N-CSRS 1 c77630_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

F. Scott Thomas, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, NC 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2014

Item 1. Reports to Stockholders.

2014 Semiannual Report

TIAA-CREF Funds

Equity Funds

April 30, 2014




	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
	Financial statements (unaudited)
	Statements of assets and liabilities	66
	Statements of operations	69
	Statements of changes in net assets	72
	Financial highlights	78
	Notes to financial statements	90
	Renewal of investment management agreement	99
	Additional information about index providers	105
	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 semiannual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of April 30, 2014. 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 April 30, 2014.
	•	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, Premier and Retirement 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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

TIAA-CREF Market Monitor

Economy cools in the winter, but stocks end higher

Although the U.S. economy and stocks hit a rough patch during the reporting period, many equity indexes closed higher amid mixed economic reports. The domestic economy slowed down, attributable in large part to the harsh winter. However, private-sector hiring and consumer spending rose, and unemployment fell by a full percentage point to 6.3% over the period. The Russell 3000^® Index, a broad-based measure of the U.S. stock market, registered 7.8% for the six months ended April 30, 2014.

For the six months, value stocks outperformed their growth counterparts, returning 9.2% and 6.5%, respectively. At the same time, investors favored stocks of large-capitalized companies over smaller companies. The latter are riskier but can offer higher potential long-term returns. (Returns by market capitalization and investment style are based on the Russell indexes.)

Overseas, stocks in developed international markets, as measured by the MSCI EAFE Index, rose but underperformed the broad U.S. market by nearly three-and-a-half percentage points. The Eurozone produced respectable but tepid economic results. Manufacturing improved and the European Central Bank reduced its lending rate. Emerging market equities, however, as measured by the MSCI Emerging Markets Index, dropped three percentage points due in part to concerns over China’s economy and geopolitical concerns, a rising U.S. dollar and slowing growth in many emerging market economies. (All returns are in U.S. dollars.)

Domestic investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index, returned 1.7% over the six-month period. Their prices stabilized after concerns about interest rates eased.

Value stocks outperformed growth equities

(Based on November 1, 2013–April 30, 2014 performance)

Source: Russell Investments

Stocks rally, retreat and rebound

Over the first two months of the period, U.S. equities in general rose in reaction to a drop in unemployment and signs that the domestic economy had sprung back to life. The tide turned in January when stocks dropped sharply, and U.S. Treasury securities rose as investors questioned the U.S. economy’s strength following reports of weak growth in employment, home sales, payrolls, construction spending and retail sales. First-quarter real gross domestic product (“GDP”), which measures the value of all goods and services produced in the nation, decreased 1.0% from the prior quarter. (The annualized growth rate was 2.6% over the fourth quarter and 1.8% over the first quarter of 2013.) The weak GDP growth largely resulted from the effects of the cold winter. Also in January, the Federal Reserve (“Fed”) began scaling back its $85 billion in monthly purchases of U.S. Treasury and agency fixed-income securities.

As the period advanced, employment and retail sales picked up, the Fed reaffirmed its continued low-interest-rate policy and stocks regained their footing. Many high-momentum growth stocks (particularly those of technology and biotech companies) and small caps sold off as value stocks fell in favor.

Outside the United States, prices of developed and emerging market stocks rose amid reports of a decline in current-account deficits and lower currency volatility. Lackluster economic reports from China, including lower-than-forecast industrial production and retail sales, and increasing bad debt, reinforced investors’ concerns about the country’s economy. China’s first-quarter GDP grew at an annual rate of 7.4% year over year, down from 7.7% in the fourth quarter. However, credit conditions eased and China’s currency continued to depreciate, which helped its exports. Elsewhere, tensions between Russia and Ukraine escalated, often overshadowing positive corporate earnings reports.

Some encouraging news surfaced at the end of the period. Payroll processor ADP announced that the private sector added 220,000 jobs in April, the strongest job growth since November 2013. Moreover, the Fed announced that economic growth picked up, and it would continue its efforts to keep interest rates low “for a considerable time.”

Although the Investment Company Institute (ICI) estimated $43.3 billion flowed out of bond funds and about $22.1 billion into equity funds from November through December 2013, it reported approximately $58.8 billion flowed into stock funds and nearly $25.3 billion into bond funds in 2014 as bond markets stabilized.

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

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

The MSCI EAFE Index measures the performance of the leading stocks in 21 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.

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 44 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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Important information about expenses

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

The expense examples that appear 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 (November 1, 2013–April 30, 2014).

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 ■ 2014 Semiannual Report

Enhanced Large-Cap Growth Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2014
Information technology		26.6
Consumer discretionary		16.4
Industrials		13.0
Health care		11.9
Consumer staples		10.1
Financials		6.8
Energy		6.4
Materials		4.4
Telecommunication services		2.7
Short-term investments, other assets & liabilities, net		1.7
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2014
More than $50 billion		50.9
More than $15 billion-$50 billion		20.1
More than $2 billion-$15 billion		28.7
$2 billion or less		0.3
Total		100.0

Performance for the six months ended April 30, 2014

The Enhanced Large-Cap Growth Index Fund returned 5.15%, compared with the 6.95% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2014, the fund returned 17.93%, versus 20.66% for the index.

Large-cap growth stocks lag the broad market

The large-cap growth category lagged the 9.61% return of the large-cap value category, in part because the latter contained more high-performing financial and energy stocks. Within the growth category, however, large caps outpaced both small- and mid-cap issues, which gained 1.27% and 6.04%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended April 30, 2014, the Russell 1000 Growth Index produced an average annual return of 19.47%, nearly matching both the 19.52% average gain of the Russell 1000 Value Index and the 19.54% average return of the Russell 3000 Index.

Technology stocks fuel the benchmark’s advance

Performance as of April 30, 2014

						Total			Average annual
						return			total return
Enhanced Large-Cap												since
Growth Index Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		11/30/2007		5.15	%		17.93	%		18.48	%		6.69	%
Russell 1000 Growth Index		—		6.95			20.66			19.47			7.27	*

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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Industrials and health care gained 10.0% and 9.3%, respectively. Together, these three sectors represented more than one-half of the benchmark’s total market capitalization on April 30, 2014.

Telecommunication services declined 3.3%, as fierce competition among companies in the sector put downward pressure on profit margins. And after soaring 40.3% in the previous twelve months, consumer discretionary stocks took a breather, rising a relatively modest 1.9% in this period.

Three of the benchmark’s five largest stocks—all technology bellwethers—scored double-digit gains for the six months. Microsoft led the way, in part because of optimism about new leadership at the company. Apple was not far behind, followed by IBM. In contrast, Coca-Cola and Verizon lagged the return of the benchmark. Coca-Cola posted a relatively modest gain, while shares of Verizon declined.

Stock selections dampen 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 a net result was to lower the fund’s return relative to that of its benchmark. The largest detractors were overweight positions in Netflix, Starbucks and personal care products distributor Nu Skin Enterprises.

Partly offsetting these negative effects were positive results from overweight stakes in several health care companies, including drug manufacturer Allergan and Jazz Pharmaceuticals.

Expense example

Six months ended April 30, 2014

					Expenses
					paid
Enhanced	Beginning		Ending		during
Large-Cap	account		account		period*
Growth	value		value		(11/1/13–
Index Fund	(11/1/13)		(4/30/14)		4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,051.49		$1.78
5% annual hypothetical return
Institutional Class		1,000.00		1,023.06		1.76

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.35% 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 ■ 2014 Semiannual Report

Enhanced Large-Cap Value Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2014
Financials		25.2
Health care		14.4
Energy		14.0
Industrials		11.4
Information technology		10.5
Consumer discretionary		8.5
Utilities		5.6
Consumer staples		4.2
Materials		3.7
Telecommunication services		1.7
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2014
More than $50 billion		41.7
More than $15 billion–$50 billion		27.3
More than $2 billion–$15 billion		30.2
$2 billion or less		0.8
Total		100.0

Performance for the six months ended April 30, 2014

The Enhanced Large-Cap Value Index Fund returned 8.16%, compared with the 9.61% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2014, the fund returned 20.39%, versus 20.90% for the index.

Large-cap value stocks benefit as investors turn from riskier assets

For the period, large-cap stocks outperformed smaller-cap and mid-cap issues. Large-cap value stocks outpaced the 6.95% return of large-cap growth shares. Relative to large-cap value stocks, the performance of large-cap growth stocks suffered from a substantially lower weighting in financials and the overall decline of telecommunication services stocks. Returns within the value category provided further evidence of investors’ more conservative stance, as large- and mid-cap stocks outperformed small caps, which gained just 3.08%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended April 30, 2014, the Russell 1000 Value Index posted an average annual gain of 19.52%, a showing that was in line with the 19.47% average return of the Russell 1000 Growth Index and the 19.54% average return of the Russell 3000 Index.

Index benefits from gains in all sectors

For the six-month period, all ten industry sectors of the fund’s benchmark advanced. Investors favored defensive stocks as they generally provide stable earnings even when economic growth is slow. Financials, the benchmark’s largest sector, gained 7.9%. The next three largest sectors also generated

Performance as of April 30, 2014

									Average annual
			Total return						total return
Enhanced Large-Cap												since
Value Index Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		11/30/2007		8.16	%		20.39	%		18.43	%		4.88	%
Russell 1000 Value Index		—		9.61			20.90			19.52			5.45	*

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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

strong performance—energy was up 10.8%, health care gained 12.5% and industrials rose 9.9%. Together, these four sectors comprised more than two-thirds of the benchmark’s total market capitalization as of April 30, 2014.

Over the past six months, three of the benchmark’s five largest stocks outpaced the return of the index. The top performer was Wells Fargo, followed by Exxon Mobil and Johnson & Johnson. All three of these stocks earned double-digit gains. The two underperforming stocks were General Electric and Chevron, both of which recorded relatively modest increases.

Fund underperforms due to stock selection

For the reporting period, stock choices using the enhanced indexing methodology had both positive and negative effects on the fund’s relative performance, and a net result was a lower fund return relative to that of its benchmark. A nonbenchmark position in coal and natural gas producer Walter Energy was the largest detractor from relative performance. An overweight position in electronics retailer Best Buy and an underweight position in drug maker Merck also hindered results versus the index.

The unfavorable effect of these holdings was somewhat mitigated by an overweight position in Tyson Foods, an out-of-benchmark position in ship builder Huntington Ingalls and an underweight allocation to Procter & Gamble, which underperformed the broad index.

Expense example

Six months ended April 30, 2014

					Expenses
					paid
Enhanced	Beginning		Ending		during
Large-Cap	account		account		period*
Value	value		value		(11/1/13–
Index Fund		(11/1/13)		(4/30/14)		4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,081.56		$1.81
5% annual hypothetical return
Institutional Class		1,000.00		1,023.06		1.76

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

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Growth & Income Fund

Portfolio composition
Sector		% of net assets as of 4/30/2014
Information technology		17.0
Health care		16.1
Consumer discretionary		15.6
Financials		12.7
Industrials		12.4
Consumer staples		8.8
Energy		8.4
Materials		4.1
Utilities		2.2
Telecommunication services		1.8
Short-term investments, other assets & liabilities, net		0.9
Total		100.0


Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2014
More than $50 billion		44.7
More than $15 billion–$50 billion		28.5
More than $2 billion–$15 billion		25.0
$2 billion or less		1.8
Total		100.0

Performance for the six months ended April 30, 2014

The Growth & Income Fund returned 6.61% for the Institutional Class, compared with the 8.36% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2014, the fund returned 21.35%, versus 20.44% for the index. The table below shows returns for all share classes of the fund.

Stocks trudge ahead as investors turn more cautious

For the six-month period, large-cap U.S. stocks, as measured by the S&P 500 Index, generated a healthy gain and outperformed the 7.83% return of the Russell 3000^® Index, a proxy for the broad domestic stock market.

Following the wide-ranging rally of U.S. equities in 2013, investors started 2014 by booking profits early in the new year. The S&P 500 Index began the year on a positive note but dropped considerably at the end of January. The index rebounded in February but was up and down in March due to geopolitical turmoil in Ukraine and investors’ focus on the Federal Reserve’s stance toward tapering asset purchases and the potential for interest-rate increases. Volatility was also fueled by slower economic activity resulting from harsh winter weather that hurt sales in the retail, auto and homebuilding segments of the market.

The benchmark’s robust six-month performance lifted it above the broad U.S. stock market, as investors increasingly sought the strength and stability of larger issues. The performance of the Russell 3000 Index was hampered by its sizable position in small- and mid-cap issues, both of which underperformed large caps for the period.


Performance as of April 30, 2014

									Average annual
			Total return						total return
Growth & Income Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		7/1/1999		6.61	%		21.35	%		18.43	%		9.46	%
Premier Class		9/30/2009		6.52			21.05			18.27	*		9.38	*
Retirement Class		10/1/2002		6.47			20.98			18.11			9.15
Retail Class		3/31/2006		6.42			20.83			18.06			9.29	*
S&P 500 Index		—		8.36			20.44			19.14			7.67

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

The performance shown for the Premier and Retail 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 Premier and Retail classes. If those higher expenses had been reflected, the performance of these two classes shown for these periods would have been lower.

10	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2014, the S&P 500 Index produced an average annual gain of 7.67%, versus the 8.10% average return of the Russell 3000 Index.

Most sectors aid the rise of large-cap stocks

Nine out of ten industry sectors within the S&P 500 Index produced positive returns for the reporting period. Only telecommunication services, which had the lowest weighting in the benchmark on April 30, 2014, registered a loss. Information technology, the benchmark’s biggest sector, gained 11.1%. Other heavily weighted sectors at period-end included health care (up 11.2%) and financials (up 8.0%). Combined, these three sectors represented nearly half of the S&P 500’s market capitalization at period-end.

Stock picks hold back performance versus the benchmark

Stock selection hindered the fund’s performance relative to the S&P 500 Index for the six months. The largest individual detractor was an overweight position in electronics retailer Best Buy. Not investing in Exxon Mobil also weighed on the fund’s relative performance. Exxon’s stock benefited as Berkshire Hathaway took a stake, and the company bought back shares and boosted oil and natural gas production. An overweight position in energy giant Anadarko Petroleum and an out-of-benchmark investment in Aegerion Pharmaceuticals hurt the fund’s results versus the index as well.

On the positive side, the fund benefited from investments in three health care companies that were not held in the benchmark. The stock price of Jazz Pharmaceuticals rose sharply, helped by news of an acquisition. Illumina, whose products are used in genetic research, and Salix Pharmaceuticals also had strong performance. An overweight position in Delta Airlines also bolstered the fund’s relative performance.

Expense example
Six months ended April 30, 2014
					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Growth &	value		value		(11/1/13–
Income Fund	(11/1/13)		(4/30/14)		4/30/14)
Actual return
Institutional Class		$1,000.00		$1,066.07		$2.25
Premier Class		1,000.00		1,065.17		3.02
Retirement Class		1,000.00		1,064.73		3.53
Retail Class		1,000.00		1,064.16		3.94
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.61		2.21
Premier Class		1,000.00		1,021.87		2.96
Retirement Class		1,000.00		1,021.37		3.46
Retail Class		1,000.00		1,020.98		3.86

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.44% for the Institutional Class, 0.59% for the Premier Class, 0.69% for the Retirement Class and 0.77% for the Retail 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 ■ 2014 Semiannual Report

Large-Cap Growth Fund

Portfolio composition
		% of net assets
Sector		as of 4/30/2014
Information technology		32.7
Health care		18.6
Consumer discretionary		18.3
Industrials		10.5
Financials		6.7
Materials		4.6
Energy		2.5
Consumer staples		2.0
Telecommunication services		1.6
Short-term investments, other assets & liabilities, net		2.5
Total		100.0

Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2014
More than $50 billion		51.6
More than $15 billion–$50 billion		31.1
More than $2 billion–$15 billion		17.3
Total		100.0

Performance for the six months ended April 30, 2014

The Large-Cap Growth Fund returned 5.30% for the Institutional Class, compared with the 6.95% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2014, the fund returned 22.30%, versus 20.66% for the index. The table below shows returns for all share classes of the fund.

Large-cap growth stocks lag the broad market

The broad U.S. stock market, as measured by the Russell 3000^® Index, returned 7.83% for the reporting period, compared with 12.01% for the previous six months. Investors were in a defensive mode, as U.S. economic activity decreased markedly in the first quarter of 2014, and the Federal Reserve began to pare back its stimulus efforts. For the period, large-cap stocks outperformed smaller-cap issues, and value shares outperformed growth stocks.

Performance as of April 30, 2014

									Average annual
			Total return						total return
												since fund
Large-Cap Growth Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		3/31/2006		5.30	%		22.30	%		18.52	%		7.58	%
Premier Class		9/30/2009		5.18			22.07			18.36	*		7.49	*
Retirement Class		3/31/2006		5.18			21.97			18.22			7.31
Retail Class		3/31/2006		5.09			21.83			18.13			7.29
Russell 1000 Growth Index		—		6.95			20.66			19.47			8.00	^†

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Technology stocks fuel the benchmark’s advance

Nine out of ten industry sectors of the Russell 1000 Growth Index registered positive returns for the six months, led by utilities, which rose 17.8%. Utilities benefited from the first-quarter economic slowdown, as companies in this sector tend to generate steady earnings even when the economy is less robust. Technology, the biggest sector in the index on April 30, 2014, climbed 9.4%. Industrials and health care gained 10.0% and 9.3%, respectively. Together, these three sectors represented more than one-half of the benchmark’s total market capitalization on April 30, 2014.

Stock choices trim the fund’s relative return

The fund trailed its benchmark primarily because of stock selections that did not perform as anticipated. These included overweight positions in railroad company Kansas City Southern, educational media distributor Discovery Communications and Amazon, all of which posted double-digit losses. An underweight holding in Microsoft and avoiding technology giant Oracle also hurt relative performance.

These negative effects were partly offset by a number of successful stock choices. The largest contributors were overweight stakes in biotechnology company Biogen Idec, drug manufacturer Allergan and Illumina, whose products are used in genetic research. An overweight position in social media company Facebook was helpful as well.

Expense example
Six months ended April 30, 2014
					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(11/1/13–
Growth Fund	(11/1/13)		(4/30/14)		4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,053.03		$2.34
Premier Class		1,000.00		1,051.77		3.10
Retirement Class		1,000.00		1,051.84		3.61
Retail Class		1,000.00		1,050.88		4.22
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.51		2.31
Premier Class		1,000.00		1,021.77		3.06
Retirement Class		1,000.00		1,021.27		3.56
Retail Class		1,000.00		1,020.68		4.16

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.46% for the Institutional Class, 0.61% for the Premier Class, 0.71% for the Retirement Class and 0.83% for the Retail 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 ■ 2014 Semiannual Report

Large-Cap Value Fund

Portfolio composition

Sector	% of net assets as of 4/30/2014
Financials		24.2
Energy		15.6
Health care		13.2
Information technology		11.0
Industrials		10.2
Consumer discretionary		8.3
Consumer staples		6.2
Utilities		4.2
Telecommunication services		3.6
Materials		3.4
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2014
More than $50 billion		45.0
More than $15 billion–$50 billion		19.5
More than $2 billion–$15 billion		33.1
$2 billion or less		2.4
Total		100.0

Performance for the six months ended April 30, 2014

The Large-Cap Value Fund returned 7.52%, compared with the 9.61% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2014, the fund returned 20.11%, versus 20.90% for the index. The table below shows returns for all share classes of the fund.

Large-cap value stocks benefit as investors turn from riskier assets

The broad U.S. stock market, as measured by the Russell 3000^®Index, returned 7.83% for the reporting period, compared with 12.01% for the previous six months. Investors turned more defensive, as U.S. economic activity decreased markedly in the first quarter of 2014 and the Federal Reserve began paring its stimulus efforts. For the period, large-cap stocks outperformed smaller-cap issues, and value shares outperformed growth stocks.

Large-cap value stocks outpaced the 6.95% return of large-cap growth shares. The relative performance of large-cap growth stocks suffered, in part, from a substantially lower weighting in high-performing financial and energy stocks. Within the value category, large-cap issues outperformed small caps, which rose 4.97%, but slightly trailed the 9.69% rise in mid caps. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended April 30, 2014, the Russell 1000 Value Index posted an average annual gain of 7.95%, a showing on par with the 7.99% average return of the Russell 1000 Growth Index and the 8.10% average return of the Russell 3000 Index.

Performance as of April 30, 2014

		Total return						Average annual total return
Large-Cap Value Fund	Inception date	6 months			1 year			5 years			10 years
Institutional Class	10/1/2002		7.52	%		20.11	%		19.17	%		8.16	%
Premier Class	9/30/2009		7.39			19.91			19.00	*		8.09	*
Retirement Class	10/1/2002		7.36			19.77			18.86			7.87
Retail Class	10/1/2002		7.31			19.71			18.82			7.91
Russell 1000 Value Index	—		9.61			20.90			19.52			7.95

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

14	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Index benefits from gains in all sectors

For the six months, all ten industry sectors of the fund’s benchmark advanced. Financials, the benchmark’s largest sector, gained 7.9%. The next three-largest sectors also generated strong performance—energy was up 10.8%, health care gained 12.5% and industrials rose 9.9%. Together, these four sectors comprised approximately two-thirds of the benchmark’s total market capitalization on April 30, 2014.

The consumer discretionary and telecommunication services sectors posted the smallest returns. They gained 3.5% and 3.3%, respectively, underperforming the overall index.

Fund underperforms due to stock selection

For the reporting period, stock choices impeded the fund’s performance relative to its benchmark. A nonbenchmark position in independent oil and gas producer Talisman Energy was the largest detractor from the fund’s relative performance. Overweight positions in international mining company Cliffs Natural Resources and electronics retailer Best Buy also hindered results versus the index, as did an out-of-benchmark investment in information technology firm Rackspace Hosting.

The unfavorable effect of these holdings was somewhat mitigated by three nonbenchmark positions that were the fund’s top contributors—AMR (formerly American Airlines), energy company Matador Resources and aluminum products manufacturer Constellium. An overweight holding in Freescale Semiconductor also benefited the fund’s relative performance.

Expense example

Six months ended April 30, 2014

Large-Cap Value Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,075.23	$	2.26
Premier Class		1,000.00		1,073.86		3.03
Retirement Class		1,000.00		1,073.63		3.55
Retail Class		1,000.00		1,073.10		3.96
5% annual hypothetical return
Institutional Class		1,000.00		1,022.61		2.21
Premier Class		1,000.00		1,021.87		2.96
Retirement Class		1,000.00		1,021.37		3.46
Retail Class		1,000.00		1,020.98		3.86

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.44% for the Institutional Class, 0.59% for the Premier Class, 0.69% for the Retirement Class and 0.77% for the Retail 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 ■ 2014 Semiannual Report

Mid-Cap Growth Fund

Portfolio composition
Sector		% of net assets as of 4/30/2014
Consumer discretionary		22.4
Information technology		21.4
Industrials		14.9
Health care		13.6
Financials		9.4
Consumer staples		7.2
Energy		5.0
Materials		4.3
Telecommunication services		1.2
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size
Market capitalization		% of equity investments as of 4/30/2014
More than $15 billion–$50 billion		32.8
More than $2 billion–$15 billion		63.1
$2 billion or less		4.1
Total		100.0

Performance for the six months ended April 30, 2014

The Mid-Cap Growth Fund returned 2.91% for the Institutional Class, compared with the 6.04% return of its benchmark, the Russell Midcap^® Growth Index. For the one-year period ended April 30, 2014, the fund returned 18.76%, versus 20.62% for the index. The table below shows returns for all share classes of the fund.

Mid-cap stocks underperform the broad-based index

The broad U.S. stock market, as measured by the Russell 3000^®Index, returned 7.83% for the reporting period, compared with 12.01% for the previous six months. Investors were in a defensive mode for the period as U.S. economic activity slowed considerably early in the first quarter of 2014 and the Federal Reserve (“Fed”) began to pare back its stimulus efforts. For the period, investors generally favored stocks of larger-cap over smaller-capitalized companies and value over growth equities. Larger-capitalized companies tend to offer more stability and have more credit available to them than their smaller counterparts.

For the six months, the return of mid-cap growth stocks lagged behind the broad market by more than one-and-three-quarter percentage points. Within the growth category, the performance of large-cap stocks topped small-cap issues by more than five-and-a-half percentage points and exceeded that of mid-cap growth stocks as well. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended April 30, 2014, the Russell Midcap Growth Index posted an average annual return of 9.63%, exceeding the return of the broader market by more than one-and-a-half percentage points.

Performance as of April 30, 2014
		Total return					Average annual total return
Mid-Cap Growth Fund	Inception date		6 months		1 year			5 years		10 years
Institutional Class	10/1/2002		2.91	%	18.76	%		20.68	%	9.30	%
Premier Class	9/30/2009		2.81		18.57			20.50	*	9.22	*
Retirement Class	10/1/2002		2.79		18.48			20.38		9.01
Retail Class	10/1/2002		2.73		18.35			20.33		9.01
Russell Midcap Growth Index	—		6.04		20.62			21.10		9.63

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

16	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Investors gravitate to defensive stocks amid uncertainty

Seven of the ten industry sectors in the Russell Midcap Growth Index underperformed the broader market over the six-month period, yet all posted positive returns. Utilities, a defensive sector, led the group posting an extraordinary return of 17.8%. Defensive stocks generally provide consistent earnings and their performance is less driven by changes in the economic cycle. However, utilities represented less than a half of 1% of the benchmark’s capitalization on April 30, 2014. Health care, which finished up nearly 10%, industrials (up 9.5%), materials (up 9.2%) and energy (up 7.2%) rounded out the top-five best-performing sectors. Telecommunication services and information technology finished among the weakest performers returning 3.3% and 3.5%, respectively.

For the period, all but one of the benchmark’s five largest holdings, in terms of market capitalization at period-end, outshined the benchmark as a whole. Pharmaceutical companies Actavis and Alexion were the best performers, generating dramatic gains. Retailer Kroger earned a healthy increase, while technology services provider Intuit outpaced the benchmark by a relatively slim margin. Wireless infrastructure provider Crown Castle lagged far behind with a loss for the six months.

The fund lags its benchmark

For the period, the fund trailed its benchmark because of stock selections that did not perform as well as expected. They include positions in out-of-benchmark holdings CommVault Systems, Guidewire Software and Proto Labs. The fund’s underweight position in specialty coffee company Keurig Green Mountain, and health and wellness product retailer GNC, were also among the holdings that detracted from the fund’s performance versus the benchmark.

Partly offsetting these negative factors were favorable results from two pharmaceutical company stocks: Intercept Pharmaceuticals, which was not held in the benchmark, and an overweight position in Salix Pharmaceuticals. The fund’s heavier exposure to Delta Airlines and Avago Technologies, and positions in out-of-benchmark stocks NXP Semiconductors and Questar Pharmaceuticals, also helped the fund’s performance.

Expense example
Six months ended April 30, 2014

Mid-Cap Growth Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,029.05	$2.31
Premier Class		1,000.00		1,028.07	3.07
Retirement Class		1,000.00		1,027.86	3.57
Retail Class		1,000.00		1,027.30	3.97
5% annual
hypothetical return
Institutional Class		1,000.00		1,022.51	2.31
Premier Class		1,000.00		1,021.77	3.06
Retirement Class		1,000.00		1,021.27	3.56
Retail Class		1,000.00		1,020.88	3.96

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014.The fund’s annualized six-month expense ratio for that period was 0.46% for the Institutional Class, 0.61% for the Premier Class, 0.71% for the Retirement Class and 0.79% for the Retail 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 ■ 2014 Semiannual Report

Mid-Cap Value Fund

Portfolio composition
Sector			% of net assets as of 4/30/2014
Financials			29.0
Industrials			10.9
Utilities			10.5
Consumer discretionary			10.4
Information technology			10.2
Energy			9.1
Health care			8.8
Materials			5.9
Consumer staples			2.7
Telecommunication services			0.6
Short-term investments, other assets & liabilities, net			1.9
Total			100.0

Holdings by company size
Market capitalization			% of equity investments as of 4/30/2014
More than $50 billion			1.0
More than $15 billion–$50 billion			35.0
More than $2 billion–$15 billion			60.4
$2 billion or less			3.6
Total			100.0

Performance for the six months ended April 30, 2014

The Mid-Cap Value Fund returned 8.97% for the Institutional Class, compared with the 9.69% return of its benchmark, the Russell Midcap^® Value Index. For the one-year period ended April 30, 2014, the fund returned 21.29%, versus 22.10% for the index. The table below shows returns for all share classes of the fund.

Mid-cap value stocks lead the broader market

The broad U.S. stock market, as measured by the Russell 3000^® Index, returned 7.83% for the reporting period, compared with 12.01% for the previous six months. Investors were in a defensive mode for much of the period as U.S. economic activity slowed considerably early in the first quarter of 2014 and the Federal Reserve (“Fed”) began to pare back its stimulus efforts. For the period, investors generally favored stocks of larger-cap over smaller-capitalized companies and value over growth equities. Larger-capitalized companies tend to offer more stability and have more credit available to them than their smaller counterparts.

For the six months, mid-cap value stocks returned 9.69%, outpacing the broad market and mid-cap issues. Within the value category, mid-cap stocks far outpaced the 4.97% return of small-cap issues and finished slightly higher than the 9.61% return of large-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended April 30, 2014, the mid-cap value category posted an average annual return of 10.77%, exceeding the return of the Russell 3000 Index by more than two-and-a-half percentage points.

Performance as of April 30, 2014
			Total return						Average annual total return
Mid-Cap Value Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		8.97	%		21.29	%		20.31	%		10.67	%
Premier Class		9/30/2009		8.93			21.16			20.15	*		10.59	*
Retirement Class		10/1/2002		8.85			21.01			20.02			10.38
Retail Class		10/1/2002		8.81			20.91			19.98			10.42
Russell Midcap Value Index		—		9.69			22.10			22.61			10.77

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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Defensive stocks drive the benchmark higher

All ten industry sectors of the Russell Midcap Value Index ended the six-month period in higher territory. The utilities and energy defensive sectors returned 11.6% and 8.4%, respectively. Defensive stocks generally provide stable earnings, even in times when economic growth is slow. Telecommunication services (up 17.0%), information technology (up 15.6%), health care (up 12.4%) and industrials (up 12.1%) were the best-performing sectors in the index.

Financials, which constituted slightly less than one-third of the benchmark’s market capitalization at period-end, returned 7.3%, posting the weakest performance of the group with the exception of the consumer discretionary sector, which returned 3.9%.

For the period, three of the benchmark’s five largest holdings, in terms of market capitalization at period-end, outpaced the index. Shares of semiconductor company Micron Technology surged following reports of strong revenue growth. Generic drug maker Forest Labs also posted a dramatic gain, and health care services provider Cardinal Health was up strongly. Sempra Energy advanced, posting a return that closely matched that of the benchmark. Conversely, Noble Energy finished the six months in negative territory.

The fund posts strong returns but underperforms its benchmark

The fund generated solid absolute returns but trailed its benchmark largely as a result of stock selections that did not perform as well as expected and lack of exposure to certain stocks held in the benchmark index. They included underweight positions in Forest Labs, Alcoa and Southwest Airlines. The fund’s overweight positions in consumer electronics retailer Best Buy and global engineering and construction company KBR also detracted from the fund’s relative performance.

Partly offsetting these negative factors were favorable results from an overweight position in Tyson Foods and an underweight in Liberty Media and First Energy, which ended down for the period. Investments in out-of-benchmark stocks Questcor Pharmaceuticals and NXP Semiconductors also contributed to the fund’s relative performance.

Expense example
Six months ended April 30, 2014
Mid-Cap Value Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,089.74	$	2.28
Premier Class		1,000.00		1,089.28		3.06
Retirement Class		1,000.00		1,088.49		3.57
Retail Class		1,000.00		1,088.05		3.88
5% annual hypothetical return
Institutional Class		1,000.00		1,022.61		2.21
Premier Class		1,000.00		1,021.87		2.96
Retirement Class		1,000.00		1,021.37		3.46
Retail Class		1,000.00		1,021.08		3.76

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.44% for the Institutional Class, 0.59% for the Premier Class, 0.69% for the Retirement Class and 0.75% for the Retail Class. The expense charges of one or more of the fund’s share classes may 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 ■ 2014 Semiannual Report

Small-Cap Equity Fund

Portfolio composition
Sector	% of net assets as of 4/30/2014
Financials		22.4
Information technology		18.1
Industrials		15.6
Consumer discretionary		13.2
Health care		12.2
Energy		6.0
Materials		4.4
Consumer staples		3.2
Utilities		3.2
Telecommunication services		1.1
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2014
More than $2 billion–$15 billion		42.6
$2 billion or less		57.4
Total		100.0

Performance for the six months ended April 30, 2014

The Small-Cap Equity Fund returned 2.96% for the Institutional Class, compared with the 3.08% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2014, the fund returned 22.52% versus 20.50% for the index. The table below shows returns for all share classes of the fund.

Small caps generate gains but lag the broad market

For the six-month period, small-cap stocks posted an advance but failed to keep pace with the 7.83% return of the broad U.S. stock market as measured by the Russell 3000^®Index. After ending the last two months of 2013 up, small-cap equities posted negative returns in three of the first four months of 2014 as investors worried about the strength of the U.S. economy and signs of slowing growth in China and other emerging markets. Investors were in a defensive mode, as gross domestic product—the output of goods and services produced in the United States—decreased 1.0% in the first three months of the new year and the Federal Reserve began to pare back its stimulus efforts.

Within the small-cap segment, value stocks easily outpaced growth issues, 4.97% to 1.27%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended April 30, 2014, the Russell 2000 Index registered an average annual return of 8.67%, slightly ahead of the 8.10% average return of the Russell 3000 Index.

Industrials and financials push the benchmark higher

Eight of the ten sectors of the Russell 2000 Index generated positive returns for the six months. The industrials and financials sectors rose 5.3% and 3.0%, respectively. Together these two sectors made up almost 40% of

Performance as of April 30, 2014
			Total return						Average annual total return
Small-Cap Equity Fund*	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		2.96	%		22.52	%		20.11	%		8.41	%
Premier Class		9/30/2009		2.84			22.37			19.94	^†		8.33	^†
Retirement Class		10/1/2002		2.82			22.32			19.83			8.14
Retail Class		10/1/2002		2.75			22.07			19.76			8.17
Russell 2000 Index		—		3.08			20.50			19.84			8.67

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

the benchmark’s market capitalization on April 30, 2014. The information technology and health care sectors also generated strong returns.

Four of the five largest stocks in the Russell 2000 Index scored remarkable gains for the six months—gains that far surpassed the return of the benchmark. Solar energy provider SunEdison delivered the highest return, followed by commercial real estate investment company NorthStar Realty Finance, drugstore chain Rite Aid and diversified electronics firm Acuity Brands. The sole laggard was American Realty Capital, which was up just slightly for the period.

Consumer discretionary and telecommunications were the only two sectors posting negative results. They lost 0.6% and 0.9%, respectively.

Stock choices constrain the fund’s relative results

For the six-month period, the fund benefited from participating in a securities lending program; however, its return modestly trailed that of its benchmark. The fund’s results were hurt by overweight positions in two information technology stocks, network supplier Infoblox and data and information management software company CommVault Systems. An overweight in health care software provider Medidata Solutions also detracted from relative results.

Relative returns were enhanced by overweight positions in energy provider Penn Virginia and two information technology stocks, Lattice Semiconductor and broadband technology provider ARRIS Group. An overweight in transportation and logistics provider ArcBest aided fund performance as well.

Expense example
Six months ended April 30, 2014
Small-Cap Equity Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,029.58	$	2.16
Premier Class		1,000.00		1,028.42		2.92
Retirement Class		1,000.00		1,028.25		3.42
Retail Class		1,000.00		1,027.45		3.92
5% annual hypothetical return
Institutional Class		1,000.00		1,022.66		2.16
Premier Class		1,000.00		1,021.92		2.91
Retirement Class		1,000.00		1,021.42		3.41
Retail Class		1,000.00		1,020.93		3.91

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.43% for the Institutional Class, 0.58% for the Premier Class, 0.68% for the Retirement Class and 0.78% for the Retail 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 ■ 2014 Semiannual Report

Social Choice Equity Fund

Portfolio composition
Sector		% of net assets as of 4/30/2014
Financials		20.2
Information technology		16.5
Consumer discretionary		13.1
Health care		11.7
Industrials		10.4
Energy		9.7
Consumer staples		8.0
Materials		4.7
Utilities		3.9
Telecommunication services		1.3
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size
Market capitalization		% of equity investments as of 4/30/2014
More than $50 billion		34.1
More than $15 billion–$50 billion		44.4
More than $2 billion–$15 billion		19.1
$2 billion or less		2.4
Total		100.0

Performance for the six months ended April 30, 2014

The Social Choice Equity Fund returned 7.35% for the Institutional Class, compared with the 7.83% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2014, the fund returned 20.00%, versus 20.78% for the index. The table below shows returns for all share classes of the fund. The fund screens investments according to social criteria, while the benchmark does not.

Stock exclusions detract from relative returns

Because of its social criteria, the fund did not invest in a number of stocks included in the Russell 3000 Index. Avoiding these companies produced mixed results during the six-month period, but the net effect was to decrease the fund’s return relative to that of its benchmark.

The largest contribution to the fund’s performance was the exclusion of Amazon. Amazon’s stock dropped after reporting weaker-than-expected earnings for the fourth-quarter 2013, although its first-quarter 2014 results were favorable. Relative results were also bolstered by avoiding Verizon and tobacco-products manufacturer Philip Morris. Verizon acquired the 45% stake that Vodafone had held in the wireless services company. Despite reporting a sharp increase in first-quarter revenues, Verizon’s profits fell short of many estimates and disappointing wireless subscriber data exerted pressure on its stock price. Philip Morris reported lower first-quarter earnings versus the same period in 2013.

Stocks absent from the fund that detracted from relative performance included the world’s largest publicly-traded oil company Exxon Mobil, Wells Fargo, and technology giants Apple and Microsoft. Apple announced that its Board of Directors increased the company’s share-repurchase authorization,

Performance as of April 30, 2014

		Total return					Average annual total return
Social Choice Equity Fund	Inception date		6 months		1 year			5 years		10 years
Institutional Class	7/1/1999		7.35	%	20.00	%		19.16	%	8.07	%
Premier Class	9/30/2009		7.28		19.80			18.98	*	7.99	*
Retirement Class	10/1/2002		7.22		19.71			18.87		7.77
Retail Class	3/31/2006		7.24		19.64			18.86		7.90	*
Russell 3000 Index	—		7.83		20.78			19.54		8.10

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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

approved an increase in the company’s quarterly dividend and announced plans to split its stock. Microsoft’s stock surged to a 14-year high after the tech giant announced a series of executive appointments.

Fund performance approximates that of its benchmark

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

The fund’s overweight positions in Discovery Communications, State Street, Starbucks and Lowe’s detracted from its relative performance. A research report released earlier in the period questioned Starbucks’ ability to maintain its pace of growth, but the company recently reported that its net revenues rose 9% to a record $3.9 billion for its fiscal second-quarter (ending March 30, 2014) and its earnings-per-share grew 17%. Investor concerns that the harsh winter conditions would hurt revenues of home-improvement retailer Lowe’s exerted pressure on its stock.

The fund’s relative performance was aided by its overweight positions in Hewlett-Packard, Merck, Pepco Holdings and Marathon Petroleum. Hewlett-Packard, a top-performing stock in 2013, reported a significant improvement in quarterly earnings on a year-to-year basis, and favorable reviews boosted the stock’s performance. Pharmaceutical giant Merck reported higher-than-expected first-quarter earnings. Late in the period electric and gas utility Pepco agreed to be acquired by nuclear energy operator Exelon in an all-cash transaction valued at approximately $6.8 billion. An overweight stake in energy company EQT aided results as well.

Expense example
Six months ended April 30, 2014
Social Choice Equity Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,073.48	$0.87
Premier Class		1,000.00		1,072.85	1.64
Retirement Class		1,000.00		1,072.19	2.16
Retail Class		1,000.00		1,072.39	2.42
5% annual
hypothetical return
Institutional Class		1,000.00		1,023.95	0.85
Premier Class		1,000.00		1,023.21	1.61
Retirement Class		1,000.00		1,022.71	2.11
Retail Class		1,000.00		1,022.46	2.36

“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 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.17% for the Institutional Class, 0.32% for the Premier Class, 0.42% for the Retirement Class and 0.47% for the Retail 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 ■ 2014 Semiannual Report

Emerging Markets Equity Fund

Portfolio composition
		% of net assets
Sector		as of 4/30/2014
Information technology		21.8
Financials		19.6
Consumer discretionary		14.6
Industrials		9.5
Materials		8.9
Consumer staples		8.7
Energy		7.7
Health care		3.8
Utilities		3.4
Telecommunication services		1.8
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by country
		% of portfolio investments
		as of 4/30/2014
Korea		15.2
China		12.6
Brazil		10.0
Taiwan		8.9
India		7.7
Mexico		6.4
Hong Kong		4.5
Philippines		3.4
South Africa		3.3
Thailand		3.0
21 other nations		21.4
Short-term investments		3.6
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 4/30/2014
More than $50 billion	15.8
More than $15 billion–$50 billion	28.7
More than $2 billion–$15 billion	37.5
$2 billion or less	18.0
Total	100.0

Performance for the six months ended April 30, 2014

The Emerging Markets Equity Fund returned –3.24% for the Institutional Class, compared with the –2.98% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2014, the fund returned –4.69%, versus –1.84% for the index. The table below shows returns for all share classes of the fund.

Emerging stocks lag developed markets

The MSCI Emerging Markets Index posted a modest loss for the period, trailing the 4.44% return of the 21 developed nations that comprise the MSCI EAFE Index and the 7.83% advance of the broad U.S. stock market, as measured by the Russell 3000^® Index. Investors favored developed market equities because many developed economies were gathering strength while emerging market economies were generally losing momentum.

In the first three months of the period, the MSCI Emerging Markets Index slid 9.19%, in part due to investor concerns about slowing economic growth in China and the Federal Reserve’s decision to start scaling back its bond purchases. However, emerging market equities rallied 6.84% from February through April, aided by signs that the Chinese government was committed to boosting growth.

For the six months, a rising dollar lowered the return of the MSCI Emerging Markets Index for U.S. investors. In terms of local currencies, the index fell 1.72%.

Losses in China and Russia weigh on the benchmark

China—the largest country component of the index at period-end—fell 6.9%, while Russia tumbled 22.9% amid the political crisis in Ukraine. Declines in the sizeable markets of Brazil (down 5.0%) and Korea (down 1.0%) also trimmed the benchmark’s return.

Performance as of April 30, 2014

Average annual

Total return

total return

Emerging Markets

since

Equity Fund*

Inception date

6 months

1 year

inception

Institutional Class

8/31/2010

–3.24

–4.69

2.70

Premier Class

8/31/2010

–3.27

–4.81

2.57

Retirement Class

8/31/2010

–3.32

–4.94

2.44

Retail Class

8/31/2010

–3.37

–5.07

2.30

MSCI Emerging Markets Index

—

–2.98

–1.84

3.12

^†

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

These losses were tempered by gains in several other key index components, including India and Taiwan, which rose 6.8% and 2.2%, respectively. (All returns are in U.S. dollars.)

Stock choices reduce the fund’s relative performance

The fund modestly lagged its benchmark, primarily because of several unfavorable stock selections. Chief among these were the exclusion of three issues in the energy sector that advanced in the declining market: China Petroleum & Chemical, PetroChina and India’s Oil & Natural Gas. A nonbenchmark position in Philippine conglomerate Cosco Capital and an overweight holding in Thai property developer Central Pattana also hurt relative results.

These detractors were partly offset by successful selections, led by out-of-benchmark positions in Japanese construction company Tama Home and Malaysian electronics manufacturer Globetronics Technology. Underweight investments in Korean electronics maker Samsung and Russian financial services firm Sberbank further benefited relative performance.

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.

Expense example
Six months ended April 30, 2014
					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Emerging Markets	value		value		(11/1/13–
Equity Fund	(11/1/13)		(4/30/14)		4/30/14)
Actual return
Institutional Class	$	1,000.00	$	967.57		$4.63
Premier Class		1,000.00		967.26		5.37
Retirement Class		1,000.00		966.82		5.85
Retail Class		1,000.00		966.34		6.58
5% annual
hypothetical return
Institutional Class		1,000.00		1,020.08		4.76
Premier Class		1,000.00		1,019.34		5.51
Retirement Class		1,000.00		1,018.84		6.01
Retail Class		1,000.00		1,018.10		6.76

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.95% for the Institutional Class, 1.10% for the Premier Class, 1.20% for the Retirement Class and 1.35% for the Retail 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 ■ 2014 Semiannual Report

Enhanced International Equity Index Fund

Portfolio composition
		% of net assets
Sector		as of 4/30/2014
Financials		26.1
Consumer discretionary		12.1
Industrials		12.0
Consumer staples		10.5
Health care		10.1
Materials		7.9
Energy		7.2
Telecommunication services		4.5
Information technology		4.4
Utilities		3.7
Short-term investments, other assets & liabilities, net		1.5
Total		100.0

Holdings by country
		% of portfolio investments
		as of 4/30/2014
United Kingdom		18.7
Japan		17.4
France		9.4
Germany		9.0
Switzerland		8.0
Australia		7.2
Netherlands		3.8
Sweden		3.2
Spain		2.6
Hong Kong		2.2
13 other nations		9.9
Short-term investments		8.6
Total		100.0

Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2014
More than $50 billion		39.7
More than $15 billion–$50 billion		34.7
More than $2 billion–$15 billion		25.6
Total		100.0

Performance for the six months ended April 30, 2014

The Enhanced International Equity Index Fund returned 5.60% for the Institutional Class, compared with the 4.44% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2014, the fund returned 14.55%, versus 13.35% for the index.

International developed market stocks lag U.S. but lead emerging markets

For the six months, the MSCI EAFE Index, which measures stock performance in 21 developed market nations outside North America, trailed the 7.83% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, but it outperformed the MSCI Emerging Markets Index, which dropped 2.98%. Investors favored stocks in developed markets where many economies were gathering strength, while emerging market economies were generally losing momentum.

Following its strong finish in 2013, the EAFE dropped 4.03% in January amid delayed structural reforms in Japan and concerns about slowing economic growth, particularly in China and other emerging markets. The EAFE returned –1.84% for the first three months of the period but rallied 6.40% from February through April.

For the six months, a falling dollar relative to the pound and euro increased the return of the EAFE for U.S. investors. (The dollar was stronger against the yen.) In terms of local currencies, the index rose 3.48%.

For the five years ending April 30, 2014, the EAFE’s 13.58% average annual return trailed the 19.54% average return of the Russell 3000 Index.

European stocks boost the benchmark’s performance

Performance as of April 30, 2014

									Average annual
			Total return						total return
Enhanced International												since
Equity Index Fund*	Inception date		6 months			1 year			5 years			inception
Institutional Class		11/30/2007		5.60	%		14.55	%		14.53	%		0.40	%
MSCI EAFE Index		—		4.44			13.35			13.58			0.24	†

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

the biggest detractor, returning –5.9% amid worries over the impact of a pending consumption tax increase and delayed structural reforms. Austria declined 2.7%.

Stock selections lift the fund above its benchmark

The fund benefited from participating in a securities lending program during the six-month period, which helped the fund outperform its benchmark.

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 positions in German automotive supplier Continental, global drug manufacturer AstraZeneca and British airline easyJet. These positive effects were partly countered by overweight holdings in brokerage firm Daiwa Securities, Toyota and Mitsubishi Materials—all Japanese companies.

Expense example
Six months ended April 30, 2014
					Expenses
					paid
Enhanced	Beginning		Ending		during
International	account		account		period*
Equity	value		value		(11/1/13–
Index Fund	(11/1/13)		(4/30/14)		4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,055.96		$2.24
5% annual hypothetical return
Institutional Class		1,000.00		1,022.61		2.21

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. 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 ■ 2014 Semiannual Report

Global Natural Resources Fund

Portfolio composition

Sector	% of net assets as of 4/30/2014
Materials		54.8
Energy		35.5
Consumer staples		6.5
Industrials		2.0
Short-term investments, other assets & liabilities, net		1.2
Total		100.0

Holdings by country

	% of portfolio investments as of 4/30/2014
United States		43.8
Canada		9.5
Australia		7.7
United Kingdom		7.0
France		2.8
Netherlands		2.7
Switzerland		2.5
South Africa		2.2
Indonesia		1.3
Malaysia		1.3
13 other nations		8.4
Short-term investments		10.8
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2014
More than $50 billion		35.0
More than $15 billion–$50 billion		24.2
More than $2 billion–$15 billion		39.9
$2 billion or less		0.9
Total		100.0

Performance for the six months ended April 30, 2014

The Global Natural Resources Fund returned 4.02% for the Institutional Class, outpacing the 3.63% return of its benchmark, the MSCI All Country World Commodity Producers Sector Capped Index. For the one-year period ended April 30, 2014, the fund returned 5.50%, versus 6.04% for the index. The table below shows returns for all share classes of the fund.

Global economic uncertainty weighs on most commodity prices

During the six-month reporting period, the MSCI All Country World Commodity Producers Sector Capped Index, which is equally weighted among energy, agriculture and metals, lagged the 5.28% return of the broader market MSCI All Country World Index.

Most commodities weakened during the period due to concerns surrounding the Federal Reserve’s (“Fed”) tapering program as well as sluggish global economic growth. Metal prices weakened across the board due to fears of an economic slowdown in China. Precious metals were driven lower by rising long-term yields as the Fed began its tapering program.

Natural gas prices in North America and Europe were one of the few areas of strength in commodities due to increased demand generated by the cold winter. Another area of strength was regional premiums for aluminum, which spiked sharply, driven by disparities in availability of the metal in different regions as well as uncertainties regarding a proposed rule change with regard to London Metal Exchange warehouse inventories. West Texas Intermediate crude oil prices strengthened during the period as a result of the impact on North American production from the cold winter, while Brent crude oil prices remained flat. Crude oil prices were also likely supported by the ongoing standoff between Russia and Ukraine.

Performance as of April 30, 2014

		Total return				Average annual total return
Global Natural Resources Fund*	Inception date	6 months		1 year		since inception
Institutional Class	11/1/2011	4.02	%	5.50	%	2.42	%
Premier Class	11/1/2011	3.98		5.35		2.27
Retirement Class	11/1/2011	3.86		5.23		2.17
Retail Class	11/1/2011	3.91		5.07		2.01
MSCI All Country World Commodity Producers Sector Capped Index	—	3.63		6.04		2.14	^†

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

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 4.0%.

Stock selections lift the fund’s relative return

The fund benefited from its underweight position in Brazilian iron ore producer Vale, whose stock was negatively impacted by a sharp pullback in iron ore prices. An overweight position in North American oil and gas producer Continental Resources also contributed to the fund’s relative return. Indian seeds producer Kaveri also produced favorable results.

These positive effects were partly offset by results from other holdings that did not perform as anticipated, including an overweight stake in Turkish gold producer Koza Altin Isletmeleri. The fund was also hurt by its ownership of U.S. iron ore producer Cliffs Natural Resources, which fell following a significant drop in iron ore prices. An underweight position in Royal Dutch Shell also trimmed relative performance.

Expense example

Six months ended April 30, 2014

Global Natural Resources Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,040.23		$3.74
Premier Class		1,000.00		1,039.79		4.55
Retirement Class		1,000.00		1,038.61		5.00
Retail Class		1,000.00		1,039.10		5.76
5% annual hypothetical return
Institutional Class		1,000.00		1,021.12		3.71
Premier Class		1,000.00		1,020.33		4.51
Retirement Class		1,000.00		1,019.89		4.96
Retail Class		1,000.00		1,019.14		5.71

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.74% for the Institutional Class, 0.90% for the Premier Class, 0.99% for the Retirement Class and 1.14% for the Retail 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 ■ 2014 Semiannual Report

International Equity Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2014
Industrials		30.3
Consumer discretionary		23.2
Financials		14.0
Materials		9.6
Health care		9.4
Consumer staples		6.5
Information technology		2.2
Telecommunication services		1.4
Utilities		0.9
Energy		0.1
Short-term investments, other assets & liabilities, net		2.4
Total		100.0

Holdings by country

		% of portfolio investments
		as of 4/30/2014
France		19.7
United Kingdom		15.7
Japan		11.0
Switzerland		9.6
Sweden		8.1
Germany		7.2
India		6.8
Greece		4.9
Netherlands		2.2
Singapore		0.9
5 other nations		1.8
Short-term investments		12.1
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2014
More than $50 billion		12.4
More than $15 billion–$50 billion		36.0
More than $2 billion–$15 billion		48.9
$2 billion or less		2.7
Total		100.0

Performance for the six months ended April 30, 2014

The International Equity Fund returned 4.76% for the Institutional Class, compared with the 4.44% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2014, the fund returned 18.46% versus 13.35% for the index. The table below shows returns for all share classes of the fund.

International developed market stocks lag U.S. but lead emerging markets

For the six months, a falling dollar relative to the pound and euro increased the return of the MSCI EAFE for U.S. investors. (The dollar was stronger against the yen.) In terms of local currencies, the index rose 3.48%.

For the ten years ending April 30, 2014, the EAFE’s 6.93% average annual return trailed the 8.10% average annual return of the Russell 3000 Index.

Performance as of April 30, 2014

									Average annual
			Total return						total return
International Equity Fund*	Inception date		6 months			1 year			5 years			10 years
Institutional Class		7/1/1999		4.76	%		18.46	%		15.72	%		7.45	%
Premier Class		9/30/2009		4.72			18.23			15.55	^†		7.37	^†
Retirement Class		10/1/2002		4.70			18.16			15.45			7.07
Retail Class		3/31/2006		4.54			18.00			15.35			7.46	^†
MSCI EAFE Index		—		4.44			13.35			13.58			6.93

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.

^†

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

European stocks boost the benchmark’s performance

Only two of the country components in the EAFE—Japan and Austria—finished the period in negative territory. (Returns noted are in U.S. dollars.) Two of the largest segments of the index based on market capitalization at period-end were France (up 7.8%) and the United Kingdom (up 7.6%). Japan was the biggest detractor, returning –5.9% amid worries over the impact of a pending consumption tax increase and delayed structural reforms. Austria declined 2.7%.

The fund beats its benchmark on security choices

The fund outperformed its benchmark largely on the strength of successful stock selections. Chief among them were overweight investments in Swedish automobile manufacturer Volvo and Swiss employment agency Adecco, whose first-quarter earnings rose 13% and 64%, respectively.

Out-of-benchmark holdings in National Bank of Greece and the United Kingdom’s Ocado Group detracted from the fund’s returns. The fund’s underweight in Royal Dutch Shell, which reported better-than-expected earnings, also subtracted from performance.

Expense example

Six months ended April 30, 2014

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
International	value		value		(11/1/13–
Equity Fund		(11/1/13)		(4/30/14)		4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,047.61		$2.59
Premier Class		1,000.00		1,047.18		3.30
Retirement Class		1,000.00		1,047.03		3.86
Retail Class		1,000.00		1,045.41		4.36
5% annual hypothetical return
Institutional Class		1,000.00		1,022.27		2.56
Premier Class		1,000.00		1,021.57		3.26
Retirement Class		1,000.00		1,021.03		3.81
Retail Class		1,000.00		1,020.53		4.31

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.51% for the Institutional Class, 0.65% for the Premier Class, 0.76% for the Retirement Class and 0.86% for the Retail 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 ■ 2014 Semiannual Report

International Opportunities Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2014
Consumer discretionary		21.7
Financials		21.4
Industrials		13.6
Information technology		12.9
Health care		9.7
Consumer staples		6.3
Energy		5.8
Materials		3.8
Telecommunication services		0.2
Short-term investments, other assets & liabilities, net		4.6
Total		100.0

Holdings by country

		% of portfolio investments
		as of 4/30/2014
United Kingdom		17.4
Japan		10.3
Canada		5.7
France		4.6
Switzerland		4.2
Netherlands		3.7
Australia		3.7
Taiwan		2.9
Sweden		2.9
Ireland		2.9
20 other nations		29.3
Short-term investments		12.4
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2014
More than $50 billion		28.1
More than $15 billion–$50 billion		16.0
More than $2 billion–$15 billion		42.0
$2 billion or less		13.9
Total		100.0

Performance for the six months ended April 30, 2014

The International Opportunities Fund returned 0.74% for the Institutional Class, compared with the 2.91% return of its benchmark, the MSCI All Country World ex USA Index. For the one-year period ended April 30, 2014, the fund returned 7.67%, versus 9.76% for the index. The table below shows returns for all share classes of the fund.

International stocks underperform domestic equities

For the six months, the MSCI All Country World ex USA Index, which tracks stock performance in 43 developed and emerging market nations, underperformed the 7.83% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, but it outperformed the MSCI Emerging Markets Index, which dropped 2.98%. Investors favored stocks in developed markets where many economies were gathering strength, while emerging market economies were generally losing momentum.

In the first three months of the period, the benchmark returned –3.54%. Much of the loss resulted from January’s steep drop in stock prices amid concerns about slowing economic growth, particularly in emerging markets. However, the index returned 6.68% in the second half of the period as concerns eased.

Foreign currency valuations were not a significant factor in the benchmark’s return for U.S. investors. For the period, the benchmark index gained 2.87% in local currencies, versus 2.91% in dollars.

European markets push the benchmark higher

For the six months, the benchmark’s positive return was primarily driven by gains in developed markets. The United Kingdom, which was the index’s largest country component based on market capitalization at period-end, rose 7.6%.

Performance as of April 30, 2014

									Average annual
			Total return						total return
International									since
Opportunities Fund*	Inception date		6 months			1 year			inception
Institutional Class		4/12/2013		0.74	%		7.67	%		9.14	%
Premier Class		4/12/2013		0.65			7.48			8.95
Retirement Class		4/12/2013		0.54			7.46			8.84
Retail Class		4/12/2013		0.56			7.38			8.75
MSCI All Country World ex USA Index		—		2.91			9.76			11.79	^†

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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

France (up 7.8%), Switzerland (up 8.1%) and Germany (up 7.7%) also posted strong positive gains. (All returns are in U.S. dollars.)

Japan, the second-largest country component of the index, fell 5.9%. Japanese stocks declined, in part, because of delays in structural reforms and concerns that a looming consumption tax increase might derail the economy. Russia (down 22.9%) and China (down 6.9%) were also significant detractors.

Stock choices dampen the fund's relative results

For the period, the fund lagged its benchmark largely as a result of unfavorable stock selections. They included overweight positions in Sanrio Company and Kubata, and a position in out-of-benchmark holding Matsui Securities, which are all based in Japan. These negative effects were partially offset by other holdings that performed favorably. Chief among them were overweight investments in United Arab Emirates-based Ashtel Group and Great Britain-based airliner easyJet. The fund’s investment in out-of-benchmark stock Norwegian pharmaceutical Algeta also boosted performance. During the period, Bayer agreed to buy Algeta for about $2.9 billion.

The fund also benefited from participating in a securities lending program during the six-month period.

Expense example

Six months ended April 30, 2014

					Expenses
					paid
	Beginning		Ending		during
International	account		account		period*
Opportunities	value		value		(11/1/13–
Fund		(11/1/13)		(4/30/14)		4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,007.45		$3.29
Premier Class		1,000.00		1,006.54		4.13
Retirement Class		1,000.00		1,005.44		4.57
Retail Class		1,000.00		1,005.57		4.92
5% annual hypothetical return
Institutional Class		1,000.00		1,021.52		3.31
Premier Class		1,000.00		1,020.68		4.16
Retirement Class		1,000.00		1,020.23		4.61
Retail Class		1,000.00		1,019.89		4.96

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.66% for the Institutional Class, 0.83% for the Premier Class, 0.92% for the Retirement Class and 0.99% for the Retail 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 ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Enhanced Large-Cap Growth Index Fund ■ April 30, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	5,731,812		0.3	%
CAPITAL GOODS
	275,159		Emerson Electric Co		18,760,341		1.1
	220,183		Honeywell International, Inc		20,455,001		1.2
	615,421		Masco Corp		12,363,808		0.7
	119,618		Rockwell Automation, Inc		14,256,073		0.9
	160,094		Westinghouse Air Brake Technologies Corp		11,935,008		0.7
			Other		69,357,837		4.2
					147,128,068		8.8
COMMERCIAL & PROFESSIONAL SERVICES					34,781,427		2.1
CONSUMER DURABLES & APPAREL
	175,581		Hanesbrands, Inc		14,413,444		0.9
			Other		25,516,994		1.5
					39,930,438		2.4
CONSUMER SERVICES
	178,577		Las Vegas Sands Corp		14,130,798		0.8
			Other		33,229,654		2.0
					47,360,452		2.8
DIVERSIFIED FINANCIALS
	76,975	*	Affiliated Managers Group, Inc		15,256,445		0.9
			Other		30,104,587		1.8
					45,361,032		2.7
ENERGY
	213,834		EOG Resources, Inc		20,955,732		1.3
	276,897	*	FMC Technologies, Inc		15,700,060		0.9
	69,097		Pioneer Natural Resources Co		13,354,377		0.8
	343,184		Schlumberger Ltd		34,850,335		2.1
			Other		21,166,955		1.3
					106,027,459		6.4
FOOD & STAPLES RETAILING					13,821,963		0.8
FOOD, BEVERAGE & TOBACCO
	652,823		Altria Group, Inc		26,184,731		1.6
	629,079		Coca-Cola Co		25,660,132		1.5
	148,859		Hershey Co		14,326,190		0.8
	292,518		Kraft Foods Group, Inc		16,632,573		1.0
	216,440	*	Monster Beverage Corp		14,492,822		0.9
	228,243		Philip Morris International, Inc		19,498,800		1.2
			Other		30,463,266		1.8
					147,258,514		8.8
HEALTH CARE EQUIPMENT & SERVICES
	99,507		Bard (C.R.), Inc		13,665,296		0.8
			Other		15,782,293		1.0
					29,447,589		1.8
HOUSEHOLD & PERSONAL PRODUCTS					7,785,327		0.5
INSURANCE
	167,244		Travelers Cos, Inc		15,148,961		0.9
			Other		15,859,201		1.0
					31,008,162		1.9

Shares			Company	Value		% of net assets
MATERIALS
	79,385		Sherwin-Williams Co	$	15,864,298		1.0	%
	125,555		Sigma-Aldrich Corp		12,079,647		0.7
			Other		44,506,771		2.7
					72,450,716		4.4
MEDIA
	295,861	*	Liberty Global plc (Class A)		11,781,185		0.7
	218,519		Viacom, Inc (Class B)		18,569,745		1.1
			Other		38,772,172		2.4
					69,123,102		4.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	486,135		AbbVie, Inc		25,317,911		1.5
	130,013		Allergan, Inc		21,561,356		1.3
	41,538	*	Biogen Idec, Inc		11,926,390		0.7
	317,629		Bristol-Myers Squibb Co		15,910,037		1.0
	119,628	*	Celgene Corp		17,586,512		1.1
	413,779	*	Gilead Sciences, Inc		32,477,514		2.0
	398,358		Zoetis Inc		12,054,313		0.7
			Other		32,231,069		1.9
					169,065,102		10.2
REAL ESTATE
	111,453		Simon Property Group, Inc		19,303,660		1.1
			Other		18,105,080		1.1
					37,408,740		2.2
RETAILING
	38,853	*	Amazon.com, Inc		11,816,363		0.7
	399,412		Home Depot, Inc		31,757,248		1.9
	18,608	*	Priceline.com, Inc		21,543,412		1.3
			Other		45,085,205		2.7
					110,202,228		6.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	295,558		Linear Technology Corp		13,152,331		0.8
			Other		23,551,411		1.4
					36,703,742		2.2
SOFTWARE & SERVICES
	240,680		Accenture plc		19,307,350		1.2
	50,916	*	Alliance Data Systems Corp		12,316,580		0.7
	392,366	*	Facebook, Inc		23,455,639		1.4
	125,211	*	FleetCor Technologies, Inc		14,290,331		0.9
	105,126	*	Google, Inc		55,365,659		3.3
	101,304		International Business Machines Corp		19,903,197		1.2
	372,325		Mastercard, Inc (Class A)		27,384,504		1.7
	1,444,595		Microsoft Corp		58,361,638		3.5
	145,621		Visa, Inc (Class A)		29,504,271		1.8
			Other		40,623,420		2.4
					300,512,589		18.1
TECHNOLOGY HARDWARE & EQUIPMENT
	99,068		Apple, Inc		58,459,036		3.5
	438,257		Qualcomm, Inc		34,495,209		2.1
			Other		12,686,929		0.7
					105,641,174		6.3

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Enhanced Large-Cap Growth Index Fund ■ April 30, 2014

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	932,266	Verizon Communications, Inc	$	43,564,790		2.6	%
		Other		1,876,613		0.1
				45,441,403		2.7
TRANSPORTATION
	241,549	United Parcel Service, Inc (Class B)		23,792,577		1.4
		Other		10,102,853		0.7
				33,895,430		2.1
		TOTAL COMMON STOCKS
		(Cost $1,321,971,406)		1,636,086,469		98.3

Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				7,999,822		0.5

Shares			Company		Value	% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	11,680,052	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	11,680,052		0.7	%
					11,680,052		0.7
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $19,679,874)		19,679,874		1.2
			TOTAL PORTFOLIO
			(Cost $1,341,651,280)		1,655,766,343		99.5
			OTHER ASSETS & LIABILITIES, NET		9,232,435		0.5
			NET ASSETS	$	1,664,998,778		100.0	%

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

The aggregate value of securities on loan is $11,632,516.

“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 ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Enhanced Large-Cap Value Index Fund ■ April 30, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	166,800		Johnson Controls, Inc	$	7,529,352		0.5	%
			Other		18,080,645		1.1
					25,609,997		1.6
BANKS
	1,307,224		Bank of America Corp		19,791,371		1.2
	404,000		Citigroup, Inc		19,355,640		1.2
	757,540		JPMorgan Chase & Co		42,407,089		2.6
	919,000		Wells Fargo & Co		45,619,160		2.8
			Other		45,871,334		2.8
					173,044,594		10.6
CAPITAL GOODS
	43,380		Cummins, Inc		6,543,873		0.4
	121,380		Eaton Corp		8,817,043		0.5
	1,202,424		General Electric Co		32,333,182		2.0
	69,380		Northrop Grumman Corp		8,430,364		0.5
			Other		86,412,763		5.3
					142,537,225		8.7
COMMERCIAL & PROFESSIONAL SERVICES					9,213,949		0.6
CONSUMER DURABLES & APPAREL					24,277,916		1.5
CONSUMER SERVICES					12,944,845		0.8
DIVERSIFIED FINANCIALS
	121,000		Discover Financial Services		6,763,900		0.4
	102,800		Goldman Sachs Group, Inc		16,429,496		1.0
	218,000	e	PowerShares QQQ Trust Series		19,051,020		1.2
	50,000	e	SPDR Trust Series 1		9,421,500		0.6
			Other		34,258,410		2.1
					85,924,326		5.3
ENERGY
	275,742		Chevron Corp		34,611,136		2.1
	157,750		ConocoPhillips		11,722,402		0.7
	577,742		Exxon Mobil Corp		59,166,558		3.6
	76,380		Hess Corp		6,810,041		0.4
	83,900		Marathon Petroleum Corp		7,798,505		0.5
	90,800		National Oilwell Varco, Inc		7,130,524		0.4
	133,300		Occidental Petroleum Corp		12,763,475		0.8
	126,380		Phillips 66		10,517,344		0.7
	133,800	*	Valero Energy Corp		7,649,346		0.5
			Other		70,713,797		4.3
					228,883,128		14.0
FOOD & STAPLES RETAILING					5,253,438		0.3
FOOD, BEVERAGE & TOBACCO
	172,540		Archer Daniels Midland Co		7,545,174		0.4
			Other		25,633,989		1.6
					33,179,163		2.0

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	457,500		Abbott Laboratories	$	17,723,550		1.1	%
	100,890	*	Covidien plc		7,188,413		0.4
	117,242		Medtronic, Inc		6,896,174		0.4
			Other		53,775,537		3.3
					85,583,674		5.2
HOUSEHOLD & PERSONAL PRODUCTS
	287,724		Procter & Gamble Co		23,751,616		1.4
			Other		5,939,484		0.4
					29,691,100		1.8
INSURANCE
	118,180		Allstate Corp		6,730,351		0.4
	243,931		American International Group, Inc		12,960,054		0.8
	185,324	*	Berkshire Hathaway, Inc (Class B)		23,878,998		1.5
			Other		62,683,501		3.8
					106,252,904		6.5
MATERIALS					59,947,286		3.7
MEDIA
	260,800		Walt Disney Co		20,691,872		1.3
			Other		18,339,857		1.1
					39,031,729		2.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	23,890	*,p	Biogen Idec, Inc		6,859,297		0.4
	86,880	*,p	Gilead Sciences, Inc		6,819,211		0.4
	307,724		Johnson & Johnson		31,169,364		1.9
	374,242		Merck & Co, Inc		21,915,612		1.3
	1,223,880		Pfizer, Inc		38,282,966		2.4
	91,800		Thermo Electron Corp		10,465,200		0.6
			Other		34,911,982		2.1
					150,423,632		9.1
REAL ESTATE
	40,100		Simon Property Group, Inc		6,945,320		0.4
			Other		42,445,175		2.6
					49,390,495		3.0
RETAILING					36,682,938		2.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	474,200		Intel Corp		12,656,398		0.8
	293,800	*	Micron Technology, Inc		7,674,056		0.4
			Other		21,400,695		1.3
					41,731,149		2.5
SOFTWARE & SERVICES
	111,390	*	Workday, Inc		8,139,267		0.5
			Other		38,328,583		2.3
					46,467,850		2.8
TECHNOLOGY HARDWARE & EQUIPMENT
	25,353		Apple, Inc		14,960,552		0.9
	547,750		Cisco Systems, Inc		12,658,502		0.8
	439,000		Hewlett-Packard Co		14,513,340		0.9
	76,800		Western Digital Corp		6,768,384		0.4
			Other		34,394,792		2.1
					83,295,570		5.1

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Enhanced Large-Cap Value Index Fund ■ April 30, 2014

Shares			Company	Value			% of net assets
TELECOMMUNICATION SERVICES
	507,750		AT&T, Inc	$	18,126,675			1.1	%
			Other		10,006,017			0.6
					28,132,692			1.7
TRANSPORTATION
	80,000		FedEx Corp		10,900,000			0.7
			Other		24,572,057			1.5
					35,472,057			2.2
UTILITIES
	128,000		Dominion Resources, Inc		9,285,120			0.6
	86,890		NextEra Energy, Inc		8,675,967			0.5
			Other		72,822,158			4.5
					90,783,245			5.6
			TOTAL COMMON STOCKS
			(Cost $1,212,099,289)		1,623,754,902			99.2
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	63,327,184	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		63,327,184			3.9
					63,327,184			3.9
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $63,327,184)		63,327,184			3.9
			TOTAL PORTFOLIO
			(Cost $1,275,426,473)		1,687,082,086			103.1
			OTHER ASSETS & LIABILITIES, NET		(50,835,594	)		(3.1	)
			NET ASSETS	$	1,636,246,492			100.0	%

Abbreviation(s):

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, including those in “Other,” is $62,340,095.
p	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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Growth & Income Fund ■ April 30, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	63,199,257		1.4	%
BANKS
	4,182,506	p	Bank of America Corp		63,323,141		1.5
	610,499		Citigroup, Inc		29,249,007		0.7
	746,575		JPMorgan Chase & Co		41,793,268		1.0
	806,342		SunTrust Banks, Inc		30,850,645		0.7
	1,178,142		Wells Fargo & Co		58,482,969		1.3
			Other		31,229,540		0.7
					254,928,570		5.9
CAPITAL GOODS
	424,985		Eaton Corp		30,870,911		0.7
	427,723		Emerson Electric Co		29,162,154		0.7
	3,642,797		General Electric Co		97,954,811		2.2
	593,508		Honeywell International, Inc		55,136,893		1.3
	251,625		L-3 Communications Holdings, Inc		29,029,976		0.7
			Other		145,570,191		3.3
					387,724,936		8.9
COMMERCIAL & PROFESSIONAL SERVICES					30,422,508		0.7
CONSUMER DURABLES & APPAREL
	559,103		Hasbro, Inc		30,896,032		0.7
			Other		85,258,719		2.0
					116,154,751		2.7
CONSUMER SERVICES					55,659,335		1.3
DIVERSIFIED FINANCIALS
	405,700		American Express Co		35,470,351		0.8
	1,086,247		Morgan Stanley		33,597,619		0.8
			Other		71,478,431		1.6
					140,546,401		3.2
ENERGY
	626,933		Chevron Corp		78,692,630		1.8
	457,510		EOG Resources, Inc		44,835,980		1.0
	791,519		Halliburton Co		49,921,103		1.2
	757,787		Marathon Oil Corp		27,394,000		0.6
	354,100		Phillips 66		29,468,202		0.7
			Other		135,643,237		3.1
					365,955,152		8.4
FOOD & STAPLES RETAILING					41,833,563		1.0
FOOD, BEVERAGE & TOBACCO
	408,767	*	Constellation Brands, Inc (Class A)		32,635,957		0.8
	284,146	p	Hershey Co		27,346,211		0.6
	581,701		PepsiCo, Inc		49,962,299		1.1
			Other		95,753,209		2.2
					205,697,676		4.7
HEALTH CARE EQUIPMENT & SERVICES
	635,164	p	Aetna, Inc		45,382,468		1.0
	495,096		St. Jude Medical, Inc		31,423,743		0.7
			Other		71,856,011		1.7
					148,662,222		3.4

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	537,626	*	Colgate-Palmolive Co	$	36,182,230		0.8	%
	549,222	p	Procter & Gamble Co		45,338,276		1.1
			Other		51,661,518		1.2
					133,182,024		3.1
INSURANCE
	378,678		ACE Ltd		38,746,333		0.9
	889,484		Hartford Financial Services Group, Inc		31,905,791		0.7
	606,820		Metlife, Inc		31,767,027		0.7
			Other		51,770,749		1.2
					154,189,900		3.5
MATERIALS
	627,448		Dow Chemical Co		31,309,655		0.7
	342,030		LyondellBasell Industries AF S.C.A		31,637,775		0.8
			Other		113,236,137		2.6
					176,183,567		4.1
MEDIA
	1,118,530		Comcast Corp (Class A)		57,895,113		1.3
	706,666		Walt Disney Co		56,066,880		1.3
			Other		76,441,244		1.8
					190,403,237		4.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	167,818	*	Actavis plc		34,290,252		0.8
	107,042	*	Biogen Idec, Inc		30,733,899		0.7
	661,240	*	Gilead Sciences, Inc		51,900,728		1.2
	1,136,239		Johnson & Johnson		115,089,648		2.6
	1,107,189		Merck & Co, Inc		64,836,988		1.5
			Other		251,900,345		5.8
					548,751,860		12.6
RETAILING
	688,402		Home Depot, Inc		54,734,843		1.3
	492,787		Macy’s, Inc		28,300,757		0.7
	27,709	*	Priceline.com, Inc		32,080,095		0.7
	504,610		TJX Companies, Inc		29,358,210		0.7
			Other		105,475,722		2.4
					249,949,627		5.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					89,011,296		2.0
SOFTWARE & SERVICES
	641,768	*,p	Facebook, Inc		38,364,891		0.9
	158,556	*,p	Google, Inc		83,505,103		1.9
	2,422,393		Microsoft Corp		97,864,677		2.3
			Other		140,407,226		3.2
					360,141,897		8.3
TECHNOLOGY HARDWARE & EQUIPMENT
	243,664	p	Apple, Inc		143,783,690		3.3
	287,556	*	F5 Networks, Inc		30,242,264		0.7
			Other		123,650,056		2.9
					297,676,010		6.9

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Growth & Income Fund ■ April 30, 2014

Shares		Company	Value		% of net assets
TELECOMMUNICATION SERVICES
	921,532	Verizon Communications, Inc	$	43,063,191		1.0	%
		Other		35,175,408		0.8
				78,238,599		1.8
TRANSPORTATION
	1,120,819	Delta Air Lines, Inc		41,279,764		1.0
		Other		78,569,283		1.8
				119,849,047		2.8
UTILITIES
	290,667	NextEra Energy, Inc		29,023,100		0.7
		Other		67,034,224		1.5
				96,057,324		2.2
		TOTAL COMMON STOCKS
		(Cost $3,387,274,206)		4,304,418,759		99.1
PURCHASED OPTIONS
BANKS				19,040		0.0
FOOD, BEVERAGE & TOBACCO				28,105		0.0
HEALTH CARE EQUIPMENT & SERVICES				13,750		0.0
HOUSEHOLD & PERSONAL PRODUCTS				7,300		0.0
RETAILING				630		0.0
SOFTWARE & SERVICES				5,590		0.0
TRANSPORTATION				8,938		0.0
		TOTAL PURCHASED OPTIONS
		(Cost $257,742)		83,353		0.0

Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				6,149,911		0.2
TREASURY DEBT				1,399,992		0.0

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

	98,436,026	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	98,436,026			2.3	%
					98,436,026			2.3
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $105,985,929)		105,985,929			2.5
			TOTAL PORTFOLIO
			(Cost $3,493,517,877)		4,410,488,041			101.6
			OTHER ASSETS & LIABILITIES, NET		(68,689,385	)		(1.6	)
			NET ASSETS	$	4,341,798,656			100.0	%

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
p	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 $96,131,362.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Growth Fund ■ April 30, 2014

						% of net
Shares			Company	Value		assets
COMMON STOCKS
CAPITAL GOODS
	173,501		3M Co	$	24,132,254		1.0	%
	153,906		Precision Castparts Corp		38,952,070		1.5
	101,112		W.W. Grainger, Inc		25,722,893		1.0
			Other		31,775,127		1.2
					120,582,344		4.7
COMMERCIAL & PROFESSIONAL SERVICES
	1,148,909		Nielsen Holdings NV		53,941,278		2.1
	422,717	*	Verisk Analytics, Inc		25,401,064		1.0
					79,342,342		3.1
CONSUMER DURABLES & APPAREL
	159,634		LVMH Moet Hennessy Louis Vuitton S.A.		31,446,977		1.2
	505,034		Nike, Inc (Class B)		36,842,230		1.4
			Other		52,964,379		2.1
					121,253,586		4.7
CONSUMER SERVICES
	616,423		Las Vegas Sands Corp		48,777,552		1.9
	582,382		Starbucks Corp		41,127,817		1.6
			Other		3,487,559		0.2
					93,392,928		3.7
DIVERSIFIED FINANCIALS
	229,112		Ameriprise Financial, Inc		25,575,773		1.0
	164,421		IntercontinentalExchange Group, Inc		33,614,229		1.3
	428,429		Moody’s Corp		33,631,677		1.3
			Other		56,452,446		2.2
					149,274,125		5.8
ENERGY
	415,392		EOG Resources, Inc		40,708,416		1.6
			Other		22,996,583		0.9
					63,704,999		2.5
FOOD, BEVERAGE & TOBACCO					11,719,406		0.4
HEALTH CARE EQUIPMENT & SERVICES					12,553,879		0.5
HOUSEHOLD & PERSONAL PRODUCTS
	556,956		Estee Lauder Cos (Class A)		40,418,297		1.6
					40,418,297		1.6
MATERIALS
	393,433		LyondellBasell Industries AF S.C.A		36,392,553		1.4
	496,726		Monsanto Co		54,987,568		2.2
	126,660		Sherwin-Williams Co		25,311,734		1.0
					116,691,855		4.6
MEDIA
	721,592		Comcast Corp (Class A)		37,349,602		1.5
	534,609		Walt Disney Co		42,415,878		1.6
			Other		38,537,570		1.5
					118,303,050		4.6

						% of net
Shares			Company	Value		assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	321,512		Allergan, Inc	$	53,319,550		2.1	%
	278,113	e	Bayer AG.		38,669,297		1.5
	154,422	*	Biogen Idec, Inc		44,337,645		1.7
	866,914		Bristol-Myers Squibb Co		43,423,722		1.7
	351,728	*	Celgene Corp		51,707,533		2.0
	419,140		Eli Lilly & Co		24,771,174		1.0
	1,073,709	*	Gilead Sciences, Inc		84,275,419		3.3
	523,026		Novo Nordisk AS		23,738,049		0.9
	382,279		Perrigo Co plc		55,376,936		2.2
			Other		42,159,830		1.7
					461,779,155		18.1
REAL ESTATE					21,944,446		0.9
RETAILING
	169,481	*	Amazon.com, Inc		51,544,257		2.0
	365,945		Expedia, Inc		25,978,436		1.0
	422,546		Home Depot, Inc		33,596,632		1.3
			Other		21,770,969		0.9
					132,890,294		5.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	519,963		ARM Holdings plc (ADR)		23,668,716		0.9
	671,165		Xilinx, Inc		31,672,276		1.3
			Other		15,525,836		0.6
					70,866,828		2.8
SOFTWARE & SERVICES
	959,526	*	Adobe Systems, Inc		59,193,159		2.3
	582,173	*	eBay, Inc		30,174,027		1.2
	1,104,682	*	Facebook, Inc		66,037,890		2.6
	101,729	*	Google, Inc		53,576,595		2.1
	101,729	*	Google, Inc (Class A)		54,412,807		2.1
	1,046,712		Intuit, Inc		79,288,434		3.1
	1,005,575		Mastercard, Inc (Class A)		73,960,041		2.9
	931,281	*	Red Hat, Inc		45,306,821		1.8
	572,403	*	Salesforce.com, Inc		29,564,615		1.2
	236,980		Visa, Inc (Class A)		48,014,518		1.9
	345,179	*	VMware, Inc (Class A)		31,932,509		1.2
			Other		32,928,865		1.3
					604,390,281		23.7
TECHNOLOGY HARDWARE & EQUIPMENT
	172,371		Apple, Inc		101,714,403		4.0
	425,763		Qualcomm, Inc		33,511,806		1.3
			Other		27,344,374		1.1
					162,570,583		6.4
TELECOMMUNICATION SERVICES
	482,200		Softbank Corp		35,913,288		1.4
			Other		4,944,445		0.2
					40,857,733		1.6

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Large-Cap Growth Fund ■ April 30, 2014

					% of net
Shares		Company	Value		assets
TRANSPORTATION
	765,172	Delta Air Lines, Inc	$	28,181,285		1.1	%
	256,255	Kansas City Southern Industries, Inc		25,851,004		1.0
		Other		12,819,611		0.5
				66,851,900		2.6
		TOTAL COMMON STOCKS (Cost $1,921,343,564)		2,489,388,031		97.5

	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				14,199,020		0.6
TREASURY DEBT				33,993,552		1.3

						% of net
Shares			Company	Value		assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,294,592	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	5,294,592		0.2	%
					5,294,592		0.2
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $53,486,697)		53,487,164		2.1
			TOTAL PORTFOLIO (Cost $1,974,830,261)		2,542,875,195		99.6
			OTHER ASSETS & LIABILITIES, NET		8,941,538		0.4
			NET ASSETS	$	2,551,816,733		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 $5,150,676.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Value Fund ■ April 30, 2014

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	19,943,796		0.4	%
BANKS
	6,133,137		Bank of America Corp		92,855,694		1.9
	1,605,582		Citigroup, Inc		76,923,434		1.5
	1,200,489		JPMorgan Chase & Co		67,203,374		1.3
	3,088,564		Keycorp		42,128,013		0.8
	3,277,850		Regions Financial Corp		33,237,399		0.7
	1,968,135		TCF Financial Corp		30,899,719		0.6
	2,846,539		Wells Fargo & Co		141,302,196		2.8
			Other		28,403,519		0.6
					512,953,348		10.2
CAPITAL GOODS
	7,052,876		General Electric Co		189,651,835		3.8
	729,452	e	Joy Global, Inc		44,044,312		0.9
	340,286		SPX Corp		34,654,726		0.7
			Other		121,074,948		2.4
					389,425,821		7.8
CONSUMER DURABLES & APPAREL
	596,249		Hasbro, Inc		32,948,720		0.7
	738,265	*	Jarden Corp		42,191,845		0.9
	2,220,964		Pulte Homes, Inc		40,843,528		0.8
			Other		12,039,006		0.2
					128,023,099		2.6
CONSUMER SERVICES
	651,699		Darden Restaurants, Inc		32,395,957		0.6
			Other		115,278,487		2.3
					147,674,444		2.9
DIVERSIFIED FINANCIALS
	858,139		Legg Mason, Inc		40,238,138		0.8
	1,028,157		Morgan Stanley		31,800,896		0.6
	884,831		State Street Corp		57,124,689		1.1
			Other		63,157,411		1.3
					192,321,134		3.8
ENERGY
	674,590		Chevron Corp		84,674,537		1.7
	617,563		ConocoPhillips		45,891,107		0.9
	1,226,789		Exxon Mobil Corp		125,635,462		2.5
	1,067,629		Marathon Oil Corp		38,594,788		0.8
	1,258,379		Nabors Industries Ltd		32,113,832		0.7
	5,513,215		Talisman Energy, Inc		56,951,511		1.1
	1,448,723	*	Weatherford International Ltd		30,423,183		0.6
			Other		365,971,294		7.3
					780,255,714		15.6
FOOD & STAPLES RETAILING
	762,720		CVS Corp		55,464,999		1.1
			Other		24,152,030		0.5
					79,617,029		1.6

						% of net
Shares			Company	Value		assets
FOOD, BEVERAGE & TOBACCO
	566,644		SABMiller plc	$	30,854,312		0.6	%
			Other		42,202,304		0.8
					73,056,616		1.4
HEALTH CARE EQUIPMENT & SERVICES
	526,605	*	Covidien plc		37,520,606		0.8
	880,875		UnitedHealth Group, Inc		66,100,860		1.3
			Other		121,850,357		2.4
					225,471,823		4.5
HOUSEHOLD & PERSONAL PRODUCTS
	1,265,126		Procter & Gamble Co		104,436,151		2.1
			Other		54,666,237		1.1
					159,102,388		3.2
INSURANCE
	429,743		ACE Ltd		43,971,304		0.9
	627,975		Allstate Corp		35,763,176		0.7
	792,742		American International Group, Inc		42,118,382		0.9
	459,655	*	Berkshire Hathaway, Inc (Class B)		59,226,547		1.2
	1,013,951		Hartford Financial Services Group, Inc		36,370,422		0.7
	664,733		Metlife, Inc		34,798,773		0.7
			Other		96,228,916		1.9
					348,477,520		7.0
MATERIALS					167,842,435		3.4
MEDIA					57,262,728		1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,419,008		Johnson & Johnson		143,731,320		2.9
	1,575,289		Merck & Co, Inc		92,248,924		1.8
	2,214,756		Pfizer, Inc		69,277,568		1.4
			Other		130,980,073		2.6
					436,237,885		8.7
REAL ESTATE
	398,501		Vornado Realty Trust		40,886,203		0.8
			Other		129,672,513		2.6
					170,558,716		3.4
RETAILING					62,339,261		1.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	476,335	*	First Solar, Inc		32,147,849		0.6
			Other		89,657,407		1.8
					121,805,256		2.4
SOFTWARE & SERVICES
	877,273		Microsoft Corp		35,441,829		0.7
			Other		129,968,024		2.6
					165,409,853		3.3

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Large-Cap Value Fund ■ April 30, 2014

						% of net
Shares			Company	Value		assets
TECHNOLOGY HARDWARE & EQUIPMENT
	78,752		Apple, Inc	$	46,470,768		0.9	%
	2,150,915		Cisco Systems, Inc		49,707,646		1.0
	1,135,684		EMC Corp		29,300,647		0.6
	1,619,411		Hewlett-Packard Co		53,537,728		1.0
	4,571,167	*	Nokia Corp		34,283,752		0.7
			Other		49,046,898		1.0
					262,347,439		5.2
TELECOMMUNICATION SERVICES
	2,722,052		AT&T, Inc		97,177,256		2.0
			Other		81,442,292		1.6
					178,619,548		3.6
TRANSPORTATION					119,584,376		2.4
UTILITIES
	924,925		Exelon Corp		32,400,123		0.6
	387,730		NextEra Energy, Inc		38,714,840		0.8
			Other		137,808,802		2.8
					208,923,765		4.2
			TOTAL COMMON STOCKS (Cost $4,072,999,490)		5,007,253,994		99.9

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					12,999,682		0.3

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	205,728,168	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	205,728,168			4.1	%
					205,728,168			4.1
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $218,727,850)		218,727,850			4.4
			TOTAL PORTFOLIO (Cost $4,291,727,340)		5,225,981,844			104.3
			OTHER ASSETS & LIABILITIES, NET		(214,766,292	)		(4.3	)
			NET ASSETS	$	5,011,215,552			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 $198,009,628.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Mid-Cap Growth Fund ■ April 30, 2014

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	350,765		Delphi Automotive plc	$	23,445,132		1.3	%
			Other		11,542,053		0.6
					34,987,185		1.9
BANKS					12,538,243		0.7
CAPITAL GOODS
	465,532		Ametek, Inc		24,542,847		1.3
	227,376		Chicago Bridge & Iron Co NV		18,205,996		1.0
	247,473		Crane Co		17,998,711		1.0
	236,311		Flowserve Corp		17,262,519		0.9
	437,116		Fortune Brands Home & Security, Inc		17,419,073		0.9
	318,064		Ingersoll-Rand plc		19,020,227		1.0
	981,464		Masco Corp		19,717,612		1.1
	165,134		Rockwell Automation, Inc		19,680,670		1.1
	114,862		TransDigm Group, Inc		20,430,504		1.1
			Other		59,372,261		3.2
					233,650,420		12.6
COMMERCIAL & PROFESSIONAL SERVICES					9,689,671		0.5
CONSUMER DURABLES & APPAREL
	347,648		Hasbro, Inc		19,211,029		1.0
	325,629	*	Jarden Corp		18,609,697		1.0
	254,757	*	Michael Kors Holdings Ltd		23,233,838		1.3
	124,973		Phillips-Van Heusen Corp		15,692,860		0.8
			Other		49,411,233		2.7
					126,158,657		6.8
CONSUMER SERVICES
	207,701		Starwood Hotels & Resorts Worldwide, Inc		15,920,281		0.8
			Other		48,164,904		2.6
					64,085,185		3.4
DIVERSIFIED FINANCIALS
	122,530	*	Affiliated Managers Group, Inc		24,285,446		1.3
	340,258		CBOE Holdings, Inc		18,156,167		1.0
	98,065		IntercontinentalExchange Group, Inc		20,048,409		1.1
	434,051	e	iShares Russell Midcap Growth Index Fund		36,685,991		2.0
	419,046		Lazard Ltd (Class A)		19,716,114		1.0
	285,675		McGraw-Hill Financial, Inc		21,119,953		1.1
	275,907		Moody’s Corp		21,658,699		1.2
					161,670,779		8.7
ENERGY
	160,827	*	Concho Resources, Inc		20,979,882		1.1
	282,115	p	Range Resources Corp		25,517,302		1.4
			Other		45,513,064		2.5
					92,010,248		5.0
FOOD & STAPLES RETAILING					15,520,590		0.8
FOOD, BEVERAGE & TOBACCO
	265,756	*	Constellation Brands, Inc (Class A)		21,217,959		1.1
	193,109	*	Hain Celestial Group, Inc		16,611,236		0.9
	251,492		Hershey Co		24,203,590		1.3
			Other		38,693,270		2.1
					100,726,055		5.4

						% of net
	Shares		Company	Value		assets
HEALTH CARE EQUIPMENT & SERVICES
	445,799	*	Cerner Corp	$	22,869,489		1.2	%
	277,412	*	Pediatrix Medical Group, Inc		16,436,661		0.9
			Other		38,081,524		2.1
					77,387,674		4.2
HOUSEHOLD & PERSONAL PRODUCTS
	259,626		Church & Dwight Co, Inc		17,916,790		1.0
					17,916,790		1.0
MATERIALS
	244,294		Aptargroup, Inc		16,470,302		0.9
			Other		62,768,810		3.4
					79,239,112		4.3
MEDIA					20,223,081		1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	160,768	*	Actavis plc		32,849,725		1.8
	122,053	*	Alexion Pharmaceuticals, Inc		19,308,785		1.0
	383,374	*	Alkermes plc		17,734,881		1.0
	347,051	*	Mylan Laboratories, Inc		17,623,250		0.9
			Other		87,307,015		4.7
					174,823,656		9.4
RETAILING
	45,716	*	AutoZone, Inc		24,407,315		1.3
	791,474	*	LKQ Corp		23,047,723		1.2
	360,856		Macy’s, Inc		20,723,960		1.1
	169,715	*	O’Reilly Automotive, Inc		25,251,895		1.4
	316,009		Ross Stores, Inc		21,513,893		1.2
	285,932		Tractor Supply Co		19,226,067		1.0
			Other		38,250,853		2.1
					172,421,706		9.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	325,761		Avago Technologies Ltd		20,685,823		1.1
	264,548	*	NXP Semiconductors NV		15,772,352		0.9
	484,136		Xilinx, Inc		22,846,378		1.2
			Other		28,561,793		1.5
					87,866,346		4.7
SOFTWARE & SERVICES
	73,559	*	Alliance Data Systems Corp		17,793,922		0.9
	542,224	*	Vantiv, Inc		16,673,388		0.9
			Other		174,518,908		9.4
					208,986,218		11.2
TECHNOLOGY HARDWARE & EQUIPMENT
	183,223	*	F5 Networks, Inc		19,269,563		1.0
			Other		82,538,220		4.4
					101,807,783		5.4
TELECOMMUNICATION SERVICES
	253,078	*	SBA Communications Corp (Class A)		22,716,281		1.2
					22,716,281		1.2

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Mid-Cap Growth Fund ■ April 30, 2014

							% of net
	Shares		Company		Value		assets
TRANSPORTATION
	680,283		Delta Air Lines, Inc	$	25,054,823			1.3	%
			Other		8,541,000			0.5
					33,595,823			1.8
			TOTAL COMMON STOCKS (Cost $1,575,548,010)		1,848,021,503			99.4
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	63,419,472	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		63,419,472			3.4
					63,419,472			3.4
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $63,419,472)		63,419,472			3.4
			TOTAL PORTFOLIO (Cost $1,638,967,482)		1,911,440,975			102.8
			OTHER ASSETS & LIABILITIES, NET		(51,983,237	)		(2.8	)
			NET ASSETS	$	1,859,457,738			100.0	%

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $61,639,582.
p	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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Mid-Cap Value Fund ■ April 30, 2014

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	76,841,669		1.6	%
BANKS
	2,450,000		Fifth Third Bancorp		50,494,500		1.0
	3,450,000		Huntington Bancshares, Inc		31,602,000		0.6
	3,280,000		Keycorp		44,739,200		0.9
	231,182	e	M&T Bank Corp		28,206,516		0.6
	2,750,000		Regions Financial Corp		27,885,000		0.6
	1,010,000		SunTrust Banks, Inc		38,642,600		0.8
			Other		134,573,832		2.8
					356,143,648		7.3
CAPITAL GOODS
	510,000		Paccar, Inc		32,629,800		0.7
	274,863	*	WABCO Holdings, Inc		29,413,090		0.6
			Other		312,867,280		6.4
					374,910,170		7.7
COMMERCIAL & PROFESSIONAL SERVICES					16,141,400		0.3
CONSUMER DURABLES & APPAREL					94,915,927		2.0
CONSUMER SERVICES					90,494,809		1.9
DIVERSIFIED FINANCIALS
	489,000		Ameriprise Financial, Inc		54,587,070		1.1
	1,250,000	*	E*Trade Financial Corp		28,062,500		0.6
			Other		114,086,156		2.3
					196,735,726		4.0
ENERGY
	500,000		Anadarko Petroleum Corp		49,510,000		1.0
	645,000		Baker Hughes, Inc		45,085,500		0.9
	300,000		Equitable Resources, Inc		32,697,000		0.7
	515,000		Noble Energy, Inc		36,966,700		0.8
			Other		276,278,335		5.7
					440,537,535		9.1
FOOD & STAPLES RETAILING					26,155,260		0.5
FOOD, BEVERAGE & TOBACCO
	1,220,000		Tyson Foods, Inc (Class A)		51,203,400		1.0
			Other		52,923,540		1.1
					104,126,940		2.1
HEALTH CARE EQUIPMENT & SERVICES
	2,630,000	*	Boston Scientific Corp		33,164,300		0.7
	950,000	*	CareFusion Corp		37,107,000		0.8
	435,200		Cigna Corp		34,833,408		0.7
	420,000		Zimmer Holdings, Inc		40,656,000		0.8
			Other		155,970,035		3.2
					301,730,743		6.2

						% of net
Shares			Company	Value		assets
INSURANCE
	325,000		ACE Ltd	$	33,254,000		0.7	%
	350,000		Aon plc		29,708,000		0.6
	1,350,000		Hartford Financial Services Group, Inc		48,424,500		1.0
	630,000		Marsh & McLennan Cos, Inc		31,065,300		0.6
	1,035,000		XL Capital Ltd		32,447,250		0.7
			Other		186,485,645		3.8
					361,384,695		7.4
MATERIALS
	710,000		Nucor Corp		36,742,500		0.8
	493,735	*	WR Grace & Co		45,472,994		0.9
			Other		203,049,624		4.2
					285,265,118		5.9
MEDIA
	875,000	*	DISH Network Corp (Class A)		49,752,500		1.0
			Other		60,316,769		1.3
					110,069,269		2.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	640,000		Agilent Technologies, Inc		34,585,600		0.7
			Other		90,954,963		1.9
					125,540,563		2.6
REAL ESTATE
	215,000		AvalonBay Communities, Inc		29,358,250		0.6
	287,000		Boston Properties, Inc		33,619,180		0.7
	1,445,577		Host Marriott Corp		31,007,627		0.6
	940,000		Prologis, Inc		38,192,200		0.8
	303,368		SL Green Realty Corp		31,765,663		0.7
	490,000		Vornado Realty Trust		50,274,000		1.0
			Other		275,191,946		5.7
					489,408,866		10.1
RETAILING
	1,230,000	*	Liberty Interactive Corp		35,743,800		0.8
			Other		98,460,681		2.0
					134,204,481		2.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,883,322	*	Micron Technology, Inc		49,192,371		1.0
			Other		202,732,095		4.2
					251,924,466		5.2
SOFTWARE & SERVICES
	3,500,000		Xerox Corp		42,315,000		0.9
			Other		33,576,400		0.7
					75,891,400		1.6
TECHNOLOGY HARDWARE & EQUIPMENT
	535,000		Seagate Technology, Inc		28,130,300		0.6
	600,000		TE Connectivity Ltd		35,388,000		0.7
			Other		106,120,147		2.2
					169,638,447		3.5
TELECOMMUNICATION SERVICES					30,693,500		0.6

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Mid-Cap Value Fund ■ April 30, 2014

					% of net
	Shares	Company	Value		assets
TRANSPORTATION
	1,090,000	Delta Air Lines, Inc	$	40,144,700		0.8	%
		Other		100,464,348		2.1
				140,609,048		2.9
UTILITIES
	1,401,803	Centerpoint Energy, Inc		34,708,642		0.7
	470,000	DTE Energy Co		36,725,800		0.7
	870,000	Edison International		49,207,200		1.0
	775,057	NiSource, Inc		28,150,070		0.6
	1,180,000	PPL Corp		39,341,200		0.8
	910,000	Public Service Enterprise Group, Inc		37,282,700		0.8
	570,000	Sempra Energy		56,207,700		1.2
	1,070,000	Xcel Energy, Inc		34,100,900		0.7
		Other		196,715,920		4.0
				512,440,132		10.5
		TOTAL COMMON STOCKS (Cost $3,352,105,606)		4,765,803,812		98.1

	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
		Federal Home Loan Bank (FHLB)
$	50,000,000	0.040%, 05/23/14		49,998,778		1.0
		Other		14,999,783		0.3
				64,998,561		1.3
TREASURY DEBT				33,989,533		0.7

							% of net
	Shares		Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	112,691,968	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	112,691,968			2.3	%
					112,691,968			2.3
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $211,679,462)		211,680,062			4.3
			TOTAL PORTFOLIO (Cost $3,563,785,068)		4,977,483,874			102.4
			OTHER ASSETS & LIABILITIES, NET		(117,381,529	)		(2.4	)
			NET ASSETS	$	4,860,102,345			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 $110,184,708.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Small-Cap Equity Fund ■ April 30, 2014

						% of net
	Shares		Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	362,474	*	Tenneco, Inc	$	21,701,319		0.9	%
			Other		4,283,598		0.2
					25,984,917		1.1
BANKS
	721,011		FirstMerit Corp		13,980,403		0.6
	706,461		Home Loan Servicing Solutions Ltd		15,648,111		0.6
	342,793		Prosperity Bancshares, Inc		20,224,787		0.8
	145,288	*	SVB Financial Group		15,500,777		0.6
			Other		144,855,673		5.9
					210,209,751		8.5
CAPITAL GOODS
	188,930		Acuity Brands, Inc		23,535,010		0.9
	289,142		Applied Industrial Technologies, Inc		13,855,685		0.5
	205,027		Crane Co		14,911,614		0.6
	226,889		Curtiss-Wright Corp		14,507,283		0.6
	206,593		EnerSys		13,961,555		0.6
	916,475	*	Taser International, Inc		14,801,071		0.6
	177,800	*	Teledyne Technologies, Inc		16,510,508		0.7
	160,470	*	WABCO Holdings, Inc		17,171,895		0.7
			Other		113,388,937		4.6
					242,643,558		9.8
COMMERCIAL & PROFESSIONAL SERVICES					96,865,041		3.9
CONSUMER DURABLES & APPAREL
	416,350		Brunswick Corp		16,733,106		0.7
			Other		45,485,117		1.8
					62,218,223		2.5
CONSUMER SERVICES
	493,400		Hillenbrand, Inc		14,999,360		0.6
	277,241	*	Marriott Vacations Worldwide Corp		15,104,090		0.6
	788,987		Service Corp International		14,809,286		0.6
			Other		48,990,987		2.0
					93,903,723		3.8
DIVERSIFIED FINANCIALS
	1,884,204		Apollo Investment Corp		15,054,790		0.6
			Other		36,759,897		1.5
					51,814,687		2.1
ENERGY
	187,262		Targa Resources Investments, Inc		20,222,423		0.8
			Other		128,740,840		5.2
					148,963,263		6.0
FOOD & STAPLES RETAILING
	2,473,470	*	Rite Aid Corp		18,056,331		0.7
			Other		4,861,496		0.2
					22,917,827		0.9

						% of net
	Shares		Company	Value		assets
FOOD, BEVERAGE & TOBACCO
	171,265		Sanderson Farms, Inc	$	14,089,971		0.6	%
			Other		27,197,598		1.1
					41,287,569		1.7
HEALTH CARE EQUIPMENT & SERVICES
	334,870	*	Align Technology, Inc		16,874,099		0.7
	246,519	*	Cyberonics, Inc		14,584,064		0.6
	383,000	*	Team Health Holdings, Inc		18,567,840		0.8
			Other		109,545,621		4.4
					159,571,624		6.5
HOUSEHOLD & PERSONAL PRODUCTS					14,621,542		0.6
INSURANCE
	259,019		Platinum Underwriters Holdings Ltd		16,243,081		0.6
			Other		68,308,646		2.8
					84,551,727		3.4
MATERIALS
	245,340		Minerals Technologies, Inc		14,595,277		0.6
			Other		92,780,585		3.8
					107,375,862		4.4
MEDIA
	289,467	*	Lamar Advertising Co (Class A)		14,450,193		0.6
	976,380	*	Live Nation, Inc		20,386,814		0.8
			Other		20,361,828		0.8
					55,198,835		2.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	327,600	*	Parexel International Corp		14,856,660		0.6
			Other		125,877,698		5.1
					140,734,358		5.7
REAL ESTATE
	1,242,582		Cousins Properties, Inc		14,451,229		0.6
	801,144		CubeSmart		14,901,278		0.6
	645,920		DuPont Fabros Technology, Inc		15,650,641		0.6
	317,442		Extra Space Storage, Inc		16,611,740		0.7
	632,307		RLJ Lodging Trust		16,863,628		0.7
	215,204		Sovran Self Storage, Inc		16,333,984		0.7
	1,291,500	*	Strategic Hotels & Resorts, Inc		13,935,285		0.6
			Other		100,018,735		4.0
					208,766,520		8.5
RETAILING
	327,071		Penske Auto Group, Inc		14,999,476		0.6
			Other		73,496,013		3.0
					88,495,489		3.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	434,021	*	Cavium Networks, Inc		18,389,470		0.7
	1,730,622	*	Lattice Semiconductor Corp		14,571,837		0.6
			Other		59,006,116		2.4
					91,967,423		3.7

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Small-Cap Equity Fund ■ April 30, 2014

						% of net
	Shares		Company	Value		assets
SOFTWARE & SERVICES
	480,795	*	Aspen Technology, Inc	$	20,669,377		0.8	%
	278,134	*	Demandware, Inc		13,803,790		0.6
	357,575	*	LogMeIn, Inc		16,251,784		0.7
	580,140	*	Manhattan Associates, Inc		18,291,814		0.7
	420,482		MAXIMUS, Inc		17,899,919		0.7
	1,151,154	*	TiVo, Inc		13,652,686		0.6
			Other		110,738,251		4.5
					211,307,621		8.6
TECHNOLOGY HARDWARE & EQUIPMENT
	1,280,937	*	QLogic Corp		14,833,250		0.6
	285,479	*,e	Synaptics, Inc		17,742,520		0.7
			Other		109,939,919		4.5
					142,515,689		5.8
TELECOMMUNICATION SERVICES					26,680,042		1.1
TRANSPORTATION
	404,138		Arkansas Best Corp		15,931,120		0.6
			Other		28,883,718		1.2
					44,814,838		1.8
UTILITIES
	271,689		Black Hills Corp		15,690,040		0.6
			Other		62,920,760		2.6
					78,610,800		3.2
			TOTAL COMMON STOCKS (Cost $2,057,836,738)		2,452,020,929		99.4

	Principal		Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT					2,599,977		0.1

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	207,545,747	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	207,545,747			8.4	%
					207,545,747			8.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $210,145,724)		210,145,724			8.5
			TOTAL PORTFOLIO (Cost $2,267,982,462)		2,662,166,653			107.9
			OTHER ASSETS & LIABILITIES, NET		(195,616,651	)		(7.9	)
			NET ASSETS	$	2,466,550,002			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 $202,718,365.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Social Choice Equity Fund ■ April 30, 2014

					% of net
Shares		Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	901,531	Ford Motor Co	$	14,559,725		0.7	%
		Other		24,878,602		1.3
				39,438,327		2.0
BANKS
	152,678	PNC Financial Services Group, Inc		12,831,059		0.6
	385,154	US Bancorp		15,706,580		0.8
		Other		39,010,561		2.0
				67,548,200		3.4
CAPITAL GOODS
	126,735	3M Co		17,627,571		0.9
	196,665	Emerson Electric Co		13,408,620		0.7
		Other		117,226,725		5.9
				148,262,916		7.5
COMMERCIAL & PROFESSIONAL SERVICES				11,499,167		0.6
CONSUMER DURABLES & APPAREL				21,504,889		1.1
CONSUMER SERVICES
	180,825	McDonald’s Corp		18,332,039		0.9
	171,771	Starbucks Corp		12,130,468		0.6
		Other		19,240,866		1.0
				49,703,373		2.5
DIVERSIFIED FINANCIALS
	183,439	American Express Co		16,038,072		0.8
	363,021	Bank of New York Mellon Corp		12,295,521		0.6
	39,685	BlackRock, Inc		11,945,185		0.6
	171,722	Capital One Financial Corp		12,690,256		0.6
		Other		85,372,949		4.3
				138,341,983		6.9
ENERGY
	138,922	EOG Resources, Inc		13,614,356		0.7
	127,120	Occidental Petroleum Corp		12,171,740		0.6
		Other		164,874,023		8.4
				190,660,119		9.7
FOOD & STAPLES RETAILING				20,157,296		1.0
FOOD, BEVERAGE & TOBACCO
	221,141	General Mills, Inc		11,724,896		0.6
	357,681	Mondelez International, Inc		12,751,328		0.6
	245,131	PepsiCo, Inc		21,054,301		1.1
		Other		25,779,494		1.3
				71,310,019		3.6
HEALTH CARE EQUIPMENT & SERVICES
	352,076	Abbott Laboratories		13,639,424		0.7
	232,618	Medtronic, Inc		13,682,591		0.7
		Other		39,591,529		2.0
				66,913,544		3.4

						% of net
Shares			Company	Value			assets
HOUSEHOLD & PERSONAL PRODUCTS
	211,466	*	Colgate-Palmolive Co	$	14,231,662		0.7	%
	354,686		Procter & Gamble Co		29,279,329		1.5
			Other		22,213,408		1.1
					65,724,399		3.3
INSURANCE
	234,069	*	Berkshire Hathaway, Inc (Class B)		30,159,791		1.5
	149,994		Prudential Financial, Inc		12,101,516		0.6
	129,732		Travelers Cos, Inc		11,751,124		0.6
			Other		61,863,549		3.2
					115,875,980		5.9
MATERIALS
	90,867		Praxair, Inc		11,862,687		0.6
			Other		80,970,427		4.1
					92,833,114		4.7
MEDIA
	88,204		Time Warner Cable, Inc		12,477,338		0.7
	214,552		Time Warner, Inc		14,259,126		0.7
			Other		29,508,365		1.5
					56,244,829		2.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	142,097		Amgen, Inc		15,879,340		0.8
	48,520	*	Biogen Idec, Inc		13,931,063		0.7
	323,135		Bristol-Myers Squibb Co		16,185,832		0.8
	259,504	*	Gilead Sciences, Inc		20,368,469		1.1
	348,763		Johnson & Johnson		35,326,204		1.8
	431,979		Merck & Co, Inc		25,296,690		1.3
			Other		35,715,498		1.8
					162,703,096		8.3
REAL ESTATE
	78,672		Simon Property Group, Inc		13,625,990		0.7
			Other		65,418,806		3.3
					79,044,796		4.0
RETAILING
	274,544		Lowe’s Companies, Inc		12,604,315		0.7
	203,374		TJX Companies, Inc		11,832,300		0.6
			Other		67,156,980		3.4
					91,593,595		4.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	800,617		Intel Corp		21,368,468		1.1
	290,621		Texas Instruments, Inc		13,208,724		0.7
			Other		16,882,444		0.8
					51,459,636		2.6
SOFTWARE & SERVICES
	158,091		Accenture plc		12,682,060		0.6
	38,549	*	Google, Inc		20,302,216		1.0
	40,859	*	Google, Inc (Class A)		21,854,662		1.1
	138,332		International Business Machines Corp		27,178,088		1.4
	545,184		Oracle Corp		22,287,122		1.1
	331,650	*	Yahoo!, Inc		11,922,818		0.6
			Other		73,875,264		3.8
					190,102,230		9.6

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Social Choice Equity Fund ■ April 30, 2014

						% of net
Shares		Company	Value			assets
TECHNOLOGY HARDWARE & EQUIPMENT
	876,282	Cisco Systems, Inc	$	20,250,877			1.0	%
	534,802	EMC Corp		13,797,892			0.7
	460,856	Hewlett-Packard Co		15,235,899			0.8
	264,175	Qualcomm, Inc		20,793,214			1.1
		Other		13,665,555			0.7
				83,743,437			4.3
TELECOMMUNICATION SERVICES				25,023,843			1.3
TRANSPORTATION
	154,045	United Parcel Service, Inc (Class B)		15,173,432			0.8
		Other		29,834,570			1.5
				45,008,002			2.3
UTILITIES
	130,495	NextEra Energy, Inc		13,029,926			0.6
		Other		64,707,217			3.3
				77,737,143			3.9
		TOTAL COMMON STOCKS (Cost $1,349,382,003)		1,962,433,933			99.5

Principal		Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT				6,496,083			0.3
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT				9,999,080			0.5
TREASURY DEBT
$	37,000,000	United States Treasury Bill		36,981,340			2.0
				36,981,340			2.0
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		46,980,420			2.5
		TOTAL SHORT-TERM INVESTMENTS (Cost $53,475,546)		53,476,503			2.8
		TOTAL PORTFOLIO (Cost $1,402,857,549)		2,015,910,436			102.3
		OTHER ASSETS & LIABILITIES, NET		(44,411,056	)		(2.3	)
		NET ASSETS	$	1,971,499,380			100.0	%

*	Non-income producing.

The aggregate value of securities on loan is $57,958,120.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Emerging Markets Equity Fund ■ April 30, 2014

						% of net
Principal			Issuer	Value		assets
BONDS
CORPORATE BOND
HONG KONG				$	534,000		0.1	%

			TOTAL CORPORATE BONDS (Cost $534,000)		534,000		0.1
			TOTAL BONDS (Cost $534,000)		534,000		0.1

Shares			Company
COMMON STOCKS
ARGENTINA					2,339,630		0.3
AUSTRALIA					5,747,237		0.8
BRAZIL
	988,300		AMBEV S.A.		7,224,707		1.0
	311,200		Banco Bradesco S.A. (Preference)		4,632,236		0.6
	786,190		Banco Itau Holding Financeira S.A.		12,975,352		1.7
	99,300		Cia Brasileira de Distribuicao Grupo Pao de Acucar		4,698,352		0.6
	448,720		Cielo S.A.		7,949,071		1.0
	1,193,845		Petroleo Brasileiro S.A.		8,368,560		1.1
	205,400		Smiles S.A.		3,891,983		0.5
	178,000		Ultrapar Participacoes S.A.		4,468,860		0.6
	474,400		Vale S.A.		6,255,123		0.8
			Other		18,552,281		2.5
					79,016,525		10.4
CAMBODIA					2,456,621		0.3
CHILE					4,306,155		0.6
CHINA
	1,004,000		China Mengniu Dairy Co Ltd		5,166,716		0.7
	1,966,000	e	China Overseas Land & Investment Ltd		4,839,666		0.6
	21,351,834		Industrial & Commercial Bank of China		12,758,096		1.7
	283,600	*	Tencent Holdings Ltd		17,855,439		2.4
	574,000		Xinao Gas Holdings Ltd		4,014,735		0.5
			Other		54,862,645		7.2
					99,497,297		13.1
COLOMBIA					10,882,762		1.4
CZECH REPUBLIC					3,291,008		0.4
GREECE
	10,619,520	*	Eurobank Ergasias SA		6,040,524		0.8
	2,170,412	*	Piraeus Bank S.A.		5,122,122		0.7
			Other		10,400,327		1.3
					21,562,973		2.8
HONG KONG
	1,514,500		Techtronic Industries Co		4,839,009		0.6
			Other		30,017,320		4.0
					34,856,329		4.6

						% of net
Shares			Company	Value		assets
INDIA
	798,938		Bharat Forge Ltd	$	5,414,996		0.7	%
	211,474		ICICI Bank Ltd		4,360,165		0.6
	216,790		Larsen & Toubro Ltd		4,662,496		0.6
	563,314		Sun Pharmaceutical Industries Ltd		5,917,740		0.8
			Other		40,000,504		5.2
					60,355,901		7.9
INDONESIA					13,372,597		1.8
JAPAN					3,798,378		0.5
KOREA, REPUBLIC OF
	211,160	*	Hynix Semiconductor, Inc		8,233,857		1.1
	39,539		Hyundai Motor Co		8,815,870		1.2
	20,216		LG Chem Ltd		5,160,309		0.7
	10,897		Naver Corp		7,847,112		1.0
	19,021		Samsung Electronics Co Ltd		24,802,629		3.2
	136,176		Shinhan Financial Group Co Ltd		5,943,863		0.8
	69,905		Woongjin Coway Co Ltd		5,525,397		0.7
			Other		52,611,619		6.9
					118,940,656		15.6
MEXICO
	2,055,100		Alfa S.A. de C.V. (Class A)		5,411,568		0.7
	5,937,504	*,e	Cemex S.A. de C.V.		7,592,780		1.0
	643,000	e	Fomento Economico Mexicano S.A. de C.V.		5,867,862		0.8
	1,054,980		Grupo Financiero Banorte S.A. de C.V.		6,993,821		0.9
	1,500,400		Grupo Mexico S.A. de C.V. (Series B)		4,505,988		0.6
	895,000		Grupo Televisa S.A.		5,871,006		0.8
			Other		14,199,930		1.8
					50,442,955		6.6
PERU					1,573,292		0.2
PHILIPPINES					26,884,608		3.5
POLAND
	361,190		Powszechna Kasa Oszczednosci Bank Polski S.A.		4,956,748		0.7
			Other		5,427,506		0.7
					10,384,254		1.4
ROMANIA					969,462		0.1
RUSSIA
	930,584		Gazprom OAO (ADR)		6,725,271		0.9
	103,939		LUKOIL (ADR)		5,502,471		0.7
			Other		8,647,659		1.1
					20,875,401		2.7
SINGAPORE
	2,207,800	e	Ezion Holdings Ltd		4,013,450		0.5
			Other		15,968,263		2.1
					19,981,713		2.6
SOUTH AFRICA
	287,620		AngloGold Ashanti Ltd		5,199,344		0.7
	74,872		Naspers Ltd (N Shares)		7,075,348		0.9
	122,634		Sasol Ltd		6,872,938		0.9
			Other		6,633,127		0.9
					25,780,757		3.4

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Emerging Markets Equity Fund ■ April 30, 2014

						% of net
Shares			Company	Value		assets
SRI LANKA				$	2,431,183		0.3	%
SWITZERLAND					2,902,172		0.4
TAIWAN
	3,914,000		Advanced Semiconductor Engineering, Inc		4,557,705		0.6
	1,653,509		Hon Hai Precision Industry Co, Ltd		4,748,813		0.6
	103,000		Largan Precision Co Ltd		6,448,707		0.8
	630,000		MediaTek, Inc		9,872,090		1.3
	5,399,000		Taiwan Semiconductor Manufacturing Co Ltd		21,214,589		2.8
			Other		23,373,944		3.1
					70,215,848		9.2
THAILAND
	829,300		Siam Commercial Bank PCL (Foreign)		4,177,253		0.6
			Other		19,316,637		2.5
					23,493,890		3.1
TURKEY					13,291,306		1.8
UNITED ARAB EMIRATES
	1,411,486	*	Emaar Properties PJSC		4,197,472		0.6
			Other		9,201,787		1.2
					13,399,259		1.8
UNITED KINGDOM
	88,903		SABMiller plc (Johannesburg)		4,834,820		0.6
			Other		5,296,100		0.7
					10,130,920		1.3
UNITED STATES					2,675,317		0.4
VIETNAM					1,843,413		0.2
			TOTAL COMMON STOCKS (Cost $694,224,148)		757,699,819		99.5
PREFERRED STOCKS
INDIA					142,404		0.0
PHILIPPINES					3,863		0.0
			TOTAL PREFERRED STOCKS (Cost $123,032)		146,267		0.0
RIGHTS / WARRANTS
BRAZIL					155		0.0
GREECE					1,336,670		0.2
			TOTAL RIGHTS / WARRANTS (Cost $853,106)		1,336,825		0.2

							% of net
Shares			Company	Value			assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	27,975,498	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	27,975,498			3.6	%
					27,975,498			3.6
			TOTAL SHORT-TERM INVESTMENTS (Cost $27,975,498)		27,975,498			3.6
			TOTAL PORTFOLIO (Cost $723,709,784)		787,692,409			103.4
			OTHER ASSETS & LIABILITIES, NET		(26,170,437	)		(3.4	)
			NET ASSETS	$	761,521,972			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 $24,940,773.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary of market values by sector (unaudited)

Emerging Markets Equity Fund ■ April 30, 2014

				% of net
Sector	Value			assets
INFORMATION TECHNOLOGY	$	166,537,520			21.8	%
FINANCIALS		149,492,103			19.6
CONSUMER DISCRETIONARY		110,764,550			14.6
INDUSTRIALS		72,124,589			9.5
MATERIALS		67,445,096			8.9
CONSUMER STAPLES		66,311,249			8.7
ENERGY		58,605,612			7.7
HEALTH CARE		28,591,181			3.8
UTILITIES		26,165,666			3.4
TELECOMMUNICATION SERVICES		13,679,345			1.8
SHORT-TERM INVESTMENTS		27,975,498			3.6
OTHER ASSETS & LIABILITIES, NET		(26,170,437	)		(3.4	)
NET ASSETS	$	761,521,972			100.0	%

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

Enhanced International Equity Index Fund ■ April 30, 2014

					% of net
Shares		Company	Value		assets
COMMON STOCKS
AUSTRALIA
424,570		Australia & New Zealand Banking Group Ltd	$	13,653,226		1.4	%
1,556,954	e	Fortescue Metals Group Ltd		7,364,291		0.7
466,281		Westpac Banking Corp		15,272,807		1.5
		Other		41,730,064		4.2
				78,020,388		7.8
AUSTRIA				4,216,503		0.4
BELGIUM				9,996,148		1.0
CHINA				4,484,759		0.4
DENMARK
3,500		AP Moller - Maersk AS (Class B)		8,355,403		0.8
		Other		6,401,688		0.7
				14,757,091		1.5
FINLAND				11,805,983		1.2
FRANCE
423,685		AXA S.A.		11,056,487		1.1
174,241	e	Carrefour S.A.		6,792,096		0.7
76,421		Michelin (C.G.D.E.) (Class B)		9,371,565		0.9
97,911		Renault S.A.		9,572,744		1.0
159,837		Total S.A.		11,435,403		1.1
53,749		Valeo S.A.		7,381,307		0.7
154,483	e	Vinci S.A.		11,664,443		1.2
		Other		34,314,479		3.4
				101,588,524		10.1
GERMANY
76,015		Allianz AG.		13,228,879		1.3
128,900	*,e	BASF AG.		14,953,136		1.5
47,516	e	Continental AG.		11,180,732		1.1
108,113		Daimler AG. (Registered)		10,065,226		1.0
302,288	e	Deutsche Lufthansa AG.		7,591,305		0.8
47,430	*,e	Muenchener Rueckver AG.		10,963,867		1.1
		Other		28,679,587		2.9
				96,662,732		9.7
HONG KONG				24,057,410		2.4
IRELAND				2,642,175		0.3
ISRAEL				4,814,858		0.5
ITALY
320,920		Autostrade S.p.A.		8,359,623		0.8
376,299		ENI S.p.A.		9,745,887		1.0
		Other		4,658,359		0.5
				22,763,869		2.3
JAPAN
58,200		Central Japan Railway Co		7,148,459		0.7
1,042,000		Daiwa Securities Group, Inc		7,813,371		0.8
344,900		Komatsu Ltd		7,593,412		0.8
5,372,900		Mizuho Financial Group, Inc		10,523,400		1.1
337,000		Toyota Motor Corp		18,207,487		1.8
		Other		136,508,979		13.6
				187,795,108		18.8

					% of net
Shares		Company	Value		assets
NETHERLANDS
431,172		Koninklijke Ahold NV	$	8,335,371		0.8	%
269,835		Royal Dutch Shell plc (A Shares)		10,667,711		1.1
160,183		Royal Dutch Shell plc (B Shares)		6,801,528		0.7
233,784		Unilever NV		10,024,916		1.0
		Other		4,830,381		0.5
				40,659,907		4.1
NEW ZEALAND				749,451		0.1
NORWAY				11,767,587		1.2
PORTUGAL				2,421,281		0.2
SINGAPORE				12,446,261		1.2
SPAIN
1,125,306		CaixaBank S.A.		6,858,432		0.7
264,983		Gas Natural SDG S.A.		7,598,393		0.7
		Other		13,089,312		1.3
				27,546,137		2.7
SWEDEN
783,140	e	Ericsson (LM) (B Shares)		9,443,461		1.0
720,613		Skandinaviska Enskilda Banken AB (Class A)		9,953,768		1.0
1,212,161		TeliaSonera AB		8,823,386		0.9
		Other		6,400,167		0.6
				34,620,782		3.5
SWITZERLAND
173,396		Nestle S.A.		13,400,783		1.3
253,133		Novartis AG.		22,005,484		2.2
74,309		Roche Holding AG.		21,798,254		2.2
104,015		Swiss Re Ltd		9,095,184		0.9
		Other		20,058,234		2.0
				86,357,939		8.6
UNITED KINGDOM
97,756		AstraZeneca plc (ADR)		7,727,612		0.8
1,096,182		Aviva plc		9,768,943		1.0
398,458		BHP Billiton plc		12,935,688		1.3
379,511		BP plc (ADR)		19,210,847		1.9
164,327		British American Tobacco plc		9,489,051		0.9
345,903		GlaxoSmithKline plc		9,557,483		0.9
996,771		HSBC Holdings plc		10,184,618		1.0
2,458,667		Legal & General Group plc		8,801,390		0.9
656,042		National Grid plc		9,324,487		0.9
59,573		Next plc		6,572,203		0.7
552,556		Prudential plc		12,702,769		1.3
145,826		Reckitt Benckiser Group plc		11,771,942		1.2
		Other		72,312,727		7.2
				200,359,760		20.0
UNITED STATES				4,782,400		0.5
		TOTAL COMMON STOCKS (Cost $830,800,524)		985,317,053		98.5

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

Enhanced International Equity Index Fund ■ April 30, 2014

						% of net
Shares		Company	Value			assets
RIGHTS / WARRANTS
SPAIN			$	73,211			0.0	%
UNITED KINGDOM				235,194			0.0
		TOTAL RIGHTS / WARRANTS (Cost $71,567)		308,405			0.0
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
93,285,133	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		93,285,133			9.3
				93,285,133			9.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $93,285,133)		93,285,133			9.3
		TOTAL PORTFOLIO (Cost $924,157,224)		1,078,910,591			107.8
		OTHER ASSETS & LIABILITIES, NET		(78,299,635	)		(7.8	)
		NET ASSETS	$	1,000,610,956			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 $88,113,076.

“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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary of market values by sector (unaudited)

Enhanced International Equity Index Fund ■ April 30, 2014

				% of net
Sector	Value			assets
FINANCIALS	$	260,293,797			26.1	%
CONSUMER DISCRETIONARY		121,349,160			12.1
INDUSTRIALS		120,496,141			12.0
CONSUMER STAPLES		105,454,118			10.5
HEALTH CARE		101,069,180			10.1
MATERIALS		79,425,589			7.9
ENERGY		71,972,684			7.2
TELECOMMUNICATION SERVICES		45,167,371			4.5
INFORMATION TECHNOLOGY		43,805,600			4.4
UTILITIES		36,591,818			3.7
SHORT-TERM INVESTMENTS		93,285,133			9.3
OTHER ASSETS & LIABILITIES, NET		(78,299,635	)		(7.8	)
NET ASSETS	$	1,000,610,956			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Global Natural Resources Fund ■ April 30, 2014

					% of net
Shares		Company	Value		assets
COMMON STOCKS
AUSTRALIA
251,891		BHP Billiton Ltd	$	8,870,743		3.7	%
1,855,525	e	Fortescue Metals Group Ltd		8,776,513		3.6
		Other		3,174,008		1.3
				20,821,264		8.6
BRAZIL				1,120,644		0.5
CANADA
34,017		Agrium, Inc (Toronto)		3,267,159		1.3
70,000		Canadian Natural Resources Ltd (Canada)		2,852,242		1.2
10,877		Canadian Pacific Railway Ltd (Toronto)		1,698,362		0.7
71,000	e	Inter Pipeline Ltd		1,930,386		0.8
24,700		Keyera Facilities Income Fund		1,642,836		0.7
60,476	e	Peyto Energy Trust		2,229,675		0.9
244,842	e	Potash Corp of Saskatchewan (Toronto)		8,850,545		3.7
		Other		2,996,606		1.2
				25,467,811		10.5
CHILE
87,401		Sociedad Quimica y Minera de Chile S.A. (Class B)		2,794,174		1.1
				2,794,174		1.1
DENMARK
36,000		Novozymes AS		1,726,023		0.7
				1,726,023		0.7
FINLAND
323,972	e	Stora Enso Oyj (R Shares)		3,308,276		1.4
				3,308,276		1.4
FRANCE
104,023		Total S.A.		7,442,238		3.1
				7,442,238		3.1
GERMANY
22,494		Fuchs Petrolub AG. (Preference)		2,262,776		0.9
				2,262,776		0.9
HONG KONG				671,937		0.3
INDIA				2,221,031		0.9
INDONESIA				3,539,468		1.5
JAPAN				1,057,316		0.4
JERSEY, C.I.
29,014		Randgold Resources Ltd		2,332,234		1.0
				2,332,234		1.0
KOREA, REPUBLIC OF				778,665		0.3
MALAYSIA
231,100		Kuala Lumpur Kepong BHD		1,712,638		0.7
		Other		1,813,961		0.7
				3,526,599		1.4
NETHERLANDS
98,308	*	Constellium NV		3,000,360		1.2
99,234		Royal Dutch Shell plc (B Shares)		4,213,574		1.8
				7,213,934		3.0

					% of net
Shares		Company	Value		assets
NORWAY			$	2,843,063		1.2	%
POLAND				1,154,924		0.5
SINGAPORE				682,968		0.3
SOUTH AFRICA
103,168		AngloGold Ashanti Ltd		1,864,981		0.8
45,261		Kumba Iron Ore Ltd		1,611,960		0.7
		Other		2,342,795		0.9
				5,819,736		2.4
SWITZERLAND
750		SGS S.A.		1,873,573		0.8
12,539	*	Syngenta AG.		4,965,338		2.0
				6,838,911		2.8
UNITED KINGDOM
159,258		Antofagasta plc		2,122,464		0.9
420,900		BHP Billiton plc		13,664,253		5.6
53,986		Rio Tinto plc		2,935,094		1.2
				18,721,811		7.7
UNITED STATES
19,000		Anadarko Petroleum Corp		1,881,380		0.8
133,783		Archer Daniels Midland Co		5,850,331		2.4
23,500		Bunge Ltd		1,871,775		0.8
21,678		CF Industries Holdings, Inc		5,314,795		2.2
20,247		Cimarex Energy Co		2,411,823		1.0
57,649		ConocoPhillips		4,283,897		1.8
34,566	*,e	Continental Resources, Inc		4,788,082		2.0
12,777		Core Laboratories NV		2,397,987		1.0
46,330		EOG Resources, Inc		4,540,340		1.9
167,490		Exxon Mobil Corp		17,152,651		7.1
27,520		FMC Corp		2,119,040		0.9
175,395	*	Graphic Packaging Holding Co		1,799,553		0.7
89,303		International Paper Co		4,165,985		1.7
20,059		LyondellBasell Industries AF S.C.A		1,855,457		0.7
35,799		Magellan Midstream Partners LP		2,656,644		1.1
158,361		Monsanto Co		17,530,563		7.2
51,799		Mosaic Co		2,592,022		1.1
7,408		NewMarket Corp		2,758,147		1.1
30,403		Packaging Corp of America		2,025,752		0.8
106,897		RPC, Inc		2,376,320		1.0
90,237	*	RSP Permian, Inc		2,558,219		1.0
181,401		Southern Copper Corp (NY)		5,467,426		2.2
60,830	*	Southwestern Energy Co		2,912,540		1.2
53,932	e	Western Refining, Inc		2,346,042		1.0
		Other		13,749,037		5.6
				117,405,808		48.3
		TOTAL COMMON STOCKS (Cost $208,496,949)		239,751,611		98.8

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Global Natural Resources Fund ■ April 30, 2014

						% of net
Shares		Company	Value			assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
29,120,555	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	29,120,555			12.0	%
				29,120,555			12.0
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $29,120,555)		29,120,555			12.0
		TOTAL PORTFOLIO (Cost $237,617,504)		268,872,166			110.8
		OTHER ASSETS & LIABILITIES, NET		(26,346,843	)		(10.8	)
		NET ASSETS	$	242,525,323			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 $27,756,170.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary of market values by sector (unaudited)

Global Natural Resources Fund ■ April 30, 2014

				% of net
Sector	Value			assets
MATERIALS	$	132,970,214			54.8	%
ENERGY		86,114,430			35.5
CONSUMER STAPLES		15,802,047			6.5
INDUSTRIALS		4,864,920			2.0
SHORT-TERM INVESTMENTS		29,120,555			12.0
OTHER ASSETS & LIABILITIES, NET		(26,346,843	)		(10.8	)
NET ASSETS	$	242,525,323			100.0	%

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

International Equity Fund ■ April 30, 2014

Shares			Company		Value	% of net assets
COMMON STOCKS
AUSTRALIA
	876,829		BHP Billiton Ltd	$	30,878,932		0.8	%
					30,878,932		0.8
BELGIUM
	378,429		Arseus NV		21,435,806		0.6
					21,435,806		0.6
	FRANCE
	3,754,527	e	Accor S.A.		183,820,006		4.9
	319,078		Aeroports de Paris		39,679,209		1.1
	820,179		BNP Paribas		61,631,912		1.6
	2,032,844	e	Bouygues S.A.		91,561,127		2.4
	2,615,988		Compagnie de Saint-Gobain		160,269,667		4.3
	1,130,679		Essilor International S.A.		121,081,400		3.2
	2,493,045		Rexel S.A.		62,948,782		1.7
	895,068	e	Vinci S.A.		67,583,290		1.8
			Other		33,054,815		0.9
					821,630,208		21.9
GERMANY
	986,898	e	Bayer AG.		137,219,951		3.7
	319,721		Henkel KGaA (Preference)		35,664,933		0.9
	1,014,221		Lanxess AG.		77,234,376		2.1
	231,381		Linde AG.		48,054,312		1.3
					298,173,572		8.0
GREECE
	2,749,221	*	Hellenic Telecommunications Organization S.A.		43,920,808		1.1
	10,378,284	*	National Bank of Greece S.A.		40,573,387		1.1
	49,033,155	*	Piraeus Bank S.A.		115,717,114		3.1
					200,211,309		5.3
HONG KONG					324,509		0.0
INDIA
	535,861		Eicher Motors Ltd		55,094,222		1.5
	5,214,755		HDFC Bank Ltd		62,415,838		1.6
	3,332,925		IndusInd Bank Ltd		26,501,962		0.7
	1,156,562	*	Just Dial Ltd		22,655,691		0.6
	4,653,049		Larsen & Toubro Ltd		100,072,986		2.7
			Other		16,361,029		0.4
					283,101,728		7.5
INDONESIA
	36,788,000		PT Indofood Sukses Makmur Tbk		22,504,395		0.6
					22,504,395		0.6
JAPAN
	972,000		Daiwa House Industry Co Ltd		16,422,634		0.4
	1,346,100		Hoya Corp		39,814,036		1.1
	24,887,000	*	Mazda Motor Corp		111,275,805		3.0
	2,381,675	*	Olympus Corp		72,747,012		1.9
	166,800		Oriental Land Co Ltd		24,988,875		0.7
	3,416,950		Sony Corp		59,986,566		1.6
	504,100		Toyota Motor Corp		27,235,591		0.7
			Other		105,768,360		2.8
					458,238,879		12.2

Shares			Company	Value		% of net assets
MEXICO				$	2,226,132		0.1	%
NETHERLANDS
	5,687,336	*	ING Groep NV		81,299,642		2.2
			Other		8,867,865		0.2
					90,167,507		2.4
SINGAPORE
	34,578,000	e	Genting International plc		36,638,972		1.0
					36,638,972		1.0
SWEDEN
	5,971,527	e	SKF AB (B Shares)		155,069,177		4.1
	11,585,424	e	Volvo AB (B Shares)		183,445,217		4.9
					338,514,394		9.0
SWITZERLAND
	1,652,217		Adecco S.A.		138,707,000		3.7
	98,009	e	Burckhardt Compression Holding AG.		50,799,805		1.3
	3,558,728		Clariant AG.		70,177,776		1.9
	551,098	*	Holcim Ltd		50,544,729		1.3
	640,485	e	Swatch Group AG. (Registered)		77,280,805		2.1
			Other		11,609,412		0.3
					399,119,527		10.6
UNITED KINGDOM
	15,680,651		British Sky Broadcasting plc		232,981,745		6.2
	2,908,953		Drax Group plc		32,562,821		0.9
	4,807,221		Filtrona plc		65,205,298		1.7
	43,017,267		Man Group plc		71,789,332		1.9
	7,215,417	*	Ocado Ltd		41,072,703		1.1
	825,343		Reckitt Benckiser Group plc		66,626,596		1.8
	314,852		Rio Tinto plc		17,117,773		0.5
	9,900,175		Tate & Lyle plc		117,362,883		3.1
			Other		10,835,551		0.3
					655,554,702		17.5
			TOTAL COMMON STOCKS (Cost $3,403,768,245)		3,658,720,572		97.5
RIGHTS / WARRANTS
GREECE					5,098,551		0.1

			TOTAL RIGHTS / WARRANTS (Cost $3,073,413)		5,098,551		0.1

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	$40,000,000		0.045%, 07/02/14		39,997,240		1.0
			Other		9,999,833		0.3
					49,997,073		1.3
TREASURY DEBT
			United States Treasury Bill
	17,000,000		0.074%, 02/05/15		16,990,752		0.5
			Other		11,999,930		0.3
					28,990,682		0.8

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

International Equity Fund ■ April 30, 2014

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	426,855,915	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	426,855,915			11.4	%
					426,855,915			11.4

			TOTAL SHORT-TERM INVESTMENTS (Cost $505,842,794)		505,843,670			13.5
			TOTAL PORTFOLIO (Cost $3,912,684,452)		4,169,662,793			111.1
			OTHER ASSETS & LIABILITIES, NET		(415,331,203	)		(11.1	)
			NET ASSETS	$	3,754,331,590			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 $406,811,272.

