp		29,760
	10,719	*,e	Polypore International, Inc		484,499
	44,778		Precision Castparts Corp		11,348,984
	29,353	*	Quanta Services, Inc		886,754
	25,842		Rockwell Automation, Inc		2,853,215
	2,870		Rockwell Collins, Inc		200,412
	12,415		Roper Industries, Inc		1,574,346
	2,611	*	Rush Enterprises, Inc (Class A)		74,727
	3,828		Snap-On, Inc		398,380
	58,352	*	Spirit Aerosystems Holdings, Inc (Class A)		1,557,415
	2,702	e	TAL International Group, Inc		130,534
	28,391		Tennant Co		1,723,050
	4,793		Timken Co		253,118
	9,840	*	United Rentals, Inc		635,566
	1,160		Valmont Industries, Inc		162,980
	1,480		W.W. Grainger, Inc		398,076
	10,000	*	Wabash National Corp		116,600
	9,255	*	WABCO Holdings, Inc		792,968

54

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	145		Watsco, Inc	$	13,817
	6,425	*	WESCO International, Inc		549,080
	18,084		Westinghouse Air Brake Technologies Corp		1,178,896
	5,280		Woodward Governor Co		211,675
	2,729		Xylem, Inc		94,150
			TOTAL CAPITAL GOODS		132,773,114
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	540		ABM Industries, Inc		14,855
	53,553	*	ACCO Brands Corp		313,285
	305		Brink’s Co		9,577
	2,628	*	CBIZ, Inc		21,444
	970		CDI Corp		15,568
	1,690	*	Copart, Inc		54,469
	1,360		Corporate Executive Board Co		99,144
	650		Covanta Holding Corp		11,160
	5,827		Deluxe Corp		274,393
	21,668		Dun & Bradstreet Corp		2,357,262
	4,720		Equifax, Inc		305,242
	400		Heidrick & Struggles International, Inc		7,408
	5,092		HNI Corp		197,824
	2,370	*	IHS, Inc (Class A)		258,449
	1,660	*	Innerworkings, Inc		15,886
	5,010		Interface, Inc		101,453
	30,633		Iron Mountain, Inc		813,000
	1,760		Kelly Services, Inc (Class A)		36,714
	590		Knoll, Inc		9,688
	690	*	Korn/Ferry International		16,422
	7,926		Manpower, Inc		619,021
	3,562	*	Mistras Group, Inc		65,398
	430	*	Mobile Mini, Inc		15,532
	3,470	*	Navigant Consulting, Inc		60,205
	970	*	On Assignment, Inc		32,776
	3,910	e	R.R. Donnelley & Sons Co		72,609
	2,311		Resources Connection, Inc		29,488
	42,629		Robert Half International, Inc		1,642,495
	4,160	*	RPX Corp		74,298
	1,210		Steelcase, Inc (Class A)		19,832
	10,180	*	Tetra Tech, Inc		266,003
	290		United Stationers, Inc		12,888
	457		Viad Corp		12,202
	48,574		Waste Management, Inc		2,114,912
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		9,970,902
CONSUMER DURABLES & APPAREL - 1.2%
	3,750	e	Blyth, Inc		51,787
	5,420	e	Callaway Golf Co		45,691
	198		Columbia Sportswear Co		13,240
	490	e	Ethan Allen Interiors, Inc		13,054
	1,690		Hanesbrands, Inc		115,123
	258		Hasbro, Inc		13,326
	549	*	Iconix Brand Group, Inc		19,813

55

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	2,550	e	Jakks Pacific, Inc	$	16,422
	149,431		Mattel, Inc		6,630,253
	2,300	*	Meritage Homes Corp		104,397
	2,740	*	Mohawk Industries, Inc		362,831
	4,860		Movado Group, Inc		226,622
	123,484		Nike, Inc (Class B)		9,355,148
	5,260		Oxford Industries, Inc		377,510
	2,360		Perry Ellis International, Inc		44,864
	397		Pool Corp		21,589
	6,790		Ryland Group, Inc		272,958
	399	*	Tempur-Pedic International, Inc		15,302
	4,527		Tupperware Corp		405,845
	6,576	*	Under Armour, Inc (Class A)		533,642
	4,706	*	Unifi, Inc		114,779
	5,591		VF Corp		1,202,065
	2,385		Whirlpool Corp		348,234
			TOTAL CONSUMER DURABLES & APPAREL		20,304,495
CONSUMER SERVICES - 2.5%
	9,927	*	AFC Enterprises		442,546
	1,289		Bob Evans Farms, Inc		73,589
	6,640		Brinker International, Inc		294,949
	2,070	*	Chipotle Mexican Grill, Inc (Class A)		1,090,828
	29,417	e	Choice Hotels International, Inc		1,370,538
	20,926		Darden Restaurants, Inc		1,078,317
	320		DineEquity, Inc		26,262
	5,070		Domino’s Pizza, Inc		339,994
	1,850		Dunkin Brands Group, Inc		88,208
	359	*	Jack in the Box, Inc		14,604
	105,097		Marriott International, Inc (Class A)		4,737,773
	160,605		McDonald’s Corp		15,501,595
	2,000	*	MGM Mirage		38,080
	2,957	*,e	Outerwall, Inc		192,146
	725	*	Panera Bread Co (Class A)		114,492
	258		Papa John’s International, Inc		19,523
	9,050		Royal Caribbean Cruises Ltd		380,462
	1,197	*	Ruby Tuesday, Inc		7,098
	2,668	*	Sonic Corp		51,492
	170,701		Starbucks Corp		13,835,316
	36,905		Starwood Hotels & Resorts Worldwide, Inc		2,716,946
	2,548		Strayer Education, Inc		100,722
	190		Vail Resorts, Inc		13,386
	2,545	e	Weight Watchers International, Inc		81,720
			TOTAL CONSUMER SERVICES		42,610,586
DIVERSIFIED FINANCIALS - 7.2%
	68,495	*	American Capital Ltd		959,615
	178,169		American Express Co		14,574,224
	6,020		Ares Capital Corp		104,567
	340,621		Bank of New York Mellon Corp		10,831,748
	38,135		BlackRock, Inc		11,471,389
	2,219		Calamos Asset Management, Inc (Class A)		21,791

56

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	161,492		Capital One Financial Corp	$	11,089,656
	430		CBOE Holdings, Inc		20,855
	406,802		Charles Schwab Corp		9,214,065
	90,244		CME Group, Inc		6,697,007
	280	e	Cohen & Steers, Inc		10,741
	187,463		Discover Financial Services		9,725,580
	10,240		Evercore Partners, Inc (Class A)		516,813
	177,924		Franklin Resources, Inc		9,582,987
	350	*,e	Green Dot Corp		7,511
	114		Greenhill & Co, Inc		5,848
	25,377	*	IntercontinentalExchange, Inc		4,890,909
	350	*	International Assets Holding Corp		7,161
	144,528		Invesco Ltd		4,877,820
	153	*	Investment Technology Group, Inc		2,451
	12,576		Janus Capital Group, Inc		124,125
	16,271		Legg Mason, Inc		625,945
	7,399		Main Street Capital Corp		224,930
	1,293		MCG Capital Corp		6,090
	1,847		MVC Capital, Inc		25,544
	18,464		Nasdaq Stock Market, Inc		654,180
	27,147	*	NewStar Financial, Inc		472,629
	148,976		Northern Trust Corp		8,405,226
	69,144	e	NYSE Euronext		3,043,719
	4,200	*	PHH Corp		101,010
	1,500	*	Pico Holdings, Inc		35,220
	5,510		Prospect Capital Corp		62,483
	3,216	*	Safeguard Scientifics, Inc		56,119
	145,622		State Street Corp		10,203,734
	5,430	*	SWS Group, Inc		30,571
	82,448		T Rowe Price Group, Inc		6,382,300
	3,000		TD Ameritrade Holding Corp		81,780
	1,690		Triangle Capital Corp		50,294
			TOTAL DIVERSIFIED FINANCIALS		125,198,637
ENERGY - 10.5%
	91,772		Apache Corp		8,149,354
	4,126	*	Atwood Oceanics, Inc		219,214
	18,430	*,e	BPZ Energy, Inc		37,044
	75,944	*	Cameron International Corp		4,166,288
	2,638	e	CARBO Ceramics, Inc		330,647
	5,698	*	Carrizo Oil & Gas, Inc		249,800
	40,340	*	Cheniere Energy, Inc		1,605,532
	25,871		Cimarex Energy Co		2,725,510
	461	*	Clayton Williams Energy, Inc		35,880
	66,910	*,e	Clean Energy Fuels Corp		762,105
	7,670		Comstock Resources, Inc		131,234
	8,230	*	Concho Resources, Inc		910,320
	9,187		Contango Oil & Gas Co		393,663
	41,637	*,e	Continental Resources, Inc		4,742,454
	100		Core Laboratories NV		18,722
	5,720		CVR Energy, Inc		227,198
	2,655	*	Dawson Geophysical Co		77,632

57

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	2,470		Delek US Holdings, Inc	$	63,108
	125,605	*	Denbury Resources, Inc		2,385,239
	125,345		Devon Energy Corp		7,924,311
	1,150		Energen Corp		90,068
	70,381		EOG Resources, Inc		12,555,970
	86,933		Equitable Resources, Inc		7,442,334
	1,665	*	Exterran Holdings, Inc		47,536
	73,847	*	FMC Technologies, Inc		3,732,966
	1,752	*	Geospace Technologies Corp		170,680
	38,130	*	Hercules Offshore, Inc		259,284
	106,393		Hess Corp		8,639,112
	41,509	*	Hornbeck Offshore Services, Inc		2,294,202
	11,291	*	ION Geophysical Corp		52,390
	11,770	*	Key Energy Services, Inc		92,041
	3,714	*	Kinder Morgan Management LLC		279,759
	181,202	*	Kodiak Oil & Gas Corp		2,350,190
	218,025		Marathon Oil Corp		7,687,562
	115,848		Marathon Petroleum Corp		8,301,668
	2,100	*	Matrix Service Co		43,659
	129,706		National Oilwell Varco, Inc		10,529,533
	1,625	*	Natural Gas Services Group, Inc		45,484
	1,410	*	Newpark Resources, Inc		17,978
	51,336		Noble Corp		1,935,367
	125,686		Noble Energy, Inc		9,417,652
	11,580	*,e	Northern Oil And Gas, Inc		190,259
	7,740	*	Oasis Petroleum, Inc		412,155
	124,403		Occidental Petroleum Corp		11,952,640
	10,568		Oceaneering International, Inc		907,580
	7,282	*	Oil States International, Inc		791,044
	8,658	*	PDC Energy, Inc		587,099
	15,633	*	Petroquest Energy, Inc		73,788
	127,261		Phillips 66		8,199,426
	48,980		Pioneer Natural Resources Co		10,030,124
	76,511		Questar Market Resources, Inc		2,529,454
	31,505	*,e	Quicksilver Resources, Inc		67,421
	36,008		Range Resources Corp		2,726,166
	11,132	*	Rex Energy Corp		239,338
	79		SEACOR Holdings, Inc		7,726
	7,460	*,e	Solazyme, Inc		78,032
	92,188	*	Southwestern Energy Co		3,431,237
	271,311		Spectra Energy Corp		9,650,532
	28,186		St. Mary Land & Exploration Co		2,497,561
	21,362	*	Superior Energy Services		573,142
	520	*	Tesco Corp		8,934
	2,784		Tesoro Corp		136,110
	18,885	*,e	Ultra Petroleum Corp		346,729
	11,063	*	Unit Corp		568,749
	27,670	*	Vantage Drilling Co		49,253
	270,264	*	Weatherford International Ltd		4,443,140
	89,819	e	Western Refining, Inc		2,898,459
	35,462	*	Whiting Petroleum Corp		2,372,053
	126,300		Williams Cos, Inc		4,510,173
			TOTAL ENERGY		181,419,014

58

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.1%
	3,418		Casey’s General Stores, Inc	$	249,104
	278		Harris Teeter Supermarkets, Inc		13,711
	103,020		Kroger Co		4,413,377
	970		Pricesmart, Inc		110,376
	88,945		Safeway, Inc		3,104,180
	4,686		Spartan Stores, Inc		110,262
	233,722		Sysco Corp		7,558,569
	580		Weis Markets, Inc		29,679
	51,382		Whole Foods Market, Inc		3,243,746
			TOTAL FOOD & STAPLES RETAILING		18,833,004
FOOD, BEVERAGE & TOBACCO - 3.6%
	4,420		Bunge Ltd		363,015
	77,129		Campbell Soup Co		3,283,382
	37,440		ConAgra Foods, Inc		1,190,966
	5,840	*	Darling International, Inc		135,897
	201	*,e	Diamond Foods, Inc		4,907
	8,100		Dr Pepper Snapple Group, Inc		383,535
	4,635		Flowers Foods, Inc		117,451
	207,391		General Mills, Inc		10,456,654
	16,519	*,e	Green Mountain Coffee Roasters, Inc		1,037,558
	1,900	*	Hain Celestial Group, Inc		158,137
	16,570		Hillshire Brands Co		543,993
	5,246		Hormel Foods Corp		227,991
	11,509		J.M. Smucker Co		1,279,916
	142,813		Kellogg Co		9,032,922
	38,610		Kraft Foods Group, Inc		2,099,612
	6,572		McCormick & Co, Inc		454,454
	20,190		Mead Johnson Nutrition Co		1,648,715
	345,831		Mondelez International, Inc		11,633,755
	227,271		PepsiCo, Inc		19,111,218
	2,259	e	Tootsie Roll Industries, Inc		72,288
	674	*	TreeHouse Foods, Inc		49,377
			TOTAL FOOD, BEVERAGE & TOBACCO		63,285,743
HEALTH CARE EQUIPMENT & SERVICES - 3.3%
	349,886		Abbott Laboratories		12,788,334
	129,074		Aetna, Inc		8,092,940
	2,290	*	Align Technology, Inc		130,667
	13,630	*	Amedisys, Inc		221,896
	1,000		AmerisourceBergen Corp		65,330
	2,141	*	Amsurg Corp		91,827
	88,250		Becton Dickinson & Co		9,277,723
	2,480	*	Brookdale Senior Living, Inc		67,158
	13,374	*	Centene Corp		751,084
	1,000	*	Cerner Corp		56,030
	430	e	Chemed Corp		29,163
	52,793		Cigna Corp		4,064,005
	1,249		Computer Programs & Systems, Inc		71,243

59

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	740	*	Cyberonics, Inc	$	42,742
	1,000	*	DaVita, Inc		56,210
	1,030		Dentsply International, Inc		48,513
	3,900	*	Edwards Lifesciences Corp		254,241
	6,130	*	ExamWorks Group, Inc		158,461
	6,430	*	Five Star Quality Care, Inc		32,600
	2,130	*	Gentiva Health Services, Inc		24,389
	1,539	*	Greatbatch, Inc		58,667
	1,990	*	Greenway Medical Technologies		40,497
	300	*	Haemonetics Corp		12,168
	1,033	*	Health Management Associates, Inc (Class A)		13,243
	4,547	*	Henry Schein, Inc		511,219
	2,640	*	HMS Holdings Corp		55,783
	33,677		Humana, Inc		3,103,336
	1,185	*	ICU Medical, Inc		73,233
	12,311	*,e	Idexx Laboratories, Inc		1,327,864
	240	*	Integra LifeSciences Holdings Corp		10,987
	670		Invacare Corp		14,385
	15,685	*	Inverness Medical Innovations, Inc		529,055
	760	*	IPC The Hospitalist Co, Inc		41,640
	500	*	Laboratory Corp of America Holdings		50,450
	743		Landauer, Inc		35,961
	950	*	LHC Group, Inc		19,570
	15,724	*	LifePoint Hospitals, Inc		811,987
	2,510	*	MAKO Surgical Corp		74,823
	360		Masimo Corp		9,223
	343	*	MedAssets, Inc		7,899
	223,468		Medtronic, Inc		12,827,063
	2,450	*	Merit Medical Systems, Inc		39,176
	15,247	*	Molina Healthcare, Inc		482,415
	2,081	*	MWI Veterinary Supply, Inc		330,130
	2,820	*	Natus Medical, Inc		55,639
	620	*	Omnicell, Inc		14,303
	5,728	*	OraSure Technologies, Inc		37,347
	665	e	Owens & Minor, Inc		24,884
	23,164		Patterson Cos, Inc		984,702
	240		Quality Systems, Inc		5,477
	1,640	*	Tornier BV		35,276
	126		US Physical Therapy, Inc		4,022
	500	*	Varian Medical Systems, Inc		36,290
	5,020	*	Vocera Communications, Inc		84,487
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		58,087,757
HOUSEHOLD & PERSONAL PRODUCTS - 3.4%
	12,344	e	Clorox Co		1,113,305
	203,106		Colgate-Palmolive Co		13,147,051
	80,253		Estee Lauder Cos (Class A)		5,694,753
	6,280	e	Herbalife Ltd		407,070
	95,964		Kimberly-Clark Corp		10,364,112
	7,714	*	Medifast, Inc		179,813
	4,949		Nu Skin Enterprises, Inc (Class A)		578,687
	335,896		Procter & Gamble Co		27,123,602
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		58,608,393

60

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
INSURANCE - 5.8%
	109,472		ACE Ltd	$	10,448,008
	160,091		Aflac, Inc		10,402,713
	1,306	e	Amtrust Financial Services, Inc		50,098
	3,437		Arthur J. Gallagher & Co		163,086
	33,334		Aspen Insurance Holdings Ltd		1,300,359
	6,698		Axis Capital Holdings Ltd		317,619
	224,409	*	Berkshire Hathaway, Inc (Class B)		25,824,988
	104,831		Chubb Corp		9,652,838
	1,217	*	eHealth, Inc		51,869
	476		Employers Holdings, Inc		14,313
	290	*	Enstar Group Ltd		39,420
	730		First American Financial Corp		18,878
	174,167	*	Genworth Financial, Inc (Class A)		2,530,646
	1,000		Hartford Financial Services Group, Inc		33,700
	400		Kemper Corp		14,808
	71,357		Marsh & McLennan Cos, Inc		3,268,151
	990		Meadowbrook Insurance Group, Inc		6,574
	32,330		Montpelier Re Holdings Ltd		892,631
	139	*	Navigators Group, Inc		7,817
	3,027		OneBeacon Insurance Group Ltd (Class A)		48,311
	3,154		PartnerRe Ltd		316,062
	10,891		Platinum Underwriters Holdings Ltd		677,311
	480		Primerica, Inc		20,616
	101,865		Principal Financial Group		4,834,513
	267,027		Progressive Corp		6,934,691
	10,305		Protective Life Corp		474,854
	134,234		Prudential Financial, Inc		10,925,305
	200		Reinsurance Group of America, Inc (Class A)		14,236
	830		RenaissanceRe Holdings Ltd		77,779
	139		RLI Corp		13,133
	179		Safety Insurance Group, Inc		9,790
	476		Selective Insurance Group, Inc		12,505
	637		Stancorp Financial Group, Inc		37,519
	2,787		Stewart Information Services Corp		87,289
	121,212		Travelers Cos, Inc		10,460,596
	300		Willis Group Holdings plc		13,521
			TOTAL INSURANCE		99,996,547
MATERIALS - 4.9%
	307	*	AEP Industries, Inc		18,242
	89,731		Air Products & Chemicals, Inc		9,781,576
	500		Albemarle Corp		33,095
	207,534	e	Alcoa, Inc		1,923,840
	36,366	*,e	Allied Nevada Gold Corp		148,373
	35,093		AMCOL International Corp		1,125,783
	5,841		Aptargroup, Inc		374,759
	49,708		Avery Dennison Corp		2,342,241
	17,772		Ball Corp		868,873
	13,681		Bemis Co, Inc		545,872

61

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	2,310		Carpenter Technology Corp	$	137,052
	5,451	*	Castle (A.M.) & Co		78,004
	12,740		Celanese Corp (Series A)		713,567
	1,826	*	Clearwater Paper Corp		95,354
	32,303		Commercial Metals Co		593,083
	3,735		Compass Minerals International, Inc		278,145
	1,381		Domtar Corp		116,985
	9,448		Eastman Chemical Co		744,408
	98,552		Ecolab, Inc		10,446,512
	2,950	*	Ferro Corp		37,849
	8,960	*	Flotek Industries, Inc		191,565
	530		Globe Specialty Metals, Inc		9,296
	25,274		H.B. Fuller Co		1,209,866
	6,274		Innophos Holdings, Inc		314,453
	2,468		International Flavors & Fragrances, Inc		203,980
	68,284		International Paper Co		3,046,149
	510	*	Kraton Polymers LLC		10,848
	2,950		Kronos Worldwide, Inc		45,755
	1,240	*	Landec Corp		14,520
	45,936	*	Louisiana-Pacific Corp		781,371
	115,426		LyondellBasell Industries AF S.C.A		8,610,780
	702	*,e	McEwen Mining, Inc		1,502
	60,006		MeadWestvaco Corp		2,091,209
	11,078		Minerals Technologies, Inc		627,347
	32,207		Mosaic Co		1,476,691
	420		Neenah Paper, Inc		17,279
	154,797		Nucor Corp		8,013,841
	280	*	OM Group, Inc		9,520
	17,210	*	Owens-Illinois, Inc		547,106
	3,500		PolyOne Corp		106,050
	86,457		Praxair, Inc		10,782,053
	274		Quaker Chemical Corp		20,799
	594,589		Rentech, Inc		1,016,747
	1,576		Rock-Tenn Co (Class A)		168,648
	4,580		Rockwood Holdings, Inc		289,685
	40,175		Royal Gold, Inc		1,930,007
	4,126		Schnitzer Steel Industries, Inc (Class A)		119,819
	2,025		Sealed Air Corp		61,115
	4,870		Sherwin-Williams Co		915,560
	60,705		Sigma-Aldrich Corp		5,246,733
	840		Stepan Co		49,451
	18,018	*	Stillwater Mining Co		196,576
	14,580		Tredegar Corp		426,028
	17,106		Valspar Corp		1,196,907
	1,674		Wausau Paper Corp		19,586
	3,730		Westlake Chemical Corp		400,677
	82,760		Worthington Industries, Inc		3,355,090
	1,279		Zep, Inc		25,439
			TOTAL MATERIALS		83,953,661
MEDIA - 3.1%
	5,058		Belo (A.H.) Corp (Class A)		69,446
	48,987		Cablevision Systems Corp (Class A)		761,748

62

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	8,053		Cinemark Holdings, Inc	$	264,219
	3,490		Clear Channel Outdoor Holdings, Inc (Class A)		29,665
	67,737	*	Digital Generation, Inc		856,873
	112,248	*	Discovery Communications, Inc (Class A)		9,981,092
	15,098	*	Discovery Communications, Inc (Class C)		1,248,756
	13,822	*,e	DreamWorks Animation SKG, Inc (Class A)		473,265
	2,205		John Wiley & Sons, Inc (Class A)		110,889
	70,005	*	Journal Communications, Inc (Class A)		584,542
	20,443	*	Liberty Global plc		1,530,363
	112,188	*	Liberty Global plc (Class A)		8,792,174
	19,144	*	Liberty Media Corp		2,927,309
	2,550	*	Madison Square Garden, Inc		154,326
	30,394	*,e	McClatchy Co (Class A)		85,711
	65,002	e	New York Times Co (Class A)		898,978
	320		Scholastic Corp		9,181
	4,280		Scripps Networks Interactive (Class A)		344,540
	90,284		Time Warner Cable, Inc		10,847,623
	194,952		Time Warner, Inc		13,401,000
	13,692	e	Valassis Communications, Inc		374,613
			TOTAL MEDIA		53,746,313
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	3,635	*,e	Affymetrix, Inc		25,699
	109,053		Agilent Technologies, Inc		5,535,530
	29,480	*,e	Akorn, Inc		602,571
	2,000	*	Alexion Pharmaceuticals, Inc		245,900
	93,562		Amgen, Inc		10,853,192
	14,833	*,e	Ariad Pharmaceuticals, Inc		32,633
	3,100	*	Auxilium Pharmaceuticals, Inc		53,351
	19,230	*	AVEO Pharmaceuticals, Inc		39,806
	52,297	*	Biogen Idec, Inc		12,770,404
	80	*	Bio-Rad Laboratories, Inc (Class A)		9,882
	305,355		Bristol-Myers Squibb Co		16,037,245
	4,362	*	Cadence Pharmaceuticals, Inc		21,505
	26,442	*	Cambrex Corp		444,754
	13,866	*	Cepheid, Inc		564,623
	5,980	*	Depomed, Inc		43,056
	35,395	*	Endo Pharmaceuticals Holdings, Inc		1,547,823
	255,184	*	Gilead Sciences, Inc		18,115,512
	870	*,e	Immunogen, Inc		14,320
	28,828	*	Incyte Corp		1,124,292
	13,244	*,e	Ironwood Pharmaceuticals, Inc		127,275
	329,023		Johnson & Johnson		30,470,820
	39,147	*	Life Technologies Corp		2,948,161
	435,289		Merck & Co, Inc		19,627,181
	63,918	*	Nektar Therapeutics		607,860
	42,156	e	PDL BioPharma, Inc		341,042
	3,690		PerkinElmer, Inc		140,368
	22,112	*	Salix Pharmaceuticals Ltd		1,586,536
	22,461	*,e	Sangamo Biosciences, Inc		210,460
	1,397		Techne Corp		122,084

63

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	17,000		Thermo Electron Corp	$	1,662,260
	3,980	*	United Therapeutics Corp		352,310
	27,628	*	Vertex Pharmaceuticals, Inc		1,970,981
	380	*	Viropharma, Inc		14,752
	63,931	*,e	Vivus, Inc		600,312
	17,490	*	Waters Corp		1,765,091
	10,913	*,e	Xenoport, Inc		57,075
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		130,686,666
REAL ESTATE - 3.6%
	5,017		American Campus Communities, Inc		173,387
	125,999		American Tower Corp		9,998,021
	317,810		Annaly Capital Management, Inc		3,746,980
	1,000		AvalonBay Communities, Inc		125,050
	33,244		Boston Properties, Inc		3,440,754
	55,874	*	CBRE Group, Inc		1,297,953
	4,441		Douglas Emmett, Inc		110,714
	40,807		Duke Realty Corp		676,172
	210		EastGroup Properties, Inc		13,369
	515		Equity One, Inc		12,417
	34,853		Equity Residential		1,824,903
	3,961		Federal Realty Investment Trust		410,360
	70,389		First Industrial Realty Trust, Inc		1,271,929
	1,693	*	Forest City Enterprises, Inc (Class A)		34,300
	540		Franklin Street Properties Corp		7,128
	155,005		HCP, Inc		6,432,707
	26,076		Health Care REIT, Inc		1,691,029
	2,950		Healthcare Realty Trust, Inc		70,829
	210,444		Host Marriott Corp		3,903,736
	8		Jones Lang LaSalle, Inc		762
	266		Kilroy Realty Corp		14,141
	3,363		LaSalle Hotel Properties		104,421
	8,916		Liberty Property Trust		331,586
	13,708		Macerich Co		811,651
	873		Medical Properties Trust, Inc		11,384
	3,361		Mid-America Apartment Communities, Inc		223,170
	540		Piedmont Office Realty Trust, Inc		9,979
	2,000		Plum Creek Timber Co, Inc		90,800
	3,580		Post Properties, Inc		163,749
	154,738		Prologis, Inc		6,181,783
	140		PS Business Parks, Inc		11,409
	64,892		RAIT Investment Trust		489,935
	25,145	e	Ryman Hospitality Properties		928,102
	75,282		Simon Property Group, Inc		11,634,833
	500		UDR, Inc		12,405
	26,620		Ventas, Inc		1,736,689
	41,378		Vornado Realty Trust		3,685,125
	297		Washington REIT		7,784
	2,000		Weyerhaeuser Co		60,800
	3,851		Winthrop Realty Trust		45,326
			TOTAL REAL ESTATE		61,797,572

64

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
RETAILING - 4.8%
	312		Aaron’s, Inc	$	8,851
	3,793		Advance Auto Parts, Inc		376,190
	34,025		American Eagle Outfitters, Inc		527,047
	7,183	*	Ann Taylor Stores Corp		253,991
	13,605	*	AutoZone, Inc		5,913,957
	2,420	*,e	Barnes & Noble, Inc		34,195
	61,710	*	Bed Bath & Beyond, Inc		4,771,417
	37,399		Best Buy Co, Inc		1,600,677
	820		Big 5 Sporting Goods Corp		15,506
	160	*	Blue Nile, Inc		6,571
	250	e	Buckle, Inc		12,235
	2,000	*	Cabela’s, Inc		118,640
	20,774	*	Carmax, Inc		976,170
	9		Chico’s FAS, Inc		154
	550	*	Express Parent LLC		12,765
	1,820		Finish Line, Inc (Class A)		45,573
	18,516		Foot Locker, Inc		642,505
	2		GameStop Corp (Class A)		110
	146,811		Gap, Inc		5,430,539
	75,034		Genuine Parts Co		5,914,930
	8,830		GNC Holdings, Inc		519,381
	7,844		HSN, Inc		411,026
	65,697		Kohl’s Corp		3,731,590
	216,410	*	Liberty Interactive Corp		5,834,414
	7,610	*	LKQ Corp		251,358
	260,564		Lowe’s Companies, Inc		12,970,876
	56,050		Macy’s, Inc		2,584,466
	300		Men’s Wearhouse, Inc		12,690
	19,391	*	New York & Co, Inc		99,282
	17,815		Nordstrom, Inc		1,077,273
	2,593		Nutri/System, Inc		48,748
	37,859	*	Office Depot, Inc		211,632
	3,806	e	OfficeMax, Inc		57,014
	1,978	*	O’Reilly Automotive, Inc		244,896
	10,210		Petsmart, Inc		742,880
	10,219		Pier 1 Imports, Inc		213,373
	4,030		Ross Stores, Inc		311,721
	5,448	*	Sally Beauty Holdings, Inc		143,391
	555		Shoe Carnival, Inc		14,424
	1,960	*	Shutterfly, Inc		96,314
	3,780		Signet Jewelers Ltd		282,215
	159,066		Staples, Inc		2,564,144
	2,017		Stein Mart, Inc		29,791
	168,991		Target Corp		10,948,927
	4,015		Tiffany & Co		317,868
	200,904		TJX Companies, Inc		12,212,954
	1,000	*	TripAdvisor, Inc		82,710
	10,381	*	Tuesday Morning Corp		146,891
	5		Williams-Sonoma, Inc		262
			TOTAL RETAILING		82,824,534

65

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	19,583	*	Advanced Energy Industries, Inc	$	408,893
	15,350	*,e	Advanced Micro Devices, Inc		51,269
	7,601		Analog Devices, Inc		374,729
	550,958		Applied Materials, Inc		9,834,600
	5,850	*,e	Cirrus Logic, Inc		131,215
	5,920		Cypress Semiconductor Corp		54,938
	2,000	*	Freescale Semiconductor Holdings Ltd		30,880
	1,076	*	Hittite Microwave Corp		68,746
	747,737		Intel Corp		18,267,215
	430	*	International Rectifier Corp		11,197
	5,200	*	Lam Research Corp		281,996
	4,210	e	Microchip Technology, Inc		180,862
	146,812	*	ON Semiconductor Corp		1,036,493
	18,114	*	RF Micro Devices, Inc		95,098
	24,937	*	Skyworks Solutions, Inc		642,876
	33,452	*,e	SunPower Corp		1,009,916
	11,248	*	Teradyne, Inc		196,727
	281,521		Texas Instruments, Inc		11,846,404
	1,460	*	Triquint Semiconductor, Inc		11,578
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		44,535,632
SOFTWARE & SERVICES - 8.8%
	155,111		Accenture plc		11,400,658
	59,618	*	Active Network, Inc		860,884
	151,592	*	Adobe Systems, Inc		8,216,286
	328		Advent Software, Inc		11,004
	3,513	*,e	Angie’s List, Inc		49,498
	58,494		AOL, Inc		2,119,823
	55,155	*	Autodesk, Inc		2,201,236
	33,560		Broadridge Financial Solutions, Inc		1,179,970
	137,694		CA, Inc		4,373,161
	1,110	*	Cadence Design Systems, Inc		14,397
	118,137	*	Cognizant Technology Solutions Corp (Class A)		10,269,649
	28,845		Compuware Corp		308,065
	1,980	*	comScore, Inc		52,906
	5,337		Convergys Corp		105,352
	5,070	*,e	Demand Media, Inc		24,235
	1,309	*	E2open, Inc		29,452
	1,124	e	Factset Research Systems, Inc		122,449
	380		Fair Isaac Corp		21,766
	6,420	*	Fortinet, Inc		129,106
	2,939		Global Payments, Inc		174,812
	31,199	*	Google, Inc (Class A)		32,153,065
	570	*	Higher One Holdings, Inc		4,531
	300	*	Infoblox, Inc		13,335
	23,796	*	Informatica Corp		918,526
	134,552		International Business Machines Corp		24,113,064
	113,304		Intuit, Inc		8,091,039
	360	e	j2 Global, Inc		19,793
	7,278	*,e	Liquidity Services, Inc		190,029
	605	*	LogMeIn, Inc		19,541

66

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	1,000		MAXIMUS, Inc	$	48,450
	200	e	Mercadolibre, Inc		26,927
	300	*	NetSuite, Inc		30,264
	3,975	*	NeuStar, Inc (Class A)		182,532
	1,360	*,e	OpenTable, Inc		94,493
	540,464		Oracle Corp		18,105,544
	13,708	*	QuinStreet, Inc		121,864
	3,228	*	Responsys, Inc		52,746
	2,376	*	Rosetta Stone, Inc		36,068
	1,854	*	Rovi Corp		31,073
	169,498	*	Salesforce.com, Inc		9,044,413
	2,065	*	Seachange International, Inc		29,302
	6,070	*	ServiceSource International LLC		65,677
	2,310	*	SolarWinds, Inc		83,599
	1,976	*	SPS Commerce, Inc		134,664
	266	*	Stamps.com, Inc		12,087
	538	*	Sykes Enterprises, Inc		10,071
	275,109		Symantec Corp		6,255,979
	1,650		Syntel, Inc		141,636
	4,529	*,e	Tangoe, Inc		86,504
	5,470	*	Teradata Corp		241,063
	2,810	*	Ultimate Software Group, Inc		434,089
	1,550	*	Unisys Corp		40,843
	4,120	*,e	Valueclick, Inc		79,145
	311,000	*	Yahoo!, Inc		10,241,230
			TOTAL SOFTWARE & SERVICES		152,817,895
TECHNOLOGY HARDWARE & EQUIPMENT - 4.4%
	330		Adtran, Inc		7,748
	27,724	*	Aruba Networks, Inc		520,102
	3,467	*	Avid Technology, Inc		25,829
	1,070		Belden CDT, Inc		71,968
	1,524	*	Benchmark Electronics, Inc		34,641
	910		Black Box Corp		22,786
	690	*	Calix Networks, Inc		7,017
	2,299	*	Checkpoint Systems, Inc		39,129
	800,982		Cisco Systems, Inc		18,022,095
	1,960		Cognex Corp		61,250
	180		Coherent, Inc		11,914
	59,739		Corning, Inc		1,020,940
	46,352	*	Cray, Inc		1,036,431
	1,190	*	DTS, Inc		23,800
	496,352		EMC Corp		11,947,193
	1,110		FEI Co		98,879
	22,521	*	Finisar Corp		518,208
	13,898	*	Flextronics International Ltd		109,655
	8,980	*,e	Fusion-io, Inc		96,535
	473,996		Hewlett-Packard Co		11,551,282
	11,040	*	Ingram Micro, Inc (Class A)		255,797
	2,970	*	Insight Enterprises, Inc		62,578
	5,777		InterDigital, Inc		223,859
	7,022	e	IPG Photonics Corp		465,348

67

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	350	*	Itron, Inc	$	14,934
	15,050		Jabil Circuit, Inc		313,943
	1,916	*	Kemet Corp		10,864
	14,044	e	Lexmark International, Inc (Class A)		499,264
	212		Littelfuse, Inc		18,026
	866		Molex, Inc		33,428
	61,188		Motorola, Inc		3,825,474
	417		National Instruments Corp		12,114
	1,478	*	Netgear, Inc		42,507
	14,946	*	Oplink Communications, Inc		272,764
	500	*	OSI Systems, Inc		36,420
	281	*	Plexus Corp		10,757
	659	*,e	Procera Networks, Inc		9,325
	13,750	*	QLogic Corp		169,812
	244,675		Qualcomm, Inc		16,997,572
	1,340	*	Rackable Systems, Inc		17,112
	5,980	*,e	RealD, Inc		41,382
	610	*	Rofin-Sinar Technologies, Inc		16,012
	270	*	Scansource, Inc		10,384
	3,009	*	Super Micro Computer, Inc		41,885
	1,993	*	Tech Data Corp		103,756
	3,218	*	TTM Technologies, Inc		28,158
	2,515	*,e	Universal Display Corp		80,229
	3,451	*	Vishay Precision Group, Inc		56,596
	745,674		Xerox Corp		7,412,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		76,309,702
TELECOMMUNICATION SERVICES - 1.4%
	2,300	*	Cbeyond Communications, Inc		14,812
	274,413		CenturyTel, Inc		9,291,624
	32,957	*	Cincinnati Bell, Inc		94,257
	2,650	e	Consolidated Communications Holdings, Inc		49,369
	92,993	*	Crown Castle International Corp		7,069,328
	461,777	e	Frontier Communications Corp		2,036,437
	4,950	*,e	Iridium Communications, Inc		29,849
	8,320	*	Level 3 Communications, Inc		254,176
	7,710	*	SBA Communications Corp (Class A)		674,394
	265,907	*,e	Sprint Corp		1,789,554
	18,216	*	tw telecom inc (Class A)		574,168
	1,580		USA Mobility, Inc		23,574
	5,170	*	Vonage Holdings Corp		19,284
	209,253	e	Windstream Holdings, Inc		1,789,113
			TOTAL TELECOMMUNICATION SERVICES		23,709,939
TRANSPORTATION - 2.0%
	3,460		Alaska Air Group, Inc		244,484
	158		Allegiant Travel Co		16,475
	310		Arkansas Best Corp		8,485
	6,700	*	Avis Budget Group, Inc		209,911
	17,610	e	CH Robinson Worldwide, Inc		1,052,021
	301,501		CSX Corp		7,857,116
	2,060	*	Echo Global Logistics, Inc		37,925

68

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE
	8		Expeditors International of Washington, Inc	$	362
	1,000	*	Hertz Global Holdings, Inc		22,960
	218		J.B. Hunt Transport Services, Inc		16,357
	218	*	Kirby Corp		19,291
	180		Landstar System, Inc		9,952
	72,505		Norfolk Southern Corp		6,236,880
	9		Ryder System, Inc		592
	45,410		Union Pacific Corp		6,875,074
	139,685		United Parcel Service, Inc (Class B)		13,722,654
			TOTAL TRANSPORTATION		36,330,539
UTILITIES - 4.1%
	7,880		American States Water Co		224,422
	3,470		American Water Works Co, Inc		148,759
	71,112	*	Calpine Corp		1,434,329
	70,046		Centerpoint Energy, Inc		1,723,132
	1,701		Chesapeake Utilities Corp		92,551
	105,473		Cleco Corp		4,887,619
	130,575		Consolidated Edison, Inc		7,602,076
	50,537		Duke Energy Corp		3,625,019
	510		Empire District Electric Co		11,470
	2,130		Integrys Energy Group, Inc		124,988
	3,471		ITC Holdings Corp		349,148
	5,397		MDU Resources Group, Inc		160,723
	15,432		MGE Energy, Inc		868,976
	6,859		New Jersey Resources Corp		315,720
	126,455		NextEra Energy, Inc		10,717,061
	176,405		NiSource, Inc		5,560,286
	95,652		Northeast Utilities		4,102,514
	2,044		Northwest Natural Gas Co		88,771
	123,904		NV Energy, Inc		2,941,481
	41,876		Oneok, Inc		2,365,994
	290	e	Ormat Technologies, Inc		7,560
	236,464		Pepco Holdings, Inc		4,559,026
	145,922		PG&E Corp		6,106,836
	58,455	e	Piedmont Natural Gas Co, Inc		1,995,654
	3,050		Pinnacle West Capital Corp		170,891
	1,330		PNM Resources, Inc		31,814
	5,000		Public Service Enterprise Group, Inc		167,500
	72,603		Sempra Energy		6,617,037
	6,188		SJW Corp		174,687
	16,544		South Jersey Industries, Inc		985,195
	8,780		TECO Energy, Inc		150,753
	2,730		UGI Corp		112,940
	1,494		Unitil Corp		45,149
	270		UNS Energy Corp		13,360
	1,260		Vectren Corp		43,999
	4,760	e	Westar Energy, Inc		150,464
	14,518		WGL Holdings, Inc		653,455
	11,774		Wisconsin Energy Corp		495,803
	27,311		Xcel Energy, Inc		788,195
			TOTAL UTILITIES		70,615,357

69

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES		COMPANY	RATE			MATURITY DATE	VALUE
		TOTAL COMMON STOCKS					$	1,718,833,106
		(Cost $1,204,075,033)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 2.5%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED 2.5%
GOVERNMENT AGENCY DEBT - 2.0%
$	20,700,000	Federal Home Loan Bank (FHLB)		0.014-0.046	%	12/04/13-01/24/14		20,698,961
	11,789,000	Federal Home Loan Mortgage Corp (FHLMC)		0.007-0.019		11/25/13-12/16/13		11,788,762
	1,700,000	Federal National Mortgage Association (FNMA)		0.014		12/02/13		1,699,956
		TOTAL GOVERNMENT AGENCY DEBT						34,187,679
TREASURY DEBT - 0.5%
	4,000,000	United States Treasury Bill		0.041		12/19/13		3,999,765
	5,000,000	United States Treasury Note		0.250		04/30/14		5,003,320
		TOTAL TREASURY DEBT						9,003,085
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						43,190,764
		TOTAL SHORT-TERM INVESTMENTS						43,190,764
		(Cost $43,191,859)
		TOTAL INVESTMENTS - 101.8%						1,762,023,870
		(Cost $1,247,266,892)
		OTHER ASSETS & LIABILITIES, NET - (1.8)%						(30,368,719	)
		NET ASSETS - 100.0%					$	1,731,655,151

	Abbreviation(s):
	REIT   Real Estate Investment Trust
*	Non-income producing.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $45,554,639.

70

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE
EQUITY-LINKED NOTES - 0.3%
GERMANY - 0.3%
$	1,247,450	*	Deutsche Bank, John Keells		0.000	%	07/05/19	$	2,132,267
			TOTAL GERMANY						2,132,267
			TOTAL EQUITY-LINKED NOTES						2,132,267
			(Cost $2,271,242)
SHARES			COMPANY
COMMON STOCKS - 98.9%
AUSTRALIA - 0.3%
	492,815	e	Fortescue Metals Group Ltd						2,416,958
			TOTAL AUSTRALIA						2,416,958
BRAZIL - 10.6%
	212,500		Aliansce Shopping Centers S.A.						2,062,163
	333,500		Banco Bradesco S.A. (Preference)						4,804,713
	697,790		Banco Itau Holding Financeira S.A.						10,796,789
	287,266	*	BHG S.A.-Brazil Hospitality Group						2,103,010
	287,400		BR Malls Participacoes S.A.						2,776,266
	79,500		Cia Brasileira de Distribuicao Grupo Pao de Acucar						3,949,566
	177,660		Companhia Brasileira de Meios de Pagamento						5,387,818
	352,100		Forjas Taurus S.A. (Preference)						339,495
	522,000		Gerdau S.A. (Preference)						4,119,160
	295,900		Hypermarcas S.A.						2,582,290
	240,500		Iochpe-Maxion S.A.						2,940,494
	129,000		Kepler Weber S.A.						1,604,294
	117,300		Linx S.A.						2,120,113
	172,100		Mills Estruturas e Servicos de						2,389,211
	103,933		Multiplan Empreendimentos Imobiliarios S.A.						2,439,888
	116,800		Perdigao S.A.						2,742,469
	689,245		Petroleo Brasileiro S.A.						5,992,224
	474,300		Randon Participacoes S.A.						2,688,871
	148,200		Ultrapar Participacoes S.A.						3,939,774
	555,800		Vale S.A.						8,837,471
			TOTAL BRAZIL						74,616,079
CAMBODIA - 0.3%
	2,418,000		NagaCorp Ltd						2,232,890
			TOTAL CAMBODIA						2,232,890

71

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
CHILE - 0.2%
	638,513		Parque Arauco S.A	$	1,231,431
			TOTAL CHILE		1,231,431
CHINA - 15.8%
	3,404,000	*,e	Angang New Steel Co Ltd		2,060,946
	1,033,000	e	Anhui Conch Cement Co Ltd		3,604,933
	333,500		Beijing Enterprises Holdings Ltd		2,737,596
	14,046,090		China Construction Bank		10,928,231
	2,639,000	e	China Everbright International Ltd		2,630,808
	886,000		China Mengniu Dairy Co Ltd		3,897,437
	1,643,400	*,e,m	China Metal Recycling Holdings Ltd		2,120
	1,314,000		China Oilfield Services Ltd		3,672,215
	1,494,000	e	China Overseas Land & Investment Ltd		4,629,938
	1,204,000	e	China Resources Gas Group Ltd		3,115,387
	3,862,000	e	China Shipping Development Co Ltd		2,184,979
	3,650,000	e	China Southern Airlines Co Ltd		1,344,996
	2,556,000	e	China Unicom Ltd		3,998,895
	4,070,500	*	China ZhengTong Auto Services Holdings Ltd		2,834,393
	3,607,000		CNOOC Ltd		7,336,535
	4,877,000		Country Garden Holdings Co Ltd		3,344,266
	2,807,000	e	CPMC Holdings Ltd		2,243,400
	4,398,000		Huaneng Power International, Inc		4,590,678
	18,532,834		Industrial & Commercial Bank of China		12,991,999
	3,454,000	e	KWG Property Holding Ltd		2,236,148
	4,232,000	e	Lenovo Group Ltd		4,533,336
	3,742,000		Midas Holdings Ltd		1,502,509
	20,428	*	Sina Corp		1,706,964
	279,300		Tencent Holdings Ltd		15,230,343
	532,000	e	Xinao Gas Holdings Ltd		3,154,172
	1,188,000	e	Zhuzhou CSR Times Electric Co Ltd		4,264,244
			TOTAL CHINA		110,777,468
COLOMBIA - 1.4%
	416,438		Cementos Argos S.A.		2,198,439
	184,601		Cementos Argos S.A.(Preference)		940,394
	346,968	*	Cemex Latam Holdings S.A.		2,654,951
	183,369		Grupo Argos S.A.		2,125,989
	96,326		Pacific Rubiales Energy Corp		1,986,229
			TOTAL COLOMBIA		9,906,002
CYPRUS - 0.5%
	192,446	*	TCS Group Holding plc (ADR)		3,299,487
			TOTAL CYPRUS		3,299,487
CZECH REPUBLIC - 0.5%
	13,577		Komercni Banka AS		3,363,131
			TOTAL CZECH REPUBLIC		3,363,131
GREECE - 0.3%
	829,500	*	Piraeus Bank S.A.		1,731,567
			TOTAL GREECE		1,731,567

72

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
HONG KONG - 3.7%
	663,000		AIA Group Ltd	$	3,366,601
	22,290	*,m	Asia Pacific Investment Partners Limited		158,126
	1,781,400		Chow Tai Fook Jewellery Group Ltd		2,953,980
	273,000	*	Galaxy Entertainment Group Ltd		2,037,912
	9,352,000	*,e	GCL Poly Energy Holdings Ltd		2,869,387
	3,584,000	e	Lee & Man Paper Manufacturing Ltd		2,570,467
	81,794	*	Melco PBL Entertainment Macau Ltd (ADR)		2,712,289
	642,000		SA SA International Holdings Ltd		700,365
	391,200		Sands China Ltd		2,781,467
	1,500,000		Techtronic Industries Co		3,767,180
	1,802,000		Xinyi Glass Holdings Co Ltd		1,784,690
			TOTAL HONG KONG		25,702,464
INDIA - 6.1%
	539,633		Adani Enterprises Ltd		1,822,928
	800,403		Bharat Forge Ltd		3,896,272
	700,216	*	DEN Networks Ltd		1,694,120
	63,069		Dr Reddy’s Laboratories Ltd		2,514,036
	76,717	*	Future Lifestyle Fashions Ltd		88,258
	185,660		Havells India Ltd		2,232,646
	113,208		HCL Technologies Ltd		2,018,278
	205,947		Lupin Ltd		2,971,127
	321,811		Phoenix Mills Ltd		1,226,395
	1,087,789		Puravankara Projects Ltd		1,370,233
	98,631		Strides Arcolab Ltd		1,398,113
	552,593		Sun Pharmaceutical Industries Ltd		5,465,895
	288,011		Sun TV Network Ltd		1,968,630
	170,512		Tata Consultancy Services Ltd		5,858,605
	285,080		Tata Motors Ltd		1,772,875
	395,823		Tata Steel Ltd		2,155,512
	83,278		Tech Mahindra Ltd		2,100,579
	441,620		ZEE Telefilms Ltd		1,910,552
			TOTAL INDIA		42,465,054
INDONESIA - 1.0%
	1,803,500		PT Bank Mandiri Persero Tbk		1,377,151
	6,869,000		PT Cardig Aero Services Tbk		548,423
	6,961,000	*	PT MNC Sky Vision Tbk		1,434,964
	5,451,200		PT Modern Internasional Tbk		408,450
	33,374,500		PT Sumber Alfaria Trijaya Tbk		1,598,779
	6,080,500		PT Surya Citra Media Tbk		1,267,288
			TOTAL INDONESIA		6,635,055
ITALY - 0.4%
	290,200		Prada S.p.A		2,831,380
			TOTAL ITALY		2,831,380
KOREA, REPUBLIC OF - 15.4%
	8,535		CJ O Shopping Co Ltd		2,848,276
	38,710		Daelim Industrial Co		3,593,185

73

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
	206,170	*	Doosan Infracore Co Ltd	$	2,950,959
	23,385		Honam Petrochemical Corp		4,791,574
	206,350	*	Hynix Semiconductor, Inc		6,209,255
	18,874		Hyundai Heavy Industries		4,507,057
	60,000		Hyundai Hysco		2,375,247
	46,289		Hyundai Motor Co		11,028,069
	16,242		Hyundai Wia Corp		2,796,305
	17,455		LG Chem Ltd		4,923,741
	13,369		Mando Corp		1,802,316
	10,044		NHN Corp		5,636,362
	22,857		Samsung Electronics Co Ltd		31,521,138
	12,848		Samsung Fire & Marine Insurance Co Ltd		3,004,426
	127,040		Samsung Heavy Industries Co Ltd		4,658,219
	73,214	*	Sapphire Technology Co Ltd		3,091,002
	91,585		Seoul Semiconductor Co Ltd		3,810,837
	129,256		Shinhan Financial Group Co Ltd		5,636,028
	53,759		Woongjin Coway Co Ltd		3,076,953
			TOTAL KOREA, REPUBLIC OF		108,260,949
MACAU - 0.4%
	724,800	e	Wynn Macau Ltd		2,782,335
			TOTAL MACAU		2,782,335
MALAYSIA - 0.6%
	2,004,400		AirAsia BHD		1,701,626
	1,513,700		Gamuda BHD		2,336,089
			TOTAL MALAYSIA		4,037,715
MEXICO - 7.0%
	1,857,400		Alfa S.A. de C.V. (Class A)		5,093,623
	1,188,600		Alpek SAB de C.V.		2,579,031
	515,300		Alsea SAB de C.V.		1,602,704
	5,578,239	*,e	Cemex S.A. de C.V.		5,934,274
	1,953,300	e	Compartamos SAB de C.V.		3,805,621
	845,100	*,e	Credito Real SAB de C.V.		1,362,809
	955,500		Fibra Uno Administracion S.A. de C.V.		2,971,828
	505,400	e	Fomento Economico Mexicano S.A. de C.V.		4,727,745
	1,275,000	*,e	Genomma Lab Internacional S.A. de C.V.		3,397,785
	1,460,800	*	Grupo Famsa SAB de C.V.		2,745,315
	935,380		Grupo Financiero Banorte S.A. de C.V.		5,970,488
	1,398,800		Grupo Mexico S.A. de C.V. (Series B)		4,418,138
	775,200	e	Grupo Televisa S.A.		4,735,361
			TOTAL MEXICO		49,344,722
NIGERIA - 0.2%
	250,698		Zenith Bank plc (GDR)		1,695,436
			TOTAL NIGERIA		1,695,436
PERU - 0.7%
	501,881		Alicorp S.A.		1,565,550
	18,820		Bolsa de Valores de Lima S.A.		71,262

74

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
	1,655,113		Ferreyros S.A.	$	1,080,330
	357,293		Grana y Montero S.A.		1,552,608
	41,787	*	Grana y Montero S.A. (ADR)		905,106
			TOTAL PERU		5,174,856
PHILIPPINES - 4.1%
	2,810,000		Ayala Land, Inc		1,912,964
	938,870		Banco de Oro Universal Bank		1,761,387
	2,317,000	e	Del Monte Pacific Ltd		1,516,383
	5,389,400	*	Emperador, Inc		1,466,775
	122,580		GT Capital Holdings, Inc		2,423,909
	1,509,590		International Container Term Services, Inc		3,634,407
	28,996,000		Megaworld Corp		2,572,574
	16,140,200		Metro Pacific Investments Corp		1,822,207
	1,326,133		Metropolitan Bank & Trust		2,734,280
	62,760		Philippine Stock Exchange, Inc		528,647
	2,517,100		Robinsons Land Corp		1,320,401
	121,691		SM Investments Corp		2,410,712
	4,768,075		SM Prime Holdings		2,112,138
	936,807		Universal Robina		2,765,110
			TOTAL PHILIPPINES		28,981,894
POLAND - 1.5%
	45,524	*	Alior Bank S.A.		1,152,058
	19,161		BRE Bank S.A.		3,164,516
	153,523		Eurocash S.A.		2,358,317
	266,139		Powszechna Kasa Oszczednosci Bank Polski S.A.		3,525,529
			TOTAL POLAND		10,200,420
RUSSIA - 7.9%
	89,004		Eurasia Drilling Co Ltd (GDR)		3,766,711
	1,157,391		Gazprom OAO (ADR)		10,818,598
	143,282		LUKOIL (ADR)		9,384,091
	113,952		Magnit OAO (GDR)		7,318,011
	63,835		Mail.ru (GDR)		2,354,235
	83,620		MD Medical Group Investments plc (ADR)		1,003,440
	38,001		NovaTek OAO (GDR)		5,328,884
	895,955		Sberbank of Russian Federation (ADR)		11,425,556
	108,053	*	Yandex NV		3,982,834
			TOTAL RUSSIA		55,382,360
SINGAPORE - 2.4%
	1,719,000	e	Ezion Holdings Ltd		3,093,959
	427,000		Fraser and Neave Ltd		1,997,158
	1,436,000		Genting International plc		1,756,948
	886,000		Global Logistic Properties		2,199,321
	259,000		Keppel Corp Ltd		2,260,114
	1,853,000		Parkson Retail Asia Ltd		1,581,211
	965,000		Petra Foods Ltd		2,759,471
	441,000		Super Coffeemix Manufacturing Ltd		1,491,117
			TOTAL SINGAPORE		17,139,299

75

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
SOUTH AFRICA - 2.7%
	153,687		Imperial Holdings Ltd	$	3,266,493
	114,800		Naspers Ltd (N Shares)		10,745,712
	98,826		Sasol Ltd		5,049,790
			TOTAL SOUTH AFRICA		19,061,995
SWITZERLAND - 0.5%
	113,752		Coca-Cola HBC AG.		3,271,570
			TOTAL SWITZERLAND		3,271,570
TAIWAN - 7.3%
	365,000		Airtac International Group		2,641,324
	1,426,515		Cathay Financial Holding Co Ltd		2,155,121
	333,000		Delta Electronics, Inc		1,731,758
	1,378,000		Epistar Corp		2,389,579
	1,242,000		Fubon Financial Holding Co Ltd		1,820,223
	199,000		Gourmet Master Co Ltd		1,324,799
	1,512,509		Hon Hai Precision Industry Co, Ltd		3,845,242
	4,138,000	*	Inotera Memories, Inc		2,668,291
	2,211,000		Inventec Co Ltd		1,978,976
	88,000		Largan Precision Co Ltd		2,996,691
	483,000		MediaTek, Inc		6,603,541
	258,010		Parade Technologies Ltd		1,929,053
	4,861,000		Taiwan Semiconductor Manufacturing Co Ltd		17,915,532
	274,000		Tong Hsing Electronic Industries Ltd		1,449,489
			TOTAL TAIWAN		51,449,619
THAILAND - 2.6%
	3,750,300		Amata Corp PCL (Foreign)		2,056,750
	457,100		Bangkok Dusit Medical Services PCL (ADR)		1,967,206
	3,060,873		Beauty Community PCL (ADR)		2,202,587
	320,300		Kasikornbank PCL - (NVDR)		1,962,049
	2,247,600		MC Group PCL (ADR)		1,010,066
	3,714,910		Minor International PCL (Foreign)		3,308,625
	173,100		Siam Cement PCL (ADR)		2,377,069
	473,100		Siam Commercial Bank PCL		2,508,446
	149,800		Thai Stanley Electric PCL (ADR)		1,107,507
			TOTAL THAILAND		18,500,305
TURKEY - 2.3%
	364,752		Aselsan Elektronik Sanayi Ve Ticaret AS		1,719,730
	119,343		Coca-Cola Icecek AS		3,412,976
	1,381,055		Eregli Demir ve Celik Fabrikalari TAS		1,909,524
	391,423		Haci Omer Sabanci Holding AS		1,851,754
	457,553		KOC Holding AS		2,240,985
	159,730		Koza Altin Isletmeleri AS		2,825,499
	638,363		Turk Hava Yollari		2,489,092
			TOTAL TURKEY		16,449,560

76

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE
UKRAINE - 0.3%
	133,130		MHP SA (GDR)	$	2,110,111
			TOTAL UKRAINE		2,110,111
UNITED ARAB EMIRATES - 0.9%
	224,623	*	Al Noor Hospitals Group plc		3,061,363
	1,060,039		Emaar Properties PJSC		1,752,485
	379,938		First Gulf Bank PJSC		1,678,009
			TOTAL UNITED ARAB EMIRATES		6,491,857
UNITED KINGDOM - 1.0%
	1,042,658	*	Afren plc		2,635,580
	81,547		SABMiller plc (Johannesburg)		4,235,079
			TOTAL UNITED KINGDOM		6,870,659
UNITED STATES - 0.0%
	2,787	*	58.COM, Inc (ADR)		67,222
			TOTAL UNITED STATES		67,222
			TOTAL COMMON STOCKS		694,481,850
			(Cost $615,151,550)
PREFERRED STOCKS - 0.6%
BRAZIL - 0.6%
	111,860	*	Ambev Cia De Bebidas Das		4,161,621
			TOTAL BRAZIL		4,161,621
PHILIPPINES - 0.0%
	1,721,900	*,m	Ayala Land, Inc (Preferred B)		3,985
			TOTAL PHILIPPINES		3,985
			TOTAL PREFERRED STOCKS		4,165,606
			(Cost $4,413,738)
RIGHTS / WARRANTS - 0.1%
GREECE - 0.1%
	829,500		Piraeus Bank S.A.		905,507
			TOTAL GREECE		905,507
			TOTAL RIGHTS / WARRANTS		905,507
			(Cost $686,770)
SHORT-TERM INVESTMENTS - 5.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.0%
	35,377,751	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		35,377,751
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		35,377,751
			TOTAL SHORT-TERM INVESTMENTS		35,377,751
			(Cost $35,377,751)

77

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES	COMPANY	VALUE
	TOTAL INVESTMENTS - 104.9%	$	737,062,981
	(Cost $657,901,051)
	OTHER ASSETS & LIABILITIES, NET - (4.9)%		(34,577,190	)
	NET ASSETS - 100.0%	$	702,485,791

	Abbreviation(s):
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	NVDR	Non Voting 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 $32,517,371.
m	Indicates a security that has been deemed illiquid.

78

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2013

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	156,134,504			22.2	%
INFORMATION TECHNOLOGY		143,473,234			20.4
CONSUMER DISCRETIONARY		100,902,547			14.4
INDUSTRIALS		75,501,311			10.7
MATERIALS		69,567,344			9.9
ENERGY		63,004,590			9.0
CONSUMER STAPLES		56,463,603			8.0
HEALTH CARE		21,778,965			3.1
UTILITIES		10,860,237			1.6
TELECOMMUNICATION SERVICES		3,998,895			0.6
SHORT - TERM INVESTMENTS		35,377,751			5.0
OTHER ASSETS & LIABILITIES, NET		(34,577,190	)		(4.9	)
NET ASSETS	$	702,485,791			100.0	%

79

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.0%
AUSTRALIA - 8.1%
	174,061	e	ALS Ltd	$	1,646,570
	205,580		Amcor Ltd		2,106,040
	432,025		Australia & New Zealand Banking Group Ltd		13,824,951
	84,298		BHP Billiton Ltd		2,980,219
	163,857		Brambles Ltd		1,438,457
	43,749		Commonwealth Bank of Australia		3,150,038
	44,200		CSL Ltd		2,905,483
	968,044	e	Fortescue Metals Group Ltd		4,747,667
	916,703		Incitec Pivot Ltd		2,306,355
	234,347	e	Leighton Holdings Ltd		3,970,027
	29,813		National Australia Bank Ltd		996,375
	601,550	e	SP AusNet		710,626
	132,455		Suncorp-Metway Ltd		1,670,178
	719,196		Telstra Corp Ltd		3,519,222
	311,668		Westfield Retail Trust		909,301
	348,765		Westpac Banking Corp		11,323,404
	111,893		Woodside Petroleum Ltd		4,101,987
	122,797		Woolworths Ltd		4,049,407
			TOTAL AUSTRALIA		66,356,307
AUSTRIA - 0.5%
	77,055	*,e,m	Immoeast AG.		0
	39,794		OMV AG.		1,898,279
	42,672		Voestalpine AG.		2,013,073
			TOTAL AUSTRIA		3,911,352
BELGIUM - 1.5%
	46,271		Ageas		1,966,252
	8,709		Belgacom S.A.		238,292
	73,255		InBev NV		7,593,877
	8,941		Solvay S.A.		1,398,041
	16,719		Telenet Group Holding NV		918,224
			TOTAL BELGIUM		12,114,686
CHINA - 0.3%
	119,500	e	AAC Technologies Holdings, Inc		528,138
	43,000		BOC Hong Kong Holdings Ltd		140,431
	1,743,000		Yangzijiang Shipbuilding		1,653,484
			TOTAL CHINA		2,322,053
DENMARK - 1.1%
	118		AP Moller - Maersk AS (Class A)		1,065,524
	680		AP Moller - Maersk AS (Class B)		6,578,979
	8,611		Novo Nordisk AS (Class B)		1,434,184
			TOTAL DENMARK		9,078,687

80

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE
FINLAND - 1.2%
	52,772		Kone Oyj (Class B)	$	4,652,495
	106,318	e	Neste Oil Oyj		2,108,110
	301,135		Stora Enso Oyj (R Shares)		2,796,300
			TOTAL FINLAND		9,556,905
FRANCE - 9.6%
	6,426		Atos Origin S.A.		547,755
	423,685		AXA S.A.		10,556,295
	7,619		BNP Paribas		562,078
	98,458	e	Cap Gemini S.A.		6,456,676
	22,000		CNP Assurances		387,554
	206,794		Electricite de France		7,237,355
	43,893		Lafarge S.A.		3,028,414
	84,162		Michelin (C.G.D.E.) (Class B)		8,769,504
	28,264	e	Publicis Groupe S.A.		2,350,417
	97,911		Renault S.A.		8,542,757
	98,510		Safran S.A.		6,280,799
	33,924		Sanofi-Aventis		3,617,083
	45,406		SCOR		1,602,644
	139,484		Total S.A.		8,557,753
	15,184		Veolia Environnement		260,492
	154,483		Vinci S.A.		9,884,777
			TOTAL FRANCE		78,642,353
GERMANY - 8.4%
	76,015		Allianz AG.		12,763,094
	120,301		BASF AG.		12,488,987
	20,954		Bayer AG.		2,599,390
	10,037		Bayerische Motoren Werke AG.		1,135,972
	50,064		Continental AG.		9,155,041
	19,882		Daimler AG. (Registered)		1,627,834
	114,822		Deutsche Lufthansa AG.		2,219,856
	28,125		Hannover Rueckversicherung AG.		2,250,883
	21,408		Henkel KGaA (Preference)		2,311,427
	41,057		Metro AG.		1,924,998
	47,430		Muenchener Rueckver AG.		9,895,429
	102,518		ProSiebenSat. Media AG.		4,873,912
	8,165		SAP AG.		638,929
	18,695		Siemens AG.		2,389,074
	20,725		Suedzucker AG.		666,683
	202,800		Telefonica Deutschland Holding AG.		1,597,465
	1,955		Volkswagen AG.		478,087
			TOTAL GERMANY		69,017,061
HONG KONG - 2.5%
	286,000	*	Galaxy Entertainment Group Ltd		2,134,956
	204,200		Hang Seng Bank Ltd		3,403,545
	1,070		Henderson Land Development Co Ltd		6,331
	320,500		Hong Kong Electric Holdings Ltd		2,670,147

81

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE
	219,000		Hysan Development Co Ltd	$	1,024,440
	187,000		Kerry Properties Ltd		810,932
	315,000		Link REIT		1,584,652
	1,071,000		SJM Holdings Ltd		3,462,925
	19,563		Sun Hung Kai Properties Ltd		256,250
	62,000		Swire Pacific Ltd (Class A)		716,565
	586,000		Wharf Holdings Ltd		4,931,343
			TOTAL HONG KONG		21,002,086
INDIA - 0.2%
	96,903		Vedanta Resources plc		1,651,028
			TOTAL INDIA		1,651,028
IRELAND - 0.2%
	951,077	*	Bank of Ireland		347,604
	11,319		CRH plc		275,431
	15,000		Ryanair Holdings plc (ADR)		753,150
			TOTAL IRELAND		1,376,185
ISRAEL - 0.4%
	102,068		Bank Hapoalim Ltd		546,419
	22,515	*	Bank Leumi Le-Israel		85,702
	1,313		Delek Group Ltd		453,382
	37,436		Israel Chemicals Ltd		309,494
	8,613		Mizrahi Tefahot Bank Ltd		100,961
	50,669		Teva Pharmaceutical Industries Ltd		1,882,779
			TOTAL ISRAEL		3,378,737
ITALY - 1.9%
	229,032		Autostrade S.p.A.		5,019,718
	318,141		ENI S.p.A.		8,076,621
	34,609		Exor S.p.A.		1,371,932
	212,633		UniCredit S.p.A		1,596,148
			TOTAL ITALY		16,064,419
JAPAN - 20.6%
	40,200		Aeon Co Ltd		548,586
	106,200		Aisin Seiki Co Ltd		4,314,311
	21,000		Alfresa Holdings Corp		1,147,781
	186,000		Asahi Kasei Corp		1,415,571
	13,500		Casio Computer Co Ltd		129,214
	37,800		Central Japan Railway Co		4,901,587
	135,000		Chubu Electric Power Co, Inc		1,998,415
	6,100		Chugoku Electric Power Co, Inc		93,505
	53,000		Coca-Cola West Japan Co Ltd		1,075,000
	326,000		Dai Nippon Printing Co Ltd		3,424,945
	97,000		Daicel Chemical Industries Ltd		817,591
	117,500		Daihatsu Motor Co Ltd		2,281,402
	23,300		Daito Trust Construction Co Ltd		2,379,017
	197,000		Daiwa House Industry Co Ltd		3,946,653
	658,000		Daiwa Securities Group, Inc		6,010,021

82

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE
	69,100		Denso Corp	$	3,321,528
	10,400		East Japan Railway Co		903,455
	15,000		FamilyMart Co Ltd		671,950
	541,000		Fuji Electric Holdings Co Ltd		2,425,260
	209,200		Fuji Folms Holdings Corp		5,117,816
	86,000		Fuji Heavy Industries Ltd		2,351,371
	386,000		Fukuoka Financial Group, Inc		1,741,035
	301,000		Hino Motors Ltd		4,252,996
	424,000		Hitachi Ltd		2,965,923
	147,200		Hoya Corp		3,529,760
	11,100		Inpex Holdings, Inc		128,227
	143,000		Ishikawajima-Harima Heavy Industries Co Ltd		605,506
	161,200		Japan Tobacco, Inc		5,832,809
	57,500		KDDI Corp		3,113,998
	132,000		Kirin Brewery Co Ltd		1,929,244
	14,500		Konica Minolta Holdings, Inc		120,074
	10,000		Kubota Corp		148,066
	14,600		MEIJI Holdings Co Ltd		816,164
	590,000		Mitsubishi Heavy Industries Ltd		3,749,608
	1,161,000		Mitsubishi Materials Corp		4,542,314
	178,000		Mitsubishi UFJ Financial Group, Inc		1,133,551
	63,000		Mitsui Sumitomo Insurance Group Holdings, Inc		1,629,013
	4,023,000		Mizuho Financial Group, Inc		8,444,526
	145,600		Namco Bandai Holdings, Inc		2,744,618
	136,800		Nexon Co Ltd		1,598,861
	41		Nippon Building Fund, Inc		507,207
	564,000		Nippon Electric Glass Co Ltd		2,901,068
	23,200		Nippon Telegraph & Telephone Corp		1,205,943
	218,000		Nippon Yusen Kabushiki Kaisha		666,098
	65,100		NOK Corp		1,006,336
	37,100		NTT DoCoMo, Inc		588,592
	269,000	e	OJI Paper Co Ltd		1,229,338
	124,600		ORIX Corp		2,158,207
	116,900		Otsuka Holdings KK		3,329,553
	43,300		Rakuten, Inc		564,183
	56,400		Resona Holdings, Inc		293,378
	254,000		Ricoh Co Ltd		2,682,444
	42,100		Secom Co Ltd		2,536,205
	202,000		Sekisui House Ltd		2,899,477
	186,600		Shionogi & Co Ltd		4,129,184
	39,800		Showa Shell Sekiyu KK		427,885
	9,900		Softbank Corp		739,321
	370		So-net M3, Inc		1,013,273
	198,400		Sumitomo Mitsui Financial Group, Inc		9,589,837
	236,000		T&D Holdings, Inc		2,833,353
	491,000		Tokyo Gas Co Ltd		2,664,176
	35,400	*	Tokyu Fudosan Holdings Corp		347,772
	163,000		TonenGeneral Sekiyu KK		1,514,179
	160,000		Toto Ltd		2,262,760
	85,900		Toyo Seikan Kaisha Ltd		1,785,254
	279,100		Toyota Motor Corp		18,096,334
	68,300		West Japan Railway Co		3,062,569
			TOTAL JAPAN		169,335,198

83

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE
MACAU - 0.1%
	203,600		MGM China Holdings Ltd	$	702,020
			TOTAL MACAU		702,020
NETHERLANDS - 3.9%
	457,560		Koninklijke Ahold NV		8,696,632
	223,978		Royal Dutch Shell plc (A Shares)		7,459,544
	148,346		Royal Dutch Shell plc (B Shares)		5,135,739
	192,357		Unilever NV		7,626,076
	71,777		Ziggo NV		3,077,021
			TOTAL NETHERLANDS		31,995,012
NEW ZEALAND - 0.0%
	55,735		Contact Energy Ltd		241,690
			TOTAL NEW ZEALAND		241,690
NORWAY - 1.0%
	4,212		Seadrill Ltd (Oslo Exchange)		194,823
	195,986		Telenor ASA		4,709,076
	75,604		Yara International ASA		3,256,062
			TOTAL NORWAY		8,159,961
SINGAPORE - 1.4%
	649,000		ComfortDelgro Corp Ltd		1,002,169
	243,000		DBS Group Holdings Ltd		3,275,997
	659,000		Oversea-Chinese Banking Corp		5,512,855
	108,000		SembCorp Industries Ltd		461,746
	66,000	e	Singapore Exchange Ltd		389,376
	161,000		United Overseas Land Ltd		852,150
			TOTAL SINGAPORE		11,494,293
SPAIN - 3.1%
	255,888	e	Abertis Infraestructuras S.A. (Continuous)		5,482,400
	73,487		Amadeus IT Holding S.A.		2,726,536
	32,928		Banco Bilbao Vizcaya Argentaria S.A.		384,827
	268,875		Banco Santander Central Hispano S.A.		2,383,648
	1,109,044		Criteria Caixacorp S.A.		5,748,344
	123,034		Distribuidora Internacional de Alimentacion S.A.		1,121,697
	292,468		Gas Natural SDG S.A.		6,898,196
	28,917	*	Telefonica S.A.		508,919
			TOTAL SPAIN		25,254,567
SWEDEN - 3.3%
	271,255		Ericsson (LM) (B Shares)		3,244,539
	266,791		Nordea Bank AB		3,412,659
	720,613		Skandinaviska Enskilda Banken AB (Class A)		8,715,858
	219,957		Swedbank AB (A Shares)		5,724,672
	762,292		TeliaSonera AB		6,303,385
			TOTAL SWEDEN		27,401,113

84

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE
SWITZERLAND - 8.5%
	27,339		Actelion Ltd	$	2,115,233
	2,016		Givaudan S.A.		2,859,068
	262		Lindt & Spruengli AG.		1,105,924
	151,730		Nestle S.A.		10,952,465
	250,341		Novartis AG.		19,432,111
	73,646		Roche Holding AG.		20,365,725
	109,610		Swiss Re Ltd		9,621,852
	6,063		Swisscom AG.		3,092,467
	35,087		UBS AG. (Switzerland)		678,620
			TOTAL SWITZERLAND		70,223,465
UNITED KINGDOM - 20.4%
	203,199	e	Aberdeen Asset Management plc		1,442,069
	44,120		Acergy S.A.		933,086
	98,505		ARM Holdings plc		1,543,536
	195,156		AstraZeneca plc (ADR)		10,315,946
	862,428		BAE Systems plc		6,290,972
	51,126		Barclays plc		215,111
	9,797		BG Group plc		199,856
	398,458		BHP Billiton plc		12,295,804
	341,511		BP plc (ADR)		15,880,261
	105,827		British American Tobacco plc		5,838,713
	214,847		British Sky Broadcasting plc		3,228,069
	1,200,727		BT Group plc		7,265,154
	203,895		Centrica plc		1,153,175
	43,662		Croda International plc		1,706,209
	207,155		Diageo plc		6,603,572
	184,076		easyJet plc		3,855,863
	658,870		GKN plc		3,881,224
	164,467		GlaxoSmithKline plc		4,335,737
	1,216,853		HSBC Holdings plc		13,338,338
	52,456		IMI plc		1,276,199
	631,126	*	International Consolidated Airlines		3,504,990
	537,745		J Sainsbury plc		3,401,519
	27,685		Johnson Matthey plc		1,332,295
	1,817,127		Legal & General Group plc		6,297,811
	54,447		London Stock Exchange Group plc		1,431,082
	487,934		National Grid plc		6,131,740
	54,535		Next plc		4,762,373
	1,380,081		Old Mutual plc		4,497,738
	552,556		Prudential plc		11,300,185
	145,826		Reckitt Benckiser Group plc		11,339,294
	178,717		Reed Elsevier plc		2,503,526
	1,751		Rio Tinto plc		88,601
	177,739		Tate & Lyle plc		2,255,673
	193,743		Vodafone Group plc (ADR)		7,133,617
	16,445		William Hill plc		105,584
	32,524		WM Morrison Supermarkets plc		146,749
			TOTAL UNITED KINGDOM		167,831,671

85

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE
UNITED STATES - 0.8%
	100,000		iShares MSCI EAFE Index Fund	$	6,588,000
			TOTAL UNITED STATES		6,588,000
			TOTAL COMMON STOCKS		813,698,849
			(Cost $668,208,030)
RIGHTS / WARRANTS - 0.0%
SPAIN - 0.0%
	250,935	m	Banco Santander S.A.		54,258
			TOTAL SPAIN		54,258
			TOTAL RIGHTS / WARRANTS		54,258
			(Cost $51,888)
SHORT-TERM INVESTMENTS - 2.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.0%
	16,131,059	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		16,131,059
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		16,131,059
			TOTAL SHORT-TERM INVESTMENTS		16,131,059
			(Cost $16,131,059)
			TOTAL INVESTMENTS - 101.0%		829,884,166
			(Cost $684,390,977)
			OTHER ASSETS & LIABILITIES, NET - (1.0)%		(8,048,655	)
			NET ASSETS - 100.0%	$	821,835,511

	Abbreviation(s):
	ADR	American Depositary Receipt
	REIT	Real Estate Investment Trust
*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $15,294,595.
m	Indicates a security that has been deemed illiquid.

