485APOS 1 c82273_485apos.htm

As filed with the Securities and Exchange Commission on September 4, 2015
File Nos. 333-76651, 811-09301

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	x
Pre-Effective Amendment No.	o
Post-Effective Amendment No. 86	x
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	x
Amendment No. 89	x
(Check appropriate box or boxes)

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)
Registrant’s Telephone Number, including Area Code: (800) 842-2733

Rachael M. Zufall, Esq.
TIAA-CREF Funds
8500 Andrew Carnegie Boulevard
Charlotte, North Carolina 28262

(Name and Address of Agent for Service)

Copy to:

Jeffrey S. Puretz, Esq.
Dechert LLP
1900 K Street, N.W.

Washington, D.C. 20006
Approximate Date of Proposed Public Offering:

As soon as practicable after effectiveness of the Registration Statement.

It is proposed that this filing will become effective (check appropriate box):

o	Immediately upon filing pursuant to paragraph (b)
o	On _____________ pursuant to paragraph (b)
x	60 days after filing pursuant to paragraph (a)(1)
o	75 days after filing pursuant to paragraph (a)(2) of rule 485
o	On (date) pursuant to paragraph (a)(1)
o	On _____________ pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

o	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

PROSPECTUS

[DECEMBER __, 2015]

TIAA-CREF International & Global Funds

of the TIAA-CREF Funds


Fund Class Ticker:	[Investor] Class
Emerging Markets Equity Fund	–
Enhanced International Equity Index Fund	–
Global Natural Resources	–
International Equity Fund	–
International Opportunities Fund	–
Social Choice International Equity Fund Emerging Markets Debt Fund	– –

This Prospectus describes the [Investor] Class shares offered by the investment portfolios listed above (each, a “Fund” and, collectively, the “Funds”) of the TIAA-CREF Funds (the “Trust”).

An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investor can lose money in any of the Funds and the Funds could perform more poorly than other investments.

The Securities and Exchange Commission (the “SEC”) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Table of contents

Summary information

Emerging Markets Equity Fund

Investment objective 5

Fees and expenses 5

Shareholder fees 5

Annual Fund operating expenses 5

Example 6

Portfolio turnover 6

Principal investment strategies 6

Principal investment risks 7

Past performance 7

Portfolio management 10

Purchase and sale of [Investor] Class shares 10

Tax information 10

Payments to broker-dealers and other financial intermediary compensation 10

Summary information

Enhanced International Equity Index Fund

Investment objective 11

Fees and expenses 11

Shareholder fees 11

Annual Fund operating expenses 11

Example 12

Portfolio turnover 12

Principal investment strategies 12

Principal investment risks 13

Past performance 14

Portfolio management 15

Purchase and sale of [Investor] Class shares 16

Tax information 16

Payments to broker-dealers and other financial intermediary compensation 16

Summary information

Global Natural Resources Fund

Investment objective 17

Fees and expenses 17

Shareholder fees 17

Annual Fund operating expenses 17

Example 18

Portfolio turnover 18

Principal investment strategies 18

Principal investment risks 19

Past performance 20

Portfolio management 22

Purchase and sale of [Investor] Class shares 22

Tax information 23

Payments to broker-dealers and other financial intermediary compensation 23

Summary information

International Equity Fund

Investment objective 24

Fees and expenses 24

Shareholder fees 24

Annual Fund operating expenses 24

Example 25

Portfolio turnover 25

Principal investment strategies 25

Principal investment risks 26

Past performance 27

Portfolio management 29

Purchase and sale of [Investor] Class shares 29

Tax information 29

Payments to broker-dealers and other financial intermediary compensation 29

Summary information

International Opportunities Fund

Investment objective 30

Fees and expenses 30

Shareholder fees 30

Annual Fund operating expenses 30

Example 31

Portfolio turnover 31

Principal investment strategies 31

Principal investment risks 32

Past performance 32

Portfolio management 34

Purchase and sale of [Investor] Class shares 34

Tax information 35

Payments to broker-dealers and other financial intermediary compensation 35

Summary information

Social Choice International Equity Fund

Investment objective 36

Fees and expenses 36

Shareholder fees 36

Annual Fund operating expenses 36

Example 37

Portfolio turnover 37

Principal investment strategies 37

Principal investment risks 39

Past performance 40

Portfolio management 40

Purchase and sale of [Investor] Class shares 40

Tax information 40

Payments to broker-dealers and other financial intermediary compensation 40

Summary information

Emerging Markets Debt Fund

Investment objective 42

Fees and expenses 42

Shareholder fees 42

Annual Fund operating expenses 42

Example 43

Portfolio turnover 43

Principal investment strategies 43

Principal investment risks 44

Past performance 46

Portfolio management 46

Purchase and sale of [Investor] Class shares 46

Tax information 47

Payments to broker-dealers and other financial intermediary compensation 47

Table of contents

Additional information about investment strategies and risks 47

Additional information about the Funds 47

Additional information on principal investment risks of the Funds 49

Additional information about the Funds’ benchmark indices 56

Additional information on principal and non-principal investment strategies 58

Portfolio holdings 59

Portfolio turnover 59

Advisors’ prior performance of a substantially similar Composite 60

Share classes 61

Management of the Funds 62

The Funds’ investment adviser 62

Investment management fees 63

Portfolio management teams 64

Other services 67

Distribution and service arrangements 67

Calculating share price 68

Dividends and distributions 70

Taxes 71

Your account: purchasing, redeeming or exchanging shares 74

Share class eligibility 74

Purchasing shares 75

Redeeming shares 78

Exchanging shares 80

Conversion of shares–applicable to all investors 81

Important transaction information 82

Market timing/excessive trading policy–applicable to all investors 84

Electronic prospectuses 86

Additional information about index providers 86

Glossary 87

Financial highlights 89

Summary information

TIAA-CREF Emerging Markets Equity Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing in a portfolio of emerging markets equity investments.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF International & Global Funds ■ Prospectus 5

Example

This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before expense reimbursements, remain the same. The example assumes that the Fund’s expense reimbursement agreement will remain in place through [December __, 2016], but that there will be no waiver or expense reimbursement agreement in effect thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended October 31, 2014, the Fund’s portfolio turnover rate was 104% of the average value of its portfolio.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of emerging market issuers or in instruments with economic characteristics similar to emerging market equity securities. The Fund considers an “emerging market security” to be a security that is principally traded on a securities exchange of an emerging market or that is issued by an issuer that has primary operations in an emerging market. The Fund generally defines an “emerging market” as any of the countries or markets represented in the Fund’s benchmark index, the MSCI Emerging Markets^® Index (“MSCI EM Index”), or any other country or market with similar emerging characteristics. The stock selection decisions of the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), drive Advisors’ country and regional asset allocations for the Fund. However, Advisors regularly compares the Fund’s sector and country exposure against the MSCI EM Index to assess its comparative investment exposures. Advisors looks for companies of any size that it believes have sustainable earnings growth, focused management with successful track records, unique and easy-to-

6 Prospectus ■ TIAA-CREF International & Global Funds

understand franchises (brands), stock prices that do not fully reflect the stock’s potential value (based on current earnings, assets, and long-term growth prospects), and consistent generation of free cash flow. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

Principal investment risks

You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund’s portfolio holdings, typically is subject to the following principal investment risks:

· Market Risk—The risk that market prices of portfolio investments held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole.

· Issuer Risk (often called Financial Risk)—The risk that an issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time.

· Active Management Risk—The risk that Advisors’ strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives.

· Foreign Investment Risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also be less liquid and more difficult to value than investments in U.S. issuers.

· Emerging Markets Risk—The risk of foreign investment often increases in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Because their financial markets may be very small, share prices of financial instruments in emerging markets countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may be less liquid than those of issuers in more developed countries. In addition, foreign investors such as the Fund are subject to a variety of special restrictions in many emerging markets countries.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.

TIAA-CREF International & Global Funds ■ Prospectus 7

Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have been lower. Past performance of the Fund (before and after taxes) is not necessarily an indication of how it will perform in the future. The benchmark index listed below is unmanaged, and you cannot invest directly in an index. The returns for the benchmark index reflect no deduction for fees, expenses or taxes.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

8 Prospectus ■ TIAA-CREF International & Global Funds

Best quarter: 13.99%, for the quarter ended March 31, 2012. Worst quarter: -23.77%, for the quarter ended September 30, 2011.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Since Inception
Institutional Class		8/31/2010
	Return Before Taxes		–7.75	%	0.86	%
	Return After Taxes on Distributions		–8.03	%	0.76	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–4.14	%	0.78	%
Retail Class		8/31/2010
	Return Before Taxes		–8.05	%	0.48	%
Retirement Class		8/31/2010
	Return Before Taxes		–7.90	%	0.61	%
Premier Class		8/31/2010
	Return Before Taxes		–7.78	%	0.74	%
MSCI Emerging Markets^® Index
(reflects no deductions for fees, expenses or taxes)			–2.19	%	2.13	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

TIAA-CREF International & Global Funds ■ Prospectus 9

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Alexander Lee Muromcew	Barton Grenning
Title:	Managing Director	Managing Director
Experience on Fund:	since 2010	since 2015

Purchase and sale of [Investor] Class shares

[Investor] Class shares are available for purchase through certain financial intermediaries and employee benefit plans. The Fund also offers Institutional, Retirement, Premier and Retail Class shares, which are offered through another prospectus that contains information about their respective eligibility criteria.

Redeeming or Exchanging Shares. You can redeem (sell) or exchange your shares of the Fund on any day that the New York Stock Exchange (“NYSE”) is open for business. Exchanges may be made for shares of the same share class of other funds offered by the Trust. If your shares are held through a third party, please contact that entity for applicable redemption or exchange requirements.

Tax information

The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.

Payments to broker-dealers and other financial intermediary compensation

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conﬂict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

10 Prospectus ■ TIAA-CREF International & Global Funds

Summary information

TIAA-CREF Enhanced International Equity Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF International & Global Funds ■ Prospectus 11

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers included in the Fund’s benchmark index, the MSCI EAFE^® Index, at the time of purchase, but not necessarily at index weightings. The Fund has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund follows an enhanced index management strategy. The Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), actively uses quantitative analysis to attempt to enhance the Fund’s performance relative to the MSCI EAFE^® Index while retaining a similar risk profile, instead of passively holding a representative basket of securities designed to match the index. The MSCI EAFE^® Index measures stock performance in certain countries outside North America.

12 Prospectus ■ TIAA-CREF International & Global Funds

Enhanced index strategies employ quantitative modeling techniques for stock selection, country allocation and portfolio construction. With enhanced indexing, the Fund may use several different investment techniques to seek to build a portfolio of stocks that is structured to resemble and share the risk characteristics of the Fund’s benchmark index, while also seeking to outperform the benchmark index. Enhanced indexing is designed so that the Fund diverges from its benchmark index more than a pure indexing strategy, with the goal of outperforming its benchmark index while effectively managing benchmark relative risks.

Under these quantitative modeling techniques, a number of variables related to individual stocks are evaluated to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the benchmark index, the MSCI EAFE^® Index. The Fund uses a proprietary, quantitative stock scoring model to evaluate and score a broad universe of stocks in which the Fund invests.

Advisors will generally attempt to overweight securities (relative to the benchmark) that score high in the stock selection screening process and to either not hold or underweight securities that score low in the screening process. The Fund may also purchase and sell swaps and other equity derivatives to carry out the Fund’s investment strategies. The Fund’s strategy is based upon Advisors’ understanding of the interplay of market factors and does not assure successful investment. The markets or the process of selecting individual securities may be affected by factors not taken into account in Advisors’ analysis.

Principal investment risks

TIAA-CREF International & Global Funds ■ Prospectus 13

investments may also be less liquid and more difficult to value than investments in U.S. issuers.

· Enhanced Index Risk—As an enhanced index fund, the Fund may also underperform its benchmark index due to differences between the investments of the Fund and its benchmark index.

· Quantitative Analysis Risk—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. The Fund may use futures, options, single name or index credit default swaps, or forwards, and the Fund may also use more complex derivatives such as swaps that might present liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing Institutional Class, which would have substantially similar annual returns to the new [Investor] Class because the Fund’s classes are invested in the same portfolio of securities with the only difference being that the Institutional Class has lower expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional Class over the one-year, five year, ten year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund’s benchmark index. The performance in the bar charts and table has not been restated to reflect any difference between Institutional Class expenses and estimated [Investor] Class expenses. Because Institutional Class shares are expected to have lower expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have been lower.

14 Prospectus ■ TIAA-CREF International & Global Funds

unmanaged, and you cannot invest directly in an index. The returns for the benchmark index reflect no deduction for fees, expenses or taxes.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 25.11%, for the quarter ended June 30, 2009. Worst quarter: -20.99%, for the quarter ended September 30, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		11/30/2007
	Return Before Taxes		–4.08	%	6.56	%	–0.60	%
	Return After Taxes on Distributions		–5.96	%	5.47	%	–1.38	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–1.09	%	5.16	%	–0.41	%
MSCI EAFE^® Index
(reflects no deductions for fees, expenses or taxes)			–4.90	%	5.33	%	–0.78	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs).

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:

TIAA-CREF International & Global Funds ■ Prospectus 15



Name:	Steve Rossiello, CFA	Pablo Mitchell
Title	Managing Director	Director
Experience on Fund:	since 2007	since 2009

Purchase and sale of [Investor] Class shares

[Investor] Class shares are available for purchase through certain financial intermediaries and employee benefit plans. The Fund also offers Institutional Class shares, which are offered through another prospectus that contains information about the eligibility criteria related to that class.

Tax information

Payments to broker-dealers and other financial intermediary compensation

16 Prospectus ■ TIAA-CREF International & Global Funds

Summary information

TIAA-CREF Global Natural Resources Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, from investments related to the natural resources sector.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF International & Global Funds ■ Prospectus 17

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in securities of issuers that are primarily engaged in the ownership, development, exploration, production, distribution or processing of natural resources, as well as in securities of companies that are suppliers to firms producing natural resources, in instruments with economic characteristics similar to natural resources securities or in direct holdings of natural resources. The Fund will primarily invest in equity securities, but, from time to time, the Fund may also invest in debt securities of issuers engaged in or related to the natural resources sector. The Fund generally defines “natural resources” as energy, metals, agriculture and other commodities, as well as related products and services. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund is considered to be “non-diversified,” which means it may invest in fewer issuers than a “diversified” fund. Due to the Fund’s substantial investment

18 Prospectus ■ TIAA-CREF International & Global Funds

in issuers within the natural resources sector, the Fund’s investments are considered to be “concentrated” in this sector.

Typically, the Fund will invest in issuers listed in at least three countries outside the United States, and will invest at least 40% of its assets in foreign issuers. However, when market conditions warrant, the Fund may invest a higher percentage in U.S. issuers. In such cases, the Fund will invest at least 30% in foreign issuers. The investment selection decisions of the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), drives country and regional asset allocations for the Fund. However, Advisors regularly compares the Fund’s issuer, natural resource sub-sector and country exposure against its benchmark index, the MSCI All Country World Commodity Producers Sector Capped Index (the “Index”), to assess the Fund’s relative investment exposures. Advisors looks to invest the Fund’s assets globally in financial instruments of well-positioned companies in the natural resources sector, both in developed and emerging markets. In selecting the Fund’s investments, Advisors generally favors companies that it believes are resource-rich, have growth potential and trade at relatively attractive valuations, regardless of their geographical location. The Fund may also invest in companies that Advisors believes are well-positioned as suppliers to the natural resources sector, or benefit in some way from the natural resources value chain. The Fund may also hold certain natural resources directly, such as precious metals or timberland, subject to regulatory illiquidity limits and other restrictions. The Fund may invest in issuers with various levels of market capitalization.

Principal investment risks

· Special Risks of Investing in Natural Resources Investments—The value of the Fund’s investments in financial instruments of natural resources issuers and directly in natural resources may be affected by various factors,

TIAA-CREF International & Global Funds ■ Prospectus 19

including increased market volatility, natural events, inflationary pressure and national and international politics, causing the Fund to perform poorly. In addition, direct investments in natural resources, such as holding precious metals, are generally more illiquid than securities holdings, which could result in difficulty in their disposal in a timely and favorable manner.

· Non-Diversification Risk—The Fund is considered to be “non-diversified,” which means that it can invest a greater percentage of its assets in the securities of a single issuer than a “diversified” fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular security may have a greater effect on the Fund’s return since it may represent a larger portion of the Fund’s total portfolio assets.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

20 Prospectus ■ TIAA-CREF International & Global Funds

Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 10.18%, for the quarter ended March 31, 2012. Worst quarter: -10.01%, for the quarter ended June 30, 2013.

TIAA-CREF International & Global Funds ■ Prospectus 21

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Since Inception
Institutional Class		11/1/2011
	Return Before Taxes		–11.64	%	–2.83	%
	Return After Taxes on Distributions		–11.96	%	–3.18	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–6.25	%	–2.04	%
Retail Class		11/1/2011
	Return Before Taxes		–11.95	%	–3.22	%
Retirement Class		11/1/2011
	Return Before Taxes		–11.80	%	–3.04	%
Premier Class		11/1/2011
	Return Before Taxes		–11.77	%	–2.99	%
MSCI All Country World Commodity Producers Sector Capped Index
(reflects no deductions for fees, expenses or taxes)			–11.17	%	–2.78	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Manager. The following person manages the Fund on a day-to-day basis:



Name:	Navaneel Ray
Title:	Managing Director
Experience on Fund:	since 2011

Purchase and sale of [Investor] Class shares

22 Prospectus ■ TIAA-CREF International & Global Funds

of other funds offered by the Trust. If your shares are held through a third party, please contact that entity for applicable redemption or exchange requirements.

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF International & Global Funds ■ Prospectus 23

Summary information

TIAA-CREF International Equity Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

24 Prospectus ■ TIAA-CREF International & Global Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. The Fund has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. The Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), selects individual stocks, and lets the Fund’s country and regional asset allocations evolve from their stock selection. However, the Fund’s sector and country exposure is regularly managed against the Fund’s benchmark index, the Morgan Stanley Capital International EAFE^® (Europe, Australasia, Far East) Index (the “MSCI EAFE^® Index”), in order to control risk. The Fund may invest in emerging markets to varying degrees, depending on the prevalence of stock specific opportunities. The Fund typically invests in companies of all sizes, including smaller, lesser-known companies where Advisors believes it has some unique insights into the company. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

TIAA-CREF International & Global Funds ■ Prospectus 25

Advisors typically invests in companies that can demonstrate an ability to generate free cash flow and strong market share. In addition, Advisors looks for companies with performance oriented management that focuses on growth through innovation, sustainable earnings growth and shareholder returns. Advisors will typically invest in these types of companies when Advisors believes that their stock prices do not fully reflect the stock’s potential value, based on current earnings, assets and long-term growth prospects.

Principal investment risks

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

26 Prospectus ■ TIAA-CREF International & Global Funds

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

TIAA-CREF International & Global Funds ■ Prospectus 27

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 25.32%, for the quarter ended June 30, 2009. Worst quarter: -26.49%, for the quarter ended September 30, 2011.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		7/1/1999
	Return Before Taxes		–7.99	%	6.57	%	4.92	%
	Return After Taxes on Distributions		–8.26	%	6.34	%	4.09	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–4.22	%	5.27	%	4.20	%
Retail Class		3/31/2006
	Return Before Taxes		–8.28	%	6.21	%	4.92	%*
Retirement Class		10/1/2002
	Return Before Taxes		–8.25	%	6.31	%	4.57	%
Premier Class		9/30/2009
	Return Before Taxes		–8.14	%	6.43	%	4.83	%*
MSCI EAFE^® Index
(reflects no deductions for fees, expenses or taxes)			–4.90	%	5.33	%	4.43	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Retail Class and Premier Class that is prior to their inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Retail Class and Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

28 Prospectus ■ TIAA-CREF International & Global Funds

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Manager. The following person manages the Fund on a day-to-day basis:


Name:	Chris Semenuk
Title:	Managing Director
Experience on Fund:	since 1999

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF International & Global Funds ■ Prospectus 29

Summary information

TIAA-CREF International Opportunities Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

30 Prospectus ■ TIAA-CREF International & Global Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

The Fund primarily invests in equity securities of issuers in developed and emerging markets located around the world but outside the United States. The Fund anticipates investing in a number of foreign markets, but at a minimum it will invest in at least three countries outside the United States. The Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), selects individual stocks, and lets the Fund’s country and regional asset allocations evolve from this stock selection. The Fund may invest in companies of all sizes.

Advisors typically invests in companies that it believes can demonstrate positive and sustainable structural change. In addition, Advisors looks for companies in the early stages of a structural growth opportunity driven by differentiated products and/or services that maintain strong barriers to entry, continue to outgrow peers and demonstrate accelerating top-line growth with margin expansion. Advisors will typically invest in these types of companies when Advisors believes that their stock prices do not fully reflect the stock’s potential value, based on current earnings, assets and long-term growth prospects.

TIAA-CREF International & Global Funds ■ Prospectus 31

The Fund is actively managed; however, Advisors regularly reviews the Fund’s sector and country exposure against the Fund’s benchmark index, the Morgan Stanley Capital International ACWI (All Country World Index) ex USA^® Index (the “MSCI ACWI ex USA^® Index”), to seek to control risk.

Principal investment risks

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

32 Prospectus ■ TIAA-CREF International & Global Funds

performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: -0.27%, for the quarter ended June 30, 2014. Worst quarter: -5.32%, for the quarter ended September 30, 2014.

TIAA-CREF International & Global Funds ■ Prospectus 33

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Since Inception
Institutional Class		4/12/2013
	Return Before Taxes		–8.09	%	1.82	%
	Return After Taxes on Distributions		–8.26	%	1.65	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–4.34	%	1.41	%
Retail Class		4/12/2013
	Return Before Taxes		–8.48	%	1.40	%
Retirement Class		4/12/2013
	Return Before Taxes		–8.34	%	1.54	%
Premier Class		4/12/2013
	Return Before Taxes		–8.26	%	1.60	%
MSCI ACWI ex USA^® Index
(reflects no deductions for fees, expenses or taxes)			–3.87	%	3.51	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Manager. The following person manages the Fund on a day-to-day basis:



Name:	Jason Campbell
Title:	Managing Director
Experience on Fund:	since 2013

Purchase and sale of [Investor] Class shares

34 Prospectus ■ TIAA-CREF International & Global Funds

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF International & Global Funds ■ Prospectus 35

Summary information

TIAA-CREF Social Choice International Equity Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, that reflects the investment performance of the overall foreign equity markets while giving special consideration to certain environmental, social and governance (“ESG”) criteria.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

36 Prospectus ■ TIAA-CREF International & Global Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund has no annual portfolio turnover rate because the Fund is newly operational.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. The Fund attempts to achieve the return of the foreign equity markets, as represented by its benchmark index, the Morgan Stanley Capital International EAFE^® (Europe, Australasia, Far East) Index (the “MSCI EAFE^® Index”), while investing in companies whose activities are consistent with the Fund’s ESG criteria. See “Additional information about the Fund’s benchmark index” below for more information about the Fund’s benchmark. Fund holdings may be denominated in U.S. dollars or non-U.S. dollar currencies.

The Fund’s investments are subject to certain ESG criteria. The research vendor currently providing the ESG performance evaluation is MSCI, Inc. (“MSCI”). All companies must meet or exceed minimum ESG performance standards to be eligible for inclusion in the Fund. The evaluation process favors companies with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource

TIAA-CREF International & Global Funds ■ Prospectus 37

use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics and government and public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights and community, labor rights and supply chain, and governance) are other considerations.

The ESG evaluation process is conducted on an industry-specific basis and involves the identification of key performance indicators, which are given more relative weight compared to the broader range of potential assessment categories. Concerns in one area do not automatically eliminate an issuer from being an eligible investment for the Fund. When ESG concerns exist, the evaluation process gives careful consideration to how companies address the risks and opportunities they face in the context of their industry and relative to their peers. The social and environmental impact of corporate activities related to the production and sale of alcohol, tobacco, military weapons, firearms, nuclear power and gambling products and services are quantified and incorporated into a company’s overall ESG performance assessment. While not automatically excluded from the Fund, most companies involved in these industries are ineligible for inclusion in the Fund due to their poor overall ESG performance.

Once a universe of ESG-eligible companies is established, the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”) then uses quantitative investment techniques to attempt to closely match, to the extent practicable, the overall risk characteristics of the benchmark index. Under these quantitative investment techniques, the Fund uses a risk model to evaluate the universe of stocks in which the Fund may invest and to help construct a broadly diversified group of stocks. The Fund holdings will generally consist of a subset of the eligible investment universe. The Fund is not required to invest in all of the companies that meet the ESG criteria.

The Corporate Governance and Social Responsibility Committee (the “CGSR Committee”) of the Board of Trustees of the Trust (“Board of Trustees”) reviews the ESG criteria used to determine eligibility of the securities held by the Fund and approves the vendor of that service. Advisors seeks to ensure that the Fund’s investments are consistent with its ESG criteria, but Advisors cannot guarantee that this will always be the case for every Fund investment. Consistent with its responsibilities, the CGSR Committee evaluates options for implementing the Fund’s ESG investment criteria and monitors the ESG vendor(s) selected to supply the ESG-eligible universe. Advisors has the right to change the ESG vendor(s) at any time and to add to the number of vendors providing the universe of eligible companies. Investing on the basis of ESG criteria is qualitative and subjective by nature, and there can be no assurance that the process utilized by the Fund’s vendor(s) or any judgment exercised by the CGSR Committee or Advisors will reflect the beliefs or values of any particular investor.

38 Prospectus ■ TIAA-CREF International & Global Funds

The ESG criteria the Fund takes into consideration are non-fundamental investment policies. Such criteria and the universe of investments that the Fund utilizes may be changed without the approval of the Fund’s shareholders. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

Principal investment risks

· ESG Criteria Risk—The risk that because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

· Large-Cap Risk—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.

· Mid-Cap Risk—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and less liquidity than the stocks of larger, more established companies.

TIAA-CREF International & Global Funds ■ Prospectus 39

Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Fund merely attempted to replicate the index.

· Quantitative Analysis Risk—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

Performance information is not available for the Fund for the most recently completed calendar year 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.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2015	since 2015

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay

40 Prospectus ■ TIAA-CREF International & Global Funds

the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conﬂict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

TIAA-CREF International & Global Funds ■ Prospectus 41

Summary information

TIAA-CREF Emerging Markets Debt Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, through income and capital appreciation, by investing primarily in a portfolio of emerging markets fixed-income investments.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

42 Prospectus ■ TIAA-CREF International & Global Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal period between September 26, 2014 (inception date) and October 31, 2014, the Fund’s portfolio turnover rate was 3% of the average value of its portfolio.

Principal investment strategies

Under normal market conditions, the Fund invests at least 80% of its assets in fixed-income securities of emerging market issuers or in instruments with economic characteristics similar to emerging market fixed-income securities. The Fund primarily invests in a broad range of sovereign, quasi-sovereign and corporate fixed-income securities rated B- or better but may also invest in fixed-income securities having a lower credit rating. The Fund does not rely exclusively on rating agencies when making investment decisions. Instead, the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), performs its own credit analysis, paying particular attention to economic trends and other market events. Country and individual issuer allocations are then overweighted or underweighted relative to the Fund’s benchmark index, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“EMBI-GD Index”), when Advisors believes that the Fund can take advantage of what appear to be undervalued, overlooked or misunderstood issuers that offer the potential to boost returns above that of the

TIAA-CREF International & Global Funds ■ Prospectus 43

index. Fund holdings may be denominated in U.S. dollars or non-U.S. dollar currencies, including emerging market currencies. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund considers an “emerging market security” to be a security that is principally traded on a securities exchange of an emerging market or that is issued by an issuer that is located or has primary operations in an emerging market. The Fund generally defines an “emerging market” as any of the countries or markets represented in the Fund’s benchmark index, the EMBI-GD Index, or any other country or market with similar emerging characteristics. The Fund is considered to be “non-diversified,” which means it may invest in fewer issuers than a “diversified” fund.

The Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different countries, currencies, sectors and maturities. Relative value trading is designed to enhance the Fund’s returns but increases the Fund’s portfolio turnover rate.

The Fund may purchase and sell futures, options, swaps and other fixed-income derivative instruments to carry out the Fund’s investment strategies.

Principal investment risks

· Market Volatility, Liquidity and Valuation Risk (types of Market Risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for the Fund to properly value its investments and that the Fund may not be able to purchase or sell an investment at an attractive price, if at all.

· Interest Rate Risk (a type of Market Risk)—The risk that increases in interest rates can cause the prices of fixed-income investments to decline. This risk is heightened to the extent the Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are low or negative. As of the date of this Prospectus, interest rates in the United States and in certain foreign markets are at or near historic lows, which may increase the Fund’s exposure to risks associated with rising interest rates. In general, changing interest rates could have unpredictable

44 Prospectus ■ TIAA-CREF International & Global Funds

effects on the markets and may expose fixed-income and related markets to heightened volatility.

· Sovereign Debt Risk—The risk that the issuer of non-U.S. sovereign debt or the governmental authorities that control the repayment of such debt may be unable or unwilling to repay principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of foreign debt or foreign currency exchange rates, among other possible reasons. To the extent the issuer or controlling governmental authority is unable or unwilling to repay principal or interest when due, the Fund may have limited recourse to compel payment in the event of default.

· Fixed-Income Foreign Investment Risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to the Fund or impair the Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also be less liquid and more difficult to value than investments in U.S. issuers.

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

TIAA-CREF International & Global Funds ■ Prospectus 45

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Non-Investment-Grade Securities Risk—Issuers of non-investment-grade securities, which are usually called “high-yield” or “junk bonds,” are typically in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

Performance information is not available for the Fund because the Fund has less than one calendar year of performance.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Katherine Renfrew	Anupam Damani, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2014	since 2014

Purchase and sale of [Investor] Class shares

46 Prospectus ■ TIAA-CREF International & Global Funds

of other funds offered by the Trust. If your shares are held through a third party, please contact that entity for applicable redemption or exchange requirements.

Tax information

Payments to broker-dealers and other financial intermediary compensation

Additional information about investment strategies and risks

Additional information about the Funds

This Prospectus describes the Funds and their investment objectives, principal investment strategies and restrictions and principal investment risks. An investor should consider whether the Funds are an appropriate investment. The investment objective of the Funds and their non-fundamental investment restrictions may be changed by the Board of Trustees of the Trust (“Board of Trustees”) without shareholder approval. Certain investment restrictions described in the Funds’ Statement of Additional Information (“SAI”) are fundamental and may only be changed with shareholder approval.

As noted in the “Principal investment strategies” section of these Prospectuses, some Funds may have a policy of normally investing at least 80% of their assets (net assets, plus the amount of any borrowings for investment purposes) in the type of securities suggested by their names. Shareholders will receive at least 60 days’ prior written notice before changes are made to this 80% policy.

The ESG criteria utilized by the Social Choice International Equity Fund evaluates corporate and certain foreign government issuers of fixed-income securities in connection with certain environmental, social and governance assessment categories. Examples of environmental assessment categories are: management systems, types of products and services produced, natural

TIAA-CREF International & Global Funds ■ Prospectus 47

resource use, effect on climate change and waste and emissions. Social evaluation categories include the treatment of employees and suppliers and dealings with the community and society at large. Governance assessment categories include governance structure, business ethics, transparency and reporting and response to shareholder resolutions. The Fund has the right to change the ESG vendor(s) at any time and to change the number of vendors providing this service.

The Fund may use an investment strategy called “mortgage rolls” (also referred to as “dollar rolls”), in which the Fund sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the “drop”) plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. If such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage roll, the use of this technique will enhance the investment performance of the Fund compared with what such performance would have been without the use of mortgage rolls. Realizing benefits from the use of mortgage rolls depends upon the ability of Advisors to correctly predict mortgage prepayments and interest rates.

Advisors may, for temporary defensive purposes, invest some or all of the Funds’ assets in cash and money market instruments, although Advisors is not obligated to do so. In doing so, the Funds may be successful in reducing market losses but may otherwise not achieve their investment objectives.

The use of a particular index as a Fund’s benchmark index is not a fundamental policy and can be changed by the Board of Trustees without shareholder approval. The Funds will notify you before such a change is made.

The Funds are not appropriate for market timing. You should not invest in the Funds if you are a market timer.

There can be no assurances that a Fund will achieve its investment objective and investors should not consider an investment in any one Fund to be a complete investment program.

Investors should be aware that investments made by a Fund and the results achieved by it at any given time are not expected to be the same as those made by other mutual funds for which Advisors acts as an investment adviser, including mutual funds with names, investment objectives and policies similar to those of the Funds.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

48 Prospectus ■ TIAA-CREF International & Global Funds

Additional information on principal investment risks of the Funds

The Funds invest primarily in equity securities (except the Emerging Markets Debt Fund). In general, the value of equity securities fluctuates in response to the fortune of individual companies and in response to general market and economic conditions. The value of a Fund may increase or decrease as a result of its investments in equity securities and other instruments. More specifically, the Funds typically are subject to the following principal investment risks:

· Market Risk—The risk that the price of equity investments may decline in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as significant changes in interest and inflation rates and the availability of credit. Accordingly, the value of the equity investments that the Funds hold may decline over short or extended periods of time. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment’s price. Equity markets, for example, tend to be cyclical, with periods when prices generally rise and periods when prices generally decline. Foreign equity markets tend to reflect local economic and financial conditions and, therefore, trends often vary from country to country and region to region. During periods of unusual volatility or turmoil in the financial markets, a Fund may undergo an extended period of decline.

· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.

TIAA-CREF International & Global Funds ■ Prospectus 49

transaction costs are often higher for foreign investments, and it may be difficult to use foreign laws and courts to enforce financial or legal obligations.

· Active Management Risk—In the case of actively managed Funds, the risk that the performance of a Fund, which is actively managed, reflects in part the ability of Advisors to make active investment, strategic or trading decisions that are suited to achieving the Fund’s investment objective. As a result of strategy, investment selection or trading execution, a Fund could underperform its benchmark or other mutual funds with similar investment objectives.

· Enhanced Index Risk—As an enhanced index fund, the Enhanced International Equity Index Fund may also underperform its benchmark index due to differences between the investments of the Fund and its benchmark index. In addition, seeking enhanced results relative to an index may cause an enhanced index fund to underperform its respective index, resulting in losses. Unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an enhanced index fund to match the performance of its index is adversely affected by the costs of buying or selling investments as well as other expenses. Because an enhanced index fund follows a quantitative strategy and does not seek to replicate its benchmark index, the Funds may underperform their indices to a greater extent than a fund that follows a passive index strategy.

· Large-Cap Risk—The risk that, by focusing on securities of larger companies, a Fund may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all. Also, larger companies may fall out of favor with the investing public as a result of market, political and economic conditions, including for reasons unrelated to their businesses or economic fundamentals.

50 Prospectus ■ TIAA-CREF International & Global Funds

addition, it may be difficult to find buyers for securities of medium-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of medium-sized companies may be greater than those of more widely traded securities.

· Quantitative Analysis Risk—The risk that securities selected for Funds that are actively managed, in whole or in part, according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor’s historical trends. Because such models are based on assumptions of these and other market factors, the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of the Fund’s portfolio.

· Special Risks of Investing in Natural Resources Investments—Exposure to natural resources investments may subject the Global Natural Resources Fund to greater volatility than more traditional investments. The value of natural resources and their related financial instruments may fluctuate widely based on a variety of factors, including changes in overall market conditions, political and economic events and policies, war, terrorism and changes in interest or inflation rates. Prices of various natural resources may also be affected by factors such as drought, floods, weather, embargoes, taxes, levies and other regulatory developments, as well as by fluctuations in supply and demand and disruptions in both producing and consuming countries. Certain natural resources may be produced in limited quantities, in limited areas or by a limited number of producers. As a result, events related to such areas or producers could have a disproportionate impact on the prices of such natural resources.

Additionally, a Fund’s direct investment in natural resources may be subject to greater business and financial risk than other investments if there is no readily available market for such natural resources. There may also be enhanced costs with custodying and protecting such natural resources than in the case of financial instruments.

· Derivatives Risk—Derivatives Risk is a risk of the Enhanced International Equity Index Fund. The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. Derivatives such as swaps are subject to risks such as liquidity risk, interest rate risk, market risk, and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments, and their prices, may not correlate perfectly with the prices or

TIAA-CREF International & Global Funds ■ Prospectus 51

performance of the underlying security, currency, rate, index or other asset. Certain derivatives present the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures and options which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of a Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivative investments can create leverage by magnifying investment losses or gains, and a Fund could lose more than the amount invested.

· ESG Criteria Risk—The risk that because the Social Choice International Equity Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

· Benchmark Risk—The risk that the performance of the Social Choice International Equity Fund may not correspond to, or may underperform, its benchmark index for any period of time. Although each Fund attempts to use the investment performance of its index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses.

· Industry/Sector Risk—The risk that focusing on investment in specific industries or sectors makes a fund more vulnerable to developments particularly affecting those industries or sectors than a more broadly diversified fund would be. Financial instruments of companies in the same industry or sector may decline in price at the same time due to market conditions, interest rates or economic, regulatory, financial or industry/sector specific developments since these companies may share common characteristics and are more likely to react similarly to industry/sector specific market or economic developments. In addition, at times, a small number of companies may represent a large portion of a single industry or sector, and these companies can be sensitive to adverse economic, regulatory or financial developments.

· Non-Diversification Risk—Certain Funds are considered to be “non-diversified,” which means that they can invest a greater percentage of their assets in a single issuer than a “diversified” fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on a Fund’s return since it may represent a larger portion of the Fund’s total portfolio assets, which could lead to greater volatility in a Fund’s returns.

52 Prospectus ■ TIAA-CREF International & Global Funds

Fixed-income securities risks

Funds investing in fixed-income instruments, like the Emerging Markets Debt Fund, may be subject to the following risks:

· Market Volatility, Liquidity and Valuation Risk (types of Market Risk)—Trading activity in fixed-income investments in which a Fund invests may be dramatically reduced or cease at any time, whether due to general market turmoil, a reduction in dealer capacity, problems experienced by a single company or a market sector or other factors. In such cases, it may be difficult for a Fund to properly value assets represented by such investments. In addition, a Fund may not be able to purchase or sell a security at a price deemed to be attractive, if at all. Further, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase the Fund’s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed-income markets.

· Interest Rate Risk (a type of Market Risk)—The risk that the value or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on similar newly issued fixed-income investments tend to decrease, which could adversely affect a Fund’s income. Conversely, when prevailing interest rates increase, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to decline while yields on similar newly issued fixed-income investments tend to increase. If a fixed-income investment pays a floating or variable rate of interest, changes in prevailing interest rates may increase or decrease the investment’s yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-term investments. Interest rate risk is generally heightened during periods when prevailing interest rates are low or negative. During periods of very low or negative interest rates, a Fund may not be able to maintain positive returns. As of the date of this Prospectus, interest rates in the United States and in certain foreign markets are at or near historic lows, which may increase a Fund’s exposure to risks associated with rising interest rates. In general, changing interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.

TIAA-CREF International & Global Funds ■ Prospectus 53

authority is unable or unwilling to repay principal or interest when due, the Fund may have limited recourse to compel payment in the event of default.

· Fixed-Income Foreign Investment Risk—Foreign investments, which may include fixed-income securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited foreign financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates.

The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer’s balance of payments, including export performance, its access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country’s balance of payments, it could impose temporary restrictions on foreign capital remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments.

· Credit Risk (a type of Issuer Risk)—The risk that a decline in an issuer’s financial position may prevent it from making principal and interest payments on fixed-income investments when due. Credit risk relates to the possibility that the issuer could default on its obligations, thereby causing a Fund to lose its investment. Credit risk is heightened in times of market turmoil when perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers and/or governments may deteriorate rapidly with little or no warning. Credit risk is also heightened in the case of investments in lower-rated, high-yield fixed-income securities because their issuers are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade

54 Prospectus ■ TIAA-CREF International & Global Funds

securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties. High-yield securities may also be relatively more illiquid, therefore, they may be more difficult to purchase or sell than more highly rated securities.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer’s ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer’s deteriorating financial position.

· Income Volatility Risk—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of current income from a portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments.

· Call Risk—The risk that an issuer will redeem a fixed-income investment prior to maturity. This often happens when prevailing interest rates are lower than the rate specified for the fixed-income investment. If a fixed-income investment is called early, a Fund may not be able to benefit fully from the increase in value that other fixed-income investments experience when interest rates decline. Additionally, a Fund would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Fund originally invested, resulting in a decline in income.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price. Securities that are liquid at the time of purchase may subsequently become illiquid due to events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions or investor perceptions and geopolitical risk.

In addition to the principal investment risks set forth above, there are other risks associated with investing in the Funds and their investments that are discussed elsewhere in the Funds’ Prospectuses and in the Funds’ SAI. There can be no assurances that the Fund will achieve its investment objective. You should not consider any Fund to be a complete investment program.

TIAA-CREF International & Global Funds ■ Prospectus 55

Additional information about the Funds’ benchmark indices

The benchmark index for each of the Funds described below are unmanaged, and you cannot invest directly in the index.

MSCI Emerging Markets^{^®} Index

This is the benchmark index for the Emerging Markets Equity Fund. The MSCI EM Index tracks the performance of the leading stocks in certain MSCI emerging markets countries in the following areas: Europe, Asia, Africa, Latin America and the Middle East. MSCI constructs indices country by country, then assembles the country indices into regional indices. To construct an MSCI country index, MSCI analyzes each stock in that country’s market based on its market capitalization, trading volume and significant owners. The stocks are sorted by free float-adjusted market capitalization, and the largest stocks (meeting liquidity and trading volume requirements) are selected until approximately 85% of the free float-adjusted market representation of each country’s market is reached. When combined as the MSCI EM Index, the regional index captures approximately 85% of the free float-adjusted market capitalization of certain emerging markets countries around the world.

The MSCI EM Index may include securities of large- and mid-cap issuers. MSCI determines the composition of the index based on a combination of factors including regional/country exposure, price, trading volume and significant owners, and can change its composition at any time.

MSCI All Country World Commodity Producers Sector Capped Index

This is the benchmark index for the Global Natural Resources Fund. The MSCI All Country World Commodity Producers Sector Capped Index (the “Index”) is a free float-adjusted index that tracks the overall performance of stocks of commodity producers in the markets of certain developed countries and emerging markets countries around the world. The Index is constructed from the MSCI All Country World Index (“Parent Index”), a broad global equity index covering domestic, foreign developed and foreign emerging markets. Securities of companies that belong to a specific set of eligible sub-industries derived from the Global Industry Classification Standard (GICS^®) are selected to create the Index.

The Index is divided into three commodity producers sectors, namely: 1) Energy, 2) Metals, and 3) Agriculture. Generally, changes in the Parent Index affecting securities in the relevant sub-industries are reflected simultaneously in the Index.

The Index follows similar index construction rules to the market capitalization weighted (non-capped) indices except that the weights of the Energy, Metals and Agriculture sectors are each fixed at one-third of the Index. Constituent weights within the respective sector are based on free float-adjusted market capitalization.

56 Prospectus ■ TIAA-CREF International & Global Funds

MSCI EAFE^{^®} Index

This is the benchmark index for the Enhanced International Equity Index Fund, the International Equity Fund and the Social Choice International Equity Fund. The MSCI EAFE^® Index tracks the performance of the leading stocks in certain MSCI countries outside of North America in Europe, Australasia and the Far East. The MSCI EAFE^® Index constructs indices country by country, then assembles the country indices into regional indices. To construct an MSCI country index, the MSCI EAFE^® Index analyzes each stock in that country’s market based on its market capitalization, trading volume and significant owners. The stocks are sorted by free float adjusted market capitalization, and the largest stocks (meeting liquidity and trading volume requirements) are selected until approximately 85% of the free float adjusted market representation of each country’s market is reached. When combined as the MSCI EAFE^® Index, the regional index captures approximately 85% of the free float adjusted market capitalization of certain countries around the world.

The MSCI EAFE^® Index is primarily a large-capitalization index, with approximately 83% of its stocks falling in this category. MSCI determines the composition of the index based on a combination of factors including regional/country exposure, price, trading volume and significant owners, and can change its composition at any time.

MSCI ACWI ex USA^{^®}Index

This is the benchmark index for the International Opportunities Fund. The MSCI ACWI (All Country World Index) ex USA^® Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance by capturing large and mid-capitalization representation of developed and emerging markets. The MSCI ACWI ex USA^® Index consists of 44 country indices comprising certain developed and emerging markets country indices.

JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified

This is the benchmark index for the Emerging Markets Debt Fund. The JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“EMBI-GD Index”) tracks total returns for traded external debt instruments in the emerging markets. The EMBI-GD Index includes U.S. dollar-denominated sovereign and quasi-sovereign fixed-income securities, including Brady bonds, loans and Eurobonds with an outstanding face value of at least $500 million. Securities must have at least 2.5 years until maturity at the time of issuance and must have at least 1 year until maturity at any given time. The EMBI-GD Index defines emerging markets countries with a combination of World Bank-defined per capita income brackets and each country’s debt-restructuring history. EMBI-GD Index limits the weights of countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.

TIAA-CREF International & Global Funds ■ Prospectus 57

Additional information on principal and non-principal investment strategies

The Funds may invest in short-term debt securities of the same type as those held by money market funds and other kinds of short-term instruments for cash management and other purposes. These securities help the Funds maintain liquidity, use cash balances effectively, and take advantage of attractive investment opportunities. Each Fund also may invest up to 20% of its assets in fixed-income investments.

Each Fund may write (sell) call options, including covered call options, and purchase call and put options, to try to enhance income, reduce portfolio volatility or protect gains in its portfolio. Such options may include put and call options on securities of the types in which a Fund may invest and on securities indices composed of such securities. In writing (selling) call options, a Fund may give up the opportunity to profit on a security if the market price of the security rises and the option is exercised and, conversely, the premiums received from call options sold may not reduce the extent of Fund losses during periods of market decline. In purchasing call and put options, a Fund may purchase a call or put option that expires with no value due to the market price of the security remaining below or above, as applicable, the strike price of the option. In such an event, a Fund would lose the value of the premium paid for the call or put option but would also receive no economic benefit from the purchase or sale, as applicable, of the security. Each Fund can also write (sell) put options. In writing put options, a Fund may experience losses on a security if the market price of the security declines and the option is exercised and, conversely, the premiums received from put options sold may not reduce the extent of Fund losses during periods of market decline.

In addition, each Fund may buy and sell futures contracts on securities indices composed of securities of the types in which it may invest, and put and call options on such futures contracts. Each Fund may use such futures contracts and options on futures contracts for hedging or cash management purposes, or to seek increased total return. Futures contracts permit a Fund to gain or reduce exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments.

Where appropriate futures contracts are not available, or if Advisors deems advisable for other reasons, a Fund may invest in investment company securities, such as exchange-traded funds (“ETFs”). The Funds may also use ETFs for cash management purposes and other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs.

58 Prospectus ■ TIAA-CREF International & Global Funds

sectors or securities that are represented by ownership in ETFs, ETNs, or ELNs. When a Fund invests in ETFs or other investment companies, the Funds bear a proportionate share of expenses charged by the investment company in which it invests. An ETF may trade at a premium or discount to its net asset value.

In seeking to manage currency exposure, a Fund also may enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies.

Each Fund can invest in other derivatives and similar financial instruments, such as equity swaps (including contracts for difference, an arrangement where the return is linked to the price movement of an underlying security, and other arrangements where the return is linked to a stock market index), options on swaps, and equity-linked fixed-income securities, so long as these derivatives and other financial instruments are consistent with a particular Fund’s investment objective, restrictions and policies and current regulations.

From time to time, the Funds may determine not to invest in securities of issuers that do not meet certain corporate governance criteria. The Funds currently do not invest in certain companies with operations in Sudan.

Please see the Funds’ SAI for more information on these and other investments the Funds may utilize.

Portfolio holdings

A description of the Funds’ policies and procedures with respect to the disclosure of their portfolio holdings is available in the Funds’ SAI.

Portfolio turnover

If a Fund engages in active and frequent trading of portfolio securities, it will have a correspondingly higher “portfolio turnover rate.” A high portfolio turnover rate generally will result in (1) greater brokerage commission expenses or other transaction costs borne by a Fund and, ultimately, by shareholders and (2) higher amounts of realized investment gain subject to the payment of taxes by shareholders. Also, a high portfolio turnover rate for a Fund may cause the Fund to be more likely to generate capital gains that must be distributed to shareholders as taxable income. The Funds are not subject to a specific limitation on portfolio turnover, and securities of a Fund may be sold at any time such sale is deemed advisable for investment or operational reasons. Also, certain trading strategies utilized by a Fund may increase portfolio turnover. The portfolio turnover rates of the Funds are listed above in the “Summary information” sections and the portfolio turnover rates during recent fiscal periods are provided in the Financial Highlights. The Funds are not generally managed to minimize the tax burden for shareholders. The Funds may have investors that are funds of funds, education savings plans or other asset allocation programs that are also managed by Advisors. These investors may engage in reallocations, rebalancings or other activity that may increase a Fund’s portfolio turnover rate and brokerage costs. Advisors may employ various portfolio management

TIAA-CREF International & Global Funds ■ Prospectus 59

strategies to attempt to minimize any potential disruptive effects or costs of such activity.

Advisors’ prior performance of a substantially similar Composite for the Emerging Markets Debt Fund

The Emerging Markets Debt Fund does not yet have a full calendar year of performance to report as of the date of this Prospectus. The performance information shown below represents the performance of the Emerging Markets Debt Composite (the “Composite”), which currently consists of a single unregistered fund managed by Advisors and, for performance information on and after October 1, 2014, all share classes of the Fund. The unregistered fund included in the Composite has substantially similar investment objectives, policies and investment strategies as the Fund. The Composite includes all fund(s) or account(s), in existence during the periods presented, that are substantially similar to the Fund.

The unregistered fund included in the Composite is not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed on the Fund by the Investment Company Act of 1940 and Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), which, if applicable, may have affected the performance of the Composite. Additionally, although the unregistered fund included in the Composite and the Fund hold similar securities, their investment results may differ. In particular, differences in asset size and cash flows may result in different securities selections, differences in the relative weightings of securities or differences in the prices paid for particular portfolio holdings. Unlike the Fund, which has a fair valuation policy, the unregistered fund included in the Composite does not generally subject its portfolio securities to fair valuation. There may also be differences in certain investment criteria between the unregistered fund included in the Composite versus the Fund. The past performance of the Composite may have also been affected by certain investment guidelines and industry sector weightings.

The “net of fees” performance figures for the Composite reflect the fees and expenses of the unregistered fund included in the Composite, excluding custody-related fees, as well as the management fees and other expenses payable by all share classes of the Fund. The “gross of fees” performance figures for the Composite do not reflect the fees and expenses of the unregistered fund included in the Composite or of the Fund. The performance of the Composite was calculated in compliance with the Global Investment Performance Standards (GIPS^®) maintained by the CFA Institute. This performance calculation method differs from the SEC performance standards applicable to registered investment companies, such as the Fund. Investors should be aware that the use of a methodology different from that used to calculate the performance of the Fund could result in differing performance data.

60 Prospectus ■ TIAA-CREF International & Global Funds

THE INVESTMENT RESULTS PRESENTED BELOW ARE NOT THOSE OF THE FUND AND ARE NOT INTENDED TO PREDICT OR SUGGEST RETURNS THAT MIGHT BE EXPERIENCED BY THE FUND. These figures represent past performance and do not indicate future results, which will vary, so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

AVERAGE ANNUAL TOTAL RETURNS OF THE EMERGING MARKETS DEBT COMPOSITE

(For the periods ended December 31, 2014)


	Inception Date	One Year	Three Years	Five Years	Since Inception
Emerging Markets Debt Composite (net of fees)	8/2/2004	5.83%	6.93%	8.12%	7.91%
Emerging Markets Debt Composite (gross of fees)	8/2/2004	6.47%	7.57%	8.77%	8.53%
JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified*		7.43%	6.12%	7.56%	7.77%

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

ANNUAL TOTAL RETURNS OF THE EMERGING MARKETS DEBT COMPOSITE

(For the calendar year)


	Emerging Markets Debt Composite (net of fees)	Emerging Markets Debt Composite (gross of fees)	JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified^†
2014	5.83%	6.47%	7.43%
2013	-5.68%	-5.11%	-5.25%
2012	22.51%	23.24%	17.44%
2011	4.11%	4.73%	7.34%
2010	16.10%	16.78%	12.24%
2009	33.49%	34.28%	29.82%
2008	-16.14%	-15.65%	-12.03%
2007	5.25%	5.85%	6.16%
2006	11.45%	12.08%	9.86%
2005	10.32%	10.87%	10.25%

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

Share classes

Each Fund may offer Retail, Retirement, Premier, [Investor] and Institutional Class shares. [Investor] Class shares are offered in this Prospectus; Retail, Retirement, Premier and Institutional Class shares are offered in a separate prospectus. Each Fund’s investments are held by the Fund as a whole, not by a particular share class, so an investor’s money will be invested the same way no

TIAA-CREF International & Global Funds ■ Prospectus 61

matter which class of shares is held. However, there are differences among the fees and expenses associated with each class and not everyone is eligible to buy every class. After determining which classes you are eligible to buy, decide which class best suits your needs. Please contact us if you have questions or would like assistance in determining which class is right for you.

Management of the Funds

The Funds’ investment adviser

Advisors manages the assets of the Trust, under the supervision of the Board of Trustees. Advisors is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund (“CREF”), the first company in the United States to issue a variable annuity. Advisors is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. Advisors also manages the investments of TIAA Separate Account VA-1 and TIAA-CREF Life Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”), certain personnel of Advisors also manage the investment accounts of CREF. As of June 30, 2015, Advisors and TCIM together had approximately $319 billion of registered investment company assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.

TIAA-CREF entities sponsor an array of financial products for retirement and other investment goals. For some of these products, for example, the investment accounts of CREF, TIAA or its subsidiaries perform services “at cost.” The Funds, however, pay the management fees and other expenses that are described in the table of fees and expenses in this Prospectus. The management fees paid by the Funds to Advisors are intended to compensate Advisors for its services to the Funds and are not limited to the reimbursement of Advisors’ costs. Thus, under this arrangement, Advisors can earn a profit or incur a loss on the services which it renders to the Funds. The Funds also pay Advisors for certain administrative services that Advisors provides to the Funds on an at-cost basis.

Advisors manages the assets of the Funds pursuant to an investment management agreement with the Trust (the “Management Agreement”). Advisors’ duties under the Management Agreement include, among other things, providing the Funds with investment research, advice and supervision; furnishing an investment program for the Funds; determining which securities or other investments to purchase, sell or exchange; and providing or obtaining any other necessary services to manage, acquire or dispose of securities, cash or other investments. Advisors also supervises and acts as liaison among the various service providers to the Funds, such as the custodian and transfer agent.

The annual investment management fees charged under the Management Agreement with respect to the Funds are as follows:

62 Prospectus ■ TIAA-CREF International & Global Funds

INVESTMENT MANAGEMENT FEES


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Emerging Markets Equity Fund*		$0.0—$1.0	0.85%
		Over $1.0—$2.0	0.82%
		Over $2.0—$4.0	0.79%
		Over $4.0—$8.0	0.76%
		Over $8.0	0.73%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.85% for the Fund.


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Enhanced International Equity Index Fund*		$0.0—$1.0	0.40%
		Over $1.0—$2.0	0.35%
		Over $2.0—$4.0	0.30%
		Over $4.0—$8.0	0.25%
		Over $8.0	0.20%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.42% for the Fund, which reflects a higher investment management fee rate schedule in place during that period.


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Global Natural Resources Fund*		$0.0—$1.0	0.65%
		Over $1.0—$2.0	0.62%
		Over $2.0—$4.0	0.59%
		Over $4.0—$8.0	0.56%
		Over $8.0	0.53%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.65% for the Fund.


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
International Equity Fund*		$0.0—$1.0	0.50%
		Over $1.0—$2.0	0.47%
		Over $2.0—$4.0	0.44%
		Over $4.0—$8.0	0.41%
		Over $8.0	0.38%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.48% for the Fund, which reflects a higher investment management fee rate schedule in place during that period.

TIAA-CREF International & Global Funds ■ Prospectus 63


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
International Opportunities Fund*		$0.0—$1.0	0.60%
		Over $1.0—$2.0	0.57%
		Over $2.0—$4.0	0.54%
		Over $4.0—$8.0	0.51%
		Over $8.0	0.48%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.60% for the Fund.


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Social Choice International Equity Fund	All Assets	0.30%


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Emerging Markets Debt Fund*		$0.0—$1.0	0.55%
		Over $1.0—$2.0	0.53%
		Over $2.0—$4.0	0.51%
		Over $4.0—$8.0	0.49%
		Over $8.0	0.47%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.55% for the Fund.

A discussion regarding the basis for the Board of Trustees’ most recent approval of the Funds’ Management Agreement is available in the Funds’ shareholder report for the period ended April 30, 2015. For a free copy of the Funds’ shareholder report, please call 800 842-2252, visit the Funds’ website at www.tiaa-cref.org or visit the SEC’s website at www.sec.gov.

Portfolio management teams

The Funds are managed by one or more portfolio managers, who are responsible for the day-to-day management of the Funds, with expertise in the area applicable to the Funds’ investments. In the case of Funds with multiple portfolio managers, each may be responsible for different aspects of the Fund’s management. For example, one manager may be principally responsible for selecting appropriate investments for a Fund, while another may be principally responsible for asset allocation. The following is a list of the portfolio managers primarily responsible for managing each Fund’s investments, along with their relevant experience. The Funds’ portfolio managers may change from time to time.

64 Prospectus ■ TIAA-CREF International & Global Funds


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
EMERGING MARKETS EQUITY FUND
Alexander Lee Muromcew Managing Director	Stock Selection-Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (portfolio management of international portfolios); Loomis, Sayles & Co., LP—1999 to 2004 (portfolio management of international portfolios)	2004	1990	2010
Barton Grenning Managing Director	Stock Selection	Advisors, TCIM and other advisory affiliates of TIAA—2008 to Present (Asian and global consumer products equity research and portfolio management); Pequot Capital—2006 to 2008 (long/short Asian portfolio and long only Asian portfolio management	2008	1990	2015

ENHANCED INTERNATIONAL EQUITY INDEX FUND
Steve Rossiello, CFA Managing Director	Quantitative Portfolio Management - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—1996 to Present (portfolio management of international large-cap developed market portfolios, international small-cap developed market portfolios and emerging market portfolios)	1996	1992	2007
Pablo Mitchell Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (quantitative portfolio manager; various quantitative equity research responsibilities); Thomson Vestek—2003 to 2004 (senior quantitative researcher for equity and fixed-income performance analysis and risk modeling)	2004	2002	2009
GLOBAL NATURAL RESOURCES FUND
Navaneel Ray, CFA Managing Director	Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio manager of various metals/mining/energy domestic and international portfolios and global metals/mining/energy equity analyst), 2007 to Present (portfolio manager of global natural resources equity portfolio), 2009 to 2011 (portfolio manager for global equities portfolio)	2005	1994	2011

TIAA-CREF International & Global Funds ■ Prospectus 65


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
INTERNATIONAL EQUITY FUND
Chris Semenuk Managing Director	Stock Selection - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—1993 to Present (portfolio management of international large-cap core portfolios)	1993	1987	1999
INTERNATIONAL OPPORTUNITIES FUND
Jason Campbell Managing Director	Stock Selection - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (manager and analyst for international portfolios)	2005	1997	2013
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2015
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2015
EMERGING MARKETS DEBT FUND
Katherine Renfrew Managing Director	Lead Portfolio Manager and Portfolio Manager - Corporate & Quasi-Sovereign Sector	Advisors, TCIM and other advisory affiliates of TIAA—1997 to Present (fixed-income portfolio management, research and trading)	1997	1994	2014
Anupam Damani, CFA Managing Director	Portfolio Manager - Sovereign Sector	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (fixed-income portfolio management, research and trading)	2005	1994	2014

The Funds’ SAI provides additional disclosure about the compensation structure for the Funds’ portfolio managers, the other accounts they manage, total assets in those accounts and potential conflicts of interest, as well as the portfolio managers’ ownership of shares of the Funds they manage.

66 Prospectus ■ TIAA-CREF International & Global Funds

Other services

Under the terms of the Administrative Services Agreement with the Trust, responsibility for payment of expenses relating to oversight and performance of certain services, including transfer agency, dividend disbursing, accounting, administrative, compliance and shareholder services, is allocated directly either to the Funds or to Advisors.

For Advisors’ provision of such administrative, compliance and other services to the Funds under the Administrative Services Agreement, the Funds pay to Advisors at the end of each calendar month the allocated costs of such services as determined under the TIAA-CREF cost allocation methodology then in effect.

Distribution and service arrangements

Teachers Personal Investors Services, Inc. (“TPIS”) distributes each class of Fund shares.

Other Payments by the Funds

In addition to the fees the Funds pay to their transfer agent, TPIS or Advisors, on behalf of the [Investor] Class of the Funds, may enter into agreements with financial intermediaries pursuant to which the Funds will pay financial intermediaries for administrative, networking, recordkeeping, sub-transfer agency and shareholder services. The Funds have adopted a Shareholder Servicing Plan (“Servicing Plan”) with respect to [Investor] Class shares that has been approved by the Board of Trustees that outlines the types of services to be provided to the Funds by these financial intermediaries. The Servicing Plan also provides the maximum rates that the Funds may pay such financial intermediaries, which are generally based on: (1) an annual percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary; and/or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of these payments may be substantial and may vary significantly among intermediaries but will be limited by Advisors’ agreement to reimburse each Fund for total [Investor] Class expenses that exceed certain specified amounts.

Other Payments by TPIS, Advisors or their Affiliates

TIAA-CREF International & Global Funds ■ Prospectus 67

of TIAA-CREF Funds held by the intermediary’s customers. The level of distribution-related revenue sharing payments that TPIS, Advisors or their affiliates are willing to provide to a particular financial intermediary may be affected by, among other factors, the intermediary’s total assets held in and recent net investments into the TIAA-CREF Funds, the intermediary’s level of participation in TIAA-CREF Fund sales and marketing programs, the intermediary’s compensation program for its registered representatives who sell TIAA-CREF Fund shares and provide services to TIAA-CREF Fund shareholders, and the asset class of the TIAA-CREF Funds for which these payments are provided. The SAI contains additional information about these payments. TPIS may also make payments to financial intermediaries in connection with sales meetings, due diligence meetings, prospecting seminars and other meetings at which TPIS promotes its products and services.

In addition to revenue sharing payments to financial intermediaries related to distribution of the Funds’ shares, Advisors or its affiliates may also make revenue sharing payments out of their own assets to financial intermediaries as compensation for certain recordkeeping, shareholder communications and other account administration services provided to TIAA-CREF Fund shareholders who own their shares through these financial intermediaries’ accounts. These servicing-related revenue sharing payments are in addition to any applicable sub-transfer agency or similar fees paid to these financial intermediaries with respect to these services by the TIAA-CREF Funds out of Fund assets.

The amounts of revenue sharing payments to a financial intermediary could be significant, and may create an incentive for the intermediary or its representatives to recommend or offer shares of the Funds to you. The financial intermediary may elevate the prominence or profile of the Funds within the intermediary’s organization by, for example, placing the Funds on a list of preferred or recommended funds and/or granting TPIS, Advisors and/or their affiliates preferential or enhanced opportunities to promote the Funds in various ways within the intermediary’s organization.

Calculating share price

Each Fund determines its net asset value (“NAV”) per share, or share price, on each day the NYSE is open for business. The NAV for each Fund is calculated as of the time when regular trading closes on the NYSE (generally, 4:00 p.m. Eastern Time or at such earlier time that regular trading on the NYSE closes). The Funds do not price their shares on days that the NYSE is closed. NAV per share for each class is determined by dividing the value of the Fund’s assets attributable to such class, less all liabilities attributable to such class, by the total number of shares of the class outstanding.

68 Prospectus ■ TIAA-CREF International & Global Funds

shareholders will not be able to purchase or redeem Fund shares. The value of a Fund’s investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining a Fund’s NAV.

Each Fund generally uses market quotations or values obtained from independent pricing services to value securities and other instruments held by a Fund. If market quotations or values from independent pricing services are not readily available or are not considered reliable, a Fund will use a security’s “fair value,” as determined in good faith using procedures approved by the Board of Trustees. A Fund may also use fair value if events that have a significant effect on the value of an investment (as determined in Advisors’ sole discretion) occur between the time when its price is determined and the time the Fund’s NAV is calculated. For example, a Fund might use a domestic security’s fair value when the exchange on which the security is principally traded closes early or when trading in the security is halted and does not resume before the Fund’s NAV is calculated. The use of fair value pricing can involve reliance on quantitative models or individual judgment, and may result in changes to the prices of portfolio securities that are used to calculate a Fund’s NAV. Although each Fund fair values portfolio securities on a security-by-security basis, Funds that hold foreign portfolio securities may see their portfolio securities fair valued more frequently than other funds that do not hold foreign securities.

Fair value pricing of equity securities most commonly occurs with securities that are primarily traded outside the United States. This may have the effect of decreasing the ability of market timers to engage in “stale price arbitrage,” which takes advantage of the perceived difference in price from a foreign market closing price.

While using a fair value price for foreign securities is intended to decrease the ability of market timers to make money by exchanging into or out of the Funds to the detriment of longer-term shareholders, it may reduce some of the certainty in pricing obtained by using actual market close prices.

The Funds’ fair value pricing procedures provide, among other things, for the Funds to examine whether to fair value foreign securities when there is a movement in the value of a U.S. market index between the close of one or more foreign markets and the close of the NYSE. For these securities, the Funds use a fair value pricing service approved by the Board of Trustees. This pricing service employs quantitative models to value foreign investments in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. Fair value pricing is subjective in nature and the use of fair value pricing by a Fund may cause the NAV of the Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded. The Funds also examine the prices of individual securities to determine, among other things, whether the price of such securities reflects fair value at the close of the NYSE based on market movements. In addition, the Funds may fair value

TIAA-CREF International & Global Funds ■ Prospectus 69

domestic securities when it is believed the last market quotation is not readily available or such quotation does not represent the fair value of that security.

Fixed-income securities, including money market instruments, are valued using market quotations, independent pricing sources or values derived from a pricing matrix that has various types of the applicable fixed-income instrument along one axis and various maturities along the other. The use of a price derived from a pricing matrix is a method of fair value pricing.

Dividends and distributions

Each Fund expects to declare and distribute to shareholders substantially all of its net investment income and net realized capital gains, if any. The amount distributed will vary according to the income received from investments held by a Fund and capital gains realized from the sale of investments. The Emerging Markets Debt Fund plans to pay dividends on a quarterly basis. Each other Fund plans to pay dividends on an annual basis.

Each Fund intends to pay net capital gains, if any, annually. Dividends and capital gains can be paid in cash or reinvested. If you have elected to receive your distributions in cash and the distribution amount is less than $10, then the amount will be automatically reinvested in the particular Fund and no check will be issued. If the postal service is unable to deliver checks to your address of record, or the distribution check remains outstanding for six months or more, then the Funds reserve the right to reinvest the distribution check into your account using the particular Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.

Dividends and capital gain distributions paid to shareholders who hold their shares through a TIAA-CREF-administered retirement plan or custody account will automatically be reinvested in additional shares of the same class of the particular Fund. All other shareholders may elect from the following distribution options (barring any restrictions from the intermediary or plan through which such shares are held):

1. Reinvestment Option, Same Fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of the Fund. Unless you elect otherwise, this will be your default distribution option.

2. Reinvestment Option, Different Fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of another fund in which you already hold shares.

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

70 Prospectus ■ TIAA-CREF International & Global Funds

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

On a Fund’s distribution date, the Fund makes distributions on a per share basis to the shareholders who hold and have paid for Fund shares on the record date. The Funds do this regardless of how long the shares have been held. This means that if you buy shares just before or on a record date, you will pay the full price for the shares and then you may receive a portion of the price back as a taxable distribution (see the discussion of “Buying a dividend” below under “Taxes”). Cash distribution checks will be mailed within seven days of the distribution date.

Shareholders who hold their shares through a variable insurance or annuity product, an employee benefit plan or through an intermediary may be subject to restrictions on their distribution payment options imposed by the product, plan or intermediary. Please contact the variable insurance or annuity product issuer or your plan sponsor or intermediary for more details.

Taxes

As with any investment, you should consider how your investment in a Fund will be taxed.

Taxes on dividends and distributions. Unless you are tax-exempt or hold Fund shares in a tax-deferred account, you are subject to federal income tax on dividends and taxable distributions each year. Your dividends and taxable distributions generally are taxable when they are paid, whether you take them in cash or reinvest them. However, distributions declared in October, November or December of a year and paid in January of the following year are taxable as if they were paid on December 31 of the prior year.

For federal tax purposes, income and short-term capital gain distributions from a Fund are taxed as ordinary income, and long-term capital gain distributions are taxed as long-term capital gains. Every January, a statement showing the taxable distributions paid to you in the previous year from a Fund will be sent to you and the Internal Revenue Service (“IRS”) (for taxable accounts only). Whether or not a capital gain distribution is considered long-term or short-term depends on how long the Fund held the securities the sale of which led to the gain.

A portion of ordinary income dividends paid by a Fund to individual investors may constitute “qualified dividend income” that is subject to the same maximum tax rates as long-term capital gains. The portion of a dividend that will qualify for this treatment will depend on the aggregated qualified dividend income received by a Fund. Notwithstanding this, certain holding period requirements with respect to a shareholder’s shares in a Fund may apply to prevent the shareholder from

TIAA-CREF International & Global Funds ■ Prospectus 71

treating any portion of a dividend as “qualified dividend income.” Additional information about this can be found in the Funds’ SAI.

Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds, may also give rise to capital gains or losses. The amount of any capital gain or loss will be the difference, if any, between the adjusted cost basis of your shares and the price you receive when you sell or exchange them. In general, a capital gain or loss will be treated as a long-term capital gain or loss if you have held your shares for more than one year.

Each Fund is required to report to the IRS and furnish to Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, “first-in, first-out” (“FIFO”), or some other specific identification method. Unless you instruct otherwise, each Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Funds shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.

For shares you sell that were purchased prior to January 1, 2012, you will be sent a statement showing how many shares you sold and at what price. However, the statement will not include cost basis information and will not be furnished to the IRS. You or your tax preparer must determine whether this sale resulted in a capital gain or loss and the amount of tax to be paid on any gain. Be sure to keep your regular account statements; the information they contain will be essential in calculating the amount of your capital gains or losses.

Backup withholding. If you fail to provide a correct taxpayer identification number or fail to certify that it is correct, the Funds are required by law to withhold 28% of all the distributions and redemption proceeds paid from your account. The Funds are also required to begin backup withholding if instructed by the IRS to do so.

Buying a dividend. If you buy shares just before a Fund deducts a distribution from its NAV, you will pay the full price for the shares and then receive a portion of the price back in the form of a taxable distribution. This is referred to as “buying a dividend.” For example, assume you bought shares of a Fund for $10.00 per share the day before the Fund paid a $0.25 dividend. After the dividend was paid, each share would be worth $9.75, and, unless you hold your shares through a tax-deferred arrangement such as a 401(a), 401(k) or 403(b) plan or an IRA, you would have to include the $0.25 dividend in your gross income for tax purposes.

Effect of foreign taxes. Foreign governments may impose taxes on a Fund and its investments and these taxes generally will reduce the Fund’s distributions. If

72 Prospectus ■ TIAA-CREF International & Global Funds

a Fund qualifies to pass through a credit for such taxes paid and elects to do so, an offsetting tax credit or deduction may be available to you if you maintain a taxable account. If so, your tax statement will show more taxable income than was actually distributed by a Fund, but will also show the amount of the available offsetting credit or deduction.

Other restrictions. There are tax requirements that all mutual funds must follow in order to avoid federal taxation. In its effort to adhere to these requirements, a Fund may have to limit its investment in some types of instruments.

Special considerations for certain institutional investors. If you are a corporate investor, a portion of the dividends from net investment income paid by a Fund may qualify for the corporate dividends-received deduction. The portion of the dividends that will qualify for this treatment will depend on the aggregate qualifying dividend income received by a Fund from domestic (U.S.) sources. Certain holding period and debt financing restrictions may apply to corporate investors seeking to claim the deduction.

Taxes related to employee benefit plans or IRAs. Generally, individuals are not subject to federal income tax in connection with shares held (or that are held on their behalf) in participant or custody accounts under Code section 401(a) employee benefit plans (including 401(k) and Keogh plans), Code section 403(b) or 457 employee benefit plans, or IRAs. Distributions from such plan participant or custody accounts may, however, be subject to ordinary income taxation in the year of the distribution. For information about the tax aspects of your plan or IRA or Keogh account, please consult your plan administrator, TIAA-CREF or your tax advisor.

Other tax matters. Certain investments of a Fund, including certain debt instruments, foreign securities and shares of other investment funds, could affect the amount, timing and character of distributions you receive and could cause a Fund to recognize taxable income in excess of the cash generated by such investments (which may require a Fund to liquidate other investments in order to make required distributions).

This information is only a brief summary of certain federal income tax information about your investment in a Fund. The investment may have state, local or foreign tax consequences, and you should consult your tax advisor about the effect of your investment in a Fund in your particular situation. Additional tax information can be found in the Funds’ SAI.

TIAA-CREF International & Global Funds ■ Prospectus 73

Your account: purchasing, redeeming
or exchanging shares

Share class eligibility

Definitions

Financial Intermediary Accounts. These include accounts held through platforms, programs, plans and other similar entities, as well as omnibus accounts, on behalf of other investors. Additionally, Financial Intermediary Accounts may include, but are not limited to, the following:

· Benefit Plans (as defined below);

· Certain custody accounts sponsored or administered by TIAA-CREF, or by other entities not affiliated with TIAA-CREF, that are established by individuals as IRAs pursuant to section 408 of the Code; and

· Wrap accounts or other such arrangements as may be offered by a financial advisor or other intermediary.

Benefit Plan Accounts. These include accounts sponsored or administered by either TIAA-CREF and its affiliates or by other entities not affiliated with TIAA-CREF and that are established by or on behalf of employers, or the trustees of plans sponsored by employers, in connection with certain employee benefit plans. Such Benefit Plans include those described in sections 401(a) (including 401(k) plans), 403(a), 403(b) or 457 of the Code. Shareholders investing through such Benefit Plans may have to pay additional expenses related to the administration of such plans. The [Investor Class] is not available to SEPs, SAR-SEPs, SIMPLE IRAs, and Keogh plans.

Eligibility

[Investor] Class shares are available for purchase by or through the following types of accounts:

· Financial Intermediary Accounts;

· Other investment companies or pools;

· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);

· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA-CREF; and

· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.

Account minimums

Currently, there are no minimum account requirements, including initial or subsequent minimum investment requirements, for [Investor] Class shares. The Funds have the discretion to impose initial or subsequent minimum investment requirements at any time without any prior notice to shareholders.

74 Prospectus ■ TIAA-CREF International & Global Funds

Additional information

The Funds reserve the right to determine in their sole discretion whether any potential investor is eligible to purchase [Investor] Class shares. For more information, please contact your financial intermediary or you may call the Funds at 800 842-2252, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time.

The Funds may from time to time, in their discretion, deviate from or vary the processes and procedures outlined below for purchasing, redeeming and exchanging shares.

The Funds are not responsible for any losses due to unauthorized or fraudulent instructions when purchasing, redeeming or exchanging shares as long as the Funds follow reasonable security procedures to verify your identity. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.

Purchasing shares

How to open an account through a Financial Intermediary Account or Benefit Plan Account not administered by TIAA-CREF

Your Financial Intermediary or Benefit Plan will have its own instructions and procedures for opening an account and establishing a position within the Funds. If you are enrolling in a Benefit Plan you should first contact your employer to learn important details necessary to facilitate enrollment into the plan. Investors purchasing shares through a Financial Intermediary or a Benefit Plan, may purchase shares only in accordance with instructions and limitations pertaining to their account with such intermediary or plan. These Financial Intermediaries or Benefit Plans may set different minimum investment requirements for their customers’ investments. Please contact your Financial Intermediary or Benefit Plan sponsor for more information.

For Participants in a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF

You should first contact your employer to learn important details necessary to facilitate enrollment in a Benefit Plan. Your employer must notify TIAA-CREF that you are eligible to enroll. In many cases, you will be able to use the TIAA-CREF Web Center’s online enrollment feature at www.tiaa-cref.org. Some plans allow submission of a hard-copy application for a new account; this form can be returned to your human resources (HR) office, a TIAA-CREF Relationship Manager or to either of the addresses below:

First-Class or Standard Mail:

TIAA-CREF

PO Box 1259

Charlotte, NC 28262

TIAA-CREF International & Global Funds ■ Prospectus 75

Overnight Mail:

TIAA-CREF

8500 Andrew Carnegie Blvd

Charlotte, NC 28262

You may allocate single or ongoing contributions by selecting a Fund and the amounts you wish to contribute to that Fund.

Subject to the terms of your plan, you may be eligible to roll over or transfer in balances from other eligible accounts as determined by the Code.

The Funds may suspend or terminate the offering to your employer’s plan. You may be able to change your allocation for future contributions by:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Other information for Benefit Plans

As a participant in a Benefit Plan, the Funds impose no minimum investment. The Funds do not currently restrict the frequency of investments made in the Funds by participant accounts through Benefit Plans, although the Funds reserve the right to impose such restrictions in the future. If you are investing in the Funds through a Benefit Plan, your employer’s plan may limit the amount and available methods to invest in your participant account. Additionally, the Code limits total annual contributions to most types of Benefit Plans.

Transaction methods for purchases

Purchasing via wire: You may remit initial or subsequent deposits into your account via wire. To open an account by wire please send a completed and signed application by mail as instructed above and then follow the wiring instructions below once you have confirmed the account is open and have the account number.

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

ABA Number (all classes) 011000028

DDA Number 99054546

Specify on the wire:

· “The TIAA-CREF Funds—” and the “Share Class” being purchased. For example, a proper set of wire instructions for an initial or subsequent investment into the [Investor] Class would read as follows: “The TIAA-CREF Funds— [Investor] Class”

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

76 Prospectus ■ TIAA-CREF International & Global Funds

· The Fund account number; and

· The Fund and amount to be invested.

Points to remember for all purchases

The Funds consider all purchase requests to be received when they are received in “good order” as determined by the Funds’ transfer agent (or other authorized Fund agent). (See the section entitled “Important transaction information—Good Order” below.) Your investment must be for a specified dollar amount. The Funds cannot accept purchase requests specifying a certain price, date, or number of shares. These types of requests will be deemed to be not in “good order” and the money you sent will be returned to you. If you hold your shares through a Financial Intermediary Account, such intermediary may have its own independent “good order” and eligibility requirements.

Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations under the Funds’ Market Timing/Excessive Trading Policy (see below). If you hold your shares through a Financial Intermediary Account, such intermediary may charge you additional fees. Contact your Financial Intermediary to find out if it imposes any other conditions on your transactions, such as a different minimum investment requirement.

Federal law requires the Funds to obtain, verify and record information that identifies each person who opens an account. Until the Funds receive such information, it may not be able to open an account or effect transactions for you. Furthermore, if the Funds are unable to verify your identity, or that of another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Funds reserve the right to take such action as deemed appropriate, which may include closing your account.

Before you can use TIAA-CREF’s Web Center, you must enter your Social Security number, date of birth and active account number. You will then be given an opportunity to create a user name and password. TIAA-CREF’s Web Center will lead you through the transaction process, and the Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over TIAA-CREF’s Web Center are recorded electronically.

All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Funds will only accept accounts with a U.S. address of record. The Funds will not accept a P.O. Box as the address of record.

There may be circumstances when the Funds will not accept new investments. The Funds reserve the right to suspend or terminate the offering of its shares at any time without prior notice. The Funds also reserve the right to restrict you from making future purchases in the Funds or any other series of the Trust. In addition, the Funds reserve the right to reject any application or investment or any other specific purchase request.

TIAA-CREF International & Global Funds ■ Prospectus 77

Redeeming shares

You can redeem (sell) your shares on any business day. If you hold your Fund shares through a Financial Intermediary Account, please contact the intermediary to sell your shares. Your Financial Intermediary may have different requirements and restrictions on redemptions than the Funds. If you hold your Fund shares through a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF, the Benefit Plan or Financial Intermediary may impose further restrictions on the sale of Fund shares.

If you hold your shares through a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF, you may be required to complete and return certain forms to effect your redemption. Before you complete your redemption request, please make sure you understand the possible federal and other income tax consequences of a redemption. Neither the Funds nor their transfer agent can process redemption requests that specify a certain price or date; these requests will be deemed not in “good order” and will be returned. (See the section entitled “Important transaction information—Good Order” below.)

Usually, the Funds send redemption proceeds on the next business day after the Funds receive a redemption request in “good order” as determined by the Funds’ transfer agent (or other authorized Fund agent), and not later than seven days afterwards.

If a redemption is requested after a recent purchase of shares, the Funds may delay payment of the redemption proceeds until the check or an electronic funds transfer transaction clears. This can take up to 10 days.

The Funds can postpone payment if: (a) the NYSE is closed for other than usual holidays or weekends, or trading on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or when the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors.

The Funds reserve the right to require a Medallion Signature Guarantee for a redemption. The Funds can suspend or terminate your ability to transact by telephone, Internet, or by fax at any time, for any reason.

Once mailed to the Funds, your redemption request is irrevocable and cannot be modified or canceled.

For participants holding shares through a Benefit Plan Account

A redemption can be part of an exchange into (1) another fund available through your Benefit Plan or, (2) another account or IRA.

If you are married, and all or part of your investment is attributable to purchases made under either (i) an employer plan subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) or (ii) an employer plan that provides for spousal rights to benefits, then to the extent required by the Code or ERISA or the terms of your employer plan, your rights to make certain redemptions may be restricted by the rights of your spouse to such benefits.

78 Prospectus ■ TIAA-CREF International & Global Funds

Transaction methods for redemptions

For all Accounts

In-kind redemptions of shares: Certain large redemptions of Fund shares may be detrimental to a Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement the Fund’s investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90 day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of a Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs, and related market and other risks of holding securities.

For Benefit Plan or other Financial Intermediary Accounts administered by TIAA-CREF

By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above.

Over the Internet: Shares held through a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF can be redeemed over the Internet subject to any rules imposed by the Benefit Plan or Financial Intermediary. TIAA-CREF’s Web Center can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org. Before you can use the Web Center, you must enter your Social Security number, date of birth and active account number. The Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over the Web Center are recorded electronically.

By telephone: Participants holding shares through a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF can call the appropriate number provided in the section entitled “Purchasing shares” above. If you do not want to be able to redeem by telephone, contact either your TIAA-CREF Relationship Manager or Financial Intermediary.

· Participants holding shares through a Benefit Plan or other account administered by TIAA-CREF can redeem up to $50,000 every seven calendar days or any greater amount as approved from time to time.

By systematic redemption plan: TIAA will automatically redeem the requested dollar amount or number of shares held in a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF on any business day between the 1st and 28th of the month. If the days selected are not business days,

TIAA-CREF International & Global Funds ■ Prospectus 79

shares will be redeemed on the following business day. Redemptions will be made via check or electronic transfer to your bank.

All owners of an account must sign the systematic redemption plan request. Similarly, all owners must sign any request to increase the amount or frequency of the systematic redemptions or a request for payments to be sent to an address other than the address of record. A Medallion Signature Guarantee may be required for this address change. TIAA can terminate the systematic redemption plan option at any time, although TIAA will notify you if this occurs. You can terminate the plan or reduce the amount or frequency of the redemptions by writing or by calling TIAA or through the TIAA-CREF Web Center. Requests to establish, terminate, or change the amount or frequency of redemptions will become effective within five days after the Funds receive your instructions.

Exchanging shares

Overview

An exchange is a simultaneous redemption of shares in a Fund and a purchase of shares in another fund or series of the Trust. Investors can exchange shares on any business day subject to limitations (i) described in the section entitled “Market timing/excessive trading policy” below, (ii) imposed by your Financial Intermediary or (iii) any limitations under your employer’s Benefit Plan. Shareholders who own shares through a Benefit Plan Account or Financial Intermediary Account should contact the plan or intermediary for exchange requests.

Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer identification number. Because restrictions may apply to certain accounts or plans, you should contact your Financial Intermediary or Benefit Plan representative for further information. An exchange is considered a sale of securities and therefore may be a taxable event.

In the case of shares held through a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF, exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if it is less.

Make sure you understand the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into which you exchange shares. The exchange option is not designed to allow you to time the market. It gives you a convenient way to adjust the balance of your account so that it more closely matches your overall investment objectives and risk tolerance level.

The Funds reserve the right to reject any exchange request and to modify or terminate the exchange option at any time without prior notice to shareholders. The Funds may do this, in particular, when your transaction activity is deemed to be harmful to the Funds, including if it is considered to be market timing activity.

Once made, an exchange request by mail cannot be modified or cancelled.

80 Prospectus ■ TIAA-CREF International & Global Funds

Transaction methods for exchanges

If your shares are held through a Benefit Plan or Financial Intermediary Account, please contact the plan or intermediary for exchange requirements. Investors holding shares through Accounts administered by TIAA-CREF may exchange:

Over the Internet: If your Account is administered through TIAA-CREF you can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above. The letter must include your name, address, and the funds and Accounts you want to exchange between.

By telephone: Please call 800 842-2252.

By systematic exchange: Under this feature, TIAA-CREF automatically redeems shares in a Fund and purchases shares in another fund or series of the Trust as specified by the applicable agreement. For all systematic exchanges, you must specify the dollar amount and the funds involved in the exchange. If you want to set up a systematic exchange, contact TIAA-CREF. You can terminate the plan or change the amount or frequency of the exchanges by writing or calling the number identified in the section entitled “Purchasing shares” above. Requests to establish, terminate, or change the amount or frequency of exchanges will become effective within five days after TIAA-CREF receives your instructions. All account owners must sign the systematic exchange request. Similarly, all account owners must sign any request to increase the amount or frequency of systematic exchanges.

Conversion of shares—applicable to all investors

A share conversion is a transaction where shares of one class of a Fund are exchanged for shares of another class of the Fund. Share conversions can occur between each share class of a Fund. Generally, share conversions occur where a shareholder becomes eligible for another share class of a Fund or no longer meets the eligibility of the share class they own (and another class exists for which they would be eligible). Please note that a share conversion is generally a non-taxable event, but please consult with your personal tax advisor on your particular circumstances.

A request for a share conversion will not be processed until it is received in “good order” (as defined below) by the Funds’ transfer agent (or other authorized Fund agent). Conversion requests received in “good order” prior to the close of the NYSE (generally 4:00 p.m. Eastern Time) on a day the NYSE is open will receive the NAV of the new class calculated that day. Please note that, because the NAV of each class of a Fund will generally vary from the NAVs of the other classes due to differences in expenses, you will receive a different number of shares in the new class than you held in the old class, but the total value of your holdings will remain the same.

TIAA-CREF International & Global Funds ■ Prospectus 81

The Funds' market timing policies will not be applicable to share conversions. Please contact the Financial Intermediary or Benefit Plan through which you hold your Fund shares for more information on share conversions. Please note that certain intermediaries or plan sponsors may not permit all types of share conversions. The Funds reserve the right to terminate, suspend or modify the share conversion privilege for any shareholder or group of shareholders.

Voluntary conversions

If you believe that you are eligible to convert your Fund shares to another class, you may place an order for a share conversion by contacting your Relationship Manager. Please contact the Financial Intermediary or Benefit Plan through which you hold your Fund shares regarding conversions. Please be sure to read the applicable sections of the prospectus for the new class in which you wish to convert prior to such a conversion in order to learn more about its different features, performance and expenses. Neither the Funds nor Advisors has any responsibility for reviewing accounts and/or contacting shareholders to apprise them that they may qualify to request a voluntary conversion. Some Financial Intermediaries or Benefit Plans may not allow investors who own Fund shares through them to make share conversions.

Mandatory conversions

The Funds reserve the right to automatically convert shareholders from one class to another if they no longer qualify as eligible for their existing class or if they become eligible for another class. Such mandatory conversions may be as a result of a change in value of an account due to market movements, exchanges or redemptions. The Funds will notify affected shareholders in writing prior to any mandatory conversion.

Important transaction information

Good Order. Purchase, redemption and exchange requests are not processed until received in good order by the Funds’ transfer agent at its processing center (or by another authorized Fund agent). “Good order” means actual receipt of the order along with all information and supporting legal documentation necessary to effect the transaction by the Funds’ transfer agent (or other authorized Fund agent). This information and documentation generally includes the Fund account number, the transaction amount (in dollars or shares), signatures of all account owners exactly as registered on the account and any other information or supporting documentation as the Funds, their transfer agent or other authorized Fund agent may require. With respect to purchase requests, “good order” also generally includes receipt of sufficient funds by the Funds’ transfer agent (or other authorized Fund agent) to effect the purchase. The Funds, their transfer agent or any other authorized Fund agent may, in their sole discretion, determine whether any particular transaction request is in good order and reserve the right to change or waive any good order requirement at any time.

82 Prospectus ■ TIAA-CREF International & Global Funds

Financial intermediaries or plan sponsors may have their own requirements for considering transaction requests to be in “good order.” If you hold your shares through a financial intermediary or plan sponsor, please contact them for their specific “good order” requirements.

Share Price. If the Funds’ transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in good order anytime before close of regular trading on the NYSE (usually 4:00 p.m. Eastern Time), the transaction price will be the NAV per share for that day. If the Funds’ transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in good order anytime after the NYSE closes, the transaction price will be the NAV per share calculated the next business day.

The Financial Intermediary or Benefit Plan through which you hold your shares may require you to communicate to it any purchase, redemption or exchange request by a specified deadline earlier than 4:00 p.m. Eastern Time in order to receive that day’s NAV per share as the transaction price.

Large Redemptions—Applicable to All Investors. Please contact the Funds before attempting to redeem a large dollar amount of shares (including exchange requests since they include redemption transactions). Large redemptions of Fund shares may be detrimental to the Funds’ other shareholders because such transactions can adversely affect a portfolio manager’s ability to efficiently manage the Funds. By contacting the Funds before you attempt to redeem a large dollar amount, you may avoid in-kind payment of your request.

Taxpayer Identification Number. Regardless of whether you hold your Fund shares directly or through a Financial Intermediary, you must give the Funds your taxpayer identification number (which, for most individuals, is your Social Security number) and tell the Funds whether or not you are subject to backup withholding. If you do not furnish your taxpayer identification number, redemptions or exchanges of shares, as well as dividends and capital gains distributions, will be subject to backup tax withholding. In addition, if you hold Fund shares directly and do not furnish your taxpayer identification number, then your account application will be rejected and returned.

Changing Your Address. To change the address on an account, please send the Funds a written notification.

Medallion Signature Guarantee. For some transaction requests (for example, when you are redeeming shares within 14 days (for participants holding shares through a plan or account administered by TIAA-CREF) of changing your address, bank or bank account or adding certain new services to an existing account), the Funds may require a Medallion Signature Guarantee of each owner of record of an account. This requirement is designed to protect you and the Funds from fraud, and to comply with rules on stock transfers. A Medallion Signature Guarantee is a written endorsement from an eligible guarantor institution that the signature(s) on the written request is (are) valid. Certain commercial banks, trust companies, savings associations, credit unions and members of U.S. stock exchanges participate in the Medallion Signature Guarantee program. No other

TIAA-CREF International & Global Funds ■ Prospectus 83

form of signature verification will be accepted. A notary public cannot provide a signature guarantee. For more information about when a Medallion Signature Guarantee may be required, please contact your Financial Intermediary or Benefit Plan.

Transferring Shares. For certain share classes, you can transfer ownership of your account to another person or organization that also qualifies to own the class of shares or change the name on your account by sending the Funds written instructions. Generally, each registered owner of the account must sign the request and provide Medallion Signature Guarantees. When you change the name on an account, shares in that account are transferred to a new account.

Limitations. Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Funds to block an account owner’s ability to make certain transactions and thereby refuse to accept a purchase order or any request for transfers or withdrawals, until instructions are received from the appropriate regulator. The Funds may also be required to provide additional information about you and your account to government regulators.

Customer Complaints. Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail Stop 730/07/01, Attention: Director, Distribution Operation Services.

TIAA-CREF Web Center and Telephone Transactions. The Funds are not liable for losses from unauthorized TIAA-CREF Web Center and telephone transactions so long as reasonable procedures designed to verify the identity of the person effecting the transaction are followed. The Funds require the use of personal identification numbers, codes and other procedures designed to reasonably confirm that instructions given through TIAA-CREF’s Web Center or by telephone are genuine. The Funds also tape record telephone instructions and provide written confirmations of such instructions. The Funds accept all telephone instructions that are reasonably believed to be genuine and accurate. However, you should verify the accuracy of your confirmation statements immediately after you receive them. The Funds may suspend or terminate Internet or telephone transaction facilities at any time, for any reason. If you do not want to be able to effect transactions over the telephone, call the Funds for instructions.

Market timing/excessive trading policy—applicable to all investors

There are shareholders who may try to profit from making transactions back and forth among the Funds and other funds in an effort to “time” the market. As money is shifted in and out of a Fund, the Fund may incur transaction costs, including, among other things, expenses for buying and selling securities. These costs are borne by all Fund shareholders, including long-term investors who do not generate these costs. In addition, market timing can interfere with efficient portfolio management and cause dilution if timers are able to take advantage of

84 Prospectus ■ TIAA-CREF International & Global Funds

pricing inefficiencies. Consequently, the Funds are not appropriate for such market timing and you should not invest in the Funds if you want to engage in market timing activity.

The Board of Trustees has adopted policies and procedures to discourage this market timing activity. Under these policies and procedures, if, within a 60 calendar day period, a shareholder redeems or exchanges any monies out of a Fund, subsequently purchases or exchanges any monies back into the same Fund and then redeems or exchanges any monies out of that Fund, the shareholder will not be permitted to transfer back into the Fund through a purchase or exchange for 90 calendar days.

These market timing policies and procedures will not be applied to certain types of transactions like reinvestments of dividends and capital gains distributions, systematic withdrawals, systematic purchases, automatic rebalancings, death and hardship withdrawals, certain transactions made within a retirement or employee benefit plan, such as contributions, mandatory distributions, loans and plan sponsor-initiated transactions, and other types of transactions specified by the Fund. In addition, the market timing policies and procedures will not apply to certain tuition (529) plan programs, funds of funds, wrap programs, asset allocation programs and other similar programs that are approved by the Funds.

A Fund may also waive the market timing policies and procedures when it is believed that such waiver is in a Fund’s best interest, including but not limited to when it is determined that enforcement of these policies and procedures is not necessary to protect the Fund from the effects of short-term trading.

The Funds also reserve the right to reject any purchase or exchange request, including when it is believed that a request would be disruptive to a Fund’s efficient portfolio management. The Funds also may suspend or terminate your ability to transact by telephone, fax or Internet for any reason, including the prevention of market timing activity. A purchase or exchange request could be rejected or electronic trading privileges could be suspended because of the timing or amount of the investment or because of a history of excessive trading by the investor. Because the Funds have discretion in applying this policy, it is possible that similar transaction activity could be handled differently because of the surrounding circumstances.

Each Fund’s portfolio securities are fair valued, as necessary (most frequently with respect to international holdings), to help ensure that a portfolio security’s true value is reflected in the Fund’s NAV, thereby minimizing any potential stale price arbitrage.

TIAA-CREF International & Global Funds ■ Prospectus 85

Funds, thereby making it more difficult for the Funds to identify market timing activity by such individual investors. At times, the Funds may agree to defer to an intermediary’s market timing policy if the Funds believe that the intermediary’s policy provides comparable protection of Fund shareholders’ interests. The Funds have the right to modify their market timing policies and procedures at any time without advance notice. These efforts may include requesting transaction data from intermediaries from time to time to verify whether a Fund’s policies are being followed and/or to instruct intermediaries to take action against shareholders who have violated a Fund’s market timing policies.

The Funds are not appropriate for market timing. You should not invest in the Funds if you want to engage in market timing activity.

Shareholders seeking to engage in market timing may deploy a variety of strategies to avoid detection, and, despite efforts to discourage market timing, there is no guarantee that the Funds or their agents will be able to identify such shareholders or curtail their trading practices.

If you invest in the Funds through an intermediary, including through a retirement or employee benefit plan, you may be subject to additional market timing or excessive trading policies implemented by the intermediary or plan. Please contact your intermediary or plan sponsor for more details.

Electronic prospectuses

If you received this Prospectus electronically and would like a paper copy, please contact the Funds and one will be sent to you.

Additional information about index providers

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 mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Advisors. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of a fund 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 the Funds or the issuer or owners of a Fund or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of the 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 the Funds to be issued or in the

86 Prospectus ■ TIAA-CREF International & Global Funds

determination or calculation of the equation by or the consideration into which a fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of the Funds or any other person or entity in connection with the administration, marketing or offering of the 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 the funds, owners of the 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 this security, product or Fund, 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 this security 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.

Glossary

Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

Duration: Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more volatility. It can be understood as the weighted average of the time to each coupon and principal payment of such a security. For an investment portfolio of fixed-income securities, duration is the weighted average of each security’s duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.

Equity Investments: Primarily, common stock, preferred stock and securities convertible or exchangeable into common stock, including convertible debt securities, convertible preferred stock and warrants or rights to acquire common stock.

TIAA-CREF International & Global Funds ■ Prospectus 87

variable rates of interest; debt obligations issued at a discount from face value (i.e., that have an imputed rate of interest); non-interest-bearing debt securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.

Foreign Investments: Foreign investments may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies. Obligations issued by U.S. companies in non-U.S. currencies are not considered to be foreign investments.

Foreign Issuers: Foreign issuers generally include (1) companies whose securities are principally traded outside of the United States, (2) companies having their principal business operations outside of the United States,
(3) companies organized outside the United States, and (4) foreign governments and agencies or instrumentalities of foreign governments.

Investment-Grade: A fixed-income security is investment-grade if it is rated in the four highest categories by a nationally recognized statistical rating organization (“NRSRO”) or an unrated security that Advisors determines is of comparable quality.

U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

88 Prospectus ■ TIAA-CREF International & Global Funds

Financial highlights

The Financial highlights table is intended to help you understand the financial performance of each class of shares of the Funds for the past five years (or, if the class has not been in operation for five years, since commencement of operations of that class). Certain information reflects financial results for a single share of the Fund. The total returns in the table show the rates that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions).

Please note that since the [Investor] Class of the Funds is newly-operational, no financial highlights information is available for it at this time, but information for the existing classes is reflected in the tables. Because the Social Choice International Equity Fund is newly operational, no financial highlights information for this Fund is currently available.

PricewaterhouseCoopers LLP serves as the Funds’ independent registered public accounting firm and has audited the financial statements of each of the Funds for each of the periods presented. Its report appears in the Funds’ Annual Report, which is available without charge upon request.

TIAA-CREF International & Global Funds ■ Prospectus 89

Financial highlights

Emerging Markets Equity Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 11.17		$ 0.12			$ (0.43	)		$ (0.31	)		$ (0.08	)		$ —
	10/31/13				10.44		0.12			0.73			0.85			(0.12	)		—
	10/31/12				10.11		0.13			0.27			0.40			(0.07	)		—
	10/31/11				11.35		0.14			(1.36	)		(1.22	)		—			(0.02	)
	10/31/10		^‡		10.00		0.01			1.34			1.35			—			—

Premier Class
	10/31/14				11.16		0.10			(0.43	)		(0.33	)		(0.06	)		—
	10/31/13				10.42		0.10			0.74			0.84			(0.10	)		—
	10/31/12				10.09		0.05			0.34			0.39			(0.06	)		—
	10/31/11				11.34		0.13			(1.36	)		(1.23	)		—			(0.02	)
	10/31/10		^‡		10.00		0.01			1.33			1.34			—			—

Retirement Class
	10/31/14				11.12		0.09			(0.43	)		(0.34	)		(0.05	)		—
	10/31/13				10.40		0.09			0.73			0.82			(0.10	)		—
	10/31/12				10.08		0.11			0.26			0.37			(0.05	)		—
	10/31/11				11.34		0.14			(1.38	)		(1.24	)		—			(0.02	)
	10/31/10		^‡		10.00		0.00	^d		1.34			1.34			—			—

Retail Class
	10/31/14				11.11		0.08			(0.43	)		(0.35	)		(0.04	)		—
	10/31/13				10.39		0.08			0.72			0.80			(0.08	)		—
	10/31/12				10.07		0.08			0.27			0.35			(0.03	)		—
	10/31/11				11.34		0.09			(1.34	)		(1.25	)		—			(0.02	)
	10/31/10		^‡		10.00		0.00	^d		1.34			1.34			—			—


^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.
^‡	The Fund commenced operations on August 31, 2010.

90 Prospectus ■ TIAA-CREF International & Global Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.08	)		$10.78		(2.79	)%		$850,536		0.95	%		0.95	%		1.10	%		104	%
	(0.12	)		11.17		8.18			676,999		0.95			0.95			1.11			110
	(0.07	)		10.44		4.00			596,017		0.99			0.95			1.25			115
	(0.02	)		10.11		(10.78	)		370,441		1.08			0.95			1.29			70
	—			11.35		13.50	^b		156,464		2.00	^c		0.95	^c		0.42	^c		9	^b


	(0.06	)		10.77		(2.91	)		4,906		1.10			1.10			0.95			104
	(0.10	)		11.16		7.96			4,126		1.10			1.10			0.97			110
	(0.06	)		10.42		3.96			2,113		1.15			1.10			0.46			115
	(0.02	)		10.09		(10.87	)		7,788		1.23			1.10			1.21			70
	—			11.34		(13.40	)^b		1,134		2.89	^c		1.10	^c		0.37	^c		9	^b


	(0.05	)		10.73		(3.05	)		17,678		1.20			1.20			0.84			104
	(0.10	)		11.12		7.91			15,040		1.20			1.20			0.84			110
	(0.05	)		10.40		3.71			10,655		1.24			1.20			1.06			115
	(0.02	)		10.08		(10.96	)		5,476		1.33			1.20			1.22			70
	—			11.34		13.40	^b		1,134		2.98	^c		1.20	^c		0.27	^c		9	^b


	(0.04	)		10.72		(3.19	)		6,352		1.33			1.33			0.70			104
	(0.08	)		11.11		7.74			6,321		1.35			1.34			0.71			110
	(0.03	)		10.39		3.50			5,203		1.40			1.34			0.83			115
	(0.02	)		10.07		(11.05	)		4,417		1.47			1.34			0.84			70
	—			11.34		13.40	^b		2,189		2.80	^c		1.34	^c		(0.03	)^c		9	^b

TIAA-CREF International & Global Funds ■ Prospectus 91

Financial highlights

Enhanced International Equity Index Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 8.44		$ 0.30			$ (0.21	)		$ 0.09			$ (0.27	)		$ (0.29	)
	10/31/13				6.82		0.23			1.66			1.89			(0.27	)		—
	10/31/12				6.62		0.24			0.16			0.40			(0.20	)		—
	10/31/11				7.11		0.21			(0.52	)		(0.31	)		(0.18	)		—
	10/31/10		^†		6.82		0.00	^d		0.29			0.29			—			—
	9/30/10				6.71		0.18			0.08			0.26			(0.15	)		—

^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.

92 Prospectus ■ TIAA-CREF International & Global Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.56	)		$7.97		1.28	%		$1,030,084		0.46	%		0.43	%		3.70	%		71	%
	(0.27	)		8.44		28.75			821,836		0.47			0.47			3.12			110
	(0.20	)		6.82		6.33			636,659		0.51			0.51			3.69			81
	(0.18	)		6.62		(4.51	)		536,415		0.53			0.53			2.97			92
	—			7.11		4.25	^b		536,717		0.66	^c		0.55	^c		0.17	^c		10	^b
	(0.15	)		6.82		3.88			518,371		0.53			0.53			2.74			146

TIAA-CREF International & Global Funds ■ Prospectus 93

Financial highlights

Global Natural Resources Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 9.99		$ 0.17			$ (0.84	)		$ (0.67	)		$ (0.19	)		$ —
	10/31/13				10.19		0.20			(0.21	)		(0.01	)		(0.19	)		—
	10/31/12		^‡		10.00		0.18			0.03			0.21			(0.02	)		—

Premier Class
	10/31/14				9.97		0.15			(0.84	)		(0.69	)		(0.17	)		—
	10/31/13				10.17		0.18			(0.20	)		(0.02	)		(0.18	)		—
	10/31/12		^‡		10.00		0.16			0.03			0.19			(0.02	)		—

Retirement Class
	10/31/14				9.96		0.14			(0.83	)		(0.69	)		(0.16	)		—
	10/31/13				10.17		0.17			(0.21	)		(0.04	)		(0.17	)		—
	10/31/12		^‡		10.00		0.17			0.02			0.19			(0.02	)		—

Retail Class
	10/31/14				9.94		0.13			(0.82	)		(0.69	)		(0.15	)		—
	10/31/13				10.15		0.16			(0.21	)		(0.05	)		(0.16	)		—
	10/31/12		^‡		10.00		0.15			0.01			0.16			(0.01	)		—


^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.
^‡	The Fund commenced operations on November 1, 2011.

94 Prospectus ■ TIAA-CREF International & Global Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.19	)		$9.13		(6.80	)%		$234,559		0.74	%		0.74	%		1.70	%		169	%
	(0.19	)		9.99		(0.05	)		237,218		0.74			0.74			2.03			162
	(0.02	)		10.19		2.09	^b		244,856		0.86	^c		0.75	^c		1.80	^c		65	^b


	(0.17	)		9.11		(6.95	)		3,944		0.89			0.89			1.55			169
	(0.18	)		9.97		(0.16	)		4,088		0.90			0.90			1.87			162
	(0.02	)		10.17		1.88	^b		2,568		1.11	^c		0.90	^c		1.59	^c		65	^b


	(0.16	)		9.11		(7.06	)		11,352		0.99			0.99			1.44			169
	(0.17	)		9.96		(0.28	)		13,548		0.99			0.99			1.74			162
	(0.02	)		10.17		1.87	^b		11,290		1.13	^c		1.00	^c		1.65	^c		65	^b


	(0.15	)		9.10		(7.02	)		6,502		1.13			1.13			1.31			169
	(0.16	)		9.94		(0.49	)		6,872		1.16			1.14			1.58			162
	(0.01	)		10.15		1.64	^b		6,149		1.31	^c		1.14	^c		1.52	^c		65	^b

TIAA-CREF International & Global Funds ■ Prospectus 95

Financial highlights

International Equity Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 11.50		$ 0.17			$ (0.67	)		$ (0.50	)		$ (0.19	)		$ —
	10/31/13				9.06		0.20			2.41			2.61			(0.17	)		—
	10/31/12				8.14		0.18			0.88			1.06			(0.14	)		—
	10/31/11				9.41		0.16			(1.35	)		(1.19	)		(0.08	)		—
	10/31/10		^†		8.95		0.00	^d		0.46			0.46			—			—
	9/30/10				8.06		0.11			0.90			1.01			(0.12	)		—

Premier Class
	10/31/14				11.46		0.16			(0.67	)		(0.51	)		(0.17	)		—
	10/31/13				9.04		0.18			2.40			2.58			(0.16	)		—
	10/31/12				8.12		0.15			0.90			1.05			(0.13	)		—
	10/31/11				9.40		0.14			(1.34	)		(1.20	)		(0.08	)		—
	10/31/10		^†		8.93		0.00	^d		0.47			0.47			—			—
	9/30/10				8.06		0.13			0.85			0.98			(0.11	)		—

Retirement Class
	10/31/14				11.85		0.15			(0.69	)		(0.54	)		(0.16	)		—
	10/31/13				9.33		0.18			2.49			2.67			(0.15	)		—
	10/31/12				8.37		0.16			0.91			1.07			(0.11	)		—
	10/31/11				9.68		0.14			(1.39	)		(1.25	)		(0.06	)		—
	10/31/10		^†		9.20		0.00	^d		0.48			0.48			—			—
	9/30/10				8.29		0.09			0.92			1.01			(0.10	)		—

Retail Class
	10/31/14				7.89		0.09			(0.46	)		(0.37	)		(0.16	)		—
	10/31/13				6.27		0.11			1.66			1.77			(0.15	)		—
	10/31/12				5.68		0.10			0.61			0.71			(0.12	)		—
	10/31/11				6.59		0.09			(0.93	)		(0.84	)		(0.07	)		—
	10/31/10		^†		6.27		0.00	^d		0.32			0.32			—			—
	9/30/10				5.69		0.06			0.63			0.69			(0.11	)		—


^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.

96 Prospectus ■ TIAA-CREF International & Global Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.19	)		$10.81		(4.43	)%		$2,398,855		0.51	%		0.51	%		1.51	%		85	%
	(0.17	)		11.50		29.29			2,059,286		0.51			0.51			1.95			130
	(0.14	)		9.06		13.36			1,644,055		0.52			0.52			2.16			98
	(0.08	)		8.14		(12.76	)		1,092,168		0.53			0.53			1.69			107
	—			9.41		5.14	^b		841,417		0.57	^c		0.57	^c		0.39	^c		8	^b
	(0.12	)		8.95		12.62			785,755		0.53			0.53			1.36			119


	(0.17	)		10.78		(4.50	)		282,958		0.66			0.66			1.37			85
	(0.16	)		11.46		28.96			292,438		0.66			0.66			1.78			130
	(0.13	)		9.04		13.21			260,341		0.67			0.67			1.78			98
	(0.08	)		8.12		(12.93	)		218,288		0.68			0.68			1.50			107
	—			9.40		5.26	^b		178,553		0.72	^c		0.72	^c		0.55	^c		8	^b
	(0.11	)		8.93		12.32			90,273		0.68			0.68			1.55			119


	(0.16	)		11.15		(4.62	)		702,668		0.76			0.76			1.29			85
	(0.15	)		11.85		28.97			862,960		0.76			0.76			1.68			130
	(0.11	)		9.33		13.06			716,864		0.78			0.78			1.92			98
	(0.06	)		8.37		(13.03	)		754,251		0.78			0.78			1.43			107
	—			9.68		5.22	^b		1,105,129		0.82	^c		0.82	^c		0.12	^c		8	^b
	(0.10	)		9.20		12.28			1,124,555		0.78			0.78			1.07			119


	(0.16	)		7.36		(4.77	)		309,488		0.85			0.85			1.18			85
	(0.15	)		7.89		28.75			328,367		0.88			0.88			1.59			130
	(0.12	)		6.27		12.93			266,770		0.92			0.92			1.74			98
	(0.07	)		5.68		(12.96	)		258,283		0.79			0.79			1.42			107
	—			6.59		5.10	^b		314,977		0.80	^c		0.80	^c		0.17	^c		8	^b
	(0.11	)		6.27		12.28			301,044		0.72			0.72			1.12			119

TIAA-CREF International & Global Funds ■ Prospectus 97

Financial highlights

International Opportunities Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 10.89		$ 0.13			$ (0.53	)		$ (0.40	)		$ (0.04	)		$ —
	10/31/13		^‡		10.00		0.06			0.83			0.89			—			—

Premier Class
	10/31/14				10.87		0.11			(0.52	)		(0.41	)		(0.03	)		—
	10/31/13		^‡		10.00		0.08			0.79			0.87			—			—

Retirement Class
	10/31/14				10.87		0.10			(0.52	)		(0.42	)		(0.03	)		—
	10/31/13		^‡		10.00		0.06			0.81			0.87			—			—

Retail Class
	10/31/14				10.86		0.10			(0.53	)		(0.43	)		(0.02	)		—
	10/31/13		^‡		10.00		0.06			0.80			0.86			—			—


^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.
^‡	The Fund commenced operations on April 12, 2013.

98 Prospectus ■ TIAA-CREF International & Global Funds

(concluded)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.04	)		$10.45		(3.59	)%		$1,041,194		0.64	%		0.64	%		1.23	%		46	%
	—			10.89		8.80	^b		778,178		0.80	^c		0.70	^c		0.96	^c		35	^b


	(0.03	)		10.43		(3.77	)		1,046		0.81			0.81			1.05			46
	—			10.87		8.70	^b		1,087		1.00	^c		0.85	^c		1.39	^c		35	^b


	(0.03	)		10.42		(3.88	)		4,128		0.90			0.90			0.97			46
	—			10.87		8.70	^b		2,675		1.08	^c		0.95	^c		1.06	^c		35	^b


	(0.02	)		10.41		(3.96	)		2,517		0.97			0.97			0.95			46
	—			10.86		8.60	^b		1,560		1.10	^c		1.00	^c		1.13	^c		35	^b

TIAA-CREF International & Global Funds ■ Prospectus 99

Financial highlights

Emerging Markets Debt Fund


				Selected per share data
						Gain (loss) from investment operations
														Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations		Net investment income		Net realized gains
Institutional Class
	10/31/14		^‡		$ 10.00		$ 0.04			$ 0.00	^d		$ 0.04		—		—

Premier Class
	10/31/14		^‡		10.00		0.04			0.00	^d		0.04		—		—

Retirement Class
	10/31/14		^‡		10.00		0.04			0.00	^d		0.04		—		—

Retail Class
	10/31/14		^‡		10.00		0.03			0.01			0.04		—		—

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.
^‡	The Fund commenced operations on September 26, 2014.

100 Prospectus ■ TIAA-CREF International & Global Funds

(concluded)


								Ratios and supplemental data

										Ratios to average net assets
Total dividends and distributions		Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	—		$10.04		0.40	%^b		$53,371		8.89	%^c		0.65	%^c		4.07	%^c		3	%^b


	—		10.04		0.40	^b		1,004		10.26	^c		0.80	^c		3.70	^c		3	^b


	—		10.04		0.40	^b		1,218		10.22	^c		0.90	^c		3.70	^c		3	^b


	—		10.04		0.40	^b		1,114		10.33	^c		1.00	^c		3.53	^c		3	^b

TIAA-CREF International & Global Funds ■ Prospectus 101

For more information about TIAA-CREF Funds

Statement of Additional Information (“SAI”). The Funds’ SAI contains more information about certain aspects of the Funds. A current SAI has been filed with the SEC and is incorporated into this Prospectus by reference. This means that the Funds’ SAI is legally a part of the Prospectus.

Annual and Semiannual Reports. The Funds’ annual and semiannual reports provide additional information about the Funds’ investments. In the Funds’ annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during the preceding fiscal year. The audited financial statements in the Funds’ annual shareholder report dated October 31, 2014 are also incorporated into this Prospectus by reference.

Requesting documents. You can request a copy of the Funds’ SAI or these reports without charge, or contact the Funds for any other purpose, in any of the following ways:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Over the Internet:

www.tiaa-cref.org

Information about the Trust (including the Funds’ SAI) can be reviewed and copied at the SEC’s public reference room (202 551-8090) in Washington, DC. The reports and other information are also available through the EDGAR Database on the SEC’s Internet website at www.sec.gov. Copies of the information can also be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC’s Public Reference Section, Washington, DC 20549.

To lower costs and eliminate duplicate documents sent to your home, the Funds may mail only one copy of the Funds’ Prospectus, prospectus supplements, annual and semiannual reports, or any other required documents, to your household, even if more than one shareholder lives there. If you would prefer to continue receiving your own copy of any of these documents, you may call the Funds toll-free or write to the Funds as follows:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Important information about procedures for opening a new account

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the Funds, to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, the Funds will ask for your name, address, date of birth, Social Security number and other information that will allow the Funds to identify you, such as your home telephone number. Until you provide the Funds with the information they need, the Funds may not be able to open an account or effect any transactions for you.


1940 Act File No. 811-9301	A______ (__/15)

PROSPECTUS

[DECEMBER __, 2015]

TIAA-CREF U.S. Equity Funds

of the TIAA-CREF Funds


Fund Class Ticker:	[Investor] Class
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	__
Social Choice Low Carbon Equity Fund	__

Table of contents

Summary information

Enhanced Large-Cap Growth Index Fund

Investment objective 6

Fees and expenses 6

Shareholder fees 6

Annual fund operating expenses 6

Example 7

Portfolio turnover 7

Principal investment strategies 7

Principal investment risks 8

Past performance 9

Portfolio management 11

Purchase and sale of [Investor] Class shares 11

Tax information 11

Payments to broker-dealers and other financial intermediary compensation 12

Summary information

Enhanced Large-Cap Value Index Fund

Investment objective 13

Fees and expenses 13

Shareholder fees 13

Annual fund operating expenses 13

Example 14

Portfolio turnover 14

Principal investment strategies 14

Principal investment risks 15

Past performance 16

Portfolio management 19

Purchase and sale of [Investor] Class shares 19

Tax information 19

Payments to broker-dealers and other financial intermediary compensation 19

Summary information

Growth & Income Fund

Investment objective 20

Fees and expenses 20

Shareholder fees 20

Annual fund operating expenses 20

Example 21

Portfolio turnover 21

Principal investment strategies 21

Principal investment risks 22

Past performance 23

Portfolio management 25

Purchase and sale of [Investor] Class shares 25

Tax information 25

Payments to broker-dealers and other financial intermediary compensation 25

Summary information

Large-Cap Growth Fund

Investment objective 26

Fees and expenses 26

Shareholder fees 26

Annual fund operating expenses 26

Example 27

Portfolio turnover 27

Principal investment strategies 27

Principal investment risks 28

Past performance 29

Portfolio management 31

Purchase and sale of [Investor] Class shares 31

Tax information 32

Payments to broker-dealers and other financial intermediary compensation 32

Summary information

Large-Cap Value Fund

Investment objective 33

Fees and expenses 33

Shareholder fees 33

Annual fund operating expenses 33

Example 34

Portfolio turnover 34

Principal investment strategies 34

Principal investment risks 35

Past performance 36

Portfolio management 38

Purchase and sale of [Investor] Class shares 38

Tax information 38

Payments to broker-dealers and other financial intermediary compensation 38

Summary information

Mid-Cap Growth Fund

Investment objective 39

Fees and expenses 39

Shareholder fees 39

Annual fund operating expenses 39

Example 40

Portfolio turnover 40

Principal investment strategies 40

Principal investment risks 41

Past performance 42

Portfolio management 44

Purchase and sale of [Investor] Class shares 44

Tax information 45

Payments to broker-dealers and other financial intermediary compensation 45

Summary information

Mid-Cap Value Fund

Investment objective 46

Fees and expenses 46

Shareholder fees 46

Annual fund operating expenses 46

Example 47

Portfolio turnover 47

Principal investment strategies 47

Principal investment risks 48

Past performance 49

Portfolio management 51

Purchase and sale of [Investor] Class shares 51

Tax information 51

Payments to broker-dealers and other financial intermediary compensation 51

Summary information

Small-Cap Equity Fund

Investment objective 52

Fees and expenses 52

Shareholder fees 52

Annual fund operating expenses 52

Example 53

Portfolio turnover 53

Principal investment strategies 53

Principal investment risks 54

Past performance 55

Portfolio management 57

Purchase and sale of [Investor] Class shares 57

Tax information 57

Payments to broker-dealers and other financial intermediary compensation 57

Table of contents

Summary information

Social Choice Equity Fund

Investment objective 58

Fees and expenses 58

Shareholder fees 58

Annual fund operating expenses 58

Example 59

Portfolio turnover 59

Principal investment strategies 59

Principal investment risks 61

Past performance 62

Portfolio management 64

Purchase and sale of [Investor] Class shares 64

Tax information 64

Payments to broker-dealers and other financial intermediary compensation 64

Summary information

Social Choice Low Carbon Equity Fund

Investment objective 65

Fees and expenses 65

Shareholder fees 65

Annual fund operating expenses 65

Example 66

Portfolio turnover 66

Principal investment strategies 66

Principal investment risks 68

Past performance 69

Portfolio management 69

Purchase and sale of [Investor] Class shares 70

Tax information 70

Payments to broker-dealers and other financial intermediary compensation 70

Additional information about investment strategies and risks 70

Additional information about the Funds 70

Additional information on principal investment risks of the Funds 72

Additional information about the Funds’ benchmark indices 76

Additional information on principal and non-principal investment strategies 79

Portfolio holdings 80

Portfolio turnover 80

Share classes 81

Management of the Funds 81

The Funds’ investment adviser 81

Investment management fees 82

Portfolio management teams 84

Other services 89

Distribution and service arrangements 89

Calculating share price 90

Dividends and distributions 92

Taxes 93

Your account: purchasing, redeeming or exchanging shares 96

Share class eligibility 96

Purchasing shares 97

Redeeming shares 100

Exchanging shares 102

Conversion of shares–applicable to all investors 103

Important transaction information 104

Market timing/excessive trading policy–applicable to all investors 106

Electronic prospectuses 108

Glossary 109

Financial highlights 110

Summary information

TIAA-CREF Enhanced Large-Cap Growth Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

6 Prospectus ■ TIAA-CREF U.S. Equity Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities of issuers included in the Fund’s benchmark index, the Russell 1000^® Growth Index, at the time of purchase, but not necessarily at index weightings. For purposes of the 80% investment policy, “large-cap” securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000^® Index at the time of purchase. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund follows an enhanced index management strategy. The Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), actively uses quantitative analysis to attempt to enhance the Fund’s performance relative to the Russell 1000^® Growth Index, while retaining a similar risk profile, instead of passively holding a representative basket of securities designed to match the index. The Russell 1000^® Growth Index is a subset of the Russell 1000^® Index, which represents the performance of the large-cap growth segment of the U.S.

TIAA-CREF U.S. Equity Funds ■ Prospectus 7

equity universe. It includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

Enhanced index strategies employ quantitative modeling techniques for both stock selection and portfolio construction. With enhanced indexing, the Fund may use several different investment techniques to seek to build a portfolio of stocks that is structured to resemble and share the risk characteristics of the Fund’s benchmark index, while also seeking to outperform the benchmark index. Enhanced indexing is designed so that the Fund diverges from its benchmark index more than a pure indexing strategy, with the goal of outperforming its benchmark index while effectively managing benchmark relative risks.

Under these quantitative modeling techniques, a number of variables related to individual stocks are evaluated to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the benchmark index, the Russell 1000^® Growth Index. The Fund uses a proprietary, quantitative stock scoring model to evaluate and score a broad universe of stocks in which the Fund invests.

Advisors will generally attempt to overweight securities (relative to the benchmark) that score high in the stock selection screening process and to either not hold or underweight securities that score low in the screening process. The Fund may also purchase foreign securities and securities issued in connection with reorganizations or other special situations. The Fund may also purchase and sell swaps and other equity derivatives to carry out the Fund’s investment strategies. The Fund’s strategy is based upon Advisors’ understanding of the interplay of market factors and does not assure successful investment. The markets or the process of selecting individual securities may be affected by factors not taken into account in Advisors’ analysis.

Principal investment risks

8 Prospectus ■ TIAA-CREF U.S. Equity Funds

· Style Risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of the Fund’s portfolio investments.

· Risks of Growth Investing—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks and may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock.

· Enhanced Index Risk—As an enhanced index fund, the Fund may also underperform its benchmark index due to differences between the investments of the Fund and its benchmark index.

· Quantitative Analysis Risk—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole.

· Special Situation Risk—Stocks of companies involved in reorganizations, mergers and other special situations can involve the risk that such situations may not materialize or may develop in unexpected ways. Consequently, those stocks can involve more risk than ordinary securities.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

TIAA-CREF U.S. Equity Funds ■ Prospectus 9

chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional Class over the one-year, five year, ten year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund’s benchmark index. The performance in the bar charts and table has not been restated to reflect any difference between Institutional Class expenses and estimated [Investor] Class expenses. Because Institutional Class shares are expected to have lower expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have been lower.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 16.04%, for the quarter ended March 31, 2012. Worst quarter: -22.34%, for the quarter ended December 31, 2008.

10 Prospectus ■ TIAA-CREF U.S. Equity Funds

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		11/30/2007
	Return Before Taxes		10.52	%	14.83	%	7.67	%
	Return After Taxes on Distributions		7.63	%	12.62	%	6.15	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		7.62	%	11.37	%	5.73	%
Russell 1000^® Growth Index
(reflects no deductions for fees, expenses or taxes)			13.05	%	15.81	%	8.25	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs).

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Adam Cao, CFA	James M. Johnson, Jr., CFA
Title:	Managing Director	Director
Experience on Fund:	since 2014	since 2014

Purchase and sale of [Investor] Class shares

Tax information

TIAA-CREF U.S. Equity Funds ■ Prospectus 11

Payments to broker-dealers and other financial intermediary compensation

12 Prospectus ■ TIAA-CREF U.S. Equity Funds

Summary information

TIAA-CREF Enhanced Large-Cap Value Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF U.S. Equity Funds ■ Prospectus 13

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in large domestic companies included in the Fund’s benchmark index, the Russell 1000^® Value Index, at the time of purchase, but not necessarily at index weightings. For purposes of the 80% investment policy, “large-cap” securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000^® Index at the time of purchase. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund follows an enhanced index management strategy. The Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), actively uses quantitative analysis to attempt to enhance the Fund’s performance relative to the Russell 1000^® Value Index while retaining a similar risk profile, instead of passively holding a representative basket of securities designed to match the index. The Russell 1000^® Value Index is a subset of the Russell 1000^® Index, which represents the performance of the large-cap value segment of the U.S. equity

14 Prospectus ■ TIAA-CREF U.S. Equity Funds

universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values.

Under these quantitative modeling techniques, a number of variables related to individual stocks are evaluated to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the benchmark index, the Russell 1000^® Value Index. The Fund uses a proprietary, quantitative stock scoring model to evaluate and score a broad universe of stocks in which the Fund invests.

Advisors will generally attempt to overweight securities (relative to the benchmark) that score high in the stock selection screening process and to either not hold or underweight securities that score low in the screening process. The Fund may also purchase foreign securities and securities issued in connection with reorganizations or other special situations. The Fund may also purchase and sell swaps and other equity derivatives to carry out the Fund’s investment strategies. The Fund’s strategy is based upon Advisors’ understanding of the interplay of market factors and does not assure successful investment. The markets or the process of selecting individual securities may be affected by factors not taken into account in Advisors’ analysis.

Principal investment risks

TIAA-CREF U.S. Equity Funds ■ Prospectus 15

· Risks of Value Investing—Securities believed to be undervalued are subject to the risks that the issuer’s potential business prospects are not realized, its potential value is never recognized by the market or the securities were appropriately priced when acquired. As a result, value stocks can be overpriced when acquired and may not perform as anticipated.

· Enhanced Index Risk—As an enhanced index fund, the Fund may also underperform its benchmark index due to differences between the investments of the Fund and its benchmark index.

· Quantitative Analysis Risk—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

16 Prospectus ■ TIAA-CREF U.S. Equity Funds

because the Fund’s classes are invested in the same portfolio of securities with the only difference being that the Institutional Class has lower expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional Class over the one-year, five year, ten year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund’s benchmark index. The performance in the bar charts and table has not been restated to reflect any difference between Institutional Class expenses and estimated [Investor] Class expenses. Because Institutional Class shares are expected to have lower expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have been lower.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

TIAA-CREF U.S. Equity Funds ■ Prospectus 17

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 17.74%, for the quarter ended September 30, 2009. Worst quarter: -21.54%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		11/30/2007
	Return Before Taxes		10.54	%	14.28	%	5.57	%
	Return After Taxes on Distributions		7.36	%	12.53	%	4.34	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		7.77	%	11.15	%	4.16	%
Russell 1000^® Value Index
(reflects no deductions for fees, expenses or taxes)			13.45	%	15.42	%	6.22	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs).

18 Prospectus ■ TIAA-CREF U.S. Equity Funds

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Michael S. Shing, CFA	Pei Chen
Title:	Managing Director	Director
Experience on Fund:	since 2007	since 2007

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF U.S. Equity Funds ■ Prospectus 19

Summary information

TIAA-CREF Growth & Income Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, through both capital appreciation and investment income, primarily from income-producing equity securities.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

20 Prospectus ■ TIAA-CREF U.S. Equity Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. In seeking a favorable long-term total return, the Fund will invest in securities which the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), believes have the potential for capital appreciation, dividend income, or both. The Fund focuses on large-cap securities that Advisors believes to be attractively valued, show the potential to appreciate faster than the rest of the market and return cash to shareholders in the form of dividends, stock buy-backs or both. Advisors seeks to construct a portfolio whose weighted average market capitalization is similar to the Fund’s benchmark index, the Standard & Poor’s 500^® Index (the “S&P 500^® Index”).

Advisors generally looks for companies that it believes are leaders in their respective industries, with sustainable competitive advantages. Advisors also looks for companies that it believes have management teams that are dedicated to creating shareholder value. The Fund may invest up to 20% of its assets in

TIAA-CREF U.S. Equity Funds ■ Prospectus 21

foreign issuers when Advisors believes these issuers offer more attractive investment opportunities.

Principal investment risks

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

22 Prospectus ■ TIAA-CREF U.S. Equity Funds

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

TIAA-CREF U.S. Equity Funds ■ Prospectus 23

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 16.17%, for the quarter ended September 30, 2009. Worst quarter: -19.97%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		7/1/1999
	Return Before Taxes		11.26	%	15.20	%	9.51	%
	Return After Taxes on Distributions		8.26	%	13.46	%	8.18	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		7.93	%	11.92	%	7.56	%
Retail Class		3/31/2006
	Return Before Taxes		10.87	%	14.86	%	9.33	%*
Retirement Class		10/1/2002
	Return Before Taxes		10.92	%	14.92	%	9.23	%
Premier Class		9/30/2009
	Return Before Taxes		11.09	%	15.04	%	9.44	%*
S&P 500^® Index
(reflects no deductions for fees, expenses or taxes)			13.69	%	15.45	%	7.67	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Retail Class and Premier Class that is prior to their inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Retail Class and Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

24 Prospectus ■ TIAA-CREF U.S. Equity Funds

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Manager. The following person manages the Fund on a day-to-day basis:



Name:	Susan Kempler
Title:	Managing Director
Experience on Fund:	since 2005

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF U.S. Equity Funds ■ Prospectus 25

Summary information

TIAA-CREF Large-Cap Growth Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

26 Prospectus ■ TIAA-CREF U.S. Equity Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund will invest primarily in large-cap equity securities that the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), believes present the opportunity for growth. For purposes of the Fund’s 80% investment policy, “large-cap” securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000^® Index at the time of purchase. Generally, these equity securities will be those of large capitalized companies in new and emerging areas of the economy and companies with distinctive products or promising markets. Advisors looks for companies that it believes have the potential for strong earnings and/or sales growth, or that appear to be mispriced based on current earnings, assets or growth prospects. The Fund may invest in large, well-known, established companies, particularly when Advisors believes that the companies offer new or innovative products, services or processes that may enhance their future earnings. For purposes of the 80% investment policy,

TIAA-CREF U.S. Equity Funds ■ Prospectus 27

the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund also seeks to invest in companies expected to benefit from prospective acquisitions, reorganizations, corporate restructurings or other special situations. The Fund may invest up to 20% of its assets in foreign investments.

The Fund’s benchmark index is the Russell 1000^® Growth Index.

Principal investment risks

28 Prospectus ■ TIAA-CREF U.S. Equity Funds

This risk may be heightened in emerging or developing markets. Foreign investments may also be less liquid and more difficult to value than investments in U.S. issuers.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

TIAA-CREF U.S. Equity Funds ■ Prospectus 29

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 15.96%, for the quarter ended March 31, 2012. Worst quarter: -23.27%, for the quarter ended December 31, 2008.

30 Prospectus ■ TIAA-CREF U.S. Equity Funds

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		3/31/2006
	Return Before Taxes		11.22	%	15.90	%	8.65	%
	Return After Taxes on Distributions		7.70	%	14.50	%	7.75	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		8.22	%	12.57	%	6.87	%
Retail Class		3/31/2006
	Return Before Taxes		10.89	%	15.51	%	8.36	%
Retirement Class		3/31/2006
	Return Before Taxes		10.99	%	15.60	%	8.38	%
Premier Class		9/30/2009
	Return Before Taxes		11.07	%	15.71	%	8.55	%*
Russell 1000^® Growth Index
(reflects no deductions for fees, expenses or taxes)			13.05	%	15.81	%	8.74	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Susan Hirsch	Terrence Kontos, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2006	since 2014

Purchase and sale of [Investor] Class shares

TIAA-CREF U.S. Equity Funds ■ Prospectus 31

Tax information

Payments to broker-dealers and other financial intermediary compensation

32 Prospectus ■ TIAA-CREF U.S. Equity Funds

Summary information

TIAA-CREF Large-Cap Value Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF U.S. Equity Funds ■ Prospectus 33

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund invests primarily in equity securities of large domestic companies, as defined by the Fund’s benchmark index (the Russell 1000^® Value Index), that the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), believes appear undervalued by the market based on an evaluation of their potential worth. For purposes of the Fund’s 80% investment policy, “large-cap” securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000^® Index at the time of purchase. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

Advisors uses a variety of comparative valuation criteria to determine whether shares of a particular company might be undervalued, including analyses of historical valuations of the same security; valuations of comparable securities in the same sector or the overall market; various financial ratios such as stock

34 Prospectus ■ TIAA-CREF U.S. Equity Funds

price-to-book value, stock price-to-earnings, and dividend yield; and free cash flow generated by the company. Advisors generally focuses on companies with normalized earnings and high operating leverage, which may cause the Fund to be more volatile in down markets than other large-cap value funds that have more defensive-oriented investment strategies.

The Fund may invest up to 20% of its assets in foreign investments.

Principal investment risks

TIAA-CREF U.S. Equity Funds ■ Prospectus 35

volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also be less liquid and more difficult to value than investments in U.S. issuers.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

36 Prospectus ■ TIAA-CREF U.S. Equity Funds

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 22.75%, for the quarter ended June 30, 2009. Worst quarter: -22.69%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		9.16	%	14.38	%	6.98	%
	Return After Taxes on Distributions		7.11	%	13.19	%	5.97	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		6.08	%	11.29	%	5.44	%
Retail Class		10/1/2002
	Return Before Taxes		8.80	%	14.02	%	6.73	%
Retirement Class		10/1/2002
	Return Before Taxes		8.88	%	14.10	%	6.71	%
Premier Class		9/30/2009
	Return Before Taxes		9.01	%	14.21	%	6.90	%*
Russell 1000^® Value Index
(reflects no deductions for fees, expenses or taxes)			13.45	%	15.42	%	7.30	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

TIAA-CREF U.S. Equity Funds ■ Prospectus 37

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Richard Cutler	Athanasios (Tom) Kolefas, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2002	since 2004

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

38 Prospectus ■ TIAA-CREF U.S. Equity Funds

Summary information

TIAA-CREF Mid-Cap Growth Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of medium-sized domestic companies.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF U.S. Equity Funds ■ Prospectus 39

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in mid-cap equity securities. The Fund invests primarily in equity securities of medium-sized domestic companies, as defined by the Fund’s benchmark index (the Russell Midcap^® Growth Index), that the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), believes present the opportunity for growth. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes. Advisors considers medium-sized companies to be those companies whose market capitalizations fall within the range represented by the Russell Midcap^® Growth Index at the time of the Fund’s investment.

Advisors looks for equity securities of companies that it believes have prospects for strong earnings or sales growth. The Fund invests in equity securities of companies that Advisors believes may represent high growth industries or rapidly evolving areas of the economy, that have distinctive products or services and that are growing faster than the overall equity market. The Fund

40 Prospectus ■ TIAA-CREF U.S. Equity Funds

may also invest in companies that Advisors believes to be undervalued based on current earnings, assets or growth prospects. These investments could include companies likely to benefit from prospective acquisitions, reorganizations, corporate restructurings or other special situations.

The Fund also uses proprietary quantitative models to screen and identify potential portfolio companies. Often, these companies represent modest deviations from the benchmark index based on relative value, price or potential earnings growth. The Fund may invest up to 20% of its assets in foreign investments.

Principal investment risks

· Small-Cap Risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies are often less liquid than securities of larger companies as a result of there being a smaller market for their securities.

· Risks of Growth Investing—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks and may

TIAA-CREF U.S. Equity Funds ■ Prospectus 41

experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock.

· Quantitative Analysis Risk—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

42 Prospectus ■ TIAA-CREF U.S. Equity Funds

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 19.86%, for the quarter ended June 30, 2009. Worst quarter: -28.66%, for the quarter ended December 31, 2008.

TIAA-CREF U.S. Equity Funds ■ Prospectus 43

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		7.74	%	16.18	%	8.91	%
	Return After Taxes on Distributions		3.13	%	14.01	%	7.63	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		6.52	%	12.72	%	7.12	%
Retail Class		10/1/2002
	Return Before Taxes		7.36	%	15.83	%	8.62	%
Retirement Class		10/1/2002
	Return Before Taxes		7.45	%	15.90	%	8.63	%
Premier Class		9/30/2009
	Return Before Taxes		7.59	%	16.02	%	8.83	%*
Russell Mid Cap^® Growth Index
(reflects no deductions for fees, expenses or taxes)			11.90	%	16.94	%	9.43	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	George (Ted) Scalise, CFA	Susan Hirsch
Title:	Managing Director	Managing Director
Experience on Fund:	since 2006	since 2007

Purchase and sale of [Investor] Class shares

Redeeming or Exchanging Shares. You can redeem (sell) or exchange your shares of the Fund on any day that the New York Stock Exchange (“NYSE”) is

44 Prospectus ■ TIAA-CREF U.S. Equity Funds

open for business. Exchanges may be made for shares of the same share class of other funds offered by the Trust. If your shares are held through a third party, please contact that entity for applicable redemption or exchange requirements.

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF U.S. Equity Funds ■ Prospectus 45

Summary information

TIAA-CREF Mid-Cap Value Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of medium-sized domestic companies.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

46 Prospectus ■ TIAA-CREF U.S. Equity Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in mid-cap equity securities. The Fund will invest primarily in equity securities of medium-sized domestic companies, as defined by the Fund’s benchmark index (the Russell Midcap^® Value Index), that the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), believes appear undervalued by the market based on an evaluation of their potential worth. In particular, the Fund invests in equity securities of companies that Advisors believes may represent high growth industries or rapidly evolving areas of the economy. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes. Advisors considers medium-sized companies to be those companies whose market capitalizations fall within the range represented by the Russell Midcap^® Value Index at the time of the Fund’s investment.

Advisors uses a variety of comparative valuation criteria to determine whether shares of a particular company might be undervalued, including analyses of

TIAA-CREF U.S. Equity Funds ■ Prospectus 47

historical valuations of the same security; valuations of comparable securities in the same sector or the overall market; various financial ratios such as stock price-to-earnings, stock price-to-book value, free cash flow, debt-to-capital and, to a lesser extent, dividend yield.

The Fund may invest up to 20% of its assets in foreign investments.

Principal investment risks

48 Prospectus ■ TIAA-CREF U.S. Equity Funds

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

TIAA-CREF U.S. Equity Funds ■ Prospectus 49

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 20.46%, for the quarter ended June 30, 2009. Worst quarter: -26.96%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		12.85	%	15.64	%	9.21	%
	Return After Taxes on Distributions		11.16	%	14.61	%	8.11	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		8.40	%	12.51	%	7.31	%
Retail Class		10/1/2002
	Return Before Taxes		12.49	%	15.30	%	8.96	%
Retirement Class		10/1/2002
	Return Before Taxes		12.57	%	15.35	%	8.92	%
Premier Class		9/30/2009
	Return Before Taxes		12.63	%	15.46	%	9.12	%*
Russell Mid Cap^® Value Index
(reflects no deductions for fees, expenses or taxes)			14.75	%	17.43	%	9.43	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

50 Prospectus ■ TIAA-CREF U.S. Equity Funds

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Athanasios (Tom) Kolefas, CFA	Richard Cutler
Title:	Managing Director	Managing Director
Experience on Fund:	since 2004	since 2002

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF U.S. Equity Funds ■ Prospectus 51

Summary information

TIAA-CREF Small-Cap Equity Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

52 Prospectus ■ TIAA-CREF U.S. Equity Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities. In seeking a favorable long-term total return, the Fund will invest in securities that the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), believes have favorable prospects for significant long-term capital appreciation potential. A small-cap equity security is a security within the capitalization range of the companies included in the Fund’s benchmark index, the Russell 2000^® Index, at the time of purchase. The Fund invests primarily in equity securities of smaller domestic companies across a wide range of sectors, growth rates and valuations. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund seeks to add incremental return over its stated benchmark index, while also managing the relative risk of the Fund versus its benchmark index. Advisors uses proprietary quantitative models based on financial and investment theories to evaluate and score a broad universe of stocks in which the Fund

TIAA-CREF U.S. Equity Funds ■ Prospectus 53

invests. These models typically weigh many different variables, including the valuation of the individual stock versus the market or its peers, future earnings and sustainable growth prospects, and the price and volume trends of the stock. The score is used to form the portfolio, along with the following additional inputs: weightings of the stock and its corresponding sector in the benchmark, correlations between the performance of the stocks in the universe, and trading costs. The Fund may purchase foreign securities and securities issued in connection with reorganizations and other special situations.

The overall goal is to build a portfolio of stocks that outperform the Fund’s stated benchmark index, while also managing the relative risk of the Fund versus its benchmark index. The Fund’s strategy is based upon Advisors’ understanding of the interplay of market factors and does not assure successful investment. The markets or the prices of individual securities may be affected by factors not taken into account in Advisors’ analysis.

Principal investment risks

· Quantitative Analysis Risk—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole.

54 Prospectus ■ TIAA-CREF U.S. Equity Funds

This risk may be heightened in emerging or developing markets. Foreign investments may also be less liquid and more difficult to value than investments in U.S. issuers.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

TIAA-CREF U.S. Equity Funds ■ Prospectus 55

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 20.16%, for the quarter ended June 30, 2009. Worst quarter: -24.81%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		6.92	%	15.91	%	7.42	%
	Return After Taxes on Distributions		2.86	%	14.06	%	5.89	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		6.29	%	12.49	%	5.62	%
Retail Class		10/1/2002
	Return Before Taxes		6.63	%	15.53	%	7.16	%
Retirement Class		10/1/2002
	Return Before Taxes		6.68	%	15.63	%	7.15	%
Premier Class		9/30/2009
	Return Before Taxes		6.75	%	15.73	%	7.33	%*
Russell 2000^® Index
(reflects no deductions for fees, expenses or taxes)			4.89	%	15.55	%	7.77	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

56 Prospectus ■ TIAA-CREF U.S. Equity Funds

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Adam Cao, CFA	Michael S. Shing, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2006	since 2004

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF U.S. Equity Funds ■ Prospectus 57

Summary information

TIAA-CREF Social Choice Equity Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return that reflects the investment performance of the overall U.S. stock market while giving special consideration to certain social criteria.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

58 Prospectus ■ TIAA-CREF U.S. Equity Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. The Fund attempts to achieve the return of the U.S. stock market as represented by its benchmark, the Russell 3000^®Index, while investing only in companies whose activities are consistent with the Fund’s social criteria. See “Additional information about the Fund’s benchmark index” below for more information about the Fund’s benchmark.

The social criteria the Fund takes into consideration are non-fundamental investment policies. Such criteria and the universe of investments that the Fund utilizes may be changed without the approval of the Fund’s shareholders. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund’s investments are subject to certain environmental, social and governance (“ESG”) criteria. The research vendor currently providing the ESG performance evaluation is MSCI, Inc. (“MSCI”). All companies must meet or exceed minimum ESG performance standards to be eligible for inclusion in the

TIAA-CREF U.S. Equity Funds ■ Prospectus 59

Fund. The evaluation process favors companies with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics and government and public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights and community, labor rights and supply chain, and governance) are other considerations.

The Corporate Governance and Social Responsibility Committee (the “CGSR Committee”) of the Board of Trustees of the Trust (“Board of Trustees”) reviews the ESG criteria used to screen securities held by the Fund and approves the vendor of that service. Advisors seeks to ensure that the Fund’s investments are consistent with its ESG criteria, but Advisors cannot guarantee that this will always be the case for every Fund investment. Consistent with its responsibilities, the CGSR Committee evaluates options for implementing the Fund’s ESG investment criteria and monitors the ESG vendors selected to supply the ESG-eligible universe. Advisors has the right to change the ESG vendor(s) at any time and to add to the number of vendors providing the universe of eligible companies. Investing on the basis of ESG criteria is qualitative and subjective by nature, and there can be no assurance that the process utilized by the Fund’s vendor(s) or any judgment exercised by the CGSR Committee or Advisors will reflect the beliefs or values of any particular investor.

60 Prospectus ■ TIAA-CREF U.S. Equity Funds

The Fund is not restricted from investing in any securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Fund may also invest in securities issued by other countries or their agencies or instrumentalities as approved by the CGSR Committee. Consistent with its ESG criteria, the Fund may invest up to 15% of its assets in foreign investments.

Principal investment risks

TIAA-CREF U.S. Equity Funds ■ Prospectus 61

· Benchmark Risk—The risk that the Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that the Fund’s investments vary from the composition of its benchmark index, the Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Fund merely attempted to replicate the index.

· Quantitative Analysis Risk—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

62 Prospectus ■ TIAA-CREF U.S. Equity Funds

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 17.87%, for the quarter ended June 30, 2009. Worst quarter: -23.79%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		7/1/1999
	Return Before Taxes		11.25	%	14.57	%	7.80	%
	Return After Taxes on Distributions		10.57	%	14.12	%	7.41	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		6.89	%	11.74	%	6.34	%
Retail Class		3/31/2006
	Return Before Taxes		10.98	%	14.27	%	7.61	%*
Retirement Class		10/1/2002
	Return Before Taxes		11.00	%	14.29	%	7.51	%
Premier Class		9/30/2009
	Return Before Taxes		11.12	%	14.40	%	7.70	%*
Russell 3000^® Index
(reflects no deductions for fees, expenses or taxes)			12.56	%	15.63	%	7.94	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Retail Class and Premier Class that is prior to their inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Retail Class and Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

TIAA-CREF U.S. Equity Funds ■ Prospectus 63

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2005	since 2014

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

64 Prospectus ■ TIAA-CREF U.S. Equity Funds

Summary information

TIAA-CREF Social Choice Low Carbon Equity Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return that reflects the investment performance of the overall U.S. stock market while giving special consideration to certain environmental, social, and governance criteria (“ESG”), which include additional criteria relating to carbon emissions and fossil fuel reserves.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF U.S. Equity Funds ■ Prospectus 65

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund has no annual portfolio turnover rate because the Fund is newly operational.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. The Fund attempts to achieve investment results that reflect the return of the U.S. stock market as represented by its benchmark index, the Russell 3000^®Index while investing in companies whose activities are consistent with the Fund’s ESG criteria, which include additional criteria relating to carbon emissions and fossil fuel reserves. See “Additional information about the Fund’s benchmark index” below for more information about the Fund’s benchmark.

66 Prospectus ■ TIAA-CREF U.S. Equity Funds

In addition to the overall ESG performance evaluation, the Fund favors companies that (1) demonstrate leadership in managing and mitigating their current carbon emissions and (2) have limited exposure to oil, gas, and coal (i.e., fossil fuel) reserves. The determination of leadership criteria takes into consideration company carbon emissions both in absolute terms (e.g., tons of carbon emitted directly into the atmosphere) and in relative terms (e.g., tons of carbon emitted per unit of economic output such as sales). Reserves are fossil fuel deposits that have not yet been extracted.

Once a universe of ESG-eligible companies is established, the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), then uses quantitative investment techniques to attempt to closely match, to the extent practicable, the overall risk characteristics of the benchmark index. Under these quantitative investment techniques, the Fund uses a risk model to evaluate the universe of stocks in which the Fund may invest and to inform the construction of a broadly diversified group of stocks. The Fund holdings will generally consist of a subset of the eligible investment universe. The Fund is not required to invest in all of the companies that meet the ESG criteria.

The Corporate Governance and Social Responsibility Committee (the “CGSR Committee”) of the Board of Trustees of the Trust (“Board of Trustees”) reviews the ESG criteria used to determine eligibility of the securities held by the Fund and approves the vendor of that service. Advisors seeks to ensure that the Fund’s investments are consistent with its ESG criteria, but Advisors cannot guarantee that this will always be the case for every Fund investment. Consistent

TIAA-CREF U.S. Equity Funds ■ Prospectus 67

with its responsibilities, the CGSR Committee evaluates options for implementing the Fund’s ESG investment criteria and monitors the ESG vendor(s) selected to supply the ESG-eligible universe. Advisors has the right to change the ESG vendor(s) at any time and to add to the number of vendors providing the universe of eligible companies. Investing on the basis of ESG criteria is qualitative and subjective by nature, and there can be no assurance that the process utilized by the Fund’s vendor(s) or any judgment exercised by the CGSR Committee or Advisors will reflect the beliefs or values of any particular investor.

Principal investment risks

· Low-Carbon Risk—The risk that because the Social Choice Low Carbon Equity Funds’ investment will have special emphasis on companies with low current carbon emissions and limited exposure to fossil fuel reserves, the Fund’s portfolio might exclude certain issuers for nonfinancial reasons and the Fund may forgo some market opportunities that otherwise would be available.

68 Prospectus ■ TIAA-CREF U.S. Equity Funds

· Quantitative Analysis Risk—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

Performance information is not available for the Fund for the most recently completed calendar year 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.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:

TIAA-CREF U.S. Equity Funds ■ Prospectus 69



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2015	since 2015

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

Additional information about investment strategies and risks

Additional information about the Funds

70 Prospectus ■ TIAA-CREF U.S. Equity Funds

described in the Funds’ Statement of Additional Information (“SAI”) are fundamental and may only be changed with shareholder approval.

The ESG criteria utilized by the Social Choice Equity Fund and the Social Choice Low Carbon Equity Fund evaluates corporate and certain foreign government issuers of fixed-income securities in connection with certain environmental, social and governance assessment categories. Examples of environmental assessment categories are: management systems, types of products and services produced, natural resource use, effect on climate change and waste and emissions. Social evaluation categories include the treatment of employees and suppliers and dealings with the community and society at large. Governance assessment categories include governance structure, business ethics, transparency and reporting and response to shareholder resolutions. The Funds have the right to change the ESG vendor(s) at any time and to change the number of vendors providing this service.

The Funds may use an investment strategy called “mortgage rolls” (also referred to as “dollar rolls”), in which a Fund sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the “drop”) plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. If such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage roll, the use of this technique will enhance the investment performance of the Fund compared with what such performance would have been without the use of mortgage rolls. Realizing benefits from the use of mortgage rolls depends upon the ability of Advisors to correctly predict mortgage prepayments and interest rates.

TIAA-CREF U.S. Equity Funds ■ Prospectus 71

The Funds are not appropriate for market timing. You should not invest in the Funds if you are a market timer.

There can be no assurances that a Fund will achieve its investment objective and investors should not consider an investment in this Fund to be a complete investment program.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

Additional information on principal investment risks of the Funds

The Funds invest primarily in equity securities. In general, the value of equity securities fluctuates in response to the fortune of individual companies and in response to general market and economic conditions. The value of a Fund may increase or decrease as a result of its investments in equity securities and other instruments. More specifically, the Funds typically are subject to the following principal investment risks:

72 Prospectus ■ TIAA-CREF U.S. Equity Funds

underperformance relative to the broader market sector or significant declines in the Fund’s portfolio value.

· Risks of Growth Investing—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For example, the price of a growth stock may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock. Because the value of growth companies is often a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained.

· Risks of Value Investing—Securities believed to be undervalued are subject to the risks that: (1) the issuer’s potential business prospects are not realized; (2) their potential values are never recognized by the market; and (3) due to unanticipated or unforeseen problems associated with the issuer or industry, they were appropriately priced when acquired and therefore do not perform as anticipated.

· Foreign Investment Risk—Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited foreign financial information or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be difficult to use foreign laws and courts to enforce financial or legal obligations.
The risks described above often increase in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Because their financial markets may be very small, prices of issuers in emerging market countries may be volatile and difficult to determine. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many such countries.

TIAA-CREF U.S. Equity Funds ■ Prospectus 73

decisions that are suited to achieving the Fund’s investment objective. As a result of strategy, investment selection or trading execution, a Fund could underperform its benchmark or other mutual funds with similar investment objectives.

· Enhanced Index Risk—As enhanced index funds, the Enhanced Large-Cap Growth Fund and the Enhanced Large-Cap Value Fund may also underperform their benchmark index due to differences between the investments of the Funds and their benchmark index. In addition, seeking enhanced results relative to an index may cause an enhanced index fund to underperform its respective index, resulting in losses. Unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an enhanced index fund to match the performance of its index is adversely affected by the costs of buying or selling investments as well as other expenses. Because an enhanced index fund follows a quantitative strategy and does not seek to replicate its benchmark index, the Funds may underperform their indices to a greater extent than a fund that follows a passive index strategy.

· Mid-Cap Risk—Securities of medium-sized companies may experience greater fluctuations in price than the securities of larger companies. From time to time, medium-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of medium-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of medium-sized companies may be greater than those of more widely traded securities.

74 Prospectus ■ TIAA-CREF U.S. Equity Funds

favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of small-sized companies may be greater than those of more widely traded securities.

· Special Situation Risk—Stocks of companies involved in reorganizations, mergers and other special situations can involve more risk than ordinary securities. For instance, the prices of securities of these companies can be more volatile than the prices of securities of similar companies, resulting in permanent loss of capital. Transactions may also take longer than originally anticipated, resulting in lower annualized returns than contemplated at the time of investment.

· Derivatives Risk—Derivatives Risk is a risk of the Enhanced Large-Cap Growth Index Fund and the Enhanced Large-Cap Value Index Fund. The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. Derivatives such as swaps are subject to risks such as liquidity risk, interest rate risk, market risk, and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments, and their prices, may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures and options which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of a Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivative investments can create leverage by magnifying investment losses or gains, and a Fund could lose more than the amount invested.

· ESG Criteria Risk—The risk that because the Social Choice Equity Fund and Social Choice Low Carbon Equity Fund’s ESG criteria exclude securities of

TIAA-CREF U.S. Equity Funds ■ Prospectus 75

certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

· Benchmark Risk—The risk that the performance of the Social Choice Equity Fund and the Social Choice Low Carbon Equity Fund may not correspond to, or may underperform, their benchmark index for any period of time. Although each Fund attempts to use the investment performance of its index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses.

In addition to the principal investment risks set forth above, there are other risks associated with investing in the Funds and their investments that are discussed elsewhere in the Funds’ Prospectuses and in the Funds’ SAI. There can be no assurances that a Fund will achieve its investment objective. You should not consider any Fund to be a complete investment program.

Additional information about the Funds’ benchmark indices

The benchmark index for each of the Funds described below are unmanaged, and you cannot invest directly in the index.

Russell 1000^{^®} Growth Index

This is the benchmark index for the Enhanced Large-Cap Growth Index Fund and the Large-Cap Growth Fund. The Russell 1000^® Growth Index is a subset of the Russell 1000^® Index, which represents the top 1,000 U.S. equity securities in market capitalization (according to the Russell Investment Group). The Russell 1000^® Growth Index represents those Russell 1000^® Index securities with higher relative forecasted growth rates and price/book ratios. The Russell 1000^® Growth Index has higher weightings in those sectors of the market with typically higher relative valuations and higher growth rates, including sectors such as technology and health care. As of September 30, 2015, the Russell 1000^® Growth Index had a mean market capitalization of $_____ billion and a median market capitalization of $___ billion. The largest market capitalization of companies in the Russell 1000^® Growth Index was $_____ billion. The Russell Investment Group determines the composition of the index based on certain factors and can change its composition at any time.

76 Prospectus ■ TIAA-CREF U.S. Equity Funds

Russell 1000^{^®} Value Index

This is the benchmark index for the Enhanced Large-Cap Value Index Fund and the Large-Cap Value Fund. The Russell 1000^® Value Index is a subset of the Russell 1000^® Index, which represents the top 1,000 U.S. equity securities in market capitalization (according to the Russell Investment Group). The Russell 1000^® Value Index contains higher weightings of roughly one-third of the Russell 1000^® Index securities with lower relative growth rates and price/book values and lower weightings of the roughly middle third of companies. The Russell 1000^® Value Index has higher weightings in those sectors of the market with typically lower relative valuations and growth rates, including sectors such as financial services and energy. As of September 30, 2015, the Russell 1000^® Value Index had a mean market capitalization of $_____ billion and a median market capitalization of $___ billion. The largest market capitalization of companies in the Russell 1000^® Value Index was $___ billion. The Russell Investment Group determines the composition of the index based on certain factors and can change the index’s composition at any time.

S&P 500^{^®} Index

This is the benchmark index for the Growth & Income Fund. The S&P 500^® Index is a market capitalization-weighted index of the 500 leading companies in leading industries of the U.S. economy. It is widely recognized as a guide to the overall health of the U.S. stock market. The index covers industrial, utility, technology, financial, and other companies of the U.S. markets. The index focuses on the large-cap segment of the market, with 75% coverage (by market capitalization) of U.S. equities. As of September 30, 2015 the market capitalization of companies in the S&P 500^® Index ranged from $___ billion to $_____ billion, with a mean market capitalization of $____ billion and a median market capitalization of $____ billion. Standard & Poor’s determines the composition of the index based on a combination of factors including market capitalization, liquidity and industry group representation, and can change its composition at any time.

Russell Midcap^{^®} Growth Index

This is the benchmark index for the Mid-Cap Growth Fund. The Russell Midcap^® Growth Index is a subset of the Russell Midcap^® Index, which represents the 800 largest U.S. equity securities in market capitalization after the largest 200 U.S. equity securities (according to the Russell Investment Group). The Russell Midcap^® Growth Index contains higher weightings of roughly one-third of these 800 Russell Midcap^® Index securities with higher relative growth rates and price/book values and lower weightings of the roughly middle third of companies. The Russell Midcap^® Growth Index has higher weightings in those sectors of the market with typically higher relative valuations and growth rates, including sectors such as technology and health care. As of September 30, 2015 the Russell Midcap^® Growth Index had a mean market capitalization of

TIAA-CREF U.S. Equity Funds ■ Prospectus 77

$__ billion and a median market capitalization of $__ billion. The largest market capitalization of companies in the Russell Midcap^® Growth Index was $____ billion. The Russell Investment Group determines the composition of the index based on certain factors and can change its composition at any time.

Russell Midcap^{^®} Value Index

This is the benchmark index for the Mid-Cap Value Fund. The Russell Midcap^® Value Index is a subset of the Russell Midcap^® Index, which represents the 800 largest U.S. equity securities in market capitalization after the largest 200 U.S. equity securities (according to the Russell Investment Group). The Russell Midcap^® Value Index contains higher weightings of roughly one-third of these 800 Russell Midcap securities with lower relative growth rates and price/book values and lower weightings of the roughly middle third of companies. The Russell Midcap^® Value Index has higher weightings in those sectors of the market with typically lower relative valuations, including sectors such as financial services and utilities. As of September 30, 2015 the Russell Midcap^® Value Index had a mean market capitalization of $____ billion and a median market capitalization of $___ billion. The largest market capitalization of companies in the Russell Midcap^® Value Index was $____ billion. The Russell Investment Group determines the composition of the index based on certain factors and can change its composition at any time.

Russell 2000^{^®}Index

This is the benchmark index for the Small-Cap Equity Fund. The Russell 2000^® Index represents the largest 2,000 U.S. equities in market capitalization following the top 1,000 U.S. equities (according to the Russell Investment Group). As of September 30, 2015, the Russell 2000^® Index had a mean market capitalization of $___ billion and a median market capitalization of $___ million. The largest market capitalization of companies in the Russell 2000^® Index was $___ billion. The Russell Investment Group determines the composition of the index based on certain factors and can change its composition at any time.

Russell 3000^{^®} Index (U.S. Equity)

This is the benchmark index for the Social Choice Equity Fund and the Social Choice Low Carbon Equity Fund. The Russell 3000^® Index represents the 3,000 largest publicly traded U.S. companies, based on market capitalization (according to the Russell Investment Group). Russell 3000^® Index companies represent about 98% of the total market capitalization of the publicly traded U.S. equity market. As of September 30, 2015, the Russell 3000^® Index had a mean market capitalization of $_____ billion and a median market capitalization of $___ billion. The largest market capitalization of companies in the Russell 3000^® Index was $_____ billion. The Russell Investment Group determines the composition of the index based only on market capitalization and can change its composition at any time.

78 Prospectus ■ TIAA-CREF U.S. Equity Funds

Additional information on principal and non-principal investment strategies

TIAA-CREF U.S. Equity Funds ■ Prospectus 79

In seeking to manage currency exposure, a Fund also may enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies.

Please see the Funds’ SAI for more information on these and other investments the Funds may utilize.

Portfolio holdings

A description of the Funds’ policies and procedures with respect to the disclosure of its portfolio holdings is available in the Funds’ SAI.

Portfolio turnover

If a Fund engages in active and frequent trading of portfolio securities, it will have a correspondingly higher “portfolio turnover rate.” A high portfolio turnover rate generally will result in (1) greater brokerage commission expenses or other transaction costs borne by a Fund and, ultimately, by shareholders and (2) higher amounts of realized investment gain subject to the payment of taxes by shareholders. Also, a high portfolio turnover rate for a Fund may cause the Fund to be more likely to generate capital gains that must be distributed to shareholders as taxable income. The Funds are not subject to a specific limitation on portfolio turnover, and securities of a Fund may be sold at any time such sale is deemed advisable for investment or operational reasons. Also, certain trading strategies utilized by a Fund may increase portfolio turnover. The portfolio turnover rates of the Funds are listed above in the “Summary information” section and the portfolio turnover rates during recent fiscal periods are provided in the Financial Highlights. The Funds are not generally managed to minimize the tax burden for shareholders. The Funds may have investors that are funds of funds, education savings plans or other asset allocation programs that are also managed by Advisors. These investors may engage in reallocations, rebalancings or other activity that may increase a Fund’s portfolio turnover rate and brokerage costs. Advisors may employ various portfolio management

80 Prospectus ■ TIAA-CREF U.S. Equity Funds

strategies to attempt to minimize any potential disruptive effects or costs of such activity.

Share classes

Each Fund may offer Retail, Retirement, Premier, [Investor] or Institutional Class shares. [Investor] Class shares are offered in this Prospectus; Retail, Retirement, Premier and Institutional Class shares are offered in a separate prospectus. Each Fund’s investments are held by the Fund as a whole, not by a particular share class, so an investor’s money will be invested the same way no matter which class of shares is held. However, there are differences among the fees and expenses associated with each class and not everyone is eligible to buy every class. After determining which classes you are eligible to buy, decide which class best suits your needs. Please contact us if you have questions or would like assistance in determining which class is right for you.

Management of the Funds

The Funds’ investment adviser

TIAA-CREF U.S. Equity Funds ■ Prospectus 81

The annual investment management fees charged under the Management Agreement with respect to the Funds are as follows:

INVESTMENT MANAGEMENT FEES


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Enhanced Large-Cap Growth Index Fund*		$0.0—$1.0	0.35%
		Over $1.0—$2.0	0.30%
		Over $2.0—$4.0	0.25%
		Over $4.0—$8.0	0.20%
		Over $8.0	0.15%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.33% for the Fund.


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Enhanced Large-Cap Value Index Fund*		$0.0—$1.0	0.35%
		Over $1.0—$2.0	0.30%
		Over $2.0—$4.0	0.25%
		Over $4.0—$8.0	0.20%
		Over $8.0	0.15%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.33% for the Fund.


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Growth & Income Fund*		$0.0—$1.0	0.45%
		Over $1.0—$2.0	0.42%
		Over $2.0—$4.0	0.39%
		Over $4.0—$8.0	0.36%
		Over $8.0	0.33%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.42% for the Fund, which reflects a higher investment management fee rate schedule in place during that period.

82 Prospectus ■ TIAA-CREF U.S. Equity Funds


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Large-Cap Growth Fund*		$0.0—$1.0	0.45%
		Over $1.0—$2.0	0.42%
		Over $2.0—$4.0	0.39%
		Over $4.0—$8.0	0.36%
		Over $8.0	0.33%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.44% for the Fund, which reflects a higher investment management fee rate schedule in place during that period.


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Large-Cap Value Fund*		$0.0—$1.0	0.45%
		Over $1.0—$2.0	0.42%
		Over $2.0—$4.0	0.39%
		Over $4.0—$8.0	0.36%
		Over $8.0	0.33%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.42% for the Fund, which reflects a higher investment management fee rate schedule in place during that period.


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Mid-Cap Growth Fund*		$0.0—$0.5	0.48%
		Over $0.5—$0.75	0.46%
		Over $0.75—$1.0	0.44%
		Over $1.0—$2.0	0.41%
		Over $2.0—$4.0	0.38%
		Over $4.0—$8.0	0.35%
		Over $8.0	0.32%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.44% for the Fund.


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Mid-Cap Value Fund*		$0.0—$0.5	0.48%
		Over $0.5—$0.75	0.46%
		Over $0.75—$1.0	0.44%
		Over $1.0—$2.0	0.41%
		Over $2.0—$4.0	0.38%
		Over $4.0—$8.0	0.35%
		Over $8.0	0.32%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.42% for the Fund, which reflects a higher investment management fee rate schedule in place during that period.

TIAA-CREF U.S. Equity Funds ■ Prospectus 83


		Assets Under Management	Fee Rate
		(Billions)	(average daily net assets)
Small-Cap Equity Fund*		$0.0—$0.5	0.46%
		Over $0.5—$0.75	0.44%
		Over $0.75—$1.0	0.42%
		Over $1.0—$2.0	0.39%
		Over $2.0—$4.0	0.36%
		Over $4.0—$8.0	0.33%
		Over $8.0	0.30%

*	For the fiscal year ended October 31, 2014, the effective annual fee rate was 0.43% for the Fund, which reflects a higher investment management fee rate schedule in place during that period.


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Social Choice Equity Fund	All assets	0.15%


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Social Choice Low Carbon Equity Fund	All Assets	0.25%

Portfolio management teams

84 Prospectus ■ TIAA-CREF U.S. Equity Funds


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years		Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years		At TIAA	Total	On Team
ENHANCED LARGE-CAP GROWTH INDEX FUND
Adam Cao, CFA Managing Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2006 to Present (portfolio management of domestic large-cap and small-cap portfolios); Procinea Management—2005 to 2006 (quantitative market research associate for alternative asset classes); Advisors, TIAA and its affiliates—2004 to 2005 (quantitative equity market research with coverage of domestic and global multi-cap portfolios); Barra—1996 to 2004 (quantitative equity market research and risk modeling)	2004		1996	2014
James M. Johnson, Jr., CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio manager of a domestic large-cap value portfolio); State Street Global Advisors—2005 to 2012 (portfolio manager of various domestic large-cap, mid-cap and long-short strategies in US Active Group); American Express Financial Advisors—1994 to 2005 (manager of various domestic large-cap and long-short strategies, quantitative research analyst); Piper Capital Management—1990 to 1994 (quantitative research analyst)	2012		1990	2014

ENHANCED LARGE-CAP VALUE INDEX FUND
Michael S. Shing, CFA Managing Director	Quantitative Portfolio Management - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (portfolio management of domestic large-cap and small-cap core and value portfolios); Barclays Global Investors—1993 to 2004 (Research Officer responsible for Japanese equity strategy and portfolio management of Japanese equity portfolios)	2004		1990	2007
Pei Chen Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (portfolio management of domestic large-cap core and value portfolios). Barra—1991 to 2004 (equity risk model research, market impact modeling and general quantitative equity research)		2004	1991	2007

TIAA-CREF U.S. Equity Funds ■ Prospectus 85


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
GROWTH & INCOME FUND
Susan Kempler Managing Director	Stock Selection - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic large-cap core portfolios), Citigroup Asset Management—1997 to 2005 (portfolio management of large- and mid-cap core portfolios)	2005	1987	2005
LARGE-CAP GROWTH FUND
Susan Hirsch Managing Director	Stock Selection - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic large-cap portfolios), Jennison Associates—2000 to 2005 (portfolio management of mid-cap growth and technology sector portfolios)	2005	1975	2014
Terrence Kontos, CFA Managing Director	Stock Selection	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (research of growth portfolios), Fred Alger—2005 to 2012 (research of growth portfolios)	2012	2005	2014

LARGE-CAP VALUE FUND
Richard Cutler Managing Director	Stock Selection - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—1997 to Present (portfolio management of domestic large-cap value portfolios)	1997	1991	2002
Athanasios (Tom) Kolefas, CFA Managing Director	Stock Selection	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (portfolio management of domestic mid-cap and large-cap value portfolios), Jennison Associates—2000 to 2004 (portfolio management of domestic large-cap value portfolios)	2004	1987	2004
MID-CAP GROWTH FUND
George (Ted) Scalise CFA Managing Director	Stock Selection - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2006 to Present (portfolio management of domestic mid-cap growth portfolios), Duncan-Hurst Capital Management—1996 to 2006 (portfolio management of domestic large- and mid-cap growth portfolios)	2006	1995	2006

86 Prospectus ■ TIAA-CREF U.S. Equity Funds


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years		Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years		At TIAA	Total	On Team
Susan Hirsch Managing Director	Stock Selection	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic large-cap portfolios), Jennison Associates—2000 to 2005 (portfolio management of mid-cap growth and technology sector portfolios)		2005	1975	2007
MID-CAP VALUE FUND
Athanasios (Tom) Kolefas, CFA Managing Director	Stock Selection - Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (portfolio management of domestic mid-cap and large-cap value portfolios), Jennison Associates—2000 to 2004 (portfolio management of domestic large-cap value portfolios)		2004	1987	2004
Richard Cutler Managing Director	Stock Selection	Advisors, TCIM and other advisory affiliates of TIAA—1997 to Present (portfolio management of domestic large-cap value portfolios)		1997	1991	2002

SMALL-CAP EQUITY FUND
Adam Cao, CFA Managing Director	Quantitative Portfolio Management – Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2006 to Present (portfolio management of domestic large-cap and small-cap portfolios); Procinea Management—2005 to 2006 (quantitative market research associate for alternative asset classes); Advisors, TIAA and its affiliates—2004 to 2005 (quantitative equity market research with coverage of domestic and global multi-cap portfolios); Barra—1996 to 2004 (quantitative equity market research and risk modeling)	2004		1996	2006
Michael S. Shing, CFA Managing Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (portfolio management of domestic large-cap and small-cap core and value portfolios); Barclays Global Investors—1993 to 2004 (Research Officer responsible for Japanese equity strategy and portfolio management of Japanese equity portfolios)	2004		1990	2004

TIAA-CREF U.S. Equity Funds ■ Prospectus 87


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
SOCIAL CHOICE EQUITY FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2005
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2014

SOCIAL CHOICE LOW CARBON EQUITY FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2015
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2015

88 Prospectus ■ TIAA-CREF U.S. Equity Funds

Other services

Distribution and service arrangements

Teachers Personal Investors Services, Inc. (“TPIS”) distributes each class of Fund shares.

Other Payments by the Funds

Other Payments by TPIS, Advisors or their Affiliates

TIAA-CREF U.S. Equity Funds ■ Prospectus 89

Calculating share price

90 Prospectus ■ TIAA-CREF U.S. Equity Funds

TIAA-CREF U.S. Equity Funds ■ Prospectus 91

domestic securities when it is believed the last market quotation is not readily available or such quotation does not represent the fair value of that security.

Dividends and distributions

Each Fund expects to declare and distribute to shareholders substantially all of its net investment income and net realized capital gains, if any. The amount distributed will vary according to the income received from investments held by a Fund and capital gains realized from the sale of investments. The Growth & Income Fund plans to pay dividends on a quarterly basis. Each other Fund plans to pay dividends on an annual basis.

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

92 Prospectus ■ TIAA-CREF U.S. Equity Funds

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

Taxes

As with any investment, you should consider how your investment in a Fund will be taxed.

TIAA-CREF U.S. Equity Funds ■ Prospectus 93

treating any portion of a dividend as “qualified dividend income.” Additional information about this can be found in the Funds’ SAI.

Each Fund is required to report to the IRS and furnish to Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, “first-in, first-out” (“FIFO”), or some other specific identification method. Unless you instruct otherwise, each Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.

Effect of foreign taxes. Foreign governments may impose taxes on a Fund and its investments and these taxes generally will reduce the Funds’ distributions. If

94 Prospectus ■ TIAA-CREF U.S. Equity Funds

TIAA-CREF U.S. Equity Funds ■ Prospectus 95

Your account: purchasing, redeeming
or exchanging shares

Share class eligibility

Definitions

· Benefit Plans (as defined below);

· Wrap accounts or other such arrangements as may be offered by a financial advisor or other intermediary.

Eligibility

[Investor] Class shares are available for purchase by or through the following types of accounts:

· Financial Intermediary Accounts;

· Other investment companies or pools;

· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);

· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA-CREF; and

· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.

Account minimums

96 Prospectus ■ TIAA-CREF U.S. Equity Funds

Additional information

The Funds may from time to time, in their discretion, deviate from or vary the processes and procedures outlined below for purchasing, redeeming and exchanging shares.

Purchasing shares

How to open an account through a Financial Intermediary Account or Benefit Plan Account not administered by TIAA-CREF

For Participants in a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF

First-Class or Standard Mail:

TIAA-CREF

PO Box 1259

Charlotte, NC 28262

TIAA-CREF U.S. Equity Funds ■ Prospectus 97

Overnight Mail:

TIAA-CREF

8500 Andrew Carnegie Blvd

Charlotte, NC 28262

You may allocate single or ongoing contributions by selecting a Fund and the amounts you wish to contribute to that Fund.

Subject to the terms of your plan, you may be eligible to roll over or transfer in balances from other eligible accounts as determined by the Code.

The Funds may suspend or terminate the offering to your employer’s plan. You may be able to change your allocation for future contributions by:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Other information for Benefit Plans

Transaction methods for purchases

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

ABA Number (all classes) 011000028

DDA Number 99054546

Specify on the wire:

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

98 Prospectus ■ TIAA-CREF U.S. Equity Funds

· The Fund account number; and

· The Fund and amount to be invested.

Points to remember for all purchases

TIAA-CREF U.S. Equity Funds ■ Prospectus 99

Redeeming shares

Once mailed to the Funds, your redemption request is irrevocable and cannot be modified or canceled.

For participants holding shares through a Benefit Plan Account

A redemption can be part of an exchange into (1) another fund available through your Benefit Plan or, (2) another account or IRA.

100 Prospectus ■ TIAA-CREF U.S. Equity Funds

Transaction methods for redemptions

For all Accounts

For Benefit Plan or other Financial Intermediary Accounts administered by TIAA-CREF

By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above.

TIAA-CREF U.S. Equity Funds ■ Prospectus 101

shares will be redeemed on the following business day. Redemptions will be made via check or electronic transfer to your bank.

Exchanging shares

Overview

Once made, an exchange request by mail cannot be modified or cancelled.

102 Prospectus ■ TIAA-CREF U.S. Equity Funds

Transaction methods for exchanges

Over the Internet: If your Account is administered through TIAA-CREF you can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

By telephone: Please call 800 842-2252.

Conversion of shares—applicable to all investors

TIAA-CREF U.S. Equity Funds ■ Prospectus 103

Voluntary conversions

Mandatory conversions

Important transaction information

104 Prospectus ■ TIAA-CREF U.S. Equity Funds

Changing Your Address. To change the address on an account, please send the Funds a written notification.

TIAA-CREF U.S. Equity Funds ■ Prospectus 105

Customer Complaints. Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail Stop 730/07/01, Attention: Director, Distribution Operation Services.

Market timing/excessive trading policy—applicable to all investors

106 Prospectus ■ TIAA-CREF U.S. Equity Funds

pricing inefficiencies. Consequently, the Funds are not appropriate for such market timing and you should not invest in the Funds if you want to engage in market timing activity.

TIAA-CREF U.S. Equity Funds ■ Prospectus 107

The Funds are not appropriate for market timing. You should not invest in the Funds if you want to engage in market timing activity.

Electronic prospectuses

If you received this Prospectus electronically and would like a paper copy, please contact the Funds and one will be sent to you.

108 Prospectus ■ TIAA-CREF U.S. Equity Funds

The Russell 1000^® Growth, 1000^® Value, 2000^® Growth, 3000^® Growth, Mid-Cap^® Growth and Mid-Cap^® Value Indexes are a trademark/service mark 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, or otherwise.

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 as to the accuracy, completeness, reliability or otherwise of the russell indexes or any data included in the russell indexes. russell makes no representation, warranty or guarantee regarding the use or the results of 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.

Additional information about index providers

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

Glossary

Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

TIAA-CREF U.S. Equity Funds ■ Prospectus 109

duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.

Fixed-Income or Fixed-Income Investments: Primarily, bonds and notes (such as corporate and government debt obligations), mortgage-backed securities, asset-backed securities, and structured securities that generally pay fixed or variable rates of interest; debt obligations issued at a discount from face value (i.e., that have an imputed rate of interest); non-interest-bearing debt securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.

U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Financial highlights

110 Prospectus ■ TIAA-CREF U.S. Equity Funds

Low Carbon Equity Fund is newly operational, no financial highlights information for this Fund is currently available.

TIAA-CREF U.S. Equity Funds ■ Prospectus 111

Financial highlights

Enhanced Large-Cap Growth Index Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 11.53		$ 0.14			$ 1.44		$ 1.58		$ (0.12	)		$ (0.80	)
	10/31/13				9.65		0.14			2.22		2.36		(0.12	)		(0.36	)
	10/31/12				9.54		0.11			0.93		1.04		(0.10	)		(0.83	)
	10/31/11				9.05		0.10			0.86		0.96		(0.09	)		(0.38	)
	10/31/10		^†		8.63		0.00	^d		0.42		0.42		—			—
	9/30/10				7.77		0.10			0.85		0.95		(0.09	)		—


^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.

112 Prospectus ■ TIAA-CREF U.S. Equity Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.92	)		$12.19		14.75	%		$1,785,221		0.35	%		0.35	%		1.22	%		105	%
	(0.48	)		11.53		25.73			1,471,091		0.37			0.37			1.34			104
	(0.93	)		9.65		12.07			1,007,636		0.38			0.38			1.16			150
	(0.47	)		9.54		10.78			818,884		0.38			0.37			1.05			121
	—			9.05		4.87	^b		777,478		0.47	^c		0.40	^c		0.41	^c		8	^b
	(0.09	)		8.63		12.22			737,787		0.40			0.39			1.21			130

TIAA-CREF U.S. Equity Funds ■ Prospectus 113

Financial highlights

Enhanced Large-Cap Value Index Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 10.64		$ 0.17			$ 1.23		$ 1.40		$ (0.16	)		$ (0.70	)
	10/31/13				8.64		0.18			2.20		2.38		(0.19	)		(0.19	)
	10/31/12				8.01		0.17			0.94		1.11		(0.15	)		(0.33	)
	10/31/11				7.72		0.15			0.32		0.47		(0.11	)		(0.07	)
	10/31/10		^†		7.48		0.01			0.23		0.24		—			—
	9/30/10				7.10		0.14			0.36		0.50		(0.12	)		—


^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.
^†	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.

114 Prospectus ■ TIAA-CREF U.S. Equity Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.86	)		$11.18		14.29	%		$1,723,933		0.35	%		0.35	%		1.63	%		91	%
	(0.38	)		10.64		28.65			1,415,633		0.36			0.36			1.86			80
	(0.48	)		8.64		14.73			1,050,177		0.38			0.38			2.12			87
	(0.18	)		8.01		6.19			800,221		0.38			0.37			1.79			114
	—			7.72		3.21	^b		752,004		0.47	^c		0.40	^c		1.44	^c		10	^b
	(0.12	)		7.48		7.12			726,396		0.40			0.39			1.87			54

TIAA-CREF U.S. Equity Funds ■ Prospectus 115

Financial highlights

Growth & Income Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 12.64		$ 0.13			$ 1.64		$ 1.77		$ (0.14	)		$ (1.31	)
	10/31/13				10.34		0.15			2.76		2.91		(0.16	)		(0.45	)
	10/31/12				9.21		0.13			1.22		1.35		(0.14	)		(0.08	)
	10/31/11				8.53		0.10			0.68		0.78		(0.10	)		—
	10/31/10		^†		8.22		0.00	^d		0.31		0.31		—			—
	9/30/10				7.83		0.10			0.39		0.49		(0.10	)		—

Premier Class
	10/31/14				12.65		0.11			1.63		1.74		(0.12	)		(1.31	)
	10/31/13				10.35		0.14			2.75		2.89		(0.14	)		(0.45	)
	10/31/12				9.21		0.12			1.23		1.35		(0.13	)		(0.08	)
	10/31/11				8.53		0.09			0.68		0.77		(0.09	)		—
	10/31/10		^†		8.23		0.00	^d		0.30		0.30		—			—
	9/30/10				7.83		0.09			0.40		0.49		(0.09	)		—

Retirement Class
	10/31/14				12.79		0.10			1.66		1.76		(0.11	)		(1.31	)
	10/31/13				10.46		0.13			2.78		2.91		(0.13	)		(0.45	)
	10/31/12				9.31		0.11			1.24		1.35		(0.12	)		(0.08	)
	10/31/11				8.62		0.08			0.69		0.77		(0.08	)		—
	10/31/10		^†		8.31		0.00	^d		0.31		0.31		—			—
	9/30/10				7.91		0.08			0.40		0.48		(0.08	)		—

Retail Class
	10/31/14				15.55		0.12			2.04		2.16		(0.09	)		(1.31	)
	10/31/13				12.59		0.14			3.38		3.52		(0.11	)		(0.45	)
	10/31/12				11.16		0.12			1.49		1.61		(0.10	)		(0.08	)
	10/31/11				10.32		0.10			0.82		0.92		(0.08	)		—
	10/31/10		^†		9.95		0.00	^d		0.37		0.37		—			—
	9/30/10				9.45		0.10			0.48		0.58		(0.08	)		—

^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.

116 Prospectus ■ TIAA-CREF U.S. Equity Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (1.45	)		$12.96		15.48	%		$2,893,199		0.44	%		0.44	%		1.06	%		98	%
	(0.61	)		12.64		29.53			2,307,313		0.45			0.45			1.35			146
	(0.22	)		10.34		14.83			1,547,720		0.46			0.46			1.33			111
	(0.10	)		9.21		9.20			1,105,465		0.47			0.47			1.09			116
	—			8.53		3.77	^b		684,913		0.53	^c		0.52	^c		0.42	^c		13	^b
	(0.10	)		8.22		6.27			600,386		0.48			0.48			1.23			126


	(1.43	)		12.96		15.30			174,273		0.59			0.59			0.92			98
	(0.59	)		12.65		29.20			169,367		0.60			0.60			1.23			146
	(0.21	)		10.35		14.77			152,950		0.61			0.61			1.20			111
	(0.09	)		9.21		9.03			126,358		0.62			0.62			0.95			116
	—			8.53		3.65	^b		112,196		0.68	^c		0.67	^c		0.22	^c		13	^b
	(0.09	)		8.23		6.25			72,282		0.64			0.64			1.07			126


	(1.42	)		13.13		15.26			687,630		0.69			0.69			0.82			98
	(0.58	)		12.79		29.05			623,206		0.70			0.70			1.12			146
	(0.20	)		10.46		14.61			528,574		0.71			0.71			1.08			111
	(0.08	)		9.31		8.92			393,410		0.72			0.72			0.86			116
	—			8.62		3.73	^b		513,285		0.78	^c		0.77	^c		0.18	^c		13	^b
	(0.08	)		8.31		6.07			545,887		0.73			0.73			0.98			126


	(1.40	)		16.31		15.12			960,469		0.76			0.76			0.75			98
	(0.56	)		15.55		28.98			857,921		0.79			0.79			1.03			146
	(0.18	)		12.59		14.52			674,389		0.82			0.82			0.99			111
	(0.08	)		11.16		8.90			569,318		0.72			0.72			0.85			116
	—			10.32		3.72	^b		501,950		0.75	^c		0.74	^c		0.20	^c		13	^b
	(0.08	)		9.95		6.17			487,427		0.66			0.66			1.04			126

TIAA-CREF U.S. Equity Funds ■ Prospectus 117

Financial highlights

Large-Cap Growth Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 15.11		$ 0.06			$ 2.54		$ 2.60		$ (0.06	)		$ (1.04	)
	10/31/13				11.65		0.08			3.75		3.83		(0.05	)		(0.32	)
	10/31/12				10.64		0.05			1.09		1.14		(0.03	)		(0.10	)
	10/31/11				9.91		0.04			0.72		0.76		(0.03	)		—
	10/31/10		^†		9.38		0.00	^d		0.53		0.53		—			—
	9/30/10				8.51		0.04			0.88		0.92		(0.05	)		—

Premier Class
	10/31/14				15.10		0.03			2.53		2.56		(0.04	)		(1.04	)
	10/31/13				11.63		0.06			3.76		3.82		(0.03	)		(0.32	)
	10/31/12				10.62		0.04			1.09		1.13		(0.02	)		(0.10	)
	10/31/11				9.90		0.02			0.73		0.75		(0.03	)		—
	10/31/10		^†		9.38		0.00	^d		0.52		0.52		—			—
	9/30/10				8.51		0.02			0.90		0.92		(0.05	)		—

Retirement Class
	10/31/14				15.04		0.02			2.53		2.55		(0.03	)		(1.04	)
	10/31/13				11.60		0.04			3.75		3.79		(0.03	)		(0.32	)
	10/31/12				10.60		0.03			1.08		1.11		(0.01	)		(0.10	)
	10/31/11				9.87		0.01			0.73		0.74		(0.01	)		—
	10/31/10		^†		9.35		0.00	^d		0.52		0.52		—			—
	9/30/10				8.48		0.02			0.88		0.90		(0.03	)		—

Retail Class
	10/31/14				15.06		0.00	^d		2.53		2.53		0.00	^d		(1.04	)
	10/31/13				11.61		0.03			3.74		3.77		0.00	^d		(0.32	)
	10/31/12				10.61		0.01			1.09		1.10		0.00	^d		(0.10	)
	10/31/11				9.89		0.01			0.72		0.73		(0.01	)		—
	10/31/10		^†		9.37		0.00	^d		0.52		0.52		—			—
	9/30/10				8.49		0.02			0.89		0.91		(0.03	)		—

^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.

118 Prospectus ■ TIAA-CREF U.S. Equity Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (1.10	)		$16.61		18.18	%		$2,140,596		0.46	%		0.46	%		0.37	%		96	%
	(0.37	)		15.11		33.71			1,581,268		0.46			0.46			0.61			102
	(0.13	)		11.65		10.95			1,082,094		0.47			0.47			0.48			148
	(0.03	)		10.64		7.71			843,064		0.48			0.48			0.34			160
	—			9.91		5.65	^b		542,509		0.58	^c		0.52	^c		(0.22	)^c		18	^b
	(0.05	)		9.38		10.82			497,251		0.50			0.50			0.45			214


	(1.08	)		16.58		17.91			9,194		0.61			0.61			0.21			96
	(0.35	)		15.10		33.68			5,110		0.62			0.62			0.48			102
	(0.12	)		11.63		10.72			4,288		0.63			0.63			0.35			148
	(0.03	)		10.62		7.55			10,205		0.63			0.63			0.20			160
	—			9.90		5.54	^b		6,771		0.73	^c		0.67	^c		(0.36	)^c		18	^b
	(0.05	)		9.38		10.78			4,650		0.66			0.66			0.26			214


	(1.07	)		16.52		17.89			102,990		0.71			0.71			0.13			96
	(0.35	)		15.04		33.49			191,225		0.71			0.71			0.34			102
	(0.11	)		11.60		10.57			111,273		0.72			0.72			0.23			148
	(0.01	)		10.60		7.49			69,209		0.73			0.73			0.10			160
	—			9.87		5.56	^b		40,808		0.83	^c		0.77	^c		(0.47	)^c		18	^b
	(0.03	)		9.35		10.65			38,261		0.75			0.75			0.20			214


	(1.04	)		16.55		17.75			580,569		0.81			0.81			0.02			96
	(0.32	)		15.06		33.29			493,908		0.85			0.85			0.24			102
	(0.10	)		11.61		10.44			387,606		0.89			0.89			0.06			148
	(0.01	)		10.61		7.41			367,733		0.79			0.79			0.05			160
	—			9.89		5.55	^b		357,252		0.84	^c		0.79	^c		(0.49	)^c		18	^b
	(0.03	)		9.37		10.78			340,417		0.67			0.67			0.28			214

TIAA-CREF U.S. Equity Funds ■ Prospectus 119

Financial highlights

Large-Cap Value Fund

Retail Class


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 18.13		$ 0.33			$ 1.65		$ 1.98		$ (0.24	)		$ (1.23	)
	10/31/13				14.11		0.29			4.05		4.34		(0.27	)		(0.05	)
	10/31/12				12.27		0.26			1.77		2.03		(0.19	)		—
	10/31/11				12.21		0.19			0.03		0.22		(0.16	)		—
	10/31/10		^†		11.83		0.01			0.37		0.38		—			—
	9/30/10				11.14		0.18			0.66		0.84		(0.15	)		—

Premier Class
	10/31/14				18.09		0.30			1.65		1.95		(0.22	)		(1.23	)
	10/31/13				14.08		0.27			4.04		4.31		(0.25	)		(0.05	)
	10/31/12				12.24		0.24			1.77		2.01		(0.17	)		—
	10/31/11				12.20		0.17			0.02		0.19		(0.15	)		—
	10/31/10		^†		11.82		0.01			0.37		0.38		—			—
	9/30/10				11.14		0.16			0.66		0.82		(0.14	)		—

Retirement Class
	10/31/14				18.05		0.29			1.64		1.93		(0.20	)		(1.23	)
	10/31/13				14.05		0.25			4.03		4.28		(0.23	)		(0.05	)
	10/31/12				12.21		0.22			1.77		1.99		(0.15	)		—
	10/31/11				12.15		0.16			0.03		0.19		(0.13	)		—
	10/31/10		^†		11.78		0.01			0.36		0.37		—			—
	9/30/10				11.10		0.14			0.66		0.80		(0.12	)		—


	10/31/14				17.57		0.27			1.59		1.86		(0.19	)		(1.23	)
	10/31/13				13.68		0.22			3.94		4.16		(0.22	)		(0.05	)
	10/31/12				11.91		0.20			1.72		1.92		(0.15	)		—
	10/31/11				11.86		0.15			0.03		0.18		(0.13	)		—
	10/31/10		^†		11.49		0.01			0.36		0.37		—			—
	9/30/10				10.84		0.14			0.64		0.78		(0.13	)		—

Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^†	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.

120 Prospectus ■ TIAA-CREF U.S. Equity Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (1.47	)		$18.64		11.78	%		$3,734,156		0.44	%		0.44	%		1.84	%		49	%
	(0.32	)		18.13		31.38			2,837,163		0.45			0.45			1.78			54
	(0.19	)		14.11		16.79			1,774,248		0.46			0.46			1.93			63
	(0.16	)		12.27		1.77			1,210,661		0.47			0.47			1.48			68
	—			12.21		3.21	^b		643,951		0.53	^c		0.52	^c		0.89	^c		11	^b
	(0.15	)		11.83		7.59			580,659		0.49			0.49			1.53			73


	(1.45	)		18.59		11.59			380,387		0.59			0.59			1.70			49
	(0.30	)		18.09		31.21			331,817		0.60			0.60			1.65			54
	(0.17	)		14.08		16.66			267,987		0.61			0.61			1.79			63
	(0.15	)		12.24		1.54			189,354		0.62			0.62			1.31			68
	—			12.20		3.21	^b		163,731		0.68	^c		0.67	^c		0.68	^c		11	^b
	(0.14	)		11.82		7.46			114,733		0.64			0.64			1.39			73


	(1.43	)		18.55		11.51			1,061,428		0.69			0.69			1.62			49
	(0.28	)		18.05		31.06			1,162,308		0.70			0.70			1.54			54
	(0.15	)		14.05		16.53			794,585		0.71			0.71			1.70			63
	(0.13	)		12.21		1.52			704,222		0.72			0.72			1.22			68
	—			12.15		3.14	^b		788,706		0.78	^c		0.77	^c		0.66	^c		11	^b
	(0.12	)		11.78		7.33			818,179		0.74			0.74			1.27			73


	(1.42	)		18.01		11.39			138,226		0.76			0.76			1.53			49
	(0.27	)		17.57		30.94			125,958		0.80			0.80			1.44			54
	(0.15	)		13.68		16.36			86,119		0.84			0.84			1.58			63
	(0.13	)		11.91		1.49			79,489		0.72			0.72			1.22			68
	—			11.86		3.22	^b		81,100		0.75	^c		0.74	^c		0.68	^c		11	^b
	(0.13	)		11.49		7.28			79,558		0.70			0.70			1.30			73

TIAA-CREF U.S. Equity Funds ■ Prospectus 121

Financial highlights

Mid-Cap Growth Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 25.18		$ 0.10			$ 2.24		$ 2.34		$ (0.06	)		$ (3.15	)
	10/31/13				19.94		0.10			6.33		6.43		(0.15	)		(1.04	)
	10/31/12				18.75		0.11			1.80		1.91		—			(0.72	)
	10/31/11				17.57		0.03			1.15		1.18		—			—
	10/31/10		^†		16.85		0.00	^d		0.72		0.72		—			—
	9/30/10				13.90		0.03			2.95		2.98		(0.03	)		—

Premier Class
	10/31/14				25.05		0.06			2.25		2.31		(0.03	)		(3.15	)
	10/31/13				19.84		0.07			6.30		6.37		(0.12	)		(1.04	)
	10/31/12				18.69		0.08			1.79		1.87		—			(0.72	)
	10/31/11				17.54		0.00	^d		1.15		1.15		—			—
	10/31/10		^†		16.83		(0.01	)		0.72		0.71		—			—
	9/30/10				13.90		0.00	^d		2.96		2.96		(0.03	)		—

Retirement Class
	10/31/14				24.70		0.04			2.20		2.24		0.00	^d		(3.15	)
	10/31/13				19.58		0.05			6.21		6.26		(0.10	)		(1.04	)
	10/31/12				18.47		0.06			1.77		1.83		—			(0.72	)
	10/31/11				17.35		(0.02	)		1.14		1.12		—			—
	10/31/10		^†		16.64		(0.01	)		0.72		0.71		—			—
	9/30/10				13.74		(0.01	)		2.92		2.91		(0.01	)		—

Retail Class
	10/31/14				24.71		0.02			2.20		2.22		—			(3.15	)
	10/31/13				19.58		0.03			6.22		6.25		(0.08	)		(1.04	)
	10/31/12				18.49		0.04			1.77		1.81		—			(0.72	)
	10/31/11				17.37		(0.02	)		1.14		1.12		—			—
	10/31/10		^†		16.66		(0.01	)		0.72		0.71		—			—
	9/30/10				13.76		(0.01	)		2.92		2.91		(0.01	)		—


^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.

122 Prospectus ■ TIAA-CREF U.S. Equity Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (3.21	)		$24.31		10.64	%		$896,227		0.47	%		0.47	%		0.42	%		104	%
	(1.19	)		25.18		34.07			915,882		0.47			0.47			0.46			105
	(0.72	)		19.94		10.66			586,349		0.48			0.48			0.59			85
	—			18.75		6.72			409,941		0.49			0.49			0.16			81
	—			17.57		4.27	^b		174,007		0.58	^c		0.55	^c		(0.29	)^c		9	^b
	(0.03	)		16.85		21.48			151,222		0.52			0.52			0.18			77


	(3.18	)		24.18		10.48			141,798		0.62			0.62			0.27			104
	(1.16	)		25.05		33.93			177,935		0.62			0.62			0.33			105
	(0.72	)		19.84		10.48			159,806		0.63			0.63			0.41			85
	—			18.69		6.56			165,209		0.64			0.64			0.01			81
	—			17.54		4.22	^b		140,980		0.73	^c		0.70	^c		(0.44	)^c		9	^b
	(0.03	)		16.83		21.29			85,529		0.67			0.67			0.00			77


	(3.15	)		23.79		10.40			510,331		0.72			0.72			0.17			104
	(1.14	)		24.70		33.71			570,942		0.72			0.72			0.25			105
	(0.72	)		19.58		10.38			476,061		0.73			0.73			0.30			85
	—			18.47		6.52			505,020		0.74			0.74			(0.10	)		81
	—			17.35		4.21	^b		597,228		0.83	^c		0.80	^c		(0.54	)^c		9	^b
	(0.01	)		16.64		21.16			619,355		0.77			0.77			(0.08	)		77


	(3.15	)		23.78		10.29			181,627		0.79			0.79			0.10			104
	(1.12	)		24.71		33.64			175,018		0.82			0.82			0.13			105
	(0.72	)		19.58		10.26			125,453		0.84			0.84			0.20			85
	—			18.49		6.45			115,367		0.74			0.74			(0.10	)		81
	—			17.37		4.26	^b		93,257		0.80	^c		0.77	^c		(0.52	)^c		9	^b
	(0.01	)		16.66		21.15			88,419		0.75			0.75			(0.05	)		77

TIAA-CREF U.S. Equity Funds ■ Prospectus 123

Financial highlights

Mid-Cap Value Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 23.44		$ 0.33			$ 2.92		$ 3.25		$ (0.29	)		$ (1.42	)
	10/31/13				18.50		0.33			5.26		5.59		(0.32	)		(0.33	)
	10/31/12				16.65		0.28			1.80		2.08		(0.23	)		—
	10/31/11				15.96		0.23			0.70		0.93		(0.24	)		—
	10/31/10		^†		15.42		0.00	^d		0.54		0.54		—			—
	9/30/10				13.89		0.24			1.49		1.73		(0.20	)		—

Premier Class
	10/31/14				23.38		0.30			2.91		3.21		(0.26	)		(1.42	)
	10/31/13				18.46		0.30			5.24		5.54		(0.29	)		(0.33	)
	10/31/12				16.61		0.26			1.79		2.05		(0.20	)		—
	10/31/11				15.94		0.22			0.68		0.90		(0.23	)		—
	10/31/10		^†		15.40		0.00	^d		0.54		0.54		—			—
	9/30/10				13.89		0.22			1.48		1.70		(0.19	)		—

Retirement Class
	10/31/14				23.29		0.27			2.91		3.18		(0.24	)		(1.42	)
	10/31/13				18.39		0.28			5.22		5.50		(0.27	)		(0.33	)
	10/31/12				16.54		0.24			1.79		2.03		(0.18	)		—
	10/31/11				15.86		0.20			0.68		0.88		(0.20	)		—
	10/31/10		^†		15.33		0.00	^d		0.53		0.53		—			—
	9/30/10				13.81		0.20			1.49		1.69		(0.17	)		—

Retail Class
	10/31/14				22.98		0.25			2.86		3.11		(0.21	)		(1.42	)
	10/31/13				18.15		0.27			5.16		5.43		(0.27	)		(0.33	)
	10/31/12				16.35		0.22			1.76		1.98		(0.18	)		—
	10/31/11				15.68		0.21			0.67		0.88		(0.21	)		—
	10/31/10		^†		15.15		0.00	^d		0.53		0.53		—			—
	9/30/10				13.66		0.20			1.47		1.67		(0.18	)		—

^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.

124 Prospectus ■ TIAA-CREF U.S. Equity Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (1.71	)		$24.98		14.91	%		$3,186,049		0.44	%		0.43	%		1.37	%		28	%
	(0.65	)		23.44		31.23			2,181,142		0.45			0.45			1.59			46
	(0.23	)		18.50		12.66			1,393,965		0.46			0.46			1.61			33
	(0.24	)		16.65		5.83			965,871		0.46			0.46			1.36			39
	—			15.96		3.50	^b		446,584		0.52	^c		0.52	^c		0.17	^c		4	^b
	(0.20	)		15.42		12.58			395,329		0.49			0.49			1.65			51


	(1.68	)		24.91		14.73			424,326		0.59			0.58			1.27			28
	(0.62	)		23.38		31.00			457,994		0.60			0.60			1.46			46
	(0.20	)		18.46		12.53			378,125		0.61			0.61			1.47			33
	(0.23	)		16.61		5.71			313,155		0.61			0.61			1.30			39
	—			15.94		3.44	^b		248,261		0.67	^c		0.67	^c		0.00	^c		4	^b
	(0.19	)		15.40		12.39			170,223		0.64			0.64			1.50			51


	(1.66	)		24.81		14.62			1,244,449		0.69			0.68			1.16			28
	(0.60	)		23.29		30.87			1,542,181		0.70			0.70			1.37			46
	(0.18	)		18.39		12.41			1,233,934		0.71			0.71			1.39			33
	(0.20	)		16.54		5.62			1,190,007		0.71			0.71			1.18			39
	—			15.86		3.39	^b		1,311,060		0.77	^c		0.77	^c		(0.08	)^c		4	^b
	(0.17	)		15.33		12.38			1,344,289		0.74			0.74			1.39			51


	(1.63	)		24.46		14.52			308,362		0.75			0.74			1.08			28
	(0.60	)		22.98		30.83			255,059		0.76			0.76			1.30			46
	(0.18	)		18.15		12.27			199,693		0.81			0.81			1.26			33
	(0.21	)		16.35		5.59			155,210		0.70			0.70			1.22			39
	—			15.68		3.50	^b		172,489		0.72	^c		0.72	^c		(0.03	)^c		4	^b
	(0.18	)		15.15		12.35			167,576		0.69			0.69			1.43			51

TIAA-CREF U.S. Equity Funds ■ Prospectus 125

Financial highlights

Small-Cap Equity Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 19.79		$ 0.15			$ 1.53		$ 1.68		$ (0.16	)		$ (1.61	)
	10/31/13				14.63		0.18			5.43		5.61		(0.18	)		(0.27	)
	10/31/12				13.88		0.13			1.15		1.28		(0.10	)		(0.43	)
	10/31/11				13.13		0.08			0.74		0.82		(0.07	)		—
	10/31/10		^†		12.58		0.00	^d		0.55		0.55		—			—
	9/30/10				11.02		0.09			1.55		1.64		(0.08	)		—

Premier Class
	10/31/14				19.74		0.13			1.51		1.64		(0.15	)		(1.61	)
	10/31/13				14.59		0.16			5.41		5.57		(0.15	)		(0.27	)
	10/31/12				13.85		0.11			1.15		1.26		(0.09	)		(0.43	)
	10/31/11				13.11		0.06			0.75		0.81		(0.07	)		—
	10/31/10		^†		12.57		0.00	^d		0.54		0.54		—			—
	9/30/10				11.02		0.06			1.56		1.62		(0.07	)		—

Retirement Class
	10/31/14				19.51		0.11			1.49		1.60		(0.14	)		(1.61	)
	10/31/13				14.42		0.14			5.36		5.50		(0.14	)		(0.27	)
	10/31/12				13.68		0.09			1.14		1.23		(0.06	)		(0.43	)
	10/31/11				12.94		0.04			0.74		0.78		(0.04	)		—
	10/31/10		^†		12.41		0.00	^d		0.53		0.53		—			—
	9/30/10				10.88		0.06			1.52		1.58		(0.05	)		—

Retail Class
	10/31/14				19.39		0.09			1.48		1.57		(0.13	)		(1.61	)
	10/31/13				14.33		0.12			5.33		5.45		(0.12	)		(0.27	)
	10/31/12				13.62		0.07			1.13		1.20		(0.06	)		(0.43	)
	10/31/11				12.89		0.04			0.73		0.77		(0.04	)		—
	10/31/10		^†		12.35		0.00	^d		0.54		0.54		—			—
	9/30/10				10.83		0.06			1.52		1.58		(0.06	)		—


^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.

126 Prospectus ■ TIAA-CREF U.S. Equity Funds

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (1.77	)		$19.70		9.40	%		$1,831,047		0.45	%		0.44	%		0.81	%		94	%
	(0.45	)		19.79		39.49			1,482,702		0.47			0.44			1.06			85
	(0.53	)		14.63		9.55			956,314		0.48			0.45			0.90			101
	(0.07	)		13.88		6.25			648,675		0.49			0.46			0.53			100
	—			13.13		4.37	^b		404,053		0.58	^c		0.54	^c		0.13	^c		3	^b
	(0.08	)		12.58		14.94			365,132		0.52			0.51			0.75			87


	(1.76	)		19.62		9.19			188,209		0.60			0.59			0.69			94
	(0.42	)		19.74		39.32			199,759		0.62			0.59			0.94			85
	(0.52	)		14.59		9.35			162,874		0.63			0.60			0.76			101
	(0.07	)		13.85		6.13			151,593		0.64			0.61			0.40			100
	—			13.11		4.30	^b		90,330		0.73	^c		0.69	^c		(0.05	)^c		3	^b
	(0.07	)		12.57		14.81			46,963		0.68			0.66			0.50			87


	(1.75	)		19.36		9.08			527,052		0.70			0.69			0.57			94
	(0.41	)		19.51		39.20			558,845		0.72			0.69			0.86			85
	(0.49	)		14.42		9.29			493,397		0.73			0.70			0.65			101
	(0.04	)		13.68		5.96			469,155		0.74			0.71			0.30			100
	—			12.94		4.35	^b		479,234		0.83	^c		0.79	^c		(0.11	)^c		3	^b
	(0.05	)		12.41		14.64			490,390		0.77			0.76			0.50			87


	(1.74	)		19.22		8.98			104,321		0.79			0.78			0.48			94
	(0.39	)		19.39		39.04			100,054		0.83			0.81			0.70			85
	(0.49	)		14.33		9.09			67,848		0.87			0.85			0.51			101
	(0.04	)		13.62		5.97			67,381		0.77			0.74			0.27			100
	—			12.89		4.37	^b		58,724		0.83	^c		0.79	^c		(0.12	)^c		3	^b
	(0.06	)		12.35		14.66			56,094		0.76			0.74			0.51			87

TIAA-CREF U.S. Equity Funds ■ Prospectus 127

Financial highlights

Social Choice Equity Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 15.08		$ 0.27			$ 1.92		$ 2.19		$ (0.22	)		$ (0.14	)
	10/31/13				11.72		0.25			3.35		3.60		(0.24	)		—
	10/31/12				10.75		0.23			0.93		1.16		(0.19	)		—
	10/31/11				10.21		0.19			0.52		0.71		(0.17	)		—
	10/31/10		^†		9.81		0.01			0.39		0.40		—			—
	9/30/10				8.92		0.18			0.86		1.04		(0.15	)		—

Premier Class
	10/31/14				15.03		0.25			1.91		2.16		(0.19	)		(0.14	)
	10/31/13				11.68		0.23			3.34		3.57		(0.22	)		—
	10/31/12				10.71		0.21			0.93		1.14		(0.17	)		—
	10/31/11				10.18		0.17			0.52		0.69		(0.16	)		—
	10/31/10		^†		9.79		0.01			0.38		0.39		—			—
	9/30/10				8.92		0.17			0.85		1.02		(0.15	)		—

Retirement Class
	10/31/14				15.24		0.24			1.94		2.18		(0.18	)		(0.14	)
	10/31/13				11.84		0.22			3.39		3.61		(0.21	)		—
	10/31/12				10.85		0.20			0.94		1.14		(0.15	)		—
	10/31/11				10.30		0.16			0.53		0.69		(0.14	)		—
	10/31/10		^†		9.91		0.00	^d		0.39		0.39		—			—
	9/30/10				9.01		0.15			0.88		1.03		(0.13	)		—

Retail Class
	10/31/14				13.80		0.21			1.76		1.97		(0.18	)		(0.14	)
	10/31/13				10.75		0.19			3.07		3.26		(0.21	)		—
	10/31/12				9.88		0.18			0.85		1.03		(0.16	)		—
	10/31/11				9.40		0.15			0.48		0.63		(0.15	)		—
	10/31/10		^†		9.04		0.01			0.35		0.36		—			—
	9/30/10				8.23		0.15			0.80		0.95		(0.14	)		—


^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.

128 Prospectus ■ TIAA-CREF U.S. Equity Funds

(concluded)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.36	)		$16.91		14.82	%		$1,284,871		0.18	%		0.18	%		1.72	%		7	%
	(0.24	)		15.08		31.32			934,574		0.18			0.18			1.85			12
	(0.19	)		11.72		10.93			612,990		0.19			0.19			2.00			17
	(0.17	)		10.75		6.94			452,268		0.19			0.19			1.74			19
	—			10.21		4.08	^b		287,199		0.28	^c		0.22	^c		0.81	^c		0	^b
	(0.15	)		9.81		11.74			255,997		0.20			0.20			1.86			16


	(0.33	)		16.86		14.70			95,987		0.33			0.33			1.58			7
	(0.22	)		15.03		31.14			90,567		0.33			0.33			1.73			12
	(0.17	)		11.68		10.80			83,697		0.33			0.33			1.86			17
	(0.16	)		10.71		6.79			83,157		0.34			0.34			1.61			19
	—			10.18		3.98	^b		77,584		0.43	^c		0.37	^c		0.68	^c		0	^b
	(0.15	)		9.79		11.48			55,609		0.35			0.35			1.77			16


	(0.32	)		17.10		14.59			387,327		0.43			0.43			1.48			7
	(0.21	)		15.24		30.99			392,917		0.43			0.43			1.62			12
	(0.15	)		11.84		10.68			313,635		0.43			0.43			1.76			17
	(0.14	)		10.85		6.71			335,015		0.44			0.44			1.50			19
	—			10.30		3.94	^b		409,282		0.52	^c		0.47	^c		0.55	^c		0	^b
	(0.13	)		9.91		11.52			423,195		0.45			0.45			1.60			16


	(0.32	)		15.45		14.58			917,583		0.46			0.46			1.42			7
	(0.21	)		13.80		30.87			313,597		0.48			0.48			1.56			12
	(0.16	)		10.75		10.62			222,461		0.49			0.49			1.69			17
	(0.15	)		9.88		6.71			199,997		0.41			0.41			1.53			19
	—			9.40		3.98	^b		163,749		0.44	^c		0.39	^c		0.64	^c		0	^b
	(0.14	)		9.04		11.62			157,804		0.37			0.37			1.67			16

TIAA-CREF U.S. Equity Funds ■ Prospectus 129

For more information about TIAA-CREF Funds

Requesting documents. You can request a copy of the Funds’ SAI or these reports without charge, or contact the Funds for any other purpose, in any of the following ways:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Over the Internet:

www.tiaa-cref.org

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Important information about procedures for opening a new account


1940 Act File No. 811-9301	A_____ (_/15)

PROSPECTUS

[DECEMBER __, 2015]

TIAA-CREF Equity Index Funds

of the TIAA-CREF Funds


Fund Class Ticker:	[Investor] Class
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	__

Table of contents

Summary information

Equity Index Fund

Investment objective 5

Fees and expenses 5

Shareholder fees 5

Annual Fund operating expenses 5

Example 6

Portfolio turnover 6

Principal investment strategies 6

Principal investment risks 7

Past performance 7

Portfolio management 9

Purchase and sale of [Investor] Class shares 9

Tax information 10

Payments to broker-dealers and other financial intermediary compensation 10

Summary information

Large-Cap Growth Index Fund

Investment objective 11

Fees and expenses 11

Shareholder fees 11

Annual Fund operating expenses 11

Example 12

Portfolio turnover 12

Principal investment strategies 12

Principal investment risks 13

Past performance 14

Portfolio management 15

Purchase and sale of [Investor] Class shares 16

Tax information 16

Payments to broker-dealers and other financial intermediary compensation 16

Summary information

Large-Cap Value Index Fund

Investment objective 17

Fees and expenses 17

Shareholder fees 17

Annual Fund operating expenses 17

Example 18

Portfolio turnover 18

Principal investment strategies 18

Principal investment risks 19

Past performance 20

Portfolio management 21

Purchase and sale of [Investor] Class shares 22

Tax information 22

Payments to broker-dealers and other financial intermediary compensation 22

Summary information

S&P 500 Index Fund

Investment objective 23

Fees and expenses 23

Shareholder fees 23

Annual Fund operating expenses 23

Example 24

Portfolio turnover 24

Principal investment strategies 24

Principal investment risks 25

Past performance 25

Portfolio management 27

Purchase and sale of [Investor] Class shares 27

Tax information 27

Payments to broker-dealers and other financial intermediary compensation 28

Summary information

Small-Cap Blend Index Fund

Investment objective 29

Fees and expenses 29

Shareholder fees 29

Annual Fund operating expenses 29

Example 30

Portfolio turnover 30

Principal investment strategies 30

Principal investment risks 31

Past performance 31

Portfolio management 33

Purchase and sale of [Investor] Class shares 33

Tax information 33

Payments to broker-dealers and other financial intermediary compensation 34

Summary information

Emerging Markets Equity Index Fund

Investment objective 35

Fees and expenses 35

Shareholder fees 35

Annual Fund operating expenses 35

Example 36

Portfolio turnover 36

Principal investment strategies 36

Principal investment risks 37

Past performance 38

Portfolio management 39

Purchase and sale of [Investor] Class shares 40

Tax information 40

Payments to broker-dealers and other financial intermediary compensation 40

Summary information

International Equity Index Fund

Investment objective 41

Fees and expenses 41

Shareholder fees 41

Annual Fund operating expenses 41

Example 42

Portfolio turnover 42

Principal investment strategies 42

Principal investment risks 43

Past performance 43

Portfolio management 45

Purchase and sale of [Investor] Class shares 45

Tax information 46

Payments to broker-dealers and other financial intermediary compensation 46

Table of contents

Additional information about investment strategies and risks 46

Additional information about the Funds 46

Additional information on principal investment risks of the Funds 47

Additional information about the Funds’ benchmark indices 50

Additional information on principal and non-principal investment strategies 52

Portfolio holdings 54

Portfolio turnover 54

Share classes 54

Management of the Fund 55

The Fund’s investment adviser 55

Investment management fees 56

Portfolio management teams 56

Other services 60

Distribution and service arrangements 60

Calculating share price 62

Dividends and distributions 63

Taxes 65

Your account: purchasing, redeeming or exchanging shares 67

Share class eligibility 67

Purchasing shares 68

Redeeming shares 71

Exchanging shares 73

Conversion of shares–applicable to all investors 75

Important transaction information 76

Market timing/excessive trading policy–applicable to all investors 78

Additional information about index providers 79

Electronic prospectuses 81

Glossary 81

Financial highlights 84

Summary information

TIAA-CREF Equity Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets based on a market index.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Equity Index Funds ■ Prospectus 5

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of its benchmark index (the Russell 3000^® Index). The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Fund buys most, but not necessarily all, of the stocks in its benchmark index, and will attempt to closely match the overall investment characteristics of its benchmark index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund is designed to track various U.S. equity markets as a whole or a segment of these markets. The Fund primarily invests its assets in equity securities its investment adviser, Teachers Advisors, Inc. (“Advisors”), has selected to track a designated stock market index. Because the return of an index is not reduced by investment and other operating expenses, the Fund’s ability to match the returns of the Russell 3000^® Index is negatively affected by the costs of buying and selling securities as well as the Fund’s fees and other

6 Prospectus ■ TIAA-CREF Equity Index Funds

expenses. The use of a particular index by the Fund is not a fundamental policy and may be changed without shareholder approval. The portfolio management team of Advisors will attempt to build a portfolio that generally matches the market weighted investment characteristics of the Fund’s benchmark index.

Principal investment risks

· Index Risk—The risk that the Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that the Fund’s investments vary from the composition of its benchmark index, the Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Fund merely attempted to replicate the index.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.

TIAA-CREF Equity Index Funds ■ Prospectus 7

Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

8 Prospectus ■ TIAA-CREF Equity Index Funds

Best quarter: 16.89%, for the quarter ended June 30, 2009. Worst quarter: -22.73%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		7/1/1999
	Return Before Taxes		12.52	%	15.57	%	7.91	%
	Return After Taxes on Distributions		11.80	%	15.11	%	7.40	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		7.50	%	12.54	%	6.40	%
Retail Class		3/31/2006
	Return Before Taxes		12.20	%	15.25	%	7.72	%*
Retirement Class		3/31/2006
	Return Before Taxes		12.21	%	15.28	%	7.69	%*
Premier Class		9/30/2009
	Return Before Taxes		12.40	%	15.38	%	7.83	%*
Russell 3000^® Index
(reflects no deductions for fees, expenses or taxes)			12.56	%	15.63	%	7.94	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Retail, Retirement and Premier Classes that is prior to their inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Retail, Retirement and Premier Classes. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2005	since 2014

Purchase and sale of [Investor] Class shares

[Investor] Class shares are available for purchase through certain financial intermediaries and employee benefit plans. The Fund also offers Institutional,

TIAA-CREF Equity Index Funds ■ Prospectus 9

Retirement, Premier and Retail Class shares, which are offered through another prospectus that contains information about their respective eligibility criteria.

Tax information

Payments to broker-dealers and other financial intermediary compensation

10 Prospectus ■ TIAA-CREF Equity Index Funds

Summary information

TIAA-CREF Large-Cap Growth Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of large domestic growth companies based on a market index.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Equity Index Funds ■ Prospectus 11

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in securities of its benchmark index (the Russell 1000^® Growth Index). For purposes of the 80% investment policy, “large-cap” securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000^® Index at the time of purchase. The Russell 1000^® Growth Index is a subset of the Russell 1000^® Index, which represents the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund buys most, but not necessarily all, of the stocks in its benchmark index, and will attempt to closely match the overall investment characteristics of its benchmark index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund is designed to track various U.S. equity markets as a whole or a segment of these markets. The Fund primarily invests its assets in equity

12 Prospectus ■ TIAA-CREF Equity Index Funds

securities its investment adviser, Teachers Advisors, Inc. (“Advisors”), has selected to track a designated stock market index. Because the return of an index is not reduced by investment and other operating expenses, the Fund’s ability to match the returns of the Russell 1000^® Growth Index is negatively affected by the costs of buying and selling securities as well as the Fund’s fees and other expenses. The use of a particular index by the Fund is not a fundamental policy and may be changed without shareholder approval. The portfolio management team of Advisors will attempt to build a portfolio that generally matches the market weighted investment characteristics of the Fund’s benchmark index.

Principal investment risks

TIAA-CREF Equity Index Funds ■ Prospectus 13

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional and Retirement Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

14 Prospectus ■ TIAA-CREF Equity Index Funds

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 16.41%, for the quarter ended June 30, 2009. Worst quarter: -22.74%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		12.98	%	15.72	%	8.40	%
	Return After Taxes on Distributions		12.12	%	15.29	%	8.04	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		7.94	%	12.69	%	6.83	%
Retirement Class		10/1/2002
	Return Before Taxes		12.73	%	15.44	%	8.12	%
Russell 1000^® Growth Index
(reflects no deductions for fees, expenses or taxes)			13.05	%	15.81	%	8.49	%
Current performance of the Fund’s shares may be higher or lower than that shown above.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2005	since 2014

TIAA-CREF Equity Index Funds ■ Prospectus 15

Purchase and sale of [Investor] Class shares

[Investor] Class shares are available for purchase through certain financial intermediaries and employee benefit plans. The Fund also offers Institutional and Retirement Class shares, which are offered through another prospectus that contains information about their respective eligibility criteria.

Tax information

Payments to broker-dealers and other financial intermediary compensation

16 Prospectus ■ TIAA-CREF Equity Index Funds

Summary information

TIAA-CREF Large-Cap Value Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of large domestic value companies based on a market index.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Equity Index Funds ■ Prospectus 17

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in securities of its benchmark index (the Russell 1000^® Value Index). For purposes of the 80% investment policy, “large-cap” securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000^® Index at the time of purchase. The Russell 1000^® Value Index is a subset of the Russell 1000^® Index, which represents the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Fund buys most, but not necessarily all, of the stocks in its benchmark index, and will attempt to closely match the overall investment characteristics of its benchmark index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund is designed to track various U.S. equity markets as a whole or a segment of these markets. The Fund primarily invests its assets in equity

18 Prospectus ■ TIAA-CREF Equity Index Funds

securities its investment adviser, Teachers Advisors, Inc. (“Advisors”), has selected to track a designated stock market index. Because the return of an index is not reduced by investment and other operating expenses, the Fund’s ability to match the returns of the Russell 1000^® Value Index is negatively affected by the costs of buying and selling securities as well as the Fund’s fees and other expenses. The use of a particular index by the Fund is not a fundamental policy and may be changed without shareholder approval. The portfolio management team of Advisors will attempt to build a portfolio that generally matches the market weighted investment characteristics of the Fund’s benchmark index.

Principal investment risks

TIAA-CREF Equity Index Funds ■ Prospectus 19

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional and Retirement Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

20 Prospectus ■ TIAA-CREF Equity Index Funds

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 18.13%, for the quarter ended September 30, 2009. Worst quarter: -22.15%, for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		13.37	%	15.31	%	7.23	%
	Return After Taxes on Distributions		11.94	%	14.23	%	6.31	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		8.26	%	12.17	%	5.73	%
Retirement Class		10/1/2002
	Return Before Taxes		13.10	%	15.04	%	6.96	%
Russell 1000^® Value Index
(reflects no deductions for fees, expenses or taxes)			13.45	%	15.42	%	7.30	%
Current performance of the Fund’s shares may be higher or lower than that shown above.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2005	since 2014

TIAA-CREF Equity Index Funds ■ Prospectus 21

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

22 Prospectus ■ TIAA-CREF Equity Index Funds

Summary information

TIAA-CREF S&P 500 Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of large domestic companies selected to track U.S. equity markets based on a market index.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Equity Index Funds ■ Prospectus 23

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in securities of its benchmark index (the S&P 500^® Index). The S&P 500^® Index includes 500 leading companies and captures approximately 80% coverage of available market capitalization of the U.S. equity market. The Fund buys most, but not necessarily all, of the stocks in its benchmark index, and will attempt to closely match the overall investment characteristics of its benchmark index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund is designed to track various U.S. equity markets as a whole or a segment of these markets. The Fund primarily invests its assets in equity securities its investment adviser, Teachers Advisors, Inc. (“Advisors”), has selected to track a designated stock market index. Because the return of an index is not reduced by investment and other operating expenses, the Fund’s ability to match the returns of the S&P 500^® Index is negatively affected by the costs of buying and selling securities as well as the Fund’s fees and other

24 Prospectus ■ TIAA-CREF Equity Index Funds

Principal investment risks

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

TIAA-CREF Equity Index Funds ■ Prospectus 25

average annual total returns for the Institutional and Retirement Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 15.89%, for the quarter ended June 30, 2009. Worst quarter: -21.94%, for the quarter ended December 31, 2008.

26 Prospectus ■ TIAA-CREF Equity Index Funds

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		13.60	%	15.35	%	7.61	%
	Return After Taxes on Distributions		13.12	%	14.92	%	7.22	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		8.08	%	12.39	%	6.17	%
Retirement Class		10/1/2002
	Return Before Taxes		13.32	%	15.07	%	7.33	%
S&P 500^® Index
(reflects no deductions for fees, expenses or taxes)			13.69	%	15.45	%	7.67	%
Current performance of the Fund’s shares may be higher or lower than that shown above.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2005	since 2014

Purchase and sale of [Investor] Class shares

Tax information

TIAA-CREF Equity Index Funds ■ Prospectus 27

not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.

Payments to broker-dealers and other financial intermediary compensation

28 Prospectus ■ TIAA-CREF Equity Index Funds

Summary information

TIAA-CREF Small-Cap Blend Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities in smaller domestic companies based on a market index.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Equity Index Funds ■ Prospectus 29

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities included in its benchmark index (the Russell 2000^® Index). A small-cap equity security is a security within the capitalization range of the companies included in the Russell 2000^® Index at the time of purchase. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Fund buys most, but not necessarily all, of the stocks in its benchmark index, and will attempt to closely match the overall investment characteristics of its benchmark index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

30 Prospectus ■ TIAA-CREF Equity Index Funds

ability to match the returns of the Russell 2000^® Index is negatively affected by the costs of buying and selling securities as well as the Fund’s fees and other expenses. The use of a particular index by the Fund is not a fundamental policy and may be changed without shareholder approval. The portfolio management team of Advisors will attempt to build a portfolio that generally matches the market weighted investment characteristics of the Fund’s benchmark index.

Principal investment risks

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

TIAA-CREF Equity Index Funds ■ Prospectus 31

chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional and Retirement Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 20.56%, for the quarter ended June 30, 2009. Worst quarter: -26.18%, for the quarter ended December 31, 2008.

32 Prospectus ■ TIAA-CREF Equity Index Funds

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		5.15	%	15.68	%	7.82	%
	Return After Taxes on Distributions		3.48	%	14.60	%	6.65	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		3.70	%	12.46	%	6.10	%
Retirement Class		10/1/2002
	Return Before Taxes		4.91	%	15.39	%	7.56	%
Russell 2000^® Index
(reflects no deductions for fees, expenses or taxes)			4.89	%	15.55	%	7.77	%
Current performance of the Fund’s shares may be higher or lower than that shown above.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2005	since 2014

Purchase and sale of [Investor] Class shares

Tax information

TIAA-CREF Equity Index Funds ■ Prospectus 33

not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.

Payments to broker-dealers and other financial intermediary compensation

34 Prospectus ■ TIAA-CREF Equity Index Funds

Summary information

TIAA-CREF Emerging Markets Equity Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of emerging market equity investments based on a market index.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Equity Index Funds ■ Prospectus 35

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities that comprise its benchmark index, the MSCI Emerging Markets^® Index (“MSCI EM Index”), or in instruments with economic characteristics similar to all or a portion of the MSCI EM Index. The MSCI EM Index is designed to measure equity market performance in the global emerging markets. The Fund buys most, but not necessarily all, of the stocks in its benchmark index, and will attempt to closely match the overall investment attributes of its benchmark index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund is designed to track various emerging market equity markets as a whole or a segment of these markets. The Fund primarily invests its assets in equity securities its investment adviser, Teachers Advisors, Inc. (“Advisors”), has selected to track a designated stock market index.

36 Prospectus ■ TIAA-CREF Equity Index Funds

Because the return of an index is not reduced by investment and other operating expenses, the Fund’s ability to match the returns of the MSCI EM Index is negatively affected by the costs of buying and selling securities as well as the Fund’s fees and other expenses. The use of a particular index by the Fund is not a fundamental policy and may be changed without shareholder approval. The portfolio management team of Advisors will attempt to build a portfolio that generally matches the market weighted investment characteristics of the Fund’s benchmark index.

From time to time, Advisors may determine that the Fund may not invest in securities of issuers that do not meet certain corporate governance criteria. The Fund currently does not invest in certain companies with operations in Sudan.

Principal investment risks

TIAA-CREF Equity Index Funds ■ Prospectus 37

issuers in these countries may be less liquid than those of issuers in more developed countries. In addition, foreign investors such as the Fund are subject to a variety of special restrictions in many emerging markets countries.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

38 Prospectus ■ TIAA-CREF Equity Index Funds

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

Best quarter: 14.12%, for the quarter ended March 31, 2012. Worst quarter: -24.07%, for the quarter ended September 30, 2011.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Since Inception
Institutional Class		8/31/2010
	Return Before Taxes		–3.21	%	1.42	%
	Return After Taxes on Distributions		–3.71	%	1.05	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–1.42	%	1.15	%
Retail Class		8/31/2010
	Return Before Taxes		–3.59	%	1.02	%
Retirement Class		8/31/2010
	Return Before Taxes		–3.52	%	1.16	%
Premier Class		8/31/2010
	Return Before Taxes		–3.34	%	1.27	%
MSCI Emerging Markets^® Index
(reflects no deductions for fees, expenses or taxes)			–2.19	%	2.13	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

TIAA-CREF Equity Index Funds ■ Prospectus 39

Portfolio Managers. The following person manages the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2010	since 2014

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

40 Prospectus ■ TIAA-CREF Equity Index Funds

Summary information

TIAA-CREF International Equity Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of foreign equity investments based on a market index.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Equity Index Funds ■ Prospectus 41

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in securities of its benchmark index (the MSCI EAFE^® Index). The MSCI EAFE^® Index measures stock performance in certain countries outside North America. The Fund buys most, but not necessarily all, of the stocks included in its benchmark index, and will attempt to closely match the overall investment characteristics of its benchmark index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund is designed to track various foreign equity markets as a whole or a segment of these markets. The Fund primarily invests its assets in equity securities its investment adviser, Teachers Advisors, Inc. (“Advisors”), has selected to track a designated stock market index. Because the return of an index is not reduced by investment and other operating expenses, the Fund’s ability to match the returns of the MSCI EAFE^® Index is negatively affected by the costs of buying and selling securities as well as the Fund’s fees and other

42 Prospectus ■ TIAA-CREF Equity Index Funds

Principal investment risks

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.

TIAA-CREF Equity Index Funds ■ Prospectus 43

Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Premier and Retirement Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)

44 Prospectus ■ TIAA-CREF Equity Index Funds

Best quarter: 25.38%, for the quarter ended June 30, 2009. Worst quarter: -19.99%, for the quarter ended September 30, 2011.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		–5.51	%	5.36	%	4.46	%
	Return After Taxes on Distributions		–6.61	%	4.69	%	3.90	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–2.59	%	4.19	%	3.63	%
Retirement Class		10/1/2002
	Return Before Taxes		–5.71	%	5.11	%	4.19	%
Premier Class		9/30/2009
	Return Before Taxes		–5.60	%	5.23	%	4.38	%*
MSCI EAFE^® Index
(reflects no deductions for fees, expenses or taxes)			–4.90	%	5.33	%	4.43	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following person manages the Fund on a day-to-day basis:



Name:	Philip James (Jim) Campagna, CFA	Lei Liao, CFA
Title:	Senior Director	Director
Experience on Fund:	since 2005	since 2014

Purchase and sale of [Investor] Class shares

[Investor] Class shares are available for purchase through certain financial intermediaries and employee benefit plans. The Fund also offers Institutional, Retirement, and Premier Class shares, which are offered through another prospectus that contains information about their respective eligibility criteria.

TIAA-CREF Equity Index Funds ■ Prospectus 45

Tax information

Payments to broker-dealers and other financial intermediary compensation

Additional information about investment strategies and risks

Additional information about the Funds

Advisors may, for temporary defensive purposes, invest some or all of the Funds’ assets in cash and money market instruments, although Advisors is not

46 Prospectus ■ TIAA-CREF Equity Index Funds

obligated to do so. In doing so, the Funds may be successful in reducing market losses but may otherwise not achieve their investment objectives.

The Funds are not appropriate for market timing. You should not invest in the Funds if you are a market timer.

There can be no assurances that a Fund will achieve its investment objective and investors should not consider an investment in any one Fund to be a complete investment program.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

Additional information on principal investment risks of the Funds

TIAA-CREF Equity Index Funds ■ Prospectus 47

risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.

· Index Risk—The risk that the performance of the Fund may not correspond to, or may underperform, its benchmark index for any period of time. Although the Fund attempts to use the investment performance of its respective index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, no indexed funds can guarantee that its performance will match or exceed its index for any period of time.

· Foreign Investment Risk—This is a risk of the Emerging Markets Equity Index Fund and the International Equity Index Fund. Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited foreign financial information or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be difficult to use foreign laws and courts to enforce financial or legal obligations.

· Emerging Markets Risk—This is a risk for the Emerging Markets Equity Index Fund. The risk of foreign investment often increases in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Because their financial markets may be very small, share prices of financial instruments in emerging markets countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may be less liquid than those of issuers in more developed countries. In addition, foreign investors such as the Fund are subject to a variety of special restrictions in many emerging markets countries.

· Large-Cap Risk—The risk that, by focusing on securities of larger companies, a Fund may have fewer opportunities to identify securities that

48 Prospectus ■ TIAA-CREF Equity Index Funds

the market misprices and that these companies may grow more slowly than the economy as a whole or not at all. Also, larger companies may fall out of favor with the investing public as a result of market, political and economic conditions, including for reasons unrelated to their businesses or economic fundamentals.

· Small-Cap Risk—Securities of small-sized companies may experience greater fluctuations in price than the securities of larger companies. From time to time, small-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of small-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of small-sized companies may be greater than those of more widely traded securities.

· Style Risk—A Fund that uses either a growth investing or a value investing style entails the risk that equity securities representing either style may be out of favor in the marketplace for various periods of time, and result in underperformance relative to the broader market sector or significant declines in the Fund’s portfolio value.

TIAA-CREF Equity Index Funds ■ Prospectus 49

In addition to the principal investment risks set forth above, there are other risks associated with investing in the Funds and their investments that are discussed elsewhere in the Funds’ Prospectuses and in the Funds’ SAI. There can be no assurances that a Fund will achieve its investment objective. You should not consider any Fund to be a complete investment program.

Additional information about the Funds’ benchmark indices

The benchmark index for each of the Funds described below are unmanaged, and you cannot invest directly in the index.

Russell 3000^{^®} Index

This is the benchmark index for the Equity Index Fund. The Russell 3000^® Index represents the 3,000 largest publicly traded U.S. companies, based on market capitalization (according to the Russell Investment Group). Russell 3000^® Index companies represent about 98% of the total market capitalization of the publicly traded U.S. equity market. As of September 30, 2015, the Russell 3000^® Index had a mean market capitalization of $_____ billion and a median market capitalization of $___ billion. The largest market capitalization of companies in the Russell 3000^® Index was $_____ billion. The Russell Investment Group determines the composition of the index based only on market capitalization and can change its composition at any time.

Russell 1000^{^®} Growth Index

This is the benchmark index for the Large-Cap Growth Index Fund. The Russell 1000^® Growth Index is a subset of the Russell 1000^® Index, which represents the top 1,000 U.S. equity securities in market capitalization (according to the Russell Investment Group). The Russell 1000^® Growth Index represents those Russell 1000^® Index securities with higher relative forecasted growth rates and price/book ratios. The Russell 1000^® Growth Index has higher weightings in those sectors of the market with typically higher relative valuations and higher growth rates, including sectors such as technology and health care. As of September 30, 2015, the Russell 1000^® Growth Index had a mean market capitalization of $_____ billion and a median market capitalization of $___ billion. The largest market capitalization of companies in the Russell 1000^® Growth Index was $_____ billion. The Russell Investment Group determines the composition of the index based on certain factors and can change its composition at any time.

50 Prospectus ■ TIAA-CREF Equity Index Funds

Russell 1000^{^®} Value Index

This is the benchmark index for the Large-Cap Value Index Fund. The Russell 1000^® Value Index is a subset of the Russell 1000^® Index, which represents the top 1,000 U.S. equity securities in market capitalization (according to the Russell Investment Group). The Russell 1000^® Value Index contains higher weightings of roughly one-third of the Russell 1000^® Index securities with lower relative growth rates and price/book values and lower weightings of the roughly middle third of companies. The Russell 1000^® Value Index has higher weightings in those sectors of the market with typically lower relative valuations and growth rates, including sectors such as financial services and energy. As of September 30, 2015, the Russell 1000^® Value Index had a mean market capitalization of $_____ billion and a median market capitalization of $___ billion. The largest market capitalization of companies in the Russell 1000^® Value Index was $____ billion. The Russell Investment Group determines the composition of the index based on certain factors and can change the index’s composition at any time.

S&P 500^{^®} Index

This is the benchmark index for the S&P 500 Index Fund. The S&P 500^® Index is a market capitalization-weighted index of the 500 leading companies in leading industries of the U.S. economy. It is widely recognized as a guide to the overall health of the U.S. stock market. The index covers industrial, utility, technology, financial, and other companies of the U.S. markets. The index focuses on the large-cap segment of the market, with 75% coverage (by market capitalization) of U.S. equities. As of September 30, 2015 the market capitalization of companies in the S&P 500^® Index ranged from $___ billion to $_____ billion, with a mean market capitalization of $____ billion and a median market capitalization of $____ billion. Standard & Poor’s determines the composition of the index based on a combination of factors including market capitalization, liquidity and industry group representation, and can change its composition at any time.

Russell 2000^{^®}Index

This is the benchmark index for the Small-Cap Blend Index Fund. The Russell 2000^® Index represents the largest 2,000 U.S. equities in market capitalization following the top 1,000 U.S. equities (according to the Russell Investment Group). As of September 30, 2015, the Russell 2000^® Index had a mean market capitalization of $___ billion and a median market capitalization of $___ million. The largest market capitalization of companies in the Russell 2000^® Index was $___ billion. The Russell Investment Group determines the composition of the index based on certain factors and can change its composition at any time.

MSCI Emerging Markets^{^®} Index

This is the benchmark index for the Emerging Markets Equity Index Fund. The MSCI EM Index tracks the performance of the leading stocks in certain MSCI emerging markets countries in the following areas: Europe, Asia, Africa, Latin

TIAA-CREF Equity Index Funds ■ Prospectus 51

America and the Middle East. MSCI constructs indices country by country, then assembles the country indices into regional indices. To construct an MSCI country index, MSCI analyzes each stock in that country’s market based on its market capitalization, trading volume and significant owners. The stocks are sorted by free float-adjusted market capitalization, and the largest stocks (meeting liquidity and trading volume requirements) are selected until approximately 85% of the free float-adjusted market representation of each country’s market is reached. When combined as the MSCI EM Index, the regional index captures approximately 85% of the free float-adjusted market capitalization of certain emerging markets countries around the world.

MSCI EAFE^{^®} Index

This is the benchmark index for the International Equity Index Fund. The MSCI EAFE^® Index tracks the performance of the leading stocks in certain MSCI countries outside of North America in Europe, Australasia and the Far East. The MSCI EAFE^® Index constructs indices country by country, then assembles the country indices into regional indices. To construct an MSCI country index, the MSCI EAFE^® Index analyzes each stock in that country’s market based on its market capitalization, trading volume and significant owners. The stocks are sorted by free float adjusted market capitalization, and the largest stocks (meeting liquidity and trading volume requirements) are selected until approximately 85% of the free float adjusted market representation of each country’s market is reached. When combined as the MSCI EAFE^® Index, the regional index captures approximately 85% of the free float adjusted market capitalization of certain countries around the world.

Additional information on principal and non-principal investment strategies

52 Prospectus ■ TIAA-CREF Equity Index Funds

Each Fund may invest in instruments including exchange-traded notes (“ETNs”), equity-linked notes (“ELNs”) and futures contracts or other derivatives to achieve its investment objective. A Fund may also use such instruments for cash management and other purposes, including foreign exposure to certain sectors or securities that are represented by ownership in ETFs, ETNs, or ELNs. When the Funds invest in ETFs or other investment companies, the Funds bear a proportionate share of expenses charged by the investment company in which it invests. An ETF may trade at a premium or discount to its net asset value.

In seeking to manage currency exposure, a Fund also may enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies.

TIAA-CREF Equity Index Funds ■ Prospectus 53

Please see the Funds’ SAI for more information on these and other investments the Funds may utilize.

Portfolio holdings

A description of the Funds’ policies and procedures with respect to the disclosure of their portfolio holdings is available in the Funds’ SAI.

Portfolio turnover

If a Fund engages in active and frequent trading of portfolio securities, it will have a correspondingly higher “portfolio turnover rate.” A high portfolio turnover rate generally will result in (1) greater brokerage commission expenses or other transaction costs borne by a Fund and, ultimately, by shareholders and (2) higher amounts of realized investment gain subject to the payment of taxes by shareholders. Also, a high portfolio turnover rate for a Fund may cause the Fund to be more likely to generate capital gains that must be distributed to shareholders as taxable income. The Funds are not subject to a specific limitation on portfolio turnover, and securities of a Fund may be sold at any time such sale is deemed advisable for investment or operational reasons. Also, certain trading strategies utilized by a Fund may increase portfolio turnover. The portfolio turnover rates of the Funds are listed above in the “Summary information” section and the portfolio turnover rates during recent fiscal periods are provided in the Financial Highlights. The Funds are not generally managed to minimize the tax burden for shareholders. The Funds may have investors that are funds of funds, education savings plans or other asset allocation programs that are also managed by Advisors. These investors may engage in reallocations, rebalancings or other activity that may increase a Fund’s portfolio turnover rate and brokerage costs. Advisors may employ various portfolio management strategies to attempt to minimize any potential disruptive effects or costs of such activity.

Share classes

54 Prospectus ■ TIAA-CREF Equity Index Funds

Management of the Funds

The Funds’ investment adviser

The annual investment management fees charged under the Management Agreement with respect to the Funds are as follows:

TIAA-CREF Equity Index Funds ■ Prospectus 55

INVESTMENT MANAGEMENT FEES


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Equity Index Fund	All assets	0.04%


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Large-Cap Growth Index Fund	All assets	0.04%


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Large-Cap Value Index Fund	All assets	0.04%


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
S&P 500 Index Fund	All assets	0.04%


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Small-Cap Blend Index Fund	All assets	0.04%


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Emerging Markets Equity Index Fund	All assets	0.14%


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
International Equity Index Fund	All assets	0.04%

Portfolio management teams

56 Prospectus ■ TIAA-CREF Equity Index Funds


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
EQUITY INDEX FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2005
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2014
LARGE-CAP GROWTH INDEX FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2005
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2014

TIAA-CREF Equity Index Funds ■ Prospectus 57


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
LARGE-CAP VALUE INDEX FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2005
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2014
S&P 500 INDEX FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2005
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2014

58 Prospectus ■ TIAA-CREF Equity Index Funds


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
SMALL-CAP BLEND INDEX FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2005
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2014
EMERGING MARKETS EQUITY INDEX FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2010
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2014

TIAA-CREF Equity Index Funds ■ Prospectus 59


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
INTERNATIONAL EQUITY INDEX FUND
Philip James (Jim) Campagna, CFA Senior Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Mellon Capital Management—1997 to 2005 (portfolio manager for a variety of equity index funds)	2005	1991	2005
Lei Liao, CFA Director	Quantitative Portfolio Management	Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index portfolios); Northern Trust Global Investment—2007 to 2012 (portfolio management of domestic and international, tax advantaged and index portfolios); World Asset Management—2005 to 2007 (portfolio manager for a variety of equity index funds)	2012	2005	2014

Other services

Distribution and service arrangements

Teachers Personal Investors Services, Inc. (“TPIS”) distributes each class of Fund shares.

60 Prospectus ■ TIAA-CREF Equity Index Funds

Other Payments by the Funds

Other Payments by TPIS, Advisors or their Affiliates

In addition to the payments from the Funds made to financial intermediaries as previously described, TPIS, Advisors or their affiliates may from time to time make additional payments, out of their own resources, to certain financial intermediaries that sell shares of the TIAA-CREF Funds. These payments are often referred to as “revenue sharing.” These payments may be made in order to promote the sale and retention of Fund shares by intermediaries and their customers. The amounts of these distribution-related revenue sharing payments may vary by financial intermediary and, with respect to a given financial intermediary, are typically calculated by reference to the amount of the financial intermediary’s recent gross sales of TIAA-CREF Fund shares and/or total assets of TIAA-CREF Funds held by the intermediary’s customers. The level of distribution-related revenue sharing payments that TPIS, Advisors or their affiliates are willing to provide to a particular financial intermediary may be affected by, among other factors, the intermediary’s total assets held in and recent net investments into the TIAA-CREF Funds, the intermediary’s level of participation in TIAA-CREF Fund sales and marketing programs, the intermediary’s compensation program for its registered representatives who sell TIAA-CREF Fund shares and provide services to TIAA-CREF Fund shareholders, and the asset class of the TIAA-CREF Funds for which these payments are provided. The SAI contains additional information about these payments. TPIS may also make payments to financial intermediaries in connection with sales meetings, due diligence meetings, prospecting seminars and other meetings at which TPIS promotes its products and services.

TIAA-CREF Equity Index Funds ■ Prospectus 61

compensation for certain recordkeeping, shareholder communications and other account administration services provided to TIAA-CREF Fund shareholders who own their shares through these financial intermediaries’ accounts. These servicing-related revenue sharing payments are in addition to any applicable sub-transfer agency or similar fees paid to these financial intermediaries with respect to these services by the TIAA-CREF Funds out of Fund assets.

Calculating share price

Each Fund determines its net asset value (“NAV”) per share, or share price, on each day the NYSE is open for business. The NAV for each Fund is calculated as of the time when regular trading closes on the NYSE (generally, 4:00 p.m. Eastern Time or at such earlier time that regular trading on the NYSE closes). The Funds do not price their shares on days that the NYSE is closed. NAV per share for each class is determined by dividing the value of the Fund's assets attributable to such class, less all liabilities attributable to such class, by the total number of shares of the class outstanding.

If the Funds invest in foreign securities that are primarily listed on foreign exchanges that trade on days when the Funds do not price their shares, the value of the foreign securities in the Funds’ portfolios may change on days when shareholders will not be able to purchase or redeem Fund shares. The value of a Fund’s investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining the Fund’s NAV.

62 Prospectus ■ TIAA-CREF Equity Index Funds

portfolio securities that are used to calculate a Fund’s NAV. Although each Fund fair values portfolio securities on a security-by-security basis, Funds that hold foreign portfolio securities may see their portfolio securities fair valued more frequently than other funds that do not hold foreign securities.

Dividends and distributions

Each Fund intends to pay net capital gains, if any, annually. Dividends and capital gains can be paid in cash or reinvested. If you have elected to receive

TIAA-CREF Equity Index Funds ■ Prospectus 63

your distributions in cash and the distribution amount is less than $10, then the amount will be automatically reinvested in the particular Fund and no check will be issued. If the postal service is unable to deliver checks to your address of record, or the distribution check remains outstanding for six months or more, then the Funds reserve the right to reinvest the distribution check into your account using the particular Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

64 Prospectus ■ TIAA-CREF Equity Index Funds

Taxes

As with any investment, you should consider how your investment in a Fund will be taxed.

Each Fund is required to report to the IRS and furnish to Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, “first-in, first-out” (“FIFO”), or some other specific identification method. Unless you instruct otherwise, each Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased

TIAA-CREF Equity Index Funds ■ Prospectus 65

prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.

Effect of foreign taxes. Foreign governments may impose taxes on a Fund and its investments and these taxes generally will reduce the Funds’ distributions. If a Fund qualifies to pass through a credit for such taxes paid and elects to do so, an offsetting tax credit or deduction may be available to you if you maintain a taxable account. If so, your tax statement will show more taxable income than was actually distributed by a Fund, but will also show the amount of the available offsetting credit or deduction.

66 Prospectus ■ TIAA-CREF Equity Index Funds

employee benefit plans (including 401(k) and Keogh plans), Code section 403(b) or 457 employee benefit plans, or IRAs. Distributions from such plan participant or custody accounts may, however, be subject to ordinary income taxation in the year of the distribution. For information about the tax aspects of your plan or IRA or Keogh account, please consult your plan administrator, TIAA-CREF or your tax advisor.

Your account: purchasing, redeeming
or exchanging shares

Share class eligibility

Definitions

· Benefit Plans (as defined below);

· Wrap accounts or other such arrangements as may be offered by a financial advisor or other intermediary.

TIAA-CREF Equity Index Funds ■ Prospectus 67

Eligibility

[Investor] Class shares are available for purchase by or through the following types of accounts:

· Financial Intermediary Accounts;

· Other investment companies or pools;

· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);

· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA-CREF; and

· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.

Account minimums

Additional information

The Funds may from time to time, in their discretion, deviate from or vary the processes and procedures outlined below for purchasing, redeeming and exchanging shares.

Purchasing shares

How to open an account through a Financial Intermediary Account or Benefit Plan Account not administered by TIAA-CREF

68 Prospectus ■ TIAA-CREF Equity Index Funds

Benefit Plans may set different minimum investment requirements for their customers’ investments. Please contact your Financial Intermediary or Benefit Plan sponsor for more information.

For Participants in a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF

First-Class or Standard Mail:

TIAA-CREF

PO Box 1259

Charlotte, NC 28262

Overnight Mail:

TIAA-CREF

8500 Andrew Carnegie Blvd

Charlotte, NC 28262

You may allocate single or ongoing contributions by selecting a Fund and the amounts you wish to contribute to that Fund.

Subject to the terms of your plan, you may be eligible to roll over or transfer in balances from other eligible accounts as determined by the Code.

The Funds may suspend or terminate the offering to your employer’s plan. You may be able to change your allocation for future contributions by:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Other information for Benefit Plans

TIAA-CREF Equity Index Funds ■ Prospectus 69

Transaction methods for purchases

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

ABA Number (all classes) 011000028

DDA Number 99054546

Specify on the wire:

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· The Fund account number; and

· The Fund and amount to be invested.

Points to remember for all purchases

70 Prospectus ■ TIAA-CREF Equity Index Funds

Furthermore, if the Funds are unable to verify your identity, or that of another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Funds reserve the right to take such action as deemed appropriate, which may include closing your account.

Redeeming shares

TIAA-CREF Equity Index Funds ■ Prospectus 71

Once mailed to the Funds, your redemption request is irrevocable and cannot be modified or canceled.

For participants holding shares through a Benefit Plan Account

A redemption can be part of an exchange into (1) another fund available through your Benefit Plan or, (2) another account or IRA.

Transaction methods for redemptions

For all Accounts

For Benefit Plan or other Financial Intermediary Accounts administered by TIAA-CREF

By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above.

Over the Internet: Shares held through a Benefit Plan Account or Financial Intermediary Account administered by TIAA-CREF can be redeemed over the

72 Prospectus ■ TIAA-CREF Equity Index Funds

Internet subject to any rules imposed by the Benefit Plan or Financial Intermediary. TIAA-CREF’s Web Center can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org. Before you can use the Web Center, you must enter your Social Security number, date of birth and active account number. The Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over the Web Center are recorded electronically.

Exchanging shares

Overview

Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer

TIAA-CREF Equity Index Funds ■ Prospectus 73

identification number. Because restrictions may apply to certain accounts or plans, you should contact your Financial Intermediary or Benefit Plan representative for further information. An exchange is considered a sale of securities and therefore may be a taxable event.

Once made, an exchange request by mail cannot be modified or cancelled.

Transaction methods for exchanges

Over the Internet: If your Account is administered through TIAA-CREF you can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

By telephone: Please call 800 842-2252.

74 Prospectus ■ TIAA-CREF Equity Index Funds

Conversion of shares—applicable to all investors

Voluntary conversions

Mandatory conversions

TIAA-CREF Equity Index Funds ■ Prospectus 75

or redemptions. The Funds will notify affected shareholders in writing prior to any mandatory conversion.

Important transaction information

76 Prospectus ■ TIAA-CREF Equity Index Funds

number) and tell the Funds whether or not you are subject to backup withholding. If you do not furnish your taxpayer identification number, redemptions or exchanges of shares, as well as dividends and capital gains distributions, will be subject to backup tax withholding. In addition, if you hold Fund shares directly and do not furnish your taxpayer identification number, then your account application will be rejected and returned.

Changing Your Address. To change the address on an account, please send the Funds a written notification.

Customer Complaints. Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail Stop 730/07/01, Attention: Director, Distribution Operation Services.

TIAA-CREF Equity Index Funds ■ Prospectus 77

reasonably confirm that instructions given through TIAA-CREF’s Web Center or by telephone are genuine. The Funds also tape records telephone instructions and provides written confirmations of such instructions. The Funds accept all telephone instructions that are reasonably believed to be genuine and accurate. However, you should verify the accuracy of your confirmation statements immediately after you receive them. The Funds may suspend or terminate Internet or telephone transaction facilities at any time, for any reason. If you do not want to be able to effect transactions over the telephone, call the Funds for instructions.

Market timing/excessive trading policy—applicable to all investors

78 Prospectus ■ TIAA-CREF Equity Index Funds

The Funds seek to apply their market timing policies and procedures uniformly to all shareholders, and not to make exceptions with respect to these policies and procedures (beyond the exemptions noted above). The Funds make reasonable efforts to apply these policies and procedures to shareholders who own shares through omnibus accounts. However, an intermediary’s omnibus accounts, by their nature, do not initially identify their individual investors to the Funds, thereby making it more difficult for the Funds to identify market timing activity by such individual investors. At times, the Funds may agree to defer to an intermediary’s market timing policy if the Funds believe that the intermediary’s policy provides comparable protection of Fund shareholders’ interests. The Funds have the right to modify their market timing policies and procedures at any time without advance notice. These efforts may include requesting transaction data from intermediaries from time to time to verify whether a Fund’s policies are being followed and/or to instruct intermediaries to take action against shareholders who have violated a Fund’s market timing policies.

The Funds are not appropriate for market timing. You should not invest in the Funds if you want to engage in market timing activity.

Additional information about index providers

The Russell 1000^® Growth, 1000^® Value, 2000^® Growth and 3000^® Growth, Indexes are a trademark/service mark of the Russell Investment Group.

TIAA-CREF Equity Index Funds ■ Prospectus 79

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, or otherwise.

80 Prospectus ■ TIAA-CREF Equity Index Funds

fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of the Funds or any other person or entity in connection with the administration, marketing or offering of the Funds.

The S&P 500^® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the 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 Fund.

Electronic prospectuses

If you received this Prospectus electronically and would like a paper copy, please contact the Funds and one will be sent to you.

Glossary

Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

TIAA-CREF Equity Index Funds ■ Prospectus 81

U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

82 Prospectus ■ TIAA-CREF Equity Index Funds

[This page intentionally left blank.]

TIAA-CREF Equity Index Funds ■ Prospectus 83

Financial highlights

84 Prospectus ■ TIAA-CREF Equity Index Funds

Financial highlights

Equity Index Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 13.65		$ 0.27			$ 1.88		$ 2.15		$ (0.24	)		$ (0.05	)
	10/31/13				10.84		0.25			2.81		3.06		(0.19	)		(0.06	)
	10/31/12				9.58		0.21			1.18		1.39		(0.13	)		—
	10/31/11				9.03		0.18			0.53		0.71		(0.16	)		—
	10/31/10		^†		8.70		0.01			0.32		0.33		—			—
	9/30/10				7.97		0.16			0.70		0.86		(0.13	)		—

Premier Class
	10/31/14				13.61		0.25			1.87		2.12		(0.22	)		(0.05	)
	10/31/13				10.81		0.24			2.80		3.04		(0.18	)		(0.06	)
	10/31/12				9.56		0.20			1.17		1.37		(0.12	)		—
	10/31/11				9.03		0.16			0.52		0.68		(0.15	)		—
	10/31/10		^†		8.69		0.01			0.33		0.34		—			—
	9/30/10				7.97		0.16			0.69		0.85		(0.13	)		—

Retirement Class
	10/31/14				13.82		0.24			1.91		2.15		(0.21	)		(0.05	)
	10/31/13				10.97		0.23			2.84		3.07		(0.16	)		(0.06	)
	10/31/12				9.69		0.19			1.20		1.39		(0.11	)		—
	10/31/11				9.13		0.16			0.53		0.69		(0.13	)		—
	10/31/10		^†		8.79		0.01			0.33		0.34		—			—
	9/30/10				8.06		0.14			0.71		0.85		(0.12	)		—

Retail Class
	10/31/14				13.85		0.23			1.92		2.15		(0.20	)		(0.05	)
	10/31/13				10.99		0.22			2.85		3.07		(0.15	)		(0.06	)
	10/31/12				9.72		0.18			1.20		1.38		(0.11	)		—
	10/31/11				9.17		0.16			0.53		0.69		(0.14	)		—
	10/31/10		^†		8.83		0.01			0.33		0.34		—			—
	9/30/10				8.09		0.14			0.72		0.86		(0.12	)		—


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

TIAA-CREF Equity Index Funds ■ Prospectus 85

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.29	)		$15.51		16.00	%		$7,998,323		0.05	%		0.05	%		1.88	%		6	%
	(0.25	)		13.65		28.85			6,705,277		0.06			0.06			2.09			8	^g
	(0.13	)		10.84		14.75			3,706,630		0.07			0.07			2.08			6	^g
	(0.16	)		9.58		7.88			1,749,384		0.07			0.07			1.83			11
	—			9.03		3.79	^b		1,484,700		0.12	^c		0.09	^c		1.15	^c		0	^b
	(0.13	)		8.70		10.90			1,361,428		0.08			0.08			1.87			9


	(0.27	)		15.46		15.81			70,236		0.20			0.20			1.73			6
	(0.24	)		13.61		28.68			61,343		0.21			0.21			1.95			8	^g
	(0.12	)		10.81		14.56			48,184		0.22			0.22			1.90			6	^g
	(0.15	)		9.56		7.60			20,918		0.22			0.22			1.63			11
	—			9.03		3.91	^b		7,776		0.28	^c		0.24	^c		1.00	^c		0	^b
	(0.13	)		8.69		10.73			4,812		0.24			0.24			1.86			9


	(0.26	)		15.71		15.76			314,958		0.30			0.30			1.63			6
	(0.22	)		13.82		28.52			267,636		0.31			0.31			1.86			8	^g
	(0.11	)		10.97		14.46			195,671		0.32			0.32			1.85			6	^g
	(0.13	)		9.69		7.61			204,345		0.32			0.32			1.59			11
	—			9.13		3.87	^b		242,319		0.37	^c		0.34	^c		0.90	^c		0	^b
	(0.12	)		8.79		10.63			251,201		0.33			0.33			1.62			9


	(0.25	)		15.75		15.73			645,889		0.36			0.36			1.58			6
	(0.21	)		13.85		28.49			536,027		0.38			0.38			1.79			8	^g
	(0.11	)		10.99		14.35			397,199		0.40			0.40			1.76			6	^g
	(0.14	)		9.72		7.54			361,203		0.29			0.29			1.61			11
	—			9.17		3.85	^b		348,162		0.31	^c		0.28	^c		0.96	^c		0	^b
	(0.12	)		8.83		10.71			336,495		0.26			0.26			1.69			9

86 Prospectus ■ TIAA-CREF Equity Index Funds

Financial highlights

Large-Cap Growth Index Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 18.29		$ 0.30			$ 2.76		$ 3.06		$ (0.26	)		$ (0.06	)
	10/31/13				14.54		0.29			3.73		4.02		(0.27	)		—
	10/31/12				13.06		0.23			1.44		1.67		(0.19	)		—
	10/31/11				12.04		0.19			0.99		1.18		(0.16	)		—
	10/31/10		^†		11.49		0.01			0.54		0.55		—			—
	9/30/10				10.35		0.17			1.11		1.28		(0.14	)		—

Retirement Class
	10/31/14				18.39		0.26			2.77		3.03		(0.21	)		(0.06	)
	10/31/13				14.61		0.26			3.75		4.01		(0.23	)		—
	10/31/12				13.12		0.20			1.45		1.65		(0.16	)		—
	10/31/11				12.10		0.16			0.99		1.15		(0.13	)		—
	10/31/10		^†		11.55		0.00	^d		0.55		0.55		—			—
	9/30/10				10.41		0.15			1.12		1.27		(0.13	)		—

^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.
^†	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.

TIAA-CREF Equity Index Funds ■ Prospectus 87

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.32	)		$21.03		17.00	%		$1,750,638		0.06	%		0.06	%		1.56	%		21	%
	(0.27	)		18.29		28.14			1,157,001		0.07			0.07			1.81			19	^g
	(0.19	)		14.54		12.96			971,051		0.07			0.07			1.66			24	^g
	(0.16	)		13.06		9.85			568,586		0.08			0.08			1.45			24
	—			12.04		4.79	^b		470,424		0.19	^c		0.09	^c		0.71	^c		0	^b
	(0.14	)		11.49		12.49			422,219		0.09			0.09			1.55			34


	(0.27	)		21.15		16.72			298,976		0.31			0.31			1.31			21
	(0.23	)		18.39		27.90			241,402		0.32			0.32			1.60			19	^g
	(0.16	)		14.61		12.69			231,810		0.32			0.32			1.42			24	^g
	(0.13	)		13.12		9.51			173,769		0.33			0.33			1.20			24
	—			12.10		4.76	^b		161,099		0.44	^c		0.34	^c		0.45	^c		0	^b
	(0.13	)		11.55		12.22			162,611		0.34			0.34			1.30			34

88 Prospectus ■ TIAA-CREF Equity Index Funds

Financial highlights

Large-Cap Value Index Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 16.19		$ 0.38			$ 2.16		$ 2.54		$ (0.33	)		$ (0.43	)
	10/31/13				13.27		0.35			3.21		3.56		(0.33	)		(0.31	)
	10/31/12				11.99		0.31			1.59		1.90		(0.28	)		(0.34	)
	10/31/11				11.52		0.28			0.42		0.70		(0.22	)		(0.01	)
	10/31/10		^†		11.18		0.02			0.32		0.34		—			—
	9/30/10				10.49		0.25			0.66		0.91		(0.22	)		—

Retirement Class
	10/31/14				16.40		0.34			2.19		2.53		(0.29	)		(0.43	)
	10/31/13				13.43		0.32			3.25		3.57		(0.29	)		(0.31	)
	10/31/12				12.12		0.29			1.61		1.90		(0.25	)		(0.34	)
	10/31/11				11.64		0.25			0.43		0.68		(0.19	)		(0.01	)
	10/31/10		^†		11.30		0.01			0.33		0.34		—			—
	9/30/10				10.61		0.22			0.67		0.89		(0.20	)		—

Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^g	Does not include in-kind transactions.
^†	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.

TIAA-CREF Equity Index Funds ■ Prospectus 89

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.76	)		$17.97		16.38	%		$2,362,546		0.06	%		0.06	%		2.23	%		21	%
	(0.64	)		16.19		28.07			1,359,068		0.07			0.07			2.41			19	^g
	(0.62	)		13.27		16.70			1,134,741		0.08			0.08			2.48			20	^g
	(0.23	)		11.99		6.13			605,062		0.08			0.08			2.27			27
	—			11.52		3.04	^b		514,065		0.19	^c		0.09	^c		1.67	^c		0	^b
	(0.22	)		11.18		8.82			462,184		0.09			0.09			2.29			36


	(0.72	)		18.21		16.07			384,292		0.31			0.31			2.00			21
	(0.60	)		16.40		27.79			302,435		0.32			0.32			2.15			19	^g
	(0.59	)		13.43		16.46			226,640		0.32			0.32			2.28			20	^g
	(0.20	)		12.12		5.88			192,336		0.33			0.33			2.02			27
	—			11.64		3.01	^b		173,247		0.43	^c		0.34	^c		1.43	^c		0	^b
	(0.20	)		11.30		8.52			176,489		0.34			0.34			2.03			36

90 Prospectus ■ TIAA-CREF Equity Index Funds

Financial highlights

S&P 500 Index Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 19.91		$ 0.42			$ 2.94		$ 3.36		$ (0.35	)		$ —
	10/31/13				16.05		0.39			3.86		4.25		(0.39	)		—
	10/31/12				14.27		0.33			1.78		2.11		(0.27	)		(0.06	)
	10/31/11				13.51		0.28			0.79		1.07		(0.31	)		—
	10/31/10		^†		13.02		0.01			0.48		0.49		—			—
	9/30/10				12.06		0.25			0.95		1.20		(0.24	)		—

Retirement Class
	10/31/14				19.79		0.36			2.93		3.29		(0.31	)		—
	10/31/13				15.96		0.34			3.84		4.18		(0.35	)		—
	10/31/12				14.19		0.29			1.78		2.07		(0.24	)		(0.06	)
	10/31/11				13.44		0.24			0.78		1.02		(0.27	)		—
	10/31/10		^†		12.95		0.01			0.48		0.49		—			—
	9/30/10				12.00		0.22			0.95		1.17		(0.22	)		—

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

TIAA-CREF Equity Index Funds ■ Prospectus 91

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.35	)		$22.92		17.16	%		$1,808,921		0.06	%		0.06	%		1.97	%		9	%
	(0.39	)		19.91		27.08			1,436,986		0.06			0.06			2.19			4	^g
	(0.33	)		16.05		15.14			1,342,205		0.07			0.07			2.13			7	^g
	(0.31	)		14.27		7.96			884,211		0.07			0.07			1.96			14
	—			13.51		3.76	^b		725,376		0.15	^c		0.09	^c		1.26	^c		0	^b
	(0.24	)		13.02		10.07			740,600		0.08			0.08			1.99			12


	(0.31	)		22.77		16.84			653,216		0.31			0.31			1.72			9
	(0.35	)		19.79		26.73			490,695		0.31			0.31			1.92			4	^g
	(0.30	)		15.96		14.85			396,922		0.32			0.32			1.89			7	^g
	(0.27	)		14.19		7.75			352,405		0.32			0.32			1.71			14
	—			13.44		3.71	^b		338,947		0.40	^c		0.34	^c		1.01	^c		0	^b
	(0.22	)		12.95		9.82			339,172		0.33			0.33			1.74			12

92 Prospectus ■ TIAA-CREF Equity Index Funds

Financial highlights

Small-Cap Blend Index Fund


				Selected per share data
						Gain (loss) from investment operations
													Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 18.58		$ 0.28			$ 1.20		$ 1.48		$ (0.26	)		$ (0.58	)
	10/31/13				14.24		0.31			4.65		4.96		(0.30	)		(0.32	)
	10/31/12				13.17		0.25			1.33		1.58		(0.20	)		(0.31	)
	10/31/11				12.49		0.17			0.66		0.83		(0.15	)		—
	10/31/10		^†		12.00		0.01			0.48		0.49		—			—
	9/30/10				10.69		0.14			1.26		1.40		(0.09	)		—

Retirement Class
	10/31/14				18.62		0.23			1.20		1.43		(0.22	)		(0.58	)
	10/31/13				14.26		0.27			4.68		4.95		(0.27	)		(0.32	)
	10/31/12				13.18		0.22			1.33		1.55		(0.16	)		(0.31	)
	10/31/11				12.51		0.14			0.65		0.79		(0.12	)		—
	10/31/10		^†		12.02		0.01			0.48		0.49		—			—
	9/30/10				10.71		0.11			1.28		1.39		(0.08	)		—

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

TIAA-CREF Equity Index Funds ■ Prospectus 93

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.84	)		$19.22		8.32	%		$1,154,539		0.06	%		0.06	%		1.50	%		24	%
	(0.62	)		18.58		36.38			1,048,944		0.07			0.07			1.92			17	^g
	(0.51	)		14.24		12.48			648,984		0.08			0.08			1.81			17	^g
	(0.15	)		13.17		6.64			447,756		0.08			0.08			1.26			25
	—			12.49		4.08	^b		354,242		0.18	^c		0.09	^c		0.79	^c		0	^b
	(0.09	)		12.00		13.25			316,168		0.10			0.09			1.22			21


	(0.80	)		19.25		8.01			475,533		0.31			0.31			1.25			24
	(0.59	)		18.62		36.10			506,706		0.32			0.32			1.67			17	^g
	(0.47	)		14.26		12.20			311,294		0.33			0.33			1.57			17	^g
	(0.12	)		13.18		6.30			325,760		0.33			0.33			1.02			25
	—			12.51		4.08	^b		383,599		0.43	^c		0.34	^c		0.54	^c		0	^b
	(0.08	)		12.02		13.07			386,480		0.35			0.34			0.97			21

94 Prospectus ■ TIAA-CREF Equity Index Funds

Financial highlights

Emerging Markets Equity Index Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 10.84		$ 0.24			$ (0.20	)		$ 0.04			$ (0.20	)		$ —
	10/31/13				10.37		0.23			0.39			0.62			(0.15	)		—
	10/31/12				10.24		0.24			0.09			0.33			(0.16	)		(0.04	)
	10/31/11				11.33		0.25			(1.31	)		(1.06	)		(0.02	)		(0.01	)
	10/31/10		^‡		10.00		0.03			1.30			1.33			—			—

Premier Class
	10/31/14				10.82		0.21			(0.19	)		0.02			(0.19	)		—
	10/31/13				10.35		0.22			0.39			0.61			(0.14	)		—
	10/31/12				10.23		0.24			0.06			0.30			(0.14	)		(0.04	)
	10/31/11				11.33		0.23			(1.30	)		(1.07	)		(0.02	)		(0.01	)
	10/31/10		^‡		10.00		0.02			1.31			1.33			—			—

Retirement Class
	10/31/14				10.80		0.21			(0.20	)		0.01			(0.17	)		—
	10/31/13				10.34		0.20			0.40			0.60			(0.14	)		—
	10/31/12				10.22		0.23			0.07			0.30			(0.14	)		(0.04	)
	10/31/11				11.33		0.26			(1.35	)		(1.09	)		(0.01	)		(0.01	)
	10/31/10		^‡		10.00		0.02			1.31			1.33			—			—

Retail Class
	10/31/14				10.79		0.19			(0.19	)		0.00	^d		(0.16	)		—
	10/31/13				10.32		0.19			0.40			0.59			(0.12	)		—
	10/31/12				10.21		0.20			0.07			0.27			(0.12	)		(0.04	)
	10/31/11				11.32		0.22			(1.31	)		(1.09	)		(0.01	)		(0.01	)
	10/31/10		^‡		10.00		0.02			1.30			1.32			—			—

^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.
^‡	The Fund commenced operations on August 31, 2010.

TIAA-CREF Equity Index Funds ■ Prospectus 95

(continued)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.20	)		$10.68		0.42	%		$942,827		0.23	%		0.23	%		2.29	%		13	%
	(0.15	)		10.84		6.06			680,382		0.29			0.25			2.25			13
	(0.20	)		10.37		3.31			289,041		0.38			0.25			2.42			25	^g
	(0.03	)		10.24		(9.36	)		149,206		0.46			0.25			2.26			38
	—			11.33		13.30	^b		109,910		1.30	^c		0.25	^c		1.37	^c		2	^b


	(0.19	)		10.65		0.23			4,475		0.39			0.39			1.95			13
	(0.14	)		10.82		5.96			6,454		0.44			0.40			2.16			13
	(0.18	)		10.35		3.06			2,016		0.54			0.40			2.38			25	^g
	(0.03	)		10.23		(9.50	)		1,330		0.62			0.40			2.04			38
	—			11.33		13.30	^b		1,133		2.18	^c		0.40	^c		1.22	^c		2	^b


	(0.17	)		10.64		0.17			50,771		0.48			0.48			2.01			13
	(0.14	)		10.80		5.79			34,503		0.54			0.50			1.96			13
	(0.18	)		10.34		3.03			24,877		0.63			0.50			2.28			25	^g
	(0.02	)		10.22		(9.61	)		9,356		0.70			0.50			2.38			38
	—			11.33		13.30	^b		1,133		2.27	^c		0.50	^c		1.12	^c		2	^b


	(0.16	)		10.63		0.04			8,885		0.64			0.64			1.83			13
	(0.12	)		10.79		5.70			7,127		0.73			0.64			1.81			13
	(0.16	)		10.32		2.73			5,773		0.83			0.64			2.00			25	^g
	(0.02	)		10.21		(9.64	)		5,313		0.88			0.64			1.99			38
	—			11.32		13.20	^b		1,776		2.18	^c		0.64	^c		0.89	^c		2	^b

96 Prospectus ■ TIAA-CREF Equity Index Funds

Financial highlights

International Equity Index Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	10/31/14				$ 19.31		$ 0.72			$ (0.67	)		$ 0.05			$ (0.54	)		$ —
	10/31/13				15.73		0.54			3.54			4.08			(0.50	)		—
	10/31/12				15.23		0.55			0.39			0.94			(0.44	)		—
	10/31/11				16.43		0.53			(1.38	)		(0.85	)		(0.35	)		—
	10/31/10		^†		15.82		0.01			0.60			0.61			—			—
	9/30/10				15.67		0.44			0.05			0.49			(0.34	)		—

Premier Class
	10/31/14				19.26		0.68			(0.65	)		0.03			(0.52	)		—
	10/31/13				15.69		0.51			3.54			4.05			(0.48	)		—
	10/31/12				15.20		0.53			0.38			0.91			(0.42	)		—
	10/31/11				16.41		0.49			(1.36	)		(0.87	)		(0.34	)		—
	10/31/10		^†		15.80		0.01			0.60			0.61			—			—
	9/30/10				15.67		0.48			(0.02	)		0.46			(0.33	)		—

Retirement Class
	10/31/14				19.64		0.69			(0.68	)		0.01			(0.50	)		—
	10/31/13				15.99		0.50			3.61			4.11			(0.46	)		—
	10/31/12				15.47		0.53			0.38			0.91			(0.39	)		—
	10/31/11				16.68		0.51			(1.42	)		(0.91	)		(0.30	)		—
	10/31/10		^†		16.06		0.01			0.61			0.62			—			—
	9/30/10				15.92		0.39			0.06			0.45			(0.31	)		—

^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^g	Does not include in-kind transactions.
^†	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.

TIAA-CREF Equity Index Funds ■ Prospectus 97

(concluded)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.54	)		$18.82		0.37	%		$4,949,536		0.06	%		0.06	%		3.73	%		5	%
	(0.50	)		19.31		26.65			4,459,896		0.07			0.07			3.13			3
	(0.44	)		15.73		6.43			2,833,093		0.08			0.08			3.69			6	^g
	(0.35	)		15.23		(5.32	)		1,647,918		0.09			0.09			3.23			6
	—			16.43		3.86	^b		1,203,484		0.15	^c		0.15	^c		0.88	^c		3	^b
	(0.34	)		15.82		3.14			1,001,071		0.10			0.10			2.88			11


	(0.52	)		18.77		0.23			191,665		0.21			0.21			3.55			5
	(0.48	)		19.26		26.47			200,497		0.22			0.22			2.97			3
	(0.42	)		15.69		6.25			162,307		0.23			0.23			3.53			6	^g
	(0.34	)		15.20		(5.44	)		125,215		0.24			0.24			3.02			6
	—			16.41		3.86	^b		60,259		0.30	^c		0.30	^c		0.73	^c		3	^b
	(0.33	)		15.80		2.97			39,623		0.25			0.25			3.24			11


	(0.50	)		19.15		0.11			746,134		0.31			0.31			3.51			5
	(0.46	)		19.64		26.35			774,407		0.32			0.32			2.86			3
	(0.39	)		15.99		6.13			645,359		0.33			0.33			3.46			6	^g
	(0.30	)		15.47		(5.54	)		625,016		0.34			0.34			3.02			6
	—			16.68		3.86	^b		783,583		0.40	^c		0.40	^c		0.62	^c		3	^b
	(0.31	)		16.06		2.85			801,279		0.35			0.35			2.55			11

98 Prospectus ■ TIAA-CREF Equity Index Funds

[This page intentionally left blank.]

For more information about TIAA-CREF Funds

Requesting documents. You can request a copy of the Funds’ SAI or these reports without charge, or contact the Funds for any other purpose, in any of the following ways:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Over the Internet:

www.tiaa-cref.org

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Important information about procedures for opening a new account


1940 Act File No. 811-9301	A# tk (tk/15)

PROSPECTUS

[DECEMBER __, 2015]

TIAA-CREF Fixed-Income & Real Estate Securities Funds

of the TIAA-CREF Funds


Fund Class Ticker:	[Investor] Class
Bond Fund	–
Bond Index Fund	–
Bond Plus Fund	–
High-Yield Fund	–
Inflation-Linked Bond Fund	–
Short-Term Bond Fund	–
Short-Term Bond Index Fund	–
Social Choice Bond Fund	–
Tax-Exempt Bond Fund	–
Money Market Fund	–
Real Estate Securities Fund	–

Table of contents

Summary information

Bond Fund

Investment objective 6

Fees and expenses 6

Shareholder fees 6

Annual Fund operating expenses 6

Example 6

Portfolio turnover 7

Principal investment strategies 7

Principal investment risks 8

Past performance 10

Portfolio management 12

Purchase and sale of [Investor] Class shares 12

Tax information 13

Payments to broker-dealers and other financial intermediary compensation 13

Summary information

Bond Index Fund

Investment objective 14

Fees and expenses 14

Shareholder fees 14

Annual Fund operating expenses 14

Example 15

Portfolio turnover 15

Principal investment strategies 15

Principal investment risks 16

Past performance 17

Portfolio management 19

Purchase and sale of [Investor] Class shares 19

Tax information 20

Payments to broker-dealers and other financial intermediary compensation 20

Summary information

Bond Plus Fund

Investment objective 21

Fees and expenses 21

Shareholder fees 21

Annual Fund operating expenses 21

Example 22

Portfolio turnover 22

Principal investment strategies 22

Principal investment risks 23

Past performance 25

Portfolio management 27

Purchase and sale of [Investor] Class shares 28

Tax information 28

Payments to broker-dealers and other financial intermediary compensation 28

Summary information

High-Yield Fund

Investment objective 29

Fees and expenses 29

Shareholder fees 29

Annual Fund operating expenses 29

Example 30

Portfolio turnover 30

Principal investment strategies 30

Principal investment risks 31

Past performance 33

Portfolio management 35

Purchase and sale of [Investor] Class shares 35

Tax information 36

Payments to broker-dealers and other financial intermediary compensation 36

Summary information

Inflation-Linked Bond Fund

Investment objective 37

Fees and expenses 37

Shareholder fees 37

Annual Fund operating expenses 37

Example 38

Portfolio turnover 38

Principal investment strategies 38

Principal investment risks 39

Past performance 40

Portfolio management 42

Purchase and sale of [Investor] Class shares 42

Tax information 43

Payments to broker-dealers and other financial intermediary compensation 43

Summary information

Short-Term Bond Fund

Investment objective 44

Fees and expenses 44

Shareholder fees 44

Annual Fund operating expenses 44

Example 44

Portfolio turnover 45

Principal investment strategies 45

Principal investment risks 46

Past performance 47

Portfolio management 49

Purchase and sale of [Investor] Class shares 50

Tax information 50

Payments to broker-dealers and other financial intermediary compensation 50

Summary information

Short-Term Bond Index Fund

Investment objective 51

Fees and expenses 51

Shareholder fees 51

Annual Fund operating expenses 51

Example 52

Portfolio turnover 52

Principal investment strategies 52

Principal investment risks 53

Past performance 54

Portfolio management 54

Purchase and sale of [Investor] Class shares 54

Tax information 54

Payments to broker-dealers and other financial intermediary compensation 55

Summary information

Social Choice Bond Fund

Investment objective 56

Fees and expenses 56

Shareholder fees 56

Annual Fund operating expenses 56

Example 57

Portfolio turnover 57

Principal investment strategies 57

Principal investment risks 60

Past performance 62

Portfolio management 65

Purchase and sale of [Investor] Class shares 65

Tax information 65

Payments to broker-dealers and other financial intermediary compensation 65

Table of contents

Summary information

Tax-Exempt Bond Fund

Investment objective 66

Fees and expenses 66

Shareholder fees 66

Annual Fund operating expenses 66

Example 67

Portfolio turnover 67

Principal investment strategies 67

Principal investment risks 68

Past performance 70

Portfolio management 71

Purchase and sale of [Investor] Class shares 72

Tax information 72

Payments to broker-dealers and other financial intermediary compensation 72

Summary information

Money Market Fund

Investment objective 73

Fees and expenses 73

Shareholder fees 73

Annual Fund operating expenses 73

Example 74

Principal investment strategies 74

Principal investment risks 75

Past performance 76

Portfolio management 78

Purchase and sale of [Investor] Class shares 78

Tax information 79

Payments to broker-dealers and other financial intermediary compensation 79

Summary information

Real Estate Securities Fund

Investment objective 80

Fees and expenses 80

Shareholder fees 80

Annual Fund operating expenses 80

Example 81

Portfolio turnover 81

Principal investment strategies 81

Principal investment risks 82

Past performance 83

Portfolio management 85

Purchase and sale of [Investor] Class shares 85

Tax information 86

Payments to broker-dealers and other financial intermediary compensation 86

Additional information about investment strategies and risks 86

Additional information about the Funds 86

Additional information on principal investment risks of the Funds 88

Additional information about the Funds’ benchmark indices 96

Additional information on principal and non-principal investment strategies for the Fixed-Income Funds 97

Additional information on principal and non-principal investment strategies for the Real Estate Securities Fund 98

Portfolio holdings 99

Portfolio turnover 100

Advisors’ prior performance of a substantially similar Composite for the Social Choice Bond Fund 100

Investments by funds of funds 101

Share classes 102

Management of the Fund 102

The Funds’ investment adviser 102

Investment management fees 103

Portfolio management teams 105

Other services 108

Distribution and service arrangements 109

Calculating share price 110

Dividends and distributions 112

Taxes 113

Your account: purchasing, redeeming or exchanging shares 116

Share class eligibility 116

Purchasing shares 117

Redeeming shares 120

Exchanging shares 122

Conversion of shares–applicable to all investors 123

Important transaction information 124

Market timing/excessive trading policy—applicable to Money Market Fund, Short-Term Bond Fund and Short-Term Bond Index Fund 126

Market timing/excessive trading policy—applicable to all other Funds 127

Electronic prospectuses 128

Glossary 128

Financial highlights 129

Summary information

TIAA-CREF Bond Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks as favorable a long-term total return through income, primarily from investment grade fixed-income securities.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

Example

This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example

6 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before expense reimbursements, remain the same. The example assumes that the Fund’s expense reimbursement agreement will remain in place through [December __, 2016], but that there will be no waiver or expense reimbursement agreement in effect thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.During the fiscal year ended March 31, 2015, the Fund’s portfolio turnover rate was 328% of the average value of its portfolio.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in bonds. For these purposes, bonds include fixed-income securities of all types. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds and mortgage-backed and other asset-backed securities. The Fund may also invest in other fixed-income securities, including those of non-investment grade quality. The Fund does not rely exclusively on rating agencies when making investment decisions. Instead, the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), performs its own credit analysis, paying particular attention to economic trends and other market events. Individual securities or sectors are then overweighted or underweighted relative to the Fund’s benchmark index, the Barclays U.S. Aggregate Bond Index, when Advisors believes that the Fund can take advantage of what appear to be undervalued, overlooked or misunderstood issuers that offer the potential to boost returns above that of the index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 7

The Fund may invest in fixed-income securities of any duration. As of May 31, 2015, the duration of the Fund’s benchmark index, the Barclays U.S. Aggregate Bond Index, was 5.52 years.

The Fund’s investments in mortgage-backed securities can include pass-through securities sold by private, governmental and government-related organizations and collateralized mortgage obligations (“CMOs”). Mortgage pass-through securities are created when mortgages are pooled together and interests in the pool are sold to investors. The cash flow from the underlying mortgages is “passed through” to investors in periodic principal and interest payments. CMOs are obligations that are fully collateralized directly or indirectly by a pool of mortgages from which payments of principal and interest are dedicated to the payment of principal and interest on the CMO.

The Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different sectors and maturities. Relative value trading is designed to enhance the Fund’s returns but increases the Fund’s portfolio turnover rate.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies. The Fund may also invest in foreign securities, including emerging markets fixed-income securities and non-dollar denominated instruments. Under most circumstances, the Fund’s investments in fixed-income securities of foreign issuers constitute less than 20% of the Fund’s assets.

Principal investment risks

8 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

· Prepayment Risk—The risk that during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing the Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income.

· Extension Risk—The risk that during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing the Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available.

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 9

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Mortgage Roll Risk—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the Fund’s performance.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

10 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2015, was 0.27%.

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 11

Best quarter: 4.14%, for the quarter ended September 30, 2009. Worst quarter: -2.83%, for the quarter ended June 30, 2013.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		7/1/1999
	Return Before Taxes		5.84	%	5.11	%	4.76	%
	Return After Taxes on Distributions		4.47	%	3.59	%	3.18	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		3.33	%	3.43	%	3.12	%
Retail Class		3/31/2006
	Return Before Taxes		5.46	%	4.80	%	4.56	%*
Retirement Class		3/31/2006
	Return Before Taxes		5.52	%	4.83	%	4.52	%*
Premier Class		9/30/2009
	Return Before Taxes		5.58	%	4.95	%	4.68	%*
Barclays U.S. Aggregate Bond Index
(reflects no deductions for fees, expenses or taxes)			5.97	%	4.45	%	4.71	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Retail, Retirement and Premier Classes that is prior to their inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Retail, Retirement and Premier Classes. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Joseph Higgins, CFA	John M. Cerra
Title:	Managing Director	Managing Director
Experience on Fund:	since 2011	since 2003

Purchase and sale of [Investor] Class shares

[Investor] Class shares are available for purchase through certain financial intermediaries and employee benefit plans. The Fund also offers Institutional,

12 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Retirement, Premier and Retail Class shares, which are offered through another prospectus that contains information about their respective eligibility criteria.

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 13

Summary information

TIAA-CREF Bond Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, mainly from current income, by primarily investing in a portfolio of fixed-income securities that is designed to produce a return that corresponds with the total return of the U.S. investment-grade bond market based on a broad bond index.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

14 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended March 31, 2015, the Fund’s portfolio turnover rate was 20% of the average value of its portfolio.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index, the Barclays U.S. Aggregate Bond Index (the “Index”). The Fund uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of the Index (for example, duration, sector diversification and credit quality) without investing in all of the securities in its index. At times the Fund may purchase securities not held in the Index, but which Teachers Advisors, Inc. (“Advisors”) believes have similar investment characteristics to securities held in its index. Generally, the Fund intends to invest in a wide spectrum of public, investment-grade, taxable debt securities denominated in U.S. dollars including government securities, as well as mortgage-backed, commercial mortgage-backed and asset-backed securities. The Fund’s investments in mortgage-backed securities may include pass-through securities sold by private, governmental and government-related organizations and collateralized mortgage obligations, to the extent that such instruments are held by the Index. The Fund generally will invest in foreign

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 15

securities denominated in U.S. dollars only to the extent they are included or eligible to be included in the Index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The securities purchased by the Fund will mainly be high-quality instruments rated in the top four credit categories by Moody’s or S&P or deemed to be of the same quality by Advisors using its own credit quality analysis. The Fund may continue to hold instruments that were rated as high-quality when purchased, but which subsequently are downgraded to below-investment-grade status or have their ratings withdrawn by one or more rating agencies.

Because the return of the Index is not reduced by investment and other operating expenses, the Fund’s ability to match the Index is negatively affected by the costs of buying and selling securities, as well as other fees and expenses. The use of the Index by the Fund is not a fundamental policy of the Fund and may be changed without shareholder approval.

Principal investment risks

16 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 17

during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2015, was -0.12%.

Best quarter: 3.75%, for the quarter ended September 30, 2011. Worst quarter: -2.41%, for the quarter ended June 30, 2013.

18 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		9/14/2009
	Return Before Taxes		5.87	%	4.26	%	4.11	%
	Return After Taxes on Distributions		4.85	%	3.34	%	3.19	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		3.32	%	2.93	%	2.82	%
Retail Class		9/14/2009
	Return Before Taxes		5.61	%	3.92	%	3.77	%
Retirement Class		9/14/2009
	Return Before Taxes		5.71	%	4.02	%	3.87	%
Premier Class		9/30/2009
	Return Before Taxes		5.72	%	4.13	%	3.96	%*
Barclays U.S. Aggregate Bond Index
(reflects no deductions for fees, expenses or taxes)			5.97	%	4.45	%	4.36	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Lijun (Kevin) Chen	James Tsang, CFA
Title:	Director	Director
Experience on Fund:	since 2009	since 2011

Purchase and sale of [Investor] Class shares

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 19

Tax information

Payments to broker-dealers and other financial intermediary compensation

20 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Summary information

TIAA-CREF Bond Plus Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, primarily through high current income.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 21

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended March 31, 2015, the Fund’s portfolio turnover rate was 285% of the average value of its portfolio.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in bonds. For these purposes, bonds include fixed-income securities of all types. The Fund’s portfolio is divided into two segments. The first segment, which makes up at least 70% of the Fund’s assets, is invested primarily in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, corporate bonds, U.S. Treasury and agency securities and mortgage-backed and asset-backed securities. The securities within the Fund’s first segment are mainly high-quality instruments rated in the top four credit categories by Moody’s or S&P, or deemed to be of the same quality by Teachers Advisors, Inc. (“Advisors”) using its own credit analysis. The second segment, which will not exceed 30% of the Fund’s assets, is invested in fixed-income securities and bonds with special features in an effort to improve the Fund’s total return. Potential investments in this segment include, but are not limited to, non-investment-grade securities (those rated Ba1 or lower by Moody’s or BB+ or lower by S&P), emerging market fixed-income securities and convertible and preferred

22 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

securities. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund may invest in fixed-income securities of any duration. As of May 31, 2015, the duration of the Fund’s benchmark index, the Barclays U.S. Aggregate Bond Index, was 5.52 years.

The Fund may use an investment strategy called “mortgage rolls” (also referred to as “dollar rolls”), in which the Fund sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the “drop”) plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. If such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage roll, the use of this technique will enhance the investment performance of the Fund compared with what such performance would have been without the use of mortgage rolls. Realizing benefits from the use of mortgage rolls depends upon the ability of Advisors to predict correctly mortgage prepayments and interest rates.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies.

Principal investment risks

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 23

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

24 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Mortgage Roll Risk—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the Fund’s performance.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 25

performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

26 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2015, was 0.81%.

Best quarter: 5.36%, for the quarter ended September 30, 2009. Worst quarter: -2.59%, for the quarter ended June 30, 2013.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		3/31/2006
	Return Before Taxes		5.80	%	5.72	%	5.24	%
	Return After Taxes on Distributions		4.10	%	4.20	%	3.58	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		3.35	%	3.86	%	3.43	%
Retail Class		3/31/2006
	Return Before Taxes		5.45	%	5.40	%	5.02	%
Retirement Class		3/31/2006
	Return Before Taxes		5.63	%	5.46	%	5.00	%
Premier Class		9/30/2009
	Return Before Taxes		5.74	%	5.56	%	5.15	%*
Barclays U.S. Aggregate Bond Index
(reflects no deductions for fees, expenses or taxes)			5.97	%	4.45	%	5.19	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	William Martin	John M. Cerra	Kevin R. Lorenz, CFA
Title:	Managing Director	Managing Director	Managing Director
Experience on Fund:	since 2011	since 2003	since 2006

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 27

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

28 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Summary information

TIAA-CREF High-Yield Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks high current income and, when consistent with its primary objective, capital appreciation.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 29

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended March 31, 2015, the Fund’s portfolio turnover rate was 71% of the average value of its portfolio.

Principal investment strategies

The Fund invests primarily in lower-rated, higher-yielding fixed-income securities, such as domestic and foreign corporate bonds, debentures, loan participations and assignments and notes, as well as convertible securities and preferred stocks. Under normal circumstances, the Fund invests at least 80% of its assets in debt and other fixed-income securities rated lower than investment-grade (and their unrated equivalents) or other high-yielding debt securities. (These are often called “junk” bonds.) Most of these will be securities rated in the BB or B categories by S&P, or the Ba or B categories by Moody’s. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund may invest up to 20% of its assets in the following types of instruments: payment-in-kind or deferred-interest obligations, defaulted securities, asset-backed securities, securities rated lower than B- or its equivalent by at least two rating agencies and securities having limited liquidity.

30 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

The Fund can make foreign investments, including investments in emerging market countries and non-dollar denominated instruments, but the Fund does not expect such investments to exceed 20% of its assets under most circumstances. The Fund can also invest in U.S. Treasury and agency securities or other short-term instruments when other suitable investment opportunities are not available, or when Teachers Advisors, Inc. (“Advisors”) would like to build the Fund’s liquidity.

Over long periods of time, a broadly diversified portfolio of lower-rated, higher-yielding securities is designed to, net of capital losses, provide a higher net return than a similarly diversified portfolio of higher-rated, lower-yielding securities of similar duration. Advisors attempts to minimize the risks of investing in lower-rated securities by:

· Doing its own credit analysis (independent of the rating agencies). The Fund buys securities of issuers with a balance of operational and financial risks that Advisors believes make it likely that such issuers will be able to meet their financial obligations;

· Constructing a portfolio of securities diversified by industry, maturity, duration and credit quality; and

· Buying or selling particular securities to seek to take advantage of anticipated changes and trends in the economy and financial markets.

Advisors’ judgment of the value of any particular security is a function of its experience with lower-rated securities, evaluation of general economic and securities market conditions and the financial condition of the security’s issuer. Under some market conditions, the Fund may sacrifice potential yield in order to adopt a defensive posture designed to preserve capital.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies.

The benchmark index for the Fund is the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index.

Principal investment risks

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

· Non-Investment-Grade Securities Risk—Issuers of non-investment-grade securities, which are usually called “high-yield” or “junk bonds,” are typically

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 31

in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

32 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

developed countries. In addition, foreign investors such as the Fund are subject to a variety of special restrictions in many emerging markets countries.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 33

of how it will perform in the future. The benchmark index listed below is unmanaged, and you cannot invest directly in an index. The returns for the benchmark index reflect no deduction for fees, expenses or taxes.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2015, was 2.75%.

Best quarter: 17.76%, for the quarter ended June 30, 2009. Worst quarter: -12.70%, for the quarter ended December 31, 2008.

34 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		3/31/2006
	Return Before Taxes		2.48	%	8.64	%	7.63	%
	Return After Taxes on Distributions		–0.18	%	5.85	%	4.75	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		1.62	%	5.64	%	4.77	%
Retail Class		3/31/2006
	Return Before Taxes		2.32	%	8.38	%	7.46	%
Retirement Class		3/31/2006
	Return Before Taxes		2.33	%	8.39	%	7.37	%
Premier Class		9/30/2009
	Return Before Taxes		2.43	%	8.50	%	7.55	%*
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index
(reflects no deductions for fees, expenses or taxes)			3.48	%	8.71	%	7.46	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Kevin R. Lorenz, CFA	Jean C. Lin, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2006	since 2011

Purchase and sale of [Investor] Class shares

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 35

Tax information

Payments to broker-dealers and other financial intermediary compensation

36 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Summary information

TIAA-CREF Inflation-Linked Bond Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-linked bonds.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 37

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended March 31, 2015, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio.

Principal investment strategies

Under normal circumstances, the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), invests at least 80% of the Fund’s assets in fixed-income securities whose principal value increases or decreases based on changes in the Consumer Price Index for All Urban Consumers (“CPI-U”), over the life of the security. Typically, the Fund will invest in U.S. Treasury Inflation-Indexed Securities (“TIIS”). The Fund can also invest in (1) other inflation-indexed bonds issued or guaranteed by the U.S. Government or its agencies, by corporations and other U.S. domiciled issuers, as well as foreign governments, and (2) money market instruments or other short-term securities. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

Like conventional bonds, inflation-indexed bonds generally pay interest at fixed intervals and return the principal at maturity. Unlike conventional bonds, an inflation-indexed bond’s principal or interest is adjusted periodically to reflect changes in a specified inflation index. Inflation-indexed bonds are designed to

38 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

preserve purchasing power over the life of the bond while paying a “real” rate of interest (i.e., a return over and above the inflation rate). These bonds are generally issued at a fixed interest rate that is lower than that of conventional bonds of comparable maturity and quality, but they generally retain their value against inflation over time.

The principal amount of a TIIS bond is adjusted periodically for inflation using the CPI-U. Interest is paid twice a year. The interest rate is fixed, but the amount of each interest payment varies as the principal is adjusted for inflation. The principal amount of a TIIS instrument may diminish in times of deflation. However, the U.S. Treasury guarantees that the final principal payment at maturity is at least the original principal amount of the bond. The interest and principal components of the bonds may be “stripped” or sold separately. The Fund can buy or sell either component.

The Fund may also invest in inflation-indexed bonds issued or guaranteed by foreign governments and their agencies, as well as other foreign issuers. These investments are usually designed to track the inflation rate in the issuing country. Under most circumstances, the Fund’s investments in inflation-linked bonds of foreign issuers are generally less than 20% of its assets.

The Fund may invest in fixed-income securities of any duration. As of May 31, 2015, the duration of the Fund’s benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), was 8.09 years. Typically, the Fund invests in corporate and foreign inflation-indexed bonds that are similar in duration and maturity as those of U.S. Government inflation-indexed bonds.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies. In particular, the Fund may purchase and sell interest rate futures to attempt to manage duration and/or certain risks. The Fund also may invest in any fixed-income securities provided that no more than 5% of its assets are invested in fixed-income securities rated below investment-grade.

Principal investment risks

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 39

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

· Special Risks for Inflation-Indexed Bonds—The risk that interest payments on, or market values of, inflation-indexed investments decline because of a decline in inflation (or deflation) or changes in investors’ and/or the market’s inflation expectations. In addition, inflation indices may not reflect the true rate of inflation.

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

40 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2015, was 0.00%.

Best quarter: 5.32%, for the quarter ended March 31, 2008. Worst quarter: -7.01%, for the quarter ended June 30, 2013.

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 41

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		3.42	%	3.87	%	4.08	%
	Return After Taxes on Distributions		2.53	%	2.94	%	2.86	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		1.96	%	2.66	%	2.73	%
Retail Class		10/1/2002
	Return Before Taxes		3.17	%	3.58	%	3.88	%
Retirement Class		3/31/2006
	Return Before Taxes		3.20	%	3.62	%	3.88	%*
Premier Class		9/30/2009
	Return Before Taxes		3.31	%	3.70	%	3.99	%*
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)
(reflects no deductions for fees, expenses or taxes)			3.64	%	4.11	%	4.37	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Retirement Class and Premier Class that is prior to their inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Retirement Class and Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	John M. Cerra	Stephen Liberatore, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2008	since 2011

Purchase and sale of [Investor] Class shares

42 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 43

Summary information

TIAA-CREF Short-Term Bond Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks high current income.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

Example

This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example

44 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended March 31, 2015, the Fund’s portfolio turnover rate was 114% of the average value of its portfolio.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury and agency securities and investment-grade fixed-income investments with an average maturity or average lives of less than 5 years. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds and mortgage-backed and other asset-backed securities. The Fund may also invest in other fixed-income securities, including those of non-investment grade quality. The Fund may overweight or underweight individual securities or sectors as compared to their weight in the index when the Fund’s Investment Adviser, Teacher’s Advisors, Inc. (“Advisors”) finds undervalued or overlooked issues that it believes offer the potential for superior returns. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

As of May 31, 2015, the duration of the Barclays U.S. 1–3 Year Government/Credit Bond Index was 1.91 years. Although the Fund may invest in fixed-income securities of any maturity, the duration of the Fund’s portfolio typically ranges between one and three years. The Fund also has a policy of maintaining a dollar weighted average maturity of portfolio holdings of no more than three years.

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 45

Principal investment risks

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

46 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Foreign investments may also be less liquid and more difficult to value than investments in U.S. issuers.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 47

of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2015, was 0.71%.

48 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Best quarter: 3.13%, for the quarter ended September 30, 2009. Worst quarter: -1.24%, for the quarter ended June 30, 2013.

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2014


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		3/31/2006
	Return Before Taxes		1.01	%	2.48	%	3.41	%
	Return After Taxes on Distributions		0.41	%	1.75	%	2.33	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		0.58	%	1.64	%	2.24	%
Retail Class		3/31/2006
	Return Before Taxes		0.70	%	2.20	%	3.21	%
Retirement Class		3/31/2006
	Return Before Taxes		0.76	%	2.23	%	3.16	%
Premier Class		9/30/2009
	Return Before Taxes		0.86	%	2.33	%	3.33	%*
Barclays U.S. 1-3 Year Government/Credit Bond Index
(reflects no deductions for fees, expenses or taxes)			0.77	%	1.41	%	3.01	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	John M. Cerra	Richard Cheng
Title:	Managing Director	Managing Director
Experience on Fund:	since 2006	since 2011

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 49

Purchase and sale of [Investor] Class shares

Tax information

Payments to broker-dealers and other financial intermediary compensation

50 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Summary information

TIAA-CREF Short-Term Bond Index Fund

of the TIAA-CREF Funds

Investment objective

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 51

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund has no annual portfolio turnover rate because the Fund is newly operational.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index, the Barclays U.S. 1–3 Year Government/Credit Bond Index (the “Index”). The Fund uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of the Index (for example, duration, sector diversification and credit quality) without investing in all of the securities in the Index. At times the Fund may purchase securities not held in the Index, but which Teachers Advisors, Inc. (“Advisors”) believes have similar investment characteristics to securities held in its index. Generally, the Fund intends to invest in a wide spectrum of public, investment-grade, taxable debt securities denominated in U.S. dollars including United States treasury debt, government-related debt, and corporate issues. The Fund has a policy of maintaining a dollar weighted average maturity of no more than three years. For purposes of the 80% investment policy, the term

52 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

“assets” means net assets, plus the amount of any borrowings for investment purposes.

Because the return of the Index is not reduced by investment and other operating expenses, the Fund’s ability to match the Index is negatively affected by the costs of buying and selling securities, as well as other fees and expenses. The use of this index by the Fund is not a fundamental policy of the Fund and may be changed without shareholder approval.

Principal investment risks

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Issuer Risk (often called Financial Risk)—The risk that an issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 53

the value of the issuer’s financial instruments over short or extended periods of time.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

Performance information is not available for the Fund for the most recently completed calendar year 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.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Lijun (Kevin) Chen	James Tsang, CFA
Title:	Director	Director
Experience on Fund:	since 2015	since 2015

Purchase and sale of [Investor] Class shares

Tax information

54 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 55

Summary information

TIAA-CREF Social Choice Bond Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return through income and capital appreciation while giving special consideration to certain environmental, social and governance (“ESG”) criteria.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	[Investor] Class
Maximum sales charge imposed on purchases (percentage of offering price)	X%
Maximum deferred sales charge	X%
Maximum sales charge imposed on reinvested dividends and other distributions	X%
Redemption or exchange fee	X%
Maximum account fee	X%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


										[Investor] Class
Management fees										X.XX%
Distribution (Rule 12b-1) fees										X.XX%
Other expenses										X.XX%
Total annual Fund operating expenses										X.XX%
Waivers and expense reimbursements										X.XX%
Total annual Fund operating expenses after fee waiver and/or expense reimbursement										X.XX%

56 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

Example


	[Investor] Class
1 year	$	X
3 years	$	XX
5 years	$	XXX
10 years	$	XXX

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended March 31, 2015, the Fund’s portfolio turnover rate was 459% of the average value of its portfolio.

Principal investment strategies

The Fund is actively managed and does not rely exclusively on rating agencies when making investment decisions. Instead, the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”) performs its own credit analysis, paying particular attention to economic trends and other market events. Subject to the

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 57

ESG criteria described below, individual securities or sectors are then overweighted or underweighted relative to the Fund’s benchmark index, when Advisors believes that the Fund can take advantage of what appear to be undervalued, overlooked or misunderstood issuers that offer the potential to boost returns above that of the index.

The Fund’s investments in fixed-income securities issued by corporate entities or certain foreign governments are subject to certain ESG criteria. The research vendor currently providing the ESG performance evaluation is MSCI, Inc. (“MSCI”). All corporate issuers must meet or exceed minimum ESG performance standards to be eligible for investment by the Fund. The evaluation process favors companies with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics and government & public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights & community, labor rights & supply chain, and governance) are other considerations.

The ESG evaluation process is conducted on an industry-specific basis and involves the identification of key performance indicators, which are given more or less relative weight compared to the broader range of potential assessment categories. Concerns in one area do not automatically eliminate an issuer from being an eligible Fund investment. When ESG concerns exist, the evaluation process gives careful consideration to how companies address the risks and opportunities they face in the context of their sector or industry and relative to their peers. The social and environmental impact of corporate activities related to the production and sale of alcohol, tobacco, military weapons, firearms, nuclear power and gambling products and services are quantified and incorporated into a corporate issuer’s overall ESG performance assessment. While not automatically excluded from the Fund, most corporate issuers involved in these industries are ineligible for inclusion in the Fund due to their poor overall ESG performance. While Advisors may invest in corporate and foreign government issuers that meet these criteria, it is not required to invest in every issuer that meets these criteria. The ESG criteria the Fund takes into consideration are non-fundamental investment policies. Such criteria and the universe of investments that the Fund utilizes may be changed without the approval of the Fund’s shareholders.

The Fund is not restricted from investing in any securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Advisors considers investments in these securities to be consistent with the Fund’s investment and social objectives.

The Fund also invests in certain asset-backed securities, mortgage-backed securities and other securities that represent interests in assets such as pools

58 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

of mortgage loans, automobile loans or credit card receivables. These securities are typically issued by legal entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or “sponsored” by banks or other institutions or by certain government-sponsored enterprises such as Fannie Mae or Freddie Mac. Advisors does not take into consideration whether the sponsor of an asset-backed security in which the Fund invests meets the ESG criteria. That is because asset-backed securities represent interests in pools of loans, and not of the ongoing business enterprise of the sponsor. It is therefore possible that the Fund could invest in an asset-backed or mortgage-backed security sponsored by a bank or other financial institution in which the Fund could not invest directly.

The Corporate Governance and Social Responsibility Committee (the “CGSR Committee”) of the Board of Trustees of the Trust (“Board of Trustees”) reviews the ESG criteria used to evaluate securities issued by corporate and foreign government issuers held by the Fund and approves the ESG vendor of that service. Advisors seeks to ensure that the Fund’s investments in securities issued by corporate and foreign government issuers are consistent with its ESG criteria, but Advisors cannot guarantee that this will always be the case for every Fund investment issued by a corporate entity or by a foreign government or agency. Consistent with its responsibilities, the CGSR Committee evaluates options for implementing the Fund’s ESG investment criteria and monitors the ESG vendors selected to supply the ESG-eligible universe. Advisors has the right to change the ESG vendor(s) at any time and to add to the number of vendors providing the universe of eligible companies. Investing on the basis of ESG criteria is qualitative and subjective by nature, and there can be no assurance that the ESG criteria utilized by the Fund’s ESG vendor(s) or any judgment exercised by the CGSR Committee or Advisors will reflect the beliefs or values of any particular investor.

Additionally, Advisors invests a portion of the Fund’s assets in fixed-income instruments according to TIAA-CREF’s proprietary Proactive Social Investments (“PSI”) framework. As of March 31, 2015, these investments were 23.5% of the portfolio. These investments provide direct exposure to issuers and/or individual projects with social or environmental benefits. Within this PSI allocation, the Fund seeks opportunities to invest in publicly traded fixed-income securities that finance initiatives in areas including affordable housing, community and

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 59

economic development, renewable energy and climate change, and natural resources. These investments will be selected based on the same financial criteria used by Advisors in selecting the Fund’s other fixed-income investments.

The Fund may also use a trading technique called “mortgage rolls” or “dollar rolls” in which the Fund “rolls over” an investment in a mortgage-backed security before its settlement date in exchange for a similar security with a later settlement date.

Principal investment risks

60 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of fixed-income investments may not be able or willing to meet interest or principal payments when the payments become due.

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Mortgage Roll Risk—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the Fund’s performance.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

TIAA-CREF Fixed-Income & Real Estate Securities Funds ■ Prospectus 61

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. Because the Fund only recently began offering [Investor] Class shares, the performance information shown is for the Fund’s existing classes, which would have substantially similar annual returns to the new [Investor] Class because all of the Fund’s classes are invested in the same portfolio of securities with the only difference being that the classes do not have the same expenses. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional, Retirement, Premier and Retail Classes over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2014, and how those returns compare to those of the Fund's benchmark index. After-tax performance is also shown only for Institutional Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Institutional Class shares. The performance in the bar charts and table has not been restated to reflect any difference between the existing classes’ expenses and estimated [Investor] Class expenses. Because existing class shares generally are expected to have different expenses than [Investor] Class shares, if the charts below had been restated with [Investor] Class expenses, performance would have differed.

62 Prospectus ■ TIAA-CREF Fixed-Income & Real Estate Securities Funds



Name:	Stephen M. Liberatore, CFA	Joseph Higgins, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2012	since 2012



Name:	Barnet Sherman	Joel Levy
Title:	Director	Director
Experience on Fund:	since 2010	since 2015



Name:	Michael Ferraro, CFA	Joseph Rolston
Title:	Director	Director
Experience on Fund:	since 1999	since 2011



Name:	David Copp	Brendan W. Lee
Title:	Managing Director	Director
Experience on Fund:	since 2005	since 2006


	Social Choice Fixed-Income Composite (net of fees)	Social Choice Fixed-Income Composite (gross of fees)	Barclays U.S. Aggregate Bond Index^†
2015^‡	0.35%	0.56%	-0.10%
2014	8.23%	8.63%	5.97%
2013	-1.43%	-1.13%	-2.02%
2012	5.72%	5.98%	4.21%
2011	8.41%	8.77%	7.84%
2010^§	4.42%	4.74%	4.68%


*	For the fiscal year ended March 31, 2015, the effective annual fee rate was 0.29% for the Fund.


Fund Class Ticker:	[Investor] Class
Lifecycle Retirement Income Fund	—
Lifecycle 2010 Fund	—
Lifecycle 2015 Fund	—
Lifecycle 2020 Fund	—
Lifecycle 2025 Fund	—
Lifecycle 2030 Fund	—
Lifecycle 2035 Fund	—
Lifecycle 2040 Fund	—
Lifecycle 2045 Fund	—
Lifecycle 2050 Fund	—
Lifecycle 2055 Fund	—
Lifecycle 2060 Fund	—


Asset Class	Allocation	Market Sector	Allocation	Underlying Funds	Allocation
EQUITY	40.26%	U.S. Equity	27.19%	Ÿ Large-Cap Growth Fund	5.44%
				Ÿ Enhanced Large-Cap Growth Index Fund	5.12%
				Ÿ Large-Cap Value Fund	5.04%
				Ÿ Enhanced Large-Cap Value Index Fund	4.75%
				Ÿ Growth & Income Fund	4.47%
				Ÿ Small-Cap Equity Fund	2.18%
				Ÿ Mid-Cap Growth Fund	0.11%
				Ÿ Mid-Cap Value Fund	0.08%
		International Equity	13.07%	Ÿ International Equity Fund	3.78%



Name:	Hans Erickson, CFA	John Cunniff, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2007	since 2007


Fund		Investment Objective and Strategies/Benchmark
Enhanced Large-Cap Growth Index Fund		Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies. Under normal circumstances, the Fund follows an enhanced index management strategy. Advisors actively uses quantitative analysis to attempt to enhance the Fund’s performance relative to its benchmark index, the Russell 1000^® Growth Index, while retaining a similar risk profile, instead of passively holding a representative basket of securities designed to match this index. The Russell 1000^® Growth Index represents securities within the Russell 1000^® Index that have higher relative forecasted growth rates and price-to-book ratios.


Fund Class Ticker:	[Investor] Class
Lifecycle Index Retirement Income Fund	—
Lifecycle Index 2010 Fund	—
Lifecycle Index 2015 Fund	—
Lifecycle Index 2020 Fund	—
Lifecycle Index 2025 Fund	—
Lifecycle Index 2030 Fund	—
Lifecycle Index 2035 Fund	—
Lifecycle Index 2040 Fund	—
Lifecycle Index 2045 Fund	—
Lifecycle Index 2050 Fund	—
Lifecycle Index 2055 Fund	—
Lifecycle Index 2060 Fund	—


Fund Class Ticker:	[Investor] Class
Lifestyle Income Fund	—
Lifestyle Conservative Fund	—
Lifestyle Moderate Fund	—
Lifestyle Growth Fund	—
Lifestyle Aggressive Growth Fund	—


Fund Name	Equity Allocation	Fixed-Income Allocation
Lifestyle Aggressive Growth Fund	100%	0%
Lifestyle Growth Fund	80%	20%
Lifestyle Moderate Fund	60%	40%
Lifestyle Conservative Fund	40%	60%
Lifestyle Income Fund	20%	80%


			Tickers by Class
	Retail	Retirement	Premier	[Investor]	Institutional
Equity Funds
Emerging Markets Equity Fund	TEMRX	TEMSX	TEMPX	[_____]	TEMLX
Emerging Markets Equity Index Fund	TEQKX	TEQSX	TEQPX	[_____]	TEQLX
Enhanced International Equity Index Fund	—	—	—	[_____]	TFIIX
Enhanced Large-Cap Growth Index Fund	—	—	—	[_____]	TLIIX
Enhanced Large-Cap Value Index Fund	—	—	—	[_____]	TEVIX
Equity Index Fund	TINRX	TIQRX	TCEPX	[_____]	TIEIX
Global Natural Resources Fund	TNRLX	TNRRX	TNRPX	[_____]	TNRIX
Growth & Income Fund	TIIRX	TRGIX	TRPGX	[_____]	TIGRX
International Equity Fund	TIERX	TRERX	TREPX	[_____]	TIIEX
International Equity Index Fund	—	TRIEX	TRIPX	[_____]	TCIEX
International Opportunities Fund	TIOSX	TIOTX	TIOPX	[_____]	TIOIX
Large-Cap Growth Fund	TIRTX	TILRX	TILPX	[_____]	TILGX
Large-Cap Growth Index Fund	—	TRIRX	—	[_____]	TILIX
Large-Cap Value Fund	TCLCX	TRLCX	TRCPX	[_____]	TRLIX
Large-Cap Value Index Fund	—	TRCVX	—	[_____]	TILVX
Mid-Cap Growth Fund	TCMGX	TRGMX	TRGPX	[_____]	TRPWX
Mid-Cap Value Fund	TCMVX	TRVRX	TRVPX	[_____]	TIMVX
Small-Cap Blend Index Fund	—	TRBIX	—	[_____]	TISBX
Small-Cap Equity Fund	TCSEX	TRSEX	TSRPX	[_____]	TISEX
Social Choice Equity Fund	TICRX	TRSCX	TRPSX	[_____]	TISCX
Social Choice International Equity Fund	TSORX	TSOEX	TSOPX	[_____]	TSONX
Social Choice Low Carbon Equity Fund	TLWCX	TEWCX	TPWCX	[_____]	TNWCX
S&P 500 Index Fund	—	TRSPX	—	[_____]	TISPX

Fixed-Income Funds
Bond Fund	TIORX	TIDRX	TIDPX	[_____]	TIBDX
Bond Index Fund	TBILX	TBIRX	TBIPX	[_____]	TBIIX
Bond Plus Fund	TCBPX	TCBRX	TBPPX	[_____]	TIBFX
High-Yield Fund	TIYRX	TIHRX	TIHPX	[_____]	TIHYX
Inflation-Linked Bond Fund	TCILX	TIKRX	TIKPX	[_____]	TIILX
Short-Term Bond Fund	TCTRX	TISRX	TSTPX	[_____]	TISIX
Short-Term Bond Index Fund	TRSHX	TESHX	TPSHX	[_____]	TNSHX
Social Choice Bond Fund	TSBRX	TSBBX	TSBPX	[_____]	TSBIX
Tax-Exempt Bond Fund	TIXRX	—	—	[_____]	TITIX
Emerging Markets Debt Fund	TEDLX	TEDTX	TEDPX	[_____]	TEDNX
Money Market Fund	TIRXX	TIEXX	TPPXX	[_____]	TCIXX

Real Estate Securities Fund
Real Estate Securities Fund	TCREX	TRRSX	TRRPX	[_____]	TIREX


Name, address and year of birth (“YOB”)	Position(s) held with registrant	Term of office and length of time served	Principal occupation(s) during past 5 years and other relevant experience and qualifications	Number of portfolios in fund complex overseen	Other directorships held

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). Mr. Berkley has particular experience in investment management, global operations and finance, as well as experience with non-profit organizations and foundations.	85	Director, The Maine Coast Heritage Trust; Investment Committee Member, Maine Community Foundation, and the Elmina B. Sewall Foundation; Trustee, Maine Chapter of The Nature Conservancy; Former Director and member of the Investment Committee of the Boston Athenaeum; Former Director of GMO and the Appalachian Mountain Club.


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 of certain funds advised by American Beacon Advisors, Inc. Ms. Eckl has particular experience in investment management, mutual funds, pension plan management, finance, accounting and operations. Ms. Eckl is designated as an audit committee financial expert and is licensed as a certified public accountant in the State of Texas.	85	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Trustee, Lazard Alternative Emerging Markets 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), Chief Operating Officer, Copper Rock Capital Partners, LLC (2007–2014). Chief Operating Officer, DDJ Capital Management (2003–2006). Mr. Forrester has particular experience in investment management, institutional marketing and product development, operations management, alternative investments and experience with non-profit organizations.	85	Director, Copper Rock Capital Partners, LLC (investment adviser).


Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Chairman for term ending December 31, 2015. Trustee since 2005. Chairman since January 1, 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006), and on the faculty (since 1989) of Harvard Law School. Prof. Jackson has particular experience in law, including the federal securities laws, consumer protection, finance, pensions and social security, and organizational management and education.	85	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) (since 2012). President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser). President and Managing Principal, Windermere Investment Associates (1997–2006). Dr. Jacob has particular experience in education, finance, economics, private wealth management and related services.	85	None


Name of Trustee	Dollar range of equity securities in the registrant	Aggregate dollar range of equity securities in all registered investment companies overseen in family of investment companies

Forrest Berkley	International Equity Fund: Over $100,000	Over $100,000
	International Equity Index Fund: Over $100,000
	Large-Cap Growth Index Fund: Over $100,000


Nancy A. Eckl	Emerging Markets Equity Index Fund: $50,001–100,000	Over $100,000
	Growth & Income Fund: Over $100,000
	High-Yield Fund: $10,001–50,000
	International Equity Fund: $10,001–50,000
	Large-Cap Growth Fund: $1–10,000
	Large-Cap Value Fund: $50,001–100,000
	Small-Cap Blend Index Fund: $50,001–100,000
	Social Choice Equity Fund: $10,001–50,000
1

Michael A. Forrester	S&P 500 Index Fund: $50,001–100,000	Over $100,000


Howell E. Jackson	Emerging Markets Equity Fund: $1–10,000	Over $100,000
	International Equity Index Fund: Over $100,000


Nancy L. Jacob	Bond Fund: $50,001–100,000	Over $100,000
	Emerging Markets Equity Fund: $50,001–100,000
	Equity Index Fund: $10,001–50,000
	Growth & Income Fund: Over $100,000
	High-Yield Fund: $10,001–50,000
	International Equity Fund: $10,001–50,000
	Large-Cap Value Fund: $10,001–50,000
	Mid-Cap Growth Fund: $50,001–100,000
	Mid-Cap Value Fund: $50,001–100,000
	Money Market Fund: Over $100,000
	Real Estate Securities Fund: Over $100,000
	Short-Term Bond Fund: $50,001–100,000
	Small-Cap Equity Fund: $50,001–100,000


	Name	Aggregate compensation from the registrant¹		Long-term compensation accrued as part of registrant expenses²		Total compensation paid from TIAA-CREF Fund Complex¹

	Forrest Berkley³	$	67,740.87	$	18,036.75	$	280,000.00
	Nancy A. Eckl		73,802.35		18,036.75		305,000.00
	Michael A. Forrester		75,014.64		18,036.75		310,000.00
	Howell E. Jackson		93,199.08		18,036.75		385,000.00
	Nancy L. Jacob³		70,165.46		18,036.75		290,000.00
	Thomas J. Kenny³		70,165.46		18,036.75		290,000.00
	Bridget A. Macaskill		78,651.53		18,036.75		325,000.00
	James M. Poterba³		75,014.64		18,036.75		310,000.00
	Maceo K. Sloan		70,165.46		18,036.75		290,000.00
	Laura T. Starks³		77,439.23		18,036.75		320,000.00
	Total:		751,358.72		180,367.54		3,105,000.00

¹	Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferred compensation plan described below.
²	Amounts deferred under the long-term compensation plan described below.
³	A portion of this compensation was not actually paid based on the prior election of the Trustee to defer receipt of payment in accordance with the provisions of a deferred compensation plan for non-officer Trustees described below. For the fiscal year ended October 31, 2014, Mr. Berkley elected to defer $210,000, Dr. Jacob elected to defer $172,125, Mr. Kenny elected to defer $215,000, Prof. Poterba elected to defer $235,000 and Dr. Starks elected to defer $240,000 of total compensation from the TIAA-CREF Fund Complex.


	Gross						Waived						Net
	Fiscal years ended October 31,						Fiscal years ended October 31,						Fiscal years ended October 31,
Fund	2014		2013		2012		2014		2013		2012		2014		2013		2012
Emerging Markets Debt Fund	$	14,192	$	—	$	—	$	—	$	—	$	—	$	14,192	$	—	$	—
Emerging Markets Equity Fund		6,550,506		5,798,366		4,223,196		—		—		—		6,550,506		5,798,366		4,223,196
Emerging Markets Equity Index Fund		1,185,916		798,352		338,505		—		—		—		1,185,916		798,352		338,505
Enhanced International Equity Index Fund		4,099,657		3,389,987		2,795,612		229,564		—		—		3,870,093		3,389,987		2,795,612
Enhanced Large-Cap Growth Index Fund		5,489,542		4,137,691		3,316,435		—		—		—		5,489,542		4,137,691		3,316,435
Enhanced Large-Cap Value Index Fund		5,327,506		4,276,672		3,258,712		—		—		—		5,327,506		4,276,672		3,258,712
Equity Index Fund		3,327,780		2,540,285		1,446,807		—		—		—		3,327,780		2,540,285		1,446,807
Global Natural Resources Fund		1,606,761		1,930,055		1,226,628		—		—		—		1,606,761		1,930,055		1,226,628
Growth & Income Fund		18,511,272		14,689,501		11,389,962		—		—		—		18,511,272		14,689,501		11,389,962
International Equity Fund		17,568,732		15,172,172		12,284,083		—		—		—		17,568,732		15,172,172		12,284,083
International Equity Index Fund		2,314,917		1,833,002		1,219,811		—		—		—		2,314,917		1,833,002		1,219,811
International Opportunities Fund		5,831,049		1,044,141		—		—		—		—		5,831,049		1,044,141		—
Large-Cap Growth Fund		11,186,170		8,286,848		6,600,242		—		—		—		11,186,170		8,286,848		6,600,242
Large-Cap Growth Index Fund		678,155		498,846		380,116		—		—		—		678,155		498,846		380,116
Large-Cap Value Fund		20,813,438		15,946,912		11,135,203		—		—		—		20,813,438		15,946,912		11,135,203
Large-Cap Value Index Fund		832,388		587,088		394,187		—		—		—		832,388		587,088		394,187
Mid-Cap Growth Fund		8,185,232		6,985,984		5,960,523		—		—		—		8,185,232		6,985,984		5,960,523
Mid-Cap Value Fund		20,342,861		16,763,460		12,875,731		208,309		173,023		—		20,134,552		16,590,437		12,875,731
Small-Cap Blend Index Fund		654,765		490,621		333,033		—		—		—		654,765		490,621		333,033
Small-Cap Equity Fund		10,619,058		8,643,417		6,994,707		279,974		465,162		386,653		10,339,084		8,178,255		6,608,054
Social Choice Equity Fund		3,094,240		2,186,243		1,793,650		—		—		—		3,094,240		2,186,243		1,793,650
S&P 500 Index Fund		870,652		667,814		566,266		—		—		—		870,652		667,814		566,266


	Gross						Waived						Net
	Fiscal years ended March 31,						Fiscal years ended March 31,						Fiscal years ended March 31,
Fund	2015		2014		2013		2015		2014		2013		2015		2014		2013
Bond Fund	$	7,853,611	$	6,951,196	$	6,728,712	$	—	$	—	$	—	$	7,853,611	$	6,951,196	$	6,728,712
Bond Index Fund		5,534,415		4,645,595		3,612,071		—		—		—		5,534,415		4,645,595		3,612,071
Bond Plus Fund		7,741,669		5,312,959		3,531,941		—		—		—		7,741,669		5,312,959		3,531,941
High-Yield Fund		9,604,384		8,611,292		6,308,383		—		—		—		9,604,384		8,611,292		6,308,383
Inflation-Linked Bond Fund		4,691,537		4,389,707		4,315,483		—		—		—		4,691,537		4,389,707		4,315,483
Short-Term Bond Fund		3,494,880		2,948,005		2,452,090		—		—		—		3,494,880		2,948,005		2,452,090
Social Choice Bond Fund		794,743		262,795		97,471		—		—		—		794,743		262,795		97,471
Tax-Exempt Bond Fund		1,031,893		1,105,446		1,139,203		—		—		—		1,031,893		1,105,446		1,139,203
Money Market Fund		801,243		851,132		926,819		—		—		—		801,243		851,132		926,819
Real Estate Securities Fund		8,466,347		6,700,945		6,000,671		—		—		—		8,466,347		6,700,945		6,000,671


	Fund administration fees						Compliance fees
Fund	October 31, 2014		October 31, 2013		October 31, 2012		October 31, 2014		October 31, 2013		October 31, 2012
Emerging Markets Debt Fund	$	93	$	—	$	—	$	33	$	—	$	—
Emerging Markets Equity Fund		29,179		30,528		29,442		10,180		15,886		14,573
Emerging Markets Equity Index Fund		32,484		24,374		14,303		11,359		12,769		7,130
Enhanced International Equity Index Fund		36,640		34,827		37,968		12,713		18,122		18,881
Enhanced Large-Cap Growth Index Fund		63,731		52,531		57,412		22,343		27,451		28,486
Enhanced Large-Cap Value Index Fund		61,290		55,166		55,978		21,483		28,911		27,698
Equity Index Fund		316,899		275,219		218,053		111,237		143,254		107,668
Global Natural Resources Fund		9,206		13,556		10,848		3,102		7,067		5,346
Growth & Income Fund		166,040		150,023		156,045		58,052		78,125		77,397
International Equity Fund		141,256		139,703		146,938		49,035		72,892		73,558
International Equity Index Fund		222,704		200,575		180,320		77,890		104,393		90,073
International Opportunities Fund		38,507		4,853		—		14,121		2,758		—
Large-Cap Growth Fund		97,742		81,740		89,569		34,308		42,654		44,609
Large-Cap Growth Index Fund		63,363		56,345		55,595		22,237		28,996		27,745
Large-Cap Value Fund		187,732		162,877		151,710		66,181		84,831		75,394
Large-Cap Value Index Fund		76,907		66,163		55,075		26,792		34,433		28,363
Mid-Cap Growth Fund		71,284		67,464		78,041		24,828		35,232		39,004
Mid-Cap Value Fund		182,600		170,220		176,631		63,970		88,672		87,943
Small-Cap Blend Index Fund		63,057		52,780		49,067		22,202		27,585		24,544
Small-Cap Equity Fund		94,983		85,009		92,758		33,323		44,364		46,191
Social Choice Equity Fund		75,532		63,424		72,016		26,442		33,054		35,808
S&P 500 Index Fund		82,466		73,445		84,964		28,830		38,264		42,322


		Service fees for fiscal year or period ended
	Fund*	October 31, 2014		October 31, 2013		October 31, 2012
	Emerging Markets Debt Fund	$	270	$	—	$	—
	Emerging Markets Equity Fund		40,144		34,872		20,640
	Emerging Markets Equity Index Fund		99,048		75,543		40,521
	Equity Index Fund		727,148		563,659		528,185
	Global Natural Resources Fund		31,367		31,756		21,931
	Growth & Income Fund		1,665,397		1,450,836		1,228,257
	International Equity Fund		2,054,508		1,946,699		1,805,420
	International Equity Index Fund		1,967,468		1,761,878		1,562,450
	International Opportunities Fund		9,233		2,217		—
	Large-Cap Growth Fund		438,637		361,792		250,331
	Large-Cap Growth Index Fund		661,779		601,677		540,839
	Large-Cap Value Fund		2,903,185		2,464,793		1,901,445
	Large-Cap Value Index Fund		824,829		664,583		522,860
	Mid-Cap Growth Fund		1,390,483		1,294,359		1,283,593
	Mid-Cap Value Fund		3,763,663		3,516,491		3,075,452
	Small-Cap Blend Index Fund		1,246,079		986,829		821,354
	Small-Cap Equity Fund		1,359,943		1,251,998		1,246,717
	Social Choice Equity Fund		998,588		869,260		842,449
	S&P 500 Index Fund		1,388,513		1,099,365		947,395
*	The Institutional, Retail and Premier classes of the funds are not currently subject to the Retirement Class Service Agreement.


		Service fees for fiscal year or period ended
	Fund*	March 31, 2015		March 31, 2014		March 31, 2013
	Bond Fund	$	734,694	$	865,593	$	847,244
	Bond Index Fund		209,977		175,977		131,143
	Bond Plus Fund		487,182		444,500		293,105
	High-Yield Fund		739,872		815,452		632,097
	Inflation-Linked Bond Fund		429,715		489,199		533,632
	Short-Term Bond Fund		351,485		521,989		644,764
	Social Choice Bond Fund		105,114		8,819		1,997
	Money Market Fund		225,776		208,615		181,468
	Real Estate Securities Fund		763,776		597,596		636,277
*	The Institutional, Retail and Premier classes of the funds are not currently subject to the Retirement Class Service Agreement.


	Number of other accounts managed			Total assets in accounts managed (millions)
Name of portfolio manager		Registered investment companies	Other pooled investment vehicles		Registered investment companies	Other pooled investment vehicles	Dollar range of equity securities owned in Fund
Emerging Markets Debt Fund
Katherine Renfrew		0	1		$57	$143	$0
Anupam Damani		0	0		$57	$0	$0

Emerging Markets Equity Fund
Alex Muromcew		0	0		$864	$0	$100,001–500,000
Barton Grenning		0	0		$864	$0	$50,001–100,000

Emerging Markets Equity Index Fund
Philip James (Jim) Campagna		12	0		$59,979	$0	$0
Lei Liao		12	0		$59,979	$0	$0

Enhanced International Equity Index Fund
Pablo Mitchell		0	0		$1,029	$0	$50,001–100,000
Steven Rossiello		0	1		$1,029	$48	$100,001–500,000

Enhanced Large-Cap Growth Index Fund
Adam Cao		2	1		$4,487	$48	$0
James Johnson		0	0		$1,785	$0	$0

Enhanced Large-Cap Value Index Fund
Michael Shing		2	1		$4,426	$48	$100,001–500,000
Pei Chen		0	0		$1,724	$0	$50,001–100,000

Equity Index Fund
Philip James (Jim) Campagna		12	0		$59,979	$0	$100,001–500,000
Lei Liao		12	0		$59,979	$0	$0

Global Natural Resources Fund
Navaneel Ray		0	0		$256	$0	$100,001–500,000

Growth & Income Fund
Susan Kempler		1	0		$4,861	$0	Over $1,000,000

International Equity Fund
Christopher Semenuk		1	0		$3,755	$0	Over $1,000,000

International Equity Index Fund
Philip James (Jim) Campagna		12	0		$59,979	$0	$10,001–50,000
Lei Liao		12	0		$59,979	$0	$0

International Opportunities Fund
Jason Campbell		0	0		$1,047	$0	$100,001–500,000

Large-Cap Growth Fund
Susan Hirsch		3	0		$25,447	$0	Over $1,000,000
Terrence Kontos		1	0		$2,902	$0	$100,001–500,000

Large-Cap Growth Index Fund
Philip James (Jim) Campagna		12	0		$59,979	$0	$0
Lei Liao		12	0		$59,979	$0	$0

Large-Cap Value Fund
Richard Cutler		2	0		$10,584	$0	Over $1,000,000
Athanasios (Tom) Kolefas		2	1		$10,584	$39	$0

Large-Cap Value Index Fund
Philip James (Jim) Campagna		12	0		$59,979	$0	$0
Lei Liao		12	0		$59,979	$0	$0

Mid-Cap Growth Fund
George (Ted) Scalise		0	0		$1,730	$0	Over $1,000,000
Susan Hirsch		3	0		$25,447	$0	$0

Mid-Cap Value Fund
Richard Cutler		2	0		$10,584	$0	$100,001–500,000
Athanasios (Tom) Kolefas		2	1		$10,584	$39	Over $1,000,000

Small-Cap Blend Index Fund
Philip James (Jim) Campagna		12	0		$59,979	$0	$0
Lei Liao		12	0		$59,979	$0	$0


Fund	Advertising		Compensation to underwriters		Compensation to broker-dealers		Compensation to sales personnel		Other (includes but is not limited to rent & occupancy, equipment, software and telephone)		Total 12b-1 expenses paid for the period ended March 31, 2015
Bond Fund	$	58,106	$	—	$	90,976	$	35,068	$	7,529	$	191,679
Bond Index Fund		12,093		—		18,934		7,299		1,567		39,893
Bond Plus Fund		201,584		—		315,618		121,660		26,121		664,983
High-Yield Fund		400,613		—		627,236		241,780		51,911		1,321,540
Inflation-Linked Bond Fund		111,440		—		174,480		67,256		14,440		367,616
Short-Term Bond Fund		123,162		—		192,833		74,331		15,959		406,285
Social Choice Bond Fund		17,420		—		27,275		10,514		2,257		57,466
Tax-Exempt Bond Fund		237,048		—		371,143		143,064		30,716		781,971
Real Estate Securities Fund		158,056		—		247,468		95,391		20,482		521,397


	Date of expiration
Fund		10/31/2017		10/31/2018		10/31/2019		No expiration		Total
Emerging Markets Debt Fund		$	—	$	—	$	—	$	125	$	125
Emerging Markets Equity Fund			—		—		14,064,867		42,175,125		56,239,992
Emerging Markets Equity Index Fund			—		—		—		10,362,127		10,362,127
Global Natural Resources Fund			—		—		—		33,520,694		33,520,694
International Equity Fund			43,199,731		37,037,218		—		—		80,236,949
International Opportunities Fund			—		—		—		70,351,828		70,351,828
S&P 500 Index Fund			—		—		—		1,558,340		1,558,340


Fund	Commissions
Emerging Markets Debt Fund	$	—
Emerging Markets Equity Fund		3,909,998
Emerging Markets Equity Index Fund		229,941
Enhanced International Equity Index Fund		434,660
Enhanced Large-Cap Growth Index Fund		190,240
Enhanced Large-Cap Value Index Fund		259,738
Equity Index Fund		48,114
Global Natural Resources Fund		932,837
Growth & Income Fund		4,458,498
International Equity Fund		6,200,852
International Equity Index Fund		193,991
International Opportunities Fund		1,290,507
Large-Cap Growth Fund		1,930,881
Large-Cap Growth Index Fund		28,949
Large-Cap Value Fund		3,759,611
Large-Cap Value Index Fund		42,769
Mid-Cap Growth Fund		1,750,582
Mid-Cap Value Fund		1,578,428
Small-Cap Blend Index Fund		20,928
Small-Cap Equity Fund		804,612
Social Choice Equity Fund		46,198
S&P 500 Index Fund		19,148


Fund	Broker	Holdings (US$)
Emerging Markets Equity Index Fund	BANCO SANTANDER CHILE	772,559

Enhanced International Equity Index Fund	BANCO SANTANDER SA	15,282,240
	HSBC HOLDINGS PLC	10,420,701
	SKANDINAVISKA ENSKILDA BAN-A	8,601,123
	SUMITOMO MITSUI FINANCIAL GR	1,521,202
	BNP PARIBAS	222,712

Enhanced Large-Cap Growth Index Fund	LAZARD LTD-CL A	7,754,955

Enhanced Large-Cap Value Index Fund	WELLS FARGO & CO	51,061,962
	JPMORGAN CHASE & CO	39,160,800
	CITIGROUP INC	25,999,521
	BANK OF AMERICA CORP	22,749,424
	GOLDMAN SACHS GROUP INC	16,423,495
	MORGAN STANLEY	13,233,049
	LAZARD LTD-CL A	4,911,158
	CHARLES SCHWAB CORP	4,587,200
	STATE STREET CORP	1,995,313
	TD AMERITRADE HOLDING CORP	202,440

Equity Index Fund	WELLS FARGO & CO	101,959,610
	JPMORGAN CHASE & CO	92,063,926
	BANK OF AMERICA CORP	72,063,643
	CITIGROUP INC	65,453,486
	GOLDMAN SACHS GROUP INC	34,284,456
	MORGAN STANLEY	21,227,092
	STATE STREET CORP	13,139,472
	CHARLES SCHWAB CORP	13,043,445
	BB&T CORP	11,014,216
	FIFTH THIRD BANCORP	6,768,194
	TD AMERITRADE HOLDING CORP	3,707,655
	RAYMOND JAMES FINANCIAL INC	2,833,106
	LAZARD LTD-CL A	2,404,696
	POPULAR INC	1,272,299
	STIFEL FINANCIAL CORP	1,148,554
	SUSQUEHANNA BANCSHARES INC	729,942
	PIPER JAFFRAY COS	367,780
	INVESTMENT TECHNOLOGY GROUP	259,770
	COWEN GROUP INC-CLASS A	187,355
	OPPENHEIMER HOLDINGS-CL A	97,365
	FBR & CO	93,229

Growth & Income Fund	BANK OF AMERICA CORP	80,391,494
	WELLS FARGO & CO	69,390,064
	MORGAN STANLEY	52,848,734
	CITIGROUP INC	50,583,227
	JPMORGAN CHASE & CO	38,474,654
	LAZARD LTD-CL A	19,848,853

International Equity Fund	BNP PARIBAS	28,347,298
	NOMURA HOLDINGS INC	366,332

International Equity Index Fund	HSBC HOLDINGS PLC	88,596,169
	BANCO SANTANDER SA	48,165,446
	BNP PARIBAS	30,083,058
	SUMITOMO MITSUI FINANCIAL GROUP	23,788,668
	SOCIETE GENERALE SA	15,793,839
	NOMURA HOLDINGS INC	10,502,674
	SKANDINAVISKA ENSKILDA BAN-A	8,745,685
	ROYAL BANK OF SCOTLAND GROUP	7,063,970
	MACQUARIE GROUP LTD	6,998,102
	JULIUS BAER GROUP LTD	4,439,885

International Opportunities Fund	BNP PARIBAS	10,518,818
	SUMITOMO MITSUI FINANCIAL GROUP	7,234,887

Large-Cap Growth Fund	CHARLES SCHWAB CORP	25,987,778
	MORGAN STANLEY	13,479,621


Name of	Dollar range of equity securities in the registrant	Aggregate dollar range of equity securities in all registered investment companies overseen in family of investment companies

Forrest Berkley	None	Over $100,000


Nancy A. Eckl	None	Over $100,000
1

Michael A. Forrester	Lifecycle 2035 Fund: Over $100,000	Over $100,000


Howell E. Jackson	Lifecycle 2030 Fund: Over $100,000	Over $100,000
	Lifecycle Index 2030 Fund: Over $100,000


Nancy L. Jacob	Lifecycle 2010 Fund: Over $100,000	Over $100,000
	Lifecycle 2015 Fund: $10,001–50,000


Thomas J. Kenny	Lifecycle 2025 Fund: Over $100,000	Over $100,000
	Lifecycle 2040 Fund: $50,001–100,000


Bridget A. Macaskill	None	Over $100,000


James M. Poterba	None	Over $100,000


Maceo K. Sloan	Lifecycle 2015 Fund: $50,001–100,000	Over $100,000


Laura T. Starks	Lifecycle 2015 Fund: $50,001–100,000	Over $100,000
	Lifecycle 2020 Fund: $50,001–100,000
	Lifecycle Index 2040 Fund: Over $100,000


	Gross						Waived						Net
	Fiscal years ended May 31,						Fiscal years ended May 31,						Fiscal years ended May 31,
Fund	2015		2014		2013		2015		2014		2013		2015		2014		2013
Lifecycle Retirement Income Fund	$	334,422	$	254,823	$	179,789	$	334,422	$	254,823	$	179,789	$	—	$	—	$	—
Lifecycle 2010 Fund		1,076,689		981,533		841,020		1,076,689		981,533		841,020		—		—		—
Lifecycle 2015 Fund		1,720,629		1,520,157		1,219,764		1,720,629		1,520,157		1,219,764		—		—		—
Lifecycle 2020 Fund		2,588,789		2,097,213		1,562,438		2,588,789		2,097,213		1,562,438		—		—		—
Lifecycle 2025 Fund		2,600,910		2,076,089		1,506,345		2,600,910		2,076,089		1,506,345		—		—		—
Lifecycle 2030 Fund		2,504,884		1,997,293		1,434,781		2,504,884		1,997,293		1,434,781		—		—		—
Lifecycle 2035 Fund		2,534,383		2,033,809		1,441,810		2,534,383		2,033,809		1,441,810		—		—		—
Lifecycle 2040 Fund		3,288,735		2,701,928		1,973,086		3,288,735		2,701,928		1,973,086		—		—		—
Lifecycle 2045 Fund		1,132,011		773,405		441,372		1,132,011		773,405		441,372		—		—		—
Lifecycle 2050 Fund		652,427		430,630		239,589		652,427		430,630		239,589		—		—		—
Lifecycle 2055 Fund		104,886		53,871		22,366		104,886		53,871		22,366		—		—		—
Lifecycle 2060 Fund*		7,118		—		—		7,118		—		—		—		—		—
Lifecycle Index Retirement Income Fund		39,338		29,873		20,164		23,602		17,924		9,946		15,735		11,949		10,218
Lifecycle Index 2010 Fund		173,452		134,553		101,448		98,863		67,277		39,472		74,588		67,277		61,976
Lifecycle Index 2015 Fund		314,619		244,840		170,750		147,873		97,936		49,868		166,746		146,904		120,882
Lifecycle Index 2020 Fund		483,047		344,993		223,043		193,219		137,997		59,833		289,828		206,996		163,210
Lifecycle Index 2025 Fund		484,728		345,266		212,593		145,418		103,580		41,455		339,309		241,686		171,138
Lifecycle Index 2030 Fund		508,253		356,052		223,680		137,889		71,210		21,051		370,364		284,842		202,629
Lifecycle Index 2035 Fund		484,781		349,066		212,857		96,956		69,813		20,134		387,825		279,253		192,723
Lifecycle Index 2040 Fund		573,663		417,957		266,661		114,732		83,591		24,689		458,930		334,365		241,972
Lifecycle Index 2045 Fund		264,583		173,346		95,285		52,917		34,669		9,349		211,666		138,677		85,936
Lifecycle Index 2050 Fund		171,484		111,507		61,196		34,297		22,302		6,021		137,187		89,206		55,175
Lifecycle Index 2055 Fund		38,829		22,157		13,197		7,766		4,431		1,192		31,063		17,726		12,005
Lifecycle Index 2060 Fund*		6,957		—		—		1,391		—		—		5,565		—		—
Lifestyle Income Fund		49,429		30,743		16,471		—		—		—		49,429		30,743		16,471
Lifestyle Conservative Fund		97,245		55,053		21,041		—		—		—		97,245		55,053		21,041
Lifestyle Moderate Fund		124,531		68,957		21,180		—		—		—		124,531		68,957		21,180
Lifestyle Growth Fund		62,441		36,594		16,648		—		—		—		62,441		36,594		16,648
Lifestyle Aggressive Growth Fund		49,567		34,031		16,268		—		—		—		49,567		34,031		16,268


	Service fees for fiscal year or period ended
Fund*	May 31, 2015		May 31, 2014		May 31, 2013
Lifecycle Retirement Income Fund	$	303,804	$	252,527	$	211,181
Lifecycle 2010 Fund		1,144,838		1,115,670		1,111,191
Lifecycle 2015 Fund		1,783,276		1,685,118		1,542,460
Lifecycle 2020 Fund		2,497,597		2,200,073		1,931,682
Lifecycle 2025 Fund		2,411,099		2,094,960		1,813,268
Lifecycle 2030 Fund		2,150,585		1,879,456		1,638,811
Lifecycle 2035 Fund		2,066,837		1,837,136		1,623,012
Lifecycle 2040 Fund		2,692,316		2,512,844		2,306,258
Lifecycle 2045 Fund		887,079		699,903		495,131
Lifecycle 2050 Fund		520,820		400,176		278,307
Lifecycle 2055 Fund		110,676		65,218		36,403
Lifecycle 2060 Fund**		4,687		—		—
Lifecycle Index Retirement Income Fund		11,028		3,013		1,884
Lifecycle Index 2010 Fund		82,781		39,095		18,278
Lifecycle Index 2015 Fund		129,108		65,739		33,742
Lifecycle Index 2020 Fund		195,844		78,857		37,146
Lifecycle Index 2025 Fund		178,197		74,687		28,337
Lifecycle Index 2030 Fund		164,219		61,121		30,498
Lifecycle Index 2035 Fund		127,665		54,578		26,790
Lifecycle Index 2040 Fund		128,490		56,122		31,212
Lifecycle Index 2045 Fund		77,344		31,816		14,187
Lifecycle Index 2050 Fund		50,083		19,378		8,153
Lifecycle Index 2055 Fund		12,079		4,533		2,888
Lifecycle Index 2060 Fund**		1,736		—		—
Lifestyle Income Fund		33,366		22,050		13,284
Lifestyle Conservative Fund		51,410		34,883		15,014
Lifestyle Moderate Fund		88,915		56,288		17,410
Lifestyle Growth Fund		48,333		32,451		15,363
Lifestyle Aggressive Growth Fund		50,630		37,819		17,068
Managed Allocation Fund		111,179		89,558		70,327