“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.

Summary of market values by sector (unaudited)

International Equity Fund ■ April 30, 2014

Sector		Value		% of net assets
INDUSTRIALS	$	1,140,217,413			30.3	%
CONSUMER DISCRETIONARY		869,461,252			23.2
FINANCIALS		526,377,975			14.0
MATERIALS		359,454,869			9.6
HEALTH CARE		352,484,168			9.4
CONSUMER STAPLES		243,465,058			6.5
INFORMATION TECHNOLOGY		83,715,185			2.2
TELECOMMUNICATION SERVICES		53,845,000			1.4
UTILITIES		32,562,821			0.9
ENERGY		2,235,382			0.1
SHORT-TERM INVESTMENTS		505,843,670			13.5
OTHER ASSETS & LIABILITIES, NET		(415,331,203	)		(11.1	)
NET ASSETS	$	3,754,331,590			100.0	%

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

International Opportunities Fund ■ April 30, 2014

Shares			Company		Value	% of net assets
COMMON STOCKS
AUSTRALIA
	416,430		Australia & New Zealand Banking Group Ltd	$	13,391,461		1.4	%
	520,711		BHP Billiton Ltd		18,337,669		1.8
			Other		8,163,040		0.8
					39,892,170		4.0
BELGIUM
	165,657		Arseus NV		9,383,507		0.9
	119,461	e	UCB S.A.		9,798,979		1.0
					19,182,486		1.9
BRAZIL
	258,100		Cia Brasileira de Distribuicao Grupo Pao de Acucar		12,211,929		1.3
			Other		6,185,734		0.6
					18,397,663		1.9
CANADA
	352,140		Alimentation Couche Tard, Inc		9,924,369		1.0
	131,715	e	Dollarama, Inc		10,954,920		1.1
	237,339		Suncor Energy, Inc		9,155,324		0.9
	333,846		Toronto-Dominion Bank		16,061,037		1.6
			Other		15,552,571		1.6
					61,648,221		6.2
CHINA
	201,000	*,e	Tencent Holdings Ltd		12,654,948		1.3
			Other		16,309,069		1.6
					28,964,017		2.9
FRANCE
	162,390		BNP Paribas		12,202,709		1.2
	174,174		Teleperformance		9,989,286		1.0
	234,895	*	Total S.A.		16,805,365		1.7
			Other		11,164,915		1.1
					50,162,275		5.0
GERMANY
	62,964		Allianz AG.		10,957,615		1.1
	99,640		Beiersdorf AG.		10,002,321		1.0
	223,401		Wirecard AG.		9,411,198		1.0
					30,371,134		3.1
GREECE
	583,710		OPAP S.A.		9,321,872		0.9
			Other		5,875,967		0.6
					15,197,839		1.5
HONG KONG
	2,232,800		AIA Group Ltd		10,859,432		1.1
			Other		2,973,387		0.3
					13,832,819		1.4
INDIA					7,352,979		0.7
INDONESIA					12,943,350		1.3
IRELAND
	351,910		CRH plc		10,245,353		1.0
	203,191		Shire Ltd		11,620,887		1.2
			Other		9,021,284		0.9
					30,887,524		3.1

Shares			Company		Value	% of net assets
ISRAEL				$	3,992,074		0.4	%
ITALY
	325,519	e	GTECH S.p.A.		9,554,681		0.9
	276,788	*,e	Yoox S.p.A		9,939,381		1.0
			Other		7,825,150		0.8
					27,319,212		2.7
JAPAN
	362,700		Fuji Heavy Industries Ltd		9,537,076		0.9
	328,000		Hoya Corp		9,701,362		1.0
			Other		92,187,176		9.3
					111,425,614		11.2
KOREA, REPUBLIC OF
	12,721		Samsung Electronics Co Ltd		16,587,679		1.7
			Other		6,884,460		0.7
					23,472,139		2.4
MACAU					8,459,699		0.9
NETHERLANDS
	987,377	*	ING Groep NV		14,114,411		1.4
	265,806		Royal Dutch Shell plc (A Shares)		10,508,427		1.1
			Other		15,338,050		1.5
					39,960,888		4.0
NEW ZEALAND					5,147,622		0.5
NORWAY
	577,539		DNB NOR Holding ASA		10,237,178		1.0
	525,911	e	Statoil ASA		16,032,604		1.6
					26,269,782		2.6
PHILIPPINES
	107,272,800		Megaworld Corp		11,231,506		1.1
	6,402,910	*	Robinsons Retail Holdings, Inc		9,636,451		1.0
					20,867,957		2.1
PORTUGAL
	5,433,509	*	Banco Espirito Santo S.A.		9,631,074		1.0
					9,631,074		1.0
SINGAPORE					8,039,742		0.8
SOUTH AFRICA					6,916,186		0.7
SPAIN
	269,762		Amadeus IT Holding S.A.		11,219,538		1.1
			Other		7,505,773		0.8
					18,725,311		1.9
SWEDEN
	258,650		Hennes & Mauritz AB (B Shares)		10,587,296		1.1
			Other		20,823,300		2.1
					31,410,596		3.2
SWITZERLAND
	102,717		Lonza Group AG.		10,750,417		1.1
	228,162		Novartis AG.		19,834,692		2.0
	735,023		UBS AG.		15,372,171		1.5
					45,957,280		4.6

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

International Opportunities Fund ■ April 30, 2014

Shares			Company	Value			% of net assets
TAIWAN				$	31,523,241			3.2	%
UNITED KINGDOM
	1,286,397		Ashtead Group plc		19,059,490			1.9
	2,657,690		Barclays plc		11,348,449			1.1
	1,027,425		Countrywide plc		10,260,771			1.0
	435,846	e	easyJet plc		12,059,700			1.2
	238,285		Rightmove plc		9,707,562			1.0
	199,825		SABMiller plc		10,880,664			1.1
	786,671	*	Sports Direct International plc		10,430,985			1.1
	5,308,579		Taylor Woodrow plc		9,441,015			1.0
	317,299		Travis Perkins plc		9,160,531			0.9
	178,782		Whitbread plc		12,331,661			1.2
			Other		74,210,275			7.5
					188,891,103			19.0
UNITED STATES
	91,200	*	Biovail Corp (Toronto)		12,195,779			1.2
					12,195,779			1.2
			TOTAL COMMON STOCKS (Cost $884,912,120)		949,037,776			95.4

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	$20,000,000		0.040%, 05/23/14		19,999,511			2.0
					19,999,511			2.0

	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	113,809,484	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		113,809,484			11.4
					113,809,484			11.4
			TOTAL SHORT-TERM INVESTMENTS (Cost $133,808,995)		133,808,995			13.4
			TOTAL PORTFOLIO (Cost $1,018,721,115)		1,082,846,771			108.8
			OTHER ASSETS & LIABILITIES, NET		(87,815,444	)		(8.8	)
			NET ASSETS	$	995,031,327			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 $107,019,018.

“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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary of market values by sector (unaudited)

International Opportunities Fund ■ April 30, 2014

Sector		Value		% of net assets
CONSUMER DISCRETIONARY	$	215,539,906			21.7	%
FINANCIALS		212,697,467			21.4
INDUSTRIALS		135,551,902			13.6
INFORMATION TECHNOLOGY		127,868,479			12.9
HEALTH CARE		96,736,208			9.7
CONSUMER STAPLES		63,032,016			6.3
ENERGY		57,608,335			5.8
MATERIALS		37,604,305			3.8
TELECOMMUNICATION SERVICES		2,399,158			0.2
SHORT-TERM INVESTMENTS		133,808,995			13.4
OTHER ASSETS & LIABILITIES, NET		(87,815,444	)		(8.8	)
NET ASSETS	$	995,031,327			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds ■ April 30, 2014

		Enhanced		Enhanced																Emerging			Enhanced
		Large-Cap Growth		Large-Cap Value		Growth &		Large-Cap		Large-Cap		Mid-Cap		Mid-Cap		Small-Cap		Social Choice		Markets			International		Global Natural
		Index Fund		Index Fund		Income Fund		Growth Fund		Value Fund		Growth Fund		Value Fund		Equity Fund		Equity Fund		Equity Fund			Equity Index Fund		Resources Fund
ASSETS
Portfolio investments, at value*^†		$	1,655,766,343	$	1,687,082,086	$	4,410,488,041	$	2,542,875,195	$	5,020,253,676	$	1,911,440,975	$	4,977,483,874	$	2,454,620,906	$	2,015,910,436	$	787,692,409		$	1,078,910,591	$	268,872,166
Affiliated investments, at value^‡			—		—		—		—		205,728,168		—		—		207,545,747		—		—			—		—
Cash**			10,481,633		9,088,109		27,111,363		15,300,450		12,202,477		5,327,756		8,753,339		7,356,848		22,111,066		4,727,982			8,772,150		2,125,750
Cash – foreign^			—		—		340,633		596,557		208,626		—		—		—		—		302,245			731,185		540,992
Receivable from securities transactions			2,105,784		15,399,692		77,128,827		38,475,976		16,532,590		13,785,554		—		32,822,885		—		29,329,005			617,039		10,386,533
Receivable from Fund shares sold			6,934,212		9,764,999		13,285,363		2,793,428		4,433,485		532,703		5,355,631		4,371,902		5,555,745		313,772			40,211		185,013
Dividends and interest receivable			1,521,430		1,107,070		3,278,627		1,296,614		4,649,276		441,387		2,042,763		997,551		1,724,575		693,180			5,694,813		549,915
Due from affiliates			—		—		—		—		—		—		3,814		4,625		—		—			4,070		80
Receivable for variation margin on open futures contracts			—		—		—		—		—		—		—		40,880		—		—			—		—
Other			54,892		54,499		129,828		77,615		128,514		73,947		143,866		81,839		70,529		16,376			41,048		5,420
Total assets			1,676,864,294		1,722,496,455		4,531,762,682		2,601,415,835		5,264,136,812		1,931,602,322		4,993,783,287		2,707,843,183		2,045,372,351		823,074,969			1,094,811,107		282,665,869
LIABILITIES
Management fees payable			44,601		43,799		149,846		90,407		171,488		67,360		170,084		87,887		23,964		53,000			36,629		12,816
Service agreement fees payable			—		—		13,418		4,076		25,180		11,595		33,563		11,266		8,201		321			—		244
Distribution fees payable			—		—		204,505		109,289		70,463		60,194		115,563		47,404		82,751		1,766			—		1,926
Due to affiliates			12,234		11,836		32,659		18,837		37,035		14,767		35,871		19,176		14,424		5,780			6,994		1,987
Payable for collateral for securities loaned			11,680,052		63,327,184		98,436,026		5,294,592		205,728,168		63,419,472		112,691,968		207,545,747		63,208,453		27,975,498			93,285,133		29,120,555
Payable for securities transactions			—		22,736,546		90,211,645		43,198,380		43,676,903		5,985,143		15,478,564		31,712,642		9,875,029		32,613,510			617,366		10,783,559
Payable for Fund shares redeemed			15,829		—		214,581		690,254		2,931,197		2,032,805		4,865,519		1,691,147		499,091		19,692			141,288		137,321
Income distribution payable			—		—		—		—		—		—		—		—		2,365		—			—		—
Written options^§			—		11,010		387,275		—		—		389,000		—		—		—		—			—		—
Accrued expenses and other payables			112,800		119,588		314,071		193,267		280,826		164,248		289,810		177,912		158,693		883,430			112,741		82,138
Total liabilities			11,865,516		86,249,963		189,964,026		49,599,102		252,921,260		72,144,584		133,680,942		241,293,181		73,872,971		61,552,997			94,200,151		40,140,546
NET ASSETS		$	1,664,998,778	$	1,636,246,492	$	4,341,798,656	$	2,551,816,733	$	5,011,215,552	$	1,859,457,738	$	4,860,102,345	$	2,466,550,002	$	1,971,499,380	$	761,521,972		$	1,000,610,956	$	242,525,323
NET ASSETS CONSIST OF:
Paid-in-capital		$	1,270,003,370	$	1,174,507,665	$	3,237,164,825	$	1,831,016,690	$	3,943,513,285	$	1,422,510,551	$	3,353,952,665	$	1,855,476,932	$	1,332,586,577	$	748,251,761		$	807,392,211	$	238,887,470
Undistributed net investment income (loss)			5,667,800		7,336,843		2,819,707		3,964,669		32,466,975		2,041,020		19,641,646		1,122,285		10,383,710		1,574,462			17,405,176		1,402,019
Accumulated net realized gain (loss) on total investments			75,212,545		42,735,714		184,675,474		148,788,265		100,977,095		162,148,900		72,809,228		215,835,275		15,476,206		(51,544,506	)		21,015,855		(28,996,686	)
Net unrealized appreciation (depreciation) on total investments			314,115,063		411,666,270		917,138,650		568,047,109		934,258,197		272,757,267		1,413,698,806		394,115,510		613,052,887		63,240,255			154,797,714		31,232,520
NET ASSETS		$	1,664,998,778	$	1,636,246,492	$	4,341,798,656	$	2,551,816,733	$	5,011,215,552	$	1,859,457,738	$	4,860,102,345	$	2,466,550,002	$	1,971,499,380	$	761,521,972		$	1,000,610,956	$	242,525,323
INSTITUTIONAL CLASS:
Net assets		$	1,664,998,778	$	1,636,246,492	$	2,618,475,251	$	1,816,866,898	$	3,285,751,417	$	933,575,624	$	2,451,925,710	$	1,604,666,367	$	1,122,515,048	$	735,627,025		$	1,000,610,956	$	219,295,296
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			149,062,545		154,685,578		217,720,243		122,734,529		183,266,426		41,295,261		103,487,822		86,539,569		70,983,906		68,436,972			120,391,384		21,522,026
Net asset value per share		$	11.17	$	10.58	$	12.03	$	14.80	$	17.93	$	22.61	$	23.69	$	18.54	$	15.81	$	10.75		$	8.31	$	10.19
PREMIER CLASS:
Net assets		$	—	$	—	$	160,109,909	$	5,403,264	$	355,593,112	$	177,803,638	$	489,306,081	$	205,075,781	$	88,319,335	$	3,936,358		$	—	$	4,059,700
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—		13,306,853		365,255		19,872,665		7,902,287		20,692,500		11,095,407		5,600,132		366,274			—		398,977
Net asset value per share		$	—	$	—	$	12.03	$	14.79	$	17.89	$	22.50	$	23.65	$	18.48	$	15.77	$	10.75		$	—	$	10.18
RETIREMENT CLASS:
Net assets		$	—	$	—	$	658,645,349	$	200,498,132	$	1,234,583,414	$	567,585,194	$	1,643,718,734	$	551,588,142	$	402,625,527	$	15,631,342		$	—	$	12,119,744
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—		54,067,240		13,604,036		69,114,281		25,626,929		69,761,514		30,231,902		25,157,648		1,458,480			—		1,190,443
Net asset value per share		$	—	$	—	$	12.18	$	14.74	$	17.86	$	22.15	$	23.56	$	18.25	$	16.00	$	10.72		$	—	$	10.18
RETAIL CLASS:
Net assets		$	—	$	—	$	904,568,147	$	529,048,439	$	135,287,609	$	180,493,282	$	275,151,820	$	105,219,712	$	358,039,470	$	6,327,247		$	—	$	7,050,583
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—		59,811,657		35,809,661		7,796,443		8,149,021		11,839,216		5,805,593		24,756,933		590,411			—		693,428
Net asset value per share		$	—	$	—	$	15.12	$	14.77	$	17.35	$	22.15	$	23.24	$	18.12	$	14.46	$	10.72		$	—	$	10.17
*	Includes securities loaned of	$	11,632,516	$	62,340,095	$	96,131,362	$	5,150,676	$	198,009,628	$	61,639,582	$	110,184,708	$	202,718,365	$	57,958,120	$	24,940,773		$	88,113,076	$	27,756,170
**	Included cash collateral for securities loaned	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	11,981,904	$	—		$	—	$	—
†	Portfolio investments, cost	$	1,341,651,280	$	1,275,426,473	$	3,493,517,877	$	1,974,830,261	$	4,085,999,172	$	1,638,967,482	$	3,563,785,068	$	2,060,436,715	$	1,402,857,549	$	723,709,784		$	924,157,224	$	237,617,504
‡	Affiliated investments, cost	$	—	$	—	$	—	$	—	$	205,728,168	$	—	$	—	$	207,545,747	$	—	$	—		$	—	$	—
^	Foreign cash, cost	$	—	$	—	$	339,086	$	593,848	$	207,679	$	—	$	—	$	—	$	—	$	301,992		$	728,197	$	540,813
§	Written options premiums	$	—	$	21,667	$	540,437	$	—	$	—	$	671,613	$	—	$	—	$	—	$	—		$	—	$	—

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Statements of assets and liabilities (unaudited)

concluded

TIAA-CREF Funds ■ April 30, 2014

					International
		International			Opportunities
		Equity Fund			Fund
ASSETS
Portfolio investments, at value*^†		$	3,742,806,878		$	1,082,846,771
Affiliated investments, at value^‡			426,855,915			—
Cash**			12,099,319			16,742,978
Cash – foreign^			3,404,629			121,684
Receivable from securities transactions			74,402,570			24,239,548
Receivable from Fund shares sold			2,814,327			20,062
Dividends and interest receivable			9,616,398			3,168,913
Other			138,610			5,421
Total assets			4,272,138,646			1,127,145,377
LIABILITIES
Management fees payable			146,515			48,734
Service agreement fees payable			17,560			75
Distribution fees payable			107,518			603
Due to affiliates			28,001			24,590
Payable for collateral for securities loaned			426,855,915			113,809,484
Payable for securities transactions			83,900,229			18,126,511
Payable for Fund shares redeemed			1,593,308			—
Accrued expenses and other payables			5,158,010			104,053
Total liabilities			517,807,056			132,114,050
NET ASSETS		$	3,754,331,590		$	995,031,327
NET ASSETS CONSIST OF:
Paid-in-capital		$	3,494,088,420		$	957,564,745
Undistributed net investment income (loss)			26,136,475			2,906,365
Accumulated net realized gain (loss) on total investments			(18,254,532	)		(29,574,096	)
Net unrealized appreciation (depreciation) on total investments			252,361,227			64,134,313
NET ASSETS		$	3,754,331,590		$	995,031,327
INSTITUTIONAL CLASS:
Net assets		$	2,247,834,314		$	987,971,659
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			189,708,378			90,438,992
Net asset value per share		$	11.85		$	10.92
PREMIER CLASS:
Net assets		$	302,257,122		$	1,094,434
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			25,565,557			100,285
Net asset value per share		$	11.82		$	10.91
RETIREMENT CLASS:
Net assets		$	859,923,569		$	3,651,422
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			70,276,421			334,835
Net asset value per share		$	12.24		$	10.91
RETAIL CLASS:
Net assets		$	344,316,585		$	2,313,812
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			42,597,376			212,259
Net asset value per share		$	8.08		$	10.90
*	Includes securities loaned of	$	406,811,272		$	107,019,018
†	Portfolio investments, cost	$	3,485,828,537		$	1,018,721,115
‡	Affiliated investments, cost	$	426,855,915		$	—
^	Foreign cash, cost	$	3,394,274		$	121,784

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Statements of operations (unaudited)

TIAA-CREF Funds ■ For the period ended April 30, 2014

	Enhanced			Enhanced
	Large-Cap Growth			Large-Cap Value		Growth &			Large-Cap			Large-Cap
	Index Fund			Index Fund		Income Fund			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends*	$	12,189,778		$	14,687,609	$	30,690,932		$	10,495,011		$	57,212,059
Income from securities lending		96,474			130,079		614,235			133,763			842,060
Interest		1,506			302		3,674			7,018			2,770
Total income		12,287,758			14,817,990		31,308,841			10,635,792			58,056,889
EXPENSES
Management fees		2,604,082			2,507,176		8,838,386			5,320,379			9,868,724
Shareholder servicing – Institutional Class		1,398			1,292		2,428			1,555			2,375
Shareholder servicing – Premier Class		—			—		208			63			249
Shareholder servicing – Retirement Class		—			—		806,261			250,267			1,470,819
Shareholder servicing – Retail Class		—			—		332,267			324,319			54,985
Distribution fees – Premier Class		—			—		118,470			6,201			251,483
Distribution fees – Retail Class		—			—		1,107,523			655,960			162,827
Administrative service fees		38,845			36,973		101,995			60,029			114,803
Custody and accounting fees		13,338			20,945		45,023			24,839			40,314
Trustee fees and expenses		6,899			6,371		17,869			10,843			20,560
Other expenses		77,245			90,174		190,933			146,330			189,208
Total expenses		2,741,807			2,662,931		11,561,363			6,800,785			12,176,347
Less: Expenses reimbursed by the investment adviser		—			—		—			—			—
Fee waiver by investment adviser and TPIS		—			—		—			—			—
Net expenses		2,741,807			2,662,931		11,561,363			6,800,785			12,176,347
Net Investment income (loss)		9,545,951			12,155,059		19,747,478			3,835,007			45,880,542
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		81,153,282			62,011,356		208,335,535			154,737,275			113,881,454
Futures transactions		—			—		—			—			—
Purchased options		—			—		102,302			—			—
Written options		—			333,843		1,141,017			96,319			20,389
Foreign currency transactions		—			17		(20,870	)		42,200			(32,623	)
Net realized gain (loss) on total investments		81,153,282			62,345,216		209,557,984			154,875,794			113,869,220
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		(13,523,225	)		43,074,437		28,963,558			(41,601,030	)		180,103,538
Futures transactions		—			—		—			—			—
Purchased options		—			—		(133,391	)		—			—
Written options		—			6,119		71,348			(4,664	)		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			—		10,206			1,786			2,723
Net change in unrealized appreciation (depreciation) on total investments		(13,523,225	)		43,080,556		28,911,721			(41,603,908	)		180,106,261
Net realized and unrealized gain (loss) on total investments		67,630,057			105,425,772		238,469,705			113,271,886			293,975,481
Net increase (decrease) in net assets from operations	$	77,176,008		$	117,580,831	$	258,217,183		$	117,106,893		$	339,856,023
* Net of foreign withholding taxes of	$	361		$	—	$	349,034		$	467,642		$	309,088
** Includes net change in unrealized foreign capital gains taxes of	$	—		$	—	$	—		$	—		$	—

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Statements of operations (unaudited)	concluded

TIAA-CREF Funds ■ For the period ended April 30, 2014

												Emerging			Enhanced									International
	Mid-Cap			Mid-Cap			Small-Cap			Social Choice		Markets			International			Global Natural			International			Opportunities
	Growth Fund			Value Fund			Equity Fund			Equity Fund		Equity Fund			Equity Index Fund			Resources Fund			Equity Fund			Fund
INVESTMENT INCOME
Dividends*	$	6,954,050		$	46,408,987		$	14,687,190		$	17,889,213	$	5,723,548		$	22,601,259		$	2,709,715		$	37,263,866		$	7,136,657
Income from securities lending		383,460			428,831			1,010,260			217,362		95,975			473,358			62,496			1,141,775			384,479
Interest		2,997			10,750			1,119			14,661		274			913			7			14,214			2,507
Total income		7,340,507			46,848,568			15,698,569			18,121,236		5,819,797			23,075,530			2,772,218			38,419,855			7,523,643

EXPENSES
Management fees		4,189,539			9,804,491			5,321,579			1,379,881		2,994,552			2,066,073			774,959			8,581,941			2,729,793
Shareholder servicing – Institutional Class		1,484			3,593			1,823			6,061		1,023			1,024			568			11,538			916
Shareholder servicing – Premier Class		197			341			163			214		115			—			129			214			95
Shareholder servicing – Retirement Class		730,534			1,952,528			700,793			496,206		18,802			—			16,253			1,071,616			4,238
Shareholder servicing – Retail Class		70,911			86,960			51,556			73,516		4,600			—			5,205			183,657			886
Distribution fees – Premier Class		133,947			345,682			152,013			64,087		2,830			—			2,882			220,582			818
Distribution fees – Retail Class		228,700			326,666			130,422			413,596		7,705			—			8,402			420,222			2,516
Administrative service fees		46,653			110,729			60,193			45,069		17,210			21,564			5,599			87,839			42,245
Custody and accounting fees		21,284			26,889			22,843			25,314		179,479			52,804			28,787			188,183			83,985
Trustee fees and expenses		8,553			19,568			10,852			8,065		3,013			3,993			948			15,478			3,940
Other expenses		117,869			189,121			128,581			138,437		150,527			90,015			73,527			158,421			132,895
Total expenses		5,549,671			12,866,568			6,580,818			2,650,446		3,379,856			2,235,473			917,259			10,939,691			3,002,327
Less: Expenses reimbursed by the investment adviser		—			—			—			—		(23	)		—			(80	)		—			—
Fee waiver by investment adviser and TPIS		—			(208,309	)		(279,974	)		—		—			(229,563	)		—			—			—
Net expenses		5,549,671			12,658,259			6,300,844			2,650,446		3,379,833			2,005,910			917,179			10,939,691			3,002,327
Net Investment income (loss)		1,790,836			34,190,309			9,397,725			15,470,790		2,439,964			21,069,620			1,855,039			27,480,164			4,521,316
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		162,036,759			83,229,113			215,942,987			17,154,394		(6,515,294	)		23,355,666			2,591,876			227,149,001			(18,734,521	)
Futures transactions		—			—			757,994			—		—			(18,496	)		—			—			—
Purchased options		(564,227	)		—			—			—		—			—			—			—			—
Written options		2,221,555			—			—			—		—			—			—			—			—
Foreign currency transactions		13,003			(161,246	)		—			—		(153,739	)		(158,745	)		11,046			(912,160	)		(314,808	)
Net realized gain (loss) on total investments		163,707,090			83,067,867			216,700,981			17,154,394		(6,669,033	)		23,178,425			2,602,922			226,236,841			(19,049,329	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		(116,920,127	)		274,778,539			(159,601,929	)		98,295,909		(15,827,251	)		9,260,180			5,401,952			(89,011,662	)		23,924,460
Futures transactions		—			—			(191,943	)		—		—			—			—			—			—
Purchased options		62,000			—			—			—		—			—			—			—			—
Written options		(656,324	)		—			—			—		—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		1,658			4,895			—			—		18,668			28,474			(7,761	)		113,539			4,072
Net change in unrealized appreciation (depreciation) on total investments		(117,512,793	)		274,783,434			(159,793,872	)		98,295,909		(15,808,583	)		9,288,654			5,394,191			(88,898,123	)		23,928,532
Net realized and unrealized gain (loss) on total investments		46,194,297			357,851,301			56,907,109			115,450,303		(22,477,616	)		32,467,079			7,997,113			137,338,718			4,879,203
Net increase (decrease) in net assets from operations	$	47,985,133		$	392,041,610		$	66,304,834		$	130,921,093	$	(20,037,652	)	$	53,536,699		$	9,852,152		$	164,818,882		$	9,400,519
* Net of foreign withholding taxes of	$	47,081		$	90,850		$	—		$	—	$	543,214		$	1,418,732		$	118,631		$	2,749,236		$	701,305
** Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—	$	(647,946	)	$	—		$	66,418		$	(4,685,845	)	$	—

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Enhanced Large-Cap						Enhanced Large-Cap
		Growth Index Fund						Value Index Fund						Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2014			2013			2014			2013			2014			2013			2014			2013			2014			2013			2014			2013
		(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	9,545,951		$	16,251,548		$	12,155,059		$	23,402,311		$	19,747,478		$	42,111,199		$	3,835,007		$	9,515,337		$	45,880,542		$	63,085,355		$	1,790,836		$	5,369,377
Net realized gain (loss) on total investments			81,153,282			104,907,254			62,345,216			93,933,619			209,557,984			398,588,453			154,875,794			156,579,560			113,869,220			304,753,487			163,707,090			235,033,796
Net change in unrealized appreciation (depreciation) on total investments			(13,523,225	)		163,779,856			43,080,556			200,850,347			28,911,721			443,037,695			(41,603,908	)		385,496,350			180,106,261			628,050,749			(117,512,793	)		209,856,953
Net increase (decrease) in net assets from operations			77,176,008			284,938,658			117,580,831			318,186,277			258,217,183			883,737,347			117,106,893			551,591,247			339,856,023			995,889,591			47,985,133			450,260,126

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(15,277,142	)		(13,467,418	)		(21,402,352	)		(23,740,235	)		(13,764,728	)		(25,972,740	)		(5,906,726	)		(5,019,629	)		(38,853,802	)		(34,663,108	)		(2,173,150	)		(4,397,684	)
	Premier Class		—			—			—			—			(787,759	)		(1,852,441	)		(15,323	)		(10,066	)		(4,106,901	)		(4,574,026	)		(179,439	)		(936,632	)
	Retirement Class		—			—			—			—			(2,760,522	)		(6,483,714	)		(337,605	)		(256,484	)		(12,956,342	)		(13,360,757	)		(45,701	)		(2,436,490	)
	Retail Class		—			—			—			—			(2,578,035	)		(5,979,036	)		(115,105	)		(125,368	)		(1,379,703	)		(1,358,584	)		(193	)		(531,254	)
From realized gains:	Institutional Class		(104,648,294	)		(38,945,379	)		(95,790,435	)		(24,068,164	)		(241,261,848	)		(68,916,536	)		(108,946,272	)		(29,862,490	)		(195,284,347	)		(6,499,984	)		(111,676,979	)		(29,551,493	)
	Premier Class		—			—			—			—			(16,983,431	)		(6,020,633	)		(420,912	)		(117,536	)		(23,065,101	)		(920,597	)		(22,426,901	)		(7,841,922	)
	Retirement Class		—			—			—			—			(63,371,865	)		(22,875,752	)		(13,545,385	)		(3,128,923	)		(78,284,367	)		(2,871,196	)		(70,849,935	)		(24,982,389	)
	Retail Class		—			—			—			—			(71,958,374	)		(24,099,778	)		(34,274,237	)		(10,503,061	)		(8,895,350	)		(313,921	)		(22,425,268	)		(6,632,090	)
Total distributions			(119,925,436	)		(52,412,797	)		(117,192,787	)		(47,808,399	)		(413,466,562	)		(162,200,630	)		(163,561,565	)		(49,023,557	)		(362,825,913	)		(64,562,173	)		(229,777,566	)		(77,309,954	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		155,414,278			256,731,902			149,082,295			163,550,770			276,574,409			448,913,662			234,045,243			258,487,355			304,910,765			651,209,525			100,028,337			228,112,657
	Premier Class		—			—			—			—			23,029,279			35,673,779			8,039,159			5,850,180			56,410,434			98,898,703			27,471,490			42,481,138
	Retirement Class		—			—			—			—			53,267,107			110,289,391			46,011,172			60,298,071			104,298,417			247,014,142			37,941,184			66,152,917
	Retail Class		—			—			—			—			41,966,311			76,388,203			34,021,968			26,751,318			11,355,986			30,339,506			18,094,902			36,538,467
Reinvestments of distributions:	Institutional Class		119,925,436			52,412,797			117,192,787			47,808,399			239,459,664			77,453,732			114,824,906			34,877,806			233,925,502			41,090,954			112,333,047			33,376,560
	Premier Class		—			—			—			—			17,771,190			7,873,074			436,235			127,602			27,172,002			5,494,623			22,606,340			8,778,554
	Retirement Class		—			—			—			—			66,112,412			29,351,245			13,854,787			3,385,019			91,195,715			16,230,552			70,895,636			27,418,878
	Retail Class		—			—			—			—			72,297,861			29,271,966			33,516,888			10,384,263			9,980,736			1,620,094			21,750,742			6,960,603
Redemptions:	Institutional Class		(38,682,020	)		(78,216,178	)		(46,049,508	)		(116,280,819	)		(103,060,442	)		(173,592,703	)		(80,981,260	)		(141,709,412	)		(77,703,807	)		(211,328,400	)		(104,935,692	)		(107,100,520	)
	Premier Class		—			—			—			—			(42,495,949	)		(57,914,860	)		(7,839,320	)		(6,350,155	)		(56,972,923	)		(117,710,247	)		(32,210,477	)		(73,045,221	)
	Retirement Class		—			—			—			—			(57,972,727	)		(164,544,746	)		(46,047,525	)		(22,832,133	)		(116,693,079	)		(141,459,250	)		(55,974,443	)		(121,214,592	)
	Retail Class		—			—			—			—			(47,707,012	)		(86,527,313	)		(23,121,374	)		(45,586,851	)		(10,940,161	)		(18,420,858	)		(16,528,049	)		(29,300,442	)
Net increase (decrease) from shareholder transactions			236,657,694			230,928,521			220,225,574			95,078,350			539,242,103			332,635,430			326,760,879			183,683,063			576,939,587			602,979,344			201,473,017			119,158,999
Net increase (decrease) in net assets			193,908,266			463,454,382			220,613,618			365,456,228			383,992,724			1,054,172,147			280,306,207			686,250,753			553,969,697			1,534,306,762			19,680,584			492,109,171

NET ASSETS
Beginning 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
End of period		$	1,664,998,778		$	1,471,090,512		$	1,636,246,492		$	1,415,632,874		$	4,341,798,656		$	3,957,805,932		$	2,551,816,733		$	2,271,510,526		$	5,011,215,552		$	4,457,245,855		$	1,859,457,738		$	1,839,777,154
Undistributed net investment income (loss) included in net assets		$	5,667,800		$	11,398,991		$	7,336,843		$	16,584,136		$	2,819,707		$	2,963,273		$	3,964,669		$	6,504,421		$	32,466,975		$	43,883,181		$	2,041,020		$	2,648,667

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		13,775,344			25,152,950			14,196,986			17,799,821			22,829,628			40,662,376			15,589,633			19,793,156			17,324,157			40,718,752			4,193,677			10,216,460
	Premier Class		—			—			—			—			1,844,345			3,184,004			533,339			445,389			3,154,081			6,120,644			1,137,416			1,909,962
	Retirement Class		—			—			—			—			4,320,318			9,742,387			3,049,068			4,598,012			5,929,449			15,493,902			1,625,791			3,030,943
	Retail Class		—			—			—			—			2,766,001			5,602,264			2,250,057			2,050,592			663,090			1,918,590			777,328			1,658,078
Shares reinvested:	Institutional Class		11,104,207			5,672,381			11,801,892			5,732,422			20,830,293			7,650,412			7,870,110			3,009,301			13,891,063			2,924,623			5,096,781			1,741,083
	Premier Class		—			—			—			—			1,544,075			771,520			29,900			11,010			1,616,419			391,634			1,030,371			459,610
	Retirement Class		—			—			—			—			5,675,210			2,849,482			952,874			292,822			5,431,549			1,157,671			3,280,687			1,454,582
	Retail Class		—			—			—			—			5,000,097			2,344,565			2,298,826			895,968			611,565			118,601			1,006,047			368,872
Shares redeemed:	Institutional Class		(3,423,085	)		(7,623,163	)		(4,422,259	)		(11,969,931	)		(8,461,341	)		(15,423,677	)		(5,363,742	)		(11,009,934	)		(4,402,917	)		(12,961,310	)		(4,374,626	)		(4,988,415	)
	Premier Class		—			—			—			—			(3,474,692	)		(5,345,020	)		(536,457	)		(486,534	)		(3,240,819	)		(7,207,177	)		(1,367,609	)		(3,320,352	)
	Retirement Class		—			—			—			—			(4,666,658	)		(14,406,822	)		(3,113,649	)		(1,766,305	)		(6,627,962	)		(8,838,343	)		(2,396,012	)		(5,688,470	)
	Retail Class		—			—			—			—			(3,137,337	)		(6,342,101	)		(1,536,152	)		(3,530,023	)		(646,154	)		(1,165,984	)		(718,463	)		(1,349,830	)
Net increase (decrease) from shareholder transactions			21,456,466			23,202,168			21,576,619			11,562,312			45,069,939			31,289,390			22,023,807			14,303,454			33,703,521			38,671,603			9,291,388			5,492,523

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

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
		April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	34,190,309		$	57,288,103		$	9,397,725		$	19,124,642		$	15,470,790		$	25,335,407		$	2,439,964		$	7,497,267		$	21,069,620		$	25,065,413		$	1,855,039		$	5,964,712
Net realized gain (loss) on total investments			83,067,867			275,841,921			216,700,981			196,849,356			17,154,394			24,590,357			(6,669,033	)		6,219,756			23,178,425			48,331,272			2,602,922			(21,825,670	)
Net change in unrealized appreciation (depreciation) on total investments			274,783,434			697,753,971			(159,793,872	)		428,800,031			98,295,909			340,113,940			(15,808,583	)		37,870,386			9,288,654			125,289,652			5,394,191			14,859,784
Net increase (decrease) in net assets from operations			392,041,610			1,030,883,995			66,304,834			644,774,029			130,921,093			390,039,704			(20,037,652	)		51,587,409			53,536,699			198,686,337			9,852,152			(1,001,174	)

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(27,146,554	)		(24,226,412	)		(12,320,624	)		(11,308,204	)		(13,909,993	)		(12,778,678	)		(4,860,905	)		(6,823,353	)		(28,489,144	)		(25,469,837	)		(4,052,040	)		(4,781,428	)
	Premier Class		(5,132,729	)		(5,681,008	)		(1,553,436	)		(1,660,428	)		(1,135,221	)		(1,414,210	)		(25,611	)		(20,775	)		—			—			(72,022	)		(49,581	)
	Retirement Class		(15,342,833	)		(18,504,300	)		(3,945,622	)		(4,439,347	)		(4,647,450	)		(5,458,025	)		(69,786	)		(110,035	)		—			—			(214,314	)		(191,608	)
	Retail Class		(2,311,073	)		(3,265,074	)		(699,178	)		(548,391	)		(4,144,469	)		(4,306,526	)		(20,940	)		(41,109	)		—			—			(99,017	)		(98,573	)
From realized gains:	Institutional Class		(131,561,589	)		(25,110,963	)		(121,598,446	)		(17,443,993	)		(8,877,865	)		—			—			—			(30,786,587	)		—			—			—
	Premier Class		(28,003,259	)		(6,417,385	)		(16,664,382	)		(2,917,648	)		(804,586	)		—			—			—			—			—			—			—
	Retirement Class		(92,022,594	)		(22,402,003	)		(45,154,576	)		(8,782,533	)		(3,543,313	)		—			—			—			—			—			—			—
	Retail Class		(15,555,473	)		(4,075,134	)		(8,412,775	)		(1,268,631	)		(3,175,710	)		—			—			—			—			—			—			—
Total distributions			(317,076,104	)		(109,682,279	)		(210,349,039	)		(48,369,175	)		(40,238,607	)		(23,957,439	)		(4,977,242	)		(6,995,272	)		(59,275,731	)		(25,469,837	)		(4,437,393	)		(5,121,190	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		227,206,247			475,774,247			147,991,544			260,302,530			164,211,144			216,099,106			110,658,377			122,375,900			141,133,198			200,738,462			26,247,281			86,648,042
	Premier Class		58,926,684			107,104,158			27,671,056			40,594,283			14,409,897			25,353,399			1,026,115			2,561,267			—			—			467,800			2,030,087
	Retirement Class		146,869,237			226,783,579			27,723,359			47,907,438			31,507,355			64,358,282			2,842,104			9,315,512			—			—			1,596,663			5,716,330
	Retail Class		36,003,881			132,200,836			10,267,788			17,182,861			49,797,761			61,875,125			762,278			2,263,079			—			—			627,913			2,693,221
Reinvestments of distributions:	Institutional Class		156,521,563			48,414,337			133,818,964			28,714,547			21,494,424			11,693,949			4,860,904			6,823,353			59,275,731			25,469,837			4,052,040			4,781,428
	Premier Class		33,135,988			12,098,393			18,217,818			4,578,076			1,938,909			1,414,134			25,611			20,775			—			—			71,917			49,581
	Retirement Class		107,204,211			40,888,940			49,091,097			13,220,509			8,182,132			5,454,719			69,786			110,035			—			—			214,314			191,608
	Retail Class		17,448,552			7,199,620			8,879,010			1,760,127			6,992,427			4,074,066			20,508			39,972			—			—			96,465			95,084
Redemptions:	Institutional Class		(150,848,869	)		(159,809,072	)		(68,599,571	)		(128,068,144	)		(48,241,422	)		(99,267,047	)		(32,817,365	)		(91,512,635	)		(15,894,452	)		(214,248,745	)		(53,129,439	)		(93,500,406	)
	Premier Class		(67,293,172	)		(137,532,641	)		(27,861,967	)		(62,984,860	)		(22,795,626	)		(40,038,586	)		(1,076,222	)		(779,242	)		—			—			(643,072	)		(487,263	)
	Retirement Class		(178,741,417	)		(292,439,099	)		(50,385,075	)		(147,161,353	)		(49,873,616	)		(78,115,784	)		(1,769,799	)		(5,756,165	)		—			—			(3,503,663	)		(3,333,691	)
	Retail Class		(37,672,811	)		(151,226,160	)		(7,580,146	)		(11,523,493	)		(28,461,642	)		(40,111,185	)		(551,222	)		(1,555,746	)		—			—			(713,469	)		(1,898,602	)
Net increase (decrease) from shareholder transactions			348,760,094			309,457,138			269,233,877			64,522,521			149,161,743			132,790,178			84,051,075			43,906,105			184,514,477			11,959,554			(24,615,250	)		2,985,419
Net increase (decrease) in net assets			423,725,600			1,230,658,854			125,189,672			660,927,375			239,844,229			498,872,443			59,036,181			88,498,242			178,775,445			185,176,054			(19,200,491	)		(3,136,945	)

NET ASSETS
Beginning 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
End of period		$	4,860,102,345		$	4,436,376,745		$	2,466,550,002		$	2,341,360,330		$	1,971,499,380		$	1,731,655,151		$	761,521,972		$	702,485,791		$	1,000,610,956		$	821,835,511		$	242,525,323		$	261,725,814
Undistributed net investment income (loss) included in net assets		$	19,641,646		$	35,384,526		$	1,122,285		$	10,243,420		$	10,383,710		$	18,750,053		$	1,574,462		$	4,111,740		$	17,405,176		$	24,824,699		$	1,402,019		$	3,984,373

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		9,829,919			22,955,087			7,759,402			15,488,466			10,672,740			16,143,766			10,379,082			11,173,749			17,300,490			27,275,826			2,719,421			8,714,210
	Premier Class		2,524,250			5,081,574			1,436,614			2,320,371			937,206			1,889,023			94,872			235,676			—			—			47,792			202,550
	Retirement Class		6,437,485			10,983,536			1,474,212			2,841,253			2,028,070			4,670,740			265,226			848,382			—			—			161,579			569,263
	Retail Class		1,589,889			6,704,641			549,215			1,005,829			3,529,580			4,996,614			71,567			206,852			—			—			64,226			268,512
Shares reinvested:	Institutional Class		7,160,181			2,655,751			7,463,411			2,008,010			1,449,388			1,002,911			451,757			635,914			7,698,147			3,751,080			428,334			479,582
	Premier Class		1,517,910			664,382			1,018,894			320,594			131,008			121,594			2,380			1,935			—			—			7,610			4,973
	Retirement Class		4,926,664			2,251,594			2,779,790			936,297			544,749			461,873			6,504			10,274			—			—			22,655			19,218
	Retail Class		813,074			401,764			505,926			125,276			514,906			380,754			1,910			3,732			—			—			10,208			9,537
Shares redeemed:	Institutional Class		(6,545,744	)		(7,904,262	)		(3,587,532	)		(7,952,317	)		(3,123,455	)		(7,482,629	)		(3,021,111	)		(8,284,192	)		(1,973,063	)		(27,047,788	)		(5,381,314	)		(9,476,548	)
	Premier Class		(2,935,629	)		(6,644,252	)		(1,480,792	)		(3,683,136	)		(1,495,120	)		(3,152,127	)		(100,695	)		(70,591	)		—			—			(66,582	)		(49,831	)
	Retirement Class		(7,808,751	)		(14,130,690	)		(2,672,621	)		(9,341,111	)		(3,200,124	)		(5,845,839	)		(165,699	)		(530,543	)		—			—			(353,445	)		(339,287	)
	Retail Class		(1,662,687	)		(7,008,298	)		(409,892	)		(704,066	)		(2,007,996	)		(3,359,968	)		(51,908	)		(142,518	)		—			—			(72,087	)		(192,681	)
Net increase (decrease) from shareholder transactions			15,846,561			16,010,827			14,836,627			3,365,466			9,980,952			9,826,712			7,933,885			4,088,670			23,025,574			3,979,118			(2,411,603	)		209,498

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Statements of changes in net assets	concluded

TIAA-CREF Funds ■ For the period or year ended

		International Equity Fund						International Opportunities Fund
		April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013*
		(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	27,480,164		$	57,654,382		$	4,521,316		$	1,670,330
Net realized gain (loss) on total investments			226,236,841			605,321,192			(19,049,329	)		(10,522,645	)
Net change in unrealized appreciation (depreciation) on total investments			(88,898,123	)		140,577,477			23,928,532			40,205,781
Net increase (decrease) in net assets from operations			164,818,882			803,553,051			9,400,519			31,353,466

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(32,320,680	)		(28,285,771	)		(3,274,344	)		—
	Premier Class		(4,432,285	)		(4,564,092	)		(3,020	)		—
	Retirement Class		(11,288,784	)		(11,487,152	)		(8,071	)		—
	Retail Class		(6,663,675	)		(6,326,126	)		(3,066	)		—
From realized gains:	Institutional Class		—			—			—			—
	Premier Class		—			—			—			—
	Retirement Class		—			—			—			—
	Retail Class		—			—			—			—
Total distributions			(54,705,424	)		(50,663,141	)		(3,288,501	)		—

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		259,266,640			484,480,309			237,649,594			764,379,280
	Premier Class		37,827,589			58,299,071			1			1,000,021
	Retirement Class		48,683,899			98,236,698			1,477,652			2,615,138
	Retail Class		17,613,127			41,304,573			1,041,473			1,628,485
Reinvestments of distributions:	Institutional Class		32,274,582			28,223,602			3,245,022			—
	Premier Class		4,432,285			4,564,092			3,020			—
	Retirement Class		11,280,501			11,479,120			8,071			—
	Retail Class		6,457,739			6,126,574			2,993			—
Redemptions:	Institutional Class		(167,925,971	)		(529,758,063	)		(37,192,919	)		(17,194,921	)
	Premier Class		(41,737,352	)		(93,970,526	)		—			(20	)
	Retirement Class		(90,323,879	)		(151,586,821	)		(510,678	)		(85,855	)
	Retail Class		(16,682,169	)		(55,268,241	)		(305,535	)		(194,979	)
Net increase (decrease) from shareholder transactions			101,166,991			(97,869,612	)		205,418,694			752,147,149
Net increase (decrease) in net assets			211,280,449			655,020,298			211,530,712			783,500,615

NET ASSETS
Beginning of period			3,543,051,141			2,888,030,843			783,500,615			—
End of period		$	3,754,331,590		$	3,543,051,141		$	995,031,327		$	783,500,615
Undistributed net investment income (loss) included in net assets		$	26,136,475		$	53,361,735		$	2,906,365		$	1,673,550


CHANGE IN FUND SHARES
Shares sold:	Institutional Class		22,268,294			48,141,547			21,960,906			73,224,874
	Premier Class		3,279,734			5,721,972			—			100,002
	Retirement Class		4,034,766			9,389,137			134,565			254,696
	Retail Class		2,215,979			6,074,431			95,730			162,240
Shares reinvested:	Institutional Class		2,894,581			3,015,342			305,558			—
	Premier Class		397,871			488,138			285			—
	Retirement Class		978,361			1,187,086			761			—
	Retail Class		847,472			949,857			282			—
Shares redeemed:	Institutional Class		(14,574,007	)		(53,533,277	)		(3,314,893	)		(1,737,453	)
	Premier Class		(3,619,752	)		(9,516,063	)		—			(2	)
	Retirement Class		(7,546,389	)		(14,573,775	)		(46,605	)		(8,582	)
	Retail Class		(2,090,356	)		(7,968,472	)		(27,356	)		(18,637	)
Net increase (decrease) from shareholder transactions			9,086,554			(10,624,077	)		19,109,233			71,977,138
* For the period April 12, 2013 to October 31, 2013

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

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	TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report	77

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

ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/14	^§		$11.53		$0.07			$0.49			$0.56			$(0.12	)		$(0.80	)		$(0.92	)		$11.17
	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:	4/30/14	^§		10.64		0.08			0.72			0.80			(0.16	)		(0.70	)		(0.86	)		10.58
	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:	4/30/14	^§		12.64		0.06			0.71			0.77			(0.07	)		(1.31	)		(1.38	)		12.03
	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
Premier Class:	4/30/14	^§		12.65		0.06			0.69			0.75			(0.06	)		(1.31	)		(1.37	)		12.03
	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
Retirement Class:	4/30/14	^§		12.79		0.05			0.70			0.75			(0.05	)		(1.31	)		(1.36	)		12.18
	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:	4/30/14	^§		15.55		0.06			0.87			0.93			(0.05	)		(1.31	)		(1.36	)		15.12
	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

2014 Semiannual 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 ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate

ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:		4/30/14	^§		5.15	%^b		$1,664,999			0.35	%^c		0.35	%^c		1.22	%^c		48	%^b
		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:		4/30/14	^§		8.16	^b		1,636,246			0.35	^c		0.35	^c		1.61	^c		39	^b
		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:		4/30/14	^§		6.61	^b		2,618,475			0.44	^c		0.44	^c		1.06	^c		51	^b
		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
Premier Class:		4/30/14	^§		6.52	^b		160,110			0.59	^c		0.59	^c		0.92	^c		51	^b
		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
Retirement Class:		4/30/14	^§		6.47	^b		658,645			0.69	^c		0.69	^c		0.82	^c		51	^b
		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:		4/30/14	^§		6.42	^b		904,568			0.77	^c		0.77	^c		0.74	^c		51	^b
		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


See notes to financial statements	TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual 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 or year ended		value, beginning of period		investment income (loss		)^a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period

LARGE-CAP GROWTH FUND
Institutional Class:	4/30/14	^§		$15.11		$0.03			$0.76			$0.79			$(0.06	)		$(1.04	)		$(1.10	)		$14.80
	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
Premier Class:	4/30/14	^§		15.10		0.02			0.75			0.77			(0.04	)		(1.04	)		(1.08	)		14.79
	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
Retirement Class:	4/30/14	^§		15.04		0.01			0.76			0.77			(0.03	)		(1.04	)		(1.07	)		14.74
	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:	4/30/14	^§		15.06		0.00	^d		0.75			0.75			0.00	^d		(1.04	)		(1.04	)		14.77
	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

LARGE-CAP VALUE FUND
Institutional Class:	4/30/14	^§		18.13		0.18			1.09			1.27			(0.24	)		(1.23	)		(1.47	)		17.93
	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
Premier Class:	4/30/14	^§		18.09		0.16			1.09			1.25			(0.22	)		(1.23	)		(1.45	)		17.89
	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
Retirement Class:	4/30/14	^§		18.05		0.16			1.08			1.24			(0.20	)		(1.23	)		(1.43	)		17.86
	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:	4/30/14	^§		17.57		0.15			1.05			1.20			(0.19	)		(1.23	)		(1.42	)		17.35
	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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued


							Ratios and supplemental data

	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate

LARGE-CAP GROWTH FUND
Institutional Class:		4/30/14	^§		5.30	%^b		$1,816,867			0.46	%^c		0.46	%^c		0.42	%^c		43	%^b
		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
Premier Class:		4/30/14	^§		5.18	^b		5,403			0.61	^c		0.61	^c		0.27	^c		43	^b
		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
Retirement Class:		4/30/14	^§		5.18	^b		200,498			0.71	^c		0.71	^c		0.16	^c		43	^b
		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:		4/30/14	^§		5.09	^b		529,048			0.83	^c		0.83	^c		0.04	^c		43	^b
		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

LARGE-CAP VALUE FUND
Institutional Class:		4/30/14	^§		7.52	^b		3,285,751			0.44	^c		0.44	^c		2.05	^c		24	^b
		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
Premier Class:		4/30/14	^§		7.39	^b		355,593			0.59	^c		0.59	^c		1.88	^c		24	^b
		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
Retirement Class:		4/30/14	^§		7.36	^b		1,234,583			0.69	^c		0.69	^c		1.79	^c		24	^b
		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:		4/30/14	^§		7.31	^b		135,288			0.77	^c		0.77	^c		1.71	^c		24	^b
		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


See notes to financial statements	TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual 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 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:	4/30/14	^§		$25.18		$0.04			$0.60			$0.64			$(0.06	)		$(3.15	)		$(3.21	)		$22.61
	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
Premier Class:	4/30/14	^§		25.05		0.02			0.61			0.63			(0.03	)		(3.15	)		(3.18	)		22.50
	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
Retirement Class:	4/30/14	^§		24.70		0.01			0.59			0.60			0.00	^d		(3.15	)		(3.15	)		22.15
	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:	4/30/14	^§		24.71		0.00	^d		0.59			0.59			—			(3.15	)		(3.15	)		22.15
	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

MID-CAP VALUE FUND
Institutional Class:	4/30/14	^§		23.44		0.19			1.77			1.96			(0.29	)		(1.42	)		(1.71	)		23.69
	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
Premier Class:	4/30/14	^§		23.38		0.17			1.78			1.95			(0.26	)		(1.42	)		(1.68	)		23.65
	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
Retirement Class:	4/30/14	^§		23.29		0.16			1.77			1.93			(0.24	)		(1.42	)		(1.66	)		23.56
	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:	4/30/14	^§		22.98		0.15			1.74			1.89			(0.21	)		(1.42	)		(1.63	)		23.24
	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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued


							Ratios and supplemental data

	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate

MID-CAP GROWTH FUND
Institutional Class:		4/30/14	^§		2.91	%^b		$933,576			0.46	%^c		0.46	%^c		0.31	%^c		62	%^b
		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
Premier Class:		4/30/14	^§		2.81	^b		177,804			0.61	^c		0.61	^c		0.16	^c		62	^b
		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
Retirement Class:		4/30/14	^§		2.79	^b		567,585			0.71	^c		0.71	^c		0.06	^c		62	^b
		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:		4/30/14	^§		2.73	^b		180,493			0.79	^c		0.79	^c		(0.01	)^c		62	^b
		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

MID-CAP VALUE FUND
Institutional Class:		4/30/14	^§		8.97	^b		2,451,926			0.45	^c		0.44	^c		1.62	^c		11	^b
		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
Premier Class:		4/30/14	^§		8.93	^b		489,306			0.60	^c		0.59	^c		1.47	^c		11	^b
		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
Retirement Class:		4/30/14	^§		8.85	^b		1,643,719			0.70	^c		0.69	^c		1.37	^c		11	^b
		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:		4/30/14	^§		8.81	^b		275,152			0.76	^c		0.75	^c		1.31	^c		11	^b
		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


See notes to financial statements	TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual 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

SMALL-CAP EQUITY FUND
Institutional Class:	4/30/14	^§		$19.79		$0.08			$0.44			$0.52			$(0.16	)		$(1.61	)		$(1.77	)		$18.54
	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
Premier Class:	4/30/14	^§		19.74		0.07			0.43			0.50			(0.15	)		(1.61	)		(1.76	)		18.48
	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
Retirement Class:	4/30/14	^§		19.51		0.06			0.43			0.49			(0.14	)		(1.61	)		(1.75	)		18.25
	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:	4/30/14	^§		19.39		0.05			0.42			0.47			(0.13	)		(1.61	)		(1.74	)		18.12
	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

SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/14	^§		15.08		0.14			0.95			1.09			(0.22	)		(0.14	)		(0.36	)		15.81
	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
Premier Class:	4/30/14	^§		15.03		0.13			0.94			1.07			(0.19	)		(0.14	)		(0.33	)		15.77
	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
Retirement Class:	4/30/14	^§		15.24		0.12			0.96			1.08			(0.18	)		(0.14	)		(0.32	)		16.00
	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:	4/30/14	^§		13.80		0.10			0.88			0.98			(0.18	)		(0.14	)		(0.32	)		14.46
	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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued


							Ratios and supplemental data

	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate

SMALL-CAP EQUITY FUND
Institutional Class:		4/30/14	^§		2.96	%^b		$1,604,666			0.46	%^c		0.43	%^c		0.86	%^c		40	%^b
		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
Premier Class:		4/30/14	^§		2.84	^b		205,076			0.61	^c		0.58	^c		0.71	^c		40	^b
		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
Retirement Class:		4/30/14	^§		2.82	^b		551,588			0.71	^c		0.68	^c		0.61	^c		40	^b
		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:		4/30/14	^§		2.75	^b		105,220			0.81	^c		0.78	^c		0.51	^c		40	^b
		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

SOCIAL CHOICE EQUITY FUND
Institutional Class:		4/30/14	^§		7.35	^b		1,122,515			0.17	^c		0.17	^c		1.79	^c		4	^b
		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
Premier Class:		4/30/14	^§		7.28	^b		88,319			0.32	^c		0.32	^c		1.65	^c		4	^b
		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
Retirement Class:		4/30/14	^§		7.22	^b		402,626			0.42	^c		0.42	^c		1.55	^c		4	^b
		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:		4/30/14	^§		7.24	^b		358,039			0.47	^c		0.47	^c		1.50	^c		4	^b
		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


See notes to financial statements	TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual 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

EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/14	^§		$11.17		$0.04			$(0.38	)		$(0.34	)		$(0.08	)		$ —			$(0.08	)		$10.75
	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
Premier Class:	4/30/14	^§		11.16		0.03			(0.38	)		(0.35	)		(0.06	)		—			(0.06	)		10.75
	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
Retirement Class:	4/30/14	^§		11.12		0.02			(0.37	)		(0.35	)		(0.05	)		—			(0.05	)		10.72
	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:	4/30/14	^§		11.11		0.02			(0.37	)		(0.35	)		(0.04	)		—			(0.04	)		10.72
	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

ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/14	^§		8.44		0.18			0.25			0.43			(0.27	)		(0.29	)		(0.56	)		8.31
	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:	4/30/14	^§		9.99		0.08			0.31			0.39			(0.19	)		—			(0.19	)		10.19
	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
Premier Class:	4/30/14	^§		9.97		0.07			0.31			0.38			(0.17	)		—			(0.17	)		10.18
	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
Retirement Class:	4/30/14	^§		9.96		0.06			0.32			0.38			(0.16	)		—			(0.16	)		10.18
	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:	4/30/14	^§		9.94		0.06			0.32			0.38			(0.15	)		—			(0.15	)		10.17
	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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued


							Ratios and supplemental data

	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate

EMERGING MARKETS EQUITY FUND
Institutional Class:		4/30/14	^§		(3.24	)%^b	$	735,627			0.95	%^c		0.95	%^c		0.70	%^c		49	%^b
		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
Premier Class:		4/30/14	^§		(3.27	)^b		3,936			1.10	^c		1.10	^c		0.53	^c		49	^b
		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
Retirement Class:		4/30/14	^§		(3.32	)^b		15,631			1.20	^c		1.20	^c		0.44	^c		49	^b
		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:		4/30/14	^§		(3.37	)^b		6,327			1.35	^c		1.35	^c		0.30	^c		49	^b
		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

ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:		4/30/14§			5.60	^b		1,000,611			0.49	^c		0.44	^c		4.59	^c		32	^b
		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:		4/30/14	^§		4.02	^b		219,295			0.74	^c		0.74	^c		1.58	^c		81	^b
		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
Premier Class:		4/30/14	^§		3.98	^b		4,060			0.90	^c		0.90	^c		1.41	^c		81	^b
		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
Retirement Class:		4/30/14	^§		3.86	^b		12,120			0.99	^c		0.99	^c		1.31	^c		81	^b
		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:		4/30/14	^§		3.91	^b		7,051			1.15	^c		1.14	^c		1.19	^c		81	^b
		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


See notes to financial statements	TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual 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

INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/14	^§		$11.50		$0.10			$0.44			$0.54			$(0.19	)		$ —			$(0.19	)		$11.85
	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
Premier Class:	4/30/14	^§		11.46		0.08			0.45			0.53			(0.17	)		—			(0.17	)		11.82
	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
Retirement Class:	4/30/14	^§		11.85		0.08			0.47			0.55			(0.16	)		—			(0.16	)		12.24
	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:	4/30/14	^§		7.89		0.05			0.30			0.35			(0.16	)		—			(0.16	)		8.08
	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

INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/14	^§		10.89		0.05			0.02			0.07			(0.04	)		—			(0.04	)		10.92
	10/31/13	^{^}		10.00		0.06			0.83			0.89			—			—			—			10.89
Premier Class:	4/30/14	^§		10.87		0.04			0.03			0.07			(0.03	)		—			(0.03	)		10.91
	10/31/13	^{^}		10.00		0.08			0.79			0.87			—			—			—			10.87
Retirement Class:	4/30/14	^§		10.87		0.04			0.02			0.07			(0.03	)		—			(0.03	)		10.91
	10/31/13	^{^}		10.00		0.06			0.81			0.87			—			—			—			10.87
Retail Class:	4/30/14	^§		10.86		0.04			0.02			0.06			(0.02	)		—			(0.02	)		10.90
	10/31/13	^{^}		10.00		0.06			0.80			0.86			—			—			—			10.86

^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.
^§	Unaudited.
^†	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.
*	The Fund commenced operations on November 1, 2011.
^{^}	The Fund commenced operations on April 12, 2013.
^#	The Premier Class commenced operations on September 30, 2009.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

concluded


							Ratios and supplemental data

	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year ended			Total return			end of period (in thousands		)	Gross expenses			Net expenses			Net investment income (loss		)	turnover rate

INTERNATIONAL EQUITY FUND
Institutional Class:		4/30/14	^§		4.76	%^b		$2,247,834			0.51	%^c		0.51	%^c		1.66	%^c		55	%^b
		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
Premier Class:		4/30/14	^§		4.72	^b		302,257			0.65	^c		0.65	^c		1.47	^c		55	^b
		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
Retirement Class:		4/30/14	^§		4.70	^b		859,924			0.76	^c		0.76	^c		1.36	^c		55	^b
		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:		4/30/14	^§		4.54	^b		344,317			0.86	^c		0.86	^c		1.26	^c		55	^b
		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
		9/30/10			(3.29	)		284,678			1.02			0.79			1.56			118

INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:		4/30/14	^§		0.74	^b		987,972			0.66	^c		0.66	^c		1.00	^c		28	^b
		10/31/13	^{^}		8.80	^b		778,178			0.80	^c		0.70	^c		0.96	^c		35	^b
Premier Class:		4/30/14	^§		0.65	^b		1,094			0.83	^c		0.83	^c		0.79	^c		28	^b
		10/31/13	^{^}		8.70	^b		1,087			1.00	^c		0.85	^c		1.39	^c		35	^b
Retirement Class:		4/30/14	^§		0.54	^b		3,651			0.92	^c		0.92	^c		0.75	^c		28	^b
		10/31/13	^{^}		8.70	^b		2,675			1.08	^c		0.95	^c		1.06	^c		35	^b
Retail Class:		4/30/14	^§		0.56	^b		2,314			0.99	^c		0.99	^c		0.74	^c		28	^b
		10/31/13	^{^}		8.60	^b		1,560			1.10	^c		1.00	^c		1.13	^c		35	^b


See notes to financial statements	TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report	89

Notes to financial statements (unaudited)

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 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, 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, Premier, Retirement and Retail 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. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. 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 jurisdictions 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.

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.

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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

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 June 2013, the Financial Accounting Standards Board issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Funds expect to adopt these new disclosure requirements for the October 31, 2014 annual report. Management has reviewed the new requirements and has determined the adoption of the Update will not have a material impact on the Funds’ financial statements and notes disclosure.

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 prioritizes 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 commodity exchanges, are valued at the last sale price as of the close of such commodity 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 period. For the period ended April 30, 2014, there were no material transfers between levels by the Funds.

As of April 30, 2014, 100% of the value of investments in the Mid-Cap Growth Fund was valued based on Level 1 inputs.

	TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report	91

Notes to financial statements (unaudited)

The following table summarizes the market value of the Funds’ investments as of April 30, 2014, based on the inputs used to value them:

Fund		Level 1			Level 2		Level 3		Total
Enhanced Large-Cap Growth Index
Equity investments*	$	1,636,086,469		$	—	$	—	$	1,636,086,469
Short-term investments		11,680,052			7,999,822		—		19,679,874
Total	$	1,647,766,521		$	7,999,822	$	—	$	1,655,766,343
Enhanced Large-Cap Value Index
Equity investments:
Consumer discretionary	$	138,897,393		$	1,416,960	$	—	$	140,314,353
All other equity investments*		1,483,440,549			—		—		1,483,440,549
Short-term investments		63,327,184			—		—		63,327,184
Written options**		(11,010	)		—		—		(11,010	)
Total	$	1,685,654,116		$	1,416,960	$	—	$	1,687,071,076
Growth & Income
Equity investments:
Consumer discretionary	$	650,023,503		$	25,342,704	$	—	$	675,366,207
Consumer staples		305,045,713			75,667,550		—		380,713,263
Energy		350,652,517			15,302,635		—		365,955,152
Financials		522,406,214			27,258,658		—		549,664,872
Health care		637,904,693			59,509,388		—		697,414,081
Industrials		509,257,928			28,738,563		—		537,996,491
Materials		159,118,788			17,064,779		—		176,183,567
All other equity investments*		921,125,126			—		—		921,125,126
Short-term investments		98,436,026			7,549,903		—		105,985,929
Purchased options**		83,353			—		—		83,353
Written options**		(387,275	)		—		—		(387,275	)
Total	$	4,153,666,586		$	256,434,180	$	—	$	4,410,100,766
Large-Cap Growth
Equity investments:
Consumer discretionary	$	424,152,493		$	53,619,223	$	—	$	477,771,716
Health care		411,925,689			62,407,346		—		474,333,035
Telecommunication services		4,944,445			35,913,288		—		40,857,733
All other equity investments*		1,496,425,547			—		—		1,496,425,547
Short-term investments		5,294,592			48,192,572		—		53,487,164
Total	$	2,342,742,766		$	200,132,429	$	—	$	2,542,875,195
Large-Cap Value
Equity investments:
Consumer discretionary	$	387,504,141		$	27,739,187	$	—	$	415,243,328
Consumer staples		255,040,100			56,735,933		—		311,776,033
Financials		1,217,977,408			6,333,310		—		1,224,310,718
Health care		614,299,076			47,410,632		—		661,709,708
Industrials		509,002,931			—		7,267		509,010,198
Materials		146,725,407			21,117,028		—		167,842,435
Telecommunication services		168,484,836			10,134,712		—		178,619,548
All other equity investments*		1,538,742,026			—		—		1,538,742,026
Short-term investments		205,728,168			12,999,682		—		218,727,850
Total	$	5,043,504,093		$	182,470,484	$	7,267	$	5,225,981,844
Mid-Cap Value
Equity investments:
Energy	$	406,912,792		$	33,624,743	$	—	$	440,537,535
Financials		1,388,898,746			14,774,189		—		1,403,672,935
Health care		413,458,663			13,812,644		—		427,271,307
All other equity investments*		2,494,322,035			—		—		2,494,322,035
Short-term investments		112,691,968			98,988,094		—		211,680,062
Total	$	4,816,284,204		$	161,199,670	$	—	$	4,977,483,874

92	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Fund		Level 1			Level 2		Level 3		Total
Small-Cap Equity
Equity investments*	$	2,452,020,929		$	—	$	—	$	2,452,020,929
Short-term investments		207,545,747			2,599,977		—		210,145,724
Futures**		(68,681	)		—		—		(68,681	)
Total	$	2,659,497,995		$	2,599,977	$	—	$	2,662,097,972
Social Choice Equity
Equity investments*	$	1,962,433,933		$	—	$	—	$	1,962,433,933
Short-term investments		—			53,476,503		—		53,476,503
Total	$	1,962,433,933		$	53,476,503	$	—	$	2,015,910,436
Emerging Markets Equity
Equity investments:
Africa	$	—		$	25,780,757	$	—	$	25,780,757
Asia		8,553,823			446,177,189		175,497		454,906,509
Europe		—			43,775,044		—		43,775,044
Central America		—			50,442,955		—		50,442,955
South America		—			79,016,680		—		79,016,680
All other equity investments*		5,014,947			100,780,019		—		105,794,966
Short-term investments		27,975,498			—		—		27,975,498
Total	$	41,544,268		$	745,972,644	$	175,497	$	787,692,409
Enhanced International Equity Index
Equity investments:
Asia	$	—		$	211,852,518	$	—	$	211,852,518
Australia		—			78,020,388		—		78,020,388
Europe		33,498,820			577,369,235		—		610,868,055
All other equity investments*		6,049,876			78,834,621		—		84,884,497
Short-term investments		93,285,133			—		—		93,285,133
Total	$	132,833,829		$	946,076,762	$	—	$	1,078,910,591
Global Natural Resources
Equity investments:
Africa	$	—		$	5,819,736	$	—	$	5,819,736
Asia		—			7,066,067		—		7,066,067
Australia		—			20,821,264		—		20,821,264
Europe		3,000,360			37,216,534		—		40,216,894
North America		117,405,808			25,467,811		—		142,873,619
All other equity investments*		—			22,954,031		—		22,954,031
Short-term investments		29,120,555			—		—		29,120,555
Total	$	149,526,723		$	119,345,443	$	—	$	268,872,166
International Equity
Equity investments:
Asia	$	—		$	777,979,579	$	—	$	777,979,579
Europe		—			2,808,469,769		—		2,808,469,769
All other equity investments*		—			77,369,775		—		77,369,775
Short-term investments		426,855,915			78,987,755		—		505,843,670
Total	$	426,855,915		$	3,742,806,878	$	—	$	4,169,662,793
International Opportunities
Equity investments:
Asia	$	1,989,437		$	214,263,531	$	—	$	216,252,968
Australia		—			39,892,170		—		39,892,170
Europe		—			471,229,794		—		471,229,794
North America		—			73,844,000		—		73,844,000
All other equity investments*		—			147,818,844		—		147,818,844
Short-term investments		113,809,484			19,999,511		—		133,808,995
Total	$	115,798,921		$	967,047,850	$	—	$	1,082,846,771

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

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

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 April 30, 2014, 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

11,010

Growth & Income Fund

Equity contracts

Portfolio investments

83,353

Equity contracts

Written options

387,275

Mid-Cap Growth Fund

Equity contracts

Written options

389,000

Small-Cap Equity Fund

Equity contracts

Futures*

(68,681

)

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

For the period ended April 30, 2014, 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	Written options	$	333,843		$	6,119
Growth & Income Fund
Equity contracts	Purchased options		102,302			(133,391	)
Equity contracts	Written options		1,141,017			71,348
Large-Cap Growth Fund
Equity contracts	Written options		96,319			(4,664	)
Large-Cap Value Fund
Equity contracts	Written options		20,389			—
Mid-Cap Growth Fund
Equity contracts	Purchased options		(564,227	)		62,000
Equity contracts	Written options		2,221,555			(656,324	)
Small-Cap Equity Fund
Equity contracts	Futures transactions		757,994			(191,943	)
Enhanced International Equity Index Fund
Equity contracts	Futures transactions		(18,496	)		—

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 period ended April 30, 2014, 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 1% of net assets.

At April 30, 2014, the Small-Cap Equity Fund held the following open futures contracts:

Fund

Futures

Number
of
contracts

Settlement
value

Expiration
date

Unrealized
gain
(loss

)

Small-Cap Equity

Mini Russell

2000 Index

6,292,160

6/20/14

$(68,681

)

Options: The Funds are subject to equity price risk in the normal course of pursuing its investment objectives. The Funds uses 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 or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended April 30, 2014, the Enhanced Large-Cap Value Index Fund, the Growth & Income Fund, the Large-Cap Growth Fund, the Large-Cap Value Fund and the Mid-Cap Growth Fund had exposure to options, based on underlying nominal values, generally between 0% and 4% of net assets.

94	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Purchased options outstanding as of April 30, 2014 were as follows:

	Number of contracts		Value
Growth & Income Fund
Aetna, Inc., Put, 5/2/14 at $65		500	$	13,750
Amazon, Inc., Put, 5/2/14 at $285		30		630
Bank of America Corp, Put, 5/9/14 at $15		1,190		19,040
Estee Lauder Cosmetics Inc., Put, 5/17/14 at $65		450		6,750
Hershey Co, Put, 5/17/14 at $95		385		28,105
Kansas City Southern, Put, 5/17/14 at $95		325		8,938
Procter & Gamble Co, Put, 5/2/14 at $79		110		550
Salesforce.com, Inc., Put, 5/9/14 at $49		130		5,590
Total		3,120	$	83,353

Written options outstanding as of April 30, 2014 were as follows:

	Number of contracts		Value
Enhanced Large-Cap Value Index Fund
Alexion Pharmaceuticals, Inc., Call, 5/2/14 at $160		20	$	(2,800	)
Biogen Idec, Inc., Call, 5/2/14 at $305		10		(150	)
Biogen Idec, Inc., Put, 5/2/14 at $275		42		(2,310	)
Gilead Sciences, Inc., Call, 5/2/14 at $78		50		(5,750	)
Total		122	$	(11,010	)
Growth & Income Fund
Aetna, Inc., Call, 5/2/14 at $72		600	$	(20,400	)
Aetna, Inc., Call, 5/2/14 at $73		300		(7,500	)
Alliance Data Systems Corp., Call, 5/17/14 at $290		90		(360	)
Apple, Inc., Call, 5/2/14 at $580		30		(34,200	)
Amazon, Inc., Put 5/2/14 at $280		70		(840	)
Amazon, Inc., Put 5/2/14 at $270		70		(280	)
Bank of America Corp., Put, 5/9/14 at $14.5		1,190		(5,950	)
Citrix Systems, Inc., Call, 5/17/14 at $65		325		(3,250	)
Estee Lauder Cosmetics, Inc., Call, 5/17/14 at $70		450		(157,500	)
Estee Lauder Cosmetics, Inc., Put, 5/17/14 at $62.5		450		(5,400	)
Facebook, Inc., Call, 5/2/14 at $64		160		(800	)
Facebook, Inc., Call, 5/2/14 at $69.5		60		(60	)
Facebook, Inc., Put, 5/2/14 at $55		160		(640	)
Google, Inc., Put, 5/2/14 at $525		30		(9,900	)
Hershey Co., Call, 5/17/14 at $105		385		(1,540	)
Hershey Co., Put, 5/17/14 at $90		385		(5,775	)
Kansas City Southern, Call, 5/17/14 at $110		450		(6,300	)
Kansas City Southern, Put, 5/17/14 at $90		325		(3,250	)
Las Vegas Sands Corp., Call, 5/2/14 at $79		160		(14,720	)
Procter & Gamble Co., Call, 5/2/14 at $81		225		(37,125	)
Procter & Gamble Co., Put, 5/2/14 at $77		225		(225	)
Netflix, Inc., Call, 5/2/14 at $370		60		(180	)
Netflix, Inc., Put, 5/2/14 at $300		60		(3,180	)
Salesforce.com, Inc., Put, 5/9/14 at $50		260		(20,800	)
Sunpower Corp., Call, 5/2/14 at $35		450		(3,150	)
Sunpower Corp., Put, 5/2/14 at $28		450		(450	)
Synaptics, Inc., Put, 5/17/14 at $60		300		(43,500	)
Total		7,720	$	(387,275	)
Mid-Cap Growth Fund
Range Resources, Call, 5/17/14 at $95		2,800	$	(84,000	)
Yelp, Inc., Put, 5/17/14 at $60		500		(305,000	)
Total		3,300	$	(389,000	)

Transactions in written options and related premiums received during the period ended April 30, 2014 were as follows:

	Number of contracts			Premiums
Enhanced Large-Cap Value Index Fund
Outstanding at beginning of period		1,169			48,269
Written		7,713			626,914
Purchased		(255	)		(66,191	)
Exercised		(1,777	)		(201,621	)
Expired		(6,728	)		(385,704	)
Outstanding at end of period		122			21,667
Growth & Income Fund
Outstanding at beginning of period		1,400			201,384
Written		43,144			2,622,269
Purchased		(7,150	)		(425,486	)
Exercised		(5,378	)		(464,926	)
Expired		(24,296	)		(1,392,804	)
Outstanding at end of period		7,720			540,437
Large-Cap Growth Fund
Outstanding at beginning of period		415			13,277
Written		2,775			248,402
Purchased		(960	)		(38,639	)
Exercised		(215	)		(28,020	)
Expired		(2,015	)		(195,020	)
Outstanding at end of period		—			—
Large-Cap Value Fund
Outstanding at beginning of period		—			—
Written		1,600			51,999
Purchased		(1,600	)		(51,999	)
Exercised		—			—
Expired		—			—
Outstanding at end of period		—			—
Mid-Cap Growth Fund
Outstanding at beginning of period		9,960			1,702,387
Written		70,458			6,180,006
Purchased		(16,825	)		(947,147	)
Exercised		(15,384	)		(2,586,563	)
Expired		(44,909	)		(3,677,070	)
Outstanding at end of period		3,300			671,613

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 compliance services to the Funds.

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

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. 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.

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 April 30, 2014, 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^‡
					Retirement Class		Premier Class		Retail Class		Institutional Class		Premier Class		Retirement Class		Retail Class
Enhanced Large-Cap Growth Index*	0.20%–0.35	%	0.33	%	—	%	—	%	—	%	0.40	%	—	%	—	%	—	%
Enhanced Large-Cap Value Index*	0.20–0.35		0.33		—		—		—		0.40		—		—		—
Growth & Income*	0.39–0.45		0.43		0.25		0.15		0.25		0.52		0.67		0.77		0.91
Large-Cap Growth*	0.39–0.45		0.44		0.25		0.15		0.25		0.52		0.67		0.77		0.91
Large-Cap Value*	0.39–0.45		0.42		0.25		0.15		0.25		0.52		0.67		0.77		0.91
Mid-Cap Growth*	0.42–0.48	^	0.44		0.25		0.15		0.25		0.55		0.70		0.80		0.94
Mid-Cap Value*	0.42–0.48	^	0.43		0.25		0.15		0.25		0.55		0.70		0.80		0.94
Small-Cap Equity*	0.42–0.48	ƒ	0.44		0.25		0.15		0.25		0.52		0.67		0.77		0.91
Social Choice Equity	0.15		0.15		0.25		0.15		0.25		0.22		0.37		0.47		0.61
Emerging Markets Equity*	0.79–0.85		0.85		0.25		0.15		0.25		0.95		1.10		1.20		1.34
Enhanced International Equity Index*	0.30–0.45	^¥	0.45		—		—		—		0.50		—		—		—
Global Natural Resources*	0.59–0.65		0.65		0.25		0.15		0.25		0.75		0.90		1.00		1.14
International Equity*	0.44–0.50		0.48		0.25		0.15		0.25		0.60		0.75		0.85		0.99
International Opportunities*	0.54–0.60		0.60		0.25		0.15		0.25		0.70		0.85		0.95		1.09

*	These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase.
^	During the period November 1, 2013 to April 30, 2014, 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. Effective May 1, 2014, the investment management fees are 0.38%–0.48% of daily net assets, and Advisors has agreed to voluntarily waive a portion of the investment management fee. The investment management fee range after the waiver is 0.36%–0.48% of daily net assets.
ƒ	During the period November 1, 2013 to April 30, 2014, 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. Effective May 1, 2014, the investment management fees are 0.36%–0.46% of daily net assets, and Advisors has agreed to voluntarily waive a portion of the investment management fee. The investment management fee range after the waiver is 0.34%–0.46% of daily net assets.
^¥	Effective May 1, 2014, the investment management fees are 0.25%–0.40% of daily net assets for the Enhanced International Equity Index Fund.
^‡	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, 2015. 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.

As of April 30, 2014, the Emerging Markets Equity Fund and the Global Natural Resources Fund, TIAA, an affiliate, was 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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

The following is the percentage of Fund shares owned by TIAA and other funds within the Trust as of April 30, 2014:

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	%		1	%		3	%		—	%		99	%
Enhanced Large-Cap Value Index		—			95			1			3			—			99
Growth & Income		—			32			1			1			5			39
Large-Cap Growth		—			62			1			2			2			67
Large-Cap Value		—			31			1			1			7			40
Mid-Cap Growth		—			4			—			—			8			12
Mid-Cap Value		—			1			—			—			9			10
Small-Cap Equity		—			27			—			1			6			34
Social Choice Equity		—			—			—			—			2			2
Emerging Markets Equity		—			86			1			3			—			90
Enhanced International Equity Index		—			95			1			3			—			99
Global Natural Resources		—			83			1			3			—			87
International Equity		—			25			—			1			7			33
International Opportunities		—			94			1			3			—			98

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

Issue	Value at October 31, 2013		Purchase cost		Sales proceeds		Realized gain (loss		)	Dividend income		Withholding expense		Shares at April 30, 2014		Value at April 30, 2014
Large-Cap Value Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$198,798,936		$118,508,951		$111,579,719		$—			$—		$—		205,728,168		$205,728,168
Small-Cap Equity Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		206,556,372		55,908,031		54,918,656		—			—		—		207,545,747		207,545,747
International Equity Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		*		405,298,310		76,302,395		—			—		—		426,855,915		426,855,915

*	Not an affiliate as of October 31, 2013.

Note 5—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities, or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

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 April 30, 2014, 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:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation		)
Enhanced Large-Cap Growth Index	$	1,346,978,613	$	324,324,875	$	(15,537,145	)	$	308,787,730
Enhanced Large-Cap Value Index		1,297,116,271		396,363,885		(6,398,070	)		389,965,815
Growth & Income		3,516,873,202		926,135,230		(32,520,391	)		893,614,839
Large-Cap Growth		1,980,119,321		578,629,697		(15,873,822	)		562,755,875
Large-Cap Value		4,304,072,781		1,005,643,731		(83,734,668	)		921,909,063
Mid-Cap Growth		1,640,760,936		321,282,572		(50,602,533	)		270,680,039
Mid-Cap Value		3,571,220,285		1,434,304,497		(28,040,908	)		1,406,263,589
Small-Cap Equity		2,268,980,215		479,266,733		(86,080,295	)		393,186,438
Social Choice Equity		1,404,701,117		624,876,073		(13,666,754	)		611,209,319
Emerging Markets Equity		726,854,729		93,025,247		(32,187,567	)		60,837,680
Enhanced International Equity Index		926,052,123		165,449,874		(12,591,406	)		152,858,468
Global Natural Resources		241,221,604		28,410,100		(759,538	)		27,650,562
International Equity		3,917,573,043		335,985,477		(83,895,727	)		252,089,750
International Opportunities		1,019,848,348		93,973,494		(30,975,071	)		62,998,423

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

concluded

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2014 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Enhanced Large-Cap Growth Index	$	861,962,545	$	759,894,922
Enhanced Large-Cap Value Index		696,943,316		587,202,139
Growth & Income		2,254,726,878		2,123,162,372
Large-Cap Growth		1,199,122,885		1,043,613,646
Large-Cap Value		1,428,711,232		1,139,822,834
Mid-Cap Growth		1,165,080,133		1,158,321,691
Mid-Cap Value		529,396,851		524,431,896
Small-Cap Equity		1,052,974,470		977,627,332
Social Choice Equity		194,952,738		66,490,881
Emerging Markets Equity		428,363,534		348,334,449
Enhanced International Equity Index		434,339,862		295,082,967
Global Natural Resources		194,134,736		222,275,021
International Equity		2,054,853,906		1,956,550,035
International Opportunities		417,637,960		252,680,409

Note 6—distributions to shareholders and other tax items

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

	10/31/2013
Fund	Ordinary income		Long-term capital gains		Total
Enhanced Large-Cap Growth Index	$	19,981,222	$	32,431,575	$	52,412,797
Enhanced Large-Cap Value Index		26,866,075		20,942,323		47,808,398
Growth & Income		49,470,288		112,730,342		162,200,630
Large-Cap Growth		5,411,547		43,612,010		49,023,557
Large-Cap Value		53,399,862		11,162,311		64,562,173
Mid-Cap Growth		8,290,831		69,019,123		77,309,954
Mid-Cap Value		50,121,555		59,560,724		109,682,279
Small-Cap Equity		17,344,213		31,024,962		48,369,175
Social Choice Equity		23,957,439		—		23,957,439
Emerging Markets Equity		6,995,272		—		6,995,272
Enhanced International Equity Index		25,469,837		—		25,469,837
Global Natural Resources		5,121,190		—		5,121,190
International Equity		50,663,141		—		50,663,141
International Opportunities		—		—		—

The tax character of the fiscal year 2014 distributions will be determined at the end of the fiscal year.

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the period ended April 30, 2014, the Funds did not have any in-kind purchase or in-kind redemption transactions.

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 accounts or funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended April 30, 2014, 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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Renewal of investment management agreement (unaudited)

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

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series covered by this Report (the “Funds”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Funds.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

Overview of the renewal process

The Board held meetings on March 14, 2014 and March 27, 2014, at which it considered the annual renewal of the Agreement with respect to each applicable Fund other than the International Opportunities Fund using its previously-established process. (The Board did not consider the renewal of the Agreement for the International Opportunities Fund at this meeting, because this Fund’s Agreement was initially approved in March 2013 with a two-year term. Accordingly, in the discussion below, the references to “Funds” do not include the International Opportunities Fund.) As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also had worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2013 renewal process. During a series of meetings held prior to the March 14 and March 27, 2014 Board meetings, the Operations Committee, along with other Board Committees as applicable, had reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”), including meeting with representatives of Lipper in person. Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs. Lipper also compared much of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies it employed to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that it (and not TAI) had identified the selected comparative peer groups and universes and that it did so in a manner that was not intended to produce biased results for its clients.

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of each Fund’s management fee rate and other aspects of the proposed renewal of the Agreement.

In advance of the Board meetings held on March 14 and March 27, 2014, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage,

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

Renewal of investment management agreement (unaudited)

compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) fees charged by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received, and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreement with respect to all Funds, the Board received and considered Fund-specific information and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors, and thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 27, 2014, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are certain general factors the Board considered for all of the Funds, followed by a summary of certain specific factors the Board considered for each particular Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds, TIAA Separate Account VA-1 and the other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Fund before any reductions for fees or expenses. This analysis considered the impact of NAV rounding and excluded the effects of fair valuation, securities lending and class action litigation on each Fund’s performance as compared to the performance of its benchmark index. In this regard, the Board considered that the performance of most Funds generally compared favorably to their respective benchmarks (after considering the effect of expenses incurred to operate the Funds and certain other relevant factors) and the Funds generally ranked in the top three performance quintiles versus their peer groups and universes of mutual funds. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Fund’s investment performance, or TAI had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was within an acceptable range or that appropriate actions had been or were being implemented.

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continued

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2013 with respect to each Fund based upon the cost allocation methodology utilized by TAI and its affiliates in 2013, as well as the new methodology to be utilized in 2014. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI had earned profits with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2013 and that TAI expected this trend to continue. The Board recognized TAI’s agreement to voluntarily waive certain fees for the Small-Cap Equity Fund, the Mid-Cap Growth Fund, the Mid-Cap Value Fund and the Enhanced International Equity Index Fund in 2013. The Board also acknowledged the permanent reduction in the contractual management fee rates starting May 1, 2014 (through rate reductions or the expansion of breakpoints) for the Small-Cap Equity Fund, Mid-Cap Value Fund, Mid-Cap Growth Fund and Enhanced International Equity Index Fund. With respect to those Funds for which the Agreement was profitable to TAI in 2013, the Board concluded that those profits were not excessive in light of various relevant factors.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management functions so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rates charged to a Fund under the Agreement typically were lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. Additionally, the Board also considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered the extent to which the current fee “breakpoints” (that is, the Fund

asset levels at which additional assets would be assessed lower management fee rates) on many actively-managed Funds (which were profitable to TAI) would have a material effect on their fees. In this connection, the Board considered TAI’s representation that the initial maximum fee rates in the Agreement are already at low levels compared to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current economies of scale considerations and current asset levels. The Board also considered TAI’s implementation of permanent, contractual advisory fee rate reductions as previously noted above starting May 1, 2014.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. In addition, in the future TAI may manage institutional client assets through unregistered commingled funds or separate accounts with similar investment strategies and investment staff. The Board considered the management fee rates actually charged to other investment companies that are managed using similar investment strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other investment companies, this is due in part to the fact that these other funds and accounts: may be offered through products that charge additional fees to their investors; may be offered in different types of markets; may be provided with different types or levels of services by TAI; may target different types of investors; and/or may be packaged with other products, and that these factors, among others, could justify different management fee rate schedules.

Other benefits

The Board also considered additional benefits to the Funds and to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain Funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these Funds are managed in the same manner and by the same personnel as certain of the TIAA-CREF Life Funds and CREF Accounts. Additionally, TAI and the Funds may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

Fund-by-fund factors

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performance factors outlined below are based on the Institutional Class shares of each Fund (unless noted). Because the Institutional Class generally has lower non-management expenses than the Retirement, Premier and Retail Classes of these Funds, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class. Comparative Lipper expense and performance rankings are as of March 31, 2013 all other time periods referenced below are ended December 31, 2013. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding a Fund’s “aggregate management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account the different management fee rates that apply to higher levels of Fund assets that exceed one or more breakpoints in the Fund’s management fee rate schedule. Statements below regarding “net profit” refer to whether TAI earned a profit for the services that it rendered to a Fund during 2013 under the Agreement.

Enhanced Large-Cap Growth Index Fund

•	The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints. Based on year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.331% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).
•	The Fund ranked 3rd out of 3 within the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for the one-, three- and five-year periods. For the one-, three- and five-year periods, the Fund was in the 4th, 3rd and 3rd quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”), respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Enhanced Large-Cap Value Index Fund

•	The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints. Based on year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.333% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund ranked 3rd out of 3 within its Performance Group for the one- and three-year periods and ranked 2nd out of 3 within its Performance Group for the five-year period. The Fund was in the 3rd, 2nd and 4th quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Growth & Income Fund

•	The Fund’s annual contractual management fee rate is 0.45% of average daily net assets with breakpoints. Based on year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.426% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 2nd, 1st, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for the one-, three-, five- and ten-year periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Growth Fund

•	The Fund’s annual contractual management fee rate is 0.45% of average daily net assets with breakpoints. Based on year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.438% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st, 1st and 2nd quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	Terrance Kontos was added as a co-portfolio manager of the Fund in March 2014.

Large-Cap Value Fund

•	The Fund’s annual contractual management fee rate is 0.45% of average daily net assets with breakpoints. Based on year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.422% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st, 5th and 3rd quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund ranked 1st out of 4 within its Performance Group for the ten-year period. The Fund was in the 2nd, 3rd, 3rd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Mid-Cap Growth Fund

•	The Fund’s annual contractual management fee rate is 0.48% of average daily net assets with breakpoints. Based on asset levels at year-end, a voluntary one-year waiver implemented by TAI and breakpoints reduced the Fund’s aggregate management fee rate to 0.44% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.

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continued

•	The Fund was in the 3rd quintile of its Performance Group for the one-, three-, five- and ten-year periods. The Fund was in the 2nd, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI agreed to implement a voluntary waiver reducing the Fund’s management fee breakpoint schedule for one year effective May 1, 2013 and agreed to add permanent, contractual breakpoints on Fund assets over $2.5 billion and over $4 billion as of May 1, 2014.

Mid-Cap Value Fund

•	The Fund’s annual contractual management fee rate is 0.48% of average daily net assets with breakpoints. Based on asset levels at year-end, a voluntary one-year waiver implemented by TAI and breakpoints reduced the Fund’s aggregate management fee rate to 0.42% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 4th, 2nd, 2nd and 2nd quintiles of its Performance Group and the 3rd, 3rd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI agreed to implement a voluntary waiver reducing the Fund’s management fee breakpoint schedule for one year effective May 1, 2013 and agreed to add permanent, contractual breakpoints on Fund assets over $2.5 billion and over $4 billion as of May 1, 2014.

Small-Cap Equity Fund

•	The Fund’s annual contractual management fee rate is 0.46% of average daily net assets with breakpoints. Based on asset levels at year-end, a voluntary one-year waiver implemented by TAI and breakpoints reduced the Fund’s aggregate management fee rate to 0.42% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 2nd, 4th and 4th quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund ranked 2nd out of 3 within its Performance Group for the ten-year period. The Fund was in the 2nd, 3rd, 3rd, and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI agreed to implement a voluntary waiver reducing the Fund’s management fee breakpoint schedule for one year effective May 1, 2013 and agreed reduce the Fund’s contractual advisory fee rate and to add permanent, contractual breakpoints on Fund assets over $2.5 billion and over $4 billion as of May 1, 2014.

Social Choice Equity Fund

•	The Fund’s annual contractual management fee rate is 0.15% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st, 4th, 1st and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 3rd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five-and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Emerging Markets Equity Fund

•	The Fund’s annual contractual management fee rate is 0.85% of average daily net assets with breakpoints.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and in the 1st and 2nd quintiles, respectively, of its Expense Universe.
•	The Fund was in the 2nd quintile of its Performance Group for the one-and three-year periods and in the 3rd and 2nd quintiles of its Performance Universe for the one-year and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Enhanced International Equity Index Fund

•	The Fund’s annual contractual management fee rate is 0.45% of average daily net assets with breakpoints. Based on asset levels at year-end, a voluntary one-year waiver implemented by TAI reduced the Fund’s aggregate management fee rate to 0.40% of average daily net assets.
•	The Fund’s total expenses and management fees ranked 1st and 2nd out of 5 within its Expense Group, respectively. The Fund’s total expenses and actual management fees were in the 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund ranked 3rd out of 3 within its Performance Group for the one-, three- and five-year periods. The Fund was in the 2nd quintile of its Performance Universe for the one-, three-and five-year periods.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.
•	TAI agreed to make the voluntary advisory fee rate waiver in effect during 2013 contractual and permanent as of May 1, 2014.

Global Natural Resources Fund

•	The Fund’s annual contractual management fee rate is 0.65% of average daily net assets with breakpoints.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and in the 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th and 3rd quintiles of its Performance Group for the one-year and since-inception periods, respectively, and in the 5th and 3rd quintiles of its Performance Universe for the one-year and since-inception periods, respectively.

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concluded

•	The Fund is too new to have received an Overall Morningstar Rating.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

International Equity Fund

•	The Fund’s annual contractual management fee rate is 0.50% of average daily net assets with breakpoints. Based on year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.479% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st, 2nd, 1st and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 2nd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

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

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Additional information about index providers (unaudited)

Russell Indexes

The Russell 1000^® Index, the Russell 2000^® Index, the Russell 3000^® Index, the Russell 1000 Value Index, the Russell 1000 Growth Index, the Russell Midcap^® Growth Index and the Russell Midcap Value Index are trademarks/service marks of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF THE USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

Standard & Poor’s Index

The S&P 500^® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the TIAA-CREF Growth & Income Fund. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the TIAA-CREF Growth & Income Fund.

MSCI Indexes

The funds are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service

marks of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, Inc. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of these funds or any other person or entity regarding the advisability of investing in funds generally or in these funds particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these funds or the issuer or owners of these funds or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these funds or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for, or has participated in, the determination of the timing of, prices at, or quantities of these funds to be issued or in the determination or calculation of the equation by or the consideration into which these funds is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these funds or any other person or entity in connection with the administration, marketing or offering of these funds.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THESE FUNDS, OWNERS OF THESE FUNDS, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of these securities, products or funds, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote these securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

TIAA-CREF Funds: Equity Funds ■ 2014 Semiannual Report

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How to reach us

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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, Premier and Retirement classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are

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2014 Semiannual Report

TIAA-CREF Funds

Equity Index Funds

April 30, 2014

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

Financial statements (unaudited)
Statements of assets and liabilities		36
Statements of operations		38
Statements of changes in net assets		40
Financial highlights		44
Notes to financial statements		54

Renewal of investment management agreement		61

Additional information about index providers		65

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 semiannual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of April 30, 2014. 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 April 30, 2014.
	•	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.

Information for investors

Portfolio holdings

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.

	•	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

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

TIAA-CREF Market Monitor

Economy cools in the winter, but stocks end higher

Domestic investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index, returned 1.7% over the six-month period. Their prices stabilized after concerns about interest rates eased.

Value stocks outperformed growth equities

(Based on November 1, 2013–April 30, 2014 performance)

Source: Russell Investments

Stocks rally, retreat and rebound

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

About the funds’ benchmarks

Broad market indexes

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

The MSCI EAFE Index measures the performance of the leading stocks in 21 developed 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.

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2013–April 30, 2014).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Equity Index Fund

Portfolio composition

Sector	% of net assets as of 4/30/2014
Information technology	17.6
Financials	17.6
Health care	12.7
Consumer discretionary	12.6
Industrials	11.6
Energy	9.7
Consumer staples	8.6
Materials	3.8
Utilities	3.2
Telecommunication services	2.2
Short-term investments, other assets & liabilities, net	0.4
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2014
More than $50 billion	49.1
More than $15 billion–$50 billion	23.6
More than $2 billion–$15 billion	22.2
$2 billion or less	5.1
Total	100.0

Performance for the six months ended April 30, 2014

The Equity Index Fund returned 7.85% for the Institutional Class, compared with the 7.83% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2014, the fund returned 20.77%, versus 20.78% for the index. The table below shows returns for all share classes of the fund.

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 advance amid mixed economic signals

The broad U.S. stock market, as measured by the Russell 3000 Index, returned 7.83% for the reporting period, compared with 12.01% for the previous six months. After posting solid gains in November and December, the index declined 3.16% in January, when investors worried about the strength of the U.S. economy and signs of slowing growth in China and other emerging markets.

Although gross domestic product—the output of goods and services produced in the United States—increased at an estimated annual rate of 2.6% in the fourth quarter of 2013, it decreased 1.0% in the first three months of the new year. The slowdown, however, appeared to be partly the result of the winter’s severe weather. By period-end, household spending had increased, and unemployment had dropped to 6.3% from 7.3% six months earlier.

During the period, the Federal Reserve began reducing its monthly purchases of U.S. Treasury and agency securities, designed to stimulate the economy by keeping interest rates low. In February, U.S. stocks climbed 4.74% after the Fed reaffirmed its commitment to an accommodative monetary policy until solid growth is achieved.

Performance as of April 30, 2014

			Total return						Average annual total return
Equity Index Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		7/1/1999		7.85	%		20.77	%		19.49	%		8.06	%
Premier Class		9/30/2009		7.72			20.57			19.31	*		7.98	*
Retirement Class		3/31/2006		7.65			20.37			19.16			7.84	*
Retail Class		3/31/2006		7.65			20.33			19.14			7.88	*
Russell 3000 Index		—		7.83			20.78			19.54			8.10

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

The performance shown for the Premier, Retirement and Retail 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 Premier, Retirement and Retail classes. If those higher expenses had been reflected, the performance of these three classes shown for these periods would have been lower.

6	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Surrounded by uncertainty, investors take a defensive position

For the six months, investors favored the stocks of large-capitalization companies because of their lower volatility and greater access to credit. Large caps climbed 8.25%, versus 7.76% for mid-cap stocks and 3.08% for small caps. At the same time, value stocks outperformed growth issues, 9.24% to 6.49%. (Returns by market capitalization and investment style are based on the Russell indexes.)

All ten industry sectors of the Russell 3000 Index advanced for the period. Leading the way were double-digit gains from three defensive sectors: utilities (up 12.8%), health care (up 10.3%) and energy (up 10.2%). Defensive stocks generally provide stable earnings even when economic growth is slow. These outsized results were tempered by lower returns from information technology (up 9.7%) and financials (up 7.0%), the benchmark’s two largest sectors in terms of market capitalization on April 30, 2014. Consumer discretionary stocks lagged with a 2.0% return. Consumer discretionary and other cyclical stocks generally perform better when economic growth is strong.

The benchmark’s four largest stocks excel

Reflecting investors’ preference for large-cap stocks during the period, the four largest stocks in the Russell 3000 Index generated double-digit advances. Microsoft (up 15.8%) and Exxon Mobil (up 15.9%) led the charge, followed by Apple, the index’s largest stock, up 14.2%, and Johnson & Johnson, up 10.9%. Rounding out the index’s top five stocks, General Electric posted a modest 4.6% return for the six months.

Expense example

Six months ended April 30, 2014

Equity Index Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class		$1,000.00		$1,078.48		$0.26
Premier Class		1,000.00		1,077.23		1.03
Retirement Class		1,000.00		1,076.54		1.54
Retail Class		1,000.00		1,076.46		1.85
5% annual hypothetical return
Institutional Class		1,000.00		1,024.55		0.25
Premier Class		1,000.00		1,023.80		1.00
Retirement Class		1,000.00		1,023.31		1.51
Retail Class		1,000.00		1,023.01		1.81

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.05% for the Institutional Class, 0.20% for the Premier Class, 0.30% for the Retirement Class and 0.36% for the Retail 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 ■ 2014 Semiannual Report

Large-Cap Growth Index Fund

Portfolio composition

Sector	% of net assets as of 4/30/2014
Information technology	26.4
Consumer discretionary	18.6
Industrials	12.4
Health care	12.2
Consumer staples	12.0
Financials	6.3
Energy	5.0
Materials	4.5
Telecommunication services	2.2
Utilities	0.1
Short-term investments, other assets & liabilities, net	0.3
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2014
More than $50 billion	53.5
More than $15 billion–$50 billion	25.3
More than $2 billion–$15 billion	21.1
$2 billion or less	0.1
Total	100.0

Performance for the six months ended April 30, 2014

The Large-Cap Growth Index Fund returned 6.87% for the Institutional Class, compared with the 6.95% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2014, the fund returned 20.51% versus 20.66% for the index. The table below shows returns for all share classes of the fund.

For the period, the fund’s 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.

Large-cap growth stocks lag the broad market

For the ten years ended April 30, 2014, the Russell 1000 Growth Index produced an average annual return of 7.99%, performing broadly in line with the 7.95% average gain of the Russell 1000 Value Index and the 8.10% average return of the Russell 3000 Index.

Performance as of April 30, 2014


			Total return						Average annual total return
Large-Cap Growth Index Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		6.87	%		20.51	%		19.38	%		7.89	%
Retirement Class		10/1/2002		6.79			20.26			19.10			7.60
Russell 1000 Growth Index		—		6.95			20.66			19.47			7.99

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

8	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Technology stocks fuel the benchmark’s advance

Nine out of ten industry sectors of the Russell 1000 Growth Index registered positive returns for the six months, led by utilities, which rose 17.8%. Utilities benefited from the first-quarter economic slowdown, as companies in this sector tend to generate steady earnings even when the economy is less robust. Technology, the biggest sector in the index, climbed 9.4%. Industrials and health care gained 10.0% and 9.3%, respectively. Together, these three sectors represented more than one-half of the benchmark’s total market capitalization on April 30, 2014.

Technology issues shine among the five largest stocks

Three of the benchmark’s five largest stocks—all technology bellwethers—scored above-benchmark gains for the six months. Microsoft led the way, surging 15.8%, in part because of optimism about new leadership at the company. Apple was not far behind with a 14.2% advance, while IBM returned 10.8%. In contrast, Coca-Cola (up 4.6%) and Verizon (down 5.4%) lagged.

Expense example

Six months ended April 30, 2014

Large-Cap Growth Index Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class		$1,000.00		$1,068.75		$0.31
Retirement Class		1,000.00		1,067.89		1.59

5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. 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 ■ 2014 Semiannual Report

Large-Cap Value Index Fund

Portfolio composition
Sector	% of net assets as of 4/30/2014
Financials		28.5
Energy		15.0
Health care		13.1
Industrials		10.1
Information technology		8.8
Consumer discretionary		6.3
Utilities		6.2
Consumer staples		5.8
Materials		2.9
Telecommunication services		2.5
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2014
More than $50 billion		51.9
More than $15 billion–$50 billion		27.1
More than $2 billion–$15 billion		20.6
$2 billion or less		0.4
Total		100.0

Performance for the six months ended April 30, 2014

The Large-Cap Value Index Fund returned 9.58% for the Institutional Class, compared with the 9.61% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2014, the fund returned 20.77%, versus 20.90% for the index. The table below shows returns for all share classes of the fund.

For the period, the fund’s return trailed that of its benchmark index, 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.

Large-cap value stocks benefit as investors turn from riskier assets

Performance as of April 30, 2014

			Total return						Average annual total return
Large-Cap
Value Index Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		9.58	%		20.77	%		19.41	%		7.88	%
Retirement Class		10/1/2002		9.38			20.47			19.10			7.59
Russell 1000 Value Index		—		9.61			20.90			19.52			7.95

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

10	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Index benefits from gains in all sectors

The consumer discretionary and telecommunication services sectors posted the smallest returns. They gained 3.5% and 3.3%, respectively, underperforming the overall index.

Benchmark lifted by three of its largest stocks

For the six-month period, three of the benchmark’s five largest stocks outpaced the return of the index. The top performer was banking giant Wells Fargo with a gain of 17.9%, followed by Exxon Mobil, the index’s largest stock by market capitalization (up 15.9%), and Johnson & Johnson (up 10.9%). The two under-performing stocks were General Electric (up 4.6%) and Chevron (up 6.5%).

Expense example

Six months ended April 30, 2014

Large-Cap Value Index Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class		$1,000.00		$ 1,095.79		$ 0.31
Retirement Class		1,000.00		1,093.78		1.61

5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. 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 ■ 2014 Semiannual Report

S&P 500 Index Fund

Portfolio composition
Sector	% of net assets as of 4/30/2014
Information technology		18.4
Financials		16.1
Health care		13.2
Consumer discretionary		11.8
Industrials		10.7
Energy		10.6
Consumer staples		9.8
Materials		3.5
Utilities		3.2
Telecommunication services		2.4
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Holdings by company size
Market capitalization			% of equity investments as of 4/30/2014
More than $50 billion			59.9
More than $15 billion–$50 billion			28.5
More than $2 billion–$15 billion			11.6
Total			100.0

Performance for the six months ended April 30, 2014

The S&P 500 Index Fund returned 8.27% for the Institutional Class, compared with the 8.36% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2014, the fund returned 20.29%, versus 20.44% for the index. The table below shows returns for all share classes of the fund.

For the period, the fund’s return trailed that of its benchmark index 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.

Stocks trudge ahead as investors turn more cautious

Performance as of April 30, 2014


			Total return						Average annual total return
S&P 500 Index Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		8.27	%		20.29	%		19.03	%		7.60	%
Retirement Class		10/1/2002		8.17			20.06			18.75			7.30
S&P 500 Index		—		8.36			20.44			19.14			7.67

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

12	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

For the ten years ended April 30, 2014, the S&P 500 Index produced an average annual gain of 7.67%, versus the 8.10% average return of the Russell 3000 Index.

Most sectors aid the rise of large-cap stocks

Nine out of ten industry sectors within the S&P 500 Index produced positive returns for the reporting period. Only telecommunication services, which had the lowest weighting in the benchmark on April 30, 2014, registered a loss. Information technology, the benchmark’s biggest sector on April 30, 2014, gained 11.1%. Other heavily weighted sectors at period-end included health care (up 11.2%) and financials (up 8.0%). Combined, these three sectors represented nearly half of the S&P 500’s market capitalization at period-end.

Four of the index’s five largest stocks outperform

For the period, four of the five largest stocks in the benchmark scored double-digit gains and performed better than the index as a whole. Exxon Mobil, the world’s largest publicly traded oil company, led the way with a gain of 15.9%. Close behind was Microsoft, which advanced 15.8%. The software giant outpaced the overall information technology sector by approximately five percentage points. Apple, the index’s largest constituent by market capitalization at period-end, gained 14.2%, while Johnson & Johnson rose 10.9%, helped by robust growth in earnings per share. General Electric trailed the index for the six months with a return of 4.6%.

Expense example

Six months ended April 30, 2014

S&P 500 Index Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class		$ 1,000.00		$ 1,082.68		$ 0.31
Retirement Class		1,000.00		1,081.70		1.60

5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. 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 ■ 2014 Semiannual Report

Small-Cap Blend Index Fund

Portfolio composition
Sector	% of net assets as of 4/30/2014
Financials		23.4
Information technology		17.1
Industrials		14.8
Consumer discretionary		12.9
Health care		12.8
Energy		6.1
Materials		4.9
Consumer staples		3.8
Utilities		3.3
Telecommunication services		0.7
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2014
More than $15 billion–$50 billion		0.2
More than $2 billion–$15 billion		37.7
$2 billion or less		62.1
Total		100.0

Performance for the six months ended April 30, 2014

The Small-Cap Blend Index Fund returned 3.19% for the Institutional Class, compared with the 3.08% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2014, the fund returned 20.74% versus 20.50% for the index. The table below shows returns for all share classes of the fund.

For the six-month period, the fund benefited from participating in a securities-lending program, which helped the fund outperform 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 generate gains but lag the broad market

For the six-month period, small-cap stocks posted an advance but failed to keep pace with the 7.83% return of the broad U.S. stock market as measured by the Russell 3000^® Index. After ending the last two months of 2013 up, small-cap equities posted negative returns in three of the first four months of 2014 as investors worried about the strength of the U.S. economy and signs of slowing growth in China and other emerging markets. Investors were in a defensive mode, as gross domestic product—the output of goods and services produced in the United States—decreased 1.0% in the first three months of the new year and the Federal Reserve began to pare back its stimulus efforts.

Within the small-cap segment, value stocks easily outpaced growth issues, 4.97% to 1.27%. (Returns by investment style and capitalization size are based on the Russell indexes.)

Performance as of April 30, 2014


			Total return						Average annual total return
Small-Cap Blend Index Fund*	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		3.19	%		20.74	%		19.88	%		8.70	%
Retirement Class		10/1/2002		3.02			20.34			19.58			8.43
Russell 2000 Index		—		3.08			20.50			19.84			8.67

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

For the ten years ended April 30, 2014, small-cap stocks posted an average annual return of 8.67%, slightly ahead of the 8.10% average return of the broad market over the same period.

Industrials and financials push the benchmark higher

Eight of the ten sectors of the Russell 2000 Index generated positive returns for the six months. The industrials and financials sectors, which rose 5.3% and 3.0%, respectively, made up almost 40% of the benchmark’s market capitalization on April 30, 2014. Gains from the sizable information technology and health care sectors also helped lift the index higher.

Consumer discretionary and telecommunications were the only two sectors posting negative results. They lost 0.6% and 0.9%, respectively. Together these sectors made up about one-seventh of the index at period-end.

Among the benchmark’s largest stocks, returns vary sharply

Three of the five largest stocks in the Russell 2000 Index posted double-digit gains and one generated a triple-digit gain during the six-month period. In descending order of market capitalization at period-end, these stocks and their returns were as follows: American Realty Capital (up 2.8%), diversified electronics firm Acuity Brands (up 24.2%), drugstore chain Rite Aid (up 37.0%), commercial real estate investment company NorthStar Realty Finance (up 78.3%) and solar energy provider SunEdison (up 106.8%).

Expense example

Six months ended April 30, 2014

Small-Cap Blend Index Fund		Beginning account value (11/1/13)		Ending account value (4/30/14)	Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,031.94	$0.30
Retirement Class		1,000.00		1,030.16	1.56

5% annual hypothetical return
Institutional Class		1,000.00		1,024.50	0.30
Retirement Class		1,000.00		1,023.26	1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014.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 ■ 2014 Semiannual Report 15

Emerging Markets Equity Index Fund

Portfolio composition
Sector	% of net assets as of 4/30/2014
Financials	27.8
Information technology	16.5
Energy	9.9
Materials	9.1
Consumer discretionary	8.7
Consumer staples	8.3
Telecommunication services	6.9
Industrials	6.3
Utilities	3.5
Health care	1.7
Short-term investments, other assets & liabilities, net	1.3
Total	100.0


Holdings by country
	% of portfolio investments as of 4/30/2014
China	16.3
Korea	15.0
Taiwan	11.2
Brazil	10.6
South Africa	7.3
India	6.2
Mexico	4.8
Russia	4.6
Malaysia	3.7
Indonesia	2.5
14 other nations	12.6
Short-term investments	5.2
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 4/30/2014
More than $50 billion	17.0
More than $15 billion–$50 billion	36.6
More than $2 billion–$15 billion	43.1
$2 billion or less	3.3
Total	100.0

Performance for the six months ended April 30, 2014

The Emerging Markets Equity Index Fund returned –2.87% for the Institutional Class, compared with the –2.98% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2014, the fund returned –1.97%, versus –1.84% for the index. The table below shows returns for all share classes of the fund. For the period, the fund’s return trailed that of its benchmark index 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.

Emerging stocks lag developed markets

For the six months, a rising dollar lowered the return of the MSCI Emerging Markets Index for U.S. investors. In terms of local currencies, the index fell 1.72%.

Performance as of April 30, 2014

Total return

Average annual
total return

Emerging Markets
Equity Index Fund*

Inception date

6 months

1 year

since
inception

Institutional Class

8/31/2010

–2.87

–1.97

2.45

Premier Class

8/31/2010

–2.88

–2.07

2.32

Retirement Class

8/31/2010

–2.93

–2.21

2.21

Retail Class

8/31/2010

–2.97

–2.34

2.07

MSCI Emerging Markets Index

—

–2.98

–1.84

3.12

^†

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 2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Losses in China and Russia weigh on the benchmark

These losses were tempered by gains in several other key index components, including India and Taiwan, which rose 6.8% and 2.2%, respectively. (All returns are in U.S. dollars.)

Returns for largest stocks vary sharply

Two of the five largest stocks in the benchmark, as measured by market capitalization on April 30, 2014, scored gains in the declining market. Chinese Internet company Tencent Holdings was the standout performer, rising 14.2%, while Taiwan Semiconductor advanced 5.3%. In contrast, Korean electronics maker Samsung, the benchmark’s largest individual stock at period-end, fell 4.9%. China Mobile and China Construction Bank dropped 9.5% and 11.1%, respectively.

Expense example

Six months ended April 30, 2014

Emerging Markets Equity Index Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expense paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	971.27		$1.17
Premier Class		1,000.00		971.20		1.95
Retirement Class		1,000.00		970.67		2.39
Retail Class		1,000.00		970.30		3.13

5% annual hypothetical return
Institutional Class		1,000.00		1,023.60		1.20
Premier Class		1,000.00		1,022.81		2.01
Retirement Class		1,000.00		1,022.36		2.46
Retail Class		1,000.00		1,021.62		3.21

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.24% for the Institutional Class, 0.40% for the Premier Class, 0.49% for the Retirement Class and 0.64% for the Retail 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 ■ 2014 Semiannual Report 17

International Equity Index Fund

Portfolio composition

Sector	% of net assets as of 4/30/2014
Financials	25.7
Industrials	12.6
Consumer discretionary	11.4
Consumer staples	11.0
Health care	10.4
Materials	8.2
Energy	7.2
Telecommunication services	4.9
Information technology	4.3
Utilities	3.7
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Holdings by country

	% of portfolio investments as of 4/30/2014
United Kingdom	17.5
Japan	17.4
France	9.4
Switzerland	8.8
Germany	8.6
Australia	7.3
Netherlands	4.2
Spain	3.3
Sweden	2.9
Hong Kong	2.5
17 other nations	10.1
Short-term investments	8.0
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2014
More than $50 billion	45.2
More than $15 billion–$50 billion	31.5
More than $2 billion–$15 billion	23.2
$2 billion or less	0.1
Total	100.0

Performance for the six months ended April 30, 2014

The International Equity Index Fund returned 4.85% for the Institutional Class, compared with the 4.44% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2014, the fund returned 13.74% versus 13.35% for the index. The table below shows returns for all share classes of the fund.

For the six-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.

International developed market stocks lag U.S. but lead emerging markets

Performance as of April 30, 2014

		Total return				Average annual total return
International Equity Index Fund*	Inception date	6 months		1 year		5 years		10 years
Institutional Class	10/1/2002	4.85	%	13.74	%	13.86	%	7.05	%
Premier Class	9/30/2009	4.82		13.61		13.71	^†	6.98	^†
Retirement Class	10/1/2002	4.77		13.49		13.58		6.77
MSCI EAFE Index	—	4.44		13.35		13.58		6.93

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	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

For the ten years ending April 30, 2014, the EAFE’s 6.93% average annual return trailed the 8.10% average annual return of the Russell 3000 Index.

European stocks boost the benchmark’s performance

Only two of the country components in the EAFE—Japan and Austria—finished the period in negative territory. (Returns noted are in U.S. dollars.) Two of the largest segments of the index based on market capitalization at period-end were France (up 7.8%) and the United Kingdom (up 7.6%). Japan returned –5.9% amid worries over the impact of a pending consumption tax increase and delayed structural reforms. Austria declined 2.7%.

Four of the five largest stocks outperform

All but one of the five largest stocks in the EAFE generated returns that were greater than the benchmark’s advance. Nestlé, the index’s biggest issue, gained 10.1%. Swiss pharmaceutical companies Novartis and Roche Holding earned 15.1% and 8.8%, respectively, while BP rose 11.3%. The sole laggard was Britain’s HSBC Holdings, which declined 5.1%.

Expense example

Six months ended April 30, 2014

International Equity Index Fund	Beginning account value (11/1/13)		Ending account value (4/30/14)		Expenses paid during period* (11/1/13– 4/30/14)
Actual return
Institutional Class	$	1,000.00	$	1,048.50		$0.30
Premier Class		1,000.00		1,048.18		1.07
Retirement Class		1,000.00		1,047.65		1.57

5% annual hypothetical return
Institutional Class		1,000.00		1,024.50		0.30
Premier Class		1,000.00		1,023.75		1.05
Retirement Class		1,000.00		1,023.26		1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2014. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.21% for the Premier 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 ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Equity Index Fund ■ April 30, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS				$	101,300,535		1.2	%
BANKS
	4,258,632		Bank of America Corp		64,475,689		0.8
	1,202,531		Citigroup, Inc		57,613,260		0.7
	1,492,492		JPMorgan Chase & Co		83,549,702		1.0
	1,906,005		Wells Fargo & Co		94,614,088		1.1
			Other		192,807,078		2.3
					493,059,817		5.9
CAPITAL GOODS
	273,176		3M Co		37,996,050		0.5
	300,222		Boeing Co		38,734,642		0.5
	4,080,923		General Electric Co		109,736,019		1.3
	363,681		United Technologies Corp		43,034,373		0.5
			Other		477,778,466		5.7
					707,279,550		8.5
COMMERCIAL & PROFESSIONAL SERVICES					81,146,306		1.0
CONSUMER DURABLES & APPAREL					128,542,701		1.5
CONSUMER SERVICES
	396,663		McDonald’s Corp		40,213,695		0.5
			Other		137,564,383		1.6
					177,778,078		2.1
DIVERSIFIED FINANCIALS
	375,281		American Express Co		32,810,818		0.4
			Other		291,239,100		3.5
					324,049,918		3.9
ENERGY
	765,277		Chevron Corp		96,057,569		1.2
	483,751		ConocoPhillips		35,947,537		0.4
	1,758,675	d	Exxon Mobil Corp		180,105,907		2.2
	526,084		Schlumberger Ltd		53,423,830		0.6
			Other		443,334,790		5.3
					808,869,633		9.7
FOOD & STAPLES RETAILING
	483,525		CVS Corp		35,161,938		0.4
	636,695		Wal-Mart Stores, Inc		50,750,958		0.6
			Other		83,181,095		1.0
					169,093,991		2.0
FOOD, BEVERAGE & TOBACCO
	792,563		Altria Group, Inc		31,789,702		0.4
	1,511,522		Coca-Cola Co		61,654,983		0.7
	610,206		PepsiCo, Inc		52,410,593		0.6
	646,275		Philip Morris International, Inc		55,211,273		0.7
			Other		185,119,206		2.2
					386,185,757		4.6
HEALTH CARE EQUIPMENT & SERVICES					364,283,261		4.4
HOUSEHOLD & PERSONAL PRODUCTS
	1,082,088		Procter & Gamble Co		89,326,364		1.1
			Other		69,805,127		0.8
					159,131,491		1.9

Shares			Company	Value		% of net assets
INSURANCE
	583,905		American International Group, Inc	$	31,022,872		0.4	%
	710,559	*	Berkshire Hathaway, Inc (Class B)		91,555,527		1.1
			Other		225,352,819		2.7
					347,931,218		4.2
MATERIALS					319,000,648		3.8
MEDIA
	1,037,048		Comcast Corp (Class A)		53,677,605		0.6
	710,369		Walt Disney Co		56,360,676		0.7
			Other		189,025,859		2.3
					299,064,140		3.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	624,962		AbbVie, Inc		32,548,021		0.4
	296,901		Amgen, Inc		33,178,687		0.4
	647,967		Bristol-Myers Squibb Co		32,456,667		0.4
	603,538	*	Gilead Sciences, Inc		47,371,698		0.6
	1,108,556		Johnson & Johnson		112,285,637		1.4
	1,194,576		Merck & Co, Inc		69,954,370		0.8
	2,641,144		Pfizer, Inc		82,614,984		1.0
			Other		286,676,849		3.4
					697,086,913		8.4
REAL ESTATE					297,827,322		3.6
RETAILING
	145,477	*	Amazon.com, Inc		44,243,920		0.5
	542,923		Home Depot, Inc		43,167,808		0.5
			Other		253,202,208		3.1
					340,613,936		4.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,965,124		Intel Corp		52,449,160		0.6
			Other		133,810,428		1.6
					186,259,588		2.2
SOFTWARE & SERVICES
	674,018	*	Facebook, Inc		40,292,796		0.5
	106,511	*	Google, Inc		56,095,083		0.7
	106,511	*	Google, Inc (Class A)		56,970,604		0.7
	386,113		International Business Machines Corp		75,859,621		0.9
	462,760		Mastercard, Inc (Class A)		34,035,998		0.4
	3,295,271		Microsoft Corp		133,128,948		1.6
	1,328,467		Oracle Corp		54,307,731		0.7
	206,697		Visa, Inc (Class A)		41,878,879		0.5
			Other		319,296,495		3.8
					811,866,155		9.8
TECHNOLOGY HARDWARE & EQUIPMENT
	340,777		Apple, Inc		201,089,100		2.4
	2,113,266		Cisco Systems, Inc		48,837,577		0.6
	682,973		Qualcomm, Inc		53,756,805		0.7
			Other		166,995,251		2.0
					470,678,733		5.7

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Equity Index Fund ■ April 30, 2014

Shares			Company	Value			% of net assets
TELECOMMUNICATION SERVICES
	2,124,779		AT&T, Inc	$	75,854,610			0.9	%
	1,629,776		Verizon Communications, Inc		76,159,433			0.9
			Other		32,320,534			0.4
					184,334,577			2.2
TRANSPORTATION
	184,812		Union Pacific Corp		35,193,749			0.4
			Other		141,770,391			1.7
					176,964,140			2.1
UTILITIES					264,199,211			3.2
			TOTAL COMMON STOCKS (Cost $5,733,393,804)		8,296,547,619			99.6
RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,604			0.0
TELECOMMUNICATION SERVICES					49,856			0.0
			TOTAL RIGHTS / WARRANTS (Cost $49,856)		51,460			0.0

Principal			Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT					7,999,822			0.1

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	250,136,453	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		250,136,453			3.0
					250,136,453			3.0
			TOTAL SHORT-TERM INVESTMENTS (Cost $258,136,275)		258,136,275			3.1
			TOTAL PORTFOLIO (Cost $5,991,579,935)		8,554,735,354			102.7
			OTHER ASSETS & LIABILITIES, NET		(224,636,939	)		(2.7	)
			NET ASSETS	$	8,330,098,415			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 $244,476,887.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Growth Index Fund ■ April 30, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS				$	17,895,780		1.1	%
BANKS					842,739		0.1
CAPITAL GOODS
	97,639		3M Co		13,580,609		0.8
	126,954		Boeing Co		16,379,605		1.0
	131,556		Honeywell International, Inc		12,221,552		0.8
	143,927		United Technologies Corp		17,030,882		1.0
			Other		83,282,829		5.1
					142,495,477		8.7
COMMERCIAL & PROFESSIONAL SERVICES					12,965,774		0.8
CONSUMER DURABLES & APPAREL
	118,676		Nike, Inc (Class B)		8,657,414		0.5
			Other		26,180,144		1.6
					34,837,558		2.1
CONSUMER SERVICES
	167,610		McDonald’s Corp		16,992,302		1.0
	125,210		Starbucks Corp		8,842,330		0.5
			Other		28,803,473		1.8
					54,638,105		3.3
DIVERSIFIED FINANCIALS
	158,782		American Express Co		13,882,310		0.8
	161,600	e	iShares Russell 1000 Growth Index Fund		13,994,560		0.9
			Other		25,399,084		1.5
					53,275,954		3.2
ENERGY
	85,365		EOG Resources, Inc		8,365,770		0.5
	141,278		Halliburton Co		8,910,404		0.5
	222,398		Schlumberger Ltd		22,584,517		1.4
			Other		42,076,946		2.6
					81,937,637		5.0
FOOD & STAPLES RETAILING
	72,917		Costco Wholesale Corp		8,435,039		0.5
	119,518		Walgreen Co		8,115,272		0.5
	179,458		Wal-Mart Stores, Inc		14,304,597		0.9
			Other		10,394,943		0.6
					41,249,851		2.5
FOOD, BEVERAGE & TOBACCO
	335,950		Altria Group, Inc		13,474,954		0.8
	640,602		Coca-Cola Co		26,130,156		1.6
	259,008		PepsiCo, Inc		22,246,197		1.3
	273,855		Philip Morris International, Inc		23,395,433		1.4
			Other		45,446,333		2.8
					130,693,073		7.9
HEALTH CARE EQUIPMENT & SERVICES					57,354,903		3.5
HOUSEHOLD & PERSONAL PRODUCTS
	157,000	*	Colgate-Palmolive Co		10,566,100		0.6
			Other		14,960,470		0.9
					25,526,570		1.5

Shares			Company	Value		% of net assets
INSURANCE				$	15,700,989		1.0	%
MATERIALS
	154,170		Du Pont (E.I.) de Nemours & Co		10,378,724		0.6
	89,380		Monsanto Co		9,894,366		0.6
			Other		54,230,875		3.3
					74,503,965		4.5
MEDIA
	405,723		Comcast Corp (Class A)		21,000,223		1.3
			Other		59,641,494		3.6
					80,641,717		4.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	264,861		AbbVie, Inc		13,793,961		0.8
	49,523		Allergan, Inc		8,212,894		0.5
	125,467		Amgen, Inc		14,020,937		0.9
	39,721	*	Biogen Idec, Inc		11,404,693		0.7
	236,684		Bristol-Myers Squibb Co		11,855,502		0.7
	69,808	*	Celgene Corp		10,262,474		0.6
	255,349	*	Gilead Sciences, Inc		20,042,343		1.2
			Other		54,228,614		3.3
					143,821,418		8.7
REAL ESTATE					34,529,115		2.1
RETAILING
	61,548	*	Amazon.com, Inc		18,718,593		1.2
	230,257		Home Depot, Inc		18,307,734		1.1
	8,633	*	Priceline.com, Inc		9,994,856		0.6
			Other		70,756,329		4.3
					117,777,512		7.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	185,728		Texas Instruments, Inc		8,441,338		0.5
			Other		20,867,923		1.3
					29,309,261		1.8
SOFTWARE & SERVICES
	107,289		Accenture plc		8,606,724		0.5
	217,105	*	eBay, Inc		11,252,552		0.7
	285,308	*	Facebook, Inc		17,055,712		1.0
	45,134	*	Google, Inc		23,770,272		1.4
	45,143	*	Google, Inc (Class A)		24,146,088		1.5
	163,584		International Business Machines Corp		32,139,349		2.0
	195,565		Mastercard, Inc (Class A)		14,383,806		0.9
	1,398,117		Microsoft Corp		56,483,927		3.4
	562,526		Oracle Corp		22,996,063		1.4
	87,399		Visa, Inc (Class A)		17,707,911		1.1
			Other		66,071,750		4.0
					294,614,154		17.9
TECHNOLOGY HARDWARE & EQUIPMENT
	109,287	d	Apple, Inc		64,489,166		3.9
	289,194		Qualcomm, Inc		22,762,460		1.4
			Other		21,381,421		1.3
					108,633,047		6.6

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Large-Cap Growth Index Fund ■ April 30, 2014

							% of net
Shares			Company	Value			assets
TELECOMMUNICATION SERVICES
	691,236		Verizon Communications, Inc	$	32,301,458			2.0	%
			Other		4,122,049			0.2
					36,423,507			2.2
TRANSPORTATION
	78,182		Union Pacific Corp		14,888,198			0.9
	120,731		United Parcel Service, Inc (Class B)		11,892,004			0.7
			Other		21,888,416			1.4
					48,668,618			3.0
UTILITIES					2,185,237			0.1

			TOTAL COMMON STOCKS (Cost $1,230,407,316)		1,640,521,961			99.7

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	29,470,610	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		29,470,610			1.8
					29,470,610			1.8

			TOTAL SHORT-TERM INVESTMENTS (Cost $29,470,610)		29,470,610			1.8

			TOTAL PORTFOLIO (Cost $1,259,877,926)		1,669,992,571			101.5
			OTHER ASSETS & LIABILITIES, NET		(23,960,502	)		(1.5	)
			NET ASSETS	$	1,646,032,069			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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $28,983,250.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Value Index Fund ■ April 30, 2014

						% of net
Shares			Company		Value	assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	513,332		Ford Motor Co	$	8,290,312		0.4	%
	254,330		General Motors Co		8,769,298		0.5
			Other		9,840,386		0.5
					26,899,996		1.4
BANKS
	2,209,716		Bank of America Corp		33,455,100		1.7
	623,381		Citigroup, Inc		29,866,184		1.5
	775,256		JPMorgan Chase & Co		43,398,831		2.2
	108,591		PNC Financial Services Group, Inc		9,125,987		0.4
	379,383		US Bancorp		15,471,239		0.8
	990,276		Wells Fargo & Co		49,157,301		2.4
			Other		45,184,672		2.3
					225,659,314		11.3
CAPITAL GOODS
	110,485		Caterpillar, Inc		11,645,119		0.6
	2,120,879		General Electric Co		57,030,436		2.9
			Other		92,315,243		4.6
					160,990,798		8.1
COMMERCIAL & PROFESSIONAL SERVICES					14,730,438		0.7
CONSUMER DURABLES & APPAREL					13,442,780		0.7
CONSUMER SERVICES					13,338,234		0.7
DIVERSIFIED FINANCIALS
	238,062		Bank of New York Mellon Corp		8,063,160		0.4
	119,819		Capital One Financial Corp		8,854,624		0.4
	94,045		Goldman Sachs Group, Inc		15,030,272		0.8
	136,000	e	iShares Russell 1000 Value Index Fund		13,243,680		0.7
	312,014		Morgan Stanley		9,650,593		0.5
			Other		52,787,821		2.6
					107,630,150		5.4
ENERGY
	97,201		Anadarko Petroleum Corp		9,624,843		0.5
	397,610		Chevron Corp		49,908,007		2.5
	250,782		ConocoPhillips		18,635,611		0.9
	913,954	d	Exxon Mobil Corp		93,598,029		4.7
	165,247		Occidental Petroleum Corp		15,822,400		0.8
	120,528		Phillips 66		10,030,340		0.5
			Other		101,358,632		5.1
					298,977,862		15.0
FOOD & STAPLES RETAILING
	222,257		CVS Corp		16,162,529		0.8
	111,113		Wal-Mart Stores, Inc		8,856,817		0.4
			Other		7,786,738		0.4
					32,806,084		1.6
FOOD, BEVERAGE & TOBACCO
	366,012		Mondelez International, Inc		13,048,328		0.7
			Other		20,117,349		1.0
					33,165,677		1.7

						% of net
Shares			Company		Value	assets
HEALTH CARE EQUIPMENT & SERVICES
	319,741		Abbott Laboratories	$	12,386,766		0.6	%
	208,396		Medtronic, Inc		12,257,853		0.6
	209,215		UnitedHealth Group, Inc		15,699,494		0.8
			Other		56,209,512		2.8
					96,553,625		4.8
HOUSEHOLD & PERSONAL PRODUCTS
	562,164		Procter & Gamble Co		46,406,638		2.3
			Other		3,362,121		0.2
					49,768,759		2.5
	INSURANCE
	302,815		American International Group, Inc		16,088,561		0.8
	369,130	*	Berkshire Hathaway, Inc (Class B)		47,562,401		2.4
	183,378		MetLife, Inc		9,599,838		0.5
			Other		79,954,172		4.0
					153,204,972		7.7
	MATERIALS
	215,600		Dow Chemical Co		10,758,440		0.5
			Other		47,081,377		2.4
					57,839,817		2.9
MEDIA
	181,710		Time Warner, Inc		12,076,447		0.6
	287,389		Walt Disney Co		22,801,443		1.1
			Other		17,355,499		0.9
					52,233,389		2.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	158,793		Eli Lilly & Co		9,384,666		0.5
	501,814		Johnson & Johnson		50,828,740		2.5
	619,358		Merck & Co, Inc		36,269,605		1.8
	1,371,808		Pfizer, Inc		42,910,154		2.2
	80,190		Thermo Electron Corp		9,141,660		0.5
			Other		16,513,172		0.8
					165,047,997		8.3
REAL ESTATE					83,584,219		4.2
RETAILING					18,874,568		0.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	953,336		Intel Corp		25,444,538		1.3
			Other		23,380,002		1.1
					48,824,540		2.4
SOFTWARE & SERVICES					32,296,542		1.6
TECHNOLOGY HARDWARE & EQUIPMENT
	43,032		Apple, Inc		25,392,753		1.3
	1,096,185		Cisco Systems, Inc		25,332,835		1.3
	398,741		Hewlett-Packard Co		13,182,378		0.6
			Other		30,701,033		1.5
					94,608,999		4.7
TELECOMMUNICATION SERVICES
	1,103,501		AT&T, Inc		39,394,986		2.0
			Other		9,524,496		0.5
					48,919,482		2.5

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Large-Cap Value Index Fund ■ April 30,2014

					% of net
Shares		Company		Value	assets
TRANSPORTATION
	60,601	FedEx Corp	$	8,256,886		0.4	%
		Other		17,737,051		0.9
				25,993,937		1.3
UTILITIES
	118,488	Dominion Resources, Inc		8,595,120		0.4
	144,755	Duke Energy Corp		10,782,800		0.6
	87,098	NextEra Energy, Inc		8,696,735		0.4
	178,527	Southern Co		8,181,892		0.4
		Other		87,433,931		4.4
				123,690,478		6.2
		TOTAL COMMON STOCKS (Cost $1,623,827,641)		1,979,082,657		99.2

Principal		Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT				7,999,790		0.4

							% of net
Shares			Company		Value		assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	30,640,318	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	30,640,318			1.5	%
					30,640,318			1.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $38,640,108)		38,640,108			1.9
			TOTAL PORTFOLIO (Cost $1,662,467,749)		2,017,722,765			101.1
			OTHER ASSETS & LIABILITIES, NET		(22,382,387	)		(1.1	)
			NET ASSETS	$	1,995,340,378			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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $30,092,412.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

S&P 500 Index Fund ■ April 30, 2014

						% of net
Shares			Company		Value	assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS				$	25,036,912		1.1	%
BANKS
	1,362,026		Bank of America Corp		20,621,074		0.9
	391,313		Citigroup, Inc		18,747,806		0.9
	487,090		JPMorgan Chase & Co		27,267,298		1.3
	615,730		Wells Fargo & Co		30,564,837		1.4
			Other		33,120,586		1.5
					130,321,601		6.0
CAPITAL GOODS
	81,104		3M Co		11,280,755		0.5
	87,990		Boeing Co		11,352,470		0.5
	1,292,114		General Electric Co		34,744,946		1.6
	108,367		United Technologies Corp		12,823,067		0.6
			Other		105,057,074		4.9
					175,258,312		8.1
COMMERCIAL & PROFESSIONAL SERVICES					14,347,030		0.7
CONSUMER DURABLES & APPAREL					28,735,866		1.3
CONSUMER SERVICES
	127,530		McDonald’s Corp		12,928,992		0.6
			Other		24,907,804		1.1
					37,836,796		1.7
DIVERSIFIED FINANCIALS
	117,721		American Express Co		10,292,347		0.5
			Other		69,122,141		3.2
					79,414,488		3.7
ENERGY
	245,925		Chevron Corp		30,868,506		1.4
	157,794		ConocoPhillips		11,725,672		0.6
	555,991	d	Exxon Mobil Corp		56,939,038		2.6
	102,319		Occidental Petroleum Corp		9,797,044		0.5
	168,421		Schlumberger Ltd		17,103,153		0.8
			Other		102,979,860		4.7
					229,413,273		10.6
FOOD & STAPLES RETAILING
	152,331		CVS Corp		11,077,510		0.5
	208,424		Wal-Mart Stores, Inc		16,613,477		0.7
			Other		23,451,167		1.1
					51,142,154		2.3
FOOD, BEVERAGE & TOBACCO
	256,664		Altria Group, Inc		10,294,793		0.5
	488,137		Coca-Cola Co		19,911,108		0.9
	196,125		PepsiCo, Inc		16,845,176		0.8
	204,199		Philip Morris International, Inc		17,444,721		0.8
			Other		51,095,052		2.3
					115,590,850		5.3
HEALTH CARE EQUIPMENT & SERVICES					88,910,445		4.1
HOUSEHOLD & PERSONAL PRODUCTS
	349,269		Procter & Gamble Co		28,832,156		1.3
			Other		17,804,223		0.8
					46,636,379		2.1

						% of net
Shares			Company		Value	assets
INSURANCE
	188,641		American International Group, Inc	$	10,022,497		0.4	%
	231,873	*	Berkshire Hathaway, Inc (Class B)		29,876,836		1.4
			Other		52,229,491		2.4
					92,128,824		4.2
MATERIALS					75,993,746		3.5
MEDIA
	335,759		Comcast Corp (Class A)		17,378,886		0.8
	209,911		Walt Disney Co		16,654,339		0.7
			Other		42,660,389		1.9
					76,693,614		3.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	204,636		AbbVie, Inc		10,657,443		0.5
	97,249		Amgen, Inc		10,867,576		0.5
	211,805		Bristol-Myers Squibb Co		10,609,312		0.5
	198,169	*	Gilead Sciences, Inc		15,554,285		0.7
	364,397		Johnson & Johnson		36,909,772		1.7
	378,812		Merck & Co, Inc		22,183,231		1.0
	821,554		Pfizer, Inc		25,698,209		1.2
			Other		64,435,931		3.0
					196,915,759		9.1
REAL ESTATE					49,082,593		2.3
RETAILING
	47,928	*	Amazon.com, Inc		14,576,343		0.7
	181,422		Home Depot, Inc		14,424,863		0.7
			Other		59,242,728		2.7
					88,243,934		4.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	639,770		Intel Corp		17,075,461		0.8
			Other		27,970,248		1.3
					45,045,709		2.1
SOFTWARE & SERVICES
	219,839	*	Facebook, Inc		13,141,975		0.6
	36,369	*	Google, Inc		19,154,097		0.9
	36,364	*	Google, Inc (Class A)		19,450,376		0.9
	126,110		International Business Machines Corp		24,776,832		1.2
	972,953		Microsoft Corp		39,307,301		1.8
	445,962		Oracle Corp		18,230,927		0.8
	65,311		Visa, Inc (Class A)		13,232,662		0.6
			Other		70,322,062		3.2
					217,616,232		10.0
TECHNOLOGY HARDWARE & EQUIPMENT
	114,695		Apple, Inc		67,680,373		3.1
	663,591		Cisco Systems, Inc		15,335,588		0.7
	217,827		Qualcomm, Inc		17,145,163		0.8
			Other		38,644,228		1.8
					138,805,352		6.4
TELECOMMUNICATION SERVICES
	669,959		AT&T, Inc		23,917,536		1.1
	532,606		Verizon Communications, Inc		24,888,679		1.1
			Other		4,065,948		0.2
					52,872,163		2.4

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

S&P 500 Index Fund ■ April 30, 2014

							% of net
Shares			Company		Value		assets
TRANSPORTATION
	58,624		Union Pacific Corp	$	11,163,768			0.5	%
			Other		31,750,481			1.5
					42,914,249			2.0
UTILITIES					68,840,221			3.2
			TOTAL COMMON STOCKS (Cost $1,580,270,567)		2,167,796,502			99.7

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	19,353,729	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		19,353,729			0.9
					19,353,729			0.9
			TOTAL SHORT-TERM INVESTMENTS (Cost $19,353,729)		19,353,729			0.9
			TOTAL PORTFOLIO (Cost $1,599,624,296)		2,187,150,231			100.6
			OTHER ASSETS & LIABILITIES, NET		(13,151,450	)		(0.6	)
			NET ASSETS	$	2,173,998,781			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 $19,069,910.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Small-Cap Blend Index Fund ¡ April 30, 2014

						% of net
Shares			Company	Value		assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	160,432		Dana Holding Corp	$	3,396,345		0.2	%
	62,285	*	Tenneco, Inc		3,729,003		0.2
			Other		11,243,213		0.7
					18,368,561		1.1
BANKS
	170,871		FirstMerit Corp		3,313,189		0.2
	94,390		PacWest Bancorp		3,716,134		0.2
	64,840		Prosperity Bancshares, Inc		3,825,560		0.2
			Other		135,292,990		8.2
					146,147,873		8.8
CAPITAL GOODS
	44,074		Acuity Brands, Inc		5,490,298		0.3
	68,414		EMCOR Group, Inc		3,146,360		0.2
	49,059		EnerSys		3,315,407		0.2
	32,003	*	Esterline Technologies Corp		3,488,967		0.2
	52,212		Generac Holdings, Inc		3,074,243		0.2
	67,730		Heico Corp		3,746,824		0.2
	19,111	*	Middleby Corp		4,825,145		0.3
	38,058	*	Teledyne Technologies, Inc		3,534,066		0.2
	69,928		Woodward Governor Co		3,134,872		0.2
			Other		122,822,041		7.4
					156,578,223		9.4
COMMERCIAL & PROFESSIONAL SERVICES					58,524,394		3.5
CONSUMER DURABLES & APPAREL
	92,540		Brunswick Corp		3,719,183		0.2
	129,135	*	Kate Spade & Co		4,490,024		0.3
			Other		43,500,750		2.6
					51,709,957		3.1
CONSUMER SERVICES					60,319,304		3.6
DIVERSIFIED FINANCIALS
	314,685	^e	Prospect Capital Corp		3,401,745		0.2
			Other		60,573,904		3.7
					63,975,649		3.9
ENERGY
	270,288	*	Kodiak Oil & Gas Corp		3,435,361		0.2
	34,006		Targa Resources Investments, Inc		3,672,308		0.2
			Other		93,796,801		5.7
					100,904,470		6.1
FOOD & STAPLES RETAILING
	747,388	*	Rite Aid Corp		5,455,932		0.3
	50,415	*	United Natural Foods, Inc		3,480,148		0.2
			Other		12,385,248		0.8
					21,321,328		1.3
FOOD, BEVERAGE & TOBACCO
	161,426	*	Darling International, Inc		3,230,134		0.2
	39,214	*	Hain Celestial Group, Inc		3,373,188		0.2
			Other		28,072,572		1.7
					34,675,894		2.1

						% of net
Shares			Company	Value		assets
HEALTH CARE EQUIPMENT & SERVICES
	74,979	*	Align Technology, Inc	$	3,778,192		0.2	%
	37,451	*,e	athenahealth, Inc		4,630,442		0.3
	55,088	*	Centene Corp		3,657,843		0.2
	88,776		Healthsouth Corp		3,075,201		0.2
	70,042	*	Team Health Holdings, Inc		3,395,636		0.2
			Other		92,549,169		5.6
					111,086,483		6.7
HOUSEHOLD & PERSONAL PRODUCTS					7,645,870		0.5
INSURANCE
	225,286		Conseco, Inc		3,886,184		0.2
			Other		36,162,178		2.2
					40,048,362		2.4
MATERIALS
	71,372		Axiall Corp		3,325,935		0.2
	96,078		PolyOne Corp		3,600,043		0.2
			Other		74,518,157		4.5
					81,444,135		4.9
MEDIA					21,735,843		1.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	99,811	*	InterMune, Inc		3,201,937		0.2
	53,252		Questcor Pharmaceuticals, Inc		4,376,249		0.3
			Other		93,790,118		5.6
					101,368,304		6.1
REAL ESTATE
	482,700		American Realty Capital Properties, Inc		6,318,543		0.4
	91,711		Highwoods Properties, Inc		3,700,539		0.2
	105,079		LaSalle Hotel Properties		3,476,013		0.2
	332,208		NorthStar Realty Finance Corp		5,321,972		0.3
	125,992		RLJ Lodging Trust		3,360,207		0.2
			Other		117,158,323		7.1
					139,335,597		8.4
RETAILING
	39,729	*	WEX, Inc		3,812,792		0.3
			Other		61,786,493		3.7
					65,599,285		4.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	274,391	*	SunEdison, Inc		5,276,539		0.3
			Other		53,893,779		3.3
					59,170,318		3.6
SOFTWARE & SERVICES
	96,319	*	Aspen Technology, Inc		4,140,753		0.2
	29,010	*	CoStar Group, Inc		4,667,419		0.3
	121,627	*	PTC, Inc		4,301,947		0.3
	28,114	*	Ultimate Software Group, Inc		3,363,278		0.2
			Other		121,831,877		7.3
					138,305,274		8.3

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Small-Cap Blend Index Fund ■ April 30, 2014

						% of net
Shares			Company	Value		assets
TECHNOLOGY HARDWARE & EQUIPMENT
	119,021	*	ARRIS Group, Inc	$	3,105,258		0.2	%
	44,844		Belden CDT, Inc		3,309,936		0.2
	42,917		FEI Co		3,412,760		0.2
			Other		72,373,511		4.3
					82,201,465		4.9
TELECOMMUNICATION SERVICES					11,160,335		0.7
TRANSPORTATION
	61,125	*	Spirit Airlines, Inc		3,474,345		0.2
			Other		27,014,033		1.6
					30,488,378		1.8
UTILITIES
	62,291		Cleco Corp		3,273,392		0.2
			Other		51,224,060		3.1
					54,497,452		3.3
			TOTAL COMMON STOCKS
			(Cost $1,271,556,345)		1,656,612,754		99.8
RIGHTS / WARRANTS

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					4,523		0.0
TELECOMMUNICATION SERVICES					139,956		0.0
			TOTAL RIGHTS / WARRANTS
			(Cost $139,956)		144,479		0.0

							% of net
Principal			Issuer	Value			assets
SHORT-TERM INVESTMENTS
TREASURY DEBT				$	399,996			0.0	%

	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	245,952,460	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		245,952,460			14.8
					245,952,460			14.8
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $246,352,456)		246,352,456			14.8
			TOTAL PORTFOLIO
			(Cost $1,518,048,757)		1,903,109,689			114.6
			OTHER ASSETS & LIABILITIES, NET		(242,488,107	)		(14.6	)
			NET ASSETS	$	1,660,621,582			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 $239,071,912.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

Emerging Markets Equity Index Fund ■ April 30, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

BRAZIL
	1,012,235		AMBEV S.A.	$	7,399,677		0.9	%
	454,864		Banco Bradesco S.A. (Preference)		6,770,686		0.8
	541,710		Banco Itau Holding Financeira S.A.		8,940,432		1.1
	140,256		Perdigao S.A.		3,176,557		0.4
	656,672		Petroleo Brasileiro S.A.		4,603,109		0.6
	923,746		Petroleo Brasileiro S.A. (Preference)		6,864,658		0.8
	280,600		Vale S.A.		3,699,805		0.4
	410,173		Vale S.A. (Preference)		4,860,083		0.6
			Other		42,739,461		5.1
					89,054,468		10.7
CHILE					12,558,737		1.5
CHINA
	16,909,000		Bank of China Ltd		7,450,075		0.9
	15,894,350		China Construction Bank		11,004,818		1.3
	1,654,000		China Life Insurance Co Ltd		4,302,969		0.5
	1,311,500		China Mobile Hong Kong Ltd		12,483,479		1.5
	4,120,000		CNOOC Ltd		6,809,734		0.8
	16,336,000		Industrial & Commercial Bank of China		9,761,047		1.2
	427,000		Ping An Insurance Group Co of China Ltd		3,169,249		0.4
	221,500	*	Tencent Holdings Ltd		13,945,626		1.7
			Other		73,336,801		8.8
					142,263,798		17.1
COLOMBIA					8,934,604		1.1
CZECH REPUBLIC					2,185,093		0.3
EGYPT					1,778,479		0.2
GREECE					4,581,298		0.6
HONG KONG					5,895,944		0.7
HUNGARY					1,903,004		0.2
INDIA
	313,788		Housing Development Finance Corp		4,678,445		0.6
	98,937		Infosys Technologies Ltd		5,263,826		0.6
	291,535		Reliance Industries Ltd		4,531,654		0.6
	101,600		Tata Consultancy Services Ltd		3,688,117		0.4
			Other		35,350,568		4.3
					53,512,610		6.5
INDONESIA					21,339,215		2.6
KOREA, REPUBLIC OF
	114,870	*	Hynix Semiconductor, Inc		4,479,177		0.6
	14,637		Hyundai Mobis		4,181,549		0.5
	33,082		Hyundai Motor Co		7,376,176		0.9
	56,553		Kia Motors Corp		3,137,684		0.4
	6,042		Naver Corp		4,350,945		0.5
	14,129		POSCO		4,174,106		0.5
	23,709		Samsung Electronics Co Ltd		30,915,596		3.7
	4,424		Samsung Electronics Co Ltd (Preference)		4,448,681		0.5
	91,866		Shinhan Financial Group Co Ltd		4,009,803		0.5
			Other		62,444,959		7.5
					129,518,676		15.6

Shares			Company	Value		% of net assets
MALAYSIA
	958,104		Malayan Banking BHD	$	2,908,327		0.3	%
			Other		28,712,354		3.5
					31,620,681		3.8
MEXICO
	7,545,770	e	America Movil S.A. de C.V. (Series L)		7,590,326		0.9
	2,542,591	*,e	Cemex S.A. de C.V.		3,251,422		0.4
	421,237		Fomento Economico Mexicano S.A. de C.V.		3,844,106		0.5
	537,987		Grupo Financiero Banorte S.A. de C.V.		3,566,499		0.4
	552,526		Grupo Televisa S.A.		3,624,451		0.4
	1,152,489	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		2,914,092		0.4
			Other		16,716,364		2.0
					41,507,260		5.0
PERU					2,608,207		0.3
PHILIPPINES					7,776,653		0.9
POLAND					14,055,479		1.7
RUSSIA
	451,000	d	Gazprom (ADR)		3,256,220		0.4
	830,131		Gazprom OAO (ADR)		5,999,304		0.8
	113,090		LUKOIL (ADR)		5,986,919		0.7
	608,311		Sberbank of Russian Federation (ADR)		5,124,454		0.6
			Other		19,035,754		2.3
					39,402,651		4.8
SOUTH AFRICA
	363,965		MTN Group Ltd		7,301,795		0.9
	85,163		Naspers Ltd (N Shares)		8,047,840		1.0
	123,853		Sasol Ltd		6,941,256		0.8
	263,164		Standard Bank Group Ltd		3,457,698		0.4
			Other		37,196,136		4.5
					62,944,725		7.6
TAIWAN
	2,409,423		Hon Hai Precision Industry Co, Ltd		6,919,769		0.8
	305,961		MediaTek, Inc		4,794,404		0.6
	5,291,000		Taiwan Semiconductor Manufacturing Co Ltd		20,790,219		2.5
			Other		64,653,480		7.8
					97,157,872		11.7
THAILAND					17,993,647		2.2
TURKEY					13,465,522		1.6
UKRAINE					88,040		0.0
UNITED STATES
	150,000		iShares MSCI Emerging Markets		6,199,500		0.7
	145,000	e	Vanguard Emerging Markets ETF		5,936,300		0.7
			Other		2,243,973		0.3
					14,379,773		1.7
			TOTAL COMMON STOCKS (Cost $801,155,225)		816,526,436		98.4

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Emerging Markets Equity Index Fund ■ April 30, 2014

Shares	Company	Value		% of net assets
PREFERRED STOCKS

BRAZIL		$	2,730,863	0.3%
PHILIPPINES			690	0.0
	TOTAL PREFERRED STOCKS (Cost $2,737,947)		2,731,553	0.3

RIGHTS / WARRANTS

BRAZIL			293	0.0
CHINA			136	0.0
KOREA, REPUBLIC OF			21,308	0.0
	TOTAL RIGHTS / WARRANTS (Cost $0)		21,737	0.0

Principal	Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT			2,199,984	0.2

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	42,875,321	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	42,875,321			5.2	%
					42,875,321			5.2
			TOTAL SHORT-TERM INVESTMENTS (Cost $45,075,305)		45,075,305			5.4
			TOTAL PORTFOLIO (Cost $848,968,477)		864,355,031			104.1
			OTHER ASSETS & LIABILITIES, NET		(34,380,832	)		(4.1	)
			NET ASSETS	$	829,974,199			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

ETF – Exchange Traded Fund

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
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 $40,417,424.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Summary of market values by sector (unaudited)

Emerging Markets Equity Index Fund ■ April 30, 2014

Sector	Value			% of net assets
FINANCIALS	$	229,612,821			27.8	%
INFORMATION TECHNOLOGY		137,068,006			16.5
ENERGY		82,423,496			9.9
MATERIALS		75,629,144			9.1
CONSUMER DISCRETIONARY		72,268,716			8.7
CONSUMER STAPLES		69,049,285			8.3
TELECOMMUNICATION SERVICES		57,317,841			6.9
INDUSTRIALS		52,596,285			6.3
UTILITIES		29,344,817			3.5
HEALTH CARE		13,969,315			1.7
SHORT-TERM INVESTMENTS		45,075,305			5.4
OTHER ASSETS & LIABILITIES, NET		(34,380,832	)		(4.1	)
NET ASSETS	$	829,974,199			100.0	%

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

International Equity Index Fund ■ April 30, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUSTRALIA
	1,197,288		Australia & New Zealand Banking Group Ltd	$	38,502,116		0.6	%
	1,407,031		BHP Billiton Ltd		49,550,841		0.8
	705,866		Commonwealth Bank of Australia		51,924,132		0.9
	1,024,709		National Australia Bank Ltd		33,740,977		0.6
	1,357,148		Westpac Banking Corp		44,452,723		0.7
			Other		247,025,674		4.2
					465,196,463		7.8
AUSTRIA					15,995,717		0.3
BELGIUM
	351,579	e	InBev NV		38,320,648		0.6
			Other		33,831,742		0.6
					72,152,390		1.2
CHINA					5,272,649		0.1
DENMARK
	874,248		Novo Nordisk AS		39,678,605		0.7
			Other		39,069,859		0.6
					78,748,464		1.3
FINLAND					51,188,930		0.9
FRANCE
	435,265		BNP Paribas		32,707,755		0.6
	523,455		Sanofi-Aventis		56,491,181		1.0
	936,529		Total S.A.		67,003,178		1.1
			Other		445,829,608		7.5
					602,031,722		10.2
GERMANY
	200,174		Allianz AG.		34,836,251		0.6
	402,980	*,e	BASF AG.		46,747,980		0.8
	362,003	e	Bayer AG.		50,333,503		0.8
	421,491		Daimler AG. (Registered)		39,240,443		0.7
	405,075		SAP AG.		32,741,002		0.5
	347,965		Siemens AG.		45,903,623		0.8
			Other		301,010,476		5.1
					550,813,278		9.3
HONG KONG
	5,299,000		AIA Group Ltd		25,772,182		0.5
			Other		131,164,951		2.2
					156,937,133		2.7
IRELAND					36,448,555		0.6
ISRAEL					29,313,051		0.5
ITALY
	1,118,247		ENI S.p.A.		28,961,832		0.5
			Other		117,646,662		2.0
					146,608,494		2.5

Shares			Company	Value		% of net assets
JAPAN
	715,100		Honda Motor Co Ltd	$	23,730,355		0.4	%
	5,608,380		Mitsubishi UFJ Financial Group, Inc		29,833,743		0.5
	421,200		Softbank Corp		31,370,131		0.5
	1,209,600		Toyota Motor Corp		65,352,451		1.1
			Other		963,723,262		16.3
					1,114,009,942		18.8
JERSEY, C.I.					3,109,538		0.1
LUXEMBOURG					19,758,799		0.3
MACAU					4,104,866		0.1
MEXICO					1,169,762		0.0
NETHERLANDS
	1,677,124	*	ING Groep NV		23,974,244		0.4
	1,693,656		Royal Dutch Shell plc (A Shares)		66,957,334		1.1
	1,091,361		Royal Dutch Shell plc (B Shares)		46,340,267		0.8
	716,795		Unilever NV		30,736,961		0.5
			Other		101,483,805		1.7
					269,492,611		4.5
NEW ZEALAND					7,964,463		0.1
NORWAY					47,750,099		0.8
PORTUGAL					11,276,043		0.2
SINGAPORE					84,550,586		1.4
SPAIN
	2,580,592		Banco Bilbao Vizcaya Argentaria S.A.		31,787,048		0.5
	5,055,932		Banco Santander Central Hispano S.A.		50,284,617		0.9
	1,788,977		Telefonica S.A.		30,022,811		0.5
			Other		96,342,979		1.6
					208,437,455		3.5
SWEDEN					187,695,723		3.2
SWITZERLAND
	4,644,244		Glencore Xstrata plc		25,059,245		0.4
	1,416,414		Nestle S.A.		109,466,516		1.8
	1,009,540		Novartis AG.		87,761,832		1.5
	307,982		Roche Holding AG.		90,345,315		1.5
	1,600,729		UBS AG.		33,477,429		0.6
			Other		219,508,457		3.7
					565,618,794		9.5

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

International Equity Index Fund ■ April 30, 2014

Shares			Company	Value		% of net assets
UNITED KINGDOM
	547,389		AstraZeneca plc	$	43,207,927		0.7	%
	6,699,904		Barclays plc		28,608,875		0.5
	1,491,470		BG Group plc		30,171,404		0.5
	927,498		BHP Billiton plc		30,110,639		0.5
	8,164,640		BP plc		68,934,969		1.2
	827,653		British American Tobacco plc		47,792,762		0.8
	1,098,688		Diageo plc		33,663,575		0.6
	2,131,631		GlaxoSmithKline plc		58,898,097		1.0
	8,219,248		HSBC Holdings plc		83,981,079		1.4
	21,871,667	*	Lloyds TSB Group plc		27,891,022		0.5
	1,126,154		Prudential plc		25,889,274		0.4
	557,937		Rio Tinto plc		30,333,741		0.5
	564,263		Unilever plc		25,241,208		0.4
	11,600,073		Vodafone Group plc		44,040,918		0.8
			Other		540,609,841		9.1
					1,119,375,331		18.9
UNITED STATES
	356,399	d	iShares MSCI EAFE Index Fund		24,349,180		0.4
			Other		12,308,970		0.2
					36,658,150		0.6
			TOTAL COMMON STOCKS (Cost $4,886,041,966)		5,891,679,008		99.4

RIGHTS / WARRANTS

HONG KONG					39,409		0.0
SPAIN					1,069,884		0.0
UNITED KINGDOM					420,094		0.0
			TOTAL RIGHTS / WARRANTS (Cost $1,045,854)		1,529,387		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT					7,999,448		0.1

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	503,606,513	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	503,606,513			8.5	%
					503,606,513			8.5
			TOTAL SHORT-TERM INVESTMENTS (Cost $511,605,893)		511,605,961			8.6
			TOTAL PORTFOLIO (Cost $5,398,693,713)		6,404,814,356			108.0
			OTHER ASSETS & LIABILITIES, NET		(474,687,815	)		(8.0	)
			NET ASSETS	$	5,930,126,541			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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $478,815,870.

“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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary of market values by sector (unaudited)

International Equity Index Fund ■ April 30, 2014

Sector	Value			% of net assets
FINANCIALS	$	1,525,299,977			25.7	%
INDUSTRIALS		747,539,873			12.6
CONSUMER DISCRETIONARY		676,530,015			11.4
CONSUMER STAPLES		654,874,522			11.0
HEALTH CARE		616,667,901			10.4
MATERIALS		484,068,030			8.2
ENERGY		428,122,909			7.2
TELECOMMUNICATION SERVICES		291,743,137			4.9
INFORMATION TECHNOLOGY		252,033,160			4.3
UTILITIES		216,328,871			3.7
SHORT-TERM INVESTMENTS		511,605,961			8.6
OTHER ASSETS & LIABILITIES, NET		(474,687,815	)		(8.0	)
NET ASSETS	$	5,930,126,541			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds ■ April 30, 2014

	Equity Index Fund			Large-Cap Growth Index Fund			Large-Cap Value Index Fund			S&P 500 Index Fund			Small-Cap Blend Index Fund		Emerging Markets Equity Index Fund			International Equity Index Fund
ASSETS
Portfolio investments, at value*^†	$	8,304,598,901		$	1,669,992,571		$	2,017,722,765		$	2,187,150,231		$	1,657,157,229	$	864,355,031		$	5,901,207,843
Affiliated investments, at value^‡		250,136,453			—			—			—			245,952,460		—			503,606,513
Cash		12,016,804			3,478,752			6,052,266			2,437,765			1,246,935		7,092,506			10,194,481
Cash – foreign^		—			—			—			—			—		485,830			3,012,022
Receivable from securities transactions		22,851,191			7,392,878			3,056,554			1,413,103			4,226,924		247,314			19,069,257
Receivable from Fund shares sold		8,807,254			1,532,312			3,201,501			2,587,291			192,109		837,592			3,436,810
Dividends and interest receivable		6,972,236			1,293,604			1,798,912			2,003,395			1,072,146		849,069			28,103,235
Due from affiliates		—			—			—			—			—		631			—
Receivable for variation margin on open futures contracts		81,831			11,083			42,676			7,227			1,460		—			11,989
Other		179,807			57,940			62,282			82,638			59,024		11,316			149,462
Total assets		8,605,644,477			1,683,759,140			2,031,936,956			2,195,681,650			1,909,908,287		873,879,289			6,468,791,612
LIABILITIES
Management fees payable		27,147			5,357			6,490			7,081			5,432		9,500			19,298
Service agreement fees payable		5,942			5,149			6,431			11,162			10,387		796			16,641
Distribution fees payable		127,618			—			—			—			—		1,981			22,874
Due to affiliates		62,458			12,033			14,164			16,012			12,975		5,770			44,125
Payable for collateral for securities loaned		250,136,453			29,470,610			30,640,318			19,353,729			245,952,460		42,875,321			503,606,513
Payable for securities transactions		23,927,958			7,440,671			4,492,353			1,904,260			2,176,977		248,427			29,883,016
Payable for Fund shares redeemed		914,000			682,145			1,321,340			240,300			1,014,809		250,084			4,739,908
Payable for variation margin on futures contracts		—			—			—			—			—		21,338			—
Accrued expenses and other payables		344,486			111,106			115,482			150,325			113,665		491,873			332,696
Total liabilities		275,546,062			37,727,071			36,596,578			21,682,869			249,286,705		43,905,090			538,665,071
NET ASSETS	$	8,330,098,415		$	1,646,032,069		$	1,995,340,378		$	2,173,998,781		$	1,660,621,582	$	829,974,199		$	5,930,126,541
NET ASSETS CONSIST OF:
Paid-in-capital	$	5,751,642,391		$	1,233,142,973		$	1,651,506,034		$	1,600,700,457		$	1,269,860,250	$	824,219,404		$	4,826,620,464
Undistributed net investment income (loss)		44,006,534			7,289,809			11,980,993			12,172,283			4,579,274		2,878,394			84,789,587
Accumulated net realized gain (loss) on total investments		(28,849,591	)		(4,541,470	)		(23,465,982	)		(26,420,049	)		1,121,217		(12,162,178	)		12,384,146
Net unrealized appreciation (depreciation) on total investments		2,563,299,081			410,140,757			355,319,333			587,546,090			385,060,841		15,038,579			1,006,332,344
NET ASSETS	$	8,330,098,415		$	1,646,032,069		$	1,995,340,378		$	2,173,998,781		$	1,660,621,582	$	829,974,199		$	5,930,126,541
INSTITUTIONAL CLASS:
Net assets	$	7,386,927,856		$	1,393,665,297		$	1,679,029,851		$	1,625,397,600		$	1,152,866,402		779,800,883			4,924,806,954
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		512,415,681			72,537,871			99,233,440			76,727,620			62,967,953		75,464,197			250,442,010
Net asset value per share		$14.42			$19.21			$16.92			$21.18			$18.31		$10.33			$19.66
PREMIER CLASS:
Net assets	$	62,686,751		$	—		$	—		$	—		$	—	$	3,624,105		$	190,149,074
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,359,156			—			—			—			—		351,272			9,688,025
Net asset value per share		$14.38			$—			$—			$—			$—		$10.32			$19.63
RETIREMENT CLASS:
Net assets	$	291,189,436		$	252,366,772		$	316,310,527		$	548,601,181		$	507,755,180	$	39,092,551		$	815,170,513
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		19,925,870			13,045,093			18,429,754			26,027,523			27,648,346		3,791,989			40,679,989
Net asset value per share		$14.61			$19.35			$17.16			$21.08			$18.36		$10.31			$20.04
RETAIL CLASS:
Net assets	$	589,294,372		$	—		$	—		$	—		$	—	$	7,456,660		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		40,214,403			—			—			—			—		723,413			—
Net asset value per share		$14.65			$—			$—			$—			$—		$10.31			$—
* Includes securities loaned of	$	244,476,887		$	28,983,250		$	30,092,412		$	19,069,910		$	239,071,912	$	40,417,424		$	478,815,870
^† Portfolio investments, cost	$	5,741,443,482		$	1,259,877,926		$	1,662,467,749		$	1,599,624,296		$	1,272,096,297	$	848,968,477		$	4,895,087,200
^‡ Affiliated investments, cost	$	250,136,453		$	—		$	—		$	—		$	245,952,460	$	—		$	503,606,513
^{^} Foreign cash, cost	$	—		$	—		$	—		$	—		$	—	$	485,430		$	3,002,935

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Funds ■ For the period ended April 30, 2014

	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^*	$	75,998,986		$	12,620,256		$	20,887,407		$	20,907,963		$	10,604,009		$	6,399,824		$	121,964,472
Income from securities lending		1,266,738			115,783			105,732			24,363			1,971,705			119,933			2,048,786
Interest		3,970			605			705			135			631			—			886
Total income		77,269,694			12,736,644			20,993,844			20,932,461			12,576,345			6,519,757			124,014,144
EXPENSES
Management fees		1,579,402			307,353			360,237			407,020			329,619			522,044			1,110,945
Shareholder servicing – Institutional Class		7,222			2,084			2,320			1,962			2,324			7,909			8,969
Shareholder servicing – Premier Class		119			—			—			—			—			75			182
Shareholder servicing – Retirement Class		350,568			310,248			377,540			643,245			642,141			44,390			965,461
Shareholder servicing – Retail Class		167,515			—			—			—			—			6,301			—
Distribution fees – Premier Class		45,491			—			—			—			—			3,202			140,381
Distribution fees – Retail Class		702,232			—			—			—			—			8,968			—
Administrative service fees		194,838			37,001			43,011			49,639			40,967			18,703			138,208
Custody and accounting fees		45,718			21,467			22,055			20,371			17,912			232,381			209,288
Trustee fees and expenses		34,515			6,290			7,435			8,737			7,484			3,543			24,553
Other expenses		215,154			95,445			116,156			90,001			92,131			112,750			207,369
Total expenses		3,342,774			779,888			928,754			1,220,975			1,132,578			960,266			2,805,356
Less: Expenses reimbursed by the investment adviser		—			—			—			—			—			(855	)		—
Net expenses		3,342,774			779,888			928,754			1,220,975			1,132,578			959,411			2,805,356
Net Investment income (loss)		73,926,920			11,956,756			20,065,090			19,711,486			11,443,767			5,560,346			121,208,788
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		15,378,757			(1,070,673	)		(4,141,897	)		(8,355,370	)		12,306,403			(2,139,696	)		31,796,021
Futures transactions		2,297,296			(137,026	)		583,321			(26,619	)		26,429			(524,725	)		(282,754	)
Foreign currency transactions		(70	)		—			—			—			(211	)		(65,674	)		(223,905	)
Net realized gain (loss) on total investments		17,675,983			(1,207,699	)		(3,558,576	)		(8,381,989	)		12,332,621			(2,730,095	)		31,289,362
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		502,593,027			88,288,197			148,803,316			150,951,040			23,827,681			(19,615,785	)		118,440,406
Futures transactions		(196,581	)		35,370			85,066			44,457			93,993			95,953			20,703
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		37			—			—			—			76			9,965			57,441
Net change in unrealized appreciation (depreciation) on total investments		502,396,483			88,323,567			148,888,382			150,995,497			23,921,750			(19,509,867	)		118,518,550
Net realized and unrealized gain (loss) on total investments		520,072,466			87,115,868			145,329,806			142,613,508			36,254,371			(22,239,962	)		149,807,912
Net increase (decrease) in net assets from operations	$	593,999,386		$	99,072,624		$	165,394,896		$	162,324,994		$	47,698,138		$	(16,679,616	)	$	271,016,700
* Net of foreign withholding taxes of	$	13,617		$	864		$	4,407		$	—		$	6,473		$	865,431		$	6,791,323
** Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—		$	—		$	63,802		$	—

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
		April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013			April 30, 2014			October 31, 2013
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	73,926,920		$	130,763,871		$	11,956,756		$	22,091,040		$	20,065,090		$	34,690,546		$	19,711,486		$	35,326,574		$	11,443,767		$	22,532,195		$	5,560,346		$	12,699,459
Net realized gain (loss) on total investments			17,675,983			(4,192,766	)		(1,207,699	)		150,853,758			(3,558,576	)		148,579,865			(8,381,989	)		97,342,696			12,332,621			75,061,756			(2,730,095	)		(4,774,280	)
Net change in unrealized appreciation (depreciation) on total investments			502,396,483			1,527,235,697			88,323,567			130,200,179			148,888,382			163,843,226			150,995,497			249,442,753			23,921,750			275,905,228			(19,509,867	)		31,504,095
Net increase (decrease) in net assets from operations			593,999,386			1,653,806,802			99,072,624			303,144,977			165,394,896			347,113,637			162,324,994			382,112,023			47,698,138			373,499,179			(16,679,616	)		39,429,274
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(116,054,885	)		(83,622,846	)		(17,635,277	)		(15,189,199	)		(29,160,464	)		(23,996,972	)		(25,640,962	)		(24,660,671	)		(15,224,201	)		(13,653,444	)		(12,672,460	)		(5,765,269	)
	Premier Class		(1,036,604	)		(681,775	)		—			—			—			—			—			—			—			—			(127,990	)		(34,757	)
	Retirement Class		(3,968,168	)		(2,831,443	)		(2,813,471	)		(3,690,035	)		(5,189,568	)		(4,839,075	)		(7,611,475	)		(8,550,256	)		(5,992,112	)		(5,711,600	)		(542,742	)		(339,023	)
	Retail Class		(7,755,859	)		(5,545,590	)		—			—			—			—			—			—			—			—			(108,100	)		(65,068	)
From realized gains:	Institutional Class		(22,126,626	)		(26,265,188	)		(3,986,847	)		—			(38,506,904	)		(22,679,307	)		—			—			(33,546,083	)		(14,152,829	)		—			—
	Premier Class		(214,440	)		(230,213	)		—			—			—			—			—			—			—			—			—			—
	Retirement Class		(870,246	)		(1,054,521	)		(773,390	)		—			(7,774,897	)		(5,079,627	)		—			—			(15,562,005	)		(6,762,292	)		—			—
	Retail Class		(1,772,015	)		(2,152,356	)		—			—			—			—			—			—			—			—			—			—
Total distributions			(153,798,843	)		(122,383,932	)		(25,208,985	)		(18,879,234	)		(80,631,833	)		(56,594,981	)		(33,252,437	)		(33,210,927	)		(70,324,401	)		(40,280,165	)		(13,451,292	)		(6,204,117	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		564,866,812			2,529,595,980			305,964,260			478,476,258			369,134,420			566,215,962			149,066,652			280,982,456			121,671,095			302,007,443			154,135,270			430,251,272
	Premier Class		7,768,676			26,407,020			—			—			—			—			—			—			—			—			1,415,397			5,096,578
	Retirement Class		25,913,771			63,611,802			23,213,330			59,779,793			23,753,307			67,263,982			63,091,725			99,941,199			37,656,053			127,886,298			8,787,628			15,388,390
	Retail Class		46,209,503			72,409,043			—			—			—			—			—			—			—			—			1,682,392			2,606,205
Reinvestments of distributions:	Institutional Class		137,480,928			109,254,825			20,566,628			15,156,209			61,138,820			45,224,553			25,178,656			23,864,966			48,516,556			27,637,667			12,664,206			5,765,269
	Premier Class		1,251,044			911,988			—			—			—			—			—			—			—			—			127,990			34,757
	Retirement Class		4,838,414			3,885,964			3,586,861			3,690,035			12,960,321			9,915,239			7,611,475			8,550,256			21,554,117			12,473,892			542,742			339,023
	Retail Class		9,011,702			7,297,179			—			—			—			—			—			—			—			—			103,271			63,301
Redemptions:	Institutional Class		(409,808,730	)		(998,950,525	)		(151,224,976	)		(536,727,100	)		(180,619,563	)		(623,984,684	)		(81,928,644	)		(463,613,308	)		(50,076,910	)		(155,305,472	)		(39,368,841	)		(76,144,474	)
	Premier Class		(11,021,211	)		(26,791,097	)		—			—			—			—			—			—			—			—			(4,056,219	)		(973,871	)
	Retirement Class		(22,908,187	)		(48,113,202	)		(28,340,551	)		(109,099,156	)		(37,293,119	)		(55,031,600	)		(45,775,150	)		(110,072,394	)		(51,723,323	)		(52,546,442	)		(3,250,851	)		(7,308,467	)
	Retail Class		(33,988,693	)		(48,342,377	)		—			—			—			—			—			—			—			—			(1,142,670	)		(1,585,318	)
Net increase (decrease) from shareholder transactions			319,614,029			1,691,176,600			173,765,552			(88,723,961	)		249,074,186			9,603,452			117,244,714			(160,346,825	)		127,597,588			262,153,386			131,640,315			373,532,665
Net increase (decrease) in net assets			759,814,572			3,222,599,470			247,629,191			195,541,782			333,837,249			300,122,108			246,317,271			188,554,271			104,971,325			595,372,400			101,509,407			406,757,822
NET ASSETS
Beginning 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
End of period		$	8,330,098,415		$	7,570,283,843		$	1,646,032,069		$	1,398,402,878		$	1,995,340,378		$	1,661,503,129		$	2,173,998,781		$	1,927,681,510		$	1,660,621,582		$	1,555,650,257		$	829,974,199		$	728,464,792
Undistributed net investment income (loss) included in net assets		$	44,006,534		$	98,895,130		$	7,289,809		$	15,781,801		$	11,980,993		$	26,265,935		$	12,172,283		$	25,713,234		$	4,579,274		$	14,351,820		$	2,878,394		$	10,769,340
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		40,192,504			222,360,765			16,243,564			29,770,744			22,563,118			38,979,541			7,257,066			15,875,182			6,486,599			18,842,881			15,340,620			41,702,388
	Premier Class		555,631			2,205,941			—			—			—			—			—			—			—			—			136,585			489,135
	Retirement Class		1,814,499			5,061,067			1,222,645			3,730,089			1,425,384			4,585,212			3,089,819			5,660,155			1,992,131			7,846,766			860,550			1,462,980
	Retail Class		3,245,197			5,846,563			—			—			—			—			—			—			—			—			166,055			249,280
Shares reinvested:	Institutional Class		10,153,687			10,220,283			1,129,414			1,050,326			3,909,132			3,547,024			1,269,725			1,511,398			2,711,937			2,017,348			1,240,373			547,509
	Premier Class		92,533			85,392			—			—			—			—			—			—			—			—			12,548			3,301
	Retirement Class		352,141			358,153			195,469			253,785			816,141			766,247			385,391			543,564			1,200,118			906,533			53,210			32,226
	Retail Class		653,970			670,697			—			—			—			—			—			—			—			—			10,125			6,017
Shares redeemed:	Institutional Class		(29,100,497	)		(83,445,454	)		(8,101,059	)		(34,358,494	)		(11,160,035	)		(44,106,613	)		(3,991,198	)		(28,815,058	)		(2,688,567	)		(9,981,578	)		(3,900,784	)		(7,349,001	)
	Premier Class		(796,004	)		(2,242,479	)		—			—			—			—			—			—			—			—			(394,371	)		(90,627	)
	Retirement Class		(1,604,765	)		(3,897,783	)		(1,500,628	)		(6,718,053	)		(2,255,263	)		(3,784,820	)		(2,248,198	)		(6,278,741	)		(2,762,382	)		(3,361,813	)		(316,795	)		(706,858	)
	Retail Class		(2,374,756	)		(3,957,682	)		—			—			—			—			—			—			—			—			(113,115	)		(154,195	)
Net increase (decrease) from shareholder transactions			23,184,140			153,265,463			9,189,405			(6,271,603	)		15,298,477			(13,409	)		5,762,605			(11,503,500	)		6,939,836			16,270,137			13,095,001			36,192,155

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Statements of changes in net assets

concluded

TIAA-CREF Funds ■ For the period or year ended

		International Equity Index Fund
		April 30,			October 31,
		2014			2013
		(unaudited		)
OPERATIONS
Net investment income (loss)		$	121,208,788		$	141,256,277
Net realized gain (loss) on total investments			31,289,362			15,280,660
Net change in unrealized appreciation (depreciation) on total investments			118,518,550			930,391,048
Net increase (decrease) in net assets from operations			271,016,700			1,086,927,985

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(127,704,968	)		(98,135,566	)
	Premier Class		(5,594,046	)		(4,407,635	)
	Retirement Class		(19,192,693	)		(18,727,013	)
	Retail Class		—			—
From realized gains:	Institutional Class		—			—
	Premier Class		—			—
	Retirement Class		—			—
	Retail Class		—			—
Total distributions			(152,491,707	)		(121,270,214	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		485,790,596			1,308,661,420
	Premier Class		25,833,514			83,877,665
	Retirement Class		59,746,287			106,223,912
	Retail Class		—			—
Reinvestments of distributions:	Institutional Class		126,962,651			97,707,806
	Premier Class		5,594,046			4,407,635
	Retirement Class		19,190,929			18,722,887
	Retail Class		—			—
Redemptions:	Institutional Class		(245,924,452	)		(560,513,376	)
	Premier Class		(44,648,887	)		(88,890,224	)
	Retirement Class		(55,744,102	)		(141,813,039	)
	Retail Class		—			—
Net increase (decrease) from shareholder transactions			376,800,582			828,384,686
Net increase (decrease) in net assets			495,325,575			1,794,042,457

NET ASSETS
Beginning of period			5,434,800,966			3,640,758,509
End of period		$	5,930,126,541		$	5,434,800,966
Undistributed net investment income (loss) included in net assets		$	84,789,587		$	116,072,506

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		25,553,803			78,974,916
	Premier Class		1,351,311			4,849,589
	Retirement Class		3,064,814			6,057,533
	Retail Class		—			—
Shares reinvested:	Institutional Class		6,956,858			6,207,612
	Premier Class		307,028			280,384
	Retirement Class		1,031,216			1,167,262
	Retail Class		—			—
Shares redeemed:	Institutional Class		(13,055,849	)		(34,315,015	)
	Premier Class		(2,380,508	)		(5,064,509	)
	Retirement Class		(2,844,731	)		(8,148,663	)
	Retail Class		—			—
Net increase (decrease) from shareholder transactions			19,983,942			50,009,109

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
						Gain (loss) from investment operations:
	For the			Net asset		Net			Net realized and			Total gain			Less distributions from:						Total			Net asset
	period			value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended			of period		(loss		)^a	investments			operations			income			gains			distributions			period

EQUITY INDEX FUND
Institutional Class:	4/30/14	^§			$13.65		$0.13			$0.93			$1.06			$(0.24	)		$(0.05	)		$(0.29	)	$14.42
	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
Premier Class:	4/30/14	^§			13.61		0.12			0.92			1.04			(0.22	)		(0.05	)		(0.27	)	14.38
	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
Retirement Class:	4/30/14	^§			13.82		0.12			0.93			1.05			(0.21	)		(0.05	)		(0.26	)	14.61
	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:	4/30/14	^§			13.85		0.11			0.94			1.05			(0.20	)		(0.05	)		(0.25	)	14.65
	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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

						Ratios and supplemental data

	For the
	period						Net assets at			Ratios to average net assets										Portfolio
	or year						end of period				Gross			Net			Net investment			turnover
	ended		Total return				(in thousands		)		expenses			expenses			income (loss		)	rate

EQUITY INDEX FUND
Institutional Class:	4/30/14	^§		7.85	%^b			$7,386,928				0.05	%^c		0.05	%^c		1.90	%^c		2	%^b
	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
Premier Class:	4/30/14	^§		7.72	^b			62,687				0.20	^c		0.20	^c		1.76	^c		2	^b
	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
Retirement Class:	4/30/14	^§		7.65	^b			291,189				0.30	^c		0.30	^c		1.65	^c		2	^b
	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:	4/30/14	^§		7.65	^b			589,294				0.36	^c		0.36	^c		1.60	^c		2	^b
	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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds n 2014 Semiannual Report

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 INDEX FUND
Institutional Class:		4/30/14	^§	$	18.29	$	0.15		$	1.09		$	1.24		$	(0.26	)	$	(0.06	)	$	(0.32	)	$	19.21
		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:		4/30/14	^§		18.39		0.13			1.10			1.23			(0.21	)		(0.06	)		(0.27	)		19.35
		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:		4/30/14	^§		16.19		0.18			1.31			1.49			(0.33	)		(0.43	)		(0.76	)		16.92
		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:		4/30/14	^§		16.40		0.17			1.31			1.48			(0.29	)		(0.43	)		(0.72	)		17.16
		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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

continued

							Ratios and supplemental data

	For the
	period						Net assets at						Ratios to average net assets						Portfolio
	or year						end of period			Gross			Net			Net investment			turnover
	ended			Total return			(in thousands		)	expenses			expenses			income (loss		)	rate

LARGE-CAP GROWTH INDEX FUND
Institutional Class:		4/30/14	^§		6.87	%^b		$1,393,665			0.06	%^c		0.06	%^c		1.59	%^c		6	%^b
		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:		4/30/14	^§		6.79	^b		252,367			0.31	^c		0.31	^c		1.35	^c		6	^b
		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:		4/30/14	^§		9.58	^b		1,679,030			0.06	^c		0.06	^c		2.27	^c		6	^b
		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:		4/30/14	^§		9.38	^b		316,311			0.31	^c		0.31	^c		2.04	^c		6	^b
		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 ■ 2014 Semiannual Report

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

S&P 500 INDEX FUND
Institutional Class:		4/30/14	^§	$	19.91	$	0.20		$	1.42		$	1.62		$	(0.35	)	$	—		$	(0.35	)	$	21.18
		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:		4/30/14	^§		19.79		0.18			1.42			1.60			(0.31	)		—			(0.31	)		21.08
		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:		4/30/14^§			18.58		0.14			0.43			0.57			(0.26	)		(0.58	)		(0.84	)		18.31
		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:		4/30/14	^§		18.62		0.11			0.43			0.54			(0.22	)		(0.58	)		(0.80	)		18.36
		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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

continued

					Ratios and supplemental data

	For the
	period				Net assets at		Ratios to average net assets						Portfolio
	or year				end of period		Gross		Net		Net investment		turnover
	ended		Total return		(in thousands	)	expenses		expenses		income (loss	)	rate

S&P 500 INDEX FUND
Institutional Class:	4/30/14	^§	8.27	%^b	$1,625,398		0.06	%^c	0.06	%^c	2.00	%^c	3	%^b
	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:	4/30/14	^§	8.17	^b	548,601		0.31	^c	0.31	^c	1.75	^c	3	^b
	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:	4/30/14	^§	3.19	^b	1,152,866		0.06	^c	0.06	^c	1.46	^c	4	^b
	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:	4/30/14	^§	3.02	^b	507,755		0.31	^c	0.31	^c	1.22	^c	4	^b
	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 ■ 2014 Semiannual Report

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

EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/14	^§	$10.84	$0.08		$(0.39	)	$(0.31	)	$(0.20	)		$ —		$(0.20	)	$10.33
	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
Premier Class:	4/30/14	^§	10.82	0.06		(0.37	)	(0.31	)	(0.19	)		—		(0.19	)	10.32
	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
Retirement Class:	4/30/14	^§	10.80	0.06		(0.38	)	(0.32	)	(0.17	)		—		(0.17	)	10.31
	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:	4/30/14	^§	10.79	0.05		(0.37	)	(0.32	)	(0.16	)		—		(0.16	)	10.31
	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

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

continued

							Ratios and supplemental data

	For the
	period				Net assets at		Ratios to average net assets						Portfolio
	or year				end of period		Gross		Net		Net investment		turnover
	ended		Total return		(in thousands	)	expenses		expenses		income (loss	)	rate

EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/14	^§	(2.87	)%^b	$779,801		0.24	%^c	0.24	%^c	1.51	%^c	6	%^b
	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
Premier Class:	4/30/14	^§	(2.88	)^b	3,624		0.40	^c	0.40	^c	1.17	^c	6	^b
	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
Retirement Class:	4/30/14	^§	(2.93	)^b	39,093		0.49	^c	0.49	^c	1.26	^c	6	^b
	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:	4/30/14	^§	(2.97	)^b	7,457		0.66	^c	0.64	^c	1.08	^c	6	^b
	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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
				Gain (loss) from investment operations:
	For the		Net asset	Net		Net realized and		Total gain		Less distributions from:				Total		Net asset
	period		value,	investment		unrealized gain		(loss) from		Net			Net	dividends		value,
	or year		beginning	income		(loss) on total		investment		investment		realized		and		end of
	ended		of period	(loss	)^a	investments		operations		income			gains	distributions		period

INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/14	^§	$19.31	$0.42		$0.47		$0.89		$(0.54	)		$ —	$(0.54	)	$19.66
	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
Premier Class:	4/30/14	^§	19.26	0.39		0.50		0.89		(0.52	)		—	(0.52	)	19.63
	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
Retirement Class:	4/30/14	^§	19.64	0.40		0.50		0.90		(0.50	)		—	(0.50	)	20.04
	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

^§	Unaudited
^*	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.
^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.

2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

concluded

					Ratios and supplemental data

	For the
	period				Net assets at			Ratios to average net assets						Portfolio
	or year				end of period			Gross		Net		Net investment		turnover
	ended		Total return		(in thousands		)	expenses		expenses		income (loss	)	rate

INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/14	^§	4.85	%^b		$ 4,924,807		0.06	%^c	0.06	%^c	4.41	%^c	3	%^b
	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
Premier Class:	4/30/14	^§	4.82	^b		190,149		0.21	^c	0.21	^c	4.15	^c	3	^b
	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
Retirement Class:	4/30/14	^§	4.77	^b		815,171		0.31	^c	0.31	^c	4.15	^c	3	^b
	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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

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”).

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.

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.

54	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

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 prioritizes 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:

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.

Transfers between levels are recognized at the end of the reporting period. For the period ended April 30, 2014, there were no material transfers between levels by the Funds.

As of April 30, 2014, 100% of the value of investments in the Large-Cap Growth Index Fund and S&P 500 Index Fund were valued based on Level 1 inputs.

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

The following table summarizes the market value of the Funds’ investments as of April 30, 2014 based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Equity Index
Equity investments:
Health care	$	1,061,367,750		$	—	$	4,028	$	1,061,371,778
Telecommunications		184,334,577			—		49,856		184,384,433
All other equity investments*		7,050,842,868			—		—		7,050,842,868
Short-term investments		250,136,453			7,999,822		—		258,136,275
Futures**		143,634			—		—		143,634
Total	$	8,546,825,282		$	7,999,822	$	53,884	$	8,554,878,988
Large-Cap Value Index
Equity investments	$	1,979,082,657		$	—	$	—	$	1,979,082,657
Short-term investments		30,640,318			7,999,790		—		38,640,108
Futures**		64,317			—		—		64,317
Total	$	2,009,787,292		$	7,999,790	$	—	$	2,017,787,082
Small-Cap Blend Index
Equity investments:
Health care	$	212,443,789		$	—	$	15,521	$	212,459,310
Telecommunications		11,160,335			—		139,956		11,300,291
All other equity investments*		1,432,997,632			—		—		1,432,997,632
Short-term investments		245,952,460			399,996		—		246,352,456
Futures**		(145	)		—		—		(145	)
Total	$	1,902,554,071		$	399,996	$	155,477	$	1,903,109,544
Emerging Markets Equity Index
Equity investments:
Africa	$	—		$	62,944,725	$	—	$	62,944,725
Asia		92,360			493,335,310		272		493,427,942
Central America		—			41,507,260		—		41,507,260
Europe		5,063,769			34,338,881		—		39,402,650
North America		14,379,773			—		—		14,379,773
South America		—			91,785,624		—		91,785,624
All other equity investments*		2,608,207			73,222,855		690		75,831,752
Short-term investments		42,875,321			2,199,984		—		45,075,305
Futures**		(11,345	)		—		—		(11,345	)
Total	$	65,008,085		$	799,334,639	$	962	$	864,343,686
International Equity Index
Equity investments:
Asia	$	—		$	1,270,986,484	$	—	$	1,270,986,484
Australia		—			465,196,463		—		465,196,463
Europe		—			3,651,563,386		—		3,651,563,386
North America		24,349,179			12,308,971		—		36,658,150
All other equity investments*		354,466			468,449,446		—		468,803,912
Short-term investments		503,606,513			7,999,448		—		511,605,961
Futures**		15,278			—		—		15,278
Total	$	528,325,436		$	5,876,504,198	$	—	$	6,404,829,634

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

56	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

Note 3—derivative instruments

At April 30, 2014, 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	*	$	143,634
Large-Cap Growth Index Fund
Equity contracts	Futures	*		26,113
Large-Cap Value Index Fund
Equity contracts	Futures	*		64,317
S&P 500 Index Fund
Equity contracts	Futures	*		20,155
Small-Cap Blend Index Fund
Equity contracts	Futures	*		(145	)
Emerging Markets Equity Index Fund
Equity contracts	Futures	*		(11,345	)
International Equity Index Fund
Equity contracts	Futures	*		15,278

*	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.

For the period ended April 30, 2014, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

					Change in
					unrealized
		Realized			appreciation
Derivative contracts	Location	gain (loss		)	(depreciation		)
Equity Index Fund
Equity contracts	Futures transactions	$	2,297,296			$(196,581	)
Large-Cap Growth Index Fund
Equity contracts	Futures transactions		(137,026	)		35,370
Large-Cap Value Index Fund
Equity contracts	Futures transactions		583,321			85,066
S&P 500 Index Fund
Equity contracts	Futures transactions		(26,619	)		44,457
Small-Cap Blend Index Fund
Equity contracts	Futures transactions		26,429			93,993
Emerging Markets Equity Index Fund
Equity contracts	Futures transactions		(524,725	)		95,953
International Equity Index Fund
Equity contracts	Futures transactions		(282,754	)		20,703

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 period ended April 30, 2014, the Equity Index Fund, the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund, the S&P 500 Index Fund, the Small-Cap Blend Index Fund, and the International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. During the period ended April 30, 2014, the Emerging Markets Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 3% of net assets.

At April 30, 2014, 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		187	$	17,558,365		June 2014	$	141,944
Equity Index	S&P MidCap 400 E Mini Index		6		811,860		June 2014		2,251
Equity Index	Russell 2000 Mini Index		18		2,022,480		June 2014		(561	)
Total			211		20,392,705				143,634
Large-Cap Growth Index	S&P 500 E Mini Index		31		2,910,745		June 2014		26,113
Large-Cap Value Index	S&P 500 E Mini Index		134		12,581,930		June 2014		64,317
S&P 500 Index	S&P 500 E Mini Index		20		1,877,900		June 2014		20,155
Small-Cap Blend Index	Russell 2000 Mini Index		2		224,720		June 2014		(145	)
Emerging Markets Equity Index	MSCI Emerging Markets Mini Index		194		9,646,650		June 2014		(11,345	)
International Equity Index	MSCI EAFE Mini Index		39		3,752,385		June 2014		15,278

Note 4—investment adviser and affiliates

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

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. 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.

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 April 30, 2014, 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 -			Service
	effective rate			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, 2015. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

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 April 30, 2014:

	TIAA-CREF
	Lifecycle			TIAA
Fund	Index Funds			Access			Total
Equity Index		18	%		1	%		19	%
Large-Cap Growth Index		—			5			5
Large-Cap Value Index		—			5			5
S&P 500 Index		—			5			5
Small-Cap Blend Index		—			13			13
Emerging Markets Equity Index		17			—			17
International Equity Index		9			4			13

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 April 30, 2014, three 529 Plans owned 17%, 17%, and 8%, respectively, of the Equity Index Fund; one 529 Plan owned 14% of the Large-Cap Growth Index Fund; one 529 Plan owned 11% of the Large-Cap Value Index Fund; two 529 Plans owned 12%, and 7%, respectively, of the S&P 500 Index Fund; two 529 Plans owned 13%, and 10%, respectively, of the Emerging Markets Equity Index Fund, and three 529 Plans owned 9%, 9% and 7%, respectively, of the International Equity Index Fund.

58	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

Issue	Value at October 31, 2013		Purchase cost		Sales proceeds		Realized gain (loss		)	Dividend income		Withholding expense		Shares at April 30, 2014		Value at April 30, 2014
Equity Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$240,434,976	$	52,087,018	$	42,385,541		$—			$—		$—		250,136,453	$	250,136,453
Small-Cap Blend Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		214,865,928		40,618,785		9,532,253		—			—		—		245,952,460		245,952,460
International Equity Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		190,194,530		327,602,899		14,190,916		—			—		—		503,606,513		503,606,513

Note 5—investments

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.

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Equity Index	$	6,045,158,084	$	2,576,123,327	$	(66,546,057	)	$	2,509,577,270
Large-Cap Growth Index		1,266,123,522		413,146,056		(9,277,007	)		403,869,049
Large-Cap Value Index		1,692,973,157		357,023,015		(32,273,407	)		324,749,608
S&P 500 Index		1,618,248,342		640,470,101		(71,568,212	)		568,901,889
Small-Cap Blend Index		1,531,046,904		451,978,412		(79,915,627	)		372,062,785
Emerging Markets Equity Index		852,697,821		76,415,889		(64,758,679	)		11,657,210
International Equity Index		5,404,092,207		1,215,166,874		(214,444,725	)		1,000,722,149

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2014 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Equity Index	$	397,070,490	$	143,329,165
Large-Cap Growth Index		250,735,854		90,880,486
Large-Cap Value Index		286,715,220		104,896,191
S&P 500 Index		159,206,535		51,977,346
Small-Cap Blend Index		133,666,950		60,089,328
Emerging Markets Equity Index		173,019,381		47,402,646
International Equity Index		477,564,903		147,589,327

Note 6—distributions to shareholders and other tax items

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

	10/31/2013
Fund	Ordinary income		Long-term capital gains		Total
Equity Index	$	91,978,723	$	30,405,210	$	122,383,933
Large-Cap Growth Index		18,879,234		—		18,879,234
Large-Cap Value Index		34,400,254		22,194,726		56,594,980
S&P 500 Index		33,210,927		—		33,210,927
Small-Cap Blend Index		19,048,724		21,231,441		40,280,165
Emerging Markets Equity Index		6,204,117		—		6,204,117
International Equity Index		121,270,214		—		121,270,214

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

concluded

The tax character of the fiscal year 2014 distributions will be determined at the end of the fiscal year.

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the period ended April 30, 2014, the Funds did not have any in-kind purchase or in-kind redemption transaction.

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

Note 9—indemnification

60	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Renewal of investment management agreement (unaudited)

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

Overview of the renewal process

The Board held meetings on March 14, 2014 and March 27, 2014, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also had worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2013 renewal process. During a series of meetings held prior to the March 14 and March 27, 2014 Board meetings, the Operations Committee, along with other Board Committees as applicable, had reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies it employed to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that it (and not TAI) had identified the selected comparative peer groups and universes and that it did so in a manner that was not intended to produce biased results for its clients.

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Renewal of investment management agreement (unaudited)

Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

The nature, extent and quality of services

responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

Investment performance

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2013 with respect each Fund based upon the cost allocation methodology utilized by TAI and its affiliates in 2013, as well as the new methodology to be utilized in 2014. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI

62	2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

had not earned profits with respect to the Funds under the Agreement (except for the Emerging Markets Equity Index Fund) and expected this trend to continue.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rates charged to a Fund under the Agreement typically were lower than the management fee rates charged by many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. Additionally, the Board also considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because TAI operated each Fund at a loss (except for the Emerging Markets Equity Index Fund), there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

other products, and that these factors, among others, could justify different management fee rate schedules.

Other benefits

The Board also considered additional benefits to the Funds and to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain Funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these Funds are managed in the same manner and by the same personnel as TIAA Separate Account VA-1 and certain of the TIAA-CREF Life Funds and the CREF Accounts. Additionally, TAI and the Funds may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund (unless noted). Because the Institutional Class generally has lower non-management expenses than the Retirement, Premier and Retail Classes of these Funds, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class. Comparative Lipper expense and performance rankings are as of March 31, 2013 all other time periods referenced below are ended December 31, 2013. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The term “gross performance” as utilized below means a Fund’s performance without any reductions for fees or expenses.

Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2013 under the Agreement. For reference, one basis point is equal to 0.01%.

Equity Index Fund

•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).
•	The Fund was in the 4th quintile of the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for the one-year period. The

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report

Renewal of investment management agreement (unaudited)

concluded

Fund ranked 4th out of 5, 3rd out of 5 and 2nd out of 4 within its Performance Group for the three-, five- and ten-year periods, respectively. For the one-, three-, five- and ten-year periods the Fund was in the 3rd, 2nd, 2nd and 3rd quintiles, respectively, of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”).

•	For the one- and three-year periods, the Fund’s relative gross performance as compared to its benchmark, the Russell 3000^®Index, was +1 and +2 basis points, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Large-Cap Growth Index Fund
•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund did not have a Performance Group. The Fund was in the 3rd, 2nd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	For the one- and three-year periods, the Fund’s relative gross performance as compared to its benchmark, the Russell 1000 Growth^®Index, was –5 and +1 basis points, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Large-Cap Value Index Fund
•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund did not have a Performance Group. The Fund was in the 3rd, 2nd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	For the one- and three-year periods, the Fund’s relative gross performance as compared to its benchmark, the Russell 1000 Value^®Index, was –9 and –4 basis points, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

S&P 500 Index Fund
•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st quintile of its Performance Group and its Performance Universe for the one-, three-, five- and ten-year periods.
•	For the one- and three-year periods, the Fund’s relative gross performance as compared to its benchmark, the S&P 500^®Index, was –6 and –2 basis points, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Small-Cap Blend Index Fund
•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 3rd quintile of its Performance Group for the one-year period. The Fund ranked 2nd out of 5 within its Performance Group for the three-, five- and ten-year periods. The Fund was in the 2nd, 2nd, 3rd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	For the one- and three-year periods, the Fund’s relative gross performance as compared to its benchmark, the Russell 2000^®Index, was +27 and +25 basis points, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Emerging Markets Equity Index Fund
•	The Fund’s annual contractual management fee rate is 0.14% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 2nd quintile of its Expense Group. The Fund’s total expenses and actual management fees were in the 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund ranked 2nd out of 3 and 2nd out of 2 within its Performance Group for the one-, and three-year periods, respectively. The Fund was in the 4th quintile of its Performance Universe for the one-year period and in the 3rd quintile of its Performance Universe for the three-year period.
•	For the one-year and since-inception periods, the Fund’s relative gross performance as compared to its benchmark, the MSCI Emerging Markets Index, was –36 and –18 basis points, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

International Equity Index Fund
•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses and actual management fees were in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st quintile of its Performance Group for the one-, three-, five- and ten-year periods. The Fund was in the 1st quintile of its Performance Universe for the one- and three-year periods and in the 2nd quintile of its Performance Universe for the five- and ten-year periods.
•	For the one- and three-periods, the Fund’s relative gross performance as compared to its benchmark, the MSCI EAFE Index, was –74 and +42 basis points, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

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

64 2014 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Additional information about index providers (unaudited)

Russell Indexes

The Russell 2000^® Index, the Russell 3000^® Index, the Russell 1000^® Value Index, and the Russell 1000 Growth Index are trademarks/service marks of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Standard & Poor’s Index

The S&P 500^® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the TIAA-CREF S&P 500 Index Fund. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the TIAA-CREF S&P 500 Index Fund.

MSCI Indexes

parties makes any representation or warranty, express or implied, to the issuer or owners of these funds or any other person or entity regarding the advisability of investing in funds generally or in these funds particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these funds or the issuer or owners of these funds or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these funds or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for, or has participated in, the determination of the timing of, prices at, or quantities of these funds to be issued or in the determination or calculation of the equation by or the consideration into which these funds is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these funds or any other person or entity in connection with the administration, marketing or offering of these funds.

TIAA-CREF Funds: Equity Index Funds ■ 2014 Semiannual Report 65

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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 (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.3%

AUTOMOBILES & COMPONENTS - 0.3%
	8,446		Allison Transmission Holdings, Inc	$	252,029
	191,133		Gentex Corp		5,479,783
			TOTAL AUTOMOBILES & COMPONENTS		5,731,812

CAPITAL GOODS - 8.8%
	2,303		3M Co		320,324
	24,229		Boeing Co		3,126,026
	19,362		Crane Co		1,408,198
	275,159		Emerson Electric Co		18,760,341
	23,400		Fluor Corp		1,771,380
	26,631		Graco, Inc		1,930,747
	220,183		Honeywell International, Inc		20,455,001
	10,526		Hubbell, Inc (Class B)		1,239,121
	136,556		IDEX Corp		10,182,981
	36,838		Lockheed Martin Corp		6,046,589
	615,421		Masco Corp		12,363,808
	19,973	*	MRC Global, Inc		583,012
	97		Precision Castparts Corp		24,550
	119,618		Rockwell Automation, Inc		14,256,073
	114,374		Rockwell Collins, Inc		8,881,141
	80,685		Roper Industries, Inc		11,211,181
	14,292		TransDigm Group, Inc		2,542,118
	34,229		United Technologies Corp		4,050,317
	1,552		Valmont Industries, Inc		231,108
	19,757		W.W. Grainger, Inc		5,026,181
	100,765	*	WABCO Holdings, Inc		10,782,863
	160,094		Westinghouse Air Brake Technologies Corp		11,935,008
			TOTAL CAPITAL GOODS		147,128,068

COMMERCIAL & PROFESSIONAL SERVICES - 2.1%
	19,500		Equifax, Inc		1,380,795
	155,795	e	Pitney Bowes, Inc		4,175,306
	175,442		R.R. Donnelley & Sons Co		3,087,779
	248,633		Robert Half International, Inc		11,138,758
	66,975		Rollins, Inc		2,014,608
	92,820	*	Stericycle, Inc		10,807,961
	36,216	*	Verisk Analytics, Inc		2,176,220
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		34,781,427

CONSUMER DURABLES & APPAREL - 2.4%
	198,038		Coach, Inc		8,842,397
	175,581		Hanesbrands, Inc		14,413,444
	97,877	*	Michael Kors Holdings Ltd		8,926,382
	3,968	*	NVR, Inc		4,273,536

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	9,374		Ralph Lauren Corp	$	1,418,942
	17,552	*	Taylor Morrison Home Corp		372,278
	3,450	*	Under Armour, Inc (Class A)		168,671
	24,796		VF Corp		1,514,788
			TOTAL CONSUMER DURABLES & APPAREL		39,930,438

CONSUMER SERVICES - 2.8%
	26,900	*	Bally Technologies, Inc		1,751,459
	72,667		Burger King Worldwide, Inc		1,898,789
	22,566	*	Chipotle Mexican Grill, Inc (Class A)		11,249,151
	45,147		H&R Block, Inc		1,283,078
	178,577		Las Vegas Sands Corp		14,130,798
	39,517		McDonald’s Corp		4,006,233
	147,869		Starbucks Corp		10,442,509
	33,900		Starwood Hotels & Resorts Worldwide, Inc		2,598,435
			TOTAL CONSUMER SERVICES		47,360,452

DIVERSIFIED FINANCIALS - 2.7%
	76,975	*	Affiliated Managers Group, Inc		15,256,445
	30,879		American Express Co		2,699,751
	58,214		CBOE Holdings, Inc		3,106,299
	44,931		Lazard Ltd (Class A)		2,114,003
	21,961		McGraw-Hill Financial, Inc		1,623,577
	148,127		Moody’s Corp		11,627,969
	44,305		T Rowe Price Group, Inc		3,638,770
	78,491		Waddell & Reed Financial, Inc (Class A)		5,294,218
			TOTAL DIVERSIFIED FINANCIALS		45,361,032

ENERGY - 6.4%
	130,310		Cabot Oil & Gas Corp		5,118,577
	49,243	*	Dril-Quip, Inc		5,570,368
	213,834		EOG Resources, Inc		20,955,732
	276,897	*	FMC Technologies, Inc		15,700,060
	198,435		Kinder Morgan, Inc		6,480,887
	30,700		Oneok, Inc		1,940,854
	69,097		Pioneer Natural Resources Co		13,354,377
	10,800		RPC, Inc		240,084
	343,184		Schlumberger Ltd		34,850,335
	24,500		St. Mary Land & Exploration Co		1,816,185
			TOTAL ENERGY		106,027,459

FOOD & STAPLES RETAILING - 0.8%
	31,491		Walgreen Co		2,138,239
	13,287		Wal-Mart Stores, Inc		1,059,107
	213,775		Whole Foods Market, Inc		10,624,617
			TOTAL FOOD & STAPLES RETAILING		13,821,963

FOOD, BEVERAGE & TOBACCO - 8.8%
	652,823		Altria Group, Inc		26,184,731
	76,817		Campbell Soup Co		3,494,405
	629,079		Coca-Cola Co		25,660,132

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	64,000		ConAgra Foods, Inc	$	1,952,640
	20,088	*	Constellation Brands, Inc (Class A)		1,603,826
	148,859		Hershey Co		14,326,190
	219,286		Hillshire Brands Co		7,817,546
	295		Hormel Foods Corp		14,069
	65,314		Kellogg Co		4,364,935
	8,962		Keurig Green Mountain, Inc		839,560
	292,518		Kraft Foods Group, Inc		16,632,573
	216,440	*	Monster Beverage Corp		14,492,822
	120,809		PepsiCo, Inc		10,376,285
	228,243		Philip Morris International, Inc		19,498,800
			TOTAL FOOD, BEVERAGE & TOBACCO		147,258,514

HEALTH CARE EQUIPMENT & SERVICES - 1.8%
	99,507		Bard (C.R.), Inc		13,665,296
	83,687	*	DaVita, Inc		5,799,509
	88,348	*	Express Scripts Holding Co		5,882,210
	69,208	*	Pediatrix Medical Group, Inc		4,100,574
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		29,447,589

HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	90,803	*	Colgate-Palmolive Co		6,111,042
	20,448		Coty, Inc		328,190
	11,223	e	Herbalife Ltd		673,156
	5,995		Kimberly-Clark Corp		672,939
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		7,785,327

INSURANCE - 1.9%
	78,047		Brown & Brown, Inc		2,324,240
	17,674		Endurance Specialty Holdings Ltd		898,193
	23,223		Hanover Insurance Group, Inc		1,357,384
	45,329		Loews Corp		1,993,116
	115,100		Prudential Financial, Inc		9,286,268
	167,244		Travelers Cos, Inc		15,148,961
			TOTAL INSURANCE		31,008,162

MATERIALS - 4.4%
	23,159		Compass Minerals International, Inc		2,121,364
	12,715	*	Owens-Illinois, Inc		404,083
	174,715		Packaging Corp of America		11,641,260
	32,680		PPG Industries, Inc		6,327,501
	76,532		Scotts Miracle-Gro Co (Class A)		4,684,524
	246,993		Sealed Air Corp		8,474,330
	79,385		Sherwin-Williams Co		15,864,298
	125,555		Sigma-Aldrich Corp		12,079,647
	117,847	*	WR Grace & Co		10,853,709
			TOTAL MATERIALS		72,450,716

MEDIA - 4.2%
	38,350	*	AMC Networks, Inc		2,518,444
	148,143		Comcast Corp (Class A)		7,667,882

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	23,688	*	Discovery Communications, Inc (Class A)	$	1,797,919
	101,186	*	DISH Network Corp (Class A)		5,753,436
	295,861	*	Liberty Global plc (Class A)		11,781,185
	212,473	*	News Corp		3,616,290
	121,798		Scripps Networks Interactive (Class A)		9,143,376
	2,593,989	*	Sirius XM Holdings, Inc		8,274,825
	218,519		Viacom, Inc (Class B)		18,569,745
			TOTAL MEDIA		69,123,102

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.2%
	486,135		AbbVie, Inc		25,317,911
	12,799	*	Actavis plc		2,615,220
	17,938	*	Alexion Pharmaceuticals, Inc		2,837,791
	130,013		Allergan, Inc		21,561,356
	20,453		Amgen, Inc		2,285,623
	41,538	*	Biogen Idec, Inc		11,926,390
	317,629		Bristol-Myers Squibb Co		15,910,037
	119,628	*	Celgene Corp		17,586,512
	413,779	*	Gilead Sciences, Inc		32,477,514
	13,785	*	Illumina, Inc		1,872,692
	900,000	*,e	Inovio Biomedical Corp		2,133,000
	105,828		Johnson & Johnson		10,719,318
	31,140	*	Pharmacyclics, Inc		2,945,221
	867	*	Regeneron Pharmaceuticals, Inc		257,404
	59,680	*	Salix Pharmaceuticals Ltd		6,564,800
	398,358		Zoetis Inc		12,054,313
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		169,065,102

REAL ESTATE - 2.2%
	25,679		American Homes 4 Rent		412,148
	6,200		American Tower Corp		517,824
	51,504		Crown Castle International Corp		3,745,886
	55,257		Public Storage, Inc		9,698,156
	111,453		Simon Property Group, Inc		19,303,660
	90,348		Tanger Factory Outlet Centers, Inc		3,223,616
	17,000		Weyerhaeuser Co		507,450
			TOTAL REAL ESTATE		37,408,740

RETAILING - 6.6%
	38,853	*	Amazon.com, Inc		11,816,363
	103,048	*	Dollar Tree, Inc		5,365,710
	37,789		Gap, Inc		1,485,108
	10,909		GNC Holdings, Inc		490,905
	399,412		Home Depot, Inc		31,757,248
	9,782	*	Liberty Ventures		567,747
	117,608		Lowe’s Companies, Inc		5,399,383
	150,842		Macy’s, Inc		8,662,856
	13,584	*	NetFlix, Inc		4,374,591
	30,281	*	O’Reilly Automotive, Inc		4,505,510
	26,952	e	Petsmart, Inc		1,824,111
	18,608	*	Priceline.com, Inc		21,543,412
	112,097		TJX Companies, Inc		6,521,804

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	72,919	*	TripAdvisor, Inc	$	5,887,480
			TOTAL RETAILING		110,202,228

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	48,864		Broadcom Corp (Class A)		1,505,500
	295,558		Linear Technology Corp		13,152,331
	56,899	e	Microchip Technology, Inc		2,704,978
	226,638		Texas Instruments, Inc		10,300,697
	191,571		Xilinx, Inc		9,040,236
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		36,703,742

SOFTWARE & SERVICES - 18.1%
	240,680		Accenture plc		19,307,350
	50,916	*	Alliance Data Systems Corp		12,316,580
	11,526	*	Ansys, Inc		879,549
	13,211	*	eBay, Inc		684,726
	392,366	*	Facebook, Inc		23,455,639
	15,101	e	Factset Research Systems, Inc		1,608,256
	125,211	*	FleetCor Technologies, Inc		14,290,331
	105,126	*	Google, Inc		55,365,659
	116,699	*	Informatica Corp		4,136,980
	101,304		International Business Machines Corp		19,903,197
	372,325		Mastercard, Inc (Class A)		27,384,504
	1,444,595		Microsoft Corp		58,361,638
	252,373		Oracle Corp		10,317,008
	43,965		Paychex, Inc		1,838,177
	212,352	*	Red Hat, Inc		10,330,925
	120,840	*	SolarWinds, Inc		4,872,269
	8,183		Solera Holdings, Inc		530,095
	24,179	*	Vantiv, Inc		743,504
	145,621		Visa, Inc (Class A)		29,504,271
	50,610	*	VMware, Inc (Class A)		4,681,931
			TOTAL SOFTWARE & SERVICES		300,512,589

TECHNOLOGY HARDWARE & EQUIPMENT - 6.3%
	99,068		Apple, Inc		58,459,036
	33,185	*,e	Dolby Laboratories, Inc (Class A)		1,322,422
	67,443	*	F5 Networks, Inc		7,092,980
	119,953		NetApp, Inc		4,271,527
	438,257		Qualcomm, Inc		34,495,209
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		105,641,174

TELECOMMUNICATION SERVICES - 2.7%
	20,907	*	SBA Communications Corp (Class A)		1,876,613
	932,266		Verizon Communications, Inc		43,564,790
			TOTAL TELECOMMUNICATION SERVICES		45,441,403

TRANSPORTATION - 2.1%
	9,800		Copa Holdings S.A. (Class A)		1,325,744
	29,640		Landstar System, Inc		1,867,024
	107,729	*	UAL Corp		4,402,884

TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

	13,166		Union Pacific Corp					$	2,507,201
	241,549		United Parcel Service, Inc (Class B)						23,792,577
			TOTAL TRANSPORTATION						33,895,430

			TOTAL COMMON STOCKS						1,636,086,469
			(Cost $1,321,971,406)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 1.2%
GOVERNMENT AGENCY DEBT - 0.5%
$	8,000,000		Federal Home Loan Bank (FHLB)		0.040	%	05/21/14		7,999,822
			TOTAL GOVERNMENT AGENCY DEBT						7,999,822

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	11,680,052	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						11,680,052
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						11,680,052
			TOTAL SHORT-TERM INVESTMENTS						19,679,874
			(Cost $19,679,874)

			TOTAL INVESTMENTS - 99.5%						1,655,766,343
			(Cost $1,341,651,280)
			OTHER ASSETS & LIABILITIES, NET - 0.5%						9,232,435
			NET ASSETS - 100.0%					$	1,664,998,778



*		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 $11,632,516.

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

TIAA-CREF FUNDS
ENHANCED LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 1.6%
	313,000		Ford Motor Co	$	5,054,950
	147,500		General Motors Co		5,085,800
	166,800		Johnson Controls, Inc		7,529,352
	40,690		Lear Corp		3,379,711
	56,754	*	TRW Automotive Holdings Corp		4,560,184
			TOTAL AUTOMOBILES & COMPONENTS		25,609,997

BANKS - 10.6%
	1,307,224		Bank of America Corp		19,791,371
	33,000		Bank of Hawaii Corp		1,820,610
	11,000		BankUnited		362,890
	35,775		BB&T Corp		1,335,481
	404,000		Citigroup, Inc		19,355,640
	28,000		City National Corp		2,031,960
	62,800		Comerica, Inc		3,029,472
	133,389		East West Bancorp, Inc		4,603,254
	248,000		Fifth Third Bancorp		5,111,280
	67,276		First Republic Bank		3,414,930
	308,398		Huntington Bancshares, Inc		2,824,926
	757,540		JPMorgan Chase & Co		42,407,089
	268,000		Keycorp		3,655,520
	1,786	e	M&T Bank Corp		217,910
	22,240		PNC Financial Services Group, Inc		1,869,049
	17,500	*	Popular, Inc		540,750
	233,900		Regions Financial Corp		2,371,746
	33,880	*	Signature Bank		4,025,622
	29,750		SunTrust Banks, Inc		1,138,235
	36,899	*	SVB Financial Group		3,936,754
	27,500		TCF Financial Corp		431,750
	77,224		US Bancorp		3,149,195
	919,000		Wells Fargo & Co		45,619,160
			TOTAL BANKS		173,044,594

CAPITAL GOODS - 8.7%
	90,000	*	Aecom Technology Corp		2,917,800
	16,800		AGCO Corp		935,760
	52,400		Allegion plc		2,585,940
	26,380		Alliant Techsystems, Inc		3,804,524
	38,000	*	BE Aerospace, Inc		3,335,260
	29,880		Carlisle Cos, Inc		2,457,630
	4,724		Caterpillar, Inc		497,910
	68,000		Chicago Bridge & Iron Co NV		5,444,760
	4,750		Crane Co		345,467
	43,380		Cummins, Inc		6,543,873

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	35,753		Danaher Corp	$	2,623,555
	121,380		Eaton Corp		8,817,043
	198,919		Exelis, Inc		3,687,958
	10,800		Fluor Corp		817,560
	27,774		General Dynamics Corp		3,039,864
	1,202,424		General Electric Co		32,333,182
	38,000		Huntington Ingalls		3,914,000
	32,880		IDEX Corp		2,451,862
	66,800		Ingersoll-Rand plc		3,994,640
	55,554		ITT Corp		2,396,600
	63,380	*	Jacobs Engineering Group, Inc		3,657,026
	69,380	e	Joy Global, Inc		4,189,164
	41,800		L-3 Communications Holdings, Inc		4,822,466
	69,380		Northrop Grumman Corp		8,430,364
	43,300		Oshkosh Truck Corp		2,403,583
	57,750		Owens Corning, Inc		2,359,087
	26,724		Paccar, Inc		1,709,801
	15,000		Parker Hannifin Corp		1,903,200
	55,000		Pentair Ltd		4,085,950
	14,200	*	Quanta Services, Inc		500,976
	37,224		Raytheon Co		3,554,148
	8,600		Snap-On, Inc		997,600
	19,000		Terex Corp		822,510
	46,800		Textron, Inc		1,914,120
	33,900		Trinity Industries, Inc		2,544,534
	29,075	*	WABCO Holdings, Inc		3,111,316
	68,800		Xylem, Inc		2,586,192
			TOTAL CAPITAL GOODS		142,537,225

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	12,775		Manpower, Inc		1,039,119
	31,800		Nielsen Holdings NV		1,493,010
	110,750	e	Pitney Bowes, Inc		2,968,100
	90,800		Tyco International Ltd		3,713,720
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		9,213,949

CONSUMER DURABLES & APPAREL - 1.5%
	48,000		DR Horton, Inc		1,069,440
	60,000		Hanesbrands, Inc		4,925,400
	33,380		Harman International Industries, Inc		3,658,782
	83,390	*	Jarden Corp		4,765,738
	123,800		Pulte Homes, Inc		2,276,682
	38,000	*	Taylor Morrison Home Corp		805,980
	98,000	*	Toll Brothers, Inc		3,355,520
	22,300		Whirlpool Corp		3,420,374
			TOTAL CONSUMER DURABLES & APPAREL		24,277,916

CONSUMER SERVICES - 0.8%
	16,380	*	Apollo Group, Inc (Class A)		472,727
	46,800		Brinker International, Inc		2,299,752
	7,500	*	Hyatt Hotels Corp		422,100
	61,800	*	MGM Mirage		1,559,214

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	2,000	*	Norwegian Cruise Line Holdings Ltd	$	65,540
	70,680		Royal Caribbean Cruises Ltd		3,755,228
	193,000		Sands China Ltd		1,416,960
	38,530		Starwood Hotels & Resorts Worldwide, Inc		2,953,324
			TOTAL CONSUMER SERVICES		12,944,845

DIVERSIFIED FINANCIALS - 5.3%
	43,380		Ameriprise Financial, Inc		4,842,509
	2,449		BlackRock, Inc		737,149
	34,200		Capital One Financial Corp		2,527,380
	157,500		Charles Schwab Corp		4,181,625
	121,000		Discover Financial Services		6,763,900
	48,000	*	E*Trade Financial Corp		1,077,600
	102,800		Goldman Sachs Group, Inc		16,429,496
	27,500		Invesco Ltd		968,275
	30,000		iShares Russell 1000 Value Index Fund		2,921,400
	18,800		Legg Mason, Inc		881,532
	23,900		McGraw-Hill Financial, Inc		1,766,927
	197,500		Morgan Stanley		6,108,675
	40,000		Northern Trust Corp		2,410,000
	218,000	e	PowerShares QQQ Trust Series		19,051,020
	27,750	e	SPDR Dow Jones Industrial Average ETF Trust		4,591,238
	50,000	e	SPDR Trust Series 1		9,421,500
	39,000		TD Ameritrade Holding Corp		1,244,100
			TOTAL DIVERSIFIED FINANCIALS		85,924,326

ENERGY - 14.0%
	46,442		Anadarko Petroleum Corp		4,598,687
	51,540	*	Antero Resources Corp		3,384,632
	11,750		Apache Corp		1,019,900
	90,900		Baker Hughes, Inc		6,353,910
	275,742		Chevron Corp		34,611,136
	34,123		Cimarex Energy Co		4,064,732
	157,750		ConocoPhillips		11,722,402
	73,900		Consol Energy, Inc		3,289,289
	16,400		Devon Energy Corp		1,148,000
	32,388		Energen Corp		2,523,349
	37,500		EOG Resources, Inc		3,675,000
	31,880		Equitable Resources, Inc		3,474,601
	577,742		Exxon Mobil Corp		59,166,558
	24,500	*	Gulfport Energy Corp		1,804,915
	38,090		Helmerich & Payne, Inc		4,138,479
	76,380		Hess Corp		6,810,041
	130,000		Marathon Oil Corp		4,699,500
	83,900		Marathon Petroleum Corp		7,798,505
	42,500		Murphy Oil Corp		2,695,775
	51,000		Nabors Industries Ltd		1,301,520
	90,800		National Oilwell Varco, Inc		7,130,524
	73,300		Noble Energy, Inc		5,261,474
	133,300		Occidental Petroleum Corp		12,763,475
	2,200		Oneok, Inc		139,084
	116,880		Patterson-UTI Energy, Inc		3,802,106

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	126,380		Phillips 66	$	10,517,344
	21,175		Pioneer Natural Resources Co		4,092,492
	27,000		Superior Energy Services		888,840
	54,000		Tesoro Corp		3,039,660
	81,000	*,e	Ultra Petroleum Corp		2,413,800
	133,800	*	Valero Energy Corp		7,649,346
	39,393	*	Whiting Petroleum Corp		2,904,052
			TOTAL ENERGY		228,883,128

FOOD & STAPLES RETAILING - 0.3%
	72,242		CVS Corp		5,253,438
			TOTAL FOOD & STAPLES RETAILING		5,253,438

FOOD, BEVERAGE & TOBACCO - 2.0%
	172,540		Archer Daniels Midland Co		7,545,174
	25,000		Bunge Ltd		1,991,250
	51,500		Coca-Cola Enterprises, Inc		2,340,160
	31,500	*	Constellation Brands, Inc (Class A)		2,514,960
	66,000	*,e	Diamond Foods, Inc		2,017,620
	16,500		Molson Coors Brewing Co (Class B)		989,505
	92,240		Mondelez International, Inc		3,288,356
	24,000	*	Monster Beverage Corp		1,607,040
	27,750		Reynolds American, Inc		1,565,932
	155,540		Tyson Foods, Inc (Class A)		6,528,014
	100,800	*	WhiteWave Foods Co (Class A)		2,791,152
			TOTAL FOOD, BEVERAGE & TOBACCO		33,179,163

HEALTH CARE EQUIPMENT & SERVICES - 5.2%
	457,500		Abbott Laboratories		17,723,550
	89,890		Aetna, Inc		6,422,640
	222,800	*	Boston Scientific Corp		2,809,508
	78,800		Cardinal Health, Inc		5,477,388
	73,880	*	CareFusion Corp		2,885,753
	61,900	*	Catamaran Corp		2,336,725
	45,000		Cigna Corp		3,601,800
	100,890	*	Covidien plc		7,188,413
	72,800	*	HCA Holdings, Inc		3,785,600
	85,540	*	Health Net, Inc		2,936,588
	13,800	*	Henry Schein, Inc		1,576,374
	39,990		Humana, Inc		4,388,903
	117,242		Medtronic, Inc		6,896,174
	55,000		St. Jude Medical, Inc		3,490,850
	62,742		UnitedHealth Group, Inc		4,708,160
	5,000		Universal Health Services, Inc (Class B)		408,950
	63,380		WellPoint, Inc		6,381,098
	26,500		Zimmer Holdings, Inc		2,565,200
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		85,583,674

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	33,880		Church & Dwight Co, Inc		2,338,059
	36,000	*	Colgate-Palmolive Co		2,422,800
	10,500		Kimberly-Clark Corp		1,178,625

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	287,724		Procter & Gamble Co	$	23,751,616
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		29,691,100

INSURANCE - 6.5%
	16,000		ACE Ltd		1,637,120
	2,142		Allied World Assurance Co Holdings Ltd		230,672
	118,180		Allstate Corp		6,730,351
	36,780		American Financial Group, Inc		2,149,055
	243,931		American International Group, Inc		12,960,054
	29,900		Aon plc		2,537,912
	48,000		Assurant, Inc		3,235,680
	128,000		Assured Guaranty Ltd		3,060,480
	83,800		Axis Capital Holdings Ltd		3,833,850
	185,324	*	Berkshire Hathaway, Inc (Class B)		23,878,998
	5,500		CNA Financial Corp		225,225
	28,080		Everest Re Group Ltd		4,437,482
	35,000		Fidelity National Title Group, Inc (Class A)		1,126,300
	173,880	*	Genworth Financial, Inc (Class A)		3,103,758
	30,993		Hanover Insurance Group, Inc		1,811,541
	121,000		Hartford Financial Services Group, Inc		4,340,270
	123,900		Lincoln National Corp		6,010,389
	43,000		Old Republic International Corp		712,080
	9,000		PartnerRe Ltd		948,600
	59,904		Protective Life Corp		3,064,090
	75,750		Prudential Financial, Inc		6,111,510
	32,800		Reinsurance Group of America, Inc (Class A)		2,516,088
	43,999		Torchmark Corp		3,506,720
	90,189		UnumProvident Corp		2,996,079
	96,000		Validus Holdings Ltd		3,558,720
	48,800		XL Capital Ltd		1,529,880
			TOTAL INSURANCE		106,252,904

MATERIALS - 3.7%
	43,380		Avery Dennison Corp		2,110,871
	11,000		Cabot Corp		635,800
	26,339		CF Industries Holdings, Inc		6,457,533
	238,800		Cliffs Natural Resources, Inc		4,231,536
	22,380		Cytec Industries, Inc		2,133,261
	31,380		Domtar Corp		2,929,637
	124,242		Dow Chemical Co		6,199,676
	53,000		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,821,610
	98,000		Huntsman Corp		2,454,900
	60,380		LyondellBasell Industries AF S.C.A		5,585,150
	17,500		Mosaic Co		875,700
	52,750		Nucor Corp		2,729,812
	33,000	*	Owens-Illinois, Inc		1,048,740
	47,500		Packaging Corp of America		3,164,925
	41,890		PolyOne Corp		1,569,618
	17,750		PPG Industries, Inc		3,436,755
	12,800		Reliance Steel & Aluminum Co		906,496
	25,540		Rockwood Holdings, Inc		1,814,617
	3,000		RPM International, Inc		127,980

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	36,363		Steel Dynamics, Inc	$	664,352
	86,390	e	United States Steel Corp		2,247,868
	21,500		Vulcan Materials Co		1,387,395
	408,880	e	Walter Energy, Inc		2,943,936
	22,390		Westlake Chemical Corp		1,594,168
	9,500	*	WR Grace & Co		874,950
			TOTAL MATERIALS		59,947,286

MEDIA - 2.4%
	76,800		CBS Corp (Class B)		4,435,968
	40,800	*	DISH Network Corp (Class A)		2,319,888
	39,999		Gannett Co, Inc		1,086,773
	9,800	*	Liberty Global plc		376,614
	9,800	*	Liberty Global plc (Class A)		390,236
	63,300	*	Starz-Liberty Capital		2,042,691
	67,724		Time Warner, Inc		4,500,937
	37,500		Viacom, Inc (Class B)		3,186,750
	260,800		Walt Disney Co		20,691,872
			TOTAL MEDIA		39,031,729

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1%
	15,540	*	Actavis plc		3,175,288
	28,000	*,p	Alexion Pharmaceuticals, Inc		4,429,600
	23,890	*,p	Biogen Idec, Inc		6,859,297
	3,390	*	Bio-Rad Laboratories, Inc (Class A)		417,682
	117,750		Bristol-Myers Squibb Co		5,898,098
	11,000	*	Celgene Corp		1,617,110
	33,800	*	Charles River Laboratories International, Inc		1,815,736
	36,424		Eli Lilly & Co		2,152,658
	51,000	*	Endo International plc		3,210,195
	45,000	*	Forest Laboratories, Inc		4,135,950
	86,880	*,p	Gilead Sciences, Inc		6,819,211
	27,500	*	Hospira, Inc		1,259,500
	307,724		Johnson & Johnson		31,169,364
	10,380	*,e	Mallinckrodt plc		739,367
	374,242		Merck & Co, Inc		21,915,612
	41,839		Perrigo Co plc		6,060,798
	1,223,880		Pfizer, Inc		38,282,966
	91,800		Thermo Electron Corp		10,465,200
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		150,423,632

REAL ESTATE - 3.0%
	12,000		Alexandria Real Estate Equities, Inc		885,840
	26,000		Boston Properties, Inc		3,045,640
	81,000		DDR Corp		1,390,770
	93,000		Duke Realty Corp		1,629,360
	4,000		Equity Lifestyle Properties, Inc		167,480
	5,000		Equity Residential		297,200
	19,800		Essex Property Trust, Inc		3,430,548
	95,400		Extra Space Storage, Inc		4,992,282
	11,880		Federal Realty Investment Trust		1,396,375
	22,400		General Growth Properties, Inc		514,528

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	20,000		Healthcare Trust of America, Inc	$	233,800
	200,800		Host Marriott Corp		4,307,160
	18,000	*	Howard Hughes Corp		2,569,680
	17,338		Jones Lang LaSalle, Inc		2,009,301
	39,900		Kilroy Realty Corp		2,376,843
	35,000		Kimco Realty Corp		802,200
	22,800		Liberty Property Trust		855,000
	15,257		Public Storage, Inc		2,677,756
	40,100		Simon Property Group, Inc		6,945,320
	30,900		SL Green Realty Corp		3,235,539
	193,000		Spirit Realty Capital, Inc		2,078,610
	26,540		Ventas, Inc		1,753,763
	17,500		Vornado Realty Trust		1,795,500
			TOTAL REAL ESTATE		49,390,495

RETAILING - 2.2%
	218,000		Best Buy Co, Inc		5,652,740
	33,900		Dillard’s, Inc (Class A)		3,319,827
	34,500		Expedia, Inc		2,449,155
	160,000	e	GameStop Corp (Class A)		6,348,800
	1,750		Genuine Parts Co		152,460
	37,500		Home Depot, Inc		2,981,625
	78,000		Kohl’s Corp		4,273,620
	75,400	*	Liberty Interactive Corp		2,191,124
	42,800	*	Liberty Ventures		2,484,112
	95,000		Macy’s, Inc		5,455,850
	109,890		Staples, Inc		1,373,625
			TOTAL RETAILING		36,682,938

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	67,500		Applied Materials, Inc		1,286,550
	81,380		Avago Technologies Ltd		5,167,630
	474,200		Intel Corp		12,656,398
	15,750		Kla-Tencor Corp		1,007,843
	61,800	*	Lam Research Corp		3,560,298
	208,800		Marvell Technology Group Ltd		3,311,568
	293,800	*	Micron Technology, Inc		7,674,056
	223,800		Nvidia Corp		4,133,586
	166,000	*,e	Teradyne, Inc		2,933,220
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		41,731,149

SOFTWARE & SERVICES - 2.8%
	123,800		Activision Blizzard, Inc		2,477,238
	51,000	*	Adobe Systems, Inc		3,146,190
	45,750	*	Akamai Technologies, Inc		2,427,952
	22,081	*	Alliance Data Systems Corp		5,341,394
	26,800		Amdocs Ltd		1,247,004
	21,000		Booz Allen Hamilton Holding Co		488,040
	63,899		Computer Sciences Corp		3,781,543
	1,010		DST Systems, Inc		93,112
	13,380	*	Electronic Arts, Inc		378,654
	73,390		Fidelity National Information Services, Inc		3,921,228

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	16,800	*	First American Corp	$	470,904
	238,000	*,e	Millennial Media, Inc		1,520,820
	60,000	*,e	VMware, Inc (Class A)		5,550,600
	111,390	*	Workday, Inc		8,139,267
	338,838		Xerox Corp		4,096,551
	94,224	*	Yahoo!, Inc		3,387,353
			TOTAL SOFTWARE & SERVICES		46,467,850

TECHNOLOGY HARDWARE & EQUIPMENT - 5.1%
	25,353		Apple, Inc		14,960,552
	60,000	*	Arrow Electronics, Inc		3,405,000
	11,500		Avnet, Inc		495,995
	413,800	*	Brocade Communications Systems, Inc		3,852,478
	33,000		CDW Corp		930,270
	547,750		Cisco Systems, Inc		12,658,502
	117,750		Corning, Inc		2,462,153
	41,390	*	EchoStar Corp (Class A)		1,860,894
	47,540		Harris Corp		3,495,141
	439,000		Hewlett-Packard Co		14,513,340
	139,900	*	Ingram Micro, Inc (Class A)		3,771,704
	76,800	*,e	InvenSense, Inc		1,653,504
	66,000		Lexmark International, Inc (Class A)		2,838,000
	32,240		NetApp, Inc		1,148,066
	40,890		SanDisk Corp		3,474,423
	45,500		Seagate Technology, Inc		2,392,390
	183,880		Vishay Intertechnology, Inc		2,614,774
	76,800		Western Digital Corp		6,768,384
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		83,295,570

TELECOMMUNICATION SERVICES - 1.7%
	507,750		AT&T, Inc		18,126,675
	44,200		CenturyTel, Inc		1,543,022
	19,000	*	Level 3 Communications, Inc		817,570
	18,000		Telephone & Data Systems, Inc		489,420
	82,380	*	T-Mobile US, Inc		2,412,910
	101,500		Verizon Communications, Inc		4,743,095
			TOTAL TELECOMMUNICATION SERVICES		28,132,692

TRANSPORTATION - 2.2%
	13,800	*	American Airlines Group, Inc		483,966
	163,800		Delta Air Lines, Inc		6,032,754
	80,000		FedEx Corp		10,900,000
	31,800		Kansas City Southern Industries, Inc		3,207,984
	38,250		Norfolk Southern Corp		3,615,773
	18,800		Ryder System, Inc		1,544,984
	203,800		Southwest Airlines Co		4,925,846
	25,000		Union Pacific Corp		4,760,750
			TOTAL TRANSPORTATION		35,472,057

UTILITIES - 5.6%
	46,800		Alliant Energy Corp		2,736,864
	98,000		Ameren Corp		4,048,380

TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	115,890		American Electric Power Co, Inc	$	6,236,041
	63,390		American Water Works Co, Inc		2,886,147
	49,380		Atmos Energy Corp		2,520,355
	98,000		CMS Energy Corp		2,970,380
	128,000		Dominion Resources, Inc		9,285,120
	24,000		DTE Energy Co		1,875,360
	109,900		Edison International		6,215,944
	7,500		Entergy Corp		543,750
	142,500		Exelon Corp		4,991,775
	103,000		Great Plains Energy, Inc		2,763,490
	13,300		Integrys Energy Group, Inc		815,024
	31,420		MDU Resources Group, Inc		1,112,896
	86,890		NextEra Energy, Inc		8,675,967
	31,500		NiSource, Inc		1,144,080
	86,380		Northeast Utilities		4,082,319
	104,750		PPL Corp		3,492,365
	73,000		Public Service Enterprise Group, Inc		2,990,810
	54,000		SCANA Corp		2,898,720
	63,880		Sempra Energy		6,299,207
	54,000		UGI Corp		2,521,260
	66,000		Westar Energy, Inc		2,368,080
	73,190	e	Wisconsin Energy Corp		3,548,251
	118,000		Xcel Energy, Inc		3,760,660
			TOTAL UTILITIES		90,783,245

			TOTAL COMMON STOCKS		1,623,754,902
			(Cost $1,212,099,289)

SHORT-TERM INVESTMENTS - 3.9%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.9%
	63,327,184	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		63,327,184
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		63,327,184
			TOTAL SHORT-TERM INVESTMENTS		63,327,184
			(Cost $63,327,184)

			TOTAL INVESTMENTS - 103.1%		1,687,082,086
			(Cost $1,275,426,473)
			OTHER ASSETS & LIABILITIES, NET - (3.1)%		(50,835,594	)
			NET ASSETS - 100.0%	$	1,636,246,492



					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 $62,340,095.
			p		All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

TIAA-CREF FUNDS - Growth & Income Fund

TIAA-CREF FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.1%

AUTOMOBILES & COMPONENTS - 1.4%
	358,538		Delphi Automotive plc	$	23,964,680
	572,557		Johnson Controls, Inc		25,845,223
	136,640		Magna International, Inc - Class A (NY)		13,389,354
			TOTAL AUTOMOBILES & COMPONENTS		63,199,257

BANKS - 5.9%
	4,182,506	p	Bank of America Corp		63,323,141
	182,283		BNP Paribas		13,697,558
	610,499		Citigroup, Inc		29,249,007
	330,746		East West Bancorp, Inc		11,414,045
	324,559	*	Essent Group Ltd		6,117,937
	746,575		JPMorgan Chase & Co		41,793,268
	806,342		SunTrust Banks, Inc		30,850,645
	1,178,142		Wells Fargo & Co		58,482,969
			TOTAL BANKS		254,928,570

CAPITAL GOODS - 8.9%
	424,985		Eaton Corp		30,870,911
	427,723		Emerson Electric Co		29,162,154
	122,709	*	Esterline Technologies Corp		13,377,735
	201,013		General Dynamics Corp		22,000,873
	3,642,797		General Electric Co		97,954,811
	593,508		Honeywell International, Inc		55,136,893
	402,944		ITT Corp		17,383,004
	251,625		L-3 Communications Holdings, Inc		29,029,976
	159,304	*	Orbital Sciences Corp		4,683,538
	167,530	*	Osram Licht AG.		8,795,210
	332,092	*	Quanta Services, Inc		11,716,206
	153,845		Rockwell Automation, Inc		18,335,247
	176,087		Safran S.A.		11,851,033
	172,566	*	Teledyne Technologies, Inc		16,024,479
	182,214	*	Vestas Wind Systems AS		8,092,320
	124,386	*	WABCO Holdings, Inc		13,310,546
			TOTAL CAPITAL GOODS		387,724,936

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	714,767	e	Pitney Bowes, Inc		19,155,756
	251,490		Robert Half International, Inc		11,266,752
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		30,422,508

CONSUMER DURABLES & APPAREL - 2.7%
	326,124		DR Horton, Inc		7,266,043
	154,922		Harman International Industries, Inc		16,981,000
	559,103		Hasbro, Inc		30,896,032

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	415,664	*	Jarden Corp	$	23,755,198
	107,026	*	Mohawk Industries, Inc		14,171,313
	766,673		Newell Rubbermaid, Inc		23,084,524
	80	e	Prada S.p.A		641
			TOTAL CONSUMER DURABLES & APPAREL		116,154,751

CONSUMER SERVICES - 1.3%
	285,484		Accor S.A.		13,977,172
	227,221	*	Chuy’s Holdings, Inc		8,168,595
	53,132		Extended Stay America, Inc		1,144,995
	161,525	p	Las Vegas Sands Corp		12,781,473
	529,712	*	Orient-Express Hotels Ltd (Class A)		6,939,227
	315,094		Six Flags Entertainment Corp		12,647,873
			TOTAL CONSUMER SERVICES		55,659,335

DIVERSIFIED FINANCIALS - 3.2%
	405,700		American Express Co		35,470,351
	241,003		Ameriprise Financial, Inc		26,903,165
	542,859		Blackstone Group LP		16,030,626
	948,670	*	ING Groep NV		13,561,100
	96,214		Lazard Ltd (Class A)		4,526,869
	133,206		Moody’s Corp		10,456,671
	1,086,247		Morgan Stanley		33,597,619
			TOTAL DIVERSIFIED FINANCIALS		140,546,401

ENERGY - 8.4%
	196,515		Anadarko Petroleum Corp		19,458,915
	207,883		Apache Corp		18,044,244
	307,377	*	Cheniere Energy, Inc		17,351,432
	626,933		Chevron Corp		78,692,630
	373,260		Consol Energy, Inc		16,613,803
	457,510		EOG Resources, Inc		44,835,980
	791,519		Halliburton Co		49,921,103
	757,787		Marathon Oil Corp		27,394,000
	221,166		Marathon Petroleum Corp		20,557,380
	415,057	e	Peyto Energy Trust		15,302,635
	354,100		Phillips 66		29,468,202
	375,211		Spectra Energy Corp		14,899,629
	1,298,664		Talisman Energy, Inc		13,415,199
			TOTAL ENERGY		365,955,152

FOOD & STAPLES RETAILING - 1.0%
	430,661		Kroger Co		19,827,633
	3,014,511	*	Rite Aid Corp		22,005,930
			TOTAL FOOD & STAPLES RETAILING		41,833,563

FOOD, BEVERAGE & TOBACCO - 4.7%
	1,626,842		Britvic plc		19,924,804
	195,869		Brown-Forman Corp (Class B)		17,573,367
	408,767	*	Constellation Brands, Inc (Class A)		32,635,957
	169,108	*	Hain Celestial Group, Inc		14,546,670

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	284,146	p	Hershey Co	$	27,346,211
	153,295		Mead Johnson Nutrition Co		13,529,817
	581,701		PepsiCo, Inc		49,962,299
	315,462		SABMiller plc		17,177,210
	469,532	*	WhiteWave Foods Co (Class A)		13,001,341
			TOTAL FOOD, BEVERAGE & TOBACCO		205,697,676

HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	635,164	p	Aetna, Inc		45,382,468
	352,029	*	Cerner Corp		18,059,088
	209,159	*	Insulet Corp		7,870,653
	274,243		Medtronic, Inc		16,130,973
	437,847	*	Premier, Inc		13,135,410
	495,096		St. Jude Medical, Inc		31,423,743
	203,691		Universal Health Services, Inc (Class B)		16,659,887
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		148,662,222

HOUSEHOLD & PERSONAL PRODUCTS - 3.1%
	258,041	e	Beiersdorf AG.		25,903,342
	537,626	*	Colgate-Palmolive Co		36,182,230
	180,460	p	Estee Lauder Cos (Class A)		13,095,982
	73,470	e	L’Oreal S.A.		12,662,194
	549,222	p	Procter & Gamble Co		45,338,276
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		133,182,024

INSURANCE - 3.5%
	378,678		ACE Ltd		38,746,333
	410,252		Allstate Corp		23,363,852
	275,230		Fidelity National Title Group, Inc (Class A)		8,856,901
	889,484		Hartford Financial Services Group, Inc		31,905,791
	217,062		Marsh & McLennan Cos, Inc		10,703,327
	606,820		Metlife, Inc		31,767,027
	144,790		Stancorp Financial Group, Inc		8,846,669
			TOTAL INSURANCE		154,189,900

MATERIALS - 4.1%
	221,442		Akzo Nobel NV		17,064,780
	815,357		Alcoa, Inc		10,982,859
	211,646		Carpenter Technology Corp		13,291,369
	337,045	*	Crown Holdings, Inc		15,898,412
	627,448		Dow Chemical Co		31,309,655
	170,896		FMC Corp		13,158,992
	678,433		Huntsman Corp		16,994,747
	342,030		LyondellBasell Industries AF S.C.A		31,637,775
	133,483		PPG Industries, Inc		25,844,978
			TOTAL MATERIALS		176,183,567

MEDIA - 4.4%
	330,630		CBS Corp (Class B)		19,097,189
	1,118,530		Comcast Corp (Class A)		57,895,113

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	321,663	*	DISH Network Corp (Class A)	$	18,289,758
	486,041	e	Lions Gate Entertainment Corp		12,894,668
	110,653	*	Tribune Co		8,603,271
	206,594		Viacom, Inc (Class B)		17,556,358
	706,666		Walt Disney Co		56,066,880
			TOTAL MEDIA		190,403,237

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.6%
	167,818	*	Actavis plc		34,290,252
	152,634	*	Alexion Pharmaceuticals, Inc		24,146,699
	288,991	*	Alkermes plc		13,368,724
	143,465		Allergan, Inc		23,792,236
	158,802	e	Bayer AG.		22,080,096
	107,042	*	Biogen Idec, Inc		30,733,899
	1,014,429	*	Biovitrum AB		11,155,093
	442,116		Bristol-Myers Squibb Co		22,145,590
	182,455	*	Celgene Corp		26,822,709
	661,240	*	Gilead Sciences, Inc		51,900,728
	91,241	*,e	Illumina, Inc		12,395,090
	1,375,715	*,e	Inovio Biomedical Corp		3,260,444
	168,290	*	Jazz Pharmaceuticals plc		22,702,321
	1,136,239		Johnson & Johnson		115,089,648
	159,725	*,e	Ligand Pharmaceuticals, Inc (Class B)		10,089,828
	1,107,189		Merck & Co, Inc		64,836,988
	359,468	*	Mylan Laboratories, Inc		18,253,785
	154,144		Novartis AG.		13,400,123
	140,123	*	Salix Pharmaceuticals Ltd		15,413,530
	225,103		Shire Ltd		12,874,077
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		548,751,860

RETAILING - 5.8%
	42,815	*,p	Amazon.com, Inc		13,021,326
	33,071	*	AutoZone, Inc		17,656,276
	566,549		Best Buy Co, Inc		14,690,615
	161,643	*,e	Container Store Group, Inc		4,459,730
	60,440		Expedia, Inc		4,290,636
	688,402		Home Depot, Inc		54,734,843
	492,787		Macy’s, Inc		28,300,757
	40,629	*,p	NetFlix, Inc		13,084,163
	27,709	*	Priceline.com, Inc		32,080,095
	264,425	*	Restoration Hardware Holdings, Inc		16,497,476
	118,992		Tiffany & Co		10,410,610
	504,610		TJX Companies, Inc		29,358,210
	316,485	*,e	Yoox S.p.A		11,364,890
			TOTAL RETAILING		249,949,627

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
	252,803		Avago Technologies Ltd		16,052,990
	438,042	*	NXP Semiconductors NV		26,116,064
	424,074	*,e,p	SunPower Corp		14,172,553
	410,356		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		8,248,156
	517,515		Xilinx, Inc		24,421,533
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		89,011,296

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

SOFTWARE & SERVICES - 8.3%
	312,616		Activision Blizzard, Inc	$	6,255,446
	108,157	*,p	Alliance Data Systems Corp		26,163,178
	113,020	*	Aspen Technology, Inc		4,858,730
	339,549	*,p	Citrix Systems, Inc		20,138,651
	1,305,415		Compuware Corp		13,524,100
	641,768	*,p	Facebook, Inc		38,364,891
	540,999	*	Fortinet, Inc		11,891,158
	158,556	*,p	Google, Inc		83,505,103
	6,000	*	Google, Inc (Class A)		3,209,280
	2,422,393		Microsoft Corp		97,864,677
	340,269	*,p	Salesforce.com, Inc		17,574,894
	149,951	*	Splunk, Inc		8,182,826
	328,400	*	Take-Two Interactive Software, Inc		6,692,792
	113,361	*	Workday, Inc		8,283,288
	290,856	*	Yahoo!, Inc		10,456,273
	784,348	*	Zynga, Inc		3,176,610
			TOTAL SOFTWARE & SERVICES		360,141,897

TECHNOLOGY HARDWARE & EQUIPMENT - 6.9%
	3,882,275		Alcatel-Lucent (ADR)		15,140,872
	243,664	p	Apple, Inc		143,783,690
	534,712	*,e	Blackberry Ltd		4,095,894
	521,932		Cisco Systems, Inc		12,061,849
	287,556	*	F5 Networks, Inc		30,242,264
	818,085		Hewlett-Packard Co		27,045,890
	1,556,746	*	JDS Uniphase Corp		19,723,972
	274,039		Qualcomm, Inc		21,569,610
	96,489	*	Stratasys Ltd		9,346,889
	69,566	*,e,p	Synaptics, Inc		4,323,527
	175,340		TE Connectivity Ltd		10,341,553
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		297,676,010

TELECOMMUNICATION SERVICES - 1.8%
	341,196	*	Level 3 Communications, Inc		14,681,664
	699,684	*	T-Mobile US, Inc		20,493,744
	921,532		Verizon Communications, Inc		43,063,191
			TOTAL TELECOMMUNICATION SERVICES		78,238,599

TRANSPORTATION - 2.8%
	394,382	*	American Airlines Group, Inc		13,830,977
	142,772		Canadian Pacific Railway Ltd		22,268,149
	1,120,819		Delta Air Lines, Inc		41,279,764
	309,724	*	Hertz Global Holdings, Inc		8,817,842
	178,396	p	Kansas City Southern Industries, Inc		17,996,588
	82,583	*	Old Dominion Freight Line		5,007,007
	129,578		Ryder System, Inc		10,648,720
			TOTAL TRANSPORTATION		119,849,047

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

UTILITIES - 2.2%
	329,116		American Water Works Co, Inc	$	14,984,651
	450,370	*	Calpine Corp		10,326,984
	394,837		Exelon Corp		13,831,140
	290,667		NextEra Energy, Inc		29,023,100
	294,571	e	NRG Yield, Inc		12,619,422
	154,873		Sempra Energy		15,272,027
			TOTAL UTILITIES		96,057,324

			TOTAL COMMON STOCKS		4,304,418,759
			(Cost $3,387,274,206)

PURCHASED OPTIONS – 0.0%

BANKS – 0.0%
			Bank of America Corp		19,040
			TOTAL BANKS		19,040

FOOD, BEVERAGE & TOBACCO – 0.0%
			Hershey Co		28,105
			TOTAL FOOD, BEVERAGE & TOBACCO		28,105

HEALTH CARE EQUIPMENT & SERVICES – 0.0%
			Aetna, Inc.		13,750
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		13,750

HOUSEHOLD & PERSONAL PRODUCTS – 0.0%
			Estee Lauder Cosmetics Inc.		6,750
			Procter & Gamble Co		550
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		7,300

RETAILING – 0.0%
			Amazon.com, Inc.		630
			TOTAL RETAILING		630

SOFTWARE & SERVICES – 0.0%
			Salesforce.com, Inc.		5,590
			TOTAL SOFTWARE & SERVICES		5,590

TRANSPORTATION – 0.0%
			Kansas City Southern, Inc		8,938
			TOTAL TRANSPORTATION		8,938

			TOTAL PURCHASED OPTIONS		83,353
			(Cost $257,742)

TIAA-CREF FUNDS - Growth & Income Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 2.5%
GOVERNMENT AGENCY DEBT - 0.2%
$	6,150,000	Federal Home Loan Bank (FHLB)		0.040	%	05/14/14	$	6,149,911
		TOTAL GOVERNMENT AGENCY DEBT						6,149,911

TREASURY DEBT - 0.0%
	1,400,000	United States Treasury Bill		0.030		05/08/14		1,399,992
		TOTAL TREASURY DEBT						1,399,992

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.3%
	98,436,026	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		98,436,026
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		98,436,026
			TOTAL SHORT-TERM INVESTMENTS		105,985,929
			(Cost $105,985,929)

			TOTAL INVESTMENTS - 101.6%		4,410,488,041
			(Cost $3,493,517,877)
			OTHER ASSETS & LIABILITIES, NET - (1.6)%		(68,689,385	)
			NET ASSETS - 100.0%	$	4,341,798,656



				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 $96,131,362.
		p		All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

TIAA-CREF FUNDS - Large-Cap Growth Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 97.5%

CAPITAL GOODS - 4.7%
	173,501		3M Co	$	24,132,254
	54,626		Cummins, Inc		8,240,332
	153,906		Precision Castparts Corp		38,952,070
	169,376		Roper Industries, Inc		23,534,795
	101,112		W.W. Grainger, Inc		25,722,893
			TOTAL CAPITAL GOODS		120,582,344

COMMERCIAL & PROFESSIONAL SERVICES - 3.1%
	1,148,909		Nielsen Holdings NV		53,941,278
	422,717	*	Verisk Analytics, Inc		25,401,064
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		79,342,342

CONSUMER DURABLES & APPAREL - 4.7%
	192,606		Hasbro, Inc		10,643,408
	386,569		Luxottica Group S.p.A.		22,172,246
	159,634		LVMH Moet Hennessy Louis Vuitton S.A.		31,446,977
	220,929	*	Michael Kors Holdings Ltd		20,148,725
	505,034		Nike, Inc (Class B)		36,842,230
			TOTAL CONSUMER DURABLES & APPAREL		121,253,586

CONSUMER SERVICES - 3.7%
	616,423		Las Vegas Sands Corp		48,777,552
	65,642		Royal Caribbean Cruises Ltd		3,487,559
	582,382		Starbucks Corp		41,127,817
			TOTAL CONSUMER SERVICES		93,392,928

DIVERSIFIED FINANCIALS - 5.8%
	91,852	*	Affiliated Managers Group, Inc		18,205,066
	229,112		Ameriprise Financial, Inc		25,575,773
	450,502		Blackstone Group LP		13,303,324
	92,637		CBOE Holdings, Inc		4,943,110
	114,634		CME Group, Inc		8,069,087
	164,421		IntercontinentalExchange Group, Inc		33,614,229
	161,394		McGraw-Hill Financial, Inc		11,931,859
	428,429		Moody’s Corp		33,631,677
			TOTAL DIVERSIFIED FINANCIALS		149,274,125

ENERGY - 2.5%
	415,392		EOG Resources, Inc		40,708,416
	364,620		Halliburton Co		22,996,583
			TOTAL ENERGY		63,704,999

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 0.4%
	175,021	*	Monster Beverage Corp	$	11,719,406
			TOTAL FOOD, BEVERAGE & TOBACCO		11,719,406

HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	244,715	*	Cerner Corp		12,553,879
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		12,553,879

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	556,956		Estee Lauder Cos (Class A)		40,418,297
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		40,418,297

MATERIALS - 4.6%
	393,433		LyondellBasell Industries AF S.C.A		36,392,553
	496,726		Monsanto Co		54,987,568
	126,660		Sherwin-Williams Co		25,311,734
			TOTAL MATERIALS		116,691,855

MEDIA - 4.6%
	129,366		CBS Corp (Class B)		7,472,180
	721,592		Comcast Corp (Class A)		37,349,602
	242,040	*	Discovery Communications, Inc (Class A)		18,370,836
	163,274	*	Tribune Co		12,694,554
	534,609		Walt Disney Co		42,415,878
			TOTAL MEDIA		118,303,050

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 18.1%
	75,958	*	Alexion Pharmaceuticals, Inc		12,016,556
	384,407	*	Alkermes plc		17,782,668
	321,512		Allergan, Inc		53,319,550
	278,113	e	Bayer AG.		38,669,297
	154,422	*	Biogen Idec, Inc		44,337,645
	866,914		Bristol-Myers Squibb Co		43,423,722
	351,728	*	Celgene Corp		51,707,533
	419,140		Eli Lilly & Co		24,771,174
	1,073,709	*	Gilead Sciences, Inc		84,275,419
	523,026		Novo Nordisk AS		23,738,049
	292,513	*	NPS Pharmaceuticals, Inc		7,786,696
	382,279		Perrigo Co plc		55,376,936
	41,581	*	Salix Pharmaceuticals Ltd		4,573,910
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		461,779,155

REAL ESTATE - 0.9%
	287,292	*	CBRE Group, Inc		7,653,459
	339,857	*	Realogy Holdings Corp		14,290,987
			TOTAL REAL ESTATE		21,944,446

RETAILING - 5.2%
	169,481	*	Amazon.com, Inc		51,544,257
	64,222	*	Carmax, Inc		2,811,639
	365,945		Expedia, Inc		25,978,436
	422,546		Home Depot, Inc		33,596,632

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE

	438,838	*	Liberty Interactive Corp	$	12,752,632
	5,361	*	Priceline.com, Inc		6,206,698
			TOTAL RETAILING		132,890,294

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
	519,963		ARM Holdings plc (ADR)		23,668,716
	65,970	*	First Solar, Inc		4,452,315
	185,735	*	NXP Semiconductors NV		11,073,521
	671,165		Xilinx, Inc		31,672,276
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		70,866,828

SOFTWARE & SERVICES - 23.7%
	959,526	*	Adobe Systems, Inc		59,193,159
	257,500	*	Autodesk, Inc		12,365,150
	582,173	*	eBay, Inc		30,174,027
	1,104,682	*	Facebook, Inc		66,037,890
	101,729	*	Google, Inc		53,576,595
	101,729	*	Google, Inc (Class A)		54,412,807
	1,046,712		Intuit, Inc		79,288,434
	1,005,575		Mastercard, Inc (Class A)		73,960,041
	301,268	*,e	Nuance Communications, Inc		4,847,402
	931,281	*	Red Hat, Inc		45,306,821
	572,403	*	Salesforce.com, Inc		29,564,615
	236,980		Visa, Inc (Class A)		48,014,518
	345,179	*	VMware, Inc (Class A)		31,932,509
	31,569	*	Workday, Inc		2,306,747
	373,006	*	Yahoo!, Inc		13,409,566
			TOTAL SOFTWARE & SERVICES		604,390,281

TECHNOLOGY HARDWARE & EQUIPMENT - 6.4%
	1,914,886		Alcatel-Lucent (ADR)		7,468,056
	172,371		Apple, Inc		101,714,403
	122,377	*	F5 Networks, Inc		12,870,389
	425,763		Qualcomm, Inc		33,511,806
	72,323	*	Stratasys Ltd		7,005,929
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		162,570,583

TELECOMMUNICATION SERVICES - 1.6%
	482,200		Softbank Corp		35,913,288
	168,810	*	T-Mobile US, Inc		4,944,445
			TOTAL TELECOMMUNICATION SERVICES		40,857,733

TRANSPORTATION - 2.6%
	765,172		Delta Air Lines, Inc		28,181,285
	275,607	*	Hertz Global Holdings, Inc		7,846,531
	256,255		Kansas City Southern Industries, Inc		25,851,004
	26,115		Union Pacific Corp		4,973,080
			TOTAL TRANSPORTATION		66,851,900

			TOTAL COMMON STOCKS		2,489,388,031
			(Cost $1,921,343,564)

TIAA-CREF FUNDS - Large-Cap Growth Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 2.1%
GOVERNMENT AGENCY DEBT - 0.6%
$	14,200,000		Federal Home Loan Bank (FHLB)		0.045	%	07/02/14	$	14,199,020
			TOTAL GOVERNMENT AGENCY DEBT						14,199,020

TREASURY DEBT - 1.3%
	8,000,000		United States Treasury Bill		0.045		05/08/14		7,999,930
	15,000,000		United States Treasury Bill		0.045		05/22/14		14,999,606
	11,000,000		United States Treasury Bill		0.074		02/05/15		10,994,016
			TOTAL TREASURY DEBT						33,993,552

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
	5,294,592	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						5,294,592
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						5,294,592
			TOTAL SHORT-TERM INVESTMENTS						53,487,164
			(Cost $53,486,697)

			TOTAL INVESTMENTS - 99.6%						2,542,875,195
			(Cost $1,974,830,261)
			OTHER ASSETS & LIABILITIES, NET - 0.4%						8,941,538
			NET ASSETS - 100.0%					$	2,551,816,733

				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 $5,150,676.

TIAA-CREF FUNDS - Large-Cap Value Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.9%

AUTOMOBILES & COMPONENTS - 0.4%
	542,585	*	American Axle & Manufacturing Holdings, Inc	$	9,576,625
	300,672		General Motors Co		10,367,171
			TOTAL AUTOMOBILES & COMPONENTS		19,943,796

BANKS - 10.2%
	3,573,028	*	Banco Espirito Santo S.A.		6,333,310
	6,133,137		Bank of America Corp		92,855,694
	1,605,582		Citigroup, Inc		76,923,434
	259,282	*	Essent Group Ltd		4,887,466
	1,556,985		Huntington Bancshares, Inc		14,261,983
	109,269		Investors Bancorp, Inc		2,920,760
	1,200,489		JPMorgan Chase & Co		67,203,374
	3,088,564		Keycorp		42,128,013
	3,277,850		Regions Financial Corp		33,237,399
	1,968,135		TCF Financial Corp		30,899,719
	2,846,539		Wells Fargo & Co		141,302,196
			TOTAL BANKS		512,953,348

CAPITAL GOODS - 7.8%
	498,066		Allegion plc		24,579,557
	154,741		General Dynamics Corp		16,936,403
	7,052,876		General Electric Co		189,651,835
	190,735		Illinois Tool Works, Inc		16,256,344
	729,452	e	Joy Global, Inc		44,044,312
	86,686		L-3 Communications Holdings, Inc		10,000,964
	511,241	*,e	Navistar International Corp		19,391,371
	340,286		SPX Corp		34,654,726
	562,210		Textron, Inc		22,994,389
	365,570	*	USG Corp		10,915,920
			TOTAL CAPITAL GOODS		389,425,821

CONSUMER DURABLES & APPAREL - 2.6%
	152,489	*,e	Deckers Outdoor Corp		12,039,006
	596,249		Hasbro, Inc		32,948,720
	738,265	*	Jarden Corp		42,191,845
	2,220,964		Pulte Homes, Inc		40,843,528
			TOTAL CONSUMER DURABLES & APPAREL		128,023,099

CONSUMER SERVICES - 2.9%
	436,246	*	Apollo Group, Inc (Class A)		12,590,060
	528,380		ARAMARK Holdings Corp		14,895,032
	849,884		Burger King Worldwide, Inc		22,207,469
	651,699		Darden Restaurants, Inc		32,395,957
	2,542,114		Echo Entertainment Group Ltd		6,686,238

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	1,239,550		Extended Stay America, Inc	$	26,712,302
	410,240		Interval Leisure Group, Inc		10,571,885
	179,731		Las Vegas Sands Corp		14,222,114
	184,190		Six Flags Entertainment Corp		7,393,387
			TOTAL CONSUMER SERVICES		147,674,444

DIVERSIFIED FINANCIALS - 3.8%
	110,696	*,e	Ally Financial, Inc		2,673,308
	324,978		Apollo Management LP		8,816,653
	123,146		Capital One Financial Corp		9,100,489
	160,702		Goldman Sachs Group, Inc		25,683,394
	1,180,669	*	ING Groep NV (ADR)		16,883,567
	858,139		Legg Mason, Inc		40,238,138
	1,028,157		Morgan Stanley		31,800,896
	884,831		State Street Corp		57,124,689
			TOTAL DIVERSIFIED FINANCIALS		192,321,134

ENERGY - 15.6%
	253,994		Anadarko Petroleum Corp		25,150,486
	336,404	*	Antero Resources Corp		22,091,651
	233,901		Apache Corp		20,302,607
	1,042,319		Cameco Corp		22,190,972
	508,216		Chesapeake Energy Corp		14,611,210
	674,590		Chevron Corp		84,674,537
	511,262	*	Cobalt International Energy, Inc		9,202,716
	617,563		ConocoPhillips		45,891,107
	268,225	*	Dresser-Rand Group, Inc		16,211,519
	1,468,924	*,e	EP Energy Corp		28,541,193
	2,218,144	e	EXCO Resources, Inc		14,085,214
	1,226,789		Exxon Mobil Corp		125,635,462
	1,616,082	*	Kodiak Oil & Gas Corp		20,540,402
	1,067,629		Marathon Oil Corp		38,594,788
	806,399	*	Matador Resources Co		23,159,779
	1,258,379		Nabors Industries Ltd		32,113,832
	257,164		Occidental Petroleum Corp		24,623,453
	161,476	*	PDC Energy, Inc		10,281,177
	299,533		Phillips 66		24,927,136
	381,007	*	Southwestern Energy Co		18,242,615
	697,605		Spectra Energy Corp		27,701,895
	471,864		Superior Energy Services		15,533,763
	5,513,215		Talisman Energy, Inc		56,951,511
	1,448,723	*	Weatherford International Ltd		30,423,183
	677,579		Williams Cos, Inc		28,573,506
			TOTAL ENERGY		780,255,714

FOOD & STAPLES RETAILING - 1.6%
	762,720		CVS Corp		55,464,999
	355,700		Walgreen Co		24,152,030
			TOTAL FOOD & STAPLES RETAILING		79,617,029

FOOD, BEVERAGE & TOBACCO - 1.4%
	334,657		Archer Daniels Midland Co		14,634,551

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	773,289		Mondelez International, Inc	$	27,567,753
	566,644		SABMiller plc		30,854,312
			TOTAL FOOD, BEVERAGE & TOBACCO		73,056,616

HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	500,753		Abbott Laboratories		19,399,171
	995,977	*	Boston Scientific Corp		12,559,270
	526,605	*	Covidien plc		37,520,606
	345,962	*	Express Scripts Holding Co		23,034,150
	1,293,206	*	Hologic, Inc		27,137,928
	609,400	*	Olympus Corp		18,613,803
	880,875		UnitedHealth Group, Inc		66,100,860
	157,108	*	WellCare Health Plans, Inc		10,600,077
	104,350		WellPoint, Inc		10,505,958
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		225,471,823

HOUSEHOLD & PERSONAL PRODUCTS - 3.2%
	1,883,810		Avon Products, Inc		28,784,617
	164,756	e	Beiersdorf AG.		16,538,965
	54,209	e	L’Oreal S.A.		9,342,655
	1,265,126		Procter & Gamble Co		104,436,151
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		159,102,388

INSURANCE - 7.0%
	429,743		ACE Ltd		43,971,304
	627,975		Allstate Corp		35,763,176
	792,742		American International Group, Inc		42,118,382
	459,655	*	Berkshire Hathaway, Inc (Class B)		59,226,547
	1,013,951		Hartford Financial Services Group, Inc		36,370,422
	395,653	*	Hilltop Holdings, Inc		8,838,888
	471,525		Marsh & McLennan Cos, Inc		23,250,898
	664,733		Metlife, Inc		34,798,773
	483,614		Principal Financial Group		22,652,480
	193,181		Prudential Financial, Inc		15,585,843
	285,944		Travelers Cos, Inc		25,900,807
			TOTAL INSURANCE		348,477,520

MATERIALS - 3.4%
	140,183		Akzo Nobel NV		10,802,793
	473,190		Axiall Corp		22,050,654
	1,837,311	*,e	Cemex SAB de C.V. (ADR)		23,223,612
	771,746		Cliffs Natural Resources, Inc		13,675,339
	742,135	*	Constellium NV		22,649,960
	791,739	*	Louisiana-Pacific Corp		12,976,602
	171,889		LyondellBasell Industries AF S.C.A		15,899,732
	382,453		Newmont Mining Corp		9,496,308
	347,046		PolyOne Corp		13,003,814
	456,184		Southern Copper Corp (NY)		13,749,386
	87,743	e	Wacker Chemie AG.		10,314,235
			TOTAL MATERIALS		167,842,435

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

MEDIA - 1.1%
	2,728,439	*,e	Mediaset S.p.A.	$	15,099,641
	282,417		Time Warner, Inc		18,769,434
	300,883	*	Tribune Co		23,393,653
			TOTAL MEDIA		57,262,728

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
	233,689		Agilent Technologies, Inc		12,628,554
	97,261	e	Bayer AG.		13,523,332
	1,388,951	*	Biovitrum AB		15,273,497
	257,403		Bristol-Myers Squibb Co		12,893,316
	320,566	*	Endo International plc		20,178,027
	5,271	*,e	Foundation Medicine, Inc		153,702
	1,419,008		Johnson & Johnson		143,731,320
	1,575,289		Merck & Co, Inc		92,248,924
	272,147		Novartis AG. (ADR)		23,660,460
	2,214,756		Pfizer, Inc		69,277,568
	130,793	e	Questcor Pharmaceuticals, Inc		10,748,569
	724,409		Zoetis Inc		21,920,616
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		436,237,885

REAL ESTATE - 3.4%
	489,528	*	Forest City Enterprises, Inc (Class A)		9,256,975
	257,364		Liberty Property Trust		9,651,150
	569,744		Mack-Cali Realty Corp		11,605,685
	171,835		Potlatch Corp		6,569,252
	494,002	*	Realogy Holdings Corp		20,772,784
	161,323		Simon Property Group, Inc		27,941,144
	199,782		SL Green Realty Corp		20,919,173
	954,526		Starwood Property Trust, Inc		22,956,350
	398,501		Vornado Realty Trust		40,886,203
			TOTAL REAL ESTATE		170,558,716

RETAILING - 1.2%
	108,343		American Eagle Outfitters, Inc		1,252,445
	513,538		Best Buy Co, Inc		13,316,040
	189,108		Expedia, Inc		13,424,777
	1,353,339	*	Groupon, Inc		9,459,840
	11,589,948	e	Hengdeli Holdings Ltd		2,229,348
	3,776,965	*	Intime Retail Group Co Ltd		3,709,226
	628,423	*,e	JC Penney Co, Inc		5,354,164
	98,900	*,e	Lifestyle Properties Development Ltd		14,734
	1,086,295		Staples, Inc		13,578,687
			TOTAL RETAILING		62,339,261

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	375,165		Broadcom Corp (Class A)		11,558,834
	476,335	*	First Solar, Inc		32,147,849
	547,231	*,e	Freescale Semiconductor Holdings Ltd		12,022,665
	729,422		Intel Corp		19,468,273
	710,017	*	International Rectifier Corp		18,488,843

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	2,988,182	*	ON Semiconductor Corp	$	28,118,792
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		121,805,256

SOFTWARE & SERVICES - 3.3%
	363,007	*	Autodesk, Inc		17,431,596
	114,788		DST Systems, Inc		10,582,306
	413,065	*	eBay, Inc		21,409,159
	664,347	*	Fortinet, Inc		14,602,347
	133,157	*,e	King Digital Entertainment plc		2,283,643
	877,273		Microsoft Corp		35,441,829
	296,309	*	Rackspace Hosting, Inc		8,598,887
	242,999	*,e	VistaPrint Ltd		9,591,171
	805,216	*	Yahoo!, Inc		28,947,515
	4,079,358	*	Zynga, Inc		16,521,400
			TOTAL SOFTWARE & SERVICES		165,409,853

TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%
	78,752		Apple, Inc		46,470,768
	338,148	*,e	Ciena Corp		6,685,186
	2,150,915		Cisco Systems, Inc		49,707,646
	453,520		Corning, Inc		9,483,103
	1,135,684		EMC Corp		29,300,647
	1,619,411		Hewlett-Packard Co		53,537,728
	1,074,342	*	JDS Uniphase Corp		13,611,913
	312,167	*	Juniper Networks, Inc		7,707,403
	4,571,167	*	Nokia Corp		34,283,752
	219,842		Seagate Technology, Inc		11,559,293
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		262,347,439

TELECOMMUNICATION SERVICES - 3.6%
	2,722,052		AT&T, Inc		97,177,256
	4,665,203	e	Frontier Communications Corp		27,757,958
	659,014	*	Level 3 Communications, Inc		28,357,373
	558,744		Telephone & Data Systems, Inc		15,192,249
	2,669,413		Vodafone Group plc		10,134,712
			TOTAL TELECOMMUNICATION SERVICES		178,619,548

TRANSPORTATION - 2.4%
	719,919	*	American Airlines Group, Inc		25,247,559
	726,667	*,b,m	AMR Corp (Escrow)		7,267
	664,850		Con-Way, Inc		28,242,828
	160,824		FedEx Corp		21,912,270
	1,000,120	*	Hertz Global Holdings, Inc		28,473,416
	298,933	*	UAL Corp		12,217,392
	355,837		UTI Worldwide, Inc		3,483,644
			TOTAL TRANSPORTATION		119,584,376

UTILITIES - 4.2%
	894,050	*	Calpine Corp		20,500,567
	1,055,999		Centerpoint Energy, Inc		26,146,535
	309,939		Duke Energy Corp		23,087,356

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

	234,492		Edison International					$	13,262,868
	924,925		Exelon Corp						32,400,123
	210,081		FirstEnergy Corp						7,090,234
	387,730		NextEra Energy, Inc						38,714,840
	730,474		NRG Energy, Inc						23,901,109
	250,006		PG&E Corp						11,395,273
	126,000		Sempra Energy						12,424,860
			TOTAL UTILITIES						208,923,765

			TOTAL COMMON STOCKS						5,007,253,994
			(Cost $4,072,999,490)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 4.4%
GOVERNMENT AGENCY DEBT - 0.3%
$	13,000,000		Federal Home Loan Bank (FHLB)		0.040	%	05/23/14		12,999,682
			TOTAL GOVERNMENT AGENCY DEBT						12,999,682

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.1%
205,728,168		a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						205,728,168
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						205,728,168

			TOTAL SHORT-TERM INVESTMENTS						218,727,850
			(Cost $218,727,850)

			TOTAL INVESTMENTS - 104.3%						5,225,981,844
			(Cost $4,291,727,340)
			OTHER ASSETS & LIABILITIES, NET - (4.3)%						(214,766,292	)
			NET ASSETS - 100.0%					$	5,011,215,552

				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 $198,009,628.
		m		Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Mid-Cap Growth Fund

TIAA-CREF FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.9%
	350,765		Delphi Automotive plc	$	23,445,132
	55,520	*,e	Tesla Motors, Inc		11,542,053
			TOTAL AUTOMOBILES & COMPONENTS		34,987,185

BANKS - 0.7%
	105,523	*	Signature Bank		12,538,243
			TOTAL BANKS		12,538,243

CAPITAL GOODS - 12.6%
	465,532		Ametek, Inc		24,542,847
	227,376		Chicago Bridge & Iron Co NV		18,205,996
	247,473		Crane Co		17,998,711
	236,311		Flowserve Corp		17,262,519
	437,116		Fortune Brands Home & Security, Inc		17,419,073
	363,863	*	Hexcel Corp		15,169,448
	318,064		Ingersoll-Rand plc		19,020,227
	981,464		Masco Corp		19,717,612
	46,354	*	Middleby Corp		11,703,458
	94,832		Parker Hannifin Corp		12,032,284
	183,977	*,e	Proto Labs, Inc		11,137,968
	165,134		Rockwell Automation, Inc		19,680,670
	67,140		Roper Industries, Inc		9,329,103
	114,862		TransDigm Group, Inc		20,430,504
			TOTAL CAPITAL GOODS		233,650,420

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	83,216	*	Stericycle, Inc		9,689,671
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		9,689,671

CONSUMER DURABLES & APPAREL - 6.8%
	666,108		DR Horton, Inc		14,840,886
	347,648		Hasbro, Inc		19,211,029
	325,629	*	Jarden Corp		18,609,697
	170,000	*	Kate Spade & Co		5,910,900
	254,757	*	Michael Kors Holdings Ltd		23,233,838
	124,973		Phillips-Van Heusen Corp		15,692,860
	100,232		Polaris Industries, Inc		13,464,165
	248,736		VF Corp		15,195,282
			TOTAL CONSUMER DURABLES & APPAREL		126,158,657

CONSUMER SERVICES - 3.4%
	22,961	*	Chipotle Mexican Grill, Inc (Class A)		11,446,059
	267,645	*	Chuy’s Holdings, Inc		9,621,838

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	456,535	*	Del Frisco’s Restaurant Group, Inc	$	11,874,475
	282,603		Sotheby’s (Class A)		11,886,282
	207,701		Starwood Hotels & Resorts Worldwide, Inc		15,920,281
	125,000	*,e	Zoe’s Kitchen, Inc		3,336,250
			TOTAL CONSUMER SERVICES		64,085,185

DIVERSIFIED FINANCIALS - 8.7%
	122,530	*	Affiliated Managers Group, Inc		24,285,446
	340,258		CBOE Holdings, Inc		18,156,167
	98,065		IntercontinentalExchange Group, Inc		20,048,409
	434,051	e	iShares Russell Midcap Growth Index Fund		36,685,991
	419,046		Lazard Ltd (Class A)		19,716,114
	285,675		McGraw-Hill Financial, Inc		21,119,953
	275,907		Moody’s Corp		21,658,699
			TOTAL DIVERSIFIED FINANCIALS		161,670,779

ENERGY - 5.0%
	186,354	*	Cheniere Energy, Inc		10,519,683
	160,827	*	Concho Resources, Inc		20,979,882
	120,000		Noble Energy, Inc		8,613,600
	65,887		Pioneer Natural Resources Co		12,733,981
	282,115	p	Range Resources Corp		25,517,302
	285,000	*	Southwestern Energy Co		13,645,800
			TOTAL ENERGY		92,010,248

FOOD & STAPLES RETAILING - 0.8%
	337,111		Kroger Co		15,520,590
			TOTAL FOOD & STAPLES RETAILING		15,520,590

FOOD, BEVERAGE & TOBACCO - 5.4%
	265,756	*	Constellation Brands, Inc (Class A)		21,217,959
	193,109	*	Hain Celestial Group, Inc		16,611,236
	251,492		Hershey Co		24,203,590
	101,057		Keurig Green Mountain, Inc		9,467,020
	244,304		Lorillard, Inc		14,516,544
	219,679	*	Monster Beverage Corp		14,709,706
			TOTAL FOOD, BEVERAGE & TOBACCO		100,726,055

HEALTH CARE EQUIPMENT & SERVICES - 4.2%
	336,976	*	Acadia Healthcare Co, Inc		14,159,732
	192,123	*,e	Air Methods Corp		10,695,487
	445,799	*	Cerner Corp		22,869,489
	351,483	*	Insulet Corp		13,226,305
	277,412	*	Pediatrix Medical Group, Inc		16,436,661
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		77,387,674

HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
	259,626		Church & Dwight Co, Inc		17,916,790
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		17,916,790

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

MATERIALS - 4.3%
	244,294		Aptargroup, Inc	$	16,470,302
	641,919	*	Berry Plastics Group, Inc		14,436,758
	45,126		CF Industries Holdings, Inc		11,063,541
	118,000		Methanex Corp (New)		7,316,000
	215,905		Westlake Chemical Corp		15,372,436
	158,307	*	WR Grace & Co		14,580,075
			TOTAL MATERIALS		79,239,112

MEDIA - 1.1%
	218,353	*	AMC Networks, Inc		14,339,241
	367,740	*	Eros International plc		5,883,840
			TOTAL MEDIA		20,223,081

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.4%
	160,768	*	Actavis plc		32,849,725
	266,405		Agilent Technologies, Inc		14,396,526
	122,053	*	Alexion Pharmaceuticals, Inc		19,308,785
	383,374	*	Alkermes plc		17,734,881
	27,781	*	Covance, Inc		2,452,507
	143,791	*	Endo International plc		9,050,924
	67,095	*,e	Illumina, Inc		9,114,856
	2,307,998	*,e	Inovio Biomedical Corp		5,469,955
	347,051	*	Mylan Laboratories, Inc		17,623,250
	347,574	*	NPS Pharmaceuticals, Inc		9,252,420
	101,141		Perrigo Co plc		14,651,285
	108,195	*	Salix Pharmaceuticals Ltd		11,901,450
	162,734	*	Vertex Pharmaceuticals, Inc		11,017,092
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		174,823,656

RETAILING - 9.3%
	45,716	*	AutoZone, Inc		24,407,315
	1,173,577	*,e	Groupon, Inc		8,203,303
	285,588	*	HomeAway, Inc		9,315,881
	791,474	*	LKQ Corp		23,047,723
	360,856		Macy’s, Inc		20,723,960
	41,461	*	NetFlix, Inc		13,352,100
	169,715	*	O’Reilly Automotive, Inc		25,251,895
	316,009		Ross Stores, Inc		21,513,893
	285,932		Tractor Supply Co		19,226,067
	84,136	*	Ulta Salon Cosmetics & Fragrance, Inc		7,379,569
			TOTAL RETAILING		172,421,706

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.7%
	270,002		Altera Corp		8,780,465
	325,761		Avago Technologies Ltd		20,685,823
	175,081	*	Cavium Networks, Inc		7,418,182
	283,448		ChipMOS TECHNOLOGIES Bermuda Ltd		5,963,746
	245,000	*	Micron Technology, Inc		6,399,400
	264,548	*	NXP Semiconductors NV		15,772,352
	484,136		Xilinx, Inc		22,846,378
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		87,866,346

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

SOFTWARE & SERVICES - 11.2%
	73,559	*	Alliance Data Systems Corp	$	17,793,922
	253,206	*	Aspen Technology, Inc		10,885,326
	236,158	*	Autodesk, Inc		11,340,307
	200,707	*	Commvault Systems, Inc		9,714,219
	288,994	*	DealerTrack Holdings, Inc		13,204,136
	128,857	*	FleetCor Technologies, Inc		14,706,449
	575,579	*	Fortinet, Inc		12,651,226
	366,681	*	Guidewire Software, Inc		13,845,875
	194,449		Intuit, Inc		14,729,512
	465,000	*	Pandora Media, Inc		10,890,300
	628,189	*	QLIK Technologies, Inc		13,807,594
	242,553	*	Red Hat, Inc		11,800,203
	180,237	*	ServiceNow, Inc		8,961,384
	169,759	*	Splunk, Inc		9,263,749
	72,017	*	Tableau Software, Inc		3,980,380
	542,224	*	Vantiv, Inc		16,673,388
	100,498	*	Workday, Inc		7,343,389
	126,798	*,p	Yelp, Inc		7,394,859
			TOTAL SOFTWARE & SERVICES		208,986,218

TECHNOLOGY HARDWARE & EQUIPMENT - 5.4%
	2,496,416		Alcatel-Lucent (ADR)		9,736,022
	637,307	*,e	Ciena Corp		12,599,559
	127,943	*	Electronics for Imaging, Inc		4,834,966
	183,223	*	F5 Networks, Inc		19,269,563
	458,060	*,e	Finisar Corp		11,978,269
	232,987	*,e	IPG Photonics Corp		15,057,950
	1,016,713	*	JDS Uniphase Corp		12,881,754
	159,489	*	Stratasys Ltd		15,449,700
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		101,807,783

TELECOMMUNICATION SERVICES - 1.2%
	253,078	*	SBA Communications Corp (Class A)		22,716,281
			TOTAL TELECOMMUNICATION SERVICES		22,716,281

TRANSPORTATION - 1.8%
	680,283		Delta Air Lines, Inc		25,054,823
	300,000	*	Hertz Global Holdings, Inc		8,541,000
			TOTAL TRANSPORTATION		33,595,823

			TOTAL COMMON STOCKS (Cost $1,575,548,010)		1,848,021,503

SHORT-TERM INVESTMENTS - 3.4%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.4%
	63,419,472	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		63,419,472
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		63,419,472

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES	COMPANY	VALUE

	TOTAL SHORT-TERM INVESTMENTS (Cost $63,419,472)	$	63,419,472

	TOTAL INVESTMENTS - 102.8% (Cost $1,638,967,482)		1,911,440,975
	OTHER ASSETS & LIABILITIES, NET - (2.8)%		(51,983,237	)
	NET ASSETS - 100.0%	$	1,859,457,738



		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 $61,639,582.
p		All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

TIAA-CREF FUNDS - Mid-Cap Value Fund

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.1%

AUTOMOBILES & COMPONENTS - 1.6%
	259,593	e	Autoliv, Inc	$	26,473,294
	255,000		Lear Corp		21,180,300
	147,612		Magna International, Inc - Class A (NY)		14,464,500
	183,243	*	TRW Automotive Holdings Corp		14,723,575
			TOTAL AUTOMOBILES & COMPONENTS		76,841,669

BANKS - 7.3%
	671,466		BankUnited		22,151,663
	570,000		CIT Group, Inc		24,538,500
	78,165	e	Cullen/Frost Bankers, Inc		5,972,588
	425,000		East West Bancorp, Inc		14,666,750
	625,000	*	Essent Group Ltd		11,781,250
	2,450,000		Fifth Third Bancorp		50,494,500
	865,310		First Horizon National Corp		9,942,412
	3,450,000		Huntington Bancshares, Inc		31,602,000
	204,878		Investors Bancorp, Inc		5,476,389
	3,280,000		Keycorp		44,739,200
	231,182	e	M&T Bank Corp		28,206,516
	2,750,000		Regions Financial Corp		27,885,000
	1,010,000		SunTrust Banks, Inc		38,642,600
	4,800,000		Synovus Financial Corp		15,408,000
	1,000,000		TCF Financial Corp		15,700,000
	309,000		Zions Bancorporation		8,936,280
			TOTAL BANKS		356,143,648

CAPITAL GOODS - 7.7%
	100,000		AGCO Corp		5,570,000
	126,601	*	Armstrong World Industries, Inc		6,654,149
	185,000		Babcock & Wilcox Co		6,436,150
	205,000		Chicago Bridge & Iron Co NV		16,414,350
	170,000		Crane Co		12,364,100
	315,000		Exelis, Inc		5,840,100
	244,323		Fortune Brands Home & Security, Inc		9,736,272
	219,000	*	Foster Wheeler AG.		7,507,320
	129,288		Hubbell, Inc (Class B)		15,219,783
	215,000		Ingersoll-Rand plc		12,857,000
	447,925		ITT Corp		19,323,484
	795,000		KBR, Inc		20,169,150
	519,187		Masco Corp		10,430,467
	560,000	*,e	Navistar International Corp		21,240,800
	305,000		Owens Corning, Inc		12,459,250
	510,000		Paccar, Inc		32,629,800
	357,818		Pentair Ltd		26,582,299
	36,648		Precision Castparts Corp		9,275,242

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	150,000		Rockwell Collins, Inc	$	11,647,500
	155,000		SPX Corp		15,785,200
	274,863		Terex Corp		11,898,819
	630,000		Textron, Inc		25,767,000
	420,000	*	USG Corp		12,541,200
	274,863	*	WABCO Holdings, Inc		29,413,090
	83,790		Westinghouse Air Brake Technologies Corp		6,246,545
	290,000		Xylem, Inc		10,901,100
			TOTAL CAPITAL GOODS		374,910,170

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	460,000		Republic Services, Inc		16,141,400
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		16,141,400

CONSUMER DURABLES & APPAREL - 2.0%
	800,000		DR Horton, Inc		17,824,000
	397,025	*	Jarden Corp		22,689,979
	96,711	*	Mohawk Industries, Inc		12,805,504
	844,950		Newell Rubbermaid, Inc		25,441,444
	15,000	*	NVR, Inc		16,155,000
			TOTAL CONSUMER DURABLES & APPAREL		94,915,927

CONSUMER SERVICES - 1.9%
	196,028		ARAMARK Holdings Corp		5,526,029
	441,035		Burger King Worldwide, Inc		11,524,244
	415,000		Darden Restaurants, Inc		20,629,650
	1,374,317	*	Denny’s Corp		9,262,897
	463,783		Extended Stay America, Inc		9,994,524
	325,765		Interval Leisure Group, Inc		8,394,964
	300,000		Marriott International, Inc (Class A)		17,379,000
	101,546		Starwood Hotels & Resorts Worldwide, Inc		7,783,501
			TOTAL CONSUMER SERVICES		90,494,809

DIVERSIFIED FINANCIALS - 4.0%
	80,000	*	Affiliated Managers Group, Inc		15,856,000
	232,396	*,e	Ally Financial, Inc		5,612,363
	489,000		Ameriprise Financial, Inc		54,587,070
	570,087		Blackstone Group LP		16,834,669
	252,000		Discover Financial Services		14,086,800
	1,250,000	*	E*Trade Financial Corp		28,062,500
	730,000		Invesco Ltd		25,703,300
	286,465		Lazard Ltd (Class A)		13,478,178
	453,015		Raymond James Financial, Inc		22,514,846
			TOTAL DIVERSIFIED FINANCIALS		196,735,726

ENERGY - 9.1%
	500,000		Anadarko Petroleum Corp		49,510,000
	645,000		Baker Hughes, Inc		45,085,500
	435,507		Capital Product Partners LP		4,790,577
	542,092		Consol Energy, Inc		24,128,515
	155,000	*	Dresser-Rand Group, Inc		9,368,200

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	140,000	*	Dril-Quip, Inc	$	15,836,800
	190,000		Energen Corp		14,802,900
	300,000		Equitable Resources, Inc		32,697,000
	640,000	e	Gibson Energy, Inc		17,085,352
	130,000		Marathon Petroleum Corp		12,083,500
	500,000		Nabors Industries Ltd		12,760,000
	515,000		Noble Energy, Inc		36,966,700
	130,000		Oceaneering International, Inc		9,526,400
	100,000		Oneok, Inc		6,322,000
	60,000		Pioneer Natural Resources Co		11,596,200
	200,000		Questar Market Resources, Inc		6,138,000
	740,000	*	Rowan Cos plc		22,880,800
	150,000		SemGroup Corp		9,582,000
	1,600,000		Talisman Energy, Inc (Toronto)		16,539,391
	145,000		Targa Resources Investments, Inc		15,658,550
	375,000	*	Tesco Corp		7,500,000
	460,000		Tesoro Corp		25,893,400
	245,000	*	Valero Energy Corp		14,006,650
	480,000	*	Weatherford International Ltd		10,080,000
	230,000		Williams Cos, Inc		9,699,100
			TOTAL ENERGY		440,537,535

FOOD & STAPLES RETAILING - 0.5%
	277,554		Kroger Co		12,778,586
	1,832,421	*	Rite Aid Corp		13,376,674
			TOTAL FOOD & STAPLES RETAILING		26,155,260

FOOD, BEVERAGE & TOBACCO - 2.1%
	260,000		ConAgra Foods, Inc		7,932,600
	245,000		Ingredion, Inc		17,260,250
	350,000		Reynolds American, Inc		19,750,500
	97,000		Sanderson Farms, Inc		7,980,190
	1,220,000		Tyson Foods, Inc (Class A)		51,203,400
			TOTAL FOOD, BEVERAGE & TOBACCO		104,126,940

	HEALTH CARE EQUIPMENT & SERVICES - 6.2%
	877,812	*	Allscripts Healthcare Solutions, Inc		13,360,299
	2,630,000	*	Boston Scientific Corp		33,164,300
	280,000		Cardinal Health, Inc		19,462,800
	950,000	*	CareFusion Corp		37,107,000
	435,200		Cigna Corp		34,833,408
	260,000		Healthsouth Corp		9,006,400
	1,225,000	*	Hologic, Inc		25,706,625
	240,000		Humana, Inc		26,340,000
	468,286		Omnicare, Inc		27,755,311
	290,000	*	Tenet Healthcare Corp		13,073,200
	260,000		Universal Health Services, Inc (Class B)		21,265,400
	420,000		Zimmer Holdings, Inc		40,656,000
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		301,730,743

	INSURANCE - 7.4%
	325,000		ACE Ltd		33,254,000

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	350,000		Aon plc	$	29,708,000
	285,043	*	Arch Capital Group Ltd		16,338,665
	340,000		Axis Capital Holdings Ltd		15,555,000
	127,000		Everest Re Group Ltd		20,069,810
	425,000		Fidelity National Title Group, Inc (Class A)		13,676,500
	1,350,000		Hartford Financial Services Group, Inc		48,424,500
	1,096,560	*	Hilltop Holdings, Inc		24,497,150
	225,000		ING Canada, Inc		14,774,189
	630,000		Marsh & McLennan Cos, Inc		31,065,300
	200,000		PartnerRe Ltd		21,080,000
	432,655		Principal Financial Group		20,265,560
	165,000		RenaissanceRe Holdings Ltd		16,699,650
	390,204		UnumProvident Corp		12,962,577
	285,043		Validus Holdings Ltd		10,566,544
	1,035,000		XL Capital Ltd		32,447,250
			TOTAL INSURANCE		361,384,695

MATERIALS - 5.9%
	185,000		Albemarle Corp		12,402,400
	220,000		Ashland, Inc		21,252,000
	777,653	*	Berry Plastics Group, Inc		17,489,416
	205,000		Celanese Corp (Series A)		12,593,150
	300,000	*	Crown Holdings, Inc		14,151,000
	239,233		Cytec Industries, Inc		22,803,689
	167,000		Eastman Chemical Co		14,557,390
	650,000	*	Louisiana-Pacific Corp		10,653,500
	447,925		MeadWestvaco Corp		17,500,430
	710,000		Nucor Corp		36,742,500
	540,000	*	Owens-Illinois, Inc		17,161,200
	155,000		Schweitzer-Mauduit International, Inc		6,764,200
	565,000	e	United States Steel Corp		14,701,300
	295,224		Westlake Chemical Corp		21,019,949
	493,735	*	WR Grace & Co		45,472,994
			TOTAL MATERIALS		285,265,118

MEDIA - 2.3%
	875,000	*	DISH Network Corp (Class A)		49,752,500
	1,530,000		Interpublic Group of Cos, Inc		26,652,600
	203,602	*	Madison Square Garden, Inc		11,116,669
	290,000	*	Tribune Co		22,547,500
			TOTAL MEDIA		110,069,269

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.6%
	120,000	*	Actavis plc		24,519,600
	640,000		Agilent Technologies, Inc		34,585,600
	618,418	*	Biovitrum AB		6,800,387
	200,000	*	Bruker BioSciences Corp		4,132,000
	67,000		Lonza Group AG.		7,012,256
	390,000	*	Mylan Laboratories, Inc		19,804,200
	335,944		PerkinElmer, Inc		14,099,570
	177,500		Questcor Pharmaceuticals, Inc		14,586,950
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		125,540,563

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

REAL ESTATE - 10.1%
	356,304		American Assets Trust,Inc	$	12,096,521
	215,000		AvalonBay Communities, Inc		29,358,250
	523,156		Blackstone Mortgage Trust, Inc		14,873,325
	287,000		Boston Properties, Inc		33,619,180
	615,000		Brixmor Property Group, Inc		13,505,400
	1,180,000		DDR Corp		20,260,600
	389,532		Gaming and Leisure Properties, Inc		14,315,301
	1,099,173		General Growth Properties, Inc		25,248,004
	1,445,577		Host Marriott Corp		31,007,627
	425,000		Kennedy-Wilson Holdings, Inc		9,282,000
	381,755		Kilroy Realty Corp		22,741,145
	768,600		Kimco Realty Corp		17,616,312
	240,000		Macerich Co		15,578,400
	580,000		Mack-Cali Realty Corp		11,814,600
	2,100,000		MFA Mortgage Investments, Inc		16,653,000
	510,000		Pennsylvania REIT		8,440,500
	940,000		Prologis, Inc		38,192,200
	303,368		SL Green Realty Corp		31,765,663
	1,000,000		Starwood Property Trust, Inc		24,050,000
	260,000		Tanger Factory Outlet Centers, Inc		9,276,800
	104,855		Taubman Centers, Inc		7,637,638
	1,080,000		Two Harbors Investment Corp		11,210,400
	490,000		Vornado Realty Trust		50,274,000
	660,000		Weingarten Realty Investors		20,592,000
			TOTAL REAL ESTATE		489,408,866

RETAILING - 2.8%
	505,000	*	Ann Taylor Stores Corp		19,790,950
	790,000		Best Buy Co, Inc		20,484,700
	1,230,000	*	Liberty Interactive Corp		35,743,800
	445,000		Macy’s, Inc		25,556,350
	183,243		Signet Jewelers Ltd		18,566,181
	1,125,000		Staples, Inc		14,062,500
			TOTAL RETAILING		134,204,481

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.2%
	291,000		Analog Devices, Inc		14,925,390
	1,075,000		Applied Materials, Inc		20,489,500
	360,000		Avago Technologies Ltd		22,860,000
	1,270,000	*	Fairchild Semiconductor International, Inc		16,167,100
	620,000	*,e	Freescale Semiconductor Holdings Ltd		13,621,400
	380,000	*	Lam Research Corp		21,891,800
	1,277,535		Marvell Technology Group Ltd		20,261,705
	1,883,322	*	Micron Technology, Inc		49,192,371
	800,000		Nvidia Corp		14,776,000
	400,000	*	NXP Semiconductors NV		23,848,000
	1,240,000	*	ON Semiconductor Corp		11,668,400
	590,000	*,e	Teradyne, Inc		10,425,300
	250,000		Xilinx, Inc		11,797,500
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		251,924,466

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

SOFTWARE & SERVICES - 1.6%
	41,000	*	Alliance Data Systems Corp	$	9,917,900
	620,000		CA, Inc		18,686,800
	720,000		EarthLink Holdings Corp		2,455,200
	3,500,000		Xerox Corp		42,315,000
	70,000	*	Yahoo!, Inc		2,516,500
			TOTAL SOFTWARE & SERVICES		75,891,400

TECHNOLOGY HARDWARE & EQUIPMENT - 3.5%
	434,386	*	Arrow Electronics, Inc		24,651,405
	1,018,012	*	Brocade Communications Systems, Inc		9,477,692
	480,000	*,e	Ciena Corp		9,489,600
	1,625,000	*	JDS Uniphase Corp		20,588,750
	590,000	*	Juniper Networks, Inc		14,567,100
	410,000		NetApp, Inc		14,600,100
	150,000		SanDisk Corp		12,745,500
	535,000		Seagate Technology, Inc		28,130,300
	600,000		TE Connectivity Ltd		35,388,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		169,638,447

TELECOMMUNICATION SERVICES - 0.6%
	410,000	*	Level 3 Communications, Inc		17,642,300
	480,000		Telephone & Data Systems, Inc		13,051,200
			TOTAL TELECOMMUNICATION SERVICES		30,693,500

TRANSPORTATION - 2.9%
	130,000		Alaska Air Group, Inc		12,230,400
	480,000	*	American Airlines Group, Inc		16,833,600
	335,000	*	Avis Budget Group, Inc		17,617,650
	232,946		Costamare, Inc		4,994,362
	407,205		CSX Corp		11,491,325
	1,090,000		Delta Air Lines, Inc		40,144,700
	447,925	*	Hertz Global Holdings, Inc		12,752,425
	101,802		Kansas City Southern Industries, Inc		10,269,786
	550,000		Safe Bulkers, Inc		4,466,000
	240,000	*	UAL Corp		9,808,800
			TOTAL TRANSPORTATION		140,609,048

UTILITIES - 10.5%
	400,000		American Water Works Co, Inc		18,212,000
	820,000	*	Calpine Corp		18,802,600
	1,401,803		Centerpoint Energy, Inc		34,708,642
	850,000		CMS Energy Corp		25,763,500
	470,000		DTE Energy Co		36,725,800
	870,000		Edison International		49,207,200
	167,972		National Fuel Gas Co		12,369,458
	775,057		NiSource, Inc		28,150,070
	335,159		Northeast Utilities		15,839,614
	381,755		NorthWestern Corp		18,469,307
	780,000		NRG Energy, Inc		25,521,600
	730,000	*	OGE Energy Corp		27,250,900

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

	311,593		PG&E Corp					$	14,202,409
	1,180,000		PPL Corp						39,341,200
	910,000		Public Service Enterprise Group, Inc						37,282,700
	366,484		Questar Corp						8,898,232
	570,000		Sempra Energy						56,207,700
	310,000		UIL Holdings Corp						11,386,300
	1,070,000		Xcel Energy, Inc						34,100,900
			TOTAL UTILITIES						512,440,132

			TOTAL COMMON STOCKS						4,765,803,812
			(Cost $3,352,105,606)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 4.3%
GOVERNMENT AGENCY DEBT - 1.3%
$	15,000,000		Federal Home Loan Bank (FHLB)		0.040	%	05/14/14		14,999,783
	50,000,000		Federal Home Loan Bank (FHLB)		0.040		05/23/14		49,998,778
			TOTAL GOVERNMENT AGENCY DEBT						64,998,561

TREASURY DEBT - 0.7%
	15,000,000		United States Treasury Bill		0.045		05/08/14		14,999,869
	19,000,000		United States Treasury Bill		0.074		02/05/15		18,989,664
			TOTAL TREASURY DEBT						33,989,533

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.3%
	112,691,968	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						112,691,968
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						112,691,968
			TOTAL SHORT-TERM INVESTMENTS						211,680,062
			(Cost $211,679,462)

			TOTAL INVESTMENTS - 102.4%						4,977,483,874
			(Cost $3,563,785,068)
			OTHER ASSETS & LIABILITIES, NET - (2.4)%						(117,381,529	)
			NET ASSETS - 100.0%					$	4,860,102,345

				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 $110,184,708.

TIAA-CREF FUNDS - Small-Cap Equity Fund

TIAA-CREF FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.1%
	202,630		Superior Industries International, Inc	$	4,283,598
	362,474	*	Tenneco, Inc		21,701,319
			TOTAL AUTOMOBILES & COMPONENTS		25,984,917

BANKS - 8.5%
	159,643		Banner Corp		6,312,284
	664,712		Boston Private Financial Holdings, Inc		8,315,547
	749,911		Brookline Bancorp, Inc		6,809,192
	1,037,820		Capitol Federal Financial		12,495,353
	435,151		Cathay General Bancorp		10,269,563
	243,052		Columbia Banking System, Inc		6,032,551
	180,842		Community Bank System, Inc		6,725,514
	394,147		First Commonwealth Financial Corp		3,385,723
	721,011		FirstMerit Corp		13,980,403
	808,240		FNB Corp		10,054,505
	706,461		Home Loan Servicing Solutions Ltd		15,648,111
	1,328,798	*	MGIC Investment Corp		11,427,663
	1,051,279		National Penn Bancshares, Inc		10,270,996
	455,242		Oritani Financial Corp		6,751,239
	276,700		PrivateBancorp, Inc		7,628,619
	342,793		Prosperity Bancshares, Inc		20,224,787
	664,445		Provident Financial Services, Inc		11,548,054
	485,170		Radian Group, Inc		6,782,677
	1,018,600		Susquehanna Bancshares, Inc		10,552,696
	145,288	*	SVB Financial Group		15,500,777
	314,980		Webster Financial Corp		9,493,497
			TOTAL BANKS		210,209,751

CAPITAL GOODS - 9.8%
	237,860		Actuant Corp (Class A)		8,053,940
	188,930		Acuity Brands, Inc		23,535,010
	139,652	*	American Woodmark Corp		4,190,956
	45,269		Ampco-Pittsburgh Corp		906,738
	289,142		Applied Industrial Technologies, Inc		13,855,685
	343,470		Comfort Systems USA, Inc		5,152,050
	205,027		Crane Co		14,911,614
	112,151		Cubic Corp		5,319,322
	226,889		Curtiss-Wright Corp		14,507,283
	51,493	*	DXP Enterprises, Inc		5,829,522
	206,593		EnerSys		13,961,555
	83,422	*,e	EnPro Industries, Inc		5,940,481
	46,580		Graco, Inc		3,377,050
	237,489		Heico Corp		13,137,891
	170,600	*	Hexcel Corp		7,112,314

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	94,207		Huntington Ingalls	$	9,703,321
	87,267		Kadant, Inc		3,032,528
	81,704		LB Foster Co (Class A)		3,868,684
	228,318		Mueller Industries, Inc		6,607,523
	440,750	*	Orbital Sciences Corp		12,958,050
	68,156		Oshkosh Truck Corp		3,783,340
	99,077	*,e	Proto Labs, Inc		5,998,122
	66,900		Regal-Beloit Corp		4,999,437
	916,475	*	Taser International, Inc		14,801,071
	177,800	*	Teledyne Technologies, Inc		16,510,508
	67,690		Universal Forest Products, Inc		3,417,668
	160,470	*	WABCO Holdings, Inc		17,171,895
			TOTAL CAPITAL GOODS		242,643,558

COMMERCIAL & PROFESSIONAL SERVICES - 3.9%
	121,627		American Ecology Corp		5,430,646
	114,607		Exponent, Inc		8,070,625
	121,925		HNI Corp		4,295,418
	91,114	*	Huron Consulting Group, Inc		6,487,317
	396,686	*	Korn/Ferry International		11,523,728
	253,478	*	On Assignment, Inc		8,871,730
	349,589		Rollins, Inc		10,515,637
	648,846	*	RPX Corp		10,628,097
	507,827	*	TrueBlue, Inc		13,584,372
	172,418		Viad Corp		3,974,235
	318,226	*	WageWorks, Inc		13,483,236
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		96,865,041

CONSUMER DURABLES & APPAREL - 2.5%
	259,179	*,e	Beazer Homes USA, Inc		4,914,034
	416,350		Brunswick Corp		16,733,106
	434,373	*	CROCS, Inc		6,572,064
	374,100		La-Z-Boy, Inc		9,064,443
	113,093		Movado Group, Inc		4,442,293
	649,900	*	Standard-Pacific Corp		5,192,701
	333,994	*	Steven Madden Ltd		11,893,526
	166,800	*	Tumi Holdings, Inc		3,406,056
			TOTAL CONSUMER DURABLES & APPAREL		62,218,223

CONSUMER SERVICES - 3.8%
	173,364		Cheesecake Factory		7,782,310
	493,400		Hillenbrand, Inc		14,999,360
	208,949	*	Hyatt Hotels Corp		11,759,649
	277,241	*	Marriott Vacations Worldwide Corp		15,104,090
	262,729	*	Multimedia Games, Inc		7,671,687
	401,219	*	Orient-Express Hotels Ltd (Class A)		5,255,969
	788,987		Service Corp International		14,809,286
	255,659		Six Flags Entertainment Corp		10,262,152
	253,000		Texas Roadhouse, Inc (Class A)		6,259,220
			TOTAL CONSUMER SERVICES		93,903,723

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

DIVERSIFIED FINANCIALS - 2.1%
	1,884,204		Apollo Investment Corp	$	15,054,790
	197,974	e	Cash America International, Inc		8,621,768
	385,400	*,e	GSV Capital Corp		3,383,812
	231,300	*	Portfolio Recovery Associates, Inc		13,218,795
	248,760	e	Prospect Capital Corp		2,689,096
	546,413	e	TCP Capital Corp		8,846,426
			TOTAL DIVERSIFIED FINANCIALS		51,814,687

ENERGY - 6.0%
	291,296	e	Alon USA Energy, Inc		4,745,212
	950,300	*,e	Alpha Natural Resources, Inc		4,086,290
	407,056	*,e	Approach Resources, Inc		8,446,412
	529,900	e	Arch Coal, Inc		2,426,942
	72,906		Bristow Group, Inc		5,599,181
	268,070		Comstock Resources, Inc		7,452,346
	117,200	e	CVR Energy, Inc		5,760,380
	359,402		Delek US Holdings, Inc		11,497,270
	117,713	e	Energy XXI Bermuda Ltd		2,816,872
	244,800		Green Plains Renewable Energy, Inc		7,319,520
	261,985	*,e	Penn Virginia Corp		4,359,430
	808,866	*	Pioneer Energy Services Corp		12,108,724
	525,298	*	Renewable Energy Group, Inc		6,182,758
	172,784	*	Stone Energy Corp		8,475,055
	187,262		Targa Resources Investments, Inc		20,222,423
	1,273,929	*	Vaalco Energy, Inc		11,745,625
	331,288		W&T Offshore, Inc		6,360,730
	265,900	e	Western Refining, Inc		11,566,650
	701,300	*	Willbros Group, Inc		7,791,443
			TOTAL ENERGY		148,963,263

FOOD & STAPLES RETAILING - 0.9%
	2,473,470	*	Rite Aid Corp		18,056,331
	40,025	*	United Natural Foods, Inc		2,762,926
	45,532		Weis Markets, Inc		2,098,570
			TOTAL FOOD & STAPLES RETAILING		22,917,827

FOOD, BEVERAGE & TOBACCO - 1.7%
	36,790	*,e	Boston Beer Co, Inc (Class A)		9,051,812
	57,668	*	Darling International, Inc		1,153,937
	124,190	*,e	Diamond Foods, Inc		3,796,488
	171,205		Fresh Del Monte Produce, Inc		4,946,112
	88,133		J&J Snack Foods Corp		8,249,249
	171,265		Sanderson Farms, Inc		14,089,971
			TOTAL FOOD, BEVERAGE & TOBACCO		41,287,569

HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	334,870	*	Align Technology, Inc		16,874,099
	515,146	*	AMN Healthcare Services, Inc		6,429,022
	53,791	*	Anika Therapeutics, Inc		2,299,027
	136,341		Cantel Medical Corp		4,521,068
	187,415		Computer Programs & Systems, Inc		11,831,509
	246,519	*	Cyberonics, Inc		14,584,064

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	235,613	*	Cynosure, Inc (Class A)	$	5,781,943
	170,504	*	HealthStream, Inc		3,861,916
	91,600	*	ICU Medical, Inc		5,109,448
	367,348	*	Medidata Solutions, Inc		13,338,406
	66,738	*	MWI Veterinary Supply, Inc		10,453,840
	242,090	*	NuVasive, Inc		8,160,854
	243,916	*	Omnicell, Inc		6,458,896
	161,668	*	PharMerica Corp		4,395,753
	413,300		Select Medical Holdings Corp		5,769,668
	383,000	*	Team Health Holdings, Inc		18,567,840
	320,074	*	Thoratec Corp		10,492,026
	157,733	*	WellCare Health Plans, Inc		10,642,245
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		159,571,624

HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	308,070	*,e	Medifast, Inc		9,750,415
	71,782	*,e	USANA Health Sciences, Inc		4,871,127
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		14,621,542

INSURANCE - 3.4%
	221,300	e	Amtrust Financial Services, Inc		8,557,671
	337,700		Assured Guaranty Ltd		8,074,407
	298,968	e	HCI Group, Inc		11,564,082
	733,580		Maiden Holdings Ltd		8,656,244
	193,400		Montpelier Re Holdings Ltd		5,914,172
	259,019		Platinum Underwriters Holdings Ltd		16,243,081
	220,996		Primerica, Inc		10,141,507
	473,202	*	Third Point Reinsurance Ltd		7,400,879
	546,800		Universal Insurance Holdings, Inc		7,999,684
			TOTAL INSURANCE		84,551,727

MATERIALS - 4.4%
	173,300		A. Schulman, Inc		6,224,936
	898,900	*,e	AK Steel Holding Corp		6,292,300
	217,284	*	Boise Cascade Co		5,436,446
	463,680	*	Coeur d’Alene Mines Corp		4,015,469
	413,381		Globe Specialty Metals, Inc		8,011,324
	245,340		Minerals Technologies, Inc		14,595,277
	337,069		Myers Industries, Inc		6,303,190
	235,599		OM Group, Inc		6,900,695
	70,938		Quaker Chemical Corp		5,279,915
	524,791	*,e	Resolute Forest Products		9,362,271
	196,105	*	RTI International Metals, Inc		5,522,317
	275,729		Schnitzer Steel Industries, Inc (Class A)		7,739,713
	739,964	*	Stillwater Mining Co		11,676,632
	272,157		Worthington Industries, Inc		10,015,377
			TOTAL MATERIALS		107,375,862

MEDIA - 2.2%
	303,740		Cinemark Holdings, Inc		8,996,779
	412,577	*	EW Scripps Co (Class A)		7,067,444
	535,861	*	Journal Communications, Inc (Class A)		4,297,605

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	289,467	*	Lamar Advertising Co (Class A)	$	14,450,193
	976,380	*	Live Nation, Inc		20,386,814
			TOTAL MEDIA		55,198,835

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.7%
	238,900	*,e	Acadia Pharmaceuticals, Inc		4,809,057
	45,685	*,e	Acceleron Pharma, Inc		1,569,280
	322,900	*	Acorda Therapeutics, Inc		11,446,805
	636,648	*,e	Affymetrix, Inc		4,730,295
	52,700	*	Alnylam Pharmaceuticals, Inc		2,610,231
	151,979	*	AMAG Pharmaceuticals, Inc		2,775,137
	575,300	*,e	Arena Pharmaceuticals, Inc		3,681,920
	630,490	*	Array Biopharma, Inc		2,509,350
	813,742	*	AVANIR Pharmaceuticals, Inc		4,052,435
	214,455	*	Cambrex Corp		4,394,183
	107,296	*,e	Cara Therapeutics Inc		1,543,989
	81,200	*,e	Celldex Therapeutics, Inc		1,218,000
	216,604	*,e	Cepheid, Inc		9,417,942
	43,177	*	Clovis Oncology, Inc		2,334,580
	387,776	*,e	Cytokinetics, Inc		1,764,381
	373,763	*	Depomed, Inc		5,236,420
	53,390	*,e	Epizyme, Inc		1,164,970
	271,800	*,e	Exelixis, Inc		962,172
	27,800	*	Furiex Pharmaceuticals Inc		2,873,686
	88,689	*,e	Genomic Health, Inc		2,327,199
	277,103	*	Impax Laboratories, Inc		7,246,244
	172,039	*,e	Insys Therapeutics, Inc		7,063,921
	5,400	*	Intercept Pharmaceuticals, Inc		1,426,248
	96,200	*	InterMune, Inc		3,086,096
	123,470	*,e	Isis Pharmaceuticals, Inc		3,285,537
	132,900	*	Lannett Co, Inc		4,589,037
	387,634	*	Medicines Co		10,311,064
	258,519	*	NPS Pharmaceuticals, Inc		6,881,776
	145,773	*	OncoGenex Pharmaceutical, Inc		565,599
	499,531	*,e	Orexigen Therapeutics, Inc		2,807,364
	327,600	*	Parexel International Corp		14,856,660
	497,860	e	PDL BioPharma, Inc		4,226,831
	24,141	*	Prestige Brands Holdings, Inc		809,206
	28,551	*	Puma Biotechnology, Inc		2,156,743
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		140,734,358

REAL ESTATE - 8.5%
	309,696		Chesapeake Lodging Trust		8,358,695
	1,242,582		Cousins Properties, Inc		14,451,229
	801,144		CubeSmart		14,901,278
	550,270		DCT Industrial Trust, Inc		4,303,111
	645,920		DuPont Fabros Technology, Inc		15,650,641
	194,170		EastGroup Properties, Inc		12,281,253
	317,442		Extra Space Storage, Inc		16,611,740
	613,945		First Industrial Realty Trust, Inc		11,278,170
	179,263		LTC Properties, Inc		6,924,930
	1,286,100		New Residential Investment Corp		7,845,210

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	117,308		PS Business Parks, Inc	$	10,061,507
	934,677		RAIT Investment Trust		7,645,658
	471,900		Retail Opportunities Investment Corp		7,380,516
	632,307		RLJ Lodging Trust		16,863,628
	93,629		Saul Centers, Inc		4,296,635
	215,204		Sovran Self Storage, Inc		16,333,984
	1,291,500	*	Strategic Hotels & Resorts, Inc		13,935,285
	256,588		Sun Communities, Inc		11,692,715
	555,579		Sunstone Hotel Investors, Inc		7,950,335
			TOTAL REAL ESTATE		208,766,520

RETAILING - 3.6%
	102,150	*	Ann Taylor Stores Corp		4,003,258
	113,200	*	Asbury Automotive Group, Inc		6,988,968
	358,274	*	Barnes & Noble, Inc		5,875,694
	281,190		Big 5 Sporting Goods Corp		3,433,330
	188,715		Children’s Place Retail Stores, Inc		9,058,320
	908,423	*	Christopher & Banks Corp		5,668,560
	157,700		Finish Line, Inc (Class A)		4,341,481
	240,277	*	Kirkland’s, Inc		4,111,139
	99,773		Lithia Motors, Inc (Class A)		7,411,138
	795,853	*	Orbitz Worldwide, Inc		5,849,520
	327,071		Penske Auto Group, Inc		14,999,476
	421,200		Pier 1 Imports, Inc		7,691,112
	764,700	*,e	RadioShack Corp		1,093,521
	267,359	*	RetailMeNot, Inc		7,969,972
			TOTAL RETAILING		88,495,489

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
	290,056	*	Advanced Energy Industries, Inc		6,346,425
	264,470	*,e	Ambarella, Inc		6,572,080
	169,651	*	Cabot Microelectronics Corp		7,357,764
	434,021	*	Cavium Networks, Inc		18,389,470
	813,538	*	Entegris, Inc		9,022,136
	1,511,956	*	Entropic Communications, Inc		5,579,118
	23,414		Hittite Microwave Corp		1,389,855
	476,973	*	Integrated Device Technology, Inc		5,566,275
	1,730,622	*	Lattice Semiconductor Corp		14,571,837
	847,569	*	Rambus, Inc		10,247,109
	1,234,466	*	Silicon Image, Inc		6,925,354
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		91,967,423

SOFTWARE & SERVICES - 8.6%
	480,795	*	Aspen Technology, Inc		20,669,377
	211,024	*	Commvault Systems, Inc		10,213,562
	318,007	*	Datalink Corp		4,083,210
	278,134	*	Demandware, Inc		13,803,790
	140,443		DST Systems, Inc		12,947,440
	310,800	*,e	Gigamon, Inc		4,901,316
	421,237	*	Infoblox, Inc		8,264,670
	357,575	*	LogMeIn, Inc		16,251,784
	580,140	*	Manhattan Associates, Inc		18,291,814

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	302,065	*,e	Marketo, Inc	$	8,198,044
	420,482		MAXIMUS, Inc		17,899,919
	1,010,150	*	Monster Worldwide, Inc		6,959,933
	157,300	*	Proofpoint, Inc		4,001,712
	155,528	*	PROS Holdings, Inc		4,261,467
	115,245	*	Rally Software Development Corp		1,507,405
	139,274	*	Syntel, Inc		11,186,488
	1,151,154	*	TiVo, Inc		13,652,686
	6,116	*	Ultimate Software Group, Inc		731,657
	156,010	*	Varonis Systems, Inc		3,942,373
	152,457	*	Virtusa Corp		5,026,507
	256,142	*,e	WebMD Health Corp (Class A)		11,293,301
	423,533	*	Xoom Corp		9,449,021
	930,900	*	Zynga, Inc		3,770,145
			TOTAL SOFTWARE & SERVICES		211,307,621

TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%
	527,221	e	Alliance Fiber Optic Products, Inc		10,133,187
	418,990	*	ARRIS Group, Inc		10,931,449
	490,300	*	Aruba Networks, Inc		9,693,231
	372,560	*	Benchmark Electronics, Inc		8,635,941
	367,039	*	Calix Networks, Inc		3,233,613
	473,301	*	Emulex Corp		3,384,102
	263,971	*,e	Finisar Corp		6,902,842
	249,858	*	Immersion Corp		2,833,390
	193,261		Lexmark International, Inc (Class A)		8,310,223
	227,053	*	Plexus Corp		9,518,062
	1,280,937	*	QLogic Corp		14,833,250
	610,780	*	Sanmina Corp		12,368,295
	1,615,740	*	Sonus Networks, Inc		5,283,470
	259,000	*	Super Micro Computer, Inc		5,273,240
	285,479	*,e	Synaptics, Inc		17,742,520
	199,449	*	SYNNEX Corp		13,438,874
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		142,515,689

TELECOMMUNICATION SERVICES - 1.1%
	990,550	*	8x8, Inc		9,608,335
	430,016		Inteliquent, Inc		5,865,418
	491,643	*	Premiere Global Services, Inc		6,253,699
	1,289,737	*	Vonage Holdings Corp		4,952,590
			TOTAL TELECOMMUNICATION SERVICES		26,680,042

TRANSPORTATION - 1.8%
	31,058		Amerco, Inc		7,767,916
	404,138		Arkansas Best Corp		15,931,120
	35,035		Landstar System, Inc		2,206,855
	289,046		Matson, Inc		6,847,500
	104,140	*	Spirit Airlines, Inc		5,919,318
	255,390	*,e	Swift Transportation Co, Inc		6,142,129
			TOTAL TRANSPORTATION		44,814,838

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

UTILITIES - 3.2%
	337,960		American States Water Co					$	10,260,466
	405,703		Avista Corp						13,043,351
	271,689		Black Hills Corp						15,690,040
	348,364		Empire District Electric Co						8,472,213
	25,000	e	iShares Micro-Cap ETF						1,816,750
	22,971		Laclede Group, Inc						1,089,055
	201,389		New Jersey Resources Corp						10,015,075
	204,180		NorthWestern Corp						9,878,228
	151,711		Southwest Gas Corp						8,345,622
			TOTAL UTILITIES						78,610,800

			TOTAL COMMON STOCKS						2,452,020,929
			(Cost $2,057,836,738)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 8.5%
TREASURY DEBT - 0.1%
$	2,600,000	d	United States Treasury Bill		0.045	%	05/08/14		2,599,977
			TOTAL TREASURY DEBT						2,599,977

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 8.4%
	207,545,747	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						207,545,747
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						207,545,747
			TOTAL SHORT-TERM INVESTMENTS						210,145,724
			(Cost $210,145,724)

			TOTAL INVESTMENTS - 107.9%						2,662,166,653
			(Cost $2,267,982,462)
			OTHER ASSETS & LIABILITIES, NET - (7.9)%						(195,616,651	)
			NET ASSETS - 100.0%					$	2,466,550,002

		*		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 requirements 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 $202,718,365.

TIAA-CREF FUNDS - Social Choice Equity Fund

TIAA-CREF FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 2.0%
	130		Autoliv, Inc	$	13,257
	19,676		BorgWarner, Inc		1,222,667
	7,000		Delphi Automotive plc		467,880
	901,531		Ford Motor Co		14,559,725
	70,343		Harley-Davidson, Inc		5,201,162
	232,444		Johnson Controls, Inc		10,492,522
	8,602	*	Modine Manufacturing Co		141,761
	29,529	*	Tenneco, Inc		1,767,901
	26,800	*,e	Tesla Motors, Inc		5,571,452
			TOTAL AUTOMOBILES & COMPONENTS		39,438,327

BANKS - 3.4%
	13,100		Associated Banc-Corp		229,905
	4,424		Astoria Financial Corp		58,662
	7,468		Bank of Hawaii Corp		412,010
	296,776		BB&T Corp		11,078,648
	5,200		Boston Private Financial Holdings, Inc		65,052
	1,470		Capitol Federal Financial		17,699
	1,120		Cardinal Financial Corp		18,816
	690		Cathay General Bancorp		16,284
	3,446		Centerstate Banks of Florida, Inc		37,803
	2,810		CIT Group, Inc		120,970
	440		Columbia Banking System, Inc		10,921
	46,670		Comerica, Inc		2,251,361
	254		Commerce Bancshares, Inc		11,044
	797		Community Bank System, Inc		29,640
	2,109	e	Cullen/Frost Bankers, Inc		161,149
	2,540		East West Bancorp, Inc		87,655
	715		Federal Agricultural Mortgage Corp (Class C)		25,440
	2,880		First Commonwealth Financial Corp		24,739
	1,352		First Interstate Bancsystem, Inc		33,651
	910		First Merchants Corp		19,310
	3,680		First Midwest Bancorp, Inc		60,242
	574		First Niagara Financial Group, Inc		5,120
	16,679	*	Flagstar Bancorp, Inc		293,550
	201		Flushing Financial Corp		3,863
	1,130		FNB Corp		14,057
	540		Glacier Bancorp, Inc		13,856
	1,279		Hancock Holding Co		43,141
	63,350		Huntington Bancshares, Inc		580,286
	495,271		Keycorp		6,755,496
	3,900		Lakeland Bancorp, Inc		40,716
	81,910	e	M&T Bank Corp		9,993,839
	14,980	*	MGIC Investment Corp		128,828

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	1,360		National Penn Bancshares, Inc	$	13,287
	310		NBT Bancorp, Inc		7,021
	40,135	e	New York Community Bancorp, Inc		618,480
	2,082		Northfield Bancorp, Inc		27,004
	3,640		Old National Bancorp		51,397
	5,423		PacWest Bancorp		213,504
	2,510		Peoples Bancorp, Inc		65,436
	982	e	People’s United Financial, Inc		14,023
	510		Pinnacle Financial Partners, Inc		17,631
	152,678		PNC Financial Services Group, Inc		12,831,059
	16,121	*	Popular, Inc		498,139
	5,210		PrivateBancorp, Inc		143,640
	11,168		Provident Financial Services, Inc		194,100
	203,620		Radian Group, Inc		2,846,608
	1,440	*	Signature Bank		171,101
	5,007		Susquehanna Bancshares, Inc		51,873
	6,870	*	SVB Financial Group		732,960
	429		TCF Financial Corp		6,735
	870	*	Texas Capital Bancshares, Inc		48,885
	350		Trustmark Corp		8,004
	650		Umpqua Holdings Corp		10,810
	1,980		United Bankshares, Inc		57,915
	385,154		US Bancorp		15,706,580
	3,230		Webster Financial Corp		97,352
	1,553	e	Westamerica Bancorporation		78,923
	1,160	*	Western Alliance Bancorp		26,761
	5,660		Wilshire Bancorp, Inc		56,600
	230		Wintrust Financial Corp		10,309
	10,315		Zions Bancorporation		298,310
			TOTAL BANKS		67,548,200

CAPITAL GOODS - 7.5%
	126,735		3M Co		17,627,571
	5,778	*	A.O. Smith Corp		270,179
	589		Aceto Corp		12,887
	4,150		Actuant Corp (Class A)		140,519
	1,450		Acuity Brands, Inc		180,626
	2,117	*	Aerovironment, Inc		71,491
	137,819		Ametek, Inc		7,265,818
	286		Applied Industrial Technologies, Inc		13,705
	12,937	*	ArvinMeritor, Inc		153,562
	2,565		Astec Industries, Inc		102,472
	29,970		Barnes Group, Inc		1,154,444
	419	*	Beacon Roofing Supply, Inc		14,908
	8,750	e	Briggs & Stratton Corp		186,987
	33,044	*	Builders FirstSource, Inc		259,395
	1,630	*,e	Chart Industries, Inc		111,199
	3,098		Clarcor, Inc		178,940
	3,420	*	Colfax Corp		246,172
	62,930		Cummins, Inc		9,492,990
	158,962		Danaher Corp		11,664,632
	123,104		Deere & Co		11,490,527

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	18,591		Dover Corp	$	1,606,262
	105,251		Eaton Corp		7,645,433
	1,365		EMCOR Group, Inc		62,776
	196,665		Emerson Electric Co		13,408,620
	1,790		EnerSys		120,968
	600	*	Esterline Technologies Corp		65,412
	50,373	e	Fastenal Co		2,522,680
	5,388		Fluor Corp		407,872
	3,293		Fortune Brands Home & Security, Inc		131,226
	300		GATX Corp		19,689
	19,881		Graco, Inc		1,441,372
	245		Granite Construction, Inc		9,158
	1,410	*	H&E Equipment Services, Inc		54,355
	1,137		Heico Corp		62,899
	4,430	*	Hexcel Corp		184,687
	3,902		Houston Wire & Cable Co		48,619
	135,102		Illinois Tool Works, Inc		11,514,743
	41,062		Ingersoll-Rand plc		2,455,508
	500	*	Jacobs Engineering Group, Inc		28,850
	2,750	e	Joy Global, Inc		166,045
	246		Kadant, Inc		8,549
	1,785	*,e	Layne Christensen Co		31,095
	7,720		Lincoln Electric Holdings, Inc		515,773
	137,219		Masco Corp		2,756,730
	149	*	Middleby Corp		37,620
	2,279		MSC Industrial Direct Co (Class A)		207,526
	415	*	MYR Group, Inc		9,736
	39,362		Nordson Corp		2,926,565
	49,214		Owens Corning, Inc		2,010,392
	84,822		Paccar, Inc		5,426,912
	10,326		Pall Corp		868,933
	11,759		Parker Hannifin Corp		1,491,982
	32,920		Pentair Ltd		2,445,627
	2,753	*	Pike Electric Corp		26,429
	12,819	*,e	Polypore International, Inc		444,563
	44,778		Precision Castparts Corp		11,332,864
	29,353	*	Quanta Services, Inc		1,035,574
	29,443		Rockwell Automation, Inc		3,509,017
	8,094		Rockwell Collins, Inc		628,499
	12,415		Roper Industries, Inc		1,725,064
	2,611	*	Rush Enterprises, Inc (Class A)		83,813
	4,718		Snap-On, Inc		547,288
	60,882	*	Spirit Aerosystems Holdings, Inc (Class A)		1,828,286
	2,702	e	TAL International Group, Inc		113,970
	29,991		Tennant Co		1,913,126
	4,793		Timken Co		302,342
	11,900	*	United Rentals, Inc		1,116,577
	1,160		Valmont Industries, Inc		172,736
	1,480		W.W. Grainger, Inc		376,512
	10,000	*	Wabash National Corp		133,600
	9,255	*	WABCO Holdings, Inc		990,378
	145		Watsco, Inc		14,922

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	1,355	*,e	WESCO International, Inc	$	118,942
	2,354		Westinghouse Air Brake Technologies Corp		175,491
	5,280		Woodward Governor Co		236,702
	2,729		Xylem, Inc		102,583
			TOTAL CAPITAL GOODS		148,262,916

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	540		ABM Industries, Inc		14,629
	9,060	e	Acacia Research (Acacia Technologies)		145,322
	88,223	*	ACCO Brands Corp		540,807
	305		Brink’s Co		7,759
	2,628	*	CBIZ, Inc		22,522
	970		CDI Corp		14,860
	1,690	*	Copart, Inc		61,296
	1,360		Corporate Executive Board Co		93,867
	650		Covanta Holding Corp		11,992
	5,827		Deluxe Corp		320,194
	21,668		Dun & Bradstreet Corp		2,399,948
	4,720		Equifax, Inc		334,223
	400		Heidrick & Struggles International, Inc		7,540
	5,092		HNI Corp		179,391
	2,370	*	IHS, Inc (Class A)		285,893
	1,660	*	Innerworkings, Inc		11,952
	5,010		Interface, Inc		90,130
	36,533		Iron Mountain, Inc		1,038,999
	1,760		Kelly Services, Inc (Class A)		37,066
	590		Knoll, Inc		10,732
	690	*	Korn/Ferry International		20,044
	7,926		Manpower, Inc		644,701
	3,562	*	Mistras Group, Inc		80,893
	430		Mobile Mini, Inc		18,997
	3,470	*	Navigant Consulting, Inc		58,296
	970	*	On Assignment, Inc		33,950
	22,140		R.R. Donnelley & Sons Co		389,664
	2,311		Resources Connection, Inc		31,453
	42,629		Robert Half International, Inc		1,909,779
	4,160	*	RPX Corp		68,141
	1,210		Steelcase, Inc (Class A)		19,941
	10,180	*	Tetra Tech, Inc		291,861
	290		United Stationers, Inc		10,884
	457		Viad Corp		10,534
	51,314		Waste Management, Inc		2,280,907
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		11,499,167

CONSUMER DURABLES & APPAREL - 1.1%
	3,750	e	Blyth, Inc		35,138
	5,420	e	Callaway Golf Co		47,208
	198	e	Columbia Sportswear Co		17,024
	490	e	Ethan Allen Interiors, Inc		11,897
	1,690		Hanesbrands, Inc		138,732
	258		Hasbro, Inc		14,257
	549	*	Iconix Brand Group, Inc		23,333

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	2,531	*	Jarden Corp	$	144,647
	155,677		Mattel, Inc		6,104,874
	2,300	*	Meritage Homes Corp		88,734
	2,740	*	Mohawk Industries, Inc		362,803
	6,980		Movado Group, Inc		274,174
	5,166		Newell Rubbermaid, Inc		155,548
	148,484		Nike, Inc (Class B)		10,831,908
	5,260		Oxford Industries, Inc		347,213
	2,360	*	Perry Ellis International, Inc		35,636
	1,614		Phillips-Van Heusen Corp		202,670
	1,356		Polaris Industries, Inc		182,151
	397		Pool Corp		23,431
	6,790		Ryland Group, Inc		260,668
	399	*	Tempur-Pedic International, Inc		20,022
	4,527		Tupperware Corp		384,388
	13,152	*	Under Armour, Inc (Class A)		643,001
	4,706	*	Unifi, Inc		104,191
	9,814		VF Corp		599,537
	2,945		Whirlpool Corp		451,704
			TOTAL CONSUMER DURABLES & APPAREL		21,504,889

CONSUMER SERVICES - 2.5%
	1,289		Bob Evans Farms, Inc		60,415
	6,640		Brinker International, Inc		326,289
	2,070	*	Chipotle Mexican Grill, Inc (Class A)		1,031,895
	33,027		Choice Hotels International, Inc		1,459,133
	25,606		Darden Restaurants, Inc		1,272,874
	320		DineEquity, Inc		24,259
	5,070		Domino’s Pizza, Inc		377,107
	1,850		Dunkin Brands Group, Inc		84,193
	359	*	Jack in the Box, Inc		19,221
	109,057		Marriott International, Inc (Class A)		6,317,672
	180,825		McDonald’s Corp		18,332,039
	134,620	*	MGM Mirage		3,396,463
	1,435	*	Panera Bread Co (Class A)		219,512
	516		Papa John’s International, Inc		22,632
	9,927	*	Popeyes Louisiana Kitchen, Inc		378,219
	10,200		Royal Caribbean Cruises Ltd		541,926
	32,267	*	Ruby Tuesday, Inc		248,778
	2,668	*	Sonic Corp		50,799
	171,771		Starbucks Corp		12,130,468
	42,235		Starwood Hotels & Resorts Worldwide, Inc		3,237,313
	2,548	*	Strayer Education, Inc		108,621
	190		Vail Resorts, Inc		13,154
	2,545	e	Weight Watchers International, Inc		50,391
			TOTAL CONSUMER SERVICES		49,703,373

DIVERSIFIED FINANCIALS - 6.9%
	72,725	*	American Capital Ltd		1,090,148
	183,439		American Express Co		16,038,072
	6,020		Ares Capital Corp		103,363
	363,021		Bank of New York Mellon Corp		12,295,521

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	39,685		BlackRock, Inc	$	11,945,185
	2,219		Calamos Asset Management, Inc (Class A)		27,027
	171,722		Capital One Financial Corp		12,690,256
	430		CBOE Holdings, Inc		22,945
	428,892		Charles Schwab Corp		11,387,083
	95,294		CME Group, Inc		6,707,745
	280	e	Cohen & Steers, Inc		11,343
	194,393		Discover Financial Services		10,866,569
	13,450		Evercore Partners, Inc (Class A)		718,633
	197,624		Franklin Resources, Inc		10,345,616
	4,600	*	Green Dot Corp		79,902
	114		Greenhill & Co, Inc		5,717
	41,104		IntercontinentalExchange Group, Inc		8,403,302
	350	*	International Assets Holding Corp		6,622
	4,000	*	Internet Capital Group, Inc		81,520
	155,868		Invesco Ltd		5,488,112
	153	*	Investment Technology Group, Inc		3,158
	17,936	e	Janus Capital Group, Inc		217,564
	16,271		Legg Mason, Inc		762,947
	7,399	e	Main Street Capital Corp		232,625
	1,293		MCG Capital Corp		4,344
	1,847	e	MVC Capital, Inc		24,085
	22,954		NASDAQ OMX Group, Inc		847,003
	154,906		Northern Trust Corp		9,333,086
	6,610	*	PHH Corp		157,120
	1,500	*	Pico Holdings, Inc		34,875
	15,550	e	Prospect Capital Corp		168,095
	3,216	*	Safeguard Scientifics, Inc		67,568
	3,400		Solar Capital Ltd		74,460
	166,942		State Street Corp		10,777,776
	86,438		T Rowe Price Group, Inc		7,099,153
	3,000		TD Ameritrade Holding Corp		95,700
	4,900		Triangle Capital Corp		127,743
			TOTAL DIVERSIFIED FINANCIALS		138,341,983

ENERGY - 9.7%
	99,182		Apache Corp		8,608,998
	6,796	*	Atwood Oceanics, Inc		336,810
	10,332		Baker Hughes, Inc		722,207
	18,430	*,e	BPZ Energy, Inc		49,761
	54,794	*	Cameron International Corp		3,559,418
	2,638	e	CARBO Ceramics, Inc		369,083
	5,698	*	Carrizo Oil & Gas, Inc		313,504
	45,700	*	Cheniere Energy, Inc		2,579,765
	28,581		Cimarex Energy Co		3,404,569
	461	*	Clayton Williams Energy, Inc		66,605
	78,200	*,e	Clean Energy Fuels Corp		692,070
	7,670		Comstock Resources, Inc		213,226
	8,230	*	Concho Resources, Inc		1,073,603
	13,967	*	Contango Oil & Gas Co		670,975
	43,177	*,e	Continental Resources, Inc		5,980,878
	100		Core Laboratories NV		18,768

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	5,720	e	CVR Energy, Inc	$	281,138
	2,655		Dawson Geophysical Co		75,030
	2,470		Delek US Holdings, Inc		79,015
	5		Denbury Resources, Inc		84
	134,235		Devon Energy Corp		9,396,450
	1,150		Energen Corp		89,597
	138,922		EOG Resources, Inc		13,614,356
	72,233		Equitable Resources, Inc		7,872,675
	1,665		Exterran Holdings, Inc		71,628
	3,777	*	FMC Technologies, Inc		214,156
	1,752	*,e	Geospace Technologies Corp		101,844
	51,100	*	Hercules Offshore, Inc		228,417
	112,633		Hess Corp		10,042,358
	33,019	*	Hornbeck Offshore Services, Inc		1,367,977
	60,991	*	ION Geophysical Corp		268,360
	11,770	*	Key Energy Services, Inc		118,171
	3,851	*,e	Kinder Morgan Management LLC		278,020
	201,372	*	Kodiak Oil & Gas Corp		2,559,438
	234,465		Marathon Oil Corp		8,475,910
	120,059		Marathon Petroleum Corp		11,159,484
	2,100	*	Matrix Service Co		65,037
	139,626		National Oilwell Varco, Inc		10,964,830
	1,625	*	Natural Gas Services Group, Inc		49,871
	1,410	*	Newpark Resources, Inc		16,976
	60,006		Noble Corp plc		1,848,785
	114,086		Noble Energy, Inc		8,189,093
	11,580	*,e	Northern Oil And Gas, Inc		178,679
	7,740	*	Oasis Petroleum, Inc		359,987
	127,120		Occidental Petroleum Corp		12,171,740
	458		Oceaneering International, Inc		33,562
	422	*	Oil States International, Inc		40,993
	43,886		Oneok, Inc		2,774,473
	8,658	*	PDC Energy, Inc		551,255
	15,633	*	Petroquest Energy, Inc		94,111
	131,761		Phillips 66		10,965,150
	50,195		Pioneer Natural Resources Co		9,701,188
	28,452		Questar Market Resources, Inc		873,192
	31,505	*,e	Quicksilver Resources, Inc		102,706
	1,928		Range Resources Corp		174,388
	11,132	*	Rex Energy Corp		234,440
	79	*	SEACOR Holdings, Inc		6,588
	7,460	*,e	Solazyme, Inc		80,270
	53,988	*	Southwestern Energy Co		2,584,945
	284,263		Spectra Energy Corp		11,288,084
	21,984		St. Mary Land & Exploration Co		1,629,674
	26,712		Superior Energy Services		879,359
	520	*	Tesco Corp		10,400
	2,784		Tesoro Corp		156,711
	30,215	*,e	Ultra Petroleum Corp		900,407
	13,893	*	Unit Corp		916,243
	287,284	*	Weatherford International Ltd		6,032,964
	89,569	e	Western Refining, Inc		3,896,252

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	30,232	*	Whiting Petroleum Corp	$	2,228,703
	135,279		Williams Cos, Inc		5,704,715
			TOTAL ENERGY		190,660,119

FOOD & STAPLES RETAILING - 1.0%
	3,418		Casey’s General Stores, Inc		234,680
	107,830		Kroger Co		4,964,493
	970		Pricesmart, Inc		93,159
	92,089		Safeway, Inc		3,136,551
	4,686		Spartan Stores, Inc		100,937
	243,375		Sysco Corp		8,866,151
	580		Weis Markets, Inc		26,732
	55,022		Whole Foods Market, Inc		2,734,593
			TOTAL FOOD & STAPLES RETAILING		20,157,296

FOOD, BEVERAGE & TOBACCO - 3.6%
	8,150		Bunge Ltd		649,147
	77,129	e	Campbell Soup Co		3,508,598
	37,440		ConAgra Foods, Inc		1,142,294
	5,840	*	Darling International, Inc		116,858
	201	*,e	Diamond Foods, Inc		6,145
	8,100		Dr Pepper Snapple Group, Inc		448,902
	4,635		Flowers Foods, Inc		95,110
	221,141		General Mills, Inc		11,724,896
	1,900	*	Hain Celestial Group, Inc		163,438
	16,570		Hillshire Brands Co		590,721
	5,246		Hormel Foods Corp		250,182
	11,509		J.M. Smucker Co		1,112,690
	153,193		Kellogg Co		10,237,888
	23,289		Keurig Green Mountain, Inc		2,181,714
	49,050		Kraft Foods Group, Inc		2,788,983
	6,572		McCormick & Co, Inc		467,926
	21,560		Mead Johnson Nutrition Co		1,902,886
	357,681		Mondelez International, Inc		12,751,328
	245,131		PepsiCo, Inc		21,054,301
	2,326	e	Tootsie Roll Industries, Inc		65,570
	674	*	TreeHouse Foods, Inc		50,442
			TOTAL FOOD, BEVERAGE & TOBACCO		71,310,019

HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	352,076		Abbott Laboratories		13,639,424
	134,264		Aetna, Inc		9,593,163
	2,290	*	Align Technology, Inc		115,393
	13,630	*	Amedisys, Inc		185,777
	7,090		AmerisourceBergen Corp		462,126
	2,141	*	Amsurg Corp		92,727
	3,990	*,e	athenahealth, Inc		493,323
	90,960		Becton Dickinson & Co		10,281,209
	25,830	*,e	BioScrip, Inc		178,744
	2,480	*	Brookdale Senior Living, Inc		78,963
	15,294	*	Centene Corp		1,015,522
	10,101	*	Cerner Corp		518,181

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	1,320	e	Chemed Corp	$	109,916
	58,082		Cigna Corp		4,648,883
	1,249		Computer Programs & Systems, Inc		78,849
	740	*	Cyberonics, Inc		43,778
	6,000	*	DaVita, Inc		415,800
	1,030		Dentsply International, Inc		45,969
	3,900	*	Edwards Lifesciences Corp		317,733
	9,270	*	Emeritus Corp		276,524
	13,100	*	ExamWorks Group, Inc		482,080
	6,430	*	Five Star Quality Care, Inc		31,057
	2,130	*	Gentiva Health Services, Inc		16,039
	1,539	*	Greatbatch, Inc		70,840
	300	*	Haemonetics Corp		9,108
	4,547	*	Henry Schein, Inc		519,404
	2,640	*	HMS Holdings Corp		42,689
	5,166	*	Hologic, Inc		108,408
	34,757		Humana, Inc		3,814,581
	1,185	*	ICU Medical, Inc		66,099
	12,311	*	Idexx Laboratories, Inc		1,556,603
	240	*	Integra LifeSciences Holdings Corp		10,939
	670		Invacare Corp		10,586
	15,685	*	Inverness Medical Innovations, Inc		523,879
	760	*	IPC The Hospitalist Co, Inc		30,780
	500	*	Laboratory Corp of America Holdings		49,350
	743		Landauer, Inc		32,127
	950	*	LHC Group, Inc		19,741
	17,304	*	LifePoint Hospitals, Inc		967,640
	360	*	Masimo Corp		9,634
	343	*	MedAssets, Inc		7,831
	232,618		Medtronic, Inc		13,682,591
	2,450	*	Merit Medical Systems, Inc		31,531
	15,247	*	Molina Healthcare, Inc		570,238
	2,081	*	MWI Veterinary Supply, Inc		325,968
	2,820	*	Natus Medical, Inc		70,021
	620	*	Omnicell, Inc		16,418
	5,728	*	OraSure Technologies, Inc		37,518
	665	e	Owens & Minor, Inc		22,304
	25,404		Patterson Cos, Inc		1,033,943
	240		Quality Systems, Inc		3,545
	1,640	*	Tornier BV		27,831
	126		US Physical Therapy, Inc		3,887
	500	*	Varian Medical Systems, Inc		39,775
	5,020	*	Vocera Communications, Inc		76,555
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		66,913,544

HOUSEHOLD & PERSONAL PRODUCTS - 3.3%
	9,040		Avon Products, Inc		138,131
	4	e	Clorox Co		363
	211,466	*	Colgate-Palmolive Co		14,231,662
	1,226		Energizer Holdings, Inc		136,932
	63,299		Estee Lauder Cos (Class A)		4,593,609
	90,580	e	Herbalife Ltd		5,432,988

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	100,104		Kimberly-Clark Corp	$	11,236,674
	7,714	*	Medifast, Inc		244,148
	4,949		Nu Skin Enterprises, Inc (Class A)		430,563
	354,686		Procter & Gamble Co		29,279,329
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		65,724,399

INSURANCE - 5.9%
	109,472		ACE Ltd		11,201,175
	170,071		Aflac, Inc		10,666,853
	1,306	e	Amtrust Financial Services, Inc		50,503
	3,437		Arthur J. Gallagher & Co		154,734
	36,464		Aspen Insurance Holdings Ltd		1,669,322
	8,868		Axis Capital Holdings Ltd		405,711
	234,069	*	Berkshire Hathaway, Inc (Class B)		30,159,791
	109,851		Chubb Corp		10,115,080
	1,217	*	eHealth, Inc		50,980
	476		Employers Holdings, Inc		9,687
	290	*	Enstar Group Ltd		37,439
	3,280		First American Financial Corp		87,248
	384,187	*	Genworth Financial, Inc (Class A)		6,857,738
	85,617		Hartford Financial Services Group, Inc		3,071,082
	400		Kemper Corp		15,764
	45,257		Marsh & McLennan Cos, Inc		2,231,623
	990		Meadowbrook Insurance Group, Inc		5,544
	32,330		Montpelier Re Holdings Ltd		988,651
	139	*	Navigators Group, Inc		7,919
	3,027		OneBeacon Insurance Group Ltd (Class A)		46,737
	4,654		PartnerRe Ltd		490,532
	12,551		Platinum Underwriters Holdings Ltd		787,073
	480		Primerica, Inc		22,027
	109,615		Principal Financial Group		5,134,367
	273,774		Progressive Corp		6,639,019
	12,515		Protective Life Corp		640,142
	149,994		Prudential Financial, Inc		12,101,516
	200		Reinsurance Group of America, Inc (Class A)		15,342
	1,890		RenaissanceRe Holdings Ltd		191,287
	278		RLI Corp		11,971
	179		Safety Insurance Group, Inc		9,614
	476		Selective Insurance Group, Inc		10,919
	637		Stancorp Financial Group, Inc		38,921
	2,787		Stewart Information Services Corp		85,003
	129,732		Travelers Cos, Inc		11,751,124
	2,770		Willis Group Holdings plc		113,542
			TOTAL INSURANCE		115,875,980

MATERIALS - 4.7%
	307	*	AEP Industries, Inc		10,935
	91,901		Air Products & Chemicals, Inc		10,800,206
	500		Albemarle Corp		33,520
	36,366	*,e	Allied Nevada Gold Corp		123,281
	38,063		AMCOL International Corp		1,745,189
	7,701		Aptargroup, Inc		519,201

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	51,878		Avery Dennison Corp	$	2,524,383
	17,772		Ball Corp		998,609
	791		Bemis Co, Inc		31,830
	2,310		Carpenter Technology Corp		145,068
	5,451	*	Castle (A.M.) & Co		66,938
	12,740		Celanese Corp (Series A)		782,618
	1,826	*	Clearwater Paper Corp		112,098
	36,693		Commercial Metals Co		704,506
	3,735		Compass Minerals International, Inc		342,126
	1,381		Domtar Corp		128,930
	10,768		Eastman Chemical Co		938,647
	103,752		Ecolab, Inc		10,856,609
	2,950	*	Ferro Corp		38,291
	8,960	*	Flotek Industries, Inc		250,970
	530		Globe Specialty Metals, Inc		10,271
	26,314		H.B. Fuller Co		1,219,128
	6,274		Innophos Holdings, Inc		354,105
	2,468		International Flavors & Fragrances, Inc		243,147
	76,030		International Paper Co		3,546,800
	510	*	Kraton Polymers LLC		13,285
	2,950	e	Kronos Worldwide, Inc		46,168
	1,240	*	Landec Corp		14,706
	51,006	*	Louisiana-Pacific Corp		835,988
	119,456		LyondellBasell Industries AF S.C.A		11,049,680
	20,522	*,e	McEwen Mining, Inc		49,253
	62,916		MeadWestvaco Corp		2,458,128
	13,548		Minerals Technologies, Inc		805,971
	38,299		Mosaic Co		1,916,482
	420		Neenah Paper, Inc		21,155
	163,295		Nucor Corp		8,450,516
	280		OM Group, Inc		8,201
	18,880	*	Owens-Illinois, Inc		600,006
	3,500		PolyOne Corp		131,145
	90,867		Praxair, Inc		11,862,687
	274		Quaker Chemical Corp		20,394
	1,485		Reliance Steel & Aluminum Co		105,168
	687,489	*	Rentech, Inc		1,457,477
	1,576		Rock-Tenn Co (Class A)		150,681
	4,580		Rockwood Holdings, Inc		325,409
	42,565		Royal Gold, Inc		2,817,803
	4,126		Schnitzer Steel Industries, Inc (Class A)		115,817
	4,745		Sealed Air Corp		162,801
	6,831		Sherwin-Williams Co		1,365,107
	64,975		Sigma-Aldrich Corp		6,251,245
	840		Stepan Co		48,577
	22,148	*	Stillwater Mining Co		349,495
	18,030		Tredegar Corp		375,204
	17,846		Valspar Corp		1,303,472
	1,674		Wausau Paper Corp		20,021
	85,640		Worthington Industries, Inc		3,151,552
	1,279		Zep, Inc		22,114
			TOTAL MATERIALS		92,833,114

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

MEDIA - 2.9%
	54,707	e	Cablevision Systems Corp (Class A)	$	913,607
	8,053		Cinemark Holdings, Inc		238,530
	13,900		Clear Channel Outdoor Holdings, Inc (Class A)		111,478
	118,898	*	Discovery Communications, Inc (Class A)		9,024,358
	16,548	*	Discovery Communications, Inc (Class C)		1,160,511
	13,822	*	DreamWorks Animation SKG, Inc (Class A)		332,143
	5,000	*	Entercom Communications Corp (Class A)		54,000
	2,205		John Wiley & Sons, Inc (Class A)		126,699
	70,005	*	Journal Communications, Inc (Class A)		561,440
	156,964	*	Liberty Global plc		6,032,126
	120,228	*	Liberty Global plc (Class A)		4,787,479
	27,936	*	Liberty Media Corp		3,623,579
	2,550	*	Madison Square Garden, Inc		139,230
	96,864	*,e	McClatchy Co (Class A)		530,815
	65,002		New York Times Co (Class A)		1,045,232
	320		Scholastic Corp		10,531
	4,280		Scripps Networks Interactive (Class A)		321,300
	18,530	e	Sinclair Broadcast Group, Inc (Class A)		495,307
	88,204		Time Warner Cable, Inc		12,477,338
	214,552		Time Warner, Inc		14,259,126
			TOTAL MEDIA		56,244,829

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	17,285	*,e	Affymetrix, Inc		128,427
	110,963		Agilent Technologies, Inc		5,996,440
	29,480	*	Akorn, Inc		743,485
	21,150	*	Alexion Pharmaceuticals, Inc		3,345,930
	142,097		Amgen, Inc		15,879,340
	7,010	*,e	Auxilium Pharmaceuticals, Inc		157,795
	28,060	*	AVANIR Pharmaceuticals, Inc		139,739
	48,520	*	Biogen Idec, Inc		13,931,063
	80	*	Bio-Rad Laboratories, Inc (Class A)		9,857
	323,135		Bristol-Myers Squibb Co		16,185,832
	26,442	*	Cambrex Corp		541,796
	15,166	*,e	Cepheid, Inc		659,418
	27,210	*	Depomed, Inc		381,212
	36,260	*	Endo International plc		2,282,386
	259,504	*	Gilead Sciences, Inc		20,368,469
	870	*,e	Immunogen, Inc		11,258
	10,000	*,e	Immunomedics, Inc		42,100
	53,428	*	Incyte Corp		2,594,464
	13,244	*	Ironwood Pharmaceuticals, Inc		145,949
	348,763		Johnson & Johnson		35,326,204
	89,450	*,e	MannKind Corp		585,897
	431,979		Merck & Co, Inc		25,296,690
	594	*	Mettler-Toledo International, Inc		138,473
	73,818	*	Nektar Therapeutics		868,838
	60,610	*,e	Opko Health, Inc		501,245
	30,330	*,e	Orexigen Therapeutics, Inc		170,455
	57,526	e	PDL BioPharma, Inc		488,396

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	3,690		PerkinElmer, Inc	$	154,869
	37,322	*	Salix Pharmaceuticals Ltd		4,105,420
	37,321	*,e	Sangamo Biosciences, Inc		516,523
	36,410	*,e	Sarepta Therapeutics, Inc		1,351,903
	1,397		Techne Corp		124,766
	41,110		Thermo Electron Corp		4,686,540
	3,980	*	United Therapeutics Corp		398,040
	31,748	*	Vertex Pharmaceuticals, Inc		2,149,340
	101,301	*,e	Vivus, Inc		526,765
	17,490	*	Waters Corp		1,723,465
	10,913	*	Xenoport, Inc		44,307
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		162,703,096

REAL ESTATE - 4.0%
	5,017		American Campus Communities, Inc		191,649
	132,549		American Tower Corp		11,070,492
	457,270		Annaly Capital Management, Inc		5,281,468
	1,000		AvalonBay Communities, Inc		136,550
	33,244		Boston Properties, Inc		3,894,202
	55,874	*	CBRE Group, Inc		1,488,483
	98,429		Crown Castle International Corp		7,158,741
	2,518	e	Digital Realty Trust, Inc		134,461
	4,441		Douglas Emmett, Inc		122,572
	40,807		Duke Realty Corp		714,939
	210		EastGroup Properties, Inc		13,282
	515		Equity One, Inc		11,603
	42,314		Equity Residential		2,515,144
	3,961		Federal Realty Investment Trust		465,576
	74,779		First Industrial Realty Trust, Inc		1,373,690
	1,693	*	Forest City Enterprises, Inc (Class A)		32,015
	540		Franklin Street Properties Corp		6,577
	163,705		HCP, Inc		6,852,691
	31,157		Health Care REIT, Inc		1,965,695
	2,950		Healthcare Realty Trust, Inc		74,193
	225,924		Host Marriott Corp		4,846,070
	4,700		Invesco Mortgage Capital, Inc		78,349
	8		Jones Lang LaSalle, Inc		927
	266		Kilroy Realty Corp		15,846
	3,363		LaSalle Hotel Properties		111,248
	11,126		Liberty Property Trust		417,225
	13,708		Macerich Co		889,786
	873		Medical Properties Trust, Inc		11,786
	5,761		Mid-America Apartment Communities, Inc		401,254
	540	e	Piedmont Office Realty Trust, Inc		9,509
	2,000		Plum Creek Timber Co, Inc		87,200
	3,580		Post Properties, Inc		179,752
	157,738		Prologis, Inc		6,408,895
	140		PS Business Parks, Inc		12,008
	80,182		RAIT Investment Trust		655,889
	25,145	e	Ryman Hospitality Properties		1,145,355
	78,672		Simon Property Group, Inc		13,625,990
	500		UDR, Inc		12,930

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	31,154		Ventas, Inc	$	2,058,656
	40,581		Vornado Realty Trust		4,163,611
	297		Washington REIT		7,265
	11,648		Weyerhaeuser Co		347,693
	3,851		Winthrop Realty Trust		53,529
			TOTAL REAL ESTATE		79,044,796

RETAILING - 4.7%
	2,432		Aaron’s, Inc		71,671
	3,793		Advance Auto Parts, Inc		460,053
	37,785		American Eagle Outfitters, Inc		436,795
	8,703	*	Ann Taylor Stores Corp		341,071
	14,405	*	AutoZone, Inc		7,690,685
	5,640	*	Barnes & Noble, Inc		92,496
	64,410	*	Bed Bath & Beyond, Inc		4,001,793
	39,759		Best Buy Co, Inc		1,030,951
	820		Big 5 Sporting Goods Corp		10,012
	160	*	Blue Nile, Inc		5,557
	250	e	Buckle, Inc		11,747
	2,000	*,e	Cabela’s, Inc		131,220
	23,204	*	Carmax, Inc		1,015,871
	9		Chico’s FAS, Inc		143
	550	*	Express Parent LLC		8,013
	1,820		Finish Line, Inc (Class A)		50,105
	20,496		Foot Locker, Inc		953,679
	2	e	GameStop Corp (Class A)		79
	153,911		Gap, Inc		6,048,702
	77,264		Genuine Parts Co		6,731,240
	8,830		GNC Holdings, Inc		397,350
	15,540	*	HomeAway, Inc		506,915
	11,044		HSN, Inc		640,994
	78,417		Kohl’s Corp		4,296,467
	223,920	*	Liberty Interactive Corp		6,507,115
	7,610	*	LKQ Corp		221,603
	274,544		Lowe’s Companies, Inc		12,604,315
	60,520		Macy’s, Inc		3,475,664
	300		Men’s Wearhouse, Inc		14,214
	4,511	*	NetFlix, Inc		1,452,722
	19,391	*	New York & Co, Inc		81,248
	19,735		Nordstrom, Inc		1,209,361
	2,593		Nutri/System, Inc		38,895
	58,747	*	Office Depot, Inc		240,275
	33,360	*	Orbitz Worldwide, Inc		245,196
	2,718	*	O’Reilly Automotive, Inc		404,411
	2,957	*,e	Outerwall, Inc		205,068
	560		Petsmart, Inc		37,901
	10,219		Pier 1 Imports, Inc		186,599
	4,920		Ross Stores, Inc		334,954
	5,448	*	Sally Beauty Holdings, Inc		149,330
	555		Shoe Carnival, Inc		12,676
	14,270	*	Shutterfly, Inc		584,071
	3,780		Signet Jewelers Ltd		382,990

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	167,116		Staples, Inc	$	2,088,950
	2,017		Stein Mart, Inc		25,213
	181,161		Target Corp		11,186,692
	4,975		Tiffany & Co		435,263
	203,374		TJX Companies, Inc		11,832,300
	31,676	*	TripAdvisor, Inc		2,557,520
	10,381	*	Tuesday Morning Corp		145,126
	5		Williams-Sonoma, Inc		314
			TOTAL RETAILING		91,593,595

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	22,833	*	Advanced Energy Industries, Inc		499,586
	15,350	*,e	Advanced Micro Devices, Inc		62,782
	7,601		Analog Devices, Inc		389,855
	563,698		Applied Materials, Inc		10,744,084
	5,850	*,e	Cirrus Logic, Inc		130,455
	5,920		Cypress Semiconductor Corp		56,063
	2,000	*,e	Freescale Semiconductor Holdings Ltd		43,940
	1,076		Hittite Microwave Corp		63,871
	800,617		Intel Corp		21,368,468
	430	*	International Rectifier Corp		11,197
	6,210	*	Lam Research Corp		357,758
	4,210	e	Microchip Technology, Inc		200,144
	159,652	*	ON Semiconductor Corp		1,502,325
	18,114	*	RF Micro Devices, Inc		152,882
	28,847	*	Skyworks Solutions, Inc		1,184,169
	33,452	*,e	SunPower Corp		1,117,966
	11,248	*,e	Teradyne, Inc		198,752
	290,621		Texas Instruments, Inc		13,208,724
	11,750	*	Triquint Semiconductor, Inc		166,615
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		51,459,636

SOFTWARE & SERVICES - 9.6%
	158,091		Accenture plc		12,682,060
	169,452	*	Adobe Systems, Inc		10,453,494
	328		Advent Software, Inc		9,453
	23,783	*,e	Angie’s List, Inc		268,986
	67,934	*	AOL, Inc		2,908,255
	56,565	*	Autodesk, Inc		2,716,251
	4,960	*	Brightcove, Inc		42,755
	33,560		Broadridge Financial Solutions, Inc		1,286,690
	143,614		CA, Inc		4,328,526
	1,110	*	Cadence Design Systems, Inc		17,272
	218,524	*	Cognizant Technology Solutions Corp (Class A)		10,468,392
	36,955		Compuware Corp		382,854
	1,980	*	comScore, Inc		62,033
	5,337		Convergys Corp		114,959
	9,370	*,e	Conversant, Inc		229,003
	32,400	*,e	Demand Media, Inc		134,784
	1,309	*,e	E2open, Inc		22,606
	1,124	e	Factset Research Systems, Inc		119,706
	380		Fair Isaac Corp		21,736

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	1,614	*	FleetCor Technologies, Inc	$	184,206
	8,970	*	Fortinet, Inc		197,161
	3,929		Global Payments, Inc		262,575
	37,670	*,e	Glu Mobile, Inc		150,680
	38,549	*	Google, Inc		20,302,216
	40,859	*	Google, Inc (Class A)		21,854,662
	570	*	Higher One Holdings, Inc		3,414
	300	*	Infoblox, Inc		5,886
	23,796	*	Informatica Corp		843,568
	138,332		International Business Machines Corp		27,178,088
	121,874		Intuit, Inc		9,231,956
	360	e	j2 Global, Inc		16,690
	7,278	*	Liquidity Services, Inc		125,546
	605	*	LogMeIn, Inc		27,497
	5,430	*	Marketo, Inc		147,370
	1,000		MAXIMUS, Inc		42,570
	12,089	e	Mercadolibre, Inc		1,127,541
	300	*	NetSuite, Inc		23,193
	5,875	*,e	NeuStar, Inc (Class A)		151,105
	8,650	*,e	OpenTable, Inc		580,934
	545,184		Oracle Corp		22,287,122
	13,708	*	QuinStreet, Inc		83,619
	6,480	*	Rally Software Development Corp		84,758
	2,376	*	Rosetta Stone, Inc		28,298
	1,854	*	Rovi Corp		41,326
	180,628	*	Salesforce.com, Inc		9,329,436
	2,065	*	Seachange International, Inc		19,349
	6,070	*	ServiceSource International LLC		37,877
	2,310	*	SolarWinds, Inc		93,139
	1,976	*	SPS Commerce, Inc		102,357
	266	*	Stamps.com, Inc		9,233
	538	*	Sykes Enterprises, Inc		10,647
	299,389		Symantec Corp		6,071,609
	1,650	*	Syntel, Inc		132,528
	4,529	*,e	Tangoe, Inc		68,116
	5,470	*	Teradata Corp		248,666
	2,810	*	Ultimate Software Group, Inc		336,160
	4,890	*	Unisys Corp		119,169
	856,024		Xerox Corp		10,349,330
	331,650	*	Yahoo!, Inc		11,922,818
			TOTAL SOFTWARE & SERVICES		190,102,230

TECHNOLOGY HARDWARE & EQUIPMENT - 4.3%
	330		Adtran, Inc		7,402
	34,604	*	Aruba Networks, Inc		684,121
	1,070		Belden CDT, Inc		78,977
	1,524	*	Benchmark Electronics, Inc		35,326
	910		Black Box Corp		19,347
	690	*	Calix Networks, Inc		6,079
	2,299	*	Checkpoint Systems, Inc		29,358
	876,282		Cisco Systems, Inc		20,250,877
	1,960	*	Cognex Corp		67,483

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	180	*	Coherent, Inc	$	10,748
	108,519		Corning, Inc		2,269,132
	62,502	*	Cray, Inc		1,794,432
	1,190	*	DTS, Inc		22,146
	534,802		EMC Corp		13,797,892
	1,110		FEI Co		88,267
	30,351	*,e	Finisar Corp		793,679
	13,898	*	Flextronics International Ltd		124,943
	104,290	*,e	Fusion-io, Inc		900,023
	460,856		Hewlett-Packard Co		15,235,899
	11,040	*	Ingram Micro, Inc (Class A)		297,638
	2,970	*	Insight Enterprises, Inc		77,576
	5,777		InterDigital, Inc		200,578
	7,022	*,e	IPG Photonics Corp		453,832
	350	*	Itron, Inc		13,300
	15,050		Jabil Circuit, Inc		259,763
	1,916	*	Kemet Corp		9,599
	14,044		Lexmark International, Inc (Class A)		603,892
	212		Littelfuse, Inc		19,197
	60,397		Motorola, Inc		3,840,041
	417		National Instruments Corp		11,388
	1,478	*	Netgear, Inc		47,739
	14,946	*	Oplink Communications, Inc		256,174
	500	*	OSI Systems, Inc		27,905
	281	*	Plexus Corp		11,780
	659	*,e	Procera Networks, Inc		6,102
	13,750	*	QLogic Corp		159,225
	264,175		Qualcomm, Inc		20,793,214
	5,980	*,e	RealD, Inc		65,541
	610	*	Rofin-Sinar Technologies, Inc		13,542
	270	*	Scansource, Inc		10,371
	1,340	*,e	Silicon Graphics International Corp		16,187
	3,009	*	Super Micro Computer, Inc		61,263
	1,993	*	Tech Data Corp		124,543
	3,218	*	TTM Technologies, Inc		25,390
	2,515	*,e	Universal Display Corp		65,516
	3,451	*	Vishay Precision Group, Inc		56,010
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		83,743,437

TELECOMMUNICATION SERVICES - 1.3%
	5,000	*	Boingo Wireless, Inc		33,000
	2,300	*	Cbeyond Communications, Inc		22,747
	306,463		CenturyTel, Inc		10,698,623
	48,437	*	Cincinnati Bell, Inc		162,264
	2,650	e	Consolidated Communications Holdings, Inc		52,788
	635,787	e	Frontier Communications Corp		3,782,933
	23,530	*,e	Iridium Communications, Inc		156,945
	8,320	*	Level 3 Communications, Inc		358,010
	10,380	*	SBA Communications Corp (Class A)		931,709
	719,737	*	Sprint Corp		6,117,764
	18,216	*	tw telecom inc (Class A)		559,049
	1,580		USA Mobility, Inc		27,065

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	5,170	*	Vonage Holdings Corp	$	19,853
	231,653	e	Windstream Holdings, Inc		2,101,093
			TOTAL TELECOMMUNICATION SERVICES		25,023,843

TRANSPORTATION - 2.3%
	29,402		Alaska Air Group, Inc		2,766,140
	158		Allegiant Travel Co		18,557
	387		Amerco, Inc		96,793
	310		Arkansas Best Corp		12,220
	6,700	*	Avis Budget Group, Inc		352,353
	490		CH Robinson Worldwide, Inc		28,861
	323,611		CSX Corp		9,132,302
	2,060	*	Echo Global Logistics, Inc		40,294
	8		Expeditors International of Washington, Inc		330
	1,903	*	Genesee & Wyoming, Inc (Class A)		188,416
	1,000	*	Hertz Global Holdings, Inc		28,470
	218		J.B. Hunt Transport Services, Inc		16,590
	218	*	Kirby Corp		21,935
	180		Landstar System, Inc		11,338
	79,435		Norfolk Southern Corp		7,508,991
	9		Ryder System, Inc		740
	50,466		Union Pacific Corp		9,610,240
	154,045		United Parcel Service, Inc (Class B)		15,173,432
			TOTAL TRANSPORTATION		45,008,002

UTILITIES - 3.9%
	7,880		American States Water Co		239,237
	3,470		American Water Works Co, Inc		157,989
	76,142	*	Calpine Corp		1,745,936
	74,236		Centerpoint Energy, Inc		1,838,083
	1,701		Chesapeake Utilities Corp		107,605
	110,483		Cleco Corp		5,805,882
	133,325		Consolidated Edison, Inc		7,736,850
	62,116		Duke Energy Corp		4,627,021
	510		Empire District Electric Co		12,403
	2,130		Integrys Energy Group, Inc		130,526
	10,413		ITC Holdings Corp		384,969
	5,397		MDU Resources Group, Inc		191,162
	25,938		MGE Energy, Inc		991,350
	6,859		New Jersey Resources Corp		341,098
	130,495		NextEra Energy, Inc		13,029,926
	180,037		NiSource, Inc		6,538,944
	96,934		Northeast Utilities		4,581,101
	2,044		Northwest Natural Gas Co		90,488
	290		Ormat Technologies, Inc		7,737
	255,868		Pepco Holdings, Inc		6,847,028
	153,872		PG&E Corp		7,013,486
	64,807		Piedmont Natural Gas Co, Inc		2,319,443
	8,480		Pinnacle West Capital Corp		474,456
	1,330		PNM Resources, Inc		36,814
	12,539		Public Service Enterprise Group, Inc		513,723
	77,538		Sempra Energy		7,646,022

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

	6,188		SJW Corp					$	168,499
	18,724		South Jersey Industries, Inc						1,075,694
	26,660		TECO Energy, Inc						478,814
	2,730		UGI Corp						127,464
	1,494		Unitil Corp						49,601
	270		UNS Energy Corp						16,216
	1,260		Vectren Corp						51,118
	14,518		WGL Holdings, Inc						577,671
	11,774	e	Wisconsin Energy Corp						570,803
	38,029		Xcel Energy, Inc						1,211,984
			TOTAL UTILITIES						77,737,143

			TOTAL COMMON STOCKS						1,962,433,933
			(Cost $1,349,382,003)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 2.8%
TREASURY DEBT - 0.3%
$	100,000		United States Treasury Bill		0.080	%	05/01/14		100,000
	1,000,000		United States Treasury Bill		0.080		09/04/14		999,895
	5,400,000		United States Treasury Bill		0.093		03/05/15		5,396,188
			TOTAL TREASURY DEBT						6,496,083

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.5%

GOVERNMENT AGENCY DEBT - 0.5%
	10,000,000		Federal Home Loan Mortgage Association (FNMA)		0.037		07/23/14		9,999,080
			TOTAL GOVERNMENT AGENCY DEBT						9,999,080

TREASURY DEBT - 2.0%
	37,000,000		United States Treasury Bill		0.014-0.081		06/26/14-03/5/15		36,981,340
			TOTAL TREASURY DEBT						36,981,340
			TOTAL INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED						46,980,420
			TOTAL SHORT-TERM INVESTMENTS						53,476,503
			(Cost $53,475,546)

			TOTAL INVESTMENTS - 102.3%						2,015,910,436
			(Cost $1,402,857,549)
			OTHER ASSETS & LIABILITIES, NET - (2.3)%						(44,411,056	)
			NET ASSETS - 100.0%					$	1,971,499,380

Abbreviation(s):

REIT Real Estate Investment Trust

Non-income producing.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $57,958,120.

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

CORPORATE BONDS - 0.1%

HONG KONG - 0.1%
$	534,000		Asia Pacific Investment Partners		8.000	%	04/29/15	$	534,000
			TOTAL HONG KONG						534,000

			TOTAL CORPORATE BONDS						534,000
			(Cost $534,000)

SHARES			COMPANY

COMMON STOCKS - 99.5%

ARGENTINA - 0.3%
	81,634		Ternium S.A. (ADR)						2,339,630
			TOTAL ARGENTINA						2,339,630

AUSTRALIA - 0.8%
	883,899		Echo Entertainment Group Ltd						2,324,821
	413,085		Oil Search Ltd						3,422,416
			TOTAL AUSTRALIA						5,747,237

BRAZIL - 10.4%
	988,300		AMBEV S.A.						7,224,707
	311,200		Banco Bradesco S.A. (Preference)						4,632,236
	786,190		Banco Itau Holding Financeira S.A.						12,975,352
	359,066	*	BHG S.A.-Brazil Hospitality Group						2,238,375
	352,900		Braskem S.A.						2,408,852
	99,300		Cia Brasileira de Distribuicao Grupo Pao de Acucar						4,698,352
	448,720		Cielo S.A.						7,949,071
	253,700		Iochpe-Maxion S.A.						2,294,934
	134,800		Kepler Weber S.A.						2,194,524
	155,100		Linx S.A.						3,384,759
	177,600		Mills Estruturas e Servicos de						2,239,763
	171,533		Multiplan Empreendimentos Imobiliarios S.A.						3,791,074
	1,193,845		Petroleo Brasileiro S.A.						8,368,560
	205,400		Smiles S.A.						3,891,983
	178,000		Ultrapar Participacoes S.A.						4,468,860
	474,400		Vale S.A.						6,255,123
			TOTAL BRAZIL						79,016,525

CAMBODIA - 0.3%
	2,696,000		NagaCorp Ltd						2,456,621
			TOTAL CAMBODIA						2,456,621

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

CHILE - 0.6%
	988,864		Parque Arauco S.A.	$	1,769,863
	1,197,486		Vina Concha y Toro S.A.		2,536,292
			TOTAL CHILE		4,306,155

CHINA - 13.1%
	785,500	e	Anhui Conch Cement Co Ltd		2,932,860
	349,500		Beijing Enterprises Holdings Ltd		3,043,635
	2,338,000	*	China Animal Healthcare Ltd		1,527,930
	2,112,000	e	China Everbright International Ltd		2,649,633
	2,253,000		China Medical System Holdings Ltd		2,669,623
	1,004,000		China Mengniu Dairy Co Ltd		5,166,716
	1,643,400	*,e,m	China Metal Recycling Holdings Ltd		2,120
	2,556,000		China Minsheng Banking Corp Ltd		2,578,778
	1,966,000	e	China Overseas Land & Investment Ltd		4,839,666
	1,080,000		China Resources Gas Group Ltd		3,203,649
	4,092,000	*,e	China Shipping Development Co Ltd		2,248,390
	1,308,000		China Unicom Ltd		2,005,209
	1,616,000		CNOOC Ltd		2,671,002
	3,088,000	e	CPMC Holdings Ltd		2,452,345
	5,640,000		Greatview Aseptic Packaging Co		3,441,391
	3,309,000		Hilong Holding Ltd		1,728,958
	6,248,000		Huadian Fuxin Energy Corp Ltd		2,921,589
	3,958,000		Huadian Power International Co		2,151,062
	9,116,000		Huaneng Renewables Corp Ltd		2,833,862
	143,179	*,e	iKang Healthcare Group, Inc (ADR)		1,965,848
	21,351,834		Industrial & Commercial Bank of China		12,758,096
	5,243,000		NVC Lighting Holdings Ltd		1,309,605
	2,872,000	*	PICC Property & Casualty Co Ltd		3,796,319
	805,000		Shanghai Fosun Pharmaceutical Group Co Ltd		2,731,897
	36,155	*	Sina Corp		1,728,209
	283,600	*	Tencent Holdings Ltd		17,855,439
	574,000		Xinao Gas Holdings Ltd		4,014,735
	771,500		Zhuzhou CSR Times Electric Co Ltd		2,268,731
			TOTAL CHINA		99,497,297

COLOMBIA - 1.4%
	140,925		BanColombia S.A. (Preference)		1,993,904
	540,732		Cementos Argos S.A.		3,015,585
	374,592	*	Cemex Latam Holdings S.A.		3,458,531
	219,340		Grupo Argos S.A.		2,414,742
			TOTAL COLOMBIA		10,882,762

CZECH REPUBLIC - 0.4%
	14,273		Komercni Banka AS		3,291,008
			TOTAL CZECH REPUBLIC		3,291,008

GREECE - 2.8%
	133,600	*	Aegean Airlines S.A.		1,380,857
	10,619,520	*	Eurobank Ergasias SA		6,040,524
	27,876		Eurobank Properties Real Estate Investment Co		322,539

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY		VALUE

	143,793	*	Hellenic Telecommunications Organization S.A.	$	2,297,198
	100,260		JUMBO S.A.		1,620,464
	175,562		OPAP S.A.		2,803,732
	2,170,412	*	Piraeus Bank S.A.		5,122,122
	130,557		Public Power Corp		1,975,537
			TOTAL GREECE		21,562,973

HONG KONG - 4.6%
	789,400		AIA Group Ltd		3,839,321
	22,290	*,m	Asia Pacific Investment Partners Limited		169,514
	11,514,000	*,e	GCL Poly Energy Holdings Ltd		3,458,467
	2,385,351	*	Intime Retail Group Co Ltd		2,342,570
	42,892,000		Lai Fung Holdings Ltd		914,751
	54,846,000	*	Lai Sun Development		1,283,524
	5,098,000	e	Lee & Man Paper Manufacturing Ltd		2,771,470
	74,190		Melco PBL Entertainment Macau Ltd (ADR)		2,535,814
	1,920,000	e	Newocean Energy Holdings Ltd		1,267,980
	3,172,000		Noble Group Ltd		3,266,143
	373,200		Sands China Ltd		2,739,945
	763,000		Shenzhou International Group Holdings Ltd		2,632,464
	1,847,127	*	Summit Ascent Holdings Ltd		2,795,357
	1,514,500		Techtronic Industries Co		4,839,009
			TOTAL HONG KONG		34,856,329

INDIA - 7.9%
	798,938		Bharat Forge Ltd		5,414,996
	762,674	*	DEN Networks Ltd		2,205,537
	58,827		Dr Reddy’s Laboratories Ltd		2,640,079
	210,529		Havells India Ltd		3,254,796
	156,242		HCL Technologies Ltd		3,635,813
	211,474		ICICI Bank Ltd		4,360,165
	868,260		Infrastructure Development Finance Co Ltd		1,610,367
	96,247	*	Just Dial Ltd		1,885,366
	216,790		Larsen & Toubro Ltd		4,662,496
	181,421	*	Lupin Ltd		2,977,062
	589,830		Motherson Sumi Systems Ltd		2,488,221
	695,850		Mundra Port and Special Economic Zone Ltd		2,176,058
	387,904	*	Phoenix Mills Ltd		1,598,170
	193,416		Reliance Industries Ltd		3,006,481
	563,314		Sun Pharmaceutical Industries Ltd		5,917,740
	543,450		Tata Motors Ltd		3,759,184
	517,201		Tata Steel Ltd		3,442,983
	98,815	*	Tech Mahindra Ltd		3,004,623
	531,175		ZEE Telefilms Ltd		2,315,764
			TOTAL INDIA		60,355,901

INDONESIA - 1.8%
	3,048,600	*	Bank Rakyat Indonesia		2,618,000
	4,584,900		PT Astra International Tbk		2,954,015
	6,869,000		PT Cardig Aero Services Tbk		561,450
	535,700		PT Indocement Tunggal Prakarsa Tbk		1,016,700
	2,046,129	*	PT Matahari Department Store Tbk		2,658,620

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

	3,334,100		PT MNC Sky Vision Tbk	$	642,956
	6,324,200		PT Perusahaan Gas Negara		2,920,856
			TOTAL INDONESIA		13,372,597

JAPAN - 0.5%
	51,000		Softbank Corp		3,798,378
			TOTAL JAPAN		3,798,378

KOREA, REPUBLIC OF - 15.6%
	10,163		CJ O Shopping Co Ltd		3,592,755
	221,866	*	CrucialTec Co Ltd		2,485,745
	54,150		Doosan Heavy Industries and Construction Co Ltd		1,830,335
	68,270		Halla Climate Control Corp		2,856,596
	138,310	*	Hanjin Kal Corp		2,969,542
	211,160	*	Hynix Semiconductor, Inc		8,233,857
	39,539		Hyundai Motor Co		8,815,870
	67,380		IMARKETKOREA,Inc		2,039,713
	5,560		KCC Corp		2,772,636
	83,200		Korea Electric Power Corp		3,181,132
	20,216		LG Chem Ltd		5,160,309
	14,545		LG Hausys Ltd		2,567,785
	262,240	*	Lumens Co Ltd		3,527,394
	23,627		Mando Corp		2,842,275
	10,897		Naver Corp		7,847,112
	17,303		NCsoft		3,442,936
	87,620		Samsung Card Co		3,182,550
	19,021		Samsung Electronics Co Ltd		24,802,629
	2,569		Samsung Electronics Co Ltd (Preference)		2,583,332
	47,281	*	Samsung Engineering Co Ltd		3,549,223
	83,876	*	Sapphire Technology Co Ltd		3,379,664
	70,995		Seoul Semiconductor Co Ltd		2,857,716
	136,176		Shinhan Financial Group Co Ltd		5,943,863
	67,674	*	WeMade Entertainment Co Ltd		2,950,290
	69,905		Woongjin Coway Co Ltd		5,525,397
			TOTAL KOREA, REPUBLIC OF		118,940,656

MEXICO - 6.6%
	2,055,100		Alfa S.A. de C.V. (Class A)		5,411,568
	1,267,600	e	Alpek SAB de C.V.		2,180,046
	481,100		Alsea SAB de C.V.		1,661,800
	5,937,504	*,e	Cemex S.A. de C.V.		7,592,780
	851,800	e	Compartamos SAB de C.V.		1,492,290
	1,028,200	e	Credito Real SAB de C.V.		1,873,634
	643,000	e	Fomento Economico Mexicano S.A. de C.V.		5,867,862
	1,053,000	*	Genomma Lab Internacional S.A. de C.V.		2,668,971
	1,054,980		Grupo Financiero Banorte S.A. de C.V.		6,993,821
	694,600		Grupo Financiero Inbursa S.A.		1,776,485
	1,500,400		Grupo Mexico S.A. de C.V. (Series B)		4,505,988
	895,000		Grupo Televisa S.A.		5,871,006
	321,200		Mexico Real Estate Management S.A. de C.V.		609,857
	766,000		Wal-Mart de Mexico S.A. de C.V. (Series V)		1,936,847
			TOTAL MEXICO		50,442,955

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

PERU - 0.2%
	519,649		Alicorp S.A.	$	1,573,292
			TOTAL PERU		1,573,292

PHILIPPINES - 3.5%
	6,387,800	*	Emperador, Inc		1,824,731
	145,450		GT Capital Holdings, Inc		2,835,083
	2,303,300		Holcim Philippines, Inc		718,167
	1,554,700		International Container Term Services, Inc		3,777,645
	4,131,100	*	Megawide Construction Corp		1,221,353
	30,143,000		Megaworld Corp		3,155,984
	1,554,753	*	Metropolitan Bank & Trust		2,961,030
	91,842		Philippine Stock Exchange, Inc		610,632
	3,114,600		Robinsons Land Corp		1,562,979
	1,332,220	*	Robinsons Retail Holdings, Inc		2,005,006
	7,033,375		SM Prime Holdings		2,581,973
	1,105,447		Universal Robina		3,630,025
			TOTAL PHILIPPINES		26,884,608

POLAND - 1.4%
	93,354	*	Alior Bank S.A.		2,464,263
	497,045	*	Energa S.A.		2,963,243
	361,190		Powszechna Kasa Oszczednosci Bank Polski S.A.		4,956,748
			TOTAL POLAND		10,384,254

ROMANIA - 0.1%
	89,765	*	Societatea Nationala de Gaze Naturale ROMGAZ S.A. (GDR)		969,462
			TOTAL ROMANIA		969,462

RUSSIA - 2.7%
	93,500		Eurasia Drilling Co Ltd (GDR)		2,304,775
	930,584		Gazprom OAO (ADR)		6,725,271
	265,295	*	Lenta Ltd (ADR)		2,570,708
	103,939		LUKOIL (ADR)		5,502,471
	79,712		Magnit OAO (GDR)		3,772,176
			TOTAL RUSSIA		20,875,401

SINGAPORE - 2.6%
	2,207,800	e	Ezion Holdings Ltd		4,013,450
	2,230,000	e	Genting International plc		2,362,916
	1,218,000		Global Logistic Properties		2,775,930
	4,806,000		Golden Agri-Resources Ltd		2,344,532
	262,000		Keppel Corp Ltd		2,204,476
	2,340,000	*	Pacific Radiance Ltd		1,991,173
	1,936,000		Parkson Retail Asia Ltd		1,432,133
	1,009,000		Petra Foods Ltd		2,857,103
			TOTAL SINGAPORE		19,981,713

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

SOUTH AFRICA - 3.4%
	287,620		AngloGold Ashanti Ltd	$	5,199,344
	208,698		Barclays Africa Group Ltd		3,057,231
	178,244		MTN Group Ltd		3,575,896
	74,872		Naspers Ltd (N Shares)		7,075,348
	122,634		Sasol Ltd		6,872,938
			TOTAL SOUTH AFRICA		25,780,757

SRI LANKA - 0.3%
	1,333,232		John Keells Holdings plc		2,431,183
			TOTAL SRI LANKA		2,431,183

SWITZERLAND - 0.4%
	114,518		Coca-Cola HBC AG.		2,902,172
			TOTAL SWITZERLAND		2,902,172

TAIWAN - 9.2%
	3,914,000		Advanced Semiconductor Engineering, Inc		4,557,705
	291,000		Airtac International Group		3,129,860
	1,140,515		Cathay Financial Holding Co Ltd		1,612,671
	110,454		ChipMOS TECHNOLOGIES Bermuda Ltd		2,323,952
	537,000		Delta Electronics, Inc		3,297,005
	1,710,000		Epistar Corp		3,742,086
	231,000		Gourmet Master Co Ltd		1,872,564
	1,653,509		Hon Hai Precision Industry Co, Ltd		4,748,813
	1,294,000		Hota Industrial Manufacturing Co Ltd		2,075,655
	2,055,000	*	Inotera Memories, Inc		2,110,865
	103,000		Largan Precision Co Ltd		6,448,707
	630,000		MediaTek, Inc		9,872,090
	796,000		Radiant Opto-Electronics Corp		3,209,286
	5,399,000		Taiwan Semiconductor Manufacturing Co Ltd		21,214,589
			TOTAL TAIWAN		70,215,848

THAILAND - 3.1%
	267,100		Advanced Info Service PCL (ADR)		2,002,664
	4,383,600		Amata Corp PCL (Foreign)		2,133,439
	3,016,473		Beauty Community PCL (ADR)		1,871,179
	2,752,500		MC Group PCL (ADR)		1,482,106
	3,835,110		Minor International PCL (Foreign)		2,921,897
	385,100		PTT Exploration & Production PCL (ADR)		1,900,775
	257,600		Siam Cement PCL (ADR)		3,460,813
	829,300		Siam Commercial Bank PCL (Foreign)		4,177,253
	158,800		Thai Stanley Electric PCL (ADR)		1,045,253
	1,153,000		Thai Union Frozen Products PCL (ADR)		2,498,511
			TOTAL THAILAND		23,493,890

TURKEY - 1.8%
	335,087		Arcelik AS		2,071,241
	128,132		Coca-Cola Icecek AS		3,009,321
	625,278		Haci Omer Sabanci Holding AS		2,647,178
	222,817		TAV Havalimanlari Holding AS		1,789,034
	188,946		Tofas Turk Otomobil Fabrik		1,159,710
	814,384		Turk Hava Yollari		2,614,822
			TOTAL TURKEY		13,291,306

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

UNITED ARAB EMIRATES - 1.8%
	206,709		Al Noor Hospitals Group plc	$	3,483,093
	1,411,486	*	Emaar Properties PJSC		4,197,472
	784,823		First Gulf Bank PJSC		3,709,756
	270,420		NMC Health plc		2,008,938
			TOTAL UNITED ARAB EMIRATES		13,399,259

UNITED KINGDOM - 1.3%
	1,276,642	*	Afren plc		3,391,042
	88,903		SABMiller plc (Johannesburg)		4,834,820
	387,005	*	Stock Spirits Group plc		1,905,058
			TOTAL UNITED KINGDOM		10,130,920

UNITED STATES - 0.4%
	88,763		Southern Copper Corp (NY)		2,675,317
			TOTAL UNITED STATES		2,675,317

VIETNAM - 0.2%
	405,530	*	Masan Group Corp		1,843,413
			TOTAL VIETNAM		1,843,413

			TOTAL COMMON STOCKS		757,699,819
			(Cost $694,224,148)

PREFERRED STOCKS - 0.0%

INDIA - 0.0%
	11,154,675	*	Zee Entertainment Enterprises Ltd		142,404
			TOTAL INDIA		142,404

PHILIPPINES - 0.0%
	1,721,900	*,m	Ayala Land, Inc (Preferred B)		3,863
			TOTAL PHILIPPINES		3,863

			TOTAL PREFERRED STOCKS		146,267
			(Cost $123,032)

RIGHTS / WARRANTS - 0.2%
BRAZIL - 0.0%
	1,383		AMBEV S.A.		155
			TOTAL BRAZIL		155

GREECE - 0.2%
	973,202		Piraeus Bank S.A.		1,336,670
			TOTAL GREECE		1,336,670

			TOTAL RIGHTS / WARRANTS		1,336,825
			(Cost $853,106)

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

SHORT-TERM INVESTMENTS - 3.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.6%
	27,975,498	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	27,975,498
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		27,975,498
			TOTAL SHORT-TERM INVESTMENTS		27,975,498
			(Cost $27,975,498)

			TOTAL INVESTMENTS - 103.4%		787,692,409
			(Cost $723,709,784)
			OTHER ASSETS & LIABILITIES, NET - (3.4)%		(26,170,437	)
			NET ASSETS - 100.0%	$	761,521,972



		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 $24,940,773.
m		Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2014

SECTOR	VALUE			% OF NET ASSETS
INFORMATION TECHNOLOGY	$	166,537,520			21.8	%
FINANCIALS		149,492,103			19.6
CONSUMER DISCRETIONARY		110,764,550			14.6
INDUSTRIALS		72,124,589			9.5
MATERIALS		67,445,096			8.9
CONSUMER STAPLES		66,311,249			8.7
ENERGY		58,605,612			7.7
HEALTH CARE		28,591,181			3.8
UTILITIES		26,165,666			3.4
TELECOMMUNICATION SERVICES		13,679,345			1.8
SHORT-TERM INVESTMENTS		27,975,498			3.6
OTHER ASSETS & LIABILITIES, NET		(26,170,437	)		(3.4	)

NET ASSETS	$	761,521,972			100.0	%

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.5%

AUSTRALIA - 7.8%
	424,570		Australia & New Zealand Banking Group Ltd	$	13,653,226
	101,383		BHP Billiton Ltd		3,570,364
	115,568		Brambles Ltd		1,016,221
	51,667		Commonwealth Bank of Australia		3,800,671
	38,865		Computershare Ltd		447,986
	46,308		CSL Ltd		2,952,150
	1,174,157		DB RREEF Trust		1,242,169
	488,151		Federation Centres		1,133,136
	2,979	e	Flight Centre Ltd		149,409
	1,556,954	e	Fortescue Metals Group Ltd		7,364,291
	682,797		Insurance Australia Group Ltd		3,649,384
	154,489	e	Leighton Holdings Ltd		2,747,152
	27,574		Metcash Ltd		71,213
	23,504		National Australia Bank Ltd		773,925
	130,554		Orica Ltd		2,664,411
	3,491		REA Group Ltd		152,251
	9,547		Sonic Healthcare Ltd		157,479
	306,558		SP AusNet		399,492
	187,000		Suncorp-Metway Ltd		2,270,962
	788,612		Telstra Corp Ltd		3,834,315
	9,567		Wesfarmers Ltd		380,758
	311,668		Westfield Retail Trust		925,959
	466,281		Westpac Banking Corp		15,272,807
	125,965		Woodside Petroleum Ltd		4,788,071
	132,441		Woolworths Ltd		4,602,586
			TOTAL AUSTRALIA		78,020,388

AUSTRIA - 0.4%
	77,055	*,m	Immoeast AG.		0
	50,882		OMV AG.		2,378,958
	40,227		Voestalpine AG.		1,837,545
			TOTAL AUSTRIA		4,216,503

BELGIUM - 1.0%
	79,582		Ageas		3,424,869
	51,410		InBev NV		5,603,476
	16,513		Telenet Group Holding NV		967,803
			TOTAL BELGIUM		9,996,148

CHINA - 0.4%
	1,149,000		BOC Hong Kong Holdings Ltd		3,371,364
	1,266,000	e	Yangzijiang Shipbuilding		1,113,395
			TOTAL CHINA		4,484,759

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

DENMARK - 1.5%
	1,141		AP Moller - Maersk AS (Class A)	$	2,592,200
	3,500		AP Moller - Maersk AS (Class B)		8,355,403
	15,818		Coloplast AS		1,328,600
	41,100		Novo Nordisk AS		1,865,364
	6,481		TrygVesta AS		615,524
			TOTAL DENMARK		14,757,091

FINLAND - 1.2%
	92,540	e	Kone Oyj (Class B)		3,966,767
	98,985	e	Neste Oil Oyj		2,032,436
	474,147	e	Stora Enso Oyj (R Shares)		4,841,805
	55,098	e	UPM-Kymmene Oyj		964,975
			TOTAL FINLAND		11,805,983

FRANCE - 10.1%
	423,685		AXA S.A.		11,056,487
	13,545		BNP Paribas		1,017,832
	35,152	e	Cap Gemini S.A.		2,483,618
	174,241	e	Carrefour S.A.		6,792,096
	36,738	*,e	Casino Guichard Perrachon S.A.		4,681,274
	57,602		CNP Assurances		1,328,852
	249,756	*	Credit Agricole S.A.		3,940,761
	168,519		Electricite de France		6,471,282
	73,407	e	Gaz de France		1,850,108
	155,533		Groupe Eurotunnel S.A.		2,088,001
	14,633		Imerys S.A.		1,285,027
	76,421		Michelin (C.G.D.E.) (Class B)		9,371,565
	97,911		Renault S.A.		9,572,744
	26,116		Safran S.A.		1,757,663
	41,384	e	Sanofi-Aventis		4,466,155
	5,897		Schneider Electric S.A.		553,557
	65,323		SCOR		2,390,349
	159,837		Total S.A.		11,435,403
	53,749		Valeo S.A.		7,381,307
	154,483	e	Vinci S.A.		11,664,443
			TOTAL FRANCE		101,588,524

GERMANY - 9.7%
	76,015		Allianz AG.		13,228,879
	128,900	*,e	BASF AG.		14,953,136
	24,183		Bayer AG.		3,362,445
	47,516	e	Continental AG.		11,180,732
	108,113		Daimler AG. (Registered)		10,065,226
	302,288	e	Deutsche Lufthansa AG.		7,591,305
	33,014	e	Hannover Rueckversicherung AG.		3,076,308
	9,126		Henkel KGaA (Preference)		1,018,007
	131,596	e	K&S AG.		4,611,137
	5,465		Kabel Deutschland Holding AG.		740,141
	35,754	*	Merck KGaA		6,043,991
	47,430	*,e	Muenchener Rueckver AG.		10,963,867
	94,302		ProSiebenSat. Media AG.		4,127,394

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	7,698		SAP AG.	$	622,206
	21,965		Siemens AG.		2,897,628
	26,312	e	Suedzucker AG.		562,262
	140,150		Telefonica Deutschland Holding AG.		1,165,970
	1,686	*	Volkswagen AG.		452,098
			TOTAL GERMANY		96,662,732

HONG KONG - 2.4%
	162,000		Cheung Kong Holdings Ltd		2,766,533
	466,000	*,e	Galaxy Entertainment Group Ltd		3,678,684
	190,900		Hang Seng Bank Ltd		3,116,641
	416,000		Henderson Land Development Co Ltd		2,486,623
	403,000		Hong Kong Electric Holdings Ltd		3,483,677
	18,800		Hong Kong Exchanges and Clearing Ltd		338,086
	78,000		Hutchison Whampoa Ltd		1,070,121
	200,000		Hysan Development Co Ltd		857,773
	315,000		Link REIT		1,568,302
	149,000		NWS Holdings Ltd		255,529
	1,120,000		SJM Holdings Ltd		3,115,763
	139,000		Wharf Holdings Ltd		975,796
	111,000		Yue Yuen Industrial Holdings		343,882
			TOTAL HONG KONG		24,057,410

IRELAND - 0.3%
	67,069		James Hardie Industries NV		861,045
	3,414		Kerry Group plc (Class A)		269,502
	23,700	*	Ryanair Holdings plc (ADR)		1,267,476
	4,269		Shire Ltd		244,152
			TOTAL IRELAND		2,642,175

ISRAEL - 0.5%
	102,068		Bank Hapoalim Ltd		576,581
	1,524		Delek Group Ltd		617,663
	44,593		Israel Chemicals Ltd		395,774
	22,509		Mizrahi Tefahot Bank Ltd		300,897
	59,648		Teva Pharmaceutical Industries Ltd		2,923,943
			TOTAL ISRAEL		4,814,858

ITALY - 2.3%
	61,306	e	Assicurazioni Generali S.p.A.		1,433,413
	320,920		Autostrade S.p.A.		8,359,623
	376,299		ENI S.p.A.		9,745,887
	61,673		Snam Rete Gas S.p.A.		370,959
	318,538		UniCredit S.p.A		2,853,987
			TOTAL ITALY		22,763,869

JAPAN - 18.8%
	56,400		Aeon Co Ltd		651,399
	24,500		Alfresa Holdings Corp		1,525,292
	19,400		Bridgestone Corp		694,627
	58,200		Central Japan Railway Co		7,148,459

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	209,800		Chubu Electric Power Co, Inc	$	2,389,743
	126,000		Chugoku Electric Power Co, Inc		1,650,967
	247,000		Dai Nippon Printing Co Ltd		2,224,817
	17,900		Daiichi Sankyo Co Ltd		300,260
	29,800		Daikin Industries Ltd		1,723,755
	372,000		Daiwa House Industry Co Ltd		6,285,206
	1,042,000		Daiwa Securities Group, Inc		7,813,371
	45,500		Denso Corp		2,072,652
	563,000		Fuji Electric Holdings Co Ltd		2,555,048
	86,000		Fuji Heavy Industries Ltd		2,261,341
	487,000		Fukuoka Financial Group, Inc		1,988,911
	52,600	e	GungHo Online Entertainment Inc		299,217
	290,300		Hino Motors Ltd		3,824,451
	641,000		Hitachi Ltd		4,569,649
	28,800		Hokuriku Electric Power Co		357,661
	188,800		Hoya Corp		5,584,199
	108,600		Itochu Corp		1,217,383
	147,000		Japan Tobacco, Inc		4,831,676
	55,500		KDDI Corp		2,959,907
	338,000		Kirin Brewery Co Ltd		4,681,306
	344,900		Komatsu Ltd		7,593,412
	20,000		Kubota Corp		257,770
	11,500		LIXIL Group Corp		304,749
	33,400		Maruichi Steel Tube Ltd		847,232
	11,700		Matsushita Electric Industrial Co Ltd		127,531
	101,300		Mediceo Paltac Holdings Co Ltd		1,424,830
	11,000		Mitsubishi Corp		196,980
	26,000		Mitsubishi Electric Corp		296,058
	463,700	*	Mitsubishi Motors Corp		5,025,721
	121,100		Mitsubishi UFJ Financial Group, Inc		644,191
	79,900		Mitsui & Co Ltd		1,133,171
	5,372,900		Mizuho Financial Group, Inc		10,523,400
	64,000		NGK Spark Plug Co Ltd		1,465,255
	152,000		Nippon Meat Packers, Inc		2,634,369
	11,000		Nippon Paint Co Ltd		170,185
	83		Nippon ProLogis REIT, Inc		175,775
	399,000		Nippon Steel Corp		1,046,831
	34,500		Nippon Telegraph & Telephone Corp		1,914,500
	56,600		NOK Corp		925,341
	281,600		Nomura Holdings, Inc		1,630,709
	80,500		Nomura Real Estate Holdings, Inc		1,504,082
	46,100		NTT DoCoMo, Inc		735,320
	22,000		OJI Paper Co Ltd		92,433
	143,800		ORIX Corp		2,083,639
	147,300		Otsuka Holdings KK		4,243,386
	681,900		Resona Holdings, Inc		3,486,555
	470,700		Ricoh Co Ltd		5,423,908
	87,200		Rohm Co Ltd		4,170,067
	39,700		SBI Holdings, Inc		454,007
	151,300		Seiko Epson Corp		4,128,976
	252,000		Sekisui Chemical Co Ltd		2,553,818
	351,600		Sekisui House Ltd		4,220,465

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	163,100		Shionogi & Co Ltd	$	2,858,884
	57,400		Showa Shell Sekiyu KK		582,289
	61,100		Softbank Corp		4,550,605
	28,600		So-net M3, Inc		392,351
	154,700		Sony Financial Holdings, Inc		2,480,634
	341,000		Sumitomo Metal Mining Co Ltd		5,150,639
	57,400		Sumitomo Mitsui Financial Group, Inc		2,269,039
	193,000		TonenGeneral Sekiyu KK		1,823,046
	151,000		Toto Ltd		2,135,948
	55,900		Toyota Industries Corp		2,576,877
	337,000		Toyota Motor Corp		18,207,487
	35,600		West Japan Railway Co		1,443,683
	255,000		Yokohama Rubber Co Ltd		2,277,663
			TOTAL JAPAN		187,795,108

NETHERLANDS - 4.1%
	201,135		Aegon NV		1,843,686
	38,757		Akzo Nobel NV		2,986,695
	431,172		Koninklijke Ahold NV		8,335,371
	269,835		Royal Dutch Shell plc (A Shares)		10,667,711
	160,183		Royal Dutch Shell plc (B Shares)		6,801,528
	233,784		Unilever NV		10,024,916
			TOTAL NETHERLANDS		40,659,907

NEW ZEALAND - 0.1%
	55,735		Contact Energy Ltd		273,768
	63,678		Ryman Healthcare Ltd		475,683
			TOTAL NEW ZEALAND		749,451

NORWAY - 1.2%
	236,459		DNB NOR Holding ASA		4,191,358
	61,959		Statoil ASA		1,888,844
	180,846		Telenor ASA		4,249,340
	30,421	e	Yara International ASA		1,438,045
			TOTAL NORWAY		11,767,587

PORTUGAL - 0.2%
	498,446		Energias de Portugal S.A.		2,421,281
			TOTAL PORTUGAL		2,421,281

SINGAPORE - 1.2%
	276,000		CapitaMall Trust		439,955
	694,000		CapitaMalls Asia Ltd		1,222,880
	627,000		ComfortDelgro Corp Ltd		1,063,279
	282,000	e	DBS Group Holdings Ltd		3,820,300
	411,000		Keppel Corp Ltd		3,458,166
	297,000		SembCorp Industries Ltd		1,275,062
	111,000		Singapore Telecommunications Ltd		340,006
	161,000		United Overseas Land Ltd		826,613
			TOTAL SINGAPORE		12,446,261

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

SPAIN - 2.7%
	28,368		ACS Actividades Construccion y Servicios S.A.	$	1,217,678
	112,236		Amadeus IT Holding S.A.		4,667,952
	36,459		Banco Bilbao Vizcaya Argentaria S.A.		449,092
	345,970		Banco Santander Central Hispano S.A.		3,440,903
	1,125,306		CaixaBank S.A.		6,858,432
	785,699		Corp Mapfre S.A.		3,313,687
	264,983		Gas Natural SDG S.A.		7,598,393
			TOTAL SPAIN		27,546,137

SWEDEN - 3.5%
	783,140	e	Ericsson (LM) (B Shares)		9,443,461
	720,613		Skandinaviska Enskilda Banken AB (Class A)		9,953,768
	12,036		Svenska Handelsbanken (A Shares)		605,410
	216,530		Swedbank AB (A Shares)		5,794,757
	1,212,161		TeliaSonera AB		8,823,386
			TOTAL SWEDEN		34,620,782

SWITZERLAND - 8.6%
	218,310		ABB Ltd		5,256,050
	27,574	*	Actelion Ltd		2,714,759
	2,482		EMS-Chemie Holding AG.		968,470
	2,552		Geberit AG.		852,343
	1,332		Givaudan S.A.		2,102,129
	346	*	Lindt & Spruengli AG.		1,682,627
	173,396		Nestle S.A.		13,400,783
	253,133		Novartis AG.		22,005,484
	74,309		Roche Holding AG.		21,798,254
	104,015		Swiss Re Ltd		9,095,184
	8,867		Swisscom AG.		5,394,497
	27,394		UBS AG.		572,914
	1,794		Zurich Financial Services AG.		514,445
			TOTAL SWITZERLAND		86,357,939

UNITED KINGDOM - 20.0%
	74,676		Aberdeen Asset Management plc		552,336
	195,639		Antofagasta plc		2,607,321
	66,734		ARM Holdings plc		1,010,032
	97,756		AstraZeneca plc (ADR)		7,727,612
	1,096,182		Aviva plc		9,768,943
	90,546		Babcock International Group		1,827,577
	398,458		BHP Billiton plc		12,935,688
	379,511		BP plc (ADR)		19,210,847
	164,327		British American Tobacco plc		9,489,051
	743,141		BT Group plc		4,639,164
	22,926		Croda International plc		998,530
	34,791		Diageo plc		1,065,989
	183,311	e	easyJet plc		5,072,148
	594,175		GKN plc		3,862,730
	345,903		GlaxoSmithKline plc		9,557,483
	996,771		HSBC Holdings plc		10,184,618
	119,425		Imperial Tobacco Group plc		5,160,876

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	687,728	*	International Consolidated Airlines Group S.A.	$	4,706,144
	440,530		ITV plc		1,355,114
	993,444	e	J Sainsbury plc		5,635,611
	62,791		Johnson Matthey plc		3,473,594
	266,668		Kingfisher plc		1,887,044
	2,458,667		Legal & General Group plc		8,801,390
	280,978		Meggitt plc		2,266,400
	656,042		National Grid plc		9,324,487
	59,573		Next plc		6,572,203
	1,400,339		Old Mutual plc		4,733,263
	552,556		Prudential plc		12,702,769
	145,826		Reckitt Benckiser Group plc		11,771,942
	268,809		Reed Elsevier plc		3,964,292
	23,144		Rio Tinto plc		1,258,286
	169,716		Rolls-Royce Group plc		3,014,577
	22,741,944	*,m	Rolls-Royce Holdings plc		38,398
	96,093	*	Royal Mail plc		860,958
	132,298		Sage Group plc		954,329
	173,193		Smith & Nephew plc		2,700,623
	177,739		Tate & Lyle plc		2,107,030
	172,823		Vodafone Group plc (ADR)		6,560,361
			TOTAL UNITED KINGDOM		200,359,760

UNITED STATES - 0.5%
	70,000		iShares MSCI EAFE Index Fund		4,782,400
			TOTAL UNITED STATES		4,782,400

			TOTAL COMMON STOCKS		985,317,053
			(Cost $830,800,524)

RIGHTS / WARRANTS - 0.0%
SPAIN - 0.0%
	345,970	m	Banco Santander S.A.		73,211
			TOTAL SPAIN		73,211

UNITED KINGDOM - 0.0%
	34,825		Babcock International Group plc		235,194
			TOTAL UNITED KINGDOM		235,194

			TOTAL RIGHTS / WARRANTS		308,405
			(Cost $71,567)

SHORT-TERM INVESTMENTS - 9.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 9.3%
	93,285,133	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		93,285,133
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		93,285,133
			TOTAL SHORT-TERM INVESTMENTS		93,285,133
			(Cost $93,285,133)

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES	COMPANY	VALUE

	TOTAL INVESTMENTS - 107.8%	$	1,078,910,591
	(Cost $924,157,224)
	OTHER ASSETS & LIABILITIES, NET - (7.8)%		(78,299,635	)
	NET ASSETS - 100.0%	$	1,000,610,956



		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 $88,113,076.
m		Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2014

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	260,293,797			26.1	%
CONSUMER DISCRETIONARY		121,349,160			12.1
INDUSTRIALS		120,496,141			12.0
CONSUMER STAPLES		105,454,118			10.5
HEALTH CARE		101,069,180			10.1
MATERIALS		79,425,589			7.9
ENERGY		71,972,684			7.2
TELECOMMUNICATION SERVICES		45,167,371			4.5
INFORMATION TECHNOLOGY		43,805,600			4.4
UTILITIES		36,591,818			3.7
SHORT-TERM INVESTMENTS		93,285,133			9.3
OTHER ASSETS & LIABILITIES, NET		(78,299,635	)		(7.8	)

NET ASSETS	$	1,000,610,956			100.0	%

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY		VALUE

COMMON STOCKS - 98.8%

AUSTRALIA - 8.6%
	131,330		Amcor Ltd	$	1,260,369
	251,891		BHP Billiton Ltd		8,870,743
	1,855,525	e	Fortescue Metals Group Ltd		8,776,513
	109,222	*	Newcrest Mining Ltd		1,065,262
	102,399		Oil Search Ltd		848,377
			TOTAL AUSTRALIA		20,821,264

BRAZIL - 0.5%
	150,800		Petroleo Brasileiro S.A. (Preference)		1,120,644
			TOTAL BRAZIL		1,120,644

CANADA - 10.5%
	34,017		Agrium, Inc (Toronto)		3,267,159
	70,000		Canadian Natural Resources Ltd (Canada)		2,852,242
	10,877		Canadian Pacific Railway Ltd (Toronto)		1,698,362
	71,000	e	Inter Pipeline Ltd		1,930,386
	24,700		Keyera Facilities Income Fund		1,642,836
	60,476	e	Peyto Energy Trust		2,229,675
	244,842	e	Potash Corp of Saskatchewan (Toronto)		8,850,545
	55,131		Silver Wheaton Corp		1,222,786
	23,778	*	Tourmaline Oil Corp		1,231,150
	139,623	*	Turquoise Hill Resources Ltd		542,670
			TOTAL CANADA		25,467,811

CHILE - 1.1%
	87,401		Sociedad Quimica y Minera de Chile S.A. (Class B)		2,794,174
			TOTAL CHILE		2,794,174

DENMARK - 0.7%
	36,000		Novozymes AS		1,726,023
			TOTAL DENMARK		1,726,023

FINLAND - 1.4%
	323,972	e	Stora Enso Oyj (R Shares)		3,308,276
			TOTAL FINLAND		3,308,276

FRANCE - 3.1%
	104,023		Total S.A.		7,442,238
			TOTAL FRANCE		7,442,238

GERMANY - 0.9%
	22,494		Fuchs Petrolub AG. (Preference)		2,262,776
			TOTAL GERMANY		2,262,776

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY		VALUE

HONG KONG - 0.3%
	1,236,000		Lee & Man Paper Manufacturing Ltd	$	671,937
			TOTAL HONG KONG		671,937

INDIA - 0.9%
	81,565		Britannia Industries Ltd		1,170,338
	100,170		Kaveri Seed Co Ltd		1,050,693
			TOTAL INDIA		2,221,031

INDONESIA - 1.5%
	395,900		PT Astra Agro Lestari Tbk		1,008,035
	4,465,100		PT Charoen Pokphand Indonesia Tbk		1,459,991
	3,478,400		PT International Nickel Indonesia Tbk		1,071,442
			TOTAL INDONESIA		3,539,468

JAPAN - 0.4%
	70,000		Sumitomo Metal Mining Co Ltd		1,057,316
			TOTAL JAPAN		1,057,316

JERSEY, C.I. - 1.0%
	29,014		Randgold Resources Ltd		2,332,234
			TOTAL JERSEY, C.I.		2,332,234

KOREA, REPUBLIC OF - 0.3%
	2,363		Korea Zinc Co Ltd		778,665
			TOTAL KOREA, REPUBLIC OF		778,665

MALAYSIA - 1.4%
	292,800		Genting Plantations BHD		995,278
	231,100		Kuala Lumpur Kepong BHD		1,712,638
	88,100		Petronas Dagangan BHD		818,683
			TOTAL MALAYSIA		3,526,599

NETHERLANDS - 3.0%
	98,308	*	Constellium NV		3,000,360
	99,234		Royal Dutch Shell plc (B Shares)		4,213,574
			TOTAL NETHERLANDS		7,213,934

NORWAY - 1.2%
	44,243	e	Statoil ASA		1,348,765
	31,611	e	Yara International ASA		1,494,298
			TOTAL NORWAY		2,843,063

POLAND - 0.5%
	31,897		KGHM Polska Miedz S.A.		1,154,924
			TOTAL POLAND		1,154,924

SINGAPORE - 0.3%
	1,400,000		Golden Agri-Resources Ltd		682,968
			TOTAL SINGAPORE		682,968

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY		VALUE

SOUTH AFRICA - 2.4%
	103,168		AngloGold Ashanti Ltd	$	1,864,981
	22,915		Assore Ltd		886,932
	45,261		Kumba Iron Ore Ltd		1,611,960
	25,977		Sasol Ltd		1,455,863
			TOTAL SOUTH AFRICA		5,819,736

SWITZERLAND - 2.8%
	750		SGS S.A.		1,873,573
	12,539	*	Syngenta AG.		4,965,338
			TOTAL SWITZERLAND		6,838,911

UNITED KINGDOM - 7.7%
	159,258		Antofagasta plc		2,122,464
	420,900		BHP Billiton plc		13,664,253
	53,986		Rio Tinto plc		2,935,094
			TOTAL UNITED KINGDOM		18,721,811

UNITED STATES - 48.3%
	21,254		Alliance Holdings GP LP		1,419,767
	19,000		Anadarko Petroleum Corp		1,881,380
	133,783		Archer Daniels Midland Co		5,850,331
	23,500		Bunge Ltd		1,871,775
	20,854		Cabot Oil & Gas Corp		819,145
	21,678		CF Industries Holdings, Inc		5,314,795
	20,247		Cimarex Energy Co		2,411,823
	16,877		Compass Minerals International, Inc		1,545,933
	57,649		ConocoPhillips		4,283,897
	21,285		Consol Energy, Inc		947,396
	34,566	*,e	Continental Resources, Inc		4,788,082
	12,777		Core Laboratories NV		2,397,987
	46,330		EOG Resources, Inc		4,540,340
	11,460		Equitable Resources, Inc		1,249,026
	167,490		Exxon Mobil Corp		17,152,651
	17,700		Flowserve Corp		1,292,985
	27,520		FMC Corp		2,119,040
	175,395	*	Graphic Packaging Holding Co		1,799,553
	89,303		International Paper Co		4,165,985
	20,059		LyondellBasell Industries AF S.C.A		1,855,457
	35,799		Magellan Midstream Partners LP		2,656,644
	158,361		Monsanto Co		17,530,563
	51,799		Mosaic Co		2,592,022
	7,408		NewMarket Corp		2,758,147
	40,751		Newmont Mining Corp		1,011,847
	21,000		Noble Energy, Inc		1,507,380
	30,403		Packaging Corp of America		2,025,752
	15,805		Phillips 66		1,315,292
	106,897		RPC, Inc		2,376,320
	90,237	*	RSP Permian, Inc		2,558,219
	20,000		Scotts Miracle-Gro Co (Class A)		1,224,200
	181,401		Southern Copper Corp (NY)		5,467,426

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY		VALUE

	60,830	*	Southwestern Energy Co	$	2,912,540
	47,519	*,e	Ultra Petroleum Corp		1,416,066
	53,932	e	Western Refining, Inc		2,346,042
			TOTAL UNITED STATES		117,405,808

			TOTAL COMMON STOCKS		239,751,611
			(Cost $208,496,949)

SHORT-TERM INVESTMENTS - 12.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 12.0%
	29,120,555	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		29,120,555
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		29,120,555
			TOTAL SHORT-TERM INVESTMENTS		29,120,555
			(Cost $29,120,555)

			TOTAL INVESTMENTS - 110.8%		268,872,166
			(Cost $237,617,504)
			OTHER ASSETS & LIABILITIES, NET - (10.8)%		(26,346,843	)
			NET ASSETS - 100.0%	$	242,525,323



			*		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 $27,756,170.

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2014

				% OF
SECTOR	VALUE			NET ASSETS
MATERIALS	$	132,970,214			54.8	%
ENERGY		86,114,430			35.5
CONSUMER STAPLES		15,802,047			6.5
INDUSTRIALS		4,864,920			2.0
SHORT-TERM INVESTMENTS		29,120,555			12.0
OTHER ASSETS & LIABILITIES, NET		(26,346,843	)		(10.8	)

NET ASSETS	$	242,525,323			100.0	%

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 97.5%

AUSTRALIA - 0.8%
	876,829		BHP Billiton Ltd	$	30,878,932
			TOTAL AUSTRALIA		30,878,932

BELGIUM - 0.6%
	378,429		Arseus NV		21,435,806
			TOTAL BELGIUM		21,435,806

FRANCE - 21.9%
	3,754,527	e	Accor S.A.		183,820,006
	319,078		Aeroports de Paris		39,679,209
	52,271	e	Atos Origin S.A.		4,515,796
	820,179		BNP Paribas		61,631,912
	2,032,844	e	Bouygues S.A.		91,561,127
	2,615,988		Compagnie de Saint-Gobain		160,269,667
	126,689	*,e	Eiffage S.A.		9,576,676
	1,130,679		Essilor International S.A.		121,081,400
	74,999		Nexity		3,364,270
	2,493,045		Rexel S.A.		62,948,782
	916,025	e	Societe Television Francaise 1		15,598,073
	895,068	e	Vinci S.A.		67,583,290
			TOTAL FRANCE		821,630,208

GERMANY - 8.0%
	986,898	e	Bayer AG.		137,219,951
	319,721		Henkel KGaA (Preference)		35,664,933
	1,014,221		Lanxess AG.		77,234,376
	231,381		Linde AG.		48,054,312
			TOTAL GERMANY		298,173,572

GREECE - 5.3%
	2,749,221	*	Hellenic Telecommunications Organization S.A.		43,920,808
	10,378,284	*	National Bank of Greece S.A.		40,573,387
	49,033,155	*	Piraeus Bank S.A.		115,717,114
			TOTAL GREECE		200,211,309

HONG KONG - 0.0%
	18,045		Hong Kong Exchanges and Clearing Ltd		324,509
			TOTAL HONG KONG		324,509

INDIA - 7.5%
	535,861		Eicher Motors Ltd		55,094,222
	5,214,755		HDFC Bank Ltd		62,415,838
	3,332,925		IndusInd Bank Ltd		26,501,962
	1,156,562	*	Just Dial Ltd		22,655,691

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE

	4,653,049		Larsen & Toubro Ltd	$	100,072,986
	4,004,559		Mahindra & Mahindra Financial Services Ltd		16,361,029
			TOTAL INDIA		283,101,728

INDONESIA - 0.6%
	36,788,000		PT Indofood Sukses Makmur Tbk		22,504,395
			TOTAL INDONESIA		22,504,395

JAPAN - 12.2%
	57,800		Daikin Industries Ltd		3,343,390
	972,000		Daiwa House Industry Co Ltd		16,422,634
	267,458		Denso Corp		12,183,458
	307,200		Don Quijote Co Ltd		16,202,358
	4,750		Fanuc Ltd		857,070
	42,000		Fast Retailing Co Ltd		13,051,042
	1,346,100		Hoya Corp		39,814,036
	2,168,000		J Front Retailing Co Ltd		13,780,983
	34,697		Kao Corp		1,306,252
	25,830		Komatsu Ltd		568,680
	696,200	e	Matsui Securities Co Ltd		6,409,679
	24,887,000	*	Mazda Motor Corp		111,275,805
	32,057		Mitsubishi Corp		574,054
	241,984		Mitsubishi Electric Corp		2,755,431
	363,000		Mitsubishi Heavy Industries Ltd		1,911,174
	1,240,147		Mitsubishi UFJ Financial Group, Inc		6,596,954
	24,000		Mitsui Trust Holdings, Inc		98,897
	58,647		Nomura Holdings, Inc		339,617
	2,381,675	*	Olympus Corp		72,747,012
	166,800		Oriental Land Co Ltd		24,988,875
	133,250		Softbank Corp		9,924,193
	3,416,950		Sony Corp		59,986,566
	73,250		Sumitomo Corp		950,820
	3,396,000		Sumitomo Heavy Industries Ltd		14,449,634
	16,000		Sumitomo Metal Mining Co Ltd		241,672
	13,000		Suruga Bank Ltd		223,002
	504,100		Toyota Motor Corp		27,235,591
			TOTAL JAPAN		458,238,879

MEXICO - 0.1%
	335,800		Grupo Financiero Banorte S.A. de C.V.		2,226,132
			TOTAL MEXICO		2,226,132

NETHERLANDS - 2.4%
	106,156	e	ASML Holding NV		8,663,829
	5,687,336	*	ING Groep NV		81,299,642
	5,161		Royal Dutch Shell plc (A Shares)		204,036
			TOTAL NETHERLANDS		90,167,507

SINGAPORE - 1.0%
	34,578,000	e	Genting International plc		36,638,972
			TOTAL SINGAPORE		36,638,972

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE

SWEDEN - 9.0%
	5,971,527	e	SKF AB (B Shares)	$	155,069,177
	11,585,424	e	Volvo AB (B Shares)		183,445,217
			TOTAL SWEDEN		338,514,394

SWITZERLAND - 10.6%
	1,652,217		Adecco S.A.		138,707,000
	98,009	e	Burckhardt Compression Holding AG.		50,799,805
	3,558,728		Clariant AG.		70,177,776
	551,098	*	Holcim Ltd		50,544,729
	640,485	e	Swatch Group AG. (Registered)		77,280,805
	555,106		UBS AG.		11,609,412
			TOTAL SWITZERLAND		399,119,527

UNITED KINGDOM - 17.5%
	532,919		ARM Holdings plc		8,065,833
	172,919		Barclays plc		738,372
	100,416		BG Group plc		2,031,346
	15,680,651		British Sky Broadcasting plc		232,981,745
	2,908,953		Drax Group plc		32,562,821
	4,807,221		Filtrona plc		65,205,298
	43,017,267		Man Group plc		71,789,332
	7,215,417	*	Ocado Ltd		41,072,703
	825,343		Reckitt Benckiser Group plc		66,626,596
	314,852		Rio Tinto plc		17,117,773
	9,900,175		Tate & Lyle plc		117,362,883
			TOTAL UNITED KINGDOM		655,554,702

			TOTAL COMMON STOCKS		3,658,720,572
			(Cost $3,403,768,245)

RIGHTS / WARRANTS - 0.1%
GREECE - 0.1%
	3,712,152		Piraeus Bank S.A.		5,098,551
			TOTAL GREECE		5,098,551

			TOTAL RIGHTS / WARRANTS		5,098,551
			(Cost $3,073,413)

TIAA-CREF FUNDS - International Equity Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 13.5%
GOVERNMENT AGENCY DEBT - 1.3%
$	10,000,000		Federal Home Loan Bank (FHLB)		0.040	%	05/16/14	$	9,999,833
	40,000,000		Federal Home Loan Bank (FHLB)		0.045		07/02/14		39,997,240
			TOTAL GOVERNMENT AGENCY DEBT						49,997,073

TREASURY DEBT - 0.8%
	12,000,000		United States Treasury Bill		0.030		05/08/14		11,999,930
	17,000,000		United States Treasury Bill		0.074		02/05/15		16,990,752
			TOTAL TREASURY DEBT						28,990,682

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 11.4%
	426,855,915	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street
			Navigator Securities Lending Trust						426,855,915
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						426,855,915
			TOTAL SHORT-TERM INVESTMENTS						505,843,670
			(Cost $505,842,794)

			TOTAL INVESTMENTS - 111.1%						4,169,662,793
			(Cost $3,912,684,452)
			OTHER ASSETS & LIABILITIES, NET - (11.1)%						(415,331,203	)
			NET ASSETS - 100.0%					$	3,754,331,590

Non-income producing

Affiliated holding.

Investments made with cash collateral received from securities on loan.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $406,811,272.

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2014

SECTOR	VALUE			% OF NET ASSETS
INDUSTRIALS	$	1,140,217,413			30.3	%
CONSUMER DISCRETIONARY		869,461,252			23.2
FINANCIALS		526,377,975			14.0
MATERIALS		359,454,869			9.6
HEALTH CARE		352,484,168			9.4
CONSUMER STAPLES		243,465,058			6.5
INFORMATION TECHNOLOGY		83,715,185			2.2
TELECOMMUNICATION SERVICES		53,845,000			1.4
UTILITIES		32,562,821			0.9
ENERGY		2,235,382			0.1
SHORT-TERM INVESTMENTS		505,843,670			13.5
OTHER ASSETS & LIABILITIES, NET		(415,331,203	)		(11.1	)

NET ASSETS	$	3,754,331,590			100.0	%

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 95.4%

AUSTRALIA - 4.0%
	416,430		Australia & New Zealand Banking Group Ltd	$	13,391,461
	520,711		BHP Billiton Ltd		18,337,669
	325,553		Crown Ltd		4,871,488
	99,964		National Australia Bank Ltd		3,291,552
			TOTAL AUSTRALIA		39,892,170

BELGIUM - 1.9%
	165,657		Arseus NV		9,383,507
	119,461	e	UCB S.A.		9,798,979
			TOTAL BELGIUM		19,182,486

BRAZIL - 1.9%
	374,800		Banco Itau Holding Financeira S.A.		6,185,734
	258,100		Cia Brasileira de Distribuicao Grupo Pao de Acucar		12,211,929
			TOTAL BRAZIL		18,397,663

CANADA - 6.2%
	352,140		Alimentation Couche Tard, Inc		9,924,369
	141,795	e	Canadian National Railway Co		8,305,496
	131,715	e	Dollarama, Inc		10,954,920
	237,339		Suncor Energy, Inc		9,155,324
	333,846		Toronto-Dominion Bank		16,061,037
	331,933	e	TransForce, Inc		7,247,075
			TOTAL CANADA		61,648,221

CHINA - 2.9%
	6,237,600	e	China Everbright International Ltd		7,825,451
	80,544	*,e	Qunar Cayman Islands Ltd (ADR)		1,989,437
	201,000	*,e	Tencent Holdings Ltd		12,654,948
	11,980,600	*	Xinchen China Power Holdings Ltd		6,494,181
			TOTAL CHINA		28,964,017

FRANCE - 5.0%
	162,390		BNP Paribas		12,202,709
	524,669	*,e	GameLoft		5,213,494
	34,532	e	L’Oreal S.A.		5,951,421
	174,174		Teleperformance		9,989,286
	234,895		Total S.A.		16,805,365
			TOTAL FRANCE		50,162,275

GERMANY - 3.1%
	62,964		Allianz AG.		10,957,615
	99,640		Beiersdorf AG.		10,002,321

100

TIAA-CREF FUNDS - International Opportunities Fund


SHARES			COMPANY	VALUE

	223,401		Wirecard AG.	$	9,411,198
			TOTAL GERMANY		30,371,134

GREECE - 1.5%
	583,710		OPAP S.A.		9,321,872
	2,489,841	*	Piraeus Bank S.A.		5,875,967
			TOTAL GREECE		15,197,839

HONG KONG - 1.4%
	2,232,800		AIA Group Ltd		10,859,432
	28,029,700	e	REXLot Holdings Ltd		2,973,387
			TOTAL HONG KONG		13,832,819

INDIA - 0.7%
	375,366	*	Just Dial Ltd		7,352,979
			TOTAL INDIA		7,352,979

INDONESIA - 1.3%
	7,970,600		PT Bank Mandiri Persero Tbk		6,810,208
	54,671,100		PT Express Transindo Utama Tbk		6,133,142
			TOTAL INDONESIA		12,943,350

IRELAND - 3.1%
	351,910		CRH plc		10,245,353
	203,191		Shire Ltd		11,620,887
	404,947		Smurfit Kappa Group plc		9,021,284
			TOTAL IRELAND		30,887,524

ISRAEL - 0.4%
	410,415		Plus500 Ltd		3,992,074
			TOTAL ISRAEL		3,992,074

ITALY - 2.7%
	271,905	e	Brunello Cucinelli S.p.A		7,825,150
	325,519	e	GTECH S.p.A.		9,554,681
	276,788	*,e	Yoox S.p.A		9,939,381
			TOTAL ITALY		27,319,212

JAPAN - 11.2%
	167,300		Bridgestone Corp		5,990,259
	746,000		Daiwa Securities Group, Inc		5,593,834
	362,700		Fuji Heavy Industries Ltd		9,537,076
	111,700	e	GMO Payment Gateway, Inc		3,501,393
	328,000		Hoya Corp		9,701,362
	397,200	*,e	Infomart Corp		6,291,960
	563,000		Kubota Corp		7,256,239
	194,100		LIXIL Group Corp		5,143,635
	640,200	e	Matsui Securities Co Ltd		5,894,106
	1,576,000		Mitsui OSK Lines Ltd		5,257,641

101

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

	272,500	e	MonotaRO Co Ltd	$	5,498,458
	310,100	e	Next Co Ltd		2,695,530
	39,500		Oriental Land Co Ltd		5,917,629
	587,700		ORIX Corp		8,515,680
	163,500	e	Sanrio Co Ltd		5,183,570
	101,300		Sawai Pharmaceutical Co Ltd		6,269,298
	163,000		Seria Co Ltd		6,374,779
	172,100		Sumitomo Mitsui Financial Group, Inc		6,803,165
			TOTAL JAPAN		111,425,614

KOREA, REPUBLIC OF - 2.4%
	84,145		Hanssem Co Ltd		6,884,460
	12,721		Samsung Electronics Co Ltd		16,587,679
			TOTAL KOREA, REPUBLIC OF		23,472,139

MACAU - 0.9%
	2,137,600	e	Wynn Macau Ltd		8,459,699
			TOTAL MACAU		8,459,699

NETHERLANDS - 4.0%
	90,399	e	ASML Holding NV		7,377,835
	71,197	e	Gemalto NV		7,960,215
	987,377	*	ING Groep NV		14,114,411
	265,806		Royal Dutch Shell plc (A Shares)		10,508,427
			TOTAL NETHERLANDS		39,960,888

NEW ZEALAND - 0.5%
	187,103	*	Xero Ltd		5,147,622
			TOTAL NEW ZEALAND		5,147,622

NORWAY - 2.6%
	577,539		DNB NOR Holding ASA		10,237,178
	525,911	e	Statoil ASA		16,032,604
			TOTAL NORWAY		26,269,782

PHILIPPINES - 2.1%
	107,272,800		Megaworld Corp		11,231,506
	6,402,910	*	Robinsons Retail Holdings, Inc		9,636,451
			TOTAL PHILIPPINES		20,867,957

PORTUGAL - 1.0%
	5,433,509	*	Banco Espirito Santo S.A.		9,631,074
			TOTAL PORTUGAL		9,631,074

SINGAPORE - 0.8%
	7,587,500	e	Genting International plc		8,039,742
			TOTAL SINGAPORE		8,039,742

102

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

SOUTH AFRICA - 0.7%
	1,739,245		Life Healthcare Group Holdings Pte Ltd	$	6,916,186
			TOTAL SOUTH AFRICA		6,916,186

SPAIN - 1.9%
	269,762		Amadeus IT Holding S.A.		11,219,538
	84,439	e	Let’s GOWEX SA		2,399,158
	84,780	e	Tecnicas Reunidas S.A.		5,106,615
			TOTAL SPAIN		18,725,311

SWEDEN - 3.2%
	452,454	*,e	Fingerprint Cards AB		3,644,831
	258,650		Hennes & Mauritz AB (B Shares)		10,587,296
	313,012		Intrum Justitia AB		9,074,643
	229,653		Kinnevik Investment AB (Series B)		8,103,826
			TOTAL SWEDEN		31,410,596

SWITZERLAND - 4.6%
	102,717		Lonza Group AG.		10,750,417
	228,162		Novartis AG.		19,834,692
	735,023		UBS AG.		15,372,171
			TOTAL SWITZERLAND		45,957,280

TAIWAN - 3.2%
	711,440		Eclat Textile Co Ltd		7,800,378
	434,000		Ginko International Co Ltd		7,303,261
	4,610,398		Hota Industrial Manufacturing Co Ltd		7,395,360
	692,000		King Slide Works Co Ltd		9,024,242
			TOTAL TAIWAN		31,523,241

UNITED KINGDOM - 19.0%
	1,286,397		Ashtead Group plc		19,059,490
	210,731		Aveva Group plc		7,513,625
	2,657,690		Barclays plc		11,348,449
	178,724		Consort Medical plc		2,663,201
	1,027,425		Countrywide plc		10,260,771
	435,846	e	easyJet plc		12,059,700
	1,328,630	*	International Consolidated Airlines Group S.A. (London)		9,086,533
	1,104,187	*	Just Eat plc		4,003,602
	3,573,424		Man Group plc		5,963,506
	7,241,553	*	Monitise plc		8,193,494
	846,832	*	Ocado Ltd		4,820,467
	282,873		PayPoint plc		5,430,341
	731,326	*	Poundland Group plc		4,290,827
	238,285		Rightmove plc		9,707,562
	199,825		SABMiller plc		10,880,664
	786,671	*	Sports Direct International plc		10,430,985
	321,547	*	SuperGroup plc		7,228,140
	5,308,579		Taylor Woodrow plc		9,441,015
	317,299		Travis Perkins plc		9,160,531
	98,917		Unilever plc		4,424,860

103

TIAA-CREF FUNDS - International Opportunities Fund

COMPANY

RATE

MATURITY
DATE

VALUE

152,081

WANdisco plc

2,092,703

178,782

Whitbread plc

12,331,661

394,172

WPP plc

8,498,976

TOTAL UNITED KINGDOM

188,891,103

UNITED STATES - 1.2%

91,200

Biovail Corp (Toronto)

12,195,779

TOTAL UNITED STATES

12,195,779

TOTAL COMMON STOCKS

949,037,776

(Cost $884,912,120)

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS - 13.4%

GOVERNMENT AGENCY DEBT - 2.0%

20,000,000

Federal Home Loan Bank (FHLB)

0.040%

05/23/14

19,999,511

TOTAL GOVERNMENT AGENCY DEBT

19,999,511

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 11.4%

113,809,484

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

113,809,484

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

113,809,484

TOTAL SHORT-TERM INVESTMENTS

133,808,995

(Cost $133,808,995)

TOTAL INVESTMENTS - 108.8%

1,082,846,771

(Cost $1,018,721,115)

OTHER ASSETS & LIABILITIES, NET - (8.8)%

(87,815,444

)

NET ASSETS - 100.0%

995,031,327

Abbreviation(s):

ADR American Depositary Receipt

Non-income producing

Investments made with cash collateral received from securities on loan.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $107,019,018.

104

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2014

				% OF
SECTOR	VALUE			NET ASSETS
CONSUMER DISCRETIONARY	$	215,539,906			21.7	%
FINANCIALS		212,697,467			21.4
INDUSTRIALS		135,551,902			13.6
INFORMATION TECHNOLOGY		127,868,479			12.9
HEALTH CARE		96,736,208			9.7
CONSUMER STAPLES		63,032,016			6.3
ENERGY		57,608,335			5.8
MATERIALS		37,604,305			3.8
TELECOMMUNICATION SERVICES		2,399,158			0.2
SHORT-TERM INVESTMENTS		133,808,995			13.4
OTHER ASSETS & LIABILITIES, NET		(87,815,444	)		(8.8	)

NET ASSETS	$	995,031,327			100.0	%

105

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 1.2%
	14,412		Allison Transmission Holdings, Inc	$	430,054
	25,691	*	American Axle & Manufacturing Holdings, Inc		453,446
	89,048		BorgWarner, Inc		5,533,443
	24,123		Cooper Tire & Rubber Co		606,693
	61,959		Dana Holding Corp		1,311,672
	122,676		Delphi Automotive plc		8,199,664
	9,455	*,e	Dorman Products, Inc		544,135
	8,623		Drew Industries, Inc		433,909
	7,898	*	Federal Mogul Corp (Class A)		136,004
	1,530,399		Ford Motor Co		24,715,944
	6,300	*	Fox Factory Holding Corp		107,037
	6,354	*	Fuel Systems Solutions, Inc		66,590
	489,699		General Motors Co		16,884,822
	56,976		Gentex Corp		1,633,502
	15,191	*	Gentherm, Inc		552,193
	97,932		Goodyear Tire & Rubber Co		2,467,886
	88,444		Harley-Davidson, Inc		6,539,549
	271,996		Johnson Controls, Inc		12,277,899
	31,271		Lear Corp		2,597,369
	19,110	*	Modine Manufacturing Co		314,933
	4,368		Remy International, Inc		115,839
	1,282	*	Shiloh Industries, Inc		25,307
	10,146		Spartan Motors, Inc		53,875
	7,102		Standard Motor Products, Inc		269,805
	12,077	*	Stoneridge, Inc		129,103
	9,325		Superior Industries International, Inc		197,131
	25,069	*	Tenneco, Inc		1,500,881
	32,953	*,e	Tesla Motors, Inc		6,850,599
	16,461		Thor Industries, Inc		1,001,981
	2,033	*	Tower International, Inc		56,538
	41,872	*	TRW Automotive Holdings Corp		3,364,415
	18,955	*	Visteon Corp		1,645,484
	11,834	*	Winnebago Industries, Inc		282,833
			TOTAL AUTOMOBILES & COMPONENTS		101,300,535

BANKS - 5.9%
	5,849		1st Source Corp		172,487
	8,456		1st United Bancorp, Inc		61,898
	2,221		Access National Corp		32,760
	2,364		American National Bankshares, Inc		50,377
	9,012	*	Ameris Bancorp		191,685
	3,475	e	Ames National Corp		75,859
	12,293		Apollo Residential Mortgage		198,532
	4,132	e	Arrow Financial Corp		103,424

106

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	73,877		Associated Banc-Corp	$	1,296,541
	33,405		Astoria Financial Corp		442,950
	3,148		Banc of California, Inc		39,570
	2,576		Bancfirst Corp		149,949
	11,115		Banco Latinoamericano de Exportaciones S.A. (Class E)		285,878
	36,303		Bancorpsouth, Inc		848,038
	17,431		Bank Mutual Corp		104,935
	4,258,632		Bank of America Corp		64,475,689
	19,197		Bank of Hawaii Corp		1,059,099
	1,840		Bank of Kentucky Financial Corp		63,498
	1,613		Bank of Marin Bancorp		73,246
	13,307		Bank of the Ozarks, Inc		797,089
	6,216		BankFinancial Corp		61,165
	24,876		BankUnited		820,659
	8,283		Banner Corp		327,510
	1,212		Bar Harbor Bankshares		45,547
	280,066		BB&T Corp		10,454,864
	31,029		BBCN Bancorp, Inc		478,157
	2,577	*	BBX Capital Corp		48,267
	12,634	*	Beneficial Mutual Bancorp, Inc		164,747
	11,313		Berkshire Hills Bancorp, Inc		265,064
	6,773		BNC Bancorp		110,400
	5,227	*	BofI Holding, Inc		421,348
	11,776		BOK Financial Corp		770,386
	30,356		Boston Private Financial Holdings, Inc		379,754
	2,675		Bridge Bancorp, Inc		65,056
	2,877	*	Bridge Capital Holdings		64,445
	27,051		Brookline Bancorp, Inc		245,623
	5,252		Bryn Mawr Bank Corp		143,275
	996		C&F Financial Corp		31,125
	2,827		Camden National Corp		107,907
	9,174	*	Capital Bank Financial Corp		218,800
	3,380		Capital City Bank Group, Inc		46,982
	63,115		Capitol Federal Financial		759,905
	10,394		Cardinal Financial Corp		174,619
	31,797		Cathay General Bancorp		750,409
	4,182		Center Bancorp, Inc		77,409
	9,453		Centerstate Banks of Florida, Inc		103,699
	16,292		Central Pacific Financial Corp		305,801
	710		Century Bancorp, Inc		23,785
	8,748		Charter Financial Corp		96,228
	10,779		Chemical Financial Corp		302,567
	1,372	e	Chemung Financial Corp		39,226
	78,843		CIT Group, Inc		3,394,191
	1,202,531		Citigroup, Inc		57,613,260
	3,694		Citizens & Northern Corp		69,226
	9,224	e	City Holding Co		396,540
	18,582		City National Corp		1,348,496
	1,515		Clifton Bancorp, Inc		17,559
	3,610		CNB Financial Corp		59,637
	13,589		CoBiz, Inc		136,434
	20,081		Columbia Banking System, Inc		498,410

107

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	74,364		Comerica, Inc	$	3,587,319
	32,022		Commerce Bancshares, Inc		1,392,317
	16,220		Community Bank System, Inc		603,222
	9,422		Community Trust Bancorp, Inc		347,389
	2,779	*,e	CommunityOne Bancorp		27,095
	3,357	*	CU Bancorp		60,930
	21,334	e	Cullen/Frost Bankers, Inc		1,630,131
	7,620	*	Customers Bancorp, Inc		167,869
	36,880		CVB Financial Corp		533,285
	11,236		Dime Community Bancshares		183,147
	2,329	*,e	Doral Financial Corp		22,265
	8,370	*	Eagle Bancorp, Inc		279,474
	55,788		East West Bancorp, Inc		1,925,244
	2,716		Enterprise Bancorp, Inc		49,594
	6,884		Enterprise Financial Services Corp		123,017
	4,237		ESB Financial Corp		53,471
	3,960		ESSA Bancorp, Inc		41,144
	8,600	*	Essent Group Ltd		162,110
	30,843		EverBank Financial Corp		577,381
	2,647	*	Farmers Capital Bank Corp		55,296
	3,898		Federal Agricultural Mortgage Corp (Class C)		138,691
	3,010	*	Fidelity Southern Corp		39,762
	348,631		Fifth Third Bancorp		7,185,285
	4,256		Financial Institutions, Inc		98,526
	7,695		First Bancorp (NC)		132,431
	29,812	*	First Bancorp (Puerto Rico)		153,234
	2,602		First Bancorp, Inc		41,450
	23,133		First Busey Corp		127,232
	3,329		First Citizens Bancshares, Inc (Class A)		748,659
	37,222		First Commonwealth Financial Corp		319,737
	6,839		First Community Bancshares, Inc		101,286
	5,395		First Connecticut Bancorp		85,511
	2,946		First Defiance Financial Corp		79,601
	25,911		First Financial Bancorp		419,499
	12,857	e	First Financial Bankshares, Inc		759,206
	4,196		First Financial Corp		134,314
	9,814		First Financial Holdings, Inc		564,011
	5,071		First Financial Northwest, Inc		51,724
	96,986		First Horizon National Corp		1,114,369
	6,709		First Interstate Bancsystem, Inc		166,987
	18,906		First Merchants Corp		401,185
	33,195		First Midwest Bancorp, Inc		543,402
	1,571	*	First NBC Bank Holding Co		48,858
	134,758		First Niagara Financial Group, Inc		1,202,041
	2,446		First of Long Island Corp		88,716
	45,283		First Republic Bank		2,298,565
	22,525	*,e	First Security Group, Inc		42,798
	68,234		FirstMerit Corp		1,323,057
	7,423	*	Flagstar Bancorp, Inc		130,645
	11,078		Flushing Financial Corp		212,919
	64,012		FNB Corp		796,309
	4,259		Fox Chase Bancorp, Inc		71,040

108

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	4,177	*	Franklin Financial Corp	$	83,373
	77,849		Fulton Financial Corp		948,979
	4,921		German American Bancorp, Inc		128,143
	27,378		Glacier Bancorp, Inc		702,519
	3,971		Great Southern Bancorp, Inc		113,849
	4,513		Guaranty Bancorp		56,819
	32,474		Hancock Holding Co		1,095,348
	11,875		Hanmi Financial Corp		252,581
	6,024		Heartland Financial USA, Inc		146,383
	6,136		Heritage Commerce Corp		49,824
	4,718		Heritage Financial Corp		76,243
	5,855	*	Heritage Oaks Bancorp		43,386
	358		Hingham Institution for Savings		24,885
	2,141	*	Home Bancorp, Inc		43,355
	17,532		Home Bancshares, Inc		555,940
	4,914		Home Federal Bancorp, Inc		73,956
	27,085		Home Loan Servicing Solutions Ltd		599,933
	3,989		HomeStreet, Inc		72,440
	8,420	*	HomeTrust Bancshares, Inc		128,573
	3,362		Horizon Bancorp		67,206
	213,340		Hudson City Bancorp, Inc		2,124,866
	6,296		Hudson Valley Holding Corp		115,595
	322,960		Huntington Bancshares, Inc		2,958,314
	12,002		IBERIABANK Corp		754,926
	11,372		Independent Bank Corp		422,129
	1,522		Independent Bank Group, Inc		74,898
	20,460		International Bancshares Corp		469,762
	7,007	*	Intervest Bancshares Corp		53,043
	23,436		Investors Bancorp, Inc		626,444
	1,492,492		JPMorgan Chase & Co		83,549,702
	3,901	*	Kearny Financial Corp		56,877
	361,399		Keycorp		4,929,482
	5,950	*	Ladder Capital Corp		106,446
	11,287		Lakeland Bancorp, Inc		117,836
	6,729		Lakeland Financial Corp		246,281
	2,173		LCNB Corp		34,768
	51,499	e	M&T Bank Corp		6,283,393
	8,897	e	Macatawa Bank Corp		43,328
	7,844		MainSource Financial Group, Inc		129,661
	24,638		MB Financial, Inc		661,284
	2,590		Mercantile Bank Corp		50,531
	1,433		Merchants Bancshares, Inc		41,657
	3,246	*	Meridian Interstate Bancorp, Inc		82,026
	121,112	*	MGIC Investment Corp		1,041,563
	1,630		Middleburg Financial Corp		28,248
	2,305		Midsouth Bancorp, Inc		38,540
	2,098		MidWestOne Financial Group, Inc		51,674
	1,196	e	NASB Financial, Inc		28,537
	19,899		National Bank Holdings Corp		381,265
	2,101	e	National Bankshares, Inc		68,451
	49,193		National Penn Bancshares, Inc		480,616
	7,292	*,e	Nationstar Mortgage Holdings, Inc		238,667

109

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	16,606		NBT Bancorp, Inc	$	376,126
	176,186	e	New York Community Bancorp, Inc		2,715,026
	9,576	*	NewBridge Bancorp		73,639
	29,975		Northfield Bancorp, Inc		388,776
	1,920		Northrim BanCorp, Inc		46,061
	39,731		Northwest Bancshares, Inc		528,025
	4,407		OceanFirst Financial Corp		71,482
	39,479	*	Ocwen Financial Corp		1,496,254
	17,355		OFG Bancorp		296,076
	40,883		Old National Bancorp		577,268
	3,534		OmniAmerican Bancorp, Inc		87,855
	23,480		Oritani Financial Corp		348,208
	5,561		Pacific Continental Corp		73,294
	5,144	*	Pacific Premier Bancorp, Inc		70,216
	38,277		PacWest Bancorp		1,506,966
	1,441	*	Palmetto Bancshares, Inc		19,468
	5,749	e	Park National Corp		416,917
	16,587		Park Sterling Bank		108,313
	3,378		Peapack Gladstone Financial Corp		64,216
	1,124		Penns Woods Bancorp, Inc		49,456
	5,281	*	Pennsylvania Commerce Bancorp, Inc		107,838
	4,791	*	PennyMac Financial Services, Inc		76,033
	3,205		Peoples Bancorp, Inc		83,554
	126,242	e	People’s United Financial, Inc		1,802,736
	13,363		Pinnacle Financial Partners, Inc		461,959
	210,533		PNC Financial Services Group, Inc		17,693,193
	39,430	*	Popular, Inc		1,218,387
	3,650	*	Preferred Bank		78,293
	24,843		PrivateBancorp, Inc		684,922
	24,616		Prosperity Bancshares, Inc		1,452,344
	2,835		Provident Financial Holdings, Inc		39,888
	22,929		Provident Financial Services, Inc		398,506
	66,237	e	Radian Group, Inc		925,993
	560,254		Regions Financial Corp		5,680,976
	11,564		Renasant Corp		314,772
	4,212		Republic Bancorp, Inc (Class A)		101,130
	11,366		S&T Bancorp, Inc		264,373
	8,599		Sandy Spring Bancorp, Inc		206,806
	4,292	*	Seacoast Banking Corp of Florida		45,495
	3,841		Sierra Bancorp		59,958
	18,377	*	Signature Bank		2,183,555
	6,265		Simmons First National Corp (Class A)		226,542
	7,091	e	Southside Bancshares, Inc		195,560
	7,722		Southwest Bancorp, Inc		128,957
	11,285		State Bank & Trust Co		187,105
	32,387		Sterling Bancorp/DE		387,349
	5,455		Stock Yards Bancorp, Inc		160,813
	1,570	*,e	Stonegate Mortgage Corp		19,861
	4,350	*	Suffolk Bancorp		95,396
	11,250	*	Sun Bancorp, Inc		42,750
	210,798		SunTrust Banks, Inc		8,065,131
	81,854		Susquehanna Bancshares, Inc		848,007

110

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	17,212	*	SVB Financial Group	$	1,836,348
	392,479		Synovus Financial Corp		1,259,858
	7,520	*	Talmer Bancorp Inc		100,843
	6,490	*	Taylor Capital Group, Inc		138,172
	62,519		TCF Financial Corp		981,548
	3,666		Territorial Bancorp, Inc		75,006
	16,226	*	Texas Capital Bancshares, Inc		911,739
	30,360	*	TFS Financial Corp		406,520
	11,214	*	The Bancorp, Inc		177,406
	5,590		Tompkins Trustco, Inc		263,513
	9,354	e	TowneBank		144,332
	3,655	*	Tree.com, Inc		106,287
	6,050		Trico Bancshares		146,713
	2,504	*	Tristate Capital Holdings, Inc		32,752
	33,241		Trustco Bank Corp NY		219,723
	29,637		Trustmark Corp		677,798
	15,425		UMB Financial Corp		905,602
	66,718		Umpqua Holdings Corp		1,109,520
	16,244		Union Bankshares Corp		415,684
	27,752		United Bankshares, Inc		811,746
	15,479	*	United Community Banks, Inc		249,986
	14,925	*	United Community Financial Corp		49,700
	6,425		United Financial Bancorp, Inc		113,337
	11,315	*	United Financial Bancorp, Inc (New)		148,905
	6,493		Univest Corp of Pennsylvania		127,977
	732,896		US Bancorp		29,887,499
	79,696	e	Valley National Bancorp		798,554
	18,364		ViewPoint Financial Group		478,749
	6,380	*	Walker & Dunlop, Inc		100,038
	4,649		Washington Banking Co		79,963
	43,667		Washington Federal, Inc		942,334
	5,261		Washington Trust Bancorp, Inc		179,926
	34,448		Webster Financial Corp		1,038,263
	1,906,005		Wells Fargo & Co		94,614,088
	9,847		WesBanco, Inc		297,773
	4,720		West Bancorporation, Inc		68,487
	12,310	e	Westamerica Bancorporation		625,594
	28,095	*	Western Alliance Bancorp		648,152
	7,986		Westfield Financial, Inc		54,704
	22,499		Wilshire Bancorp, Inc		224,990
	16,749		Wintrust Financial Corp		750,690
	3,011		WSFS Financial Corp		203,604
	5,513	*	Yadkin Financial Corp		105,574
	70,495		Zions Bancorporation		2,038,715
			TOTAL BANKS		493,059,817

CAPITAL GOODS - 8.5%
	273,176		3M Co		37,996,050
	29,684	*	A.O. Smith Corp		1,388,024
	10,369	*	Aaon, Inc		293,961
	14,311		AAR Corp		370,655
	18,679	*	Accuride Corp		105,350

111

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	10,671		Aceto Corp	$	233,482
	28,945		Actuant Corp (Class A)		980,078
	16,604		Acuity Brands, Inc		2,068,360
	40,017	*	Aecom Technology Corp		1,297,351
	17,209	*	Aegion Corp		438,657
	7,897	*	Aerovironment, Inc		266,682
	38,741		AGCO Corp		2,157,874
	26,738		Air Lease Corp		959,092
	26,219		Aircastle Ltd		460,668
	2,787		Alamo Group, Inc		148,045
	10,576		Albany International Corp (Class A)		380,525
	37,976		Allegion plc		1,874,116
	13,017		Alliant Techsystems, Inc		1,877,312
	12,909		Altra Holdings, Inc		440,971
	7,666	*	Ameresco, Inc		49,139
	5,930	e	American Railcar Industries, Inc		411,779
	4,637		American Science & Engineering, Inc		311,606
	20,793	*,e	American Superconductor Corp		26,615
	3,969	*	American Woodmark Corp		119,110
	94,073		Ametek, Inc		4,959,529
	3,985		Ampco-Pittsburgh Corp		79,820
	9,213	*,e	API Technologies Corp		21,006
	12,974		Apogee Enterprises, Inc		412,184
	16,487		Applied Industrial Technologies, Inc		790,057
	5,143		Argan, Inc		137,678
	9,943	*	Armstrong World Industries, Inc		522,604
	48,530	*	ArvinMeritor, Inc		576,051
	9,449		Astec Industries, Inc		377,488
	7,720	*	Astronics Corp		440,966
	864	*	Astronics Corp (Class B)		49,162
	9,722		AZZ, Inc		422,129
	44,867		Babcock & Wilcox Co		1,560,923
	19,306		Barnes Group, Inc		743,667
	38,956	*	BE Aerospace, Inc		3,419,168
	18,664	*	Beacon Roofing Supply, Inc		664,065
	25,192	*	Blount International, Inc		281,395
	7,295	*	Bluelinx Holdings, Inc		9,556
	300,222		Boeing Co		38,734,642
	17,419		Brady Corp (Class A)		449,236
	17,803	e	Briggs & Stratton Corp		380,450
	18,279	*	Builders FirstSource, Inc		143,490
	6,609	*	CAI International, Inc		143,746
	154,005	*,e	Capstone Turbine Corp		317,250
	24,252		Carlisle Cos, Inc		1,994,727
	259,538		Caterpillar, Inc		27,355,305
	11,724	*,e	Chart Industries, Inc		799,811
	38,344		Chicago Bridge & Iron Co NV		3,070,204
	6,684		CIRCOR International, Inc		542,808
	19,791		Clarcor, Inc		1,143,128
	40,461	*	Colfax Corp		2,912,383
	7,576	*	Columbus McKinnon Corp		200,688
	14,302		Comfort Systems USA, Inc		214,530

112

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,607	*	Commercial Vehicle Group, Inc	$	112,704
	5,840	*	Continental Building Products Inc		99,280
	18,503		Crane Co		1,345,723
	8,646		Cubic Corp		410,080
	75,258		Cummins, Inc		11,352,669
	18,796		Curtiss-Wright Corp		1,201,816
	236,942		Danaher Corp		17,386,804
	152,101		Deere & Co		14,197,107
	27,840	*	DigitalGlobe, Inc		829,075
	58,664		Donaldson Co, Inc		2,469,168
	8,590		Douglas Dynamics, Inc		144,913
	67,184		Dover Corp		5,804,698
	4,040	*	Ducommun, Inc		98,051
	4,207	*	DXP Enterprises, Inc		476,275
	12,599	*	Dycom Industries, Inc		395,609
	6,057		Dynamic Materials Corp		122,351
	186,894		Eaton Corp		13,575,980
	25,620		EMCOR Group, Inc		1,178,264
	284,111		Emerson Electric Co		19,370,688
	9,111		Encore Wire Corp		443,979
	25,645	*,e	Energy Recovery, Inc		131,046
	18,377		EnerSys		1,241,918
	6,454	*	Engility Holdings, Inc		281,653
	5,804	*,e	Enphase Energy, Inc		43,820
	9,371	*	EnPro Industries, Inc		667,309
	1,465	*,e	Erickson Air-Crane, Inc		23,162
	9,475		ESCO Technologies, Inc		316,655
	12,425	*	Esterline Technologies Corp		1,354,574
	78,015		Exelis, Inc		1,446,398
	118,021	e	Fastenal Co		5,910,492
	23,562	*	Federal Signal Corp		357,671
	56,703		Flowserve Corp		4,142,154
	63,562		Fluor Corp		4,811,643
	63,648		Fortune Brands Home & Security, Inc		2,536,373
	20,232		Franklin Electric Co, Inc		782,371
	3,620		Freightcar America, Inc		95,061
	112,857	*,e	FuelCell Energy, Inc		256,185
	16,219	*	Furmanite Corp		169,975
	17,900		GATX Corp		1,174,777
	23,099	*,e	GenCorp, Inc		405,618
	19,651		Generac Holdings, Inc		1,157,051
	18,528		General Cable Corp		474,687
	117,396		General Dynamics Corp		12,848,992
	4,080,923		General Electric Co		109,736,019
	11,486	*	Gibraltar Industries, Inc		196,181
	3,003		Global Brass & Copper Holdings, Inc		47,628
	6,344		Global Power Equipment Group, Inc		111,210
	7,230		Gorman-Rupp Co		224,492
	23,662		Graco, Inc		1,715,495
	47,638	*,e	GrafTech International Ltd		534,022
	4,428		Graham Corp		132,132
	14,471		Granite Construction, Inc		540,926

113

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	23,276	*	Great Lakes Dredge & Dock Corp	$	200,872
	9,362	*	Greenbrier Cos, Inc		490,943
	17,223		Griffon Corp		183,253
	10,434	*	H&E Equipment Services, Inc		402,231
	3,407		Hardinge, Inc		45,518
	30,803		Harsco Corp		737,116
	23,800	*	HD Supply Holdings, Inc		613,564
	25,313		Heico Corp		1,400,315
	37,613	*	Hexcel Corp		1,568,086
	311,799		Honeywell International, Inc		28,966,127
	5,385		Houston Wire & Cable Co		67,097
	23,552		Hubbell, Inc (Class B)		2,772,541
	18,949		Huntington Ingalls		1,951,747
	1,898		Hurco Cos, Inc		50,601
	4,224		Hyster-Yale Materials Handling, Inc		407,151
	31,323		IDEX Corp		2,335,756
	18,687	*	II-VI, Inc		269,093
	140,428		Illinois Tool Works, Inc		11,968,678
	110,399		Ingersoll-Rand plc		6,601,860
	4,851	*	Innovative Solutions & Support, Inc		32,647
	6,765		Insteel Industries, Inc		139,224
	34,338		ITT Corp		1,481,341
	51,524	*	Jacobs Engineering Group, Inc		2,972,935
	14,140		John Bean Technologies Corp		409,919
	40,832	e	Joy Global, Inc		2,465,436
	4,807		Kadant, Inc		167,043
	10,322		Kaman Corp		433,214
	57,032		KBR, Inc		1,446,902
	30,317		Kennametal, Inc		1,416,713
	14,738	*,e	KEYW Holding Corp		189,383
	15,051	*	Kratos Defense & Security Solutions, Inc		108,668
	36,175		L-3 Communications Holdings, Inc		4,173,510
	8,671	*,e	Layne Christensen Co		151,049
	3,627		LB Foster Co (Class A)		171,738
	19,240		Lennox International, Inc		1,612,889
	31,825		Lincoln Electric Holdings, Inc		2,126,228
	4,945	e	Lindsay Manufacturing Co		435,803
	3,974	*,e	LMI Aerospace, Inc		54,205
	103,309		Lockheed Martin Corp		16,957,139
	5,746		LSI Industries, Inc		43,727
	7,012	*	Lydall, Inc		164,151
	4,394	*	Manitex International, Inc		72,325
	51,424		Manitowoc Co, Inc		1,634,255
	138,500		Masco Corp		2,782,465
	24,509	*,e	Mastec, Inc		970,066
	7,584	*	Middleby Corp		1,914,808
	5,071		Miller Industries, Inc		98,225
	17,441	*	Moog, Inc (Class A)		1,141,513
	33,617	*	MRC Global, Inc		981,280
	18,133		MSC Industrial Direct Co (Class A)		1,651,191
	21,408		Mueller Industries, Inc		619,548
	62,679		Mueller Water Products, Inc (Class A)		571,633

114

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	8,966	*	MYR Group, Inc	$	210,342
	1,821	e	National Presto Industries, Inc		131,586
	21,222	*,e	Navistar International Corp		804,950
	8,107	*	NCI Building Systems, Inc		126,794
	6,966		NN, Inc		136,325
	5,130	*	Norcraft Cos, Inc		81,464
	25,943		Nordson Corp		1,928,862
	4,640	*	Nortek, Inc		381,222
	88,539		Northrop Grumman Corp		10,758,374
	3,916	*	Northwest Pipe Co		140,075
	23,002	*	Orbital Sciences Corp		676,259
	11,476	*	Orion Marine Group, Inc		134,614
	35,397		Oshkosh Truck Corp		1,964,888
	45,435		Owens Corning, Inc		1,856,020
	138,731		Paccar, Inc		8,876,009
	43,677		Pall Corp		3,675,420
	57,978		Parker Hannifin Corp		7,356,249
	2,377	*	Patrick Industries, Inc		95,246
	79,589		Pentair Ltd		5,912,667
	14,306	*	Perini Corp		423,458
	12,273	*	Pgt, Inc		122,116
	10,096	*	Pike Electric Corp		96,922
	6,151	*	Ply Gem Holdings, Inc		78,425
	9,067	*	PMFG, Inc		51,410
	17,763	*,e	Polypore International, Inc		616,021
	4,631		Powell Industries, Inc		293,235
	780	*,e	Power Solutions International, Inc		64,545
	12,839	*	PowerSecure International, Inc		285,411
	58,276		Precision Castparts Corp		14,749,073
	704		Preformed Line Products Co		42,071
	14,897		Primoris Services Corp		416,818
	6,465	*,e	Proto Labs, Inc		391,391
	13,031		Quanex Building Products Corp		245,504
	83,835	*	Quanta Services, Inc		2,957,699
	13,831		Raven Industries, Inc		427,378
	129,536		Raytheon Co		12,368,097
	10,417	*	RBC Bearings, Inc		648,562
	18,056		Regal-Beloit Corp		1,349,325
	28,397	*,e	Revolution Lighting Technologies, Inc		82,635
	13,598	*	Rexnord Corp		363,611
	54,850		Rockwell Automation, Inc		6,537,023
	54,175		Rockwell Collins, Inc		4,206,689
	39,295		Roper Industries, Inc		5,460,040
	13,221	*	Rush Enterprises, Inc (Class A)		424,394
	15,523		Simpson Manufacturing Co, Inc		508,999
	22,253		Snap-On, Inc		2,581,348
	9,591	*,e	SolarCity Corp		510,721
	5,902	*	Sparton Corp		160,298
	44,910	*	Spirit Aerosystems Holdings, Inc (Class A)		1,348,647
	17,950		SPX Corp		1,828,028
	4,897		Standex International Corp		290,735
	63,531		Stanley Works		5,456,678

115

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	4,846	*	Sterling Construction Co, Inc	$	37,217
	5,400	*	Stock Building Supply Holdings, Inc		93,474
	8,131		Sun Hydraulics Corp		332,395
	12,916	e	TAL International Group, Inc		544,797
	17,883	*	Taser International, Inc		288,810
	6,878	*	Tecumseh Products Co (Class A)		41,337
	15,081	*	Teledyne Technologies, Inc		1,400,422
	8,078		Tennant Co		515,296
	43,646		Terex Corp		1,889,435
	8,149	e	Textainer Group Holdings Ltd		320,256
	109,112		Textron, Inc		4,462,681
	2,347	*,e	The ExOne Company		81,065
	10,365	*	Thermon Group Holdings		246,894
	32,984		Timken Co		2,080,631
	21,724	e	Titan International, Inc		380,387
	10,884	*,e	Titan Machinery, Inc		191,994
	24,003		Toro Co		1,525,151
	20,979		TransDigm Group, Inc		3,731,535
	7,617	*	Trex Co, Inc		598,087
	18,987	*	Trimas Corp		680,874
	30,217		Trinity Industries, Inc		2,268,088
	20,359		Triumph Group, Inc		1,319,467
	4,337		Twin Disc, Inc		125,469
	37,327	*	United Rentals, Inc		3,502,392
	363,681		United Technologies Corp		43,034,373
	8,259		Universal Forest Products, Inc		416,997
	28,917		URS Corp		1,362,569
	28,811	*	USG Corp		860,296
	10,654		Valmont Industries, Inc		1,586,487
	5,781	*	Vicor Corp		48,329
	23,720		W.W. Grainger, Inc		6,034,368
	26,347	*	Wabash National Corp		351,996
	22,440	*	WABCO Holdings, Inc		2,401,304
	9,798		Watsco, Inc		1,008,312
	10,912		Watts Water Technologies, Inc (Class A)		580,518
	17,226	*,e	WESCO International, Inc		1,512,098
	37,673		Westinghouse Air Brake Technologies Corp		2,808,522
	25,723		Woodward Governor Co		1,153,162
	8,207	*	Xerium Technologies, Inc		110,795
	71,418		Xylem, Inc		2,684,603
			TOTAL CAPITAL GOODS		707,279,550

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	22,665		ABM Industries, Inc		613,995
	18,732	e	Acacia Research (Acacia Technologies)		300,461
	43,662	*	ACCO Brands Corp		267,648
	8,204	*,e	Acorn Energy, Inc		19,033
	8,031		Administaff, Inc		257,474
	78,283	e	ADT Corp		2,367,278
	14,166	*	Advisory Board Co		811,145
	9,372		American Ecology Corp		418,460
	18,662	*	ARC Document Solutions, Inc		119,437

116

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,118		Barrett Business Services, Inc	$	157,178
	19,702		Brink’s Co		501,219
	13,804	*	Casella Waste Systems, Inc (Class A)		70,400
	11,843	*	CBIZ, Inc		101,495
	5,378		CDI Corp		82,391
	9,740	e	Ceco Environmental Corp		154,769
	19,758	*,e	Cenveo, Inc		61,052
	41,148		Cintas Corp		2,424,852
	24,625	*,e	Clean Harbors, Inc		1,477,500
	45,517	*	Copart, Inc		1,650,902
	12,816		Corporate Executive Board Co		884,560
	44,013		Corrections Corp of America		1,443,626
	2,988		Courier Corp		43,416
	40,540		Covanta Holding Corp		747,963
	4,650	*	CRA International, Inc		101,230
	19,870		Deluxe Corp		1,091,856
	15,236		Dun & Bradstreet Corp		1,687,539
	9,244	*	EnerNOC, Inc		218,158
	10,065		Ennis, Inc		150,572
	48,076		Equifax, Inc		3,404,262
	5,153		Exponent, Inc		362,874
	3,955	*	Franklin Covey Co		80,168
	16,226	*	FTI Consulting, Inc		556,552
	7,447		G & K Services, Inc (Class A)		394,244
	28,661		Geo Group, Inc		961,003
	5,783	*	GP Strategies Corp		151,977
	25,312		Healthcare Services Group		736,579
	7,483		Heidrick & Struggles International, Inc		141,055
	2,270	*	Heritage-Crystal Clean, Inc		36,320
	25,034		Herman Miller, Inc		771,798
	19,611		HNI Corp		690,896
	8,902	*	Huron Consulting Group, Inc		633,822
	7,449	*	ICF International, Inc		290,288
	50,177	*	ICO Global Communications Holdings Ltd		82,792
	26,009	*	IHS, Inc (Class A)		3,137,466
	16,934	*	Innerworkings, Inc		121,925
	22,540		Interface, Inc		405,495
	5,323		Intersections, Inc		29,915
	65,722		Iron Mountain, Inc		1,869,134
	29,019		KAR Auction Services, Inc		864,186
	12,491		Kelly Services, Inc (Class A)		263,060
	9,799		Kforce, Inc		226,553
	11,755		Kimball International, Inc (Class B)		197,014
	18,644		Knoll, Inc		339,134
	20,706	*	Korn/Ferry International		601,509
	29,449		Manpower, Inc		2,395,382
	9,593		McGrath RentCorp		302,947
	6,009	*	Mistras Group, Inc		136,464
	14,696		Mobile Mini, Inc		649,269
	10,756		MSA Safety, Inc		567,379
	4,295		Multi-Color Corp		149,681
	18,361	*	Navigant Consulting, Inc		308,465

117

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	88,066		Nielsen Holdings NV	$	4,134,699
	1,974		NL Industries, Inc		19,799
	30,943	*,e	Odyssey Marine Exploration, Inc		67,765
	17,555	*	On Assignment, Inc		614,425
	10,412	*	Performant Financial Corp		90,689
	76,537	e	Pitney Bowes, Inc		2,051,192
	9,506		Quad		205,805
	80,473		R.R. Donnelley & Sons Co		1,416,325
	104,395		Republic Services, Inc		3,663,221
	13,734		Resources Connection, Inc		186,920
	55,822		Robert Half International, Inc		2,500,826
	24,395		Rollins, Inc		733,802
	12,267	*	RPX Corp		200,933
	3,482		Schawk, Inc (Class A)		69,640
	5,881	*	SP Plus Corp		143,614
	33,167		Steelcase, Inc (Class A)		546,592
	34,450	*	Stericycle, Inc		4,011,358
	34,268	*,e	Swisher Hygiene, Inc		13,755
	7,886	*	Team, Inc		338,231
	24,838	*	Tetra Tech, Inc		712,105
	25,728		Towers Watson & Co		2,887,196
	5,055	*	TRC Cos, Inc		29,976
	16,456	*	TrueBlue, Inc		440,198
	5,480		Unifirst Corp		527,395
	16,327		United Stationers, Inc		612,752
	59,551	*	Verisk Analytics, Inc		3,578,420
	7,823		Viad Corp		180,320
	1,211		VSE Corp		75,651
	9,485	*	WageWorks, Inc		401,879
	49,603		Waste Connections, Inc		2,215,270
	185,150		Waste Management, Inc		8,229,918
	6,588		West Corp		160,418
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		81,146,306

CONSUMER DURABLES & APPAREL - 1.5%
	47,687	*,e	American Apparel, Inc		30,825
	4,947		Arctic Cat, Inc		202,283
	3,514		Bassett Furniture Industries, Inc		48,458
	9,403	*,e	Beazer Homes USA, Inc		178,281
	9,316	*,e	Black Diamond, Inc		103,873
	4,756	e	Blyth, Inc		44,564
	34,608		Brunswick Corp		1,390,896
	33,944	e	Callaway Golf Co		295,652
	20,866		Carter’s, Inc		1,536,990
	2,607	*	Cavco Industries, Inc		203,216
	109,371		Coach, Inc		4,883,415
	6,052	e	Columbia Sportswear Co		520,351
	38,595	*	CROCS, Inc		583,942
	2,574		CSS Industries, Inc		61,699
	4,789		Culp, Inc		86,442
	13,668	*,e	Deckers Outdoor Corp		1,079,089
	111,150		DR Horton, Inc		2,476,422

118

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	9,554	e	Ethan Allen Interiors, Inc	$	231,971
	3,766	*,e	EveryWare Global, Inc		10,244
	1,383		Flexsteel Industries, Inc		47,465
	19,621	*	Fossil Group, Inc		2,092,580
	48,824	e	Garmin Ltd		2,787,850
	7,448	*	G-III Apparel Group Ltd		534,543
	38,965		Hanesbrands, Inc		3,198,637
	26,240		Harman International Industries, Inc		2,876,166
	43,813		Hasbro, Inc		2,421,106
	12,254	*	Helen of Troy Ltd		768,326
	3,179		Hooker Furniture Corp		44,029
	59,283	*,e	Hovnanian Enterprises, Inc (Class A)		264,402
	19,277	*	Iconix Brand Group, Inc		819,273
	12,744	*,e	iRobot Corp		426,924
	6,899	e	Jakks Pacific, Inc		60,435
	48,542	*	Jarden Corp		2,774,175
	1,650		Johnson Outdoors, Inc		34,535
	51,100	*	Kate Spade & Co		1,776,747
	35,932	e	KB Home		593,237
	22,054		La-Z-Boy, Inc		534,368
	22,633	*,e	Leapfrog Enterprises, Inc		155,036
	54,196		Leggett & Platt, Inc		1,780,881
	64,270		Lennar Corp (Class A)		2,480,179
	5,530	*	LGI Homes, Inc		81,402
	11,112	*	Libbey, Inc		296,357
	2,759		Lifetime Brands, Inc		52,697
	8,712	*	M/I Homes, Inc		194,016
	4,990	*	Malibu Boats Inc		111,077
	3,595		Marine Products Corp		25,525
	137,630		Mattel, Inc		5,397,160
	13,843	e	MDC Holdings, Inc		382,067
	15,263	*	Meritage Homes Corp		588,847
	78,225	*	Michael Kors Holdings Ltd		7,134,120
	24,335	*	Mohawk Industries, Inc		3,222,197
	6,272		Movado Group, Inc		246,364
	1,709		Nacco Industries, Inc (Class A)		91,585
	22,079	*	Nautilus, Inc		183,918
	7,070	*	New Home Co Inc		97,213
	111,985		Newell Rubbermaid, Inc		3,371,868
	280,197		Nike, Inc (Class B)		20,440,371
	1,869	*	NVR, Inc		2,012,913
	4,894		Oxford Industries, Inc		323,053
	5,118	*	Perry Ellis International, Inc		77,282
	31,842		Phillips-Van Heusen Corp		3,998,400
	25,028		Polaris Industries, Inc		3,362,011
	18,378		Pool Corp		1,084,670
	151,015		Pulte Homes, Inc		2,777,166
	56,396	*	Quiksilver, Inc		362,062
	24,511		Ralph Lauren Corp		3,710,230
	3,796		RG Barry Corp		69,391
	18,370		Ryland Group, Inc		705,224
	14,756	*	Skechers U.S.A., Inc (Class A)		604,848

119

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	19,902	*	Skullcandy, Inc	$	153,245
	24,217	*,e	Smith & Wesson Holding Corp		371,731
	66,176	*	Standard-Pacific Corp		528,746
	24,041	*	Steven Madden Ltd		856,100
	7,390	e	Sturm Ruger & Co, Inc		475,547
	15,358	*	Taylor Morrison Home Corp		325,743
	23,504	*	Tempur-Pedic International, Inc		1,179,431
	69,503	*	Toll Brothers, Inc		2,379,783
	5,974	*,e	TRI Pointe Homes, Inc		96,002
	18,264	*	Tumi Holdings, Inc		372,951
	20,224		Tupperware Corp		1,717,220
	4,000	*	UCP, Inc (Class A)		56,600
	65,754	*	Under Armour, Inc (Class A)		3,214,713
	5,888	*	Unifi, Inc		130,360
	5,996	*	Universal Electronics, Inc		223,951
	8,174	*,e	Vera Bradley, Inc		231,324
	138,170		VF Corp		8,440,805
	4,400	*	Vince Holding Corp		121,044
	4,800	*	WCI Communities, Inc		92,016
	2,076		Weyco Group, Inc		52,087
	30,993		Whirlpool Corp		4,753,706
	4,740	*	William Lyon Homes, Inc		123,714
	41,180	e	Wolverine World Wide, Inc		1,157,158
	10,387	*	Zagg, Inc		45,183
			TOTAL CONSUMER DURABLES & APPAREL		128,542,701

CONSUMER SERVICES - 2.1%
	6,327	*	American Public Education, Inc		218,914
	37,199	*	Apollo Group, Inc (Class A)		1,073,563
	16,000		ARAMARK Holdings Corp		451,040
	5,410	*	Ascent Media Corp (Series A)		372,046
	15,092	*	Bally Technologies, Inc		982,640
	8,987	*	BJ’s Restaurants, Inc		256,579
	21,097	*	Bloomin’ Brands, Inc		449,788
	10,957		Bob Evans Farms, Inc		513,555
	26,360	*	Boyd Gaming Corp		311,575
	7,860	*	Bravo Brio Restaurant Group, Inc		117,664
	7,700	*	Bridgepoint Education, Inc		122,045
	4,383	*	Bright Horizons Family Solutions		178,739
	26,732		Brinker International, Inc		1,313,610
	7,156	*	Buffalo Wild Wings, Inc		1,045,635
	38,174		Burger King Worldwide, Inc		997,487
	15,743	*,e	Caesars Entertainment Corp		290,773
	4,916		Capella Education Co		286,898
	25,023	*	Career Education Corp		180,666
	166,273		Carnival Corp		6,536,192
	6,174		Carriage Services, Inc		99,340
	7,842	*	Carrols Restaurant Group, Inc		52,620
	7,469		CBRL Group, Inc		707,613
	21,381		Cheesecake Factory		959,793
	12,405	*	Chipotle Mexican Grill, Inc (Class A)		6,183,892
	12,887	e	Choice Hotels International, Inc		569,348

120

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	6,150		Churchill Downs, Inc	$	540,155
	6,261	*	Chuy’s Holdings, Inc		225,083
	7,900		ClubCorp Holdings, Inc		148,836
	33,987	*,e	Corinthian Colleges, Inc		39,085
	49,606		Darden Restaurants, Inc		2,465,914
	4,234	*	Del Frisco’s Restaurant Group, Inc		110,126
	34,973	*	Denny’s Corp		235,718
	23,353		DeVry, Inc		1,051,586
	6,600	*	Diamond Resorts International, Inc		123,486
	6,308		DineEquity, Inc		478,209
	4,042	*,e	Diversified Restaurant Holdings, Inc		20,250
	23,246		Domino’s Pizza, Inc		1,729,037
	40,819		Dunkin Brands Group, Inc		1,857,673
	9,420	*,e	Education Management Corp		37,397
	1,427		Einstein Noah Restaurant Group, Inc		21,919
	9,732	*	Fiesta Restaurant Group, Inc		356,289
	1,784		Graham Holdings Co		1,197,474
	19,365	*	Grand Canyon Education, Inc		835,019
	109,371		H&R Block, Inc		3,108,324
	23,350		Hillenbrand, Inc		709,840
	51,200	*	Hilton Worldwide Holdings, Inc		1,117,696
	6,700	*,e	Houghton Mifflin Harcourt Co		136,881
	18,542	*	Hyatt Hotels Corp		1,043,544
	1,966	*,e	Ignite Restaurant Group, Inc		27,799
	102,359		International Game Technology		1,284,605
	12,922		International Speedway Corp (Class A)		406,268
	14,936		Interval Leisure Group, Inc		384,901
	7,420	*	Intrawest Resorts Holdings Inc		84,143
	6,056	*	Isle of Capri Casinos, Inc		41,181
	10,403	*,e	ITT Educational Services, Inc		280,881
	17,604	*	Jack in the Box, Inc		942,518
	6,376	*	Jamba, Inc		70,519
	1,654	*	JTH Holding, Inc		44,989
	10,327	*,e	K12, Inc		244,543
	25,154	*	Krispy Kreme Doughnuts, Inc		441,201
	153,535		Las Vegas Sands Corp		12,149,225
	17,464	*,e	Life Time Fitness, Inc		838,272
	23,230	*	LifeLock, Inc		364,711
	6,700		Lincoln Educational Services Corp		27,336
	5,633	*	Luby’s, Inc		30,531
	6,086		Marcus Corp		101,819
	91,123		Marriott International, Inc (Class A)		5,278,755
	11,118	*	Marriott Vacations Worldwide Corp		605,709
	10,624		Matthews International Corp (Class A)		428,678
	396,663		McDonald’s Corp		40,213,695
	145,625	*	MGM Mirage		3,674,119
	2,161	*	Monarch Casino & Resort, Inc		34,662
	10,188	*	Morgans Hotel Group Co		76,410
	10,353	*	Multimedia Games, Inc		302,308
	809	*	Nathan’s Famous, Inc		39,868
	2,500	*,e	Noodles & Co		81,975
	10,058	*	Norwegian Cruise Line Holdings Ltd		329,601

121

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	36,484	*	Orient-Express Hotels Ltd (Class A)	$	477,940
	10,722	*	Panera Bread Co (Class A)		1,640,144
	13,800		Papa John’s International, Inc		605,268
	25,739	*	Penn National Gaming, Inc		287,247
	22,186	*,e	Pinnacle Entertainment, Inc		516,268
	9,018	*	Popeyes Louisiana Kitchen, Inc		343,586
	4,160	*,e	Potbelly Corp		70,720
	5,872	*	Red Robin Gourmet Burgers, Inc		399,179
	17,984		Regis Corp		236,310
	62,868		Royal Caribbean Cruises Ltd		3,340,177
	23,208	*	Ruby Tuesday, Inc		178,934
	14,638		Ruth’s Chris Steak House, Inc		184,292
	16,525	*	Scientific Games Corp (Class A)		197,970
	13,831		SeaWorld Entertainment, Inc		415,760
	80,879		Service Corp International		1,518,099
	25,122		Six Flags Entertainment Corp		1,008,397
	21,460	*	Sonic Corp		408,598
	26,774		Sotheby’s (Class A)		1,126,114
	3,564		Speedway Motorsports, Inc		64,829
	295,467		Starbucks Corp		20,865,880
	76,759		Starwood Hotels & Resorts Worldwide, Inc		5,883,577
	540	*	Steak N Shake Co		231,671
	5,363	*	Steiner Leisure Ltd		231,521
	3,842	*,e	Strayer Education, Inc		163,784
	22,174		Texas Roadhouse, Inc (Class A)		548,585
	8,628		Town Sports International Holdings, Inc		60,482
	11,170		Universal Technical Institute, Inc		134,152
	13,713		Vail Resorts, Inc		949,351
	9,978	e	Weight Watchers International, Inc		197,564
	109,382	e	Wendy’s		908,964
	51,872		Wyndham Worldwide Corp		3,700,548
	31,561		Wynn Resorts Ltd		6,434,972
	178,652		Yum! Brands, Inc		13,754,417
			TOTAL CONSUMER SERVICES		177,778,078

DIVERSIFIED FINANCIALS - 3.9%
	21,237	*	Affiliated Managers Group, Inc		4,209,173
	115,567	*	American Capital Ltd		1,732,349
	375,281		American Express Co		32,810,818
	76,229		Ameriprise Financial, Inc		8,509,443
	82,713		Apollo Investment Corp		660,877
	112,996		Ares Capital Corp		1,940,141
	4,864		Artisan Partners Asset Management, Inc		282,453
	461,250		Bank of New York Mellon Corp		15,622,538
	42,184		BGC Partners, Inc (Class A)		302,459
	26,185	e	BlackRock Kelso Capital Corp		237,760
	51,974		BlackRock, Inc		15,644,174
	8,074		Calamos Asset Management, Inc (Class A)		98,341
	230,551		Capital One Financial Corp		17,037,719
	5,115		Capital Southwest Corp		179,537
	10,878	e	Cash America International, Inc		473,737
	34,656		CBOE Holdings, Inc		1,849,244

122

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	438,971		Charles Schwab Corp	$	11,654,680
	125,784		CME Group, Inc		8,853,936
	8,667	e	Cohen & Steers, Inc		351,100
	6,692	*	Consumer Portfolio Services, Inc		46,710
	33,330	*	Cowen Group, Inc		136,986
	2,850	*	Credit Acceptance Corp		374,832
	1,901	e	Deerfield Capital Corp		14,657
	783		Diamond Hill Investment Group, Inc		92,958
	195,469		Discover Financial Services		10,926,717
	15,531	*,e	Dollar Financial Corp		144,749
	108,917	*	E*Trade Financial Corp		2,445,187
	48,078		Eaton Vance Corp		1,734,173
	8,929	*,e	Encore Capital Group, Inc		385,911
	12,781		Evercore Partners, Inc (Class A)		682,889
	19,306	*	Ezcorp, Inc (Class A)		201,362
	3,265	*	FBR & Co		84,237
	36,442	e	Federated Investors, Inc (Class B)		1,040,055
	4,692	e	Fidus Investment Corp		85,957
	56,729		Fifth Street Finance Corp		528,147
	18,694		Financial Engines, Inc		827,210
	11,086	*	First Cash Financial Services, Inc		540,664
	3,326	*,e	First Marblehead Corp		17,495
	4,368	e	Firsthand Technology Value Fund, Inc		85,438
	164,328		Franklin Resources, Inc		8,602,571
	6,057	e	Friedman Billings Ramsey Group, Inc (Class A)		160,208
	14,017	e	FXCM, Inc		216,983
	3,332		Gain Capital Holdings, Inc		33,653
	2,019		GAMCO Investors, Inc (Class A)		153,303
	2,208	e	Garrison Capital, Inc		31,133
	29,194		GFI Group, Inc		108,602
	9,066	e	Gladstone Capital Corp		87,668
	10,384		Gladstone Investment Corp		81,618
	181,679		Goldman Sachs Group, Inc		29,035,938
	13,107	e	Golub Capital BDC, Inc		219,149
	12,168	*	Green Dot Corp		211,358
	11,735	e	Greenhill & Co, Inc		588,510
	9,052	*,e	GSV Capital Corp		79,477
	25,078	e	Hercules Technology Growth Capital, Inc		343,067
	12,717		HFF, Inc (Class A)		432,378
	3,609	e	Horizon Technology Finance Corp		47,278
	6,692	*,e	Imperial Holdings, Inc		44,770
	17,766		Interactive Brokers Group, Inc (Class A)		424,607
	45,777		IntercontinentalExchange Group, Inc		9,358,650
	5,408	*	International Assets Holding Corp		102,319
	14,569	*	Internet Capital Group, Inc		296,916
	172,572		Invesco Ltd		6,076,260
	15,358	*	Investment Technology Group, Inc		316,989
	16,008	e	iShares Russell 2000 Index Fund		1,792,576
	61,863	e	Janus Capital Group, Inc		750,398
	1,370	*	JGWPT Holdings, Inc		19,413
	4,534		JMP Group, Inc		31,330
	9,767	e	KCAP Financial, Inc		77,843

123

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	26,962	*	KCG Holdings, Inc	$	268,272
	35,700	*	Ladenburg Thalmann Financial Services, Inc		97,461
	48,866		Lazard Ltd (Class A)		2,299,145
	45,003		Legg Mason, Inc		2,110,191
	116,939		Leucadia National Corp		2,984,283
	21,572		LPL Financial Holdings, Inc		1,021,434
	15,067	e	Main Street Capital Corp		473,706
	5,874		Manning & Napier, Inc		97,626
	14,347		MarketAxess Holdings, Inc		773,016
	2,584		Marlin Business Services Corp		44,367
	28,650		MCG Capital Corp		96,264
	109,269		McGraw-Hill Financial, Inc		8,078,257
	6,735		Medallion Financial Corp		91,596
	16,336	e	Medley Capital Corp		213,021
	76,130		Moody’s Corp		5,976,205
	601,436		Morgan Stanley		18,602,415
	45,981	*	MSCI, Inc (Class A)		1,864,070
	9,119	e	MVC Capital, Inc		118,912
	44,579		NASDAQ OMX Group, Inc		1,644,965
	8,392		Nelnet, Inc (Class A)		354,646
	18,887		New Mountain Finance Corp		270,273
	9,784	*	NewStar Financial, Inc		111,733
	6,380		NGP Capital Resources Co		43,448
	2,880		Nicholas Financial, Inc		45,274
	94,743		Northern Trust Corp		5,708,266
	4,705		Oppenheimer Holdings, Inc		119,789
	3,833	e	PennantPark Floating Rate Capital Ltd		53,279
	24,314		PennantPark Investment Corp		260,160
	23,231	*	PHH Corp		552,201
	8,077	*	Pico Holdings, Inc		187,790
	6,687	*	Piper Jaffray Cos		293,292
	19,859	*	Portfolio Recovery Associates, Inc		1,134,942
	121,473	e	Prospect Capital Corp		1,313,123
	2,413		Pzena Investment Management, Inc (Class A)		26,229
	48,674		Raymond James Financial, Inc		2,419,098
	1,575	*	Regional Management Corp		24,161
	3,649		Resource America, Inc (Class A)		31,053
	8,217	*	Safeguard Scientifics, Inc		172,639
	32,600	*	Santander Consumer USA Holdings, Inc		741,324
	57,167		SEI Investments Co		1,851,067
	175,452		SLM Corp		4,517,889
	21,360		Solar Capital Ltd		467,784
	3,947	e	Solar Senior Capital Ltd		65,323
	8,000		SPDR S&P MidCap 400 ETF Trust		1,973,760
	115,837	e	SPDR Trust Series 1		21,827,166
	9,300	*,e	Springleaf Holdings, Inc		213,714
	172,549		State Street Corp		11,139,763
	4,383	e	Stellus Capital Investment Corp		58,951
	24,175	*	Stifel Financial Corp		1,130,665
	13,104	*	SWS Group, Inc		97,101
	102,804		T Rowe Price Group, Inc		8,443,293
	15,746	e	TCP Capital Corp		254,928

124

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	94,839		TD Ameritrade Holding Corp	$	3,025,364
	9,975		THL Credit, Inc		133,964
	20,132	e	TICC Capital Corp		193,871
	10,223		Triangle Capital Corp		266,514
	2,871	*	Virtus Investment Partners, Inc		531,106
	28,706		Voya Financial, Inc		1,015,905
	34,459		Waddell & Reed Financial, Inc (Class A)		2,324,260
	13,455	*,e	Walter Investment Management Corp		357,634
	2,714		Westwood Holdings Group, Inc		157,873
	109	e	WhiteHorse Finance, Inc		1,487
	38,429	*,e	WisdomTree Investments, Inc		433,863
	3,815	*,e	World Acceptance Corp		276,969
			TOTAL DIVERSIFIED FINANCIALS		324,049,918

ENERGY - 9.7%
	36,911	*	Abraxas Petroleum Corp		201,534
	1,308		Adams Resources & Energy, Inc		94,254
	9,016	e	Alon USA Energy, Inc		146,871
	94,538	*,e	Alpha Natural Resources, Inc		406,513
	14,230	*,e	Amyris Biotechnologies, Inc		50,090
	197,630		Anadarko Petroleum Corp		19,569,323
	14,400	*	Antero Resources Corp		945,648
	153,914		Apache Corp		13,359,735
	3,270	*,e	APCO Argentina, Inc		45,715
	13,379	*,e	Approach Resources, Inc		277,614
	99,211	e	Arch Coal, Inc		454,386
	7,100	*	Athlon Energy, Inc		286,911
	23,892	*	Atwood Oceanics, Inc		1,184,087
	172,868		Baker Hughes, Inc		12,083,473
	13,169	*	Basic Energy Services, Inc		347,925
	20,072	*,e	Bill Barrett Corp		475,305
	2,593		Bolt Technology Corp		43,770
	12,236	*	Bonanza Creek Energy, Inc		594,914
	84,890	*,e	BPZ Energy, Inc		229,203
	14,049		Bristow Group, Inc		1,078,963
	17,907	*,e	C&J Energy Services, Inc		538,284
	165,269		Cabot Oil & Gas Corp		6,491,766
	42,914	*,e	Cal Dive International, Inc		63,513
	19,530	*	Callon Petroleum Co		179,285
	89,402	*	Cameron International Corp		5,807,554
	8,056	e	CARBO Ceramics, Inc		1,127,115
	19,404	*	Carrizo Oil & Gas, Inc		1,067,608
	14,890	*	CHC Group Ltd		100,507
	94,440	*	Cheniere Energy, Inc		5,331,138
	225,500		Chesapeake Energy Corp		6,483,125
	765,277		Chevron Corp		96,057,569
	34,112		Cimarex Energy Co		4,063,421
	2,978	*	Clayton Williams Energy, Inc		430,261
	25,955	*,e	Clean Energy Fuels Corp		229,702
	23,150	*	Cloud Peak Energy, Inc		455,823
	110,459	*	Cobalt International Energy, Inc		1,988,262
	21,312		Comstock Resources, Inc		592,474

125

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	41,267	*	Concho Resources, Inc	$	5,383,280
	483,751		ConocoPhillips		35,947,537
	88,737		Consol Energy, Inc		3,949,684
	7,333	*	Contango Oil & Gas Co		352,277
	16,368	*,e	Continental Resources, Inc		2,267,295
	5,576	e	CVR Energy, Inc		274,060
	3,403		Dawson Geophysical Co		96,169
	14,131		Delek US Holdings, Inc		452,051
	142,757		Denbury Resources, Inc		2,401,173
	159,123		Devon Energy Corp		11,138,610
	27,127	e	Diamond Offshore Drilling, Inc		1,481,405
	9,285	*	Diamondback Energy, Inc		667,963
	29,997	*	Dresser-Rand Group, Inc		1,813,019
	15,431	*	Dril-Quip, Inc		1,745,555
	23,543	*,e	Emerald Oil, Inc		166,449
	37,538	*,e	Endeavour International Corp		129,131
	26,907		Energen Corp		2,096,324
	33,330	e	Energy XXI Bermuda Ltd		797,587
	214,412		EOG Resources, Inc		21,012,376
	13,740	*	EP Energy Corp		266,968
	13,944	*	EPL Oil & Gas, Inc		545,768
	23,043		Equal Energy Ltd		104,385
	58,127		Equitable Resources, Inc		6,335,262
	7,758	*	Era Group, Inc		221,491
	8,771		Evolution Petroleum Corp		103,498
	84,450	e	EXCO Resources, Inc		536,257
	23,947		Exterran Holdings, Inc		1,030,200
	1,758,675	d	Exxon Mobil Corp		180,105,907
	92,500	*	FMC Technologies, Inc		5,244,750
	61,864	*	Forest Oil Corp		115,067
	15,010	*	Forum Energy Technologies, Inc		448,199
	13,500		Frank’s International NV		370,305
	25,452	*	Frontline Ltd		86,537
	17,503	*,e	FX Energy, Inc		98,892
	16,589		GasLog Ltd		444,253
	39,409	*	Gastar Exploration, Inc		261,282
	5,250	*,e	Geospace Technologies Corp		305,182
	18,935	e	Golar LNG Ltd		836,927
	14,508	*,e	Goodrich Petroleum Corp		364,876
	9,934		Green Plains Renewable Energy, Inc		297,027
	5,163		Gulf Island Fabrication, Inc		103,570
	11,809		Gulfmark Offshore, Inc		531,523
	33,518	*	Gulfport Energy Corp		2,469,271
	106,857	*,e	Halcon Resources Corp		589,851
	3,214		Hallador Petroleum Co		29,440
	334,209		Halliburton Co		21,078,562
	41,745	*	Helix Energy Solutions Group, Inc		1,003,550
	37,121		Helmerich & Payne, Inc		4,033,197
	85,627	*	Hercules Offshore, Inc		382,753
	113,434		Hess Corp		10,113,775
	79,673		Holly Corp		4,190,003
	15,233	*	Hornbeck Offshore Services, Inc		631,103

126

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	81,801	*	ION Geophysical Corp	$	359,924
	189	*,e	Isramco, Inc		24,570
	5,990	*	Jones Energy, Inc (Class A)		92,665
	60,189	*	Key Energy Services, Inc		604,298
	264,218		Kinder Morgan, Inc		8,629,360
	16,270	*,e	KiOR, Inc (Class A)		9,926
	10,821		Knightsbridge Tankers Ltd		129,311
	111,672	*	Kodiak Oil & Gas Corp		1,419,351
	38,556	*	Kosmos Energy LLC		421,031
	18,781	*	Laredo Petroleum Holdings, Inc		548,969
	74,322	*	Magnum Hunter Resources Corp		631,737
	275,328		Marathon Oil Corp		9,953,107
	118,626		Marathon Petroleum Corp		11,026,287
	26,812	*	Matador Resources Co		770,041
	10,361	*	Matrix Service Co		320,880
	89,996	*,e	McDermott International, Inc		650,671
	23,773	*,e	Midstates Petroleum Co, Inc		140,261
	15,397	*,e	Miller Petroleum, Inc		74,214
	5,541	*	Mitcham Industries, Inc		76,466
	73,395		Murphy Oil Corp		4,655,445
	115,559		Nabors Industries Ltd		2,949,066
	166,720		National Oilwell Varco, Inc		13,092,522
	5,354	*	Natural Gas Services Group, Inc		164,314
	53,367	*	Newfield Exploration Co		1,806,473
	36,665	*	Newpark Resources, Inc		441,447
	140,772		Noble Energy, Inc		10,104,614
	32,851	e	Nordic American Tanker Shipping		283,504
	30,920	e	North Atlantic Drilling Ltd		265,294
	24,209	*,e	Northern Oil And Gas, Inc		373,545
	5,345	*,e	Nuverra Environmental Solutions, Inc		90,918
	39,674	*	Oasis Petroleum, Inc		1,845,238
	318,827		Occidental Petroleum Corp		30,527,685
	41,282		Oceaneering International, Inc		3,025,145
	21,118	*	Oil States International, Inc		2,051,403
	80,925		Oneok, Inc		5,116,078
	2,127		Panhandle Oil and Gas, Inc (Class A)		93,269
	49,296	*	Parker Drilling Co		326,832
	56,948		Patterson-UTI Energy, Inc		1,852,518
	8,974		PBF Energy, Inc		276,220
	13,507	*	PDC Energy, Inc		859,991
	103,867		Peabody Energy Corp		1,974,512
	27,783	*,e	Penn Virginia Corp		462,309
	26,141	*	Petroquest Energy, Inc		157,369
	4,745	*	PHI, Inc		212,576
	232,107		Phillips 66		19,315,945
	24,122	*	Pioneer Energy Services Corp		361,106
	53,609		Pioneer Natural Resources Co		10,361,011
	68,308		Questar Market Resources, Inc		2,096,373
	54,103	*,e	Quicksilver Resources, Inc		176,376
	63,614		Range Resources Corp		5,753,886
	10,260	*	Renewable Energy Group, Inc		120,760
	26,010	*,e	Resolute Energy Corp		195,075

127

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	19,322	*	Rex Energy Corp	$	406,921
	3,206	*	Rex Stores Corp		209,544
	19,600	*	Rice Energy, Inc		582,120
	5,290	*	RigNet, Inc		247,360
	25,391	*	Rosetta Resources, Inc		1,202,010
	47,259	*	Rowan Cos plc		1,461,248
	26,972		RPC, Inc		599,588
	8,980	*	RSP Permian, Inc		254,583
	17,901	*,e	Sanchez Energy Corp		506,240
	192,168	*,e	SandRidge Energy, Inc		1,318,272
	526,084		Schlumberger Ltd		53,423,830
	70,812		Scorpio Tankers, Inc		638,016
	7,758	*	SEACOR Holdings, Inc		646,940
	139,236	e	Seadrill Ltd		4,903,892
	16,066		SemGroup Corp		1,026,296
	29,283	e	Ship Finance International Ltd		516,259
	21,802	*,e	Solazyme, Inc		234,590
	135,310	*	Southwestern Energy Co		6,478,643
	262,828		Spectra Energy Corp		10,436,900
	26,116		St. Mary Land & Exploration Co		1,935,979
	21,459	*	Stone Energy Corp		1,052,564
	60,182		Superior Energy Services		1,981,191
	18,833	*,e	Swift Energy Co		232,211
	23,884	*	Synergy Resources Corp		278,010
	13,400		Targa Resources Investments, Inc		1,447,066
	14,547		Teekay Corp		816,232
	29,244	e	Teekay Tankers Ltd (Class A)		102,062
	14,281	*	Tesco Corp		285,620
	53,026		Tesoro Corp		2,984,834
	31,263	*	Tetra Technologies, Inc		390,787
	8,414	*	TGC Industries, Inc		42,575
	18,978		Tidewater, Inc		966,550
	38,645	*,e	Triangle Petroleum Corp		371,765
	60,536	*,e	Ultra Petroleum Corp		1,803,973
	18,720	*	Unit Corp		1,234,584
	35,586	*,e	Uranium Energy Corp		38,077
	46,383	*,e	Ur-Energy, Inc		55,660
	37,050	*	Vaalco Energy, Inc		341,601
	214,894	*	Valero Energy Corp		12,285,490
	92,339	*,e	Vantage Drilling Co		154,206
	13,700		W&T Offshore, Inc		263,040
	33,671	*	Warren Resources, Inc		170,712
	20,429	e	Western Refining, Inc		888,661
	6,628	*	Westmoreland Coal Co		196,255
	46,075	*	Whiting Petroleum Corp		3,396,649
	16,810	*	Willbros Group, Inc		186,759
	268,209		Williams Cos, Inc		11,310,374
	28,377		World Fuel Services Corp		1,292,289
	78,172	*	WPX Energy, Inc		1,663,500
			TOTAL ENERGY		808,869,633

128

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

FOOD & STAPLES RETAILING - 2.0%
	11,901		Andersons, Inc	$	741,313
	16,092		Casey’s General Stores, Inc		1,104,877
	5,068	*,e	Chefs’ Warehouse Holdings, Inc		101,816
	173,048		Costco Wholesale Corp		20,018,193
	483,525		CVS Corp		35,161,938
	5,327	*,e	Fairway Group Holdings Corp		36,916
	17,518	*,e	Fresh Market, Inc		649,918
	5,387		Ingles Markets, Inc (Class A)		123,847
	206,382		Kroger Co		9,501,827
	3,262	*,e	Natural Grocers by Vitamin C		116,127
	8,880	*	Pantry, Inc		133,555
	7,465		Pricesmart, Inc		716,939
	294,712	*	Rite Aid Corp		2,151,398
	9,452	e	Roundy’s, Inc		63,990
	92,754		Safeway, Inc		3,159,201
	14,851		Spartan Stores, Inc		319,891
	7,800	*	Sprouts Farmers Market, Inc		249,366
	77,104	*	Supervalu, Inc		538,957
	7,677	*,e	Susser Holdings Corp		594,046
	236,253		Sysco Corp		8,606,697
	19,568	*	United Natural Foods, Inc		1,350,779
	2,431		Village Super Market (Class A)		58,806
	374,311		Walgreen Co		25,415,717
	636,695		Wal-Mart Stores, Inc		50,750,958
	4,144		Weis Markets, Inc		190,997
	145,592		Whole Foods Market, Inc		7,235,922
			TOTAL FOOD & STAPLES RETAILING		169,093,991

FOOD, BEVERAGE & TOBACCO - 4.6%
	673		Alico, Inc		23,501
	34,587	*	Alliance One International, Inc		88,889
	792,563		Altria Group, Inc		31,789,702
	6,923	*,e	Annie’s, Inc		225,067
	260,755		Archer Daniels Midland Co		11,402,816
	21,953		B&G Foods, Inc (Class A)		720,058
	62,579		Beam, Inc		5,223,469
	3,161	*,e	Boston Beer Co, Inc (Class A)		777,732
	21,675	*	Boulder Brands, Inc		319,923
	60,009		Brown-Forman Corp (Class B)		5,384,008
	57,773		Bunge Ltd		4,601,619
	4,595		Calavo Growers, Inc		142,859
	7,497	e	Cal-Maine Foods, Inc		447,046
	69,755	e	Campbell Soup Co		3,173,155
	17,203	*	Chiquita Brands International, Inc		197,490
	1,613		Coca-Cola Bottling Co Consolidated		132,637
	1,511,522		Coca-Cola Co		61,654,983
	101,382		Coca-Cola Enterprises, Inc		4,606,798
	162,611		ConAgra Foods, Inc		4,961,262
	60,116	*	Constellation Brands, Inc (Class A)		4,799,661
	2,336	*	Craft Brewers Alliance, Inc		34,970

129

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	60,590	*	Darling International, Inc	$	1,212,406
	35,446	*	Dean Foods Co		561,465
	9,053	*,e	Diamond Foods, Inc		276,750
	79,930		Dr Pepper Snapple Group, Inc		4,429,721
	3,496	*	Farmer Bros Co		68,906
	69,345		Flowers Foods, Inc		1,422,959
	18,112		Fresh Del Monte Produce, Inc		523,256
	255,062		General Mills, Inc		13,523,387
	390		Griffin Land & Nurseries, Inc (Class A)		11,388
	14,983	*	Hain Celestial Group, Inc		1,288,838
	60,108		Hershey Co		5,784,794
	46,723		Hillshire Brands Co		1,665,675
	53,307		Hormel Foods Corp		2,542,211
	29,862		Ingredion, Inc		2,103,778
	4,223	*	Inventure Foods, Inc		50,760
	6,860		J&J Snack Foods Corp		642,096
	42,002		J.M. Smucker Co		4,060,753
	4,132		John B. Sanfilippo & Son, Inc		95,243
	103,342		Kellogg Co		6,906,346
	59,719		Keurig Green Mountain, Inc		5,594,476
	235,729		Kraft Foods Group, Inc		13,403,551
	7,970		Lancaster Colony Corp		756,194
	18,087		Lance, Inc		480,391
	1,539	e	Lifeway Foods, Inc		23,100
	3,874		Limoneira Co		88,986
	147,651		Lorillard, Inc		8,773,422
	52,623		McCormick & Co, Inc		3,746,758
	80,270		Mead Johnson Nutrition Co		7,084,630
	54,673		Molson Coors Brewing Co (Class B)		3,278,740
	704,189		Mondelez International, Inc		25,104,338
	53,537	*	Monster Beverage Corp		3,584,838
	3,112	*	National Beverage Corp		59,999
	9,157	*	Omega Protein Corp		104,024
	610,206		PepsiCo, Inc		52,410,593
	646,275		Philip Morris International, Inc		55,211,273
	25,819	*	Pilgrim’s Pride Corp		564,403
	14,130		Pinnacle Foods, Inc		429,552
	14,254	*	Post Holdings, Inc		744,914
	125,688		Reynolds American, Inc		7,092,574
	10,256		Sanderson Farms, Inc		843,761
	116	*	Seaboard Corp		282,808
	2,761	*	Seneca Foods Corp		78,412
	3,890	*,e	Synutra International, Inc		21,706
	7,775	e	Tootsie Roll Industries, Inc		219,177
	13,912	*	TreeHouse Foods, Inc		1,041,174
	109,562		Tyson Foods, Inc (Class A)		4,598,317
	10,491	e	Universal Corp		572,494
	30,134	e	Vector Group Ltd		641,854
	53,121	*	WhiteWave Foods Co (Class A)		1,470,921
			TOTAL FOOD, BEVERAGE & TOBACCO		386,185,757

130

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 4.4%
	8,485	*,e	Abaxis, Inc	$	344,576
	615,534		Abbott Laboratories		23,845,787
	14,918	*,e	Abiomed, Inc		353,407
	13,540	*	Acadia Healthcare Co, Inc		568,951
	25,390	*,e	Accuray, Inc		213,276
	4,080	*	Addus HomeCare Corp		88,210
	143,684		Aetna, Inc		10,266,222
	16,301	*,e	Air Methods Corp		907,477
	27,968	*	Align Technology, Inc		1,409,308
	2,068	*	Alliance HealthCare Services, Inc		58,855
	68,997	*	Allscripts Healthcare Solutions, Inc		1,050,134
	3,624	*	Almost Family, Inc		77,807
	16,501	*	Alphatec Holdings, Inc		22,276
	11,133	*	Amedisys, Inc		151,743
	92,069		AmerisourceBergen Corp		6,001,057
	20,528	*	AMN Healthcare Services, Inc		256,189
	13,517	*	Amsurg Corp		585,421
	4,677		Analogic Corp		351,149
	9,696	*	Angiodynamics, Inc		130,314
	5,745	*	Anika Therapeutics, Inc		245,541
	43,884	*,e	Antares Pharma, Inc		121,998
	10,734	*	Arthrocare Corp		520,921
	14,580	*,e	athenahealth, Inc		1,802,671
	7,736	*	AtriCure, Inc		119,134
	559		Atrion Corp		161,176
	32,085		Bard (C.R.), Inc		4,406,233
	213,995		Baxter International, Inc		15,576,696
	77,589		Becton Dickinson & Co		8,769,885
	11,251	*,e	Biolase Technology, Inc		21,714
	9,328	*,e	Bio-Reference Labs, Inc		236,931
	22,199	*,e	BioScrip, Inc		153,617
	524,659	*	Boston Scientific Corp		6,615,950
	39,155	*	Brookdale Senior Living, Inc		1,246,695
	12,469		Cantel Medical Corp		413,472
	13,740	*	Capital Senior Living Corp		339,790
	135,296		Cardinal Health, Inc		9,404,425
	11,141	*	Cardiovascular Systems, Inc		320,304
	84,437	*	CareFusion Corp		3,298,109
	80,517	*	Catamaran Corp		3,039,517
	20,942	*	Centene Corp		1,390,549
	117,649	*	Cerner Corp		6,035,394
	23,368	*,e	Cerus Corp		101,183
	7,157	e	Chemed Corp		595,963
	3,460	*,e	Chindex International, Inc		82,452
	111,636		Cigna Corp		8,935,345
	44,082	*	Community Health Systems, Inc		1,670,267
	3,890		Computer Programs & Systems, Inc		245,576
	11,112		Conmed Corp		514,819
	19,396		Cooper Cos, Inc		2,558,526
	4,880	*	Corvel Corp		222,235
	186,842	*	Covidien plc		13,312,493

131

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	8,155	*	Cross Country Healthcare, Inc	$	57,819
	12,510		CryoLife, Inc		113,591
	5,224	*	Cutera, Inc		53,859
	11,032	*	Cyberonics, Inc		652,653
	7,681	*	Cynosure, Inc (Class A)		188,492
	71,866	*	DaVita, Inc		4,980,314
	56,672		Dentsply International, Inc		2,529,271
	5,095	*	Derma Sciences, Inc		52,682
	26,938	*	DexCom, Inc		873,869
	43,578	*	Edwards Lifesciences Corp		3,550,300
	15,246	*	Emeritus Corp		454,788
	24,060	*	Endologix, Inc		305,081
	9,187		Ensign Group, Inc		390,448
	20,730	*	Envision Healthcare Holdings, Inc		700,467
	2,511	*	Exactech, Inc		55,794
	14,472	*	ExamWorks Group, Inc		532,570
	306,481	*	Express Scripts Holding Co		20,405,505
	17,289	*	Five Star Quality Care, Inc		83,506
	19,474	*,e	GenMark Diagnostics, Inc		174,292
	12,263	*	Gentiva Health Services, Inc		92,340
	20,853	*	Globus Medical, Inc		509,230
	9,091	*	Greatbatch, Inc		418,459
	20,135	*	Haemonetics Corp		611,299
	14,258	*	Hanger Orthopedic Group, Inc		494,325
	105,312	*	HCA Holdings, Inc		5,476,224
	29,687	*	Health Net, Inc		1,019,155
	33,364		Healthsouth Corp		1,155,729
	7,229	*	HealthStream, Inc		163,737
	12,854	*,e	Healthways, Inc		231,372
	6,412	*,e	HeartWare International, Inc		544,764
	35,024	*	Henry Schein, Inc		4,000,792
	23,559		Hill-Rom Holdings, Inc		880,164
	33,857	*	HMS Holdings Corp		547,468
	107,217	*	Hologic, Inc		2,249,949
	61,144		Humana, Inc		6,710,554
	6,479	*	ICU Medical, Inc		361,399
	21,432	*	Idexx Laboratories, Inc		2,709,862
	20,534	*	Insulet Corp		772,694
	9,702	*	Integra LifeSciences Holdings Corp		442,217
	14,854	*	Intuitive Surgical, Inc		5,372,692
	12,342		Invacare Corp		195,004
	31,045	*	Inverness Medical Innovations, Inc		1,036,903
	7,394	*	IPC The Hospitalist Co, Inc		299,457
	23,315		Kindred Healthcare, Inc		585,207
	35,142	*	Laboratory Corp of America Holdings		3,468,515
	3,351		Landauer, Inc		144,897
	6,141	*	LHC Group, Inc		127,610
	18,133	*	LifePoint Hospitals, Inc		1,013,997
	10,546	*	Magellan Health Services, Inc		608,715
	21,242	*	Masimo Corp		568,436
	89,616		McKesson Corp		15,162,131

132

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	23,155	*	MedAssets, Inc	$	528,629
	5,349	*	Medical Action Industries, Inc		34,287
	20,416	*	Medidata Solutions, Inc		741,305
	400,928		Medtronic, Inc		23,582,585
	24,655	*	Merge Healthcare, Inc		56,213
	17,521	e	Meridian Bioscience, Inc		349,894
	14,915	*	Merit Medical Systems, Inc		191,956
	10,658	*	Molina Healthcare, Inc		398,609
	5,107	*	MWI Veterinary Supply, Inc		799,961
	4,200		National Healthcare Corp		229,866
	3,676	*	National Research Corp		57,934
	11,464	*	Natus Medical, Inc		284,651
	13,372	*	Neogen Corp		558,615
	16,906	*	NuVasive, Inc		569,901
	24,566	*	NxStage Medical, Inc		281,035
	40,026		Omnicare, Inc		2,372,341
	16,957	*	Omnicell, Inc		449,021
	19,240	*	OraSure Technologies, Inc		126,022
	7,325	*	Orthofix International NV		221,215
	24,686	e	Owens & Minor, Inc		827,968
	36,940		Patterson Cos, Inc		1,503,458
	38,712	*	Pediatrix Medical Group, Inc		2,293,686
	13,132	*	PharMerica Corp		357,059
	5,945	*,e	PhotoMedex, Inc		89,829
	12,300	*	Premier, Inc		369,000
	3,911	*	Providence Service Corp		158,826
	16,967		Quality Systems, Inc		250,603
	57,433		Quest Diagnostics, Inc		3,212,228
	11,443	*,e	Quidel Corp		245,452
	57,001	e	Resmed, Inc		2,841,500
	15,744	*,e	Rockwell Medical Technologies, Inc		159,959
	22,692	*	RTI Biologics, Inc		97,576
	18,372		Select Medical Holdings Corp		256,473
	22,202	*	Sirona Dental Systems, Inc		1,670,034
	8,440	*	Skilled Healthcare Group, Inc (Class A)		43,550
	15,305	*	Spectranetics Corp		325,384
	112,451		St. Jude Medical, Inc		7,137,265
	14,817	*	Staar Surgical Co		252,037
	23,100		STERIS Corp		1,109,955
	131,798		Stryker Corp		10,247,295
	4,300	*	Surgical Care Affiliates, Inc		126,334
	5,430	*	SurModics, Inc		118,157
	14,125	*	Symmetry Medical, Inc		116,673
	3,910	*,e	Tandem Diabetes Care, Inc		68,699
	26,274	*	Team Health Holdings, Inc		1,273,764
	9,971	*,e	TearLab Corp		43,075
	16,803		Teleflex, Inc		1,715,418
	40,193	*	Tenet Healthcare Corp		1,811,900
	22,983	*	Thoratec Corp		753,383
	10,112	*	Tornier BV		171,601
	12,492	*	Triple-S Management Corp (Class B)		187,130
	33,378	*,e	Unilife Corp		108,479

133

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	403,981		UnitedHealth Group, Inc	$	30,314,734
	14,901		Universal American Corp		106,840
	35,502		Universal Health Services, Inc (Class B)		2,903,709
	4,519		US Physical Therapy, Inc		139,411
	954		Utah Medical Products, Inc		48,454
	42,207	*	Varian Medical Systems, Inc		3,357,567
	5,079	*	Vascular Solutions, Inc		111,281
	34,101	*	VCA Antech, Inc		1,044,514
	5,700	*,e	Veeva Systems, Inc		109,497
	8,001	*	Vocera Communications, Inc		122,015
	20,922	*,e	Volcano Corp		367,390
	16,834	*	WellCare Health Plans, Inc		1,135,790
	112,441		WellPoint, Inc		11,320,560
	26,310		West Pharmaceutical Services, Inc		1,141,328
	16,301	*	Wright Medical Group, Inc		445,832
	10,794	*	Zeltiq Aesthetics, Inc		197,422
	65,566		Zimmer Holdings, Inc		6,346,789
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		364,283,261

HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	172,010		Avon Products, Inc		2,628,313
	13,695	*	Central Garden and Pet Co (Class A)		113,258
	55,102		Church & Dwight Co, Inc		3,802,589
	52,865	e	Clorox Co		4,794,855
	368,112	*	Colgate-Palmolive Co		24,773,938
	21,700		Coty, Inc		348,285
	9,427	*	Elizabeth Arden, Inc		346,348
	24,942		Energizer Holdings, Inc		2,785,772
	91,816		Estee Lauder Cos (Class A)		6,663,087
	9,176	e	Female Health Co		69,371
	13,032	*,e	Harbinger Group, Inc		151,953
	34,281	e	Herbalife Ltd		2,056,174
	7,508		Inter Parfums, Inc		274,718
	152,981		Kimberly-Clark Corp		17,172,117
	44,115	*,e	Lifevantage Corp		60,879
	5,231	*,e	Medifast, Inc		165,561
	3,388		Nature’s Sunshine Products, Inc		45,264
	22,575		Nu Skin Enterprises, Inc (Class A)		1,964,025
	2,747	*	Nutraceutical International Corp		68,455
	1,470		Oil-Dri Corp of America		49,260
	3,446		Orchids Paper Products Co		92,594
	1,082,088		Procter & Gamble Co		89,326,364
	3,323	*	Revlon, Inc (Class A)		100,155
	8,158		Spectrum Brands, Inc		626,779
	71,731	*,e	Star Scientific, Inc		47,048
	2,272	*,e	USANA Health Sciences, Inc		154,178
	6,180		WD-40 Co		450,151
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		159,131,491

INSURANCE - 4.2%
	135,617		ACE Ltd		13,876,331

134

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	185,482		Aflac, Inc	$	11,633,431
	6,651	*	Alleghany Corp		2,713,475
	13,381		Allied World Assurance Co Holdings Ltd		1,441,000
	187,327		Allstate Corp		10,668,273
	17,095	*	AMBAC Financial Group, Inc		515,927
	24,338		American Equity Investment Life Holding Co		567,562
	31,775		American Financial Group, Inc		1,856,613
	583,905		American International Group, Inc		31,022,872
	2,745		American National Insurance Co		308,565
	6,505		Amerisafe, Inc		277,438
	12,576	e	Amtrust Financial Services, Inc		486,314
	123,252		Aon plc		10,461,630
	52,394	*	Arch Capital Group Ltd		3,003,224
	9,987	*	Argo Group International Holdings Ltd		443,623
	58,806		Arthur J. Gallagher & Co		2,647,446
	25,295		Aspen Insurance Holdings Ltd		1,158,005
	28,385		Assurant, Inc		1,913,433
	65,810		Assured Guaranty Ltd		1,573,517
	45,475		Axis Capital Holdings Ltd		2,080,481
	3,388		Baldwin & Lyons, Inc (Class B)		88,122
	710,559	*	Berkshire Hathaway, Inc (Class B)		91,555,527
	47,161		Brown & Brown, Inc		1,404,455
	97,896		Chubb Corp		9,014,264
	64,685		Cincinnati Financial Corp		3,152,747
	16,685	*	Citizens, Inc (Class A)		109,620
	10,018		CNA Financial Corp		410,237
	84,753		Conseco, Inc		1,461,989
	7,847		Crawford & Co (Class B)		89,613
	1,961		Donegal Group, Inc (Class A)		28,944
	7,465	*	eHealth, Inc		312,709
	1,349		EMC Insurance Group, Inc		44,504
	11,158		Employers Holdings, Inc		227,065
	16,501		Endurance Specialty Holdings Ltd		838,581
	3,656	*	Enstar Group Ltd		471,990
	10,065		Erie Indemnity Co (Class A)		721,157
	19,363		Everest Re Group Ltd		3,059,935
	3,633		FBL Financial Group, Inc (Class A)		162,431
	4,480		Fidelity & Guaranty Life		96,051
	114,891		Fidelity National Title Group, Inc (Class A)		3,697,192
	41,816		First American Financial Corp		1,112,306
	1,768	*	Fortegra Financial Corp		12,765
	193,529	*	Genworth Financial, Inc (Class A)		3,454,493
	12,261	*	Greenlight Capital Re Ltd (Class A)		390,268
	3,716	*	Hallmark Financial Services		31,214
	16,850		Hanover Insurance Group, Inc		984,882
	180,869		Hartford Financial Services Group, Inc		6,487,771
	39,926		HCC Insurance Holdings, Inc		1,834,200
	3,476	e	HCI Group, Inc		134,452
	28,136	*	Hilltop Holdings, Inc		628,558
	15,137		Horace Mann Educators Corp		455,170
	1,286		Independence Holding Co		16,795
	4,201		Infinity Property & Casualty Corp		269,578

135

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	266		Investors Title Co	$	18,822
	1,246		Kansas City Life Insurance Co		51,809
	18,133		Kemper Corp		714,622
	102,473		Lincoln National Corp		4,970,965
	119,128		Loews Corp		5,238,058
	18,988		Maiden Holdings Ltd		224,058
	5,454	*	Markel Corp		3,413,768
	219,408		Marsh & McLennan Cos, Inc		10,819,008
	52,831	*	MBIA, Inc		640,312
	19,220	e	Meadowbrook Insurance Group, Inc		107,632
	11,675		Mercury General Corp		558,765
	353,091		Metlife, Inc		18,484,314
	17,905		Montpelier Re Holdings Ltd		547,535
	1,981		National Interstate Corp		55,508
	755		National Western Life Insurance Co (Class A)		176,104
	3,868	*	Navigators Group, Inc		220,360
	98,829		Old Republic International Corp		1,636,608
	7,800		OneBeacon Insurance Group Ltd (Class A)		120,432
	21,986		PartnerRe Ltd		2,317,324
	2,593	*	Phoenix Cos, Inc		114,144
	12,138		Platinum Underwriters Holdings Ltd		761,174
	22,640		Primerica, Inc		1,038,950
	116,100		Principal Financial Group		5,438,124
	23,897		ProAssurance Corp		1,085,402
	238,902		Progressive Corp		5,793,373
	29,917		Protective Life Corp		1,530,255
	183,362		Prudential Financial, Inc		14,793,646
	28,927		Reinsurance Group of America, Inc (Class A)		2,218,990
	16,886		RenaissanceRe Holdings Ltd		1,709,032
	16,880		RLI Corp		726,853
	5,838		Safety Insurance Group, Inc		313,559
	21,192		Selective Insurance Group, Inc		486,144
	17,555		Stancorp Financial Group, Inc		1,072,611
	5,616		State Auto Financial Corp		114,903
	8,057		Stewart Information Services Corp		245,739
	36,159		Symetra Financial Corp		747,045
	9,200	*	Third Point Reinsurance Ltd		143,888
	36,808		Torchmark Corp		2,933,598
	13,815	e	Tower Group International Ltd		33,985
	141,134		Travelers Cos, Inc		12,783,918
	3,835	*	United America Indemnity Ltd		102,778
	7,816		United Fire & Casualty Co		217,441
	11,007		Universal Insurance Holdings, Inc		161,032
	105,840		UnumProvident Corp		3,516,005
	38,980		Validus Holdings Ltd		1,444,989
	40,283		W.R. Berkley Corp		1,782,120
	2,356		White Mountains Insurance Group Ltd		1,404,789
	111,387		XL Capital Ltd		3,491,982
			TOTAL INSURANCE		347,931,218

MATERIALS - 3.8%
	12,157		A. Schulman, Inc		436,679

136

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	8,086	*	Advanced Emissions Solutions, Inc	$	185,412
	1,694	*	AEP Industries, Inc		60,340
	81,854		Air Products & Chemicals, Inc		9,619,482
	26,153		Airgas, Inc		2,779,018
	58,175	*,e	AK Steel Holding Corp		407,225
	31,726		Albemarle Corp		2,126,911
	462,283		Alcoa, Inc		6,226,952
	41,244		Allegheny Technologies, Inc		1,699,253
	52,676	*,e	Allied Nevada Gold Corp		178,572
	11,989		AMCOL International Corp		549,696
	12,668	e	American Vanguard Corp		225,617
	26,539		Aptargroup, Inc		1,789,259
	6,105	*	Arabian American Development Co		66,728
	30,514		Ashland, Inc		2,947,652
	39,901		Avery Dennison Corp		1,941,583
	26,771		Axiall Corp		1,247,529
	12,614		Balchem Corp		781,437
	56,772		Ball Corp		3,190,019
	42,522		Bemis Co, Inc		1,711,085
	23,022	*	Berry Plastics Group, Inc		517,765
	5,128	*	Boise Cascade Co		128,303
	8,509		Brush Engineered Materials, Inc		286,328
	24,991		Cabot Corp		1,444,480
	20,101	*	Calgon Carbon Corp		402,623
	17,706		Carpenter Technology Corp		1,111,937
	7,123	*,e	Castle (A.M.) & Co		87,470
	62,921		Celanese Corp (Series A)		3,865,237
	20,860	*	Century Aluminum Co		286,825
	21,595		CF Industries Holdings, Inc		5,294,446
	1,888		Chase Corp		58,792
	37,521	*	Chemtura		836,718
	8,287	*	Clearwater Paper Corp		508,739
	61,356		Cliffs Natural Resources, Inc		1,087,228
	37,593	*	Coeur d’Alene Mines Corp		325,555
	44,275		Commercial Metals Co		850,080
	13,636		Compass Minerals International, Inc		1,249,058
	57,391	*	Crown Holdings, Inc		2,707,133
	13,996		Cytec Industries, Inc		1,334,099
	4,672		Deltic Timber Corp		283,824
	12,763		Domtar Corp		1,191,554
	479,739		Dow Chemical Co		23,938,976
	363,304		Du Pont (E.I.) de Nemours & Co		24,457,625
	19,530		Eagle Materials, Inc		1,627,435
	60,791		Eastman Chemical Co		5,299,151
	104,269		Ecolab, Inc		10,910,708
	30,165	*	Ferro Corp		391,542
	19,092	*	Flotek Industries, Inc		534,767
	53,232		FMC Corp		4,098,864
	407,571		Freeport-McMoRan Copper & Gold, Inc (Class B)		14,008,215
	8,437		FutureFuel Corp		169,331
	29,302	*,e	General Moly, Inc		32,232
	16,295		Glatfelter		415,848

137

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	24,612		Globe Specialty Metals, Inc	$	476,981
	14,256	e	Gold Resource Corp		65,720
	74,151	*	Graphic Packaging Holding Co		760,789
	13,761		Greif, Inc (Class A)		745,709
	20,134		H.B. Fuller Co		932,808
	3,387		Hawkins, Inc		122,609
	4,304		Haynes International, Inc		228,327
	27,672	*	Headwaters, Inc		345,347
	147,063	e	Hecla Mining Co		451,483
	17,308	*	Horsehead Holding Corp		269,832
	74,327		Huntsman Corp		1,861,891
	9,492		Innophos Holdings, Inc		535,728
	9,042		Innospec, Inc		389,349
	32,390		International Flavors & Fragrances, Inc		3,191,063
	175,728		International Paper Co		8,197,711
	20,888	*,e	Intrepid Potash, Inc		340,474
	7,211		Kaiser Aluminum Corp		507,654
	33,322	*	Kapstone Paper and Packaging Corp		879,034
	2,222		KMG Chemicals, Inc		34,685
	7,936		Koppers Holdings, Inc		338,867
	12,330	*	Kraton Polymers LLC		321,196
	7,790	e	Kronos Worldwide, Inc		121,914
	9,753	*	Landec Corp		115,671
	54,884	*	Louisiana-Pacific Corp		899,549
	7,299	*	LSB Industries, Inc		278,749
	152,544		LyondellBasell Industries AF S.C.A		14,110,320
	18,243	e	Martin Marietta Materials, Inc		2,268,152
	68,358		MeadWestvaco Corp		2,670,747
	55,545	*,e	Midway Gold Corp		50,796
	13,357		Minerals Technologies, Inc		794,608
	65,937	*,e	Molycorp, Inc		313,201
	210,781		Monsanto Co		23,333,457
	119,188		Mosaic Co		5,964,168
	10,561		Myers Industries, Inc		197,491
	5,598		Neenah Paper, Inc		281,971
	3,624		NewMarket Corp		1,349,288
	192,002		Newmont Mining Corp		4,767,410
	19,907		Noranda Aluminium Holding Corp		70,670
	125,579		Nucor Corp		6,498,713
	32,025	e	Olin Corp		899,903
	4,158		Olympic Steel, Inc		109,605
	13,229		OM Group, Inc		387,477
	17,813	*	Omnova Solutions, Inc		162,455
	63,418	*	Owens-Illinois, Inc		2,015,424
	38,372		Packaging Corp of America		2,556,726
	51,341	*,e	Paramount Gold and Silver Corp		51,854
	3,423	*	Penford Corp		43,130
	37,930		PolyOne Corp		1,421,237
	56,342		PPG Industries, Inc		10,908,938
	117,783		Praxair, Inc		15,376,571
	5,023		Quaker Chemical Corp		373,862
	29,070		Reliance Steel & Aluminum Co		2,058,737

138

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	85,695	*	Rentech, Inc	$	181,673
	26,842	*,e	Resolute Forest Products		478,861
	27,935		Rock-Tenn Co (Class A)		2,670,865
	29,694		Rockwood Holdings, Inc		2,109,759
	26,845		Royal Gold, Inc		1,777,139
	50,666		RPM International, Inc		2,161,412
	12,025	*	RTI International Metals, Inc		338,624
	10,080		Schnitzer Steel Industries, Inc (Class A)		282,946
	11,733		Schweitzer-Mauduit International, Inc		512,028
	16,900		Scotts Miracle-Gro Co (Class A)		1,034,449
	74,733		Sealed Air Corp		2,564,089
	19,364		Sensient Technologies Corp		1,046,624
	35,518		Sherwin-Williams Co		7,097,917
	47,714		Sigma-Aldrich Corp		4,590,564
	18,128		Silgan Holdings, Inc		901,868
	40,997		Sonoco Products Co		1,725,154
	60,689		Southern Copper Corp (NY)		1,829,166
	84,822		Steel Dynamics, Inc		1,549,698
	7,534		Stepan Co		435,691
	44,834	*,e	Stillwater Mining Co		707,481
	26,814	*	SunCoke Energy, Inc		559,608
	32,425	*	Tahoe Resources, Inc		723,078
	6,077	*	Taminco Corp		122,087
	7,998	*,e	Texas Industries, Inc		693,427
	10,895		Tredegar Corp		226,725
	1,648	*	UFP Technologies, Inc		41,793
	650		United States Lime & Minerals, Inc		35,139
	59,601	e	United States Steel Corp		1,550,818
	2,856	*	Universal Stainless & Alloy		102,502
	5,217	*	US Concrete, Inc		128,443
	8,372	e	US Silica Holdings Inc		378,163
	34,573		Valspar Corp		2,525,212
	50,776		Vulcan Materials Co		3,276,575
	28,986	e	Walter Energy, Inc		208,699
	21,822		Wausau Paper Corp		260,991
	15,900		Westlake Chemical Corp		1,132,080
	1,691	*	WHX Corp		38,234
	20,150		Worthington Industries, Inc		741,520
	29,016	*	WR Grace & Co		2,672,374
	12,943		Zep, Inc		223,784
			TOTAL MATERIALS		319,000,648

MEDIA - 3.6%
	6,831		AH Belo Corp (Class A)		78,625
	8,220	*	AMC Entertainment Holdings, Inc		190,211
	24,486	*	AMC Networks, Inc		1,607,996
	79,269	e	Cablevision Systems Corp (Class A)		1,323,792
	9,072	*	Carmike Cinemas, Inc		269,075
	226,930		CBS Corp (Class B)		13,107,477
	56,121	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		153,772
	26,084	*	Charter Communications, Inc		3,535,164

139

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	46,595		Cinemark Holdings, Inc	$	1,380,144
	16,417		Clear Channel Outdoor Holdings, Inc (Class A)		131,664
	1,037,048		Comcast Corp (Class A)		53,677,605
	8,719	*	Crown Media Holdings, Inc (Class A)		31,214
	40,786	*	Cumulus Media, Inc (Class A)		261,438
	305	*,e	Daily Journal Corp		53,771
	6,234	*,e	Dex Media, Inc		45,695
	194,271	*	DIRECTV		15,075,430
	96,644	*	Discovery Communications, Inc (Class A)		7,335,280
	81,371	*	DISH Network Corp (Class A)		4,626,755
	27,749	*,e	DreamWorks Animation SKG, Inc (Class A)		666,808
	11,230	*	Entercom Communications Corp (Class A)		121,284
	28,044		Entravision Communications Corp (Class A)		148,914
	10,946	*	EW Scripps Co (Class A)		187,505
	87,353		Gannett Co, Inc		2,373,381
	5,657	*,e	Global Sources Ltd		50,291
	25,569	*	Gray Television, Inc		287,651
	16,084		Harte-Hanks, Inc		129,315
	2,790	*	Hemisphere Media Group, Inc		33,759
	164,640		Interpublic Group of Cos, Inc		2,868,029
	17,384		John Wiley & Sons, Inc (Class A)		998,885
	17,540	*	Journal Communications, Inc (Class A)		140,671
	30,056	*	Lamar Advertising Co (Class A)		1,500,395
	154,378	*	Liberty Global plc		5,932,747
	152,628	*	Liberty Global plc (Class A)		6,077,647
	37,713	*	Liberty Media Corp		4,891,753
	30,709	e	Lions Gate Entertainment Corp		814,710
	52,113	*	Live Nation, Inc		1,088,119
	5,064	*	Loral Space & Communications, Inc		364,557
	25,066	*	Madison Square Garden, Inc		1,368,604
	6,123	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		23,941
	39,597	*,e	McClatchy Co (Class A)		216,992
	14,500		MDC Partners, Inc		354,090
	7,819	*,e	Media General, Inc (Class A)		119,787
	15,172		Meredith Corp		668,630
	8,026		Morningstar, Inc		588,547
	21,707		National CineMedia, Inc		329,729
	48,407	e	New York Times Co (Class A)		778,385
	191,459	*	News Corp		3,258,632
	12,451	e	Nexstar Broadcasting Group, Inc (Class A)		496,172
	103,157		Omnicom Group, Inc		6,981,666
	2,956	*,e	ReachLocal, Inc		29,560
	4,992	*	Reading International, Inc		35,343
	32,957	e	Regal Entertainment Group (Class A)		619,592
	3,944	*	Rentrak Corp		224,769
	1,443		Saga Communications, Inc		63,925
	2,491		Salem Communications		21,946
	9,206		Scholastic Corp		302,969
	43,849		Scripps Networks Interactive (Class A)		3,291,744
	9,070	*,e	SFX Entertainment, Inc		59,499
	26,121	e	Sinclair Broadcast Group, Inc (Class A)		698,214
	1,204,988	*	Sirius XM Holdings, Inc		3,843,912

140

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,050	*	Sizmek, Inc	$	105,859
	44,058	*	Starz-Liberty Capital		1,421,752
	150,197	e	Thomson Corp		5,434,127
	114,519		Time Warner Cable, Inc		16,199,858
	348,872		Time Warner, Inc		23,186,033
	784,509		Twenty-First Century Fox, Inc		25,119,978
	177,521		Viacom, Inc (Class B)		15,085,735
	710,369		Walt Disney Co		56,360,676
	10,869	e	World Wrestling Entertainment, Inc (Class A)		211,945
			TOTAL MEDIA		299,064,140

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
	624,962		AbbVie, Inc		32,548,021
	31,286	*,e	Acadia Pharmaceuticals, Inc		629,787
	4,879	*,e	Accelerate Diagnostics, Inc		89,920
	3,540	*,e	Acceleron Pharma, Inc		121,599
	8,030	*	AcelRx Pharmaceuticals, Inc		86,885
	38,434	*,e	Achillion Pharmaceuticals, Inc		109,537
	15,505	*	Acorda Therapeutics, Inc		549,652
	68,442	*	Actavis plc		13,984,754
	10,890	*	Aegerion Pharmaceuticals, Inc		481,991
	4,740	*	Aerie Pharmaceuticals, Inc		74,228
	28,957	*,e	Affymetrix, Inc		215,151
	135,405		Agilent Technologies, Inc		7,317,286
	2,700	*,e	Agios Pharmaceuticals, Inc		113,562
	22,437	*	Akorn, Inc		565,861
	8,996	*,e	Albany Molecular Research, Inc		144,476
	77,728	*	Alexion Pharmaceuticals, Inc		12,296,570
	6,677	*	Alimera Sciences, Inc		40,596
	52,272	*	Alkermes plc		2,418,103
	117,306		Allergan, Inc		19,454,027
	22,228	*	Alnylam Pharmaceuticals, Inc		1,100,953
	8,251	*	AMAG Pharmaceuticals, Inc		150,663
	296,901		Amgen, Inc		33,178,687
	8,671	*,e	Amicus Therapeutics, Inc		19,250
	12,858	*,e	Ampio Pharmaceuticals, Inc		78,305
	9,815	*	Anacor Pharmaceuticals, Inc		161,653
	4,370	*,e	Aratana Therapeutics, Inc		60,219
	83,279	*,e	Arena Pharmaceuticals, Inc		532,986
	71,365	*,e	Ariad Pharmaceuticals, Inc		518,824
	16,141	*	Arqule, Inc		26,148
	45,206	*	Array Biopharma, Inc		179,920
	3,300	*	Auspex Pharmaceuticals Inc		70,752
	18,975	*,e	Auxilium Pharmaceuticals, Inc		427,127
	51,205	*	AVANIR Pharmaceuticals, Inc		255,001
	15,045	*,e	AVEO Pharmaceuticals, Inc		18,505
	11,182	*,e	BioDelivery Sciences International, Inc		99,632
	94,074	*	Biogen Idec, Inc		27,010,527
	54,342	*	BioMarin Pharmaceuticals, Inc		3,164,335
	8,586	*	Bio-Rad Laboratories, Inc (Class A)		1,057,881
	14,329	*,e	Biotime, Inc		37,112
	3,000	*,e	Bluebird Bio, Inc		59,400

141

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	647,967		Bristol-Myers Squibb Co	$	32,456,667
	41,744	*	Bruker BioSciences Corp		862,431
	11,532	*	Cambrex Corp		236,291
	6,060	*,e	Cara Therapeutics Inc		87,203
	165,463	*	Celgene Corp		24,324,716
	40,506	*,e	Cell Therapeutics, Inc		119,493
	8,890	*,e	Celladon Corp		104,457
	34,377	*,e	Celldex Therapeutics, Inc		515,655
	5,415	*,e	Cempra, Inc		49,385
	26,407	*	Cepheid, Inc		1,148,176
	20,044	*	Charles River Laboratories International, Inc		1,076,764
	43,901	*,e	Chelsea Therapeutics International, Inc		214,237
	9,194	*,e	ChemoCentryx, Inc		50,383
	3,273	*,e	Chimerix, Inc		63,234
	7,351	*	Clovis Oncology, Inc		397,469
	33,815	*,e	Corcept Therapeutics, Inc		149,462
	44,464	*,e	Coronado Biosciences, Inc		77,367
	22,007	*	Covance, Inc		1,942,778
	24,842	*	Cubist Pharmaceuticals, Inc		1,740,431
	31,564	*,e	Curis, Inc		71,335
	9,504	*	Cytokinetics, Inc		43,243
	21,131	*,e	Cytori Therapeutics, Inc		47,756
	60,644	*,e	Dendreon Corp		156,462
	26,759	*	Depomed, Inc		374,894
	4,787	*,e	Durata Therapeutics, Inc		64,816
	57,244	*	Dyax Corp		378,383
	51,676	*	Dynavax Technologies Corp		84,232
	392,552		Eli Lilly & Co		23,199,823
	9,569	*	Emergent Biosolutions, Inc		252,239
	1,466	*,e	Enanta Pharmaceuticals, Inc		54,550
	52,339	*	Endo International plc		3,294,478
	11,546	*,e	Endocyte, Inc		209,098
	10,740		Enzon Pharmaceuticals, Inc		9,560
	2,204	*,e	Epizyme, Inc		48,091
	37,009	*,e	Exact Sciences Corp		444,108
	69,504	*,e	Exelixis, Inc		246,044
	6,457	*,e	Fibrocell Science, Inc		24,537
	5,530	*,e	Five Prime Therapeutics, Inc		77,254
	10,825	*	Fluidigm Corp		406,587
	104,887	*	Forest Laboratories, Inc		9,640,164
	1,296	*,m	Forest Laboratories, Inc CVR		1,231
	4,030	*,e	Foundation Medicine, Inc		117,515
	2,786	*	Furiex Pharmaceuticals Inc		287,989
	83,221	*,e	Galena Biopharma, Inc		203,891
	7,532	*,e	Genomic Health, Inc		197,640
	58,020	*,e	Geron Corp		114,880
	603,538	*	Gilead Sciences, Inc		47,371,698
	6,630	*	GlycoMimetics Inc		87,980
	1,967	*,e	Golf Trust Of America, Inc		9,461
	36,433	*,e	Halozyme Therapeutics, Inc		271,426
	1,728	*	Harvard Apparatus Regenerative Technology, Inc		14,947
	6,915	*	Harvard Bioscience, Inc		29,181

142

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	25,679	*,e	Horizon Pharma, Inc	$	364,128
	64,886	*	Hospira, Inc		2,971,779
	3,330	*,e	Hyperion Therapeutics, Inc		82,051
	45,727	*,e	Idenix Pharmaceuticals, Inc		251,956
	48,802	*,e	Illumina, Inc		6,629,752
	32,225	*,e	Immunogen, Inc		416,991
	35,440	*,e	Immunomedics, Inc		149,202
	27,831	*	Impax Laboratories, Inc		727,781
	39,900	*	Incyte Corp		1,937,544
	18,307	*	Infinity Pharmaceuticals, Inc		178,859
	18,768	*	Insmed, Inc		261,626
	2,450	*,e	Insys Therapeutics, Inc		100,597
	3,068	*	Intercept Pharmaceuticals, Inc		810,320
	38,038	*	InterMune, Inc		1,220,259
	4,410	*,e	Intrexon Corp		83,261
	50,288	*	Ironwood Pharmaceuticals, Inc		554,174
	43,218	*,e	Isis Pharmaceuticals, Inc		1,150,031
	20,438	*	Jazz Pharmaceuticals plc		2,757,086
	1,108,556		Johnson & Johnson		112,285,637
	3,306	*,e	Karyopharm Therapeutics, Inc		88,700
	37,625	*,e	Keryx Biopharmaceuticals, Inc		555,721
	5,290	*,e	Kindred Biosciences Inc		84,058
	3,871	*,e	KYTHERA Biopharmaceuticals, Inc		126,233
	7,933	*	Lannett Co, Inc		273,926
	87,144	*,e	Lexicon Pharmaceuticals, Inc		134,202
	6,750	*,e	Ligand Pharmaceuticals, Inc (Class B)		426,398
	16,220	*	Luminex Corp		311,586
	2,580	*	MacroGenics, Inc		51,445
	22,442	*,e	Mallinckrodt plc		1,598,544
	55,353	*,e	MannKind Corp		362,562
	24,258	*	Medicines Co		645,263
	28,511	*	Medivation, Inc		1,716,647
	3,680	*,e	MEI Pharma, Inc		28,778
	1,194,576		Merck & Co, Inc		69,954,370
	53,810	*,e	Merrimack Pharmaceuticals, Inc		236,226
	12,047	*	Mettler-Toledo International, Inc		2,808,397
	31,680	*,e	MiMedx Group, Inc		183,110
	16,661	*	Momenta Pharmaceuticals, Inc		190,269
	149,839	*	Mylan Laboratories, Inc		7,608,824
	30,891	*,e	Myriad Genetics, Inc		1,303,909
	15,706	*	Nanosphere, Inc		26,857
	38,537	*,e	Navidea Biopharmceuticals, Inc		64,357
	51,538	*	Nektar Therapeutics		606,602
	11,661	*,e	NeoGenomics, Inc		38,598
	32,207	*	Neurocrine Biosciences, Inc		451,542
	6,327	*,e	NewLink Genetics Corp		139,194
	65,983	*,e	Novavax, Inc		289,006
	40,224	*	NPS Pharmaceuticals, Inc		1,070,763
	18,618	*,e	Omeros Corp		230,491
	1,988	*,m	Omthera Pharmaceuticals, Inc		1,193
	4,456	*	OncoGenex Pharmaceutical, Inc		17,289
	1,957	*,e	OncoMed Pharmaceuticals, Inc		51,547

143

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,300	*,e	Ophthotech Corp	$	112,167
	71,634	*,e	Opko Health, Inc		592,413
	41,922	*,e	Orexigen Therapeutics, Inc		235,602
	5,036	*,e	Osiris Therapeutics, Inc		71,662
	3,243	*,e	OvaScience, Inc		26,333
	25,430	*	Pacific Biosciences of California, Inc		112,401
	12,834	*	Pacira Pharmaceuticals, Inc		879,001
	21,911	*	Parexel International Corp		993,664
	66,628	e	PDL BioPharma, Inc		565,672
	52,780	*,e	Peregrine Pharmaceuticals, Inc		91,837
	43,144		PerkinElmer, Inc		1,810,754
	49,395		Perrigo Co plc		7,155,360
	2,641,144		Pfizer, Inc		82,614,984
	22,881	*	Pharmacyclics, Inc		2,164,085
	3,806	*,e	Portola Pharmaceuticals, Inc		89,289
	11,983		Pozen, Inc		100,178
	19,518	*	Prestige Brands Holdings, Inc		654,243
	37,733	*	Progenics Pharmaceuticals, Inc		133,197
	4,612	*	Prothena Corp plc		101,464
	3,820	*,e	PTC Therapeutics, Inc		74,643
	9,362	*	Puma Biotechnology, Inc		707,205
	89,388	*	Qiagen NV (NASDAQ)		1,957,597
	20,226		Questcor Pharmaceuticals, Inc		1,662,173
	10,342	*	Quintiles Transnational Holdings, Inc		487,418
	20,853	*,e	Raptor Pharmaceutical Corp		172,454
	2,085	*	Receptos, Inc		70,452
	32,090	*	Regeneron Pharmaceuticals, Inc		9,527,200
	3,461	*,e	Regulus Therapeutics, Inc		24,677
	4,330	*	Relypsa, Inc		96,689
	14,264	*	Repligen Corp		226,084
	8,671	*,e	Repros Therapeutics, Inc		146,280
	7,420	*	Retrophin, Inc		106,032
	3,290	*,e	Revance Therapeutics, Inc		112,781
	33,185	*	Rigel Pharmaceuticals, Inc		106,192
	6,229	*	Sagent Pharmaceuticals		128,878
	23,734	*	Salix Pharmaceuticals Ltd		2,610,740
	25,294	*,e	Sangamo Biosciences, Inc		350,069
	17,269	*,e	Sarepta Therapeutics, Inc		641,198
	22,166	*	Sciclone Pharmaceuticals, Inc		105,953
	38,446	*,e	Seattle Genetics, Inc		1,479,402
	42,517	*,e	Sequenom, Inc		116,071
	10,219	*,e	SIGA Technologies, Inc		29,329
	21,223	*,e	Spectrum Pharmaceuticals, Inc		145,802
	3,448	*,e	Stemline Therapeutics, Inc		52,789
	5,074	*,e	Sucampo Pharmaceuticals, Inc (Class A)		35,061
	14,120	*	Sunesis Pharmaceuticals, Inc		72,436
	22,699	*,e	Supernus Pharmaceuticals, Inc		186,359
	8,021	*,e	Synageva BioPharma Corp		692,774
	30,955	*,e	Synergy Pharmaceuticals, Inc		138,988
	19,429	*,e	Synta Pharmaceuticals Corp		81,796
	14,240	*	Targacept, Inc		63,226
	14,556		Techne Corp		1,299,996

144

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	5,023	*	TESARO, Inc	$	125,374
	4,186	*	Tetraphase Pharmaceuticals, Inc		44,958
	5,277	*,e	TG Therapeutics, Inc		28,126
	42,702	*,e	TherapeuticsMD, Inc		179,348
	31,312	*,e	Theravance, Inc		842,919
	154,601		Thermo Electron Corp		17,624,514
	19,914	*,e	Threshold Pharmaceuticals, Inc		81,647
	2,590	*	Ultragenyx Pharmaceutical, Inc		100,440
	18,648	*	United Therapeutics Corp		1,864,986
	12,930	*	Vanda Pharmaceuticals, Inc		180,115
	5,332	*,e	Verastem, Inc		44,522
	91,496	*	Vertex Pharmaceuticals, Inc		6,194,279
	28,303	*,e	Vical, Inc		31,982
	38,588	*,e	Vivus, Inc		200,658
	33,196	*	Waters Corp		3,271,134
	9,480	*	Xencor Inc		93,852
	15,218	*	Xenoport, Inc		61,785
	28,607	*	XOMA Corp		127,015
	34,775	*,e	ZIOPHARM Oncology, Inc		125,190
	198,756		Zoetis Inc		6,014,357
	51,247	*,e	Zogenix, Inc		125,043
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		697,086,913

REAL ESTATE - 3.6%
	21,851		Acadia Realty Trust		592,818
	10,756		AG Mortgage Investment Trust		190,274
	7,983		Agree Realty Corp		238,452
	16,493		Alexander & Baldwin, Inc		615,354
	1,048		Alexander’s, Inc		362,356
	27,207		Alexandria Real Estate Equities, Inc		2,008,421
	21,827		Altisource Residential Corp		613,775
	12,843		American Assets Trust,Inc		436,020
	40,023		American Campus Communities, Inc		1,528,879
	138,190		American Capital Agency Corp		3,138,295
	22,743		American Capital Mortgage, Inc		450,311
	19,800		American Homes 4 Rent		317,790
	189,371		American Realty Capital Properties, Inc		2,478,866
	5,147	*	American Residential Properties, Inc		92,492
	157,762		American Tower Corp		13,176,282
	6,049		AmREIT, Inc (Class B)		100,776
	371,019		Annaly Capital Management, Inc		4,285,269
	58,827		Anworth Mortgage Asset Corp		317,666
	58,947		Apartment Investment & Management Co (Class A)		1,817,336
	16,650		Apollo Commercial Real Estate Finance, Inc		283,216
	8,434		Ares Commercial Real Estate Corp		107,618
	6,956		Armada Hoffler Properties, Inc		67,334
	166,405		ARMOUR Residential REIT, Inc		705,557
	10,029		Ashford Hospitality Prime, Inc		153,845
	19,796		Ashford Hospitality Trust, Inc		203,107
	20,730		Associated Estates Realty Corp		347,849
	3,145	*	AV Homes, Inc		53,874
	51,716		AvalonBay Communities, Inc		7,061,820

145

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	4,424		Aviv REIT, Inc	$	116,749
	71,631		BioMed Realty Trust, Inc		1,497,088
	60,385		Boston Properties, Inc		7,073,499
	59,586		Brandywine Realty Trust		866,976
	18,200		Brixmor Property Group, Inc		399,672
	32,397		Camden Property Trust		2,218,871
	29,729		Campus Crest Communities, Inc		255,967
	40,595		Capstead Mortgage Corp		518,804
	7,510		CatchMark Timber Trust Inc		101,235
	61,584		CBL & Associates Properties, Inc		1,118,981
	112,323	*	CBRE Group, Inc		2,992,285
	28,202		Cedar Shopping Centers, Inc		174,570
	94,917		Chambers Street Properties		739,403
	10,309		Chatham Lodging Trust		209,582
	18,339		Chesapeake Lodging Trust		494,970
	382,644		Chimera Investment Corp		1,182,370
	36,064		Colony Financial, Inc		784,392
	2,228		Consolidated-Tomoka Land Co		88,073
	7,277		Coresite Realty		221,366
	32,702		Corporate Office Properties Trust		874,778
	64,867		Cousins Properties, Inc		754,403
	133,828		Crown Castle International Corp		9,733,310
	51,687		CubeSmart		961,378
	7,262		CyrusOne, Inc		145,240
	64,606		CYS Investments, Inc		555,612
	111,159		DCT Industrial Trust, Inc		869,263
	116,325		DDR Corp		1,997,300
	74,370		DiamondRock Hospitality Co		912,520
	49,270		Digital Realty Trust, Inc		2,631,018
	54,267		Douglas Emmett, Inc		1,497,769
	122,626		Duke Realty Corp		2,148,408
	23,826		DuPont Fabros Technology, Inc		577,304
	21,154		Dynex Capital, Inc		181,501
	12,644		EastGroup Properties, Inc		799,733
	43,469		Education Realty Trust, Inc		443,384
	2,301		Ellington Residential Mortgage REIT		37,598
	31,500		Empire State Realty Trust, Inc		481,950
	20,651		Entertainment Properties Trust		1,107,100
	34,304		Equity Lifestyle Properties, Inc		1,436,308
	22,979		Equity One, Inc		517,717
	143,460		Equity Residential		8,527,262
	24,304		Essex Property Trust, Inc		4,210,911
	18,727		Excel Trust, Inc		236,335
	44,442		Extra Space Storage, Inc		2,325,650
	26,196		Federal Realty Investment Trust		3,079,078
	46,794		FelCor Lodging Trust, Inc		431,909
	39,744		First Industrial Realty Trust, Inc		730,097
	23,269		First Potomac Realty Trust		303,195
	63,074	*	Forest City Enterprises, Inc (Class A)		1,192,729
	16,040	*	Forestar Real Estate Group, Inc		273,482
	36,242		Franklin Street Properties Corp		441,428
	37,841		Gaming and Leisure Properties, Inc		1,390,657

146

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	220,106		General Growth Properties, Inc	$	5,055,835
	11,101		Getty Realty Corp		210,031
	4,744		Gladstone Commercial Corp		83,684
	54,142		Glimcher Realty Trust		551,707
	24,704		Government Properties Income Trust		628,717
	23,085		Gramercy Property Trust, Inc		120,504
	5,231		Hannon Armstrong Sustainable Infrastructure Capital, Inc		69,154
	36,991		Hatteras Financial Corp		723,914
	180,317		HCP, Inc		7,548,070
	113,896		Health Care REIT, Inc		7,185,699
	38,926		Healthcare Realty Trust, Inc		978,989
	42,381		Healthcare Trust of America, Inc		495,434
	74,609		Hersha Hospitality Trust		433,478
	35,946		Highwoods Properties, Inc		1,450,421
	21,908		Home Properties, Inc		1,349,533
	59,666		Hospitality Properties Trust		1,792,963
	293,942		Host Marriott Corp		6,305,056
	15,554	*	Howard Hughes Corp		2,220,489
	45,279		HRPT Properties Trust		1,150,539
	20,650		Hudson Pacific Properties		486,307
	32,388		Inland Real Estate Corp		338,455
	50,527		Invesco Mortgage Capital, Inc		842,285
	38,340		Investors Real Estate Trust		334,325
	34,428	*	iStar Financial, Inc		511,600
	5,175		JAVELIN Mortgage Investment Corp		68,362
	17,513		Jones Lang LaSalle, Inc		2,029,582
	26,927	e	Kennedy-Wilson Holdings, Inc		588,086
	31,755		Kilroy Realty Corp		1,891,645
	160,862		Kimco Realty Corp		3,686,957
	50,763		Kite Realty Group Trust		314,731
	40,045		LaSalle Hotel Properties		1,324,689
	64,107		Lexington Corporate Properties Trust		689,791
	49,895		Liberty Property Trust		1,871,062
	14,173		LTC Properties, Inc		547,503
	52,532		Macerich Co		3,409,852
	35,378		Mack-Cali Realty Corp		720,650
	65,552		Medical Properties Trust, Inc		884,952
	140,572		MFA Mortgage Investments, Inc		1,114,736
	29,938		Mid-America Apartment Communities, Inc		2,085,182
	18,179		Monmouth Real Estate Investment Corp (Class A)		170,701
	11,647		National Health Investors, Inc		718,503
	46,422		National Retail Properties, Inc		1,584,383
	96,840		New Residential Investment Corp		590,724
	44,994		New York Mortgage Trust, Inc		331,606
	127,648		NorthStar Realty Finance Corp		2,044,921
	49,277		Omega Healthcare Investors, Inc		1,713,854
	4,657		One Liberty Properties, Inc		103,059
	21,097		Parkway Properties, Inc		397,889
	23,266		Pebblebrook Hotel Trust		801,281
	25,087		Pennsylvania Real Estate Investment Trust		415,190
	31,171		Pennymac Mortgage Investment Trust		730,648
	7,770		Physicians Realty Trust		106,604

147

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	66,472		Piedmont Office Realty Trust, Inc	$	1,170,572
	70,313		Plum Creek Timber Co, Inc		3,065,647
	21,589		Post Properties, Inc		1,083,984
	17,050		Potlatch Corp		651,821
	196,763		Prologis, Inc		7,994,481
	7,618		PS Business Parks, Inc		653,396
	57,060		Public Storage, Inc		10,014,601
	5,300		QTS Realty Trust, Inc		144,425
	38,311		RAIT Investment Trust		313,384
	22,914		Ramco-Gershenson Properties		377,623
	48,133		Rayonier, Inc		2,170,798
	4,400		Re/Max Holdings, Inc		124,168
	48,611	*	Realogy Holdings Corp		2,044,093
	87,338		Realty Income Corp		3,794,836
	35,249		Redwood Trust, Inc		768,428
	37,187		Regency Centers Corp		1,949,714
	45,907		Resource Capital Corp		252,488
	31,158		Retail Opportunities Investment Corp		487,311
	54,181		Retail Properties of America, Inc		775,872
	9,240		Rexford Industrial Realty, Inc		131,393
	46,937		RLJ Lodging Trust		1,251,810
	8,663		Rouse Properties, Inc		145,452
	16,871		Ryman Hospitality Properties		768,474
	16,689		Sabra Healthcare REIT, Inc		500,169
	3,064		Saul Centers, Inc		140,607
	10,232		Select Income REIT		314,941
	80,364		Senior Housing Properties Trust		1,886,143
	8,420		Silver Bay Realty Trust Corp		126,132
	123,113		Simon Property Group, Inc		21,323,172
	36,431		SL Green Realty Corp		3,814,690
	12,509		Sovran Self Storage, Inc		949,433
	144,162		Spirit Realty Capital, Inc		1,552,625
	25,316	*,e	St. Joe Co		451,891
	16,465		STAG Industrial, Inc		387,421
	87,312		Starwood Property Trust, Inc		2,099,854
	14,914	*	Starwood Waypoint Residential Trust		405,213
	75,251	*	Strategic Hotels & Resorts, Inc		811,958
	40,051		Summit Hotel Properties, Inc		362,862
	16,232		Sun Communities, Inc		739,692
	70,444		Sunstone Hotel Investors, Inc		1,008,054
	39,092		Tanger Factory Outlet Centers, Inc		1,394,803
	25,552		Taubman Centers, Inc		1,861,208
	5,192	*	Tejon Ranch Co		161,004
	11,848		Terreno Realty Corp		216,463
	135,400		Two Harbors Investment Corp		1,405,452
	100,313		UDR, Inc		2,594,094
	5,775		UMH Properties, Inc		56,884
	4,803		Universal Health Realty Income Trust		203,791
	9,802		Urstadt Biddle Properties, Inc (Class A)		200,059
	114,488		Ventas, Inc		7,565,367
	74,243		Vornado Realty Trust		7,617,332
	25,504		Washington Real Estate Investment Trust		623,828

148

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	48,612		Weingarten Realty Investors	$	1,516,694
	10,224		Western Asset Mortgage Capital Corp		151,008
	230,702		Weyerhaeuser Co		6,886,455
	14,383		Whitestone REIT		201,793
	14,231		Winthrop Realty Trust		197,811
	23,145		WP Carey, Inc		1,422,955
	7,855		ZAIS Financial Corp		129,529
			TOTAL REAL ESTATE		297,827,322

RETAILING - 4.1%
	8,446	*	1-800-FLOWERS.COM, Inc (Class A)		46,031
	29,021		Aaron’s, Inc		855,249
	29,862	e	Abercrombie & Fitch Co (Class A)		1,097,727
	28,291		Advance Auto Parts, Inc		3,431,415
	29,079	*,e	Aeropostale, Inc		144,523
	145,477	*	Amazon.com, Inc		44,243,920
	73,659		American Eagle Outfitters, Inc		851,498
	3,169	*	America’s Car-Mart, Inc		114,528
	20,416	*	Ann Taylor Stores Corp		800,103
	13,136	*	Asbury Automotive Group, Inc		811,017
	49,905	*	Ascena Retail Group, Inc		858,366
	8,667	*	Audiovox Corp (Class A)		101,837
	19,403	*	Autonation, Inc		1,028,165
	13,376	*	AutoZone, Inc		7,141,313
	15,535	*	Barnes & Noble, Inc		254,774
	11,576		Bebe Stores, Inc		58,459
	85,720	*	Bed Bath & Beyond, Inc		5,325,784
	108,697		Best Buy Co, Inc		2,818,513
	6,241		Big 5 Sporting Goods Corp		76,203
	22,280	*	Big Lots, Inc		880,060
	5,451	*	Blue Nile, Inc		189,313
	6,527	*,e	Body Central Corp		6,788
	5,473	e	Bon-Ton Stores, Inc		60,203
	18,821		Brown Shoe Co, Inc		443,987
	10,709	e	Buckle, Inc		503,216
	5,800	*	Burlington Stores, Inc		150,742
	18,207	*,e	Cabela’s, Inc		1,194,561
	88,298	*	Carmax, Inc		3,865,686
	10,463		Cato Corp (Class A)		298,091
	61,892		Chico’s FAS, Inc		982,845
	10,674		Children’s Place Retail Stores, Inc		512,352
	18,136	*	Christopher & Banks Corp		113,169
	6,565	*	Citi Trends, Inc		111,539
	8,547	*,e	Conn’s, Inc		378,034
	5,500	*,e	Container Store Group, Inc		151,745
	5,150		Core-Mark Holding Co, Inc		414,781
	23,491		CST Brands, Inc		766,511
	5,544		Destination Maternity Corp		136,715
	19,258	*	Destination XL Group, Inc		103,993
	39,034		Dick’s Sporting Goods, Inc		2,055,530
	10,272		Dillard’s, Inc (Class A)		1,005,937
	126,877	*	Dollar General Corp		7,160,938

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	81,920	*	Dollar Tree, Inc	$	4,265,574
	29,112		DSW, Inc (Class A)		972,050
	42,494		Expedia, Inc		3,016,649
	32,600	*	Express Parent LLC		474,982
	39,316		Family Dollar Stores, Inc		2,309,815
	18,009		Finish Line, Inc (Class A)		495,788
	12,522	*	Five Below, Inc		504,762
	58,858		Foot Locker, Inc		2,738,663
	17,131	*,e	Francesca’s Holdings Corp		280,263
	16,159		Fred’s, Inc (Class A)		294,417
	6,450	*	FTD Cos, Inc		195,693
	45,541	e	GameStop Corp (Class A)		1,807,067
	108,545		Gap, Inc		4,265,818
	10,048	*	Genesco, Inc		767,366
	61,701		Genuine Parts Co		5,375,391
	37,552		GNC Holdings, Inc		1,689,840
	4,270	e	Gordmans Stores, Inc		19,172
	8,750		Group 1 Automotive, Inc		631,138
	160,182	*	Groupon, Inc		1,119,672
	21,854		Guess?, Inc		588,091
	7,376		Haverty Furniture Cos, Inc		188,383
	4,857	*,e	HHgregg, Inc		41,867
	11,452	*,e	Hibbett Sports, Inc		616,690
	542,923		Home Depot, Inc		43,167,808
	23,953	*	HomeAway, Inc		781,347
	13,393		HSN, Inc		777,330
	108,576	*,e	JC Penney Co, Inc		925,068
	11,678	*	JOS A Bank Clothiers, Inc		753,815
	4,834	*	Kirkland’s, Inc		82,710
	81,265		Kohl’s Corp		4,452,509
	93,686		L Brands, Inc		5,077,781
	5,029	*,e	Lands’ End, Inc		139,052
	203,240	*	Liberty Interactive Corp		5,906,154
	30,678	*	Liberty Ventures		1,780,551
	8,460		Lithia Motors, Inc (Class A)		628,409
	115,551	*	LKQ Corp		3,364,845
	405,795		Lowe’s Companies, Inc		18,630,048
	10,988	*,e	Lumber Liquidators, Inc		957,714
	149,701		Macy’s, Inc		8,597,328
	9,957	*	MarineMax, Inc		159,909
	5,117	*,e	Mattress Firm Holding Corp		231,237
	18,113		Men’s Wearhouse, Inc		858,194
	13,075	e	Monro Muffler, Inc		737,430
	17,711	*	Murphy USA, Inc		752,718
	19,763	*	NetFlix, Inc		6,364,477
	10,555	*	New York & Co, Inc		44,225
	55,351		Nordstrom, Inc		3,391,909
	10,758		Nutri/System, Inc		161,370
	189,708	*	Office Depot, Inc		775,906
	9,575	*	Orbitz Worldwide, Inc		70,376
	44,180	*	O’Reilly Automotive, Inc		6,573,542
	10,654	*,e	Outerwall, Inc		738,855

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	4,892	*	Overstock.com, Inc	$	78,370
	17,800	*	Pacific Sunwear Of California, Inc		51,264
	16,091		Penske Auto Group, Inc		737,933
	18,830	*	PEP Boys - Manny Moe & Jack		192,443
	8,830	e	PetMed Express, Inc		115,585
	41,213	e	Petsmart, Inc		2,789,296
	36,040		Pier 1 Imports, Inc		658,090
	20,362	*	Priceline.com, Inc		23,574,106
	40,686	*,e	RadioShack Corp		58,181
	23,490		Rent-A-Center, Inc		686,143
	6,747	*	Restoration Hardware Holdings, Inc		420,945
	3,600	*	RetailMeNot, Inc		107,316
	87,575		Ross Stores, Inc		5,962,106
	67,999	*	Sally Beauty Holdings, Inc		1,863,853
	16,723	*,e	Sears Holdings Corp		732,635
	3,323	*	Sears Hometown and Outlet Stores, Inc		78,456
	25,137	*	Select Comfort Corp		462,521
	6,389		Shoe Carnival, Inc		145,925
	14,879	*,e	Shutterfly, Inc		608,997
	32,216		Signet Jewelers Ltd		3,264,125
	14,342		Sonic Automotive, Inc (Class A)		349,084
	12,585		Stage Stores, Inc		241,380
	261,460		Staples, Inc		3,268,250
	11,572		Stein Mart, Inc		144,650
	3,201	*	Systemax, Inc		55,345
	254,291		Target Corp		15,702,469
	43,566		Tiffany & Co		3,811,589
	11,101	*,e	Tile Shop Holdings, Inc		156,469
	4,219	*	Tilly’s, Inc		47,675
	284,840		TJX Companies, Inc		16,571,991
	54,044		Tractor Supply Co		3,633,919
	44,313	*	TripAdvisor, Inc		3,577,832
	17,397	*	Tuesday Morning Corp		243,210
	25,391	*	Ulta Salon Cosmetics & Fragrance, Inc		2,227,045
	41,653	*	Urban Outfitters, Inc		1,485,138
	14,600	*	Valuevision International, Inc (Class A)		68,328
	6,650	*	Vitacost.com, Inc		44,356
	11,513	*	Vitamin Shoppe, Inc		551,242
	4,388	*	West Marine, Inc		46,952
	36,178	*,e	Wet Seal, Inc (Class A)		40,881
	15,193	*	WEX, Inc		1,458,072
	39,049		Williams-Sonoma, Inc		2,453,058
	664		Winmark Corp		50,371
	12,604	*	Zale Corp		269,600
	5,000	*,e	zulily, Inc		212,600
	9,252	*	Zumiez, Inc		226,211
			TOTAL RETAILING		340,613,936

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	14,930	*	Advanced Energy Industries, Inc		326,668
	238,833	*,e	Advanced Micro Devices, Inc		976,827
	5,299	*	Alpha & Omega Semiconductor Ltd		38,153

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	125,451		Altera Corp	$	4,079,667
	6,956	*,e	Ambarella, Inc		172,857
	39,862	*	Amkor Technology, Inc		316,903
	31,117	*	Anadigics, Inc		38,896
	122,362		Analog Devices, Inc		6,275,947
	476,008		Applied Materials, Inc		9,072,712
	25,937	*	Applied Micro Circuits Corp		251,848
	173,308	*	Atmel Corp		1,346,603
	95,729		Avago Technologies Ltd		6,078,792
	32,287	*	Axcelis Technologies, Inc		57,794
	224,527		Broadcom Corp (Class A)		6,917,677
	23,571		Brooks Automation, Inc		241,131
	11,312	*	Cabot Microelectronics Corp		490,601
	21,203	*	Cavium Networks, Inc		898,371
	8,650	*	Ceva, Inc		140,390
	24,698	*,e	Cirrus Logic, Inc		550,765
	9,419		Cohu, Inc		97,016
	46,639	*,e	Cree, Inc		2,199,962
	71,752	e	Cypress Semiconductor Corp		679,491
	13,621	*	Diodes, Inc		359,186
	6,797	*	DSP Group, Inc		54,104
	52,988	*	Entegris, Inc		587,637
	34,443	*	Entropic Communications, Inc		127,095
	14,159	*	Exar Corp		153,200
	47,288	*	Fairchild Semiconductor International, Inc		601,976
	27,065	*	First Solar, Inc		1,826,617
	20,565	*	Formfactor, Inc		118,249
	25,959	*,e	Freescale Semiconductor Holdings Ltd		570,319
	5,980	*	GSI Technology, Inc		37,973
	56,050	*,e	GT Solar International, Inc		930,991
	13,503		Hittite Microwave Corp		801,538
	9,801	*	Inphi Corp		144,957
	50,515	*	Integrated Device Technology, Inc		589,510
	10,873	*	Integrated Silicon Solution, Inc		157,224
	1,965,124		Intel Corp		52,449,160
	6,378	*,e	Intermolecular, Inc		17,348
	26,366	*	International Rectifier Corp		686,571
	48,195		Intersil Corp (Class A)		594,726
	9,988		IXYS Corp		107,771
	65,438		Kla-Tencor Corp		4,187,378
	19,735	*	Kopin Corp		64,336
	64,111	*	Lam Research Corp		3,693,435
	42,567	*	Lattice Semiconductor Corp		358,414
	93,955		Linear Technology Corp		4,180,998
	219,960		LSI Logic Corp		2,450,354
	19,456	*	LTX-Credence Corp		187,361
	3,778	*	MA-COM Technology Solutions		66,153
	159,968		Marvell Technology Group Ltd		2,537,093
	114,664		Maxim Integrated Products, Inc		3,719,700
	9,302	*,e	MaxLinear, Inc		73,207
	17,514		Micrel, Inc		174,439
	78,126	e	Microchip Technology, Inc		3,714,110

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	404,615	*	Micron Technology, Inc	$	10,568,544
	39,039	*	Microsemi Corp		918,197
	20,314		MKS Instruments, Inc		571,839
	16,479	*	Monolithic Power Systems, Inc		611,371
	18,141	*,e	MoSys, Inc		70,931
	7,437	*	Nanometrics, Inc		120,926
	9,646	*	NeoPhotonics Corp Ltd		55,657
	1,929	*	NVE Corp		101,292
	228,439		Nvidia Corp		4,219,268
	20,239	*	Omnivision Technologies, Inc		395,268
	177,771	*	ON Semiconductor Corp		1,672,825
	9,085	*	PDF Solutions, Inc		170,525
	10,093	*,e	Peregrine Semiconductor Corp		54,199
	7,286	*	Pericom Semiconductor Corp		58,798
	23,544	*	Photronics, Inc		204,362
	13,935	*	PLX Technology, Inc		80,823
	77,701	*	PMC - Sierra, Inc		531,475
	10,991		Power Integrations, Inc		519,105
	47,933	*	Rambus, Inc		579,510
	112,796	*	RF Micro Devices, Inc		951,998
	8,102	*,e	Rubicon Technology, Inc		82,073
	12,643	*	Rudolph Technologies, Inc		115,178
	25,728	*	Semtech Corp		616,957
	13,811	*	Sigma Designs, Inc		52,067
	29,865	*	Silicon Image, Inc		167,543
	16,163	*	Silicon Laboratories, Inc		726,527
	76,120	*	Skyworks Solutions, Inc		3,124,726
	16,668	*	Spansion, Inc		297,190
	106,435	*	SunEdison, Inc		2,046,745
	15,884	*,e	SunPower Corp		530,843
	72,878	*,e	Teradyne, Inc		1,287,754
	19,565		Tessera Technologies, Inc		429,060
	440,011		Texas Instruments, Inc		19,998,500
	68,350	*	Triquint Semiconductor, Inc		969,203
	14,433	*	Ultra Clean Holdings		122,969
	10,672	*	Ultratech, Inc		284,089
	14,503	*	Veeco Instruments, Inc		536,176
	102,625		Xilinx, Inc		4,842,874
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		186,259,588

SOFTWARE & SERVICES - 9.8%
	255,259		Accenture plc		20,476,877
	15,329	*	ACI Worldwide, Inc		876,052
	104,843		Activision Blizzard, Inc		2,097,908
	15,624	*	Actuate Corp		87,963
	28,063	*	Acxiom Corp		792,499
	199,609	*	Adobe Systems, Inc		12,313,879
	12,408		Advent Software, Inc		357,599
	70,921	*	Akamai Technologies, Inc		3,763,777
	20,599	*	Alliance Data Systems Corp		4,982,898
	63,998		Amdocs Ltd		2,977,827
	6,756		American Software, Inc (Class A)		65,128

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	16,138	*,e	Angie’s List, Inc	$	182,521
	37,418	*	Ansys, Inc		2,855,368
	31,853	*	AOL, Inc		1,363,627
	35,666	*	Aspen Technology, Inc		1,533,281
	88,457	*	Autodesk, Inc		4,247,705
	192,040		Automatic Data Processing, Inc		14,971,438
	8,579	*	AVG Technologies NV		160,685
	17,549	*	Bankrate, Inc		307,459
	2,700	*,e	Barracuda Networks, Inc		69,741
	18,506	*,e	Bazaarvoice, Inc		124,360
	1,900	*,e	Benefitfocus, Inc		61,560
	18,275		Blackbaud, Inc		556,474
	19,303	*,e	Blackhawk Network Holdings, Inc		463,079
	15,713	*	Blucora, Inc		302,475
	12,658		Booz Allen Hamilton Holding Co		294,172
	14,399	*	Bottomline Technologies, Inc		455,584
	10,397	*	Brightcove, Inc		89,622
	48,345		Broadridge Financial Solutions, Inc		1,853,547
	10,067	*	BroadSoft, Inc		255,500
	130,061		CA, Inc		3,920,039
	9,222	*	CACI International, Inc (Class A)		642,312
	108,193	*	Cadence Design Systems, Inc		1,683,483
	15,264	*	Callidus Software, Inc		145,695
	6,253	*	Carbonite, Inc		61,842
	17,048	*	Cardtronics, Inc		570,767
	6,110	*,e	Care.com, Inc		74,848
	3,742		Cass Information Systems, Inc		189,008
	2,258	*	ChannelAdvisor Corp		59,250
	28,103	*	Ciber, Inc		121,405
	75,171	*	Citrix Systems, Inc		4,458,392
	239,534	*	Cognizant Technology Solutions Corp (Class A)		11,474,876
	17,759	*	Commvault Systems, Inc		859,536
	58,975		Computer Sciences Corp		3,490,141
	6,003		Computer Task Group, Inc		94,907
	83,741		Compuware Corp		867,557
	13,605	*	comScore, Inc		426,245
	10,630	*	Comverse, Inc		265,112
	18,978	*,e	Concur Technologies, Inc		1,527,160
	10,822	*	Constant Contact, Inc		279,857
	41,252		Convergys Corp		888,568
	29,812	*,e	Conversant, Inc		728,605
	15,427	*	Cornerstone OnDemand, Inc		567,097
	11,258	*	CoStar Group, Inc		1,811,300
	12,041		CSG Systems International, Inc		317,401
	4,900	*,e	Cvent, Inc		134,897
	2,701	*,e	Cyan, Inc		11,290
	7,890	*	Datalink Corp		101,308
	16,602	*	DealerTrack Holdings, Inc		758,545
	13,481	*,e	Demand Media, Inc		56,081
	7,699	*	Demandware, Inc		382,101
	21,212	*	Dice Holdings, Inc		162,272
	13,396	*	Digital River, Inc		204,825

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	2,107		DMRC Corp	$	69,573
	12,911		DST Systems, Inc		1,190,265
	5,534	*,e	E2open, Inc		95,572
	37,774		EarthLink Holdings Corp		128,809
	514,430	*	eBay, Inc		26,662,907
	117	e	Ebix, Inc		1,846
	4,651	*	eGain Corp		30,418
	119,365	*	Electronic Arts, Inc		3,378,030
	10,412	*	Ellie Mae, Inc		253,949
	8,300	*,e	Endurance International Group Holdings, Inc		104,995
	8,754	*	Envestnet, Inc		322,585
	8,495	*	EPAM Systems, Inc		264,449
	11,770		EPIQ Systems, Inc		150,538
	1,860	*	ePlus, Inc		93,074
	19,764	*,e	Equinix, Inc		3,711,877
	19,019	*	Euronet Worldwide, Inc		874,684
	10,995		EVERTEC, Inc		258,822
	12,509	*	ExlService Holdings, Inc		353,942
	674,018	*	Facebook, Inc		40,292,796
	17,613	e	Factset Research Systems, Inc		1,875,785
	14,225		Fair Isaac Corp		813,670
	116,895		Fidelity National Information Services, Inc		6,245,700
	6,600	*,e	FireEye, Inc		259,116
	38,350	*	First American Corp		1,074,951
	99,954	*	Fiserv, Inc		6,075,204
	27,131	*	FleetCor Technologies, Inc		3,096,461
	6,261	*	FleetMatics Group plc		188,018
	6,370		Forrester Research, Inc		225,689
	51,947	*	Fortinet, Inc		1,141,795
	37,331	*	Gartner, Inc		2,573,599
	64,082	*	Genpact Ltd		1,080,423
	3,514	*,m	Gerber Scientific, Inc		0
	3,000	*,e	Gigamon, Inc		47,310
	25,360	*	Global Cash Access, Inc		167,376
	14,520	*	Global Eagle Entertainment, Inc		160,156
	30,526		Global Payments, Inc		2,040,053
	48,631	*,e	Glu Mobile, Inc		194,524
	4,200	*,e	Gogo, Inc		56,784
	106,511	*	Google, Inc		56,095,083
	106,511	*	Google, Inc (Class A)		56,970,604
	6,177	*,e	Guidance Software, Inc		56,890
	18,757	*	Guidewire Software, Inc		708,264
	8,566		Hackett Group, Inc		51,396
	13,744	e	Heartland Payment Systems, Inc		562,679
	11,998	*	Higher One Holdings, Inc		71,868
	29,546		IAC/InterActiveCorp		1,958,309
	15,079	*	iGate Corp		551,891
	7,743	*	Imperva, Inc		177,160
	21,929	*	Infoblox, Inc		430,247
	41,447	*	Informatica Corp		1,469,296
	5,865	*	Interactive Intelligence, Inc		366,973
	20,242	*	Internap Network Services Corp		136,026

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	386,113		International Business Machines Corp	$	75,859,621
	117,812		Intuit, Inc		8,924,259
	18,204	e	j2 Global, Inc		843,937
	34,369		Jack Henry & Associates, Inc		1,895,794
	15,195	*,e	Jive Software, Inc		113,659
	9,164	*	Knot, Inc		97,322
	28,722		Leidos Holdings, Inc		1,069,607
	31,019	*	Limelight Networks, Inc		64,209
	37,892	*	LinkedIn Corp		5,815,285
	25,980	*	Lionbridge Technologies		152,762
	9,582	*	Liquidity Services, Inc		165,290
	19,540	*	Liveperson, Inc		193,446
	9,155	*	LogMeIn, Inc		416,095
	2,680	*	Luxoft Holding, Inc		72,333
	10,875	*,e	magicJack VocalTec Ltd		192,270
	30,860	*	Manhattan Associates, Inc		973,016
	9,112		Mantech International Corp (Class A)		271,811
	5,916		Marchex, Inc (Class B)		54,723
	3,243	*,e	Marin Software, Inc		30,419
	2,787	*,e	Marketo, Inc		75,639
	462,760		Mastercard, Inc (Class A)		34,035,998
	27,274		MAXIMUS, Inc		1,161,054
	36,297		Mentor Graphics Corp		751,348
	31,694	*	Micros Systems, Inc		1,632,241
	3,295,271		Microsoft Corp		133,128,948
	3,605	*	MicroStrategy, Inc (Class A)		437,755
	13,413	*,e	Millennial Media, Inc		85,709
	8,779	*,e	Mitek Systems, Inc		28,620
	2,993	*	Model N, Inc		26,967
	12,618	*,e	ModusLink Global Solutions, Inc		50,977
	8,027	*	MoneyGram International, Inc		105,956
	14,709		Monotype Imaging Holdings, Inc		388,465
	52,943	*	Monster Worldwide, Inc		364,777
	15,248	*	Move, Inc		163,001
	15,618	*	Netscout Systems, Inc		608,477
	13,338	*	NetSuite, Inc		1,031,161
	25,383	*,e	NeuStar, Inc (Class A)		652,851
	24,413		NIC, Inc		447,734
	105,858	*,e	Nuance Communications, Inc		1,703,255
	9,226	*,e	OpenTable, Inc		619,618
	1,328,467		Oracle Corp		54,307,731
	63,439	*	Pandora Media, Inc		1,485,741
	128,740		Paychex, Inc		5,382,619
	12,318		Pegasystems, Inc		204,109
	12,449	*	Perficient, Inc		227,443
	16,433	*	Planet Payment, Inc		43,219
	10,834	*	PRG-Schultz International, Inc		69,663
	22,150	*	Progress Software Corp		475,339
	9,273	*	Proofpoint, Inc		235,905
	8,661	*	PROS Holdings, Inc		237,311
	46,763	*	PTC, Inc		1,654,007
	1,815		QAD, Inc (Class A)		34,576

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	33,102	*	QLIK Technologies, Inc	$	727,582
	5,833	*	Qualys, Inc		112,519
	10,313	*	QuinStreet, Inc		62,909
	44,301	*	Rackspace Hosting, Inc		1,285,615
	2,652	*	Rally Software Development Corp		34,688
	6,554	*	RealNetworks, Inc		49,417
	17,634	*,e	RealPage, Inc		313,004
	76,199	*	Red Hat, Inc		3,707,081
	3,209	*	Reis, Inc		52,820
	1,800	*,e	Rocket Fuel, Inc		57,726
	5,380	*	Rosetta Stone, Inc		64,076
	39,322	*	Rovi Corp		876,487
	231,824	*	Salesforce.com, Inc		11,973,710
	3,576	*	Sapiens International Corp NV		28,143
	43,717	*	Sapient Corp		711,276
	16,612		Science Applications International Corp		647,868
	8,819	*	Sciquest, Inc		211,480
	11,069	*	Seachange International, Inc		103,717
	32,386	*	ServiceNow, Inc		1,610,232
	23,558	*	ServiceSource International LLC		147,002
	3,430	*,e	Shutterstock, Inc		248,709
	2,089	*,e	Silver Spring Networks, Inc		31,293
	26,512	*	SolarWinds, Inc		1,068,964
	27,434		Solera Holdings, Inc		1,777,175
	6,389	*,e	Spark Networks, Inc		28,942
	44,963	*	Splunk, Inc		2,453,631
	5,751	*	SPS Commerce, Inc		297,902
	22,077	*	SS&C Technologies Holdings, Inc		859,237
	4,962	*	Stamps.com, Inc		172,231
	20,992	*	SupportSoft, Inc		51,850
	14,880	*	Sykes Enterprises, Inc		294,475
	273,029		Symantec Corp		5,537,028
	11,136	*	Synchronoss Technologies, Inc		338,980
	62,598	*	Synopsys, Inc		2,354,937
	6,330	*	Syntel, Inc		508,426
	14,466	*	TA Indigo Holding Corp		132,364
	3,590	*	Tableau Software, Inc		198,419
	30,856	*	Take-Two Interactive Software, Inc		628,845
	11,995	*,e	Tangoe, Inc		180,405
	16,987	*	TeleCommunication Systems, Inc (Class A)		43,317
	4,598	*	TeleNav, Inc		28,186
	7,450	*	TeleTech Holdings, Inc		179,769
	65,839	*	Teradata Corp		2,993,041
	2,400	*,e	Textura Corp		42,744
	62,742	*	TIBCO Software, Inc		1,231,625
	48,128	*	TiVo, Inc		570,798
	62,446		Total System Services, Inc		1,983,909
	4,367	*	Travelzoo, Inc		78,344
	10,911	*,e	Trulia, Inc		370,974
	31,630	*,e	Twitter, Inc		1,232,621
	12,003	*	Tyler Technologies, Inc		980,045
	10,594	*	Ultimate Software Group, Inc		1,267,360

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	20,494	*	Unisys Corp	$	499,439
	4,607		United Online, Inc		54,593
	27,274	*,e	Unwired Planet, Inc		62,185
	33,279	*	Vantiv, Inc		1,023,329
	3,080	*	Varonis Systems, Inc		77,832
	11,802	*	Vasco Data Security International		134,661
	43,062	*	VeriFone Systems, Inc		1,439,993
	20,079	*	Verint Systems, Inc		878,858
	50,102	*	VeriSign, Inc		2,363,812
	16,219	*,e	VirnetX Holding Corp		255,449
	7,704	*	Virtusa Corp		254,001
	206,697		Visa, Inc (Class A)		41,878,879
	13,744	*,e	VistaPrint Ltd		542,476
	34,205	*	VMware, Inc (Class A)		3,164,305
	6,237	*	Vocus, Inc		112,141
	24,803	*,e	Vringo, Inc		101,444
	13,778	*,e	WebMD Health Corp (Class A)		607,472
	15,956	*	Website Pros, Inc		490,009
	225,683		Western Union Co		3,581,589
	3,880	*,e	Wix.com Ltd		79,501
	17,425	*	Workday, Inc		1,273,245
	478,106		Xerox Corp		5,780,302
	2,777	*	Xoom Corp		61,955
	357,280	*	Yahoo!, Inc		12,844,216
	12,643	*	Yelp, Inc		737,340
	9,766	*,e	Zillow, Inc		1,061,564
	19,707	*	Zix Corp		64,639
	245,234	*	Zynga, Inc		993,198
			TOTAL SOFTWARE & SERVICES		811,866,155

TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%
	39,915	*,e	3D Systems Corp		1,889,576
	22,562		Adtran, Inc		506,066
	5,045	*	Agilysys, Inc		63,264
	4,562	e	Alliance Fiber Optic Products, Inc		87,682
	62,660		Amphenol Corp (Class A)		5,974,631
	11,053		Anixter International, Inc		1,082,973
	340,777		Apple, Inc		201,089,100
	4,010	*	Applied Optoelectronics, Inc		90,225
	44,389	*	ARRIS Group, Inc		1,158,109
	41,712	*	Arrow Electronics, Inc		2,367,156
	44,947	*	Aruba Networks, Inc		888,602
	5,463	*	Audience, Inc		62,824
	54,561		Avnet, Inc		2,353,216
	23,578		AVX Corp		314,766
	5,862	*	AX Holding Corp		44,844
	5,631		Badger Meter, Inc		279,016
	3,107		Bel Fuse, Inc (Class B)		67,608
	16,843		Belden CDT, Inc		1,243,182
	20,407	*	Benchmark Electronics, Inc		473,034
	5,380		Black Box Corp		114,379
	173,985	*	Brocade Communications Systems, Inc		1,619,800

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	15,335	*	CalAmp Corp	$	272,196
	15,814	*	Calix Networks, Inc		139,321
	10,100		CDW Corp		284,719
	15,153	*	Checkpoint Systems, Inc		193,504
	38,817	*,e	Ciena Corp		767,412
	2,113,266		Cisco Systems, Inc		48,837,577
	33,038	*	Cognex Corp		1,137,498
	9,303	*	Coherent, Inc		555,482
	15,900	*	CommScope Holding Co, Inc		424,212
	6,617		Comtech Telecommunications Corp		210,090
	4,850	*,e	Control4 Corp		85,651
	549,308		Corning, Inc		11,486,030
	16,155	*	Cray, Inc		463,810
	12,860		CTS Corp		228,779
	13,980		Daktronics, Inc		182,020
	25,760		Diebold, Inc		968,834
	10,399	*	Digi International, Inc		92,135
	18,947	*,e	Dolby Laboratories, Inc (Class A)		755,038
	7,017	*	DTS, Inc		130,586
	16,001	*	EchoStar Corp (Class A)		719,405
	7,109		Electro Rent Corp		114,810
	8,952		Electro Scientific Industries, Inc		75,913
	17,705	*	Electronics for Imaging, Inc		669,072
	833,869		EMC Corp		21,513,820
	30,938	*	Emulex Corp		221,207
	35,807	*	Extreme Networks, Inc		204,816
	29,756	*	F5 Networks, Inc		3,129,439
	10,941	*	Fabrinet		236,326
	6,019	*	FARO Technologies, Inc		240,158
	16,077		FEI Co		1,278,443
	36,876	*,e	Finisar Corp		964,307
	54,438		Flir Systems, Inc		1,853,070
	39,565	*,e	Fusion-io, Inc		341,446
	9,235	*	GSI Group, Inc		112,113
	41,621	*	Harmonic, Inc		292,596
	42,417		Harris Corp		3,118,498
	17,933	*	Harris Stratex Networks, Inc (Class A)		27,079
	771,017		Hewlett-Packard Co		25,489,822
	5,985	*	Hutchinson Technology, Inc		16,638
	14,783	*	Imation Corp		63,863
	8,608	*	Immersion Corp		97,615
	46,174	*	Infinera Corp		413,719
	58,237	*	Ingram Micro, Inc (Class A)		1,570,070
	15,777	*	Insight Enterprises, Inc		412,095
	15,655	e	InterDigital, Inc		543,542
	21,826	*,e	InvenSense, Inc		469,914
	12,349	*,e	IPG Photonics Corp		798,116
	15,091	*	Itron, Inc		573,458
	21,608	*	Ixia		268,371
	80,323		Jabil Circuit, Inc		1,386,375
	91,295	*	JDS Uniphase Corp		1,156,708
	196,532	*	Juniper Networks, Inc		4,852,375

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	20,615	*	Kemet Corp	$	103,281
	32,832	*	Knowles Corp		916,998
	4,519	*	KVH Industries, Inc		61,052
	25,702		Lexmark International, Inc (Class A)		1,105,186
	8,475		Littelfuse, Inc		767,411
	11,856	*	Maxwell Technologies, Inc		178,551
	5,827	*	Measurement Specialties, Inc		374,967
	11,902	*	Mercury Computer Systems, Inc		166,152
	795		Mesa Laboratories, Inc		68,131
	13,943		Methode Electronics, Inc		386,779
	90,124		Motorola, Inc		5,730,084
	6,091		MTS Systems Corp		392,687
	2,641	*	Multi-Fineline Electronix, Inc		32,696
	38,088		National Instruments Corp		1,040,183
	65,200	*	NCR Corp		1,989,252
	13,531	*,e	Neonode, Inc		72,391
	132,242		NetApp, Inc		4,709,138
	16,666	*	Netgear, Inc		538,312
	13,754	*	Newport Corp		256,925
	3,600	*,e	Nimble Storage, Inc		88,740
	5,235	*	Numerex Corp		53,659
	7,256	*	Oplink Communications, Inc		124,368
	7,343	*	OSI Systems, Inc		409,813
	14,253	*,e	Palo Alto Networks, Inc		906,206
	7,383		Park Electrochemical Corp		196,831
	38,779	*,e	Parkervision, Inc		176,832
	2,720		PC Connection, Inc		54,427
	5,420		PC-Tel, Inc		44,715
	16,576		Plantronics, Inc		722,216
	12,430	*	Plexus Corp		521,066
	68,822	*	Polycom, Inc		846,511
	7,482	*,e	Procera Networks, Inc		69,283
	34,549	*	QLogic Corp		400,077
	682,973		Qualcomm, Inc		53,756,805
	89,500	*,e	Quantum Corp		96,660
	4,741	*	Radisys Corp		15,171
	15,520	*,e	RealD, Inc		170,099
	4,066		Richardson Electronics Ltd		40,741
	62,216	*	Riverbed Technology, Inc		1,210,101
	12,947	*	Rofin-Sinar Technologies, Inc		287,423
	6,561	*	Rogers Corp		393,791
	16,628	*	Ruckus Wireless, Inc		173,763
	89,922		SanDisk Corp		7,640,672
	31,442	*	Sanmina Corp		636,700
	10,651	*	Scansource, Inc		409,105
	19,766	*	ShoreTel, Inc		149,233
	12,816	*,e	Silicon Graphics International Corp		154,817
	88,048	*	Sonus Networks, Inc		287,917
	14,393	*	Speed Commerce, Inc		47,497
	13,500	*	Stratasys Ltd		1,307,745
	12,888	*	Super Micro Computer, Inc		262,400
	13,308	*,e	Synaptics, Inc		827,092

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,079	*	SYNNEX Corp	$	746,503
	14,787	*	Tech Data Corp		924,040
	2,797		Tessco Technologies, Inc		91,993
	100,876	*	Trimble Navigation Ltd		3,876,665
	18,862	*	TTM Technologies, Inc		148,821
	5,659	*,e	Ubiquiti Networks, Inc		219,173
	3,650	*,e	Uni-Pixel, Inc		19,965
	15,423	*,e	Universal Display Corp		401,769
	15,127	*	Viasat, Inc		971,305
	4,897	*,e	Violin Memory, Inc		17,629
	50,091		Vishay Intertechnology, Inc		712,294
	5,516	*	Vishay Precision Group, Inc		89,525
	11,260	*	Westell Technologies, Inc		36,708
	82,397		Western Digital Corp		7,261,648
	20,997	*	Zebra Technologies Corp (Class A)		1,458,032
	6,230	*	Zygo Corp		119,865
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		470,678,733

TELECOMMUNICATION SERVICES - 2.2%
	34,713	*	8x8, Inc		336,716
	2,124,779		AT&T, Inc		75,854,610
	3,536		Atlantic Tele-Network, Inc		209,225
	4,835	*	Boingo Wireless, Inc		31,911
	23,383	*	Cbeyond Communications, Inc		231,258
	232,522		CenturyTel, Inc		8,117,343
	80,190	*	Cincinnati Bell, Inc		268,637
	17,952		Cogent Communications Group, Inc		618,805
	16,386	e	Consolidated Communications Holdings, Inc		326,409
	6,461	*,e	Fairpoint Communications, Inc		88,128
	381,957	e	Frontier Communications Corp		2,272,644
	12,153	*	General Communication, Inc (Class A)		126,877
	3,135	*	Hawaiian Telcom Holdco, Inc		83,454
	3,945	*	HickoryTech Corp		46,827
	4,316		IDT Corp (Class B)		68,365
	19,971	*	inContact, Inc		164,761
	11,976		Inteliquent, Inc		163,353
	8,586	*	Intelsat S.A.		156,094
	24,911	*,e	Iridium Communications, Inc		166,156
	67,312	*	Level 3 Communications, Inc		2,896,435
	6,361		Lumos Networks Corp		84,029
	6,901	e	NTELOS Holdings Corp		95,165
	7,939	*	Orbcomm, Inc		49,778
	18,318	*	Premiere Global Services, Inc		233,005
	4,486	*,e	RingCentral, Inc		68,008
	50,810	*	SBA Communications Corp (Class A)		4,560,706
	9,111		Shenandoah Telecom Co		255,381
	338,552	*	Sprint Corp		2,877,692
	2,097	*	Straight Path Communications, Inc		14,679
	37,784		Telephone & Data Systems, Inc		1,027,347
	73,215	*	T-Mobile US, Inc		2,144,467
	19,858	*,e	Towerstream Corp		36,737
	57,396	*	tw telecom inc (Class A)		1,761,483

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	4,832		US Cellular Corp	$	200,721
	8,964		USA Mobility, Inc		153,553
	1,629,776		Verizon Communications, Inc		76,159,433
	56,503	*	Vonage Holdings Corp		216,972
	238,965	e	Windstream Holdings, Inc		2,167,413
			TOTAL TELECOMMUNICATION SERVICES		184,334,577

TRANSPORTATION - 2.1%
	22,768	*	Air Transport Services Group, Inc		178,273
	26,907		Alaska Air Group, Inc		2,531,411
	6,466		Allegiant Travel Co		759,432
	3,092		Amerco, Inc		773,340
	78,316	*	American Airlines Group, Inc		2,746,542
	10,986		Arkansas Best Corp		433,068
	12,986	*	Atlas Air Worldwide Holdings, Inc		454,380
	43,332	*	Avis Budget Group, Inc		2,278,830
	7,615		Celadon Group, Inc		175,221
	58,367		CH Robinson Worldwide, Inc		3,437,816
	20,400		Con-Way, Inc		866,592
	13,578		Copa Holdings S.A. (Class A)		1,836,832
	400,777		CSX Corp		11,309,927
	335,665		Delta Air Lines, Inc		12,362,542
	6,770	*	Echo Global Logistics, Inc		132,421
	82,078		Expeditors International of Washington, Inc		3,384,897
	116,678		FedEx Corp		15,897,377
	11,512		Forward Air Corp		509,176
	16,617	*	Genesee & Wyoming, Inc (Class A)		1,645,249
	19,650	*,e	Hawaiian Holdings, Inc		283,942
	17,811		Heartland Express, Inc		387,567
	135,625	*	Hertz Global Holdings, Inc		3,861,244
	14,183	*	Hub Group, Inc (Class A)		633,271
	1,603		International Shipholding Corp		43,185
	36,456		J.B. Hunt Transport Services, Inc		2,774,302
	107,821	*,e	JetBlue Airways Corp		852,325
	43,378		Kansas City Southern Industries, Inc		4,375,973
	21,700	*	Kirby Corp		2,183,454
	22,259		Knight Transportation, Inc		528,206
	19,583		Landstar System, Inc		1,233,533
	9,209		Marten Transport Ltd		216,043
	14,961		Matson, Inc		354,426
	124,422		Norfolk Southern Corp		11,761,612
	27,035	*	Old Dominion Freight Line		1,639,132
	3,699	*	Park-Ohio Holdings Corp		215,985
	2,006	*	Patriot Transportation Holding, Inc		69,969
	9,597	*	Quality Distribution, Inc		120,634
	18,858	*	Republic Airways Holdings, Inc		156,710
	7,476	*	Roadrunner Transportation Services Holdings, Inc		184,134
	20,321		Ryder System, Inc		1,669,980
	8,986	*	Saia, Inc		369,954
	51,400	*	Scorpio Bulkers, Inc		460,030
	26,346		Skywest, Inc		305,614
	287,660		Southwest Airlines Co		6,952,742

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	24,587	*	Spirit Airlines, Inc	$	1,397,525
	31,161	*	Swift Transportation Co, Inc		749,422
	143,206	*	UAL Corp		5,852,829
	6,896	*	Ultrapetrol Bahamas Ltd		19,516
	184,812		Union Pacific Corp		35,193,749
	287,134		United Parcel Service, Inc (Class B)		28,282,699
	1,808		Universal Truckload Services, Inc		44,585
	34,683		UTI Worldwide, Inc		339,547
	18,244		Werner Enterprises, Inc		467,046
	15,883	*	Wesco Aircraft Holdings, Inc		321,790
	20,511	*,e	XPO Logistics, Inc		556,668
	17,453	*,e	YRC Worldwide, Inc		391,471
			TOTAL TRANSPORTATION		176,964,140

UTILITIES - 3.2%
	236,714		AES Corp		3,420,517
	45,769		AGL Resources, Inc		2,471,526
	17,560	e	Allete, Inc		908,906
	44,253		Alliant Energy Corp		2,587,915
	92,564		Ameren Corp		3,823,819
	192,428		American Electric Power Co, Inc		10,354,551
	16,104		American States Water Co		488,917
	67,454		American Water Works Co, Inc		3,071,181
	69,866		Aqua America, Inc		1,752,938
	1,984		Artesian Resources Corp		43,688
	73,013	e	Atlantic Power Corp		216,849
	38,518		Atmos Energy Corp		1,965,959
	22,952		Avista Corp		737,907
	16,898		Black Hills Corp		975,860
	21,512		California Water Service Group		484,020
	150,740	*	Calpine Corp		3,456,468
	162,211		Centerpoint Energy, Inc		4,016,344
	5,540		Chesapeake Utilities Corp		350,460
	25,272		Cleco Corp		1,328,044
	102,831		CMS Energy Corp		3,116,808
	4,218		Connecticut Water Service, Inc		137,085
	117,581		Consolidated Edison, Inc		6,823,225
	4,410		Consolidated Water Co, Inc		51,244
	2,121		Delta Natural Gas Co, Inc		40,448
	228,056		Dominion Resources, Inc		16,543,182
	69,288		DTE Energy Co		5,414,164
	279,109		Duke Energy Corp		20,790,829
	37,632	*,e	Dynegy, Inc		1,070,630
	129,130		Edison International		7,303,593
	18,601		El Paso Electric Co		703,490
	16,504		Empire District Electric Co		401,377
	71,659		Entergy Corp		5,195,278
	337,749		Exelon Corp		11,831,347
	164,192		FirstEnergy Corp		5,541,480
	4,127	*	Genie Energy Ltd		33,429
	58,592		Great Plains Energy, Inc		1,572,023
	41,971	e	Hawaiian Electric Industries, Inc		1,006,884

163

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	20,340	e	Idacorp, Inc	$	1,141,888
	32,018		Integrys Energy Group, Inc		1,962,063
	62,271		ITC Holdings Corp		2,302,159
	12,849		Laclede Group, Inc		609,171
	69,943		MDU Resources Group, Inc		2,477,381
	15,973		MGE Energy, Inc		610,488
	5,907		Middlesex Water Co		120,089
	28,287		National Fuel Gas Co		2,083,055
	17,858		New Jersey Resources Corp		888,078
	167,922		NextEra Energy, Inc		16,767,012
	118,772		NiSource, Inc		4,313,799
	124,310		Northeast Utilities		5,874,891
	10,943	e	Northwest Natural Gas Co		484,447
	15,258		NorthWestern Corp		738,182
	126,149		NRG Energy, Inc		4,127,595
	8,540	e	NRG Yield, Inc		365,854
	75,715	*	OGE Energy Corp		2,826,441
	20,651	*	ONE Gas, Inc		755,414
	6,871	e	Ormat Technologies, Inc		183,318
	16,846		Otter Tail Corp		493,588
	7,000		Pattern Energy Group, Inc		187,600
	94,991		Pepco Holdings, Inc		2,541,959
	175,016		PG&E Corp		7,977,229
	29,953		Piedmont Natural Gas Co, Inc		1,072,018
	43,915		Pinnacle West Capital Corp		2,457,044
	33,746		PNM Resources, Inc		934,089
	31,847		Portland General Electric Co		1,065,919
	249,542		PPL Corp		8,319,730
	199,798		Public Service Enterprise Group, Inc		8,185,724
	6,766	*,e	Pure Cycle Corp		37,957
	69,734		Questar Corp		1,693,142
	55,655		SCANA Corp		2,987,560
	96,418		Sempra Energy		9,507,779
	5,339		SJW Corp		145,381
	13,904		South Jersey Industries, Inc		798,785
	344,311		Southern Co		15,779,773
	17,791		Southwest Gas Corp		978,683
	80,008		TECO Energy, Inc		1,436,944
	42,439		UGI Corp		1,981,477
	24,356		UIL Holdings Corp		894,596
	8,614		Unitil Corp		285,985
	17,516		UNS Energy Corp		1,052,011
	33,919		Vectren Corp		1,376,094
	51,005		Westar Energy, Inc		1,830,059
	20,634		WGL Holdings, Inc		821,027
	89,684	e	Wisconsin Energy Corp		4,347,880
	196,037		Xcel Energy, Inc		6,247,699
	4,886		York Water Co		97,769
			TOTAL UTILITIES		264,199,211

			TOTAL COMMON STOCKS		8,296,547,619
			(Cost $5,733,393,804)

164

TIAA-CREF FUNDS - Equity Index Fund

COMPANY

RATE

MATURITY
DATE

VALUE

RIGHTS / WARRANTS - 0.0%

ENERGY - 0.0%

7,432

*,m

Magnum Hunter Resources Corp

TOTAL ENERGY

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

12,340

*,m

Trius Therapeutics, Inc

1,604

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

1,604

TELECOMMUNICATION SERVICES - 0.0%

19,784

*,m

Leap Wireless International, Inc

49,856

TOTAL TELECOMMUNICATION SERVICES

49,856

TOTAL RIGHTS / WARRANTS

51,460

(Cost $49,856)

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS - 3.1%

GOVERNMENT AGENCY DEBT - 0.1%

8,000,000

Federal Home Loan Bank (FHLB)

0.040

05/21/14

7,999,822

TOTAL GOVERNMENT AGENCY DEBT

7,999,822

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.0%

250,136,453

a,c

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

250,136,453

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

250,136,453

TOTAL SHORT-TERM INVESTMENTS

258,136,275

(Cost $258,136,275)

TOTAL INVESTMENTS - 102.7%

8,554,735,354

(Cost $5,991,579,935)

OTHER ASSETS & LIABILITIES, NET - (2.7)%

(224,636,939

)

NET ASSETS - 100.0%

8,330,098,415

Abbreviation(s):

ETF Exchange Traded Fund

REIT Real Estate Investment Trust

SPDR Standard & Poor’s Depository Receipts

Non-income producing.

Affiliated holding.

Investments made with cash collateral received from securities on loan.

All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $244,476,887.

Indicates a security that has been deemed illiquid.

165

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

TIAA-CREF FUNDS
LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.7%

AUTOMOBILES & COMPONENTS - 1.1%
	1,650		Allison Transmission Holdings, Inc	$	49,236
	38,106		BorgWarner, Inc		2,367,907
	51,930		Delphi Automotive plc		3,471,001
	225,573		Ford Motor Co		3,643,004
	13,394		Gentex Corp		384,006
	41,609		Goodyear Tire & Rubber Co		1,048,547
	37,431		Harley-Davidson, Inc		2,767,648
	1,342		Lear Corp		111,467
	13,961	*,e	Tesla Motors, Inc		2,902,352
	7,224		Thor Industries, Inc		439,725
	8,189	*	Visteon Corp		710,887
			TOTAL AUTOMOBILES & COMPONENTS		17,895,780

BANKS - 0.1%
	3,338	*,e	Nationstar Mortgage Holdings, Inc		109,253
	17,237	*	Ocwen Financial Corp		653,282
	675	*	Signature Bank		80,204
			TOTAL BANKS		842,739

CAPITAL GOODS - 8.7%
	97,639		3M Co		13,580,609
	6,297	*	A.O. Smith Corp		294,448
	2,150	*	Aecom Technology Corp		69,703
	11,221		Allegion plc		553,756
	40,257		Ametek, Inc		2,122,349
	4,099	*	Armstrong World Industries, Inc		215,443
	13,810		Babcock & Wilcox Co		480,450
	15,342	*	BE Aerospace, Inc		1,346,567
	126,954		Boeing Co		16,379,605
	671		Carlisle Cos, Inc		55,190
	19,823		Caterpillar, Inc		2,089,344
	16,577		Chicago Bridge & Iron Co NV		1,327,320
	17,862	*	Colfax Corp		1,285,707
	7,702		Crane Co		560,166
	25,924		Cummins, Inc		3,910,635
	19,806		Danaher Corp		1,453,364
	64,926		Deere & Co		6,060,193
	22,844		Donaldson Co, Inc		961,504
	20,887		Dover Corp		1,804,637
	89,990		Emerson Electric Co		6,135,518
	50,179	e	Fastenal Co		2,512,964
	23,636		Flowserve Corp		1,726,610
	16,170		Fluor Corp		1,224,069
	23,781		Fortune Brands Home & Security, Inc		947,673

166

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	9,827		Graco, Inc	$	712,458
	776		Harsco Corp		18,570
	6,399	*	HD Supply Holdings, Inc		164,966
	17,085	*	Hexcel Corp		712,274
	131,556		Honeywell International, Inc		12,221,552
	7,119		Hubbell, Inc (Class B)		838,049
	7,896		Huntington Ingalls		813,288
	12,671		IDEX Corp		944,876
	22,056		Illinois Tool Works, Inc		1,879,833
	33,058		Ingersoll-Rand plc		1,976,868
	15,336		ITT Corp		661,595
	8,625		Lennox International, Inc		723,034
	13,604		Lincoln Electric Holdings, Inc		908,883
	43,249		Lockheed Martin Corp		7,098,891
	22,742		Manitowoc Co, Inc		722,741
	59,176		Masco Corp		1,188,846
	6,648	*	MRC Global, Inc		194,055
	7,439		MSC Industrial Direct Co (Class A)		677,395
	1,901	*,e	Navistar International Corp		72,105
	10,980		Nordson Corp		816,363
	7,511		Paccar, Inc		480,554
	18,314		Pall Corp		1,541,123
	24,423		Precision Castparts Corp		6,181,217
	6,907	*	Quanta Services, Inc		243,679
	23,292		Rockwell Automation, Inc		2,775,941
	20,677		Rockwell Collins, Inc		1,605,569
	16,427		Roper Industries, Inc		2,282,532
	960		Snap-On, Inc		111,360
	3,978	*,e	SolarCity Corp		211,829
	2,443	*	Spirit Aerosystems Holdings, Inc (Class A)		73,363
	2,870		Stanley Works		246,504
	9,477		Toro Co		602,169
	8,963		TransDigm Group, Inc		1,594,249
	1,672		Triumph Group, Inc		108,362
	15,463	*	United Rentals, Inc		1,450,893
	143,927		United Technologies Corp		17,030,882
	4,174		Valmont Industries, Inc		621,550
	10,012		W.W. Grainger, Inc		2,547,053
	9,902	*	WABCO Holdings, Inc		1,059,613
	15,636		Westinghouse Air Brake Technologies Corp		1,165,664
	3,110		Xylem, Inc		116,905
			TOTAL CAPITAL GOODS		142,495,477

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	5,179		Cintas Corp		305,199
	9,808	*,e	Clean Harbors, Inc		588,480
	18,983	*	Copart, Inc		688,513
	12,768		Corrections Corp of America		418,790
	6,412		Dun & Bradstreet Corp		710,193
	19,380		Equifax, Inc		1,372,298
	10,657	*	IHS, Inc (Class A)		1,285,554
	25,976		Iron Mountain, Inc		738,757

167

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	4,530		KAR Auction Services, Inc	$	134,903
	4,997		Nielsen Holdings NV		234,609
	15,019	e	Pitney Bowes, Inc		402,509
	16,015		R.R. Donnelley & Sons Co		281,864
	23,562		Robert Half International, Inc		1,055,578
	11,074		Rollins, Inc		333,106
	14,806	*	Stericycle, Inc		1,724,011
	25,934	*	Verisk Analytics, Inc		1,558,374
	19,075		Waste Connections, Inc		851,890
	6,325		Waste Management, Inc		281,146
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		12,965,774

CONSUMER DURABLES & APPAREL - 2.1%
	9,275		Carter’s, Inc		683,197
	47,600		Coach, Inc		2,125,340
	2,524	*,e	Deckers Outdoor Corp		199,270
	8,061	*	Fossil Group, Inc		859,706
	16,354		Hanesbrands, Inc		1,342,500
	15,664		Hasbro, Inc		865,593
	20,936	*	Jarden Corp		1,196,492
	57,769		Mattel, Inc		2,265,411
	33,584	*	Michael Kors Holdings Ltd		3,062,861
	26,775		Newell Rubbermaid, Inc		806,195
	118,676		Nike, Inc (Class B)		8,657,414
	616	*	NVR, Inc		663,432
	11,959		Phillips-Van Heusen Corp		1,501,692
	10,658		Polaris Industries, Inc		1,431,689
	64,178		Pulte Homes, Inc		1,180,233
	10,174		Ralph Lauren Corp		1,540,038
	4,588	*	Taylor Morrison Home Corp		97,312
	9,970	*	Tempur-Pedic International, Inc		500,295
	8,618		Tupperware Corp		731,754
	28,026	*	Under Armour, Inc (Class A)		1,370,191
	58,571		VF Corp		3,578,102
	1,166		Whirlpool Corp		178,841
			TOTAL CONSUMER DURABLES & APPAREL		34,837,558

CONSUMER SERVICES - 3.3%
	6,191		ARAMARK Holdings Corp		174,524
	6,172	*	Bally Technologies, Inc		401,859
	11,303		Brinker International, Inc		555,429
	17,967		Burger King Worldwide, Inc		469,478
	5,216	*	Chipotle Mexican Grill, Inc (Class A)		2,600,176
	1,161		Choice Hotels International, Inc		51,293
	14,094		Darden Restaurants, Inc		700,613
	9,214		Domino’s Pizza, Inc		685,337
	17,453		Dunkin Brands Group, Inc		794,286
	44,846		H&R Block, Inc		1,274,523
	13,112	*	Hilton Worldwide Holdings, Inc		286,235
	41,418		International Game Technology		519,796
	65,068		Las Vegas Sands Corp		5,148,831

168

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	34,171		Marriott International, Inc (Class A)	$	1,979,526
	167,610		McDonald’s Corp		16,992,302
	4,679	*	Norwegian Cruise Line Holdings Ltd		153,331
	4,443	*	Panera Bread Co (Class A)		679,646
	5,064		SeaWorld Entertainment, Inc		152,224
	27,845		Service Corp International		522,651
	11,904		Six Flags Entertainment Corp		477,826
	125,210		Starbucks Corp		8,842,330
	14,286		Starwood Hotels & Resorts Worldwide, Inc		1,095,022
	2,828	e	Weight Watchers International, Inc		55,994
	21,139		Wyndham Worldwide Corp		1,508,056
	13,421		Wynn Resorts Ltd		2,736,408
	75,080		Yum! Brands, Inc		5,780,409
			TOTAL CONSUMER SERVICES		54,638,105

DIVERSIFIED FINANCIALS - 3.2%
	8,642	*	Affiliated Managers Group, Inc		1,712,844
	158,782		American Express Co		13,882,310
	10,256		Ameriprise Financial, Inc		1,144,877
	1,147		Artisan Partners Asset Management, Inc		66,606
	7,646		BlackRock, Inc		2,301,446
	15,015		CBOE Holdings, Inc		801,200
	25,096		Charles Schwab Corp		666,299
	20,090		Eaton Vance Corp		724,646
	12,712	e	Federated Investors, Inc (Class B)		362,800
	68,466		Franklin Resources, Inc		3,584,195
	12,077		IntercontinentalExchange Group, Inc		2,469,022
	161,600	e	iShares Russell 1000 Growth Index Fund		13,994,560
	21,138		Lazard Ltd (Class A)		994,543
	7,638		Leucadia National Corp		194,922
	7,195		LPL Financial Holdings, Inc		340,683
	22,043		McGraw-Hill Financial, Inc		1,629,639
	32,381		Moody’s Corp		2,541,909
	7,703	*	MSCI, Inc (Class A)		312,280
	11,124	*	Santander Consumer USA Holdings, Inc		252,960
	23,249		SEI Investments Co		752,803
	43,651		T Rowe Price Group, Inc		3,585,057
	14,238		Waddell & Reed Financial, Inc (Class A)		960,353
			TOTAL DIVERSIFIED FINANCIALS		53,275,954

ENERGY - 5.0%
	4,502		Anadarko Petroleum Corp		445,788
	2,763	*	Antero Resources Corp		181,446
	1,943	*	Atwood Oceanics, Inc		96,295
	4,633		Baker Hughes, Inc		323,847
	70,167		Cabot Oil & Gas Corp		2,756,160
	23,038	*	Cameron International Corp		1,496,548
	40,237	*	Cheniere Energy, Inc		2,271,379
	42,504	*	Cobalt International Energy, Inc		765,072
	17,315	*	Concho Resources, Inc		2,258,742
	7,088	*,e	Continental Resources, Inc		981,830

169

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	2,613	e	CVR Energy, Inc	$	128,429
	12,663	*	Dresser-Rand Group, Inc		765,352
	6,682	*	Dril-Quip, Inc		755,868
	85,365		EOG Resources, Inc		8,365,770
	4,487	*	EP Energy Corp		87,182
	22,761		Equitable Resources, Inc		2,480,721
	39,679	*	FMC Technologies, Inc		2,249,799
	3,058		Frank’s International NV		83,881
	11,751	*	Gulfport Energy Corp		865,696
	141,278		Halliburton Co		8,910,404
	101,621		Kinder Morgan, Inc		3,318,942
	18,043	*	Kosmos Energy LLC		197,030
	6,900	*	Laredo Petroleum Holdings, Inc		201,687
	7,255		Noble Energy, Inc		520,764
	17,101	*	Oasis Petroleum, Inc		795,367
	17,713		Oceaneering International, Inc		1,298,009
	32,251		Oneok, Inc		2,038,908
	16,730		Pioneer Natural Resources Co		3,233,407
	3,461		Questar Market Resources, Inc		106,218
	27,152		Range Resources Corp		2,455,898
	3,761	*	Rice Energy, Inc		111,702
	8,547		RPC, Inc		190,000
	222,398		Schlumberger Ltd		22,584,517
	59,936	e	Seadrill Ltd		2,110,946
	57,843	*	Southwestern Energy Co		2,769,523
	11,203		St. Mary Land & Exploration Co		830,478
	1,811	*	Whiting Petroleum Corp		133,507
	63,213		Williams Cos, Inc		2,665,692
	2,302		World Fuel Services Corp		104,833
			TOTAL ENERGY		81,937,637

FOOD & STAPLES RETAILING - 2.5%
	72,917		Costco Wholesale Corp		8,435,039
	22,939		CVS Corp		1,668,124
	6,563	*,e	Fresh Market, Inc		243,487
	86,789		Kroger Co		3,995,766
	3,287		Safeway, Inc		111,955
	2,142	*	Sprouts Farmers Market, Inc		68,480
	33,623		Sysco Corp		1,224,886
	119,518		Walgreen Co		8,115,272
	179,458		Wal-Mart Stores, Inc		14,304,597
	62,017		Whole Foods Market, Inc		3,082,245
			TOTAL FOOD & STAPLES RETAILING		41,249,851

FOOD, BEVERAGE & TOBACCO - 7.9%
	335,950		Altria Group, Inc		13,474,954
	8,884		Archer Daniels Midland Co		388,497
	25,202		Brown-Forman Corp (Class B)		2,261,124
	18,537	e	Campbell Soup Co		843,248
	640,602		Coca-Cola Co		26,130,156
	43,173		Coca-Cola Enterprises, Inc		1,961,781

170

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	64,166		ConAgra Foods, Inc	$	1,957,705
	23,850	*	Constellation Brands, Inc (Class A)		1,904,184
	33,410		Dr Pepper Snapple Group, Inc		1,851,582
	27,668		Flowers Foods, Inc		567,747
	107,406		General Mills, Inc		5,694,666
	25,499		Hershey Co		2,454,024
	19,540		Hillshire Brands Co		696,601
	23,086		Hormel Foods Corp		1,100,971
	1,312		Ingredion, Inc		92,431
	2,109		J.M. Smucker Co		203,898
	39,835		Kellogg Co		2,662,173
	24,847		Keurig Green Mountain, Inc		2,327,667
	99,524		Kraft Foods Group, Inc		5,658,935
	62,704		Lorillard, Inc		3,725,872
	22,195		McCormick & Co, Inc		1,580,284
	33,495		Mead Johnson Nutrition Co		2,956,269
	22,791	*	Monster Beverage Corp		1,526,085
	259,008		PepsiCo, Inc		22,246,197
	273,855		Philip Morris International, Inc		23,395,433
	3,296		Pinnacle Foods, Inc		100,198
	40,652		Reynolds American, Inc		2,293,992
	22,983	*	WhiteWave Foods Co (Class A)		636,399
			TOTAL FOOD, BEVERAGE & TOBACCO		130,693,073

HEALTH CARE EQUIPMENT & SERVICES - 3.5%
	16,773		Aetna, Inc		1,198,431
	39,218		AmerisourceBergen Corp		2,556,229
	13,098		Bard (C.R.), Inc		1,798,748
	90,242		Baxter International, Inc		6,568,715
	32,000		Becton Dickinson & Co		3,616,960
	16,382	*	Brookdale Senior Living, Inc		521,603
	33,740	*	Catamaran Corp		1,273,685
	49,943	*	Cerner Corp		2,562,076
	3,338		Cigna Corp		267,173
	4,348	*	Community Health Systems, Inc		164,746
	6,316		Cooper Cos, Inc		833,144
	30,153	*	DaVita, Inc		2,089,603
	7,436		Dentsply International, Inc		331,869
	18,665	*	Edwards Lifesciences Corp		1,520,638
	5,349	*	Envision Healthcare Holdings, Inc		180,743
	113,600	*	Express Scripts Holding Co		7,563,488
	4,201	*	HCA Holdings, Inc		218,452
	14,755	*	Henry Schein, Inc		1,685,464
	14,371	*	Hologic, Inc		301,575
	9,415	*	Idexx Laboratories, Inc		1,190,433
	6,323	*	Intuitive Surgical, Inc		2,287,029
	14,619	*	Laboratory Corp of America Holdings		1,442,895
	37,900		McKesson Corp		6,412,301
	12,236		Patterson Cos, Inc		498,005
	10,242	*	Pediatrix Medical Group, Inc		606,838
	3,521	*	Premier, Inc		105,630

171

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	2,295		Quest Diagnostics, Inc	$	128,359
	22,706	e	Resmed, Inc		1,131,894
	9,353	*	Sirona Dental Systems, Inc		703,533
	29,759		St. Jude Medical, Inc		1,888,804
	31,747		Stryker Corp		2,468,329
	16,361	*	Tenet Healthcare Corp		737,554
	10,393		Universal Health Services, Inc (Class B)		850,043
	18,682	*	Varian Medical Systems, Inc		1,486,153
	1,843	*,e	Veeva Systems, Inc		35,404
	1,326		Zimmer Holdings, Inc		128,357
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		57,354,903

HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	72,424		Avon Products, Inc		1,106,639
	22,629		Church & Dwight Co, Inc		1,561,627
	17,849	e	Clorox Co		1,618,904
	157,000	*	Colgate-Palmolive Co		10,566,100
	7,151		Coty, Inc		114,774
	38,446		Estee Lauder Cos (Class A)		2,790,026
	14,209	e	Herbalife Ltd		852,256
	54,016		Kimberly-Clark Corp		6,063,296
	9,804		Nu Skin Enterprises, Inc (Class A)		852,948
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		25,526,570

INSURANCE - 1.0%
	1,917		Allied World Assurance Co Holdings Ltd		206,442
	2,532		American Financial Group, Inc		147,945
	39,543		Aon plc		3,356,410
	1,166	*	Arch Capital Group Ltd		66,835
	24,450		Arthur J. Gallagher & Co		1,100,739
	4,747		Axis Capital Holdings Ltd		217,175
	10,243		Brown & Brown, Inc		305,037
	6,164		Chubb Corp		567,581
	1,933		Endurance Specialty Holdings Ltd		98,235
	4,460		Erie Indemnity Co (Class A)		319,559
	2,715		Fidelity National Title Group, Inc (Class A)		87,369
	1,980		Hanover Insurance Group, Inc		115,731
	4,488		Loews Corp		197,337
	61,595		Marsh & McLennan Cos, Inc		3,037,249
	80,158		Progressive Corp		1,943,831
	29,468		Prudential Financial, Inc		2,377,478
	16,401		Travelers Cos, Inc		1,485,603
	1,900		Validus Holdings Ltd		70,433
			TOTAL INSURANCE		15,700,989

MATERIALS - 4.5%
	10,964		Airgas, Inc		1,165,035
	4,671		Albemarle Corp		313,144
	7,381		Aptargroup, Inc		497,627
	4,763		Avery Dennison Corp		231,768
	24,422		Ball Corp		1,372,272

172

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	6,842		Bemis Co, Inc	$	275,322
	26,261		Celanese Corp (Series A)		1,613,213
	5,495		Compass Minerals International, Inc		503,342
	20,305	*	Crown Holdings, Inc		957,787
	26,316		Dow Chemical Co		1,313,168
	154,170		Du Pont (E.I.) de Nemours & Co		10,378,724
	8,523		Eagle Materials, Inc		710,222
	25,577		Eastman Chemical Co		2,229,547
	44,072		Ecolab, Inc		4,611,694
	22,515		FMC Corp		1,733,655
	784		Greif, Inc (Class A)		42,485
	13,526		International Flavors & Fragrances, Inc		1,332,582
	64,130		International Paper Co		2,991,665
	64,521		LyondellBasell Industries AF S.C.A		5,968,192
	8,056	e	Martin Marietta Materials, Inc		1,001,602
	89,380		Monsanto Co		9,894,366
	1,565		NewMarket Corp		582,681
	16,058	*	Owens-Illinois, Inc		510,323
	16,283		Packaging Corp of America		1,084,936
	21,693		PPG Industries, Inc		4,200,199
	49,482		Praxair, Inc		6,459,875
	8,725		Rock-Tenn Co (Class A)		834,197
	8,846		Rockwood Holdings, Inc		628,508
	2,976		Royal Gold, Inc		197,011
	20,007		RPM International, Inc		853,499
	6,724		Scotts Miracle-Gro Co (Class A)		411,576
	32,034		Sealed Air Corp		1,099,087
	14,994		Sherwin-Williams Co		2,996,401
	19,207		Sigma-Aldrich Corp		1,847,905
	6,907		Silgan Holdings, Inc		343,623
	26,540		Southern Copper Corp (NY)		799,916
	1,737	*	Tahoe Resources, Inc		38,735
	14,666		Valspar Corp		1,071,205
	5,744		Westlake Chemical Corp		408,973
	10,835	*	WR Grace & Co		997,903
			TOTAL MATERIALS		74,503,965

MEDIA - 4.9%
	9,832	*	AMC Networks, Inc		645,668
	33,959	e	Cablevision Systems Corp (Class A)		567,115
	88,810		CBS Corp (Class B)		5,129,666
	10,893	*	Charter Communications, Inc		1,476,328
	18,979		Cinemark Holdings, Inc		562,158
	6,665		Clear Channel Outdoor Holdings, Inc (Class A)		53,453
	405,723		Comcast Corp (Class A)		21,000,223
	82,465	*	DIRECTV		6,399,284
	40,710	*	Discovery Communications, Inc (Class A)		3,089,889
	34,159	*	DISH Network Corp (Class A)		1,942,281
	31,542		Interpublic Group of Cos, Inc		549,462
	12,895	*	Lamar Advertising Co (Class A)		643,718
	53,525	*	Liberty Global plc		2,056,966

173

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	57,700	*	Liberty Global plc (Class A)	$	2,297,614
	13,855	e	Lions Gate Entertainment Corp		367,573
	10,175	*	Madison Square Garden, Inc		555,555
	3,727		Morningstar, Inc		273,301
	59,821	*	News Corp		1,018,153
	42,887		Omnicom Group, Inc		2,902,592
	5,149	e	Regal Entertainment Group (Class A)		96,801
	18,137		Scripps Networks Interactive (Class A)		1,361,545
	247,072	*	Sirius XM Holdings, Inc		788,160
	17,372	*	Starz-Liberty Capital		560,594
	48,561		Time Warner Cable, Inc		6,869,439
	243,883		Twenty-First Century Fox, Inc		7,809,134
	74,485		Viacom, Inc (Class B)		6,329,735
	66,742		Walt Disney Co		5,295,310
			TOTAL MEDIA		80,641,717

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
	264,861		AbbVie, Inc		13,793,961
	29,086	*	Actavis plc		5,943,142
	6,660		Agilent Technologies, Inc		359,906
	32,722	*	Alexion Pharmaceuticals, Inc		5,176,620
	22,529	*	Alkermes plc		1,042,192
	49,523		Allergan, Inc		8,212,894
	125,467		Amgen, Inc		14,020,937
	31,779	*,e	Ariad Pharmaceuticals, Inc		231,033
	39,721	*	Biogen Idec, Inc		11,404,693
	22,834	*	BioMarin Pharmaceuticals, Inc		1,329,624
	236,684		Bristol-Myers Squibb Co		11,855,502
	17,587	*	Bruker BioSciences Corp		363,348
	69,808	*	Celgene Corp		10,262,474
	4,423	*	Charles River Laboratories International, Inc		237,604
	9,336	*	Covance, Inc		824,182
	10,677	*	Cubist Pharmaceuticals, Inc		748,031
	36,505		Eli Lilly & Co		2,157,446
	22,564	*	Endo International plc		1,420,291
	255,349	*	Gilead Sciences, Inc		20,042,343
	20,725	*,e	Illumina, Inc		2,815,491
	17,133	*	Incyte Corp		831,979
	8,674	*	Jazz Pharmaceuticals plc		1,170,123
	60,639		Johnson & Johnson		6,142,124
	12,348	*	Medivation, Inc		743,473
	5,229	*	Mettler-Toledo International, Inc		1,218,985
	63,441	*	Mylan Laboratories, Inc		3,221,534
	12,690	*,e	Myriad Genetics, Inc		535,645
	21,020		Perrigo Co plc		3,044,957
	9,716	*	Pharmacyclics, Inc		918,939
	1,910	*	Quintiles Transnational Holdings, Inc		90,018
	13,309	*	Regeneron Pharmaceuticals, Inc		3,951,309
	10,100	*	Salix Pharmaceuticals Ltd		1,111,000
	16,505	*,e	Seattle Genetics, Inc		635,112
	3,126		Techne Corp		279,183

174

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	13,211	*,e	Theravance, Inc	$	355,640
	7,709	*	United Therapeutics Corp		770,977
	38,762	*	Vertex Pharmaceuticals, Inc		2,624,187
	14,470	*	Waters Corp		1,425,874
	82,903		Zoetis Inc		2,508,645
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		143,821,418

REAL ESTATE - 2.1%
	1,285		American Homes 4 Rent		20,624
	66,040		American Tower Corp		5,515,661
	12,224		Apartment Investment & Management Co (Class A)		376,866
	2,755		Boston Properties, Inc		322,721
	1,100		Brixmor Property Group, Inc		24,156
	9,808		CBL & Associates Properties, Inc		178,211
	46,795	*	CBRE Group, Inc		1,246,619
	55,580		Crown Castle International Corp		4,042,333
	17,514		Digital Realty Trust, Inc		935,248
	8,950		Equity Lifestyle Properties, Inc		374,737
	1,240		Extra Space Storage, Inc		64,889
	7,294		Federal Realty Investment Trust		857,337
	20,731		Omega Healthcare Investors, Inc		721,024
	29,266		Plum Creek Timber Co, Inc		1,275,998
	22,428		Public Storage, Inc		3,936,338
	20,413		Rayonier, Inc		920,626
	17,817	*	Realogy Holdings Corp		749,205
	7,181		Regency Centers Corp		376,500
	2,653		Senior Housing Properties Trust		62,266
	38,722		Simon Property Group, Inc		6,706,650
	11,413		Spirit Realty Capital, Inc		122,918
	692	*,e	St. Joe Co		12,352
	15,293		Tanger Factory Outlet Centers, Inc		545,654
	2,000		Taubman Centers, Inc		145,680
	21,861		Ventas, Inc		1,444,575
	6,495		Vornado Realty Trust		666,387
	96,601		Weyerhaeuser Co		2,883,540
			TOTAL REAL ESTATE		34,529,115

RETAILING - 7.2%
	1,622		Aaron’s, Inc		47,800
	1,719	e	Abercrombie & Fitch Co (Class A)		63,191
	12,510		Advance Auto Parts, Inc		1,517,338
	61,548	*	Amazon.com, Inc		18,718,593
	20,171		American Eagle Outfitters, Inc		233,177
	2,547	*	Ascena Retail Group, Inc		43,808
	8,404	*	Autonation, Inc		445,328
	5,514	*	AutoZone, Inc		2,943,870
	36,187	*	Bed Bath & Beyond, Inc		2,248,298
	12,066		Best Buy Co, Inc		312,871
	2,815	*	Big Lots, Inc		111,193
	7,784	*,e	Cabela’s, Inc		510,708
	36,825	*	Carmax, Inc		1,612,199

175

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	25,106		Chico’s FAS, Inc	$	398,683
	15,785		Dick’s Sporting Goods, Inc		831,238
	3,013		Dillard’s, Inc (Class A)		295,063
	52,570	*	Dollar General Corp		2,967,051
	35,170	*	Dollar Tree, Inc		1,831,302
	10,269		DSW, Inc (Class A)		342,882
	17,607		Expedia, Inc		1,249,921
	16,655		Family Dollar Stores, Inc		978,481
	3,627		Foot Locker, Inc		168,764
	45,736		Gap, Inc		1,797,425
	23,961		Genuine Parts Co		2,087,482
	15,947		GNC Holdings, Inc		717,615
	68,205	*	Groupon, Inc		476,753
	230,257		Home Depot, Inc		18,307,734
	9,792	*	HomeAway, Inc		319,415
	39,762		L Brands, Inc		2,155,100
	6,839	*	Liberty Interactive Corp		198,741
	12,202	*	Liberty Ventures		708,204
	49,744	*	LKQ Corp		1,448,545
	172,058		Lowe’s Companies, Inc		7,899,183
	49,197		Macy’s, Inc		2,825,384
	8,380	*	NetFlix, Inc		2,698,695
	23,394		Nordstrom, Inc		1,433,584
	18,279	*	O’Reilly Automotive, Inc		2,719,733
	16,915	e	Petsmart, Inc		1,144,807
	8,633	*	Priceline.com, Inc		9,994,856
	37,161		Ross Stores, Inc		2,529,921
	28,395	*	Sally Beauty Holdings, Inc		778,307
	1,309		Signet Jewelers Ltd		132,628
	83,901		Target Corp		5,180,887
	18,605		Tiffany & Co		1,627,752
	120,646		TJX Companies, Inc		7,019,184
	22,734		Tractor Supply Co		1,528,634
	18,672	*	TripAdvisor, Inc		1,507,577
	10,629	*	Ulta Salon Cosmetics & Fragrance, Inc		932,270
	17,304	*	Urban Outfitters, Inc		616,974
	16,895		Williams-Sonoma, Inc		1,061,344
	1,341	*,e	zulily, Inc		57,019
			TOTAL RETAILING		117,777,512

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
	105,714	*,e	Advanced Micro Devices, Inc		432,370
	17,830		Altera Corp		579,832
	22,003		Analog Devices, Inc		1,128,534
	132,672		Applied Materials, Inc		2,528,728
	75,811	*	Atmel Corp		589,051
	37,170		Avago Technologies Ltd		2,360,295
	42,597		Broadcom Corp (Class A)		1,312,414
	19,499	*,e	Cree, Inc		919,768
	5,025	*,e	Freescale Semiconductor Holdings Ltd		110,399
	55,312		Intel Corp		1,476,277

176

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	7,000	*	Lam Research Corp	$	403,270
	38,257		Linear Technology Corp		1,702,436
	12,593		LSI Logic Corp		140,286
	47,887		Maxim Integrated Products, Inc		1,553,454
	32,709	e	Microchip Technology, Inc		1,554,986
	71,066	*	ON Semiconductor Corp		668,731
	7,010	*	Silicon Laboratories, Inc		315,100
	25,784	*	Skyworks Solutions, Inc		1,058,433
	185,728		Texas Instruments, Inc		8,441,338
	43,093		Xilinx, Inc		2,033,559
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		29,309,261

SOFTWARE & SERVICES - 17.9%
	107,289		Accenture plc		8,606,724
	33,384	*	Adobe Systems, Inc		2,059,459
	30,394	*	Akamai Technologies, Inc		1,613,010
	8,646	*	Alliance Data Systems Corp		2,091,467
	15,448	*	Ansys, Inc		1,178,837
	29,197	*	Autodesk, Inc		1,402,040
	81,483		Automatic Data Processing, Inc		6,352,415
	5,835		Booz Allen Hamilton Holding Co		135,605
	18,908		Broadridge Financial Solutions, Inc		724,933
	46,329	*	Cadence Design Systems, Inc		720,879
	31,350	*	Citrix Systems, Inc		1,859,368
	101,124	*	Cognizant Technology Solutions Corp (Class A)		4,844,345
	7,524	*,e	Concur Technologies, Inc		605,456
	4,287		DST Systems, Inc		395,219
	217,105	*	eBay, Inc		11,252,552
	39,367	*	Electronic Arts, Inc		1,114,086
	8,183	*,e	Equinix, Inc		1,536,849
	285,308	*	Facebook, Inc		17,055,712
	7,752	e	Factset Research Systems, Inc		825,588
	4,495		Fidelity National Information Services, Inc		240,168
	2,186	*,e	FireEye, Inc		85,822
	43,370	*	Fiserv, Inc		2,636,029
	11,226	*	FleetCor Technologies, Inc		1,281,223
	21,655	*	Fortinet, Inc		475,977
	16,030	*	Gartner, Inc		1,105,108
	27,503	*	Genpact Ltd		463,701
	12,251		Global Payments, Inc		818,734
	45,134	*	Google, Inc		23,770,272
	45,143	*	Google, Inc (Class A)		24,146,088
	12,584		IAC/InterActiveCorp		834,068
	17,879	*	Informatica Corp		633,811
	163,584		International Business Machines Corp		32,139,349
	50,131		Intuit, Inc		3,797,423
	15,111		Jack Henry & Associates, Inc		833,523
	16,121	*	LinkedIn Corp		2,474,090
	195,565		Mastercard, Inc (Class A)		14,383,806
	1,625	*	Micros Systems, Inc		83,688
	1,398,117		Microsoft Corp		56,483,927

177

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	5,596	*	NetSuite, Inc	$	432,627
	10,660	*,e	NeuStar, Inc (Class A)		274,175
	562,526		Oracle Corp		22,996,063
	25,531	*	Pandora Media, Inc		597,936
	49,328		Paychex, Inc		2,062,404
	19,967	*	Rackspace Hosting, Inc		579,442
	32,037	*	Red Hat, Inc		1,558,600
	1,666	*	Rovi Corp		37,135
	98,230	*	Salesforce.com, Inc		5,073,580
	13,338	*	ServiceNow, Inc		663,165
	10,831	*	SolarWinds, Inc		436,706
	11,287		Solera Holdings, Inc		731,172
	18,882	*	Splunk, Inc		1,030,391
	84,492		Symantec Corp		1,713,498
	1,597	*	Tableau Software, Inc		88,266
	27,153	*	Teradata Corp		1,234,375
	26,169	*	TIBCO Software, Inc		513,697
	19,888		Total System Services, Inc		631,842
	10,236	*,e	Twitter, Inc		398,897
	13,907	*	Vantiv, Inc		427,640
	21,527	*	VeriSign, Inc		1,015,644
	87,399		Visa, Inc (Class A)		17,707,911
	14,578	*	VMware, Inc (Class A)		1,348,611
	95,427		Western Union Co		1,514,426
	6,632	*	Workday, Inc		484,600
			TOTAL SOFTWARE & SERVICES		294,614,154

TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
	17,000	*,e	3D Systems Corp		804,780
	26,297		Amphenol Corp (Class A)		2,507,419
	109,287	d	Apple, Inc		64,489,166
	1,458		CDW Corp		41,101
	3,839	*	CommScope Holding Co, Inc		102,424
	3,655	*,e	Dolby Laboratories, Inc (Class A)		145,652
	174,112		EMC Corp		4,492,089
	12,447	*	F5 Networks, Inc		1,309,051
	16,206		Flir Systems, Inc		551,652
	3,709		Harris Corp		272,686
	5,149	*,e	IPG Photonics Corp		332,780
	30,024	*	JDS Uniphase Corp		380,404
	15,674	*	Juniper Networks, Inc		386,991
	9,889	*	Knowles Corp		276,200
	35,061		Motorola, Inc		2,229,178
	15,903		National Instruments Corp		434,311
	27,290	*	NCR Corp		832,618
	56,242		NetApp, Inc		2,002,778
	940	*,e	Nimble Storage, Inc		23,171
	5,903	*	Palo Alto Networks, Inc		375,313
	289,194		Qualcomm, Inc		22,762,460
	24,515	*	Riverbed Technology, Inc		476,817
	16,884		SanDisk Corp		1,434,633

178

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	3,133	*	Stratasys Ltd	$	303,494
	42,042	*	Trimble Navigation Ltd		1,615,674
	723	*	Zebra Technologies Corp (Class A)		50,205
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		108,633,047

TELECOMMUNICATION SERVICES - 2.2%
	136	*	Intelsat S.A.		2,472
	9,499	*	Level 3 Communications, Inc		408,742
	21,564	*	SBA Communications Corp (Class A)		1,935,585
	24,711	*	Sprint Corp		210,044
	24,686	*	tw telecom inc (Class A)		757,613
	691,236		Verizon Communications, Inc		32,301,458
	89,040	e	Windstream Holdings, Inc		807,593
			TOTAL TELECOMMUNICATION SERVICES		36,423,507

TRANSPORTATION - 3.0%
	10,499		Alaska Air Group, Inc		987,746
	785		Amerco, Inc		196,336
	19,298	*	American Airlines Group, Inc		676,781
	18,195	*	Avis Budget Group, Inc		956,875
	26,044		CH Robinson Worldwide, Inc		1,533,992
	3,438		Con-Way, Inc		146,046
	5,448		Copa Holdings S.A. (Class A)		737,005
	85,055		CSX Corp		2,400,252
	65,521		Delta Air Lines, Inc		2,413,138
	34,578		Expeditors International of Washington, Inc		1,425,997
	3,347	*	Genesee & Wyoming, Inc (Class A)		331,387
	56,716	*	Hertz Global Holdings, Inc		1,614,705
	15,833		J.B. Hunt Transport Services, Inc		1,204,891
	18,351		Kansas City Southern Industries, Inc		1,851,249
	5,433	*	Kirby Corp		546,668
	8,510		Landstar System, Inc		536,045
	9,647		Norfolk Southern Corp		911,931
	10,895	*	Old Dominion Freight Line		660,564
	13,783		Southwest Airlines Co		333,135
	59,302	*	UAL Corp		2,423,673
	78,182		Union Pacific Corp		14,888,198
	120,731		United Parcel Service, Inc (Class B)		11,892,004
			TOTAL TRANSPORTATION		48,668,618

UTILITIES - 0.1%
	24,839		Aqua America, Inc		623,210
	6,994	*	Calpine Corp		160,372
	25,710		ITC Holdings Corp		950,499
	8,627	*	ONE Gas, Inc		315,576
	5,584		Questar Corp		135,580
			TOTAL UTILITIES		2,185,237

			TOTAL COMMON STOCKS		1,640,521,961
			(Cost $1,230,407,316)

179

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

SHORT-TERM INVESTMENTS - 1.8%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.8%
	29,470,610	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	29,470,610
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		29,470,610

			TOTAL SHORT-TERM INVESTMENTS		29,470,610
			(Cost $29,470,610)

			TOTAL INVESTMENTS - 101.5%		1,669,992,571
			(Cost $1,259,877,926)
			OTHER ASSETS & LIABILITIES, NET - (1.5)%		(23,960,502	)
			NET ASSETS - 100.0%	$	1,646,032,069


			*		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 $28,983,250.

180

TIAA-CREF FUNDS - Large-Cap Value Index Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 1.4%
	5,726		Allison Transmission Holdings, Inc	$	170,864
	513,332		Ford Motor Co		8,290,312
	254,330		General Motors Co		8,769,298
	12,237		Gentex Corp		350,835
	140,500		Johnson Controls, Inc		6,342,170
	14,451		Lear Corp		1,200,300
	22,106	*	TRW Automotive Holdings Corp		1,776,217
			TOTAL AUTOMOBILES & COMPONENTS		26,899,996

BANKS - 11.3%
	33,269		Associated Banc-Corp		583,871
	2,209,716		Bank of America Corp		33,455,100
	9,608		Bank of Hawaii Corp		530,073
	12,630		BankUnited		416,664
	143,648		BB&T Corp		5,362,380
	5,927		BOK Financial Corp		387,744
	41,071		CIT Group, Inc		1,768,107
	623,381		Citigroup, Inc		29,866,184
	9,697		City National Corp		703,711
	38,234		Comerica, Inc		1,844,408
	16,631		Commerce Bancshares, Inc		723,116
	10,870		Cullen/Frost Bankers, Inc		830,577
	28,838		East West Bancorp, Inc		995,199
	180,278		Fifth Third Bancorp		3,715,530
	1,677		First Citizens Bancshares, Inc (Class A)		377,141
	46,940		First Horizon National Corp		539,341
	69,693		First Niagara Financial Group, Inc		621,662
	23,703		First Republic Bank		1,203,164
	42,044		Fulton Financial Corp		512,516
	110,680		Hudson City Bancorp, Inc		1,102,373
	169,321		Huntington Bancshares, Inc		1,550,980
	775,256		JPMorgan Chase & Co		43,398,831
	188,694		Keycorp		2,573,786
	26,553	e	M&T Bank Corp		3,239,732
	92,256	e	New York Community Bancorp, Inc		1,421,665
	63,209	e	People’s United Financial, Inc		902,625
	108,591		PNC Financial Services Group, Inc		9,125,987
	21,680	*	Popular, Inc		669,912
	289,073		Regions Financial Corp		2,931,200
	8,713	*	Signature Bank		1,035,279
	111,325		SunTrust Banks, Inc		4,259,294
	9,477	*	SVB Financial Group		1,011,101
	204,917		Synovus Financial Corp		657,784
	33,625		TCF Financial Corp		527,912

181

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	15,290	*	TFS Financial Corp	$	204,733
	379,383		US Bancorp		15,471,239
	42,421	e	Valley National Bancorp		425,058
	22,073		Washington Federal, Inc		476,335
	990,276		Wells Fargo & Co		49,157,301
	37,334		Zions Bancorporation		1,079,699
			TOTAL BANKS		225,659,314

CAPITAL GOODS - 8.1%
	21,976		3M Co		3,056,642
	9,441	*	A.O. Smith Corp		441,461
	19,576	*	Aecom Technology Corp		634,654
	19,756		AGCO Corp		1,100,409
	14,636		Air Lease Corp		524,993
	5,479		Allegion plc		270,389
	6,606		Alliant Techsystems, Inc		952,717
	6,633		Babcock & Wilcox Co		230,762
	1,362	*	BE Aerospace, Inc		119,543
	12,317		Carlisle Cos, Inc		1,013,073
	110,485		Caterpillar, Inc		11,645,119
	724		Crane Co		52,657
	6,948		Cummins, Inc		1,048,106
	97,918		Danaher Corp		7,185,223
	1,919		Donaldson Co, Inc		80,771
	9,114		Dover Corp		787,450
	97,038		Eaton Corp		7,048,840
	37,243		Emerson Electric Co		2,539,228
	39,008		Exelis, Inc		723,208
	13,211		Fluor Corp		1,000,073
	3,771		Fortune Brands Home & Security, Inc		150,274
	9,257		GATX Corp		607,537
	61,263		General Dynamics Corp		6,705,235
	2,120,879		General Electric Co		57,030,436
	15,988		Harsco Corp		382,593
	6,301	*	HD Supply Holdings, Inc		162,440
	3,201		Hubbell, Inc (Class B)		376,822
	915		IDEX Corp		68,232
	46,126		Illinois Tool Works, Inc		3,931,319
	16,857		Ingersoll-Rand plc		1,008,049
	26,828	*	Jacobs Engineering Group, Inc		1,547,976
	21,262	e	Joy Global, Inc		1,283,800
	29,874		KBR, Inc		757,903
	16,270		Kennametal, Inc		760,297
	18,310		L-3 Communications Holdings, Inc		2,112,425
	11,006	*	MRC Global, Inc		321,265
	10,763	*,e	Navistar International Corp		408,241
	45,533		Northrop Grumman Corp		5,532,715
	17,910		Oshkosh Truck Corp		994,184
	24,325		Owens Corning, Inc		993,676
	63,414		Paccar, Inc		4,057,228
	30,613		Parker Hannifin Corp		3,884,177
	41,456		Pentair Ltd		3,079,766

182

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	33,707	*	Quanta Services, Inc	$	1,189,183
	66,741		Raytheon Co		6,372,431
	9,133		Regal-Beloit Corp		682,509
	3,276		Rockwell Collins, Inc		254,381
	10,565		Snap-On, Inc		1,225,540
	21,949	*	Spirit Aerosystems Holdings, Inc (Class A)		659,128
	9,582		SPX Corp		975,831
	30,314		Stanley Works		2,603,669
	22,767		Terex Corp		985,583
	56,469		Textron, Inc		2,309,582
	17,772		Timken Co		1,121,058
	16,037		Trinity Industries, Inc		1,203,737
	8,063		Triumph Group, Inc		522,563
	11,974		United Technologies Corp		1,416,883
	15,627		URS Corp		736,344
	9,181	*,e	WESCO International, Inc		805,908
	34,971		Xylem, Inc		1,314,560
			TOTAL CAPITAL GOODS		160,990,798

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	39,283	e	ADT Corp		1,187,918
	15,226		Cintas Corp		897,268
	9,418		Corrections Corp of America		308,911
	20,643		Covanta Holding Corp		380,863
	492		Dun & Bradstreet Corp		54,494
	3,379		Iron Mountain, Inc		96,099
	9,251		KAR Auction Services, Inc		275,495
	15,589		Manpower, Inc		1,268,009
	38,397		Nielsen Holdings NV		1,802,739
	23,510	e	Pitney Bowes, Inc		630,068
	18,459		R.R. Donnelley & Sons Co		324,878
	55,293		Republic Services, Inc		1,940,231
	13,500		Towers Watson & Co		1,514,970
	2,275		Waste Connections, Inc		101,602
	88,794		Waste Management, Inc		3,946,893
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		14,730,438

CONSUMER DURABLES & APPAREL - 0.7%
	4,419	*,e	Deckers Outdoor Corp		348,880
	59,196		DR Horton, Inc		1,318,887
	25,413	e	Garmin Ltd		1,451,082
	14,061		Harman International Industries, Inc		1,541,226
	3,344		Hasbro, Inc		184,790
	29,195		Leggett & Platt, Inc		959,348
	34,052	e	Lennar Corp (Class A)		1,314,067
	12,469	*	Mohawk Industries, Inc		1,651,020
	25,104		Newell Rubbermaid, Inc		755,881
	139	*	NVR, Inc		149,703
	1,725		Phillips-Van Heusen Corp		216,608
	1,607	*	Taylor Morrison Home Corp		34,085
	35,793	*	Toll Brothers, Inc		1,225,552

183

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	14,941		Whirlpool Corp	$	2,291,651
			TOTAL CONSUMER DURABLES & APPAREL		13,442,780

CONSUMER SERVICES - 0.7%
	20,274	*	Apollo Group, Inc (Class A)		585,108
	1,060		ARAMARK Holdings Corp		29,881
	85,813		Carnival Corp		3,373,309
	5,928	e	Choice Hotels International, Inc		261,899
	9,415		Darden Restaurants, Inc		468,020
	13,254		DeVry, Inc		596,828
	892		Graham Holdings Co		598,737
	11,730	*	Hilton Worldwide Holdings, Inc		256,066
	8,818	*	Hyatt Hotels Corp		496,277
	5,022		Marriott International, Inc (Class A)		290,925
	77,299	*	MGM Mirage		1,950,254
	483	*	Norwegian Cruise Line Holdings Ltd		15,828
	14,559	*	Penn National Gaming, Inc		162,478
	33,708		Royal Caribbean Cruises Ltd		1,790,906
	9,734		Service Corp International		182,707
	22,584		Starwood Hotels & Resorts Worldwide, Inc		1,731,064
	4,723	e	Weight Watchers International, Inc		93,515
	54,685	e	Wendy’s		454,432
			TOTAL CONSUMER SERVICES		13,338,234

DIVERSIFIED FINANCIALS - 5.4%
	57,474	*	American Capital Ltd		861,535
	26,678		Ameriprise Financial, Inc		2,978,065
	59,662		Ares Capital Corp		1,024,397
	1,663		Artisan Partners Asset Management, Inc		96,570
	238,062		Bank of New York Mellon Corp		8,063,160
	17,328		BlackRock, Inc		5,215,728
	119,819		Capital One Financial Corp		8,854,624
	194,718		Charles Schwab Corp		5,169,763
	65,199		CME Group, Inc		4,589,358
	100,592		Discover Financial Services		5,623,093
	59,643	*	E*Trade Financial Corp		1,338,985
	4,986	e	Federated Investors, Inc (Class B)		142,300
	94,045		Goldman Sachs Group, Inc		15,030,272
	8,927		Interactive Brokers Group, Inc (Class A)		213,355
	8,490		IntercontinentalExchange Group, Inc		1,735,696
	90,900		Invesco Ltd		3,200,589
	136,000	e	iShares Russell 1000 Value Index Fund		13,243,680
	22,327		Legg Mason, Inc		1,046,913
	52,649		Leucadia National Corp		1,343,603
	2,535		LPL Financial Holdings, Inc		120,032
	29,837		McGraw-Hill Financial, Inc		2,205,849
	312,014		Morgan Stanley		9,650,593
	13,823	*	MSCI, Inc (Class A)		560,384
	22,956		NASDAQ OMX Group, Inc		847,076
	49,306		Northern Trust Corp		2,970,687
	24,738		Raymond James Financial, Inc		1,229,479

184

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	4,650	*	Santander Consumer USA Holdings, Inc	$	105,741
	1,330		SEI Investments Co		43,065
	91,358		SLM Corp		2,352,469
	88,533		State Street Corp		5,715,691
	48,035		TD Ameritrade Holding Corp		1,532,317
	14,837		Voya Financial, Inc		525,081
			TOTAL DIVERSIFIED FINANCIALS		107,630,150

ENERGY - 15.0%
	97,201		Anadarko Petroleum Corp		9,624,843
	3,970	*	Antero Resources Corp		260,710
	80,281		Apache Corp		6,968,391
	9,754	*	Atwood Oceanics, Inc		483,408
	84,915		Baker Hughes, Inc		5,935,558
	17,793	*	Cameron International Corp		1,155,833
	118,737		Chesapeake Energy Corp		3,413,689
	397,610		Chevron Corp		49,908,007
	17,609		Cimarex Energy Co		2,097,584
	6,657	*	Cobalt International Energy, Inc		119,826
	250,782		ConocoPhillips		18,635,611
	46,391		Consol Energy, Inc		2,064,863
	75,372		Denbury Resources, Inc		1,267,757
	83,188		Devon Energy Corp		5,823,160
	13,610	e	Diamond Offshore Drilling, Inc		743,242
	14,614		Energen Corp		1,138,577
	7,150		EOG Resources, Inc		700,700
	3,830	*	EP Energy Corp		74,417
	2,443		Equitable Resources, Inc		266,263
	913,954	d	Exxon Mobil Corp		93,598,029
	3,628		Frank’s International NV		99,516
	8,849	e	Golar LNG Ltd		391,126
	3,693	*	Gulfport Energy Corp		272,063
	19,583		Helmerich & Payne, Inc		2,127,693
	59,683		Hess Corp		5,321,336
	41,245		Holly Corp		2,169,075
	10,876		Kinder Morgan, Inc		355,210
	926	*	Laredo Petroleum Holdings, Inc		27,067
	145,386		Marathon Oil Corp		5,255,704
	61,744		Marathon Petroleum Corp		5,739,105
	51,468	*,e	McDermott International, Inc		372,114
	37,967		Murphy Oil Corp		2,408,247
	61,179		Nabors Industries Ltd		1,561,288
	87,640		National Oilwell Varco, Inc		6,882,369
	27,762	*	Newfield Exploration Co		939,744
	64,284		Noble Energy, Inc		4,614,305
	165,247		Occidental Petroleum Corp		15,822,400
	11,071	*	Oil States International, Inc		1,075,437
	2,435		Oneok, Inc		153,941
	30,225		Patterson-UTI Energy, Inc		983,219
	4,921		PBF Energy, Inc		151,468
	55,151		Peabody Energy Corp		1,048,420
	120,528		Phillips 66		10,030,340

185

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	7,386		Pioneer Natural Resources Co	$	1,427,492
	32,856		Questar Market Resources, Inc		1,008,351
	5,440	*	Rice Energy, Inc		161,568
	25,267	*	Rowan Cos plc		781,256
	2,333		RPC, Inc		51,863
	103,517	*,e	SandRidge Energy, Inc		710,127
	137,260		Spectra Energy Corp		5,450,595
	32,733		Superior Energy Services		1,077,570
	8,095		Teekay Corp		454,210
	27,949		Tesoro Corp		1,573,249
	9,678		Tidewater, Inc		492,901
	31,714	*,e	Ultra Petroleum Corp		945,077
	9,733	*	Unit Corp		641,891
	111,861	*	Valero Energy Corp		6,395,093
	22,230	*	Whiting Petroleum Corp		1,638,796
	63,153		Williams Cos, Inc		2,663,162
	11,801		World Fuel Services Corp		537,418
	41,616	*	WPX Energy, Inc		885,588
			TOTAL ENERGY		298,977,862

FOOD & STAPLES RETAILING - 1.6%
	222,257		CVS Corp		16,162,529
	45,569		Safeway, Inc		1,552,080
	1,080	*	Sprouts Farmers Market, Inc		34,528
	80,499		Sysco Corp		2,932,578
	48,123		Walgreen Co		3,267,552
	111,113		Wal-Mart Stores, Inc		8,856,817
			TOTAL FOOD & STAPLES RETAILING		32,806,084

FOOD, BEVERAGE & TOBACCO - 1.7%
	124,901		Archer Daniels Midland Co		5,461,921
	33,036		Beam, Inc		2,757,515
	30,318		Bunge Ltd		2,414,829
	11,937	e	Campbell Soup Co		543,014
	6,011		ConAgra Foods, Inc		183,396
	1,900	*	Constellation Brands, Inc (Class A)		151,696
	18,357	*	Dean Foods Co		290,775
	13,846		Ingredion, Inc		975,451
	19,039		J.M. Smucker Co		1,840,690
	4,644		Kellogg Co		310,358
	29,143		Molson Coors Brewing Co (Class B)		1,747,706
	366,012		Mondelez International, Inc		13,048,328
	4,096		Pinnacle Foods, Inc		124,518
	15,875		Reynolds American, Inc		895,826
	57,652		Tyson Foods, Inc (Class A)		2,419,654
			TOTAL FOOD, BEVERAGE & TOBACCO		33,165,677

HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	319,741		Abbott Laboratories		12,386,766
	53,925		Aetna, Inc		3,852,941
	36,664	*	Allscripts Healthcare Solutions, Inc		558,026

186

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	275,693	*	Boston Scientific Corp	$	3,476,489
	70,179		Cardinal Health, Inc		4,878,142
	42,999	*	CareFusion Corp		1,679,541
	55,265		Cigna Corp		4,423,411
	17,873	*	Community Health Systems, Inc		677,208
	2,525		Cooper Cos, Inc		333,073
	96,663	*	Covidien plc		6,887,239
	20,767		Dentsply International, Inc		926,831
	3,414	*	Envision Healthcare Holdings, Inc		115,359
	20,232	*	Express Scripts Holding Co		1,347,047
	50,994	*	HCA Holdings, Inc		2,651,688
	16,636	*	Health Net, Inc		571,114
	11,712		Hill-Rom Holdings, Inc		437,560
	39,086	*	Hologic, Inc		820,220
	32,206		Humana, Inc		3,534,608
	16,901	*	Inverness Medical Innovations, Inc		564,493
	9,960	*	LifePoint Hospitals, Inc		556,963
	208,396		Medtronic, Inc		12,257,853
	21,299		Omnicare, Inc		1,262,392
	1,889		Patterson Cos, Inc		76,882
	7,442	*	Pediatrix Medical Group, Inc		440,938
	2,210	*	Premier, Inc		66,300
	27,848		Quest Diagnostics, Inc		1,557,539
	21,193		St. Jude Medical, Inc		1,345,120
	28,649		Stryker Corp		2,227,460
	8,495		Teleflex, Inc		867,254
	209,215		UnitedHealth Group, Inc		15,699,494
	6,270		Universal Health Services, Inc (Class B)		512,823
	18,439	*	VCA Antech, Inc		564,787
	828	*,e	Veeva Systems, Inc		15,906
	57,936		WellPoint, Inc		5,832,996
	32,512		Zimmer Holdings, Inc		3,147,162
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		96,553,625

HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
	4,663	e	Clorox Co		422,934
	3,470		Coty, Inc		55,693
	12,601		Energizer Holdings, Inc		1,407,406
	13,150		Kimberly-Clark Corp		1,476,088
	562,164		Procter & Gamble Co		46,406,638
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		49,768,759

INSURANCE - 7.7%
	69,883		ACE Ltd		7,150,429
	96,024		Aflac, Inc		6,022,625
	3,399	*	Alleghany Corp		1,386,724
	4,514		Allied World Assurance Co Holdings Ltd		486,113
	96,124		Allstate Corp		5,474,262
	13,865		American Financial Group, Inc		810,132
	302,815		American International Group, Inc		16,088,561
	1,400		American National Insurance Co		157,374

187

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	14,434		Aon plc	$	1,225,158
	25,561	*	Arch Capital Group Ltd		1,465,157
	13,577		Aspen Insurance Holdings Ltd		621,555
	14,783		Assurant, Inc		996,522
	34,417		Assured Guaranty Ltd		822,910
	17,367		Axis Capital Holdings Ltd		794,540
	369,130	*	Berkshire Hathaway, Inc (Class B)		47,562,401
	12,441		Brown & Brown, Inc		370,493
	43,340		Chubb Corp		3,990,747
	33,830		Cincinnati Financial Corp		1,648,874
	5,311		CNA Financial Corp		217,485
	5,423		Endurance Specialty Holdings Ltd		275,597
	9,781		Everest Re Group Ltd		1,545,691
	52,024		Fidelity National Title Group, Inc (Class A)		1,674,132
	100,920	*	Genworth Financial, Inc (Class A)		1,801,422
	6,239		Hanover Insurance Group, Inc		364,670
	93,508		Hartford Financial Services Group, Inc		3,354,132
	20,308		HCC Insurance Holdings, Inc		932,950
	9,360		Kemper Corp		368,878
	55,065		Lincoln National Corp		2,671,203
	57,951		Loews Corp		2,548,105
	2,844	*	Markel Corp		1,780,116
	37,509		Marsh & McLennan Cos, Inc		1,849,569
	27,779	*	MBIA, Inc		336,681
	6,146		Mercury General Corp		294,148
	183,378		Metlife, Inc		9,599,838
	53,236		Old Republic International Corp		881,588
	10,980		PartnerRe Ltd		1,157,292
	60,184		Principal Financial Group		2,819,019
	12,166		ProAssurance Corp		552,580
	24,248		Progressive Corp		588,014
	16,088		Protective Life Corp		822,901
	58,657		Prudential Financial, Inc		4,732,447
	14,692		Reinsurance Group of America, Inc (Class A)		1,127,023
	8,603		RenaissanceRe Holdings Ltd		870,710
	9,245		Stancorp Financial Group, Inc		564,870
	19,124		Torchmark Corp		1,524,183
	53,028		Travelers Cos, Inc		4,803,276
	54,534		UnumProvident Corp		1,811,619
	18,698		Validus Holdings Ltd		693,135
	21,964		W.R. Berkley Corp		971,687
	1,283		White Mountains Insurance Group Ltd		765,002
	58,387		XL Capital Ltd		1,830,432
			TOTAL INSURANCE		153,204,972

MATERIALS - 2.9%
	42,731		Air Products & Chemicals, Inc		5,021,747
	10,355		Albemarle Corp		694,199
	240,716		Alcoa, Inc		3,242,445
	22,007		Allegheny Technologies, Inc		906,688
	4,392		Aptargroup, Inc		296,109

188

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	16,267		Ashland, Inc	$	1,571,392
	13,777		Avery Dennison Corp		670,389
	11,952		Bemis Co, Inc		480,948
	12,901		Cabot Corp		745,678
	9,441		Carpenter Technology Corp		592,895
	11,255		CF Industries Holdings, Inc		2,759,388
	32,343		Cliffs Natural Resources, Inc		573,118
	4,135	*	Crown Holdings, Inc		195,048
	7,549		Cytec Industries, Inc		719,571
	6,884		Domtar Corp		642,690
	215,600		Dow Chemical Co		10,758,440
	212,027		Freeport-McMoRan Copper & Gold, Inc (Class B)		7,287,368
	5,629		Greif, Inc (Class A)		305,035
	39,145		Huntsman Corp		980,582
	12,178		International Paper Co		568,104
	4,898	e	Kronos Worldwide, Inc		76,654
	35,672		MeadWestvaco Corp		1,393,705
	61,160		Mosaic Co		3,060,446
	101,169		Newmont Mining Corp		2,512,026
	65,181		Nucor Corp		3,373,117
	12,997	*	Owens-Illinois, Inc		413,045
	2,763		PPG Industries, Inc		534,972
	15,730		Reliance Steel & Aluminum Co		1,113,999
	4,302		Rock-Tenn Co (Class A)		411,314
	4,065		Rockwood Holdings, Inc		288,818
	10,059		Royal Gold, Inc		665,906
	1,644		RPM International, Inc		70,133
	1,397		Sigma-Aldrich Corp		134,405
	20,229		Sonoco Products Co		851,236
	45,440		Steel Dynamics, Inc		830,189
	16,719	*	Tahoe Resources, Inc		372,834
	30,294	e	United States Steel Corp		788,250
	26,234		Vulcan Materials Co		1,692,880
	970		Westlake Chemical Corp		69,064
	1,900	*	WR Grace & Co		174,990
			TOTAL MATERIALS		57,839,817

MEDIA - 2.6%
	10,824		CBS Corp (Class B)		625,194
	41,384		Comcast Corp (Class A)		2,142,036
	15,701	*	DreamWorks Animation SKG, Inc (Class A)		377,295
	46,326		Gannett Co, Inc		1,258,677
	48,082		Interpublic Group of Cos, Inc		837,589
	9,568		John Wiley & Sons, Inc (Class A)		549,777
	11,546	*	Liberty Global plc		443,713
	11,546	*	Liberty Global plc (Class A)		459,762
	19,663	*	Liberty Media Corp		2,550,488
	27,513	*	News Corp		468,271
	14,187	e	Regal Entertainment Group (Class A)		266,716
	330,407	*	Sirius XM Holdings, Inc		1,053,998
	3,801	*	Starz-Liberty Capital		122,658

189

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	76,624	e	Thomson Corp	$	2,772,256
	181,710		Time Warner, Inc		12,076,447
	107,029		Twenty-First Century Fox, Inc		3,427,069
	287,389		Walt Disney Co		22,801,443
			TOTAL MEDIA		52,233,389

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	62,614		Agilent Technologies, Inc		3,383,661
	4,302	*	Bio-Rad Laboratories, Inc (Class A)		530,049
	46,971		Bristol-Myers Squibb Co		2,352,777
	5,141	*	Charles River Laboratories International, Inc		276,175
	158,793		Eli Lilly & Co		9,384,666
	54,704	*	Forest Laboratories, Inc		5,027,845
	34,234	*	Hospira, Inc		1,567,917
	501,814		Johnson & Johnson		50,828,740
	12,041	*,e	Mallinckrodt plc		857,680
	619,358		Merck & Co, Inc		36,269,605
	22,770		PerkinElmer, Inc		955,657
	1,371,808		Pfizer, Inc		42,910,154
	47,723	*	Qiagen NV (NASDAQ)		1,045,134
	2,823	*	Quintiles Transnational Holdings, Inc		133,048
	4,291		Techne Corp		383,229
	80,190		Thermo Electron Corp		9,141,660
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		165,047,997

REAL ESTATE - 4.2%
	14,458		Alexandria Real Estate Equities, Inc		1,067,290
	21,055		American Campus Communities, Inc		804,301
	72,981		American Capital Agency Corp		1,657,398
	7,971		American Homes 4 Rent		127,935
	193,276		Annaly Capital Management, Inc		2,232,338
	12,897		Apartment Investment & Management Co (Class A)		397,614
	26,522		AvalonBay Communities, Inc		3,621,579
	37,703		BioMed Realty Trust, Inc		787,993
	28,065		Boston Properties, Inc		3,287,534
	33,199		Brandywine Realty Trust		483,045
	7,410		Brixmor Property Group, Inc		162,724
	17,188		Camden Property Trust		1,177,206
	24,300		CBL & Associates Properties, Inc		441,531
	216,186		Chimera Investment Corp		668,015
	16,650		Corporate Office Properties Trust		445,387
	60,796		DDR Corp		1,043,867
	5,238		Digital Realty Trust, Inc		279,709
	29,289		Douglas Emmett, Inc		808,376
	65,381		Duke Realty Corp		1,145,475
	5,740		Equity Lifestyle Properties, Inc		240,334
	73,372		Equity Residential		4,361,232
	12,580		Essex Property Trust, Inc		2,179,611
	20,935		Extra Space Storage, Inc		1,095,529
	4,710		Federal Realty Investment Trust		553,613
	33,020	*	Forest City Enterprises, Inc (Class A)		624,408

190

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	20,025		Gaming and Leisure Properties, Inc	$	735,919
	114,865		General Growth Properties, Inc		2,638,449
	21,636		Hatteras Financial Corp		423,417
	93,447		HCP, Inc		3,911,691
	58,365		Health Care REIT, Inc		3,682,248
	25,265		Healthcare Trust of America, Inc		295,348
	11,695		Home Properties, Inc		720,412
	30,652		Hospitality Properties Trust		921,093
	152,752		Host Marriott Corp		3,276,530
	8,008	*	Howard Hughes Corp		1,143,222
	25,047		HRPT Properties Trust		636,444
	8,966		Jones Lang LaSalle, Inc		1,039,070
	16,553		Kilroy Realty Corp		986,062
	83,153		Kimco Realty Corp		1,905,867
	26,216		Liberty Property Trust		983,100
	27,757		Macerich Co		1,801,707
	19,176		Mack-Cali Realty Corp		390,615
	76,372		MFA Mortgage Investments, Inc		605,630
	15,137		Mid-America Apartment Communities, Inc		1,054,292
	24,381		National Retail Properties, Inc		832,124
	32,273		Piedmont Office Realty Trust, Inc		568,328
	11,332		Post Properties, Inc		568,980
	102,083		Prologis, Inc		4,147,632
	2,191		Public Storage, Inc		384,542
	2,438	*	Realogy Holdings Corp		102,518
	42,111		Realty Income Corp		1,829,723
	10,410		Regency Centers Corp		545,796
	26,105		Retail Properties of America, Inc		373,824
	35,835		Senior Housing Properties Trust		841,047
	16,087		Simon Property Group, Inc		2,786,268
	18,647		SL Green Realty Corp		1,952,527
	61,553		Spirit Realty Capital, Inc		662,926
	11,869	*,e	St. Joe Co		211,862
	39,928		Starwood Property Trust, Inc		960,268
	8,805	*	Starwood Waypoint Residential Trust		239,232
	10,776		Taubman Centers, Inc		784,924
	76,048		Two Harbors Investment Corp		789,378
	51,081		UDR, Inc		1,320,955
	32,658		Ventas, Inc		2,158,041
	30,820		Vornado Realty Trust		3,162,132
	25,120		Weingarten Realty Investors		783,744
	11,911		WP Carey, Inc		732,288
			TOTAL REAL ESTATE		83,584,219

RETAILING - 0.9%
	12,530		Aaron’s, Inc		369,259
	14,457	e	Abercrombie & Fitch Co (Class A)		531,439
	12,907		American Eagle Outfitters, Inc		149,205
	23,663	*	Ascena Retail Group, Inc		407,004
	40,556		Best Buy Co, Inc		1,051,617
	9,343	*	Big Lots, Inc		369,049

191

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	2,919		Chico’s FAS, Inc	$	46,354
	12,914		CST Brands, Inc		421,384
	1,719		Dillard’s, Inc (Class A)		168,342
	1,192		DSW, Inc (Class A)		39,801
	26,716		Foot Locker, Inc		1,243,095
	24,172	e	GameStop Corp (Class A)		959,145
	1,914		Genuine Parts Co		166,748
	11,740		Guess?, Inc		315,923
	51,654	*,e	JC Penney Co, Inc		440,092
	44,232		Kohl’s Corp		2,423,471
	2,783	*,e	Lands’ End, Inc		76,950
	96,667	*	Liberty Interactive Corp		2,809,143
	17,587		Macy’s, Inc		1,010,021
	10,384	*	Murphy USA, Inc		441,320
	9,257	*,e	Sears Holdings Corp		405,549
	15,254		Signet Jewelers Ltd		1,545,535
	137,001		Staples, Inc		1,712,513
	27,841		Target Corp		1,719,182
	1,233	*,e	zulily, Inc		52,427
			TOTAL RETAILING		18,874,568

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	42,331		Altera Corp		1,376,604
	35,735		Analog Devices, Inc		1,832,848
	83,652		Applied Materials, Inc		1,594,407
	4,043		Avago Technologies Ltd		256,731
	65,584		Broadcom Corp (Class A)		2,020,643
	27,207	*	Fairchild Semiconductor International, Inc		346,345
	14,054	*	First Solar, Inc		948,504
	8,133	*,e	Freescale Semiconductor Holdings Ltd		178,682
	953,336		Intel Corp		25,444,538
	34,263		Kla-Tencor Corp		2,192,489
	25,147	*	Lam Research Corp		1,448,719
	99,627		LSI Logic Corp		1,109,845
	81,518		Marvell Technology Group Ltd		1,292,875
	211,148	*	Micron Technology, Inc		5,515,186
	117,293		Nvidia Corp		2,166,402
	5,615	*	ON Semiconductor Corp		52,837
	945	*	Silicon Laboratories, Inc		42,478
	7,345	*	Skyworks Solutions, Inc		301,512
	39,779	*,e	Teradyne, Inc		702,895
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		48,824,540

SOFTWARE & SERVICES - 1.6%
	54,074		Activision Blizzard, Inc		1,082,021
	62,457	*	Adobe Systems, Inc		3,852,972
	32,954		Amdocs Ltd		1,533,350
	15,925	*	AOL, Inc		681,749
	9,046	*	Autodesk, Inc		434,389
	324		Booz Allen Hamilton Holding Co		7,530
	66,589		CA, Inc		2,006,992

192

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	30,675		Computer Sciences Corp	$	1,815,346
	44,609		Compuware Corp		462,149
	1,351		DST Systems, Inc		124,549
	15,010	*	Electronic Arts, Inc		424,783
	54,169		Fidelity National Information Services, Inc		2,894,250
	879	*,e	FireEye, Inc		34,510
	19,776	*	First American Corp		554,321
	14,939		Leidos Holdings, Inc		556,328
	13,707	*	Micros Systems, Inc		705,910
	53,851	*,e	Nuance Communications, Inc		866,463
	7,118		Paychex, Inc		297,604
	19,106	*	Rovi Corp		425,873
	8,040		Science Applications International Corp		313,560
	37,320		Symantec Corp		756,850
	31,281	*	Synopsys, Inc		1,176,791
	6,981		Total System Services, Inc		221,786
	3,940	*,e	Twitter, Inc		153,542
	22,826	*	VeriFone Systems, Inc		763,301
	251,361		Xerox Corp		3,038,954
	182,901	*	Yahoo!, Inc		6,575,291
	132,192	*	Zynga, Inc		535,378
			TOTAL SOFTWARE & SERVICES		32,296,542

TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
	43,032		Apple, Inc		25,392,753
	21,007	*	Arrow Electronics, Inc		1,192,147
	27,666		Avnet, Inc		1,193,235
	8,420		AVX Corp		112,407
	89,884	*	Brocade Communications Systems, Inc		836,820
	3,100		CDW Corp		87,389
	1,096,185		Cisco Systems, Inc		25,332,835
	3,440	*	CommScope Holding Co, Inc		91,779
	285,541		Corning, Inc		5,970,662
	12,477		Diebold, Inc		469,260
	5,270	*,e	Dolby Laboratories, Inc (Class A)		210,010
	8,051	*	EchoStar Corp (Class A)		361,973
	215,476		EMC Corp		5,559,281
	8,763		Flir Systems, Inc		298,293
	18,260		Harris Corp		1,342,475
	398,741		Hewlett-Packard Co		13,182,378
	31,253	*	Ingram Micro, Inc (Class A)		842,581
	41,698		Jabil Circuit, Inc		719,707
	13,021	*	JDS Uniphase Corp		164,976
	83,793	*	Juniper Networks, Inc		2,068,849
	4,322	*	Knowles Corp		120,713
	13,268		Lexmark International, Inc (Class A)		570,524
	2,577		Motorola, Inc		163,846
	2,323	*,e	Nimble Storage, Inc		57,262
	33,475	*	Polycom, Inc		411,743
	1,743	*	Riverbed Technology, Inc		33,901
	25,118		SanDisk Corp		2,134,276

193

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	3,540	*	Stratasys Ltd	$	342,920
	7,453	*	Tech Data Corp		465,738
	26,362		Vishay Intertechnology, Inc		374,868
	43,522		Western Digital Corp		3,835,594
	9,617	*	Zebra Technologies Corp (Class A)		667,804
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		94,608,999

TELECOMMUNICATION SERVICES - 2.5%
	1,103,501		AT&T, Inc		39,394,986
	119,086		CenturyTel, Inc		4,157,292
	206,021	e	Frontier Communications Corp		1,225,825
	4,135	*	Intelsat S.A.		75,174
	23,410	*	Level 3 Communications, Inc		1,007,332
	141,190	*	Sprint Corp		1,200,115
	19,579		Telephone & Data Systems, Inc		532,353
	39,593	*	T-Mobile US, Inc		1,159,679
	2,409		US Cellular Corp		100,070
	7,349	e	Windstream Holdings, Inc		66,656
			TOTAL TELECOMMUNICATION SERVICES		48,919,482

TRANSPORTATION - 1.3%
	1,177		Alaska Air Group, Inc		110,732
	638		Amerco, Inc		159,570
	17,384	*	American Airlines Group, Inc		609,657
	6,950		Con-Way, Inc		295,236
	104,775		CSX Corp		2,956,751
	95,816		Delta Air Lines, Inc		3,528,903
	60,601		FedEx Corp		8,256,886
	5,129	*	Genesee & Wyoming, Inc (Class A)		507,822
	4,860	*	Kirby Corp		489,013
	52,931		Norfolk Southern Corp		5,003,568
	10,694		Ryder System, Inc		878,833
	132,270		Southwest Airlines Co		3,196,966
			TOTAL TRANSPORTATION		25,993,937

UTILITIES - 6.2%
	124,044		AES Corp		1,792,436
	23,940		AGL Resources, Inc		1,292,760
	23,305		Alliant Energy Corp		1,362,876
	49,454		Ameren Corp		2,042,945
	99,771		American Electric Power Co, Inc		5,368,678
	36,506		American Water Works Co, Inc		1,662,118
	4,104		Aqua America, Inc		102,969
	20,253		Atmos Energy Corp		1,033,713
	68,295	*	Calpine Corp		1,566,004
	87,300		Centerpoint Energy, Inc		2,161,548
	54,926		CMS Energy Corp		1,664,807
	60,206		Consolidated Edison, Inc		3,493,754
	118,488		Dominion Resources, Inc		8,595,120
	35,793		DTE Energy Co		2,796,865
	144,755		Duke Energy Corp		10,782,800

194

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	RATE		MATURITY DATE	VALUE

	67,192		Edison International				$	3,800,380
	36,785		Entergy Corp					2,666,913
	175,545		Exelon Corp					6,149,341
	85,775		FirstEnergy Corp					2,894,906
	31,425		Great Plains Energy, Inc					843,133
	20,952	e	Hawaiian Electric Industries, Inc					502,639
	16,264		Integrys Energy Group, Inc					996,658
	38,119		MDU Resources Group, Inc					1,350,175
	14,953		National Fuel Gas Co					1,101,139
	87,098		NextEra Energy, Inc					8,696,735
	64,437		NiSource, Inc					2,340,352
	64,352		Northeast Utilities					3,041,276
	66,039		NRG Energy, Inc					2,160,796
	40,680	*	OGE Energy Corp					1,518,584
	608	*	ONE Gas, Inc					22,241
	50,095		Pepco Holdings, Inc					1,340,542
	91,149		PG&E Corp					4,154,571
	22,979		Pinnacle West Capital Corp					1,285,675
	129,809		PPL Corp					4,327,832
	104,232		Public Service Enterprise Group, Inc					4,270,385
	30,939		Questar Corp					751,199
	28,724		SCANA Corp					1,541,904
	50,133		Sempra Energy					4,943,615
	178,527		Southern Co					8,181,892
	44,629		TECO Energy, Inc					801,537
	23,141		UGI Corp					1,080,453
	17,145		Vectren Corp					695,573
	26,313		Westar Energy, Inc					944,110
	47,125	e	Wisconsin Energy Corp					2,284,620
	102,978		Xcel Energy, Inc					3,281,909
			TOTAL UTILITIES					123,690,478

			TOTAL COMMON STOCKS					1,979,082,657
			(Cost $1,623,827,641)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 1.9%
GOVERNMENT AGENCY DEBT - 0.4%
$	8,000,000	d	Federal Home Loan Bank (FHLB)		0.035%	05/28/14		7,999,790
			TOTAL GOVERNMENT AGENCY DEBT					7,999,790

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5%
	30,640,318	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust					30,640,318
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					30,640,318

			TOTAL SHORT-TERM INVESTMENTS					38,640,108
			(Cost $38,640,108)

195

TIAA-CREF FUNDS - Large-Cap Value Index Fund

PRINCIPAL	ISSUER	VALUE

	TOTAL INVESTMENTS - 101.1%	$	2,017,722,765
	(Cost $1,662,467,749)
	OTHER ASSETS & LIABILITIES, NET - (1.1)%		(22,382,387	)
	NET ASSETS - 100.0%	$	1,995,340,378



	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 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 $30,092,412.

196

TIAA-CREF FUNDS - S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.7%

AUTOMOBILES & COMPONENTS - 1.1%
	29,211		BorgWarner, Inc	$	1,815,172
	36,112		Delphi Automotive plc		2,413,726
	507,186		Ford Motor Co		8,191,054
	167,253		General Motors Co		5,766,883
	35,443		Goodyear Tire & Rubber Co		893,164
	28,260		Harley-Davidson, Inc		2,089,544
	85,675		Johnson Controls, Inc		3,867,369
			TOTAL AUTOMOBILES & COMPONENTS		25,036,912

BANKS - 6.0%
	1,362,026		Bank of America Corp		20,621,074
	91,628		BB&T Corp		3,420,473
	391,313		Citigroup, Inc		18,747,806
	23,116		Comerica, Inc		1,115,116
	111,275		Fifth Third Bancorp		2,293,378
	60,563		Hudson City Bancorp, Inc		603,207
	106,922		Huntington Bancshares, Inc		979,406
	487,090		JPMorgan Chase & Co		27,267,298
	114,157		Keycorp		1,557,101
	16,901	e	M&T Bank Corp		2,062,091
	39,508	e	People’s United Financial, Inc		564,174
	68,920		PNC Financial Services Group, Inc		5,792,037
	181,715		Regions Financial Corp		1,842,590
	68,661		SunTrust Banks, Inc		2,626,970
	234,785		US Bancorp		9,574,532
	615,730		Wells Fargo & Co		30,564,837
	23,842		Zions Bancorporation		689,511
			TOTAL BANKS		130,321,601

CAPITAL GOODS - 8.1%
	81,104		3M Co		11,280,755
	11,523		Allegion plc		568,660
	31,422		Ametek, Inc		1,656,568
	87,990		Boeing Co		11,352,470
	82,127		Caterpillar, Inc		8,656,186
	22,221		Cummins, Inc		3,352,038
	77,191		Danaher Corp		5,664,275
	47,552		Deere & Co		4,438,504
	21,910		Dover Corp		1,893,024
	61,238		Eaton Corp		4,448,328
	90,565		Emerson Electric Co		6,174,722
	35,083	e	Fastenal Co		1,756,957
	17,510		Flowserve Corp		1,279,105
	20,696		Fluor Corp		1,566,687

197

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	42,294		General Dynamics Corp	$	4,629,078
	1,292,114		General Electric Co		34,744,946
	101,013		Honeywell International, Inc		9,384,108
	50,194		Illinois Tool Works, Inc		4,278,035
	33,880		Ingersoll-Rand plc		2,026,024
	16,868	*	Jacobs Engineering Group, Inc		973,284
	13,475	e	Joy Global, Inc		813,620
	11,238		L-3 Communications Holdings, Inc		1,296,528
	34,769		Lockheed Martin Corp		5,706,984
	45,508		Masco Corp		914,256
	28,234		Northrop Grumman Corp		3,430,713
	45,666		Paccar, Inc		2,921,711
	14,054		Pall Corp		1,182,644
	19,217		Parker Hannifin Corp		2,438,253
	25,252		Pentair Ltd		1,875,971
	18,648		Precision Castparts Corp		4,719,622
	28,087	*	Quanta Services, Inc		990,909
	40,423		Raytheon Co		3,859,588
	17,759		Rockwell Automation, Inc		2,116,518
	17,265		Rockwell Collins, Inc		1,340,627
	12,733		Roper Industries, Inc		1,769,250
	7,446		Snap-On, Inc		863,736
	19,956		Stanley Works		1,714,021
	35,919		Textron, Inc		1,469,087
	108,367		United Technologies Corp		12,823,067
	7,878		W.W. Grainger, Inc		2,004,163
	23,498		Xylem, Inc		883,290
			TOTAL CAPITAL GOODS		175,258,312

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	23,904	e	ADT Corp		722,857
	12,969		Cintas Corp		764,263
	4,935		Dun & Bradstreet Corp		546,601
	15,575		Equifax, Inc		1,102,866
	21,369		Iron Mountain, Inc		607,734
	36,367		Nielsen Holdings NV		1,707,431
	26,126	e	Pitney Bowes, Inc		700,177
	34,893		Republic Services, Inc		1,224,395
	17,674		Robert Half International, Inc		791,795
	11,010	*	Stericycle, Inc		1,282,004
	59,242		Tyco International Ltd		2,422,998
	55,656		Waste Management, Inc		2,473,909
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		14,347,030

CONSUMER DURABLES & APPAREL - 1.3%
	35,677		Coach, Inc		1,592,978
	37,134		DR Horton, Inc		827,345
	6,321	*	Fossil Group, Inc		674,135
	15,616	e	Garmin Ltd		891,674
	8,709		Harman International Industries, Inc		954,593
	15,202		Hasbro, Inc		840,062
	17,650		Leggett & Platt, Inc		579,979

198

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	22,724	e	Lennar Corp (Class A)	$	876,919
	43,702		Mattel, Inc		1,713,774
	23,008	*	Michael Kors Holdings Ltd		2,098,330
	7,859	*	Mohawk Industries, Inc		1,040,610
	36,328		Newell Rubbermaid, Inc		1,093,836
	95,853		Nike, Inc (Class B)		6,992,476
	10,575		Phillips-Van Heusen Corp		1,327,903
	43,607		Pulte Homes, Inc		801,933
	7,613		Ralph Lauren Corp		1,152,380
	20,000	*	Under Armour, Inc (Class A)		977,800
	45,234		VF Corp		2,763,345
	10,013		Whirlpool Corp		1,535,794
			TOTAL CONSUMER DURABLES & APPAREL		28,735,866

CONSUMER SERVICES - 1.7%
	56,216		Carnival Corp		2,209,851
	3,972	*	Chipotle Mexican Grill, Inc (Class A)		1,980,042
	16,547		Darden Restaurants, Inc		822,551
	565		Graham Holdings Co		379,245
	34,930		H&R Block, Inc		992,711
	32,030		International Game Technology		401,976
	28,479		Marriott International, Inc (Class A)		1,649,788
	127,530		McDonald’s Corp		12,928,992
	97,414		Starbucks Corp		6,879,377
	24,563		Starwood Hotels & Resorts Worldwide, Inc		1,882,754
	16,539		Wyndham Worldwide Corp		1,179,892
	10,422		Wynn Resorts Ltd		2,124,942
	57,211		Yum! Brands, Inc		4,404,675
			TOTAL CONSUMER SERVICES		37,836,796

DIVERSIFIED FINANCIALS - 3.7%
	117,721		American Express Co		10,292,347
	24,563		Ameriprise Financial, Inc		2,741,968
	145,916		Bank of New York Mellon Corp		4,942,175
	16,204		BlackRock, Inc		4,877,404
	73,885		Capital One Financial Corp		5,460,101
	150,480		Charles Schwab Corp		3,995,244
	40,513		CME Group, Inc		2,851,710
	60,814		Discover Financial Services		3,399,503
	37,038	*	E*Trade Financial Corp		831,503
	51,847		Franklin Resources, Inc		2,714,190
	54,238		Goldman Sachs Group, Inc		8,668,317
	14,713		IntercontinentalExchange Group, Inc		3,007,926
	55,734		Invesco Ltd		1,962,394
	13,697		Legg Mason, Inc		642,252
	39,818		Leucadia National Corp		1,016,155
	35,007		McGraw-Hill Financial, Inc		2,588,068
	24,119		Moody’s Corp		1,893,341
	180,174		Morgan Stanley		5,572,782
	15,305		NASDAQ OMX Group, Inc		564,755
	56,000	*	Navient Corp		926,800
	28,938		Northern Trust Corp		1,743,515

199

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	12,550	e	SPDR Trust Series 1	$	2,364,797
	55,422		State Street Corp		3,578,044
	33,839		T Rowe Price Group, Inc		2,779,197
			TOTAL DIVERSIFIED FINANCIALS		79,414,488

ENERGY - 10.5%
	64,918		Anadarko Petroleum Corp		6,428,180
	50,702		Apache Corp		4,400,934
	56,391		Baker Hughes, Inc		3,941,731
	54,668		Cabot Oil & Gas Corp		2,147,359
	27,709	*	Cameron International Corp		1,799,977
	64,548		Chesapeake Energy Corp		1,855,755
	245,925		Chevron Corp		30,868,506
	157,794		ConocoPhillips		11,725,672
	29,112		Consol Energy, Inc		1,295,775
	46,921		Denbury Resources, Inc		789,211
	49,014		Devon Energy Corp		3,430,980
	9,263	e	Diamond Offshore Drilling, Inc		505,852
	30,048		Ensco plc		1,515,922
	70,385		EOG Resources, Inc		6,897,730
	19,381		Equitable Resources, Inc		2,112,335
	555,991	d	Exxon Mobil Corp		56,939,038
	30,181	*	FMC Technologies, Inc		1,711,263
	109,538		Halliburton Co		6,908,562
	13,963		Helmerich & Payne, Inc		1,517,080
	36,072		Hess Corp		3,216,180
	86,232		Kinder Morgan, Inc		2,816,337
	89,509		Marathon Oil Corp		3,235,750
	38,281		Marathon Petroleum Corp		3,558,219
	22,300		Murphy Oil Corp		1,414,489
	33,373		Nabors Industries Ltd		851,679
	55,102		National Oilwell Varco, Inc		4,327,160
	17,937	*	Newfield Exploration Co		607,167
	33,099		Noble Corp plc		1,019,780
	46,057		Noble Energy, Inc		3,305,971
	102,319		Occidental Petroleum Corp		9,797,044
	26,686		Oneok, Inc		1,687,089
	35,583		Peabody Energy Corp		676,433
	76,010		Phillips 66		6,325,552
	18,359		Pioneer Natural Resources Co		3,548,244
	22,834		Questar Market Resources, Inc		700,775
	21,139		Range Resources Corp		1,912,023
	16,236	*	Rowan Cos plc		502,017
	168,421		Schlumberger Ltd		17,103,153
	45,184	*	Southwestern Energy Co		2,163,410
	85,957		Spectra Energy Corp		3,413,353
	17,005		Tesoro Corp		957,211
	43,500	e	Transocean Ltd (NYSE)		1,873,545
	68,364	*	Valero Energy Corp		3,908,370
	87,751		Williams Cos, Inc		3,700,460
			TOTAL ENERGY		229,413,273

200

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

FOOD & STAPLES RETAILING - 2.3%
	56,701		Costco Wholesale Corp	$	6,559,172
	152,331		CVS Corp		11,077,510
	66,509		Kroger Co		3,062,074
	31,410		Safeway, Inc		1,069,825
	75,546		Sysco Corp		2,752,141
	112,585		Walgreen Co		7,644,521
	208,424		Wal-Mart Stores, Inc		16,613,477
	47,554		Whole Foods Market, Inc		2,363,434
			TOTAL FOOD & STAPLES RETAILING		51,142,154

FOOD, BEVERAGE & TOBACCO - 5.3%
	256,664		Altria Group, Inc		10,294,793
	84,548		Archer Daniels Midland Co		3,697,284
	21,185		Beam, Inc		1,768,312
	20,953		Brown-Forman Corp (Class B)		1,879,903
	23,133	e	Campbell Soup Co		1,052,320
	488,137		Coca-Cola Co		19,911,108
	30,680		Coca-Cola Enterprises, Inc		1,394,099
	54,100		ConAgra Foods, Inc		1,650,591
	21,440	*	Constellation Brands, Inc (Class A)		1,711,770
	25,279		Dr Pepper Snapple Group, Inc		1,400,962
	80,724		General Mills, Inc		4,279,987
	19,327		Hershey Co		1,860,031
	17,070		Hormel Foods Corp		814,068
	13,337		J.M. Smucker Co		1,289,421
	32,980		Kellogg Co		2,204,053
	16,646		Keurig Green Mountain, Inc		1,559,397
	76,727		Kraft Foods Group, Inc		4,362,697
	46,920		Lorillard, Inc		2,787,986
	16,714		McCormick & Co, Inc		1,190,037
	25,852		Mead Johnson Nutrition Co		2,281,698
	20,493		Molson Coors Brewing Co (Class B)		1,228,965
	219,059		Mondelez International, Inc		7,809,453
	17,404	*	Monster Beverage Corp		1,165,372
	196,125		PepsiCo, Inc		16,845,176
	204,199		Philip Morris International, Inc		17,444,721
	39,815		Reynolds American, Inc		2,246,761
	34,784		Tyson Foods, Inc (Class A)		1,459,885
			TOTAL FOOD, BEVERAGE & TOBACCO		115,590,850

HEALTH CARE EQUIPMENT & SERVICES - 4.1%
	198,752		Abbott Laboratories		7,699,653
	46,402		Aetna, Inc		3,315,423
	29,374		AmerisourceBergen Corp		1,914,597
	10,007		Bard (C.R.), Inc		1,374,261
	69,986		Baxter International, Inc		5,094,281
	24,940		Becton Dickinson & Co		2,818,968
	171,117	*	Boston Scientific Corp		2,157,785
	44,246		Cardinal Health, Inc		3,075,539
	27,011	*	CareFusion Corp		1,055,050
	37,963	*	Cerner Corp		1,947,502

201

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	35,243		Cigna Corp	$	2,820,850
	58,028	*	Covidien plc		4,134,495
	22,834	*	DaVita, Inc		1,582,396
	17,921		Dentsply International, Inc		799,814
	13,970	*	Edwards Lifesciences Corp		1,138,136
	99,971	*	Express Scripts Holding Co		6,656,069
	19,856		Humana, Inc		2,179,196
	4,885	*	Intuitive Surgical, Inc		1,766,905
	11,130	*	Laboratory Corp of America Holdings		1,098,531
	29,595		McKesson Corp		5,007,178
	128,832		Medtronic, Inc		7,577,898
	10,589		Patterson Cos, Inc		430,972
	18,572		Quest Diagnostics, Inc		1,038,732
	36,891		St. Jude Medical, Inc		2,341,472
	37,868		Stryker Corp		2,944,237
	12,625	*	Tenet Healthcare Corp		569,135
	127,437		UnitedHealth Group, Inc		9,562,873
	13,436	*	Varian Medical Systems, Inc		1,068,834
	36,251		WellPoint, Inc		3,649,751
	21,590		Zimmer Holdings, Inc		2,089,912
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		88,910,445

HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
	56,457		Avon Products, Inc		862,663
	16,623	e	Clorox Co		1,507,706
	112,457	*	Colgate-Palmolive Co		7,568,356
	32,803		Estee Lauder Cos (Class A)		2,380,514
	48,864		Kimberly-Clark Corp		5,484,984
	349,269		Procter & Gamble Co		28,832,156
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		46,636,379

INSURANCE - 4.2%
	43,472		ACE Ltd		4,448,055
	59,227		Aflac, Inc		3,714,717
	57,651		Allstate Corp		3,283,224
	188,641		American International Group, Inc		10,022,497
	38,834		Aon plc		3,296,230
	9,412		Assurant, Inc		634,463
	231,873	*	Berkshire Hathaway, Inc (Class B)		29,876,836
	32,120		Chubb Corp		2,957,609
	18,843		Cincinnati Financial Corp		918,408
	63,714	*	Genworth Financial, Inc (Class A)		1,137,295
	57,325		Hartford Financial Services Group, Inc		2,056,248
	33,949		Lincoln National Corp		1,646,866
	39,293		Loews Corp		1,727,713
	70,683		Marsh & McLennan Cos, Inc		3,485,379
	144,269		Metlife, Inc		7,552,482
	35,363		Principal Financial Group		1,656,403
	69,695		Progressive Corp		1,690,104
	59,651		Prudential Financial, Inc		4,812,642
	11,321		Torchmark Corp		902,284
	45,222		Travelers Cos, Inc		4,096,209

202

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	33,231		UnumProvident Corp	$	1,103,934
	35,382		XL Capital Ltd		1,109,226
			TOTAL INSURANCE		92,128,824

MATERIALS - 3.5%
	27,275		Air Products & Chemicals, Inc		3,205,358
	8,423		Airgas, Inc		895,028
	150,049		Alcoa, Inc		2,021,160
	13,706		Allegheny Technologies, Inc		564,687
	12,508		Avery Dennison Corp		608,639
	18,175		Ball Corp		1,021,253
	13,402		Bemis Co, Inc		539,296
	7,226		CF Industries Holdings, Inc		1,771,598
	156,411		Dow Chemical Co		7,804,909
	119,361		Du Pont (E.I.) de Nemours & Co		8,035,383
	19,642		Eastman Chemical Co		1,712,193
	34,755		Ecolab, Inc		3,636,763
	17,100		FMC Corp		1,316,700
	133,603		Freeport-McMoRan Copper & Gold, Inc (Class B)		4,591,935
	10,467		International Flavors & Fragrances, Inc		1,031,209
	56,280		International Paper Co		2,625,462
	55,653		LyondellBasell Industries AF S.C.A		5,147,903
	22,115		MeadWestvaco Corp		864,033
	67,601		Monsanto Co		7,483,431
	43,482		Mosaic Co		2,175,839
	64,571		Newmont Mining Corp		1,603,298
	40,741		Nucor Corp		2,108,347
	21,566	*	Owens-Illinois, Inc		685,367
	17,932		PPG Industries, Inc		3,471,994
	37,935		Praxair, Inc		4,952,414
	25,167		Sealed Air Corp		863,480
	11,003		Sherwin-Williams Co		2,198,840
	15,448		Sigma-Aldrich Corp		1,486,252
	18,451	e	United States Steel Corp		480,095
	16,905		Vulcan Materials Co		1,090,880
			TOTAL MATERIALS		75,993,746

MEDIA - 3.5%
	28,132	e	Cablevision Systems Corp (Class A)		469,804
	70,848		CBS Corp (Class B)		4,092,181
	335,759		Comcast Corp (Class A)		17,378,886
	61,152	*	DIRECTV		4,745,395
	28,660	*	Discovery Communications, Inc (Class A)		2,175,294
	28,742		Gannett Co, Inc		780,920
	54,234		Interpublic Group of Cos, Inc		944,756
	64,753	*	News Corp		1,102,096
	33,040		Omnicom Group, Inc		2,236,147
	13,992		Scripps Networks Interactive (Class A)		1,050,380
	35,675		Time Warner Cable, Inc		5,046,586
	114,864		Time Warner, Inc		7,633,861
	250,007		Twenty-First Century Fox, Inc		8,005,224
	51,515		Viacom, Inc (Class B)		4,377,745

203

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	209,911		Walt Disney Co	$	16,654,339
			TOTAL MEDIA		76,693,614

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1%
	204,636		AbbVie, Inc		10,657,443
	22,388	*	Actavis plc		4,574,540
	42,672		Agilent Technologies, Inc		2,305,995
	25,478	*	Alexion Pharmaceuticals, Inc		4,030,619
	38,463		Allergan, Inc		6,378,704
	97,249		Amgen, Inc		10,867,576
	30,451	*	Biogen Idec, Inc		8,743,091
	211,805		Bristol-Myers Squibb Co		10,609,312
	52,263	*	Celgene Corp		7,683,184
	126,941		Eli Lilly & Co		7,502,213
	30,770	*	Forest Laboratories, Inc		2,828,071
	198,169	*	Gilead Sciences, Inc		15,554,285
	21,425	*	Hospira, Inc		981,265
	364,397		Johnson & Johnson		36,909,772
	378,812		Merck & Co, Inc		22,183,231
	48,373	*	Mylan Laboratories, Inc		2,456,381
	14,187		PerkinElmer, Inc		595,428
	17,117		Perrigo Co plc		2,479,569
	821,554		Pfizer, Inc		25,698,209
	10,161	*	Regeneron Pharmaceuticals, Inc		3,016,699
	50,481		Thermo Electron Corp		5,754,834
	30,563	*	Vertex Pharmaceuticals, Inc		2,069,115
	10,992	*	Waters Corp		1,083,152
	64,543		Zoetis Inc		1,953,071
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		196,915,759

REAL ESTATE - 2.3%
	50,856		American Tower Corp		4,247,493
	19,037		Apartment Investment & Management Co (Class A)		586,911
	15,606		AvalonBay Communities, Inc		2,130,999
	19,632		Boston Properties, Inc		2,299,692
	35,545	*	CBRE Group, Inc		946,919
	43,090		Crown Castle International Corp		3,133,936
	43,122		Equity Residential		2,563,172
	7,908		Essex Property Trust, Inc		1,370,140
	68,414		General Growth Properties, Inc		1,571,470
	58,507		HCP, Inc		2,449,103
	37,470		Health Care REIT, Inc		2,363,982
	96,982		Host Marriott Corp		2,080,264
	53,175		Kimco Realty Corp		1,218,771
	17,934		Macerich Co		1,164,096
	23,279		Plum Creek Timber Co, Inc		1,014,964
	63,929		Prologis, Inc		2,597,435
	18,719		Public Storage, Inc		3,285,372
	40,510		Simon Property Group, Inc		7,016,332
	37,779		Ventas, Inc		2,496,436
	22,537		Vornado Realty Trust		2,312,296
	74,801		Weyerhaeuser Co		2,232,810
			TOTAL REAL ESTATE		49,082,593

204

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

RETAILING - 4.1%
	47,928	*	Amazon.com, Inc	$	14,576,343
	8,124	*	Autonation, Inc		430,491
	4,359	*	AutoZone, Inc		2,327,227
	27,311	*	Bed Bath & Beyond, Inc		1,696,832
	35,075		Best Buy Co, Inc		909,495
	28,973	*	Carmax, Inc		1,268,438
	37,877	*	Dollar General Corp		2,137,778
	26,980	*	Dollar Tree, Inc		1,404,849
	13,115		Expedia, Inc		931,034
	12,560		Family Dollar Stores, Inc		737,900
	14,754	e	GameStop Corp (Class A)		585,439
	34,318		Gap, Inc		1,348,697
	19,895		Genuine Parts Co		1,733,252
	181,422		Home Depot, Inc		14,424,863
	25,994		Kohl’s Corp		1,424,211
	31,178		L Brands, Inc		1,689,848
	134,877		Lowe’s Companies, Inc		6,192,203
	47,536		Macy’s, Inc		2,729,992
	7,733	*	NetFlix, Inc		2,490,335
	18,257		Nordstrom, Inc		1,118,789
	13,823	*	O’Reilly Automotive, Inc		2,056,724
	13,312		Petsmart, Inc		900,956
	6,720	*	Priceline.com, Inc		7,780,080
	27,618		Ross Stores, Inc		1,880,233
	83,423		Staples, Inc		1,042,788
	81,332		Target Corp		5,022,251
	14,032		Tiffany & Co		1,227,660
	91,412		TJX Companies, Inc		5,318,350
	17,903		Tractor Supply Co		1,203,798
	14,187	*	TripAdvisor, Inc		1,145,458
	14,237	*	Urban Outfitters, Inc		507,620
			TOTAL RETAILING		88,243,934

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	40,480		Altera Corp		1,316,410
	40,066		Analog Devices, Inc		2,054,985
	154,971		Applied Materials, Inc		2,953,747
	70,629		Broadcom Corp (Class A)		2,176,079
	9,348	*	First Solar, Inc		630,897
	639,770		Intel Corp		17,075,461
	21,353		Kla-Tencor Corp		1,366,378
	20,983	*	Lam Research Corp		1,208,831
	30,451		Linear Technology Corp		1,355,070
	72,272		LSI Logic Corp		805,110
	25,670	e	Microchip Technology, Inc		1,220,352
	136,604	*	Micron Technology, Inc		3,568,096
	73,555		Nvidia Corp		1,358,561
	139,716		Texas Instruments, Inc		6,350,092
	34,025		Xilinx, Inc		1,605,640
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		45,045,709

205

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

SOFTWARE & SERVICES - 10.0%
	82,133		Accenture plc	$	6,588,709
	59,827	*	Adobe Systems, Inc		3,690,728
	23,121	*	Akamai Technologies, Inc		1,227,031
	6,874	*	Alliance Data Systems Corp		1,662,821
	29,095	*	Autodesk, Inc		1,397,142
	61,964		Automatic Data Processing, Inc		4,830,713
	41,192		CA, Inc		1,241,527
	23,754	*	Citrix Systems, Inc		1,408,850
	78,226	*	Cognizant Technology Solutions Corp (Class A)		3,747,417
	18,554		Computer Sciences Corp		1,098,026
	150,109	*	eBay, Inc		7,780,149
	40,030	*	Electronic Arts, Inc		1,132,849
	219,839	*	Facebook, Inc		13,141,975
	37,321		Fidelity National Information Services, Inc		1,994,061
	32,558	*	Fiserv, Inc		1,978,875
	36,369	*	Google, Inc		19,154,097
	36,364	*	Google, Inc (Class A)		19,450,376
	126,110		International Business Machines Corp		24,776,832
	36,373		Intuit, Inc		2,755,255
	131,479		Mastercard, Inc (Class A)		9,670,280
	972,953		Microsoft Corp		39,307,301
	445,962		Oracle Corp		18,230,927
	41,924		Paychex, Inc		1,752,842
	24,484	*	Red Hat, Inc		1,191,147
	72,179	*	Salesforce.com, Inc		3,728,045
	88,541		Symantec Corp		1,795,612
	20,925	*	Teradata Corp		951,251
	21,419		Total System Services, Inc		680,482
	16,455	*	VeriSign, Inc		776,347
	65,311		Visa, Inc (Class A)		13,232,662
	70,636		Western Union Co		1,120,993
	145,967		Xerox Corp		1,764,741
	121,173	*	Yahoo!, Inc		4,356,169
			TOTAL SOFTWARE & SERVICES		217,616,232

TECHNOLOGY HARDWARE & EQUIPMENT - 6.4%
	20,311		Amphenol Corp (Class A)		1,936,654
	114,695		Apple, Inc		67,680,373
	663,591		Cisco Systems, Inc		15,335,588
	178,624		Corning, Inc		3,735,028
	260,593		EMC Corp		6,723,299
	9,766	*	F5 Networks, Inc		1,027,090
	18,256		Flir Systems, Inc		621,434
	13,592		Harris Corp		999,284
	244,010		Hewlett-Packard Co		8,066,971
	24,471		Jabil Circuit, Inc		422,370
	64,460	*	Juniper Networks, Inc		1,591,517
	29,041		Motorola, Inc		1,846,427
	42,830		NetApp, Inc		1,525,176

206

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	217,827		Qualcomm, Inc	$	17,145,163
	28,999		SanDisk Corp		2,464,045
	42,043		Seagate Technology, Inc		2,210,621
	52,490		TE Connectivity Ltd		3,095,860
	26,988		Western Digital Corp		2,378,452
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		138,805,352

TELECOMMUNICATION SERVICES - 2.4%
	669,959		AT&T, Inc		23,917,536
	74,873		CenturyTel, Inc		2,613,817
	127,853	e	Frontier Communications Corp		760,725
	532,606		Verizon Communications, Inc		24,888,679
	76,230	e	Windstream Holdings, Inc		691,406
			TOTAL TELECOMMUNICATION SERVICES		52,872,163

TRANSPORTATION - 2.0%
	19,486		CH Robinson Worldwide, Inc		1,147,725
	129,664		CSX Corp		3,659,118
	109,737		Delta Air Lines, Inc		4,041,614
	26,433		Expeditors International of Washington, Inc		1,090,097
	35,585		FedEx Corp		4,848,456
	14,149		Kansas City Southern Industries, Inc		1,427,351
	39,775		Norfolk Southern Corp		3,759,931
	6,870		Ryder System, Inc		564,577
	90,767		Southwest Airlines Co		2,193,838
	58,624		Union Pacific Corp		11,163,768
	91,551		United Parcel Service, Inc (Class B)		9,017,774
			TOTAL TRANSPORTATION		42,914,249

UTILITIES - 3.2%
	84,329		AES Corp		1,218,554
	15,263		AGL Resources, Inc		824,202
	31,434		Ameren Corp		1,298,538
	62,912		American Electric Power Co, Inc		3,385,295
	55,081		Centerpoint Energy, Inc		1,363,805
	33,965		CMS Energy Corp		1,029,479
	37,826		Consolidated Edison, Inc		2,195,043
	75,115		Dominion Resources, Inc		5,448,842
	22,945		DTE Energy Co		1,792,922
	91,095		Duke Energy Corp		6,785,666
	41,652		Edison International		2,355,837
	23,119		Entergy Corp		1,676,127
	110,411		Exelon Corp		3,867,697
	53,629		FirstEnergy Corp		1,809,979
	10,379		Integrys Energy Group, Inc		636,025
	56,234		NextEra Energy, Inc		5,614,965
	40,456		NiSource, Inc		1,469,362
	40,446		Northeast Utilities		1,911,478
	41,898		NRG Energy, Inc		1,370,903
	32,342		Pepco Holdings, Inc		865,472
	58,566		PG&E Corp		2,669,438
	14,547		Pinnacle West Capital Corp		813,905

207

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	81,375		PPL Corp	$	2,713,042
	65,007		Public Service Enterprise Group, Inc		2,663,337
	18,298		SCANA Corp		982,237
	29,447		Sempra Energy		2,903,769
	114,195		Southern Co		5,233,557
	25,836		TECO Energy, Inc		464,015
	29,272	e	Wisconsin Energy Corp		1,419,107
	64,563		Xcel Energy, Inc		2,057,623
			TOTAL UTILITIES		68,840,221

			TOTAL COMMON STOCKS		2,167,796,502
			(Cost $1,580,270,567)

SHORT-TERM INVESTMENTS - 0.9%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	19,353,729	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		19,353,729
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		19,353,729
			TOTAL SHORT-TERM INVESTMENTS		19,353,729
			(Cost $19,353,729)

			TOTAL INVESTMENTS - 100.6%		2,187,150,231
			(Cost $1,599,624,296)
			OTHER ASSETS & LIABILITIES, NET - (0.6)%		(13,151,450	)
			NET ASSETS - 100.0%	$	2,173,998,781

	Abbreviation(s):
	REIT	Real Estate Investment Trust
	SPDR	Standard & Poor’s Depository 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 $19,069,910.

208

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

TIAA-CREF FUNDS

SMALL-CAP BLEND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 1.1%
	68,254	*	American Axle & Manufacturing Holdings, Inc	$	1,204,683
	64,653		Cooper Tire & Rubber Co		1,626,023
	160,432		Dana Holding Corp		3,396,345
	25,908	*,e	Dorman Products, Inc		1,491,005
	23,298		Drew Industries, Inc		1,172,355
	20,146	*	Federal Mogul Corp (Class A)		346,914
	9,150	*	Fox Factory Holding Corp		155,459
	13,759	*	Fuel Systems Solutions, Inc		144,194
	34,425	*	Gentherm, Inc		1,251,349
	46,498	*	Modine Manufacturing Co		766,287
	13,622		Remy International, Inc		361,256
	6,105	*	Shiloh Industries, Inc		120,513
	32,064		Spartan Motors, Inc		170,260
	20,465		Standard Motor Products, Inc		777,465
	28,194	*	Stoneridge, Inc		301,394
	24,064		Superior Industries International, Inc		508,713
	62,285	*	Tenneco, Inc		3,729,003
	5,489	*	Tower International, Inc		152,649
	28,983	*	Winnebago Industries, Inc		692,694
			TOTAL AUTOMOBILES & COMPONENTS		18,368,561

BANKS - 8.8%
	15,769		1st Source Corp		465,028
	26,266		1st United Bancorp, Inc		192,267
	8,246		Access National Corp		121,629
	6,949		American National Bankshares, Inc		148,083
	27,070	*	Ameris Bancorp		575,779
	8,247	e	Ames National Corp		180,032
	33,895		Apollo Residential Mortgage		547,404
	10,632	e	Arrow Financial Corp		266,119
	93,385		Astoria Financial Corp		1,238,285
	18,246		Banc of California, Inc		229,352
	7,914		Bancfirst Corp		460,674
	30,766		Banco Latinoamericano de Exportaciones S.A. (Class E)		791,302
	98,105		Bancorpsouth, Inc		2,291,733
	47,368		Bank Mutual Corp		285,155
	5,442		Bank of Kentucky Financial Corp		187,803
	5,477		Bank of Marin Bancorp		248,711
	32,435		Bank of the Ozarks, Inc		1,942,857
	18,547		BankFinancial Corp		182,503
	20,919		Banner Corp		827,137
	3,382		Bar Harbor Bankshares		127,096
	81,948		BBCN Bancorp, Inc		1,262,819
	7,909	*	BBX Capital Corp		148,136

209

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	36,221	*	Beneficial Mutual Bancorp, Inc	$	472,322
	26,823		Berkshire Hills Bancorp, Inc		628,463
	20,311		BNC Bancorp		331,069
	12,646	*	BofI Holding, Inc		1,019,394
	82,644		Boston Private Financial Holdings, Inc		1,033,876
	7,927		Bridge Bancorp, Inc		192,785
	8,171	*	Bridge Capital Holdings		183,030
	72,481		Brookline Bancorp, Inc		658,127
	13,378		Bryn Mawr Bank Corp		364,952
	3,348		C&F Financial Corp		104,625
	7,613		Camden National Corp		290,588
	25,458	*	Capital Bank Financial Corp		607,173
	10,709		Capital City Bank Group, Inc		148,855
	155,618		Capitol Federal Financial		1,873,641
	33,561		Cardinal Financial Corp		563,825
	4,045	*,e	Cascade Bancorp		19,133
	81,871		Cathay General Bancorp		1,932,156
	12,531		Center Bancorp, Inc		231,949
	26,422		Centerstate Banks of Florida, Inc		289,849
	22,921		Central Pacific Financial Corp		430,227
	2,780		Century Bancorp, Inc		93,130
	22,425		Charter Financial Corp		246,675
	31,356		Chemical Financial Corp		880,163
	3,175	e	Chemung Financial Corp		90,773
	10,901		Citizens & Northern Corp		204,285
	17,031	e	City Holding Co		732,163
	6,410		Clifton Bancorp, Inc		74,292
	11,027		CNB Financial Corp		182,166
	37,129		CoBiz, Inc		372,775
	52,328		Columbia Banking System, Inc		1,298,781
	41,182		Community Bank System, Inc		1,531,559
	14,619		Community Trust Bancorp, Inc		539,003
	9,071	*,e	CommunityOne Bancorp		88,442
	1,526	*	ConnectOne Bancorp, Inc		73,248
	9,568	*	CU Bancorp		173,659
	21,293	*	Customers Bancorp, Inc		469,085
	93,817		CVB Financial Corp		1,356,594
	32,844		Dime Community Bancshares		535,357
	6,952	*,e	Doral Financial Corp		66,461
	22,762	*	Eagle Bancorp, Inc		760,023
	6,428		Enterprise Bancorp, Inc		117,375
	19,421		Enterprise Financial Services Corp		347,053
	9,396		ESB Financial Corp		118,578
	6,948		ESSA Bancorp, Inc		72,190
	22,430	*	Essent Group Ltd		422,806
	84,005		EverBank Financial Corp		1,572,574
	7,553	*	Farmers Capital Bank Corp		157,782
	11,769		Federal Agricultural Mortgage Corp (Class C)		418,741
	16,594	*	Fidelity Southern Corp		219,207
	11,588		Financial Institutions, Inc		268,262
	17,324		First Bancorp (NC)		298,146
	74,742	*	First Bancorp (Puerto Rico)		384,174

210

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	8,470		First Bancorp, Inc	$	134,927
	69,328		First Busey Corp		381,304
	103,134		First Commonwealth Financial Corp		885,921
	15,815		First Community Bancshares, Inc		234,220
	16,696		First Connecticut Bancorp		264,632
	9,649		First Defiance Financial Corp		260,716
	2,377	*	First Federal Bancshares of Arkansas, Inc		21,084
	60,131		First Financial Bancorp		973,521
	32,784	e	First Financial Bankshares, Inc		1,935,895
	11,117		First Financial Corp		355,855
	25,119		First Financial Holdings, Inc		1,443,589
	15,906		First Financial Northwest, Inc		162,241
	19,136		First Interstate Bancsystem, Inc		476,295
	36,864		First Merchants Corp		782,254
	78,831		First Midwest Bancorp, Inc		1,290,463
	4,561	*	First NBC Bank Holding Co		141,847
	8,008		First of Long Island Corp		290,450
	55,100	*,e	First Security Group, Inc		104,690
	170,871		FirstMerit Corp		3,313,189
	21,567	*	Flagstar Bancorp, Inc		379,579
	31,631		Flushing Financial Corp		607,948
	159,516		FNB Corp		1,984,379
	10,596		Fox Chase Bancorp, Inc		176,741
	10,296	*	Franklin Financial Corp		205,508
	11,187		German American Bancorp, Inc		291,309
	74,842		Glacier Bancorp, Inc		1,920,446
	9,949		Great Southern Bancorp, Inc		285,238
	12,895		Guaranty Bancorp		162,348
	29,360	*	Hampton Roads Bankshares, Inc		48,738
	87,514		Hancock Holding Co		2,951,847
	33,555		Hanmi Financial Corp		713,715
	15,841		Heartland Financial USA, Inc		384,936
	18,150		Heritage Commerce Corp		147,378
	15,692		Heritage Financial Corp		253,583
	16,880	*	Heritage Oaks Bancorp		125,081
	1,130		Hingham Institution for Savings		78,546
	5,439	*	Home Bancorp, Inc		110,140
	46,605		Home Bancshares, Inc		1,477,845
	12,763		Home Federal Bancorp, Inc		192,083
	72,559		Home Loan Servicing Solutions Ltd		1,607,182
	13,054		HomeStreet, Inc		237,061
	21,461	*	HomeTrust Bancshares, Inc		327,709
	7,488		Horizon Bancorp		149,685
	18,721		Hudson Valley Holding Corp		343,718
	30,326		IBERIABANK Corp		1,907,505
	25,368		Independent Bank Corp		941,660
	4,007		Independent Bank Group, Inc		197,184
	54,794		International Bancshares Corp		1,258,070
	15,030	*	Intervest Bancshares Corp		113,777
	51,529		Investors Bancorp, Inc		1,377,370
	12,681	*	Kearny Financial Corp		184,889
	15,480	*	Ladder Capital Corp		276,937

211

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	28,590		Lakeland Bancorp, Inc	$	298,480
	17,545		Lakeland Financial Corp		642,147
	5,373		LCNB Corp		85,968
	20,518	e	Macatawa Bank Corp		99,923
	17,701		MainSource Financial Group, Inc		292,598
	56,278		MB Financial, Inc		1,510,502
	7,537		Mercantile Bank Corp		147,047
	4,949		Merchants Bancshares, Inc		143,867
	7,385	*	Meridian Interstate Bancorp, Inc		186,619
	6,259		Meta Financial Group, Inc		262,315
	333,241	*	MGIC Investment Corp		2,865,873
	4,581		Middleburg Financial Corp		79,389
	7,181		Midsouth Bancorp, Inc		120,066
	5,991		MidWestOne Financial Group, Inc		147,558
	3,697	e	NASB Financial, Inc		88,210
	47,331		National Bank Holdings Corp		906,862
	6,122	e	National Bankshares, Inc		199,455
	122,712		National Penn Bancshares, Inc		1,198,896
	46,266		NBT Bancorp, Inc		1,047,925
	22,073	*	NewBridge Bancorp		169,741
	62,738		Northfield Bancorp, Inc		813,712
	5,558		Northrim BanCorp, Inc		133,336
	89,007		Northwest Bancshares, Inc		1,182,903
	13,582		OceanFirst Financial Corp		220,300
	46,007		OFG Bancorp		784,879
	103,978		Old National Bancorp		1,468,169
	10,392		OmniAmerican Bancorp, Inc		258,345
	48,173		Oritani Financial Corp		714,406
	17,062		Pacific Continental Corp		224,877
	15,674	*	Pacific Premier Bancorp, Inc		213,950
	94,390		PacWest Bancorp		3,716,134
	3,918	*	Palmetto Bancshares, Inc		52,932
	11,990	e	Park National Corp		869,515
	41,895		Park Sterling Bank		273,574
	9,809		Peapack Gladstone Financial Corp		186,469
	3,390		Penns Woods Bancorp, Inc		149,160
	13,626	*	Pennsylvania Commerce Bancorp, Inc		278,243
	15,498	*	PennyMac Financial Services, Inc		245,953
	10,656		Peoples Bancorp, Inc		277,802
	36,266		Pinnacle Financial Partners, Inc		1,253,716
	10,289	*	Preferred Bank		220,699
	67,679		PrivateBancorp, Inc		1,865,910
	64,840		Prosperity Bancshares, Inc		3,825,560
	11,891		Provident Financial Holdings, Inc		167,306
	61,798		Provident Financial Services, Inc		1,074,049
	176,027		Radian Group, Inc		2,460,857
	31,834		Renasant Corp		866,521
	9,959		Republic Bancorp, Inc (Class A)		239,116
	32,238		S&T Bancorp, Inc		749,856
	25,791		Sandy Spring Bancorp, Inc		620,274
	12,949	*	Seacoast Banking Corp of Florida		137,259
	10,766		Sierra Bancorp		168,057

212

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	18,056		Simmons First National Corp (Class A)	$	652,905
	19,220	e	Southside Bancshares, Inc		530,095
	21,181		Southwest Bancorp, Inc		353,723
	34,342		State Bank & Trust Co		569,390
	88,023		Sterling Bancorp/DE		1,052,755
	13,284		Stock Yards Bancorp, Inc		391,612
	8,080	*,e	Stonegate Mortgage Corp		102,212
	9,874	*	Suffolk Bancorp		216,537
	34,978	*	Sun Bancorp, Inc		132,916
	190,712		Susquehanna Bancshares, Inc		1,975,776
	18,170	*	Talmer Bancorp Inc		243,660
	17,645	*	Taylor Capital Group, Inc		375,662
	10,483		Territorial Bancorp, Inc		214,482
	43,845	*	Texas Capital Bancshares, Inc		2,463,651
	35,010	*	The Bancorp, Inc		553,858
	14,750		Tompkins Trustco, Inc		695,315
	23,739	e	TowneBank		366,293
	6,787	*	Tree.com, Inc		197,366
	17,028		Trico Bancshares		412,929
	7,264	*	Tristate Capital Holdings, Inc		95,013
	97,540		Trustco Bank Corp NY		644,739
	70,340		Trustmark Corp		1,608,676
	36,882		UMB Financial Corp		2,165,342
	174,897		Umpqua Holdings Corp		2,908,537
	43,494		Union Bankshares Corp		1,113,011
	67,305		United Bankshares, Inc		1,968,671
	45,677	*	United Community Banks, Inc		737,684
	35,001	*	United Community Financial Corp		116,553
	21,901		United Financial Bancorp, Inc		386,334
	27,499	*	United Financial Bancorp, Inc (New)		361,887
	17,338		Univest Corp of Pennsylvania		341,732
	10,211	*	VantageSouth Bancshares, Inc		62,696
	41,367		ViewPoint Financial Group		1,078,438
	15,847	*	Walker & Dunlop, Inc		248,481
	11,597		Washington Banking Co		199,468
	14,882		Washington Trust Bancorp, Inc		508,964
	11,878	*	Waterstone Financial, Inc		123,650
	92,647		Webster Financial Corp		2,792,381
	27,408		WesBanco, Inc		828,818
	13,802		West Bancorporation, Inc		200,267
	27,944	e	Westamerica Bancorporation		1,420,114
	76,196	*	Western Alliance Bancorp		1,757,842
	19,696		Westfield Financial, Inc		134,918
	71,261		Wilshire Bancorp, Inc		712,610
	44,442		Wintrust Financial Corp		1,991,890
	8,176		WSFS Financial Corp		552,861
	12,699	*	Yadkin Financial Corp		243,186
			TOTAL BANKS		146,147,873

CAPITAL GOODS - 9.4%
	28,134	*	Aaon, Inc		797,599
	40,581		AAR Corp		1,051,048

213

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	40,229	*	Accuride Corp	$	226,892
	28,687		Aceto Corp		627,672
	74,719		Actuant Corp (Class A)		2,529,985
	44,074		Acuity Brands, Inc		5,490,298
	39,103	*	Aegion Corp		996,735
	19,350	*	Aerovironment, Inc		653,450
	69,545		Aircastle Ltd		1,221,906
	7,920		Alamo Group, Inc		420,710
	29,225		Albany International Corp (Class A)		1,051,516
	27,779		Altra Holdings, Inc		948,931
	21,981	*	Ameresco, Inc		140,898
	9,670	e	American Railcar Industries, Inc		671,485
	8,292		American Science & Engineering, Inc		557,222
	67,857	*,e	American Superconductor Corp		86,857
	11,063	*	American Woodmark Corp		332,001
	10,962		Ampco-Pittsburgh Corp		219,569
	28,554	*,e	API Technologies Corp		65,103
	28,647		Apogee Enterprises, Inc		910,115
	43,385		Applied Industrial Technologies, Inc		2,079,009
	13,830		Argan, Inc		370,229
	101,219	*	ArvinMeritor, Inc		1,201,470
	21,306		Astec Industries, Inc		851,175
	15,907	*	Astronics Corp		908,608
	25,715		AZZ, Inc		1,116,545
	54,165		Barnes Group, Inc		2,086,436
	49,066	*	Beacon Roofing Supply, Inc		1,745,768
	49,840	*	Blount International, Inc		556,713
	32,404	*	Bluelinx Holdings, Inc		42,449
	48,181		Brady Corp (Class A)		1,242,588
	49,247	e	Briggs & Stratton Corp		1,052,408
	48,898	*	Builders FirstSource, Inc		383,849
	18,429	*	CAI International, Inc		400,831
	322,623	*,e	Capstone Turbine Corp		664,603
	30,684	*	Chart Industries, Inc		2,093,262
	17,738		CIRCOR International, Inc		1,440,503
	50,557		Clarcor, Inc		2,920,172
	19,835	*	Columbus McKinnon Corp		525,429
	38,189		Comfort Systems USA, Inc		572,835
	27,114	*	Commercial Vehicle Group, Inc		263,277
	13,740	*	Continental Building Products Inc		233,580
	20,290		Cubic Corp		962,355
	47,748		Curtiss-Wright Corp		3,053,007
	76,477	*	DigitalGlobe, Inc		2,277,485
	23,268		Douglas Dynamics, Inc		392,531
	10,402	*	Ducommun, Inc		252,457
	9,425	*	DXP Enterprises, Inc		1,067,004
	34,104	*	Dycom Industries, Inc		1,070,866
	15,607		Dynamic Materials Corp		315,261
	68,414		EMCOR Group, Inc		3,146,360
	21,363		Encore Wire Corp		1,041,019
	53,012	*,e	Energy Recovery, Inc		270,891
	49,059		EnerSys		3,315,407

214

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	17,429	*	Engility Holdings, Inc	$	760,602
	19,112	*,e	Enphase Energy, Inc		144,296
	21,083	*	EnPro Industries, Inc		1,501,320
	5,371	*,e	Erickson Air-Crane, Inc		84,916
	27,173		ESCO Technologies, Inc		908,122
	32,003	*	Esterline Technologies Corp		3,488,967
	64,280	*	Federal Signal Corp		975,770
	48,136		Franklin Electric Co, Inc		1,861,419
	11,886		Freightcar America, Inc		312,126
	188,201	*,e	FuelCell Energy, Inc		427,216
	40,232	*	Furmanite Corp		421,631
	62,083	*,e	GenCorp, Inc		1,090,177
	52,212		Generac Holdings, Inc		3,074,243
	50,387		General Cable Corp		1,290,915
	31,007	*	Gibraltar Industries, Inc		529,600
	9,350		Global Brass & Copper Holdings, Inc		148,291
	18,312		Global Power Equipment Group, Inc		321,009
	19,511		Gorman-Rupp Co		605,817
	119,439	*,e	GrafTech International Ltd		1,338,911
	10,489		Graham Corp		312,992
	39,152		Granite Construction, Inc		1,463,502
	62,179	*	Great Lakes Dredge & Dock Corp		536,605
	25,100	*	Greenbrier Cos, Inc		1,316,244
	45,338		Griffon Corp		482,396
	30,717	*	H&E Equipment Services, Inc		1,184,140
	11,274		Hardinge, Inc		150,621
	67,730		Heico Corp		3,746,824
	17,906		Houston Wire & Cable Co		223,109
	5,313		Hurco Cos, Inc		141,645
	11,035		Hyster-Yale Materials Handling, Inc		1,063,664
	52,787	*	II-VI, Inc		760,133
	11,195	*	Innovative Solutions & Support, Inc		75,342
	19,187		Insteel Industries, Inc		394,868
	28,889		John Bean Technologies Corp		837,492
	12,108		Kadant, Inc		420,753
	27,659		Kaman Corp		1,160,848
	33,492	*,e	KEYW Holding Corp		430,372
	43,981	*	Kratos Defense & Security Solutions, Inc		317,543
	20,045	*,e	Layne Christensen Co		349,184
	10,523		LB Foster Co (Class A)		498,264
	13,128	e	Lindsay Manufacturing Co		1,156,971
	10,265	*,e	LMI Aerospace, Inc		140,015
	17,311		LSI Industries, Inc		131,737
	17,847	*	Lydall, Inc		417,798
	13,621	*	Manitex International, Inc		224,202
	60,833	*,e	Mastec, Inc		2,407,770
	19,111	*	Middleby Corp		4,825,145
	11,879		Miller Industries, Inc		230,096
	46,557	*	Moog, Inc (Class A)		3,047,156
	57,850		Mueller Industries, Inc		1,674,179
	158,126		Mueller Water Products, Inc (Class A)		1,442,109
	22,377	*	MYR Group, Inc		524,964

215

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	5,403	e	National Presto Industries, Inc	$	390,421
	21,397	*	NCI Building Systems, Inc		334,649
	17,098		NN, Inc		334,608
	7,280	*	Norcraft Cos, Inc		115,606
	9,384	*	Nortek, Inc		770,989
	9,576	*	Northwest Pipe Co		342,534
	1,765		Omega Flex, Inc		35,600
	61,105	*	Orbital Sciences Corp		1,796,487
	28,617	*	Orion Marine Group, Inc		335,677
	6,735	*	Patrick Industries, Inc		269,871
	36,742	*	Perini Corp		1,087,563
	31,831	*	Pgt, Inc		316,718
	29,083	*	Pike Electric Corp		279,197
	19,020	*	Ply Gem Holdings, Inc		242,505
	16,695	*	PMFG, Inc		94,661
	48,121	*,e	Polypore International, Inc		1,668,836
	9,235		Powell Industries, Inc		584,760
	2,241	*,e	Power Solutions International, Inc		185,443
	21,005	*	PowerSecure International, Inc		466,941
	3,190		Preformed Line Products Co		190,634
	36,203		Primoris Services Corp		1,012,960
	17,450	*	Proto Labs, Inc		1,056,423
	37,195		Quanex Building Products Corp		700,754
	37,908		Raven Industries, Inc		1,171,357
	23,495	*	RBC Bearings, Inc		1,462,799
	38,338	*,e	Revolution Lighting Technologies, Inc		111,564
	31,040	*	Rexnord Corp		830,010
	35,464	*	Rush Enterprises, Inc (Class A)		1,138,394
	40,997		Simpson Manufacturing Co, Inc		1,344,292
	11,734	*	Sparton Corp		318,695
	13,247		Standex International Corp		786,474
	13,659	*	Sterling Construction Co, Inc		104,901
	7,470	*	Stock Building Supply Holdings, Inc		129,306
	21,314		Sun Hydraulics Corp		871,316
	34,922	e	TAL International Group, Inc		1,473,010
	53,224	*	Taser International, Inc		859,568
	17,383	*	Tecumseh Products Co (Class A)		104,472
	38,058	*	Teledyne Technologies, Inc		3,534,066
	18,640		Tennant Co		1,189,046
	21,036	e	Textainer Group Holdings Ltd		826,715
	7,041	*,e	The ExOne Company		243,196
	28,806	*	Thermon Group Holdings		686,159
	53,325	e	Titan International, Inc		933,721
	18,770	*,e	Titan Machinery, Inc		331,103
	17,478	*	Trex Co, Inc		1,372,373
	45,611	*	Trimas Corp		1,635,610
	8,316		Twin Disc, Inc		240,582
	20,301		Universal Forest Products, Inc		1,024,997
	79,172	*	USG Corp		2,364,076
	15,512	*	Vicor Corp		129,680
	69,441	*	Wabash National Corp		927,732
	26,487		Watsco, Inc		2,725,777

216

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	28,615		Watts Water Technologies, Inc (Class A)	$	1,522,318
	69,928		Woodward Governor Co		3,134,872
	10,800	*	Xerium Technologies, Inc		145,800
			TOTAL CAPITAL GOODS		156,578,223

COMMERCIAL & PROFESSIONAL SERVICES - 3.5%
	55,922		ABM Industries, Inc		1,514,927
	49,181	e	Acacia Research (Acacia Technologies)		788,863
	113,413	*	ACCO Brands Corp		695,222
	30,824	*,e	Acorn Energy, Inc		71,512
	22,532		Administaff, Inc		722,376
	36,714	*	Advisory Board Co		2,102,244
	22,331		American Ecology Corp		997,079
	40,180	*	ARC Document Solutions, Inc		257,152
	7,473		Barrett Business Services, Inc		376,714
	49,747		Brink’s Co		1,265,564
	41,773	*	Casella Waste Systems, Inc (Class A)		213,042
	35,444	*	CBIZ, Inc		303,755
	14,084		CDI Corp		215,767
	19,543	e	Ceco Environmental Corp		310,538
	62,570	*,e	Cenveo, Inc		193,341
	759		Compx International, Inc		6,983
	34,223		Corporate Executive Board Co		2,362,071
	11,204		Courier Corp		162,794
	9,692	*	CRA International, Inc		210,995
	51,919		Deluxe Corp		2,852,949
	27,631	*	EnerNOC, Inc		652,092
	27,181		Ennis, Inc		406,628
	13,674		Exponent, Inc		962,923
	9,815	*	Franklin Covey Co		198,950
	40,387	*	FTI Consulting, Inc		1,385,274
	19,793		G & K Services, Inc (Class A)		1,047,841
	72,351		Geo Group, Inc		2,425,929
	15,541	*	GP Strategies Corp		408,417
	70,622		Healthcare Services Group		2,055,100
	18,797		Heidrick & Struggles International, Inc		354,323
	7,793	*	Heritage-Crystal Clean, Inc		124,688
	60,231		Herman Miller, Inc		1,856,922
	46,560		HNI Corp		1,640,309
	23,678	*	Huron Consulting Group, Inc		1,685,874
	20,377	*	ICF International, Inc		794,092
	149,056	*	ICO Global Communications Holdings Ltd		245,942
	45,556	*	Innerworkings, Inc		328,003
	60,027		Interface, Inc		1,079,886
	10,838		Intersections, Inc		60,910
	27,346		Kelly Services, Inc (Class A)		575,907
	26,986		Kforce, Inc		623,916
	34,394		Kimball International, Inc (Class B)		576,443
	51,473		Knoll, Inc		936,294
	49,292	*	Korn/Ferry International		1,431,933
	26,186		McGrath RentCorp		826,954
	16,862	*	Mistras Group, Inc		382,936

217

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	39,024		Mobile Mini, Inc	$	1,724,080
	28,547		MSA Safety, Inc		1,505,854
	12,746		Multi-Color Corp		444,198
	51,031	*	Navigant Consulting, Inc		857,321
	5,347		NL Industries, Inc		53,630
	100,371	*,e	Odyssey Marine Exploration, Inc		219,812
	47,080	*	On Assignment, Inc		1,647,800
	21,875	*	Performant Financial Corp		190,531
	26,291		Quad		569,200
	41,452		Resources Connection, Inc		564,162
	32,360	*	RPX Corp		530,057
	12,656		Schawk, Inc (Class A)		253,120
	17,070	*	SP Plus Corp		416,849
	86,568		Steelcase, Inc (Class A)		1,426,641
	109,921	*,e	Swisher Hygiene, Inc		44,122
	21,316	*	Team, Inc		914,243
	67,142	*	Tetra Tech, Inc		1,924,961
	12,082	*	TRC Cos, Inc		71,646
	41,770	*	TrueBlue, Inc		1,117,348
	15,019		Unifirst Corp		1,445,429
	41,235		United Stationers, Inc		1,547,550
	20,122		Viad Corp		463,812
	4,274		VSE Corp		266,997
	25,975	*	WageWorks, Inc		1,100,561
	21,852		West Corp		532,096
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		58,524,394

CONSUMER DURABLES & APPAREL - 3.1%
	49,423	*,e	American Apparel, Inc		31,947
	13,425		Arctic Cat, Inc		548,948
	9,579		Bassett Furniture Industries, Inc		132,094
	25,836	*,e	Beazer Homes USA, Inc		489,851
	24,185	*,e	Black Diamond, Inc		269,663
	12,164	e	Blyth, Inc		113,977
	92,540		Brunswick Corp		3,719,183
	72,758	e	Callaway Golf Co		633,722
	7,382	*	Cavco Industries, Inc		575,427
	13,051	e	Columbia Sportswear Co		1,122,125
	89,372	*	CROCS, Inc		1,352,198
	9,977		CSS Industries, Inc		239,149
	8,520		Culp, Inc		153,786
	26,438	e	Ethan Allen Interiors, Inc		641,915
	8,613	*,e	EveryWare Global, Inc		23,427
	3,540		Flexsteel Industries, Inc		121,493
	16,878	*	G-III Apparel Group Ltd		1,211,334
	32,070	*	Helen of Troy Ltd		2,010,789
	10,255		Hooker Furniture Corp		142,032
	116,143	*,e	Hovnanian Enterprises, Inc (Class A)		517,998
	49,552	*	Iconix Brand Group, Inc		2,105,960
	8,700	*	Installed Building Products Inc		121,017
	29,120	*,e	iRobot Corp		975,520
	21,630	e	Jakks Pacific, Inc		189,479

218

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	3,848		Johnson Outdoors, Inc	$	80,539
	129,135	*	Kate Spade & Co		4,490,024
	83,234	e	KB Home		1,374,193
	52,675		La-Z-Boy, Inc		1,276,315
	62,579	*,e	Leapfrog Enterprises, Inc		428,666
	11,860	*	LGI Homes, Inc		174,579
	23,092	*	Libbey, Inc		615,864
	8,125		Lifetime Brands, Inc		155,187
	24,034	*	M/I Homes, Inc		535,237
	8,340	*	Malibu Boats Inc		185,648
	7,584		Marine Products Corp		53,846
	39,514	e	MDC Holdings, Inc		1,090,586
	39,274	*	Meritage Homes Corp		1,515,191
	18,370		Movado Group, Inc		721,574
	4,790		Nacco Industries, Inc (Class A)		256,696
	30,213	*	Nautilus, Inc		251,674
	9,130	*	New Home Co Inc		125,537
	13,797		Oxford Industries, Inc		910,740
	12,107	*	Perry Ellis International, Inc		182,816
	47,404		Pool Corp		2,797,784
	136,635	*	Quiksilver, Inc		877,197
	8,793		RG Barry Corp		160,736
	47,782		Ryland Group, Inc		1,834,351
	39,226	*	Skechers U.S.A., Inc (Class A)		1,607,874
	19,941	*	Skullcandy, Inc		153,546
	59,599	*,e	Smith & Wesson Holding Corp		914,845
	149,574	*	Standard-Pacific Corp		1,195,096
	61,799	*	Steven Madden Ltd		2,200,662
	19,903	e	Sturm Ruger & Co, Inc		1,280,758
	14,629	*,e	TRI Pointe Homes, Inc		235,088
	48,645	*	Tumi Holdings, Inc		993,331
	7,320	*	UCP, Inc (Class A)		103,578
	16,024	*	Unifi, Inc		354,771
	15,184	*	Universal Electronics, Inc		567,122
	21,902	*,e	Vera Bradley, Inc		619,827
	11,380	*	Vince Holding Corp		313,064
	6,460	*	WCI Communities, Inc		123,838
	5,740		Weyco Group, Inc		144,017
	14,732	*	William Lyon Homes, Inc		384,505
	101,338	e	Wolverine World Wide, Inc		2,847,598
	30,442	*	Zagg, Inc		132,423
			TOTAL CONSUMER DURABLES & APPAREL		51,709,957

CONSUMER SERVICES - 3.6%
	17,975	*	American Public Education, Inc		621,935
	14,430	*	Ascent Media Corp (Series A)		992,351
	25,121	*	BJ’s Restaurants, Inc		717,205
	56,412	*	Bloomin’ Brands, Inc		1,202,704
	25,202		Bob Evans Farms, Inc		1,181,218
	72,342	*	Boyd Gaming Corp		855,082
	22,076	*	Bravo Brio Restaurant Group, Inc		330,478
	19,677	*	Bridgepoint Education, Inc		311,880

219

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	12,518	*	Bright Horizons Family Solutions	$	510,484
	18,962	*	Buffalo Wild Wings, Inc		2,770,727
	41,835	*,e	Caesars Entertainment Corp		772,692
	11,200		Capella Education Co		653,632
	54,608	*	Career Education Corp		394,270
	15,391	e	Carriage Services, Inc		247,641
	24,423	*	Carrols Restaurant Group, Inc		163,878
	20,017		CBRL Group, Inc		1,896,411
	51,092		Cheesecake Factory		2,293,520
	14,069		Churchill Downs, Inc		1,235,680
	15,964	*	Chuy’s Holdings, Inc		573,906
	20,480		ClubCorp Holdings, Inc		385,843
	80,249	*,e	Corinthian Colleges, Inc		92,286
	10,642	*	Del Frisco’s Restaurant Group, Inc		276,798
	91,605	*	Denny’s Corp		617,418
	18,870	*	Diamond Resorts International, Inc		353,058
	16,743		DineEquity, Inc		1,269,287
	9,480	*,e	Diversified Restaurant Holdings, Inc		47,495
	24,131	*,e	Education Management Corp		95,800
	7,280		Einstein Noah Restaurant Group, Inc		111,821
	22,469	*	Fiesta Restaurant Group, Inc		822,590
	46,051	*	Grand Canyon Education, Inc		1,985,719
	55,249		Hillenbrand, Inc		1,679,570
	20,770	*,e	Houghton Mifflin Harcourt Co		424,331
	6,775	*,e	Ignite Restaurant Group, Inc		95,799
	28,814		International Speedway Corp (Class A)		905,912
	39,609		Interval Leisure Group, Inc		1,020,724
	18,250	*	Intrawest Resorts Holdings Inc		206,955
	19,018	*	Isle of Capri Casinos, Inc		129,322
	23,697	*,e	ITT Educational Services, Inc		639,819
	43,124	*	Jack in the Box, Inc		2,308,859
	19,322	*	Jamba, Inc		213,701
	4,080	*	JTH Holding, Inc		110,976
	27,752	*,e	K12, Inc		657,167
	66,528	*	Krispy Kreme Doughnuts, Inc		1,166,901
	43,518	*,e	Life Time Fitness, Inc		2,088,864
	65,919	*	LifeLock, Inc		1,034,928
	21,676		Lincoln Educational Services Corp		88,438
	19,848	*	Luby’s, Inc		107,576
	21,313		Marcus Corp		356,567
	30,348	*	Marriott Vacations Worldwide Corp		1,653,359
	28,043		Matthews International Corp (Class A)		1,131,535
	9,969	*	Monarch Casino & Resort, Inc		159,903
	28,585	*	Morgans Hotel Group Co		214,388
	30,059	*	Multimedia Games, Inc		877,723
	2,830	*	Nathan’s Famous, Inc		139,462
	6,810	*,e	Noodles & Co		223,300
	95,805	*	Orient-Express Hotels Ltd (Class A)		1,255,046
	32,818		Papa John’s International, Inc		1,439,397
	58,761	*,e	Pinnacle Entertainment, Inc		1,367,368
	24,425	*	Popeyes Louisiana Kitchen, Inc		930,593
	8,540	*,e	Potbelly Corp		145,180

220

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	14,592	*	Red Robin Gourmet Burgers, Inc	$	991,964
	48,223		Regis Corp		633,650
	61,842	*	Ruby Tuesday, Inc		476,802
	37,817		Ruth’s Chris Steak House, Inc		476,116
	50,393	*	Scientific Games Corp (Class A)		603,708
	57,193	*	Sonic Corp		1,088,955
	70,464		Sotheby’s (Class A)		2,963,716
	11,757		Speedway Motorsports, Inc		213,860
	1,468	*	Steak N Shake Co		629,801
	14,939	*	Steiner Leisure Ltd		644,917
	11,052	*	Strayer Education, Inc		471,147
	63,977		Texas Roadhouse, Inc (Class A)		1,582,791
	25,743		Town Sports International Holdings, Inc		180,458
	22,688		Universal Technical Institute, Inc		272,483
	36,566		Vail Resorts, Inc		2,531,464
			TOTAL CONSUMER SERVICES		60,319,304

DIVERSIFIED FINANCIALS - 3.9%
	230,334		Apollo Investment Corp		1,840,369
	128,946		BGC Partners, Inc (Class A)		924,543
	73,505	e	BlackRock Kelso Capital Corp		667,425
	20,490		Calamos Asset Management, Inc (Class A)		249,568
	1,163		California First National Bancorp		17,247
	14,107		Capital Southwest Corp		495,156
	3,950	e	Capitala Finance Corp		72,601
	29,441		Cash America International, Inc		1,282,156
	18,737	e	Cohen & Steers, Inc		759,036
	18,604	*	Consumer Portfolio Services, Inc		129,856
	105,446	*	Cowen Group, Inc		433,383
	7,470	*	Credit Acceptance Corp		982,454
	5,349	e	Deerfield Capital Corp		41,241
	2,795		Diamond Hill Investment Group, Inc		331,822
	40,963	*,e	Dollar Financial Corp		381,775
	25,145	*,e	Encore Capital Group, Inc		1,086,767
	32,013		Evercore Partners, Inc (Class A)		1,710,455
	54,619	*	Ezcorp, Inc (Class A)		569,676
	9,521	*	FBR Capital Markets Corp		245,642
	15,352	e	Fidus Investment Corp		281,249
	137,269		Fifth Street Finance Corp		1,277,974
	50,196	e	Financial Engines, Inc		2,221,173
	29,686	*	First Cash Financial Services, Inc		1,447,786
	12,008	*,e	First Marblehead Corp		63,162
	10,794	e	Firsthand Technology Value Fund, Inc		211,131
	16,371		Friedman Billings Ramsey Group, Inc (Class A)		433,013
	35,927	e	FXCM, Inc		556,150
	11,047		Gain Capital Holdings, Inc		111,575
	6,400		GAMCO Investors, Inc (Class A)		485,952
	5,343	e	Garrison Capital, Inc		75,336
	76,197		GFI Group, Inc		283,453
	21,705	e	Gladstone Capital Corp		209,887
	31,584		Gladstone Investment Corp		248,250
	38,122	e	Golub Capital BDC, Inc		637,400

221

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	25,675	*	Green Dot Corp	$	445,975
	28,293		Greenhill & Co, Inc		1,418,894
	21,937	*,e	GSV Capital Corp		192,607
	61,329	e	Hercules Technology Growth Capital, Inc		838,981
	33,886		HFF, Inc (Class A)		1,152,124
	8,241	e	Horizon Technology Finance Corp		107,957
	15,303	*,e	Imperial Holdings, Inc		102,377
	16,182	*	International Assets Holding Corp		306,163
	40,034	*	Internet Capital Group, Inc		815,893
	37,263	*	Investment Technology Group, Inc		769,108
	25,000	e	iShares Russell 2000 Index Fund		2,799,500
	150,686	e	Janus Capital Group, Inc		1,827,821
	12,000	*	JGWPT Holdings, Inc		170,040
	13,025		JMP Group, Inc		90,003
	33,315	e	KCAP Financial, Inc		265,521
	71,072	*	KCG Holdings, Inc		707,166
	110,884	*	Ladenburg Thalmann Financial Services, Inc		302,713
	39,514	e	Main Street Capital Corp		1,242,320
	15,130		Manning & Napier, Inc		251,461
	6,820	*	Marcus & Millichap, Inc		112,735
	38,909		MarketAxess Holdings, Inc		2,096,417
	8,576		Marlin Business Services Corp		147,250
	74,485		MCG Capital Corp		250,270
	22,188		Medallion Financial Corp		301,757
	47,791	e	Medley Capital Corp		623,195
	22,746	e	MVC Capital, Inc		296,608
	24,057		Nelnet, Inc (Class A)		1,016,649
	48,735		New Mountain Finance Corp		697,398
	23,318	*	NewStar Financial, Inc		266,292
	19,657		NGP Capital Resources Co		133,864
	10,213		Nicholas Financial, Inc		160,548
	10,059		Oppenheimer Holdings, Inc		256,102
	15,491	e	PennantPark Floating Rate Capital Ltd		215,325
	65,717		PennantPark Investment Corp		703,172
	57,194	*	PHH Corp		1,359,501
	24,302	*	Pico Holdings, Inc		565,021
	16,142	*	Piper Jaffray Cos		707,988
	51,678	*	Portfolio Recovery Associates, Inc		2,953,398
	314,685	e	Prospect Capital Corp		3,401,745
	13,706		Pzena Investment Management, Inc (Class A)		148,984
	1,880	e	RCS Capital Corp (Class A)		64,672
	5,332	*	Regional Management Corp		81,793
	10,743		Resource America, Inc (Class A)		91,423
	22,336	*	Safeguard Scientifics, Inc		469,279
	5,170		Silvercrest Asset Management Group, Inc		89,958
	46,151		Solar Capital Ltd		1,010,707
	11,439	e	Solar Senior Capital Ltd		189,315
	25,770	*,e	Springleaf Holdings, Inc		592,195
	15,761	e	Stellus Capital Investment Corp		211,985
	64,128	*	Stifel Financial Corp		2,999,267
	33,164	*	SWS Group, Inc		245,745
	38,274		TCP Capital Corp		619,656

222

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	34,373		THL Credit, Inc	$	461,629
	54,063	e	TICC Capital Corp		520,627
	28,310		Triangle Capital Corp		738,042
	6,848	*	Virtus Investment Partners, Inc		1,266,811
	37,647	*,e	Walter Investment Management Corp		1,000,657
	7,310		Westwood Holdings Group, Inc		425,223
	7,678	e	WhiteHorse Finance, Inc		104,728
	102,180	*,e	WisdomTree Investments, Inc		1,153,612
	8,992	*,e	World Acceptance Corp		652,819
			TOTAL DIVERSIFIED FINANCIALS		63,975,649

ENERGY - 6.1%
	89,716	*	Abraxas Petroleum Corp		489,849
	2,634		Adams Resources & Energy, Inc		189,806
	25,039		Alon USA Energy, Inc		407,885
	221,515	*,e	Alpha Natural Resources, Inc		952,515
	25,464	*,e	Amyris Biotechnologies, Inc		89,633
	7,548	*,e	APCO Argentina, Inc		105,521
	36,141	*,e	Approach Resources, Inc		749,926
	215,597	e	Arch Coal, Inc		987,434
	21,260	*	Athlon Energy, Inc		859,117
	30,237	*	Basic Energy Services, Inc		798,862
	49,897	*,e	Bill Barrett Corp		1,181,561
	7,084		Bolt Technology Corp		119,578
	29,932	*	Bonanza Creek Energy, Inc		1,455,294
	135,094	*,e	BPZ Energy, Inc		364,754
	36,881		Bristow Group, Inc		2,832,461
	47,060	*,e	C&J Energy Services, Inc		1,414,624
	94,955	*,e	Cal Dive International, Inc		140,533
	42,230	*	Callon Petroleum Co		387,671
	20,484	e	CARBO Ceramics, Inc		2,865,916
	46,921	*	Carrizo Oil & Gas, Inc		2,581,593
	36,130	*	CHC Group Ltd		243,878
	6,154	*	Clayton Williams Energy, Inc		889,130
	72,630	*,e	Clean Energy Fuels Corp		642,776
	60,260	*	Cloud Peak Energy, Inc		1,186,519
	48,823		Comstock Resources, Inc		1,357,279
	15,606	*	Contango Oil & Gas Co		749,712
	9,422		Dawson Geophysical Co		266,266
	38,789		Delek US Holdings, Inc		1,240,860
	21,378	*	Diamondback Energy, Inc		1,537,933
	54,635	*,e	Emerald Oil, Inc		386,269
	46,225	*,e	Endeavour International Corp		159,014
	73,962	e	Energy XXI Bermuda Ltd		1,769,911
	30,809	*	EPL Oil & Gas, Inc		1,205,864
	36,558		Equal Energy Ltd		165,608
	20,184	*	Era Group, Inc		576,253
	19,447		Evolution Petroleum Corp		229,475
	171,868	e	EXCO Resources, Inc		1,091,362
	58,290		Exterran Holdings, Inc		2,507,636
	148,656	*	Forest Oil Corp		276,500
	39,930	*	Forum Energy Technologies, Inc		1,192,310

223

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	54,700	*	Frontline Ltd	$	185,980
	61,379	*,e	FX Energy, Inc		346,791
	32,600		GasLog Ltd		873,028
	62,968	*	Gastar Exploration, Inc		417,478
	13,279	*,e	Geospace Technologies Corp		771,908
	30,654	*,e	Goodrich Petroleum Corp		770,948
	25,700		Green Plains Renewable Energy, Inc		768,430
	14,310		Gulf Island Fabrication, Inc		287,059
	27,084		Gulfmark Offshore, Inc		1,219,051
	238,638	*,e	Halcon Resources Corp		1,317,282
	7,359		Hallador Petroleum Co		67,408
	108,435	*	Helix Energy Solutions Group, Inc		2,606,777
	164,100	*	Hercules Offshore, Inc		733,527
	36,000	*	Hornbeck Offshore Services, Inc		1,491,480
	131,975	*	ION Geophysical Corp		580,690
	753	*,e	Isramco, Inc		97,890
	14,010	*	Jones Energy, Inc (Class A)		216,735
	154,603	*	Key Energy Services, Inc		1,552,214
	43,682	*,e	KiOR, Inc (Class A)		26,650
	30,482		Knightsbridge Tankers Ltd		364,260
	270,288	*	Kodiak Oil & Gas Corp		3,435,361
	175,474	*	Magnum Hunter Resources Corp		1,491,529
	60,781	*	Matador Resources Co		1,745,630
	25,964	*	Matrix Service Co		804,105
	37,164	*,e	Midstates Petroleum Co, Inc		219,268
	30,208	*,e	Miller Petroleum, Inc		145,603
	12,734	*	Mitcham Industries, Inc		175,729
	13,696	*	Natural Gas Services Group, Inc		420,330
	87,008	*	Newpark Resources, Inc		1,047,576
	91,022	e	Nordic American Tanker Shipping		785,520
	72,620	e	North Atlantic Drilling Ltd		623,080
	65,407	*,e	Northern Oil And Gas, Inc		1,009,230
	14,117	*,e	Nuverra Environmental Solutions, Inc		240,130
	6,899		Panhandle Oil and Gas, Inc (Class A)		302,521
	124,600	*	Parker Drilling Co		826,098
	36,038	*	PDC Energy, Inc		2,294,539
	56,704	*,e	Penn Virginia Corp		943,555
	61,120	*	Petroquest Energy, Inc		367,942
	11,994	*	PHI, Inc		537,331
	64,133	*	Pioneer Energy Services Corp		960,071
	138,512	*,e	Quicksilver Resources, Inc		451,549
	24,776	*	Renewable Energy Group, Inc		291,614
	66,913	*,e	Resolute Energy Corp		501,848
	46,649	*	Rex Energy Corp		982,428
	6,220	*	Rex Stores Corp		406,539
	12,517	*	RigNet, Inc		585,295
	62,613	*	Rosetta Resources, Inc		2,964,099
	23,370	*	RSP Permian, Inc		662,540
	38,977	*,e	Sanchez Energy Corp		1,102,270
	186,724		Scorpio Tankers, Inc		1,682,383
	20,864	*	SEACOR Holdings, Inc		1,739,849
	43,334		SemGroup Corp		2,768,176

224

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	57,232	e	Ship Finance International Ltd	$	1,009,000
	51,787	*,e	Solazyme, Inc		557,228
	51,419	*	Stone Energy Corp		2,522,102
	43,634	*,e	Swift Energy Co		538,007
	50,862	*	Synergy Resources Corp		592,034
	34,006		Targa Resources Investments, Inc		3,672,308
	61,582	e	Teekay Tankers Ltd (Class A)		214,921
	30,795	*	Tesco Corp		615,900
	81,138	*	Tetra Technologies, Inc		1,014,225
	13,271	*	TGC Industries, Inc		67,151
	71,991	*,e	Triangle Petroleum Corp		692,553
	81,015	*,e	Uranium Energy Corp		86,686
	143,671	*,e	Ur-Energy, Inc		172,405
	59,928	*	Vaalco Energy, Inc		552,536
	214,691	*,e	Vantage Drilling Co		358,534
	34,661		W&T Offshore, Inc		665,491
	85,880	*	Warren Resources, Inc		435,412
	56,615	e	Western Refining, Inc		2,462,753
	12,191	*	Westmoreland Coal Co		360,976
	39,572	*	Willbros Group, Inc		439,645
	32,742	*,e	ZaZa Energy Corp		16,191
			TOTAL ENERGY		100,904,470

FOOD & STAPLES RETAILING - 1.3%
	28,575		Andersons, Inc		1,779,937
	39,563		Casey’s General Stores, Inc		2,716,396
	17,635	*,e	Chefs’ Warehouse Holdings, Inc		354,287
	17,507	*,e	Fairway Group Holdings Corp		121,324
	13,576		Ingles Markets, Inc (Class A)		312,112
	8,850	*,e	Natural Grocers by Vitamin C		315,060
	23,305	*	Pantry, Inc		350,507
	19,627		Pricesmart, Inc		1,884,977
	747,388	*	Rite Aid Corp		5,455,932
	32,859	e	Roundy’s, Inc		222,455
	36,604		Spartan Stores, Inc		788,450
	206,903	*	Supervalu, Inc		1,446,252
	18,467	*,e	Susser Holdings Corp		1,428,976
	50,415	*	United Natural Foods, Inc		3,480,148
	6,310		Village Super Market (Class A)		152,639
	11,106		Weis Markets, Inc		511,876
			TOTAL FOOD & STAPLES RETAILING		21,321,328

FOOD, BEVERAGE & TOBACCO - 2.1%
	2,538		Alico, Inc		88,627
	86,738	*	Alliance One International, Inc		222,917
	14,472	*,e	Annie’s, Inc		470,485
	53,861		B&G Foods, Inc (Class A)		1,766,641
	8,387	*,e	Boston Beer Co, Inc (Class A)		2,063,537
	60,857	*	Boulder Brands, Inc		898,249
	13,115		Calavo Growers, Inc		407,745
	15,093		Cal-Maine Foods, Inc		899,996
	48,465	*	Chiquita Brands International, Inc		556,378

225

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	5,294		Coca-Cola Bottling Co Consolidated	$	435,326
	13,395	*	Craft Brewers Alliance, Inc		200,523
	161,426	*	Darling International, Inc		3,230,134
	22,506	*,e	Diamond Foods, Inc		688,008
	6,962	*	Farmer Bros Co		137,221
	39,270		Fresh Del Monte Produce, Inc		1,134,510
	1,918		Griffin Land & Nurseries, Inc (Class A)		56,006
	39,214	*	Hain Celestial Group, Inc		3,373,188
	14,550	*	Inventure Foods, Inc		174,891
	15,256		J&J Snack Foods Corp		1,427,962
	8,366		John B. Sanfilippo & Son, Inc		192,836
	18,902		Lancaster Colony Corp		1,793,422
	48,673		Lance, Inc		1,292,755
	3,949	e	Lifeway Foods, Inc		59,275
	11,368	e	Limoneira Co		261,123
	10,036	*	National Beverage Corp		193,494
	20,184	*	Omega Protein Corp		229,290
	62,942	*	Pilgrim’s Pride Corp		1,375,912
	39,069	*	Post Holdings, Inc		2,041,746
	23,384		Sanderson Farms, Inc		1,923,802
	300	*	Seaboard Corp		731,400
	8,066	*	Seneca Foods Corp		229,074
	12,572	*,e	Synutra International, Inc		70,152
	20,893	e	Tootsie Roll Industries, Inc		588,974
	36,923	*	TreeHouse Foods, Inc		2,763,317
	23,885	e	Universal Corp		1,303,404
	65,426	e	Vector Group Ltd		1,393,574
			TOTAL FOOD, BEVERAGE & TOBACCO		34,675,894

HEALTH CARE EQUIPMENT & SERVICES - 6.7%
	22,718	*,e	Abaxis, Inc		922,578
	38,847	*,e	Abiomed, Inc		920,285
	36,579	*	Acadia Healthcare Co, Inc		1,537,050
	75,446	*,e	Accuray, Inc		633,746
	6,009	*	Addus HomeCare Corp		129,915
	39,333	*,e	Air Methods Corp		2,189,668
	74,979	*	Align Technology, Inc		3,778,192
	5,918	*	Alliance HealthCare Services, Inc		168,426
	8,590	*	Almost Family, Inc		184,427
	54,502	*	Alphatec Holdings, Inc		73,578
	32,945	*	Amedisys, Inc		449,040
	46,203	*	AMN Healthcare Services, Inc		576,613
	32,520	*	Amsurg Corp		1,408,441
	12,608		Analogic Corp		946,609
	26,207	*	Angiodynamics, Inc		352,222
	12,095	*	Anika Therapeutics, Inc		516,940
	111,067	*,e	Antares Pharma, Inc		308,766
	28,777	*	Arthrocare Corp		1,396,548
	37,451	*,e	athenahealth, Inc		4,630,442
	24,518	*	AtriCure, Inc		377,577
	1,601		Atrion Corp		461,616
	34,530	*,e	Biolase Technology, Inc		66,643

226

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	25,603	*,e	Bio-Reference Labs, Inc	$	650,316
	60,496	*,e	BioScrip, Inc		418,632
	33,632		Cantel Medical Corp		1,115,237
	28,362	*	Capital Senior Living Corp		701,392
	26,485	*	Cardiovascular Systems, Inc		761,444
	55,088	*	Centene Corp		3,657,843
	73,596	*,e	Cerus Corp		318,671
	17,980	e	Chemed Corp		1,497,195
	10,519	*	Chindex International, Inc		250,668
	11,157		Computer Programs & Systems, Inc		704,341
	28,200		Conmed Corp		1,306,506
	11,692	*	Corvel Corp		532,454
	28,150	*	Cross Country Healthcare, Inc		199,583
	27,189		CryoLife, Inc		246,876
	15,385	*	Cutera, Inc		158,619
	28,366	*	Cyberonics, Inc		1,678,133
	20,274	*	Cynosure, Inc (Class A)		497,524
	19,374	*	Derma Sciences, Inc		200,327
	72,441	*	DexCom, Inc		2,349,986
	41,650	*	Emeritus Corp		1,242,420
	64,129	*	Endologix, Inc		813,156
	19,670		Ensign Group, Inc		835,975
	9,159	*	Exactech, Inc		203,513
	30,915	*	ExamWorks Group, Inc		1,137,672
	48,477	*	Five Star Quality Care, Inc		234,144
	37,394	*,e	GenMark Diagnostics, Inc		334,676
	32,995	*	Gentiva Health Services, Inc		248,452
	55,928	*	Globus Medical, Inc		1,365,762
	24,358	*	Greatbatch, Inc		1,121,199
	52,711	*	Haemonetics Corp		1,600,306
	35,029	*	Hanger Orthopedic Group, Inc		1,214,455
	88,776		Healthsouth Corp		3,075,201
	20,098	*	HealthStream, Inc		455,220
	35,181	*,e	Healthways, Inc		633,258
	17,007	*,e	HeartWare International, Inc		1,444,915
	88,859	*	HMS Holdings Corp		1,436,850
	13,461	*	ICU Medical, Inc		750,855
	5,150	*	Inogen Inc		72,667
	54,883	*	Insulet Corp		2,065,247
	22,894	*	Integra LifeSciences Holdings Corp		1,043,509
	31,650		Invacare Corp		500,070
	17,296	*	IPC The Hospitalist Co, Inc		700,488
	56,152		Kindred Healthcare, Inc		1,409,415
	9,721		Landauer, Inc		420,336
	5,690	*	LDR Holding Corp		141,795
	13,468	*	LHC Group, Inc		279,865
	28,171	*	Magellan Health Services, Inc		1,626,030
	49,776	*	Masimo Corp		1,332,006
	62,297	*	MedAssets, Inc		1,422,241
	12,776	*	Medical Action Industries, Inc		81,894
	54,566	*	Medidata Solutions, Inc		1,981,291
	81,597	*	Merge Healthcare, Inc		186,041

227

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	43,295	e	Meridian Bioscience, Inc	$	864,601
	42,741	*	Merit Medical Systems, Inc		550,077
	29,318	*	Molina Healthcare, Inc		1,096,493
	13,086	*	MWI Veterinary Supply, Inc		2,049,791
	11,068		National Healthcare Corp		605,752
	8,654	*	National Research Corp		136,387
	31,271	*	Natus Medical, Inc		776,459
	37,154	*	Neogen Corp		1,552,108
	45,540	*	NuVasive, Inc		1,535,153
	63,013	*	NxStage Medical, Inc		720,869
	34,445	*	Omnicell, Inc		912,104
	53,551	*	OraSure Technologies, Inc		350,759
	19,941	*	Orthofix International NV		602,218
	63,596	e	Owens & Minor, Inc		2,133,010
	6,100	*	Oxford Immunotec Global plc		109,190
	30,982	*	PharMerica Corp		842,401
	16,984	*,e	PhotoMedex, Inc		256,628
	10,411	*	Providence Service Corp		422,791
	40,883		Quality Systems, Inc		603,842
	28,739	*,e	Quidel Corp		616,452
	42,300	*,e	Rockwell Medical Technologies, Inc		429,768
	56,330	*	RTI Biologics, Inc		242,219
	49,120		Select Medical Holdings Corp		685,715
	19,425	*	Skilled Healthcare Group, Inc (Class A)		100,233
	41,285	*	Spectranetics Corp		877,719
	37,879	*	Staar Surgical Co		644,322
	59,963		STERIS Corp		2,881,222
	11,120	*	Surgical Care Affiliates, Inc		326,706
	13,596	*	SurModics, Inc		295,849
	40,238	*	Symmetry Medical, Inc		332,366
	9,100	*,e	Tandem Diabetes Care, Inc		159,887
	70,042	*	Team Health Holdings, Inc		3,395,636
	27,817	*,e	TearLab Corp		120,169
	58,422	*	Thoratec Corp		1,915,073
	26,691	*	Tornier BV		452,946
	24,877	*	Triple-S Management Corp (Class B)		372,657
	103,166	*,e	Unilife Corp		335,290
	41,553		Universal American Corp		297,935
	12,507		US Physical Therapy, Inc		385,841
	957	*,e	USMD Holdings, Inc		12,058
	2,934		Utah Medical Products, Inc		149,018
	16,341	*	Vascular Solutions, Inc		358,031
	4,990	*	Veracyte, Inc		63,922
	22,701	*	Vocera Communications, Inc		346,190
	54,882	*,e	Volcano Corp		963,728
	44,556	*	WellCare Health Plans, Inc		3,006,193
	70,398		West Pharmaceutical Services, Inc		3,053,865
	40,888	*	Wright Medical Group, Inc		1,118,287
	18,620	*	Zeltiq Aesthetics, Inc		340,560
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		111,086,483

228

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	46,203	*	Central Garden and Pet Co (Class A)	$	382,099
	26,883	*	Elizabeth Arden, Inc		987,681
	21,799	e	Female Health Co		164,801
	32,331	*,e	Harbinger Group, Inc		376,980
	16,636		Inter Parfums, Inc		608,711
	108,833	*,e	Lifevantage Corp		150,190
	14,528	*	Medifast, Inc		459,811
	9,628		Nature’s Sunshine Products, Inc		128,630
	7,732	*	Nutraceutical International Corp		192,681
	6,112		Oil-Dri Corp of America		204,813
	6,220		Orchids Paper Products Co		167,131
	13,203	*	Revlon, Inc (Class A)		397,938
	22,295		Spectrum Brands, Inc		1,712,925
	200,478	*,e	Star Scientific, Inc		131,494
	6,126	*,e	USANA Health Sciences, Inc		415,710
	15,984		WD-40 Co		1,164,275
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		7,645,870

INSURANCE - 2.4%
	46,216	*	AMBAC Financial Group, Inc		1,394,799
	69,128		American Equity Investment Life Holding Co		1,612,065
	19,304		Amerisafe, Inc		823,315
	31,780	e	Amtrust Financial Services, Inc		1,228,933
	28,612	*	Argo Group International Holdings Ltd		1,270,945
	8,176		Baldwin & Lyons, Inc (Class B)		212,658
	6,180	e	Blue Capital Reinsurance Holdings Ltd		114,701
	44,930	*	Citizens, Inc (Class A)		295,190
	225,286		Conseco, Inc		3,886,184
	27,319		Crawford & Co (Class B)		311,983
	5,771		Donegal Group, Inc (Class A)		85,180
	19,066	*	eHealth, Inc		798,675
	4,459		EMC Insurance Group, Inc		147,102
	31,037		Employers Holdings, Inc		631,603
	10,028	*	Enstar Group Ltd		1,294,615
	9,968		FBL Financial Group, Inc (Class A)		445,669
	11,620		Fidelity & Guaranty Life		249,133
	111,092		First American Financial Corp		2,955,047
	4,030	*	Fortegra Financial Corp		29,097
	29,632	*	Greenlight Capital Re Ltd (Class A)		943,186
	10,514	*	Hallmark Financial Services		88,318
	9,841	e	HCI Group, Inc		380,650
	4,860	*,e	Health Insurance Innovations, Inc		49,037
	63,790	*	Hilltop Holdings, Inc		1,425,069
	40,001		Horace Mann Educators Corp		1,202,830
	6,381		Independence Holding Co		83,336
	12,186		Infinity Property & Casualty Corp		781,976
	1,161		Investors Title Co		82,152
	4,041		Kansas City Life Insurance Co		168,025
	52,249		Maiden Holdings Ltd		616,538
	55,993		Meadowbrook Insurance Group, Inc		313,561
	45,275		Montpelier Re Holdings Ltd		1,384,509
	6,376		National Interstate Corp		178,655

229

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	2,291		National Western Life Insurance Co (Class A)	$	534,376
	10,794	*	Navigators Group, Inc		614,934
	24,495		OneBeacon Insurance Group Ltd (Class A)		378,203
	6,604	*	Phoenix Cos, Inc		290,708
	28,011		Platinum Underwriters Holdings Ltd		1,756,570
	58,085		Primerica, Inc		2,665,521
	44,326		RLI Corp		1,908,677
	13,258		Safety Insurance Group, Inc		712,087
	57,088		Selective Insurance Group, Inc		1,309,599
	13,234		State Auto Financial Corp		270,768
	21,352		Stewart Information Services Corp		651,236
	83,173		Symetra Financial Corp		1,718,354
	27,320	*	Third Point Reinsurance Ltd		427,285
	55,299	e	Tower Group International Ltd		136,035
	7,823	*	United America Indemnity Ltd		209,656
	20,772		United Fire & Casualty Co		577,877
	27,460		Universal Insurance Holdings, Inc		401,740
			TOTAL INSURANCE		40,048,362

MATERIALS - 4.9%
	30,406		A. Schulman, Inc		1,092,183
	22,842	*	Advanced Emissions Solutions, Inc		523,767
	5,127	*	AEP Industries, Inc		182,624
	138,500	*,e	AK Steel Holding Corp		969,500
	106,243	*,e	Allied Nevada Gold Corp		360,164
	28,449		AMCOL International Corp		1,304,387
	28,715	e	American Vanguard Corp		511,414
	22,649	*	Arabian American Development Co		247,554
	71,372		Axiall Corp		3,325,935
	30,109		Balchem Corp		1,865,252
	57,055	*	Berry Plastics Group, Inc		1,283,167
	12,703	*	Boise Cascade Co		317,829
	21,180		Brush Engineered Materials, Inc		712,707
	54,872	*	Calgon Carbon Corp		1,099,086
	18,100	*,e	Castle (A.M.) & Co		222,268
	52,773	*	Century Aluminum Co		725,629
	6,705		Chase Corp		208,794
	100,470	*	Chemtura		2,240,481
	21,617	*	Clearwater Paper Corp		1,327,068
	102,687	*	Coeur d’Alene Mines Corp		889,269
	119,343		Commercial Metals Co		2,291,386
	11,268		Deltic Timber Corp		684,531
	75,700	*	Ferro Corp		982,586
	48,962	*	Flotek Industries, Inc		1,371,426
	22,615		FutureFuel Corp		453,883
	57,704	*,e	General Moly, Inc		63,474
	43,558		Glatfelter		1,111,600
	67,390		Globe Specialty Metals, Inc		1,306,018
	42,708	e	Gold Resource Corp		196,884
	198,841	*	Graphic Packaging Holding Co		2,040,109
	51,246		H.B. Fuller Co		2,374,227
	8,881		Hawkins, Inc		321,492

230

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	12,435		Haynes International, Inc	$	659,677
	74,166	*	Headwaters, Inc		925,592
	326,236	e	Hecla Mining Co		1,001,544
	50,191	*	Horsehead Holding Corp		782,478
	22,556		Innophos Holdings, Inc		1,273,061
	24,158		Innospec, Inc		1,040,243
	54,862	*,e	Intrepid Potash, Inc		894,251
	19,157		Kaiser Aluminum Corp		1,348,653
	82,434	*	Kapstone Paper and Packaging Corp		2,174,609
	7,660		KMG Chemicals, Inc		119,573
	21,345		Koppers Holdings, Inc		911,431
	32,141	*	Kraton Polymers LLC		837,273
	27,937	*	Landec Corp		331,333
	142,025	*	Louisiana-Pacific Corp		2,327,790
	20,502	*	LSB Industries, Inc		782,971
	5,120	*,e	Marrone Bio Innovations, Inc		62,362
	121,880	*,e	Midway Gold Corp		111,459
	35,505		Minerals Technologies, Inc		2,112,192
	157,349	*,e	Molycorp, Inc		747,408
	28,719		Myers Industries, Inc		537,045
	15,835		Neenah Paper, Inc		797,609
	36,616		Noranda Aluminium Holding Corp		129,987
	81,314	e	Olin Corp		2,284,923
	9,540		Olympic Steel, Inc		251,474
	32,555		OM Group, Inc		953,536
	45,890	*	Omnova Solutions, Inc		418,517
	142,906	*,e	Paramount Gold and Silver Corp		144,335
	7,971	*	Penford Corp		100,435
	96,078		PolyOne Corp		3,600,043
	13,037		Quaker Chemical Corp		970,344
	249,524	*	Rentech, Inc		528,991
	70,974	*,e	Resolute Forest Products		1,266,176
	32,637	*	RTI International Metals, Inc		919,058
	25,664		Schnitzer Steel Industries, Inc (Class A)		720,388
	31,462		Schweitzer-Mauduit International, Inc		1,373,002
	51,009		Sensient Technologies Corp		2,757,036
	19,223		Stepan Co		1,111,666
	120,952	*	Stillwater Mining Co		1,908,623
	72,496	*	SunCoke Energy, Inc		1,512,991
	15,180	*	Taminco Corp		304,966
	21,914	*,e	Texas Industries, Inc		1,899,944
	25,842		Tredegar Corp		537,772
	4,330	*	UFP Technologies, Inc		109,809
	1,928		United States Lime & Minerals, Inc		104,228
	6,753	*	Universal Stainless & Alloy		242,365
	15,197	*	US Concrete, Inc		374,150
	21,348	e	US Silica Holdings Inc		964,289
	63,839	e	Walter Energy, Inc		459,641
	52,500		Wausau Paper Corp		627,900
	4,012	*	WHX Corp		90,711
	53,965		Worthington Industries, Inc		1,985,912
	23,463		Zep, Inc		405,675
			TOTAL MATERIALS		81,444,135

231

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

MEDIA - 1.3%
	18,709		AH Belo Corp (Class A)	$	215,341
	21,390	*	AMC Entertainment Holdings, Inc		494,965
	3,123		Beasley Broadcasting Group, Inc		24,047
	24,931	*	Carmike Cinemas, Inc		739,453
	75,778	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		207,632
	28,903	*	Crown Media Holdings, Inc (Class A)		103,473
	90,617	*	Cumulus Media, Inc (Class A)		580,855
	634	*,e	Daily Journal Corp		111,774
	16,958	*,e	Dex Media, Inc		124,302
	25,805	*	Entercom Communications Corp (Class A)		278,694
	57,011		Entravision Communications Corp (Class A)		302,728
	31,664	*	EW Scripps Co (Class A)		542,404
	14,661	*,e	Global Sources Ltd		130,336
	51,751	*	Gray Television, Inc		582,199
	47,263		Harte-Hanks, Inc		379,995
	7,622	*	Hemisphere Media Group, Inc		92,226
	45,877	*	Journal Communications, Inc (Class A)		367,934
	144,083	*	Live Nation, Inc		3,008,453
	13,422	*	Loral Space & Communications, Inc		966,250
	25,970	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		101,543
	68,518	*,e	McClatchy Co (Class A)		375,479
	39,236		MDC Partners, Inc		958,143
	19,340	*,e	Media General, Inc (Class A)		296,289
	35,756		Meredith Corp		1,575,767
	63,255		National CineMedia, Inc		960,843
	132,827	e	New York Times Co (Class A)		2,135,858
	30,735	e	Nexstar Broadcasting Group, Inc (Class A)		1,224,790
	10,348	*,e	ReachLocal, Inc		103,480
	12,722	*	Reading International, Inc		90,072
	10,994	*	Rentrak Corp		626,548
	4,773		Saga Communications, Inc		211,444
	10,350		Salem Communications		91,183
	27,533		Scholastic Corp		906,111
	19,790	*,e	SFX Entertainment, Inc		129,822
	70,617	e	Sinclair Broadcast Group, Inc (Class A)		1,887,592
	24,655	*	Sizmek, Inc		236,195
	29,314	e	World Wrestling Entertainment, Inc (Class A)		571,623
			TOTAL MEDIA		21,735,843

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.1%
	78,458	*,e	Acadia Pharmaceuticals, Inc		1,579,360
	13,633	*,e	Accelerate Diagnostics, Inc		251,256
	7,340	*,e	Acceleron Pharma, Inc		252,129
	25,848	*,e	AcelRx Pharmaceuticals, Inc		279,675
	105,673	*,e	Achillion Pharmaceuticals, Inc		301,168
	41,863	*	Acorda Therapeutics, Inc		1,484,043
	28,968	*	Aegerion Pharmaceuticals, Inc		1,282,124
	7,640	*	Aerie Pharmaceuticals, Inc		119,642
	74,627	*,e	Affymetrix, Inc		554,479

232

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	6,450	*,e	Agios Pharmaceuticals, Inc	$	271,287
	59,588	*	Akorn, Inc		1,502,809
	25,234	*,e	Albany Molecular Research, Inc		405,258
	20,606	*,e	Alimera Sciences, Inc		125,284
	59,490	*	Alnylam Pharmaceuticals, Inc		2,946,540
	22,812	*	AMAG Pharmaceuticals, Inc		416,547
	34,590	*,e	Amicus Therapeutics, Inc		76,790
	30,327	*,e	Ampio Pharmaceuticals, Inc		184,691
	25,366	*	Anacor Pharmaceuticals, Inc		417,778
	8,420	*,e	Aratana Therapeutics, Inc		116,028
	222,633	*,e	Arena Pharmaceuticals, Inc		1,424,851
	4,250	*,e	Argos Therapeutics, Inc		37,740
	56,735	*	Arqule, Inc		91,911
	123,972	*	Array Biopharma, Inc		493,409
	8,170	*	Auspex Pharmaceuticals Inc		175,165
	49,321	*,e	Auxilium Pharmaceuticals, Inc		1,110,216
	143,709	*	AVANIR Pharmaceuticals, Inc		715,671
	55,670	*,e	AVEO Pharmaceuticals, Inc		68,474
	5,230	*,e	BIND Therapeutics, Inc		49,319
	39,412	*,e	BioDelivery Sciences International, Inc		351,161
	37,907	*,e	Biotime, Inc		98,179
	6,430	*,e	Bluebird Bio, Inc		127,314
	30,409	*	Cambrex Corp		623,080
	5,470	*,e	Cara Therapeutics Inc		78,713
	141,498	*,e	Cell Therapeutics, Inc		417,419
	6,420	*,e	Celladon Corp		75,435
	89,998	*,e	Celldex Therapeutics, Inc		1,349,970
	3,560	*,e	Cellular Dynamics International, Inc		42,542
	19,031	*,e	Cempra, Inc		173,563
	68,300	*,e	Cepheid, Inc		2,969,684
	78,598	*,e	Chelsea Therapeutics International, Inc		383,558
	23,376	*,e	ChemoCentryx, Inc		128,100
	9,178	*	Chimerix, Inc		177,319
	18,428	*	Clovis Oncology, Inc		996,402
	6,750	*	Concert Pharmaceuticals Inc		60,345
	5,590	*,e	Contatus Pharmaceuticals, Inc		34,379
	61,775	*,e	Corcept Therapeutics, Inc		273,046
	27,798	*,e	Coronado Biosciences, Inc		48,369
	94,291	*,e	Curis, Inc		213,098
	29,228	*	Cytokinetics, Inc		132,987
	63,974	*,e	Cytori Therapeutics, Inc		144,581
	160,258	*,e	Dendreon Corp		413,466
	59,574	*	Depomed, Inc		834,632
	3,560	*,e	Dicerna Pharmaceuticals Inc		66,821
	12,948	*,e	Durata Therapeutics, Inc		175,316
	124,700	*	Dyax Corp		824,267
	259,899	*,e	Dynavax Technologies Corp		423,635
	3,400	*,e	Eagle Pharmaceuticals, Inc		33,524
	3,420	*,e	Egalet Corp		39,535
	4,620	*,e	Eleven Biotheraputics Inc		62,324
	27,802	*	Emergent Biosolutions, Inc		732,861
	4,390	*,e	Enanta Pharmaceuticals, Inc		163,352

233

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	30,722	*,e	Endocyte, Inc	$	556,375
	36,375		Enzon Pharmaceuticals, Inc		32,377
	7,469	*,e	Epizyme, Inc		162,974
	4,250	*,e	Esperion Thereapeutics, Inc		58,608
	84,472	*,e	Exact Sciences Corp		1,013,664
	198,925	*,e	Exelixis, Inc		704,195
	22,190	*,e	Fibrocell Science, Inc		84,322
	9,130	*,e	Five Prime Therapeutics, Inc		127,546
	4,590	*	Flexion Therapeutics Inc		54,392
	25,678	*	Fluidigm Corp		964,466
	8,325	*,m	Forest Laboratories, Inc CVR		7,909
	6,800	*,e	Foundation Medicine, Inc		198,288
	7,277	*	Furiex Pharmaceuticals Inc		752,224
	102,456	*,e	Galena Biopharma, Inc		251,017
	3,940	*,e	Genocea Biosciences Inc		76,436
	17,295	*,e	Genomic Health, Inc		453,821
	156,199	*,e	Geron Corp		309,274
	8,170	*	GlycoMimetics Inc		108,416
	15,099	*,e	Golf Trust Of America, Inc		72,626
	37,990	*,e	GTx, Inc		58,505
	97,285	*,e	Halozyme Therapeutics, Inc		724,773
	6,029	*	Harvard Apparatus Regenerative Technology, Inc		52,151
	24,116	*	Harvard Bioscience, Inc		101,770
	53,873	*,e	Horizon Pharma, Inc		763,919
	9,467	*	Hyperion Therapeutics, Inc		233,267
	114,571	*,e	Idenix Pharmaceuticals, Inc		631,286
	84,923	*,e	Immunogen, Inc		1,098,904
	71,525	*,e	Immunomedics, Inc		301,120
	68,982	*	Impax Laboratories, Inc		1,803,879
	50,523	*	Infinity Pharmaceuticals, Inc		493,610
	34,736	*	Insmed, Inc		484,220
	8,491	*,e	Insys Therapeutics, Inc		348,640
	7,390	*	Intercept Pharmaceuticals, Inc		1,951,847
	99,811	*	InterMune, Inc		3,201,937
	11,200	*,e	Intrexon Corp		211,456
	107,291	*	Ironwood Pharmaceuticals, Inc		1,182,347
	114,804	*,e	Isis Pharmaceuticals, Inc		3,054,934
	7,283	*,e	KaloBios Pharmaceuticals, Inc		16,532
	7,730	*,e	Karyopharm Therapeutics, Inc		207,396
	90,371	*,e	Keryx Biopharmaceuticals, Inc		1,334,780
	8,760	*,e	Kindred Biosciences Inc		139,196
	12,765	*,e	KYTHERA Biopharmaceuticals, Inc		416,267
	19,404	*	Lannett Co, Inc		670,020
	226,265	*,e	Lexicon Pharmaceuticals, Inc		348,448
	18,193	*	Ligand Pharmaceuticals, Inc (Class B)		1,149,252
	37,377	*	Luminex Corp		718,012
	5,690	*	MacroGenics, Inc		113,459
	148,171	*,e	MannKind Corp		970,520
	63,579	*	Medicines Co		1,691,201
	13,212	*,e	MEI Pharma, Inc		103,318
	99,679	*,e	Merrimack Pharmaceuticals, Inc		437,591
	91,332	*,e	MiMedx Group, Inc		527,899

234

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	47,015	*	Momenta Pharmaceuticals, Inc	$	536,911
	57,217	*	Nanosphere, Inc		97,841
	135,627	*,e	Navidea Biopharmceuticals, Inc		226,497
	126,623	*	Nektar Therapeutics		1,490,353
	39,124	*,e	NeoGenomics, Inc		129,500
	76,911	*	Neurocrine Biosciences, Inc		1,078,292
	17,377	*,e	NewLink Genetics Corp		382,294
	190,658	*,e	Novavax, Inc		835,082
	102,065	*	NPS Pharmaceuticals, Inc		2,716,970
	31,056	*,e	Omeros Corp		384,473
	5,149	*,m	Omthera Pharmaceuticals, Inc		3,089
	13,646	*	OncoGenex Pharmaceutical, Inc		52,946
	4,450	*,e	OncoMed Pharmaceuticals, Inc		117,213
	5,510	*,e	Onconova Therapeutics, Inc		30,746
	10,100	*,e	Ophthotech Corp		343,299
	193,319	*,e	Opko Health, Inc		1,598,748
	102,398	*,e	Orexigen Therapeutics, Inc		575,477
	15,845	*,e	Osiris Therapeutics, Inc		225,474
	7,927	*,e	OvaScience, Inc		64,367
	47,417	*	Pacific Biosciences of California, Inc		209,583
	30,337	*,e	Pacira Pharmaceuticals, Inc		2,077,781
	57,984	*	Parexel International Corp		2,629,574
	162,926	e	PDL BioPharma, Inc		1,383,242
	165,297	*,e	Peregrine Pharmaceuticals, Inc		287,617
	11,234	*,e	Portola Pharmaceuticals, Inc		263,550
	28,105		Pozen, Inc		234,958
	52,671	*	Prestige Brands Holdings, Inc		1,765,532
	69,478	*	Progenics Pharmaceuticals, Inc		245,257
	15,339	*	Prothena Corp plc		337,458
	11,990	*,e	PTC Therapeutics, Inc		234,285
	22,870	*	Puma Biotechnology, Inc		1,727,600
	53,252		Questcor Pharmaceuticals, Inc		4,376,249
	62,670	*,e	Raptor Pharmaceutical Corp		518,281
	7,515	*	Receptos, Inc		253,932
	10,208	*,e	Regulus Therapeutics, Inc		72,783
	6,000	*	Relypsa, Inc		133,980
	31,124	*	Repligen Corp		493,315
	24,617	*,e	Repros Therapeutics, Inc		415,289
	19,290	*	Retrophin, Inc		275,654
	7,010	*,e	Revance Therapeutics, Inc		240,303
	94,651	*	Rigel Pharmaceuticals, Inc		302,883
	20,381	*	Sagent Pharmaceuticals		421,683
	62,593	*,e	Sangamo Biosciences, Inc		866,287
	38,065	*,e	Sarepta Therapeutics, Inc		1,413,353
	52,185	*	Sciclone Pharmaceuticals, Inc		249,444
	122,424	*,e	Sequenom, Inc		334,218
	38,187	*,e	SIGA Technologies, Inc		109,597
	62,594	*,e	Spectrum Pharmaceuticals, Inc		430,021
	11,303	*,e	Stemline Therapeutics, Inc		173,049
	15,438	*,e	Sucampo Pharmaceuticals, Inc (Class A)		106,677
	31,579	*,e	Sunesis Pharmaceuticals, Inc		162,000
	19,461	*,e	Supernus Pharmaceuticals, Inc		159,775

235

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	21,054	*,e	Synageva BioPharma Corp	$	1,818,434
	83,695	*,e	Synergy Pharmaceuticals, Inc		375,791
	53,902	*,e	Synta Pharmaceuticals Corp		226,927
	31,546	*	Targacept, Inc		140,064
	15,173	*	TESARO, Inc		378,718
	3,640	*,e	TetraLogic Pharmaceuticals Corp		20,748
	13,938	*	Tetraphase Pharmaceuticals, Inc		149,694
	15,321	*,e	TG Therapeutics, Inc		81,661
	88,333	*,e	TherapeuticsMD, Inc		370,999
	53,152	*,e	Threshold Pharmaceuticals, Inc		217,923
	7,490	*	Trevena, Inc		37,525
	6,730	*,e	Ultragenyx Pharmaceutical, Inc		260,989
	35,754	*	Vanda Pharmaceuticals, Inc		498,053
	20,571	*,e	Verastem, Inc		171,768
	100,133	*,e	Vical, Inc		113,150
	102,630	*,e	Vivus, Inc		533,676
	14,870	*,e	Xencor Inc		147,213
	55,437	*	Xenoport, Inc		225,074
	76,707	*	XOMA Corp		340,579
	81,065	*,e	ZIOPHARM Oncology, Inc		291,834
	97,826	*,e	Zogenix, Inc		238,695
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		101,368,304

REAL ESTATE - 8.4%
	55,757		Acadia Realty Trust		1,512,687
	29,274		AG Mortgage Investment Trust		517,857
	15,605		Agree Realty Corp		466,121
	43,836		Alexander & Baldwin, Inc		1,635,521
	2,173		Alexander’s, Inc		751,336
	58,919		Altisource Residential Corp		1,656,802
	34,055		American Assets Trust,Inc		1,156,167
	54,473		American Capital Mortgage, Inc		1,078,565
	482,700		American Realty Capital Properties, Inc		6,318,543
	14,444	*	American Residential Properties, Inc		259,559
	20,583		AmREIT, Inc (Class B)		342,913
	150,276		Anworth Mortgage Asset Corp		811,490
	38,196		Apollo Commercial Real Estate Finance, Inc		649,714
	22,906		Ares Commercial Real Estate Corp		292,281
	19,120		Armada Hoffler Properties, Inc		185,082
	377,522		ARMOUR Residential REIT, Inc		1,600,693
	18,677		Ashford Hospitality Prime, Inc		286,505
	59,985		Ashford Hospitality Trust, Inc		615,446
	56,199		Associated Estates Realty Corp		943,019
	7,998	*	AV Homes, Inc		137,006
	11,028		Aviv REIT, Inc		291,029
	69,051		Campus Crest Communities, Inc		594,529
	100,623		Capstead Mortgage Corp		1,285,962
	12,290		CatchMark Timber Trust Inc		165,669
	76,286		Cedar Shopping Centers, Inc		472,210
	238,750		Chambers Street Properties		1,859,863
	26,232		Chatham Lodging Trust		533,297
	48,980		Chesapeake Lodging Trust		1,321,970

236

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	93,842		Colony Financial, Inc	$	2,041,064
	4,937		Consolidated-Tomoka Land Co		195,160
	20,483		Coresite Realty		623,093
	171,662		Cousins Properties, Inc		1,996,429
	143,196		CubeSmart		2,663,446
	20,436		CyrusOne, Inc		408,720
	163,106		CYS Investments, Inc		1,402,712
	328,159		DCT Industrial Trust, Inc		2,566,203
	197,559		DiamondRock Hospitality Co		2,424,049
	63,172		DuPont Fabros Technology, Inc		1,530,658
	56,135		Dynex Capital, Inc		481,638
	31,632		EastGroup Properties, Inc		2,000,724
	116,607		Education Realty Trust, Inc		1,189,391
	8,311		Ellington Residential Mortgage REIT		135,802
	84,790		Empire State Realty Trust, Inc		1,297,287
	53,035		Entertainment Properties Trust		2,843,206
	62,792		Equity One, Inc		1,414,704
	49,510		Excel Trust, Inc		624,816
	125,546		FelCor Lodging Trust, Inc		1,158,790
	109,548		First Industrial Realty Trust, Inc		2,012,397
	59,106		First Potomac Realty Trust		770,151
	35,697	*	Forestar Real Estate Group, Inc		608,634
	90,614		Franklin Street Properties Corp		1,103,679
	26,532		Getty Realty Corp		501,985
	17,285		Gladstone Commercial Corp		304,907
	146,032		Glimcher Realty Trust		1,488,066
	55,425		Government Properties Income Trust		1,410,566
	67,078		Gramercy Property Trust, Inc		350,147
	15,141		Hannon Armstrong Sustainable Infrastructure Capital, Inc		200,164
	96,639		Healthcare Realty Trust, Inc		2,430,471
	204,711		Hersha Hospitality Trust		1,189,371
	91,711		Highwoods Properties, Inc		3,700,539
	50,925		Hudson Pacific Properties		1,199,284
	84,785		Inland Real Estate Corp		886,003
	125,621		Invesco Mortgage Capital, Inc		2,094,102
	103,181		Investors Real Estate Trust		899,738
	85,995	*	iStar Financial, Inc		1,277,886
	13,524		JAVELIN Mortgage Investment Corp		178,652
	65,738	e	Kennedy-Wilson Holdings, Inc		1,435,718
	129,297		Kite Realty Group Trust		801,641
	105,079		LaSalle Hotel Properties		3,476,013
	184,073		Lexington Corporate Properties Trust		1,980,625
	36,372		LTC Properties, Inc		1,405,050
	174,631		Medical Properties Trust, Inc		2,357,519
	46,903		Monmouth Real Estate Investment Corp (Class A)		440,419
	29,764		National Health Investors, Inc		1,836,141
	254,824		New Residential Investment Corp		1,554,426
	92,534		New York Mortgage Trust, Inc		681,976
	332,208		NorthStar Realty Finance Corp		5,321,972
	12,832		One Liberty Properties, Inc		283,972
	60,716		Parkway Properties, Inc		1,145,104
	62,844		Pebblebrook Hotel Trust		2,164,347

237

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	69,970		Pennsylvania Real Estate Investment Trust	$	1,158,004
	72,314		Pennymac Mortgage Investment Trust		1,695,040
	21,780		Physicians Realty Trust		298,822
	41,680		Potlatch Corp		1,593,426
	19,894		PS Business Parks, Inc		1,706,308
	13,940		QTS Realty Trust, Inc		379,865
	82,505		RAIT Investment Trust		674,891
	66,265		Ramco-Gershenson Properties		1,092,047
	11,480		Re/Max Holdings, Inc		323,966
	83,408		Redwood Trust, Inc		1,818,294
	123,741		Resource Capital Corp		680,576
	72,584		Retail Opportunities Investment Corp		1,135,214
	19,760		Rexford Industrial Realty, Inc		280,987
	125,992		RLJ Lodging Trust		3,360,207
	26,465		Rouse Properties, Inc		444,347
	44,327		Ryman Hospitality Properties		2,019,095
	38,064		Sabra Healthcare REIT, Inc		1,140,778
	8,759		Saul Centers, Inc		401,951
	23,145		Select Income REIT		712,403
	16,027		Silver Bay Realty Trust Corp		240,084
	32,251		Sovran Self Storage, Inc		2,447,851
	41,450		STAG Industrial, Inc		975,319
	182,383	*	Strategic Hotels & Resorts, Inc		1,967,913
	78,750		Summit Hotel Properties, Inc		713,475
	41,018		Sun Communities, Inc		1,869,190
	186,805		Sunstone Hotel Investors, Inc		2,673,180
	14,110	*	Tejon Ranch Co		437,551
	24,741		Terreno Realty Corp		452,018
	20,935		UMH Properties, Inc		206,210
	12,246		Universal Health Realty Income Trust		519,598
	27,374		Urstadt Biddle Properties, Inc (Class A)		558,703
	68,204		Washington Real Estate Investment Trust		1,668,270
	40,676		Western Asset Mortgage Capital Corp		600,785
	22,229		Whitestone REIT		311,873
	31,619		Winthrop Realty Trust		439,504
	6,456		ZAIS Financial Corp		106,459
			TOTAL REAL ESTATE		139,335,597

RETAILING - 4.0%
	25,632	*	1-800-FLOWERS.COM, Inc (Class A)		139,694
	78,593	*,e	Aeropostale, Inc		390,607
	8,559	*	America’s Car-Mart, Inc		309,322
	48,620	*	Ann Taylor Stores Corp		1,905,418
	32,061	*	Asbury Automotive Group, Inc		1,979,446
	18,328	*	Audiovox Corp (Class A)		215,354
	41,115	*	Barnes & Noble, Inc		674,286
	37,554		Bebe Stores, Inc		189,648
	17,760		Big 5 Sporting Goods Corp		216,850
	12,340	*	Blue Nile, Inc		428,568
	27,297	*,e	Body Central Corp		28,389
	13,377	e	Bon-Ton Stores, Inc		147,147
	43,935		Brown Shoe Co, Inc		1,036,427

238

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	28,278	e	Buckle, Inc	$	1,328,783
	15,170	*	Burlington Stores, Inc		394,268
	29,189		Cato Corp (Class A)		831,595
	24,127		Children’s Place Retail Stores, Inc		1,158,096
	39,983	*	Christopher & Banks Corp		249,494
	17,788	*	Citi Trends, Inc		302,218
	22,550	*,e	Conn’s, Inc		997,387
	14,220	*,e	Container Store Group, Inc		392,330
	11,667		Core-Mark Holding Co, Inc		939,660
	14,178		Destination Maternity Corp		349,629
	40,810	*	Destination XL Group, Inc		220,374
	86,942	*	Express Parent LLC		1,266,745
	51,283		Finish Line, Inc (Class A)		1,411,821
	34,274	*	Five Below, Inc		1,381,585
	45,159	*,e	Francesca’s Holdings Corp		738,801
	38,841		Fred’s, Inc (Class A)		707,683
	19,467	*	FTD Cos, Inc		590,629
	24,281	*	Genesco, Inc		1,854,340
	8,122	e	Gordmans Stores, Inc		36,468
	22,549		Group 1 Automotive, Inc		1,626,459
	20,333		Haverty Furniture Cos, Inc		519,305
	12,762	*,e	HHgregg, Inc		110,008
	26,404	*,e	Hibbett Sports, Inc		1,421,855
	34,946		HSN, Inc		2,028,266
	28,337	*	JOS A Bank Clothiers, Inc		1,829,153
	13,690	*	Kirkland’s, Inc		234,236
	23,102		Lithia Motors, Inc (Class A)		1,716,017
	27,874	*,e	Lumber Liquidators, Inc		2,429,498
	25,929	*	MarineMax, Inc		416,420
	14,205	*,e	Mattress Firm Holding Corp		641,924
	48,952		Men’s Wearhouse, Inc		2,319,346
	31,675	e	Monro Muffler, Inc		1,786,470
	28,143	*	New York & Co, Inc		117,919
	29,191		Nutri/System, Inc		437,865
	487,696	*	Office Depot, Inc		1,994,677
	23,756	*	Orbitz Worldwide, Inc		174,607
	20,720	*,e	Outerwall, Inc		1,436,932
	10,900	*	Overstock.com, Inc		174,618
	45,694	*	Pacific Sunwear Of California, Inc		131,599
	42,714		Penske Auto Group, Inc		1,958,864
	53,757	*	PEP Boys - Manny Moe & Jack		549,397
	22,990	e	PetMed Express, Inc		300,939
	85,161		Pier 1 Imports, Inc		1,555,040
	97,182	*,e	RadioShack Corp		138,970
	54,354		Rent-A-Center, Inc		1,587,680
	18,334	*	Restoration Hardware Holdings, Inc		1,143,858
	10,520	*	RetailMeNot, Inc		313,601
	8,576	*	Sears Hometown and Outlet Stores, Inc		202,479
	56,314	*	Select Comfort Corp		1,036,178
	15,247		Shoe Carnival, Inc		348,241
	39,094	*	Shutterfly, Inc		1,600,117
	40,952		Sonic Automotive, Inc (Class A)		996,772

239

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	32,196		Stage Stores, Inc	$	617,519
	28,230		Stein Mart, Inc		352,875
	9,601	*	Systemax, Inc		166,001
	18,529	*,e	Tile Shop Holdings, Inc		261,166
	12,100	*	Tilly’s, Inc		136,730
	7,804		Trans World Entertainment Corp		25,519
	45,563	*	Tuesday Morning Corp		636,971
	38,649	*	Valuevision International, Inc (Class A)		180,877
	20,247	*	Vitacost.com, Inc		135,048
	31,152	*	Vitamin Shoppe, Inc		1,491,558
	14,223	*	West Marine, Inc		152,186
	102,135	*,e	Wet Seal, Inc (Class A)		115,413
	39,729	*	WEX, Inc		3,812,792
	2,335		Winmark Corp		177,133
	34,323	*	Zale Corp		734,169
	20,898	*	Zumiez, Inc		510,956
			TOTAL RETAILING		65,599,285

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
	39,355	*	Advanced Energy Industries, Inc		861,087
	16,875	*	Alpha & Omega Semiconductor Ltd		121,500
	19,134	*,e	Ambarella, Inc		475,480
	71,015	*	Amkor Technology, Inc		564,569
	92,637	*	Anadigics, Inc		115,796
	74,565	*	Applied Micro Circuits Corp		724,026
	104,971	*	Axcelis Technologies, Inc		187,898
	65,973		Brooks Automation, Inc		674,904
	24,984	*	Cabot Microelectronics Corp		1,083,556
	52,389	*	Cavium Networks, Inc		2,219,722
	24,591	*	Ceva, Inc		399,112
	16	*,m	China Energy Savings Technology, Inc		0
	64,834	*,e	Cirrus Logic, Inc		1,445,798
	24,765		Cohu, Inc		255,080
	160,225	e	Cypress Semiconductor Corp		1,517,331
	37,118	*	Diodes, Inc		978,802
	20,670	*	DSP Group, Inc		164,533
	143,262	*	Entegris, Inc		1,588,776
	91,438	*	Entropic Communications, Inc		337,406
	37,871	*	Exar Corp		409,764
	55,544	*	Formfactor, Inc		319,378
	17,298	*	GSI Technology, Inc		109,842
	137,588	*,e	GT Solar International, Inc		2,285,337
	32,035		Hittite Microwave Corp		1,901,598
	25,111	*	Inphi Corp		371,392
	136,546	*	Integrated Device Technology, Inc		1,593,492
	30,239	*	Integrated Silicon Solution, Inc		437,256
	15,263	*,e	Intermolecular, Inc		41,515
	71,439	*	International Rectifier Corp		1,860,272
	129,921		Intersil Corp (Class A)		1,603,225
	26,404		IXYS Corp		284,899
	61,244	*	Kopin Corp		199,655
	115,411	*	Lattice Semiconductor Corp		971,761

240

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	49,044	*	LTX-Credence Corp	$	472,294
	9,162	*	MA-COM Technology Solutions		160,427
	25,932	*	MaxLinear, Inc		204,085
	46,081		Micrel, Inc		458,967
	95,214	*	Microsemi Corp		2,239,433
	54,845		MKS Instruments, Inc		1,543,887
	36,998	*	Monolithic Power Systems, Inc		1,372,626
	50,278	*,e	MoSys, Inc		196,587
	25,516	*	Nanometrics, Inc		414,890
	19,646	*	NeoPhotonics Corp Ltd		113,357
	4,891	*	NVE Corp		256,826
	55,691	*	Omnivision Technologies, Inc		1,087,645
	26,102	*	PDF Solutions, Inc		489,935
	25,914	*,e	Peregrine Semiconductor Corp		139,158
	22,985	*	Pericom Semiconductor Corp		185,489
	62,561	*	Photronics, Inc		543,029
	47,536	*	PLX Technology, Inc		275,709
	206,060	*	PMC - Sierra, Inc		1,409,450
	29,484		Power Integrations, Inc		1,392,529
	113,539	*	Rambus, Inc		1,372,687
	288,717	*	RF Micro Devices, Inc		2,436,771
	22,321	*,e	Rubicon Technology, Inc		226,112
	34,432	*	Rudolph Technologies, Inc		313,676
	68,379	*	Semtech Corp		1,639,728
	32,148	*	Sigma Designs, Inc		121,198
	82,404	*	Silicon Image, Inc		462,286
	47,854	*	Spansion, Inc		853,237
	274,391	*	SunEdison, Inc		5,276,539
	42,095	*,e	SunPower Corp		1,406,815
	53,717		Tessera Technologies, Inc		1,178,014
	167,756	*	Triquint Semiconductor, Inc		2,378,780
	26,644	*	Ultra Clean Holdings		227,007
	28,087	*	Ultratech, Inc		747,676
	39,727	*	Veeco Instruments, Inc		1,468,707
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		59,170,318

SOFTWARE & SERVICES - 8.3%
	40,557	*	ACI Worldwide, Inc		2,317,833
	46,836	*	Actuate Corp		263,687
	75,215	*	Acxiom Corp		2,124,072
	33,667		Advent Software, Inc		970,283
	21,231		American Software, Inc (Class A)		204,667
	43,033	*,e	Angie’s List, Inc		486,703
	96,319	*	Aspen Technology, Inc		4,140,753
	23,985	*	AVG Technologies NV		449,239
	47,191	*	Bankrate, Inc		826,786
	4,110	*,e	Barracuda Networks, Inc		106,161
	49,897	*	Bazaarvoice, Inc		335,308
	5,030	*,e	Benefitfocus, Inc		162,972
	46,392		Blackbaud, Inc		1,412,636
	52,382	*,e	Blackhawk Network Holdings, Inc		1,256,644
	41,849	*	Blucora, Inc		805,593

241

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	38,151	*	Bottomline Technologies, Inc	$	1,207,098
	32,408	*	Brightcove, Inc		279,357
	29,126	*	BroadSoft, Inc		739,218
	23,701	*	CACI International, Inc (Class A)		1,650,775
	40,083	*	Callidus Software, Inc		382,592
	12,373	*	Carbonite, Inc		122,369
	46,604	*	Cardtronics, Inc		1,560,302
	6,670	*,e	Care.com, Inc		81,707
	10,479		Cass Information Systems, Inc		529,294
	6,357	*	ChannelAdvisor Corp		166,808
	14,840	*,e	Chegg, Inc		78,207
	74,565	*	Ciber, Inc		322,121
	47,443	*	Commvault Systems, Inc		2,296,241
	17,684		Computer Task Group, Inc		279,584
	36,606	*	comScore, Inc		1,146,866
	23,077	*	Comverse, Inc		575,540
	31,135	*	Constant Contact, Inc		805,151
	105,810		Convergys Corp		2,279,147
	67,944	*,e	Conversant, Inc		1,660,551
	40,841	*	Cornerstone OnDemand, Inc		1,501,315
	29,010	*	CoStar Group, Inc		4,667,419
	7,280	*,e	Covisint Corp		51,397
	33,675		CSG Systems International, Inc		887,673
	7,130	*,e	Cvent, Inc		196,289
	6,787	*,e	Cyan, Inc		28,370
	23,584	*	Datalink Corp		302,819
	44,250	*	DealerTrack Holdings, Inc		2,021,782
	35,510	*,e	Demand Media, Inc		147,722
	19,015	*	Demandware, Inc		943,714
	38,516	*	Dice Holdings, Inc		294,647
	34,897	*	Digital River, Inc		533,575
	7,029		DMRC Corp		232,098
	16,649	*,e	E2open, Inc		287,528
	103,539		EarthLink Holdings Corp		353,068
	27,883	e	Ebix, Inc		439,994
	14,069	*	eGain Corp		92,011
	26,618	*	Ellie Mae, Inc		649,213
	21,550	*,e	Endurance International Group Holdings, Inc		272,607
	23,015	*	Envestnet, Inc		848,103
	22,262	*	EPAM Systems, Inc		693,016
	34,345		EPIQ Systems, Inc		439,273
	3,719	*	ePlus, Inc		186,099
	51,333	*	Euronet Worldwide, Inc		2,360,805
	29,031		EVERTEC, Inc		683,390
	33,671	*	ExlService Holdings, Inc		952,721
	36,139		Fair Isaac Corp		2,067,151
	17,689	*,e	FleetMatics Group plc		531,201
	12,907		Forrester Research, Inc		457,295
	17,421	*,m	Gerber Scientific, Inc		0
	7,420	*,e	Gigamon, Inc		117,013
	67,305	*	Global Cash Access, Inc		444,213
	28,379	*	Global Eagle Entertainment, Inc		313,020

242

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	71,909	*,e	Glu Mobile, Inc	$	287,636
	12,610	*,e	Gogo, Inc		170,487
	15,060	*,e	Guidance Software, Inc		138,703
	50,085	*	Guidewire Software, Inc		1,891,210
	28,244		Hackett Group, Inc		169,464
	36,790	e	Heartland Payment Systems, Inc		1,506,183
	35,243	*	Higher One Holdings, Inc		211,106
	35,752	*	iGate Corp		1,308,523
	20,693	*	Imperva, Inc		473,456
	53,923	*	Infoblox, Inc		1,057,969
	15,802	*	Interactive Intelligence, Inc		988,731
	56,117	*	Internap Network Services Corp		377,106
	46,964	e	j2 Global, Inc		2,177,251
	42,650	*,e	Jive Software, Inc		319,022
	28,283	*	Knot, Inc		300,365
	52,932	*	Limelight Networks, Inc		109,569
	62,836	*	Lionbridge Technologies		369,476
	25,448	*	Liquidity Services, Inc		438,978
	55,674	*	Liveperson, Inc		551,173
	24,327	*	LogMeIn, Inc		1,105,662
	4,660	*	Luxoft Holding, Inc		125,773
	22,147	*,e	magicJack VocalTec Ltd		391,559
	80,244	*	Manhattan Associates, Inc		2,530,093
	23,797		Mantech International Corp (Class A)		709,864
	27,058		Marchex, Inc (Class B)		250,286
	8,089	*,e	Marin Software, Inc		75,875
	6,803	*	Marketo, Inc		184,633
	5,550	*,e	Mavenir Systems, Inc		82,806
	69,640		MAXIMUS, Inc		2,964,575
	98,084		Mentor Graphics Corp		2,030,339
	9,258	*	MicroStrategy, Inc (Class A)		1,124,199
	38,594	*,e	Millennial Media, Inc		246,616
	24,067	*,e	Mitek Systems, Inc		78,458
	11,374	*	Model N, Inc		102,480
	35,712	*,e	ModusLink Global Solutions, Inc		144,276
	21,833	*	MoneyGram International, Inc		288,196
	39,744		Monotype Imaging Holdings, Inc		1,049,639
	103,790	*	Monster Worldwide, Inc		715,113
	40,065	*	Move, Inc		428,295
	37,224	*	Netscout Systems, Inc		1,450,247
	66,109		NIC, Inc		1,212,439
	23,087	*,e	OpenTable, Inc		1,550,523
	36,662		Pegasystems, Inc		607,489
	33,530	*	Perficient, Inc		612,593
	49,106	*	Planet Payment, Inc		129,149
	29,102	*	PRG-Schultz International, Inc		187,126
	53,067	*	Progress Software Corp		1,138,818
	23,021	*	Proofpoint, Inc		585,654
	22,871	*	PROS Holdings, Inc		626,665
	121,627	*	PTC, Inc		4,301,947
	4,272		QAD, Inc (Class A)		81,382
	89,389	*	QLIK Technologies, Inc		1,964,770

243

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	16,092	*	Qualys, Inc	$	310,415
	30,845	*	QuinStreet, Inc		188,154
	8,113	*	Rally Software Development Corp		106,118
	20,099	*	RealNetworks, Inc		151,546
	47,613	*,e	RealPage, Inc		845,131
	7,367	*	Reis, Inc		121,261
	5,780	*,e	Rocket Fuel, Inc		185,365
	11,894	*	Rosetta Stone, Inc		141,658
	20,764	*	Sapiens International Corp NV		163,413
	111,736	*	Sapient Corp		1,817,945
	23,847	*	Sciquest, Inc		571,851
	33,943	*	Seachange International, Inc		318,046
	61,807	*	ServiceSource International LLC		385,676
	7,504	*,e	Shutterstock, Inc		544,115
	5,854	*,e	Silver Spring Networks, Inc		87,693
	18,383	*,e	Spark Networks, Inc		83,275
	15,992	*	SPS Commerce, Inc		828,386
	59,544	*	SS&C Technologies Holdings, Inc		2,317,452
	13,371	*	Stamps.com, Inc		464,107
	60,393	*	SupportSoft, Inc		149,171
	39,492	*	Sykes Enterprises, Inc		781,547
	29,989	*	Synchronoss Technologies, Inc		912,865
	15,482	*	Syntel, Inc		1,243,514
	37,998	*	TA Indigo Holding Corp		347,682
	81,700	*	Take-Two Interactive Software, Inc		1,665,046
	32,511	*,e	Tangoe, Inc		488,965
	11,550	*,e	TechTarget, Inc		74,151
	51,989	*	TeleCommunication Systems, Inc (Class A)		132,572
	17,382	*	TeleNav, Inc		106,552
	20,263	*	TeleTech Holdings, Inc		488,946
	6,250	*,e	Textura Corp		111,312
	126,658	*	TiVo, Inc		1,502,164
	9,627	*	Travelzoo, Inc		172,708
	7,180	*,e	Tremor Video, Inc		32,382
	27,951	*,e	Trulia, Inc		950,334
	32,278	*	Tyler Technologies, Inc		2,635,499
	28,114	*	Ultimate Software Group, Inc		3,363,278
	51,946	*	Unisys Corp		1,265,924
	16,193		United Online, Inc		191,887
	91,628	*,e	Unwired Planet, Inc		208,912
	5,380	*	Varonis Systems, Inc		135,953
	26,581	*	Vasco Data Security International		303,289
	54,076	*	Verint Systems, Inc		2,366,907
	42,484	*,e	VirnetX Holding Corp		669,123
	23,267	*	Virtusa Corp		767,113
	33,202	*,e	VistaPrint Ltd		1,310,483
	21,034	*	Vocus, Inc		378,191
	67,169	*,e	Vringo, Inc		274,721
	29,004	*,e	WebMD Health Corp (Class A)		1,278,786
	42,752	*	Website Pros, Inc		1,312,914
	8,220	*,e	Wix.com Ltd		168,428
	8,301	*	Xoom Corp		185,195

244

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	33,338	*	Yelp, Inc	$	1,944,272
	5,110	*,e	YuMe, Inc		34,186
	23,624	*,e	Zillow, Inc		2,567,929
	62,199	*	Zix Corp		204,013
			TOTAL SOFTWARE & SERVICES		138,305,274

TECHNOLOGY HARDWARE & EQUIPMENT - 4.9%
	59,647		Adtran, Inc		1,337,882
	13,220	*	Agilysys, Inc		165,779
	11,654	e	Alliance Fiber Optic Products, Inc		223,990
	27,817		Anixter International, Inc		2,725,510
	4,090	*	Applied Optoelectronics, Inc		92,025
	119,021	*	ARRIS Group, Inc		3,105,258
	108,990	*	Aruba Networks, Inc		2,154,732
	13,205	*	Audience, Inc		151,857
	23,868	*	AX Holding Corp		182,590
	14,296		Badger Meter, Inc		708,367
	8,741		Bel Fuse, Inc (Class B)		190,204
	44,844		Belden CDT, Inc		3,309,936
	54,671	*	Benchmark Electronics, Inc		1,267,274
	16,503		Black Box Corp		350,854
	36,400	*	CalAmp Corp		646,100
	42,496	*	Calix Networks, Inc		374,390
	41,110	*	Checkpoint Systems, Inc		524,975
	102,931	*,e	Ciena Corp		2,034,946
	88,966	*	Cognex Corp		3,063,099
	24,742	*	Coherent, Inc		1,477,345
	17,328		Comtech Telecommunications Corp		550,164
	4,350	*,e	Control4 Corp		76,821
	40,347	*	Cray, Inc		1,158,362
	34,113		CTS Corp		606,870
	37,828		Daktronics, Inc		492,521
	27,736	*	Digi International, Inc		245,741
	19,249	*	DTS, Inc		358,224
	18,247		Electro Rent Corp		294,689
	26,837		Electro Scientific Industries, Inc		227,578
	47,242	*	Electronics for Imaging, Inc		1,785,275
	79,624	*	Emulex Corp		569,312
	97,581	*	Extreme Networks, Inc		558,163
	28,690	*	Fabrinet		619,704
	17,406	*	FARO Technologies, Inc		694,499
	42,917		FEI Co		3,412,760
	95,084	*,e	Finisar Corp		2,486,447
	84,216	*,e	Fusion-io, Inc		726,784
	29,697	*	GSI Group, Inc		360,522
	104,740	*	Harmonic, Inc		736,322
	54,128	*	Harris Stratex Networks, Inc (Class A)		81,733
	25,395	*	Hutchinson Technology, Inc		70,598
	36,196	*	Imation Corp		156,367
	30,475	*	Immersion Corp		345,586
	124,288	*	Infinera Corp		1,113,620
	43,969	*	Insight Enterprises, Inc		1,148,470

245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	42,220	e	InterDigital, Inc	$	1,465,878
	58,915	*,e	InvenSense, Inc		1,268,440
	40,181	*	Itron, Inc		1,526,878
	58,393	*	Ixia		725,241
	43,373	*	Kemet Corp		217,299
	13,369	*	KVH Industries, Inc		180,615
	22,457		Littelfuse, Inc		2,033,481
	28,731	*	Maxwell Technologies, Inc		432,689
	15,827	*	Measurement Specialties, Inc		1,018,467
	36,455	*	Mercury Computer Systems, Inc		508,912
	2,786		Mesa Laboratories, Inc		238,760
	38,011		Methode Electronics, Inc		1,054,425
	16,067		MTS Systems Corp		1,035,839
	8,095	*	Multi-Fineline Electronix, Inc		100,216
	30,993	*,e	Neonode, Inc		165,813
	39,262	*	Netgear, Inc		1,268,163
	39,404	*	Newport Corp		736,067
	12,335	*	Numerex Corp		126,434
	20,632	*	Oplink Communications, Inc		353,632
	20,065	*	OSI Systems, Inc		1,119,828
	21,736		Park Electrochemical Corp		579,482
	92,494	*,e	Parkervision, Inc		421,773
	9,596		PC Connection, Inc		192,016
	18,630		PC-Tel, Inc		153,698
	44,338		Plantronics, Inc		1,931,807
	34,864	*	Plexus Corp		1,461,499
	19,855	*,e	Procera Networks, Inc		183,857
	91,030	*	QLogic Corp		1,054,127
	202,570	*,e	Quantum Corp		218,776
	22,283	*	Radisys Corp		71,306
	44,396	*,e	RealD, Inc		486,580
	10,218		Richardson Electronics Ltd		102,384
	29,019	*	Rofin-Sinar Technologies, Inc		644,222
	17,499	*	Rogers Corp		1,050,290
	46,355	*	Ruckus Wireless, Inc		484,410
	85,157	*	Sanmina Corp		1,724,429
	28,436	*	Scansource, Inc		1,092,227
	63,459	*	ShoreTel, Inc		479,115
	34,136	*,e	Silicon Graphics International Corp		412,363
	212,176	*	Sonus Networks, Inc		693,816
	47,011	*	Speed Commerce, Inc		155,136
	32,475	*	Super Micro Computer, Inc		661,191
	32,793	*,e	Synaptics, Inc		2,038,085
	26,652	*	SYNNEX Corp		1,795,812
	5,443		Tessco Technologies, Inc		179,020
	52,184	*	TTM Technologies, Inc		411,732
	13,158	*,e	Ubiquiti Networks, Inc		509,609
	10,841	*,e	Uni-Pixel, Inc		59,300
	40,305	*,e	Universal Display Corp		1,049,945
	40,343	*	Viasat, Inc		2,590,424
	2,330	*	Viasystems Group, Inc		28,007
	18,460	*,e	Violin Memory, Inc		66,456

246

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	13,679	*	Vishay Precision Group, Inc	$	222,010
	48,667	*	Westell Technologies, Inc		158,654
	15,415	*	Zygo Corp		296,585
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		82,201,465

TELECOMMUNICATION SERVICES - 0.7%
	91,711	*	8x8, Inc		889,597
	9,847		Atlantic Tele-Network, Inc		582,647
	17,606	*	Boingo Wireless, Inc		116,200
	32,438	*	Cbeyond Communications, Inc		320,812
	206,387	*	Cincinnati Bell, Inc		691,396
	48,227		Cogent Communications Group, Inc		1,662,385
	40,945	e	Consolidated Communications Holdings, Inc		815,624
	20,553	*,e	Fairpoint Communications, Inc		280,343
	35,012	*	General Communication, Inc (Class A)		365,525
	9,958	*	Hawaiian Telcom Holdco, Inc		265,082
	11,706	*	HickoryTech Corp		138,950
	17,121		IDT Corp (Class B)		271,197
	55,117	*	inContact, Inc		454,715
	35,409		Inteliquent, Inc		482,979
	65,874	*,e	Iridium Communications, Inc		439,379
	16,804		Lumos Networks Corp		221,981
	16,952	e	NTELOS Holdings Corp		233,768
	42,203	*	Orbcomm, Inc		264,613
	48,667	*	Premiere Global Services, Inc		619,044
	10,860	*,e	RingCentral, Inc		164,638
	25,238		Shenandoah Telecom Co		707,421
	7,380	*	Straight Path Communications, Inc		51,660
	68	*,m	Touch America Holdings, Inc		0
	67,591	*,e	Towerstream Corp		125,043
	22,936		USA Mobility, Inc		392,894
	156,886	*	Vonage Holdings Corp		602,442
			TOTAL TELECOMMUNICATION SERVICES		11,160,335

TRANSPORTATION - 1.8%
	51,328	*	Air Transport Services Group, Inc		401,898
	15,389		Allegiant Travel Co		1,807,438
	26,405		Arkansas Best Corp		1,040,885
	26,779	*	Atlas Air Worldwide Holdings, Inc		936,997
	20,769		Celadon Group, Inc		477,895
	17,632	*	Echo Global Logistics, Inc		344,882
	31,039		Forward Air Corp		1,372,855
	53,681	*,e	Hawaiian Holdings, Inc		775,690
	48,577		Heartland Express, Inc		1,057,036
	37,632	*	Hub Group, Inc (Class A)		1,680,269
	7,072		International Shipholding Corp		190,520
	238,064	*,e	JetBlue Airways Corp		1,881,896
	60,103		Knight Transportation, Inc		1,426,244
	24,067		Marten Transport Ltd		564,612
	43,574		Matson, Inc		1,032,268
	9,219	*	Park-Ohio Holdings Corp		538,297
	5,252	*	Patriot Transportation Holding, Inc		183,190

247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	21,890	*	Quality Distribution, Inc	$	275,157
	52,744	*	Republic Airways Holdings, Inc		438,303
	19,764	*	Roadrunner Transportation Services Holdings, Inc		486,787
	24,738	*	Saia, Inc		1,018,463
	134,180	*	Scorpio Bulkers, Inc		1,200,911
	54,268		Skywest, Inc		629,509
	61,125	*	Spirit Airlines, Inc		3,474,345
	84,202	*	Swift Transportation Co, Inc		2,025,058
	18,824	*	Ultrapetrol Bahamas Ltd		53,272
	4,949		Universal Truckload Services, Inc		122,042
	90,711		UTI Worldwide, Inc		888,061
	47,451		Werner Enterprises, Inc		1,214,746
	43,363	*	Wesco Aircraft Holdings, Inc		878,534
	52,476	*,e	XPO Logistics, Inc		1,424,199
	28,806	*,e	YRC Worldwide, Inc		646,119
			TOTAL TRANSPORTATION		30,488,378

UTILITIES - 3.3%
	41,534	e	Allete, Inc		2,149,800
	39,258		American States Water Co		1,191,873
	6,341		Artesian Resources Corp		139,629
	140,029	e	Atlantic Power Corp		415,886
	61,714		Avista Corp		1,984,105
	45,302		Black Hills Corp		2,616,190
	48,910		California Water Service Group		1,100,475
	10,362		Chesapeake Utilities Corp		655,500
	62,291		Cleco Corp		3,273,392
	11,662		Connecticut Water Service, Inc		379,015
	14,392		Consolidated Water Co, Inc		167,235
	5,749		Delta Natural Gas Co, Inc		109,633
	100,692	*,e	Dynegy, Inc		2,864,687
	41,231		El Paso Electric Co		1,559,356
	44,466		Empire District Electric Co		1,081,413
	11,805	*	Genie Energy Ltd		95,621
	51,168		Idacorp, Inc		2,872,572
	33,519		Laclede Group, Inc		1,589,136
	35,836		MGE Energy, Inc		1,369,652
	15,216		Middlesex Water Co		309,341
	43,662		New Jersey Resources Corp		2,171,311
	27,866	e	Northwest Natural Gas Co		1,233,628
	38,931		NorthWestern Corp		1,883,482
	23,110	e	NRG Yield, Inc		990,032
	17,698	e	Ormat Technologies, Inc		472,183
	37,448		Otter Tail Corp		1,097,226
	20,010		Pattern Energy Group, Inc		536,268
	77,954		Piedmont Natural Gas Co, Inc		2,789,974
	81,180		PNM Resources, Inc		2,247,062
	77,863		Portland General Electric Co		2,606,075
	15,112	*,e	Pure Cycle Corp		84,778
	15,987		SJW Corp		435,326
	33,435		South Jersey Industries, Inc		1,920,841
	48,062		Southwest Gas Corp		2,643,891

248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES

COMPANY

RATE

MATURITY
DATE

VALUE

57,481

UIL Holdings Corp

2,111,277

15,318

Unitil Corp

508,558

41,915

UNS Energy Corp

2,517,415

52,143

WGL Holdings, Inc

2,074,770

12,436

York Water Co

248,844

TOTAL UTILITIES

54,497,452

TOTAL COMMON STOCKS

1,656,612,754

(Cost $1,271,556,345)

RIGHTS / WARRANTS - 0.0%

ENERGY - 0.0%

16,387

*,m

Magnum Hunter Resources Corp

TOTAL ENERGY

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

34,794

*,m

Trius Therapeutics, Inc

4,523

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

4,523

TELECOMMUNICATION SERVICES - 0.0%

55,538

*,m

Leap Wireless International, Inc

139,956

TOTAL TELECOMMUNICATION SERVICES

139,956

TOTAL RIGHTS / WARRANTS

144,479

(Cost $139,956)

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS - 14.8%

TREASURY DEBT - 0.0%

400,000

United States Treasury Bill

0.045

05/08/14

399,996

TOTAL TREASURY DEBT

399,996

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 14.8%

245,952,460

a,c

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

245,952,460

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

245,952,460

TOTAL SHORT-TERM INVESTMENTS

246,352,456

(Cost $246,352,456)

TOTAL INVESTMENTS - 114.6%

1,903,109,689

(Cost $1,518,048,757)

OTHER ASSETS & LIABILITIES, NET - (14.6)%

(242,488,107

)

NET ASSETS - 100.0%

1,660,621,582

249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund



		Abbreviation(s):
		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 $239,071,912.
	m		Indicates a security that has been deemed illiquid.

250

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.4%

BRAZIL - 10.7%
	17,958		AES Tiete S.A.	$	141,022
	90,700		All America Latina Logistica S.A.		359,180
	1,012,235		AMBEV S.A.		7,399,677
	79,055	*	Anhanguera Educacional Participacoes S.A.		489,274
	136,130		Banco Bradesco S.A.		2,091,020
	454,864		Banco Bradesco S.A. (Preference)		6,770,686
	184,386		Banco do Brasil S.A.		1,935,857
	38,168		Banco do Estado do Rio Grande do Sul		214,141
	541,710		Banco Itau Holding Financeira S.A.		8,940,432
	200,339		Banco Santander Brasil S.A.		1,338,738
	131,500		BB Seguridade Participacoes S.A.		1,541,023
	407,774		BM&F Bovespa S.A.		2,084,818
	85,900		BR Malls Participacoes S.A.		739,285
	38,500		BR Properties S.A.		307,517
	46,565		Bradespar S.A.		403,052
	31,415		Braskem S.A.		214,435
	58,376		Centrais Eletricas Brasileiras S.A.		203,684
	44,092		Centrais Eletricas Brasileiras S.A. (Preference)		249,355
	41,089		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		523,529
	29,957		Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,417,407
	186,256		Cia de Concessoes Rodoviarias		1,457,637
	74,100		Cia de Saneamento Basico do Estado de Sao Paulo		701,869
	11,100		Cia de Saneamento de Minas Gerais-COPASA		173,239
	164,391		Cia Energetica de Minas Gerais		1,252,610
	36,820		Cia Energetica de Sao Paulo (Class B)		436,440
	28,385		Cia Hering		299,922
	20,395		Cia Paranaense de Energia		292,239
	147,930		Cia Siderurgica Nacional S.A.		567,903
	150,872		Cielo S.A.		2,672,696
	41,036		Cosan SA Industria e Comercio		703,764
	49,100		CPFL Energia S.A.		416,406
	59,005		Cyrela Brazil Realty S.A.		357,774
	31,228		EcoRodovias Infraestrutura e Logistica S.A.		186,689
	45,100		EDP - Energias do Brasil S.A.		195,995
	125,879		Empresa Brasileira de Aeronautica S.A.		1,088,439
	56,200	*	Estacio Participacoes S.A.		601,886
	50,263	*	Fibria Celulose S.A.		500,432
	183,975		Gerdau S.A. (Preference)		1,103,149
	71,582		Hypermarcas S.A.		527,455
	149,764		JBS S.A.		517,180
	99,020		Klabin S.A.		519,580
	40,300		Kroton Educacional S.A.		863,204
	26,191		Localiza Rent A Car		391,147
	20,700		Lojas Americanas S.A.		132,291

251

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	80,337		Lojas Americanas S.A.(Preference)	$	608,540
	26,330		Lojas Renner S.A.		774,638
	6,900		M Dias Branco S.A.		298,250
	89,700		Marcopolo S.A.		164,536
	54,417		Metalurgica Gerdau S.A.		394,384
	68,256		MRV Engenharia e Participacoes S.A.		216,117
	15,000		Multiplan Empreendimentos Imobiliarios S.A.		331,517
	34,892		Natura Cosmeticos S.A.		597,612
	45,153		Odontoprev S.A.		181,240
	139,765		Oi S.A. (Preference)		134,139
	140,256		Perdigao S.A.		3,176,557
	656,672		Petroleo Brasileiro S.A.		4,603,109
	923,746		Petroleo Brasileiro S.A. (Preference)		6,864,658
	23,681		Porto Seguro S.A.		345,165
	41,300	*	Qualicorp S.A.		401,377
	44,300		Raia Drogasil S.A.		377,486
	59,420		Satipel Industrial S.A.		257,160
	78,845		Souza Cruz S.A.		719,585
	25,205		Sul America SA		184,820
	64,600		Suzano Papel e Celulose S.A.		210,625
	63,921		Telefonica Brasil S.A.		1,342,778
	181,666		Tim Participacoes S.A.		985,832
	23,600		Totvus S.A.		385,369
	33,100		Tractebel Energia S.A.		492,251
	19,800		Transmissora Alianca de Energia Eletrica S.A.		177,154
	76,680		Ultrapar Participacoes S.A.		1,925,125
	82,817	*	Usinas Siderurgicas de Minas Gerais S.A. (Preference)		323,877
	280,600		Vale S.A.		3,699,805
	410,173		Vale S.A. (Preference)		4,860,083
	57,720		Weg S.A.		696,601
			TOTAL BRAZIL		89,054,468

CHILE - 1.5%
	491,917		AES Gener S.A.		269,438
	443,665		Aguas Andinas S.A.		274,657
	4,915,012		Banco de Chile		635,701
	5,719		Banco de Credito e Inversiones		317,626
	13,476,294		Banco Santander Chile S.A.		814,900
	13,627		CAP S.A.		203,948
	237,961		Centros Comerciales Sudamericanos S.A.		790,863
	31,332		Cia Cervecerias Unidas S.A.		369,134
	1,613,052		Colbun S.A.		400,194
	24,997,329		CorpBanca S.A.		293,453
	46,711		Embotelladora Andina S.A.		188,150
	93,752		Empresa Electrica del Norte Grande S.A.		118,968
	718,618		Empresa Nacional de Electricidad S.A.		1,063,061
	21,506		Empresa Nacional de Telecomunicaciones S.A.		264,019
	237,342	*	Empresas CMPC S.A.		533,400
	113,612		Empresas COPEC S.A.		1,486,275
	4,282,333		Enersis S.A.		1,386,348
	64,247		Lan Airlines S.A.		981,635
	154,560		SACI Falabella		1,318,672

252

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	20,942		Sociedad Quimica y Minera de Chile S.A. (Class B)	$	669,507
	84,413		Vina Concha y Toro S.A.		178,788
			TOTAL CHILE		12,558,737

CHINA - 17.1%
	164,000	e	AAC Technologies Holdings, Inc		918,290
	336,000		Agile Property Holdings Ltd		273,354
	5,220,000		Agricultural Bank of China		2,196,475
	388,000		Air China Ltd		220,687
	1,128,000	*,e	Aluminum Corp of China Ltd		404,419
	286,500	e	Anhui Conch Cement Co Ltd		1,069,719
	210,000	e	Anta Sports Products Ltd		307,829
	496,000		AviChina Industry & Technology Co		265,472
	16,909,000		Bank of China Ltd		7,450,075
	2,184,500	e	Bank of Communications Co Ltd		1,360,696
	331,500		BBMG Corp		233,350
	446,000		Beijing Capital International Airport Co Ltd		311,023
	124,500		Beijing Enterprises Holdings Ltd		1,084,213
	832,000	e	Beijing Enterprises Water Group Ltd		528,777
	44,500		Biostime Internatonal Holdings Ltd		296,302
	676,000		Brilliance China Automotive Holdings Ltd		1,044,720
	119,000	*,e	Byd Co Ltd		643,933
	385,520	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		257,883
	568,700		China Agri-Industries Holdings Ltd		227,529
	488,000		China BlueChemical Ltd		261,967
	985,000	*,e	China Cinda Asset Management Co Ltd		496,753
	2,042,600		China Citic Bank		1,220,167
	1,306,000	e	China Coal Energy Co		707,626
	1,086,000	e	China Communications Construction Co Ltd		712,497
	572,400		China Communications Services Corp Ltd		290,482
	15,894,350		China Construction Bank		11,004,818
	618,000		China Everbright International Ltd		775,319
	214,000		China Everbright Ltd		286,791
	476,000		China Gas Holdings Ltd		774,832
	192,200	*	China Insurance International Holdings Co Ltd		305,936
	115,700		China International Marine Containers Group Co Ltd		228,623
	1,654,000		China Life Insurance Co Ltd		4,302,969
	647,000		China Longyuan Power Group Corp		666,409
	312,000		China Mengniu Dairy Co Ltd		1,605,593
	1,079,500		China Merchants Bank Co Ltd		1,934,227
	274,020		China Merchants Holdings International Co Ltd		859,860
	1,236,500	e	China Minsheng Banking Corp Ltd		1,247,519
	1,311,500		China Mobile Hong Kong Ltd		12,483,479
	690,000	e	China National Building Material Co Ltd		654,556
	464,000		China Oilfield Services Ltd		1,112,407
	922,000	e	China Overseas Land & Investment Ltd		2,269,670
	607,400		China Pacific Insurance Group Co Ltd		1,909,736
	414,000		China Pharmaceutical Group Ltd		344,938
	481,000	e	China Railway Construction Corp		399,156
	971,000		China Railway Group Ltd		434,896
	274,000	e	China Resources Enterprise		780,221

253

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	212,000		China Resources Gas Group Ltd	$	628,864
	466,000		China Resources Land Ltd		961,765
	436,000		China Resources Power Holdings Co		1,095,824
	825,500		China Shenhua Energy Co Ltd		2,241,828
	917,000	*,e	China Shipping Container Lines Co Ltd		219,623
	502,000	e	China South Locomotive and Rolling Stock Corp		367,407
	418,000	e	China State Construction International Holdings Ltd		699,205
	3,238,000		China Telecom Corp Ltd		1,656,525
	1,086,000		China Unicom Ltd		1,664,876
	688,000	e	Chongqing Rural Commercial Bank		302,562
	333,000	e	Citic Pacific Ltd		584,852
	289,000	e	CITIC Securities Co Ltd		580,825
	4,120,000		CNOOC Ltd		6,809,734
	701,000	*,e	COSCO Holdings		278,028
	423,098		COSCO Pacific Ltd		567,885
	1,017,008		Country Garden Holdings Co Ltd		407,776
	768,000		Datang International Power Generation Co Ltd		286,416
	634,000		Dongfeng Motor Group Co Ltd		847,581
	1,475,000	e	Evergrande Real Estate Group		660,789
	308,000		Far East Horizon Ltd		208,849
	387,000	e	Fosun International		469,207
	844,000	e	Franshion Properties China Ltd		266,157
	808,000	e	Fushan International Energy Group Ltd		243,179
	1,185,000	e	Geely Automobile Holdings Ltd		411,948
	148,000	e	Golden Eagle Retail Group Ltd		191,428
	2,394,000	e	GOME Electrical Appliances Holdings Ltd		451,969
	234,000	e	Great Wall Motor Co Ltd		1,064,531
	150,000		Greentown China Holdings Ltd		151,071
	642,000	e	Guangdong Investments Ltd		697,987
	500,000		Guangzhou Automobile Group Co Ltd		505,409
	1,236,000	e	Guangzhou Investment Co Ltd		239,923
	209,200	e	Guangzhou R&F Properties Co Ltd		274,071
	159,000		Haitian International Holdings Ltd		320,324
	352,400		Haitong Securities Co Ltd		494,256
	167,000		Hengan International Group Co Ltd		1,760,522
	724,000		Huaneng Power International, Inc		708,714
	16,336,000		Industrial & Commercial Bank of China		9,761,047
	338,000	e	Jiangsu Express		380,793
	386,000	e	Jiangxi Copper Co Ltd		638,559
	1,390,000	e	Lenovo Group Ltd		1,583,980
	314,000		Longfor Properties Co Ltd		406,328
	192,500	*	New China Life insurance Co Ltd		567,907
	397,000	e	Nine Dragons Paper Holdings Ltd		261,739
	1,305,000	e	People’s Insurance Co Group of China Ltd		501,292
	768,840	*	PICC Property & Casualty Co Ltd		1,016,282
	427,000		Ping An Insurance Group Co of China Ltd		3,169,249
	434,000	e	Poly Hong Kong Investment Ltd		188,436
	392,000	e	Shandong Weigao Group Medical Polymer Co Ltd		397,170
	842,000		Shanghai Electric Group Co Ltd		331,336
	123,000		Shanghai Industrial Holdings Ltd		381,725
	182,200		Shanghai Pharmaceuticals Holding Co Ltd		333,710
	149,000	e	Shell Electric MFG		88,652

254

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	884,149	*	Shui On Land Ltd	$	234,265
	494,000		Sihuan Pharmaceutical Holdings		546,024
	736,603	e	Sino-Ocean Land Holdings Ltd		390,380
	277,000		Sinopec Engineering Group Co Ltd		310,038
	986,000	e	Sinopec Shanghai Petrochemical Co Ltd		240,965
	244,800	e	Sinopharm Group Co		646,433
	16,500		Sinotruk Hong Kong Ltd		8,759
	457,000		Soho China Ltd		364,133
	556,500	e	Sun Art Retail Group Ltd		724,969
	221,500	*	Tencent Holdings Ltd		13,945,626
	448,000		Tingyi Cayman Islands Holding Corp		1,247,169
	92,000		Tsingtao Brewery Co Ltd		671,764
	286,000	e	Uni-President China Holdings Ltd		236,895
	1,323,000	e	Want Want China Holdings Ltd		2,079,657
	123,200	e	Weichai Power Co Ltd		430,434
	211,000	*,m	Wison Engineering Services Co Ltd		272
	122,000	*	Wumart Stores, Inc		119,965
	174,000		Xinao Gas Holdings Ltd		1,217,010
	628,000	e	Yanzhou Coal Mining Co Ltd		471,270
	244,000		Yingde Gases		246,374
	366,000		Zhejiang Expressway Co Ltd		316,689
	149,500	e	Zhongsheng Group Holdings Ltd		181,938
	128,500		Zhuzhou CSR Times Electric Co Ltd		377,877
	1,484,000	e	Zijin Mining Group Co Ltd		362,564
	193,520	*,e	ZTE Corp		396,020
			TOTAL CHINA		142,263,798

COLOMBIA - 1.1%
	41,445		Almacenes Exito S.A.		631,335
	19,799		Banco Davivienda S.A.		281,970
	34,700		BanColombia S.A.		476,625
	89,683		BanColombia S.A. (Preference)		1,268,897
	81,451		Cementos Argos S.A.		454,240
	33,943	*	Cemex Latam Holdings S.A.		313,389
	14,182		Corp Financiera Colombiana S.A.		274,182
	1,230,974		Ecopetrol S.A.		2,291,500
	57,901		Grupo Argos S.A.		637,439
	22,552		Grupo Argos S.A.(Preference)		248,511
	233,089		Grupo Aval Acciones y Valores		157,674
	5,932		Grupo de Inversiones Suramericana S.A.		117,012
	70,868		Interconexion Electrica S.A.		332,278
	145,736		Isagen S.A. ESP		238,181
	62,094		Suramericana de Inversiones S.A.		1,211,371
			TOTAL COLOMBIA		8,934,604

CZECH REPUBLIC - 0.3%
	36,287		CEZ AS		1,092,045
	3,290		Komercni Banka AS		758,594
	22,077		Telefonica O2 Czech Republic AS		334,454
			TOTAL CZECH REPUBLIC		2,185,093

255

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

EGYPT - 0.2%
	187,491		Commercial International Bank	$	1,006,224
	502,803	*	Orascom Telecom Holding SAE		372,391
	204,413		Talaat Moustafa Group		261,075
	65,419		Telecom Egypt		138,789
			TOTAL EGYPT		1,778,479

GREECE - 0.6%
	286,160	*	Alpha Bank S.A.		277,189
	7,283	*	Folli Follie S.A.		252,602
	33,891		Hellenic Petroleum S.A.		290,972
	57,075	*	Hellenic Telecommunications Organization S.A.		911,815
	24,254		JUMBO S.A.		392,008
	75,557	*	National Bank of Greece S.A.		295,386
	51,308		OPAP S.A.		819,391
	228,286	*	Piraeus Bank S.A.		538,750
	27,699		Public Power Corp		419,130
	12,195	*	Titan Cement Co S.A.		384,055
			TOTAL GREECE		4,581,298

HONG KONG - 0.7%
	1,045,000		Belle International Holdings Ltd		1,086,615
	469,007		China Resources Cement Holdings Ltd		326,508
	2,274,000	*,e	GCL Poly Energy Holdings Ltd		683,043
	239,000		Haier Electronics Group Co Ltd		587,907
	2,502,000	*,e	Hanergy Solar Group Ltd		358,215
	241,500	*	Intime Retail Group Co Ltd		237,169
	149,500		Kingboard Chemical Holdings Ltd		285,723
	381,000		Lee & Man Paper Manufacturing Ltd		207,126
	594,000	e	New World China Land Ltd		493,119
	133,000		Shenzhou International Group Holdings Ltd		458,870
	317,000	e	Shimao Property Holdings Ltd		628,583
	692,000		Sino Biopharmaceutical		543,066
			TOTAL HONG KONG		5,895,944

HUNGARY - 0.2%
	11,768		MOL Hungarian Oil and Gas plc		677,043
	40,385	e	OTP Bank		771,193
	26,552		Richter Gedeon Rt		454,768
			TOTAL HUNGARY		1,903,004

	INDIA - 6.5%
	32,027		Adani Enterprises Ltd		222,527
	5,506	*	Aditya Birla Nuvo Ltd		101,153
	141,107		Ambuja Cements Ltd		463,555
	14,077		Apollo Hospitals Enterprise Ltd		209,079
	62,151		Asian Paints Ltd		520,874
	5,299		Associated Cement Co Ltd		113,733
	16,921		Bajaj Holdings and Investment Ltd		537,384
	11,784		Bank of Baroda		160,044
	132,328		Bharat Heavy Electricals		396,773
	64,525		Bharat Petroleum Corp Ltd		487,357
	131,035		Bharti Airtel Ltd		713,565

256

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	144,075		Cairn India Ltd	$	801,328
	71,208		Cipla Ltd		469,920
	130,767		Coal India Ltd		633,700
	31,088		Dabur India Ltd		92,484
	7,019		Divi S Laboratories Ltd		160,724
	87,160		DLF Ltd		203,361
	22,161		Dr Reddy’s Laboratories Ltd		994,557
	73,083		GAIL India Ltd		448,861
	1,505		GlaxoSmithKline Consumer Healthcare Ltd		104,213
	17,995		Godrej Consumer Products Ltd		238,426
	53,195		HCL Technologies Ltd		1,237,869
	226,404		HDFC Bank Ltd		2,709,848
	16,902		Hero Honda Motors Ltd		618,076
	249,263		Hindalco Industries Ltd		556,121
	140,548		Hindustan Lever Ltd		1,322,879
	313,788		Housing Development Finance Corp		4,678,445
	48,746		ICICI Bank Ltd		1,005,044
	134,064		Idea Cellular Ltd		299,710
	98,937		Infosys Technologies Ltd		5,263,826
	485,364		ITC Ltd		2,744,143
	188,438		Jaiprakash Associates Ltd		168,718
	79,526	*	Jindal Steel & Power Ltd		337,155
	16,929		JSW Steel Ltd		304,514
	67,637	*	Kotak Mahindra Bank Ltd		901,347
	69,429		Larsen & Toubro Ltd		1,493,207
	55,669	*	LIC Housing Finance Ltd		242,304
	50,738		Mahindra & Mahindra Financial Services Ltd		207,295
	65,686		Mahindra & Mahindra Ltd		1,173,140
	87,946		Mundra Port and Special Economic Zone Ltd		275,024
	4,061		Nestle India Ltd		321,083
	235,334		NTPC Ltd		454,141
	51,135		Oil India Ltd		404,862
	5,109		Piramal Healthcare Ltd		45,844
	49,995		Power Finance Corp Ltd		152,605
	272,806		Power Grid Corp of India Ltd		478,805
	24,664	*	Ranbaxy Laboratories Ltd		194,013
	21,056	*	Reliance Capital Ltd		124,210
	113,701	*	Reliance Communication Ventures Ltd		231,249
	22,241	*	Reliance Energy Ltd		187,831
	291,535		Reliance Industries Ltd		4,531,654
	120,165	*	Reliance Power Ltd		136,562
	61,311		Rural Electrification Corp Ltd		242,135
	230,568		Sesa Goa Ltd		710,336
	23,713		Shriram Transport Finance Co Ltd		289,359
	14,564		Siemens India Ltd		167,654
	16,661		State Bank of India Ltd (GDR)		1,144,927
	135,388		Sun Pharmaceutical Industries Ltd		1,422,281
	101,600		Tata Consultancy Services Ltd		3,688,117
	166,726		Tata Motors Ltd		1,153,287
	255,237		Tata Power Co Ltd		330,822
	66,939		Tata Steel Ltd		445,610
	11,147	*	Tech Mahindra Ltd		338,942

257

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	6,613		Ultra Tech Cement Ltd	$	222,542
	13,542	*	United Breweries Ltd		177,588
	18,892		United Spirits Ltd		867,156
	133,200		Wipro Ltd		1,154,410
	38,480		Yes Bank Ltd		282,302
			TOTAL INDIA		53,512,610

INDONESIA - 2.6%
	3,729,000		Adaro Energy Tbk		383,657
	2,395,500	*	Bank Rakyat Indonesia		2,057,147
	225,300		Indofood CBP Sukses Makmur Tbk		195,090
	70,500		PT Astra Agro Lestari Tbk		179,506
	4,324,300		PT Astra International Tbk		2,786,112
	2,637,400		PT Bank Central Asia Tbk		2,511,853
	659,066		PT Bank Danamon Indonesia Tbk		233,641
	2,005,571		PT Bank Mandiri Persero Tbk		1,713,592
	1,573,493		PT Bank Negara Indonesia		657,633
	1,238,800		PT Bumi Serpong Damai		167,822
	1,507,800		PT Charoen Pokphand Indonesia Tbk		493,018
	465,500		PT Excelcomindo Pratama		208,796
	1,404,000		PT Global MediaCom Tbk		266,512
	102,600		PT Gudang Garam Tbk		502,664
	110,500		PT Indo Tambangraya Megah		244,236
	297,600		PT Indocement Tunggal Prakarsa Tbk		564,812
	878,400		PT Indofood Sukses Makmur Tbk		537,345
	368,800		PT Jasa Marga Tbk		188,425
	4,834,000		PT Kalbe Farma Tbk		647,423
	4,038,100		PT Lippo Karawaci Tbk		374,523
	284,900	*	PT Matahari Department Store Tbk		370,182
	823,800		PT Media Nusantara Citra Tbk		194,222
	2,348,400		PT Perusahaan Gas Negara		1,084,618
	635,700		PT Semen Gresik Persero Tbk		819,539
	859,200		PT Surya Citra Media Tbk		234,357
	213,500		PT Tambang Batubara Bukit Asam Tbk		182,780
	9,752,500		PT Telekomunikasi Indonesia Persero Tbk		1,916,858
	323,600		PT Unilever Indonesia Tbk		822,129
	340,200		PT United Tractors Tbk		639,620
	286,000		Tower Bersama Infrastructure		161,103
			TOTAL INDONESIA		21,339,215

KOREA, REPUBLIC OF - 15.6%
	690		Amorepacific Corp		892,257
	32,890		BS Financial Group		503,579
	13,370	*	Celltrion, Inc		623,457
	18,450	*	Cheil Communications, Inc		449,083
	9,814		Cheil Industries, Inc		626,708
	1,531		CJ CheilJedang Corp		459,670
	2,821		CJ Corp		341,659
	5,832		Daelim Industrial Co		475,879
	20,970	*	Daewoo Engineering & Construction Co Ltd		173,960
	9,040		Daewoo International Corp		317,076
	31,412		Daewoo Securities Co Ltd		258,085

258

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	20,860		Daewoo Shipbuilding & Marine Engineering Co Ltd	$	605,415
	3,718	*	DC Chemical Co Ltd		653,333
	23,730		DGB Financial Group Co Ltd		359,999
	8,649		Dongbu Insurance Co Ltd		478,020
	1,617		Doosan Corp		208,427
	10,127		Doosan Heavy Industries and Construction Co Ltd		342,305
	26,980	*	Doosan Infracore Co Ltd		326,245
	4,499		E-Mart Co Ltd		1,028,769
	2,822		GLOVIS Co Ltd		665,635
	7,700	*	GS Engineering & Construction Corp		271,673
	13,214		GS Holdings Corp		616,618
	7,450		Halla Climate Control Corp		311,728
	59,137		Hana Financial Group, Inc		2,086,712
	15,450		Hankook Tire Co Ltd		896,376
	18,050		Hanwha Chemical Corp		319,876
	8,921		Hanwha Corp		260,038
	3,732		Honam Petrochemical Corp		590,784
	114,870	*	Hynix Semiconductor, Inc		4,479,177
	4,965		Hyosung Corp		354,715
	2,904		Hyundai Department Store Co Ltd		374,478
	11,400		Hyundai Development Co		326,844
	15,065		Hyundai Engineering & Construction Co Ltd		815,616
	9,066		Hyundai Heavy Industries		1,704,536
	11,800		Hyundai Marine & Fire Insurance Co Ltd		346,206
	13,190	*	Hyundai Merchant Marine Co Ltd		132,117
	2,409		Hyundai Mipo Dockyard		328,887
	14,637		Hyundai Mobis		4,181,549
	33,082		Hyundai Motor Co		7,376,176
	8,171		Hyundai Motor Co Ltd (2nd Preference)		1,147,073
	5,211		Hyundai Motor Co Ltd (Preference)		657,340
	20,030		Hyundai Securities Co		135,043
	15,031		Hyundai Steel Co		984,896
	3,038		Hyundai Wia Corp		500,907
	43,510		Industrial Bank of Korea		535,925
	5,780		Jinro Ltd		140,147
	20,580		Kangwon Land, Inc		595,276
	83,096		KB Financial Group, Inc		2,842,614
	1,029		KCC Corp		513,137
	56,553		Kia Motors Corp		3,137,684
	8,020		Korea Aerospace Industries Ltd		255,975
	55,510		Korea Electric Power Corp		2,122,412
	5,872	*	Korea Gas Corp		351,654
	7,610		Korea Investment Holdings Co Ltd		279,516
	2,829		Korea Kumho Petrochemical		239,883
	43,560		Korea Life Insurance Co Ltd		283,913
	1,897		Korea Zinc Co Ltd		625,107
	4,656	*	Korean Air Lines Co Ltd		149,711
	13,680		KT Corp		436,038
	23,868		KT&G Corp		1,912,581
	10,099		LG Chem Ltd		2,577,857
	1,907		LG Chem Ltd (Preference)		276,495
	20,740		LG Corp		1,156,497

259

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	22,901		LG Electronics, Inc	$	1,525,343
	1,933		LG Household & Health Care Ltd		885,114
	2,141	*	LG Innotek Co Ltd		236,943
	43,310		LG Telecom Ltd		426,553
	49,500	*	LG.Philips LCD Co Ltd		1,318,368
	136		Lotte Confectionery Co Ltd		232,962
	2,233		Lotte Shopping Co Ltd		692,510
	3,131		LS Cable Ltd		245,586
	2,364		LS Industrial Systems Co Ltd		151,204
	4,619		Mirae Asset Securities Co Ltd		189,782
	6,042		Naver Corp		4,350,945
	3,140		NCsoft		624,795
	3,221	*	NHN Entertainment Corp		263,490
	728		Orion Corp		556,218
	565		Pacific Corp		292,308
	14,129		POSCO		4,174,106
	3,168		S1 Corp (Korea)		240,967
	5,568		Samsung Card Co		202,242
	26,868		Samsung Corp		1,689,668
	12,359		Samsung Electro-Mechanics Co Ltd		794,329
	23,709		Samsung Electronics Co Ltd		30,915,596
	4,424		Samsung Electronics Co Ltd (Preference)		4,448,681
	6,469	*	Samsung Engineering Co Ltd		485,606
	7,623		Samsung Fire & Marine Insurance Co Ltd		1,810,697
	35,050		Samsung Heavy Industries Co Ltd		960,105
	12,988		Samsung Life Insurance Co Ltd		1,208,798
	7,352		Samsung SDI Co Ltd		1,079,615
	12,861		Samsung Securities Co Ltd		491,483
	7,529		Samsung Techwin Co Ltd		422,715
	91,866		Shinhan Financial Group Co Ltd		4,009,803
	1,241		Shinsegae Co Ltd		269,433
	4,760		SK C&C Co Ltd		653,391
	5,482		SK Corp		972,398
	14,258		SK Energy Co Ltd		1,633,387
	25,290	*	SK Networks Co Ltd		233,164
	1,540		SK Telecom Co Ltd		318,865
	4,000	e	SK Telecom Co Ltd (ADR)		92,360
	12,573		S-Oil Corp		735,810
	11,429		Woongjin Coway Co Ltd		903,365
	77,610	*,m	Woori Finance Holdings Co Ltd		875,018
	25,261		Woori Investment & Securities Co Ltd		213,945
	1,533		Yuhan Corp		269,660
			TOTAL KOREA, REPUBLIC OF		129,518,676

MALAYSIA - 3.8%
	209,600		AirAsia BHD		142,613
	180,100		Alliance Financial Group BHD		247,370
	334,500		AMMB Holdings BHD		736,212
	277,600		Astro Malaysia Holdings BHD		283,311
	129,391		Berjaya Sports Toto BHD		154,157
	25,100		British American Tobacco Malaysia BHD		470,409
	342,200		Bumi Armada BHD		419,686

260

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	1,075,276		Bumiputra-Commerce Holdings BHD	$	2,476,996
	343,500		Dialog Group BHD		378,264
	756,500		Digi.Com BHD		1,285,489
	219,100		Felda Global Ventures Holdings BHD		303,404
	355,700		Gamuda BHD		502,788
	511,875		Genting BHD		1,538,553
	23,400		Genting Plantations BHD		79,541
	90,620		Hong Leong Bank BHD		388,791
	17,200		Hong Leong Credit BHD		80,691
	493,300	*	IHH Healthcare BHD		606,071
	199,300		IJM Corp BHD		389,967
	724,700		IOI Corp BHD		1,108,909
	302,000	*	IOI Properties Group Sdn BHD		248,292
	101,000		Kuala Lumpur Kepong BHD		748,492
	71,200		Lafarge Malayan Cement BHD		198,196
	958,104		Malayan Banking BHD		2,908,327
	130,273		Malaysia Airports Holdings BHD		321,371
	470,400		Maxis BHD		1,001,723
	238,500	*	MISC BHD		476,502
	61,500		MMC Corp BHD		52,726
	108,046		Parkson Holdings BHD		97,248
	621,300		Petronas Chemicals Group BHD		1,281,636
	104,100		Petronas Dagangan BHD		967,366
	133,600		Petronas Gas BHD		962,452
	94,200		PPB Group BHD		475,409
	218,500		Public Bank BHD		1,348,824
	624,700		Resorts World BHD		808,022
	95,943		RHB Capital BHD		243,779
	889,500	*	Sapurakencana Petroleum BHD		1,175,875
	586,322		Sime Darby BHD		1,696,103
	209,800		Telekom Malaysia BHD		398,678
	626,750		Tenaga Nasional BHD		2,284,666
	549,200		TM International BHD		1,132,742
	297,100		UEM Land Holdings BHD		209,777
	88,500		UMW Holdings BHD		291,966
	975,000		YTL Corp BHD		480,999
	449,469	*	YTL Power International BHD		216,288
			TOTAL MALAYSIA		31,620,681

MEXICO - 5.0%
	609,150		Alfa S.A. de C.V. (Class A)		1,604,037
	7,545,770	e	America Movil S.A. de C.V. (Series L)		7,590,326
	2,542,591	*,e	Cemex S.A. de C.V.		3,251,422
	93,260		Coca-Cola Femsa S.A. de C.V.		1,041,755
	215,186	e	Compartamos SAB de C.V.		376,990
	82,400		Controladora Comercial Mexicana S.A. de C.V.		306,479
	39,500	e	El Puerto de Liverpool SAB de C.V.		406,783
	67,325	e	Embotelladoras Arca SAB de C.V.		428,978
	285,400		Fibra Uno Administracion S.A. de C.V.		932,372
	421,237		Fomento Economico Mexicano S.A. de C.V.		3,844,106
	166,200	*	Genomma Lab Internacional S.A. de C.V.		421,256
	60,928		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		366,423

261

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	40,600		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)	$	496,780
	346,320		Grupo Bimbo S.A. de C.V. (Series A)		956,680
	113,098		Grupo Carso S.A. de C.V. (Series A1)		574,880
	64,400		Grupo Comercial Chedraui S.a. DE C.V.		196,162
	537,987		Grupo Financiero Banorte S.A. de C.V.		3,566,499
	496,932		Grupo Financiero Inbursa S.A.		1,270,937
	396,600		Grupo Financiero Santander Mexico SAB de C.V.		943,091
	834,056		Grupo Mexico S.A. de C.V. (Series B)		2,504,830
	552,526		Grupo Televisa S.A.		3,624,451
	34,200	*	Industrias CH SAB de C.V.		182,728
	28,967		Industrias Penoles S.A. de C.V.		674,271
	320,142		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		832,243
	219,096	e	Mexichem SAB de C.V.		815,408
	133,140	*	Minera Frisco SAB de C.V.		241,494
	132,100	*	OHL Mexico SAB de CV		350,678
	56,600	*	Promotora y Operadora de Infraestructura SAB de C.V.		791,109
	1,152,489	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		2,914,092
			TOTAL MEXICO		41,507,260

PERU - 0.3%
	40,222		Cia de Minas Buenaventura S.A. (ADR) (Series B)		522,886
	13,972		Credicorp Ltd (NY)		2,085,321
			TOTAL PERU		2,608,207

PHILIPPINES - 0.9%
	377,180		Aboitiz Equity Ventures, Inc		479,818
	403,800		Aboitiz Power Corp		330,590
	395,600		Alliance Global Group, Inc		277,063
	38,448		Ayala Corp		539,350
	1,207,400		Ayala Land, Inc		818,220
	295,156		Banco de Oro Universal Bank		585,773
	157,960		Bank of the Philippine Islands		321,995
	167,020		DMCI Holdings, Inc		269,531
	5,710		Globe Telecom, Inc		212,301
	98,450		International Container Term Services, Inc		239,216
	532,680		JG Summit Holdings (Series B)		604,702
	86,900		Jollibee Foods Corp		335,636
	2,223,600		Metro Pacific Investments Corp		253,697
	71,033	*	Metropolitan Bank & Trust		135,282
	9,615		Philippine Long Distance Telephone Co		621,531
	1,423,700		PNOC Energy Development Corp		178,709
	29,940		SM Investments Corp		488,061
	1,212,575		SM Prime Holdings		445,140
	194,910		Universal Robina		640,038
			TOTAL PHILIPPINES		7,776,653

POLAND - 1.7%
	7,112	*	Alior Bank S.A.		187,735
	5,795		Bank Handlowy w Warszawie S.A.		215,640
	73,388	*	Bank Millennium S.A.		215,598
	28,198		Bank Pekao S.A.		1,809,759
	5,800		Bank Zachodni WBK S.A.		713,119

262

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	2,875		BRE Bank S.A.	$	470,457
	27,023	*	Cyfrowy Polsat S.A.		183,417
	41,936		Enea S.A.		212,326
	15,689		Eurocash S.A.		207,467
	20,491	*	Grupa Lotos S.A.		264,245
	7,200		Jastrzebska Spolka Weglowa S.A.		99,126
	30,815		KGHM Polska Miedz S.A.		1,115,747
	449,595		Polish Oil & Gas Co		698,806
	162,609		Polska Grupa Energetyczna S.A.		1,129,937
	76,177		Polski Koncern Naftowy Orlen S.A.		1,140,666
	187,939		Powszechna Kasa Oszczednosci Bank Polski S.A.		2,579,158
	12,070		Powszechny Zaklad Ubezpieczen S.A.		1,712,141
	91,756		Synthos S.A.		144,619
	194,976		Tauron Polska Energia S.A.		345,405
	138,322		Telekomunikacja Polska S.A.		472,396
	6,955		Zaklady Azotowe w Tarnowie-Moscicach S.A.		137,715
			TOTAL POLAND		14,055,479

RUSSIA - 4.8%
	24,591		AFK Sistema (GDR)		586,965
	155,758	*	Federal Grid Co Unified Energy System JSC (GDR)		113,703
	451,000	d	Gazprom (ADR)		3,256,220
	830,131		Gazprom OAO (ADR)		5,999,304
	113,090		LUKOIL (ADR)		5,986,919
	55,263		Magnit OAO (GDR)		2,615,186
	14,049		MegaFon OAO (GDR)		366,375
	117,320		MMC Norilsk Nickel (ADR)		2,121,048
	107,849		Mobile TeleSystems (ADR)		1,807,549
	20,812		NovaTek OAO (GDR)		2,151,774
	278,399		Rosneft Oil Co (GDR)		1,750,321
	26,756		Rostelecom (ADR)		348,511
	234,039		RusHydro (ADR)		364,164
	608,311		Sberbank of Russian Federation (ADR)		5,124,454
	39,548		Severstal (GDR)		279,558
	317,628		Surgutneftegaz (ADR)		2,252,382
	54,442		Tatneft (GDR)		1,872,615
	3,625		TMK OAO (GDR)		28,819
	54,879		Uralkali (GDR)		1,217,239
	545,087		VTB Bank OJSC (GDR)		1,159,545
			TOTAL RUSSIA		39,402,651

SOUTH AFRICA - 7.6%
	331,683	e	African Bank Investments Ltd		393,145
	22,377		African Rainbow Minerals Ltd		421,339
	14,655	*,e	Anglo Platinum Ltd		697,798
	87,114		AngloGold Ashanti Ltd		1,574,771
	73,540		Aspen Pharmacare Holdings Ltd		1,960,087
	6,919		Assore Ltd		267,802
	69,316		Barclays Africa Group Ltd		1,015,415
	44,200	e	Barloworld Ltd		482,186
	64,598		Bidvest Group Ltd		1,773,721
	58,432		Discovery Holdings Ltd		507,283

263

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	677,348		FirstRand Ltd	$	2,492,227
	36,741	e	Foschini Ltd		379,718
	166,184		Gold Fields Ltd		705,337
	371,402		Growthpoint Properties Ltd		858,557
	82,008	*	Harmony Gold Mining Co Ltd		269,517
	116,881		Impala Platinum Holdings Ltd		1,317,633
	38,494		Imperial Holdings Ltd		717,937
	48,055		Investec Ltd		422,952
	16,887	e	Kumba Iron Ore Ltd		601,426
	39,738	e	Kumba Resources Ltd		542,386
	21,092		Liberty Holdings Ltd		253,001
	198,032		Life Healthcare Group Holdings Pte Ltd		787,483
	19,917	e	Massmart Holdings Ltd		263,989
	72,110		Mediclinic International Ltd		504,397
	221,470		Metropolitan Holdings Ltd		556,813
	49,934		Mr Price Group Ltd		752,408
	363,965		MTN Group Ltd		7,301,795
	118,688		Nampak Ltd		442,785
	85,163		Naspers Ltd (N Shares)		8,047,840
	42,721	e	Nedbank Group Ltd		915,806
	188,491		Network Healthcare Holdings Ltd		457,248
	66,816	*	Northam Platinum Ltd		260,815
	45,934	e	Pick’n Pay Stores Ltd		262,463
	96,884		PPC Ltd		281,886
	599,091		Redefine Income Fund Ltd		566,333
	103,946		Remgro Ltd		2,093,271
	34,316		Reunert Ltd		225,509
	149,641		RMB Holdings Ltd		718,058
	119,392		RMI Holdings		340,639
	384,290		Sanlam Ltd		2,058,696
	104,285	*	Sappi Ltd		330,576
	123,853		Sasol Ltd		6,941,256
	92,220		Shoprite Holdings Ltd		1,542,728
	34,986		Spar Group Ltd		411,062
	263,164		Standard Bank Group Ltd		3,457,698
	395,587	e	Steinhoff International Holdings Ltd		2,055,605
	34,157	e	Tiger Brands Ltd		913,769
	91,203	e	Truworths International Ltd		732,751
	80,413	e	Vodacom Group Pty Ltd		959,661
	162,679		Woolworths Holdings Ltd		1,107,147
			TOTAL SOUTH AFRICA		62,944,725

TAIWAN - 11.7%
	522,000	*	Acer, Inc		322,803
	1,355,372		Advanced Semiconductor Engineering, Inc		1,578,279
	59,900		Advantech Co Ltd		387,964
	456,385		Asia Cement Corp		600,418
	321,000		Asia Pacific Telecom Co Ltd		153,761
	146,500		Asustek Computer, Inc		1,514,668
	1,813,000	*	AU Optronics Corp		689,242
	148,000		Catcher Technology Co Ltd		1,249,649
	1,726,496		Cathay Financial Holding Co Ltd		2,441,239

264

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	163,600		Chailease Holding Co Ltd	$	389,703
	970,994	*	Chang Hwa Commercial Bank		564,518
	349,490		Cheng Shin Rubber Industry Co Ltd		1,003,801
	68,410		Cheng Uei Precision Industry Co Ltd		137,698
	91,113		Chicony Electronics Co Ltd		237,273
	424,333	*	China Airlines		142,018
	2,836,754		China Development Financial Holding Corp		813,606
	499,189		China Life Insurance Co Ltd (Taiwan)		437,328
	60,000		China Motor Corp		54,346
	370,605		China Petrochemical Development Corp		146,126
	2,518,618		China Steel Corp		2,116,422
	2,976,058	*	Chinatrust Financial Holding Co		1,770,664
	844,600		Chunghwa Telecom Co Ltd		2,641,107
	87,497		Clevo Co		161,288
	871,000		Compal Electronics, Inc		621,399
	111,000		CTCI Corp		177,268
	397,000		Delta Electronics, Inc		2,437,451
	936,112		E.Sun Financial Holding Co Ltd		566,217
	35,000		Eclat Textile Co Ltd		383,747
	181,000		Epistar Corp		396,092
	257,100	*	Eva Airways Corp		130,417
	286,299	*	Evergreen Marine Corp Tawain Ltd		162,769
	162,731		Far Eastern Department Stores Co Ltd		151,593
	634,532		Far Eastern Textile Co Ltd		650,176
	341,000		Far EasTone Telecommunications Co Ltd		737,305
	36,256		Farglory Land Development Co Ltd		59,465
	69,000		Feng Hsin Iron & Steel Co		115,689
	1,465,805		First Financial Holding Co Ltd		859,857
	729,270		Formosa Chemicals & Fibre Corp		1,765,980
	6,941		Formosa International Hotels Corp		81,635
	372,000		Formosa Petrochemical Corp		935,650
	926,600		Formosa Plastics Corp		2,390,982
	104,000		Formosa Taffeta Co Ltd		108,765
	171,658		Foxconn Technology Co Ltd		427,123
	1,515,812		Fubon Financial Holding Co Ltd		1,961,887
	1,926,800		Fuhwa Financial Holdings Co Ltd		961,828
	58,000		Giant Manufacturing Co Ltd		454,132
	8,000		Hermes Microvision, Inc		332,288
	150,500		High Tech Computer Corp		773,968
	52,200		Highwealth Construction Corp		116,548
	39,524		Hiwin Technologies Corp		376,448
	2,409,423		Hon Hai Precision Industry Co, Ltd		6,919,769
	53,000		Hotai Motor Co Ltd		621,887
	1,071,124		Hua Nan Financial Holdings Co Ltd		603,436
	1,438,694	*	InnoLux Display Corp		496,997
	516,060		Inventec Co Ltd		475,852
	52,000		Kinsus Interconnect Technology Corp		196,615
	22,000		Largan Precision Co Ltd		1,377,394
	98,042		LEE Chang Yung Chem IND Corp		100,912
	423,836		Lite-On Technology Corp		648,372
	305,961		MediaTek, Inc		4,794,404
	2,122,655		Mega Financial Holding Co Ltd		1,625,066

265

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	36,000		Merida Industry Co Ltd	$	241,358
	43,553	*	Nan Kang Rubber Tire Co Ltd		49,514
	1,041,860		Nan Ya Plastics Corp		2,284,643
	113,000		Novatek Microelectronics Corp Ltd		523,804
	337,000		Pegatron Technology Corp		511,398
	28,000		Phison Electronics Corp		190,678
	439,000		Pou Chen Corp		558,972
	118,000		Powertech Technology, Inc		190,975
	130,000		President Chain Store Corp		967,345
	553,000		Quanta Computer, Inc		1,517,310
	93,814		Radiant Opto-Electronics Corp		378,236
	91,085		Realtek Semiconductor Corp		260,053
	126,735		Ruentex Development Co Ltd		224,597
	96,730		Ruentex Industries Ltd		230,046
	37,120	*	Scinopharm Taiwan Ltd		101,051
	1,396,725	*	Shin Kong Financial Holding Co Ltd		423,049
	630,000		Siliconware Precision Industries Co		933,514
	49,490		Simplo Technology Co Ltd		257,822
	1,231,384		SinoPac Financial Holdings Co Ltd		549,665
	51,240	*	Standard Foods Corp		140,972
	252,000		Synnex Technology International Corp		392,177
	1,318,490	*	Taishin Financial Holdings Co Ltd		598,857
	341,497	*	Taiwan Business Bank		99,642
	737,914		Taiwan Cement Corp		1,172,499
	1,073,074	*	Taiwan Cooperative Financial Holding		570,840
	184,000		Taiwan Fertilizer Co Ltd		366,155
	172,129		Taiwan Glass Industrial Corp		157,583
	372,200		Taiwan Mobile Co Ltd		1,201,410
	5,291,000		Taiwan Semiconductor Manufacturing Co Ltd		20,790,219
	403,000		Teco Electric and Machinery Co Ltd		438,246
	48,626		TPK Holding Co Ltd		371,473
	28,000		Transcend Information, Inc		92,490
	108,540		TSRC Corp		159,384
	55,000		U-Ming Marine Transport Corp		92,617
	274,000		Unimicron Technology Corp		233,221
	969,819		Uni-President Enterprises Corp		1,641,901
	2,621,000		United Microelectronics Corp		1,142,796
	160,000		Vanguard International Semiconductor Corp		219,262
	643,000	*	Walsin Lihwa Corp		211,226
	461,596		Wistron Corp		385,711
	265,500		WPG Holdings Co Ltd		326,625
	223,700	*	Yang Ming Marine Transport		91,618
	141,000		Yulon Motor Co Ltd		219,413
	33,127		Zhen Ding Technology Holding Ltd		96,201
			TOTAL TAIWAN		97,157,872

THAILAND - 2.2%
	220,900		Advanced Info Service PCL (Foreign)		1,656,265
	87,600		Airports of Thailand PCL (Foreign)		529,039
	214,400		Bangkok Bank PCL (Foreign)		1,253,913
	536,000		Bangkok Dusit Medical Services PCL		246,038
	303,000		Banpu PCL (Foreign)		281,460

266

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	177,700		BEC World PCL (Foreign)	$	301,016
	970,600		BTS Group Holdings PCL (Foreign)		250,934
	245,600		Central Pattana PCL (Foreign)		344,869
	551,900		Charoen Pokphand Foods PCL		461,531
	913,100		CP Seven Eleven PCL (Foreign)		1,186,880
	82,500		Glow Energy PCL (Foreign)		198,474
	482,437		Home Product Center PCL (Foreign)		133,718
	266,178		Indorama Ventures PCL (Foreign)		195,767
	2,843,900		IRPC PCL (Foreign)		323,817
	388,600		Kasikornbank PCL (Foreign)		2,366,525
	674,350		Krung Thai Bank PCL (Foreign)		378,169
	195,700		Minor International PCL (Foreign)		149,100
	315,084		PTT Exploration & Production PCL (Foreign)		1,555,191
	329,641		PTT Global Chemical PCL (Foreign)		629,028
	194,900		PTT PCL (Foreign)		1,879,135
	87,200		Siam Cement PCL (Foreign)		1,177,659
	349,200		Siam Commercial Bank PCL (Foreign)		1,758,949
	246,400		Thai Oil PCL (Foreign)		398,481
	1,958,700		TMB Bank PCL (Foreign)		139,466
	946,800	*	True Corp PCL (Foreign)		198,223
			TOTAL THAILAND		17,993,647

TURKEY - 1.6%
	386,845		Akbank TAS		1,358,103
	42,122		Anadolu Efes Biracilik Ve Malt Sanayii AS		505,182
	42,401		Arcelik AS		262,089
	45,609		BIM Birlesik Magazalar AS		1,055,783
	13,295		Coca-Cola Icecek AS		312,248
	415,887		Emlak Konut Gayrimenkul Yatiri		546,107
	92,803		Enka Insaat ve Sanayi AS		282,099
	286,527		Eregli Demir ve Celik Fabrikalari TAS		398,695
	11,768	*	Ford Otomotiv Sanayi AS		133,160
	168,990		Haci Omer Sabanci Holding AS		715,436
	136,371		KOC Holding AS		611,102
	6,898		Koza Altin Isletmeleri AS		69,171
	30,382		TAV Havalimanlari Holding AS		243,942
	18,527		Tofas Turk Otomobil Fabrik		113,715
	33,601		Tupras Turkiye Petrol Rafine		760,150
	103,711		Turk Hava Yollari		332,995
	74,771		Turk Sise ve Cam Fabrikalari AS		93,857
	95,157		Turk Telekomunikasyon AS		286,416
	166,534	*	Turkcell Iletisim Hizmet AS		972,637
	498,125		Turkiye Garanti Bankasi AS		1,834,942
	131,036		Turkiye Halk Bankasi AS		881,036
	343,508		Turkiye Is Bankasi (Series C)		812,392
	145,963		Turkiye Vakiflar Bankasi Tao		306,539
	24,562		Ulker Biskuvi Sanayi AS		188,227
	186,299		Yapi ve Kredi Bankasi		389,499
			TOTAL TURKEY		13,465,522

UKRAINE - 0.0%
	9,473	*	Kernel Holding S.A.		88,040
			TOTAL UKRAINE		88,040

267

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES

COMPANY

RATE

MATURITY
DATE

VALUE

UNITED STATES - 1.7%

150,000

iShares MSCI Emerging Markets

6,199,500

18,000

iShares MSCI South Korea Index Fund

1,125,900

37,096

Southern Copper Corp (NY)

1,118,073

145,000

Vanguard Emerging Markets ETF

5,936,300

TOTAL UNITED STATES

14,379,773

TOTAL COMMON STOCKS

816,526,436

(Cost $801,155,225)

PREFERRED STOCKS - 0.3%

BRAZIL - 0.3%

621,341

ITAUSA Investimentos Itau PR

2,730,863

TOTAL BRAZIL

2,730,863

PHILIPPINES - 0.0%

307,700

*,m

Ayala Land, Inc (Preferred B)

690

TOTAL PHILIPPINES

690

TOTAL PREFERRED STOCKS

2,731,553

(Cost $2,737,947)

RIGHTS / WARRANTS - 0.0%

BRAZIL - 0.0%

1,417

AMBEV S.A.

159

3,001

Klabin S.A.

134

TOTAL BRAZIL

293

CHINA - 0.0%

30,186

*,e

Fosun International Ltd

136

TOTAL CHINA

136

KOREA, REPUBLIC OF - 0.0%

2,486

*,m

GS Engineering & Construction Corp

21,308

TOTAL KOREA, REPUBLIC OF

21,308

TOTAL RIGHTS / WARRANTS

21,737

(Cost $0)

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS - 5.4%

GOVERNMENT AGENCY DEBT - 0.2%

2,200,000

Federal Home Loan Bank (FHLB)

0.045

05/07/10

2,199,984

TOTAL GOVERNMENT AGENCY DEBT

2,199,984

268

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.2%
	42,875,321	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	42,875,321
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		42,875,321
			TOTAL SHORT-TERM INVESTMENTS		45,075,305
			(Cost $45,075,305)

			TOTAL INVESTMENTS - 104.1%		864,355,031
			(Cost $848,968,477)
			OTHER ASSETS & LIABILITIES, NET - (4.1)%		(34,380,832	)
			NET ASSETS - 100.0%	$	829,974,199


	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 $40,417,424.
m	Indicates a security that has been deemed illiquid.

269

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2014

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	229,612,821			27.8	%
INFORMATION TECHNOLOGY		137,068,006			16.5
ENERGY		82,423,496			9.9
MATERIALS		75,629,144			9.1
CONSUMER DISCRETIONARY		72,268,716			8.7
CONSUMER STAPLES		69,049,285			8.3
TELECOMMUNICATION SERVICES		57,317,841			6.9
INDUSTRIALS		52,596,285			6.3
UTILITIES		29,344,817			3.5
HEALTH CARE		13,969,315			1.7
SHORT-TERM INVESTMENTS		45,075,305			5.4
OTHER ASSETS & LIABILITIES, NET		(34,380,832	)		(4.1	)

NET ASSETS	$	829,974,199			100.0	%

270

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUSTRALIA - 7.8%
	253,513		AGL Energy Ltd	$	3,721,563
	167,701	e	ALS Ltd		1,172,902
	1,111,531	*	Alumina Ltd		1,396,244
	521,387		Amcor Ltd		5,003,731
	1,306,250		AMP Ltd		6,147,419
	365,031		APA Group		2,262,584
	408,960		Asciano Group		2,063,768
	1,197,288		Australia & New Zealand Banking Group Ltd		38,502,116
	88,694		Australian Stock Exchange Ltd		2,935,060
	171,999	e	Bank of Queensland Ltd		1,966,383
	173,390		Bendigo Bank Ltd		1,858,328
	989,098	*,m	BGP Holdings plc		0
	1,407,031		BHP Billiton Ltd		49,550,841
	356,561	e	Boral Ltd		1,892,330
	677,967		Brambles Ltd		5,961,547
	57,469		Caltex Australia Ltd		1,192,963
	890,335		CFS Gandel Retail Trust		1,666,893
	243,746		Coca-Cola Amatil Ltd		2,104,195
	26,930	e	Cochlear Ltd		1,472,076
	705,866		Commonwealth Bank of Australia		51,924,132
	205,424		Computershare Ltd		2,367,863
	170,487		Crown Ltd		2,551,122
	214,535		CSL Ltd		13,676,673
	2,561,562		DB RREEF Trust		2,709,938
	363,436	e	Echo Entertainment Group Ltd		955,905
	590,327		Federation Centres		1,370,315
	26,307	e	Flight Centre Ltd		1,319,406
	716,008	e	Fortescue Metals Group Ltd		3,386,671
	721,886		GPT Group (ASE)		2,634,399
	220,625	e	Harvey Norman Holdings Ltd		675,211
	192,780	e	Iluka Resources Ltd		1,601,578
	694,592		Incitec Pivot Ltd		1,864,472
	1,015,298		Insurance Australia Group Ltd		5,426,522
	73,429	e	Leighton Holdings Ltd		1,305,728
	231,038		Lend Lease Corp Ltd		2,792,323
	742,112		Macquarie Goodman Group		3,447,073
	124,932		Macquarie Group Ltd		6,730,822
	410,611	e	Metcash Ltd		1,060,452
	1,577,137		Mirvac Group		2,573,651
	1,024,709		National Australia Bank Ltd		33,740,977
	334,279	*	Newcrest Mining Ltd		3,260,283
	160,051		Orica Ltd		3,266,401
	477,361		Origin Energy Ltd		6,631,448
	492,948	*	Qantas Airways Ltd		560,745

271

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	536,227		QBE Insurance Group Ltd	$	5,787,302
	863,953		QR National Ltd		4,171,356
	59,470		Ramsay Health Care Ltd		2,484,893
	26,396		REA Group Ltd		1,151,197
	190,569		Rio Tinto Ltd		10,989,960
	421,871		Santos Ltd		5,408,960
	143,470		Seek Ltd		2,246,999
	165,829		Sonic Healthcare Ltd		2,735,377
	854,764		SP AusNet		1,113,889
	1,057,447		Stockland Trust Group		3,833,386
	571,883		Suncorp-Metway Ltd		6,945,052
	509,630		Sydney Airport		2,002,579
	346,147	e	Tabcorp Holdings Ltd		1,199,628
	575,604		Tattersall’s Ltd		1,618,929
	1,909,086		Telstra Corp Ltd		9,282,178
	289,723		Toll Holdings Ltd		1,429,086
	633,529	m	Transurban Group		4,278,748
	297,397		Treasury Wine Estates Ltd		1,059,130
	502,406		Wesfarmers Ltd		19,995,303
	866,674		Westfield Group		8,843,767
	1,336,915		Westfield Retail Trust		3,971,945
	1,357,148		Westpac Banking Corp		44,452,723
	288,508		Woodside Petroleum Ltd		10,966,512
	549,848		Woolworths Ltd		19,108,302
	90,183		WorleyParsons Ltd		1,414,209
			TOTAL AUSTRALIA		465,196,463

AUSTRIA - 0.3%
	31,778		Andritz AG.		1,974,021
	110,749		Erste Bank der Oesterreichischen Sparkassen AG.		3,723,863
	69,565	*,e,m	Immoeast AG.		0
	420,179		Immofinanz Immobilien Anlagen AG.		1,557,602
	64,169		OMV AG.		3,000,184
	50,082		Raiffeisen International Bank Holding AG.		1,583,120
	94,513		Telekom Austria AG.		937,955
	48,838		Voestalpine AG.		2,230,890
	18,475		Wiener Staedtische Allgemeine Versicherung AG.		988,082
			TOTAL AUSTRIA		15,995,717

BELGIUM - 1.2%
	95,448		Ageas		4,107,674
	63,792	e	Belgacom S.A.		1,952,515
	30,899		Colruyt S.A.		1,747,201
	46,986		Delhaize Group		3,498,731
	36,430	e	Groupe Bruxelles Lambert S.A.		3,683,433
	351,579	e	InBev NV		38,320,648
	110,648		KBC Groep NV		6,752,057
	25,375		Solvay S.A.		4,112,147
	24,836		Telenet Group Holding NV		1,455,603
	47,718	e	UCB S.A.		3,914,145
	53,209	e	Umicore		2,608,236
			TOTAL BELGIUM		72,152,390

272

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

CHINA - 0.1%
	1,553,000		BOC Hong Kong Holdings Ltd	$	4,556,769
	814,000	e	Yangzijiang Shipbuilding		715,880
			TOTAL CHINA		5,272,649

DENMARK - 1.3%
	1,281		AP Moller - Maersk AS (Class A)		2,910,262
	2,870		AP Moller - Maersk AS (Class B)		6,851,430
	46,166		Carlsberg AS (Class B)		4,618,093
	47,515	e	Coloplast AS		3,990,925
	289,175		Danske Bank AS		8,181,691
	76,416		DSV AS		2,552,232
	874,248		Novo Nordisk AS		39,678,605
	97,764		Novozymes AS		4,687,303
	355,989		TDC AS		3,341,533
	10,038		TrygVesta AS		953,345
	10,970	*,e	William Demant Holding		983,045
			TOTAL DENMARK		78,748,464

FINLAND - 0.9%
	60,146	e	Elisa Oyj (Series A)		1,796,539
	197,330	e	Fortum Oyj		4,458,095
	134,305	e	Kone Oyj (Class B)		5,757,041
	54,951	e	Metso Oyj		2,211,764
	56,463	e	Neste Oil Oyj		1,159,342
	1,641,723	*,e	Nokia Oyj		12,292,516
	49,125	e	Nokian Renkaat Oyj		1,954,875
	41,588	e	Orion Oyj (Class B)		1,269,377
	191,436	*,e	Sampo Oyj (A Shares)		9,514,285
	244,150	e	Stora Enso Oyj (R Shares)		2,493,165
	230,351	e	UPM-Kymmene Oyj		4,034,321
	76,088		Wartsila Oyj (B Shares)		4,247,610
			TOTAL FINLAND		51,188,930

FRANCE - 10.2%
	67,823		Accor S.A.		3,320,585
	14,184		Aeroports de Paris		1,763,863
	136,607		Air Liquide		19,544,018
	1,223,265	*,e	Alcatel S.A.		4,851,128
	93,982		Alstom RGPT		3,883,712
	27,032		Arkema		3,019,262
	30,069		Atos Origin S.A.		2,597,721
	791,831	e	AXA S.A.		20,663,629
	435,265		BNP Paribas		32,707,755
	84,702	e	Bouygues S.A.		3,815,054
	92,659		Bureau Veritas S.A.		2,839,506
	62,089		Cap Gemini S.A.		4,386,817
	268,349	e	Carrefour S.A.		10,460,524
	24,040	*	Casino Guichard Perrachon S.A.		3,063,254
	24,711		Christian Dior S.A.		5,084,430
	81,828		CNP Assurances		1,887,734

273

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	182,982		Compagnie de Saint-Gobain	$	11,210,474
	80,119	*,e	Compagnie Generale de Geophysique S.A.		1,386,202
	441,881	*	Credit Agricole S.A.		6,972,195
	27,953		Dassault Systemes S.A.		3,439,838
	88,589	e	Edenred		2,994,202
	110,114		Electricite de France		4,228,477
	89,542		Essilor International S.A.		9,588,814
	13,950		Eurazeo		1,175,972
	258,059		European Aeronautic Defence and Space Co		17,739,005
	59,993	e	Eutelsat Communications		2,063,673
	14,013		Fonciere Des Regions		1,423,366
	813,233		France Telecom S.A.		13,175,408
	578,697	e	Gaz de France		14,585,146
	10,721		Gecina S.A.		1,443,069
	249,536		Groupe Danone		18,425,497
	242,116		Groupe Eurotunnel S.A.		3,250,361
	16,220	*	Icade		1,654,897
	11,603		Iliad S.A.		3,130,947
	14,526		Imerys S.A.		1,275,631
	33,344		JC Decaux S.A.		1,368,774
	47,310		Klepierre		2,170,625
	82,907		Lafarge S.A.		7,585,893
	47,411		Lagardere S.C.A.		1,987,020
	113,841		Legrand S.A.		7,355,957
	106,006	e	L’Oreal S.A.		18,269,615
	110,918		LVMH Moet Hennessy Louis Vuitton S.A.		21,850,206
	81,203		Michelin (C.G.D.E.) (Class B)		9,957,985
	421,872		Natixis		2,994,724
	91,882		Pernod-Ricard S.A.		11,026,614
	32,844		PPR		7,264,152
	78,774		Publicis Groupe S.A.		6,739,059
	11,458	e	Remy Cointreau S.A.		1,007,663
	84,782		Renault S.A.		8,289,123
	100,743		Rexel S.A.		2,543,736
	117,894		Safran S.A.		7,934,519
	523,455		Sanofi-Aventis		56,491,181
	240,757		Schneider Electric S.A.		22,600,081
	66,370	e	SCOR		2,428,661
	13,307		Societe BIC S.A.		1,765,478
	316,345		Societe Generale		19,701,075
	40,870	e	Sodexho Alliance S.A.		4,406,392
	121,944		Suez Environnement S.A.		2,396,142
	44,296	e	Technip S.A.		4,985,895
	38,699		Thales S.A.		2,464,168
	936,529		Total S.A.		67,003,178
	42,283		Unibail-Rodamco		11,426,741
	33,267		Valeo S.A.		4,568,531
	47,071		Vallourec		2,781,684
	154,746	e	Veolia Environnement		2,886,925
	211,638	e	Vinci S.A.		15,980,006
	528,065	e	Vivendi Universal S.A.		14,187,391
	13,800		Wendel		2,080,287

274

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	74,594		Zodiac S.A.	$	2,480,075
			TOTAL FRANCE		602,031,722

GERMANY - 9.3%
	91,236		Adidas-Salomon AG.		9,753,282
	200,174		Allianz AG.		34,836,251
	16,723	e	Axel Springer AG.		1,021,138
	402,980	*,e	BASF AG.		46,747,980
	362,003	e	Bayer AG.		50,333,503
	144,353		Bayerische Motoren Werke AG.		18,145,885
	25,447		Bayerische Motoren Werke AG. (Preference)		2,508,439
	44,040		Beiersdorf AG.		4,420,938
	22,585		Brenntag AG.		4,091,282
	21,164		Celesio AG.		735,541
	433,006	*	Commerzbank AG.		7,721,001
	48,056		Continental AG.		11,307,796
	421,491		Daimler AG. (Registered)		39,240,443
	445,981		Deutsche Bank AG.		19,643,443
	83,441		Deutsche Boerse AG.		6,118,968
	99,937	e	Deutsche Lufthansa AG.		2,509,700
	395,140		Deutsche Post AG.		14,909,797
	1,259,701		Deutsche Telekom AG.		21,164,308
	125,860		Deutsche Wohnen AG.		2,701,887
	788,516	e	E.ON AG.		15,103,903
	18,558	e	Fraport AG. Frankfurt Airport Services Worldwide		1,372,495
	95,255		Fresenius Medical Care AG.		6,562,837
	54,701		Fresenius SE		8,322,903
	15,036	e	Fuchs Petrolub AG. (Preference)		1,512,541
	77,815		GEA Group AG.		3,485,206
	25,953		Hannover Rueckversicherung AG.		2,418,350
	61,572		HeidelbergCement AG.		5,349,873
	58,587		Henkel KGaA		6,023,815
	77,207		Henkel KGaA (Preference)		8,612,454
	13,384		Hochtief AG.		1,247,864
	13,316		Hugo Boss AG.		1,849,962
	469,791		Infineon Technologies AG.		5,462,394
	78,969		K&S AG.		2,767,082
	10,784		Kabel Deutschland Holding AG.		1,460,510
	38,719		Lanxess AG.		2,948,507
	80,950		Linde AG.		16,812,083
	16,768		MAN AG.		2,150,172
	28,032	*	Merck KGaA		4,738,635
	56,344		Metro AG.		2,257,351
	78,344	*,e	Muenchener Rueckver AG.		18,109,914
	38,640	*	Osram Licht AG.		2,028,574
	66,636		Porsche AG.		7,369,608
	193,394	*	Premiere AG.		1,659,719
	94,626		ProSiebenSat. Media AG.		4,141,575
	18,432	e	RTL Group		2,052,406
	214,606	e	RWE AG.		8,189,596
	405,075		SAP AG.		32,741,002
	347,965		Siemens AG.		45,903,623

275

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	34,738	e	Suedzucker AG.	$	742,317
	141,786		Telefonica Deutschland Holding AG.		1,179,580
	196,299	*	ThyssenKrupp AG.		5,602,799
	44,997		United Internet AG.		1,933,033
	13,566	*	Volkswagen AG.		3,637,702
	63,447	*	Volkswagen AG. (Preference)		17,151,311
			TOTAL GERMANY		550,813,278

HONG KONG - 2.7%
	5,299,000		AIA Group Ltd		25,772,182
	110,200	e	ASM Pacific Technology		1,225,242
	520,567		Bank of East Asia Ltd		2,150,399
	481,000		Cathay Pacific Airways Ltd		909,037
	605,000		Cheung Kong Holdings Ltd		10,331,806
	263,000		Cheung Kong Infrastructure Holdings Ltd		1,718,719
	775,500	e	CLP Holdings Ltd		6,199,686
	1,017,750		First Pacific Co		1,131,755
	921,000	*	Galaxy Entertainment Group Ltd		7,270,531
	984,000		Hang Lung Properties Ltd		2,934,925
	339,200		Hang Seng Bank Ltd		5,537,792
	470,258		Henderson Land Development Co Ltd		2,810,948
	952,000	e	HKT Trust and HKT Ltd		998,100
	2,456,084		Hong Kong & China Gas Ltd		5,667,184
	602,000		Hong Kong Electric Holdings Ltd		5,203,905
	481,892		Hong Kong Exchanges and Clearing Ltd		8,666,020
	239,040	e	Hopewell Holdings		824,379
	935,000		Hutchison Whampoa Ltd		12,827,726
	263,792		Hysan Development Co Ltd		1,131,369
	275,123		Kerry Properties Ltd		905,982
	2,570,600	e	Li & Fung Ltd		3,741,704
	984,491		Link REIT		4,901,520
	670,143		MTR Corp		2,532,385
	2,716,790		New World Development Co Ltd		2,810,796
	1,892,999		Noble Group Ltd		1,949,182
	736,615		NWS Holdings Ltd		1,263,265
	1,837,000		PCCW Ltd		980,940
	1,051,200		Sands China Ltd		7,717,658
	698,192		Shangri-La Asia Ltd		1,152,854
	1,358,562		Sino Land Co		2,037,149
	830,000		SJM Holdings Ltd		2,309,003
	709,655		Sun Hung Kai Properties Ltd		8,954,456
	296,000		Swire Pacific Ltd (Class A)		3,418,652
	532,800		Swire Properties Ltd		1,604,558
	661,762		Wharf Holdings Ltd		4,645,644
	418,000		Wheelock & Co Ltd		1,725,348
	314,500		Yue Yuen Industrial Holdings		974,332
			TOTAL HONG KONG		156,937,133

IRELAND - 0.6%
	9,762,724	*	Bank of Ireland		3,811,870
	321,517		CRH plc		9,360,505
	67,097	*,m	Irish Bank Resolution Corp Ltd		0

276

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	204,137		James Hardie Industries NV	$	2,620,752
	65,053		Kerry Group plc (Class A)		5,135,295
	41,178	*	Ryanair Holdings plc		390,474
	6,628	*	Ryanair Holdings plc (ADR)		354,465
	258,344		Shire Ltd		14,775,194
			TOTAL IRELAND		36,448,555

ISRAEL - 0.5%
	444,003		Bank Hapoalim Ltd		2,508,169
	537,524	*	Bank Leumi Le-Israel		2,103,209
	830,395		Bezeq Israeli Telecommunication Corp Ltd		1,504,864
	1,655		Delek Group Ltd		670,756
	200,851		Israel Chemicals Ltd		1,782,604
	1,227	*	Israel Corp Ltd		692,874
	59,619		Mizrahi Tefahot Bank Ltd		796,978
	23,952		Nice Systems Ltd		1,036,604
	371,624		Teva Pharmaceutical Industries Ltd		18,216,993
			TOTAL ISRAEL		29,313,051

ITALY - 2.5%
	508,584	e	Assicurazioni Generali S.p.A.		11,891,348
	158,079		Autostrade S.p.A.		4,117,789
	5,096,595		Banca Intesa S.p.A.		17,440,695
	3,339,672	*,e	Banca Monte dei Paschi di Siena S.p.A.		1,116,188
	369,429		Banche Popolari Unite Scpa		3,526,381
	152,723	*,e	Banco Popolare SC		3,156,237
	802,222		Enel Green Power S.p.A		2,295,962
	2,879,093		Enel S.p.A.		16,306,981
	1,118,247		ENI S.p.A.		28,961,832
	44,445		Exor S.p.A.		2,031,403
	392,828	*	Fiat S.p.A.		4,742,507
	175,695	*	Finmeccanica S.p.A.		1,625,958
	393,779	*,e	Fondiaria-Sai S.p.A		1,448,933
	72,338		Luxottica Group S.p.A.		4,149,055
	226,104	*	Mediobanca S.p.A.		2,509,544
	104,908		Pirelli & C S.p.A.		1,766,245
	86,839		Prysmian S.p.A.		2,261,697
	116,366		Saipem S.p.A.		3,121,275
	881,915	e	Snam Rete Gas S.p.A.		5,304,669
	2,701,097	e	Telecom Italia RSP		2,684,818
	4,384,916	*,e	Telecom Italia S.p.A.		5,634,740
	632,382		Terna Rete Elettrica Nazionale S.p.A.		3,426,047
	1,907,240		UniCredit S.p.A		17,088,190
			TOTAL ITALY		146,608,494

JAPAN - 18.8%
	11,500		ABC-Mart, Inc		516,424
	219,900	*,e	Acom Co Ltd		749,457
	67,100	e	Advantest Corp		739,691
	269,800		Aeon Co Ltd		3,116,088
	48,700	e	Aeon Credit Service Co Ltd		1,226,423
	47,900		Aeon Mall Co Ltd		1,142,023

277

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	60,000		Air Water, Inc	$	841,880
	81,500		Aisin Seiki Co Ltd		2,880,159
	254,000		Ajinomoto Co, Inc		3,738,331
	18,000		Alfresa Holdings Corp		1,120,623
	509,000	e	All Nippon Airways Co Ltd		1,111,530
	159,000		Amada Co Ltd		1,149,919
	486,000		Aozora Bank Ltd		1,445,754
	167,100		Asahi Breweries Ltd		4,617,436
	434,000		Asahi Glass Co Ltd		2,460,511
	549,000		Asahi Kasei Corp		3,732,540
	69,500		Asics Corp		1,352,701
	964,700		Astellas Pharma, Inc		10,755,907
	139,000		Bank of Kyoto Ltd		1,132,578
	495,000		Bank of Yokohama Ltd		2,487,917
	31,000		Benesse Corp		1,179,495
	285,100		Bridgestone Corp		10,208,146
	114,100		Brother Industries Ltd		1,595,971
	33,200		Calbee, Inc		814,191
	498,200		Canon, Inc		15,611,073
	97,000		Casio Computer Co Ltd		1,106,890
	63,200		Central Japan Railway Co		7,762,588
	317,000		Chiba Bank Ltd		2,014,982
	66,000		Chiyoda Corp		885,042
	280,300		Chubu Electric Power Co, Inc		3,192,778
	98,158		Chugai Pharmaceutical Co Ltd		2,477,397
	81,700		Chugoku Bank Ltd		1,083,044
	139,800		Chugoku Electric Power Co, Inc		1,831,787
	111,300		Citizen Watch Co Ltd		817,377
	25,600		Coca-Cola West Japan Co Ltd		445,545
	67,000		Credit Saison Co Ltd		1,427,316
	235,000		Dai Nippon Printing Co Ltd		2,116,728
	124,000		Daicel Chemical Industries Ltd		1,038,473
	120,000	e	Daido Steel Co Ltd		586,726
	80,600		Daihatsu Motor Co Ltd		1,335,051
	370,500		Dai-ichi Mutual Life Insurance Co		5,133,924
	292,800		Daiichi Sankyo Co Ltd		4,911,514
	102,400		Daikin Industries Ltd		5,923,237
	67,100		Dainippon Sumitomo Pharma Co Ltd		1,017,628
	31,500		Daito Trust Construction Co Ltd		3,205,466
	258,000		Daiwa House Industry Co Ltd		4,359,094
	721,000		Daiwa Securities Group, Inc		5,406,373
	50,800	e	Dena Co Ltd		858,550
	213,100		Denso Corp		9,707,299
	94,000		Dentsu, Inc		3,855,192
	22,900		Don Quijote Co Ltd		1,207,793
	146,100		East Japan Railway Co		10,660,225
	112,700	e	Eisai Co Ltd		4,352,369
	49,300		Electric Power Development Co		1,307,347
	24,900		FamilyMart Co Ltd		1,033,976
	84,800		Fanuc Ltd		15,300,965
	23,300		Fast Retailing Co Ltd		7,240,221
	236,000		Fuji Electric Holdings Co Ltd		1,071,033

278

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	257,000		Fuji Heavy Industries Ltd	$	6,757,730
	200,700		Fujifilm Holdings Corp		5,184,498
	812,000	*	Fujitsu Ltd		4,774,746
	329,000		Fukuoka Financial Group, Inc		1,343,638
	47,200	e	Gree, Inc		461,558
	157,500	e	GungHo Online Entertainment Inc		895,944
	185,000		Gunma Bank Ltd		983,326
	212,000		Hachijuni Bank Ltd		1,158,990
	123,800	*	Hakuhodo DY Holdings, Inc		960,336
	31,200		Hamamatsu Photonics KK		1,405,804
	487,000		Hankyu Hanshin Holdings, Inc		2,669,039
	113,400		Hino Motors Ltd		1,493,947
	12,600		Hirose Electric Co Ltd		1,778,539
	259,000		Hiroshima Bank Ltd		1,065,588
	27,700		Hisamitsu Pharmaceutical Co, Inc		1,159,301
	43,700		Hitachi Chemical Co Ltd		642,899
	45,500	e	Hitachi Construction Machinery Co Ltd		844,323
	25,300		Hitachi High-Technologies Corp		578,765
	2,124,000		Hitachi Ltd		15,141,864
	84,000		Hitachi Metals Ltd		1,140,658
	77,300	*,e	Hokkaido Electric Power Co, Inc		472,882
	585,000		Hokuhoku Financial Group, Inc		1,128,897
	75,700		Hokuriku Electric Power Co		940,102
	715,100		Honda Motor Co Ltd		23,730,355
	192,000		Hoya Corp		5,678,846
	47,700		Ibiden Co Ltd		860,991
	37,600		Idemitsu Kosan Co Ltd		831,468
	56,700	*	Iida Group Holdings Co Ltd		846,153
	384,800		Inpex Holdings, Inc		5,611,694
	154,080		Isetan Mitsukoshi Holdings Ltd		1,917,381
	569,000		Ishikawajima-Harima Heavy Industries Co Ltd		2,268,739
	521,000		Isuzu Motors Ltd		3,025,733
	659,200		Itochu Corp		7,389,494
	10,500		Itochu Techno-Science Corp		438,786
	130,600		Iyo Bank Ltd		1,174,228
	209,400		J Front Retailing Co Ltd		1,331,060
	28,800		Japan Airlines Co Ltd		1,490,959
	11,700		Japan Petroleum Exploration Co		435,544
	389		Japan Prime Realty Investment Corp		1,368,873
	505		Japan Real Estate Investment Corp		2,677,275
	979		Japan Retail Fund Investment Corp		1,969,073
	132,000		Japan Steel Works Ltd		557,717
	486,800		Japan Tobacco, Inc		16,000,408
	213,600		JFE Holdings, Inc		3,947,596
	91,000		JGC Corp		2,946,708
	284,000		Joyo Bank Ltd		1,382,255
	75,100		JSR Corp		1,230,651
	98,700		JTEKT Corp		1,440,081
	973,500		JX Holdings, Inc		5,058,110
	371,000		Kajima Corp		1,412,584
	63,700		Kakaku.com, Inc		908,785
	97,000		Kamigumi Co Ltd		924,634

279

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	118,000		Kaneka Corp	$	692,107
	310,600	*	Kansai Electric Power Co, Inc		2,604,425
	97,000		Kansai Paint Co Ltd		1,356,142
	224,200		Kao Corp		8,440,545
	619,000		Kawasaki Heavy Industries Ltd		2,297,454
	235,800		KDDI Corp		12,575,604
	209,000	e	Keihin Electric Express Railway Co Ltd		1,734,811
	243,000		Keio Corp		1,719,857
	116,000		Keisei Electric Railway Co Ltd		1,009,550
	20,100		Keyence Corp		7,753,806
	67,000		Kikkoman Corp		1,361,325
	62,000		Kinden Corp		570,791
	829,000	e	Kintetsu Corp		2,913,330
	373,800		Kirin Brewery Co Ltd		5,177,137
	1,348,000	*	Kobe Steel Ltd		1,769,466
	42,000		Koito Manufacturing Co Ltd		913,481
	415,100		Komatsu Ltd		9,138,954
	43,800	e	Konami Corp		998,837
	207,900		Konica Minolta Holdings, Inc		1,937,238
	468,000		Kubota Corp		6,031,829
	143,600		Kuraray Co Ltd		1,614,604
	45,300	e	Kurita Water Industries Ltd		954,022
	144,000		Kyocera Corp		6,772,304
	98,000		Kyowa Hakko Kogyo Co Ltd		1,115,997
	185,200	*	Kyushu Electric Power Co, Inc		1,868,588
	28,600		Lawson, Inc		1,986,312
	115,500		LIXIL Group Corp		3,060,741
	10,700		Mabuchi Motor Co Ltd		732,700
	48,600		Makita Corp		2,584,955
	723,000		Marubeni Corp		4,831,384
	95,100		Marui Co Ltd		844,737
	19,900		Maruichi Steel Tube Ltd		504,788
	974,100		Matsushita Electric Industrial Co Ltd		10,617,746
	1,215,000	*	Mazda Motor Corp		5,432,559
	34,900	e	McDonald’s Holdings Co Japan Ltd		965,623
	59,000		Mediceo Paltac Holdings Co Ltd		829,862
	25,900		MEIJI Holdings Co Ltd		1,589,401
	303,100		Millea Holdings, Inc		8,931,120
	24,100		Miraca Holdings, Inc		1,044,670
	584,600		Mitsubishi Chemical Holdings Corp		2,339,585
	616,500		Mitsubishi Corp		11,039,851
	847,000		Mitsubishi Electric Corp		9,644,647
	546,000		Mitsubishi Estate Co Ltd		12,388,956
	163,000		Mitsubishi Gas Chemical Co, Inc		941,079
	1,334,000		Mitsubishi Heavy Industries Ltd		7,023,434
	51,000		Mitsubishi Logistics Corp		731,695
	486,000		Mitsubishi Materials Corp		1,409,659
	278,599	*	Mitsubishi Motors Corp		3,019,540
	5,608,380		Mitsubishi UFJ Financial Group, Inc		29,833,743
	245,500		Mitsubishi UFJ Lease & Finance Co Ltd		1,211,255
	762,900		Mitsui & Co Ltd		10,819,730
	387,000	e	Mitsui Chemicals, Inc		943,032

280

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	366,000		Mitsui Fudosan Co Ltd	$	10,834,230
	469,000		Mitsui OSK Lines Ltd		1,564,615
	221,000		Mitsui Sumitomo Insurance Group Holdings, Inc		4,957,504
	1,446,000		Mitsui Trust Holdings, Inc		5,958,529
	10,146,707		Mizuho Financial Group, Inc		19,873,413
	89,200		Murata Manufacturing Co Ltd		7,436,056
	46,000		Nabtesco Corp		993,063
	75,800		Namco Bandai Holdings, Inc		1,637,669
	1,081,000		NEC Corp		3,040,848
	46,300		Nexon Co Ltd		360,615
	114,000		NGK Insulators Ltd		2,155,849
	78,088		NGK Spark Plug Co Ltd		1,787,794
	65,600		NHK Spring Co Ltd		593,804
	88,500	e	Nidec Corp		5,003,391
	149,600		Nikon Corp		2,345,498
	47,100		Nintendo Co Ltd		4,943,634
	604		Nippon Building Fund, Inc		3,348,856
	172,000		Nippon Electric Glass Co Ltd		841,410
	328,000		Nippon Express Co Ltd		1,550,559
	71,000		Nippon Meat Packers, Inc		1,230,528
	73,000		Nippon Paint Co Ltd		1,129,409
	655		Nippon ProLogis REIT, Inc		1,387,144
	3,334,000		Nippon Steel Corp		8,747,206
	165,600		Nippon Telegraph & Telephone Corp		9,189,599
	708,000		Nippon Yusen Kabushiki Kaisha		1,919,050
	364,000		Nishi-Nippon City Bank Ltd		827,953
	1,087,100		Nissan Motor Co Ltd		9,380,146
	87,200	e	Nisshin Seifun Group, Inc		1,014,535
	29,100		Nissin Food Products Co Ltd		1,392,923
	29,900		Nitori Co Ltd		1,371,472
	71,700		Nitto Denko Corp		3,104,329
	144,800		NKSJ Holdings, Inc		3,612,591
	40,500		NOK Corp		662,126
	1,591,800		Nomura Holdings, Inc		9,217,906
	52,400		Nomura Real Estate Holdings, Inc		979,054
	43,200		Nomura Research Institute Ltd		1,252,683
	218,000		NSK Ltd		2,291,777
	54,700		NTT Data Corp		2,113,365
	669,400		NTT DoCoMo, Inc		10,677,293
	53,700		NTT Urban Development Corp		472,317
	283,000		Obayashi Corp		1,827,300
	264,000	e	Odakyu Electric Railway Co Ltd		2,317,730
	337,000		OJI Paper Co Ltd		1,415,902
	104,500	*	Olympus Corp		3,191,898
	90,000		Omron Corp		3,187,293
	36,000		Ono Pharmaceutical Co Ltd		2,855,291
	18,100		Oracle Corp Japan		834,149
	22,400		Oriental Land Co Ltd		3,355,820
	563,900		ORIX Corp		8,170,822
	815,000		Osaka Gas Co Ltd		3,071,981
	107,100	e	Osaka Securities Exchange Co Ltd		2,119,069
	6,700		Otsuka Corp		793,143

281

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	161,500		Otsuka Holdings KK	$	4,652,456
	42,900		Park24 Co Ltd		784,174
	318,100	e	Rakuten, Inc		4,127,544
	965,200		Resona Holdings, Inc		4,935,069
	294,400		Ricoh Co Ltd		3,392,391
	14,300		Rinnai Corp		1,191,743
	42,300		Rohm Co Ltd		2,022,865
	27,100		Sankyo Co Ltd		1,083,756
	20,600	e	Sanrio Co Ltd		653,098
	31,500		Santen Pharmaceutical Co Ltd		1,403,945
	87,940		SBI Holdings, Inc		1,005,676
	91,300		Secom Co Ltd		5,241,816
	79,300		Sega Sammy Holdings, Inc		1,598,468
	60,000		Seiko Epson Corp		1,637,400
	181,000		Sekisui Chemical Co Ltd		1,834,290
	235,600		Sekisui House Ltd		2,828,047
	329,700		Seven & I Holdings Co Ltd		13,008,725
	249,900		Seven Bank Ltd		947,425
	675,000	*,e	Sharp Corp		1,692,068
	83,500	*	Shikoku Electric Power Co, Inc		977,372
	101,000		Shimadzu Corp		862,792
	9,300		Shimamura Co Ltd		866,372
	34,600		Shimano, Inc		3,458,675
	257,000		Shimizu Corp		1,456,840
	182,500		Shin-Etsu Chemical Co Ltd		10,705,827
	724,000		Shinsei Bank Ltd		1,411,526
	130,100		Shionogi & Co Ltd		2,280,447
	156,500		Shiseido Co Ltd		2,796,011
	261,000		Shizuoka Bank Ltd		2,493,856
	116,800		Shoei Co Ltd		1,408,797
	639,000	e	Showa Denko KK		851,438
	78,400		Showa Shell Sekiyu KK		795,322
	22,600		SMC Corp		5,380,060
	421,200		Softbank Corp		31,370,131
	563,500		Sojitz Holdings Corp		888,537
	65,600		So-net M3, Inc		899,937
	457,900	e	Sony Corp		8,038,704
	75,400		Sony Financial Holdings, Inc		1,209,049
	60,900		Stanley Electric Co Ltd		1,349,785
	51,800		Sumco Corp		397,540
	643,009		Sumitomo Chemical Co Ltd		2,412,340
	493,100		Sumitomo Corp		6,400,676
	326,900		Sumitomo Electric Industries Ltd		4,524,680
	245,000		Sumitomo Heavy Industries Ltd		1,042,450
	228,000		Sumitomo Metal Mining Co Ltd		3,443,829
	561,100		Sumitomo Mitsui Financial Group, Inc		22,180,453
	156,000		Sumitomo Realty & Development Co Ltd		6,052,701
	73,400		Sumitomo Rubber Industries, Inc		1,020,103
	60,100		Suntory Beverage & Food Ltd		2,098,831
	78,000		Suruga Bank Ltd		1,338,010
	29,400		Suzuken Co Ltd		1,059,726
	157,700		Suzuki Motor Corp		4,068,670

282

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	63,600		Sysmex Corp	$	2,016,242
	251,100		T&D Holdings, Inc		2,997,203
	512,000		Taiheiyo Cement Corp		1,796,039
	427,000		Taisei Corp		1,979,557
	15,900		Taisho Pharmaceutical Holdings Co Ltd		1,171,951
	119,000		Taiyo Nippon Sanso Corp		948,521
	114,000		Takashimaya Co Ltd		1,080,058
	349,300		Takeda Pharmaceutical Co Ltd		15,711,558
	108,100		Tanabe Seiyaku Co Ltd		1,482,297
	53,200		TDK Corp		2,268,526
	399,000		Teijin Ltd		980,763
	130,200		Terumo Corp		2,583,900
	50,400		THK Co Ltd		1,065,279
	475,000		Tobu Railway Co Ltd		2,323,216
	47,500		Toho Co Ltd		914,481
	180,000	e	Toho Gas Co Ltd		883,180
	195,700	*	Tohoku Electric Power Co, Inc		1,862,431
	641,300	*	Tokyo Electric Power Co, Inc		2,425,556
	75,200		Tokyo Electron Ltd		4,277,061
	1,037,000		Tokyo Gas Co Ltd		5,433,268
	178,000		Tokyo Tatemono Co Ltd		1,419,514
	484,000		Tokyu Corp		3,048,343
	223,600	*	Tokyu Fudosan Holdings Corp		1,625,561
	141,000		TonenGeneral Sekiyu KK		1,331,863
	233,000		Toppan Printing Co Ltd		1,600,209
	632,000		Toray Industries, Inc		4,124,917
	1,775,000		Toshiba Corp		6,952,430
	124,000		Toto Ltd		1,754,024
	76,600		Toyo Seikan Kaisha Ltd		1,139,186
	37,000		Toyo Suisan Kaisha Ltd		1,185,156
	27,400		Toyoda Gosei Co Ltd		504,868
	28,400	e	Toyota Boshoku Corp		293,581
	75,100		Toyota Industries Corp		3,461,958
	1,209,600		Toyota Motor Corp		65,352,451
	92,600		Toyota Tsusho Corp		2,439,011
	44,400		Trend Micro, Inc		1,436,207
	25,300	e	Tsumura & Co		601,356
	454,000		UBE Industries Ltd		769,174
	49,000		Uni-Charm Corp		2,657,172
	991		United Urban Investment Corp		1,495,662
	93,500		USS Co Ltd		1,362,870
	70,700		West Japan Railway Co		2,867,090
	639,400		Yahoo! Japan Corp		2,793,206
	41,500	e	Yakult Honsha Co Ltd		2,243,077
	398,000	e	Yamada Denki Co Ltd		1,470,399
	87,000		Yamaguchi Financial Group, Inc		802,297
	67,700		Yamaha Corp		907,090
	121,300		Yamaha Motor Co Ltd		1,872,484
	19,900		Yamato Kogyo Co Ltd		573,880
	160,400		Yamato Transport Co Ltd		3,300,739
	45,000		Yamazaki Baking Co Ltd		549,824
	93,200		Yaskawa Electric Corp		1,050,892

283

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	91,900		Yokogawa Electric Corp	$	1,256,434
	87,000		Yokohama Rubber Co Ltd		777,085
			TOTAL JAPAN		1,114,009,942

JERSEY, C.I. - 0.1%
	38,684		Randgold Resources Ltd		3,109,538
			TOTAL JERSEY, C.I.		3,109,538

LUXEMBOURG - 0.3%
	440,620	e	ArcelorMittal		7,165,025
	30,123	e	Millicom International Cellular S.A.		2,985,638
	129,288		SES Global S.A.		4,868,934
	214,387	e	Tenaris S.A.		4,739,202
			TOTAL LUXEMBOURG		19,758,799

MACAU - 0.1%
	413,200		MGM China Holdings Ltd		1,443,797
	672,400	e	Wynn Macau Ltd		2,661,069
			TOTAL MACAU		4,104,866

MEXICO - 0.0%
	81,121	e	Fresnillo plc		1,169,762
			TOTAL MEXICO		1,169,762

NETHERLANDS - 4.5%
	806,171		Aegon NV		7,389,694
	104,744		Akzo Nobel NV		8,071,790
	156,090	e	ASML Holding NV		12,739,149
	33,164		Boskalis Westminster		1,879,626
	28,889		Corio NV		1,353,672
	87,294		Delta Lloyd NV		2,297,399
	67,958		DSM NV		4,879,912
	30,267	e	Fugro NV		2,005,631
	35,126	e	Gemalto NV		3,927,279
	46,758	e	Heineken Holding NV		2,988,380
	103,237	e	Heineken NV		7,170,577
	1,677,124	*	ING Groep NV		23,974,244
	405,408		Koninklijke Ahold NV		7,837,304
	412,929		Koninklijke Philips Electronics NV		13,219,158
	29,499	e	Koninklijke Vopak NV		1,470,853
	43,886	*	OCI NV		1,876,787
	54,417	*	Randstad Holdings NV		3,180,110
	297,664	e	Reed Elsevier NV		6,075,574
	1,693,656		Royal Dutch Shell plc (A Shares)		66,957,334
	1,091,361		Royal Dutch Shell plc (B Shares)		46,340,267
	1,395,619	*	Royal KPN NV		4,958,449
	189,039		TNT Express NV		1,703,533
	716,795		Unilever NV		30,736,961
	126,965	e	Wolters Kluwer NV		3,539,263
	67,238		Ziggo NV		2,919,665
			TOTAL NETHERLANDS		269,492,611

284

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

NEW ZEALAND - 0.1%
	416,347		Auckland International Airport Ltd	$	1,425,955
	166,934		Contact Energy Ltd		819,972
	289,938	e	Fletcher Building Ltd		2,465,439
	165,795		Ryman Healthcare Ltd		1,238,511
	843,290	e	Telecom Corp of New Zealand Ltd		2,014,586
			TOTAL NEW ZEALAND		7,964,463

NORWAY - 0.8%
	71,440	*	Aker Kvaerner ASA		1,144,648
	418,315	e	DNB NOR Holding ASA		7,414,850
	86,056	e	Gjensidige Forsikring BA		1,586,686
	602,983	e	Norsk Hydro ASA		3,233,914
	335,060		Orkla ASA		2,771,143
	164,097	e	Seadrill Ltd (Oslo Exchange)		5,741,871
	494,217		Statoil ASA		15,066,400
	296,610		Telenor ASA		6,969,447
	80,834	e	Yara International ASA		3,821,140
			TOTAL NORWAY		47,750,099

PORTUGAL - 0.2%
	806,665	*,e	Banco Espirito Santo S.A.		1,429,840
	852,359		Energias de Portugal S.A.		4,140,470
	150,483		Galp Energia SGPS S.A.		2,608,174
	113,463	e	Jeronimo Martins SGPS S.A.		1,984,397
	267,930	e	Portugal Telecom SGPS S.A.		1,113,162
			TOTAL PORTUGAL		11,276,043

SINGAPORE - 1.4%
	876,960		Ascendas REIT		1,605,155
	831,000		CapitaCommercial Trust		1,063,470
	1,154,000		CapitaLand Ltd		2,953,403
	1,092,330		CapitaMall Trust		1,741,215
	577,000	e	CapitaMalls Asia Ltd		1,016,717
	178,400	e	City Developments Ltd		1,545,659
	829,000		ComfortDelgro Corp Ltd		1,405,835
	761,500		DBS Group Holdings Ltd		10,316,164
	2,675,400		Genting International plc		2,834,863
	1,378,000		Global Logistic Properties		3,140,584
	3,118,647		Golden Agri-Resources Ltd		1,521,383
	2,123,300		Hutchison Port Holdings Trust		1,445,027
	48,009		Jardine Cycle & Carriage Ltd		1,800,142
	652,400		Keppel Corp Ltd		5,489,313
	300,000		Keppel Land Ltd		829,934
	631,700	e	Olam International Ltd		1,127,216
	1,128,520	e	Oversea-Chinese Banking Corp		8,703,349
	414,460		SembCorp Industries Ltd		1,779,334
	390,600	e	SembCorp Marine Ltd		1,270,320
	220,933	e	Singapore Airlines Ltd		1,831,629
	363,000		Singapore Exchange Ltd		2,007,488
	717,000	e	Singapore Press Holdings Ltd		2,397,635

285

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	721,000		Singapore Technologies Engineering Ltd	$	2,202,185
	3,508,403		Singapore Telecommunications Ltd		10,746,647
	254,000		StarHub Ltd		842,588
	553,000		United Overseas Bank Ltd		9,625,031
	196,000		United Overseas Land Ltd		1,006,312
	847,000		Wilmar International Ltd		2,301,988
			TOTAL SINGAPORE		84,550,586

SPAIN - 3.5%
	166,699		Abertis Infraestructuras S.A. (Continuous)		3,752,321
	78,467		ACS Actividades Construccion y Servicios S.A.		3,368,146
	166,634		Amadeus IT Holding S.A.		6,930,392
	2,580,592		Banco Bilbao Vizcaya Argentaria S.A.		31,787,048
	1,479,880		Banco de Sabadell S.A.		5,034,968
	728,356	e	Banco Popular Espanol S.A.		5,367,198
	5,055,932		Banco Santander Central Hispano S.A.		50,284,617
	1,785,090	*	Bankia S.A.		3,646,259
	761,951		CaixaBank S.A.		4,643,883
	179,414		Cintra Concesiones de Infraestructuras de Transporte S.A.		3,988,074
	480,442	e	Corp Mapfre S.A.		2,026,265
	260,494		Distribuidora Internacional de Alimentacion S.A.		2,330,242
	80,348		Enagas		2,475,422
	159,405		Gas Natural SDG S.A.		4,570,942
	66,776		Grifols S.A.		3,569,674
	2,102,254		Iberdrola S.A.		14,685,367
	96,629	e	Inditex S.A.		14,518,211
	46,135		Red Electrica de Espana		3,797,653
	378,923		Repsol YPF S.A.		10,202,295
	1,788,977		Telefonica S.A.		30,022,811
	81,837	e	Zardoya Otis S.A.		1,435,667
			TOTAL SPAIN		208,437,455

SWEDEN - 3.2%
	139,140	e	Alfa Laval AB		3,707,159
	144,547		Assa Abloy AB (Class B)		7,671,770
	299,801	e	Atlas Copco AB (A Shares)		8,719,055
	168,275	e	Atlas Copco AB (B Shares)		4,589,748
	131,536	e	Boliden AB		2,008,856
	105,058	e	Electrolux AB (Series B)		2,920,167
	165,775	e	Elekta AB (B Shares)		2,313,504
	1,325,892	e	Ericsson (LM) (B Shares)		15,988,213
	87,221		Getinge AB (B Shares)		2,556,337
	419,596	e	Hennes & Mauritz AB (B Shares)		17,175,282
	109,422		Hexagon AB (B Shares)		3,503,213
	169,733		Husqvarna AB (B Shares)		1,417,200
	52,615	e	Industrivarden AB		1,105,533
	200,722	*	Investor AB (B Shares)		7,775,128
	98,099		Kinnevik Investment AB (Series B)		3,461,645
	101,387	*	Lundin Petroleum AB		2,176,396
	1,319,961		Nordea Bank AB		19,127,024
	466,308		Sandvik AB		6,627,133
	140,117		Scania AB (B Shares)		4,268,853

286

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	132,316	e	Securitas AB (B Shares)	$	1,599,520
	648,936		Skandinaviska Enskilda Banken AB (Class A)		8,963,699
	161,231		Skanska AB (B Shares)		3,701,749
	172,980		SKF AB (B Shares)		4,491,961
	255,398		Svenska Cellulosa AB (B Shares)		7,180,011
	216,385		Svenska Handelsbanken (A Shares)		10,884,153
	397,121		Swedbank AB (A Shares)		10,627,718
	85,930		Swedish Match AB		2,947,986
	151,763		Tele2 AB		1,939,395
	1,046,286		TeliaSonera AB		7,615,973
	671,419		Volvo AB (B Shares)		10,631,342
			TOTAL SWEDEN		187,695,723

SWITZERLAND - 9.5%
	963,030		ABB Ltd		23,185,991
	45,378	*	Actelion Ltd		4,467,627
	58,431		Adecco S.A.		4,905,402
	36,574		Aryzta AG.		3,380,735
	20,212		Baloise Holding AG.		2,461,287
	1,075	e	Barry Callebaut AG.		1,460,977
	228,155		Cie Financiere Richemont S.A.		23,212,491
	94,445		Coca-Cola HBC AG.		2,393,472
	664,504		Credit Suisse Group		21,066,526
	4,035		EMS-Chemie Holding AG.		1,574,447
	16,429		Geberit AG.		5,487,123
	3,976		Givaudan S.A.		6,274,822
	4,644,244		Glencore Xstrata plc		25,059,245
	100,190	*	Holcim Ltd		9,189,067
	94,361		Julius Baer Group Ltd		4,419,907
	24,194		Kuehne & Nagel International AG.		3,308,306
	399	*	Lindt & Spruengli AG.		1,940,370
	47	*	Lindt & Spruengli AG. (Registered)		2,741,177
	22,593		Lonza Group AG.		2,364,596
	1,416,414		Nestle S.A.		109,466,516
	1,009,540		Novartis AG.		87,761,832
	13,627		Pargesa Holding S.A.		1,236,888
	7,061		Partners Group		1,933,424
	21,125		Phonak Holding AG.		3,051,817
	307,982		Roche Holding AG.		90,345,315
	20,559		Schindler Holding AG.		3,185,206
	10,486		Schindler Holding AG. (Registered)		1,600,585
	2,343		SGS S.A.		5,853,043
	902		Sika AG.		3,649,669
	276,326	e	STMicroelectronics NV		2,635,098
	9,792		Sulzer AG.		1,510,928
	13,474		Swatch Group AG.		8,664,321
	20,429		Swatch Group AG. (Registered)		2,464,959
	14,453		Swiss Life Holding		3,560,867
	25,316		Swiss Prime Site AG.		2,128,095
	152,792		Swiss Re Ltd		13,360,298
	9,805		Swisscom AG.		5,965,157
	40,892	*	Syngenta AG.		16,192,886

287

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	1,600,729		UBS AG.	$	33,477,429
	65,145		Zurich Financial Services AG.		18,680,893
			TOTAL SWITZERLAND		565,618,794

UNITED KINGDOM - 18.9%
	435,654		3i Group plc		2,798,397
	433,159		Aberdeen Asset Management plc		3,203,831
	113,680		Acergy S.A.		2,276,358
	82,448		Admiral Group plc		1,947,053
	116,346		Aggreko plc		3,105,195
	138,826		AMEC plc		2,899,405
	610,633		Anglo American plc (London)		16,324,112
	168,038	e	Antofagasta plc		2,239,477
	610,108		ARM Holdings plc		9,234,104
	25,436	*	ASOS plc		1,843,276
	159,670		Associated British Foods plc		8,017,102
	547,389		AstraZeneca plc		43,207,927
	1,300,189		Aviva plc		11,587,011
	161,728		Babcock International Group		3,264,311
	1,403,010		BAE Systems plc		9,492,021
	6,699,904		Barclays plc		28,608,875
	1,491,470		BG Group plc		30,171,404
	927,498		BHP Billiton plc		30,110,639
	8,164,640		BP plc		68,934,969
	827,653		British American Tobacco plc		47,792,762
	409,516		British Land Co plc		4,784,350
	446,454		British Sky Broadcasting plc		6,633,375
	3,447,441		BT Group plc		21,521,144
	148,944		Bunzl plc		4,243,674
	193,065		Burberry Group plc		4,848,682
	290,402		Capita Group plc		5,325,227
	2,230,709		Centrica plc		12,440,748
	406,961	e	CNH Industrial NV		4,753,779
	453,607		Cobham plc		2,366,405
	788,198		Compass Group plc		12,555,160
	59,018		Croda International plc		2,570,499
	1,098,688		Diageo plc		33,663,575
	535,303		Direct Line Insurance Group plc		2,264,640
	69,559		easyJet plc		1,924,672
	436,184		Experian Group Ltd		8,386,499
	715,660		GKN plc		4,652,504
	2,131,631		GlaxoSmithKline plc		58,898,097
	710,354		Group 4 Securicor plc		2,836,068
	296,935		Hammerson plc		2,865,747
	99,560		Hargreaves Lansdown plc		1,970,859
	8,219,248		HSBC Holdings plc		83,981,079
	234,134		ICAP plc		1,640,081
	119,678		IMI plc		3,035,340
	421,813		Imperial Tobacco Group plc		18,228,384
	188,803		Inmarsat plc		2,323,113
	111,912		InterContinental Hotels Group plc		3,824,760
	463,141	*	International Consolidated Airlines Group S.A.		3,169,288

288

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	72,715		Intertek Group plc	$	3,581,874
	247,382		Investec plc		2,182,841
	1,674,582		ITV plc		5,151,181
	540,866	e	J Sainsbury plc		3,068,226
	89,593		Johnson Matthey plc		4,956,279
	1,033,510		Kingfisher plc		7,313,508
	335,709		Land Securities Group plc		6,030,733
	2,613,338		Legal & General Group plc		9,355,072
	467,929		Liberty International plc		2,311,661
	21,871,667	*	Lloyds TSB Group plc		27,891,022
	76,861		London Stock Exchange Group plc		2,355,516
	701,622		Marks & Spencer Group plc		5,245,545
	332,556		Meggitt plc		2,682,434
	456,148		Melrose Industries plc		2,202,771
	1,626,393		National Grid plc		23,116,325
	67,614		Next plc		7,459,301
	2,138,070		Old Mutual plc		7,226,856
	354,847		Pearson plc		6,654,078
	131,559		Persimmon plc		2,919,555
	112,486		Petrofac Ltd		2,759,556
	1,126,154		Prudential plc		25,889,274
	284,372		Reckitt Benckiser Group plc		22,956,199
	508,266		Reed Elsevier plc		7,495,713
	618,031	*	Resolution Ltd		3,117,870
	333,036		Rexam plc		2,792,148
	557,937		Rio Tinto plc		30,333,741
	825,988		Rolls-Royce Group plc		14,671,593
	109,974,068	*,m	Rolls-Royce Holdings plc		185,680
	2,322,463		Royal & Sun Alliance Insurance Group plc		3,848,701
	938,965	*	Royal Bank of Scotland Group plc		4,757,216
	297,723	*	Royal Mail plc		2,667,489
	419,473		SABMiller plc		22,840,710
	464,280		Sage Group plc		3,349,074
	48,534		Schroders plc		2,098,898
	420,366		Scottish & Southern Energy plc		10,839,769
	311,350		Segro plc		1,842,729
	233,812		Serco Group plc		1,342,606
	108,574		Severn Trent plc		3,382,185
	387,207		Smith & Nephew plc		6,037,773
	165,930		Smiths Group plc		3,745,653
	1,059,457		Standard Chartered plc		22,944,912
	1,039,053		Standard Life plc		6,717,469
	198,457		Tate & Lyle plc		2,352,634
	3,534,603		Tesco plc		17,510,159
	104,303		Travis Perkins plc		3,011,263
	188,703		TUI Travel plc		1,364,935
	395,127		Tullow Oil plc		5,877,631
	564,263		Unilever plc		25,241,208
	306,211		United Utilities Group plc		4,118,848
	11,600,073		Vodafone Group plc		44,040,918
	92,523		Weir Group plc		4,208,599
	77,798		Whitbread plc		5,366,192

289

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

	400,493		William Hill plc					$	2,399,770
	1,021,561		WM Morrison Supermarkets plc						3,467,859
	114,879		Wolseley plc						6,656,587
	587,666		WPP plc						12,671,014
			TOTAL UNITED KINGDOM						1,119,375,331

UNITED STATES - 0.6%
	83,477		Carnival plc						3,337,310
	356,399	d	iShares MSCI EAFE Index Fund						24,349,180
	99,660	*	Qiagen NV						2,187,903
	158,800	e	Transocean Ltd						6,783,757
			TOTAL UNITED STATES						36,658,150

			TOTAL COMMON STOCKS						5,891,679,008
			(Cost $4,886,041,966)

RIGHTS / WARRANTS - 0.0%

HONG KONG - 0.0%
	58,531		Sun Hung Kai Properties Ltd						39,409
			TOTAL HONG KONG						39,409

SPAIN - 0.0%
	5,055,932	*,e,m	Banco Santander S.A.						1,069,884
			TOTAL SPAIN						1,069,884

UNITED KINGDOM - 0.0%
	62,203		Babcock International Group plc						420,094
			TOTAL UNITED KINGDOM						420,094

			TOTAL RIGHTS / WARRANTS						1,529,387
			(Cost $1,045,854)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 8.6%
GOVERNMENT AGENCY DEBT - 0.1%
$	8,000,000		Federal Home Loan Bank (FHLB)		0.045	%	07/02/10		7,999,448
			TOTAL GOVERNMENT AGENCY DEBT						7,999,448

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 8.5%
	503,606,513	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						503,606,513
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						503,606,513
			TOTAL SHORT-TERM INVESTMENTS						511,605,961
			(Cost $511,605,893)

			TOTAL INVESTMENTS - 108.0%						6,404,814,356
			(Cost $5,398,693,713)
			OTHER ASSETS & LIABILITIES, NET - (8.0)%						(474,687,815	)
			NET ASSETS - 100.0%					$	5,930,126,541

290

TIAA-CREF FUNDS - International Equity Index Fund

	Abbreviation(s):
	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 $478,815,870.
m	Indicates a security that has been deemed illiquid.

291

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2014

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	1,525,299,977			25.7	%
INDUSTRIALS		747,539,873			12.6
CONSUMER DISCRETIONARY		676,530,015			11.4
CONSUMER STAPLES		654,874,522			11.0
HEALTH CARE		616,667,901			10.4
MATERIALS		484,068,030			8.2
ENERGY		428,122,909			7.2
TELECOMMUNICATION SERVICES		291,743,137			4.9
INFORMATION TECHNOLOGY		252,033,160			4.3
UTILITIES		216,328,871			3.7
SHORT-TERM INVESTMENTS		511,605,961			8.6
OTHER ASSETS & LIABILITIES, NET		(474,687,815	)		(8.0	)

NET ASSETS	$	5,930,126,541			100.0	%

292

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

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: June 17, 2014	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: June 17, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary President and Principal Executive Officer (principal executive officer)

Dated: June 17, 2014	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)(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

Abbreviation(s):

ETF Exchange Traded Fund