86

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2013

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	221,660,748			27.0	%
INDUSTRIALS		98,366,302			12.0
CONSUMER DISCRETIONARY		96,341,200			11.7
CONSUMER STAPLES		86,508,458			10.5
HEALTH CARE		78,623,464			9.6
MATERIALS		67,429,159			8.2
ENERGY		57,069,731			6.9
TELECOMMUNICATION SERVICES		43,092,474			5.2
INFORMATION TECHNOLOGY		34,602,053			4.2
UTILITIES		30,059,518			3.7
SHORT - TERM INVESTMENTS		16,131,059			2.0
OTHER ASSETS & LIABILITIES, NET		(8,048,655	)		(1.0	)
NET ASSETS	$	821,835,511			100.0	%

87

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.3%
AUSTRALIA - 7.4%
	177,000		Amcor Ltd	$	1,813,255
	281,293		BHP Billiton Ltd		9,944,658
	1,052,651	e	Fortescue Metals Group Ltd		5,162,613
	149,234	e	Iluka Resources Ltd		1,448,530
	124,618		Oil Search Ltd		1,001,875
			TOTAL AUSTRALIA		19,370,931
AUSTRIA - 0.3%
	16,375		Voestalpine AG.		772,499
			TOTAL AUSTRIA		772,499
CANADA - 8.1%
	39,780		Agrium, Inc (Toronto)		3,395,598
	77,265		Barrick Gold Corp (Canada)		1,502,838
	90,898		Goldcorp, Inc		2,315,495
	38,500	e	Norbord, Inc		1,092,984
	81,029	e	Peyto Energy Trust		2,441,789
	101,936		Potash Corp of Saskatchewan (Toronto)		3,167,627
	73,189		Suncor Energy, Inc		2,659,695
	146,814		Talisman Energy, Inc (Toronto)		1,830,511
	48,631	*	Tourmaline Oil Corp		1,885,725
	17,323	e	Vermilion Energy Trust		952,171
			TOTAL CANADA		21,244,433
CHILE - 0.2%
	18,118		Sociedad Quimica y Minera de Chile S.A. (Class B)		509,780
			TOTAL CHILE		509,780
CHINA - 1.3%
	87,500		China Shenhua Energy Co Ltd		266,164
	688,700		CNOOC Ltd		1,400,796
	248,000		Jiangxi Copper Co Ltd		475,465
	1,421,000		Zhaojin Mining Industry Co Ltd		1,147,656
			TOTAL CHINA		3,290,081
COLOMBIA - 0.4%
	22,099	e	Ecopetrol S.A. (ADR)		1,046,609
			TOTAL COLOMBIA		1,046,609
FINLAND - 1.6%
	295,323		Stora Enso Oyj (R Shares)		2,742,330
	94,892		UPM-Kymmene Oyj		1,506,623
			TOTAL FINLAND		4,248,953

88

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES		COMPANY	VALUE
FRANCE - 1.5%
	65,063	Total S.A.	$	3,991,806
		TOTAL FRANCE		3,991,806
GERMANY - 0.6%
	18,427	Fuchs Petrolub AG. (Preference)		1,487,725
		TOTAL GERMANY		1,487,725
INDIA - 0.9%
	125,655	Britannia Industries Ltd		1,917,999
	20,034	Kaveri Seed Co Ltd		516,970
		TOTAL INDIA		2,434,969
INDONESIA - 1.4%
	443,500	PT Astra Agro Lestari Tbk		731,087
	8,033,000	PT Charoen Pokphand Indonesia Tbk		2,776,316
	107,500	PT Tambang Batubara Bukit Asam Tbk		115,880
		TOTAL INDONESIA		3,623,283
ISRAEL - 0.2%
	69,141	Israel Chemicals Ltd		571,609
		TOTAL ISRAEL		571,609
JAPAN - 2.0%
	36,900	JFE Holdings, Inc		838,910
	668,700	Nippon Steel Corp		2,207,079
	224,000	OJI Paper Co Ltd		1,023,686
	74,000	Sumitomo Metal Mining Co Ltd		1,024,944
		TOTAL JAPAN		5,094,619
KOREA, REPUBLIC OF - 0.7%
	6,594	Korea Zinc Co Ltd		1,911,532
		TOTAL KOREA, REPUBLIC OF		1,911,532
LUXEMBOURG - 0.7%
	123,080	ArcelorMittal		1,938,586
		TOTAL LUXEMBOURG		1,938,586
MALAYSIA - 1.3%
	115,800	Genting Plantations BHD		399,154
	224,500	Kuala Lumpur Kepong BHD		1,642,764
	145,800	Petronas Dagangan BHD		1,413,852
		TOTAL MALAYSIA		3,455,770
MEXICO - 1.5%
	126,842	Fresnillo plc		1,982,871
	599,800	Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,823,684
		TOTAL MEXICO		3,806,555

89

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY	VALUE
NORWAY - 0.8%
	48,296		Yara International ASA	$	2,079,979
			TOTAL NORWAY		2,079,979
POLAND - 1.0%
	47,937		Jastrzebska Spolka Weglowa S.A.		1,034,960
	37,839		KGHM Polska Miedz S.A.		1,527,637
			TOTAL POLAND		2,562,597
RUSSIA - 0.9%
	17,415		NovaTek OAO (GDR)		2,442,107
			TOTAL RUSSIA		2,442,107
SINGAPORE - 0.3%
	1,754,000		Golden Agri-Resources Ltd		846,940
			TOTAL SINGAPORE		846,940
SOUTH AFRICA - 1.4%
	47,601	e	Assore Ltd		1,944,079
	33,399		Sasol Ltd		1,706,615
			TOTAL SOUTH AFRICA		3,650,694
SWITZERLAND - 6.2%
	416,864		Glencore International AG.		2,268,665
	34,777		Syngenta AG.		14,036,572
			TOTAL SWITZERLAND		16,305,237
TURKEY - 1.1%
	168,772		Koza Altin Isletmeleri AS		2,985,445
			TOTAL TURKEY		2,985,445
UNITED ARAB EMIRATES - 1.0%
	266,166		Dragon Oil plc		2,520,147
			TOTAL UNITED ARAB EMIRATES		2,520,147
UNITED KINGDOM - 10.8%
	229,149		Antofagasta plc		3,131,771
	162,231		BG Group plc		3,309,458
	366,084		BHP Billiton plc		11,296,792
	196,344		BP plc		1,524,140
	177,564		Rio Tinto plc		8,984,766
			TOTAL UNITED KINGDOM		28,246,927
UNITED STATES - 45.7%
	21,809		Alliance Holdings GP LP		1,300,689
	32,107		Anadarko Petroleum Corp		3,059,476
	145,604		Archer Daniels Midland Co		5,955,204
	23,701		Cabot Oil & Gas Corp		837,119
	31,810		CF Industries Holdings, Inc		6,858,236
	79,295		Chevron Corp		9,512,228

90

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY	VALUE
	22,042		Cimarex Energy Co	$	2,322,125
	191,468	e	Cliffs Natural Resources, Inc		4,916,898
	48,639	*	Cobalt International Energy, Inc		1,128,911
	18,739	*	Concho Resources, Inc		2,072,721
	78,428		ConocoPhillips		5,748,772
	27,000		Consol Energy, Inc		985,500
	31,274	*,e	Continental Resources, Inc		3,562,109
	22,961		EOG Resources, Inc		4,096,242
	22,481		Equitable Resources, Inc		1,924,598
	61,202		Exxon Mobil Corp		5,484,923
	32,829		FMC Corp		2,388,638
	80,868		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,972,708
	154,708	*	Graphic Packaging Holding Co		1,299,547
	105,054		International Paper Co		4,686,459
	25,504		LyondellBasell Industries AF S.C.A		1,902,598
	35,030		Magellan Midstream Partners LP		2,103,201
	180,786		Monsanto Co		18,960,836
	85,675		Mosaic Co		3,928,199
	6,816	e	NewMarket Corp		2,122,230
	45,039		Newmont Mining Corp		1,227,763
	44,189	*	Oasis Petroleum, Inc		2,353,064
	36,647		Occidental Petroleum Corp		3,521,044
	18,382		Packaging Corp of America		1,144,831
	7,048		Pioneer Natural Resources Co		1,443,290
	27,409		Schweitzer-Mauduit International, Inc		1,696,069
	137,774		Southern Copper Corp (NY)		3,850,783
	29,773		Tractor Supply Co		2,124,304
	60,900	e	Western Refining, Inc		1,965,243
			TOTAL UNITED STATES		119,456,558
			TOTAL COMMON STOCKS		259,896,371
			(Cost $233,977,243)
SHORT-TERM INVESTMENTS - 8.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 8.6%
	22,400,309	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		22,400,309
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		22,400,309
			TOTAL SHORT-TERM INVESTMENTS		22,400,309
			(Cost $22,400,309)
			TOTAL INVESTMENTS - 107.9%		282,296,680
			(Cost $256,377,552)
			OTHER ASSETS & LIABILITIES, NET - (7.9)%		(20,570,866	)
			NET ASSETS - 100.0%	$	261,725,814

91

TIAA-CREF FUNDS - Global Natural Resources Fund

	Abbreviation(s):
	ADR    American Depositary Receipt
	GDR    Global Depositary Receipt
*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $21,575,825.

92

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2013

SECTOR	VALUE			% OF NET ASSETS
MATERIALS	$	157,231,353			60.0	%
ENERGY		83,930,596			32.1
CONSUMER STAPLES		16,610,118			6.4
CONSUMER DISCRETIONARY		2,124,304			0.8
SHORT - TERM INVESTMENTS		22,400,309			8.6
OTHER ASSETS & LIABILITIES, NET		(20,570,866	)		(7.9	)
NET ASSETS	$	261,725,814			100.0	%

93

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 96.5%
CHINA - 1.0%
	10,538,000	e	Anhui Conch Cement Co Ltd	$	36,775,206
			TOTAL CHINA		36,775,206
FRANCE - 20.0%
	3,054,804		Accor S.A.		136,537,267
	77,803	e	Atos Origin S.A.		6,631,957
	841,029		BNP Paribas		62,045,348
	2,706,415		Bouygues S.A.		105,595,699
	1,916,542		Compagnie de Saint-Gobain		100,599,390
	549,054		Compagnie Generale d’Optique Essilor International S.A.		58,839,561
	169,591		Eiffage S.A.		10,050,509
	631,929		European Aeronautic Defence and Space Co		43,302,633
	101,358		Nexity		3,968,623
	1,601,894		Renault S.A.		139,765,614
	6		Rexel S.A.		150
	1,241,054		Societe Television Francaise 1		23,912,520
	38,950		Technip S.A.		4,079,569
	196,285		Vinci S.A.		12,559,527
			TOTAL FRANCE		707,888,367
GERMANY - 9.9%
	915,255		Bayer AG.		113,539,416
	475,895		Henkel KGaA (Preference)		51,382,489
	898,905	e	Lanxess AG.		63,131,705
	1,580,797		SAP AG.		123,700,728
			TOTAL GERMANY		351,754,338
GREECE - 4.7%
	2,971,497	*	Hellenic Telecommunications Organization S.A.		37,397,516
	10,158,919	*	National Bank of Greece S.A.		57,700,952
	34,202,631	*	Piraeus Bank S.A.		71,397,393
			TOTAL GREECE		166,495,861
HONG KONG - 0.3%
	2,798,000	e	Hang Lung Properties Ltd		9,214,166
	18,045	e	Hong Kong Exchanges and Clearing Ltd		291,103
			TOTAL HONG KONG		9,505,269
INDIA - 4.4%
	386,448		Eicher Motors Ltd		24,888,182
	5,214,755		HDFC Bank Ltd		58,070,566
	3,332,925		IndusInd Bank Ltd		24,118,080
	8,906,281		Mahindra & Mahindra Financial Services Ltd		40,905,309

94

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE
	3,681,482		Mundra Port and Special Economic Zone Ltd	$	8,712,320
			TOTAL INDIA		156,694,457
INDONESIA - 0.6%
	36,788,000		PT Indofood Sukses Makmur Tbk		21,672,789
			TOTAL INDONESIA		21,672,789
JAPAN - 12.2%
	57,800		Daikin Industries Ltd		3,325,428
	972,000		Daiwa House Industry Co Ltd		19,472,824
	267,458		Denso Corp		12,856,283
	307,200		Don Quijote Co Ltd		20,449,217
	4,750		Fanuc Ltd		761,936
	42,000		Fast Retailing Co Ltd		14,137,695
	1,623,000		Hoya Corp		38,918,486
	2,168,000		J Front Retailing Co Ltd		16,870,052
	34,697		Kao Corp		1,155,534
	25,830		Komatsu Ltd		566,720
	19,056,000	*	Mazda Motor Corp		85,780,674
	32,057		Mitsubishi Corp		648,547
	241,984		Mitsubishi Electric Corp		2,659,878
	363,000		Mitsubishi Heavy Industries Ltd		2,306,962
	1,240,147		Mitsubishi UFJ Financial Group, Inc		7,897,583
	24,000		Mitsui Trust Holdings, Inc		118,538
	58,647		Nomura Holdings, Inc		433,227
	2,381,675	*	Olympus Corp		76,193,128
	125,700		Oriental Land Co Ltd		20,127,971
	812,500		Rohm Co Ltd		33,351,214
	23,150		Sony Corp		403,844
	73,250		Sumitomo Corp		953,224
	8,635,000		Sumitomo Heavy Industries Ltd		38,217,953
	16,000		Sumitomo Metal Mining Co Ltd		221,610
	13,000		Suruga Bank Ltd		206,223
	504,100		Toyota Motor Corp		32,684,923
			TOTAL JAPAN		430,719,674
MEXICO - 0.1%
	335,800	e	Grupo Financiero Banorte S.A. de C.V.		2,143,396
			TOTAL MEXICO		2,143,396
NETHERLANDS - 2.3%
	158,009		ASML Holding NV		14,961,504
	5,219,557	*	ING Groep NV		66,328,605
	7,680		Royal Dutch Shell plc (A Shares)		255,781
			TOTAL NETHERLANDS		81,545,890
SINGAPORE - 1.2%
	34,578,000	e	Genting International plc		42,306,219
			TOTAL SINGAPORE		42,306,219

95

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE
SPAIN - 2.2%
	6,787,677		Banco Bilbao Vizcaya Argentaria S.A.					$	79,327,006
			TOTAL SPAIN						79,327,006
SWEDEN - 4.9%
	5,076,847	e	SKF AB (B Shares)						134,329,931
	2,011,039		Trelleborg AB (B Shares)						37,947,614
			TOTAL SWEDEN						172,277,545
SWITZERLAND - 8.0%
	2,155,147		Adecco S.A.						158,928,568
	109,227		Burckhardt Compression Holding AG.						43,758,213
	2,920,350		Clariant AG.						51,456,094
	129,692		Swatch Group AG. (Registered)						14,429,839
	826,259		UBS AG. (Switzerland)						15,980,726
			TOTAL SWITZERLAND						284,553,440
UNITED KINGDOM - 24.7%
	775,930		ARM Holdings plc						12,158,528
	257,385		Barclays plc						1,082,937
	149,466		BG Group plc						3,049,056
	13,913,761		British Sky Broadcasting plc						209,053,793
	2,328,869		Drax Group plc						23,776,230
	4,923,538		Filtrona plc						61,903,132
	81,633,500	*	Lloyds TSB Group plc						100,964,020
	25,969,184		Man Group plc						36,959,873
	10,733,549	*	Ocado Ltd						74,692,111
	499,536		Reckitt Benckiser Group plc						38,843,453
	16,710		Rio Tinto plc						845,529
	8,438,777	*	Royal Mail plc						75,772,079
	1,552,521		SABMiller plc						80,949,606
	12,181,749		Tate & Lyle plc						154,597,709
			TOTAL UNITED KINGDOM						874,648,056
			TOTAL COMMON STOCKS						3,418,307,513
			(Cost $3,078,065,583)
RIGHTS / WARRANTS - 0.1%
GREECE - 0.1%
	4,028,200		Piraeus Bank S.A.						4,397,306
			TOTAL GREECE						4,397,306
			TOTAL RIGHTS / WARRANTS						4,397,306
			(Cost $3,335,079)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 5.1%
GOVERNMENT AGENCY DEBT - 2.3%
$	33,400,000		Federal Home Loan Bank (FHLB)		0.045	%	12/06/13		33,398,539
	40,155,000		Federal Home Loan Mortgage Corp (FHLMC)		0.030		11/25/13		40,154,197
	8,500,000		Federal Home Loan Mortgage Corp (FHLMC)		0.030		12/18/13		8,499,667
			TOTAL GOVERNMENT AGENCY DEBT						82,052,403

96

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY		VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.8%
	97,860,001	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	97,860,001
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		97,860,001
			TOTAL SHORT-TERM INVESTMENTS		179,912,404
			(Cost $179,912,404)
			TOTAL INVESTMENTS - 101.7%		3,602,617,223
			(Cost $3,261,313,066)
			OTHER ASSETS & LIABILITIES, NET - (1.7)%		(59,566,082)
			NET ASSETS - 100.0%	$	3,543,051,141

*	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 $92,112,786.

97

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2013

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	847,976,646			23.8	%
INDUSTRIALS		805,885,463			22.8
FINANCIALS		659,055,181			18.6
CONSUMER STAPLES		348,601,579			9.8
HEALTH CARE		248,572,105			7.0
INFORMATION TECHNOLOGY		229,722,417			6.5
MATERIALS		214,333,275			6.1
TELECOMMUNICATION SERVICES		37,397,516			1.1
UTILITIES		23,776,230			0.7
ENERGY		7,384,407			0.2
SHORT - TERM INVESTMENTS		179,912,404			5.1
OTHER ASSETS & LIABILITIES, NET		(59,566,082	)		(1.7	)
NET ASSETS	$	3,543,051,141			100.0	%

98

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
ARGENTINA - 0.6%
	35,401	e	Mercadolibre, Inc	$	4,766,214
			TOTAL ARGENTINA		4,766,214
AUSTRALIA - 3.5%
	344,347		Australia & New Zealand Banking Group Ltd		11,019,225
	314,626		BHP Billiton Ltd		11,123,092
	267,040	e	Iluka Resources Ltd		2,592,006
	82,660		National Australia Bank Ltd		2,762,567
			TOTAL AUSTRALIA		27,496,890
BELGIUM - 0.8%
	98,782		UCB S.A.		6,484,231
			TOTAL BELGIUM		6,484,231
BRAZIL - 2.2%
	623,000		Banco Itau Holding Financeira S.A.		9,639,576
	157,700		Cia Brasileira de Distribuicao Grupo Pao de Acucar		7,834,549
			TOTAL BRAZIL		17,474,125
CANADA - 5.0%
	58,625	e	Canadian National Railway Co		6,440,794
	108,915	e	Dollarama, Inc		9,361,686
	82,822	e	Royal Bank of Canada (Toronto)		5,561,978
	206,450		Suncor Energy, Inc		7,502,413
	78,930		Toronto-Dominion Bank		7,240,076
	73,392	*	Tourmaline Oil Corp		2,845,862
			TOTAL CANADA		38,952,809
CHINA - 2.7%
	6,680,000	e	China Everbright International Ltd		6,659,264
	3,154,000	e,m	Prince Frog International Holdings Ltd		1,895,736
	151,400		Tencent Holdings Ltd		8,255,904
	8,598,000	*	Xinchen China Power Holdings Ltd		4,190,812
			TOTAL CHINA		21,001,716
COLOMBIA - 0.7%
	276,716		Pacific Rubiales Energy Corp (Toronto)		5,724,610
			TOTAL COLOMBIA		5,724,610
DENMARK - 1.2%
	54,948		Novo Nordisk AS (Class B)		9,151,731
			TOTAL DENMARK		9,151,731

99

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
FRANCE - 4.2%
	134,281		BNP Paribas	$	9,906,331
	433,850	*,e	GameLoft		4,606,446
	28,555		L’Oreal S.A.		4,875,672
	144,025		Teleperformance		7,623,954
	100,300		Total S.A.		6,153,699
			TOTAL FRANCE		33,166,102
GERMANY - 4.0%
	52,065		Allianz AG.		8,741,834
	82,393		Beiersdorf AG.		7,856,451
	158,001	*	Osram Licht AG.		8,187,375
	184,732		Wirecard AG.		6,721,167
			TOTAL GERMANY		31,506,827
HONG KONG - 2.1%
	1,846,400		AIA Group Ltd		9,375,705
	1,376,841		Link REIT		6,926,393
			TOTAL HONG KONG		16,302,098
INDIA - 0.6%
	226,900	*	Just Dial Ltd		4,601,820
			TOTAL INDIA		4,601,820
INDONESIA - 0.8%
	45,207,600		PT Express Transindo Utama Tbk		6,015,312
			TOTAL INDONESIA		6,015,312
IRELAND - 2.7%
	290,997		CRH plc		7,080,992
	131,801		Shire Ltd		5,844,107
	334,853		Smurfit Kappa Group plc		8,105,626
			TOTAL IRELAND		21,030,725
ITALY - 3.9%
	224,840		Brunello Cucinelli S.p.A		7,007,735
	435,117		De’Longhi S.p.A.		6,719,439
	269,173		Lottomatica S.p.A.		8,174,515
	252,425	*,e	Yoox S.p.A		9,080,806
			TOTAL ITALY		30,982,495
JAPAN - 13.7%
	1,187,000		Aozora Bank Ltd		3,450,650
	218,500		Bridgestone Corp		7,490,767
	617,000		Daiwa Securities Group, Inc		5,635,536
	299,900		Fuji Heavy Industries Ltd		8,199,724
	78,100	*	Infomart Corp		1,718,830
	86,100	e	Jin Co Ltd		3,426,613
	188,500		Komatsu Ltd		4,135,759
	101,600		Maruwa Co Ltd		3,688,229
	1,303,000	*	Mitsui OSK Lines Ltd		5,515,376

100

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
	233,100	e	MonotaRO Co Ltd	$	5,479,926
	7,100		Next Co Ltd		216,126
	510,000		Okasan Holdings, Inc		4,410,104
	32,700		Oriental Land Co Ltd		5,236,155
	485,900	*	ORIX Corp		8,416,314
	343,800	e	Park24 Co Ltd		6,712,541
	135,200	e	Sanrio Co Ltd		7,429,488
	134,800		Seria Co Ltd		4,501,762
	142,300		Sumitomo Mitsui Financial Group, Inc		6,878,194
	231,500		Toyota Motor Corp		15,010,037
			TOTAL JAPAN		107,552,131
KOREA, REPUBLIC OF - 2.4%
	10,519		Samsung Electronics Co Ltd		14,506,315
	94,694	*	Sapphire Technology Co Ltd		3,997,860
			TOTAL KOREA, REPUBLIC OF		18,504,175
MACAU - 0.9%
	1,767,600	e	Wynn Macau Ltd		6,785,397
			TOTAL MACAU		6,785,397
MALAYSIA - 0.6%
	3,484,000	*	IHH Healthcare BHD		4,562,485
			TOTAL MALAYSIA		4,562,485
NETHERLANDS - 5.1%
	74,752		ASML Holding NV		7,078,092
	116,109		DSM NV		8,776,977
	58,873		Gemalto NV		6,607,880
	816,466	*	ING Groep NV		10,375,411
	219,796		Royal Dutch Shell plc (A Shares)		7,320,263
			TOTAL NETHERLANDS		40,158,623
NORWAY - 2.8%
	96,803	*	Algeta ASA		3,845,744
	592,724		DNB NOR Holding ASA		10,506,928
	328,483		Statoil ASA		7,772,303
			TOTAL NORWAY		22,124,975
PANAMA - 1.0%
	50,080		Copa Holdings S.A. (Class A)		7,488,963
			TOTAL PANAMA		7,488,963
PHILIPPINES - 2.3%
	4,320,700	e	Del Monte Pacific Ltd		2,827,725
	88,704,800		Megaworld Corp		7,870,039
	16,074,900		SM Prime Holdings		7,120,778
			TOTAL PHILIPPINES		17,818,542
POLAND - 0.9%
	454,668		Eurocash S.A.		6,984,306
			TOTAL POLAND		6,984,306

101

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE
RUSSIA - 1.7%
	531,666		Gazprom OAO (ADR)	$	4,969,695
	129,340		Magnit OAO (GDR)		8,306,231
			TOTAL RUSSIA		13,275,926
SINGAPORE - 1.0%
	6,274,500	e	Genting International plc		7,676,857
			TOTAL SINGAPORE		7,676,857
SOUTH AFRICA - 0.7%
	1,438,188		Life Healthcare Group Holdings Pte Ltd		5,866,080
			TOTAL SOUTH AFRICA		5,866,080
SPAIN - 1.5%
	223,068		Amadeus IT Holding S.A.		8,276,332
	70,105	e	Tecnicas Reunidas S.A.		3,608,439
			TOTAL SPAIN		11,884,771
SWEDEN - 4.3%
	25,989	*	Arcam AB		3,501,269
	377,548	e	Elekta AB (B Shares)		5,576,060
	232,523	*	Fingerprint Cards AB		1,916,327
	213,879		Hennes & Mauritz AB (B Shares)		9,242,104
	258,831		Intrum Justitia AB		6,882,152
	189,900		Kinnevik Investment AB (Series B)		6,989,113
			TOTAL SWEDEN		34,107,025
SWITZERLAND - 3.7%
	84,938		Lonza Group AG.		7,581,813
	147,868		Novartis AG.		11,477,894
	496,828		UBS AG. (Switzerland)		9,609,181
			TOTAL SWITZERLAND		28,668,888
TAIWAN - 3.3%
	797,640		Eclat Textile Co Ltd		8,772,030
	359,000		Ginko International Co Ltd		6,810,775
	3,624,000	*	Hota Industrial Manufacturing Co Ltd		5,959,769
	510,000		King Slide Works Co Ltd		4,514,200
			TOTAL TAIWAN		26,056,774
THAILAND - 0.7%
	794,300		Bangkok Bank PCL (ADR)		5,271,348
			TOTAL THAILAND		5,271,348
UKRAINE - 0.4%
	193,779		MHP SA (GDR)		3,071,397
			TOTAL UKRAINE		3,071,397

102

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	RATE	MATURITY DATE	VALUE
UNITED KINGDOM - 17.4%
	455,470		Antofagasta plc			$	6,224,891
	1,369,237		Ashtead Group plc				14,388,142
	46,429	*	ASOS plc				4,220,709
	174,255		Aveva Group plc				7,220,148
	2,197,655		Barclays plc				9,246,543
	849,582		Countrywide plc				7,601,183
	360,402	e	easyJet plc				7,549,386
	5,988,070	*	Monitise plc				5,334,310
	976,270	*	Ocado Ltd				6,793,622
	251,533		PayPoint plc				4,198,434
	197,038		Rightmove plc				8,372,982
	165,237		SABMiller plc				8,615,581
	650,501	*	Sports Direct International plc				7,310,384
	4,389,686		Taylor Woodrow plc				7,745,013
	440,123		Telecity Group plc				5,380,687
	262,376		Travis Perkins plc				7,802,418
	81,795		Unilever plc				3,316,873
	147,835		Whitbread plc				8,129,606
	325,942		WPP plc				6,923,307
			TOTAL UNITED KINGDOM				136,374,219
			TOTAL COMMON STOCKS				778,890,587
			(Cost $738,689,146)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 6.6%
TREASURY DEBT - 1.3%
$	10,000,000	United States Treasury Bill	0.075	%	04/24/14	9,996,130
		TOTAL TREASURY DEBT				9,996,130

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.3%
	41,283,462	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		41,283,462
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		41,283,462
			TOTAL SHORT-TERM INVESTMENTS		51,279,592
			(Cost $51,279,837)
			TOTAL INVESTMENTS - 106.0%		830,170,179
			(Cost $789,968,983)
			OTHER ASSETS & LIABILITIES, NET - (6.0)%		(46,669,564	)
			NET ASSETS - 100.0%	$	783,500,615

Abbreviation(s):

ADR     American Depositary Receipt

GDR     Global Depositary Receipt

REIT     Real Estate Investment Trust

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $39,471,734.
m	Indicates a security that has been deemed illiquid.

103

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2013

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	183,977,446			23.4	%
FINANCIALS		174,555,007			22.3
INDUSTRIALS		113,095,265			14.4
INFORMATION TECHNOLOGY		94,676,562			12.1
HEALTH CARE		67,200,920			8.6
CONSUMER STAPLES		55,584,519			7.1
ENERGY		45,897,284			5.9
MATERIALS		43,903,584			5.6
SHORT - TERM INVESTMENTS		51,279,592			6.6
OTHER ASSETS & LIABILITIES, NET		(46,669,564	)		(6.0	)
NET ASSETS	$	783,500,615			100.0	%

104

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS  

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 1.2%
	15,582		Allison Transmission Holdings, Inc	$	379,422
	25,691	*	American Axle & Manufacturing Holdings, Inc		478,109
	43,224		BorgWarner, Inc		4,457,691
	24,123		Cooper Tire & Rubber Co		627,439
	57,229		Dana Holding Corp		1,121,688
	119,326		Delphi Automotive plc		6,825,447
	9,455		Dorman Products, Inc		459,608
	8,623		Drew Industries, Inc		433,392
	7,898	*	Federal Mogul Corp (Class A)		161,830
	1,468,379		Ford Motor Co		25,123,965
	6,300	*	Fox Factory Holding Corp		109,746
	6,354	*	Fuel Systems Solutions, Inc		114,118
	318,469	*	General Motors Co		11,767,430
	53,886		Gentex Corp		1,586,404
	15,191	*	Gentherm, Inc		354,710
	93,892		Goodyear Tire & Rubber Co		1,969,854
	83,394		Harley-Davidson, Inc		5,340,552
	261,266		Johnson Controls, Inc		12,057,426
	30,171		Lear Corp		2,334,934
	19,110	*	Modine Manufacturing Co		254,545
	4,368		Remy International, Inc		96,227
	1,282		Shiloh Industries, Inc		21,050
	10,146		Spartan Motors, Inc		68,891
	7,102		Standard Motor Products, Inc		256,808
	12,077	*	Stoneridge, Inc		154,102
	9,325		Superior Industries International, Inc		174,844
	23,169	*	Tenneco, Inc		1,229,579
	32,323	*,e	Tesla Motors, Inc		5,169,741
	16,461		Thor Industries, Inc		954,903
	2,033	*	Tower International, Inc		43,140
	40,562	*	TRW Automotive Holdings Corp		3,046,612
	18,955	*	Visteon Corp		1,461,241
	11,834	*	Winnebago Industries, Inc		350,996
			TOTAL AUTOMOBILES & COMPONENTS		88,986,444
BANKS - 3.4%
	5,849		1st Source Corp		183,542
	8,456		1st United Bancorp, Inc		64,604
	2,221		Access National Corp		32,271
	2,364		American National Bankshares, Inc		54,230
	9,012	*	Ameris Bancorp		164,920
	3,475		Ames National Corp		78,292
	12,293		Apollo Residential Mortgage		185,133
	4,132	e	Arrow Financial Corp		106,647

105

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	65,217		Associated Banc-Corp	$	1,060,428
	33,405		Astoria Financial Corp		441,280
	3,148		Banc of California, Inc		44,418
	2,576		Bancfirst Corp		143,148
	11,115		Banco Latinoamericano de Exportaciones S.A. (Class E)		291,546
	36,303		Bancorpsouth, Inc		802,296
	17,431		Bank Mutual Corp		110,861
	19,197		Bank of Hawaii Corp		1,113,042
	1,840		Bank of Kentucky Financial Corp		53,010
	1,613		Bank of Marin Bancorp		68,633
	11,787		Bank of the Ozarks, Inc		583,221
	6,216		BankFinancial Corp		57,747
	24,876		BankUnited		765,435
	8,283		Banner Corp		316,908
	1,212		Bar Harbor Bankshares		45,741
	270,766		BB&T Corp		9,197,921
	31,029		BBCN Bancorp, Inc		460,160
	2,577	*	BBX Capital Corp		33,991
	10,034	*	Beneficial Mutual Bancorp, Inc		97,831
	11,313		Berkshire Hills Bancorp, Inc		287,011
	6,773		BNC Bancorp		88,794
	3,897	*	BofI Holding, Inc		235,457
	10,186		BOK Financial Corp		623,689
	30,356		Boston Private Financial Holdings, Inc		345,755
	2,675		Bridge Bancorp, Inc		61,766
	2,877	*	Bridge Capital Holdings		50,606
	27,051		Brookline Bancorp, Inc		239,942
	5,252		Bryn Mawr Bank Corp		146,321
	996		C&F Financial Corp		53,694
	2,827		Camden National Corp		114,069
	3,554	*	Capital Bank Financial Corp		78,970
	3,380	*	Capital City Bank Group, Inc		41,574
	75,020		CapitalSource, Inc		981,262
	63,115		Capitol Federal Financial		799,667
	10,394		Cardinal Financial Corp		171,501
	31,797		Cathay General Bancorp		783,160
	4,182		Center Bancorp, Inc		62,563
	9,453		Centerstate Banks of Florida, Inc		93,207
	8,232		Central Pacific Financial Corp		151,633
	710		Century Bancorp, Inc		23,075
	8,748		Charter Financial Corp		94,828
	10,779		Chemical Financial Corp		315,717
	1,372		Chemung Financial Corp		48,336
	76,763	*	CIT Group, Inc		3,696,906
	3,694		Citizens & Northern Corp		72,993
	5,654	e	City Holding Co		257,257
	17,782		City National Corp		1,282,260
	1,548		Clifton Savings Bancorp, Inc		19,551
	3,610		CNB Financial Corp		72,236
	13,589		CoBiz, Inc		147,441
	20,081		Columbia Banking System, Inc		515,881
	71,164		Comerica, Inc		3,081,401

106

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	30,498		Commerce Bancshares, Inc	$	1,403,213
	16,220		Community Bank System, Inc		588,948
	5,292		Community Trust Bancorp, Inc		225,386
	2,779	*	CommunityOne Bancorp		29,902
	3,357	*	CU Bancorp		62,440
	21,914	e	Cullen/Frost Bankers, Inc		1,551,292
	7,620	*	Customers Bancorp, Inc		127,635
	36,880		CVB Financial Corp		536,235
	11,236		Dime Community Bancshares		183,821
	2,329	*	Doral Financial Corp		39,360
	8,370	*	Eagle Bancorp, Inc		221,386
	52,560		East West Bancorp, Inc		1,770,746
	2,716		Enterprise Bancorp, Inc		53,071
	6,884	e	Enterprise Financial Services Corp		124,119
	4,237		ESB Financial Corp		56,394
	3,960		ESSA Bancorp, Inc		43,402
	30,843		EverBank Financial Corp		466,346
	2,647	*	Farmers Capital Bank Corp		54,369
	3,898		Federal Agricultural Mortgage Corp (Class C)		139,120
	2,999		Fidelity Southern Corp		45,798
	334,961		Fifth Third Bancorp		6,374,308
	4,256		Financial Institutions, Inc		100,740
	7,695		First Bancorp (NC)		115,271
	29,812	*,e	First Bancorp (Puerto Rico)		165,457
	2,602		First Bancorp, Inc		45,301
	23,133		First Busey Corp		119,598
	2,879		First Citizens Bancshares, Inc (Class A)		609,571
	37,222		First Commonwealth Financial Corp		323,459
	6,839		First Community Bancshares, Inc		114,143
	5,395		First Connecticut Bancorp		79,199
	2,946		First Defiance Financial Corp		76,066
	25,911		First Financial Bancorp		402,139
	11,317	e	First Financial Bankshares, Inc		696,109
	4,196		First Financial Corp		144,930
	9,814		First Financial Holdings, Inc		588,153
	5,071		First Financial Northwest, Inc		54,970
	96,986		First Horizon National Corp		1,032,901
	6,709		First Interstate Bancsystem, Inc		168,463
	11,816		First Merchants Corp		222,141
	33,195		First Midwest Bancorp, Inc		552,033
	1,571	*	First NBC Bank Holding Co		41,867
	134,758		First Niagara Financial Group, Inc		1,486,381
	2,446		First of Long Island Corp		96,250
	45,283		First Republic Bank		2,312,603
	22,525	*,e	First Security Group, Inc		45,726
	62,924		FirstMerit Corp		1,413,273
	7,423	*	Flagstar Bancorp, Inc		120,327
	11,078		Flushing Financial Corp		222,557
	55,422		FNB Corp		693,329
	4,259		Fox Chase Bancorp, Inc		73,553
	4,177		Franklin Financial Corp		78,820
	77,849		Fulton Financial Corp		950,536

107

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	4,921		German American Bancorp, Inc	$	133,753
	27,378		Glacier Bancorp, Inc		756,454
	3,971		Great Southern Bancorp, Inc		111,506
	4,513		Guaranty Bancorp		60,925
	32,474		Hancock Holding Co		1,064,498
	11,875		Hanmi Financial Corp		207,575
	6,024		Heartland Financial USA, Inc		159,576
	6,136		Heritage Commerce Corp		47,799
	4,718		Heritage Financial Corp		76,101
	5,855	*	Heritage Oaks Bancorp		40,107
	358		Hingham Institution for Savings		26,034
	2,141	*	Home Bancorp, Inc		38,902
	17,532		Home Bancshares, Inc		593,984
	4,914		Home Federal Bancorp, Inc		76,609
	27,085		Home Loan Servicing Solutions Ltd		639,477
	3,989		HomeStreet, Inc		75,871
	8,420	*	HomeTrust Bancshares, Inc		135,983
	3,362		Horizon Bancorp		72,989
	202,050		Hudson City Bancorp, Inc		1,814,409
	6,296		Hudson Valley Holding Corp		116,413
	322,960		Huntington Bancshares, Inc		2,842,048
	12,002		IBERIABANK Corp		701,277
	8,502		Independent Bank Corp		305,052
	1,522		Independent Bank Group, Inc		57,425
	20,460		International Bancshares Corp		467,511
	7,007	*	Intervest Bancshares Corp		51,081
	17,087		Investors Bancorp, Inc		405,133
	3,901	*	Kearny Financial Corp		40,960
	352,889		Keycorp		4,421,699
	11,287		Lakeland Bancorp, Inc		128,672
	6,729		Lakeland Financial Corp		239,485
	2,173	e	LCNB Corp		43,786
	49,499	e	M&T Bank Corp		5,570,122
	8,897	*,e	Macatawa Bank Corp		43,684
	7,844		MainSource Financial Group, Inc		127,230
	21,028		MB Financial, Inc		624,532
	2,590		Mercantile Bank Corp		56,566
	1,433		Merchants Bancshares, Inc		42,961
	3,246	*	Meridian Interstate Bancorp, Inc		77,060
	4,787		MetroCorp Bancshares, Inc		68,598
	121,112	*	MGIC Investment Corp		985,852
	1,630		Middleburg Financial Corp		29,862
	2,305		Midsouth Bancorp, Inc		34,990
	2,098		MidWestOne Financial Group, Inc		55,429
	1,196	*,e	NASB Financial, Inc		30,797
	19,899		National Bank Holdings Corp		417,879
	2,101	e	National Bankshares, Inc		73,850
	49,193		National Penn Bancshares, Inc		510,131
	7,292	*,e	Nationstar Mortgage Holdings, Inc		374,225
	16,606		NBT Bancorp, Inc		404,688
	169,986	e	New York Community Bancorp, Inc		2,755,473
	9,576	*	NewBridge Bancorp		71,437

108

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	22,055		Northfield Bancorp, Inc	$	285,171
	1,920		Northrim BanCorp, Inc		48,192
	39,731		Northwest Bancshares, Inc		555,837
	4,407		OceanFirst Financial Corp		77,519
	39,479	*	Ocwen Financial Corp		2,219,904
	17,355		OFG Bancorp		257,028
	40,883		Old National Bancorp		594,439
	3,534	*	OmniAmerican Bancorp, Inc		77,465
	23,480		Oritani Financial Corp		380,846
	5,561		Pacific Continental Corp		76,631
	5,144	*	Pacific Premier Bancorp, Inc		71,553
	16,994	e	PacWest Bancorp		646,622
	1,441	*,e	Palmetto Bancshares, Inc		19,338
	5,749	e	Park National Corp		455,436
	16,587		Park Sterling Bank		107,981
	2,656		Peapack Gladstone Financial Corp		48,711
	1,124		Penns Woods Bancorp, Inc		57,549
	5,281	*	Pennsylvania Commerce Bancorp, Inc		112,697
	4,791	*	PennyMac Financial Services, Inc		77,135
	3,205		Peoples Bancorp, Inc		71,856
	126,242		People’s United Financial, Inc		1,821,672
	13,363	*	Pinnacle Financial Partners, Inc		414,253
	203,233		PNC Financial Services Group, Inc		14,943,722
	39,430	*	Popular, Inc		995,607
	3,650	*	Preferred Bank		70,153
	24,843		PrivateBancorp, Inc		605,175
	22,956		Prosperity Bancshares, Inc		1,433,602
	2,835		Provident Financial Holdings, Inc		42,979
	22,929		Provident Financial Services, Inc		429,689
	66,237	e	Radian Group, Inc		965,073
	520,054		Regions Financial Corp		5,008,120
	11,564		Renasant Corp		331,656
	4,212		Republic Bancorp, Inc (Class A)		96,960
	11,315		Rockville Financial, Inc		148,792
	2,577	*	Roma Financial Corp		50,148
	11,366		S&T Bancorp, Inc		278,694
	5,455		S.Y. Bancorp, Inc		163,705
	8,599		Sandy Spring Bancorp, Inc		210,590
	21,460	*	Seacoast Banking Corp of Florida		48,929
	3,841		Sierra Bancorp		72,710
	18,377	*	Signature Bank		1,871,146
	6,265		Simmons First National Corp (Class A)		205,116
	6,753	e	Southside Bancshares, Inc		184,357
	7,722	*	Southwest Bancorp, Inc		123,629
	11,285		State Bank & Trust Co		192,522
	8,748		StellarOne Corp		203,653
	17,232		Sterling Bancorp/DE		201,959
	12,004		Sterling Bancorp-N Y		177,059
	13,088		Sterling Financial Corp		379,028
	4,350	*	Suffolk Bancorp		85,042
	11,250	*	Sun Bancorp, Inc		37,125

109

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	200,198		SunTrust Banks, Inc	$	6,734,661
	72,354		Susquehanna Bancshares, Inc		852,692
	17,212	*	SVB Financial Group		1,648,565
	303,079		Synovus Financial Corp		985,007
	6,490	*	Taylor Capital Group, Inc		149,270
	62,519		TCF Financial Corp		949,038
	3,666		Territorial Bancorp, Inc		79,955
	15,526	*	Texas Capital Bancshares, Inc		808,128
	41,160	*	TFS Financial Corp		499,682
	11,214	*	The Bancorp, Inc		181,330
	5,590		Tompkins Trustco, Inc		275,699
	9,354	e	TowneBank		136,194
	3,655		Tree.com, Inc		107,859
	6,050		Trico Bancshares		153,005
	2,504	*,e	Tristate Capital Holdings, Inc		31,325
	33,241		Trustco Bank Corp NY		223,380
	29,637		Trustmark Corp		804,941
	12,165		UMB Financial Corp		716,762
	44,848	e	Umpqua Holdings Corp		734,162
	7,725	e	Union Bankshares Corp		186,327
	22,239	e	United Bankshares, Inc		657,830
	15,479	*	United Community Banks, Inc		241,318
	14,925	*	United Community Financial Corp		59,700
	6,425		United Financial Bancorp, Inc		100,744
	6,493		Univest Corp of Pennsylvania		129,665
	711,496		US Bancorp		26,581,491
	79,696	e	Valley National Bancorp		777,036
	18,364		ViewPoint Financial Group		400,519
	10,131	*	Virginia Commerce Bancorp		162,400
	6,380	*	Walker & Dunlop, Inc		82,812
	4,649		Washington Banking Co		79,079
	43,667		Washington Federal, Inc		994,734
	5,261		Washington Trust Bancorp, Inc		173,034
	34,448		Webster Financial Corp		960,755
	1,850,405		Wells Fargo & Co		78,993,789
	9,847		WesBanco, Inc		289,502
	4,720		West Bancorporation, Inc		65,230
	10,270	e	Westamerica Bancorporation		528,700
	28,095	*	Western Alliance Bancorp		594,209
	7,986		Westfield Financial, Inc		57,579
	22,499		Wilshire Bancorp, Inc		190,567
	14,529		Wintrust Financial Corp		632,157
	3,011		WSFS Financial Corp		210,800
	5,513	*	Yadkin Financial Corp		90,523
	70,495		Zions Bancorporation		1,999,943
			TOTAL BANKS		256,494,269
CAPITAL GOODS - 8.4%
	263,726		3M Co		33,189,917
	29,684		A.O. Smith Corp		1,533,179
	10,369		Aaon, Inc		280,067
	14,311		AAR Corp		419,026

110

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	18,679	*	Accuride Corp	$	84,055
	10,671		Aceto Corp		170,202
	26,745		Actuant Corp (Class A)		1,004,542
	16,604		Acuity Brands, Inc		1,668,868
	40,017	*	Aecom Technology Corp		1,271,740
	17,209	*	Aegion Corp		352,784
	7,897	*	Aerovironment, Inc		214,088
	36,731		AGCO Corp		2,144,356
	26,738		Air Lease Corp		786,097
	26,219		Aircastle Ltd		494,753
	2,787		Alamo Group, Inc		131,519
	10,576		Albany International Corp (Class A)		389,303
	12,317		Alliant Techsystems, Inc		1,340,952
	12,909		Altra Holdings, Inc		392,046
	7,666	*	Ameresco, Inc		80,186
	5,930	e	American Railcar Industries, Inc		242,893
	4,637		American Science & Engineering, Inc		305,022
	20,793	*,e	American Superconductor Corp		45,329
	3,969	*	American Woodmark Corp		134,628
	91,663		Ametek, Inc		4,384,241
	3,985		Ampco-Pittsburgh Corp		73,364
	9,213	*	API Technologies Corp		26,902
	12,974		Apogee Enterprises, Inc		405,827
	16,487		Applied Industrial Technologies, Inc		780,000
	5,143		Argan, Inc		114,432
	9,943	*	Armstrong World Industries, Inc		531,254
	36,830	*	ArvinMeritor, Inc		253,022
	7,049		Astec Industries, Inc		238,327
	7,720	*	Astronics Corp		378,743
	864	*,e	Astronics Corp (Class B)		41,723
	9,722		AZZ, Inc		436,518
	42,867		Babcock & Wilcox Co		1,380,746
	19,306		Barnes Group, Inc		686,135
	37,716	*	BE Aerospace, Inc		3,061,031
	18,664	*	Beacon Roofing Supply, Inc		647,827
	17,382	*	Blount International, Inc		211,713
	7,295	*	Bluelinx Holdings, Inc		13,569
	290,622		Boeing Co		37,926,171
	17,419		Brady Corp (Class A)		508,461
	17,803		Briggs & Stratton Corp		326,507
	18,279	*	Builders FirstSource, Inc		135,447
	6,609	*	CAI International, Inc		144,671
	154,005	*,e	Capstone Turbine Corp		195,586
	24,252		Carlisle Cos, Inc		1,762,635
	251,608		Caterpillar, Inc		20,974,043
	11,724	*	Chart Industries, Inc		1,259,978
	38,344		Chicago Bridge & Iron Co NV		2,840,907
	6,684		CIRCOR International, Inc		493,079
	18,991		Clarcor, Inc		1,110,594
	3,243		Coleman Cable, Inc		79,778
	31,361	*	Colfax Corp		1,754,962
	7,576	*	Columbus McKinnon Corp		197,052

111

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	14,302		Comfort Systems USA, Inc	$	266,446
	11,607	*	Commercial Vehicle Group, Inc		91,347
	18,503		Crane Co		1,174,940
	6,626		Cubic Corp		347,865
	72,348		Cummins, Inc		9,189,643
	17,096		Curtiss-Wright Corp		851,039
	231,012		Danaher Corp		16,653,655
	147,961		Deere & Co		12,109,128
	27,840	*	DigitalGlobe, Inc		885,869
	56,064		Donaldson Co, Inc		2,220,695
	8,590		Douglas Dynamics, Inc		130,310
	63,664		Dover Corp		5,843,719
	4,040	*	Ducommun, Inc		100,434
	3,307	*	DXP Enterprises, Inc		303,913
	12,599	*	Dycom Industries, Inc		373,560
	6,057		Dynamic Materials Corp		133,860
	177,964		Eaton Corp		12,557,140
	7,895	*	Edgen Group, Inc		94,503
	25,620		EMCOR Group, Inc		949,477
	274,231		Emerson Electric Co		18,365,250
	7,351		Encore Wire Corp		364,095
	12,345	*	Energy Recovery, Inc		72,095
	18,377		EnerSys		1,219,314
	6,454	*	Engility Holdings, Inc		199,880
	5,804	*,e	Enphase Energy, Inc		43,820
	9,371	*	EnPro Industries, Inc		559,168
	1,465	*,e	Erickson Air-Crane, Inc		28,714
	9,475		ESCO Technologies, Inc		341,858
	11,455	*	Esterline Technologies Corp		918,233
	78,015		Exelis, Inc		1,286,467
	113,641	e	Fastenal Co		5,659,322
	23,562	*	Federal Signal Corp		322,564
	12,528	*	Flow International Corp		49,987
	54,613		Flowserve Corp		3,793,965
	62,202		Fluor Corp		4,616,632
	61,648		Fortune Brands Home & Security, Inc		2,655,796
	17,542		Franklin Electric Co, Inc		663,965
	3,620		Freightcar America, Inc		80,509
	69,187	*,e	FuelCell Energy, Inc		92,711
	16,219	*	Furmanite Corp		182,464
	17,900		GATX Corp		922,745
	23,099	*,e	GenCorp, Inc		388,063
	19,651		Generac Holdings, Inc		969,777
	18,528		General Cable Corp		610,127
	115,196		General Dynamics Corp		9,979,429
	3,961,223		General Electric Co		103,546,369
	11,486	*	Gibraltar Industries, Inc		183,891
	3,003	*	Global Brass & Copper Holdings, Inc		56,246
	6,344		Global Power Equipment Group, Inc		129,164
	5,784		Gorman-Rupp Co		235,640
	23,662		Graco, Inc		1,828,126
	47,638	*,e	GrafTech International Ltd		423,978

112

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	4,428		Graham Corp	$	162,995
	14,471		Granite Construction, Inc		468,137
	23,276		Great Lakes Dredge & Dock Corp		189,001
	9,362	*	Greenbrier Cos, Inc		248,467
	17,223		Griffon Corp		215,804
	10,434	*	H&E Equipment Services, Inc		261,163
	3,407		Hardinge, Inc		50,390
	30,803		Harsco Corp		858,788
	23,800	*	HD Supply Holdings, Inc		480,522
	25,314		Heico Corp		1,356,311
	37,613	*	Hexcel Corp		1,591,406
	300,969		Honeywell International, Inc		26,103,041
	5,385		Houston Wire & Cable Co		74,690
	22,632		Hubbell, Inc (Class B)		2,433,845
	18,949		Huntington Ingalls		1,355,801
	1,898		Hurco Cos, Inc		46,482
	4,224		Hyster-Yale Materials Handling, Inc		331,331
	31,323		IDEX Corp		2,165,985
	18,687	*	II-VI, Inc		318,800
	142,148		Illinois Tool Works, Inc		11,199,841
	113,929		Ingersoll-Rand plc		7,693,625
	4,851		Innovative Solutions & Support, Inc		38,226
	6,765		Insteel Industries, Inc		112,231
	34,338		ITT Corp		1,364,249
	49,864	*	Jacobs Engineering Group, Inc		3,032,728
	10,900		John Bean Technologies Corp		296,262
	40,712	e	Joy Global, Inc		2,310,406
	4,807		Kadant, Inc		172,091
	10,322		Kaman Corp		383,772
	57,032		KBR, Inc		1,969,885
	28,987		Kennametal, Inc		1,333,402
	14,738	*,e	KEYW Holding Corp		169,487
	15,051	*	Kratos Defense & Security Solutions, Inc		127,632
	34,335		L-3 Communications Holdings, Inc		3,448,951
	8,671	*	Layne Christensen Co		167,697
	3,627		LB Foster Co (Class A)		169,562
	19,240		Lennox International, Inc		1,501,874
	31,825		Lincoln Electric Holdings, Inc		2,203,563
	4,945	e	Lindsay Manufacturing Co		375,869
	3,974	*	LMI Aerospace, Inc		62,392
	100,409		Lockheed Martin Corp		13,388,536
	5,746		LSI Industries, Inc		52,921
	7,012	*	Lydall, Inc		127,759
	4,394	*	Manitex International, Inc		56,814
	51,424		Manitowoc Co, Inc		1,000,711
	133,680		Masco Corp		2,824,658
	21,699	*	Mastec, Inc		693,717
	7,164	*	Middleby Corp		1,630,885
	5,071		Miller Industries, Inc		95,031
	19,641	*	Moog, Inc (Class A)		1,173,157
	31,747	*	MRC Global, Inc		887,329
	18,383		MSC Industrial Direct Co (Class A)		1,403,910

113

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	10,704		Mueller Industries, Inc	$	645,344
	62,679		Mueller Water Products, Inc (Class A)		537,159
	8,966	*	MYR Group, Inc		237,151
	1,821	e	National Presto Industries, Inc		128,472
	21,222	*,e	Navistar International Corp		767,388
	8,107	*	NCI Building Systems, Inc		116,984
	6,966		NN, Inc		112,013
	24,493		Nordson Corp		1,765,700
	2,800	*	Nortek, Inc		196,476
	83,739		Northrop Grumman Corp		9,002,780
	3,916	*	Northwest Pipe Co		141,093
	23,002	*	Orbital Sciences Corp		530,656
	11,476	*	Orion Marine Group, Inc		143,450
	33,547	*	Oshkosh Truck Corp		1,596,502
	45,435	*	Owens Corning, Inc		1,632,480
	135,061		Paccar, Inc		7,509,392
	42,447		Pall Corp		3,417,832
	56,938		Parker Hannifin Corp		6,645,803
	2,377	*	Patrick Industries, Inc		74,353
	77,969		Pentair Ltd		5,230,940
	14,306	*	Perini Corp		328,323
	12,273	*	Pgt, Inc		128,253
	10,096		Pike Electric Corp		109,138
	6,151	*	Ply Gem Holdings, Inc		91,650
	9,067	*	PMFG, Inc		71,085
	17,763	*,e	Polypore International, Inc		802,888
	3,331	*	Powell Industries, Inc		209,287
	780	*	Power Solutions International, Inc		45,443
	12,839	*	PowerSecure International, Inc		232,129
	56,116		Precision Castparts Corp		14,222,600
	704		Preformed Line Products Co		59,150
	14,897		Primoris Services Corp		387,918
	6,465	*,e	Proto Labs, Inc		542,155
	13,031		Quanex Building Products Corp		231,691
	79,515	*	Quanta Services, Inc		2,402,148
	13,831		Raven Industries, Inc		461,402
	124,596		Raytheon Co		10,262,973
	8,707	*	RBC Bearings, Inc		598,955
	16,766		Regal-Beloit Corp		1,229,451
	28,397	*,e	Revolution Lighting Technologies, Inc		84,907
	13,598	*	Rexnord Corp		319,825
	52,020		Rockwell Automation, Inc		5,743,528
	52,075		Rockwell Collins, Inc		3,636,397
	37,705		Roper Industries, Inc		4,781,371
	13,221	*	Rush Enterprises, Inc (Class A)		378,385
	15,523		Simpson Manufacturing Co, Inc		550,290
	22,253		Snap-On, Inc		2,315,870
	8,231	*,e	SolarCity Corp		438,548
	2,312	*	Sparton Corp		61,014
	44,910	*	Spirit Aerosystems Holdings, Inc (Class A)		1,198,648
	17,950		SPX Corp		1,628,244
	4,897		Standex International Corp		301,214

114

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	60,271		Stanley Works	$	4,766,833
	4,846	*	Sterling Construction Co, Inc		46,522
	8,131		Sun Hydraulics Corp		322,638
	12,916	e	TAL International Group, Inc		623,972
	17,883	*	Taser International, Inc		317,781
	6,878	*	Tecumseh Products Co (Class A)		53,648
	13,991	*	Teledyne Technologies, Inc		1,242,681
	6,678		Tennant Co		405,288
	44,266	*	Terex Corp		1,547,097
	8,149	e	Textainer Group Holdings Ltd		308,847
	106,142		Textron, Inc		3,055,828
	2,347	*,e	The ExOne Company		120,471
	10,365	*	Thermon Group Holdings		243,681
	32,984		Timken Co		1,741,885
	21,724	e	Titan International, Inc		314,998
	10,884	*,e	Titan Machinery, Inc		191,994
	22,433		Toro Co		1,322,201
	19,679		TransDigm Group, Inc		2,861,523
	6,417	*	Trex Co, Inc		450,602
	18,987	*	Trimas Corp		718,848
	30,217		Trinity Industries, Inc		1,529,887
	19,019		Triumph Group, Inc		1,362,711
	4,337		Twin Disc, Inc		112,198
	37,327	*,e	United Rentals, Inc		2,410,951
	353,081		United Technologies Corp		37,514,857
	8,259		Universal Forest Products, Inc		437,066
	28,917		URS Corp		1,567,880
	28,811	*,e	USG Corp		786,828
	9,654		Valmont Industries, Inc		1,356,387
	5,781	*	Vicor Corp		50,931
	22,420		W.W. Grainger, Inc		6,030,307
	26,347	*	Wabash National Corp		307,206
	20,910	*	WABCO Holdings, Inc		1,791,569
	9,798		Watsco, Inc		933,651
	10,912		Watts Water Technologies, Inc (Class A)		630,495
	16,226	*,e	WESCO International, Inc		1,386,674
	36,683		Westinghouse Air Brake Technologies Corp		2,391,365
	25,723		Woodward Governor Co		1,031,235
	8,207	*	Xerium Technologies, Inc		98,402
	71,418		Xylem, Inc		2,463,921
			TOTAL CAPITAL GOODS		634,439,543
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	19,145		ABM Industries, Inc		526,679
	18,732	e	Acacia Research (Acacia Technologies)		282,666
	43,662	*	ACCO Brands Corp		255,423
	8,204	e	Acorn Energy, Inc		30,847
	8,031		Administaff, Inc		310,559
	83,483	e	ADT Corp		3,620,658
	14,166	*	Advisory Board Co		971,788
	6,682		American Ecology Corp		237,545
	18,662	*	ARC Document Solutions, Inc		116,451

115

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	3,118		Barrett Business Services, Inc	$	259,636
	16,782		Brink’s Co		526,955
	13,804	*	Casella Waste Systems, Inc (Class A)		81,582
	11,843	*	CBIZ, Inc		96,639
	5,378		CDI Corp		86,317
	4,740	e	Ceco Environmental Corp		83,661
	19,758	*,e	Cenveo, Inc		62,040
	39,318		Cintas Corp		2,114,129
	22,755	*	Clean Harbors, Inc		1,405,121
	3,492	*	Consolidated Graphics, Inc		223,802
	34,268	*,e	Coolbrands International, Inc		20,691
	42,447	*	Copart, Inc		1,368,067
	12,816		Corporate Executive Board Co		934,286
	44,013		Corrections Corp of America		1,628,481
	2,988		Courier Corp		50,766
	40,540		Covanta Holding Corp		696,072
	4,650	*	CRA International, Inc		88,582
	18,070		Deluxe Corp		850,916
	15,236		Dun & Bradstreet Corp		1,657,524
	9,244	*	EnerNOC, Inc		153,728
	10,065		Ennis, Inc		178,654
	46,676		Equifax, Inc		3,018,537
	5,153		Exponent, Inc		389,618
	3,955	*	Franklin Covey Co		74,354
	16,226	*	FTI Consulting, Inc		658,451
	7,447		G & K Services, Inc (Class A)		464,693
	27,261		Geo Group, Inc		961,495
	5,783	*	GP Strategies Corp		162,040
	25,312		Healthcare Services Group		693,296
	7,483		Heidrick & Struggles International, Inc		138,585
	2,270	*	Heritage-Crystal Clean, Inc		40,111
	25,034		Herman Miller, Inc		759,532
	16,751		HNI Corp		650,776
	8,902	*	Huron Consulting Group, Inc		521,390
	7,449	*	ICF International, Inc		257,884
	50,177	*	ICO Global Communications Holdings Ltd		111,895
	25,119	*	IHS, Inc (Class A)		2,739,227
	16,934	*,e	Innerworkings, Inc		162,058
	22,540		Interface, Inc		456,435
	5,323		Intersections, Inc		45,618
	65,722		Iron Mountain, Inc		1,744,262
	29,019		KAR Auction Services, Inc		862,445
	8,091		Kelly Services, Inc (Class A)		168,778
	9,799		Kforce, Inc		192,942
	11,755		Kimball International, Inc (Class B)		137,533
	18,644		Knoll, Inc		306,134
	16,756	*	Korn/Ferry International		398,793
	29,449		Manpower, Inc		2,299,967
	9,593		McGrath RentCorp		342,182
	10,756		Mine Safety Appliances Co		518,009
	6,009	*	Mistras Group, Inc		110,325
	14,696	*	Mobile Mini, Inc		530,819

116

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	4,295		Multi-Color Corp	$	149,595
	2,364	*	National Technical Systems, Inc		54,112
	18,361	*	Navigant Consulting, Inc		318,563
	83,266		Nielsen Holdings NV		3,284,011
	1,974		NL Industries, Inc		23,017
	30,943	*,e	Odyssey Marine Exploration, Inc		67,146
	17,555	*	On Assignment, Inc		593,183
	10,412	*	Performant Financial Corp		103,808
	76,537	e	Pitney Bowes, Inc		1,633,300
	9,506	e	Quad		331,949
	69,228	e	R.R. Donnelley & Sons Co		1,285,564
	101,335		Republic Services, Inc		3,391,682
	13,734		Resources Connection, Inc		175,246
	53,192		Robert Half International, Inc		2,049,488
	24,395		Rollins, Inc		674,278
	12,267	*	RPX Corp		219,089
	3,482		Schawk, Inc (Class A)		50,907
	5,881	*	Standard Parking Corp		155,670
	33,167		Steelcase, Inc (Class A)		543,607
	33,790	*	Stericycle, Inc		3,926,398
	7,886	*	Team, Inc		294,069
	24,838	*	Tetra Tech, Inc		649,017
	24,838		Towers Watson & Co		2,851,651
	5,055	*	TRC Cos, Inc		38,873
	13,156	*	TrueBlue, Inc		324,953
	5,480		Unifirst Corp		563,454
	14,427		United Stationers, Inc		641,136
	57,951	*	Verisk Analytics, Inc		3,970,803
	7,823		Viad Corp		208,874
	1,211		VSE Corp		53,042
	9,485	*	WageWorks, Inc		485,727
	47,153		Waste Connections, Inc		2,015,319
	174,800		Waste Management, Inc		7,610,792
	6,588		West Corp		145,068
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		77,721,840
CONSUMER DURABLES & APPAREL - 1.6%
	47,687	*,e	American Apparel, Inc		63,901
	4,947		Arctic Cat, Inc		259,223
	3,514		Bassett Furniture Industries, Inc		49,196
	9,403	*,e	Beazer Homes USA, Inc		170,853
	4,756	e	Blyth, Inc		65,680
	34,608		Brunswick Corp		1,561,859
	33,944	e	Callaway Golf Co		286,148
	22,646		Carter’s, Inc		1,565,971
	2,607	*	Cavco Industries, Inc		152,692
	9,316	*,e	Clarus Corp		138,902
	107,281		Coach, Inc		5,437,001
	6,402	e	Columbia Sportswear Co		428,102
	2,827	*	Costa, Inc		56,879
	32,035	*	CROCS, Inc		390,186
	2,574		CSS Industries, Inc		66,641

117

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	4,789		Culp, Inc	$	92,667
	13,668	*,e	Deckers Outdoor Corp		940,768
	106,090		DR Horton, Inc		2,010,406
	9,554	e	Ethan Allen Interiors, Inc		254,519
	3,766	*	EveryWare Global, Inc		36,229
	43,600	*	Fifth & Pacific Cos, Inc		1,154,964
	1,383		Flexsteel Industries, Inc		37,977
	19,621	*	Fossil Group, Inc		2,490,690
	46,844	e	Garmin Ltd		2,189,957
	7,448	*	G-III Apparel Group Ltd		422,451
	37,485		Hanesbrands, Inc		2,553,478
	25,140		Harman International Industries, Inc		2,036,843
	43,813	e	Hasbro, Inc		2,262,941
	12,254	*	Helen of Troy Ltd		572,507
	3,179		Hooker Furniture Corp		50,228
	42,773	*,e	Hovnanian Enterprises, Inc (Class A)		216,431
	22,477	*	Iconix Brand Group, Inc		811,195
	12,744	*	iRobot Corp		431,639
	6,899	e	Jakks Pacific, Inc		44,430
	50,942	*	Jarden Corp		2,820,149
	1,650		Johnson Outdoors, Inc		45,260
	29,182		Jones Apparel Group, Inc		453,488
	35,932	e	KB Home		609,766
	22,054		La-Z-Boy, Inc		509,006
	22,633	*,e	Leapfrog Enterprises, Inc		193,739
	54,196		Leggett & Platt, Inc		1,611,789
	61,820	e	Lennar Corp (Class A)		2,197,701
	6,832	*	Libbey, Inc		145,863
	2,759		Lifetime Brands, Inc		43,206
	8,712	*	M/I Homes, Inc		178,335
	3,595		Marine Products Corp		33,685
	131,090		Mattel, Inc		5,816,463
	13,843		MDC Holdings, Inc		404,077
	13,203	*	Meritage Homes Corp		599,284
	76,915	*	Michael Kors Holdings Ltd		5,918,609
	23,205	*	Mohawk Industries, Inc		3,072,806
	6,272		Movado Group, Inc		292,463
	1,709		Nacco Industries, Inc (Class A)		97,362
	22,079	*	Nautilus, Inc		175,749
	107,985		Newell Rubbermaid, Inc		3,199,596
	269,297		Nike, Inc (Class B)		20,401,941
	1,899	*	NVR, Inc		1,741,991
	4,894		Oxford Industries, Inc		351,242
	5,118		Perry Ellis International, Inc		97,293
	30,952		Phillips-Van Heusen Corp		3,855,691
	24,298		Polaris Industries, Inc		3,181,823
	17,778		Pool Corp		966,768
	146,085		Pulte Homes, Inc		2,578,400
	49,976	*	Quiksilver, Inc		415,800
	22,911		Ralph Lauren Corp		3,794,978
	3,796		RG Barry Corp		72,428
	18,370		Ryland Group, Inc		738,474

118

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	14,756	*	Skechers U.S.A., Inc (Class A)	$	429,990
	19,902	*	Skullcandy, Inc		124,985
	24,217	*,e	Smith & Wesson Holding Corp		261,059
	52,856	*	Standard-Pacific Corp		419,148
	24,041	*	Steven Madden Ltd		881,824
	7,390	e	Sturm Ruger & Co, Inc		483,380
	10,418	*	Taylor Morrison Home Corp		231,696
	23,504	*	Tempur-Pedic International, Inc		901,378
	63,613	*	Toll Brothers, Inc		2,091,595
	5,974	*	TRI Pointe Homes, Inc		95,106
	18,264	*	Tumi Holdings, Inc		389,936
	20,224		Tupperware Corp		1,813,082
	31,987	*,e	Under Armour, Inc (Class A)		2,595,745
	5,888	*	Unifi, Inc		143,608
	5,996	*	Universal Electronics, Inc		233,304
	8,174	*,e	Vera Bradley, Inc		181,054
	33,435		VF Corp		7,188,525
	2,076		Weyco Group, Inc		59,643
	30,213		Whirlpool Corp		4,411,400
	4,740	*	William Lyon Homes, Inc		109,826
	19,190		Wolverine World Wide, Inc		1,108,031
	10,387	*,e	Zagg, Inc		49,234
			TOTAL CONSUMER DURABLES & APPAREL		120,122,328
CONSUMER SERVICES - 2.2%
	9,018	*	AFC Enterprises		402,022
	6,327	*	American Public Education, Inc		253,270
	37,199	*	Apollo Group, Inc (Class A)		992,841
	5,410	*	Ascent Media Corp (Series A)		456,712
	15,092	*	Bally Technologies, Inc		1,103,829
	8,987	*	BJ’s Restaurants, Inc		243,188
	21,097	*	Bloomin’ Brands, Inc		528,058
	10,957		Bob Evans Farms, Inc		625,535
	26,360	*	Boyd Gaming Corp		278,362
	7,860	*	Bravo Brio Restaurant Group, Inc		117,350
	7,986	*	Bridgepoint Education, Inc		156,526
	4,383	*	Bright Horizons Family Solutions		163,267
	26,732		Brinker International, Inc		1,187,435
	7,156	*	Buffalo Wild Wings, Inc		1,020,302
	38,174	e	Burger King Worldwide, Inc		808,525
	15,743	*	Caesars Entertainment Corp		274,243
	3,506	*	Capella Education Co		213,585
	25,023	*	Career Education Corp		137,126
	159,883		Carnival Corp		5,539,946
	6,174		Carriage Services, Inc		124,036
	7,842	*	Carrols Restaurant Group, Inc		45,484
	7,469		CBRL Group, Inc		820,619
	6,814		CEC Entertainment, Inc		315,829
	19,151		Cheesecake Factory		904,885
	12,005	*	Chipotle Mexican Grill, Inc (Class A)		6,326,275
	12,887	e	Choice Hotels International, Inc		600,405
	4,950		Churchill Downs, Inc		425,254

119

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,261	*	Chuy’s Holdings, Inc	$	235,414
	33,987	*,e	Corinthian Colleges, Inc		72,732
	49,606		Darden Restaurants, Inc		2,556,197
	4,234	*	Del Frisco’s Restaurant Group, Inc		76,635
	34,973	*	Denny’s Corp		222,079
	23,353	e	DeVry, Inc		838,373
	6,600	*	Diamond Resorts International, Inc		125,928
	6,308		DineEquity, Inc		517,698
	4,042	*	Diversified Restaurant Holdings, Inc		27,930
	23,246		Domino’s Pizza, Inc		1,558,877
	40,819		Dunkin Brands Group, Inc		1,946,250
	9,420	*,e	Education Management Corp		144,126
	1,427		Einstein Noah Restaurant Group, Inc		25,458
	7,512	*	Fiesta Restaurant Group, Inc		318,434
	16,885	*	Grand Canyon Education, Inc		798,154
	105,371		H&R Block, Inc		2,996,751
	19,650		Hillenbrand, Inc		554,523
	16,442	*	Hyatt Hotels Corp		782,639
	1,966	*	Ignite Restaurant Group, Inc		31,574
	95,269		International Game Technology		1,791,057
	9,682		International Speedway Corp (Class A)		316,698
	14,936		Interval Leisure Group, Inc		362,497
	6,056	*	Isle of Capri Casinos, Inc		49,114
	10,403	*,e	ITT Educational Services, Inc		417,368
	15,704	*	Jack in the Box, Inc		638,839
	6,376	*,e	Jamba, Inc		72,814
	1,654	*	JTH Holding, Inc		32,666
	10,327	*,e	K12, Inc		188,778
	25,154	*	Krispy Kreme Doughnuts, Inc		610,236
	148,585		Las Vegas Sands Corp		10,433,639
	15,254	*	Life Time Fitness, Inc		692,837
	23,230	*	LifeLock, Inc		373,771
	6,700		Lincoln Educational Services Corp		32,026
	5,633	*	Luby’s, Inc		43,149
	3,270		Mac-Gray Corp		68,932
	6,086		Marcus Corp		87,395
	88,863		Marriott International, Inc (Class A)		4,005,944
	11,118	*	Marriott Vacations Worldwide Corp		556,789
	10,624		Matthews International Corp (Class A)		431,334
	385,013		McDonald’s Corp		37,161,455
	150,125	*	MGM Mirage		2,858,380
	2,161	*	Monarch Casino & Resort, Inc		36,542
	10,188	*	Morgans Hotel Group Co		72,946
	10,353	*	Multimedia Games, Inc		336,576
	809	*	Nathan’s Famous, Inc		41,518
	2,500	*,e	Noodles & Co		109,475
	10,058	*	Norwegian Cruise Line Holdings Ltd		322,057
	36,484	*	Orient-Express Hotels Ltd (Class A)		485,602
	10,654	*,e	Outerwall, Inc		692,297
	10,722	*	Panera Bread Co (Class A)		1,693,218
	6,900		Papa John’s International, Inc		522,123
	25,739	*	Penn National Gaming, Inc		1,505,989

120

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	22,186	*	Pinnacle Entertainment, Inc	$	519,152
	4,772	*	Red Robin Gourmet Burgers, Inc		363,531
	17,984		Regis Corp		260,768
	60,768		Royal Caribbean Cruises Ltd		2,554,687
	23,208	*	Ruby Tuesday, Inc		137,623
	14,638		Ruth’s Chris Steak House, Inc		178,437
	16,525	*	Scientific Games Corp (Class A)		302,077
	10,271		SeaWorld Entertainment, Inc		308,438
	80,879		Service Corp International		1,456,631
	19,563	*	SHFL Entertainment, Inc		453,470
	25,122		Six Flags Entertainment Corp		944,838
	21,460	*	Sonic Corp		414,178
	26,774		Sotheby’s (Class A)		1,389,571
	3,564		Speedway Motorsports, Inc		65,079
	284,797		Starbucks Corp		23,082,797
	72,379		Starwood Hotels & Resorts Worldwide, Inc		5,328,542
	540	*	Steak N Shake Co		235,451
	5,363	*	Steiner Leisure Ltd		300,435
	25,076		Stewart Enterprises, Inc (Class A)		331,254
	3,842	e	Strayer Education, Inc		151,874
	22,174		Texas Roadhouse, Inc (Class A)		608,011
	8,628		Town Sports International Holdings, Inc		111,474
	11,170		Universal Technical Institute, Inc		148,449
	13,713		Vail Resorts, Inc		966,081
	9,978	e	Weight Watchers International, Inc		320,394
	99,782		Wendy’s		867,106
	51,872		Wyndham Worldwide Corp		3,444,301
	30,181		Wynn Resorts Ltd		5,017,591
	171,602		Yum! Brands, Inc		11,603,727
			TOTAL CONSUMER SERVICES		166,804,709
DIVERSIFIED FINANCIALS - 6.2%
	20,137	*	Affiliated Managers Group, Inc		3,975,849
	115,567	*	American Capital Ltd		1,619,094
	364,281		American Express Co		29,798,186
	77,629		Ameriprise Financial, Inc		7,804,820
	82,713		Apollo Investment Corp		705,542
	102,896		Ares Capital Corp		1,787,303
	4,864		Artisan Partners Asset Management, Inc		291,208
	4,134,282		Bank of America Corp		57,714,577
	445,550		Bank of New York Mellon Corp		14,168,490
	42,184		BGC Partners, Inc (Class A)		224,419
	26,185		BlackRock Kelso Capital Corp		245,877
	50,174		BlackRock, Inc		15,092,841
	8,074		Calamos Asset Management, Inc (Class A)		79,287
	223,531		Capital One Financial Corp		15,349,874
	5,115		Capital Southwest Corp		168,130
	10,878	e	Cash America International, Inc		429,137
	33,156		CBOE Holdings, Inc		1,608,066
	424,271		Charles Schwab Corp		9,609,738
	1,166,931		Citigroup, Inc		56,922,894
	122,384		CME Group, Inc		9,082,117

121

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	8,667	e	Cohen & Steers, Inc	$	332,466
	6,692	*	Consumer Portfolio Services, Inc		44,970
	33,330	*	Cowen Group, Inc		132,320
	2,850	*	Credit Acceptance Corp		337,155
	1,901		Deerfield Capital Corp		15,018
	783		Diamond Hill Investment Group, Inc		86,341
	189,769		Discover Financial Services		9,845,216
	15,531	*	Dollar Financial Corp		187,925
	108,917	*	E*Trade Financial Corp		1,841,786
	46,478		Eaton Vance Corp		1,943,245
	8,929	*,e	Encore Capital Group, Inc		436,182
	11,981		Evercore Partners, Inc (Class A)		604,681
	19,306	*	Ezcorp, Inc (Class A)		303,683
	3,265	*	FBR & Co		86,522
	36,442	e	Federated Investors, Inc (Class B)		988,307
	4,692	e	Fidus Investment Corp		95,294
	46,119		Fifth Street Finance Corp		470,414
	18,694		Financial Engines, Inc		1,044,434
	11,086	*	First Cash Financial Services, Inc		670,592
	33,261	*,e	First Marblehead Corp		31,931
	4,368	*	Firsthand Technology Value Fund, Inc		101,818
	158,328		Franklin Resources, Inc		8,527,546
	6,057		Friedman Billings Ramsey Group, Inc (Class A)		149,426
	14,017	e	FXCM, Inc		229,739
	3,332		Gain Capital Holdings, Inc		34,886
	2,019		GAMCO Investors, Inc (Class A)		144,379
	2,208	e	Garrison Capital, Inc		32,524
	29,194		GFI Group, Inc		101,303
	9,066		Gladstone Capital Corp		79,962
	10,384		Gladstone Investment Corp		73,415
	175,779		Goldman Sachs Group, Inc		28,275,810
	13,107	e	Golub Capital BDC, Inc		230,683
	12,168	*,e	Green Dot Corp		261,125
	11,735		Greenhill & Co, Inc		602,005
	9,052	*,e	GSV Capital Corp		138,405
	5,231		Hannon Armstrong Sustainable Infrastructure Capital, Inc		64,080
	25,078	e	Hercules Technology Growth Capital, Inc		387,204
	12,717		HFF, Inc (Class A)		312,202
	3,609	e	Horizon Technology Finance Corp		48,649
	6,692	*	Imperial Holdings, Inc		39,215
	28,706		ING US, Inc		890,460
	17,766		Interactive Brokers Group, Inc (Class A)		366,513
	28,122	*,e	IntercontinentalExchange, Inc		5,419,953
	5,408	*	International Assets Holding Corp		110,648
	14,569	*	Internet Capital Group, Inc		237,620
	172,572		Invesco Ltd		5,824,305
	15,358	*	Investment Technology Group, Inc		246,035
	8,500	e	iShares Russell 2000 Index Fund		928,455
	61,863		Janus Capital Group, Inc		610,588
	4,534		JMP Group, Inc		29,063
	1,448,592		JPMorgan Chase & Co		74,660,432
	9,767	e	KCAP Financial, Inc		82,336

122

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	26,962	*	KCG Holdings, Inc	$	235,648
	35,700	*	Ladenburg Thalmann Financial Services, Inc		74,970
	48,866		Lazard Ltd (Class A)		1,888,671
	44,003		Legg Mason, Inc		1,692,795
	113,009		Leucadia National Corp		3,202,675
	21,572		LPL Financial Holdings, Inc		878,843
	15,067		Main Street Capital Corp		458,037
	5,874		Manning & Napier, Inc		97,508
	14,347		MarketAxess Holdings, Inc		935,855
	2,584		Marlin Business Services Corp		71,241
	28,650		MCG Capital Corp		134,941
	6,735		Medallion Financial Corp		102,237
	16,336		Medley Capital Corp		227,724
	72,000		Moody’s Corp		5,087,520
	587,556		Morgan Stanley		16,880,484
	45,981	*	MSCI, Inc (Class A)		1,874,645
	9,119		MVC Capital, Inc		126,116
	42,879		Nasdaq Stock Market, Inc		1,519,203
	8,392		Nelnet, Inc (Class A)		357,751
	12,077		New Mountain Finance Corp		171,252
	9,784	*	NewStar Financial, Inc		170,339
	6,380		NGP Capital Resources Co		47,467
	2,880		Nicholas Financial, Inc		46,224
	91,023		Northern Trust Corp		5,135,518
	93,781	e	NYSE Euronext		4,128,240
	4,705		Oppenheimer Holdings, Inc		93,300
	3,833		PennantPark Floating Rate Capital Ltd		50,941
	24,314		PennantPark Investment Corp		273,776
	21,631	*	PHH Corp		520,226
	8,077	*	Pico Holdings, Inc		189,648
	6,687	*	Piper Jaffray Cos		239,996
	19,859	*	Portfolio Recovery Associates, Inc		1,180,618
	88,693	e	Prospect Capital Corp		1,005,779
	2,413		Pzena Investment Management, Inc (Class A)		17,349
	46,574		Raymond James Financial, Inc		2,126,103
	1,575	*	Regional Management Corp		50,416
	3,649		Resource America, Inc (Class A)		31,491
	8,217	*	Safeguard Scientifics, Inc		143,387
	55,767		SEI Investments Co		1,850,907
	169,612		SLM Corp		4,303,056
	16,360		Solar Capital Ltd		375,462
	3,947		Solar Senior Capital Ltd		71,993
	42,837		SPDR Trust Series 1		7,527,746
	175,549		State Street Corp		12,300,718
	4,383	e	Stellus Capital Investment Corp		65,044
	24,175	*	Stifel Financial Corp		989,966
	13,104	*	SWS Group, Inc		73,776
	99,004		T Rowe Price Group, Inc		7,663,900
	9,986		TCP Capital Corp		166,467
	91,039		TD Ameritrade Holding Corp		2,481,723
	9,975		THL Credit, Inc		162,094
	20,132	e	TICC Capital Corp		201,320

123

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	10,223		Triangle Capital Corp	$	304,236
	2,301	*	Virtus Investment Partners, Inc		468,300
	33,859		Waddell & Reed Financial, Inc (Class A)		2,090,793
	13,455	*	Walter Investment Management Corp		508,195
	2,714		Westwood Holdings Group, Inc		144,738
	109	e	WhiteHorse Finance, Inc		1,680
	38,429	*	WisdomTree Investments, Inc		534,163
	3,815	*,e	World Acceptance Corp		397,218
			TOTAL DIVERSIFIED FINANCIALS		469,569,144
ENERGY - 9.5%
	31,541	*	Abraxas Petroleum Corp		91,154
	1,308		Adams Resources & Energy, Inc		67,715
	9,016	e	Alon USA Energy, Inc		108,913
	84,538	*,e	Alpha Natural Resources, Inc		591,766
	14,230	*,e	Amyris Biotechnologies, Inc		35,860
	190,670		Anadarko Petroleum Corp		18,168,944
	149,024		Apache Corp		13,233,331
	3,270	*,e	APCO Argentina, Inc		49,769
	13,379	*,e	Approach Resources, Inc		376,619
	80,511	e	Arch Coal, Inc		341,367
	7,100	*	Athlon Energy, Inc		233,590
	21,972	*	Atwood Oceanics, Inc		1,167,372
	167,958		Baker Hughes, Inc		9,756,680
	13,169	*	Basic Energy Services, Inc		193,189
	20,054		Berry Petroleum Co (Class A)		957,579
	20,072	*,e	Bill Barrett Corp		555,392
	2,593		Bolt Technology Corp		46,389
	12,236	*,e	Bonanza Creek Energy, Inc		618,407
	44,590	*,e	BPZ Energy, Inc		89,626
	14,399		Bristow Group, Inc		1,158,688
	17,907	*,e	C&J Energy Services, Inc		412,577
	159,199		Cabot Oil & Gas Corp		5,622,909
	42,914	*,e	Cal Dive International, Inc		84,541
	19,530	*	Callon Petroleum Co		133,390
	94,522	*	Cameron International Corp		5,185,477
	8,056	e	CARBO Ceramics, Inc		1,009,739
	17,044	*	Carrizo Oil & Gas, Inc		747,209
	92,070	*	Cheniere Energy, Inc		3,664,386
	221,290		Chesapeake Energy Corp		6,187,268
	742,747		Chevron Corp		89,099,930
	32,182		Cimarex Energy Co		3,390,374
	1,878	*	Clayton Williams Energy, Inc		146,165
	25,955	*,e	Clean Energy Fuels Corp		295,627
	23,150	*	Cloud Peak Energy, Inc		361,372
	105,009	*	Cobalt International Energy, Inc		2,437,259
	21,312		Comstock Resources, Inc		364,648
	40,017	*	Concho Resources, Inc		4,426,280
	466,661		ConocoPhillips		34,206,251
	85,027		Consol Energy, Inc		3,103,486
	5,243		Contango Oil & Gas Co		224,663
	16,368	*,e	Continental Resources, Inc		1,864,315

124

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	18,271		Crosstex Energy, Inc	$	560,737
	5,576		CVR Energy, Inc		221,479
	3,403	*	Dawson Geophysical Co		99,504
	14,131		Delek US Holdings, Inc		361,047
	142,757	*	Denbury Resources, Inc		2,710,955
	155,433		Devon Energy Corp		9,826,474
	26,887	e	Diamond Offshore Drilling, Inc		1,665,112
	9,285	*	Diamondback Energy, Inc		479,570
	29,057	*	Dresser-Rand Group, Inc		1,765,794
	15,431	*	Dril-Quip, Inc		1,811,908
	13,843	*	Emerald Oil, Inc		120,434
	17,998	*,e	Endeavour International Corp		106,908
	26,907		Energen Corp		2,107,356
	30,430		Energy XXI Bermuda Ltd		884,296
	103,136		EOG Resources, Inc		18,399,462
	11,344	*	EPL Oil & Gas, Inc		361,647
	23,043		Equal Energy Ltd		109,224
	56,177		Equitable Resources, Inc		4,809,313
	7,758	*	Era Group, Inc		245,153
	8,771	*	Evolution Petroleum Corp		105,778
	52,233	e	EXCO Resources, Inc		282,581
	23,947	*	Exterran Holdings, Inc		683,687
	1,701,495	d	Exxon Mobil Corp		152,487,982
	90,460	*	FMC Technologies, Inc		4,572,753
	45,164	*,e	Forest Oil Corp		214,077
	15,010	*	Forum Energy Technologies, Inc		439,193
	13,500	*	Frank’s International NV		412,965
	25,452	*,e	Frontline Ltd		53,958
	17,503	*,e	FX Energy, Inc		60,910
	16,589		GasLog Ltd		246,844
	44,189	*	Gastar Exploration Ltd		190,897
	5,250	*	Geospace Technologies Corp		511,455
	8,656	*	Global Geophysical Services, Inc		20,688
	18,935	e	Golar LNG Ltd		703,057
	14,508	*,e	Goodrich Petroleum Corp		339,342
	9,934		Green Plains Renewable Energy, Inc		160,235
	5,163		Gulf Island Fabrication, Inc		130,211
	10,209		Gulfmark Offshore, Inc		508,204
	30,118	*	Gulfport Energy Corp		1,767,625
	106,857	*,e	Halcon Resources Corp		553,519
	3,214		Hallador Petroleum Co		24,748
	356,239		Halliburton Co		18,891,354
	40,465	*	Helix Energy Solutions Group, Inc		957,402
	36,101		Helmerich & Payne, Inc		2,799,633
	61,657	*	Hercules Offshore, Inc		419,268
	117,044		Hess Corp		9,503,973
	77,453		Holly Corp		3,567,485
	13,733	*	Hornbeck Offshore Services, Inc		759,023
	51,121	*	ION Geophysical Corp		237,201
	189	*	Isramco, Inc		24,942
	5,990	*	Jones Energy, Inc (Class A)		95,900
	60,189	*	Key Energy Services, Inc		470,678

125

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	253,248		Kinder Morgan, Inc	$	8,942,187
	16,270	*,e	KiOR, Inc (Class A)		37,909
	10,821		Knightsbridge Tankers Ltd		89,165
	102,412	*	Kodiak Oil & Gas Corp		1,328,284
	38,556	*	Kosmos Energy LLC		411,007
	29,206	*,e	L&L Energy, Inc		41,473
	14,931	*	Laredo Petroleum Holdings, Inc		474,358
	74,322	*,e	Magnum Hunter Resources Corp		529,916
	270,958		Marathon Oil Corp		9,553,979
	123,246		Marathon Petroleum Corp		8,831,808
	27,252	*	Matador Resources Co		501,709
	10,361	*	Matrix Service Co		215,405
	89,996	*	McDermott International, Inc		636,272
	29,093	*,e	Midstates Petroleum Co, Inc		164,085
	15,397	*,e	Miller Petroleum, Inc		104,084
	5,541	*	Mitcham Industries, Inc		92,202
	70,845		Murphy Oil Corp		4,273,370
	111,189		Nabors Industries Ltd		1,943,584
	162,490		National Oilwell Varco, Inc		13,190,938
	5,354	*	Natural Gas Services Group, Inc		149,858
	52,077	*	Newfield Exploration Co		1,585,745
	36,665	*	Newpark Resources, Inc		467,479
	134,502		Noble Energy, Inc		10,078,235
	32,851	e	Nordic American Tanker Shipping		268,064
	24,209	*,e	Northern Oil And Gas, Inc		397,754
	53,456	*,e	Nuverra Environmental Solutions, Inc		130,433
	35,644	*	Oasis Petroleum, Inc		1,898,043
	307,097		Occidental Petroleum Corp		29,505,880
	41,282		Oceaneering International, Inc		3,545,298
	21,118	*	Oil States International, Inc		2,294,048
	2,127		Panhandle Oil and Gas, Inc (Class A)		71,403
	49,296	*	Parker Drilling Co		354,931
	56,948		Patterson-UTI Energy, Inc		1,381,558
	8,974	e	PBF Energy, Inc		236,285
	13,507	*	PDC Energy, Inc		915,910
	103,867		Peabody Energy Corp		2,023,329
	21,493	*	Penn Virginia Corp		182,905
	21,641	*	Petroquest Energy, Inc		102,146
	4,745	*	PHI, Inc		188,946
	236,587		Phillips 66		15,243,300
	24,122	*	Pioneer Energy Services Corp		202,625
	52,139		Pioneer Natural Resources Co		10,677,024
	68,308		Questar Market Resources, Inc		2,258,262
	54,103	*,e	Quicksilver Resources, Inc		115,780
	62,234		Range Resources Corp		4,711,736
	10,260	*	Renewable Energy Group, Inc		111,937
	26,010	*	Resolute Energy Corp		243,974
	19,322	*	Rex Energy Corp		415,423
	3,206	*	Rex Stores Corp		92,461
	5,290	*	RigNet, Inc		194,989
	23,001	*	Rosetta Resources, Inc		1,378,680
	47,259	*	Rowan Cos plc		1,705,105

126

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	26,972	e	RPC, Inc	$	494,666
	17,901	*,e	Sanchez Energy Corp		510,358
	192,168	*,e	SandRidge Energy, Inc		1,218,345
	510,034		Schlumberger Ltd		47,800,386
	61,612		Scorpio Tankers, Inc		711,003
	7,758		SEACOR Holdings, Inc		758,732
	135,056	e	Seadrill Ltd		6,296,311
	16,066		SemGroup Corp		970,226
	29,283	e	Ship Finance International Ltd		484,634
	21,802	*,e	Solazyme, Inc		228,049
	131,410	*	Southwestern Energy Co		4,891,080
	251,898		Spectra Energy Corp		8,960,012
	25,296		St. Mary Land & Exploration Co		2,241,479
	18,959	*	Stone Energy Corp		660,911
	60,182	*	Superior Energy Services		1,614,683
	16,483	*,e	Swift Energy Co		226,147
	23,884	*	Synergy Resources Corp		247,438
	13,870		Targa Resources Investments, Inc		1,075,757
	14,547		Teekay Corp		631,776
	29,244	e	Teekay Tankers Ltd (Class A)		76,327
	14,281	*	Tesco Corp		245,348
	53,026		Tesoro Corp		2,592,441
	31,263	*	Tetra Technologies, Inc		405,481
	8,414		TGC Industries, Inc		62,011
	19,268		Tidewater, Inc		1,160,319
	37,805	*	Triangle Petroleum Corp		399,599
	59,626	*,e	Ultra Petroleum Corp		1,094,733
	18,720	*	Unit Corp		962,395
	35,586	*,e	Uranium Energy Corp		62,631
	46,383	*,e	Ur-Energy, Inc		48,702
	21,980	*	Vaalco Energy, Inc		115,835
	208,284		Valero Energy Corp		8,575,052
	77,719	*	Vantage Drilling Co		138,340
	12,320	e	W&T Offshore, Inc		235,189
	33,671	*	Warren Resources, Inc		105,390
	20,429	e	Western Refining, Inc		659,244
	2,988	*	Westmoreland Coal Co		42,459
	44,305	*	Whiting Petroleum Corp		2,963,561
	16,810	*	Willbros Group, Inc		164,066
	260,629		Williams Cos, Inc		9,307,062
	28,377		World Fuel Services Corp		1,082,583
	78,172	*	WPX Energy, Inc		1,730,728
			TOTAL ENERGY		716,396,927
FOOD & STAPLES RETAILING - 2.0%
	7,934		Andersons, Inc		588,544
	424		Arden Group, Inc (Class A)		55,120
	14,582		Casey’s General Stores, Inc		1,062,736
	5,068	*	Chefs’ Warehouse Holdings, Inc		121,429
	166,228		Costco Wholesale Corp		19,614,904
	465,795		CVS Corp		29,000,397
	5,327	*,e	Fairway Group Holdings Corp		130,139

127

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	15,068	*	Fresh Market, Inc	$	767,112
	19,311		Harris Teeter Supermarkets, Inc		952,419
	5,387		Ingles Markets, Inc (Class A)		139,038
	197,822		Kroger Co		8,474,694
	5,413		Nash Finch Co		151,889
	3,262	*,e	Natural Grocers by Vitamin C		130,154
	8,880	*	Pantry, Inc		118,903
	7,465		Pricesmart, Inc		849,442
	294,712	*	Rite Aid Corp		1,570,815
	9,452	e	Roundy’s, Inc		87,904
	89,654		Safeway, Inc		3,128,925
	8,356	e	Spartan Stores, Inc		196,617
	7,800	*	Sprouts Farmers Market, Inc		359,268
	77,104	*,e	Supervalu, Inc		542,041
	6,107	*,e	Susser Holdings Corp		334,908
	226,903		Sysco Corp		7,338,043
	18,868	*	United Natural Foods, Inc		1,348,119
	2,431		Village Super Market (Class A)		89,120
	361,071		Walgreen Co		21,389,846
	617,995		Wal-Mart Stores, Inc		47,431,116
	4,144		Weis Markets, Inc		212,048
	141,562		Whole Foods Market, Inc		8,936,809
			TOTAL FOOD & STAPLES RETAILING		155,122,499
FOOD, BEVERAGE & TOBACCO - 4.7%
	673		Alico, Inc		26,893
	34,587	*	Alliance One International, Inc		102,723
	772,483		Altria Group, Inc		28,759,542
	6,923	*,e	Annie’s, Inc		327,112
	251,965		Archer Daniels Midland Co		10,305,368
	19,553		B&G Foods, Inc (Class A)		661,869
	61,369		Beam, Inc		4,130,134
	3,161	*,e	Boston Beer Co, Inc (Class A)		725,734
	21,675	*	Boulder Brands, Inc		355,253
	57,139		Brown-Forman Corp (Class B)		4,170,004
	56,363		Bunge Ltd		4,629,093
	4,595		Calavo Growers, Inc		136,426
	5,687	e	Cal-Maine Foods, Inc		288,501
	67,285		Campbell Soup Co		2,864,322
	17,203	*	Chiquita Brands International, Inc		178,051
	1,613		Coca-Cola Bottling Co Consolidated		102,135
	1,458,252		Coca-Cola Co		57,703,032
	104,642		Coca-Cola Enterprises, Inc		4,366,711
	159,381		ConAgra Foods, Inc		5,069,910
	58,876	*	Constellation Brands, Inc (Class A)		3,844,603
	2,336	*	Craft Brewers Alliance, Inc		37,890
	42,290	*	Darling International, Inc		984,088
	35,446	*	Dean Foods Co		691,197
	9,053	*,e	Diamond Foods, Inc		220,984
	18,004	*	Dole Food Co, Inc		243,954
	77,890		Dr Pepper Snapple Group, Inc		3,688,091
	3,496	*	Farmer Bros Co		63,138

128

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	64,375		Flowers Foods, Inc	$	1,631,262
	14,332		Fresh Del Monte Produce, Inc		381,088
	245,752		General Mills, Inc		12,390,816
	58,099	*,e	Green Mountain Coffee Roasters, Inc		3,649,198
	390		Griffin Land & Nurseries, Inc (Class A)		12,870
	14,983	*	Hain Celestial Group, Inc		1,247,035
	57,238		Hershey Co		5,680,299
	46,723		Hillshire Brands Co		1,533,916
	51,107		Hormel Foods Corp		2,221,110
	29,862		Ingredion, Inc		1,963,725
	4,223	*	Inventure Foods, Inc		47,551
	6,860		J&J Snack Foods Corp		587,010
	40,932		J.M. Smucker Co		4,552,048
	4,132		John B. Sanfilippo & Son, Inc		101,565
	99,442		Kellogg Co		6,289,706
	226,079		Kraft Foods Group, Inc		12,294,176
	8,250		Lancaster Colony Corp		684,667
	18,087		Lance, Inc		542,429
	1,539	e	Lifeway Foods, Inc		22,516
	3,874		Limoneira Co		102,041
	143,341		Lorillard, Inc		7,311,824
	50,363		McCormick & Co, Inc		3,482,601
	77,310		Mead Johnson Nutrition Co		6,313,135
	52,633		Molson Coors Brewing Co (Class B)		2,842,182
	678,589		Mondelez International, Inc		22,827,734
	51,237	*	Monster Beverage Corp		2,932,294
	3,112		National Beverage Corp		56,981
	9,157	*	Omega Protein Corp		85,710
	589,866		PepsiCo, Inc		49,601,832
	623,955		Philip Morris International, Inc		55,606,870
	27,329	*	Pilgrim’s Pride Corp		387,252
	14,130		Pinnacle Foods, Inc		382,782
	14,254	*	Post Holdings, Inc		612,209
	118,168		Reynolds American, Inc		6,070,290
	10,256		Sanderson Farms, Inc		648,282
	116		Seaboard Corp		316,680
	2,761	*	Seneca Foods Corp		80,953
	3,890	*	Synutra International, Inc		26,569
	7,549	e	Tootsie Roll Industries, Inc		241,568
	13,912	*	TreeHouse Foods, Inc		1,019,193
	106,822		Tyson Foods, Inc (Class A)		2,955,765
	8,891	e	Universal Corp		471,490
	30,134	e	Vector Group Ltd		487,267
	53,121	*	WhiteWave Foods Co (Class A)		1,062,951
			TOTAL FOOD, BEVERAGE & TOBACCO		356,436,200
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	8,485		Abaxis, Inc		303,169
	594,494		Abbott Laboratories		21,728,756
	14,918	*,e	Abiomed, Inc		357,734
	13,540	*	Acadia Healthcare Co, Inc		587,094
	24,082	*,e	Accretive Health, Inc		198,917

129

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	25,390	*,e	Accuray, Inc	$	171,382
	4,080	*	Addus HomeCare Corp		105,468
	144,274		Aetna, Inc		9,045,980
	14,311	e	Air Methods Corp		625,677
	27,968	*	Align Technology, Inc		1,595,854
	2,068	*	Alliance HealthCare Services, Inc		52,134
	68,997	*	Allscripts Healthcare Solutions, Inc		954,229
	3,624		Almost Family, Inc		69,690
	16,501	*	Alphatec Holdings, Inc		30,032
	11,133	*	Amedisys, Inc		181,245
	91,209		AmerisourceBergen Corp		5,958,684
	20,528	*	AMN Healthcare Services, Inc		254,547
	13,517	*	Amsurg Corp		579,744
	4,677		Analogic Corp		431,360
	9,696	*	Angiodynamics, Inc		152,421
	5,745	*	Anika Therapeutics, Inc		171,603
	43,884	*,e	Antares Pharma, Inc		175,536
	10,734	*	Arthrocare Corp		401,881
	13,860	*,e	athenahealth, Inc		1,850,449
	7,736	*	AtriCure, Inc		107,144
	559		Atrion Corp		149,354
	31,315		Bard (C.R.), Inc		4,265,729
	208,075		Baxter International, Inc		13,705,900
	74,209		Becton Dickinson & Co		7,801,592
	11,141	*,e	Biolase Technology, Inc		20,834
	9,328	*,e	Bio-Reference Labs, Inc		302,320
	22,199	*	BioScrip, Inc		155,615
	524,659	*	Boston Scientific Corp		6,133,264
	35,635	*	Brookdale Senior Living, Inc		964,996
	12,469		Cantel Medical Corp		437,662
	13,740	*	Capital Senior Living Corp		304,753
	126,946		Cardinal Health, Inc		7,446,652
	8,141	*	Cardiovascular Systems, Inc		247,079
	84,437	*	CareFusion Corp		3,273,622
	78,457	*	Catamaran Corp		3,684,341
	18,842	*	Centene Corp		1,058,167
	113,249	*	Cerner Corp		6,345,341
	23,368	*,e	Cerus Corp		147,452
	7,157	e	Chemed Corp		485,388
	3,460	*,e	Chindex International, Inc		58,232
	110,076		Cigna Corp		8,473,650
	34,707		Community Health Systems, Inc		1,514,266
	3,890		Computer Programs & Systems, Inc		221,886
	11,112		Conmed Corp		403,032
	18,596		Cooper Cos, Inc		2,402,789
	4,880	*	Corvel Corp		203,008
	177,042		Covidien plc		11,350,163
	8,155	*	Cross Country Healthcare, Inc		48,441
	12,510		CryoLife, Inc		112,465
	5,224	*	Cutera, Inc		52,501
	11,032	*	Cyberonics, Inc		637,208
	7,681	*	Cynosure, Inc (Class A)		165,986

130

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	70,276	*	DaVita, Inc	$	3,950,214
	54,442		Dentsply International, Inc		2,564,218
	5,095	*,e	Derma Sciences, Inc		58,949
	26,938	*	DexCom, Inc		773,929
	43,578	*	Edwards Lifesciences Corp		2,840,850
	15,246	*	Emeritus Corp		292,113
	24,060	*	Endologix, Inc		434,764
	6,937		Ensign Group, Inc		295,377
	17,700	*	Envision Healthcare Holdings, Inc		514,185
	2,511	*	Exactech, Inc		57,000
	14,472	*	ExamWorks Group, Inc		374,101
	313,711	*	Express Scripts Holding Co		19,613,212
	17,289	*	Five Star Quality Care, Inc		87,655
	11,324	*	GenMark Diagnostics, Inc		137,020
	12,263	*	Gentiva Health Services, Inc		140,411
	20,853	*,e	Globus Medical, Inc		400,378
	9,091	*	Greatbatch, Inc		346,549
	5,720	*	Greenway Medical Technologies		116,402
	20,135	*	Haemonetics Corp		816,676
	14,258	*	Hanger Orthopedic Group, Inc		523,269
	105,912		HCA Holdings, Inc		4,992,692
	100,197	*	Health Management Associates, Inc (Class A)		1,284,526
	29,687	*	Health Net, Inc		902,485
	33,364		Healthsouth Corp		1,171,410
	7,229	*	HealthStream, Inc		258,220
	12,854	*	Healthways, Inc		123,784
	6,412	*,e	HeartWare International, Inc		465,255
	34,054	*	Henry Schein, Inc		3,828,691
	23,559		Hill-Rom Holdings, Inc		972,751
	33,857	*	HMS Holdings Corp		715,398
	102,097	*	Hologic, Inc		2,285,952
	60,104		Humana, Inc		5,538,584
	4,869	*	ICU Medical, Inc		300,904
	21,132	*,e	Idexx Laboratories, Inc		2,279,298
	20,534	*	Insulet Corp		801,237
	7,612	*	Integra LifeSciences Holdings Corp		348,477
	15,404	*	Intuitive Surgical, Inc		5,722,586
	12,342		Invacare Corp		264,983
	31,045	*	Inverness Medical Innovations, Inc		1,047,148
	7,394	*	IPC The Hospitalist Co, Inc		405,117
	23,315		Kindred Healthcare, Inc		323,612
	35,432	*	Laboratory Corp of America Holdings		3,575,089
	3,351		Landauer, Inc		162,188
	6,141	*	LHC Group, Inc		126,505
	18,133	*	LifePoint Hospitals, Inc		936,388
	10,546	*	Magellan Health Services, Inc		619,050
	16,317	*	MAKO Surgical Corp		486,410
	17,712		Masimo Corp		453,781
	87,286		McKesson Corp		13,646,293
	23,155	*	MedAssets, Inc		533,260
	5,349	*	Medical Action Industries, Inc		32,415
	10,208	*	Medidata Solutions, Inc		1,126,044

131

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	388,468		Medtronic, Inc	$	22,298,063
	24,655	*	Merge Healthcare, Inc		62,624
	17,521	e	Meridian Bioscience, Inc		433,119
	14,915	*	Merit Medical Systems, Inc		238,491
	10,658	*	Molina Healthcare, Inc		337,219
	5,107	*	MWI Veterinary Supply, Inc		810,174
	4,200		National Healthcare Corp		203,196
	3,676	*	National Research Corp		64,477
	11,464	*	Natus Medical, Inc		226,185
	13,373	*	Neogen Corp		618,077
	38,537	*	Neoprobe Corp		77,074
	16,906	*	NuVasive, Inc		537,273
	24,566	*	NxStage Medical, Inc		325,991
	40,026		Omnicare, Inc		2,207,434
	16,957	*	Omnicell, Inc		391,198
	19,240	*	OraSure Technologies, Inc		125,445
	7,325	*	Orthofix International NV		150,089
	24,686	e	Owens & Minor, Inc		923,750
	34,300		Patterson Cos, Inc		1,458,093
	19,356	*	Pediatrix Medical Group, Inc		2,110,191
	8,932	*	PharMerica Corp		131,836
	5,945	*,e	PhotoMedex, Inc		75,145
	3,911	*	Providence Service Corp		116,900
	16,967		Quality Systems, Inc		387,187
	60,293		Quest Diagnostics, Inc		3,612,154
	11,443	*,e	Quidel Corp		282,642
	54,531	e	Resmed, Inc		2,821,434
	3,118	*	Rochester Medical Corp		62,298
	15,744	*,e	Rockwell Medical Technologies, Inc		181,371
	22,692	*	RTI Biologics, Inc		63,311
	18,372		Select Medical Holdings Corp		155,795
	20,772	*	Sirona Dental Systems, Inc		1,500,777
	8,440	*	Skilled Healthcare Group, Inc (Class A)		35,954
	27,333	*	Solta Medical, Inc		50,566
	15,305	*	Spectranetics Corp		319,721
	105,251		St. Jude Medical, Inc		6,040,355
	14,817	*	Staar Surgical Co		196,177
	23,100		STERIS Corp		1,043,889
	124,188		Stryker Corp		9,172,526
	5,430	*	SurModics, Inc		128,039
	14,125	*	Symmetry Medical, Inc		114,413
	26,274	*	Team Health Holdings, Inc		1,141,343
	9,971	*,e	TearLab Corp		103,998
	15,723	e	Teleflex, Inc		1,449,346
	40,193	*	Tenet Healthcare Corp		1,896,708
	22,983	*	Thoratec Corp		992,636
	10,112	*	Tornier BV		217,509
	7,282	*	Triple-S Management Corp (Class B)		129,692
	33,378	*,e	Unilife Corp		101,135
	387,961		UnitedHealth Group, Inc		26,482,218
	14,901		Universal American Corp		110,565
	34,252		Universal Health Services, Inc (Class B)		2,759,341

132

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	4,519		US Physical Therapy, Inc	$	144,246
	954		Utah Medical Products, Inc		53,100
	42,207	*	Varian Medical Systems, Inc		3,063,384
	5,079	*	Vascular Solutions, Inc		99,650
	31,101	*	VCA Antech, Inc		884,823
	8,001	*	Vocera Communications, Inc		134,657
	20,922	*	Volcano Corp		401,075
	16,834	*	WellCare Health Plans, Inc		1,122,491
	114,181		WellPoint, Inc		9,682,549
	26,310		West Pharmaceutical Services, Inc		1,272,089
	16,301	*	Wright Medical Group, Inc		442,898
	5,184	*	Zeltiq Aesthetics, Inc		67,236
	62,656		Zimmer Holdings, Inc		5,480,520
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		337,056,085
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	164,530		Avon Products, Inc		2,879,275
	13,695	*	Central Garden and Pet Co (Class A)		100,795
	52,782		Church & Dwight Co, Inc		3,438,747
	50,475	e	Clorox Co		4,552,340
	354,752		Colgate-Palmolive Co		22,963,097
	21,700	e	Coty, Inc		333,746
	9,427	*	Elizabeth Arden, Inc		341,163
	23,772		Energizer Holdings, Inc		2,332,271
	88,336		Estee Lauder Cos (Class A)		6,268,323
	9,176		Female Health Co		87,356
	13,032	*	Harbinger Group, Inc		141,919
	32,351	e	Herbalife Ltd		2,096,992
	5,208		Inter Parfums, Inc		183,113
	146,331		Kimberly-Clark Corp		15,803,748
	44,115	*,e	Lifevantage Corp		96,612
	5,231	*	Medifast, Inc		121,935
	3,388		Nature’s Sunshine Products, Inc		63,999
	22,575		Nu Skin Enterprises, Inc (Class A)		2,639,695
	2,747		Nutraceutical International Corp		66,065
	1,470		Oil-Dri Corp of America		52,170
	3,446		Orchids Paper Products Co		105,103
	19,518	*	Prestige Brands Holdings, Inc		609,547
	1,050,288		Procter & Gamble Co		84,810,756
	3,323	*	Revlon, Inc (Class A)		78,921
	8,158		Spectrum Brands, Inc		537,775
	71,731	*,e	Star Scientific, Inc		129,833
	2,272	*,e	USANA Health Sciences, Inc		155,019
	6,180		WD-40 Co		447,988
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		151,438,303
INSURANCE - 4.2%
	130,167		ACE Ltd		12,423,138
	178,582		Aflac, Inc		11,604,258
	6,551	*	Alleghany Corp		2,655,906
	13,381		Allied World Assurance Co Holdings Ltd		1,449,029
	174,327		Allstate Corp		9,249,791

133

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	17,095	*	AMBAC Financial Group, Inc	$	345,148
	24,338		American Equity Investment Life Holding Co		507,204
	31,775		American Financial Group, Inc		1,787,662
	566,085		American International Group, Inc		29,238,290
	2,745		American National Insurance Co		277,437
	6,505		Amerisafe, Inc		250,443
	12,576	e	Amtrust Financial Services, Inc		482,415
	118,552		Aon plc		9,376,278
	52,394	*	Arch Capital Group Ltd		3,036,756
	9,987		Argo Group International Holdings Ltd		419,254
	48,306		Arthur J. Gallagher & Co		2,292,120
	25,295		Aspen Insurance Holdings Ltd		986,758
	31,185		Assurant, Inc		1,823,699
	61,060		Assured Guaranty Ltd		1,251,730
	45,475		Axis Capital Holdings Ltd		2,156,425
	3,388		Baldwin & Lyons, Inc (Class B)		92,594
	689,659	*	Berkshire Hathaway, Inc (Class B)		79,365,958
	44,361		Brown & Brown, Inc		1,416,447
	99,136		Chubb Corp		9,128,443
	62,365		Cincinnati Financial Corp		3,118,250
	16,685	*	Citizens, Inc (Class A)		140,154
	10,018		CNA Financial Corp		406,631
	84,753		Conseco, Inc		1,320,452
	7,847		Crawford & Co (Class B)		86,239
	1,961		Donegal Group, Inc (Class A)		31,082
	1,961		Eastern Insurance Holdings, Inc		47,927
	7,465	*	eHealth, Inc		318,158
	1,349		EMC Insurance Group, Inc		45,920
	11,158		Employers Holdings, Inc		335,521
	16,501		Endurance Specialty Holdings Ltd		912,340
	3,656	*	Enstar Group Ltd		496,960
	10,065		Erie Indemnity Co (Class A)		722,868
	19,363		Everest Re Group Ltd		2,976,868
	3,633		FBL Financial Group, Inc (Class A)		162,540
	86,029		Fidelity National Title Group, Inc (Class A)		2,421,716
	41,816		First American Financial Corp		1,081,362
	1,768	*	Fortegra Financial Corp		13,030
	185,669	*	Genworth Financial, Inc (Class A)		2,697,771
	12,261	*	Greenlight Capital Re Ltd (Class A)		377,516
	3,716	*	Hallmark Financial Services		31,623
	16,850		Hanover Insurance Group, Inc		986,399
	172,969		Hartford Financial Services Group, Inc		5,829,055
	38,326		HCC Insurance Holdings, Inc		1,749,582
	3,476	e	HCI Group, Inc		152,735
	23,506	*	Hilltop Holdings, Inc		407,594
	15,137		Horace Mann Educators Corp		419,295
	1,286		Independence Holding Co		17,644
	4,201		Infinity Property & Casualty Corp		288,105
	266		Investors Title Co		20,785
	1,246		Kansas City Life Insurance Co		57,191
	18,133		Kemper Corp		671,284
	105,573		Lincoln National Corp		4,794,070

134

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	115,328		Loews Corp	$	5,571,496
	18,988		Maiden Holdings Ltd		207,919
	5,264	*	Markel Corp		2,788,183
	210,708		Marsh & McLennan Cos, Inc		9,650,426
	52,831	*	MBIA, Inc		600,688
	19,220		Meadowbrook Insurance Group, Inc		127,621
	11,675		Mercury General Corp		543,588
	342,891		Metlife, Inc		16,222,173
	17,905		Montpelier Re Holdings Ltd		494,357
	1,981		National Interstate Corp		51,764
	755		National Western Life Insurance Co (Class A)		157,040
	3,868	*	Navigators Group, Inc		217,536
	98,829		Old Republic International Corp		1,659,339
	7,800		OneBeacon Insurance Group Ltd (Class A)		124,488
	21,986		PartnerRe Ltd		2,203,217
	2,593	*	Phoenix Cos, Inc		100,012
	12,138		Platinum Underwriters Holdings Ltd		754,862
	21,740		Primerica, Inc		933,733
	113,000		Principal Financial Group		5,362,980
	23,687		ProAssurance Corp		1,073,495
	232,802		Progressive Corp		6,045,868
	29,917		Protective Life Corp		1,378,575
	176,332		Prudential Financial, Inc		14,351,661
	28,227		Reinsurance Group of America, Inc (Class A)		2,009,198
	16,886		RenaissanceRe Holdings Ltd		1,582,387
	8,040		RLI Corp		759,619
	5,838		Safety Insurance Group, Inc		319,280
	21,192		Selective Insurance Group, Inc		556,714
	16,955		Stancorp Financial Group, Inc		998,650
	5,616		State Auto Financial Corp		106,704
	8,057		Stewart Information Services Corp		252,345
	36,159		Symetra Financial Corp		677,258
	9,200	*	Third Point Reinsurance Ltd		143,520
	38,108		Torchmark Corp		2,776,549
	13,815	e	Tower Group International Ltd		50,148
	144,934		Travelers Cos, Inc		12,507,804
	3,835	*	United America Indemnity Ltd		94,456
	7,816		United Fire & Casualty Co		247,767
	11,007		Universal Insurance Holdings, Inc		86,295
	101,940		UnumProvident Corp		3,235,576
	38,980		Validus Holdings Ltd		1,538,930
	43,233		W.R. Berkley Corp		1,898,361
	2,356		White Mountains Insurance Group Ltd		1,376,069
	111,387		XL Capital Ltd		3,405,101
			TOTAL INSURANCE		319,999,602
MATERIALS - 3.8%
	12,157		A. Schulman, Inc		402,640
	4,043	*	Advanced Emissions Solutions, Inc		152,704
	1,694	*	AEP Industries, Inc		100,657
	79,644		Air Products & Chemicals, Inc		8,681,992
	25,653		Airgas, Inc		2,797,973

135

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	58,175	*,e	AK Steel Holding Corp	$	255,970
	33,726		Albemarle Corp		2,232,324
	407,733	e	Alcoa, Inc		3,779,685
	41,244		Allegheny Technologies, Inc		1,365,176
	52,676	*,e	Allied Nevada Gold Corp		214,918
	11,989		AMCOL International Corp		384,607
	2,180	*	American Pacific Corp		99,234
	12,668		American Vanguard Corp		330,635
	26,959		Aptargroup, Inc		1,729,689
	6,105	*	Arabian American Development Co		55,555
	29,474		Ashland, Inc		2,727,819
	39,901		Avery Dennison Corp		1,880,135
	26,771		Axiall Corp		1,041,124
	12,614		Balchem Corp		722,278
	56,772		Ball Corp		2,775,583
	39,752		Bemis Co, Inc		1,586,105
	24,422	*	Berry Plastics Group, Inc		490,394
	5,128	*	Boise Cascade Co		131,328
	8,509		Brush Engineered Materials, Inc		253,653
	24,991		Cabot Corp		1,164,830
	20,101	*	Calgon Carbon Corp		401,015
	17,706		Carpenter Technology Corp		1,050,497
	7,123	*	Castle (A.M.) & Co		101,930
	60,931		Celanese Corp (Series A)		3,412,745
	20,860	*	Century Aluminum Co		181,065
	22,755		CF Industries Holdings, Inc		4,905,978
	1,888		Chase Corp		57,131
	37,521	*	Chemtura		919,264
	8,287	*	Clearwater Paper Corp		432,747
	58,356	e	Cliffs Natural Resources, Inc		1,498,582
	37,593	*	Coeur d’Alene Mines Corp		459,011
	44,275		Commercial Metals Co		812,889
	12,476		Compass Minerals International, Inc		929,088
	54,951	*	Crown Holdings, Inc		2,395,864
	16,786		Cytec Industries, Inc		1,394,749
	4,672		Deltic Timber Corp		298,447
	12,763		Domtar Corp		1,081,154
	459,949		Dow Chemical Co		18,154,187
	351,094		Du Pont (E.I.) de Nemours & Co		21,486,953
	18,290		Eagle Materials, Inc		1,371,933
	57,551		Eastman Chemical Co		4,534,443
	100,639		Ecolab, Inc		10,667,734
	30,165	*	Ferro Corp		387,017
	19,092	*	Flotek Industries, Inc		408,187
	51,832		FMC Corp		3,771,296
	393,161		Freeport-McMoRan Copper & Gold, Inc (Class B)		14,452,598
	8,437		FutureFuel Corp		146,888
	29,302	*,e	General Moly, Inc		48,055
	16,295		Glatfelter		426,929
	24,612		Globe Specialty Metals, Inc		431,694
	14,256	e	Gold Resource Corp		73,989
	74,151	*	Graphic Packaging Holding Co		622,868

136

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	11,581		Greif, Inc (Class A)	$	619,468
	2,024	*	GSE Holding, Inc		5,708
	20,134		H.B. Fuller Co		963,815
	3,387		Hawkins, Inc		121,966
	4,304		Haynes International, Inc		231,986
	27,672	*	Headwaters, Inc		241,577
	147,063	e	Hecla Mining Co		458,837
	17,308	*	Horsehead Holding Corp		251,139
	69,627		Huntsman Corp		1,616,739
	9,492		Innophos Holdings, Inc		475,739
	9,042		Innospec, Inc		416,474
	31,320		International Flavors & Fragrances, Inc		2,588,598
	169,558		International Paper Co		7,563,982
	20,888	e	Intrepid Potash, Inc		310,187
	7,211		Kaiser Aluminum Corp		486,382
	15,061		Kapstone Paper and Packaging Corp		782,570
	2,222		KMG Chemicals, Inc		44,396
	7,936		Koppers Holdings, Inc		353,231
	12,330	*	Kraton Polymers LLC		262,259
	7,790		Kronos Worldwide, Inc		120,823
	9,753	*	Landec Corp		114,208
	50,084	*	Louisiana-Pacific Corp		851,929
	7,299	*	LSB Industries, Inc		268,019
	154,334		LyondellBasell Industries AF S.C.A		11,513,316
	17,323		Martin Marietta Materials, Inc		1,699,213
	65,488		MeadWestvaco Corp		2,282,257
	55,545	*	Midway Gold Corp		52,212
	13,357		Minerals Technologies, Inc		756,407
	65,937	*,e	Molycorp, Inc		334,301
	204,421		Monsanto Co		21,439,674
	116,848		Mosaic Co		5,357,481
	10,561		Myers Industries, Inc		188,197
	5,598		Neenah Paper, Inc		230,302
	3,624	e	NewMarket Corp		1,128,369
	186,802		Newmont Mining Corp		5,092,222
	19,907		Noranda Aluminium Holding Corp		54,147
	118,339		Nucor Corp		6,126,410
	28,445		Olin Corp		640,297
	4,158		Olympic Steel, Inc		113,804
	13,229	*	OM Group, Inc		449,786
	17,813	*	Omnova Solutions, Inc		154,973
	63,418	*	Owens-Illinois, Inc		2,016,058
	36,592		Packaging Corp of America		2,278,950
	51,341	*,e	Paramount Gold and Silver Corp		62,123
	3,423	*	Penford Corp		46,553
	37,930		PolyOne Corp		1,149,279
	53,262		PPG Industries, Inc		9,724,576
	113,163		Praxair, Inc		14,112,558
	5,023		Quaker Chemical Corp		381,296
	29,070		Reliance Steel & Aluminum Co		2,130,540
	85,695		Rentech, Inc		146,538
	26,842	*,e	Resolute Forest Products		429,204

137

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	26,925		Rock-Tenn Co (Class A)	$	2,881,244
	29,694		Rockwood Holdings, Inc		1,878,145
	24,595		Royal Gold, Inc		1,181,544
	50,666		RPM International, Inc		1,961,788
	12,025	*	RTI International Metals, Inc		407,647
	10,080		Schnitzer Steel Industries, Inc (Class A)		292,723
	11,733		Schweitzer-Mauduit International, Inc		726,038
	16,900		Scotts Miracle-Gro Co (Class A)		992,368
	74,733		Sealed Air Corp		2,255,442
	19,364		Sensient Technologies Corp		1,009,445
	34,108		Sherwin-Williams Co		6,412,304
	47,414		Sigma-Aldrich Corp		4,097,992
	18,728		Silgan Holdings, Inc		844,071
	38,597		Sonoco Products Co		1,568,582
	60,689		Southern Copper Corp (NY)		1,696,258
	84,822		Steel Dynamics, Inc		1,524,251
	7,534		Stepan Co		443,527
	44,834	*	Stillwater Mining Co		489,139
	26,814	*	SunCoke Energy, Inc		536,280
	32,425	*	Tahoe Resources, Inc		620,939
	6,077	*	Taminco Corp		121,358
	7,998	*	Texas Industries, Inc		429,493
	10,895		Tredegar Corp		318,352
	1,648	*	UFP Technologies, Inc		37,986
	650	*	United States Lime & Minerals, Inc		36,114
	55,021	e	United States Steel Corp		1,369,473
	2,856	*	Universal Stainless & Alloy		92,306
	5,217	*	US Concrete, Inc		113,991
	8,372	e	US Silica Holdings Inc		291,513
	34,573		Valspar Corp		2,419,073
	49,306		Vulcan Materials Co		2,640,336
	28,986	e	Walter Energy, Inc		460,588
	21,822		Wausau Paper Corp		255,317
	7,950		Westlake Chemical Corp		853,989
	1,691	*	WHX Corp		39,045
	20,150		Worthington Industries, Inc		816,881
	29,016	*	WR Grace & Co		2,659,607
	12,943		Zep, Inc		257,436
	11,984	*	Zoltek Cos, Inc		200,133
			TOTAL MATERIALS		287,147,728
	MEDIA - 3.8%
	6,831		AH Belo Corp (Class A)		54,921
	22,976	*	AMC Networks, Inc		1,610,388
	39,548		Belo (A.H.) Corp (Class A)		542,994
	79,269		Cablevision Systems Corp (Class A)		1,232,633
	9,072	*	Carmike Cinemas, Inc		207,658
	235,890		CBS Corp (Class B)		13,950,535
	26,533	*,e	Central European Media Enterprises Ltd (Class A) NASDAQ		81,456
	25,284	*	Charter Communications, Inc		3,394,124
	43,375		Cinemark Holdings, Inc		1,423,134
	16,417		Clear Channel Outdoor Holdings, Inc (Class A)		139,544

138

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	1,000,518		Comcast Corp (Class A)	$	47,604,647
	8,719	*	Crown Media Holdings, Inc (Class A)		28,947
	28,086	*	Cumulus Media, Inc (Class A)		167,954
	305	*	Daily Journal Corp		45,122
	6,234	*	Dex Media, Inc		42,079
	11,050	*,e	Digital Generation, Inc		139,782
	200,251	*	DIRECTV		12,513,685
	92,814	*	Discovery Communications, Inc (Class A)		8,253,021
	79,611		DISH Network Corp (Class A)		3,837,250
	27,749	*,e	DreamWorks Animation SKG, Inc (Class A)		950,126
	11,230	*	Entercom Communications Corp (Class A)		98,487
	28,044		Entravision Communications Corp (Class A)		189,017
	10,946	*	EW Scripps Co (Class A)		216,950
	87,353		Gannett Co, Inc		2,417,057
	5,657	*	Global Sources Ltd		42,371
	25,569	*	Gray Television, Inc		216,058
	16,084		Harte-Hanks, Inc		128,189
	2,790	*,e	Hemisphere Media Group, Inc		26,393
	164,640		Interpublic Group of Cos, Inc		2,765,952
	17,384		John Wiley & Sons, Inc (Class A)		874,241
	17,540	*	Journal Communications, Inc (Class A)		146,459
	30,056	*	Lamar Advertising Co (Class A)		1,373,860
	150,118	*	Liberty Global plc (Class A)		11,764,748
	39,473	*	Liberty Media Corp		6,035,816
	30,709	*,e	Lions Gate Entertainment Corp		1,061,917
	52,113	*	Live Nation, Inc		1,013,077
	5,064		Loral Space & Communications, Inc		361,418
	23,286	*	Madison Square Garden, Inc		1,409,269
	6,123	*	Martha Stewart Living Omnimedia, Inc (Class A)		15,675
	22,457	*,e	McClatchy Co (Class A)		63,329
	105,569		McGraw-Hill Cos, Inc		7,356,048
	9,667		MDC Partners, Inc		298,034
	7,819	*,e	Media General, Inc (Class A)		114,001
	12,852	e	Meredith Corp		659,308
	8,026		Morningstar, Inc		644,408
	21,707		National CineMedia, Inc		380,307
	48,407	e	New York Times Co (Class A)		669,469
	185,339	*	News Corp		3,261,966
	12,451		Nexstar Broadcasting Group, Inc (Class A)		552,700
	99,357		Omnicom Group, Inc		6,767,205
	2,956	*,e	ReachLocal, Inc		36,329
	4,992	*	Reading International, Inc		33,047
	32,957	e	Regal Entertainment Group (Class A)		626,513
	3,944	*	Rentrak Corp		147,861
	1,443		Saga Communications, Inc		68,701
	2,491		Salem Communications		20,576
	9,206		Scholastic Corp		264,120
	41,239		Scripps Networks Interactive (Class A)		3,319,739
	26,121		Sinclair Broadcast Group, Inc (Class A)		837,439
	1,176,968	e	Sirius XM Radio, Inc		4,437,169
	42,158	*	Starz-Liberty Capital		1,271,064
	142,587		Thomson Corp		5,356,994

139

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	111,359		Time Warner Cable, Inc	$	13,379,784
	354,662		Time Warner, Inc		24,379,466
	755,689		Twenty-First Century Fox, Inc		25,753,881
	13,632	e	Valassis Communications, Inc		372,971
	184,851		Viacom, Inc (Class B)		15,396,240
	687,399		Walt Disney Co		47,148,697
	1,614		Washington Post Co (Class B)		1,038,318
	10,869		World Wrestling Entertainment, Inc (Class A)		140,754
			TOTAL MEDIA		291,173,392
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0%
	607,312		AbbVie, Inc		29,424,266
	26,866	*,e	Acadia Pharmaceuticals, Inc		610,664
	4,587	*,e	Accelerate Diagnostics, Inc		58,805
	8,030	*,e	AcelRx Pharmaceuticals, Inc		53,962
	38,434	*,e	Achillion Pharmaceuticals, Inc		96,469
	15,505	*	Acorda Therapeutics, Inc		474,608
	66,822	*	Actavis plc		10,329,345
	10,890	*	Aegerion Pharmaceuticals, Inc		901,910
	28,957	*,e	Affymetrix, Inc		204,726
	129,735		Agilent Technologies, Inc		6,585,349
	2,700	*,e	Agios Pharmaceuticals, Inc		62,532
	22,437	*,e	Akorn, Inc		458,612
	8,996	*	Albany Molecular Research, Inc		117,848
	74,628	*	Alexion Pharmaceuticals, Inc		9,175,513
	6,677	*,e	Alimera Sciences, Inc		14,289
	48,382	*	Alkermes plc		1,702,563
	113,076		Allergan, Inc		10,245,816
	22,228	*	Alnylam Pharmaceuticals, Inc		1,280,555
	8,251	*	AMAG Pharmaceuticals, Inc		222,612
	287,401		Amgen, Inc		33,338,516
	8,671	*,e	Amicus Therapeutics, Inc		18,383
	12,858	*,e	Ampio Pharmaceuticals, Inc		113,665
	9,815	*,e	Anacor Pharmaceuticals, Inc		127,693
	83,279	*,e	Arena Pharmaceuticals, Inc		365,595
	70,435	*,e	Ariad Pharmaceuticals, Inc		154,957
	16,141	*	Arqule, Inc		36,317
	45,206	*	Array Biopharma, Inc		226,934
	18,975	*	Auxilium Pharmaceuticals, Inc		326,560
	51,205	*	AVANIR Pharmaceuticals, Inc		207,380
	15,045	*	AVEO Pharmaceuticals, Inc		31,143
	11,182	*,e	BioDelivery Sciences International, Inc		58,705
	91,274	*	Biogen Idec, Inc		22,288,198
	53,082	*	BioMarin Pharmaceuticals, Inc		3,334,611
	7,806	*	Bio-Rad Laboratories, Inc (Class A)		964,197
	14,329	*,e	Biotime, Inc		52,014
	631,347		Bristol-Myers Squibb Co		33,158,344
	41,744	*	Bruker BioSciences Corp		853,665
	26,225	*	Cadence Pharmaceuticals, Inc		129,289
	11,532	*	Cambrex Corp		193,968
	160,063	*	Celgene Corp		23,767,755
	40,506	*,e	Cell Therapeutics, Inc		71,291

140

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	30,077	*	Celldex Therapeutics, Inc	$	689,064
	5,415	*	Cempra, Inc		61,514
	26,407	*,e	Cepheid, Inc		1,075,293
	20,044	*	Charles River Laboratories International, Inc		986,365
	25,311	*,e	Chelsea Therapeutics International, Inc		71,630
	9,194	*,e	ChemoCentryx, Inc		45,510
	3,273	*	Chimerix, Inc		49,586
	7,351	*	Clovis Oncology, Inc		375,710
	9,235	*,e	Corcept Therapeutics, Inc		15,607
	2,379	*	Cornerstone Therapeutics, Inc		22,529
	8,094	*,e	Coronado Biosciences, Inc		13,517
	20,957	*	Covance, Inc		1,870,622
	24,842	*	Cubist Pharmaceuticals, Inc		1,540,204
	31,564	*,e	Curis, Inc		125,940
	9,504	*,e	Cytokinetics, Inc		57,119
	21,131	*,e	Cytori Therapeutics, Inc		43,530
	60,644	*,e	Dendreon Corp		155,855
	17,299	*	Depomed, Inc		124,553
	4,787	*,e	Durata Therapeutics, Inc		46,338
	57,244	*	Dyax Corp		470,546
	51,676	*	Dynavax Technologies Corp		63,561
	382,152		Eli Lilly & Co		19,038,813
	9,569	*	Emergent Biosolutions, Inc		186,883
	1,466	*,e	Enanta Pharmaceuticals, Inc		29,261
	42,799	*	Endo Pharmaceuticals Holdings, Inc		1,871,600
	11,546	*,e	Endocyte, Inc		120,425
	10,740		Enzon Pharmaceuticals, Inc		15,895
	2,204	*,e	Epizyme, Inc		84,457
	24,459	*	Exact Sciences Corp		269,538
	69,504	*,e	Exelixis, Inc		342,655
	6,457	*,e	Fibrocell Science, Inc		23,891
	8,605	*	Fluidigm Corp		271,057
	103,707	*	Forest Laboratories, Inc		4,877,340
	2,786	*	Furiex Pharmaceuticals Inc		108,933
	65,711	*,e	Galena Biopharma, Inc		146,536
	7,532	*,e	Genomic Health, Inc		225,357
	58,020	*	Geron Corp		229,179
	585,638	*	Gilead Sciences, Inc		41,574,442
	1,967	*,e	Golf Trust Of America, Inc		4,111
	36,433	*,e	Halozyme Therapeutics, Inc		424,444
	6,915	*	Harvard Bioscience, Inc		40,729
	4,178		Hi-Tech Pharmacal Co, Inc		180,030
	16,239	*,e	Horizon Pharma, Inc		68,041
	62,636	*	Hospira, Inc		2,538,011
	3,330	*,e	Hyperion Therapeutics, Inc		66,700
	32,967	*,e	Idenix Pharmaceuticals, Inc		108,461
	47,472	*,e	Illumina, Inc		4,439,107
	32,225	*,e	Immunogen, Inc		530,423
	22,372	*,e	Immunomedics, Inc		84,790
	23,801	*	Impax Laboratories, Inc		482,208
	38,370	*	Incyte Corp		1,496,430

141

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	18,307	*	Infinity Pharmaceuticals, Inc	$	248,060
	18,768	*	Insmed, Inc		267,256
	1,634	*	Insys Therapeutics, Inc		65,180
	2,388	*	Intercept Pharmaceuticals, Inc		129,525
	31,378	*	InterMune, Inc		442,116
	37,018	*,e	Ironwood Pharmaceuticals, Inc		355,743
	43,218	*,e	Isis Pharmaceuticals, Inc		1,437,863
	20,138	*	Jazz Pharmaceuticals plc		1,827,322
	1,076,056		Johnson & Johnson		99,653,546
	31,085	*,e	Keryx Biopharmaceuticals, Inc		321,730
	3,871	*,e	KYTHERA Biopharmaceuticals, Inc		173,072
	4,903	*	Lannett Co, Inc		115,760
	87,144	*	Lexicon Pharmaceuticals, Inc		209,146
	65,700	*	Life Technologies Corp		4,947,867
	6,750	*	Ligand Pharmaceuticals, Inc (Class B)		349,380
	16,220	*	Luminex Corp		316,290
	22,442	*	Mallinckrodt plc		942,788
	55,353	*,e	MannKind Corp		270,676
	21,448	*	Medicines Co		727,516
	28,511	*	Medivation, Inc		1,706,668
	3,680	*,e	MEI Pharma, Inc		29,514
	1,158,306		Merck & Co, Inc		52,228,018
	53,810	*,e	Merrimack Pharmaceuticals, Inc		144,211
	11,847	*	Mettler-Toledo International, Inc		2,931,659
	31,680	*,e	MiMedx Group, Inc		167,904
	16,661	*	Momenta Pharmaceuticals, Inc		273,074
	145,389	*	Mylan Laboratories, Inc		5,505,881
	30,891	*,e	Myriad Genetics, Inc		753,123
	15,706	*,e	Nanosphere, Inc		30,627
	44,178	*	Nektar Therapeutics		420,133
	11,661	*	NeoGenomics, Inc		42,446
	25,367	*	Neurocrine Biosciences, Inc		239,464
	6,327	*,e	NewLink Genetics Corp		105,977
	65,983	*	Novavax, Inc		204,547
	37,254	*	NPS Pharmaceuticals, Inc		1,072,170
	9,798	*,e	Omeros Corp		97,980
	4,456	*	OncoGenex Pharmaceutical, Inc		31,326
	71,634	*,e	Opko Health, Inc		717,773
	41,922	*	Orexigen Therapeutics, Inc		204,579
	5,036	*,e	Osiris Therapeutics, Inc		67,029
	3,243	*	OvaScience, Inc		31,360
	25,430	*	Pacific Biosciences of California, Inc		104,517
	10,594	*	Pacira Pharmaceuticals, Inc		535,103
	21,911	*	Parexel International Corp		1,001,552
	53,478	e	PDL BioPharma, Inc		432,637
	52,780	*,e	Peregrine Pharmaceuticals, Inc		68,086
	43,144		PerkinElmer, Inc		1,641,198
	36,295	e	Perrigo Co		5,004,718
	2,563,334		Pfizer, Inc		78,643,087
	22,161	*	Pharmacyclics, Inc		2,629,181
	3,806	*,e	Portola Pharmaceuticals, Inc		84,303

142

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	11,983	*	Pozen, Inc	$	75,313
	16,453	*	Progenics Pharmaceuticals, Inc		59,889
	4,612	*	Prothena Corp plc		110,872
	8,392	*	Puma Biotechnology, Inc		321,498
	89,388	*	Qiagen N.V. (NASDAQ)		2,070,226
	20,226	e	Questcor Pharmaceuticals, Inc		1,241,270
	10,342	*	Quintiles Transnational Holdings, Inc		434,261
	20,853	*,e	Raptor Pharmaceutical Corp		299,866
	2,085	*	Receptos, Inc		53,293
	30,390	*	Regeneron Pharmaceuticals, Inc		8,740,164
	3,461	*,e	Regulus Therapeutics, Inc		24,123
	14,264	*	Repligen Corp		156,048
	8,671	*,e	Repros Therapeutics, Inc		156,425
	33,185	*	Rigel Pharmaceuticals, Inc		102,542
	6,229	*	Sagent Pharmaceuticals		135,107
	23,734	*	Salix Pharmaceuticals Ltd		1,702,914
	20,124	*,e	Sangamo Biosciences, Inc		188,562
	21,111	*	Santarus, Inc		492,520
	12,209	*,e	Sarepta Therapeutics, Inc		475,418
	22,166	*	Sciclone Pharmaceuticals, Inc		104,845
	38,446	*,e	Seattle Genetics, Inc		1,485,169
	42,517	*,e	Sequenom, Inc		81,633
	10,219	*,e	SIGA Technologies, Inc		35,051
	21,223	e	Spectrum Pharmaceuticals, Inc		182,306
	3,448	*	Stemline Therapeutics, Inc		95,958
	5,074	*	Sucampo Pharmaceuticals, Inc (Class A)		31,459
	14,120	*	Sunesis Pharmaceuticals, Inc		70,741
	2,879	*,e	Supernus Pharmaceuticals, Inc		20,355
	6,471	*,e	Synageva BioPharma Corp		328,727
	30,955	*,e	Synergy Pharmaceuticals, Inc		125,058
	19,429	*,e	Synta Pharmaceuticals Corp		88,208
	14,240	*	Targacept, Inc		67,640
	14,556		Techne Corp		1,272,049
	5,023	*	TESARO, Inc		193,385
	4,186	*	Tetraphase Pharmaceuticals, Inc		52,451
	5,277	*	TG Therapeutics, Inc		19,050
	29,412	*	TherapeuticsMD, Inc		124,119
	31,312	*	Theravance, Inc		1,147,272
	137,671		Thermo Electron Corp		13,461,470
	19,914	*,e	Threshold Pharmaceuticals, Inc		86,427
	17,748	*	United Therapeutics Corp		1,571,053
	12,930	*	Vanda Pharmaceuticals, Inc		92,579
	5,332	*	Verastem, Inc		53,320
	88,326	*	Vertex Pharmaceuticals, Inc		6,301,177
	28,303	*	Vical, Inc		35,379
	24,692	*	Viropharma, Inc		958,543
	38,588	*,e	Vivus, Inc		362,341
	33,196	*	Waters Corp		3,350,140
	15,218	*,e	Xenoport, Inc		79,590
	28,607	*,e	XOMA Corp		129,018
	20,788	*,e	ZIOPHARM Oncology, Inc		73,590
	191,256		Zoetis Inc		6,055,165

143

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	21,917	*,e	Zogenix, Inc	$	64,217
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		604,614,441
REAL ESTATE - 3.4%
	21,851		Acadia Realty Trust		582,766
	10,756		AG Mortgage Investment Trust		175,753
	4,503		Agree Realty Corp		142,160
	16,493	*	Alexander & Baldwin, Inc		610,241
	748		Alexander’s, Inc		240,676
	27,207		Alexandria Real Estate Equities, Inc		1,789,676
	16,217		Altisource Residential Corp		430,886
	12,843		American Assets Trust,Inc		427,543
	40,023		American Campus Communities, Inc		1,383,195
	149,390		American Capital Agency Corp		3,244,751
	22,743		American Capital Mortgage, Inc		434,619
	19,800	*	American Homes 4 Rent		306,504
	58,571		American Realty Capital Properties, Inc		777,237
	5,147	*	American Residential Properties, Inc		88,683
	152,262		American Tower Corp		12,081,990
	6,049		AmREIT, Inc (Class B)		106,462
	361,729		Annaly Capital Management, Inc		4,264,785
	58,827		Anworth Mortgage Asset Corp		288,841
	55,547		Apartment Investment & Management Co (Class A)		1,554,205
	16,650		Apollo Commercial Real Estate Finance, Inc		268,231
	8,434		Ares Commercial Real Estate Corp		104,835
	6,956		Armada Hoffler Properties, Inc		66,917
	142,065		ARMOUR Residential REIT, Inc		585,308
	19,796		Ashford Hospitality Trust, Inc		258,536
	20,730		Associated Estates Realty Corp		317,998
	3,145	*	AV Homes, Inc		60,069
	49,596		AvalonBay Communities, Inc		6,201,980
	4,424		Aviv REIT, Inc		112,370
	71,631		BioMed Realty Trust, Inc		1,426,889
	58,385		Boston Properties, Inc		6,042,847
	59,586		Brandywine Realty Trust		847,909
	29,590		BRE Properties, Inc (Class A)		1,615,910
	32,397		Camden Property Trust		2,079,887
	21,629		Campus Crest Communities, Inc		216,506
	32,378		Capital Lease Funding, Inc		275,213
	33,795		Capstead Mortgage Corp		399,795
	61,584		CBL & Associates Properties, Inc		1,219,979
	106,633	*	CBRE Group, Inc		2,477,085
	28,202		Cedar Shopping Centers, Inc		161,033
	94,917		Chambers Street Properties		885,576
	6,009		Chatham Lodging Trust		113,330
	18,339		Chesapeake Lodging Trust		432,250
	382,644		Chimera Investment Corp		1,159,411
	23,584		Colony Financial, Inc		477,104
	2,228		Consolidated-Tomoka Land Co		83,595
	7,277		Coresite Realty		236,066
	32,702		Corporate Office Properties Trust		804,469
	64,867		Cousins Properties, Inc		734,943

144

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	51,687		CubeSmart	$	944,321
	7,262		CyrusOne, Inc		141,536
	64,606		CYS Investments, Inc		548,505
	111,159		DCT Industrial Trust, Inc		861,482
	100,625		DDR Corp		1,705,594
	74,370		DiamondRock Hospitality Co		847,074
	49,270		Digital Realty Trust, Inc		2,348,208
	54,267		Douglas Emmett, Inc		1,352,876
	122,626		Duke Realty Corp		2,031,913
	23,826		DuPont Fabros Technology, Inc		592,076
	21,154		Dynex Capital, Inc		182,771
	12,644		EastGroup Properties, Inc		804,917
	43,469		Education Realty Trust, Inc		397,307
	2,301		Ellington Residential Mortgage REIT		35,942
	17,551		Entertainment Properties Trust		901,595
	31,774		Equity Lifestyle Properties, Inc		1,207,094
	22,979		Equity One, Inc		554,024
	138,160		Equity Residential		7,234,058
	14,713		Essex Property Trust, Inc		2,368,793
	18,727		Excel Trust, Inc		226,222
	42,342		Extra Space Storage, Inc		1,947,309
	25,596		Federal Realty Investment Trust		2,651,746
	46,794	*	FelCor Lodging Trust, Inc		314,456
	39,744		First Industrial Realty Trust, Inc		718,174
	23,269		First Potomac Realty Trust		285,976
	57,714	*	Forest City Enterprises, Inc (Class A)		1,169,286
	16,040	*	Forestar Real Estate Group, Inc		358,173
	36,242		Franklin Street Properties Corp		478,394
	226,636		General Growth Properties, Inc		4,811,482
	11,101		Getty Realty Corp		212,917
	4,744		Gladstone Commercial Corp		89,662
	54,142		Glimcher Realty Trust		554,955
	20,694		Government Properties Income Trust		505,968
	23,085	*	Gramercy Property Trust, Inc		105,498
	36,991		Hatteras Financial Corp		673,236
	170,627		HCP, Inc		7,081,020
	109,832		Health Care REIT, Inc		7,122,605
	34,456		Healthcare Realty Trust, Inc		827,289
	42,381		Healthcare Trust of America, Inc		492,467
	74,609		Hersha Hospitality Trust		423,033
	34,846		Highwoods Properties, Inc		1,345,056
	21,908		Home Properties, Inc		1,321,271
	53,576		Hospitality Properties Trust		1,574,063
	275,002		Host Marriott Corp		5,101,287
	14,794	*	Howard Hughes Corp		1,731,638
	45,279		HRPT Properties Trust		1,103,449
	16,040		Hudson Pacific Properties		331,868
	32,388		Inland Real Estate Corp		346,228
	50,527		Invesco Mortgage Capital, Inc		780,642
	38,340		Investors Real Estate Trust		330,491
	34,428	*	iStar Financial, Inc		434,826
	17,795		JAVELIN Mortgage Investment Corp		211,227

145

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	17,513		Jones Lang LaSalle, Inc	$	1,667,238
	22,757	e	Kennedy-Wilson Holdings, Inc		456,050
	31,755		Kilroy Realty Corp		1,688,096
	151,262		Kimco Realty Corp		3,249,108
	35,323		Kite Realty Group Trust		226,067
	36,545		LaSalle Hotel Properties		1,134,722
	64,107		Lexington Corporate Properties Trust		750,052
	49,895		Liberty Property Trust		1,855,595
	14,173		LTC Properties, Inc		559,125
	52,532		Macerich Co		3,110,420
	35,378		Mack-Cali Realty Corp		727,372
	57,862		Medical Properties Trust, Inc		754,520
	129,472		MFA Mortgage Investments, Inc		959,387
	28,358		Mid-America Apartment Communities, Inc		1,882,971
	18,179		Monmouth Real Estate Investment Corp (Class A)		167,610
	9,827		National Health Investors, Inc		614,384
	45,292		National Retail Properties, Inc		1,558,045
	96,840		New Residential Investment Corp		640,112
	24,444		New York Mortgage Trust, Inc		156,930
	91,348		NorthStar Realty Finance Corp		852,277
	43,177		Omega Healthcare Investors, Inc		1,435,203
	4,657		One Liberty Properties, Inc		98,449
	17,357		Parkway Properties, Inc		314,335
	23,266		Pebblebrook Hotel Trust		702,633
	25,087		Pennsylvania Real Estate Investment Trust		454,827
	26,971		Pennymac Mortgage Investment Trust		622,221
	66,472		Piedmont Office Realty Trust, Inc		1,228,403
	61,883		Plum Creek Timber Co, Inc		2,809,488
	21,589		Post Properties, Inc		987,481
	17,050		Potlatch Corp		696,151
	190,223		Prologis, Inc		7,599,409
	7,618		PS Business Parks, Inc		620,791
	55,290		Public Storage, Inc		9,231,771
	26,391		RAIT Investment Trust		199,252
	22,914		Ramco-Gershenson Properties		372,582
	48,133		Rayonier, Inc		2,263,214
	47,711	*	Realogy Holdings Corp		1,962,831
	75,148		Realty Income Corp		3,129,914
	29,819		Redwood Trust, Inc		522,429
	35,027		Regency Centers Corp		1,809,495
	45,907		Resource Capital Corp		282,328
	25,658		Retail Opportunities Investment Corp		379,738
	48,981		Retail Properties of America, Inc		700,918
	9,240	*	Rexford Industrial Realty, Inc		125,849
	46,937		RLJ Lodging Trust		1,185,629
	8,663		Rouse Properties, Inc		175,166
	16,871		Ryman Hospitality Properties		622,709
	13,099		Sabra Healthcare REIT, Inc		352,363
	3,064		Saul Centers, Inc		144,008
	7,332		Select Income REIT		201,997
	72,164		Senior Housing Properties Trust		1,778,121
	8,420		Silver Bay Realty Trust Corp		130,173

146

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	119,513		Simon Property Group, Inc	$	18,470,734
	34,931		SL Green Realty Corp		3,303,425
	12,009		Sovran Self Storage, Inc		918,568
	144,162		Spirit Realty Capital, Inc		1,507,935
	25,316	*,e	St. Joe Co		472,650
	16,465		STAG Industrial, Inc		344,283
	74,572		Starwood Property Trust, Inc		1,915,755
	75,251	*	Strategic Hotels & Resorts, Inc		654,684
	40,051		Summit Hotel Properties, Inc		368,069
	13,972		Sun Communities, Inc		622,732
	61,944		Sunstone Hotel Investors, Inc		820,758
	36,132		Tanger Factory Outlet Centers, Inc		1,259,200
	24,852		Taubman Centers, Inc		1,635,013
	5,192	*	Tejon Ranch Co		192,208
	7,248		Terreno Realty Corp		128,869
	9,787		Thomas Properties Group, Inc		66,552
	135,400		Two Harbors Investment Corp		1,263,282
	95,313		UDR, Inc		2,364,716
	5,775		UMH Properties, Inc		58,096
	4,803		Universal Health Realty Income Trust		210,948
	5,702		Urstadt Biddle Properties, Inc (Class A)		112,557
	109,308		Ventas, Inc		7,131,254
	71,833		Vornado Realty Trust		6,397,447
	25,504		Washington Real Estate Investment Trust		668,460
	46,512		Weingarten Realty Investors		1,475,826
	9,320		Western Asset Mortgage Capital Corp		150,145
	221,402		Weyerhaeuser Co		6,730,621
	6,793		Whitestone REIT		93,675
	14,231		Winthrop Realty Trust		167,499
	21,415		WP Carey, Inc		1,426,453
	7,855		ZAIS Financial Corp		136,677
			TOTAL REAL ESTATE		256,538,064
RETAILING - 4.6%
	8,446	*	1-800-FLOWERS.COM, Inc (Class A)		45,862
	29,021		Aaron’s, Inc		823,326
	29,862		Abercrombie & Fitch Co (Class A)		1,119,228
	28,291		Advance Auto Parts, Inc		2,805,901
	29,079	*,e	Aeropostale, Inc		270,144
	141,017	*	Amazon.com, Inc		51,334,419
	73,659		American Eagle Outfitters, Inc		1,140,978
	3,169	*	America’s Car-Mart, Inc		144,950
	17,376	*	Ann Taylor Stores Corp		614,415
	11,436	*	Asbury Automotive Group, Inc		549,500
	49,905	*	Ascena Retail Group, Inc		987,620
	8,667	*	Audiovox Corp (Class A)		134,425
	19,403	*	Autonation, Inc		935,807
	13,576	*	AutoZone, Inc		5,901,351
	15,535	*,e	Barnes & Noble, Inc		219,510
	11,576		Bebe Stores, Inc		69,803
	82,500	*	Bed Bath & Beyond, Inc		6,378,900
	104,527		Best Buy Co, Inc		4,473,756

147

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	6,241		Big 5 Sporting Goods Corp	$	118,017
	22,280	*	Big Lots, Inc		810,101
	5,451	*	Blue Nile, Inc		223,873
	6,527	*	Body Central Corp		36,551
	5,473	e	Bon-Ton Stores, Inc		62,666
	18,821		Brown Shoe Co, Inc		422,343
	10,709	e	Buckle, Inc		524,098
	18,207	*	Cabela’s, Inc		1,080,039
	86,178	*	Carmax, Inc		4,049,504
	10,463		Cato Corp (Class A)		313,576
	61,892		Chico’s FAS, Inc		1,061,448
	8,544	*	Children’s Place Retail Stores, Inc		466,417
	18,136	*	Christopher & Banks Corp		104,645
	6,565	*	Citi Trends, Inc		96,374
	8,547	*,e	Conn’s, Inc		516,581
	4,050		Core-Mark Holding Co, Inc		286,456
	23,491		CST Brands, Inc		757,350
	5,544		Destination Maternity Corp		173,195
	19,258	*	Destination XL Group, Inc		133,843
	37,654		Dick’s Sporting Goods, Inc		2,003,569
	10,272		Dillard’s, Inc (Class A)		842,099
	125,067	*	Dollar General Corp		7,226,371
	84,610	*	Dollar Tree, Inc		4,941,224
	14,556		DSW, Inc (Class A)		1,276,125
	40,694		Expedia, Inc		2,396,063
	32,600	*	Express Parent LLC		756,646
	37,016		Family Dollar Stores, Inc		2,549,662
	18,009		Finish Line, Inc (Class A)		450,945
	12,522	*,e	Five Below, Inc		604,312
	55,898		Foot Locker, Inc		1,939,661
	17,131	*,e	Francesca’s Holdings Corp		308,187
	16,159		Fred’s, Inc (Class A)		261,776
	45,541		GameStop Corp (Class A)		2,496,558
	106,145		Gap, Inc		3,926,304
	8,668	*	Genesco, Inc		590,377
	59,181		Genuine Parts Co		4,665,238
	37,552		GNC Holdings, Inc		2,208,809
	4,270		Gordmans Stores, Inc		42,273
	8,750		Group 1 Automotive, Inc		560,000
	160,182	*	Groupon, Inc		1,462,462
	21,854		Guess?, Inc		682,937
	7,376		Haverty Furniture Cos, Inc		205,127
	4,857	*,e	HHgregg, Inc		75,332
	9,782	*,e	Hibbett Sports, Inc		570,584
	559,223		Home Depot, Inc		43,557,879
	21,503	*,e	HomeAway, Inc		637,564
	13,393		HSN, Inc		701,793
	110,366	*,e	JC Penney Co, Inc		827,745
	9,878	*	JOS A Bank Clothiers, Inc		473,946
	4,834	*	Kirkland’s, Inc		85,804
	84,685		Kohl’s Corp		4,810,108
	93,686		L Brands, Inc		5,865,680

148

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	203,240	*	Liberty Interactive Corp	$	5,479,350
	14,039	*	Liberty Ventures		1,507,367
	8,460		Lithia Motors, Inc (Class A)		531,711
	112,421	*	LKQ Corp		3,713,266
	417,105		Lowe’s Companies, Inc		20,763,487
	10,988	*,e	Lumber Liquidators, Inc		1,254,720
	145,891		Macy’s, Inc		6,727,034
	9,957	*	MarineMax, Inc		146,667
	5,117	*,e	Mattress Firm Holding Corp		153,817
	18,113		Men’s Wearhouse, Inc		766,180
	11,265	e	Monro Muffler, Inc		518,190
	17,711	*	Murphy USA, Inc		718,712
	19,203	*	NetFlix, Inc		6,192,583
	10,555	*	New York & Co, Inc		54,042
	55,351		Nordstrom, Inc		3,347,075
	10,758		Nutri/System, Inc		202,250
	99,293	*	Office Depot, Inc		555,048
	33,612	e	OfficeMax, Inc		503,508
	9,575	*	Orbitz Worldwide, Inc		88,473
	42,550	*	O’Reilly Automotive, Inc		5,268,116
	4,892	*	Overstock.com, Inc		114,620
	17,800	*	Pacific Sunwear Of California, Inc		47,882
	16,091		Penske Auto Group, Inc		637,525
	18,830	*	PEP Boys - Manny Moe & Jack		243,660
	8,830	e	PetMed Express, Inc		131,037
	38,813		Petsmart, Inc		2,824,034
	36,040		Pier 1 Imports, Inc		752,515
	19,682	*	Priceline.com, Inc		20,741,482
	40,686	*,e	RadioShack Corp		114,328
	20,510		Rent-A-Center, Inc		702,262
	6,747	*,e	Restoration Hardware Holdings, Inc		470,536
	3,600	*	RetailMeNot, Inc		117,432
	83,915		Ross Stores, Inc		6,490,825
	39,086	*,e	Saks, Inc		624,985
	64,589	*	Sally Beauty Holdings, Inc		1,699,982
	16,723	*,e	Sears Holdings Corp		971,272
	3,323	*	Sears Hometown and Outlet Stores, Inc		92,579
	21,207	*	Select Comfort Corp		388,512
	6,389		Shoe Carnival, Inc		166,050
	14,879	*	Shutterfly, Inc		731,154
	30,896		Signet Jewelers Ltd		2,306,695
	14,342		Sonic Automotive, Inc (Class A)		319,540
	12,585	e	Stage Stores, Inc		259,880
	253,900		Staples, Inc		4,092,868
	11,572		Stein Mart, Inc		170,918
	3,201		Systemax, Inc		30,410
	244,651		Target Corp		15,850,938
	43,566		Tiffany & Co		3,449,120
	11,101	*,e	Tile Shop Holdings, Inc		247,885
	4,219	*	Tilly’s, Inc		61,429
	274,320		TJX Companies, Inc		16,675,913
	52,724		Tractor Supply Co		3,761,857

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	42,813	*	TripAdvisor, Inc	$	3,541,063
	17,397	*	Tuesday Morning Corp		246,168
	24,251	*	Ulta Salon Cosmetics & Fragrance, Inc		3,124,741
	39,553	*	Urban Outfitters, Inc		1,498,268
	14,600	*	Valuevision International, Inc (Class A)		77,964
	6,650	*,e	Vitacost.com, Inc		52,602
	11,513	*	Vitamin Shoppe, Inc		540,075
	4,388	*	West Marine, Inc		53,577
	36,178	*	Wet Seal, Inc (Class A)		119,749
	15,193	*	WEX, Inc		1,418,267
	37,339		Williams-Sonoma, Inc		1,958,057
	664		Winmark Corp		48,611
	12,604	*	Zale Corp		197,001
	9,252	*,e	Zumiez, Inc		274,229
			TOTAL RETAILING		346,122,225
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	14,930	*	Advanced Energy Industries, Inc		311,738
	238,833	*,e	Advanced Micro Devices, Inc		797,702
	5,299	*	Alpha & Omega Semiconductor Ltd		39,001
	122,371		Altera Corp		4,111,666
	6,956	*	Ambarella, Inc		142,946
	24,412	*,e	Amkor Technology, Inc		129,628
	31,117	*	Anadigics, Inc		62,856
	118,582		Analog Devices, Inc		5,846,093
	462,338		Applied Materials, Inc		8,252,733
	25,937	*	Applied Micro Circuits Corp		302,425
	173,308	*	Atmel Corp		1,261,682
	12,233	*	ATMI, Inc		334,450
	93,889		Avago Technologies Ltd		4,265,377
	32,287	*	Axcelis Technologies, Inc		70,063
	217,667		Broadcom Corp (Class A)		5,816,062
	23,571		Brooks Automation, Inc		227,224
	8,822	*	Cabot Microelectronics Corp		360,732
	18,373	*	Cavium Networks, Inc		740,616
	8,650	*,e	Ceva, Inc		123,954
	24,698	*,e	Cirrus Logic, Inc		553,976
	9,419		Cohu, Inc		90,046
	44,809	*	Cree, Inc		2,722,147
	56,092	e	Cypress Semiconductor Corp		520,534
	13,621	*	Diodes, Inc		329,901
	6,797	*	DSP Group, Inc		50,638
	52,988	*	Entegris, Inc		548,426
	34,443	*	Entropic Communications, Inc		147,416
	14,159	*	Exar Corp		163,253
	47,288	*	Fairchild Semiconductor International, Inc		599,139
	25,765	*	First Solar, Inc		1,295,207
	20,565	*	Formfactor, Inc		107,349
	21,529	*,e	Freescale Semiconductor Holdings Ltd		332,408
	5,980	*	GSI Technology, Inc		41,980
	45,300	*,e	GT Solar International, Inc		339,750
	13,503	*	Hittite Microwave Corp		862,707

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	9,801	*	Inphi Corp	$	144,467
	50,515	*	Integrated Device Technology, Inc		537,480
	10,873	*	Integrated Silicon Solution, Inc		117,211
	1,907,824		Intel Corp		46,608,141
	6,378	*	Intermolecular, Inc		36,992
	26,366	*	International Rectifier Corp		686,571
	48,195		Intersil Corp (Class A)		537,856
	9,988		IXYS Corp		116,160
	62,268		Kla-Tencor Corp		4,084,781
	19,735	*	Kopin Corp		72,427
	62,051	*	Lam Research Corp		3,365,026
	42,567	*	Lattice Semiconductor Corp		218,369
	88,345		Linear Technology Corp		3,634,513
	210,020		LSI Logic Corp		1,780,970
	19,456	*	LTX-Credence Corp		119,265
	3,778	*	MA-COM Technology Solutions		65,246
	150,508		Marvell Technology Group Ltd		1,806,096
	111,194		Maxim Integrated Products, Inc		3,302,462
	9,302	*,e	MaxLinear, Inc		80,555
	17,514		Micrel, Inc		161,129
	73,796	e	Microchip Technology, Inc		3,170,276
	396,485	*	Micron Technology, Inc		7,009,855
	34,769	*	Microsemi Corp		873,745
	17,359	*,e	Mindspeed Technologies, Inc		50,168
	20,314		MKS Instruments, Inc		602,107
	16,479		Monolithic Power Systems, Inc		524,691
	18,141	*	MoSys, Inc		79,820
	7,437	*	Nanometrics, Inc		138,179
	9,646	*	NeoPhotonics Corp Ltd		68,390
	1,929	*	NVE Corp		102,951
	216,089		Nvidia Corp		3,280,231
	20,239	*	Omnivision Technologies, Inc		283,548
	165,411	*	ON Semiconductor Corp		1,167,802
	9,085	*	PDF Solutions, Inc		208,682
	10,093	*,e	Peregrine Semiconductor Corp		82,157
	7,286	*	Pericom Semiconductor Corp		58,871
	23,544	*	Photronics, Inc		197,770
	13,935	*	PLX Technology, Inc		84,167
	77,701	*	PMC - Sierra, Inc		456,105
	10,991		Power Integrations, Inc		631,323
	38,333	*	Rambus, Inc		335,030
	112,796	*	RF Micro Devices, Inc		592,179
	8,102	*,e	Rubicon Technology, Inc		69,677
	12,643	*	Rudolph Technologies, Inc		134,016
	25,728	*	Semtech Corp		800,398
	13,811	*	Sigma Designs, Inc		75,132
	29,865	*	Silicon Image, Inc		156,791
	16,163	*	Silicon Laboratories, Inc		650,076
	73,040	*	Skyworks Solutions, Inc		1,882,971
	16,668	*	Spansion, Inc		199,516
	101,075	*	SunEdison, Inc		939,997
	15,884	*,e	SunPower Corp		479,538

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	3,284		Supertex, Inc	$	83,775
	72,878	*,e	Teradyne, Inc		1,274,636
	19,565		Tessera Technologies, Inc		372,126
	424,861		Texas Instruments, Inc		17,878,151
	60,020	*	Triquint Semiconductor, Inc		475,959
	6,833	*	Ultra Clean Holdings		63,615
	10,672	*	Ultratech, Inc		253,887
	14,503	*	Veeco Instruments, Inc		423,633
	99,425		Xilinx, Inc		4,515,883
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		160,105,366
SOFTWARE & SERVICES - 9.8%
	19,693	*	Accelrys, Inc		184,130
	246,489		Accenture plc		18,116,942
	15,329	*	ACI Worldwide, Inc		844,934
	20,862	*	Active Network, Inc		301,247
	99,003		Activision Blizzard, Inc		1,647,410
	15,624	*	Actuate Corp		125,148
	28,063	*	Acxiom Corp		932,534
	188,209	*	Adobe Systems, Inc		10,200,928
	12,408		Advent Software, Inc		416,288
	68,521	*	Akamai Technologies, Inc		3,065,630
	19,369	*,e	Alliance Data Systems Corp		4,591,615
	61,588		Amdocs Ltd		2,368,059
	6,756		American Software, Inc (Class A)		59,115
	16,138	*,e	Angie’s List, Inc		227,384
	35,988	*	Ansys, Inc		3,147,151
	29,253		AOL, Inc		1,060,129
	35,666	*	Aspen Technology, Inc		1,363,511
	86,277	*	Autodesk, Inc		3,443,315
	186,320		Automatic Data Processing, Inc		13,968,410
	8,579	*	AVG Technologies NV		172,438
	17,549	*,e	Bankrate, Inc		295,525
	18,506	*,e	Bazaarvoice, Inc		173,586
	18,275		Blackbaud, Inc		657,900
	4,303	*,e	Blackhawk Network Holdings, Inc		98,367
	15,713	*	Blucora, Inc		371,298
	11,058		Booz Allen Hamilton Holding Co		218,948
	14,399	*	Bottomline Technologies, Inc		452,417
	10,397	*	Brightcove, Inc		158,762
	47,045		Broadridge Financial Solutions, Inc		1,654,102
	10,067	*	BroadSoft, Inc		329,392
	126,571		CA, Inc		4,019,895
	9,222	*,e	CACI International, Inc (Class A)		663,800
	108,193	*	Cadence Design Systems, Inc		1,403,263
	15,264	*	Callidus Software, Inc		157,982
	6,253	*	Carbonite, Inc		82,790
	17,048	*	Cardtronics, Inc		669,134
	3,742		Cass Information Systems, Inc		214,529
	2,258	*	ChannelAdvisor Corp		78,714
	28,103	*	Ciber, Inc		91,335
	71,471	*	Citrix Systems, Inc		4,058,123

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	116,217	*	Cognizant Technology Solutions Corp (Class A)	$	10,102,744
	17,759	*	Commvault Systems, Inc		1,386,623
	57,315		Computer Sciences Corp		2,823,337
	6,003		Computer Task Group, Inc		102,831
	83,741		Compuware Corp		894,354
	13,605	*	comScore, Inc		363,526
	7,790	*	Comverse, Inc		246,008
	17,768	*,e	Concur Technologies, Inc		1,858,533
	10,822	*	Constant Contact, Inc		280,398
	41,252		Convergys Corp		814,314
	15,427	*	Cornerstone OnDemand, Inc		730,777
	10,758	*	CoStar Group, Inc		1,904,058
	12,041		CSG Systems International, Inc		335,462
	4,900	*	Cvent, Inc		151,851
	2,701	*,e	Cyan, Inc		12,722
	16,602	*	DealerTrack Holdings, Inc		619,255
	13,481	*,e	Demand Media, Inc		64,439
	6,119	*	Demandware, Inc		302,585
	21,212	*	Dice Holdings, Inc		156,545
	13,396	*	Digital River, Inc		238,985
	2,107		DMRC Corp		44,373
	12,911		DST Systems, Inc		1,094,465
	5,534	*,e	E2open, Inc		124,515
	37,774		Earthlink, Inc		191,136
	499,330	*	eBay, Inc		26,319,684
	117	e	Ebix, Inc		1,331
	4,651	*	eGain Corp		53,393
	115,805	*	Electronic Arts, Inc		3,039,881
	10,412	*,e	Ellie Mae, Inc		300,907
	8,754	*	Envestnet, Inc		317,770
	8,495	*	EPAM Systems, Inc		318,308
	11,770		EPIQ Systems, Inc		176,079
	1,860		ePlus, Inc		101,110
	18,834	*	Equinix, Inc		3,041,314
	19,019	*	Euronet Worldwide, Inc		825,425
	10,995		EVERTEC, Inc		257,943
	12,509	*	ExlService Holdings, Inc		361,635
	651,368	*	Facebook, Inc		32,737,756
	16,813	e	Factset Research Systems, Inc		1,831,608
	13,625		Fair Isaac Corp		780,440
	109,255		Fidelity National Information Services, Inc		5,326,181
	37,250	*	First American Corp		1,239,308
	51,652	*	Fiserv, Inc		5,409,514
	25,931	*	FleetCor Technologies, Inc		2,991,141
	6,261	*	FleetMatics Group plc		198,787
	6,370		Forrester Research, Inc		247,220
	51,947	*	Fortinet, Inc		1,044,654
	36,231	*	Gartner, Inc		2,135,817
	64,082	*	Genpact Ltd		1,270,746
	3,514	*,m	Gerber Scientific, Inc		0
	3,000	*	Gigamon, Inc		92,340
	25,360	*	Global Cash Access, Inc		210,488

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	8,020	*	Global Eagle Entertainment, Inc	$	81,644
	30,526		Global Payments, Inc		1,815,686
	48,631	*,e	Glu Mobile, Inc		165,345
	4,200	*,e	Gogo, Inc		78,288
	103,211	*	Google, Inc (Class A)		106,367,192
	6,177	*	Guidance Software, Inc		53,987
	16,027	*	Guidewire Software, Inc		812,889
	8,566		Hackett Group, Inc		60,990
	13,744	e	Heartland Payment Systems, Inc		555,945
	11,998	*	Higher One Holdings, Inc		95,384
	29,546		IAC/InterActiveCorp		1,577,461
	12,049	*	iGate Corp		383,640
	7,743	*	Imperva, Inc		296,867
	19,069	*	Infoblox, Inc		847,617
	41,447	*	Informatica Corp		1,599,854
	5,865	*	Interactive Intelligence, Inc		360,404
	20,242	*	Internap Network Services Corp		147,159
	399,013		International Business Machines Corp		71,507,120
	113,322		Intuit, Inc		8,092,324
	18,204	e	j2 Global, Inc		1,000,856
	32,569		Jack Henry & Associates, Inc		1,778,593
	15,195	*,e	Jive Software, Inc		165,474
	9,164	*	Knot, Inc		127,196
	26,622	e	Leidos Holdings, Inc		1,253,630
	33,132		Lender Processing Services, Inc		1,143,717
	31,019	*	Limelight Networks, Inc		59,556
	36,732	*	LinkedIn Corp		8,215,846
	25,980	*	Lionbridge Technologies		113,273
	9,582	*,e	Liquidity Services, Inc		250,186
	19,540	*	Liveperson, Inc		182,504
	9,155	*	LogMeIn, Inc		295,707
	5,845	*	magicJack VocalTec Ltd		65,932
	7,440	*	Manhattan Associates, Inc		792,434
	9,112	e	Mantech International Corp (Class A)		254,589
	5,916		Marchex, Inc (Class B)		52,771
	3,243	*,e	Marin Software, Inc		37,586
	2,787	*	Marketo, Inc		94,089
	44,846		Mastercard, Inc (Class A)		32,159,067
	26,274		MAXIMUS, Inc		1,272,975
	36,297		Mentor Graphics Corp		801,438
	29,884	*,e	Micros Systems, Inc		1,621,207
	3,198,941		Microsoft Corp		113,082,564
	3,605	*	MicroStrategy, Inc (Class A)		439,774
	13,413	*,e	Millennial Media, Inc		94,293
	8,779	*,e	Mitek Systems, Inc		46,441
	2,993	*,e	Model N, Inc		26,907
	12,618	*	ModusLink Global Solutions, Inc		51,986
	8,027	*	MoneyGram International, Inc		169,450
	14,709		Monotype Imaging Holdings, Inc		415,088
	52,943	*	Monster Worldwide, Inc		228,714
	15,248	*	Move, Inc		258,759
	12,978	*	Netscout Systems, Inc		367,537

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	13,338	*	NetSuite, Inc	$	1,345,537
	25,383	*	NeuStar, Inc (Class A)		1,165,587
	24,413		NIC, Inc		601,048
	99,448	*	Nuance Communications, Inc		1,547,411
	8,726	*,e	OpenTable, Inc		606,282
	1,362,757		Oracle Corp		45,652,360
	54,049	*,e	Pandora Media, Inc		1,358,251
	125,740	e	Paychex, Inc		5,313,772
	6,159		Pegasystems, Inc		234,412
	12,449	*	Perficient, Inc		225,202
	16,433	*,e	Planet Payment, Inc		44,698
	10,834	*	PRG-Schultz International, Inc		77,788
	22,150	*	Progress Software Corp		575,014
	6,793	*	Proofpoint, Inc		214,931
	8,661	*	PROS Holdings, Inc		306,166
	46,763	*	PTC, Inc		1,296,270
	1,815		QAD, Inc (Class A)		27,080
	33,102	*	QLIK Technologies, Inc		838,805
	5,833	*	Qualys, Inc		121,326
	10,313	*	QuinStreet, Inc		91,683
	44,301	*	Rackspace Hosting, Inc		2,269,540
	2,652	*	Rally Software Development Corp		71,153
	6,554	*	RealNetworks, Inc		50,269
	17,634	*,e	RealPage, Inc		432,562
	73,099	*	Red Hat, Inc		3,162,994
	3,209	*	Reis, Inc		57,730
	13,890	*	Responsys, Inc		226,963
	5,380	*	Rosetta Stone, Inc		81,668
	39,322	*	Rovi Corp		659,037
	227,184	*	Salesforce.com, Inc		12,122,538
	3,576	e	Sapiens International Corp NV		23,065
	43,717	*	Sapient Corp		691,166
	15,212		Science Applications International Corp		536,223
	8,819	*	Sciquest, Inc		192,607
	11,069	*	Seachange International, Inc		157,069
	30,106	*	ServiceNow, Inc		1,644,089
	23,558	*	ServiceSource International LLC		254,898
	3,430	*,e	Shutterstock, Inc		242,844
	2,089	*	Silver Spring Networks, Inc		45,624
	25,012	*	SolarWinds, Inc		905,184
	25,934		Solera Holdings, Inc		1,458,009
	6,389	*	Spark Networks, Inc		45,745
	39,093	*	Splunk, Inc		2,451,522
	5,751	*	SPS Commerce, Inc		391,931
	22,077	*	SS&C Technologies Holdings, Inc		867,626
	4,962	*	Stamps.com, Inc		225,473
	20,992	*	SupportSoft, Inc		93,624
	14,880	*	Sykes Enterprises, Inc		278,554
	268,349		Symantec Corp		6,102,256
	11,136	*	Synchronoss Technologies, Inc		385,528
	59,748	*	Synopsys, Inc		2,177,815
	6,330		Syntel, Inc		543,367

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	14,466	*	TA Indigo Holding Corp	$	150,302
	3,590	*	Tableau Software, Inc		220,641
	30,856	*	Take-Two Interactive Software, Inc		552,631
	11,995	*,e	Tangoe, Inc		229,105
	16,987	*	TeleCommunication Systems, Inc (Class A)		38,730
	4,598	*	TeleNav, Inc		33,336
	7,450	*	TeleTech Holdings, Inc		197,202
	63,039	*	Teradata Corp		2,778,129
	2,400	*,e	Textura Corp		91,992
	62,742	*	TIBCO Software, Inc		1,540,944
	48,128	*	TiVo, Inc		639,621
	62,446		Total System Services, Inc		1,862,764
	4,367	*	Travelzoo, Inc		94,022
	10,911	*	Trulia, Inc		436,113
	12,003	*	Tyler Technologies, Inc		1,160,810
	10,594	*	Ultimate Software Group, Inc		1,636,561
	17,004	*	Unisys Corp		448,055
	32,252		United Online, Inc		278,657
	27,274	*	Unwired Planet, Inc		44,184
	29,812	*,e	Valueclick, Inc		572,689
	33,279	*	Vantiv, Inc		915,173
	11,802	*	Vasco Data Security International		88,633
	43,062	*	VeriFone Systems, Inc		975,785
	20,079	*	Verint Systems, Inc		733,285
	54,602	*	VeriSign, Inc		2,963,797
	16,219	*,e	VirnetX Holding Corp		352,601
	7,704	*	Virtusa Corp		239,440
	200,597		Visa, Inc (Class A)		39,451,412
	11,714	*,e	VistaPrint Ltd		633,142
	32,905	*	VMware, Inc (Class A)		2,674,518
	6,237	*	Vocus, Inc		53,950
	24,803	*,e	Vringo, Inc		69,944
	13,778	*,e	WebMD Health Corp (Class A)		485,261
	15,956	*	Website Pros, Inc		430,014
	215,383		Western Union Co		3,665,819
	14,125	*	Workday, Inc		1,057,539
	2,777	*	Xoom Corp		82,616
	345,620	*	Yahoo!, Inc		11,381,267
	11,263	*	Yelp, Inc		763,068
	8,866	*,e	Zillow, Inc		706,000
	19,707	*	Zix Corp		80,405
	222,604	*	Zynga, Inc		799,148
			TOTAL SOFTWARE & SERVICES		741,482,332
TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%
	38,425	*,e	3D Systems Corp		2,391,572
	22,562		Adtran, Inc		529,756
	5,045	*	Agilysys, Inc		59,279
	4,562		Alliance Fiber Optic Products, Inc		84,716
	61,430		Amphenol Corp (Class A)		4,932,215
	4,455	*	Anaren, Inc		111,286
	11,053	*	Anixter International, Inc		944,921

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	359,277	d	Apple, Inc	$	187,668,341
	44,389	*	ARRIS Group, Inc		792,788
	39,872	*	Arrow Electronics, Inc		1,914,653
	40,547	*	Aruba Networks, Inc		760,662
	5,463	*	Audience, Inc		62,387
	12,825	*	Avid Technology, Inc		95,546
	52,221		Avnet, Inc		2,073,174
	23,578		AVX Corp		312,408
	5,862	*	AX Holding Corp		45,430
	5,631		Badger Meter, Inc		292,868
	3,107		Bel Fuse, Inc (Class B)		65,371
	16,843		Belden CDT, Inc		1,132,860
	20,407	*	Benchmark Electronics, Inc		463,851
	5,380		Black Box Corp		134,715
	163,275	*	Brocade Communications Systems, Inc		1,309,466
	11,935	*	CalAmp Corp		280,831
	15,814	*	Calix Networks, Inc		160,828
	10,100	*	CDW Corp		222,099
	15,153	*	Checkpoint Systems, Inc		257,904
	38,817	*,e	Ciena Corp		903,272
	2,051,066		Cisco Systems, Inc		46,148,985
	33,038		Cognex Corp		1,032,438
	9,303		Coherent, Inc		615,766
	6,617		Comtech Telecommunications Corp		198,642
	553,008		Corning, Inc		9,450,907
	16,155	*	Cray, Inc		361,226
	12,860		CTS Corp		239,453
	13,980		Daktronics, Inc		167,201
	7,890	*	Datalink Corp		81,030
	24,460		Diebold, Inc		732,822
	10,399	*	Digi International, Inc		104,822
	18,947	e	Dolby Laboratories, Inc (Class A)		677,166
	7,017	*	DTS, Inc		140,340
	15,301	*	EchoStar Corp (Class A)		733,836
	7,109		Electro Rent Corp		128,957
	8,952		Electro Scientific Industries, Inc		107,245
	17,705	*	Electronics for Imaging, Inc		607,459
	809,869		EMC Corp		19,493,547
	30,938	*	Emulex Corp		232,963
	35,807	*	Extreme Networks, Inc		191,926
	30,356	*	F5 Networks, Inc		2,474,318
	10,941	*	Fabrinet		183,152
	6,019	*	FARO Technologies, Inc		285,903
	14,577		FEI Co		1,298,519
	36,876	*	Finisar Corp		848,517
	54,438		Flir Systems, Inc		1,550,394
	30,305	*,e	Fusion-io, Inc		325,779
	9,172	*	Globecomm Systems, Inc		128,683
	9,235	*	GSI Group, Inc		92,165
	41,621	*	Harmonic, Inc		304,250
	42,417		Harris Corp		2,628,157
	17,933	*	Harris Stratex Networks, Inc (Class A)		36,942

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	745,637		Hewlett-Packard Co	$	18,171,174
	5,985	*,e	Hutchinson Technology, Inc		22,264
	14,783	*	Imation Corp		68,741
	8,608	*	Immersion Corp		109,494
	46,174	*,e	Infinera Corp		471,437
	58,237	*	Ingram Micro, Inc (Class A)		1,349,351
	15,777	*	Insight Enterprises, Inc		332,421
	15,655		InterDigital, Inc		606,631
	21,826	*,e	InvenSense, Inc		368,641
	12,349	e	IPG Photonics Corp		818,368
	15,091	*	Itron, Inc		643,933
	21,608	*	Ixia		306,401
	74,303		Jabil Circuit, Inc		1,549,961
	91,295	*	JDS Uniphase Corp		1,195,052
	196,532	*	Juniper Networks, Inc		3,663,356
	20,615	*	Kemet Corp		116,887
	4,519	*	KVH Industries, Inc		62,091
	24,102	e	Lexmark International, Inc (Class A)		856,826
	8,475		Littelfuse, Inc		720,629
	11,856	*	Maxwell Technologies, Inc		88,920
	5,827	*	Measurement Specialties, Inc		324,739
	11,902	*	Mercury Computer Systems, Inc		109,736
	795		Mesa Laboratories, Inc		55,356
	13,943		Methode Electronics, Inc		356,662
	52,887		Molex, Inc		2,041,438
	93,324		Motorola, Inc		5,834,616
	6,091		MTS Systems Corp		397,864
	2,641	*	Multi-Fineline Electronix, Inc		35,416
	36,788		National Instruments Corp		1,068,691
	61,450	*	NCR Corp		2,245,998
	13,531	*,e	Neonode, Inc		73,203
	133,122		NetApp, Inc		5,166,465
	13,526	*	Netgear, Inc		389,008
	13,754	*	Newport Corp		218,276
	5,235	*	Numerex Corp		61,825
	7,256	*	Oplink Communications, Inc		132,422
	7,343	*	OSI Systems, Inc		534,864
	12,643	*	Palo Alto Networks, Inc		533,029
	7,383		Park Electrochemical Corp		207,093
	38,779	*,e	Parkervision, Inc		106,254
	2,720		PC Connection, Inc		54,373
	5,420		PC-Tel, Inc		49,918
	16,576		Plantronics, Inc		711,773
	12,430	*	Plexus Corp		475,820
	68,822	*	Polycom, Inc		715,749
	7,482	*,e	Procera Networks, Inc		105,870
	34,549	*	QLogic Corp		426,680
	663,073		Qualcomm, Inc		46,063,681
	89,500	*	Quantum Corp		110,980
	12,816	*	Rackable Systems, Inc		163,660
	4,741	*	Radisys Corp		14,318
	15,520	*,e	RealD, Inc		107,398

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	4,066		Richardson Electronics Ltd	$	46,840
	62,216	*	Riverbed Technology, Inc		922,041
	12,947	*	Rofin-Sinar Technologies, Inc		339,859
	6,561	*	Rogers Corp		399,959
	16,628	*	Ruckus Wireless, Inc		241,106
	84,652		SanDisk Corp		5,883,314
	31,442	*	Sanmina Corp		457,796
	10,651	*	Scansource, Inc		409,637
	19,766	*	ShoreTel, Inc		157,140
	88,048	*	Sonus Networks, Inc		264,144
	14,393	*	Speed Commerce, Inc		52,822
	12,110	*,e	Stratasys Ltd		1,371,215
	8,338	*	Super Micro Computer, Inc		116,065
	12,974	*	Symmetricom, Inc		93,024
	11,908	*,e	Synaptics, Inc		553,722
	11,079	*	SYNNEX Corp		679,143
	14,787	*	Tech Data Corp		769,811
	130,218		Tellabs, Inc		317,732
	2,797		Tessco Technologies, Inc		99,098
	97,626	*	Trimble Navigation Ltd		2,789,175
	18,862	*	TTM Technologies, Inc		165,043
	5,659	e	Ubiquiti Networks, Inc		218,324
	3,650	*,e	Uni-Pixel, Inc		60,043
	15,423	*,e	Universal Display Corp		491,994
	15,127	*	Viasat, Inc		1,000,197
	50,091	*	Vishay Intertechnology, Inc		614,617
	5,516	*	Vishay Precision Group, Inc		90,462
	11,260	*	Westell Technologies, Inc		40,423
	81,257		Western Digital Corp		5,657,925
	479,396		Xerox Corp		4,765,196
	19,367	*	Zebra Technologies Corp (Class A)		935,620
	6,230	*	Zygo Corp		96,191
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		430,122,140
TELECOMMUNICATION SERVICES - 2.2%
	25,143	*	8x8, Inc		288,139
	2,062,279		AT&T, Inc		74,654,500
	3,536		Atlantic Tele-Network, Inc		195,965
	4,835	*,e	Boingo Wireless, Inc		32,781
	8,193	*	Cbeyond Communications, Inc		52,763
	235,722		CenturyTel, Inc		7,981,547
	80,190	*	Cincinnati Bell, Inc		229,343
	17,952		Cogent Communications Group, Inc		630,654
	16,386	e	Consolidated Communications Holdings, Inc		305,271
	125,728	*	Crown Castle International Corp		9,557,843
	6,461	*,e	Fairpoint Communications, Inc		60,346
	381,957	e	Frontier Communications Corp		1,684,430
	12,153	*	General Communication, Inc (Class A)		115,575
	3,135	*	Hawaiian Telcom Holdco, Inc		83,328
	3,945		HickoryTech Corp		52,784
	4,316		IDT Corp (Class B)		94,477
	19,971	*	inContact, Inc		151,580

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	11,976		Inteliquent, Inc	$	153,892
	8,586	*,e	Intelsat S.A.		175,069
	24,911	*,e	Iridium Communications, Inc		150,213
	19,784	*	Leap Wireless International, Inc		318,522
	62,552	*	Level 3 Communications, Inc		1,910,964
	6,361		Lumos Networks Corp		140,006
	68,792	*,e	NII Holdings, Inc (Class B)		236,644
	6,901		NTELOS Holdings Corp		131,395
	7,939	*	Orbcomm, Inc		47,872
	18,318	*	Premiere Global Services, Inc		165,045
	5,402		PTGi Holding, Inc		19,015
	49,410	*	SBA Communications Corp (Class A)		4,321,893
	9,111		Shenandoah Telecom Co		252,648
	322,832	*,e	Sprint Corp		2,172,659
	2,097	*	Straight Path Communications, Inc		11,450
	36,184		Telephone & Data Systems, Inc		1,128,217
	68,215		T-Mobile US, Inc		1,891,602
	19,858	*,e	Towerstream Corp		47,659
	57,396	*	tw telecom inc (Class A)		1,809,122
	4,832		US Cellular Corp		233,869
	8,964		USA Mobility, Inc		133,743
	1,097,376		Verizon Communications, Inc		55,428,462
	56,503	*	Vonage Holdings Corp		210,756
	226,015	e	Windstream Holdings, Inc		1,932,428
			TOTAL TELECOMMUNICATION SERVICES		169,194,471
TRANSPORTATION - 2.0%
	22,768	*	Air Transport Services Group, Inc		164,840
	26,907		Alaska Air Group, Inc		1,901,249
	6,706		Allegiant Travel Co		699,235
	3,092		Amerco, Inc		624,367
	10,986		Arkansas Best Corp		300,687
	9,836	*	Atlas Air Worldwide Holdings, Inc		364,227
	40,942	*	Avis Budget Group, Inc		1,282,713
	7,615		Celadon Group, Inc		141,182
	61,217	e	CH Robinson Worldwide, Inc		3,657,104
	20,400		Con-Way, Inc		840,480
	12,808		Copa Holdings S.A. (Class A)		1,915,308
	389,477		CSX Corp		10,149,771
	324,985		Delta Air Lines, Inc		8,573,104
	6,770	*	Echo Global Logistics, Inc		124,636
	78,828		Expeditors International of Washington, Inc		3,570,120
	120,808		FedEx Corp		15,825,848
	11,512		Forward Air Corp		466,006
	16,617	*	Genesee & Wyoming, Inc (Class A)		1,659,041
	19,650	*,e	Hawaiian Holdings, Inc		162,112
	26,111		Heartland Express, Inc		374,954
	137,125	*	Hertz Global Holdings, Inc		3,148,390
	14,183	*	Hub Group, Inc (Class A)		520,942
	1,603		International Shipholding Corp		39,786
	33,596		J.B. Hunt Transport Services, Inc		2,520,708
	88,511	*,e	JetBlue Airways Corp		627,543

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	42,238		Kansas City Southern Industries, Inc	$	5,132,762
	21,700	*	Kirby Corp		1,920,233
	22,259		Knight Transportation, Inc		377,735
	17,823		Landstar System, Inc		985,434
	9,209		Marten Transport Ltd		162,447
	14,961		Matson, Inc		405,293
	119,852		Norfolk Southern Corp		10,309,669
	27,035	*	Old Dominion Freight Line		1,267,941
	17,847	*	Pacer International, Inc		142,419
	3,699	*	Park-Ohio Holdings Corp		153,176
	2,006	*	Patriot Transportation Holding, Inc		74,162
	9,597	*	Quality Distribution, Inc		98,657
	31,898	*	Republic Airways Holdings, Inc		375,758
	7,476	*	Roadrunner Transportation Services Holdings, Inc		198,114
	20,321		Ryder System, Inc		1,337,731
	8,986	*	Saia, Inc		292,315
	19,576		Skywest, Inc		294,423
	266,560		Southwest Airlines Co		4,590,163
	22,427	*	Spirit Airlines, Inc		967,725
	31,161	*,e	Swift Transportation Co, Inc		678,998
	135,046	*	UAL Corp		4,584,812
	6,896	*	Ultrapetrol Bahamas Ltd		24,826
	177,952		Union Pacific Corp		26,941,933
	277,034		United Parcel Service, Inc (Class B)		27,215,820
	1,808		Universal Truckload Services, Inc		48,201
	75,486	*,e	US Airways Group, Inc		1,658,427
	34,683		UTI Worldwide, Inc		527,182
	16,944	e	Werner Enterprises, Inc		392,423
	15,883	*	Wesco Aircraft Holdings, Inc		290,977
	11,166	*,e	XPO Logistics, Inc		225,330
	8,093	*,e	YRC Worldwide, Inc		76,722
			TOTAL TRANSPORTATION		151,406,161
UTILITIES - 3.1%
	236,714		AES Corp		3,335,300
	43,299		AGL Resources, Inc		2,072,290
	17,560		Allete, Inc		887,307
	42,283		Alliant Energy Corp		2,208,018
	92,564		Ameren Corp		3,348,966
	185,318		American Electric Power Co, Inc		8,680,295
	16,104		American States Water Co		458,642
	67,454		American Water Works Co, Inc		2,891,753
	68,266		Aqua America, Inc		1,718,938
	1,984		Artesian Resources Corp		45,434
	44,603	e	Atlantic Power Corp		200,267
	34,058		Atmos Energy Corp		1,507,748
	22,952		Avista Corp		637,836
	16,898		Black Hills Corp		857,067
	21,512		California Water Service Group		468,962
	150,740	*	Calpine Corp		3,040,426
	162,211		Centerpoint Energy, Inc		3,990,391
	5,540		Chesapeake Utilities Corp		301,431

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	25,802		Cleco Corp	$	1,195,665
	97,741		CMS Energy Corp		2,683,968
	4,218		Connecticut Water Service, Inc		135,187
	111,721		Consolidated Edison, Inc		6,504,397
	4,410		Consolidated Water Co, Inc		66,326
	2,121		Delta Natural Gas Co, Inc		47,341
	222,126		Dominion Resources, Inc		14,160,532
	66,078		DTE Energy Co		4,568,633
	269,919		Duke Energy Corp		19,361,290
	37,632	*,e	Dynegy, Inc		731,190
	124,400		Edison International		6,099,332
	18,601		El Paso Electric Co		654,197
	22,904		Empire District Electric Co		515,111
	67,999		Entergy Corp		4,400,895
	327,219		Exelon Corp		9,338,830
	159,992		FirstEnergy Corp		6,058,897
	4,127	*	Genie Energy Ltd		42,632
	58,592		Great Plains Energy, Inc		1,373,396
	37,641	e	Hawaiian Electric Industries, Inc		1,000,121
	19,200		Idacorp, Inc		990,720
	30,178		Integrys Energy Group, Inc		1,770,845
	19,957		ITC Holdings Corp		2,007,475
	12,849		Laclede Group, Inc		604,802
	69,943		MDU Resources Group, Inc		2,082,903
	10,649		MGE Energy, Inc		599,645
	5,907		Middlesex Water Co		122,452
	25,987		National Fuel Gas Co		1,859,370
	17,858		New Jersey Resources Corp		822,004
	161,492		NextEra Energy, Inc		13,686,447
	118,772		NiSource, Inc		3,743,693
	119,570		Northeast Utilities		5,128,357
	10,943		Northwest Natural Gas Co		475,254
	13,458		NorthWestern Corp		616,915
	122,279		NRG Energy, Inc		3,488,620
	8,540	*	NRG Yield, Inc		302,487
	92,345		NV Energy, Inc		2,192,270
	75,715		OGE Energy Corp		2,793,884
	78,605		Oneok, Inc		4,441,183
	6,871	e	Ormat Technologies, Inc		179,127
	16,846		Otter Tail Corp		502,516
	94,991		Pepco Holdings, Inc		1,831,426
	169,196		PG&E Corp		7,080,853
	29,380		Piedmont Natural Gas Co, Inc		1,003,033
	42,005		Pinnacle West Capital Corp		2,353,540
	33,746		PNM Resources, Inc		807,204
	29,047		Portland General Electric Co		833,649
	241,672		PPL Corp		7,402,413
	193,068		Public Service Enterprise Group, Inc		6,467,778
	6,766	*,e	Pure Cycle Corp		45,197
	66,334		Questar Corp		1,569,462
	51,325		SCANA Corp		2,393,285
	90,958		Sempra Energy		8,289,912

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE
	5,339		SJW Corp	$	150,720
	12,014		South Jersey Industries, Inc		715,434
	329,071		Southern Co		13,462,295
	17,791		Southwest Gas Corp		965,340
	80,008		TECO Energy, Inc		1,373,737
	42,439		UGI Corp		1,755,701
	19,636		UIL Holdings Corp		756,379
	5,284		Unitil Corp		159,682
	15,816		UNS Energy Corp		782,576
	31,189		Vectren Corp		1,089,120
	48,345	e	Westar Energy, Inc		1,528,185
	19,834		WGL Holdings, Inc		892,728
	87,334		Wisconsin Energy Corp		3,677,635
	188,677		Xcel Energy, Inc		5,445,218
	4,886		York Water Co		101,189
			TOTAL UTILITIES		236,933,671
			TOTAL COMMON STOCKS		7,525,427,884
			(Cost $5,464,899,701)
RIGHTS / WARRANTS - 0.0%
CONSUMER SERVICES - 0.0%
	15,743	m	Caesars Entertainment Corp		36,051
			TOTAL CONSUMER SERVICES		36,051
ENERGY - 0.0%
	7,431	m	Magnum Hunter Resources Corp		0
			TOTAL ENERGY		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	1,296	*,m	Forest Laboratories, Inc CVR		1,231
	18,685	e	Cubist Pharmaceuticals, Inc		36,062
	1,988	*,m	Omthera Pharmaceuticals, Inc		1,193
	12,340	e,m	Trius Therapeutics, Inc		1,604
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		40,090
REAL ESTATE - 0.0%
	766		Tejon Ranch Co		4,098
			TOTAL REAL ESTATE		4,098
			TOTAL RIGHTS / WARRANTS		80,239
			(Cost $46,029)

163

TIAA-CREF FUNDS - Equity Index Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 3.3%
GOVERNMENT AGENCY DEBT - 0.1%
$	10,100,000	Federal Home Loan Bank (FHLB)		0.030	11/13/13	$	10,099,899
							10,099,899

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%
	240,434,976	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		240,434,976
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		240,434,976
			TOTAL SHORT-TERM INVESTMENTS	$	250,534,875
			(Cost $250,534,875)
			TOTAL INVESTMENTS - 102.7%		7,776,042,998
			(Cost $5,715,480,605)
			OTHER ASSETS & LIABILITIES, NET - (2.7)%		(205,759,155	)
			NET ASSETS - 100.0%	$	7,570,283,843

Abbreviation(s):
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depositary Receipts

*	Non-income producing.
a	Affiliated holding.
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 transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $233,263,158.
m	Indicates a security that has been deemed illiquid.

164

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

TIAA-CREF FUNDS
LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 1.0%
	1,650		Allison Transmission Holdings, Inc	$	40,178
	17,463		BorgWarner, Inc		1,800,959
	47,492		Delphi Automotive plc		2,716,542
	205,556		Ford Motor Co		3,517,063
	11,660		Gentex Corp		343,270
	38,021		Goodyear Tire & Rubber Co		797,681
	33,834		Harley-Davidson, Inc		2,166,729
	1,667		Lear Corp		129,009
	12,592	*,e	Tesla Motors, Inc		2,013,965
	6,581		Thor Industries, Inc		381,764
	7,470	*	Visteon Corp		575,862
			TOTAL AUTOMOBILES & COMPONENTS		14,483,022
BANKS - 0.1%
	3,338	*,e	Nationstar Mortgage Holdings, Inc		171,306
	15,660	*	Ocwen Financial Corp		880,562
	924	*	Signature Bank		94,082
			TOTAL BANKS		1,145,950
CAPITAL GOODS - 8.5%
	88,351		3M Co		11,118,973
	5,102		A.O. Smith Corp		263,518
	1,367	*	Aecom Technology Corp		43,443
	36,784		Ametek, Inc		1,759,379
	4,297	*	Armstrong World Industries, Inc		229,589
	11,508		Babcock & Wilcox Co		370,673
	13,838	*	BE Aerospace, Inc		1,123,092
	114,759		Boeing Co		14,976,050
	671		Carlisle Cos, Inc		48,768
	18,155		Caterpillar, Inc		1,513,401
	15,109		Chicago Bridge & Iron Co NV		1,119,426
	13,045	*	Colfax Corp		729,998
	6,590		Crane Co		418,465
	23,615		Cummins, Inc		2,999,577
	18,557		Danaher Corp		1,337,774
	58,380		Deere & Co		4,777,819
	20,795		Donaldson Co, Inc		823,690
	18,786		Dover Corp		1,724,367
	81,403		Emerson Electric Co		5,451,559
	45,036	e	Fastenal Co		2,242,793
	21,807		Flowserve Corp		1,514,932
	14,420		Fluor Corp		1,070,252
	21,649		Fortune Brands Home & Security, Inc		932,639
	9,086		Graco, Inc		701,984

165

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	776		Harsco Corp	$	21,635
	6,816	*	HD Supply Holdings, Inc		137,615
	15,481	*	Hexcel Corp		655,001
	119,059		Honeywell International, Inc		10,325,987
	6,442		Hubbell, Inc (Class B)		692,773
	7,352		Huntington Ingalls		526,036
	11,606		IDEX Corp		802,555
	20,933		Illinois Tool Works, Inc		1,649,311
	31,826		Ingersoll-Rand plc		2,149,210
	13,231		ITT Corp		525,668
	7,594		Lennox International, Inc		592,788
	12,440		Lincoln Electric Holdings, Inc		861,346
	39,210		Lockheed Martin Corp		5,228,261
	20,871		Manitowoc Co, Inc		406,150
	53,336		Masco Corp		1,126,990
	5,576	*	MRC Global, Inc		155,849
	7,108		MSC Industrial Direct Co (Class A)		542,838
	1,834	*,e	Navistar International Corp		66,317
	9,578		Nordson Corp		690,478
	7,135		Paccar, Inc		396,706
	16,641		Pall Corp		1,339,933
	22,101		Precision Castparts Corp		5,601,498
	6,087	*	Quanta Services, Inc		183,888
	21,232		Rockwell Automation, Inc		2,344,225
	18,146		Rockwell Collins, Inc		1,267,135
	15,076		Roper Industries, Inc		1,911,788
	960		Snap-On, Inc		99,907
	3,525	*,e	SolarCity Corp		187,812
	3,240	*	Spirit Aerosystems Holdings, Inc (Class A)		86,476
	1,862		Stanley Works		147,266
	8,947		Toro Co		527,336
	7,959		TransDigm Group, Inc		1,157,318
	1,458		Triumph Group, Inc		104,466
	14,377	*,e	United Rentals, Inc		928,610
	130,304		United Technologies Corp		13,844,800
	3,999		Valmont Industries, Inc		561,860
	8,873		W.W. Grainger, Inc		2,386,571
	8,981	*	WABCO Holdings, Inc		769,492
	14,364		Westinghouse Air Brake Technologies Corp		936,389
	2,580		Xylem, Inc		89,010
			TOTAL CAPITAL GOODS		119,321,455
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	4,553		Cintas Corp		244,815
	9,224	*	Clean Harbors, Inc		569,582
	16,961	*	Copart, Inc		546,653
	11,148		Corrections Corp of America		412,476
	5,454		Dun & Bradstreet Corp		593,341
	18,092		Equifax, Inc		1,170,010
	9,953	*	IHS, Inc (Class A)		1,085,375
	23,339		Iron Mountain, Inc		619,417
	4,530		KAR Auction Services, Inc		134,631

166

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	4,443		Nielsen Holdings NV	$	175,232
	12,159	e	Pitney Bowes, Inc		259,473
	14,753	e	R.R. Donnelley & Sons Co		273,963
	20,763		Robert Half International, Inc		799,998
	9,293		Rollins, Inc		256,858
	13,049	*	Stericycle, Inc		1,516,294
	22,765	*	Verisk Analytics, Inc		1,559,858
	17,695		Waste Connections, Inc		756,284
	5,487		Waste Management, Inc		238,904
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		11,213,164
CONSUMER DURABLES & APPAREL - 2.2%
	8,862		Carter’s, Inc		612,807
	42,060		Coach, Inc		2,131,601
	2,524	*,e	Deckers Outdoor Corp		173,727
	7,883	*	Fossil Group, Inc		1,000,668
	15,094		Hanesbrands, Inc		1,028,203
	14,606	e	Hasbro, Inc		754,400
	19,250	*	Jarden Corp		1,065,680
	52,178		Mattel, Inc		2,315,138
	30,454	*	Michael Kors Holdings Ltd		2,343,435
	24,947		Newell Rubbermaid, Inc		739,180
	106,833		Nike, Inc (Class B)		8,093,668
	583	*	NVR, Inc		534,798
	10,751		Phillips-Van Heusen Corp		1,339,252
	9,672		Polaris Industries, Inc		1,266,549
	59,294		Pulte Homes, Inc		1,046,539
	9,008		Ralph Lauren Corp		1,492,085
	4,644	*	Taylor Morrison Home Corp		103,283
	9,458	*	Tempur-Pedic International, Inc		362,714
	7,919		Tupperware Corp		709,938
	12,778	*,e	Under Armour, Inc (Class A)		1,036,935
	13,226		VF Corp		2,843,590
	930		Whirlpool Corp		135,789
			TOTAL CONSUMER DURABLES & APPAREL		31,129,979
CONSUMER SERVICES - 3.4%
	5,751	*	Bally Technologies, Inc		420,628
	10,233		Brinker International, Inc		454,550
	15,030	e	Burger King Worldwide, Inc		318,336
	4,698	*	Chipotle Mexican Grill, Inc (Class A)		2,475,705
	234	e	Choice Hotels International, Inc		10,902
	12,546		Darden Restaurants, Inc		646,495
	8,531		Domino’s Pizza, Inc		572,089
	15,693		Dunkin Brands Group, Inc		748,242
	40,588		H&R Block, Inc		1,154,323
	39,961		International Game Technology		751,267
	58,975		Las Vegas Sands Corp		4,141,225
	31,390		Marriott International, Inc (Class A)		1,415,061
	151,458		McDonald’s Corp		14,618,726
	3,515	*	Norwegian Cruise Line Holdings Ltd		112,550
	4,349	*	Panera Bread Co (Class A)		686,794

167

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	5,064		SeaWorld Entertainment, Inc	$	152,072
	24,230		Service Corp International		436,382
	9,683		Six Flags Entertainment Corp		364,178
	113,321		Starbucks Corp		9,184,667
	12,684		Starwood Hotels & Resorts Worldwide, Inc		933,796
	2,745	e	Weight Watchers International, Inc		88,142
	20,495		Wyndham Worldwide Corp		1,360,868
	12,057		Wynn Resorts Ltd		2,004,476
	67,967		Yum! Brands, Inc		4,595,929
			TOTAL CONSUMER SERVICES		47,647,403
DIVERSIFIED FINANCIALS - 2.6%
	8,039	*	Affiliated Managers Group, Inc		1,587,220
	143,249		American Express Co		11,717,768
	9,632		Ameriprise Financial, Inc		968,401
	725		Artisan Partners Asset Management, Inc		43,406
	6,908		BlackRock, Inc		2,077,996
	13,254		CBOE Holdings, Inc		642,819
	22,008		Charles Schwab Corp		498,481
	18,041		Eaton Vance Corp		754,294
	10,390	e	Federated Investors, Inc (Class B)		281,777
	62,341		Franklin Resources, Inc		3,357,686
	11,069	*	IntercontinentalExchange, Inc		2,133,329
	49,500		iShares Russell 1000 Growth Index Fund		4,038,705
	19,095		Lazard Ltd (Class A)		738,022
	6,388		Leucadia National Corp		181,036
	6,222		LPL Financial Holdings, Inc		253,484
	29,228		Moody’s Corp		2,065,251
	7,703	*	MSCI, Inc (Class A)		314,051
	21,020		SEI Investments Co		697,654
	39,086		T Rowe Price Group, Inc		3,025,647
	12,940		Waddell & Reed Financial, Inc (Class A)		799,045
			TOTAL DIVERSIFIED FINANCIALS		36,176,072
ENERGY - 4.8%
	4,124		Anadarko Petroleum Corp		392,976
	1,916	*	Atwood Oceanics, Inc		101,797
	4,093		Baker Hughes, Inc		237,762
	63,654		Cabot Oil & Gas Corp		2,248,259
	23,345	*	Cameron International Corp		1,280,707
	36,826	*	Cheniere Energy, Inc		1,465,675
	38,825	*	Cobalt International Energy, Inc		901,128
	15,803	*	Concho Resources, Inc		1,747,970
	6,399	*,e	Continental Resources, Inc		728,846
	2,613		CVR Energy, Inc		103,788
	11,689	*	Dresser-Rand Group, Inc		710,341
	6,108	*	Dril-Quip, Inc		717,201
	38,335		EOG Resources, Inc		6,838,964
	20,464		Equitable Resources, Inc		1,751,923
	35,814	*	FMC Technologies, Inc		1,810,398
	2,244	*	Frank’s International NV		68,644
	9,596	*	Gulfport Energy Corp		563,189

168

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	141,025		Halliburton Co	$	7,478,556
	91,953		Kinder Morgan, Inc		3,246,861
	16,221	*	Kosmos Energy LLC		172,916
	6,000	*	Laredo Petroleum Holdings, Inc		190,620
	6,743		Noble Energy, Inc		505,253
	14,421	*	Oasis Petroleum, Inc		767,918
	16,326		Oceaneering International, Inc		1,402,077
	15,177		Pioneer Natural Resources Co		3,107,946
	3,402		Questar Market Resources, Inc		112,470
	24,833		Range Resources Corp		1,880,107
	8,547	e	RPC, Inc		156,752
	200,881		Schlumberger Ltd		18,826,567
	53,455	e	Seadrill Ltd		2,492,072
	53,497	*	Southwestern Energy Co		1,991,158
	9,903		St. Mary Land & Exploration Co		877,505
	1,800	*	Whiting Petroleum Corp		120,402
	55,675		Williams Cos, Inc		1,988,154
	2,295		World Fuel Services Corp		87,554
			TOTAL ENERGY		67,074,456
FOOD & STAPLES RETAILING - 2.6%
	65,980		Costco Wholesale Corp		7,785,640
	21,148		CVS Corp		1,316,675
	6,563	*	Fresh Market, Inc		334,122
	78,644		Kroger Co		3,369,109
	2,627		Safeway, Inc		91,682
	2,142	*	Sprouts Farmers Market, Inc		98,661
	30,954		Sysco Corp		1,001,052
	107,636		Walgreen Co		6,376,357
	161,525		Wal-Mart Stores, Inc		12,397,044
	56,264		Whole Foods Market, Inc		3,551,946
			TOTAL FOOD & STAPLES RETAILING		36,322,288
FOOD, BEVERAGE & TOBACCO - 8.1%
	303,928		Altria Group, Inc		11,315,240
	7,434		Archer Daniels Midland Co		304,051
	22,815		Brown-Forman Corp (Class B)		1,665,039
	17,663		Campbell Soup Co		751,914
	578,365		Coca-Cola Co		22,885,903
	41,132		Coca-Cola Enterprises, Inc		1,716,438
	58,173		ConAgra Foods, Inc		1,850,483
	21,848	*	Constellation Brands, Inc (Class A)		1,426,674
	30,922		Dr Pepper Snapple Group, Inc		1,464,157
	25,837		Flowers Foods, Inc		654,710
	97,340		General Mills, Inc		4,907,883
	22,789	*,e	Green Mountain Coffee Roasters, Inc		1,431,377
	22,758		Hershey Co		2,258,504
	18,828		Hillshire Brands Co		618,123
	20,315		Hormel Foods Corp		882,890
	1,312		Ingredion, Inc		86,277
	2,109		J.M. Smucker Co		234,542
	36,074		Kellogg Co		2,281,680

169

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	89,713		Kraft Foods Group, Inc	$	4,878,593
	57,245		Lorillard, Inc		2,920,067
	20,073		McCormick & Co, Inc		1,388,048
	30,640		Mead Johnson Nutrition Co		2,502,062
	20,261	*	Monster Beverage Corp		1,159,537
	233,527		PepsiCo, Inc		19,637,285
	247,024		Philip Morris International, Inc		22,014,779
	3,296		Pinnacle Foods, Inc		89,289
	35,958		Reynolds American, Inc		1,847,162
	20,471	*	WhiteWave Foods Co (Class A)		409,625
			TOTAL FOOD, BEVERAGE & TOBACCO		113,582,332
HEALTH CARE EQUIPMENT & SERVICES - 3.6%
	14,951		Aetna, Inc		937,428
	35,108		AmerisourceBergen Corp		2,293,606
	12,059		Bard (C.R.), Inc		1,642,677
	82,109		Baxter International, Inc		5,408,520
	29,326		Becton Dickinson & Co		3,083,042
	15,472	*	Brookdale Senior Living, Inc		418,982
	30,922	*	Catamaran Corp		1,452,097
	44,789	*	Cerner Corp		2,509,528
	2,458		Cigna Corp		189,217
	1,483		Community Health Systems, Inc		64,703
	5,410		Cooper Cos, Inc		699,026
	28,084	*	DaVita, Inc		1,578,602
	6,268		Dentsply International, Inc		295,223
	16,849	*	Edwards Lifesciences Corp		1,098,386
	4,589	*	Envision Healthcare Holdings, Inc		133,310
	107,775	*	Express Scripts Holding Co		6,738,093
	2,777		HCA Holdings, Inc		130,908
	39,236	*	Health Management Associates, Inc (Class A)		503,005
	13,110	*	Henry Schein, Inc		1,473,957
	12,081	*	Hologic, Inc		270,494
	8,128	*,e	Idexx Laboratories, Inc		876,686
	5,752	*	Intuitive Surgical, Inc		2,136,868
	14,178	*	Laboratory Corp of America Holdings		1,430,560
	34,235		McKesson Corp		5,352,300
	11,657		Patterson Cos, Inc		495,539
	5,011	*	Pediatrix Medical Group, Inc		546,299
	1,841		Quest Diagnostics, Inc		110,294
	21,296	e	Resmed, Inc		1,101,855
	8,348	*	Sirona Dental Systems, Inc		603,143
	26,930		St. Jude Medical, Inc		1,545,513
	29,188		Stryker Corp		2,155,826
	15,925	*	Tenet Healthcare Corp		751,501
	9,173		Universal Health Services, Inc (Class B)		738,977
	16,178	*	Varian Medical Systems, Inc		1,174,199
	1,326		Zimmer Holdings, Inc		115,985
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		50,056,349
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	66,071		Avon Products, Inc		1,156,243
	20,642		Church & Dwight Co, Inc		1,344,826

170

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	16,766	e	Clorox Co	$	1,512,126
	141,171		Colgate-Palmolive Co		9,137,999
	5,522	e	Coty, Inc		84,928
	35,014		Estee Lauder Cos (Class A)		2,484,593
	12,687	e	Herbalife Ltd		822,371
	48,719		Kimberly-Clark Corp		5,261,652
	8,917		Nu Skin Enterprises, Inc (Class A)		1,042,665
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		22,847,403
INSURANCE - 1.0%
	1,858		Allied World Assurance Co Holdings Ltd		201,203
	1,478		American Financial Group, Inc		83,152
	35,836		Aon plc		2,834,269
	1,166	*	Arch Capital Group Ltd		67,581
	19,287		Arthur J. Gallagher & Co		915,168
	4,747		Axis Capital Holdings Ltd		225,103
	8,284		Brown & Brown, Inc		264,508
	5,713		Chubb Corp		526,053
	1,933		Endurance Specialty Holdings Ltd		106,876
	3,846		Erie Indemnity Co (Class A)		276,220
	1,747		Hanover Insurance Group, Inc		102,269
	3,385		Loews Corp		163,529
	55,388		Marsh & McLennan Cos, Inc		2,536,771
	72,331		Progressive Corp		1,878,436
	27,098		Prudential Financial, Inc		2,205,506
	15,519		Travelers Cos, Inc		1,339,290
	1,900		Validus Holdings Ltd		75,012
			TOTAL INSURANCE		13,800,946
MATERIALS - 4.5%
	9,848		Airgas, Inc		1,074,121
	4,671		Albemarle Corp		309,174
	6,896		Aptargroup, Inc		442,447
	4,763		Avery Dennison Corp		224,433
	22,767		Ball Corp		1,113,079
	6,842		Bemis Co, Inc		272,996
	24,150		Celanese Corp (Series A)		1,352,642
	4,852		Compass Minerals International, Inc		361,328
	18,063	*	Crown Holdings, Inc		787,547
	23,228		Dow Chemical Co		916,809
	139,327		Du Pont (E.I.) de Nemours & Co		8,526,812
	7,218		Eagle Materials, Inc		541,422
	23,141		Eastman Chemical Co		1,823,279
	39,595		Ecolab, Inc		4,197,070
	20,369		FMC Corp		1,482,048
	784		Greif, Inc (Class A)		41,936
	12,188		International Flavors & Fragrances, Inc		1,007,338
	57,213		International Paper Co		2,552,272
	61,275		LyondellBasell Industries AF S.C.A		4,571,115
	6,951		Martin Marietta Materials, Inc		681,824
	80,803		Monsanto Co		8,474,619

171

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	1,394	e	NewMarket Corp	$	434,036
	15,143	*	Owens-Illinois, Inc		481,396
	15,042		Packaging Corp of America		936,816
	19,694		PPG Industries, Inc		3,595,731
	44,806		Praxair, Inc		5,587,756
	7,795		Rock-Tenn Co (Class A)		834,143
	8,456		Rockwood Holdings, Inc		534,842
	2,813		Royal Gold, Inc		135,137
	18,555		RPM International, Inc		718,450
	6,724		Scotts Miracle-Gro Co (Class A)		394,833
	29,706		Sealed Air Corp		896,527
	13,323		Sherwin-Williams Co		2,504,724
	17,327		Sigma-Aldrich Corp		1,497,573
	6,907		Silgan Holdings, Inc		311,298
	23,691		Southern Copper Corp (NY)		662,163
	1,643	*	Tahoe Resources, Inc		31,463
	13,457		Valspar Corp		941,586
	2,647		Westlake Chemical Corp		284,341
	10,030	*	WR Grace & Co		919,350
			TOTAL MATERIALS		62,456,476
MEDIA - 5.2%
	8,854	*	AMC Networks, Inc		620,577
	30,318		Cablevision Systems Corp (Class A)		471,445
	85,172		CBS Corp (Class B)		5,037,072
	10,000	*	Charter Communications, Inc		1,342,400
	17,482		Cinemark Holdings, Inc		573,584
	5,936		Clear Channel Outdoor Holdings, Inc (Class A)		50,456
	366,685		Comcast Corp (Class A)		17,446,872
	78,794	*	DIRECTV		4,923,837
	36,807	*	Discovery Communications, Inc (Class A)		3,272,878
	31,149		DISH Network Corp (Class A)		1,501,382
	28,874		Interpublic Group of Cos, Inc		485,083
	11,648	*	Lamar Advertising Co (Class A)		532,430
	50,435	*	Liberty Global plc (Class A)		3,952,591
	11,970	*,e	Lions Gate Entertainment Corp		413,923
	9,306	*	Madison Square Garden, Inc		563,199
	19,451		McGraw-Hill Cos, Inc		1,355,346
	3,066		Morningstar, Inc		246,169
	53,911	*	News Corp		948,834
	39,281		Omnicom Group, Inc		2,675,429
	2,535	e	Regal Entertainment Group (Class A)		48,190
	16,704		Scripps Networks Interactive (Class A)		1,344,672
	216,197	e	Sirius XM Radio, Inc		815,063
	15,243	*	Starz-Liberty Capital		459,577
	44,088		Time Warner Cable, Inc		5,297,173
	221,734		Twenty-First Century Fox, Inc		7,556,695
	73,215		Viacom, Inc (Class B)		6,098,077
	60,621		Walt Disney Co		4,157,994
			TOTAL MEDIA		72,190,948

172

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
	239,616		AbbVie, Inc	$	11,609,395
	26,248	*	Actavis plc		4,057,416
	6,107		Agilent Technologies, Inc		309,991
	29,603	*	Alexion Pharmaceuticals, Inc		3,639,689
	19,083	*	Alkermes plc		671,531
	44,941		Allergan, Inc		4,072,104
	113,454		Amgen, Inc		13,160,664
	26,972	*,e	Ariad Pharmaceuticals, Inc		59,338
	35,927	*	Biogen Idec, Inc		8,773,014
	21,215	*	BioMarin Pharmaceuticals, Inc		1,332,726
	213,988		Bristol-Myers Squibb Co		11,238,650
	16,337	*	Bruker BioSciences Corp		334,092
	63,125	*	Celgene Corp		9,373,431
	3,079	*	Charles River Laboratories International, Inc		151,518
	8,363	*	Covance, Inc		746,481
	9,834	*	Cubist Pharmaceuticals, Inc		609,708
	32,836		Eli Lilly & Co		1,635,890
	16,667	*	Endo Pharmaceuticals Holdings, Inc		728,848
	230,715	*	Gilead Sciences, Inc		16,378,458
	18,781	*,e	Illumina, Inc		1,756,211
	15,753	*	Incyte Corp		614,367
	7,743	*	Jazz Pharmaceuticals plc		702,600
	54,909		Johnson & Johnson		5,085,122
	16,932	*	Life Technologies Corp		1,275,149
	11,073	*	Medivation, Inc		662,830
	4,618	*	Mettler-Toledo International, Inc		1,142,770
	57,955	*	Mylan Laboratories, Inc		2,194,756
	11,762	*,e	Myriad Genetics, Inc		286,758
	14,318		Perrigo Co		1,974,309
	8,919	*	Pharmacyclics, Inc		1,058,150
	2,267	*	Quintiles Transnational Holdings, Inc		95,191
	12,085	*	Regeneron Pharmaceuticals, Inc		3,475,646
	9,467	*	Salix Pharmaceuticals Ltd		679,257
	15,104	*,e	Seattle Genetics, Inc		583,468
	2,723		Techne Corp		237,963
	11,597	*	Theravance, Inc		424,914
	6,799	*	United Therapeutics Corp		601,847
	35,168	*	Vertex Pharmaceuticals, Inc		2,508,885
	12,714	*	Waters Corp		1,283,097
	75,471		Zoetis Inc		2,389,412
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		117,915,646
REAL ESTATE - 1.9%
	1,285	*	American Homes 4 Rent		19,892
	59,939		American Tower Corp		4,756,160
	12,224		Apartment Investment & Management Co (Class A)		342,027
	2,308		Boston Properties, Inc		238,878
	8,412		CBL & Associates Properties, Inc		166,642
	41,970	*	CBRE Group, Inc		974,963
	15,260		Digital Realty Trust, Inc		727,292
	8,950		Equity Lifestyle Properties, Inc		340,010

173

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	1,240		Extra Space Storage, Inc	$	57,028
	6,361		Federal Realty Investment Trust		659,000
	17,414		Omega Healthcare Investors, Inc		578,841
	24,889		Plum Creek Timber Co, Inc		1,129,961
	20,247		Public Storage, Inc		3,380,641
	18,937		Rayonier, Inc		890,418
	16,099	*	Realogy Holdings Corp		662,313
	5,709		Regency Centers Corp		294,927
	1,345		Senior Housing Properties Trust		33,141
	34,957		Simon Property Group, Inc		5,402,604
	14,191		Spirit Realty Capital, Inc		148,438
	924	*,e	St. Joe Co		17,251
	13,878		Tanger Factory Outlet Centers, Inc		483,648
	1,627		Taubman Centers, Inc		107,040
	19,775		Ventas, Inc		1,290,121
	5,380		Vornado Realty Trust		479,143
	86,973		Weyerhaeuser Co		2,643,979
			TOTAL REAL ESTATE		25,824,358
RETAILING - 8.0%
	1,622		Aaron’s, Inc		46,016
	1,693		Abercrombie & Fitch Co (Class A)		63,454
	10,999		Advance Auto Parts, Inc		1,090,881
	55,587	*	Amazon.com, Inc		20,235,335
	20,171		American Eagle Outfitters, Inc		312,449
	2,547	*	Ascena Retail Group, Inc		50,405
	7,381	*	Autonation, Inc		355,986
	5,338	*	AutoZone, Inc		2,320,375
	33,215	*	Bed Bath & Beyond, Inc		2,568,184
	10,813		Best Buy Co, Inc		462,796
	2,158	*	Big Lots, Inc		78,465
	6,931	*	Cabela’s, Inc		411,147
	33,597	*	Carmax, Inc		1,578,723
	23,760		Chico’s FAS, Inc		407,484
	14,716		Dick’s Sporting Goods, Inc		783,038
	2,752		Dillard’s, Inc (Class A)		225,609
	49,684	*	Dollar General Corp		2,870,741
	33,696	*	Dollar Tree, Inc		1,967,846
	4,856		DSW, Inc (Class A)		425,725
	15,834		Expedia, Inc		932,306
	14,551		Family Dollar Stores, Inc		1,002,273
	2,470		Foot Locker, Inc		85,709
	42,221		Gap, Inc		1,561,755
	22,075		Genuine Parts Co		1,740,172
	14,991		GNC Holdings, Inc		881,771
	63,006	*	Groupon, Inc		575,245
	220,939		Home Depot, Inc		17,208,939
	8,604	*,e	HomeAway, Inc		255,109
	36,446		L Brands, Inc		2,281,884
	5,933	*	Liberty Interactive Corp		159,954
	5,615	*	Liberty Ventures		602,882
	44,370	*	LKQ Corp		1,465,541

174

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	164,774		Lowe’s Companies, Inc	$	8,202,450
	44,861		Macy’s, Inc		2,068,541
	7,636	*	NetFlix, Inc		2,462,457
	21,682		Nordstrom, Inc		1,311,110
	16,697	*	O’Reilly Automotive, Inc		2,067,256
	15,803		Petsmart, Inc		1,149,826
	7,808	*	Priceline.com, Inc		8,228,305
	33,065		Ross Stores, Inc		2,557,578
	25,940	*	Sally Beauty Holdings, Inc		682,741
	1,165		Signet Jewelers Ltd		86,979
	75,836		Target Corp		4,913,414
	16,716		Tiffany & Co		1,323,406
	109,009		TJX Companies, Inc		6,626,657
	21,287		Tractor Supply Co		1,518,827
	17,115	*	TripAdvisor, Inc		1,415,582
	9,704	*	Ulta Salon Cosmetics & Fragrance, Inc		1,250,360
	16,143	*	Urban Outfitters, Inc		611,497
	14,497		Williams-Sonoma, Inc		760,223
			TOTAL RETAILING		112,245,408
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7%
	96,403	*,e	Advanced Micro Devices, Inc		321,986
	16,711		Altera Corp		561,490
	20,041		Analog Devices, Inc		988,021
	120,815		Applied Materials, Inc		2,156,548
	62,467	*	Atmel Corp		454,760
	33,895		Avago Technologies Ltd		1,539,850
	37,429		Broadcom Corp (Class A)		1,000,103
	17,923	*	Cree, Inc		1,088,822
	3,955	*	Freescale Semiconductor Holdings Ltd		61,065
	49,401		Intel Corp		1,206,866
	5,774	*	Lam Research Corp		313,124
	35,600		Linear Technology Corp		1,464,584
	9,038		LSI Logic Corp		76,642
	44,001		Maxim Integrated Products, Inc		1,306,830
	29,466	e	Microchip Technology, Inc		1,265,859
	64,882	*	ON Semiconductor Corp		458,067
	5,721	*	Silicon Laboratories, Inc		230,099
	24,115	*	Skyworks Solutions, Inc		621,685
	167,436		Texas Instruments, Inc		7,045,707
	40,189		Xilinx, Inc		1,825,384
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		23,987,492
SOFTWARE & SERVICES - 17.9%
	97,306		Accenture plc		7,151,991
	29,841	*	Adobe Systems, Inc		1,617,382
	26,765	*	Akamai Technologies, Inc		1,197,466
	7,424	*,e	Alliance Data Systems Corp		1,759,933
	14,023	*	Ansys, Inc		1,226,311
	26,659	*	Autodesk, Inc		1,063,961
	73,511		Automatic Data Processing, Inc		5,511,120
	4,014		Booz Allen Hamilton Holding Co		79,477

175

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	18,008		Broadridge Financial Solutions, Inc	$	633,161
	42,091	*	Cadence Design Systems, Inc		545,920
	28,520	*	Citrix Systems, Inc		1,619,366
	45,737	*	Cognizant Technology Solutions Corp (Class A)		3,975,917
	6,930	*,e	Concur Technologies, Inc		724,878
	4,287		DST Systems, Inc		363,409
	196,217	*	eBay, Inc		10,342,598
	35,309	*	Electronic Arts, Inc		926,861
	7,358	*	Equinix, Inc		1,188,170
	257,169	*	Facebook, Inc		12,925,314
	6,703	e	Factset Research Systems, Inc		730,225
	4,495		Fidelity National Information Services, Inc		219,131
	20,021	*	Fiserv, Inc		2,096,799
	10,161	*	FleetCor Technologies, Inc		1,172,071
	20,602	*	Fortinet, Inc		414,306
	14,173	*	Gartner, Inc		835,498
	25,703	*	Genpact Ltd		509,690
	11,535		Global Payments, Inc		686,102
	40,767	*	Google, Inc (Class A)		42,013,655
	11,285		IAC/InterActiveCorp		602,506
	16,121	*	Informatica Corp		622,271
	157,239		International Business Machines Corp		28,178,801
	45,068		Intuit, Inc		3,218,306
	13,164		Jack Henry & Associates, Inc		718,886
	11,078		Lender Processing Services, Inc		382,413
	14,635	*	LinkedIn Corp		3,273,410
	17,679		Mastercard, Inc (Class A)		12,677,611
	1,625	*,e	Micros Systems, Inc		88,156
	1,262,232		Microsoft Corp		44,619,901
	5,177	*	NetSuite, Inc		522,256
	10,003	*	NeuStar, Inc (Class A)		459,338
	536,963		Oracle Corp		17,988,260
	21,444	*	Pandora Media, Inc		538,888
	44,126	e	Paychex, Inc		1,864,765
	16,855	*	Rackspace Hosting, Inc		863,482
	28,639	*	Red Hat, Inc		1,239,210
	1,666	*	Rovi Corp		27,922
	89,006	*	Salesforce.com, Inc		4,749,360
	11,925	*	ServiceNow, Inc		651,224
	10,161	*	SolarWinds, Inc		367,727
	10,456		Solera Holdings, Inc		587,836
	15,412	*	Splunk, Inc		966,487
	76,970		Symantec Corp		1,750,298
	1,597	*	Tableau Software, Inc		98,152
	24,849	*	Teradata Corp		1,095,095
	24,798	*	TIBCO Software, Inc		609,039
	18,812		Total System Services, Inc		561,162
	13,005	*	Vantiv, Inc		357,638
	21,639	*	VeriSign, Inc		1,174,565
	79,022		Visa, Inc (Class A)		15,541,257
	12,792	*	VMware, Inc (Class A)		1,039,734
	84,103		Western Union Co		1,431,433

176

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	5,463	*	Workday, Inc	$	409,015
			TOTAL SOFTWARE & SERVICES		250,807,116
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
	15,334	*,e	3D Systems Corp		954,388
	24,144		Amphenol Corp (Class A)		1,938,522
	107,344	d	Apple, Inc		56,071,138
	1,361	*	CDW Corp		29,928
	2,511	e	Dolby Laboratories, Inc (Class A)		89,743
	159,324		EMC Corp		3,834,929
	11,783	*	F5 Networks, Inc		960,432
	14,465		Flir Systems, Inc		411,963
	2,638		Harris Corp		163,451
	4,763	e	IPG Photonics Corp		315,644
	26,350	*	JDS Uniphase Corp		344,922
	14,431	*	Juniper Networks, Inc		268,994
	34,835		Motorola, Inc		2,177,884
	14,693		National Instruments Corp		426,832
	24,541	*	NCR Corp		896,974
	51,624		NetApp, Inc		2,003,527
	5,032	*	Palo Alto Networks, Inc		212,149
	261,314		Qualcomm, Inc		18,153,484
	22,842	*	Riverbed Technology, Inc		338,518
	15,342		SanDisk Corp		1,066,269
	2,657	*,e	Stratasys Ltd		300,852
	38,301	*	Trimble Navigation Ltd		1,094,260
	716	*	Zebra Technologies Corp (Class A)		34,590
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		92,089,393
TELECOMMUNICATION SERVICES - 2.1%
	50,394	*	Crown Castle International Corp		3,830,952
	1,291	*,e	Intelsat S.A.		26,323
	7,524	*	Level 3 Communications, Inc		229,858
	19,380	*	SBA Communications Corp (Class A)		1,695,169
	22,303	*,e	Sprint Corp		150,099
	22,542	*	tw telecom inc (Class A)		710,524
	432,333		Verizon Communications, Inc		21,837,140
	84,629	e	Windstream Holdings, Inc		723,578
			TOTAL TELECOMMUNICATION SERVICES		29,203,643
TRANSPORTATION - 2.8%
	9,783		Alaska Air Group, Inc		691,267
	548		Amerco, Inc		110,658
	17,094	*	Avis Budget Group, Inc		535,555
	24,055	e	CH Robinson Worldwide, Inc		1,437,046
	3,438		Con-Way, Inc		141,645
	5,080		Copa Holdings S.A. (Class A)		759,663
	76,521		CSX Corp		1,994,137
	59,074		Delta Air Lines, Inc		1,558,372
	31,248		Expeditors International of Washington, Inc		1,415,222
	2,918	*	Genesee & Wyoming, Inc (Class A)		291,333
	52,664	*	Hertz Global Holdings, Inc		1,209,165

177

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE
	14,006		J.B. Hunt Transport Services, Inc	$	1,050,870
	16,465		Kansas City Southern Industries, Inc		2,000,827
	4,938	*	Kirby Corp		436,964
	6,896		Landstar System, Inc		381,280
	8,636		Norfolk Southern Corp		742,869
	10,895	*	Old Dominion Freight Line		510,975
	12,483		Southwest Airlines Co		214,957
	53,948	*	UAL Corp		1,831,535
	70,631		Union Pacific Corp		10,693,534
	109,518		United Parcel Service, Inc (Class B)		10,759,048
			TOTAL TRANSPORTATION		38,766,922
UTILITIES - 0.2%
	23,595		Aqua America, Inc		594,122
	6,994	*	Calpine Corp		141,069
	7,791		ITC Holdings Corp		783,697
	29,133		Oneok, Inc		1,646,014
	3,770		Questar Corp		89,198
			TOTAL UTILITIES		3,254,100
			TOTAL COMMON STOCKS		1,393,542,321
			(Cost $1,071,715,874)
SHORT-TERM INVESTMENTS - 2.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2%
	30,275,798	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		30,275,798
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		30,275,798
			TOTAL SHORT-TERM INVESTMENTS		30,275,798
			(Cost $30,275,798)
			TOTAL INVESTMENTS - 101.8%		1,423,818,119
			(Cost $1,101,991,672)
			OTHER ASSETS & LIABILITIES, NET - (1.8)%		(25,415,241	)
			NET ASSETS - 100.0%	$	1,398,402,878

*	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 or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $29,501,369.

178

TIAA-CREF FUNDS - Large-Cap Value Index Fund

TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

SHARES			COMPANY		VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 1.4%
	4,947		Allison Transmission Holdings, Inc	$	120,460
	463,596		Ford Motor Co		7,932,128
	154,636	*	General Motors Co		5,713,800
	12,237		Gentex Corp		360,257
	127,203		Johnson Controls, Inc		5,870,418
	12,907		Lear Corp		998,873
	19,908	*	TRW Automotive Holdings Corp		1,495,290
			TOTAL AUTOMOBILES & COMPONENTS		22,491,226
BANKS - 5.9%
	30,570		Associated Banc-Corp		497,068
	8,327		Bank of Hawaii Corp		482,799
	11,830		BankUnited		364,009
	130,833		BB&T Corp		4,444,397
	5,170		BOK Financial Corp		316,559
	34,687		CapitalSource, Inc		453,706
	37,218	*	CIT Group, Inc		1,792,419
	8,475		City National Corp		611,132
	34,445		Comerica, Inc		1,491,469
	14,123		Commerce Bancshares, Inc		649,799
	10,113	e	Cullen/Frost Bankers, Inc		715,899
	25,584		East West Bancorp, Inc		861,925
	162,605		Fifth Third Bancorp		3,094,373
	1,455		First Citizens Bancshares, Inc (Class A)		308,067
	42,394		First Horizon National Corp		451,496
	66,782		First Niagara Financial Group, Inc		736,605
	21,528		First Republic Bank		1,099,435
	38,021		Fulton Financial Corp		464,236
	98,292		Hudson City Bancorp, Inc		882,662
	154,122		Huntington Bancshares, Inc		1,356,274
	169,437		Keycorp		2,123,046
	24,232	e	M&T Bank Corp		2,726,827
	82,574	e	New York Community Bancorp, Inc		1,338,525
	58,755		People’s United Financial, Inc		847,835
	98,314		PNC Financial Services Group, Inc		7,229,028
	18,465	*	Popular, Inc		466,241
	264,623		Regions Financial Corp		2,548,320
	8,241	*	Signature Bank		839,099
	100,881		SunTrust Banks, Inc		3,393,637
	8,516	*	SVB Financial Group		815,662
	176,164		Synovus Financial Corp		572,533
	29,186		TCF Financial Corp		443,043
	14,212	*	TFS Financial Corp		172,534
	343,477		US Bancorp		12,832,301

179

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	37,203	e	Valley National Bancorp	$	362,729
	18,636		Washington Federal, Inc		424,528
	896,553		Wells Fargo & Co		38,273,848
	33,315		Zions Bancorporation		945,147
			TOTAL BANKS		97,429,212
CAPITAL GOODS - 8.1%
	20,046		3M Co		2,522,789
	8,136		A.O. Smith Corp		420,224
	18,338	*	Aecom Technology Corp		582,782
	17,913		AGCO Corp		1,045,761
	12,855		Air Lease Corp		377,937
	5,878		Alliant Techsystems, Inc		639,938
	5,844		Babcock & Wilcox Co		188,235
	1,047	*	BE Aerospace, Inc		84,975
	10,697		Carlisle Cos, Inc		777,458
	100,028		Caterpillar, Inc		8,338,334
	1,163		Crane Co		73,850
	6,421		Cummins, Inc		815,595
	88,596		Danaher Corp		6,386,886
	1,919		Donaldson Co, Inc		76,012
	8,097		Dover Corp		743,224
	87,854		Eaton Corp		6,198,978
	33,320		Emerson Electric Co		2,231,440
	34,030		Exelis, Inc		561,155
	11,603		Fluor Corp		861,175
	4,623		Fortune Brands Home & Security, Inc		199,159
	8,394		GATX Corp		432,711
	55,610		General Dynamics Corp		4,817,494
	1,920,152		General Electric Co		50,192,773
	13,149		Harsco Corp		366,594
	4,100	*	HD Supply Holdings, Inc		82,779
	3,201		Hubbell, Inc (Class B)		344,236
	1,464		IDEX Corp		101,236
	44,298		Illinois Tool Works, Inc		3,490,239
	16,067		Ingersoll-Rand plc		1,085,005
	24,103	*	Jacobs Engineering Group, Inc		1,465,944
	19,230	e	Joy Global, Inc		1,091,302
	26,557		KBR, Inc		917,279
	14,814		Kennametal, Inc		681,444
	16,690		L-3 Communications Holdings, Inc		1,676,510
	9,126	*	MRC Global, Inc		255,072
	9,605	*,e	Navistar International Corp		347,317
	41,251		Northrop Grumman Corp		4,434,895
	17,042	*	Oshkosh Truck Corp		811,029
	22,267	*	Owens Corning, Inc		800,053
	57,235		Paccar, Inc		3,182,266
	27,299		Parker Hannifin Corp		3,186,339
	37,484		Pentair Ltd		2,514,802
	28,977	*	Quanta Services, Inc		875,395
	60,281		Raytheon Co		4,965,346
	8,107		Regal-Beloit Corp		594,486

180

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	3,167		Rockwell Collins, Inc	$	221,152
	9,407		Snap-On, Inc		978,986
	19,047	*	Spirit Aerosystems Holdings, Inc (Class A)		508,364
	8,370		SPX Corp		759,243
	26,925		Stanley Works		2,129,498
	21,880	*	Terex Corp		764,706
	51,367		Textron, Inc		1,478,856
	16,143		Timken Co		852,512
	14,129		Trinity Industries, Inc		715,351
	8,063		Triumph Group, Inc		577,714
	10,903		United Technologies Corp		1,158,444
	14,479		URS Corp		785,051
	8,097	*,e	WESCO International, Inc		691,970
	32,404		Xylem, Inc		1,117,938
			TOTAL CAPITAL GOODS		134,578,238
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	40,731	e	ADT Corp		1,766,503
	13,629		Cintas Corp		732,831
	8,006		Corrections Corp of America		296,222
	21,330		Covanta Holding Corp		366,236
	492		Dun & Bradstreet Corp		53,525
	3,379		Iron Mountain, Inc		89,679
	9,690		KAR Auction Services, Inc		287,987
	14,373		Manpower, Inc		1,122,531
	34,719		Nielsen Holdings NV		1,369,317
	20,947	e	Pitney Bowes, Inc		447,009
	15,661	e	R.R. Donnelley & Sons Co		290,825
	50,583		Republic Services, Inc		1,693,013
	12,213		Towers Watson & Co		1,402,175
	1,363		Waste Connections, Inc		58,255
	79,374		Waste Management, Inc		3,455,944
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		13,432,052
CONSUMER DURABLES & APPAREL - 0.7%
	3,902	*,e	Deckers Outdoor Corp		268,575
	53,665		DR Horton, Inc		1,016,952
	22,730	e	Garmin Ltd		1,062,627
	12,253		Harman International Industries, Inc		992,738
	2,869		Hasbro, Inc		148,184
	25,450		Leggett & Platt, Inc		756,883
	31,347	e	Lennar Corp (Class A)		1,114,386
	11,345	*	Mohawk Industries, Inc		1,502,305
	21,632		Newell Rubbermaid, Inc		640,956
	139	*	NVR, Inc		127,507
	1,725		Phillips-Van Heusen Corp		214,883
	1,932	*	Taylor Morrison Home Corp		42,968
	31,858	*	Toll Brothers, Inc		1,047,491
	13,780		Whirlpool Corp		2,012,018
			TOTAL CONSUMER DURABLES & APPAREL		10,948,473

181

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
CONSUMER SERVICES - 0.6%
	19,078	*	Apollo Group, Inc (Class A)	$	509,192
	78,273		Carnival Corp		2,712,159
	4,732	e	Choice Hotels International, Inc		220,464
	8,138		Darden Restaurants, Inc		419,351
	12,608	e	DeVry, Inc		452,627
	7,795	*	Hyatt Hotels Corp		371,042
	5,022		Marriott International, Inc (Class A)		226,392
	70,556	*	MGM Mirage		1,343,386
	483	*	Norwegian Cruise Line Holdings Ltd		15,466
	12,869	*	Penn National Gaming, Inc		752,965
	30,483		Royal Caribbean Cruises Ltd		1,281,505
	9,734		Service Corp International		175,309
	20,775		Starwood Hotels & Resorts Worldwide, Inc		1,529,456
	2,026	e	Weight Watchers International, Inc		65,055
	51,891		Wendy’s		450,933
			TOTAL CONSUMER SERVICES		10,525,302
DIVERSIFIED FINANCIALS - 10.6%
	54,790	*	American Capital Ltd		767,608
	25,486		Ameriprise Financial, Inc		2,562,362
	50,628		Ares Capital Corp		879,408
	1,234		Artisan Partners Asset Management, Inc		73,880
	1,997,088		Bank of America Corp		27,879,348
	215,531		Bank of New York Mellon Corp		6,853,886
	15,691		BlackRock, Inc		4,720,010
	108,479		Capital One Financial Corp		7,449,253
	175,109		Charles Schwab Corp		3,966,219
	565,061		Citigroup, Inc		27,563,675
	58,936		CME Group, Inc		4,373,641
	91,072		Discover Financial Services		4,724,815
	54,531	*	E*Trade Financial Corp		922,119
	4,103	e	Federated Investors, Inc (Class B)		111,273
	85,144		Goldman Sachs Group, Inc		13,696,264
	13,213		ING US, Inc		409,867
	7,850		Interactive Brokers Group, Inc (Class A)		161,946
	82,975		Invesco Ltd		2,800,406
	48,000	e	iShares Russell 1000 Value Index Fund		4,319,040
	701,883		JPMorgan Chase & Co		36,175,050
	20,766		Legg Mason, Inc		798,868
	47,231		Leucadia National Corp		1,338,527
	2,053		LPL Financial Holdings, Inc		83,639
	282,768		Morgan Stanley		8,123,925
	12,492	*	MSCI, Inc (Class A)		509,299
	21,234		Nasdaq Stock Market, Inc		752,321
	44,294		Northern Trust Corp		2,499,068
	44,812		NYSE Euronext		1,972,624
	23,053		Raymond James Financial, Inc		1,052,369
	1,330		SEI Investments Co		44,143
	82,079		SLM Corp		2,082,344
	84,692		State Street Corp		5,934,368
	43,810		TD Ameritrade Holding Corp		1,194,261
			TOTAL DIVERSIFIED FINANCIALS		176,795,826

182

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
ENERGY - 14.9%
	87,948		Anadarko Petroleum Corp	$	8,380,565
	72,767		Apache Corp		6,461,710
	8,508	*	Atwood Oceanics, Inc		452,030
	76,878		Baker Hughes, Inc		4,465,843
	17,402	*	Cameron International Corp		954,674
	107,692		Chesapeake Energy Corp		3,011,068
	359,979		Chevron Corp		43,183,081
	15,916		Cimarex Energy Co		1,676,751
	3,851	*	Cobalt International Energy, Inc		89,382
	226,626		ConocoPhillips		16,611,686
	42,310		Consol Energy, Inc		1,544,315
	68,813	*	Denbury Resources, Inc		1,306,759
	75,394		Devon Energy Corp		4,766,409
	13,169	e	Diamond Offshore Drilling, Inc		815,556
	13,400		Energen Corp		1,049,488
	3,453		EOG Resources, Inc		616,015
	2,149		Equitable Resources, Inc		183,976
	825,688	d	Exxon Mobil Corp		73,998,158
	3,440	*	Frank’s International NV		105,230
	8,145	e	Golar LNG Ltd		302,424
	2,910	*	Gulfport Energy Corp		170,788
	17,792		Helmerich & Payne, Inc		1,379,770
	56,977		Hess Corp		4,626,532
	37,714		Holly Corp		1,737,107
	10,110		Kinder Morgan, Inc		356,984
	675	*	Laredo Petroleum Holdings, Inc		21,445
	131,627		Marathon Oil Corp		4,641,168
	60,564		Marathon Petroleum Corp		4,340,016
	45,218	*	McDermott International, Inc		319,691
	35,464		Murphy Oil Corp		2,139,188
	53,842		Nabors Industries Ltd		941,158
	79,346		National Oilwell Varco, Inc		6,441,308
	25,026	*	Newfield Exploration Co		762,042
	58,461		Noble Energy, Inc		4,380,483
	149,607		Occidental Petroleum Corp		14,374,241
	10,209	*	Oil States International, Inc		1,109,004
	27,938		Patterson-UTI Energy, Inc		677,776
	4,921	e	PBF Energy, Inc		129,570
	49,894		Peabody Energy Corp		971,935
	114,991		Phillips 66		7,408,870
	6,677		Pioneer Natural Resources Co		1,367,316
	30,202		Questar Market Resources, Inc		998,478
	23,307	*	Rowan Cos plc		840,916
	1,534	e	RPC, Inc		28,134
	90,027	*,e	SandRidge Energy, Inc		570,771
	124,269		Spectra Energy Corp		4,420,248
	28,870	*	Superior Energy Services		774,582
	7,531		Teekay Corp		327,071
	25,556		Tesoro Corp		1,249,433
	9,050		Tidewater, Inc		544,991

183

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	27,992	*,e	Ultra Petroleum Corp	$	513,933
	8,760	*	Unit Corp		450,352
	101,274		Valero Energy Corp		4,169,451
	20,162	*	Whiting Petroleum Corp		1,348,636
	56,709		Williams Cos, Inc		2,025,078
	10,582		World Fuel Services Corp		403,703
	38,059	*	WPX Energy, Inc		842,626
			TOTAL ENERGY		247,779,915
FOOD & STAPLES RETAILING - 1.6%
	201,221		CVS Corp		12,528,019
	41,569		Safeway, Inc		1,450,758
	1,080	*	Sprouts Farmers Market, Inc		49,745
	72,770		Sysco Corp		2,353,382
	43,198		Walgreen Co		2,559,049
	100,593		Wal-Mart Stores, Inc		7,720,513
			TOTAL FOOD & STAPLES RETAILING		26,661,466
FOOD, BEVERAGE & TOBACCO - 1.7%
	113,535		Archer Daniels Midland Co		4,643,582
	29,877		Beam, Inc		2,010,722
	27,508		Bunge Ltd		2,259,232
	10,851		Campbell Soup Co		461,927
	5,245		ConAgra Foods, Inc		166,843
	1,577	*	Constellation Brands, Inc (Class A)		102,978
	16,987	*	Dean Foods Co		331,247
	12,716		Ingredion, Inc		836,204
	17,206		J.M. Smucker Co		1,913,479
	4,020		Kellogg Co		254,265
	25,967		Molson Coors Brewing Co (Class B)		1,402,218
	330,873		Mondelez International, Inc		11,130,568
	2,335		Pinnacle Foods, Inc		63,255
	14,824		Reynolds American, Inc		761,509
	52,343		Tyson Foods, Inc (Class A)		1,448,331
			TOTAL FOOD, BEVERAGE & TOBACCO		27,786,360
HEALTH CARE EQUIPMENT & SERVICES - 4.9%
	289,480		Abbott Laboratories		10,580,494
	51,161		Aetna, Inc		3,207,795
	35,381	*	Allscripts Healthcare Solutions, Inc		489,319
	250,656	*	Boston Scientific Corp		2,930,169
	63,490		Cardinal Health, Inc		3,724,323
	40,636	*	CareFusion Corp		1,575,458
	49,911		Cigna Corp		3,842,149
	15,738		Community Health Systems, Inc		686,649
	2,355		Cooper Cos, Inc		304,290
	87,367		Covidien plc		5,601,098
	19,377		Dentsply International, Inc		912,657
	3,080	*	Envision Healthcare Holdings, Inc		89,474
	19,172	*	Express Scripts Holding Co		1,198,633
	45,661		HCA Holdings, Inc		2,152,460
	14,245	*	Health Net, Inc		433,048

184

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	10,507		Hill-Rom Holdings, Inc	$	433,834
	36,007	*	Hologic, Inc		806,197
	29,382		Humana, Inc		2,707,551
	14,566	*	Inverness Medical Innovations, Inc		491,311
	9,413	*	LifePoint Hospitals, Inc		486,087
	188,673		Medtronic, Inc		10,829,830
	19,773		Omnicare, Inc		1,090,481
	1,889		Patterson Cos, Inc		80,301
	3,408	*	Pediatrix Medical Group, Inc		371,540
	27,899		Quest Diagnostics, Inc		1,671,429
	18,644		St. Jude Medical, Inc		1,069,979
	25,677		Stryker Corp		1,896,503
	7,467		Teleflex, Inc		688,308
	189,414		UnitedHealth Group, Inc		12,929,400
	5,425		Universal Health Services, Inc (Class B)		437,038
	15,953	*	VCA Antech, Inc		453,863
	55,777		WellPoint, Inc		4,729,890
	29,722		Zimmer Holdings, Inc		2,599,783
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		81,501,341
HOUSEHOLD & PERSONAL PRODUCTS - 2.6%
	4,070	e	Clorox Co		367,073
	3,470	e	Coty, Inc		53,369
	11,621		Energizer Holdings, Inc		1,140,136
	11,925		Kimberly-Clark Corp		1,287,900
	508,909		Procter & Gamble Co		41,094,402
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		43,942,880
INSURANCE - 7.9%
	63,231		ACE Ltd		6,034,767
	86,578		Aflac, Inc		5,625,838
	3,182	*	Alleghany Corp		1,290,046
	4,187		Allied World Assurance Co Holdings Ltd		453,410
	87,027		Allstate Corp		4,617,653
	12,699		American Financial Group, Inc		714,446
	274,156		American International Group, Inc		14,160,157
	1,400		American National Insurance Co		141,498
	13,417		Aon plc		1,061,150
	23,441	*	Arch Capital Group Ltd		1,358,640
	11,893		Aspen Insurance Holdings Ltd		463,946
	14,483		Assurant, Inc		846,966
	32,295		Assured Guaranty Ltd		662,047
	15,761		Axis Capital Holdings Ltd		747,387
	334,194	*	Berkshire Hathaway, Inc (Class B)		38,459,045
	11,314		Brown & Brown, Inc		361,256
	41,196		Chubb Corp		3,793,328
	29,613		Cincinnati Financial Corp		1,480,650
	4,700		CNA Financial Corp		190,773
	4,871		Endurance Specialty Holdings Ltd		269,318
	9,097		Everest Re Group Ltd		1,398,573
	42,675		Fidelity National Title Group, Inc (Class A)		1,201,301
	92,988	*	Genworth Financial, Inc (Class A)		1,351,116

185

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	6,239		Hanover Insurance Group, Inc	$	365,231
	85,006		Hartford Financial Services Group, Inc		2,864,702
	17,771		HCC Insurance Holdings, Inc		811,246
	9,360		Kemper Corp		346,507
	50,113		Lincoln National Corp		2,275,631
	53,270		Loews Corp		2,573,474
	2,619	*	Markel Corp		1,387,206
	34,426		Marsh & McLennan Cos, Inc		1,576,711
	27,348	*	MBIA, Inc		310,947
	5,036		Mercury General Corp		234,476
	166,022		Metlife, Inc		7,854,501
	49,341		Old Republic International Corp		828,435
	10,269		PartnerRe Ltd		1,029,056
	53,917		Principal Financial Group		2,558,901
	12,262		ProAssurance Corp		555,714
	21,580		Progressive Corp		560,433
	14,721		Protective Life Corp		678,344
	53,078		Prudential Financial, Inc		4,320,018
	13,507		Reinsurance Group of America, Inc (Class A)		961,428
	8,601		RenaissanceRe Holdings Ltd		806,000
	7,836		Stancorp Financial Group, Inc		461,540
	16,803		Torchmark Corp		1,224,267
	51,100		Travelers Cos, Inc		4,409,930
	48,346		UnumProvident Corp		1,534,502
	16,877		Validus Holdings Ltd		666,304
	19,680		W.R. Berkley Corp		864,149
	1,189		White Mountains Insurance Group Ltd		694,459
	53,559		XL Capital Ltd		1,637,299
			TOTAL INSURANCE		131,074,722
MATERIALS - 2.9%
	38,687		Air Products & Chemicals, Inc		4,217,270
	9,753		Albemarle Corp		645,551
	195,700	e	Alcoa, Inc		1,814,139
	20,952		Allegheny Technologies, Inc		693,511
	3,774		Aptargroup, Inc		242,140
	14,620		Ashland, Inc		1,353,081
	12,323		Avery Dennison Corp		580,660
	10,429		Bemis Co, Inc		416,117
	11,466		Cabot Corp		534,430
	8,243		Carpenter Technology Corp		489,057
	11,008		CF Industries Holdings, Inc		2,373,325
	28,573	e	Cliffs Natural Resources, Inc		733,755
	3,566	*	Crown Holdings, Inc		155,478
	7,462		Cytec Industries, Inc		620,018
	6,044		Domtar Corp		511,987
	194,690		Dow Chemical Co		7,684,414
	191,547		Freeport-McMoRan Copper & Gold, Inc (Class B)		7,041,268
	4,644		Greif, Inc (Class A)		248,408
	36,493		Huntsman Corp		847,367
	11,181		International Paper Co		498,784
	3,232		Kronos Worldwide, Inc		50,128

186

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	32,618		MeadWestvaco Corp	$	1,136,737
	55,195		Mosaic Co		2,530,691
	91,972		Newmont Mining Corp		2,507,157
	59,069		Nucor Corp		3,058,002
	12,997	*	Owens-Illinois, Inc		413,175
	2,305		PPG Industries, Inc		420,847
	13,725		Reliance Steel & Aluminum Co		1,005,905
	3,722		Rock-Tenn Co (Class A)		398,291
	3,587		Rockwood Holdings, Inc		226,878
	9,152		Royal Gold, Inc		439,662
	2,763		RPM International, Inc		106,983
	1,127		Sigma-Aldrich Corp		97,407
	18,965		Sonoco Products Co		770,738
	41,752		Steel Dynamics, Inc		750,283
	15,236	*	Tahoe Resources, Inc		291,769
	27,089	e	United States Steel Corp		674,245
	24,223		Vulcan Materials Co		1,297,142
	485		Westlake Chemical Corp		52,099
	1,635	*	WR Grace & Co		149,864
			TOTAL MATERIALS		48,078,763
MEDIA - 2.9%
	9,315		CBS Corp (Class B)		550,889
	37,272		Comcast Corp (Class A)		1,773,402
	13,441	*,e	DreamWorks Animation SKG, Inc (Class A)		460,220
	41,207		Gannett Co, Inc		1,140,198
	43,568		Interpublic Group of Cos, Inc		731,942
	8,685		John Wiley & Sons, Inc (Class A)		436,769
	10,582	*	Liberty Global plc (Class A)		829,311
	18,630	*	Liberty Media Corp		2,848,713
	26,558		McGraw-Hill Cos, Inc		1,850,561
	23,767	*	News Corp		418,299
	10,735	e	Regal Entertainment Group (Class A)		204,072
	299,577	e	Sirius XM Radio, Inc		1,129,405
	3,109	*	Starz-Liberty Capital		93,736
	68,547		Thomson Corp		2,575,311
	173,104		Time Warner, Inc		11,899,169
	97,056		Twenty-First Century Fox, Inc		3,307,669
	260,189		Walt Disney Co		17,846,364
	836		Washington Post Co (Class B)		537,816
			TOTAL MEDIA		48,633,846
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0%
	57,041		Agilent Technologies, Inc		2,895,401
	4,079	*	Bio-Rad Laboratories, Inc (Class A)		503,838
	42,935		Bristol-Myers Squibb Co		2,254,946
	4,534	*	Charles River Laboratories International, Inc		223,118
	143,764		Eli Lilly & Co		7,162,322
	49,191	*	Forest Laboratories, Inc		2,313,453
	30,656	*	Hospira, Inc		1,242,181
	454,321		Johnson & Johnson		42,074,668
	11,157	*	Life Technologies Corp		840,234

187

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	10,504	*	Mallinckrodt plc	$	441,273
	560,740		Merck & Co, Inc		25,283,767
	21,140		PerkinElmer, Inc		804,165
	1,241,976		Pfizer, Inc		38,103,824
	43,932	*	Qiagen N.V. (NASDAQ)		1,017,465
	3,420	*	Quintiles Transnational Holdings, Inc		143,606
	3,684		Techne Corp		321,945
	66,651		Thermo Electron Corp		6,517,135
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		132,143,341
REAL ESTATE - 4.3%
	13,336		Alexandria Real Estate Equities, Inc		877,242
	19,969		American Campus Communities, Inc		690,129
	73,566		American Capital Agency Corp		1,597,853
	7,380	*	American Homes 4 Rent		114,242
	178,198		Annaly Capital Management, Inc		2,100,954
	12,897		Apartment Investment & Management Co (Class A)		360,858
	24,026		AvalonBay Communities, Inc		3,004,451
	33,183		BioMed Realty Trust, Inc		661,005
	25,213		Boston Properties, Inc		2,609,545
	29,069		Brandywine Realty Trust		413,652
	13,869		BRE Properties, Inc (Class A)		757,386
	15,327		Camden Property Trust		983,993
	20,719		CBL & Associates Properties, Inc		410,443
	203,114		Chimera Investment Corp		615,435
	15,736		Corporate Office Properties Trust		387,106
	55,069		DDR Corp		933,420
	4,626		Digital Realty Trust, Inc		220,475
	25,464		Douglas Emmett, Inc		634,817
	59,548		Duke Realty Corp		986,710
	4,634		Equity Lifestyle Properties, Inc		176,046
	66,821		Equity Residential		3,498,748
	7,173		Essex Property Trust, Inc		1,154,853
	19,104		Extra Space Storage, Inc		878,593
	4,120		Federal Realty Investment Trust		426,832
	31,372	*	Forest City Enterprises, Inc (Class A)		635,597
	110,555		General Growth Properties, Inc		2,347,083
	20,165		Hatteras Financial Corp		367,003
	84,398		HCP, Inc		3,502,517
	52,215		Health Care REIT, Inc		3,386,143
	22,235		Healthcare Trust of America, Inc		258,371
	10,573		Home Properties, Inc		637,658
	26,545		Hospitality Properties Trust		779,892
	136,636		Host Marriott Corp		2,534,598
	7,432	*	Howard Hughes Corp		869,916
	22,061		HRPT Properties Trust		537,627
	8,042		Jones Lang LaSalle, Inc		765,598
	14,795		Kilroy Realty Corp		786,502
	74,948		Kimco Realty Corp		1,609,883
	23,389		Liberty Property Trust		869,837
	25,177		Macerich Co		1,490,730
	15,987		Mack-Cali Realty Corp		328,693

188

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	65,548		MFA Mortgage Investments, Inc	$	485,711
	14,299		Mid-America Apartment Communities, Inc		949,454
	22,647		National Retail Properties, Inc		779,057
	30,832		Piedmont Office Realty Trust, Inc		569,775
	9,955		Post Properties, Inc		455,342
	92,520		Prologis, Inc		3,696,174
	1,956		Public Storage, Inc		326,593
	3,412	*	Realogy Holdings Corp		140,370
	36,655		Realty Income Corp		1,526,681
	9,421		Regency Centers Corp		486,689
	24,915		Retail Properties of America, Inc		356,534
	31,324		Senior Housing Properties Trust		771,823
	14,815		Simon Property Group, Inc		2,289,658
	16,784		SL Green Realty Corp		1,587,263
	59,560		Spirit Realty Capital, Inc		622,998
	10,457	*,e	St. Joe Co		195,232
	37,137		Starwood Property Trust, Inc		954,050
	9,388		Taubman Centers, Inc		617,637
	69,550		Two Harbors Investment Corp		648,901
	45,203		UDR, Inc		1,121,486
	29,675		Ventas, Inc		1,935,997
	27,979		Vornado Realty Trust		2,491,810
	22,839		Weingarten Realty Investors		724,681
	11,069		WP Carey, Inc		737,306
			TOTAL REAL ESTATE		70,673,658
RETAILING - 1.1%
	12,127		Aaron’s, Inc		344,043
	13,436		Abercrombie & Fitch Co (Class A)		503,581
	14,807		American Eagle Outfitters, Inc		229,360
	20,889	*	Ascena Retail Group, Inc		413,393
	37,371		Best Buy Co, Inc		1,599,479
	8,064	*	Big Lots, Inc		293,207
	2,919		Chico’s FAS, Inc		50,061
	10,878		CST Brands, Inc		350,707
	1,831		Dillard’s, Inc (Class A)		150,105
	912		DSW, Inc (Class A)		79,955
	24,510		Foot Locker, Inc		850,497
	22,402		GameStop Corp (Class A)		1,228,078
	1,441		Genuine Parts Co		113,594
	11,001		Guess?, Inc		343,781
	32,179	*,e	JC Penney Co, Inc		241,343
	40,917		Kohl’s Corp		2,324,086
	90,627	*	Liberty Interactive Corp		2,443,304
	16,379		Macy’s, Inc		755,236
	8,578	*	Murphy USA, Inc		348,095
	8,191	*,e	Sears Holdings Corp		475,733
	13,823		Signet Jewelers Ltd		1,032,025
	122,494		Staples, Inc		1,974,603
	25,478		Target Corp		1,650,720
			TOTAL RETAILING		17,794,986

189

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
	38,698		Altera Corp	$	1,300,253
	31,825		Analog Devices, Inc		1,568,972
	74,773		Applied Materials, Inc		1,334,698
	3,482		Avago Technologies Ltd		158,187
	60,002		Broadcom Corp (Class A)		1,603,253
	24,368	*	Fairchild Semiconductor International, Inc		308,743
	12,540	*	First Solar, Inc		630,386
	8,103	*	Freescale Semiconductor Holdings Ltd		125,110
	863,109		Intel Corp		21,085,753
	30,341		Kla-Tencor Corp		1,990,370
	23,421	*	Lam Research Corp		1,270,121
	86,799		LSI Logic Corp		736,056
	74,595		Marvell Technology Group Ltd		895,140
	191,684	*	Micron Technology, Inc		3,388,973
	106,162		Nvidia Corp		1,611,539
	5,615	*	ON Semiconductor Corp		39,642
	945	*	Silicon Laboratories, Inc		38,008
	7,491	*	Skyworks Solutions, Inc		193,118
	34,637	*,e	Teradyne, Inc		605,801
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		38,884,123
SOFTWARE & SERVICES - 1.5%
	49,456		Activision Blizzard, Inc		822,948
	56,591	*	Adobe Systems, Inc		3,067,232
	29,926		Amdocs Ltd		1,150,655
	14,052		AOL, Inc		509,245
	8,565	*	Autodesk, Inc		341,829
	1,750		Booz Allen Hamilton Holding Co		34,650
	60,933		CA, Inc		1,935,232
	28,131		Computer Sciences Corp		1,385,733
	38,012		Compuware Corp		405,968
	1,351		DST Systems, Inc		114,524
	12,540	*	Electronic Arts, Inc		329,175
	49,347		Fidelity National Information Services, Inc		2,405,666
	18,467	*	First American Corp		614,397
	12,940	e	Leidos Holdings, Inc		609,345
	2,310		Lender Processing Services, Inc		79,741
	12,968	*,e	Micros Systems, Inc		703,514
	47,560	*	Nuance Communications, Inc		740,034
	6,184	e	Paychex, Inc		261,336
	19,229	*	Rovi Corp		322,278
	7,394		Science Applications International Corp		260,639
	35,322		Symantec Corp		803,222
	29,001	*	Synopsys, Inc		1,057,086
	6,134		Total System Services, Inc		182,977
	21,120	*	VeriFone Systems, Inc		478,579
	166,088	*	Yahoo!, Inc		5,469,278
	113,460	*	Zynga, Inc		407,321
			TOTAL SOFTWARE & SERVICES		24,492,604

190

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
	42,222		Apple, Inc	$	22,054,662
	18,806	*	Arrow Electronics, Inc		903,064
	25,280		Avnet, Inc		1,003,616
	8,420		AVX Corp		111,565
	83,728	*	Brocade Communications Systems, Inc		671,499
	3,100	*	CDW Corp		68,169
	992,439		Cisco Systems, Inc		22,329,878
	273,923		Corning, Inc		4,681,344
	11,756		Diebold, Inc		352,210
	4,567	e	Dolby Laboratories, Inc (Class A)		163,225
	7,560	*	EchoStar Corp (Class A)		362,578
	195,728		EMC Corp		4,711,173
	8,763		Flir Systems, Inc		249,570
	16,811		Harris Corp		1,041,610
	359,666		Hewlett-Packard Co		8,765,060
	29,110	*	Ingram Micro, Inc (Class A)		674,479
	38,037		Jabil Circuit, Inc		793,452
	13,254	*	JDS Uniphase Corp		173,495
	75,636	*	Juniper Networks, Inc		1,409,855
	11,381	e	Lexmark International, Inc (Class A)		404,594
	25,946		Molex, Inc		1,001,516
	2,195		Motorola, Inc		137,231
	33,475	*	Polycom, Inc		348,140
	3,038	*	Riverbed Technology, Inc		45,023
	22,920		SanDisk Corp		1,592,940
	3,001	*,e	Stratasys Ltd		339,803
	6,989	*	Tech Data Corp		363,847
	24,549	*	Vishay Intertechnology, Inc		301,216
	39,367		Western Digital Corp		2,741,124
	228,991		Xerox Corp		2,276,170
	8,326	*	Zebra Technologies Corp (Class A)		402,229
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		80,474,337
TELECOMMUNICATION SERVICES - 2.7%
	999,062		AT&T, Inc		36,166,044
	113,100		CenturyTel, Inc		3,829,566
	186,413	e	Frontier Communications Corp		822,081
	4,775	*,e	Intelsat S.A.		97,362
	19,391	*	Level 3 Communications, Inc		592,395
	130,881	*,e	Sprint Corp		880,829
	17,243		Telephone & Data Systems, Inc		537,637
	32,369		T-Mobile US, Inc		897,593
	1,850		US Cellular Corp		89,540
	7,349	e	Windstream Holdings, Inc		62,834
			TOTAL TELECOMMUNICATION SERVICES		43,975,881
TRANSPORTATION - 1.2%
	1,766		Alaska Air Group, Inc		124,786
	744		Amerco, Inc		150,236
	6,950		Con-Way, Inc		286,340
	95,798		CSX Corp		2,496,496
	85,709		Delta Air Lines, Inc		2,261,003

191

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	58,842		FedEx Corp	$	7,708,302
	4,505	*	Genesee & Wyoming, Inc (Class A)		449,779
	4,465	*	Kirby Corp		395,108
	47,921		Norfolk Southern Corp		4,122,164
	9,338		Ryder System, Inc		614,720
	120,021		Southwest Airlines Co		2,066,762
			TOTAL TRANSPORTATION		20,675,696
UTILITIES - 6.2%
	115,109		AES Corp		1,621,886
	21,389		AGL Resources, Inc		1,023,678
	21,001		Alliant Energy Corp		1,096,672
	45,057		Ameren Corp		1,630,162
	90,579		American Electric Power Co, Inc		4,242,720
	33,031		American Water Works Co, Inc		1,416,039
	5,775		Aqua America, Inc		145,415
	16,102		Atmos Energy Corp		712,836
	64,862	*	Calpine Corp		1,308,267
	79,578		Centerpoint Energy, Inc		1,957,619
	48,330		CMS Energy Corp		1,327,142
	54,720		Consolidated Edison, Inc		3,185,798
	107,274		Dominion Resources, Inc		6,838,718
	32,275		DTE Energy Co		2,231,494
	131,055		Duke Energy Corp		9,400,575
	60,548		Edison International		2,968,668
	33,089		Entergy Corp		2,141,520
	158,960		Exelon Corp		4,536,718
	78,436		FirstEnergy Corp		2,970,371
	29,511		Great Plains Energy, Inc		691,738
	19,352	e	Hawaiian Electric Industries, Inc		514,183
	14,943		Integrys Energy Group, Inc		876,855
	35,066		MDU Resources Group, Inc		1,044,265
	13,671		National Fuel Gas Co		978,160
	78,703		NextEra Energy, Inc		6,670,079
	57,945		NiSource, Inc		1,826,426
	59,072		Northeast Utilities		2,533,598
	58,829		NRG Energy, Inc		1,678,391
	44,417		NV Energy, Inc		1,054,460
	35,306		OGE Energy Corp		1,302,791
	2,003		Oneok, Inc		113,170
	46,342		Pepco Holdings, Inc		893,474
	82,111		PG&E Corp		3,436,345
	21,064		Pinnacle West Capital Corp		1,180,216
	117,306		PPL Corp		3,593,083
	93,958		Public Service Enterprise Group, Inc		3,147,593
	26,988		Questar Corp		638,536
	25,543		SCANA Corp		1,191,070
	45,447		Sempra Energy		4,142,040
	161,631		Southern Co		6,612,324
	41,061		TECO Energy, Inc		705,017
	20,389		UGI Corp		843,493
	15,849		Vectren Corp		553,447

192

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE
	23,505	e	Westar Energy, Inc	$	742,993
	42,269		Wisconsin Energy Corp		1,779,948
	91,534		Xcel Energy, Inc		2,641,671
			TOTAL UTILITIES		102,141,664
			TOTAL COMMON STOCKS		1,652,915,912
			(Cost $1,446,464,212)
SHORT-TERM INVESTMENTS - 1.4%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%
	24,341,186	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		24,341,186
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		24,341,186
			TOTAL SHORT-TERM INVESTMENTS		24,341,186
			(Cost $24,341,186)
			TOTAL INVESTMENTS - 100.9%		1,677,257,098
			(Cost $1,470,805,398)
			OTHER ASSETS & LIABILITIES, NET - (0.9)%		(15,753,969	)
			NET ASSETS - 100.0%	$	1,661,503,129

Abbreviation(s):

REIT    Real Estate Investment Trust

*	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 or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $23,520,590.

193

TIAA-CREF FUNDS - S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 1.2%
	14,164		BorgWarner, Inc	$	1,460,733
	35,256		Delphi Automotive plc		2,016,643
	482,367		Ford Motor Co		8,253,300
	115,094	*	General Motors Co		4,252,723
	30,615		Goodyear Tire & Rubber Co		642,303
	27,117		Harley-Davidson, Inc		1,736,573
	83,308		Johnson Controls, Inc		3,844,664
			TOTAL AUTOMOBILES & COMPONENTS		22,206,939
BANKS - 2.8%
	86,306		BB&T Corp		2,931,815
	22,586		Comerica, Inc		977,974
	108,731		Fifth Third Bancorp		2,069,151
	57,878		Hudson City Bancorp, Inc		519,744
	101,568		Huntington Bancshares, Inc		893,798
	112,426		Keycorp		1,408,698
	15,824		M&T Bank Corp		1,780,675
	42,105		People’s United Financial, Inc		607,575
	65,167		PNC Financial Services Group, Inc		4,791,730
	172,650		Regions Financial Corp		1,662,619
	65,480		SunTrust Banks, Inc		2,202,747
	225,642		US Bancorp		8,429,985
	592,424		Wells Fargo & Co		25,290,580
	22,180		Zions Bancorporation		629,247
			TOTAL BANKS		54,196,338
CAPITAL GOODS - 8.1%
	79,608		3M Co		10,018,667
	29,904		Ametek, Inc		1,430,308
	85,115		Boeing Co		11,107,508
	77,743		Caterpillar, Inc		6,480,656
	21,394		Cummins, Inc		2,717,466
	73,118		Danaher Corp		5,271,077
	46,732		Deere & Co		3,824,547
	20,957		Dover Corp		1,923,643
	57,744		Eaton Corp		4,074,417
	87,809		Emerson Electric Co		5,880,569
	33,484	e	Fastenal Co		1,667,503
	17,178		Flowserve Corp		1,193,356
	20,055		Fluor Corp		1,488,482
	40,753		General Dynamics Corp		3,530,432
	1,247,537		General Electric Co		32,610,617
	96,295		Honeywell International, Inc		8,351,665
	50,464		Illinois Tool Works, Inc		3,976,059

194

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	33,073		Ingersoll-Rand plc	$	2,233,420
	16,047	*	Jacobs Engineering Group, Inc		975,978
	13,013	e	Joy Global, Inc		738,488
	10,993		L-3 Communications Holdings, Inc		1,104,247
	33,058		Lockheed Martin Corp		4,407,954
	44,349		Masco Corp		937,094
	28,127		Northrop Grumman Corp		3,023,934
	43,393		Paccar, Inc		2,412,651
	13,372		Pall Corp		1,076,713
	18,126		Parker Hannifin Corp		2,115,667
	24,940		Pentair Ltd		1,673,225
	17,856		Precision Castparts Corp		4,525,603
	25,755	*	Quanta Services, Inc		778,058
	39,513		Raytheon Co		3,254,686
	17,025		Rockwell Automation, Inc		1,879,730
	16,618		Rockwell Collins, Inc		1,160,435
	12,146		Roper Industries, Inc		1,540,234
	7,144		Snap-On, Inc		743,476
	19,511		Stanley Works		1,543,125
	33,691		Textron, Inc		969,964
	103,449		United Technologies Corp		10,991,456
	7,567		W.W. Grainger, Inc		2,035,296
	22,784		Xylem, Inc		786,048
			TOTAL CAPITAL GOODS		156,454,454
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	24,466	e	ADT Corp		1,061,090
	12,861		Cintas Corp		691,536
	4,886		Dun & Bradstreet Corp		531,548
	14,863		Equifax, Inc		961,190
	20,453		Iron Mountain, Inc		542,823
	26,335		Nielsen Holdings NV		1,038,652
	24,037	e	Pitney Bowes, Inc		512,950
	32,686		Republic Services, Inc		1,094,000
	17,054		Robert Half International, Inc		657,091
	10,583	*	Stericycle, Inc		1,229,745
	55,712		Tyco International Ltd		2,036,274
	53,543		Waste Management, Inc		2,331,262
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		12,688,161
CONSUMER DURABLES & APPAREL - 1.2%
	34,231		Coach, Inc		1,734,827
	34,722		DR Horton, Inc		657,982
	6,481	*	Fossil Group, Inc		822,698
	15,068	e	Garmin Ltd		704,429
	8,170		Harman International Industries, Inc		661,933
	13,791	e	Hasbro, Inc		712,305
	17,650		Leggett & Platt, Inc		524,911
	20,403	e	Lennar Corp (Class A)		725,327
	42,059		Mattel, Inc		1,866,158
	35,518		Newell Rubbermaid, Inc		1,052,398
	91,832		Nike, Inc (Class B)		6,957,192

195

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	9,983		Phillips-Van Heusen Corp	$	1,243,582
	42,144		Pulte Homes, Inc		743,842
	7,457		Ralph Lauren Corp		1,235,178
	10,783		VF Corp		2,318,345
	9,748		Whirlpool Corp		1,423,306
			TOTAL CONSUMER DURABLES & APPAREL		23,384,413
CONSUMER SERVICES - 1.8%
	53,984		Carnival Corp		1,870,546
	3,776	*	Chipotle Mexican Grill, Inc (Class A)		1,989,839
	15,569		Darden Restaurants, Inc		802,270
	33,241		H&R Block, Inc		945,374
	32,202		International Game Technology		605,398
	27,971		Marriott International, Inc (Class A)		1,260,933
	122,620		McDonald’s Corp		11,835,282
	92,119		Starbucks Corp		7,466,245
	23,746		Starwood Hotels & Resorts Worldwide, Inc		1,748,180
	16,481		Wyndham Worldwide Corp		1,094,338
	9,763		Wynn Resorts Ltd		1,623,099
	54,711		Yum! Brands, Inc		3,699,558
			TOTAL CONSUMER SERVICES		34,941,062
DIVERSIFIED FINANCIALS - 6.9%
	113,484		American Express Co		9,282,991
	24,594		Ameriprise Financial, Inc		2,472,681
	1,316,217		Bank of America Corp		18,374,390
	141,883		Bank of New York Mellon Corp		4,511,879
	15,443		BlackRock, Inc		4,645,409
	71,736		Capital One Financial Corp		4,926,111
	141,748		Charles Schwab Corp		3,210,592
	372,976		Citigroup, Inc		18,193,769
	38,426		CME Group, Inc		2,851,594
	59,897		Discover Financial Services		3,107,456
	35,900	*	E*Trade Financial Corp		607,069
	50,279		Franklin Resources, Inc		2,708,027
	51,039		Goldman Sachs Group, Inc		8,210,134
	8,907	*	IntercontinentalExchange, Inc		1,716,646
	54,213		Invesco Ltd		1,829,689
	461,574		JPMorgan Chase & Co		23,789,524
	13,962		Legg Mason, Inc		537,118
	38,403		Leucadia National Corp		1,088,341
	23,742		Moody’s Corp		1,677,610
	169,966		Morgan Stanley		4,883,123
	14,600		Nasdaq Stock Market, Inc		517,278
	27,674		Northern Trust Corp		1,561,367
	29,762		NYSE Euronext		1,310,123
	53,935		SLM Corp		1,368,331
	20,500		SPDR Trust Series 1		3,602,465
	54,278		State Street Corp		3,803,259
	31,892		T Rowe Price Group, Inc		2,468,760
			TOTAL DIVERSIFIED FINANCIALS		133,255,736

196

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
ENERGY - 10.5%
	61,573		Anadarko Petroleum Corp	$	5,867,291
	49,375		Apache Corp		4,384,500
	54,242		Baker Hughes, Inc		3,150,918
	51,793		Cabot Oil & Gas Corp		1,829,329
	30,469	*	Cameron International Corp		1,671,529
	63,772		Chesapeake Energy Corp		1,783,065
	236,865		Chevron Corp		28,414,326
	149,748		ConocoPhillips		10,976,528
	28,251		Consol Energy, Inc		1,031,161
	45,872	*	Denbury Resources, Inc		871,109
	46,696		Devon Energy Corp		2,952,121
	8,730	e	Diamond Offshore Drilling, Inc		540,649
	28,297		Ensco plc		1,631,322
	33,405		EOG Resources, Inc		5,959,452
	18,162		Equitable Resources, Inc		1,554,849
	539,637	d	Exxon Mobil Corp		48,362,268
	28,693	*	FMC Technologies, Inc		1,450,431
	103,783		Halliburton Co		5,503,612
	13,184		Helmerich & Payne, Inc		1,022,419
	35,241		Hess Corp		2,861,569
	82,547		Kinder Morgan, Inc		2,914,735
	86,969		Marathon Oil Corp		3,066,527
	38,254		Marathon Petroleum Corp		2,741,282
	21,862		Murphy Oil Corp		1,318,716
	31,928		Nabors Industries Ltd		558,101
	52,465		National Oilwell Varco, Inc		4,259,109
	17,115	*	Newfield Exploration Co		521,152
	30,814		Noble Corp		1,161,688
	43,762		Noble Energy, Inc		3,279,087
	98,799		Occidental Petroleum Corp		9,492,608
	34,082		Peabody Energy Corp		663,917
	74,608		Phillips 66		4,806,993
	16,962		Pioneer Natural Resources Co		3,473,478
	22,030		Questar Market Resources, Inc		728,312
	19,944		Range Resources Corp		1,509,960
	15,483	*	Rowan Cos plc		558,627
	162,249		Schlumberger Ltd		15,205,976
	42,376	*	Southwestern Energy Co		1,577,235
	82,035		Spectra Energy Corp		2,917,985
	16,511		Tesoro Corp		807,223
	41,200		Transocean Ltd-NYSE		1,939,284
	66,547		Valero Energy Corp		2,739,740
	83,384		Williams Cos, Inc		2,977,643
	24,677	*	WPX Energy, Inc		546,349
			TOTAL ENERGY		201,584,175
FOOD & STAPLES RETAILING - 2.4%
	53,579		Costco Wholesale Corp		6,322,322
	150,613		CVS Corp		9,377,165
	63,168		Kroger Co		2,706,117
	29,889		Safeway, Inc		1,043,126

197

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	72,358		Sysco Corp	$	2,340,058
	106,669		Walgreen Co		6,319,072
	199,574		Wal-Mart Stores, Inc		15,317,304
	45,524		Whole Foods Market, Inc		2,873,930
			TOTAL FOOD & STAPLES RETAILING		46,299,094
FOOD, BEVERAGE & TOBACCO - 5.5%
	245,680		Altria Group, Inc		9,146,666
	80,918		Archer Daniels Midland Co		3,309,546
	19,618		Beam, Inc		1,320,291
	20,032		Brown-Forman Corp (Class B)		1,461,935
	21,932		Campbell Soup Co		933,645
	466,958		Coca-Cola Co		18,477,528
	31,214		Coca-Cola Enterprises, Inc		1,302,560
	51,687		ConAgra Foods, Inc		1,644,164
	20,090	*	Constellation Brands, Inc (Class A)		1,311,877
	24,755		Dr Pepper Snapple Group, Inc		1,172,149
	78,861		General Mills, Inc		3,976,172
	18,330		Hershey Co		1,819,069
	16,495		Hormel Foods Corp		716,873
	13,048		J.M. Smucker Co		1,451,068
	31,260		Kellogg Co		1,977,195
	73,189		Kraft Foods Group, Inc		3,980,018
	46,189		Lorillard, Inc		2,356,101
	16,352		McCormick & Co, Inc		1,130,741
	24,605		Mead Johnson Nutrition Co		2,009,244
	19,593		Molson Coors Brewing Co (Class B)		1,058,022
	218,546		Mondelez International, Inc		7,351,888
	16,638	*	Monster Beverage Corp		952,193
	189,013		PepsiCo, Inc		15,894,103
	198,220		Philip Morris International, Inc		17,665,366
	39,167		Reynolds American, Inc		2,012,009
	34,197		Tyson Foods, Inc (Class A)		946,231
			TOTAL FOOD, BEVERAGE & TOBACCO		105,376,654
HEALTH CARE EQUIPMENT & SERVICES - 4.1%
	190,481		Abbott Laboratories		6,962,081
	46,201		Aetna, Inc		2,896,803
	28,241		AmerisourceBergen Corp		1,844,985
	9,674		Bard (C.R.), Inc		1,317,792
	66,649		Baxter International, Inc		4,390,170
	23,665		Becton Dickinson & Co		2,487,901
	165,392	*	Boston Scientific Corp		1,933,432
	41,547		Cardinal Health, Inc		2,437,147
	26,400	*	CareFusion Corp		1,023,528
	36,153	*	Cerner Corp		2,025,653
	34,724		Cigna Corp		2,673,053
	56,191		Covidien plc		3,602,405
	21,691	*	DaVita, Inc		1,219,251
	17,395		Dentsply International, Inc		819,304
	13,660	*	Edwards Lifesciences Corp		890,495
	99,686	*	Express Scripts Holding Co		6,232,369

198

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	19,106		Humana, Inc	$	1,760,618
	4,920	*	Intuitive Surgical, Inc		1,827,780
	10,954	*	Laboratory Corp of America Holdings		1,105,259
	28,032		McKesson Corp		4,382,523
	122,304		Medtronic, Inc		7,020,250
	10,002		Patterson Cos, Inc		425,185
	18,206		Quest Diagnostics, Inc		1,090,721
	35,174		St. Jude Medical, Inc		2,018,636
	36,051		Stryker Corp		2,662,727
	12,844	*	Tenet Healthcare Corp		606,108
	124,359		UnitedHealth Group, Inc		8,488,745
	13,200	*	Varian Medical Systems, Inc		958,056
	36,706		WellPoint, Inc		3,112,669
	20,791		Zimmer Holdings, Inc		1,818,589
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		80,034,235
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
	53,291		Avon Products, Inc		932,592
	16,283	e	Clorox Co		1,468,564
	108,050		Colgate-Palmolive Co		6,994,077
	31,388		Estee Lauder Cos (Class A)		2,227,292
	46,955		Kimberly-Clark Corp		5,071,140
	335,764		Procter & Gamble Co		27,112,943
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		43,806,608
INSURANCE - 4.3%
	41,693		ACE Ltd		3,979,180
	56,900		Aflac, Inc		3,697,362
	56,758		Allstate Corp		3,011,579
	181,042		American International Group, Inc		9,350,819
	37,878		Aon plc		2,995,771
	9,423		Assurant, Inc		551,057
	220,655	*	Berkshire Hathaway, Inc (Class B)		25,392,978
	31,175		Chubb Corp		2,870,594
	17,710		Cincinnati Financial Corp		885,500
	60,532	*	Genworth Financial, Inc (Class A)		879,530
	55,670		Hartford Financial Services Group, Inc		1,876,079
	32,348		Lincoln National Corp		1,468,923
	37,334		Loews Corp		1,803,605
	67,281		Marsh & McLennan Cos, Inc		3,081,470
	136,958		Metlife, Inc		6,479,483
	33,765		Principal Financial Group		1,602,487
	67,901		Progressive Corp		1,763,389
	56,604		Prudential Financial, Inc		4,606,999
	11,321		Torchmark Corp		824,848
	46,093		Travelers Cos, Inc		3,977,826
	32,477		UnumProvident Corp		1,030,820
	34,580		XL Capital Ltd		1,057,111
			TOTAL INSURANCE		83,187,410
MATERIALS - 3.5%
	25,673		Air Products & Chemicals, Inc		2,798,614
	7,963		Airgas, Inc		868,524

199

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	131,190	e	Alcoa, Inc	$	1,216,131
	13,706		Allegheny Technologies, Inc		453,669
	11,956		Avery Dennison Corp		563,367
	17,649		Ball Corp		862,860
	12,789		Bemis Co, Inc		510,281
	7,208		CF Industries Holdings, Inc		1,554,045
	19,437	e	Cliffs Natural Resources, Inc		499,142
	148,188		Dow Chemical Co		5,848,980
	113,089		Du Pont (E.I.) de Nemours & Co		6,921,047
	18,709		Eastman Chemical Co		1,474,082
	33,143		Ecolab, Inc		3,513,158
	16,774		FMC Corp		1,220,476
	127,136		Freeport-McMoRan Copper & Gold, Inc (Class B)		4,673,519
	9,899		International Flavors & Fragrances, Inc		818,152
	54,621		International Paper Co		2,436,643
	55,040		LyondellBasell Industries AF S.C.A		4,105,984
	21,294		MeadWestvaco Corp		742,096
	65,437		Monsanto Co		6,863,033
	41,660		Mosaic Co		1,910,111
	61,425		Newmont Mining Corp		1,674,445
	38,987		Nucor Corp		2,018,357
	20,042	*	Owens-Illinois, Inc		637,135
	17,435		PPG Industries, Inc		3,183,282
	36,163		Praxair, Inc		4,509,888
	23,625		Sealed Air Corp		713,003
	10,705		Sherwin-Williams Co		2,012,540
	14,630		Sigma-Aldrich Corp		1,264,471
	18,429	e	United States Steel Corp		458,698
	15,667		Vulcan Materials Co		838,968
			TOTAL MATERIALS		67,164,701
MEDIA - 3.8%
	26,714		Cablevision Systems Corp (Class A)		415,403
	68,747		CBS Corp (Class B)		4,065,697
	320,634		Comcast Corp (Class A)		15,255,766
	62,426	*	DIRECTV		3,901,001
	28,212	*	Discovery Communications, Inc (Class A)		2,508,611
	27,820		Gannett Co, Inc		769,779
	52,316		Interpublic Group of Cos, Inc		878,909
	33,713		McGraw-Hill Cos, Inc		2,349,122
	60,491	*	News Corp		1,064,642
	31,418		Omnicom Group, Inc		2,139,880
	13,385		Scripps Networks Interactive (Class A)		1,077,492
	34,933		Time Warner Cable, Inc		4,197,200
	112,776		Time Warner, Inc		7,752,222
	242,878		Twenty-First Century Fox, Inc		8,277,282
	53,009		Viacom, Inc (Class B)		4,415,120
	203,713		Walt Disney Co		13,972,674
	528		Washington Post Co (Class B)		339,673
			TOTAL MEDIA		73,380,473

200

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.8%
	194,371		AbbVie, Inc	$	9,417,275
	21,186	*	Actavis plc		3,274,932
	40,413		Agilent Technologies, Inc		2,051,364
	23,876	*	Alexion Pharmaceuticals, Inc		2,935,554
	36,418		Allergan, Inc		3,299,835
	92,355		Amgen, Inc		10,713,180
	29,137	*	Biogen Idec, Inc		7,114,964
	201,859		Bristol-Myers Squibb Co		10,601,635
	50,427	*	Celgene Corp		7,487,905
	121,601		Eli Lilly & Co		6,058,162
	29,016	*	Forest Laboratories, Inc		1,364,623
	187,647	*	Gilead Sciences, Inc		13,321,061
	20,254	*	Hospira, Inc		820,692
	345,499		Johnson & Johnson		31,996,662
	21,264	*	Life Technologies Corp		1,601,392
	358,802		Merck & Co, Inc		16,178,382
	46,681	*	Mylan Laboratories, Inc		1,767,809
	13,528		PerkinElmer, Inc		514,605
	11,554		Perrigo Co		1,593,181
	811,714		Pfizer, Inc		24,903,385
	9,588	*	Regeneron Pharmaceuticals, Inc		2,757,509
	44,203		Thermo Electron Corp		4,322,169
	28,480	*	Vertex Pharmaceuticals, Inc		2,031,763
	10,517	*	Waters Corp		1,061,376
	61,256		Zoetis Inc		1,939,365
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		169,128,780
REAL ESTATE - 2.0%
	48,285		American Tower Corp		3,831,415
	18,092		Apartment Investment & Management Co (Class A)		506,214
	14,814		AvalonBay Communities, Inc		1,852,491
	18,690		Boston Properties, Inc		1,934,415
	33,553	*	CBRE Group, Inc		779,436
	40,995		Equity Residential		2,146,498
	55,472		HCP, Inc		2,302,088
	35,163		Health Care REIT, Inc		2,280,321
	91,991		Host Marriott Corp		1,706,433
	49,609		Kimco Realty Corp		1,065,601
	17,207		Macerich Co		1,018,827
	20,278		Plum Creek Timber Co, Inc		920,621
	60,809		Prologis, Inc		2,429,320
	17,794		Public Storage, Inc		2,971,064
	38,051		Simon Property Group, Inc		5,880,782
	35,960		Ventas, Inc		2,346,030
	21,323		Vornado Realty Trust		1,899,026
	71,622		Weyerhaeuser Co		2,177,309
			TOTAL REAL ESTATE		38,047,891
RETAILING - 4.5%
	9,659		Abercrombie & Fitch Co (Class A)		362,019
	45,372	*	Amazon.com, Inc		16,516,769

201

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	7,607	*	Autonation, Inc	$	366,886
	4,421	*	AutoZone, Inc		1,921,764
	26,570	*	Bed Bath & Beyond, Inc		2,054,392
	32,873		Best Buy Co, Inc		1,406,964
	27,367	*	Carmax, Inc		1,285,975
	36,342	*	Dollar General Corp		2,099,841
	27,285	*	Dollar Tree, Inc		1,593,444
	13,144		Expedia, Inc		773,919
	11,803		Family Dollar Stores, Inc		812,991
	14,695		GameStop Corp (Class A)		805,580
	33,323		Gap, Inc		1,232,618
	18,691		Genuine Parts Co		1,473,412
	175,646		Home Depot, Inc		13,681,067
	37,291	*,e	JC Penney Co, Inc		279,682
	24,564		Kohl’s Corp		1,395,235
	29,830		L Brands, Inc		1,867,656
	129,068		Lowe’s Companies, Inc		6,425,005
	46,487		Macy’s, Inc		2,143,516
	7,189	*	NetFlix, Inc		2,318,309
	17,855		Nordstrom, Inc		1,079,692
	13,521	*	O’Reilly Automotive, Inc		1,674,035
	12,602		Petsmart, Inc		916,922
	6,314	*	Priceline.com, Inc		6,653,883
	26,730		Ross Stores, Inc		2,067,565
	80,152		Staples, Inc		1,292,050
	77,397		Target Corp		5,014,552
	13,459		Tiffany & Co		1,065,549
	87,513		TJX Companies, Inc		5,319,915
	13,680	*	TripAdvisor, Inc		1,131,473
	13,568	*	Urban Outfitters, Inc		513,956
			TOTAL RETAILING		87,546,636
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
	38,907		Altera Corp		1,307,275
	38,090		Analog Devices, Inc		1,877,837
	147,336		Applied Materials, Inc		2,629,948
	67,799		Broadcom Corp (Class A)		1,811,589
	8,478	*	First Solar, Inc		426,189
	610,804		Intel Corp		14,921,942
	20,178		Kla-Tencor Corp		1,323,677
	20,050	*	Lam Research Corp		1,087,311
	28,253		Linear Technology Corp		1,162,328
	68,023		LSI Logic Corp		576,835
	24,009	e	Microchip Technology, Inc		1,031,427
	127,959	*	Micron Technology, Inc		2,262,315
	69,621		Nvidia Corp		1,056,847
	23,771	*,e	Teradyne, Inc		415,755
	135,155		Texas Instruments, Inc		5,687,322
	32,275		Xilinx, Inc		1,465,931
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		39,044,528

202

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
SOFTWARE & SERVICES - 9.3%
	79,152		Accenture plc	$	5,817,672
	57,129	*	Adobe Systems, Inc		3,096,392
	21,707	*	Akamai Technologies, Inc		971,171
	27,573	*	Autodesk, Inc		1,100,438
	59,304		Automatic Data Processing, Inc		4,446,021
	40,437		CA, Inc		1,284,279
	22,919	*	Citrix Systems, Inc		1,301,341
	37,042	*	Cognizant Technology Solutions Corp (Class A)		3,220,061
	18,104		Computer Sciences Corp		891,803
	142,583	*	eBay, Inc		7,515,550
	37,070	*	Electronic Arts, Inc		973,088
	35,752		Fidelity National Information Services, Inc		1,742,910
	16,283	*	Fiserv, Inc		1,705,319
	34,296	*	Google, Inc (Class A)		35,344,772
	126,246		International Business Machines Corp		22,624,545
	36,296		Intuit, Inc		2,591,897
	12,717		Mastercard, Inc (Class A)		9,119,361
	929,335		Microsoft Corp		32,851,992
	437,226		Oracle Corp		14,647,071
	39,551	e	Paychex, Inc		1,671,425
	23,028	*	Red Hat, Inc		996,422
	67,240	*	Salesforce.com, Inc		3,587,926
	85,101		Symantec Corp		1,935,197
	19,772	*	Teradata Corp		871,352
	19,751		Total System Services, Inc		589,172
	16,559	*	VeriSign, Inc		898,823
	63,301		Visa, Inc (Class A)		12,449,408
	67,569		Western Union Co		1,150,024
	115,942	*	Yahoo!, Inc		3,817,970
			TOTAL SOFTWARE & SERVICES		179,213,402
TECHNOLOGY HARDWARE & EQUIPMENT - 6.3%
	19,354		Amphenol Corp (Class A)		1,553,933
	111,342		Apple, Inc		58,159,493
	657,339		Cisco Systems, Inc		14,790,127
	180,312		Corning, Inc		3,081,532
	255,408		EMC Corp		6,147,670
	9,766	*	F5 Networks, Inc		796,027
	17,502		Flir Systems, Inc		498,457
	13,254		Harris Corp		821,218
	235,975		Hewlett-Packard Co		5,750,711
	22,935		Jabil Circuit, Inc		478,424
	29,841	*	JDS Uniphase Corp		390,619
	61,234	*	Juniper Networks, Inc		1,141,402
	17,141		Molex, Inc		661,643
	28,912		Motorola, Inc		1,807,578
	41,593		NetApp, Inc		1,614,224
	210,310		Qualcomm, Inc		14,610,236
	29,645		SanDisk Corp		2,060,327
	39,687		Seagate Technology, Inc		1,931,963
	50,790		Tyco Electronics Ltd		2,615,177
	26,141		Western Digital Corp		1,820,198

203

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	141,452		Xerox Corp	$	1,406,033
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		122,136,992
TELECOMMUNICATION SERVICES - 2.5%
	648,907		AT&T, Inc		23,490,433
	74,529		CenturyTel, Inc		2,523,552
	40,118	*	Crown Castle International Corp		3,049,771
	122,513	e	Frontier Communications Corp		540,282
	349,149		Verizon Communications, Inc		17,635,516
	73,069	e	Windstream Holdings, Inc		624,740
			TOTAL TELECOMMUNICATION SERVICES		47,864,294
TRANSPORTATION - 1.9%
	19,716	e	CH Robinson Worldwide, Inc		1,177,834
	124,579		CSX Corp		3,246,529
	104,605		Delta Air Lines, Inc		2,759,480
	25,057		Expeditors International of Washington, Inc		1,134,831
	36,439		FedEx Corp		4,773,509
	13,486		Kansas City Southern Industries, Inc		1,638,819
	38,458		Norfolk Southern Corp		3,308,157
	6,558		Ryder System, Inc		431,713
	89,105		Southwest Airlines Co		1,534,388
	56,870		Union Pacific Corp		8,610,118
	88,402		United Parcel Service, Inc (Class B)		8,684,613
			TOTAL TRANSPORTATION		37,299,991
UTILITIES - 3.1%
	74,150		AES Corp		1,044,773
	14,583		AGL Resources, Inc		697,942
	29,448		Ameren Corp		1,065,429
	59,476		American Electric Power Co, Inc		2,785,856
	51,447		Centerpoint Energy, Inc		1,265,596
	32,623		CMS Energy Corp		895,828
	36,031		Consolidated Edison, Inc		2,097,725
	71,008		Dominion Resources, Inc		4,526,760
	21,400		DTE Energy Co		1,479,596
	86,652		Duke Energy Corp		6,215,548
	39,430		Edison International		1,933,253
	21,953		Entergy Corp		1,420,798
	105,018		Exelon Corp		2,997,214
	51,314		FirstEnergy Corp		1,943,261
	9,863		Integrys Energy Group, Inc		578,761
	52,181		NextEra Energy, Inc		4,422,340
	37,602		NiSource, Inc		1,185,215
	38,711		Northeast Utilities		1,660,315
	39,691		NRG Energy, Inc		1,132,384
	25,228		Oneok, Inc		1,425,382
	30,473		Pepco Holdings, Inc		587,519
	54,607		PG&E Corp		2,285,303
	13,629		Pinnacle West Capital Corp		763,633
	77,629		PPL Corp		2,377,776
	62,172		Public Service Enterprise Group, Inc		2,082,762

204

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE
	17,277		SCANA Corp	$	805,627
	27,838		Sempra Energy		2,537,155
	107,155		Southern Co		4,383,711
	25,210		TECO Energy, Inc		432,856
	28,158		Wisconsin Energy Corp		1,185,733
	60,920		Xcel Energy, Inc		1,758,151
			TOTAL UTILITIES		59,974,202
			TOTAL COMMON STOCKS		1,918,217,169
			(Cost $1,481,642,275)
SHORT-TERM INVESTMENTS - 0.8%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%
	15,151,123	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		15,151,123
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		15,151,123
			TOTAL SHORT-TERM INVESTMENTS		15,151,123
			(Cost $15,151,123)
			TOTAL INVESTMENTS - 100.3%		1,933,368,292
			(Cost $1,496,793,398)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%		(5,686,782	)
			NET ASSETS - 100.0%	$	1,927,681,510

Abbreviation(s):

REIT     Real Estate Investment Trust

SPDR    Standard & Poor’s Depositary Receipts

*	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 transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $14,771,581.

205

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

TIAA-CREF FUNDS

SMALL-CAP BLEND INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 1.1%
	65,684	*	American Axle & Manufacturing Holdings, Inc	$	1,222,379
	62,413		Cooper Tire & Rubber Co		1,623,362
	142,052		Dana Holding Corp		2,784,219
	25,118		Dorman Products, Inc		1,220,986
	22,318		Drew Industries, Inc		1,121,703
	20,146	*	Federal Mogul Corp (Class A)		412,791
	9,150	*	Fox Factory Holding Corp		159,393
	13,759	*	Fuel Systems Solutions, Inc		247,112
	32,835	*	Gentherm, Inc		766,697
	46,498	*	Modine Manufacturing Co		619,353
	13,622		Remy International, Inc		300,093
	3,585		Shiloh Industries, Inc		58,866
	32,064		Spartan Motors, Inc		217,715
	18,985		Standard Motor Products, Inc		686,498
	27,104	*	Stoneridge, Inc		345,847
	24,064		Superior Industries International, Inc		451,200
	58,835	*	Tenneco, Inc		3,122,373
	5,489	*	Tower International, Inc		116,477
	27,343	*	Winnebago Industries, Inc		810,993
			TOTAL AUTOMOBILES & COMPONENTS		16,288,057
BANKS - 8.7%
	15,769		1st Source Corp		494,831
	26,266		1st United Bancorp, Inc		200,672
	8,246		Access National Corp		119,814
	6,949		American National Bankshares, Inc		159,410
	24,720	*	Ameris Bancorp		452,376
	8,247		Ames National Corp		185,805
	30,535		Apollo Residential Mortgage		459,857
	10,632	e	Arrow Financial Corp		274,412
	86,225		Astoria Financial Corp		1,139,032
	18,246		Banc of California, Inc		257,451
	7,054		Bancfirst Corp		391,991
	29,056		Banco Latinoamericano de Exportaciones S.A. (Class E)		762,139
	92,035		Bancorpsouth, Inc		2,033,973
	47,368		Bank Mutual Corp		301,260
	5,442		Bank of Kentucky Financial Corp		156,784
	5,477		Bank of Marin Bancorp		233,046
	30,985		Bank of the Ozarks, Inc		1,533,138
	18,547		BankFinancial Corp		172,302
	19,699		Banner Corp		753,684
	3,382		Bar Harbor Bankshares		127,637
	76,618		BBCN Bancorp, Inc		1,136,245
	7,909	*	BBX Capital Corp		104,320

206

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	31,781	*	Beneficial Mutual Bancorp, Inc	$	309,865
	25,193		Berkshire Hills Bancorp, Inc		639,146
	17,891	e	BNC Bancorp		234,551
	12,136	*	BofI Holding, Inc		733,257
	75,854		Boston Private Financial Holdings, Inc		863,977
	7,927		Bridge Bancorp, Inc		183,034
	8,171	*	Bridge Capital Holdings		143,728
	72,481		Brookline Bancorp, Inc		642,906
	12,908		Bryn Mawr Bank Corp		359,617
	3,348		C&F Financial Corp		180,491
	7,613		Camden National Corp		307,185
	25,468	*	Capital Bank Financial Corp		565,899
	10,709	*	Capital City Bank Group, Inc		131,721
	147,708		Capitol Federal Financial		1,871,460
	30,721		Cardinal Financial Corp		506,896
	4,045	*,e	Cascade Bancorp		20,913
	78,071		Cathay General Bancorp		1,922,889
	10,311		Center Bancorp, Inc		154,253
	26,422		Centerstate Banks of Florida, Inc		260,521
	22,921		Central Pacific Financial Corp		422,205
	2,780		Century Bancorp, Inc		90,350
	22,425		Charter Financial Corp		243,087
	29,706		Chemical Financial Corp		870,089
	3,175		Chemung Financial Corp		111,855
	10,901		Citizens & Northern Corp		215,404
	15,931	e	City Holding Co		724,860
	6,547		Clifton Savings Bancorp, Inc		82,689
	11,027		CNB Financial Corp		220,650
	32,739		CoBiz, Inc		355,218
	50,028		Columbia Banking System, Inc		1,285,219
	39,892		Community Bank System, Inc		1,448,478
	13,679		Community Trust Bancorp, Inc		582,589
	9,071	*	CommunityOne Bancorp		97,604
	1,526	*	ConnectOne Bancorp, Inc		58,003
	9,568	*	CU Bancorp		177,965
	21,293	*	Customers Bancorp, Inc		356,658
	90,287		CVB Financial Corp		1,312,773
	32,844		Dime Community Bancshares		537,328
	6,952	*	Doral Financial Corp		117,489
	22,762	*	Eagle Bancorp, Inc		602,055
	6,428		Enterprise Bancorp, Inc		125,603
	17,151	e	Enterprise Financial Services Corp		309,233
	9,396		ESB Financial Corp		125,061
	6,948		ESSA Bancorp, Inc		76,150
	78,635		EverBank Financial Corp		1,188,961
	7,553	*	Farmers Capital Bank Corp		155,139
	9,949		Federal Agricultural Mortgage Corp (Class C)		355,080
	16,528		Fidelity Southern Corp		252,387
	11,588		Financial Institutions, Inc		274,288
	17,324		First Bancorp (NC)		259,513
	74,742	*	First Bancorp (Puerto Rico)		414,818
	8,470		First Bancorp, Inc		147,463

207

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	69,328		First Busey Corp	$	358,426
	98,124		First Commonwealth Financial Corp		852,698
	15,815		First Community Bancshares, Inc		263,952
	16,696		First Connecticut Bancorp		245,097
	9,649		First Defiance Financial Corp		249,137
	2,377	*,e	First Federal Bancshares of Arkansas, Inc		21,345
	56,841		First Financial Bancorp		882,172
	31,154	e	First Financial Bankshares, Inc		1,916,283
	10,937		First Financial Corp		377,764
	23,509	e	First Financial Holdings, Inc		1,408,894
	15,906		First Financial Northwest, Inc		172,421
	17,106		First Interstate Bancsystem, Inc		429,532
	28,164		First Merchants Corp		529,483
	73,031		First Midwest Bancorp, Inc		1,214,506
	4,561	*	First NBC Bank Holding Co		121,551
	8,008		First of Long Island Corp		315,115
	55,100	*,e	First Security Group, Inc		111,853
	161,821		FirstMerit Corp		3,634,500
	18,997	*	Flagstar Bancorp, Inc		307,941
	31,631		Flushing Financial Corp		635,467
	146,496		FNB Corp		1,832,665
	10,596		Fox Chase Bancorp, Inc		182,993
	10,296		Franklin Financial Corp		194,285
	11,187		German American Bancorp, Inc		304,063
	71,422		Glacier Bancorp, Inc		1,973,390
	9,949		Great Southern Bancorp, Inc		279,368
	12,895		Guaranty Bancorp		174,082
	29,360	*	Hampton Roads Bankshares, Inc		41,398
	83,244		Hancock Holding Co		2,728,738
	30,695		Hanmi Financial Corp		536,549
	14,071		Heartland Financial USA, Inc		372,741
	18,150		Heritage Commerce Corp		141,388
	13,362		Heritage Financial Corp		215,529
	16,880	*	Heritage Oaks Bancorp		115,628
	1,130		Hingham Institution for Savings		82,174
	5,439	*	Home Bancorp, Inc		98,827
	44,005		Home Bancshares, Inc		1,490,889
	12,763		Home Federal Bancorp, Inc		198,975
	68,479		Home Loan Servicing Solutions Ltd		1,616,789
	13,054		HomeStreet, Inc		248,287
	18,391	*	HomeTrust Bancshares, Inc		297,015
	7,488		Horizon Bancorp		162,564
	15,811		Hudson Valley Holding Corp		292,345
	29,516		IBERIABANK Corp		1,724,620
	22,688		Independent Bank Corp		814,045
	4,007		Independent Bank Group, Inc		151,184
	52,284		International Bancshares Corp		1,194,689
	15,030	*	Intervest Bancshares Corp		109,569
	44,006		Investors Bancorp, Inc		1,043,382
	12,681	*	Kearny Financial Corp		133,150
	28,590		Lakeland Bancorp, Inc		325,926
	16,115		Lakeland Financial Corp		573,533

208

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	5,373	e	LCNB Corp	$	108,266
	20,518	*,e	Macatawa Bank Corp		100,743
	17,701		MainSource Financial Group, Inc		287,110
	53,508		MB Financial, Inc		1,589,188
	7,537		Mercantile Bank Corp		164,608
	4,949		Merchants Bancshares, Inc		148,371
	7,385	*	Meridian Interstate Bancorp, Inc		175,320
	6,259		Meta Financial Group, Inc		232,960
	13,675		MetroCorp Bancshares, Inc		195,963
	316,751	*	MGIC Investment Corp		2,578,353
	4,581		Middleburg Financial Corp		83,924
	7,181		Midsouth Bancorp, Inc		109,008
	5,991		MidWestOne Financial Group, Inc		158,282
	3,697	*,e	NASB Financial, Inc		95,198
	51,741		National Bank Holdings Corp		1,086,561
	6,122		National Bankshares, Inc		215,188
	114,212		National Penn Bancshares, Inc		1,184,378
	44,186		NBT Bancorp, Inc		1,076,813
	22,073	*	NewBridge Bancorp		164,665
	58,828		Northfield Bancorp, Inc		760,646
	5,558		Northrim BanCorp, Inc		139,506
	93,837		Northwest Bancshares, Inc		1,312,780
	13,582		OceanFirst Financial Corp		238,907
	46,007		OFG Bancorp		681,364
	100,668		Old National Bancorp		1,463,713
	10,392	*	OmniAmerican Bancorp, Inc		227,793
	45,593		Oritani Financial Corp		739,518
	17,062		Pacific Continental Corp		235,114
	15,674	*	Pacific Premier Bancorp, Inc		218,025
	37,020	e	PacWest Bancorp		1,408,611
	3,918	*,e	Palmetto Bancshares, Inc		52,580
	11,470	e	Park National Corp		908,653
	41,895		Park Sterling Bank		272,736
	7,711		Peapack Gladstone Financial Corp		141,420
	3,390		Penns Woods Bancorp, Inc		173,568
	13,626	*	Pennsylvania Commerce Bancorp, Inc		290,779
	12,488	*	PennyMac Financial Services, Inc		201,057
	10,656		Peoples Bancorp, Inc		238,908
	34,536	*	Pinnacle Financial Partners, Inc		1,070,616
	10,289	*	Preferred Bank		197,755
	63,969		PrivateBancorp, Inc		1,558,285
	58,910		Prosperity Bancshares, Inc		3,678,929
	8,691		Provident Financial Holdings, Inc		131,756
	59,158		Provident Financial Services, Inc		1,108,621
	167,067	e	Radian Group, Inc		2,434,166
	30,324		Renasant Corp		869,692
	9,959		Republic Bancorp, Inc (Class A)		229,256
	27,499		Rockville Financial, Inc		361,612
	6,430	*	Roma Financial Corp		125,128
	30,118		S&T Bancorp, Inc		738,493
	13,284		S.Y. Bancorp, Inc		398,653

209

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	25,791		Sandy Spring Bancorp, Inc	$	631,622
	64,749	*	Seacoast Banking Corp of Florida		147,628
	10,766		Sierra Bancorp		203,800
	16,696		Simmons First National Corp (Class A)		546,627
	18,305	e	Southside Bancshares, Inc		499,726
	18,451	*	Southwest Bancorp, Inc		295,400
	31,422		State Bank & Trust Co		536,059
	23,050		StellarOne Corp		536,604
	43,538		Sterling Bancorp/DE		510,265
	32,163		Sterling Bancorp-N Y		474,404
	33,194		Sterling Financial Corp		961,298
	9,874	*	Suffolk Bancorp		193,037
	34,978	*	Sun Bancorp, Inc		115,427
	183,012		Susquehanna Bancshares, Inc		2,156,796
	17,645	*	Taylor Capital Group, Inc		405,835
	10,483		Territorial Bancorp, Inc		228,634
	40,155	*	Texas Capital Bancshares, Inc		2,090,068
	32,890	*	The Bancorp, Inc		531,831
	14,750		Tompkins Trustco, Inc		727,470
	23,739	e	TowneBank		345,640
	6,787		Tree.com, Inc		200,284
	17,028		Trico Bancshares		430,638
	7,264	*,e	Tristate Capital Holdings, Inc		90,873
	97,540		Trustco Bank Corp NY		655,469
	66,360		Trustmark Corp		1,802,338
	35,172		UMB Financial Corp		2,072,334
	109,969	e	Umpqua Holdings Corp		1,800,193
	21,046	e	Union Bankshares Corp		507,630
	50,191	e	United Bankshares, Inc		1,484,650
	43,277	*	United Community Banks, Inc		674,688
	35,001	*	United Community Financial Corp		140,004
	19,651		United Financial Bancorp, Inc		308,128
	14,868		Univest Corp of Pennsylvania		296,914
	10,211	*,e	VantageSouth Bancshares, Inc		49,932
	39,537		ViewPoint Financial Group		862,302
	25,503	*	Virginia Commerce Bancorp		408,813
	15,847	*	Walker & Dunlop, Inc		205,694
	11,597		Washington Banking Co		197,265
	14,882		Washington Trust Bancorp, Inc		489,469
	6,496	*	Waterstone Financial, Inc		69,117
	87,937		Webster Financial Corp		2,452,563
	25,998		WesBanco, Inc		764,341
	13,802		West Bancorporation, Inc		190,744
	26,374	e	Westamerica Bancorporation		1,357,734
	72,186	*	Western Alliance Bancorp		1,526,734
	19,696		Westfield Financial, Inc		142,008
	62,761		Wilshire Bancorp, Inc		531,586
	36,612		Wintrust Financial Corp		1,592,988
	8,176		WSFS Financial Corp		572,402
	12,699	*	Yadkin Financial Corp		208,518
			TOTAL BANKS		135,365,732

210

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
CAPITAL GOODS - 9.1%
	28,134		Aaon, Inc	$	759,899
	38,971		AAR Corp		1,141,071
	40,229	*	Accuride Corp		181,030
	26,547		Aceto Corp		423,425
	71,939		Actuant Corp (Class A)		2,702,029
	42,074		Acuity Brands, Inc		4,228,858
	37,193	*	Aegion Corp		762,456
	17,560	*	Aerovironment, Inc		476,052
	67,415		Aircastle Ltd		1,272,121
	6,820		Alamo Group, Inc		321,836
	27,845		Albany International Corp (Class A)		1,024,974
	26,509		Altra Holdings, Inc		805,078
	21,981	*	Ameresco, Inc		229,921
	8,980	e	American Railcar Industries, Inc		367,821
	8,292		American Science & Engineering, Inc		545,448
	42,337	*,e	American Superconductor Corp		92,295
	9,533	*	American Woodmark Corp		323,359
	8,022		Ampco-Pittsburgh Corp		147,685
	28,554	*	API Technologies Corp		83,378
	28,647		Apogee Enterprises, Inc		896,078
	41,345		Applied Industrial Technologies, Inc		1,956,032
	13,410		Argan, Inc		298,372
	97,249	*	ArvinMeritor, Inc		668,101
	20,226		Astec Industries, Inc		683,841
	14,617	*	Astronics Corp		717,110
	24,645		AZZ, Inc		1,106,560
	51,855		Barnes Group, Inc		1,842,927
	46,926	*	Beacon Roofing Supply, Inc		1,628,801
	49,840	*	Blount International, Inc		607,051
	32,404	*	Bluelinx Holdings, Inc		60,271
	44,641		Brady Corp (Class A)		1,303,071
	47,297		Briggs & Stratton Corp		867,427
	42,148	*	Builders FirstSource, Inc		312,317
	16,239	*	CAI International, Inc		355,472
	322,623	*,e	Capstone Turbine Corp		409,731
	29,544	*	Chart Industries, Inc		3,175,094
	17,098		CIRCOR International, Inc		1,261,319
	48,697		Clarcor, Inc		2,847,801
	8,592		Coleman Cable, Inc		211,363
	18,315	*	Columbus McKinnon Corp		476,373
	35,679		Comfort Systems USA, Inc		664,700
	27,114	*	Commercial Vehicle Group, Inc		213,387
	19,370		Cubic Corp		1,016,925
	45,948		Curtiss-Wright Corp		2,287,291
	71,467	*	DigitalGlobe, Inc		2,274,080
	23,268		Douglas Dynamics, Inc		352,976
	10,402	*	Ducommun, Inc		258,594
	9,425	*	DXP Enterprises, Inc		866,157
	32,544	*	Dycom Industries, Inc		964,930
	13,307		Dynamic Materials Corp		294,085

211

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	19,127	*	Edgen Group, Inc	$	228,950
	65,944		EMCOR Group, Inc		2,443,885
	20,583		Encore Wire Corp		1,019,476
	42,612	*	Energy Recovery, Inc		248,854
	47,239		EnerSys		3,134,307
	17,429	*	Engility Holdings, Inc		539,776
	19,112	*,e	Enphase Energy, Inc		144,296
	20,173	*	EnPro Industries, Inc		1,203,723
	3,341	*,e	Erickson Air-Crane, Inc		65,484
	26,033		ESCO Technologies, Inc		939,271
	30,183	*	Esterline Technologies Corp		2,419,469
	60,720	*	Federal Signal Corp		831,257
	44,254	*	Flow International Corp		176,573
	45,946		Franklin Electric Co, Inc		1,739,056
	11,886		Freightcar America, Inc		264,345
	169,741	*,e	FuelCell Energy, Inc		227,453
	35,702	*	Furmanite Corp		401,647
	59,513	*,e	GenCorp, Inc		999,818
	50,392		Generac Holdings, Inc		2,486,845
	48,637		General Cable Corp		1,601,616
	31,007	*	Gibraltar Industries, Inc		496,422
	9,350	*	Global Brass & Copper Holdings, Inc		175,125
	16,392		Global Power Equipment Group, Inc		333,741
	14,339		Gorman-Rupp Co		584,171
	114,879	*,e	GrafTech International Ltd		1,022,423
	10,489		Graham Corp		386,100
	37,492		Granite Construction, Inc		1,212,866
	56,349		Great Lakes Dredge & Dock Corp		457,554
	23,980	*	Greenbrier Cos, Inc		636,429
	45,338		Griffon Corp		568,085
	28,087	*	H&E Equipment Services, Inc		703,018
	11,274		Hardinge, Inc		166,742
	64,800		Heico Corp		3,471,984
	17,906		Houston Wire & Cable Co		248,356
	5,313		Hurco Cos, Inc		130,115
	10,555		Hyster-Yale Materials Handling, Inc		827,934
	50,137	*	II-VI, Inc		855,337
	11,195		Innovative Solutions & Support, Inc		88,217
	16,587		Insteel Industries, Inc		275,178
	28,889		John Bean Technologies Corp		785,203
	10,858		Kadant, Inc		388,716
	26,359		Kaman Corp		980,028
	29,972	*,e	KEYW Holding Corp		344,678
	43,981	*	Kratos Defense & Security Solutions, Inc		372,959
	20,045	*	Layne Christensen Co		387,670
	9,683		LB Foster Co (Class A)		452,680
	12,648	e	Lindsay Manufacturing Co		961,374
	9,825	*	LMI Aerospace, Inc		154,253
	17,311		LSI Industries, Inc		159,434
	17,847	*	Lydall, Inc		325,172
	12,671	*	Manitex International, Inc		163,836
	57,563	*	Mastec, Inc		1,840,289

212

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	18,321	*	Middleby Corp	$	4,170,776
	11,879		Miller Industries, Inc		222,612
	44,257	*	Moog, Inc (Class A)		2,643,471
	27,295		Mueller Industries, Inc		1,645,616
	152,566		Mueller Water Products, Inc (Class A)		1,307,491
	20,247	*	MYR Group, Inc		535,533
	5,323	e	National Presto Industries, Inc		375,538
	21,397	*	NCI Building Systems, Inc		308,759
	17,098		NN, Inc		274,936
	8,694	*	Nortek, Inc		610,058
	9,576	*	Northwest Pipe Co		345,023
	1,765	e	Omega Flex, Inc		35,900
	58,925	*	Orbital Sciences Corp		1,359,400
	28,617	*	Orion Marine Group, Inc		357,713
	6,735	*	Patrick Industries, Inc		210,671
	36,742	*	Perini Corp		843,229
	31,831	*	Pgt, Inc		332,634
	24,443		Pike Electric Corp		264,229
	15,200	*	Ply Gem Holdings, Inc		226,480
	16,695	*	PMFG, Inc		130,889
	45,371	*,e	Polypore International, Inc		2,050,769
	9,235	*	Powell Industries, Inc		580,235
	2,241	*	Power Solutions International, Inc		130,561
	21,005	*	PowerSecure International, Inc		379,770
	2,490		Preformed Line Products Co		209,210
	34,593		Primoris Services Corp		900,802
	16,430	*,e	Proto Labs, Inc		1,377,820
	34,925		Quanex Building Products Corp		620,967
	35,288		Raven Industries, Inc		1,177,208
	22,285	*	RBC Bearings, Inc		1,532,985
	38,338	*,e	Revolution Lighting Technologies, Inc		114,631
	28,960	*	Rexnord Corp		681,139
	33,704	*	Rush Enterprises, Inc (Class A)		964,608
	39,587		Simpson Manufacturing Co, Inc		1,403,359
	10,174	*	Sparton Corp		268,492
	12,547		Standex International Corp		771,766
	13,659	*	Sterling Construction Co, Inc		131,126
	7,470	*	Stock Building Supply Holdings, Inc		115,038
	20,294		Sun Hydraulics Corp		805,266
	32,852	e	TAL International Group, Inc		1,587,080
	50,074	*	Taser International, Inc		889,815
	17,383	*	Tecumseh Products Co (Class A)		135,587
	36,538	*	Teledyne Technologies, Inc		3,245,305
	17,860		Tennant Co		1,083,923
	21,036	e	Textainer Group Holdings Ltd		797,264
	7,041	*,e	The ExOne Company		361,415
	26,766	*	Thermon Group Holdings		629,269
	53,325	e	Titan International, Inc		773,213
	18,770	*,e	Titan Machinery, Inc		331,103
	16,878	*	Trex Co, Inc		1,185,173
	44,181	*	Trimas Corp		1,672,693
	8,316		Twin Disc, Inc		215,135

213

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	19,531		Universal Forest Products, Inc	$	1,033,581
	74,562	*,e	USG Corp		2,036,288
	15,512	*	Vicor Corp		136,661
	66,501	*	Wabash National Corp		775,402
	25,247		Watsco, Inc		2,405,787
	27,745		Watts Water Technologies, Inc (Class A)		1,603,106
	67,328		Woodward Governor Co		2,699,180
	9,660	*	Xerium Technologies, Inc		115,823
			TOTAL CAPITAL GOODS		141,968,676
COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
	52,612		ABM Industries, Inc		1,447,356
	49,181	e	Acacia Research (Acacia Technologies)		742,141
	113,413	*	ACCO Brands Corp		663,466
	17,414	e	Acorn Energy, Inc		65,477
	21,392		Administaff, Inc		827,229
	34,904	*	Advisory Board Co		2,394,414
	18,021		American Ecology Corp		640,647
	33,860	*	ARC Document Solutions, Inc		211,286
	7,383		Barrett Business Services, Inc		614,782
	46,777		Brink’s Co		1,468,798
	35,033	*	Casella Waste Systems, Inc (Class A)		207,045
	35,444	*	CBIZ, Inc		289,223
	14,084		CDI Corp		226,048
	16,943	e	Ceco Environmental Corp		299,044
	47,640	*,e	Cenveo, Inc		149,590
	759		Compx International, Inc		10,770
	7,400	*	Consolidated Graphics, Inc		474,266
	109,921	*,e	Coolbrands International, Inc		66,370
	32,973		Corporate Executive Board Co		2,403,732
	11,204		Courier Corp		190,356
	9,692	*	CRA International, Inc		184,633
	50,029		Deluxe Corp		2,355,866
	27,631	*	EnerNOC, Inc		459,504
	24,951		Ennis, Inc		442,880
	13,114		Exponent, Inc		991,550
	9,815	*	Franklin Covey Co		184,522
	39,247	*	FTI Consulting, Inc		1,592,643
	18,933		G & K Services, Inc (Class A)		1,181,419
	69,301		Geo Group, Inc		2,444,246
	13,801	*	GP Strategies Corp		386,704
	67,242		Healthcare Services Group		1,841,758
	18,797		Heidrick & Struggles International, Inc		348,120
	7,793	*	Heritage-Crystal Clean, Inc		137,702
	57,191		Herman Miller, Inc		1,735,175
	44,110		HNI Corp		1,713,673
	22,948	*	Huron Consulting Group, Inc		1,344,064
	18,917	*	ICF International, Inc		654,907
	149,056	*	ICO Global Communications Holdings Ltd		332,395
	45,556	*	Innerworkings, Inc		435,971
	57,487		Interface, Inc		1,164,112
	10,838		Intersections, Inc		92,882

214

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	27,346		Kelly Services, Inc (Class A)	$	570,438
	26,986		Kforce, Inc		531,354
	30,904		Kimball International, Inc (Class B)		361,577
	48,443		Knoll, Inc		795,434
	47,232	*	Korn/Ferry International		1,124,122
	23,976		McGrath RentCorp		855,224
	27,527		Mine Safety Appliances Co		1,325,700
	16,862	*	Mistras Group, Inc		309,586
	36,904	*	Mobile Mini, Inc		1,332,972
	12,746		Multi-Color Corp		443,943
	7,569	*	National Technical Systems, Inc		173,254
	48,331	*	Navigant Consulting, Inc		838,543
	5,347		NL Industries, Inc		62,346
	75,611	*,e	Odyssey Marine Exploration, Inc		164,076
	44,200	*	On Assignment, Inc		1,493,518
	21,875	*	Performant Financial Corp		218,094
	24,361	e	Quad		850,686
	41,452		Resources Connection, Inc		528,927
	32,360	*	RPX Corp		577,950
	12,656		Schawk, Inc (Class A)		185,031
	14,790	*	Standard Parking Corp		391,491
	81,318		Steelcase, Inc (Class A)		1,332,802
	20,386	*	Team, Inc		760,194
	63,732	*	Tetra Tech, Inc		1,665,317
	12,082	*	TRC Cos, Inc		92,911
	40,160	*	TrueBlue, Inc		991,952
	14,129		Unifirst Corp		1,452,744
	39,965		United Stationers, Inc		1,776,045
	19,562		Viad Corp		522,305
	4,274		VSE Corp		187,201
	24,255	*	WageWorks, Inc		1,242,099
	21,852		West Corp		481,181
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		57,055,783
CONSUMER DURABLES & APPAREL - 3.1%
	49,423	*,e	American Apparel, Inc		66,227
	12,525		Arctic Cat, Inc		656,310
	9,579		Bassett Furniture Industries, Inc		134,106
	25,836	*,e	Beazer Homes USA, Inc		469,440
	12,164	e	Blyth, Inc		167,985
	87,640		Brunswick Corp		3,955,193
	66,328	e	Callaway Golf Co		559,145
	6,572	*	Cavco Industries, Inc		384,922
	24,185	*,e	Clarus Corp		360,598
	13,051	e	Columbia Sportswear Co		872,720
	7,296	*	Costa, Inc		146,796
	86,212	*	CROCS, Inc		1,050,062
	8,477		CSS Industries, Inc		219,470
	8,520		Culp, Inc		164,862
	24,508	e	Ethan Allen Interiors, Inc		652,893
	8,613	*	EveryWare Global, Inc		82,857
	116,055	*	Fifth & Pacific Cos, Inc		3,074,297

215

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	3,540		Flexsteel Industries, Inc	$	97,208
	15,998	*	G-III Apparel Group Ltd		907,407
	31,050	*	Helen of Troy Ltd		1,450,656
	10,255		Hooker Furniture Corp		162,029
	108,463	*,e	Hovnanian Enterprises, Inc (Class A)		548,823
	55,042	*	Iconix Brand Group, Inc		1,986,466
	27,490	*	iRobot Corp		931,086
	21,630	e	Jakks Pacific, Inc		139,297
	3,848		Johnson Outdoors, Inc		105,551
	77,745		Jones Apparel Group, Inc		1,208,157
	80,374	e	KB Home		1,363,947
	51,285		La-Z-Boy, Inc		1,183,658
	62,579	*,e	Leapfrog Enterprises, Inc		535,676
	21,032	*	Libbey, Inc		449,033
	8,125		Lifetime Brands, Inc		127,238
	24,034	*	M/I Homes, Inc		491,976
	7,584		Marine Products Corp		71,062
	38,094		MDC Holdings, Inc		1,111,964
	35,944	*	Meritage Homes Corp		1,631,498
	17,220		Movado Group, Inc		802,969
	4,790		Nacco Industries, Inc (Class A)		272,886
	30,213	*	Nautilus, Inc		240,496
	13,267		Oxford Industries, Inc		952,173
	12,107		Perry Ellis International, Inc		230,154
	45,754		Pool Corp		2,488,103
	130,895	*	Quiksilver, Inc		1,089,046
	8,793		RG Barry Corp		167,771
	45,282		Ryland Group, Inc		1,820,336
	37,996	*	Skechers U.S.A., Inc (Class A)		1,107,203
	19,941	*	Skullcandy, Inc		125,230
	55,359	*,e	Smith & Wesson Holding Corp		596,770
	143,864	*	Standard-Pacific Corp		1,140,842
	59,099	*	Steven Madden Ltd		2,167,751
	19,023	e	Sturm Ruger & Co, Inc		1,244,294
	16,699	*	TRI Pointe Homes, Inc		265,848
	46,515	*	Tumi Holdings, Inc		993,095
	7,320	*	UCP, Inc (Class A)		103,212
	14,074	*	Unifi, Inc		343,265
	15,184	*	Universal Electronics, Inc		590,809
	21,902	*,e	Vera Bradley, Inc		485,129
	6,460	*	WCI Communities, Inc		116,538
	5,740		Weyco Group, Inc		164,910
	13,132	*	William Lyon Homes, Inc		304,269
	48,804		Wolverine World Wide, Inc		2,817,943
	30,442	*,e	Zagg, Inc		144,295
			TOTAL CONSUMER DURABLES & APPAREL		48,295,952
CONSUMER SERVICES - 4.2%
	23,425	*	AFC Enterprises		1,044,287
	16,785	*	American Public Education, Inc		671,904
	13,920	*	Ascent Media Corp (Series A)		1,175,126
	25,121	*	BJ’s Restaurants, Inc		679,774

216

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	54,612	*	Bloomin’ Brands, Inc	$	1,366,938
	26,852		Bob Evans Farms, Inc		1,532,981
	68,202	*	Boyd Gaming Corp		720,213
	18,946	*	Bravo Brio Restaurant Group, Inc		282,864
	17,472	*	Bridgepoint Education, Inc		342,451
	11,158	*	Bright Horizons Family Solutions		415,636
	17,992	*	Buffalo Wild Wings, Inc		2,565,299
	35,025	*,m	Caesars Entertainment Corp		610,136
	11,200	*	Capella Education Co		682,304
	65,338	*	Career Education Corp		358,052
	15,391		Carriage Services, Inc		309,205
	24,423	*	Carrols Restaurant Group, Inc		141,653
	19,167		CBRL Group, Inc		2,105,878
	17,157		CEC Entertainment, Inc		795,227
	51,452		Cheesecake Factory		2,431,107
	13,539		Churchill Downs, Inc		1,163,136
	15,964	*	Chuy’s Holdings, Inc		600,246
	80,249	*,e	Corinthian Colleges, Inc		171,733
	10,642	*	Del Frisco’s Restaurant Group, Inc		192,620
	91,605	*	Denny’s Corp		581,692
	16,550	*	Diamond Resorts International, Inc		315,774
	16,143		DineEquity, Inc		1,324,856
	9,480	*	Diversified Restaurant Holdings, Inc		65,507
	24,131	*,e	Education Management Corp		369,204
	7,280		Einstein Noah Restaurant Group, Inc		129,875
	18,969	*	Fiesta Restaurant Group, Inc		804,096
	44,671	*	Grand Canyon Education, Inc		2,111,598
	53,479		Hillenbrand, Inc		1,509,177
	6,775	*	Ignite Restaurant Group, Inc		108,807
	27,614		International Speedway Corp (Class A)		903,254
	39,609		Interval Leisure Group, Inc		961,310
	19,018	*	Isle of Capri Casinos, Inc		154,236
	22,387	*,e	ITT Educational Services, Inc		898,166
	43,824	*	Jack in the Box, Inc		1,782,760
	14,932	*,e	Jamba, Inc		170,523
	4,080	*	JTH Holding, Inc		80,580
	27,752	*,e	K12, Inc		507,307
	63,928	*	Krispy Kreme Doughnuts, Inc		1,550,893
	41,588	*	Life Time Fitness, Inc		1,888,927
	57,799	*	LifeLock, Inc		929,986
	21,676		Lincoln Educational Services Corp		103,611
	19,848	*	Luby’s, Inc		152,036
	12,652		Mac-Gray Corp		266,704
	18,293		Marcus Corp		262,687
	28,538	*	Marriott Vacations Worldwide Corp		1,429,183
	27,033		Matthews International Corp (Class A)		1,097,540
	9,969	*	Monarch Casino & Resort, Inc		168,576
	23,545	*,e	Morgans Hotel Group Co		168,582
	28,429	*	Multimedia Games, Inc		924,227
	2,830	*	Nathan’s Famous, Inc		145,236
	5,540	*,e	Noodles & Co		242,597
	92,405	*	Orient-Express Hotels Ltd (Class A)		1,229,911

217

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	27,390	*,e	Outerwall, Inc	$	1,779,802
	15,989		Papa John’s International, Inc		1,209,888
	56,821	*	Pinnacle Entertainment, Inc		1,329,611
	13,942	*	Red Robin Gourmet Burgers, Inc		1,062,102
	48,223		Regis Corp		699,234
	61,842	*	Ruby Tuesday, Inc		366,723
	34,097		Ruth’s Chris Steak House, Inc		415,642
	46,833	*	Scientific Games Corp (Class A)		856,107
	54,938	*	SHFL Entertainment, Inc		1,273,463
	54,873	*	Sonic Corp		1,059,049
	66,264		Sotheby’s (Class A)		3,439,101
	11,757		Speedway Motorsports, Inc		214,683
	1,468	*	Steak N Shake Co		640,077
	14,069	*	Steiner Leisure Ltd		788,145
	70,959		Stewart Enterprises, Inc (Class A)		937,368
	11,052		Strayer Education, Inc		436,886
	60,247		Texas Roadhouse, Inc (Class A)		1,651,973
	22,063		Town Sports International Holdings, Inc		285,054
	22,688		Universal Technical Institute, Inc		301,524
	35,206		Vail Resorts, Inc		2,480,263
			TOTAL CONSUMER SERVICES		64,924,883
DIVERSIFIED FINANCIALS - 4.0%
	218,424		Apollo Investment Corp		1,863,157
	120,366		BGC Partners, Inc (Class A)		640,347
	73,505		BlackRock Kelso Capital Corp		690,212
	20,490		Calamos Asset Management, Inc (Class A)		201,212
	1,163		California First National Bancorp		20,760
	12,617		Capital Southwest Corp		414,721
	28,141	e	Cash America International, Inc		1,110,162
	18,737	e	Cohen & Steers, Inc		718,751
	18,604	*	Consumer Portfolio Services, Inc		125,019
	93,916	*	Cowen Group, Inc		372,847
	6,810	*	Credit Acceptance Corp		805,623
	5,349		Deerfield Capital Corp		42,257
	2,795		Diamond Hill Investment Group, Inc		308,205
	40,963	*	Dollar Financial Corp		495,652
	24,065	*,e	Encore Capital Group, Inc		1,175,575
	30,763		Evercore Partners, Inc (Class A)		1,552,609
	50,219	*	Ezcorp, Inc (Class A)		789,945
	9,521	*	FBR Capital Markets Corp		252,307
	13,422	e	Fidus Investment Corp		272,601
	132,349		Fifth Street Finance Corp		1,349,960
	47,746		Financial Engines, Inc		2,667,569
	28,236	*	First Cash Financial Services, Inc		1,707,996
	120,087	*,e	First Marblehead Corp		115,284
	8,634	*	Firsthand Technology Value Fund, Inc		201,259
	14,741		Friedman Billings Ramsey Group, Inc (Class A)		363,661
	35,927	e	FXCM, Inc		588,844
	11,047		Gain Capital Holdings, Inc		115,662
	5,920		GAMCO Investors, Inc (Class A)		423,339
	5,343	e	Garrison Capital, Inc		78,702

218

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	76,197		GFI Group, Inc	$	264,404
	21,705		Gladstone Capital Corp		191,438
	25,374		Gladstone Investment Corp		179,394
	35,922	e	Golub Capital BDC, Inc		632,227
	24,005	*,e	Green Dot Corp		515,147
	27,333		Greenhill & Co, Inc		1,402,183
	18,787	*,e	GSV Capital Corp		287,253
	15,141		Hannon Armstrong Sustainable Infrastructure Capital, Inc		185,477
	58,369	e	Hercules Technology Growth Capital, Inc		901,217
	32,436		HFF, Inc (Class A)		796,304
	8,241	e	Horizon Technology Finance Corp		111,089
	15,303	*	Imperial Holdings, Inc		89,676
	13,512	*	International Assets Holding Corp		276,456
	36,704	*	Internet Capital Group, Inc		598,642
	37,263	*	Investment Technology Group, Inc		596,953
	33,000	e	iShares Russell 2000 Index Fund		3,604,590
	145,206		Janus Capital Group, Inc		1,433,183
	13,025		JMP Group, Inc		83,490
	27,115	e	KCAP Financial, Inc		228,579
	71,072	*	KCG Holdings, Inc		621,169
	95,354	*	Ladenburg Thalmann Financial Services, Inc		200,243
	38,004		Main Street Capital Corp		1,155,322
	15,130		Manning & Napier, Inc		251,158
	36,679		MarketAxess Holdings, Inc		2,392,571
	8,576		Marlin Business Services Corp		236,440
	66,185		MCG Capital Corp		311,731
	18,698		Medallion Financial Corp		283,836
	37,851		Medley Capital Corp		527,643
	22,746		MVC Capital, Inc		314,577
	22,857		Nelnet, Inc (Class A)		974,394
	37,215		New Mountain Finance Corp		527,709
	23,318	*	NewStar Financial, Inc		405,966
	19,657		NGP Capital Resources Co		146,248
	10,213	e	Nicholas Financial, Inc		163,919
	10,059		Oppenheimer Holdings, Inc		199,470
	15,491		PennantPark Floating Rate Capital Ltd		205,875
	62,177		PennantPark Investment Corp		700,113
	55,044	*	PHH Corp		1,323,808
	22,622	*	Pico Holdings, Inc		531,165
	16,142	*	Piper Jaffray Cos		579,336
	49,568	*	Portfolio Recovery Associates, Inc		2,946,818
	271,565	e	Prospect Capital Corp		3,079,547
	10,086		Pzena Investment Management, Inc (Class A)		72,518
	1,880	e	RCS Capital Corp (Class A)		33,088
	5,332	*	Regional Management Corp		170,677
	10,743		Resource America, Inc (Class A)		92,712
	22,336	*	Safeguard Scientifics, Inc		389,763
	5,170	*	Silvercrest Asset Management Group, Inc		76,361
	44,341		Solar Capital Ltd		1,017,626
	11,439		Solar Senior Capital Ltd		208,647
	12,261	e	Stellus Capital Investment Corp		181,953
	62,578	*	Stifel Financial Corp		2,562,569

219

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	27,924	*	SWS Group, Inc	$	157,212
	24,534		TCP Capital Corp		408,982
	34,373		THL Credit, Inc		558,561
	50,113	e	TICC Capital Corp		501,130
	26,810		Triangle Capital Corp		797,866
	6,598	*	Virtus Investment Partners, Inc		1,342,825
	36,217	*	Walter Investment Management Corp		1,367,916
	7,310		Westwood Holdings Group, Inc		389,842
	7,678	e	WhiteHorse Finance, Inc		118,318
	98,510	*	WisdomTree Investments, Inc		1,369,289
	9,022	*,e	World Acceptance Corp		939,371
			TOTAL DIVERSIFIED FINANCIALS		62,678,224
ENERGY - 5.9%
	89,716	*,e	Abraxas Petroleum Corp		259,279
	2,054		Adams Resources & Energy, Inc		106,336
	22,449	e	Alon USA Energy, Inc		271,184
	214,265	*,e	Alpha Natural Resources, Inc		1,499,855
	25,464	*,e	Amyris Biotechnologies, Inc		64,169
	7,548	*,e	APCO Argentina, Inc		114,881
	34,161	*,e	Approach Resources, Inc		961,632
	203,937	e	Arch Coal, Inc		864,693
	17,260	*	Athlon Energy, Inc		567,854
	30,237	*	Basic Energy Services, Inc		443,577
	51,443		Berry Petroleum Co (Class A)		2,456,403
	47,637	*,e	Bill Barrett Corp		1,318,116
	7,084		Bolt Technology Corp		126,733
	28,172	*	Bonanza Creek Energy, Inc		1,423,813
	113,164	*,e	BPZ Energy, Inc		227,460
	35,471		Bristow Group, Inc		2,854,351
	45,090	*,e	C&J Energy Services, Inc		1,038,874
	94,955	*,e	Cal Dive International, Inc		187,061
	42,230	*	Callon Petroleum Co		288,431
	19,444	e	CARBO Ceramics, Inc		2,437,111
	39,491	*	Carrizo Oil & Gas, Inc		1,731,285
	6,154	*	Clayton Williams Energy, Inc		478,966
	63,920	*,e	Clean Energy Fuels Corp		728,049
	60,260	*	Cloud Peak Energy, Inc		940,659
	45,773		Comstock Resources, Inc		783,176
	14,546		Contango Oil & Gas Co		623,296
	46,534		Crosstex Energy, Inc		1,428,128
	7,942	*	Dawson Geophysical Co		232,224
	37,049		Delek US Holdings, Inc		946,602
	18,578	*	Diamondback Energy, Inc		959,554
	54,635	*	Emerald Oil, Inc		475,324
	46,225	*,e	Endeavour International Corp		274,576
	78,012		Energy XXI Bermuda Ltd		2,267,029
	28,959	*	EPL Oil & Gas, Inc		923,213
	36,558		Equal Energy Ltd		173,285
	20,184	*	Era Group, Inc		637,814
	19,447	*	Evolution Petroleum Corp		234,531
	135,039	e	EXCO Resources, Inc		730,561

220

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	55,580	*	Exterran Holdings, Inc	$	1,586,809
	120,876	*,e	Forest Oil Corp		572,952
	38,130	*	Forum Energy Technologies, Inc		1,115,684
	54,700	*,e	Frontline Ltd		115,964
	61,379	*,e	FX Energy, Inc		213,599
	25,310		GasLog Ltd		376,613
	52,788	*	Gastar Exploration Ltd		228,044
	12,619	*	Geospace Technologies Corp		1,229,343
	23,566	*	Global Geophysical Services, Inc		56,323
	25,154	*,e	Goodrich Petroleum Corp		588,352
	25,700		Green Plains Renewable Energy, Inc		414,541
	13,850		Gulf Island Fabrication, Inc		349,297
	26,064		Gulfmark Offshore, Inc		1,297,466
	227,138	*,e	Halcon Resources Corp		1,176,575
	7,359		Hallador Petroleum Co		56,664
	102,325	*	Helix Energy Solutions Group, Inc		2,421,010
	156,100	*	Hercules Offshore, Inc		1,061,480
	34,770	*	Hornbeck Offshore Services, Inc		1,921,738
	131,975	*	ION Geophysical Corp		612,364
	753	*	Isramco, Inc		99,373
	10,610	*	Jones Energy, Inc (Class A)		169,866
	149,173	*	Key Energy Services, Inc		1,166,533
	43,682	*,e	KiOR, Inc (Class A)		101,779
	25,752		Knightsbridge Tankers Ltd		212,196
	258,788	*	Kodiak Oil & Gas Corp		3,356,480
	33,018	*,e	L&L Energy, Inc		46,886
	170,534	*,e	Magnum Hunter Resources Corp		1,215,907
	56,381	*	Matador Resources Co		1,037,974
	25,964	*	Matrix Service Co		539,792
	37,164	*,e	Midstates Petroleum Co, Inc		209,605
	29,778	*,e	Miller Petroleum, Inc		201,299
	12,734	*	Mitcham Industries, Inc		211,894
	13,726	*	Natural Gas Services Group, Inc		384,191
	83,448	*	Newpark Resources, Inc		1,063,962
	63,062	e	Nordic American Tanker Shipping		514,586
	61,877	*,e	Northern Oil And Gas, Inc		1,016,639
	135,282	*,e	Nuverra Environmental Solutions, Inc		330,088
	6,669		Panhandle Oil and Gas, Inc (Class A)		223,878
	118,120	*	Parker Drilling Co		850,464
	34,398	*	PDC Energy, Inc		2,332,528
	52,124	*	Penn Virginia Corp		443,575
	61,120	*	Petroquest Energy, Inc		288,486
	11,994	*	PHI, Inc		477,601
	59,403	*	Pioneer Energy Services Corp		498,985
	120,902	*,e	Quicksilver Resources, Inc		258,730
	20,416	*	Renewable Energy Group, Inc		222,739
	66,913	*	Resolute Energy Corp		627,644
	44,019	*	Rex Energy Corp		946,409
	5,250	*	Rex Stores Corp		151,410
	11,327	*	RigNet, Inc		417,513
	59,003	*	Rosetta Resources, Inc		3,536,640
	37,317	*,e	Sanchez Energy Corp		1,063,908

221

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	178,134		Scorpio Tankers, Inc	$	2,055,666
	19,394		SEACOR Holdings, Inc		1,896,733
	40,634		SemGroup Corp		2,453,887
	54,172	e	Ship Finance International Ltd		896,547
	48,097	*,e	Solazyme, Inc		503,095
	48,539	*	Stone Energy Corp		1,692,070
	43,634	*,e	Swift Energy Co		598,658
	50,862	*	Synergy Resources Corp		526,930
	32,306		Targa Resources Investments, Inc		2,505,653
	73,022	e	Teekay Tankers Ltd (Class A)		190,587
	30,795	*	Tesco Corp		529,058
	77,038	*	Tetra Technologies, Inc		999,183
	13,271		TGC Industries, Inc		97,807
	66,541	*	Triangle Petroleum Corp		703,338
	81,015	*,e	Uranium Energy Corp		142,586
	107,431	*,e	Ur-Energy, Inc		112,803
	59,928	*	Vaalco Energy, Inc		315,821
	187,211	*,e	Vantage Drilling Co		333,236
	32,591		W&T Offshore, Inc		622,162
	69,950	*	Warren Resources, Inc		218,944
	52,415	e	Western Refining, Inc		1,691,432
	10,361	*	Westmoreland Coal Co		147,230
	37,952	*	Willbros Group, Inc		370,412
	32,742	*,e	ZaZa Energy Corp		40,600
			TOTAL ENERGY		91,338,901
FOOD & STAPLES RETAILING - 1.4%
	18,010		Andersons, Inc		1,335,982
	964		Arden Group, Inc (Class A)		125,320
	37,543		Casey’s General Stores, Inc		2,736,134
	15,895	*	Chefs’ Warehouse Holdings, Inc		380,844
	14,747	*	Fairway Group Holdings Corp		360,269
	48,096		Harris Teeter Supermarkets, Inc		2,372,095
	11,726		Ingles Markets, Inc (Class A)		302,648
	11,876		Nash Finch Co		333,240
	8,850	*,e	Natural Grocers by Vitamin C		353,115
	26,765	*	Pantry, Inc		358,383
	18,557		Pricesmart, Inc		2,111,601
	731,368	*	Rite Aid Corp		3,898,191
	24,539	e	Roundy’s, Inc		228,213
	22,353	e	Spartan Stores, Inc		525,966
	200,263	*,e	Supervalu, Inc		1,407,849
	17,677	*,e	Susser Holdings Corp		969,407
	48,185	*	United Natural Foods, Inc		3,442,818
	6,310		Village Super Market (Class A)		231,325
	11,106		Weis Markets, Inc		568,294
			TOTAL FOOD & STAPLES RETAILING		22,041,694
FOOD, BEVERAGE & TOBACCO - 2.0%
	2,538		Alico, Inc		101,418
	101,168	*	Alliance One International, Inc		300,469
	13,452	*,e	Annie’s, Inc		635,607

222

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	50,921		B&G Foods, Inc (Class A)	$	1,723,676
	8,017	*,e	Boston Beer Co, Inc (Class A)		1,840,623
	57,637	*	Boulder Brands, Inc		944,670
	11,745		Calavo Growers, Inc		348,709
	15,093		Cal-Maine Foods, Inc		765,668
	43,425	*	Chiquita Brands International, Inc		449,449
	4,554		Coca-Cola Bottling Co Consolidated		288,359
	10,345	*	Craft Brewers Alliance, Inc		167,796
	116,206	*	Darling International, Inc		2,704,114
	22,506	*,e	Diamond Foods, Inc		549,371
	50,253	*	Dole Food Co, Inc		680,928
	6,962	*	Farmer Bros Co		125,734
	37,760		Fresh Del Monte Produce, Inc		1,004,038
	1,918		Griffin Land & Nurseries, Inc (Class A)		63,294
	37,764	*	Hain Celestial Group, Inc		3,143,098
	14,550	*	Inventure Foods, Inc		163,833
	14,716		J&J Snack Foods Corp		1,259,248
	8,366		John B. Sanfilippo & Son, Inc		205,636
	18,222		Lancaster Colony Corp		1,512,244
	45,833		Lance, Inc		1,374,532
	3,949	e	Lifeway Foods, Inc		57,774
	9,308		Limoneira Co		245,173
	10,036		National Beverage Corp		183,759
	20,184	*	Omega Protein Corp		188,922
	60,142	*	Pilgrim’s Pride Corp		852,212
	31,729	*	Post Holdings, Inc		1,362,760
	22,824		Sanderson Farms, Inc		1,442,705
	300		Seaboard Corp		819,000
	7,946	*	Seneca Foods Corp		232,977
	12,572	*	Synutra International, Inc		85,867
	18,745	e	Tootsie Roll Industries, Inc		599,840
	35,503	*	TreeHouse Foods, Inc		2,600,950
	22,825	e	Universal Corp		1,210,410
	59,916	e	Vector Group Ltd		968,842
			TOTAL FOOD, BEVERAGE & TOBACCO		31,203,705
HEALTH CARE EQUIPMENT & SERVICES - 6.9%
	21,538		Abaxis, Inc		769,553
	38,847	*,e	Abiomed, Inc		931,551
	34,449	*	Acadia Healthcare Co, Inc		1,493,709
	55,807	*,e	Accretive Health, Inc		460,966
	69,406	*,e	Accuray, Inc		468,490
	6,009	*	Addus HomeCare Corp		155,333
	38,433	e	Air Methods Corp		1,680,291
	71,329	*	Align Technology, Inc		4,070,033
	5,918	*	Alliance HealthCare Services, Inc		149,193
	8,590		Almost Family, Inc		165,186
	54,502	*	Alphatec Holdings, Inc		99,194
	29,735	*	Amedisys, Inc		484,086
	43,353	*	AMN Healthcare Services, Inc		537,577
	31,550	*	Amsurg Corp		1,353,179
	12,168		Analogic Corp		1,122,255

223

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	23,737	*	Angiodynamics, Inc	$	373,146
	12,095	*	Anika Therapeutics, Inc		361,278
	111,067	*,e	Antares Pharma, Inc		444,268
	27,537	*	Arthrocare Corp		1,030,985
	35,901	*,e	athenahealth, Inc		4,793,143
	20,518	*	AtriCure, Inc		284,174
	1,431		Atrion Corp		382,335
	34,189	*,e	Biolase Technology, Inc		63,933
	24,083	*,e	Bio-Reference Labs, Inc		780,530
	60,496	*	BioScrip, Inc		424,077
	32,372		Cantel Medical Corp		1,136,257
	28,362	*	Capital Senior Living Corp		629,069
	21,655	*	Cardiovascular Systems, Inc		657,229
	52,628	*	Centene Corp		2,955,589
	66,256	*,e	Cerus Corp		418,075
	18,310	e	Chemed Corp		1,241,784
	10,519	*	Chindex International, Inc		177,035
	11,157		Computer Programs & Systems, Inc		636,395
	27,200		Conmed Corp		986,544
	11,692	*	Corvel Corp		486,387
	23,130	*	Cross Country Healthcare, Inc		137,392
	31,469		CryoLife, Inc		282,906
	15,385	*	Cutera, Inc		154,619
	26,896	*	Cyberonics, Inc		1,553,513
	18,354	*	Cynosure, Inc (Class A)		396,630
	11,994	*,e	Derma Sciences, Inc		138,771
	69,561	*	DexCom, Inc		1,998,488
	40,070	*	Emeritus Corp		767,741
	61,219	*	Endologix, Inc		1,106,227
	18,510		Ensign Group, Inc		788,156
	9,159	*	Exactech, Inc		207,909
	29,585	*	ExamWorks Group, Inc		764,772
	39,747	*	Five Star Quality Care, Inc		201,517
	34,024	*	GenMark Diagnostics, Inc		411,690
	29,115	*	Gentiva Health Services, Inc		333,367
	53,408	*,e	Globus Medical, Inc		1,025,434
	23,408	*	Greatbatch, Inc		892,313
	14,677	*	Greenway Medical Technologies		298,677
	49,041	*	Haemonetics Corp		1,989,103
	33,729	*	Hanger Orthopedic Group, Inc		1,237,854
	84,106		Healthsouth Corp		2,952,962
	20,098	*	HealthStream, Inc		717,901
	35,181	*	Healthways, Inc		338,793
	15,917	*	HeartWare International, Inc		1,154,938
	84,589	*	HMS Holdings Corp		1,787,366
	12,661	*	ICU Medical, Inc		782,450
	51,443	*	Insulet Corp		2,007,306
	20,044	*	Integra LifeSciences Holdings Corp		917,614
	29,850		Invacare Corp		640,879
	16,546	*	IPC The Hospitalist Co, Inc		906,555
	53,872		Kindred Healthcare, Inc		747,743
	9,721		Landauer, Inc		470,496

224

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	11,718	*	LHC Group, Inc	$	241,391
	26,491	*	Magellan Health Services, Inc		1,555,022
	40,763	*	MAKO Surgical Corp		1,215,145
	46,886		Masimo Corp		1,201,219
	58,687	*	MedAssets, Inc		1,351,562
	12,776	*	Medical Action Industries, Inc		77,423
	26,133	*	Medidata Solutions, Inc		2,882,731
	61,747	*	Merge Healthcare, Inc		156,837
	40,845	e	Meridian Bioscience, Inc		1,009,688
	42,741	*	Merit Medical Systems, Inc		683,429
	27,768	*	Molina Healthcare, Inc		878,580
	12,566	*	MWI Veterinary Supply, Inc		1,993,470
	10,248		National Healthcare Corp		495,798
	8,654	*	National Research Corp		151,791
	28,891	*	Natus Medical, Inc		570,019
	35,004	*	Neogen Corp		1,617,885
	112,367	*,e	Neoprobe Corp		224,734
	42,760	*	NuVasive, Inc		1,358,913
	59,593	*	NxStage Medical, Inc		790,799
	32,685	*	Omnicell, Inc		754,043
	53,551	*	OraSure Technologies, Inc		349,153
	19,941	*	Orthofix International NV		408,591
	62,186	e	Owens & Minor, Inc		2,327,000
	28,592	*	PharMerica Corp		422,018
	16,354	*,e	PhotoMedex, Inc		206,715
	10,411	*	Providence Service Corp		311,185
	38,663		Quality Systems, Inc		882,290
	27,399	*,e	Quidel Corp		676,755
	10,505	*	Rochester Medical Corp		209,890
	38,340	*,e	Rockwell Medical Technologies, Inc		441,677
	56,330	*	RTI Biologics, Inc		157,161
	49,120		Select Medical Holdings Corp		416,538
	19,425	*	Skilled Healthcare Group, Inc (Class A)		82,751
	73,327	*	Solta Medical, Inc		135,655
	39,665	*	Spectranetics Corp		828,602
	34,799	*	Staar Surgical Co		460,739
	57,813		STERIS Corp		2,612,569
	14,026	*	SurModics, Inc		330,733
	35,568	*	Symmetry Medical, Inc		288,101
	67,562	*	Team Health Holdings, Inc		2,934,893
	27,817	*,e	TearLab Corp		290,131
	55,312	*	Thoratec Corp		2,388,925
	26,691	*	Tornier BV		574,123
	22,627	*	Triple-S Management Corp (Class B)		402,987
	103,166	*,e	Unilife Corp		312,593
	35,003		Universal American Corp		259,722
	12,507		US Physical Therapy, Inc		399,223
	957	*,e	USMD Holdings, Inc		26,633
	2,934		Utah Medical Products, Inc		163,306
	16,311	*	Vascular Solutions, Inc		320,022
	20,381	*	Vocera Communications, Inc		343,012
	52,592	*	Volcano Corp		1,008,189

225

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	42,146	*	WellCare Health Plans, Inc	$	2,810,295
	67,818		West Pharmaceutical Services, Inc		3,279,000
	39,258	*	Wright Medical Group, Inc		1,066,640
	18,620	*	Zeltiq Aesthetics, Inc		241,501
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		107,894,708
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	39,633	*	Central Garden and Pet Co (Class A)		291,699
	25,393	*	Elizabeth Arden, Inc		918,973
	21,799		Female Health Co		207,526
	32,331	*	Harbinger Group, Inc		352,084
	16,636		Inter Parfums, Inc		584,922
	108,833	*,e	Lifevantage Corp		238,344
	12,848	*	Medifast, Inc		299,487
	9,628		Nature’s Sunshine Products, Inc		181,873
	7,732		Nutraceutical International Corp		185,955
	4,782		Oil-Dri Corp of America		169,713
	6,220		Orchids Paper Products Co		189,710
	49,531	*	Prestige Brands Holdings, Inc		1,546,853
	11,313	*	Revlon, Inc (Class A)		268,684
	20,905		Spectrum Brands, Inc		1,378,058
	157,368	*,e	Star Scientific, Inc		284,836
	5,556	*,e	USANA Health Sciences, Inc		379,086
	15,304		WD-40 Co		1,109,387
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		8,587,190
INSURANCE - 2.4%
	44,106	*	AMBAC Financial Group, Inc		890,500
	62,358		American Equity Investment Life Holding Co		1,299,541
	18,334		Amerisafe, Inc		705,859
	30,520	e	Amtrust Financial Services, Inc		1,170,747
	26,372		Argo Group International Holdings Ltd		1,107,097
	8,176		Baldwin & Lyons, Inc (Class B)		223,450
	44,930	*	Citizens, Inc (Class A)		377,412
	215,626		Conseco, Inc		3,359,453
	27,319		Crawford & Co (Class B)		300,236
	5,771		Donegal Group, Inc (Class A)		91,470
	5,695		Eastern Insurance Holdings, Inc		139,186
	18,316	*	eHealth, Inc		780,628
	4,069		EMC Insurance Group, Inc		138,509
	29,467		Employers Holdings, Inc		886,073
	9,258	*	Enstar Group Ltd		1,258,440
	8,528		FBL Financial Group, Inc (Class A)		381,543
	106,522		First American Financial Corp		2,754,659
	4,030	*	Fortegra Financial Corp		29,701
	27,062	*	Greenlight Capital Re Ltd (Class A)		833,239
	10,514	*	Hallmark Financial Services		89,474
	8,901	e	HCI Group, Inc		391,110
	4,860	*	Health Insurance Innovations, Inc		59,000
	59,950	*	Hilltop Holdings, Inc		1,039,533
	38,331		Horace Mann Educators Corp		1,061,769
	6,381		Independence Holding Co		87,547

226

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	11,466		Infinity Property & Casualty Corp	$	786,338
	1,161		Investors Title Co		90,721
	4,041		Kansas City Life Insurance Co		185,482
	48,149		Maiden Holdings Ltd		527,232
	48,803		Meadowbrook Insurance Group, Inc		324,052
	43,815		Montpelier Re Holdings Ltd		1,209,732
	6,376		National Interstate Corp		166,605
	2,101		National Western Life Insurance Co (Class A)		437,008
	10,094	*	Navigators Group, Inc		567,687
	24,495		OneBeacon Insurance Group Ltd (Class A)		390,940
	5,714	*	Phoenix Cos, Inc		220,389
	28,301		Platinum Underwriters Holdings Ltd		1,760,039
	56,085		Primerica, Inc		2,408,851
	21,038		RLI Corp		1,987,670
	13,258		Safety Insurance Group, Inc		725,080
	55,428		Selective Insurance Group, Inc		1,456,094
	13,234		State Auto Financial Corp		251,446
	21,352		Stewart Information Services Corp		668,745
	78,773		Symetra Financial Corp		1,475,418
	24,120	*	Third Point Reinsurance Ltd		376,272
	55,299	e	Tower Group International Ltd		200,735
	7,823	*	United America Indemnity Ltd		192,680
	20,772		United Fire & Casualty Co		658,472
	27,460		Universal Insurance Holdings, Inc		215,286
			TOTAL INSURANCE		36,739,150
MATERIALS - 4.8%
	29,226		A. Schulman, Inc		967,965
	9,431	*	Advanced Emissions Solutions, Inc		356,209
	4,177	*	AEP Industries, Inc		248,197
	128,860	*,e	AK Steel Holding Corp		566,984
	106,243	*,e	Allied Nevada Gold Corp		433,471
	27,269		AMCOL International Corp		874,789
	5,888	*	American Pacific Corp		268,022
	28,715		American Vanguard Corp		749,461
	18,659	*	Arabian American Development Co		169,797
	68,822		Axiall Corp		2,676,488
	28,519		Balchem Corp		1,632,998
	54,595	*	Berry Plastics Group, Inc		1,096,268
	12,703	*	Boise Cascade Co		325,324
	19,390		Brush Engineered Materials, Inc		578,016
	52,382	*	Calgon Carbon Corp		1,045,021
	15,480	*	Castle (A.M.) & Co		221,519
	47,823	*	Century Aluminum Co		415,104
	6,705		Chase Corp		202,893
	96,530	*	Chemtura		2,364,985
	21,807	*	Clearwater Paper Corp		1,138,761
	98,027	*	Coeur d’Alene Mines Corp		1,196,910
	112,963		Commercial Metals Co		2,074,001
	10,628		Deltic Timber Corp		678,917
	72,030	*	Ferro Corp		924,145
	46,882	*	Flotek Industries, Inc		1,002,337

227

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	22,615		FutureFuel Corp	$	393,727
	57,704	*,e	General Moly, Inc		94,635
	41,688		Glatfelter		1,092,226
	62,050		Globe Specialty Metals, Inc		1,088,357
	32,198	e	Gold Resource Corp		167,108
	202,991	*	Graphic Packaging Holding Co		1,705,124
	7,599	*	GSE Holding, Inc		21,429
	49,386		H.B. Fuller Co		2,364,108
	8,881		Hawkins, Inc		319,805
	12,435		Haynes International, Inc		670,246
	68,806	*	Headwaters, Inc		600,676
	326,236	e	Hecla Mining Co		1,017,856
	44,381	*	Horsehead Holding Corp		643,968
	21,706		Innophos Holdings, Inc		1,087,905
	23,038		Innospec, Inc		1,061,130
	52,322	e	Intrepid Potash, Inc		776,982
	18,407		Kaiser Aluminum Corp		1,241,552
	39,487		Kapstone Paper and Packaging Corp		2,051,744
	7,660		KMG Chemicals, Inc		153,047
	20,205		Koppers Holdings, Inc		899,325
	32,141	*	Kraton Polymers LLC		683,639
	27,937	*	Landec Corp		327,142
	136,185	*	Louisiana-Pacific Corp		2,316,507
	19,062	*	LSB Industries, Inc		699,957
	5,120	*,e	Marrone Bio Innovations, Inc		88,986
	121,880	*,e	Midway Gold Corp		114,567
	33,855		Minerals Technologies, Inc		1,917,209
	139,649	*,e	Molycorp, Inc		708,020
	26,419		Myers Industries, Inc		470,787
	15,835		Neenah Paper, Inc		651,452
	36,616		Noranda Aluminium Holding Corp		99,595
	77,904		Olin Corp		1,753,619
	9,540		Olympic Steel, Inc		261,110
	30,995	*	OM Group, Inc		1,053,830
	45,890	*	Omnova Solutions, Inc		399,243
	142,906	*,e	Paramount Gold and Silver Corp		172,916
	7,971	*	Penford Corp		108,406
	96,228		PolyOne Corp		2,915,708
	12,407		Quaker Chemical Corp		941,815
	224,524		Rentech, Inc		383,936
	68,164	*,e	Resolute Forest Products		1,089,942
	30,777	*	RTI International Metals, Inc		1,043,340
	25,664		Schnitzer Steel Industries, Inc (Class A)		745,283
	30,512		Schweitzer-Mauduit International, Inc		1,888,083
	49,089		Sensient Technologies Corp		2,559,010
	18,583		Stepan Co		1,093,981
	116,112	*	Stillwater Mining Co		1,266,782
	68,126	*	SunCoke Energy, Inc		1,362,520
	15,180	*	Taminco Corp		303,145
	21,044	*	Texas Industries, Inc		1,130,063
	24,232		Tredegar Corp		708,059
	4,330	*	UFP Technologies, Inc		99,806

228

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	1,928	*	United States Lime & Minerals, Inc	$	107,120
	6,753	*	Universal Stainless & Alloy		218,257
	15,197	*	US Concrete, Inc		332,054
	21,348	e	US Silica Holdings Inc		743,337
	63,839	e	Walter Energy, Inc		1,014,402
	48,790		Wausau Paper Corp		570,843
	4,012	*	WHX Corp		92,637
	51,065		Worthington Industries, Inc		2,070,175
	23,463		Zep, Inc		466,679
	25,849	*,e	Zoltek Cos, Inc		431,678
			TOTAL MATERIALS		75,065,172
MEDIA - 1.4%
	18,709		AH Belo Corp (Class A)		150,420
	3,123		Beasley Broadcasting Group, Inc		27,076
	100,809		Belo (A.H.) Corp (Class A)		1,384,108
	23,371	*	Carmike Cinemas, Inc		534,962
	74,878	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		229,875
	28,903	*	Crown Media Holdings, Inc (Class A)		95,958
	71,847	*	Cumulus Media, Inc (Class A)		429,645
	634	*	Daily Journal Corp		93,794
	16,628	*	Dex Media, Inc		112,239
	24,655	*,e	Digital Generation, Inc		311,886
	25,805	*	Entercom Communications Corp (Class A)		226,310
	57,011		Entravision Communications Corp (Class A)		384,254
	31,664	*	EW Scripps Co (Class A)		627,580
	14,661	*	Global Sources Ltd		109,811
	51,751	*	Gray Television, Inc		437,296
	40,763		Harte-Hanks, Inc		324,881
	7,622	*,e	Hemisphere Media Group, Inc		72,104
	41,047	*	Journal Communications, Inc (Class A)		342,742
	136,023	*	Live Nation, Inc		2,644,287
	12,782		Loral Space & Communications, Inc		912,251
	25,970	*	Martha Stewart Living Omnimedia, Inc (Class A)		66,483
	59,738	*,e	McClatchy Co (Class A)		168,461
	24,991		MDC Partners, Inc		770,473
	19,340	*,e	Media General, Inc (Class A)		281,977
	34,766	e	Meredith Corp		1,783,496
	55,055		National CineMedia, Inc		964,564
	126,547	e	New York Times Co (Class A)		1,750,145
	28,445		Nexstar Broadcasting Group, Inc (Class A)		1,262,674
	10,348	*,e	ReachLocal, Inc		127,177
	12,722	*	Reading International, Inc		84,220
	9,874	*	Rentrak Corp		370,176
	4,773		Saga Communications, Inc		227,243
	10,350		Salem Communications		85,491
	26,333		Scholastic Corp		755,494
	67,277		Sinclair Broadcast Group, Inc (Class A)		2,156,901
	37,511	e	Valassis Communications, Inc		1,026,301
	29,314	e	World Wrestling Entertainment, Inc (Class A)		379,616
			TOTAL MEDIA		21,712,371

229

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.5%
	67,588	*,e	Acadia Pharmaceuticals, Inc	$	1,536,275
	12,814	*,e	Accelerate Diagnostics, Inc		164,275
	21,648	*,e	AcelRx Pharmaceuticals, Inc		145,475
	105,673	*,e	Achillion Pharmaceuticals, Inc		265,239
	39,073	*	Acorda Therapeutics, Inc		1,196,025
	28,238	*	Aegerion Pharmaceuticals, Inc		2,338,671
	68,947	*,e	Affymetrix, Inc		487,455
	6,450	*,e	Agios Pharmaceuticals, Inc		149,382
	55,818	*,e	Akorn, Inc		1,140,920
	22,214	*	Albany Molecular Research, Inc		291,003
	14,806	*	Alimera Sciences, Inc		31,685
	56,670	*	Alnylam Pharmaceuticals, Inc		3,264,758
	20,822	*	AMAG Pharmaceuticals, Inc		561,778
	34,590	*,e	Amicus Therapeutics, Inc		73,331
	30,327	*,e	Ampio Pharmaceuticals, Inc		268,091
	25,366	*,e	Anacor Pharmaceuticals, Inc		330,012
	6,170	*,e	Aratana Therapeutics, Inc		123,153
	216,723	*,e	Arena Pharmaceuticals, Inc		951,414
	56,735	*	Arqule, Inc		127,654
	114,092	*	Array Biopharma, Inc		572,742
	49,321	*	Auxilium Pharmaceuticals, Inc		848,814
	143,709	*	AVANIR Pharmaceuticals, Inc		582,021
	55,670	*,e	AVEO Pharmaceuticals, Inc		115,237
	34,162	*,e	BioDelivery Sciences International, Inc		179,350
	37,907	*,e	Biotime, Inc		137,602
	6,430	*,e	Bluebird Bio, Inc		136,637
	64,743	*	Cadence Pharmaceuticals, Inc		319,183
	30,409	*	Cambrex Corp		511,479
	120,398	*,e	Cell Therapeutics, Inc		211,900
	78,858	*	Celldex Therapeutics, Inc		1,806,637
	3,560	*,e	Cellular Dynamics International, Inc		50,232
	19,031	*	Cempra, Inc		216,192
	65,770	*,e	Cepheid, Inc		2,678,154
	68,128	*,e	Chelsea Therapeutics International, Inc		192,802
	23,376	*,e	ChemoCentryx, Inc		115,711
	9,178	*	Chimerix, Inc		139,047
	15,678	*	Clovis Oncology, Inc		801,303
	5,590	*,e	Contatus Pharmaceuticals, Inc		49,751
	48,945	*,e	Corcept Therapeutics, Inc		82,717
	8,301	*	Cornerstone Therapeutics, Inc		78,610
	27,798	*,e	Coronado Biosciences, Inc		46,423
	76,551	*,e	Curis, Inc		305,438
	29,228	*,e	Cytokinetics, Inc		175,660
	63,974	*,e	Cytori Therapeutics, Inc		131,786
	160,258	*,e	Dendreon Corp		411,863
	53,914	*	Depomed, Inc		388,181
	15,948	*,e	Durata Therapeutics, Inc		154,377
	108,630	*	Dyax Corp		892,939
	139,059	*	Dynavax Technologies Corp		171,043
	25,442	*	Emergent Biosolutions, Inc		496,882

230

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	3,100	*,e	Enanta Pharmaceuticals, Inc	$	61,876
	30,722	*,e	Endocyte, Inc		320,430
	36,375		Enzon Pharmaceuticals, Inc		53,835
	5,799	*,e	Epizyme, Inc		222,218
	4,250	*	Esperion Thereapeutics, Inc		66,597
	70,372	*	Exact Sciences Corp		775,499
	180,245	*,e	Exelixis, Inc		888,608
	19,410	*,e	Fibrocell Science, Inc		71,817
	24,128	*	Fluidigm Corp		760,032
	6,397	*	Furiex Pharmaceuticals Inc		250,123
	102,456	*,e	Galena Biopharma, Inc		228,477
	15,985	*,e	Genomic Health, Inc		478,271
	131,049	*	Geron Corp		517,644
	15,099	*,e	Golf Trust Of America, Inc		31,557
	37,990	*,e	GTx, Inc		64,963
	85,945	*,e	Halozyme Therapeutics, Inc		1,001,259
	24,116	*	Harvard Bioscience, Inc		142,043
	10,517		Hi-Tech Pharmacal Co, Inc		453,178
	53,873	*,e	Horizon Pharma, Inc		225,728
	7,397	*,e	Hyperion Therapeutics, Inc		148,162
	95,171	*,e	Idenix Pharmaceuticals, Inc		313,113
	81,503	*,e	Immunogen, Inc		1,341,539
	71,525	*,e	Immunomedics, Inc		271,080
	66,872	*	Impax Laboratories, Inc		1,354,827
	47,123	*	Infinity Pharmaceuticals, Inc		638,517
	34,736	*	Insmed, Inc		494,641
	5,661	*	Insys Therapeutics, Inc		225,817
	6,820	*	Intercept Pharmaceuticals, Inc		369,917
	80,811	*	InterMune, Inc		1,138,627
	11,200	*,e	Intrexon Corp		237,440
	90,001	*,e	Ironwood Pharmaceuticals, Inc		864,910
	109,914	*,e	Isis Pharmaceuticals, Inc		3,656,839
	7,283	*	KaloBios Pharmaceuticals, Inc		29,205
	80,791	*,e	Keryx Biopharmaceuticals, Inc		836,187
	9,885	*,e	KYTHERA Biopharmaceuticals, Inc		441,958
	16,334	*	Lannett Co, Inc		385,646
	226,265	*	Lexicon Pharmaceuticals, Inc		543,036
	17,263	*	Ligand Pharmaceuticals, Inc (Class B)		893,533
	35,307	*	Luminex Corp		688,487
	148,171	*,e	MannKind Corp		724,556
	61,119	*	Medicines Co		2,073,156
	8,372	*,e	MEI Pharma, Inc		67,143
	99,679	*,e	Merrimack Pharmaceuticals, Inc		267,140
	85,602	*,e	MiMedx Group, Inc		453,691
	44,595	*	Momenta Pharmaceuticals, Inc		730,912
	57,217	*,e	Nanosphere, Inc		111,573
	111,873	*	Nektar Therapeutics		1,063,912
	29,144	*,e	NeoGenomics, Inc		106,084
	66,351	*	Neurocrine Biosciences, Inc		626,353
	16,237	*,e	NewLink Genetics Corp		271,970
	182,638	*	Novavax, Inc		566,178
	97,175	*	NPS Pharmaceuticals, Inc		2,796,697

231

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	31,056	*,e	Omeros Corp	$	310,560
	13,646	*	OncoGenex Pharmaceutical, Inc		95,931
	4,450	*,e	OncoMed Pharmaceuticals, Inc		61,900
	5,510	*,e	Onconova Therapeutics, Inc		86,727
	183,259	*,e	Opko Health, Inc		1,836,255
	93,508	*	Orexigen Therapeutics, Inc		456,319
	15,845	*,e	Osiris Therapeutics, Inc		210,897
	7,927	*	OvaScience, Inc		76,654
	47,417	*	Pacific Biosciences of California, Inc		194,884
	26,607	*	Pacira Pharmaceuticals, Inc		1,343,920
	55,744	*	Parexel International Corp		2,548,058
	135,426	e	PDL BioPharma, Inc		1,095,596
	165,297	*,e	Peregrine Pharmaceuticals, Inc		213,233
	9,454	*,e	Portola Pharmaceuticals, Inc		209,406
	28,105	*	Pozen, Inc		176,640
	55,648	*	Progenics Pharmaceuticals, Inc		202,559
	12,239	*	Prothena Corp plc		294,226
	8,950	*,e	PTC Therapeutics, Inc		161,011
	21,910	*	Puma Biotechnology, Inc		839,372
	50,762	e	Questcor Pharmaceuticals, Inc		3,115,264
	59,460	*,e	Raptor Pharmaceutical Corp		855,035
	6,435	*	Receptos, Inc		164,479
	10,208	*,e	Regulus Therapeutics, Inc		71,150
	30,514	*	Repligen Corp		333,823
	21,677	*,e	Repros Therapeutics, Inc		391,053
	94,651	*	Rigel Pharmaceuticals, Inc		292,472
	18,141	*	Sagent Pharmaceuticals		393,478
	58,843	*,e	Sangamo Biosciences, Inc		551,359
	53,227	*	Santarus, Inc		1,241,786
	32,835	*,e	Sarepta Therapeutics, Inc		1,278,595
	52,185	*	Sciclone Pharmaceuticals, Inc		246,835
	122,424	*,e	Sequenom, Inc		235,054
	38,187	*,e	SIGA Technologies, Inc		130,981
	62,594	e	Spectrum Pharmaceuticals, Inc		537,682
	8,783	*	Stemline Therapeutics, Inc		244,431
	15,438	*	Sucampo Pharmaceuticals, Inc (Class A)		95,716
	31,579	*	Sunesis Pharmaceuticals, Inc		158,211
	12,821	*,e	Supernus Pharmaceuticals, Inc		90,644
	18,784	*,e	Synageva BioPharma Corp		954,227
	76,295	*,e	Synergy Pharmaceuticals, Inc		308,232
	44,352	*,e	Synta Pharmaceuticals Corp		201,358
	31,546	*	Targacept, Inc		149,844
	12,383	*	TESARO, Inc		476,746
	10,128	*	Tetraphase Pharmaceuticals, Inc		126,904
	15,321	*	TG Therapeutics, Inc		55,309
	79,193	*	TherapeuticsMD, Inc		334,194
	43,372	*,e	Threshold Pharmaceuticals, Inc		188,234
	31,674	*	Vanda Pharmaceuticals, Inc		226,786
	16,181	*,e	Verastem, Inc		161,810
	68,073	*	Vical, Inc		85,091
	63,098	*	Viropharma, Inc		2,449,464

232

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	97,500	*,e	Vivus, Inc	$	915,525
	41,847	*,e	Xenoport, Inc		218,860
	67,537	*,e	XOMA Corp		304,592
	69,535	*,e	ZIOPHARM Oncology, Inc		246,154
	68,136	*,e	Zogenix, Inc		199,638
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		86,239,474
REAL ESTATE - 7.6%
	53,807		Acadia Realty Trust		1,435,033
	29,274		AG Mortgage Investment Trust		478,337
	12,625		Agree Realty Corp		398,571
	41,736	*	Alexander & Baldwin, Inc		1,544,232
	2,173		Alexander’s, Inc		699,184
	40,989		Altisource Residential Corp		1,089,078
	32,775		American Assets Trust,Inc		1,091,080
	58,883		American Capital Mortgage, Inc		1,125,254
	151,160		American Realty Capital Properties, Inc		2,005,893
	12,124	*	American Residential Properties, Inc		208,897
	20,583		AmREIT, Inc (Class B)		362,261
	141,496		Anworth Mortgage Asset Corp		694,745
	35,716		Apollo Commercial Real Estate Finance, Inc		575,385
	22,906		Ares Commercial Real Estate Corp		284,722
	19,120		Armada Hoffler Properties, Inc		183,934
	363,932		ARMOUR Residential REIT, Inc		1,499,400
	59,985		Ashford Hospitality Trust, Inc		783,404
	56,199		Associated Estates Realty Corp		862,093
	7,998	*	AV Homes, Inc		152,762
	11,028		Aviv REIT, Inc		280,111
	63,091		Campus Crest Communities, Inc		631,541
	86,087		Capital Lease Funding, Inc		731,739
	92,533		Capstead Mortgage Corp		1,094,665
	67,806		Cedar Shopping Centers, Inc		387,172
	232,420		Chambers Street Properties		2,168,479
	21,192		Chatham Lodging Trust		399,681
	47,260		Chesapeake Lodging Trust		1,113,918
	63,082		Colony Financial, Inc		1,276,149
	4,937		Consolidated-Tomoka Land Co		185,236
	20,483		Coresite Realty		664,469
	162,952		Cousins Properties, Inc		1,846,246
	131,246		CubeSmart		2,397,864
	18,156		CyrusOne, Inc		353,860
	168,246		CYS Investments, Inc		1,428,409
	283,539		DCT Industrial Trust, Inc		2,197,427
	192,989		DiamondRock Hospitality Co		2,198,145
	60,992		DuPont Fabros Technology, Inc		1,515,651
	56,135		Dynex Capital, Inc		485,006
	29,922		EastGroup Properties, Inc		1,904,835
	111,607		Education Realty Trust, Inc		1,020,088
	8,311		Ellington Residential Mortgage REIT		129,818
	50,065		Entertainment Properties Trust		2,571,839
	58,702		Equity One, Inc		1,415,305
	45,260		Excel Trust, Inc		546,741

233

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	120,666	*	FelCor Lodging Trust, Inc	$	810,876
	103,728		First Industrial Realty Trust, Inc		1,874,365
	59,106		First Potomac Realty Trust		726,413
	33,007	*	Forestar Real Estate Group, Inc		737,046
	86,724		Franklin Street Properties Corp		1,144,757
	24,432		Getty Realty Corp		468,606
	14,495		Gladstone Commercial Corp		273,955
	141,322		Glimcher Realty Trust		1,448,551
	53,385		Government Properties Income Trust		1,305,263
	58,318	*	Gramercy Property Trust, Inc		266,513
	92,579		Healthcare Realty Trust, Inc		2,222,822
	195,631		Hersha Hospitality Trust		1,109,228
	88,451		Highwoods Properties, Inc		3,414,209
	42,865		Hudson Pacific Properties		886,877
	84,785		Inland Real Estate Corp		906,352
	129,791		Invesco Mortgage Capital, Inc		2,005,271
	98,501		Investors Real Estate Trust		849,079
	83,065	*	iStar Financial, Inc		1,049,111
	13,524		JAVELIN Mortgage Investment Corp		160,530
	55,458	e	Kennedy-Wilson Holdings, Inc		1,111,378
	91,077		Kite Realty Group Trust		582,893
	100,659		LaSalle Hotel Properties		3,125,462
	173,563		Lexington Corporate Properties Trust		2,030,687
	33,782		LTC Properties, Inc		1,332,700
	156,391		Medical Properties Trust, Inc		2,039,339
	41,393		Monmouth Real Estate Investment Corp (Class A)		381,643
	23,904		National Health Investors, Inc		1,494,478
	247,164		New Residential Investment Corp		1,633,754
	60,574		New York Mortgage Trust, Inc		388,885
	233,618		NorthStar Realty Finance Corp		2,179,656
	12,832		One Liberty Properties, Inc		271,268
	41,060		Parkway Properties, Inc		743,597
	59,714		Pebblebrook Hotel Trust		1,803,363
	64,460		Pennsylvania Real Estate Investment Trust		1,168,660
	68,004		Pennymac Mortgage Investment Trust		1,568,852
	14,250		Physicians Realty Trust		178,980
	39,380		Potlatch Corp		1,607,885
	17,954		PS Business Parks, Inc		1,463,071
	70,125		RAIT Investment Trust		529,444
	58,805		Ramco-Gershenson Properties		956,169
	78,978		Redwood Trust, Inc		1,383,695
	123,741		Resource Capital Corp		761,007
	69,164		Retail Opportunities Investment Corp		1,023,627
	15,960	*	Rexford Industrial Realty, Inc		217,375
	120,382		RLJ Lodging Trust		3,040,849
	20,965		Rouse Properties, Inc		423,912
	43,007		Ryman Hospitality Properties		1,587,388
	36,654		Sabra Healthcare REIT, Inc		985,993
	7,699		Saul Centers, Inc		361,853
	21,175		Select Income REIT		583,371
	13,487		Silver Bay Realty Trust Corp		208,509
	30,831		Sovran Self Storage, Inc		2,358,263

234

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	41,450		STAG Industrial, Inc	$	866,720
	176,703	*	Strategic Hotels & Resorts, Inc		1,537,316
	78,750		Summit Hotel Properties, Inc		723,713
	34,558		Sun Communities, Inc		1,540,250
	156,255		Sunstone Hotel Investors, Inc		2,070,379
	14,110	*	Tejon Ranch Co		522,352
	24,421		Terreno Realty Corp		434,205
	34,214		Thomas Properties Group, Inc		232,655
	15,625		UMH Properties, Inc		157,188
	12,246		Universal Health Realty Income Trust		537,844
	24,384		Urstadt Biddle Properties, Inc (Class A)		481,340
	64,144		Washington Real Estate Investment Trust		1,681,214
	25,274		Western Asset Mortgage Capital Corp		407,164
	19,359		Whitestone REIT		266,961
	28,179		Winthrop Realty Trust		331,667
	6,456		ZAIS Financial Corp		112,334
			TOTAL REAL ESTATE		117,509,791
RETAILING - 4.1%
	25,632	*	1-800-FLOWERS.COM, Inc (Class A)		139,182
	74,273	*,e	Aeropostale, Inc		689,996
	7,689	*	America’s Car-Mart, Inc		351,695
	45,330	*	Ann Taylor Stores Corp		1,602,869
	30,131	*	Asbury Automotive Group, Inc		1,447,795
	18,328	*	Audiovox Corp (Class A)		284,267
	38,435	*,e	Barnes & Noble, Inc		543,087
	37,554		Bebe Stores, Inc		226,451
	17,760		Big 5 Sporting Goods Corp		335,842
	12,340	*	Blue Nile, Inc		506,804
	15,527	*	Body Central Corp		86,951
	16,877	e	Bon-Ton Stores, Inc		193,242
	42,065		Brown Shoe Co, Inc		943,939
	27,488	e	Buckle, Inc		1,345,263
	27,499		Cato Corp (Class A)		824,145
	22,267	*	Children’s Place Retail Stores, Inc		1,215,556
	34,123	*	Christopher & Banks Corp		196,890
	14,318	*	Citi Trends, Inc		210,188
	21,720	*,e	Conn’s, Inc		1,312,757
	11,667		Core-Mark Holding Co, Inc		825,207
	14,178		Destination Maternity Corp		442,921
	40,810	*	Destination XL Group, Inc		283,629
	82,772	*	Express Parent LLC		1,921,138
	47,823		Finish Line, Inc (Class A)		1,197,488
	31,944	*,e	Five Below, Inc		1,541,617
	43,069	*,e	Francesca’s Holdings Corp		774,811
	36,581		Fred’s, Inc (Class A)		592,612
	23,401	*	Genesco, Inc		1,593,842
	8,122		Gordmans Stores, Inc		80,408
	21,029		Group 1 Automotive, Inc		1,345,856
	18,593		Haverty Furniture Cos, Inc		517,071
	12,762	*,e	HHgregg, Inc		197,939
	25,644	*,e	Hibbett Sports, Inc		1,495,815

235

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	33,306		HSN, Inc	$	1,745,234
	27,607	*	JOS A Bank Clothiers, Inc		1,324,584
	13,690	*	Kirkland’s, Inc		242,997
	21,612		Lithia Motors, Inc (Class A)		1,358,314
	26,614	*,e	Lumber Liquidators, Inc		3,039,053
	22,759	*	MarineMax, Inc		335,240
	13,055	*,e	Mattress Firm Holding Corp		392,433
	48,652		Men’s Wearhouse, Inc		2,057,980
	30,785	e	Monro Muffler, Inc		1,416,110
	28,143	*	New York & Co, Inc		144,092
	27,231		Nutri/System, Inc		511,943
	241,793	*	Office Depot, Inc		1,351,623
	84,942	e	OfficeMax, Inc		1,272,431
	23,756	*	Orbitz Worldwide, Inc		219,505
	10,900	*	Overstock.com, Inc		255,387
	41,244	*	Pacific Sunwear Of California, Inc		110,946
	41,624		Penske Auto Group, Inc		1,649,143
	50,147	*	PEP Boys - Manny Moe & Jack		648,902
	19,480	e	PetMed Express, Inc		289,083
	93,151		Pier 1 Imports, Inc		1,944,993
	97,182	*,e	RadioShack Corp		273,081
	52,604		Rent-A-Center, Inc		1,801,161
	17,604	*,e	Restoration Hardware Holdings, Inc		1,227,703
	8,650	*	RetailMeNot, Inc		282,163
	102,730	*,e	Saks, Inc		1,642,653
	8,576	*	Sears Hometown and Outlet Stores, Inc		238,927
	53,854	*	Select Comfort Corp		986,605
	15,247		Shoe Carnival, Inc		396,270
	36,974	*	Shutterfly, Inc		1,816,902
	38,892		Sonic Automotive, Inc (Class A)		866,514
	32,196	e	Stage Stores, Inc		664,847
	28,230		Stein Mart, Inc		416,957
	9,601		Systemax, Inc		91,209
	18,529	*,e	Tile Shop Holdings, Inc		413,753
	12,100	*	Tilly’s, Inc		176,176
	7,804		Trans World Entertainment Corp		33,791
	41,273	*	Tuesday Morning Corp		584,013
	38,649	*	Valuevision International, Inc (Class A)		206,386
	20,247	*,e	Vitacost.com, Inc		160,154
	29,312	*	Vitamin Shoppe, Inc		1,375,026
	14,223	*	West Marine, Inc		173,663
	85,185	*	Wet Seal, Inc (Class A)		281,962
	38,049	*	WEX, Inc		3,551,874
	2,335		Winmark Corp		170,945
	30,943	*	Zale Corp		483,639
	20,898	*,e	Zumiez, Inc		619,417
			TOTAL RETAILING		64,513,057
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	39,355	*	Advanced Energy Industries, Inc		821,732
	16,875	*	Alpha & Omega Semiconductor Ltd		124,200
	17,724	*	Ambarella, Inc		364,228

236

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	71,015	*,e	Amkor Technology, Inc	$	377,090
	92,637	*	Anadigics, Inc		187,127
	70,505	*	Applied Micro Circuits Corp		822,088
	30,208	*	ATMI, Inc		825,887
	104,971	*	Axcelis Technologies, Inc		227,787
	65,973		Brooks Automation, Inc		635,980
	23,384	*	Cabot Microelectronics Corp		956,172
	49,519	*	Cavium Networks, Inc		1,996,111
	21,431	*	Ceva, Inc		307,106
	16	*,m	China Energy Savings Technology, Inc		0
	62,514	*,e	Cirrus Logic, Inc		1,402,189
	24,765		Cohu, Inc		236,753
	142,525	e	Cypress Semiconductor Corp		1,322,632
	35,368	*	Diodes, Inc		856,613
	16,430	*	DSP Group, Inc		122,404
	134,432	*	Entegris, Inc		1,391,371
	82,118	*	Entropic Communications, Inc		351,465
	36,691	*	Exar Corp		423,047
	55,544	*	Formfactor, Inc		289,940
	17,298	*	GSI Technology, Inc		121,432
	116,548	*,e	GT Solar International, Inc		874,110
	31,125	*	Hittite Microwave Corp		1,988,576
	25,111	*	Inphi Corp		370,136
	128,196	*	Integrated Device Technology, Inc		1,364,005
	30,239	*	Integrated Silicon Solution, Inc		325,976
	15,263	*	Intermolecular, Inc		88,525
	67,589	*	International Rectifier Corp		1,760,018
	122,761		Intersil Corp (Class A)		1,370,013
	22,224		IXYS Corp		258,465
	61,244	*	Kopin Corp		224,766
	115,411	*	Lattice Semiconductor Corp		592,058
	49,044	*	LTX-Credence Corp		300,640
	9,162	*	MA-COM Technology Solutions		158,228
	25,932	*	MaxLinear, Inc		224,571
	45,201		Micrel, Inc		415,849
	91,004	*	Microsemi Corp		2,286,931
	43,376	*,e	Mindspeed Technologies, Inc		125,357
	51,465		MKS Instruments, Inc		1,525,423
	35,438		Monolithic Power Systems, Inc		1,128,346
	41,438	*	MoSys, Inc		182,327
	22,006	*	Nanometrics, Inc		408,871
	19,646	*	NeoPhotonics Corp Ltd		139,290
	4,891	*	NVE Corp		261,033
	53,041	*	Omnivision Technologies, Inc		743,104
	23,902	*	PDF Solutions, Inc		549,029
	25,914	*,e	Peregrine Semiconductor Corp		210,940
	22,985	*	Pericom Semiconductor Corp		185,719
	62,561	*	Photronics, Inc		525,512
	47,536	*	PLX Technology, Inc		287,117
	198,180	*	PMC - Sierra, Inc		1,163,317
	28,094		Power Integrations, Inc		1,613,719
	108,049	*	Rambus, Inc		944,348

237

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	272,057	*	RF Micro Devices, Inc	$	1,428,299
	18,711	*,e	Rubicon Technology, Inc		160,915
	30,742	*	Rudolph Technologies, Inc		325,865
	66,319	*	Semtech Corp		2,063,184
	32,148	*	Sigma Designs, Inc		174,885
	73,194	*	Silicon Image, Inc		384,269
	47,854	*	Spansion, Inc		572,812
	261,871	*	SunEdison, Inc		2,435,400
	40,825	*,e	SunPower Corp		1,232,507
	8,965		Supertex, Inc		228,697
	51,427		Tessera Technologies, Inc		978,142
	157,646	*	Triquint Semiconductor, Inc		1,250,133
	21,364	*	Ultra Clean Holdings		198,899
	28,087	*	Ultratech, Inc		668,190
	38,027	*	Veeco Instruments, Inc		1,110,769
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		49,972,639
SOFTWARE & SERVICES - 9.1%
	55,718	*	Accelrys, Inc		520,963
	39,097	*	ACI Worldwide, Inc		2,155,027
	53,315	*	Active Network, Inc		769,869
	45,306	*	Actuate Corp		362,901
	72,415	*	Acxiom Corp		2,406,350
	32,437		Advent Software, Inc		1,088,261
	21,231		American Software, Inc (Class A)		185,771
	40,313	*,e	Angie’s List, Inc		568,010
	91,569	*	Aspen Technology, Inc		3,500,683
	23,985	*	AVG Technologies NV		482,098
	44,551	*,e	Bankrate, Inc		750,239
	49,897	*,e	Bazaarvoice, Inc		468,034
	44,872		Blackbaud, Inc		1,615,392
	11,152	*,e	Blackhawk Network Holdings, Inc		254,935
	40,269	*	Blucora, Inc		951,556
	36,681	*	Bottomline Technologies, Inc		1,152,517
	27,768	*	Brightcove, Inc		424,017
	27,126	*	BroadSoft, Inc		887,563
	22,371	*	CACI International, Inc (Class A)		1,610,265
	37,093	*	Callidus Software, Inc		383,913
	12,373	*	Carbonite, Inc		163,819
	43,154	*	Cardtronics, Inc		1,693,794
	10,479		Cass Information Systems, Inc		600,761
	6,357	*	ChannelAdvisor Corp		221,605
	74,565	*	Ciber, Inc		242,336
	45,143	*	Commvault Systems, Inc		3,524,765
	15,034		Computer Task Group, Inc		257,532
	34,746	*	comScore, Inc		928,413
	21,937	*	Comverse, Inc		692,770
	31,135	*	Constant Contact, Inc		806,708
	101,220		Convergys Corp		1,998,083
	39,671	*	Cornerstone OnDemand, Inc		1,879,215
	27,750	*	CoStar Group, Inc		4,911,473
	33,675		CSG Systems International, Inc		938,185

238

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	5,810	*	Cvent, Inc	$	180,052
	6,787	*,e	Cyan, Inc		31,967
	42,160	*	DealerTrack Holdings, Inc		1,572,568
	35,510	*,e	Demand Media, Inc		169,738
	16,115	*	Demandware, Inc		796,887
	38,516	*	Dice Holdings, Inc		284,248
	34,897	*	Digital River, Inc		622,562
	5,389		DMRC Corp		113,492
	14,319	*,e	E2open, Inc		322,178
	103,539		Earthlink, Inc		523,907
	12,883	e	Ebix, Inc		146,609
	14,069	*	eGain Corp		161,512
	26,618	*,e	Ellie Mae, Inc		769,260
	22,065	*	Envestnet, Inc		800,960
	20,862	*	EPAM Systems, Inc		781,699
	33,655		EPIQ Systems, Inc		503,479
	3,719		ePlus, Inc		202,165
	48,893	*	Euronet Worldwide, Inc		2,121,956
	29,031		EVERTEC, Inc		681,067
	31,801	*	ExlService Holdings, Inc		919,367
	34,559		Fair Isaac Corp		1,979,540
	16,529	*	FleetMatics Group plc		524,796
	12,907		Forrester Research, Inc		500,921
	17,421	*,m	Gerber Scientific, Inc		0
	7,420	*	Gigamon, Inc		228,388
	67,305	*	Global Cash Access, Inc		558,632
	18,909	*	Global Eagle Entertainment, Inc		192,494
	71,909	*,e	Glu Mobile, Inc		244,491
	10,590	*,e	Gogo, Inc		197,398
	15,060	*	Guidance Software, Inc		131,624
	47,905	*	Guidewire Software, Inc		2,429,742
	28,244		Hackett Group, Inc		201,097
	35,810	e	Heartland Payment Systems, Inc		1,448,515
	29,763	*,e	Higher One Holdings, Inc		236,616
	34,542	*	iGate Corp		1,099,817
	19,883	*	Imperva, Inc		762,314
	49,213	*	Infoblox, Inc		2,187,518
	15,042	*	Interactive Intelligence, Inc		924,331
	56,117	*	Internap Network Services Corp		407,971
	44,954	e	j2 Global, Inc		2,471,571
	38,270	*,e	Jive Software, Inc		416,760
	28,283	*	Knot, Inc		392,568
	52,932	*	Limelight Networks, Inc		101,629
	55,406	*	Lionbridge Technologies		241,570
	25,448	*,e	Liquidity Services, Inc		664,447
	55,674	*	Liveperson, Inc		519,995
	24,327	*	LogMeIn, Inc		785,762
	5,910	*,e	Luxoft Holding, Inc		172,690
	17,947	*	magicJack VocalTec Ltd		202,442
	18,891	*	Manhattan Associates, Inc		2,012,080
	23,797	e	Mantech International Corp (Class A)		664,888
	21,268		Marchex, Inc (Class B)		189,711

239

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	8,089	*,e	Marin Software, Inc	$	93,752
	6,803	*	Marketo, Inc		229,669
	67,100		MAXIMUS, Inc		3,250,995
	93,594		Mentor Graphics Corp		2,066,556
	8,918	*	MicroStrategy, Inc (Class A)		1,087,907
	33,574	*,e	Millennial Media, Inc		236,025
	24,067	*,e	Mitek Systems, Inc		127,314
	7,154	*,e	Model N, Inc		64,314
	35,712	*	ModusLink Global Solutions, Inc		147,133
	21,833	*	MoneyGram International, Inc		460,895
	36,654		Monotype Imaging Holdings, Inc		1,034,376
	119,060	*	Monster Worldwide, Inc		514,339
	37,695	*	Move, Inc		639,684
	35,534	*	Netscout Systems, Inc		1,006,323
	64,009		NIC, Inc		1,575,902
	22,037	*,e	OpenTable, Inc		1,531,131
	17,151		Pegasystems, Inc		652,767
	33,530	*	Perficient, Inc		606,558
	37,576	*,e	Planet Payment, Inc		102,207
	23,052	*	PRG-Schultz International, Inc		165,513
	53,227	*	Progress Software Corp		1,381,773
	21,801	*	Proofpoint, Inc		689,784
	21,511	*	PROS Holdings, Inc		760,414
	116,927	*	PTC, Inc		3,241,216
	4,272		QAD, Inc (Class A)		63,738
	84,049	*	QLIK Technologies, Inc		2,129,802
	14,552	*	Qualys, Inc		302,682
	30,845	*	QuinStreet, Inc		274,212
	6,073	*	Rally Software Development Corp		162,939
	20,099	*	RealNetworks, Inc		154,159
	45,323	*,e	RealPage, Inc		1,111,773
	7,367	*	Reis, Inc		132,532
	36,377	*	Responsys, Inc		594,400
	11,894	*	Rosetta Stone, Inc		180,551
	14,974	e	Sapiens International Corp NV		96,582
	108,826	*	Sapient Corp		1,720,539
	22,317	*	Sciquest, Inc		487,403
	33,943	*	Seachange International, Inc		481,651
	58,147	*	ServiceSource International LLC		629,151
	6,974	*,e	Shutterstock, Inc		493,759
	5,854	*	Silver Spring Networks, Inc		127,851
	18,383	*	Spark Networks, Inc		131,622
	14,672	*	SPS Commerce, Inc		999,897
	57,124	*	SS&C Technologies Holdings, Inc		2,244,973
	13,371	*	Stamps.com, Inc		607,578
	46,503	*	SupportSoft, Inc		207,403
	39,492	*	Sykes Enterprises, Inc		739,290
	28,479	*	Synchronoss Technologies, Inc		985,943
	14,902		Syntel, Inc		1,279,188
	36,628	*	TA Indigo Holding Corp		380,565
	78,680	*	Take-Two Interactive Software, Inc		1,409,159
	30,241	*,e	Tangoe, Inc		577,603

240

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	51,989	*	TeleCommunication Systems, Inc (Class A)	$	118,535
	17,382	*	TeleNav, Inc		126,020
	20,263	*	TeleTech Holdings, Inc		536,362
	4,850	*,e	Textura Corp		185,901
	122,898	*	TiVo, Inc		1,633,314
	7,537	*	Travelzoo, Inc		162,272
	7,180	*	Tremor Video, Inc		69,215
	26,611	*	Trulia, Inc		1,063,642
	30,618	*	Tyler Technologies, Inc		2,961,067
	27,094	*	Ultimate Software Group, Inc		4,185,481
	42,766	*	Unisys Corp		1,126,884
	90,885		United Online, Inc		785,246
	91,628	*	Unwired Planet, Inc		148,437
	73,704	*,e	Valueclick, Inc		1,415,854
	26,581	*	Vasco Data Security International		199,623
	51,776	*	Verint Systems, Inc		1,890,860
	42,484	*,e	VirnetX Holding Corp		923,602
	20,447	*	Virtusa Corp		635,493
	31,432	*,e	VistaPrint Ltd		1,698,900
	17,774	*	Vocus, Inc		153,745
	67,169	*,e	Vringo, Inc		189,417
	30,834	*,e	WebMD Health Corp (Class A)		1,085,973
	41,192	*	Website Pros, Inc		1,110,124
	8,301	*	Xoom Corp		246,955
	29,358	*	Yelp, Inc		1,989,005
	5,110	*,e	YuMe, Inc		42,106
	22,964	*,e	Zillow, Inc		1,828,623
	62,199	*	Zix Corp		253,772
			TOTAL SOFTWARE & SERVICES		141,335,734
TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
	57,697		Adtran, Inc		1,354,726
	13,220	*	Agilysys, Inc		155,335
	11,654		Alliance Fiber Optic Products, Inc		216,415
	11,253	*	Anaren, Inc		281,100
	26,167	*	Anixter International, Inc		2,237,017
	112,391	*	ARRIS Group, Inc		2,007,303
	110,410	*	Aruba Networks, Inc		2,071,292
	8,815	*	Audience, Inc		100,667
	30,662	*	Avid Technology, Inc		228,432
	16,608	*	AX Holding Corp		128,712
	14,296		Badger Meter, Inc		743,535
	8,741		Bel Fuse, Inc (Class B)		183,911
	42,674		Belden CDT, Inc		2,870,253
	52,431	*	Benchmark Electronics, Inc		1,191,757
	16,503		Black Box Corp		413,235
	34,910	*	CalAmp Corp		821,432
	37,566	*	Calix Networks, Inc		382,046
	41,110	*	Checkpoint Systems, Inc		699,692
	98,871	*	Ciena Corp		2,300,728
	84,896		Cognex Corp		2,653,000
	24,022		Coherent, Inc		1,590,016

241

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	17,328		Comtech Telecommunications Corp	$	520,187
	4,350	*,e	Control4 Corp		71,557
	38,737	*	Cray, Inc		866,159
	34,113		CTS Corp		635,184
	34,578		Daktronics, Inc		413,553
	18,994	*	Datalink Corp		195,068
	23,236	*	Digi International, Inc		234,219
	17,209	*	DTS, Inc		344,180
	18,247		Electro Rent Corp		331,001
	23,037		Electro Scientific Industries, Inc		275,983
	44,762	*	Electronics for Imaging, Inc		1,535,784
	85,424	*	Emulex Corp		643,243
	91,951	*	Extreme Networks, Inc		492,857
	28,690	*	Fabrinet		480,271
	17,406	*	FARO Technologies, Inc		826,785
	40,737		FEI Co		3,628,852
	90,984	*	Finisar Corp		2,093,542
	73,986	*,e	Fusion-io, Inc		795,349
	25,279	*	Globecomm Systems, Inc		354,664
	29,697	*	GSI Group, Inc		296,376
	98,680	*	Harmonic, Inc		721,351
	54,128	*	Harris Stratex Networks, Inc (Class A)		111,504
	25,395	*,e	Hutchinson Technology, Inc		94,469
	36,196	*	Imation Corp		168,311
	26,405	*	Immersion Corp		335,872
	113,108	*,e	Infinera Corp		1,154,833
	43,969	*	Insight Enterprises, Inc		926,427
	39,630	e	InterDigital, Inc		1,535,662
	55,845	*,e	InvenSense, Inc		943,222
	38,961	*	Itron, Inc		1,662,466
	55,263	*	Ixia		783,629
	43,373	*	Kemet Corp		245,925
	13,369	*	KVH Industries, Inc		183,690
	21,357		Littelfuse, Inc		1,815,986
	28,731	*	Maxwell Technologies, Inc		215,482
	15,097	*	Measurement Specialties, Inc		841,356
	30,685	*	Mercury Computer Systems, Inc		282,916
	2,786		Mesa Laboratories, Inc		193,989
	36,811		Methode Electronics, Inc		941,625
	15,397		MTS Systems Corp		1,005,732
	8,095	*	Multi-Fineline Electronix, Inc		108,554
	30,993	*,e	Neonode, Inc		167,672
	37,732	*	Netgear, Inc		1,085,172
	37,094	*	Newport Corp		588,682
	12,335	*	Numerex Corp		145,676
	18,072	*	Oplink Communications, Inc		329,814
	19,395	*	OSI Systems, Inc		1,412,732
	19,906		Park Electrochemical Corp		558,363
	92,494	*,e	Parkervision, Inc		253,434
	9,596		PC Connection, Inc		191,824
	18,630		PC-Tel, Inc		171,582
	42,058		Plantronics, Inc		1,805,971

242

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	32,804	*	Plexus Corp	$	1,255,737
	19,855	*,e	Procera Networks, Inc		280,948
	87,360	*	QLogic Corp		1,078,896
	202,570	*	Quantum Corp		251,187
	34,136	*	Rackable Systems, Inc		435,917
	22,283	*	Radisys Corp		67,295
	38,506	*,e	RealD, Inc		266,462
	10,218		Richardson Electronics Ltd		117,711
	27,019	*	Rofin-Sinar Technologies, Inc		709,249
	16,809	*	Rogers Corp		1,024,677
	42,825	*	Ruckus Wireless, Inc		620,962
	79,747	*	Sanmina Corp		1,161,116
	27,266	*	Scansource, Inc		1,048,650
	57,749	*	ShoreTel, Inc		459,105
	212,176	*	Sonus Networks, Inc		636,528
	35,271	*	Speed Commerce, Inc		129,445
	30,575	*	Super Micro Computer, Inc		425,604
	35,911	*	Symmetricom, Inc		257,482
	31,893	*,e	Synaptics, Inc		1,483,024
	25,902	*	SYNNEX Corp		1,587,793
	336,632		Tellabs, Inc		821,382
	5,443		Tessco Technologies, Inc		192,845
	52,184	*	TTM Technologies, Inc		456,610
	12,078	e	Ubiquiti Networks, Inc		465,969
	10,841	*,e	Uni-Pixel, Inc		178,334
	38,995	*,e	Universal Display Corp		1,243,941
	38,823	*	Viasat, Inc		2,566,977
	2,330	*	Viasystems Group, Inc		34,950
	13,679	*	Vishay Precision Group, Inc		224,336
	36,257	*	Westell Technologies, Inc		130,163
	15,415	*	Zygo Corp		238,008
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		78,500,644
TELECOMMUNICATION SERVICES - 0.7%
	72,581	*	8x8, Inc		831,778
	8,807		Atlantic Tele-Network, Inc		488,084
	17,606	*,e	Boingo Wireless, Inc		119,369
	25,188	*	Cbeyond Communications, Inc		162,211
	206,387	*	Cincinnati Bell, Inc		590,267
	45,837		Cogent Communications Group, Inc		1,610,254
	38,325	e	Consolidated Communications Holdings, Inc		713,995
	20,553	*,e	Fairpoint Communications, Inc		191,965
	30,412	*	General Communication, Inc (Class A)		289,218
	9,958	*	Hawaiian Telcom Holdco, Inc		264,683
	11,706		HickoryTech Corp		156,626
	14,761		IDT Corp (Class B)		323,118
	55,117	*	inContact, Inc		418,338
	32,029		Inteliquent, Inc		411,573
	65,874	*,e	Iridium Communications, Inc		397,220
	52,658	*	Leap Wireless International, Inc		847,794
	15,024		Lumos Networks Corp		330,678
	166,816	*,e	NII Holdings, Inc (Class B)		573,847

243

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	14,572		NTELOS Holdings Corp	$	277,451
	35,843	*	Orbcomm, Inc		216,133
	48,667	*	Premiere Global Services, Inc		438,490
	12,946		PTGi Holding, Inc		45,570
	23,578		Shenandoah Telecom Co		653,818
	7,380	*	Straight Path Communications, Inc		40,295
	68	*,m	Touch America Holdings, Inc		0
	67,591	*,e	Towerstream Corp		162,218
	22,936		USA Mobility, Inc		342,205
	156,886	*	Vonage Holdings Corp		585,185
			TOTAL TELECOMMUNICATION SERVICES		11,482,383
TRANSPORTATION - 1.8%
	49,368	*	Air Transport Services Group, Inc		357,424
	14,909		Allegiant Travel Co		1,554,561
	26,405		Arkansas Best Corp		722,705
	25,649	*	Atlas Air Worldwide Holdings, Inc		949,782
	20,769		Celadon Group, Inc		385,057
	16,972	*	Echo Global Logistics, Inc		312,455
	29,699		Forward Air Corp		1,202,216
	53,681	*,e	Hawaiian Holdings, Inc		442,868
	43,507		Heartland Express, Inc		624,761
	35,572	*	Hub Group, Inc (Class A)		1,306,560
	5,482		International Shipholding Corp		136,063
	226,624	*,e	JetBlue Airways Corp		1,606,764
	57,843		Knight Transportation, Inc		981,596
	24,067		Marten Transport Ltd		424,542
	41,504		Matson, Inc		1,124,343
	33,271	*	Pacer International, Inc		265,503
	8,389	*	Park-Ohio Holdings Corp		347,389
	5,252	*	Patriot Transportation Holding, Inc		194,166
	21,890	*	Quality Distribution, Inc		225,029
	47,604	*	Republic Airways Holdings, Inc		560,775
	18,234	*	Roadrunner Transportation Services Holdings, Inc		483,201
	23,248	*	Saia, Inc		756,257
	51,318		Skywest, Inc		771,823
	58,205	*	Spirit Airlines, Inc		2,511,546
	81,772	*,e	Swift Transportation Co, Inc		1,781,812
	18,824	*	Ultrapetrol Bahamas Ltd		67,766
	4,949		Universal Truckload Services, Inc		131,940
	182,539	*,e	US Airways Group, Inc		4,010,382
	87,491		UTI Worldwide, Inc		1,329,863
	44,211		Werner Enterprises, Inc		1,023,927
	38,913	*	Wesco Aircraft Holdings, Inc		712,886
	29,292	*,e	XPO Logistics, Inc		591,113
	11,226	*,e	YRC Worldwide, Inc		106,422
			TOTAL TRANSPORTATION		28,003,497
UTILITIES - 3.1%
	38,514		Allete, Inc		1,946,112
	37,658		American States Water Co		1,072,500
	6,341		Artesian Resources Corp		145,209

244

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	121,509	e	Atlantic Power Corp	$	545,575
	58,224		Avista Corp		1,618,045
	42,842		Black Hills Corp		2,172,946
	46,680		California Water Service Group		1,017,624
	9,432		Chesapeake Utilities Corp		513,195
	59,331		Cleco Corp		2,749,398
	11,662		Connecticut Water Service, Inc		373,767
	14,392		Consolidated Water Co, Inc		216,456
	5,749		Delta Natural Gas Co, Inc		128,318
	96,572	*,e	Dynegy, Inc		1,876,394
	39,751		El Paso Electric Co		1,398,043
	42,216		Empire District Electric Co		949,438
	11,805	*	Genie Energy Ltd		121,946
	49,288		Idacorp, Inc		2,543,261
	31,779		Laclede Group, Inc		1,495,837
	23,171		MGE Energy, Inc		1,304,759
	15,216		Middlesex Water Co		315,428
	40,272		New Jersey Resources Corp		1,853,720
	26,406		Northwest Natural Gas Co		1,146,813
	36,721		NorthWestern Corp		1,683,291
	22,050	*	NRG Yield, Inc		781,011
	17,698	e	Ormat Technologies, Inc		461,387
	36,008		Otter Tail Corp		1,074,119
	73,435		Piedmont Natural Gas Co, Inc		2,507,071
	77,150		PNM Resources, Inc		1,845,428
	73,933		Portland General Electric Co		2,121,877
	15,112	*,e	Pure Cycle Corp		100,948
	15,987		SJW Corp		451,313
	31,605		South Jersey Industries, Inc		1,882,078
	45,412		Southwest Gas Corp		2,464,055
	54,821		UIL Holdings Corp		2,111,705
	14,908		Unitil Corp		450,520
	40,785		UNS Energy Corp		2,018,042
	49,853		WGL Holdings, Inc		2,243,883
	12,436		York Water Co		257,549
			TOTAL UTILITIES		47,959,061
			TOTAL COMMON STOCKS		1,546,676,478
			(Cost $1,185,523,279)
RIGHTS / WARRANTS - 0.0%
CONSUMER SERVICES - 0.0%
	35,025	m	Caesars Entertainment Corp		80,207
			TOTAL CONSUMER SERVICES		80,207
ENERGY - 0.0%
	16,387	m	Magnum Hunter Resources Corp		0
			TOTAL ENERGY		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	8,325	*,m	Forest Laboratories, Inc CVR		7,909
	48,374	e	Cubist Pharmaceuticals, Inc		93,362

245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE
	5,149	*,m	Omthera Pharmaceuticals, Inc	$	3,089
	34,794	m	Trius Therapeutics, Inc		4,523
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		108,883
REAL ESTATE - 0.0%
	1,893		Tejon Ranch Co		10,127
			TOTAL REAL ESTATE		10,127
			TOTAL RIGHTS / WARRANTS		199,217
			(Cost $119,165)
SHORT-TERM INVESTMENTS - 13.8%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 13.8%
	214,865,928	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		214,865,928
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		214,865,928
			TOTAL SHORT-TERM INVESTMENTS		214,865,928
			(Cost $214,865,928)
			TOTAL INVESTMENTS - 113.2%		1,761,741,623
			(Cost $1,400,508,372)
			OTHER ASSETS & LIABILITIES, NET - (13.2)%		(206,091,366	)
			NET ASSETS - 100.0%	$	1,555,650,257

	Abbreviation(s):
	REIT	Real Estate Investment Trust
*	Non-income producing.
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 $207,075,176.
m	Indicates a security that has been deemed illiquid.

246

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 97.3%
BRAZIL - 10.5%
	17,958		AES Tiete S.A.	$	175,556
	71,200		All America Latina Logistica S.A.		254,548
	72,055		Anhanguera Educacional Participacoes S.A.		431,005
	20,600		Arteris S.A.		183,688
	114,430		Banco Bradesco S.A.		1,834,292
	392,464		Banco Bradesco S.A. (Preference)		5,654,203
	105,686		Banco do Brasil S.A.		1,398,944
	29,068		Banco do Estado do Rio Grande do Sul		209,556
	468,110		Banco Itau Holding Financeira S.A.		7,242,989
	168,339		Banco Santander Brasil S.A.		1,145,468
	107,600		BB Seguridade Participacoes S.A.		1,175,329
	349,374		BM&F Bovespa S.A.		1,962,895
	71,200		BR Malls Participacoes S.A.		687,788
	31,800		BR Properties S.A.		269,708
	37,665		Bradespar S.A.		447,694
	27,215		Braskem S.A.		240,450
	42,876		Centrais Eletricas Brasileiras S.A.		135,889
	36,392		Centrais Eletricas Brasileiras S.A. (Preference)		188,739
	36,089		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		398,831
	23,057		Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,145,474
	26,000		Cia de Bebidas das Americas		968,530
	166,056		Cia de Concessoes Rodoviarias		1,380,959
	62,600		Cia de Saneamento Basico do Estado de Sao Paulo		663,402
	8,700		Cia de Saneamento de Minas Gerais-COPASA		140,508
	103,767		Cia Energetica de Minas Gerais		923,166
	31,920		Cia Energetica de Sao Paulo (Class B)		333,228
	25,685		Cia Hering		373,202
	17,595		Cia Paranaense de Energia		245,365
	128,230		Cia Siderurgica Nacional S.A.		697,761
	66,036		Companhia Brasileira de Meios de Pagamento		2,002,645
	41,036		Cosan SA Industria e Comercio		820,665
	44,000		CPFL Energia S.A.		375,622
	48,005		Cyrela Brazil Realty S.A.		356,883
	31,228		EcoRodovias Infraestrutura e Logistica S.A.		211,616
	45,100		EDP - Energias do Brasil S.A.		257,691
	109,479		Empresa Brasileira de Aeronautica S.A.		799,028
	28,344	*	Eneva S.A.		56,811
	45,900		Estacio Participacoes S.A.		354,464
	45,263	*	Fibria Celulose S.A.		586,952
	157,775		Gerdau S.A. (Preference)		1,245,020
	62,282		Hypermarcas S.A.		543,529
	121,664		JBS S.A.		437,191
	90,620		Klabin S.A.		481,376
	35,100		Kroton Educacional S.A.		518,619

247

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	23,191		Localiza Rent A Car	$	378,026
	15,300		Lojas Americanas S.A.		95,616
	73,837		Lojas Americanas S.A.(Preference)		546,477
	22,930		Lojas Renner S.A.		691,542
	5,500		M Dias Branco S.A.		257,961
	70,400		Marcopolo S.A.		181,491
	47,517		Metalurgica Gerdau S.A.		484,257
	58,056		MRV Engenharia e Participacoes S.A.		250,603
	12,700		Multiplan Empreendimentos Imobiliarios S.A.		298,140
	4,900		Multiplus S.A.		60,698
	31,792		Natura Cosmeticos S.A.		635,783
	45,153		Odontoprev S.A.		186,643
	113,465		Oi S.A.(Preference)		189,720
	121,556		Perdigao S.A.		2,854,140
	576,772		Petroleo Brasileiro S.A.		5,014,396
	815,746		Petroleo Brasileiro S.A. (Preference)		7,396,466
	14,681		Porto Seguro S.A.		184,479
	36,200	*	Qualicorp S.A.		339,021
	36,600		Raia Drogasil S.A.		267,160
	44,819		Satipel Industrial S.A.		278,426
	71,145		Souza Cruz S.A.		769,504
	14,905		Sul America SA		109,116
	54,500		Suzano Papel e Celulose S.A.		220,121
	55,121		Telefonica Brasil S.A.		1,210,885
	154,466		Tim Participacoes S.A.		782,145
	21,500		Totvus S.A.		364,508
	30,700		Tractebel Energia S.A.		522,127
	19,800		Transmissora Alianca de Energia Eletrica S.A.		192,237
	68,180		Ultrapar Participacoes S.A.		1,812,509
	65,817	*	Usinas Siderurgicas de Minas Gerais S.A. (Preference)		347,861
	240,800		Vale S.A.		3,828,829
	354,773		Vale S.A. (Preference)		5,192,877
	38,300		Weg S.A.		497,514
			TOTAL BRAZIL		76,398,557
CHILE - 1.6%
	381,673		AES Gener S.A.		229,280
	443,665		Aguas Andinas S.A.		299,319
	2,784,948		Banco de Chile		426,237
	3,527		Banco de Credito e Inversiones		207,448
	11,721,482		Banco Santander Chile S.A.		724,555
	11,562		CAP S.A.		240,742
	207,758		Centros Comerciales Sudamericanos S.A.		847,377
	21,332		Cia Cervecerias Unidas S.A.		285,071
	1,396,694		Colbun S.A.		346,229
	20,192,884		CorpBanca S.A.		226,625
	46,711		Embotelladora Andina S.A.		263,378
	67,685		Empresa Electrica del Norte Grande S.A.		105,571
	640,179		Empresa Nacional de Electricidad S.A.		979,146
	21,506		Empresa Nacional de Telecomunicaciones S.A.		331,603
	205,800		Empresas CMPC S.A.		610,269
	113,612		Empresas COPEC S.A.		1,656,245

248

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	3,739,700		Enersis S.A.	$	1,252,115
	46,211		Lan Airlines S.A.		765,970
	132,095		SACI Falabella		1,314,581
	19,589		Sociedad Quimica y Minera de Chile S.A. (Class B)		551,169
	67,818		Vina Concha Y Toro S.A.		123,823
			TOTAL CHILE		11,786,753
CHINA - 17.8%
	272,000		Agile Property Holdings Ltd		328,255
	4,469,000		Agricultural Bank of China		2,153,589
	388,000		Air China Ltd		264,666
	872,000	*,e	Aluminum Corp of China Ltd		322,450
	256,500	e	Anhui Conch Cement Co Ltd		895,126
	176,000	e	Anta Sports Products Ltd		252,454
	432,000		AviChina Industry & Technology Co		205,076
	14,823,000		Bank of China Ltd		6,959,640
	1,886,500	e	Bank of Communications Co Ltd		1,382,315
	271,000		BBMG Corp		194,444
	446,000		Beijing Capital International Airport Co Ltd		314,484
	115,000		Beijing Enterprises Holdings Ltd		943,998
	588,000	e	Brilliance China Automotive Holdings Ltd		1,028,519
	93,500	*,e	Byd Co Ltd		462,951
	290,320	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		267,809
	441,700		China Agri-Industries Holdings Ltd		207,442
	416,000		China BlueChemical Ltd		267,401
	1,815,600		China Citic Bank		1,020,764
	1,136,000	e	China Coal Energy Co		697,080
	925,000		China Communications Construction Co Ltd		754,998
	524,400		China Communications Services Corp Ltd		321,417
	13,791,350		China Construction Bank		10,730,037
	412,000		China Everbright International Ltd		410,721
	172,000		China Everbright Ltd		255,106
	458,000		China Gas Holdings Ltd		510,802
	156,400	*	China Insurance International Holdings Co Ltd		243,970
	86,600		China International Marine Containers Group Co Ltd		161,960
	1,437,000		China Life Insurance Co Ltd		3,793,362
	548,000		China Longyuan Power Group Corp		630,487
	265,000		China Mengniu Dairy Co Ltd		1,165,712
	909,500		China Merchants Bank Co Ltd		1,808,444
	232,020		China Merchants Holdings International Co Ltd		822,508
	1,075,000	e	China Minsheng Banking Corp Ltd		1,231,883
	1,144,500		China Mobile Hong Kong Ltd		11,893,244
	614,000	e	China National Building Material Co Ltd		600,329
	338,000		China Oilfield Services Ltd		944,603
	774,000	e	China Overseas Land & Investment Ltd		2,398,642
	525,200		China Pacific Insurance Group Co Ltd		1,897,876
	385,500	e	China Railway Construction Corp		422,823
	818,000	e	China Railway Group Ltd		461,921
	254,000	e	China Resources Enterprise		899,562
	212,000	e	China Resources Gas Group Ltd		548,557
	384,000	e	China Resources Land Ltd		1,112,410

249

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	386,000		China Resources Power Holdings Co	$	1,010,420
	384,000	e	China Shanshui Cement Group Ltd		136,775
	741,500		China Shenhua Energy Co Ltd		2,255,549
	809,000	*,e	China Shipping Container Lines Co Ltd		200,264
	399,000	e	China South Locomotive and Rolling Stock Corp		332,501
	458,000	e	China Southern Airlines Co Ltd		168,769
	354,000	e	China State Construction International Holdings Ltd		596,458
	2,812,000		China Telecom Corp Ltd		1,468,862
	924,000		China Unicom Ltd		1,445,610
	510,000	e	Chongqing Rural Commercial Bank		257,647
	333,000	e	Citic Pacific Ltd		474,021
	240,000	e	CITIC Securities Co Ltd		503,870
	3,549,000		CNOOC Ltd		7,218,564
	538,500	*,e	COSCO Holdings		255,665
	353,098	e	COSCO Pacific Ltd		514,323
	854,008		Country Garden Holdings Co Ltd		585,612
	166,000	e	Dah Chong Hong Holdings Ltd		140,908
	666,000		Datang International Power Generation Co Ltd		305,038
	564,000		Dongfeng Motor Group Co Ltd		797,395
	1,239,000	e	Evergrande Real Estate Group		522,739
	308,000		Far East Horizon Ltd		226,010
	343,500		Fosun International		330,169
	670,000	e	Franshion Properties China Ltd		232,748
	658,000	e	Fushan International Energy Group Ltd		221,577
	890,000	e	Geely Automobile Holdings Ltd		448,637
	148,000	e	Golden Eagle Retail Group Ltd		222,059
	203,000	e	Great Wall Motor Co Ltd		1,193,177
	120,000	e	Greentown China Holdings Ltd		233,623
	570,000	e	Guangdong Investments Ltd		490,681
	454,000	e	Guangzhou Automobile Group Co Ltd		538,250
	1,060,000		Guangzhou Investment Co Ltd		295,478
	170,800	e	Guangzhou R&F Properties Co Ltd		299,247
	312,800	e	Haitong Securities Co Ltd		475,158
	146,500		Hengan International Group Co Ltd		1,793,826
	684,000		Huaneng Power International, Inc		713,966
	14,132,000		Industrial & Commercial Bank of China		9,906,900
	300,000	e	Jiangsu Express		377,660
	313,000	e	Jiangxi Copper Co Ltd		600,083
	1,228,000	e	Lenovo Group Ltd		1,315,439
	267,000	e	Longfor Properties Co Ltd		435,665
	147,100	*	New China Life insurance Co Ltd		415,623
	309,000	e	Nine Dragons Paper Holdings Ltd		254,953
	278,000	e	Parkson Retail Group Ltd		95,437
	1,063,000	e	People’s Insurance Co Group of China Ltd		502,170
	670,840		PICC Property & Casualty Co Ltd		1,028,692
	368,500	e	Ping An Insurance Group Co of China Ltd		2,905,716
	335,000	e	Poly Hong Kong Investment Ltd		205,384
	168,000	e	Prime Success International Group Ltd		87,586
	336,000	e	Shandong Weigao Group Medical Polymer Co Ltd		315,501
	702,000	e	Shanghai Electric Group Co Ltd		248,049
	123,000		Shanghai Industrial Holdings Ltd		406,710

250

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	182,200		Shanghai Pharmaceuticals Holding Co Ltd	$	375,765
	116,000	e	Shell Electric MFG		138,236
	686,649	e	Shui On Land Ltd		239,486
	408,000		Sihuan Pharmaceutical Holdings		304,527
	538,603	e	Sino-Ocean Land Holdings Ltd		341,528
	798,000		Sinopec Shanghai Petrochemical Co Ltd		210,763
	212,800		Sinopharm Group Co		576,393
	457,000	e	Soho China Ltd		400,599
	514,500	e	Sun Art Retail Group Ltd		842,727
	191,300		Tencent Holdings Ltd		10,431,667
	400,000		Tingyi Cayman Islands Holding Corp		1,130,089
	82,000	e	Tsingtao Brewery Co Ltd		671,535
	286,000	e	Uni-President China Holdings Ltd		285,757
	1,160,000		Want Want China Holdings Ltd		1,783,600
	101,200	e	Weichai Power Co Ltd		405,065
	211,000	m	Wison Engineering Services Co Ltd		26,943
	106,000	*	Wumart Stores, Inc		177,071
	158,000	e	Xinao Gas Holdings Ltd		936,765
	628,000	e	Yanzhou Coal Mining Co Ltd		649,815
	244,000		Yingde Gases		250,489
	188,500	e	Zhaojin Mining Industry Co Ltd		152,240
	320,000		Zhejiang Expressway Co Ltd		295,041
	113,000	e	Zhongsheng Group Holdings Ltd		180,880
	89,000	e	Zhuzhou CSR Times Electric Co Ltd		319,459
	1,282,000	e	Zijin Mining Group Co Ltd		295,280
	118,720	e	ZTE Corp		258,730
			TOTAL CHINA		129,877,451
COLOMBIA - 1.1%
	36,233		Almacenes Exito S.A.		606,963
	19,799		Banco Davivienda S.A.		259,683
	25,572		BanColombia S.A.		352,698
	62,979		BanColombia S.A. (Preference)		881,942
	62,310		Cementos Argos S.A.		328,944
	25,648	*	Cemex Latam Holdings S.A.		196,255
	10,291		Corp Financiera Colombiana S.A.		214,157
	1,163,437		Ecopetrol S.A.		2,766,648
	50,135		Grupo Argos S.A.		581,268
	19,604		Grupo Argos S.A.(Preference)		227,497
	233,089		Grupo Aval Acciones y Valores		161,974
	5,932		Grupo de Inversiones Suramericana S.A.		117,866
	57,245		Interconexion Electrica S.A.		283,147
	88,157		Isagen S.A. ESP		140,690
	50,459		Suramericana de Inversiones S.A.		999,927
			TOTAL COLOMBIA		8,119,659
CZECH REPUBLIC - 0.3%
	31,041		CEZ AS		893,257
	2,852		Komercni Banka AS		706,463
	19,376		Telefonica O2 Czech Republic AS		316,077
			TOTAL CZECH REPUBLIC		1,915,797

251

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
EGYPT - 0.2%
	107,352		Commercial International Bank	$	664,976
	460,261	*	Orascom Telecom Holding SAE		315,176
	177,063	*	Talaat Moustafa Group		141,947
	42,749		Telecom Egypt		83,865
			TOTAL EGYPT		1,205,964
HONG KONG - 0.7%
	906,000		Belle International Holdings Ltd		1,277,480
	482,000	e	Bosideng International Holdings Ltd		111,283
	469,007	e	China Resources Cement Holdings Ltd		313,825
	1,808,000	*,e	GCL Poly Energy Holdings Ltd		554,732
	2,068,000	e	GOME Electrical Appliances Holdings Ltd		320,049
	159,000		Haier Electronics Group Co Ltd		339,404
	208,000	*	Intime Retail Group Co Ltd		247,588
	133,500		Kingboard Chemical Holdings Ltd		351,758
	335,000		Lee & Man Paper Manufacturing Ltd		240,264
	118,000		Shenzhou International Group Holdings Ltd		406,864
	265,000		Shimao Property Holdings Ltd		666,013
	616,000		Sino Biopharmaceutical		435,376
			TOTAL HONG KONG		5,264,636
HUNGARY - 0.2%
	15,374		Magyar Telekom		21,113
	10,802		MOL Hungarian Oil and Gas plc		738,574
	32,509	e	OTP Bank		674,405
			TOTAL HUNGARY		1,434,092
INDIA - 6.0%
	32,027		Adani Enterprises Ltd		108,190
	5,506		Aditya Birla Nuvo Ltd		109,939
	121,060		Ambuja Cements Ltd		370,335
	12,126		Apollo Hospitals Enterprise Ltd		179,330
	55,786		Asian Paints Ltd		488,780
	8,467		Associated Cement Co Ltd		156,154
	15,066		Bajaj Holdings and Investment Ltd		521,870
	11,784		Bank of Baroda		123,206
	14,596		Bank of India		49,794
	92,321		Bharat Heavy Electricals		211,627
	64,525		Bharat Petroleum Corp Ltd		377,355
	108,353		Bharti Airtel Ltd		646,732
	137,089		Cairn India Ltd		705,653
	11,542		Canara Bank		48,375
	66,389		Cipla Ltd		445,884
	147,293		Coal India Ltd		689,424
	64,298		Dabur India Ltd		186,599
	5,735		Divi S Laboratories Ltd		90,646
	53,688		DLF Ltd		132,048
	19,002		Dr Reddy’s Laboratories Ltd		757,451
	54,801		GAIL India Ltd		314,797
	1,505		GlaxoSmithKline Consumer Healthcare Ltd		113,962

252

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	17,995		Godrej Consumer Products Ltd	$	255,189
	37,882		HCL Technologies Ltd		675,362
	285,830		HDFC Bank Ltd		3,182,951
	14,536		Hero Honda Motors Ltd		491,210
	184,019		Hindalco Industries Ltd		344,056
	121,543		Hindustan Lever Ltd		1,204,913
	273,143		Housing Development Finance Corp		3,795,405
	37,878		ICICI Bank Ltd		686,487
	104,970		Idea Cellular Ltd		294,880
	85,602		Infosys Technologies Ltd		4,574,525
	415,370		ITC Ltd		2,260,806
	133,252		Jaiprakash Associates Ltd		102,967
	55,419		Jindal Steel & Power Ltd		216,042
	11,994		JSW Steel Ltd		167,832
	51,789		Kotak Mahindra Bank Ltd		633,977
	58,517		Larsen & Toubro Ltd		926,143
	45,007		LIC Housing Finance Ltd		164,279
	6,734		Lupin Ltd		97,149
	41,407		Mahindra & Mahindra Financial Services Ltd		190,177
	55,797		Mahindra & Mahindra Ltd		804,925
	57,851		Mundra Port and Special Economic Zone Ltd		136,906
	197,368		NTPC Ltd		478,139
	51,135		Oil India Ltd		394,277
	5,109		Piramal Healthcare Ltd		46,706
	39,802		Power Finance Corp Ltd		86,960
	192,318		Power Grid Corp of India Ltd		316,608
	17,131	*	Ranbaxy Laboratories Ltd		108,724
	14,450		Reliance Capital Ltd		87,023
	82,042		Reliance Communication Ventures Ltd		196,151
	16,794		Reliance Energy Ltd		117,802
	260,226		Reliance Industries Ltd		3,871,887
	70,276	*	Reliance Power Ltd		83,615
	42,180		Rural Electrification Corp Ltd		133,031
	307,831		Sesa Goa Ltd		1,009,320
	20,292		Shriram Transport Finance Co Ltd		201,718
	10,237		Siemens India Ltd		96,867
	12,667		State Bank of India Ltd (GDR)		742,722
	114,899		Sun Pharmaceutical Industries Ltd		1,136,507
	87,158		Tata Consultancy Services Ltd		2,994,653
	135,890		Tata Motors Ltd		845,082
	152,359		Tata Power Co Ltd		203,390
	44,487		Tata Steel Ltd		242,261
	33,534		Titan Industries Ltd		145,644
	6,613		Ultra Tech Cement Ltd		211,415
	145,087	*	Unitech Ltd		40,999
	10,870		United Breweries Ltd		163,334
	16,345		United Spirits Ltd		684,295
	112,807		Wipro Ltd		878,172
	3,902		Wockhardt Ltd		28,295
	42,909		ZEE Telefilms Ltd		185,634
			TOTAL INDIA		43,765,563

253

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
INDONESIA - 2.4%
	3,729,000		Adaro Energy Tbk	$	337,119
	2,056,000		Bank Rakyat Indonesia		1,442,956
	182,000		Indofood CBP Sukses Makmur Tbk		180,687
	54,000		PT Astra Agro Lestari Tbk		89,016
	3,758,500		PT Astra International Tbk		2,215,968
	2,283,000		PT Bank Central Asia Tbk		2,115,216
	574,766		PT Bank Danamon Indonesia Tbk		219,404
	1,725,771		PT Bank Mandiri Persero Tbk		1,317,797
	1,317,693		PT Bank Negara Indonesia		561,716
	1,212,500	*	PT Bumi Resources Tbk		48,826
	955,500		PT Bumi Serpong Damai		132,546
	1,236,000		PT Charoen Pokphand Indonesia Tbk		427,179
	369,000		PT Excelcomindo Pratama		146,370
	1,166,000		PT Global MediaCom Tbk		197,495
	81,500		PT Gudang Garam Tbk		266,465
	110,500		PT Indo Tambangraya Megah		292,994
	273,000		PT Indocement Tunggal Prakarsa Tbk		505,925
	808,500		PT Indofood Sukses Makmur Tbk		476,309
	159,500		PT Indosat Tbk		62,214
	310,500		PT Jasa Marga Tbk		144,550
	4,108,500		PT Kalbe Farma Tbk		473,025
	3,210,500		PT Lippo Karawaci Tbk		321,474
	245,000	*	PT Matahari Department Store Tbk		267,137
	683,000		PT Media Nusantara Citra Tbk		151,262
	2,017,500		PT Perusahaan Gas Negara		912,501
	558,500		PT Semen Gresik Persero Tbk		710,576
	213,500		PT Tambang Batubara Bukit Asam Tbk		230,144
	8,520,000		PT Telekomunikasi Indonesia Persero Tbk		1,772,248
	277,000		PT Unilever Indonesia Tbk		736,537
	303,500		PT United Tractors Tbk		471,055
			TOTAL INDONESIA		17,226,711
KOREA, REPUBLIC OF - 15.6%
	599		Amorepacific Corp		491,285
	27,190		BS Financial Group		436,530
	11,207		Celltrion, Inc		486,526
	15,760		Cheil Communications, Inc		388,307
	9,103		Cheil Industries, Inc		771,845
	1,531		CJ CheilJedang Corp		371,561
	2,528		CJ Corp		264,402
	4,845		Daelim Industrial Co		449,728
	13,510	*	Daewoo Engineering & Construction Co Ltd		109,465
	8,210		Daewoo International Corp		302,398
	26,672		Daewoo Securities Co Ltd		248,935
	17,330		Daewoo Shipbuilding & Marine Engineering Co Ltd		545,712
	3,111		DC Chemical Co Ltd		562,995
	23,730		DGB Financial Group Co Ltd		380,740
	7,867		Dongbu Insurance Co Ltd		352,032
	1,348		Doosan Corp		180,586
	8,107		Doosan Heavy Industries and Construction Co Ltd		330,875
	17,300	*	Doosan Infracore Co Ltd		247,619

254

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	4,027		E-Mart Co Ltd	$	963,646
	2,432		GLOVIS Co Ltd		539,204
	5,820		GS Engineering & Construction Corp		196,498
	12,466		GS Holdings Corp		686,467
	6,160		Halla Climate Control Corp		230,339
	51,077		Hana Financial Group, Inc		1,964,027
	13,650		Hankook Tire Co Ltd		800,769
	13,850		Hanwha Chemical Corp		303,987
	7,681		Hanwha Corp		290,731
	3,149		Honam Petrochemical Corp		645,228
	97,790	*	Hynix Semiconductor, Inc		2,942,588
	4,282		Hyosung Corp		288,674
	2,904		Hyundai Department Store Co Ltd		462,413
	7,890		Hyundai Development Co		175,381
	13,293		Hyundai Engineering & Construction Co Ltd		762,621
	7,791		Hyundai Heavy Industries		1,860,468
	5,048		Hyundai Hysco		199,838
	11,800		Hyundai Marine & Fire Insurance Co Ltd		337,158
	10,430	*	Hyundai Merchant Marine Co Ltd		135,199
	1,857		Hyundai Mipo Dockyard		295,561
	12,748		Hyundai Mobis		3,595,956
	28,789		Hyundai Motor Co		6,858,802
	7,057		Hyundai Motor Co Ltd (2nd Preference)		797,572
	4,555		Hyundai Motor Co Ltd (Preference)		495,550
	12,770		Hyundai Securities Co		81,096
	9,929		Hyundai Steel Co		817,535
	2,822		Hyundai Wia Corp		485,850
	29,510		Industrial Bank of Korea		340,890
	4,130		Jinro Ltd		101,376
	18,990		Kangwon Land, Inc		521,861
	72,446		KB Financial Group, Inc		2,853,175
	766		KCC Corp		307,183
	49,459		Kia Motors Corp		2,873,627
	8,020		Korea Aerospace Industries Ltd		211,644
	49,210	*	Korea Electric Power Corp		1,314,201
	5,125		Korea Gas Corp		308,162
	6,460		Korea Investment Holdings Co Ltd		252,027
	2,452		Korea Kumho Petrochemical		240,033
	31,760		Korea Life Insurance Co Ltd		212,369
	1,556		Korea Zinc Co Ltd		451,068
	3,656	*	Korean Air Lines Co Ltd		116,610
	6,040		KT Corp		199,636
	21,431		KT&G Corp		1,565,781
	8,677		LG Chem Ltd		2,447,625
	1,399		LG Chem Ltd (Preference)		177,535
	17,553		LG Corp		1,037,691
	19,996		LG Electronics, Inc		1,280,863
	1,746		LG Household & Health Care Ltd		907,624
	1,763	*	LG Innotek Co Ltd		142,377
	36,650		LG Telecom Ltd		419,646
	43,070	*	LG.Philips LCD Co Ltd		1,008,132
	112		Lotte Confectionery Co Ltd		192,060

255

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	2,097		Lotte Shopping Co Ltd	$	795,704
	3,131		LS Cable Ltd		234,018
	2,364		LS Industrial Systems Co Ltd		148,152
	3,489		Mirae Asset Securities Co Ltd		117,670
	2,824		NCsoft		547,390
	5,203		NHN Corp		2,919,752
	2,458	*	NHN Entertainment Corp		263,005
	690		Orion Corp		672,870
	415		Pacific Corp		146,447
	12,223		POSCO		3,649,065
	2,611		S1 Corp (Korea)		155,709
	5,568		Samsung Card Co		206,323
	23,273		Samsung Corp		1,380,972
	11,033		Samsung Electro-Mechanics Co Ltd		846,329
	20,600		Samsung Electronics Co Ltd		28,408,603
	3,831		Samsung Electronics Co Ltd (Preference)		3,692,963
	5,392		Samsung Engineering Co Ltd		380,181
	6,633		Samsung Fire & Marine Insurance Co Ltd		1,551,086
	30,050		Samsung Heavy Industries Co Ltd		1,101,854
	11,142		Samsung Life Insurance Co Ltd		1,097,093
	6,432		Samsung SDI Co Ltd		1,072,158
	11,201		Samsung Securities Co Ltd		496,541
	6,822		Samsung Techwin Co Ltd		371,835
	79,766		Shinhan Financial Group Co Ltd		3,478,085
	1,241		Shinsegae Co Ltd		312,426
	4,001		SK C&C Co Ltd		431,210
	4,859		SK Corp		880,644
	12,790		SK Energy Co Ltd		1,792,634
	14,850		SK Networks Co Ltd		93,225
	1,338		SK Telecom Co Ltd		291,577
	4,000	e	SK Telecom Co Ltd (ADR)		97,920
	11,042		S-Oil Corp		805,756
	9,741		Woongjin Coway Co Ltd		557,536
	65,500		Woori Finance Holdings Co Ltd		775,995
	17,881		Woori Investment & Securities Co Ltd		188,845
	1,365		Yuhan Corp		240,131
			TOTAL KOREA, REPUBLIC OF		113,819,599
MALAYSIA - 3.7%
	209,600		AirAsia BHD		177,939
	125,800		Alliance Financial Group BHD		206,788
	334,500		AMMB Holdings BHD		785,062
	19,500		Asiatic Development BHD		67,215
	277,600		Astro Malaysia Holdings BHD		255,048
	101,851		Berjaya Sports Toto BHD		131,366
	23,100		British American Tobacco Malaysia BHD		464,848
	219,400		Bumi Armada BHD		275,332
	885,858		Bumiputra-Commerce Holdings BHD		2,105,707
	646,000		Digi.Com BHD		1,023,133
	199,800		Felda Global Ventures Holdings BHD		284,278
	283,500		Gamuda BHD		437,525
	384,800		Genting BHD		1,277,545

256

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	75,120		Hong Leong Bank BHD	$	340,102
	3,000		Hong Leong Credit BHD		14,379
	460,700	*	IHH Healthcare BHD		603,311
	178,000		IJM Corp BHD		327,289
	545,500		IOI Corp BHD		941,025
	86,500		Kuala Lumpur Kepong BHD		632,958
	55,000		Lafarge Malayan Cement BHD		173,773
	859,604		Malayan Banking BHD		2,664,445
	74,523		Malaysia Airports Holdings BHD		198,615
	427,700		Maxis BHD		974,678
	178,300	*	MISC BHD		288,585
	61,500		MMC Corp BHD		52,232
	56,931		Parkson Holdings BHD		67,836
	530,600		Petronas Chemicals Group BHD		1,195,615
	104,100		Petronas Dagangan BHD		1,009,478
	106,700		Petronas Gas BHD		829,479
	76,400		PPB Group BHD		355,759
	197,000		Public Bank BHD (Foreign)		1,143,638
	557,700		Resorts World BHD		763,352
	95,130		RHB Capital BHD		237,990
	691,200	*	Sapurakencana Petroleum BHD		876,399
	556,100		Sime Darby BHD		1,679,677
	209,800		Telekom Malaysia BHD		348,387
	554,350		Tenaga Nasional BHD		1,656,573
	496,600		TM International BHD		1,081,014
	178,100		UEM Land Holdings BHD		131,965
	88,500		UMW Holdings BHD		358,891
	871,700		YTL Corp BHD		455,742
	304,166		YTL Power International BHD		183,145
			TOTAL MALAYSIA		27,078,118
MEXICO - 5.0%
	528,950		Alfa S.A. de C.V. (Class A)		1,450,561
	6,860,870	e	America Movil S.A. de C.V. (Series L)		7,361,872
	2,097,300	*,e	Cemex S.A. de C.V.		2,231,162
	82,860		Coca-Cola Femsa S.A. de C.V.		1,009,898
	191,186	e	Compartamos SAB de C.V.		372,488
	73,800	e	Controladora Comercial Mexicana S.A. de C.V.		302,559
	39,500		El Puerto de Liverpool SAB de C.V.		426,599
	60,225		Embotelladoras Arca SAB de C.V.		357,503
	243,700		Fibra Uno Administracion S.A. de C.V.		757,964
	367,837	e	Fomento Economico Mexicano S.A. de C.V.		3,440,917
	135,600	*,e	Genomma Lab Internacional S.A. de C.V.		361,364
	53,928		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		280,567
	36,800	e	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		439,860
	295,320	e	Grupo Bimbo S.A. de C.V. (Series A)		992,077
	95,098		Grupo Carso S.A. de C.V. (Series A1)		511,597
	52,100	e	Grupo Comercial Chedraui S.a. DE C.V.		162,922
	454,787		Grupo Financiero Banorte S.A. de C.V.		2,902,884
	419,432		Grupo Financiero Inbursa S.A.		1,080,466
	347,500		Grupo Financiero Santander Mexico SAB de C.V.		972,672
	714,756		Grupo Mexico S.A. de C.V. (Series B)		2,257,571

257

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	483,726		Grupo Televisa S.A.	$	2,954,873
	28,800	*	Industrias CH SAB de C.V.		141,933
	24,782		Industrias Penoles S.A. de C.V.		725,098
	288,342		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		876,700
	198,496	e	Mexichem SAB de C.V.		828,991
	100,840	*	Minera Frisco SAB de C.V.		257,834
	117,900	*,e	OHL Mexico SAB de CV		302,990
	1,008,489	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		2,621,851
			TOTAL MEXICO		36,383,773
MOROCCO - 0.1%
	8,147		Attijariwafa Bank		327,470
	11,822		Douja Promotion Groupe Addoha S.A.		84,134
	12,297		Maroc Telecom		147,361
			TOTAL MOROCCO		558,965
PERU - 0.3%
	36,122		Cia de Minas Buenaventura S.A. (ADR) (Series B)		523,769
	12,672		Credicorp Ltd (NY)		1,730,995
			TOTAL PERU		2,254,764
PHILIPPINES - 0.9%
	327,120		Aboitiz Equity Ventures, Inc		385,308
	355,500		Aboitiz Power Corp		279,863
	395,600		Alliance Global Group, Inc		241,385
	34,448		Ayala Corp		480,965
	974,500		Ayala Land, Inc		663,410
	266,816		Banco de Oro Universal Bank		500,566
	122,584		Bank of the Philippine Islands		283,659
	133,120		DMCI Holdings, Inc		159,463
	5,710		Globe Telecom, Inc		230,033
	148,030		International Container Term Services, Inc		356,389
	76,520		Jollibee Foods Corp		314,289
	2,223,600		Metro Pacific Investments Corp		251,042
	71,033		Metropolitan Bank & Trust		146,459
	8,635		Philippine Long Distance Telephone Co		573,001
	1,423,700		PNOC Energy Development Corp		191,065
	27,040		SM Investments Corp		535,665
	1,058,475		SM Prime Holdings		468,878
	156,420		Universal Robina		461,694
			TOTAL PHILIPPINES		6,523,134
POLAND - 1.7%
	5,257	*	Alior Bank S.A.		133,037
	3,214		Bank Handlowy w Warszawie S.A.		123,528
	45,714	*	Bank Millennium S.A.		113,618
	24,178		Bank Pekao S.A.		1,513,834
	4,869		Bank Zachodni WBK S.A.		592,969
	1,990		BRE Bank S.A.		328,656
	21,969	*	Cyfrowy Polsat S.A.		159,756
	10,755		Enea S.A.		50,609
	13,826		Eurocash S.A.		212,386

258

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	20,491	*	Grupa Lotos S.A.	$	249,959
	4,931		Jastrzebska Spolka Weglowa S.A.		106,460
	26,313		KGHM Polska Miedz S.A.		1,062,309
	449,595		Polish Oil & Gas Co		826,908
	140,859		Polska Grupa Energetyczna S.A.		822,817
	71,199		Polski Koncern Naftowy Orlen S.A.		1,004,441
	164,727		Powszechna Kasa Oszczednosci Bank Polski S.A.		2,182,130
	10,487		Powszechny Zaklad Ubezpieczen S.A.		1,595,203
	60,861		Synthos S.A.		103,074
	177,159		Tauron Polska Energia S.A.		288,995
	120,374		Telekomunikacja Polska S.A.		389,999
	6,955		Zaklady Azotowe w Tarnowie-Moscicach S.A.		183,862
			TOTAL POLAND		12,044,550
RUSSIA - 6.1%
	19,718		AFK Sistema (GDR)		527,572
	155,758	*,m	Federal Grid Co Unified Energy System JSC (GDR)		233,637
	451,000	d	Gazprom (ADR)		4,207,830
	693,535		Gazprom OAO (ADR)		6,482,750
	14,992		Gold Wheaton Gold Corp (GDR)		61,703
	103,554		LUKOIL (ADR)		6,782,151
	47,749		Magnit OAO (GDR)		3,066,447
	11,500		MegaFon OAO (ADR)		417,223
	95,802		MMC Norilsk Nickel (ADR)		1,447,154
	93,419		Mobile TeleSystems (ADR)		2,129,953
	18,277		NovaTek OAO (GDR)		2,562,985
	251,433		Rosneft Oil Co (GDR)		1,983,745
	28,665		Rostelecom (ADR)		622,959
	170,716		RusHydro (ADR)		288,117
	534,089		Sberbank of Russian Federation (ADR)		6,810,904
	28,164		Severstal (GDR)		245,330
	270,538		Surgutneftegaz (ADR)		2,385,202
	47,670		Tatneft (GDR)		1,958,185
	6,861		TMK OAO (GDR)		88,644
	47,598		Uralkali (GDR)		1,270,108
	278,086		VTB Bank OJSC (GDR)		770,491
			TOTAL RUSSIA		44,343,090
SOUTH AFRICA - 7.3%
	133,210	e	African Bank Investments Ltd		225,583
	18,903		African Rainbow Minerals Ltd		361,913
	12,254	*,e	Anglo Platinum Ltd		495,370
	72,137		AngloGold Ashanti Ltd		1,090,308
	54,575		Aspen Pharmacare Holdings Ltd		1,518,255
	5,407	e	Assore Ltd		220,828
	63,120	e	Barclays Africa Group Ltd		974,901
	37,248		Barloworld Ltd		333,674
	54,762		Bidvest Group Ltd		1,459,108
	44,018		Discovery Holdings Ltd		371,978
	590,613		FirstRand Ltd		2,120,293
	36,741	e	Foschini Ltd		423,260
	139,995		Gold Fields Ltd		648,095

259

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	323,647		Growthpoint Properties Ltd	$	822,997
	69,979		Harmony Gold Mining Co Ltd		241,469
	100,608	e	Impala Platinum Holdings Ltd		1,222,053
	35,260		Imperial Holdings Ltd		749,423
	42,351		Investec Ltd		300,167
	14,118	e	Kumba Iron Ore Ltd		590,418
	36,042	e	Kumba Resources Ltd		551,963
	16,705		Liberty Holdings Ltd		206,531
	177,850		Life Healthcare Group Holdings Pte Ltd		725,414
	17,701	e	Massmart Holdings Ltd		283,793
	65,520		Mediclinic International Ltd		493,754
	172,622		Metropolitan Holdings Ltd		423,197
	43,819		Mr Price Group Ltd		689,659
	316,868		MTN Group Ltd		6,298,434
	106,090		Nampak Ltd		350,727
	73,730		Naspers Ltd (N Shares)		6,901,406
	38,155	e	Nedbank Group Ltd		829,559
	172,396		Network Healthcare Holdings Ltd		427,790
	47,550	*	Northam Platinum Ltd		195,326
	37,474	e	Pick’n Pay Stores Ltd		177,090
	83,136	e	PPC Ltd		262,938
	490,436		Redefine Income Fund Ltd		503,199
	89,520		Remgro Ltd		1,822,852
	28,866		Reunert Ltd		202,720
	126,188		RMB Holdings Ltd		632,601
	97,391		RMI Holdings		274,273
	321,551		Sanlam Ltd		1,725,305
	93,512	*	Sappi Ltd		275,354
	111,954		Sasol Ltd		5,720,602
	81,179		Shoprite Holdings Ltd		1,486,599
	29,742		Spar Group Ltd		380,595
	230,823		Standard Bank Group Ltd		2,936,553
	240,364	e	Steinhoff International Holdings Ltd		927,881
	30,579	e	Tiger Brands Ltd		897,094
	81,098	e	Truworths International Ltd		775,028
	68,443	e	Vodacom Group Pty Ltd		785,072
	140,732		Woolworths Holdings Ltd		1,058,490
			TOTAL SOUTH AFRICA		53,391,892
TAIWAN - 11.2%
	473,000	*	Acer, Inc		309,040
	1,171,372		Advanced Semiconductor Engineering, Inc		1,153,389
	46,900		Advantech Co Ltd		300,611
	431,385		Asia Cement Corp		585,168
	129,500		Asustek Computer, Inc		988,356
	1,613,000	*	AU Optronics Corp		527,599
	127,000		Catcher Technology Co Ltd		738,394
	1,439,496		Cathay Financial Holding Co Ltd		2,174,733
	138,600		Chailease Holding Co Ltd		336,987
	860,994		Chang Hwa Commercial Bank		516,476
	308,490		Cheng Shin Rubber Industry Co Ltd		822,597
	68,410		Cheng Uei Precision Industry Co Ltd		143,464

260

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	74,113		Chicony Electronics Co Ltd	$	184,705
	424,333	*	China Airlines		153,712
	2,549,754		China Development Financial Holding Corp		762,105
	403,189		China Life Insurance Co Ltd (Taiwan)		395,681
	23,000		China Motor Corp		21,979
	314,605		China Petrochemical Development Corp		158,216
	2,192,618		China Steel Corp		1,905,532
	2,536,058		Chinatrust Financial Holding Co		1,720,291
	736,600		Chunghwa Telecom Co Ltd		2,364,834
	64,497		Clevo Co		137,130
	782,000		Compal Electronics, Inc		611,878
	111,000		CTCI Corp		194,127
	339,000		Delta Electronics, Inc		1,762,960
	867,112		E.Sun Financial Holding Co Ltd		580,706
	28,000		Eclat Textile Co Ltd		307,929
	149,000		Epistar Corp		258,380
	257,100	*	Eva Airways Corp		143,117
	286,299	*	Evergreen Marine Corp Tawain Ltd		168,440
	162,731		Far Eastern Department Stores Co Ltd		175,036
	587,532		Far Eastern Textile Co Ltd		674,867
	311,000		Far EasTone Telecommunications Co Ltd		712,439
	34,000		Farglory Land Development Co Ltd		62,453
	69,000		Feng Hsin Iron & Steel Co		125,566
	1,346,805		First Financial Holding Co Ltd		833,551
	607,270		Formosa Chemicals & Fibre Corp		1,755,213
	6,941		Formosa International Hotels Corp		83,581
	289,000		Formosa Petrochemical Corp		776,397
	784,600		Formosa Plastics Corp		2,132,174
	104,000		Formosa Taffeta Co Ltd		129,261
	157,658		Foxconn Technology Co Ltd		396,209
	1,280,812		Fubon Financial Holding Co Ltd		1,877,104
	1,565,800		Fuhwa Financial Holdings Co Ltd		853,843
	46,000		Giant Manufacturing Co Ltd		345,223
	5,000		Hermes Microvision, Inc		163,561
	133,500		High Tech Computer Corp		655,260
	39,200		Highwealth Construction Corp		84,620
	31,524		Hiwin Technologies Corp		248,305
	2,073,423		Hon Hai Precision Industry Co, Ltd		5,271,250
	44,000		Hotai Motor Co Ltd		523,428
	1,004,124		Hua Nan Financial Holdings Co Ltd		595,339
	1,269,694	*	InnoLux Display Corp		503,543
	388,060		Inventec Co Ltd		347,337
	41,000		Kinsus Interconnect Technology Corp		146,379
	19,000		Largan Precision Co Ltd		647,013
	70,042		LEE Chang Yung Chem IND Corp		92,460
	389,836		Lite-On Technology Corp		682,467
	228,352		MediaTek, Inc		3,122,012
	1,645,642		Mega Financial Holding Co Ltd		1,424,942
	31,000		Merida Industry Co Ltd		234,682
	33,513		MStar Semiconductor, Inc		345,730
	43,553		Nan Kang Rubber Tire Co Ltd		55,971
	891,860		Nan Ya Plastics Corp		2,034,189

261

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	95,000		Novatek Microelectronics Corp Ltd	$	376,336
	272,000		Pegatron Technology Corp		378,997
	22,000		Phison Electronics Corp		158,104
	394,000		Pou Chen Corp		479,930
	118,000		Powertech Technology, Inc		212,652
	108,000		President Chain Store Corp		787,748
	467,000		Quanta Computer, Inc		1,107,160
	76,814		Radiant Opto-Electronics Corp		287,438
	68,085		Realtek Semiconductor Corp		158,289
	87,735		Ruentex Development Co Ltd		183,625
	76,461		Ruentex Industries Ltd		197,291
	37,120		Scinopharm Taiwan Ltd		123,497
	1,218,725		Shin Kong Financial Holding Co Ltd		423,847
	553,000		Siliconware Precision Industries Co		671,876
	49,490		Simplo Technology Co Ltd		243,343
	1,231,384		SinoPac Financial Holdings Co Ltd		609,367
	51,240		Standard Foods Corp		157,116
	234,000		Synnex Technology International Corp		373,307
	1,257,552		Taishin Financial Holdings Co Ltd		635,129
	341,497	*	Taiwan Business Bank		104,960
	650,914		Taiwan Cement Corp		947,333
	1,130,074		Taiwan Cooperative Financial Holding		635,449
	153,000		Taiwan Fertilizer Co Ltd		364,586
	104,129		Taiwan Glass Industrial Corp		105,376
	320,200		Taiwan Mobile Co Ltd		1,092,168
	4,595,000		Taiwan Semiconductor Manufacturing Co Ltd		16,935,172
	299,000		Teco Electric and Machinery Co Ltd		318,889
	40,626		TPK Holding Co Ltd		285,167
	28,000		Transcend Information, Inc		88,430
	71,760		Tripod Technology Corp		141,896
	108,540		TSRC Corp		200,689
	55,000		U-Ming Marine Transport Corp		90,320
	227,000		Unimicron Technology Corp		179,540
	840,819		Uni-President Enterprises Corp		1,601,197
	2,268,000		United Microelectronics Corp		962,116
	104,000		Vanguard International Semiconductor Corp		112,417
	520,000	*	Walsin Lihwa Corp		161,194
	88,000		Wan Hai Lines Ltd		47,423
	413,596		Wistron Corp		388,294
	265,500		WPG Holdings Co Ltd		322,927
	148,700	*	Yang Ming Marine Transport		65,943
	123,000		Yulon Motor Co Ltd		217,108
	33,127		Zhen Ding Technology Holding Ltd		77,693
			TOTAL TAIWAN		81,551,280
THAILAND - 2.5%
	182,400		Advanced Info Service PCL		1,493,621
	69,400		Airports of Thailand PCL		472,310
	236,700		Bangkok Bank PCL (Foreign)		1,571,076
	44,100		Bangkok Dusit Medical Services PCL		189,792
	362,400		Bank of Ayudhya PCL (Foreign)		445,267
	199,000		Banpu PCL		185,027

262

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
	158,200		BEC World PCL (Foreign)	$	295,798
	1,189,400		Central Pattana PCL		1,829,394
	373,100		Charoen Pokphand Foods PCL		291,145
	737,700		CP Seven Eleven PCL		930,730
	68,900		Glow Energy PCL		160,822
	395,033		Home Product Center PCL		147,151
	149,178		Indorama Ventures PCL (Foreign)		119,822
	2,843,900		IRPC PCL		327,173
	317,400		Kasikornbank PCL (Foreign)		1,984,337
	485,050		Krung Thai Bank PCL		317,250
	195,700		Minor International PCL (Foreign)		174,297
	275,084		PTT Exploration & Production PCL		1,488,453
	266,041		PTT Global Chemical PCL		670,891
	175,600		PTT PCL		1,787,645
	7,700		Siam Cement PCL		105,739
	61,800		Siam Cement PCL (Foreign)		872,444
	299,900		Siam Commercial Bank PCL		1,590,114
	246,400		Thai Oil PCL		498,764
	717,100	*	True Corp PCL		203,606
			TOTAL THAILAND		18,152,668
TURKEY - 1.7%
	336,836		Akbank TAS		1,316,563
	37,322		Anadolu Efes Biracilik Ve Malt Sanayii AS		475,287
	36,468		Arcelik AS		232,230
	39,724		BIM Birlesik Magazalar AS		831,101
	10,319		Coca-Cola Icecek AS		295,103
	83,293		Emlak Konut Gayrimenkul Yatiri		119,293
	67,431		Enka Insaat ve Sanayi AS		197,160
	249,713		Eregli Demir ve Celik Fabrikalari TAS		345,267
	8,900		Ford Otomotiv Sanayi AS		124,947
	149,527		Haci Omer Sabanci Holding AS		707,386
	115,910		KOC Holding AS		567,700
	6,898		Koza Altin Isletmeleri AS		122,020
	23,631		TAV Havalimanlari Holding AS		170,987
	12,526		Tofas Turk Otomobil Fabrik		82,808
	33,601		Tupras Turkiye Petrol Rafine		759,532
	93,448		Turk Hava Yollari		364,371
	74,771		Turk Sise ve Cam Fabrikalari AS		109,716
	83,061		Turk Telekomunikasyon AS		286,223
	147,732	*	Turkcell Iletisim Hizmet AS		916,771
	436,519		Turkiye Garanti Bankasi AS		1,750,367
	118,161		Turkiye Halk Bankasi AS		949,455
	304,973		Turkiye Is Bankasi (Series C)		833,150
	133,407		Turkiye Vakiflar Bankasi Tao		319,209
	148,779		Yapi ve Kredi Bankasi		343,400
			TOTAL TURKEY		12,220,046
UKRAINE - 0.0%
	7,192	*	Kernel Holding S.A.		96,745
			TOTAL UKRAINE		96,745

263

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE
UNITED STATES - 0.4%
	41,000		iShares MSCI Emerging Markets	$	1,740,860
	30,896		Southern Copper Corp (NY)		863,543
	100		Vanguard Emerging Markets ETF		4,187
			TOTAL UNITED STATES		2,608,590
			TOTAL COMMON STOCKS		708,022,397
			(Cost $673,121,697)
PREFERRED STOCKS - 0.9%
BRAZIL - 0.9%
	129,607	*	Ambev Cia De Bebidas Das		4,821,877
	531,858	*	ITAUSA Investimentos Itau PR		2,293,389
			TOTAL BRAZIL		7,115,266
PHILIPPINES - 0.0%
	307,700	*,m	Ayala Land, Inc (Preferred B)		712
			TOTAL PHILIPPINES		712
			TOTAL PREFERRED STOCKS		7,115,978
			(Cost $6,950,536)
RIGHTS / WARRANTS - 0.0%
KOREA, REPUBLIC OF - 0.0%
	820	m	Hyundai Merchant Marine Co Ltd		0
			TOTAL KOREA, REPUBLIC OF		0
			TOTAL RIGHTS / WARRANTS		0
			(Cost $0)
SHORT-TERM INVESTMENTS - 4.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.6%
	34,080,741	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		34,080,741
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		34,080,741
			TOTAL SHORT-TERM INVESTMENTS		34,080,741
			(Cost $34,080,741)
			TOTAL INVESTMENTS - 102.8%		749,219,116
			(Cost $714,152,974)
			OTHER ASSETS & LIABILITIES, NET - (2.8)%		(20,754,324	)
			NET ASSETS - 100.0%	$	728,464,792

	Abbreviation(s):
	ADR - American Depositary Receipt
	ETF - Exchange Traded Fund
	GDR - Global Depositary Receipt
*	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 transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $31,771,994.
m	Indicates a security that has been deemed illiquid.

264

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2013

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	197,224,767			27.1	%
INFORMATION TECHNOLOGY		109,534,520			15.0
ENERGY		85,020,159			11.7
MATERIALS		69,452,482			9.5
CONSUMER DISCRETIONARY		62,314,359			8.6
CONSUMER STAPLES		61,185,402			8.4
TELECOMMUNICATION SERVICES		52,487,441			7.2
INDUSTRIALS		43,476,577			6.0
UTILITIES		23,375,890			3.2
HEALTH CARE		11,066,778			1.5
SHORT - TERM INVESTMENTS		34,080,741			4.6
OTHER ASSETS & LIABILITIES, NET		(20,754,324	)		(2.8	)
NET ASSETS	$	728,464,792			100.0	%

265

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2013

SHARES			COMPANY	VALUE
COMMON STOCKS - 99.6%
AUSTRALIA - 8.0%
	229,995		AGL Energy Ltd	$	3,397,627
	154,794	e	ALS Ltd		1,464,309
	1,041,043	*	Alumina Ltd		1,012,174
	502,617		Amcor Ltd		5,149,000
	1,222,150		AMP Ltd		5,476,379
	358,122		APA Group		2,051,890
	394,943		Asciano Group		2,168,966
	1,140,965		Australia & New Zealand Banking Group Ltd		36,511,280
	87,580		Australian Stock Exchange Ltd		3,042,147
	165,813	e	Bendigo Bank Ltd		1,707,010
	989,098	*,m	BGP Holdings plc		0
	1,336,635		BHP Billiton Ltd		47,254,563
	321,099	e	Boral Ltd		1,498,281
	647,817		Brambles Ltd		5,687,012
	54,899		Caltex Australia Ltd		959,257
	914,089		CFS Gandel Retail Trust		1,788,958
	238,622		Coca-Cola Amatil Ltd		2,907,902
	25,648	e	Cochlear Ltd		1,425,047
	670,802		Commonwealth Bank of Australia		48,299,429
	196,851		Computershare Ltd		1,997,722
	166,146		Crown Ltd		2,648,750
	205,395		CSL Ltd		13,501,620
	1,963,880		DB RREEF Trust		2,012,627
	319,663		Echo Entertainment Group Ltd		802,298
	590,327		Federation Centres		1,385,405
	24,541		Flight Centre Ltd		1,204,799
	653,773	e	Fortescue Metals Group Ltd		3,206,359
	721,886		GPT Group (ASE)		2,515,978
	220,625	e	Harvey Norman Holdings Ltd		678,900
	178,491		Iluka Resources Ltd		1,732,511
	676,353		Incitec Pivot Ltd		1,701,653
	863,164		Insurance Australia Group Ltd		5,040,801
	71,433	e	Leighton Holdings Ltd		1,210,133
	223,583		Lend Lease Corp Ltd		2,411,090
	710,863		Macquarie Goodman Group		3,397,205
	127,324		Macquarie Group Ltd		6,124,232
	364,583	e	Metcash Ltd		1,153,766
	1,496,998		Mirvac Group		2,460,998
	974,911		National Australia Bank Ltd		32,582,345
	320,259		Newcrest Mining Ltd		3,105,449
	151,883		Orica Ltd		3,023,726
	454,129		Origin Energy Ltd		6,278,089
	448,578	*	Qantas Airways Ltd		527,377
	501,227		QBE Insurance Group Ltd		7,019,323

266

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	885,677		QR National Ltd	$	4,009,233
	54,720		Ramsay Health Care Ltd		2,008,761
	180,832		Rio Tinto Ltd		10,881,057
	402,638		Santos Ltd		5,762,562
	131,676		Seek Ltd		1,617,682
	155,106		Sonic Healthcare Ltd		2,367,727
	675,389		SP AusNet		797,853
	955,217		Stockland Trust Group		3,620,394
	534,804		Suncorp-Metway Ltd		6,743,555
	129,422		Sydney Airport		512,566
	299,194	e	Tabcorp Holdings Ltd		1,017,641
	574,812		Tattersall’s Ltd		1,706,779
	1,845,876		Telstra Corp Ltd		9,032,375
	280,463		Toll Holdings Ltd		1,527,909
	576,141		Transurban Group		3,864,964
	278,586		Treasury Wine Estates Ltd		1,237,211
	419,987		Wesfarmers Ltd		17,042,629
	864,643		Westfield Group		8,848,323
	1,272,376		Westfield Retail Trust		3,712,198
	1,291,022		Westpac Banking Corp		41,915,797
	254,751	e	Whitehaven Coal Ltd		390,225
	274,667		Woodside Petroleum Ltd		10,069,267
	519,892		Woolworths Ltd		17,144,186
	86,471		WorleyParsons Ltd		1,800,668
			TOTAL AUSTRALIA		437,155,949
AUSTRIA - 0.3%
	30,212		Andritz AG.		1,860,509
	108,002		Erste Bank der Oesterreichischen Sparkassen AG.		3,791,927
	69,565	*,e,m	Immoeast AG.		0
	383,184		Immofinanz Immobilien Anlagen AG.		1,678,186
	28,580	e	Oest Elektrizitatswirts AG. (Class A)		670,434
	61,378		OMV AG.		2,927,892
	21,976	e	Raiffeisen International Bank Holding AG.		806,079
	90,500		Telekom Austria AG.		743,982
	46,509		Voestalpine AG.		2,194,086
	19,212		Wiener Staedtische Allgemeine Versicherung AG.		1,016,370
			TOTAL AUSTRIA		15,689,465
BELGIUM - 1.2%
	96,762		Ageas		4,111,830
	60,913	e	Belgacom S.A.		1,666,674
	30,899		Colruyt S.A.		1,723,778
	42,502		Delhaize Group		2,714,367
	33,384		Groupe Bruxelles Lambert S.A.		2,977,035
	334,405		InBev NV		34,665,628
	95,921		KBC Groep NV		5,225,917
	24,998		Solvay S.A.		3,908,762
	20,503		Telenet Group Holding NV		1,126,044
	45,311		UCB S.A.		2,974,297
	48,576	e	Umicore		2,313,137
			TOTAL BELGIUM		63,407,469

267

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
CHINA - 0.1%
	306,500	e	AAC Technologies Holdings, Inc	$	1,354,596
	1,504,000		BOC Hong Kong Holdings Ltd		4,911,805
	873,000	e	Yangzijiang Shipbuilding		828,165
			TOTAL CHINA		7,094,566
DENMARK - 1.1%
	234		AP Moller - Maersk AS (Class A)		2,112,989
	548		AP Moller - Maersk AS (Class B)		5,301,883
	44,719		Carlsberg AS (Class B)		4,466,800
	46,323		Coloplast AS		3,021,401
	270,987	*	Danske Bank AS		6,331,826
	76,416		DSV AS		2,235,639
	165,860		Novo Nordisk AS (Class B)		27,624,410
	94,189		Novozymes AS		3,688,957
	299,330		TDC AS		2,702,730
	10,038		TrygVesta AS		916,648
	10,970	*,e	William Demant Holding		1,086,326
			TOTAL DENMARK		59,489,609
FINLAND - 0.9%
	58,320	e	Elisa Oyj (Series A)		1,461,134
	183,006		Fortum Oyj		4,082,305
	26,023		Kesko Oyj (B Shares)		864,745
	64,834	e	Kone Oyj (Class B)		5,715,907
	53,600	e	Metso Oyj		2,109,703
	53,073	e	Neste Oil Oyj		1,052,350
	1,564,814	e	Nokia Oyj		11,893,804
	46,359		Nokian Renkaat Oyj		2,344,662
	67,335		OKO Bank (Class A)		1,226,217
	41,588	e	Orion Oyj (Class B)		1,117,728
	173,244		Sampo Oyj (A Shares)		8,194,558
	226,091		Stora Enso Oyj (R Shares)		2,099,451
	218,352	e	UPM-Kymmene Oyj		3,466,827
	73,667	e	Wartsila Oyj (B Shares)		3,268,713
			TOTAL FINLAND		48,898,104
FRANCE - 9.6%
	65,247		Accor S.A.		2,916,275
	12,179		Aeroports de Paris		1,301,385
	129,895		Air Liquide		17,654,510
	90,196		Alstom RGPT		3,348,153
	26,140		Arkema		2,957,358
	23,280		Atos Origin S.A.		1,984,396
	746,987		AXA S.A.		18,611,504
	414,037		BNP Paribas		30,544,809
	79,720		Bouygues S.A.		3,110,421
	90,273		Bureau Veritas S.A.		2,723,156
	60,010		Cap Gemini S.A.		3,935,334
	251,487		Carrefour S.A.		9,179,915
	23,192		Casino Guichard Perrachon S.A.		2,606,893

268

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	22,712		Christian Dior S.A.	$	4,309,299
	84,329		CNP Assurances		1,485,547
	166,246		Compagnie de Saint-Gobain		8,726,261
	74,919	*	Compagnie Generale de Geophysique S.A.		1,646,713
	85,365		Compagnie Generale d’Optique Essilor International S.A.		9,148,170
	417,189	*	Credit Agricole S.A.		5,016,090
	25,768		Dassault Systemes S.A.		3,131,640
	82,988		Edenred		2,817,244
	99,788		Electricite de France		3,492,370
	12,985		Eurazeo		980,405
	242,802		European Aeronautic Defence and Space Co		16,637,891
	58,409		Eutelsat Communications		1,847,353
	12,013		Fonciere Des Regions		1,028,801
	769,736		France Telecom S.A.		10,580,850
	551,125	e	Gaz de France		13,658,951
	9,059		Gecina S.A.		1,208,886
	238,508		Groupe Danone		17,664,893
	229,070		Groupe Eurotunnel S.A.		2,217,601
	14,585		Icade		1,341,521
	9,526		Iliad S.A.		2,178,072
	14,998		Imerys S.A.		1,203,135
	28,530		JC Decaux S.A.		1,146,216
	41,130		Klepierre		1,844,730
	77,495		Lafarge S.A.		5,346,797
	45,337		Lagardere S.C.A.		1,647,059
	109,341		Legrand S.A.		6,196,968
	101,171		L’Oreal S.A.		17,274,615
	105,403		LVMH Moet Hennessy Louis Vuitton S.A.		20,236,886
	76,068		Michelin (C.G.D.E.) (Class B)		7,926,126
	438,126		Natixis		2,356,066
	88,338		Pernod-Ricard S.A.		10,610,148
	31,400		PPR		7,116,201
	74,816	e	Publicis Groupe S.A.		6,221,654
	10,647	e	Remy Cointreau S.A.		1,048,746
	80,152		Renault S.A.		6,993,280
	86,778		Rexel S.A.		2,173,830
	103,890		Safran S.A.		6,623,817
	496,613		Sanofi-Aventis		52,950,430
	219,741		Schneider Electric S.A.		18,490,692
	65,303		SCOR		2,304,926
	12,063		Societe BIC S.A.		1,506,365
	293,091		Societe Generale		16,556,565
	39,289		Sodexho Alliance S.A.		3,813,606
	116,900		Suez Environnement S.A.		2,038,419
	42,243		Technip S.A.		4,424,474
	37,022		Thales S.A.		2,267,442
	891,416		Total S.A.		54,690,988
	40,278		Unibail-Rodamco		10,523,389
	44,022		Vallourec		2,620,261
	142,963		Veolia Environnement		2,452,628
	192,787		Vinci S.A.		12,335,703
	496,995		Vivendi Universal S.A.		12,583,772

269

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	12,886		Wendel	$	1,796,068
	13,807		Zodiac S.A.		2,209,216
			TOTAL FRANCE		519,523,885
GERMANY - 8.8%
	86,683		Adidas-Salomon AG.		9,877,139
	190,119		Allianz AG.		31,921,419
	17,175	e	Axel Springer AG.		1,036,341
	382,820		BASF AG.		39,742,264
	344,298		Bayer AG.		42,710,932
	137,393		Bayerische Motoren Werke AG.		15,549,923
	21,950		Bayerische Motoren Werke AG. (Preference)		1,832,188
	41,420		Beiersdorf AG.		3,949,537
	21,456		Brenntag AG.		3,630,553
	35,030		Celesio AG.		1,089,079
	413,979	*	Commerzbank AG.		5,294,640
	46,582		Continental AG.		8,518,299
	400,608		Daimler AG. (Registered)		32,799,689
	425,367		Deutsche Bank AG.		20,557,605
	80,394		Deutsche Boerse AG.		6,047,803
	95,780		Deutsche Lufthansa AG.		1,851,717
	376,372		Deutsche Post AG.		12,710,600
	1,167,465		Deutsche Telekom AG.		18,346,369
	748,968		E.ON AG.		13,652,556
	15,058	e	Fraport AG. Frankfurt Airport Services Worldwide		1,164,934
	90,341		Fresenius Medical Care AG.		5,970,294
	51,851		Fresenius SE		6,730,956
	15,036	e	Fuchs Petrolub AG. (Preference)		1,213,949
	76,206		GEA Group AG.		3,312,124
	25,953		Hannover Rueckversicherung AG.		2,077,055
	58,344		HeidelbergCement AG.		4,593,985
	56,541		Henkel KGaA		5,214,674
	73,934		Henkel KGaA (Preference)		7,982,670
	12,519		Hochtief AG.		1,132,280
	13,068		Hugo Boss AG.		1,702,325
	450,214		Infineon Technologies AG.		4,355,519
	73,621	e	K&S AG.		1,870,680
	9,235		Kabel Deutschland Holding AG.		1,159,377
	34,320		Lanxess AG.		2,410,355
	76,967		Linde AG.		14,610,297
	14,430	e	MAN AG.		1,738,819
	26,730		Merck KGaA		4,446,550
	53,834		Metro AG.		2,524,060
	74,805		Muenchener Rueckver AG.		15,606,737
	34,680	*	Osram Licht AG.		1,797,066
	63,576		Porsche AG.		5,936,506
	45,546		ProSiebenSat. Media AG.		2,165,349
	204,535		RWE AG.		7,535,494
	15,797	e	RWE AG. (Preference)		538,188
	384,222		SAP AG.		30,066,189
	330,396		Siemens AG.		42,222,012
	34,738	e	Suedzucker AG.		1,117,454

270

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	112,286		Telefonica Deutschland Holding AG.	$	884,482
	159,414		ThyssenKrupp AG.		4,067,184
	43,617		United Internet AG.		1,720,524
	13,296		Volkswagen AG.		3,251,482
	60,392		Volkswagen AG. (Preference)		15,315,906
			TOTAL GERMANY		477,554,129
GREECE - 0.1%
	103,713	*	Hellenic Telecommunications Organization S.A.		1,305,271
	97,260		OPAP S.A.		1,207,743
			TOTAL GREECE		2,513,014
HONG KONG - 2.7%
	5,019,600		AIA Group Ltd		25,488,675
	98,300	e	ASM Pacific Technology		947,452
	508,662		Bank of East Asia Ltd		2,204,402
	481,000		Cathay Pacific Airways Ltd		952,859
	577,000		Cheung Kong Holdings Ltd		9,011,033
	249,000		Cheung Kong Infrastructure Holdings Ltd		1,732,724
	731,000		CLP Holdings Ltd		5,882,475
	1,017,750		First Pacific Co		1,157,222
	878,000	*,e	Galaxy Entertainment Group Ltd		6,554,165
	913,000		Hang Lung Properties Ltd		3,006,624
	315,300	e	Hang Seng Bank Ltd		5,255,327
	444,258		Henderson Land Development Co Ltd		2,628,798
	895,000		HKT Trust and HKT Ltd		829,919
	2,381,084		Hong Kong & China Gas Ltd		5,562,191
	578,000		Hong Kong Electric Holdings Ltd		4,815,429
	452,692	e	Hong Kong Exchanges and Clearing Ltd		7,302,848
	239,040		Hopewell Holdings		805,019
	888,000		Hutchison Whampoa Ltd		11,065,070
	263,792		Hysan Development Co Ltd		1,233,968
	275,123		Kerry Properties Ltd		1,193,081
	2,420,600	e	Li & Fung Ltd		3,422,149
	997,491		Link Real Estate Investment Trust		5,018,019
	621,143		MTR Corp		2,406,282
	1,571,030		New World Development Ltd		2,173,372
	1,791,999		Noble Group Ltd		1,480,580
	701,283		NWS Holdings Ltd		1,095,121
	89,800	e	Orient Overseas International Ltd		463,828
	1,606,000		PCCW Ltd		725,010
	1,006,800		Sands China Ltd		7,158,437
	654,192		Shangri-La Asia Ltd		1,198,459
	1,233,367		Sino Land Co		1,729,792
	799,000		SJM Holdings Ltd		2,583,452
	665,378		Sun Hung Kai Properties Ltd		8,715,601
	277,000		Swire Pacific Ltd (Class A)		3,201,426
	475,600		Swire Properties Ltd		1,288,219
	630,762		Wharf Holdings Ltd		5,308,027
	413,000		Wheelock & Co Ltd		2,107,670

271

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	2,016		Wing Hang Bank Ltd	$	28,721
	314,500		Yue Yuen Industrial Holdings		863,580
			TOTAL HONG KONG		148,597,026
INDIA - 0.0%
	38,894	e	Vedanta Resources plc		662,674
			TOTAL INDIA		662,674
IRELAND - 0.6%
	8,596,554	*	Bank of Ireland		3,141,906
	303,712		CRH plc		7,390,393
	202,769	*	Elan Corp plc		3,367,951
	67,097	*,m	Irish Bank Resolution Corp Ltd		0
	201,390		James Hardie Industries NV		2,083,031
	62,224		Kerry Group plc (Class A)		3,984,716
	41,178		Ryanair Holdings plc		340,937
	6,628		Ryanair Holdings plc (ADR)		332,792
	229,989		Shire Ltd		10,197,800
			TOTAL IRELAND		30,839,526
ISRAEL - 0.4%
	429,178		Bank Hapoalim Ltd		2,297,595
	499,908	*	Bank Leumi Le-Israel		1,902,878
	782,555		Bezeq Israeli Telecommunication Corp Ltd		1,360,622
	1,655		Delek Group Ltd		571,476
	184,954		Israel Chemicals Ltd		1,529,069
	1,095	*	Israel Corp Ltd		550,967
	59,619		Mizrahi Tefahot Bank Ltd		698,847
	23,952		Nice Systems Ltd		939,185
	353,763		Teva Pharmaceutical Industries Ltd		13,145,266
			TOTAL ISRAEL		22,995,905
ITALY - 2.1%
	484,642		Assicurazioni Generali S.p.A.		11,330,442
	136,095		Autostrade S.p.A.		2,982,808
	4,836,768		Banca Intesa S.p.A.		11,999,406
	2,654,715	*,e	Banca Monte dei Paschi di Siena S.p.A.		836,968
	355,845		Banche Popolari Unite Scpa		2,459,399
	711,944		Enel Green Power S.p.A		1,731,848
	2,739,483		Enel S.p.A.		12,086,397
	1,062,914		ENI S.p.A.		26,984,116
	41,042		Exor S.p.A.		1,626,942
	364,944	*	Fiat S.p.A.		2,863,617
	169,768	*	Finmeccanica S.p.A.		1,244,062
	69,389		Luxottica Group S.p.A.		3,758,894
	217,368		Mediobanca S.p.A.		1,980,534

272

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	99,235	e	Pirelli & C S.p.A.	$	1,395,947
	85,068		Prysmian S.p.A.		2,077,971
	112,320	e	Saipem S.p.A.		2,627,517
	830,765		Snam Rete Gas S.p.A.		4,280,525
	2,509,952		Telecom Italia RSP		1,963,157
	4,177,353	e	Telecom Italia S.p.A.		4,075,204
	618,085		Terna Rete Elettrica Nazionale S.p.A.		3,059,757
	1,815,717		UniCredit S.p.A		13,629,835
			TOTAL ITALY		114,995,346
JAPAN - 20.8%
	11,500		ABC-Mart, Inc		575,126
	169,700	*	Acom Co Ltd		664,489
	64,200		Advantest Corp		768,343
	250,500		Aeon Co Ltd		3,418,427
	26,900	e	Aeon Credit Service Co Ltd		826,106
	46,300		Aeon Mall Co Ltd		1,314,964
	60,000		Air Water, Inc		857,656
	79,800		Aisin Seiki Co Ltd		3,241,827
	250,000		Ajinomoto Co, Inc		3,498,256
	16,700		Alfresa Holdings Corp		912,759
	483,000	e	All Nippon Airways Co Ltd		1,009,109
	151,000		Amada Co Ltd		1,298,988
	447,000		Aozora Bank Ltd		1,299,445
	160,600		Asahi Breweries Ltd		4,343,347
	420,000		Asahi Glass Co Ltd		2,593,931
	523,000		Asahi Kasei Corp		3,980,344
	66,800		Asics Corp		1,177,725
	180,400		Astellas Pharma, Inc		10,056,644
	132,000		Bank of Kyoto Ltd		1,163,092
	483,000		Bank of Yokohama Ltd		2,663,393
	29,200		Benesse Corp		1,088,340
	270,000		Bridgestone Corp		9,256,326
	96,400		Brother Industries Ltd		1,095,326
	29,600		Calbee, Inc		776,685
	474,100		Canon, Inc		14,961,024
	93,600	e	Casio Computer Co Ltd		895,885
	59,800		Central Japan Railway Co		7,754,362
	303,000		Chiba Bank Ltd		2,160,048
	66,000		Chiyoda Corp		836,962
	268,400		Chubu Electric Power Co, Inc		3,973,146
	93,258		Chugai Pharmaceutical Co Ltd		2,191,222
	67,000		Chugoku Bank Ltd		963,225
	123,200		Chugoku Electric Power Co, Inc		1,888,491
	114,300		Citizen Watch Co Ltd		815,487
	25,600		Coca-Cola West Japan Co Ltd		519,245

273

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	222,000	e	Cosmo Oil Co Ltd	$	390,899
	66,000		Credit Saison Co Ltd		1,806,448
	228,000		Dai Nippon Printing Co Ltd		2,395,360
	119,000		Daicel Chemical Industries Ltd		1,003,025
	120,000		Daido Steel Co Ltd		690,045
	78,000	e	Daihatsu Motor Co Ltd		1,514,462
	352,600		Dai-ichi Mutual Life Insurance Co		5,033,647
	279,700		Daiichi Sankyo Co Ltd		5,185,895
	97,500		Daikin Industries Ltd		5,609,502
	66,000		Dainippon Sumitomo Pharma Co Ltd		888,100
	30,300		Daito Trust Construction Co Ltd		3,093,743
	243,000		Daiwa House Industry Co Ltd		4,868,206
	707,000		Daiwa Securities Group, Inc		6,457,575
	45,100	e	Dena Co Ltd		982,735
	205,700		Denso Corp		9,887,674
	88,800		Dentsu, Inc		3,355,059
	22,000		Don Quijote Co Ltd		1,464,462
	139,800		East Japan Railway Co		12,144,514
	103,700		Eisai Co Ltd		4,073,545
	48,600		Electric Power Development Co		1,553,151
	23,800	e	FamilyMart Co Ltd		1,066,161
	80,500		Fanuc Ltd		12,912,814
	22,100		Fast Retailing Co Ltd		7,439,120
	236,000		Fuji Electric Holdings Co Ltd		1,057,969
	192,900		Fuji Folms Holdings Corp		4,719,057
	244,000		Fuji Heavy Industries Ltd		6,671,333
	774,000		Fujitsu Ltd		3,325,262
	315,000		Fukuoka Financial Group, Inc		1,420,793
	295,000	e	Furukawa Electric Co Ltd		683,744
	48,600	e	Gree, Inc		417,645
	1,459	*,e	GungHo Online Entertainment Inc		920,696
	148,000		Gunma Bank Ltd		856,352
	167,000		Hachijuni Bank Ltd		1,031,657
	106,200		Hakuhodo DY Holdings, Inc		821,369
	29,700		Hamamatsu Photonics KK		1,111,356
	467,000		Hankyu Hanshin Holdings, Inc		2,619,329
	109,000		Hino Motors Ltd		1,540,121
	12,300		Hirose Electric Co Ltd		1,876,622
	203,000		Hiroshima Bank Ltd		863,950
	26,100		Hisamitsu Pharmaceutical Co, Inc		1,412,288
	40,200		Hitachi Chemical Co Ltd		616,739
	44,900	e	Hitachi Construction Machinery Co Ltd		950,916
	25,300		Hitachi High-Technologies Corp		581,899
	2,016,000		Hitachi Ltd		14,102,125
	82,000		Hitachi Metals Ltd		1,104,179
	77,300	*,e	Hokkaido Electric Power Co, Inc		995,788

274

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	492,000		Hokuhoku Financial Group, Inc	$	1,014,480
	70,800		Hokuriku Electric Power Co		1,008,431
	679,300		Honda Motor Co Ltd		27,126,406
	180,600		Hoya Corp		4,330,671
	47,700		Ibiden Co Ltd		826,902
	8,500		Idemitsu Kosan Co Ltd		711,563
	361,900		Inpex Holdings, Inc		4,180,658
	145,180		Isetan Mitsukoshi Holdings Ltd		2,200,231
	548,000		Ishikawajima-Harima Heavy Industries Co Ltd		2,320,400
	491,000		Isuzu Motors Ltd		3,057,743
	629,100		Itochu Corp		7,564,388
	10,500	e	Itochu Techno-Science Corp		411,917
	106,000		Iyo Bank Ltd		1,106,820
	201,400		J Front Retailing Co Ltd		1,567,172
	24,600		Japan Airlines Co Ltd		1,437,928
	11,900		Japan Petroleum Exploration Co		484,500
	334		Japan Prime Realty Investment Corp		1,109,928
	248		Japan Real Estate Investment Corp		2,833,378
	955	*	Japan Retail Fund Investment Corp		1,934,183
	132,000		Japan Steel Works Ltd		737,418
	460,500		Japan Tobacco, Inc		16,662,585
	205,200		JFE Holdings, Inc		4,665,156
	86,000		JGC Corp		3,290,685
	269,000		Joyo Bank Ltd		1,397,225
	72,500		JSR Corp		1,380,981
	85,500		JTEKT Corp		1,097,672
	928,800		JX Holdings, Inc		4,592,607
	355,000		Kajima Corp		1,506,727
	97,000		Kamigumi Co Ltd		843,741
	108,000		Kaneka Corp		685,318
	295,100	*	Kansai Electric Power Co, Inc		3,735,086
	93,000	e	Kansai Paint Co Ltd		1,249,630
	218,400		Kao Corp		7,273,498
	595,000		Kawasaki Heavy Industries Ltd		2,324,976
	224,000		KDDI Corp		12,131,054
	191,000	e	Keihin Electric Express Railway Co Ltd		1,797,898
	235,000	e	Keio Corp		1,628,181
	111,000		Keisei Electric Railway Co Ltd		1,146,311
	18,900		Keyence Corp		8,100,344
	64,000		Kikkoman Corp		1,166,437
	65,000		Kinden Corp		713,880
	739,000	e	Kintetsu Corp		2,719,637
	359,000		Kirin Brewery Co Ltd		5,246,960
	1,042,000	*	Kobe Steel Ltd		1,840,557
	50,000		Koito Manufacturing Co Ltd		910,186
	389,500		Komatsu Ltd		8,545,772

275

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	42,100		Konami Corp	$	1,017,448
	196,500		Konica Minolta Holdings, Inc		1,627,206
	445,000		Kubota Corp		6,588,946
	143,600		Kuraray Co Ltd		1,686,055
	47,000		Kurita Water Industries Ltd		1,025,728
	135,500		Kyocera Corp		7,036,588
	98,000		Kyowa Hakko Kogyo Co Ltd		1,082,407
	178,700	*	Kyushu Electric Power Co, Inc		2,516,065
	27,200		Lawson, Inc		2,181,274
	110,900		LIXIL Group Corp		2,603,119
	10,700		Mabuchi Motor Co Ltd		568,902
	46,500		Makita Corp		2,351,474
	688,000		Marubeni Corp		5,386,658
	90,700		Marui Co Ltd		868,242
	19,900		Maruichi Steel Tube Ltd		485,956
	920,400		Matsushita Electric Industrial Co Ltd		9,433,510
	1,139,000	*	Mazda Motor Corp		5,127,214
	35,200	e	McDonald’s Holdings Co Japan Ltd		972,269
	53,100		Mediceo Paltac Holdings Co Ltd		715,995
	25,000		MEIJI Holdings Co Ltd		1,397,541
	288,200		Millea Holdings, Inc		9,448,478
	24,100		Miraca Holdings, Inc		1,085,898
	562,500	e	Mitsubishi Chemical Holdings Corp		2,633,201
	586,000		Mitsubishi Corp		11,855,398
	802,000		Mitsubishi Electric Corp		8,815,552
	522,000		Mitsubishi Estate Co Ltd		14,918,554
	163,000		Mitsubishi Gas Chemical Co, Inc		1,332,134
	1,265,000		Mitsubishi Heavy Industries Ltd		8,039,413
	51,000		Mitsubishi Logistics Corp		708,744
	471,000		Mitsubishi Materials Corp		1,842,748
	182,299	*,e	Mitsubishi Motors Corp		2,048,522
	5,309,780		Mitsubishi UFJ Financial Group, Inc		33,814,077
	237,500		Mitsubishi UFJ Lease & Finance Co Ltd		1,342,998
	727,000		Mitsui & Co Ltd		10,385,866
	353,000		Mitsui Chemicals, Inc		938,382
	349,000		Mitsui Fudosan Co Ltd		11,560,939
	451,000	*	Mitsui OSK Lines Ltd		1,909,006
	210,200		Mitsui Sumitomo Insurance Group Holdings, Inc		5,435,216
	1,385,000		Mitsui Trust Holdings, Inc		6,840,634
	9,572,407		Mizuho Financial Group, Inc		20,093,076
	84,400		Murata Manufacturing Co Ltd		6,774,774
	46,000		Nabtesco Corp		1,122,745
	72,300		Namco Bandai Holdings, Inc		1,362,884
	1,031,000		NEC Corp		2,315,815
	45,100		Nexon Co Ltd		527,110
	111,000		NGK Insulators Ltd		1,867,018

276

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	73,088		NGK Spark Plug Co Ltd	$	1,669,189
	65,600		NHK Spring Co Ltd		686,685
	42,000	e	Nidec Corp		4,092,991
	140,800		Nikon Corp		2,602,863
	44,200		Nintendo Co Ltd		4,970,451
	288		Nippon Building Fund, Inc		3,562,819
	156,000		Nippon Electric Glass Co Ltd		802,423
	328,000		Nippon Express Co Ltd		1,647,067
	68,000		Nippon Meat Packers, Inc		995,606
	118		Nippon ProLogis REIT, Inc		1,178,374
	3,158,000		Nippon Steel Corp		10,423,144
	184,800		Nippon Telegraph & Telephone Corp		9,605,964
	674,000		Nippon Yusen Kabushiki Kaisha		2,059,404
	270,000		Nishi-Nippon City Bank Ltd		729,475
	1,036,900		Nissan Motor Co Ltd		10,411,779
	83,050	e	Nisshin Seifun Group, Inc		900,380
	99		Nisshin Steel Holdings Co Ltd		1,320
	25,100	e	Nissin Food Products Co Ltd		1,074,379
	14,250		Nitori Co Ltd		1,336,731
	68,400		Nitto Denko Corp		3,586,960
	137,900		NKSJ Holdings, Inc		3,569,565
	37,700		NOK Corp		582,778
	1,515,200		Nomura Holdings, Inc		11,192,833
	51,700		Nomura Real Estate Holdings, Inc		1,308,084
	148		Nomura Real Estate Office Fund, Inc		731,120
	41,200		Nomura Research Institute Ltd		1,382,765
	210,000		NSK Ltd		2,243,289
	51,900		NTT Data Corp		1,725,398
	645,100		NTT DoCoMo, Inc		10,234,527
	49,700		NTT Urban Development Corp		634,438
	271,000	e	Obayashi Corp		1,736,328
	257,000	e	Odakyu Electric Railway Co Ltd		2,480,252
	333,000	e	OJI Paper Co Ltd		1,521,819
	100,400	*	Olympus Corp		3,211,937
	84,500		Omron Corp		3,224,621
	34,400		Ono Pharmaceutical Co Ltd		2,600,988
	15,300		Oracle Corp Japan		604,101
	20,500		Oriental Land Co Ltd		3,282,605
	518,400		ORIX Corp		8,979,249
	767,000		Osaka Gas Co Ltd		3,230,662
	104,000	e	Osaka Securities Exchange Co Ltd		2,417,805
	6,700		Otsuka Corp		869,011
	157,700		Otsuka Holdings KK		4,491,621
	39,600	e	Park24 Co Ltd		773,172
	304,000		Rakuten, Inc		3,961,009
	779,100		Resona Holdings, Inc		4,052,668

277

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	278,000		Ricoh Co Ltd	$	2,935,904
	14,300		Rinnai Corp		1,106,821
	40,300		Rohm Co Ltd		1,654,220
	23,800		Sankyo Co Ltd		1,131,902
	18,200	e	Sanrio Co Ltd		1,000,123
	30,900		Santen Pharmaceutical Co Ltd		1,568,660
	84,840		SBI Holdings, Inc		1,026,720
	87,400		Secom Co Ltd		5,265,186
	77,400		Sega Sammy Holdings, Inc		1,984,190
	178,000		Sekisui Chemical Co Ltd		2,068,091
	225,000		Sekisui House Ltd		3,229,616
	313,800		Seven & I Holdings Co Ltd		11,613,310
	236,900	e	Seven Bank Ltd		838,450
	596,000	*,e	Sharp Corp		1,763,027
	75,600	*	Shikoku Electric Power Co, Inc		1,349,396
	96,000		Shimadzu Corp		940,069
	8,800		Shimamura Co Ltd		989,288
	34,900		Shimano, Inc		3,054,591
	246,000	e	Shimizu Corp		1,261,593
	170,200		Shin-Etsu Chemical Co Ltd		9,623,456
	678,000		Shinsei Bank Ltd		1,587,405
	123,900		Shionogi & Co Ltd		2,741,725
	149,400	e	Shiseido Co Ltd		2,555,785
	228,000		Shizuoka Bank Ltd		2,565,316
	112,500		Shoei Co Ltd		1,790,135
	621,000	e	Showa Denko KK		842,042
	78,400		Showa Shell Sekiyu KK		842,869
	21,300		SMC Corp		4,959,027
	400,400		Softbank Corp		29,901,415
	512,300		Sojitz Holdings Corp		994,780
	301		So-net M3, Inc		824,312
	422,500	e	Sony Corp		7,370,379
	72,200		Sony Financial Holdings, Inc		1,348,160
	58,400		Stanley Electric Co Ltd		1,358,443
	51,300		Sumco Corp		466,152
	627,009		Sumitomo Chemical Co Ltd		2,296,345
	471,100		Sumitomo Corp		6,130,565
	312,300		Sumitomo Electric Industries Ltd		4,679,608
	230,000		Sumitomo Heavy Industries Ltd		1,017,965
	219,000		Sumitomo Metal Mining Co Ltd		3,033,280
	529,500		Sumitomo Mitsui Financial Group, Inc		25,593,843
	149,000		Sumitomo Realty & Development Co Ltd		7,050,149
	70,400		Sumitomo Rubber Industries, Inc		980,073
	51,200	*	Suntory Beverage & Food Ltd		1,685,609
	90,000		Suruga Bank Ltd		1,427,697
	29,400		Suzuken Co Ltd		1,061,626

278

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	151,300		Suzuki Motor Corp	$	3,804,495
	30,300		Sysmex Corp		2,007,168
	241,300		T&D Holdings, Inc		2,896,983
	495,000	e	Taiheiyo Cement Corp		2,099,400
	405,000	e	Taisei Corp		2,077,763
	16,000		Taisho Pharmaceutical Holdings Co Ltd		1,123,433
	96,000	e	Taiyo Nippon Sanso Corp		658,306
	114,000		Takashimaya Co Ltd		1,087,679
	330,800		Takeda Pharmaceutical Co Ltd		15,764,123
	92,000		Tanabe Seiyaku Co Ltd		1,297,541
	51,900		TDK Corp		2,205,756
	378,000	e	Teijin Ltd		848,789
	62,700		Terumo Corp		3,036,603
	47,500		THK Co Ltd		1,036,848
	468,000		Tobu Railway Co Ltd		2,426,048
	45,300		Toho Co Ltd		970,682
	172,000	e	Toho Gas Co Ltd		896,887
	190,500	*	Tohoku Electric Power Co, Inc		2,305,847
	610,300	*	Tokyo Electric Power Co, Inc		3,257,109
	71,400		Tokyo Electron Ltd		3,917,906
	1,010,000		Tokyo Gas Co Ltd		5,480,281
	173,000		Tokyo Tatemono Co Ltd		1,624,124
	474,000		Tokyu Corp		3,227,972
	218,700	*	Tokyu Fudosan Holdings Corp		2,148,522
	112,000		TonenGeneral Sekiyu KK		1,040,418
	233,000		Toppan Printing Co Ltd		1,840,317
	606,000		Toray Industries, Inc		3,786,734
	1,683,000		Toshiba Corp		7,153,196
	125,000		Toto Ltd		1,767,781
	67,000		Toyo Seikan Kaisha Ltd		1,392,457
	37,000		Toyo Suisan Kaisha Ltd		1,176,711
	25,300		Toyoda Gosei Co Ltd		632,615
	28,400	e	Toyota Boshoku Corp		380,393
	66,300		Toyota Industries Corp		2,924,492
	1,149,400		Toyota Motor Corp		74,524,995
	87,200		Toyota Tsusho Corp		2,422,154
	43,200		Trend Micro, Inc		1,606,789
	25,300	e	Tsumura & Co		795,177
	432,000		UBE Industries Ltd		894,194
	47,400	e	Uni-Charm Corp		3,044,449
	941		United Urban Investment Corp		1,436,187
	97,300		USS Co Ltd		1,424,908
	68,800		West Japan Railway Co		3,084,989
	596,600		Yahoo! Japan Corp		2,783,567
	36,600	e	Yakult Honsha Co Ltd		1,859,043

279

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	387,300	e	Yamada Denki Co Ltd	$	1,086,371
	87,000		Yamaguchi Financial Group, Inc		819,855
	67,700		Yamaha Corp		1,010,792
	118,000		Yamaha Motor Co Ltd		1,807,582
	17,300		Yamato Kogyo Co Ltd		641,210
	150,600		Yamato Transport Co Ltd		3,238,785
	45,000		Yamazaki Baking Co Ltd		458,145
	91,000		Yaskawa Electric Corp		1,178,519
	88,800		Yokogawa Electric Corp		1,160,511
	83,000		Yokohama Rubber Co Ltd		811,871
			TOTAL JAPAN		1,131,942,515
JERSEY, C.I. - 0.1%
	36,600		Randgold Resources Ltd		2,714,322
			TOTAL JERSEY, C.I.		2,714,322
LUXEMBOURG - 0.3%
	416,493		ArcelorMittal		6,560,024
	27,530	e	Millicom International Cellular S.A.		2,539,822
	125,638		SES Global S.A.		3,654,290
	205,519	e	Tenaris S.A.		4,807,995
			TOTAL LUXEMBOURG		17,562,131
MACAU - 0.1%
	386,000		MGM China Holdings Ltd		1,330,942
	648,000	e	Wynn Macau Ltd		2,487,518
			TOTAL MACAU		3,818,460
MEXICO - 0.0%
	77,163		Fresnillo plc		1,206,259
			TOTAL MEXICO		1,206,259
NETHERLANDS - 4.4%
	742,651		Aegon NV		5,909,179
	99,586		Akzo Nobel NV		7,229,383
	148,435		ASML Holding NV		14,054,964
	30,708		Boskalis Westminster		1,475,904
	390,429	*	CNH Industrial NV		4,617,212
	27,853		Corio NV		1,212,455
	78,977		Delta Lloyd NV		1,674,441
	64,089		DSM NV		4,844,652
	29,271	e	Fugro NV		1,830,032
	33,012	e	Gemalto NV		3,705,253
	45,614		Heineken Holding NV		2,897,165
	95,631		Heineken NV		6,589,660
	1,598,836	*	ING Groep NV		20,317,541
	420,020		Koninklijke Ahold NV		7,983,126
	399,401		Koninklijke Philips Electronics NV		14,115,110
	28,609		Koninklijke Vopak NV		1,759,548
	38,245	*	OCI		1,470,576

280

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	99,660	*	Qiagen N.V.	$	2,287,290
	51,468		Randstad Holdings NV		3,169,843
	288,626		Reed Elsevier NV		5,802,706
	1,579,935		Royal Dutch Shell plc (A Shares)		52,619,426
	1,067,900		Royal Dutch Shell plc (B Shares)		36,970,702
	1,342,233		Royal KPN NV		4,289,967
	147,779		TNT Express NV		1,362,447
	679,970		Unilever NV		26,957,703
	123,971		Wolters Kluwer NV		3,358,477
	62,467		Ziggo NV		2,677,909
			TOTAL NETHERLANDS		241,182,671
NEW ZEALAND - 0.1%
	440,933		Auckland International Airport Ltd		1,248,207
	157,123		Contact Energy Ltd		681,351
	294,942	e	Fletcher Building Ltd		2,434,028
	227,114		Sky City Entertainment Group Ltd		729,395
	735,663	e	Telecom Corp of New Zealand Ltd		1,427,516
			TOTAL NEW ZEALAND		6,520,497
NORWAY - 0.8%
	68,693		Aker Kvaerner ASA		949,035
	406,964		DNB NOR Holding ASA		7,214,051
	80,587		Gjensidige Forsikring BA		1,504,176
	379,845	e	Norsk Hydro ASA		1,695,161
	312,685		Orkla ASA		2,534,679
	155,840	e	Seadrill Ltd (Oslo Exchange)		7,208,258
	471,091		Statoil ASA		11,146,580
	291,491		Telenor ASA		7,003,834
	78,183	e	Yara International ASA		3,367,132
			TOTAL NORWAY		42,622,906
PORTUGAL - 0.2%
	768,298	*,e	Banco Espirito Santo S.A.		1,009,525
	837,369		Energias de Portugal S.A.		3,082,371
	144,538		Galp Energia SGPS S.A.		2,447,521
	102,333		Jeronimo Martins SGPS S.A.		1,884,618
	257,935		Portugal Telecom SGPS S.A.		1,162,643
			TOTAL PORTUGAL		9,586,678
SINGAPORE - 1.5%
	850,960		Ascendas Real Estate Investment Trust		1,617,958
	831,000		CapitaCommercial Trust		983,313
	1,070,000		CapitaLand Ltd		2,680,875
	1,003,330		CapitaMall Trust		1,629,602
	577,000	e	CapitaMalls Asia Ltd		937,036
	169,400	e	City Developments Ltd		1,402,165
	829,000		ComfortDelgro Corp Ltd		1,280,120

281

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	716,500		DBS Group Holdings Ltd	$	9,659,471
	2,541,400	e	Genting International plc		3,109,406
	1,292,000		Global Logistic Properties		3,207,136
	2,985,647	e	Golden Agri-Resources Ltd		1,441,655
	2,123,300		Hutchison Port Holdings Trust		1,549,563
	44,009	e	Jardine Cycle & Carriage Ltd		1,296,982
	606,400		Keppel Corp Ltd		5,291,634
	300,000		Keppel Land Ltd		894,376
	631,700	e	Olam International Ltd		781,510
	1,074,520		Oversea-Chinese Banking Corp		8,988,882
	414,460		SembCorp Industries Ltd		1,771,991
	353,600	e	SembCorp Marine Ltd		1,279,181
	220,933		Singapore Airlines Ltd		1,853,271
	350,000		Singapore Exchange Ltd		2,064,874
	662,000	e	Singapore Press Holdings Ltd		2,264,496
	628,000		Singapore Technologies Engineering Ltd		2,129,423
	3,308,403		Singapore Telecommunications Ltd		10,046,892
	243,000		StarHub Ltd		868,912
	530,000		United Overseas Bank Ltd		8,875,701
	186,000		United Overseas Land Ltd		984,472
	798,000	e	Wilmar International Ltd		2,219,668
			TOTAL SINGAPORE		81,110,565
SPAIN - 3.3%
	166,699	e	Abertis Infraestructuras S.A. (Continuous)		3,571,526
	10,634	e	Acciona S.A.		674,114
	62,753		ACS Actividades Cons y Servicios S.A.		2,058,621
	157,930		Amadeus IT Holding S.A.		5,859,564
	2,352,878		Banco Bilbao Vizcaya Argentaria S.A.		27,497,886
	1,414,411		Banco de Sabadell S.A.		3,624,150
	560,216	*	Banco Popular Espanol S.A.		3,177,751
	4,609,921		Banco Santander Central Hispano S.A.		40,868,159
	1,450,000	*	Bankia S.A.		2,169,547
	163,199		Cintra Concesiones de Infraestructuras de Transporte S.A.		3,110,859
	312,711	e	Corp Mapfre S.A.		1,255,750
	508,502		Criteria Caixacorp S.A.		2,635,643
	248,687		Distribuidora Internacional de Alimentacion S.A.		2,267,272
	78,210		Enagas		2,088,211
	145,904		Gas Natural SDG S.A.		3,441,315
	62,276		Grifols S.A.		2,552,472
	1,978,757		Iberdrola S.A.		12,420,351
	91,236	e	Inditex S.A.		14,984,497
	44,586		Red Electrica de Espana		2,776,131
	354,970		Repsol YPF S.A.		9,517,044
	1,706,623	*,e	Telefonica S.A.		30,035,386
	83,001	e	Zardoya Otis S.A.		1,443,935
			TOTAL SPAIN		178,030,184

282

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
SWEDEN - 3.1%
	128,340		Alfa Laval AB	$	2,927,536
	137,984		Assa Abloy AB (Class B)		6,846,369
	281,498	e	Atlas Copco AB (A Shares)		7,799,495
	161,961		Atlas Copco AB (B Shares)		4,024,520
	114,794		Boliden AB		1,630,420
	99,527		Electrolux AB (Series B)		2,454,828
	155,019	e	Elekta AB (B Shares)		2,289,498
	1,262,655		Ericsson (LM) (B Shares)		15,102,886
	82,511		Getinge AB (B Shares)		2,613,963
	397,985	e	Hennes & Mauritz AB (B Shares)		17,197,661
	97,467		Hexagon AB (B Shares)		2,922,529
	169,733	e	Husqvarna AB (B Shares)		997,268
	52,615	e	Industrivarden AB		936,605
	189,333		Investor AB (B Shares)		6,070,432
	92,376		Kinnevik Investment AB (Series B)		3,399,823
	93,249	*	Lundin Petroleum AB		1,921,696
	1,181,306		Nordea Bank AB		15,110,685
	78,673	e	Ratos AB (B Shares)		680,830
	447,075	e	Sandvik AB		6,040,897
	133,596		Scania AB (B Shares)		2,677,704
	135,208		Securitas AB (B Shares)		1,541,770
	632,694		Skandinaviska Enskilda Banken AB (Class A)		7,652,472
	158,933		Skanska AB (B Shares)		3,060,141
	164,993		SKF AB (B Shares)		4,365,603
	242,636		Svenska Cellulosa AB (B Shares)		6,879,022
	207,068		Svenska Handelsbanken (A Shares)		9,364,973
	376,520		Swedbank AB (A Shares)		9,799,430
	84,356		Swedish Match AB		2,781,458
	150,114		Tele2 AB		1,809,386
	984,161		TeliaSonera AB		8,138,018
	636,820		Volvo AB (B Shares)		8,173,524
			TOTAL SWEDEN		167,211,442
SWITZERLAND - 9.3%
	914,899		ABB Ltd		23,309,386
	45,145		Actelion Ltd		3,492,893
	54,965		Adecco S.A.		4,053,324
	35,455		Aryzta AG.		2,645,029
	19,111		Baloise Holding AG.		2,220,198
	1,707		Banque Cantonale Vaudoise		948,518
	863	e	Barry Callebaut AG.		901,663
	217,160		Cie Financiere Richemont S.A.		22,204,540
	83,653		Coca-Cola HBC AG.		2,405,906
	625,008		Credit Suisse Group		19,442,714
	4,124	e	EMS-Chemie Holding AG.		1,501,727

283

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	15,833	e	Geberit AG.	$	4,730,340
	3,399		Givaudan S.A.		4,820,422
	4,415,739		Glencore International AG.		24,031,412
	94,457		Holcim Ltd		7,025,659
	93,278		Julius Baer Group Ltd		4,575,821
	21,767		Kuehne & Nagel International AG.		2,749,845
	338		Lindt & Spruengli AG.		1,426,726
	43		Lindt & Spruengli AG. (Registered)		2,162,914
	21,787		Lonza Group AG.		1,944,771
	1,344,523		Nestle S.A.		97,052,926
	957,928		Novartis AG.		74,356,831
	11,021		Pargesa Holding S.A.		876,932
	7,061	e	Partners Group		1,830,372
	20,666		Phonak Holding AG.		2,689,497
	292,758		Roche Holding AG.		80,957,947
	19,995		Schindler Holding AG.		2,833,951
	10,674		Schindler Holding AG. (Registered)		1,519,049
	2,252	e	SGS S.A.		5,269,123
	865		Sika AG.		2,726,867
	265,752		STMicroelectronics NV		2,044,167
	9,792		Sulzer AG.		1,531,862
	12,834		Swatch Group AG.		8,196,965
	17,653		Swatch Group AG. Reg		1,964,115
	13,185		Swiss Life Holding		2,614,326
	25,683		Swiss Prime Site AG.		1,944,669
	147,075		Swiss Re Ltd		12,910,627
	9,520		Swisscom AG.		4,855,730
	38,795		Syngenta AG.		15,658,303
	1,519,174		UBS AG. (Switzerland)		29,382,438
	62,090		Zurich Financial Services AG.		17,156,908
			TOTAL SWITZERLAND		504,967,413
UNITED KINGDOM - 19.2%
	392,497		3i Group plc		2,345,837
	399,574	e	Aberdeen Asset Management plc		2,835,709
	109,464	e	Acergy S.A.		2,315,035
	79,824		Admiral Group plc		1,634,333
	111,240		Aggreko plc		2,868,460
	120,669		AMEC plc		2,275,841
	580,427		Anglo American plc (London)		13,800,564
	180,359		Antofagasta plc		2,464,959
	581,960		ARM Holdings plc		9,119,092
	146,451		Associated British Foods plc		5,324,218
	521,007		AstraZeneca plc		27,582,176
	1,230,811		Aviva plc		8,835,880

284

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	147,594		Babcock International Group	$	3,018,150
	1,349,243		BAE Systems plc		9,842,039
	6,371,845		Barclays plc		26,809,277
	1,417,034		BG Group plc		28,907,019
	880,080		BHP Billiton plc		27,157,922
	7,906,990		BP plc		61,378,819
	799,751		British American Tobacco plc		44,124,054
	397,894		British Land Co plc		3,968,356
	430,446		British Sky Broadcasting plc		6,467,437
	3,274,246		BT Group plc		19,811,248
	135,170		Bunzl plc		2,981,715
	182,940		Burberry Group plc		4,495,478
	272,563		Capita Group plc		4,308,719
	76,136		Carnival plc		2,706,047
	2,152,745		Centrica plc		12,175,347
	438,546		Cobham plc		2,025,340
	750,872		Compass Group plc		10,798,437
	55,227		Croda International plc		2,158,142
	1,046,157		Diageo plc		33,348,813
	341,879		Direct Line Insurance Group plc		1,233,379
	73,537	e	easyJet plc		1,540,389
	417,669		Experian Group Ltd		8,503,160
	680,664		GKN plc		4,009,607
	2,052,752		GlaxoSmithKline plc		54,115,374
	697,242		Group 4 Securicor plc		2,928,627
	296,935		Hammerson plc		2,516,144
	102,247		Hargreaves Lansdown plc		1,947,834
	7,753,333		HSBC Holdings plc		84,986,910
	227,363		ICAP plc		1,403,964
	131,240		IMI plc		3,192,930
	407,123		Imperial Tobacco Group plc		15,199,507
	188,803		Inmarsat plc		2,179,114
	110,383		InterContinental Hotels Group plc		3,216,200
	377,923	*	International Consolidated Airlines		2,098,814
	67,139		Intertek Group plc		3,581,814
	273,117		Invensys plc		2,191,660
	234,782		Investec plc		1,642,678
	1,554,902		ITV plc		4,754,237
	513,538		J Sainsbury plc		3,248,397
	84,107		Johnson Matthey plc		4,047,510
	984,818		Kingfisher plc		5,957,600
	327,061		Land Securities Group plc		5,184,605
	2,440,347		Legal & General Group plc		8,457,771
	271,701		Liberty International plc		1,498,516
	19,273,058	*	Lloyds TSB Group plc		23,836,849
	71,673		London Stock Exchange Group plc		1,883,850

285

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
	670,659		Marks & Spencer Group plc	$	5,408,297
	319,939		Meggitt plc		2,937,096
	527,927		Melrose Industries plc		2,706,524
	1,533,241		National Grid plc		19,267,842
	66,140		Next plc		5,775,802
	2,034,259		Old Mutual plc		6,629,729
	340,501		Pearson plc		7,121,576
	139,449		Persimmon plc		2,823,310
	108,095		Petrofac Ltd		2,535,204
	1,064,670		Prudential plc		21,773,301
	269,610		Reckitt Benckiser Group plc		20,964,622
	495,862		Reed Elsevier plc		6,946,197
	590,743		Resolution Ltd		3,382,454
	321,693		Rexam plc		2,678,767
	529,554		Rio Tinto plc		26,795,514
	783,139		Rolls-Royce Group plc		14,427,764
	67,024,444	*,m	Rolls-Royce Holdings plc		107,467
	1,526,615		Royal & Sun Alliance Insurance Group plc		3,144,106
	889,944	*	Royal Bank of Scotland Group plc		5,241,334
	399,774		SABMiller plc		20,844,515
	453,514		Sage Group plc		2,446,577
	43,319		Schroders plc		1,787,877
	402,149		Scottish & Southern Energy plc		9,122,811
	301,658		Segro plc		1,579,944
	209,403		Serco Group plc		1,871,198
	105,770		Severn Trent plc		3,157,204
	373,698		Smith & Nephew plc		4,779,461
	161,067		Smiths Group plc		3,707,018
	1,008,822		Standard Chartered plc		24,221,799
	982,163		Standard Life plc		5,541,064
	192,114		Tate & Lyle plc		2,438,105
	3,370,543		Tesco plc		19,660,841
	102,108		Travis Perkins plc		3,036,441
	181,424		TUI Travel plc		1,118,469
	378,293		Tullow Oil plc		5,717,978
	534,791		Unilever plc		21,686,337
	304,282		United Utilities Group plc		3,441,401
	20,288,216		Vodafone Group plc		74,310,806
	88,124		Weir Group plc		3,182,882
	74,714		Whitbread plc		4,108,604
	354,373		William Hill plc		2,275,238
	927,929		WM Morrison Supermarkets plc		4,186,839
	113,407		Wolseley plc		6,104,809
	551,932		WPP plc		11,723,542
			TOTAL UNITED KINGDOM		1,045,960,569

286

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE
UNITED STATES - 0.5%
	320,399	d	iShares MSCI EAFE Index Fund	$	21,107,886
	149,033		Transocean Ltd		7,038,533
			TOTAL UNITED STATES		28,146,419
			TOTAL COMMON STOCKS		5,411,999,698
			(Cost $4,524,363,003)
RIGHTS / WARRANTS - 0.0%
HONG KONG - 0.0%
	19,125	m	New Hotel		0
			TOTAL HONG KONG		0
SPAIN - 0.0%
	4,609,921	m	Banco Santander S.A.		996,777
			TOTAL SPAIN		996,777
			TOTAL RIGHTS / WARRANTS		996,777
			(Cost $953,236)
SHORT-TERM INVESTMENTS - 3.5%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.5%
	190,194,530	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		190,194,530
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		190,194,530
			TOTAL SHORT-TERM INVESTMENTS		190,194,530
			(Cost $190,194,530)
			TOTAL INVESTMENTS - 103.1%		5,603,191,005
			(Cost $4,715,510,769)
			OTHER ASSETS & LIABILITIES, NET - (3.1)%		(168,390,039	)
			NET ASSETS - 100.0%	$	5,434,800,966

	ADR - American Depositary Receipt
	REIT - Real Estate Investment Trust
*	Non-income producing.
a	Affiliated Holding.
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 transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $180,075,648.
m	Indicates a security that has been deemed illiquid.

287

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2013

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	1,412,056,159			26.0	%
INDUSTRIALS		691,483,264			12.7
CONSUMER DISCRETIONARY		630,695,101			11.6
CONSUMER STAPLES		602,832,116			11.1
HEALTH CARE		536,365,548			9.9
MATERIALS		435,624,398			8.0
ENERGY		373,775,371			6.9
TELECOMMUNICATION SERVICES		303,469,763			5.6
INFORMATION TECHNOLOGY		228,655,906			4.2
UTILITIES		198,038,849			3.6
SHORT - TERM INVESTMENTS		190,194,530			3.5
OTHER ASSETS & LIABILITIES, NET		(168,390,039	)		(3.1	)
NET ASSETS	$	5,434,800,966			100.0	%

288

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the TIAA-CREF Funds:

We have audited the financial statements of the Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value Index Fund, Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Emerging Markets Equity Fund, Enhanced International Equity Index Fund, Global Natural Resources Fund, International Equity Fund, International Opportunities Fund, 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 International Equity Index Fund (twenty-one of the portfolios constituting the TIAA-CREF Funds, hereinafter referred to as the "Funds") at October 31, 2013 and for the year then ended and have issued our unqualified report thereon dated December 17, 2013 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Our audits included an audit of each of the Fund's schedule of investments in securities (the Schedules) as of October 31, 2013 appearing in Item 6 of this Form N-CSR. The Schedules are the responsibility of the Funds' management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

 

PricewaterhouseCoopers LLP
Baltimore, Maryland
December 17, 2013

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF FUNDS
Dated: December 17, 2013	By:	/s/ Robert G. Leary
		Robert G. Leary President and Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: December 17, 2013	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer (principal executive officer)

Dated:  December 17, 2013	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer