N-CSR 1 c79288_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, Esq.

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: October 31, 2014

Item 1. Reports to Stockholders.

2014 Annual Report

TIAA-CREF Funds

Equity Funds

October 31, 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
Audited financial statements
Statements of assets and liabilities		64
Statements of operations		67
Statements of changes in net assets		70
Financial highlights		76
Notes to financial statements		88
Report of independent registered public accounting firm		99
Trustees and officers		100
Important tax information		104
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 annual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of October 31, 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 October 31, 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.

2	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

TIAA-CREF Market Monitor

U.S. stocks surge ahead of foreign shares

The domestic and international stock markets painted very different pictures over the twelve-month period. While the Federal Reserve (Fed) scaled back efforts to stimulate the economy, which picked up modestly, international markets introduced stimulus programs to boost their sluggish economies. Over the period, the Russell 3000^® Index, a broad-based measure of the U.S. stock market, registered 16.1% for the twelve months ended October 31, 2014, while international stock markets overall ended virtually flat despite posting strong gains in terms of their local currencies.

Large- and mid-cap stocks beat small caps

Stocks of large-capitalized companies significantly outperformed those of smaller companies, as measured by the Russell 1000^® and Russell 2000^® indexes, respectively, although small caps outperformed in the final three months of the reporting period. Over the reporting period, growth stocks marginally outperformed their value counterparts in the broader market, returning 16.4% and 15.8%, respectively, based on Russell 3000 categories.

Real gross domestic product in the United States, which measures the value of all goods and services produced in the nation, rose at an annual rate of 3.9% in the third calendar quarter, according to preliminary estimates released by the Bureau of Economic Analysis. The rate is below the 4.6% rise in the second quarter but above the 2.1% drop in the first. The U.S. Department of Labor reported that the national unemployment rate fell to 5.8% in October—its lowest level since 2008. Year-over-year inflation, as measured by the Consumer Price Index, registered 1.7% at period-end after having risen to 2.1% in May.

International stocks, as measured by the MSCI EAFE Index, underperformed the broad U.S. market by more than 16 percentage points in U.S.-dollar-based terms.

Small caps trail large- and mid-cap equities*

*	Large-cap, mid-cap and small-cap returns are based on the Russell 1000^®, Russell Midcap^® and Russell 2000^® indexes, respectively.

However, the Russell 3000’s relative advantage over the EAFE was largely due to the continued strengthening of the U.S dollar. EAFE returned 6.8% in local currency terms, with component countries such as Japan achieving double-digit gains.

Equities in emerging markets, as measured by the MSCI Emerging Markets Index, returned 0.6%. Economic and geopolitical concerns weighed on overseas markets, although interest rate cuts abroad helped drive performance in several markets, adding to the U.S. dollar’s strength. Eurozone stocks pulled back in the period due, in part, to concerns about the region’s banking system. To encourage bank lending, Europe’s central bank announced a Targeted Longer-Term Refinancing Operations program. The MSCI All Country World ex USA Index, which measures the performance of large- and mid-cap stocks in 45 developed and emerging market countries outside the United States, returned 0.1%. (All returns are in U.S. dollars unless otherwise noted.) Domestic investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index, returned 4.1% over the twelve months.

Central banks here and abroad take decisive action

Early in the period, U.S. stocks advanced on favorable economic news but dropped in January amid bleak reports. Also, the Fed began tapering its $85 billion monthly purchases of U.S. Treasury bonds and mortgage-backed securities. Brighter employment and retail sales data, strong corporate earnings and reassuring comments from the Fed bolstered stock prices in the spring. Concerns about China’s economy exerted pressure on international stock markets. During the summer, turmoil in the Middle East and Ukraine hurt stock prices worldwide.

In early September, stocks of European companies rose on reports of rate cuts and new monetary stimulus. As the period came to a close, the Fed reaffirmed its plan to keep its short-term interest rate target near zero “for a considerable time” and suggested it may begin to hike rates by mid-2015. The Fed also announced the end of its bond-buying program. Conversely, Japan’s central bank unveiled a similar easing program. Japan’s Nikkei 225 Index surged, and equity markets in other countries rose as well.

The Investment Company Institute estimated that $70.2 billion flowed into stock funds over the twelve months. Inflows totaled $80.7 billion over the first half of the period. There were outflows from May through the beginning of October, but nearly $8.4 billion flowed into stock funds over the final two weeks of the period.

TIAA-CREF Funds: Equity Funds ■ 2014 Annual 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 45 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 23 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.

4	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

Important information about expenses

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

The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2014–October 31, 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 Annual Report

Enhanced Large-Cap Growth Index Fund

Portfolio composition
	% of net assets
Sector	as of 10/31/2014
Information technology		29.3
Consumer discretionary		17.4
Industrials		12.9
Health care		12.7
Consumer staples		10.3
Financials		6.8
Energy		4.3
Materials		3.1
Telecommunication services		2.8
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 10/31/2014
More than $50 billion		55.5
More than $15 billion–$50 billion		19.3
More than $2 billion–$15 billion		24.8
$2 billion or less		0.4
Total		100.0

Performance for the twelve months ended October 31, 2014

The Enhanced Large-Cap Growth Index Fund returned 14.75%, compared with the 17.11% return of its benchmark, the Russell 1000^® Growth Index.

Large-cap growth stocks shine in a rising market

The broad U.S. stock market, as measured by the Russell 3000^®Index, gained 16.07% for the reporting period, compared with 28.99% for the previous twelve months. Stocks advanced in response to optimism about the U.S. economy, strong corporate profits and continued easing monetary policy from the Federal Reserve. While the Fed began tapering its monthly bond purchases in January 2014, and ended them entirely in October 2014, it held short-term interest rates near zero.

For the twelve-month period, large-cap growth stocks topped the 16.46% return of large-cap value stocks. Within the growth category, large caps significantly outpaced both small- and mid-cap issues, which returned 8.26% and 14.59%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended October 31, 2014, the Russell 1000 Growth Index earned an average annual return of 17.43%, outperforming both the 16.49% average gain of the Russell 1000 Value Index and the 17.01% average annual return of the Russell 3000 Index.

Technology and health care drive the benchmark higher

All ten industry sectors of the Russell 1000 Growth Index generated positive returns, and seven achieved double-digit gains. Information technology, the benchmark’s most heavily weighted sector for the period, earned 22.4% and made the largest contribution to returns, helped by a pickup in business spending. Health care made the second-largest contribution, surging 34.8% amid brisk merger and acquisition activity in the sector. Solid gains from industrials (up 15.3%) and consumer discretionary (up 9.4%) also aided benchmark performance. Together, these four sectors represented nearly three-quarters of the benchmark’s total market capitalization at the end of the period.

Performance as of October 31, 2014

			Total			Average annual
			return			total return
Enhanced Large-Cap Growth Index Fund	Inception date		1 year			5 years			since inception
Institutional Class		11/30/2007		14.75	%		16.45	%		7.53	%
Russell 1000 Growth Index		—		17.11			17.43			8.13	*

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

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

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

6	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

With a 4.1% return, energy was the worst-performing sector in absolute terms and one of the weakest contributors to benchmark performance. Oil prices fell significantly during the period, pressured by rising supplies of the commodity. Telecommunication services (up 8.0%) also trailed the index substantially, impacted by intense competition in the sector.

Three of the benchmark’s five largest stocks outperformed the return of the benchmark. These stocks were Apple, Microsoft and biotechnology firm Gilead Sciences. By comparison, Coca-Cola and Verizon posted modest gains.

Stock choices trim fund’s relative results

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

During the period, stock selections using the enhanced indexing methodology had both positive and negative effects on the fund’s relative performance, but the net result was to lower the fund’s return relative to that of its benchmark. The biggest detractor was an overweight investment in personal care products distributor Nu Skin Enterprises, which reported declining sales in China. Overweight positions in energy producer Pioneer Natural Resources and software provider Red Hat also detracted, as did an underweight holding in railroad company Union Pacific.

Partly offsetting these negative influences were more favorable results from other investments, including overweight positions in drug maker Allergan, apparel manufacturer Hanesbrands and Jazz Pharmaceuticals. An overweight in food company Hillshire Brands, which was acquired during the period, also bolstered relative performance.

$10,000 invested at fund’s inception

Institutional Class (inception November 30, 2007)

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

Expense example

Six months ended October 31, 2014

Expenses

paid

Enhanced

Beginning

Ending

during

Large-Cap

account

period*

Growth

value

(5/1/14–

Index Fund

(5/1/14)

(10/31/14)

10/31/14)

Actual return

Institutional Class

1,000.00

1,091.32

$1.79

5% annual hypothetical return

Institutional Class

1,000.00

1,023.49

1.73

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.34% 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 Annual Report

Enhanced Large-Cap Value Index Fund

Portfolio composition
	% of net assets
Sector	as of 10/31/2014
Financials		24.1
Health care		15.8
Energy		12.2
Information technology		11.9
Industrials		10.8
Consumer discretionary		8.0
Consumer staples		6.2
Utilities		4.7
Materials		3.8
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 10/31/2014
More than $50 billion		45.4
More than $15 billion–$50 billion		28.7
More than $2 billion–$15 billion		25.2
$2 billion or less		0.7
Total		100.0

Performance for the twelve months ended October 31, 2014

The Enhanced Large-Cap Value Index Fund returned 14.29%, compared with the 16.46% return of its benchmark, the Russell 1000^® Value Index.

Large-cap value stocks rise in a climbing market

The broad U.S. stock market, as measured by the Russell 3000^®Index, gained 16.07% for the reporting period, compared with 28.99% for the previous twelve months. Stocks advanced in response to optimism about the U.S. economy, strong corporate profits and continued easing monetary policy from the Federal Reserve. While the Fed began tapering its monthly bond purchases in January 2014 and ended them entirely in October 2014, it held short-term interest rates near zero.

For the twelve months, large-cap stocks outperformed smaller-cap issues by a wide margin. The performance of large-cap value stocks trailed the 17.11% return of large-cap growth stocks. Within the value category, large-cap stocks outperformed their mid- and small-cap counterparts, which returned 16.18% and 7.89%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the five years ended October 31, 2014, the Russell 1000 Value Index had an average annual gain of 16.49%, compared with the 17.43% average annual return of the Russell 1000 Growth Index and the 17.01% average advance of the Russell 3000 Index.

Financials drive the benchmark’s gain

For the reporting period, all ten industry sectors of the fund’s benchmark produced gains. Financials, the benchmark’s heaviest-weighted sector, made the largest contribution to its return with a gain of 17.7%. The information technology and health care sectors also had strong results, advancing 30.8% and 25.2%, respectively. These three sectors together made up more than half of the index’s total market capitalization on October 31, 2014.

Performance as of October 31, 2014


			Total			Average annual
			return			total return
Enhanced Large-Cap									since
Value Index Fund	Inception date		1 year			5 years			inception
Institutional Class		11/30/2007		14.29	%		15.40	%		5.35	%
Russell 1000 Value Index		—		16.46			16.49			5.97	*

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

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

8	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

Three of the benchmark’s five largest stocks produced better returns than the Russell 1000 Value Index for the twelve months. These were banking giant Wells Fargo, Berkshire Hathaway and Johnson & Johnson. The returns of Exxon Mobil, the benchmark’s largest holding, and General Electric lagged that of the index.

Stock selection weighs on the fund’s return versus the index

During the period, stock selections using the enhanced indexing methodology had both positive and negative effects on the fund’s relative performance, but the net result was to lower the fund’s return relative to that of its benchmark. Under-performing holdings included a nonbenchmark investment in coal and natural gas producer Walter Energy and an overweight position in international mining company Cliffs Natural Resources. Underweighting technology giant Intel and drug maker Merck also detracted from performance relative to the index.

The results of these holdings were partly offset by advantageous stock choices, notably a nonbenchmark position in biotechnology company Gilead Sciences and overweight holdings in semiconductor companies Avago Technologies and Micron Technology. An underweight position in General Electric also aided relative results.

$10,000 invested at fund’s inception

Institutional Class (inception November 30, 2007)

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

Expense example

Six months ended October 31, 2014

Expenses

paid

Enhanced

Beginning

Ending

during

Large-Cap

account

period*

Value

value

(5/1/14–

Index Fund

(5/1/14)

(10/31/14)

10/31/14)

Actual return

Institutional Class

1,000.00

1,056.71

$1.81

5% annual hypothetical return

Institutional Class

1,000.00

1,023.44

1.79

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Growth & Income Fund

Portfolio composition
	% of net assets
Sector	as of 10/31/2014
Information technology		20.3
Consumer discretionary		16.8
Health care		16.4
Financials		13.6
Industrials		10.2
Consumer staples		8.1
Energy		6.6
Materials		3.1
Telecommunication services		2.2
Utilities		2.1
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 10/31/2014
More than $50 billion		47.9
More than $15 billion–$50 billion		27.1
More than $2 billion–$15 billion		23.0
$2 billion or less		2.0
Total		100.0

Performance for the twelve months ended October 31, 2014

The Growth & Income Fund returned 15.48% for the Institutional Class, compared with the 17.27% return of its benchmark, the S&P 500^® Index. The table below shows returns for all share classes of the fund.

Large-cap stocks advance more than the broad market

Over the past twelve months, the large-cap U.S. stocks contained in the S&P 500 Index advanced strongly, outpacing the 16.07% return of the Russell 3000^® Index, a proxy for the broad domestic stock market.

While the Federal Reserve pared down its efforts to stimulate the improving domestic economy, monetary policymakers overseas introduced stimulus to help boost their lagging economies. In January, the Fed began scaling back its $85 billion monthly bond purchases under its quantitative easing program, which ended in October. The Fed reaffirmed its plan to keep its short-term interest rate target level near zero “for a considerable time” but implied it may seek to hike rates by mid-2015.

Both domestic and international markets experienced volatility in reaction to conflicts overseas. Nevertheless, U.S. stocks as a whole strongly outperformed international equity indexes, which collectively finished the period near year-ago levels.

Investors responded to global events by becoming more conservative as the year progressed. In general, they lowered their holdings of smaller-capitalization stocks and turned to the perceived relative safety of large caps. This allowed the purely large-cap S&P 500 to finish the year ahead of the Russell 3000 Index, which contains a significant percentage of small- and mid-cap stocks, both of which underperformed large caps for the period.

Performance as of October 31, 2014


			Total			Average annual
			return			total return
Growth & Income Fund	Inception date		1 year			5 years			10 years
Institutional Class		7/1/1999		15.48	%		16.40	%		10.10	%
Premier Class		9/30/2009		15.30			16.22			10.02	*
Retirement Class		10/1/2002		15.26			16.13			9.81
Retail Class		3/31/2006		15.12			16.06			9.92	*
S&P 500 Index		—		17.27			16.69			8.20

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 estated to reflect the higher expenses of the Premier and Retail classes. If those higher expenses had been eflected, the performance of these two classes shown for these periods would have been lower.

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

For the ten years ended October 31, 2014, the S&P 500 Index posted an average annual gain of 8.20%, compared with an average annual return of 8.55% for the Russell 3000 Index.

Information technology stocks lead the index higher

For the reporting period, seven out of the ten industry sectors within the benchmark produced double-digit gains. Information technology, the index’s most heavily weighted sector as of period-end, generated the largest gain with a return of 25.7%. Health care and financials were other sectors that made sizable contributions, advancing 29.7% and 18.2%, respectively. These three sectors together comprised more than half of the index’s total market capitalization as of October 31, 2014. The energy sector had the weakest performance, rising just 4.3%.

Stock choices cause the fund to lag the index

The fund had a double-digit gain but trailed the benchmark by nearly two percentage points for the twelve-month period due to stock decisions that did not work out as expected. Among them were nonbenchmark positions in Talisman Energy and Aegerion Pharmaceuticals and an overweight position in electronics retailer Best Buy.

In contrast, the fund did well with several investments that were not in the benchmark, namely genetics research products developer Illumina, Jazz Pharmaceuticals, Salix Pharmaceuticals, camera maker GoPro and British drug maker Shire. These five holdings were the fund’s top contributors to relative performance.

$10,000 over 10 years

Institutional Class

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

Expense example

Six months ended October 31, 2014


					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Growth &	value		value		(5/1/14–
Income Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,083.22		$2.31
Premier Class		1,000.00		1,082.41		3.10
Retirement Class		1,000.00		1,082.50		3.62
Retail Class		1,000.00		1,081.76		3.94
5% annual hypothetical return
Institutional Class		1,000.00		1,022.99		2.24
Premier Class		1,000.00		1,022.23		3.01
Retirement Class		1,000.00		1,021.73		3.52
Retail Class		1,000.00		1,021.42		3.82

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Large-Cap Growth Fund

Portfolio composition
	% of net assets
Sector	as of 10/31/2014
Information technology		32.6
Health care		21.6
Consumer discretionary		19.6
Financials		7.6
Industrials		6.9
Materials		3.8
Consumer staples		3.5
Telecommunication services		1.9
Energy		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 10/31/2014
More than $50 billion		47.2
More than $15 billion–$50 billion		39.6
More than $2 billion–$15 billion		13.2
Total		100.0

Performance for the twelve months ended October 31, 2014

The Large-Cap Growth Fund returned 18.18% for the Institutional Class, compared with the 17.11% return of its benchmark, the Russell 1000^® Growth Index. The table below shows returns for all share classes of the fund.

Large-cap growth stocks shine in a rising market

Technology and health care drive the benchmark higher

Performance as of October 31, 2014


			Total			Average annual
			return			total return
									since fund
Large-Cap Growth Fund	Inception date		1 year			5 years			inception
Institutional Class		3/31/2006		18.18	%		17.73	%		8.57	%
Premier Class		9/30/2009		17.91			17.55			8.47	*
Retirement Class		3/31/2006		17.89			17.45			8.30
Retail Class		3/31/2006		17.75			17.37			8.28
Russell 1000 Growth Index		—		17.11			17.43			8.65	^†

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 Annual Report ■ TIAA-CREF Funds: Equity Funds

care made the second-largest contribution, surging 34.8% amid brisk merger and acquisition activity in the sector. Solid gains from industrials (up 15.3%) and consumer discretionary (up 9.4%) also aided benchmark performance. Together, these four sectors represented nearly three-quarters of the benchmark’s total market capitalization at the end of the period.

Stock selections boost the fund’s relative results

For the period, the fund led its benchmark by more than one percentage point on the strength of numerous successful stock choices. The biggest contributors were overweight positions in Facebook and biotechnology company Celgene. Facebook benefited from the growing number of people accessing its networking service on mobile devices. Celgene posted strong sales for its flagship blood cancer treatment. An overweight in Salix Pharmaceuticals also helped relative returns, as did avoiding IBM.

These favorable effects were partly offset by stock selections that did not perform as expected. Chief among these were an underweight holding in Microsoft and overweight investments in Amazon and railroad company Kansas City Southern. A nonbenchmark position in Japanese telecommunications company SoftBank detracted as well, in part because of the generally weak performance of Japanese stocks for the twelve-month period.

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

Expense example

Six months ended October 31, 2014


					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(5/1/14–
Growth Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,122.30		$2.46
Premier Class		1,000.00		1,121.03		3.26
Retirement Class		1,000.00		1,120.76		3.80
Retail Class		1,000.00		1,120.51		4.22
5% annual hypothetical return
Institutional Class		1,000.00		1,022.89		2.35
Premier Class		1,000.00		1,022.13		3.11
Retirement Class		1,000.00		1,021.63		3.62
Retail Class		1,000.00		1,021.22		4.02

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Large-Cap Value Fund

Portfolio composition
	% of net assets
Sector	as of 10/31/2014
Financials		26.9
Health care		14.0
Energy		11.7
Information technology		11.6
Industrials		9.4
Consumer discretionary		9.1
Consumer staples		6.7
Utilities		4.0
Telecommunication services		3.4
Materials		3.0
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 10/31/2014
More than $50 billion		43.2
More than $15 billion–$50 billion		23.5
More than $2 billion–$15 billion		30.6
$2 billion or less		2.7
Total		100.0

Performance for the twelve months ended October 31, 2014

The Large-Cap Value Fund returned 11.78% for the Institutional Class, compared with the 16.46% return of its benchmark, the Russell 1000^® Value Index. The table below shows returns for all share classes of the fund.

Large-cap value stocks rise in a climbing market

For the ten years ended October 31, 2014, the Russell 1000 Value Index registered an average annual return of 7.90%, lagging the 9.05% average gain of the Russell 1000 Growth Index and the 8.55% return of the Russell 3000 Index.

Financials drive the benchmark’s gain

Performance as of October 31, 2014


			Total			Average annual
			return			total return
Large-Cap Value Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		11.78	%		15.40	%		7.83	%
Premier Class		9/30/2009		11.59			15.23			7.74	*
Retirement Class		10/1/2002		11.51			15.11			7.55
Retail Class		10/1/2002		11.39			15.04			7.58
Russell 1000 Value Index		—		16.46			16.49			7.90

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

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

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

technology and health care sectors also had strong results, advancing 30.8% and 25.2%, respectively. These three sectors together made up more than half of the index’s total market capitalization on October 31, 2014.

Gains in the energy and telecommunication services sectors were well below the benchmark’s overall return. These sectors advanced 4.2% and 4.7%, respectively. Falling oil prices resulted in weakness for energy stocks, and the telecommunication services sector was hindered by regulatory uncertainty.

Stock selection restrains the fund’s relative results

Although the fund produced a double-digit gain for the reporting period, it underperformed relative to the benchmark. Stock choices that hampered the fund’s relative return included a nonbenchmark investment in Talisman Energy and an overweight position in international mining company Cliffs Natural Resources. Underweighting technology giant Intel and overweighting consumer staples company Avon and electronics retailer Best Buy also constrained results.

The adverse effect of these holdings was counteracted to some extent by a nonbenchmark position in airline AMR as well as by overweight positions in Internet company Level 3 Communications, natural gas producer Williams Companies and Microsoft. These four companies were among the fund’s top performers. Not investing in Ford also aided the fund’s performance versus the index.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014


					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(5/1/14–
Value Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,039.60		$2.26
Premier Class		1,000.00		1,039.13		3.03
Retirement Class		1,000.00		1,038.63		3.55
Retail Class		1,000.00		1,038.04		3.85
5% annual hypothetical return
Institutional Class		1,000.00		1,022.99		2.24
Premier Class		1,000.00		1,022.23		3.01
Retirement Class		1,000.00		1,021.73		3.52
Retail Class		1,000.00		1,021.42		3.82

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Mid-Cap Growth Fund

Portfolio composition
	% of net assets
Sector	as of 10/31/2014
Consumer discretionary		23.5
Information technology		21.5
Health care		12.2
Industrials		12.2
Financials		8.2
Consumer staples		7.8
Energy		4.9
Materials		3.6
Telecommunication services		2.4
Short-term investments, other assets & liabilities, net		3.7
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 10/31/2014
More than $15 billion–$50 billion		36.3
More than $2 billion–$15 billion		59.2
$2 billion or less		4.5
Total		100.0

Performance for the twelve months ended October 31, 2014

The Mid-Cap Growth Fund returned 10.64% for the Institutional Class, compared with the 14.59% return of its benchmark, the Russell Midcap^® Growth Index. The table below shows returns for all share classes of the fund.

Mid-cap growth stocks underperform the broad market

The broad U.S. stock market, as measured by the Russell 3000^®Index, gained 16.07% for the reporting period, compared with 28.99% for the previous twelve months. Stocks advanced in response to optimism about the U.S. economy, strong corporate profits and continued easing monetary policy from the Federal Reserve. The Fed began tapering its monthly bond purchases in January 2014 and ended them entirely in October 2014, holding short-term interest rates near zero. For the period, investors favored large-cap stocks over those of smaller companies and growth shares over value issues, based on Russell 3000 index categories.

Within the mid-cap category, growth stocks underperformed their value counterparts, returning 14.59% and 16.18%, respectively, over the period. Mid-cap growth stocks outperformed small-cap growth stocks, which returned 8.26%, but underperformed large-cap growth equities, which returned 17.11%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2014, the Russell Midcap Growth Index posted an average annual gain of 10.17%, exceeding the 8.55% average return of the Russell 3000 over the same period.

Performance as of October 31, 2014


			Total			Average annual
			return			total return
Mid-Cap Growth Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		10.64	%		18.11	%		9.69	%
Premier Class		9/30/2009		10.48			17.95			9.60	*
Retirement Class		10/1/2002		10.40			17.82			9.41
Retail Class		10/1/2002		10.29			17.77			9.40
Russell Midcap Growth Index		—		14.59			18.73			10.17

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

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

Health care stocks lead the way

Nine of the benchmark’s ten industry sectors posted double-digit gains over the twelve months. The best-performing sector was health care, which rose 32.9%. Telecommunications services (up 28.9%), utilities (up 27.5%), consumer staples (up 17.3%) and information technology (up 15.7%) were also among the top performers in the index. Collectively, these five sectors represented more than two-fifths of the benchmark’s total market capitalization on October 31, 2014.

For the period, four of the five largest stocks in the Russell Midcap Growth Index outpaced the return of the benchmark. Illumina, whose products are used in genetic research, performed the best among the five, followed by Vertex Pharmaceuticals, grocery store chain Kroger, software provider Intuit and wireless infrastructure provider Crown Castle International, which underperformed the benchmark.

The fund posts strong results but lags benchmark

The fund produced a strong double-digit gain but trailed its benchmark largely because of stock selections that did not perform as anticipated. The fund’s overweight position in Southwestern Energy was the largest detractor from relative performance. Three nonbenchmark holdings in information technology companies CommVault Systems, Finisar and Ciena also hurt relative returns. An overweight in energy infrastructure provider Chicago Bridge & Iron also detracted from performance relative to the index.

These negative effects were partly countered by results from successful selections, including an overweight in Intercept Pharmaceuticals, Salix Pharmaceuticals and technology manufacturer Avago. The fund’s position in out-of-benchmark investment Acadia Healthcare and an underweight in Whole Foods Market also helped drive the fund’s relative returns.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014


					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Mid-Cap	value		value		(5/1/14–
Growth Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,075.19		$2.46
Premier Class		1,000.00		1,074.67		3.24
Retirement Class		1,000.00		1,074.04		3.76
Retail Class		1,000.00		1,073.59		4.13
5% annual hypothetical return
Institutional Class		1,000.00		1,022.84		2.40
Premier Class		1,000.00		1,022.08		3.16
Retirement Class		1,000.00		1,021.58		3.67
Retail Class		1,000.00		1,021.22		4.02

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.47% for the Institutional Class, 0.62% for the Premier Class, 0.72% 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 Annual Report

Mid-Cap Value Fund

Portfolio composition
	% of net assets
Sector	as of 10/31/2014
Financials		29.5
Health care		11.5
Utilities		11.1
Consumer discretionary		10.5
Information technology		9.2
Energy		8.2
Industrials		7.7
Materials		5.2
Consumer staples		3.6
Telecommunication services		1.0
Short-term investments, other assets & liabilities, net		2.5
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 10/31/2014
More than $50 billion		0.8
More than $15 billion–$50 billion		38.7
More than $2 billion–$15 billion		57.2
$2 billion or less		3.3
Total		100.0

Performance for the twelve months ended October 31, 2014

The Mid-Cap Value Fund returned 14.91% for the Institutional Class, compared with the 16.18% return of its benchmark, the Russell Midcap^® Value Index. The table below shows returns for all share classes of the fund.

Mid-cap value stocks trail the broad market

The broad U.S. stock market, as measured by the Russell 3000^®Index, gained 16.07% for the reporting period, compared with 28.99% for the previous twelve months. Stocks advanced in response to optimism about the U.S. economy, strong corporate profits and continued easing monetary policy from the Federal Reserve. The Fed began tapering its monthly bond purchases in January 2014 and ended them entirely in October 2014, holding short-term interest rates near zero. For the period, investors favored large-cap stocks over those of smaller companies and growth shares over value issues based on Russell 3000 index categories.

Within the mid-cap category, value stocks outperformed their growth counterparts, returning 16.18% and 14.59%, respectively, over the period. Mid-cap value stocks also outperformed small-cap value stocks, which returned 7.89%, but slightly underperformed large-cap value equities, which returned 16.46%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2014, the Russell Midcap Value Index posted an average annual gain of 10.29%, outperforming the 8.55% average annual return of the Russell 3000 over the same period.

Performance as of October 31, 2014


			Total			Average annual
			return			total return
Mid-Cap Value Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		14.91	%		17.11	%		10.30	%
Premier Class		9/30/2009		14.73			16.93			10.21	*
Retirement Class		10/1/2002		14.62			16.81			10.02
Retail Class		10/1/2002		14.52			16.78			10.05
Russell Midcap Value Index		—		16.18			19.19			10.29

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

18	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

Health care stocks lead the way

For the twelve months, all except one of the ten industry sectors of the Russell Midcap Value Index generated double-digit gains. The biggest contribution came from health care, which rose 33.0% and represented 9.6% of the index’s weight at period-end. Other components of the benchmark that posted large gains were telecommunications services (up 32.7%), information technology (up 25.1%), consumer staples (up 20.2%) and utilities (up 19.7%). Together, these five sectors comprised more than one-third of the index’s total market capitalization on October 31, 2014. Only energy finished in negative territory (down 9.6%).

For the period, all of the five largest stocks in the Russell Midcap Value Index outperformed the benchmark. Semiconductor manufacturer Broadcom led the group, followed by Cardinal Health, Cigna, Sempra Energy and utility company PPL. Cardinal Health’s stock rose on higher-than-expected earnings and reports of its plans to create a generic drug-sourcing unit through a joint venture with CVS Caremark.

The fund posts double-digit returns but trails its benchmark

The exclusion of benchmark investments Forest Labs, Alcoa and Southwest Airlines detracted from relative performance. The fund’s nonbenchmark holding in Tallaman Energy and overweight in Rowan Companies PLC, which provides offshore oil well-drilling services, also detracted from the fund’s relative return. The fund’s exclusion of benchmark investment Newmont Mining stock, and overweight positions in Avago Technologies and Dish Network, helped offset some of the fund’s losses relative to the index. The fund’s position in out-of-benchmark investments Questcor Pharmaceuticals and NXP Semiconductors also contributed to the fund’s performance.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014


					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Mid-Cap	value		value		(5/1/14–
Value Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,054.45		$2.23
Premier Class		1,000.00		1,053.28		3.00
Retirement Class		1,000.00		1,053.06		3.52
Retail Class		1,000.00		1,052.50		3.78
5% annual hypothetical return
Institutional Class		1,000.00		1,023.04		2.19
Premier Class		1,000.00		1,022.28		2.96
Retirement Class		1,000.00		1,021.78		3.47
Retail Class		1,000.00		1,021.53		3.72

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 0.73% 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 Annual Report

Small-Cap Equity Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Financials		22.9
Information technology		18.2
Industrials		14.7
Health care		14.3
Consumer discretionary		12.8
Energy		4.8
Materials		4.5
Utilities		3.3
Consumer staples		1.9
Telecommunication services		1.2
Short-term investments, other assets & liabilities, net		1.4
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $15 billion–$50 billion		0.2
More than $2 billion–$15 billion		51.3
$2 billion or less		48.5
Total		100.0

Performance for the twelve months ended October 31, 2014

The Small-Cap Equity Fund returned 9.40% for the Institutional Class, compared with the 8.06% return of its benchmark, the Russell 2000^® Index. The table below shows returns for all share classes of the fund.

Small caps lag the broader market

The broad U.S. stock market, as measured by the Russell 3000^®Index, gained 16.07% for the reporting period, compared with 28.99% for the previous twelve months. Stocks advanced in response to optimism about the U.S. economy, strong corporate profits and continued easing monetary policy from the Federal Reserve. While the Fed began tapering its monthly bond purchases in January 2014 and ended them entirely in October 2014, it held short-term interest rates near zero.

For the twelve months, stocks of small-capitalized companies significantly lagged the broader market, as measured by the Russell 3000 Index, although small caps outperformed in the final three months of the reporting period. Over the reporting period, growth stocks marginally outperformed their value counterparts in the broader market, returning 16.39% and 15.76%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2014, the Russell 2000 Index achieved an average annual gain of 8.67%, outpacing the 8.55% average annual return of the Russell 3000 Index over the same period.

Largest sectors lead the index higher

For the period, the return of the benchmark’s industry sectors varied widely. The two largest sectors, financials and information technology, had returns of 11.9% and 9.3%, respectively. Health care saw the biggest gain, with a return of 21.5% for the twelve months, while industrials rose 5.8%. Combined,

Performance as of October 31, 2014


			Total return			Average annual total return
Small-Cap Equity Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		9.40	%		17.96	%		8.43	%
Premier Class		9/30/2009		9.19			17.78			8.34	*
Retirement Class		10/1/2002		9.08			17.66			8.16
Retail Class		10/1/2002		8.98			17.59			8.17
Russell 2000 Index		—		8.06			17.39			8.67

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

20	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

these four sectors constituted almost three-fourths of the benchmark’s total market capitalization on October 31, 2014. Energy was the biggest laggard, with a return of –18.2%. Telecommunication services also declined slightly, with a return of –0.5%.

Of the benchmark’s largest holdings, the strongest performance came from Isis Pharmaceuticals, a biopharmaceutical firm. Other strong performers included Wex, a leading provider of corporate credit card and payment systems, and CNO Financial Group, an insurance holding company. Laggards in the benchmark’s top ten included Aspen Technology, a leading provider of software and services to process industries, and Ultimate Software Group, which specializes in software and payroll solutions for corporate human resource departments.

Strong stock selections boost the fund’s relative performance

The fund outpaced its benchmark by more than one percentage point on the strength of numerous favorable stock selections. The largest contributions came from overweight positions in two energy issues: Penn Virginia and Targa Resources. Overweight positions in information technology companies Synaptics and Ambarella, and biotechnology firm Avanir Pharmaceuticals also made strong contributions to the fund’s relative performance. In addition, the fund benefited from participating in a securities lending program during the twelve-month period, which helped the fund outperform its benchmark.

These positive contributors were partly offset by less favorable stock choices. Chief among these were overweight investments in Infoblox, an information technology firm, Thoratec, a health care provider and Pioneer Energy Services. Two other information technology firms, Gigamon and SunEdison, also detracted from the fund’s relative performance.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Small-Cap	value		value		(5/1/14–
Equity Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,062.57		$2.29
Premier Class		1,000.00		1,061.69		3.07
Retirement Class		1,000.00		1,060.82		3.58
Retail Class		1,000.00		1,060.71		4.00
5% annual hypothetical return
Institutional Class		1,000.00		1,022.99		2.24
Premier Class		1,000.00		1,022.23		3.01
Retirement Class		1,000.00		1,021.73		3.52
Retail Class		1,000.00		1,021.32		3.92

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Social Choice Equity Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Financials		20.4
Information technology		17.2
Health care		13.2
Consumer discretionary		12.7
Industrials		10.2
Energy		8.3
Consumer staples		7.3
Materials		4.6
Utilities		3.5
Telecommunication services		2.4
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion		37.6
More than $15 billion–$50 billion		44.0
More than $2 billion–$15 billion		16.3
$2 billion or less		2.1
Total		100.0

Performance for the twelve months ended October 31, 2014

The Social Choice Equity Fund returned 14.82% for the Institutional Class, compared with the 16.07% return of its benchmark, the Russell 3000^® Index. The table below shows returns for all share classes of the fund. The fund screens investments by using certain environmental, social and governance 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 twelve-month period, but the net effect was to slightly decrease the fund’s return relative to that of its benchmark.

Stocks absent from the fund that detracted from relative performance included technology giants Apple and Microsoft, social media company Facebook and drug manufacturer Allergan. Earlier in the year, Apple reported its Board of Directors authorized an aggressive stock repurchasing plan. Later in the period, strong sales of iPhones and Macs, particularly to consumers in emerging markets, resulted in higher-than-expected revenue growth.

The largest positive contribution to the fund’s relative 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 General Electric and Pfizer. In May 2014, Pfizer announced that its profits had dropped 15% due to cheaper generic competition that continued to erode sales of its products and the termination of some of its partnerships with other drug companies.

Performance as of October 31, 2014


			Total return			Average annual total return
Social Choice Equity Fund	Inception date		1 year			5 years			10 years
Institutional Class		7/1/1999		14.82	%		16.25	%		8.51	%
Premier Class		9/30/2009		14.70			16.06			8.42	*
Retirement Class		10/1/2002		14.59			15.96			8.21
Retail Class		3/31/2006		14.58			15.97			8.33	*
Russell 3000 Index		—		16.07			17.01			8.55

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.

22	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

Fund performance trails 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 the index. As a result, some individual securities in the eligible universe may be either overweighted or underweighted relative to the benchmark.

For the period, the fund’s overweight positions in Discovery Communications, Sprint and Ford detracted from its relative performance. Seeking to expand its footprint in Europe, Discovery Communications formed a joint venture with Liberty Global to acquire U.K. production and distribution company All3Media, restructuring the firm’s operations across the United Kingdom, Europe, New Zealand and the United States. Though Sprint’s stock has been under pressure since the beginning of the year, it jumped higher in August following the appointment of a new president and CEO.

The fund’s performance relative to the benchmark was aided by its overweight positions in Gilead Sciences, information technology giants Hewlett-Packard and Intel, Marriott International, Yahoo! and biotechnology firm Amgen. Hewlett-Packard, a top-performing stock in 2013, reported a significant improvement in quarterly earnings on a year-over-year basis, and favorable reviews boosted the stock’s performance. Amgen reported higher-than-expected first- and second-quarter earnings as a result of strong performance in Europe and having acquired back from Roche the rights to anti-infection drugs Neulasta and Neupogen in a number of emerging markets. An overweight stake in chemical and biochemical supplier Sigma-Aldrich also aided the fund’s performance.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Social Choice	value		value		(5/1/14–
Equity Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,069.58	$	0.94
Premier Class		1,000.00		1,069.12		1.72
Retirement Class		1,000.00		1,068.75		2.24
Retail Class		1,000.00		1,068.46		2.35
5% annual hypothetical return
Institutional Class		1,000.00		1,024.30		0.92
Premier Class		1,000.00		1,023.54		1.68
Retirement Class		1,000.00		1,023.04		2.19
Retail Class		1,000.00		1,022.94		2.29

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.18% for the Institutional Class, 0.33% for the Premier Class, 0.43% for the Retirement Class and 0.45% 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 Annual Report

Emerging Markets Equity Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Financials		24.2
Information technology		20.1
Consumer discretionary		11.7
Industrials		8.5
Materials		7.8
Consumer staples		6.6
Telecommunication services		5.6
Energy		5.0
Utilities		4.7
Health care		4.0
Short-term investments, other assets & liabilities, net		1.8
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2014
China		14.5
Korea		13.0
India		11.1
Brazil		9.4
Mexico		7.4
Taiwan		7.2
South Africa		3.6
Russia		3.5
Hong Kong		3.1
Philippines		3.1
18 other nations		20.3
Short-term investments		3.8
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion		18.4
More than $15 billion–$50 billion		32.3
More than $2 billion–$15 billion		35.6
$2 billion or less		13.7
Total		100.0

Performance for the twelve months ended October 31, 2014

The Emerging Markets Equity Fund returned –2.79% for the Institutional Class, compared with the 0.64% return of its benchmark, the MSCI Emerging Markets Index. The table below shows returns for all share classes of the fund.

Emerging market stocks lag U.S. equity returns

The MSCI Emerging Markets Index slightly outperformed the –0.60% return of the 21 developed market nations outside North America that comprise the MSCI EAFE Index, yet it lagged the 16.07% gain of the broad U.S. stock market, as measured by the Russell 3000^® Index.

Emerging market stocks took many turns throughout the year. Earlier in the period, the benchmark dropped sharply in part due to concerns about China’s growth and the move by the Federal Reserve to start tapering its $85 billion monthly bond purchases under its quantitative easing program. Emerging market equities rallied in the spring, fueled by signals from China that it was committed to improving its economy and reassuring comments from the Fed. The index ended the final fiscal quarter (August 1 to October 31) down 4.21%, but returned 1.18% in October.

For the twelve months, a rising dollar lowered the return of the MSCI Emerging Markets Index for U.S. investors. In terms of local currencies, the index returned 5.56%.

Egypt and Qatar boost the benchmark’s return

Performance as of October 31, 2014

Total
return

Average annual
total return

Emerging Markets
Equity Fund*

Inception date

1 year

since
inception

Institutional Class

8/31/2010

–2.79

2.48

Premier Class

8/31/2010

–2.91

2.34

Retirement Class

8/31/2010

–3.05

2.21

Retail Class

8/31/2010

–3.19

2.07

MSCI Emerging Markets Index

—

0.64

3.65

^†

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 Annual Report ■ TIAA-CREF Funds: Equity Funds

Greece (down 32.0%), Hungary (down 24.7%), Russia (down 24.4%) and other emerging market countries. Russia’s stock market dropped largely as a result of investors’ concerns about the conflict in Ukraine. Egypt’s investment plans, transactions with energy companies and other news contributed to its market’s strong performance. (All returns are in U.S. dollars.)

Stock choices reduce the fund’s returns

The fund underperformed its benchmark due in large part to stock selections that did not perform as anticipated. The fund’s overweights in Eurobank Ergasias and Piraeus Bank, and a nonbenchmark investment in banking company TCS Group, contributed most to the fund’s underperformance. The fund’s investment in nonbenchmark stock Bharat Forge, and overweight positions in information technology company Largan Precision, helped offset some of the fund’s losses relative to the index.

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

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes, are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

$10,000 invested at fund’s inception

Institutional Class (inception August 31, 2010)

Expense example

Six months ended October 31, 2014

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Emerging Markets	value		value		(5/1/14–
Equity Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	1,004.66	$	4.75
Premier Class		1,000.00		1,003.73		5.56
Retirement Class		1,000.00		1,002.80		6.01
Retail Class		1,000.00		1,001.87		6.66
5% annual hypothetical return
Institutional Class		1,000.00		1,020.47		4.79
Premier Class		1,000.00		1,019.66		5.60
Retirement Class		1,000.00		1,019.21		6.06
Retail Class		1,000.00		1,018.55		6.72

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.94% for the Institutional Class, 1.10% for the Premier Class, 1.19% for the Retirement Class and 1.32% 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 Annual Report

Enhanced International Equity Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Financials		26.1
Industrials		12.1
Consumer discretionary		11.6
Health care		10.7
Consumer staples		10.7
Materials		7.4
Energy		6.4
Telecommunication services		5.0
Information technology		4.5
Utilities		3.9
Short-term investments, other assets & liabilities, net		1.6
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2014
Japan		20.4
United Kingdom		19.3
Australia		8.6
France		8.5
Switzerland		8.5
Germany		7.9
Hong Kong		3.2
Sweden		3.2
Spain		3.0
Netherlands		2.9
15 other nations		10.0
Short-term investments		4.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion		39.2
More than $15 billion–$50 billion		33.6
More than $2 billion–$15 billion		27.2
Total		100.0

Performance for the twelve months ended October 31, 2014

The Enhanced International Equity Index Fund returned 1.28%, compared with the –0.60% return of its benchmark, the MSCI EAFE Index.

Developed foreign market stocks lag U.S. equities

After advancing 4.44% in the first six months of the reporting period, the MSCI EAFE Index, which measures stock performance in 21 developed market nations outside North America, fell 4.83% in the final six months, due in part to investor concerns regarding geopolitical tensions in the Middle East and Ukraine, China’s economic slowdown and the potentially detrimental effects of rising U.S. interest rates.

However, the strength of the U.S. dollar, which gained more than 14% over the Japanese yen and nearly 9% versus the euro, played the most significant role in the negative performance of developed foreign market stocks. For instance, the EAFE actually rose 6.84% in local currency terms, with country components such as Japan achieving double-digit gains. Yet, when converted to U.S.-dollar-based returns, both the EAFE and Japan showed a small loss.

When compared to domestic equities for the twelve months, the EAFE substantially trailed the 16.07% return of the broad U.S. stock market, as measured by the Russell 3000^®Index.

U.S.-dollar-based losses push the benchmark lower

Currency translation was a sizable drag on returns across country members of the EAFE. Despite positive performance, in local currency terms, in all but two of the nations within the index, U.S.-dollar-based returns ended the period in negative territory. France, Germany and Japan, among the larger segments of the EAFE based on market capitalization at the end of the reporting period, declined 6.6%, 5.5% and 0.7%, respectively, when converted to U.S.-dollar-based returns. Additionally, losses in Italy, the Netherlands and Sweden further truncated EAFE’s performance.

Performance as of October 31, 2014

Total
return

Average annual
total return

Enhanced International

since

Equity Index Fund*

Inception date

1 year

5 years

inception

Institutional Class

11/30/2007

1.28

7.93

–0.23

MSCI EAFE Index

—

–0.60

6.52

–0.49

^†

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 Annual Report ■ TIAA-CREF Funds: Equity Funds

The fund outpaces its benchmark

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

During the period, stock selections using the fund’s enhanced indexing methodology enabled the fund to outperform the MSCI EAFE Index. Positive contributors included overweight positions in four pharmaceutical firms: Switzerland’s Novartis and Actelion, Japan’s Otsuka Holdings and global giant AstraZeneca. Overweights in financial service companies Prudential, Spain’s CaixaBank and Sweden’s Skandinaviska Enskilda Banken also boosted returns.

These positive effects were partly countered by overweight holdings in Deutsche Lufthansa and U.K. food retailers J Sainsbury and William Morrison Supermarkets. Underweights in Danish health care company Novo Nordisk and German drug maker Bayer also detracted from relative results.

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

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

$10,000 invested at fund’s inception

Institutional Class (inception November 30, 2007)

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

Expense example

Six months ended October 31, 2014

Expenses

paid

Enhanced

Beginning

Ending

during

International

account

period*

Equity

value

(5/1/14–

Index Fund

(5/1/14)

(10/31/14)

10/31/14)

Actual return

Institutional Class

1,000.00

959.09

2.12

5% annual hypothetical return

Institutional Class

1,000.00

1,023.04

2.19

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.43% 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 Annual Report

Global Natural Resources Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Materials		53.7
Energy		32.2
Consumer staples		9.8
Industrials		1.8
Utilities		0.4
Short-term investments, other assets & liabilities, net		2.1
Total		100.0

Holdings by country

	% of portfolio investments
	as of 10/31/2014
United States		43.0
Canada		13.3
Australia		10.7
Switzerland		3.7
Netherlands		3.6
India		3.2
United Kingdom		2.9
France		2.2
Indonesia		2.1
Japan		1.7
13 other nations		9.7
Short-term investments		3.9
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion		32.2
More than $15 billion–$50 billion		24.2
More than $2 billion–$15 billion		41.9
$2 billion or less		1.7
Total		100.0

Performance for the twelve months ended October 31, 2014

The Global Natural Resources Fund returned –6.80% for the Institutional Class, compared with the –4.55% return of its benchmark, the MSCI All Country World Commodity Producers Sector Capped Index. The table below shows returns for all share classes of the fund.

Global commodity stocks fall amid heightened volatility abroad

During the twelve-month reporting period, the MSCI All Country World Commodity Producers Sector Capped Index, which is equally weighted among the energy, metals and agriculture sectors, lagged the 0.06% return of the broader MSCI All Country World ex USA Index by just over four-and-a-half percentage points.

Most prices fell sharply during this volatile period for commodity stocks. While every sub-sector faced individual headwinds, a strengthening U.S. dollar and the prospect that the Fed might raise interest rates in the middle of 2015 weighed down returns. Global economic growth appeared to have stalled with fears of a weak Europe being added on top of a slowdown in China. In a gloomy macro environment, weak demand growth for commodities was compounded by strong supply growth in several sub-sectors, dragging commodity prices to multi-year lows.

During the period, crude oil prices fell (Brent by 22% and WTI by 16%) driven lower by a recovery in Libyan production and rapidly growing U.S. production. Spot iron ore prices collapsed by nearly 40 percent as a significant increase in mine supply from Australia far outpaced growth in Chinese steel production. Agricultural commodities didn’t fare much better. Corn prices dropped sharply as U.S. corn production appeared headed towards back-to-back record years for production. Precious metals prices (gold, silver and platinum) weakened during the period due to the continued strengthening of the U.S. dollar.

Performance as of October 31, 2014

Total
return

Average annual
total return

Global Natural
Resources Fund*

Inception date

1 year

since inception

Institutional Class

11/1/2011

–6.80

–1.66

Premier Class

11/1/2011

–6.95

–1.82

Retirement Class

11/1/2011

–7.06

–1.90

Retail Class

11/1/2011

–7.02

–2.03

MSCI All Country World Commodity Producers Sector Capped Index

—

–4.55

–0.97

^†

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 Annual Report ■ TIAA-CREF Funds: Equity Funds

Stock choices dampen the fund’s return

The fund was hurt by its ownership of two iron ore producers, Australian miner Fortescue Metals as well as U.S. miner Cliffs Natural Resources. The fund was also hurt by its underweight position in Brazilian energy company Petrobras, whose stock rose strongly during the period on investor optimism that there was a possibility of the present incumbent being defeated in Brazil’s presidential elections.

In a declining commodity price environment, the fund benefited from its ownership of several defensive stocks, among them Indian seed producer Kaveri Seeds, which has been gaining market share from rivals. Another positive contributor was U.S. midstream operator Magellan Midstream Partners, whose growth has been driven by rising U.S. crude oil production. Another fund holding, rail operator Canadian Pacific Railway, also contributed to the fund’s return.

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 reflecting immediately in the returns of the fund’s benchmark. These changes, are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

$10,000 invested at fund’s inception

Institutional Class (inception November 1, 2011)

Expense example

Six months ended October 31, 2014

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Global Natural	value		value		(5/1/14–
Resources Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	895.98		$3.49
Premier Class		1,000.00		894.89		4.20
Retirement Class		1,000.00		894.89		4.68
Retail Class		1,000.00		894.79		5.35
5% annual hypothetical return
Institutional Class		1,000.00		1,021.53		3.72
Premier Class		1,000.00		1,020.77		4.48
Retirement Class		1,000.00		1,020.27		4.99
Retail Class		1,000.00		1,019.56		5.70

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.73% for the Institutional Class, 0.88% for the Premier Class, 0.98% for the Retirement Class and 1.12% 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 Annual Report

International Equity Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Consumer discretionary		25.8
Industrials		23.7
Financials		13.3
Materials		10.5
Consumer staples		10.4
Health care		9.8
Information technology		2.8
Telecommunication services		1.5
Utilities		0.1
Short-term investments, other assets & liabilities, net		2.1
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2014
France		21.6
United Kingdom		18.9
Japan		15.1
Germany		11.1
India		9.3
Switzerland		8.7
Netherlands		5.4
Greece		4.1
Sweden		0.9
Australia		0.7
6 other nations		2.1
Short-term investments		2.1
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion		10.2
More than $15 billion–$50 billion		42.7
More than $2 billion–$15 billion		43.8
$2 billion or less		3.3
Total		100.0

Performance for the twelve months ended October 31, 2014

The International Equity Fund returned –4.43%, compared with the –0.60% return of its benchmark, the MSCI EAFE Index. The table below includes performance data for all share classes of the fund.

Developed foreign market stocks lag U.S. equities

After advancing 4.44% in the first six months of the reporting period, the MSCI EAFE Index, which measures stock performance in 21 developed market nations outside North America, fell 4.83% in the final six months, resulting in a modest loss for the reporting period. Investor concerns regarding geopolitical tensions in the Middle East and Ukraine, China’s economic slowdown and the potentially detrimental effects of rising U.S. interest rates all contributed to the decline.

When compared to domestic equities for the twelve months, the EAFE substantially trailed the 16.07% return of the broad U.S. stock market, as measured by the Russell 3000^®Index. Similarly, for the ten years ended October 31, 2014, the EAFE’s average annual return of 5.81% lagged the 8.55% average annual gain of the Russell 3000.

U.S.-dollar-based losses push the benchmark lower

Performance as of October 31, 2014

Total
return

Average annual
total return

International Equity Fund*

Inception date

1 year

5 years

10 years

Institutional Class

7/1/1999

–4.43

8.35

6.05

Premier Class

9/30/2009

–4.50

8.18

5.97

^†

Retirement Class

10/1/2002

–4.62

8.06

5.68

Retail Class

3/31/2006

–4.77

7.99

6.05

^†

MSCI EAFE Index

—

–0.60

6.52

5.81

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 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.

30	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

in negative territory. France, Germany and Japan, among the larger segments of the EAFE based on market capitalization at the end of the reporting period, declined 6.6%, 5.5% and 0.7%, respectively, when converted to U.S.-dollar-based returns. Additionally, losses in countries such as Italy, the Netherlands and Sweden further truncated EAFE’s performance.

The fund trails its benchmark

The fund underperformed its benchmark largely because of unfavorable stock selections. Chief among them were out-of-benchmark holdings in National Bank of Greece and Piraeus Bank, also a Greek company, as they continued to struggle with capital shortfalls. Other detractors included underweight positions in pharmaceutical manufacturers Novartis, a Swiss company, and global giant AstraZeneca, as both experienced strong performance during the period.

These negative effects were partly offset by out-of-benchmark holdings in Indian companies Eicher Motors, an automobile manufacturer, and Larsen & Toubro, an engineering and construction firm, as both benefited from profit growth. Other contributors included overweight positions in German drug-maker Bayer and Japanese electronics company Sony.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
International	value		value		(5/1/14–
Equity Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	912.24		$2.46
Premier Class		1,000.00		912.01		3.18
Retirement Class		1,000.00		910.95		3.66
Retail Class		1,000.00		910.89		4.05
5% annual hypothetical return
Institutional Class		1,000.00		1,022.63		2.60
Premier Class		1,000.00		1,021.88		3.36
Retirement Class		1,000.00		1,021.37		3.87
Retail Class		1,000.00		1,020.97		4.28

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.51% for the Institutional Class, 0.66% for the Premier Class, 0.76% for the Retirement Class and 0.84% 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 Annual Report

International Opportunities Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Financials		19.7
Consumer discretionary		17.9
Industrials		15.2
Health care		14.2
Information technology		13.4
Consumer staples		6.7
Energy		5.0
Materials		4.3
Telecommunication services		0.9
Short-term investments, other assets & liabilities, net		2.7
Total		100.0

Holdings by country

	% of portfolio investments as of 10/31/2014
United Kingdom		16.3
Japan		14.8
Canada		6.8
China		6.4
France		4.1
Netherlands		3.6
United States		3.3
Switzerland		3.0
Germany		3.0
Taiwan		3.0
17 other nations		27.5
Short-term investments		8.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion		25.3
More than $15 billion–$50 billion		19.6
More than $2 billion–$15 billion		38.9
$2 billion or less		16.2
Total		100.0

Performance for the twelve months ended October 31, 2014

The International Opportunities Fund returned –3.59%, compared with the 0.06% return of its benchmark, the MSCI All Country World ex USA Index. The table below includes performance data for all share classes of the fund.

Foreign market stocks lag U.S. equities

After advancing 2.91% in the first six months of the reporting period, the MSCI All Country World ex USA Index, which measures stock performance in 45 developed and emerging market nations, fell 2.77% in the final six months, resulting in a slight gain for the reporting period. Despite the marginal increase, investor concerns regarding geopolitical tensions in the Middle East and Ukraine, China’s economic slowdown and the potentially detrimental effects of rising U.S. interest rates all weighed down returns. However, the strength of the U.S. dollar, which gained more than 14% over the Japanese yen and nearly 9% versus the euro, played the most significant role in hampering the performance of foreign market stocks.

Emerging market stocks, as measured by the MSCI Emerging Markets Index, climbed to 0.64%, outpacing the All Country World ex USA for the period. Strong performances in emerging Asia and Africa were the primary drivers.

When compared to domestic equities for the twelve months, the AC World ex USA substantially trailed the 16.07% return of the broad U.S. stock market, as measured by the Russell 3000^® Index.

U.S.-dollar-based losses weigh down benchmark results

Currency translation was a sizable drag on returns across country members of the AC World ex USA. Despite positive performance, in local currency terms, in most of the nations within the index, U.S.-dollar-based returns ended the period up only slightly. France, Germany and Japan, among the

Performance as of October 31, 2014

Total
return

Average annual
total return

International
Opportunities Fund*

Inception date

1 year

since
inception

Institutional Class

4/12/2013

–3.59

3.12

Premier Class

4/12/2013

–3.77

2.94

Retirement Class

4/12/2013

–3.88

2.86

Retail Class

4/12/2013

–3.96

2.74

MSCI All Country World ex USA Index

—

0.06

5.89

^†

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

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

32	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

larger segments of the AC World ex USA based on market capitalization at the end of the reporting period, declined 6.6%, 5.5% and 0.7%, respectively, when converted to U.S.-dollar-based returns. Conversely, gains in Canada and several emerging market nations partly countered these negative effects.

The fund trails its benchmark

The fund underperformed its benchmark largely because of unfavorable stock selections. They included overweight positions in poorly performing stocks Sanrio Company (retail) and Gemalto (technology), which are based in Japan and the Netherlands, respectively. Other detractors included out-of-benchmark holdings in fashion retailers SuperGroup, a U.K. company, and Italy’s Brunello Cucinelli, as both experienced a drop in sales during the period.

These negative effects were partly offset by overweight positions in pharmaceutical companies that performed favorably. They included Britain’s Shire, Japan’s Sihuan Pharmaceutical and Switzerland’s Novartis. Other contributors included out-of-benchmark positions in British industrial equipment company Ashtead Group and Taiwan’s furniture hardware manufacturer King Slide Works.

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

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

$10,000 invested at fund’s inception

Institutional Class (inception April 12, 2013)

Expense example

Six months ended October 31, 2014

					Expenses
					paid
	Beginning		Ending		during
International	account		account		period*
Opportunities	value		value		(5/1/14–
Fund	(5/1/14)		(10/31/14)		10/31/14)
Actual return
Institutional Class	$	1,000.00	$	956.96		$3.11
Premier Class		1,000.00		956.00		3.89
Retirement Class		1,000.00		955.96		4.34
Retail Class		1,000.00		955.05		4.68
5% annual hypothetical return
Institutional Class		1,000.00		1,022.03		3.21
Premier Class		1,000.00		1,021.22		4.02
Retirement Class		1,000.00		1,020.77		4.48
Retail Class		1,000.00		1,020.42		4.84

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.63% for the Institutional Class, 0.79% for the Premier Class, 0.88% for the Retirement Class and 0.95% 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 Annual Report

Summary portfolio of investments

Enhanced Large-Cap Growth Index Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS				$	10,066,147		0.6	%
CAPITAL GOODS
	145,583		Honeywell International, Inc		13,993,438		0.8
	124,358		Lockheed Martin Corp		23,698,904		1.3
	66,902		Roper Industries, Inc		10,590,587		0.6
	131,617		Westinghouse Air Brake Technologies Corp		11,358,547		0.6
			Other		84,635,202		4.8
					144,276,678		8.1
COMMERCIAL & PROFESSIONAL SERVICES					22,027,954		1.2
CONSUMER DURABLES & APPAREL
	119,557		Hanesbrands, Inc		12,626,415		0.7
			Other		16,212,815		0.9
					28,839,230		1.6
CONSUMER SERVICES
	19,609	*	Chipotle Mexican Grill, Inc (Class A)		12,510,542		0.7
			Other		35,584,596		2.0
					48,095,138		2.7
DIVERSIFIED FINANCIALS
	73,187	*	Affiliated Managers Group, Inc		14,622,031		0.8
	148,215		Moody’s Corp		14,707,374		0.8
			Other		53,463,232		3.0
					82,792,637		4.6
ENERGY
	168,334		EOG Resources, Inc		16,000,147		0.9
	297,520		Schlumberger Ltd		29,353,323		1.7
			Other		30,538,541		1.7
					75,892,011		4.3
FOOD & STAPLES RETAILING
	179,276		Walgreen Co		11,513,105		0.6
			Other		6,457,818		0.4
					17,970,923		1.0
FOOD, BEVERAGE & TOBACCO
	605,658		Altria Group, Inc		29,277,508		1.6
	702,379		Coca-Cola Co		29,415,632		1.7
	229,356		Kroger Co		12,777,423		0.7
	102,570	*	Monster Beverage Corp		10,347,262		0.6
	180,172		PepsiCo, Inc		17,327,141		1.0
	210,043		Philip Morris International, Inc		18,695,927		1.0
			Other		39,755,244		2.2
					157,596,137		8.8
HEALTH CARE EQUIPMENT & SERVICES					61,037,686		3.4
HOUSEHOLD & PERSONAL PRODUCTS					8,588,712		0.5
INSURANCE					11,494,774		0.6

Shares			Company	Value		% of net assets
MATERIALS
	119,664		LyondellBasell Industries AF S.C.A	$	10,964,812		0.6	%
			Other		43,672,377		2.5
					54,637,189		3.1
MEDIA
	348,988		Comcast Corp (Class A)		19,316,486		1.1
	152,236		Walt Disney Co		13,911,326		0.8
			Other		36,966,495		2.0
					70,194,307		3.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	418,931		AbbVie, Inc		26,585,361		1.5
	49,012	*	Actavis plc		11,897,173		0.7
	38,438	*	Biogen Idec, Inc		12,341,673		0.7
	285,129		Bristol-Myers Squibb Co		16,591,656		0.9
	200,335	*	Celgene Corp		21,453,875		1.2
	310,979	*	Gilead Sciences, Inc		34,829,648		2.0
	105,828		Johnson & Johnson		11,406,142		0.6
			Other		30,831,377		1.7
					165,936,905		9.3
REAL ESTATE					27,413,561		1.5
RETAILING
	46,653	*	Amazon.com, Inc		14,250,626		0.8
	381,200		Best Buy Co, Inc		13,014,168		0.7
	281,946		Home Depot, Inc		27,495,374		1.5
	209,686		Lowe’s Companies, Inc		11,994,039		0.7
	20,610	*	Priceline.com, Inc		24,859,988		1.4
	123,849	*	TripAdvisor, Inc		10,980,452		0.6
			Other		51,127,943		2.9
					153,722,590		8.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	353,714	*	Micron Technology, Inc		11,704,397		0.7
	268,538		Texas Instruments, Inc		13,335,597		0.7
			Other		10,958,183		0.6
					35,998,177		2.0
SOFTWARE & SERVICES
	392,366	*	Facebook, Inc		29,423,526		1.6
	102,105	*	FleetCor Technologies, Inc		15,372,929		0.9
	97,235	*	Google, Inc		54,362,144		3.0
	24,242	*	Google, Inc (Class A)		13,766,305		0.8
	117,828		International Business Machines Corp		19,370,923		1.1
	225,800		Mastercard, Inc (Class A)		18,910,750		1.1
	1,079,755		Microsoft Corp		50,694,497		2.8
	642,776		Oracle Corp		25,100,403		1.4
	129,921		Visa, Inc (Class A)		31,366,827		1.8
			Other		67,917,953		3.8
					326,286,257		18.3
TECHNOLOGY HARDWARE & EQUIPMENT
	1,114,102		Apple, Inc		120,323,016		6.7
	315,164		Qualcomm, Inc		24,743,526		1.4
			Other		17,030,097		1.0
					162,096,639		9.1

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Enhanced Large-Cap Growth Index Fund ■ October 31, 2014

Shares				Company		Value		% of net assets
TELECOMMUNICATION SERVICES
	831,629			Verizon Communications, Inc	$	41,789,357		2.3	%
				Other		8,130,910		0.5
						49,920,267		2.8
TRANSPORTATION
	120,391			Union Pacific Corp		14,019,532		0.8
	121,761			United Parcel Service, Inc (Class B)		12,773,946		0.7
				Other		36,480,328		2.1
						63,273,806		3.6
			TOTAL COMMON STOCKS
				(Cost $1,391,362,251)		1,778,157,725		99.6

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	28,698,961	c		TIAA-CREF Short Term Lending Portfolio of the
				State Street Navigator Securities Lending Trust		28,698,961		1.6
						28,698,961		1.6
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $28,698,961)		28,698,961		1.6
			TOTAL PORTFOLIO
				(Cost $1,420,061,212)		1,806,856,686		101.2
			OTHER ASSETS & LIABILITIES, NET			(21,635,190	)	(1.2	)
			NET ASSETS		$	1,785,221,496		100.0	%

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

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

At 10/31/14, the aggregate value of securities on loan is $28,530,307.

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 Annual Report

Summary portfolio of investments

Enhanced Large-Cap Value Index Fund ■ October 31, 2014

Shares		Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS			$	21,999,234		1.3	%
BANKS
	1,325,724	Bank of America Corp		22,749,424		1.3
	485,700	Citigroup, Inc		25,999,521		1.5
	647,500	JPMorgan Chase & Co		39,160,800		2.3
	961,800	Wells Fargo & Co		51,061,962		2.9
		Other		23,818,470		1.4
				162,790,177		9.4
CAPITAL GOODS
	114,780	Eaton Corp		7,849,804		0.5
	1,261,724	General Electric Co		32,565,096		1.9
	63,080	Northrop Grumman Corp		8,702,517		0.5
	87,750	United Technologies Corp		9,389,250		0.5
		Other		65,345,158		3.8
				123,851,825		7.2
COMMERCIAL & PROFESSIONAL SERVICES				11,483,965		0.7
CONSUMER DURABLES & APPAREL				25,919,418		1.5
CONSUMER SERVICES				13,121,121		0.8
DIVERSIFIED FINANCIALS
	138,000	Capital One Financial Corp		11,422,260		0.7
	131,300	Discover Financial Services		8,374,314		0.5
	86,444	Goldman Sachs Group, Inc		16,423,495		0.9
	378,628	Morgan Stanley		13,233,049		0.8
		Other		32,834,118		1.9
				82,287,236		4.8
ENERGY
	276,742	Chevron Corp		33,195,203		1.9
	240,750	ConocoPhillips		17,370,112		1.0
	567,242	Exxon Mobil Corp		54,857,974		3.2
	98,900	Hess Corp		8,387,709		0.5
	132,900	Occidental Petroleum Corp		11,818,797		0.7
		Other		84,435,603		4.9
				210,065,398		12.2
FOOD & STAPLES RETAILING
	153,000	CVS Corp		13,128,930		0.8
		Other		8,392,345		0.5
				21,521,275		1.3
FOOD, BEVERAGE & TOBACCO
	173,800	Archer Daniels Midland Co		8,168,600		0.5
	109,700	Philip Morris International, Inc		9,764,397		0.5
		Other		37,910,376		2.2
				55,843,373		3.2
HEALTH CARE EQUIPMENT & SERVICES
	447,375	Abbott Laboratories		19,501,076		1.1
	133,190	Covidien plc		12,312,084		0.7
	150,824	UnitedHealth Group, Inc		14,329,788		0.8
	71,590	WellPoint, Inc		9,069,737		0.5
		Other		57,605,365		3.4
				112,818,050		6.5

Shares			Company	Value		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	274,224		Procter & Gamble Co	$	23,931,528		1.4	%
			Other		5,320,857		0.3
					29,252,385		1.7
INSURANCE
	151,200		American International Group, Inc		8,099,784		0.5
	202,424	*	Berkshire Hathaway, Inc (Class B)		28,371,748		1.6
	115,490		Prudential Financial, Inc		10,225,485		0.6
			Other		55,148,218		3.2
					101,845,235		5.9
MATERIALS
	243,380		Dow Chemical Co		12,022,972		0.7
			Other		54,043,985		3.1
					66,066,957		3.8
MEDIA					29,679,417		1.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	153,224		Bristol-Myers Squibb Co		8,916,104		0.5
	191,000		Eli Lilly & Co		12,669,030		0.7
	342,224		Johnson & Johnson		36,884,903		2.1
	393,500		Merck & Co, Inc		22,799,390		1.3
	60,000		Perrigo Co plc		9,687,000		0.6
	1,065,000		Pfizer, Inc		31,896,750		1.9
	69,800		Thermo Electron Corp		8,206,386		0.5
			Other		28,951,603		1.7
					160,011,166		9.3
REAL ESTATE					69,839,222		4.1
RETAILING
	236,300		Best Buy Co, Inc		8,067,282		0.5
			Other		38,885,628		2.2
					46,952,910		2.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	691,224		Intel Corp		23,508,528		1.3
			Other		27,278,645		1.6
					50,787,173		2.9
SOFTWARE & SERVICES
	472,400		Microsoft Corp		22,179,180		1.3
	91,390	*	Workday, Inc		8,725,917		0.5
			Other		44,811,743		2.6
					75,716,840		4.4
TECHNOLOGY HARDWARE & EQUIPMENT
	728,950		Cisco Systems, Inc		17,837,407		1.0
	445,000		Hewlett-Packard Co		15,966,600		0.9
	82,100		Western Digital Corp		8,076,177		0.5
			Other		35,816,482		2.1
					77,696,666		4.5
TELECOMMUNICATION SERVICES
	507,500		AT&T, Inc		17,681,300		1.0
			Other		12,308,837		0.7
					29,990,137		1.7

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Enhanced Large-Cap Value Index Fund ■ October 31, 2014

Shares			Company	Value			% of net assets
TRANSPORTATION
	223,900		Delta Air Lines, Inc	$	9,007,497			0.5	%
	58,900		FedEx Corp		9,859,860			0.6
			Other		31,558,795			1.8
					50,426,152			2.9
UTILITIES
	125,750		Dominion Resources, Inc		8,965,975			0.5
	134,500		Edison International		8,417,010			0.5
	72,990		Sempra Energy		8,028,900			0.5
			Other		54,959,582			3.2
					80,371,467			4.7
		TOTAL COMMON STOCKS
			(Cost $1,304,653,184)		1,710,336,799			99.2

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	29,660,775		c TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		29,660,775			1.7
					29,660,775			1.7
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $29,660,775)		29,660,775			1.7
		TOTAL PORTFOLIO
			(Cost $1,334,313,959)		1,739,997,574			100.9
		OTHER ASSETS & LIABILITIES, NET			(16,064,366	)		(0.9	)
		NET ASSETS		$	1,723,933,208			100.0	%

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

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

At 10/31/14, the aggregate value of securities on loan is $29,562,260.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

Growth & Income Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	618,077		Johnson Controls, Inc	$	29,204,138		0.6	%
			Other		42,108,030		0.9
					71,312,168		1.5
BANKS
	4,684,819		Bank of America Corp		80,391,494		1.7
	944,951		Citigroup, Inc		50,583,227		1.1
	636,155		JPMorgan Chase & Co		38,474,654		0.8
	1,307,027		Wells Fargo & Co		69,390,064		1.5
			Other		12,136,167		0.2
					250,975,606		5.3
CAPITAL GOODS
	200,613		General Dynamics Corp		28,037,673		0.6
	3,450,231		General Electric Co		89,050,462		1.9
	545,376		Honeywell International, Inc		52,421,541		1.1
			Other		115,812,462		2.4
					285,322,138		6.0
COMMERCIAL & PROFESSIONAL SERVICES					35,350,756		0.7
CONSUMER DURABLES & APPAREL
	622,370		Hasbro, Inc		35,804,946		0.8
	1,094,691		Newell Rubbermaid, Inc		36,486,051		0.8
			Other		129,034,662		2.7
					201,325,659		4.3
CONSUMER SERVICES					65,135,543		1.4
DIVERSIFIED FINANCIALS
	351,690		American Express Co		31,634,515		0.7
	240,503		Ameriprise Financial, Inc		30,344,264		0.6
	363,096		Moody’s Corp		36,030,016		0.8
	1,512,124		Morgan Stanley		52,848,734		1.1
			Other		54,596,968		1.2
					205,454,497		4.4
ENERGY
	578,650		Chevron Corp		69,409,067		1.5
	296,681		EOG Resources, Inc		28,199,529		0.6
	281,629		Exxon Mobil Corp		27,236,341		0.6
			Other		185,164,038		3.9
					310,008,975		6.6
FOOD & STAPLES RETAILING					30,005,069		0.6
FOOD, BEVERAGE & TOBACCO
	407,967	*	Constellation Brands, Inc (Class A)		37,345,299		0.8
	541,951		Kroger Co		30,192,090		0.6
	735,239		PepsiCo, Inc		70,707,935		1.5
			Other		117,432,229		2.5
					255,677,553		5.4
HEALTH CARE EQUIPMENT & SERVICES
	368,728		Covidien plc		34,085,216		0.7
			Other		169,036,008		3.6
					203,121,224		4.3

	Shares		Company		Value	% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	777,597		Procter & Gamble Co	$	67,860,890	1.4	%
			Other		27,518,501	0.6
					95,379,391	2.0
INSURANCE
	291,491		ACE Ltd		31,859,966	0.7
	512,482		Allstate Corp		33,234,458	0.7
	887,884		Hartford Financial Services Group, Inc		35,142,449	0.7
	658,050		Metlife, Inc		35,692,632	0.8
			Other		8,215,847	0.2
					144,145,352	3.1
MATERIALS
	637,662		Dow Chemical Co		31,500,503	0.7
			Other		114,089,614	2.4
					145,590,117	3.1
MEDIA
	1,026,028		Comcast Corp (Class A)		56,790,650	1.2
	468,486		Time Warner, Inc		37,230,582	0.8
	653,526		Walt Disney Co		59,719,206	1.3
			Other		73,132,942	1.5
					226,873,380	4.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	833,350		AbbVie, Inc		52,884,391	1.1
	167,518	*	Actavis plc		40,663,319	0.9
	1,123,835		Bristol-Myers Squibb Co		65,395,959	1.4
	564,852	*	Celgene Corp		60,490,001	1.3
	517,373	*,p	Gilead Sciences, Inc		57,945,776	1.2
	859,900		Johnson & Johnson		92,680,022	2.0
			Other		199,183,762	4.2
					569,243,230	12.1
REAL ESTATE					38,806,289	0.9
RETAILING
	692,701		Home Depot, Inc		67,552,201	1.4
			Other		158,735,094	3.4
					226,287,295	4.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,812,643		Intel Corp		61,647,989	1.3
			Other		83,798,863	1.8
					145,446,852	3.1
SOFTWARE & SERVICES
	97,761	*	Alliance Data Systems Corp		27,700,579	0.6
	694,389	*,p	Facebook, Inc		52,072,231	1.1
	149,763	*	Google, Inc		83,729,498	1.8
	2,158,661		Microsoft Corp		101,349,134	2.1
	873,383		Oracle Corp		34,105,606	0.7
			Other		188,401,156	4.0
					487,358,204	10.3

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Growth & Income Fund ■ October 31, 2014

Shares				Company		Value	% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,883,490			Apple, Inc	$	203,416,920	4.3	%
	250,814	*,p		F5 Networks, Inc		30,845,106	0.6
				Other		98,003,900	2.1
						332,265,926	7.0
TELECOMMUNICATION SERVICES
	1,314,618			Verizon Communications, Inc		66,059,554	1.4
				Other		36,347,290	0.8
						102,406,844	2.2
TRANSPORTATION
	149,345			Canadian Pacific Railway Ltd		31,015,970	0.7
	985,448			Delta Air Lines, Inc		39,644,573	0.8
				Other		90,528,981	1.9
						161,189,524	3.4
UTILITIES
	284,452			Sempra Energy		31,289,720	0.7
				Other		67,022,602	1.4
						98,312,322	2.1
			TOTAL COMMON STOCKS
				(Cost $3,610,698,159)		4,686,993,914	99.4

PURCHASED OPTIONS

AUTOMOBILES & COMPONENTS						13,500	0.0
CAPITAL GOODS						7,900	0.0
HOUSEHOLD & PERSONAL PRODUCTS						40,000	0.0
MATERIALS						1,600	0.0
SOFTWARE & SERVICES						6,100	0.0
			TOTAL PURCHASED OPTIONS
				(Cost $299,107)		69,100	0.0

	Principal			Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT						6,799,975	0.1

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	146,470,319	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	146,470,319		3.1	%
						146,470,319		3.1
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $153,270,294)		153,270,294		3.2
			TOTAL PORTFOLIO
				(Cost $3,764,267,560)		4,840,333,308		102.6
			OTHER ASSETS & LIABILITIES, NET			(124,762,176	)	(2.6	)
			NET ASSETS		$	4,715,571,132		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 requirements on open written options contracts.

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

At 10/31/14, the aggregate value of securities on loan is $144,864,808.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

Large-Cap Growth Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	188,225	*,e	Tesla Motors, Inc	$	45,493,983		1.6	%
			Other		19,346,715		0.7
					64,840,698		2.3
CAPITAL GOODS
	164,845		Roper Industries, Inc		26,094,963		0.9
	127,319		W.W. Grainger, Inc		31,422,329		1.1
			Other		5,608,511		0.2
					63,125,803		2.2
COMMERCIAL & PROFESSIONAL SERVICES
	682,670		Nielsen Holdings NV		29,006,648		1.0
	516,521	*	Verisk Analytics, Inc		32,205,085		1.2
					61,211,733		2.2
CONSUMER DURABLES & APPAREL
	606,599		Nike, Inc (Class B)		56,395,509		2.0
			Other		41,255,606		1.5
					97,651,115		3.5
CONSUMER SERVICES
	366,766		Marriott International, Inc (Class A)		27,782,524		1.0
	693,353		Starbucks Corp		52,389,753		1.8
			Other		30,959,842		1.1
					111,132,119		3.9
DIVERSIFIED FINANCIALS
	222,982		Ameriprise Financial, Inc		28,133,639		1.0
	906,445		Charles Schwab Corp		25,987,778		0.9
	168,514		IntercontinentalExchange Group, Inc		35,099,781		1.3
	605,092		Moody’s Corp		60,043,279		2.1
			Other		45,461,780		1.6
					194,726,257		6.9
ENERGY					48,067,154		1.7
FOOD, BEVERAGE & TOBACCO					44,958,249		1.6
HEALTH CARE EQUIPMENT & SERVICES
	616,878		Abbott Laboratories		26,889,712		1.0
	462,374	*	Cerner Corp		29,286,769		1.0
	52,174	*	Intuitive Surgical, Inc		25,867,869		0.9
					82,044,350		2.9
HOUSEHOLD & PERSONAL PRODUCTS
	729,329		Estee Lauder Cos (Class A)		54,830,954		1.9
					54,830,954		1.9
MATERIALS
	490,106		Monsanto Co		56,381,794		2.0
	123,271		Sherwin-Williams Co		28,298,091		1.0
			Other		23,956,592		0.8
					108,636,477		3.8

Shares			Company	Value		% of net assets
MEDIA
	702,286		Comcast Corp (Class A)	$	38,871,530		1.4	%
	337,509		Time Warner, Inc		26,821,840		0.9
	520,305		Walt Disney Co		47,545,471		1.7
					113,238,841		4.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	222,569	*	Alexion Pharmaceuticals, Inc		42,590,804		1.5
	560,391	*	Alkermes plc		28,327,765		1.0
	166,135		Allergan, Inc		31,575,618		1.1
	382,988		AstraZeneca plc (ADR)		27,935,145		1.0
	117,383	*	Biogen Idec, Inc		37,689,334		1.3
	1,005,742		Bristol-Myers Squibb Co		58,524,127		2.1
	860,699	*	Celgene Corp		92,172,256		3.2
	550,965	*	Gilead Sciences, Inc		61,708,080		2.2
	366,290		Perrigo Co plc		59,137,520		2.1
			Other		90,472,235		3.2
					530,132,884		18.7
REAL ESTATE					19,857,568		0.7
RETAILING
	186,563	*	Amazon.com, Inc		56,987,534		2.0
	550,394		Home Depot, Inc		53,674,423		1.9
			Other		57,770,632		2.0
					168,432,589		5.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					63,501,467		2.2
SOFTWARE & SERVICES
	908,520	*	Adobe Systems, Inc		63,705,422		2.3
	295,113	*	Alibaba Group Holding Ltd (ADR)		29,098,142		1.0
	438,342	*	Autodesk, Inc		25,222,199		0.9
	1,070,818	*	Facebook, Inc		80,300,642		2.8
	99,008	*	Google, Inc		55,353,393		2.0
	99,008	*	Google, Inc (Class A)		56,223,673		2.0
	1,018,707		Intuit, Inc		89,656,403		3.2
	686,693		Mastercard, Inc (Class A)		57,510,539		2.0
	711,011		Microsoft Corp		33,381,966		1.2
	637,155	*	Red Hat, Inc		37,541,172		1.3
	880,632	*	Salesforce.com, Inc		56,351,642		2.0
	249,709		Visa, Inc (Class A)		60,287,244		2.1
	889,691	*	Yahoo!, Inc		40,970,270		1.4
			Other		26,971,400		1.0
					712,574,107		25.2
TECHNOLOGY HARDWARE & EQUIPMENT
	1,225,001		Apple, Inc		132,300,108		4.7
			Other		15,859,395		0.5
					148,159,503		5.2
TELECOMMUNICATION SERVICES
	456,100		Softbank Corp		33,203,811		1.2
			Other		19,119,625		0.7
					52,323,436		1.9

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Large-Cap Growth Fund ■ October 31, 2014

Shares				Company	Value			% of net assets
TRANSPORTATION
	131,763			Canadian Pacific Railway Ltd	$	27,364,540			1.0	%
	250,400			Union Pacific Corp		29,159,080			1.0
				Other		14,779,960			0.5
						71,303,580			2.5
			TOTAL COMMON STOCKS
				(Cost $2,109,327,373)		2,810,748,884			99.2

Principal				Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT						15,013,944			0.5

Shares				Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	67,171,715	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		67,171,715			2.4
						67,171,715			2.4
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $82,185,659)		82,185,659			2.9
			TOTAL PORTFOLIO
				(Cost $2,191,513,032)		2,892,934,543			102.1
			OTHER ASSETS & LIABILITIES, NET			(59,584,255	)		(2.1	)
			NET ASSETS		$	2,833,350,288			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $68,372,253.

“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 Annual Report

Summary portfolio of investments

Large-Cap Value Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS				$	43,341,398		0.8	%
BANKS
	7,489,771		Bank of America Corp		128,524,470		2.4
	1,368,253		Citigroup, Inc		73,242,583		1.4
	1,302,700		JPMorgan Chase & Co		78,787,296		1.5
	2,497,849		Keycorp		32,971,607		0.6
	3,539,742		Regions Financial Corp		35,149,638		0.7
	2,771,611		Wells Fargo & Co		147,144,828		2.8
			Other		71,028,191		1.3
					566,848,613		10.7
CAPITAL GOODS
	7,115,696		General Electric Co		183,656,114		3.5
			Other		162,331,547		3.0
					345,987,661		6.5
CONSUMER DURABLES & APPAREL
	580,554		Hasbro, Inc		33,399,271		0.6
	765,098	*	Jarden Corp		49,800,229		1.0
			Other		42,134,754		0.8
					125,334,254		2.4
CONSUMER SERVICES
	1,385,753		Extended Stay America, Inc		31,955,464		0.6
			Other		124,445,887		2.3
					156,401,351		2.9
DIVERSIFIED FINANCIALS
	1,782,086	*	E*Trade Financial Corp		39,740,518		0.7
	884,997		Legg Mason, Inc		46,019,844		0.9
	1,568,816		Morgan Stanley		54,830,119		1.0
	817,091		State Street Corp		61,657,687		1.2
			Other		90,376,170		1.7
					292,624,338		5.5
ENERGY
	994,915		Chevron Corp		119,340,054		2.2
	1,007,557		Exxon Mobil Corp		97,440,838		1.8
	1,205,802	e	Kinder Morgan, Inc		46,664,537		0.9
	1,181,958		Marathon Oil Corp		41,841,313		0.8
	7,428,377		Talisman Energy, Inc		47,393,045		0.9
	659,742		Williams Cos, Inc		36,622,279		0.7
			Other		232,718,699		4.4
					622,020,765		11.7
FOOD & STAPLES RETAILING
	742,644		CVS Corp		63,726,282		1.2
			Other		11,162,271		0.2
					74,888,553		1.4
FOOD, BEVERAGE & TOBACCO
	645,892		SABMiller plc		36,533,559		0.7
			Other		95,067,664		1.8
					131,601,223		2.5

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	1,259,165	*	Hologic, Inc	$	32,977,531		0.6	%
	857,688		UnitedHealth Group, Inc		81,488,937		1.5
			Other		110,137,164		2.1
					224,603,632		4.2
HOUSEHOLD & PERSONAL PRODUCTS
	1,413,937		Procter & Gamble Co		123,394,282		2.3
			Other		26,582,544		0.5
					149,976,826		2.8
INSURANCE
	418,432		ACE Ltd		45,734,618		0.9
	611,446		Allstate Corp		39,652,273		0.8
	729,407		American International Group, Inc		39,074,333		0.7
	447,556	*	Berkshire Hathaway, Inc (Class B)		62,729,449		1.2
	987,261		Hartford Financial Services Group, Inc		39,075,791		0.7
	827,914		Metlife, Inc		44,906,055		0.8
			Other		115,258,335		2.2
					386,430,854		7.3
MATERIALS
	943,212		Sealed Air Corp		34,191,435		0.6
			Other		125,317,695		2.4
					159,509,130		3.0
MEDIA					42,012,060		0.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	584,829		Agilent Technologies, Inc		32,329,347		0.6
	1,494,716		Johnson & Johnson		161,100,490		3.0
	975,803		Merck & Co, Inc		56,538,026		1.1
	2,306,758		Pfizer, Inc		69,087,402		1.3
			Other		202,817,941		3.8
					521,873,206		9.8
REAL ESTATE
	938,940		Weyerhaeuser Co		31,792,509		0.6
			Other		157,101,552		2.9
					188,894,061		3.5
RETAILING					115,505,212		2.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,035,842		Broadcom Corp (Class A)		43,381,063		0.8
			Other		102,605,726		1.9
					145,986,789		2.7
SOFTWARE & SERVICES
	1,765,498		Microsoft Corp		82,890,131		1.6
	1,203,162	*	Yahoo!, Inc		55,405,610		1.0
			Other		110,126,060		2.1
					248,421,801		4.7

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Large-Cap Value Fund ■ October 31, 2014

Shares				Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	2,192,609			Cisco Systems, Inc	$	53,653,142		1.0	%
	1,104,089			EMC Corp		31,720,477		0.6
	1,289,770			Hewlett-Packard Co		46,276,948		0.9
	4,450,842			Nokia Corp		36,808,463		0.7
				Other		52,468,967		1.0
						220,927,997		4.2
TELECOMMUNICATION SERVICES
	2,360,129			AT&T, Inc		82,226,894		1.5
	974,901	*		Level 3 Communications, Inc		45,732,606		0.9
				Other		50,474,273		1.0
						178,433,773		3.4
TRANSPORTATION
	750,871			Con-Way, Inc		32,565,275		0.6
				Other		119,341,932		2.3
						151,907,207		2.9
UTILITIES
	1,044,680			Exelon Corp		38,224,841		0.7
	377,524			NextEra Energy, Inc		37,835,455		0.7
				Other		134,623,568		2.6
						210,683,864		4.0
			TOTAL COMMON STOCKS
				(Cost $4,337,968,847)		5,304,214,568		99.8

Shares				Company	Value			% of net assets
SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	262,541,188	a,c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	262,541,188			5.0	%
						262,541,188			5.0
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $262,541,188)		262,541,188			5.0
			TOTAL PORTFOLIO
				(Cost $4,600,510,035)		5,566,755,756			104.8
			OTHER ASSETS & LIABILITIES, NET			(252,557,735	)		(4.8	)
			NET ASSETS		$	5,314,198,021			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 $260,679,999.

“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 Annual Report

Summary portfolio of investments

Mid-Cap Growth Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	70,620	*,e	Tesla Motors, Inc	$	17,068,854		1.0	%
			Other		11,615,598		0.7
					28,684,452		1.7
BANKS					16,878,019		1.0
CAPITAL GOODS
	372,794		Ametek, Inc		19,441,207		1.1
	445,716		Fortune Brands Home & Security, Inc		19,277,217		1.1
	118,440	p	Roper Industries, Inc		18,749,052		1.1
	438,100	*	Spirit Aerosystems Holdings, Inc (Class A)		17,234,854		1.0
			Other		83,229,836		4.8
					157,932,166		9.1
COMMERCIAL & PROFESSIONAL SERVICES
	124,316	*	Stericycle, Inc		15,663,816		0.9
					15,663,816		0.9
CONSUMER DURABLES & APPAREL
	679,308		DR Horton, Inc		15,481,429		0.9
	354,548		Hasbro, Inc		20,397,146		1.2
	259,757	*	Michael Kors Holdings Ltd		20,414,303		1.2
	127,473		Phillips-Van Heusen Corp		14,576,538		0.8
	102,232		Polaris Industries, Inc		15,422,720		0.9
	308,736		VF Corp		20,895,252		1.2
			Other		13,879,326		0.8
					121,066,714		7.0
CONSUMER SERVICES
	27,461	*	Chipotle Mexican Grill, Inc (Class A)		17,520,118		1.0
			Other		45,376,898		2.6
					62,897,016		3.6
DIVERSIFIED FINANCIALS
	505,391	e	iShares Russell Midcap Growth Index Fund		45,899,611		2.7
	291,375		McGraw-Hill Financial, Inc		26,363,610		1.5
	281,407		Moody’s Corp		27,924,016		1.6
			Other		24,097,938		1.4
					124,285,175		7.2
ENERGY
	164,027	*	Concho Resources, Inc		17,883,864		1.0
	231,368		EQT Corp		21,757,847		1.3
	258,917		Noble Energy, Inc		14,921,387		0.9
			Other		29,944,457		1.7
					84,507,555		4.9
FOOD, BEVERAGE & TOBACCO
	271,056	*	Constellation Brands, Inc (Class A)		24,812,466		1.4
	103,057	p	Keurig Green Mountain, Inc		15,638,900		0.9
	343,811		Kroger Co		19,153,711		1.1
	249,104		Lorillard, Inc		15,319,896		0.9
	227,357		Mead Johnson Nutrition Co		22,578,824		1.3
			Other		22,536,050		1.3
					120,039,847		6.9

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	268,000	*	Cerner Corp	$	16,975,120		1.0	%
	358,483	*	Insulet Corp		15,475,711		0.9
	282,912	*	Pediatrix Medical Group, Inc		17,662,196		1.0
			Other		36,636,436		2.1
					86,749,463		5.0
HOUSEHOLD & PERSONAL PRODUCTS
	212,226		Church & Dwight Co, Inc		15,367,285		0.9
					15,367,285		0.9
MATERIALS
	654,619	*	Berry Plastics Group, Inc		17,033,186		1.0
			Other		45,143,698		2.6
					62,176,884		3.6
MEDIA					33,341,091		1.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	271,705		Agilent Technologies, Inc		15,019,852		0.9
	390,974	*	Alkermes plc		19,763,736		1.1
	165,934	*	Vertex Pharmaceuticals, Inc		18,690,806		1.1
			Other		70,889,169		4.1
					124,363,563		7.2
RETAILING
	105,012		Advance Auto Parts, Inc		15,432,564		0.9
	46,616	*,p	AutoZone, Inc		25,802,888		1.5
	367,956		Macy’s, Inc		21,275,216		1.2
	132,915	*	O’Reilly Automotive, Inc		23,377,090		1.4
	197,632		Tractor Supply Co		14,470,615		0.8
			Other		61,345,998		3.5
					161,704,371		9.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	200,445		Avago Technologies Ltd		17,288,381		1.0
			Other		66,766,687		3.9
					84,055,068		4.9
SOFTWARE & SERVICES
	65,059	*	Alliance Data Systems Corp		18,434,468		1.1
	145,202	*	FleetCor Technologies, Inc		21,861,613		1.3
	586,979	*	Fortinet, Inc		15,290,803		0.9
	238,249		Intuit, Inc		20,968,294		1.2
	81,000	*	LinkedIn Corp		18,545,760		1.1
	640,589	*	QLIK Technologies, Inc		18,160,698		1.0
	242,553	*	Red Hat, Inc		14,291,223		0.8
	552,924	*	Vantiv, Inc		17,096,410		1.0
			Other		78,358,683		4.5
					223,007,952		12.9
TECHNOLOGY HARDWARE & EQUIPMENT					64,150,248		3.7
TELECOMMUNICATION SERVICES
	388,218	*	Level 3 Communications, Inc		18,211,306		1.1
	206,273	*	SBA Communications Corp (Class A)		23,170,646		1.3
					41,381,952		2.4

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Mid-Cap Growth Fund ■ October 31, 2014

Shares				Company	Value		% of net assets
TRANSPORTATION
	215,000	p		CH Robinson Worldwide, Inc	$	14,880,150		0.9	%
				Other		22,411,903		1.3
						37,292,053		2.2
			TOTAL COMMON STOCKS
				(Cost $1,378,801,345)		1,665,544,690		96.3

PURCHASED OPTIONS

RETAILING						4,000		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						94,800		0.0
TECHNOLOGY HARDWARE & EQUIPMENT						1,000		0.0
			TOTAL PURCHASED OPTIONS
				(Cost $840,266)		99,800		0.0

Principal				Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT						13,636,909		0.8

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	163,569,035	a,c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	163,569,035			9.4	%
						163,569,035			9.4
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $177,205,944)		177,205,944			10.2
			TOTAL PORTFOLIO
				(Cost $1,556,847,555)		1,842,850,434			106.5
			OTHER ASSETS & LIABILITIES, NET			(112,866,724	)		(6.5	)
			NET ASSETS		$	1,729,983,710			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 $164,124,651.
p	All or a portion of these securities have been segregated to cover requirements on open written options contracts.

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

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

Mid-Cap Value Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS				$	59,023,630		1.1	%
BANKS
	2,406,802		Fifth Third Bancorp		48,111,972		0.9
	3,389,170		Huntington Bancshares, Inc		33,586,675		0.7
	3,222,167		Keycorp		42,532,604		0.8
	874,308		SunTrust Banks, Inc		34,220,415		0.7
			Other		200,146,203		3.9
					358,597,869		7.0
CAPITAL GOODS
	520,655		Paccar, Inc		34,009,185		0.7
			Other		212,992,889		4.1
					247,002,074		4.8
COMMERCIAL & PROFESSIONAL SERVICES					17,352,538		0.3
CONSUMER DURABLES & APPAREL					103,201,075		2.0
CONSUMER SERVICES					90,064,624		1.8
DIVERSIFIED FINANCIALS
	480,378		Ameriprise Financial, Inc		60,609,292		1.2
			Other		150,050,676		2.9
					210,659,968		4.1
ENERGY
	467,000		Anadarko Petroleum Corp		42,861,260		0.8
	633,627		Baker Hughes, Inc		33,556,886		0.7
	451,889		Tesoro Corp		32,269,393		0.6
	557,831		Williams Cos, Inc		30,965,199		0.6
			Other		284,069,849		5.5
					423,722,587		8.2
FOOD & STAPLES RETAILING					8,400,000		0.2
FOOD, BEVERAGE & TOBACCO
	1,345,844		Tyson Foods, Inc (Class A)		54,304,805		1.1
			Other		120,518,896		2.3
					174,823,701		3.4
HEALTH CARE EQUIPMENT & SERVICES
	2,583,628	*	Boston Scientific Corp		34,310,580		0.7
	820,000		Cardinal Health, Inc		64,353,600		1.2
	859,572	*	CareFusion Corp		49,313,645		0.9
	451,889		Cigna Corp		44,994,588		0.9
	235,769		Humana, Inc		32,736,525		0.6
	510,832		Omnicare, Inc		34,016,303		0.7
			Other		119,293,302		2.3
					379,018,543		7.3
INSURANCE
	319,270		ACE Ltd		34,896,211		0.7
	1,326,197		Hartford Financial Services Group, Inc		52,490,877		1.0
	618,892		Marsh & McLennan Cos, Inc		33,649,158		0.6
	1,016,751		XL Capital Ltd		34,447,524		0.7
			Other		242,902,306		4.7
					398,386,076		7.7

Shares			Company	Value		% of net assets
MATERIALS
	716,000		Nucor Corp	$	38,706,960		0.7	%
	412,595	*	WR Grace & Co		39,031,487		0.8
			Other		192,764,189		3.7
					270,502,636		5.2
MEDIA
	859,572	*	DISH Network Corp (Class A)		54,711,758		1.1
			Other		53,157,684		1.0
					107,869,442		2.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	172,000	*	Actavis plc		41,751,280		0.8
	559,950		Agilent Technologies, Inc		30,954,036		0.6
	222,998		Perrigo Co plc		36,003,027		0.7
	268,500	*	Salix Pharmaceuticals Ltd		38,623,725		0.8
			Other		67,543,037		1.3
					214,875,105		4.2
REAL ESTATE
	324,182		AvalonBay Communities, Inc		50,520,523		1.0
	281,940		Boston Properties, Inc		35,735,895		0.7
	1,420,088		Host Marriott Corp		33,102,251		0.7
	987,280		Prologis, Inc		41,120,212		0.8
	481,360		Vornado Realty Trust		52,699,293		1.0
			Other		342,519,666		6.6
					555,697,840		10.8
RETAILING
	1,208,313	*	Liberty Interactive Corp		31,585,302		0.6
			Other		149,009,958		2.9
					180,595,260		3.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,208,313	*	Micron Technology, Inc		39,983,077		0.8
			Other		113,962,381		2.2
					153,945,458		3.0
SOFTWARE & SERVICES
	3,782,118		Xerox Corp		50,226,527		1.0
			Other		28,426,119		0.5
					78,652,646		1.5
TECHNOLOGY HARDWARE & EQUIPMENT
	603,941		Seagate Technology, Inc		37,945,613		0.7
	785,895		TE Connectivity Ltd		48,041,762		0.9
	412,595		Western Digital Corp		40,586,970		0.8
			Other		117,456,740		2.3
					244,031,085		4.7
TELECOMMUNICATION SERVICES					51,891,352		1.0
TRANSPORTATION					130,936,529		2.5

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Mid-Cap Value Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
UTILITIES
	1,377,086		Centerpoint Energy, Inc	$	33,807,461		0.7	%
	535,391		DTE Energy Co		43,987,725		0.9
	854,661		Edison International		53,484,685		1.0
	903,778		NiSource, Inc		38,012,903		0.7
	1,159,194		PPL Corp		40,560,198		0.8
	893,955		Public Service Enterprise Group, Inc		36,929,281		0.7
	643,451		Sempra Energy		70,779,610		1.4
	982,368		Xcel Energy, Inc		32,879,857		0.6
			Other		224,264,659		4.3
					574,706,379		11.1
		TOTAL COMMON STOCKS
			(Cost $3,559,748,159)		5,033,956,417		97.5

Principal			Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	40,000,000		0.060%, 12/17/14		39,996,933		0.8
			Federal Home Loan Mortgage Corp (FHLMC)
	36,210,000		0.045%, 11/26/14		36,208,869		0.7
			Other		20,398,544		0.4
					96,604,346		1.9

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	87,560,342	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	87,560,342			1.7	%
						87,560,342			1.7
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $184,164,688)		184,164,688			3.6
			TOTAL PORTFOLIO
				(Cost $3,743,912,847)		5,218,121,105			101.1
			OTHER ASSETS & LIABILITIES, NET			(54,936,093	)		(1.1	)
			NET ASSETS		$	5,163,185,012			100.0	%

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

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

At 10/31/14, the aggregate value of securities on loan is $87,194,910.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

Small-Cap Equity Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	358,674	*	Tenneco, Inc	$	18,780,171		0.7	%
					18,780,171		0.7
	BANKS
	1,085,349		Capitol Federal Financial		13,903,321		0.6
	703,975		Cathay General Bancorp		18,591,980		0.7
	750,011		FirstMerit Corp		13,762,702		0.5
	722,361	e	Home Loan Servicing Solutions Ltd		13,876,555		0.5
	1,535,584		Investors Bancorp, Inc		16,507,528		0.6
	483,857		PrivateBancorp, Inc		15,638,258		0.6
	334,143		Prosperity Bancshares, Inc		20,178,896		0.8
	737,245		Provident Financial Services, Inc		13,439,976		0.5
	823,670	e	Radian Group, Inc		13,878,839		0.5
	426,075		Webster Financial Corp		13,353,191		0.5
			Other		87,276,254		3.3
					240,407,500		9.1
CAPITAL GOODS
	109,830		Acuity Brands, Inc		15,313,597		0.6
	300,842		Applied Industrial Technologies, Inc		14,684,098		0.6
	303,286		EMCOR Group, Inc		13,384,011		0.5
	532,777	*	Orbital Sciences Corp		14,012,035		0.5
	708,975	*,e	Taser International, Inc		13,357,089		0.5
	177,800	*	Teledyne Technologies, Inc		18,425,414		0.7
	140,370	*	WABCO Holdings, Inc		13,669,231		0.5
			Other		128,095,078		4.8
					230,940,553		8.7
COMMERCIAL & PROFESSIONAL SERVICES
	545,927	*	TrueBlue, Inc		13,495,315		0.5
	333,875	*	WageWorks, Inc		19,034,214		0.7
			Other		76,009,267		2.9
					108,538,796		4.1
CONSUMER DURABLES & APPAREL
	430,750		Brunswick Corp		20,159,100		0.8
			Other		22,425,062		0.8
					42,584,162		1.6
CONSUMER SERVICES
	229,749	*	Hyatt Hotels Corp		13,605,736		0.5
	206,918		Marriott Vacations Worldwide Corp		14,368,386		0.6
	636,449		Service Corp International		13,919,139		0.5
	184,200		Vail Resorts, Inc		15,907,512		0.6
			Other		57,595,795		2.2
					115,396,568		4.4
DIVERSIFIED FINANCIALS					31,877,777		1.2
ENERGY
	501,468	*	Helix Energy Solutions Group, Inc		13,359,108		0.5
			Other		113,910,145		4.3
					127,269,253		4.8
FOOD & STAPLES RETAILING					13,038,184		0.5
FOOD, BEVERAGE & TOBACCO					38,368,855		1.4

	Shares		Company		Value	% of net assets
HEALTH CARE EQUIPMENT & SERVICES				$	165,345,694		6.2	%
INSURANCE
	269,665	e	HCI Group, Inc		13,709,769		0.5
			Other		70,358,411		2.7
					84,068,180		3.2
MATERIALS
	551,200	*	Berry Plastics Group, Inc		14,342,224		0.6
	245,340		Minerals Technologies, Inc		18,820,031		0.7
			Other		85,898,394		3.2
					119,060,649		4.5
MEDIA
	518,680	*	Live Nation, Inc		13,485,680		0.5
			Other		31,173,904		1.2
					44,659,584		1.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	297,470	*,e	Isis Pharmaceuticals, Inc		13,701,468		0.5
			Other		199,859,775		7.6
					213,561,243		8.1
REAL ESTATE
	1,250,382		Cousins Properties, Inc		16,267,470		0.6
	835,944		CubeSmart		17,596,621		0.7
	1,250,932		DiamondRock Hospitality Co		17,950,874		0.7
	586,970		DuPont Fabros Technology, Inc		18,178,461		0.7
	196,170		EastGroup Properties, Inc		13,508,266		0.5
	354,000		LaSalle Hotel Properties		13,880,340		0.5
	484,107		RLJ Lodging Trust		15,597,928		0.6
	206,554		Sovran Self Storage, Inc		17,575,680		0.7
	1,186,700	*	Strategic Hotels & Resorts, Inc		15,249,095		0.6
			Other		104,807,382		3.9
					250,612,117		9.5
RETAILING					116,731,460		4.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					102,096,074		3.8
SOFTWARE & SERVICES
	349,942	*	Manhattan Associates, Inc		14,036,174		0.5
	134,944	*	Tyler Technologies, Inc		15,102,932		0.6
			Other		208,894,706		7.9
					238,033,812		9.0
TECHNOLOGY HARDWARE & EQUIPMENT
	1,160,437	*	QLogic Corp		13,704,761		0.5
	627,680	*	Sanmina Corp		15,735,938		0.6
	254,149		SYNNEX Corp		17,582,028		0.7
			Other		94,113,249		3.5
					141,135,976		5.3
TELECOMMUNICATION SERVICES					32,529,144		1.2
TRANSPORTATION
	182,350		Landstar System, Inc		13,495,723		0.5
			Other		37,253,113		1.4
					50,748,836		1.9

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Small-Cap Equity Fund ■ October 31, 2014

	Shares			Company		Value		% of net assets
UTILITIES
	372,388			American States Water Co	$	13,324,043			0.5	%
	430,203			Avista Corp		15,250,696			0.6
	290,355			Black Hills Corp		15,891,129			0.6
				Other		43,997,038			1.6
						88,462,906			3.3
			TOTAL COMMON STOCKS
				(Cost $2,225,219,977)		2,614,247,494			98.6

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	234,863,780	a,c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		234,863,780			8.9
						234,863,780			8.9
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $234,863,780)		234,863,780			8.9
			TOTAL PORTFOLIO
				(Cost $2,460,083,757)		2,849,111,274			107.5
				OTHER ASSETS & LIABILITIES, NET		(198,481,606	)		(7.5	)
				NET ASSETS	$	2,650,629,668			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 $233,979,038.

“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 Annual Report

Summary portfolio of investments

Social Choice Equity Fund ■ October 31, 2014

	Shares	Company		Value	% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	1,288,424	Ford Motor Co	$	18,153,894		0.7	%
		Other		33,871,963		1.2
				52,025,857		1.9
BANKS
	203,751	PNC Financial Services Group, Inc		17,602,049		0.6
	487,476	US Bancorp		20,766,477		0.8
		Other		56,785,651		2.1
				95,154,177		3.5
CAPITAL GOODS
	158,515	3M Co		24,374,851		0.9
	222,459	Danaher Corp		17,885,704		0.7
		Other		135,066,004		5.0
				177,326,559		6.6
COMMERCIAL & PROFESSIONAL SERVICES				15,895,614		0.6
CONSUMER DURABLES & APPAREL
	191,342	Nike, Inc (Class B)		17,789,066		0.7
		Other		12,053,915		0.4
				29,842,981		1.1
CONSUMER SERVICES
	243,689	McDonald’s Corp		22,840,970		0.9
	229,928	Starbucks Corp		17,373,360		0.6
		Other		28,415,959		1.1
				68,630,289		2.6
DIVERSIFIED FINANCIALS
	241,698	American Express Co		21,740,735		0.8
	449,076	Bank of New York Mellon Corp		17,388,223		0.7
	50,683	BlackRock, Inc		17,288,478		0.6
	213,898	Capital One Financial Corp		17,704,338		0.7
		Other		118,707,753		4.4
				192,829,527		7.2
ENERGY
	172,504	EOG Resources, Inc		16,396,505		0.6
	186,972	Occidental Petroleum Corp		16,627,420		0.6
		Other		190,387,052		7.1
				223,410,977		8.3
FOOD & STAPLES RETAILING				19,562,959		0.6
FOOD, BEVERAGE & TOBACCO
	482,870	Mondelez International, Inc		17,025,996		0.6
	305,245	PepsiCo, Inc		29,355,412		1.1
		Other		55,421,073		2.1
				101,802,481		3.8
HEALTH CARE EQUIPMENT & SERVICES
	454,870	Abbott Laboratories		19,827,783		0.7
	302,054	Medtronic, Inc		20,588,001		0.8
		Other		63,200,369		2.4
				103,616,153		3.9

	Shares		Company		Value	% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	263,164		Colgate-Palmolive Co	$	17,600,408		0.7	%
	454,447		Procter & Gamble Co		39,659,590		1.5
			Other		17,164,645		0.6
					74,424,643		2.8
INSURANCE
	303,005	*	Berkshire Hathaway, Inc (Class B)		42,469,181		1.6
	192,025		Prudential Financial, Inc		17,001,893		0.6
	164,433		Travelers Cos, Inc		16,574,846		0.6
			Other		75,282,815		2.8
					151,328,735		5.6
MATERIALS					122,240,341		4.6
MEDIA
	115,204		Time Warner Cable, Inc		16,959,181		0.6
	259,678		Time Warner, Inc		20,636,611		0.8
			Other		42,700,508		1.6
					80,296,300		3.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	171,920		Amgen, Inc		27,881,986		1.0
	61,268	*	Biogen Idec, Inc		19,671,929		0.7
	419,793		Bristol-Myers Squibb Co		24,427,755		0.9
	299,827	*	Gilead Sciences, Inc		33,580,624		1.3
	449,033		Johnson & Johnson		48,396,777		1.8
	554,620		Merck & Co, Inc		32,134,683		1.2
			Other		63,925,056		2.4
					250,018,810		9.3
REAL ESTATE
	103,346		Simon Property Group, Inc		18,520,637		0.7
			Other		92,845,014		3.4
					111,365,651		4.1
RETAILING
	341,565		Lowe’s Companies, Inc		19,537,518		0.7
	276,662		TJX Companies, Inc		17,518,238		0.7
			Other		73,236,670		2.7
					110,292,426		4.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	956,526		Intel Corp		32,531,449		1.2
	375,406		Texas Instruments, Inc		18,642,662		0.7
			Other		22,920,119		0.9
					74,094,230		2.8
SOFTWARE & SERVICES
	221,788		Accenture plc		17,991,443		0.7
	54,964	*	Google, Inc		30,729,273		1.2
	53,935	*	Google, Inc (Class A)		30,628,068		1.1
	184,708		International Business Machines Corp		30,365,995		1.1
	697,975		Oracle Corp		27,255,924		1.0
	405,470	*	Yahoo!, Inc		18,671,893		0.7
			Other		113,617,015		4.2
					269,259,611		10.0

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Social Choice Equity Fund ■ October 31, 2014

	Shares		Company		Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,100,519		Cisco Systems, Inc	$	26,929,700			1.0	%
	656,862		EMC Corp		18,871,645			0.7
	558,308		Hewlett-Packard Co		20,032,091			0.8
	355,607		Qualcomm, Inc		27,918,706			1.0
			Other		26,645,138			1.0
					120,397,280			4.5
TELECOMMUNICATION SERVICES
	732,919		Verizon Communications, Inc		36,829,180			1.4
			Other		26,523,211			1.0
					63,352,391			2.4
TRANSPORTATION
	199,140		United Parcel Service, Inc (Class B)		20,891,777			0.8
			Other		58,696,378			2.2
					79,588,155			3.0
UTILITIES
	169,886		NextEra Energy, Inc		17,025,975			0.6
			Other		76,696,345			2.9
					93,722,320			3.5
			TOTAL COMMON STOCKS
			(Cost $1,959,646,396)		2,680,478,467			99.8

	Principal		Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT					3,499,840			0.1
TREASURY DEBT					1,599,565			0.1

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

GOVERNMENT AGENCY DEBT					24,293,798			0.9
TREASURY DEBT
$	19,000,000		United States Treasury Bill
			0.08%, 04/24/14		18,995,592			0.7
			Other		41,481,335			1.5
					60,476,927			2.2
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			84,770,725			3.1
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $89,870,642)		89,870,130			3.3
		TOTAL PORTFOLIO
			(Cost $2,049,517,038)		2,770,348,597			103.1
		OTHER ASSETS & LIABILITIES, NET			(84,580,688	)		(3.1	)
		NET ASSETS		$	2,685,767,909			100.0	%

*	Non-income producing.

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

At 10/31/14, the aggregate value of securities on loan is $92,363,211.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

Emerging Markets Equity Fund ■ October 31, 2014

Principal				Issuer	Value		% of net 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

EQUITY-LINKED NOTES

UNITED KINGDOM						3,724,639		0.4
			TOTAL EQUITY-LINKED NOTES
				(Cost $4,319,352)		3,724,639		0.4

Shares				Company
COMMON STOCKS

ARGENTINA						3,609,473		0.4
AUSTRALIA						7,487,995		0.9
BRAZIL
	583,500			Banco Bradesco S.A. (Preference)		8,788,175		1.0
	905,909			Banco Itau Holding Financeira S.A.		13,435,633		1.5
	425,520			Cielo S.A.		6,982,132		0.8
	722,596			Kroton Educacional S.A.		5,149,944		0.6
	1,319,145			Petroleo Brasileiro S.A.		7,799,134		0.9
				Other		42,050,902		4.8
						84,205,920		9.6
CHILE						3,088,713		0.3
CHINA
	20,594	*		Baidu, Inc (ADR)		4,917,229		0.5
	2,344,000			China Life Insurance Co Ltd		6,994,427		0.8
	3,210,000	e		China Medical System Holdings Ltd		5,918,265		0.7
	1,423,000			China Mobile Hong Kong Ltd		17,705,692		2.0
	19,928,834			Industrial & Commercial Bank of China		13,231,948		1.5
	1,574,900			Tencent Holdings Ltd		25,312,208		2.9
				Other		54,289,773		6.2
						128,369,542		14.6
COLOMBIA						15,004,571		1.7
CZECH REPUBLIC						3,546,766		0.4
EGYPT						4,864,964		0.6
GREECE						22,453,402		2.6
HONG KONG
	990,400			AIA Group Ltd		5,526,853		0.6
				Other		22,059,212		2.5
						27,586,065		3.1

Shares			Company		Value	% of net assets
INDIA
	544,732		Bharat Forge Ltd	$	7,204,146		0.8	%
	255,550		ICICI Bank Ltd		6,787,189		0.8
	121,347		Infosys Technologies Ltd		8,044,164		0.9
	196,689		Larsen & Toubro Ltd		5,301,049		0.6
	231,275		Lupin Ltd		5,154,219		0.6
	696,415		Sun Pharmaceutical Industries Ltd		9,584,732		1.1
	608,158		Tata Motors Ltd		5,313,683		0.6
			Other		52,205,801		5.9
					99,594,983		11.3
INDONESIA					16,222,967		1.8
KOREA, REPUBLIC OF
	225,594	*	Hynix Semiconductor, Inc		10,060,204		1.1
	106,002		Kia Motors Corp		5,148,776		0.6
	202,566		Korea Electric Power Corp		8,891,792		1.0
	26,260		LG Chem Ltd		4,921,517		0.6
	9,071		LG Household & Health Care Ltd		5,287,803		0.6
	168,118	*	LG.Philips LCD Co Ltd		4,949,228		0.6
	25,365		Samsung Electronics Co Ltd		29,579,204		3.4
	178,117		Shinhan Financial Group Co Ltd		8,383,214		0.9
	84,373		Woongjin Coway Co Ltd		6,450,036		0.7
			Other		33,391,451		3.8
					117,063,225		13.3
MEXICO
	2,452,200		Alfa S.A. de C.V. (Class A)		7,813,898		0.9
	6,070,300		America Movil S.A. de C.V. (Series L)		7,406,296		0.9
	7,233,404	*,e	Cemex S.A. de C.V.		8,911,328		1.0
	674,200		Fomento Economico Mexicano S.A. de C.V.		6,484,536		0.7
	1,289,380		Grupo Financiero Banorte S.A. de C.V.		8,271,756		0.9
	1,726,200		Grupo Mexico S.A. de C.V. (Series B)		5,931,219		0.7
	1,100,100		Grupo Televisa S.A.		7,950,374		0.9
			Other		13,827,059		1.6
					66,596,466		7.6
PHILIPPINES
	1,243,147		Universal Robina		5,149,377		0.6
			Other		22,367,919		2.5
					27,517,296		3.1
POLAND					7,614,157		0.9
QATAR					4,862,536		0.6
ROMANIA					1,275,851		0.1
RUSSIA
	119,053		Magnit OAO (GDR)		7,990,757		0.9
			Other		23,833,240		2.7
					31,823,997		3.6
SINGAPORE					11,661,952		1.3
SOUTH AFRICA
	340,250		Barclays Africa Group Ltd		5,377,396		0.6
	379,844		MTN Group Ltd		8,410,904		0.9
	110,653		Naspers Ltd (N Shares)		13,801,653		1.6
			Other		4,299,171		0.5
					31,889,124		3.6

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

concluded

Emerging Markets Equity Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
SRI LANKA				$	2,847,560		0.3	%
TAIWAN
	2,652,730		Hon Hai Precision Industry Co, Ltd		8,395,882		0.9
	109,000		Largan Precision Co Ltd		7,657,174		0.9
	635,000		MediaTek, Inc		9,069,678		1.0
	4,998,000		Taiwan Semiconductor Manufacturing Co Ltd		21,665,683		2.5
			Other		18,208,732		2.1
					64,997,149		7.4
THAILAND
	1,110,200		Siam Commercial Bank PCL (Foreign)		6,053,958		0.7
			Other		13,279,269		1.5
					19,333,227		2.2
TURKEY					18,207,040		2.1
UNITED ARAB EMIRATES
	2,133,406		Emaar Properties PJSC		5,947,579		0.7
	1,053,091		First Gulf Bank PJSC		5,300,426		0.6
			Other		5,435,369		0.6
					16,683,374		1.9
UNITED KINGDOM
	104,195		SABMiller plc (Johannesburg)		5,871,151		0.7
			Other		1,888,231		0.2
					7,759,382		0.9
UNITED STATES					12,344,272		1.5
		TOTAL COMMON STOCKS
			(Cost $787,934,884)		858,511,969		97.7

PREFERRED STOCKS

PHILIPPINES					3,837		0.0
		TOTAL PREFERRED STOCKS
			(Cost $4,057)		3,837		0.0

RIGHTS / WARRANTS

GREECE					532,428		0.0
		TOTAL RIGHTS / WARRANTS
			(Cost $812,068)		532,428		0.0

Principal			Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
			Federal National Mortgage Association (FNMA)
$	10,000,000		0.045%, 11/04/14		9,999,962		1.1
					9,999,962		1.1

Shares				Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	23,955,336	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	23,955,336			2.7	%
						23,955,336			2.7
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $33,955,298)		33,955,298			3.8
			TOTAL PORTFOLIO
				(Cost $827,559,659)		897,262,171			102.0
			OTHER ASSETS & LIABILITIES, NET			(17,789,498	)		(2.0	)
			NET ASSETS		$	879,472,673			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $22,604,272.

“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.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary of market values by sector

Emerging Markets Equity Fund ■ October 31, 2014

Sector	Value			% of net assets
FINANCIALS	$	212,583,646			24.2	%
INFORMATION TECHNOLOGY		176,781,640			20.1
CONSUMER DISCRETIONARY		103,133,875			11.7
INDUSTRIALS		74,974,334			8.5
MATERIALS		68,564,198			7.8
CONSUMER STAPLES		57,627,360			6.6
TELECOMMUNICATION SERVICES		49,538,787			5.6
ENERGY		43,753,460			5.0
UTILITIES		41,334,309			4.7
HEALTH CARE		35,015,264			4.0
SHORT-TERM INVESTMENTS		33,955,298			3.8
OTHER ASSETS & LIABILITES, NET		(17,789,498	)		(2.0	)
NET ASSETS	$	879,472,673			100.0	%

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

Enhanced International Equity Index Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUSTRALIA
	437,928		BHP Billiton plc	$	11,314,571		1.1	%
	111,756		Commonwealth Bank of Australia		7,946,904		0.8
	2,552,566	e	Fortescue Metals Group Ltd		7,878,081		0.7
	496,645		Westpac Banking Corp		15,244,151		1.5
			Other		49,174,828		4.8
					91,558,535		8.9
AUSTRIA					1,506,378		0.1
BELGIUM
	99,669		InBev NV		11,052,730		1.1
			Other		2,650,073		0.2
					13,702,803		1.3
CHINA					657,558		0.1
DENMARK
	3,522		AP Moller - Maersk AS (Class B)		8,218,855		0.8
			Other		11,195,814		1.1
					19,414,669		1.9
FINLAND					12,602,204		1.2
FRANCE
	470,112		AXA S.A.		10,858,893		1.0
	613,327		Credit Agricole S.A.		9,076,180		0.9
	159,948		Total S.A.		9,549,417		0.9
	136,352	e	Vinci S.A.		7,782,732		0.8
			Other		53,240,095		5.2
					90,507,317		8.8
GERMANY
	82,487		Allianz AG.		13,117,258		1.3
	96,487		BASF AG.		8,525,605		0.8
	47,516		Continental AG.		9,359,025		0.9
	118,610		Daimler AG. (Registered)		9,247,900		0.9
	497,484		Deutsche Lufthansa AG.		7,369,066		0.7
	47,430		Muenchener Rueckver AG.		9,338,388		0.9
			Other		26,828,228		2.6
					83,785,470		8.1
HONG KONG					34,282,896		3.3
IRELAND					2,639,786		0.3
ISRAEL					5,413,228		0.5
ITALY
	382,857		ENI S.p.A.		8,156,728		0.8
			Other		10,870,117		1.1
					19,026,845		1.9

Shares			Company	Value		% of net assets
JAPAN
	64,100		Central Japan Railway Co	$	9,560,446		0.9	%
	395,000	e	Daiwa House Industry Co Ltd		7,473,238		0.7
	1,140,000		Daiwa Securities Group, Inc		9,009,371		0.9
	326,400		Komatsu Ltd		7,706,091		0.7
	530,000		Mitsubishi Electric Corp		6,833,708		0.7
	116,400		Nippon Telegraph & Telephone Corp		7,242,271		0.7
	889,200		Nissan Motor Co Ltd		8,111,015		0.8
	250,300		Otsuka Holdings KK		8,780,034		0.9
	299,200		Tokio Marine Holdings, Inc		9,594,780		0.9
	344,700		Toyota Motor Corp		20,743,073		2.0
			Other		119,532,228		11.6
					214,586,255		20.8
LUXEMBOURG					2,729,283		0.3
NETHERLANDS
	441,428		Koninklijke Ahold NV		7,393,316		0.7
	294,971		Royal Dutch Shell plc (A Shares)		10,536,881		1.0
	245,154		Royal Dutch Shell plc (B Shares)		9,057,319		0.9
			Other		3,584,724		0.4
					30,572,240		3.0
NEW ZEALAND					1,561,789		0.2
NORWAY					6,664,674		0.7
PORTUGAL					3,434,451		0.3
SINGAPORE					12,053,241		1.2
SOUTH AFRICA					2,409,985		0.2
SPAIN
	1,729,636		Banco Santander Central Hispano S.A.		15,282,240		1.5
			Other		16,058,009		1.5
					31,340,249		3.0
SWEDEN
	869,851		Ericsson (LM) (B Shares)		10,278,504		1.0
	669,647		Skandinaviska Enskilda Banken AB (Class A)		8,601,123		0.8
			Other		15,117,166		1.5
					33,996,793		3.3
SWITZERLAND
	4,088		Givaudan S.A.		6,826,847		0.7
	203,850		Nestle S.A.		14,949,155		1.5
	260,553		Novartis AG.		24,180,062		2.3
	72,406		Roche Holding AG.		21,367,110		2.1
			Other		23,045,460		2.2
					90,368,634		8.8

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

concluded

Enhanced International Equity Index Fund ■ October 31, 2014

Shares				Company	Value		% of net assets
UNITED KINGDOM
	1,002,580			Aviva plc	$	8,385,832		0.8	%
	353,511			BP plc (ADR)		15,363,588		1.5
	194,571			British American Tobacco plc		11,027,817		1.1
	1,538,056			BT Group plc		9,067,348		0.9
	713,372	*		Fiat DaimlerChrysler Automobiles NV		7,981,136		0.8
	711,250			GlaxoSmithKline plc		16,084,182		1.6
	1,022,102			HSBC Holdings plc		10,420,701		1.0
	2,024,517			Legal & General Group plc		7,503,441		0.7
	666,189			National Grid plc		9,886,221		0.9
	552,556			Prudential plc		12,795,002		1.2
	145,826			Reckitt Benckiser Group plc		12,281,971		1.2
	261,727			Unilever NV		10,144,132		1.0
				Other		72,953,849		7.1
						203,895,220		19.8
UNITED STATES						4,476,500		0.4
			TOTAL COMMON STOCKS
				(Cost $931,929,605)		1,013,187,003		98.4

RIGHTS / WARRANTS

SPAIN						329,459		0.0
			TOTAL RIGHTS / WARRANTS
				(Cost $333,260)		329,459		0.0

Shares				Company	Value			% of net assets
SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	47,852,875	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	47,852,875			4.6	%
						47,852,875			4.6
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $47,852,875)		47,852,875			4.6
			TOTAL PORTFOLIO
				(Cost $980,115,740)		1,061,369,337			103.0
			OTHER ASSETS & LIABILITIES, NET			(31,285,200	)		(3.0	)
			NET ASSETS		$	1,030,084,137			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $45,640,539.

“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

Enhanced International Equity Index Fund ■ October 31, 2014

Sector	Value			% of net assets
FINANCIALS	$	268,284,848			26.1	%
INDUSTRIALS		124,995,821			12.1
CONSUMER DISCRETIONARY		119,913,689			11.6
HEALTH CARE		110,674,053			10.7
CONSUMER STAPLES		110,233,614			10.7
MATERIALS		76,509,963			7.4
ENERGY		65,770,138			6.4
TELECOMMUNICATION SERVICES		50,961,184			5.0
INFORMATION TECHNOLOGY		46,368,609			4.5
UTILITIES		39,804,543			3.9
SHORT-TERM INVESTMENTS		47,852,875			4.6
OTHER ASSETS & LIABILITES, NET		(31,285,200	)		(3.0	)
NET ASSETS	$	1,030,084,137			100.0	%

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

Global Natural Resources Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUSTRALIA
	1,414,628	*	Alumina Ltd	$	2,044,548		0.8	%
	345,268		Amcor Ltd		3,586,241		1.4
	173,418		BHP Billiton Ltd		5,188,116		2.0
	323,440		BHP Billiton plc		8,356,591		3.3
	1,709,774	e	Fortescue Metals Group Ltd		5,276,940		2.1
	74,428		Woodside Petroleum Ltd		2,643,708		1.0
			Other		785,165		0.3
					27,881,309		10.9
AUSTRIA					817,582		0.3
CANADA
	42,920		Agrium, Inc		4,199,271		1.6
	102,800		Alimentation Couche Tard, Inc		3,488,843		1.4
	13,282		Canadian Pacific Railway Ltd (Toronto)		2,762,698		1.1
	68,000		Franco-Nevada Corp		3,183,248		1.3
	69,577		Imperial Oil Ltd		3,347,820		1.3
	82,480	e	Inter Pipeline Ltd		2,598,700		1.0
	30,097		Keyera Corp		2,394,301		0.9
	193,743		Potash Corp of Saskatchewan		6,613,099		2.6
	152,517	*	Seven Generations Energy Ltd		3,071,857		1.2
			Other		3,151,880		1.2
					34,811,717		13.6
DENMARK
	57,268		Novozymes AS		2,651,891		1.0
					2,651,891		1.0
FINLAND					1,209,292		0.5
FRANCE
	95,361		Total S.A.		5,693,362		2.2
					5,693,362		2.2
HONG KONG					678,287		0.3
INDIA
	93,598		Britannia Industries Ltd		2,332,357		0.9
	141,576		Kaveri Seed Co Ltd		2,127,387		0.8
			Other		3,985,338		1.6
					8,445,082		3.3
INDONESIA
	7,220,000		PT Charoen Pokphand Indonesia Tbk		2,510,927		1.0
			Other		2,848,371		1.1
					5,359,298		2.1
JAPAN
	114,000		Hitachi Metals Ltd		1,924,639		0.7
			Other		2,486,713		1.0
					4,411,352		1.7
JERSEY, C.I.					1,246,478		0.5
KOREA, REPUBLIC OF
	6,594		Korea Zinc Co Ltd		2,483,252		1.0
					2,483,252		1.0
MALAYSIA					2,065,034		0.8

	Shares			Company		Value	% of net assets
NETHERLANDS
	216,112			Royal Dutch Shell plc (A Shares)	$	7,719,899	3.0	%
				Other		1,782,728	0.7
						9,502,627	3.7
NORWAY						2,209,823	0.9
POLAND
	67,666			KGHM Polska Miedz S.A.		2,609,766	1.0
						2,609,766	1.0
RUSSIA						1,772,621	0.7
SOUTH AFRICA
	53,546			Sasol Ltd		2,673,830	1.0
						2,673,830	1.0
SWEDEN
	152,484			Boliden AB		2,520,158	1.0
						2,520,158	1.0
SWITZERLAND
	865			SGS S.A.		1,901,721	0.7
	19,574			Syngenta AG.		6,053,403	2.4
				Other		1,817,101	0.7
						9,772,225	3.8
THAILAND
	174,200			PTT PCL (Foreign)		1,971,459	0.8
						1,971,459	0.8
UNITED KINGDOM
	93,799			Rio Tinto plc		4,463,092	1.7
				Other		2,995,298	1.2
						7,458,390	2.9
UNITED STATES
	36,135			Alliance Holdings GP LP		2,481,029	1.0
	188,216			Archer Daniels Midland Co		8,846,152	3.4
	40,905			Bunge Ltd		3,626,228	1.4
	24,497			CF Industries Holdings, Inc		6,369,220	2.5
	67,836			ConocoPhillips		4,894,367	1.9
	53,150	*,e		Continental Resources, Inc		2,996,065	1.2
	66,664			Enterprise Products Partners LP		2,459,902	1.0
	28,193			EOG Resources, Inc		2,679,745	1.0
	164,853			Exxon Mobil Corp		15,942,934	6.2
	227,306	*		Graphic Packaging Holding Co		2,757,222	1.1
	105,520			International Paper Co		5,341,422	2.1
	30,593			Magellan Midstream Partners LP		2,504,649	1.0
	172,040			Monsanto Co		19,791,482	7.7
	9,492			NewMarket Corp		3,682,991	1.4
	42,503			Packaging Corp of America		3,063,616	1.2
	32,800			Scotts Miracle-Gro Co (Class A)		1,943,072	0.7
	185,765			Southern Copper Corp (NY)		5,346,317	2.1
	111,618			Steel Dynamics, Inc		2,568,330	1.0
	57,632			Western Refining, Inc		2,627,443	1.0
				Other		12,722,624	5.0
						112,644,810	43.9
			TOTAL COMMON STOCKS
				(Cost $239,210,832)		250,889,645	97.9

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

concluded

Global Natural Resources Fund ■ October 31, 2014

Shares				Company	Value			% of net assets
SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	10,270,649	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	10,270,649		4.0	%
						10,270,649		4.0
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $10,270,649)		10,270,649		4.0
			TOTAL PORTFOLIO
				(Cost $249,481,481)		261,160,294		101.9
			OTHER ASSETS & LIABILITIES, NET			(4,803,653	)	(1.9	)
			NET ASSETS		$	256,356,641		100.0	%

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $9,807,762.

“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

Global Natural Resources Fund ■ October 31, 2014

Sector	Value			% of net assets
MATERIALS	$	137,761,752			53.7	%
ENERGY		82,522,300			32.2
CONSUMER STAPLES		24,996,929			9.8
INDUSTRIALS		4,664,419			1.8
UTILITIES		944,245			0.4
SHORT-TERM INVESTMENTS		10,270,649			4.0
OTHER ASSETS & LIABILITES, NET		(4,803,653	)		(1.9	)
NET ASSETS	$	256,356,641			100.0	%

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

International Equity Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUSTRALIA
	876,829	e	BHP Billiton Ltd	$	26,231,941		0.7	%
					26,231,941		0.7
BELGIUM					13,793,348		0.4
CHINA
	26,421,000	*	Intime Retail Group Co Ltd		23,009,667		0.6
					23,009,667		0.6
FRANCE
	4,597,512	e	Accor S.A.		193,152,017		5.2
	292,932		Aeroports de Paris		34,672,624		0.9
	451,088		BNP Paribas		28,347,298		0.8
	2,415,852		Compagnie de Saint-Gobain		103,845,028		2.8
	1,403,581	e	Essilor International S.A.		154,986,157		4.2
	1,591,089		Renault S.A.		118,355,160		3.2
	5,455,883		Rexel S.A.		91,708,169		2.5
	1,078,506	e	Vinci S.A.		61,559,221		1.7
			Other		8,166,370		0.2
					794,792,044		21.5
GERMANY
	1,056,439		Adidas-Salomon AG.		76,978,457		2.1
	541,711		Bayer AG.		77,476,461		2.1
	535,357		Henkel KGaA (Preference)		52,983,211		1.4
	1,274,321		Lanxess AG.		66,374,719		1.8
	731,699		Linde AG.		135,038,853		3.7
					408,851,701		11.1
GREECE
	2,299,229	*	Hellenic Telecommunications Organization S.A.		25,968,813		0.7
	22,579,607	*	National Bank of Greece S.A.		54,464,234		1.5
	48,994,901	*	Piraeus Bank S.A.		71,249,514		1.9
					151,682,561		4.1
HONG KONG					404,835		0.0
INDIA
	535,861		Eicher Motors Ltd		111,311,983		3.0
	5,703,926		HDFC Bank Ltd		84,919,631		2.3
	3,833,022		IndusInd Bank Ltd		44,964,431		1.2
	3,851,234		Larsen & Toubro Ltd		103,796,252		2.8
					344,992,297		9.3
INDONESIA
	36,788,000		PT Indofood Sukses Makmur Tbk		20,779,211		0.6
					20,779,211		0.6

Shares				Company	Value		% of net assets
JAPAN
	307,200			Don Quijote Co Ltd	$	18,406,157		0.5	%
	42,000			Fast Retailing Co Ltd		15,613,804		0.4
	1,346,100			Hoya Corp		47,634,218		1.3
	4,977,400			Mazda Motor Corp		117,599,981		3.2
	369,400			Murata Manufacturing Co Ltd		41,505,943		1.1
	1,203,000			NGK Insulators Ltd		25,910,234		0.7
	3,254,275	*		Olympus Corp		116,844,979		3.1
	387,850			Softbank Corp		28,235,252		0.8
	3,416,950			Sony Corp		67,461,919		1.8
	504,100			Toyota Motor Corp		30,335,316		0.8
				Other		49,877,121		1.4
						559,424,924		15.1
KOREA, REPUBLIC OF						1,773,544		0.1
MEXICO
	6,301,200			Qualitas Controladora SAB de C.V.		16,297,841		0.4
				Other		2,154,257		0.1
						18,452,098		0.5
NETHERLANDS
	1,435,599			Heineken NV		107,245,151		2.9
	5,792,794	*		ING Groep NV		82,954,905		2.2
				Other		9,261,111		0.3
						199,461,167		5.4
SWEDEN
	1,656,374			SKF AB (B Shares)		33,222,585		0.9
						33,222,585		0.9
SWITZERLAND
	1,381,782			Adecco S.A.		93,659,403		2.5
	131,408			Burckhardt Compression Holding AG.		56,300,482		1.5
	2,976,234			Clariant AG.		51,914,544		1.4
	653,393			Holcim Ltd		46,374,259		1.3
	610,992			Swatch Group AG. (Registered)		51,691,520		1.4
				Other		21,268,712		0.6
						321,208,920		8.7
UNITED KINGDOM
	1,515,964			Associated British Foods plc		66,902,209		1.8
	16,148,457			British Sky Broadcasting plc		228,860,037		6.2
	4,392,273			Essentra plc		48,359,704		1.3
	29,203,843			Group 4 Securicor plc		119,538,529		3.2
	41,090,444			Man Group plc		81,473,016		2.2
	774,950			Reckitt Benckiser Group plc		65,268,975		1.8
	7,019,550			Tate & Lyle plc		67,935,853		1.9
				Other		19,573,900		0.5
						697,912,223		18.9
			TOTAL COMMON STOCKS
				(Cost $3,642,848,963)		3,615,993,066		97.9

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

concluded

International Equity Fund ■ October 31, 2014

Principal				Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT					$	13,899,551		0.4	%
TREASURY DEBT						399,983		0.0

	Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	64,484,560	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		64,484,560		1.7
						64,484,560		1.7
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $78,784,093)		78,784,094		2.1
			TOTAL PORTFOLIO
				(Cost $3,721,633,056)		3,694,777,160		100.0
			OTHER ASSETS & LIABILITIES, NET			(808,905	)	0.0
			NET ASSETS		$	3,693,968,255		100.0	%

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $61,504,396.

“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

International Equity Fund ■ October 31, 2014

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	955,891,909			25.8	%
INDUSTRIALS		873,710,874			23.7
FINANCIALS		492,909,166			13.3
MATERIALS		387,044,985			10.5
CONSUMER STAPLES		382,467,586			10.4
HEALTH CARE		363,100,946			9.8
INFORMATION TECHNOLOGY		104,732,316			2.8
TELECOMMUNICATION SERVICES		54,204,064			1.5
UTILITIES		1,773,544			0.1
ENERGY		157,676			0.0
SHORT-TERM INVESTMENTS		78,784,094			2.1
OTHER ASSETS & LIABILITES, NET		(808,905	)		(0.0	)
NET ASSETS	$	3,693,968,255			100.0	%

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments

International Opportunities Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUSTRALIA
	429,239		Australia & New Zealand Banking Group Ltd	$	12,701,426		1.2	%
	520,711		BHP Billiton Ltd		15,578,021		1.5
			Other		3,092,462		0.3
					31,371,909		3.0
BELGIUM
	123,136	e	UCB S.A.		9,930,460		0.9
			Other		6,811,743		0.7
					16,742,203		1.6
BRAZIL
	849,180		Banco Itau Holding Financeira S.A.		12,594,279		1.2
	266,000		Cia Brasileira de Distribuicao Grupo Pao de Acucar		11,153,558		1.1
					23,747,837		2.3
CANADA
	362,972		Alimentation Couche Tard, Inc		12,318,601		1.2
	146,157	*,e	Canadian National Railway Co		10,304,454		1.0
	135,766		Dollarama, Inc		11,928,086		1.1
	344,115		Toronto-Dominion Bank		16,936,302		1.6
	408,112		TransForce, Inc		9,979,652		1.0
			Other		14,066,097		1.3
					75,533,192		7.2
CHINA
	7,728,600	e	China Everbright International Ltd		10,671,035		1.0
	15,315,000		Sihuan Pharmaceutical Holdings		12,229,029		1.2
	1,035,900		Tencent Holdings Ltd		16,649,258		1.6
			Other		31,819,460		3.0
					71,368,782		6.8
FRANCE
	167,385		BNP Paribas		10,518,818		1.0
	179,532		Teleperformance		11,313,130		1.1
	259,025		Total S.A.		15,464,636		1.4
			Other		8,364,613		0.8
					45,661,197		4.3
GERMANY
	96,751		Allianz AG.		15,385,549		1.5
			Other		18,041,302		1.7
					33,426,851		3.2
HONG KONG
	2,301,400		AIA Group Ltd		12,842,790		1.2
					12,842,790		1.2
INDIA
	463,079		Just Dial Ltd		11,321,004		1.1
					11,321,004		1.1
INDONESIA
	11,416,100		PT Bank Mandiri Persero Tbk		9,804,762		0.9
			Other		10,062,504		1.0
					19,867,266		1.9

Shares			Company	Value		% of net assets
IRELAND
	183,188		Shire Ltd	$	12,291,353		1.2	%
			Other		16,670,980		1.6
					28,962,333		2.8
ITALY					5,275,130		0.5
JAPAN
	373,900		Fuji Heavy Industries Ltd		12,444,569		1.2
	394,800		Hoya Corp		13,970,722		1.3
	663,900	e	Kubota Corp		10,567,964		1.0
	1,057,000	e	Matsui Securities Co Ltd		10,141,884		1.0
	112,000		Murata Manufacturing Co Ltd		12,584,368		1.2
	61,300	e	Oriental Land Co Ltd		13,108,340		1.3
	695,600		ORIX Corp		9,655,096		0.9
	1,458,700	e	Shimizu Corp		10,764,786		1.0
	131,400		Softbank Corp		9,565,843		0.9
	244,900	*	Sysmex Corp		10,454,814		1.0
			Other		51,017,432		4.9
					164,275,818		15.7
KOREA, REPUBLIC OF
	98,587		Hanssem Co Ltd		11,751,208		1.1
			Other		15,372,248		1.5
					27,123,456		2.6
MACAU					7,964,805		0.8
NETHERLANDS
	130,390		ASML Holding NV		13,001,489		1.2
	1,221,117	*	ING Groep NV		17,486,837		1.7
	273,982		Royal Dutch Shell plc (A Shares)		9,787,117		0.9
					40,275,443		3.8
NORWAY
	595,304		DNB NOR Holding ASA		10,937,077		1.0
	542,088		Statoil ASA		12,405,918		1.2
					23,342,995		2.2
PHILIPPINES
	110,572,800		Megaworld Corp		12,219,461		1.1
			Other		20,640,815		2.0
					32,860,276		3.1
SINGAPORE					6,698,017		0.6
SOUTH AFRICA					6,779,435		0.6
SPAIN
	278,060		Amadeus IT Holding S.A.		10,230,429		1.0
			Other		12,648,786		1.2
					22,879,215		2.2
SWEDEN
	322,640		Intrum Justitia AB		9,608,767		0.9
			Other		14,287,590		1.4
					23,896,357		2.3
SWITZERLAND
	105,877		Lonza Group AG.		11,666,218		1.1
	235,180		Novartis AG.		21,825,375		2.1
					33,491,593		3.2

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Summary portfolio of investments

concluded

International Opportunities Fund ■ October 31, 2014

Shares				Company	Value		% of net assets
TAIWAN
	5,929,407			Hota Industrial Manufacturing Co Ltd	$	10,624,223		1.0	%
				Other		22,658,758		2.2
						33,282,981		3.2
UNITED ARAB EMIRATES						5,001,261		0.4
UNITED KINGDOM
	1,741,362			Ashtead Group plc		29,175,182		2.8
	264,622			SABMiller plc		14,967,802		1.4
	8,156,585			Taylor Wimpey plc		15,493,932		1.5
	184,281			Whitbread plc		12,881,424		1.2
				Other		107,462,811		10.3
						179,981,151		17.2
UNITED STATES
	94,005	*		Valeant Pharmaceuticals International, Inc		12,494,520		1.2
				Other		24,277,617		2.3
						36,772,137		3.5
			TOTAL COMMON STOCKS
				(Cost $965,313,896)		1,020,745,434		97.3

Principal				Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
				Federal Home Loan Bank (FHLB)
$	20,000,000			0.060%, 12/17/14	$	19,998,467			2.0	%
						19,998,467			2.0

	Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	71,710,851	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		71,710,851			6.8
						71,710,851			6.8
			TOTAL SHORT-TERM INVESTMENTS
				(Cost $91,709,318)		91,709,318			8.8
			TOTAL PORTFOLIO
				(Cost $1,057,023,214)		1,112,454,752			106.1
			OTHER ASSETS & LIABILITIES, NET			(63,570,195	)		(6.1	)
			NET ASSETS		$	1,048,884,557			100.0	%

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $66,682,862.

“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 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary of market values by sector

International Opportunities Fund ■ October 31, 2014

Sector	Value				% of net assets
FINANCIALS		$	206,887,125			19.7	%
CONSUMER DISCRETIONARY			187,845,662			17.9
INDUSTRIALS			159,372,483			15.2
HEALTH CARE			149,378,946			14.2
INFORMATION TECHNOLOGY			140,256,961			13.4
CONSUMER STAPLES			70,167,071			6.7
ENERGY			52,188,069			5.0
MATERIALS			45,081,493			4.3
TELECOMMUNICATION SERVICES			9,567,624			0.9
SHORT-TERM INVESTMENTS			91,709,318			8.8
OTHER ASSETS & LIABILITES, NET			(63,570,195	)		(6.1	)
NET ASSETS		$	1,048,884,557			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Statements of assets and liabilities

TIAA-CREF Funds ■ October 31, 2014

		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
ASSETS
Portfolio investments, at value*^†		$	1,806,856,686	$	1,739,997,574	$	4,840,333,308	$	2,892,934,543	$	5,304,214,568	$	1,679,281,399	$	5,218,121,105	$	2,614,247,494	$	2,770,348,597	$	897,262,171		$	1,061,369,337	$	261,160,294
Affiliated investments, at value^‡			—		—		—		—		262,541,188		163,569,035		—		234,863,780		—		—			—		—
Cash**			2,647,898		10,527,423		12,562,368		14,529,249		97,252		5,563,473		37,346,985		35,267,590		9,559,065		1,816,142			12,515,321		3,950,964
Cash – foreign^			—		—		—		—		—		—		—		—		—		1,104,596			51,147		35,580
Receivable from securities transactions			7,767,254		8,510,862		10,454,009		10,361,684		38,967,477		48,740,173		1,069,635		47,995,144		2,462,609		30,563,045			51,003		15,797,572
Receivable from Fund shares sold			61,368		89,443		1,631,429		669,173		1,022,162		637,963		3,750,539		1,435,945		7,170,043		15,551,432			1,243,332		183,526
Dividends and interest receivable			1,444,572		1,415,078		4,129,902		640,366		6,099,875		492,593		2,483,621		920,647		2,917,430		198,962			2,662,507		368,702
Receivable for variation margin on open futures contracts			—		—		—		—		—		—		—		742,400		—		—			198,375		—
Other			62,779		62,189		150,199		89,607		151,527		82,742		166,559		93,508		80,028		19,920			45,788		6,535
Total assets			1,818,840,557		1,760,602,569		4,869,261,215		2,919,224,622		5,613,094,049		1,898,367,378		5,262,938,444		2,935,566,508		2,792,537,772		946,516,268			1,078,136,810		281,503,173
LIABILITIES
Management fees payable			47,410		45,928		161,229		99,559		179,887		62,378		172,791		88,852		32,585		59,454			33,209		13,520
Service agreement fees payable			—		—		13,906		2,074		21,464		10,327		25,117		10,603		7,918		356			—		231
Distribution fees payable			—		—		216,089		118,028		73,720		53,838		113,409		42,775		196,993		1,896			—		1,850
Due to affiliates			14,897		14,314		38,696		22,669		43,639		15,575		42,449		21,381		18,067		7,095			8,679		2,193
Payable for collateral for securities loaned			28,698,961		29,660,775		146,470,319		67,171,715		262,541,188		163,569,035		87,560,342		234,863,780		93,005,727		23,955,336			47,852,875		10,270,649
Payable for securities transactions			4,742,806		6,780,927		4,680,567		17,735,429		35,230,191		1,617,347		10,774,851		49,655,711		8,594,129		41,707,167			51,075		14,830,268
Payable for Fund shares redeemed			2,777		20,796		1,272,683		588,831		479,816		427,525		741,136		71,495		4,680,346		16			—		5,486
Income distribution payable			—		—		—		—		—		—		—		—		4,539		—			—		—
Written options^§			—		24,657		518,300		—		—		2,494,770		—		—		—		—			—		—
Accrued expenses and other payables			112,210		121,964		318,294		136,029		326,123		132,873		323,337		182,243		229,559		1,312,275			106,835		22,335
Total liabilities			33,619,061		36,669,361		153,690,083		85,874,334		298,896,028		168,383,668		99,753,432		284,936,840		106,769,863		67,043,595			48,052,673		25,146,532
NET ASSETS		$	1,785,221,496	$	1,723,933,208	$	4,715,571,132	$	2,833,350,288	$	5,314,198,021	$	1,729,983,710	$	5,163,185,012	$	2,650,629,668	$	2,685,767,909	$	879,472,673		$	1,030,084,137	$	256,356,641
NET ASSETS CONSIST OF:
Paid-in-capital		$	1,236,562,947	$	1,167,221,761	$	3,282,566,467	$	1,820,651,021	$	4,059,180,596	$	1,195,196,143	$	3,417,055,199	$	1,898,913,000	$	1,907,677,597	$	867,030,100		$	878,220,962	$	281,106,089
Undistributed net investment income (loss)			16,452,248		21,438,240		2,544,709		6,273,742		74,735,162		5,707,691		48,197,657		10,631,304		27,862,735		8,072,142			33,653,319		3,586,252
Accumulated net realized gain (loss) on total investments			145,410,827		129,465,926		354,386,234		305,006,483		214,037,079		243,336,232		223,723,897		351,085,694		29,396,018		(64,119,805	)		36,886,902		(40,015,598	)
Net unrealized appreciation (depreciation) on total investments			386,795,474		405,807,281		1,076,073,722		701,419,042		966,245,184		285,743,644		1,474,208,259		389,999,670		720,831,559		68,490,236			81,322,954		11,679,898
NET ASSETS		$	1,785,221,496	$	1,723,933,208	$	4,715,571,132	$	2,833,350,288	$	5,314,198,021	$	1,729,983,710	$	5,163,185,012	$	2,650,629,668	$	2,685,767,909	$	879,472,673		$	1,030,084,137	$	256,356,641
INSTITUTIONAL CLASS:
Net assets		$	1,785,221,496	$	1,723,933,208	$	2,893,198,747	$	2,140,596,222	$	3,734,156,251	$	896,227,107	$	3,186,048,506	$	1,831,047,324	$	1,284,871,421	$	850,536,175		$	1,030,084,137	$	234,558,919
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			146,435,942		154,184,108		223,285,075		128,901,420		200,299,238		36,867,484		127,559,070		92,955,140		75,965,550		78,914,598			129,169,411		25,680,069
Net asset value per share			$12.19		$11.18		$12.96		$16.61		$18.64		$24.31		$24.98		$19.70		$16.91		$10.78			$7.97		$9.13
PREMIER CLASS:
Net assets		$	—	$	—	$	174,273,016	$	9,194,426	$	380,387,320	$	141,798,454	$	424,325,693	$	188,209,280	$	95,987,352	$	4,906,234		$	—	$	3,943,781
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—		13,443,661		554,440		20,459,719		5,865,362		17,034,985		9,593,113		5,694,770		455,660			—		432,708
Net asset value per share		$	—	$	—		$12.96		$16.58		$18.59		$24.18		$24.91		$19.62		$16.86		$10.77		$	—		$9.11
RETIREMENT CLASS:
Net assets		$	—	$	—	$	687,629,949	$	102,990,349	$	1,061,428,148	$	510,331,246	$	1,244,448,590	$	527,051,818	$	387,326,514	$	17,677,964		$	—	$	11,352,170
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—		52,389,912		6,235,914		57,217,303		21,455,589		50,164,468		27,226,832		22,655,987		1,647,113			—		1,245,487
Net asset value per share		$	—	$	—		$13.13		$16.52		$18.55		$23.79		$24.81		$19.36		$17.10		$10.73		$	—		$9.11
RETAIL CLASS:
Net assets		$	—	$	—	$	960,469,420	$	580,569,291	$	138,226,302	$	181,626,903	$	308,362,223	$	104,321,246	$	917,582,622	$	6,352,300		$	—	$	6,501,771
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—		58,880,795		35,087,852		7,673,044		7,638,164		12,605,120		5,427,501		59,403,113		592,296			—		714,711
Net asset value per share		$	—	$	—		$16.31		$16.55		$18.01		$23.78		$24.46		$19.22		$15.45		$10.72		$	—		$9.10
*	Includes securities loaned of	$	28,530,307	$	29,562,260	$	144,864,808	$	68,372,253	$	260,679,999	$	164,124,651	$	87,194,910	$	233,979,038	$	92,363,211	$	22,604,272		$	45,640,539	$	9,807,762
**	Includes cash collateral for securities loaned	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,709,887	$	—		$	—	$	—
†	Portfolio investments, cost	$	1,420,061,212	$	1,334,313,959	$	3,764,267,560	$	2,191,513,032	$	4,337,968,847	$	1,393,278,520	$	3,743,912,847	$	2,225,219,977	$	2,049,517,038	$	827,559,659		$	980,115,740	$	249,481,481
‡	Affiliated investments, cost	$	—	$	—	$	—	$	—	$	262,541,188	$	163,569,035	$	—	$	234,863,780	$	—	$	—		$	—	$	—
^	Foreign cash, cost	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,106,880		$	51,144	$	36,717
§	Written options premiums	$	—	$	148,324	$	543,306	$	—	$	—	$	2,235,418	$	—	$	—	$	—	$	—		$	—	$	—

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Statements of assets and liabilities

concluded

TIAA-CREF Funds ■ October 31, 2014

		International Equity Fund			International Opportunities Fund
ASSETS
Portfolio investments, at value*^†		$	3,694,777,160		$	1,112,454,752
Cash			54,161,914			1,772,572
Cash – foreign^			6,072			196,359
Receivable from securities transactions			11,922,311			20,396,011
Receivable from Fund shares sold			29,811,911			1,598,894
Dividends and interest receivable			3,280,771			1,195,058
Other			156,202			7,554
Total assets			3,794,116,341			1,137,621,200
LIABILITIES
Management fees payable			142,406			50,832
Service agreement fees payable			14,254			83
Distribution fees payable			98,720			644
Due to affiliates			32,405			8,704
Payable for collateral for securities loaned			64,484,560			71,710,851
Payable for securities transactions			25,629,862			16,618,515
Payable for Fund shares redeemed			516,728			—
Accrued expenses and other payables			9,229,151			347,014
Total liabilities			100,148,086			88,736,643
NET ASSETS		$	3,693,968,255		$	1,048,884,557
NET ASSETS CONSIST OF:
Paid-in-capital		$	3,772,515,555		$	1,056,113,171
Undistributed net investment income (loss)			47,951,874			9,951,385
Accumulated net realized gain (loss) on total investments			(90,795,989	)		(72,324,944	)
Net unrealized appreciation (depreciation) on total investments			(35,703,185	)		55,144,945
NET ASSETS		$	3,693,968,255		$	1,048,884,557
INSTITUTIONAL CLASS:
Net assets		$	2,398,854,715		$	1,041,193,922
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			221,850,107			99,622,540
Net asset value per share		$	10.81		$	10.45
PREMIER CLASS:
Net assets		$	282,958,416		$	1,046,222
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			26,245,535			100,285
Net asset value per share		$	10.78		$	10.43
RETIREMENT CLASS:
Net assets		$	702,667,560		$	4,127,856
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			63,004,529			396,132
Net asset value per share		$	11.15		$	10.42
RETAIL CLASS:
Net assets		$	309,487,564		$	2,516,557
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			42,026,932			241,681
Net asset value per share		$	7.36		$	10.41
*	Includes securities loaned of	$	61,504,396		$	66,682,862
†	Portfolio investments, cost	$	3,721,633,056		$	1,057,023,214
^	Foreign cash, cost	$	6,088		$	197,590

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Statements of operations

TIAA-CREF Funds ■ For the year ended October 31, 2014

		Enhanced Large-Cap Growth Index Fund			Enhanced Large-Cap Value Index Fund				Growth & Income Fund				Large-Cap Growth Fund				Large-Cap Value Fund

INVESTMENT INCOME
Dividends*			$	25,417,386		$	31,350,819			$	64,146,241			$	20,886,024			$	110,745,406
Income from securities lending				594,741			484,397				1,682,725				305,657				2,596,800
Interest				2,843			988				6,693				11,971				7,424
Total income				26,014,970			31,836,204				65,835,659				21,203,652				113,349,630

EXPENSES
Management fees				5,489,542			5,327,506				18,511,272				11,186,170				20,813,438
Shareholder servicing – Institutional Class				2,791			2,574				4,843				3,098				4,661
Shareholder servicing – Premier Class				—			—				396				135				489
Shareholder servicing – Retirement Class				—			—				1,667,402				439,829				2,905,056
Shareholder servicing – Retail Class				—			—				587,264				551,803				101,750
Distribution fees – Premier Class				—			—				243,031				12,568				526,723
Distribution fees – Retail Class				—			—				2,291,075				1,352,068				335,980
Administrative service fees				86,074			82,773				224,092				132,050				253,913
Custody and accounting fees				27,909			49,268				168,356				119,210				139,806
Trustee fees and expenses				14,292			13,451				36,627				21,919				42,369
Other expenses				142,477			157,612				416,043				275,484				413,140
Total expenses				5,763,085			5,633,184				24,150,401				14,094,334				25,537,325
Less: Fee waiver by investment adviser and TPIS				—			—				—				—				—
Net expenses				5,763,085			5,633,184				24,150,401				14,094,334				25,537,325
Net investment income (loss)				20,251,885			26,203,020				41,685,258				7,109,318				87,812,305

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments				151,430,078			148,194,011				385,579,835				326,910,559				242,879,952
Futures transactions				—			—				—				—				—
Purchased options				—			(538,147	)			(499,737	)			(117,281	)			38,038
Written options				—			1,472,977				5,128,657				296,108				30,905
Foreign currency transactions				—			22				(22,304	)			53,242				9,352
Net realized gain (loss) on total investments				151,430,078			149,128,863				390,186,451				327,142,628				242,958,247
Change in unrealized appreciation (depreciation) on:
Portfolio investments**				59,157,187			37,102,438				188,114,759				91,775,548				212,094,755
Futures transactions				—			—				—				—				—
Purchased options				—			—				(189,009	)			—				—
Written options				—			119,129				(56,807	)			(4,664	)			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies				—			—				(22,151	)			(2,859	)			(1,506	)
Net change in unrealized appreciation (depreciation) on total investments				59,157,187			37,221,567				187,846,792				91,768,025				212,093,249
Net realized and unrealized gain (loss) on total investments				210,587,265			186,350,430				578,033,243				418,910,653				455,051,496
Net increase (decrease) in net assets from operations			$	230,839,150		$	212,553,450			$	619,718,501			$	426,019,971			$	542,863,801
*	Net of foreign withholding taxes of		$	2,329		$	5,030			$	659,872			$	624,930			$	882,104
**	Includes net change in unrealized foreign capital gains taxes of		$	—		$	—			$	—			$	—			$	—

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Statements of operations

concluded

TIAA-CREF Funds ■ For the year ended October 31, 2014

		Mid-Cap Growth Fund			Mid-Cap Value Fund			Small-Cap Equity Fund			Social Choice Equity Fund		Emerging Markets Equity Fund			Enhanced International Equity Index Fund			Global Natural Resources Fund			International Equity Fund			International Opportunities Fund

INVESTMENT INCOME
Dividends*		$	15,605,988		$	86,966,942		$	28,994,871		$	38,564,346	$	15,516,511		$	39,086,609		$	5,887,445		$	71,190,434		$	17,085,024
Income from securities lending			735,659			820,307			2,074,689			556,427		233,140			945,356			128,882			3,121,094			1,114,303
Interest			4,456			23,443			2,383			41,072		17,070			4,269			144			32,251			2,411
Total income			16,346,103			87,810,692			31,071,943			39,161,845		15,766,721			40,036,234			6,016,471			74,343,779			18,201,738

EXPENSES
Management fees			8,185,232			20,342,861			10,619,058			3,094,240		6,550,506			4,099,657			1,606,761			17,568,732			5,831,049
Shareholder servicing – Institutional Class			2,947			7,070			3,538			11,432		2,001			2,021			1,109			28,516			1,822
Shareholder servicing – Premier Class			371			681			333			360		188			—			218			445			168
Shareholder servicing – Retirement Class			1,394,215			3,770,402			1,361,030			1,001,544		40,491			—			31,697			2,067,017			9,494
Shareholder servicing – Retail Class			131,193			162,468			94,692			138,795		8,744			—			9,980			321,770			1,814
Distribution fees – Premier Class			252,638			702,943			304,189			132,828		6,335			—			6,080			441,897			1,635
Distribution fees – Retail Class			455,576			695,526			259,915			1,132,139		15,858			—			17,270			840,862			5,605
Administrative service fees			96,112			246,570			128,306			101,974		39,359			49,353			12,308			190,291			52,628
Custody and accounting fees			87,020			55,250			47,545			52,167		412,960			101,799			55,797			502,322			131,229
Trustee fees and expenses			15,929			40,698			21,316			16,707		6,381			8,168			1,969			31,345			8,229
Other expenses			228,693			421,133			269,870			373,623		277,627			162,002			141,793			364,393			212,211
Total expenses			10,849,926			26,445,602			13,109,792			6,055,809		7,360,450			4,423,000			1,884,982			22,357,590			6,255,884
Less: Fee waiver by investment adviser and TPIS			—			(208,309	)		(279,974	)		—		—			(229,564	)		—			—			—
Net expenses			10,849,926			26,237,293			12,829,818			6,055,809		7,360,450			4,193,436			1,884,982			22,357,590			6,255,884
Net investment income (loss)			5,496,177			61,573,399			18,242,125			33,106,036		8,406,271			35,842,798			4,131,489			51,986,189			11,945,854

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			268,906,162			255,415,134			364,907,107			33,479,421		(18,242,542	)		40,864,880			(8,416,135	)		152,747,329			(61,798,438	)
Futures transactions			—			—			2,206,358			—		—			2,906			—			—			—
Purchased options			(1,662,574	)		—			—			—		—			—			—			—			—
Written options			7,685,747			324,179			—			—		—			—			—			—			—
Foreign currency transactions			13,004			(157,800	)		—			—		(485,936	)		(343,347	)		(92,073	)		(1,742,570	)		(381,257	)
Net realized gain (loss) on total investments			274,942,339			255,581,513			367,113,465			33,479,421		(18,728,478	)		40,524,439			(8,508,208	)		151,004,759			(62,179,695	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			(102,650,276	)		335,287,991			(164,758,603	)		206,074,581		(10,531,337	)		(64,239,592	)		(14,144,714	)		(376,859,893	)		14,973,798
Futures transactions			—			—			848,890			—		—			166,753			—			—			—
Purchased options			(678,466	)		—			—			—		—			—			—			—			—
Written options			(1,198,288	)		—			—			—		—			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			614			4,896			—			—		(27,265	)		(113,267	)		(13,717	)		(102,642	)		(34,634	)
Net change in unrealized appreciation (depreciation) on total investments			(104,526,416	)		335,292,887			(163,909,713	)		206,074,581		(10,558,602	)		(64,186,106	)		(14,158,431	)		(376,962,535	)		14,939,164
Net realized and unrealized gain (loss) on total investments			170,415,923			590,874,400			203,203,752			239,554,002		(29,287,080	)		(23,661,667	)		(22,666,639	)		(225,957,776	)		(47,240,531	)
Net increase (decrease) in net assets from operations		$	175,912,100		$	652,447,799		$	221,445,877		$	272,660,038	$	(20,880,809	)	$	12,181,131		$	(18,535,150	)	$	(173,971,587	)	$	(35,294,677	)

*	Net of foreign withholding taxes of	$	58,538		$	231,872		$	—		$	1,103	$	1,497,615		$	2,773,073		$	324,498		$	6,568,313		$	1,722,472
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—	$	(1,071,919	)	$	—		$	95,600		$	(8,699,839	)	$	(256,544	)

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Enhanced Large-Cap Growth Index Fund						Enhanced Large-Cap Value Index Fund						Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund
		October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013

OPERATIONS
Net investment income (loss)		$	20,251,885		$	16,251,548		$	26,203,020		$	23,402,311		$	41,685,258		$	42,111,199		$	7,109,318		$	9,515,337		$	87,812,305		$	63,085,355		$	5,496,177		$	5,369,377
Net realized gain (loss) on total investments			151,430,078			104,907,254			149,128,863			93,933,619			390,186,451			398,588,453			327,142,628			156,579,560			242,958,247			304,753,487			274,942,339			235,033,796
Net change in unrealized appreciation (depreciation) on total investments			59,157,187			163,779,856			37,221,567			200,850,347			187,846,792			443,037,695			91,768,025			385,496,350			212,093,249			628,050,749			(104,526,416	)		209,856,953
Net increase (decrease) in net assets from operations			230,839,150			284,938,658			212,553,450			318,186,277			619,718,501			883,737,347			426,019,971			551,591,247			542,863,801			995,889,591			175,912,100			450,260,126

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(15,277,142	)		(13,467,418	)		(21,402,352	)		(23,740,235	)		(29,112,718	)		(25,972,740	)		(5,906,726	)		(5,019,629	)		(38,853,802	)		(34,663,108	)		(2,173,150	)		(4,397,684	)
	Premier Class		—			—			—			—			(1,568,074	)		(1,852,441	)		(15,323	)		(10,066	)		(4,106,901	)		(4,574,026	)		(179,439	)		(936,632	)
	Retirement Class		—			—			—			—			(5,648,260	)		(6,483,714	)		(337,605	)		(256,484	)		(12,956,342	)		(13,360,757	)		(45,701	)		(2,436,490	)
	Retail Class		—			—			—			—			(5,269,702	)		(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	)		(22,426,900	)		(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		—			—			—			—			(71,958,375	)		(24,099,778	)		(34,274,237	)		(10,503,061	)		(8,895,351	)		(313,921	)		(22,425,268	)		(6,632,090	)
Total distributions			(119,925,436	)		(52,412,797	)		(117,192,787	)		(47,808,399	)		(435,174,273	)		(162,200,630	)		(163,561,565	)		(49,023,557	)		(362,825,914	)		(64,562,173	)		(229,777,565	)		(77,309,954	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		238,184,333			256,731,902			228,656,869			163,550,770			454,998,095			448,913,662			476,953,904			258,487,355			789,225,880			651,209,525			148,046,006			228,112,657
	Premier Class		—			—			—			—			38,494,240			35,673,779			15,664,759			5,850,180			90,602,967			98,898,703			34,242,696			42,481,138
	Retirement Class		—			—			—			—			80,883,489			110,289,391			70,385,899			60,298,071			180,272,415			247,014,142			46,653,443			66,152,917
	Retail Class		—			—			—			—			76,885,728			76,388,203			54,528,462			26,751,318			19,833,320			30,339,506			26,074,797			36,538,467
Reinvestments of distributions:	Institutional Class		119,925,436			52,412,797			117,192,787			47,808,399			246,087,084			77,453,732			114,824,905			34,877,806			233,925,502			41,090,954			112,333,047			33,376,560
	Premier Class		—			—			—			—			18,551,505			7,873,074			436,235			127,602			27,172,002			5,494,623			22,606,339			8,778,554
	Retirement Class		—			—			—			—			68,999,739			29,351,245			13,854,787			3,385,019			91,195,714			16,230,552			70,895,636			27,418,878
	Retail Class		—			—			—			—			74,893,430			29,271,966			33,516,888			10,384,263			9,980,736			1,620,094			21,750,742			6,960,603
Redemptions:	Institutional Class		(154,892,499	)		(78,216,178	)		(132,909,985	)		(116,280,819	)		(219,801,392	)		(173,592,703	)		(225,812,994	)		(141,709,412	)		(250,965,395	)		(211,328,400	)		(257,337,874	)		(107,100,520	)
	Premier Class		—			—			—			—			(57,203,064	)		(57,914,860	)		(12,322,379	)		(6,350,155	)		(81,082,767	)		(117,710,247	)		(86,019,757	)		(73,045,221	)
	Retirement Class		—			—			—			—			(109,489,402	)		(164,544,746	)		(187,768,969	)		(22,832,133	)		(411,644,564	)		(141,459,250	)		(158,870,894	)		(121,214,592	)
	Retail Class		—			—			—			—			(100,078,480	)		(86,527,313	)		(54,880,141	)		(45,586,851	)		(21,601,531	)		(18,420,858	)		(36,302,160	)		(29,300,442	)
Net increase (decrease) from shareholder transactions			203,217,270			230,928,521			212,939,671			95,078,350			573,220,972			332,635,430			299,381,356			183,683,063			676,914,279			602,979,344			(55,927,979	)		119,158,999
Net increase (decrease) in net assets			314,130,984			463,454,382			308,300,334			365,456,228			757,765,200			1,054,172,147			561,839,762			686,250,753			856,952,166			1,534,306,762			(109,793,444	)		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		$	1,785,221,496		$	1,471,090,512		$	1,723,933,208		$	1,415,632,874		$	4,715,571,132		$	3,957,805,932		$	2,833,350,288		$	2,271,510,526		$	5,314,198,021		$	4,457,245,855		$	1,729,983,710		$	1,839,777,154
Undistributed net investment income (loss) included in net assets		$	16,452,248		$	11,398,991		$	21,438,240		$	16,584,136		$	2,544,709		$	2,963,273		$	6,273,742		$	6,504,421		$	74,735,162		$	43,883,181		$	5,707,691		$	2,648,667

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		20,926,454			25,152,950			21,532,574			17,799,821			37,083,269			40,662,376			30,956,763			19,793,156			43,686,533			40,718,752			6,274,861			10,216,460
	Premier Class		—			—			—			—			3,076,142			3,184,004			1,013,595			445,389			5,042,581			6,120,644			1,428,845			1,909,962
	Retirement Class		—			—			—			—			6,484,034			9,742,387			4,621,640			4,598,012			10,088,947			15,493,902			2,004,379			3,030,943
	Retail Class		—			—			—			—			4,987,533			5,602,264			3,559,002			2,050,592			1,141,828			1,918,590			1,127,560			1,658,078
Shares reinvested:	Institutional Class		11,104,207			5,672,381			11,801,892			5,732,422			21,350,929			7,650,412			7,870,110			3,009,301			13,891,063			2,924,623			5,096,781			1,741,083
	Premier Class		—			—			—			—			1,605,330			771,520			29,900			11,010			1,616,419			391,634			1,030,371			459,610
	Retirement Class		—			—			—			—			5,899,059			2,849,482			952,874			292,822			5,431,549			1,157,671			3,280,687			1,454,582
	Retail Class		—			—			—			—			5,162,088			2,344,565			2,298,826			895,968			611,565			118,601			1,006,047			368,872
Shares redeemed:	Institutional Class		(13,200,798	)		(7,623,163	)		(12,259,317	)		(11,969,931	)		(17,670,786	)		(15,423,677	)		(14,563,981	)		(11,009,934	)		(13,732,481	)		(12,961,310	)		(10,883,587	)		(4,988,415	)
	Premier Class		—			—			—			—			(4,630,936	)		(5,345,020	)		(827,528	)		(486,534	)		(4,542,265	)		(7,207,177	)		(3,695,963	)		(3,320,352	)
	Retirement Class		—			—			—			—			(8,731,551	)		(14,406,822	)		(12,054,343	)		(1,766,305	)		(22,684,438	)		(8,838,343	)		(6,945,940	)		(5,688,470	)
	Retail Class		—			—			—			—			(6,451,722	)		(6,342,101	)		(3,566,906	)		(3,530,023	)		(1,248,291	)		(1,165,984	)		(1,579,552	)		(1,349,830	)
Net increase (decrease) from shareholder transactions			18,829,863			23,202,168			21,075,149			11,562,312			48,163,389			31,289,390			20,289,952			14,303,454			39,303,010			38,671,603			(1,855,511	)		5,492,523

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual 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
		October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013

OPERATIONS
Net investment income (loss)		$	61,573,399		$	57,288,103		$	18,242,125		$	19,124,642		$	33,106,036		$	25,335,407		$	8,406,271		$	7,497,267		$	35,842,798		$	25,065,413		$	4,131,489		$	5,964,712
Net realized gain (loss) on total investments			255,581,513			275,841,921			367,113,465			196,849,356			33,479,421			24,590,357			(18,728,478	)		6,219,756			40,524,439			48,331,272			(8,508,208	)		(21,825,670	)
Net change in unrealized appreciation (depreciation) on total investments			335,292,887			697,753,971			(163,909,713	)		428,800,031			206,074,581			340,113,940			(10,558,602	)		37,870,386			(64,186,106	)		125,289,652			(14,158,431	)		14,859,784
Net increase (decrease) in net assets from operations			652,447,799			1,030,883,995			221,445,877			644,774,029			272,660,038			390,039,704			(20,880,809	)		51,587,409			12,181,131			198,686,337			(18,535,150	)		(1,001,174	)

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(27,146,554	)		(24,226,412	)		(12,320,624	)		(11,308,204	)		(13,921,038	)		(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	)		(1,136,069	)		(1,414,210	)		(25,611	)		(20,775	)		—			—			(72,021	)		(49,581	)
	Retirement Class		(15,342,833	)		(18,504,300	)		(3,945,622	)		(4,439,347	)		(4,651,153	)		(5,458,025	)		(69,786	)		(110,035	)		—			—			(214,314	)		(191,608	)
	Retail Class		(2,311,073	)		(3,265,074	)		(699,178	)		(548,391	)		(4,149,878	)		(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	)		(3,175,709	)		—			—			—			—			—			—			—
Total distributions			(317,076,104	)		(109,682,279	)		(210,349,039	)		(48,369,175	)		(40,259,611	)		(23,957,439	)		(4,977,242	)		(6,995,272	)		(59,275,731	)		(25,469,837	)		(4,437,392	)		(5,121,190	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		947,226,878			475,774,247			313,687,761			260,302,530			295,755,997			216,099,106			248,261,795			122,375,900			234,243,550			200,738,462			70,615,779			86,648,042
	Premier Class		92,354,469			107,104,158			45,281,352			40,594,283			22,556,053			25,353,399			2,581,234			2,561,267			—			—			1,065,712			2,030,087
	Retirement Class		258,476,594			226,783,579			53,929,650			47,907,438			54,792,515			64,358,282			6,257,348			9,315,512			—			—			3,440,694			5,716,330
	Retail Class		83,611,996			132,200,836			14,693,159			17,182,861			611,204,202			61,875,125			1,635,640			2,263,079			—			—			1,421,453			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			4,860,905			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			—			—			71,918			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		17,448,553			7,199,620			8,879,010			1,760,127			6,992,428			4,074,066			20,508			39,972			—			—			96,465			95,084
Redemptions:	Institutional Class		(280,461,951	)		(159,809,072	)		(115,527,343	)		(128,068,144	)		(97,547,606	)		(99,267,047	)		(54,714,307	)		(91,512,635	)		(38,176,055	)		(214,248,745	)		(56,381,052	)		(93,500,406	)
	Premier Class		(188,552,922	)		(137,532,641	)		(72,907,513	)		(62,984,860	)		(29,434,172	)		(40,038,586	)		(1,634,163	)		(779,242	)		—			—			(888,660	)		(487,263	)
	Retirement Class		(768,820,414	)		(292,439,099	)		(132,023,811	)		(147,161,353	)		(115,343,750	)		(78,115,784	)		(3,101,822	)		(5,756,165	)		—			—			(4,806,857	)		(3,333,691	)
	Retail Class		(66,708,393	)		(151,226,160	)		(18,967,644	)		(11,523,493	)		(58,878,801	)		(40,111,185	)		(1,417,602	)		(1,555,746	)		—			—			(1,298,437	)		(1,898,602	)
Net increase (decrease) from shareholder transactions			391,436,572			309,457,138			298,172,500			64,522,521			721,712,331			132,790,178			202,844,933			43,906,105			255,343,226			11,959,554			17,603,369			2,985,419
Net increase (decrease) in net assets			726,808,267			1,230,658,854			309,269,338			660,927,375			954,112,758			498,872,443			176,986,882			88,498,242			208,248,626			185,176,054			(5,369,173	)		(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		$	5,163,185,012		$	4,436,376,745		$	2,650,629,668		$	2,341,360,330		$	2,685,767,909		$	1,731,655,151		$	879,472,673		$	702,485,791		$	1,030,084,137		$	821,835,511		$	256,356,641		$	261,725,814
Undistributed net investment income (loss) included in net assets			$48,197,657			$35,384,526			$10,631,304			$10,243,420			$27,862,735			$18,750,053			$8,072,142			$4,111,740			$33,653,319			$24,824,699			$3,586,252			$3,984,373

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		39,160,644			22,955,087			16,612,769			15,488,466			18,652,027			16,143,766			22,796,350			11,173,749			28,707,755			27,275,826			7,198,964			8,714,210
	Premier Class		3,903,952			5,081,574			2,378,857			2,320,371			1,435,410			1,889,023			233,667			235,676			—			—			107,000			202,550
	Retirement Class		11,025,106			10,983,536			2,887,812			2,841,253			3,429,524			4,670,740			573,093			848,382			—			—			347,159			569,263
	Retail Class		3,573,694			6,704,641			790,373			1,005,829			40,200,358			4,996,614			149,961			206,852			—			—			145,273			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		1,517,911			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		813,073			401,764			505,926			125,276			514,906			380,754			1,909			3,732			—			—			10,208			9,537
Shares redeemed:	Institutional Class		(11,805,221	)		(7,904,262	)		(6,025,328	)		(7,952,317	)		(6,121,098	)		(7,482,629	)		(4,960,753	)		(8,284,192	)		(4,602,301	)		(27,047,788	)		(5,702,814	)		(9,476,548	)
	Premier Class		(7,972,847	)		(6,644,252	)		(3,925,328	)		(3,683,136	)		(1,898,686	)		(3,152,127	)		(150,104	)		(70,591	)		—			—			(92,059	)		(49,831	)
	Retirement Class		(31,993,418	)		(14,130,690	)		(7,091,291	)		(9,341,111	)		(7,103,239	)		(5,845,839	)		(284,933	)		(530,543	)		—			—			(483,981	)		(339,287	)
	Retail Class		(2,880,587	)		(7,008,298	)		(1,029,142	)		(704,066	)		(4,032,594	)		(3,359,968	)		(128,416	)		(142,518	)		—			—			(131,851	)		(192,681	)
Net increase (decrease) from shareholder transactions			17,429,152			16,010,827			16,366,743			3,365,466			47,201,753			9,826,712			18,691,415			4,088,670			31,803,601			3,979,118			1,856,498			209,498

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Statements of changes in net assets

concluded

TIAA-CREF Funds ■ For the period or year ended

		International Equity Fund						International Opportunities Fund
		October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013		*

OPERATIONS
Net investment income (loss)		$	51,986,189		$	57,654,382		$	11,945,854		$	1,670,330
Net realized gain (loss) on total investments			151,004,759			605,321,192			(62,179,695	)		(10,522,645	)
Net change in unrealized appreciation (depreciation) on total investments			(376,962,535	)		140,577,477			14,939,164			40,205,781
Net increase (decrease) in net assets from operations			(173,971,587	)		803,553,051			(35,294,677	)		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		682,658,576			484,480,309			350,141,568			764,379,280
	Premier Class		62,363,364			58,299,071			2			1,000,021
	Retirement Class		79,553,696			98,236,698			2,651,362			2,615,138
	Retail Class		34,217,129			41,304,573			2,118,694			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		(229,501,760	)		(529,758,063	)		(52,148,303	)		(17,194,921	)
	Premier Class		(59,535,431	)		(93,970,526	)		—			(20	)
	Retirement Class		(206,966,893	)		(151,586,821	)		(1,005,740	)		(85,855	)
	Retail Class		(37,639,663	)		(55,268,241	)		(1,049,569	)		(194,979	)
Net increase (decrease) from shareholder transactions			379,594,125			(97,869,612	)		303,967,120			752,147,149
Net increase (decrease) in net assets			150,917,114			655,020,298			265,383,942			783,500,615

NET ASSETS
Beginning of period			3,543,051,141			2,888,030,843			783,500,615			—
End of period		$	3,693,968,255		$	3,543,051,141		$	1,048,884,557		$	783,500,615
Undistributed net investment income (loss) included in net assets			$47,951,874			$53,361,735			$9,951,385			$1,673,550

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		59,696,090			48,141,547			32,488,984			73,224,874
	Premier Class		5,506,874			5,721,972			—			100,002
	Retirement Class		6,630,277			9,389,137			242,222			254,696
	Retail Class		4,331,629			6,074,431			196,445			162,240
Shares reinvested:	Institutional Class		2,894,581			3,015,342			305,557			—
	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		(19,860,074	)		(53,533,277	)		(4,659,422	)		(1,737,453	)
	Premier Class		(5,166,914	)		(9,516,063	)		—			(2	)
	Retirement Class		(17,413,792	)		(14,573,775	)		(92,965	)		(8,582	)
	Retail Class		(4,776,450	)		(7,968,472	)		(98,649	)		(18,637	)
Net increase (decrease) from shareholder transactions			34,065,925			(10,624,077	)		28,383,500			71,977,138

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

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Funds: Equity Funds ■ 2014 Annual 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 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:	10/31/14			$11.53		$0.14			$1.44		$1.58		$(0.12	)		$(0.80	)		$(0.92	)		$12.19
	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

ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/14			10.64		0.17			1.23		1.40		(0.16	)		(0.70	)		(0.86	)		11.18
	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

GROWTH & INCOME FUND
Institutional Class:	10/31/14			12.64		0.13			1.64		1.77		(0.14	)		(1.31	)		(1.45	)		12.96
	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
Premier Class:	10/31/14			12.65		0.11			1.63		1.74		(0.12	)		(1.31	)		(1.43	)		12.96
	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
Retirement Class:	10/31/14			12.79		0.10			1.66		1.76		(0.11	)		(1.31	)		(1.42	)		13.13
	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
Retail Class:	10/31/14			15.55		0.12			2.04		2.16		(0.09	)		(1.31	)		(1.40	)		16.31
	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

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

						Ratios and supplemental data
	For the period					Net assets at			Ratios to average net assets									Portfolio
	or year 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:	10/31/14			14.75	%		$1,785,221			0.35	%		0.35	%		1.22	%		105	%
	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

ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/14			14.29			1,723,933			0.35			0.35			1.63			91
	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

GROWTH & INCOME FUND
Institutional Class:	10/31/14			15.48			2,893,199			0.44			0.44			1.06			98
	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
Premier Class:	10/31/14			15.30			174,273			0.59			0.59			0.92			98
	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
Retirement Class:	10/31/14			15.26			687,630			0.69			0.69			0.82			98
	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
Retail Class:	10/31/14			15.12			960,469			0.76			0.76			0.75			98
	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

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2014 Annual 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 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:	10/31/14			$15.11		$0.06			$2.54		$2.60		$(0.06	)		$(1.04	)		$(1.10	)		$16.61
	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
Premier Class:	10/31/14			15.10		0.03			2.53		2.56		(0.04	)		(1.04	)		(1.08	)		16.58
	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
Retirement Class:	10/31/14			15.04		0.02			2.53		2.55		(0.03	)		(1.04	)		(1.07	)		16.52
	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
Retail Class:	10/31/14			15.06		0.00	^d		2.53		2.53		0.00	^d		(1.04	)		(1.04	)		16.55
	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

LARGE-CAP VALUE FUND
Institutional Class:	10/31/14			18.13		0.33			1.65		1.98		(0.24	)		(1.23	)		(1.47	)		18.64
	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
Premier Class:	10/31/14			18.09		0.30			1.65		1.95		(0.22	)		(1.23	)		(1.45	)		18.59
	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
Retirement Class:	10/31/14			18.05		0.29			1.64		1.93		(0.20	)		(1.23	)		(1.43	)		18.55
	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
Retail Class:	10/31/14			17.57		0.27			1.59		1.86		(0.19	)		(1.23	)		(1.42	)		18.01
	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

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

LARGE-CAP GROWTH FUND
Institutional Class:	10/31/14			18.18	%		$2,140,596			0.46	%		0.46	%		0.37	%		96	%
	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
Premier Class:	10/31/14			17.91			9,194			0.61			0.61			0.21			96
	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
Retirement Class:	10/31/14			17.89			102,990			0.71			0.71			0.13			96
	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
Retail Class:	10/31/14			17.75			580,569			0.81			0.81			0.02			96
	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


LARGE-CAP VALUE FUND
Institutional Class:	10/31/14			11.78			3,734,156			0.44			0.44			1.84			49
	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
Premier Class:	10/31/14			11.59			380,387			0.59			0.59			1.70			49
	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
Retirement Class:	10/31/14			11.51			1,061,428			0.69			0.69			1.62			49
	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
Retail Class:	10/31/14			11.39			138,226			0.76			0.76			1.53			49
	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

See notes to financial statements

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

MID-CAP GROWTH FUND
Institutional Class:	10/31/14			$25.18		$0.10			$2.24		$2.34		$(0.06	)		$(3.15	)		$(3.21	)		$24.31
	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
Premier Class:	10/31/14			25.05		0.06			2.25		2.31		(0.03	)		(3.15	)		(3.18	)		24.18
	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
Retirement Class:	10/31/14			24.70		0.04			2.20		2.24		0.00	^d		(3.15	)		(3.15	)		23.79
	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
Retail Class:	10/31/14			24.71		0.02			2.20		2.22		—			(3.15	)		(3.15	)		23.78
	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

MID-CAP VALUE FUND
Institutional Class:	10/31/14			23.44		0.33			2.92		3.25		(0.29	)		(1.42	)		(1.71	)		24.98
	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
Premier Class:	10/31/14			23.38		0.30			2.91		3.21		(0.26	)		(1.42	)		(1.68	)		24.91
	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
Retirement Class:	10/31/14			23.29		0.27			2.91		3.18		(0.24	)		(1.42	)		(1.66	)		24.81
	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
Retail Class:	10/31/14			22.98		0.25			2.86		3.11		(0.21	)		(1.42	)		(1.63	)		24.46
	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

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

MID-CAP GROWTH FUND
Institutional Class:	10/31/14			10.64	%		$896,227			0.47	%		0.47	%		0.42	%		104	%
	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
Premier Class:	10/31/14			10.48			141,798			0.62			0.62			0.27			104
	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
Retirement Class:	10/31/14			10.40			510,331			0.72			0.72			0.17			104
	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
Retail Class:	10/31/14			10.29			181,627			0.79			0.79			0.10			104
	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

MID-CAP VALUE FUND
Institutional Class:	10/31/14			14.91			3,186,049			0.44			0.43			1.37			28
	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
Premier Class:	10/31/14			14.73			424,326			0.59			0.58			1.27			28
	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
Retirement Class:	10/31/14			14.62			1,244,449			0.69			0.68			1.16			28
	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
Retail Class:	10/31/14			14.52			308,362			0.75			0.74			1.08			28
	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

See notes to financial statements

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

SMALL-CAP EQUITY FUND
Institutional Class:	10/31/14			$19.79		$0.15			$1.53		$1.68		$(0.16	)		$(1.61	)		$(1.77	)		$19.70
	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
Premier Class:	10/31/14			19.74		0.13			1.51		1.64		(0.15	)		(1.61	)		(1.76	)		19.62
	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
Retirement Class:	10/31/14			19.51		0.11			1.49		1.60		(0.14	)		(1.61	)		(1.75	)		19.36
	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
Retail Class:	10/31/14			19.39		0.09			1.48		1.57		(0.13	)		(1.61	)		(1.74	)		19.22
	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

SOCIAL CHOICE EQUITY FUND
Institutional Class:	10/31/14			15.08		0.27			1.92		2.19		(0.22	)		(0.14	)		(0.36	)		16.91
	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
Premier Class:	10/31/14			15.03		0.25			1.91		2.16		(0.19	)		(0.14	)		(0.33	)		16.86
	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
Retirement Class:	10/31/14			15.24		0.24			1.94		2.18		(0.18	)		(0.14	)		(0.32	)		17.10
	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
Retail Class:	10/31/14			13.80		0.21			1.76		1.97		(0.18	)		(0.14	)		(0.32	)		15.45
	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

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

SMALL-CAP EQUITY FUND
Institutional Class:	10/31/14			9.40	%		$1,831,047			0.45	%		0.44	%		0.81	%		94	%
	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
Premier Class:	10/31/14			9.19			188,209			0.60			0.59			0.69			94
	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
Retirement Class:	10/31/14			9.08			527,052			0.70			0.69			0.57			94
	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
Retail Class:	10/31/14			8.98			104,321			0.79			0.78			0.48			94
	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

SOCIAL CHOICE EQUITY FUND
Institutional Class:	10/31/14			14.82			1,284,871			0.18			0.18			1.72			7
	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
Premier Class:	10/31/14			14.70			95,987			0.33			0.33			1.58			7
	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
Retirement Class:	10/31/14			14.59			387,327			0.43			0.43			1.48			7
	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
Retail Class:	10/31/14			14.58			917,583			0.46			0.46			1.42			7
	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

See notes to financial statements

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

EMERGING MARKETS EQUITY FUND
Institutional Class:	10/31/14			$11.17		$0.12			$(0.43	)		$(0.31	)		$(0.08	)		$ —			$(0.08	)		$10.78
	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:	10/31/14			11.16		0.10			(0.43	)		(0.33	)		(0.06	)		—			(0.06	)		10.77
	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:	10/31/14			11.12		0.09			(0.43	)		(0.34	)		(0.05	)		—			(0.05	)		10.73
	10/31/13			10.40		0.09			0.73			0.82			(0.10	)		—			(0.10	)		11.12
	10/31/12			10.08		0.11			0.26			0.37			(0.05	)		—			(0.05	)		10.40
	10/31/11			11.34		0.14			(1.38	)		(1.24	)		—			(0.02	)		(0.02	)		10.08
	10/31/10	^‡		10.00		0.00	^d		1.34			1.34			—			—			—			11.34
Retail Class:	10/31/14			11.11		0.08			(0.43	)		(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:	10/31/14			8.44		0.30			(0.21	)		0.09			(0.27	)		(0.29	)		(0.56	)		7.97
	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

GLOBAL NATURAL RESOURCES FUND
Institutional Class:	10/31/14			9.99		0.17			(0.84	)		(0.67	)		(0.19	)		—			(0.19	)		9.13
	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:	10/31/14			9.97		0.15			(0.84	)		(0.69	)		(0.17	)		—			(0.17	)		9.11
	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:	10/31/14			9.96		0.14			(0.83	)		(0.69	)		(0.16	)		—			(0.16	)		9.11
	10/31/13			10.17		0.17			(0.21	)		(0.04	)		(0.17	)		—			(0.17	)		9.96
	10/31/12	*		10.00		0.17			0.02			0.19			(0.02	)		—			(0.02	)		10.17
Retail Class:	10/31/14			9.94		0.13			(0.82	)		(0.69	)		(0.15	)		—			(0.15	)		9.10
	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 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

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

EMERGING MARKETS EQUITY FUND
Institutional Class:	10/31/14			(2.79	)%		$ 850,536			0.95	%		0.95	%		1.10	%		104	%
	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:	10/31/14			(2.91	)		4,906			1.10			1.10			0.95			104
	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:	10/31/14			(3.05	)		17,678			1.20			1.20			0.84			104
	10/31/13			7.91			15,040			1.20			1.20			0.84			110
	10/31/12			3.71			10,655			1.24			1.20			1.06			115
	10/31/11			(10.96	)		5,476			1.33			1.20			1.22			70
	10/31/10	^‡		13.40	^b		1,134			2.98	^c		1.20	^c		0.27	^c		9	^b
Retail Class:	10/31/14			(3.19	)		6,352			1.33			1.33			0.70			104
	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:	10/31/14			1.28			1,030,084			0.46			0.43			3.70			71
	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

GLOBAL NATURAL RESOURCES FUND
Institutional Class:	10/31/14			(6.80	)		234,559			0.74			0.74			1.70			169
	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:	10/31/14			(6.95	)		3,944			0.89			0.89			1.55			169
	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:	10/31/14			(7.06	)		11,352			0.99			0.99			1.44			169
	10/31/13			(0.28	)		13,548			0.99			0.99			1.74			162
	10/31/12	*		1.87	^b		11,290			1.13	^c		1.00	^c		1.65	^c		65	^b
Retail Class:	10/31/14			(7.02	)		6,502			1.13			1.13			1.31			169
	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 Annual 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 or year ended		value, beginning of period		investment income (loss		)^a	unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains		dividends and distributions			value, end of period

INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/14			$11.50		$0.17			$(0.67	)		$(0.50	)		$(0.19	)		$—		$(0.19	)		$10.81
	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
Premier Class:	10/31/14			11.46		0.16			(0.67	)		(0.51	)		(0.17	)		—		(0.17	)		10.78
	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
Retirement Class:	10/31/14			11.85		0.15			(0.69	)		(0.54	)		(0.16	)		—		(0.16	)		11.15
	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
Retail Class:	10/31/14			7.89		0.09			(0.46	)		(0.37	)		(0.16	)		—		(0.16	)		7.36
	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

INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	10/31/14			10.89		0.13			(0.53	)		(0.40	)		(0.04	)		—		(0.04	)		10.45
	10/31/13	^{^}		10.00		0.06			0.83			0.89			—			—		—			10.89
Premier Class:	10/31/14			10.87		0.11			(0.52	)		(0.41	)		(0.03	)		—		(0.03	)		10.43
	10/31/13	^{^}		10.00		0.08			0.79			0.87			—			—		—			10.87
Retirement Class:	10/31/14			10.87		0.10			(0.52	)		(0.42	)		(0.03	)		—		(0.03	)		10.42
	10/31/13	^{^}		10.00		0.06			0.81			0.87			—			—		—			10.87
Retail Class:	10/31/14			10.86		0.10			(0.53	)		(0.43	)		(0.02	)		—		(0.02	)		10.41
	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.
^†	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.

2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

concluded

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

INTERNATIONAL EQUITY FUND
Institutional Class:	10/31/14			(4.43	)%		$2,398,855			0.51	%		0.51	%		1.51	%		85	%
	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
Premier Class:	10/31/14			(4.50	)		282,958			0.66			0.66			1.37			85
	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
Retirement Class:	10/31/14			(4.62	)		702,668			0.76			0.76			1.29			85
	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
Retail Class:	10/31/14			(4.77	)		309,488			0.85			0.85			1.18			85
	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

INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	10/31/14			(3.59	)		1,041,194			0.64			0.64			1.23			46
	10/31/13	^{^}		8.80	^b		778,178			0.80	^c		0.70	^c		0.96	^c		35	^b
Premier Class:	10/31/14			(3.77	)		1,046			0.81			0.81			1.05			46
	10/31/13	^{^}		8.70	^b		1,087			1.00	^c		0.85	^c		1.39	^c		35	^b
Retirement Class:	10/31/14			(3.88	)		4,128			0.90			0.90			0.97			46
	10/31/13	^{^}		8.70	^b		2,675			1.08	^c		0.95	^c		1.06	^c		35	^b
Retail Class:	10/31/14			(3.96	)		2,517			0.97			0.97			0.95			46
	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 Annual Report

Notes to financial statements

TIAA-CREF Funds

Note 1—organization and significant accounting policies

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

The 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 Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

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 gains are recorded as a reduction of cost of investments and/or as a realized gain.

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

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

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

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

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

For the year ended October 31, 2014, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, dividend redesignations, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion

88	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

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 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 adopted the Update for this annual report. The adoption of the Update did not have a material impact on the Funds’ financial statements and notes disclosures.

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

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

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures, which are traded on 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.

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Notes to financial statements

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 year ended October 31, 2014, there were no material transfers between levels by the Funds.

As of October 31, 2014, 100% of the value of investments in the Enhanced Large-Cap Growth Index Fund and the Small-Cap Equity Fund was valued based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of October 31, 2014, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Enhanced Large-Cap Value Index
Equity investments:
Consumer discretionary	$	136,468,338		$	1,203,762	$	—	$	137,672,100
All other equity investments*		1,572,664,699			—		—		1,572,664,699
Short-term investments		29,660,775			—		—		29,660,775
Written options**		(24,657	)		—		—		(24,657	)
Total	$	1,738,769,155		$	1,203,762	$	—	$	1,739,972,917
Growth & Income
Equity investments:
Consumer discretionary	$	778,960,720		$	11,973,325	$	—	$	790,934,045
Consumer staples		334,026,570			47,035,443		—		381,062,013
Energy		298,294,354			11,714,621		—		310,008,975
Financials		622,278,622			17,103,123		—		639,381,745
Health Care		750,269,918			22,094,536		—		772,364,454
Materials		130,849,599			14,740,518		—		145,590,117
All other equity investments*		1,647,652,565			—		—		1,647,652,565
Short-term investments		146,470,319			6,799,975		—		153,270,294
Purchased options**		69,100			—		—		69,100
Written options**		(518,300	)		—		—		(518,300	)
Total	$	4,708,353,467		$	131,461,541	$	—	$	4,839,815,008
Large-Cap Growth
Equity investments:
Health Care	$	598,944,907		$	13,232,327	$	—	$	612,177,234
Telecommunication Services		19,119,625			33,203,811		—		52,323,436
All other equity investments*		2,146,248,214			—		—		2,146,248,214
Short-term investments		67,171,715			15,013,944		—		82,185,659
Total	$	2,831,484,461		$	61,450,082	$	—	$	2,892,934,543
Large-Cap Value
Equity investments:
Consumer discretionary	$	431,014,602		$	51,579,674	$	—	$	482,594,276
Consumer staples		306,901,563			49,565,039		—		356,466,602
Health Care		709,576,549			36,900,290		—		746,476,839
Industrials		497,887,602			—		7,267		497,894,869
Materials		140,016,859			19,492,271		—		159,509,130
Telecommunication Services		169,773,908			8,659,865		—		178,433,773
All other equity investments*		2,882,839,079			—		—		2,882,839,079
Short-term investments		262,541,188			—		—		262,541,188
Total	$	5,400,551,350		$	166,197,139	$	7,267	$	5,566,755,756
Mid-Cap Growth
Equity investments*	$	1,665,544,690		$	—	$	—	$	1,665,544,690
Short-term investments		163,569,035			13,636,909		—		177,205,944
Purchased options**		99,800			—		—		99,800
Written options**		(2,494,770	)		—		—		(2,494,770	)
Total	$	1,826,718,755		$	13,636,909	$	—	$	1,840,355,664
Mid-Cap Value
Equity investments:
Energy	$	390,427,558		$	33,295,029	$	—	$	423,722,587
Financials		1,508,521,303			14,820,450		—		1,523,341,753
Health Care		586,945,325			6,948,324		—		593,893,649
All other equity investments*		2,492,998,428			—		—		2,492,998,428
Short-term investments		87,560,342			96,604,346		—		184,164,688
Total	$	5,066,452,956		$	151,668,149	$	—	$	5,218,121,105


90	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

continued

Fund	Level 1		Level 2		Level 3		Total
Social Choice Equity
Equity investments*	$	2,680,478,467	$	—	$	—	$	2,680,478,467
Short-term investments		—		89,870,130		—		89,870,130
Total	$	2,680,478,467	$	89,870,130	$	—	$	2,770,348,597
Emerging Markets Equity
Equity investments:
Africa/Middle East	$	—	$	31,889,124	$	—	$	31,889,124
Asia		14,679,107		469,610,795		175,422		484,465,324
Europe		3,237,781		69,779,086		—		73,016,867
Latin America		—		150,802,386		—		150,802,386
All other equity investments*		19,678,382		102,920,790		—		122,599,172
Corporate bonds		—		—		534,000		534,000
Short-term investments		23,955,336		9,999,962		—		33,955,298
Total	$	61,550,606	$	835,002,143	$	709,422	$	897,262,171
Enhanced International Equity Index
Equity investments:
Asia	$	—	$	248,869,151	$	—	$	248,869,151
Australasia		—		91,558,535		—		91,558,535
Europe		19,593,025		545,202,357		—		564,795,382
All other equity investments*		5,670,611		102,622,783		—		108,293,394
Short-term investments		47,852,875		—		—		47,852,875
Futures**		166,753		—		—		166,753
Total	$	73,283,264	$	988,252,826	$	—	$	1,061,536,090
Global Natural Resources
Equity investments:
Asia	$	—	$	18,215,732	$	—	$	18,215,732
Australasia		—		27,881,309		—		27,881,309
Europe		—		32,426,604		—		32,426,604
North America		112,644,810		34,811,717		—		147,456,527
All other equity investments*		—		24,909,473		—		24,909,473
Short-Term Investments		10,270,649		—		—		10,270,649
Total	$	122,915,459	$	138,244,835	$	—	$	261,160,294
International Equity
Equity investments:
Asia	$	—	$	904,417,221	$	—	$	904,417,221
Australasia		—		26,231,941		—		26,231,941
Europe		—		2,607,131,201		—		2,607,131,201
All other equity investments*		—		78,212,703		—		78,212,703
Short-term investments		64,484,560		14,299,534		—		78,784,094
Total	$	64,484,560	$	3,630,292,600	$	—	$	3,694,777,160
International Opportunities
Equity investments:
Asia	$	15,802,559	$	313,108,754	$	—	$	328,911,313
Australasia		—		31,371,909		—		31,371,909
Europe		—		431,915,354		1,781		431,917,135
Latin America		—		23,747,837		—		23,747,837
North America		24,277,617		88,027,712		—		112,305,329
All other equity investments*		—		92,491,911		—		92,491,911
Short-term investments		71,710,851		19,998,467		—		91,709,318
Total	$	111,791,027	$	1,000,661,944	$	1,781	$	1,112,454,752


*	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 Annual Report

Notes to financial statements

Note 3—derivative instruments

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

At October 31, 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

Fair value

Derivative contract

Location

amount

Location

amount

Enhanced Large-Cap Value Index Fund

Equity contracts

Written options

(24,657

)

Growth & Income Fund

Equity contracts

Portfolio investments

69,100

Equity contracts

Written options

(518,300

)

Mid-Cap Growth Fund

Equity contracts

Portfolio investments

99,800

Equity contracts

Written options

(2,494,770

)

Small-Cap Equity Fund

Equity contracts

Futures*

972,153

Enhanced International Equity Index Fund

Equity contracts

Futures*

166,753

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

For the year ended October 31, 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	Purchased options	$	(538,147	)	$	—
Equity contracts	Written options		1,472,977			119,129
Growth & Income Fund
Equity contracts	Purchased options		(499,737	)		(189,009	)
Equity contracts	Written options		5,128,657			(56,807	)
Large-Cap Growth Fund
Equity contracts	Purchased options		(117,281	)		—
Equity contracts	Written options		296,108			(4,664	)
Large-Cap Value Fund
Equity contracts	Purchased options		38,038			—
Equity contracts	Written options		30,905			—
Mid-Cap Growth Fund
Equity contracts	Purchased options		(1,662,574	)		(678,466	)
Equity contracts	Written options		7,685,747			(1,198,288	)
Mid-Cap Value Fund
Equity contracts	Written options		324,179			—
Small-Cap Equity Fund
Equity contracts	Futures transactions		2,206,358			848,890
Enhanced International Equity Index Fund
Equity contracts	Futures transactions		2,906			166,753

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 receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended October 31, 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 October 31, 2014, the Funds held the following open futures contracts:

Number

Unrealized

Settlement

Expiration

gain

Fund

Futures

contracts

value

date

(loss

)

Small-Cap Equity

Mini Russell 2000 Index

230

26,933,000

12/19/14

$972,153

Enhanced International Equity Index

MSCI EAFE Mini Index

115

10,557,000

12/19/14

166,753

Options: The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains 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 year ended October 31, 2014, the Enhanced Large-Cap Value Index Fund, the Growth & Income Fund, the Large-Cap Growth Fund, the Large-Cap Value Fund, the Mid-Cap Growth Fund and the Mid-Cap Value Fund had exposure to options, based on underlying nominal values, generally between 0% and 6% of net assets.

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

continued

Purchased options outstanding as of October 31, 2014 were as follows:

Number of contracts		Value
Growth & Income Fund
Delphi Automotive, plc, Put, 11/22/14 at $65	300	$	13,500
Eaton Corp, PLC, Put, 10/31/14 at $62	100		7,900
Estee Lauder Cosmetics, Inc., Put, 11/22/14 at $72.5	400		40,000
Informatica, Corp, Put, 11/22/14 at $32.5	400		4,000
Take-Two Interactive Software, Put, 11/22/14 at $23	300		2,100
The Dow Chemical, Co., Put, 10/31/14 at $47	400		1,600
Total	1,900	$	69,100
Mid-Cap Growth Fund
Expedia, Inc., Put, 10/31/14 at $77	1,000	$	4,000
F5 Networks, Inc., Put, 10/31/14 at $112	1,000		1,000
NXP Semiconductor, NV, Put, 11/22/14 at $62.5	1,200		94,800
Total	3,200	$	99,800

Written options outstanding as of October 31, 2014 were as follows:

Number of contracts		Value
Enhanced Large-Cap Value Index Fund
Biogen Idec, Inc., Call 10/31/14 at $330	18	$	(90	)
Biogen Idec, Inc., Put, 10/31/14 at $310	7		(84	)
Chicago Bridge & Iron, Co. NV, Call, 10/31/14 at $55	30		(150	)
EOG Resources, Inc., Put, 10/31/14 at $90	45		(135	)
F5 Networks, Inc., Put, 10/31/14 at $115	145		(145	)
Gamestop, Corp., Call, 11/07/14 at $45	46		(1,564	)
Gilead Sciences, Inc., Call, 10/31/14 at $117	39		(39	)
Gilead Sciences, Inc.,Put, 10/31/14 at $109	24		(48	)
Gopro, Inc., Put, 10/31/14 at $59	370		(1,850	)
Gopro, Inc., Put, 10/31/14 at $60	30		(60	)
Royal Caribbean Cruises, Ltd., Put, 11/22/14 at $60	80		(3,120	)
Ryder System, Inc., Call, 11/22/14 at $87.5	30		(5,700	)
Salix Pharmaceuticals, Ltd., Put, 11/22/14 at $125	101		(10,352	)
Tesoro, Corp., Call, 11/07/14 at $73.5	22		(1,320	)
Total	987	$	(24,657	)
Growth & Income Fund
Citrix Systems, Inc., Call, 11/22/14 at $67.5	200	$	(7,000	)
Citrix Systems, Inc., Call, 11/22/14 at $70	200		(2,500	)
Citrix Systems, Inc., Put, 11/22/14 at $60	400		(10,000	)
Delphi Automotive, plc, Call, 11/22/14 at $70	300		(28,500	)
Delphi Automotive, plc, Put, 11/22/14 at $60	300		(4,500	)
Demandware, Inc., Put 11/22/14 at $45	100		(4,500	)
Eaton Corp, plc, Put, 10/31/14 at $55	100		(6,300	)
Eaton Corp, plc, Put, 10/31/14 at $58	100		(1,000	)
Estee Lauder Cosmetics, Inc., Call, 11/22/14 at $75	400		(75,600	)
Estee Lauder Cosmetics, Inc., Put, 11/22/14 at $67.5	400		(9,000	)
F5 Networks, Inc., Put, 10/31/14 at $108	200		(600	)
Facebook, Inc., Call, 10/31/14 at $88	200		(200	)
Gilead Sciences, Inc., Call, 10/31/14 at $117	200		(200	)
Informatica, Corp, Call, 11/22/14 at $35	400		(46,000	)
Informatica, Corp, Put, 11/22/14 at $30	400		(3,200	)
Mead Johnson Nutrition, Co., Put, 11/22/14 at $90	100		(5,500	)
Microstrategy, Inc., Call 11/22/14 at $170	100		(12,250	)
NXP Semiconductor, NV, Call, 11/22/14 at $65	300		(150,000	)
NXP Semiconductor, NV, Call, 11/22/14 at $70	300		(60,300	)
NXP Semiconductor, NV, Put, 11/22/14 at $47.5	200		(1,000	)
NXP Semiconductor, NV, Put, 11/22/14 at $55	300		(5,400	)
Ryder System, Inc., Put, 11/22/14 at $80	200		(6,000	)
Take-Two Interactive Software, Call, 11/22/14 at $24	300		(76,800	)
Take-Two Interactive Software, Put, 11/22/14 at $21	300		(1,500	)

Number of contracts		Value
Growth & Income Fund (continued)
Twitter, Inc., Call 10/31/14 at $57	150	$	(150	)
Twitter, Inc., Call 10/31/14 at $59	150		(300	)
Total	6,300	$	(518,300	)
Mid-Cap Growth Fund
Autozone, Inc., Call, 11/22/14 at $530	230	$	(578,450	)
Cavium, Inc., Call, 11/22/14 at $48	1,200		(486,000	)
CH Robinson Worldwide, Inc., Call, 11/22/14 at $72.5	700		(21,000	)
Expedia, Inc., Put, 10/31/14 at $70	1,000		(1,000	)
F5 Networks, Inc., Put, 10/31/14 at $106	1,000		(2,000	)
Keurig Green Mountain, Inc., Call, 11/22/14 at $147	300		(321,000	)
NXP Semiconductor, NV, Call, 11/22/14 at $65	1,200		(600,000	)
NXP Semiconductor, NV, Put, 11/22/14 at $57.5	1,200		(34,800	)
Rockwell Automation, Inc., Call, 11/22/14 at $105	250		(187,500	)
Roper Industries, Inc., Call, 11/22/14 at $160	400		(62,000	)
US Silica Holdings, Inc., Call, 11/22/14 at $49	1,748		(201,020	)
Total	9,228	$	(2,494,770	)

Transactions in written options and related premiums received during the year ended October 31, 2014 were as follows:

Number of contracts			Premiums
Enhanced Large-Cap Value Index Fund
Outstanding at beginning of period	1,169			48,269
Written	35,107			2,240,580
Purchased	(1,599	)		(346,835	)
Exercised	(6,798	)		(344,934	)
Expired	(26,892	)		(1,448,756	)
Outstanding at end of period	987			148,324
Growth & Income Fund
Outstanding at beginning of period	1,400			201,384
Written	143,482			7,990,937
Purchased	(19,169	)		(1,680,991	)
Exercised	(28,568	)		(1,184,250	)
Expired	(90,845	)		(4,783,774	)
Outstanding at end of period	6,300			543,306
Large-Cap Growth Fund
Outstanding at beginning of period	415			13,277
Written	4,522			409,497
Purchased	(960	)		(38,639	)
Exercised	(215	)		(28,020	)
Expired	(3,762	)		(356,115	)
Outstanding at end of period	—			—
Large-Cap Value Fund
Outstanding at beginning of period	—			—
Written	4,204			213,416
Purchased	(2,386	)		(106,000	)
Exercised	(1,175	)		(47,229	)
Expired	(643	)		(60,187	)
Outstanding at end of period	—			—
Mid-Cap Growth Fund
Outstanding at beginning of period	9,960			1,702,387
Written	169,269			17,127,930
Purchased	(31,601	)		(2,759,884	)
Exercised	(38,879	)		(4,740,865	)
Expired	(99,521	)		(9,094,150	)
Outstanding at end of period	9,228			2,235,418

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Notes to financial statements

Number of contracts			Premiums
Mid-Cap Value Fund
Outstanding at beginning of period	—			—
Written	3,940			373,741
Purchased	—			—
Exercised	(1,240	)		(49,562	)
Expired	(2,700	)		(324,179	)
Outstanding at end of period	—			—

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.

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 is subject to 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.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 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^‡
Fund							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			0.42			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*		0.38–0.48	^		0.44			0.25			0.15			0.25				0.55			0.70			0.80			0.94
Mid-Cap Value*		0.38–0.48	^		0.42			0.25			0.15			0.25				0.55			0.70			0.80			0.94
Small-Cap Equity*		0.36–0.46	^ƒ		0.43			0.25			0.15			0.25				0.53			0.68			0.78			0.92
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*		0.25–0.40	^¥		0.42			—			—			—				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 waiver was 0.40%–0.48% of average daily net assets. Effective May 1, 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 waiver was 0.36%–0.48% of average 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 average 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 average daily net assets.
^¥	Prior to May 1, 2014, the investment management fee range for the Enhanced International Equity Index Fund was 0.30%–0.45% of average daily net assets. Beginning May 1, 2014, the investment management fee range was 0.25%–0.40% of average daily net assets.
^‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 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 October 31, 2014, TIAA, an affiliate, invested in the Emerging Markets Equity Fund and the Global Natural Resources 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.

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

continued

The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of October 31, 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		—			32			1			1			7			41
Mid-Cap Growth		—			5			—			—			8			13
Mid-Cap Value		—			1			—			—			9			10
Small-Cap Equity		—			27			—			1			7			35
Social Choice Equity		—			—			—			—			2			2
Emerging Markets Equity		—			85			1			3			—			89
Enhanced International Equity Index		—			95			1			3			—			99
Global Natural Resources		—			84			1			3			—			88
International Equity		—			30			1			1			7			39
International Opportunities		—			94			2			3			—			99

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

Issue	Value at October 31, 2013		Purchase cost		Sales proceeds		Realized gain (loss)		Dividend income		Withholding expense		Shares at October 31, 2014		Value at October 31, 2014
Large-Cap Value Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	198,798,936	$	241,355,424	$	177,613,172		$—		$—		$—		262,541,188	$	262,541,188
Mid-Cap Growth Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		*		177,342,015		136,223,921		—		—		—		163,569,035		163,569,035
Small-Cap Equity Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		206,556,372		146,114,415		117,807,007		—		—		—		234,863,780		234,863,780

*	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.

Equity-linked notes: Equity-linked notes are debt securities issued by banks or broker-dealers and are designed to offer a return linked to an underlying security or market index. Equity-linked notes are structured with a defined maturity date. When the note matures, the issuer will pay to, or receive from the Fund, the difference between the nominal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. The Fund will record a realized gain or loss on the transaction. The note is valued daily and any change in the value

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Notes to financial statements

of the note is reflected in net unrealized gains and losses. Investments in equity-linked notes involve the same risks associated with a direct investment in the underlying security or index that the notes seek to replicate. In addition, there is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under an equity-linked note against the issuer of the underlying security.

Net unrealized appreciation (depreciation): At October 31, 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	$	1,425,160,675	$	399,698,187	$	(18,002,176	)	$	381,696,011
Enhanced Large-Cap Value Index		1,358,670,164		395,783,204		(14,455,794	)		381,327,410
Growth & Income		3,791,633,402		1,081,345,850		(32,645,944	)		1,048,699,906
Large-Cap Growth		2,196,922,717		706,567,292		(10,555,466	)		696,011,826
Large-Cap Value		4,627,048,486		1,073,129,891		(133,422,621	)		939,707,270
Mid-Cap Growth		1,557,922,290		318,554,632		(33,626,488	)		284,928,144
Mid-Cap Value		3,749,707,121		1,522,844,512		(54,430,528	)		1,468,413,984
Small-Cap Equity		2,462,829,544		458,789,212		(72,507,482	)		386,281,730
Social Choice Equity		2,050,772,425		744,021,248		(24,445,076	)		719,576,172
Emerging Markets Equity		836,999,291		98,465,062		(38,202,182	)		60,262,880
Enhanced International Equity Index		983,786,998		111,208,675		(33,626,336	)		77,582,339
Global Natural Resources		255,802,789		12,013,662		(6,656,157	)		5,357,505
International Equity		3,732,192,092		283,922,434		(321,337,366	)		(37,414,932	)
International Opportunities		1,059,025,123		104,309,436		(50,879,807	)		53,429,629

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2014 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Enhanced Large-Cap Growth Index	$	1,847,570,599	$	1,746,362,247
Enhanced Large-Cap Value Index		1,577,289,280		1,460,962,732
Growth & Income		4,421,974,745		4,243,983,921
Large-Cap Growth		2,593,259,316		2,421,942,177
Large-Cap Value		2,861,423,773		2,436,074,123
Mid-Cap Growth		1,895,431,983		2,194,427,373
Mid-Cap Value		1,357,632,374		1,313,125,685
Small-Cap Equity		2,420,188,758		2,325,016,625
Social Choice Equity		871,880,867		149,121,053
Emerging Markets Equity		987,076,229		797,529,983
Enhanced International Equity Index		898,856,298		675,717,853
Global Natural Resources		429,947,518		416,369,825
International Equity		3,483,585,354		3,075,799,173
International Opportunities		722,160,077		433,736,870

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended October 31, 2014 and October 31, 2013 was as follows:

	10/31/2014						10/31/2013
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Enhanced Large-Cap Growth Index	$	63,413,543	$	56,511,893	$	119,925,436	$	19,981,222	$	32,431,575	$	52,412,797
Enhanced Large-Cap Value Index		59,006,781		58,186,006		117,192,787		26,866,075		20,942,323		47,808,398
Growth & Income		198,557,773		236,616,500		435,174,273		49,470,288		112,730,342		162,200,630
Large-Cap Growth		71,700,855		91,860,710		163,561,565		5,411,547		43,612,010		49,023,557
Large-Cap Value		220,906,906		141,919,008		362,825,914		53,399,862		11,162,311		64,562,173
Mid-Cap Growth		54,634,316		175,143,249		229,777,565		8,290,831		69,019,123		77,309,954
Mid-Cap Value		99,786,937		217,289,167		317,076,104		50,121,555		59,560,724		109,682,279
Small-Cap Equity		114,789,879		95,559,160		210,349,039		17,344,213		31,024,962		48,369,175
Social Choice Equity		23,573,030		16,686,581		40,259,611		23,957,439		—		23,957,439
Emerging Markets Equity		4,977,242		—		4,977,242		6,995,272		—		6,995,272
Enhanced International Equity Index		28,489,144		30,786,587		59,275,731		25,469,837		—		25,469,837
Global Natural Resources		4,437,392		—		4,437,392		5,121,190		—		5,121,190
International Equity		54,705,424		—		54,705,424		50,663,141		—		50,663,141
International Opportunities		3,288,501		—		3,288,501		—		—		—

96	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

continued

As of October 31, 2014, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carryover			Total
Enhanced Large-Cap Growth Index	$	46,732,016	$	120,281,468	$	381,696,013		$	—		$	548,709,497
Enhanced Large-Cap Value Index		52,272,917		123,037,711		381,451,080			—			556,761,708
Growth & Income		106,251,054		278,184,330		1,048,707,880			—			1,433,143,264
Large-Cap Growth		83,033,101		233,733,868		696,009,354			—			1,012,776,323
Large-Cap Value		166,621,110		148,828,505		939,706,735			—			1,255,156,350
Mid-Cap Growth		78,206,211		171,980,732		284,668,910			—			534,855,853
Mid-Cap Value		62,442,237		215,428,275		1,468,413,983			—			1,746,284,495
Small-Cap Equity		62,922,128		302,591,995		386,281,728			—			751,795,851
Social Choice Equity		28,934,359		29,645,790		719,576,175			—			778,156,324
Emerging Markets Equity		9,651,881		—		59,050,604			(56,239,992	)		12,462,493
Enhanced International Equity Index		37,535,389		36,876,364		77,484,941			—			151,896,694
Global Natural Resources		3,419,190		—		5,358,590			(33,520,694	)		(24,742,914	)
International Equity		48,099,830		—		(46,262,223	)		(80,236,949	)		(78,399,342	)
International Opportunities		9,987,732		—		53,143,036			(70,351,828	)		(7,221,060	)

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

In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2014, the Funds did not have any in-kind purchase or in-kind redemption transactions.

At October 31, 2014, the following Funds had capital loss carryovers, which will expire as follows:

	Date of expiration
Fund	10/31/17		10/31/18		10/31/19		No expiration		Total
Emerging Markets Equity	$	—	$	—	$	14,064,867	$	42,175,125	$	56,239,992
Global Natural Resources		—		—		—		33,520,694		33,520,694
International Equity		43,199,731		37,037,218		—		—		80,236,949
International Opportunities		—		—		—		70,351,828		70,351,828

For the year ended October 31, 2014, the Global Natural Resources Fund and International Equity Fund utilized $3,015,762 and $158,853,607, respectively, of their capital loss carryover available from prior years.

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

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Notes to financial statements

concluded

Note 7—emerging markets risks

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

Note 8—line of credit

Each of the Funds participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. 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 year ended October 31, 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.

98	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value Index Fund, Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Emerging Markets Equity Fund, Enhanced International Equity Index Fund, Global Natural Resources Fund, International Equity Fund, and International Opportunities Fund (fourteen of the portfolios constituting the TIAA-CREF Funds; hereafter referred to as the “Funds”) at October 31, 2014, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2014

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

Trustees and officers (unaudited)

TIAA-CREF Funds ■ October 31, 2014

Trustees

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	82	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	82	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	82	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	82	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1943	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (2012–present); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	82	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	82	Director, Aflac Insurance, Sansum Clinic; Investment committee member, College of Mount Saint Vincent and Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	82	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep, and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	82	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

100	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

Trustees — concluded

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	82	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	82	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (2013–2014). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) (since 2013).
Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Chief Executive Officer (since 2014), Executive Vice President (2013–2014), Chief Operating Officer (2013–2014), Interim Head (2012–2013) and Manager (since 2011) of TIAA-CREF Asset Management, Inc. (“TCAM”), and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Director (since 2008), Executive Vice President (since 2012), Chairman (2012–2013), Senior Managing Director and Chief Operating Officer (2012–2013) of Advisors. Director (since 2008), Executive Vice President (since 2014), Chief Operating Officer (since 2013), Chairman (2011–2012) President (2012–2013), Senior Vice President (2010–2012) of Investment Management. Director of Advisors (since 2008). Chairman, Manager, President (since 2011), and Chief Operating Officer (2011–2013) of TCAA and TCAS. Manager of TIAA-CREF Individual & Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Executive Vice President, TIAA Asset Management Finance Company, LLC (since 2014). Manager and Executive Vice President, TIAA Asset Management, LLC (since 2014). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM Group Ltd., and TH RE Group Holdings Ltd. (2013–2014).

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Trustees and officers (unaudited)

TIAA-CREF Funds ■ October 31, 2014

Officers — continued

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008). Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer (since 2013), Principal Financial Officer (2009–2013), Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010), Corporate Controller (since 2014) and Funds Treasurer (2006–2014) of TIAA. Director of TCAM (since 2011). Director (since 2008), Senior Vice President (since 2010) and Funds Treasurer (2007–2011) of Advisors. Manager (since 2008), Senior Vice President (since 2014) and Funds Treasurer (2007–2011) of Investment Management. Assistant Treasurer of TIAA- CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Manager, Senior Vice President and Funds Treasurer of TCAS (since 2011).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA, Executive Vice President (since 2009), and Senior Managing Director (2008–2009) of the TIAA-CREF Fund Complex. Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2011), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011).
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management (since 2013) of TIAA, and Manager (since 2013) and President and Chief Executive Officer (2013–2014) of TCAM. Principal Executive Officer and Executive Vice President of CREF and VA-1 (since 2013). Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Chairman, Director, President & Chief Executive Officer of Advisors (since 2013). Chairman, Manager, President & Chief Executive Officer of Investment Management (since 2013). Chairman (since 2013), President & Chief Executive Officer (2013–2014) of TPIS. Director of TH RE Ltd (since 2013). Director of TIAA International Holdings 1 Ltd, TIAA International Holdings 2 Ltd, and TIAA International Holdings 3 Ltd (since 2013). Director, TCAM Global UK Limited (since 2014). President and Chief Executive Officer, TIAA Asset Management Finance Company, LLC (since 2014). Manager, President and Chairman, TIAA Asset Management, LLC (since 2014). Representative, Securities Research, Inc. (February–May 2013). President and Chief Operating Officer, U.S., ING Americas (2011–2012). Chief Executive Officer, ING Insurance US (2010–2011). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009). Executive Vice President, AIG Financial Products Corp. (1995–2007).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Director, Covariance (since 2012). Director T-C Life (since 2012). Director, Kaspick & Company, LLC (since 2012). Manager, TIAA-CREF Redwood, LLC (“Redwood”) (since 2013). Director, Aspen Insurance Holdings, LLC (since 2011). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director (since 2013), Corporate Secretary (since 2012) of TIAA and the TIAA-CREF Fund Complex. Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (2009–2010, since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and Chief Executive Officer (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).

102	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

concluded

Officers — concluded

Name, address and year of birth (“YOB”)		Position(s) held with fund		Term of office and length of time served		Principal occupation(s) during past 5 years
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952		Executive Vice President		One-year term. Executive Vice President since 2010.		Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010).

Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by calling 800 223-1200.

TIAA-CREF Funds: Equity Funds ■ 2014 Annual Report

103

Important tax information (unaudited)

For the fiscal year ended October 31, 2014, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.

	Section 1250		Long-term
Fund	gains		capital gains		Total
Enhanced Large-Cap Growth Index		$ 13,942	$	56,497,951	$	56,511,893
Enhanced Large-Cap Value Index		38,226		58,147,780		58,186,006
Growth & Income		18,574		248,021,971		248,040,545
Large-Cap Growth		—		108,874,563		108,874,563
Large-Cap Value		213,046		157,408,260		157,621,306
Mid-Cap Growth		4,814		205,225,024		205,229,838
Mid-Cap Value		787,543		236,988,503		237,776,046
Small-Cap Equity		100,939		109,954,234		110,055,173
Social Choice Equity		—		19,225,795		19,225,795
Emerging Markets Equity		—		—		—
Enhanced International Equity Index		—		30,786,587		30,786,587
Global Natural Resources		—		—		—
International Equity		—		—		—
International Opportunities		—		—		—

For the fiscal year ended October 31, 2014, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Enhanced Large-Cap Growth Index		30.38%
Enhanced Large-Cap Value Index		39.62%
Growth & Income		29.34%
Large-Cap Growth		22.61%
Large-Cap Value		31.87%
Mid-Cap Growth		17.11%
Mid-Cap Value		49.96%
Small-Cap Equity		15.40%
Social Choice Equity		99.83%
Emerging Markets Equity		89.47%
Enhanced International Equity Index		52.88%
Global Natural Resources		99.39%
International Equity		96.00%
International Opportunities		76.93%

Fund	Percentage
Enhanced Large-Cap Growth Index		29.67%
Enhanced Large-Cap Value Index		38.08%
Growth & Income		28.04%
Large-Cap Growth		22.08%
Large-Cap Value		31.08%
Mid-Cap Growth		16.39%
Mid-Cap Value		46.48%
Small-Cap Equity		15.34%
Social Choice Equity		99.07%
Emerging Markets Equity		0.22%
Enhanced International Equity Index		0.00%
Global Natural Resources		40.65%
International Equity		0.00%
International Opportunities		0.00%

The Emerging Markets Equity, Enhanced International Equity Index, Global Natural Resources, International Equity, and International Opportunities Funds received income from foreign sources during the year ended October 31, 2014 of $16,361,869 ($0.20049 per share), $28,323,316 ($0.21927 per share), $2,860,882 ($0.10191 per share), $50,145,761 ($0.14200 per share), and $12,962,688 ($0.12916 per share), respectively, and paid taxes to foreign countries during the year ended October 31, 2014 of $1,569,217 ($0.01923 per share), $1,104,570 ($0.00855 per share), $206,637 ($0.00736 per share), $3,381,174 ($0.00957 per share), and $908,546 ($0.00905 per share), respectively.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2014, which will be reported in conjunction with your 2014 Form 1099-DIV.

By early 2015, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

104	2014 Annual Report ■ TIAA-CREF Funds: Equity Funds

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 Annual Report

105

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How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit tiaa-cref.org, or call 800 842-2252 for the Institutional, 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

not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

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

730 Third Avenue
New York, NY 10017-3206

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2014 Annual Report

TIAA-CREF Funds

Equity Index Funds

October 31, 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

	Audited financial statements
	Statements of assets and liabilities	36
	Statements of operations	38
	Statements of changes in net assets	40
	Financial highlights	44
	Notes to financial statements	50

	Report of independent registered public accounting firm	57

	Trustees and officers	58

	Important tax information	62

	Additional information about index providers	63

	How to reach us	Inside back cover

Understanding your report from TIAA-CREF Funds

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

This annual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of October 31, 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 October 31, 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 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

TIAA-CREF Market Monitor

U.S. stocks surge ahead of foreign shares

Large- and mid-cap stocks beat small caps

International stocks, as measured by the MSCI EAFE Index, underperformed the broad U.S. market by more than 16 percentage points in U.S.-dollar-based terms.

Small caps trail large- and mid-cap equities*

* Large-cap, mid-cap and small-cap returns are based on the Russell 1000^®, Russell Midcap^® and Russell 2000^® indexes, respectively.

Central banks here and abroad take decisive action

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

About the funds’ benchmarks

Broad market indexes

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

Small-cap index

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

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

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

4	2014 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2014–October 31, 2014).

Actual expenses

Hypothetical example for comparison purposes

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

Equity Index Fund

Portfolio composition
		% of net assets
Sector		as of 10/31/2014
Information technology		18.6
Financials		17.8
Health care		13.9
Consumer discretionary		12.3
Industrials		11.3
Consumer staples		8.3
Energy		8.3
Materials		3.7
Utilities		3.2
Telecommunication services		2.2
Short-term investments, other assets & liabilities, net		0.4
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 10/31/2014
More than $50 billion		49.4
More than $15 billion–$50 billion		24.1
More than $2 billion–$15 billion		21.7
$2 billion or less		4.8
Total		100.0

Performance for the twelve months ended October 31, 2014

The Equity Index Fund returned 16.00% for the Institutional Class, compared with the 16.07% return of its benchmark, the Russell 3000^® Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund benefited from participating in a securities lending program, but its return trailed that of its benchmark largely 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.

Small caps lag the broader market

The broad U.S. stock market, as measured by the Russell 3000 Index, gained 16.07% for the reporting period, compared with 28.99% for the previous twelve months. Stocks advanced in response to optimism about the U.S. economy, strong corporate profits and continued easing monetary policy from the Federal Reserve. While the Fed began tapering its monthly bond purchases in January 2014, and ended them entirely in October 2014, it held short-term interest rates near zero.

For the twelve months, large-cap stocks outperformed smaller-cap issues by a wide margin. The performance of large-cap growth stocks, which returned 17.11% during the period, led that of large-cap value stocks, which returned 16.46%. Small-cap stocks, as measured by the Russell 2000^®Index, returned 8.06% for the period. For the ten years ended October 31, 2014, the Russell 3000 Index had an average annual gain of 8.55%. (Returns by investment style and capitalization size are based on the Russell indexes.)

Performance as of October 31, 2014


		Total		Average annual
		return		total return
Equity Index Fund	Inception date	1 year		5 years		10 years
Institutional Class	7/1/1999	16.00	%	16.95	%	8.52	%
Premier Class	9/30/2009	15.81		16.77		8.44	*
Retirement Class	3/31/2006	15.76		16.64		8.30	*
Retail Class	3/31/2006	15.73		16.63		8.33	*
Russell 3000 Index	—	16.07		17.01		8.55

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 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

Largest sectors lead the index higher

For the period, the return of the benchmark’s industry sectors varied widely. The two largest sectors—information technology and financials—had returns of 23.2% and 16.6%, respectively. Health care saw the biggest gain, with a return of 29.3% for the twelve months, while industrials gained 13.3%.

Energy was the biggest laggard, with a return of 2.8%. Telecommunication services also underperformed, with a return of 6.2%. Information technology, financials, health care and industrials drove the benchmark’s performance, as these four sectors made up more than half of its total market capitalization on October 31, 2014.

Technology stocks among the benchmark’s top performers

Among the benchmark’s largest holdings, the best-performing stocks were Apple, which saw continued growth in revenue and profits due to the launch of the iPhone 6 this year; Microsoft, another technology giant that saw success with its tablet and cloud computing products; Google, which continued to diversify its product line and revenue sources; and Johnson & Johnson, the consumer products firm that benefited from the improving economy.

Stocks with significant weightings that underperformed during the period included Chevron, which was hurt by falling global oil prices; Pfizer, which saw declining profits due to competition from cheaper generic drugs; Citigroup, which had sluggish earnings in a number of business areas; and Philip Morris, the tobacco giant that relies to a great extent on foreign sales and was hurt by the strong dollar.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014


			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
	value	value	(5/1/14–
Equity Index Fund	(5/1/14)	(10/31/14)	10/31/14)
Actual return
Institutional Class	$1,000.00	$1,075.59	$0.26
Premier Class	1,000.00	1,075.10	1.05
Retirement Class	1,000.00	1,075.29	1.57
Retail Class	1,000.00	1,075.09	1.83
5% annual
hypothetical return
Institutional Class	1,000.00	1,024.95	0.26
Premier Class	1,000.00	1,024.20	1.02
Retirement Class	1,000.00	1,023.69	1.53
Retail Class	1,000.00	1,023.44	1.79

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 0.35% 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 Index Funds ■ 2014 Annual Report

Large-Cap Growth Index Fund

Portfolio composition
		% of net assets
Sector	as of 10/31/2014
Information technology		28.1
Consumer discretionary		18.1
Health care		14.2
Industrials		11.9
Consumer staples		10.4
Financials		5.4
Energy		5.2
Materials		4.0
Telecommunication services		2.3
Utilities		0.1
Short-term investments, other assets & liabilities, net		0.3
Total		100.0


Holdings by company size
Market	% of equity investments
capitalization	as of 10/31/2014
More than $50 billion		54.7
More than $15 billion–$50 billion		25.0
More than $2 billion–$15 billion		20.2
$2 billion or less		0.1
Total		100.0

Performance for the twelve months ended October 31, 2014

The Large-Cap Growth Index Fund returned 17.00% for the Institutional Class, compared with the 17.11% return of its benchmark, the Russell 1000^® Growth Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return lagged 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 growth stocks shine in a rising market

The broad U.S. stock market, as measured by the Russell 3000^® Index, gained 16.07% for the reporting period, compared with 28.99% for the previous twelve months. Stocks advanced in response to optimism about the U.S. economy, strong corporate profits and continued easing monetary policy from the Federal Reserve. While the Fed began tapering its monthly bond purchases in January 2014, and ended them entirely in October 2014, it held short-term interest rates near zero.

For the ten years ended October 31, 2014, the Russell 1000 Growth Index earned an average annual return of 9.05%, outperforming both the 7.90% average gain of the Russell 1000 Value Index and the 8.55% average annual return of the Russell 3000 Index.

Performance as of October 31, 2014


		Total		Average annual
		return		total return
Large-Cap Growth Index Fund	Inception date	1 year		5 years		10 years
Institutional Class	10/1/2002	17.00	%	17.32	%	8.96	%
Retirement Class	10/1/2002	16.72		17.03		8.67
Russell 1000 Growth Index	—	17.11		17.43		9.05

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

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

Technology and health care drive the benchmark higher

All ten industry sectors of the Russell 1000 Growth Index generated positive returns, and seven achieved double-digit gains. Information technology, the benchmark’s most heavily weighted sector for the period, earned 22.4% and made the largest contribution to return, helped by a pickup in business spending. Health care made the second-largest contribution, surging 34.8% amid brisk merger and acquisition activity in the sector. Solid gains from industrials (up 15.3%) and consumer discretionary (up 9.4%) also aided benchmark performance. Together, these four sectors represented nearly three-quarters of the benchmark’s total market capitalization at the end of the period.

Returns among index heavyweights diverge

Three of the benchmark’s five largest stocks outpaced the return of the benchmark by a sizeable margin. Biotechnology company Gilead Sciences was the top performer, scoring a dramatic gain on strong sales of a new hepatitis drug. Shares of technology giants Apple and Microsoft also soared. Apple reported record iPhone sales, while new leadership at Microsoft fueled optimism about the company’s future prospects. Coca-Cola and Verizon recorded positive returns but lagged far behind.

$10,000 over 10 years

Institutional Class

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

Expense example

Six months ended October 31, 2014

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
Large-Cap	value	value	(5/1/14–
Growth Index Fund	(5/1/14)	(10/31/14)	10/31/14)
Actual return
Institutional Class	$1,000.00	$1,094.74	$0.32
Retirement Class	1,000.00	1,093.02	1.64
5% annual
hypothetical return
Institutional Class	1,000.00	1,024.90	0.31
Retirement Class	1,000.00	1,023.64	1.58

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Large-Cap Value Index Fund

Portfolio composition
Sector	% of net assets as of 10/31/2014
Financials	29.5
Health care	13.7
Energy	12.1
Industrials	10.2
Information technology	9.2
Consumer staples	7.1
Utilities	6.3
Consumer discretionary	6.1
Materials	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 10/31/2014
More than $50 billion	51.7
More than $15 billion–$50 billion	27.6
More than $2 billion–$15 billion	20.4
$2 billion or less	0.3
Total	100.0

Performance for the twelve months ended October 31, 2014

The Large-Cap Value Index Fund returned 16.38% for the Institutional Class, compared with the 16.46% return of its benchmark, the Russell 1000^® Value Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund’s return slightly lagged that of its benchmark index, primarily because of the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

Large-cap value stocks rise in a climbing market

Performance as of October 31, 2014

			Total return			Average annual total return
Large-Cap Value Index Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		16.38	%		16.38	%		7.82	%
Retirement Class		10/1/2002		16.07			16.11			7.55
Russell 1000 Value Index		—		16.46			16.49			7.90

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

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

Financials drive the benchmark’s gain

Three of the benchmark’s five largest stocks outperform

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014

Large-Cap Value Index Fund	Beginning account value (5/1/14)	Ending account value (10/31/14)	Expenses paid during period* (5/1/14– 10/31/14)
Actual return
Institutional Class	$1,000.00	$1,062.06	$0.31
Retirement Class	1,000.00	1,061.19	1.61
5% annual hypothetical return
Institutional Class	1,000.00	1,024.90	0.31
Retirement Class	1,000.00	1,023.64	1.58

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

S&P 500 Index Fund

Portfolio composition
Sector	% of net assets as of 10/31/2014
Information technology	19.4
Financials	16.6
Health care	14.2
Consumer discretionary	11.6
Industrials	10.3
Consumer staples	9.6
Energy	9.1
Materials	3.3
Utilities	3.1
Telecommunication services	2.4
Short-term investments, other assets & liabilities, net	0.4
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion	61.0
More than $15 billion–$50 billion	28.5
More than $2 billion–$15 billion	10.5
Total	100.0

Performance for the twelve months ended October 31, 2014

The S&P 500 Index Fund returned 17.16% for the Institutional Class, compared with the 17.27% return of its benchmark, the S&P 500^® Index. The table below shows returns for all share classes of the fund.

Large-cap stocks advance more than the broad market

While the Federal Reserve pared down its efforts to stimulate the improving domestic economy, monetary policymakers overseas introduced stimulus to help boost their lagging economies. In January, the Fed began scaling back its $85 billion monthly bond purchases under its quantitative easing program and ended it in October. The Fed reaffirmed its plan to keep its short-term interest rate target level near zero “for a considerable time” but implied it may seek to hike rates by mid-2015.

Performance as of October 31, 2014

			Total return			Average annual total return
S&P 500 Index Fund	Inception date			1 year			5 years		10 years
Institutional Class		10/1/2002		17.16	%		16.60	%	8.14	%
Retirement Class		10/1/2002		16.84			16.30		7.85
S&P 500 Index		—		17.27			16.69		8.20

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

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

Investors responded to global events by turning to the perceived relative safety of large caps. This allowed the purely large-cap S&P 500 to finish the twelve months ahead of the Russell 3000 Index, which contains a significant percentage of small- and mid-cap stocks, both of which underperformed large caps for the period.

For the ten years ended October 31, 2014, the S&P 500 Index posted an average annual gain of 8.20%, compared with an average annual return of 8.55% for the Russell 3000 Index.

Information technology stocks lead the index higher

For the reporting period, seven out of the ten industry sectors within the benchmark produced double-digit gains. Information technology, the index’s most heavily weighted sector as of period-end, generated the largest gain with a return of 25.7%. The health care and financials sectors also made sizable contributions, advancing 29.7% and 18.2%, respectively. These three sectors together comprised more than half of the index’s total market capitalization as of October 31, 2014.

The energy sector had the weakest performance, rising just 4.3%.

Three of the five largest stocks top the index’s return

Three of the S&P 500’s five largest stocks produced returns that were better than the benchmark’s overall return. Apple, the index’s largest holding by market capitalization, was the best performer in the group, followed by Microsoft and Johnson & Johnson. General Electric and Exxon Mobil underperformed the index as a whole.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014

S&P 500 Index Fund	Beginning account value (5/1/14)	Ending account value (10/31/14)	Expenses paid during period* (5/1/14– 10/31/14)
Actual return
Institutional Class	$1,000.00	$1,082.15	$0.31
Retirement Class	1,000.00	1,080.17	1.63
5% annual hypothetical return
Institutional Class	1,000.00	1,024.90	0.31
Retirement Class	1,000.00	1,023.64	1.58

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Small-Cap Blend Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Financials		24.5
Information technology		17.6
Industrials		14.0
Health care		13.9
Consumer discretionary		13.1
Materials		4.7
Energy		4.6
Utilities		3.5
Consumer staples		3.1
Telecommunication services		0.8
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $15 billion–$50 billion		0.4
More than $2 billion–$15 billion		39.0
$2 billion or less		60.6
Total		100.0

Performance for the twelve months ended October 31, 2014

The Small-Cap Blend Index Fund returned 8.32% for the Institutional Class, compared with the 8.06% return of its benchmark, the Russell 2000^® Index. The table below shows returns for all share classes of the fund.

For the twelve-month period, the fund benefited from participating in a securities lending program, 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 lag the broader market

The broad U.S. stock market, as measured by the Russell 3000^®Index, gained 16.07% for the reporting period, compared with 28.99% for the previous twelve months. Stocks advanced in response to optimism about the U.S. economy, strong corporate profits and continued easing monetary policy from the Federal Reserve. While the Fed began tapering its monthly bond purchases in January 2014 and ended them entirely in October 2014, it held short-term interest rates near zero.

For the twelve months, stocks of small-capitalized companies significantly lagged the broader market, as measured by the Russell 3000 Index, although small caps outperformed in the final fiscal quarter (August 1 to October 31). Over the reporting period, growth stocks marginally outperformed their value counterparts in the broader market, returning 16.39% and 15.76%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended October 31, 2014, the Russell 2000 Index achieved an average annual gain of 8.67%, outpacing the 8.55% average annual return of the Russell 3000 Index over the same period.

Performance as of October 31, 2014

			Total return			Average annual total return
Small-Cap Blend Index Fund	Inception date		1 year			5 years			10 years
Institutional Class		10/1/2002		8.32	%		17.52	%		8.71	%
Retirement Class		10/1/2002		8.01			17.21			8.44
Russell 2000 Index		—		8.06			17.39			8.67

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

14	2014 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

Largest sectors lead the index higher

Energy was the biggest laggard, with a return of –18.2%. Telecommunication services also declined slightly, with a return of –0.5%.

Pharmaceutical and finance stocks lead the benchmark

For the twelve months, the strongest performance in the benchmark came from Isis Pharmaceuticals, a biopharmaceutical firm that has a broad pipeline of drugs to treat a wide variety of diseases, including cardiovascular, metabolic, neurological disorders and cancer. Another strong performer was Wex, a leading provider of corporate credit card and payment systems that has had success in fuel payment processing for fleet vehicles and has seen earnings above Wall Street expectations. CNO Financial Group, an insurance holding company, also performed well on solid earnings growth.

Laggards in the benchmark’s top ten stocks included Aspen Technology, a leading provider of software and services to process industries that saw lower demand for its products and Ultimate Software Group, which specializes in software and payroll solutions for corporate human resource departments. Ultimate’s stock declined sharply early in 2014, but recovered later in the period.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014

Small-Cap Blend Index Fund	Beginning account value (5/1/14)		Ending account value (10/31/14)		Expenses paid during period* (5/1/14– 10/31/14)
Actual return
Institutional Class		$1,000.00		$1,049.70		$0.31
Retirement Class		1,000.00		1,048.47		1.60
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Retirement Class		1,000.00		1,023.64		1.58

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Emerging Markets Equity Index Fund

Portfolio composition

Sector	% of net assets as of 10/31/2014
Financials		30.0
Information technology		16.1
Energy		8.5
Consumer discretionary		8.4
Consumer staples		7.9
Materials		7.5
Telecommunication services		7.3
Industrials		6.1
Utilities		4.6
Health care		2.0
Short-term investments, other assets & liabilities, net		1.6
Total		100.0

Holdings by country

		% of portfolio investments as of 10/31/2014
China		17.2
Korea		13.1
Taiwan		11.0
Brazil		9.2
South Africa		7.1
India		6.5
United States		4.9
Mexico		4.9
Russia		4.0
Malaysia		3.5
15 other nations		13.9
Short-term investments		4.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion		18.0
More than $15 billion–$50 billion		36.4
More than $2 billion–$15 billion		42.7
$2 billion or less		2.9
Total		100.0

Performance for the twelve months ended October 31, 2014

The Emerging Markets Equity Index Fund returned 0.42% for the Institutional Class, compared with the 0.64% return of its benchmark, the MSCI Emerging Markets 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.

Emerging market stocks lag U.S. equity returns

For the twelve months, a rising dollar lowered the return of the MSCI Emerging Markets Index for U.S. investors. In terms of local currencies, the index returned 5.56%.

Performance as of October 31, 2014

			Total return			Average annual total return
Emerging Markets Equity Index Fund*	Inception date		1 year			since inception
Institutional Class		8/31/2010		0.42	%		2.97	%
Premier Class		8/31/2010		0.23			2.81
Retirement Class		8/31/2010		0.17			2.72
Retail Class		8/31/2010		0.04			2.56
MSCI Emerging Markets Index		—		0.64			3.65	^†

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 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

China stocks help boost the benchmark

For the period, the best-performing country components in the MSCI Emerging Markets were Egypt (up 43.1%), Qatar (up 32.8%) and India (up 29.4%). China, the largest country component of the index in terms of market capitalization at period-end, returned 6.4%. These gains helped offset losses from Greece (down 32.0%), Hungary (down 24.7%), Russia (down 24.4%) and other emerging markets. Russia’s stock market dropped largely as a result of investors’ concerns about the conflict in Ukraine. Egypt’s investment plans, transactions with energy companies and other news contributed to its market’s strong performance. (All returns are in U.S. dollars.)

Returns for the largest stocks vary sharply

Three of the five largest stocks in the benchmark, as measured by market capitalization on October 31, 2014, generated strong gains for the period. They included Taiwan Semiconductors, Tencent Holdings and China Mobile. Samsung Electronic—the largest holding at period-end—closed lower for the period.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

$10,000 invested at fund’s inception

Institutional Class (inception August 31, 2010)

Expense example

Six months ended October 31, 2014

Emerging Markets Equity Index Fund	Beginning account value (5/1/14)		Ending account value (10/31/14)		Expenses paid during period* (5/1/14– 10/31/14)
Actual return
Institutional Class		$1,000.00		$1,033.88		$1.18
Premier Class		1,000.00		1,031.98		1.95
Retirement Class		1,000.00		1,032.01		2.46
Retail Class		1,000.00		1,031.04		3.23
5% annual hypothetical return
Institutional Class		1,000.00		1,024.05		1.17
Premier Class		1,000.00		1,023.29		1.94
Retirement Class		1,000.00		1,022.79		2.45
Retail Class		1,000.00		1,022.03		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 184/365. There were 184 days in the six months ended October 31, 2014. The fund’s annualized six-month expense ratio for that period was 0.23% for the Institutional Class, 0.38% for the Premier Class, 0.48% for the Retirement Class and 0.63% for the Retail Class. The expense charges of one or more of the fund’s share classes may 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 Annual Report

International Equity Index Fund

Portfolio composition
Sector	% of net assets as of 10/31/2014
Financials		26.1
Industrials		12.3
Consumer discretionary		11.6
Health care		10.9
Consumer staples		10.9
Materials		7.5
Energy		6.3
Telecommunication services		5.0
Information technology		4.6
Utilities		3.9
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by country
	% of portfolio investments as of 10/31/2014
Japan		20.8
United Kingdom		18.2
Switzerland		9.2
France		9.0
Germany		8.3
Australia		7.9
Netherlands		3.7
Spain		3.3
Hong Kong		3.0
Sweden		2.9
18 other nations		10.3
Short-term investments		3.4
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 10/31/2014
More than $50 billion		42.0
More than $15 billion–$50 billion		32.9
More than $2 billion–$15 billion		25.0
$2 billion or less		0.1
Total		100.0

Performance for the twelve months ended October 31, 2014

The International Equity Index Fund returned 0.37% for the Institutional Class, compared with the –0.60% return of its benchmark, the MSCI EAFE Index. The table below includes performance data for all share classes of the fund.

Developed foreign market stocks lag U.S. equities

After advancing 4.44% in the first six months of the reporting period, the MSCI EAFE Index, which measures stock performance in 21 developed market nations outside North America, fell 4.83% in the final six months, resulting in a modest loss for the reporting period. Investor concerns regarding geopolitical tensions in the Middle East and Ukraine, China’s economic slowdown and the potentially detrimental effects of rising U.S. interest rates all contributed to the decline.

When compared to domestic equities for the twelve months, the EAFE substantially trailed the 16.07% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. Similarly, for the ten years ended October 31, 2014, the EAFE’s average annual return of 5.81% lagged the 8.55% gain of the Russell 3000.

Performance as of October 31, 2014
		Total return			Average annual total return
International Equity Index Fund*	Inception date	1 year			5 years			10 years
Institutional Class	10/1/2002		0.37	%		7.04	%		5.98	%
Premier Class	9/30/2009		0.23			6.90			5.90	^†
Retirement Class	10/1/2002		0.11			6.77			5.70
MSCI EAFE Index	—		–0.60			6.52			5.81

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.

^†

18	2014 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

U.S.-dollar-based losses push the benchmark lower

The benchmark’s largest stocks help limit its decline

During the period, several of EAFE’s largest holdings as of period-end achieved solid gains, limiting the decline of the benchmark. Among the EAFE’s largest holdings as of period-end, Novartis and energy giant Royal Dutch delivered outsized returns. Swiss pharmaceutical company Roche Holding and Nestlé also helped advance index results.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

$10,000 over 10 years

Institutional Class

Expense example

Six months ended October 31, 2014
International Equity Index Fund	Beginning account value (5/1/14)		Ending account value (10/31/14)		Expenses paid during period* (5/1/14– 10/31/14)
Actual return
Institutional Class	$	1,000.00	$	957.27		$ 0.30
Premier Class		1,000.00		956.19		1.04
Retirement Class		1,000.00		955.59		1.53
5% annual hypothetical return
Institutional Class		1,000.00		1,024.90		0.31
Premier Class		1,000.00		1,024.15		1.07
Retirement Class		1,000.00		1,023.64		1.58

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended October 31, 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 Annual Report

Summary portfolio of investments

Equity Index Fund ■ October 31, 2014

					% of net
Shares		Company		Value		assets

COMMON STOCKS

AUTOMOBILES & COMPONENTS			$	97,661,252		1.1	%

BANKS
4,199,513		Bank of America Corp		72,063,643		0.8
1,222,744		Citigroup, Inc		65,453,486		0.7
1,522,221		JPMorgan Chase & Co		92,063,926		1.0
1,920,505		Wells Fargo & Co		101,959,610		1.1
		Other		205,558,808		2.4
				537,099,473		6.0

CAPITAL GOODS

263,800		3M Co		40,564,526		0.5
294,039		Boeing Co		36,728,411		0.4
4,032,175		General Electric Co		104,070,437		1.2
369,649		United Technologies Corp		39,552,443		0.4
		Other		488,709,634		5.3
				709,625,451		7.8

COMMERCIAL & PROFESSIONAL SERVICES				95,704,624		1.1

CONSUMER DURABLES & APPAREL				138,431,621		1.5

CONSUMER SERVICES
397,609		McDonald’s Corp		37,267,892		0.4
		Other		149,653,839		1.7
				186,921,731		2.1

DIVERSIFIED FINANCIALS
180,454		Goldman Sachs Group, Inc		34,284,456		0.4
		Other		311,998,988		3.4
				346,283,444		3.8

ENERGY
763,816		Chevron Corp		91,619,729		1.0
492,489		ConocoPhillips		35,533,082		0.4
1,716,974	d	Exxon Mobil Corp		166,048,556		1.8
520,599		Schlumberger Ltd		51,362,297		0.6
		Other		406,182,003		4.5
				750,745,667		8.3

FOOD & STAPLES RETAILING
469,264		CVS Corp		40,267,544		0.5
641,768		Wal-Mart Stores, Inc		48,947,645		0.5
		Other		76,206,416		0.8
				165,421,605		1.8

FOOD, BEVERAGE & TOBACCO
796,995		Altria Group, Inc		38,526,739		0.4
1,589,448		Coca-Cola Co		66,566,082		0.7
607,029		PepsiCo, Inc		58,377,979		0.7
630,675		Philip Morris International, Inc		56,136,382		0.6
		Other		203,128,323		2.3
				422,735,505		4.7

HEALTH CARE EQUIPMENT & SERVICES
392,287		UnitedHealth Group, Inc		37,271,188		0.4
		Other		394,358,094		4.4
				431,629,282		4.8

					% of net
Shares		Company		Value		assets

HOUSEHOLD & PERSONAL PRODUCTS
1,088,229		Procter & Gamble Co	$	94,969,745		1.0	%
		Other		69,064,543		0.8
				164,034,288		1.8

INSURANCE
735,862	*	Berkshire Hathaway, Inc (Class B)		103,138,418		1.2
		Other		271,947,480		3.0

				375,085,898		4.2
MATERIALS				330,675,382		3.7

MEDIA
1,030,989		Comcast Corp (Class A)		57,065,241		0.6
694,992		Walt Disney Co		63,508,369		0.7
		Other		186,472,494		2.1
				307,046,104		3.4

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
641,421		AbbVie, Inc		40,704,577		0.4
305,086		Amgen, Inc		49,478,847		0.5
668,556		Bristol-Myers Squibb Co		38,903,274		0.4
323,379	*	Celgene Corp		34,630,657		0.4
618,037	*	Gilead Sciences, Inc		69,220,144		0.8
1,137,309		Johnson & Johnson		122,579,164		1.4
1,176,199		Merck & Co, Inc		68,148,970		0.8
2,566,599		Pfizer, Inc		76,869,640		0.8
		Other		322,627,964		3.6
				823,163,237		9.1

REAL ESTATE				346,210,686		3.8

RETAILING
151,310	*	Amazon.com, Inc		46,219,152		0.5
549,442		Home Depot, Inc		53,581,584		0.6
		Other		278,418,806		3.1
				378,219,542		4.2

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
2,003,581		Intel Corp		68,141,790		0.8
		Other		146,992,215		1.6
				215,134,005		2.4

SOFTWARE & SERVICES
794,757	*	Facebook, Inc		59,598,828		0.7
114,298	*	Google, Inc		63,901,726		0.7
112,943	*	Google, Inc (Class A)		64,136,941		0.7
380,600		International Business Machines Corp		62,570,640		0.7
3,319,732		Microsoft Corp		155,861,417		1.7
1,322,920		Oracle Corp		51,660,026		0.6
202,017		Visa, Inc (Class A)		48,772,964		0.5
		Other		422,044,351		4.6
				928,546,893		10.2

TECHNOLOGY HARDWARE & EQUIPMENT
2,422,125		Apple, Inc		261,589,500		2.9
2,063,561		Cisco Systems, Inc		50,495,338		0.5
679,877		Qualcomm, Inc		53,377,143		0.6
		Other		179,396,998		2.0
				544,858,979		6.0

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

See notes to financial statements

Summary portfolio of investments

concluded

Equity Index Fund ■ October 31, 2014

						% of net
Shares			Company		Value		assets

TELECOMMUNICATION SERVICES
2,086,985			AT&T, Inc	$	72,710,557		0.8	%
1,665,855			Verizon Communications, Inc		83,709,214		0.9
			Other		37,252,283		0.5
					193,672,054		2.2

TRANSPORTATION
365,113			Union Pacific Corp		42,517,409		0.5
			Other		173,275,003		1.9
					215,792,412		2.4

UTILITIES					286,166,437		3.2

		TOTAL COMMON STOCKS (Cost $5,905,203,663)			8,990,865,572		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					14,999,944		0.1

Shares			Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
278,287,735	a,c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		278,287,735		3.1
					278,287,735		3.1

		TOTAL SHORT-TERM INVESTMENTS (Cost $293,287,679)			293,287,679		3.2

		TOTAL PORTFOLIO (Cost $6,198,541,198)			9,284,204,711		102.8

		OTHER ASSETS & LIABILITIES, NET			(254,798,125	)	(2.8	)

		NET ASSETS		$	9,029,406,586		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 by the custodian to cover margin or other requirements on open futures transactions.

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

At 10/31/14, the aggregate value of securities on loan is $275,430,669.

See notes to financial statements

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

Summary portfolio of investments

Large-Cap Growth Index Fund ■ October 31, 2014

					% of net
Shares		Company		Value		assets

COMMON STOCKS

AUTOMOBILES & COMPONENTS			$	14,735,079		0.7	%

BANKS				1,776,545		0.1

CAPITAL GOODS
127,492		3M Co		19,604,445		1.0
141,153		Boeing Co		17,631,421		0.9
152,754		Honeywell International, Inc		14,682,714		0.7
52,689		Lockheed Martin Corp		10,040,943		0.5
		Other		92,906,198		4.4
				154,865,721		7.5

COMMERCIAL & PROFESSIONAL SERVICES				18,667,342		0.9

CONSUMER DURABLES & APPAREL
135,797		Nike, Inc (Class B)		12,625,047		0.6
		Other		29,894,258		1.5
				42,519,305		2.1

CONSUMER SERVICES
191,886		McDonald’s Corp		17,985,475		0.9
146,936		Starbucks Corp		11,102,484		0.5
		Other		33,248,366		1.6
				62,336,325		3.0

DIVERSIFIED FINANCIALS
176,150		American Express Co		15,844,693		0.8
		Other		41,456,667		2.0
				57,301,360		2.8

ENERGY
105,698		EOG Resources, Inc		10,046,595		0.5
252,622		Schlumberger Ltd		24,923,687		1.2
		Other		72,226,857		3.5
				107,197,139		5.2

FOOD & STAPLES RETAILING
80,889		Costco Wholesale Corp		10,788,166		0.5
		Other		18,272,012		0.9
				29,060,178		1.4

FOOD, BEVERAGE & TOBACCO
364,945		Altria Group, Inc		17,641,442		0.8
771,281		Coca-Cola Co		32,301,248		1.6
295,125		PepsiCo, Inc		28,382,171		1.4
179,309		Philip Morris International, Inc		15,960,294		0.8
		Other		59,943,598		2.9
				154,228,753		7.5

HEALTH CARE EQUIPMENT & SERVICES
129,528	*	Express Scripts Holding Co		9,950,341		0.5
		Other		66,489,201		3.2
				76,439,542		3.7

HOUSEHOLD & PERSONAL PRODUCTS
159,881		Colgate-Palmolive Co		10,692,841		0.5
		Other		19,194,830		1.0
				29,887,671		1.5

Shares		Company		Value	% of net assets

INSURANCE			$	10,166,253		0.5	%

MATERIALS
167,355		Du Pont (E.I.) de Nemours & Co		11,572,598		0.6
102,351		Monsanto Co		11,774,459		0.6
		Other		58,475,975		2.8
				81,823,032		4.0

MEDIA
458,813		Comcast Corp (Class A)		25,395,300		1.2
274,378		Twenty-First Century Fox, Inc		9,460,553		0.5
282,582		Walt Disney Co		25,822,343		1.3
		Other		47,497,193		2.3
				108,175,389		5.3

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
308,630		AbbVie, Inc		19,585,660		1.0
49,314	*	Actavis plc		11,970,480		0.6
57,893		Allergan, Inc		11,003,144		0.5
139,408		Amgen, Inc		22,609,189		1.1
46,092	*	Biogen Idec, Inc		14,799,219		0.7
155,672	*	Celgene Corp		16,670,915		0.8
298,339	*	Gilead Sciences, Inc		33,413,968		1.6
		Other		83,583,411		4.2
				213,635,986		10.5

REAL ESTATE				41,875,084		2.0

RETAILING
72,912	*	Amazon.com, Inc		22,271,700		1.1
266,283		Home Depot, Inc		25,967,918		1.3
197,739		Lowe’s Companies, Inc		11,310,671		0.5
10,014	*	Priceline.com, Inc		12,078,987		0.6
		Other		71,331,155		3.5
				142,960,431		7.0

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
208,504		Texas Instruments, Inc		10,354,308		0.5
		Other		34,132,253		1.7
				44,486,561		2.2

SOFTWARE & SERVICES
122,673		Accenture plc		9,951,234		0.5
246,542	*	eBay, Inc		12,943,455		0.6
383,139	*	Facebook, Inc		28,731,594		1.4
55,232	*	Google, Inc		30,879,106		1.5
54,605	*	Google, Inc (Class A)		31,008,541		1.5
183,670		International Business Machines Corp		30,195,348		1.5
195,501		Mastercard, Inc (Class A)		16,373,209		0.8
1,039,461		Microsoft Corp		48,802,694		2.4
638,739		Oracle Corp		24,942,758		1.2
97,335		Visa, Inc (Class A)		23,499,589		1.2
		Other		100,648,228		4.9
				357,975,756		17.5

TECHNOLOGY HARDWARE & EQUIPMENT
1,171,196	d	Apple, Inc		126,489,168		6.2
328,656		Qualcomm, Inc		25,802,782		1.2
		Other		20,971,648		1.0
				173,263,598		8.4

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

See notes to financial statements

Summary portfolio of investments

concluded

Large-Cap Growth Index Fund ■ October 31, 2014

Shares			Company		Value		% of net assets

TELECOMMUNICATION SERVICES
805,623			Verizon Communications, Inc	$	40,482,556		2.0	%
			Other		7,041,398		0.3
					47,523,954		2.3

TRANSPORTATION
176,341			Union Pacific Corp		20,534,909		1.0
137,520			United Parcel Service, Inc (Class B)		14,427,223		0.7
			Other		36,119,218		1.8
					71,081,350		3.5

UTILITIES					1,798,518		0.1

		TOTAL COMMON STOCKS (Cost $1,511,158,828)			2,043,780,872		99.7

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
34,816,628	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		34,816,628		1.7
					34,816,628		1.7

		TOTAL SHORT-TERM INVESTMENTS (Cost $34,816,628)			34,816,628		1.7

		TOTAL PORTFOLIO (Cost $1,545,975,456)			2,078,597,500		101.4

		OTHER ASSETS & LIABILITIES, NET			(28,983,548	)	(1.4	)

		NET ASSETS		$	2,049,613,952		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 by the custodian to cover margin or other requirements on open futures transactions.

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

At 10/31/14, the aggregate value of securities on loan is $34,724,600.

See notes to financial statements

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

Summary portfolio of investments

Large-Cap Value Index Fund ■ October 31, 2014

	Shares		Company		Value	% of net assets

COMMON STOCKS

AUTOMOBILES & COMPONENTS
	1,043,498		Ford Motor Co	$	14,702,887	0.5	%
	431,082		General Motors Co		13,535,975	0.5
			Other		11,284,022	0.4
					39,522,884	1.4

BANKS
	2,823,415		Bank of America Corp		48,449,802	1.8
	817,059		Citigroup, Inc		43,737,168	1.6
	1,018,060		JPMorgan Chase & Co		61,572,269	2.2
	143,679		PNC Financial Services Group, Inc		12,412,429	0.5
	462,082		US Bancorp		19,684,693	0.7
	1,284,579		Wells Fargo & Co		68,198,299	2.5
			Other		58,747,021	2.1
					312,801,681	11.4

CAPITAL GOODS
	132,348		Caterpillar, Inc		13,421,411	0.5
	82,268		General Dynamics Corp		11,497,776	0.4
	2,697,336		General Electric Co		69,618,242	2.5
	218,989		United Technologies Corp		23,431,823	0.9
			Other		103,091,438	3.7
					221,060,690	8.0

COMMERCIAL & PROFESSIONAL SERVICES					21,623,273	0.8

CONSUMER DURABLES & APPAREL					21,285,127	0.8

CONSUMER SERVICES					19,906,686	0.7

DIVERSIFIED FINANCIALS
	306,767		Bank of New York Mellon Corp		11,878,018	0.4
	153,760		Capital One Financial Corp		12,726,715	0.5
	120,297		Goldman Sachs Group, Inc		22,855,227	0.8
	412,425		Morgan Stanley		14,414,254	0.5
			Other		80,588,091	3.0
					142,462,305	5.2

ENERGY
	125,820		Anadarko Petroleum Corp		11,547,760	0.4
	512,065		Chevron Corp		61,422,197	2.2
	330,258		ConocoPhillips		23,828,115	0.9
	1,155,117	d	Exxon Mobil Corp		111,711,365	4.1
	210,979		Occidental Petroleum Corp		18,762,362	0.7
			Other		105,995,189	3.8
					333,266,988	12.1

FOOD & STAPLES RETAILING
	269,859		CVS Corp		23,156,601	0.8
	384,859		Wal-Mart Stores, Inc		29,353,196	1.1
			Other		13,726,590	0.5
					66,236,387	2.4

FOOD, BEVERAGE & TOBACCO
	454,971		Mondelez International, Inc		16,042,277	0.6
	174,755		Philip Morris International, Inc		15,554,943	0.5
			Other		29,955,538	1.1
					61,552,758	2.2

	Shares		Company		Value	% of net assets

HEALTH CARE EQUIPMENT & SERVICES
	404,004		Abbott Laboratories	$	17,610,534		0.6	%
	121,303		Covidien plc		11,213,249		0.4
	268,768		Medtronic, Inc		18,319,227		0.7
	263,575		UnitedHealth Group, Inc		25,042,261		0.9
			Other		82,151,691		3.0
					154,336,962		5.6

HOUSEHOLD & PERSONAL PRODUCTS
	686,385		Procter & Gamble Co		59,900,819		2.2
			Other		7,214,508		0.3
					67,115,327		2.5

	INSURANCE
	389,166		American International Group, Inc		20,847,623		0.8
	492,285	*	Berkshire Hathaway, Inc (Class B)		68,998,666		2.5
	251,702		Metlife, Inc		13,652,316		0.5
			Other		121,642,820		4.4
					225,141,425		8.2

MATERIALS
	271,823		Dow Chemical Co		13,428,056		0.5
			Other		73,110,955		2.7
					86,539,011		3.2

MEDIA
	237,295		Time Warner, Inc		18,857,834		0.7
			Other		31,172,360		1.1
					50,030,194		1.8

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	286,650		Bristol-Myers Squibb Co		16,680,163		0.6
	264,642		Eli Lilly & Co		17,553,704		0.6
	641,511		Johnson & Johnson		69,142,056		2.5
	676,050		Merck & Co, Inc		39,170,337		1.4
	1,715,847		Pfizer, Inc		51,389,618		1.9
			Other		26,608,108		1.1
					220,543,986		8.1

REAL ESTATE					130,247,103		4.7

RETAILING					37,696,368		1.4

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,222,887		Intel Corp		41,590,387		1.5
			Other		25,035,706		0.9
					66,626,093		2.4

SOFTWARE & SERVICES
	784,420		Microsoft Corp		36,828,519		1.3
	270,921	*	Yahoo!, Inc		12,475,912		0.5
			Other		32,882,728		1.2
					82,187,159		3.0

TECHNOLOGY HARDWARE & EQUIPMENT
	1,377,914		Cisco Systems, Inc		33,717,555		1.2
	496,279		EMC Corp		14,258,096		0.5
	508,973		Hewlett-Packard Co		18,261,951		0.7
			Other		36,270,019		1.4
					102,507,621		3.8


24	2014 Annual Report ■ TIAA-CREF Funds: Equity Index Funds		See notes to financial statements

Summary portfolio of investments

concluded

Large-Cap Value Index Fund ■ October 31, 2014

	Shares		Company		Value		% of net assets

TELECOMMUNICATION SERVICES
	1,396,222		AT&T, Inc	$	48,644,375		1.8	%
			Other		11,814,081		0.4
					60,458,456		2.2

TRANSPORTATION					38,018,696		1.4

UTILITIES
	190,248		Duke Energy Corp		15,628,873		0.6
	117,315		NextEra Energy, Inc		11,757,309		0.4
			Other		146,306,581		5.3
					173,692,763		6.3

		TOTAL COMMON STOCKS
			(Cost $2,321,157,222)		2,734,859,943		99.6

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	45,999,401	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		45,999,401		1.7
					45,999,401		1.7

		TOTAL SHORT-TERM INVESTMENTS
			(Cost $45,999,401)		45,999,401		1.7

		TOTAL PORTFOLIO
			(Cost $2,367,156,623)		2,780,859,344		101.3
		OTHER ASSETS & LIABILITIES, NET			(34,021,098	)	(1.3	)
		NET ASSETS		$	2,746,838,246		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 by the custodian to cover margin or other requirements on open futures transactions.

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

At 10/31/14, the aggregate value of securities on loan is $45,444,556.

See notes to financial statements

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

Summary portfolio of investments

S&P 500 Index Fund ■ October 31, 2014

	Shares		Company		Value	% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	24,981,486	1.0	%

BANKS
	1,434,830		Bank of America Corp		24,621,683	1.0
	413,388		Citigroup, Inc		22,128,659	0.9
	513,043		JPMorgan Chase & Co		31,028,841	1.3
	647,379		Wells Fargo & Co		34,369,351	1.4
			Other		35,655,568	1.4
					147,804,102	6.0

CAPITAL GOODS
	88,386		3M Co		13,591,115	0.6
	91,426		Boeing Co		11,420,022	0.5
	1,368,574		General Electric Co		35,322,895	1.4
	116,058		United Technologies Corp		12,418,206	0.5
			Other		113,470,808	4.6
					186,223,046	7.6

COMMERCIAL & PROFESSIONAL SERVICES					15,418,098	0.6

CONSUMER DURABLES & APPAREL					32,643,969	1.3

CONSUMER SERVICES
	133,958		McDonald’s Corp		12,555,883	0.5
			Other		26,992,174	1.1
					39,548,057	1.6

DIVERSIFIED FINANCIALS					100,074,138	4.0

ENERGY
	259,008		Chevron Corp		31,068,010	1.2
	167,729		ConocoPhillips		12,101,647	0.5
	581,671	d	Exxon Mobil Corp		56,253,402	2.3
	176,855		Schlumberger Ltd		17,448,514	0.7
			Other		107,903,831	4.4
					224,775,404	9.1

FOOD & STAPLES RETAILING
	157,969		CVS Corp		13,555,320	0.5
	215,385		Wal-Mart Stores, Inc		16,427,414	0.7
			Other		21,791,136	0.9
					51,773,870	2.1

FOOD, BEVERAGE & TOBACCO
	270,159		Altria Group, Inc		13,059,486	0.5
	537,552		Coca-Cola Co		22,512,678	0.9
	205,419		PepsiCo, Inc		19,755,145	0.8
	213,063		Philip Morris International, Inc		18,964,738	0.8
			Other		59,264,096	2.4
					133,556,143	5.4

HEALTH CARE EQUIPMENT & SERVICES
	132,531		UnitedHealth Group, Inc		12,591,771	0.5
			Other		98,007,914	4.0
					110,599,685	4.5

HOUSEHOLD & PERSONAL PRODUCTS
	369,310		Procter & Gamble Co		32,229,684	1.3
			Other		18,351,293	0.8
					50,580,977	2.1

	Shares		Company		Value	% of net assets

INSURANCE
	248,634	*	Berkshire Hathaway, Inc (Class B)	$	34,848,542	1.4	%
			Other		68,169,851	2.8
					103,018,393	4.2
MATERIALS					80,336,564	3.3

MEDIA
	352,997		Comcast Corp (Class A)		19,538,384	0.8
	215,410		Walt Disney Co		19,684,166	0.8
			Other		46,229,990	1.9
					85,452,540	3.5

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	217,157		AbbVie, Inc		13,780,783	0.6
	103,601		Amgen, Inc		16,802,010	0.7
	226,140		Bristol-Myers Squibb Co		13,159,087	0.5
	109,049	*	Celgene Corp		11,678,057	0.5
	206,208	*	Gilead Sciences, Inc		23,095,296	0.9
	384,656		Johnson & Johnson		41,458,224	1.7
	393,460		Merck & Co, Inc		22,797,072	0.9
	864,344		Pfizer, Inc		25,887,103	1.1
			Other		70,189,937	2.8
					238,847,569	9.7

REAL ESTATE					58,322,520	2.4

RETAILING
	51,681	*	Amazon.com, Inc		15,786,478	0.7
	183,600		Home Depot, Inc		17,904,672	0.7
			Other		68,871,369	2.8
					102,562,519	4.2

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	675,291		Intel Corp		22,966,647	0.9
			Other		35,030,673	1.4
					57,997,320	2.3

SOFTWARE & SERVICES
	283,940	*	Facebook, Inc		21,292,661	0.9
	38,746	*	Google, Inc		21,662,114	0.9
	38,749	*	Google, Inc (Class A)		22,004,395	0.9
	126,545		International Business Machines Corp		20,803,998	0.8
	134,263		Mastercard, Inc (Class A)		11,244,526	0.4
	1,123,801		Microsoft Corp		52,762,457	2.1
	443,610		Oracle Corp		17,322,970	0.7
	67,154		Visa, Inc (Class A)		16,212,990	0.7
			Other		70,570,093	2.9
					253,876,204	10.3

TECHNOLOGY HARDWARE & EQUIPMENT
	816,817		Apple, Inc		88,216,236	3.6
	695,309		Cisco Systems, Inc		17,014,211	0.7
	228,596		Qualcomm, Inc		17,947,072	0.7
			Other		43,283,853	1.8
					166,461,372	6.8

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

See notes to financial statements

Summary portfolio of investments

concluded

S&P 500 Index Fund ■ October 31, 2014

	Shares		Company		Value		% of net assets

TELECOMMUNICATION SERVICES
	706,363		AT&T, Inc	$	24,609,687			1.0	%
	565,405		Verizon Communications, Inc		28,411,601			1.2
			Other		5,001,675			0.2
					58,022,963			2.4

TRANSPORTATION
	122,412		Union Pacific Corp		14,254,877			0.6
			Other		38,536,908			1.5
					52,791,785			2.1

UTILITIES					77,308,630			3.1

		TOTAL COMMON STOCKS
			(Cost $1,688,221,481)		2,452,977,354			99.6

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	19,726,065	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		19,726,065			0.8
					19,726,065			0.8
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $19,726,065)		19,726,065			0.8
		TOTAL PORTFOLIO
			(Cost $1,707,947,546)		2,472,703,419			100.4
		OTHER ASSETS & LIABILITIES, NET			(10,566,773	)		(0.4	)
		NET ASSETS		$	2,462,136,646			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 by the custodian to cover margin or other requirements on open futures transactions.

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

At 10/31/14, the aggregate value of securities on loan is $19,471,255.

See notes to financial statements

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

Summary portfolio of investments

Small-Cap Blend Index Fund ■ October 31, 2014

Shares			Company	Value		% of net assets
COMMON STOCKS

AUTOMOBILES & COMPONENTS
	158,866		Dana Holding Corp	$	3,250,398		0.2	%
	57,217	*	Tenneco, Inc		2,995,882		0.2
			Other		12,600,362		0.8
					18,846,642		1.2

BANKS
	337,895		Investors Bancorp, Inc		3,632,371		0.2
	65,386		Prosperity Bancshares, Inc		3,948,661		0.3
	181,517	e	Radian Group, Inc		3,058,561		0.2
			Other		145,277,393		8.9
					155,916,986		9.6

CAPITAL GOODS
	47,538		Clarcor, Inc		3,183,144		0.2
	45,250		Curtiss-Wright Corp		3,131,752		0.2
	29,824	*	Esterline Technologies Corp		3,492,689		0.2
	63,241		Heico Corp		3,430,192		0.2
	41,673	*	Moog, Inc (Class A)		3,189,651		0.2
	35,266	*	Teledyne Technologies, Inc		3,654,616		0.2
	62,314		Woodward Governor Co		3,191,100		0.2
			Other		115,815,713		7.1
					139,088,857		8.5
COMMERCIAL & PROFESSIONAL SERVICES					59,513,491		3.7

CONSUMER DURABLES & APPAREL
	86,939		Brunswick Corp		4,068,745		0.2
			Other		40,719,953		2.5
					44,788,698		2.7
CONSUMER SERVICES					65,169,481		4.0

DIVERSIFIED FINANCIALS
	49,124	e	iShares Russell 2000 Index Fund		5,725,893		0.4
			Other		42,951,529		2.6
					48,677,422		3.0

ENERGY
	40,062		SemGroup Corp		3,074,758		0.2
			Other		71,462,080		4.4
					74,536,838		4.6

FOOD & STAPLES RETAILING
	46,599	*	United Natural Foods, Inc		3,169,664		0.2
			Other		12,386,756		0.8
					15,556,420		1.0

FOOD, BEVERAGE & TOBACCO
	39,693	*	TreeHouse Foods, Inc		3,380,653		0.2
			Other		26,441,989		1.6
					29,822,642		1.8

HEALTH CARE EQUIPMENT & SERVICES
	71,134	*	DexCom, Inc		3,197,473		0.2
	82,461		Healthsouth Corp		3,325,652		0.2
	55,484		STERIS Corp		3,428,911		0.2


Shares			Company		Value	% of net assets
HEALTH CARE EQUIPMENT & SERVICES–continued
	65,744	*	Team Health Holdings, Inc	$	4,111,630		0.2	%
	66,366		West Pharmaceutical Services, Inc		3,401,258		0.2
			Other		87,529,254		5.4
					104,994,178		6.4
HOUSEHOLD & PERSONAL PRODUCTS					5,708,794		0.4

INSURANCE
	204,116		Conseco, Inc		3,700,623		0.2
	100,224		First American Financial Corp		3,038,792		0.2
			Other		35,787,050		2.2
					42,526,465		2.6

MATERIALS
	305,025	*	Graphic Packaging Holding Co		3,699,953		0.2
	88,203		PolyOne Corp		3,264,393		0.2
			Other		70,229,406		4.3
					77,193,752		4.7
MEDIA					21,648,336		1.3

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	66,230	*,e	Cepheid, Inc		3,510,852		0.2
	110,182	*,e	Isis Pharmaceuticals, Inc		5,074,983		0.3
	33,445	*,e	Pacira Pharmaceuticals, Inc		3,104,365		0.2
	21,834	*,e	Puma Biotechnology, Inc		5,471,600		0.4
			Other		104,597,203		6.4
					121,759,003		7.5

REAL ESTATE
	151,236		CubeSmart		3,183,518		0.2
	84,388		Highwoods Properties, Inc		3,617,714		0.2
	97,476		LaSalle Hotel Properties		3,822,034		0.2
	123,168		RLJ Lodging Trust		3,968,473		0.3
	234,417	*	Strategic Hotels & Resorts, Inc		3,012,258		0.2
			Other		135,714,526		8.3
					153,318,523		9.4
RETAILING					62,212,376		3.8

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	266,886	*,e	RF Micro Devices, Inc		3,472,187		0.2
	160,147	*	Triquint Semiconductor, Inc		3,463,980		0.2
			Other		49,343,671		3.1
					56,279,838		3.5

SOFTWARE & SERVICES
	86,832	*	Aspen Technology, Inc		3,206,706		0.2
	64,418	*	Guidewire Software, Inc		3,217,035		0.2
	63,553		MAXIMUS, Inc		3,079,778		0.2
	64,147	*	SS&C Technologies Holdings, Inc		3,099,583		0.2
	31,293	*	Tyler Technologies, Inc		3,502,313		0.2
	26,575	*	Ultimate Software Group, Inc		3,999,803		0.2
	56,433	*	Verint Systems, Inc		3,244,333		0.2
	36,381	*	WEX, Inc		4,131,426		0.3
			Other		124,719,581		7.6
					152,200,558		9.3

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

See notes to financial statements

Summary portfolio of investments

concluded

Small-Cap Blend Index Fund ■ October 31, 2014

							% of net
Shares			Company	Value				assets
TECHNOLOGY HARDWARE & EQUIPMENT
	81,276	*	Cognex Corp	$	3,215,278				0.2	%
	39,607		FEI Co		3,338,078				0.2
			Other		72,330,782				4.4
					78,884,138				4.8
TELECOMMUNICATION SERVICES					12,128,636				0.8
TRANSPORTATION					29,269,434				1.7
UTILITIES
	56,566		Cleco Corp		3,040,988				0.2
	114,116	*	Dynegy, Inc		3,480,538				0.2
			Other		50,175,020				3.1
					56,696,546				3.5
		TOTAL COMMON STOCKS
			(Cost $1,223,230,142)		1,626,738,054				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
SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	286,165,959	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		286,165,959				17.6
					286,165,959				17.6
		TOTAL SHORT-TERM INVESTMENTS
			(Cost $286,165,959)		286,165,959				17.6
		TOTAL PORTFOLIO
			(Cost $1,509,536,057)		1,913,048,492				117.4
		OTHER ASSETS & LIABILITIES, NET			(282,976,508	)			(17.4	)
		NET ASSETS		$	1,630,071,984				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 $282,330,911.

“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 Annual Report

Summary portfolio of investments

Emerging Markets Equity Index Fund ■ October 31, 2014

						% of net
Shares			Company	Value		assets
COMMON STOCKS

BRAZIL
	1,122,451		AMBEV S.A.	$	7,431,068		0.7	%
	503,864		Banco Bradesco S.A. (Preference)		7,588,767		0.8
	660,781		Banco Itau Holding Financeira S.A.		9,800,114		1.0
	157,256		BRF S.A.		4,096,275		0.4
	727,572		Petroleo Brasileiro S.A.		4,301,598		0.4
	1,021,946		Petroleo Brasileiro S.A. (Preference)		6,301,842		0.6
	459,773		Vale S.A. (Preference)		3,998,591		0.4
			Other		48,826,018		4.9
					92,344,273		9.2
CHILE					13,390,016		1.3
CHINA
	19,600,000		Bank of China Ltd		9,381,559		0.9
	17,625,350		China Construction Bank		13,150,254		1.3
	1,841,000		China Life Insurance Co Ltd		5,493,490		0.6
	1,467,000		China Mobile Hong Kong Ltd		18,253,163		1.8
	4,576,000		CNOOC Ltd		7,165,507		0.7
	18,083,000		Industrial & Commercial Bank of China		12,006,388		1.2
	511,500		Ping An Insurance Group Co of China Ltd		4,181,373		0.4
	1,231,700		Tencent Holdings Ltd		19,796,207		2.0
			Other		90,464,425		9.0
					179,892,366		17.9
COLOMBIA					8,519,390		0.8
CZECH REPUBLIC					2,102,580		0.2
EGYPT					2,293,681		0.2
GREECE					5,015,404		0.5
HONG KONG					7,985,844		0.8
HUNGARY					1,869,243		0.2
INDIA
	353,690		Housing Development Finance Corp		6,370,204		0.7
	109,298		Infosys Technologies Ltd		7,245,429		0.7
	319,111		Reliance Industries Ltd		5,179,233		0.5
	112,224		Tata Consultancy Services Ltd		4,766,504		0.5
			Other		44,493,132		4.4
					68,054,502		6.8
INDONESIA					24,559,179		2.4
KOREA, REPUBLIC OF
	136,234	*	Hynix Semiconductor, Inc		6,075,258		0.6
	16,125		Hyundai Mobis		3,772,679		0.4
	36,580		Hyundai Motor Co		5,804,572		0.6
	91,404		KB Financial Group, Inc		3,583,014		0.4
	6,711		Naver Corp		4,748,851		0.5
	15,630		POSCO		4,514,523		0.4
	26,306		Samsung Electronics Co Ltd		30,676,544		3.0
	4,894		Samsung Electronics Co Ltd (Preference)		4,517,470		0.4
	101,711		Shinhan Financial Group Co Ltd		4,787,107		0.5
			Other		67,417,641		6.7
					135,897,659		13.5

						% of net
Shares			Company		Value	assets
MALAYSIA
	658,140		Public Bank BHD	$	3,709,634		0.3	%
			Other		32,998,447		3.3
					36,708,081		3.6
MEXICO
	8,107,470		America Movil S.A. de C.V. (Series L)		9,891,821		1.0
	2,908,791	*,e	Cemex S.A. de C.V.		3,583,540		0.4
	464,237		Fomento Economico Mexicano S.A. de C.V.		4,465,087		0.4
	592,987		Grupo Financiero Banorte S.A. de C.V.		3,804,188		0.4
	614,426		Grupo Televisa S.A.		4,440,430		0.4
			Other		24,723,532		2.5
					50,908,598		5.1
PERU					2,935,094		0.3
PHILIPPINES					11,307,998		1.1
POLAND					15,262,313		1.5
QATAR					6,032,153		0.6
RUSSIA
	928,409		Gazprom OAO (ADR)		6,151,464		0.6
	121,191		LUKOIL (ADR)		5,940,701		0.6
	56,741		Magnit OAO (GDR)		3,808,418		0.4
	667,834		Sberbank of Russian Federation (ADR)		5,085,516		0.5
			Other		21,051,400		2.1
					42,037,499		4.2
SOUTH AFRICA
	403,785		MTN Group Ltd		8,941,031		0.9
	94,801		Naspers Ltd (N Shares)		11,824,447		1.2
	138,478		Sasol Ltd		6,914,926		0.7
	287,187	e	Standard Bank Group Ltd		3,616,480		0.3
			Other		42,429,941		4.2
					73,726,825		7.3
TAIWAN
	2,022,270		Cathay Financial Holding Co Ltd		3,333,440		0.3
	2,992,153		Hon Hai Precision Industry Co, Ltd		9,470,155		0.9
	338,961		MediaTek, Inc		4,841,366		0.5
	5,873,000		Taiwan Semiconductor Manufacturing Co Ltd		25,458,694		2.5
			Other		71,290,679		7.1
					114,394,334		11.3
THAILAND					20,895,812		2.1
TURKEY					15,614,637		1.6
UNITED ARAB EMIRATES					4,932,648		0.5
UNITED STATES
	229,500		iShares Core MSCI Emerging Markets ETF		11,573,685		1.1
	478,000	e	iShares MSCI Emerging Markets		20,147,700		2.0
	371,000		Vanguard Emerging Markets ETF		15,819,440		1.6
			Other		3,844,652		0.4
					51,385,477		5.1
		TOTAL COMMON STOCKS
			(Cost $958,794,754)		988,065,606		98.1

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

See notes to financial statements

Summary portfolio of investments

concluded

Emerging Markets Equity Index Fund ■ October 31, 2014

Shares

Company

Value

% of net
assets

PREFERRED STOCKS

BRAZIL

3,066,403

0.3

PHILIPPINES

686

0.0

TOTAL PREFERRED STOCKS

(Cost $3,080,562)

3,067,089

0.3

RIGHTS / WARRANTS

CHINA

32,962

0.0

TOTAL RIGHTS / WARRANTS

(Cost $0)

32,962

0.0

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

48,793,793

TIAA-CREF Short Term Lending Portfolio of the

State Street Navigator Securities Lending Trust

48,793,793

4.8

48,793,793

4.8

TOTAL SHORT-TERM INVESTMENTS

(Cost $48,793,793)

48,793,793

4.8

TOTAL PORTFOLIO

(Cost $1,010,669,109)

1,039,959,450

103.2

OTHER ASSETS & LIABILITIES, NET

(33,001,742

)

(3.2

)

NET ASSETS

1,006,957,708

100.0

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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $46,470,429.

“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 Annual Report

Summary of market values by sector

Emerging Markets Equity Index Fund ■ October 31, 2014

Sector		Value		% of net assets

FINANCIALS	$	303,572,511		30.0	%

INFORMATION TECHNOLOGY		161,822,099		16.1

ENERGY		85,750,573		8.5

CONSUMER DISCRETIONARY		84,224,370		8.4

CONSUMER STAPLES		79,224,025		7.9

MATERIALS		75,038,269		7.5

TELECOMMUNICATION SERVICES		73,850,692		7.3

INDUSTRIALS		61,171,705		6.1

UTILITIES		45,980,387		4.6

HEALTH CARE		20,531,026		2.0

SHORT-TERM INVESTMENTS		48,793,793		4.8

OTHER ASSETS & LIABILITIES, NET		(33,001,742	)	(3.2	)

NET ASSETS	$	1,006,957,708		100.0	%

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

See notes to financial statements

Summary portfolio of investments

International Equity Index Fund ■ October 31, 2014

Shares			Company	Value		% of net assets

COMMON STOCKS

AUSTRALIA
	1,236,908	e	Australia & New Zealand Banking Group Ltd	$	36,600,812		0.6	%
	1,466,276		BHP Billiton Ltd		43,866,325		0.7
	957,740		BHP Billiton plc		24,744,747		0.4
	739,829		Commonwealth Bank of Australia		52,608,811		0.9
	1,076,227		National Australia Bank Ltd		33,293,895		0.6
	1,419,639		Westpac Banking Corp		43,574,770		0.7
			Other		244,485,773		4.2
					479,175,133		8.1
AUSTRIA					13,306,291		0.2

BELGIUM

	364,001		InBev NV		40,365,661		0.7
			Other		31,635,416		0.5
					72,001,077		1.2

CHINA					935,721		0.0

DENMARK
	916,472		Novo Nordisk AS		41,427,026		0.7
			Other		48,259,581		0.8
					89,686,607		1.5
FINLAND					51,288,866		0.9

FRANCE
	478,709		BNP Paribas		30,083,058		0.5
	541,101		Sanofi-Aventis		49,099,522		0.8
	970,293		Total S.A.		57,929,652		1.0
			Other		405,411,721		6.9
					542,523,953		9.2

GERMANY
	206,082		Allianz AG.		32,771,597		0.6
	415,269		BASF AG.		36,693,229		0.6
	377,366		Bayer AG.		53,971,550		0.9
	434,565		Daimler AG. (Registered)		33,882,588		0.6
	421,601		SAP AG.		28,725,961		0.5
	362,178		Siemens AG.		40,851,296		0.7
			Other		276,932,702		4.7
					503,828,923		8.6

HONG KONG
	5,509,600		AIA Group Ltd		30,745,908		0.5
			Other		149,371,963		2.6
					180,117,871		3.1

IRELAND					38,074,075		0.7

ISRAEL					32,792,640		0.6

ITALY
	1,158,158		ENI S.p.A.		24,674,433		0.4
			Other		102,849,321		1.8
					127,523,754		2.2

Shares			Company	Value		% of net assets

JAPAN
	5,788,880		Mitsubishi UFJ Financial Group, Inc	$	33,744,616		0.6	%
	438,100		Softbank Corp		31,893,422		0.5
	1,249,700		Toyota Motor Corp		75,203,419		1.3
			Other		1,102,987,498		18.7
					1,243,828,955		21.1

JERSEY, C.I.					2,304,553		0.0

LUXEMBOURG					20,273,406		0.3

MACAU					3,874,835		0.1

MEXICO					1,132,113		0.0

NETHERLANDS
	1,749,452	*	ING Groep NV		25,052,785		0.4
	1,793,220		Royal Dutch Shell plc (A Shares)		64,056,962		1.1
	1,107,856		Royal Dutch Shell plc (B Shares)		40,930,214		0.7
			Other		92,702,767		1.6
					222,742,728		3.8

NEW ZEALAND					8,034,086		0.1

NORWAY					43,284,976		0.7

PORTUGAL					10,110,921		0.2

SINGAPORE					85,108,410		1.4

SOUTH AFRICA					2,268,363		0.0

SPAIN
	2,699,505		Banco Bilbao Vizcaya Argentaria S.A.		30,193,655		0.5
	5,451,340		Banco Santander Central Hispano S.A.		48,165,446		0.8
	1,848,705		Telefonica S.A.		27,818,719		0.5
			Other		94,475,919		1.6
					200,653,739		3.4

SWEDEN					174,630,153		3.0

SWITZERLAND
	4,794,591		Glencore Xstrata plc		24,599,295		0.4
	1,468,992		Nestle S.A.		107,727,200		1.8
	1,039,739		Novartis AG.		96,490,746		1.7
	317,580		Roche Holding AG.		93,718,293		1.6
	1,647,427		UBS AG.		28,645,681		0.5
			Other		206,696,877		3.5
					557,878,092		9.5

UNITED KINGDOM
	576,636		AstraZeneca plc		42,122,308		0.7
	7,505,368		Barclays plc		28,865,033		0.5
	1,540,337		BG Group plc		25,671,306		0.4
	8,409,580		BP plc		60,506,096		1.0
	846,231		British American Tobacco plc		47,962,342		0.8
	1,148,273		Diageo plc		33,865,302		0.6
	2,216,478		GlaxoSmithKline plc		50,123,352		0.9
	8,689,849		HSBC Holdings plc		88,596,169		1.5
	25,896,421	*	Lloyds TSB Group plc		31,979,201		0.6
	1,684,629		National Grid plc		24,999,834		0.4

See notes to financial statements

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

Summary portfolio of investments

concluded

International Equity Index Fund ■ October 31, 2014

Shares			Company	Value		% of net assets

UNITED KINGDOM–continued
	1,155,018		Prudential plc	$	26,745,630		0.5	%
	297,827		Reckitt Benckiser Group plc		25,084,022		0.4
	577,993		Rio Tinto plc		27,501,744		0.5
	437,044		SABMiller plc		24,720,500		0.4
	745,262		Unilever NV		28,885,198		0.5
	12,080,141		Vodafone Group plc		40,171,956		0.7
			Other		484,100,219		8.2
					1,091,900,212		18.6

UNITED STATES					33,239,382		0.6

		TOTAL COMMON STOCKS
			(Cost $5,165,969,007)		5,832,519,835		99.1

RIGHTS / WARRANTS

HONG KONG					1,153		0.0

SPAIN					1,035,146		0.0

		TOTAL RIGHTS / WARRANTS
			(Cost $1,047,086)		1,036,299		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT					22,699,433		0.4

Shares				Company	Value			% of net assets

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	183,755,836	a,c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	183,755,836			3.1	%
						183,755,836			3.1

			TOTAL SHORT-TERM INVESTMENTS
				(Cost $206,455,269)		206,455,269			3.5

			TOTAL PORTFOLIO
				(Cost $5,373,471,362)		6,040,011,403			102.6

			OTHER ASSETS & LIABILITIES, NET			(152,676,090	)		(2.6	)

			NET ASSETS		$	5,887,335,313			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 $174,850,104.

“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 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary of market values by sector

International Equity Index Fund ■ October 31, 2014

Sector	Value			% of net assets

FINANCIALS	$	1,541,727,686			26.1	%

INDUSTRIALS		727,103,046			12.3

CONSUMER DISCRETIONARY		682,696,493			11.6

HEALTH CARE		641,700,767			10.9

CONSUMER STAPLES		640,810,780			10.9

MATERIALS		439,187,631			7.5

ENERGY		371,777,650			6.3

TELECOMMUNICATION SERVICES		292,539,501			5.0

INFORMATION TECHNOLOGY		269,197,593			4.6

UTILITIES		226,814,987			3.9

SHORT-TERM INVESTMENTS		206,455,269			3.5

OTHER ASSETS & LIABILITIES, NET		(152,676,090	)		(2.6	)

NET ASSETS	$	5,887,335,313			100.0	%

See notes to financial statements

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

Statements of assets and liabilities

TIAA-CREF Funds ■ October 31, 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*^†		$	9,005,916,976		$	2,078,597,500	$	2,780,859,344	$	2,472,703,419		$	1,626,882,533	$	1,039,959,450		$	5,856,255,567
Affiliated investments, at value^‡			278,287,735			—		—		—			286,165,959		—			183,755,836
Cash			13,968,489			9,381,303		20,222,174		4,467,051			3,620,802		16,775,295			14,587,633
Cash – foreign^			—			—		—		—			—		429,929			190,442
Receivable from securities transactions			1,409,212			375,705		804,033		—			403,155		409,905			3,107,903
Receivable from Fund shares sold			1,767,499			3,058,675		3,314,874		2,861,127			946,356		3,029,770			9,461,842
Dividends and interest receivable			8,312,587			1,561,104		2,942,493		2,417,845			1,066,466		557,128			14,687,056
Receivable for variation margin on open futures contracts			328,440			11,400		36,476		17,260			22,419		56,940			622,664
Other			217,855			65,968		72,021		93,073			66,783		15,158			176,405
Total assets			9,310,208,793			2,093,051,655		2,808,251,415		2,482,559,775			1,919,174,473		1,061,233,575			6,082,845,348
LIABILITIES
Management fees payable			29,219			6,617		8,868		7,951			5,253		11,382			18,988
Service agreement fees payable			6,376			6,039		7,774		13,165			9,576		1,024			15,064
Distribution fees payable			138,766			—		—		—			—		2,374			23,407
Due to affiliates			74,018			15,455		19,450		19,557			13,785		7,963			51,302
Payable for collateral for securities loaned			278,287,735			34,816,628		45,999,401		19,726,065			286,165,959		48,793,793			183,755,836
Payable for securities transactions			—			8,191,679		14,920,475		—			2,040,368		4,701,773			10,135,078
Payable for Fund shares redeemed			1,867,467			247,005		257,246		504,126			766,610		245,681			1,134,588
Accrued expenses and other payables			398,626			154,280		199,955		152,265			100,938		511,877			375,772
Total liabilities			280,802,207			43,437,703		61,413,169		20,423,129			289,102,489		54,275,867			195,510,035
NET ASSETS		$	9,029,406,586		$	2,049,613,952	$	2,746,838,246	$	2,462,136,646		$	1,630,071,984	$	1,006,957,708		$	5,887,335,313
NET ASSETS CONSIST OF:
Paid-in-capital		$	5,818,752,936		$	1,469,787,978	$	2,259,168,743	$	1,707,118,396		$	1,159,489,167	$	976,281,473		$	5,044,898,140
Undistributed net investment income (loss)			125,386,221			21,238,679		37,938,991		33,997,660			16,825,556		16,367,737			177,891,886
Accumulated net realized gain (loss) on total investments			(1,718,118	)		25,944,523		35,953,821		(43,770,027	)		50,226,293		(14,946,759	)		(2,817,560	)
Net unrealized appreciation (depreciation) on total investments			3,086,985,547			532,642,772		413,776,691		764,790,617			403,530,968		29,255,257			667,362,847
NET ASSETS		$	9,029,406,586		$	2,049,613,952	$	2,746,838,246	$	2,462,136,646		$	1,630,071,984	$	1,006,957,708		$	5,887,335,313
INSTITUTIONAL CLASS:
Net assets		$	7,998,323,200		$	1,750,638,197	$	2,362,545,855	$	1,808,921,034		$	1,154,538,852	$	942,827,425		$	4,949,536,437
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			515,545,526			83,232,498		131,460,779		78,937,249			60,074,112		88,291,848			263,059,668
Net asset value per share			$15.51			$21.03		$17.97		$22.92			$19.22		$10.68			$18.82
PREMIER CLASS:
Net assets		$	70,236,330		$	—	$	—	$	—		$	—	$	4,474,674		$	191,664,977
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			4,541,775			—		—		—			—		420,028			10,213,743
Net asset value per share			$15.46			$—		$—		$—			$—		$10.65			$18.77
RETIREMENT CLASS:
Net assets		$	314,958,362		$	298,975,755	$	384,292,391	$	653,215,612		$	475,533,132	$	50,771,072		$	746,133,899
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			20,051,686			14,134,854		21,106,906		28,684,709			24,699,255		4,771,654			38,964,159
Net asset value per share			$15.71			$21.15		$18.21		$22.77			$19.25		$10.64			$19.15
RETAIL CLASS:
Net assets		$	645,888,694		$	—	$	—	$	—		$	—	$	8,884,537		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			41,016,670			—		—		—			—		835,930			—
Net asset value per share			$15.75			$—		$—		$—			$—		$10.63			$—
*	Includes securities loaned of	$	275,430,669		$	34,724,600	$	45,444,556	$	19,471,255		$	282,330,911	$	46,470,429		$	174,850,104
^†	Portfolio investments, cost	$	5,920,253,463		$	1,545,975,456	$	2,367,156,623	$	1,707,947,546		$	1,223,370,098	$	1,010,669,109		$	5,189,715,526
^‡	Affiliated investments, cost	$	278,287,735		$	—	$	—	$	—		$	286,165,959	$	—		$	183,755,836
^	Foreign cash, cost	$	—		$	—	$	—	$	—		$	—	$	441,148		$	190,743

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

See notes to financial statements

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

Statements of operations

TIAA-CREF Funds ■ For the year ended October 31, 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^*		$	157,765,734		$	27,119,307	$	47,433,085	$	44,114,787		$	20,795,990	$	21,106,109		$	215,000,660
Income from securities lending			3,200,993			330,401		268,340		89,002			4,721,777		274,727			4,807,674
Interest			6,102			1,147		2,348		472			697		475			3,973
Total income			160,972,829			27,450,855		47,703,773		44,204,261			25,518,464		21,381,311			219,812,307

EXPENSES
Management fees			3,327,780			678,155		832,388		870,652			654,765		1,185,916			2,314,917
Shareholder servicing – Institutional Class			14,573			4,137		4,627		4,305			4,524		11,135			18,085
Shareholder servicing – Premier Class			235			—		—		—			—		154			344
Shareholder servicing – Retirement Class			728,658			663,819		826,773		1,390,955			1,247,505		99,460			1,969,803
Shareholder servicing – Retail Class			308,387			—		—		—			—		11,738			—
Distribution fees – Premier Class			95,203			—		—		—			—		6,361			286,079
Distribution fees – Retail Class			1,477,624			—		—		—			—		19,382			—
Administrative service fees			428,136			85,600		103,699		111,296			85,259		43,843			300,594
Custody and accounting fees			102,520			45,342		55,979		47,824			42,181		485,289			402,804
Trustee fees and expenses			70,565			13,804		16,746		18,321			14,267		7,236			49,590
Other expenses			469,310			227,453		291,465		195,775			193,197		254,290			466,956
Total expenses			7,022,991			1,718,310		2,131,677		2,639,128			2,241,698		2,124,804			5,809,172
Net investment income (loss)			153,949,838			25,732,545		45,572,096		41,565,133			23,276,766		19,256,507			214,003,135

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			49,187,522			29,357,109		55,248,752		(25,929,293	)		61,669,665		(3,828,306	)		18,351,174
Futures transactions			4,116,823			94,266		1,063,467		169,056			181,002		(1,674,773	)		(1,003,867	)
Foreign currency transactions			(61	)		—		—		—			314		(218,413	)		(951,699	)
Net realized gain (loss) on total investments			53,304,284			29,451,375		56,312,219		(25,760,237	)		61,850,981		(5,721,492	)		16,395,608
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			1,025,101,121			210,795,598		207,251,021		328,180,978			42,279,184		(5,731,586	)		(221,140,195	)
Futures transactions			981,819			29,984		94,719		59,046			112,671		450,479			1,320,043
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			9			—		—		—			22		(12,082	)		(630,795	)
Net change in unrealized appreciation (depreciation) on total investments			1,026,082,949			210,825,582		207,345,740		328,240,024			42,391,877		(5,293,189	)		(220,450,947	)
Net realized and unrealized gain (loss) on total investments			1,079,387,233			240,276,957		263,657,959		302,479,787			104,242,858		(11,014,681	)		(204,055,339	)
Net increase (decrease) in net assets from operations		$	1,233,337,071		$	266,009,502	$	309,230,055	$	344,044,920		$	127,519,624	$	8,241,826		$	9,947,796
*	Net of foreign withholding taxes of	$	52,076		$	5,417	$	18,802	$	4,007		$	12,608	$	2,620,987		$	14,114,096
**	Includes net changed in unrealized foreign capital gains taxes of	$	—		$	—	$	—	$	—		$	—	$	44,215		$	—

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

See notes to financial statements

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

Statements of changes in net assets

TIAA-CREF Funds ■ For the year ended

		Equity Index Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
		October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013			October 31, 2014			October 31, 2013

OPERATIONS
Net investment income (loss)		$	153,949,838		$	130,763,871		$	25,732,545		$	22,091,040		$	45,572,096		$	34,690,546		$	41,565,133		$	35,326,574		$	23,276,766		$	22,532,195		$	19,256,507		$	12,699,459
Net realized gain (loss) on total investments			53,304,284			(4,192,766	)		29,451,375			150,853,758			56,312,219			148,579,865			(25,760,237	)		97,342,696			61,850,981			75,061,756			(5,721,492	)		(4,774,280	)
Net change in unrealized appreciation (depreciation) on total investments			1,026,082,949			1,527,235,697			210,825,582			130,200,179			207,345,740			163,843,226			328,240,024			249,442,753			42,391,877			275,905,228			(5,293,189	)		31,504,095
Net increase (decrease) in net assets from operations			1,233,337,071			1,653,806,802			266,009,502			303,144,977			309,230,055			347,113,637			344,044,920			382,112,023			127,519,624			373,499,179			8,241,826			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	)		(15,224,200	)		(13,653,444	)		(12,672,461	)		(5,765,269	)
	Premier Class		(1,036,604	)		(681,775	)		—			—			—			—			—			—			—			—			(127,990	)		(34,757	)
	Retirement Class		(3,968,167	)		(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	)		(542,743	)		(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	)		—			—			(33,546,084	)		(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			(153,798,842	)		(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	)		(13,451,294	)		(6,204,117	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,240,431,761			2,529,595,980			690,242,259			478,476,258			1,034,611,465			566,215,962			388,895,553			280,982,456			182,029,515			302,007,443			360,022,032			430,251,272
	Premier Class		14,615,819			26,407,020			—			—			—			—			—			—			—			—			2,712,224			5,096,578
	Retirement Class		51,949,171			63,611,802			65,956,252			59,779,793			92,087,233			67,263,982			143,616,241			99,941,199			46,631,534			127,886,298			27,036,843			15,388,390
	Retail Class		90,343,936			72,409,043			—			—			—			—			—			—			—			—			4,031,365			2,606,205
Reinvestments of distributions:	Institutional Class		137,480,928			109,254,825			20,566,627			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		4,838,413			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			542,743			339,023
	Retail Class		9,011,702			7,297,179			—			—			—			—			—			—			—			—			103,271			63,301
Redemptions:	Institutional Class		(1,042,513,843	)		(998,950,525	)		(320,589,228	)		(536,727,100	)		(285,487,631	)		(623,984,684	)		(274,046,202	)		(463,613,308	)		(166,630,687	)		(155,305,472	)		(105,863,959	)		(76,144,474	)
	Premier Class		(15,115,543	)		(26,791,097	)		—			—			—			—			—			—			—			—			(4,613,503	)		(973,871	)
	Retirement Class		(46,619,838	)		(48,113,202	)		(49,352,214	)		(109,099,156	)		(58,573,313	)		(55,031,600	)		(67,593,070	)		(110,072,394	)		(114,874,531	)		(52,546,442	)		(10,799,143	)		(7,308,467	)
	Retail Class		(66,089,036	)		(48,342,377	)		—			—			—			—			—			—			—			—			(2,261,685	)		(1,585,318	)
Net increase (decrease) from shareholder transactions			379,584,514			1,691,176,600			410,410,557			(88,723,961	)		856,736,895			9,603,452			223,662,653			(160,346,825	)		17,226,504			262,153,386			283,702,384			373,532,665
Net increase (decrease) in net assets			1,459,122,743			3,222,599,470			651,211,074			195,541,782			1,085,335,117			300,122,108			534,455,136			188,554,271			74,421,727			595,372,400			278,492,916			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		$	9,029,406,586		$	7,570,283,843		$	2,049,613,952		$	1,398,402,878		$	2,746,838,246		$	1,661,503,129		$	2,462,136,646		$	1,927,681,510		$	1,630,071,984		$	1,555,650,257		$	1,006,957,708		$	728,464,792
Undistributed net investment income (loss) included in net assets		$	125,386,221		$	98,895,130		$	21,238,679		$	15,781,801		$	37,938,991		$	26,265,935		$	33,997,660		$	25,713,234		$	16,825,556		$	14,351,820		$	16,367,737		$	10,769,340

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		85,471,245			222,360,765			35,380,714			29,770,744			60,756,687			38,979,541			18,119,649			15,875,182			9,768,998			18,842,881			34,216,275			41,702,388
	Premier Class		1,012,282			2,205,941			—			—			—			—			—			—			—			—			255,541			489,135
	Retirement Class		3,525,060			5,061,067			3,350,732			3,730,089			5,307,547			4,585,212			6,748,683			5,660,155			2,472,334			7,846,766			2,533,119			1,462,980
	Retail Class		6,158,130			5,846,563			—			—			—			—			—			—			—			—			381,551			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		(71,249,393	)		(83,445,454	)		(16,543,582	)		(34,358,494	)		(17,126,264	)		(44,106,613	)		(12,644,152	)		(28,815,058	)		(8,864,807	)		(9,981,578	)		(9,948,788	)		(7,349,001	)
	Premier Class		(1,070,037	)		(2,242,479	)		—			—			—			—			—			—			—			—			(444,571	)		(90,627	)
	Retirement Class		(3,189,510	)		(3,897,783	)		(2,538,953	)		(6,718,053	)		(3,460,274	)		(3,784,820	)		(3,249,876	)		(6,278,741	)		(6,191,676	)		(3,361,813	)		(1,009,699	)		(706,858	)
	Retail Class		(4,485,423	)		(3,957,682	)		—			—			—			—			—			—			—			—			(216,094	)		(154,195	)
Net increase (decrease) from shareholder transactions			27,424,685			153,265,463			20,973,794			(6,271,603	)		50,202,969			(13,409	)		10,629,420			(11,503,500	)		1,096,904			16,270,137			27,083,590			36,192,155

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

See notes to financial statements

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

Statements of changes in net assets

concluded

TIAA-CREF Funds ■ For the year ended

			International Equity Index Fund
			October 31,			October 31,
			2014			2013
OPERATIONS
Net investment income (loss)		$	214,003,135		$	141,256,277
Net realized gain (loss) on total investments			16,395,608			15,280,660
Net change in unrealized appreciation (depreciation) on total investments			(220,450,947	)		930,391,048
Net increase (decrease) in net assets from operations			9,947,796			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		1,022,602,532			1,308,661,420
	Premier Class		43,072,414			83,877,665
	Retirement Class		93,555,397			106,223,912
	Retail Class		—			—
Reinvestments of distributions:	Institutional Class		126,962,652			97,707,806
	Premier Class		5,594,046			4,407,635
	Retirement Class		19,190,929			18,722,887
	Retail Class		—			—
Redemptions:	Institutional Class		(541,213,919	)		(560,513,376	)
	Premier Class		(51,845,938	)		(88,890,224	)
	Retirement Class		(122,839,855	)		(141,813,039	)
	Retail Class		—			—
Net increase (decrease) from shareholder transactions			595,078,258			828,384,686
Net increase (decrease) in net assets			452,534,347			1,794,042,457

NET ASSETS
Beginning of period			5,434,800,966			3,640,758,509
End of period		$	5,887,335,313		$	5,434,800,966
Undistributed net investment income (loss) included in net assets		$	177,891,886		$	116,072,506

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		53,238,400			78,974,916
	Premier Class		2,245,513			4,849,589
	Retirement Class		4,767,925			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		(28,122,788	)		(34,315,015	)
	Premier Class		(2,748,992	)		(5,064,509	)
	Retirement Class		(6,263,672	)		(8,148,663	)
	Retail Class		—			—
Net increase (decrease) from shareholder transactions			31,411,488			50,009,109

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

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Funds: Equity Index Funds ■ 2014 Annual 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:	10/31/14		$13.65	$0.27			$1.88		$2.15		$(0.24	)		$(0.05	)		$(0.29	)		$15.51
	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
Premier Class:	10/31/14		13.61	0.25			1.87		2.12		(0.22	)		(0.05	)		(0.27	)		15.46
	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
Retirement Class:	10/31/14		13.82	0.24			1.91		2.15		(0.21	)		(0.05	)		(0.26	)		15.71
	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
Retail Class:	10/31/14		13.85	0.23			1.92		2.15		(0.20	)		(0.05	)		(0.25	)		15.75
	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

LARGE-CAP GROWTH INDEX FUND
Institutional Class:	10/31/14		18.29	0.30			2.76		3.06		(0.26	)		(0.06	)		(0.32	)		21.03
	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
Retirement Class:	10/31/14		18.39	0.26			2.77		3.03		(0.21	)		(0.06	)		(0.27	)		21.15
	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

LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/14		16.19	0.38			2.16		2.54		(0.33	)		(0.43	)		(0.76	)		17.97
	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
Retirement Class:	10/31/14		16.40	0.34			2.19		2.53		(0.29	)		(0.43	)		(0.72	)		18.21
	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

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

See notes to financial statements

					Ratios and supplemental data

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

EQUITY INDEX FUND
Institutional Class:	10/31/14		16.00	%		$7,998,323			0.05	%	0.05	%	1.88	%	6	%
	10/31/13		28.85			6,705,277			0.06		0.06		2.09		8	^g
	10/31/12		14.75			3,706,630			0.07		0.07		2.08		6	^g
	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
Premier Class:	10/31/14		15.81			70,236			0.20		0.20		1.73		6
	10/31/13		28.68			61,343			0.21		0.21		1.95		8	^g
	10/31/12		14.56			48,184			0.22		0.22		1.90		6	^g
	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
Retirement Class:	10/31/14		15.76			314,958			0.30		0.30		1.63		6
	10/31/13		28.52			267,636			0.31		0.31		1.86		8	^g
	10/31/12		14.46			195,671			0.32		0.32		1.85		6	^g
	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
Retail Class:	10/31/14		15.73			645,889			0.36		0.36		1.58		6
	10/31/13		28.49			536,027			0.38		0.38		1.79		8	^g
	10/31/12		14.35			397,199			0.40		0.40		1.76		6	^g
	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

LARGE-CAP GROWTH INDEX FUND
Institutional Class:	10/31/14		17.00			1,750,638			0.06		0.06		1.56		21
	10/31/13		28.14			1,157,001			0.07		0.07		1.81		19	^g
	10/31/12		12.96			971,051			0.07		0.07		1.66		24	^g
	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
Retirement Class:	10/31/14		16.72			298,976			0.31		0.31		1.31		21
	10/31/13		27.90			241,402			0.32		0.32		1.60		19	^g
	10/31/12		12.69			231,810			0.32		0.32		1.42		24	^g
	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

LARGE-CAP VALUE INDEX FUND
Institutional Class:	10/31/14		16.38			2,362,546			0.06		0.06		2.23		21
	10/31/13		28.07			1,359,068			0.07		0.07		2.41		19	^g
	10/31/12		16.70			1,134,741			0.08		0.08		2.48		20	^g
	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
Retirement Class:	10/31/14		16.07			384,292			0.31		0.31		2.00		21
	10/31/13		27.79			302,435			0.32		0.32		2.15		19	^g
	10/31/12		16.46			226,640			0.32		0.32		2.28		20	^g
	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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Annual 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:	10/31/14			$19.91		$0.42			$2.94		$3.36		$(0.35	)		$ —			$(0.35	)		$22.92
	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
Retirement Class:	10/31/14			19.79		0.36			2.93		3.29		(0.31	)		—			(0.31	)		22.77
	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

SMALL-CAP BLEND INDEX FUND
Institutional Class:	10/31/14			18.58		0.28			1.20		1.48		(0.26	)		(0.58	)		(0.84	)		19.22
	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
Retirement Class:	10/31/14			18.62		0.23			1.20		1.43		(0.22	)		(0.58	)		(0.80	)		19.25
	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

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

See notes to financial statements

continued

					Ratios and supplemental data

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

S&P 500 INDEX FUND
Institutional Class:	10/31/14		17.16	%	$1,808,921			0.06	%	0.06	%	1.97	%	9	%
	10/31/13		27.08		1,436,986			0.06		0.06		2.19		4	^g
	10/31/12		15.14		1,342,205			0.07		0.07		2.13		7	^g
	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
Retirement Class:	10/31/14		16.84		653,216			0.31		0.31		1.72		9
	10/31/13		26.73		490,695			0.31		0.31		1.92		4	^g
	10/31/12		14.85		396,922			0.32		0.32		1.89		7	^g
	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

SMALL-CAP BLEND INDEX FUND
Institutional Class:	10/31/14		8.32		1,154,539			0.06		0.06		1.50		24
	10/31/13		36.38		1,048,944			0.07		0.07		1.92		17	^g
	10/31/12		12.48		648,984			0.08		0.08		1.81		17	^g
	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
Retirement Class:	10/31/14		8.01		475,533			0.31		0.31		1.25		24
	10/31/13		36.10		506,706			0.32		0.32		1.67		17	^g
	10/31/12		12.20		311,294			0.33		0.33		1.57		17	^g
	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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2014 Annual 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:	10/31/14		$10.84		$0.24			$(0.20	)		$0.04			$(0.20	)	$ —			$(0.20	)		$10.68
	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:	10/31/14		10.82		0.21			(0.19	)		0.02			(0.19	)	—			(0.19	)		10.65
	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:	10/31/14		10.80		0.21			(0.20	)		0.01			(0.17	)	—			(0.17	)		10.64
	10/31/13		10.34		0.20			0.40			0.60			(0.14	)	—			(0.14	)		10.80
	10/31/12		10.22		0.23			0.07			0.30			(0.14	)	(0.04	)		(0.18	)		10.34
	10/31/11		11.33		0.26			(1.35	)		(1.09	)		(0.01	)	(0.01	)		(0.02	)		10.22
	10/31/10	^‡	10.00		0.02			1.31			1.33			—		—			—			11.33
Retail Class:	10/31/14		10.79		0.19			(0.19	)		0.00	^d		(0.16	)	—			(0.16	)		10.63
	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

INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/14		19.31		0.72			(0.67	)		0.05			(0.54	)	—			(0.54	)		18.82
	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
Premier Class:	10/31/14		19.26		0.68			(0.65	)		0.03			(0.52	)	—			(0.52	)		18.77
	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
Retirement Class:	10/31/14		19.64		0.69			(0.68	)		0.01			(0.50	)	—			(0.50	)		19.15
	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

^†		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.
^g		Does not include in-kind transactions.

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

See notes to financial statements

concluded

						Ratios and supplemental data

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

EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	10/31/14		0.42	%		$942,827		0.23	%	0.23	%	2.29	%	13	%
	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	^g
	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:	10/31/14		0.23			4,475		0.39		0.39		1.95		13
	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	^g
	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:	10/31/14		0.17			50,771		0.48		0.48		2.01		13
	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	^g
	10/31/11		(9.61	)		9,356		0.70		0.50		2.38		38
	10/31/10	^‡	13.30	^b		1,133		2.27	^c	0.50	^c	1.12	^c	2	^b
Retail Class:	10/31/14		0.04			8,885		0.64		0.64		1.83		13
	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	^g
	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

INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	10/31/14		0.37			4,949,536		0.06		0.06		3.73		5
	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	^g
	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
Premier Class:	10/31/14		0.23			191,665		0.21		0.21		3.55		5
	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	^g
	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
Retirement Class:	10/31/14		0.11			746,134		0.31		0.31		3.51		5
	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	^g
	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

See notes to financial statements

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

Notes to financial statements

TIAA-CREF Funds

Note 1— organization and significant accounting policies

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

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

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.

capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

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

For the year ended October 31, 2014, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, dividend redesignations, investments in partnerships and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations and net assets were not affected by these reclassifications.

50	2014 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

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.

New accounting pronouncement: In June 2013, the FASB 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 adopted the Update for this annual report. The adoption of the Update did not have a material impact on the Funds’ financial statements and notes disclosures.

Note 2—valuation of investments

•	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)

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:

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.

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

Notes to financial statements

Transfers between levels are recognized at the end of the reporting period. For the year ended October 31, 2014, there were no material transfers between levels by the Funds.

As of October 31, 2014, 100% of the value of investments in the Large-Cap Growth Index Fund, Large-Cap Value Index Fund, and the S&P 500 Index Fund were valued based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of October 31, 2014, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Total
Equity Index
Equity investments:
Health care	$	1,254,762,426	$	—	$	31,697	$	1,254,794,123
Telecommunications		193,672,054		—		49,856		193,721,910
All other equity investments*		7,542,400,999		—		—		7,542,400,999
Short-term investments		278,287,735		14,999,944		—		293,287,679
Futures**		1,322,034		—		—		1,322,034
Total	$	9,270,445,248	$	14,999,944	$	81,553	$	9,285,526,745
Small-Cap Blend Index
Equity Investments:
Health care	$	226,675,151	$	—	$	82,553	$	226,757,704
Telecommunications		12,128,636		—		139,956		12,268,592
All other equity investments*		1,387,856,237		—		—		1,387,856,237
Short-term investments		286,165,959		—		—		286,165,959
Futures**		18,533		—		—		18,533
Total	$	1,912,844,516	$	—	$	222,509	$	1,913,067,025
Emerging Markets Equity Index
Equity Investments:
Africa/Middle East	$	—	$	73,726,524	$	301	$	73,726,825
Asia		—		580,434,623		272		580,434,895
Europe		4,517,939		37,519,560		—		42,037,499
Latin America		—		146,319,274		—		146,319,274
North America		51,385,477		—		—		51,385,477
All other equity investments*		2,935,095		94,118,821		207,771		97,261,687
Short-term investments		48,793,793		—		—		48,793,793
Futures**		343,181		—		—		343,181
Total	$	107,975,485	$	932,118,802	$	208,344	$	1,040,302,631
International Equity Index
Equity Investments:
Asia	$	—	$	1,423,947,979	$	—	$	1,423,947,979
Australasia		—		479,175,133		—		479,175,133
Europe		—		3,422,716,700		—		3,422,716,700
All other equity investments*		22,843,602		484,872,720		—		507,716,322
Short-term investments		183,755,836		22,699,433		—		206,455,269
Futures**		1,314,618		—		—		1,314,618
Total	$	207,914,056	$	5,833,411,965	$	—	$	6,041,326,021

*	For detailed categories, see the accompanying Summary portfolio of investments.

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

52	2014 Annual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

Note 3—derivative instruments

At October 31, 2014, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives
Derivative contract	Location	Fair value amount
Equity Index Fund
Equity contracts	Futures*	$	1,322,034
Large-Cap Growth Index Fund
Equity contracts	Futures*		20,728
Large-Cap Value Index Fund
Equity contracts	Futures*		73,970
S&P 500 Index Fund
Equity contracts	Futures*		34,744
Small-Cap Blend Index Fund
Equity contracts	Futures*		18,533
Emerging Markets Equity Index Fund
Equity contracts	Futures*		343,181
International Equity Index Fund
Equity contracts	Futures*		1,314,618

*	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 year ended October 31, 2014, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

Derivative contracts	Location	Realized gain (loss		)	Change in Unrealized appreciation (depreciation		)
Equity Index Fund
Equity contracts	Futures transactions	$	4,116,823		$	981,819
Large-Cap Growth Index Fund
Equity contracts	Futures transactions		94,266			29,984
Large-Cap Value Index Fund
Equity contracts	Futures transactions		1,063,467			94,719
S&P 500 Index Fund
Equity contracts	Futures transactions		169,056			59,046
Small-Cap Blend Index Fund
Equity contracts	Futures transactions		181,002			112,671
Emerging Markets Equity Index Fund
Equity contracts	Futures transactions		(1,674,773	)		450,479
International Equity Index Fund
Equity contracts	Futures transactions		(1,003,867	)		1,320,043

Futures contracts: The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity

markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended October 31, 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 equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. During the year ended October 31, 2014, the Emerging Markets Equity Index Fund had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 3% of net assets.

At October 31, 2014, the Funds held the following open futures contracts:

Fund	Futures	Number of contracts	Settlement value		Expiration date	Unrealized gain (loss		)
Equity Index	S&P 500 E Mini Index	218	$	21,924,260	December 2014	$	979,782
Equity Index	S&P MidCap 400 E Mini Index	24		3,396,960	December 2014		170,856
Equity Index	Russell 2000 Mini Index	24		2,810,400	December 2014		171,396
Total		266		28,131,620			1,322,034
Large-Cap Growth Index	S&P 500 E Mini Index	10		1,005,700	December 2014		20,728
Large-Cap Value Index	S&P 500 E Mini Index	62		6,235,340	December 2014		73,970
S&P 500 Index	S&P 500 E Mini Index	43		4,324,510	December 2014		34,744
Small-Cap Blend Index	Russell 2000 Mini Index	3		351,300	December 2014		18,533
Emerging Markets Equity Index	MSCI Emerging Markets Mini Index	292		14,798,560	December 2014		343,181
International Equity Index	MSCI EAFE Mini Index	387		35,526,600	December 2014		1,314,618

Note 4—investment adviser and affiliates

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

Notes to financial statements

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates 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 is subject to 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.

	Investment management fee— effective rate			Service agreement fee			Distribution fee						Maximum expense amounts^‡
Fund				Retirement Class			Premier Class			Retail Class			Institutional Class			Premier Class			Retirement Class			Retail Class
Equity Index		0.04	%		0.25	%		0.15	%		0.25	%		0.09	%		0.24	%		0.34	%		0.48	%
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			0.15			0.25			0.25			0.40			0.50			0.64
International Equity Index		0.04			0.25			0.15			—			0.15			0.30			0.40			—

^‡

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 the Funds, and certain funds within the Trust also make investments in the Funds.

The following is the percentage of the Funds’ shares owned by TIAA Access and other funds within the Trust as of October 31, 2014:

Fund	TIAA-CREF Lifecycle Index Funds			TIAA Access			Total
Equity Index		20	%		1	%		21	%
Large-Cap Growth Index		—			4			4
Large-Cap Value Index		—			5			5
S&P 500 Index		—			5			5
Small-Cap Blend Index		—			14			14
Emerging Markets Equity Index		18			—			18
International Equity Index		10			4			14

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 Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of October 31, 2014, three 529 Plans owned 16%, 16%, and 8%, respectively, of the Equity Index Fund; one 529 Plan owned 11% of the Large-Cap Growth Index Fund; one 529 Plan owned 8% of the Large-Cap Value Index Fund; two 529 Plans owned 11% and 7%, respectively, of the S&P 500 Index Fund; two 529 Plans owned 11% and 9%, respectively, of the Emerging Markets Equity Index Fund; and three 529 Plans owned 9%, 9%, and 7%, respectively, of the International Equity Index Fund.

54	2014 Annual 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 October 31, 2014		Value at October 31, 2014
Equity Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$240,434,976	$	127,700,103		$ 89,847,344		$—		$—		$—		278,287,735	$	278,287,735
Small-Cap Blend Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		214,865,928		117,880,035		46,580,004		—		—		—		286,165,959		286,165,959
International Equity Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		190,194,530		388,897,363		395,336,057		—		—		—		183,755,836		183,755,836

Note 5—investments

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation/ (depreciation)
Equity Index	$	6,246,825,379	$	3,126,323,543	$	(88,944,211	)	$	3,037,379,332
Large-Cap Growth Index		1,553,591,449		537,994,432		(12,988,381	)		525,006,051
Large-Cap Value Index		2,404,956,976		411,393,412		(35,491,044	)		375,902,368
S&P 500 Index		1,749,877,261		771,894,067		(49,067,909	)		722,826,158
Small-Cap Blend Index		1,522,193,142		481,264,184		(90,408,834	)		390,855,350
Emerging Markets Equity Index		1,016,079,771		110,575,130		(86,695,451	)		23,879,679
International Equity Index		5,404,921,208		984,685,640		(349,595,445	)		635,090,195

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2014 were as follows:

Fund	Non-U.S. government purchases		Non-U.S. government sales
Equity Index	$	869,909,242	$	476,153,227
Large-Cap Growth Index		770,129,119		359,837,114
Large-Cap Value Index		1,255,597,355		435,070,302
S&P 500 Index		424,021,688		190,929,434
Small-Cap Blend Index		392,778,548		415,648,724
Emerging Markets Equity Index		390,641,412		105,388,103
International Equity Index		909,422,292		286,631,358

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

Notes to financial statements

concluded

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended October 31, 2014 and October 31, 2013 was as follows:

	10/31/2014							10/31/2013
	Ordinary			Long-term				Ordinary			Long-term
Fund		income	capital gains				Total		income	capital gains				Total
Equity Index	$	134,239,273		$	19,559,569	$	153,798,842	$	91,978,723		$	30,405,210	$	122,383,933
Large-Cap Growth Index		20,302,455			4,906,530		25,208,985		18,879,234			—		18,879,234
Large-Cap Value Index		44,734,342			35,897,491		80,631,833		34,400,254			22,194,726		56,594,980
S&P 500 Index		33,252,437			—		33,252,437		33,210,927			—		33,210,927
Small-Cap Blend Index		30,145,813			40,178,588		70,324,401		19,048,724			21,231,441		40,280,165
Emerging Markets Equity Index		13,451,294			—		13,451,294		6,204,117			—		6,204,117
International Equity Index		152,491,707			—		152,491,707		121,270,214			—		121,270,214

As of October 31, 2014, the components of accumulated earnings on a tax basis were as follows:

	Undistributed			Undistributed				Unrealized			Capital
		ordinary			long-term			appreciation			loss
Fund		income		capital gains			(depreciation			)	carryover			Total
Equity Index		$	127,945,594		$	45,535,185		$	3,037,379,326		$	—		$	3,210,860,105
Large-Cap Growth Index			22,076,173			32,794,770			525,006,049			—			579,876,992
Large-Cap Value Index			60,785,545			51,038,862			375,902,372			—			487,726,779
S&P 500 Index			33,831,695			—			722,826,154			(1,558,340	)		755,099,509
Small-Cap Blend Index			26,396,768			53,382,212			390,855,348			—			470,634,328
Emerging Markets Equity Index			17,552,106			—			23,501,415			(10,362,127	)		30,691,394
International Equity Index			198,471,090			9,531,688			634,598,386			—			842,601,164

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

At October 31, 2014, the following Funds had capital loss carryovers, which will expire as follows:

Fund	No expiration			Total
S&P 500 Index		$	1,558,340	$	1,558,340
Emerging Markets Equity Index			10,362,127		10,362,127

For the year ended October 31, 2014, the S&P 500 Index Fund and International Equity Index Fund utilized $7,559,226 and $13,426,950 respectively, of their capital loss carryover available from prior years.

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

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 year ended October 31, 2014, there were no borrowings under this credit facility by the Funds.

Note 9—indemnification

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

Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund, and International Equity Index Fund (seven of the portfolios constituting the TIAA-CREF Funds; hereafter referred to as the “Funds”) at October 31, 2014, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2014

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

Trustees and officers (unaudited)

TIAA-CREF Funds ■ October 31, 2014

Trustees
Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	82	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	82	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	82	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	82	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1943	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (2012–present); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	82	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	82	Director, Aflac Insurance, Sansum Clinic; Investment committee member, College of Mount Saint Vincent and Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	82	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep, and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	82	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

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

Trustees — concluded
Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	82	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	82	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

Officers
Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (2013–2014). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) (since 2013).
Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Chief Executive Officer (since 2014), Executive Vice President (2013–2014), Chief Operating Officer (2013–2014), Interim Head (2012–2013) and Manager (since 2011) of TIAA-CREF Asset Management, Inc. (“TCAM”), and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Director (since 2008), Executive Vice President (since 2012), Chairman (2012–2013), Senior Managing Director and Chief Operating Officer (2012–2013) of Advisors. Director (since 2008), Executive Vice President (since 2014), Chief Operating Officer (since 2013), Chairman (2011–2012) President (2012–2013), Senior Vice President (2010–2012) of Investment Management. Director of Advisors (since 2008). Chairman, Manager, President (since 2011), and Chief Operating Officer (2011–2013) of TCAA and TCAS. Manager of TIAA-CREF Individual & Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Executive Vice President, TIAA Asset Management Finance Company, LLC (since 2014). Manager and Executive Vice President, TIAA Asset Management, LLC (since 2014). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM Group Ltd., and TH RE Group Holdings Ltd. (2013–2014).

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

Trustees and officers (unaudited)

TIAA-CREF Funds ■ October 31, 2014

Officers — continued

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008). Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer (since 2013), Principal Financial Officer (2009–2013), Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010), Corporate Controller (since 2014) and Funds Treasurer (2006–2014) of TIAA. Director of TCAM (since 2011). Director (since 2008), Senior Vice President (since 2010) and Funds Treasurer (2007–2011) of Advisors. Manager (since 2008), Senior Vice President (since 2014) and Funds Treasurer (2007–2011) of Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Manager, Senior Vice President and Funds Treasurer of TCAS (since 2011).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA, Executive Vice President (since 2009), and Senior Managing Director (2008–2009) of the TIAA-CREF Fund Complex. Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2011), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011).
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management (since 2013) of TIAA, and Manager (since 2013) and President and Chief Executive Officer (2013–2014) of TCAM. Principal Executive Officer and Executive Vice President of CREF and VA-1 (since 2013). Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Chairman, Director, President & Chief Executive Officer of Advisors (since 2013). Chairman, Manager, President & Chief Executive Officer of Investment Management (since 2013). Chairman (since 2013), President & Chief Executive Officer (2013–2014) of TPIS. Director of TH RE Ltd (since 2013). Director of TIAA International Holdings 1 Ltd, TIAA International Holdings 2 Ltd, and TIAA International Holdings 3 Ltd (since 2013). Director, TCAM Global UK Limited (since 2014). President and Chief Executive Officer, TIAA Asset Management Finance Company, LLC (since 2014). Manager, President and Chairman, TIAA Asset Management, LLC (since 2014). Representative, Securities Research, Inc. (February–May 2013). President and Chief Operating Officer, U.S., ING Americas (2011–2012). Chief Executive Officer, ING Insurance US (2010–2011). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009). Executive Vice President, AIG Financial Products Corp. (1995–2007).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Director, Covariance (since 2012). Director T-C Life (since 2012). Director, Kaspick & Company, LLC (since 2012). Manager, TIAA-CREF Redwood, LLC (“Redwood”) (since 2013). Director, Aspen Insurance Holdings, LLC (since 2011). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director (since 2013), Corporate Secretary (since 2012) of TIAA and the TIAA-CREF Fund Complex. Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (2009–2010, since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and Chief Executive Officer (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).

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

concluded

Officers — concluded

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010).

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

Important tax information (unaudited)

Fund	Section 1250 gains		Long-term capital gains			Total
Equity Index		$378,396		$26,342,654	$	26,721,050
Large-Cap Growth Index		—		4,906,530		4,906,530
Large-Cap Value Index		144,557		35,752,934		35,897,491
S&P 500 Index		—		—		—
Small-Cap Blend Index		78,400		40,100,188		40,178,588
Emerging Markets Equity Index		—		—		—
International Equity Index		—		—		—

Fund	Percentage
Equity Index	89.52	%
Large-Cap Growth Index	97.45	%
Large-Cap Value Index	68.66	%
S&P 500 Index	100.00	%
Small-Cap Blend Index	40.42	%
Emerging Markets Equity Index	56.35	%
International Equity Index	51.73	%

Fund	Percentage
Equity Index	85.84	%
Large-Cap Growth Index	96.08	%
Large-Cap Value Index	67.72	%
S&P 500 Index	98.61	%
Small-Cap Blend Index	37.18	%
Emerging Markets Equity Index	0.00	%
International Equity Index	0.00	%

The Emerging Markets Equity Index and International Equity Index Funds received income from foreign sources during the year ended October 31, 2014 of $22,157,430 ($0.23492 per share), and $141,154,442 ($0.45207 per share) respectively, and paid taxes to foreign countries during the year ended October 31, 2014 of $2,550,580 ($0.02704 per share), and $6,291,078 ($0.02015 per share), respectively.

By early 2015, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

62	2014 Annual 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 Annual Report

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How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

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

730 Third Avenue
New York, NY 10017-3206

Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.

C20315

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730 Third Avenue
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2014 Annual Report

TIAA-CREF Emerging

Markets Debt Fund

of the TIAA-CREF Funds

October 31, 2014


	Contents

	Understanding your fund report	2
	Information for investors	3
	About the fund’s benchmark	4
	Summary portfolio of investments	5
	Audited financial statements
	Statement of assets and liabilities	12
	Statement of operations	13
	Statement of changes in net assets	14
	Financial highlights	16
	Notes to financial statements	18
	Report of independent registered public accounting firm	24
	Trustees and officers	25
	Approval of investment management agreement	32
	Important tax information	37
	How to reach us	Inside back cover

Understanding your fund report

This annual report contains information about the Emerging Markets Debt Fund. This report contains two main sections:

	•	The portfolio of investments lists the issuers, industries and types of securities in which the Emerging Markets Debt Fund had investments as of October 31, 2014.
	•	The financial statements provide detailed information about the operations and financial condition of the fund.

The annual and semiannual reports typically include a fund performance section that compares the fund’s investment returns with those of its benchmark index. However, performance information is not included in this report for the most recently completed twelve months because the fund is newly operational. For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

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 Emerging Markets Debt Fund are noted in the fund’s latest prospectus.

2	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

Information for investors

Portfolio holdings

The summary portfolio of investments for the Emerging Markets Debt Fund begins on page 5 of this report. You can obtain a complete list of the holdings of the Emerging Markets Debt Fund (Schedule 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 Emerging Markets Debt Fund’s 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

In certain market conditions, the investment portfolio of a fixed-income fund may include shares of common or preferred stock. If that should occur, TIAA-CREF Funds’ ownership of stock would give it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-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 Emerging Markets Debt Fund is managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the fund.

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

About the fund’s benchmark

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding. For additional details about the benchmark index, please see the fund’s prospectus.

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

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is a trademark and service mark of JP Morgan. TIAA-CREF products are not promoted or sponsored by, or affiliated with, JP Morgan. JP Morgan makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any JP Morgan data contained herein. This report is not approved, reviewed or produced by JP Morgan.

4	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

Summary portfolio of investments

Emerging Markets Debt Fund ■ October 31, 2014

	Principal			Issuer		Value		% of net assets
BONDS

CORPORATE BONDS

BRAZIL						$	2,099,424	3.7	%
CHILE							1,200,555	2.0

CHINA
	$	400,000	g	Semiconductor Manufacturing International Corp	4.125%, 10/07/19		402,406	0.7
				Other			765,242	1.3
							1,167,648	2.0

COLOMBIA
		490,000		Ecopetrol S.A.	4.125%, 01/16/25		477,750	0.8
		400,000	g	Empresa de Energia
				de Bogota S.A.	6.125%, 11/10/21		432,380	0.8
		400,000	g	SUAM Finance BV	4.875%, 04/17/24		410,000	0.7
				Other			702,355	1.3
							2,022,485	3.6

GUATEMALA
		400,000	g	Comcel Trust	6.875%, 02/06/24		428,000	0.8
							428,000	0.8

INDIA
		400,000	g	Bharti Airtel International Netherlands BV	5.125%, 03/11/23		422,512	0.7
		400,000		Indian Railway Finance Corp Ltd	3.917%, 02/26/19		413,764	0.7
		400,000		NTPC Ltd	5.625%, 07/14/21		435,782	0.8
		500,000	g	Reliance Holdings USA	5.400%, 02/14/22		544,436	1.0
				Other			607,374	1.1
							2,423,868	4.3

INDONESIA
		600,000	g	Indo Energy Finance II BV	6.375%, 01/24/23		484,500	0.8
		600,000	g	Pertamina Persero PT	4.300%, 05/20/23		583,500	1.0
		450,000	g	Perusahaan Listrik Negara PT	5.250%, 10/24/42		407,250	0.7
				Other			1,024,250	1.9
							2,499,500	4.4
ISRAEL							437,420	0.8

KAZAKHSTAN
		750,000	g	KazMunayGas National Co JSC	4.875%–6.000%, 05/07/25–11/07/44		738,873	1.3
				Other			218,500	0.4
							957,373	1.7

KOREA, REPUBLIC OF
		400,000	g	Hana Bank	4.375%, 09/30/24		412,910	0.7
							412,910	0.7

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Summary portfolio of investments

continued

Emerging Markets Debt Fund ■ October 31, 2014

	Principal			Issuer			Value	% of net assets
MEXICO
	$	400,000	g	BBVA Bancomer S.A.	6.750%, 09/30/22	$	453,000	0.8	%
		400,000	g	Cemex Finance LLC	6.000%, 04/01/24		407,880	0.7
		400,000	g	Empresas ICA SAB de C.V.	8.875%, 05/29/24		406,000	0.7
				Other			2,136,699	3.8
							3,403,579	6.0

MOROCCO
		400,000	g	OCP S.A.	5.625%, 04/25/24		419,580	0.8
				Other			218,290	0.4
							637,870	1.2
NIGERIA							394,000	0.7

PERU
		550,000	g	Union Andina de Cementos SAA	5.875%, 10/30/21		558,360	1.0
				Other			1,168,175	2.0
							1,726,535	3.0

POLAND
		400,000	g	PKO Finance AB	4.630%, 09/26/22		419,500	0.8
							419,500	0.8

RUSSIA
		600,000	g	Lukoil International Finance BV	6.125%, 11/09/20		610,500	1.1
				Other			1,319,282	2.3
							1,929,782	3.4

SINGAPORE
		400,000	g,i	Oversea-Chinese Banking Corp Ltd	4.000%, 10/15/24		407,388	0.7
							407,388	0.7

SOUTH AFRICA
		600,000	g	Eskom Holdings Ltd	5.750%, 01/26/21		619,620	1.1
		400,000	g	Eskom Holdings SOC Ltd	6.750%, 08/06/23		430,500	0.7
				Other			405,740	0.7
							1,455,860	2.5
SRI LANKA							396,000	0.7

TURKEY
		800,000	g	Turkiye Is Bankasi	5.000%, 04/30/20–06/25/21		800,280	1.4
				Other			1,399,880	2.5
							2,200,160	3.9
UNITED KINGDOM							402,000	0.7

2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Summary portfolio of investments

continued

Emerging Markets Debt Fund ■ October 31, 2014

		Principal		Issuer			Value	% of net assets
VENEZUELA
	$	1,430,000	g	Petroleos de Venezuela S.A.	5.250%–8.500%, 04/12/17–04/12/27	$	885,322	1.6	%
							885,322	1.6
				TOTAL CORPORATE BONDS (Cost $27,902,870)			27,907,179	49.2

GOVERNMENT BONDS

AZERBAIJAN
		440,000	g	Republic of Azerbaijan International Bond	4.750%, 03/18/24		458,150	0.8
							458,150	0.8
BAHRAIN							207,000	0.4
BARBADOS							403,500	0.6

BRAZIL
		575,000	g	Brazil Loan Trust	5.477%, 07/24/23		598,000	1.1
BRL 1,060,000				Brazil Notas do Tesouro Nacional Serie F	10.000%, 01/01/17		410,180	0.7
				Other			402,000	0.7
							1,410,180	2.5

COLOMBIA
	$	535,000		Colombia Government International Bond	4.000%, 02/26/24		548,910	1.0
				Other			698,444	1.2
							1,247,354	2.2
COSTA RICA							376,000	0.6

CROATIA
		440,000	g	Croatia Government International Bond	6.375%, 03/24/21		483,450	0.8
		650,000	g	Croatia Government
				International Bond	6.000%–6.250%, 04/27/17–01/26/24		698,946	1.2
							1,182,396	2.0

DOMINICAN REPUBLIC
DOP 17,250,000			g	Dominican Republic International Bond	14.000%, 05/12/17		430,905	0.8
							430,905	0.8
EL SALVADOR							281,875	0.5

GHANA
	$	650,000	g	Republic of Ghana	8.125%, 01/18/26		653,250	1.1
							653,250	1.1
GREECE							272,454	0.5
GUATEMALA							219,500	0.4

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Summary portfolio of investments

continued

Emerging Markets Debt Fund ■ October 31, 2014

	Principal			Issuer			Value	% of net assets
HUNGARY
	$	1,000,000		Hungary Government International Bond	5.750%, 11/22/23	$	1,100,000	1.9	%
				Other			323,125	0.6
							1,423,125	2.5

INDONESIA
		655,000	g	Indonesia Government International Bond	3.375%, 04/15/23		627,163	1.1
		400,000	g	Indonesia Government International Bond	6.750%, 01/15/44		490,500	0.9
	IDR 4,900,000,000			Indonesia Treasury Bond	7.875%, 04/15/19		405,867	0.7
				Other			199,000	0.3
							1,722,530	3.0
JAMAICA
	$	400,000		Jamaica Government International Bond	7.625%, 07/09/25		427,500	0.8
							427,500	0.8
KENYA							735,010	1.3
MALAYSIA							171,854	0.3
MEXICO
MXN 9,140,000				Mexican Bonos	6.500%, 06/09/22		710,498	1.2
				Other			203,100	0.4
							913,598	1.6
MOROCCO
	$	400,000	g	Morocco Government International Bond	5.500%, 12/11/42		407,000	0.7
							407,000	0.7
NAMIBIA							216,000	0.4
NIGERIA							671,126	1.2
PANAMA
		440,000		Panama Government International Bond	4.000%, 09/22/24		449,900	0.8
				Other			276,250	0.5
							726,150	1.3

PARAGUAY
		400,000	g	Republic of Paraguay	6.100%, 08/11/44		428,500	0.8
							428,500	0.8

2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Summary portfolio of investments

continued

Emerging Markets Debt Fund ■ October 31, 2014

	Principal			Issuer		Value		% of net assets
PERU						$	289,750	0.5	%

PHILIPPINES
	$	400,000		Philippine Government International Bond	4.200%, 01/21/24		431,500	0.8
PHP 12,250,000				Philippine Government International Bond	5.500%–6.250%, 03/30/26–01/14/36		584,287	1.0
							1,015,787	1.8

POLAND
	$	545,000		Poland Government International Bond	5.000%, 03/23/22		612,444	1.1
		465,000		Poland Government International Bond	4.000%, 01/22/24		488,628	0.9
							1,101,072	2.0

REPUBLIC OF SERBIA
		400,000	g	Republic of Serbia	5.875%, 12/03/18		423,752	0.7
							423,752	0.7
ROMANIA							444,575	0.8

RUSSIA
		500,000	g	Russian Foreign Bond – Eurobond	5.000%, 04/29/20		515,060	0.9
				Other			378,977	0.7
							894,037	1.6
SLOVENIA							435,126	0.8

SOUTH AFRICA
		495,000		South Africa Government International Bond	5.875%, 09/16/25		559,350	1.0
		750,000		South Africa Government International Bond	5.375%, 07/24/44		776,250	1.4
				Other			402,136	0.7
							1,737,736	3.1

SRI LANKA
		475,000	g	Sri Lanka Government International Bond	6.000%, 01/14/19		503,500	0.9
				Other			212,500	0.4
							716,000	1.3
SUPRANATIONAL							595,560	1.0

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Summary portfolio of investments

concluded

Emerging Markets Debt Fund ■ October 31, 2014

	Principal			Issuer			Value		% of net assets
TURKEY
	$	400,000		Republic of Turkey	6.000%, 01/14/41		$	443,280	0.8	%
	TRY	995,000		Turkey Government Bond	7.100%, 03/08/23			409,612	0.7
	$	400,000		Turkey Government International Bond	6.875%, 03/17/36			484,000	0.8
1,485,000				Turkey Government International Bond	5.125%–8.000%, 04/03/18–02/14/34			1,699,120	3.0
								3,036,012	5.3
UKRAINE
		725,000	g	Ukraine Government International Bond	6.750%–7.800%, 11/14/17–11/28/22			629,460	1.1
								629,460	1.1
URUGUAY								211,000	0.4

VENEZUELA
		2,290,000		Venezuela Government International Bond	5.750%–9.250%, 02/26/16–05/07/28			1,505,237	2.7
								1,505,237	2.7
				TOTAL GOVERNMENT BONDS		(Cost $28,020,445)		28,020,061	49.4
				TOTAL BONDS		(Cost $55,923,315)		55,927,240	98.6
				TOTAL PORTFOLIO		(Cost $55,923,315)		55,927,240	98.6
				OTHER ASSETS & LIABILITIES, NET				780,879	1.4
				NET ASSETS			$	56,708,119	100.0	%

Abbreviation(s):
BRL	Brazilian Real
DOP	Dominican Peso
IDR	Indonesian Rupiah
MXN	Mexican Peso
PHP	Philippine Peso
TRY	Turkish Lira


g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2014, the aggregate value of these securities, including those in “Other,” amounted to $35,876,646 or 63.3% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

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

2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Summary of market values by sector

Emerging Markets Debt Fund ■ October 31, 2014

Sector	Value		% of net assets
GOVERNMENT		$28,020,061		49.4	%
FINANCIALS		8,274,485		14.5
ENERGY		5,127,346		9.0
UTILITIES		4,921,155		8.7
MATERIALS		3,601,889		6.4
TELECOMMUNICATION SERVICES		2,443,695		4.3
INDUSTRIALS		1,619,340		2.9
CONSUMER DISCRETIONARY		993,613		1.8
CONSUMER STAPLES		523,250		0.9
INFORMATION TECHNOLOGY		402,406		0.7
OTHER ASSETS & LIABILITIES, NET		780,879		1.4
NET ASSETS		$56,708,119		100.0	%

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Statement of assets and liabilities

Emerging Markets Debt Fund ■ October 31, 2014

ASSETS
Portfolio investments, at value^†	$	55,927,240
Cash		19,299,876
Cash — foreign^		2,871
Receivable from securities transactions		1,312,312
Dividends and interest receivable		740,497
Due from affiliates		18,466
Total assets		77,301,262
LIABILITIES
Management fees payable		1,717
Service agreement fee payable		24
Distribution fee payable		346
Due to affiliates		126
Payable for securities transactions		20,508,275
Accrued expenses and other payables		82,655
Total liabilities		20,593,143
NET ASSETS	$	56,708,119
NET ASSETS CONSIST OF:
Paid-in-capital	$	56,596,656
Undistributed net investment income (loss)		109,124
Accumulated net realized gain (loss) on total investments		(125	)
Net unrealized appreciation (depreciation) on total investments		2,464
NET ASSETS	$	56,708,119
INSTITUTIONAL CLASS:
Net assets	$	53,371,274
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,313,737
Net asset value per share		$10.04
PREMIER CLASS:
Net assets	$	1,004,034
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		100,000
Net asset value per share		$10.04
RETIREMENT CLASS:
Net assets	$	1,218,318
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		121,350
Net asset value per share		$10.04
RETAIL CLASS:
Net assets	$	1,114,493
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		111,019
Net asset value per share		$10.04
^† Portfolio investments, cost	$	55,923,315
^ Foreign cash, cost		$2,873

2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Statement of operations

Emerging Markets Debt Fund ■ For the period ended October 31, 2014*

INVESTMENT INCOME
Interest	$	121,314
Total income		121,314
EXPENSES
Management fees		14,192
Shareholder servicing — Institutional Class		1,224
Shareholder servicing — Premier Class		1,224
Shareholder servicing — Retirement Class		1,495
Shareholder servicing — Retail Class		1,225
Distribution fees — Premier Class		144
Distribution fees — Retail Class		246
Administrative service fees		126
Registration fees		63,000
Shareholder reports		61,300
Professional fees		82,514
Other expenses		6,801
Total expenses		233,491
Less: Expenses reimbursed by the investment adviser		(215,906	)
Net expenses		17,585
Net Investment income (loss)		103,729
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(125	)
Foreign currency transactions		5,005
Net realized gain (loss) on total investments		4,880
Change in unrealized appreciation (depreciation) on:
Portfolio investments		3,925
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(1,461	)
Net change in unrealized appreciation (depreciation) on total investments		2,464
Net realized and unrealized gain (loss) on total investments		7,344
Net increase (decrease) in net assets from operations	$	111,073

*	For the period September 26, 2014 to October 31, 2014

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Statement of changes in net assets

Emerging Markets Debt Fund ■ For the period ended

		October 31, 2014*
OPERATIONS
Net investment income (loss)			$	103,729
Net realized gain (loss) on total investments				4,880
Net change in unrealized appreciation (depreciation) on total investments				2,464
Net increase (decrease) in net assets from operations				111,073
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			53,274,188
	Premier Class			1,000,000
	Retirement Class			1,214,080
	Retail Class			1,110,000
Redemptions:	Retirement Class			(1,222	)
Net increase from shareholder transactions				56,597,046
Net increase in net assets				56,708,119
NET ASSETS
Beginning of period				—
End of period			$	56,708,119
Undistributed net investment income (loss) included in net assets			$	109,124
CHANGE IN FUND SHARES
Shares sold:	Institutional Class			5,313,737
	Premier Class			100,000
	Retirement Class			121,472
	Retail Class			111,019
Shares redeemed:	Retirement Class			(122	)
Net increase (decrease) from shareholder transactions				5,646,106

*	For the period September 26, 2014 to October 31, 2014

2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Financial highlights

Emerging Markets Debt Fund ■ For the period ended

	Selected per share data												Ratios and supplemental data
		Gain (loss) from investment operations:
			Net realized												Ratios to average net assets
	Net asset	Net	& unrealized		Total gain	Less distributions from:			Total	Net asset			Net assets						Net
For the	value,	investment	gain (loss)		(loss) from	Net	Net	Return	dividends	value,			at end of						investment		Portfolio
period	beginning	income	on total		investment	investment	realized	of	and	end of	Total		period (in		Gross		Net		income		turnover
ended	of period	(loss)^a	investments		operations	income	gains	capital	distributions	period	return		thousands	)	expense		expense		(loss	)	rate
Institutional Class 10/31/14*	$10.00	$0.04	$0.00	^d	$0.04	$—	$—	$—	—	$10.04	0.40	%^b	$53,371		8.89	%^c	0.65	%^c	4.07	%^c	3	%^b
Premier Class 10/31/14*	10.00	0.04	0.00	^d	0.04	—	—	—	—	10.04	0.40	^b	1,004		10.26	^c	0.80	^c	3.70	^c	3	^b
Retirement Class 10/31/14*	10.00	0.04	0.00	^d	0.04	—	—	—	—	10.04	0.40	^b	1,218		10.22	^c	0.90	^c	3.70	^c	3	^b
Retail Class 10/31/14*	10.00	0.03	0.01		0.04	—	—	—	—	10.04	0.40	^b	1,114		10.33	^c	1.00	^c	3.53	^c	3	^b

*	The Fund commenced operations on September 26, 2014.
^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.

2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Notes to financial statements

Emerging Markets Debt Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Emerging Markets Debt Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), 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 Fund commenced operations on September 26, 2014.

The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), 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 Fund. The Fund offers four share classes: 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 Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services—Investment Companies. 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 Fund.

Security valuation: The Fund’s 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 Fund determines 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.

Income and expenses of the 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

18	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

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

Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that it distributes all taxable income each year and complies with various other Code requirements. The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. The 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 Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s 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 the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the period ended October 31, 2014, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions and nondeductible 12b-1 fees, were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets, were not affected by these reclassifications.

Foreign taxes: The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund 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 Fund invests.

Trustee compensation: The Fund pays 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 Fund until paid. The investment of deferred amounts and the offsetting payable to the trustees are included in other assets and accrued expenses and other payables in the

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Notes to financial statements

accompanying Statement of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statement of Operations.

Note 2—valuation of investments

•	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)

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

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 October 31, 2014, there were no material transfers between levels by the Funds.

As of October 31, 2014, 100% of the value of investments in the fund were valued based on Level 2 inputs.

20	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

continued

Note 3—investment adviser and affiliates

Under the terms of the Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of between 0.49% and 0.55% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. The investment management fee effective rate is 0.55%. The Fund has entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.

Under the terms of a Retirement Class Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class shares of the Fund compensated TPIS for providing distribution, promotional and shareholder services to the Retail Class shares 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 the Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional and 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 shares.

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 1.00% of the average daily net assets for the Retail Class shares; 0.90% of average daily net assets for the Retirement Class shares; 0.80% of average daily net assets for the Premier Class shares; and 0.65% of average daily net assets for the Institutional Class shares. The expense reimbursement arrangements will continue through at least September 30, 2015, unless changed with approval of the Board.

The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Notes to financial statements

At the commencement of operations of the Fund, TIAA, an affiliate, invested in the Fund. The following is the percentage of the Funds’ shares owned by affiliates as of October 31, 2014:

				TIAA-CREF
				Lifecycle
Underlying Fund	TIAA			Funds			Total
Emerging Markets Debt		44	%		55	%		99	%

Note 4—investments

Securities purchased on a when-issued or delayed-delivery basis: The Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

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

Net unrealized appreciation (depreciation): At October 31, 2014, the cost of portfolio investments for federal income tax purposes was $55,923,315. Net unrealized appreciation of portfolio investments for federal income tax purposes was $3,925, consisting of gross unrealized appreciation of $239,598, and gross unrealized depreciation of $(235,673).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended October 31, 2014 were $56,654,177 and $733,013, respectively.

Note 5—distributions to shareholders and other tax items

As of October 31, 2014, the components of accumulated earnings on a tax basis consisted of $109,124 of undistributed ordinary income, $2,464 of unrealized appreciation, and $(125) of capital loss carryover.

At October 31, 2014, the Emerging Markets Debt Fund had capital loss carryovers of $(125), which has no expiration and can be utilized to offset future net realized gains.

22	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

concluded

Note 6—emerging markets risks

The 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 7—indemnification

In the normal course of business, the 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 Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be unlikely.

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Report of independent registered
public accounting firm

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

In our opinion, the accompanying statement of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Emerging Markets Debt Fund (hereafter referred to as the “Fund”) at October 31, 2014, and the results of its operations, the changes in its net assets and the financial highlights for the period presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2014 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2014

24	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

Trustees and officers (unaudited)

TIAA-CREF Funds ■ October 31, 2014

Trustees

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	82	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	82	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	82	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010-2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	82	Director, D2D Fund.

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ October 31, 2014

Trustees — concluded

Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1943	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (2012–present); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	82	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	82	Director, Aflac Insurance, Sansum Clinic; Investment committee member, College of Mount Saint Vincent and Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	82	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep, and Close Brothers Group plc.

26	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	82	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	82	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	82	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ October 31, 2014

Officers

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (2013-2014). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) (since 2013).

28	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Chief Executive Officer (since 2014), Executive Vice President (2013–2014), Chief Operating Officer (2013–2014), Interim Head (2012–2013) and Manager (since 2011) of TIAA-CREF Asset Management, Inc.(“TCAM”), and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Director (since 2008), Executive Vice President (since 2012), Chairman (2012–2013), Senior Managing Director and Chief Operating Officer (2012–2013) of Advisors. Director (since 2008), Executive Vice President (since 2014), Chief Operating Officer (since 2013), Chairman (2011–2012) President (2012–2013), Senior Vice President (2010–2012) of Investment Management. Director of Advisors (since 2008). Chairman, Manager, President (since 2011), and Chief Operating Officer (2011–2013) of TCAA and TCAS. Manager of TIAA-CREF Individual & Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Executive Vice President, TIAA Asset Management Finance Company, LLC (since 2014). Manager and Executive Vice President, TIAA Asset Management, LLC (since 2014). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM Group Ltd., and TH RE Group Holdings Ltd. (2013-2014).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008). Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer (since 2013), Principal Financial Officer (2009–2013), Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010), Corporate Controller (since 2014) and Funds Treasurer (2006–2014) of TIAA. Director of TCAM (since 2011). Director (since 2008), Senior Vice President (since 2010) and Funds Treasurer (2007–2011) of Advisors. Manager (since 2008), Senior Vice President (since 2014) and Funds Treasurer (2007–2011) of Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Manager, Senior Vice President and Funds Treasurer of TCAS (since 2011).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA, Executive Vice President (since 2009), and Senior Managing Director (2008–2009) of the TIAA-CREF Fund Complex. Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2011), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011).

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ October 31, 2014

Officers — continued

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management (since 2013) of TIAA, and Manager (since 2013) and President and Chief Executive Officer (2013–2014) of TCAM. Principal Executive Officer and Executive Vice President of CREF and VA-1 (since 2013). Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Chairman, Director, President & Chief Executive Officer of Advisors (since 2013). Management Chairman, Manager, President & Chief Executive Officer of Investment (since 2013). Chairman (since 2013), President & Chief Executive Officer (2013–2014) of TPIS. Director of TH RE Ltd (since 2013). Director of TIAA International Holdings 1 Ltd, TIAA International Holdings 2 Ltd, and TIAA International Holdings 3 Ltd (since 2013). Director, TCAM Global UK Limited (since 2014). President and Chief Executive Officer, TIAA Asset Management Finance Company, LLC (since 2014). Manager, President and Chairman, TIAA Asset Management, LLC (since 2014). Representative, Securities Research, Inc. (February–May 2013). President and Chief Operating Officer, U.S., ING Americas (2011–2012). Chief Executive Officer, ING Insurance US (2010–2011). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009). Executive Vice President, AIG Financial Products Corp. (1995–2007).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Director, Covariance (since 2012). Director T-C Life (since 2012). Director, Kaspick & Company, LLC (since 2012). Manager, TIAA-CREF Redwood, LLC (“Redwood”) (since 2013). Director, Aspen Insurance Holdings, LLC (since 2011). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director (since 2013), Corporate Secretary (since 2012) of TIAA and the TIAA-CREF Fund Complex. Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.

30	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009-2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (2009–2010, since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and Chief Executive Officer (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010).

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Approval of investment
management agreement (unaudited)

Board approval of investment management agreement for the TIAA-CREF Emerging Markets Debt Fund

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 for a two-year term 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, including the new TIAA-CREF Emerging Markets Debt Fund (the “New Fund”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the New Fund.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) provides that, after an initial period, the Agreement for the New 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 approval process

The Board held meetings on May 13, 2014 and July 15, 2014, at which it considered the initial approval of the Agreement with respect to the New Fund using its previously-established process. As part of this process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee works with management and independent legal counsel to the Trustees to develop additional guidelines and specific requests relating to the types of information to be provided to the Committee and to all Trustees in connection with proposed Agreement approvals, and then to help evaluate the information provided in response to those guidelines. During meetings held prior to the July 2014 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees and legal counsel to the Trustees and legal counsel to TAI and the New Fund, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee followed guidelines regarding reports to be provided to all Trustees with respect to the New Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). 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.

As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, expense comparison data regarding the New Fund, including data relating to the New Fund’s management fee rate and total expense ratio. Lipper also compared much of this data for the New Fund against a universe of mutual funds with similar investment objectives and strategies, each

32	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

continued

of which was selected by Lipper. 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 and expense information that is necessary to help the Board satisfy its duties under Section 15 of the 1940 Act. Lipper also represented that it (and not TAI) had identified the selected comparative peer groups and universe and that it did so in a manner that was not intended to produce biased results for its clients.

Among other matters, the Operations Committee also requested and reviewed various information provided to TAI to facilitate the Trustees’ evaluation of the reasonableness of any potential profits to be earned by TAI with respect to its services to the New Fund pursuant to the Agreement.

In advance of the Board meeting held on July 15, 2014, independent legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to approve the Agreement for the New Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) a description of any proposed expense reimbursement arrangements; (2) a comparison of the New Fund’s fees under the Agreement as compared to any other comparable accounts managed by TAI or its affiliates; (3) any “fall-out” benefits that were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the New Fund aside from TAI’s direct fee payments pursuant to the Agreement; (4) information regarding overall staffing levels, compliance programs, any material pending litigation or compliance issues, and any actual and potential conflicts of interests identified by TAI in connection with rendering services to the New Fund; (5) information as to any potential profits to be earned by TAI in connection with its services pursuant to the Agreement; (6) a copy of the Agreement and certain related agreements between the Trust and affiliates of TAI with respect to the New Fund; and (7) proposed narrative explanations of reasons why the Board should approve the Agreement for the New Fund.

In considering whether to approve the Agreement, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the New Fund, including: (1) the nature, extent and quality of services to be provided by TAI to the New Fund; (2) the costs of the services to be provided to the New Fund and the potential profits to be realized (if any) by TAI and its affiliates from their relationship with the New Fund; (3) the extent to which economies of scale are anticipated to be realized as the New Fund grows; (4) whether the fee schedules set forth in the Agreement reflect any such economies of scale for the benefit of New Fund shareholders; (5) comparisons of services and fees with contracts entered into by TAI with other clients; and (6) any other benefits anticipated to be derived by TAI or its affiliates from their relationship with the New Fund. As a general matter, the Trustees viewed these factors in their totality, with no single factor being the principal factor in determining whether to approve the Agreement.

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Approval of investment
management agreement (unaudited)

In reaching its decisions regarding the approval of the Agreement for the New Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, information provided to the Board in connection with the renewal in March 2014 of the Agreement for each then-existing series of the Trust 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 Trust. In addition, the Board received and considered information from its independent legal counsel as to certain relevant guidelines that relate to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to approve the Agreement for the New 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 approve the Agreement for the New Fund.

At its meeting on July 15, 2014, the Board voted unanimously to approve the proposed Agreement for the New Fund. Set forth below are the general factors the Board considered for the New Fund, followed by an outline of the specific factors the Board considered for the New Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the existing series of the Trust since their operations commenced, as well as the other series of the TIAA-CREF Funds, the TIAA-CREF Life Funds and TIAA Separate Account VA-1. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), which is managed by an affiliated adviser. Under the Agreement for the New Fund, TAI is responsible for, among other duties: managing the assets of the New Fund, including conducting research, recommending investments and placing orders to buy and sell securities for the New Fund’s 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 New Fund to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the New Fund. In particular, the Board reviewed the proposed portfolio management team’s experience and their prior performance overseeing products with similar mandates for TAI. The Board considered that TAI has carried out these responsibilities in a professional manner with respect to the existing series of the Trust.

In addition, the Board considered the nature and quality of non-portfolio management services currently provided to the Trust and to be provided to the New Fund 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 improvements in services provided by those firms or outsourcing efforts to other firms.

34	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

continued

Cost and profitability

The Board considered pro forma financial and profitability data relating to TAI with respect to the New Fund. The Board considered TAI’s projected profit/loss calculations with respect to its services to the New Fund both before and after taking into account the costs to be incurred directly or indirectly by TAI in connection with the distribution of shares of the New Fund. These calculations also took into consideration any potential fall-out benefits to TAI or its affiliates. The Board considered the projection that the New Fund would be profitable to TAI starting in 2015. Among other considerations, the Board acknowledged the reasonableness of having a fee rate which permits TAI to maintain and improve the quality of services to be provided to the New Fund. In this connection, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions by TAI 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 proposed management fee rate to be charged to the New Fund under the Agreement typically was lower than the management fee rates charged by most comparable mutual funds. Based on all factors considered, the Board determined that the fee rate under the Agreement with respect to the New Fund was reasonable in relation to those charged by comparable mutual funds.

Economies of scale

The Board considered whether TAI is anticipated to experience economies of scale in connection with the operation of the New Fund. The Board also considered the extent to which the proposed fee “breakpoints” (that is, the New Fund asset levels at which additional assets would be assessed lower management fee rates) on the New Fund would have a material effect on its fees. In this connection, the Board considered TAI’s representation that the initial maximum fee rate in the Agreement is already at a low level compared to its peer group of mutual funds. Based on all factors considered, the Board concluded that the New Fund’s fee schedule was within an acceptable range in light of current economies of scale considerations and anticipated asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment products, including 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 these other products that are managed using similar investment strategies. The Board also considered TAI’s representation that, while the management fee rate charged to the New Fund may differ from the management fee

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

Approval of investment
management agreement (unaudited)	concluded

rates chargeable to these other investment products, this is due in part to the fact that these other products: 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 New Fund and to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the New Fund 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. Additionally, TAI and the New Fund may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

Specific factors

The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement with respect to the New Fund. If the New 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 the New Fund. Because the Institutional Class generally has lower non-management expenses than the Retirement, Premier and Retail Classes of the Fund, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class.

•	The New Fund’s annual contractual management fee is 0.55% of average daily net assets.
•	The New Fund’s proposed actual management fee rate and projected total expenses are in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes.
•	The New Fund’s proposed actual management fee and projected total expenses are in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes.

Based primarily on the foregoing factors and considerations, the Board approved the Agreement for the new Fund.

36	2014 Annual Report ■ TIAA-CREF Emerging Markets Debt Fund

Important tax information (unaudited)

By early 2015, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF Emerging Markets Debt Fund ■ 2014 Annual Report

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How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important 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 not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

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

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C20316

A14518 (12/14)

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Printed on paper containing recycled fiber

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A14518 (12/14)

730 Third Avenue,
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Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended October 31, 2014 and October 31, 2013, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $834,600 and $767,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended October 31, 2014 and October 31, 2013, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended October 31, 2014 and October 31, 2013, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended October 31, 2014 and October 31, 2013, PwC’s aggregate fees for tax services billed to the Registrant were $277,100 and $254,100, respectively.

For the fiscal years ended October 31, 2014 and October 31, 2013, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended October 31, 2014 and October 31, 2013, PwC’s aggregate fees for all other services billed to the Registrant were $21,300 and $30,000, respectively.

For the fiscal years ended October 31, 2014 and October 31, 2013, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2014 and October 31, 2013 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2014 and October 31, 2013 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2014 and October 31, 2013 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2014 and October 31, 2013 on behalf of the Fund service providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2014 and October 31, 2013 on behalf of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended October 31, 2014 and October 31, 2013, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $284,000 and $391,013, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

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

TIAA-CREF FUNDS
ENHANCED LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 0.6%
	57,865	*	BorgWarner, Inc	$	3,299,462
	18,495		Gentex Corp		605,526
	1,108		Harley-Davidson, Inc		72,796
	15,800		Lear Corp		1,461,500
	19,143	*,e	Tesla Motors, Inc		4,626,863
			TOTAL AUTOMOBILES & COMPONENTS		10,066,147

CAPITAL GOODS - 8.1%
	16,303		3M Co		2,506,912
	5,100		Acuity Brands, Inc		711,093
	98,918		Allison Transmission Holdings, Inc		3,212,857
	66,122	*	BE Aerospace, Inc		4,922,783
	14,107		Boeing Co		1,762,105
	29,418		Crane Co		1,834,212
	50,000		Cummins, Inc		7,309,000
	19,541		Dover Corp		1,552,337
	112,691		Emerson Electric Co		7,218,985
	23,400		Fluor Corp		1,552,356
	34,698		Graco, Inc		2,723,793
	145,583		Honeywell International, Inc		13,993,438
	10,526		Hubbell, Inc (Class B)		1,193,754
	44,155		Huntington Ingalls		4,672,482
	122,611		IDEX Corp		9,184,790
	40,140	*	Ingersoll-Rand plc		2,513,567
	99,570		ITT Corp		4,486,624
	124,358		Lockheed Martin Corp		23,698,904
	31,584	*	Middleby Corp		2,795,184
	15,680		Nordson Corp		1,200,304
	35,715		Rockwell Automation, Inc		4,012,580
	66,902		Roper Industries, Inc		10,590,587
	7,768		Snap-On, Inc		1,026,463
	33,949	*	Spirit Aerosystems Holdings, Inc (Class A)		1,335,554
	17,148		Toro Co		1,058,546
	30,718		TransDigm Group, Inc		5,745,188
	81,300		Trinity Industries, Inc		2,903,223
	36,843	*	United Rentals, Inc		4,054,941
	32,302	*	WABCO Holdings, Inc		3,145,569
	131,617		Westinghouse Air Brake Technologies Corp		11,358,547
			TOTAL CAPITAL GOODS		144,276,678

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	20,713		Cintas Corp		1,517,020
	19,500		Equifax, Inc		1,476,930
	173,756		Pitney Bowes, Inc		4,298,723

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

SHARES			COMPANY	VALUE

	177,234		Robert Half International, Inc	$	9,708,879
	18,222		Rollins, Inc		580,735
	10,445	*	Stericycle, Inc		1,316,070
	72,900		Tyco International Ltd		3,129,597
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		22,027,954

CONSUMER DURABLES & APPAREL - 1.6%
	56,531		DR Horton, Inc		1,288,342
	119,557		Hanesbrands, Inc		12,626,415
	11,872		Harman International Industries, Inc		1,274,340
	23,600		Hasbro, Inc		1,357,708
	57,900		Nike, Inc (Class B)		5,382,963
	1,538	*	NVR, Inc		1,888,018
	40,224	*	Under Armour, Inc (Class A)		2,637,890
	35,218		VF Corp		2,383,554
			TOTAL CONSUMER DURABLES & APPAREL		28,839,230

CONSUMER SERVICES - 2.7%
	142,567		Burger King Worldwide, Inc		4,659,090
	19,609	*	Chipotle Mexican Grill, Inc (Class A)		12,510,542
	154,947	*	Hilton Worldwide Holdings, Inc		3,910,862
	22,109	*	Hyatt Hotels Corp		1,309,295
	65,717		Las Vegas Sands Corp		4,091,540
	67,948		McDonald’s Corp		6,368,766
	69,700		Service Corp International		1,524,339
	110,170	*	Sonic Corp		2,777,386
	110,436		Starbucks Corp		8,344,544
	33,900		Starwood Hotels & Resorts Worldwide, Inc		2,598,774
			TOTAL CONSUMER SERVICES		48,095,138

DIVERSIFIED FINANCIALS - 4.6%
	73,187	*	Affiliated Managers Group, Inc		14,622,031
	108,379		American Express Co		9,748,691
	80,675		Ameriprise Financial, Inc		10,178,765
	69,526		Eaton Vance Corp		2,560,642
	97,186	e	Federated Investors, Inc (Class B)		3,039,006
	12,916		Franklin Resources, Inc		718,259
	83,000		Invesco Ltd		3,359,010
	157,589		Lazard Ltd (Class A)		7,754,955
	31,867		Legg Mason, Inc		1,657,084
	70,507		McGraw-Hill Financial, Inc		6,379,473
	148,215		Moody’s Corp		14,707,374
	126,867		SEI Investments Co		4,904,678
	87,391	*	Synchrony Financial		2,361,305
	16,786		Waddell & Reed Financial, Inc (Class A)		801,364
			TOTAL DIVERSIFIED FINANCIALS		82,792,637

ENERGY - 4.3%
	26,888		Baker Hughes, Inc		1,423,989
	12,136	e	CVR Energy, Inc		589,567
	168,334		EOG Resources, Inc		16,000,147
	20,000		EQT Corp		1,880,800

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

SHARES			COMPANY	VALUE

	92,486	*	FMC Technologies, Inc	$	5,182,915
	124,289	e	Kinder Morgan, Inc		4,809,984
	53,070	*	Oneok, Inc		3,127,946
	32,370		Patterson-UTI Energy, Inc		745,481
	20,201		Phillips 66		1,585,779
	50,997		Pioneer Natural Resources Co		9,641,493
	94,548		RPC, Inc		1,550,587
	297,520		Schlumberger Ltd		29,353,323
			TOTAL ENERGY		75,892,011

FOOD & STAPLES RETAILING - 1.0%
	22,300		Costco Wholesale Corp		2,974,151
	26,938		CVS Corp		2,311,550
	179,276		Walgreen Co		11,513,105
	15,368		Wal-Mart Stores, Inc		1,172,117
			TOTAL FOOD & STAPLES RETAILING		17,970,923

FOOD, BEVERAGE & TOBACCO - 8.8%
	605,658		Altria Group, Inc		29,277,508
	13,864		Brown-Forman Corp (Class B)		1,284,777
	702,379		Coca-Cola Co		29,415,632
	202,686		Coca-Cola Enterprises, Inc		8,786,438
	43,588	*	Constellation Brands, Inc (Class A)		3,990,045
	110,939		Dr Pepper Snapple Group, Inc		7,682,526
	10,484		Hershey Co		1,005,520
	49,547		Hormel Foods Corp		2,671,079
	24,684		Kellogg Co		1,578,789
	163,849		Kraft Foods Group, Inc		9,232,891
	229,356		Kroger Co		12,777,423
	102,570	*	Monster Beverage Corp		10,347,262
	180,172		PepsiCo, Inc		17,327,141
	210,043		Philip Morris International, Inc		18,695,927
	23,200	*,e	Pilgrim’s Pride Corp		659,112
	76,929	*	WhiteWave Foods Co (Class A)		2,864,067
			TOTAL FOOD, BEVERAGE & TOBACCO		157,596,137

HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	50,000		Aetna, Inc		4,125,500
	48,125	*	Align Technology, Inc		2,532,337
	20,300		AmerisourceBergen Corp		1,733,823
	23,529	*,e	athenahealth, Inc		2,882,302
	60,905		Bard (C.R.), Inc		9,986,593
	31,450		Cigna Corp		3,131,477
	52,394	*	DaVita, Inc		4,090,400
	27,555	*	Edwards Lifesciences Corp		3,331,951
	10,387	*	Idexx Laboratories, Inc		1,471,526
	36,478		McKesson Corp		7,419,990
	40,209	*	Pediatrix Medical Group, Inc		2,510,248
	14,000	*	ReWalk Robotics Ltd		429,100
	36,877	*	Sirona Dental Systems, Inc		2,896,688
	37,900		St. Jude Medical, Inc		2,432,043
	22,094		STERIS Corp		1,365,409

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

SHARES			COMPANY	VALUE

	44,988		Stryker Corp	$	3,937,800
	46,845		Universal Health Services, Inc (Class B)		4,858,295
	17,100		Zimmer Holdings, Inc		1,902,204
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		61,037,686

HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	24,012		Colgate-Palmolive Co		1,605,923
	47,871		Estee Lauder Cos (Class A)		3,598,942
	39,414	e	Herbalife Ltd		2,067,658
	5,995		Kimberly-Clark Corp		685,049
	6,967		Spectrum Brands, Inc		631,140
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		8,588,712

INSURANCE - 0.6%
	19,529		American Financial Group, Inc		1,168,420
	24,970		Aon plc		2,147,420
	150,431		Marsh & McLennan Cos, Inc		8,178,934
			TOTAL INSURANCE		11,494,774

MATERIALS - 3.1%
	32,800		Ball Corp		2,113,304
	48,607		Dow Chemical Co		2,401,186
	5,755		Du Pont (E.I.) de Nemours & Co		397,958
	30,199		International Flavors & Fragrances, Inc		2,994,231
	192,357	*	Louisiana-Pacific Corp		2,808,412
	119,664		LyondellBasell Industries AF S.C.A		10,964,812
	12,040		Martin Marietta Materials, Inc		1,407,717
	9,490		NewMarket Corp		3,682,215
	41,318		Packaging Corp of America		2,978,202
	32,680		PPG Industries, Inc		6,656,589
	32,333		RPM International, Inc		1,464,685
	9,142		Scotts Miracle-Gro Co (Class A)		541,572
	73,268		Sealed Air Corp		2,655,965
	28,324		Sherwin-Williams Co		6,502,057
	51,488		Sigma-Aldrich Corp		6,997,734
	1,000		Westlake Chemical Corp		70,550
			TOTAL MATERIALS		54,637,189

MEDIA - 3.9%
	24,734	*	Charter Communications, Inc		3,917,618
	348,988		Comcast Corp (Class A)		19,316,486
	88,015	*	DIRECTV		7,638,822
	131,081	*	DISH Network Corp (Class A)		8,343,306
	80,300		Interpublic Group of Cos, Inc		1,557,017
	36,448		Scripps Networks Interactive (Class A)		2,815,243
	132,193	*	Starz-Liberty Capital		4,084,764
	124,700		Twenty-First Century Fox, Inc		4,299,656
	59,302		Viacom, Inc (Class B)		4,310,069
	152,236		Walt Disney Co		13,911,326
			TOTAL MEDIA		70,194,307

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

SHARES			COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.3%
	418,931		AbbVie, Inc	$	26,585,361
	49,012	*	Actavis plc		11,897,173
	20,000	*	Alexion Pharmaceuticals, Inc		3,827,200
	52,024		Allergan, Inc		9,887,681
	40,182		Amgen, Inc		6,516,717
	38,438	*	Biogen Idec, Inc		12,341,673
	285,129		Bristol-Myers Squibb Co		16,591,656
	200,335	*	Celgene Corp		21,453,875
	310,979	*	Gilead Sciences, Inc		34,829,648
	13,785	*	Illumina, Inc		2,654,715
	106,899	*,e	Inovio Pharmaceuticals, Inc		1,214,373
	105,828		Johnson & Johnson		11,406,142
	5,519	*	Mettler-Toledo International, Inc		1,426,496
	33,600	*	Quintiles Transnational Holdings, Inc		1,966,944
	867	*	Regeneron Pharmaceuticals, Inc		341,355
	3,681	*	Salix Pharmaceuticals Ltd		529,512
	20,978		Thermo Electron Corp		2,466,384
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		165,936,905

REAL ESTATE - 1.5%
	49,960		American Tower Corp		4,871,100
	45,100	*	CBRE Group, Inc		1,443,200
	23,807	*	Howard Hughes Corp		3,508,676
	114,936		Iron Mountain, Inc		4,145,742
	7,250		Jones Lang LaSalle, Inc		980,272
	120,596		NorthStar Realty Finance Corp		2,240,674
	45,926		Omega Healthcare Investors, Inc		1,752,536
	33,947		Simon Property Group, Inc		6,083,642
	66,752		Tanger Factory Outlet Centers, Inc		2,387,719
			TOTAL REAL ESTATE		27,413,561

RETAILING - 8.6%
	14,300		Advance Auto Parts, Inc		2,101,528
	46,653	*	Amazon.com, Inc		14,250,626
	78,100	*	Bed Bath & Beyond, Inc		5,259,254
	381,200		Best Buy Co, Inc		13,014,168
	33,852	*	Dollar Tree, Inc		2,050,416
	40,327		Foot Locker, Inc		2,258,715
	281,946		Home Depot, Inc		27,495,374
	19,123	*	Liberty TripAdvisor Holdings, Inc		603,904
	19,123	*	Liberty Ventures		671,217
	209,686		Lowe’s Companies, Inc		11,994,039
	150,842		Macy’s, Inc		8,721,684
	1,184	*	NetFlix, Inc		465,040
	16,181	*	O’Reilly Automotive, Inc		2,845,914
	14,504		Petsmart, Inc		1,049,364
	20,610	*	Priceline.com, Inc		24,859,988
	38,755		Ross Stores, Inc		3,128,304
	47,100		Signet Jewelers Ltd		5,652,471
	90,000		Tiffany & Co		8,650,800
	80,014		TJX Companies, Inc		5,066,487

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

SHARES			COMPANY	VALUE

	123,849	*	TripAdvisor, Inc	$	10,980,452
	103,699	*,e	Wayfair, Inc		2,602,845
			TOTAL RETAILING		153,722,590

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
	66,544		Linear Technology Corp		2,850,745
	12,873		Maxim Integrated Products, Inc		377,694
	56,899	e	Microchip Technology, Inc		2,452,916
	353,714	*	Micron Technology, Inc		11,704,397
	49,787		Skyworks Solutions, Inc		2,899,595
	268,538		Texas Instruments, Inc		13,335,597
	53,445		Xilinx, Inc		2,377,233
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		35,998,177

SOFTWARE & SERVICES - 18.3%
	94,415		Accenture plc		7,658,945
	161,700		Activision Blizzard, Inc		3,225,915
	30,000	*	Adobe Systems, Inc		2,103,600
	46,000	*	Akamai Technologies, Inc		2,773,800
	17,709	*	Alibaba Group Holding Ltd (ADR)		1,746,107
	559	*,e	Bitauto Holdings Ltd (ADR)		46,799
	123,517		Broadridge Financial Solutions, Inc		5,426,102
	26,903	*	Citrix Systems, Inc		1,727,980
	30,825		Computer Sciences Corp		1,861,830
	13,211	*	eBay, Inc		693,577
	104,357	*	Electronic Arts, Inc		4,275,506
	392,366	*	Facebook, Inc		29,423,526
	30,512	e	Factset Research Systems, Inc		4,010,497
	51,044	*	Fiserv, Inc		3,546,537
	102,105	*	FleetCor Technologies, Inc		15,372,929
	20,650	*	Gartner, Inc		1,666,662
	10,060		Global Payments, Inc		809,830
	97,235	*	Google, Inc		54,362,144
	24,242	*	Google, Inc (Class A)		13,766,305
	117,828		International Business Machines Corp		19,370,923
	22,500		Intuit, Inc		1,980,225
	22,262	*	LinkedIn Corp		5,097,108
	225,800		Mastercard, Inc (Class A)		18,910,750
	1,079,755		Microsoft Corp		50,694,497
	642,776		Oracle Corp		25,100,403
	56,883	*	Salesforce.com, Inc		3,639,943
	21,716	*	SolarWinds, Inc		1,032,596
	116,285	*	Take-Two Interactive Software, Inc		3,075,738
	165,731	*	Twitter, Inc		6,872,865
	129,921		Visa, Inc (Class A)		31,366,827
	28,514	*	VMware, Inc (Class A)		2,382,915
	23,700	*	Workday, Inc		2,262,876
			TOTAL SOFTWARE & SERVICES		326,286,257

TECHNOLOGY HARDWARE & EQUIPMENT - 9.1%
	96,704		Amphenol Corp (Class A)		4,891,288
	1,114,102		Apple, Inc		120,323,016

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

SHARES			COMPANY	VALUE

	80,400	*	ARRIS Group, Inc	$	2,413,608
	181,629		Corning, Inc		3,710,681
	29,337	*	F5 Networks, Inc		3,607,864
	315,164		Qualcomm, Inc		24,743,526
	89,600	*	Trimble Navigation Ltd		2,406,656
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		162,096,639

TELECOMMUNICATION SERVICES - 2.8%
	88,482	*	Level 3 Communications, Inc		4,150,691
	20,907	*	SBA Communications Corp (Class A)		2,348,483
	831,629		Verizon Communications, Inc		41,789,357
	155,700		Windstream Holdings, Inc		1,631,736
			TOTAL TELECOMMUNICATION SERVICES		49,920,267

TRANSPORTATION - 3.6%
	21,150		Alaska Air Group, Inc		1,125,815
	37,853		American Airlines Group, Inc		1,565,222
	122,291		CH Robinson Worldwide, Inc		8,463,760
	41,000		Delta Air Lines, Inc		1,649,430
	24,300		FedEx Corp		4,067,820
	13,800	*	Kirby Corp		1,526,004
	54,389		Landstar System, Inc		4,025,330
	61,935		Norfolk Southern Corp		6,852,488
	35,899	*	Old Dominion Freight Line		2,615,960
	114,700		Southwest Airlines Co		3,954,856
	8,667	*	Spirit Airlines, Inc		633,643
	120,391		Union Pacific Corp		14,019,532
	121,761		United Parcel Service, Inc (Class B)		12,773,946
			TOTAL TRANSPORTATION		63,273,806

			TOTAL COMMON STOCKS		1,778,157,725
			(Cost $1,391,362,251)

SHORT-TERM INVESTMENTS - 1.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.6%
	28,698,961	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		28,698,961
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		28,698,961

			TOTAL SHORT-TERM INVESTMENTS		28,698,961
			(Cost $28,698,961)
			TOTAL INVESTMENTS - 101.2%		1,806,856,686
			(Cost $1,420,061,212)
			OTHER ASSETS & LIABILITIES, NET - (1.2)%		(21,635,190	)
			NET ASSETS - 100.0%	$	1,785,221,496

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



		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 $28,530,307.

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

TIAA-CREF FUNDS

ENHANCED LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 1.3%
	545,000		Ford Motor Co	$	7,679,050
	52,750		General Motors Co		1,656,350
	117,390		Johnson Controls, Inc		5,546,677
	30,390		Lear Corp		2,811,075
	34,890	*	TRW Automotive Holdings Corp		3,536,102
	8,200	*	Visteon Corp		769,980
			TOTAL AUTOMOBILES & COMPONENTS		21,999,234

BANKS - 9.4%
	1,325,724		Bank of America Corp		22,749,424
	485,700		Citigroup, Inc		25,999,521
	47,500		Comerica, Inc		2,267,650
	93,939		East West Bancorp, Inc		3,453,198
	88,100		Hudson City Bancorp, Inc		850,165
	140,300		Huntington Bancshares, Inc		1,390,373
	647,500		JPMorgan Chase & Co		39,160,800
	17,300		PacWest Bancorp		738,018
	60,642		PNC Financial Services Group, Inc		5,238,862
	1,300	*	Signature Bank		157,469
	89,700		SunTrust Banks, Inc		3,510,858
	24,500	*	SVB Financial Group		2,743,755
	24,000		Synovus Financial Corp		608,640
	67,124		US Bancorp		2,859,482
	961,800		Wells Fargo & Co		51,061,962
			TOTAL BANKS		162,790,177

CAPITAL GOODS - 7.2%
	7,500	*	Aecom Technology Corp		244,125
	48,900		Allegion plc		2,596,101
	66,753		Caterpillar, Inc		6,769,422
	61,890	p	Chicago Bridge & Iron Co NV		3,381,670
	25,877		Crane Co		1,613,431
	39,980		Cummins, Inc		5,844,276
	33,753		Danaher Corp		2,713,741
	28,800		Dover Corp		2,287,872
	114,780		Eaton Corp		7,849,804
	10,500		Fluor Corp		696,570
	37,924		General Dynamics Corp		5,300,258
	1,261,724		General Electric Co		32,565,096
	16,800		Huntington Ingalls		1,777,776
	34,890		IDEX Corp		2,613,610
	41,800	*	Ingersoll-Rand plc		2,617,516
	52,500		ITT Corp		2,365,650
	63,800		Joy Global, Inc		3,357,794

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

SHARES			COMPANY	VALUE

	63,080		Northrop Grumman Corp	$	8,702,517
	78,594	*	Quanta Services, Inc		2,678,484
	11,224		Raytheon Co		1,165,949
	9,324		Roper Industries, Inc		1,475,989
	28,189		Snap-On, Inc		3,724,895
	7,400		SPX Corp		701,446
	43,300		Stanley Works		4,054,612
	47,500		Textron, Inc		1,972,675
	101,889		Trinity Industries, Inc		3,638,456
	87,750		United Technologies Corp		9,389,250
	18,000	*	WABCO Holdings, Inc		1,752,840
			TOTAL CAPITAL GOODS		123,851,825

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	10,000	e	ADT Corp		358,400
	3,500		Cintas Corp		256,340
	9,900		Corrections Corp of America		364,122
	13,600		Manpower, Inc		907,800
	12,200		Nielsen Holdings NV		518,378
	90,250		Pitney Bowes, Inc		2,232,785
	68,000		Republic Services, Inc		2,611,200
	89,000		Tyco International Ltd		3,820,770
	8,300		Waste Connections, Inc		414,170
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		11,483,965

CONSUMER DURABLES & APPAREL - 1.5%
	60,000		Hanesbrands, Inc		6,336,600
	22,890		Harman International Industries, Inc		2,457,013
	4,000		Hasbro, Inc		230,120
	89,000	*	Jarden Corp		5,793,010
	66,300	*	Michael Kors Holdings Ltd		5,210,517
	64,500		Pulte Homes, Inc		1,237,755
	2,575		Ralph Lauren Corp		424,463
	15,000	*	Toll Brothers, Inc		479,250
	21,800		Whirlpool Corp		3,750,690
			TOTAL CONSUMER DURABLES & APPAREL		25,919,418

CONSUMER SERVICES - 0.8%
	49,390	*	Hyatt Hotels Corp		2,924,876
	4,900		Marriott International, Inc (Class A)		371,175
	80,880	p	Royal Caribbean Cruises Ltd		5,497,414
	193,000		Sands China Ltd		1,203,761
	40,750		Starwood Hotels & Resorts Worldwide, Inc		3,123,895
			TOTAL CONSUMER SERVICES		13,121,121

DIVERSIFIED FINANCIALS - 4.8%
	49,900		Ameriprise Financial, Inc		6,295,883
	57,500		Bank of New York Mellon Corp		2,226,400
	2,724		BlackRock, Inc		929,184
	138,000		Capital One Financial Corp		11,422,260
	160,000		Charles Schwab Corp		4,587,200
	131,300		Discover Financial Services		8,374,314

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

SHARES			COMPANY	VALUE

	49,300	*	E*Trade Financial Corp	$	1,099,390
	86,444		Goldman Sachs Group, Inc		16,423,495
	55,750		Invesco Ltd		2,256,202
	99,800		Lazard Ltd (Class A)		4,911,158
	300		McGraw-Hill Financial, Inc		27,144
	378,628		Morgan Stanley		13,233,049
	40,450		Northern Trust Corp		2,681,835
	31,000	e	PowerShares QQQ Trust Series		3,143,400
	39,500		SEI Investments Co		1,527,070
	26,442		State Street Corp		1,995,313
	6,000		TD Ameritrade Holding Corp		202,440
	24,242		Voya Financial, Inc		951,499
			TOTAL DIVERSIFIED FINANCIALS		82,287,236

ENERGY - 12.2%
	69,000		Anadarko Petroleum Corp		6,332,820
	61,000		Apache Corp		4,709,200
	97,500		Baker Hughes, Inc		5,163,600
	12,430	*	Cameron International Corp		740,206
	27,500		Chesapeake Energy Corp		609,950
	276,742		Chevron Corp		33,195,203
	36,989		Cimarex Energy Co		4,204,540
	240,750		ConocoPhillips		17,370,112
	69,000		Devon Energy Corp		4,140,000
	56,750	p	EOG Resources, Inc		5,394,088
	11,800		EQT Corp		1,109,672
	567,242		Exxon Mobil Corp		54,857,974
	5,400		Helmerich & Payne, Inc		468,828
	98,900		Hess Corp		8,387,709
	67,024	e	Kinder Morgan, Inc		2,593,829
	213,000		Marathon Oil Corp		7,540,200
	29,390		Marathon Petroleum Corp		2,671,551
	7,400		Murphy Oil Corp		395,086
	17,500		Nabors Industries Ltd		312,375
	90,880		National Oilwell Varco, Inc		6,601,523
	7,500		Noble Energy, Inc		432,225
	132,900		Occidental Petroleum Corp		11,818,797
	16,600	*	Oneok, Inc		978,404
	163,800		Patterson-UTI Energy, Inc		3,772,314
	56,800		Phillips 66		4,458,800
	13,300		Pioneer Natural Resources Co		2,514,498
	14,000		Questar Market Resources, Inc		350,980
	12,500	e	Seadrill Ltd		287,500
	50,600		Spectra Energy Corp		1,979,978
	96,800		Superior Energy Services		2,434,520
	50,500	p	Tesoro Corp		3,606,205
	118,890		Valero Energy Corp		5,955,200
	76,380	*	Whiting Petroleum Corp		4,677,511
			TOTAL ENERGY		210,065,398

FOOD & STAPLES RETAILING - 1.3%
	153,000		CVS Corp		13,128,930

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

SHARES			COMPANY	VALUE

	61,000	*	Rite Aid Corp	$	320,250
	191,000	*	Supervalu, Inc		1,648,330
	84,224		Wal-Mart Stores, Inc		6,423,765
			TOTAL FOOD & STAPLES RETAILING		21,521,275

FOOD, BEVERAGE & TOBACCO - 3.2%
	57,050		Altria Group, Inc		2,757,797
	173,800		Archer Daniels Midland Co		8,168,600
	35,000		Bunge Ltd		3,102,750
	56,700		Coca-Cola Enterprises, Inc		2,457,945
	40,150	*	Constellation Brands, Inc (Class A)		3,675,331
	103,800	*	Diamond Foods, Inc		3,129,570
	10,900		Ingredion, Inc		842,025
	23,000		Molson Coors Brewing Co (Class B)		1,710,740
	64,242		Mondelez International, Inc		2,265,173
	38,250	*	Monster Beverage Corp		3,858,660
	109,700		Philip Morris International, Inc		9,764,397
	100,000	*,e	Pilgrim’s Pride Corp		2,841,000
	12,775		Reynolds American, Inc		803,675
	130,300		Tyson Foods, Inc (Class A)		5,257,605
	139,890	*	WhiteWave Foods Co (Class A)		5,208,105
			TOTAL FOOD, BEVERAGE & TOBACCO		55,843,373

HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	447,375		Abbott Laboratories		19,501,076
	63,800		Aetna, Inc		5,264,138
	62,700		Cardinal Health, Inc		4,920,696
	63,000	*	CareFusion Corp		3,614,310
	69,900	*	Catamaran Corp		3,332,133
	16,500		Cigna Corp		1,642,905
	6,800		Cooper Cos, Inc		1,114,520
	133,190		Covidien plc		12,312,084
	32,600	*	DaVita, Inc		2,545,082
	98,390	*	HCA Holdings, Inc		6,892,219
	154,000	*	Health Net, Inc		7,316,540
	54,390	*	Hologic, Inc		1,424,474
	12,550		Humana, Inc		1,742,568
	500	*	Intuitive Surgical, Inc		247,900
	8,900	*	Laboratory Corp of America Holdings		972,681
	104,024		Medtronic, Inc		7,090,276
	18,000		St. Jude Medical, Inc		1,155,060
	150,824		UnitedHealth Group, Inc		14,329,788
	38,000		Universal Health Services, Inc (Class B)		3,940,980
	71,900	*	VCA Antech, Inc		3,276,483
	71,590		WellPoint, Inc		9,069,737
	10,000		Zimmer Holdings, Inc		1,112,400
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		112,818,050

HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	25,000		Church & Dwight Co, Inc		1,810,250
	18,300		Energizer Holdings, Inc		2,244,495
	11,080		Kimberly-Clark Corp		1,266,112

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

SHARES			COMPANY	VALUE

	274,224		Procter & Gamble Co	$	23,931,528
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		29,252,385

INSURANCE - 5.9%
	17,500		ACE Ltd		1,912,750
	116,600		Allstate Corp		7,561,510
	35,180		American Financial Group, Inc		2,104,819
	151,200		American International Group, Inc		8,099,784
	4,200		Aspen Insurance Holdings Ltd		183,246
	38,500		Assurant, Inc		2,626,470
	27,368		Axis Capital Holdings Ltd		1,317,496
	202,424	*	Berkshire Hathaway, Inc (Class B)		28,371,748
	29,338		Everest Re Group Ltd		5,006,530
	208,389	*	Genworth Financial, Inc (Class A)		2,915,362
	123,900		Hartford Financial Services Group, Inc		4,903,962
	122,380		Lincoln National Corp		6,701,529
	15,000		Marsh & McLennan Cos, Inc		815,550
	44,500		Old Republic International Corp		657,265
	23,689		PartnerRe Ltd		2,740,580
	66,000		Principal Financial Group		3,456,420
	115,490		Prudential Financial, Inc		10,225,485
	29,890		Reinsurance Group of America, Inc (Class A)		2,518,232
	55,750		Torchmark Corp		2,952,520
	3,500		Travelers Cos, Inc		352,800
	93,891		UnumProvident Corp		3,141,593
	96,800		XL Capital Ltd		3,279,584
			TOTAL INSURANCE		101,845,235

MATERIALS - 3.8%
	33,000		Air Products & Chemicals, Inc		4,443,780
	199,800		Alcoa, Inc		3,348,648
	13,800		Ashland, Inc		1,491,366
	16,500		Celanese Corp (Series A)		969,045
	28,380		CF Industries Holdings, Inc		7,378,800
	238,900	e	Cliffs Natural Resources, Inc		2,682,847
	45,250		Cytec Industries, Inc		2,110,007
	243,380		Dow Chemical Co		12,022,972
	57,000		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,624,500
	118,000		Huntsman Corp		2,879,200
	60,000		LyondellBasell Industries AF S.C.A		5,497,800
	28,600		MeadWestvaco Corp		1,263,262
	20,750		Nucor Corp		1,121,745
	36,190		Packaging Corp of America		2,608,575
	71,390		PolyOne Corp		2,642,144
	12,400		PPG Industries, Inc		2,525,756
	3,750		Rockwood Holdings, Inc		288,412
	40,890		RPM International, Inc		1,852,317
	7,400		Sigma-Aldrich Corp		1,005,734
	40,813		Steel Dynamics, Inc		939,107
	6,850		TimkenSteel Corp		277,973
	84,890	e	United States Steel Corp		3,398,996
	14,800		Vulcan Materials Co		913,308

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

SHARES			COMPANY	VALUE

	400,000	e	Walter Energy, Inc	$	964,000
	25,750		Westlake Chemical Corp		1,816,663
			TOTAL MATERIALS		66,066,957

MEDIA - 1.7%
	37,500		Comcast Corp (Class A)		2,075,625
	50,890	*	DISH Network Corp (Class A)		3,239,148
	96,800		Gannett Co, Inc		3,049,200
	88,300		Interpublic Group of Cos, Inc		1,712,137
	15,000	*	Liberty Media Corp (Class C)		718,950
	12,224	*	Live Nation, Inc		317,824
	500,000	*,e	Sirius XM Holdings, Inc		1,715,000
	95,742		Time Warner, Inc		7,608,617
	19,800		Viacom, Inc (Class B)		1,439,064
	85,400		Walt Disney Co		7,803,852
			TOTAL MEDIA		29,679,417

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.3%
	14,500	*	Actavis plc		3,519,730
	13,300	*	Alexion Pharmaceuticals, Inc		2,545,088
	6,900		Amgen, Inc		1,119,042
	20,190	*,p	Biogen Idec, Inc		6,482,605
	153,224		Bristol-Myers Squibb Co		8,916,104
	22,000	*	Celgene Corp		2,355,980
	191,000		Eli Lilly & Co		12,669,030
	63,980	*,p	Gilead Sciences, Inc		7,165,760
	60,800	*	Hospira, Inc		3,264,960
	342,224		Johnson & Johnson		36,884,903
	5,480	*	Mallinckrodt plc		505,147
	393,500		Merck & Co, Inc		22,799,390
	60,000		Perrigo Co plc		9,687,000
	1,065,000		Pfizer, Inc		31,896,750
	5,054	*	Quintiles Transnational Holdings, Inc		295,861
	11,800	*,p	Salix Pharmaceuticals Ltd		1,697,430
	69,800		Thermo Electron Corp		8,206,386
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		160,011,166

REAL ESTATE - 4.1%
	31,980		Alexandria Real Estate Equities, Inc		2,654,340
	11,000		Apartment Investment & Management Co (Class A)		393,690
	11,400		AvalonBay Communities, Inc		1,776,576
	23,000		Boston Properties, Inc		2,915,250
	70,990	*	CBS Outdoor Americas, Inc		2,160,226
	23,600		Digital Realty Trust, Inc		1,628,164
	152,400		Duke Realty Corp		2,889,504
	40,800		Equity Lifestyle Properties, Inc		2,003,280
	50,000		Equity Residential		3,478,000
	10,750		Essex Property Trust, Inc		2,168,920
	63,900		Extra Space Storage, Inc		3,716,424
	18,000		Federal Realty Investment Trust		2,372,400
	111,900		General Growth Properties, Inc		2,899,329
	7,500		Health Care REIT, Inc		533,325

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

SHARES			COMPANY	VALUE

	206,800		Host Marriott Corp	$	4,820,508
	21,080	*	Howard Hughes Corp		3,106,770
	19,188		Jones Lang LaSalle, Inc		2,594,410
	41,889		Kilroy Realty Corp		2,837,561
	37,500		Kimco Realty Corp		935,625
	9,900		Macerich Co		697,950
	36,808		National Retail Properties, Inc		1,403,121
	15,400		Post Properties, Inc		861,476
	20,000		Public Storage, Inc		3,686,800
	16,000		Regency Centers Corp		971,200
	36,000		Simon Property Group, Inc		6,451,560
	30,890		SL Green Realty Corp		3,573,973
	212,100		Spirit Realty Capital, Inc		2,523,990
	4,224		Ventas, Inc		289,386
	25,000		Vornado Realty Trust		2,737,000
	22,400		Weyerhaeuser Co		758,464
			TOTAL REAL ESTATE		69,839,222

RETAILING - 2.7%
	42,500	*	Bed Bath & Beyond, Inc		2,861,950
	236,300		Best Buy Co, Inc		8,067,282
	33,088		Dillard’s, Inc (Class A)		3,499,387
	30,300		Expedia, Inc		2,574,591
	21,500		Foot Locker, Inc		1,204,215
	180,000	e,p	GameStop Corp (Class A)		7,696,800
	273,800	*,e	JC Penney Co, Inc		2,083,618
	71,540		Kohl’s Corp		3,878,899
	14,800		L Brands, Inc		1,067,376
	12,000	*	Liberty Interactive Corp		313,680
	54,000	*	Liberty Ventures		1,895,400
	88,680		Macy’s, Inc		5,127,478
	18,900		Signet Jewelers Ltd		2,268,189
	109,000		Staples, Inc		1,382,120
	42,242		Target Corp		2,611,400
	16,754	*,e	Wayfair, Inc		420,525
			TOTAL RETAILING		46,952,910

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
	69,100		Applied Materials, Inc		1,526,419
	63,000		Avago Technologies Ltd		5,433,750
	151,500		Broadcom Corp (Class A)		6,344,820
	691,224		Intel Corp		23,508,528
	2,500		Kla-Tencor Corp		197,875
	56,750		Lam Research Corp		4,418,555
	126,890	*	Micron Technology, Inc		4,198,790
	221,390		Nvidia Corp		4,325,961
	31,100	*	SunEdison, Inc		606,761
	7,089	*,e	SunPower Corp		225,714
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		50,787,173

SOFTWARE & SERVICES - 4.4%
	155,000		Activision Blizzard, Inc		3,092,250

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

SHARES			COMPANY	VALUE

	74,084	*	Akamai Technologies, Inc	$	4,467,265
	17,682	*	Alibaba Group Holding Ltd (ADR)		1,743,445
	18,300	*	Alliance Data Systems Corp		5,185,305
	17,024		Amdocs Ltd		809,321
	2,800	*	Citrix Systems, Inc		179,844
	66,099		Computer Sciences Corp		3,992,380
	13,180	*	Electronic Arts, Inc		539,985
	72,990		Fidelity National Information Services, Inc		4,261,886
	472,400		Microsoft Corp		22,179,180
	288,900	*,e	Millennial Media, Inc		592,245
	190,000		Symantec Corp		4,715,800
	63,300	*	VMware, Inc (Class A)		5,289,981
	91,390	*	Workday, Inc		8,725,917
	515,540		Xerox Corp		6,846,371
	67,224	*	Yahoo!, Inc		3,095,665
			TOTAL SOFTWARE & SERVICES		75,716,840

TECHNOLOGY HARDWARE & EQUIPMENT - 4.5%
	44,500	*	Arrow Electronics, Inc		2,530,270
	399,880		Brocade Communications Systems, Inc		4,290,712
	80,000		CDW Corp		2,467,200
	728,950		Cisco Systems, Inc		17,837,407
	75,000		Corning, Inc		1,532,250
	40,390	*	EchoStar Corp (Class A)		1,887,425
	195,100		EMC Corp		5,605,223
	39,800		Harris Corp		2,770,080
	445,000		Hewlett-Packard Co		15,966,600
	28,000	*	Ingram Micro, Inc (Class A)		751,520
	168,000	*,e	InvenSense, Inc		2,723,280
	42,873		Jabil Circuit, Inc		898,189
	65,500		NetApp, Inc		2,803,400
	48,900		SanDisk Corp		4,603,446
	41,890		Seagate Technology, Inc		2,631,949
	23,800		Vishay Intertechnology, Inc		321,538
	82,100		Western Digital Corp		8,076,177
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		77,696,666

TELECOMMUNICATION SERVICES - 1.7%
	507,500		AT&T, Inc		17,681,300
	90,200		CenturyTel, Inc		3,741,496
	172,900	e	Frontier Communications Corp		1,130,766
	80,000	*	Level 3 Communications, Inc		3,752,800
	10,000	*	T-Mobile US, Inc		291,900
	67,500		Verizon Communications, Inc		3,391,875
			TOTAL TELECOMMUNICATION SERVICES		29,990,137

TRANSPORTATION - 2.9%
	40,890		American Airlines Group, Inc		1,690,802
	69,800		Con-Way, Inc		3,027,226
	10,500		CSX Corp		374,115
	223,900		Delta Air Lines, Inc		9,007,497
	58,900		FedEx Corp		9,859,860

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

SHARES			COMPANY	VALUE

	33,898		Kansas City Southern Industries, Inc	$	4,162,335
	23,380	*	Kirby Corp		2,585,360
	56,750		Norfolk Southern Corp		6,278,820
	41,188		Ryder System, Inc		3,643,902
	113,390		Southwest Airlines Co		3,909,687
	50,550		Union Pacific Corp		5,886,548
			TOTAL TRANSPORTATION		50,426,152

UTILITIES - 4.7%
	20,300		AGL Resources, Inc		1,094,373
	19,500		Alliant Energy Corp		1,207,245
	12,242		Ameren Corp		518,326
	125,400		American Electric Power Co, Inc		7,315,836
	63,800		American Water Works Co, Inc		3,405,006
	17,400		Atmos Energy Corp		922,200
	7,500	*	Calpine Corp		171,150
	98,000		CMS Energy Corp		3,201,660
	125,750		Dominion Resources, Inc		8,965,975
	29,750		DTE Energy Co		2,444,260
	134,500		Edison International		8,417,010
	51,540		Entergy Corp		4,330,391
	13,800		MDU Resources Group, Inc		388,884
	73,850		NextEra Energy, Inc		7,401,247
	94,554		NiSource, Inc		3,976,941
	63,000		Northeast Utilities		3,109,050
	7,500		Pinnacle West Capital Corp		461,025
	61,950		PPL Corp		2,167,631
	87,500		Public Service Enterprise Group, Inc		3,614,625
	72,990		Sempra Energy		8,028,900
	102,800		UGI Corp		3,874,532
	160,000		Xcel Energy, Inc		5,355,200
			TOTAL UTILITIES		80,371,467

			TOTAL COMMON STOCKS		1,710,336,799
			(Cost $1,304,653,184)

SHORT-TERM INVESTMENTS - 1.7%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
	29,660,775	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		29,660,775
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		29,660,775

			TOTAL SHORT-TERM INVESTMENTS		29,660,775
			(Cost $29,660,775)
			TOTAL INVESTMENTS - 100.9%		1,739,997,574
			(Cost $1,334,313,959)
			OTHER ASSETS & LIABILITIES, NET - (0.9)%		(16,064,366	)
			NET ASSETS - 100.0%	$	1,723,933,208

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

	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 $29,562,260.
p	All or a portion of these securities have been segregated by the custodian to cover margin requirements on open written options contracts.

TIAA-CREF FUNDS - Growth & Income Fund

TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS
October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.5%
	358,038	p	Delphi Automotive plc	$	24,697,461
	618,077		Johnson Controls, Inc		29,204,138
	176,381		Magna International, Inc (Class A) (NY)		17,410,569
			TOTAL AUTOMOBILES & COMPONENTS		71,312,168

BANKS - 5.3%
	4,684,819		Bank of America Corp		80,391,494
	944,951		Citigroup, Inc		50,583,227
	330,146		East West Bancorp, Inc		12,136,167
	636,155		JPMorgan Chase & Co		38,474,654
	1,307,027		Wells Fargo & Co		69,390,064
			TOTAL BANKS		250,975,606

CAPITAL GOODS - 6.0%
	237,110	p	Eaton Corp		16,215,953
	131,449	*	Esterline Technologies Corp		15,393,992
	200,613		General Dynamics Corp		28,037,673
	3,450,231		General Electric Co		89,050,462
	545,376		Honeywell International, Inc		52,421,541
	402,244		ITT Corp		18,125,115
	85,187		L-3 Communications Holdings, Inc		10,346,813
	294,073		Masco Corp		6,490,191
	389,477	*	Quanta Services, Inc		13,273,376
	172,266	*	Teledyne Technologies, Inc		17,851,926
	224,557	*	USG Corp		6,031,601
	124,086	*	WABCO Holdings, Inc		12,083,495
			TOTAL CAPITAL GOODS		285,322,138

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	713,467		Pitney Bowes, Inc		17,651,174
	323,103		Robert Half International, Inc		17,699,582
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		35,350,756

CONSUMER DURABLES & APPAREL - 4.3%
	1,027,964		DR Horton, Inc		23,427,300
	235,284	*	GoPro, Inc		18,140,396
	93,033		Hanesbrands, Inc		9,825,215
	163,296		Harman International Industries, Inc		17,528,193
	622,370		Hasbro, Inc		35,804,946
	414,864	*	Jarden Corp		27,003,498
	1,094,691		Newell Rubbermaid, Inc		36,486,051
	205,169		Nike, Inc (Class B)		19,074,562
	80	e	Prada S.p.A		493
	207,373		VF Corp		14,035,005
			TOTAL CONSUMER DURABLES & APPAREL		201,325,659

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

CONSUMER SERVICES - 1.4%
	284,984		Accor S.A.	$	11,972,831
	529,012	*	Belmond Ltd.		6,062,477
	453,673	e	Burger King Worldwide, Inc		14,826,034
	227,021	*	Chuy’s Holdings, Inc		6,790,198
	645,217	*	Hilton Worldwide Holdings, Inc		16,285,277
	364,884	*	Sonic Corp		9,198,726
			TOTAL CONSUMER SERVICES		65,135,543

DIVERSIFIED FINANCIALS - 4.4%
	351,690		American Express Co		31,634,515
	240,503		Ameriprise Financial, Inc		30,344,264
	276,654		Discover Financial Services		17,644,992
	1,194,322	*	ING Groep NV		17,103,123
	403,350		Lazard Ltd (Class A)		19,848,853
	363,096		Moody’s Corp		36,030,016
	1,512,124		Morgan Stanley		52,848,734
			TOTAL DIVERSIFIED FINANCIALS		205,454,497

ENERGY - 6.6%
	304,507		Apache Corp		23,507,940
	114,409	*	Cheniere Energy, Inc		8,580,675
	578,650		Chevron Corp		69,409,067
	296,681		EOG Resources, Inc		28,199,529
	281,629		Exxon Mobil Corp		27,236,341
	476,950		Halliburton Co		26,299,023
	355,404	e	Kinder Morgan, Inc		13,754,135
	702,185		Marathon Oil Corp		24,857,349
	263,071		Marathon Petroleum Corp		23,913,154
	415,057	e	Peyto Exploration & Development Corp		11,714,621
	1,222,291		Talisman Energy, Inc		7,798,217
	504,859		Valero Energy Corp		25,288,387
	350,397		Williams Cos, Inc		19,450,537
			TOTAL ENERGY		310,008,975

FOOD & STAPLES RETAILING - 0.6%
	176,357		Costco Wholesale Corp		23,520,733
	301,597	*	Diplomat Pharmacy, Inc		6,484,336
			TOTAL FOOD & STAPLES RETAILING		30,005,069

FOOD, BEVERAGE & TOBACCO - 5.4%
	1,623,942		Britvic plc		17,705,854
	172,727		Brown-Forman Corp (Class B)		16,006,611
	407,967	*	Constellation Brands, Inc (Class A)		37,345,299
	165,413	*	Diamond Foods, Inc		4,987,202
	96,792		Hershey Co		9,283,321
	541,951		Kroger Co		30,192,090
	200,708	p	Mead Johnson Nutrition Co		19,932,311
	474,071		Mondelez International, Inc		16,715,743

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	735,239		PepsiCo, Inc	$	70,707,935
	314,962		SABMiller plc		17,815,181
	402,525	*	WhiteWave Foods Co (Class A)		14,986,006
			TOTAL FOOD, BEVERAGE & TOBACCO		255,677,553

HEALTH CARE EQUIPMENT & SERVICES - 4.3%
	369,300		Abbott Laboratories		16,097,787
	157,221		Aetna, Inc		12,972,305
	368,728		Covidien plc		34,085,216
	623,529	*	Hologic, Inc		16,330,225
	124,401		Humana, Inc		17,273,079
	351,534	*	Insulet Corp		15,175,723
	131,067		McKesson Corp		26,660,338
	144,625		STERIS Corp		8,937,825
	644,289	*,e	Trupanion, Inc		4,290,965
	252,544		Universal Health Services, Inc (Class B)		26,191,338
	225,696		Zimmer Holdings, Inc		25,106,423
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		203,121,224

HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	212,877	p	Estee Lauder Cos (Class A)		16,004,093
	73,370		L’Oreal S.A.		11,514,408
	777,597		Procter & Gamble Co		67,860,890
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		95,379,391

INSURANCE - 3.1%
	291,491		ACE Ltd		31,859,966
	512,482		Allstate Corp		33,234,458
	275,330		FNF Group		8,215,847
	887,884		Hartford Financial Services Group, Inc		35,142,449
	658,050		Metlife, Inc		35,692,632
			TOTAL INSURANCE		144,145,352

MATERIALS - 3.1%
	221,042		Akzo Nobel NV		14,740,518
	1,385,544		Alcoa, Inc		23,221,717
	128,662		Ashland, Inc		13,904,502
	282,830		Caesarstone Sdot-Yam Ltd		15,798,884
	637,662		Dow Chemical Co		31,500,503
	133,183		PPG Industries, Inc		27,128,045
	532,302		Sealed Air Corp		19,295,948
			TOTAL MATERIALS		145,590,117

MEDIA - 4.8%
	252,541	*	AMC Networks, Inc		15,316,612
	1,026,028		Comcast Corp (Class A)		56,790,650
	321,163	*	DISH Network Corp (Class A)		20,442,025
	568,144	e	Lions Gate Entertainment Corp		18,822,611
	227,873	e	Regal Entertainment Group (Class A)		5,047,387
	468,486		Time Warner, Inc		37,230,582
	185,805		Viacom, Inc (Class B)		13,504,307

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	653,526		Walt Disney Co	$	59,719,206
			TOTAL MEDIA		226,873,380

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.1%
	833,350		AbbVie, Inc		52,884,391
	167,518	*	Actavis plc		40,663,319
	435,684	*	Alkermes plc		22,023,826
	69,866	*	Biogen Idec, Inc		22,432,575
	67,944	*	BioMarin Pharmaceuticals, Inc		5,605,380
	1,123,835		Bristol-Myers Squibb Co		65,395,959
	564,852	*	Celgene Corp		60,490,001
	517,373	*,p	Gilead Sciences, Inc		57,945,776
	112,436	*	Illumina, Inc		21,652,925
	133,399	*	Jazz Pharmaceuticals plc		22,523,087
	859,900		Johnson & Johnson		92,680,022
	250,000		Merck & Co, Inc		14,485,000
	261,936	*	Mylan Laboratories, Inc		14,026,673
	151,400		Novartis AG.		14,050,352
	382,155	*	NPS Pharmaceuticals, Inc		10,471,047
	102,546	*,e	Pharmacyclics, Inc		13,399,686
	139,823	*	Salix Pharmaceuticals Ltd		20,113,538
	119,889		Shire Ltd		8,044,184
	278,673		Zoetis Inc		10,355,489
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		569,243,230

REAL ESTATE - 0.9%
	231,095		American Tower Corp		22,531,762
	104,431		AvalonBay Communities, Inc		16,274,527
			TOTAL REAL ESTATE		38,806,289

RETAILING - 4.8%
	32,971	*	AutoZone, Inc		18,250,108
	597,447		Best Buy Co, Inc		20,396,841
	238,578	e	GameStop Corp (Class A)		10,201,595
	692,701		Home Depot, Inc		67,552,201
	1,775,613	*,e	JC Penney Co, Inc		13,512,415
	349,193		Macy’s, Inc		20,190,339
	67,447	*	NetFlix, Inc		26,491,158
	203,490	*,e	Restoration Hardware Holdings, Inc		16,344,317
	154,525	*	Sally Beauty Holdings, Inc		4,529,128
	181,027		Tiffany & Co		17,400,315
	175,594		Williams-Sonoma, Inc		11,418,878
			TOTAL RETAILING		226,287,295

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
	252,403		Avago Technologies Ltd		21,769,759
	1,812,643		Intel Corp		61,647,989
	381,185	*,p	NXP Semiconductor NV		26,172,162
	380,365	*,e	SunPower Corp		12,110,821
	478,174		Texas Instruments, Inc		23,746,121
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		145,446,852

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

SOFTWARE & SERVICES - 10.3%
	335,189		Activision Blizzard, Inc	$	6,687,021
	70,560	*	Alibaba Group Holding Ltd (ADR)		6,957,216
	97,761	*	Alliance Data Systems Corp		27,700,579
	264,803	*	Aspen Technology, Inc		9,779,175
	46,720	*	Baidu, Inc (ADR)		11,155,334
	131,480	*,e	Check Point Software Technologies		9,762,390
	338,949	*,p	Citrix Systems, Inc		21,770,694
	124,134	*,e,p	Demandware, Inc		7,441,833
	694,389	*,p	Facebook, Inc		52,072,231
	710,922	*	Fortinet, Inc		18,519,518
	149,763	*	Google, Inc		83,729,498
	298,113	*,p	Informatica Corp		10,630,710
	2,158,661		Microsoft Corp		101,349,134
	85,121	*,p	MicroStrategy, Inc (Class A)		13,694,267
	873,383		Oracle Corp		34,105,606
	339,669	*	Salesforce.com, Inc		21,735,419
	605,556	*,p	Take-Two Interactive Software, Inc		16,016,956
	140,164	*,p	Twitter, Inc		5,812,601
	77,121	*	VMware, Inc (Class A)		6,445,002
	477,590	*	Yahoo!, Inc		21,993,020
			TOTAL SOFTWARE & SERVICES		487,358,204

TECHNOLOGY HARDWARE & EQUIPMENT - 7.0%
	1,883,490		Apple, Inc		203,416,920
	633,719	*,e	Ciena Corp		10,621,130
	976,387		Cisco Systems, Inc		23,892,190
	250,814	*,p	F5 Networks, Inc		30,845,106
	78,974	*	Palo Alto Networks, Inc		8,347,552
	267,741		Qualcomm, Inc		21,020,346
	226,310		SanDisk Corp		21,304,823
	106,496	*,e	Stratasys Ltd		12,817,859
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		332,265,926

TELECOMMUNICATION SERVICES - 2.2%
	451,316	*	Level 3 Communications, Inc		21,171,234
	519,906	*	T-Mobile US, Inc		15,176,056
	1,314,618		Verizon Communications, Inc		66,059,554
			TOTAL TELECOMMUNICATION SERVICES		102,406,844

TRANSPORTATION - 3.4%
	149,345		Canadian Pacific Railway Ltd		31,015,970
	342,521		CH Robinson Worldwide, Inc		23,705,878
	320,793		CSX Corp		11,429,855
	985,448		Delta Air Lines, Inc		39,644,573
	56,062		FedEx Corp		9,384,779
	154,996		Kansas City Southern Industries, Inc		19,031,959
	82,483	*	Old Dominion Freight Line		6,010,536
	236,984	p	Ryder System, Inc		20,965,974
			TOTAL TRANSPORTATION		161,189,524

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

UTILITIES - 2.1%
	328,716		American Water Works Co, Inc					$	17,543,573
	449,670	*	Calpine Corp						10,261,469
	244,690		NextEra Energy, Inc						24,522,832
	294,071	e	NRG Yield, Inc						14,694,728
	284,452		Sempra Energy						31,289,720
			TOTAL UTILITIES						98,312,322

			TOTAL COMMON STOCKS (Cost $3,610,698,159)						4,686,993,914

PURCHASED OPTIONS - 0.0%

AUTOMOBILES & COMPONENTS - 0.0%
	30,000		Delphi Automotive plc						13,500
			TOTAL AUTOMOBILES & COMPONENTS						13,500

CAPITAL GOODS - 0.0%
	10,000		Eaton Corp plc						7,900
			TOTAL CAPITAL GOODS						7,900

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	40,000		Estee Lauder Cos, Inc						40,000
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						40,000

MATERIALS - 0.0%
	40,000		Dow Chemical Co						1,600
			TOTAL MATERIALS						1,600

SOFTWARE & SERVICES - 0.0%
	40,000		Informatica Corp						4,000
	30,000		Take-Two Interactive Software, Inc						2,100
			TOTAL SOFTWARE & SERVICES						6,100

			TOTAL PURCHASED OPTIONS						69,100
			(Cost $299,107)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.2%
GOVERNMENT AGENCY DEBT - 0.1%
$	6,800,000		Federal National Mortgage Association (FNMA)		0.045	%	11/04/14		6,799,975
			TOTAL GOVERNMENT AGENCY DEBT						6,799,975

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.1%
	146,470,319	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						146,470,319
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						146,470,319

TIAA-CREF FUNDS - Growth & Income Fund

	VALUE

TOTAL SHORT-TERM INVESTMENTS	$	153,270,294
(Cost $153,270,294)
TOTAL INVESTMENTS - 102.6% (Cost $3,764,267,560)		4,840,333,308
OTHER ASSETS & LIABILITIES, NET - (2.6)%		(124,762,176	)
NET ASSETS - 100.0%	$	4,715,571,132


		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 $144,864,808.
p		All or a portion of these securities have been segregated by the custodian 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

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 2.3%
	339,297	*	BorgWarner, Inc	$	19,346,715
	188,225	*,e	Tesla Motors, Inc		45,493,983
			TOTAL AUTOMOBILES & COMPONENTS		64,840,698

CAPITAL GOODS - 2.2%
	63,373	*	Middleby Corp		5,608,511
	164,845		Roper Industries, Inc		26,094,963
	127,319		W.W. Grainger, Inc		31,422,329
			TOTAL CAPITAL GOODS		63,125,803

COMMERCIAL & PROFESSIONAL SERVICES - 2.2%
	682,670		Nielsen Holdings NV		29,006,648
	516,521	*	Verisk Analytics, Inc		32,205,085
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		61,211,733

CONSUMER DURABLES & APPAREL - 3.5%
	117,169	e	Garmin Ltd		6,500,536
	71,057	*	Michael Kors Holdings Ltd		5,584,369
	606,599		Nike, Inc (Class B)		56,395,509
	64,065	*	Under Armour, Inc (Class A)		4,201,383
	368,932		VF Corp		24,969,318
			TOTAL CONSUMER DURABLES & APPAREL		97,651,115

CONSUMER SERVICES - 3.9%
	125,598		Burger King Worldwide, Inc		4,104,543
	13,584	*	Chipotle Mexican Grill, Inc (Class A)		8,666,592
	366,766		Marriott International, Inc (Class A)		27,782,524
	693,353		Starbucks Corp		52,389,753
	95,725		Wynn Resorts Ltd		18,188,707
			TOTAL CONSUMER SERVICES		111,132,119

DIVERSIFIED FINANCIALS - 6.9%
	88,943	*	Affiliated Managers Group, Inc		17,769,922
	222,982		Ameriprise Financial, Inc		28,133,639
	906,445		Charles Schwab Corp		25,987,778
	168,514		IntercontinentalExchange Group, Inc		35,099,781
	157,076		McGraw-Hill Financial, Inc		14,212,237
	605,092		Moody’s Corp		60,043,279
	385,683		Morgan Stanley		13,479,621
			TOTAL DIVERSIFIED FINANCIALS		194,726,257

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE

ENERGY - 1.7%
	166,980	*	Cheniere Energy, Inc	$	12,523,500
	105,707		EOG Resources, Inc		10,047,450
	231,146		Halliburton Co		12,745,390
	229,703		Williams Cos, Inc		12,750,814
			TOTAL ENERGY		48,067,154

FOOD, BEVERAGE & TOBACCO - 1.6%
	37,537		Keurig Green Mountain, Inc		5,696,240
	237,539		Mead Johnson Nutrition Co		23,589,998
	155,353	*	Monster Beverage Corp		15,672,011
			TOTAL FOOD, BEVERAGE & TOBACCO		44,958,249

HEALTH CARE EQUIPMENT & SERVICES - 2.9%
	616,878		Abbott Laboratories		26,889,712
	462,374	*	Cerner Corp		29,286,769
	52,174	*	Intuitive Surgical, Inc		25,867,869
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		82,044,350

HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	729,329		Estee Lauder Cos (Class A)		54,830,954
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		54,830,954

MATERIALS - 3.8%
	490,106		Monsanto Co		56,381,794
	117,613		PPG Industries, Inc		23,956,592
	123,271		Sherwin-Williams Co		28,298,091
			TOTAL MATERIALS		108,636,477

MEDIA - 4.0%
	702,286		Comcast Corp (Class A)		38,871,530
	337,509		Time Warner, Inc		26,821,840
	520,305		Walt Disney Co		47,545,471
			TOTAL MEDIA		113,238,841

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 18.7%
	222,569	*	Alexion Pharmaceuticals, Inc		42,590,804
	560,391	*	Alkermes plc		28,327,765
	166,135		Allergan, Inc		31,575,618
	382,988		AstraZeneca plc (ADR)		27,935,145
	117,383	*	Biogen Idec, Inc		37,689,334
	1,005,742		Bristol-Myers Squibb Co		58,524,127
	860,699	*	Celgene Corp		92,172,256
	550,965	*	Gilead Sciences, Inc		61,708,080
	124,033	*	Illumina, Inc		23,886,275
	148,573	*	Mallinckrodt plc		13,695,459
	292,733		Novo Nordisk AS		13,232,327
	366,290		Perrigo Co plc		59,137,520

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE

	18,681	*	Regeneron Pharmaceuticals, Inc	$	7,355,083
	114,256	*	Salix Pharmaceuticals Ltd		16,435,726
	134,961		Thermo Electron Corp		15,867,365
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		530,132,884

REAL ESTATE - 0.7%
	620,549	*	CBRE Group, Inc		19,857,568
			TOTAL REAL ESTATE		19,857,568

RETAILING - 5.9%
	186,563	*	Amazon.com, Inc		56,987,534
	270,035	*	Ctrip.com International Ltd (ADR)		15,743,041
	223,084		Expedia, Inc		18,955,447
	1,263,587	*,e	Groupon, Inc		9,236,821
	550,394		Home Depot, Inc		53,674,423
	35,225	*	NetFlix, Inc		13,835,323
			TOTAL RETAILING		168,432,589

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	356,097		Broadcom Corp (Class A)		14,913,342
	313,849		Lam Research Corp		24,436,283
	351,760	*	NXP Semiconductor NV		24,151,842
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		63,501,467

SOFTWARE & SERVICES - 25.2%
	908,520	*	Adobe Systems, Inc		63,705,422
	96,487	*	Akamai Technologies, Inc		5,818,166
	295,113	*	Alibaba Group Holding Ltd (ADR)		29,098,142
	438,342	*	Autodesk, Inc		25,222,199
	1,070,818	*	Facebook, Inc		80,300,642
	99,008	*	Google, Inc		55,353,393
	99,008	*	Google, Inc (Class A)		56,223,673
	1,018,707		Intuit, Inc		89,656,403
	27,050	*	LinkedIn Corp		6,193,368
	686,693		Mastercard, Inc (Class A)		57,510,539
	711,011		Microsoft Corp		33,381,966
	637,155	*	Red Hat, Inc		37,541,172
	880,632	*	Salesforce.com, Inc		56,351,642
	249,709		Visa, Inc (Class A)		60,287,244
	179,010	*	VMware, Inc (Class A)		14,959,866
	889,691	*	Yahoo!, Inc		40,970,270
			TOTAL SOFTWARE & SERVICES		712,574,107

TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%
	1,605,184		Alcatel-Lucent (ADR)		4,815,552
	1,225,001		Apple, Inc		132,300,108
	27,120	*	Palo Alto Networks, Inc		2,866,584
	67,940	*,e	Stratasys Ltd		8,177,259
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		148,159,503

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	RATE		MATURITY DATE	VALUE

TELECOMMUNICATION SERVICES - 1.9%
	407,581	*	Level 3 Communications, Inc				$	19,119,625
	456,100		Softbank Corp					33,203,811
			TOTAL TELECOMMUNICATION SERVICES					52,323,436

TRANSPORTATION - 2.5%
	131,763		Canadian Pacific Railway Ltd					27,364,540
	184,223	*	Hertz Global Holdings, Inc					4,038,168
	87,481		Kansas City Southern Industries, Inc					10,741,792
	250,400		Union Pacific Corp					29,159,080
			TOTAL TRANSPORTATION					71,303,580

			TOTAL COMMON STOCKS					2,810,748,884
			(Cost $2,109,327,373)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 2.9%
GOVERNMENT AGENCY DEBT - 0.5%
$	15,014,000		Federal National Mortgage Association (FNMA)		0.045%	11/04/14		15,013,944
			TOTAL GOVERNMENT AGENCY DEBT					15,013,944

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
	67,171,715	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust					67,171,715
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					67,171,715

			TOTAL SHORT-TERM INVESTMENTS					82,185,659
			(Cost $82,185,659)
			TOTAL INVESTMENTS - 102.1%					2,892,934,543
			(Cost $2,191,513,032)
			OTHER ASSETS & LIABILITIES, NET - (2.1)%					(59,584,255)
			NET ASSETS - 100.0%				$	2,833,350,288



		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 $68,372,253.

TIAA-CREF FUNDS - Large-Cap Value Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 0.8%
	528,304	*	American Axle & Manufacturing Holdings, Inc	$	10,212,116
	249,670		Daimler AG. (Registered)		19,466,514
	435,120		General Motors Co		13,662,768
			TOTAL AUTOMOBILES & COMPONENTS		43,341,398

BANKS - 10.7%
	7,489,771		Bank of America Corp		128,524,470
	1,368,253		Citigroup, Inc		73,242,583
	108,592	*	Essent Group Ltd		2,643,129
	2,331,794		Huntington Bancshares, Inc		23,108,079
	1,388,878		Investors Bancorp, Inc		14,930,438
	1,302,700		JPMorgan Chase & Co		78,787,296
	2,497,849		Keycorp		32,971,607
	3,539,742		Regions Financial Corp		35,149,638
	1,620,386		TCF Financial Corp		25,034,964
	124,685		US Bancorp		5,311,581
	2,771,611		Wells Fargo & Co		147,144,828
			TOTAL BANKS		566,848,613

CAPITAL GOODS - 6.5%
	588,365		Allegion plc		31,236,298
	150,669		General Dynamics Corp		21,057,499
	7,115,696		General Electric Co		183,656,114
	569,601		Joy Global, Inc		29,978,101
	84,404		L-3 Communications Holdings, Inc		10,251,710
	801,669		Masco Corp		17,692,835
	309,370		SPX Corp		29,325,182
	123,637		United Technologies Corp		13,229,159
	355,948	*	USG Corp		9,560,763
			TOTAL CAPITAL GOODS		345,987,661

CONSUMER DURABLES & APPAREL - 2.4%
	148,475	*	Deckers Outdoor Corp		12,985,624
	580,554		Hasbro, Inc		33,399,271
	765,098	*	Jarden Corp		49,800,229
	1,518,975		Pulte Homes, Inc		29,149,130
			TOTAL CONSUMER DURABLES & APPAREL		125,334,254

CONSUMER SERVICES - 2.9%
	693,631		ARAMARK Holdings Corp		19,359,241
	185,492	*	Belmond Ltd.		2,125,738
	914,245	e	Burger King Worldwide, Inc		29,877,527

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	523,938		Carnival Corp	$	21,036,111
	542,016	e	Darden Restaurants, Inc		28,065,588
	2,486,813	e	Echo Entertainment Group Ltd		8,349,960
	1,385,753		Extended Stay America, Inc		31,955,464
	399,441		Interval Leisure Group, Inc		8,404,239
	179,342		Six Flags Entertainment Corp		7,227,483
			TOTAL CONSUMER SERVICES		156,401,351

DIVERSIFIED FINANCIALS - 5.5%
	107,782	*	Ally Financial, Inc		2,446,651
	231,540		Capital One Financial Corp		19,164,566
	1,782,086	*	E*Trade Financial Corp		39,740,518
	127,078		Goldman Sachs Group, Inc		24,143,549
	1,338,117	*	ING Groep NV (ADR)		19,161,836
	884,997		Legg Mason, Inc		46,019,844
	1,568,816		Morgan Stanley		54,830,119
	817,091		State Street Corp		61,657,687
	942,249	*	Synchrony Financial		25,459,568
			TOTAL DIVERSIFIED FINANCIALS		292,624,338

ENERGY - 11.7%
	68,769		Anadarko Petroleum Corp		6,311,619
	237,476	*,e	Antero Resources Corp		12,453,241
	402,226		Apache Corp		31,051,847
	1,067,130		Cameco Corp		18,546,719
	994,915		Chevron Corp		119,340,054
	418,459		ConocoPhillips		30,191,817
	88,565	*,e	Dominion Midstream Partners LP		2,643,665
	1,296,896	*,e	EP Energy Corp		18,934,682
	1,007,557		Exxon Mobil Corp		97,440,838
	1,205,802	e	Kinder Morgan, Inc		46,664,537
	1,181,958		Marathon Oil Corp		41,841,313
	728,802	*	Matador Resources Co		17,688,025
	1,012,250		Nabors Industries Ltd		18,068,663
	101,367		Occidental Petroleum Corp		9,014,567
	205,086	*	PDC Energy, Inc		8,966,360
	160,466		Phillips 66		12,596,581
	103,131	*	Shell Midstream Partners LP		3,474,483
	289,811		Superior Energy Services		7,288,747
	7,428,377		Talisman Energy, Inc		47,393,045
	259,071		Teekay Corp		15,145,291
	7,912		Valero Energy Corp		396,312
	1,214,743	*	Weatherford International Ltd		19,946,080
	659,742		Williams Cos, Inc		36,622,279
			TOTAL ENERGY		622,020,765

FOOD & STAPLES RETAILING - 1.4%
	742,644		CVS Corp		63,726,282
	173,813		Walgreen Co		11,162,271
			TOTAL FOOD & STAPLES RETAILING		74,888,553

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 2.5%
	538,044		Archer Daniels Midland Co	$	25,288,068
	752,934		Mondelez International, Inc		26,548,453
	229,532		Philip Morris International, Inc		20,430,643
	674,571		Pinnacle Foods, Inc		22,800,500
	645,892		SABMiller plc		36,533,559
			TOTAL FOOD, BEVERAGE & TOBACCO		131,601,223

HEALTH CARE EQUIPMENT & SERVICES - 4.2%
	487,572		Abbott Laboratories		21,253,263
	969,761	*	Boston Scientific Corp		12,878,426
	336,565		Covidien plc		31,112,068
	1,259,165	*	Hologic, Inc		32,977,531
	596,100	*	Olympus Corp		21,403,014
	857,688		UnitedHealth Group, Inc		81,488,937
	237,010	*	WellCare Health Plans, Inc		16,085,869
	58,446		WellPoint, Inc		7,404,524
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		224,603,632

HOUSEHOLD & PERSONAL PRODUCTS - 2.8%
	1,302,987		Avon Products, Inc		13,551,065
	160,726		Beiersdorf AG.		13,031,479
	1,413,937		Procter & Gamble Co		123,394,282
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		149,976,826

INSURANCE - 7.3%
	418,432		ACE Ltd		45,734,618
	611,446		Allstate Corp		39,652,273
	729,407		American International Group, Inc		39,074,333
	447,556	*	Berkshire Hathaway, Inc (Class B)		62,729,449
	987,261		Hartford Financial Services Group, Inc		39,075,791
	725,769	*	Hilltop Holdings, Inc		15,988,691
	459,113		Marsh & McLennan Cos, Inc		24,961,974
	827,914		Metlife, Inc		44,906,055
	470,884		Principal Financial Group		24,660,195
	243,766		Prudential Financial, Inc		21,583,042
	278,417		Travelers Cos, Inc		28,064,433
			TOTAL INSURANCE		386,430,854

MATERIALS - 3.0%
	136,755		Akzo Nobel NV		9,119,713
	460,734		Axiall Corp		18,567,580
	1,981,953	*,e	Cemex SAB de C.V. (ADR)		24,378,022
	796,640	e	Cliffs Natural Resources, Inc		8,946,267
	722,600	*	Constellium NV		14,632,650
	347,410		Freeport-McMoRan Copper & Gold, Inc (Class B)		9,901,185
	1,292,678	*	Louisiana-Pacific Corp		18,873,099
	943,212		Sealed Air Corp		34,191,435
	248,078		Southern Copper Corp (NY)		7,139,685
	234,390	*	Trinseo S.A.		3,386,935
	85,597	e	Wacker Chemie AG.		10,372,559
			TOTAL MATERIALS		159,509,130

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

MEDIA - 0.8%
	274,983		Time Warner, Inc	$	21,852,899
	300,883	*	Tribune Co		20,159,161
			TOTAL MEDIA		42,012,060

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.8%
	380,864		AbbVie, Inc		24,169,630
	53,649	*	Actavis plc		13,022,758
	584,829		Agilent Technologies, Inc		32,329,347
	321,563		AstraZeneca plc (ADR)		23,454,805
	1,354,976	*	Biovitrum AB		15,497,277
	250,627		Bristol-Myers Squibb Co		14,583,985
	434,262	*	Endo International plc		29,060,813
	5,133	*,e	Foundation Medicine, Inc		132,842
	1,494,716		Johnson & Johnson		161,100,490
	114,233	*	Mallinckrodt plc		10,529,998
	975,803		Merck & Co, Inc		56,538,026
	135,241		Perrigo Co plc		21,834,660
	2,306,758		Pfizer, Inc		69,087,402
	309,309	*	Qiagen NV (NASDAQ)		7,256,389
	118,626	*	Salix Pharmaceuticals Ltd		17,064,350
	705,340		Zoetis Inc		26,210,434
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		521,873,206

REAL ESTATE - 3.5%
	99,561		AvalonBay Communities, Inc		15,515,586
	554,231		Brixmor Property Group, Inc		13,501,067
	476,643	*	Forest City Enterprises, Inc (Class A)		9,957,072
	554,748		Mack-Cali Realty Corp		10,390,430
	249,147		Post Properties, Inc		13,937,283
	167,312		Potlatch Corp		7,360,055
	480,997	*	Realogy Holdings Corp		19,725,687
	935,593		Starwood Property Trust, Inc		21,106,978
	285,976		Vornado Realty Trust		31,308,653
	811,046		Washington Prime Group, Inc		14,298,741
	938,940		Weyerhaeuser Co		31,792,509
			TOTAL REAL ESTATE		188,894,061

RETAILING - 2.1%
	108,343	e	American Eagle Outfitters, Inc		1,394,374
	649,237		Best Buy Co, Inc		22,164,951
	468,533		DSW, Inc (Class A)		13,892,003
	122,097		Expedia, Inc		10,374,582
	1,317,716	*,e	Groupon, Inc		9,632,504
	11,589,948	e	Hengdeli Holdings Ltd		1,868,105
	25,122,820	*,e	Intime Retail Group Co Ltd		21,879,101
	2,152,622	*,e	JC Penney Co, Inc		16,381,453
	96,900	*,e	Lifestyle Properties Development Ltd		15,994
	289,585		Target Corp		17,902,145
			TOTAL RETAILING		115,505,212

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
	485,935		Applied Materials, Inc	$	10,734,304
	1,035,842		Broadcom Corp (Class A)		43,381,063
	278,676	*	First Solar, Inc		16,414,016
	710,222		Intel Corp		24,154,650
	276,050	*,e	Mellanox Technologies Ltd		12,364,279
	2,631,250	*	ON Semiconductor Corp		21,813,063
	930,729		Teradyne, Inc		17,125,414
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		145,986,789

SOFTWARE & SERVICES - 4.7%
	54,950	*	Alibaba Group Holding Ltd (ADR)		5,418,070
	399,421	*	Autodesk, Inc		22,982,684
	234,290	*	Citrix Systems, Inc		15,048,447
	111,767		DST Systems, Inc		10,768,751
	646,860	*	Fortinet, Inc		16,850,703
	1,765,498		Microsoft Corp		82,890,131
	288,509	*	Rackspace Hosting, Inc		11,067,205
	236,604	*,e	VistaPrint Ltd		15,819,343
	1,203,162	*	Yahoo!, Inc		55,405,610
	4,772,885	*	Zynga, Inc		12,170,857
			TOTAL SOFTWARE & SERVICES		248,421,801

TECHNOLOGY HARDWARE & EQUIPMENT - 4.2%
	329,247	*,e	Ciena Corp		5,518,180
	2,192,609		Cisco Systems, Inc		53,653,142
	441,583		Corning, Inc		9,021,541
	1,104,089		EMC Corp		31,720,477
	1,289,770		Hewlett-Packard Co		46,276,948
	1,046,062	*	JDS Uniphase Corp		14,079,995
	530,992		Juniper Networks, Inc		11,188,001
	4,450,842		Nokia Corp		36,808,463
	201,516		Seagate Technology, Inc		12,661,250
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		220,927,997

TELECOMMUNICATION SERVICES - 3.4%
	2,360,129		AT&T, Inc		82,226,894
	4,260,749	e	Frontier Communications Corp		27,865,299
	974,901	*	Level 3 Communications, Inc		45,732,606
	544,037		Telephone & Data Systems, Inc		13,949,109
	2,604,115		Vodafone Group plc		8,659,865
			TOTAL TELECOMMUNICATION SERVICES		178,433,773

TRANSPORTATION - 2.9%
	674,589		American Airlines Group, Inc		27,894,255
	726,667	*,b,m	AMR Corp (Escrow)		7,267
	750,871		Con-Way, Inc		32,565,275
	626,233		CSX Corp		22,312,682
	156,591		FedEx Corp		26,213,333

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	1,060,684	*	Hertz Global Holdings, Inc	$	23,250,193
	300,649	*	UAL Corp		15,877,274
	346,471	*,e	UTI Worldwide, Inc		3,786,928
			TOTAL TRANSPORTATION		151,907,207

UTILITIES - 4.0%
	870,516	*	Calpine Corp		19,865,175
	1,028,203		Centerpoint Energy, Inc		25,242,384
	301,782		Duke Energy Corp		24,791,391
	228,320		Edison International		14,288,266
	1,044,680		Exelon Corp		38,224,841
	204,552		FirstEnergy Corp		7,637,972
	377,524		NextEra Energy, Inc		37,835,455
	568,853		NRG Energy, Inc		17,054,213
	243,425		PG&E Corp		12,249,146
	122,682		Sempra Energy		13,495,020
			TOTAL UTILITIES		210,683,864

			TOTAL COMMON STOCKS		5,304,214,568
			(Cost $4,337,968,847)

SHORT-TERM INVESTMENTS - 5.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.0%
	262,541,188	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		262,541,188
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		262,541,188

			TOTAL SHORT-TERM INVESTMENTS		262,541,188
			(Cost $262,541,188)
			TOTAL INVESTMENTS - 104.8%		5,566,755,756
			(Cost $4,600,510,035)
			OTHER ASSETS & LIABILITIES, NET - (4.8)%		(252,557,735	)
			NET ASSETS - 100.0%	$	5,314,198,021


		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 $260,679,999.
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
October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 96.3%

AUTOMOBILES & COMPONENTS - 1.7%
	152,824		Delphi Automotive plc	$	10,541,800
	20,646	*,e	Mobileye NV		1,073,798
	70,620	*,e	Tesla Motors, Inc		17,068,854
			TOTAL AUTOMOBILES & COMPONENTS		28,684,452

BANKS - 1.0%
	1,153,147		Investors Bancorp, Inc		12,396,330
	36,999	*	Signature Bank		4,481,689
			TOTAL BANKS		16,878,019

CAPITAL GOODS - 9.1%
	372,794		Ametek, Inc		19,441,207
	445,716		Fortune Brands Home & Security, Inc		19,277,217
	643,609		Masco Corp		14,204,451
	141,762	*	Middleby Corp		12,545,937
	96,732		Parker Hannifin Corp		12,287,866
	197,577	*,e	Proto Labs, Inc		12,915,608
	88,434	p	Rockwell Automation, Inc		9,935,560
	118,440	p	Roper Industries, Inc		18,749,052
	438,100	*	Spirit Aerosystems Holdings, Inc (Class A)		17,234,854
	182,460		Timken Co		7,843,955
	72,162		TransDigm Group, Inc		13,496,459
			TOTAL CAPITAL GOODS		157,932,166

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	124,316	*	Stericycle, Inc		15,663,816
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		15,663,816

CONSUMER DURABLES & APPAREL - 7.0%
	177,644		Carter’s, Inc		13,879,326
	679,308		DR Horton, Inc		15,481,429
	354,548		Hasbro, Inc		20,397,146
	259,757	*	Michael Kors Holdings Ltd		20,414,303
	127,473		Phillips-Van Heusen Corp		14,576,538
	102,232		Polaris Industries, Inc		15,422,720
	308,736		VF Corp		20,895,252
			TOTAL CONSUMER DURABLES & APPAREL		121,066,714

CONSUMER SERVICES - 3.6%
	318,000	e	Burger King Worldwide, Inc		10,392,240
	27,461	*	Chipotle Mexican Grill, Inc (Class A)		17,520,118
	272,945	*,e	Chuy’s Holdings, Inc		8,163,785
	465,535	*	Del Frisco’s Restaurant Group, Inc		10,809,723

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	150,000		Marriott International, Inc (Class A)	$	11,362,500
	127,500	*,e	Zoe’s Kitchen, Inc		4,648,650
			TOTAL CONSUMER SERVICES		62,897,016

DIVERSIFIED FINANCIALS - 7.2%
	201,958		CBOE Holdings, Inc		11,903,405
	505,391	e	iShares Russell Midcap Growth Index Fund		45,899,611
	247,806		Lazard Ltd (Class A)		12,194,533
	291,375		McGraw-Hill Financial, Inc		26,363,610
	281,407		Moody’s Corp		27,924,016
			TOTAL DIVERSIFIED FINANCIALS		124,285,175

ENERGY - 4.9%
	190,054	*	Cheniere Energy, Inc		14,254,050
	164,027	*	Concho Resources, Inc		17,883,864
	231,368		EQT Corp		21,757,847
	258,917		Noble Energy, Inc		14,921,387
	283,669	*	Southwestern Energy Co		9,222,079
	257,190		Superior Energy Services		6,468,328
			TOTAL ENERGY		84,507,555

FOOD, BEVERAGE & TOBACCO - 6.9%
	271,056	*	Constellation Brands, Inc (Class A)		24,812,466
	103,057	p	Keurig Green Mountain, Inc		15,638,900
	343,811		Kroger Co		19,153,711
	249,104		Lorillard, Inc		15,319,896
	227,357		Mead Johnson Nutrition Co		22,578,824
	85,000	*	Monster Beverage Corp		8,574,800
	375,000	*	WhiteWave Foods Co (Class A)		13,961,250
			TOTAL FOOD, BEVERAGE & TOBACCO		120,039,847

HEALTH CARE EQUIPMENT & SERVICES - 5.0%
	188,044	*	Acadia Healthcare Co, Inc		11,668,130
	290,612	*,e	Air Methods Corp		13,725,605
	268,000	*	Cerner Corp		16,975,120
	288,597	*	Envision Healthcare Holdings, Inc		10,086,465
	358,483	*	Insulet Corp		15,475,711
	282,912	*	Pediatrix Medical Group, Inc		17,662,196
	173,609	*,e	Trupanion, Inc		1,156,236
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		86,749,463

HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	212,226		Church & Dwight Co, Inc		15,367,285
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		15,367,285

MATERIALS - 3.6%
	654,619	*	Berry Plastics Group, Inc		17,033,186
	120,300		Methanex Corp (New)		7,138,602
	180,000		RPM International, Inc		8,154,000
	174,800	p	US Silica Holdings Inc		7,848,520
	125,000		Valspar Corp		10,270,000

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	124,023	*	WR Grace & Co	$	11,732,576
			TOTAL MATERIALS		62,176,884

MEDIA - 1.9%
	222,653	*	AMC Networks, Inc		13,503,904
	202,890	*	DISH Network Corp (Class A)		12,913,949
	375,040	*	Eros International plc		6,923,238
			TOTAL MEDIA		33,341,091

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.2%
	271,705		Agilent Technologies, Inc		15,019,852
	390,974	*	Alkermes plc		19,763,736
	150,000	*	BioMarin Pharmaceuticals, Inc		12,375,000
	146,591	*	Endo International plc		9,809,870
	68,395	*	Illumina, Inc		13,171,509
	125,000	*	Mallinckrodt plc		11,522,500
	213,951	*	Mylan Laboratories, Inc		11,457,076
	87,266	*	Salix Pharmaceuticals Ltd		12,553,214
	165,934	*	Vertex Pharmaceuticals, Inc		18,690,806
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		124,363,563

RETAILING - 9.3%
	105,012		Advance Auto Parts, Inc		15,432,564
	46,616	*,p	AutoZone, Inc		25,802,888
	109,214	p	Expedia, Inc		9,279,913
	296,777	*,e	Groupon, Inc		2,169,440
	291,188	*	HomeAway, Inc		10,162,461
	367,956		Macy’s, Inc		21,275,216
	32,261	*	NetFlix, Inc		12,671,153
	132,915	*	O’Reilly Automotive, Inc		23,377,090
	50,000	*,e	Restoration Hardware Holdings, Inc		4,016,000
	86,000		Signet Jewelers Ltd		10,320,860
	197,632		Tractor Supply Co		14,470,615
	55,336	*	Ulta Salon Cosmetics & Fragrance, Inc		6,685,142
	24,496	*,e	Vipshop Holdings Ltd (ADR)		5,616,688
	16,906	*,e	Wayfair, Inc		424,341
			TOTAL RETAILING		161,704,371

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9%
	200,445		Avago Technologies Ltd		17,288,381
	238,081	*,p	Cavium Networks, Inc		12,215,936
	397,271		ChipMOS TECHNOLOGIES Bermuda Ltd		8,533,381
	70,000		Lam Research Corp		5,450,200
	210,000	*,e	Mellanox Technologies Ltd		9,405,900
	219,126	e	Microchip Technology, Inc		9,446,522
	137,248	*,p	NXP Semiconductor NV		9,423,448
	630,000	*	SunEdison, Inc		12,291,300
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		84,055,068

SOFTWARE & SERVICES - 12.9%
	405,057		Activision Blizzard, Inc		8,080,887

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	65,059	*	Alliance Data Systems Corp	$	18,434,468
	240,858	*	Autodesk, Inc		13,858,969
	204,694	*	DealerTrack Holdings, Inc		9,630,853
	145,202	*	FleetCor Technologies, Inc		21,861,613
	586,979	*	Fortinet, Inc		15,290,803
	223,981	*	Guidewire Software, Inc		11,185,611
	238,249		Intuit, Inc		20,968,294
	81,000	*	LinkedIn Corp		18,545,760
	640,589	*	QLIK Technologies, Inc		18,160,698
	242,553	*	Red Hat, Inc		14,291,223
	77,037	*	ServiceNow, Inc		5,233,124
	255,000	*	Twitter, Inc		10,574,850
	552,924	*	Vantiv, Inc		17,096,410
	102,498	*	Workday, Inc		9,786,509
	166,798	*,e	Yelp, Inc		10,007,880
			TOTAL SOFTWARE & SERVICES		223,007,952

TECHNOLOGY HARDWARE & EQUIPMENT - 3.7%
	449,907	*,e	Ciena Corp		7,540,441
	162,943	*	Electronics for Imaging, Inc		7,449,754
	46,823	*,p	F5 Networks, Inc		5,758,292
	91,088	*	Palo Alto Networks, Inc		9,628,002
	125,000		SanDisk Corp		11,767,500
	92,689	*,e	Stratasys Ltd		11,156,048
	110,300		Western Digital Corp		10,850,211
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		64,150,248

TELECOMMUNICATION SERVICES - 2.4%
	388,218	*	Level 3 Communications, Inc		18,211,306
	206,273	*	SBA Communications Corp (Class A)		23,170,646
			TOTAL TELECOMMUNICATION SERVICES		41,381,952

TRANSPORTATION - 2.2%
	215,000	p	CH Robinson Worldwide, Inc		14,880,150
	100,000		Ryder System, Inc		8,847,000
	185,541	*	Spirit Airlines, Inc		13,564,903
			TOTAL TRANSPORTATION		37,292,053

			TOTAL COMMON STOCKS		1,665,544,690
			(Cost $1,378,801,345)

PURCHASED OPTIONS - 0.0%

RETAILING - 0.0%
	100,000		Expedia, Inc		4,000
			TOTAL RETAILING		4,000

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	120,000		NXP Semiconductor NV		94,800
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		94,800

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	100,000		F5 Networks, Inc					$	1,000
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,000

			TOTAL PURCHASED OPTIONS						99,800
			(Cost $840,266)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 10.2%
GOVERNMENT AGENCY DEBT - 0.8%
$	13,638,000		Federal Home Loan Bank (FHLB)		0.060	%	12/19/14		13,636,909
			TOTAL GOVERNMENT AGENCY DEBT						13,636,909

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 9.4%
	163,569,035	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						163,569,035
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						163,569,035

			TOTAL SHORT-TERM INVESTMENTS						177,205,944
			(Cost $177,205,944)
			TOTAL INVESTMENTS - 106.5%						1,842,850,434
			(Cost $1,556,847,555)
			OTHER ASSETS & LIABILITIES, NET - (6.5)%						(112,866,724	)
			NET ASSETS - 100.0%					$	1,729,983,710



		Abbreviation(s):
		ADR American Depositary Receipt

*		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 $164,124,651.
p		All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

TIAA-CREF FUNDS - Mid-Cap Value Fund

TIAA-CREF FUNDS

MID-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 97.5%

AUTOMOBILES & COMPONENTS - 1.1%
	155,000	e	Autoliv, Inc	$	14,219,700
	200,000		Lear Corp		18,500,000
	133,000		Magna International, Inc (Class A) (NY)		13,128,430
	130,000	*	TRW Automotive Holdings Corp		13,175,500
			TOTAL AUTOMOBILES & COMPONENTS		59,023,630

BANKS - 7.0%
	659,627		BankUnited		19,722,847
	559,950		CIT Group, Inc		27,398,354
	76,787		Cullen/Frost Bankers, Inc		6,205,157
	417,507		East West Bancorp, Inc		15,347,557
	566,637	*	Essent Group Ltd		13,791,945
	2,406,802		Fifth Third Bancorp		48,111,972
	609,068		First Horizon National Corp		7,832,614
	3,389,170		Huntington Bancshares, Inc		33,586,675
	1,322,738		Investors Bancorp, Inc		14,219,434
	3,222,167		Keycorp		42,532,604
	227,105	e	M&T Bank Corp		27,747,689
	2,701,512		Regions Financial Corp		26,826,014
	874,308		SunTrust Banks, Inc		34,220,415
	673,624		Synovus Financial Corp		17,083,105
	982,368		TCF Financial Corp		15,177,586
	303,552		Zions Bancorporation		8,793,901
			TOTAL BANKS		358,597,869

CAPITAL GOODS - 4.8%
	124,369	*	Armstrong World Industries, Inc		6,021,947
	265,239		Crane Co		16,537,652
	309,445		Exelis, Inc		5,523,593
	240,015		Fortune Brands Home & Security, Inc		10,380,649
	165,000		Hubbell, Inc (Class B)		18,712,650
	211,209	*	Ingersoll-Rand plc		13,225,908
	440,027		ITT Corp		19,827,617
	240,680		KBR, Inc		4,592,174
	510,033		Masco Corp		11,256,428
	520,655		Paccar, Inc		34,009,185
	147,356		Rockwell Collins, Inc		12,400,007
	152,267		SPX Corp		14,433,389

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	270,017		Terex Corp	$	7,768,389
	618,892		Textron, Inc		25,702,585
	17,191	*	Vectrus, Inc		420,148
	260,000	*	WABCO Holdings, Inc		25,318,800
	121,813		Westinghouse Air Brake Technologies Corp		10,512,462
	284,887		Xylem, Inc		10,358,491
			TOTAL CAPITAL GOODS		247,002,074

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	451,889		Republic Services, Inc		17,352,538
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		17,352,538

CONSUMER DURABLES & APPAREL - 2.0%
	785,895		DR Horton, Inc		17,910,547
	442,066	*	Jarden Corp		28,774,076
	303,719		Mattel, Inc		9,436,549
	830,052		Newell Rubbermaid, Inc		27,665,633
	6,500	*	NVR, Inc		7,979,270
	100,000		Phillips-Van Heusen Corp		11,435,000
			TOTAL CONSUMER DURABLES & APPAREL		103,201,075

CONSUMER SERVICES - 1.8%
	192,572		ARAMARK Holdings Corp		5,374,685
	433,259	e	Burger King Worldwide, Inc		14,158,904
	373,300	e	Darden Restaurants, Inc		19,329,474
	1,350,086	*	Denny’s Corp		11,637,741
	455,606		Extended Stay America, Inc		10,506,274
	320,022		Interval Leisure Group, Inc		6,733,263
	294,710		Marriott International, Inc (Class A)		22,324,283
			TOTAL CONSUMER SERVICES		90,064,624

DIVERSIFIED FINANCIALS - 4.1%
	78,590	*	Affiliated Managers Group, Inc		15,701,496
	228,299	*	Ally Financial, Inc		5,182,387
	480,378		Ameriprise Financial, Inc		60,609,292
	540,302		Blackstone Group LP		16,273,896
	247,557		Discover Financial Services		15,789,186
	1,227,960	*	E*Trade Financial Corp		27,383,508
	139,155	*	FNFV Group		1,870,243
	717,129		Invesco Ltd		29,022,211
	281,414		Lazard Ltd (Class A)		13,848,383
	445,027		Raymond James Financial, Inc		24,979,366
			TOTAL DIVERSIFIED FINANCIALS		210,659,968

ENERGY - 8.2%
	467,000		Anadarko Petroleum Corp		42,861,260
	188,000		Apache Corp		14,513,600

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	633,627		Baker Hughes, Inc	$	33,556,886
	432,115		Capital Product Partners LP		3,988,422
	445,000		Consol Energy, Inc		16,376,000
	180,000	*	Dresser-Rand Group, Inc		14,706,000
	137,532	*	Dril-Quip, Inc		12,371,004
	186,650		Energen Corp		12,636,205
	294,710		EQT Corp		27,714,528
	800,000		Gibson Energy, Inc		23,267,823
	491,185		Nabors Industries Ltd		8,767,652
	492,000		Noble Energy, Inc		28,353,960
	127,707		Oceaneering International, Inc		8,973,971
	163,363	*	Oneok, Inc		9,628,615
	53,000		Pioneer Natural Resources Co		10,020,180
	196,473		Questar Market Resources, Inc		4,925,578
	726,952		Rowan Cos plc		17,643,125
	180,000		SemGroup Corp		13,815,000
	97,526	*	Shell Midstream Partners LP		3,285,651
	1,571,789		Talisman Energy, Inc (Toronto)		10,027,206
	220,000		Targa Resources Investments, Inc		28,298,600
	368,388		Tesco Corp		7,014,108
	451,889		Tesoro Corp		32,269,393
	471,536	*	Weatherford International Ltd		7,742,621
	557,831		Williams Cos, Inc		30,965,199
			TOTAL ENERGY		423,722,587

FOOD & STAPLES RETAILING - 0.2%
	1,600,000	*	Rite Aid Corp		8,400,000
			TOTAL FOOD & STAPLES RETAILING		8,400,000

FOOD, BEVERAGE & TOBACCO - 3.4%
	221,032		Archer Daniels Midland Co		10,388,504
	240,680		Ingredion, Inc		18,592,530
	272,660		Kroger Co		15,189,889
	415,000		Lorillard, Inc		25,522,500
	260,000		Molson Coors Brewing Co (Class B)		19,338,800
	373,300		Reynolds American, Inc		23,484,303
	95,289	e	Sanderson Farms, Inc		8,002,370
	1,345,844		Tyson Foods, Inc (Class A)		54,304,805
			TOTAL FOOD, BEVERAGE & TOBACCO		174,823,701

HEALTH CARE EQUIPMENT & SERVICES - 7.3%
	862,335	*	Allscripts Healthcare Solutions, Inc		11,831,236
	2,583,628	*	Boston Scientific Corp		34,310,580
	820,000		Cardinal Health, Inc		64,353,600
	859,572	*	CareFusion Corp		49,313,645
	451,889		Cigna Corp		44,994,588

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	216,121		Healthsouth Corp	$	8,716,160
	1,056,046	*	Hologic, Inc		27,657,845
	235,769		Humana, Inc		32,736,525
	510,832		Omnicare, Inc		34,016,303
	284,887	*	Tenet Healthcare Corp		15,967,916
	255,416		Universal Health Services, Inc (Class B)		26,489,194
	257,380		Zimmer Holdings, Inc		28,630,951
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		379,018,543

INSURANCE - 7.7%
	319,270		ACE Ltd		34,896,211
	343,829		Aon plc		29,569,294
	280,017	*	Arch Capital Group Ltd		15,770,557
	334,005		Axis Capital Holdings Ltd		16,079,001
	880,000		Conseco, Inc		15,954,400
	124,761		Everest Re Group Ltd		21,290,465
	540,302		FNF Group		16,122,612
	1,326,197		Hartford Financial Services Group, Inc		52,490,877
	1,252,519	*	Hilltop Holdings, Inc		27,592,994
	221,032		ING Canada, Inc		14,820,450
	618,892		Marsh & McLennan Cos, Inc		33,649,158
	196,473		PartnerRe Ltd		22,729,961
	425,026		Principal Financial Group		22,258,612
	162,091		RenaissanceRe Holdings Ltd		16,748,863
	383,324		UnumProvident Corp		12,826,021
	280,017		Validus Holdings Ltd		11,139,076
	1,016,751		XL Capital Ltd		34,447,524
			TOTAL INSURANCE		398,386,076

MATERIALS - 5.2%
	325,000		Albemarle Corp		18,973,500
	216,121		Ashland, Inc		23,356,197
	763,942	*	Berry Plastics Group, Inc		19,877,771
	275,063		Celanese Corp (Series A)		16,154,450
	294,710	*	Crown Holdings, Inc		14,125,450
	470,029		Cytec Industries, Inc		21,917,452
	785,895	*	Ferro Corp		10,310,942
	638,539	*	Louisiana-Pacific Corp		9,322,669
	440,027		MeadWestvaco Corp		19,435,993
	716,000		Nucor Corp		38,706,960
	530,479	*	Owens-Illinois, Inc		13,670,444
	120,000		Rockwood Holdings, Inc		9,229,200
	152,267		Schweitzer-Mauduit International, Inc		6,556,617
	245,592	e	United States Steel Corp		9,833,504
	412,595	*	WR Grace & Co		39,031,487
			TOTAL MATERIALS		270,502,636

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

MEDIA - 2.1%
	859,572	*	DISH Network Corp (Class A)	$	54,711,758
	1,424,434		Interpublic Group of Cos, Inc		27,619,775
	200,012	*	Madison Square Garden, Inc		15,152,909
	155,000	*	Tribune Co		10,385,000
			TOTAL MEDIA		107,869,442

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.2%
	172,000	*	Actavis plc		41,751,280
	559,950		Agilent Technologies, Inc		30,954,036
	607,514	*	Biovitrum AB		6,948,324
	279,334	*	Mallinckrodt plc		25,749,008
	383,123	*	Mylan Laboratories, Inc		20,516,237
	330,020		PerkinElmer, Inc		14,329,468
	222,998		Perrigo Co plc		36,003,027
	268,500	*	Salix Pharmaceuticals Ltd		38,623,725
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		214,875,105

REAL ESTATE - 10.8%
	350,022		American Assets Trust,Inc		13,419,843
	324,182		AvalonBay Communities, Inc		50,520,523
	513,932		Blackstone Mortgage Trust, Inc		14,348,981
	281,940		Boston Properties, Inc		35,735,895
	890,000		Brixmor Property Group, Inc		21,680,400
	1,455,000		DDR Corp		26,393,700
	382,664		Gaming and Leisure Properties, Inc		11,958,250
	1,079,793		General Growth Properties, Inc		27,977,437
	1,420,088		Host Marriott Corp		33,102,251
	564,861		Kennedy-Wilson Holdings, Inc		15,302,084
	375,024		Kilroy Realty Corp		25,404,126
	755,048		Kimco Realty Corp		18,838,448
	235,769		Macerich Co		16,621,715
	569,773		Mack-Cali Realty Corp		10,671,848
	2,357,684		MFA Mortgage Investments, Inc		19,757,392
	501,008		Pennsylvania REIT		10,736,601
	987,280		Prologis, Inc		41,120,212
	221,032		SL Green Realty Corp		25,573,402
	982,368		Starwood Property Trust, Inc		22,162,222
	103,006		Taubman Centers, Inc		7,833,606
	1,306,550		Two Harbors Investment Corp		13,235,352
	481,360		Vornado Realty Trust		52,699,293
	970,000		Washington Prime Group, Inc		17,101,100
	648,363		Weingarten Realty Investors		23,503,159
			TOTAL REAL ESTATE		555,697,840

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

RETAILING - 3.5%
	305,000	e	Abercrombie & Fitch Co (Class A)	$	10,211,400
	70,000		Advance Auto Parts, Inc		10,287,200
	496,096	*	Ann Taylor Stores Corp		19,045,125
	854,661		Best Buy Co, Inc		29,178,127
	385,000		Big Lots, Inc		17,575,250
	510,000		DSW, Inc (Class A)		15,121,500
	1,208,313	*	Liberty Interactive Corp		31,585,302
	171,785	*	Liberty Ventures		6,029,653
	476,448		Macy’s, Inc		27,548,223
	1,105,164		Staples, Inc		14,013,480
			TOTAL RETAILING		180,595,260

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
	1,056,046		Applied Materials, Inc		23,328,056
	176,826		Avago Technologies Ltd		15,251,243
	373,300		Lam Research Corp		29,065,138
	1,208,313	*	Micron Technology, Inc		39,983,077
	392,947	*	NXP Semiconductor NV		26,979,741
	579,598		Teradyne, Inc		10,664,603
	195,000		Xilinx, Inc		8,673,600
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		153,945,458

SOFTWARE & SERVICES - 1.5%
	609,068		CA, Inc		17,699,516
	167,003	*	Citrix Systems, Inc		10,726,603
	3,782,118		Xerox Corp		50,226,527
			TOTAL SOFTWARE & SERVICES		78,652,646

TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
	426,727	*	Arrow Electronics, Inc		24,263,697
	475,135		Avnet, Inc		20,549,589
	1,460,000		Brocade Communications Systems, Inc		15,665,800
	471,536	*,e	Ciena Corp		7,902,943
	1,596,348	*	JDS Uniphase Corp		21,486,844
	491,185		Juniper Networks, Inc		10,349,268
	402,771		NetApp, Inc		17,238,599
	603,941		Seagate Technology, Inc		37,945,613
	785,895		TE Connectivity Ltd		48,041,762
	412,595		Western Digital Corp		40,586,970
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		244,031,085

TELECOMMUNICATION SERVICES - 1.0%
	638,539	*	Level 3 Communications, Inc		29,953,864
	471,536		Telephone & Data Systems, Inc		12,090,183
	337,352	*	T-Mobile US, Inc		9,847,305
			TOTAL TELECOMMUNICATION SERVICES		51,891,352

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

TRANSPORTATION - 2.5%
	210,000		Alaska Air Group, Inc	$	11,178,300
	425,000		American Airlines Group, Inc		17,573,750
	230,000	*	Avis Budget Group, Inc		12,822,500
	231,132		Costamare, Inc		4,754,385
	690,000		CSX Corp		24,584,700
	365,000		Delta Air Lines, Inc		14,683,950
	100,007		Kansas City Southern Industries, Inc		12,279,860
	200,000		Ryder System, Inc		17,694,000
	545,716		Safe Bulkers, Inc		2,914,123
	235,769	*	UAL Corp		12,450,961
			TOTAL TRANSPORTATION		130,936,529

UTILITIES - 11.1%
	392,947		American Water Works Co, Inc		20,971,581
	805,542	*	Calpine Corp		18,382,469
	1,377,086		Centerpoint Energy, Inc		33,807,461
	835,013		CMS Energy Corp		27,279,875
	535,391		DTE Energy Co		43,987,725
	854,661		Edison International		53,484,685
	165,011		National Fuel Gas Co		11,423,712
	903,778		NiSource, Inc		38,012,903
	329,249		Northeast Utilities		16,248,438
	375,024		NorthWestern Corp		19,816,268
	766,248		NRG Energy, Inc		22,972,115
	717,129		OGE Energy Corp		26,741,740
	306,099		PG&E Corp		15,402,902
	1,159,194		PPL Corp		40,560,198
	893,955		Public Service Enterprise Group, Inc		36,929,281
	360,022		Questar Corp		8,680,130
	643,451		Sempra Energy		70,779,610
	410,000		Southwest Gas Corp		23,816,900
	304,534		UIL Holdings Corp		12,528,529
	982,368		Xcel Energy, Inc		32,879,857
			TOTAL UTILITIES		574,706,379

			TOTAL COMMON STOCKS		5,033,956,417
			(Cost $3,559,748,159)

TIAA-CREF FUNDS - Mid-Cap Value Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 3.6%
GOVERNMENT AGENCY DEBT - 1.9%
$	4,400,000		Federal Home Loan Bank (FHLB)		0.045	%	12/03/14	$	4,399,824
	40,000,000		Federal Home Loan Bank (FHLB)		0.060		12/17/14		39,996,933
	16,000,000		Federal Home Loan Bank (FHLB)		0.060		12/19/14		15,998,720
	36,210,000		Federal Home Loan Mortgage Corp (FHLMC)		0.045		11/26/14		36,208,869
			TOTAL GOVERNMENT AGENCY DEBT						96,604,346

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
	87,560,342	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						87,560,342
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						87,560,342

			TOTAL SHORT-TERM INVESTMENTS						184,164,688
			(Cost $184,164,688)
			TOTAL INVESTMENTS - 101.1%						5,218,121,105
			(Cost $3,743,912,847)
			OTHER ASSETS & LIABILITIES, NET - (1.1)%						(54,936,093	)
			NET ASSETS - 100.0%					$	5,163,185,012

			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 $87,194,910.

TIAA-CREF FUNDS - Small-Cap Equity Fund

TIAA-CREF FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.6%

AUTOMOBILES & COMPONENTS - 0.7%
	358,674	*	Tenneco, Inc	$	18,780,171
			TOTAL AUTOMOBILES & COMPONENTS		18,780,171

BANKS - 9.1%
	165,743		Banner Corp		7,163,412
	664,712		Boston Private Financial Holdings, Inc		8,740,963
	756,911		Brookline Bancorp, Inc		7,258,777
	1,085,349		Capitol Federal Financial		13,903,321
	703,975		Cathay General Bancorp		18,591,980
	627,200		First Commonwealth Financial Corp		5,864,320
	750,011		FirstMerit Corp		13,762,702
	722,361	e	Home Loan Servicing Solutions Ltd		13,876,555
	1,535,584		Investors Bancorp, Inc		16,507,528
	1,312,098	*	MGIC Investment Corp		11,703,914
	1,100,179		National Penn Bancshares, Inc		11,320,842
	458,542		Oritani Financial Corp		6,772,665
	483,857		PrivateBancorp, Inc		15,638,258
	334,143		Prosperity Bancshares, Inc		20,178,896
	737,245		Provident Financial Services, Inc		13,439,976
	823,670	e	Radian Group, Inc		13,878,839
	374,918		Sterling Bancorp/DE		5,271,347
	1,018,600		Susquehanna Bancshares, Inc		9,992,466
	426,075		Webster Financial Corp		13,353,191
	495,400	*	Western Alliance Bancorp		13,187,548
			TOTAL BANKS		240,407,500

CAPITAL GOODS - 8.7%
	263,660		Actuant Corp (Class A)		8,355,385
	109,830		Acuity Brands, Inc		15,313,597
	220,975	*	Aerovironment, Inc		6,772,884
	188,774	*	American Woodmark Corp		7,722,744
	141,100		Apogee Enterprises, Inc		6,194,290
	300,842		Applied Industrial Technologies, Inc		14,684,098
	158,100		Clarcor, Inc		10,586,376
	344,370		Comfort Systems USA, Inc		5,289,523
	114,589		Curtiss-Wright Corp		7,930,705
	98,882	*	DXP Enterprises, Inc		6,554,888
	303,286		EMCOR Group, Inc		13,384,011
	168,693		EnerSys		10,593,920
	224,200	*,e	Enphase Energy, Inc		3,367,484
	73,280		Graco, Inc		5,752,480
	238,821	*	Hexcel Corp		10,004,212
	81,704		LB Foster Co (Class A)		4,419,369
	68,700		Lennox International, Inc		6,108,804

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	245,618		Mueller Industries, Inc	$	7,972,760
	532,777	*	Orbital Sciences Corp		14,012,035
	75,777	*,e	Proto Labs, Inc		4,953,542
	708,975	*,e	Taser International, Inc		13,357,089
	177,800	*	Teledyne Technologies, Inc		18,425,414
	119,927		Tennant Co		8,842,218
	133,550		Universal Forest Products, Inc		6,673,494
	140,370	*	WABCO Holdings, Inc		13,669,231
			TOTAL CAPITAL GOODS		230,940,553

COMMERCIAL & PROFESSIONAL SERVICES - 4.1%
	233,980		ABM Industries, Inc		6,467,207
	190,726	e	American Ecology Corp		9,589,703
	274,367		Herman Miller, Inc		8,779,744
	220,603		HNI Corp		10,291,130
	184,890	*	Huron Consulting Group, Inc		12,870,193
	405,186	*	Korn/Ferry International		11,316,845
	375,055		Rollins, Inc		11,953,003
	545,927	*	TrueBlue, Inc		13,495,315
	185,866		Viad Corp		4,741,442
	333,875	*	WageWorks, Inc		19,034,214
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		108,538,796

CONSUMER DURABLES & APPAREL - 1.6%
	430,750		Brunswick Corp		20,159,100
	495,873	*	CROCS, Inc		5,791,796
	238,100		La-Z-Boy, Inc		5,442,966
	113,093		Movado Group, Inc		3,992,183
	229,605	*	Steven Madden Ltd		7,198,117
			TOTAL CONSUMER DURABLES & APPAREL		42,584,162

CONSUMER SERVICES - 4.4%
	611,019	*	Belmond Ltd.		7,002,278
	145,140		DineEquity, Inc		12,911,654
	86,665		Domino’s Pizza, Inc		7,694,985
	217,812	*	Grand Canyon Education, Inc		10,433,195
	229,749	*	Hyatt Hotels Corp		13,605,736
	115,100		Jack in the Box, Inc		8,176,704
	206,918		Marriott Vacations Worldwide Corp		14,368,386
	151,129	*	Multimedia Games, Inc		5,274,402
	123,200	*	Popeyes Louisiana Kitchen, Inc		5,710,320
	636,449		Service Corp International		13,919,139
	13,587		Texas Roadhouse, Inc (Class A)		392,257
	184,200		Vail Resorts, Inc		15,907,512
			TOTAL CONSUMER SERVICES		115,396,568

DIVERSIFIED FINANCIALS - 1.2%
	143,274		Cash America International, Inc		7,041,917
	203,152		Evercore Partners, Inc (Class A)		10,517,179
	53,000	e	iShares Russell 2000 Index Fund		6,177,680
	496,100		RCS Capital Corp (Class A)		8,141,001
			TOTAL DIVERSIFIED FINANCIALS		31,877,777

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

ENERGY - 4.8%
	266,600		Alon USA Energy, Inc	$	4,276,264
	950,300	*,e	Alpha Natural Resources, Inc		1,862,588
	260,400	*	C&J Energy Services, Inc		5,028,324
	310,702		Delek US Holdings, Inc		10,529,691
	333,700		Energy XXI Bermuda Ltd		2,566,153
	313,700	e	Green Plains Renewable Energy, Inc		10,728,540
	501,468	*	Helix Energy Solutions Group, Inc		13,359,108
	887,460	*	Kosmos Energy LLC		8,280,002
	1,186,700	*,e	Magnum Hunter Resources Corp		5,506,288
	283,555	*	Matrix Service Co		7,105,888
	692,046	*	Newpark Resources, Inc		7,910,086
	1,008,974	*	Pioneer Energy Services Corp		9,262,381
	622,398	*	Renewable Energy Group, Inc		6,553,851
	386,200	*	Seventy Seven Energy, Inc		5,047,634
	202,784	*	Stone Energy Corp		4,968,208
	49,062		Targa Resources Investments, Inc		6,310,845
	924,929	*	Vaalco Energy, Inc		6,862,973
	349,088		W&T Offshore, Inc		3,173,210
	174,100		Western Refining, Inc		7,937,219
			TOTAL ENERGY		127,269,253

FOOD & STAPLES RETAILING - 0.5%
	161,800	*	United Natural Foods, Inc		11,005,636
	45,532		Weis Markets, Inc		2,032,548
			TOTAL FOOD & STAPLES RETAILING		13,038,184

FOOD, BEVERAGE & TOBACCO - 1.4%
	30,546	e	Cal-Maine Foods, Inc		2,681,634
	130,301		Fresh Del Monte Produce, Inc		4,183,965
	93,778		J&J Snack Foods Corp		9,661,947
	135,865	e	Sanderson Farms, Inc		11,409,943
	122,477	*	TreeHouse Foods, Inc		10,431,366
			TOTAL FOOD, BEVERAGE & TOBACCO		38,368,855

HEALTH CARE EQUIPMENT & SERVICES - 6.2%
	209,370	*	Align Technology, Inc		11,017,049
	575,424	*	AMN Healthcare Services, Inc		9,868,522
	182,412	*	Amsurg Corp		9,852,072
	209,900	*	Angiodynamics, Inc		3,568,300
	86,791	*	Anika Therapeutics, Inc		3,483,791
	156,692		Computer Programs & Systems, Inc		9,868,462
	111,235	*	Cyberonics, Inc		5,839,837
	283,149	*	Cynosure, Inc (Class A)		7,160,838
	936,247	*	Five Star Quality Care, Inc		3,866,700
	285,809	*	HealthStream, Inc		8,848,647
	103,143	*	ICU Medical, Inc		7,312,839
	190,248	*	Medidata Solutions, Inc		8,582,087
	236,239	*	Natus Medical, Inc		8,032,126
	245,690	*	NuVasive, Inc		10,048,721

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	243,916	*	Omnicell, Inc	$	7,880,926
	750,245	*	OraSure Technologies, Inc		6,714,693
	282,843	*	PharMerica Corp		8,114,766
	549,838		Quality Systems, Inc		8,308,052
	413,300		Select Medical Holdings Corp		5,959,786
	158,700	*	Team Health Holdings, Inc		9,925,098
	155,074	*	Thoratec Corp		4,214,911
	101,333	*	WellCare Health Plans, Inc		6,877,471
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		165,345,694

INSURANCE - 3.2%
	55,600	e	Amtrust Financial Services, Inc		2,494,772
	251,737		Aspen Insurance Holdings Ltd		10,983,285
	68,500		Endurance Specialty Holdings Ltd		3,969,575
	269,665	e	HCI Group, Inc		13,709,769
	763,310		Maiden Holdings Ltd		9,121,554
	837,892	*	MBIA, Inc		8,177,826
	297,690		Montpelier Re Holdings Ltd		9,865,447
	220,996		Primerica, Inc		11,303,945
	500,102	*	Third Point Reinsurance Ltd		7,651,561
	170,700		Validus Holdings Ltd		6,790,446
			TOTAL INSURANCE		84,068,180

MATERIALS - 4.5%
	154,275		A. Schulman, Inc		5,462,878
	45,269		Ampco-Pittsburgh Corp		986,411
	80,680		Balchem Corp		5,219,996
	551,200	*	Berry Plastics Group, Inc		14,342,224
	353,484	*	Boise Cascade Co		12,746,633
	463,680	*	Coeur d’Alene Mines Corp		1,715,616
	349,981		Globe Specialty Metals, Inc		6,583,143
	245,340		Minerals Technologies, Inc		18,820,031
	158,480		OM Group, Inc		4,125,234
	78,732		Quaker Chemical Corp		6,462,322
	546,976	*	Resolute Forest Products		10,151,875
	196,105	*	RTI International Metals, Inc		4,618,273
	295,214		Schnitzer Steel Industries, Inc (Class A)		6,952,290
	202,300	e	US Silica Holdings Inc		9,083,270
	305,057		Worthington Industries, Inc		11,790,453
			TOTAL MATERIALS		119,060,649

MEDIA - 1.7%
	244,325		Cinemark Holdings, Inc		8,629,559
	535,861	*	Journal Communications, Inc (Class A)		5,256,796
	153,767		Lamar Advertising Co (Class A)		7,942,066
	518,680	*	Live Nation, Inc		13,485,680
	413,700	*	Time, Inc		9,345,483
			TOTAL MEDIA		44,659,584

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	238,900	*,e	Acadia Pharmaceuticals, Inc		6,617,530
	45,685	*,e	Acceleron Pharma, Inc		1,689,431

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	376,100	*,e	Achillion Pharmaceuticals, Inc	$	4,419,175
	246,600	*	Acorda Therapeutics, Inc		8,586,612
	636,648	*,e	Affymetrix, Inc		5,736,199
	52,700	*,e	Alnylam Pharmaceuticals, Inc		4,887,398
	163,079	*,e	AMAG Pharmaceuticals, Inc		5,383,238
	575,300	*,e	Arena Pharmaceuticals, Inc		2,508,308
	180,000	*,e	Arrowhead Research Corp		1,173,600
	476,542	*	AVANIR Pharmaceuticals, Inc		6,166,453
	354,901	*	Cambrex Corp		7,481,313
	107,296	*,e	Cara Therapeutics Inc		966,737
	275,800	*	Catalent, Inc		7,179,074
	81,200	*,e	Celldex Therapeutics, Inc		1,360,100
	248,504	*,e	Cepheid, Inc		13,173,197
	629,396	*,e	CTI BioPharma Corp		1,535,726
	387,776	*,e	Cytokinetics, Inc		1,423,138
	634,452	*	Depomed, Inc		9,770,561
	631,907	*	Dyax Corp		7,816,690
	88,689	*,e	Genomic Health, Inc		3,222,958
	296,244	*	Impax Laboratories, Inc		8,582,189
	266,200	*	Infinity Pharmaceuticals, Inc		3,625,644
	210,800	*	Insmed, Inc		2,991,252
	128,439	*,e	Insys Therapeutics, Inc		5,224,256
	297,470	*,e	Isis Pharmaceuticals, Inc		13,701,468
	51,600	*,e	Karyopharm Therapeutics, Inc		2,119,728
	190,100	*	Lannett Co, Inc		10,782,472
	398,270	*	Medicines Co		10,084,196
	191,082	*	Momenta Pharmaceuticals, Inc		2,084,705
	206,119	*	NPS Pharmaceuticals, Inc		5,647,661
	106,347	*,e	OncoGenex Pharmaceutical, Inc		238,217
	84,700	*	Parexel International Corp		4,600,057
	355,344	*	Prestige Brands Holdings, Inc		12,586,284
	192,621	*	Prothena Corp plc		4,224,179
	45,451	*,e	Puma Biotechnology, Inc		11,390,021
	48,100	*	Receptos, Inc		4,985,565
	114,581	*	Sagent Pharmaceuticals		3,625,343
	432,400	*,e	Spectrum Pharmaceuticals, Inc		3,277,592
	96,800	*,e	TESARO, Inc		2,692,976
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		213,561,243

REAL ESTATE - 9.5%
	279,300		Aviv REIT, Inc		9,420,789
	1,250,382		Cousins Properties, Inc		16,267,470
	835,944		CubeSmart		17,596,621
	1,250,932		DiamondRock Hospitality Co		17,950,874
	586,970		DuPont Fabros Technology, Inc		18,178,461
	196,170		EastGroup Properties, Inc		13,508,266
	180,587		Entertainment Properties Trust		10,130,931
	228,742		Extra Space Storage, Inc		13,303,635
	1,121,783		Hersha Hospitality Trust		8,177,798
	354,000		LaSalle Hotel Properties		13,880,340
	179,263		LTC Properties, Inc		7,518,290
	165,700		Potlatch Corp		7,289,143

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	121,778		PS Business Parks, Inc	$	10,256,143
	934,677		RAIT Investment Trust		6,851,182
	539,500		Retail Opportunities Investment Corp		8,815,430
	484,107		RLJ Lodging Trust		15,597,928
	182,800		Ryman Hospitality Properties		9,021,180
	93,629		Saul Centers, Inc		5,144,914
	206,554		Sovran Self Storage, Inc		17,575,680
	1,186,700	*	Strategic Hotels & Resorts, Inc		15,249,095
	579,879		Sunstone Hotel Investors, Inc		8,877,947
			TOTAL REAL ESTATE		250,612,117

RETAILING - 4.4%
	625,600	e	American Eagle Outfitters, Inc		8,051,472
	113,200	*	Asbury Automotive Group, Inc		7,928,528
	268,977	*	Barnes & Noble, Inc		5,869,078
	203,000	*	Burlington Stores, Inc		8,513,820
	119,415		Children’s Place Retail Stores, Inc		5,881,189
	569,418	*	Christopher & Banks Corp		3,718,299
	220,600		DSW, Inc (Class A)		6,540,790
	543,200	*	Express Parent LLC		8,131,704
	112,373		Lithia Motors, Inc (Class A)		8,722,392
	178,400		Men’s Wearhouse, Inc		8,390,152
	1,697,900	*	Office Depot, Inc		8,863,038
	807,053	*	Orbitz Worldwide, Inc		6,674,328
	234,486		Penske Auto Group, Inc		10,608,147
	267,200	*	Select Comfort Corp		6,864,368
	93,300	*	Vitamin Shoppe, Inc		4,378,569
	227,549	*	Zumiez, Inc		7,595,586
			TOTAL RETAILING		116,731,460

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8%
	198,270	*,e	Ambarella, Inc		8,781,378
	172,051	*	Cabot Microelectronics Corp		8,298,020
	256,121	*	Cavium Networks, Inc		13,141,568
	359,400	*	Cirrus Logic, Inc		6,936,420
	275,495	*	Entegris, Inc		3,741,222
	1,642,228	*	Entropic Communications, Inc		4,105,570
	356,273	*	Integrated Device Technology, Inc		5,846,440
	1,637,529	*	Lattice Semiconductor Corp		10,987,820
	140,200		Monolithic Power Systems, Inc		6,195,438
	440,900	*	Photronics, Inc		3,963,691
	1,323,972	*	PMC - Sierra, Inc		10,313,742
	914,075	*	Rambus, Inc		10,466,159
	1,738,546	*	Silicon Image, Inc		9,318,606
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		102,096,074

SOFTWARE & SERVICES - 9.0%
	441,807	*	ACI Worldwide, Inc		8,500,367
	305,055	*	Aspen Technology, Inc		11,265,681
	309,373	*	Cardtronics, Inc		11,876,830
	272,431	*	Constant Contact, Inc		9,633,160
	235,900	*	DealerTrack Holdings, Inc		11,099,095

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	92,034	*,e	Demandware, Inc	$	5,517,438
	183,300	*	Euronet Worldwide, Inc		9,837,711
	130,200	*	Guidewire Software, Inc		6,502,188
	160,100	*	iGate Corp		5,931,705
	614,776	*	Liveperson, Inc		8,852,774
	272,925	*	LogMeIn, Inc		13,114,046
	349,942	*	Manhattan Associates, Inc		14,036,174
	176,090	*,e	Marketo, Inc		5,682,424
	211,431		MAXIMUS, Inc		10,245,946
	86,800	*,e	NeuStar, Inc (Class A)		2,292,388
	467,727		NIC, Inc		8,620,209
	359,333		Pegasystems, Inc		7,786,746
	388,425	*	Progress Software Corp		10,060,208
	150,200	*,e	Proofpoint, Inc		6,614,808
	280,000	*	QLIK Technologies, Inc		7,938,000
	139,900	*	Synchronoss Technologies, Inc		7,228,633
	91,574	*	Syntel, Inc		7,931,224
	388,796	*	TA Indigo Holding Corp		3,359,198
	35,000	*	Tableau Software, Inc		2,890,650
	414,463	*	TiVo, Inc		5,408,742
	134,944	*	Tyler Technologies, Inc		15,102,932
	25,058	*	Ultimate Software Group, Inc		3,771,480
	246,038	*	Vasco Data Security International		6,229,682
	92,200	*,e	VistaPrint Ltd		6,164,492
	58,042	*,e	WebMD Health Corp (Class A)		2,477,233
	136,533	*,e	Xoom Corp		2,061,648
			TOTAL SOFTWARE & SERVICES		238,033,812

TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
	216,927	e	Alliance Fiber Optic Products, Inc		2,800,528
	585,500	*	Aruba Networks, Inc		12,635,090
	425,758	*	Benchmark Electronics, Inc		10,098,980
	320,800	*,e	Ciena Corp		5,376,608
	377,600	*	CommScope Holding Co, Inc		8,133,504
	396,296	*	Immersion Corp		3,336,812
	292,853	*	Plexus Corp		12,109,471
	1,160,437	*	QLogic Corp		13,704,761
	601,800	*	Ruckus Wireless, Inc		7,811,364
	627,680	*	Sanmina Corp		15,735,938
	1,463,884	*	Sonus Networks, Inc		5,079,677
	326,780	*	Super Micro Computer, Inc		10,443,889
	136,079	*	Synaptics, Inc		9,311,886
	254,149		SYNNEX Corp		17,582,028
	223,000	*,e	Universal Display Corp		6,975,440
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		141,135,976

TELECOMMUNICATION SERVICES - 1.2%
	1,463,748	*	8x8, Inc		11,505,059
	530,068		Inteliquent, Inc		8,921,045
	535,709	*	Premiere Global Services, Inc		5,608,873
	1,866,140	*	Vonage Holdings Corp		6,494,167
			TOTAL TELECOMMUNICATION SERVICES		32,529,144

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

TRANSPORTATION - 1.9%
	210,226		Arkansas Best Corp	$	8,135,746
	274,387	*	Echo Global Logistics, Inc		7,169,733
	182,350		Landstar System, Inc		13,495,723
	391,127		Matson, Inc		11,143,208
	31,021		Skywest, Inc		357,362
	261,700	*,e	XPO Logistics, Inc		10,447,064
			TOTAL TRANSPORTATION		50,748,836

UTILITIES - 3.3%
	372,388		American States Water Co		13,324,043
	430,203		Avista Corp		15,250,696
	290,355		Black Hills Corp		15,891,129
	294,174		California Water Service Group		7,657,349
	249,464		Empire District Electric Co		7,094,756
	25,000	e	iShares Micro-Cap ETF		1,849,750
	134,151		Laclede Group, Inc		6,810,847
	212,002		Southwest Gas Corp		12,315,196
	201,000		UIL Holdings Corp		8,269,140
			TOTAL UTILITIES		88,462,906

			TOTAL COMMON STOCKS		2,614,247,494
			(Cost $2,225,219,977)

SHORT-TERM INVESTMENTS - 8.9%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 8.9%
	234,863,780	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		234,863,780
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		234,863,780

			TOTAL SHORT-TERM INVESTMENTS		234,863,780
			(Cost $234,863,780)
			TOTAL INVESTMENTS - 107.5%		2,849,111,274
			(Cost $2,460,083,757)
			OTHER ASSETS & LIABILITIES, NET - (7.5)%		(198,481,606	)
			NET ASSETS - 100.0%	$	2,650,629,668

	Abbreviation(s):
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust

*	Non-income producing.
a	Affiliated holding.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $233,979,038.

TIAA-CREF FUNDS - Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 1.9%
	130	e	Autoliv, Inc	$	11,926
	22,477	*	BorgWarner, Inc		1,281,639
	7,000		Delphi Automotive plc		482,860
	1,288,424		Ford Motor Co		18,153,894
	92,177		Harley-Davidson, Inc		6,056,029
	303,890		Johnson Controls, Inc		14,358,802
	22,556	*	Modine Manufacturing Co		289,393
	42,999	*	Tenneco, Inc		2,251,428
	37,815	*,e	Tesla Motors, Inc		9,139,886
			TOTAL AUTOMOBILES & COMPONENTS		52,025,857

BANKS - 3.5%
	20,257		Associated Banc-Corp		380,832
	4,424		Astoria Financial Corp		58,176
	4,352		Bank Mutual Corp		28,680
	7,468		Bank of Hawaii Corp		437,251
	400,600		BB&T Corp		15,174,728
	2,381		BBCN Bancorp, Inc		33,667
	5,200		Boston Private Financial Holdings, Inc		68,380
	1,470		Capitol Federal Financial		18,831
	1,120		Cardinal Financial Corp		21,504
	690		Cathay General Bancorp		18,223
	3,446		Centerstate Banks of Florida, Inc		40,111
	46,146		CIT Group, Inc		2,257,924
	440		Columbia Banking System, Inc		12,223
	65,875		Comerica, Inc		3,144,872
	254		Commerce Bancshares, Inc		11,496
	797		Community Bank System, Inc		30,406
	3,270		Cullen/Frost Bankers, Inc		264,249
	3,717		East West Bancorp, Inc		136,637
	3,238		Federal Agricultural Mortgage Corp (Class C)		107,825
	7,757		First Commonwealth Financial Corp		72,528
	1,523		First Community Bancshares, Inc		24,932
	6,758		First Interstate Bancsystem, Inc		198,280
	910		First Merchants Corp		20,611
	574		First Niagara Financial Group, Inc		4,299
	201		Flushing Financial Corp		4,048
	1,130		FNB Corp		14,453
	540		Glacier Bancorp, Inc		15,493
	1,279		Hancock Holding Co		45,008
	67,943		Huntington Bancshares, Inc		673,315
	2,618		IBERIABANK Corp		180,275

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	5,708		Investors Bancorp, Inc	$	61,361
	653,676		Keycorp		8,628,523
	4,095		Lakeland Bancorp, Inc		45,004
	111,679	e	M&T Bank Corp		13,644,940
	17,553	*	MGIC Investment Corp		156,573
	1,360		National Penn Bancshares, Inc		13,994
	310		NBT Bancorp, Inc		7,961
	56,570	e	New York Community Bancorp, Inc		902,291
	2,082		Northfield Bancorp, Inc		29,648
	11,696		OFG Bancorp		182,107
	7,838		Old National Bancorp		114,043
	8,836		PacWest Bancorp		376,944
	2,510	e	Peoples Bancorp, Inc		61,871
	982	e	People’s United Financial, Inc		14,357
	510		Pinnacle Financial Partners, Inc		19,992
	203,751		PNC Financial Services Group, Inc		17,602,049
	48,562	*	Popular, Inc		1,548,157
	6,279		PrivateBancorp, Inc		202,937
	21,071		Provident Financial Services, Inc		384,124
	250,240	e	Radian Group, Inc		4,216,544
	1,440	*	Signature Bank		174,427
	5,007		Susquehanna Bancshares, Inc		49,119
	11,029	*	SVB Financial Group		1,235,138
	429		TCF Financial Corp		6,628
	870	*	Texas Capital Bancshares, Inc		53,201
	17,614	*	The Bancorp, Inc		166,628
	350		Trustmark Corp		8,516
	2,167		UMB Financial Corp		129,110
	650		Umpqua Holdings Corp		11,440
	1,980	e	United Bankshares, Inc		67,874
	2,000		United Financial Bancorp, Inc (New)		28,060
	487,476		US Bancorp		20,766,477
	3,318	*	Walker & Dunlop, Inc		53,453
	3,230		Webster Financial Corp		101,228
	1,553	e	Westamerica Bancorporation		76,625
	1,160	*	Western Alliance Bancorp		30,879
	5,660		Wilshire Bancorp, Inc		56,034
	230		Wintrust Financial Corp		10,654
	14,360		Zions Bancorporation		416,009
			TOTAL BANKS		95,154,177

CAPITAL GOODS - 6.6%
	158,515		3M Co		24,374,851
	5,778		A.O. Smith Corp		308,256
	589		Aceto Corp		13,394
	4,150		Actuant Corp (Class A)		131,513
	1,643		Acuity Brands, Inc		229,083
	6,159	*	Aerovironment, Inc		188,773
	180,779		Ametek, Inc		9,427,625
	286		Applied Industrial Technologies, Inc		13,960

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	21,542	*	ArvinMeritor, Inc	$	247,518
	2,565		Astec Industries, Inc		97,239
	46,198		Barnes Group, Inc		1,688,999
	419	*	Beacon Roofing Supply, Inc		11,594
	9,760		Briggs & Stratton Corp		197,250
	46,759	*	Builders FirstSource, Inc		277,281
	3,206	*	CAI International, Inc		67,486
	17,714		Caterpillar, Inc		1,796,377
	1,630	*	Chart Industries, Inc		75,876
	3,098		Clarcor, Inc		207,442
	4,135	*	Colfax Corp		224,861
	84,493		Cummins, Inc		12,351,187
	222,459		Danaher Corp		17,885,704
	163,823		Deere & Co		14,013,419
	27,134		Dover Corp		2,155,525
	137,592		Eaton Corp		9,409,917
	1,365		EMCOR Group, Inc		60,237
	2,812		EnerSys		176,594
	6,232	*	Esterline Technologies Corp		729,830
	59,517	e	Fastenal Co		2,621,129
	5,388		Fluor Corp		357,440
	3,293		Fortune Brands Home & Security, Inc		142,422
	5,289	*	Furmanite Corp		39,562
	300		GATX Corp		19,020
	26,438		Graco, Inc		2,075,383
	245		Granite Construction, Inc		9,043
	1,410		H&E Equipment Services, Inc		52,720
	4,430	*	Hexcel Corp		185,573
	175,383		Illinois Tool Works, Inc		15,968,622
	53,624	*	Ingersoll-Rand plc		3,357,935
	500	*	Jacobs Engineering Group, Inc		23,725
	4,386		Joy Global, Inc		230,835
	9,925	*,e	Layne Christensen Co		71,460
	7,720		Lincoln Electric Holdings, Inc		559,546
	185,696		Masco Corp		4,098,311
	447	*	Middleby Corp		39,559
	2,279		MSC Industrial Direct Co (Class A)		184,531
	415	*	MYR Group, Inc		10,765
	41,303		Nordson Corp		3,161,745
	66,007		Owens Corning, Inc		2,116,184
	115,342		Paccar, Inc		7,534,139
	11,893		Pall Corp		1,087,258
	13,733		Parker Hannifin Corp		1,744,503
	41,937		Pentair plc		2,811,876
	2,753	*	Pike Electric Corp		32,871
	16,692	*,e	Polypore International, Inc		733,113
	65,992		Precision Castparts Corp		14,564,434
	44,063	*	Quanta Services, Inc		1,501,667

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	37,955		Rockwell Automation, Inc	$	4,264,244
	8,094		Rockwell Collins, Inc		681,110
	14,759		Roper Industries, Inc		2,336,350
	2,611	*	Rush Enterprises, Inc (Class A)		99,479
	6,647		Snap-On, Inc		878,335
	2,702	e	TAL International Group, Inc		116,537
	29,991		Tennant Co		2,211,236
	8,612	*,e	The ExOne Company		211,597
	6,850		Timken Co		294,481
	15,096	*	United Rentals, Inc		1,661,466
	1,160	e	Valmont Industries, Inc		157,957
	1,480		W.W. Grainger, Inc		365,264
	10,000	*	Wabash National Corp		103,000
	14,947	*	WABCO Holdings, Inc		1,455,539
	1,355	*,e	WESCO International, Inc		111,666
	2,354		Westinghouse Air Brake Technologies Corp		203,150
	6,028		Woodward Governor Co		308,694
	4,656		Xylem, Inc		169,292
			TOTAL CAPITAL GOODS		177,326,559

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	540		ABM Industries, Inc		14,926
	11,310	e	Acacia Research (Acacia Technologies)		203,580
	137,401	*	ACCO Brands Corp		1,130,810
	305		Brink’s Co		6,405
	7,099	*	CBIZ, Inc		65,524
	970		CDI Corp		16,674
	1,690	*	Copart, Inc		56,514
	3,343		Corporate Executive Board Co		246,379
	650		Covanta Holding Corp		14,346
	7,924		Deluxe Corp		481,779
	32,884		Dun & Bradstreet Corp		4,038,484
	8,668		Equifax, Inc		656,514
	400		Heidrick & Struggles International, Inc		8,328
	5,092		HNI Corp		237,542
	3,579	*	IHS, Inc (Class A)		468,956
	1,660	*	Innerworkings, Inc		15,073
	5,010		Interface, Inc		80,310
	1,760		Kelly Services, Inc (Class A)		31,029
	590		Knoll, Inc		11,735
	690	*	Korn/Ferry International		19,272
	10,228		Manpower, Inc		682,719
	3,562	*	Mistras Group, Inc		58,737
	430		Mobile Mini, Inc		18,847
	3,470	*	Navigant Consulting, Inc		53,403
	970	*	On Assignment, Inc		28,227
	37,628		R.R. Donnelley & Sons Co		656,609
	2,311		Resources Connection, Inc		35,751

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	61,470		Robert Half International, Inc	$	3,367,327
	4,160	*	RPX Corp		58,448
	1,210		Steelcase, Inc (Class A)		21,441
	10,180		Tetra Tech, Inc		272,926
	290		United Stationers, Inc		12,113
	457		Viad Corp		11,658
	57,542		Waste Management, Inc		2,813,228
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		15,895,614

CONSUMER DURABLES & APPAREL - 1.1%
	8,230		Callaway Golf Co		64,523
	396		Columbia Sportswear Co		15,262
	490	e	Ethan Allen Interiors, Inc		13,867
	2,858		Hanesbrands, Inc		301,833
	258		Hasbro, Inc		14,843
	549	*	Iconix Brand Group, Inc		21,966
	2,531	*	Jarden Corp		164,743
	696	*	Kate Spade & Co		18,882
	202,478		Mattel, Inc		6,290,991
	2,300	*	Meritage Homes Corp		84,617
	595	*	Michael Kors Holdings Ltd		46,761
	3,220	*	Mohawk Industries, Inc		457,369
	6,980		Movado Group, Inc		246,394
	5,166		Newell Rubbermaid, Inc		172,183
	191,342		Nike, Inc (Class B)		17,789,066
	5,260		Oxford Industries, Inc		322,175
	1,614		Phillips-Van Heusen Corp		184,561
	1,356		Polaris Industries, Inc		204,566
	397		Pool Corp		23,701
	118,076	*,e	Quiksilver, Inc		206,633
	10,960		Ryland Group, Inc		392,478
	399	*	Tempur-Pedic International, Inc		21,003
	4,527		Tupperware Corp		288,596
	13,152	*	Under Armour, Inc (Class A)		862,508
	4,706	*	Unifi, Inc		131,627
	13,575		VF Corp		918,756
	3,389		Whirlpool Corp		583,077
			TOTAL CONSUMER DURABLES & APPAREL		29,842,981

CONSUMER SERVICES - 2.6%
	1,289		Bob Evans Farms, Inc		62,968
	7,805		Brinker International, Inc		418,660
	2,979	*	Chipotle Mexican Grill, Inc (Class A)		1,900,602
	38,390		Choice Hotels International, Inc		2,053,865
	33,819	e	Darden Restaurants, Inc		1,751,148
	320		DineEquity, Inc		28,467
	5,070		Domino’s Pizza, Inc		450,165
	1,850		Dunkin Brands Group, Inc		84,138

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	359		Jack in the Box, Inc	$	25,503
	149,371		Marriott International, Inc (Class A)		11,314,853
	243,689		McDonald’s Corp		22,840,970
	178,343	*	MGM Mirage		4,146,475
	9,927	*	Popeyes Louisiana Kitchen, Inc		460,117
	13,190		Royal Caribbean Cruises Ltd		896,524
	39,632	*	Ruby Tuesday, Inc		304,374
	7,739	*	Sonic Corp		195,100
	229,928		Starbucks Corp		17,373,360
	55,313		Starwood Hotels & Resorts Worldwide, Inc		4,240,295
	190		Vail Resorts, Inc		16,408
	2,545	*,e	Weight Watchers International, Inc		66,297
			TOTAL CONSUMER SERVICES		68,630,289

DIVERSIFIED FINANCIALS - 7.2%
	5,122	*	Actua Corp		96,294
	241,698		American Express Co		21,740,735
	1,075		Ameriprise Financial, Inc		135,633
	449,076		Bank of New York Mellon Corp		17,388,223
	50,683		BlackRock, Inc		17,288,478
	213,898		Capital One Financial Corp		17,704,338
	430		CBOE Holdings, Inc		25,344
	560,637		Charles Schwab Corp		16,073,463
	124,077		CME Group, Inc		10,398,893
	280	e	Cohen & Steers, Inc		12,001
	1,343	*	Credit Acceptance Corp		198,173
	241,166		Discover Financial Services		15,381,567
	257,236		Franklin Resources, Inc		14,304,894
	9,333	*	Green Dot Corp		223,059
	53,735		IntercontinentalExchange Group, Inc		11,192,463
	203,789		Invesco Ltd		8,247,341
	23,497	e	Janus Capital Group, Inc		352,220
	24,238		Legg Mason, Inc		1,260,376
	29,667		NASDAQ OMX Group, Inc		1,283,394
	3,942		Nelnet, Inc (Class A)		187,600
	202,190		Northern Trust Corp		13,405,197
	7,580	*,e	PHH Corp		179,570
	1,500	*	Pico Holdings, Inc		33,150
	3,216	*	Safeguard Scientifics, Inc		64,159
	212,169		State Street Corp		16,010,273
	114,435		T Rowe Price Group, Inc		9,393,969
	3,000		TD Ameritrade Holding Corp		101,220
	10,000	*,e	WisdomTree Investments, Inc		147,500
			TOTAL DIVERSIFIED FINANCIALS		192,829,527

ENERGY - 8.3%
	130,417		Apache Corp		10,068,192
	6,796	*	Atwood Oceanics, Inc		276,257

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	32,232		Baker Hughes, Inc	$	1,707,007
	45,140	*,e	BPZ Energy, Inc		55,974
	71,294	*	Cameron International Corp		4,245,558
	2,638	e	CARBO Ceramics, Inc		136,306
	5,698	*	Carrizo Oil & Gas, Inc		295,954
	64,415	*	Cheniere Energy, Inc		4,831,125
	37,587		Cimarex Energy Co		4,272,514
	461	*	Clayton Williams Energy, Inc		38,328
	97,571	*,e	Clean Energy Fuels Corp		713,244
	10,655	*	Concho Resources, Inc		1,161,715
	13,967	*	Contango Oil & Gas Co		510,773
	112,934	*,e	Continental Resources, Inc		6,366,090
	100	e	Core Laboratories NV		13,953
	2,655		Dawson Geophysical Co		45,108
	2,470		Delek US Holdings, Inc		83,708
	5		Denbury Resources, Inc		62
	175,819		Devon Energy Corp		10,549,140
	1,150		Energen Corp		77,855
	172,504		EOG Resources, Inc		16,396,505
	85,373		EQT Corp		8,028,477
	1,665		Exterran Holdings, Inc		65,484
	3,777	*	FMC Technologies, Inc		211,663
	3,180	*	Geospace Technologies Corp		97,912
	145,886		Hess Corp		12,372,592
	78,319	*	ION Geophysical Corp		219,293
	11,770	*	Key Energy Services, Inc		35,781
	3,974	*	Kinder Morgan Management LLC		378,073
	260,923	*	Kodiak Oil & Gas Corp		2,815,359
	234,465		Marathon Oil Corp		8,300,061
	152,018		Marathon Petroleum Corp		13,818,436
	5,304	*	Matrix Service Co		132,918
	184,819		National Oilwell Varco, Inc		13,425,252
	1,625	*	Natural Gas Services Group, Inc		41,811
	83,959		Noble Corp plc		1,756,422
	125,112		Noble Energy, Inc		7,210,205
	11,580	*,e	Northern Oil And Gas, Inc		130,854
	8,166	*	Oasis Petroleum, Inc		244,653
	186,972		Occidental Petroleum Corp		16,627,420
	458		Oceaneering International, Inc		32,184
	422	*	Oil States International, Inc		25,210
	58,312	*	Oneok, Inc		3,436,909
	8,658	*	PDC Energy, Inc		378,528
	42,628	*	Petroquest Energy, Inc		200,352
	174,261		Phillips 66		13,679,489
	65,995		Pioneer Natural Resources Co		12,477,015
	33,511		Questar Market Resources, Inc		840,121
	1,928		Range Resources Corp		131,875
	11,132	*,e	Rex Energy Corp		87,275
	79	*	SEACOR Holdings, Inc		6,514

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	7,460	*,e	Solazyme, Inc	$	57,218
	64,409	*	Southwestern Energy Co		2,093,937
	362,558		Spectra Energy Corp		14,186,895
	26,088		St. Mary Land & Exploration Co		1,468,754
	31,883		Superior Energy Services		801,857
	520		Tesco Corp		9,901
	2,784		Tesoro Corp		198,805
	30,215	*,e	Ultra Petroleum Corp		688,902
	13,893	*	Unit Corp		672,699
	394,624	*	Weatherford International Ltd		6,479,726
	123,832		Western Refining, Inc		5,645,501
	37,656	*	Whiting Petroleum Corp		2,306,053
	175,594		Williams Cos, Inc		9,747,223
			TOTAL ENERGY		223,410,977

FOOD & STAPLES RETAILING - 0.6%
	3,418		Casey’s General Stores, Inc		279,832
	970		Pricesmart, Inc		86,359
	121,134		Safeway, Inc		4,222,731
	4,686		Spartan Stores, Inc		105,013
	312,462		Sysco Corp		12,042,286
	580		Weis Markets, Inc		25,891
	71,214		Whole Foods Market, Inc		2,800,847
			TOTAL FOOD & STAPLES RETAILING		19,562,959

FOOD, BEVERAGE & TOBACCO - 3.8%
	8,587		Bunge Ltd		761,237
	95,721		Campbell Soup Co		4,227,997
	46,939		ConAgra Foods, Inc		1,612,355
	5,840	*	Darling International, Inc		102,784
	201	*	Diamond Foods, Inc		6,060
	8,100		Dr Pepper Snapple Group, Inc		560,925
	4,635		Flowers Foods, Inc		88,065
	290,198		General Mills, Inc		15,078,688
	1,900	*	Hain Celestial Group, Inc		205,675
	5,246		Hormel Foods Corp		282,812
	11,509		J.M. Smucker Co		1,196,936
	197,913		Kellogg Co		12,658,515
	30,592		Keurig Green Mountain, Inc		4,642,336
	49,050		Kraft Foods Group, Inc		2,763,967
	142,161		Kroger Co		7,919,789
	6,572		McCormick & Co, Inc		464,772
	27,407		Mead Johnson Nutrition Co		2,721,789
	482,870		Mondelez International, Inc		17,025,996
	305,245		PepsiCo, Inc		29,355,412
	2,326	e	Tootsie Roll Industries, Inc		68,966
	674	*	TreeHouse Foods, Inc		57,405
			TOTAL FOOD, BEVERAGE & TOBACCO		101,802,481

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 3.9%
	454,870		Abbott Laboratories	$	19,827,783
	187,542		Aetna, Inc		15,474,090
	2,870	*	Align Technology, Inc		151,019
	25,741	*	Amedisys, Inc		671,840
	12,706		AmerisourceBergen Corp		1,085,220
	2,141	*	Amsurg Corp		115,635
	5,451	*,e	athenahealth, Inc		667,748
	119,459		Becton Dickinson & Co		15,374,373
	2,754	*	Bio-Reference Labs, Inc		82,730
	30,798	*,e	BioScrip, Inc		198,955
	14,245	*	Brookdale Senior Living, Inc		480,199
	21,234	*	Centene Corp		1,967,755
	10,101	*	Cerner Corp		639,797
	14,031	*,e	Cerus Corp		58,369
	1,320	e	Chemed Corp		136,435
	76,831		Cigna Corp		7,650,063
	1,249		Computer Programs & Systems, Inc		78,662
	740	*	Cyberonics, Inc		38,850
	6,000	*	DaVita, Inc		468,420
	1,030		Dentsply International, Inc		52,293
	5,908	*	Edwards Lifesciences Corp		714,395
	16,337	*	ExamWorks Group, Inc		633,549
	23,763	*	Five Star Quality Care, Inc		98,141
	14,679	*	Gentiva Health Services, Inc		289,176
	1,539	*	Greatbatch, Inc		77,242
	300	*	Haemonetics Corp		11,316
	5,945	*,e	Healthways, Inc		92,148
	4,547	*	Henry Schein, Inc		545,776
	2,640	*,e	HMS Holdings Corp		61,327
	5,166	*	Hologic, Inc		135,298
	50,276		Humana, Inc		6,980,823
	1,185	*	ICU Medical, Inc		84,017
	12,311	*	Idexx Laboratories, Inc		1,744,099
	240	*	Integra LifeSciences Holdings Corp		12,266
	22,387	*	Inverness Medical Innovations, Inc		894,808
	760	*	IPC The Hospitalist Co, Inc		31,662
	500	*	Laboratory Corp of America Holdings		54,645
	743		Landauer, Inc		26,592
	950	*	LHC Group, Inc		23,133
	21,680	*	LifePoint Hospitals, Inc		1,517,600
	343	*	MedAssets, Inc		7,429
	546	*	Medidata Solutions, Inc		24,630
	302,054		Medtronic, Inc		20,588,001
	2,450	*	Merit Medical Systems, Inc		37,118
	20,380	*	Molina Healthcare, Inc		991,283
	2,703	*	MWI Veterinary Supply, Inc		458,578

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	2,820	*	Natus Medical, Inc	$	95,880
	620	*	Omnicell, Inc		20,032
	10,653	*	OraSure Technologies, Inc		95,344
	665		Owens & Minor, Inc		22,158
	28,691		Patterson Cos, Inc		1,236,869
	6,729	*	PharMerica Corp		193,055
	460	*	Providence Service Corp		20,323
	1,816		Quality Systems, Inc		27,440
	485	*	Sirona Dental Systems, Inc		38,097
	9,466	*	Staar Surgical Co		90,590
	1,640	*	Tornier BV		45,838
	6,093	*	Triple-S Management Corp (Class B)		134,899
	1,452		US Physical Therapy, Inc		62,654
	500	*	Varian Medical Systems, Inc		42,060
	13,104	*	Vocera Communications, Inc		135,626
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		103,616,153

HOUSEHOLD & PERSONAL PRODUCTS - 2.8%
	9,040		Avon Products, Inc		94,016
	4		Clorox Co		398
	263,164		Colgate-Palmolive Co		17,600,408
	1,226		Energizer Holdings, Inc		150,369
	63,299		Estee Lauder Cos (Class A)		4,758,819
	119,425	e	Herbalife Ltd		6,265,035
	46,104		Kimberly-Clark Corp		5,268,304
	11,539	*	Medifast, Inc		366,248
	4,949	e	Nu Skin Enterprises, Inc (Class A)		261,456
	454,447		Procter & Gamble Co		39,659,590
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		74,424,643

INSURANCE - 5.6%
	138,351		ACE Ltd		15,121,764
	252,885		Aflac, Inc		15,104,821
	5,145		Arthur J. Gallagher & Co		245,416
	36,464		Aspen Insurance Holdings Ltd		1,590,924
	8,868		Axis Capital Holdings Ltd		426,906
	303,005	*	Berkshire Hathaway, Inc (Class B)		42,469,181
	113,846		Chubb Corp		11,311,739
	6,179	*	eHealth, Inc		154,166
	476		Employers Holdings, Inc		9,706
	290	*	Enstar Group Ltd		42,940
	3,280		First American Financial Corp		99,450
	501,929	*	Genworth Financial, Inc (Class A)		7,021,987
	111,278		Hartford Financial Services Group, Inc		4,404,383
	400		Kemper Corp		14,740
	60,932		Marsh & McLennan Cos, Inc		3,312,873
	4,654		PartnerRe Ltd		538,421
	12,551		Platinum Underwriters Holdings Ltd		786,069

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	141,259		Principal Financial Group	$	7,397,734
	273,774		Progressive Corp		7,230,371
	192,025		Prudential Financial, Inc		17,001,893
	200		Reinsurance Group of America, Inc (Class A)		16,850
	1,890		RenaissanceRe Holdings Ltd		195,294
	2,787		Stewart Information Services Corp		98,437
	164,433		Travelers Cos, Inc		16,574,846
	3,894		Willis Group Holdings plc		157,824
			TOTAL INSURANCE		151,328,735

MATERIALS - 4.6%
	113,747		Air Products & Chemicals, Inc		15,317,171
	500		Albemarle Corp		29,190
	193,182	*,e	Allied Nevada Gold Corp		268,523
	7,701		Aptargroup, Inc		479,310
	66,813		Avery Dennison Corp		3,130,189
	23,667		Ball Corp		1,524,865
	791		Bemis Co, Inc		30,430
	2,310		Carpenter Technology Corp		115,616
	28,887	*,e	Castle (A.M.) & Co		212,319
	17,130		Celanese Corp (Series A)		1,006,045
	31,721	*	Century Aluminum Co		928,791
	1,826	*	Clearwater Paper Corp		117,503
	46,693		Commercial Metals Co		807,322
	4,705		Compass Minerals International, Inc		403,124
	3,383		Domtar Corp		138,940
	14,217		Eastman Chemical Co		1,148,449
	134,228		Ecolab, Inc		14,930,180
	2,950	*	Ferro Corp		38,704
	12,034	*	Flotek Industries, Inc		266,673
	530		Globe Specialty Metals, Inc		9,969
	26,314		H.B. Fuller Co		1,104,399
	7,648		Innophos Holdings, Inc		435,936
	3,111		International Flavors & Fragrances, Inc		308,456
	99,782		International Paper Co		5,050,965
	510	*	Kraton Polymers LLC		9,124
	1,240	*	Landec Corp		15,612
	63,130	*	Louisiana-Pacific Corp		921,698
	154,323		LyondellBasell Industries AF S.C.A		14,140,616
	80,535		MeadWestvaco Corp		3,557,231
	14,012		Minerals Technologies, Inc		1,074,861
	45,313		Mosaic Co		2,007,819
	420		Neenah Paper, Inc		25,624
	214,304		Nucor Corp		11,585,274
	280		OM Group, Inc		7,288
	25,813	*	Owens-Illinois, Inc		665,201
	3,500		PolyOne Corp		129,535
	126,084		Praxair, Inc		15,885,323

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	274		Quaker Chemical Corp	$	22,490
	2,337		Reliance Steel & Aluminum Co		157,701
	34,168	*	Resolute Forest Products		634,158
	4,365		Rock-Tenn Co (Class A)		223,270
	6,043		Rockwood Holdings, Inc		464,767
	55,648		Royal Gold, Inc		3,180,283
	786	*	RTI International Metals, Inc		18,510
	4,126		Schnitzer Steel Industries, Inc (Class A)		97,167
	6,530		Sealed Air Corp		236,713
	7,019		Sherwin-Williams Co		1,611,282
	82,784		Sigma-Aldrich Corp		11,251,173
	840		Stepan Co		37,195
	28,446	*	Stillwater Mining Co		373,496
	2,713	e	US Silica Holdings Inc		121,814
	22,021		Valspar Corp		1,809,245
	1,674		Wausau Paper Corp		16,556
	107,004		Worthington Industries, Inc		4,135,705
	1,279		Zep, Inc		20,541
			TOTAL MATERIALS		122,240,341

MEDIA - 3.0%
	74,053	e	Cablevision Systems Corp (Class A)		1,378,867
	8,053		Cinemark Holdings, Inc		284,432
	43,519		Clear Channel Outdoor Holdings, Inc (Class A)		315,948
	63,425	*	DIRECTV		5,504,656
	153,842	*	Discovery Communications, Inc (Class A)		5,438,315
	197,556	*	Discovery Communications, Inc (Class C)		6,912,484
	19,509	*,e	DreamWorks Animation SKG, Inc (Class A)		434,660
	12,529	*	Entercom Communications Corp (Class A)		128,798
	2,205		John Wiley & Sons, Inc (Class A)		128,750
	100,759	*	Journal Communications, Inc (Class A)		988,446
	214,946	*	Liberty Global plc		9,558,649
	180,116	*,e	Liberty Global plc (Class A)		8,189,874
	2,550	*	Madison Square Garden, Inc		193,188
	231,756	*	McClatchy Co (Class A)		825,051
	85,700		New York Times Co (Class A)		1,100,388
	320		Scholastic Corp		11,139
	5,846		Scripps Networks Interactive (Class A)		451,545
	23,476	e	Sinclair Broadcast Group, Inc (Class A)		681,978
	8,698	*	Sizmek, Inc		49,840
	115,204		Time Warner Cable, Inc		16,959,181
	259,678		Time Warner, Inc		20,636,611
	10,000	e	World Wrestling Entertainment, Inc (Class A)		123,500
			TOTAL MEDIA		80,296,300

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.3%
	24,648	*,e	Affymetrix, Inc	$	222,079
	150,551		Agilent Technologies, Inc		8,322,459
	51,235	*,e	Akorn, Inc		2,282,519
	27,063	*	Alexion Pharmaceuticals, Inc		5,178,776
	171,920		Amgen, Inc		27,881,986
	11,121	*	Aratana Therapeutics, Inc		124,555
	23,754	*,e	Auxilium Pharmaceuticals, Inc		764,166
	32,586	*	AVANIR Pharmaceuticals, Inc		421,663
	61,268	*	Biogen Idec, Inc		19,671,929
	340	*	BioMarin Pharmaceuticals, Inc		28,050
	1,397	*	Bio-Techne Corp		127,197
	8,683	*	Bluebird Bio, Inc		364,599
	419,793		Bristol-Myers Squibb Co		24,427,755
	26,442	*	Cambrex Corp		557,397
	21,898	*,e	Cepheid, Inc		1,160,813
	70,841	*	Depomed, Inc		1,090,951
	72,195	*	Endo International plc		4,831,289
	1,672	*	Fluidigm Corp		48,488
	299,827	*	Gilead Sciences, Inc		33,580,624
	909	*,e	Hyperion Therapeutics, Inc		22,089
	870	*,e	Immunogen, Inc		8,056
	17,165	*,e	Immunomedics, Inc		67,802
	68,600	*	Incyte Corp		4,600,316
	13,244	*	Ironwood Pharmaceuticals, Inc		185,681
	449,033		Johnson & Johnson		48,396,777
	239,846	*,e	MannKind Corp		1,441,475
	554,620		Merck & Co, Inc		32,134,683
	870	*	Mettler-Toledo International, Inc		224,869
	9,062	*,e	MiMedx Group, Inc		92,251
	91,708	*	Nektar Therapeutics		1,264,653
	77,327	*,e	Opko Health, Inc		645,680
	156,841	*,e	Orexigen Therapeutics, Inc		636,774
	4,875		PerkinElmer, Inc		211,673
	3,398	*	Prestige Brands Holdings, Inc		120,357
	5,394	*,e	Repros Therapeutics, Inc		34,198
	49,226	*	Salix Pharmaceuticals Ltd		7,081,160
	47,907	*,e	Sangamo Biosciences, Inc		581,591
	46,751	*,e	Sarepta Therapeutics, Inc		755,964
	57,257		Thermo Electron Corp		6,731,706
	6,206	*	United Therapeutics Corp		812,800
	61,191	*	Vertex Pharmaceuticals, Inc		6,892,554
	129,264	*,e	Vivus, Inc		438,205
	23,584	*	Waters Corp		2,613,107
	10,913	*	Xenoport, Inc		73,990
	77,048		Zoetis Inc		2,863,104
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		250,018,810

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

REAL ESTATE - 4.1%
	5,017		American Campus Communities, Inc	$	197,018
	164,898		American Tower Corp		16,077,555
	602,081		Annaly Capital Management, Inc		6,869,744
	1,000		AvalonBay Communities, Inc		155,840
	46,696		Boston Properties, Inc		5,918,718
	78,489	*	CBRE Group, Inc		2,511,648
	132,228		Crown Castle International Corp		10,329,651
	2,518	e	Digital Realty Trust, Inc		173,717
	4,441		Douglas Emmett, Inc		124,925
	58,576		Duke Realty Corp		1,110,601
	515		Equity One, Inc		12,360
	50,354		Equity Residential		3,502,624
	3,961		Federal Realty Investment Trust		522,060
	113,183		First Industrial Realty Trust, Inc		2,210,464
	1,693	*	Forest City Enterprises, Inc (Class A)		35,367
	540		Franklin Street Properties Corp		6,475
	213,987		HCP, Inc		9,409,008
	40,106		Health Care REIT, Inc		2,851,938
	2,950		Healthcare Realty Trust, Inc		78,087
	290,281		Host Marriott Corp		6,766,450
	4,700		Invesco Mortgage Capital, Inc		77,738
	47,543		Iron Mountain, Inc		1,714,876
	6,452	*	iStar Financial, Inc		91,554
	8		Jones Lang LaSalle, Inc		1,082
	266		Kilroy Realty Corp		18,019
	11,126		Liberty Property Trust		386,851
	20,078		Macerich Co		1,415,499
	7,334		Mid-America Apartment Communities, Inc		518,220
	540	e	Piedmont Office Realty Trust, Inc		10,503
	2,000		Plum Creek Timber Co, Inc		82,020
	3,580		Post Properties, Inc		200,265
	206,200		Prologis, Inc		8,588,230
	140		PS Business Parks, Inc		11,791
	34,457	e	Ryman Hospitality Properties		1,700,453
	103,346		Simon Property Group, Inc		18,520,637
	500		UDR, Inc		15,115
	38,799		Ventas, Inc		2,658,119
	55,605		Vornado Realty Trust		6,087,635
	297		Washington REIT		8,393
	11,648		Weyerhaeuser Co		394,401
			TOTAL REAL ESTATE		111,365,651

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

RETAILING - 4.1%
	2,432		Aaron’s, Inc	$	60,216
	50,729	e	American Eagle Outfitters, Inc		652,882
	11,783	*	Ann Taylor Stores Corp		452,349
	15,901	*	AutoZone, Inc		8,801,522
	7,222	*	Barnes & Noble, Inc		157,584
	79,998	*	Bed Bath & Beyond, Inc		5,387,065
	53,182		Best Buy Co, Inc		1,815,634
	820		Big 5 Sporting Goods Corp		10,094
	160	*	Blue Nile, Inc		5,680
	250	e	Buckle, Inc		12,333
	2,688	*,e	Cabela’s, Inc		129,078
	31,819	*,e	Carmax, Inc		1,779,000
	9		Chico’s FAS, Inc		136
	550	*	Express Parent LLC		8,234
	1,820		Finish Line, Inc (Class A)		48,175
	26,332		Foot Locker, Inc		1,474,855
	2	e	GameStop Corp (Class A)		86
	204,445		Gap, Inc		7,746,421
	95,600		Genuine Parts Co		9,280,848
	8,830		GNC Holdings, Inc		367,063
	19,718	*	HomeAway, Inc		688,158
	11,044		HSN, Inc		729,677
	93,965		Kohl’s Corp		5,094,782
	295,690	*	Liberty Interactive Corp		7,729,337
	7,610	*	LKQ Corp		217,418
	341,565		Lowe’s Companies, Inc		19,537,518
	79,083		Macy’s, Inc		4,572,579
	300		Men’s Wearhouse, Inc		14,109
	7,744	*	NetFlix, Inc		3,041,611
	19,391	*	New York & Co, Inc		63,409
	26,766		Nordstrom, Inc		1,943,479
	2,593		Nutri/System, Inc		43,666
	83,928	*	Office Depot, Inc		438,104
	41,219	*	Orbitz Worldwide, Inc		340,881
	2,957	*,e	Outerwall, Inc		187,089
	560		Petsmart, Inc		40,516
	12,005		Pier 1 Imports, Inc		154,865
	4,920		Ross Stores, Inc		397,142
	5,448	*	Sally Beauty Holdings, Inc		159,681
	555		Shoe Carnival, Inc		10,212
	19,331	*	Shutterfly, Inc		808,616
	10,014		Signet Jewelers Ltd		1,201,780
	226,633		Staples, Inc		2,873,706
	2,017		Stein Mart, Inc		26,988
	6,435		Tiffany & Co		618,532

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	276,662		TJX Companies, Inc	$	17,518,238
	41,177	*	TripAdvisor, Inc		3,650,753
	5		Williams-Sonoma, Inc		325
			TOTAL RETAILING		110,292,426

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
	25,961	*,e	Advanced Micro Devices, Inc		72,691
	7,601		Analog Devices, Inc		377,162
	697,879		Applied Materials, Inc		15,416,147
	5,850	*	Cirrus Logic, Inc		112,905
	2,000	*,e	Freescale Semiconductor Holdings Ltd		39,780
	956,526		Intel Corp		32,531,449
	2,270	*	International Rectifier Corp		90,278
	8,578		Lam Research Corp		667,883
	4,210	e	Microchip Technology, Inc		181,493
	2,391		Nvidia Corp		46,720
	217,373	*	ON Semiconductor Corp		1,802,022
	39,309		Skyworks Solutions, Inc		2,289,356
	38,139	*,e	SunPower Corp		1,214,346
	15,470		Teradyne, Inc		284,648
	375,406		Texas Instruments, Inc		18,642,662
	15,011	*	Triquint Semiconductor, Inc		324,688
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		74,094,230

SOFTWARE & SERVICES - 10.0%
	221,788		Accenture plc		17,991,443
	211,821	*	Adobe Systems, Inc		14,852,888
	328		Advent Software, Inc		11,336
	33,828	*,e	Angie’s List, Inc		235,781
	91,098	*	AOL, Inc		3,965,496
	687	*	Aspen Technology, Inc		25,371
	78,354	*	Autodesk, Inc		4,508,489
	43,247	*	Brightcove, Inc		277,213
	49,794		Broadridge Financial Solutions, Inc		2,187,450
	194,356		CA, Inc		5,647,985
	9,420	*	Cadence Design Systems, Inc		169,089
	306,120	*	Cognizant Technology Solutions Corp (Class A)		14,953,962
	48,504		Compuware Corp		492,316
	5,693	*	comScore, Inc		239,903
	5,337		Convergys Corp		107,647
	19,788	*	Conversant, Inc		697,527
	2	*	Covisint Corp		6
	1,309	*,e	E2open, Inc		7,645
	114		Equinix, Inc		23,815
	2,390	e	Factset Research Systems, Inc		314,142

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	1,736		Fair Isaac Corp	$	108,153
	1,614	*	FleetCor Technologies, Inc		243,004
	11,678	*	Fortinet, Inc		304,212
	228,323	*,e	Glu Mobile, Inc		883,610
	54,964	*	Google, Inc		30,729,273
	53,935	*	Google, Inc (Class A)		30,628,068
	10,748	*	Higher One Holdings, Inc		27,622
	1,976	*	Infoblox, Inc		31,893
	35,510	*	Informatica Corp		1,266,287
	184,708		International Business Machines Corp		30,365,995
	162,957		Intuit, Inc		14,341,846
	6,235	e	j2 Global, Inc		337,251
	20,419	*,e	Liquidity Services, Inc		260,955
	605	*	LogMeIn, Inc		29,070
	10,028		Marchex, Inc (Class B)		38,407
	6,407	*,e	Marketo, Inc		206,754
	1,000		MAXIMUS, Inc		48,460
	15,342	e	Mercadolibre, Inc		2,088,813
	210,650	*	Monster Worldwide, Inc		813,109
	1,364	*,e	NetSuite, Inc		148,212
	6,989	*,e	NeuStar, Inc (Class A)		184,579
	697,975		Oracle Corp		27,255,924
	28,332	*	QuinStreet, Inc		114,745
	43,224	*	Rackspace Hosting, Inc		1,658,073
	27,354	*,e	Rally Software Development Corp		279,558
	5,561	*	Rosetta Stone, Inc		53,219
	2,916	*	Rovi Corp		60,886
	237,510	*	Salesforce.com, Inc		15,198,265
	2,065	*	Seachange International, Inc		13,959
	96,222	*,e	ServiceSource International LLC		367,568
	2,310	*	SolarWinds, Inc		109,840
	1,976	*	SPS Commerce, Inc		115,201
	5,683	*	Stamps.com, Inc		209,703
	538	*	Sykes Enterprises, Inc		11,588
	391,408		Symantec Corp		9,714,747
	1,938	*	Syntel, Inc		167,850
	4,529	*	Tangoe, Inc		66,440
	8,168	*	Teradata Corp		345,670
	2,810	*	Ultimate Software Group, Inc		422,933
	4,890	*	Unisys Corp		125,380
	5,574	*	Workday, Inc		532,205
	1,051,874		Xerox Corp		13,968,887
	405,470	*	Yahoo!, Inc		18,671,893
			TOTAL SOFTWARE & SERVICES		269,259,611

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 4.5%
	1,610		Adtran, Inc	$	34,148
	44,188	*	Aruba Networks, Inc		953,577
	1,070		Belden CDT, Inc		76,173
	1,524	*	Benchmark Electronics, Inc		36,149
	4,552		Black Box Corp		100,098
	690	*	Calix Networks, Inc		7,459
	2,299	*	Checkpoint Systems, Inc		30,485
	1,100,519		Cisco Systems, Inc		26,929,700
	3,629	*	Cognex Corp		143,563
	180	*	Coherent, Inc		11,727
	141,705		Corning, Inc		2,895,033
	87,173	*,e	Cray, Inc		3,021,416
	3,093	*	Digi International, Inc		25,610
	1,190	*	DTS, Inc		35,438
	656,862		EMC Corp		18,871,645
	1,110		FEI Co		93,551
	40,091	*,e	Finisar Corp		670,322
	34,891	*	Flextronics International Ltd		374,032
	558,308		Hewlett-Packard Co		20,032,091
	64,574	*	Ingram Micro, Inc (Class A)		1,733,166
	2,970	*	Insight Enterprises, Inc		67,568
	5,777		InterDigital, Inc		285,557
	1,081	*,e	InvenSense, Inc		17,523
	11,694	*,e	IPG Photonics Corp		858,457
	350	*	Itron, Inc		13,626
	16,051		Jabil Circuit, Inc		336,268
	1,916	*	Kemet Corp		9,197
	20,384		Lexmark International, Inc (Class A)		879,773
	212		Littelfuse, Inc		20,678
	78,575		Motorola, Inc		5,068,088
	417		National Instruments Corp		13,211
	1,478	*	Netgear, Inc		50,311
	25,709		Oplink Communications, Inc		536,033
	500	*	OSI Systems, Inc		35,440
	281	*	Plexus Corp		11,619
	21,488	*	QLogic Corp		253,773
	355,607		Qualcomm, Inc		27,918,706
	5,980	*,e	RealD, Inc		67,694
	610	*	Rofin-Sinar Technologies, Inc		13,658
	270	*	Scansource, Inc		10,309
	105,374		Seagate Technology, Inc		6,620,648
	17,902	*,e	Silicon Graphics International Corp		155,389
	22,364	*	Super Micro Computer, Inc		714,753
	502		SYNNEX Corp		34,728

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	1,993	*	Tech Data Corp	$	119,022
	3,218	*	TTM Technologies, Inc		22,236
	4,124	*,e	Universal Display Corp		128,999
	3,451	*	Vishay Precision Group, Inc		58,633
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		120,397,280

TELECOMMUNICATION SERVICES - 2.4%
	12,236	*	Boingo Wireless, Inc		85,774
	353,957		CenturyTel, Inc		14,682,136
	58,198	*	Cincinnati Bell, Inc		213,587
	2,650	e	Consolidated Communications Holdings, Inc		68,635
	1,797		IDT Corp (Class B)		29,615
	67,259	*,e	Iridium Communications, Inc		638,960
	11,135	*	Level 3 Communications, Inc		522,343
	1,482,587	*,e	Sprint Corp		8,791,741
	26,641	*	tw telecom inc (Class A)		1,139,702
	732,919		Verizon Communications, Inc		36,829,180
	100,781	*	Vonage Holdings Corp		350,718
			TOTAL TELECOMMUNICATION SERVICES		63,352,391

TRANSPORTATION - 3.0%
	78,765		Alaska Air Group, Inc		4,192,661
	158		Allegiant Travel Co		21,088
	387		Amerco, Inc		104,923
	310		Arkansas Best Corp		11,997
	42,330	*	Avis Budget Group, Inc		2,359,897
	490		CH Robinson Worldwide, Inc		33,913
	422,500		CSX Corp		15,053,675
	2,060	*	Echo Global Logistics, Inc		53,828
	8		Expeditors International of Washington, Inc		341
	1,903	*	Genesee & Wyoming, Inc (Class A)		183,069
	1,000	*	Hertz Global Holdings, Inc		21,920
	180		Landstar System, Inc		13,322
	103,126		Norfolk Southern Corp		11,409,861
	9		Ryder System, Inc		796
	292,024		Southwest Airlines Co		10,068,988
	130,237		Union Pacific Corp		15,166,099
	199,140		United Parcel Service, Inc (Class B)		20,891,777
			TOTAL TRANSPORTATION		79,588,155

UTILITIES - 3.5%
	7,880		American States Water Co		281,946
	3,470		American Water Works Co, Inc		185,194
	76,142	*	Calpine Corp		1,737,560
	91,114		Centerpoint Energy, Inc		2,236,849
	2,551		Chesapeake Utilities Corp		123,545
	124,091		Cleco Corp		6,671,132
	174,812		Consolidated Edison, Inc		11,076,088

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

	94,172		Duke Energy Corp					$	7,736,230
	2,130		Integrys Energy Group, Inc						154,808
	10,413		ITC Holdings Corp						412,459
	5,397		MDU Resources Group, Inc						152,088
	25,938		MGE Energy, Inc						1,153,463
	6,859		New Jersey Resources Corp						401,114
	169,886		NextEra Energy, Inc						17,025,975
	237,723		NiSource, Inc						9,998,629
	125,783		Northeast Utilities						6,207,391
	2,044	e	Northwest Natural Gas Co						95,925
	290		Ormat Technologies, Inc						8,396
	331,013		Pepco Holdings, Inc						9,049,895
	66,032		Piedmont Natural Gas Co, Inc						2,509,876
	8,480		Pinnacle West Capital Corp						521,266
	12,539		Public Service Enterprise Group, Inc						517,986
	98,343		Sempra Energy						10,817,730
	6,188		SJW Corp						197,769
	18,724		South Jersey Industries, Inc						1,097,975
	26,660		TECO Energy, Inc						522,803
	4,095		UGI Corp						154,341
	1,494		Unitil Corp						52,051
	1,260		Vectren Corp						56,637
	14,518		WGL Holdings, Inc						682,346
	12,284	e	Wisconsin Energy Corp						610,023
	38,029		Xcel Energy, Inc						1,272,830
			TOTAL UTILITIES						93,722,320

			TOTAL COMMON STOCKS						2,680,478,467
			(Cost $1,959,646,396)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 3.3%
GOVERNMENT AGENCY DEBT - 0.1%
$	3,500,000		Federal National Mortgage Association (FNMA)		0.050	%	12/04/14		3,499,840
			TOTAL GOVERNMENT AGENCY DEBT						3,499,840

TREASURY DEBT - 0.1%
	1,600,000		United States Treasury Bill		0.100		04/30/15		1,599,565
			TOTAL TREASURY DEBT						1,599,565

TIAA-CREF FUNDS - Social Choice Equity Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.1%

GOVERNMENT AGENCY DEBT - 0.9%
$	9,000,000	Federal Home Loan Bank (FHLB)		0.050-0.030	%	12/05/14-12/19/14	$	8,999,611
	1,500,000	Federal Home Loan Mortgage Corp (FHLMC)		0.080		12/11/14		1,499,832
	13,795,000	Federal National Mortgage Association (FNMA)		0.050		11/19/14-12/10/14		13,794,355
		TOTAL GOVERNMENT AGENCY DEBT						24,293,798

TREASURY DEBT - 2.2%
	19,000,000	United States Treasury Bill		0.080		03/05/15		18,995,592
	10,500,000	United States Treasury Bill		0.090		05/28/15		10,496,209
	31,000,000	United States Treasury Bill		0.030-0.083		12/04/14-8/20/15		30,985,126
		TOTAL TREASURY DEBT						60,476,927

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						84,770,725

		TOTAL SHORT-TERM INVESTMENTS						89,870,130
		(Cost $89,870,642)
		TOTAL INVESTMENTS - 103.1%						2,770,348,597
		(Cost $2,049,517,038)
		OTHER ASSETS & LIABILITIES, NET - (3.1)%						(84,580,688	)
		NET ASSETS - 100.0%					$	2,685,767,909



		Abbreviation(s):
		REIT Real Estate Investment Trust

*		Non-income producing.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $92,363,211.

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE	VALUE

BONDS - 0.1%

CORPORATE BONDS - 0.1%

HONG KONG - 0.1%
$	534,000	m	Asia Pacific Investment Partners		8.000	%	04/29/15	$	534,000
			TOTAL HONG KONG						534,000

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

EQUITY-LINKED NOTES - 0.4%

UNITED KINGDOM - 0.4%
	392	*,j	HSBC Bank plc		0.000		08/07/17		3,724,639
			TOTAL UNITED KINGDOM						3,724,639

			TOTAL EQUITY-LINKED NOTES						3,724,639
			(Cost $4,319,352)

SHARES			COMPANY

COMMON STOCKS - 97.7%

ARGENTINA - 0.4%
	26,511	e	Mercadolibre, Inc						3,609,473
			TOTAL ARGENTINA						3,609,473

AUSTRALIA - 0.9%
	487,389		Oil Search Ltd						3,737,152
	461,751	*	Sirius Resources NL						1,266,958
	647,606		Western Areas NL						2,483,885
			TOTAL AUSTRALIA						7,487,995

BRAZIL - 9.6%
	583,500		Banco Bradesco S.A. (Preference)						8,788,175
	905,909		Banco Itau Holding Financeira S.A.						13,435,633
	288,400		Braskem S.A.						2,110,265
	176,400		BRF S.A.						4,594,947
	97,600		Cia Brasileira de Distribuicao Grupo Pao de Acucar						4,092,433
	425,520		Cielo S.A.						6,982,132
	1,464,700	*	Cosan Logistica S.A.						2,453,087
	139,700		Cosan SA Industria e Comercio						1,950,128
	371,000		Empresa Brasileira de Aeronautica S.A.						3,584,253
	719,600	*	Gol Linhas Aereas Inteligentes S.A.						3,713,460

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

	173,500		Kepler Weber S.A.	$	3,255,882
	722,596		Kroton Educacional S.A.		5,149,944
	172,800		Linx S.A.		3,590,034
	122,633		Multiplan Empreendimentos Imobiliarios S.A.		2,536,398
	1,319,145		Petroleo Brasileiro S.A.		7,799,134
	242,100		Smiles S.A.		4,181,719
	583,400		Tim Participacoes S.A.		3,171,394
	279,200		Vale S.A.		2,816,902
			TOTAL BRAZIL		84,205,920

CHILE - 0.3%
	1,515,181		Parque Arauco S.A.		3,088,713
			TOTAL CHILE		3,088,713

CHINA - 14.6%
	9,520,000		Agricultural Bank of China		4,423,879
	17,663	*	Alibaba Group Holding Ltd (ADR)		1,741,572
	20,594	*	Baidu, Inc (ADR)		4,917,229
	336,000		Best Pacific International Holdings Ltd		167,239
	4,403,034		China Animal Healthcare Ltd		3,634,724
	2,344,000		China Life Insurance Co Ltd		6,994,427
	3,210,000	e	China Medical System Holdings Ltd		5,918,265
	914,000		China Mengniu Dairy Co Ltd		4,037,322
	1,423,000		China Mobile Hong Kong Ltd		17,705,692
	3,320,000		China Telecom Corp Ltd		2,116,351
	2,127,000	*,e	China Vanke Co Ltd		3,962,572
	2,557,000		CNOOC Ltd		4,003,978
	3,986,000		CPMC Holdings Ltd		2,991,370
	6,114,000		Datang International Power Generation Co Ltd		3,201,872
	4,593,000		Greatview Aseptic Packaging Co		3,008,638
	7,500,000		Huadian Fuxin Energy Corp Ltd		4,315,069
	2,958,000		Huadian Power International Co		2,259,470
	9,938,000	e	Huaneng Renewables Corp Ltd		3,569,276
	19,928,834		Industrial & Commercial Bank of China		13,231,948
	95,837	*,e	JD.com, Inc (ADR)		2,289,546
	2,444,000		PICC Property & Casualty Co Ltd		4,483,366
	5,114,000		Sihuan Pharmaceutical Holdings		4,083,529
	1,574,900		Tencent Holdings Ltd		25,312,208
			TOTAL CHINA		128,369,542

COLOMBIA - 1.7%
	214,329		Banco Davivienda S.A.		3,198,007
	601,369		Cementos Argos S.A.		3,068,955
	360,410	*	Cemex Latam Holdings S.A.		3,216,101
	305,333		Grupo Argos S.A.		3,321,192
	105,824		Grupo de Inversiones Suramericana S.A.		2,200,316
			TOTAL COLOMBIA		15,004,571

CZECH REPUBLIC - 0.4%
	16,555		Komercni Banka AS		3,546,766
			TOTAL CZECH REPUBLIC		3,546,766

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

EGYPT - 0.6%
	713,220		Commercial International Bank	$	4,864,964
			TOTAL EGYPT		4,864,964

GREECE - 2.6%
	282,085		Aegean Airlines S.A.		2,456,789
	10,387,616	*	Eurobank Ergasias SA		3,607,729
	186,901		Eurobank Properties Real Estate Investment Co		2,020,153
	214,665	*	Hellenic Telecommunications Organization S.A.		2,424,550
	131,048		JUMBO S.A.		1,437,029
	1,297,719	*	National Bank of Greece S.A.		3,130,226
	217,667		OPAP S.A.		2,637,023
	2,459,676	*	Piraeus Bank S.A.		3,576,917
	153,100	*	Public Power Corp		1,162,986
			TOTAL GREECE		22,453,402

HONG KONG - 3.1%
	990,400		AIA Group Ltd		5,526,853
	22,290	*,m	Asia Pacific Investment Partners Limited		169,466
	2,530,000		China Gas Holdings Ltd		4,523,335
	1,643,400	*,e,m	China Metal Recycling Holdings Ltd		2,119
	48,915,000		Lai Fung Holdings Ltd		1,048,830
	67,964,000	*	Lai Sun Development		1,751,728
	6,206,000	e	Lee & Man Paper Manufacturing Ltd		3,405,701
	103,264		Melco PBL Entertainment Macau Ltd (ADR)		2,802,585
	3,955,000		Noble Group Ltd		3,681,542
	468,400		Sands China Ltd		2,921,461
	4,070,254	*	Summit Ascent Holdings Ltd		1,752,445
			TOTAL HONG KONG		27,586,065

INDIA - 11.3%
	313,746		Axis Bank Ltd		2,245,277
	544,732		Bharat Forge Ltd		7,204,146
	113,386		Bharat Petroleum Corp Ltd		1,327,531
	358,436	*	Eros International Media Ltd		1,445,820
	675,478		Havells India Ltd		3,141,772
	167,387		HCL Technologies Ltd		4,390,279
	275,709		HDFC Bank Ltd		4,104,735
	153,753		Hindustan Petroleum Corp Ltd		1,313,109
	255,550		ICICI Bank Ltd		6,787,189
	1,409,183		Idea Cellular Ltd		3,733,677
	377,212		IndusInd Bank Ltd		4,425,000
	121,347		Infosys Technologies Ltd		8,044,164
	560,450		IRB Infrastructure Developers Ltd		2,300,653
	143,495		Just Dial Ltd		3,508,057
	196,689		Larsen & Toubro Ltd		5,301,049
	231,275		Lupin Ltd		5,154,219
	535,233		Motherson Sumi Systems Ltd		3,664,957
	1,054,777		Mundra Port and Special Economic Zone Ltd		4,903,148

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

	530,381		Phoenix Mills Ltd	$	3,293,286
	1,178,178		Power Grid Corp of India Ltd		2,795,679
	18,526		Shree Cement Ltd		2,737,112
	696,415		Sun Pharmaceutical Industries Ltd		9,584,732
	608,158		Tata Motors Ltd		5,313,683
	63,885	*	United Spirits Ltd		2,875,709
			TOTAL INDIA		99,594,983


INDONESIA - 1.8%
	2,267,100		Bank Rakyat Indonesia		2,077,561
	1,854,100		PT Bank Mandiri Persero Tbk		1,592,401
	7,802,800		PT Cardig Aero Services Tbk		775,344
	7,561,200	*	PT Garuda Indonesia Tbk		331,635
	2,321,300		PT Jasa Marga Tbk		1,220,435
	1,988,329		PT Matahari Department Store Tbk		2,407,413
	6,874,400		PT Perusahaan Gas Negara Persero Tbk		3,386,258
	2,429,800		PT Tambang Batubara Bukit Asam Tbk		2,606,822
	5,823,800		PT Vale Indonesia Tbk		1,825,098
			TOTAL INDONESIA		16,222,967

KOREA, REPUBLIC OF - 13.3%
	61,391		Halla Climate Control Corp		2,735,873
	78,847		Hanjin Transportation Co Ltd		3,958,600
	43,199		Hankook Tire Co Ltd		2,225,776
	225,594	*	Hynix Semiconductor, Inc		10,060,204
	8,646		KCC Corp		4,786,718
	106,002		Kia Motors Corp		5,148,776
	202,566		Korea Electric Power Corp		8,891,792
	26,260		LG Chem Ltd		4,921,517
	20,053		LG Hausys Ltd		2,992,076
	9,071		LG Household & Health Care Ltd		5,287,803
	168,118	*	LG.Philips LCD Co Ltd		4,949,228
	5,418		Naver Corp		3,833,895
	109,655		Samsung Card Co		4,715,258
	25,365		Samsung Electronics Co Ltd		29,579,204
	28,871		Samsung Life Insurance Co Ltd		3,149,146
	2,386	*	Samsung SDS Co Ltd		424,186
	178,117		Shinhan Financial Group Co Ltd		8,383,214
	18,236		SK Telecom Co Ltd		4,569,923
	84,373		Woongjin Coway Co Ltd		6,450,036
			TOTAL KOREA, REPUBLIC OF		117,063,225

MEXICO - 7.6%
	2,452,200		Alfa S.A. de C.V. (Class A)		7,813,898
	1,194,800		Alpek SAB de C.V.		2,113,442
	6,070,300		America Movil S.A. de C.V. (Series L)		7,406,296
	7,233,404	*,e	Cemex S.A. de C.V.		8,911,328
	963,300		Concentradora Fibra Danhos S.A. de C.V.		2,442,184
	363,464		Credito Real SAB de C.V.		934,419
	674,200		Fomento Economico Mexicano S.A. de C.V.		6,484,536
	1,053,000	*,e	Genomma Lab Internacional S.A. de C.V.		2,657,865
	448,600		Grupo Aeroportuario del Centro Norte Sab de C.V.		2,234,963

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

	1,289,380		Grupo Financiero Banorte S.A. de C.V.	$	8,271,756
	1,726,200		Grupo Mexico S.A. de C.V. (Series B)		5,931,219
	1,100,100		Grupo Televisa S.A.		7,950,374
	841,900		Mexichem SAB de C.V.		3,444,186
			TOTAL MEXICO		66,596,466

PHILIPPINES - 3.1%
	203,825		GT Capital Holdings, Inc		4,589,019
	1,724,720		International Container Term Services, Inc		4,456,492
	23,470,000		Megaworld Corp		2,593,683
	1,754,923		Metropolitan Bank & Trust		3,226,440
	91,842		Philippine Stock Exchange, Inc		593,519
	12,598,700		PNOC Energy Development Corp		2,161,302
	3,114,600		Robinsons Land Corp		1,703,791
	7,814,175		SM Prime Holdings		3,043,673
	1,243,147		Universal Robina		5,149,377
			TOTAL PHILIPPINES		27,517,296

POLAND - 0.9%
	624,314		Energa S.A.		4,643,083
	77,034		KGHM Polska Miedz S.A.		2,971,074
			TOTAL POLAND		7,614,157

QATAR - 0.6%
	82,432		Qatar National Bank		4,862,536
			TOTAL QATAR		4,862,536

ROMANIA - 0.1%
	135,297		Societatea Nationala de Gaze Naturale ROMGAZ S.A. (GDR) (Registered)		1,275,851
			TOTAL ROMANIA		1,275,851

RUSSIA - 3.6%
	613,837		Gazprom OAO (ADR)		4,067,169
	264,976	*	Lenta Ltd (ADR)		2,578,216
	83,531		LUKOIL (ADR)		4,094,634
	119,053		Magnit OAO (GDR)		7,990,757
	206,547		MMC Norilsk Nickel (ADR)		3,853,995
	18,718		NovaTek OAO (GDR)		2,015,793
	523,399		Sberbank of Russian Federation (ADR)		3,985,652
	113,130	*	Yandex NV		3,237,781
			TOTAL RUSSIA		31,823,997

SINGAPORE - 1.3%
	2,031,160	e	Ezion Holdings Ltd		2,391,874
	1,389,000		Global Logistic Properties		2,976,577
	3,463,000		Pacific Radiance Ltd		2,871,115
	1,154,000		Petra Foods Ltd		3,422,386
			TOTAL SINGAPORE		11,661,952

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

SOUTH AFRICA - 3.6%
	340,250		Barclays Africa Group Ltd	$	5,377,396
	379,844		MTN Group Ltd		8,410,904
	110,653		Naspers Ltd (N Shares)		13,801,653
	86,095		Sasol Ltd		4,299,171
			TOTAL SOUTH AFRICA		31,889,124

SRI LANKA - 0.3%
	1,438,464		John Keells Holdings plc		2,847,560
			TOTAL SRI LANKA		2,847,560

TAIWAN - 7.4%
	3,878,000		Advanced Semiconductor Engineering, Inc		4,678,241
	345,000		Airtac International Group		2,522,498
	531,000		Catcher Technology Co Ltd		4,482,565
	136,321		ChipMOS TECHNOLOGIES Bermuda Ltd		2,928,175
	2,652,730		Hon Hai Precision Industry Co, Ltd		8,395,882
	2,007,636		Hota Industrial Manufacturing Co Ltd		3,597,253
	109,000		Largan Precision Co Ltd		7,657,174
	635,000		MediaTek, Inc		9,069,678
	4,998,000		Taiwan Semiconductor Manufacturing Co Ltd		21,665,683
			TOTAL TAIWAN		64,997,149

THAILAND - 2.2%
	3,812,873		Beauty Community PCL (ADR)		3,688,201
	286,800		Kasikornbank PCL (NVDR)		2,077,859
	3,568,200		MC Group PCL (ADR)		1,807,327
	4,607,210		Minor International PCL (Foreign)		4,914,960
	1,110,200		Siam Commercial Bank PCL (Foreign)		6,053,958
	117,600		Thai Stanley Electric PCL (ADR)		790,922
			TOTAL THAILAND		19,333,227

TURKEY - 2.1%
	426,014		Arcelik AS		2,615,369
	147,263		Coca-Cola Icecek AS		3,354,490
	851,250		Haci Omer Sabanci Holding AS		3,883,285
	316,215		TAV Havalimanlari Holding AS		2,652,745
	1,095,219	*	Turk Hava Yollari		3,589,735
	964,137		Yapi ve Kredi Bankasi		2,111,416
			TOTAL TURKEY		18,207,040

UNITED ARAB EMIRATES - 1.9%
	244,276		Al Noor Hospitals Group plc		3,981,930
	1,663,078	*	Emaar Malls Group PJSC		1,453,439
	2,133,406		Emaar Properties PJSC		5,947,579
	1,053,091		First Gulf Bank PJSC		5,300,426
			TOTAL UNITED ARAB EMIRATES		16,683,374

UNITED KINGDOM - 0.9%
	104,195		SABMiller plc (Johannesburg)		5,871,151
	387,005		Stock Spirits Group plc		1,888,231
			TOTAL UNITED KINGDOM		7,759,382

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

UNITED STATES - 1.5%
	218,437	*	Eros International plc					$	4,032,347
	144,654		Southern Copper Corp (NY)						4,163,142
	90,093	*	Yahoo!, Inc						4,148,783
			TOTAL UNITED STATES						12,344,272

			TOTAL COMMON STOCKS						858,511,969
			(Cost $787,934,884)

PREFERRED STOCKS - 0.0%

PHILIPPINES - 0.0%
	1,721,900	*,m	Ayala Land, Inc (Preferred B)						3,837
			TOTAL PHILIPPINES						3,837

			TOTAL PREFERRED STOCKS						3,837
			(Cost $4,057)

RIGHTS / WARRANTS - 0.0%
GREECE - 0.0%
	923,635		Piraeus Bank S.A.						532,428
			TOTAL GREECE						532,428

THAILAND - 0.0%
	214,931	m	Minor International PCL						0
			TOTAL THAILAND						0

			TOTAL RIGHTS / WARRANTS						532,428
			(Cost $812,068)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 3.8%
GOVERNMENT AGENCY DEBT - 1.1%
$	10,000,000		Federal National Mortgage Association (FNMA)		0.045	%	11/04/14		9,999,962
			TOTAL GOVERNMENT AGENCY DEBT						9,999,962

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.7%
	23,955,336	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						23,955,336
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						23,955,336
			TOTAL SHORT-TERM INVESTMENTS						33,955,298
			(Cost $33,955,298)

			TOTAL INVESTMENTS - 102.0%						897,262,171
			(Cost $827,559,659)
			OTHER ASSETS & LIABILITIES, NET - (2.0)%						(17,789,498	)
			NET ASSETS - 100.0%					$	879,472,673

TIAA-CREF FUNDS - Emerging Markets Equity Fund

	Abbreviation(s):
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	NVDR	Non Voting Depositary Receipt

*	Non-income producing.
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $22,604,272.
j	Zero coupon.
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

October 31, 2014

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	212,583,646			24.2	%
INFORMATION TECHNOLOGY		176,781,640			20.1
CONSUMER DISCRETIONARY		103,133,875			11.7
INDUSTRIALS		74,974,334			8.5
MATERIALS		68,564,198			7.8
CONSUMER STAPLES		57,627,360			6.6
TELECOMMUNICATION SERVICES		49,538,787			5.6
ENERGY		43,753,460			5.0
UTILITIES		41,334,309			4.7
HEALTH CARE		35,015,264			4.0
SHORT - TERM INVESTMENTS		33,955,298			3.8
OTHER ASSETS & LIABILITIES, NET		(17,789,498	)		(2.0	)

NET ASSETS	$	879,472,673			100.0	%

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.4%

AUSTRALIA - 8.9%
	47,779		Australia & New Zealand Banking Group Ltd	$	1,413,808
	170,634		BHP Billiton Ltd		5,104,828
	437,928		BHP Billiton plc		11,314,571
	423,042		Brambles Ltd		3,558,136
	111,756		Commonwealth Bank of Australia		7,946,904
	93,121	e	Crown Ltd		1,194,428
	51,876		CSL Ltd		3,662,595
	896,002		Federation Centres		2,151,655
	39,063	e	Flight Centre Ltd		1,449,423
	2,552,566	e	Fortescue Metals Group Ltd		7,878,081
	341,591	e	Harvey Norman Holdings Ltd		1,148,694
	66,340		Leighton Holdings Ltd		1,291,564
	27,615		Lend Lease Corp Ltd		385,147
	291,233	e	Metcash Ltd		727,375
	22,537		National Australia Bank Ltd		697,199
	38,713		REA Group Ltd		1,550,111
	2,112,068	*	Scentre Group		6,737,367
	41,956		Seek Ltd		615,699
	45,715		Suncorp-Metway Ltd		594,854
	998,277		Telstra Corp Ltd		4,967,579
	73,432		Wesfarmers Ltd		2,857,804
	496,645		Westpac Banking Corp		15,244,151
	132,651		Woodside Petroleum Ltd		4,711,809
	137,220		Woolworths Ltd		4,354,753
			TOTAL AUSTRALIA		91,558,535

AUSTRIA - 0.1%
	77,055	*,e,m	Immoeast AG.		0
	37,605		Voestalpine AG.		1,506,378
			TOTAL AUSTRIA		1,506,378

BELGIUM - 1.3%
	38,758		Delhaize Group		2,650,073
	99,669		InBev NV		11,052,730
			TOTAL BELGIUM		13,702,803

CHINA - 0.1%
	747,000	e	Yangzijiang Shipbuilding		657,558
			TOTAL CHINA		657,558

DENMARK - 1.9%
	1,548		AP Moller - Maersk AS (Class A)		3,521,627
	3,522		AP Moller - Maersk AS (Class B)		8,218,855
	3,317		Coloplast AS		289,114

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	51,792		Novo Nordisk AS	$	2,341,140
	20,265		Pandora AS		1,708,572
	99,936	*	Vestas Wind Systems AS		3,335,361
			TOTAL DENMARK		19,414,669

FINLAND - 1.2%
	44,092		Fortum Oyj		1,022,572
	52,593	e	Kone Oyj (Class B)		2,265,072
	98,985	e	Neste Oil Oyj		2,139,743
	339,220		Stora Enso Oyj (R Shares)		2,801,315
	275,713		UPM-Kymmene Oyj		4,373,502
			TOTAL FINLAND		12,602,204

FRANCE - 8.8%
	470,112		AXA S.A.		10,858,893
	3,544		BNP Paribas		222,712
	94,846		Cap Gemini S.A.		6,240,500
	30,392		Casino Guichard Perrachon S.A.		3,116,193
	49,717		CNP Assurances		929,467
	613,327		Credit Agricole S.A.		9,076,180
	195,600	e	Electricite de France		5,775,753
	393,337		France Telecom S.A.		6,262,071
	134,331		Groupe Eurotunnel S.A.		1,697,842
	12,358		Imerys S.A.		886,783
	59,862		Michelin (C.G.D.E.) (Class B)		5,199,429
	641,204		Natixis		4,413,712
	48,342		Sanofi-Aventis		4,386,555
	52,661		SCOR		1,613,661
	4,774		Societe BIC S.A.		595,535
	159,948		Total S.A.		9,549,417
	54,600		Valeo S.A.		6,122,332
	136,352	e	Vinci S.A.		7,782,732
	236,501		Vivendi Universal S.A.		5,777,550
			TOTAL FRANCE		90,507,317

GERMANY - 8.1%
	82,487		Allianz AG.		13,117,258
	16,706		Axel Springer AG.		919,006
	96,487		BASF AG.		8,525,605
	28,773		Bayer AG.		4,115,165
	47,516		Continental AG.		9,359,025
	118,610		Daimler AG. (Registered)		9,247,900
	497,484		Deutsche Lufthansa AG.		7,369,066
	111,407		Deutsche Post AG.		3,508,184
	25,620		Hannover Rueckversicherung AG.		2,138,433
	9,126		Henkel KGaA (Preference)		903,182
	11,961		Hochtief AG.		885,099
	234,599		Infineon Technologies AG.		2,285,631
	1,764	*	Kabel Deutschland Holding AG.		239,134
	71,508		Merck KGaA		6,473,214
	47,430		Muenchener Rueckver AG.		9,338,388
	7,365		SAP AG.		501,817

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	17,268		Siemens AG.	$	1,947,717
	251,304		Telefonica Deutschland Holding AG.		1,236,637
	7,854		Volkswagen AG.		1,675,009
			TOTAL GERMANY		83,785,470

HONG KONG - 3.3%
	37,800		AIA Group Ltd		210,940
	80,700		ASM Pacific Technology		887,740
	1,709,500		BOC Hong Kong Holdings Ltd		5,690,767
	128,000		Cheung Kong Holdings Ltd		2,272,291
	54,000		CLP Holdings Ltd		465,000
	103,000		Galaxy Entertainment Group Ltd		704,303
	531,600	e	Henderson Land Development Co Ltd		3,591,369
	338,000		Hong Kong & China Gas Ltd		789,293
	379,500		Hong Kong Electric Holdings Ltd		3,664,208
	139,100		Hong Kong Exchanges and Clearing Ltd		3,083,085
	81,000		Hutchison Whampoa Ltd		1,027,125
	200,000		Hysan Development Co Ltd		912,570
	691,000		Link REIT		4,063,491
	2,178,000		Noble Group Ltd		2,027,408
	253,000		Sun Hung Kai Properties Ltd		3,775,038
	232,000		Wheelock & Co Ltd		1,118,268
			TOTAL HONG KONG		34,282,896

IRELAND - 0.3%
	7,488		CRH plc		166,110
	3,342		Kerry Group plc (Class A)		226,949
	21,500	*	Ryanair Holdings plc (ADR)		1,194,110
	15,688		Shire Ltd		1,052,617
			TOTAL IRELAND		2,639,786

ISRAEL - 0.5%
	167,181		Bank Hapoalim Ltd		860,624
	182,220		Bezeq Israeli Telecommunication Corp Ltd		311,437
	1,231		Delek Group Ltd		425,495
	44,593		Israel Chemicals Ltd		300,640
	62,271		Teva Pharmaceutical Industries Ltd		3,515,032
			TOTAL ISRAEL		5,413,228

ITALY - 1.9%
	184,670		Assicurazioni Generali S.p.A.		3,789,508
	206,481		Autostrade S.p.A.		4,876,503
	382,857		ENI S.p.A.		8,156,728
	407,603		Snam Rete Gas S.p.A.		2,204,106
			TOTAL ITALY		19,026,845

JAPAN - 20.8%
	20,400	e	Alfresa Holdings Corp		258,874
	1,291,000		Aozora Bank Ltd		4,537,744
	758,000		Asahi Kasei Corp		6,220,307
	11,400		Bridgestone Corp		380,962

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	7,400		Calbee, Inc	$	259,180
	33,500		Canon, Inc		1,027,785
	64,100		Central Japan Railway Co		9,560,446
	105,300	e	Chugoku Electric Power Co, Inc		1,388,678
	227,000		Dai Nippon Printing Co Ltd		2,237,492
	29,800		Daikin Industries Ltd		1,862,741
	395,000	e	Daiwa House Industry Co Ltd		7,473,238
	1,140,000		Daiwa Securities Group, Inc		9,009,371
	31,400		Denso Corp		1,439,175
	419,000		Fuji Electric Holdings Co Ltd		1,840,864
	77,400		Fuji Heavy Industries Ltd		2,576,116
	641,000		Hitachi Ltd		5,036,638
	65,600		Hokuriku Electric Power Co		885,619
	67,900		Hoya Corp		2,402,766
	171,500		Japan Tobacco, Inc		5,851,415
	68,600		KDDI Corp		4,504,924
	14,800		Kirin Brewery Co Ltd		191,879
	3,321,000		Kobe Steel Ltd		5,276,562
	326,400		Komatsu Ltd		7,706,091
	383,000		Kubota Corp		6,096,596
	58,000		Kyowa Hakko Kogyo Co Ltd		676,474
	55,100	e	Lawson, Inc		3,737,836
	11,700		Matsushita Electric Industrial Co Ltd		140,766
	530,000		Mitsubishi Electric Corp		6,833,708
	9,400		Mitsubishi Motors Corp		96,718
	121,100		Mitsubishi UFJ Financial Group, Inc		705,918
	271,300		Mitsubishi UFJ Lease & Finance Co Ltd		1,432,343
	79,900		Mitsui & Co Ltd		1,206,415
	474,000		Mitsui Trust Holdings, Inc		1,935,210
	72,000		Nippon Electric Glass Co Ltd		334,803
	177,000		Nippon Meat Packers, Inc		4,081,565
	116,400		Nippon Telegraph & Telephone Corp		7,242,271
	889,200		Nissan Motor Co Ltd		8,111,015
	237,900		ORIX Corp		3,302,109
	32,000		Osaka Gas Co Ltd		127,643
	45,900		Otsuka Corp		1,706,710
	250,300		Otsuka Holdings KK		8,780,034
	226,700		Resona Holdings, Inc		1,296,675
	329,500		Ricoh Co Ltd		3,402,862
	25,200		Rohm Co Ltd		1,533,944
	144,200		Seiko Epson Corp		6,691,560
	222,000		Sekisui Chemical Co Ltd		2,766,868
	362,400		Sekisui House Ltd		4,506,403
	212,100	e	Showa Shell Sekiyu KK		1,819,883
	3,300		Softbank Corp		240,238
	30,500	*	So-net M3, Inc		508,998
	37,300		Sumitomo Mitsui Financial Group, Inc		1,521,202
	73,300	*	Sysmex Corp		3,129,187
	362,000		Taiheiyo Cement Corp		1,328,161
	28,000	e	Taisei Corp		155,706
	215,400		Tohoku Electric Power Co, Inc		2,692,113

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	299,200		Tokio Marine Holdings, Inc	$	9,594,780
	10,000		Toto Ltd		112,839
	61,600		Toyota Industries Corp		2,933,162
	344,700		Toyota Motor Corp		20,743,073
	62,500		Trend Micro, Inc		2,105,974
	431		United Urban Investment Corp		680,206
	116,900		West Japan Railway Co		5,572,082
	146,600		Yamaha Motor Co Ltd		2,773,338
			TOTAL JAPAN		214,586,255

LUXEMBOURG - 0.3%
	79,054		SES Global S.A.		2,729,283
			TOTAL LUXEMBOURG		2,729,283

NETHERLANDS - 3.0%
	49,368		Boskalis Westminster		2,633,800
	14,671		Heineken Holding NV		950,924
	441,428		Koninklijke Ahold NV		7,393,316
	294,971		Royal Dutch Shell plc (A Shares)		10,536,881
	245,154		Royal Dutch Shell plc (B Shares)		9,057,319
			TOTAL NETHERLANDS		30,572,240

NEW ZEALAND - 0.2%
	55,735		Contact Energy Ltd		270,382
	102,747		Fletcher Building Ltd		693,020
	101,068		Ryman Healthcare Ltd		598,387
			TOTAL NEW ZEALAND		1,561,789

NORWAY - 0.7%
	474,270		Norsk Hydro ASA		2,655,398
	175,189		Statoil ASA		4,009,276
			TOTAL NORWAY		6,664,674

PORTUGAL - 0.3%
	798,092		Energias de Portugal S.A.		3,434,451
			TOTAL PORTUGAL		3,434,451

SINGAPORE - 1.2%
	276,000		CapitaMall Trust		423,326
	241,224	e	DBS Group Holdings Ltd		3,470,107
	30,000		Jardine Cycle & Carriage Ltd		932,533
	232,000		Keppel Corp Ltd		1,701,305
	717,369		Oversea-Chinese Banking Corp		5,525,970
			TOTAL SINGAPORE		12,053,241

SOUTH AFRICA - 0.2%
	262,827		Investec plc		2,409,985
			TOTAL SOUTH AFRICA		2,409,985

SPAIN - 3.0%
	43,639		Banco Bilbao Vizcaya Argentaria S.A.		488,093
	1,729,636		Banco Santander Central Hispano S.A.		15,282,240

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	592,410		Criteria CaixaBank S.A.	$	3,237,641
	8,093		Enagas		271,599
	218,312		Gas Natural SDG S.A.		6,304,138
	7,127		Red Electrica de Espana		622,766
	341,167		Telefonica S.A.		5,133,772
			TOTAL SPAIN		31,340,249

SWEDEN - 3.3%
	869,851		Ericsson (LM) (B Shares)		10,278,504
	159,844		Investor AB (B Shares)		5,737,213
	669,647		Skandinaviska Enskilda Banken AB (Class A)		8,601,123
	179,432		Skanska AB (B Shares)		3,657,624
	119,701		Svenska Handelsbanken (A Shares)		5,722,329
			TOTAL SWEDEN		33,996,793

SWITZERLAND - 8.8%
	27,574		Actelion Ltd		3,283,929
	23,322		Baloise Holding AG.		2,935,885
	3,078		EMS-Chemie Holding AG.		1,108,482
	4,088		Givaudan S.A.		6,826,847
	62,484		Glencore Xstrata plc		320,583
	3,270		Kuehne & Nagel International AG.		426,179
	339		Lindt & Spruengli AG.		1,701,433
	203,850		Nestle S.A.		14,949,155
	260,553		Novartis AG.		24,180,062
	22,084		Phonak Holding AG.		3,443,578
	72,406		Roche Holding AG.		21,367,110
	425		Sika AG.		1,519,214
	40,162		Swiss Re Ltd		3,247,532
	7,660		Swisscom AG.		4,515,730
	1,794		Zurich Financial Services AG.		542,915
			TOTAL SWITZERLAND		90,368,634

UNITED KINGDOM - 19.8%
	279,740		Antofagasta plc		3,150,376
	34,656	e	AstraZeneca plc (ADR)		2,527,809
	1,002,580		Aviva plc		8,385,832
	353,511		BP plc (ADR)		15,363,588
	194,571		British American Tobacco plc		11,027,817
	405,237		British Land Co plc		4,731,833
	164,021		British Sky Broadcasting plc		2,324,547
	1,538,056		BT Group plc		9,067,348
	19,932		Bunzl plc		541,262
	27,710		Diageo plc		817,234
	168,003		Direct Line Insurance Group plc		743,188
	166,489		easyJet plc		4,000,557
	713,372	*	Fiat DaimlerChrysler Automobiles NV		7,981,136
	753,617		GKN plc		3,850,929
	711,250		GlaxoSmithKline plc		16,084,182
	1,022,102		HSBC Holdings plc		10,420,701
	119,425		Imperial Tobacco Group plc		5,188,040
	687,728	*	International Consolidated Airlines Group S.A.		4,498,006

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	971,109	e	J Sainsbury plc	$	3,825,742
	67,672		Johnson Matthey plc		3,230,770
	2,024,517		Legal & General Group plc		7,503,441
	26,650	*	Liberty International plc		145,382
	513,125	*	Lloyds TSB Group plc		633,652
	666,189		National Grid plc		9,886,221
	53,621		Next plc		5,535,654
	837,416		Old Mutual plc		2,600,659
	552,556		Prudential plc		12,795,002
	145,826		Reckitt Benckiser Group plc		12,281,971
	162,966		Reed Elsevier NV		3,753,963
	353,685		Reed Elsevier plc		5,820,681
	27,793		Rio Tinto plc		1,322,431
	428,280		Royal Mail plc		3,030,906
	318,948		Sage Group plc		1,931,374
	25,984		Segro plc		158,302
	19,475		Tate & Lyle plc		188,481
	261,727		Unilever NV		10,144,132
	43,615		Unilever plc		1,754,434
	51,223		Vodafone Group plc (ADR)		1,701,628
	88,903		Weir Group plc		3,249,302
	31,905		Wolseley plc		1,696,707
			TOTAL UNITED KINGDOM		203,895,220

UNITED STATES - 0.4%
	70,000	d,e	iShares MSCI EAFE Index Fund		4,476,500
			TOTAL UNITED STATES		4,476,500

			TOTAL COMMON STOCKS		1,013,187,003
			(Cost $931,929,605)

RIGHTS / WARRANTS - 0.0%
SPAIN - 0.0%
	1,729,636		Banco Santander S.A.		329,459
			TOTAL SPAIN		329,459

			TOTAL RIGHTS / WARRANTS		329,459
			(Cost $333,260)

SHORT-TERM INVESTMENTS - 4.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.6%
	47,852,875	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		47,852,875
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		47,852,875
			TOTAL SHORT-TERM INVESTMENTS		47,852,875
			(Cost $47,852,875)

			TOTAL INVESTMENTS - 103.0%		1,061,369,337
			(Cost $980,115,740)

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

	VALUE

OTHER ASSETS & LIABILITIES, NET - (3.0)%	$	(31,285,200	)
NET ASSETS - 100.0%	$	1,030,084,137


		Abbreviation(s):
		ADR American 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 $45,640,539.
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
October 31, 2014

SECTOR	VALUE			% OF NET ASSETS
FINANCIALS	$	268,284,848			26.1	%
INDUSTRIALS		124,995,821			12.1
CONSUMER DISCRETIONARY		119,913,689			11.6
HEALTH CARE		110,674,053			10.7
CONSUMER STAPLES		110,233,614			10.7
MATERIALS		76,509,963			7.4
ENERGY		65,770,138			6.4
TELECOMMUNICATION SERVICES		50,961,184			5.0
INFORMATION TECHNOLOGY		46,368,609			4.5
UTILITIES		39,804,543			3.9
SHORT - TERM INVESTMENTS		47,852,875			4.6
OTHER ASSETS & LIABILITIES, NET		(31,285,200	)		(3.0	)

NET ASSETS	$	1,030,084,137			100.0	%

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS
GLOBAL NATURAL RESOURCES FUND
SCHEDULE OF INVESTMENTS
October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 97.9%

AUSTRALIA - 10.9%
	1,414,628	*	Alumina Ltd	$	2,044,548
	345,268		Amcor Ltd		3,586,241
	173,418		BHP Billiton Ltd		5,188,116
	323,440		BHP Billiton plc		8,356,591
	1,709,774	e	Fortescue Metals Group Ltd		5,276,940
	102,399		Oil Search Ltd		785,165
	74,428		Woodside Petroleum Ltd		2,643,708
			TOTAL AUSTRALIA		27,881,309

AUSTRIA - 0.3%
	20,410		Voestalpine AG.		817,582
			TOTAL AUSTRIA		817,582

CANADA - 13.6%
	42,920		Agrium, Inc		4,199,271
	102,800		Alimentation Couche Tard, Inc		3,488,843
	13,282		Canadian Pacific Railway Ltd (Toronto)		2,762,698
	68,000		Franco-Nevada Corp		3,183,248
	47,461		Gibson Energy, Inc		1,380,393
	69,577		Imperial Oil Ltd		3,347,820
	82,480	e	Inter Pipeline Ltd		2,598,700
	30,097		Keyera Corp		2,394,301
	62,765	e	Peyto Exploration & Development Corp		1,771,487
	193,743		Potash Corp of Saskatchewan		6,613,099
	152,517	*	Seven Generations Energy Ltd		3,071,857
			TOTAL CANADA		34,811,717

DENMARK - 1.0%
	57,268		Novozymes AS		2,651,891
			TOTAL DENMARK		2,651,891

FINLAND - 0.5%
	146,437		Stora Enso Oyj (R Shares)		1,209,292
			TOTAL FINLAND		1,209,292

FRANCE - 2.2%
	95,361		Total S.A.		5,693,362
			TOTAL FRANCE		5,693,362

HONG KONG - 0.3%
	1,236,000		Lee & Man Paper Manufacturing Ltd		678,287
			TOTAL HONG KONG		678,287

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY	VALUE

INDIA - 3.3%
	93,598		Britannia Industries Ltd	$	2,332,357
	141,576		Kaveri Seed Co Ltd		2,127,387
	222,940		PI Industries Ltd		1,620,127
	270,430		Sesa Sterlite Ltd		1,128,398
	218,477		United Phosphorus Ltd		1,236,813
			TOTAL INDIA		8,445,082

INDONESIA - 2.1%
	7,220,000		PT Charoen Pokphand Indonesia Tbk		2,510,927
	1,916,900		PT Perusahaan Gas Negara Persero Tbk		944,245
	363,400		PT Tambang Batubara Bukit Asam Tbk		389,876
	4,831,900		PT Vale Indonesia Tbk		1,514,250
			TOTAL INDONESIA		5,359,298

JAPAN - 1.7%
	114,000		Hitachi Metals Ltd		1,924,639
	41,000		JFE Holdings, Inc		794,267
	122,000	e	Sumitomo Metal Mining Co Ltd		1,692,446
			TOTAL JAPAN		4,411,352

JERSEY, C.I. - 0.5%
	21,297		Randgold Resources Ltd		1,246,478
			TOTAL JERSEY, C.I.		1,246,478

KOREA, REPUBLIC OF - 1.0%
	6,594		Korea Zinc Co Ltd		2,483,252
			TOTAL KOREA, REPUBLIC OF		2,483,252

MALAYSIA - 0.8%
	476,700		IOI Corp BHD		708,692
	194,000		Kuala Lumpur Kepong BHD		1,356,342
			TOTAL MALAYSIA		2,065,034

NETHERLANDS - 3.7%
	216,112		Royal Dutch Shell plc (A Shares)		7,719,899
	48,253		Royal Dutch Shell plc (B Shares)		1,782,728
			TOTAL NETHERLANDS		9,502,627

NORWAY - 0.9%
	230,651		Norsk Hydro ASA		1,291,396
	20,000		Yara International ASA		918,427
			TOTAL NORWAY		2,209,823

POLAND - 1.0%
	67,666		KGHM Polska Miedz S.A.		2,609,766
			TOTAL POLAND		2,609,766

RUSSIA - 0.7%
	95,000		MMC Norilsk Nickel (ADR)		1,772,621
			TOTAL RUSSIA		1,772,621

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY	VALUE

SOUTH AFRICA - 1.0%
	53,546		Sasol Ltd	$	2,673,830
			TOTAL SOUTH AFRICA		2,673,830

SWEDEN - 1.0%
	152,484		Boliden AB		2,520,158
			TOTAL SWEDEN		2,520,158

SWITZERLAND - 3.8%
	354,167		Glencore Xstrata plc		1,817,101
	865		SGS S.A.		1,901,721
	19,574		Syngenta AG.		6,053,403
			TOTAL SWITZERLAND		9,772,225

THAILAND - 0.8%
	174,200		PTT PCL (Foreign)		1,971,459
			TOTAL THAILAND		1,971,459

UNITED KINGDOM - 2.9%
	70,414		Anglo American plc (London)		1,486,690
	133,958		Antofagasta plc		1,508,608
	93,799		Rio Tinto plc		4,463,092
			TOTAL UNITED KINGDOM		7,458,390

UNITED STATES - 43.9%
	93,215		Alcoa, Inc		1,562,283
	36,135		Alliance Holdings GP LP		2,481,029
	188,216		Archer Daniels Midland Co		8,846,152
	40,905		Bunge Ltd		3,626,228
	24,497		CF Industries Holdings, Inc		6,369,220
	13,981		Cimarex Energy Co		1,589,220
	21,954		Compass Minerals International, Inc		1,881,019
	67,836		ConocoPhillips		4,894,367
	53,150	*,e	Continental Resources, Inc		2,996,065
	66,664		Enterprise Products Partners LP		2,459,902
	28,193		EOG Resources, Inc		2,679,745
	14,092		EQT Corp		1,325,212
	164,853		Exxon Mobil Corp		15,942,934
	227,306	*	Graphic Packaging Holding Co		2,757,222
	105,520		International Paper Co		5,341,422
	30,593		Magellan Midstream Partners LP		2,504,649
	172,040		Monsanto Co		19,791,482
	9,492		NewMarket Corp		3,682,991
	29,000		Nucor Corp		1,567,740
	42,503		Packaging Corp of America		3,063,616
	18,124		Phillips 66		1,422,734
	100,997		RPC, Inc		1,656,351
	20,221	*,e	RSP Permian, Inc		494,808
	32,800		Scotts Miracle-Gro Co (Class A)		1,943,072
	185,765		Southern Copper Corp (NY)		5,346,317

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY	VALUE

	111,618		Steel Dynamics, Inc	$	2,568,330
	42,427	*,e	Ultra Petroleum Corp		967,335
	57,632		Western Refining, Inc		2,627,443
	4,179	*	Whiting Petroleum Corp		255,922
			TOTAL UNITED STATES		112,644,810

			TOTAL COMMON STOCKS		250,889,645
			(Cost $239,210,832)

SHORT-TERM INVESTMENTS - 4.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.0%
	10,270,649	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		10,270,649
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		10,270,649
			TOTAL SHORT-TERM INVESTMENTS		10,270,649
			(Cost $10,270,649)

			TOTAL INVESTMENTS - 101.9% (Cost $249,481,481)		261,160,294
			OTHER ASSETS & LIABILITIES, NET - (1.9)%		(4,803,653	)
			NET ASSETS - 100.0%	$	256,356,641



			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 $9,807,762.

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS
GLOBAL NATURAL RESOURCES FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2014

				% OF
SECTOR	VALUE			NET ASSETS
MATERIALS	$	137,761,752			53.7	%
ENERGY		82,522,300			32.2
CONSUMER STAPLES		24,996,929			9.8
INDUSTRIALS		4,664,419			1.8
UTILITIES		944,245			0.4
SHORT - TERM INVESTMENTS		10,270,649			4.0
OTHER ASSETS & LIABILITIES, NET		(4,803,653	)		(1.9	)

NET ASSETS	$	256,356,641			100.0	%

100

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 97.9%

AUSTRALIA - 0.7%
	876,829	e	BHP Billiton Ltd	$	26,231,941
			TOTAL AUSTRALIA		26,231,941

BELGIUM - 0.4%
	345,764		Arseus NV		13,793,348
			TOTAL BELGIUM		13,793,348

CHINA - 0.6%
	26,421,000	*	Intime Retail Group Co Ltd		23,009,667
			TOTAL CHINA		23,009,667

FRANCE - 21.5%
	4,597,512	e	Accor S.A.		193,152,017
	292,932		Aeroports de Paris		34,672,624
	451,088		BNP Paribas		28,347,298
	2,415,852		Compagnie de Saint-Gobain		103,845,028
	108,363	e	Eiffage S.A.		5,760,896
	1,403,581	e	Essilor International S.A.		154,986,157
	67,001		Nexity		2,405,474
	1,591,089		Renault S.A.		118,355,160
	5,455,883		Rexel S.A.		91,708,169
	1,078,506	e	Vinci S.A.		61,559,221
			TOTAL FRANCE		794,792,044

GERMANY - 11.1%
	1,056,439		Adidas-Salomon AG.		76,978,457
	541,711		Bayer AG.		77,476,461
	535,357		Henkel KGaA (Preference)		52,983,211
	1,274,321		Lanxess AG.		66,374,719
	731,699		Linde AG.		135,038,853
			TOTAL GERMANY		408,851,701

GREECE - 4.1%
	2,299,229	*	Hellenic Telecommunications Organization S.A.		25,968,813
	22,579,607	*	National Bank of Greece S.A.		54,464,234
	48,994,901	*	Piraeus Bank S.A.		71,249,514
			TOTAL GREECE		151,682,561

HONG KONG - 0.0%
	18,265		Hong Kong Exchanges and Clearing Ltd		404,835
			TOTAL HONG KONG		404,835

101

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE

INDIA - 9.3%
	535,861		Eicher Motors Ltd	$	111,311,983
	5,703,926		HDFC Bank Ltd		84,919,631
	3,833,022		IndusInd Bank Ltd		44,964,431
	3,851,234		Larsen & Toubro Ltd		103,796,252
			TOTAL INDIA		344,992,297

INDONESIA - 0.6%
	36,788,000		PT Indofood Sukses Makmur Tbk		20,779,211
			TOTAL INDONESIA		20,779,211

JAPAN - 15.1%
	57,800		Daikin Industries Ltd		3,612,967
	307,200		Don Quijote Co Ltd		18,406,157
	4,750		Fanuc Ltd		837,120
	42,000		Fast Retailing Co Ltd		15,613,804
	1,346,100		Hoya Corp		47,634,218
	1,084,000		J Front Retailing Co Ltd		14,427,874
	34,697		Kao Corp		1,352,977
	25,830		Komatsu Ltd		609,829
	696,200	e	Matsui Securities Co Ltd		6,680,019
	4,977,400		Mazda Motor Corp		117,599,981
	32,057		Mitsubishi Corp		628,585
	241,984		Mitsubishi Electric Corp		3,120,091
	363,000		Mitsubishi Heavy Industries Ltd		2,264,407
	1,240,147		Mitsubishi UFJ Financial Group, Inc		7,229,081
	24,000		Mitsui Trust Holdings, Inc		97,985
	369,400		Murata Manufacturing Co Ltd		41,505,943
	1,203,000		NGK Insulators Ltd		25,910,234
	58,647		Nomura Holdings, Inc		366,332
	3,254,275	*	Olympus Corp		116,844,979
	387,850		Softbank Corp		28,235,252
	3,416,950		Sony Corp		67,461,919
	73,250		Sumitomo Corp		781,557
	16,000		Sumitomo Metal Mining Co Ltd		221,960
	13,000		Suruga Bank Ltd		271,783
	504,100		Toyota Motor Corp		30,335,316
	1,039,700	e	Yumeshin Holdings Co Ltd		7,374,554
			TOTAL JAPAN		559,424,924

KOREA, REPUBLIC OF - 0.1%
	9,976	*	Samsung SDS Co Ltd		1,773,544
			TOTAL KOREA, REPUBLIC OF		1,773,544

MEXICO - 0.5%
	335,800	e	Grupo Financiero Banorte S.A. de C.V.		2,154,257
	6,301,200		Qualitas Controladora SAB de C.V.		16,297,841
			TOTAL MEXICO		18,452,098

NETHERLANDS - 5.4%
	91,297		ASML Holding NV		9,103,435
	1,435,599		Heineken NV		107,245,151

102

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

	5,792,794	*	ING Groep NV					$	82,954,905
	4,414		Royal Dutch Shell plc (A Shares)						157,676
			TOTAL NETHERLANDS						199,461,167

SWEDEN - 0.9%
	1,656,374		SKF AB (B Shares)						33,222,585
			TOTAL SWEDEN						33,222,585

SWITZERLAND - 8.7%
	1,381,782		Adecco S.A.						93,659,403
	131,408		Burckhardt Compression Holding AG.						56,300,482
	2,976,234		Clariant AG.						51,914,544
	38,661		Geberit AG.						13,196,358
	653,393		Holcim Ltd						46,374,259
	610,992		Swatch Group AG. (Registered)						51,691,520
	464,245		UBS AG.						8,072,354
			TOTAL SWITZERLAND						321,208,920

UNITED KINGDOM - 18.9%
	458,328		ARM Holdings plc						6,488,719
	1,515,964		Associated British Foods plc						66,902,209
	144,615		Barclays plc						556,177
	16,148,457		British Sky Broadcasting plc						228,860,037
	4,392,273		Essentra plc						48,359,704
	29,203,843		Group 4 Securicor plc						119,538,529
	41,090,444		Man Group plc						81,473,016
	774,950		Reckitt Benckiser Group plc						65,268,975
	263,317		Rio Tinto plc						12,529,004
	7,019,550		Tate & Lyle plc						67,935,853
			TOTAL UNITED KINGDOM						697,912,223

			TOTAL COMMON STOCKS						3,615,993,066
			(Cost $3,642,848,963)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 2.1%
GOVERNMENT AGENCY DEBT - 0.4%
$	7,100,000		Federal Home Loan Bank (FHLB)		0.045	%	11/21/14		7,099,823
	6,800,000		Federal Home Loan Bank (FHLB)		0.045		12/03/14		6,799,728
			TOTAL GOVERNMENT AGENCY DEBT						13,899,551

TREASURY DEBT - 0.0%
	400,000		United States Treasury Bill		0.033		12/18/14		399,983
			TOTAL TREASURY DEBT						399,983

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
	64,484,560	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						64,484,560
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						64,484,560
			TOTAL SHORT-TERM INVESTMENTS						78,784,094
			(Cost $78,784,093)

103

TIAA-CREF FUNDS - International Equity Fund

	VALUE

TOTAL INVESTMENTS - 100.0%	$	3,694,777,160
(Cost $3,721,633,056)
OTHER ASSETS & LIABILITIES, NET - 0.0%		(808,905	)
NET ASSETS - 100.0%	$	3,693,968,255

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 $61,504,396.

104

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2014

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	955,891,909			25.8	%
INDUSTRIALS		873,710,874			23.7
FINANCIALS		492,909,166			13.3
MATERIALS		387,044,985			10.5
CONSUMER STAPLES		382,467,586			10.4
HEALTH CARE		363,100,946			9.8
INFORMATION TECHNOLOGY		104,732,316			2.8
TELECOMMUNICATION SERVICES		54,204,064			1.5
UTILITIES		1,773,544			0.1
ENERGY		157,676			0.0
SHORT - TERM INVESTMENTS		78,784,094			2.1
OTHER ASSETS & LIABILITIES, NET		(808,905	)		(0.0	)

NET ASSETS	$	3,693,968,255			100.0	%

105

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 97.3%

AUSTRALIA - 3.0%
	429,239		Australia & New Zealand Banking Group Ltd	$	12,701,426
	520,711		BHP Billiton Ltd		15,578,021
	99,964		National Australia Bank Ltd		3,092,462
			TOTAL AUSTRALIA		31,371,909

BELGIUM - 1.6%
	170,753		Arseus NV		6,811,743
	123,136	e	UCB S.A.		9,930,460
			TOTAL BELGIUM		16,742,203

BRAZIL - 2.3%
	849,180		Banco Itau Holding Financeira S.A.		12,594,279
	266,000		Cia Brasileira de Distribuicao Grupo Pao de Acucar		11,153,558
			TOTAL BRAZIL		23,747,837

CANADA - 7.2%
	362,972		Alimentation Couche Tard, Inc		12,318,601
	146,157	*,e	Canadian National Railway Co		10,304,454
	135,766		Dollarama, Inc		11,928,086
	90,300		Gildan Activewear, Inc		5,379,302
	244,639		Suncor Energy, Inc		8,686,795
	344,115		Toronto-Dominion Bank		16,936,302
	408,112		TransForce, Inc		9,979,652
			TOTAL CANADA		75,533,192

CHINA - 6.8%
	66,047	*	Alibaba Group Holding Ltd (ADR)		6,512,234
	110,969	*,e	Bitauto Holdings Ltd (ADR)		9,290,324
	4,300,905		China Animal Healthcare Ltd		3,550,416
	7,728,600	e	China Everbright International Ltd		10,671,035
	3,240,900		Haitong Securities Co Ltd		5,564,373
	15,315,000		Sihuan Pharmaceutical Holdings		12,229,029
	1,035,900		Tencent Holdings Ltd		16,649,258
	12,349,600	*	Xinchen China Power Holdings Ltd		6,902,113
			TOTAL CHINA		71,368,782

FRANCE - 4.3%
	167,385		BNP Paribas		10,518,818
	540,808	*	GameLoft		2,778,626

106

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

	35,594		L’Oreal S.A.	$	5,585,987
	179,532		Teleperformance		11,313,130
	259,025		Total S.A.		15,464,636
			TOTAL FRANCE		45,661,197

GERMANY - 3.2%
	96,751		Allianz AG.		15,385,549
	102,705		Beiersdorf AG.		8,327,203
	411,339	*,e	Paion AG.		1,452,078
	230,273		Wirecard AG.		8,262,021
			TOTAL GERMANY		33,426,851

HONG KONG - 1.2%
	2,301,400		AIA Group Ltd		12,842,790
			TOTAL HONG KONG		12,842,790

INDIA - 1.1%
	463,079		Just Dial Ltd		11,321,004
			TOTAL INDIA		11,321,004

INDONESIA - 1.9%
	11,416,100		PT Bank Mandiri Persero Tbk		9,804,762
	56,352,800		PT Express Transindo Utama Tbk		5,435,067
	52,244,500		PT Lippo Karawaci Tbk		4,627,437
			TOTAL INDONESIA		19,867,266

IRELAND - 2.8%
	362,735		CRH plc		8,046,710
	183,188		Shire Ltd		12,291,353
	417,403		Smurfit Kappa Group plc		8,624,270
			TOTAL IRELAND		28,962,333

ITALY - 0.5%
	285,302	*,e	Yoox S.p.A		5,275,130
			TOTAL ITALY		5,275,130

JAPAN - 15.7%
	128,700	*,e	CYBERDYNE, Inc		4,149,775
	373,900		Fuji Heavy Industries Ltd		12,444,569
	230,300	*,e	GMO Payment Gateway, Inc		4,760,406
	394,800		Hoya Corp		13,970,722
	409,400	*,e	Infomart Corp		7,294,289
	855,000	e	Iwatani International Corp		5,845,757
	663,900	e	Kubota Corp		10,567,964
	1,057,000	e	Matsui Securities Co Ltd		10,141,884
	1,624,000	e	Mitsui OSK Lines Ltd		5,130,793
	361,300	e	MonotaRO Co Ltd		9,546,195

107

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

	112,000		Murata Manufacturing Co Ltd	$	12,584,368
	61,300	e	Oriental Land Co Ltd		13,108,340
	695,600		ORIX Corp		9,655,096
	168,000		Seria Co Ltd		7,055,330
	1,458,700	e	Shimizu Corp		10,764,786
	131,400		Softbank Corp		9,565,843
	177,400		Sumitomo Mitsui Financial Group, Inc		7,234,887
	244,900	*	Sysmex Corp		10,454,814
			TOTAL JAPAN		164,275,818

KOREA, REPUBLIC OF - 2.6%
	42,560	*	Cosmax, Inc		4,299,917
	98,587		Hanssem Co Ltd		11,751,208
	88,889	*	i-SENS Inc		5,227,625
	5,012		Samsung Electronics Co Ltd		5,844,706
			TOTAL KOREA, REPUBLIC OF		27,123,456

MACAU - 0.8%
	2,203,200	e	Wynn Macau Ltd		7,964,805
			TOTAL MACAU		7,964,805

NETHERLANDS - 3.8%
	130,390		ASML Holding NV		13,001,489
	1,221,117	*	ING Groep NV		17,486,837
	273,982		Royal Dutch Shell plc (A Shares)		9,787,117
			TOTAL NETHERLANDS		40,275,443

NORWAY - 2.2%
	595,304		DNB NOR Holding ASA		10,937,077
	542,088		Statoil ASA		12,405,918
			TOTAL NORWAY		23,342,995

PHILIPPINES - 3.1%
	2,381,880		Banco de Oro Universal Bank		5,199,111
	110,572,800		Megaworld Corp		12,219,461
	6,512,300		Nickel Asia Corp		6,029,090
	6,599,860		Robinsons Retail Holdings, Inc		9,412,614
			TOTAL PHILIPPINES		32,860,276

SINGAPORE - 0.6%
	7,820,500	e	Genting International plc		6,698,017
			TOTAL SINGAPORE		6,698,017

SOUTH AFRICA - 0.6%
	1,792,743		Life Healthcare Group Holdings Pte Ltd		6,779,435
			TOTAL SOUTH AFRICA		6,779,435

108

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

SPAIN - 2.2%
	457,231		Acerinox S.A.	$	6,803,402
	278,060		Amadeus IT Holding S.A.		10,230,429
	142,139	*,e,m	Let’s GOWEX S.A.		1,781
	118,620	e	Tecnicas Reunidas S.A.		5,843,603
			TOTAL SPAIN		22,879,215

SWEDEN - 2.3%
	487,300		Elekta AB (B Shares)		4,997,210
	322,640		Intrum Justitia AB		9,608,767
	292,584		Kinnevik Investment AB (Series B)		9,290,380
			TOTAL SWEDEN		23,896,357

SWITZERLAND - 3.2%
	105,877		Lonza Group AG.		11,666,218
	235,180		Novartis AG.		21,825,375
			TOTAL SWITZERLAND		33,491,593

TAIWAN - 3.2%
	762,897		Eclat Textile Co Ltd		7,277,412
	447,000		Ginko International Co Ltd		6,019,672
	5,929,407		Hota Industrial Manufacturing Co Ltd		10,624,223
	713,000		King Slide Works Co Ltd		9,361,674
			TOTAL TAIWAN		33,282,981

UNITED ARAB EMIRATES - 0.4%
	306,808		Al Noor Hospitals Group plc		5,001,261
			TOTAL UNITED ARAB EMIRATES		5,001,261

UNITED KINGDOM - 17.2%
	1,741,362		Ashtead Group plc		29,175,182
	102,400	*	ASOS plc		4,366,404
	217,213		Aveva Group plc		5,337,228
	603,613	*	BTG plc		7,296,331
	235,141		Consort Medical plc		2,708,317
	1,059,028		Countrywide plc		7,778,160
	1,369,498	*	International Consolidated Airlines Group S.A. (London)		8,983,882
	1,464,387	*	Just Eat plc		7,205,778
	3,874,444		Man Group plc		7,682,142
	10,023,676	*,e	Monitise plc		5,214,078
	291,574		PayPoint plc		4,018,304
	1,288,786	*	Poundland Group plc		6,494,266
	274,888		Rightmove plc		9,297,688
	264,622		SABMiller plc		14,967,802
	810,869	*	Sports Direct International plc		8,375,012
	150,776	*	SuperGroup plc		2,001,930
	8,156,585		Taylor Wimpey plc		15,493,932
	327,059		Travis Perkins plc		8,665,842

109

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	RATE		MATURITY DATE	VALUE

	101,960		Unilever plc				$	4,101,390
	184,281		Whitbread plc					12,881,424
	406,297		WPP plc					7,936,059
			TOTAL UNITED KINGDOM					179,981,151

UNITED STATES - 3.5%
	81,218		iShares MSCI EAFE Index Fund					5,193,891
	213,573	*,e	Lululemon Athletica, Inc					8,895,316
	109,500	*,e	Mobileye NV					5,695,095
	27,831		Perrigo Co plc					4,493,315
	94,005	*	Valeant Pharmaceuticals International, Inc					12,494,520
			TOTAL UNITED STATES					36,772,137

			TOTAL COMMON STOCKS					1,020,745,434
			(Cost $965,313,896)

PRINCIPAL			ISSUER

SHORT-TERM INVESTMENTS - 8.8%
GOVERNMENT AGENCY DEBT - 2.0%
$	20,000,000		Federal Home Loan Bank (FHLB)		0.060%	12/17/14		19,998,467
			TOTAL GOVERNMENT AGENCY DEBT					19,998,467

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 6.8%
	71,710,851	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust					71,710,851
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					71,710,851
			TOTAL SHORT-TERM INVESTMENTS					91,709,318
			(Cost $91,709,318)

			TOTAL INVESTMENTS - 106.1%					1,112,454,752
			(Cost $1,057,023,214)
			OTHER ASSETS & LIABILITIES, NET - (6.1)%					(63,570,195)
			NET ASSETS - 100.0%				$	1,048,884,557



		Abbreviation(s):
		ADR American Depositary Receipt

*		Non-income producing.
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $66,682,862.
m		Indicates a security that has been deemed illiquid.

110

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2014

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	206,887,125			19.7	%
CONSUMER DISCRETIONARY		187,845,662			17.9
INDUSTRIALS		159,372,483			15.2
HEALTH CARE		149,378,946			14.2
INFORMATION TECHNOLOGY		140,256,961			13.4
CONSUMER STAPLES		70,167,071			6.7
ENERGY		52,188,069			5.0
MATERIALS		45,081,493			4.3
TELECOMMUNICATION SERVICES		9,567,624			0.9
SHORT - TERM INVESTMENTS		91,709,318			8.8
OTHER ASSETS & LIABILITIES, NET		(63,570,195	)		(6.1	)

NET ASSETS	$	1,048,884,557			100.0	%

111

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 1.1%
	26,759	*	American Axle & Manufacturing Holdings, Inc	$	517,251
	92,358	*	BorgWarner, Inc		5,266,253
	25,308		Cooper Tire & Rubber Co		815,171
	5,446	*	Cooper-Standard Holding, Inc		297,243
	62,558		Dana Holding Corp		1,279,937
	11,325	*,e	Dorman Products, Inc		525,027
	9,467		Drew Industries, Inc		454,984
	12,398	*	Federal Mogul Corp (Class A)		193,533
	1,558,887		Ford Motor Co		21,964,718
	5,704	*	Fox Factory Holding Corp		96,626
	6,354	*	Fuel Systems Solutions, Inc		58,647
	643,385		General Motors Co		20,202,289
	60,733		Gentex Corp		1,988,398
	14,049	*	Gentherm, Inc		585,843
	110,222		Goodyear Tire & Rubber Co		2,670,679
	85,815		Harley-Davidson, Inc		5,638,045
	264,307		Johnson Controls, Inc		12,488,506
	32,307		Lear Corp		2,988,397
	19,110	*	Modine Manufacturing Co		245,181
	7,659	*	Motorcar Parts of America, Inc		222,417
	4,368	e	Remy International, Inc		80,721
	3,214	*	Shiloh Industries, Inc		54,767
	13,757		Spartan Motors, Inc		78,277
	7,864		Standard Motor Products, Inc		310,785
	12,077	*	Stoneridge, Inc		156,880
	1,415		Strattec Security Corp		146,764
	9,325		Superior Industries International, Inc		181,931
	24,233	*	Tenneco, Inc		1,268,840
	38,099	*,e	Tesla Motors, Inc		9,208,528
	18,249		Thor Industries, Inc		965,190
	8,089	*	Tower International, Inc		196,563
	44,079	*	TRW Automotive Holdings Corp		4,467,407
	19,258	*	Visteon Corp		1,808,326
	11,180	*	Winnebago Industries, Inc		237,128
			TOTAL AUTOMOBILES & COMPONENTS		97,661,252

BANKS - 6.0%
	5,849		1st Source Corp		183,015
	12,197		1st United Bancorp, Inc		107,943
	3,144		American National Bankshares, Inc		76,085
	9,012		Ameris Bancorp		223,498
	3,475	e	Ames National Corp		86,180
	12,788		Apollo Residential Mortgage		213,304
	4,470	e	Arrow Financial Corp		122,433

112

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	63,588		Associated Banc-Corp	$	1,195,454
	34,469		Astoria Financial Corp		453,267
	11,158	e	Banc of California, Inc		131,330
	2,807		Bancfirst Corp		182,455
	11,115		Banco Latinoamericano de Exportaciones S.A. (Class E)		373,909
	38,151		Bancorpsouth, Inc		878,618
	19,189		Bank Mutual Corp		126,456
	4,199,513		Bank of America Corp		72,063,643
	18,696		Bank of Hawaii Corp		1,094,651
	2,455		Bank of Kentucky Financial Corp		115,164
	2,316		Bank of Marin Bancorp		115,615
	31,784		Bank of the Ozarks, Inc		1,120,068
	7,344		BankFinancial Corp		87,614
	39,537		BankUnited		1,182,156
	8,283		Banner Corp		357,991
	290,766		BB&T Corp		11,014,216
	31,029		BBCN Bancorp, Inc		438,750
	3,307	*	BBX Capital Corp		60,849
	12,634	*	Beneficial Mutual Bancorp, Inc		169,675
	9,956		Berkshire Hills Bancorp, Inc		256,666
	8,600	*	Blue Hills Bancorp, Inc		114,638
	7,943		BNC Bancorp		135,110
	5,675	*,e	BofI Holding, Inc		437,088
	11,776		BOK Financial Corp		807,363
	31,753		Boston Private Financial Holdings, Inc		417,552
	4,660		Bridge Bancorp, Inc		122,372
	3,968	*	Bridge Capital Holdings		95,708
	27,051		Brookline Bancorp, Inc		259,419
	5,252		Bryn Mawr Bank Corp		161,919
	2,827		Camden National Corp		115,653
	9,174	*	Capital Bank Financial Corp		237,515
	4,271		Capital City Bank Group, Inc		64,535
	63,115		Capitol Federal Financial		808,503
	12,761		Cardinal Financial Corp		245,011
	11,872	*	Cascade Bancorp		60,666
	31,797		Cathay General Bancorp		839,759
	13,964		Centerstate Banks of Florida, Inc		162,541
	7,908		Central Pacific Financial Corp		149,461
	710		Century Bancorp, Inc		26,966
	8,748		Charter Financial Corp		99,202
	12,251		Chemical Financial Corp		364,835
	76,165		CIT Group, Inc		3,726,753
	1,222,744		Citigroup, Inc		65,453,486
	5,032	e	Citizens & Northern Corp		100,137
	6,773	e	City Holding Co		304,717
	18,917		City National Corp		1,488,957
	10,322		Clifton Bancorp, Inc		134,392
	5,791		CNB Financial Corp		104,875
	14,484		CoBiz, Inc		174,098
	20,938		Columbia Banking System, Inc		581,658
	73,741		Comerica, Inc		3,520,395
	33,657		Commerce Bancshares, Inc		1,523,316

113

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	16,220		Community Bank System, Inc	$	618,793
	6,977		Community Trust Bancorp, Inc		250,823
	4,655	*	CommunityOne Bancorp		49,529
	8,773		ConnectOne Bancorp, Inc		162,300
	3,920	*	CU Bancorp		77,420
	21,334		Cullen/Frost Bankers, Inc		1,724,001
	8,947	*	Customers Bancorp, Inc		170,888
	42,142		CVB Financial Corp		665,001
	11,236		Dime Community Bancshares		176,967
	8,926	*	Eagle Bancorp, Inc		320,711
	56,989		East West Bancorp, Inc		2,094,916
	3,026		Enterprise Bancorp, Inc		71,202
	7,766		Enterprise Financial Services Corp		146,389
	4,802		ESB Financial Corp		89,605
	16,579	*	Essent Group Ltd		403,533
	36,743		EverBank Financial Corp		703,628
	4,261		Federal Agricultural Mortgage Corp (Class C)		141,891
	6,593		Fidelity Southern Corp		101,203
	338,579		Fifth Third Bancorp		6,768,194
	5,686		Financial Institutions, Inc		142,946
	7,695		First Bancorp (NC)		139,433
	40,742	*	First Bancorp (Puerto Rico)		212,266
	3,643		First Bancorp, Inc		64,445
	28,287		First Busey Corp		176,794
	1,622	e	First Business Financial Services, Inc		76,120
	3,042		First Citizens Bancshares, Inc (Class A)		764,181
	37,222		First Commonwealth Financial Corp		348,026
	6,839		First Community Bancshares, Inc		111,954
	6,203		First Connecticut Bancorp		97,015
	3,699		First Defiance Financial Corp		113,300
	23,087		First Financial Bancorp		404,946
	25,714	e	First Financial Bankshares, Inc		817,191
	4,551		First Financial Corp		157,829
	5,550		First Financial Northwest, Inc		64,380
	95,427		First Horizon National Corp		1,227,191
	6,709		First Interstate Bancsystem, Inc		196,842
	14,242		First Merchants Corp		322,581
	30,162		First Midwest Bancorp, Inc		506,420
	5,662	*	First NBC Bank Holding Co		207,965
	139,845		First Niagara Financial Group, Inc		1,047,439
	4,731		First of Long Island Corp		124,615
	56,185		First Republic Bank		2,861,502
	66,882		FirstMerit Corp		1,227,285
	8,294	*	Flagstar Bancorp, Inc		130,382
	11,966		Flushing Financial Corp		240,995
	66,380		FNB Corp		849,000
	4,715		Fox Chase Bancorp, Inc		77,232
	4,177	*	Franklin Financial Corp		86,715
	75,235		Fulton Financial Corp		893,792
	5,141		German American Bancorp, Inc		153,562
	29,731		Glacier Bancorp, Inc		852,982
	4,253		Great Southern Bancorp, Inc		161,657

114

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	5,658		Guaranty Bancorp	$	89,227
	15,264	*,e	Hampton Roads Bankshares, Inc		26,559
	32,474		Hancock Holding Co		1,142,760
	12,696		Hanmi Financial Corp		272,329
	6,260		Heartland Financial USA, Inc		166,516
	8,704		Heritage Commerce Corp		75,725
	11,879		Heritage Financial Corp		208,476
	9,193		Heritage Oaks Bancorp		72,349
	21,505		Home Bancshares, Inc		686,440
	28,235	e	Home Loan Servicing Solutions Ltd		542,394
	5,943		HomeStreet, Inc		103,527
	8,420	*	HomeTrust Bancshares, Inc		130,089
	3,681		Horizon Bancorp		94,675
	210,522		Hudson City Bancorp, Inc		2,031,537
	6,296		Hudson Valley Holding Corp		143,171
	329,692		Huntington Bancshares, Inc		3,267,248
	12,449		IBERIABANK Corp		857,238
	9,542		Independent Bank Corp (MA)		389,314
	9,223		Independent Bank Corp (MI)		111,322
	3,656		Independent Bank Group, Inc		163,387
	21,517		International Bancshares Corp		610,437
	142,469		Investors Bancorp, Inc		1,531,542
	1,522,221		JPMorgan Chase & Co		92,063,926
	5,755	*	Kearny Financial Corp		81,951
	361,463		Keycorp		4,771,312
	5,950	*	Ladder Capital Corp		112,990
	14,928		Lakeland Bancorp, Inc		164,059
	6,729		Lakeland Financial Corp		278,850
	53,207	e	M&T Bank Corp		6,500,831
	9,756		Macatawa Bank Corp		50,829
	7,844		MainSource Financial Group, Inc		142,682
	26,238		MB Financial, Inc		827,809
	6,528		Mercantile Bank Corp		128,797
	1,972		Merchants Bancshares, Inc		58,746
	7,947	*	Meridian Bancorp, Inc		90,119
	2,375		Meta Financial Group, Inc		89,086
	134,949	*,e	MGIC Investment Corp		1,203,745
	3,121		Midsouth Bancorp, Inc		59,112
	2,881		MidWestOne Financial Group, Inc		76,865
	16,489		National Bank Holdings Corp		323,020
	2,810	e	National Bankshares, Inc		87,981
	47,673		National Penn Bancshares, Inc		490,555
	8,294	*,e	Nationstar Mortgage Holdings, Inc		291,285
	17,248		NBT Bancorp, Inc		442,929
	179,886	e	New York Community Bancorp, Inc		2,869,182
	13,260	*	NewBridge Bancorp		117,881
	20,415	*,e	NMI Holdings, Inc		182,714
	27,828		Northfield Bancorp, Inc		396,271
	2,785		Northrim BanCorp, Inc		80,486
	37,412		Northwest Bancshares, Inc		479,996
	5,353		OceanFirst Financial Corp		88,699
	44,157	*	Ocwen Financial Corp		1,040,339

115

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	17,355		OFG Bancorp	$	270,217
	3,089	e	Old Line Bancshares, Inc		49,362
	46,194		Old National Bancorp		672,123
	4,226		OmniAmerican Bancorp, Inc		114,271
	1,536	*	Opus Bank		40,397
	18,115		Oritani Financial Corp		267,559
	6,850		Pacific Continental Corp		98,777
	6,816	*	Pacific Premier Bancorp, Inc		110,351
	40,597		PacWest Bancorp		1,731,868
	1,937	e	Palmetto Bancshares, Inc		32,193
	5,514	e	Park National Corp		465,216
	16,587		Park Sterling Bank		127,056
	4,691		Peapack Gladstone Financial Corp		85,611
	1,915		Penns Woods Bancorp, Inc		92,935
	5,701	*	Pennsylvania Commerce Bancorp, Inc		142,753
	5,122	*	PennyMac Financial Services, Inc		85,333
	4,317	e	Peoples Bancorp, Inc		106,414
	3,001	e	Peoples Financial Services Corp		150,560
	123,487	e	People’s United Financial, Inc		1,805,380
	14,040		Pinnacle Financial Partners, Inc		550,368
	216,433		PNC Financial Services Group, Inc		18,697,647
	39,909	*	Popular, Inc		1,272,299
	4,781		Preferred Bank		127,079
	28,438		PrivateBancorp, Inc		919,116
	27,570		Prosperity Bancshares, Inc		1,664,952
	22,929		Provident Financial Services, Inc		417,996
	76,247	e	Radian Group, Inc		1,284,762
	562,486		Regions Financial Corp		5,585,486
	12,480		Renasant Corp		376,272
	4,212		Republic Bancorp, Inc (Class A)		102,141
	13,106	*,e	Republic First Bancorp, Inc		52,031
	11,689		S&T Bancorp, Inc		322,500
	9,942		Sandy Spring Bancorp, Inc		256,504
	7,351	*	Seacoast Banking Corp of Florida		93,799
	642		ServisFirst Bancshares, Inc		18,933
	5,108		Sierra Bancorp		87,653
	20,254	*	Signature Bank		2,453,367
	6,570		Simmons First National Corp (Class A)		275,874
	9,814		South State Corp		591,882
	7,090	e	Southside Bancshares, Inc		238,082
	7,722		Southwest Bancorp, Inc		139,228
	2,184	*	Square Financial, Inc		43,440
	11,877		State Bank & Trust Co		212,836
	33,325		Sterling Bancorp/DE		468,549
	5,933		Stock Yards Bancorp, Inc		197,450
	3,414		Stonegate Bank		92,827
	5,417	*,e	Stonegate Mortgage Corp		78,330
	4,609		Suffolk Bancorp		105,823
	3,512	*	Sun Bancorp, Inc		70,942
	210,798		SunTrust Banks, Inc		8,250,634
	74,408		Susquehanna Bancshares, Inc		729,942
	20,112	*	SVB Financial Group		2,252,343

116

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	55,288		Synovus Financial Corp	$	1,402,104
	6,978		Talmer Bancorp Inc		97,552
	64,421		TCF Financial Corp		995,304
	3,666		Territorial Bancorp, Inc		78,746
	17,069	*	Texas Capital Bancshares, Inc		1,043,769
	30,360		TFS Financial Corp		453,578
	12,064	*	The Bancorp, Inc		114,125
	5,756		Tompkins Trustco, Inc		288,951
	11,754	e	TowneBank		178,191
	3,655	*	Tree.com, Inc		135,198
	9,011		Trico Bancshares		236,989
	8,498	*	Tristate Capital Holdings, Inc		82,855
	37,033		Trustco Bank Corp NY		270,341
	28,543		Trustmark Corp		694,451
	15,425		UMB Financial Corp		919,022
	66,392		Umpqua Holdings Corp		1,168,499
	18,425		Union Bankshares Corp		414,194
	27,752	e	United Bankshares, Inc		951,339
	20,030		United Community Banks, Inc		361,141
	19,365		United Community Financial Corp		99,149
	19,970		United Financial Bancorp, Inc (New)		280,179
	6,493		Univest Corp of Pennsylvania		133,236
	693,801		US Bancorp		29,555,923
	79,696	e	Valley National Bancorp		795,366
	15,780		ViewPoint Financial Group		430,321
	7,203	*	Walker & Dunlop, Inc		116,040
	40,232		Washington Federal, Inc		878,265
	5,936		Washington Trust Bancorp, Inc		227,764
	13,586		Waterstone Financial, Inc		166,293
	36,708		Webster Financial Corp		1,150,429
	1,920,505		Wells Fargo & Co		101,959,610
	10,401		WesBanco, Inc		358,418
	6,091		West Bancorporation, Inc		100,989
	11,940	e	Westamerica Bancorporation		589,120
	30,115	*	Western Alliance Bancorp		801,661
	27,707		Wilshire Bancorp, Inc		274,299
	18,363		Wintrust Financial Corp		850,574
	3,599		WSFS Financial Corp		283,061
	7,746	*	Yadkin Financial Corp		150,350
	81,385		Zions Bancorporation		2,357,723
			TOTAL BANKS		537,099,473

CAPITAL GOODS - 7.8%
	263,800		3M Co		40,564,526
	29,870		A.O. Smith Corp		1,593,565
	16,788		Aaon, Inc		329,884
	14,774		AAR Corp		391,511
	18,679	*	Accuride Corp		90,033
	11,368		Aceto Corp		258,508
	28,226		Actuant Corp (Class A)		894,482
	16,976		Acuity Brands, Inc		2,366,964
	4,218	*	Advanced Drainage Systems, Inc		92,121

117

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	91,198	*	Aecom Technology Corp	$	2,968,495
	15,083	*	Aegion Corp		276,321
	7,674	*	Aerovironment, Inc		235,208
	38,949	e	AGCO Corp		1,725,830
	39,807		Air Lease Corp		1,456,538
	25,644		Aircastle Ltd		489,288
	4,297		Alamo Group, Inc		184,083
	12,060		Albany International Corp (Class A)		455,627
	37,976		Allegion plc		2,016,146
	12,701		Alliant Techsystems, Inc		1,485,509
	53,691		Allison Transmission Holdings, Inc		1,743,884
	10,776		Altra Holdings, Inc		339,660
	7,666	*	Ameresco, Inc		63,168
	3,814	e	American Railcar Industries, Inc		250,999
	3,837		American Science & Engineering, Inc		212,186
	4,635	*	American Woodmark Corp		189,618
	96,533		Ametek, Inc		5,034,196
	11,519		Apogee Enterprises, Inc		505,684
	16,844		Applied Industrial Technologies, Inc		822,156
	986	*,e	ARC Group Worldwide, Inc		13,449
	4,920		Argan, Inc		171,265
	18,894	*	Armstrong World Industries, Inc		914,847
	44,191	*	ArvinMeritor, Inc		507,755
	9,345		Astec Industries, Inc		354,269
	7,720	*	Astronics Corp		399,973
	9,722		AZZ, Inc		454,601
	43,964		Babcock & Wilcox Co		1,257,370
	19,950		Barnes Group, Inc		729,372
	41,742	*	BE Aerospace, Inc		3,107,692
	19,308	*	Beacon Roofing Supply, Inc		534,252
	19,690	*	Blount International, Inc		301,454
	294,039		Boeing Co		36,728,411
	17,803		Briggs & Stratton Corp		359,799
	18,279	*	Builders FirstSource, Inc		108,394
	6,887	*	CAI International, Inc		144,971
	154,005	*,e	Capstone Turbine Corp		154,005
	25,615		Carlisle Cos, Inc		2,276,661
	249,937		Caterpillar, Inc		25,346,111
	12,107	*	Chart Industries, Inc		563,581
	39,216		Chicago Bridge & Iron Co NV		2,142,762
	6,858		CIRCOR International, Inc		515,379
	21,011		Clarcor, Inc		1,406,897
	37,975	*	Colfax Corp		2,065,080
	7,576		Columbus McKinnon Corp		215,537
	14,302		Comfort Systems USA, Inc		219,679
	11,607	*	Commercial Vehicle Group, Inc		76,026
	5,840	*	Continental Building Products Inc		86,082
	18,711		Crane Co		1,166,631
	8,646		Cubic Corp		417,083
	72,342		Cummins, Inc		10,574,954
	18,943		Curtiss-Wright Corp		1,311,045
	245,632		Danaher Corp		19,748,813

118

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	143,185		Deere & Co	$	12,248,045
	29,960	*	DigitalGlobe, Inc		856,556
	57,693		Donaldson Co, Inc		2,398,875
	8,590		Douglas Dynamics, Inc		178,071
	66,262		Dover Corp		5,263,853
	4,457	*	Ducommun, Inc		117,709
	5,115	*	DXP Enterprises, Inc		339,073
	12,599	*	Dycom Industries, Inc		395,483
	6,057		Dynamic Materials Corp		110,298
	191,292		Eaton Corp		13,082,460
	26,817		EMCOR Group, Inc		1,183,434
	283,416		Emerson Electric Co		18,155,629
	8,337		Encore Wire Corp		316,306
	17,096	*,e	Energy Recovery, Inc		78,300
	18,470		EnerSys		1,159,916
	6,890	*	Engility Holdings, Inc		297,648
	7,225	*,e	Enphase Energy, Inc		108,519
	9,371	*	EnPro Industries, Inc		604,711
	2,200	*,e	Erickson Air-Crane, Inc		30,888
	10,586		ESCO Technologies, Inc		402,480
	12,425	*	Esterline Technologies Corp		1,455,092
	78,015		Exelis, Inc		1,392,568
	119,671	e	Fastenal Co		5,270,311
	23,562		Federal Signal Corp		334,580
	54,692		Flowserve Corp		3,718,509
	63,306		Fluor Corp		4,199,720
	65,968		Fortune Brands Home & Security, Inc		2,853,116
	47,102		Foster Wheeler AG.		1,461,575
	19,035		Franklin Electric Co, Inc		710,767
	4,838		Freightcar America, Inc		159,509
	89,209	*,e	FuelCell Energy, Inc		180,202
	16,219	*	Furmanite Corp		121,318
	18,353		GATX Corp		1,163,580
	23,952	*,e	GenCorp, Inc		406,226
	26,763	*,e	Generac Holdings, Inc		1,213,434
	22,518		General Cable Corp		319,080
	123,096		General Dynamics Corp		17,203,897
	4,032,175		General Electric Co		104,070,437
	3,009	*,e	General Finance Corp		25,938
	12,065	*	Gibraltar Industries, Inc		183,991
	7,887		Global Brass & Copper Holdings, Inc		110,418
	6,758		Global Power Equipment Group, Inc		92,112
	7,411		Gorman-Rupp Co		235,225
	24,145		Graco, Inc		1,895,382
	55,840	*,e	GrafTech International Ltd		239,554
	4,428		Graham Corp		148,338
	15,221		Granite Construction, Inc		561,807
	23,276	*	Great Lakes Dredge & Dock Corp		162,699
	11,047	e	Greenbrier Cos, Inc		690,879
	17,223		Griffon Corp		211,671
	12,157		H&E Equipment Services, Inc		454,550
	32,060		Harsco Corp		695,061

119

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	44,955	*	HD Supply Holdings, Inc	$	1,296,502
	26,414		Heico Corp		1,432,695
	40,313	*	Hexcel Corp		1,688,712
	25,350		Hillenbrand, Inc		843,901
	316,208		Honeywell International, Inc		30,393,913
	7,143		Houston Wire & Cable Co		96,859
	23,552		Hubbell, Inc (Class B)		2,671,032
	19,852		Huntington Ingalls		2,100,739
	2,730		Hurco Cos, Inc		105,187
	4,045		Hyster-Yale Materials Handling, Inc		317,492
	32,033		IDEX Corp		2,399,592
	20,932	*	II-VI, Inc		282,373
	135,880		Illinois Tool Works, Inc		12,371,874
	108,619	*	Ingersoll-Rand plc		6,801,722
	7,047		Insteel Industries, Inc		168,000
	36,415		ITT Corp		1,640,860
	52,136	*	Jacobs Engineering Group, Inc		2,473,853
	11,643		John Bean Technologies Corp		348,941
	39,844		Joy Global, Inc		2,096,990
	4,553		Kadant, Inc		188,221
	10,788		Kaman Corp		464,531
	57,613		KBR, Inc		1,099,256
	30,835		Kennametal, Inc		1,190,539
	14,738	*,e	KEYW Holding Corp		149,591
	18,068	*	Kratos Defense & Security Solutions, Inc		125,934
	35,283		L-3 Communications Holdings, Inc		4,285,473
	8,028	*,e	Layne Christensen Co		57,802
	4,086		LB Foster Co (Class A)		221,012
	19,558		Lennox International, Inc		1,739,097
	32,107		Lincoln Electric Holdings, Inc		2,327,115
	5,108	e	Lindsay Manufacturing Co		447,972
	4,505	*,e	LMI Aerospace, Inc		59,376
	109,468		Lockheed Martin Corp		20,861,317
	8,117		LSI Industries, Inc		58,118
	7,012	*	Lydall, Inc		216,881
	4,394	*	Manitex International, Inc		50,223
	55,014		Manitowoc Co, Inc		1,146,492
	142,037		Masco Corp		3,134,757
	11,119	*,e	Masonite International Corp		601,093
	24,509	*,e	Mastec, Inc		701,938
	22,752	*	Middleby Corp		2,013,552
	5,071		Miller Industries, Inc		100,254
	17,441	*	Moog, Inc (Class A)		1,334,934
	39,430	*	MRC Global, Inc		829,213
	19,094		MSC Industrial Direct Co (Class A)		1,546,041
	22,475		Mueller Industries, Inc		729,538
	62,679		Mueller Water Products, Inc (Class A)		618,642
	8,496	*	MYR Group, Inc		220,386
	1,821	e	National Presto Industries, Inc		114,832
	21,878	*,e	Navistar International Corp		773,825
	11,215	*	NCI Building Systems, Inc		222,842
	6,966		NN, Inc		174,150

120

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	5,130	*	Norcraft Cos, Inc	$	87,210
	25,670		Nordson Corp		1,965,038
	3,666	*	Nortek, Inc		305,304
	81,514		Northrop Grumman Corp		11,245,671
	3,916	*	Northwest Pipe Co		140,114
	44,610	*,e	NOW, Inc		1,340,977
	1,327		Omega Flex, Inc		35,325
	24,035	*	Orbital Sciences Corp		632,120
	11,009	*	Orion Marine Group, Inc		120,659
	34,026		Oshkosh Truck Corp		1,523,004
	46,798		Owens Corning, Inc		1,500,344
	141,231		Paccar, Inc		9,225,209
	43,677		Pall Corp		3,992,951
	59,325		Parker Hannifin Corp		7,536,055
	3,044	*	Patrick Industries, Inc		130,040
	76,988		Pentair plc		5,162,045
	16,836	*	Perini Corp		471,576
	19,110	*	Pgt, Inc		179,730
	11,064	*	Pike Electric Corp		132,104
	79,073	*,e	Plug Power, Inc		372,434
	8,539	*	Ply Gem Holdings, Inc		96,918
	17,985	*,e	Polypore International, Inc		789,901
	3,751		Powell Industries, Inc		170,783
	1,741	*,e	Power Solutions International, Inc		114,036
	9,931	*,e	PowerSecure International, Inc		110,929
	58,650		Precision Castparts Corp		12,944,055
	1,112		Preformed Line Products Co		63,373
	14,897		Primoris Services Corp		427,842
	9,038	*,e	Proto Labs, Inc		590,814
	13,625		Quanex Building Products Corp		272,773
	85,925	*	Quanta Services, Inc		2,928,324
	14,555		Raven Industries, Inc		368,969
	126,732		Raytheon Co		13,164,920
	9,776		RBC Bearings, Inc		593,892
	17,932		Regal-Beloit Corp		1,272,634
	28,397	*,e	Revolution Lighting Technologies, Inc		49,127
	29,102	*	Rexnord Corp		859,964
	54,850		Rockwell Automation, Inc		6,162,398
	54,975		Rockwell Collins, Inc		4,626,146
	39,691		Roper Industries, Inc		6,283,085
	15,653	*	Rush Enterprises, Inc (Class A)		596,379
	982		SIFCO Industries, Inc		33,408
	16,416		Simpson Manufacturing Co, Inc		543,041
	23,767		Snap-On, Inc		3,140,571
	16,908	*,e	SolarCity Corp		1,000,615
	5,902	*	Sparton Corp		159,944
	48,810	*	Spirit Aerosystems Holdings, Inc (Class A)		1,920,185
	17,452		SPX Corp		1,654,275
	5,020		Standex International Corp		432,975
	62,075		Stanley Works		5,812,703
	7,275	*	Sterling Construction Co, Inc		64,166
	5,645	*	Stock Building Supply Holdings, Inc		88,570

121

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	8,915		Sun Hydraulics Corp	$	354,906
	12,916	e	TAL International Group, Inc		557,067
	21,254	*,e	Taser International, Inc		400,425
	15,081	*	Teledyne Technologies, Inc		1,562,844
	8,345		Tennant Co		615,277
	44,141		Terex Corp		1,269,937
	8,149	e	Textainer Group Holdings Ltd		280,652
	110,798		Textron, Inc		4,601,441
	3,888	*,e	The ExOne Company		95,528
	12,827	*	Thermon Group Holdings		312,594
	32,498		Timken Co		1,397,089
	18,588	e	Titan International, Inc		196,289
	6,762	*,e	Titan Machinery, Inc		93,045
	23,635		Toro Co		1,458,989
	21,482		TransDigm Group, Inc		4,017,778
	15,234	*	Trex Co, Inc		655,062
	18,016	*	Trimas Corp		570,387
	61,909		Trinity Industries, Inc		2,210,770
	20,694		Triumph Group, Inc		1,440,923
	3,684		Twin Disc, Inc		95,858
	39,931	*	United Rentals, Inc		4,394,806
	369,649		United Technologies Corp		39,552,443
	7,981		Universal Forest Products, Inc		398,811
	37,173	*	USG Corp		998,467
	10,654	e	Valmont Industries, Inc		1,450,755
	4,334	*	Vectrus, Inc		105,923
	3,293	*,e	Veritiv Corp		148,547
	6,360	*	Vicor Corp		86,560
	23,649		W.W. Grainger, Inc		5,836,573
	27,689	*	Wabash National Corp		285,197
	22,514	*	WABCO Holdings, Inc		2,192,413
	10,238		Watsco, Inc		1,040,386
	11,307		Watts Water Technologies, Inc (Class A)		685,543
	17,226	*,e	WESCO International, Inc		1,419,595
	38,418		Westinghouse Air Brake Technologies Corp		3,315,473
	26,362		Woodward Governor Co		1,349,998
	4,252	*	Xerium Technologies, Inc		63,440
	73,203		Xylem, Inc		2,661,661
			TOTAL CAPITAL GOODS		709,625,451

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	22,665		ABM Industries, Inc		626,461
	20,178	e	Acacia Research (Acacia Technologies)		363,204
	45,827	*	ACCO Brands Corp		377,156
	8,969		Administaff, Inc		283,062
	71,611	e	ADT Corp		2,566,538
	14,523	*	Advisory Board Co		779,449
	8,552		American Ecology Corp		429,995
	17,200	*	ARC Document Solutions, Inc		174,580
	2,966		Barrett Business Services, Inc		69,731
	19,063		Brady Corp (Class A)		454,462
	19,416		Brink’s Co		407,736

122

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	14,744	*	Casella Waste Systems, Inc (Class A)	$	66,348
	14,475	*	CBIZ, Inc		133,604
	5,378		CDI Corp		92,448
	9,740	e	Ceco Environmental Corp		139,477
	19,758	*,e	Cenveo, Inc		45,048
	40,261		Cintas Corp		2,948,716
	40,609		Civeo Corp		495,024
	24,625	*	Clean Harbors, Inc		1,222,139
	45,002	*	Copart, Inc		1,504,867
	13,462		Corporate Executive Board Co		992,149
	4,990	*,e	Corporate Resource Services, Inc		6,088
	47,103		Corrections Corp of America		1,732,448
	43,077		Covanta Holding Corp		950,709
	4,164	*	CRA International, Inc		124,920
	19,870		Deluxe Corp		1,208,096
	14,717		Dun & Bradstreet Corp		1,807,395
	10,065		Ennis, Inc		149,264
	48,552		Equifax, Inc		3,677,328
	5,153		Exponent, Inc		411,312
	4,553	*	Franklin Covey Co		89,284
	16,226	*	FTI Consulting, Inc		655,206
	7,814		G & K Services, Inc (Class A)		492,829
	5,783	*	GP Strategies Corp		191,764
	28,782	e	Healthcare Services Group		857,128
	7,483		Heidrick & Struggles International, Inc		155,796
	3,404	*	Heritage-Crystal Clean, Inc		61,749
	23,513		Herman Miller, Inc		752,416
	17,907		HNI Corp		835,362
	9,425	*	Huron Consulting Group, Inc		656,074
	7,835	*	ICF International, Inc		284,724
	50,177	*	ICO Global Communications Holdings Ltd		83,796
	27,076	*	IHS, Inc (Class A)		3,547,768
	14,361	*	Innerworkings, Inc		130,398
	25,594		Interface, Inc		410,272
	55,363		KAR Auction Services, Inc		1,680,821
	10,763		Kelly Services, Inc (Class A)		189,752
	10,767		Kforce, Inc		249,256
	13,713	*	Kimball International, Inc (Class B)		246,560
	18,644		Knoll, Inc		370,829
	19,933	*	Korn/Ferry International		556,729
	32,432		Manpower, Inc		2,164,836
	11,535		Matthews International Corp (Class A)		531,533
	10,372		McGrath RentCorp		378,889
	6,545	*	Mistras Group, Inc		107,927
	18,581		Mobile Mini, Inc		814,405
	11,856		MSA Safety, Inc		681,364
	5,048		Multi-Color Corp		248,866
	19,412	*	Navigant Consulting, Inc		298,751
	114,242		Nielsen Holdings NV		4,854,143
	3,010		NL Industries, Inc		21,943
	21,397	*	On Assignment, Inc		622,653
	3,209	*,e	Paylocity Holding Corp		78,620

123

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,609	*	Performant Financial Corp	$	100,186
	82,637		Pitney Bowes, Inc		2,044,439
	9,506		Quad		209,607
	4,529	*,e	Quest Resource Holding Corp		7,065
	79,273		R.R. Donnelley & Sons Co		1,383,314
	105,577		Republic Services, Inc		4,054,157
	15,702		Resources Connection, Inc		242,910
	54,984		Robert Half International, Inc		3,012,024
	25,194		Rollins, Inc		802,933
	20,697	*	RPX Corp		290,793
	5,881	*	SP Plus Corp		128,323
	32,910		Steelcase, Inc (Class A)		583,165
	34,009	*	Stericycle, Inc		4,285,134
	7,886	*	Team, Inc		332,316
	25,530		Tetra Tech, Inc		684,459
	25,789		Towers Watson & Co		2,844,269
	5,856	*	TriNet Group, Inc		175,212
	16,456	*	TrueBlue, Inc		406,792
	187,171		Tyco International Ltd		8,035,251
	5,936		Unifirst Corp		662,220
	15,568		United Stationers, Inc		650,275
	66,247	*	Verisk Analytics, Inc		4,130,500
	8,044		Viad Corp		205,202
	1,597		VSE Corp		96,267
	13,877	*	WageWorks, Inc		791,128
	49,376		Waste Connections, Inc		2,463,862
	185,150		Waste Management, Inc		9,051,984
	15,270		West Corp		488,640
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		95,704,624

CONSUMER DURABLES & APPAREL - 1.5%
	5,230		Arctic Cat, Inc		176,042
	14,583	*	Beazer Homes USA, Inc		261,473
	9,316	*,e	Black Diamond, Inc		72,292
	36,017		Brunswick Corp		1,685,596
	33,944		Callaway Golf Co		266,121
	21,850		Carter’s, Inc		1,707,140
	3,477	*	Cavco Industries, Inc		253,369
	110,204		Coach, Inc		3,788,813
	11,356		Columbia Sportswear Co		437,660
	38,595	*	CROCS, Inc		450,790
	3,648		CSS Industries, Inc		104,187
	3,421		Culp, Inc		64,896
	13,774	*	Deckers Outdoor Corp		1,204,674
	5,379	*	Dixie Group, Inc		42,386
	128,856		DR Horton, Inc		2,936,628
	2,210		Escalade, Inc		25,282
	10,103	e	Ethan Allen Interiors, Inc		285,915
	1,619		Flexsteel Industries, Inc		55,548
	18,580	*	Fossil Group, Inc		1,888,843
	49,412	e	Garmin Ltd		2,741,378
	8,051	*	G-III Apparel Group Ltd		638,847

124

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	7,757	*,e	GoPro, Inc	$	598,065
	40,174		Hanesbrands, Inc		4,242,776
	27,087		Harman International Industries, Inc		2,907,519
	45,753		Hasbro, Inc		2,632,170
	11,395	*	Helen of Troy Ltd		704,781
	59,283	*,e	Hovnanian Enterprises, Inc (Class A)		222,904
	20,068	*	Iconix Brand Group, Inc		802,921
	3,619	*	Installed Building Products Inc		52,512
	12,744	*,e	iRobot Corp		455,216
	6,899	*,e	Jakks Pacific, Inc		44,016
	50,532	*	Jarden Corp		3,289,128
	1,650		Johnson Outdoors, Inc		49,582
	51,100	*	Kate Spade & Co		1,386,343
	35,932	e	KB Home		565,570
	22,054		La-Z-Boy, Inc		504,154
	26,386	*,e	Leapfrog Enterprises, Inc		140,373
	55,212		Leggett & Platt, Inc		2,174,249
	69,260		Lennar Corp (Class A)		2,983,721
	5,530	*	LGI Homes, Inc		107,393
	11,112	*	Libbey, Inc		319,470
	3,046		Lifetime Brands, Inc		52,117
	9,586	*	M/I Homes, Inc		206,482
	4,990	*	Malibu Boats Inc		93,113
	3,595		Marine Products Corp		30,342
	134,892		Mattel, Inc		4,191,094
	16,143	e	MDC Holdings, Inc		394,212
	15,476	*	Meritage Homes Corp		569,362
	81,252	*	Michael Kors Holdings Ltd		6,385,595
	24,335	*	Mohawk Industries, Inc		3,456,543
	6,272		Movado Group, Inc		221,402
	1,709		Nacco Industries, Inc (Class A)		100,096
	12,058	*	Nautilus, Inc		161,336
	3,416	*	New Home Co Inc		51,821
	110,079		Newell Rubbermaid, Inc		3,668,933
	278,693		Nike, Inc (Class B)		25,910,088
	1,763	*	NVR, Inc		2,164,223
	5,764		Oxford Industries, Inc		353,045
	5,118	*	Perry Ellis International, Inc		104,663
	32,767		Phillips-Van Heusen Corp		3,746,906
	25,878		Polaris Industries, Inc		3,903,955
	17,908		Pool Corp		1,069,108
	151,015		Pulte Homes, Inc		2,897,978
	54,783	*,e	Quiksilver, Inc		95,870
	23,734		Ralph Lauren Corp		3,912,313
	18,616		Ryland Group, Inc		666,639
	10,117	*,e	Sequential Brands Group, Inc		126,867
	16,565	*	Skechers U.S.A., Inc (Class A)		906,934
	10,162	*	Skullcandy, Inc		84,751
	22,075	*,e	Smith & Wesson Holding Corp		224,282
	66,176	*	Standard-Pacific Corp		489,702
	23,069	*	Steven Madden Ltd		723,213
	7,676	e	Sturm Ruger & Co, Inc		319,936

125

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	15,358	*	Taylor Morrison Home Corp	$	264,772
	24,227	*	Tempur-Pedic International, Inc		1,275,309
	70,742	*	Toll Brothers, Inc		2,260,207
	58,627	*	TRI Pointe Homes, Inc		802,604
	20,015	*,e	Tumi Holdings, Inc		415,712
	20,065		Tupperware Corp		1,279,144
	2,656	*,e	Turtle Beach Corp		15,352
	4,000	*	UCP, Inc (Class A)		54,760
	68,816	*	Under Armour, Inc (Class A)		4,512,953
	5,888	*	Unifi, Inc		164,687
	6,130	*	Universal Electronics, Inc		348,736
	8,387	*,e	Vera Bradley, Inc		191,224
	137,728		VF Corp		9,321,431
	4,400	*	Vince Holding Corp		154,220
	4,466	*,e	WCI Communities, Inc		83,782
	2,514		Weyco Group, Inc		78,311
	30,944		Whirlpool Corp		5,323,915
	9,873	*	William Lyon Homes, Inc		233,595
	40,429	*	Wolverine World Wide, Inc		1,097,243
			TOTAL CONSUMER DURABLES & APPAREL		138,431,621

CONSUMER SERVICES - 2.1%
	4,093	*,e	2U, Inc		74,493
	6,940	*	American Public Education, Inc		215,071
	38,387	*	Apollo Group, Inc (Class A)		1,100,171
	16,000		ARAMARK Holdings Corp		446,560
	5,410	*	Ascent Media Corp (Series A)		347,863
	15,628	*	Bally Technologies, Inc		1,256,491
	38,143	*	Belmond Ltd.		437,119
	9,164	*	BJ’s Restaurants, Inc		403,399
	29,563	*	Bloomin’ Brands, Inc		559,036
	9,783		Bob Evans Farms, Inc		477,900
	30,542	*	Boyd Gaming Corp		352,760
	7,860	*	Bravo Brio Restaurant Group, Inc		109,018
	6,509	*	Bridgepoint Education, Inc		82,274
	12,149	*	Bright Horizons Family Solutions		541,359
	26,732		Brinker International, Inc		1,433,904
	7,519	*,e	Buffalo Wild Wings, Inc		1,122,436
	42,578	e	Burger King Worldwide, Inc		1,391,449
	17,857	*,e	Caesars Acquisition Co		186,427
	20,783	*,e	Caesars Entertainment Corp		253,345
	4,576		Capella Education Co		323,706
	25,023	*	Career Education Corp		145,133
	168,789		Carnival Corp		6,776,878
	6,526		Carriage Services, Inc		130,259
	12,543	*	Carrols Restaurant Group, Inc		96,707
	8,338		CBRL Group, Inc		961,788
	19,861		Cheesecake Factory		912,414
	28,796	*,e	Chegg, Inc		191,493
	12,673	*	Chipotle Mexican Grill, Inc (Class A)		8,085,374
	13,880		Choice Hotels International, Inc		742,580
	5,359		Churchill Downs, Inc		546,511

126

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	6,557	*,e	Chuy’s Holdings, Inc	$	196,120
	8,860		ClubCorp Holdings, Inc		168,872
	2,954	e	Collectors Universe		72,668
	54,473	e	Darden Restaurants, Inc		2,820,612
	8,591	*	Del Frisco’s Restaurant Group, Inc		199,483
	34,973	*	Denny’s Corp		301,467
	25,263		DeVry, Inc		1,222,982
	14,105	*	Diamond Resorts International, Inc		366,166
	6,308		DineEquity, Inc		561,160
	23,246		Domino’s Pizza, Inc		2,064,012
	40,819		Dunkin Brands Group, Inc		1,856,448
	3,385		Einstein Noah Restaurant Group, Inc		68,546
	3,287	*,e	El Pollo Loco Holdings, Inc		117,182
	2,663	*,e	Empire Resorts, Inc		19,946
	1,724	*,e	Famous Dave’s of America, Inc		44,945
	10,752	*	Fiesta Restaurant Group, Inc		592,973
	1,765		Graham Holdings Co		1,383,054
	18,644	*	Grand Canyon Education, Inc		893,048
	111,171		H&R Block, Inc		3,591,935
	53,821	*	Hilton Worldwide Holdings, Inc		1,358,442
	43,519	*	Houghton Mifflin Harcourt Co		870,815
	16,733	*	Hyatt Hotels Corp		990,928
	2,975	*,e	Ignite Restaurant Group, Inc		20,498
	102,359		International Game Technology		1,677,664
	11,010		International Speedway Corp (Class A)		344,943
	14,936		Interval Leisure Group, Inc		314,253
	19,144	*,e	Intrawest Resorts Holdings Inc		203,692
	9,057	*	Isle of Capri Casinos, Inc		67,294
	15,909		Jack in the Box, Inc		1,130,175
	6,376	*	Jamba, Inc		85,120
	13,687	*	K12, Inc		169,719
	25,885	*	Krispy Kreme Doughnuts, Inc		489,744
	17,755	*	La Quinta Holdings, Inc		362,380
	150,875		Las Vegas Sands Corp		9,393,477
	1,654	*	Liberty Tax, Inc		62,670
	16,324	*	Life Time Fitness, Inc		910,389
	31,775	*,e	LifeLock, Inc		537,315
	8,153		Marcus Corp		139,661
	89,130		Marriott International, Inc (Class A)		6,751,597
	11,656		Marriott Vacations Worldwide Corp		809,393
	397,609		McDonald’s Corp		37,267,892
	148,113	*	MGM Mirage		3,443,627
	4,064	*	Monarch Casino & Resort, Inc		66,121
	11,090	*	Morgans Hotel Group Co		88,609
	11,857	*	Multimedia Games, Inc		413,809
	1,269	*	Nathan’s Famous, Inc		91,216
	4,250	*,e	Noodles & Co		97,027
	37,004	*	Norwegian Cruise Line Holdings Ltd		1,443,156
	10,158	*,e	Panera Bread Co (Class A)		1,641,939
	12,134		Papa John’s International, Inc		567,386
	1,899	*,e	Papa Murphy’s Holdings, Inc		17,661
	31,601	*	Penn National Gaming, Inc		413,657

127

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	27,833	*	Pinnacle Entertainment, Inc	$	713,360
	9,018	*	Popeyes Louisiana Kitchen, Inc		417,984
	6,084	*,e	Potbelly Corp		77,632
	5,643	*	Red Robin Gourmet Burgers, Inc		310,196
	17,984		Regis Corp		305,368
	66,611		Royal Caribbean Cruises Ltd		4,527,550
	23,208	*	Ruby Tuesday, Inc		178,237
	14,638		Ruth’s Chris Steak House, Inc		178,144
	20,062	*,e	Scientific Games Corp (Class A)		236,130
	30,915		SeaWorld Entertainment, Inc		594,805
	84,904		Service Corp International		1,856,850
	17,006	*	ServiceMaster Global Holdings, Inc		407,804
	28,643		Six Flags Entertainment Corp		1,154,313
	21,460	*	Sonic Corp		541,007
	24,308		Sotheby’s (Class A)		964,055
	3,564		Speedway Motorsports, Inc		69,747
	304,048		Starbucks Corp		22,973,867
	78,359		Starwood Hotels & Resorts Worldwide, Inc		6,007,001
	648	*	Steak N Shake Co		226,256
	5,765	*	Steiner Leisure Ltd		243,168
	4,283	*	Strayer Education, Inc		313,473
	26,865		Texas Roadhouse, Inc (Class A)		775,593
	10,044		Universal Technical Institute, Inc		119,624
	13,713		Vail Resorts, Inc		1,184,255
	14,058	*,e	Weight Watchers International, Inc		366,211
	109,382		Wendy’s		877,244
	51,316		Wyndham Worldwide Corp		3,985,714
	32,259		Wynn Resorts Ltd		6,129,533
	175,573		Yum! Brands, Inc		12,611,409
	2,397	*,e	Zoe’s Kitchen, Inc		87,395
			TOTAL CONSUMER SERVICES		186,921,731

DIVERSIFIED FINANCIALS - 3.8%
	16,360	*	Actua Corp		307,568
	22,515	*	Affiliated Managers Group, Inc		4,498,272
	107,509	*	Ally Financial, Inc		2,440,454
	366,133		American Express Co		32,933,663
	77,050		Ameriprise Financial, Inc		9,721,398
	10,953		Artisan Partners Asset Management, Inc		531,001
	450,876		Bank of New York Mellon Corp		17,457,919
	69,107		BGC Partners, Inc (Class A)		586,027
	51,514		BlackRock, Inc		17,571,941
	6,593		Calamos Asset Management, Inc (Class A)		90,324
	226,146		Capital One Financial Corp		18,718,104
	11,259		Cash America International, Inc		553,380
	34,656		CBOE Holdings, Inc		2,042,625
	454,951		Charles Schwab Corp		13,043,445
	128,370		CME Group, Inc		10,758,690
	8,667	e	Cohen & Steers, Inc		371,468
	7,999	*	Consumer Portfolio Services, Inc		56,473
	12,438		CorEnergy Infrastructure Trust, Inc		93,409
	46,375	*	Cowen Group, Inc		187,355

128

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	2,836	*	Credit Acceptance Corp	$	418,480
	1,901	e	Deerfield Capital Corp		17,489
	1,157		Diamond Hill Investment Group, Inc		155,026
	189,275		Discover Financial Services		12,071,959
	114,917	*	E*Trade Financial Corp		2,562,649
	48,078		Eaton Vance Corp		1,770,713
	10,156	*,e	Encore Capital Group, Inc		462,200
	13,092		Evercore Partners, Inc (Class A)		677,773
	20,397	*	Ezcorp, Inc (Class A)		230,078
	3,862	*	FBR & Co		93,229
	37,360	e	Federated Investors, Inc (Class B)		1,168,247
	20,516	e	Financial Engines, Inc		817,973
	11,533	*	First Cash Financial Services, Inc		681,370
	36,692	*	FNFV Group		493,140
	160,214		Franklin Resources, Inc		8,909,501
	7,489	e	Friedman Billings Ramsey Group, Inc (Class A)		205,049
	17,828	e	FXCM, Inc		293,449
	9,623		Gain Capital Holdings, Inc		82,373
	2,529		GAMCO Investors, Inc (Class A)		208,946
	29,194		GFI Group, Inc		160,567
	180,454		Goldman Sachs Group, Inc		34,284,456
	12,168	*	Green Dot Corp		290,815
	11,735	e	Greenhill & Co, Inc		528,075
	13,088		HFF, Inc (Class A)		412,010
	19,105		Interactive Brokers Group, Inc (Class A)		493,291
	46,882		IntercontinentalExchange Group, Inc		9,765,052
	6,188	*	International Assets Holding Corp		112,003
	175,158		Invesco Ltd		7,088,644
	14,488	*	Investment Technology Group, Inc		259,770
	14,803	e	iShares Russell 2000 Index Fund		1,725,438
	61,863	e	Janus Capital Group, Inc		927,326
	4,735	*	JG Wentworth Co		52,653
	26,962	*	KCG Holdings, Inc		287,415
	38,510	*,e	Ladenburg Thalmann Financial Services, Inc		164,438
	48,866		Lazard Ltd (Class A)		2,404,696
	42,636		Legg Mason, Inc		2,217,072
	146,519		Leucadia National Corp		3,484,222
	34,725		LPL Financial Holdings, Inc		1,437,268
	5,874		Manning & Napier, Inc		93,044
	3,240	*	Marcus & Millichap, Inc		100,634
	14,942		MarketAxess Holdings, Inc		966,000
	3,292		Marlin Business Services Corp		69,593
	110,137		McGraw-Hill Financial, Inc		9,965,196
	2,967	e	Moelis & Co		101,353
	75,216		Moody’s Corp		7,463,684
	607,356		Morgan Stanley		21,227,092
	46,336		MSCI, Inc (Class A)		2,162,038
	47,079		NASDAQ OMX Group, Inc		2,036,638
	170,901		Navient Corp		3,380,422
	8,392		Nelnet, Inc (Class A)		399,375
	10,526	*	NewStar Financial, Inc		143,996
	4,205	*	Nicholas Financial, Inc		51,343

129

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	95,782		Northern Trust Corp	$	6,350,347
	73,053	*	NorthStar Asset Management Group, Inc		1,323,720
	3,966		Oppenheimer Holdings, Inc		97,365
	22,644	*,e	PHH Corp		536,436
	9,210	*	Pico Holdings, Inc		203,541
	6,514	*	Piper Jaffray Cos		367,780
	19,859	*	PRA Group, Inc		1,256,082
	4,748		Pzena Investment Management, Inc (Class A)		47,717
	50,474		Raymond James Financial, Inc		2,833,106
	1,700		RCS Capital Corp (Class A)		27,897
	4,505	*	Regional Management Corp		52,528
	5,457		Resource America, Inc (Class A)		52,060
	8,217	*	Safeguard Scientifics, Inc		163,929
	34,890		Santander Consumer USA Holdings, Inc		645,465
	54,196		SEI Investments Co		2,095,217
	2,020		Silvercrest Asset Management Group, Inc		30,159
	172,088		SLM Corp		1,643,440
	6,218	e	SPDR S&P MidCap 400 ETF Trust		1,604,990
	75,801	e	SPDR Trust Series 1		15,286,030
	9,622	*,e	Springleaf Holdings, Inc		360,055
	174,125		State Street Corp		13,139,472
	24,175	*	Stifel Financial Corp		1,148,554
	13,104	*,e	SWS Group, Inc		96,839
	48,344	*	Synchrony Financial		1,306,255
	105,904		T Rowe Price Group, Inc		8,693,659
	109,889		TD Ameritrade Holding Corp		3,707,655
	2,871		Virtus Investment Partners, Inc		514,512
	55,547		Voya Financial, Inc		2,180,220
	34,459		Waddell & Reed Financial, Inc (Class A)		1,645,073
	14,939	*,e	Walter Investment Management Corp		339,414
	2,714		Westwood Holdings Group, Inc		183,195
	39,914	*,e	WisdomTree Investments, Inc		588,732
	3,115	*,e	World Acceptance Corp		223,221
			TOTAL DIVERSIFIED FINANCIALS		346,283,444

ENERGY - 8.3%
	47,732	*	Abraxas Petroleum Corp		197,133
	1,000		Adams Resources & Energy, Inc		42,050
	10,008	e	Alon USA Energy, Inc		160,528
	105,922	*,e	Alpha Natural Resources, Inc		207,607
	22,497	*	American Eagle Energy Corp		39,145
	11,848	*,e	Amyris Biotechnologies, Inc		35,781
	202,160		Anadarko Petroleum Corp		18,554,245
	21,224	*,e	Antero Resources Corp		1,112,987
	154,368		Apache Corp		11,917,210
	3,270	*,e	APCO Argentina, Inc		46,859
	16,182	*,e	Approach Resources, Inc		160,202
	108,194	e	Arch Coal, Inc		233,699
	10,604	e	Ardmore Shipping Corp		107,419
	4,154	*,e	Aspen Aerogels, Inc		41,249
	20,447	*	Athlon Energy, Inc		1,192,060
	26,082	*	Atwood Oceanics, Inc		1,060,233

130

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	172,944		Baker Hughes, Inc	$	9,159,114
	13,169	*	Basic Energy Services, Inc		169,880
	20,072	*,e	Bill Barrett Corp		305,094
	14,329	*	Bonanza Creek Energy, Inc		648,244
	50,084	*,e	BPZ Energy, Inc		62,104
	15,099		Bristow Group, Inc		1,115,816
	17,907	*	C&J Energy Services, Inc		345,784
	171,639		Cabot Oil & Gas Corp		5,337,973
	28,847	*	Callon Petroleum Co		189,236
	81,190	*	Cameron International Corp		4,834,865
	8,536	e	CARBO Ceramics, Inc		441,055
	18,355	*	Carrizo Oil & Gas, Inc		953,359
	13,713	*,e	CHC Group Ltd		92,151
	95,923	*	Cheniere Energy, Inc		7,194,225
	211,244		Chesapeake Energy Corp		4,685,392
	763,816		Chevron Corp		91,619,729
	35,027		Cimarex Energy Co		3,981,519
	2,445	*	Clayton Williams Energy, Inc		203,277
	27,865	*,e	Clean Energy Fuels Corp		203,693
	24,459	*	Cloud Peak Energy, Inc		292,774
	144,484	*	Cobalt International Energy, Inc		1,691,908
	19,360		Comstock Resources, Inc		229,222
	45,067	*	Concho Resources, Inc		4,913,655
	492,489		ConocoPhillips		35,533,082
	88,976		Consol Energy, Inc		3,274,317
	7,333		Contango Oil & Gas Co		268,168
	34,280	*,e	Continental Resources, Inc		1,932,364
	6,749	e	CVR Energy, Inc		327,866
	3,403		Dawson Geophysical Co		57,817
	23,765		Delek US Holdings, Inc		805,396
	142,400		Denbury Resources, Inc		1,765,760
	163,256		Devon Energy Corp		9,795,360
	37,030	e	DHT Holdings, Inc		246,620
	27,669	e	Diamond Offshore Drilling, Inc		1,043,398
	17,393	*	Diamondback Energy, Inc		1,190,377
	2,966	*	Dorian LPG Ltd		42,503
	30,128	*	Dresser-Rand Group, Inc		2,461,458
	16,208	*	Dril-Quip, Inc		1,457,910
	12,171	*,e	Eclipse Resources Corp		159,562
	23,543	*,e	Emerald Oil, Inc		74,867
	28,992		Energen Corp		1,962,758
	41,772	e	Energy XXI Bermuda Ltd		321,227
	218,417		EOG Resources, Inc		20,760,536
	13,740	*,e	EP Energy Corp		200,604
	60,344		EQT Corp		5,674,750
	6,490	*	Era Group, Inc		151,801
	8,771		Evolution Petroleum Corp		82,974
	62,750	e	EXCO Resources, Inc		191,388
	23,373		Exterran Holdings, Inc		919,260
	1,716,974	d	Exxon Mobil Corp		166,048,556
	93,528	*	FMC Technologies, Inc		5,241,309
	23,476	*	Forum Energy Technologies, Inc		640,895

131

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	15,791	e	Frank’s International NV	$	272,079
	53,230	*,e	Frontline Ltd		75,054
	21,505	*,e	FX Energy, Inc		64,515
	18,454	e	GasLog Ltd		384,212
	29,583	*	Gastar Exploration, Inc		118,332
	5,250	*	Geospace Technologies Corp		161,648
	4,676	*,e	Glori Energy, Inc		24,923
	20,302		Golar LNG Ltd		1,139,145
	14,119	*,e	Goodrich Petroleum Corp		116,341
	15,395		Green Plains Renewable Energy, Inc		526,509
	12,581		Gulfmark Offshore, Inc		379,443
	35,362	*	Gulfport Energy Corp		1,774,465
	114,674	*,e	Halcon Resources Corp		356,636
	4,519		Hallador Petroleum Co		54,228
	337,484		Halliburton Co		18,608,868
	17,510	*,e	Harvest Natural Resources, Inc		65,137
	44,702	*	Helix Energy Solutions Group, Inc		1,190,861
	38,399		Helmerich & Payne, Inc		3,333,801
	87,187	*,e	Hercules Offshore, Inc		143,859
	109,133		Hess Corp		9,255,570
	79,230		Holly Corp		3,595,457
	16,139	*	Hornbeck Offshore Services, Inc		494,822
	9,110	*,e	Independence Contract Drilling, Inc		66,776
	52,583	*	ION Geophysical Corp		147,232
	341	*,e	Isramco, Inc		44,671
	4,648	*,e	Jones Energy, Inc (Class A)		57,449
	64,602	*	Key Energy Services, Inc		196,390
	262,781	e	Kinder Morgan, Inc		10,169,625
	109,598	*	Kodiak Oil & Gas Corp		1,182,562
	46,853	*	Kosmos Energy LLC		437,139
	32,656	*,e	Laredo Petroleum Holdings, Inc		619,158
	83,738	*,e	Magnum Hunter Resources Corp		388,544
	272,922		Marathon Oil Corp		9,661,439
	100,486		Marathon Petroleum Corp		9,134,177
	31,972	*	Matador Resources Co		775,960
	10,361	*	Matrix Service Co		259,647
	104,046	*,e	McDermott International, Inc		399,537
	20,215	*	Memorial Resource Development Corp		547,624
	14,957	*,e	Midstates Petroleum Co, Inc		44,422
	12,913	*,e	Miller Petroleum, Inc		44,937
	5,541	*	Mitcham Industries, Inc		56,518
	72,227		Murphy Oil Corp		3,856,200
	121,372		Nabors Industries Ltd		2,166,490
	170,736		National Oilwell Varco, Inc		12,402,263
	5,354	*	Natural Gas Services Group, Inc		137,758
	39,611		Navios Maritime Acq Corp		125,567
	55,998	*	Newfield Exploration Co		1,826,095
	39,786	*	Newpark Resources, Inc		454,754
	143,532		Noble Energy, Inc		8,271,749
	9,719	e	Nordic American Offshore Ltd		155,504
	35,382	e	Nordic American Tanker Shipping		298,978
	28,833	e	North Atlantic Drilling Ltd		178,476

132

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	27,104	*,e	Northern Oil And Gas, Inc	$	306,275
	8,627	*,e	Nuverra Environmental Solutions, Inc		81,698
	40,736	*	Oasis Petroleum, Inc		1,220,451
	315,160		Occidental Petroleum Corp		28,027,179
	43,005		Oceaneering International, Inc		3,021,961
	18,690	*	Oil States International, Inc		1,116,541
	82,723	*	Oneok, Inc		4,875,694
	7,891	*,e	Pacific Ethanol, Inc		111,342
	5,712		Panhandle Oil and Gas, Inc (Class A)		117,439
	56,086	*	Parker Drilling Co		249,022
	23,692	*	Parsley Energy, Inc		402,053
	57,579		Patterson-UTI Energy, Inc		1,326,044
	27,353		PBF Energy, Inc		713,093
	15,614	*	PDC Energy, Inc		682,644
	107,795	e	Peabody Energy Corp		1,124,302
	26,939	*,e	Penn Virginia Corp		230,867
	24,643	*	Petroquest Energy, Inc		115,822
	5,035	*	PHI, Inc		225,266
	225,411		Phillips 66		17,694,764
	30,293	*	Pioneer Energy Services Corp		278,090
	56,898		Pioneer Natural Resources Co		10,757,136
	15,342	*,e	Profire Energy, Inc		56,919
	71,488		Questar Market Resources, Inc		1,792,204
	65,820		Range Resources Corp		4,502,088
	17,755	*	Renewable Energy Group, Inc		186,960
	32,052	*,e	Resolute Energy Corp		111,541
	19,322	*,e	Rex Energy Corp		151,484
	2,462	*	Rex Stores Corp		179,135
	22,531	*	Rice Energy, Inc		595,494
	6,371	*	RigNet, Inc		276,820
	11,927	*,e	Ring Energy, Inc		205,144
	24,658	*	Rosetta Resources, Inc		937,744
	51,234		Rowan Cos plc		1,243,449
	24,722		RPC, Inc		405,441
	10,558	*,e	RSP Permian, Inc		258,354
	21,960	*,e	Sanchez Energy Corp		374,857
	198,596	*,e	SandRidge Energy, Inc		774,524
	520,599		Schlumberger Ltd		51,362,297
	75,986	e	Scorpio Tankers, Inc		663,358
	7,758	*	SEACOR Holdings, Inc		639,647
	143,071	e	Seadrill Ltd		3,290,633
	16,993		SemGroup Corp		1,304,213
	18,211	*	Seventy Seven Energy, Inc		238,018
	29,283	e	Ship Finance International Ltd		503,375
	30,494	*,e	Solazyme, Inc		233,889
	141,652	*	Southwestern Energy Co		4,605,107
	266,893		Spectra Energy Corp		10,443,523
	27,359		St. Mary Land & Exploration Co		1,540,312
	24,572	*	Stone Energy Corp		602,014
	62,427		Superior Energy Services		1,570,039
	17,580	*,e	Swift Energy Co		120,423
	29,018	*	Synergy Resources Corp		353,729

133

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	15,356		Targa Resources Investments, Inc	$	1,975,242
	18,116		Teekay Corp		1,059,061
	24,539	e	Teekay Tankers Ltd (Class A)		104,045
	16,145		Tesco Corp		307,401
	51,611		Tesoro Corp		3,685,542
	35,635	*	Tetra Technologies, Inc		339,602
	21,367	e	Tidewater, Inc		787,801
	9,385	*	TransAtlantic Petroleum Ltd		77,426
	36,373	*,e	Triangle Petroleum Corp		281,891
	63,880	*,e	Ultra Petroleum Corp		1,456,464
	19,707	*	Unit Corp		954,213
	21,644	*	Vaalco Energy, Inc		160,598
	212,718		Valero Energy Corp		10,655,045
	82,233	*,e	Vantage Drilling Co		79,560
	11,267	*,e	Vertex Energy, Inc		71,207
	18,970		W&T Offshore, Inc		172,437
	32,776	*	Warren Resources, Inc		113,405
	21,135		Western Refining, Inc		963,545
	5,451	*	Westmoreland Coal Co		199,343
	47,997	*	Whiting Petroleum Corp		2,939,336
	16,810	*	Willbros Group, Inc		98,675
	299,057		Williams Cos, Inc		16,600,654
	29,739		World Fuel Services Corp		1,226,436
	82,710	*	WPX Energy, Inc		1,581,415
			TOTAL ENERGY		750,745,667

FOOD & STAPLES RETAILING - 1.8%
	11,257		Andersons, Inc		717,409
	16,330		Casey’s General Stores, Inc		1,336,937
	6,997	*,e	Chefs’ Warehouse Holdings, Inc		125,036
	177,341		Costco Wholesale Corp		23,651,969
	469,264		CVS Corp		40,267,544
	5,327	*,e	Fairway Group Holdings Corp		15,928
	17,126	*,e	Fresh Market, Inc		628,695
	5,387		Ingles Markets, Inc (Class A)		144,910
	12,815	e	Liberator Medical Holdings, Inc		36,907
	3,665	*,e	Natural Grocers by Vitamin C		66,373
	8,880	*	Pantry, Inc		228,838
	8,315		Pricesmart, Inc		740,284
	398,725	*	Rite Aid Corp		2,093,306
	22,524	e	Roundy’s, Inc		75,906
	91,722		Safeway, Inc		3,197,429
	14,851		Spartan Stores, Inc		332,811
	38,923	*,e	Sprouts Farmers Market, Inc		1,133,049
	79,233	*	Supervalu, Inc		683,781
	235,559		Sysco Corp		9,078,444
	19,794	*	United Natural Foods, Inc		1,346,388
	2,431		Village Super Market (Class A)		67,460
	382,000		Walgreen Co		24,532,040
	641,768		Wal-Mart Stores, Inc		48,947,645
	4,144		Weis Markets, Inc		184,988
	147,153		Whole Foods Market, Inc		5,787,528
			TOTAL FOOD & STAPLES RETAILING		165,421,605

134

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 4.7%
	16,446	*,e	22nd Century Group, Inc	$	36,181
	1,131		Alico, Inc		41,734
	34,587	*	Alliance One International, Inc		70,212
	796,995		Altria Group, Inc		38,526,739
	260,755		Archer Daniels Midland Co		12,255,485
	21,735		B&G Foods, Inc (Class A)		640,313
	3,308	*,e	Boston Beer Co, Inc (Class A)		823,692
	23,969	*	Boulder Brands, Inc		212,845
	61,001		Brown-Forman Corp (Class B)		5,652,963
	59,088		Bunge Ltd		5,238,151
	6,284		Calavo Growers, Inc		305,025
	6,403	e	Cal-Maine Foods, Inc		562,119
	69,755		Campbell Soup Co		3,081,078
	18,311	*	Chiquita Brands International, Inc		264,228
	2,067		Coca-Cola Bottling Co Consolidated		186,939
	1,589,448		Coca-Cola Co		66,566,082
	100,466		Coca-Cola Enterprises, Inc		4,355,201
	167,475		ConAgra Foods, Inc		5,752,766
	64,056	*	Constellation Brands, Inc (Class A)		5,863,686
	3,993	*	Craft Brewers Alliance, Inc		55,423
	65,306	*	Darling International, Inc		1,149,386
	36,347	e	Dean Foods Co		534,664
	8,644	*	Diamond Foods, Inc		260,617
	78,988		Dr Pepper Snapple Group, Inc		5,469,919
	3,496	*	Farmer Bros Co		101,943
	69,345		Flowers Foods, Inc		1,317,555
	14,873		Fresh Del Monte Produce, Inc		477,572
	246,887		General Mills, Inc		12,828,248
	19,988	*	Hain Celestial Group, Inc		2,163,701
	60,108		Hershey Co		5,764,958
	53,307		Hormel Foods Corp		2,873,780
	29,916		Ingredion, Inc		2,311,011
	5,854	*	Inventure Foods, Inc		77,507
	6,691		J&J Snack Foods Corp		689,374
	41,684		J.M. Smucker Co		4,335,136
	3,701		John B. Sanfilippo & Son, Inc		137,492
	103,212		Kellogg Co		6,601,440
	56,749		Keurig Green Mountain, Inc		8,611,661
	240,129		Kraft Foods Group, Inc		13,531,269
	204,471		Kroger Co		11,391,079
	7,970		Lancaster Colony Corp		729,175
	20,510		Lance, Inc		610,993
	1,889	*,e	Lifeway Foods, Inc		31,263
	4,613	e	Limoneira Co		118,370
	145,487		Lorillard, Inc		8,947,450
	52,623		McCormick & Co, Inc		3,721,499
	80,455		Mead Johnson Nutrition Co		7,989,986
	53,128		Molson Coors Brewing Co (Class B)		3,951,661
	675,725		Mondelez International, Inc		23,826,063

135

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	57,450	*	Monster Beverage Corp	$	5,795,556
	4,631	*	National Beverage Corp		116,331
	8,734	*	Omega Protein Corp		126,206
	607,029		PepsiCo, Inc		58,377,979
	630,675		Philip Morris International, Inc		56,136,382
	25,819	*,e	Pilgrim’s Pride Corp		733,518
	21,519		Pinnacle Foods, Inc		727,342
	17,300	*,e	Post Holdings, Inc		648,750
	123,605		Reynolds American, Inc		7,775,991
	9,235	e	Sanderson Farms, Inc		775,555
	149	*	Seaboard Corp		457,858
	7,341	*,e	Synutra International, Inc		46,469
	7,775	e	Tootsie Roll Industries, Inc		230,529
	16,845	*	TreeHouse Foods, Inc		1,434,689
	115,594		Tyson Foods, Inc (Class A)		4,664,218
	9,195	e	Universal Corp		409,177
	29,446	e	Vector Group Ltd		657,824
	69,178	*	WhiteWave Foods Co (Class A)		2,575,497
			TOTAL FOOD, BEVERAGE & TOBACCO		422,735,505

HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	8,485	e	Abaxis, Inc		446,820
	595,587		Abbott Laboratories		25,961,637
	15,929	*,e	Abiomed, Inc		522,312
	17,132	*	Acadia Healthcare Co, Inc		1,063,041
	30,619	*,e	Accuray, Inc		193,818
	3,135	*	Addus HomeCare Corp		62,292
	2,300	*,e	Adeptus Health, Inc		76,314
	142,153		Aetna, Inc		11,729,044
	15,861	*,e	Air Methods Corp		749,115
	32,474	*	Align Technology, Inc		1,708,782
	2,068	*	Alliance HealthCare Services, Inc		49,901
	71,047	*	Allscripts Healthcare Solutions, Inc		974,765
	3,624	*	Almost Family, Inc		106,691
	11,133	*	Amedisys, Inc		290,571
	91,697		AmerisourceBergen Corp		7,831,841
	18,333	*	AMN Healthcare Services, Inc		314,411
	17,061	*	Amsurg Corp		921,465
	4,677		Analogic Corp		341,140
	9,696	*	Angiodynamics, Inc		164,832
	5,745	*	Anika Therapeutics, Inc		230,604
	47,096	*,e	Antares Pharma, Inc		97,489
	15,051	*,e	athenahealth, Inc		1,843,747
	11,078	*	AtriCure, Inc		193,200
	618		Atrion Corp		203,946
	31,066		Bard (C.R.), Inc		5,093,892
	215,923		Baxter International, Inc		15,144,839
	77,988		Becton Dickinson & Co		10,037,056
	9,673	*,e	Bio-Reference Labs, Inc		290,577
	27,103	*,e	BioScrip, Inc		175,085
	10,352	*	BioTelemetry, Inc		86,853
	526,006	*	Boston Scientific Corp		6,985,360

136

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	68,727	*	Brookdale Senior Living, Inc	$	2,316,787
	12,469		Cantel Medical Corp		528,686
	11,455	*	Capital Senior Living Corp		257,737
	135,296		Cardinal Health, Inc		10,618,030
	11,141	*	Cardiovascular Systems, Inc		345,371
	82,548	*	CareFusion Corp		4,735,779
	5,132	*,e	Castlight Health, Inc		64,201
	81,937	*	Catamaran Corp		3,905,937
	22,899	*	Centene Corp		2,122,050
	120,092	*	Cerner Corp		7,606,627
	29,608	*,e	Cerus Corp		123,169
	7,021	e	Chemed Corp		725,691
	108,926		Cigna Corp		10,845,762
	45,488	*	Community Health Systems, Inc		2,500,475
	4,462		Computer Programs & Systems, Inc		281,017
	10,837		Conmed Corp		455,046
	19,396		Cooper Cos, Inc		3,179,004
	4,880	*	Corvel Corp		167,970
	180,541		Covidien plc		16,689,210
	11,894	*	Cross Country Healthcare, Inc		115,015
	12,510		CryoLife, Inc		128,353
	10,693	*	Cyberonics, Inc		561,382
	8,831	*	Cynosure, Inc (Class A)		223,336
	70,760	*	DaVita, Inc		5,524,233
	56,381		Dentsply International, Inc		2,862,463
	8,395	*	Derma Sciences, Inc		76,394
	29,725	*	DexCom, Inc		1,336,139
	42,025	*	Edwards Lifesciences Corp		5,081,663
	25,511	*	Endologix, Inc		290,825
	8,148		Ensign Group, Inc		315,491
	32,174	*	Envision Healthcare Holdings, Inc		1,124,481
	3,811	*	Exactech, Inc		81,174
	13,769	*	ExamWorks Group, Inc		533,962
	312,056	*	Express Scripts Holding Co		23,972,142
	17,289	*	Five Star Quality Care, Inc		71,404
	19,474	*,e	GenMark Diagnostics, Inc		222,004
	12,263	*	Gentiva Health Services, Inc		241,581
	26,136	*	Globus Medical, Inc		579,435
	9,896	*	Greatbatch, Inc		496,680
	20,613	*	Haemonetics Corp		777,522
	14,043	*	Hanger Orthopedic Group, Inc		336,049
	133,354	*	HCA Holdings, Inc		9,341,448
	31,924	*	Health Net, Inc		1,516,709
	4,198	*	HealthEquity, Inc		85,639
	35,158		Healthsouth Corp		1,417,922
	8,271	*	HealthStream, Inc		256,070
	12,854	*,e	Healthways, Inc		199,237
	6,736	*	HeartWare International, Inc		519,480
	34,451	*	Henry Schein, Inc		4,135,154
	22,802		Hill-Rom Holdings, Inc		1,014,233
	34,672	*,e	HMS Holdings Corp		805,431
	102,415	*	Hologic, Inc		2,682,249

137

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	61,653		Humana, Inc	$	8,560,519
	6,479	*	ICU Medical, Inc		459,361
	20,405	*	Idexx Laboratories, Inc		2,890,776
	29,404	*	IMS Health Holdings, Inc		713,047
	2,170	*	Inogen Inc		51,234
	21,360	*	Insulet Corp		922,111
	9,702	*	Integra LifeSciences Holdings Corp		495,869
	14,628	*	Intuitive Surgical, Inc		7,252,562
	12,342		Invacare Corp		193,893
	32,915	*	Inverness Medical Innovations, Inc		1,315,613
	6,956	*	IPC The Hospitalist Co, Inc		289,787
	3,439	*,e	K2M Group Holdings, Inc		55,368
	25,817		Kindred Healthcare, Inc		561,520
	33,770	*	Laboratory Corp of America Holdings		3,690,723
	3,821		Landauer, Inc		136,754
	6,575	*,e	LDR Holding Corp		226,443
	5,627	*	LHC Group, Inc		137,017
	17,661	*	LifePoint Hospitals, Inc		1,236,270
	11,390	*	Magellan Health Services, Inc		689,323
	19,164	*	Masimo Corp		483,699
	92,647		McKesson Corp		18,845,326
	23,789	*	MedAssets, Inc		515,270
	21,429	*	Medidata Solutions, Inc		966,662
	396,160		Medtronic, Inc		27,002,266
	27,937	*	Merge Healthcare, Inc		76,827
	17,521	e	Meridian Bioscience, Inc		324,839
	17,287	*	Merit Medical Systems, Inc		261,898
	12,000	*	Molina Healthcare, Inc		583,680
	5,107	*	MWI Veterinary Supply, Inc		866,428
	4,200		National Healthcare Corp		253,302
	3,676	*	National Research Corp		58,412
	12,901	*	Natus Medical, Inc		438,634
	14,251	*	Neogen Corp		625,619
	20,656	*	NuVasive, Inc		844,830
	24,566	*	NxStage Medical, Inc		372,421
	2,948	*	Ocular Therapeutix, Inc		45,016
	39,516		Omnicare, Inc		2,631,370
	14,598	*	Omnicell, Inc		471,661
	21,728	*	OraSure Technologies, Inc		194,466
	7,325	*	Orthofix International NV		214,989
	25,069	e	Owens & Minor, Inc		835,299
	5,336	*	Oxford Immunotec Global plc		82,388
	34,082		Patterson Cos, Inc		1,469,275
	40,195	*	Pediatrix Medical Group, Inc		2,509,374
	12,030	*	PharMerica Corp		345,141
	4,996	*,e	PhotoMedex, Inc		19,185
	12,806	*	Premier, Inc		427,464
	4,577	*	Providence Service Corp		202,212
	19,842		Quality Systems, Inc		299,813
	57,433		Quest Diagnostics, Inc		3,644,698
	11,443	*,e	Quidel Corp		326,698
	12,387	*	RadNet, Inc		115,199

138

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	55,920	e	Resmed, Inc	$	2,920,142
	15,744	*,e	Rockwell Medical Technologies, Inc		137,288
	22,692	*	RTI Biologics, Inc		115,502
	31,111		Select Medical Holdings Corp		448,621
	23,302	*	Sirona Dental Systems, Inc		1,830,372
	8,440	*	Skilled Healthcare Group, Inc (Class A)		58,489
	15,763	*	Spectranetics Corp		500,791
	112,451		St. Jude Medical, Inc		7,215,981
	14,817	*	Staar Surgical Co		141,799
	23,100		STERIS Corp		1,427,580
	135,878		Stryker Corp		11,893,401
	4,961	*	Surgical Care Affiliates, Inc		152,203
	5,430	*	SurModics, Inc		117,559
	14,125	*	Symmetry Medical, Inc		139,837
	3,142	*,e	Tandem Diabetes Care, Inc		50,461
	27,841	*	Team Health Holdings, Inc		1,741,176
	16,433		Teleflex, Inc		1,875,334
	38,890	*	Tenet Healthcare Corp		2,179,785
	22,510	*	Thoratec Corp		611,822
	13,231	*	Tornier BV		369,806
	10,717	*,e	TransEnterix, Inc		43,940
	10,733	*	Triple-S Management Corp (Class B)		237,629
	2,959	*,e	TriVascular Technologies, Inc		39,207
	40,501	*,e	Unilife Corp		148,639
	392,287		UnitedHealth Group, Inc		37,271,188
	16,919	*	Universal American Corp		157,685
	35,375		Universal Health Services, Inc (Class B)		3,668,741
	4,758		US Physical Therapy, Inc		205,308
	1,453		Utah Medical Products, Inc		82,530
	41,343	*	Varian Medical Systems, Inc		3,477,773
	6,979	*	Vascular Solutions, Inc		205,252
	35,160	*	VCA Antech, Inc		1,602,241
	14,315	*,e	Veeva Systems, Inc		426,301
	2,579	*	Veracyte, Inc		20,813
	9,105	*	Vocera Communications, Inc		94,237
	20,922	*	Volcano Corp		211,731
	17,333	*	WellCare Health Plans, Inc		1,176,391
	113,514		WellPoint, Inc		14,381,089
	26,762		West Pharmaceutical Services, Inc		1,371,553
	19,965	*	Wright Medical Group, Inc		631,293
	11,805	*,e	Zeltiq Aesthetics, Inc		302,680
	66,768		Zimmer Holdings, Inc		7,427,272
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		431,629,282

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	172,010		Avon Products, Inc		1,788,904
	15,669	*	Central Garden and Pet Co (Class A)		134,597
	54,132		Church & Dwight Co, Inc		3,919,698
	52,254		Clorox Co		5,199,273
	364,199		Colgate-Palmolive Co		24,357,629
	24,390		Coty, Inc		404,874
	10,401	*,e	Elizabeth Arden, Inc		170,577

139

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	24,505		Energizer Holdings, Inc	$	3,005,538
	91,235		Estee Lauder Cos (Class A)		6,859,047
	9,176	e	Female Health Co		41,934
	30,245	*	Harbinger Group, Inc		397,419
	31,565	e	Herbalife Ltd		1,655,900
	12,014	*	IGI Laboratories, Inc		117,857
	6,703		Inter Parfums, Inc		190,365
	152,714		Kimberly-Clark Corp		17,450,629
	5,231	*	Medifast, Inc		166,032
	3,786		Nature’s Sunshine Products, Inc		56,411
	23,177	e	Nu Skin Enterprises, Inc (Class A)		1,224,441
	2,747	*	Nutraceutical International Corp		61,753
	1,470		Oil-Dri Corp of America		44,365
	3,285		Orchids Paper Products Co		94,477
	1,088,229		Procter & Gamble Co		94,969,745
	4,568	*	Revlon, Inc (Class A)		156,682
	9,038		Spectrum Brands, Inc		818,753
	2,534	*,e	USANA Health Sciences, Inc		288,825
	5,981		WD-40 Co		458,563
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		164,034,288

INSURANCE - 4.2%
	136,365		ACE Ltd		14,904,694
	183,504		Aflac, Inc		10,960,694
	6,651	*	Alleghany Corp		2,954,906
	39,203		Allied World Assurance Co Holdings Ltd		1,489,714
	175,745		Allstate Corp		11,397,063
	17,752	*	AMBAC Financial Group, Inc		406,166
	29,633		American Equity Investment Life Holding Co		764,828
	28,867		American Financial Group, Inc		1,727,113
	580,110		American International Group, Inc		31,076,493
	2,872		American National Insurance Co		327,638
	6,505		Amerisafe, Inc		271,258
	11,941	e	Amtrust Financial Services, Inc		535,793
	120,384		Aon plc		10,353,024
	53,365	*	Arch Capital Group Ltd		3,005,517
	10,440		Argo Group International Holdings Ltd		582,552
	63,660		Arthur J. Gallagher & Co		3,036,582
	25,295		Aspen Insurance Holdings Ltd		1,103,621
	28,385		Assurant, Inc		1,936,425
	71,608		Assured Guaranty Ltd		1,652,713
	4,444	*,e	Atlas Financial Holdings, Inc		65,904
	42,929		Axis Capital Holdings Ltd		2,066,602
	3,677		Baldwin & Lyons, Inc (Class B)		98,985
	735,862	*	Berkshire Hathaway, Inc (Class B)		103,138,418
	47,992		Brown & Brown, Inc		1,529,025
	98,708		Chubb Corp		9,807,627
	65,885		Cincinnati Financial Corp		3,325,216
	17,701	*,e	Citizens, Inc (Class A)		129,040
	10,018		CNA Financial Corp		391,503
	86,449		Conseco, Inc		1,567,320
	11,500		Crawford & Co (Class B)		117,070

140

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,405		Donegal Group, Inc (Class A)	$	53,867
	7,590	*	eHealth, Inc		189,370
	1,918		EMC Insurance Group, Inc		61,453
	11,158		Employers Holdings, Inc		227,512
	17,691		Endurance Specialty Holdings Ltd		1,025,193
	3,656	*	Enstar Group Ltd		541,344
	10,065		Erie Indemnity Co (Class A)		854,216
	18,372		Everest Re Group Ltd		3,135,182
	3,922		FBL Financial Group, Inc (Class A)		194,453
	4,374	e	Federated National Holding Co		146,354
	4,480		Fidelity & Guaranty Life		106,400
	41,816		First American Financial Corp		1,267,861
	112,285		FNF Group		3,350,584
	197,612	*	Genworth Financial, Inc (Class A)		2,764,592
	12,261	*	Greenlight Capital Re Ltd (Class A)		397,869
	5,627	*	Hallmark Financial Services		65,611
	16,850		Hanover Insurance Group, Inc		1,127,939
	178,896		Hartford Financial Services Group, Inc		7,080,704
	39,926		HCC Insurance Holdings, Inc		2,083,738
	3,640	e	HCI Group, Inc		185,058
	2,883	*,e	Heritage Insurance Holdings, Inc		51,202
	28,136	*	Hilltop Holdings, Inc		619,836
	15,137		Horace Mann Educators Corp		460,316
	3,159		Independence Holding Co		44,700
	4,201		Infinity Property & Casualty Corp		306,715
	1,519		Kansas City Life Insurance Co		75,388
	18,133		Kemper Corp		668,201
	102,996		Lincoln National Corp		5,640,061
	127,557		Loews Corp		5,561,485
	18,988		Maiden Holdings Ltd		226,907
	5,562	*	Markel Corp		3,842,730
	222,267		Marsh & McLennan Cos, Inc		12,084,657
	55,986	*	MBIA, Inc		546,423
	20,353		Meadowbrook Insurance Group, Inc		129,649
	11,675		Mercury General Corp		620,176
	377,861		Metlife, Inc		20,495,181
	17,905		Montpelier Re Holdings Ltd		593,372
	14,334		National General Holdings Corp		268,762
	1,981		National Interstate Corp		56,340
	1,147		National Western Life Insurance Co (Class A)		310,837
	4,225	*	Navigators Group, Inc		287,680
	105,629		Old Republic International Corp		1,560,140
	7,800		OneBeacon Insurance Group Ltd (Class A)		124,254
	21,119		PartnerRe Ltd		2,443,257
	2,237	*	Phoenix Cos, Inc		132,788
	12,138		Platinum Underwriters Holdings Ltd		760,203
	22,640		Primerica, Inc		1,158,036
	118,800		Principal Financial Group		6,221,556
	23,897		ProAssurance Corp		1,117,902
	240,343		Progressive Corp		6,347,459
	32,363		Protective Life Corp		2,255,054
	181,814		Prudential Financial, Inc		16,097,812

141

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	27,513		Reinsurance Group of America, Inc (Class A)	$	2,317,970
	16,886		RenaissanceRe Holdings Ltd		1,744,830
	17,174		RLI Corp		851,659
	5,226		Safety Insurance Group, Inc		325,998
	21,192		Selective Insurance Group, Inc		547,177
	17,340		Stancorp Financial Group, Inc		1,206,170
	6,046		State Auto Financial Corp		126,543
	8,607		Stewart Information Services Corp		303,999
	32,198		Symetra Financial Corp		763,093
	22,453	*	Third Point Reinsurance Ltd		343,531
	53,444		Torchmark Corp		2,830,394
	140,655		Travelers Cos, Inc		14,178,024
	3,342	*	United America Indemnity Ltd		96,851
	7,816		United Fire & Casualty Co		253,864
	2,557		United Insurance Holdings Corp		50,117
	12,469	e	Universal Insurance Holdings, Inc		218,207
	104,017		UnumProvident Corp		3,480,409
	36,138		Validus Holdings Ltd		1,437,570
	39,861		W.R. Berkley Corp		2,054,436
	2,450		White Mountains Insurance Group Ltd		1,531,054
	110,157		XL Capital Ltd		3,732,119
			TOTAL INSURANCE		375,085,898

MATERIALS - 3.7%
	12,936		A. Schulman, Inc		458,064
	8,495	*	Advanced Emissions Solutions, Inc		171,769
	1,694	*	AEP Industries, Inc		77,907
	84,477		Air Products & Chemicals, Inc		11,375,673
	29,568		Airgas, Inc		3,298,015
	75,129	*,e	AK Steel Holding Corp		568,727
	31,646		Albemarle Corp		1,847,493
	466,269		Alcoa, Inc		7,814,668
	43,208		Allegheny Technologies, Inc		1,419,383
	50,881	*,e	Allied Nevada Gold Corp		70,725
	11,715	e	American Vanguard Corp		135,191
	3,985		Ampco-Pittsburgh Corp		86,833
	26,457		Aptargroup, Inc		1,646,684
	30,979		Ashland, Inc		3,347,901
	39,151		Avery Dennison Corp		1,834,224
	27,841		Axiall Corp		1,121,992
	12,490		Balchem Corp		808,103
	55,742		Ball Corp		3,591,457
	40,024		Bemis Co, Inc		1,539,723
	35,788	*	Berry Plastics Group, Inc		931,204
	15,190	*	Boise Cascade Co		547,751
	8,509		Brush Engineered Materials, Inc		335,680
	25,614		Cabot Corp		1,189,258
	21,261	*	Calgon Carbon Corp		447,119
	21,158		Carpenter Technology Corp		1,058,958
	14,973	*,e	Castle (A.M.) & Co		110,052
	62,096		Celanese Corp (Series A)		3,646,898
	20,348	*	Century Aluminum Co		595,789

142

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	20,707		CF Industries Holdings, Inc	$	5,383,820
	2,772		Chase Corp		99,432
	37,974	*	Chemtura		884,414
	8,163	*	Clearwater Paper Corp		525,289
	65,545	e	Cliffs Natural Resources, Inc		736,070
	47,970	*	Coeur d’Alene Mines Corp		177,489
	46,809		Commercial Metals Co		809,328
	13,355		Compass Minerals International, Inc		1,144,256
	55,239	*	Crown Holdings, Inc		2,647,605
	28,088		Cytec Industries, Inc		1,309,743
	4,672		Deltic Timber Corp		304,100
	25,526		Domtar Corp		1,048,353
	479,285		Dow Chemical Co		23,676,679
	368,626		Du Pont (E.I.) de Nemours & Co		25,490,488
	19,530		Eagle Materials, Inc		1,707,508
	59,736		Eastman Chemical Co		4,825,474
	106,045		Ecolab, Inc		11,795,385
	28,500	*	Ferro Corp		373,920
	21,392	*	Flotek Industries, Inc		474,047
	53,127		FMC Corp		3,046,833
	415,109		Freeport-McMoRan Copper & Gold, Inc (Class B)		11,830,606
	8,437		FutureFuel Corp		112,381
	16,545		Glatfelter		417,430
	25,489		Globe Specialty Metals, Inc		479,448
	14,256	e	Gold Resource Corp		55,456
	126,934	*	Graphic Packaging Holding Co		1,539,709
	13,180		Greif, Inc (Class A)		580,711
	19,859		H.B. Fuller Co		833,482
	4,200		Hawkins, Inc		161,742
	4,940		Haynes International, Inc		229,661
	29,267	*	Headwaters, Inc		371,691
	151,816		Hecla Mining Co		330,959
	20,277	*,e	Horsehead Holding Corp		318,552
	79,223		Huntsman Corp		1,933,041
	8,994		Innophos Holdings, Inc		512,658
	9,625		Innospec, Inc		388,561
	32,390		International Flavors & Fragrances, Inc		3,211,468
	169,885		International Paper Co		8,599,579
	21,952	*,e	Intrepid Potash, Inc		295,254
	7,211		Kaiser Aluminum Corp		501,525
	33,322	*	Kapstone Paper and Packaging Corp		1,024,985
	3,950		KMG Chemicals, Inc		69,915
	8,099		Koppers Holdings, Inc		319,748
	12,330	*	Kraton Polymers LLC		220,584
	8,381		Kronos Worldwide, Inc		112,641
	10,324	*	Landec Corp		129,979
	55,241	*	Louisiana-Pacific Corp		806,519
	7,299	*	LSB Industries, Inc		273,931
	168,820		LyondellBasell Industries AF S.C.A		15,468,977
	4,655	*,e	Marrone Bio Innovations, Inc		12,196
	25,384		Martin Marietta Materials, Inc		2,967,897
	66,875		MeadWestvaco Corp		2,953,869

143

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	13,780		Minerals Technologies, Inc	$	1,057,064
	209,055		Monsanto Co		24,049,687
	133,208		Mosaic Co		5,902,446
	10,894		Myers Industries, Inc		162,756
	6,475		Neenah Paper, Inc		395,040
	3,613		NewMarket Corp		1,401,880
	199,212		Newmont Mining Corp		3,737,217
	19,907		Noranda Aluminium Holding Corp		87,790
	126,740		Nucor Corp		6,851,564
	32,025		Olin Corp		776,286
	3,926		Olympic Steel, Inc		78,991
	12,801		OM Group, Inc		333,210
	25,194	*	Omnova Solutions, Inc		177,114
	66,219	*	Owens-Illinois, Inc		1,706,464
	38,502		Packaging Corp of America		2,775,224
	35,374	*	Platform Specialty Products Corp		919,724
	37,351		PolyOne Corp		1,382,360
	55,396		PPG Industries, Inc		11,283,611
	117,196		Praxair, Inc		14,765,524
	5,837		Quaker Chemical Corp		479,101
	16,877	e	Rayonier Advanced Materials, Inc		481,501
	30,960		Reliance Steel & Aluminum Co		2,089,181
	92,557	*	Rentech, Inc		147,166
	33,891	*	Resolute Forest Products		629,017
	57,124		Rock-Tenn Co (Class A)		2,921,893
	28,848		Rockwood Holdings, Inc		2,218,700
	25,517		Royal Gold, Inc		1,458,297
	53,026		RPM International, Inc		2,402,078
	12,025	*	RTI International Metals, Inc		283,189
	4,402	*	Ryerson Holding Corp		56,258
	10,080		Schnitzer Steel Industries, Inc (Class A)		237,384
	11,733		Schweitzer-Mauduit International, Inc		505,223
	17,748		Scotts Miracle-Gro Co (Class A)		1,051,391
	85,289		Sealed Air Corp		3,091,726
	16,710	*,e	Senomyx, Inc		132,343
	19,703		Sensient Technologies Corp		1,166,024
	34,903		Sherwin-Williams Co		8,012,333
	47,830		Sigma-Aldrich Corp		6,500,575
	18,128		Silgan Holdings, Inc		891,172
	40,581		Sonoco Products Co		1,658,545
	59,710		Southern Copper Corp (NY)		1,718,454
	96,065		Steel Dynamics, Inc		2,210,456
	7,636		Stepan Co		338,122
	47,713	*	Stillwater Mining Co		626,472
	27,754	*	SunCoke Energy, Inc		663,321
	33,886	*	Tahoe Resources, Inc		588,261
	11,366	*	Taminco Corp		294,266
	16,249		TimkenSteel Corp		659,384
	7,438	*	Trecora Resources		97,810
	10,895		Tredegar Corp		207,223
	4,602	*	Trinseo S.A.		66,499
	24,613		Tronox Ltd		595,142

144

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	2,376	*	UFP Technologies, Inc	$	52,319
	790		United States Lime & Minerals, Inc		55,387
	57,666	e	United States Steel Corp		2,308,947
	2,856	*	Universal Stainless & Alloy		73,428
	5,448	*	US Concrete, Inc		134,566
	21,969	e	US Silica Holdings Inc		986,408
	33,782		Valspar Corp		2,775,529
	51,613		Vulcan Materials Co		3,185,038
	21,822	e	Wausau Paper Corp		215,820
	16,361		Westlake Chemical Corp		1,154,269
	20,425		Worthington Industries, Inc		789,426
	30,356	*	WR Grace & Co		2,871,678
	9,183		Zep, Inc		147,479
			TOTAL MATERIALS		330,675,382

	MEDIA - 3.4%
	7,528		AH Belo Corp (Class A)		86,647
	14,764		AMC Entertainment Holdings, Inc		375,006
	24,486	*	AMC Networks, Inc		1,485,076
	86,098	e	Cablevision Systems Corp (Class A)		1,603,145
	9,072	*	Carmike Cinemas, Inc		290,758
	211,597		CBS Corp (Class B)		11,472,789
	29,048	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		70,587
	31,551	*	Charter Communications, Inc		4,997,363
	29,725	*	Cinedigm Corp		46,074
	45,849		Cinemark Holdings, Inc		1,619,387
	16,417		Clear Channel Outdoor Holdings, Inc (Class A)		119,187
	1,030,989		Comcast Corp (Class A)		57,065,241
	10,034	*	Crown Media Holdings, Inc (Class A)		35,019
	61,904	*	Cumulus Media, Inc (Class A)		238,949
	411	*,e	Daily Journal Corp		75,069
	6,234	*,e	Dex Media, Inc		48,563
	188,215	*	DIRECTV		16,335,180
	91,394	*	Discovery Communications, Inc (Class A)		3,230,778
	91,394	*	Discovery Communications, Inc (Class C)		3,197,876
	84,844	*	DISH Network Corp (Class A)		5,400,321
	29,376	*,e	DreamWorks Animation SKG, Inc (Class A)		654,497
	10,087	*	Entercom Communications Corp (Class A)		103,694
	23,005		Entravision Communications Corp (Class A)		118,706
	7,195	*	Eros International plc		132,820
	12,337	*	EW Scripps Co (Class A)		236,870
	87,353		Gannett Co, Inc		2,751,619
	6,645	*	Global Sources Ltd		48,708
	19,973	*	Gray Television, Inc		184,550
	19,411		Harte-Hanks, Inc		126,366
	2,790	*,e	Hemisphere Media Group, Inc		35,712
	176,027		Interpublic Group of Cos, Inc		3,413,164
	17,384		John Wiley & Sons, Inc (Class A)		1,015,052
	17,540	*	Journal Communications, Inc (Class A)		172,067
	31,578		Lamar Advertising Co (Class A)		1,631,004
	20,595	*,e	Lee Enterprises, Inc		76,819
	37,724	*	Liberty Media Corp		1,811,506

145

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	75,448	*	Liberty Media Corp (Class C)	$	3,616,223
	31,876	e	Lions Gate Entertainment Corp		1,056,052
	57,519	*	Live Nation, Inc		1,495,494
	5,064	*	Loral Space & Communications, Inc		387,396
	24,582	*	Madison Square Garden, Inc		1,862,332
	11,381	*	Martha Stewart Living Omnimedia, Inc (Class A)		49,280
	24,667	*	McClatchy Co (Class A)		87,815
	16,747		MDC Partners, Inc		346,663
	21,543	*,e	Media General, Inc (Class A)		321,852
	14,365		Meredith Corp		748,991
	7,739		Morningstar, Inc		528,187
	23,428		National CineMedia, Inc		372,505
	11,752		New Media Investment Group, Inc		223,993
	53,842		New York Times Co (Class A)		691,331
	197,825	*	News Corp		3,062,331
	12,268	e	Nexstar Broadcasting Group, Inc (Class A)		553,532
	104,903		Omnicom Group, Inc		7,538,330
	7,127	*,e	Radio One, Inc		17,746
	5,007	*,e	ReachLocal, Inc		22,682
	4,992	*	Reading International, Inc		49,770
	32,957	e	Regal Entertainment Group (Class A)		729,998
	3,944	*,e	Rentrak Corp		303,175
	1,443		Saga Communications, Inc		57,864
	2,491		Salem Communications		19,206
	10,478		Scholastic Corp		364,739
	42,095		Scripps Networks Interactive (Class A)		3,251,418
	17,717	*,e	SFX Entertainment, Inc		91,065
	27,216	e	Sinclair Broadcast Group, Inc (Class A)		790,625
	1,097,365	*,e	Sirius XM Holdings, Inc		3,763,962
	9,582	*	Sizmek, Inc		54,905
	44,058	*	Starz-Liberty Capital		1,361,392
	142,731		Thomson Corp		5,312,448
	110,085		Time Warner Cable, Inc		16,205,613
	352,106		Time Warner, Inc		27,981,864
	44,147	*	Time, Inc		997,281
	3,579	*	Townsquare Media, Inc		45,131
	762,426		Twenty-First Century Fox, Inc		26,288,448
	171,155		Viacom, Inc (Class B)		12,439,545
	694,992		Walt Disney Co		63,508,369
	11,367	e	World Wrestling Entertainment, Inc (Class A)		140,382
			TOTAL MEDIA		307,046,104

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1%
	641,421		AbbVie, Inc		40,704,577
	31,286	*,e	Acadia Pharmaceuticals, Inc		866,622
	10,244	*,e	Accelerate Diagnostics, Inc		222,500
	6,455	*,e	Acceleron Pharma, Inc		238,706
	9,217	*,e	AcelRx Pharmaceuticals, Inc		61,109
	2,818	*	Achaogen, Inc		29,927
	38,434	*,e	Achillion Pharmaceuticals, Inc		451,599
	16,488	*	Acorda Therapeutics, Inc		574,112
	102,488	*	Actavis plc		24,877,937

146

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	7,908	*,e	Actinium Pharmaceuticals, Inc	$	55,910
	1,336	*,e	Adamas Pharmaceuticals, Inc		20,347
	11,809	*,e	Aegerion Pharmaceuticals, Inc		238,424
	4,740	*,e	Aerie Pharmaceuticals, Inc		119,543
	28,957	*,e	Affymetrix, Inc		260,903
	25,516	*	Agenus, Inc		76,038
	132,637		Agilent Technologies, Inc		7,332,173
	5,322	*,e	Agios Pharmaceuticals, Inc		447,208
	3,159	*	Akebia Therapeutics, Inc		40,941
	24,866	*,e	Akorn, Inc		1,107,780
	9,258	*	Albany Molecular Research, Inc		215,341
	3,305	*,e	Alder Biopharmaceuticals, Inc		59,193
	79,717	*	Alexion Pharmaceuticals, Inc		15,254,645
	10,350	*	Alimera Sciences, Inc		58,995
	57,499	*	Alkermes plc		2,906,574
	120,383		Allergan, Inc		22,879,993
	26,497	*,e	Alnylam Pharmaceuticals, Inc		2,457,332
	8,549	*	AMAG Pharmaceuticals, Inc		282,202
	305,086		Amgen, Inc		49,478,847
	14,591	*,e	Ampio Pharmaceuticals, Inc		56,613
	13,268	*	Anacor Pharmaceuticals, Inc		390,212
	2,629	*,e	ANI Pharmaceuticals, Inc		89,281
	1,946	*,e	Applied Genetic Technologies Corp		39,115
	9,955	*	Aratana Therapeutics, Inc		111,496
	87,816	*,e	Arena Pharmaceuticals, Inc		382,878
	65,799	*,e	Ariad Pharmaceuticals, Inc		392,162
	50,525	*,e	Array Biopharma, Inc		181,385
	20,726	*,e	Arrowhead Research Corp		135,134
	3,300	*	Auspex Pharmaceuticals Inc		89,430
	19,904	*,e	Auxilium Pharmaceuticals, Inc		640,312
	2,761	*,e	Avalanche Biotechnologies, Inc		99,065
	68,463	*	AVANIR Pharmaceuticals, Inc		885,911
	27,687	*,e	BioCryst Pharmaceuticals, Inc		324,492
	20,345	*,e	BioDelivery Sciences International, Inc		354,003
	95,704	*	Biogen Idec, Inc		30,728,640
	57,996	*	BioMarin Pharmaceuticals, Inc		4,784,670
	27,963	*,e	Bio-Path Holdings, Inc		81,652
	8,265	*	Bio-Rad Laboratories, Inc (Class A)		932,457
	1,559	*	Biospecifics Technologies Corp		62,547
	14,706	*	Bio-Techne Corp		1,338,981
	19,659	*,e	Biotime, Inc		66,644
	8,780	*	Bluebird Bio, Inc		368,672
	668,556		Bristol-Myers Squibb Co		38,903,274
	41,957	*	Bruker BioSciences Corp		869,769
	12,351	*	Cambrex Corp		260,359
	2,312	*,e	Cara Therapeutics Inc		20,831
	19,561	*	Catalent, Inc		509,173
	323,379	*	Celgene Corp		34,630,657
	35,796	*,e	Celldex Therapeutics, Inc		599,583
	4,161	*,e	Cellular Dynamics International, Inc		32,331
	8,826	*,e	Cempra, Inc		120,034
	27,662	*,e	Cepheid, Inc		1,466,363

147

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	19,215	*	Charles River Laboratories International, Inc	$	1,213,619
	9,194	*,e	ChemoCentryx, Inc		51,670
	10,808	*,e	Chimerix, Inc		335,480
	9,865	*,e	Clovis Oncology, Inc		588,546
	22,589	*,e	Corcept Therapeutics, Inc		73,414
	22,811	*	Covance, Inc		1,822,599
	54,062	*,e	CTI BioPharma Corp		131,911
	29,945	*	Cubist Pharmaceuticals, Inc		2,164,724
	14,477	*,e	Cytokinetics, Inc		53,131
	25,229	*,e	Cytori Therapeutics, Inc		13,094
	21,974	*,e	CytRx Corp		62,846
	60,644	*,e	Dendreon Corp		59,401
	26,759	*	Depomed, Inc		412,089
	1,446	*,e	Dicerna Pharmaceuticals Inc		13,549
	6,152	*	Durata Therapeutics, Inc		147,833
	54,178	*	Dyax Corp		670,182
	91,953	*,e	Dynavax Technologies Corp		150,803
	802	*,e	Egalet Corp		6,023
	1,511	*	Eleven Biotheraputics Inc		15,956
	397,513		Eli Lilly & Co		26,367,037
	11,534	*	Emergent Biosolutions, Inc		260,899
	3,808	*,e	Enanta Pharmaceuticals, Inc		163,744
	60,571	*,e	Endo International plc		4,053,411
	14,308	*,e	Endocyte, Inc		85,633
	13,923	*	Enzo Biochem, Inc		72,678
	5,213	*,e	Epizyme, Inc		138,301
	1,727	*,e	Esperion Thereapeutics, Inc		50,515
	32,881	*,e	Exact Sciences Corp		791,446
	104,055	*,e	Exelixis, Inc		176,893
	6,594	*	Five Prime Therapeutics, Inc		85,986
	1,915	*	Flexion Therapeutics Inc		37,515
	11,238	*	Fluidigm Corp		325,902
	1,296	*,m	Forest Laboratories, Inc CVR		1,231
	5,651	*,e	Foundation Medicine, Inc		146,248
	2,832	*,m	Furiex Pharmaceuticals, Inc		27,669
	7,325	*,e	Galectin Therapeutics, Inc		39,701
	47,931	*,e	Galena Biopharma, Inc		98,259
	1,666	*	Genocea Biosciences Inc		14,627
	7,321	*,e	Genomic Health, Inc		266,045
	62,189	*,e	Geron Corp		138,681
	618,037	*	Gilead Sciences, Inc		69,220,144
	12,851	*	Golf Trust Of America, Inc		125,297
	41,532	*,e	Halozyme Therapeutics, Inc		399,538
	13,023	*	Heron Therapeutics, Inc		114,863
	25,679	*,e	Horizon Pharma plc		332,286
	66,499	*	Hospira, Inc		3,570,996
	5,485	*	Hyperion Therapeutics, Inc		133,285
	22,914	*,e	Idera Pharmaceuticals, Inc		58,431
	55,941	*	Illumina, Inc		10,773,118
	34,283	*,e	Immunogen, Inc		317,461
	35,440	*,e	Immunomedics, Inc		139,988
	27,831	*	Impax Laboratories, Inc		806,264

148

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	57,466	*	Incyte Corp	$	3,853,670
	19,642	*	Infinity Pharmaceuticals, Inc		267,524
	24,252	*,e	Inovio Pharmaceuticals, Inc		275,503
	20,107	*	Insmed, Inc		285,318
	3,990	*	Insys Therapeutics, Inc		162,293
	4,950	*	Intercept Pharmaceuticals, Inc		1,279,030
	6,807	*,e	Intra-Cellular Therapies, Inc		105,508
	14,341	*,e	Intrexon Corp		320,091
	48,025	*	Ironwood Pharmaceuticals, Inc		673,311
	46,795	*,e	Isis Pharmaceuticals, Inc		2,155,378
	23,651	*	Jazz Pharmaceuticals plc		3,993,235
	1,137,309		Johnson & Johnson		122,579,164
	5,018	*,e	Karyopharm Therapeutics, Inc		206,139
	36,296	*,e	Keryx Biopharmaceuticals, Inc		611,588
	4,496	*,e	Kindred Biosciences Inc		41,228
	3,452	*,e	Kite Pharma, Inc		127,689
	6,699	*,e	KYTHERA Biopharmaceuticals, Inc		236,140
	10,246	*	Lannett Co, Inc		581,153
	87,144	*,e	Lexicon Pharmaceuticals, Inc		126,359
	8,270	*,e	Ligand Pharmaceuticals, Inc (Class B)		457,083
	15,732	*	Luminex Corp		298,908
	8,023	*	MacroGenics, Inc		170,810
	45,287	*	Mallinckrodt plc		4,174,556
	90,579	*,e	MannKind Corp		544,380
	24,938	*	Medicines Co		631,430
	30,426	*	Medivation, Inc		3,216,028
	1,176,199		Merck & Co, Inc		68,148,970
	38,997	*,e	Merrimack Pharmaceuticals, Inc		357,602
	11,842	*	Mettler-Toledo International, Inc		3,060,802
	36,673	*,e	MiMedx Group, Inc		373,331
	2,993	*,e	Mirati Therapeutics, Inc		50,193
	18,851	*	Momenta Pharmaceuticals, Inc		205,664
	148,748	*	Mylan Laboratories, Inc		7,965,455
	29,826	*,e	Myriad Genetics, Inc		1,177,829
	3,381	*,e	NanoString Technologies, Inc		36,008
	15,109	*,e	NanoViricides, Inc		57,565
	57,284	*,e	Navidea Biopharmceuticals, Inc		77,333
	51,538	*	Nektar Therapeutics		710,709
	9,051	*,e	NeoStem, Inc		46,432
	27,511	*,e	Neuralstem, Inc		75,655
	31,005	*	Neurocrine Biosciences, Inc		574,213
	7,810	*,e	NewLink Genetics Corp		254,997
	14,396	*,e	Northwest Biotherapeutics, Inc		75,723
	95,539	*,e	Novavax, Inc		535,018
	42,306	*	NPS Pharmaceuticals, Inc		1,159,184
	7,823	*,e	Ohr Pharmaceutical, Inc		56,717
	13,482	*,e	Omeros Corp		223,397
	1,988	*,m	Omthera Pharmaceuticals, Inc		1,193
	4,885	*,e	OncoMed Pharmaceuticals, Inc		101,461
	27,185	*	Oncothyreon, Inc		48,933
	5,421	*,e	Ophthotech Corp		226,164
	78,548	*,e	Opko Health, Inc		655,876

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	46,442	*,e	Orexigen Therapeutics, Inc	$	188,555
	25,020	*,e	Organovo Holdings, Inc		163,631
	7,783	*,e	Osiris Therapeutics, Inc		106,082
	2,877	*	Otonomy, Inc		75,809
	5,799	*,e	OvaScience, Inc		113,254
	25,430	*,e	Pacific Biosciences of California, Inc		166,821
	14,220	*,e	Pacira Pharmaceuticals, Inc		1,319,900
	14,233	*,e	Pain Therapeutics, Inc		24,765
	22,595	*	Parexel International Corp		1,227,134
	64,073	e	PDL BioPharma, Inc		546,543
	68,417	*,e	Peregrine Pharmaceuticals, Inc		109,467
	43,144		PerkinElmer, Inc		1,873,312
	52,876		Perrigo Co plc		8,536,830
	2,566,599		Pfizer, Inc		76,869,640
	24,753	*	Pharmacyclics, Inc		3,234,475
	5,447	*	Phibro Animal Health Corp		141,186
	14,722	*	Portola Pharmaceuticals, Inc		419,577
	11,983		Pozen, Inc		108,686
	20,589	*	Prestige Brands Holdings, Inc		729,262
	30,473	*,e	Progenics Pharmaceuticals, Inc		147,185
	10,667	*	Prothena Corp plc		233,927
	8,904	*,e	PTC Therapeutics, Inc		363,906
	9,562	*,e	Puma Biotechnology, Inc		2,396,237
	92,805	*	Qiagen NV (NASDAQ)		2,177,205
	22,483	*	Quintiles Transnational Holdings, Inc		1,316,155
	2,813	*	Radius Health, Inc		51,787
	24,544	*,e	Raptor Pharmaceutical Corp		235,868
	7,411	*	Receptos, Inc		768,150
	6,117	*,e	Regado Biosciences, Inc		6,239
	31,860	*	Regeneron Pharmaceuticals, Inc		12,543,919
	5,559	*,e	Regulus Therapeutics, Inc		110,958
	6,592	*,e	Relypsa, Inc		135,597
	13,091	*	Repligen Corp		330,155
	9,071	*,e	Repros Therapeutics, Inc		57,510
	8,303	*,e	Retrophin, Inc		80,373
	3,290	*,e	Revance Therapeutics, Inc		66,326
	33,185	*	Rigel Pharmaceuticals, Inc		65,706
	8,812	*	Sagent Pharmaceuticals		278,812
	25,244	*	Salix Pharmaceuticals Ltd		3,631,349
	27,083	*,e	Sangamo Biosciences, Inc		328,788
	16,235	*,e	Sarepta Therapeutics, Inc		262,520
	22,166	*	Sciclone Pharmaceuticals, Inc		169,348
	40,247	*,e	Seattle Genetics, Inc		1,475,857
	45,275	*,e	Sequenom, Inc		148,049
	26,219	*,e	Spectrum Pharmaceuticals, Inc		198,740
	4,616	*,e	Stemline Therapeutics, Inc		71,040
	5,921	*,e	Sucampo Pharmaceuticals, Inc (Class A)		51,039
	19,689	*,e	Sunesis Pharmaceuticals, Inc		33,471
	20,591	*,e	Supernus Pharmaceuticals, Inc		165,346
	8,554	*,e	Synageva BioPharma Corp		647,880
	37,579	*,e	Synergy Pharmaceuticals, Inc		128,896
	22,494	*,e	Synta Pharmaceuticals Corp		66,582

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	2,393	*,e	T2 Biosystems, Inc	$	38,647
	7,755	*,e	TESARO, Inc		215,744
	8,814	*	Tetraphase Pharmaceuticals, Inc		210,655
	9,582	*,e	TG Therapeutics, Inc		105,306
	42,702	*,e	TherapeuticsMD, Inc		189,597
	9,312	*,e	Theravance Biopharma, Inc		170,410
	32,888	*,e	Theravance, Inc		526,866
	161,217		Thermo Electron Corp		18,954,283
	19,914	*,e	Threshold Pharmaceuticals, Inc		58,348
	2,590	*	Ultragenyx Pharmaceutical, Inc		121,756
	19,121	*	United Therapeutics Corp		2,504,277
	13,695	*,e	Vanda Pharmaceuticals, Inc		164,477
	8,443	*,e	Verastem, Inc		80,124
	2,749	*	Versartis, Inc		54,733
	95,262	*	Vertex Pharmaceuticals, Inc		10,730,312
	2,146	*,e	Vital Therapies, Inc		37,040
	28,968	*,e	Vivus, Inc		98,202
	34,397	*	Waters Corp		3,811,188
	6,202	*	Xencor Inc		66,920
	22,097	*,e	Xenoport, Inc		149,818
	33,340	*,e	XOMA Corp		143,029
	33,518	*,e	ZIOPHARM Oncology, Inc		111,280
	203,145		Zoetis Inc		7,548,868
	51,247	*,e	Zogenix, Inc		65,084
	2,337	*,e	ZS Pharma, Inc		87,918
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		823,163,237

REAL ESTATE - 3.8%
	22,590		Acadia Realty Trust		704,808
	11,101		AG Mortgage Investment Trust		211,696
	6,410		Agree Realty Corp		196,210
	19,412		Alexander & Baldwin, Inc		777,062
	945		Alexander’s, Inc		417,690
	28,556		Alexandria Real Estate Equities, Inc		2,370,148
	557	*,e	Altisource Asset Management Corp		300,780
	5,825	*,e	Altisource Portfolio Solutions S.A.		434,894
	21,827		Altisource Residential Corp		506,823
	14,192		American Assets Trust,Inc		544,121
	41,385		American Campus Communities, Inc		1,625,189
	142,290		American Capital Agency Corp		3,235,675
	20,453		American Capital Mortgage, Inc		400,674
	60,879		American Homes 4 Rent		1,067,209
	66,310		American Realty Capital Healthcare Trust, Inc		749,303
	361,539		American Realty Capital Properties, Inc		3,206,851
	12,177	*	American Residential Properties, Inc		231,363
	160,070		American Tower Corp		15,606,825
	7,646		AmREIT, Inc (Class B)		188,397
	386,219		Annaly Capital Management, Inc		4,406,759
	50,785		Anworth Mortgage Asset Corp		263,574
	58,223		Apartment Investment & Management Co (Class A)		2,083,801
	18,249		Apollo Commercial Real Estate Finance, Inc		300,014
	11,615		Ares Commercial Real Estate Corp		141,238

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	7,976		Armada Hoffler Properties, Inc	$	74,815
	141,470		ARMOUR Residential REIT, Inc		560,221
	10,029		Ashford Hospitality Prime, Inc		173,803
	27,183		Ashford Hospitality Trust, Inc		307,168
	20,730		Associated Estates Realty Corp		404,857
	4,648	*	AV Homes, Inc		69,673
	51,716		AvalonBay Communities, Inc		8,059,421
	7,845		Aviv REIT, Inc		264,612
	76,341		BioMed Realty Trust, Inc		1,658,126
	61,985		Boston Properties, Inc		7,856,599
	60,718		Brandywine Realty Trust		936,879
	19,145		Brixmor Property Group, Inc		466,372
	34,005		Camden Property Trust		2,607,163
	25,940		Campus Crest Communities, Inc		164,460
	43,968		Capstead Mortgage Corp		558,833
	7,818	*	CareTrust REIT, Inc		121,414
	5,253		CatchMark Timber Trust Inc		61,460
	67,518		CBL & Associates Properties, Inc		1,291,619
	114,300	*	CBRE Group, Inc		3,657,600
	49,144	*	CBS Outdoor Americas, Inc		1,495,452
	31,506		Cedar Shopping Centers, Inc		216,761
	94,917		Chambers Street Properties		779,269
	10,309		Chatham Lodging Trust		264,117
	19,826		Chesapeake Lodging Trust		655,051
	431,327		Chimera Investment Corp		1,345,740
	42,974		Colony Financial, Inc		957,461
	49,621		Columbia Property Trust, Inc		1,251,938
	1,735		Consolidated-Tomoka Land Co		90,550
	8,139		Coresite Realty		301,306
	34,732		Corporate Office Properties Trust		949,573
	78,762		Cousins Properties, Inc		1,024,694
	135,461		Crown Castle International Corp		10,582,213
	56,486		CubeSmart		1,189,030
	13,162		CyrusOne, Inc		359,454
	76,472		CYS Investments, Inc		682,895
	131,559		DCT Industrial Trust, Inc		1,127,461
	119,851		DDR Corp		2,174,097
	77,180		DiamondRock Hospitality Co		1,107,533
	55,043		Digital Realty Trust, Inc		3,797,417
	57,202		Douglas Emmett, Inc		1,609,092
	131,000		Duke Realty Corp		2,483,760
	24,919		DuPont Fabros Technology, Inc		771,741
	21,154		Dynex Capital, Inc		178,117
	12,644		EastGroup Properties, Inc		870,666
	57,231		Education Realty Trust, Inc		644,421
	35,421		Empire State Realty Trust, Inc		565,319
	22,634		Entertainment Properties Trust		1,269,767
	51,579		Equity Commonwealth		1,377,675
	33,388		Equity Lifestyle Properties, Inc		1,639,351
	24,495		Equity One, Inc		587,880
	145,925		Equity Residential		10,150,543
	25,280		Essex Property Trust, Inc		5,100,493

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	19,599		Excel Trust, Inc	$	254,787
	46,182		Extra Space Storage, Inc		2,685,945
	27,296		Federal Realty Investment Trust		3,597,613
	49,558		FelCor Lodging Trust, Inc		531,757
	43,668		First Industrial Realty Trust, Inc		852,836
	23,269		First Potomac Realty Trust		290,862
	63,074	*	Forest City Enterprises, Inc (Class A)		1,317,616
	16,040	*	Forestar Real Estate Group, Inc		279,898
	36,242		Franklin Street Properties Corp		434,542
	33,589		Gaming and Leisure Properties, Inc		1,049,656
	226,948		General Growth Properties, Inc		5,880,223
	28,661		Geo Group, Inc		1,144,720
	11,101		Getty Realty Corp		206,590
	6,437		Gladstone Commercial Corp		116,510
	57,559		Glimcher Realty Trust		790,285
	27,818		Government Properties Income Trust		634,807
	46,232		Gramercy Property Trust, Inc		288,950
	8,462		Hannon Armstrong Sustainable Infrastructure Capital, Inc		118,299
	36,991		Hatteras Financial Corp		704,309
	185,413		HCP, Inc		8,152,610
	125,542		Health Care REIT, Inc		8,927,292
	38,926		Healthcare Realty Trust, Inc		1,030,371
	93,175		Healthcare Trust of America, Inc		1,196,367
	79,845		Hersha Hospitality Trust		582,070
	35,946		Highwoods Properties, Inc		1,541,005
	22,770		Home Properties, Inc		1,464,339
	59,666		Hospitality Properties Trust		1,766,710
	307,507		Host Marriott Corp		7,167,988
	15,589	*	Howard Hughes Corp		2,297,507
	21,270		Hudson Pacific Properties		580,884
	34,121		Inland Real Estate Corp		362,024
	53,272		Invesco Mortgage Capital, Inc		881,119
	42,506		Investors Real Estate Trust		357,050
	68,052		Iron Mountain, Inc		2,454,636
	33,522	*	iStar Financial, Inc		475,677
	17,746		Jones Lang LaSalle, Inc		2,399,437
	27,458	e	Kennedy-Wilson Holdings, Inc		743,837
	32,374		Kilroy Realty Corp		2,193,015
	165,562		Kimco Realty Corp		4,130,772
	12,690		Kite Realty Group Trust		328,544
	41,363		LaSalle Hotel Properties		1,621,843
	80,750		Lexington Corporate Properties Trust		885,020
	58,847		Liberty Property Trust		2,046,110
	14,173		LTC Properties, Inc		594,416
	56,977		Macerich Co		4,016,878
	35,378		Mack-Cali Realty Corp		662,630
	67,395		Medical Properties Trust, Inc		909,159
	154,531		MFA Mortgage Investments, Inc		1,294,970
	29,938		Mid-America Apartment Communities, Inc		2,115,419
	21,852		Monmouth Real Estate Investment Corp (Class A)		244,742
	13,217		National Health Investors, Inc		871,132
	49,529		National Retail Properties, Inc		1,888,045

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	56,385		New Residential Investment Corp	$	698,046
	36,579		New York Mortgage Trust, Inc		285,682
	67,407		New York REIT, Inc		756,307
	86,688		NorthStar Realty Finance Corp		1,610,663
	50,100		Omega Healthcare Investors, Inc		1,911,816
	4,657		One Liberty Properties, Inc		106,599
	4,380		Owens Realty Mortgage, Inc		65,481
	31,908		Parkway Properties, Inc		639,755
	25,300		Pebblebrook Hotel Trust		1,077,780
	27,385		Pennsylvania REIT		586,861
	36,240		Pennymac Mortgage Investment Trust		782,422
	19,091		Physicians Realty Trust		292,856
	62,958		Piedmont Office Realty Trust, Inc		1,224,533
	71,613		Plum Creek Timber Co, Inc		2,936,849
	21,589		Post Properties, Inc		1,207,689
	17,050		Potlatch Corp		750,029
	198,841		Prologis, Inc		8,281,728
	7,705		PS Business Parks, Inc		648,915
	58,160		Public Storage, Inc		10,721,214
	4,875		QTS Realty Trust, Inc		171,697
	32,670		RAIT Investment Trust		239,471
	26,250		Ramco-Gershenson Properties		458,850
	50,633		Rayonier, Inc		1,694,686
	4,400	e	Re/Max Holdings, Inc		140,800
	59,750	*	Realogy Holdings Corp		2,450,347
	88,117		Realty Income Corp		4,056,025
	33,082		Redwood Trust, Inc		621,611
	37,187		Regency Centers Corp		2,257,251
	45,907		Resource Capital Corp		242,848
	36,120		Retail Opportunities Investment Corp		590,201
	94,240		Retail Properties of America, Inc		1,478,626
	18,500		Rexford Industrial Realty, Inc		285,825
	52,337		RLJ Lodging Trust		1,686,298
	14,383		Rouse Properties, Inc		261,914
	16,871		Ryman Hospitality Properties		832,584
	18,423		Sabra Healthcare REIT, Inc		526,345
	3,901		Saul Centers, Inc		214,360
	14,541		Select Income REIT		356,400
	81,093		Senior Housing Properties Trust		1,831,891
	14,331		Silver Bay Realty Trust Corp		242,624
	125,690		Simon Property Group, Inc		22,524,905
	38,743		SL Green Realty Corp		4,482,565
	13,682		Sovran Self Storage, Inc		1,164,201
	158,415		Spirit Realty Capital, Inc		1,885,138
	25,316	*,e	St. Joe Co		484,801
	19,054		STAG Industrial, Inc		464,918
	87,312		Starwood Property Trust, Inc		1,969,759
	14,914		Starwood Waypoint Residential Trust		390,449
	98,176	*	Strategic Hotels & Resorts, Inc		1,261,562
	34,370		Summit Hotel Properties, Inc		400,067
	19,286		Sun Communities, Inc		1,118,009
	82,255		Sunstone Hotel Investors, Inc		1,259,324

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	36,355		Tanger Factory Outlet Centers, Inc	$	1,300,418
	25,173		Taubman Centers, Inc		1,914,407
	5,192	*	Tejon Ranch Co		156,695
	11,848		Terreno Realty Corp		249,519
	7,936		Trade Street Residential, Inc		54,758
	145,259		Two Harbors Investment Corp		1,471,474
	102,113		UDR, Inc		3,086,876
	7,871		UMH Properties, Inc		79,497
	4,803		Universal Health Realty Income Trust		232,705
	11,670		Urstadt Biddle Properties, Inc (Class A)		252,422
	119,641		Ventas, Inc		8,196,605
	75,943		Vornado Realty Trust		8,314,240
	61,906		Washington Prime Group, Inc		1,091,403
	31,992		Washington REIT		904,094
	48,612		Weingarten Realty Investors		1,762,185
	10,756		Western Asset Mortgage Capital Corp		161,555
	215,850		Weyerhaeuser Co		7,308,681
	9,142		Whitestone REIT		137,130
	39,480		WP Carey, Inc		2,673,586
			TOTAL REAL ESTATE		346,210,686

RETAILING - 4.2%
	9,268	*	1-800-FLOWERS.COM, Inc (Class A)		74,422
	25,910		Aaron’s, Inc		641,532
	28,941	e	Abercrombie & Fitch Co (Class A)		968,945
	29,039		Advance Auto Parts, Inc		4,267,571
	29,079	*,e	Aeropostale, Inc		87,528
	151,310	*	Amazon.com, Inc		46,219,152
	82,186	e	American Eagle Outfitters, Inc		1,057,734
	3,169	*	America’s Car-Mart, Inc		145,711
	18,654	*	Ann Taylor Stores Corp		716,127
	12,502	*	Asbury Automotive Group, Inc		875,640
	50,758	*	Ascena Retail Group, Inc		631,937
	7,775	*	Audiovox Corp (Class A)		66,321
	28,569	*	Autonation, Inc		1,635,861
	12,975	*	AutoZone, Inc		7,181,922
	16,408	*	Barnes & Noble, Inc		358,023
	13,146		Bebe Stores, Inc		30,104
	81,506	*	Bed Bath & Beyond, Inc		5,488,614
	114,047		Best Buy Co, Inc		3,893,565
	7,055		Big 5 Sporting Goods Corp		86,847
	24,679		Big Lots, Inc		1,126,596
	5,139	*	Blue Nile, Inc		182,434
	12,823	e	Bon-Ton Stores, Inc		112,971
	17,331		Brown Shoe Co, Inc		460,831
	12,554	e	Buckle, Inc		619,289
	4,615	*	Build-A-Bear Workshop, Inc		78,224
	11,385	*	Burlington Stores, Inc		477,487
	19,837	*,e	Cabela’s, Inc		952,573
	87,760	*,e	Carmax, Inc		4,906,662
	10,463		Cato Corp (Class A)		373,215
	60,996		Chico’s FAS, Inc		919,820

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	8,856		Children’s Place Retail Stores, Inc	$	436,158
	14,714	*	Christopher & Banks Corp		96,082
	6,249	*	Citi Trends, Inc		141,540
	12,696	*,e	Conn’s, Inc		394,973
	6,884	*,e	Container Store Group, Inc		126,941
	9,586		Core-Mark Holding Co, Inc		556,276
	4,670	*,e	Coupons.com, Inc		65,006
	30,070		CST Brands, Inc		1,150,177
	5,544		Destination Maternity Corp		83,049
	14,776	*	Destination XL Group, Inc		77,426
	38,461		Dick’s Sporting Goods, Inc		1,744,976
	10,839		Dillard’s, Inc (Class A)		1,146,333
	123,389	*	Dollar General Corp		7,732,789
	82,821	*	Dollar Tree, Inc		5,016,468
	32,017		DSW, Inc (Class A)		949,304
	41,140		Expedia, Inc		3,495,666
	37,955	*	Express Parent LLC		568,186
	39,203		Family Dollar Stores, Inc		3,069,203
	21,663		Finish Line, Inc (Class A)		573,420
	21,612	*,e	Five Below, Inc		861,670
	58,051		Foot Locker, Inc		3,251,436
	16,847	*	Francesca’s Holdings Corp		200,648
	15,555		Fred’s, Inc (Class A)		244,213
	7,507	*	FTD Cos, Inc		264,096
	6,156	*	Gaiam, Inc (Class A)		46,601
	45,571	e	GameStop Corp (Class A)		1,948,616
	105,187		Gap, Inc		3,985,535
	9,519	*	Genesco, Inc		730,012
	61,884		Genuine Parts Co		6,007,699
	36,262		GNC Holdings, Inc		1,507,411
	9,395		Group 1 Automotive, Inc		802,615
	191,369	*,e	Groupon, Inc		1,398,907
	24,348		Guess?, Inc		539,795
	7,966		Haverty Furniture Cos, Inc		175,332
	4,857	*,e	HHgregg, Inc		25,159
	10,580	*,e	Hibbett Sports, Inc		480,226
	549,442		Home Depot, Inc		53,581,584
	37,245	*	HomeAway, Inc		1,299,850
	13,393		HSN, Inc		884,875
	124,310	*,e	JC Penney Co, Inc		945,999
	5,901	*	Kirkland’s, Inc		105,038
	84,216		Kohl’s Corp		4,566,191
	95,926		L Brands, Inc		6,918,183
	6,611	*,e	Lands’ End, Inc		313,824
	197,536	*	Liberty Interactive Corp		5,163,591
	29,909	*	Liberty TripAdvisor Holdings, Inc		944,526
	57,992	*	Liberty Ventures		2,035,519
	9,046		Lithia Motors, Inc (Class A)		702,150
	120,174	*	LKQ Corp		3,433,371
	407,984		Lowe’s Companies, Inc		23,336,685
	10,988	*,e	Lumber Liquidators, Inc		590,825
	144,876		Macy’s, Inc		8,376,730

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	9,957	*	MarineMax, Inc	$	190,876
	7,087	*,e	Mattress Firm Holding Corp		447,828
	19,844		Men’s Wearhouse, Inc		933,263
	11,145	*	Michaels Cos, Inc		203,731
	12,627		Monro Muffler, Inc		674,787
	18,657	*	Murphy USA, Inc		1,069,046
	24,004	*	NetFlix, Inc		9,428,051
	10,555	*	New York & Co, Inc		34,515
	55,201		Nordstrom, Inc		4,008,145
	11,300		Nutri/System, Inc		190,292
	212,330	*	Office Depot, Inc		1,108,363
	20,186	*	Orbitz Worldwide, Inc		166,938
	42,429	*	O’Reilly Automotive, Inc		7,462,413
	8,166	*,e	Outerwall, Inc		516,663
	4,892	*,e	Overstock.com, Inc		113,103
	17,800	*	Pacific Sunwear Of California, Inc		27,056
	18,385		Penske Auto Group, Inc		831,737
	20,968	*	PEP Boys - Manny Moe & Jack		199,825
	8,830	e	PetMed Express, Inc		116,644
	39,614		Petsmart, Inc		2,866,073
	37,408		Pier 1 Imports, Inc		482,563
	20,620	*	Priceline.com, Inc		24,872,050
	21,148		Rent-A-Center, Inc		654,954
	12,363	*,e	Restoration Hardware Holdings, Inc		992,996
	12,399	*,e	RetailMeNot, Inc		261,123
	84,478		Ross Stores, Inc		6,819,064
	64,473	*	Sally Beauty Holdings, Inc		1,889,704
	10,704	*,e	Sears Holdings Corp		373,784
	4,623	*,e	Sears Hometown and Outlet Stores, Inc		69,530
	21,733	*	Select Comfort Corp		558,321
	5,922		Shoe Carnival, Inc		108,965
	15,240	*	Shutterfly, Inc		637,489
	32,641		Signet Jewelers Ltd		3,917,246
	15,819		Sonic Automotive, Inc (Class A)		393,735
	3,417	*,e	Sportsman’s Warehouse Holdings, Inc		23,885
	12,585		Stage Stores, Inc		212,309
	257,676		Staples, Inc		3,267,332
	11,572		Stein Mart, Inc		154,833
	4,288	*	Systemax, Inc		65,606
	252,129		Target Corp		15,586,615
	44,852		Tiffany & Co		4,311,174
	11,191	*,e	Tile Shop Holdings, Inc		96,354
	4,219	*	Tilly’s, Inc		30,039
	278,583		TJX Companies, Inc		17,639,876
	55,604		Tractor Supply Co		4,071,325
	44,727	*	TripAdvisor, Inc		3,965,496
	17,397	*	Tuesday Morning Corp		354,725
	25,612	*	Ulta Salon Cosmetics & Fragrance, Inc		3,094,186
	42,110	*	Urban Outfitters, Inc		1,278,460
	17,334	*	Valuevision International, Inc (Class A)		98,110
	12,117	*	Vitamin Shoppe, Inc		568,651
	6,804	*	West Marine, Inc		66,951

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	37,585		Williams-Sonoma, Inc	$	2,444,153
	892		Winmark Corp		73,394
	5,208	*,e	zulily, Inc		189,467
	8,244	*	Zumiez, Inc		275,185
			TOTAL RETAILING		378,219,542

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	15,709	*	Advanced Energy Industries, Inc		310,724
	273,185	*,e	Advanced Micro Devices, Inc		764,918
	7,533	*	Alpha & Omega Semiconductor Ltd		69,831
	124,674		Altera Corp		4,285,045
	11,341	*,e	Ambarella, Inc		502,293
	39,862	*	Amkor Technology, Inc		270,264
	126,623		Analog Devices, Inc		6,283,033
	493,226		Applied Materials, Inc		10,895,362
	31,397	*	Applied Micro Circuits Corp		203,139
	167,509	*	Atmel Corp		1,242,917
	5,463	*,e	Audience, Inc		20,377
	100,865		Avago Technologies Ltd		8,699,606
	44,358	*	Axcelis Technologies, Inc		96,700
	212,946		Broadcom Corp (Class A)		8,918,178
	26,047		Brooks Automation, Inc		321,160
	9,662	*	Cabot Microelectronics Corp		465,998
	4,818	*	Cascade Microtech, Inc		51,745
	21,203	*	Cavium Networks, Inc		1,087,926
	8,650	*	Ceva, Inc		140,995
	24,698	*	Cirrus Logic, Inc		476,671
	9,419		Cohu, Inc		96,074
	48,381	*,e	Cree, Inc		1,523,034
	71,752	e	Cypress Semiconductor Corp		711,062
	14,527	*	Diodes, Inc		375,232
	9,301	*	DSP Group, Inc		90,127
	55,661	*	Entegris, Inc		755,876
	36,366	*	Entropic Communications, Inc		90,915
	15,727	*	Exar Corp		150,193
	48,686	*	Fairchild Semiconductor International, Inc		747,330
	29,004	*	First Solar, Inc		1,708,336
	21,843	*	Formfactor, Inc		174,089
	41,686	*,e	Freescale Semiconductor Holdings Ltd		829,135
	12,340	*	Inphi Corp		191,023
	52,621	*	Integrated Device Technology, Inc		863,511
	11,931		Integrated Silicon Solution, Inc		162,023
	2,003,581		Intel Corp		68,141,790
	27,685	*	International Rectifier Corp		1,101,032
	51,271		Intersil Corp (Class A)		681,392
	9,988		IXYS Corp		116,560
	65,785		Kla-Tencor Corp		5,206,883
	26,291	*	Kopin Corp		99,906
	64,111		Lam Research Corp		4,991,682
	46,871	*	Lattice Semiconductor Corp		314,504
	95,755		Linear Technology Corp		4,102,144
	4,644	*	MA-COM Technology Solutions		102,122

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	159,968		Marvell Technology Group Ltd	$	2,149,970
	112,426		Maxim Integrated Products, Inc		3,298,579
	11,428	*,e	MaxLinear, Inc		81,025
	17,514		Micrel, Inc		212,620
	79,651	e	Microchip Technology, Inc		3,433,755
	427,730	*	Micron Technology, Inc		14,153,586
	37,763	*	Microsemi Corp		984,481
	21,340		MKS Instruments, Inc		776,776
	15,405		Monolithic Power Systems, Inc		680,747
	9,714	*	Nanometrics, Inc		131,528
	1,929	*	NVE Corp		138,271
	222,117		Nvidia Corp		4,340,166
	21,300	*	Omnivision Technologies, Inc		570,414
	175,897	*	ON Semiconductor Corp		1,458,186
	12,269	*	PDF Solutions, Inc		159,129
	11,233	*	Peregrine Semiconductor Corp		139,626
	9,022	*	Pericom Semiconductor Corp		98,610
	23,544	*	Photronics, Inc		211,661
	77,701	*	PMC - Sierra, Inc		605,291
	12,028		Power Integrations, Inc		605,730
	21,183	*,e	QuickLogic Corp		61,007
	47,933	*	Rambus, Inc		548,833
	113,912	*,e	RF Micro Devices, Inc		1,481,995
	10,334	*,e	Rubicon Technology, Inc		45,780
	12,643	*	Rudolph Technologies, Inc		111,006
	26,681	*	Semtech Corp		677,164
	29,865	*	Silicon Image, Inc		160,076
	17,296	*	Silicon Laboratories, Inc		788,525
	75,393		Skyworks Solutions, Inc		4,390,888
	22,306	*	Spansion, Inc		459,057
	106,435	*	SunEdison, Inc		2,076,547
	18,113	*,e	SunPower Corp		576,718
	79,878		Teradyne, Inc		1,469,755
	20,925		Tessera Technologies, Inc		635,911
	435,905		Texas Instruments, Inc		21,647,042
	68,350	*	Triquint Semiconductor, Inc		1,478,410
	11,782	*	Ultra Clean Holdings		103,446
	11,090	*	Ultratech, Inc		212,152
	15,690	*,e	Veeco Instruments, Inc		564,683
	20,116	*	Vitesse Semiconductor Corp		70,004
	19,456	*	Xcerra Corp		165,181
	106,718		Xilinx, Inc		4,746,817
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		215,134,005

SOFTWARE & SERVICES - 10.2%
	4,685	*	A10 Networks, Inc		20,614
	256,090		Accenture plc		20,774,021
	45,090	*	ACI Worldwide, Inc		867,532
	197,091		Activision Blizzard, Inc		3,931,965
	18,969	*	Actuate Corp		81,377
	30,778	*	Acxiom Corp		579,858
	200,445	*	Adobe Systems, Inc		14,055,203

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	20,277		Advent Software, Inc	$	700,773
	3,991	*,e	Aerohive Networks, Inc		19,955
	71,821	*	Akamai Technologies, Inc		4,330,806
	22,252	*	Alliance Data Systems Corp		6,305,104
	3,462	*,e	Amber Road, Inc		46,218
	63,707		Amdocs Ltd		3,028,631
	9,809		American Software, Inc (Class A)		94,755
	17,713	*,e	Angie’s List, Inc		123,460
	37,142	*	Ansys, Inc		2,917,876
	31,853	*	AOL, Inc		1,386,561
	36,651	*	Aspen Technology, Inc		1,353,521
	90,529	*	Autodesk, Inc		5,209,039
	193,740		Automatic Data Processing, Inc		15,844,057
	12,884	*	AVG Technologies NV		230,881
	26,722	*,e	Bankrate, Inc		290,201
	3,114	*	Barracuda Networks, Inc		100,115
	19,910	*,e	Bazaarvoice, Inc		148,329
	1,900	*,e	Benefitfocus, Inc		52,649
	18,275		Blackbaud, Inc		813,237
	20,985	*,e	Blackhawk Network Holdings, Inc		725,242
	16,823	*	Blucora, Inc		285,150
	29,189		Booz Allen Hamilton Holding Co		769,130
	2,523	*,e	Borderfree, Inc		27,652
	15,474	*	Bottomline Technologies, Inc		388,243
	12,621	*	Brightcove, Inc		80,901
	48,345		Broadridge Financial Solutions, Inc		2,123,796
	11,032	*	BroadSoft, Inc		252,633
	128,230		CA, Inc		3,726,364
	9,222	*	CACI International, Inc (Class A)		758,878
	115,130	*	Cadence Design Systems, Inc		2,066,583
	18,327	*	Callidus Software, Inc		258,227
	7,045	*	Carbonite, Inc		77,072
	17,521	*	Cardtronics, Inc		672,631
	3,739	*,e	Care.com, Inc		31,034
	4,627		Cass Information Systems, Inc		219,968
	64,580	*	CDK Global, Inc		2,169,888
	8,307	*,e	ChannelAdvisor Corp		115,384
	30,571	*	Ciber, Inc		99,967
	66,662	*	Citrix Systems, Inc		4,281,700
	245,434	*	Cognizant Technology Solutions Corp (Class A)		11,989,451
	18,720	*	Commvault Systems, Inc		830,045
	57,639		Computer Sciences Corp		3,481,396
	6,003	e	Computer Task Group, Inc		52,826
	87,803		Compuware Corp		891,200
	13,742	*	comScore, Inc		579,088
	9,182	*	Comverse, Inc		200,168
	18,978	*,e	Concur Technologies, Inc		2,435,257
	12,466	*	Constant Contact, Inc		440,798
	40,661		Convergys Corp		820,132
	28,082	*	Conversant, Inc		989,890
	21,121	*	Cornerstone OnDemand, Inc		766,059
	12,931	*	CoStar Group, Inc		2,083,055

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	15,767	*,e	Covisint Corp	$	45,567
	13,500		CSG Systems International, Inc		357,885
	7,221	*,e	Cvent, Inc		187,313
	10,812	*,e	Cyan, Inc		34,058
	7,890	*	Datalink Corp		99,808
	21,240	*	DealerTrack Holdings, Inc		999,342
	3,291	*	Demand Media, Inc		23,169
	11,992	*,e	Demandware, Inc		718,920
	15,774	*	Dice Holdings, Inc		157,267
	13,396	*	Digital River, Inc		342,536
	2,622		DMRC Corp		76,012
	12,026		DST Systems, Inc		1,158,705
	9,188	*,e	E2open, Inc		53,658
	40,115		EarthLink Holdings Corp		143,612
	512,196	*	eBay, Inc		26,890,290
	11,888	e	Ebix, Inc		175,348
	125,133	*	Electronic Arts, Inc		5,126,699
	10,641	*,e	Ellie Mae, Inc		408,402
	12,110	*,e	Endurance International Group Holdings, Inc		201,268
	10,543	*	EnerNOC, Inc		155,720
	13,583	*	Envestnet, Inc		603,357
	14,013	*	EPAM Systems, Inc		668,981
	12,174		EPIQ Systems, Inc		195,271
	1,860	*	ePlus, Inc		113,590
	21,351		Equinix, Inc		4,460,224
	20,267	*	Euronet Worldwide, Inc		1,087,730
	26,096		EVERTEC, Inc		592,379
	2,787	*,e	Everyday Health, Inc		38,098
	12,942	*	ExlService Holdings, Inc		362,247
	794,757	*	Facebook, Inc		59,598,828
	16,946	e	Factset Research Systems, Inc		2,227,382
	13,745		Fair Isaac Corp		856,313
	116,300		Fidelity National Information Services, Inc		6,790,757
	34,214	*,e	FireEye, Inc		1,162,934
	36,630	*	First American Corp		1,149,083
	100,383	*	Fiserv, Inc		6,974,611
	5,007	*,e	Five9, Inc		22,031
	33,590	*	FleetCor Technologies, Inc		5,057,310
	14,959	*,e	FleetMatics Group plc		555,577
	5,122		Forrester Research, Inc		206,314
	54,561	*	Fortinet, Inc		1,421,314
	36,099	*	Gartner, Inc		2,913,550
	63,720	*	Genpact Ltd		1,118,286
	3,514	*,m	Gerber Scientific, Inc		0
	9,789	*,e	Gigamon, Inc		146,248
	26,600	*	Global Cash Access, Inc		193,914
	14,926	*,e	Global Eagle Entertainment, Inc		182,545
	27,942		Global Payments, Inc		2,249,331
	36,613	*,e	Glu Mobile, Inc		141,692
	22,346	*,e	Gogo, Inc		371,167
	114,298	*	Google, Inc		63,901,726
	112,943	*	Google, Inc (Class A)		64,136,941

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,664	*,e	GrubHub, Inc	$	133,223
	5,227	*	GTT Communications, Inc		67,846
	7,393	*,e	Guidance Software, Inc		49,755
	26,956	*	Guidewire Software, Inc		1,346,183
	10,211		Hackett Group, Inc		71,579
	14,021		Heartland Payment Systems, Inc		724,185
	28,527	*	Higher One Holdings, Inc		73,314
	29,546		IAC/InterActiveCorp		1,999,969
	14,665	*	iGate Corp		543,338
	9,015	*,e	Imperva, Inc		369,345
	21,929	*	Infoblox, Inc		353,934
	43,679	*	Informatica Corp		1,557,593
	13,542	*	Information Services Group, Inc		57,283
	6,621	*,e	Interactive Intelligence, Inc		319,529
	22,093	*	Internap Network Services Corp		176,965
	380,600		International Business Machines Corp		62,570,640
	114,258		Intuit, Inc		10,055,847
	18,949	e	j2 Global, Inc		1,024,951
	34,284		Jack Henry & Associates, Inc		2,050,869
	16,776	*	Jive Software, Inc		102,501
	9,164	*	Knot, Inc		116,658
	29,597	*,e	Kofax Ltd		187,941
	25,548		Leidos Holdings, Inc		934,290
	31,019	*	Limelight Networks, Inc		75,686
	41,482	*	LinkedIn Corp		9,497,719
	25,980	*	Lionbridge Technologies		125,483
	10,535	*,e	Liquidity Services, Inc		134,637
	21,292	*	Liveperson, Inc		306,605
	9,652	*	LogMeIn, Inc		463,779
	3,064	*,e	Luxoft Holding, Inc		122,529
	6,820	*,e	magicJack VocalTec Ltd		63,426
	30,535	*	Manhattan Associates, Inc		1,224,759
	9,410		Mantech International Corp (Class A)		264,986
	13,195		Marchex, Inc (Class B)		50,537
	10,794	*	Marin Software, Inc		96,606
	10,225	*,e	Marketo, Inc		329,961
	405,912		Mastercard, Inc (Class A)		33,995,130
	4,099	*,e	Mavenir Systems, Inc		50,254
	27,274		MAXIMUS, Inc		1,321,698
	38,559		Mentor Graphics Corp		817,065
	3,319,732		Microsoft Corp		155,861,417
	3,605	*	MicroStrategy, Inc (Class A)		579,972
	29,421	*,e	Millennial Media, Inc		60,313
	7,608	*	Model N, Inc		74,178
	14,497	*,e	ModusLink Global Solutions, Inc		50,739
	11,761	*	MoneyGram International, Inc		101,145
	15,829		Monotype Imaging Holdings, Inc		452,868
	38,282	*	Monster Worldwide, Inc		147,769
	15,248	*	Move, Inc		319,446
	14,753	*	Netscout Systems, Inc		543,796
	16,471	*,e	NetSuite, Inc		1,789,739
	24,084	*,e	NeuStar, Inc (Class A)		636,058

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	26,129		NIC, Inc	$	481,557
	104,441	*	Nuance Communications, Inc		1,611,525
	3,016	*,e	OPOWER, Inc		54,771
	1,322,920		Oracle Corp		51,660,026
	81,695	*	Pandora Media, Inc		1,575,080
	3,781	*,e	Park City Group, Inc		31,836
	130,892		Paychex, Inc		6,144,070
	2,354	*	Paycom Software, Inc		41,783
	14,018		Pegasystems, Inc		303,770
	13,586	*	Perficient, Inc		225,256
	12,240	*	PRG-Schultz International, Inc		64,750
	21,127	*	Progress Software Corp		547,189
	14,689	*,e	Proofpoint, Inc		646,904
	9,486	*	PROS Holdings, Inc		265,418
	47,152	*	PTC, Inc		1,798,849
	3,963	*,e	Q2 Holdings, Inc		59,802
	2,489		QAD, Inc (Class A)		53,538
	35,476	*	QLIK Technologies, Inc		1,005,745
	8,045	*	Qualys, Inc		258,084
	13,828	*	QuinStreet, Inc		56,003
	49,250	*	Rackspace Hosting, Inc		1,889,230
	10,019	*,e	Rally Software Development Corp		102,394
	9,129	*	RealNetworks, Inc		62,990
	20,747	*,e	RealPage, Inc		412,243
	77,106	*	Red Hat, Inc		4,543,086
	3,209		Reis, Inc		75,091
	3,291	*	Rightside Group Ltd		31,166
	7,220	*,e	Rocket Fuel, Inc		112,776
	8,026	*	Rosetta Stone, Inc		76,809
	37,512	*	Rovi Corp		783,251
	3,008	*,e	Rubicon Project, Inc		34,472
	17,425		Sabre Corp		299,710
	248,806	*	Salesforce.com, Inc		15,921,096
	9,731	*	Sapiens International Corp NV		77,070
	45,526	*	Sapient Corp		788,510
	16,805		Science Applications International Corp		821,933
	11,070	*	Sciquest, Inc		165,054
	13,463	*	Seachange International, Inc		91,010
	57,165	*	ServiceNow, Inc		3,883,218
	26,981	*,e	ServiceSource International LLC		103,067
	5,973	*,e	Shutterstock, Inc		464,460
	13,980	*,e	Silver Spring Networks, Inc		133,928
	26,239	*	SolarWinds, Inc		1,247,664
	27,434		Solera Holdings, Inc		1,425,196
	47,005	*	Splunk, Inc		3,106,090
	6,421	*	SPS Commerce, Inc		374,344
	27,006	*	SS&C Technologies Holdings, Inc		1,304,930
	5,602	*	Stamps.com, Inc		206,714
	15,251	*	Sykes Enterprises, Inc		328,507
	279,636		Symantec Corp		6,940,566
	13,984	*	Synchronoss Technologies, Inc		722,553
	62,003	*	Synopsys, Inc		2,540,883

163

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	6,330	*	Syntel, Inc	$	548,241
	15,391	*	TA Indigo Holding Corp		132,978
	15,011	*	Tableau Software, Inc		1,239,758
	38,339	*	Take-Two Interactive Software, Inc		1,014,067
	15,467	*	Tangoe, Inc		226,901
	16,987	*	TeleCommunication Systems, Inc (Class A)		48,923
	10,125	*	TeleNav, Inc		73,102
	7,285	*	TeleTech Holdings, Inc		188,026
	64,637	*	Teradata Corp		2,735,438
	7,569	*,e	Textura Corp		201,638
	64,535	*	TIBCO Software, Inc		1,508,183
	45,995	*	TiVo, Inc		600,235
	66,358		Total System Services, Inc		2,242,237
	4,367	*	Travelzoo, Inc		57,164
	13,220	*,e	Tremor Video, Inc		31,067
	3,307	*,e	TrueCar, Inc		55,558
	14,778	*,e	Trulia, Inc		689,394
	190,621	*	Twitter, Inc		7,905,053
	13,128	*	Tyler Technologies, Inc		1,469,286
	11,301	*	Ultimate Software Group, Inc		1,700,913
	20,494	*	Unisys Corp		525,466
	38,963	*	Unwired Planet, Inc		60,393
	50,985	*	Vantiv, Inc		1,576,456
	2,125	*,e	Varonis Systems, Inc		41,395
	11,802	*	Vasco Data Security International		298,827
	44,242	*	VeriFone Systems, Inc		1,648,457
	24,061	*	Verint Systems, Inc		1,383,267
	49,074	*,e	VeriSign, Inc		2,932,662
	16,673	*,e	VirnetX Holding Corp		97,870
	10,239	*	Virtusa Corp		419,594
	202,017		Visa, Inc (Class A)		48,772,964
	13,744	*,e	VistaPrint Ltd		918,924
	36,448	*	VMware, Inc (Class A)		3,045,959
	27,962	*,e	Vringo, Inc		28,801
	15,179	*,e	WebMD Health Corp (Class A)		647,840
	20,610	*	Website Pros, Inc		423,123
	222,867	e	Western Union Co		3,779,824
	15,388	*	WEX, Inc		1,747,461
	5,611	*,e	Wix.com Ltd		95,331
	37,273	*	Workday, Inc		3,558,826
	464,311		Xerox Corp		6,166,050
	12,453	*,e	Xoom Corp		188,040
	407,364	*	Yahoo!, Inc		18,759,112
	20,190	*,e	Yelp, Inc		1,211,400
	7,470	*,e	YuMe, Inc		37,275
	4,002	*,e	Zendesk, Inc		104,052
	12,357	*,e	Zillow, Inc		1,343,577
	23,238	*	Zix Corp		76,685
	288,329	*	Zynga, Inc		735,239
			TOTAL SOFTWARE & SERVICES		928,546,893

164

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 6.0%
	44,573	*,e	3D Systems Corp	$	1,684,859
	22,562		Adtran, Inc		478,540
	5,601	*	Agilysys, Inc		63,291
	5,160	e	Alliance Fiber Optic Products, Inc		66,616
	126,550		Amphenol Corp (Class A)		6,400,899
	11,053		Anixter International, Inc		941,384
	2,422,125		Apple, Inc		261,589,500
	5,899	*	Applied Optoelectronics, Inc		95,210
	1,971	*,e	Arista Networks, Inc		160,144
	50,088	*	ARRIS Group, Inc		1,503,642
	39,589	*	Arrow Electronics, Inc		2,251,031
	44,947	*	Aruba Networks, Inc		969,956
	54,561		Avnet, Inc		2,359,763
	21,648		AVX Corp		312,597
	5,631		Badger Meter, Inc		320,517
	4,074		Bel Fuse, Inc (Class B)		115,253
	16,843		Belden CDT, Inc		1,199,053
	21,281	*	Benchmark Electronics, Inc		504,785
	6,118		Black Box Corp		134,535
	38,274	*,e	Bookham, Inc		60,090
	173,985		Brocade Communications Systems, Inc		1,866,859
	14,389	*,e	CalAmp Corp		277,420
	16,699	*	Calix Networks, Inc		180,516
	34,589		CDW Corp		1,066,725
	16,366	*	Checkpoint Systems, Inc		217,013
	41,458	*,e	Ciena Corp		694,836
	2,063,561		Cisco Systems, Inc		50,495,338
	4,709	*,e	Clearfield, Inc		69,128
	35,298	*	Cognex Corp		1,396,389
	9,960	*	Coherent, Inc		648,894
	24,714	*	CommScope Holding Co, Inc		532,340
	6,617		Comtech Telecommunications Corp		251,909
	4,850	*,e	Control4 Corp		75,224
	516,380		Corning, Inc		10,549,643
	16,155	*,e	Cray, Inc		559,932
	13,448		CTS Corp		247,443
	8,443	*	CUI Global, Inc		69,064
	15,342		Daktronics, Inc		204,202
	25,760		Diebold, Inc		912,677
	10,399	*	Digi International, Inc		86,104
	19,072		Dolby Laboratories, Inc (Class A)		799,498
	21,804	*	Dot Hill Systems Corp		86,126
	7,017	*	DTS, Inc		208,966
	7,109	*,e	Eastman Kodak Co		153,341
	17,171	*	EchoStar Corp (Class A)		802,401
	7,109		Electro Rent Corp		108,341
	10,102		Electro Scientific Industries, Inc		71,724
	18,628	*	Electronics for Imaging, Inc		851,672
	827,949		EMC Corp		23,786,975
	30,938	*	Emulex Corp		175,109
	35,807	*	Extreme Networks, Inc		128,547
	30,756	*	F5 Networks, Inc		3,782,373

165

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	13,918	*	Fabrinet	$	253,447
	6,814	*	FARO Technologies, Inc		381,584
	16,823		FEI Co		1,417,842
	38,470	*,e	Finisar Corp		643,218
	57,308		Flir Systems, Inc		1,921,537
	12,192	*	GSI Group, Inc		156,667
	39,552	*	Harmonic, Inc		263,812
	43,138		Harris Corp		3,002,405
	758,807		Hewlett-Packard Co		27,225,995
	11,513	*	Immersion Corp		96,939
	48,653	*	Infinera Corp		706,928
	62,956	*	Ingram Micro, Inc (Class A)		1,689,739
	16,136	*	Insight Enterprises, Inc		367,094
	16,183		InterDigital, Inc		799,926
	9,257	*	Intevac, Inc		68,502
	28,245	*,e	InvenSense, Inc		457,851
	13,197	*,e	IPG Photonics Corp		968,792
	15,658	*	Itron, Inc		609,566
	22,924	*	Ixia		220,758
	80,813		Jabil Circuit, Inc		1,693,032
	92,020	*	JDS Uniphase Corp		1,238,589
	195,302		Juniper Networks, Inc		4,115,013
	18,784	*	Kemet Corp		90,163
	33,840	*,e	Knowles Corp		658,526
	5,979	*	KVH Industries, Inc		77,249
	25,702		Lexmark International, Inc (Class A)		1,109,298
	8,981		Littelfuse, Inc		876,007
	11,856	*,e	Maxwell Technologies, Inc		138,241
	13,539	*	Mercury Computer Systems, Inc		189,275
	1,138		Mesa Laboratories, Inc		86,909
	15,098		Methode Electronics, Inc		594,559
	91,212		Motorola, Inc		5,883,174
	6,091		MTS Systems Corp		402,067
	3,946	*	Multi-Fineline Electronix, Inc		40,052
	39,442		National Instruments Corp		1,249,523
	68,783	*	NCR Corp		1,903,226
	134,321		NetApp, Inc		5,748,939
	14,600	*	Netgear, Inc		496,984
	15,808	*	Newport Corp		282,805
	3,600	*,e	Nimble Storage, Inc		98,496
	5,940	*	Numerex Corp		77,458
	7,256		Oplink Communications, Inc		151,288
	7,973	*	OSI Systems, Inc		565,126
	22,145	*	Palo Alto Networks, Inc		2,340,727
	8,151		Park Electrochemical Corp		210,296
	38,779	*,e	Parkervision, Inc		50,800
	3,831		PC Connection, Inc		91,369
	16,902		Plantronics, Inc		876,707
	13,431	*	Plexus Corp		555,372
	55,882	*	Polycom, Inc		730,937
	8,174	*,e	Procera Networks, Inc		61,223
	34,549	*	QLogic Corp		408,024

166

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	679,877		Qualcomm, Inc	$	53,377,143
	89,500	*,e	Quantum Corp		114,560
	16,011	*,e	RealD, Inc		181,245
	63,928	*	Riverbed Technology, Inc		1,213,993
	12,287	*	Rofin-Sinar Technologies, Inc		275,106
	7,159	*	Rogers Corp		489,461
	25,574	*	Ruckus Wireless, Inc		331,951
	89,922		SanDisk Corp		8,465,257
	32,670	*	Sanmina Corp		819,037
	11,360	*	Scansource, Inc		433,725
	24,252	*	ShoreTel, Inc		196,199
	13,572	*,e	Silicon Graphics International Corp		117,805
	98,513	*	Sonus Networks, Inc		341,840
	20,353	*,e	Speed Commerce, Inc		60,448
	19,637	*,e	Stratasys Ltd		2,363,509
	13,654	*	Super Micro Computer, Inc		436,382
	14,300	*	Synaptics, Inc		978,549
	11,305		SYNNEX Corp		782,080
	15,228	*	Tech Data Corp		909,416
	2,797		Tessco Technologies, Inc		88,805
	103,836	*	Trimble Navigation Ltd		2,789,035
	21,256	*,e	TTM Technologies, Inc		146,879
	11,800	e	Ubiquiti Networks, Inc		422,086
	16,130	*,e	Universal Display Corp		504,546
	16,534	*,e	Viasat, Inc		1,035,690
	2,233	*	Viasystems Group, Inc		35,438
	31,816	*,e	Violin Memory, Inc		153,989
	50,091		Vishay Intertechnology, Inc		676,729
	5,516	*	Vishay Precision Group, Inc		93,717
	87,774		Western Digital Corp		8,634,328
	20,035	*	Zebra Technologies Corp (Class A)		1,477,581
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		544,858,979

TELECOMMUNICATION SERVICES - 2.2%
	34,713	*	8x8, Inc		272,844
	2,086,985		AT&T, Inc		72,710,557
	3,536		Atlantic Tele-Network, Inc		237,584
	9,315	*	Boingo Wireless, Inc		65,298
	228,897		CenturyTel, Inc		9,494,648
	80,190	*	Cincinnati Bell, Inc		294,297
	18,621		Cogent Communications Group, Inc		631,997
	20,324	e	Consolidated Communications Holdings, Inc		526,392
	8,375	*	Fairpoint Communications, Inc		139,025
	404,067	e	Frontier Communications Corp		2,642,598
	13,887	*	General Communication, Inc (Class A)		162,894
	108,646	*,e	Globalstar, Inc		257,491
	3,994	*	Hawaiian Telcom Holdco, Inc		107,439
	6,869		IDT Corp (Class B)		113,201
	24,055	*	inContact, Inc		214,089
	12,998		Inteliquent, Inc		218,756
	10,667	*,e	Intelsat S.A.		207,580
	31,918	*,e	Iridium Communications, Inc		303,221

167

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	71,672	*	Level 3 Communications, Inc	$	3,362,134
	7,188		Lumos Networks Corp		123,634
	6,901	e	NTELOS Holdings Corp		69,562
	18,108	*	Orbcomm, Inc		114,443
	19,090	*	Premiere Global Services, Inc		199,872
	11,280	*	RingCentral, Inc		148,219
	51,994	*	SBA Communications Corp (Class A)		5,840,486
	9,480		Shenandoah Telecom Co		280,513
	8,964		Spok Holdings, Inc		145,575
	291,138	*,e	Sprint Corp		1,726,448
	37,784		Telephone & Data Systems, Inc		968,782
	105,794	*	T-Mobile US, Inc		3,088,127
	55,272	*	tw telecom inc (Class A)		2,364,536
	5,233	*	US Cellular Corp		190,586
	1,665,855		Verizon Communications, Inc		83,709,214
	67,718	*	Vonage Holdings Corp		235,659
	238,965	e	Windstream Holdings, Inc		2,504,353
			TOTAL TELECOMMUNICATION SERVICES		193,672,054

TRANSPORTATION - 2.4%
	22,768	*	Air Transport Services Group, Inc		186,242
	54,256		Alaska Air Group, Inc		2,888,047
	5,558		Allegiant Travel Co		741,826
	3,092		Amerco, Inc		838,303
	290,001		American Airlines Group, Inc		11,991,541
	10,986		Arkansas Best Corp		425,158
	12,986	*	Atlas Air Worldwide Holdings, Inc		479,443
	41,916	*	Avis Budget Group, Inc		2,336,817
	16,473	e	Baltic Trading Ltd		61,774
	8,394		Celadon Group, Inc		163,347
	59,076		CH Robinson Worldwide, Inc		4,088,650
	22,628		Con-Way, Inc		981,376
	13,260		Copa Holdings S.A. (Class A)		1,550,359
	401,076		CSX Corp		14,290,338
	343,799		Delta Air Lines, Inc		13,831,034
	9,173	*	Echo Global Logistics, Inc		239,690
	78,628		Expeditors International of Washington, Inc		3,354,270
	116,917		FedEx Corp		19,571,906
	12,492		Forward Air Corp		597,992
	20,563	*	Genesee & Wyoming, Inc (Class A)		1,978,161
	18,112	*,e	Hawaiian Holdings, Inc		314,062
	21,551	e	Heartland Express, Inc		541,792
	180,760	*	Hertz Global Holdings, Inc		3,962,259
	14,356	*	Hub Group, Inc (Class A)		520,979
	1,603		International Shipholding Corp		32,124
	37,356		J.B. Hunt Transport Services, Inc		2,979,888
	98,880	*,e	JetBlue Airways Corp		1,141,075
	43,909		Kansas City Southern Industries, Inc		5,391,586
	22,870	*	Kirby Corp		2,528,965
	23,195		Knight Transportation, Inc		678,686
	13,061	e	Knightsbridge Tankers Ltd		114,676
	17,883		Landstar System, Inc		1,323,521

168

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	9,209		Marten Transport Ltd	$	180,681
	17,042		Matson, Inc		485,527
	35,711		Navios Maritime Holdings, Inc		210,338
	123,608		Norfolk Southern Corp		13,675,989
	24,980	*	Old Dominion Freight Line		1,820,293
	1,099	*	PAM Transportation Services, Inc		47,235
	3,699		Park-Ohio Holdings Corp		196,454
	2,632	*	Patriot Transportation Holding, Inc		111,492
	10,927	*	Quality Distribution, Inc		141,614
	18,858	*	Republic Airways Holdings, Inc		236,102
	10,363	*	Roadrunner Transportation Services Holdings, Inc		213,581
	21,193		Ryder System, Inc		1,874,945
	19,150		Safe Bulkers, Inc		102,261
	9,670	*	Saia, Inc		474,023
	51,400	*	Scorpio Bulkers, Inc		251,346
	16,053		Skywest, Inc		184,931
	275,842		Southwest Airlines Co		9,511,032
	29,515	*	Spirit Airlines, Inc		2,157,842
	33,719	*	Swift Transportation Co, Inc		832,859
	151,777	*	UAL Corp		8,015,343
	6,896	*,e	Ultrapetrol Bahamas Ltd		20,757
	365,113		Union Pacific Corp		42,517,409
	285,312		United Parcel Service, Inc (Class B)		29,932,082
	2,557		Universal Truckload Services, Inc		67,300
	2,325	*,e	USA Truck, Inc		39,292
	36,586	*,e	UTI Worldwide, Inc		399,885
	17,944		Werner Enterprises, Inc		494,178
	18,753	*	Wesco Aircraft Holdings, Inc		332,866
	20,782	*,e	XPO Logistics, Inc		829,617
	14,424	*,e	YRC Worldwide, Inc		309,251
			TOTAL TRANSPORTATION		215,792,412

UTILITIES - 3.2%
	11,980	*,e	Abengoa Yield plc		389,350
	284,519		AES Corp		4,003,182
	46,760		AGL Resources, Inc		2,520,832
	17,560		Allete, Inc		917,334
	44,601		Alliant Energy Corp		2,761,248
	96,164		Ameren Corp		4,071,584
	193,878		American Electric Power Co, Inc		11,310,843
	15,723		American States Water Co		562,569
	70,963		American Water Works Co, Inc		3,787,295
	70,438		Aqua America, Inc		1,845,476
	3,086		Artesian Resources Corp		68,725
	64,659	e	Atlantic Power Corp		143,543
	39,788		Atmos Energy Corp		2,108,764
	23,991		Avista Corp		850,481
	17,912		Black Hills Corp		980,324
	19,543		California Water Service Group		508,704
	168,334	*	Calpine Corp		3,841,382
	170,832		Centerpoint Energy, Inc		4,193,926
	5,793		Chesapeake Utilities Corp		280,555

169

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	24,056		Cleco Corp	$	1,293,251
	104,391		CMS Energy Corp		3,410,454
	4,434		Connecticut Water Service, Inc		164,812
	116,593		Consolidated Edison, Inc		7,387,332
	233,462		Dominion Resources, Inc		16,645,841
	70,459		DTE Energy Co		5,788,911
	285,596		Duke Energy Corp		23,461,711
	40,822	*	Dynegy, Inc		1,245,071
	129,568		Edison International		8,108,365
	17,179		El Paso Electric Co		650,053
	18,851		Empire District Electric Co		536,122
	71,392		Entergy Corp		5,998,356
	341,318		Exelon Corp		12,488,826
	165,458		FirstEnergy Corp		6,178,202
	61,218		Great Plains Energy, Inc		1,648,601
	40,311	e	Hawaiian Electric Industries, Inc		1,135,158
	20,674		Idacorp, Inc		1,307,217
	32,018		Integrys Energy Group, Inc		2,327,068
	63,862		ITC Holdings Corp		2,529,574
	17,510		Laclede Group, Inc		888,983
	74,813		MDU Resources Group, Inc		2,108,230
	15,712		MGE Energy, Inc		698,713
	6,217		Middlesex Water Co		140,193
	33,648		National Fuel Gas Co		2,329,451
	17,199		New Jersey Resources Corp		1,005,798
	176,447		NextEra Energy, Inc		17,683,518
	125,364		NiSource, Inc		5,272,810
	125,668		Northeast Utilities		6,201,716
	10,943	e	Northwest Natural Gas Co		513,555
	15,496		NorthWestern Corp		818,809
	135,343		NRG Energy, Inc		4,057,583
	14,538		NRG Yield, Inc		726,464
	79,342		OGE Energy Corp		2,958,663
	20,651		ONE Gas, Inc		783,705
	6,871	e	Ormat Technologies, Inc		198,915
	14,601		Otter Tail Corp		452,631
	16,181		Pattern Energy Group, Inc		465,689
	100,712		Pepco Holdings, Inc		2,753,466
	185,109		PG&E Corp		9,314,685
	31,252		Piedmont Natural Gas Co, Inc		1,187,889
	43,915		Pinnacle West Capital Corp		2,699,455
	31,726		PNM Resources, Inc		915,295
	31,029		Portland General Electric Co		1,129,766
	265,923		PPL Corp		9,304,646
	201,282		Public Service Enterprise Group, Inc		8,314,959
	69,734		Questar Corp		1,681,287
	56,043		SCANA Corp		3,076,200
	97,160		Sempra Energy		10,687,600
	6,388		SJW Corp		204,160
	13,180		South Jersey Industries, Inc		772,875
	361,086		Southern Co		16,739,947
	18,509		Southwest Gas Corp		1,075,188

170

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	RATE			MATURITY DATE	VALUE

	95,137		TECO Energy, Inc					$	1,865,637
	8,882	*	TerraForm Power, Inc						252,782
	68,010		UGI Corp						2,563,297
	23,623		UIL Holdings Corp						971,850
	6,713		Unitil Corp						233,881
	33,919		Vectren Corp						1,524,659
	51,005		Westar Energy, Inc						1,928,499
	20,634		WGL Holdings, Inc						969,798
	89,684	e	Wisconsin Energy Corp						4,453,707
	199,613		Xcel Energy, Inc						6,681,047
	4,886		York Water Co						107,394
			TOTAL UTILITIES						286,166,437

			TOTAL COMMON STOCKS						8,990,865,572
			(Cost $5,905,203,663)

RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	7,432	e,m	Magnum Hunter Resources Corp						0
			TOTAL ENERGY						0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	12,340	e,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 - 3.2%

GOVERNMENT AGENCY DEBT - 0.1%
$	15,000,000	d	Federal National Mortgage Association (FNMA)		0.045	%	11/04/14		14,999,944
			TOTAL GOVERNMENT AGENCY DEBT						14,999,944

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.1%
	278,287,735	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						278,287,735
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						278,287,735

			TOTAL SHORT-TERM INVESTMENTS						293,287,679
			(Cost $293,287,679)

			TOTAL INVESTMENTS - 102.8%						9,284,204,711
			(Cost $6,198,541,198)
			OTHER ASSETS & LIABILITIES, NET - (2.8)%						(254,798,125	)
			NET ASSETS - 100.0%					$	9,029,406,586

171

TIAA-CREF FUNDS - Equity Index Fund



	Abbreviation(s):
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	SPDR	Standard & Poor’s Depository Receipts

*	Non-income producing.
a	Affiliated holding.
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $275,430,669.
m	Indicates a security that has been deemed illiquid.

172

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.7%

AUTOMOBILES & COMPONENTS - 0.7%
	43,787	*	BorgWarner, Inc	$	2,496,735
	16,289		Gentex Corp		533,302
	53,572		Goodyear Tire & Rubber Co		1,298,050
	41,937		Harley-Davidson, Inc		2,755,261
	33,221		Johnson Controls, Inc		1,569,692
	12,507		Lear Corp		1,156,897
	18,479	*,e	Tesla Motors, Inc		4,466,374
	8,674		Thor Industries, Inc		458,768
			TOTAL AUTOMOBILES & COMPONENTS		14,735,079

BANKS - 0.1%
	4,300	*,e	Nationstar Mortgage Holdings, Inc		151,016
	21,801	*	Ocwen Financial Corp		513,632
	8,510	*	Signature Bank		1,030,816
	724	*	SVB Financial Group		81,081
			TOTAL BANKS		1,776,545

CAPITAL GOODS - 7.5%
	127,492		3M Co		19,604,445
	6,227		A.O. Smith Corp		332,211
	8,298		Acuity Brands, Inc		1,156,990
	1,813		Air Lease Corp		66,338
	18,276		Allegion plc		970,273
	26,103		Allison Transmission Holdings, Inc		847,826
	46,906		Ametek, Inc		2,446,148
	8,667	*	Armstrong World Industries, Inc		419,656
	19,776	*	BE Aerospace, Inc		1,472,323
	141,153		Boeing Co		17,631,421
	25,430		Caterpillar, Inc		2,578,856
	19,256		Chicago Bridge & Iron Co NV		1,052,148
	19,111	*	Colfax Corp		1,039,256
	3,389		Crane Co		211,304
	35,573		Cummins, Inc		5,200,061
	27,242		Danaher Corp		2,190,257
	15,222		Deere & Co		1,302,090
	26,396		Donaldson Co, Inc		1,097,546
	23,244		Dover Corp		1,846,503
	102,373		Emerson Electric Co		6,558,014
	58,810	e	Fastenal Co		2,589,992
	25,669		Flowserve Corp		1,745,235
	18,350		Fluor Corp		1,217,339
	13,085		Fortune Brands Home & Security, Inc		565,926
	19,081		Foster Wheeler AG.		592,083
	11,403		Graco, Inc		895,136

173

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	20,335	*	HD Supply Holdings, Inc	$	586,461
	18,768	*	Hexcel Corp		786,192
	152,754		Honeywell International, Inc		14,682,714
	1,689		Hubbell, Inc (Class B)		191,550
	8,534		Huntington Ingalls		903,068
	14,297		IDEX Corp		1,070,988
	65,182		Illinois Tool Works, Inc		5,934,821
	4,424	*	Ingersoll-Rand plc		277,031
	5,067		ITT Corp		228,319
	10,125		Lennox International, Inc		900,315
	5,860		Lincoln Electric Holdings, Inc		424,733
	52,689		Lockheed Martin Corp		10,040,943
	27,278		Manitowoc Co, Inc		568,474
	71,554		Masco Corp		1,579,197
	11,359	*	Middleby Corp		1,005,272
	9,346	*	MRC Global, Inc		196,546
	8,449		MSC Industrial Direct Co (Class A)		684,116
	1,899	*,e	Navistar International Corp		67,168
	12,528		Nordson Corp		959,018
	1,656	*,e	NOW, Inc		49,779
	62,992		Paccar, Inc		4,114,637
	20,888		Pall Corp		1,909,581
	14,910		Parker Hannifin Corp		1,894,017
	2,890		Pentair plc		193,775
	28,391		Precision Castparts Corp		6,265,894
	9,130	*	Quanta Services, Inc		311,150
	26,977		Rockwell Automation, Inc		3,030,866
	23,873		Rockwell Collins, Inc		2,008,913
	8,566		Roper Industries, Inc		1,355,998
	1,590		Snap-On, Inc		210,103
	8,579	*,e	SolarCity Corp		507,705
	21,554	*	Spirit Aerosystems Holdings, Inc (Class A)		847,934
	3,496		Stanley Works		327,365
	2,377		Timken Co		102,187
	11,351		Toro Co		700,697
	10,277		TransDigm Group, Inc		1,922,107
	22,637		Trinity Industries, Inc		808,367
	2,769		Triumph Group, Inc		192,806
	18,805	*	United Rentals, Inc		2,069,678
	20,153		United Technologies Corp		2,156,371
	18,448	*	USG Corp		495,513
	787	e	Valmont Industries, Inc		107,166
	228	*	Veritiv Corp		10,285
	11,528		W.W. Grainger, Inc		2,845,110
	11,452	*	WABCO Holdings, Inc		1,115,196
	19,262		Westinghouse Air Brake Technologies Corp		1,662,311
	25,685		Xylem, Inc		933,907
			TOTAL CAPITAL GOODS		154,865,721

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	16,242		Cintas Corp		1,189,564
	8,454	*	Clean Harbors, Inc		419,572

174

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	20,984	*	Copart, Inc	$	701,705
	10,929		Covanta Holding Corp		241,203
	2,732		Dun & Bradstreet Corp		335,517
	13,067		Equifax, Inc		989,695
	12,874	*	IHS, Inc (Class A)		1,686,880
	10,201		KAR Auction Services, Inc		309,702
	39,715		Nielsen Holdings NV		1,687,490
	19,136		Pitney Bowes, Inc		473,425
	3,632		R.R. Donnelley & Sons Co		63,378
	25,384		Robert Half International, Inc		1,390,535
	12,930		Rollins, Inc		412,079
	16,638	*	Stericycle, Inc		2,096,388
	81,035		Tyco International Ltd		3,478,833
	33,276	*	Verisk Analytics, Inc		2,074,759
	13,378		Waste Connections, Inc		667,562
	9,185		Waste Management, Inc		449,055
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		18,667,342

CONSUMER DURABLES & APPAREL - 2.1%
	10,155		Carter’s, Inc		793,410
	54,453		Coach, Inc		1,872,094
	6,470	*	Deckers Outdoor Corp		565,866
	5,926		DR Horton, Inc		135,053
	8,918	*	Fossil Group, Inc		906,604
	2,904	*,e	GoPro, Inc		223,898
	19,401		Hanesbrands, Inc		2,048,940
	13,165		Harman International Industries, Inc		1,413,131
	18,947		Hasbro, Inc		1,090,021
	7,031	*	Jarden Corp		457,648
	24,684	*	Kate Spade & Co		669,677
	11,902		Leggett & Platt, Inc		468,701
	2,732		Lennar Corp (Class A)		117,694
	25,253		Mattel, Inc		784,611
	39,642	*	Michael Kors Holdings Ltd		3,115,465
	31,420		Newell Rubbermaid, Inc		1,047,229
	135,797		Nike, Inc (Class B)		12,625,047
	832	*	NVR, Inc		1,021,347
	13,933		Phillips-Van Heusen Corp		1,593,238
	12,746		Polaris Industries, Inc		1,922,862
	8,828		Ralph Lauren Corp		1,455,207
	12,142	*	Tempur-Pedic International, Inc		639,155
	9,451		Tupperware Corp		602,501
	33,722	*	Under Armour, Inc (Class A)		2,211,489
	66,959		VF Corp		4,531,785
	1,201		Whirlpool Corp		206,632
			TOTAL CONSUMER DURABLES & APPAREL		42,519,305

CONSUMER SERVICES - 3.0%
	6,767		ARAMARK Holdings Corp		188,867
	8,193	*	Bally Technologies, Inc		658,717
	12,357		Brinker International, Inc		662,829
	19,854		Burger King Worldwide, Inc		648,829

175

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	6,110	*	Chipotle Mexican Grill, Inc (Class A)	$	3,898,180
	1,210		Choice Hotels International, Inc		64,735
	10,562		Domino’s Pizza, Inc		937,800
	20,352		Dunkin Brands Group, Inc		925,609
	52,873		H&R Block, Inc		1,708,327
	25,405	*	Hilton Worldwide Holdings, Inc		641,222
	1,071	*	Hyatt Hotels Corp		63,425
	72,690		Las Vegas Sands Corp		4,525,679
	37,365		Marriott International, Inc (Class A)		2,830,399
	191,886		McDonald’s Corp		17,985,475
	6,661	*	MGM Mirage		154,868
	17,402	*	Norwegian Cruise Line Holdings Ltd		678,678
	4,836	*	Panera Bread Co (Class A)		781,691
	13,496		SeaWorld Entertainment, Inc		259,663
	29,487		Service Corp International		644,881
	4,752	*	ServiceMaster Global Holdings, Inc		113,953
	14,001		Six Flags Entertainment Corp		564,240
	146,936		Starbucks Corp		11,102,484
	17,307		Starwood Hotels & Resorts Worldwide, Inc		1,326,755
	23,810		Wyndham Worldwide Corp		1,849,323
	15,727		Wynn Resorts Ltd		2,988,287
	85,360		Yum! Brands, Inc		6,131,409
			TOTAL CONSUMER SERVICES		62,336,325

DIVERSIFIED FINANCIALS - 2.8%
	10,915	*	Affiliated Managers Group, Inc		2,180,708
	45,311	*	Ally Financial, Inc		1,028,560
	176,150		American Express Co		15,844,693
	12,530		Ameriprise Financial, Inc		1,580,910
	4,896		Artisan Partners Asset Management, Inc		237,358
	9,617		BlackRock, Inc		3,280,455
	17,454		CBOE Holdings, Inc		1,028,739
	36,306		Charles Schwab Corp		1,040,893
	21,405		Eaton Vance Corp		788,346
	13,639	e	Federated Investors, Inc (Class B)		426,492
	62,985		Franklin Resources, Inc		3,502,596
	9,534		IntercontinentalExchange Group, Inc		1,985,837
	11,328		Invesco Ltd		458,444
	44,415		iShares Russell 1000 Growth Index Fund		4,173,233
	23,142		Lazard Ltd (Class A)		1,138,818
	8,026		Legg Mason, Inc		417,352
	10,764		Leucadia National Corp		255,968
	16,735		LPL Financial Holdings, Inc		692,662
	52,526		McGraw-Hill Financial, Inc		4,752,552
	36,183		Moody’s Corp		3,590,439
	9,196		MSCI, Inc (Class A)		429,085
	6,755	*	NorthStar Asset Management Group, Inc		122,401
	1,027		Santander Consumer USA Holdings, Inc		18,999
	25,163		SEI Investments Co		972,802
	30,129		SLM Corp		287,732
	17,569	*	Synchrony Financial		474,714
	51,722		T Rowe Price Group, Inc		4,245,859

176

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	46,648		TD Ameritrade Holding Corp	$	1,573,903
	16,146		Waddell & Reed Financial, Inc (Class A)		770,810
			TOTAL DIVERSIFIED FINANCIALS		57,301,360

ENERGY - 5.2%
	7,693		Anadarko Petroleum Corp		706,063
	9,868	*	Antero Resources Corp		517,478
	10,120	*	Athlon Energy, Inc		589,996
	2,983	*	Atwood Oceanics, Inc		121,259
	6,437		Baker Hughes, Inc		340,903
	81,604		Cabot Oil & Gas Corp		2,537,884
	24,963	*	Cameron International Corp		1,486,547
	46,149	*	Cheniere Energy, Inc		3,461,175
	24,603		Chesapeake Energy Corp		545,695
	2,098		Cimarex Energy Co		238,480
	63,108	*	Cobalt International Energy, Inc		738,995
	21,870	*	Concho Resources, Inc		2,384,486
	16,378	*,e	Continental Resources, Inc		923,228
	1,452	e	CVR Energy, Inc		70,538
	14,825	*	Dresser-Rand Group, Inc		1,211,202
	7,701	*	Dril-Quip, Inc		692,705
	105,698		EOG Resources, Inc		10,046,595
	26,325		EQT Corp		2,475,603
	45,095	*	FMC Technologies, Inc		2,527,124
	2,285	e	Frank’s International NV		39,371
	13,843	*	Gulfport Energy Corp		694,642
	163,898		Halliburton Co		9,037,336
	12,521		Helmerich & Payne, Inc		1,087,073
	7,295		Holly Corp		331,047
	34,890	e	Kinder Morgan, Inc		1,350,243
	21,420	*	Kosmos Energy LLC		199,849
	14,492	*,e	Laredo Petroleum Holdings, Inc		274,768
	36,044		Marathon Petroleum Corp		3,276,400
	6,045	*	Memorial Resource Development Corp		163,759
	6,115		Nabors Industries Ltd		109,153
	6,957		National Oilwell Varco, Inc		505,356
	49,072		Noble Energy, Inc		2,828,019
	19,669	*	Oasis Petroleum, Inc		589,283
	20,882		Oceaneering International, Inc		1,467,378
	22,061	*	Oneok, Inc		1,300,275
	14,991		Patterson-UTI Energy, Inc		345,243
	5,013		PBF Energy, Inc		130,689
	44,930		Phillips 66		3,527,005
	27,764		Pioneer Natural Resources Co		5,249,062
	4,358		Questar Market Resources, Inc		109,255
	32,598		Range Resources Corp		2,229,703
	10,115	*	Rice Energy, Inc		267,339
	12,215		RPC, Inc		200,326
	252,622		Schlumberger Ltd		24,923,687
	20,466	e	Seadrill Ltd		470,718
	2,926	*	Seventy Seven Energy, Inc		38,243
	68,249	*	Southwestern Energy Co		2,218,775

177

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	13,323		St. Mary Land & Exploration Co	$	750,085
	1,902		Superior Energy Services		47,835
	7,572		Targa Resources Investments, Inc		973,986
	4,151		Teekay Corp		242,667
	10,860		Tesoro Corp		775,513
	8,966	*,e	Ultra Petroleum Corp		204,425
	569	*	Unit Corp		27,551
	24,507		Valero Energy Corp		1,227,556
	2,451	*	Whiting Petroleum Corp		150,099
	145,154		Williams Cos, Inc		8,057,499
	3,879		World Fuel Services Corp		159,970
			TOTAL ENERGY		107,197,139

FOOD & STAPLES RETAILING - 1.4%
	80,889		Costco Wholesale Corp		10,788,166
	32,499		CVS Corp		2,788,739
	129,227	*	Rite Aid Corp		678,442
	18,536	*,e	Sprouts Farmers Market, Inc		539,583
	43,358		Sysco Corp		1,671,017
	138,771		Walgreen Co		8,911,874
	32,218		Wal-Mart Stores, Inc		2,457,267
	31,149		Whole Foods Market, Inc		1,225,090
			TOTAL FOOD & STAPLES RETAILING		29,060,178

FOOD, BEVERAGE & TOBACCO - 7.5%
	364,945		Altria Group, Inc		17,641,442
	12,103		Archer Daniels Midland Co		568,841
	29,965		Brown-Forman Corp (Class B)		2,776,857
	22,121		Campbell Soup Co		977,085
	771,281		Coca-Cola Co		32,301,248
	48,643		Coca-Cola Enterprises, Inc		2,108,674
	28,727	*	Constellation Brands, Inc (Class A)		2,629,670
	37,748		Dr Pepper Snapple Group, Inc		2,614,049
	32,935		Flowers Foods, Inc		625,765
	118,074		General Mills, Inc		6,135,125
	8,825	*	Hain Celestial Group, Inc		955,306
	29,558		Hershey Co		2,834,908
	26,018		Hormel Foods Corp		1,402,630
	1,988		Ingredion, Inc		153,573
	44,834		Kellogg Co		2,867,583
	27,500		Keurig Green Mountain, Inc		4,173,125
	114,624		Kraft Foods Group, Inc		6,459,062
	98,927		Kroger Co		5,511,223
	70,855		Lorillard, Inc		4,357,582
	26,108		McCormick & Co, Inc		1,846,358
	39,208		Mead Johnson Nutrition Co		3,893,746
	27,858	*	Monster Beverage Corp		2,810,315
	295,125		PepsiCo, Inc		28,382,171
	179,309		Philip Morris International, Inc		15,960,294
	1,450	*,e	Pilgrim’s Pride Corp		41,194
	44,871		Reynolds American, Inc		2,822,835
	2,919		Tyson Foods, Inc (Class A)		117,782

178

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	33,852	*	WhiteWave Foods Co (Class A)	$	1,260,310
			TOTAL FOOD, BEVERAGE & TOBACCO		154,228,753

HEALTH CARE EQUIPMENT & SERVICES - 3.7%
	20,679		Aetna, Inc		1,706,224
	15,904	*	Align Technology, Inc		836,869
	11,524	*	Allscripts Healthcare Solutions, Inc		158,109
	44,453		AmerisourceBergen Corp		3,796,731
	7,146	*,e	athenahealth, Inc		875,385
	14,551		Bard (C.R.), Inc		2,385,928
	105,391		Baxter International, Inc		7,392,125
	36,543		Becton Dickinson & Co		4,703,084
	26,623	*	Boston Scientific Corp		353,553
	34,569	*	Brookdale Senior Living, Inc		1,165,321
	4,884		Cardinal Health, Inc		383,296
	40,008	*	Catamaran Corp		1,907,181
	10,836	*	Centene Corp		1,004,172
	58,584	*	Cerner Corp		3,710,711
	4,547		Cigna Corp		452,745
	7,143		Cooper Cos, Inc		1,170,738
	11,429	*	DaVita, Inc		892,262
	7,833		Dentsply International, Inc		397,681
	20,679	*	Edwards Lifesciences Corp		2,500,505
	15,304	*	Envision Healthcare Holdings, Inc		534,875
	129,528	*	Express Scripts Holding Co		9,950,341
	6,748	*	HCA Holdings, Inc		472,697
	16,844	*	Henry Schein, Inc		2,021,785
	665		Hill-Rom Holdings, Inc		29,579
	15,606	*	Hologic, Inc		408,721
	10,264	*	Idexx Laboratories, Inc		1,454,101
	14,057	*	IMS Health Holdings, Inc		340,882
	6,475	*	Intuitive Surgical, Inc		3,210,305
	6,977	*	Laboratory Corp of America Holdings		762,516
	44,652		McKesson Corp		9,082,663
	2,833		Patterson Cos, Inc		122,131
	12,606	*	Pediatrix Medical Group, Inc		786,993
	5,738	*	Premier, Inc		191,534
	27,240	e	Resmed, Inc		1,422,473
	7,662	*	Sirona Dental Systems, Inc		601,850
	34,625		St. Jude Medical, Inc		2,221,886
	38,244		Stryker Corp		3,347,497
	19,597	*	Tenet Healthcare Corp		1,098,412
	3,495		Universal Health Services, Inc (Class B)		362,467
	20,847	*	Varian Medical Systems, Inc		1,753,650
	7,393	*,e	Veeva Systems, Inc		220,164
	2,242		Zimmer Holdings, Inc		249,400
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		76,439,542

HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	33,919		Avon Products, Inc		352,758
	26,012		Church & Dwight Co, Inc		1,883,529
	20,694		Clorox Co		2,059,053

179

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	159,881		Colgate-Palmolive Co	$	10,692,841
	9,897		Coty, Inc		164,290
	44,407		Estee Lauder Cos (Class A)		3,338,518
	14,874	e	Herbalife Ltd		780,290
	60,960		Kimberly-Clark Corp		6,965,899
	11,789	e	Nu Skin Enterprises, Inc (Class A)		622,813
	30,539		Procter & Gamble Co		2,665,139
	4,002		Spectrum Brands, Inc		362,541
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		29,887,671

INSURANCE - 0.5%
	3,173		American Financial Group, Inc		189,841
	44,395		Aon plc		3,817,970
	29,591		Arthur J. Gallagher & Co		1,411,491
	2,406		Brown & Brown, Inc		76,655
	4,742		Erie Indemnity Co (Class A)		402,453
	72,329		Marsh & McLennan Cos, Inc		3,932,528
	3,980		Reinsurance Group of America, Inc (Class A)		335,315
			TOTAL INSURANCE		10,166,253

MATERIALS - 4.0%
	14,713		Airgas, Inc		1,641,088
	5,761		Albemarle Corp		336,327
	2,631		Aptargroup, Inc		163,753
	5,697		Avery Dennison Corp		266,904
	26,298		Ball Corp		1,694,380
	731		Cabot Corp		33,940
	570		Carpenter Technology Corp		28,529
	2,633		Celanese Corp (Series A)		154,636
	6,049		Compass Minerals International, Inc		518,278
	27,742	*	Crown Holdings, Inc		1,329,674
	1,530		Cytec Industries, Inc		71,344
	36,196		Dow Chemical Co		1,788,082
	167,355		Du Pont (E.I.) de Nemours & Co		11,572,598
	9,445		Eagle Materials, Inc		825,776
	26,265		Eastman Chemical Co		2,121,687
	51,660		Ecolab, Inc		5,746,142
	26,470		FMC Corp		1,518,055
	27,369		Huntsman Corp		667,804
	15,557		International Flavors & Fragrances, Inc		1,542,477
	11,935		International Paper Co		604,150
	81,536		LyondellBasell Industries AF S.C.A		7,471,144
	12,436		Martin Marietta Materials, Inc		1,454,017
	102,351		Monsanto Co		11,774,459
	1,729		NewMarket Corp		670,869
	19,509	*	Owens-Illinois, Inc		502,747
	19,287		Packaging Corp of America		1,390,207
	16,700	*	Platform Specialty Products Corp		434,200
	27,165		PPG Industries, Inc		5,533,239
	57,141		Praxair, Inc		7,199,195
	895	e	Rayonier Advanced Materials, Inc		25,534
	1,128		Rockwood Holdings, Inc		86,754

180

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	23,871		RPM International, Inc	$	1,081,356
	7,975		Scotts Miracle-Gro Co (Class A)		472,439
	41,922		Sealed Air Corp		1,519,673
	16,995		Sherwin-Williams Co		3,901,372
	10,651		Sigma-Aldrich Corp		1,447,577
	8,743		Silgan Holdings, Inc		429,806
	27,725		Southern Copper Corp (NY)		797,926
	2,484	*	Tahoe Resources, Inc		43,122
	464		TimkenSteel Corp		18,829
	15,876		Valspar Corp		1,304,372
	6,612		Westlake Chemical Corp		466,477
	12,390	*	WR Grace & Co		1,172,094
			TOTAL MATERIALS		81,823,032

MEDIA - 5.3%
	11,178	*	AMC Networks, Inc		677,946
	38,312	e	Cablevision Systems Corp (Class A)		713,369
	92,887		CBS Corp (Class B)		5,036,333
	15,290	*	Charter Communications, Inc		2,421,783
	22,538		Cinemark Holdings, Inc		796,042
	3,504		Clear Channel Outdoor Holdings, Inc (Class A)		25,439
	458,813		Comcast Corp (Class A)		25,395,300
	90,415	*	DIRECTV		7,847,118
	44,087	*	Discovery Communications, Inc (Class A)		1,558,475
	44,726	*	Discovery Communications, Inc (Class C)		1,564,963
	30,206	*	DISH Network Corp (Class A)		1,922,612
	81,585		Interpublic Group of Cos, Inc		1,581,933
	15,437		Lamar Advertising Co (Class A)		797,321
	15,173	e	Lions Gate Entertainment Corp		502,682
	14,707	*	Live Nation, Inc		382,382
	3,439		Morningstar, Inc		234,712
	49,833		Omnicom Group, Inc		3,580,999
	4,932	e	Regal Entertainment Group (Class A)		109,244
	19,939		Scripps Networks Interactive (Class A)		1,540,088
	499,239	*,e	Sirius XM Holdings, Inc		1,712,390
	17,423	*	Starz-Liberty Capital		538,371
	53,878		Time Warner Cable, Inc		7,931,380
	274,378		Twenty-First Century Fox, Inc		9,460,553
	82,851		Viacom, Inc (Class B)		6,021,611
	282,582		Walt Disney Co		25,822,343
			TOTAL MEDIA		108,175,389

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.5%
	308,630		AbbVie, Inc		19,585,660
	49,314	*	Actavis plc		11,970,480
	8,534		Agilent Technologies, Inc		471,760
	38,600	*	Alexion Pharmaceuticals, Inc		7,386,496
	23,928	*	Alkermes plc		1,209,560
	57,893		Allergan, Inc		11,003,144
	10,837	*	Alnylam Pharmaceuticals, Inc		1,005,023
	139,408		Amgen, Inc		22,609,189
	46,092	*	Biogen Idec, Inc		14,799,219

181

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	28,230	*	BioMarin Pharmaceuticals, Inc	$	2,328,975
	4,155	*	Bio-Techne Corp		378,313
	114,064		Bristol-Myers Squibb Co		6,637,384
	21,151	*	Bruker BioSciences Corp		438,460
	155,672	*	Celgene Corp		16,670,915
	4,312	*	Charles River Laboratories International, Inc		272,346
	10,788	*	Covance, Inc		861,961
	14,015	*	Cubist Pharmaceuticals, Inc		1,013,144
	29,380	*	Endo International plc		1,966,110
	298,339	*	Gilead Sciences, Inc		33,413,968
	26,952	*	Illumina, Inc		5,190,416
	27,774	*	Incyte Corp		1,862,525
	2,412	*	Intercept Pharmaceuticals, Inc		623,237
	11,723	*	Jazz Pharmaceuticals plc		1,979,311
	86,854		Johnson & Johnson		9,361,124
	15,677	*	Mallinckrodt plc		1,445,106
	14,892	*	Medivation, Inc		1,574,084
	80,188		Merck & Co, Inc		4,646,093
	5,889	*	Mettler-Toledo International, Inc		1,522,130
	72,182	*	Mylan Laboratories, Inc		3,865,346
	12,402	*,e	Myriad Genetics, Inc		489,755
	3,789		PerkinElmer, Inc		164,518
	5,883		Perrigo Co plc		949,810
	11,700	*	Pharmacyclics, Inc		1,528,839
	6,132	*	Quintiles Transnational Holdings, Inc		358,967
	15,348	*	Regeneron Pharmaceuticals, Inc		6,042,815
	12,390	*	Salix Pharmaceuticals Ltd		1,782,302
	19,624	*,e	Seattle Genetics, Inc		719,612
	30,896		Thermo Electron Corp		3,632,443
	9,372	*	United Therapeutics Corp		1,227,451
	45,898	*	Vertex Pharmaceuticals, Inc		5,169,951
	16,953	*	Waters Corp		1,878,392
	96,869		Zoetis Inc		3,599,652
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		213,635,986

REAL ESTATE - 2.0%
	77,189		American Tower Corp		7,525,928
	15,324		Apartment Investment & Management Co (Class A)		548,446
	3,872		Boston Properties, Inc		490,776
	54,382	*	CBRE Group, Inc		1,740,224
	1,538	*	CBS Outdoor Americas, Inc		46,801
	5,826		Columbia Property Trust, Inc		146,990
	64,311		Crown Castle International Corp		5,023,975
	10,704		Equity Lifestyle Properties, Inc		525,566
	23,308		Extra Space Storage, Inc		1,355,593
	8,980		Federal Realty Investment Trust		1,183,564
	4,788		Gaming and Leisure Properties, Inc		149,625
	33,050		Health Care REIT, Inc		2,350,186
	4,877		Healthcare Trust of America, Inc		62,621
	3,549	*	Howard Hughes Corp		523,052
	29,656		Iron Mountain, Inc		1,069,692
	2,706		Jones Lang LaSalle, Inc		365,878

182

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	8,164		NorthStar Realty Finance Corp	$	151,687
	9,395		Omega Healthcare Investors, Inc		358,513
	16,048		Plum Creek Timber Co, Inc		658,128
	25,326		Public Storage, Inc		4,668,595
	2,685		Rayonier, Inc		89,867
	11,233	*	Realogy Holdings Corp		460,665
	44,868		Simon Property Group, Inc		8,040,794
	11,715		Tanger Factory Outlet Centers, Inc		419,046
	11,100		Taubman Centers, Inc		844,155
	26,250		Ventas, Inc		1,798,388
	8,282		Vornado Realty Trust		906,713
	10,916		Weyerhaeuser Co		369,616
			TOTAL REAL ESTATE		41,875,084

RETAILING - 7.0%
	2,081		Aaron’s, Inc		51,526
	1,975	e	Abercrombie & Fitch Co (Class A)		66,123
	14,533		Advance Auto Parts, Inc		2,135,770
	72,912	*	Amazon.com, Inc		22,271,700
	14,281	*	Autonation, Inc		817,730
	6,234	*	AutoZone, Inc		3,450,644
	17,473	*	Bed Bath & Beyond, Inc		1,176,632
	16,612		Best Buy Co, Inc		567,134
	3,659		Big Lots, Inc		167,033
	1,044	*,e	Cabela’s, Inc		50,133
	29,507	*,e	Carmax, Inc		1,649,736
	12,028		Chico’s FAS, Inc		181,382
	11,191		CST Brands, Inc		428,056
	4,479		Dick’s Sporting Goods, Inc		203,212
	3,090		Dillard’s, Inc (Class A)		326,798
	46,546	*	Dollar General Corp		2,917,038
	41,021	*	Dollar Tree, Inc		2,484,642
	20,302		Expedia, Inc		1,725,061
	17,470		Family Dollar Stores, Inc		1,367,726
	3,627		Foot Locker, Inc		203,148
	1,063	e	GameStop Corp (Class A)		45,454
	50,659		Gap, Inc		1,919,469
	27,269		Genuine Parts Co		2,647,274
	17,574		GNC Holdings, Inc		730,551
	90,654	*,e	Groupon, Inc		662,681
	266,283		Home Depot, Inc		25,967,918
	16,258	*	HomeAway, Inc		567,404
	1,776		Kohl’s Corp		96,295
	16,413		L Brands, Inc		1,183,706
	46,001	*	Liberty Interactive Corp		1,202,466
	13,438	*	Liberty TripAdvisor Holdings, Inc		424,372
	27,447	*	Liberty Ventures		963,390
	58,496	*	LKQ Corp		1,671,231
	197,739		Lowe’s Companies, Inc		11,310,671
	54,026		Macy’s, Inc		3,123,783
	6,157	*	Michaels Cos, Inc		112,550
	3,881	*	Murphy USA, Inc		222,381

183

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	11,590	*	NetFlix, Inc	$	4,552,204
	26,920		Nordstrom, Inc		1,954,661
	20,268	*	O’Reilly Automotive, Inc		3,564,736
	3,503		Penske Auto Group, Inc		158,476
	18,712		Petsmart, Inc		1,353,813
	10,014	*	Priceline.com, Inc		12,078,987
	41,260		Ross Stores, Inc		3,330,507
	23,284	*	Sally Beauty Holdings, Inc		682,454
	4,205	*,e	Sears Holdings Corp		146,839
	10,424		Signet Jewelers Ltd		1,250,984
	12,332		Target Corp		762,364
	21,593		Tiffany & Co		2,075,519
	136,996		TJX Companies, Inc		8,674,587
	27,398		Tractor Supply Co		2,006,082
	21,922	*	TripAdvisor, Inc		1,943,605
	12,481	*	Ulta Salon Cosmetics & Fragrance, Inc		1,507,830
	16,981	*	Urban Outfitters, Inc		515,543
	18,833		Williams-Sonoma, Inc		1,224,710
	2,301	*,e	zulily, Inc		83,710
			TOTAL RETAILING		142,960,431

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	130,121	*,e	Advanced Micro Devices, Inc		364,339
	21,723		Altera Corp		746,620
	26,539		Analog Devices, Inc		1,316,865
	156,878		Applied Materials, Inc		3,465,435
	82,991	*	Atmel Corp		615,793
	48,524		Avago Technologies Ltd		4,185,195
	14,473	*,e	Cree, Inc		455,610
	21,143	*,e	Freescale Semiconductor Holdings Ltd		420,534
	81,284		Intel Corp		2,764,469
	29,369		Kla-Tencor Corp		2,324,556
	8,637		Lam Research Corp		672,477
	46,577		Linear Technology Corp		1,995,359
	48,955		Maxim Integrated Products, Inc		1,436,340
	38,131	e	Microchip Technology, Inc		1,643,828
	182,210	*	Micron Technology, Inc		6,029,329
	17,606		Nvidia Corp		344,021
	43,708	*	ON Semiconductor Corp		362,339
	37,779		Skyworks Solutions, Inc		2,200,249
	17,867	*	SunEdison, Inc		348,585
	1,582	*,e	SunPower Corp		50,371
	4,481		Teradyne, Inc		82,450
	208,504		Texas Instruments, Inc		10,354,308
	51,877		Xilinx, Inc		2,307,489
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		44,486,561

SOFTWARE & SERVICES - 17.5%
	122,673		Accenture plc		9,951,234
	62,260		Activision Blizzard, Inc		1,242,087
	97,186	*	Adobe Systems, Inc		6,814,682
	35,373	*	Akamai Technologies, Inc		2,132,992

184

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	10,592	*	Alliance Data Systems Corp	$	3,001,243
	4,644	*	Ansys, Inc		364,833
	34,354	*	Autodesk, Inc		1,976,729
	94,055		Automatic Data Processing, Inc		7,691,818
	14,045		Booz Allen Hamilton Holding Co		370,086
	23,598		Broadridge Financial Solutions, Inc		1,036,660
	56,216	*	Cadence Design Systems, Inc		1,009,077
	30,565	*	CDK Global, Inc		1,026,984
	29,379	*	Citrix Systems, Inc		1,887,013
	118,742	*	Cognizant Technology Solutions Corp (Class A)		5,800,547
	2,085		Computer Sciences Corp		125,934
	9,016	*,e	Concur Technologies, Inc		1,156,933
	6,184	*	CoStar Group, Inc		996,181
	5,085		DST Systems, Inc		489,940
	246,542	*	eBay, Inc		12,943,455
	46,590	*	Electronic Arts, Inc		1,908,792
	10,331		Equinix, Inc		2,158,146
	383,139	*	Facebook, Inc		28,731,594
	8,512	e	Factset Research Systems, Inc		1,118,817
	5,694		Fidelity National Information Services, Inc		332,473
	13,091	*,e	FireEye, Inc		444,963
	49,119	*	Fiserv, Inc		3,412,788
	15,937	*	FleetCor Technologies, Inc		2,399,475
	26,333	*	Fortinet, Inc		685,975
	17,981	*	Gartner, Inc		1,451,246
	3,102	*	Genpact Ltd		54,440
	13,465		Global Payments, Inc		1,083,932
	55,232	*	Google, Inc		30,879,106
	54,605	*	Google, Inc (Class A)		31,008,541
	5,456		IAC/InterActiveCorp		369,317
	19,000	*	Informatica Corp		677,540
	183,670		International Business Machines Corp		30,195,348
	55,624		Intuit, Inc		4,895,468
	17,192		Jack Henry & Associates, Inc		1,028,425
	20,330	*	LinkedIn Corp		4,654,757
	195,501		Mastercard, Inc (Class A)		16,373,209
	1,039,461		Microsoft Corp		48,802,694
	7,836	*,e	NetSuite, Inc		851,460
	638,739		Oracle Corp		24,942,758
	39,759	*	Pandora Media, Inc		766,553
	57,416		Paychex, Inc		2,695,107
	23,024	*	PTC, Inc		878,366
	22,522	*	Rackspace Hosting, Inc		863,944
	37,369	*	Red Hat, Inc		2,201,781
	11,053		Sabre Corp		190,112
	118,788	*	Salesforce.com, Inc		7,601,244
	27,564	*	ServiceNow, Inc		1,872,422
	11,653	*	SolarWinds, Inc		554,100
	13,527		Solera Holdings, Inc		702,728
	23,086	*	Splunk, Inc		1,525,523
	7,250	*	Tableau Software, Inc		598,777
	23,770	*	Teradata Corp		1,005,946

185

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	30,769	*	TIBCO Software, Inc	$	719,072
	23,049		Total System Services, Inc		778,826
	93,070	*	Twitter, Inc		3,859,613
	23,941	*	Vantiv, Inc		740,256
	21,279	*	VeriFone Systems, Inc		792,856
	24,175	*,e	VeriSign, Inc		1,444,698
	97,335		Visa, Inc (Class A)		23,499,589
	17,381	*	VMware, Inc (Class A)		1,452,530
	103,218	e	Western Union Co		1,750,577
	18,318	*	Workday, Inc		1,749,003
	9,789	*,e	Yelp, Inc		587,340
	6,117	*,e	Zillow, Inc		665,101
			TOTAL SOFTWARE & SERVICES		357,975,756

TECHNOLOGY HARDWARE & EQUIPMENT - 8.4%
	21,645	*,e	3D Systems Corp		818,181
	60,141		Amphenol Corp (Class A)		3,041,932
	1,171,196	d	Apple, Inc		126,489,168
	1,054	*,e	Arista Networks, Inc		85,638
	24,811	*	ARRIS Group, Inc		744,826
	4,979		Avnet, Inc		215,342
	18,790		CDW Corp		579,484
	12,204	*	CommScope Holding Co, Inc		262,874
	56,891		Corning, Inc		1,162,283
	13,493		Diebold, Inc		478,057
	1,869	*	EchoStar Corp (Class A)		87,338
	40,771		EMC Corp		1,171,351
	14,701	*	F5 Networks, Inc		1,807,929
	17,781		Flir Systems, Inc		596,197
	3,872		Harris Corp		269,491
	6,274	*,e	IPG Photonics Corp		460,574
	22,163		Juniper Networks, Inc		466,975
	10,588		Motorola, Inc		682,926
	19,959		National Instruments Corp		632,301
	3,978	*	NCR Corp		110,071
	22,308		NetApp, Inc		954,782
	10,731	*	Palo Alto Networks, Inc		1,134,267
	328,656		Qualcomm, Inc		25,802,782
	31,158	*	Riverbed Technology, Inc		591,691
	20,510		SanDisk Corp		1,930,811
	5,395	*,e	Stratasys Ltd		649,342
	49,783	*	Trimble Navigation Ltd		1,337,171
	9,489	*	Zebra Technologies Corp (Class A)		699,814
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		173,263,598

TELECOMMUNICATION SERVICES - 2.3%
	6,133		CenturyTel, Inc		254,397
	35,080	*	Level 3 Communications, Inc		1,645,603
	25,109	*	SBA Communications Corp (Class A)		2,820,494
	26,448	*	tw telecom inc (Class A)		1,131,445
	805,623		Verizon Communications, Inc		40,482,556
	113,498	e	Windstream Holdings, Inc		1,189,459
			TOTAL TELECOMMUNICATION SERVICES		47,523,954

186

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

TRANSPORTATION - 3.5%
	24,292		Alaska Air Group, Inc	$	1,293,063
	755		Amerco, Inc		204,695
	139,988		American Airlines Group, Inc		5,788,504
	20,748	*	Avis Budget Group, Inc		1,156,701
	28,820		CH Robinson Worldwide, Inc		1,994,632
	5,020		Copa Holdings S.A. (Class A)		586,938
	8,864		Delta Air Lines, Inc		356,599
	38,883		Expeditors International of Washington, Inc		1,658,749
	24,327		FedEx Corp		4,072,340
	5,061	*	Genesee & Wyoming, Inc (Class A)		486,868
	87,121	*	Hertz Global Holdings, Inc		1,909,692
	18,319		J.B. Hunt Transport Services, Inc		1,461,307
	16,457		Kansas City Southern Industries, Inc		2,020,755
	10,946	*	Kirby Corp		1,210,409
	9,375		Landstar System, Inc		693,844
	12,433		Norfolk Southern Corp		1,375,587
	11,826	*	Old Dominion Freight Line		861,761
	119,504		Southwest Airlines Co		4,120,498
	13,993	*	Spirit Airlines, Inc		1,023,028
	72,775	*	UAL Corp		3,843,248
	176,341		Union Pacific Corp		20,534,909
	137,520		United Parcel Service, Inc (Class B)		14,427,223
			TOTAL TRANSPORTATION		71,081,350

UTILITIES - 0.1%
	10,662	*	Calpine Corp		243,307
	6,021		Dominion Resources, Inc		429,297
	28,425		ITC Holdings Corp		1,125,914
			TOTAL UTILITIES		1,798,518

			TOTAL COMMON STOCKS		2,043,780,872
			(Cost $1,511,158,828)

SHORT-TERM INVESTMENTS - 1.7%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
	34,816,628	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		34,816,628
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		34,816,628

			TOTAL SHORT-TERM INVESTMENTS		34,816,628
			(Cost $34,816,628)

			TOTAL INVESTMENTS - 101.4%		2,078,597,500
			(Cost $1,545,975,456)
			OTHER ASSETS & LIABILITIES, NET - (1.4)%		(28,983,548	)
			NET ASSETS - 100.0%	$	2,049,613,952

187

TIAA-CREF FUNDS - Large-Cap Growth Index Fund



		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 by the custodian to cover margin or other requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $34,724,600.

188

TIAA-CREF FUNDS - Large-Cap Value Index Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 1.4%
	1,043,498		Ford Motor Co	$	14,702,887
	431,082		General Motors Co		13,535,975
	15,663		Gentex Corp		512,807
	130,556		Johnson Controls, Inc		6,168,771
	4,732		Lear Corp		437,710
	29,933	*	TRW Automotive Holdings Corp		3,033,709
	12,045	*	Visteon Corp		1,131,025
			TOTAL AUTOMOBILES & COMPONENTS		39,522,884

BANKS - 11.4%
	41,778		Associated Banc-Corp		785,426
	2,823,415		Bank of America Corp		48,449,802
	11,926		Bank of Hawaii Corp		698,267
	27,008		BankUnited		807,539
	193,639		BB&T Corp		7,335,045
	7,425		BOK Financial Corp		509,058
	52,419		CIT Group, Inc		2,564,862
	817,059		Citigroup, Inc		43,737,168
	12,941		City National Corp		1,018,586
	49,354		Comerica, Inc		2,356,160
	22,950		Commerce Bancshares, Inc		1,038,717
	14,839		Cullen/Frost Bankers, Inc		1,199,140
	38,147		East West Bancorp, Inc		1,402,284
	228,784		Fifth Third Bancorp		4,573,392
	60,888		First Horizon National Corp		783,020
	94,447		First Niagara Financial Group, Inc		707,408
	36,569		First Republic Bank		1,862,459
	50,207		Fulton Financial Corp		596,459
	145,957		Hudson City Bancorp, Inc		1,408,485
	225,090		Huntington Bancshares, Inc		2,230,642
	1,018,060		JPMorgan Chase & Co		61,572,269
	236,338		Keycorp		3,119,662
	35,370	e	M&T Bank Corp		4,321,507
	897	*,e	Nationstar Mortgage Holdings, Inc		31,503
	120,801	e	New York Community Bancorp, Inc		1,926,776
	27,185		PacWest Bancorp		1,159,712
	83,400	e	People’s United Financial, Inc		1,219,308
	143,679		PNC Financial Services Group, Inc		12,412,429
	27,494	*	Popular, Inc		876,509
	366,480		Regions Financial Corp		3,639,146
	1,185	*	Signature Bank		143,539
	142,934		SunTrust Banks, Inc		5,594,437
	12,231	*	SVB Financial Group		1,369,750
	36,934		Synovus Financial Corp		936,646

189

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	43,145		TCF Financial Corp	$	666,590
	20,344		TFS Financial Corp		303,939
	462,082		US Bancorp		19,684,693
	1,284,579		Wells Fargo & Co		68,198,299
	53,885		Zions Bancorporation		1,561,048
			TOTAL BANKS		312,801,681

CAPITAL GOODS - 8.0%
	11,684		A.O. Smith Corp		623,341
	59,806	*	Aecom Technology Corp		1,946,685
	26,094	e	AGCO Corp		1,156,225
	25,389		Air Lease Corp		928,983
	8,537		Alliant Techsystems, Inc		998,488
	29,244		Babcock & Wilcox Co		836,378
	17,028		Carlisle Cos, Inc		1,513,449
	132,348		Caterpillar, Inc		13,421,411
	8,122		Crane Co		506,407
	125,041		Danaher Corp		10,053,296
	76,017		Deere & Co		6,502,494
	2,897		Donaldson Co, Inc		120,457
	11,597		Dover Corp		921,266
	128,305		Eaton Corp		8,774,779
	47,197		Emerson Electric Co		3,023,440
	50,496		Exelis, Inc		901,354
	16,458		Fluor Corp		1,091,824
	25,834		Fortune Brands Home & Security, Inc		1,117,320
	12,310		GATX Corp		780,454
	82,268		General Dynamics Corp		11,497,776
	2,697,336		General Electric Co		69,618,242
	13,192		Hubbell, Inc (Class B)		1,496,105
	1,985		Huntington Ingalls		210,053
	1,450		IDEX Corp		108,619
	66,555	*	Ingersoll-Rand plc		4,167,674
	18,887		ITT Corp		851,048
	35,148	*	Jacobs Engineering Group, Inc		1,667,773
	27,268		Joy Global, Inc		1,435,115
	39,726		KBR, Inc		757,972
	20,891		Kennametal, Inc		806,601
	22,917		L-3 Communications Holdings, Inc		2,783,499
	14,721		Lincoln Electric Holdings, Inc		1,066,978
	15,094	*	MRC Global, Inc		317,427
	12,579	*,e	Navistar International Corp		444,919
	54,341		Northrop Grumman Corp		7,496,884
	25,840	*,e	NOW, Inc		776,750
	23,013		Oshkosh Truck Corp		1,030,062
	31,649		Owens Corning, Inc		1,014,667
	7,650		Paccar, Inc		499,698
	18,488		Parker Hannifin Corp		2,348,531
	47,892		Pentair plc		3,211,159
	42,997	*	Quanta Services, Inc		1,465,338
	84,191		Raytheon Co		8,745,761
	12,019		Regal-Beloit Corp		852,988

190

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	4,160		Rockwell Collins, Inc	$	350,064
	14,828		Roper Industries, Inc		2,347,272
	13,309		Snap-On, Inc		1,758,651
	2,452	*	Spirit Aerosystems Holdings, Inc (Class A)		96,462
	11,643		SPX Corp		1,103,640
	36,826		Stanley Works		3,448,387
	31,027		Terex Corp		892,647
	75,507		Textron, Inc		3,135,806
	21,085		Timken Co		906,444
	10,884		Trinity Industries, Inc		388,668
	10,603		Triumph Group, Inc		738,287
	218,989		United Technologies Corp		23,431,823
	6,681	e	Valmont Industries, Inc		909,752
	2,618	*	Vectrus, Inc		63,984
	2,292	*	Veritiv Corp		103,392
	12,223	*,e	WESCO International, Inc		1,007,297
	13,433		Xylem, Inc		488,424
			TOTAL CAPITAL GOODS		221,060,690

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	46,308	e	ADT Corp		1,659,679
	5,184		Cintas Corp		379,676
	4,516	*	Clean Harbors, Inc		224,129
	31,044		Corrections Corp of America		1,141,798
	19,247		Covanta Holding Corp		424,781
	6,358		Dun & Bradstreet Corp		780,826
	15,219		Equifax, Inc		1,152,687
	21,662		KAR Auction Services, Inc		657,658
	21,159		Manpower, Inc		1,412,363
	18,956		Nielsen Holdings NV		805,441
	29,250		Pitney Bowes, Inc		723,645
	47,899		R.R. Donnelley & Sons Co		835,838
	71,836		Republic Services, Inc		2,758,502
	17,258		Towers Watson & Co		1,903,385
	13,380		Tyco International Ltd		574,403
	14,003		Waste Connections, Inc		698,750
	112,287		Waste Management, Inc		5,489,712
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		21,623,273

CONSUMER DURABLES & APPAREL - 0.8%
	79,182		DR Horton, Inc		1,804,558
	32,449	e	Garmin Ltd		1,800,271
	2,142	*,e	GoPro, Inc		165,148
	4,663		Hasbro, Inc		268,262
	23,795	*	Jarden Corp		1,548,817
	18,792		Leggett & Platt, Inc		740,029
	45,505		Lennar Corp (Class A)		1,960,355
	57,514		Mattel, Inc		1,786,960
	16,320	*	Mohawk Industries, Inc		2,318,093
	29,512		Newell Rubbermaid, Inc		983,635
	2,697		Phillips-Van Heusen Corp		308,402
	102,251		Pulte Homes, Inc		1,962,197

191

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	3,898		Ralph Lauren Corp	$	642,546
	8,868	*	Taylor Morrison Home Corp		152,884
	48,802	*	Toll Brothers, Inc		1,559,224
	19,086		Whirlpool Corp		3,283,746
			TOTAL CONSUMER DURABLES & APPAREL		21,285,127

CONSUMER SERVICES - 0.7%
	26,089	*	Apollo Group, Inc (Class A)		747,711
	1,060		ARAMARK Holdings Corp		29,585
	114,222		Carnival Corp		4,586,013
	8,319		Choice Hotels International, Inc		445,066
	35,162	e	Darden Restaurants, Inc		1,820,688
	16,873		DeVry, Inc		816,822
	906		Graham Holdings Co		709,942
	10,492	*	Hyatt Hotels Corp		621,336
	65,650		International Game Technology		1,076,003
	7,426		Marriott International, Inc (Class A)		562,520
	93,246	*	MGM Mirage		2,167,970
	3,118	*	Norwegian Cruise Line Holdings Ltd		121,602
	44,891		Royal Caribbean Cruises Ltd		3,051,241
	13,128		Service Corp International		287,109
	5,652	*	ServiceMaster Global Holdings, Inc		135,535
	28,123		Starwood Hotels & Resorts Worldwide, Inc		2,155,909
	71,276		Wendy’s		571,634
			TOTAL CONSUMER SERVICES		19,906,686

DIVERSIFIED FINANCIALS - 5.2%
	7,278	*	Ally Financial, Inc		165,211
	32,797		Ameriprise Financial, Inc		4,137,997
	306,767		Bank of New York Mellon Corp		11,878,018
	21,246		BlackRock, Inc		7,247,223
	153,760		Capital One Financial Corp		12,726,715
	251,313		Charles Schwab Corp		7,205,144
	85,945		CME Group, Inc		7,203,050
	125,464		Discover Financial Services		8,002,094
	77,617	*	E*Trade Financial Corp		1,730,859
	7,697	e	Federated Investors, Inc (Class B)		240,685
	23,861	*	FNFV Group		320,692
	19,302		Franklin Resources, Inc		1,073,384
	120,297		Goldman Sachs Group, Inc		22,855,227
	14,607		Interactive Brokers Group, Inc (Class A)		377,153
	17,881		IntercontinentalExchange Group, Inc		3,724,433
	97,385		Invesco Ltd		3,941,171
	90,800	e	iShares Russell 1000 Value Index Fund		9,279,760
	16,777		Legg Mason, Inc		872,404
	81,869		Leucadia National Corp		1,946,845
	412,425		Morgan Stanley		14,414,254
	17,019		MSCI, Inc (Class A)		794,107
	31,042		NASDAQ OMX Group, Inc		1,342,877
	112,238		Navient Corp		2,220,068
	63,594		Northern Trust Corp		4,216,282
	40,225	*	NorthStar Asset Management Group, Inc		728,877

192

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	33,178		Raymond James Financial, Inc	$	1,862,281
	21,672		Santander Consumer USA Holdings, Inc		400,932
	2,126		SEI Investments Co		82,191
	74,370		SLM Corp		710,234
	115,142		State Street Corp		8,688,615
	9,016	*	Synchrony Financial		243,612
	9,774		TD Ameritrade Holding Corp		329,775
	38,220		Voya Financial, Inc		1,500,135
			TOTAL DIVERSIFIED FINANCIALS		142,462,305

ENERGY - 12.1%
	125,820		Anadarko Petroleum Corp		11,547,760
	103,820		Apache Corp		8,014,904
	13,189	*	Atwood Oceanics, Inc		536,133
	107,164		Baker Hughes, Inc		5,675,405
	19,605	*	Cameron International Corp		1,167,478
	107,695		Chesapeake Energy Corp		2,388,675
	512,065		Chevron Corp		61,422,197
	20,320		Cimarex Energy Co		2,309,774
	8,847	*	Cobalt International Energy, Inc		103,598
	330,258		ConocoPhillips		23,828,115
	61,100		Consol Energy, Inc		2,248,480
	2,503	e	CVR Energy, Inc		121,596
	93,469		Denbury Resources, Inc		1,159,015
	110,065		Devon Energy Corp		6,603,900
	18,193	e	Diamond Offshore Drilling, Inc		686,058
	19,343		Energen Corp		1,309,521
	8,843	*,e	EP Energy Corp		129,108
	4,070		EQT Corp		382,743
	1,155,117	d	Exxon Mobil Corp		111,711,365
	7,838	e	Frank’s International NV		135,049
	13,526		Golar LNG Ltd		758,944
	4,887	*	Gulfport Energy Corp		245,230
	8,301		Helmerich & Payne, Inc		720,693
	74,638		Hess Corp		6,330,049
	44,257		Holly Corp		2,008,383
	127,721	e	Kinder Morgan, Inc		4,942,803
	3,470	*,e	Laredo Petroleum Holdings, Inc		65,791
	181,094		Marathon Oil Corp		6,410,728
	17,063		Marathon Petroleum Corp		1,551,027
	7,021	*	Memorial Resource Development Corp		190,199
	48,635		Murphy Oil Corp		2,596,623
	72,870		Nabors Industries Ltd		1,300,729
	105,721		National Oilwell Varco, Inc		7,679,573
	36,931	*	Newfield Exploration Co		1,204,320
	27,527		Noble Energy, Inc		1,586,381
	210,979		Occidental Petroleum Corp		18,762,362
	13,328	*	Oil States International, Inc		796,215
	25,964	*	Oneok, Inc		1,530,318
	20,272		Patterson-UTI Energy, Inc		466,864
	12,513		PBF Energy, Inc		326,214
	72,604	e	Peabody Energy Corp		757,260

193

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	90,015		Phillips 66	$	7,066,177
	41,781		Questar Market Resources, Inc		1,047,450
	1,083	*	Rice Energy, Inc		28,624
	32,987		Rowan Cos plc		800,594
	133,014	*,e	SandRidge Energy, Inc		518,755
	66,019	e	Seadrill Ltd		1,518,437
	9,664	*	Seventy Seven Energy, Inc		126,308
	180,416		Spectra Energy Corp		7,059,678
	38,300		Superior Energy Services		963,245
	6,609		Teekay Corp		386,362
	19,609		Tesoro Corp		1,400,279
	14,463	e	Tidewater, Inc		533,251
	28,634	*,e	Ultra Petroleum Corp		652,855
	12,193	*	Unit Corp		590,385
	108,987		Valero Energy Corp		5,459,159
	28,326	*	Whiting Petroleum Corp		1,734,684
	14,668		World Fuel Services Corp		604,908
	55,662	*	WPX Energy, Inc		1,064,257
			TOTAL ENERGY		333,266,988

FOOD & STAPLES RETAILING - 2.4%
	6,998		Costco Wholesale Corp		933,323
	269,859		CVS Corp		23,156,601
	96,156	*	Rite Aid Corp		504,819
	62,660		Safeway, Inc		2,184,328
	98,398		Sysco Corp		3,792,259
	63,727		Walgreen Co		4,092,548
	384,859		Wal-Mart Stores, Inc		29,353,196
	56,428		Whole Foods Market, Inc		2,219,313
			TOTAL FOOD & STAPLES RETAILING		66,236,387

FOOD, BEVERAGE & TOBACCO - 2.2%
	29,544		Altria Group, Inc		1,428,157
	159,044		Archer Daniels Midland Co		7,475,068
	39,709		Bunge Ltd		3,520,203
	15,457		Campbell Soup Co		682,736
	113,383		ConAgra Foods, Inc		3,894,706
	2,778	*	Constellation Brands, Inc (Class A)		254,298
	1,279	*	Hain Celestial Group, Inc		138,452
	16,852		Ingredion, Inc		1,301,817
	28,033		J.M. Smucker Co		2,915,432
	6,135		Kellogg Co		392,394
	36,819		Molson Coors Brewing Co (Class B)		2,738,597
	454,971		Mondelez International, Inc		16,042,277
	174,755		Philip Morris International, Inc		15,554,943
	14,813	*,e	Pilgrim’s Pride Corp		420,837
	14,931		Pinnacle Foods, Inc		504,668
	21,045		Reynolds American, Inc		1,323,941
	73,463		Tyson Foods, Inc (Class A)		2,964,232
			TOTAL FOOD, BEVERAGE & TOBACCO		61,552,758

194

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 5.6%
	404,004		Abbott Laboratories	$	17,610,534
	67,313		Aetna, Inc		5,553,996
	31,504	*	Allscripts Healthcare Solutions, Inc		432,235
	322,258	*	Boston Scientific Corp		4,279,586
	84,106		Cardinal Health, Inc		6,600,639
	55,087	*	CareFusion Corp		3,160,341
	66,357		Cigna Corp		6,607,167
	30,599	*	Community Health Systems, Inc		1,682,027
	3,298		Cooper Cos, Inc		540,542
	121,303		Covidien plc		11,213,249
	31,486	*	DaVita, Inc		2,458,112
	25,957		Dentsply International, Inc		1,317,837
	28,193	*	Express Scripts Holding Co		2,165,786
	79,180	*	HCA Holdings, Inc		5,546,559
	21,297	*	Health Net, Inc		1,011,820
	13,880		Hill-Rom Holdings, Inc		617,382
	44,504	*	Hologic, Inc		1,165,560
	41,507		Humana, Inc		5,763,247
	724	*	Intuitive Surgical, Inc		358,959
	22,838	*	Inverness Medical Innovations, Inc		912,835
	13,612	*	Laboratory Corp of America Holdings		1,487,655
	12,418	*	LifePoint Hospitals, Inc		869,260
	268,768		Medtronic, Inc		18,319,227
	27,069		Omnicare, Inc		1,802,525
	21,977		Patterson Cos, Inc		947,428
	9,217	*	Pediatrix Medical Group, Inc		575,417
	39,180		Quest Diagnostics, Inc		2,486,363
	5,794	*	Sirona Dental Systems, Inc		455,119
	26,895		St. Jude Medical, Inc		1,725,852
	36,702		Stryker Corp		3,212,526
	11,023		Teleflex, Inc		1,257,945
	263,575		UnitedHealth Group, Inc		25,042,261
	18,398		Universal Health Services, Inc (Class B)		1,908,057
	23,514	*	VCA Antech, Inc		1,071,533
	75,237		WellPoint, Inc		9,531,776
	41,762		Zimmer Holdings, Inc		4,645,605
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		154,336,962

HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
	68,278		Avon Products, Inc		710,091
	6,029		Clorox Co		599,886
	26,571		Colgate-Palmolive Co		1,777,069
	3,470		Coty, Inc		57,602
	16,802		Energizer Holdings, Inc		2,060,765
	17,582		Kimberly-Clark Corp		2,009,095
	686,385		Procter & Gamble Co		59,900,819
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		67,115,327

INSURANCE - 8.2%
	90,840		ACE Ltd		9,928,812
	121,530		Aflac, Inc		7,258,987
	4,467	*	Alleghany Corp		1,984,599

195

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	26,012		Allied World Assurance Co Holdings Ltd	$	988,456
	116,914		Allstate Corp		7,581,873
	16,024		American Financial Group, Inc		958,716
	389,166		American International Group, Inc		20,847,623
	2,015		American National Insurance Co		229,871
	18,897		Aon plc		1,625,142
	36,517	*	Arch Capital Group Ltd		2,056,637
	2,435		Arthur J. Gallagher & Co		116,149
	17,482		Aspen Insurance Holdings Ltd		762,740
	18,682		Assurant, Inc		1,274,486
	44,157		Assured Guaranty Ltd		1,019,144
	28,636		Axis Capital Holdings Ltd		1,378,537
	492,285	*	Berkshire Hathaway, Inc (Class B)		68,998,666
	29,878		Brown & Brown, Inc		951,913
	66,004		Chubb Corp		6,558,157
	44,457		Cincinnati Financial Corp		2,243,745
	8,348		CNA Financial Corp		326,240
	11,892		Endurance Specialty Holdings Ltd		689,141
	12,552		Everest Re Group Ltd		2,141,999
	73,592		FNF Group		2,195,985
	135,634	*	Genworth Financial, Inc (Class A)		1,897,520
	11,580		Hanover Insurance Group, Inc		775,165
	120,984		Hartford Financial Services Group, Inc		4,788,547
	26,543		HCC Insurance Holdings, Inc		1,385,279
	71,089		Lincoln National Corp		3,892,834
	87,690		Loews Corp		3,823,284
	3,784	*	Markel Corp		2,614,328
	48,560		Marsh & McLennan Cos, Inc		2,640,207
	42,787	*	MBIA, Inc		417,601
	8,133		Mercury General Corp		432,025
	251,702		Metlife, Inc		13,652,316
	69,233		Old Republic International Corp		1,022,571
	13,859		PartnerRe Ltd		1,603,348
	79,165		Principal Financial Group		4,145,871
	15,976		ProAssurance Corp		747,357
	159,252		Progressive Corp		4,205,845
	20,954		Protective Life Corp		1,460,075
	123,750		Prudential Financial, Inc		10,956,825
	13,254		Reinsurance Group of America, Inc (Class A)		1,116,650
	11,334		RenaissanceRe Holdings Ltd		1,171,142
	12,067		Stancorp Financial Group, Inc		839,381
	34,998		Torchmark Corp		1,853,494
	93,474		Travelers Cos, Inc		9,422,179
	69,881		UnumProvident Corp		2,338,218
	24,124		Validus Holdings Ltd		959,653
	26,809		W.R. Berkley Corp		1,381,736
	1,658		White Mountains Insurance Group Ltd		1,036,117
	72,144		XL Capital Ltd		2,444,239
			TOTAL INSURANCE		225,141,425

MATERIALS - 3.2%
	57,176		Air Products & Chemicals, Inc		7,699,320

196

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	12,130		Albemarle Corp	$	708,149
	314,182		Alcoa, Inc		5,265,690
	28,873		Allegheny Technologies, Inc		948,478
	13,464		Aptargroup, Inc		837,999
	20,711		Ashland, Inc		2,238,238
	16,524		Avery Dennison Corp		774,149
	27,070		Bemis Co, Inc		1,041,383
	15,610		Cabot Corp		724,772
	13,424		Carpenter Technology Corp		671,871
	37,871		Celanese Corp (Series A)		2,224,164
	14,033		CF Industries Holdings, Inc		3,648,580
	43,023	e	Cliffs Natural Resources, Inc		483,148
	16,769		Cytec Industries, Inc		781,939
	18,387		Domtar Corp		755,154
	271,823		Dow Chemical Co		13,428,056
	14,086		Du Pont (E.I.) de Nemours & Co		974,047
	3,407		Eastman Chemical Co		275,218
	278,853		Freeport-McMoRan Copper & Gold, Inc (Class B)		7,947,311
	8,042		Greif, Inc (Class A)		354,331
	15,379		Huntsman Corp		375,248
	97,277		International Paper Co		4,924,162
	44,604		MeadWestvaco Corp		1,970,159
	90,096		Mosaic Co		3,992,154
	134,685		Newmont Mining Corp		2,526,691
	85,672		Nucor Corp		4,631,428
	17,591	*	Owens-Illinois, Inc		453,320
	9,739	e	Rayonier Advanced Materials, Inc		277,854
	20,651		Reliance Steel & Aluminum Co		1,393,530
	39,129		Rock-Tenn Co (Class A)		2,001,448
	18,029		Rockwood Holdings, Inc		1,386,610
	17,295		Royal Gold, Inc		988,409
	2,317		RPM International, Inc		104,960
	17,051		Sigma-Aldrich Corp		2,317,401
	26,680		Sonoco Products Co		1,090,412
	63,788		Steel Dynamics, Inc		1,467,762
	19,309	*	Tahoe Resources, Inc		335,204
	10,499		TimkenSteel Corp		426,049
	38,702	e	United States Steel Corp		1,549,628
	34,758		Vulcan Materials Co		2,144,916
	2,109		Westlake Chemical Corp		148,790
	2,652	*	WR Grace & Co		250,879
			TOTAL MATERIALS		86,539,011

MEDIA - 1.8%
	12,871		CBS Corp (Class B)		697,866
	5,036		Clear Channel Outdoor Holdings, Inc (Class A)		36,561
	59,467		Comcast Corp (Class A)		3,291,498
	15,960	*	DISH Network Corp (Class A)		1,015,854
	20,022	*,e	DreamWorks Animation SKG, Inc (Class A)		446,090
	60,270		Gannett Co, Inc		1,898,505
	11,874		John Wiley & Sons, Inc (Class A)		693,323
	26,299	*	Liberty Media Corp		1,262,878

197

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	50,419	*	Liberty Media Corp (Class C)	$	2,416,583
	20,235	*	Live Nation, Inc		526,110
	16,566	*	Madison Square Garden, Inc		1,255,040
	132,142	*	News Corp		2,045,558
	15,613	e	Regal Entertainment Group (Class A)		345,828
	3,801	*	Starz-Liberty Capital		117,451
	95,738		Thomson Corp		3,563,368
	237,295		Time Warner, Inc		18,857,834
	134,608		Twenty-First Century Fox, Inc		4,641,284
	75,712		Walt Disney Co		6,918,563
			TOTAL MEDIA		50,030,194

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	76,780		Agilent Technologies, Inc		4,244,398
	5,891	*	Alkermes plc		297,790
	2,772	*	Alnylam Pharmaceuticals, Inc		257,075
	10,821		Amgen, Inc		1,754,950
	5,390	*	Bio-Rad Laboratories, Inc (Class A)		608,100
	5,213	*	Bio-Techne Corp		474,644
	286,650		Bristol-Myers Squibb Co		16,680,163
	6,844	*	Charles River Laboratories International, Inc		432,267
	1,558	*	Covance, Inc		124,484
	864	*	Cubist Pharmaceuticals, Inc		62,459
	264,642		Eli Lilly & Co		17,553,704
	44,412	*	Hospira, Inc		2,384,924
	641,511		Johnson & Johnson		69,142,056
	8,467	*	Mallinckrodt plc		780,488
	676,050		Merck & Co, Inc		39,170,337
	2,827	*,e	Myriad Genetics, Inc		111,638
	24,401		PerkinElmer, Inc		1,059,491
	27,862		Perrigo Co plc		4,498,320
	1,715,847		Pfizer, Inc		51,389,618
	63,002	*	Qiagen NV (NASDAQ)		1,478,027
	8,525	*	Quintiles Transnational Holdings, Inc		499,054
	64,132		Thermo Electron Corp		7,539,999
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		220,543,986

REAL ESTATE - 4.7%
	19,039		Alexandria Real Estate Equities, Inc		1,580,237
	28,085		American Campus Communities, Inc		1,102,898
	93,742		American Capital Agency Corp		2,131,693
	40,389		American Homes 4 Rent		708,019
	245,310		American Realty Capital Properties, Inc		2,175,900
	251,796		Annaly Capital Management, Inc		2,872,992
	16,840		Apartment Investment & Management Co (Class A)		602,704
	34,868		AvalonBay Communities, Inc		5,433,829
	51,156		BioMed Realty Trust, Inc		1,111,108
	36,230		Boston Properties, Inc		4,592,153
	48,189		Brandywine Realty Trust		743,556
	14,384		Brixmor Property Group, Inc		350,394
	22,737		Camden Property Trust		1,743,246
	46,990		CBL & Associates Properties, Inc		898,919

198

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	29,459	*	CBS Outdoor Americas, Inc	$	896,437
	282,114		Chimera Investment Corp		880,196
	28,540		Columbia Property Trust, Inc		720,064
	22,929		Corporate Office Properties Trust		626,879
	78,829		DDR Corp		1,429,958
	35,967		Digital Realty Trust, Inc		2,481,363
	39,652		Douglas Emmett, Inc		1,115,411
	87,555		Duke Realty Corp		1,660,043
	35,033		Equity Commonwealth		935,732
	6,278		Equity Lifestyle Properties, Inc		308,250
	97,168		Equity Residential		6,759,006
	16,867		Essex Property Trust, Inc		3,403,086
	6,442		Federal Realty Investment Trust		849,056
	43,593	*	Forest City Enterprises, Inc (Class A)		910,658
	20,024		Gaming and Leisure Properties, Inc		625,750
	151,816		General Growth Properties, Inc		3,933,553
	122,923		HCP, Inc		5,404,924
	41,376		Health Care REIT, Inc		2,942,247
	56,398		Healthcare Trust of America, Inc		724,150
	15,172		Home Properties, Inc		975,711
	40,019		Hospitality Properties Trust		1,184,963
	203,637		Host Marriott Corp		4,746,779
	5,341	*	Howard Hughes Corp		787,157
	4,516		Iron Mountain, Inc		162,892
	8,748		Jones Lang LaSalle, Inc		1,182,817
	21,795		Kilroy Realty Corp		1,476,393
	109,078		Kimco Realty Corp		2,721,496
	39,246		Liberty Property Trust		1,364,583
	38,110		Macerich Co		2,686,755
	102,807		MFA Mortgage Investments, Inc		861,523
	19,698		Mid-America Apartment Communities, Inc		1,391,861
	32,496		National Retail Properties, Inc		1,238,748
	47,919		NorthStar Realty Finance Corp		890,335
	23,339		Omega Healthcare Investors, Inc		890,616
	41,118		Piedmont Office Realty Trust, Inc		799,745
	24,382		Plum Creek Timber Co, Inc		999,906
	14,343		Post Properties, Inc		802,347
	134,252		Prologis, Inc		5,591,596
	3,024		Public Storage, Inc		557,444
	30,800		Rayonier, Inc		1,030,876
	22,208	*	Realogy Holdings Corp		910,750
	58,846		Realty Income Corp		2,708,681
	24,536		Regency Centers Corp		1,489,335
	62,245		Retail Properties of America, Inc		976,624
	54,138		Senior Housing Properties Trust		1,222,977
	21,266		Simon Property Group, Inc		3,811,080
	25,361		SL Green Realty Corp		2,934,268
	110,286		Spirit Realty Capital, Inc		1,312,403
	58,829		Starwood Property Trust, Inc		1,327,182
	9,184		Tanger Factory Outlet Centers, Inc		328,512
	1,300		Taubman Centers, Inc		98,865
	97,985		Two Harbors Investment Corp		992,588

199

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	66,809		UDR, Inc	$	2,019,636
	41,228		Ventas, Inc		2,824,530
	39,061		Vornado Realty Trust		4,276,398
	40,905		Washington Prime Group, Inc		721,155
	33,389		Weingarten Realty Investors		1,210,351
	126,694		Weyerhaeuser Co		4,289,859
	26,476		WP Carey, Inc		1,792,955
			TOTAL REAL ESTATE		130,247,103

RETAILING - 1.4%
	13,953		Aaron’s, Inc		345,476
	17,177	e	Abercrombie & Fitch Co (Class A)		575,086
	36,245	*	Ascena Retail Group, Inc		451,250
	28,753	*	Bed Bath & Beyond, Inc		1,936,227
	53,735		Best Buy Co, Inc		1,834,513
	10,664		Big Lots, Inc		486,812
	11,724	*,e	Cabela’s, Inc		562,986
	18,198	*,e	Carmax, Inc		1,017,450
	24,045		Chico’s FAS, Inc		362,599
	3,356		CST Brands, Inc		128,367
	21,125		Dick’s Sporting Goods, Inc		958,441
	2,417		Dillard’s, Inc (Class A)		255,622
	19,726	*	Dollar General Corp		1,236,228
	21,576		DSW, Inc (Class A)		639,728
	1,367		Family Dollar Stores, Inc		107,022
	33,578		Foot Locker, Inc		1,880,704
	29,652	e	GameStop Corp (Class A)		1,267,920
	2,601		Genuine Parts Co		252,505
	1,535	*	HomeAway, Inc		53,572
	83,880	*,e	JC Penney Co, Inc		638,327
	53,300		Kohl’s Corp		2,889,926
	41,498		L Brands, Inc		2,992,836
	65,205	*	Liberty Interactive Corp		1,704,459
	21,954		Macy’s, Inc		1,269,380
	4,295	*	Michaels Cos, Inc		78,513
	6,928	*	Murphy USA, Inc		396,974
	6,014		Penske Auto Group, Inc		272,073
	11,470	*	Sally Beauty Holdings, Inc		336,186
	1,692	*,e	Sears Holdings Corp		59,085
	6,708		Signet Jewelers Ltd		805,027
	171,827		Staples, Inc		2,178,766
	153,266		Target Corp		9,474,904
	8,149	*	Urban Outfitters, Inc		247,404
			TOTAL RETAILING		37,696,368

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	52,109		Altera Corp		1,790,986
	46,476		Analog Devices, Inc		2,306,139
	107,428		Applied Materials, Inc		2,373,085
	143,471		Broadcom Corp (Class A)		6,008,565
	14,696	*,e	Cree, Inc		462,630
	19,745	*	First Solar, Inc		1,162,981

200

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	2,953	*,e	Freescale Semiconductor Holdings Ltd	$	58,735
	1,222,887		Intel Corp		41,590,387
	4,295		Kla-Tencor Corp		339,949
	32,284		Lam Research Corp		2,513,632
	111,670		Marvell Technology Group Ltd		1,500,845
	6,141		Maxim Integrated Products, Inc		180,177
	34,946	*	Micron Technology, Inc		1,156,363
	123,955		Nvidia Corp		2,422,081
	56,978	*	ON Semiconductor Corp		472,348
	49,796	*	SunEdison, Inc		971,520
	12,454	*,e	SunPower Corp		396,535
	49,953		Teradyne, Inc		919,135
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		66,626,093

SOFTWARE & SERVICES - 3.0%
	44,779		Activision Blizzard, Inc		893,341
	43,571		Amdocs Ltd		2,071,365
	19,342	*	Ansys, Inc		1,519,508
	22,185	*	AOL, Inc		965,713
	12,349	*	Autodesk, Inc		710,561
	2,219		Booz Allen Hamilton Holding Co		58,471
	86,743		CA, Inc		2,520,752
	3,829	*	Citrix Systems, Inc		245,937
	36,148		Computer Sciences Corp		2,183,339
	1,363		DST Systems, Inc		131,325
	19,571	*	Electronic Arts, Inc		801,824
	67,873		Fidelity National Information Services, Inc		3,963,105
	4,511	*,e	FireEye, Inc		153,329
	24,628	*	First American Corp		772,580
	37,083	*	Genpact Ltd		650,807
	11,634		IAC/InterActiveCorp		787,505
	3,315	*	Informatica Corp		118,213
	16,720		Leidos Holdings, Inc		611,450
	784,420		Microsoft Corp		36,828,519
	69,970	*	Nuance Communications, Inc		1,079,637
	9,540		Paychex, Inc		447,808
	25,211	*	Rovi Corp		526,406
	185,893		Symantec Corp		4,613,864
	41,234	*	Synopsys, Inc		1,689,769
	8,445	*	Teradata Corp		357,392
	10,118		Total System Services, Inc		341,887
	313,978		Xerox Corp		4,169,628
	270,921	*	Yahoo!, Inc		12,475,912
	194,985	*	Zynga, Inc		497,212
			TOTAL SOFTWARE & SERVICES		82,187,159

TECHNOLOGY HARDWARE & EQUIPMENT - 3.8%
	761	*	Arista Networks, Inc		61,831
	26,474	*	Arrow Electronics, Inc		1,505,312
	29,919		Avnet, Inc		1,293,997
	11,403		AVX Corp		164,659
	119,608		Brocade Communications Systems, Inc		1,283,394

201

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	1,377,914		Cisco Systems, Inc	$	33,717,555
	269,732		Corning, Inc		5,510,625
	12,956		Dolby Laboratories, Inc (Class A)		543,115
	8,478	*	EchoStar Corp (Class A)		396,177
	496,279		EMC Corp		14,258,096
	10,801		Flir Systems, Inc		362,157
	22,498		Harris Corp		1,565,861
	508,973		Hewlett-Packard Co		18,261,951
	41,240	*	Ingram Micro, Inc (Class A)		1,106,882
	53,395		Jabil Circuit, Inc		1,118,625
	63,198	*	JDS Uniphase Corp		850,645
	98,599		Juniper Networks, Inc		2,077,481
	23,107	*,e	Knowles Corp		449,662
	16,516		Lexmark International, Inc (Class A)		712,831
	47,025		Motorola, Inc		3,033,112
	39,880	*	NCR Corp		1,103,480
	57,457		NetApp, Inc		2,459,160
	32,117		SanDisk Corp		3,023,494
	5,750	*,e	Stratasys Ltd		692,070
	10,169	*	Tech Data Corp		607,293
	35,201		Vishay Intertechnology, Inc		475,565
	59,699		Western Digital Corp		5,872,591
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		102,507,621

TELECOMMUNICATION SERVICES - 2.2%
	1,396,222		AT&T, Inc		48,644,375
	145,390		CenturyTel, Inc		6,030,777
	266,307	e	Frontier Communications Corp		1,741,648
	200,758	*,e	Sprint Corp		1,190,495
	22,361		Telephone & Data Systems, Inc		573,336
	70,481	*	T-Mobile US, Inc		2,057,340
	3,158	*	US Cellular Corp		115,014
	10,064		Windstream Holdings, Inc		105,471
			TOTAL TELECOMMUNICATION SERVICES		60,458,456

TRANSPORTATION - 1.4%
	4,102		Alaska Air Group, Inc		218,350
	911		Amerco, Inc		246,990
	14,905		Con-Way, Inc		646,430
	2,149		Copa Holdings S.A. (Class A)		251,261
	270,188		CSX Corp		9,626,798
	215,966		Delta Air Lines, Inc		8,688,312
	45,320		FedEx Corp		7,586,568
	7,461	*	Genesee & Wyoming, Inc (Class A)		717,748
	6,513		Kansas City Southern Industries, Inc		799,731
	65,743		Norfolk Southern Corp		7,273,806
	14,140		Ryder System, Inc		1,250,966
	20,642		Southwest Airlines Co		711,736
			TOTAL TRANSPORTATION		38,018,696

202

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

UTILITIES - 6.3%
	196,062		AES Corp	$	2,758,592
	31,688		AGL Resources, Inc		1,708,300
	30,316		Alliant Energy Corp		1,876,864
	65,671		Ameren Corp		2,780,510
	131,472		American Electric Power Co, Inc		7,670,077
	48,518		American Water Works Co, Inc		2,589,406
	48,136		Aqua America, Inc		1,261,163
	26,620		Atmos Energy Corp		1,410,860
	98,873	*	Calpine Corp		2,256,282
	114,197		Centerpoint Energy, Inc		2,803,536
	71,614		CMS Energy Corp		2,339,629
	78,647		Consolidated Edison, Inc		4,983,074
	146,907		Dominion Resources, Inc		10,474,469
	47,652		DTE Energy Co		3,915,088
	190,248		Duke Energy Corp		15,628,873
	87,410		Edison International		5,470,118
	48,280		Entergy Corp		4,056,486
	231,135		Exelon Corp		8,457,230
	113,004		FirstEnergy Corp		4,219,569
	42,359		Great Plains Energy, Inc		1,140,728
	27,246	e	Hawaiian Electric Industries, Inc		767,247
	21,953		Integrys Energy Group, Inc		1,595,544
	3,051		ITC Holdings Corp		120,850
	50,918		MDU Resources Group, Inc		1,434,869
	22,323		National Fuel Gas Co		1,545,421
	117,315		NextEra Energy, Inc		11,757,309
	84,860		NiSource, Inc		3,569,212
	85,003		Northeast Utilities		4,194,898
	89,541		NRG Energy, Inc		2,684,439
	52,913		OGE Energy Corp		1,973,126
	68,552		Pepco Holdings, Inc		1,874,212
	125,647		PG&E Corp		6,322,557
	29,750		Pinnacle West Capital Corp		1,828,733
	178,013		PPL Corp		6,228,675
	135,730		Public Service Enterprise Group, Inc		5,607,006
	46,539		Questar Corp		1,122,055
	38,553		SCANA Corp		2,116,174
	66,142		Sempra Energy		7,275,620
	239,815		Southern Co		11,117,823
	61,995		TECO Energy, Inc		1,215,722
	45,868		UGI Corp		1,728,765
	22,023		Vectren Corp		989,934
	35,176		Westar Energy, Inc		1,330,005
	59,929	e	Wisconsin Energy Corp		2,976,074
	134,916		Xcel Energy, Inc		4,515,639
			TOTAL UTILITIES		173,692,763

			TOTAL COMMON STOCKS		2,734,859,943
			(Cost $2,321,157,222)

203

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

SHORT-TERM INVESTMENTS - 1.7%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
	45,999,401	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	45,999,401
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		45,999,401

			TOTAL SHORT-TERM INVESTMENTS		45,999,401
			(Cost $45,999,401)

			TOTAL INVESTMENTS - 101.3%		2,780,859,344
			(Cost $2,367,156,623)
			OTHER ASSETS & LIABILITIES, NET - (1.3)%		(34,021,098	)
			NET ASSETS - 100.0%	$	2,746,838,246



					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 by the custodian to cover margin or other requirements on open futures transactions.
			e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $45,444,556.

204

TIAA-CREF FUNDS - S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 1.0%
	31,523	*	BorgWarner, Inc	$	1,797,441
	40,642		Delphi Automotive plc		2,803,485
	528,283		Ford Motor Co		7,443,508
	183,735		General Motors Co		5,769,279
	38,339		Goodyear Tire & Rubber Co		928,954
	29,683		Harley-Davidson, Inc		1,950,173
	90,765		Johnson Controls, Inc		4,288,646
			TOTAL AUTOMOBILES & COMPONENTS		24,981,486

BANKS - 6.0%
	1,434,830		Bank of America Corp		24,621,683
	98,220		BB&T Corp		3,720,574
	413,388		Citigroup, Inc		22,128,659
	24,754		Comerica, Inc		1,181,756
	112,967		Fifth Third Bancorp		2,258,210
	67,498		Hudson City Bancorp, Inc		651,356
	111,941		Huntington Bancshares, Inc		1,109,335
	513,043		JPMorgan Chase & Co		31,028,841
	118,968		Keycorp		1,570,378
	18,141	e	M&T Bank Corp		2,216,467
	42,159	e	People’s United Financial, Inc		616,364
	73,839		PNC Financial Services Group, Inc		6,378,951
	186,916		Regions Financial Corp		1,856,076
	71,907		SunTrust Banks, Inc		2,814,440
	245,783		US Bancorp		10,470,356
	647,379		Wells Fargo & Co		34,369,351
	28,005		Zions Bancorporation		811,305
			TOTAL BANKS		147,804,102

CAPITAL GOODS - 7.6%
	88,386		3M Co		13,591,115
	13,689		Allegion plc		726,749
	33,419		Ametek, Inc		1,742,801
	91,426		Boeing Co		11,420,022
	85,558		Caterpillar, Inc		8,676,437
	23,340		Cummins, Inc		3,411,841
	82,885		Danaher Corp		6,663,954
	48,915		Deere & Co		4,184,189
	22,721		Dover Corp		1,804,956
	64,578		Eaton Corp		4,416,489
	95,204		Emerson Electric Co		6,098,768
	37,065	e	Fastenal Co		1,632,343
	18,850		Flowserve Corp		1,281,612
	21,127		Fluor Corp		1,401,565

205

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	43,329		General Dynamics Corp	$	6,055,661
	1,368,574		General Electric Co		35,322,895
	106,740		Honeywell International, Inc		10,259,849
	49,530		Illinois Tool Works, Inc		4,509,707
	36,285	*	Ingersoll-Rand plc		2,272,167
	18,578	*	Jacobs Engineering Group, Inc		881,526
	13,759		Joy Global, Inc		724,136
	11,868		L-3 Communications Holdings, Inc		1,441,487
	36,816		Lockheed Martin Corp		7,016,025
	48,354		Masco Corp		1,067,173
	28,267		Northrop Grumman Corp		3,899,715
	48,418		Paccar, Inc		3,162,664
	14,650		Pall Corp		1,339,303
	20,067		Parker Hannifin Corp		2,549,111
	26,088		Pentair plc		1,749,200
	19,572		Precision Castparts Corp		4,319,540
	28,810	*	Quanta Services, Inc		981,845
	42,345		Raytheon Co		4,398,799
	18,742		Rockwell Automation, Inc		2,105,664
	18,614		Rockwell Collins, Inc		1,566,368
	13,543		Roper Industries, Inc		2,143,857
	7,898		Snap-On, Inc		1,043,642
	21,208		Stanley Works		1,985,917
	38,028		Textron, Inc		1,579,303
	13,036	*	United Rentals, Inc		1,434,742
	116,058		United Technologies Corp		12,418,206
	8,219		W.W. Grainger, Inc		2,028,449
	25,117		Xylem, Inc		913,254
			TOTAL CAPITAL GOODS		186,223,046

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	23,661	e	ADT Corp		848,010
	13,235		Cintas Corp		969,331
	4,943		Dun & Bradstreet Corp		607,050
	16,609		Equifax, Inc		1,257,966
	41,434		Nielsen Holdings NV		1,760,531
	27,074		Pitney Bowes, Inc		669,811
	34,307		Republic Services, Inc		1,317,389
	18,729		Robert Half International, Inc		1,025,975
	11,639	*	Stericycle, Inc		1,466,514
	60,597		Tyco International Ltd		2,601,429
	59,196		Waste Management, Inc		2,894,092
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		15,418,098

CONSUMER DURABLES & APPAREL - 1.3%
	37,784		Coach, Inc		1,299,014
	45,258		DR Horton, Inc		1,031,430
	6,346	*	Fossil Group, Inc		645,134
	16,478	e	Garmin Ltd		914,199
	9,336		Harman International Industries, Inc		1,002,126
	15,539		Hasbro, Inc		893,959
	19,207		Leggett & Platt, Inc		756,372

206

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	24,441		Lennar Corp (Class A)	$	1,052,918
	45,592		Mattel, Inc		1,416,543
	28,168	*	Michael Kors Holdings Ltd		2,213,723
	8,515	*	Mohawk Industries, Inc		1,209,470
	37,419		Newell Rubbermaid, Inc		1,247,175
	95,944		Nike, Inc (Class B)		8,919,914
	11,314		Phillips-Van Heusen Corp		1,293,756
	46,131		Pulte Homes, Inc		885,254
	8,239		Ralph Lauren Corp		1,358,117
	22,690	*	Under Armour, Inc (Class A)		1,488,010
	47,045		VF Corp		3,184,006
	10,653		Whirlpool Corp		1,832,849
			TOTAL CONSUMER DURABLES & APPAREL		32,643,969

CONSUMER SERVICES - 1.6%
	61,716		Carnival Corp		2,477,897
	4,218	*	Chipotle Mexican Grill, Inc (Class A)		2,691,084
	17,610	e	Darden Restaurants, Inc		911,846
	37,365		H&R Block, Inc		1,207,263
	29,604		Marriott International, Inc (Class A)		2,242,503
	133,958		McDonald’s Corp		12,555,883
	102,457		Starbucks Corp		7,741,651
	25,807		Starwood Hotels & Resorts Worldwide, Inc		1,978,365
	17,077		Wyndham Worldwide Corp		1,326,371
	11,088		Wynn Resorts Ltd		2,106,831
	59,980		Yum! Brands, Inc		4,308,363
			TOTAL CONSUMER SERVICES		39,548,057

DIVERSIFIED FINANCIALS - 4.0%
	7,540	*	Affiliated Managers Group, Inc		1,506,417
	122,777		American Express Co		11,043,791
	25,351		Ameriprise Financial, Inc		3,198,536
	154,547		Bank of New York Mellon Corp		5,984,060
	17,177		BlackRock, Inc		5,859,246
	76,339		Capital One Financial Corp		6,318,579
	156,404		Charles Schwab Corp		4,484,103
	43,213		CME Group, Inc		3,621,682
	63,141		Discover Financial Services		4,027,133
	39,445	*	E*Trade Financial Corp		879,623
	53,649		Franklin Resources, Inc		2,983,421
	55,857		Goldman Sachs Group, Inc		10,612,271
	15,417		IntercontinentalExchange Group, Inc		3,211,207
	59,126		Invesco Ltd		2,392,829
	13,704		Legg Mason, Inc		712,608
	42,686		Leucadia National Corp		1,015,073
	36,824		McGraw-Hill Financial, Inc		3,331,835
	25,219		Moody’s Corp		2,502,481
	208,926		Morgan Stanley		7,301,964
	15,930		NASDAQ OMX Group, Inc		689,132
	57,294		Navient Corp		1,133,275
	30,176		Northern Trust Corp		2,000,669
	39,450		SPDR Trust Series 1		7,955,487

207

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	57,773		State Street Corp	$	4,359,551
	35,926		T Rowe Price Group, Inc		2,949,165
			TOTAL DIVERSIFIED FINANCIALS		100,074,138

ENERGY - 9.1%
	69,038		Anadarko Petroleum Corp		6,336,308
	51,961		Apache Corp		4,011,389
	58,999		Baker Hughes, Inc		3,124,587
	57,222		Cabot Oil & Gas Corp		1,779,604
	27,575	*	Cameron International Corp		1,642,091
	70,955		Chesapeake Energy Corp		1,573,782
	259,008		Chevron Corp		31,068,010
	11,853		Cimarex Energy Co		1,347,330
	167,729		ConocoPhillips		12,101,647
	31,597		Consol Energy, Inc		1,162,770
	48,487		Denbury Resources, Inc		601,239
	52,389		Devon Energy Corp		3,143,340
	9,357	e	Diamond Offshore Drilling, Inc		352,852
	32,162		Ensco plc		1,305,456
	74,658		EOG Resources, Inc		7,096,243
	20,632		EQT Corp		1,940,233
	581,671	d	Exxon Mobil Corp		56,253,402
	32,161	*	FMC Technologies, Inc		1,802,302
	115,990		Halliburton Co		6,395,689
	14,760		Helmerich & Payne, Inc		1,281,463
	35,401		Hess Corp		3,002,359
	89,433	e	Kinder Morgan, Inc		3,461,057
	91,252		Marathon Oil Corp		3,230,321
	38,519		Marathon Petroleum Corp		3,501,377
	22,977		Murphy Oil Corp		1,226,742
	41,173		Nabors Industries Ltd		734,938
	58,630		National Oilwell Varco, Inc		4,258,883
	18,598	*	Newfield Exploration Co		606,481
	35,785		Noble Corp plc		748,622
	48,722		Noble Energy, Inc		2,807,849
	106,356		Occidental Petroleum Corp		9,458,239
	28,126	*	Oneok, Inc		1,657,746
	76,212		Phillips 66		5,982,642
	19,533		Pioneer Natural Resources Co		3,692,909
	24,045		Questar Market Resources, Inc		602,808
	23,039		Range Resources Corp		1,575,868
	176,855		Schlumberger Ltd		17,448,514
	48,166	*	Southwestern Energy Co		1,565,877
	91,390		Spectra Energy Corp		3,576,091
	17,476		Tesoro Corp		1,247,961
	46,325	e	Transocean Ltd (NYSE)		1,381,875
	71,974		Valero Energy Corp		3,605,178
	91,539		Williams Cos, Inc		5,081,330
			TOTAL ENERGY		224,775,404

FOOD & STAPLES RETAILING - 2.1%
	59,778		Costco Wholesale Corp		7,972,592

208

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	157,969		CVS Corp	$	13,555,320
	31,734		Safeway, Inc		1,106,247
	79,769		Sysco Corp		3,074,297
	120,001		Walgreen Co		7,706,464
	215,385		Wal-Mart Stores, Inc		16,427,414
	49,111		Whole Foods Market, Inc		1,931,536
			TOTAL FOOD & STAPLES RETAILING		51,773,870

FOOD, BEVERAGE & TOBACCO - 5.4%
	270,159		Altria Group, Inc		13,059,486
	87,976		Archer Daniels Midland Co		4,134,872
	21,497		Brown-Forman Corp (Class B)		1,992,127
	24,616		Campbell Soup Co		1,087,289
	537,552		Coca-Cola Co		22,512,678
	30,774		Coca-Cola Enterprises, Inc		1,334,053
	57,454		ConAgra Foods, Inc		1,973,545
	22,843	*	Constellation Brands, Inc (Class A)		2,091,048
	26,799		Dr Pepper Snapple Group, Inc		1,855,831
	83,474		General Mills, Inc		4,337,309
	20,259		Hershey Co		1,943,041
	18,609		Hormel Foods Corp		1,003,211
	14,056		J.M. Smucker Co		1,461,824
	34,753		Kellogg Co		2,222,802
	16,672		Keurig Green Mountain, Inc		2,529,976
	81,171		Kraft Foods Group, Inc		4,573,986
	66,837		Kroger Co		3,723,489
	49,054		Lorillard, Inc		3,016,821
	17,708		McCormick & Co, Inc		1,252,310
	27,669		Mead Johnson Nutrition Co		2,747,808
	21,719		Molson Coors Brewing Co (Class B)		1,615,459
	229,935		Mondelez International, Inc		8,107,508
	19,673	*	Monster Beverage Corp		1,984,612
	205,419		PepsiCo, Inc		19,755,145
	213,063		Philip Morris International, Inc		18,964,738
	42,250		Reynolds American, Inc		2,657,947
	40,080		Tyson Foods, Inc (Class A)		1,617,228
			TOTAL FOOD, BEVERAGE & TOBACCO		133,556,143

HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	205,099		Abbott Laboratories		8,940,265
	48,103		Aetna, Inc		3,968,979
	28,935		AmerisourceBergen Corp		2,471,338
	10,199		Bard (C.R.), Inc		1,672,330
	73,932		Baxter International, Inc		5,185,591
	26,058		Becton Dickinson & Co		3,353,665
	179,569	*	Boston Scientific Corp		2,384,676
	45,863		Cardinal Health, Inc		3,599,328
	27,573	*	CareFusion Corp		1,581,863
	41,521	*	Cerner Corp		2,629,940
	35,989		Cigna Corp		3,583,425
	61,510		Covidien plc		5,685,984
	23,520	*	DaVita, Inc		1,836,206

209

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	19,535		Dentsply International, Inc	$	991,792
	14,376	*	Edwards Lifesciences Corp		1,738,346
	101,619	*	Express Scripts Holding Co		7,806,372
	21,050		Humana, Inc		2,922,793
	4,897	*	Intuitive Surgical, Inc		2,427,933
	11,801	*	Laboratory Corp of America Holdings		1,289,731
	31,626		McKesson Corp		6,433,045
	133,653		Medtronic, Inc		9,109,789
	12,277		Patterson Cos, Inc		529,261
	19,791		Quest Diagnostics, Inc		1,255,937
	38,555		St. Jude Medical, Inc		2,474,074
	40,862		Stryker Corp		3,576,651
	13,824	*	Tenet Healthcare Corp		774,835
	132,531		UnitedHealth Group, Inc		12,591,771
	12,429		Universal Health Services, Inc (Class B)		1,289,012
	14,104	*	Varian Medical Systems, Inc		1,186,428
	37,402		WellPoint, Inc		4,738,459
	23,102		Zimmer Holdings, Inc		2,569,866
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		110,599,685

HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
	60,463		Avon Products, Inc		628,815
	17,509		Clorox Co		1,742,146
	117,108		Colgate-Palmolive Co		7,832,183
	30,840		Estee Lauder Cos (Class A)		2,318,551
	51,016		Kimberly-Clark Corp		5,829,598
	369,310		Procter & Gamble Co		32,229,684
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		50,580,977

INSURANCE - 4.2%
	45,793		ACE Ltd		5,005,175
	61,334		Aflac, Inc		3,663,480
	59,095		Allstate Corp		3,832,311
	194,656		American International Group, Inc		10,427,722
	39,535		Aon plc		3,400,010
	10,030		Assurant, Inc		684,247
	248,634	*	Berkshire Hathaway, Inc (Class B)		34,848,542
	32,769		Chubb Corp		3,255,928
	20,390		Cincinnati Financial Corp		1,029,083
	68,790	*	Genworth Financial, Inc (Class A)		962,372
	60,655		Hartford Financial Services Group, Inc		2,400,725
	35,619		Lincoln National Corp		1,950,496
	40,982		Loews Corp		1,786,815
	74,297		Marsh & McLennan Cos, Inc		4,039,528
	153,429		Metlife, Inc		8,321,989
	37,174		Principal Financial Group		1,946,802
	73,061		Progressive Corp		1,929,541
	62,485		Prudential Financial, Inc		5,532,422
	18,175		Torchmark Corp		962,548
	46,253		Travelers Cos, Inc		4,662,302
	34,659		UnumProvident Corp		1,159,690
	35,911		XL Capital Ltd		1,216,665
			TOTAL INSURANCE		103,018,393

210

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

MATERIALS - 3.3%
	26,156		Air Products & Chemicals, Inc	$	3,522,167
	9,121		Airgas, Inc		1,017,356
	159,402		Alcoa, Inc		2,671,578
	14,852		Allegheny Technologies, Inc		487,888
	13,103		Avery Dennison Corp		613,876
	18,949		Ball Corp		1,220,884
	14,119		Bemis Co, Inc		543,158
	6,785		CF Industries Holdings, Inc		1,764,100
	153,009		Dow Chemical Co		7,558,645
	124,696		Du Pont (E.I.) de Nemours & Co		8,622,728
	20,249		Eastman Chemical Co		1,635,714
	36,753		Ecolab, Inc		4,088,036
	18,217		FMC Corp		1,044,745
	141,618		Freeport-McMoRan Copper & Gold, Inc (Class B)		4,036,113
	11,005		International Flavors & Fragrances, Inc		1,091,146
	57,931		International Paper Co		2,932,467
	58,133		LyondellBasell Industries AF S.C.A		5,326,727
	8,357		Martin Marietta Materials, Inc		977,100
	23,201		MeadWestvaco Corp		1,024,788
	71,577		Monsanto Co		8,234,218
	43,230		Mosaic Co		1,915,521
	69,008		Newmont Mining Corp		1,294,590
	43,064		Nucor Corp		2,328,040
	23,277	*	Owens-Illinois, Inc		599,848
	18,800		PPG Industries, Inc		3,829,372
	39,835		Praxair, Inc		5,018,812
	28,979		Sealed Air Corp		1,050,489
	11,241		Sherwin-Williams Co		2,580,484
	16,150		Sigma-Aldrich Corp		2,194,947
	18,004		Vulcan Materials Co		1,111,027
			TOTAL MATERIALS		80,336,564

MEDIA - 3.5%
	29,460	e	Cablevision Systems Corp (Class A)		548,545
	65,881		CBS Corp (Class B)		3,572,068
	352,997		Comcast Corp (Class A)		19,538,384
	68,499	*	DIRECTV		5,945,028
	19,883	*	Discovery Communications, Inc (Class A)		702,864
	37,301	*	Discovery Communications, Inc (Class C)		1,305,162
	30,381		Gannett Co, Inc		957,002
	56,769		Interpublic Group of Cos, Inc		1,100,751
	67,275	*	News Corp		1,041,417
	34,350		Omnicom Group, Inc		2,468,391
	14,155		Scripps Networks Interactive (Class A)		1,093,332
	38,039		Time Warner Cable, Inc		5,599,721
	116,622		Time Warner, Inc		9,267,950
	256,759		Twenty-First Century Fox, Inc		8,853,050
	51,936		Viacom, Inc (Class B)		3,774,709
	215,410		Walt Disney Co		19,684,166
			TOTAL MEDIA		85,452,540

211

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.7%
	217,157		AbbVie, Inc	$	13,780,783
	36,057	*	Actavis plc		8,752,476
	45,166		Agilent Technologies, Inc		2,496,776
	26,993	*	Alexion Pharmaceuticals, Inc		5,165,380
	40,527		Allergan, Inc		7,702,562
	103,601		Amgen, Inc		16,802,010
	32,208	*	Biogen Idec, Inc		10,341,345
	226,140		Bristol-Myers Squibb Co		13,159,087
	109,049	*	Celgene Corp		11,678,057
	134,116		Eli Lilly & Co		8,895,914
	206,208	*	Gilead Sciences, Inc		23,095,296
	22,987	*	Hospira, Inc		1,234,402
	384,656		Johnson & Johnson		41,458,224
	15,436	*	Mallinckrodt plc		1,422,890
	393,460		Merck & Co, Inc		22,797,072
	50,778	*	Mylan Laboratories, Inc		2,719,162
	15,302		PerkinElmer, Inc		664,413
	18,304		Perrigo Co plc		2,955,181
	864,344		Pfizer, Inc		25,887,103
	10,067	*	Regeneron Pharmaceuticals, Inc		3,963,579
	54,450		Thermo Electron Corp		6,401,687
	32,495	*	Vertex Pharmaceuticals, Inc		3,660,237
	11,452	*	Waters Corp		1,268,882
	68,489		Zoetis Inc		2,545,051
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		238,847,569

REAL ESTATE - 2.4%
	53,911		American Tower Corp		5,256,322
	20,841		Apartment Investment & Management Co (Class A)		745,899
	17,768		AvalonBay Communities, Inc		2,768,965
	20,792		Boston Properties, Inc		2,635,386
	38,144	*	CBRE Group, Inc		1,220,608
	45,479		Crown Castle International Corp		3,552,819
	49,349		Equity Residential		3,432,716
	8,754		Essex Property Trust, Inc		1,766,207
	85,306		General Growth Properties, Inc		2,210,278
	62,666		HCP, Inc		2,755,424
	44,143		Health Care REIT, Inc		3,139,009
	102,078		Host Marriott Corp		2,379,438
	23,673		Iron Mountain, Inc		853,885
	56,050		Kimco Realty Corp		1,398,448
	19,313		Macerich Co		1,361,567
	24,475		Plum Creek Timber Co, Inc		1,003,720
	68,256		Prologis, Inc		2,842,862
	19,781		Public Storage, Inc		3,646,430
	42,391		Simon Property Group, Inc		7,596,891
	39,866		Ventas, Inc		2,731,220
	23,733		Vornado Realty Trust		2,598,289
	71,652		Weyerhaeuser Co		2,426,137
			TOTAL REAL ESTATE		58,322,520

212

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

RETAILING - 4.2%
	51,681	*	Amazon.com, Inc	$	15,786,478
	10,864	*	Autonation, Inc		622,073
	4,421	*	AutoZone, Inc		2,447,112
	25,255	*	Bed Bath & Beyond, Inc		1,700,672
	39,752		Best Buy Co, Inc		1,357,133
	29,724	*,e	Carmax, Inc		1,661,869
	41,117	*	Dollar General Corp		2,576,802
	28,013	*	Dollar Tree, Inc		1,696,747
	13,558		Expedia, Inc		1,152,023
	13,162		Family Dollar Stores, Inc		1,030,453
	15,501	e	GameStop Corp (Class A)		662,823
	37,198		Gap, Inc		1,409,432
	20,695		Genuine Parts Co		2,009,071
	183,600		Home Depot, Inc		17,904,672
	27,891		Kohl’s Corp		1,512,250
	33,566		L Brands, Inc		2,420,780
	134,658		Lowe’s Companies, Inc		7,702,438
	48,255		Macy’s, Inc		2,790,104
	8,211	*	NetFlix, Inc		3,225,035
	19,367		Nordstrom, Inc		1,406,238
	14,214	*	O’Reilly Automotive, Inc		2,499,958
	13,769		Petsmart, Inc		996,187
	7,154	*	Priceline.com, Inc		8,629,226
	28,545		Ross Stores, Inc		2,304,152
	88,021		Staples, Inc		1,116,106
	86,458		Target Corp		5,344,834
	15,211		Tiffany & Co		1,462,081
	94,529		TJX Companies, Inc		5,985,576
	18,763		Tractor Supply Co		1,373,827
	15,254	*	TripAdvisor, Inc		1,352,420
	13,964	*	Urban Outfitters, Inc		423,947
			TOTAL RETAILING		102,562,519

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
	42,198		Altera Corp		1,450,345
	42,585		Analog Devices, Inc		2,113,068
	166,163		Applied Materials, Inc		3,670,541
	34,351		Avago Technologies Ltd		2,962,774
	73,514		Broadcom Corp (Class A)		3,078,766
	10,325	*	First Solar, Inc		608,143
	675,291		Intel Corp		22,966,647
	22,629		Kla-Tencor Corp		1,791,085
	22,129		Lam Research Corp		1,722,964
	32,368		Linear Technology Corp		1,386,645
	27,330	e	Microchip Technology, Inc		1,178,196
	146,139	*	Micron Technology, Inc		4,835,740
	69,934		Nvidia Corp		1,366,510
	145,678		Texas Instruments, Inc		7,234,370
	36,680		Xilinx, Inc		1,631,526
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		57,997,320

213

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

SOFTWARE & SERVICES - 10.3%
	86,119		Accenture plc	$	6,985,973
	64,395	*	Adobe Systems, Inc		4,515,377
	24,208	*	Akamai Technologies, Inc		1,459,742
	7,564	*	Alliance Data Systems Corp		2,143,259
	31,071	*	Autodesk, Inc		1,787,825
	65,539		Automatic Data Processing, Inc		5,359,779
	42,950		CA, Inc		1,248,127
	22,430	*	Citrix Systems, Inc		1,440,679
	82,842	*	Cognizant Technology Solutions Corp (Class A)		4,046,832
	19,773		Computer Sciences Corp		1,194,289
	154,082	*	eBay, Inc		8,089,305
	42,920	*	Electronic Arts, Inc		1,758,432
	283,940	*	Facebook, Inc		21,292,661
	38,630		Fidelity National Information Services, Inc		2,255,606
	34,087	*	Fiserv, Inc		2,368,365
	38,746	*	Google, Inc		21,662,114
	38,749	*	Google, Inc (Class A)		22,004,395
	126,545		International Business Machines Corp		20,803,998
	38,652		Intuit, Inc		3,401,763
	134,263		Mastercard, Inc (Class A)		11,244,526
	1,123,801		Microsoft Corp		52,762,457
	443,610		Oracle Corp		17,322,970
	44,762		Paychex, Inc		2,101,128
	25,787	*	Red Hat, Inc		1,519,370
	78,510	*	Salesforce.com, Inc		5,023,855
	93,496		Symantec Corp		2,320,571
	20,892	*	Teradata Corp		884,150
	22,203		Total System Services, Inc		750,239
	15,498	*,e	VeriSign, Inc		926,161
	67,154		Visa, Inc (Class A)		16,212,990
	71,335	e	Western Union Co		1,209,842
	147,895		Xerox Corp		1,964,046
	126,284	*	Yahoo!, Inc		5,815,378
			TOTAL SOFTWARE & SERVICES		253,876,204

TECHNOLOGY HARDWARE & EQUIPMENT - 6.8%
	42,632		Amphenol Corp (Class A)		2,156,327
	816,817		Apple, Inc		88,216,236
	695,309		Cisco Systems, Inc		17,014,211
	175,273		Corning, Inc		3,580,827
	276,795		EMC Corp		7,952,320
	10,129	*	F5 Networks, Inc		1,245,665
	19,779		Flir Systems, Inc		663,190
	14,260		Harris Corp		992,496
	254,597		Hewlett-Packard Co		9,134,940
	27,863		Jabil Circuit, Inc		583,730
	54,772		Juniper Networks, Inc		1,154,046
	29,974		Motorola, Inc		1,933,323
	43,500		NetApp, Inc		1,861,800

214

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	228,596		Qualcomm, Inc	$	17,947,072
	30,643		SanDisk Corp		2,884,732
	44,293		Seagate Technology, Inc		2,782,929
	55,668		TE Connectivity Ltd		3,402,985
	30,035		Western Digital Corp		2,954,543
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		166,461,372

TELECOMMUNICATION SERVICES - 2.4%
	706,363		AT&T, Inc		24,609,687
	77,649		CenturyTel, Inc		3,220,881
	138,240	e	Frontier Communications Corp		904,090
	565,405		Verizon Communications, Inc		28,411,601
	83,655	e	Windstream Holdings, Inc		876,704
			TOTAL TELECOMMUNICATION SERVICES		58,022,963

TRANSPORTATION - 2.1%
	20,245		CH Robinson Worldwide, Inc		1,401,156
	136,365		CSX Corp		4,858,685
	115,053		Delta Air Lines, Inc		4,628,582
	26,785		Expeditors International of Washington, Inc		1,142,648
	36,203		FedEx Corp		6,060,382
	15,006		Kansas City Southern Industries, Inc		1,842,587
	42,223		Norfolk Southern Corp		4,671,553
	7,143		Ryder System, Inc		631,941
	93,772		Southwest Airlines Co		3,233,259
	122,412		Union Pacific Corp		14,254,877
	95,950		United Parcel Service, Inc (Class B)		10,066,115
			TOTAL TRANSPORTATION		52,791,785

UTILITIES - 3.1%
	90,566		AES Corp		1,274,264
	16,273		AGL Resources, Inc		877,277
	33,124		Ameren Corp		1,402,470
	66,741		American Electric Power Co, Inc		3,893,670
	58,168		Centerpoint Energy, Inc		1,428,024
	37,527		CMS Energy Corp		1,226,007
	39,846		Consolidated Edison, Inc		2,524,643
	79,414		Dominion Resources, Inc		5,662,218
	24,370		DTE Energy Co		2,002,239
	96,479		Duke Energy Corp		7,925,750
	44,126		Edison International		2,761,405
	24,591		Entergy Corp		2,066,136
	117,046		Exelon Corp		4,282,713
	57,028		FirstEnergy Corp		2,129,425
	11,014		Integrys Energy Group, Inc		800,497
	59,603		NextEra Energy, Inc		5,973,413
	42,869		NiSource, Inc		1,803,070
	42,879		Northeast Utilities		2,116,079
	46,312		NRG Energy, Inc		1,388,434
	34,965		Pepco Holdings, Inc		955,943
	64,083		PG&E Corp		3,224,657
	15,413		Pinnacle West Capital Corp		947,437

215

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	90,634		PPL Corp	$	3,171,284
	68,523		Public Service Enterprise Group, Inc		2,830,685
	19,423		SCANA Corp		1,066,128
	31,455		Sempra Energy		3,460,050
	122,357		Southern Co		5,672,471
	31,841		TECO Energy, Inc		624,402
	30,738	e	Wisconsin Energy Corp		1,526,449
	68,461		Xcel Energy, Inc		2,291,390
			TOTAL UTILITIES		77,308,630

			TOTAL COMMON STOCKS		2,452,977,354
			(Cost $1,688,221,481)

SHORT-TERM INVESTMENTS - 0.8%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%
	19,726,065	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		19,726,065
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		19,726,065

			TOTAL SHORT-TERM INVESTMENTS		19,726,065
			(Cost $19,726,065)

			TOTAL INVESTMENTS - 100.4%		2,472,703,419
			(Cost $1,707,947,546)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%		(10,566,773	)
			NET ASSETS - 100.0%	$	2,462,136,646


		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 by the custodian to cover margin or other requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $19,471,255.

216

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

TIAA-CREF FUNDS

SMALL-CAP BLEND INDEX FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 1.2%
	63,804	*	American Axle & Manufacturing Holdings, Inc	$	1,233,331
	58,503		Cooper Tire & Rubber Co		1,884,382
	12,253	*	Cooper-Standard Holding, Inc		668,769
	158,866		Dana Holding Corp		3,250,398
	25,698	*,e	Dorman Products, Inc		1,191,359
	22,488		Drew Industries, Inc		1,080,773
	25,412	*	Federal Mogul Corp (Class A)		396,681
	9,053	*	Fox Factory Holding Corp		153,358
	13,759	*	Fuel Systems Solutions, Inc		126,996
	33,799	*	Gentherm, Inc		1,409,418
	46,498	*	Modine Manufacturing Co		596,569
	14,361	*	Motorcar Parts of America, Inc		417,043
	13,622	e	Remy International, Inc		251,735
	7,143	*	Shiloh Industries, Inc		121,717
	32,064		Spartan Motors, Inc		182,444
	18,844		Standard Motor Products, Inc		744,715
	26,814	*	Stoneridge, Inc		348,314
	2,943		Strattec Security Corp		305,248
	22,475		Superior Industries International, Inc		438,487
	57,217	*	Tenneco, Inc		2,995,882
	19,596	*	Tower International, Inc		476,183
	27,008	*	Winnebago Industries, Inc		572,840
			TOTAL AUTOMOBILES & COMPONENTS		18,846,642

BANKS - 9.6%
	14,432		1st Source Corp		451,577
	28,054		1st United Bancorp, Inc		248,278
	6,949		American National Bankshares, Inc		168,166
	23,988		Ameris Bancorp		594,902
	8,247	e	Ames National Corp		204,526
	31,160		Apollo Residential Mortgage		519,749
	8,824	e	Arrow Financial Corp		241,689
	82,325		Astoria Financial Corp		1,082,574
	28,260	e	Banc of California, Inc		332,620
	6,760		Bancfirst Corp		439,400
	26,997		Banco Latinoamericano de Exportaciones S.A. (Class E)		908,179
	90,086		Bancorpsouth, Inc		2,074,681
	47,368		Bank Mutual Corp		312,155
	5,980		Bank of Kentucky Financial Corp		280,522
	5,477		Bank of Marin Bancorp		273,412
	75,622		Bank of the Ozarks, Inc		2,664,919
	18,547		BankFinancial Corp		221,266
	17,677		Banner Corp		764,000
	75,647		BBCN Bancorp, Inc		1,069,649

217

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	7,909	*	BBX Capital Corp	$	145,526
	28,591	*	Beneficial Mutual Bancorp, Inc		383,977
	23,361		Berkshire Hills Bancorp, Inc		602,247
	26,535	*	Blue Hills Bancorp, Inc		353,712
	19,705		BNC Bancorp		335,182
	13,375	*,e	BofI Holding, Inc		1,030,142
	76,097		Boston Private Financial Holdings, Inc		1,000,676
	11,054		Bridge Bancorp, Inc		290,278
	9,355	*	Bridge Capital Holdings		225,643
	66,075		Brookline Bancorp, Inc		633,659
	13,378		Bryn Mawr Bank Corp		412,444
	3,033	*,e	C1 Financial, Inc		52,380
	6,829		Camden National Corp		279,374
	23,528	*	Capital Bank Financial Corp		609,140
	10,709		Capital City Bank Group, Inc		161,813
	133,702		Capitol Federal Financial		1,712,723
	30,398		Cardinal Financial Corp		583,642
	25,451	*	Cascade Bancorp		130,055
	75,732		Cathay General Bancorp		2,000,082
	33,816		Centerstate Banks of Florida, Inc		393,618
	14,794		Central Pacific Financial Corp		279,607
	3,258		Century Bancorp, Inc		123,739
	18,235		Charter Financial Corp		206,785
	28,427		Chemical Financial Corp		846,556
	11,842	e	Citizens & Northern Corp		235,656
	14,404	e	City Holding Co		648,036
	25,149		Clifton Bancorp, Inc		327,440
	13,729		CNB Financial Corp		248,632
	35,823		CoBiz, Inc		430,592
	50,063		Columbia Banking System, Inc		1,390,750
	38,687		Community Bank System, Inc		1,475,909
	13,786		Community Trust Bancorp, Inc		495,607
	10,837	*,e	CommunityOne Bancorp		115,306
	22,155		ConnectOne Bancorp, Inc		409,868
	9,568	*	CU Bancorp		188,968
	23,838	*	Customers Bancorp, Inc		455,306
	100,437		CVB Financial Corp		1,584,896
	30,663		Dime Community Bancshares		482,942
	21,637	*	Eagle Bancorp, Inc		777,417
	7,076		Enterprise Bancorp, Inc		166,498
	19,421		Enterprise Financial Services Corp		366,086
	9,396		ESB Financial Corp		175,329
	39,604	*	Essent Group Ltd		963,961
	84,515		EverBank Financial Corp		1,618,462
	7,680	*,e	FCB Financial Holdings, Inc		176,256
	9,895		Federal Agricultural Mortgage Corp (Class C)		329,504
	16,594		Fidelity Southern Corp		254,718
	13,204		Financial Institutions, Inc		331,949
	18,733		First Bancorp (NC)		339,442
	99,028	*	First Bancorp (Puerto Rico)		515,936
	8,470		First Bancorp, Inc		149,834
	69,328		First Busey Corp		433,300

218

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	3,739		First Business Financial Services, Inc	$	175,471
	7,031		First Citizens Bancshares, Inc (Class A)		1,766,258
	89,428		First Commonwealth Financial Corp		836,152
	15,815		First Community Bancshares, Inc		258,892
	16,091		First Connecticut Bancorp		251,663
	9,649		First Defiance Financial Corp		295,549
	54,883		First Financial Bancorp		962,648
	60,368	e	First Financial Bankshares, Inc		1,918,495
	11,117		First Financial Corp		385,538
	15,614		First Financial Northwest, Inc		181,122
	17,219		First Interstate Bancsystem, Inc		505,205
	34,674		First Merchants Corp		785,366
	71,621		First Midwest Bancorp, Inc		1,202,517
	13,876	*	First NBC Bank Holding Co		509,665
	10,962		First of Long Island Corp		288,739
	154,407		FirstMerit Corp		2,833,368
	18,797	*	Flagstar Bancorp, Inc		295,489
	28,546		Flushing Financial Corp		574,916
	156,529		FNB Corp		2,002,006
	11,568		Fox Chase Bancorp, Inc		189,484
	10,062	*	Franklin Financial Corp		208,887
	12,538		German American Bancorp, Inc		374,510
	70,123		Glacier Bancorp, Inc		2,011,829
	9,949		Great Southern Bancorp, Inc		378,161
	4,370	*,e	Green Bancorp, Inc		74,683
	14,000		Guaranty Bancorp		220,780
	29,360	*,e	Hampton Roads Bankshares, Inc		51,086
	77,428		Hancock Holding Co		2,724,691
	30,248		Hanmi Financial Corp		648,820
	14,470		Heartland Financial USA, Inc		384,902
	18,150		Heritage Commerce Corp		157,905
	28,675		Heritage Financial Corp		503,246
	21,368		Heritage Oaks Bancorp		168,166
	51,065		Home Bancshares, Inc		1,629,995
	67,545		Home Loan Servicing Solutions Ltd		1,297,539
	13,054		HomeStreet, Inc		227,401
	19,007	*	HomeTrust Bancshares, Inc		293,658
	8,719		Horizon Bancorp		224,253
	13,543		Hudson Valley Holding Corp		307,968
	29,686		IBERIABANK Corp		2,044,178
	22,731		Independent Bank Corp (MA)		927,425
	21,819		Independent Bank Corp (MI)		263,355
	8,666		Independent Bank Group, Inc		387,284
	51,814		International Bancshares Corp		1,469,963
	337,895		Investors Bancorp, Inc		3,632,371
	12,681	*	Kearny Financial Corp		180,577
	14,591	*	Ladder Capital Corp		277,083
	35,992		Lakeland Bancorp, Inc		395,552
	15,868		Lakeland Financial Corp		657,570
	24,759		Macatawa Bank Corp		128,994
	19,388		MainSource Financial Group, Inc		352,668
	63,258		MB Financial, Inc		1,995,790

219

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	12,682		Mercantile Bank Corp	$	250,216
	4,949		Merchants Bancshares, Inc		147,431
	18,081	*	Meridian Bancorp, Inc		205,039
	6,154		Meta Financial Group, Inc		230,837
	321,941	*	MGIC Investment Corp		2,871,714
	7,893		Midsouth Bancorp, Inc		149,493
	6,649		MidWestOne Financial Group, Inc		177,395
	39,105		National Bank Holdings Corp		766,067
	5,743	e	National Bankshares, Inc		179,813
	112,604		National Penn Bancshares, Inc		1,158,695
	41,564		NBT Bancorp, Inc		1,067,364
	32,037	*	NewBridge Bancorp		284,809
	48,071	*	NMI Holdings, Inc		430,235
	49,271		Northfield Bancorp, Inc		701,619
	6,493		Northrim BanCorp, Inc		187,648
	89,007		Northwest Bancshares, Inc		1,141,960
	12,082		OceanFirst Financial Corp		200,199
	42,843		OFG Bancorp		667,066
	7,938	e	Old Line Bancshares, Inc		126,849
	108,552		Old National Bancorp		1,579,432
	11,012		OmniAmerican Bancorp, Inc		297,764
	4,359	*	Opus Bank		114,642
	44,556		Oritani Financial Corp		658,092
	17,062		Pacific Continental Corp		246,034
	15,674	*	Pacific Premier Bancorp, Inc		253,762
	3,918	e	Palmetto Bancshares, Inc		65,117
	12,180	e	Park National Corp		1,027,627
	41,895		Park Sterling Bank		320,916
	11,453		Peapack Gladstone Financial Corp		209,017
	4,012		Penns Woods Bancorp, Inc		194,702
	13,626	*	Pennsylvania Commerce Bancorp, Inc		341,195
	11,028	*	PennyMac Financial Services, Inc		183,726
	10,656	e	Peoples Bancorp, Inc		262,670
	7,171	e	Peoples Financial Services Corp		359,769
	33,828		Pinnacle Financial Partners, Inc		1,326,058
	11,131		Preferred Bank		295,862
	67,927		PrivateBancorp, Inc		2,195,401
	65,386		Prosperity Bancshares, Inc		3,948,661
	57,548		Provident Financial Services, Inc		1,049,100
	181,517	e	Radian Group, Inc		3,058,561
	29,921		Renasant Corp		902,118
	8,899		Republic Bancorp, Inc (Class A)		215,801
	29,313	*,e	Republic First Bancorp, Inc		116,373
	28,504		S&T Bancorp, Inc		786,425
	24,229		Sandy Spring Bancorp, Inc		625,108
	18,502	*	Seacoast Banking Corp of Florida		236,086
	1,209		ServisFirst Bancshares, Inc		35,653
	10,766		Sierra Bancorp		184,745
	15,506		Simmons First National Corp (Class A)		651,097
	22,932		South State Corp		1,383,029
	17,953	e	Southside Bancshares, Inc		602,862
	18,853		Southwest Bancorp, Inc		339,920

220

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	5,332	*	Square Financial, Inc	$	106,053
	30,509		State Bank & Trust Co		546,721
	79,567		Sterling Bancorp/DE		1,118,712
	13,947		Stock Yards Bancorp, Inc		464,156
	9,433		Stonegate Bank		256,483
	13,635	*,e	Stonegate Mortgage Corp		197,162
	11,040		Suffolk Bancorp		253,478
	8,107	*	Sun Bancorp, Inc		163,761
	177,062		Susquehanna Bancshares, Inc		1,736,978
	17,026		Talmer Bancorp Inc		238,023
	7,390		Territorial Bancorp, Inc		158,737
	40,462	*	Texas Capital Bancshares, Inc		2,474,251
	31,486	*	The Bancorp, Inc		297,858
	14,127		Tompkins Trustco, Inc		709,175
	28,069	e	TowneBank		425,526
	6,787	*	Tree.com, Inc		251,051
	21,150		Trico Bancshares		556,245
	18,299	*	Tristate Capital Holdings, Inc		178,415
	90,945		Trustco Bank Corp NY		663,899
	63,930		Trustmark Corp		1,555,417
	35,202		UMB Financial Corp		2,097,335
	156,518		Umpqua Holdings Corp		2,754,717
	43,758		Union Bankshares Corp		983,680
	65,275	e	United Bankshares, Inc		2,237,627
	47,032		United Community Banks, Inc		847,987
	47,920		United Community Financial Corp		245,350
	51,046		United Financial Bancorp, Inc (New)		716,175
	15,335		Univest Corp of Pennsylvania		314,674
	185,439	e	Valley National Bancorp		1,850,681
	38,005		ViewPoint Financial Group		1,036,396
	17,596	*	Walker & Dunlop, Inc		283,472
	96,068		Washington Federal, Inc		2,097,164
	14,276		Washington Trust Bancorp, Inc		547,770
	32,757		Waterstone Financial, Inc		400,946
	84,802		Webster Financial Corp		2,657,695
	25,028		WesBanco, Inc		862,465
	15,179		West Bancorporation, Inc		251,668
	24,204	e	Westamerica Bancorporation		1,194,225
	71,758	*	Western Alliance Bancorp		1,910,198
	66,847		Wilshire Bancorp, Inc		661,785
	43,468		Wintrust Financial Corp		2,013,438
	8,471		WSFS Financial Corp		666,244
	18,945	*	Yadkin Financial Corp		367,722
			TOTAL BANKS		155,916,986

CAPITAL GOODS - 8.5%
	40,764		Aaon, Inc		801,013
	37,645		AAR Corp		997,592
	36,473	*	Accuride Corp		175,800
	26,527		Aceto Corp		603,224
	60,867		Actuant Corp (Class A)		1,928,875
	14,212	*	Advanced Drainage Systems, Inc		310,390

221

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	36,704	*	Aegion Corp	$	672,417
	18,090	*	Aerovironment, Inc		554,458
	61,485		Aircastle Ltd		1,173,134
	6,782		Alamo Group, Inc		290,541
	26,779		Albany International Corp (Class A)		1,011,711
	26,030		Altra Holdings, Inc		820,466
	18,971	*	Ameresco, Inc		156,321
	8,798	e	American Railcar Industries, Inc		578,996
	7,186		American Science & Engineering, Inc		397,386
	11,716	*	American Woodmark Corp		479,302
	27,668		Apogee Enterprises, Inc		1,214,625
	39,744		Applied Industrial Technologies, Inc		1,939,905
	2,910	*,e	ARC Group Worldwide, Inc		39,692
	11,894		Argan, Inc		414,030
	93,085	*	ArvinMeritor, Inc		1,069,547
	17,963		Astec Industries, Inc		680,977
	17,552	*	Astronics Corp		909,369
	24,833		AZZ, Inc		1,161,191
	51,558		Barnes Group, Inc		1,884,960
	45,868	*	Beacon Roofing Supply, Inc		1,269,168
	47,062	*	Blount International, Inc		720,519
	44,643		Briggs & Stratton Corp		902,235
	43,338	*	Builders FirstSource, Inc		256,994
	16,619	*	CAI International, Inc		349,830
	311,743	*,e	Capstone Turbine Corp		311,743
	29,017	*	Chart Industries, Inc		1,350,741
	16,791		CIRCOR International, Inc		1,261,844
	47,538		Clarcor, Inc		3,183,144
	18,886		Columbus McKinnon Corp		537,307
	32,017		Comfort Systems USA, Inc		491,781
	25,195	*	Commercial Vehicle Group, Inc		165,027
	11,477	*	Continental Building Products Inc		169,171
	19,480		Cubic Corp		939,715
	45,250		Curtiss-Wright Corp		3,131,752
	70,753	*	DigitalGlobe, Inc		2,022,828
	21,162		Douglas Dynamics, Inc		438,688
	10,402	*	Ducommun, Inc		274,717
	12,319	*	DXP Enterprises, Inc		816,627
	32,261	*	Dycom Industries, Inc		1,012,673
	13,747		Dynamic Materials Corp		250,333
	63,233		EMCOR Group, Inc		2,790,472
	20,011		Encore Wire Corp		759,217
	39,009	*,e	Energy Recovery, Inc		178,661
	43,890		EnerSys		2,756,292
	16,710	*	Engility Holdings, Inc		721,872
	17,290	*	Enphase Energy, Inc		259,696
	21,612	*	EnPro Industries, Inc		1,394,622
	5,371	*,e	Erickson Air-Crane, Inc		75,409
	24,610		ESCO Technologies, Inc		935,672
	29,824	*	Esterline Technologies Corp		3,492,689
	59,841		Federal Signal Corp		849,742
	45,588		Franklin Electric Co, Inc		1,702,256

222

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	11,886		Freightcar America, Inc	$	391,881
	207,649	*,e	FuelCell Energy, Inc		419,451
	36,582	*	Furmanite Corp		273,633
	56,862	*,e	GenCorp, Inc		964,380
	63,901	*,e	Generac Holdings, Inc		2,897,271
	46,241		General Cable Corp		655,235
	6,178	*,e	General Finance Corp		53,254
	29,355	*	Gibraltar Industries, Inc		447,664
	18,481		Global Brass & Copper Holdings, Inc		258,734
	16,227		Global Power Equipment Group, Inc		221,174
	18,389		Gorman-Rupp Co		583,667
	111,767	*,e	GrafTech International Ltd		479,480
	10,377		Graham Corp		347,630
	36,412		Granite Construction, Inc		1,343,967
	56,937	*	Great Lakes Dredge & Dock Corp		397,990
	26,229	e	Greenbrier Cos, Inc		1,640,362
	39,023		Griffon Corp		479,593
	29,587		H&E Equipment Services, Inc		1,106,258
	76,796		Harsco Corp		1,664,937
	63,241		Heico Corp		3,430,192
	59,261		Hillenbrand, Inc		1,972,799
	17,906		Houston Wire & Cable Co		242,805
	5,313		Hurco Cos, Inc		204,710
	9,765		Hyster-Yale Materials Handling, Inc		766,455
	49,217	*	II-VI, Inc		663,937
	17,354		Insteel Industries, Inc		413,719
	27,730		John Bean Technologies Corp		831,068
	10,616		Kadant, Inc		438,865
	26,344		Kaman Corp		1,134,373
	30,072	*,e	KEYW Holding Corp		305,231
	43,981	*	Kratos Defense & Security Solutions, Inc		306,548
	18,846	*,e	Layne Christensen Co		135,691
	9,425		LB Foster Co (Class A)		509,798
	12,074	e	Lindsay Manufacturing Co		1,058,890
	10,265	*,e	LMI Aerospace, Inc		135,293
	20,502		LSI Industries, Inc		146,794
	16,573	*	Lydall, Inc		512,603
	13,621	*	Manitex International, Inc		155,688
	27,952	*	Masonite International Corp		1,511,085
	59,173	*,e	Mastec, Inc		1,694,715
	10,709		Miller Industries, Inc		211,717
	41,673	*	Moog, Inc (Class A)		3,189,651
	53,926		Mueller Industries, Inc		1,750,438
	151,867		Mueller Water Products, Inc (Class A)		1,498,927
	20,827	*	MYR Group, Inc		540,252
	4,433	e	National Presto Industries, Inc		279,545
	26,685	*	NCI Building Systems, Inc		530,231
	17,098		NN, Inc		427,450
	7,280	*	Norcraft Cos, Inc		123,760
	8,762	*	Nortek, Inc		729,699
	9,053	*	Northwest Pipe Co		323,916
	2,779		Omega Flex, Inc		73,977

223

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	56,800	*	Orbital Sciences Corp	$	1,493,840
	23,672	*	Orion Marine Group, Inc		259,445
	7,007	*	Patrick Industries, Inc		299,339
	35,660	*	Perini Corp		998,837
	44,991	*	Pgt, Inc		423,140
	19,800	*	Pike Electric Corp		236,412
	158,908	*,e	Plug Power, Inc		748,457
	20,317	*,e	Ply Gem Holdings, Inc		230,598
	42,859	*,e	Polypore International, Inc		1,882,367
	9,152		Powell Industries, Inc		416,691
	4,245	*,e	Power Solutions International, Inc		278,048
	21,005	*,e	PowerSecure International, Inc		234,626
	2,540		Preformed Line Products Co		144,755
	36,140		Primoris Services Corp		1,037,941
	21,473	*,e	Proto Labs, Inc		1,403,690
	36,048		Quanex Building Products Corp		721,681
	33,715		Raven Industries, Inc		854,675
	22,107		RBC Bearings, Inc		1,343,000
	33,114	*,e	Revolution Lighting Technologies, Inc		57,287
	70,287	*	Rexnord Corp		2,076,981
	32,355	*	Rush Enterprises, Inc (Class A)		1,232,726
	2,429		SIFCO Industries, Inc		82,635
	39,763		Simpson Manufacturing Co, Inc		1,315,360
	9,657	*	Sparton Corp		261,705
	12,146		Standex International Corp		1,047,593
	17,873	*	Sterling Construction Co, Inc		157,640
	13,886	*	Stock Building Supply Holdings, Inc		217,871
	21,314		Sun Hydraulics Corp		848,510
	32,338	e	TAL International Group, Inc		1,394,738
	50,374	*,e	Taser International, Inc		949,046
	6,658	*,e	TCP International Holdings Ltd		46,207
	35,266	*	Teledyne Technologies, Inc		3,654,616
	17,525		Tennant Co		1,292,118
	20,544	e	Textainer Group Holdings Ltd		707,535
	9,435	*,e	The ExOne Company		231,818
	29,997	*	Thermon Group Holdings		731,027
	41,922	e	Titan International, Inc		442,696
	15,960	*,e	Titan Machinery, Inc		219,610
	31,938	*	Trex Co, Inc		1,373,334
	43,215	*	Trimas Corp		1,368,187
	7,836		Twin Disc, Inc		203,893
	19,031		Universal Forest Products, Inc		950,979
	15,512	*	Vicor Corp		211,118
	63,999	*	Wabash National Corp		659,190
	24,187		Watsco, Inc		2,457,883
	26,720		Watts Water Technologies, Inc (Class A)		1,620,034
	62,314		Woodward Governor Co		3,191,100
	10,800	*	Xerium Technologies, Inc		161,136
			TOTAL CAPITAL GOODS		139,088,857

224

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
	52,197		ABM Industries, Inc	$	1,442,725
	47,606	e	Acacia Research (Acacia Technologies)		856,908
	109,042	*	ACCO Brands Corp		897,416
	21,541		Administaff, Inc		679,834
	34,264	*	Advisory Board Co		1,838,949
	20,503		American Ecology Corp		1,030,891
	40,180	*	ARC Document Solutions, Inc		407,827
	6,613		Barrett Business Services, Inc		155,472
	45,641		Brady Corp (Class A)		1,088,081
	45,656		Brink’s Co		958,776
	41,003	*	Casella Waste Systems, Inc (Class A)		184,513
	39,049	*	CBIZ, Inc		360,422
	14,084		CDI Corp		242,104
	19,543	e	Ceco Environmental Corp		279,856
	59,494	*,e	Cenveo, Inc		135,646
	86,882		Civeo Corp		1,059,092
	32,146		Corporate Executive Board Co		2,369,160
	14,346	*,e	Corporate Resource Services, Inc		17,502
	9,692	*	CRA International, Inc		290,760
	46,983		Deluxe Corp		2,856,566
	24,851		Ennis, Inc		368,540
	11,851		Exponent, Inc		945,947
	9,815	*	Franklin Covey Co		192,472
	38,848	*	FTI Consulting, Inc		1,568,682
	19,023		G & K Services, Inc (Class A)		1,199,781
	14,141	*	GP Strategies Corp		468,916
	66,270	e	Healthcare Services Group		1,973,521
	17,322		Heidrick & Struggles International, Inc		360,644
	8,700	*	Heritage-Crystal Clean, Inc		157,818
	55,273		Herman Miller, Inc		1,768,736
	22,897	*	Hill International, Inc		88,840
	42,372		HNI Corp		1,976,654
	22,390	*	Huron Consulting Group, Inc		1,558,568
	18,307	*	ICF International, Inc		665,276
	149,056	*	ICO Global Communications Holdings Ltd		248,924
	30,828	*	Innerworkings, Inc		279,918
	63,245		Interface, Inc		1,013,817
	25,983		Kelly Services, Inc (Class A)		458,080
	26,077		Kforce, Inc		603,683
	32,084	*	Kimball International, Inc (Class B)		576,870
	46,944		Knoll, Inc		933,716
	47,314	*	Korn/Ferry International		1,321,480
	28,211		Matthews International Corp (Class A)		1,299,963
	24,625		McGrath RentCorp		899,551
	15,787	*	Mistras Group, Inc		260,328
	44,419		Mobile Mini, Inc		1,946,885
	28,087		MSA Safety, Inc		1,614,160
	11,792		Multi-Color Corp		581,346
	46,740	*	Navigant Consulting, Inc		719,329
	5,347		NL Industries, Inc		38,980
	51,300	*	On Assignment, Inc		1,492,830
	7,730	*,e	Paylocity Holding Corp		189,385
	27,925	*	Performant Financial Corp		240,993

225

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	26,274		Quad	$	579,342
	12,069	*	Quest Resource Holding Corp		18,828
	37,798		Resources Connection, Inc		584,735
	49,825	*	RPX Corp		700,041
	14,599	*	SP Plus Corp		318,550
	78,632		Steelcase, Inc (Class A)		1,393,359
	19,445	*	Team, Inc		819,412
	60,505		Tetra Tech, Inc		1,622,139
	14,440	*	TriNet Group, Inc		432,045
	39,327	*	TrueBlue, Inc		972,163
	13,781		Unifirst Corp		1,537,408
	37,468		United Stationers, Inc		1,565,038
	19,566		Viad Corp		499,129
	3,953		VSE Corp		238,287
	33,214	*	WageWorks, Inc		1,893,530
	36,636		West Corp		1,172,352
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		59,513,491

CONSUMER DURABLES & APPAREL - 2.7%
	12,479		Arctic Cat, Inc		420,043
	25,836	*	Beazer Homes USA, Inc		463,240
	21,600	*,e	Black Diamond, Inc		167,616
	86,939		Brunswick Corp		4,068,745
	72,758		Callaway Golf Co		570,423
	8,403	*	Cavco Industries, Inc		612,327
	3,728	*	Century Communities, Inc		68,893
	25,450		Columbia Sportswear Co		980,843
	83,291	*	CROCS, Inc		972,839
	8,427		CSS Industries, Inc		240,675
	8,520		Culp, Inc		161,624
	12,044	*	Dixie Group, Inc		94,907
	8,006		Escalade, Inc		91,589
	24,448	e	Ethan Allen Interiors, Inc		691,878
	3,540		Flexsteel Industries, Inc		121,457
	18,148	*	G-III Apparel Group Ltd		1,440,044
	26,880	*	Helen of Troy Ltd		1,662,528
	111,363	*,e	Hovnanian Enterprises, Inc (Class A)		418,725
	43,412	*	Iconix Brand Group, Inc		1,736,914
	8,700	*	Installed Building Products Inc		126,237
	27,700	*,e	iRobot Corp		989,444
	18,424	*,e	Jakks Pacific, Inc		117,545
	3,848		Johnson Outdoors, Inc		115,632
	79,794	e	KB Home		1,255,958
	49,808		La-Z-Boy, Inc		1,138,611
	62,579	*,e	Leapfrog Enterprises, Inc		332,920
	13,572	*	LGI Homes, Inc		263,568
	20,425	*	Libbey, Inc		587,219
	9,065		Lifetime Brands, Inc		155,102
	23,658	*	M/I Homes, Inc		509,593
	7,262	*	Malibu Boats Inc		135,509
	7,584		Marine Products Corp		64,009
	37,130	e	MDC Holdings, Inc		906,715

226

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	37,191	*	Meritage Homes Corp	$	1,368,257
	17,360		Movado Group, Inc		612,808
	4,790		Nacco Industries, Inc (Class A)		280,550
	30,213	*	Nautilus, Inc		404,250
	8,913	*	New Home Co Inc		135,210
	13,824		Oxford Industries, Inc		846,720
	12,107	*	Perry Ellis International, Inc		247,588
	42,575		Pool Corp		2,541,728
	130,065	*,e	Quiksilver, Inc		227,614
	44,632		Ryland Group, Inc		1,598,272
	16,098	*,e	Sequential Brands Group, Inc		201,869
	37,004	*	Skechers U.S.A., Inc (Class A)		2,025,969
	19,941	*	Skullcandy, Inc		166,308
	52,303	*,e	Smith & Wesson Holding Corp		531,398
	137,680	*	Standard-Pacific Corp		1,018,832
	54,988	*	Steven Madden Ltd		1,723,874
	18,460	e	Sturm Ruger & Co, Inc		769,413
	138,525	*	TRI Pointe Homes, Inc		1,896,407
	48,163	*,e	Tumi Holdings, Inc		1,000,346
	6,741	*,e	Turtle Beach Corp		38,963
	7,320	*	UCP, Inc (Class A)		100,211
	13,854	*	Unifi, Inc		387,496
	15,184	*	Universal Electronics, Inc		863,818
	20,544	*,e	Vera Bradley, Inc		468,403
	9,870	*	Vince Holding Corp		345,944
	7,573	*,e	WCI Communities, Inc		142,069
	6,119		Weyco Group, Inc		190,607
	16,702	*	William Lyon Homes, Inc		395,169
	94,887	*	Wolverine World Wide, Inc		2,575,233
			TOTAL CONSUMER DURABLES & APPAREL		44,788,698

CONSUMER SERVICES - 4.0%
	9,571	*,e	2U, Inc		174,192
	16,482	*	American Public Education, Inc		510,777
	13,385	*	Ascent Media Corp (Series A)		860,656
	91,765	*	Belmond Ltd.		1,051,627
	22,571	*	BJ’s Restaurants, Inc		993,575
	73,396	*	Bloomin’ Brands, Inc		1,387,918
	23,489		Bob Evans Farms, Inc		1,147,438
	73,777	*	Boyd Gaming Corp		852,124
	17,188	*	Bravo Brio Restaurant Group, Inc		238,398
	15,511	*	Bridgepoint Education, Inc		196,059
	28,605	*	Bright Horizons Family Solutions		1,274,639
	17,977	*,e	Buffalo Wild Wings, Inc		2,683,607
	43,508	*,e	Caesars Acquisition Co		454,224
	48,755	*,e	Caesars Entertainment Corp		594,323
	10,505		Capella Education Co		743,124
	64,069	*	Career Education Corp		371,600
	15,391		Carriage Services, Inc		307,204
	25,001	*	Carrols Restaurant Group, Inc		192,758
	17,998		CBRL Group, Inc		2,076,069
	46,804		Cheesecake Factory		2,150,176

227

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	69,992	*,e	Chegg, Inc	$	465,447
	12,669		Churchill Downs, Inc		1,291,985
	15,964	*,e	Chuy’s Holdings, Inc		477,483
	20,480		ClubCorp Holdings, Inc		390,349
	4,739	e	Collectors Universe		116,579
	22,449	*	Del Frisco’s Restaurant Group, Inc		521,266
	84,278	*	Denny’s Corp		726,476
	33,670	*	Diamond Resorts International, Inc		874,073
	15,947		DineEquity, Inc		1,418,645
	6,190		Einstein Noah Restaurant Group, Inc		125,348
	7,656	*,e	El Pollo Loco Holdings, Inc		272,936
	14,356	*,e	Empire Resorts, Inc		107,526
	4,431	*,e	Famous Dave’s of America, Inc		115,516
	25,474	*	Fiesta Restaurant Group, Inc		1,404,891
	44,380	*	Grand Canyon Education, Inc		2,125,802
	103,524	*	Houghton Mifflin Harcourt Co		2,071,515
	6,775	*,e	Ignite Restaurant Group, Inc		46,680
	26,334		International Speedway Corp (Class A)		825,044
	38,287		Interval Leisure Group, Inc		805,558
	12,931	*,e	Intrawest Resorts Holdings Inc		137,586
	19,018	*	Isle of Capri Casinos, Inc		141,304
	10,234	*,e	ITT Educational Services, Inc		103,466
	37,565		Jack in the Box, Inc		2,668,618
	17,185	*	Jamba, Inc		229,420
	32,466	*,e	K12, Inc		402,578
	61,560	*	Krispy Kreme Doughnuts, Inc		1,164,715
	39,891	*	La Quinta Holdings, Inc		814,175
	3,888	*	Liberty Tax, Inc		147,316
	38,875	*,e	Life Time Fitness, Inc		2,168,059
	75,523	*,e	LifeLock, Inc		1,277,094
	18,723		Marcus Corp		320,725
	25,155		Marriott Vacations Worldwide Corp		1,746,763
	9,363	*	Monarch Casino & Resort, Inc		152,336
	28,585	*	Morgans Hotel Group Co		228,394
	28,450	*	Multimedia Games, Inc		992,905
	2,830	*	Nathan’s Famous, Inc		203,420
	10,177	*,e	Noodles & Co		232,341
	29,510		Papa John’s International, Inc		1,379,888
	5,603	*,e	Papa Murphy’s Holdings, Inc		52,108
	74,701	*	Penn National Gaming, Inc		977,836
	55,733	*	Pinnacle Entertainment, Inc		1,428,437
	22,607	*	Popeyes Louisiana Kitchen, Inc		1,047,834
	14,212	*,e	Potbelly Corp		181,345
	13,597	*	Red Robin Gourmet Burgers, Inc		747,427
	41,491		Regis Corp		704,517
	58,476	*	Ruby Tuesday, Inc		449,096
	34,557		Ruth’s Chris Steak House, Inc		420,559
	48,176	*,e	Scientific Games Corp (Class A)		567,032
	51,675	*	Sonic Corp		1,302,727
	56,643		Sotheby’s (Class A)		2,246,461
	11,757		Speedway Motorsports, Inc		230,085
	1,565	*	Steak N Shake Co		546,435

228

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	13,339	*	Steiner Leisure Ltd	$	562,639
	10,322	*	Strayer Education, Inc		755,467
	66,279		Texas Roadhouse, Inc (Class A)		1,913,475
	20,600		Universal Technical Institute, Inc		245,346
	34,253		Vail Resorts, Inc		2,958,089
	25,966	*,e	Weight Watchers International, Inc		676,414
	5,525	*,e	Zoe’s Kitchen, Inc		201,442
			TOTAL CONSUMER SERVICES		65,169,481

DIVERSIFIED FINANCIALS - 3.0%
	39,126	*	Actua Corp		735,569
	165,746		BGC Partners, Inc (Class A)		1,405,526
	16,189		Calamos Asset Management, Inc (Class A)		221,789
	26,733		Cash America International, Inc		1,313,927
	18,737	e	Cohen & Steers, Inc		803,068
	18,604	*	Consumer Portfolio Services, Inc		131,344
	23,697		CorEnergy Infrastructure Trust, Inc		177,964
	109,766	*	Cowen Group, Inc		443,455
	6,319	*	Credit Acceptance Corp		932,432
	5,349	e	Deerfield Capital Corp		49,211
	2,795		Diamond Hill Investment Group, Inc		374,502
	24,602	*,e	Encore Capital Group, Inc		1,119,637
	31,313		Evercore Partners, Inc (Class A)		1,621,074
	49,797	*	Ezcorp, Inc (Class A)		561,710
	8,882	*	FBR Capital Markets Corp		214,411
	48,921	e	Financial Engines, Inc		1,950,480
	27,314	*	First Cash Financial Services, Inc		1,613,711
	20,760	e	Friedman Billings Ramsey Group, Inc (Class A)		568,409
	43,298	e	FXCM, Inc		712,685
	21,980		Gain Capital Holdings, Inc		188,149
	6,098		GAMCO Investors, Inc (Class A)		503,817
	76,197		GFI Group, Inc		419,083
	29,597	*	Green Dot Corp		707,368
	27,267	e	Greenhill & Co, Inc		1,227,015
	31,415		HFF, Inc (Class A)		988,944
	14,012	*	International Assets Holding Corp		253,617
	34,903	*	Investment Technology Group, Inc		625,811
	49,124	e	iShares Russell 2000 Index Fund		5,725,893
	138,987	e	Janus Capital Group, Inc		2,083,415
	12,000	*	JG Wentworth Co		133,440
	42,110	*	KCG Holdings, Inc		448,893
	88,872	*,e	Ladenburg Thalmann Financial Services, Inc		379,483
	12,965		Manning & Napier, Inc		205,366
	7,606	*	Marcus & Millichap, Inc		236,242
	35,626		MarketAxess Holdings, Inc		2,303,221
	8,576		Marlin Business Services Corp		181,297
	7,011	e	Moelis & Co		239,496
	19,657		Nelnet, Inc (Class A)		935,477
	23,318	*	NewStar Financial, Inc		318,990
	10,213	*	Nicholas Financial, Inc		124,701
	10,059		Oppenheimer Holdings, Inc		246,948
	54,596	*,e	PHH Corp		1,293,379

229

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	22,542	*	Pico Holdings, Inc	$	498,178
	15,735	*	Piper Jaffray Cos		888,398
	47,090	*	PRA Group, Inc		2,978,443
	12,342		Pzena Investment Management, Inc (Class A)		124,037
	8,915		RCS Capital Corp (Class A)		146,295
	9,689	*	Regional Management Corp		112,974
	12,812		Resource America, Inc (Class A)		122,226
	19,645	*	Safeguard Scientifics, Inc		391,918
	5,170		Silvercrest Asset Management Group, Inc		77,188
	23,475	*,e	Springleaf Holdings, Inc		878,435
	61,485	*	Stifel Financial Corp		2,921,152
	27,654	*,e	SWS Group, Inc		204,363
	7,383	*,e	Tiptree Financial, Inc		59,655
	6,727		Virtus Investment Partners, Inc		1,205,546
	35,796	*,e	Walter Investment Management Corp		813,285
	7,310		Westwood Holdings Group, Inc		493,425
	102,258	*,e	WisdomTree Investments, Inc		1,508,306
	7,433	*,e	World Acceptance Corp		532,649
			TOTAL DIVERSIFIED FINANCIALS		48,677,422

ENERGY - 4.6%
	78,179	*	Abraxas Petroleum Corp		322,879
	2,024		Adams Resources & Energy, Inc		85,109
	24,904		Alon USA Energy, Inc		399,460
	209,435	*,e	Alpha Natural Resources, Inc		410,493
	26,371	*	American Eagle Energy Corp		45,886
	25,464	*,e	Amyris Biotechnologies, Inc		76,901
	7,548	*,e	APCO Argentina, Inc		108,163
	37,462	*,e	Approach Resources, Inc		370,874
	203,737	e	Arch Coal, Inc		440,072
	17,109	e	Ardmore Shipping Corp		173,314
	5,247	*,e	Aspen Aerogels, Inc		52,103
	30,237	*	Basic Energy Services, Inc		390,057
	48,007	*,e	Bill Barrett Corp		729,706
	30,555	*	Bonanza Creek Energy, Inc		1,382,308
	117,047	*,e	BPZ Energy, Inc		145,138
	33,373		Bristow Group, Inc		2,466,265
	44,020	*	C&J Energy Services, Inc		850,026
	51,538	*	Callon Petroleum Co		338,089
	18,451	e	CARBO Ceramics, Inc		953,363
	43,269	*	Carrizo Oil & Gas, Inc		2,247,392
	31,926	*,e	CHC Group Ltd		214,543
	5,289	*	Clayton Williams Energy, Inc		439,727
	63,680	*,e	Clean Energy Fuels Corp		465,501
	56,490	*	Cloud Peak Energy, Inc		676,185
	45,479		Comstock Resources, Inc		538,471
	15,728	*	Contango Oil & Gas Co		575,173
	7,952		Dawson Geophysical Co		135,105
	55,258		Delek US Holdings, Inc		1,872,694
	86,231	e	DHT Holdings, Inc		574,299
	39,526	*	Diamondback Energy, Inc		2,705,159
	6,987	*	Dorian LPG Ltd		100,124

230

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	28,243	*,e	Eclipse Resources Corp	$	370,266
	54,635	*,e	Emerald Oil, Inc		173,739
	87,422	e	Energy XXI Bermuda Ltd		672,275
	19,367	*	Era Group, Inc		452,994
	19,447		Evolution Petroleum Corp		183,969
	147,387	e	EXCO Resources, Inc		449,530
	54,586		Exterran Holdings, Inc		2,146,867
	54,938	*	Forum Energy Technologies, Inc		1,499,807
	63,199	*,e	Frontline Ltd		89,111
	52,509	*,e	FX Energy, Inc		157,527
	38,817	e	GasLog Ltd		808,170
	53,671	*	Gastar Exploration, Inc		214,684
	12,479	*	Geospace Technologies Corp		384,228
	10,925	*,e	Glori Energy, Inc		58,230
	33,116	*,e	Goodrich Petroleum Corp		272,876
	35,571		Green Plains Renewable Energy, Inc		1,216,528
	14,310		Gulf Island Fabrication, Inc		302,513
	25,631		Gulfmark Offshore, Inc		773,031
	247,975	*,e	Halcon Resources Corp		771,202
	7,730		Hallador Petroleum Co		92,760
	37,109	*,e	Harvest Natural Resources, Inc		138,046
	98,852	*	Helix Energy Solutions Group, Inc		2,633,417
	156,050	*,e	Hercules Offshore, Inc		257,483
	33,810	*	Hornbeck Offshore Services, Inc		1,036,615
	9,600	*,e	Independence Contract Drilling, Inc		70,368
	122,776	*	ION Geophysical Corp		343,773
	753	*,e	Isramco, Inc		98,643
	11,120	*,e	Jones Energy, Inc (Class A)		137,443
	124,973	*	Key Energy Services, Inc		379,918
	246,979	*	Kodiak Oil & Gas Corp		2,664,903
	189,141	*,e	Magnum Hunter Resources Corp		877,614
	69,737	*	Matador Resources Co		1,692,517
	25,525	*	Matrix Service Co		639,657
	224,628	*,e	McDermott International, Inc		862,572
	32,894	*,e	Midstates Petroleum Co, Inc		97,695
	30,208	*,e	Miller Petroleum, Inc		105,124
	12,734	*	Mitcham Industries, Inc		129,887
	11,827	*	Natural Gas Services Group, Inc		304,309
	66,084		Navios Maritime Acq Corp		209,486
	79,920	*	Newpark Resources, Inc		913,486
	17,004	e	Nordic American Offshore Ltd		272,064
	85,976	e	Nordic American Tanker Shipping		726,497
	64,470	e	North Atlantic Drilling Ltd		399,069
	58,033	*,e	Northern Oil And Gas, Inc		655,773
	14,117	*,e	Nuverra Environmental Solutions, Inc		133,688
	19,239	*,e	Pacific Ethanol, Inc		271,462
	13,798		Panhandle Oil and Gas, Inc (Class A)		283,687
	118,270	*	Parker Drilling Co		525,119
	47,585	*	Parsley Energy, Inc		807,517
	34,038	*	PDC Energy, Inc		1,488,141
	61,262	*	Penn Virginia Corp		525,015
	55,140	*	Petroquest Energy, Inc		259,158

231

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	11,994	*	PHI, Inc	$	536,612
	60,324	*	Pioneer Energy Services Corp		553,774
	12,591	*,e	Profire Energy, Inc		46,713
	32,785	*	Renewable Energy Group, Inc		345,226
	74,143	*,e	Resolute Energy Corp		258,018
	45,736	*,e	Rex Energy Corp		358,570
	5,980	*	Rex Stores Corp		435,105
	11,727	*	RigNet, Inc		509,538
	17,737	*,e	Ring Energy, Inc		305,076
	57,745	*	Rosetta Resources, Inc		2,196,042
	19,938	*,e	RSP Permian, Inc		487,883
	48,058	*,e	Sanchez Energy Corp		820,350
	162,506	e	Scorpio Tankers, Inc		1,418,677
	19,744	*	SEACOR Holdings, Inc		1,627,893
	40,062		SemGroup Corp		3,074,758
	54,982	e	Ship Finance International Ltd		945,141
	72,202	*,e	Solazyme, Inc		553,789
	53,179	*	Stone Energy Corp		1,302,886
	41,709	*,e	Swift Energy Co		285,707
	63,268	*	Synergy Resources Corp		771,237
	61,582	e	Teekay Tankers Ltd (Class A)		261,108
	31,642		Tesco Corp		602,464
	73,208	*	Tetra Technologies, Inc		697,672
	20,560	*	TransAtlantic Petroleum Ltd		169,620
	71,879	*,e	Triangle Petroleum Corp		557,062
	47,395	*	Vaalco Energy, Inc		351,671
	195,521	*,e	Vantage Drilling Co		189,167
	11,160	*,e	Vertex Energy, Inc		70,531
	34,508		W&T Offshore, Inc		313,678
	70,064	*	Warren Resources, Inc		242,421
	49,128		Western Refining, Inc		2,239,746
	12,680	*	Westmoreland Coal Co		463,708
	39,176	*	Willbros Group, Inc		229,963
			TOTAL ENERGY		74,536,838

FOOD & STAPLES RETAILING - 1.0%
	26,816		Andersons, Inc		1,708,984
	36,068		Casey’s General Stores, Inc		2,952,887
	17,635	*,e	Chefs’ Warehouse Holdings, Inc		315,137
	17,507	*,e	Fairway Group Holdings Corp		52,346
	39,968	*,e	Fresh Market, Inc		1,467,225
	12,046		Ingles Markets, Inc (Class A)		324,037
	30,084	e	Liberator Medical Holdings, Inc		86,642
	7,450	*,e	Natural Grocers by Vitamin C		134,920
	22,352	*	Pantry, Inc		576,011
	17,573		Pricesmart, Inc		1,564,524
	34,105	e	Roundy’s, Inc		114,934
	35,875		Spartan Stores, Inc		803,959
	192,899	*	Supervalu, Inc		1,664,718
	46,599	*	United Natural Foods, Inc		3,169,664
	6,310		Village Super Market (Class A)		175,103
	9,976		Weis Markets, Inc		445,329
			TOTAL FOOD & STAPLES RETAILING		15,556,420

232

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 1.8%
	37,396	*,e	22nd Century Group, Inc	$	82,271
	2,538		Alico, Inc		93,652
	86,738	*	Alliance One International, Inc		176,078
	50,509		B&G Foods, Inc (Class A)		1,487,995
	7,757	*,e	Boston Beer Co, Inc (Class A)		1,931,493
	57,944	*	Boulder Brands, Inc		514,543
	11,815		Calavo Growers, Inc		573,500
	14,493	e	Cal-Maine Foods, Inc		1,272,340
	45,502	*	Chiquita Brands International, Inc		656,594
	4,419		Coca-Cola Bottling Co Consolidated		399,654
	10,510	*	Craft Brewers Alliance, Inc		145,879
	154,272	*	Darling International, Inc		2,715,187
	88,866	e	Dean Foods Co		1,307,219
	21,041	*	Diamond Foods, Inc		634,386
	6,962	*	Farmer Bros Co		203,012
	34,380		Fresh Del Monte Produce, Inc		1,103,942
	14,550	*	Inventure Foods, Inc		192,642
	13,755		J&J Snack Foods Corp		1,417,178
	8,366		John B. Sanfilippo & Son, Inc		310,797
	17,289		Lancaster Colony Corp		1,581,771
	45,285		Lance, Inc		1,349,040
	3,949	*,e	Lifeway Foods, Inc		65,356
	10,684	e	Limoneira Co		274,151
	10,036	*	National Beverage Corp		252,104
	20,184	*	Omega Protein Corp		291,659
	41,814	*,e	Post Holdings, Inc		1,568,025
	21,570	e	Sanderson Farms, Inc		1,811,449
	270	*	Seaboard Corp		829,675
	7,216	*	Seneca Foods Corp		193,966
	14,055	*,e	Synutra International, Inc		88,968
	17,878	e	Tootsie Roll Industries, Inc		530,083
	39,693	*	TreeHouse Foods, Inc		3,380,653
	21,385		Universal Corp		951,633
	64,268	e	Vector Group Ltd		1,435,747
			TOTAL FOOD, BEVERAGE & TOBACCO		29,822,642

HEALTH CARE EQUIPMENT & SERVICES - 6.4%
	21,343	e	Abaxis, Inc		1,123,922
	38,007	*,e	Abiomed, Inc		1,246,250
	40,353	*	Acadia Healthcare Co, Inc		2,503,904
	73,036	*,e	Accuray, Inc		462,318
	6,009	*	Addus HomeCare Corp		119,399
	5,252	*,e	Adeptus Health, Inc		174,261
	36,785	*,e	Air Methods Corp		1,737,356
	5,173	*	Alliance HealthCare Services, Inc		124,824
	8,421	*	Almost Family, Inc		247,914
	26,451	*	Amedisys, Inc		690,371
	44,232	*	AMN Healthcare Services, Inc		758,579
	39,954	*	Amsurg Corp		2,157,916

233

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	11,427		Analogic Corp	$	833,485
	23,661	*	Angiodynamics, Inc		402,237
	13,660	*	Anika Therapeutics, Inc		548,312
	111,067	*,e	Antares Pharma, Inc		229,909
	26,002	*	AtriCure, Inc		453,475
	1,471		Atrion Corp		485,445
	23,653	*,e	Bio-Reference Labs, Inc		710,536
	64,788	*,e	BioScrip, Inc		418,530
	25,179	*	BioTelemetry, Inc		211,252
	32,502		Cantel Medical Corp		1,378,085
	27,761	*	Capital Senior Living Corp		624,622
	26,485	*	Cardiovascular Systems, Inc		821,035
	12,265	*,e	Castlight Health, Inc		153,435
	70,417	*,e	Cerus Corp		292,935
	16,677	e	Chemed Corp		1,723,735
	10,617		Computer Programs & Systems, Inc		668,659
	25,901		Conmed Corp		1,087,583
	9,869	*	Corvel Corp		339,691
	28,150	*	Cross Country Healthcare, Inc		272,210
	27,189		CryoLife, Inc		278,959
	25,513	*	Cyberonics, Inc		1,339,433
	21,212	*	Cynosure, Inc (Class A)		536,451
	21,568	*	Derma Sciences, Inc		196,269
	71,134	*	DexCom, Inc		3,197,473
	60,868	*	Endologix, Inc		693,895
	19,017		Ensign Group, Inc		736,338
	9,159	*	Exactech, Inc		195,087
	32,875	*	ExamWorks Group, Inc		1,274,893
	40,307	*	Five Star Quality Care, Inc		166,468
	39,471	*,e	GenMark Diagnostics, Inc		449,969
	30,075	*	Gentiva Health Services, Inc		592,478
	62,561	*	Globus Medical, Inc		1,386,977
	23,535	*	Greatbatch, Inc		1,181,222
	48,784	*	Haemonetics Corp		1,840,132
	33,769	*	Hanger Orthopedic Group, Inc		808,092
	9,755	*	HealthEquity, Inc		199,002
	82,461		Healthsouth Corp		3,325,652
	20,098	*	HealthStream, Inc		622,234
	30,213	*,e	Healthways, Inc		468,302
	16,127	*	HeartWare International, Inc		1,243,714
	83,396	*,e	HMS Holdings Corp		1,937,289
	11,941	*	ICU Medical, Inc		846,617
	5,535	*,e	Imprivata, Inc		86,291
	5,150	*	Inogen Inc		121,592
	52,643	*	Insulet Corp		2,272,598
	23,166	*	Integra LifeSciences Holdings Corp		1,184,014
	30,572		Invacare Corp		480,286
	16,396	*	IPC The Hospitalist Co, Inc		683,057
	8,290	*,e	K2M Group Holdings, Inc		133,469
	60,866		Kindred Healthcare, Inc		1,323,836
	9,201		Landauer, Inc		329,304
	15,770	*,e	LDR Holding Corp		543,119

234

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	11,558	*	LHC Group, Inc	$	281,437
	25,761	*	Magellan Health Services, Inc		1,559,056
	45,990	*	Masimo Corp		1,160,788
	58,023	*	MedAssets, Inc		1,256,778
	51,458	*	Medidata Solutions, Inc		2,321,270
	68,095	*	Merge Healthcare, Inc		187,261
	39,718	e	Meridian Bioscience, Inc		736,372
	40,898	*	Merit Medical Systems, Inc		619,605
	28,737	*	Molina Healthcare, Inc		1,397,768
	12,025	*	MWI Veterinary Supply, Inc		2,040,101
	9,448		National Healthcare Corp		569,809
	8,654	*	National Research Corp		137,512
	30,559	*	Natus Medical, Inc		1,039,006
	34,878	*	Neogen Corp		1,531,144
	44,335	*	NuVasive, Inc		1,813,302
	58,446	*	NxStage Medical, Inc		886,041
	5,359	*	Ocular Therapeutix, Inc		81,832
	34,445	*	Omnicell, Inc		1,112,918
	53,551	*	OraSure Technologies, Inc		479,281
	17,561	*	Orthofix International NV		515,415
	59,119	e	Owens & Minor, Inc		1,969,845
	12,374	*,e	Oxford Immunotec Global plc		191,055
	28,525	*	PharMerica Corp		818,382
	13,494	*,e	PhotoMedex, Inc		51,817
	10,977	*	Providence Service Corp		484,964
	47,363		Quality Systems, Inc		715,655
	27,079	*,e	Quidel Corp		773,105
	31,093	*	RadNet, Inc		289,165
	38,920	*,e	Rockwell Medical Technologies, Inc		339,382
	4,681	*,e	Roka Bioscience, Inc		46,342
	56,330	*	RTI Biologics, Inc		286,720
	70,991		Select Medical Holdings Corp		1,023,690
	22,197	*	Skilled Healthcare Group, Inc (Class A)		153,825
	39,485	*,e	Spectranetics Corp		1,254,438
	36,151	*	Staar Surgical Co		345,965
	55,484		STERIS Corp		3,428,911
	11,943	*	Surgical Care Affiliates, Inc		366,411
	11,046	*	SurModics, Inc		239,146
	36,608	*	Symmetry Medical, Inc		362,419
	8,119	*,e	Tandem Diabetes Care, Inc		130,391
	65,744	*	Team Health Holdings, Inc		4,111,630
	54,017	*	Thoratec Corp		1,468,182
	33,583	*	Tornier BV		938,645
	27,393	*,e	TransEnterix, Inc		112,311
	23,734	*	Triple-S Management Corp (Class B)		525,471
	7,040	*,e	TriVascular Technologies, Inc		93,280
	7,787	*,e	Trupanion, Inc		51,861
	98,768	*,e	Unilife Corp		362,479
	40,257	*	Universal American Corp		375,195
	10,862		US Physical Therapy, Inc		468,695
	3,565		Utah Medical Products, Inc		202,492
	16,341	*	Vascular Solutions, Inc		480,589

235

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	6,185	*	Veracyte, Inc	$	49,913
	21,417	*	Vocera Communications, Inc		221,666
	48,738	*	Volcano Corp		493,229
	40,878	*	WellCare Health Plans, Inc		2,774,390
	66,366		West Pharmaceutical Services, Inc		3,401,258
	47,367	*	Wright Medical Group, Inc		1,497,745
	26,916	*,e	Zeltiq Aesthetics, Inc		690,126
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		104,994,178

HOUSEHOLD & PERSONAL PRODUCTS - 0.4%
	41,133	*	Central Garden and Pet Co (Class A)		353,333
	19,702	*,e	Elizabeth Arden, Inc		323,113
	21,799	e	Female Health Co		99,621
	76,432	*	Harbinger Group, Inc		1,004,317
	27,442	*,e	IGI Laboratories, Inc		269,206
	16,636		Inter Parfums, Inc		472,462
	12,901	*	Medifast, Inc		409,478
	9,628		Nature’s Sunshine Products, Inc		143,457
	7,732	*	Nutraceutical International Corp		173,815
	4,674		Oil-Dri Corp of America		141,061
	7,169		Orchids Paper Products Co		206,180
	11,331	*	Revlon, Inc (Class A)		388,653
	5,666	*,e	USANA Health Sciences, Inc		645,811
	14,064		WD-40 Co		1,078,287
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		5,708,794

INSURANCE - 2.6%
	42,821	*	AMBAC Financial Group, Inc		979,745
	67,375		American Equity Investment Life Holding Co		1,738,949
	17,740		Amerisafe, Inc		739,758
	28,584	e	Amtrust Financial Services, Inc		1,282,564
	25,020		Argo Group International Holdings Ltd		1,396,116
	10,892	*,e	Atlas Financial Holdings, Inc		161,528
	8,176		Baldwin & Lyons, Inc (Class B)		220,098
	44,930	*,e	Citizens, Inc (Class A)		327,540
	204,116		Conseco, Inc		3,700,623
	27,319		Crawford & Co (Class B)		278,107
	5,771		Donegal Group, Inc (Class A)		91,297
	16,756	*	eHealth, Inc		418,062
	4,459		EMC Insurance Group, Inc		142,866
	30,037		Employers Holdings, Inc		612,454
	7,929	*	Enstar Group Ltd		1,174,047
	9,028		FBL Financial Group, Inc (Class A)		447,608
	10,759		Federated National Holding Co		359,996
	10,718		Fidelity & Guaranty Life		254,553
	100,224		First American Financial Corp		3,038,792
	26,958	*	Greenlight Capital Re Ltd (Class A)		874,787
	13,466	*	Hallmark Financial Services		157,014
	8,559	e	HCI Group, Inc		435,140
	6,586	*,e	Heritage Insurance Holdings, Inc		116,967
	64,418	*	Hilltop Holdings, Inc		1,419,129
	38,719		Horace Mann Educators Corp		1,177,445

236

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	6,381		Independence Holding Co	$	90,291
	10,848		Infinity Property & Casualty Corp		792,013
	3,613		Kansas City Life Insurance Co		179,313
	44,200		Kemper Corp		1,628,770
	47,511		Maiden Holdings Ltd		567,757
	48,884		Meadowbrook Insurance Group, Inc		311,391
	37,260		Montpelier Re Holdings Ltd		1,234,796
	32,177	e	National General Holdings Corp		603,319
	6,376		National Interstate Corp		181,333
	2,123		National Western Life Insurance Co (Class A)		575,333
	9,604	*	Navigators Group, Inc		653,936
	21,885		OneBeacon Insurance Group Ltd (Class A)		348,628
	4,798	*	Phoenix Cos, Inc		284,809
	23,628		Platinum Underwriters Holdings Ltd		1,479,822
	51,550		Primerica, Inc		2,636,783
	40,459		RLI Corp		2,006,362
	12,538		Safety Insurance Group, Inc		782,120
	53,461		Selective Insurance Group, Inc		1,380,363
	14,386		State Auto Financial Corp		301,099
	20,610		Stewart Information Services Corp		727,945
	71,710		Symetra Financial Corp		1,699,527
	53,860	*	Third Point Reinsurance Ltd		824,058
	7,823	*	United America Indemnity Ltd		226,711
	19,634		United Fire & Casualty Co		637,712
	15,802		United Insurance Holdings Corp		309,719
	29,564	e	Universal Insurance Holdings, Inc		517,370
			TOTAL INSURANCE		42,526,465

MATERIALS - 4.7%
	27,796		A. Schulman, Inc		984,256
	20,752	*	Advanced Emissions Solutions, Inc		419,605
	3,977	*	AEP Industries, Inc		182,902
	165,032	*,e	AK Steel Holding Corp		1,249,292
	99,312	*,e	Allied Nevada Gold Corp		138,044
	27,380	e	American Vanguard Corp		315,965
	7,893		Ampco-Pittsburgh Corp		171,989
	65,193		Axiall Corp		2,627,278
	29,209		Balchem Corp		1,889,822
	83,223	*	Berry Plastics Group, Inc		2,165,463
	36,843	*	Boise Cascade Co		1,328,559
	19,596		Brush Engineered Materials, Inc		773,062
	49,438	*	Calgon Carbon Corp		1,039,681
	18,100	*,e	Castle (A.M.) & Co		133,035
	47,200	*	Century Aluminum Co		1,382,016
	6,705		Chase Corp		240,508
	85,690	*	Chemtura		1,995,720
	19,423	*	Clearwater Paper Corp		1,249,870
	97,984	*	Coeur d’Alene Mines Corp		362,541
	110,274		Commercial Metals Co		1,906,638
	10,478		Deltic Timber Corp		682,013
	69,275	*	Ferro Corp		908,888
	51,159	*	Flotek Industries, Inc		1,133,683

237

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	20,681		FutureFuel Corp	$	275,471
	40,946		Glatfelter		1,033,068
	60,740		Globe Specialty Metals, Inc		1,142,519
	35,930	e	Gold Resource Corp		139,768
	305,025	*	Graphic Packaging Holding Co		3,699,953
	47,019		H.B. Fuller Co		1,973,387
	8,881		Hawkins, Inc		342,007
	11,800		Haynes International, Inc		548,582
	71,272	*	Headwaters, Inc		905,154
	326,236		Hecla Mining Co		711,195
	48,199	*,e	Horsehead Holding Corp		757,206
	20,869		Innophos Holdings, Inc		1,189,533
	23,188		Innospec, Inc		936,100
	54,111	*,e	Intrepid Potash, Inc		727,793
	17,147		Kaiser Aluminum Corp		1,192,574
	78,785	*	Kapstone Paper and Packaging Corp		2,423,427
	7,660		KMG Chemicals, Inc		135,582
	20,005		Koppers Holdings, Inc		789,797
	31,202	*	Kraton Polymers LLC		558,204
	17,459		Kronos Worldwide, Inc		234,649
	25,406	*	Landec Corp		319,862
	134,201	*	Louisiana-Pacific Corp		1,959,335
	17,323	*	LSB Industries, Inc		650,132
	9,341	*,e	Marrone Bio Innovations, Inc		24,473
	32,495		Minerals Technologies, Inc		2,492,692
	83,177	*,e	Molycorp, Inc		114,784
	26,294		Myers Industries, Inc		392,832
	15,835		Neenah Paper, Inc		966,093
	38,409		Noranda Aluminium Holding Corp		169,384
	73,910		Olin Corp		1,791,578
	8,644		Olympic Steel, Inc		173,917
	30,945		OM Group, Inc		805,498
	45,890	*	Omnova Solutions, Inc		322,607
	88,203		PolyOne Corp		3,264,393
	12,587		Quaker Chemical Corp		1,033,141
	218,804	*	Rentech, Inc		347,898
	62,020	*	Resolute Forest Products		1,151,091
	30,150	*	RTI International Metals, Inc		710,033
	10,254	*	Ryerson Holding Corp		131,046
	25,005		Schnitzer Steel Industries, Inc (Class A)		588,868
	28,172		Schweitzer-Mauduit International, Inc		1,213,086
	40,414	*,e	Senomyx, Inc		320,079
	46,475		Sensient Technologies Corp		2,750,391
	18,463		Stepan Co		817,542
	113,965	*	Stillwater Mining Co		1,496,361
	66,216	*	SunCoke Energy, Inc		1,582,562
	25,808	*	Taminco Corp		668,169
	20,093	*	Trecora Resources		264,223
	23,822		Tredegar Corp		453,094
	10,719	*	Trinseo S.A.		154,890
	56,302		Tronox Ltd		1,361,382
	4,397	*	UFP Technologies, Inc		96,822

238

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	1,928		United States Lime & Minerals, Inc	$	135,172
	6,753	*	Universal Stainless & Alloy		173,620
	13,498	*	US Concrete, Inc		333,401
	49,468	e	US Silica Holdings Inc		2,221,113
	40,117		Wausau Paper Corp		396,757
	3,744	*	WHX Corp		132,201
	48,272		Worthington Industries, Inc		1,865,713
	21,838		Zep, Inc		350,718
			TOTAL MATERIALS		77,193,752

MEDIA - 1.3%
	18,709		AH Belo Corp (Class A)		215,341
	20,668		AMC Entertainment Holdings, Inc		524,967
	22,308	*	Carmike Cinemas, Inc		714,971
	68,366	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		166,129
	72,989	*	Cinedigm Corp		113,133
	32,930	*	Crown Media Holdings, Inc (Class A)		114,926
	128,845	*	Cumulus Media, Inc (Class A)		497,342
	850	*,e	Daily Journal Corp		155,252
	14,460	*,e	Dex Media, Inc		112,643
	23,521	*	Entercom Communications Corp (Class A)		241,796
	57,011		Entravision Communications Corp (Class A)		294,177
	17,108	*	Eros International plc		315,814
	30,242	*	EW Scripps Co (Class A)		580,646
	16,865	*	Global Sources Ltd		123,620
	47,084	*	Gray Television, Inc		435,056
	46,878		Harte-Hanks, Inc		305,176
	7,622	*,e	Hemisphere Media Group, Inc		97,562
	39,600	*	Journal Communications, Inc (Class A)		388,476
	50,963	*,e	Lee Enterprises, Inc		190,092
	12,126	*	Loral Space & Communications, Inc		927,639
	25,970	*	Martha Stewart Living Omnimedia, Inc (Class A)		112,450
	59,684	*	McClatchy Co (Class A)		212,475
	40,279		MDC Partners, Inc		833,775
	51,704	*,e	Media General, Inc (Class A)		772,458
	34,162		Meredith Corp		1,781,207
	57,611		National CineMedia, Inc		916,015
	28,526	e	New Media Investment Group, Inc		543,706
	131,548		New York Times Co (Class A)		1,689,076
	28,885	e	Nexstar Broadcasting Group, Inc (Class A)		1,303,291
	22,091	*,e	Radio One, Inc		55,007
	12,629	*,e	ReachLocal, Inc		57,209
	12,722	*	Reading International, Inc		126,838
	8,724	*,e	Rentrak Corp		670,614
	3,448		Saga Communications, Inc		138,265
	10,350		Salem Communications		79,798
	26,323		Scholastic Corp		916,304
	42,055	*,e	SFX Entertainment, Inc		216,163
	64,237	e	Sinclair Broadcast Group, Inc (Class A)		1,866,085
	20,885	*	Sizmek, Inc		119,671
	102,098	*	Time, Inc		2,306,394
	8,318	*	Townsquare Media, Inc		104,890

239

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	25,254	e	World Wrestling Entertainment, Inc (Class A)	$	311,887
			TOTAL MEDIA		21,648,336

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	74,965	*,e	Acadia Pharmaceuticals, Inc		2,076,531
	21,480	*,e	Accelerate Diagnostics, Inc		466,546
	15,629	*,e	Acceleron Pharma, Inc		577,960
	23,522	*,e	AcelRx Pharmaceuticals, Inc		155,951
	6,543	*	Achaogen, Inc		69,487
	92,149	*	Achillion Pharmaceuticals, Inc		1,082,751
	39,640	*	Acorda Therapeutics, Inc		1,380,265
	18,817	*,e	Actinium Pharmaceuticals, Inc		133,036
	2,798	*	Adamas Pharmaceuticals, Inc		42,614
	28,062	*,e	Aegerion Pharmaceuticals, Inc		566,572
	10,021	*,e	Aerie Pharmaceuticals, Inc		252,730
	70,207	*,e	Affymetrix, Inc		632,565
	59,254	*	Agenus, Inc		176,577
	12,883	*,e	Agios Pharmaceuticals, Inc		1,082,559
	7,445	*,e	Akebia Therapeutics, Inc		96,487
	58,316	*,e	Akorn, Inc		2,597,978
	22,624	*	Albany Molecular Research, Inc		526,234
	7,639	*,e	Alder Biopharmaceuticals, Inc		136,814
	25,049	*	Alimera Sciences, Inc		142,779
	20,830	*,e	AMAG Pharmaceuticals, Inc		687,598
	8,611	*,e	Amphastar Pharmaceuticals, Inc		87,316
	38,949	*,e	Ampio Pharmaceuticals, Inc		151,122
	31,376	*	Anacor Pharmaceuticals, Inc		922,768
	6,551	*,e	ANI Pharmaceuticals, Inc		222,472
	4,603	*,e	Applied Genetic Technologies Corp		92,520
	23,266	*	Aratana Therapeutics, Inc		260,579
	4,599	*,e	Ardelyx, Inc		100,856
	208,946	*,e	Arena Pharmaceuticals, Inc		911,005
	156,005	*,e	Ariad Pharmaceuticals, Inc		929,790
	120,544	*	Array Biopharma, Inc		432,753
	49,314	*,e	Arrowhead Research Corp		321,527
	5,690	*	Auspex Pharmaceuticals Inc		154,199
	48,076	*,e	Auxilium Pharmaceuticals, Inc		1,546,605
	6,431	*,e	Avalanche Biotechnologies, Inc		230,744
	171,259	*	AVANIR Pharmaceuticals, Inc		2,216,091
	66,449	*	BioCryst Pharmaceuticals, Inc		778,782
	39,762	*,e	BioDelivery Sciences International, Inc		691,859
	69,898	*,e	Bio-Path Holdings, Inc		204,102
	3,441	*	Biospecifics Technologies Corp		138,053
	49,716	*,e	Biotime, Inc		168,537
	18,143	*	Bluebird Bio, Inc		761,825
	29,833	*	Cambrex Corp		628,880
	5,470	*	Cara Therapeutics Inc		49,285
	45,558	*	Catalent, Inc		1,185,875
	84,977	*,e	Celldex Therapeutics, Inc		1,423,365
	9,279	*,e	Cellular Dynamics International, Inc		72,098
	21,689	*,e	Cempra, Inc		294,970
	66,230	*,e	Cepheid, Inc		3,510,852

240

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	23,376	*,e	ChemoCentryx, Inc	$	131,373
	25,609	*,e	Chimerix, Inc		794,903
	23,453	*,e	Clovis Oncology, Inc		1,399,206
	51,527	*,e	Corcept Therapeutics, Inc		167,463
	126,398	*,e	CTI BioPharma Corp		308,411
	33,068	*,e	Cytokinetics, Inc		121,360
	63,974	*,e	Cytori Therapeutics, Inc		33,203
	53,235	*,e	CytRx Corp		152,252
	151,984	*,e	Dendreon Corp		148,868
	55,284	*	Depomed, Inc		851,374
	3,560	*,e	Dicerna Pharmaceuticals Inc		33,357
	14,565	*	Durata Therapeutics, Inc		349,997
	128,737	*	Dyax Corp		1,592,477
	251,955	*,e	Dynavax Technologies Corp		413,206
	3,420	*,e	Egalet Corp		25,684
	4,620	*,e	Eleven Biotheraputics Inc		48,787
	27,802	*	Emergent Biosolutions, Inc		628,881
	9,733	*,e	Enanta Pharmaceuticals, Inc		418,519
	35,158	*,e	Endocyte, Inc		210,421
	32,466	*	Enzo Biochem, Inc		169,473
	12,191	*,e	Epizyme, Inc		323,427
	4,250	*,e	Esperion Thereapeutics, Inc		124,313
	78,672	*,e	Exact Sciences Corp		1,893,635
	185,004	*,e	Exelixis, Inc		314,507
	16,431	*	Five Prime Therapeutics, Inc		214,260
	4,590	*	Flexion Therapeutics Inc		89,918
	26,501	*	Fluidigm Corp		768,529
	8,325	*,m	Forest Laboratories, Inc CVR		7,909
	13,257	*,e	Foundation Medicine, Inc		343,091
	6,861	*,m	Furiex Pharmaceuticals, Inc		67,032
	17,081	*,e	Galectin Therapeutics, Inc		92,579
	112,260	*,e	Galena Biopharma, Inc		230,133
	3,940	*	Genocea Biosciences Inc		34,593
	16,060	*	Genomic Health, Inc		583,620
	149,045	*,e	Geron Corp		332,370
	31,613	*	Golf Trust Of America, Inc		308,227
	97,285	*,e	Halozyme Therapeutics, Inc		935,882
	17,482	*	Heron Therapeutics, Inc		154,191
	61,570	*,e	Horizon Pharma plc		796,716
	12,921	*,e	Hyperion Therapeutics, Inc		313,980
	57,246	*,e	Idera Pharmaceuticals, Inc		145,977
	5,679	*,e	Immune Design Corp		175,992
	81,825	*,e	Immunogen, Inc		757,700
	78,786	*,e	Immunomedics, Inc		311,205
	65,657	*	Impax Laboratories, Inc		1,902,083
	46,433	*	Infinity Pharmaceuticals, Inc		632,417
	56,976	*,e	Inovio Pharmaceuticals, Inc		647,247
	46,840	*	Insmed, Inc		664,660
	9,478	*,e	Insys Therapeutics, Inc		385,518
	5,466	*	Intersect ENT, Inc		103,799
	16,289	*,e	Intra-Cellular Therapies, Inc		252,480
	33,855	*,e	Intrexon Corp		755,644

241

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	113,641	*	Ironwood Pharmaceuticals, Inc	$	1,593,247
	110,182	*,e	Isis Pharmaceuticals, Inc		5,074,983
	11,769	*,e	Karyopharm Therapeutics, Inc		483,471
	86,559	*,e	Keryx Biopharmaceuticals, Inc		1,458,519
	9,949	*,e	Kindred Biosciences Inc		91,232
	8,040	*,e	Kite Pharma, Inc		297,400
	16,149	*,e	KYTHERA Biopharmaceuticals, Inc		569,252
	24,465	*	Lannett Co, Inc		1,387,655
	218,954	*,e	Lexicon Pharmaceuticals, Inc		317,483
	19,692	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,088,377
	3,373	*	Loxo Oncology, Inc		36,395
	35,752	*	Luminex Corp		679,288
	18,981	*	MacroGenics, Inc		404,105
	216,730	*,e	MannKind Corp		1,302,547
	60,548	*	Medicines Co		1,533,075
	94,489	*,e	Merrimack Pharmaceuticals, Inc		866,464
	89,397	*,e	MiMedx Group, Inc		910,061
	6,837	*,e	Mirati Therapeutics, Inc		114,656
	45,682	*	Momenta Pharmaceuticals, Inc		498,391
	9,579	*,e	NanoString Technologies, Inc		102,016
	38,107	*,e	NanoViricides, Inc		145,188
	142,842	*,e	Navidea Biopharmceuticals, Inc		192,837
	117,158	*	Nektar Therapeutics		1,615,609
	22,396	*,e	NeoStem, Inc		114,891
	64,960	*,e	Neuralstem, Inc		178,640
	68,675	*	Neurocrine Biosciences, Inc		1,271,861
	18,831	*,e	NewLink Genetics Corp		614,832
	33,798	*,e	Northwest Biotherapeutics, Inc		177,777
	224,642	*,e	Novavax, Inc		1,257,995
	101,065	*	NPS Pharmaceuticals, Inc		2,769,181
	19,996	*,e	Ohr Pharmaceutical, Inc		144,971
	32,232	*,e	Omeros Corp		534,084
	5,149	*,m	Omthera Pharmaceuticals, Inc		3,089
	12,016	*,e	OncoMed Pharmaceuticals, Inc		249,572
	67,012	*	Oncothyreon, Inc		120,622
	13,144	*,e	Ophthotech Corp		548,368
	182,865	*,e	Opko Health, Inc		1,526,923
	110,503	*,e	Orexigen Therapeutics, Inc		448,642
	59,206	*,e	Organovo Holdings, Inc		387,207
	17,989	*,e	Osiris Therapeutics, Inc		245,190
	6,700	*	Otonomy, Inc		176,545
	14,717	*,e	OvaScience, Inc		287,423
	54,799	*,e	Pacific Biosciences of California, Inc		359,481
	33,445	*,e	Pacira Pharmaceuticals, Inc		3,104,365
	36,298	*,e	Pain Therapeutics, Inc		63,159
	54,096	*	Parexel International Corp		2,937,954
	152,792	e	PDL BioPharma, Inc		1,303,316
	165,297	*,e	Peregrine Pharmaceuticals, Inc		264,475
	13,338	*	Phibro Animal Health Corp		345,721
	40,556	*	Portola Pharmaceuticals, Inc		1,155,846
	27,367		Pozen, Inc		248,219
	49,532	*	Prestige Brands Holdings, Inc		1,754,423

242

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	67,891	*,e	Progenics Pharmaceuticals, Inc	$	327,914
	20,804	*	Prothena Corp plc		456,232
	21,088	*,e	PTC Therapeutics, Inc		861,867
	21,834	*,e	Puma Biotechnology, Inc		5,471,600
	6,537	*,e	Radius Health, Inc		120,346
	59,496	*,e	Raptor Pharmaceutical Corp		571,757
	17,486	*	Receptos, Inc		1,812,424
	14,672	*,e	Regado Biosciences, Inc		14,965
	13,121	*,e	Regulus Therapeutics, Inc		261,895
	16,102	*,e	Relypsa, Inc		331,218
	30,510	*	Repligen Corp		769,462
	21,950	*,e	Repros Therapeutics, Inc		139,163
	19,290	*,e	Retrophin, Inc		186,727
	6,761	*,e	Revance Therapeutics, Inc		136,302
	82,761	*	Rigel Pharmaceuticals, Inc		163,867
	5,360	*,e	Sage Therapeutics, Inc		209,683
	20,799	*	Sagent Pharmaceuticals		658,080
	64,459	*,e	Sangamo Biosciences, Inc		782,532
	38,533	*,e	Sarepta Therapeutics, Inc		623,079
	51,157	*	Sciclone Pharmaceuticals, Inc		390,839
	111,304	*,e	Sequenom, Inc		363,964
	62,594	*,e	Spectrum Pharmaceuticals, Inc		474,463
	11,303	*,e	Stemline Therapeutics, Inc		173,953
	15,438	*,e	Sucampo Pharmaceuticals, Inc (Class A)		133,076
	46,971	*,e	Sunesis Pharmaceuticals, Inc		79,851
	27,806	*,e	Supernus Pharmaceuticals, Inc		223,282
	20,359	*,e	Synageva BioPharma Corp		1,541,991
	88,128	*,e	Synergy Pharmaceuticals, Inc		302,279
	53,902	*,e	Synta Pharmaceuticals Corp		159,550
	5,574	*,e	T2 Biosystems, Inc		90,020
	18,294	*,e	TESARO, Inc		508,939
	24,517	*	Tetraphase Pharmaceuticals, Inc		585,956
	22,384	*	TG Therapeutics, Inc		246,000
	95,529	*,e	TherapeuticsMD, Inc		424,149
	22,336	*,e	Theravance Biopharma, Inc		408,749
	78,307	*,e	Theravance, Inc		1,254,478
	40,832	*,e	Threshold Pharmaceuticals, Inc		119,638
	6,341	*	Ultragenyx Pharmaceutical, Inc		298,090
	32,104	*,e	Vanda Pharmaceuticals, Inc		385,569
	14,281	*,e	Verastem, Inc		135,527
	6,534	*,e	Versartis, Inc		130,092
	4,901	*,e	Vital Therapies, Inc		84,591
	86,112	*,e	Vivus, Inc		291,920
	14,870	*	Xencor Inc		160,447
	55,437	*	Xenoport, Inc		375,863
	79,680	*,e	XOMA Corp		341,827
	6,431	*,e	Zafgen, Inc		136,980
	77,482	*,e	ZIOPHARM Oncology, Inc		257,240
	116,627	*,e	Zogenix, Inc		148,116
	6,372	*,e	ZS Pharma, Inc		239,715
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		121,759,003

243

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

REAL ESTATE - 9.4%
	54,137		Acadia Realty Trust	$	1,689,074
	23,934		AG Mortgage Investment Trust		456,421
	14,233		Agree Realty Corp		435,672
	46,329		Alexander & Baldwin, Inc		1,854,550
	1,913		Alexander’s, Inc		845,546
	1,327	*	Altisource Asset Management Corp		716,580
	13,880	*,e	Altisource Portfolio Solutions S.A.		1,036,281
	54,329		Altisource Residential Corp		1,261,519
	34,077		American Assets Trust,Inc		1,306,512
	48,057		American Capital Mortgage, Inc		941,437
	160,076		American Realty Capital Healthcare Trust, Inc		1,808,859
	29,765	*	American Residential Properties, Inc		565,535
	20,202		AmREIT, Inc (Class B)		497,777
	121,616		Anworth Mortgage Asset Corp		631,187
	43,867		Apollo Commercial Real Estate Finance, Inc		721,173
	22,906		Ares Commercial Real Estate Corp		278,537
	19,120		Armada Hoffler Properties, Inc		179,346
	339,685		ARMOUR Residential REIT, Inc		1,345,153
	23,965		Ashford Hospitality Prime, Inc		415,313
	66,419		Ashford Hospitality Trust, Inc		750,535
	54,727		Associated Estates Realty Corp		1,068,818
	7,998	*	AV Homes, Inc		119,890
	18,661		Aviv REIT, Inc		629,436
	61,530		Campus Crest Communities, Inc		390,100
	89,547		Capstead Mortgage Corp		1,138,142
	19,670	*	CareTrust REIT, Inc		305,475
	12,290		CatchMark Timber Trust Inc		143,793
	76,286		Cedar Shopping Centers, Inc		524,848
	225,342		Chambers Street Properties		1,850,058
	31,689		Chatham Lodging Trust		811,872
	51,153		Chesapeake Lodging Trust		1,690,095
	101,307		Colony Financial, Inc		2,257,120
	4,072		Consolidated-Tomoka Land Co		212,518
	20,034		Coresite Realty		741,659
	206,032		Cousins Properties, Inc		2,680,476
	151,236		CubeSmart		3,183,518
	31,026		CyrusOne, Inc		847,320
	154,021		CYS Investments, Inc		1,375,408
	306,733		DCT Industrial Trust, Inc		2,628,702
	183,296		DiamondRock Hospitality Co		2,630,298
	60,664		DuPont Fabros Technology, Inc		1,878,764
	52,075		Dynex Capital, Inc		438,471
	28,967		EastGroup Properties, Inc		1,994,668
	131,653		Education Realty Trust, Inc		1,482,413
	86,005		Empire State Realty Trust, Inc		1,372,640
	53,274		Entertainment Properties Trust		2,988,671
	58,372		Equity One, Inc		1,400,928
	57,658		Excel Trust, Inc		749,554
	118,104		FelCor Lodging Trust, Inc		1,267,256
	104,785		First Industrial Realty Trust, Inc		2,046,451
	56,834		First Potomac Realty Trust		710,425

244

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	33,242	*	Forestar Real Estate Group, Inc	$	580,073
	84,834		Franklin Street Properties Corp		1,017,160
	68,261		Geo Group, Inc		2,726,344
	25,170		Getty Realty Corp		468,414
	15,035		Gladstone Commercial Corp		272,133
	136,932		Glimcher Realty Trust		1,880,076
	64,404		Government Properties Income Trust		1,469,699
	109,957		Gramercy Property Trust, Inc		687,231
	20,711		Hannon Armstrong Sustainable Infrastructure Capital, Inc		289,540
	90,332		Hatteras Financial Corp		1,719,921
	91,059		Healthcare Realty Trust, Inc		2,410,332
	191,272		Hersha Hospitality Trust		1,394,373
	84,388		Highwoods Properties, Inc		3,617,714
	51,908		Hudson Pacific Properties		1,417,607
	83,379		Inland Real Estate Corp		884,651
	115,311		Invesco Mortgage Capital, Inc		1,907,244
	102,463		Investors Real Estate Trust		860,689
	80,672	*	iStar Financial, Inc		1,144,736
	68,285	e	Kennedy-Wilson Holdings, Inc		1,849,841
	31,358		Kite Realty Group Trust		811,859
	97,476		LaSalle Hotel Properties		3,822,034
	192,714		Lexington Corporate Properties Trust		2,112,145
	33,180		LTC Properties, Inc		1,391,569
	83,456		Mack-Cali Realty Corp		1,563,131
	161,584		Medical Properties Trust, Inc		2,179,768
	53,208		Monmouth Real Estate Investment Corp (Class A)		595,930
	31,436		National Health Investors, Inc		2,071,947
	132,192		New Residential Investment Corp		1,636,531
	86,216		New York Mortgage Trust, Inc		673,347
	153,424		New York REIT, Inc		1,721,417
	11,663		One Liberty Properties, Inc		266,966
	10,254		Owens Realty Mortgage, Inc		153,297
	73,361		Parkway Properties, Inc		1,470,888
	60,571		Pebblebrook Hotel Trust		2,580,325
	65,471		Pennsylvania REIT		1,403,044
	70,414		Pennymac Mortgage Investment Trust		1,520,238
	44,162		Physicians Realty Trust		677,445
	38,117		Potlatch Corp		1,676,767
	18,113		PS Business Parks, Inc		1,525,477
	11,425		QTS Realty Trust, Inc		402,388
	79,319		RAIT Investment Trust		581,408
	73,057		Ramco-Gershenson Properties		1,277,036
	10,771	e	Re/Max Holdings, Inc		344,672
	79,006		Redwood Trust, Inc		1,484,523
	123,741		Resource Capital Corp		654,590
	85,161		Retail Opportunities Investment Corp		1,391,531
	43,428		Rexford Industrial Realty, Inc		670,963
	123,168		RLJ Lodging Trust		3,968,473
	34,959		Rouse Properties, Inc		636,603
	41,301		Ryman Hospitality Properties		2,038,204
	50,936		Sabra Healthcare REIT, Inc		1,455,242
	9,248		Saul Centers, Inc		508,178

245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	35,031		Select Income REIT	$	858,610
	35,086		Silver Bay Realty Trust Corp		594,006
	30,991		Sovran Self Storage, Inc		2,637,024
	60,099	*,e	St. Joe Co		1,150,896
	54,987		STAG Industrial, Inc		1,341,683
	36,679		Starwood Waypoint Residential Trust		960,256
	234,417	*	Strategic Hotels & Resorts, Inc		3,012,258
	81,312		Summit Hotel Properties, Inc		946,472
	44,751		Sun Communities, Inc		2,594,215
	193,855		Sunstone Hotel Investors, Inc		2,967,920
	13,465	*	Tejon Ranch Co		406,374
	31,991		Terreno Realty Corp		673,730
	17,695		Trade Street Residential, Inc		122,096
	13,203		UMH Properties, Inc		133,350
	11,534		Universal Health Realty Income Trust		558,822
	23,759		Urstadt Biddle Properties, Inc (Class A)		513,907
	62,122		Washington REIT		1,755,568
	39,640		Western Asset Mortgage Capital Corp		595,393
	22,229		Whitestone REIT		333,435
			TOTAL REAL ESTATE		153,318,523

RETAILING - 3.8%
	22,182	*	1-800-FLOWERS.COM, Inc (Class A)		178,121
	62,663	*,e	Aeropostale, Inc		188,616
	179,058	e	American Eagle Outfitters, Inc		2,304,476
	7,459	*	America’s Car-Mart, Inc		342,965
	44,524	*	Ann Taylor Stores Corp		1,709,276
	29,071	*	Asbury Automotive Group, Inc		2,036,133
	18,328	*	Audiovox Corp (Class A)		156,338
	38,575	*	Barnes & Noble, Inc		841,706
	30,027		Bebe Stores, Inc		68,762
	17,760		Big 5 Sporting Goods Corp		218,626
	10,945	*	Blue Nile, Inc		388,547
	13,377	e	Bon-Ton Stores, Inc		117,851
	41,750		Brown Shoe Co, Inc		1,110,133
	26,353	e	Buckle, Inc		1,299,993
	11,671	*	Build-A-Bear Workshop, Inc		197,823
	27,025	*	Burlington Stores, Inc		1,133,429
	26,088		Cato Corp (Class A)		930,559
	20,986		Children’s Place Retail Stores, Inc		1,033,561
	35,263	*	Christopher & Banks Corp		230,267
	15,428	*	Citi Trends, Inc		349,444
	26,337	*,e	Conn’s, Inc		819,344
	16,351	*,e	Container Store Group, Inc		301,512
	21,920		Core-Mark Holding Co, Inc		1,272,018
	11,459	*,e	Coupons.com, Inc		159,509
	13,003		Destination Maternity Corp		194,785
	33,183	*	Destination XL Group, Inc		173,879
	80,138	*	Express Parent LLC		1,199,666
	45,917		Finish Line, Inc (Class A)		1,215,423
	51,357	*,e	Five Below, Inc		2,047,604
	40,363	*	Francesca’s Holdings Corp		480,723

246

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	33,014		Fred’s, Inc (Class A)	$	518,320
	18,107	*	FTD Cos, Inc		637,004
	10,715	*	Gaiam, Inc (Class A)		81,113
	22,803	*	Genesco, Inc		1,748,762
	22,527		Group 1 Automotive, Inc		1,924,482
	56,313		Guess?, Inc		1,248,459
	19,812		Haverty Furniture Cos, Inc		436,062
	6,872	*,e	HHgregg, Inc		35,597
	24,223	*,e	Hibbett Sports, Inc		1,099,482
	31,551		HSN, Inc		2,084,575
	13,690	*	Kirkland’s, Inc		243,682
	15,655	*,e	Lands’ End, Inc		743,143
	21,848		Lithia Motors, Inc (Class A)		1,695,842
	26,074	*,e	Lumber Liquidators, Inc		1,401,999
	23,694	*	MarineMax, Inc		454,214
	14,260	*,e	Mattress Firm Holding Corp		901,089
	44,619		Men’s Wearhouse, Inc		2,098,432
	29,964	e	Monro Muffler, Inc		1,601,276
	28,143	*	New York & Co, Inc		92,028
	27,716		Nutri/System, Inc		466,737
	503,440	*	Office Depot, Inc		2,627,957
	48,991	*	Orbitz Worldwide, Inc		405,156
	19,377	*,e	Outerwall, Inc		1,225,983
	10,900	*,e	Overstock.com, Inc		252,008
	45,694	*	Pacific Sunwear Of California, Inc		69,455
	51,102	*	PEP Boys - Manny Moe & Jack		487,002
	18,190	e	PetMed Express, Inc		240,290
	89,666		Pier 1 Imports, Inc		1,156,691
	48,074		Rent-A-Center, Inc		1,488,852
	29,654	*,e	Restoration Hardware Holdings, Inc		2,381,809
	29,235	*,e	RetailMeNot, Inc		615,689
	9,442	*,e	Sears Hometown and Outlet Stores, Inc		142,008
	51,629	*	Select Comfort Corp		1,326,349
	14,422		Shoe Carnival, Inc		265,365
	36,654	*	Shutterfly, Inc		1,533,237
	38,137		Sonic Automotive, Inc (Class A)		949,230
	9,320	*,e	Sportsman’s Warehouse Holdings, Inc		65,147
	30,124		Stage Stores, Inc		508,192
	26,421		Stein Mart, Inc		353,513
	10,728	*	Systemax, Inc		164,138
	26,651	*,e	Tile Shop Holdings, Inc		229,465
	10,337	*	Tilly’s, Inc		73,599
	41,759	*	Tuesday Morning Corp		851,466
	38,649	*	Valuevision International, Inc (Class A)		218,753
	29,257	*	Vitamin Shoppe, Inc		1,373,031
	14,223	*	West Marine, Inc		139,954
	2,335		Winmark Corp		192,124
	19,848	*	Zumiez, Inc		662,526
			TOTAL RETAILING		62,212,376

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	39,355	*	Advanced Energy Industries, Inc		778,442

247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	16,875	*	Alpha & Omega Semiconductor Ltd	$	156,431
	27,380	*,e	Ambarella, Inc		1,212,660
	81,070	*	Amkor Technology, Inc		549,655
	74,107	*	Applied Micro Circuits Corp		479,472
	13,252	*,e	Audience, Inc		49,430
	104,971	*	Axcelis Technologies, Inc		228,837
	64,976		Brooks Automation, Inc		801,154
	22,934	*	Cabot Microelectronics Corp		1,106,107
	9,620	*	Cascade Microtech, Inc		103,319
	49,399	*	Cavium Networks, Inc		2,534,663
	19,975	*	Ceva, Inc		325,592
	16	*,m	China Energy Savings Technology, Inc		0
	59,011	*	Cirrus Logic, Inc		1,138,912
	24,765		Cohu, Inc		252,603
	149,962	e	Cypress Semiconductor Corp		1,486,123
	34,681	*	Diodes, Inc		895,810
	20,670	*	DSP Group, Inc		200,292
	132,072	*	Entegris, Inc		1,793,538
	86,938	*	Entropic Communications, Inc		217,345
	37,871	*	Exar Corp		361,668
	116,911	*	Fairchild Semiconductor International, Inc		1,794,584
	53,538	*	Formfactor, Inc		426,698
	29,753	*	Inphi Corp		460,576
	124,639	*	Integrated Device Technology, Inc		2,045,326
	29,492		Integrated Silicon Solution, Inc		400,501
	66,671	*	International Rectifier Corp		2,651,506
	120,972		Intersil Corp (Class A)		1,607,718
	20,699		IXYS Corp		241,557
	61,244	*	Kopin Corp		232,727
	112,349	*	Lattice Semiconductor Corp		753,862
	11,234	*	MA-COM Technology Solutions		247,036
	25,932	*	MaxLinear, Inc		183,858
	39,513		Micrel, Inc		479,688
	89,393	*	Microsemi Corp		2,330,475
	51,183		MKS Instruments, Inc		1,863,061
	35,798		Monolithic Power Systems, Inc		1,581,914
	23,076	*	Nanometrics, Inc		312,449
	4,891	*	NVE Corp		350,587
	53,641	*	Omnivision Technologies, Inc		1,436,506
	29,037	*	PDF Solutions, Inc		376,610
	25,914	*	Peregrine Semiconductor Corp		322,111
	21,035	*	Pericom Semiconductor Corp		229,913
	58,924	*	Photronics, Inc		529,727
	164,866	*	PMC - Sierra, Inc		1,284,306
	28,931		Power Integrations, Inc		1,456,965
	52,419	*,e	QuickLogic Corp		150,967
	108,175	*	Rambus, Inc		1,238,604
	266,886	*,e	RF Micro Devices, Inc		3,472,187
	24,786	*,e	Rubicon Technology, Inc		109,802
	32,070	*	Rudolph Technologies, Inc		281,575
	63,879	*	Semtech Corp		1,621,249
	74,784	*	Silicon Image, Inc		400,842

248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	41,322	*	Silicon Laboratories, Inc	$	1,883,870
	56,624	*	Spansion, Inc		1,165,322
	51,057		Tessera Technologies, Inc		1,551,622
	160,147	*	Triquint Semiconductor, Inc		3,463,980
	26,644	*	Ultra Clean Holdings		233,934
	26,748	*	Ultratech, Inc		511,689
	38,091	*	Veeco Instruments, Inc		1,370,895
	45,949	*	Vitesse Semiconductor Corp		159,903
	46,064	*	Xcerra Corp		391,083
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		56,279,838

SOFTWARE & SERVICES - 9.3%
	11,671	*	A10 Networks, Inc		51,352
	108,177	*	ACI Worldwide, Inc		2,081,325
	44,881	*	Actuate Corp		192,539
	71,925	*	Acxiom Corp		1,355,067
	48,938		Advent Software, Inc		1,691,297
	8,369	*,e	Aerohive Networks, Inc		41,845
	8,473	*,e	Amber Road, Inc		113,115
	23,424		American Software, Inc (Class A)		226,276
	38,414	*,e	Angie’s List, Inc		267,746
	86,832	*	Aspen Technology, Inc		3,206,706
	32,388	*	AVG Technologies NV		580,393
	63,769	*,e	Bankrate, Inc		692,531
	7,540	*,e	Barracuda Networks, Inc		242,411
	44,743	*,e	Bazaarvoice, Inc		333,335
	4,695	*,e	Benefitfocus, Inc		130,098
	43,251		Blackbaud, Inc		1,924,669
	48,992	*,e	Blackhawk Network Holdings, Inc		1,693,164
	40,206	*	Blucora, Inc		681,492
	5,668	*,e	Borderfree, Inc		62,121
	37,440	*	Bottomline Technologies, Inc		939,370
	30,555	*	Brightcove, Inc		195,858
	27,516	*	BroadSoft, Inc		630,116
	21,810	*	CACI International, Inc (Class A)		1,794,745
	43,629	*	Callidus Software, Inc		614,733
	16,837	*	Carbonite, Inc		184,197
	42,286	*	Cardtronics, Inc		1,623,360
	6,670	*,e	Care.com, Inc		55,361
	10,959		Cass Information Systems, Inc		520,991
	19,640	*,e	ChannelAdvisor Corp		272,800
	74,565	*	Ciber, Inc		243,828
	44,405	*	Commvault Systems, Inc		1,968,918
	15,125	e	Computer Task Group, Inc		133,100
	206,297		Compuware Corp		2,093,915
	31,754	*	comScore, Inc		1,338,114
	20,467	*	Comverse, Inc		446,181
	29,837	*	Constant Contact, Inc		1,055,036
	96,549		Convergys Corp		1,947,393
	62,913	*	Conversant, Inc		2,217,683
	50,537	*	Cornerstone OnDemand, Inc		1,832,977
	36,214	*,e	Covisint Corp		104,658

249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	32,452		CSG Systems International, Inc	$	860,303
	16,126	*,e	Cvent, Inc		418,308
	18,649	*,e	Cyan, Inc		58,744
	19,214	*	Datalink Corp		243,057
	50,873	*	DealerTrack Holdings, Inc		2,393,575
	8,284	*	Demand Media, Inc		58,319
	28,489	*,e	Demandware, Inc		1,707,916
	38,516	*	Dice Holdings, Inc		384,005
	31,026	*	Digital River, Inc		793,335
	6,486	e	DMRC Corp		188,029
	21,741	*,e	E2open, Inc		126,967
	99,706		EarthLink Holdings Corp		356,947
	22,883	e	Ebix, Inc		337,524
	26,618	*,e	Ellie Mae, Inc		1,021,599
	28,649	*,e	Endurance International Group Holdings, Inc		476,146
	25,781	*	EnerNOC, Inc		380,785
	32,371	*	Envestnet, Inc		1,437,920
	33,596	*	EPAM Systems, Inc		1,603,873
	30,425		EPIQ Systems, Inc		488,017
	4,957	*	ePlus, Inc		302,724
	48,305	*	Euronet Worldwide, Inc		2,592,529
	60,215		EVERTEC, Inc		1,366,881
	7,163	*,e	Everyday Health, Inc		97,918
	31,074	*	ExlService Holdings, Inc		869,761
	30,418		Fair Isaac Corp		1,895,041
	11,676	*,e	Five9, Inc		51,374
	35,518	*,e	FleetMatics Group plc		1,319,139
	9,950		Forrester Research, Inc		400,786
	17,421	*,m	Gerber Scientific, Inc		0
	22,911	*,e	Gigamon, Inc		342,290
	63,277	*	Global Cash Access, Inc		461,289
	36,258	*,e	Global Eagle Entertainment, Inc		443,435
	6,271	*	Globant S.A.		81,147
	84,524	*,e	Glu Mobile, Inc		327,108
	53,067	*,e	Gogo, Inc		881,443
	8,496	*,e	GrubHub, Inc		308,915
	13,431	*	GTT Communications, Inc		174,334
	16,887	*,e	Guidance Software, Inc		113,650
	64,418	*	Guidewire Software, Inc		3,217,035
	23,878		Hackett Group, Inc		167,385
	34,079		Heartland Payment Systems, Inc		1,760,180
	23,503	*	Higher One Holdings, Inc		60,403
	34,622	*	iGate Corp		1,282,745
	20,693	*,e	Imperva, Inc		847,792
	49,288	*	Infoblox, Inc		795,508
	30,932	*	Information Services Group, Inc		130,842
	15,802	*,e	Interactive Intelligence, Inc		762,605
	51,996	*	Internap Network Services Corp		416,488
	44,707	e	j2 Global, Inc		2,418,202
	40,687	*	Jive Software, Inc		248,598
	26,309	*	Knot, Inc		334,914
	70,341	*	Kofax Ltd		446,665

250

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	52,932	*	Limelight Networks, Inc	$	129,154
	61,565	*	Lionbridge Technologies		297,359
	23,178	*,e	Liquidity Services, Inc		296,215
	51,950	*	Liveperson, Inc		748,080
	23,107	*	LogMeIn, Inc		1,110,291
	7,445	*,e	Luxoft Holding, Inc		297,726
	16,984	*,e	magicJack VocalTec Ltd		157,951
	72,098	*	Manhattan Associates, Inc		2,891,851
	21,873		Mantech International Corp (Class A)		615,944
	31,255		Marchex, Inc (Class B)		119,707
	25,067	*,e	Marin Software, Inc		224,350
	24,390	*,e	Marketo, Inc		787,065
	9,153	*,e	Mavenir Systems, Inc		112,216
	63,553		MAXIMUS, Inc		3,079,778
	91,048		Mentor Graphics Corp		1,929,307
	8,629	*	MicroStrategy, Inc (Class A)		1,388,234
	69,351	*,e	Millennial Media, Inc		142,170
	11,493	*,e	MobileIron, Inc		115,620
	15,871	*	Model N, Inc		154,742
	35,712	*,e	ModusLink Global Solutions, Inc		124,992
	27,759	*	MoneyGram International, Inc		238,727
	37,588		Monotype Imaging Holdings, Inc		1,075,393
	88,160	*	Monster Worldwide, Inc		340,298
	34,934	*	Move, Inc		731,867
	34,712	*	Netscout Systems, Inc		1,279,484
	52,936	*,e	NeuStar, Inc (Class A)		1,398,040
	59,482		NIC, Inc		1,096,253
	7,344	*,e	OPOWER, Inc		133,367
	9,067	*,e	Park City Group, Inc		76,344
	6,053	*	Paycom Software, Inc		107,441
	33,774		Pegasystems, Inc		731,883
	33,530	*	Perficient, Inc		555,927
	29,102	*	PRG-Schultz International, Inc		153,950
	47,999	*	Progress Software Corp		1,243,174
	35,176	*	Proofpoint, Inc		1,549,151
	20,881	*	PROS Holdings, Inc		584,250
	9,375	*,e	Q2 Holdings, Inc		141,469
	5,844		QAD, Inc (Class A)		125,704
	85,239	*	QLIK Technologies, Inc		2,416,526
	19,108	*	Qualys, Inc		612,985
	30,845	*	QuinStreet, Inc		124,922
	23,243	*,e	Rally Software Development Corp		237,543
	20,099	*	RealNetworks, Inc		138,683
	49,119	*	RealPage, Inc		975,995
	7,367		Reis, Inc		172,388
	8,284	*	Rightside Group Ltd		78,449
	17,457	*,e	Rocket Fuel, Inc		272,678
	20,199	*	Rosetta Stone, Inc		193,304
	7,442	*,e	Rubicon Project, Inc		85,285
	23,257	*	Sapiens International Corp NV		184,195
	107,316	*	Sapient Corp		1,858,713
	39,914		Science Applications International Corp		1,952,194

251

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	26,053	*	Sciquest, Inc	$	388,450
	32,419	*	Seachange International, Inc		219,152
	64,606	*,e	ServiceSource International LLC		246,795
	14,463	*,e	Shutterstock, Inc		1,124,643
	30,551	*,e	Silver Spring Networks, Inc		292,679
	15,400	*	SPS Commerce, Inc		897,820
	64,147	*	SS&C Technologies Holdings, Inc		3,099,583
	13,371	*	Stamps.com, Inc		493,390
	37,479	*	Sykes Enterprises, Inc		807,298
	33,530	*	Synchronoss Technologies, Inc		1,732,495
	14,707	*	Syntel, Inc		1,273,773
	37,998	*	TA Indigo Holding Corp		328,303
	78,967	*	Take-Two Interactive Software, Inc		2,088,677
	36,746	*	Tangoe, Inc		539,064
	12,777	*	TechTarget, Inc		121,893
	45,793	*	TeleCommunication Systems, Inc (Class A)		131,884
	25,881	*	TeleNav, Inc		186,861
	16,690	*	TeleTech Holdings, Inc		430,769
	17,700	*,e	Textura Corp		471,528
	109,244	*	TiVo, Inc		1,425,634
	7,507	*	Travelzoo, Inc		98,267
	33,793	*,e	Tremor Video, Inc		79,414
	7,343	*,e	TrueCar, Inc		123,362
	35,105	*,e	Trulia, Inc		1,637,648
	3,292	*,e	TubeMogul, Inc		51,158
	31,293	*	Tyler Technologies, Inc		3,502,313
	26,575	*	Ultimate Software Group, Inc		3,999,803
	48,642	*	Unisys Corp		1,247,181
	91,628	*	Unwired Planet, Inc		142,023
	5,380	*,e	Varonis Systems, Inc		104,802
	27,962	*	Vasco Data Security International		707,998
	56,433	*	Verint Systems, Inc		3,244,333
	40,489	*,e	VirnetX Holding Corp		237,670
	24,585	*	Virtusa Corp		1,007,493
	31,798	*,e	VistaPrint Ltd		2,126,014
	67,169	*,e	Vringo, Inc		69,184
	36,097	*,e	WebMD Health Corp (Class A)		1,540,620
	49,077	*	Website Pros, Inc		1,007,551
	36,381	*	WEX, Inc		4,131,426
	13,190	*,e	Wix.com Ltd		224,098
	29,341	*	Xoom Corp		443,049
	17,346	*,e	YuMe, Inc		86,557
	10,368	*,e	Zendesk, Inc		269,568
	58,694	*	Zix Corp		193,690
			TOTAL SOFTWARE & SERVICES		152,200,558

TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
	52,466		Adtran, Inc		1,112,804
	13,220	*	Agilysys, Inc		149,386
	11,654	e	Alliance Fiber Optic Products, Inc		150,453
	25,429		Anixter International, Inc		2,165,788
	14,037	*	Applied Optoelectronics, Inc		226,557

252

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	101,040	*	Aruba Networks, Inc	$	2,180,443
	14,079		Badger Meter, Inc		801,377
	9,564		Bel Fuse, Inc (Class B)		270,566
	40,878		Belden CDT, Inc		2,910,105
	50,770	*	Benchmark Electronics, Inc		1,204,264
	13,285		Black Box Corp		292,137
	88,882	*,e	Bookham, Inc		139,545
	34,140	*,e	CalAmp Corp		658,219
	39,414	*	Calix Networks, Inc		426,065
	40,327	*	Checkpoint Systems, Inc		534,736
	99,866	*,e	Ciena Corp		1,673,754
	10,845	*,e	Clearfield, Inc		159,205
	81,276	*	Cognex Corp		3,215,278
	23,734	*	Coherent, Inc		1,546,270
	14,632		Comtech Telecommunications Corp		557,040
	10,726	*,e	Control4 Corp		166,360
	38,837	*,e	Cray, Inc		1,346,090
	32,197		CTS Corp		592,425
	19,644	*,e	CUI Global, Inc		160,688
	36,739		Daktronics, Inc		488,996
	24,046	*	Digi International, Inc		199,101
	57,035	*	Dot Hill Systems Corp		225,288
	16,388	*	DTS, Inc		488,035
	16,791	*,e	Eastman Kodak Co		362,182
	15,053		Electro Rent Corp		229,408
	23,315		Electro Scientific Industries, Inc		165,537
	44,391	*	Electronics for Imaging, Inc		2,029,557
	76,161	*	Emulex Corp		431,071
	92,444	*	Extreme Networks, Inc		331,874
	32,706	*	Fabrinet		595,576
	16,362	*	FARO Technologies, Inc		916,272
	39,607		FEI Co		3,338,078
	92,072	*,e	Finisar Corp		1,539,444
	29,697	*	GSI Group, Inc		381,606
	90,247	*	Harmonic, Inc		601,948
	26,845	*	Immersion Corp		226,035
	116,475	*	Infinera Corp		1,692,382
	38,947	*	Insight Enterprises, Inc		886,044
	38,471		InterDigital, Inc		1,901,622
	22,710	*	Intevac, Inc		168,054
	67,414	*,e	InvenSense, Inc		1,092,781
	36,750	*	Itron, Inc		1,430,678
	55,073	*	Ixia		530,353
	43,373	*	Kemet Corp		208,190
	15,049	*	KVH Industries, Inc		194,433
	21,345		Littelfuse, Inc		2,081,991
	28,731	*,e	Maxwell Technologies, Inc		335,003
	32,452	*	Mercury Computer Systems, Inc		453,679
	2,786		Mesa Laboratories, Inc		212,767
	36,071		Methode Electronics, Inc		1,420,476
	14,405		MTS Systems Corp		950,874
	8,095	*	Multi-Fineline Electronix, Inc		82,164

253

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	34,349	*	Netgear, Inc	$	1,169,240
	37,939	*	Newport Corp		678,729
	8,786	*,e	Nimble Storage, Inc		240,385
	13,850	*	Numerex Corp		180,604
	18,042		Oplink Communications, Inc		376,176
	18,972	*	OSI Systems, Inc		1,344,735
	20,073		Park Electrochemical Corp		517,883
	92,494	*,e	Parkervision, Inc		121,167
	9,596		PC Connection, Inc		228,865
	39,955		Plantronics, Inc		2,072,466
	32,243	*	Plexus Corp		1,333,248
	123,710	*	Polycom, Inc		1,618,127
	19,855	*,e	Procera Networks, Inc		148,714
	80,980	*	QLogic Corp		956,374
	202,570	*,e	Quantum Corp		259,290
	38,816	*,e	RealD, Inc		439,397
	26,740	*	Rofin-Sinar Technologies, Inc		598,709
	17,322	*	Rogers Corp		1,184,305
	60,047	*	Ruckus Wireless, Inc		779,410
	78,471	*	Sanmina Corp		1,967,268
	27,096	*	Scansource, Inc		1,034,525
	59,499	*	ShoreTel, Inc		481,347
	34,136	*,e	Silicon Graphics International Corp		296,300
	233,651	*	Sonus Networks, Inc		810,769
	47,011	*,e	Speed Commerce, Inc		139,623
	32,475	*	Super Micro Computer, Inc		1,037,901
	34,259	*	Synaptics, Inc		2,344,343
	27,014		SYNNEX Corp		1,868,829
	5,443		Tessco Technologies, Inc		172,815
	52,184	*,e	TTM Technologies, Inc		360,591
	28,004	e	Ubiquiti Networks, Inc		1,001,703
	38,562	*,e	Universal Display Corp		1,206,219
	38,870	*,e	Viasat, Inc		2,434,817
	4,709	*	Viasystems Group, Inc		74,732
	76,079	*,e	Violin Memory, Inc		368,222
	12,081	*	Vishay Precision Group, Inc		205,256
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		78,884,138

TELECOMMUNICATION SERVICES - 0.8%
	84,244	*	8x8, Inc		662,158
	9,069		Atlantic Tele-Network, Inc		609,346
	22,038	*	Boingo Wireless, Inc		154,486
	198,951	*	Cincinnati Bell, Inc		730,150
	44,331		Cogent Communications Group, Inc		1,504,594
	47,013	e	Consolidated Communications Holdings, Inc		1,217,637
	16,910	*	Fairpoint Communications, Inc		280,706
	34,127	*	General Communication, Inc (Class A)		400,310
	261,291	*,e	Globalstar, Inc		619,260
	9,958	*	Hawaiian Telcom Holdco, Inc		267,870
	15,970		IDT Corp (Class B)		263,186
	57,809	*	inContact, Inc		514,500
	31,775		Inteliquent, Inc		534,773

254

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	26,044	*,e	Intelsat S.A.	$	506,816
	76,755	*,e	Iridium Communications, Inc		729,173
	15,175		Lumos Networks Corp		261,010
	16,952	e	NTELOS Holdings Corp		170,876
	42,203	*	Orbcomm, Inc		266,723
	45,901	*	Premiere Global Services, Inc		480,584
	26,669	*,e	RingCentral, Inc		350,431
	23,477		Shenandoah Telecom Co		694,684
	20,651		Spok Holdings, Inc		335,372
	68	*,m	Touch America Holdings, Inc		0
	164,940	*	Vonage Holdings Corp		573,991
			TOTAL TELECOMMUNICATION SERVICES		12,128,636

TRANSPORTATION - 1.7%
	51,328	*	Air Transport Services Group, Inc		419,863
	12,696		Allegiant Travel Co		1,694,535
	24,733		Arkansas Best Corp		957,167
	24,392	*	Atlas Air Worldwide Holdings, Inc		900,553
	46,926	e	Baltic Trading Ltd		175,972
	20,769		Celadon Group, Inc		404,165
	22,349	*	Echo Global Logistics, Inc		583,979
	29,687		Forward Air Corp		1,421,117
	42,797	*,e	Hawaiian Holdings, Inc		742,100
	51,696	e	Heartland Express, Inc		1,299,637
	34,539	*	Hub Group, Inc (Class A)		1,253,420
	5,342		International Shipholding Corp		107,054
	231,136	*,e	JetBlue Airways Corp		2,667,309
	56,090		Knight Transportation, Inc		1,641,193
	31,981	e	Knightsbridge Tankers Ltd		280,793
	21,717		Marten Transport Ltd		426,088
	40,848		Matson, Inc		1,163,759
	71,258		Navios Maritime Holdings, Inc		419,710
	1,752	*	PAM Transportation Services, Inc		75,301
	8,489		Park-Ohio Holdings Corp		450,851
	5,252	*	Patriot Transportation Holding, Inc		222,475
	26,055	*	Quality Distribution, Inc		337,673
	47,516	*	Republic Airways Holdings, Inc		594,900
	26,511	*	Roadrunner Transportation Services Holdings, Inc		546,392
	36,962		Safe Bulkers, Inc		197,377
	23,984	*	Saia, Inc		1,175,696
	129,654	*	Scorpio Bulkers, Inc		634,008
	48,574		Skywest, Inc		559,572
	80,974	*	Swift Transportation Co, Inc		2,000,058
	18,824	*,e	Ultrapetrol Bahamas Ltd		56,660
	6,258		Universal Truckload Services, Inc		164,711
	5,931	*,e	USA Truck, Inc		100,234
	85,334	*,e	UTI Worldwide, Inc		932,701
	41,971		Werner Enterprises, Inc		1,155,881
	49,336	*	Wesco Aircraft Holdings, Inc		875,714
	49,928	*,e	XPO Logistics, Inc		1,993,126
	29,743	*,e	YRC Worldwide, Inc		637,690
			TOTAL TRANSPORTATION		29,269,434

255

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

UTILITIES - 3.5%
	26,638	*,e	Abengoa Yield plc	$	865,735
	40,296		Allete, Inc		2,105,063
	36,158		American States Water Co		1,293,733
	7,027		Artesian Resources Corp		156,491
	116,253	e	Atlantic Power Corp		258,082
	57,208		Avista Corp		2,028,024
	41,891		Black Hills Corp		2,292,694
	45,450		California Water Service Group		1,183,064
	14,598		Chesapeake Utilities Corp		706,981
	56,566		Cleco Corp		3,040,988
	10,432		Connecticut Water Service, Inc		387,757
	114,116	*	Dynegy, Inc		3,480,538
	38,335		El Paso Electric Co		1,450,596
	41,136		Empire District Electric Co		1,169,908
	47,257		Idacorp, Inc		2,988,060
	40,689		Laclede Group, Inc		2,065,781
	32,981		MGE Energy, Inc		1,466,665
	15,216		Middlesex Water Co		343,121
	39,526		New Jersey Resources Corp		2,311,481
	26,956	e	Northwest Natural Gas Co		1,265,045
	37,261		NorthWestern Corp		1,968,871
	22,509		NRG Yield, Inc		1,124,775
	46,818		ONE Gas, Inc		1,776,743
	17,253	e	Ormat Technologies, Inc		499,474
	34,238		Otter Tail Corp		1,061,378
	37,529		Pattern Energy Group, Inc		1,080,085
	73,966		Piedmont Natural Gas Co, Inc		2,811,448
	75,773		PNM Resources, Inc		2,186,051
	72,453		Portland General Electric Co		2,638,014
	15,987		SJW Corp		510,945
	31,352		South Jersey Industries, Inc		1,838,481
	43,658		Southwest Gas Corp		2,536,093
	2,797	*,e	Spark Energy, Inc		45,311
	21,509	*	TerraForm Power, Inc		612,146
	53,021		UIL Holdings Corp		2,181,284
	13,231		Unitil Corp		460,968
	48,691		WGL Holdings, Inc		2,288,477
	9,836		York Water Co		216,195
			TOTAL UTILITIES		56,696,546

			TOTAL COMMON STOCKS		1,626,738,054
			(Cost $1,223,230,142)

RIGHTS / WARRANTS - 0.0%

ENERGY - 0.0%
	16,387	m	Magnum Hunter Resources Corp		0
			TOTAL ENERGY		0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	34,794	m	Trius Therapeutics, Inc		4,523
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,523

256

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

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)

SHORT-TERM INVESTMENTS - 17.6%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 17.6%
	286,165,959	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		286,165,959
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		286,165,959

			TOTAL SHORT-TERM INVESTMENTS		286,165,959
			(Cost $286,165,959)

			TOTAL INVESTMENTS - 117.4%		1,913,048,492
			(Cost $1,509,536,057)
			OTHER ASSETS & LIABILITIES, NET - (17.4)%		(282,976,508	)
			NET ASSETS - 100.0%	$	1,630,071,984



		Abbreviation(s):
		REIT Real Estate Investment Trust

*		Non-income producing.
a		Affiliated holding.
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $282,330,911.
m		Indicates a security that has been deemed illiquid.

257

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.1%

BRAZIL - 9.2%
	17,958		AES Tiete S.A.	$	135,596
	90,700		All America Latina Logistica S.A.		248,538
	1,122,451		AMBEV S.A.		7,431,068
	27,300	*	B2W Companhia Global Do Varejo		355,641
	151,230		Banco Bradesco S.A.		2,227,556
	503,864		Banco Bradesco S.A. (Preference)		7,588,767
	205,986		Banco do Brasil S.A.		2,305,174
	38,168		Banco do Estado do Rio Grande do Sul		227,970
	660,781		Banco Itau Holding Financeira S.A.		9,800,114
	220,139		Banco Santander Brasil S.A.		1,186,027
	173,900		BB Seguridade Participacoes S.A.		2,319,964
	433,974		BM&F Bovespa S.A.		1,909,002
	157,256		BRF S.A.		4,096,275
	101,400		BR Malls Participacoes S.A.		814,343
	38,500		BR Properties S.A.		194,517
	48,365		Bradespar S.A.		326,740
	31,415		Braskem S.A.		229,868
	58,376		Centrais Eletricas Brasileiras S.A.		146,535
	53,892		Centrais Eletricas Brasileiras S.A. (Preference)		204,006
	51,218		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		649,036
	33,657		Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,411,260
	208,756		Cia de Concessoes Rodoviarias		1,554,010
	77,500		Cia de Saneamento Basico do Estado de Sao Paulo		606,545
	12,800		Cia de Saneamento de Minas Gerais-COPASA		145,775
	185,291		Cia Energetica de Minas Gerais		1,064,083
	44,320		Cia Energetica de Sao Paulo (Class B)		436,958
	25,195		Cia Paranaense de Energia		351,910
	172,530		Cia Siderurgica Nacional S.A.		573,155
	169,872		Cielo S.A.		2,787,339
	36,136		Cosan SA Industria e Comercio		504,437
	55,900		CPFL Energia S.A.		419,605
	59,005		Cyrela Brazil Realty S.A.		293,370
	36,928		EcoRodovias Infraestrutura e Logistica S.A.		165,125
	45,100		EDP - Energias do Brasil S.A.		176,003
	158,979		Empresa Brasileira de Aeronautica S.A.		1,535,906
	70,600		Estacio Participacoes S.A.		817,717
	57,263	*	Fibria Celulose S.A.		693,642
	198,675		Gerdau S.A. (Preference)		889,856
	80,882	*	Hypermarcas S.A.		565,022
	175,664		JBS S.A.		783,360
	99,020		Klabin S.A.		489,525
	337,196		Kroton Educacional S.A.		2,403,197
	30,591		Localiza Rent A Car		440,982
	25,875		Lojas Americanas S.A.		127,014
	114,721		Lojas Americanas S.A.(Preference)		676,872

258

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	27,930		Lojas Renner S.A.	$	834,916
	6,900		M Dias Branco S.A.		268,326
	50,517		Metalurgica Gerdau S.A.		273,541
	17,600		Multiplan Empreendimentos Imobiliarios S.A.		364,018
	38,392		Natura Cosmeticos S.A.		557,776
	45,153		Odontoprev S.A.		163,089
	582,765	*	Oi S.A. (Preference)		305,741
	727,572		Petroleo Brasileiro S.A.		4,301,598
	1,021,946		Petroleo Brasileiro S.A. (Preference)		6,301,842
	23,681		Porto Seguro S.A.		283,839
	48,900	*	Qualicorp S.A.		497,341
	50,900		Raia Drogasil S.A.		461,561
	59,420		Satipel Industrial S.A.		213,600
	86,745		Souza Cruz S.A.		700,849
	38,405		Sul America SA		203,857
	73,500		Suzano Papel e Celulose S.A.		310,267
	70,721		Telefonica Brasil S.A.		1,445,551
	201,766		Tim Participacoes S.A.		1,096,811
	27,300		Totvus S.A.		397,905
	38,300		Tractebel Energia S.A.		521,661
	19,800		Transmissora Alianca de Energia Eletrica S.A.		147,028
	94,880		Ultrapar Participacoes S.A.		2,069,601
	82,817	*	Usinas Siderurgicas de Minas Gerais S.A. (Preference)		190,507
	306,600		Vale S.A.		3,093,345
	459,773		Vale S.A. (Preference)		3,998,591
	23,100	*	Via Varejo S.A.		222,246
	68,620		Weg S.A.		809,461
			TOTAL BRAZIL		92,344,273

CHILE - 1.3%
	491,917		AES Gener S.A.		272,834
	538,232		Aguas Andinas S.A.		324,729
	5,592,294		Banco de Chile		684,483
	5,800		Banco de Credito e Inversiones		326,024
	14,527,647		Banco Santander Chile S.A.		772,559
	13,627		CAP S.A.		130,892
	305,257		Centros Comerciales Sudamericanos S.A.		867,836
	31,332		Cia Cervecerias Unidas S.A.		329,824
	1,840,066		Colbun S.A.		500,293
	24,997,329		CorpBanca S.A.		336,066
	46,711		Embotelladora Andina S.A.		148,676
	814,203		Empresa Nacional de Electricidad S.A.		1,273,929
	35,162		Empresa Nacional de Telecomunicaciones S.A.		380,151
	276,966		Empresas CMPC S.A.		681,946
	131,147		Empresas COPEC S.A.		1,593,150
	4,942,883		Enersis S.A.		1,579,795
	73,501	*	Lan Airlines S.A.		886,648
	224,907		SACI Falabella		1,648,792
	20,942		Sociedad Quimica y Minera de Chile S.A. (Class B)		488,848
	84,413		Vina Concha y Toro S.A.		162,541
			TOTAL CHILE		13,390,016

259

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

CHINA - 17.9%
	177,500	e	AAC Technologies Holdings, Inc	$	1,064,783
	336,000	e	Agile Property Holdings Ltd		189,374
	5,717,000		Agricultural Bank of China		2,656,651
	526,000		Air China Ltd		340,637
	600,000	*	Alibaba Health Information Technology Ltd		374,774
	1,128,000	*,e	Aluminum Corp of China Ltd		502,120
	319,500	e	Anhui Conch Cement Co Ltd		1,046,319
	261,000	e	Anta Sports Products Ltd		512,287
	588,000		AviChina Industry & Technology Co		447,892
	19,600,000		Bank of China Ltd		9,381,559
	2,389,500		Bank of Communications Co Ltd		1,791,668
	396,000		BBMG Corp		280,016
	446,000		Beijing Capital International Airport Co Ltd		327,343
	130,500		Beijing Enterprises Holdings Ltd		1,065,491
	1,166,000	e	Beijing Enterprises Water Group Ltd		834,851
	50,000	e	Biostime Internatonal Holdings Ltd		113,215
	738,000		Brilliance China Automotive Holdings Ltd		1,276,197
	157,000	e	Byd Co Ltd		997,376
	385,520	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		185,455
	568,700		China Agri-Industries Holdings Ltd		217,268
	488,000		China BlueChemical Ltd		173,294
	1,340,000	*,e	China Cinda Asset Management Co Ltd		634,203
	2,224,600		China Citic Bank		1,449,214
	1,306,000	e	China Coal Energy Co		800,072
	1,120,000		China Communications Construction Co Ltd		859,805
	572,400		China Communications Services Corp Ltd		268,773
	17,625,350		China Construction Bank		13,150,254
	850,000		China Everbright Bank Co Ltd		416,760
	625,000		China Everbright International Ltd		862,950
	214,000		China Everbright Ltd		416,270
	1,473,000	e	China Huishan Dairy Holdings Co Ltd		330,449
	234,400	*	China Insurance International Holdings Co Ltd		503,187
	131,200		China International Marine Containers Group Co Ltd		306,434
	1,841,000		China Life Insurance Co Ltd		5,493,490
	781,000		China Longyuan Power Group Corp		832,848
	341,000		China Mengniu Dairy Co Ltd		1,506,266
	1,199,000		China Merchants Bank Co Ltd		2,222,016
	294,600		China Merchants Holdings International Co Ltd		931,230
	1,592,300	e	China Minsheng Banking Corp Ltd		1,597,555
	1,467,000		China Mobile Hong Kong Ltd		18,253,163
	742,000	e	China National Building Material Co Ltd		687,956
	528,000		China Oilfield Services Ltd		1,103,543
	1,018,000	e	China Overseas Land & Investment Ltd		2,953,660
	674,800		China Pacific Insurance Group Co Ltd		2,525,208
	634,000		China Pharmaceutical Group Ltd		584,085
	532,500	e	China Railway Construction Corp		559,442
	1,069,000		China Railway Group Ltd		659,469
	296,000	e	China Resources Enterprise		704,034
	232,000		China Resources Gas Group Ltd		663,168

260

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	490,000		China Resources Land Ltd	$	1,165,477
	492,000		China Resources Power Holdings Co		1,432,037
	919,000		China Shenhua Energy Co Ltd		2,590,235
	1,138,000	*,e	China Shipping Container Lines Co Ltd		324,553
	585,000	e,m	China South Locomotive and Rolling Stock Corp		595,172
	448,000		China State Construction International Holdings Ltd		692,565
	3,466,000		China Telecom Corp Ltd		2,209,420
	1,210,000		China Unicom Ltd		1,818,042
	292,000	*,e	China Vanke Co Ltd		543,992
	228,400		Chongqing Changan Automobile Co Ltd		504,761
	744,000		Chongqing Rural Commercial Bank		358,059
	598,000		Citic Pacific Ltd		1,047,798
	334,000		CITIC Securities Co Ltd		833,382
	4,576,000		CNOOC Ltd		7,165,507
	772,500	*,e	COSCO Holdings		346,895
	471,158		COSCO Pacific Ltd		619,999
	1,318,675	e	Country Garden Holdings Co Ltd		518,078
	768,000		Datang International Power Generation Co Ltd		402,198
	700,000		Dongfeng Motor Group Co Ltd		1,082,520
	1,475,000	e	Evergrande Real Estate Group		566,810
	370,000		Far East Horizon Ltd		344,121
	480,000	e	Fosun International		569,356
	844,000	e	Franshion Properties China Ltd		199,236
	1,265,000		Geely Automobile Holdings Ltd		566,275
	148,000	e	Golden Eagle Retail Group Ltd		181,437
	2,777,668	e	GOME Electrical Appliances Holdings Ltd		437,609
	255,500	e	Great Wall Motor Co Ltd		1,122,835
	698,000	e	Guangdong Investments Ltd		918,165
	536,000		Guangzhou Automobile Group Co Ltd		476,894
	2,062,160	e	Guangzhou Investment Co Ltd		380,326
	246,800	e	Guangzhou R&F Properties Co Ltd		269,184
	174,000		Haitian International Holdings Ltd		373,243
	420,000		Haitong Securities Co Ltd		721,107
	185,000		Hengan International Group Co Ltd		1,950,039
	822,000		Huaneng Power International, Inc		1,010,600
	18,083,000		Industrial & Commercial Bank of China		12,006,388
	299,917		Inner Mongolia Yitai Coal Co		482,566
	316,000	*	Intime Retail Group Co Ltd		275,200
	388,000	e	Jiangsu Express		433,409
	403,000	e	Jiangxi Copper Co Ltd		715,840
	167,000	e	Kingsoft Corp Ltd		394,308
	1,550,000	e	Lenovo Group Ltd		2,284,706
	314,000	e	Longfor Properties Co Ltd		364,252
	235,400		New China Life insurance Co Ltd		880,908
	1,839,000		People’s Insurance Co Group of China Ltd		794,896
	846,840		PICC Property & Casualty Co Ltd		1,553,475
	511,500		Ping An Insurance Group Co of China Ltd		4,181,373
	434,000	e	Poly Hong Kong Investment Ltd		168,125
	440,000	e	Shandong Weigao Group Medical Polymer Co Ltd		444,943
	904,000		Shanghai Electric Group Co Ltd		452,920
	129,000		Shanghai Fosun Pharmaceutical Group Co Ltd		464,438

261

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	143,000		Shanghai Industrial Holdings Ltd	$	440,915
	182,200		Shanghai Pharmaceuticals Holding Co Ltd		455,964
	150,000		Shenzhou International Group Holdings Ltd		517,867
	884,149	e	Shui On Land Ltd		201,841
	1,073,000		Sihuan Pharmaceutical Holdings		856,791
	885,471	e	Sino-Ocean Land Holdings Ltd		506,287
	315,500		Sinopec Engineering Group Co Ltd		305,143
	986,000		Sinopec Shanghai Petrochemical Co Ltd		305,707
	244,800	e	Sinopharm Group Co		956,333
	535,500		Soho China Ltd		392,955
	668,500	e	Sun Art Retail Group Ltd		716,652
	1,231,700		Tencent Holdings Ltd		19,796,207
	504,000		Tingyi Cayman Islands Holding Corp		1,253,823
	102,000	e	Tsingtao Brewery Co Ltd		754,003
	343,200	e	Uni-President China Holdings Ltd		317,305
	1,471,000	e	Want Want China Holdings Ltd		2,008,751
	135,200	e	Weichai Power Co Ltd		518,989
	211,000	*,m	Wison Engineering Services Co Ltd		272
	196,000		Xinao Gas Holdings Ltd		1,271,726
	792,000	e	Yanzhou Coal Mining Co Ltd		669,710
	286,500		Yingde Gases		223,711
	476,000		Zhejiang Expressway Co Ltd		479,980
	149,500	e	Zhongsheng Group Holdings Ltd		153,972
	140,500	m	Zhuzhou CSR Times Electric Co Ltd		604,202
	1,884,000	e	Zijin Mining Group Co Ltd		482,419
	169,520		ZTE Corp		411,093
			TOTAL CHINA		179,892,366

COLOMBIA - 0.8%
	48,754		Almacenes Exito S.A.		687,651
	19,799		Banco Davivienda S.A.		295,421
	95,331		BanColombia S.A. (Preference)		1,339,962
	87,140		Cementos Argos S.A.		444,700
	37,548	*	Cemex Latam Holdings S.A.		335,058
	14,182		Corp Financiera Colombiana S.A.		279,160
	1,318,037		Ecopetrol S.A.		1,761,653
	65,942		Grupo Argos S.A.		717,269
	30,078		Grupo Argos S.A.(Preference)		331,845
	233,089		Grupo Aval Acciones y Valores		158,036
	54,595		Grupo de Inversiones Suramericana S.A.		1,135,151
	25,267		Grupo de Inversiones Suramericana S.A. (Preference)		509,393
	77,656		Interconexion Electrica S.A.		332,137
	145,736		Isagen S.A. ESP		191,954
			TOTAL COLOMBIA		8,519,390

CZECH REPUBLIC - 0.2%
	39,467		CEZ AS		1,091,742
	3,567		Komercni Banka AS		764,199
	22,077	e	Telefonica O2 Czech Republic AS		246,639
			TOTAL CZECH REPUBLIC		2,102,580

262

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

EGYPT - 0.2%
	208,137		Commercial International Bank	$	1,419,728
	567,633	*	Orascom Telecom Holding SAE		345,341
	270,573		Talaat Moustafa Group		402,372
	65,419		Telecom Egypt		126,240
			TOTAL EGYPT		2,293,681

GREECE - 0.5%
	891,175	*	Alpha Bank S.A.		580,973
	1,786,650	*	Eurobank Ergasias SA		620,522
	7,283	*	Folli Follie S.A.		238,360
	57,075	*	Hellenic Telecommunications Organization S.A.		644,638
	24,254		JUMBO S.A.		265,961
	356,681	*	National Bank of Greece S.A.		860,350
	51,308		OPAP S.A.		621,594
	482,951	*	Piraeus Bank S.A.		702,318
	27,699	*	Public Power Corp		210,409
	12,195		Titan Cement Co S.A.		270,279
			TOTAL GREECE		5,015,404

HONG KONG - 0.8%
	1,330,000	*,m	Alibaba Pictures Group Ltd		207,085
	1,109,000		Belle International Holdings Ltd		1,411,230
	520,000		China Gas Holdings Ltd		929,697
	549,007		China Resources Cement Holdings Ltd		373,324
	2,442,000	*,e	GCL Poly Energy Holdings Ltd		823,009
	277,000		Haier Electronics Group Co Ltd		748,137
	3,132,000	e	Hanergy Thin Film Power Group Ltd		714,833
	161,403	*	Jinmao Investments and Jinmao China Investments Holdings Ltd		116,757
	149,500		Kingboard Chemical Holdings Ltd		294,538
	381,000	e	Lee & Man Paper Manufacturing Ltd		209,084
	658,000	e	New World China Land Ltd		400,006
	397,000	e	Nine Dragons Paper Holdings Ltd		307,709
	331,500		Shimao Property Holdings Ltd		713,466
	732,000		Sino Biopharmaceutical		736,969
			TOTAL HONG KONG		7,985,844

HUNGARY - 0.2%
	16,715		MOL Hungarian Oil and Gas plc		795,358
	40,385	e	OTP Bank		668,841
	26,552		Richter Gedeon Rt		405,044
			TOTAL HUNGARY		1,869,243

INDIA - 6.8%
	32,027		Adani Enterprises Ltd		252,718
	8,625		Aditya Birla Nuvo Ltd		236,236
	153,610		Ambuja Cements Ltd		569,007
	17,505		Apollo Hospitals Enterprise Ltd		317,699
	70,289		Asian Paints Ltd		751,004
	5,299		Associated Cement Co Ltd		129,362
	29,321		Aurobindo Pharma Ltd		462,445
	19,115		Bajaj Holdings and Investment Ltd		812,511
	132,328		Bharat Heavy Electricals		552,883

263

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	48,539		Bharat Petroleum Corp Ltd	$	568,298
	143,670		Bharti Airtel Ltd		933,638
	166,536		Cairn India Ltd		771,512
	80,907		Cipla Ltd		878,531
	155,462		Coal India Ltd		937,499
	113,999		Dabur India Ltd		420,219
	9,032		Divi S Laboratories Ltd		275,493
	98,547		DLF Ltd		200,407
	27,823		Dr Reddy’s Laboratories Ltd		1,434,283
	73,083		GAIL India Ltd		628,195
	1,505		GlaxoSmithKline Consumer Healthcare Ltd		135,586
	23,381		Godrej Consumer Products Ltd		369,317
	58,530		HCL Technologies Ltd		1,535,143
	92,094		HDFC Bank Ltd		1,371,089
	8,319		Hero Honda Motors Ltd		415,437
	278,133		Hindalco Industries Ltd		739,729
	180,094		Hindustan Lever Ltd		2,164,206
	353,690		Housing Development Finance Corp		6,370,204
	51,855		ICICI Bank Ltd		1,377,224
	253,038		Idea Cellular Ltd		670,432
	109,298		Infosys Technologies Ltd		7,245,429
	531,590		ITC Ltd		3,073,854
	251,525	*	Jaiprakash Associates Ltd		127,586
	79,526		Jindal Steel & Power Ltd		209,553
	20,436		JSW Steel Ltd		419,710
	74,974		Larsen & Toubro Ltd		2,020,656
	55,669		LIC Housing Finance Ltd		327,847
	62,848		Mahindra & Mahindra Financial Services Ltd		300,263
	80,477		Mahindra & Mahindra Ltd		1,711,223
	118,137		Mundra Port and Special Economic Zone Ltd		549,162
	5,317		Nestle India Ltd		541,849
	367,045		NTPC Ltd		896,428
	52,457		Oil India Ltd		539,852
	13,054		Piramal Healthcare Ltd		171,456
	60,175		Power Finance Corp Ltd		276,676
	272,806		Power Grid Corp of India Ltd		647,337
	27,514	*	Ranbaxy Laboratories Ltd		283,677
	21,056		Reliance Capital Ltd		162,782
	186,688	*	Reliance Communication Ventures Ltd		322,387
	27,225		Reliance Energy Ltd		282,345
	319,111		Reliance Industries Ltd		5,179,233
	120,165	*	Reliance Power Ltd		149,265
	61,311		Rural Electrification Corp Ltd		301,195
	276,434		Sesa Sterlite Ltd		1,153,450
	32,036		Shriram Transport Finance Co Ltd		495,626
	14,564		Siemens India Ltd		207,017
	17,942		State Bank of India Ltd (GDR)		1,575,308
	174,074		Sun Pharmaceutical Industries Ltd		2,395,774
	112,224		Tata Consultancy Services Ltd		4,766,504
	180,024		Tata Motors Ltd		1,572,931
	227,886		Tata Power Co Ltd		347,894
	69,770		Tata Steel Ltd		556,917

264

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	12,292		Tech Mahindra Ltd	$	503,912
	7,906		Ultra Tech Cement Ltd		328,004
	13,542		United Breweries Ltd		154,038
	14,068	*	United Spirits Ltd		633,255
	145,466		Wipro Ltd		1,343,800
			TOTAL INDIA		68,054,502

INDONESIA - 2.4%
	5,089,000		Adaro Energy Tbk		478,558
	2,598,800		Bank Rakyat Indonesia		2,381,530
	225,300		Indofood CBP Sukses Makmur Tbk		206,035
	70,500		PT Astra Agro Lestari Tbk		137,120
	4,750,600		PT Astra International Tbk		2,663,714
	2,902,400		PT Bank Central Asia Tbk		3,133,257
	659,066		PT Bank Danamon Indonesia Tbk		229,848
	2,155,971		PT Bank Mandiri Persero Tbk		1,851,664
	1,693,293		PT Bank Negara Indonesia		834,565
	1,238,800		PT Bumi Serpong Damai		164,626
	1,610,000		PT Charoen Pokphand Indonesia Tbk		559,916
	671,400		PT Excelcomindo Pratama		306,950
	1,404,000		PT Global MediaCom Tbk		227,870
	108,100		PT Gudang Garam Tbk		517,308
	180,400		PT Indo Tambangraya Megah		316,533
	323,500		PT Indocement Tunggal Prakarsa Tbk		641,172
	881,900		PT Indofood Sukses Makmur Tbk		498,130
	391,400		PT Jasa Marga Tbk		205,780
	4,834,000		PT Kalbe Farma Tbk		682,525
	4,038,100		PT Lippo Karawaci Tbk		357,666
	478,500		PT Matahari Department Store Tbk		579,354
	1,044,200		PT Media Nusantara Citra Tbk		242,077
	2,595,000		PT Perusahaan Gas Negara Persero Tbk		1,278,270
	675,000		PT Semen Gresik Persero Tbk		886,648
	1,024,300		PT Surya Citra Media Tbk		286,721
	366,500		PT Tambang Batubara Bukit Asam Tbk		393,201
	12,024,800		PT Telekomunikasi Indonesia Persero Tbk		2,738,616
	342,500		PT Unilever Indonesia Tbk		862,335
	374,900		PT United Tractors Tbk		569,470
	445,000		Tower Bersama Infrastructure		327,720
			TOTAL INDONESIA		24,559,179

KOREA, REPUBLIC OF - 13.5%
	770		Amorepacific Corp		1,653,375
	41,562		BS Financial Group, Inc		646,732
	14,233	*	Celltrion, Inc		560,059
	18,450	*	Cheil Communications, Inc		287,302
	1,888		CJ CheilJedang Corp		689,359
	3,528		CJ Corp		573,135
	6,188		Daelim Industrial Co		409,893
	20,970	*	Daewoo Engineering & Construction Co Ltd		128,579
	9,040		Daewoo International Corp		286,261
	41,362	*	Daewoo Securities Co Ltd		434,115
	23,820		Daewoo Shipbuilding & Marine Engineering Co Ltd		407,261

265

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	4,042	*	DC Chemical Co Ltd	$	348,895
	28,425		DGB Financial Group Co Ltd		405,345
	10,025		Dongbu Insurance Co Ltd		560,456
	1,617		Doosan Corp		167,976
	11,547		Doosan Heavy Industries and Construction Co Ltd		253,719
	26,980	*	Doosan Infracore Co Ltd		273,050
	4,914		E-Mart Co Ltd		911,788
	3,189		GLOVIS Co Ltd		793,206
	11,581	*	GS Engineering & Construction Corp		305,169
	16,842		GS Holdings Corp		651,493
	9,067		Halla Climate Control Corp		404,068
	68,491		Hana Financial Group, Inc		2,371,832
	16,088		Hankook Tire Co Ltd		828,915
	22,203		Hanwha Chemical Corp		252,993
	8,921		Hanwha Corp		228,577
	3,732		Honam Petrochemical Corp		506,158
	8,458		Hotel Shilla Co Ltd		796,273
	136,234	*	Hynix Semiconductor, Inc		6,075,258
	4,965		Hyosung Corp		294,797
	3,491		Hyundai Department Store Co Ltd		442,559
	13,566		Hyundai Development Co		511,617
	17,167		Hyundai Engineering & Construction Co Ltd		779,070
	9,482		Hyundai Heavy Industries		881,002
	11,800		Hyundai Marine & Fire Insurance Co Ltd		311,640
	13,190	*	Hyundai Merchant Marine Co Ltd		142,735
	2,740		Hyundai Mipo Dockyard		194,721
	16,125		Hyundai Mobis		3,772,679
	36,580		Hyundai Motor Co		5,804,572
	8,875		Hyundai Motor Co Ltd (2nd Preference)		1,061,602
	5,586		Hyundai Motor Co Ltd (Preference)		645,623
	16,604		Hyundai Steel Co		1,058,238
	3,613		Hyundai Wia Corp		622,747
	59,537		Industrial Bank of Korea		870,628
	5,780		Jinro Ltd		143,080
	28,326		Kangwon Land, Inc		926,270
	91,404		KB Financial Group, Inc		3,583,014
	1,194		KCC Corp		661,039
	62,208		Kia Motors Corp		3,021,594
	10,553		Korea Aerospace Industries Ltd		407,506
	61,925		Korea Electric Power Corp		2,718,246
	5,872	*	Korea Gas Corp		275,287
	8,950		Korea Investment Holdings Co Ltd		452,574
	2,829		Korea Kumho Petrochemical		204,587
	43,560		Korea Life Insurance Co Ltd		334,741
	2,075		Korea Zinc Co Ltd		781,430
	4,656	*	Korean Air Lines Co Ltd		165,278
	15,402		KT Corp		474,529
	26,567		KT&G Corp		2,352,315
	11,162		LG Chem Ltd		2,091,926
	2,202		LG Chem Ltd (Preference)		327,919
	22,819		LG Corp		1,357,732
	25,156		LG Electronics, Inc		1,536,319

266

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	2,128		LG Household & Health Care Ltd	$	1,240,485
	2,992	*	LG Innotek Co Ltd		235,914
	49,559		LG Telecom Ltd		509,663
	55,468	*	LG.Philips LCD Co Ltd		1,632,923
	169		Lotte Confectionery Co Ltd		303,917
	2,507		Lotte Shopping Co Ltd		694,979
	3,131		LS Cable Ltd		175,316
	2,364		LS Industrial Systems Co Ltd		139,343
	4,619		Mirae Asset Securities Co Ltd		198,419
	6,711		Naver Corp		4,748,851
	3,140		NCsoft		432,579
	843		Orion Corp		649,757
	700		Pacific Corp		774,485
	11,158		Paradise Co Ltd		343,438
	15,630		POSCO		4,514,523
	3,578		S1 Corp (Korea)		249,154
	8,399		Samsung Card Co		361,164
	30,096		Samsung Corp		2,035,902
	12,092		Samsung Electro-Mechanics Co Ltd		551,469
	26,306		Samsung Electronics Co Ltd		30,676,544
	4,894		Samsung Electronics Co Ltd (Preference)		4,517,470
	6,953	*	Samsung Engineering Co Ltd		401,028
	7,960		Samsung Fire & Marine Insurance Co Ltd		2,143,312
	37,180		Samsung Heavy Industries Co Ltd		906,155
	14,321		Samsung Life Insurance Co Ltd		1,562,084
	12,988		Samsung SDI Co Ltd		1,531,556
	14,049		Samsung Securities Co Ltd		629,417
	7,529		Samsung Techwin Co Ltd		231,238
	101,711		Shinhan Financial Group Co Ltd		4,787,107
	1,503		Shinsegae Co Ltd		278,816
	4,760		SK C&C Co Ltd		1,080,190
	5,902		SK Corp		925,132
	16,234		SK Energy Co Ltd		1,327,943
	27,882	*	SK Networks Co Ltd		286,045
	1,827		SK Telecom Co Ltd		457,844
	17,112		S-Oil Corp		650,074
	12,677		Woongjin Coway Co Ltd		969,115
	68,974	*,m	Woori Finance Holdings Co Ltd		768,006
	25,261		Woori Investment & Securities Co Ltd		276,879
	1,685		Yuhan Corp		278,565
			TOTAL KOREA, REPUBLIC OF		135,897,659

MALAYSIA - 3.6%
	209,600		AirAsia BHD		159,325
	212,700		Alliance Financial Group BHD		310,004
	362,000		AMMB Holdings BHD		746,366
	333,400		Astro Malaysia Holdings BHD		334,609
	129,391		Berjaya Sports Toto BHD		142,009
	31,500		British American Tobacco Malaysia BHD		666,030
	1,139,400		Bumi Armada BHD		544,109
	1,141,876		Bumiputra-Commerce Holdings BHD		2,254,795
	853,596		Dialog Group BHD		421,055

267

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	756,500		Digi.Com BHD	$	1,424,062
	219,100		Felda Global Ventures Holdings BHD		243,796
	399,600		Gamuda BHD		622,667
	466,575		Genting BHD		1,383,238
	41,000		Genting Plantations BHD		131,878
	90,620		Hong Leong Bank BHD		402,786
	31,000		Hong Leong Credit BHD		170,576
	602,500		IHH Healthcare BHD		906,704
	255,300		IJM Corp BHD		537,106
	724,700		IOI Corp BHD		1,077,383
	302,000		IOI Properties Group Sdn BHD		252,574
	109,400		Kuala Lumpur Kepong BHD		764,865
	81,300		Lafarge Malayan Cement BHD		259,033
	1,088,755		Malayan Banking BHD		3,211,962
	147,573		Malaysia Airports Holdings BHD		323,927
	470,400		Maxis BHD		964,036
	267,000		MISC BHD		557,041
	683,800		Petronas Chemicals Group BHD		1,277,843
	104,100		Petronas Dagangan BHD		645,630
	174,200		Petronas Gas BHD		1,194,505
	94,200		PPB Group BHD		453,065
	658,140		Public Bank BHD		3,709,634
	690,300		Resorts World BHD		902,743
	97,271		RHB Capital BHD		260,196
	1,107,100		Sapurakencana Petroleum BHD		1,147,686
	708,322		Sime Darby BHD		2,084,500
	370,257		Telekom Malaysia BHD		810,474
	695,450		Tenaga Nasional BHD		2,825,446
	625,100		TM International BHD		1,340,024
	231,400		UEM Land Holdings BHD		132,289
	113,300		UMW Holdings BHD		402,783
	975,000		YTL Corp BHD		492,057
	449,469	*	YTL Power International BHD		217,270
			TOTAL MALAYSIA		36,708,081

MEXICO - 5.1%
	675,550		Alfa S.A. de C.V. (Class A)		2,152,630
	8,107,470		America Movil S.A. de C.V. (Series L)		9,891,821
	2,908,791	*,e	Cemex S.A. de C.V.		3,583,540
	97,960		Coca-Cola Femsa S.A. de C.V.		1,033,486
	255,286	e	Compartamos SAB de C.V.		568,534
	126,900		Controladora Comercial Mexicana S.A. de C.V.		497,187
	44,300		El Puerto de Liverpool SAB de C.V.		519,740
	96,225		Embotelladoras Arca SAB de C.V.		619,670
	547,600		Fibra Uno Administracion S.A. de C.V.		1,903,104
	464,237		Fomento Economico Mexicano S.A. de C.V.		4,465,087
	166,200	*,e	Genomma Lab Internacional S.A. de C.V.		419,503
	44,000	*	Gruma SAB de C.V.		484,527
	74,328		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		505,704
	44,100		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		589,539
	388,820		Grupo Bimbo S.A. de C.V. (Series A)		1,137,334
	136,498		Grupo Carso S.A. de C.V. (Series A1)		779,887

268

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	64,400		Grupo Comercial Chedraui S.a. DE C.V.	$	226,539
	592,987		Grupo Financiero Banorte S.A. de C.V.		3,804,188
	555,032		Grupo Financiero Inbursa S.A.		1,666,796
	426,700	e	Grupo Financiero Santander Mexico SAB de C.V.		1,136,916
	151,300		Grupo Lala SAB de C.V.		347,177
	926,456		Grupo Mexico S.A. de C.V. (Series B)		3,183,300
	614,426		Grupo Televisa S.A.		4,440,430
	35,072		Industrias Penoles S.A. de C.V.		787,113
	335,542		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		776,671
	224,896		Mexichem SAB de C.V.		920,042
	133,140	*,e	Minera Frisco SAB de C.V.		236,891
	148,000	*	OHL Mexico SAB de CV		416,538
	64,700	*	Promotora y Operadora de Infraestructura SAB de C.V.		888,804
	1,265,689	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		2,925,900
			TOTAL MEXICO		50,908,598

PERU - 0.3%
	50,022		Cia de Minas Buenaventura S.A. (ADR) (Series B)		460,202
	15,372		Credicorp Ltd (NY)		2,474,892
			TOTAL PERU		2,935,094

PHILIPPINES - 1.1%
	403,360		Aboitiz Equity Ventures, Inc		467,578
	332,400		Aboitiz Power Corp		303,734
	455,300		Alliance Global Group, Inc		256,601
	50,348		Ayala Corp		773,839
	1,645,000		Ayala Land, Inc		1,229,181
	396,956		Banco de Oro Universal Bank		866,466
	157,960		Bank of the Philippine Islands		334,716
	912,800		DMCI Holdings, Inc		329,763
	7,430		Globe Telecom, Inc		278,977
	98,450		International Container Term Services, Inc		254,384
	577,860		JG Summit Holdings (Series B)		821,184
	96,480		Jollibee Foods Corp		421,339
	3,090,000		Megaworld Corp		341,478
	2,223,600		Metro Pacific Investments Corp		251,638
	71,033		Metropolitan Bank & Trust		130,595
	23,620		Philippine Long Distance Telephone Co		1,651,587
	2,420,400		PNOC Energy Development Corp		415,219
	39,080		SM Investments Corp		682,359
	1,526,775		SM Prime Holdings		594,689
	217,920		Universal Robina		902,671
			TOTAL PHILIPPINES		11,307,998

POLAND - 1.5%
	7,112	*	Alior Bank S.A.		158,089
	5,795		Bank Handlowy w Warszawie S.A.		195,938
	73,388		Bank Millennium S.A.		182,003
	29,933		Bank Pekao S.A.		1,566,645
	6,630		Bank Zachodni WBK S.A.		751,729
	2,875		BRE Bank S.A.		425,594
	45,713		Cyfrowy Polsat S.A.		349,969

269

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	36,449		Enea S.A.	$	173,299
	45,941		Energa S.A.		341,668
	15,689		Eurocash S.A.		154,248
	254,984	*	Get Bank S.A.		197,032
	35,015	*	Grupa Lotos S.A.		270,498
	7,200	*	Jastrzebska Spolka Weglowa S.A.		61,874
	32,994		KGHM Polska Miedz S.A.		1,272,524
	201		LPP S.A.		600,054
	554,015		Polish Oil & Gas Co		827,780
	203,706		Polska Grupa Energetyczna S.A.		1,336,525
	93,091		Polski Koncern Naftowy Orlen S.A.		1,159,746
	197,399		Powszechna Kasa Oszczednosci Bank Polski S.A.		2,195,745
	13,220		Powszechny Zaklad Ubezpieczen S.A.		1,983,529
	95,708		Synthos S.A.		118,937
	194,976		Tauron Polska Energia S.A.		304,519
	153,060		Telekomunikacja Polska S.A.		458,633
	9,439		Zaklady Azotowe w Tarnowie-Moscicach S.A.		175,735
			TOTAL POLAND		15,262,313
QATAR - 0.6%
	18,463		Barwa Real Estate Co		217,761
	5,449	*	Commercial Bank of Qatar QSC		111,633
	8,371		Doha Bank QSC		135,775
	21,037		Industries Qatar QSC		1,095,250
	89,349		Masraf Al Rayan		1,310,539
	17,083		Ooredoo QSC		591,789
	6,097		Qatar Electricity & Water Co		305,055
	14,554		Qatar Islamic Bank SAQ		452,297
	21,565		Qatar National Bank		1,272,086
	91,640		Vodafone Qatar		539,968
			TOTAL QATAR		6,032,153

RUSSIA - 4.2%
	33,708		AFK Sistema (GDR)		273,081
	451,000	d	Gazprom (ADR)		2,975,698
	928,409		Gazprom OAO (ADR)		6,151,464
	121,191		LUKOIL (ADR)		5,940,701
	56,741		Magnit OAO (GDR)		3,808,418
	14,049		MegaFon OAO (GDR)		328,746
	140,536		MMC Norilsk Nickel (ADR)		2,622,285
	107,849		Mobile TeleSystems (ADR)		1,542,241
	23,077		NovaTek OAO (GDR)		2,485,226
	342,982		Rosneft Oil Co (GDR)		1,908,904
	32,348		Rostelecom (ADR)		484,621
	306,629		RusHydro (ADR)		512,689
	667,834		Sberbank of Russian Federation (ADR)		5,085,516
	55,164		Severstal (GDR)		584,310
	394,047		Surgutneftegaz (ADR)		2,599,537
	67,002		Tatneft (GDR)		2,394,844
	3,625		TMK OAO (GDR)		28,384
	63,963		Uralkali (GDR)		1,144,414
	615,796		VTB Bank OJSC (GDR)		1,166,420
			TOTAL RUSSIA		42,037,499

270

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

SOUTH AFRICA - 7.3%
	331,683	*,e,m	African Bank Investments Ltd	$	301
	22,377		African Rainbow Minerals Ltd		276,044
	14,655	*	Anglo Platinum Ltd		463,063
	97,022	*	AngloGold Ashanti Ltd		810,806
	76,389		Aspen Pharmacare Holdings Ltd		2,729,086
	6,919	e	Assore Ltd		128,511
	75,350		Barclays Africa Group Ltd		1,190,850
	44,200		Barloworld Ltd		383,988
	74,278		Bidvest Group Ltd		2,044,255
	83,974	*	Brait S.A.		631,206
	56,058		Coronation Fund Managers Ltd		485,373
	76,718		Discovery Holdings Ltd		698,542
	756,666		FirstRand Ltd		3,241,045
	41,232	e	Foschini Ltd		466,108
	189,962		Gold Fields Ltd		615,979
	457,660		Growthpoint Properties Ltd		1,111,127
	82,008	*,e	Harmony Gold Mining Co Ltd		132,475
	132,377	*	Impala Platinum Holdings Ltd		965,512
	41,140		Imperial Holdings Ltd		709,191
	54,289		Investec Ltd		495,367
	13,384	e	Kumba Iron Ore Ltd		335,860
	50,604	e	Kumba Resources Ltd		528,535
	20,284		Liberty Holdings Ltd		234,727
	221,409		Life Healthcare Group Holdings Pte Ltd		837,280
	19,917		Massmart Holdings Ltd		215,308
	87,470		Mediclinic International Ltd		781,972
	207,068		Metropolitan Holdings Ltd		529,301
	57,525		Mr Price Group Ltd		1,191,016
	403,785		MTN Group Ltd		8,941,031
	126,293		Nampak Ltd		515,020
	94,801		Naspers Ltd (N Shares)		11,824,447
	46,133	e	Nedbank Group Ltd		1,006,044
	228,453		Network Healthcare Holdings Ltd		691,158
	94,564	*,e	Northam Platinum Ltd		292,217
	63,787	e	Pick’n Pay Stores Ltd		308,505
	92,349		PPC Ltd		247,752
	602,921		Redefine Properties Ltd		546,323
	115,459		Remgro Ltd		2,651,169
	166,886		RMB Holdings Ltd		927,283
	151,608		RMI Holdings		540,468
	444,777		Sanlam Ltd		2,810,564
	123,781	*,e	Sappi Ltd		490,252
	138,478		Sasol Ltd		6,914,926
	107,461		Shoprite Holdings Ltd		1,558,148
	34,986	e	Spar Group Ltd		409,339
	287,187	e	Standard Bank Group Ltd		3,616,480
	503,186	e	Steinhoff International Holdings Ltd		2,574,305
	37,658		Tiger Brands Ltd		1,133,462
	91,203	e	Truworths International Ltd		625,043

271

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	86,513	e	Vodacom Group Pty Ltd	$	1,050,379
	255,591		Woolworths Holdings Ltd		1,819,682
			TOTAL SOUTH AFRICA		73,726,825

TAIWAN - 11.3%
	592,000	*	Acer, Inc		406,816
	1,473,372		Advanced Semiconductor Engineering, Inc		1,777,408
	76,850		Advantech Co Ltd		534,682
	526,512		Asia Cement Corp		679,700
	492,000		Asia Pacific Telecom Co Ltd		291,512
	167,500		Asustek Computer, Inc		1,710,205
	1,996,000		AU Optronics Corp		951,236
	154,000		Catcher Technology Co Ltd		1,300,028
	2,022,270		Cathay Financial Holding Co Ltd		3,333,440
	231,960		Chailease Holding Co Ltd		572,845
	1,035,413		Chang Hwa Commercial Bank		652,819
	373,490		Cheng Shin Rubber Industry Co Ltd		872,317
	111,453		Chicony Electronics Co Ltd		320,955
	247,000	*	China Airlines		96,700
	3,359,754		China Development Financial Holding Corp		1,079,954
	644,807		China Life Insurance Co Ltd (Taiwan)		562,389
	60,000		China Motor Corp		54,687
	2,816,850		China Steel Corp		2,430,155
	3,323,633		Chinatrust Financial Holding Co		2,330,799
	911,600		Chunghwa Telecom Co Ltd		2,781,320
	87,497		Clevo Co		155,363
	991,000		Compal Electronics, Inc		732,465
	111,000		CTCI Corp		181,470
	445,000		Delta Electronics, Inc		2,669,641
	1,490,237		E.Sun Financial Holding Co Ltd		943,891
	36,400		Eclat Textile Co Ltd		347,226
	202,000		Epistar Corp		365,277
	257,100	*	Eva Airways Corp		150,635
	286,299	*	Evergreen Marine Corp Tawain Ltd		169,223
	165,985		Far Eastern Department Stores Co Ltd		150,085
	709,522		Far Eastern Textile Co Ltd		746,093
	395,000		Far EasTone Telecommunications Co Ltd		874,164
	36,256		Farglory Land Development Co Ltd		35,859
	1,674,501		First Financial Holding Co Ltd		1,030,949
	780,270		Formosa Chemicals & Fibre Corp		1,816,796
	7,635		Formosa International Hotels Corp		79,067
	404,000		Formosa Petrochemical Corp		948,317
	1,004,600		Formosa Plastics Corp		2,319,989
	104,000		Formosa Taffeta Co Ltd		105,154
	180,240		Foxconn Technology Co Ltd		480,911
	1,611,812		Fubon Financial Holding Co Ltd		2,728,673
	2,056,970		Fuhwa Financial Holdings Co Ltd		1,036,149
	65,000		Giant Manufacturing Co Ltd		526,303
	9,000		Hermes Microvision, Inc		423,218
	150,500	*	High Tech Computer Corp		666,394
	128,300		Highwealth Construction Corp		222,055
	48,709		Hiwin Technologies Corp		385,366

272

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	2,992,153		Hon Hai Precision Industry Co, Ltd	$	9,470,155
	59,000		Hotai Motor Co Ltd		863,353
	1,412,167		Hua Nan Financial Holdings Co Ltd		836,754
	1,887,061		InnoLux Display Corp		862,379
	541,000	*	Inotera Memories, Inc		836,102
	555,060		Inventec Co Ltd		386,219
	52,000		Kinsus Interconnect Technology Corp		195,695
	25,000		Largan Precision Co Ltd		1,756,233
	484,946		Lite-On Technology Corp		680,581
	338,961		MediaTek, Inc		4,841,366
	2,473,655		Mega Financial Holding Co Ltd		2,051,643
	53,000		Merida Industry Co Ltd		366,105
	1,169,860		Nan Ya Plastics Corp		2,421,107
	139,000		Novatek Microelectronics Corp Ltd		719,472
	396,000		Pegatron Technology Corp		721,708
	28,000		Phison Electronics Corp		189,119
	439,000		Pou Chen Corp		484,080
	134,000		Powertech Technology, Inc		225,288
	155,000		President Chain Store Corp		1,161,137
	643,000		Quanta Computer, Inc		1,618,761
	93,814		Radiant Opto-Electronics Corp		327,815
	101,085		Realtek Semiconductor Corp		335,068
	126,735		Ruentex Development Co Ltd		189,186
	123,730		Ruentex Industries Ltd		264,507
	38,604		Scinopharm Taiwan Ltd		78,195
	1,642,474		Shin Kong Financial Holding Co Ltd		498,877
	671,000		Siliconware Precision Industries Co		957,191
	58,490		Simplo Technology Co Ltd		284,557
	1,627,323		SinoPac Financial Holdings Co Ltd		706,543
	55,851		Standard Foods Corp		128,862
	252,000		Synnex Technology International Corp		354,275
	1,768,266		Taishin Financial Holdings Co Ltd		843,522
	355,156	*	Taiwan Business Bank		106,842
	793,914		Taiwan Cement Corp		1,214,481
	1,126,727		Taiwan Cooperative Financial Holding		602,640
	184,000		Taiwan Fertilizer Co Ltd		326,436
	172,129		Taiwan Glass Industrial Corp		133,537
	415,200		Taiwan Mobile Co Ltd		1,347,303
	5,873,000		Taiwan Semiconductor Manufacturing Co Ltd		25,458,694
	482,000		Teco Electric and Machinery Co Ltd		536,309
	56,626		TPK Holding Co Ltd		334,282
	28,000		Transcend Information, Inc		94,605
	118,567		TSRC Corp		133,406
	55,000		U-Ming Marine Transport Corp		86,244
	274,000		Unimicron Technology Corp		210,913
	1,129,548		Uni-President Enterprises Corp		1,942,244
	2,777,000		United Microelectronics Corp		1,232,985
	191,000		Vanguard International Semiconductor Corp		286,954
	749,000	*	Walsin Lihwa Corp		248,660
	541,538		Wistron Corp		568,948
	296,500		WPG Holdings Co Ltd		361,176
	223,700	*	Yang Ming Marine Transport		102,405

273

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	141,000		Yulon Motor Co Ltd	$	208,021
	62,127		Zhen Ding Technology Holding Ltd		170,694
			TOTAL TAIWAN		114,394,334

THAILAND - 2.1%
	245,400		Advanced Info Service PCL (Foreign)		1,801,879
	87,600		Airports of Thailand PCL (Foreign)		650,920
	88,900		Bangkok Bank PCL (Foreign)		551,328
	686,000		Bangkok Dusit Medical Services PCL		389,558
	473,000		Banpu PCL (Foreign)		410,384
	177,700		BEC World PCL (Foreign)		263,323
	970,600		BTS Group Holdings PCL (Foreign)		307,189
	96,000		Bumrungrad Hospital PCL		392,067
	245,600		Central Pattana PCL (Foreign)		364,129
	551,900		Charoen Pokphand Foods PCL		529,743
	1,029,500		CP Seven Eleven PCL (Foreign)		1,438,170
	108,200		Glow Energy PCL (Foreign)		332,630
	542,742		Home Product Center PCL (Foreign)		154,974
	266,178		Indorama Ventures PCL (Foreign)		195,323
	4,354,300		IRPC PCL (Foreign)		457,113
	377,700		Kasikornbank PCL (Foreign)		2,738,589
	779,450		Krung Thai Bank PCL (Foreign)		557,678
	195,700		Minor International PCL (Foreign)		208,772
	375,284		PTT Exploration & Production PCL (Foreign)		1,687,239
	368,541		PTT Global Chemical PCL (Foreign)		699,527
	218,900		PTT PCL (Foreign)		2,477,339
	91,500		Siam Cement PCL (Foreign)		1,270,929
	349,200		Siam Commercial Bank PCL (Foreign)		1,904,199
	328,700		Thai Oil PCL (Foreign)		450,996
	1,958,700		TMB Bank PCL (Foreign)		185,161
	1,314,846	*	True Corp PCL (Foreign)		476,653
			TOTAL THAILAND		20,895,812

TURKEY - 1.6%
	426,793		Akbank TAS		1,541,125
	47,610	*	Anadolu Efes Biracilik Ve Malt Sanayii AS		556,349
	42,401		Arcelik AS		260,307
	50,810		BIM Birlesik Magazalar AS		1,160,717
	17,406		Coca-Cola Icecek AS		396,490
	415,887		Emlak Konut Gayrimenkul Yatiri		467,120
	104,403		Enka Insaat ve Sanayi AS		252,636
	359,668		Eregli Demir ve Celik Fabrikalari TAS		749,635
	11,768	*	Ford Otomotiv Sanayi AS		150,311
	214,778		Haci Omer Sabanci Holding AS		979,788
	153,522		KOC Holding AS		782,628
	13,550		Koza Altin Isletmeleri AS		87,336
	30,382		TAV Havalimanlari Holding AS		254,876
	18,527		Tofas Turk Otomobil Fabrik		116,244
	38,811		Tupras Turkiye Petrol Rafine		841,773
	126,045	*	Turk Hava Yollari		413,130
	80,910		Turk Sise ve Cam Fabrikalari AS		123,028
	95,157		Turk Telekomunikasyon AS		273,340

274

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	202,294	*	Turkcell Iletisim Hizmet AS	$	1,175,989
	536,563		Turkiye Garanti Bankasi AS		2,094,148
	147,281		Turkiye Halk Bankasi AS		983,476
	371,075		Turkiye Is Bankasi (Series C)		927,837
	166,280		Turkiye Vakiflar Bankasi Tao		357,362
	31,753		Ulker Biskuvi Sanayi AS		234,065
	198,601		Yapi ve Kredi Bankasi		434,927
			TOTAL TURKEY		15,614,637

UNITED ARAB EMIRATES - 0.5%
	240,400		Abu Dhabi Commercial Bank PJSC		514,606
	743,587		Aldar Properties PJSC		667,174
	254,336	*	Arabtec Holding Co		298,101
	35,560		DP World Ltd		686,099
	462,032		Dubai Financial Market		353,405
	155,199		Dubai Islamic Bank PJSC		325,112
	416,629		Emaar Properties PJSC		1,161,492
	87,029		First Gulf Bank PJSC		438,035
	132,942	*	National Bank of Abu Dhabi PJSC		488,624
			TOTAL UNITED ARAB EMIRATES		4,932,648

UNITED STATES - 5.1%
	229,500		iShares Core MSCI Emerging Markets ETF		11,573,685
	478,000	e	iShares MSCI Emerging Markets		20,147,700
	45,500		iShares MSCI South Korea Index Fund		2,667,665
	40,896		Southern Copper Corp (NY)		1,176,987
	371,000		Vanguard Emerging Markets ETF		15,819,440
			TOTAL UNITED STATES		51,385,477

			TOTAL COMMON STOCKS		988,065,606
			(Cost $958,794,754)

PREFERRED STOCKS - 0.3%

BRAZIL - 0.3%
	768,275	*	ITAUSA Investimentos Itau PR		3,066,403
			TOTAL BRAZIL		3,066,403

PHILIPPINES - 0.0%

	307,700	*,m	Ayala Land, Inc (Preferred B)		686
			TOTAL PHILIPPINES		686

			TOTAL PREFERRED STOCKS		3,067,089
			(Cost $3,080,562)

RIGHTS / WARRANTS - 0.0%

CHINA - 0.0%
	42,000	e	Agile Property Holdings Ltd		2,762
	49,224	m	China Taiping Insurance Holdings Co Ltd		30,200
			TOTAL CHINA		32,962

275

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

THAILAND - 0.0%
	9,785	m	Minor International PCL	$	0
			TOTAL THAILAND		0

			TOTAL RIGHTS / WARRANTS		32,962
			(Cost $0)

SHORT-TERM INVESTMENTS - 4.8%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.8%
	48,793,793	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		48,793,793
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		48,793,793

			TOTAL SHORT-TERM INVESTMENTS		48,793,793
			(Cost $48,793,793)

			TOTAL INVESTMENTS - 103.2%		1,039,959,450
			(Cost $1,010,669,109)
			OTHER ASSETS & LIABILITIES, NET - (3.2)%		(33,001,742	)
			NET ASSETS - 100.0%	$	1,006,957,708

Abbreviation(s):

ADR American Depositary Receipt

ETF Exchange Traded Fund

GDR Global Depositary Receipt

Non-income producing.

Investments made with cash collateral received from securities on loan.

All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $46,470,429.

Indicates a security that has been deemed illiquid.

276

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2014

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	303,572,511			30.0	%
INFORMATION TECHNOLOGY		161,822,099			16.1
ENERGY		85,750,573			8.5
CONSUMER DISCRETIONARY		84,224,370			8.4
CONSUMER STAPLES		79,224,025			7.9
MATERIALS		75,038,269			7.5
TELECOMMUNICATION SERVICES		73,850,692			7.3
INDUSTRIALS		61,171,705			6.1
UTILITIES		45,980,387			4.6
HEALTH CARE		20,531,026			2.0
SHORT-TERM INVESTMENTS		48,793,793			4.8
OTHER ASSETS & LIABILITIES, NET		(33,001,742	)		(3.2	)

NET ASSETS	$	1,006,957,708			100.0	%

277

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2014

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.1%

AUSTRALIA - 8.1%
	307,019		AGL Energy Ltd	$	3,680,402
	185,574	e	ALS Ltd		919,033
	1,217,678	*	Alumina Ltd		1,759,898
	543,863		Amcor Ltd		5,649,014
	1,322,094		AMP Ltd		6,818,069
	374,778		APA Group		2,605,581
	441,542		Asciano Group		2,442,371
	749,824		AusNet Services		906,463
	1,236,908	e	Australia & New Zealand Banking Group Ltd		36,600,812
	93,524		Australian Stock Exchange Ltd		2,967,265
	159,539	e	Bank of Queensland Ltd		1,773,560
	191,792		Bendigo Bank Ltd		2,106,244
	1,466,276		BHP Billiton Ltd		43,866,325
	957,740		BHP Billiton plc		24,744,747
	370,746		Boral Ltd		1,628,378
	705,900		Brambles Ltd		5,937,208
	59,906		Caltex Australia Ltd		1,650,001
	277,767		Coca-Cola Amatil Ltd		2,241,403
	27,570	e	Cochlear Ltd		1,786,865
	739,829		Commonwealth Bank of Australia		52,608,811
	209,752		Computershare Ltd		2,276,368
	160,547		Crown Ltd		2,059,276
	219,763		CSL Ltd		15,515,902
	2,561,562	*	DB RREEF Trust		2,737,814
	675,705	*	Federation Centres		1,622,635
	26,162	e	Flight Centre Ltd		970,735
	696,254	e	Fortescue Metals Group Ltd		2,148,875
	814,990		GPT Group (ASE)		2,962,385
	238,116	e	Harvey Norman Holdings Ltd		800,731
	190,236	e	Iluka Resources Ltd		1,221,260
	722,716		Incitec Pivot Ltd		1,854,557
	1,048,997		Insurance Australia Group Ltd		6,065,837
	45,893		Leighton Holdings Ltd		893,484
	241,209		Lend Lease Corp Ltd		3,364,146
	771,439		Macquarie Goodman Group		3,766,315
	129,489		Macquarie Group Ltd		6,998,102
	420,419	e	Metcash Ltd		1,050,026
	1,612,895		Mirvac Group		2,558,876
	1,076,227		National Australia Bank Ltd		33,293,895
	350,018	*	Newcrest Mining Ltd		2,870,707
	958,339	*	Novion Property Group		1,782,504
	167,846		Orica Ltd		3,063,901
	499,670		Origin Energy Ltd		6,277,214
	492,948	*	Qantas Airways Ltd		736,520

278

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	607,208		QBE Insurance Group Ltd	$	6,167,960
	957,710		QR National Ltd		3,972,306
	57,896		Ramsay Health Care Ltd		2,676,436
	28,326		REA Group Ltd		1,134,204
	436,154		Santos Ltd		4,997,998
	2,387,815	*	Scentre Group		7,616,982
	147,059		Seek Ltd		2,158,072
	172,331		Sonic Healthcare Ltd		2,851,862
	1,087,952		Stockland Trust Group		4,067,609
	598,679		Suncorp-Metway Ltd		7,790,146
	543,668		Sydney Airport		2,113,634
	346,147	e	Tabcorp Holdings Ltd		1,243,418
	622,410		Tattersall’s Ltd		1,905,251
	2,015,770		Telstra Corp Ltd		10,030,780
	301,254		Toll Holdings Ltd		1,509,346
	122,124		TPG Telecom Ltd		790,748
	830,873		Transurban Group		5,950,631
	297,397		Treasury Wine Estates Ltd		1,214,260
	518,921	*	Wesfarmers Ltd		20,195,206
	885,191		Westfield Corp		6,220,230
	1,419,639		Westpac Banking Corp		43,574,770
	336,969		Woodside Petroleum Ltd		11,969,254
	577,348		Woolworths Ltd		18,322,460
	93,589		WorleyParsons Ltd		1,117,055
			TOTAL AUSTRALIA		479,175,133

AUSTRIA - 0.2%
	36,614		Andritz AG.		1,769,344
	134,354		Erste Bank der Oesterreichischen Sparkassen AG.		3,428,381
	69,565	*,e,m	Immoeast AG.		0
	495,574	*	Immofinanz Immobilien Anlagen AG.		1,500,307
	72,449		OMV AG.		2,277,292
	61,270		Raiffeisen International Bank Holding AG.		1,311,902
	49,921		Voestalpine AG.		1,999,731
	21,174		Wiener Staedtische Allgemeine Versicherung AG.		1,019,334
			TOTAL AUSTRIA		13,306,291

BELGIUM - 1.2%
	100,895		Ageas		3,372,709
	68,832	e	Belgacom S.A.		2,599,684
	33,517		Colruyt S.A.		1,526,538
	48,541	e	Delhaize Group		3,318,984
	36,323		Groupe Bruxelles Lambert S.A.		3,246,092
	364,001		InBev NV		40,365,661
	111,565	*	KBC Groep NV		5,992,796
	26,123		Solvay S.A.		3,566,304
	24,836	*	Telenet Group Holding NV		1,404,436
	56,645	e	UCB S.A.		4,568,208
	51,968	e	Umicore		2,039,665
			TOTAL BELGIUM		72,001,077

279

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

CHINA - 0.0%
	1,063,000	e	Yangzijiang Shipbuilding	$	935,721
			TOTAL CHINA		935,721

DENMARK - 1.5%
	1,778		AP Moller - Maersk AS (Class A)		4,044,866
	3,200		AP Moller - Maersk AS (Class B)		7,467,444
	47,340		Carlsberg AS (Class B)		4,175,322
	50,712		Coloplast AS		4,420,122
	292,243		Danske Bank AS		8,025,076
	78,373		DSV AS		2,345,795
	916,472		Novo Nordisk AS		41,427,026
	105,767		Novozymes AS		4,897,719
	54,061		Pandora AS		4,557,963
	367,366		TDC AS		2,805,595
	9,996		TrygVesta AS		1,081,717
	103,074	*	Vestas Wind Systems AS		3,440,092
	13,166	*	William Demant Holding		997,870
			TOTAL DENMARK		89,686,607

FINLAND - 0.9%
	62,535		Elisa Oyj (Series A)		1,717,856
	202,926		Fortum Oyj		4,706,216
	143,222	e	Kone Oyj (Class B)		6,168,276
	51,059		Metso Oyj		1,668,207
	56,463	e	Neste Oil Oyj		1,220,552
	1,697,043		Nokia Oyj		14,180,312
	50,329	e	Nokian Renkaat Oyj		1,421,818
	43,881		Orion Oyj (Class B)		1,492,463
	203,940		Sampo Oyj (A Shares)		9,772,275
	244,150		Stora Enso Oyj (R Shares)		2,016,217
	240,894		UPM-Kymmene Oyj		3,821,185
	66,932		Wartsila Oyj (B Shares)		3,103,489
			TOTAL FINLAND		51,288,866

FRANCE - 9.2%
	76,287		Accor S.A.		3,204,992
	14,541		Aeroports de Paris		1,721,132
	157,291		Air Liquide		18,987,510
	1,275,692	*,e	Alcatel S.A.		3,897,593
	96,802	*	Alstom RGPT		3,378,705
	25,976		Arkema		1,603,289
	35,555		Atos Origin S.A.		2,457,144
	833,440		AXA S.A.		19,251,234
	478,709		BNP Paribas		30,083,058
	2,860	e	Bollore		1,355,929
	86,981		Bouygues S.A.		3,007,278
	97,597		Bureau Veritas S.A.		2,413,957
	65,311		Cap Gemini S.A.		4,297,211
	282,764		Carrefour S.A.		8,287,900
	24,696		Casino Guichard Perrachon S.A.		2,532,163
	25,786		Christian Dior S.A.		4,562,884
	86,041		CNP Assurances		1,608,550

280

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	199,793		Compagnie de Saint-Gobain	$	8,588,072
	460,470		Credit Agricole S.A.		6,814,161
	57,192		Dassault Systemes S.A.		3,626,596
	90,225		Edenred		2,501,241
	109,703		Electricite de France		3,239,353
	91,964		Essilor International S.A.		10,154,845
	19,308		Eurazeo		1,292,324
	266,133		European Aeronautic Defence and Space Co		15,888,423
	68,743		Eutelsat Communications		2,228,568
	14,013		Fonciere Des Regions		1,288,293
	837,996		France Telecom S.A.		13,341,207
	653,651		Gaz de France		15,870,594
	12,832		Gecina S.A.		1,736,675
	262,584		Groupe Danone		17,943,033
	227,092		Groupe Eurotunnel S.A.		2,870,271
	16,220		Icade		1,290,504
	11,852		Iliad S.A.		2,591,732
	15,175		Imerys S.A.		1,088,925
	35,144		JC Decaux S.A.		1,166,458
	43,716		Klepierre		1,892,111
	84,109		Lafarge S.A.		5,837,191
	51,925		Lagardere S.C.A.		1,263,664
	119,308		Legrand S.A.		6,421,305
	115,411		L’Oreal S.A.		18,112,163
	125,971		LVMH Moet Hennessy Louis Vuitton S.A.		21,382,816
	83,886		Michelin (C.G.D.E.) (Class B)		7,286,080
	443,490		Natixis		3,052,753
	42,300	*	Numericable SAS		1,563,743
	95,597		Pernod-Ricard S.A.		10,889,630
	183,513	*	Peugeot S.A.		2,180,964
	33,993		PPR		6,560,131
	81,420		Publicis Groupe S.A.		5,647,113
	10,736	e	Remy Cointreau S.A.		764,052
	89,826		Renault S.A.		6,681,820
	122,193		Rexel S.A.		2,053,947
	122,285		Safran S.A.		7,744,738
	541,101		Sanofi-Aventis		49,099,522
	235,537		Schneider Electric S.A.		18,557,042
	66,370		SCOR		2,033,738
	14,097		Societe BIC S.A.		1,758,537
	327,734		Societe Generale		15,793,839
	42,685	e	Sodexho Alliance S.A.		4,117,949
	124,417		Suez Environnement S.A.		2,096,087
	45,450		Technip S.A.		3,283,780
	40,527		Thales S.A.		2,012,570
	970,293		Total S.A.		57,929,652
	43,884		Unibail-Rodamco		11,252,183
	34,508		Valeo S.A.		3,869,403
	48,209		Vallourec		1,761,898
	189,197		Veolia Environnement		3,142,336
	221,513	e	Vinci S.A.		12,643,571
	549,111		Vivendi Universal S.A.		13,414,388

281

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	14,463		Wendel	$	1,594,687
	87,070		Zodiac S.A.		2,656,746
			TOTAL FRANCE		542,523,953

GERMANY - 8.6%
	95,112		Adidas-Salomon AG.		6,930,429
	206,082		Allianz AG.		32,771,597
	17,508	e	Axel Springer AG.		963,125
	415,269		BASF AG.		36,693,229
	377,366		Bayer AG.		53,971,550
	150,184		Bayerische Motoren Werke AG.		16,105,387
	24,838		Bayerische Motoren Werke AG. (Preference)		1,991,610
	47,935		Beiersdorf AG.		3,886,515
	67,755		Brenntag AG.		3,287,581
	28,035		Celesio AG.		924,926
	439,442	*	Commerzbank AG.		6,644,575
	49,442		Continental AG.		9,738,380
	434,565		Daimler AG. (Registered)		33,882,588
	632,726		Deutsche Bank AG.		19,786,215
	87,377		Deutsche Boerse AG.		5,980,364
	101,948		Deutsche Lufthansa AG.		1,510,122
	435,781		Deutsche Post AG.		13,722,655
	1,405,659		Deutsche Telekom AG.		21,187,943
	125,860		Deutsche Wohnen AG.		2,840,868
	903,929		E.ON AG.		15,583,820
	16,303	e	Fraport AG. Frankfurt Airport Services Worldwide		1,010,146
	99,506		Fresenius Medical Care AG.		7,303,511
	169,442		Fresenius SE		8,718,809
	33,030	e	Fuchs Petrolub AG. (Preference)		1,286,474
	82,541		GEA Group AG.		3,807,421
	25,953		Hannover Rueckversicherung AG.		2,166,228
	63,380		HeidelbergCement AG.		4,326,738
	55,042		Henkel KGaA		5,009,859
	82,765		Henkel KGaA (Preference)		8,191,086
	10,183		Hochtief AG.		753,529
	13,845		Hugo Boss AG.		1,839,427
	508,550		Infineon Technologies AG.		4,954,658
	82,969	e	K&S AG.		2,325,185
	11,303	*	Kabel Deutschland Holding AG.		1,532,271
	42,489		Lanxess AG.		2,213,097
	83,643		Linde AG.		15,436,750
	17,309		MAN AG.		1,972,571
	58,132		Merck KGaA		5,262,360
	72,199	*	Metro AG.		2,301,593
	78,098		Muenchener Rueckver AG.		15,376,543
	45,399	*	Osram Licht AG.		1,594,818
	71,788		Porsche AG.		5,894,675
	214,731	*	Premiere AG.		1,813,898
	99,006		ProSiebenSat. Media AG.		3,999,460
	17,693		RTL Group		1,652,658
	222,938		RWE AG.		7,910,234
	421,601		SAP AG.		28,725,961

282

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	362,178		Siemens AG.	$	40,851,296
	246,636		Telefonica Deutschland Holding AG.		1,213,667
	207,567	*	ThyssenKrupp AG.		5,002,692
	54,667		United Internet AG.		2,143,951
	14,025		Volkswagen AG.		2,991,087
	74,083		Volkswagen AG. (Preference)		15,842,791
			TOTAL GERMANY		503,828,923

HONG KONG - 3.1%
	5,509,600		AIA Group Ltd		30,745,908
	110,200	e	ASM Pacific Technology		1,212,255
	561,431		Bank of East Asia Ltd		2,344,581
	1,624,000		BOC Hong Kong Holdings Ltd		5,406,146
	522,000		Cathay Pacific Airways Ltd		979,089
	633,000		Cheung Kong Holdings Ltd		11,237,190
	278,000		Cheung Kong Infrastructure Holdings Ltd		2,030,602
	878,000	e	CLP Holdings Ltd		7,560,561
	1,017,750		First Pacific Co		1,098,363
	1,054,000		Galaxy Entertainment Group Ltd		7,207,140
	984,000		Hang Lung Properties Ltd		3,072,765
	357,900		Hang Seng Bank Ltd		6,064,368
	490,283		Henderson Land Development Co Ltd		3,312,241
	1,237,640		HKT Trust and HKT Ltd		1,507,734
	2,904,292		Hong Kong & China Gas Ltd		6,782,062
	641,000		Hong Kong Electric Holdings Ltd		6,189,084
	505,002		Hong Kong Exchanges and Clearing Ltd		11,193,126
	962,000		Hutchison Whampoa Ltd		12,198,695
	277,792		Hysan Development Co Ltd		1,267,524
	300,123		Kerry Properties Ltd		1,029,548
	2,648,600	e	Li & Fung Ltd		3,227,948
	1,035,991		Link REIT		6,092,242
	662,178		MTR Corp		2,700,019
	2,351,867		New World Development Co Ltd		2,956,314
	1,935,999		Noble Group Ltd		1,802,140
	660,013		NWS Holdings Ltd		1,233,800
	1,924,937	e	PCCW Ltd		1,223,715
	1,100,000		Sands China Ltd		6,860,817
	622,192		Shangri-La Asia Ltd		903,425
	1,358,562		Sino Land Co		2,245,536
	859,000		SJM Holdings Ltd		1,815,575
	735,655		Sun Hung Kai Properties Ltd		10,976,782
	279,000		Swire Pacific Ltd (Class A)		3,659,519
	577,400		Swire Properties Ltd		1,850,168
	618,500		Techtronic Industries Co		1,936,276
	675,762		Wharf Holdings Ltd		4,998,019
	433,000		Wheelock & Co Ltd		2,087,111
	330,500		Yue Yuen Industrial Holdings		1,109,483
			TOTAL HONG KONG		180,117,871

IRELAND - 0.7%
	12,369,031	*	Bank of Ireland		4,869,125
	338,103		CRH plc		7,500,288

283

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	67,097	*,m	Irish Bank Resolution Corp Ltd	$	0
	205,289		James Hardie Industries NV		2,189,743
	71,161		Kerry Group plc (Class A)		4,832,416
	41,178	*	Ryanair Holdings plc		392,458
	6,628	*	Ryanair Holdings plc (ADR)		368,119
	267,105		Shire Ltd		17,921,926
			TOTAL IRELAND		38,074,075

ISRAEL - 0.6%
	506,644		Bank Hapoalim Ltd		2,608,130
	578,224	*	Bank Leumi Le-Israel		2,066,341
	852,281		Bezeq Israeli Telecommunication Corp Ltd		1,456,654
	2,028		Delek Group Ltd		700,978
	226,542		Israel Chemicals Ltd		1,527,317
	1,542	*	Israel Corp Ltd		752,295
	72,527	*	Mizrahi Tefahot Bank Ltd		802,875
	25,688		Nice Systems Ltd		1,041,453
	386,849		Teva Pharmaceutical Industries Ltd		21,836,597
			TOTAL ISRAEL		32,792,640

ITALY - 2.2%
	530,204		Assicurazioni Generali S.p.A.		10,880,016
	186,577		Autostrade S.p.A.		4,406,426
	5,285,412		Banca Intesa S.p.A.		15,537,835
	423,701		Banca Intesa S.p.A. RSP		1,083,312
	2,070,608	*	Banca Monte dei Paschi di Siena S.p.A		1,584,245
	387,545		Banche Popolari Unite Scpa		3,043,582
	164,778	*	Banco Popolare SC		2,393,602
	774,275		Enel Green Power S.p.A		1,903,380
	2,985,735		Enel S.p.A.		15,256,863
	1,158,158		ENI S.p.A.		24,674,433
	49,441		Exor S.p.A.		2,157,426
	181,763	*	Finmeccanica S.p.A.		1,642,484
	465,998		Fondiaria-Sai S.p.A		1,252,946
	79,617		Luxottica Group S.p.A.		4,061,080
	277,039	*	Mediobanca S.p.A.		2,445,186
	112,263		Pirelli & C S.p.A.		1,505,418
	89,843		Prysmian S.p.A.		1,557,084
	118,274	*	Saipem S.p.A.		1,851,573
	895,174		Snam Rete Gas S.p.A.		4,840,637
	2,689,479		Telecom Italia RSP		2,406,389
	4,555,440	*,e	Telecom Italia S.p.A.		5,162,595
	666,330		Terna Rete Elettrica Nazionale S.p.A.		3,359,431
	2,004,469		UniCredit S.p.A		14,517,811
			TOTAL ITALY		127,523,754

JAPAN - 21.1%
	11,500		ABC-Mart, Inc		663,098
	176,400	*,e	Acom Co Ltd		587,984
	75,500	e	Advantest Corp		880,378
	280,700		Aeon Co Ltd		2,777,480
	50,600		Aeon Credit Service Co Ltd		1,057,468

284

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	50,400		Aeon Mall Co Ltd	$	925,132
	65,000		Air Water, Inc		1,036,120
	84,700		Aisin Seiki Co Ltd		2,821,252
	264,000		Ajinomoto Co, Inc		4,984,490
	77,600		Alfresa Holdings Corp		984,737
	509,000	e	All Nippon Airways Co Ltd		1,180,197
	164,500		Amada Co Ltd		1,436,665
	511,000		Aozora Bank Ltd		1,796,117
	174,000		Asahi Breweries Ltd		5,397,281
	446,000		Asahi Glass Co Ltd		2,321,288
	568,000		Asahi Kasei Corp		4,661,127
	71,800		Asics Corp		1,681,335
	972,800	*	Astellas Pharma, Inc		15,098,331
	150,000		Bank of Kyoto Ltd		1,299,831
	521,000		Bank of Yokohama Ltd		3,010,984
	29,400		Benesse Corp		927,696
	295,500		Bridgestone Corp		9,874,941
	109,900		Brother Industries Ltd		1,956,721
	37,100		Calbee, Inc		1,299,403
	521,100		Canon, Inc		15,987,430
	96,400	e	Casio Computer Co Ltd		1,537,149
	65,300		Central Japan Railway Co		9,739,425
	343,000		Chiba Bank Ltd		2,436,330
	70,000		Chiyoda Corp		721,128
	291,100	*	Chubu Electric Power Co, Inc		3,493,076
	106,258		Chugai Pharmaceutical Co Ltd		3,321,915
	74,900		Chugoku Bank Ltd		1,107,063
	137,800		Chugoku Electric Power Co, Inc		1,817,282
	118,000		Citizen Watch Co Ltd		775,181
	65,300		Credit Saison Co Ltd		1,378,505
	245,000		Dai Nippon Printing Co Ltd		2,414,914
	124,000		Daicel Chemical Industries Ltd		1,429,405
	130,000	e	Daido Steel Co Ltd		498,712
	85,000	e	Daihatsu Motor Co Ltd		1,206,401
	490,400		Dai-ichi Mutual Life Insurance Co		7,421,566
	287,400		Daiichi Sankyo Co Ltd		4,323,022
	105,900		Daikin Industries Ltd		6,619,606
	70,500	e	Dainippon Sumitomo Pharma Co Ltd		831,613
	32,800		Daito Trust Construction Co Ltd		4,086,905
	266,100	e	Daiwa House Industry Co Ltd		5,034,503
	744,000		Daiwa Securities Group, Inc		5,879,800
	50,800	e	Dena Co Ltd		656,445
	224,900		Denso Corp		10,307,979
	97,800		Dentsu, Inc		3,636,155
	26,600		Don Quijote Co Ltd		1,593,762
	150,800		East Japan Railway Co		11,777,968
	118,900		Eisai Co Ltd		4,650,081
	51,300		Electric Power Development Co		1,794,019
	26,100	e	FamilyMart Co Ltd		1,047,993
	88,100		Fanuc Ltd		15,526,370
	24,600		Fast Retailing Co Ltd		9,145,228
	247,000		Fuji Electric Holdings Co Ltd		1,085,187

285

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	266,800		Fuji Heavy Industries Ltd	$	8,879,944
	209,200		Fujifilm Holdings Corp		7,022,549
	842,000		Fujitsu Ltd		5,118,908
	342,000		Fukuoka Financial Group, Inc		1,750,031
	52,800	e	Gree, Inc		378,132
	185,000	*,e	GungHo Online Entertainment Inc		745,660
	170,000		Gunma Bank Ltd		1,060,881
	185,000		Hachijuni Bank Ltd		1,132,720
	103,200		Hakuhodo DY Holdings, Inc		1,020,598
	31,200		Hamamatsu Photonics KK		1,417,426
	514,000		Hankyu Hanshin Holdings, Inc		3,022,098
	7,300		Hikari Tsushin, Inc		484,247
	113,400		Hino Motors Ltd		1,659,391
	13,300		Hirose Electric Co Ltd		1,630,714
	267,000		Hiroshima Bank Ltd		1,334,833
	27,300		Hisamitsu Pharmaceutical Co, Inc		918,952
	43,700		Hitachi Chemical Co Ltd		770,233
	48,200	e	Hitachi Construction Machinery Co Ltd		985,901
	27,500		Hitachi High-Technologies Corp		840,111
	2,187,000		Hitachi Ltd		17,184,288
	98,000		Hitachi Metals Ltd		1,654,514
	541,000		Hokuhoku Financial Group, Inc		1,086,804
	75,700		Hokuriku Electric Power Co		1,021,972
	739,700		Honda Motor Co Ltd		23,647,640
	195,800		Hoya Corp		6,928,742
	53,300		Ibiden Co Ltd		801,204
	37,600	*	Idemitsu Kosan Co Ltd		727,170
	71,100		Iida Group Holdings Co Ltd		790,075
	397,100		Inpex Holdings, Inc		5,079,083
	148,080		Isetan Mitsukoshi Holdings Ltd		2,015,970
	627,000		Ishikawajima-Harima Heavy Industries Co Ltd		3,022,535
	264,500		Isuzu Motors Ltd		3,451,030
	688,600		Itochu Corp		8,324,169
	10,500		Itochu Techno-Science Corp		417,466
	108,600		Iyo Bank Ltd		1,159,676
	108,200		J Front Retailing Co Ltd		1,440,125
	60,900		Japan Airlines Co Ltd		1,635,291
	166,000	*,e	Japan Display, Inc		492,761
	345		Japan Prime Realty Investment Corp		1,270,525
	567	*	Japan Real Estate Investment Corp		3,089,725
	1,069		Japan Retail Fund Investment Corp		2,152,373
	505,500		Japan Tobacco, Inc		17,247,174
	220,900		JFE Holdings, Inc		4,382,649
	94,000		JGC Corp		2,415,778
	298,000	e	Joyo Bank Ltd		1,595,688
	79,100		JSR Corp		1,424,452
	93,600		JTEKT Corp		1,505,385
	1,000,800		JX Holdings, Inc		4,287,076
	383,000	e	Kajima Corp		1,704,179
	67,100		Kakaku.com, Inc		913,599
	103,000		Kamigumi Co Ltd		993,110
	130,000		Kaneka Corp		714,264

286

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	327,000	*	Kansai Electric Power Co, Inc	$	3,229,292
	102,000		Kansai Paint Co Ltd		1,559,227
	232,200		Kao Corp		9,054,424
	645,000		Kawasaki Heavy Industries Ltd		2,533,489
	264,600		KDDI Corp		17,376,135
	209,000		Keihin Electric Express Railway Co Ltd		1,738,861
	254,000		Keio Corp		1,929,316
	122,000		Keisei Electric Railway Co Ltd		1,433,932
	21,100		Keyence Corp		10,224,692
	67,000		Kikkoman Corp		1,541,081
	863,000		Kintetsu Corp		3,002,024
	370,500		Kirin Brewery Co Ltd		4,803,460
	1,396,000		Kobe Steel Ltd		2,218,031
	42,000		Koito Manufacturing Co Ltd		1,265,556
	422,100		Komatsu Ltd		9,965,506
	46,000		Konami Corp		923,599
	213,600		Konica Minolta Holdings, Inc		2,386,711
	508,000		Kubota Corp		8,086,347
	151,600		Kuraray Co Ltd		1,760,843
	45,300		Kurita Water Industries Ltd		977,542
	149,900		Kyocera Corp		6,909,105
	115,000		Kyowa Hakko Kogyo Co Ltd		1,341,284
	206,400	*	Kyushu Electric Power Co, Inc		2,239,368
	29,500		Lawson, Inc		2,001,201
	120,400		LIXIL Group Corp		2,640,417
	11,400		Mabuchi Motor Co Ltd		984,674
	53,800		Makita Corp		3,012,751
	764,100		Marubeni Corp		4,912,740
	104,600		Marui Co Ltd		883,998
	19,900		Maruichi Steel Tube Ltd		469,946
	997,400		Matsushita Electric Industrial Co Ltd		11,999,965
	244,300		Mazda Motor Corp		5,772,025
	37,100	e	McDonald’s Holdings Co Japan Ltd		905,516
	59,000		Mediceo Paltac Holdings Co Ltd		653,966
	27,700		MEIJI Holdings Co Ltd		2,324,103
	316,200		Millea Holdings, Inc		10,139,938
	24,100		Miraca Holdings, Inc		1,011,704
	599,300		Mitsubishi Chemical Holdings Corp		2,952,083
	638,400		Mitsubishi Corp		12,517,971
	880,000		Mitsubishi Electric Corp		11,346,534
	577,000		Mitsubishi Estate Co Ltd		14,698,931
	172,000		Mitsubishi Gas Chemical Co, Inc		1,029,107
	1,370,000		Mitsubishi Heavy Industries Ltd		8,546,108
	55,000	e	Mitsubishi Logistics Corp		837,731
	500,000		Mitsubishi Materials Corp		1,564,955
	289,699		Mitsubishi Motors Corp		2,980,769
	5,788,880		Mitsubishi UFJ Financial Group, Inc		33,744,616
	217,000		Mitsubishi UFJ Lease & Finance Co Ltd		1,145,663
	778,700		Mitsui & Co Ltd		11,757,638
	378,000	*,e	Mitsui Chemicals, Inc		1,094,951
	423,000		Mitsui Fudosan Co Ltd		13,606,396
	483,000		Mitsui OSK Lines Ltd		1,525,968

287

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	235,000		Mitsui Sumitomo Insurance Group Holdings, Inc	$	5,079,938
	1,491,000		Mitsui Trust Holdings, Inc		6,087,337
	10,581,907		Mizuho Financial Group, Inc		19,283,574
	92,100		Murata Manufacturing Co Ltd		10,348,396
	51,000		Nabtesco Corp		1,234,225
	365,000	e	Nagoya Railroad Co Ltd		1,560,710
	80,300		Namco Bandai Holdings, Inc		1,992,865
	1,178,000		NEC Corp		4,165,850
	57,700		Nexon Co Ltd		508,465
	119,000		NGK Insulators Ltd		2,563,024
	80,088		NGK Spark Plug Co Ltd		2,088,736
	77,800		NHK Spring Co Ltd		712,051
	98,300	*	Nidec Corp		6,494,940
	155,900	e	Nikon Corp		2,136,089
	50,000		Nintendo Co Ltd		5,388,897
	639	*	Nippon Building Fund, Inc		3,581,368
	182,000		Nippon Electric Glass Co Ltd		846,308
	372,000		Nippon Express Co Ltd		1,636,413
	78,000		Nippon Meat Packers, Inc		1,798,656
	78,000	e	Nippon Paint Co Ltd		1,771,172
	647		Nippon ProLogis REIT, Inc		1,501,354
	3,437,000		Nippon Steel Corp		9,069,706
	170,700		Nippon Telegraph & Telephone Corp		10,620,753
	791,000		Nippon Yusen Kabushiki Kaisha		2,050,714
	1,132,800		Nissan Motor Co Ltd		10,333,060
	95,900		Nisshin Seifun Group, Inc		969,743
	29,500		Nissin Food Products Co Ltd		1,554,794
	31,400	*	Nitori Co Ltd		1,989,993
	70,900		Nitto Denko Corp		3,834,558
	150,000		NKSJ Holdings, Inc		3,777,089
	43,100		NOK Corp		1,091,915
	1,681,400		Nomura Holdings, Inc		10,502,674
	55,000		Nomura Real Estate Holdings, Inc		972,064
	49,300		Nomura Research Institute Ltd		1,626,101
	210,000		NSK Ltd		2,750,598
	56,000		NTT Data Corp		2,189,116
	705,300		NTT DoCoMo, Inc		11,895,507
	66,900		NTT Urban Development Corp		757,177
	291,000	e	Obayashi Corp		1,997,032
	275,000	e	Odakyu Electric Railway Co Ltd		2,580,953
	351,000		OJI Paper Co Ltd		1,269,055
	108,500	*	Olympus Corp		3,895,700
	92,500		Omron Corp		4,378,456
	36,800		Ono Pharmaceutical Co Ltd		3,714,755
	21,700		Oracle Corp Japan		840,078
	23,300		Oriental Land Co Ltd		4,982,452
	598,900		ORIX Corp		8,312,877
	830,000		Osaka Gas Co Ltd		3,310,730
	116,600	e	Osaka Securities Exchange Co Ltd		2,892,387
	21,300		Otsuka Corp		792,003
	180,100		Otsuka Holdings KK		6,317,555
	42,900	e	Park24 Co Ltd		649,151

288

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	359,000		Rakuten, Inc	$	4,048,253
	65,800	*	Recruit Holdings Co Ltd		2,164,532
	1,013,200		Resona Holdings, Inc		5,795,287
	320,100		Ricoh Co Ltd		3,305,785
	16,100		Rinnai Corp		1,430,114
	44,000		Rohm Co Ltd		2,678,314
	26,700		Sankyo Co Ltd		971,640
	22,100	e	Sanrio Co Ltd		638,964
	32,800		Santen Pharmaceutical Co Ltd		1,957,718
	92,240		SBI Holdings, Inc		1,063,669
	94,400		Secom Co Ltd		5,817,401
	82,400	e	Sega Sammy Holdings, Inc		1,308,966
	62,200	e	Seibu Holdings, Inc		1,195,916
	58,500		Seiko Epson Corp		2,714,676
	188,000		Sekisui Chemical Co Ltd		2,343,113
	247,100		Sekisui House Ltd		3,072,661
	340,600		Seven & I Holdings Co Ltd		13,302,507
	263,300		Seven Bank Ltd		1,099,646
	762,000	*,e	Sharp Corp		1,919,067
	82,500	*	Shikoku Electric Power Co, Inc		1,132,129
	107,000		Shimadzu Corp		931,040
	9,800		Shimamura Co Ltd		861,940
	37,300		Shimano, Inc		4,946,180
	274,000		Shimizu Corp		2,022,041
	186,700		Shin-Etsu Chemical Co Ltd		11,984,012
	747,000		Shinsei Bank Ltd		1,678,787
	135,100		Shionogi & Co Ltd		3,534,452
	163,000		Shiseido Co Ltd		2,704,847
	236,000		Shizuoka Bank Ltd		2,438,534
	108,400		Shoei Co Ltd		1,199,279
	83,300		Showa Shell Sekiyu KK		714,739
	25,000		SMC Corp		7,090,834
	438,100		Softbank Corp		31,893,422
	90,500	*	So-net M3, Inc		1,510,306
	484,600		Sony Corp		9,567,610
	75,400		Sony Financial Holdings, Inc		1,203,738
	63,100		Stanley Electric Co Ltd		1,282,861
	674,009		Sumitomo Chemical Co Ltd		2,312,145
	518,200		Sumitomo Corp		5,529,046
	341,200		Sumitomo Electric Industries Ltd		4,663,723
	245,000		Sumitomo Heavy Industries Ltd		1,343,195
	237,000		Sumitomo Metal Mining Co Ltd		3,287,786
	583,300		Sumitomo Mitsui Financial Group, Inc		23,788,668
	168,000		Sumitomo Realty & Development Co Ltd		6,298,146
	76,800		Sumitomo Rubber Industries, Inc		1,061,456
	61,500		Suntory Beverage & Food Ltd		2,193,982
	78,000		Suruga Bank Ltd		1,630,696
	31,100		Suzuken Co Ltd		833,817
	165,100		Suzuki Motor Corp		5,533,903
	65,900	*	Sysmex Corp		2,813,280
	274,100		T&D Holdings, Inc		3,530,814
	525,000		Taiheiyo Cement Corp		1,926,200

289

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	460,000	e	Taisei Corp	$	2,558,036
	16,100		Taisho Pharmaceutical Holdings Co Ltd		1,130,036
	105,000	e	Taiyo Nippon Sanso Corp		945,322
	119,000		Takashimaya Co Ltd		1,013,711
	363,100		Takeda Pharmaceutical Co Ltd		15,739,779
	104,300		Tanabe Seiyaku Co Ltd		1,586,108
	55,700		TDK Corp		3,161,649
	421,000		Teijin Ltd		1,029,261
	137,500	*	Terumo Corp		3,437,309
	50,400		THK Co Ltd		1,267,705
	451,000		Tobu Railway Co Ltd		2,281,447
	50,100		Toho Co Ltd		1,149,172
	180,000	e	Toho Gas Co Ltd		973,517
	205,100		Tohoku Electric Power Co, Inc		2,563,382
	655,900	*	Tokyo Electric Power Co, Inc		2,364,988
	77,300		Tokyo Electron Ltd		4,956,064
	1,071,000		Tokyo Gas Co Ltd		6,173,579
	184,000		Tokyo Tatemono Co Ltd		1,606,201
	514,000		Tokyu Corp		3,393,866
	218,700		Tokyu Fudosan Holdings Corp		1,554,368
	125,000		TonenGeneral Sekiyu KK		1,090,999
	245,000		Toppan Printing Co Ltd		1,667,036
	658,000		Toray Industries, Inc		4,417,435
	1,821,000		Toshiba Corp		8,041,746
	124,000		Toto Ltd		1,399,201
	72,500		Toyo Seikan Kaisha Ltd		879,184
	39,000		Toyo Suisan Kaisha Ltd		1,346,913
	27,400		Toyoda Gosei Co Ltd		526,403
	71,600		Toyota Industries Corp		3,409,325
	1,249,700		Toyota Motor Corp		75,203,419
	96,200		Toyota Tsusho Corp		2,425,692
	46,300		Trend Micro, Inc		1,560,106
	166,300		Uni-Charm Corp		3,867,048
	1,245		United Urban Investment Corp		1,964,864
	97,000		USS Co Ltd		1,526,585
	72,800		West Japan Railway Co		3,470,039
	691,700		Yahoo! Japan Corp		2,491,926
	42,800	e	Yakult Honsha Co Ltd		2,370,234
	399,400	e	Yamada Denki Co Ltd		1,280,326
	94,000		Yamaguchi Financial Group, Inc		897,785
	73,700		Yamaha Corp		1,010,202
	118,700		Yamaha Motor Co Ltd		2,245,534
	22,800		Yamato Kogyo Co Ltd		738,605
	164,600		Yamato Transport Co Ltd		3,519,508
	49,000		Yamazaki Baking Co Ltd		605,768
	103,900	e	Yaskawa Electric Corp		1,346,771
	99,900	e	Yokogawa Electric Corp		1,389,903
	113,000		Yokohama Rubber Co Ltd		1,025,762
			TOTAL JAPAN		1,243,828,955

JERSEY, C.I. - 0.0%
	39,375		Randgold Resources Ltd		2,304,553
			TOTAL JERSEY, C.I.		2,304,553

290

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

LUXEMBOURG - 0.3%
	42,434	*	Altice S.A.	$	2,642,324
	468,019	e	ArcelorMittal		6,147,979
	29,188	e	Millicom International Cellular S.A.		2,382,190
	135,539		SES Global S.A.		4,679,387
	223,596	e	Tenaris S.A.		4,421,526
			TOTAL LUXEMBOURG		20,273,406

MACAU - 0.1%
	413,200		MGM China Holdings Ltd		1,328,354
	704,400	e	Wynn Macau Ltd		2,546,481
			TOTAL MACAU		3,874,835

MEXICO - 0.0%
	101,305	e	Fresnillo plc		1,132,113
			TOTAL MEXICO		1,132,113

NETHERLANDS - 3.8%
	834,174		Aegon NV		6,798,892
	108,543		Akzo Nobel NV		7,238,353
	161,536		ASML Holding NV		16,107,129
	37,958		Boskalis Westminster		2,025,072
	30,428		Corio NV		1,481,072
	89,953		Delta Lloyd NV		2,050,321
	78,035		DSM NV		4,889,515
	39,858	e	Fugro NV		550,428
	38,227	e	Gemalto NV		2,923,858
	47,773		Heineken Holding NV		3,096,483
	103,057		Heineken NV		7,698,782
	1,749,452	*	ING Groep NV		25,052,785
	415,567		Koninklijke Ahold NV		6,960,179
	438,853		Koninklijke Philips Electronics NV		12,269,401
	31,090	e	Koninklijke Vopak NV		1,559,143
	38,808	*,e	OCI NV		1,353,013
	56,685		Randstad Holdings NV		2,502,149
	1,793,220		Royal Dutch Shell plc (A Shares)		64,056,962
	1,107,856		Royal Dutch Shell plc (B Shares)		40,930,214
	1,513,982		Royal KPN NV		4,983,623
	194,773		TNT Express NV		1,132,119
	133,927		Wolters Kluwer NV		3,575,676
	71,776	*	Ziggo NV		3,507,559
			TOTAL NETHERLANDS		222,742,728

NEW ZEALAND - 0.1%
	416,347		Auckland International Airport Ltd		1,258,694
	190,812		Contact Energy Ltd		925,668
	318,432		Fletcher Building Ltd		2,147,798
	165,795		Ryman Healthcare Ltd		981,612
	903,625		Telecom Corp of New Zealand Ltd		2,229,969

291

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	39,532	*	Xero Ltd	$	490,345
			TOTAL NEW ZEALAND		8,034,086

NORWAY - 0.7%
	69,246	*	Aker Solutions ASA		448,639
	440,181		DNB NOR Holding ASA		8,087,118
	88,713		Gjensidige Forsikring BA		1,611,430
	602,983		Norsk Hydro ASA		3,376,052
	366,272		Orkla ASA		2,800,528
	168,532	e	Seadrill Ltd (Oslo Exchange)		3,808,669
	508,872	e	Statoil ASA		11,645,755
	341,482		Telenor ASA		7,678,782
	83,360		Yara International ASA		3,828,003
			TOTAL NORWAY		43,284,976

PORTUGAL - 0.2%
	15,608,421	*	Banco Comercial Portugues S.A.		1,764,167
	1,043,975		Energias de Portugal S.A.		4,492,566
	187,199		Galp Energia SGPS S.A.		2,714,098
	130,272	e	Jeronimo Martins SGPS S.A.		1,140,090
			TOTAL PORTUGAL		10,110,921

SINGAPORE - 1.4%
	1,005,960		Ascendas REIT		1,747,318
	1,058,000		CapitaCommercial Trust		1,375,688
	1,154,000		CapitaLand Ltd		2,849,129
	1,210,330		CapitaMall Trust		1,856,394
	199,400	e	City Developments Ltd		1,467,568
	877,000		ComfortDelgro Corp Ltd		1,803,114
	780,250		DBS Group Holdings Ltd		11,224,220
	2,675,400	e	Genting International plc		2,291,398
	1,465,000		Global Logistic Properties		3,139,442
	3,118,647	e	Golden Agri-Resources Ltd		1,263,835
	2,474,300		Hutchison Port Holdings Trust		1,670,670
	48,009		Jardine Cycle & Carriage Ltd		1,492,332
	636,400		Keppel Corp Ltd		4,666,856
	300,000		Keppel Land Ltd		780,634
	217,000	e	Olam International Ltd		359,780
	1,342,544	e	Oversea-Chinese Banking Corp		10,341,760
	429,460		SembCorp Industries Ltd		1,624,685
	437,600	e	SembCorp Marine Ltd		1,239,733
	238,933		Singapore Airlines Ltd		1,841,369
	391,000		Singapore Exchange Ltd		2,130,840
	779,000	e	Singapore Press Holdings Ltd		2,596,510
	685,000		Singapore Technologies Engineering Ltd		1,999,890
	3,683,403		Singapore Telecommunications Ltd		10,841,275
	328,000		StarHub Ltd		1,054,293
	576,158		United Overseas Bank Ltd		10,322,256
	202,302		United Overseas Land Ltd		1,016,113
	847,000	e	Wilmar International Ltd		2,111,308
			TOTAL SINGAPORE		85,108,410

292

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

SOUTH AFRICA - 0.0%
	247,382		Investec plc	$	2,268,363
			TOTAL SOUTH AFRICA		2,268,363

SPAIN - 3.4%
	192,772	e	Abertis Infraestructuras S.A. (Continuous)		4,019,747
	82,579		ACS Actividades Construccion y Servicios S.A.		3,065,156
	178,046		Amadeus IT Holding S.A.		6,550,698
	2,699,505		Banco Bilbao Vizcaya Argentaria S.A.		30,193,655
	1,543,439	e	Banco de Sabadell S.A.		4,462,422
	809,142	e	Banco Popular Espanol S.A.		4,647,881
	5,451,340		Banco Santander Central Hispano S.A.		48,165,446
	2,083,773	*	Bankia S.A.		3,736,928
	193,991		Cintra Concesiones de Infraestructuras de Transporte S.A.		3,966,154
	462,081		Corp Mapfre S.A.		1,584,500
	803,129		Criteria CaixaBank S.A.		4,389,263
	271,522		Distribuidora Internacional de Alimentacion S.A.		1,725,190
	90,959		Enagas		3,052,561
	158,946		Gas Natural SDG S.A.		4,589,842
	66,539		Grifols S.A.		2,717,065
	2,297,069		Iberdrola S.A.		16,260,758
	502,447		Inditex S.A.		14,135,389
	47,634		Red Electrica de Espana		4,162,319
	463,341		Repsol YPF S.A.		10,355,199
	1,848,705		Telefonica S.A.		27,818,719
	90,467	e	Zardoya Otis S.A.		1,054,847
			TOTAL SPAIN		200,653,739

SWEDEN - 3.0%
	139,140	e	Alfa Laval AB		2,868,217
	155,359		Assa Abloy AB (Class B)		8,247,163
	311,483	e	Atlas Copco AB (A Shares)		9,022,346
	183,267		Atlas Copco AB (B Shares)		4,854,344
	133,803		Boliden AB		2,211,411
	109,017		Electrolux AB (Series B)		3,088,973
	165,775	e	Elekta AB (B Shares)		1,700,005
	1,378,075		Ericsson (LM) (B Shares)		16,283,880
	91,945		Getinge AB (B Shares)		2,109,509
	436,092		Hennes & Mauritz AB (B Shares)		17,399,841
	115,382		Hexagon AB (B Shares)		3,893,632
	184,614		Husqvarna AB (B Shares)		1,378,353
	61,575		Industrivarden AB		1,078,696
	208,930		Investor AB (B Shares)		7,499,037
	108,068		Kinnevik Investment AB (Series B)		3,431,468
	100,381	*	Lundin Petroleum AB		1,418,843
	1,367,137		Nordea Bank AB		17,583,778
	483,474	e	Sandvik AB		5,311,014
	143,224		Securitas AB (B Shares)		1,584,861
	680,902		Skandinaviska Enskilda Banken AB (Class A)		8,745,685
	172,386		Skanska AB (B Shares)		3,513,995
	181,645		SKF AB (B Shares)		3,643,330
	265,680		Svenska Cellulosa AB (B Shares)		5,952,954

293

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	223,019		Svenska Handelsbanken (A Shares)	$	10,661,465
	408,044		Swedbank AB (A Shares)		10,813,440
	90,379		Swedish Match AB		2,938,856
	141,369		Tele2 AB		1,796,177
	1,091,808		TeliaSonera AB		7,560,516
	696,539		Volvo AB (B Shares)		8,038,364
			TOTAL SWEDEN		174,630,153

SWITZERLAND - 9.5%
	993,844		ABB Ltd		21,803,614
	46,426		Actelion Ltd		5,529,111
	77,311		Adecco S.A.		5,240,264
	39,666		Aryzta AG.		3,383,571
	21,765		Baloise Holding AG.		2,739,882
	970	e	Barry Callebaut AG.		1,018,084
	235,354		Cie Financiere Richemont S.A.		19,843,585
	88,169		Coca-Cola HBC AG.		1,923,362
	682,875		Credit Suisse Group		18,194,383
	4,192		EMS-Chemie Holding AG.		1,509,667
	16,909		Geberit AG.		5,771,636
	4,164		Givaudan S.A.		6,953,765
	4,794,591		Glencore Xstrata plc		24,599,295
	103,272		Holcim Ltd		7,329,681
	101,280		Julius Baer Group Ltd		4,439,885
	25,525		Kuehne & Nagel International AG.		3,326,675
	413		Lindt & Spruengli AG.		2,072,837
	49		Lindt & Spruengli AG. (Registered)		2,935,012
	23,399		Lonza Group AG.		2,578,254
	1,468,992		Nestle S.A.		107,727,200
	1,039,739		Novartis AG.		96,490,746
	15,892		Pargesa Holding S.A.		1,237,057
	7,679		Partners Group		2,043,469
	24,323		Phonak Holding AG.		3,792,707
	317,580		Roche Holding AG.		93,718,293
	20,559		Schindler Holding AG.		2,875,941
	10,767		Schindler Holding AG. (Registered)		1,457,011
	2,425		SGS S.A.		5,331,414
	948		Sika AG.		3,388,742
	288,391		STMicroelectronics NV		1,926,376
	10,472		Sulzer AG.		1,193,588
	13,985		Swatch Group AG.		6,633,951
	24,550		Swatch Group AG. (Registered)		2,076,994
	14,893		Swiss Life Holding		3,417,061
	27,164		Swiss Prime Site AG.		2,065,196
	162,363		Swiss Re Ltd		13,128,804
	10,317		Swisscom AG.		6,082,087
	42,192		Syngenta AG.		13,048,185
	1,647,427		UBS AG.		28,645,681
	67,426		Zurich Financial Services AG.		20,405,026
			TOTAL SWITZERLAND		557,878,092

294

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

UNITED KINGDOM - 18.6%
	435,654		3i Group plc	$	2,770,941
	421,168		Aberdeen Asset Management plc		2,929,063
	126,425		Acergy S.A.		1,360,508
	89,726		Admiral Group plc		1,919,881
	115,488	e	Aggreko plc		2,817,669
	133,997	e	AMEC plc		2,234,284
	631,337		Anglo American plc (London)		13,329,765
	174,381		Antofagasta plc		1,963,844
	639,563		ARM Holdings plc		9,054,529
	24,896	*	ASOS plc		1,061,582
	165,939		Associated British Foods plc		7,323,186
	576,636		AstraZeneca plc		42,122,308
	1,327,685		Aviva plc		11,105,092
	123,931		Babcock International Group		2,175,117
	1,456,706		BAE Systems plc		10,727,557
	7,505,368		Barclays plc		28,865,033
	1,540,337		BG Group plc		25,671,306
	8,409,580		BP plc		60,506,096
	846,231		British American Tobacco plc		47,962,342
	427,248		British Land Co plc		4,988,849
	464,570		British Sky Broadcasting plc		6,584,004
	3,575,893		BT Group plc		21,081,069
	148,944		Bunzl plc		4,044,639
	200,010		Burberry Group plc		4,914,957
	297,558		Capita Group plc		5,231,640
	2,327,731		Centrica plc		11,289,430
	428,445	e	CNH Industrial NV		3,496,275
	515,323		Cobham plc		2,403,818
	757,405		Compass Group plc		12,225,207
	62,369		Croda International plc		2,293,079
	1,148,273		Diageo plc		33,865,302
	700,544		Direct Line Insurance Group plc		3,098,967
	71,450		easyJet plc		1,716,869
	447,764		Experian Group Ltd		6,732,644
	396,063	*,e	Fiat DaimlerChrysler Automobiles NV		4,431,114
	726,551		GKN plc		3,712,624
	2,216,478		GlaxoSmithKline plc		50,123,352
	736,075		Group 4 Securicor plc		3,012,936
	346,657		Hammerson plc		3,405,555
	115,845		Hargreaves Lansdown plc		1,845,903
	8,689,849		HSBC Holdings plc		88,596,169
	243,490	e	ICAP plc		1,634,721
	119,678		IMI plc		2,343,617
	432,304		Imperial Tobacco Group plc		18,780,074
	192,605		Inmarsat plc		2,114,781
	106,859		InterContinental Hotels Group plc		4,059,049
	486,926	*	International Consolidated Airlines Group S.A.		3,184,683
	73,053		Intertek Group plc		3,184,101
	1,732,057		ITV plc		5,626,904
	592,830	e	J Sainsbury plc		2,335,489
	92,733		Johnson Matthey plc		4,427,222
	1,071,459		Kingfisher plc		5,190,645

295

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	352,910		Land Securities Group plc	$	6,262,052
	2,678,684		Legal & General Group plc		9,927,972
	424,146	*	Liberty International plc		2,313,810
	25,896,421	*	Lloyds TSB Group plc		31,979,201
	103,259		London Stock Exchange Group plc		3,334,585
	736,911		Marks & Spencer Group plc		4,798,630
	360,372		Meggitt plc		2,603,113
	489,955		Melrose Industries plc		2,013,755
	1,684,629		National Grid plc		24,999,834
	443,028		New Carphone Warehouse plc		2,813,129
	70,075		Next plc		7,234,311
	2,186,025		Old Mutual plc		6,788,866
	370,123		Pearson plc		6,927,406
	137,894		Persimmon plc		3,238,465
	117,442		Petrofac Ltd		1,989,862
	1,155,018		Prudential plc		26,745,630
	297,827		Reckitt Benckiser Group plc		25,084,022
	312,938		Reed Elsevier NV		7,208,605
	513,625		Reed Elsevier plc		8,452,854
	627,676		Resolution Ltd		3,255,142
	311,351		Rexam plc		2,373,077
	198,312		Rio Tinto Ltd		10,589,525
	577,993		Rio Tinto plc		27,501,744
	851,224		Rolls-Royce Group plc		11,529,381
	76,610,160	*,m	Rolls-Royce Holdings plc		122,553
	1,136,134	*	Royal Bank of Scotland Group plc		7,063,970
	299,193		Royal Mail plc		2,117,367
	455,279	*	RSA Insurance Group plc		3,519,923
	437,044		SABMiller plc		24,720,500
	485,830		Sage Group plc		2,941,920
	58,833		Schroders plc		2,275,216
	440,872		Scottish & Southern Energy plc		11,299,983
	322,690		Segro plc		1,965,920
	112,797		Severn Trent plc		3,605,389
	402,379		Smith & Nephew plc		6,830,512
	178,557		Smiths Group plc		3,334,857
	123,149	*,e	Sports Direct International plc		1,271,937
	1,131,968		Standard Chartered plc		17,039,125
	1,072,669		Standard Life plc		6,773,452
	224,402		Tate & Lyle plc		2,171,783
	3,749,373		Tesco plc		10,408,213
	109,694		Travis Perkins plc		2,906,481
	219,755		TUI Travel plc		1,404,261
	421,157		Tullow Oil plc		3,286,702
	745,262		Unilever NV		28,885,198
	579,737		Unilever plc		23,320,199
	318,027		United Utilities Group plc		4,359,597
	12,080,141		Vodafone Group plc		40,171,956
	96,337		Weir Group plc		3,521,006
	81,799		Whitbread plc		5,717,831
	421,689		William Hill plc		2,435,229
	1,004,302	e	WM Morrison Supermarkets plc		2,493,572

296

TIAA-CREF FUNDS - International Equity Index Fund

SHARES

COMPANY

RATE

MATURITY
DATE

VALUE

120,271

Wolseley plc

6,396,008

598,935

WPP plc

11,698,790

TOTAL UNITED KINGDOM

1,091,900,212

UNITED STATES - 0.6%

83,340

Carnival plc

3,323,260

351,454

d,e

iShares MSCI EAFE Index Fund

22,475,483

105,103

Qiagen NV

2,470,071

166,889

Transocean Ltd

4,970,568

TOTAL UNITED STATES

33,239,382

TOTAL COMMON STOCKS

5,832,519,835

(Cost $5,165,969,007)

RIGHTS / WARRANTS - 0.0%

AUSTRALIA - 0.0%

989,098

BGP Holdings plc

TOTAL AUSTRALIA

HONG KONG - 0.0%

531

Sun Hung Kai Properties Ltd

1,153

TOTAL HONG KONG

1,153

SPAIN - 0.0%

5,434,440

Banco Santander S.A.

1,035,146

TOTAL SPAIN

1,035,146

TOTAL RIGHTS / WARRANTS

1,036,299

(Cost $1,047,086)

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS – 3.5%

GOVERNMENT AGENCY DEBT - 0.4%

22,700,000

Federal Home Loan Bank (FHLB)

0.050

11/19/14

22,699,433

TOTAL GOVERNMENT AGENCY DEBT

22,699,433

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.1%

183,755,836

a,c

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

183,755,836

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

183,755,836

TOTAL SHORT-TERM INVESTMENTS

206,455,269

(Cost $206,455,269)

TOTAL INVESTMENTS - 102.6%

6,040,011,403

(Cost $5,373,471,362)

OTHER ASSETS & LIABILITIES, NET - (2.6)%

(152,676,090

)

NET ASSETS - 100.0%

5,887,335,313

297

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 by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $174,850,104.
m	Indicates a security that has been deemed illiquid.

298

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2014

				% OF
SECTOR	VALUE				NET ASSETS
FINANCIALS	$	1,541,727,686			26.1	%
INDUSTRIALS		727,103,046			12.3
CONSUMER DISCRETIONARY		682,696,493			11.6
HEALTH CARE		641,700,767			10.9
CONSUMER STAPLES		640,810,780			10.9
MATERIALS		439,187,631			7.5
ENERGY		371,777,650			6.3
TELECOMMUNICATION SERVICES		292,539,501			5.0
INFORMATION TECHNOLOGY		269,197,593			4.6
UTILITIES		226,814,987			3.9
SHORT-TERM INVESTMENTS		206,455,269			3.5
OTHER ASSETS & LIABILITIES, NET		(152,676,090	)		(2.6	)

NET ASSETS	$	5,887,335,313			100.0	%

299

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS

October 31, 2014

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

BONDS - 98.6%

CORPORATE BONDS - 49.2%

BRAZIL - 3.7%
$	200,000		Braskem Finance Ltd		6.450	%	02/03/24	$	212,150
	400,000	g	Klabin Finance S.A.		5.250		07/16/24		391,800
	190,740	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		199,800
BRL	680,000	g	Oi S.A.		9.750		09/15/16		249,316
$	360,000		Petrobras Global Finance BV		6.250		03/17/24		382,774
	250,000	g	Rio Oil Finance Trust		6.250		07/06/24		260,694
	200,000	g	Samarco Mineracao S.A.		5.375		09/26/24		200,390
	200,000	g	Tupy Overseas S.A.		6.625		07/17/24		202,500
			TOTAL BRAZIL						2,099,424

CHILE - 2.0%
	200,000	g	Celulosa Arauco y Constitucion S.A.		4.500		08/01/24		198,895
	200,000	g	Colbun S.A.		4.500		07/10/24		201,528
	200,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.875		11/04/44		197,963
	200,000	g	E.CL S.A.		4.500		01/29/25		201,029
	400,000	g	Inversiones CMPC S.A.		4.750		09/15/24		401,140
			TOTAL CHILE						1,200,555

CHINA - 2.0%
	400,000	g	Export-Import Bank of China		3.625		07/31/24		402,279
	400,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		362,963
	400,000	g	Semiconductor Manufacturing International Corp		4.125		10/07/19		402,406
			TOTAL CHINA						1,167,648

COLOMBIA - 3.6%
	200,000		Ecopetrol S.A.		5.875		09/18/23		223,000
	490,000		Ecopetrol S.A.		4.125		01/16/25		477,750
	400,000	g	Empresa de Energia de Bogota S.A.		6.125		11/10/21		432,380
COP	620,000,000	g	Empresa de Telecomunicaciones de Bogota		7.000		01/17/23		284,010
$	100,000	g	Pacific Rubiales Energy Corp		5.375		01/26/19		100,250
	100,000	g	Pacific Rubiales Energy Corp		5.625		01/19/25		95,095
	400,000	g	SUAM Finance BV		4.875		04/17/24		410,000
			TOTAL COLOMBIA						2,022,485

GUATEMALA - 0.8%
	400,000	g	Comcel Trust		6.875		02/06/24		428,000
			TOTAL GUATEMALA						428,000

INDIA - 4.3%
	400,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		422,512

300

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

$	400,000	g	ICICI Bank Ltd		3.500	%	03/18/20	$	401,331
	400,000		Indian Railway Finance Corp Ltd		3.917		02/26/19		413,764
	200,000		NTPC Ltd		4.750		10/03/22		206,043
	400,000		NTPC Ltd		5.625		07/14/21		435,782
	500,000	g	Reliance Holdings USA		5.400		02/14/22		544,436
			TOTAL INDIA						2,423,868

INDONESIA - 4.4%
	600,000	g	Indo Energy Finance II BV		6.375		01/24/23		484,500
	200,000	g	Pelabuhan Indonesia III PT		4.875		10/01/24		203,000
	600,000	g	Pertamina Persero PT		4.300		05/20/23		583,500
	200,000	g	Pertamina Persero PT		5.625		05/20/43		191,500
	200,000	g	Pertamina PT		6.500		05/27/41		212,000
	200,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		205,250
	200,000	g	Perusahaan Listrik Negara PT		5.500		11/22/21		212,500
	450,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		407,250
			TOTAL INDONESIA						2,499,500

ISRAEL - 0.8%
	200,000	g	B Communications Ltd		7.375		02/15/21		213,020
	200,000	g	Israel Electric Corp Ltd		7.250		01/15/19		224,400
			TOTAL ISRAEL						437,420

KAZAKHSTAN - 1.7%
	200,000	g	Kazakhstan Temir Zholy Finance BV		6.375		10/06/20		218,500
	250,000	g	KazMunayGas National Co JSC		4.875		05/07/25		248,480
	200,000	g	KazMunayGas National Co JSC		5.750		04/30/43		194,500
	300,000	g	KazMunayGas National Co JSC		6.000		11/07/44		295,893
			TOTAL KAZAKHSTAN						957,373

KOREA, REPUBLIC OF - 0.7%
	400,000	g	Hana Bank		4.375		09/30/24		412,910
			TOTAL KOREA, REPUBLIC OF						412,910

MEXICO - 6.0%
MXN	4,250,000		America Movil SAB de C.V.		6.450		12/05/22		309,797
$	400,000	g	BBVA Bancomer S.A.		6.750		09/30/22		453,000
	200,000	g	BBVA Bancomer S.A.		4.375		04/10/24		204,000
	400,000	g	Cemex Finance LLC		6.000		04/01/24		407,880
EUR	150,000	g	Cemex SAB de C.V.		4.750		01/11/22		187,033
$	200,000	g	Comision Federal de Electricidad		4.875		01/15/24		211,000
	200,000	g	Controladora Mabe S.A. de C.V.		7.875		10/28/19		228,650
	400,000	g	Empresas ICA SAB de C.V.		8.875		05/29/24		406,000
	200,000	g	Mexichem SAB de C.V.		5.875		09/17/44		200,000
	100,000		Pemex Project Funding Master Trust		6.625		06/15/35		118,000
	100,000	g,h	Petroleos Mexicanos		4.250		01/15/25		101,230
	230,000		Petroleos Mexicanos		5.500		06/27/44		239,775
	110,000	h	Petroleos Mexicanos		6.375		01/23/45		126,214
	200,000	g	Trust F		5.250		12/15/24		211,000
			TOTAL MEXICO						3,403,579

301

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

MOROCCO - 1.2%
$	400,000	g	OCP S.A.		5.625	%	04/25/24	$	419,580
	200,000	g	OCP S.A.		6.875		04/25/44		218,290
			TOTAL MOROCCO						637,870

NIGERIA - 0.7%
	400,000	g	Zenith Bank plc		6.250		04/22/19		394,000
			TOTAL NIGERIA						394,000

PERU - 3.0%
	250,000	g	Banco de Credito del Peru		4.250		04/01/23		250,625
	200,000	g,i	BBVA Banco Continental S.A.		5.250		09/22/29		202,300
	300,000	g	Corp Lindley S.A.		6.750		11/23/21		327,750
	200,000	g	Corp Lindley S.A.		4.625		04/12/23		195,500
	200,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		192,000
	550,000	g	Union Andina de Cementos SAA		5.875		10/30/21		558,360
			TOTAL PERU						1,726,535

POLAND - 0.8%
	400,000	g	PKO Finance AB		4.630		09/26/22		419,500
			TOTAL POLAND						419,500

RUSSIA - 3.4%
	400,000	g	EDC Finance Ltd		4.875		04/17/20		362,000
	200,000	g	Lukoil International Finance BV		3.416		04/24/18		190,750
	600,000	g	Lukoil International Finance BV		6.125		11/09/20		610,500
	400,000	g	Vimpelcom Holdings		7.504		03/01/22		399,000
	400,000	g	VimpelCom Holdings BV		5.950		02/13/23		367,532
			TOTAL RUSSIA						1,929,782

SINGAPORE - 0.7%
	400,000	g,i	Oversea-Chinese Banking Corp Ltd		4.000		10/15/24		407,388
			TOTAL SINGAPORE						407,388

SOUTH AFRICA - 2.5%
	225,000		AngloGold Ashanti Holdings plc		5.125		08/01/22		213,200
	600,000	g	Eskom Holdings Ltd		5.750		01/26/21		619,620
	400,000	g	Eskom Holdings SOC Ltd		6.750		08/06/23		430,500
	200,000	g	Transnet SOC Ltd		4.000		07/26/22		192,540
			TOTAL SOUTH AFRICA						1,455,860

SRI LANKA - 0.7%
	400,000	g	National Savings Bank		5.150		09/10/19		396,000
			TOTAL SRI LANKA						396,000

TURKEY - 3.9%
	200,000	g	Export Credit Bank of Turkey		5.000		09/23/21		201,532
	200,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		198,508

302

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

$	200,000	g	Turkiye Garanti Bankasi AS.		4.750	%	10/17/19	$	202,912
	200,000	g	Turkiye Halk Bankasi AS.		4.750		06/04/19		200,580
	400,000	g	Turkiye Is Bankasi		5.000		04/30/20		402,000
	400,000	g	Turkiye Is Bankasi		5.000		06/25/21		398,280
	200,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		196,348
	400,000	g	Yasar Holdings AS.		8.875		05/06/20		400,000
			TOTAL TURKEY						2,200,160

UNITED KINGDOM - 0.7%
	400,000	g	Jaguar Land Rover Automotive plc		4.250		11/15/19		402,000
			TOTAL UNITED KINGDOM						402,000

VENEZUELA - 1.6%
	300,000		Petroleos de Venezuela S.A.		5.250		04/12/17		198,900
	530,000	g	Petroleos de Venezuela S.A.		8.500		11/02/17		401,422
	600,000		Petroleos de Venezuela S.A.		5.375		04/12/27		285,000
			TOTAL VENEZUELA						885,322

			TOTAL CORPORATE BONDS						27,907,179
			(Cost $27,902,870)

GOVERNMENT BONDS - 49.4%

AZERBAIJAN - 0.8%
	440,000	g	Republic of Azerbaijan International Bond		4.750		03/18/24		458,150
			TOTAL AZERBAIJAN						458,150

BAHRAIN - 0.4%
	200,000	g	Bahrain Government International Bond		6.000		09/19/44		207,000
			TOTAL BAHRAIN						207,000

BARBADOS - 0.6%
	250,000	g	Barbados Government International Bond		6.625		12/05/35		201,750
	250,000		Barbados Government International Bond		6.625		12/05/35		201,750
			TOTAL BARBADOS						403,500

BRAZIL - 2.5%
	575,000	g	Brazil Loan Trust		5.477		07/24/23		598,000
	400,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		402,000
BRL	1,060,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/17		410,180
			TOTAL BRAZIL						1,410,180

COLOMBIA - 2.2%
COP	660,000,000		Colombia Government International Bond		4.375		03/21/23		283,086
$	535,000		Colombia Government International Bond		4.000		02/26/24		548,910
	200,000		Colombia Government International Bond		5.625		02/26/44		223,321
COP	400,000,000		Colombian TES		5.000		11/21/18		192,037
			TOTAL COLOMBIA						1,247,354

303

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

COSTA RICA - 0.6%
$	200,000	g	Costa Rica Government International Bond		4.250	%	01/26/23	$	190,000
	200,000	g	Costa Rica Government International Bond		4.375		04/30/25		186,000
			TOTAL COSTA RICA						376,000

CROATIA - 2.0%
	375,000	g	Croatia Government International Bond		6.250		04/27/17		401,602
	440,000	g	Croatia Government International Bond		6.375		03/24/21		483,450
	275,000	g	Croatia Government International Bond		6.000		01/26/24		297,344
			TOTAL CROATIA						1,182,396

DOMINICAN REPUBLIC - 0.8%
DOP	17,250,000	g	Dominican Republic International Bond		14.000		05/12/17		430,905
			TOTAL DOMINICAN REPUBLIC						430,905

EL SALVADOR - 0.5%
$	275,000	g	El Salvador Government International Bond		6.375		01/18/27		281,875
			TOTAL EL SALVADOR						281,875

GHANA - 1.1%
	650,000	g	Republic of Ghana		8.125		01/18/26		653,250
			TOTAL GHANA						653,250

GREECE - 0.5%
EUR	238,000	g	Hellenic Republic Government Bond		4.750		04/17/19		272,454
			TOTAL GREECE						272,454

GUATEMALA - 0.4%
$	200,000	g	Guatemala Government Bond		5.750		06/06/22		219,500
			TOTAL GUATEMALA						219,500

HUNGARY - 2.5%
	1,000,000		Hungary Government International Bond		5.750		11/22/23		1,100,000
	250,000		Hungary Government International Bond		7.625		03/29/41		323,125
			TOTAL HUNGARY						1,423,125

INDONESIA - 3.0%
	200,000	g	Indonesia Government International Bond		3.750		04/25/22		199,000
	655,000	g	Indonesia Government International Bond		3.375		04/15/23		627,163
	400,000	g	Indonesia Government International Bond		6.750		01/15/44		490,500
IDR	4,900,000,000		Indonesia Treasury Bond		7.875		04/15/19		405,867
			TOTAL INDONESIA						1,722,530

JAMAICA - 0.8%
$	400,000		Jamaica Government International Bond		7.625		07/09/25		427,500
			TOTAL JAMAICA						427,500

KENYA - 1.3%
	200,000	g	Kenya Government International Bond		5.875		06/24/19		207,250

304

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

$	200,000	g	Kenya Government International Bond		6.875	%	06/24/24	$	213,000
KES	28,600,000		Kenya Infrastructure Bond		11.000		10/12/26		314,760
			TOTAL KENYA						735,010

MALAYSIA - 0.3%
MYR	570,000		Malaysia Government Bond		3.314		10/31/17		171,854
			TOTAL MALAYSIA						171,854

MEXICO - 1.6%
MXN	9,140,000		Mexican Bonos		6.500		06/09/22		710,498
$	200,000		Mexico Government International Bond		4.750		03/08/44		203,100
			TOTAL MEXICO						913,598

MOROCCO - 0.7%
	400,000	g	Morocco Government International Bond		5.500		12/11/42		407,000
			TOTAL MOROCCO						407,000

NAMIBIA - 0.4%
	200,000	g	Namibia International Bonds		5.500		11/03/21		216,000
			TOTAL NAMIBIA						216,000

NIGERIA - 1.2%
	270,000	g	Nigeria Government International Bond		6.375		07/12/23		286,200
NGN	65,000,000		Nigeria Treasury Bill		1.000		01/08/15		384,926
			TOTAL NIGERIA						671,126

PANAMA - 1.3%
$	250,000		Panama Government International Bond		5.200		01/30/20		276,250
	440,000		Panama Government International Bond		4.000		09/22/24		449,900
			TOTAL PANAMA						726,150

PARAGUAY - 0.8%
	400,000	g	Republic of Paraguay		6.100		08/11/44		428,500
			TOTAL PARAGUAY						428,500

PERU - 0.5%
PEN	850,000	g	Peruvian Government International Bond		5.700		08/12/24		289,750
			TOTAL PERU						289,750

PHILIPPINES - 1.8%
$	400,000		Philippine Government International Bond		4.200		01/21/24		431,500
	250,000		Philippine Government International Bond		5.500		03/30/26		291,875
PHP	12,000,000		Philippine Government International Bond		6.250		01/14/36		292,412
			TOTAL PHILIPPINES						1,015,787

POLAND - 2.0%
$	545,000		Poland Government International Bond		5.000		03/23/22		612,444
	465,000		Poland Government International Bond		4.000		01/22/24		488,628
			TOTAL POLAND						1,101,072

305

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

REPUBLIC OF SERBIA - 0.7%
$	400,000	g	Republic of Serbia		5.875	%	12/03/18	$	423,752
			TOTAL REPUBLIC OF SERBIA						423,752

ROMANIA - 0.8%
	220,000	g	Romanian Government International Bond		4.375		08/22/23		229,075
	200,000	g	Romanian Government International Bond		4.875		01/22/24		215,500
			TOTAL ROMANIA						444,575

RUSSIA - 1.6%
	334,050	i	Russia Government International Bond		7.500		03/31/30		378,977
	500,000	g	Russian Foreign Bond - Eurobond		5.000		04/29/20		515,060
			TOTAL RUSSIA						894,037

SLOVENIA - 0.8%
	200,000	g	Slovenia Government International Bond		5.500		10/26/22		219,750
	200,000	g	Slovenia Government International Bond		5.250		02/18/24		215,376
			TOTAL SLOVENIA						435,126

SOUTH AFRICA - 3.1%
ZAR	5,700,000		South Africa Government Bond		6.500		02/28/41		402,136
$	495,000		South Africa Government International Bond		5.875		09/16/25		559,350
	750,000		South Africa Government International Bond		5.375		07/24/44		776,250
			TOTAL SOUTH AFRICA						1,737,736

SRI LANKA - 1.3%
	475,000	g	Sri Lanka Government International Bond		6.000		01/14/19		503,500
	200,000	g	Sri Lanka Government International Bond		6.250		07/27/21		212,500
			TOTAL SRI LANKA						716,000

SUPRANATIONAL - 1.0%
INR	18,350,000		European Bank for Reconstruction & Development		6.000		03/03/16		300,026
	18,000,000		Inter-American Development Bank		7.125		07/24/15		295,534
			TOTAL SUPRANATIONAL						595,560

TURKEY - 5.3%
$	400,000		Republic of Turkey		6.000		01/14/41		443,280
TRY	995,000		Turkey Government Bond		7.100		03/08/23		409,612
$	250,000		Turkey Government International Bond		6.750		04/03/18		279,375
	175,000		Turkey Government International Bond		7.500		11/07/19		206,229
	200,000		Turkey Government International Bond		5.625		03/30/21		218,996
	200,000		Turkey Government International Bond		5.125		03/25/22		212,600
	350,000		Turkey Government International Bond		5.750		03/22/24		386,505
	200,000		Turkey Government International Bond		7.375		02/05/25		247,190
	110,000		Turkey Government International Bond		8.000		02/14/34		148,225
	400,000		Turkey Government International Bond		6.875		03/17/36		484,000
			TOTAL TURKEY						3,036,012

306

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

UKRAINE - 1.1%
$	300,000	g	Ukraine Government International Bond		6.750	%	11/14/17	$	261,750
	425,000	g	Ukraine Government International Bond		7.800		11/28/22		367,710
			TOTAL UKRAINE						629,460

URUGUAY - 0.4%
	200,000		Uruguay Government International Bond		4.500		08/14/24		211,000
			TOTAL URUGUAY						211,000

VENEZUELA - 2.7%
	260,000		Venezuela Government International Bond		5.750		02/26/16		221,000
	905,000		Venezuela Government International Bond		7.750		10/13/19		585,987
	300,000		Venezuela Government International Bond		9.000		05/07/23		192,750
	525,000		Venezuela Government International Bond		7.650		04/21/25		315,000
	300,000		Venezuela Government International Bond		9.250		05/07/28		190,500
			TOTAL VENEZUELA						1,505,237

			TOTAL GOVERNMENT BONDS						28,020,061
			(Cost $28,020,445)

			TOTAL BONDS						55,927,240
			(Cost $55,923,315)

			TOTAL INVESTMENTS - 98.6%						55,927,240
			(Cost $55,923,315)
			OTHER ASSETS & LIABILITIES, NET - 1.4%						780,879
			NET ASSETS - 100.0%					$	56,708,119

	Abbreviation(s):
	BRL	Brazilian Real
	COP	Columbian Peso
	DOP	Dominican Peso
	EUR	Euro
	IDR	Indonesian Rupiah
	INR	Indian Rupee
	KES	Kenyan Shilling
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NGN	Nigerian Naira
	PEN	Peruvian Nuevo Sol
	PHP	Philippine Peso
	TRY	Turkish Lira
	ZAR	South African Rand

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 9/30/14, the aggregate value of these securities, including those in “Other,” was $35,876,676, or 63.3% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

307

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SUMMARY OF MARKET VALUES BY SECTOR

October 31, 2014

SECTOR	VALUE		% OF NET ASSETS
GOVERNMENT	$	28,020,061		49.4	%
FINANCIALS		8,274,485		14.5
ENERGY		5,127,346		9.0
UTILITIES		4,921,155		8.7
MATERIALS		3,601,889		6.4
TELECOMMUNICATION SERVICES		2,443,695		4.3
INDUSTRIALS		1,619,340		2.9
CONSUMER DISCRETIONARY		993,613		1.8
CONSUMER STAPLES		523,250		0.9
INFORMATION TECHNOLOGY		402,406		0.7
OTHER ASSETS & LIABILITIES, NET		780,879		1.4

NET ASSETS	$	56,708,119		100.0	%

308

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of the Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value Index Fund, Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Emerging Markets Equity Fund, Enhanced International Equity Index Fund, Global Natural Resources Fund, International Equity Fund, International Opportunities Fund, Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund, International Equity Index Fund, and Emerging Markets Debt Fund (twenty-two of the portfolios constituting the TIAA-CREF Funds, hereinafter referred to as the “Funds”) at October 31, 2014, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, and schedules of investments (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2014

309

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TIAA-CREF FUNDS

Dated: December 11, 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: December 11, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary President and Principal Executive Officer (principal executive officer)

Dated: December 11, 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)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer