N-CSRS 1 c85096_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, NC 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2016

Item 1. Reports to Stockholders.

2016 Semiannual Report

April 30, 2016

TIAA-CREF Funds

Equity Funds

Contents

Understanding your report from TIAA-CREF Funds	2

Information for investors	2

TIAA-CREF Market Monitor	3

About the funds’ benchmarks	4

Important information about expenses	5

Fund performance
Enhanced Large-Cap Growth Index Fund	6
Enhanced Large-Cap Value Index Fund	8
Growth & Income Fund	10
Large-Cap Growth Fund	12
Large-Cap Value Fund	14
Mid-Cap Growth Fund	16
Mid-Cap Value Fund	18
Small-Cap Equity Fund	20
Social Choice Equity Fund	22
Social Choice Low Carbon Equity Fund	24
Emerging Markets Equity Fund	26
Enhanced International Equity Index Fund	28
Global Natural Resources Fund	30
International Equity Fund	32
International Opportunities Fund	34
Social Choice International Equity Fund	36

Summary portfolios of investments	38

Financial statements (unaudited)
Statements of assets and liabilities	72
Statements of operations	76
Statements of changes in net assets	80
Financial highlights	86
Notes to financial statements	100

Renewal of investment management agreement	111

Additional information about index providers	117

How to reach us	Inside back cover

Understanding your report from TIAA-CREF Funds

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

This semiannual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of April 30, 2016. The report contains three main sections:

	•	The fund performance section compares each fund’s investment returns with those of its benchmark index.
	•	The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2016.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

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

Information for investors

Portfolio holdings

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports, instead of providing complete portfolio listings. The TIAA-CREF Funds also file complete portfolio listings with the SEC, and they are available to the public.

You can obtain a complete list of the TIAA-CREF Funds’ portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

	•	By visiting our website at TIAA.org; or
	•	By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-Q filings are as of January 31 or July 31. Copies of these forms are available:

	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202-551-8090 for more information.)

Proxy voting

TIAA-CREF Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at www.sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.

Fund management

The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, Inc. The members of these teams are responsible for the day-to-day investment management of the funds.

2	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

TIAA-CREF Market Monitor

Stock markets fluctuate then stabilize

During the first half of the six months ended April 30, 2016, stock markets around the globe were volatile, triggered largely by investors’ concerns about oil prices, interest rates and China’s slowing economy. However, many equity markets gained traction in the second half of the period. For the six months, the Russell 3000^® Index, a broad-based measure of the U.S. stock market, posted a slightly positive return of 0.1%, whereas international stock markets generally ended lower.

Growth slows, U.S. dollar drops

In the United States, real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at a seasonally adjusted annualized rate of 1.4% in the fourth calendar quarter of 2015—below the third quarter annualized rate of 2.0%. The rate of growth slipped further to 0.8% (the second government estimate) in the first quarter of 2016. While labor market conditions improved, the national unemployment rate remained low and virtually unchanged at 5.0% throughout the reporting period. Inflation also remained low, with the Consumer Price Index well below 2% on an annualized basis. The price of oil finished almost flat, despite suffering a steep drop during the period. The U.S. dollar dropped against most major currencies, which is generally favorable for domestic exports.

In the eurozone, unemployment fell to a four-and-a-half-year low, lending rose and consumer prices declined. Japan’s economy remained stagnant and China’s growth slowed.

Amid volatility, U.S. stocks end flat, foreign stocks decline

Source: Returns for U.S. Stocks are based on the on the Russell 3000^® Index; returns for International Stocks are based on the MSCI EAFE Index.

Value and mid-cap U.S. stocks outperform, bonds post positive returns

In the U.S. equity market, mid- and large-cap stocks rose 0.8% and 0.2%, respectively, while their small-cap counterparts dropped 1.9%. Value stocks gained 1.9%, while growth stocks fell 1.4%. (Returns by investment style and capitalization size are based on Russell indexes.) Domestic investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index, returned 2.8%.

Overseas, emerging markets outperformed their developed market counterparts. The MSCI Emerging Markets Index ended the period down 0.1%, while the MSCI EAFE Index, which measures stock performance in 21 developed market nations outside North America, fell 3.1%. (Returns are in U.S. dollars.) In welcome news for commodities investors, the MSCI All Country World Commodity Producers Sector Capped Index rose 8.3%.

Fed raises rates, foreign central banks ease

Early in the period, oil prices dropped in reaction to reports of surging supply and reduced demand, exerting pressure on stocks. On December 16, 2015, the Federal Reserve raised the federal funds rate target by 0.25% to a range of 0.25%–0.50%—the first time the central bank had increased this key short-term interest rate benchmark in nearly a decade—and kept the rate at that level through the end of the period.

In January, China’s currency dropped sharply, which triggered concerns about the country’s economy, and global stock markets retreated.

In February, the U.S. dollar dropped and the price per barrel of West Texas Intermediate Crude, which had dropped below $27 per barrel, finally rose, bolstering energy and bank stocks.

In March, China cut reserve ratio requirements for banks, Europe cut its key short-term lending rate and, in the United States, Fed officials signaled that the Fed might hike rates at a less aggressive pace than had been expected.

In response to developments in February and March, global equities rallied. In the month of March alone, the MSCI Emerging Markets and MSCI EAFE indexes rose 13.2% and 6.5%, respectively; the MSCI All Country World Commodity Producers Sector Capped Index rose 9.0%; and in the United States, the Russell 3000 Index rose 7.0%. Both domestic and international equities continued to rise in April, though U.S. equity returns were tempered somewhat by concerns about weak economic growth.

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

About the funds’ benchmarks

Broad market indexes

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

The MSCI All Country World ex USA Index measures the performance of large- and mid-cap stocks in 45 developed and emerging market countries, excluding the United States.

The MSCI EAFE Index measures the performance of the leading stocks in 21 developed market countries outside North America—in Europe, Australasia, and the Far East.

The MSCI Emerging Markets Index measures the performance of the leading stocks in 23 emerging market countries in Europe, Asia, Africa, Latin America and the Middle East.

Large-cap indexes

The S&P 500^® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.

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

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

Mid-cap indexes

The Russell Midcap^® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher relative forecasted growth rates and price/book ratios.

The Russell Midcap^® Value Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Value Index measures the performance of those stocks of the Russell Midcap Index with lower relative forecasted growth rates and price/book ratios.

Small-cap index

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

Specialty equity index

The MSCI All Country World Commodity Producers Sector Capped Index measures the performance of the stocks of commodity producers in 46 developed and emerging market nations throughout the world. The index is composed of three sectors—energy, metals and agriculture. The weight of each sector is fixed at one-third of the index.

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

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

4	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2015–April 30, 2016).

Actual expenses

The first section of each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then

multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses may have been higher.

Hypothetical example for comparison purposes

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

This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Enhanced Large-Cap Growth Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2016
Information technology		28.1
Consumer discretionary		20.0
Health care		14.2
Industrials		12.8
Consumer staples		11.4
Financials		5.5
Materials		4.4
Telecommunication services		2.7
Energy		0.3
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2016
More than $50 billion		57.0
More than $15 billion–$50 billion		18.4
More than $2 billion–$15 billion		24.4
$2 billion or less		0.2
Total		100.0

Performance for the six months ended April 30, 2016

The Enhanced Large-Cap Growth Index Fund returned –0.92%, compared with the –1.37% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2016, the fund returned 2.20% versus 1.07% for the index. The table below shows returns for all share classes of the fund.

Stocks experience volatility as Fed raises rates

The U.S. economy’s pace of growth slowed during the reporting period. Although labor market conditions improved, the national unemployment rate remained essentially unchanged throughout the period at 5.0%. The price of oil also finished virtually flat, despite plunging mid-period, while inflation remained low. The U.S. dollar dropped sharply against most major currencies, which is generally positive for domestic exports.

On December 16, 2015, the Federal Reserve raised the federal funds rate target by 0.25%—the first increase in this key short-term benchmark rate since 2006. Stock prices proceeded to pull back, in part due to concerns about the pace of future rate hikes, China’s economic slowdown and a drop in commodity prices. In late January, the price per barrel of West Texas Intermediate Crude oil dropped below $27 from $46 at the beginning of the period. However, oil prices later rebounded, China’s currency stabilized, the dollar dropped further and the Fed signaled it might raise rates at a less aggressive pace than previously anticipated. U.S. stocks, particularly those of energy companies, rebounded in March. Although U.S. stocks rose modestly in April, their returns were tempered somewhat by concerns about weak economic growth.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 0.06%. Mid-cap stocks outperformed large-caps, while small-cap stocks lagged. Value stocks performed better than their growth counterparts. (Returns by investment style and capitalization size are based on the Russell indexes.)

Performance as of April 30, 2016

Average annual

Total return

total return

Enhanced Large-Cap

since

Growth Index Fund

Inception date

6 months

1 year

5 years

inception

Institutional Class

11/30/2007

–0.92

2.20

10.70

7.26

Advisor Class

12/4/2015

–1.03

2.08

10.68

7.24

Russell 1000 Growth Index

—

–1.37

1.07

11.44

7.58

^†

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

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

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

6	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the five years ended April 30, 2016, the Russell 1000 Growth Index, a broad measure of U.S. large-cap growth stocks, produced an average annual gain of 11.44%, exceeding both the 10.13% average annual return of the Russell 1000 Value Index and the 10.50% average annual return of the Russell 3000 Index.

Largest index sectors experience declines

Four out of ten industry sectors of the Russell 1000 Growth Index had losses for the six months. Information technology, the benchmark’s largest sector, fell 5.5% and was the benchmark’s largest detractor. With a 4.0% decline, health care was not far behind, as major insurers have experienced losses due to increased government regulations. Consumer discretionary lost 0.8% due in part to higher energy prices. Together, these three sectors represented nearly two-thirds of the benchmark’s total market capitalization at period-end.

With a return of –20.1%, energy produced the most substantial loss but was a small weighting in the benchmark. Utilities, the benchmark’s smallest weighted sector for the period, had the best performance, gaining 15.1% as dividend-paying stocks were attractive in the low interest rate environment.

Among the benchmark’s five largest stocks, Apple suffered a double-digit loss and was the worst performer. Microsoft and Alphabet, the parent holding company of Google, also declined and did not keep pace with the index. Shares of Facebook rose substantially, while Amazon.com produced more modest gains.

Stock choices benefit the fund’s relative return

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

During the period, stock selections using the enhanced indexing methodology generally helped the fund outperform its benchmark. The top contributor was an underweight in professional networking website LinkedIn, which has seen declining premium subscription revenues. Next was an overweight position in Tyson Foods, which delivered double-digit gains; followed by an underweight in natural gas producer Williams, which declined in response to lower energy prices.

By contrast, other positions detracted from the fund’s relative performance, including an overweight in technology company Alliance Data Systems, which was hurt by softer-than-expected results in its Epsilon agency business, an overweight in vehicle rental operator Avis Budget Group and an underweight in specialty coffee company Keurig Green Mountain.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
Enhanced	Beginning		Ending		during
Large-Cap	account		account		period*
Growth	value		value		(11/1/15–
Index Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	990.83		$1.68
Advisor Class^†		1,000.00		976.79		1.96
5% annual hypothetical return
Institutional Class		1,000.00		1,023.17		1.71
Advisor Class^†		1,000.00		1,022.43		2.46


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.34% for the Institutional Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.49% for the Advisor Class.

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Enhanced Large-Cap Value Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2016
Financials		24.4
Energy		13.2
Health care		12.1
Information technology		11.3
Industrials		11.1
Consumer staples		7.6
Utilities		7.0
Consumer discretionary		6.4
Materials		4.1
Telecommunication services		2.5
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2016
More than $50 billion		45.1
More than $15 billion–$50 billion		27.0
More than $2 billion–$15 billion		26.7
$2 billion or less		1.2
Total		100.0

Performance for the six months ended April 30, 2016

The Enhanced Large-Cap Value Index Fund returned –0.02%, compared with the 1.93% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2016, the fund returned –1.76% versus –0.40% for the index. The table below shows returns for all share classes of the fund.

Stocks experience volatility as Fed raises rates

Performance as of April 30, 2016

Average annual

Total return

total return

Enhanced Large-Cap

since

Value Index Fund

Inception date

6 months

1 year

5 years

inception

Institutional Class

11/30/2007

–0.02

–1.76

9.14

4.54

Advisor Class

12/4/2015

–0.14

–1.88

9.11

4.53

Russell 1000 Value Index

—

1.93

–0.40

10.13

5.19

^†

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

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

8	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the five years ended April 30, 2016, the Russell 1000 Value Index, a broad measure of U.S. large-cap value stocks, posted an average annual gain of 10.13%, trailing the Russell 1000 Growth Index and Russell 3000 Index, which had average annual returns of 11.44% and 10.50%, respectively.

Benchmark’s telecommunication services stocks perform best

Seven out of the benchmark’s ten industry sectors gained ground for the six months. Telecommunication services climbed 14.6%, utilities increased 13.2% and materials gained 11.5%. Energy, the benchmark’s second-largest sector, gained 1.8%. Together, these four sectors made up nearly one-quarter of the benchmark’s total market capitalization as of April 30, 2016.

Financials, the benchmark’s largest sector, fell 2.4%. Information technology was down 2.9%, and consumer discretionary lost 3.1%.

Four of the benchmark’s five largest stocks rose more than the overall index for the period. Johnson & Johnson performed best. Exxon Mobil, the index’s largest stock, was second; General Electric was third and Berkshire Hathaway was fourth. JPMorgan Chase & Co. posted a small loss.

Fund’s stocks lag those in its benchmark

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

The fund underperformed its benchmark primarily due to an out-of-benchmark position in PowerShares QQQ Trust, which was heavily weighted in information technology and consumer discretionary stocks. Being underweight in AT&T, which saw increased revenues, also detracted from the fund’s relative performance, as did an overweight in video game retailer GameStop, which reported disappointing earnings.

Stocks that contributed softened the effect of stocks that detracted. The fund’s top contributor was an out-of-benchmark position in Liberty Media, which benefited from its ownership stake in SiriusXM satellite radio. An overweight in Tyson Foods also helped, as synergies from its Hillshire Brands acquisition began paying off. Newell Rubbermaid agreed to acquire Jarden, an out-of-benchmark position and the fund’s third-best contributor. The fund also had a small exposure to derivative instruments, which helped its relative performance.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
Enhanced	Beginning		Ending		during
Large-Cap	account		account		period*
Value	value		value		(11/1/15–
Index Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	999.83		$1.69
Advisor Class^†		1,000.00		992.73		1.97
5% annual hypothetical return
Institutional Class		1,000.00		1,023.17		1.71
Advisor Class^†		1,000.00		1,022.43		2.46


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.34% for the Institutional Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.49% for the Advisor Class.

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Growth & Income Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2016
Information technology		22.2
Consumer discretionary		15.6
Health care		15.5
Financials		11.9
Consumer staples		10.0
Industrials		9.9
Energy		7.1
Materials		3.1
Utilities		2.2
Telecommunication services		2.1
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2016
More than $50 billion		55.0
More than $15 billion–$50 billion		24.2
More than $2 billion–$15 billion		18.7
$2 billion or less		2.1
Total		100.0

Performance for the six months ended April 30, 2016

The Growth & Income Fund returned –1.83% for the Institutional Class, compared with the 0.43% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2016, the fund returned –0.82% versus 1.21% for the index. The table below shows returns for all share classes of the fund.

Stocks experience volatility as Fed raises rates

For the six months, the large-cap stocks in the S&P 500 Index outperformed those in the Russell 3000^® Index, a broad measure of the U.S. stock market, which returned 0.06%. Although the mid-cap stocks in the Russell 3000 outperformed its large-caps, weak performing small-cap stocks lowered the return of the entire index. Value stocks performed better than growth stocks.

Performance as of April 30, 2016

Average annual

Total return

total return

Growth & Income Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

7/1/1999

–1.83

–0.82

10.77

8.41

Advisor Class

12/4/2015

–1.88

–0.87

10.76

8.40

Premier Class

9/30/2009

–1.90

–0.97

10.59

8.31

Retirement Class

10/1/2002

–1.93

–1.06

10.48

8.15

Retail Class

3/31/2006

–1.95

–1.07

10.42

8.21

S&P 500 Index

—

0.43

1.21

11.02

6.91

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

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

10	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2016, the S&P 500 Index produced an average annual gain of 6.91% versus the 6.85% average annual return of the Russell 3000 Index.

S&P 500’s defensive sectors perform best

Six out of ten industry sectors in the S&P 500 Index had positive returns for the six months, but the index’s most heavily weighted sectors had the worst performance. Information technology, the index’s largest sector, was down 4.3%, financials declined 2.1% and health care lost 1.4%. As of April 30, 2016, these three sectors made up more than one-half of the index’s market capitalization.

Investors favored defensive stocks, like those in the telecommunication services and utilities sectors, over higher growth stocks as market volatility increased during the period. Telecom and utilities stocks are also known for paying high dividends, a plus in a low-interest rate environment. For the six months, the benchmark’s telecommunication services sector climbed 14.7% and the utilities sector gained 12.8%.

Stock picks cause fund to underperform its benchmark

The fund’s performance shortfall relative to its benchmark was due to stock selection, especially an underweight position in Verizon Communications and out-of-benchmark holdings in Energen and Fitbit. Verizon reported higher-than-expected profits. Oil and natural gas exploration and production company Energen reported disappointing results linked to the steep drop in oil prices, while investors met the latest Fitbit product, the Blaze smart watch, with skepticism. Lack of exposure to Johnson & Johnson also detracted. Strong drug sales helped the health care products giant report better-than-expected earnings.

Stocks that contributed softened the effect of those that detracted. Top contributors to the fund’s relative performance were a nonbenchmark position in Barrick Gold, an overweight position in Hess and an out-of-benchmark investment in Kate Spade. Rising gold prices lifted Barrick Gold’s stock price. The stock of oil and gas refining firm Hess has been trending up since late January, mirroring the recovery in crude oil prices. Accessories and apparel designer Kate Spade benefited from better-than-expected sales growth. The fund also had a small exposure to derivative instruments, which helped its relative performance.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Growth &	value		value		(11/1/15–
Income Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	981.66		$2.07
Advisor Class^†		1,000.00		964.95		2.26
Premier Class		1,000.00		980.95		2.81
Retirement Class		1,000.00		980.69		3.30
Retail Class		1,000.00		980.53		3.59
5% annual hypothetical return
Institutional Class		1,000.00		1,022.77		2.11
Advisor Class^†		1,000.00		1,022.03		2.87
Premier Class		1,000.00		1,022.03		2.87
Retirement Class		1,000.00		1,021.53		3.37
Retail Class		1,000.00		1,021.23		3.67


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.42% for the Institutional Class, 0.57% for the Premier Class, 0.67% for the Retirement Class and 0.73% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.57% for the Advisor Class.

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Large-Cap Growth Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2016
Information technology		37.3
Consumer discretionary		23.2
Health care		16.1
Industrials		10.0
Consumer staples		4.8
Materials		3.9
Financials		1.5
Telecommunication services		1.1
Energy		0.9
Short-term investments, other assets & liabilities, net		1.2
Total		100.0

Holdings by company size

Market		% of equity investments
capitalization		as of 4/30/2016
More than $50 billion		49.0
More than $15 billion–$50 billion		42.1
More than $2 billion–$15 billion		8.9
Total		100.0

Performance for the six months ended April 30, 2016

The Large-Cap Growth Fund returned –4.12%, compared with the –1.37% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2016, the fund returned –0.15% versus 1.07% for the index. The table below shows returns for all share classes of the fund.

Stocks experience volatility as Fed raises rates

Performance as of April 30, 2016

Average annual

Total return

total return

Large-Cap Growth Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

3/31/2006

–4.12

–0.15

12.04

8.11

Advisor Class

12/4/2015

–4.19

–0.23

12.02

8.10

Premier Class

9/30/2009

–4.23

–0.33

11.87

8.00

Retirement Class

3/31/2006

–4.28

–0.42

11.75

7.83

Retail Class

3/31/2006

–4.32

–0.48

11.63

7.80

Russell 1000 Growth Index

—

–1.37

1.07

11.44

8.20

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

12	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2016, the Russell 1000 Growth Index, a broad measure of U.S. large-cap growth stocks, produced an average annual gain of 8.20%, exceeding both the 5.67% average annual return of the Russell 1000 Value Index and the 6.85% average annual return of the Russell 3000 Index.

Largest index sectors experience declines

Four out of ten industry sectors of the Russell 1000 Growth Index had losses for the six months. Information technology, the benchmark’s most heavily weighted sector for the period, fell 5.5%, on the back of weak demand for shares of fast-growing companies, and was the largest detractor from the benchmark’s returns. With a 4.0% decline, health care was not far behind, as major insurers have experienced losses due to increased government regulations. Consumer discretionary lost 0.8% due in part to higher energy prices. Together, these three sectors represented nearly two-thirds of the benchmark’s total market capitalization at period-end.

With a return of –20.1%, energy actually produced the most substantial loss but was a small weighting in the benchmark. Utilities, the benchmark’s smallest weighted sector for the period, had the best performance, gaining 15.1% as dividend-paying stocks were attractive in the low interest rate environment.

Stock choices detract from the fund’s performance

The fund underperformed primarily as a result of stock choices that didn’t perform as well as anticipated by the fund’s portfolio managers. Chief among these were overweight positions in drug manufacturer Allergan, Norwegian Cruise Line and biotechnology company Celgene. Allergan reported a reduction in operating income due to research and development and acquisition-related expenses, while Norwegian Cruise Line was hurt by increased trip cancellations due to concerns surrounding the Zika virus. Celgene’s stock price was weighed down by a run-up in costs associated with an increase in clinical trial activity.

These negative effects were partly offset by favorable stock selections, including an underweight position in Apple, which declined as a result of lower sales for its iPhone and Macbook products. Other significant contributors included overweight holdings in Estée Lauder and medical equipment manufacturer Intuitive Surgical, both of which produced double-digit gains.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(11/1/15–
Growth Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	958.83		$2.14
Advisor Class^†		1,000.00		938.02		2.31
Premier Class		1,000.00		957.66		2.87
Retirement Class		1,000.00		957.24		3.75
Retail Class		1,000.00		956.80		3.75
5% annual hypothetical return
Institutional Class		1,000.00		1,022.68		2.21
Advisor Class^†		1,000.00		1,021.93		2.97
Premier Class		1,000.00		1,021.93		2.97
Retirement Class		1,000.00		1,021.03		3.87
Retail Class		1,000.00		1,021.03		3.87


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.44% for the Institutional Class, 0.59% for the Premier Class, 0.77% for the Retirement Class and 0.77% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.59% for the Advisor Class.

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Large-Cap Value Fund

Portfolio composition

Sector	% of net assets as of 4/30/2016
Financials		24.7
Energy		14.6
Information technology		12.8
Health care		11.5
Industrials		8.7
Consumer discretionary		7.5
Consumer staples		7.4
Materials		5.0
Utilities		4.5
Telecommunication services		2.8
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 4/30/2016
More than $50 billion		42.8
More than $15 billion–$50 billion		21.3
More than $2 billion–$15 billion		30.6
$2 billion or less		5.3
Total		100.0

Performance for the six months ended April 30, 2016

The Large-Cap Value Fund returned 0.45% for the Institutional Class, compared with the 1.93% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2016, the fund returned –3.82% versus –0.40% for the index. The table below shows returns for all share classes of the fund.

Stocks experience volatility as Fed raises rates

Performance as of April 30, 2016

									Average annual
			Total return						total return
Large-Cap Value Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		0.45	%		–3.82	%		8.45	%		5.26	%
Advisor Class		12/4/2015		0.31	*		–3.95	*		8.42	*		5.24	*
Premier Class		9/30/2009		0.41			–3.97			8.28			5.15	*
Retirement Class		10/1/2002		0.34			–4.05			8.17			5.00
Retail Class		10/1/2002		0.28			–4.13			8.09			5.01
Russell 1000 Value Index		—		1.93			–0.40			10.13			5.67

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

14	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2016, the Russell 1000 Value Index, a broad measure of U.S. large-cap value stocks, posted an average annual gain of 5.67%, lagging the 8.20% average return of the Russell 1000 Growth Index and the 6.85% average return of the Russell 3000 Index.

Benchmark’s telecommunication services stocks perform best

Four of the benchmark’s five largest stocks rose more than the overall index for the period. Johnson & Johnson performed best. Exxon Mobil, the index’s largest stock, was second, General Electric was third and Berkshire Hathaway was fourth. JPMorgan Chase & Co. posted a small loss.

Fund’s stocks lag those in its benchmark

The fund’s performance shortfall relative to its benchmark for the six months was due primarily to stock selection, especially an overweight position in Endo International, an out-of-benchmark investment in Hertz Global and an overweight position in Morgan Stanley. Endo, a global pharmaceutical company, was affected when a competitor was accused of price gouging, which caused a general decline in pharmaceutical stocks. Accounting issues have plagued car rental giant Hertz over the past several years, and financial restatements showed lower profits. Bank stocks, including Morgan Stanley’s, declined in part due to concerns about loans to oil and natural gas companies.

Stocks that contributed helped to soften the effect of those that detracted. The fund’s top contributors were overweight positions in Devon Energy, Mattel and Terex. Devon Energy increased oil production and made progress toward reducing costs. Mattel benefited from holiday sales of Barbie, and U.S. crane maker Terex’s stock rose sharply when China’s Zoomlion expressed interest in acquiring the company.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(11/1/15–
Value Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	1,004.46		$1.94
Advisor Class^†		1,000.00		997.43		2.18
Premier Class		1,000.00		1,004.08		2.69
Retirement Class		1,000.00		1,003.36		3.19
Retail Class		1,000.00		1,002.82		3.49
5% annual hypothetical return
Institutional Class		1,000.00		1,022.92		1.96
Advisor Class^†		1,000.00		1,022.18		2.72
Premier Class		1,000.00		1,022.18		2.72
Retirement Class		1,000.00		1,021.68		3.22
Retail Class		1,000.00		1,021.38		3.52


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.39% for the Institutional Class, 0.54% for the Premier Class, 0.64% for the Retirement Class and 0.70% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.54% for the Advisor Class.

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Mid-Cap Growth Fund

Portfolio composition

Sector	% of net assets as of 4/30/2016
Consumer discretionary	24.9
Information technology	18.7
Industrials	16.6
Health care	14.3
Financials	12.4
Materials	5.4
Consumer staples	5.3
Energy	0.8
Short-term investments, other assets & liabilities, net	1.6
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 4/30/2016
More than $15 billion–$50 billion	35.5
More than $2 billion–$15 billion	60.0
$2 billion or less	4.5
Total	100.0

Performance for the six months ended April 30, 2016

The Mid-Cap Growth Fund returned –5.15% for the Institutional Class, compared with the –1.54% return of its benchmark, the Russell Midcap^® Growth Index. For the one-year period ended April 30, 2016, the fund returned –8.27% versus –4.13% for the index. The table below shows returns for all share classes of the fund.

Stocks experience volatility as Fed raises rates

Performance as of April 30, 2016

Average annual

Total return

total return

Mid-Cap Growth Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

10/1/2002

–5.15

–8.27

6.87

6.40

Advisor Class

12/4/2015

–5.21

–8.33

6.86

6.39

Premier Class

9/30/2009

–5.24

–8.41

6.70

6.29

Retirement Class

10/1/2002

–5.25

–8.49

6.60

6.13

Retail Class

10/1/2002

–5.25

–8.49

6.53

6.12

Russell Midcap Growth Index

—

–1.54

–4.13

9.20

7.38

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

16	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 0.06%. Mid-cap stocks outperformed large-cap stocks, and both mid- and large-caps beat small-cap equities. Value stocks ended the period higher, beating their growth counterparts. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended April 30, 2016, the Russell Midcap Growth Index, a broad measure of U.S. mid-cap growth stocks, generated an average annual return of 7.38%, exceeding the 6.85% average annual return of the Russell 3000 Index over the same period.

Utilities stocks outperform, telecommunications lag

Half of the ten industry sectors in the Russell Midcap Growth Index produced positive results, and one achieved a double-digit gain. Utilities performed best, returning 25.6%. Utilities, which are particularly sensitive to interest rate changes, benefited as concerns about rising rates eased. Consumer staples was the second-best performer, returning 8.8%. Materials followed, rising 3.2%. Telecommunications services trailed the other sectors, dropping 8.3%. Information technology fell 6.8%.

The fund trails its benchmark for the six-month period

For the period, the fund ended lower than its benchmark because of stock selections that did not perform as well as anticipated. In order of impact, they included a position in out-of-benchmark stock Restoration Hardware Holdings, which declined due to a disappointing earnings report in March, and overweights in fitness device maker Fitbit, Signet Jewelers, Tableau Software and Affiliated Managers Group.

These negative effects were partly offset by favorable results from the fund’s overweight position in cardiac device maker Edwards Lifesciences, which rose after reporting stronger-than-expected revenues due to demand for its heart valve products. The fund also benefited from a position in out-of-benchmark stock Albemarle, an overweight in Ross Stores, and its position in out-of-benchmark stock Olin.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Mid-Cap	value		value		(11/1/15–
Growth Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	948.51		$2.28
Advisor Class^†		1,000.00		937.83		2.43
Premier Class		1,000.00		947.62		3.00
Retirement Class		1,000.00		947.48		3.49
Retail Class		1,000.00		947.45		3.83
5% annual hypothetical return
Institutional Class		1,000.00		1,022.53		2.36
Advisor Class^†		1,000.00		1,021.78		3.12
Premier Class		1,000.00		1,021.78		3.12
Retirement Class		1,000.00		1,021.28		3.62
Retail Class		1,000.00		1,020.93		3.97

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.47% for the Institutional Class, 0.62% for the Premier Class, 0.72% for the Retirement Class and 0.79% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.62% for the Advisor Class.

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Mid-Cap Value Fund

Portfolio composition

	% of net assets
Sector	as of 4/30/2016
Financials	27.6
Utilities	13.0
Energy	11.0
Industrials	9.6
Consumer discretionary	9.4
Information technology	8.7
Materials	7.4
Consumer staples	6.0
Health care	5.1
Telecommunication services	1.6
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Holdings by company size

Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	2.4
More than $15 billion–$50 billion	33.4
More than $2 billion–$15 billion	56.8
$2 billion or less	7.4
Total	100.0

Performance for the six months ended April 30, 2016

The Mid-Cap Value Fund returned 0.51% for the Institutional Class, compared with the 3.16% return of its benchmark, the Russell Midcap^® Value Index. For the one-year period ended April 30, 2016, the fund returned –4.32% versus –0.18% for the index. The table below shows returns for all share classes of the fund.

Stocks experience volatility as Fed raises rates

Performance as of April 30, 2016

									Average annual
			Total return						total return
Mid-Cap Value Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		0.51	%		–4.32	%		8.63	%		6.86	%
Advisor Class		12/4/2015		0.41	*		–4.42	*		8.60	*		6.85	*
Premier Class		9/30/2009		0.43			–4.49			8.46			6.75	*
Retirement Class		10/1/2002		0.39			–4.58			8.35			6.60
Retail Class		10/1/2002		0.35			–4.66			8.29			6.62
Russell Midcap Value Index		—		3.16			–0.18			10.45			7.35

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

18	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2016, the Russell Midcap Value Index, a broad measure of U.S. mid-cap value stocks, generated an average annual return of 7.35%, exceeding the 6.85% average annual return of the Russell 3000 over the same period.

Materials stocks outperform, consumer discretionary performs worst

Six of the ten industry sectors in the Russell Midcap Value Index posted positive results. Materials performed best, returning 15.3%. Utilities—the second-largest component of the index at period-end—was the second-best performer, returning 13.1%. Utilities, which are particularly sensitive to interest rate changes, benefited as concerns about rising rates eased. Consumer staples followed, rising 12.0%. Consumer discretionary underperformed the other sectors, dropping 3.0%. Information technology was the second-worst performer, falling 2.1%. Financials, which accounted for approximately one-third of the index’s market capitalization at period-end, returned 0.5%.

The fund trails its benchmark

For the period, the fund trailed its benchmark primarily as a result of stock positions that did not perform as anticipated. The fund’s exclusion of benchmark stocks Liberty SiriusXM and Newmont Mining detracted most from relative performance. Newmont Mining shares benefited from a rally in gold stocks. The fund’s positions in out-of-benchmark stocks Anadarko Petroleum, which was hurt by low oil prices, and Avis Budget, which dropped sharply after the company reported losses for the fourth quarter of 2015, also detracted significantly.

These negative effects were partly offset by favorable results from the fund’s exclusion of benchmark stock Liberty Media—a separate stock from Liberty SiriusXM—and overweights in Tyson Foods, which reported strong earnings for the first quarter of 2016, and specialty chemicals manufacturer Albemarle, which reported robust revenues.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Mid-Cap	value		value		(11/1/15–
Value Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	1,005.11		$1.79
Advisor Class^†		1,000.00		1,007.94		2.07
Premier Class		1,000.00		1,004.32		2.54
Retirement Class		1,000.00		1,003.94		3.04
Retail Class		1,000.00		1,003.46		3.29
5% annual hypothetical return
Institutional Class		1,000.00		1,023.07		1.81
Advisor Class^†		1,000.00		1,022.33		2.56
Premier Class		1,000.00		1,022.33		2.56
Retirement Class		1,000.00		1,021.83		3.07
Retail Class		1,000.00		1,021.58		3.32

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.36% for the Institutional Class, 0.51% for the Premier Class, 0.61% for the Retirement Class and 0.66% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Small-Cap Equity Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Financials	23.6
Information technology	19.2
Health care	13.7
Consumer discretionary	13.5
Industrials	12.6
Materials	5.2
Energy	4.0
Utilities	3.4
Consumer staples	2.6
Telecommunication services	1.5
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Holdings by company size

Market	% of equity investments
capitalization	as of 4/30/2016
More than $2 billion–$15 billion	50.3
$2 billion or less	49.7
Total	100.0

Performance for the six months ended April 30, 2016

The Small-Cap Equity Fund returned –4.01% for the Institutional Class, compared with the –1.90% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2016, the fund returned –4.66% versus –5.94% for the index. The table below shows returns for all share classes of the fund.

Small caps trail their large-cap counterparts and the broad market

Performance as of April 30, 2016

Average annual

Total return

total return

Small-Cap Equity Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

10/1/2002

–4.01

–4.66

7.53

5.42

Advisor Class

12/4/2015

–4.08

–4.73

7.52

5.41

Premier Class

9/30/2009

–4.11

–4.82

7.37

5.31

Retirement Class

10/1/2002

–4.18

–4.95

7.26

5.16

Retail Class

10/1/2002

–4.15

–4.93

7.17

5.14

Russell 2000 Index

—

–1.90

–5.94

6.98

5.42

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

20	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

For the ten years ended April 30, 2016, the Russell 2000 Index, a broad measure of U.S. small-cap stocks, produced an average annual gain of 5.42%, trailing the 6.85% average annual return of the Russell 3000 Index.

Declines in most of the larger sectors weigh on the index

Four out of ten industry sectors of the Russell 2000 Index had losses for the six months. Health care fell 8.4%, as insurers experienced losses due to increased government regulations. Consumer discretionary lost 4.3% on concerns over higher energy prices. With a 3.4% decline, information technology was hurt by weak demand for shares of fast-growing companies. Together, these three sectors represented nearly half of the benchmark’s total market capitalization at period-end.

At –13.2%, the energy sector produced the most substantial loss but was a relatively small weighting in the benchmark. Conversely, utilities registered the best performance, gaining 11.3%, as dividend-paying stocks remained attractive in the low-interest rate environment. Financials, the benchmark’s largest sector for the period, rose marginally at 0.2%.

Among the benchmark’s five largest stocks, Tyler Technologies suffered a double-digit loss and was the worst performer. Steris, a health technology company, also declined. Conversely, shares of West Pharmaceutical Services rose substantially, while real estate company CubeSmart and TreeHouse Foods, a private label food and beverage supplier, produced more modest gains.

Stock choices hurt the fund’s performance

The fund trailed its benchmark primarily due to stock selections that did not perform as anticipated by the fund’s portfolio managers. The three largest detractors were overweight positions in insurer American Equity Investment Life, YRC Worldwide and TrueBlue, respectively. Shares of American Equity Investment Life fell on capital concerns and problems within their fixed-rate annuity products. Decreasing fuel surcharge revenue and an inconsistent industrial economy hurt transportation service provider YRC Worldwide. Finally, the stock price of TrueBlue, a specialized workforce provider, was hurt by a slowdown in manufacturing customers and pricing sensitivity.

These negative effects were partly offset by other favorable stock selections. Chief among them was an overweight in wholesale data center operator Dupont Fabros Technology, which advanced on an increase in leasing activity. Other significant contributors included overweight holdings in Air Transportation Services and utilities provider Black Hills Corporation, both of which produced double-digit gains.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Small-Cap	value		value		(11/1/15–
Equity Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	959.93		$2.05
Advisor Class^†		1,000.00		936.34		2.23
Premier Class		1,000.00		958.85		2.78
Retirement Class		1,000.00		958.24		3.26
Retail Class		1,000.00		958.49		3.60
5% annual hypothetical return
Institutional Class		1,000.00		1,022.77		2.11
Advisor Class^†		1,000.00		1,022.03		2.87
Premier Class		1,000.00		1,022.03		2.87
Retirement Class		1,000.00		1,021.53		3.37
Retail Class		1,000.00		1,021.18		3.72

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.42% for the Institutional Class, 0.57% for the Premier Class, 0.67% for the Retirement Class and 0.74% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Social Choice Equity Fund

Portfolio composition

	% of net assets
Sector	as of 4/30/2016
Financials	19.8
Information technology	18.8
Health care	14.4
Consumer discretionary	12.9
Industrials	9.6
Consumer staples	8.1
Energy	6.8
Materials	4.0
Utilities	3.1
Telecommunication services	2.1
Short-term investments, other assets & liabilities, net	0.4
Total	100.0

Holdings by company size

Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	43.4
More than $15 billion–$50 billion	38.2
More than $2 billion–$15 billion	15.4
$2 billion or less	3.0
Total	100.0

Performance for the six months ended April 30, 2016

The Social Choice Equity Fund returned 0.61% for the Institutional Class, compared with the 0.06% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2016, the fund returned –0.52% versus –0.18% for the benchmark. The table below shows returns for all share classes of the fund. The fund screens investments by using certain environmental, social and governance criteria, while the benchmark does not.

Excluding certain stocks aids the fund’s relative performance

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

Excluding Apple provided the biggest boost to the fund’s relative performance. Apple’s stock slumped amid investor concerns that iPhone sales may have peaked, and from reduced sales of iPhones and Macbooks. Not investing in Ireland-based pharmaceutical firm Allergan also contributed. Allergan’s share price fell hard when a proposed merger between Pfizer and Allergan was terminated due to new U.S. Treasury Department rules designed to clamp down on companies merging with foreign firms to reduce their tax bill. Avoiding Bank of America also aided relative performance. The stock declined as investors worried about the bank’s energy-related loans in the face of slumping oil prices.

Some stock exclusions detract during the period

The largest detractor from the fund’s performance relative to its benchmark was the exclusion of AT&T, which is in the benchmark. The telecommunications giant saw revenues rise, helped by its acquisition of DirecTV. The fund’s lack of exposure to Facebook also detracted. The online social network firm saw quarterly revenue soar, in part due to sales of ads targeted at mobile users. Not holding

Performance as of April 30, 2016

									Average annual
			Total return						total return
Social Choice Equity Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		7/1/1999		0.61	%		–0.52	%		9.53	%		6.53	%
Advisor Class		12/4/2015		0.53	*		–0.60	*		9.51	*		6.52	*
Premier Class		9/30/2009		0.51			–0.68			9.36			6.41	*
Retirement Class		10/1/2002		0.50			–0.73			9.25			6.28
Retail Class		3/31/2006		0.44			–0.79			9.22			6.30

Russell 3000 Index		—		0.06			–0.18			10.50			6.85

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

22	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Exxon Mobil was the fund’s third-largest detractor. Although the oil behemoth reported significantly lower revenues and earnings in its latest quarterly report, investors were heartened as oil prices recovered from a multiyear low of below $27 per barrel in mid-February to $46 per barrel.

Fund outperforms its benchmark for the period

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

The fund’s overweight positions in semiconductor manufacturing equipment supplier Applied Materials, electric power company NextEra Energy and industrial products manufacturer Illinois Tool Works aided performance versus the benchmark. Applied Materials reported better-than-expected revenue in its latest quarterly earnings release. NextEra Energy, which prides itself on generating clean energy and is one of the faster growers in the utilities sector, benefited as investors sought the dividends offered by utilities companies. Illinois Tool Works signed an agreement to acquire the engineered fasteners and components business from ZF TRW, a move investors viewed favorably.

Overweight positions in a number of companies detracted from the fund’s six-month performance relative to its benchmark. Biotechnology company Gilead Sciences’ stock dropped after rival Merck announced FDA approval of a less expensive hepatitis C drug. Information technology services provider Cognizant Technology Solutions reported disappointing revenues and forecast the slowest quarterly revenue growth in 14 years. Natural gas producer Williams Companies saw its stock struggle due to the steep decline in energy prices and investor concerns regarding the company’s acquisition by Energy Transfer Equity.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Social Choice	value		value		(11/1/15–
Equity Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	1,006.06		$1.00
Advisor Class^†		1,000.00		1,001.15		1.42
Premier Class		1,000.00		1,005.08		1.74
Retirement Class		1,000.00		1,004.99		2.24
Retail Class		1,000.00		1,004.45		2.34
5% annual hypothetical return
Institutional Class		1,000.00		1,023.87		1.01
Advisor Class^†		1,000.00		1,023.12		1.76
Premier Class		1,000.00		1,023.12		1.76
Retirement Class		1,000.00		1,022.63		2.26
Retail Class		1,000.00		1,022.53		2.36

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.20% for the Institutional Class, 0.35% for the Premier Class, 0.45% for the Retirement Class and 0.47% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Social Choice Low Carbon Equity Fund

Portfolio composition

	% of net assets
Sector	as of 4/30/2016
Information technology	20.1
Financials	19.0
Health care	14.3
Consumer discretionary	12.9
Industrials	11.0
Consumer staples	8.6
Materials	3.9
Energy	3.7
Utilities	3.5
Telecommunication services	2.5
Short-term investments, other assets & liabilities, net	0.5
Total	100.0

Holdings by company size

Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	40.8
More than $15 billion–$50 billion	38.8
More than $2 billion–$15 billion	17.5
$2 billion or less	2.9
Total	100.0

Performance for the six months ended April 30, 2016

The Social Choice Low Carbon Equity Fund, which launched on August 7, 2015, returned 1.37% for the Institutional Class for the six-month period, compared with the 0.06% return of its benchmark, the Russell 3000^® Index. The table below shows returns for all share classes of the fund. The fund screens investments by using certain environmental, social and governance criteria, while the benchmark does not.

Excluding certain stocks aids the fund’s relative performance

The largest contributors to the fund’s relative performance came from benchmark stocks not held in the fund. The biggest contribution came from the fund’s exclusion of Apple, which reported a drop in revenue and iPhone sales. The absence of Allergan provided the second-largest contribution. Allergan’s stock declined sharply on news that this Ireland-based pharmaceuticals company had terminated its merger plans with Pfizer after the U.S. Treasury announced new rules governing tax inversions, making it less appealing for U.S.-based companies to relocate abroad. The exclusions of Bank of America and Citigroup stocks also significantly boosted relative performance. Bank of America’s stock fell amid the sharp drop in oil prices during the period due to investors’ concerns about the bank’s exposure to oil through its energy-related loans. The slowdown in emerging markets cut into Citigroup’s retail banking operations abroad, and revenues and profits in its domestic retail banking operations dropped.

Performance as of April 30, 2016

			Total return
Social Choice Low Carbon Equity Fund	Inception date		6 months			since inception
Institutional Class		8/7/2015		1.37	%		0.56	%
Advisor Class		12/4/2015		1.33	*		0.52	*
Premier Class		8/7/2015		1.32			0.51
Retirement Class		8/7/2015		1.30			0.39
Retail Class		8/7/2015		1.14			0.23
Russell 3000 Index		—		0.06			–0.21	^†

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

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

24	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Stock exclusions detracting from relative performance

The positive effects resulting from many excluded stocks were partly offset by the absence of benchmark stocks that performed well. In order of impact, the fund’s exclusion of AT&T and Facebook hindered relative performance. AT&T saw an increase in revenues that was helped by the company’s acquisition of DirecTV, while Facebook rallied after it reported stronger-than-expected earnings for the first quarter of 2016, in part due to sales of ads targeted at mobile users. The absence of energy giants Exxon Mobil and Chevron from the fund also detracted from performance. Shares of both companies rose when oil prices rebounded in the second half of the period.

Fund outperforms its benchmark

For the period, an overweight in Keurig Green Mountain, a specialty coffee company, bolstered the fund’s relative performance. The shares of the company rose more than 70% in December on reports it agreed to be acquired by an investor group led by JAB Holding Company, a large coffee conglomerate. The fund’s overweight in Edwards Lifesciences also contributed significantly. Shares of the company advanced after it reported stronger-than-expected fourth-quarter sales amid strong demand for transcatheter heart valves.

In contrast, an overweight position in Alphabet, the parent company of Google, weighed on the fund’s results. The company’s earnings for the first quarter of 2016 fell below many estimates, largely because the search-engine giant spent more to generate additional traffic for the company’s mobile-advertising services. The fund’s overweight in Netflix also detracted from relative performance. The stock of this video-streaming company retreated in reaction to investors’ concerns about slowing growth, rising competition and perceptions that it may be overvalued following its steep rise in 2015.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
Social Choice	account		account		period*
Low Carbon	value		value		(11/1/15–
Equity Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	1,013.73		$1.60
Advisor Class^†		1,000.00		1,004.21		1.90
Premier Class		1,000.00		1,013.20		2.35
Retirement Class		1,000.00		1,013.02		2.85
Retail Class		1,000.00		1,011.44		3.55
5% annual hypothetical return
Institutional Class		1,000.00		1,023.27		1.61
Advisor Class^†		1,000.00		1,022.53		2.36
Premier Class		1,000.00		1,022.53		2.36
Retirement Class		1,000.00		1,022.03		2.87
Retail Class		1,000.00		1,021.33		3.57

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.32% for the Institutional Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.71% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Emerging Markets Equity Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Financials	25.0
Information technology	20.9
Consumer discretionary	15.8
Consumer staples	9.1
Materials	7.7
Energy	7.1
Industrials	5.8
Health care	4.3
Utilities	2.6
Telecommunication services	1.6
Short-term investments, other assets & liabilities, net	0.1
Total	100.0

Holdings by country
% of portfolio investments
as of 4/30/2016
China	19.9
Korea	15.9
India	10.4
Brazil	6.9
Mexico	6.9
Taiwan	5.9
Hong Kong	3.8
South Africa	3.7
Russia	3.4
Philippines	2.8
21 other nations	17.8
Short-term investments	2.6
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	22.1
More than $15 billion–$50 billion	26.7
More than $2 billion–$15 billion	34.5
$2 billion or less	16.7
Total	100.0

Performance for the six months ended April 30, 2016

The Emerging Markets Equity Fund returned –2.20%, compared with the –0.13% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2016, the fund returned –18.18%, versus –17.87% for the index. The table below shows returns for all share classes of the fund.

International stocks post losses in a volatile period

Early in the six-month period, both domestic and international stock markets dropped as oil prices fell sharply and investors grew concerned about the slowing global economy. On December 16, 2015, the U.S. Federal Reserve announced it raised the federal funds rate target by 0.25%. The following month, China’s currency dropped—rekindling concerns about the country’s economy—and stock markets throughout the world fell. Geopolitical concerns and a further drop in oil prices also unnerved investors.

In March, the European Central Bank introduced monetary stimulus, while in the United States, Fed officials signaled that it might hike rates at a less aggressive pace than previously anticipated. In addition, the price of oil rallied. These events appeared to be welcome news as the MSCI EAFE Index, which measures stock performance in 21 developed market nations outside North America, rose 6.51% in the month of March alone. In April, Japan’s central bank refrained from easing interest rates, and the yen rose versus the U.S. dollar.

For the six months, the fund’s benchmark outperformed the –3.07% return of the MSCI EAFE Index but lagged the 0.06% return of the U.S. stock market, as measured by the Russell 3000^® Index.

China hinders benchmark’s return but Brazil contributes

For the period, returns of markets that make up the MSCI Emerging Markets Index varied. China, the largest component representing nearly one-quarter of the index’s market capitalization at period-end, was the second-worst performer,

Performance as of April 30, 2016

Average annual

Total return

total return

Emerging Markets

since

Equity Fund

Inception date

6 months

1 year

5 years

inception

Institutional Class

8/31/2010

–2.20

–18.18

–5.70

–1.42

Advisor Class

12/4/2015

–2.32

–18.29

–5.73

–1.44

Premier Class

8/31/2010

–2.35

–18.40

–5.85

–1.57

Retirement Class

8/31/2010

–2.36

–18.45

–5.96

–1.67

Retail Class

8/31/2010

–2.48

–18.56

–6.08

–1.81

MSCI Emerging Markets Index

—

–0.13

–17.87

–4.61

–0.16

^†

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

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

26	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

returning –9.4%. The second- and third-largest components, Korea and Taiwan, dropped 0.9% and 2.2%, respectively. The fourth-largest component, Brazil, was the second-best performer, returning 30.4%. (The aforementioned returns are in U.S. dollars.) In local currency terms, the index returned –1.17%, lagging the –0.13% in U.S. dollars due to the dollar’s decline.

Fund trails its benchmark for the period

The fund underperformed its benchmark mainly because of certain stock selections that did not perform as expected.

An underweight in Public Joint-Stock Company Gazprom and positions in out-of-benchmark stocks Cosmax and Summit Ascent Holdings detracted the most from the fund’s relative performance. Gazprom’s stock fell with the drop in oil prices earlier in the period, while Cosmax, a Korean cosmetic manufacturer, reported lower-than-anticipated earnings for the final quarter of 2015. Summit Ascent, which is engaged in the trading of tiles and engineering operations products, reported disappointing revenues for the quarter.

These negative results were partly offset by an overweight in mining company Gold Fields, which benefited from a rally in gold. Fund holdings in out-of-benchmark stocks Hota Industrial Manufacturing and health care company Top Glove also contributed significantly. Shares of Hota rose after reporting strong results for the fourth quarter of 2015.

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

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

Expense example

Six months ended April 30, 2016

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
Emerging Markets	value	value	(11/1/15–
Equity Fund	(11/1/15)	(4/30/16)	4/30/16)
Actual return
Institutional Class	$1,000.00	$ 978.01	$4.62
Advisor Class^†	1,000.00	997.70	4.40
Premier Class	1,000.00	976.53	5.36
Retirement Class	1,000.00	976.42	5.85
Retail Class	1,000.00	975.16	6.58
5% annual hypothetical return
Institutional Class	1,000.00	1,020.19	4.72
Advisor Class^†	1,000.00	1,019.44	5.47
Premier Class	1,000.00	1,019.44	5.47
Retirement Class	1,000.00	1,018.95	5.97
Retail Class	1,000.00	1,018.20	6.72

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.94% for the Institutional Class, 1.09% for the Premier Class, 1.19% for the Retirement Class and 1.34% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Enhanced International Equity Index Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Financials	23.7
Industrials	12.9
Consumer discretionary	12.6
Consumer staples	12.3
Health care	11.5
Materials	7.2
Information technology	5.1
Telecommunication services	5.1
Energy	4.9
Utilities	4.0
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Holdings by country
% of portfolio investments
as of 4/30/2016
Japan	21.0
United Kingdom	16.0
France	9.5
Germany	8.8
Switzerland	8.4
Australia	6.7
Netherlands	4.3
Hong Kong	3.2
Spain	2.7
Italy	2.3
13 other nations	11.0
Short-term investments	6.1
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	36.0
More than $15 billion–$50 billion	32.8
More than $2 billion–$15 billion	31.2
Total	100.0

Performance for the six months ended April 30, 2016

The Enhanced International Equity Index Fund returned –3.14%, compared with the –3.07% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2016, the fund returned –9.23% versus –9.32% for the index. The table below shows returns for all share classes of the fund.

International stocks post losses in a volatile period

Most countries in the benchmark end lower

Performance as of April 30, 2016

Average annual

Total return

total return

Enhanced International

since

Equity Index Fund

Inception date

6 months

1 year

5 years

inception

Institutional Class

11/30/2007

–3.14

–9.23

2.21

–0.69

Advisor Class

12/4/2015

–3.15

–9.24

2.21

–0.69

MSCI EAFE Index

—

–3.07

–9.32

1.69

–0.78

^†

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

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

28	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

the second-best performer, returning 9.1%. (The aforementioned returns are in U.S. dollars.) The index’s return in local-currency terms was –6.74%, lagging the –3.07% return in U.S. dollars due to the dollar’s decline.

The fund slightly lags its benchmark

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

During the period, stock selections using the enhanced indexing methodology produced mixed returns, but the net effect was a slight underperformance by the fund. Overweight positions in Nomura Holdings, Toyota Motor Company and Australian mining company BHP Billiton detracted most from relative performance, respectively. Nomura Holdings dropped after reporting a loss for the fourth quarter of 2015, while Toyota’s stock price was negatively impacted by a decline in sales. The drop in commodity prices earlier in the period hampered BHP Billiton’s stock performance.

These negative effects were partly offset by an overweight in Vestas Wind Systems, which rose after the company raised its revenue projections for 2016. The fund’s overweights in Japanese pharmaceutical Daiichi Sankyo and shopping center operator Scentre Group also contributed positively.

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

Expense example

Six months ended April 30, 2016

			Expenses
			paid
Enhanced	Beginning	Ending	during
International	account	account	period*
Equity	value	value	(11/1/15–
Index Fund	(11/1/15)	(4/30/16)	4/30/16)
Actual return
Institutional Class	$1,000.00	$ 968.65	$2.06
Advisor Class^†	1,000.00	975.20	2.28
5% annual hypothetical return
Institutional Class	1,000.00	1,022.77	2.11
Advisor Class^†	1,000.00	1,022.03	2.87

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.42% for the Institutional Class. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the fund would be higher and its performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Global Natural Resources Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Materials	54.7
Energy	37.5
Consumer staples	5.1
Industrials	1.0
Financials	1.0
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Holdings by country
% of portfolio investments
as of 4/30/2016
United States	38.5
Canada	10.2
Australia	8.8
Switzerland	5.5
United Kingdom	4.4
France	2.8
South Africa	2.5
Russia	2.3
Luxembourg	2.2
Brazil	2.0
21 other nations	17.7
Short-term investments	3.1
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	18.3
More than $15 billion–$50 billion	37.5
More than $2 billion–$15 billion	40.3
$2 billion or less	3.9
Total	100.0

Performance for the six months ended April 30, 2016

The Global Natural Resources Fund returned 3.40% for the Institutional Class, compared with the 8.27% return of its benchmark, the MSCI All Country World Commodity Producers Sector Capped Index. For the one-year period ended April 30, 2016, the fund returned –12.65% versus –14.46% for the index. The table below shows returns for all share classes of the fund.

Metals prices boosted by Chinese stimulus

During the six-month period, the MSCI All Country World Commodity Producers Sector Capped Index topped the –0.94% return of the broader market MSCI All Country World Index.

The Chinese government launched an unexpected stimulus program at the start of 2016 to prevent economic growth from slowing further, easing credit dramatically and pushing forward the pace of infrastructure projects. The pickup in demand was so strong and so sudden that Chinese steel rebar (used for construction) prices jumped 43% during this period, even though China still has a great deal of excess capacity in the steel industry. Booming Chinese infrastructure demand also boosted seaborne iron ore prices by 32% and aluminum prices by 15% during this period. However, copper and nickel prices ended slightly down, as Chinese consumption and housing starts outside the major cities remained weak.

On the agriculture side, grain prices remained weak casting a pall over nutrient prices with potash and urea prices weakening during this period. Precious metals prices performed very well with gold up 13% and silver up nearly 15% during this period, as the market’s expectation of another hike in interest rates by the Fed didn’t materialize.

Performance as of April 30, 2016

Average annual

Total return

total return

Global Natural

Resources Fund

Inception date

6 months

1 year

since inception

Institutional Class

11/1/2011

3.40

–12.65

–4.54

Advisor Class

12/4/2015

3.38

–12.67

–4.54

Premier Class

11/1/2011

3.33

–12.73

–4.67

Retirement Class

11/1/2011

3.24

–12.90

–4.77

Retail Class

11/1/2011

3.15

–13.00

–4.91

MSCI All Country World Commodity Producers Sector Capped Index

—

8.27

–14.46

–4.58

^†

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

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

30	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Crude oil prices fell sharply from the start of the period through early February 2016, reaching multiyear lows. A combination of production cutbacks and supply disruptions boosted prices since then, with oil prices ending nearly flat for the six-month period.

The fund achieves gains but trails its benchmark

The fund posted positive returns but trailed its benchmark primarily due to its underweight stance in the metals sector, combined with an overweight positioning in energy. Specifically, the fund was hurt by its underweight in Barrick Gold, the stock of which benefited from surging gold prices. Another detractor was an underweight position in diversified miner Glencore, which benefited from easing market concerns about its balance sheet following the rise in metal prices, as well as the company’s ability to successfully refinance some of its debt and announce asset sales. Finally, the fund was also hurt by its underweight position in Brazilian iron ore producer Vale, which benefited from the sharp and unexpected jump in iron ore prices.

The fund benefited from its overweight position in gold miner Newmont Mining, which benefited from a sharp rise in gold prices. The fund was also helped by an underweight position in energy producer ConocoPhilips, whose stock was impacted after the company cut its dividend due to low oil prices. Finally, the fund benefited from an overweight position in Australian mining company Fortescue Metals, whose stock was boosted by the surge in iron ore prices.

Expense example

Six months ended April 30, 2016

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
Global Natural	value	value	(11/1/15–
Resources Fund	(11/1/15)	(4/30/16)	4/30/16)
Actual return
Institutional Class	$1,000.00	$1,034.01	$3.79
Advisor Class^†	1,000.00	1,083.62	3.79
Premier Class	1,000.00	1,033.32	4.55
Retirement Class	1,000.00	1,032.45	5.05
Retail Class	1,000.00	1,031.54	5.76
5% annual hypothetical return
Institutional Class	1,000.00	1,021.13	3.77
Advisor Class^†	1,000.00	1,020.39	4.52
Premier Class	1,000.00	1,020.39	4.52
Retirement Class	1,000.00	1,019.89	5.02
Retail Class	1,000.00	1,019.19	5.72

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.75% for the Institutional Class, 0.90% for the Premier Class, 1.00% for the Retirement Class and 1.14% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

International Equity Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Consumer discretionary	30.8
Industrials	22.6
Consumer staples	15.1
Financials	11.5
Health care	8.2
Materials	5.2
Information technology	4.7
Energy	1.3
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Holdings by country
% of portfolio investments
as of 4/30/2016
France	22.2
Japan	14.8
United Kingdom	14.1
Germany	11.7
India	6.8
Switzerland	4.5
Netherlands	4.0
Italy	3.3
Sweden	3.0
Australia	1.2
4 other nations	3.2
Short-term investments	11.2
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	7.6
More than $15 billion–$50 billion	56.7
More than $2 billion–$15 billion	34.3
$2 billion or less	1.4
Total	100.0

Performance for the six months ended April 30, 2016

The International Equity Fund returned –2.76%, compared with the –3.07% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2016, the fund returned –9.45% versus –9.32% for the index. The table below shows returns for all share classes of the fund.

International stocks post losses in a volatile period

Most countries in the benchmark end lower

Performance as of April 30, 2016

Average annual

Total return

total return

International Equity Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

7/1/1999

–2.76

–9.45

1.17

1.92

Advisor Class

12/4/2015

–2.78

–9.46

1.17

1.92

Premier Class

9/30/2009

–2.83

–9.53

1.02

1.82

Retirement Class

10/1/2002

–2.87

–9.65

0.93

1.67

Retail Class

3/31/2006

–3.01

–9.70

0.83

1.73

MSCI EAFE Index

—

–3.07

–9.32

1.69

1.61

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

32	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

The fund outperforms its benchmark

For the period, the fund outperformed its benchmark as a result of many successful stock choices, particularly in the industrials sector. The fund’s overweight in adidas contributed the most to relative performance. Shares of the German sportswear company rose after it reported record first-quarter results and stepped up efforts to increase market share in the United States. Overweights in camera and optics manufacturer Olympus and French construction company VINCI also contributed significantly.

These positive effects were partly offset by holdings that hindered performance. The fund’s overweight in pan-European satellite broadcaster Sky was the largest detractor, as this stock dropped in reaction to reports that increased competition could negatively affect earnings. Overweights in multinational gas and engineering company Linde and British supermarket chain Tesco also detracted.

Expense example

Six months ended April 30, 2016

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
International	value	value	(11/1/15–
Equity Fund	(11/1/15)	(4/30/16)	4/30/16)
Actual return
Institutional Class	$1,000.00	$ 972.35	$2.35
Advisor Class^†	1,000.00	987.54	2.53
Premier Class	1,000.00	971.67	3.09
Retirement Class	1,000.00	971.30	3.58
Retail Class	1,000.00	969.85	3.77
5% annual hypothetical return
Institutional Class	1,000.00	1,022.48	2.41
Advisor Class^†	1,000.00	1,021.73	3.17
Premier Class	1,000.00	1,021.73	3.17
Retirement Class	1,000.00	1,021.23	3.67
Retail Class	1,000.00	1,021.03	3.87

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.48% for the Institutional Class, 0.63% for the Premier Class, 0.73% for the Retirement Class and 0.77% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

International Opportunities Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Consumer discretionary	21.4
Financials	20.8
Industrials	12.4
Information technology	10.7
Health care	9.6
Consumer staples	8.8
Materials	7.9
Energy	6.3
Short-term investments, other assets & liabilities, net	2.1
Total	100.0

Holdings by country
% of portfolio investments
as of 4/30/2016
Japan	14.9
United Kingdom	14.6
Canada	8.2
France	4.8
Taiwan	4.6
Switzerland	4.2
Sweden	3.4
Italy	3.3
Netherlands	2.9
Norway	2.8
16 other nations	25.8
Short-term investments	10.5
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	14.4
More than $15 billion–$50 billion	23.1
More than $2 billion–$15 billion	45.8
$2 billion or less	16.7
Total	100.0

Performance for the six months ended April 30, 2016

The International Opportunities Fund returned –2.30%, compared with the –1.75% return of its benchmark, the MSCI All Country World ex USA Index. For the one-year period ended April 30, 2016, the fund returned –9.30% versus –11.28% for the index. The table below shows returns for all share classes of the fund.

International stocks post losses in a volatile period

In March, the European Central Bank introduced monetary stimulus, while in the United States, Fed officials signaled that it might hike rates at a less aggressive pace than previously anticipated. In addition, the price of oil rallied. These events appeared to be welcome news as the MSCI EAFE Index, which measures stock performance in 21 developed market nations outside North America, rose 6.51% in the month of March alone, although its return for the six months was –3.07%. In April, Japan’s central bank refrained from easing interest rates, and the yen rose versus the U.S. dollar.

Countries in the benchmark end mixed

For the period, 23 of the 45 markets that make up the benchmark ended lower. The largest component, Japan, dropped 2.8%. The second- and third-largest components, the United Kingdom and France, fell 5.1% and 4.4%, respectively. However, the fourth-largest component, Canada, had a positive return of 8.1%.

Performance as of April 30, 2016

Average annual

Total return

total return

International

since

Opportunities Fund

Inception date

6 months

1 year

inception

Institutional Class

4/12/2013

–2.30

–9.30

1.28

Advisor Class

12/4/2015

–2.41

–9.41

1.24

Premier Class

4/12/2013

–2.38

–9.47

1.10

Retirement Class

4/12/2013

–2.37

–9.55

1.00

Retail Class

4/12/2013

–2.54

–9.71

0.87

MSCI All Country World ex USA Index

—

–1.75

–11.28

0.77

^†

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

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

34	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

(The aforementioned returns are in U.S. dollars.) The index’s return in local-currency terms was –4.97%, lagging the –1.75% return in U.S. dollars due to the dollar’s decline.

The fund trails it benchmark

The fund underperformed its benchmark mainly because of certain stock selections that did not perform as expected. The fund’s overweight in Nomura Holdings detracted the most due to the company’s report of a fourth quarter 2015 loss. Overweight positions in multinational hotel and coffee chain company Whitbred and financial services company China Everbright International also hurt relative performance.

These negative effects were partly offset by successful stock selections. The fund’s position in out-of-benchmark stock GMO Payment Gateway, which provides credit card transaction services, contributed the most, as the company reported a sharp rise in sales and profits. The fund’s positions in Taiwanese auto parts manufacturer Hota Industrial Manufacturing and Canadian apparel retailer lululemon Athletica, which also are not included in the benchmark, significantly bolstered relative performance. Shares of Hota rose after the company reported strong financial results for the fourth quarter of 2015, while lululemon Athletica rose after the company reported strong fourth-quarter revenues.

Expense example

Six months ended April 30, 2016

			Expenses
			paid
	Beginning	Ending	during
International	account	account	period*
Opportunities	value	value	(11/1/15–
Fund	(11/1/15)	(4/30/16)	4/30/16)
Actual return
Institutional Class	$1,000.00	$ 976.99	$3.10
Advisor Class^†	1,000.00	967.60	3.10
Premier Class	1,000.00	976.18	3.88
Retirement Class	1,000.00	976.30	4.32
Retail Class	1,000.00	974.63	5.35
5% annual hypothetical return
Institutional Class	1,000.00	1,021.73	3.17
Advisor Class^†	1,000.00	1,020.98	3.92
Premier Class	1,000.00	1,020.93	3.97
Retirement Class	1,000.00	1,020.49	4.42
Retail Class	1,000.00	1,019.44	5.47

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.63% for the Institutional Class, 0.79% for the Premier Class, 0.88% for the Retirement Class and 1.09% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Social Choice International Equity Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Financials	25.5
Industrials	13.8
Consumer discretionary	13.0
Health care	11.1
Consumer staples	9.5
Materials	8.6
Telecommunication services	5.2
Information technology	4.8
Utilities	4.3
Energy	3.3
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Holdings by country
% of portfolio investments
as of 4/30/2016
Japan	22.2
United Kingdom	18.4
France	9.8
Switzerland	9.0
Germany	8.8
Australia	7.2
Netherlands	3.7
Sweden	3.7
Spain	3.2
Hong Kong	3.0
14 other nations	11.0
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	24.3
More than $15 billion–$50 billion	43.6
More than $2 billion–$15 billion	32.1
Total	100.0

Performance for the six months ended April 30, 2016

The Social Choice International Equity Fund returned –2.08% for the Institutional Class, compared with the –3.07% return of its benchmark, the MSCI EAFE Index. The table below shows returns for all share classes of the fund. The fund screens investments by using certain environmental, social and governance criteria, while the benchmark does not.

Excluding certain stocks aids the fund’s relative performance

Because of its social criteria, the fund did not invest in a number of stocks included in the MSCI EAFE Index. Avoiding these companies produced mixed results during the six-month period, but the net effect was that the fund outperformed its benchmark.

Excluding Mitsubishi UFJ, Sanofi and Toyota contributed to the fund’s performance versus its benchmark. Mitsubishi UFJ reported declining profits, and the stock was also affected by turmoil in China’s stock market. Sanofi’s share price slumped going into the New Year, along with other biotechnology stocks as investors shunned higher-risk stocks. The steep decline in demand for Sanofi’s diabetes drug Lantus exacerbated the stock’s retreat. Toyota’s stock fell early in January, along with those of rival automakers as investors became concerned that new vehicle sales could stall in 2016. In addition, the January 8, 2016, explosion at the steel plant of a key supplier left Toyota short of parts, causing the company to temporarily halt production of automobiles at its assembly facilities.

The fund’s exclusion of certain stocks detracted from performance relative to its benchmark, notably Japan Tobacco, British American Tobacco and Total. Japan Tobacco’s share price began 2016 on a downward trend as global growth concerns mounted. The stock recovered from its January low, helped by news that the company would increase the price of its Mevius cigarettes. Despite facing currency exchange headwinds, British American Tobacco reported increased

Performance as of April 30, 2016

		Total return
Social Choice International Equity Fund	Inception date	6 months			since inception
Institutional Class	8/7/2015		–2.08	%		–6.68	%
Advisor Class	12/4/2015		–2.09	*		–6.69	*
Premier Class	8/7/2015		–2.14			–6.84
Retirement Class	8/7/2015		–2.15			–6.85
Retail Class	8/7/2015		–2.34			–7.03
MSCI EAFE Index	—		–3.07			–7.60	^†

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

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

36	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

cigarette volume and solid revenue growth. French energy giant Total performed better than its big oil peers by offsetting the decline in oil prices with a boost in production.

Fund holds up better than its benchmark in a down market

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

Overweight positions in Newcrest Mining, adidas and Brambles helped the fund to outperform its benchmark. Gold producer Newcrest Mining benefited from increased gold and copper production, lower production costs and rising gold prices, while adidas reported record first-quarter results and stepped up efforts to increase market share in the United States. Brambles, a leading supplier of pallets, crates and containers, delivered strong sales and profit growth.

A significantly underweight position in Royal Dutch Shell detracted from performance versus the benchmark, as did overweight positions in Japanese financial firms Mizuho Financial Group and Sumitomo Mitsui. Energy giant Royal Dutch Shell saw its share price recover along with oil prices. The company also benefited from the acquisition of BG Group, and its efforts to reduce costs offset the increase in operating expenses associated with the BG acquisition. The share prices of Mizuho and Sumitomo Mitsui declined sharply in January through mid-February on worries over steep losses in China’s mainland stock exchanges, slowing global growth and monetary policy effectiveness. Financial stocks were hard hit as the Bank of Japan’s adoption of negative interest rates led investors to be concerned about the profitability of Japanese banks.

Expense example

Six months ended April 30, 2016

			Expenses
			paid
	Beginning	Ending	during
Social Choice	account	account	period*
International	value	value	(11/1/15–
Equity Fund	(11/1/15)	(4/30/16)	4/30/16)
Actual return
Institutional Class	$1,000.00	$ 979.25	$1.97
Advisor Class^†	1,000.00	981.17	2.20
Premier Class	1,000.00	978.61	2.71
Retirement Class	1,000.00	978.46	3.20
Retail Class	1,000.00	976.61	3.88
5% annual hypothetical return
Institutional Class	1,000.00	1,022.87	2.01
Advisor Class^†	1,000.00	1,022.13	2.77
Premier Class	1,000.00	1,022.13	2.77
Retirement Class	1,000.00	1,021.63	3.27
Retail Class	1,000.00	1,020.93	3.97

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.40% for the Institutional Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.79% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Enhanced Large-Cap Growth Index Fund ■ April 30, 2016

					% of net
Shares		Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	13,728,303		0.7	%
CAPITAL GOODS
	112,429	3M Co		18,818,366		0.9
	183,361	Boeing Co		24,717,063		1.2
	135,899	Honeywell International, Inc		15,529,179		0.8
	128,132	Illinois Tool Works, Inc		13,392,357		0.6
	69,914	Lockheed Martin Corp		16,246,615		0.8
	196,219	Paccar, Inc		11,559,261		0.6
		Other		72,232,961		3.5
				172,495,802		8.4
COMMERCIAL & PROFESSIONAL SERVICES				23,442,440		1.1
CONSUMER DURABLES & APPAREL				46,176,700		2.2
CONSUMER SERVICES
	157,489	McDonald’s Corp		19,920,783		1.0
	261,682	Starbucks Corp		14,714,379		0.7
		Other		42,644,929		2.1
				77,280,091		3.8
DIVERSIFIED FINANCIALS
	170,000	iShares Russell 1000 Growth Index Fund		16,804,500		0.8
		Other		47,082,447		2.3
				63,886,947		3.1
ENERGY				5,319,723		0.3
FOOD & STAPLES RETAILING
	271,981	CVS Health Corp		27,334,091		1.3
	379,436	Kroger Co		13,428,240		0.7
		Other		6,587,785		0.3
				47,350,116		2.3
FOOD, BEVERAGE & TOBACCO
	473,147	Altria Group, Inc		29,671,048		1.5
	646,822	Coca-Cola Co		28,977,626		1.4
	225,733	General Mills, Inc		13,846,462		0.7
	321,362	PepsiCo, Inc		33,087,432		1.6
		Other		68,256,894		3.3
				173,839,462		8.5
HEALTH CARE EQUIPMENT & SERVICES
	144,540	Cardinal Health, Inc		11,340,608		0.5
	231,176	UnitedHealth Group, Inc		30,441,256		1.5
		Other		71,432,347		3.5
				113,214,211		5.5
HOUSEHOLD & PERSONAL PRODUCTS				12,197,867		0.6
INSURANCE				12,070,063		0.6
MATERIALS
	254,881	International Paper Co		11,028,701		0.5
	154,448	LyondellBasell Industries AF S.C.A		12,768,216		0.6
		Other		66,630,308		3.3
				90,427,225		4.4

						% of net
Shares			Company	Value		assets
MEDIA
	431,963		Comcast Corp (Class A)	$	26,246,072		1.3	%
	133,132		Omnicom Group, Inc		11,045,962		0.5
	54,916		Time Warner Cable, Inc		11,648,233		0.6
	275,022		Walt Disney Co		28,398,772		1.4
			Other		30,977,180		1.5
					108,316,219		5.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	276,040		AbbVie, Inc		16,838,440		0.8
	159,317		Amgen, Inc		25,219,881		1.2
	56,913	*	Biogen Idec, Inc		15,650,506		0.8
	225,798		Bristol-Myers Squibb Co		16,298,100		0.8
	122,075	*	Celgene Corp		12,623,776		0.6
	303,661		Gilead Sciences, Inc		26,785,937		1.3
	135,664		Johnson & Johnson		15,205,221		0.8
			Other		49,049,098		2.4
					177,670,959		8.7
REAL ESTATE					37,276,326		1.8
RETAILING
	72,016	*	Amazon.com, Inc		47,501,034		2.3
	285,609		Home Depot, Inc		38,240,189		1.9
	169,094		Lowe’s Companies, Inc		12,854,526		0.6
	9,137	*	Priceline.com, Inc		12,277,021		0.6
			Other		52,692,464		2.6
					163,565,234		8.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	326,622		Texas Instruments, Inc		18,630,519		0.9
			Other		34,930,167		1.7
					53,560,686		2.6
SOFTWARE & SERVICES
	106,477		Accenture plc		12,023,383		0.6
	55,412	*	Alphabet, Inc (Class A)		39,225,047		1.9
	56,547	*	Alphabet, Inc (Class C)		39,187,636		1.9
	535,046	*	eBay, Inc		13,071,174		0.6
	402,149	*	Facebook, Inc		47,284,679		2.3
	113,460	*	Fiserv, Inc		11,087,311		0.5
	145,154		International Business Machines Corp		21,183,775		1.0
	175,294		Mastercard, Inc (Class A)		17,001,765		0.8
	1,020,698		Microsoft Corp		50,902,209		2.5
	311,024		Visa, Inc (Class A)		24,023,494		1.2
			Other		107,793,450		5.3
					382,783,923		18.6
TECHNOLOGY HARDWARE & EQUIPMENT
	1,183,853		Apple, Inc		110,974,380		5.4
			Other		31,800,710		1.5
					142,775,090		6.9
TELECOMMUNICATION SERVICES
	867,334		Verizon Communications, Inc		44,181,994		2.2
			Other		10,293,123		0.5
					54,475,117		2.7

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Enhanced Large-Cap Growth Index Fund ■ April 30, 2016

							% of net
Shares			Company	Value			assets
TRANSPORTATION
	260,207		Delta Air Lines, Inc	$	10,842,826			0.5	%
	119,165		United Parcel Service, Inc (Class B)		12,520,666			0.6
			Other		44,074,763			2.2
					67,438,255			3.3
		TOTAL COMMON STOCKS (Cost $1,722,491,930)			2,039,290,759			99.4

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					4,450,000			0.2

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	21,742,240	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		21,742,240			1.1
					21,742,240			1.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $26,192,223)			26,192,240			1.3
		TOTAL PORTFOLIO (Cost $1,748,684,153)			2,065,482,999			100.7
		OTHER ASSETS & LIABILITIES, NET			(14,889,132	)		(0.7	)

		NET ASSETS		$	2,050,593,867			100.0	%

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

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

At 4/30/16, the aggregate value of securities on loan is $20,724,745.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Enhanced Large-Cap Value Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	8,249,093		0.4	%
BANKS
	1,523,224		Bank of America Corp		22,178,141		1.1
	453,224		Citigroup, Inc		20,975,207		1.0
	733,890		JPMorgan Chase & Co		46,381,848		2.3
	177,724		US Bancorp		7,587,038		0.4
	1,006,389		Wells Fargo & Co		50,299,322		2.5
			Other		51,801,200		2.6
					199,222,756		9.9
CAPITAL GOODS
	1,647,224	n	General Electric Co		50,652,138		2.6
	47,750		Northrop Grumman Corp		9,848,915		0.5
	81,380		Raytheon Co		10,282,363		0.5
			Other		98,142,793		5.0
					168,926,209		8.6
COMMERCIAL & PROFESSIONAL SERVICES					16,607,578		0.8
CONSUMER DURABLES & APPAREL					36,219,465		1.8
CONSUMER SERVICES					19,665,701		1.0
DIVERSIFIED FINANCIALS
	121,000		Capital One Financial Corp		8,759,190		0.4
	82,500		Goldman Sachs Group, Inc		13,539,075		0.7
	328,000		Morgan Stanley		8,875,680		0.5
	308,000	e	PowerShares QQQ Trust Series		32,561,760		1.7
	42,400	e	SPDR Dow Jones Industrial Average ETF Trust		7,529,816		0.4
			Other		40,744,542		2.0
					112,010,063		5.7
ENERGY
	311,424		Chevron Corp		31,821,304		1.6
	69,900	*,n	Concho Resources, Inc		8,120,283		0.4
	177,224		ConocoPhillips		8,469,535		0.4
	131,000		EOG Resources, Inc		10,823,220		0.5
	637,724		Exxon Mobil Corp		56,374,802		2.9
	128,900		Hess Corp		7,685,018		0.4
	147,224		Occidental Petroleum Corp		11,284,720		0.6
	93,000		Phillips 66		7,636,230		0.4
	201,204		Schlumberger Ltd		16,164,729		0.8
	155,000	n	Valero Energy Corp		9,124,850		0.5
			Other		93,729,414		4.7
					261,234,105		13.2
FOOD & STAPLES RETAILING
	106,750		Walgreens Boots Alliance, Inc		8,463,140		0.4
	191,224		Wal-Mart Stores, Inc		12,787,149		0.7
			Other		12,439,183		0.6
					33,689,472		1.7
FOOD, BEVERAGE & TOBACCO
	311,000		Mondelez International, Inc		13,360,560		0.7
	139,724		Philip Morris International, Inc		13,709,719		0.7
			Other		45,727,434		2.3
					72,797,713		3.7

							% of net
Shares			Company	Value		assets
HEALTH CARE EQUIPMENT & SERVICES
	336,000		Abbott Laboratories	$	13,070,400			0.7	%
	93,500	*	HCA Holdings, Inc		7,537,970			0.4
	291,000		Medtronic plc		23,032,650			1.2
			Other		45,517,212			2.3
					89,158,232			4.6
HOUSEHOLD & PERSONAL PRODUCTS
	424,224		Procter & Gamble Co		33,988,827			1.7
			Other		9,667,076			0.5
					43,655,903			2.2
INSURANCE
	177,224		American International Group, Inc		9,892,644			0.5
	205,724	*	Berkshire Hathaway, Inc (Class B)		29,928,727			1.5
			Other		59,818,901			3.0
					99,640,272			5.0
MATERIALS
	257,750		Dow Chemical Co		13,560,228			0.7
			Other		66,719,824			3.4
					80,280,052			4.1
MEDIA					16,934,503			0.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	65,400	*	Allergan plc		14,163,024			0.7
	387,124		Johnson & Johnson		43,388,858			2.2
	402,424		Merck & Co, Inc		22,068,932			1.1
	1,177,750		Pfizer, Inc		38,524,203			1.9
	63,800		Thermo Electron Corp		9,203,150			0.5
			Other		21,802,858			1.1
					149,151,025			7.5
REAL ESTATE					75,390,223			3.8
RETAILING
	155,000	n	Target Corp		12,322,500			0.6
			Other		33,090,620			1.7
					45,413,120			2.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	63,900	n	Broadcom Ltd		9,313,425			0.5
	664,124		Intel Corp		20,109,675			1.0
	224,224		Qualcomm, Inc		11,327,796			0.6
			Other		27,566,761			1.4
					68,317,657			3.5
SOFTWARE & SERVICES
	642,224		Microsoft Corp		32,027,711			1.6
			Other		41,647,519			2.1
					73,675,230			3.7
TECHNOLOGY HARDWARE & EQUIPMENT
	742,442		Cisco Systems, Inc		20,409,730			1.0
	500,000		Hewlett Packard Enterprise Co		8,330,000			0.4
			Other		52,813,588			2.7
					81,553,318			4.1

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Enhanced Large-Cap Value Index Fund ■ April 30, 2016

							% of net
Shares			Company	Value			assets
TELECOMMUNICATION SERVICES
	794,224		AT&T, Inc	$	30,831,775			1.6	%
			Other		18,713,322			0.9
					49,545,097			2.5
TRANSPORTATION					34,085,637			1.7
UTILITIES
	125,400	n	American Electric Power Co, Inc		7,962,900			0.4
	101,890		NextEra Energy, Inc		11,980,226			0.6
			Other		118,064,869			6.0
					138,007,995			7.0

		TOTAL COMMON STOCKS (Cost $1,683,576,250)			1,973,430,419			99.7

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					7,400,000			0.4

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	73,167,095	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		73,167,095			3.7
					73,167,095			3.7

		TOTAL SHORT-TERM INVESTMENTS (Cost $80,567,067)			80,567,095			4.1

		TOTAL PORTFOLIO (Cost $1,764,143,317)			2,053,997,514			103.8
		OTHER ASSETS & LIABILITIES, NET			(75,670,828	)		(3.8	)
		NET ASSETS		$	1,978,326,686			100.0	%

Abbreviation(s):

ETF – Exchange Traded Funds

SPDR – Standard and Poor’s Depositary Receipt

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $71,049,299.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

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

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Growth & Income Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
BANKS
	3,921,932		Bank of America Corp	$	57,103,330		1.2	%
	1,069,364		Citigroup, Inc		49,490,166		1.0
	1,052,534		JPMorgan Chase & Co		66,520,149		1.4
	1,219,202		Wells Fargo & Co		60,935,716		1.3
			Other		64,167,232		1.4
					298,216,593		6.3
CAPITAL GOODS
	2,313,352	n	General Electric Co		71,135,574		1.5
	533,105		Honeywell International, Inc		60,917,908		1.3
	336,454	n	Illinois Tool Works, Inc		35,166,172		0.7
	183,613		Northrop Grumman Corp		37,872,017		0.8
	256,634		Raytheon Co		32,425,706		0.7
			Other		116,789,846		2.4
					354,307,223		7.4
COMMERCIAL & PROFESSIONAL SERVICES					27,006,466		0.6
CONSUMER DURABLES & APPAREL					149,073,196		3.1
CONSUMER SERVICES
	279,511		McDonald’s Corp		35,355,346		0.7
			Other		58,206,297		1.3
					93,561,643		2.0
DIVERSIFIED FINANCIALS					83,043,254		1.7
ENERGY
	297,448	*	Concho Resources, Inc		34,554,534		0.7
	1,000,225	*,e	Continental Resources, Inc		37,268,383		0.8
	548,906		EOG Resources, Inc		45,350,614		1.0
	587,070		Occidental Petroleum Corp		44,998,916		0.9
	195,523		Pioneer Natural Resources Co		32,476,370		0.7
			Other		144,551,411		3.0
					339,200,228		7.1
FOOD & STAPLES RETAILING					27,154,322		0.6
FOOD, BEVERAGE & TOBACCO
	1,655,457		Coca-Cola Co		74,164,474		1.6
	513,096		PepsiCo, Inc		52,828,364		1.1
	671,871		Philip Morris International, Inc		65,923,982		1.4
			Other		194,053,525		4.0
					386,970,345		8.1
HEALTH CARE EQUIPMENT & SERVICES
	319,348	*,n	Edwards Lifesciences Corp		33,917,951		0.7
	601,833		Medtronic plc		47,635,082		1.0
	243,313		Universal Health Services, Inc (Class B)		32,526,082		0.7
			Other		148,926,827		3.1
					263,005,942		5.5
HOUSEHOLD & PERSONAL PRODUCTS
	621,669		Procter & Gamble Co		49,808,120		1.0
			Other		13,987,778		0.3
					63,795,898		1.3

							% of net
Shares			Company	Value		assets
INSURANCE
	733,969		American International Group, Inc	$	40,970,150			0.9	%
	374,000	*	Berkshire Hathaway, Inc (Class B)		54,409,520			1.1
	408,180		Chubb Ltd		48,108,095			1.0
			Other		43,615,163			0.9
					187,102,928			3.9
MATERIALS
	942,379		Dow Chemical Co		49,578,559			1.0
	338,650	n	PPG Industries, Inc		37,383,574			0.8
			Other		62,128,865			1.3
					149,090,998			3.1
MEDIA
	630,690		Comcast Corp (Class A)		38,320,724			0.8
	465,921		Walt Disney Co		48,111,003			1.0
			Other		95,016,853			2.0
					181,448,580			3.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	840,901		AbbVie, Inc		51,294,961			1.1
	189,860	*,n	Allergan plc		41,116,082			0.9
	336,242		Amgen, Inc		53,227,109			1.1
	825,883		Bristol-Myers Squibb Co		59,612,235			1.2
	632,897		Eli Lilly & Co		47,802,711			1.0
	484,692		Gilead Sciences, Inc		42,754,681			0.9
	2,079,861		Pfizer, Inc		68,032,253			1.4
			Other		112,784,747			2.4
					476,624,779			10.0
RETAILING
	119,971	*	Amazon.com, Inc		79,131,672			1.7
	654,827		Home Depot, Inc		87,674,787			1.8
			Other		153,656,756			3.2
					320,463,215			6.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					157,176,567			3.3
SOFTWARE & SERVICES
	203,673	*	Alphabet, Inc (Class C)		141,147,426			2.9
	775,178	*,n	Facebook, Inc		91,145,429			1.9
	2,368,513		Microsoft Corp		118,117,743			2.5
	857,246		Oracle Corp		34,169,825			0.7
	608,832	*	Salesforce.com, Inc		46,149,466			1.0
	751,609		Visa, Inc (Class A)		58,054,279			1.2
			Other		198,035,685			4.1
					686,819,853			14.3
TECHNOLOGY HARDWARE & EQUIPMENT
	1,491,705	n	Apple, Inc		139,832,427			2.9
	2,180,664		Cisco Systems, Inc		59,946,453			1.2
			Other		25,735,187			0.5
					225,514,067			4.6
TELECOMMUNICATION SERVICES
	978,064		Verizon Communications, Inc		49,822,580			1.0
			Other		51,644,110			1.1
					101,466,690			2.1

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Growth & Income Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
TRANSPORTATION
	442,232		United Parcel Service, Inc (Class B)	$	46,465,316		1.0	%
			Other		45,698,523		0.9
					92,163,839		1.9
UTILITIES
	339,870		NextEra Energy, Inc		39,961,915		0.8
			Other		65,266,634		1.4
					105,228,549		2.2
		TOTAL COMMON STOCKS (Cost $3,865,838,952)			4,768,435,175		99.6
PURCHASED OPTIONS
CAPITAL GOODS					11,400		0.0
CONSUMER SERVICES					21,900		0.0
HEALTH CARE EQUIPMENT & SERVICES					13,350		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					5,850		0.0
SOFTWARE & SERVICES					6,400		0.0
TRANSPORTATION					1,800		0.0
		TOTAL PURCHASED OPTIONS (Cost $212,256)			60,700		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					11,600,000		0.2
TREASURY DEBT					15,048,405		0.3

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	98,081,654	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	98,081,654			2.1	%
					98,081,654			2.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $124,729,765)			124,730,059			2.6
		TOTAL PORTFOLIO (Cost $3,990,780,973)			4,893,225,934			102.2
		OTHER ASSETS & LIABILITIES, NET			(107,226,030	)		(2.2	)
		NET ASSETS		$	4,785,999,904			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $87,211,249.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

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

At 4/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $20,686,996 or 0.4% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Growth Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	597,275		Delphi Automotive plc	$	43,977,358		1.2	%
			Other		6,839,270		0.2
					50,816,628		1.4
CAPITAL GOODS
	313,955		Honeywell International, Inc		35,875,638		1.0
	292,212		Northrop Grumman Corp		60,271,647		1.7
	239,445		Raytheon Co		30,253,876		0.9
	188,190		Roper Industries, Inc		33,138,377		0.9
			Other		40,104,652		1.1
					199,644,190		5.6
COMMERCIAL & PROFESSIONAL SERVICES
	1,323,277		Nielsen NV		68,995,663		2.0
	585,456	*	Verisk Analytics, Inc		45,419,676		1.3
					114,415,339		3.3
CONSUMER DURABLES & APPAREL					37,819,478		1.1
CONSUMER SERVICES
	59,252	*	Chipotle Mexican Grill, Inc (Class A)		24,943,314		0.7
	1,354,429	*	Norwegian Cruise Line Holdings Ltd		66,218,034		1.9
	1,495,408		Starbucks Corp		84,086,792		2.4
			Other		30,001,848		0.8
					205,249,988		5.8
DIVERSIFIED FINANCIALS
	237,074	*	S&P Global, Inc		25,331,357		0.7
			Other		29,345,074		0.8
					54,676,431		1.5
ENERGY					31,202,029		0.9
FOOD, BEVERAGE & TOBACCO
	404,196		Molson Coors Brewing Co (Class B)		38,653,264		1.1
	394,895	*	Monster Beverage Corp		56,951,757		1.6
			Other		17,020,582		0.5
					112,625,603		3.2
HEALTH CARE EQUIPMENT & SERVICES
	1,145,487	*	Cerner Corp		64,307,640		1.8
	117,887	*	Intuitive Surgical, Inc		73,839,701		2.1
					138,147,341		3.9
HOUSEHOLD & PERSONAL PRODUCTS
	610,567		Estee Lauder Cos (Class A)		58,535,058		1.6
					58,535,058		1.6
MATERIALS
	767,206		Monsanto Co		71,871,858		2.0
	367,581		PPG Industries, Inc		40,577,267		1.2
			Other		24,398,365		0.7
					136,847,490		3.9

							% of net
Shares			Company	Value		assets
MEDIA
	1,160,076		Comcast Corp (Class A)	$	70,486,218			2.0	%
	474,092		Time Warner, Inc		35,623,273			1.0
	517,289		Walt Disney Co		53,415,262			1.5
			Other		18,476,186			0.5
					178,000,939			5.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	325,128	*	Alexion Pharmaceuticals, Inc		45,283,828			1.3
	902,676		Bristol-Myers Squibb Co		65,155,154			1.8
	1,055,060	*	Celgene Corp		109,103,755			3.1
	369,618		Gilead Sciences, Inc		32,604,004			0.9
	571,367		Teva Pharmaceutical Industries Ltd (ADR)		31,110,933			0.9
	334,201		Thermo Electron Corp		48,208,494			1.4
	804,700		Zoetis Inc		37,845,041			1.0
			Other		63,475,395			1.8
					432,786,604			12.2
RETAILING
	261,281	*	Amazon.com, Inc		172,338,335			4.9
	396,655		Expedia, Inc		45,920,749			1.3
	518,879		Home Depot, Inc		69,472,709			1.9
	466,127		Lowe’s Companies, Inc		35,434,975			1.0
			Other		27,895,035			0.8
					351,061,803			9.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	874,814	e	ARM Holdings plc (ADR)		36,033,588			1.0
	227,793		Broadcom Ltd		33,200,830			0.9
			Other		5,434,468			0.2
					74,668,886			2.1
SOFTWARE & SERVICES
	1,067,305		Activision Blizzard, Inc		36,790,003			1.0
	1,265,972	*	Adobe Systems, Inc		119,279,882			3.4
	112,203	*	Alphabet, Inc (Class A)		79,426,260			2.2
	184,677	*	Alphabet, Inc (Class C)		127,983,008			3.6
	352,881		Automatic Data Processing, Inc		31,208,796			0.9
	977,100	*	Facebook, Inc		114,887,418			3.2
	1,317,676		Intuit, Inc		132,940,332			3.8
	1,123,692		Mastercard, Inc (Class A)		108,986,887			3.1
	1,032,945		Microsoft Corp		51,512,967			1.5
	523,471	*	Red Hat, Inc		38,407,067			1.1
	978,418	*	Salesforce.com, Inc		74,164,084			2.1
	1,366,396		Visa, Inc (Class A)		105,540,427			3.0
	961,546	*	Yahoo!, Inc		35,192,584			1.0
			Other		76,259,951			2.1
					1,132,579,666			32.0
TECHNOLOGY HARDWARE & EQUIPMENT
	1,220,863		Apple, Inc		114,443,698			3.2
					114,443,698			3.2
TELECOMMUNICATION SERVICES
	744,323	*	Level 3 Communications, Inc		38,898,320			1.1
					38,898,320			1.1

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Large-Cap Growth Fund ■ April 30, 2016

							% of net
Shares			Company	Value			assets
TRANSPORTATION
	309,721		Union Pacific Corp	$	27,016,963			0.8	%
			Other		11,605,511			0.3
					38,622,474			1.1
		TOTAL COMMON STOCKS (Cost $2,708,857,659)			3,501,041,965			98.8

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					22,050,000			0.6
TREASURY DEBT					17,048,192			0.5

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	14,176,768	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		14,176,768			0.4
					14,176,768			0.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $53,274,592)			53,274,960			1.5
		TOTAL PORTFOLIO (Cost $2,762,132,251)			3,554,316,925			100.3
		OTHER ASSETS & LIABILITIES, NET			(11,502,858	)		(0.3	)
		NET ASSETS		$	3,542,814,067			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $13,690,899.

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

At 4/30/2016, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $ 2,801,266 or 0.1% of net assets. Such securities are deemed liquid and may be resold in transaction exempt from registration to qualified institutional buyers.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Value Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	24,763,773		0.4	%
BANKS
	9,398,440		Bank of America Corp		136,841,286		2.4
	1,596,332		Citigroup, Inc		73,878,245		1.3
	1,254,980		JPMorgan Chase & Co		79,314,736		1.4
	2,931,955		Wells Fargo & Co		146,539,111		2.6
			Other		152,380,275		2.7
					588,953,653		10.4
CAPITAL GOODS
	3,055,755		General Electric Co		93,964,466		1.7
	384,719		L-3 Communications Holdings, Inc		50,602,090		0.9
	1,179,622		Triumph Group, Inc		42,678,724		0.7
			Other		240,094,525		4.3
					427,339,805		7.6
CONSUMER DURABLES & APPAREL
	1,619,235		Mattel, Inc		50,342,016		0.9
			Other		76,905,337		1.4
					127,247,353		2.3
CONSUMER SERVICES
	1,122,201		ARAMARK Holdings Corp		37,604,956		0.7
	953,084		Restaurant Brands International, Inc		41,230,414		0.7
			Other		103,289,914		1.8
					182,125,284		3.2
DIVERSIFIED FINANCIALS
	552,666		Goldman Sachs Group, Inc		90,698,017		1.6
	3,462,935	*	Synchrony Financial		105,861,923		1.9
			Other		137,804,584		2.5
					334,364,524		6.0
ENERGY
	1,068,208		Apache Corp		58,110,515		1.0
	767,373		Baker Hughes, Inc		37,110,158		0.7
	1,088,392		Chevron Corp		111,211,895		2.0
	514,275		EOG Resources, Inc		42,489,400		0.8
	1,109,690		Exxon Mobil Corp		98,096,596		1.7
	1,872,369	*,e	Matador Resources Co		40,349,552		0.7
	791,103		Schlumberger Ltd		63,557,215		1.1
			Other		369,783,140		6.6
					820,708,471		14.6
FOOD & STAPLES RETAILING
	599,100		Wal-Mart Stores, Inc		40,061,817		0.7
			Other		12,633,585		0.2
					52,695,402		0.9
FOOD, BEVERAGE & TOBACCO
	1,089,197		ConAgra Foods, Inc		48,534,618		0.9
	655,426		Philip Morris International, Inc		64,310,399		1.1
	1,511,739		Pinnacle Foods, Inc		64,384,964		1.2
			Other		55,329,709		1.0
					232,559,690		4.2

							% of net
Shares			Company	Value		assets
HEALTH CARE EQUIPMENT & SERVICES
	1,897,540		Abbott Laboratories	$	73,814,306			1.3	%
	2,202,099	*	Boston Scientific Corp		48,270,010			0.9
	349,543		Zimmer Holdings, Inc		40,466,593			0.7
			Other		99,424,513			1.8
					261,975,422			4.7
HOUSEHOLD & PERSONAL PRODUCTS
	1,628,287		Procter & Gamble Co		130,458,354			2.3
					130,458,354			2.3
INSURANCE
	817,558		American International Group, Inc		45,636,088			0.8
	410,296	*	Berkshire Hathaway, Inc (Class B)		59,689,862			1.1
	341,156		Chubb Ltd		40,208,646			0.7
	1,019,455		MetLife, Inc		45,977,420			0.8
	907,703		Principal Financial Group		38,740,764			0.7
			Other		155,015,354			2.8
					385,268,134			6.9
MATERIALS
	5,269,817	*	Louisiana-Pacific Corp		89,586,889			1.6
			Other		191,840,768			3.4
					281,427,657			5.0
MEDIA					39,286,118			0.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,139,096		Agilent Technologies, Inc		46,611,808			0.8
	226,348	*	Allergan plc		49,017,923			0.9
	765,147		Johnson & Johnson		85,757,676			1.5
	1,089,919		Merck & Co, Inc		59,771,158			1.1
	3,114,140		Pfizer, Inc		101,863,519			1.8
			Other		40,476,855			0.7
					383,498,939			6.8
REAL ESTATE					78,121,418			1.4
RETAILING					49,905,249			0.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,011,616		Intel Corp		60,911,733			1.1
			Other		177,292,912			3.1
					238,204,645			4.2
SOFTWARE & SERVICES
	1,307,938		Microsoft Corp		65,226,868			1.2
	1,349,050		Oracle Corp		53,773,133			1.0
	1,637,476	*	Yahoo!, Inc		59,931,621			1.1
			Other		88,609,119			1.6
					267,540,741			4.9
TECHNOLOGY HARDWARE & EQUIPMENT
	3,354,083		Cisco Systems, Inc		92,203,742			1.6
			Other		120,321,291			2.1
					212,525,033			3.7

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Large-Cap Value Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
TELECOMMUNICATION SERVICES
	1,981,528		AT&T, Inc	$	76,922,917		1.3	%
	842,330	*	Level 3 Communications, Inc		44,020,166		0.8
	1,299,568		Telephone & Data Systems, Inc		38,428,226		0.7
					159,371,309		2.8
TRANSPORTATION					61,829,299		1.1
	UTILITIES
	592,119		NextEra Energy, Inc		69,621,352		1.2
	1,081,864		Xcel Energy, Inc		43,307,016		0.8
			Other		137,887,833		2.5
					250,816,201		4.5
		TOTAL COMMON STOCKS (Cost $4,950,224,153)			5,590,986,474		99.5

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	47,600,000		0.245%, 05/25/16		47,592,384		0.9
			Other		25,750,000		0.5
					73,342,384		1.4
TREASURY DEBT					1,599,933		0.0

						% of net
Shares		Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
108,716,235	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	108,716,235			1.9	%
				108,716,235			1.9
	TOTAL SHORT-TERM INVESTMENTS (Cost $183,658,218)			183,658,552			3.3
	TOTAL PORTFOLIO (Cost $5,133,882,371)			5,774,645,026			102.8
	OTHER ASSETS & LIABILITIES, NET			(155,735,713	)		(2.8	)
	NET ASSETS		$	5,618,909,313			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $105,378,764.

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

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Mid-Cap Growth Fund ■ April 30, 2016

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	276,078		Delphi Automotive plc	$	20,327,623		1.3	%
					20,327,623		1.3
BANKS
	141,273	*	Signature Bank		19,471,657		1.2
			Other		21,072,949		1.3
					40,544,606		2.5
CAPITAL GOODS
	62,749		Acuity Brands, Inc		15,303,854		1.0
	447,672		Ametek, Inc		21,528,547		1.4
	547,304		Masco Corp		16,807,706		1.0
	165,216	*	Middleby Corp		18,114,282		1.1
	99,823		Roper Industries, Inc		17,577,832		1.1
	74,531	*	TransDigm Group, Inc		16,983,379		1.1
	673,926	*	USG Corp		18,202,741		1.2
			Other		40,374,422		2.6
					164,892,763		10.5
COMMERCIAL & PROFESSIONAL SERVICES
	329,467		Nielsen NV		17,178,410		1.1
	200,166	*	Verisk Analytics, Inc		15,528,878		1.0
			Other		19,007,948		1.2
					51,715,236		3.3
CONSUMER DURABLES & APPAREL
	497,692		DR Horton, Inc		14,960,621		1.0
			Other		52,153,901		3.3
					67,114,522		4.3
CONSUMER SERVICES
	459,000		ARAMARK Holdings Corp		15,381,090		1.0
	34,688	*	Chipotle Mexican Grill, Inc (Class A)		14,602,607		0.9
	360,969	*	Norwegian Cruise Line Holdings Ltd		17,647,775		1.1
	366,900		Restaurant Brands International, Inc		15,872,094		1.0
			Other		22,015,853		1.4
					85,519,419		5.4
DIVERSIFIED FINANCIALS
	675,249	e	iShares Russell Midcap Growth Index Fund		62,149,918		4.0
			Other		34,589,561		2.2
					96,739,479		6.2
ENERGY					11,727,347		0.8
FOOD, BEVERAGE & TOBACCO
	172,713		Constellation Brands, Inc (Class A)		26,953,591		1.7
	111,660	*	Monster Beverage Corp		16,103,605		1.0
	395,569	*	WhiteWave Foods Co (Class A)		15,905,830		1.0
			Other		24,546,193		1.6
					83,509,219		5.3

Shares			Company	Value		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	278,645	*	Acadia Healthcare Co, Inc	$	17,607,578		1.1	%
	312,337	*	Cerner Corp		17,534,599		1.1
	208,534	*	Edwards Lifesciences Corp		22,148,396		1.4
	93,167	*	Henry Schein, Inc		15,717,273		1.0
	37,077	*	Intuitive Surgical, Inc		23,223,550		1.5
	216,017	*	MEDNAX, Inc		15,399,852		1.0
			Other		55,287,381		3.5
					166,918,629		10.6
MATERIALS
	224,864		Avery Dennison Corp		16,327,375		1.0
	53,038		Sherwin-Williams Co		15,238,348		1.0
			Other		53,831,268		3.4
					85,396,991		5.4
MEDIA
	719,463		Interpublic Group of Cos, Inc		16,504,481		1.1
			Other		16,078,357		1.0
					32,582,838		2.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	469,369		Zoetis Inc		22,074,424		1.4
			Other		35,066,803		2.3
					57,141,227		3.7
REAL ESTATE
	266,605		Crown Castle International Corp		23,162,642		1.5
	74,111		Equinix, Inc		24,482,569		1.6
			Other		9,621,187		0.6
					57,266,398		3.7
RETAILING
	27,220	*	AutoZone, Inc		20,829,560		1.3
	180,915		Dollar General Corp		14,818,748		0.9
	308,223	*	Dollar Tree, Inc		24,568,455		1.6
	152,571		Expedia, Inc		17,663,145		1.1
	88,528	*	O’Reilly Automotive, Inc		23,254,535		1.5
	320,278		Ross Stores, Inc		18,185,385		1.1
	171,563		Signet Jewelers Ltd		18,624,879		1.2
	230,329		Tractor Supply Co		21,802,943		1.4
			Other		26,160,025		1.7
					185,907,675		11.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	834,334		Applied Materials, Inc		17,078,817		1.1
	195,346		Lam Research Corp		14,924,434		1.0
			Other		43,118,204		2.7
					75,121,455		4.8
SOFTWARE & SERVICES
	75,811	*	Alliance Data Systems Corp		15,413,134		1.0
	272,267	*	Electronic Arts, Inc		16,839,714		1.0
	131,008	*	FleetCor Technologies, Inc		20,264,318		1.3
	233,624		Intuit, Inc		23,570,325		1.5
			Other		134,956,131		8.6
					211,043,622		13.4

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Mid-Cap Growth Fund ■ April 30, 2016

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT				$	7,266,352		0.5	%
TRANSPORTATION
	644,634		Southwest Airlines Co		28,757,123		1.8
	345,840	*	United Continental Holdings, Inc		15,842,930		1.0
					44,600,053		2.8
		TOTAL COMMON STOCKS (Cost $1,386,162,837)			1,545,335,454		98.4
PURCHASED OPTIONS
BANKS					604,000		0.0
SOFTWARE & SERVICES					64,000		0.0
		TOTAL PURCHASED OPTIONS (Cost $756,900)			668,000		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	18,600,000		0.200%, 05/02/16		18,599,999		1.2
					18,599,999		1.2

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	63,759,243	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	63,759,243			4.0	%
					63,759,243			4.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $82,359,139)			82,359,242			5.2
		TOTAL PORTFOLIO (Cost $1,469,278,876)			1,628,362,696			103.6
		OTHER ASSETS & LIABILITIES, NET			(57,079,265	)		(3.6	)
		NET ASSETS		$	1,571,283,431			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $61,991,814.

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

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Mid-Cap Value Fund ■ April 30, 2016

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	51,811,711		1.0	%
BANKS
	785,709		SunTrust Banks, Inc		32,795,494		0.7
			Other		303,322,742		5.9
					336,118,236		6.6
CAPITAL GOODS
	246,326		L-3 Communications Holdings, Inc		32,399,259		0.6
	1,530,000		Textron, Inc		59,180,400		1.2
			Other		254,393,231		5.0
					345,972,890		6.8
COMMERCIAL & PROFESSIONAL SERVICES
	807,374		Republic Services, Inc		38,003,094		0.7
			Other		8,072,059		0.2
					46,075,153		0.9
CONSUMER DURABLES & APPAREL
	1,040,000		Mattel, Inc		32,333,600		0.7
	764,569		Newell Rubbermaid, Inc		34,818,472		0.7
			Other		66,092,255		1.3
					133,244,327		2.7
CONSUMER SERVICES					48,147,477		0.9
DIVERSIFIED FINANCIALS
	490,000		Ameriprise Financial, Inc		46,991,000		0.9
	1,210,699	*	E*TRADE Financial Corp		30,485,401		0.5
	1,838,491	*	Synchrony Financial		56,202,670		1.2
			Other		30,634,742		0.6
					164,313,813		3.2
ENERGY
	320,000		Cimarex Energy Co		34,841,600		0.7
	284,457	*	Concho Resources, Inc		33,045,370		0.7
	1,325,000		Hess Corp		78,996,500		1.5
	385,000		Pioneer Natural Resources Co		63,948,500		1.2
			Other		350,629,197		6.9
					561,461,167		11.0
FOOD & STAPLES RETAILING					16,905,000		0.3
FOOD, BEVERAGE & TOBACCO
	1,000,000		Bunge Ltd		62,500,000		1.2
	1,010,000		ConAgra Foods, Inc		45,005,600		0.9
	436,668		Molson Coors Brewing Co (Class B)		41,758,561		0.8
	730,000		Tyson Foods, Inc (Class A)		48,048,600		0.9
			Other		93,685,769		1.9
					290,998,530		5.7
HEALTH CARE EQUIPMENT & SERVICES
	2,180,000	*	Boston Scientific Corp		47,785,600		1.0
	234,537		Universal Health Services, Inc (Class B)		31,352,906		0.6
			Other		56,270,981		1.1
					135,409,487		2.7

Shares			Company	Value		% of net assets
INSURANCE
	303,015		Aon plc	$	31,852,937		0.6	%
	293,179		Chubb Ltd		34,554,077		0.7
	1,217,755		Hartford Financial Services Group, Inc		54,043,967		1.0
	568,284		Marsh & McLennan Cos, Inc		35,887,135		0.7
	654,900		Validus Holdings Ltd		30,184,341		0.6
	1,202,883		XL Capital Ltd		39,370,360		0.8
			Other		168,302,584		3.3
					394,195,401		7.7
MATERIALS
	1,100,000		Albemarle Corp		72,776,000		1.4
	2,510,000	*	Louisiana-Pacific Corp		42,670,000		0.8
	570,820	*	WR Grace & Co		43,770,478		0.9
			Other		219,010,220		4.3
					378,226,698		7.4
MEDIA
	1,336,262		Interpublic Group of Cos, Inc		30,653,850		0.6
			Other		52,779,710		1.0
					83,433,560		1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,040,000		Agilent Technologies, Inc		42,556,800		0.8
			Other		81,026,642		1.6
					123,583,442		2.4
REAL ESTATE
	249,021		AvalonBay Communities, Inc		44,024,423		0.9
	757,540		Prologis, Inc		34,399,891		0.7
	690,000		Ventas, Inc		42,862,800		0.8
			Other		394,714,627		7.7
					516,001,741		10.1
RETAILING
	545,000		TJX Companies, Inc		41,321,900		0.8
			Other		119,253,438		2.4
					160,575,338		3.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	462,982		Lam Research Corp		35,371,825		0.7
	740,000		Xilinx, Inc		31,879,200		0.6
			Other		59,124,889		1.2
					126,375,914		2.5
SOFTWARE & SERVICES
	998,134		CA, Inc		29,604,655		0.6
			Other		74,523,708		1.4
					104,128,363		2.0
TECHNOLOGY HARDWARE & EQUIPMENT
	747,075		TE Connectivity Ltd		44,436,021		0.9
	770,000		Western Digital Corp		31,466,050		0.6
			Other		137,830,377		2.7
					213,732,448		4.2
TELECOMMUNICATION SERVICES
	1,110,000	*	Level 3 Communications, Inc		58,008,600		1.1
			Other		25,511,849		0.5
					83,520,449		1.6

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Mid-Cap Value Fund ■ April 30, 2016

Shares			Company	Value		% of net assets
TRANSPORTATION				$	95,642,071		1.9	%
UTILITIES
	417,453		American Water Works Co, Inc		30,373,880		0.6
	445,000		DTE Energy Co		39,676,200		0.8
	718,342		Edison International		50,793,963		1.0
	510,000		PG&E Corp		29,682,000		0.6
	1,082,301		PPL Corp		40,737,810		0.8
	833,276		Public Service Enterprise Group, Inc		38,439,022		0.8
	616,290		Sempra Energy		63,693,571		1.2
	826,000		Xcel Energy, Inc		33,064,780		0.6
			Other		336,568,725		6.6
					663,029,951		13.0
		TOTAL COMMON STOCKS (Cost $4,122,262,827)			5,072,903,167		99.4
PURCHASED OPTION
TECHNOLOGY HARDWARE & EQUIPMENT					983,250		0.0
		TOTAL PURCHASED OPTION (Cost $1,384,025)			983,250		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT
			United States Treasury Bill
$	50,000,000		0.235%, 08/11/16		49,965,700		1.0
			Other		16,449,588		0.3
					66,415,288		1.3

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	135,686,513	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	135,686,513		2.6	%
					135,686,513		2.6
		TOTAL SHORT-TERM INVESTMENTS (Cost $202,102,627)			202,101,801		3.9
		TOTAL PORTFOLIO (Cost $4,325,749,479)			5,275,988,218		103.3
		OTHER ASSETS & LIABILITIES, NET			(170,660,394	)	(3.3	)
		NET ASSETS		$	5,105,327,824		100.0	%

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

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

At 4/30/16, the aggregate value of securities on loan is $126,538,617.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Small-Cap Equity Fund ■ April 30, 2016

Shares			Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	317,944	*	Tenneco, Inc	$	16,946,415		0.6	%
			Other		17,897,687		0.6
					34,844,102		1.2
BANKS
	422,896		BankUnited		14,589,912		0.5
	1,284,248		Fulton Financial Corp		17,966,629		0.6
	614,670		Great Western Bancorp, Inc		19,374,398		0.7
	286,040		IBERIABANK Corp		16,873,500		0.6
	515,947		PrivateBancorp, Inc		21,468,555		0.8
	788,630		Provident Financial Services, Inc		15,756,827		0.6
	635,870	*	Western Alliance Bancorp		23,260,125		0.8
			Other		164,258,295		5.7
					293,548,241		10.3
CAPITAL GOODS
	367,180	*	Beacon Roofing Supply, Inc		15,689,601		0.5
	372,766		EMCOR Group, Inc		18,071,696		0.6
	270,831		John Bean Technologies Corp		14,121,128		0.5
			Other		175,103,718		6.1
					222,986,143		7.7
COMMERCIAL & PROFESSIONAL SERVICES					78,689,841		2.8
CONSUMER DURABLES & APPAREL
	160,650		Pool Corp		14,042,417		0.5
	1,212,470	*	TRI Pointe Homes, Inc		14,064,652		0.5
			Other		73,055,882		2.6
					101,162,951		3.6
CONSUMER SERVICES
	347,201	*	Grand Canyon Education, Inc		15,183,100		0.5
	170,380		l Vail Resorts, Inc		22,088,063		0.8
			Other		71,125,853		2.5
					108,397,016		3.8
DIVERSIFIED FINANCIALS					30,291,956		1.1
	ENERGY
	3,220,320	*,e	McDermott International, Inc		14,620,253		0.5
			Other		100,530,268		3.5
					115,150,521		4.0
FOOD, BEVERAGE & TOBACCO
	1,047,770	*	Darling International, Inc		15,182,187		0.5
			Other		53,195,926		1.9
					68,378,113		2.4
HEALTH CARE EQUIPMENT & SERVICES
	149,420	*	Abiomed, Inc		14,514,659		0.5
	175,173	*	ICU Medical, Inc		17,401,686		0.6
	277,820	*	NuVasive, Inc		14,707,791		0.5
	200,593	*	WellCare Health Plans, Inc		18,051,364		0.6
			Other		111,425,080		3.9
					176,100,580		6.1
HOUSEHOLD & PERSONAL PRODUCTS					6,346,015		0.2

Shares			Company	Value		% of net assets
INSURANCE				$	62,163,766		2.2	%

MATERIALS
	490,810	*	Chemtura		13,669,058		0.5
	811,100	*	Louisiana-Pacific Corp		13,788,700		0.5
	242,440		Minerals Technologies, Inc		14,522,156		0.5
			Other		107,759,401		3.7
					149,739,315		5.2
MEDIA					32,168,159		1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	247,190	*	Parexel International Corp		15,103,309		0.5
			Other		201,302,527		7.1
					216,405,836		7.6
REAL ESTATE
	225,310		Coresite Realty		16,882,478		0.6
	1,720,312		Cousins Properties, Inc		17,805,229		0.6
	711,174		CubeSmart		21,057,862		0.7
	446,660		DCT Industrial Trust, Inc		18,031,664		0.6
	460,110		DuPont Fabros Technology, Inc		18,321,580		0.7
	271,480		Entertainment Properties Trust		17,885,103		0.6
	678,750		First Industrial Realty Trust, Inc		15,570,525		0.6
	190,044		Sovran Self Storage, Inc		20,186,474		0.7
	1,274,832		Sunstone Hotel Investors, Inc		16,330,598		0.6
	542,589		Urban Edge Properties		14,074,759		0.5
			Other		109,038,560		3.8
					285,184,832		10.0
RETAILING					109,815,461		3.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	494,100	*	Inphi Corp		14,659,947		0.5
			Other		89,888,456		3.1
					104,548,403		3.6
SOFTWARE & SERVICES
	328,562	*	Manhattan Associates, Inc		19,891,143		0.7
	550,779	*	Progress Software Corp		14,055,880		0.5
	284,720		Science Applications International Corp		15,115,785		0.5
			Other		228,614,136		8.0
					277,676,944		9.7
TECHNOLOGY HARDWARE & EQUIPMENT
	223,280		Belden CDT, Inc		14,097,899		0.5
	644,244	*	Sanmina Corp		15,236,371		0.5
			Other		139,033,410		4.9
					168,367,680		5.9
TELECOMMUNICATION SERVICES					42,595,539		1.5
TRANSPORTATION
	1,047,734	*	Air Transport Services Group, Inc		14,762,572		0.5
			Other		45,309,272		1.6
					60,071,844		2.1

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Small-Cap Equity Fund ■ April 30, 2016

Shares			Company	Value		% of net assets
UTILITIES
	275,090		Allete, Inc	$	15,457,307		0.5	%
	472,623		Avista Corp		18,938,004		0.7
	264,755		Black Hills Corp		16,041,505		0.6
	513,300		South Jersey Industries, Inc		14,326,203		0.5
	226,990		Southwest Gas Corp		14,733,921		0.5
			Other		17,506,354		0.6
					97,003,294		3.4
		TOTAL COMMON STOCKS (Cost $2,649,662,284)			2,841,636,552		99.3

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
	$29,200,000	d	0.200%, 05/02/16		29,200,000		1.0
	19,700,000	d	0.245%, 05/25/16		19,696,848		0.7
					48,896,848		1.7

Shares			Company	Value			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	138,701,199	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	138,701,199			4.9	%
					138,701,199			4.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $187,597,819)			187,598,047			6.6
		TOTAL PORTFOLIO (Cost $2,837,260,103)			3,029,234,599			105.9
		OTHER ASSETS & LIABILITIES, NET			(168,003,194	)		(5.9	)
		NET ASSETS		$	2,861,231,405			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $132,598,985.
l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements swap agreements.

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

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Social Choice Equity Fund ■ April 30, 2016

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	1,288,424	Ford Motor Co	$	17,471,029		0.7	%
		Other		28,282,092		1.1
				45,753,121		1.8
BANKS
	488,738	US Bancorp		20,864,225		0.8
		Other		81,297,018		3.0
				102,161,243		3.8
CAPITAL GOODS
	150,000	3M Co		25,107,000		0.9
	202,777	Danaher Corp		19,618,675		0.7
		Other		111,524,768		4.2
				156,250,443		5.8
COMMERCIAL & PROFESSIONAL SERVICES				24,070,314		0.9
CONSUMER DURABLES & APPAREL
	350,244	Nike, Inc (Class B)		20,643,381		0.8
		Other		16,617,161		0.6
				37,260,542		1.4
CONSUMER SERVICES
	208,766	McDonald’s Corp		26,406,811		1.0
	396,244	Starbucks Corp		22,280,800		0.8
		Other		29,168,798		1.1
				77,856,409		2.9
DIVERSIFIED FINANCIALS
	270,048	American Express Co		17,669,240		0.7
	437,091	Bank of New York Mellon Corp		17,588,542		0.7
	49,451	BlackRock, Inc		17,620,875		0.7
		Other		107,320,092		3.9
				160,198,749		6.0
ENERGY				181,812,782		6.8
FOOD & STAPLES RETAILING				28,882,382		1.1
FOOD, BEVERAGE & TOBACCO
	239,031	Kraft Heinz Co		18,661,150		0.7
	472,835	Mondelez International, Inc		20,312,992		0.8
	302,329	PepsiCo, Inc		31,127,794		1.2
		Other		50,362,194		1.8
				120,464,130		4.5
HEALTH CARE EQUIPMENT & SERVICES
	106,199	Becton Dickinson & Co		17,125,651		0.6
		Other		96,576,775		3.7
				113,702,426		4.3
HOUSEHOLD & PERSONAL PRODUCTS
	263,164	Colgate-Palmolive Co		18,663,591		0.7
	475,958	Procter & Gamble Co		38,133,755		1.4
		Other		10,854,291		0.4
				67,651,637		2.5

Shares			Company	Value		% of net assets
INSURANCE
	310,396	*	Berkshire Hathaway, Inc (Class B)	$	45,156,410		1.7	%
	157,312		Chubb Ltd		18,540,793		0.7
			Other		78,309,242		2.9
					142,006,445		5.3
MATERIALS					107,205,899		4.0
MEDIA
	97,213		Time Warner Cable, Inc		20,619,849		0.8
	249,678		Time Warner, Inc		18,760,805		0.7
	335,366		Walt Disney Co		34,629,893		1.3
			Other		20,018,912		0.7
					94,029,459		3.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	166,755		Amgen, Inc		26,397,316		1.0
	392,765		Bristol-Myers Squibb Co		28,349,778		1.1
	179,391	*	Celgene Corp		18,550,823		0.7
	292,643		Gilead Sciences, Inc		25,814,039		1.0
	452,759		Johnson & Johnson		50,745,229		1.9
	572,843		Merck & Co, Inc		31,414,710		1.2
	131,438		Thermo Electron Corp		18,959,932		0.7
			Other		69,262,226		2.5
					269,494,053		10.1
REAL ESTATE
	172,248		American Tower Corp		18,065,370		0.7
	99,178		Simon Property Group, Inc		19,951,638		0.8
			Other		85,711,928		3.2
					123,728,936		4.7
RETAILING
	280,474		Lowe’s Companies, Inc		21,321,634		0.8
			Other		66,617,174		2.5
					87,938,808		3.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	913,426		Intel Corp		27,658,540		1.0
	370,613		Qualcomm, Inc		18,723,369		0.7
	348,081		Texas Instruments, Inc		19,854,540		0.7
			Other		28,285,310		1.1
					94,521,759		3.5
SOFTWARE & SERVICES
	189,040		Accenture plc		21,346,397		0.8
	195,711	*	Adobe Systems, Inc		18,439,890		0.7
	43,257	*	Alphabet, Inc (Class A)		30,620,765		1.1
	44,203	*	Alphabet, Inc (Class C)		30,633,121		1.2
	195,109		International Business Machines Corp		28,474,208		1.1
	256,346		Mastercard, Inc (Class A)		24,862,999		0.9
	700,563		Oracle Corp		27,924,441		1.0
	245,074	*	Salesforce.com, Inc		18,576,609		0.7
	471,643	*	Yahoo!, Inc		17,262,134		0.6
			Other		109,303,338		4.2
					327,443,902		12.3

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Social Choice Equity Fund ■ April 30, 2016

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,064,563		Cisco Systems, Inc	$	29,264,837		1.1	%
	662,685		EMC Corp		17,302,705		0.7
			Other		33,116,182		1.2
					79,683,724		3.0
TELECOMMUNICATION SERVICES
	745,853		Verizon Communications, Inc		37,993,752		1.4
			Other		18,137,246		0.7
					56,130,998		2.1
TRANSPORTATION
	205,552		United Parcel Service, Inc (Class B)		21,597,349		0.8
			Other		55,478,983		2.1
					77,076,332		2.9
UTILITIES
	161,534		NextEra Energy, Inc		18,993,168		0.7
			Other		64,250,450		2.4
					83,243,618		3.1
		TOTAL COMMON STOCKS (Cost $2,071,764,982)			2,658,568,111		99.6

Principal			Issuer	Value			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	1,200,000			0.1	%
TREASURY DEBT					6,591,777			0.2
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT					9,992,444			0.4
TREASURY DEBT
			United States Treasury Bill
$	28,000,000		0.190%, 7/7/16		27,990,099			1.0
			United States Treasury Bill
	27,000,000		0.315%–0.335%, 8/18/16		26,973,643			1.0
					54,963,742			2.0
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			64,956,186			2.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $72,745,923)			72,747,963			2.7
		TOTAL PORTFOLIO (Cost $2,144,510,905)			2,731,316,074			102.3
		OTHER ASSETS & LIABILITIES, NET			(62,372,734	)		(2.3	)
		NET ASSETS		$	2,668,943,340			100.0	%

*	Non-income producing

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

At 4/30/16, the aggregate value of securities on loan is $73,075,158.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Social Choice Low Carbon Equity Fund ■ April 30, 2016

Shares		Company	Value		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	25,924	Ford Motor Co	$	351,529		0.7	%
		Other		537,911		1.2
				889,440		1.9
BANKS
	3,803	PNC Financial Services Group, Inc		333,827		0.7
	9,112	US Bancorp		388,991		0.8
		Other		1,265,626		2.6
				1,988,444		4.1
CAPITAL GOODS
	2,798	3M Co		468,329		1.0
	4,340	Caterpillar, Inc		337,305		0.7
	3,747	Danaher Corp		362,522		0.7
		Other		2,020,186		4.2
				3,188,342		6.6
COMMERCIAL & PROFESSIONAL SERVICES				555,864		1.2
CONSUMER DURABLES & APPAREL
	6,957	Nike, Inc (Class B)		410,046		0.9
		Other		305,477		0.6
				715,523		1.5
CONSUMER SERVICES
	3,775	McDonald’s Corp		477,500		1.0
	7,446	Starbucks Corp		418,688		0.9
		Other		489,614		1.0
				1,385,802		2.9
DIVERSIFIED FINANCIALS
	5,379	American Express Co		351,948		0.7
	8,208	Bank of New York Mellon Corp		330,290		0.7
	921	BlackRock, Inc		328,180		0.7
		Other		1,552,871		3.2
				2,563,289		5.3
ENERGY
	6,011	Schlumberger Ltd		482,924		1.0
		Other		1,269,285		2.7
				1,752,209		3.7
FOOD & STAPLES RETAILING				413,369		0.9
FOOD, BEVERAGE & TOBACCO
	4,298	Kraft Heinz Co		335,545		0.7
	8,963	Mondelez International, Inc		385,050		0.8
	5,527	PepsiCo, Inc		569,060		1.2
		Other		969,522		2.0
				2,259,177		4.7
HEALTH CARE EQUIPMENT & SERVICES				2,364,534		4.9
HOUSEHOLD & PERSONAL PRODUCTS
	5,403	Colgate-Palmolive Co		383,181		0.8
	8,873	Procter & Gamble Co		710,905		1.5
		Other		347,999		0.7
				1,442,085		3.0

Shares			Company	Value		% of net assets
INSURANCE
	3,022		Chubb Ltd	$	356,173		0.7	%
	3,976		Prudential Financial, Inc		308,697		0.7
	2,816		Travelers Cos, Inc		309,478		0.7
			Other		1,255,611		2.6
					2,229,959		4.7
MATERIALS					1,888,845		3.9
MEDIA
	1,753		Time Warner Cable, Inc		371,829		0.8
	4,889		Time Warner, Inc		367,359		0.8
	5,948		Walt Disney Co		614,190		1.2
			Other		391,920		0.8
					1,745,298		3.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,664		Amgen, Inc		421,711		0.9
	7,013		Bristol-Myers Squibb Co		506,198		1.1
	3,024	*	Celgene Corp		312,712		0.7
	5,334		Gilead Sciences, Inc		470,512		1.0
	8,134		Johnson & Johnson		911,659		1.9
	10,366		Merck & Co, Inc		568,472		1.2
	2,484		Thermo Electron Corp		358,317		0.7
			Other		934,313		1.9
					4,483,894		9.4
REAL ESTATE
	1,841		Simon Property Group, Inc		370,354		0.8
			Other		1,957,037		4.1
					2,327,391		4.9
RETAILING
	5,164		Lowe’s Companies, Inc		392,567		0.8
	3,539	*	NetFlix, Inc		318,616		0.7
			Other		718,814		1.5
					1,429,997		3.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	17,806		Intel Corp		539,165		1.1
	7,769		Qualcomm, Inc		392,490		0.8
			Other		648,557		1.4
					1,580,212		3.3
SOFTWARE & SERVICES
	3,428		Accenture plc		387,090		0.8
	3,578	*	Adobe Systems, Inc		337,119		0.7
	794	*	Alphabet, Inc (Class A)		562,057		1.2
	811	*	Alphabet, Inc (Class C)		562,031		1.2
	3,555		International Business Machines Corp		518,817		1.1
	4,593		Mastercard, Inc (Class A)		445,475		0.9
	12,713		Oracle Corp		506,740		1.0
	4,573	*	Salesforce.com, Inc		346,633		0.7
	8,487	*	Yahoo!, Inc		310,624		0.6
			Other		2,336,063		4.9
					6,312,649		13.1

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

Social Choice Low Carbon Equity Fund ■ April 30, 2016

Shares			Company	Value		% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	19,364		Cisco Systems, Inc	$	532,317		1.1	%
	13,220		EMC Corp		345,174		0.7
			Other		932,855		1.9
					1,810,346		3.7
TELECOMMUNICATION SERVICES
	13,466		Verizon Communications, Inc		685,958		1.4
			Other		526,495		1.1
					1,212,453		2.5
TRANSPORTATION
	4,574		Union Pacific Corp		398,990		0.8
	3,762		United Parcel Service, Inc (Class B)		395,273		0.8
			Other		748,360		1.6
					1,542,623		3.2
UTILITIES					1,689,073		3.5
		TOTAL COMMON STOCKS (Cost $47,026,401)			47,770,818		99.5
		TOTAL PORTFOLIO (Cost $47,026,401)			47,770,818		99.5
		OTHER ASSETS & LIABILITIES, NET			223,124		0.5
		NET ASSETS		$	47,993,942		100.0	%

*	Non-income producing

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

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Emerging Markets Equity Fund ■ April 30, 2016

						% of net
Principal			Issuer	Value		assets
BONDS
CORPORATE BONDS
HONG KONG				$	466,350		0.1	%
		TOTAL CORPORATE BONDS (Cost $534,000)			466,350		0.1
		TOTAL BONDS (Cost $534,000)			466,350		0.1

	Shares		Company
COMMON STOCKS
ARGENTINA					6,349,242		0.7
AUSTRALIA					4,822,419		0.5
AUSTRIA
	197,166	*	Erste Bank der Oesterreichischen Sparkassen AG.		5,675,663		0.6
			Other		2,345,280		0.2
					8,020,943		0.8
BRAZIL
	1,034,000		Banco Bradesco S.A. (Preference)		7,786,756		0.8
	1,144,169		Banco Itau Holding Financeira S.A.		10,935,185		1.1
	649,372		Cielo S.A.		6,325,205		0.7
	2,150,500	*	Petroleo Brasileiro S.A.		8,297,488		0.9
			Other		35,877,651		3.6
					69,222,285		7.1
CHILE					14,848,135		1.5
CHINA
	239,144	*	Alibaba Group Holding Ltd (ADR)		18,399,739		1.9
	70,476	*	Baidu, Inc (ADR)		13,693,487		1.4
	19,128,000		China Construction Bank		12,148,710		1.3
	905,000		China Mobile Hong Kong Ltd		10,390,091		1.1
	2,708,200	*	China Overseas Land & Investment Ltd		8,596,547		0.9
	2,415,000		China Vanke Co Ltd		6,027,897		0.6
	6,361,000		CNOOC Ltd		7,857,873		0.8
	191,429	*	Ctrip.com International Ltd (ADR)		8,348,219		0.9
	19,734,834		Industrial & Commercial Bank of China		10,566,047		1.1
	267,993	*	JD.com, Inc (ADR)		6,849,901		0.7
	2,254,500		Ping An Insurance Group Co of China Ltd		10,580,548		1.1
	1,992,400		Tencent Holdings Ltd		40,541,976		4.2
			Other		42,799,345		4.3
					196,800,380		20.3
HONG KONG
	1,226,600		AIA Group Ltd		7,340,711		0.8
	1,565,000		Techtronic Industries Co		5,866,668		0.6
			Other		24,204,784		2.4
					37,412,163		3.8
HUNGARY
	259,824		OTP Bank		6,884,577		0.7
					6,884,577		0.7

						% of net
Shares			Company	Value		assets
INDIA
	388,170		HDFC Bank Ltd	$	6,594,576		0.7	%
	482,043		IndusInd Bank Ltd		7,607,583		0.8
	478,039		Infosys Technologies Ltd		8,696,392		0.9
	630,110		Reliance Industries Ltd		9,315,209		1.0
	748,149	*	Sun Pharmaceutical Industries Ltd		9,136,416		0.9
	1,020,884	*	Tata Motors Ltd		6,250,266		0.6
			Other		54,934,293		5.7
					102,534,735		10.6
INDONESIA
	20,572,500		PT Telekomunikasi Indonesia Persero Tbk		5,519,455		0.6
			Other		14,102,962		1.4
					19,622,417		2.0
JAPAN					3,994,346		0.4
JORDAN					4,580,202		0.5
KOREA, REPUBLIC OF
	615,457		Hanon Systems		5,540,736		0.6
	156,601		Korea Electric Power Corp		8,506,371		0.9
	31,081		LG Chem Ltd		8,062,227		0.8
	13,566		LG Household & Health Care Ltd		11,944,422		1.2
	37,281		POSCO		7,810,932		0.8
	34,770		Samsung Electronics Co Ltd		37,893,412		3.9
	76,096		Woongjin Coway Co Ltd		6,588,217		0.7
			Other		71,199,547		7.3
					157,545,864		16.2
LUXEMBOURG					2,228,111		0.2
MALAYSIA					5,270,640		0.5
MEXICO
	817,600		Fomento Economico Mexicano S.A. de C.V.		7,607,327		0.8
	1,350,480		Grupo Financiero Banorte S.A. de C.V.		7,666,612		0.8
	2,604,000		Grupo Mexico S.A. de C.V. (Series B)		6,623,270		0.7
	2,123,246	e	Unifin Financiera SAPI de C.V. SOFOM ENR		6,259,415		0.7
			Other		40,612,419		4.1
					68,769,043		7.1
NETHERLANDS
	1,410,382		Steinhoff International Holdings NV		8,822,688		0.9
					8,822,688		0.9
PAKISTAN					7,094,661		0.7
PERU					4,983,398		0.5
PHILIPPINES					28,105,515		2.9
POLAND					4,939,473		0.5
RUSSIA
	160,325		LUKOIL PJSC (ADR)		6,831,064		0.7
	86,248		NovaTek OAO (GDR)		8,323,352		0.9
	1,076,156		Sberbank of Russian Federation (ADR)		8,652,432		0.9
			Other		10,352,859		1.0
					34,159,707		3.5
SINGAPORE					6,937,240		0.7

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Emerging Markets Equity Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
SOUTH AFRICA
	467,113		AngloGold Ashanti Ltd	$	7,593,521		0.8	%
	177,903		Naspers Ltd (N Shares)		24,481,462		2.5
			Other		5,214,678		0.5
					37,289,661		3.8
TAIWAN
	6,467,000		Advanced Semiconductor Engineering, Inc		6,222,774		0.6
	2,382,700	*	Hon Hai Precision Industry Co, Ltd		5,675,742		0.6
	1,715,636		Hota Industrial Manufacturing Co Ltd		8,208,565		0.9
	7,463,000		Taiwan Semiconductor Manufacturing Co Ltd		34,287,768		3.5
			Other		4,746,677		0.5
					59,141,526		6.1
THAILAND
	5,292,131		Minor International PCL (ADR)		5,632,430		0.6
			Other		14,547,266		1.5
					20,179,696		2.1
TURKEY					19,336,701		2.0
UNITED ARAB EMIRATES					10,331,050		1.1
UNITED KINGDOM					5,422,763		0.6
UNITED STATES					11,124,690		1.2
VIETNAM					2,762,721		0.3
		TOTAL COMMON STOCKS (Cost $921,518,566)			969,536,992		99.8
PREFERRED STOCKS
PHILIPPINES					3,672		0.0
		TOTAL PREFERRED STOCKS (Cost $4,057)			3,672		0.0
RIGHTS / WARRANTS
THAILAND					30,643		0.0
		TOTAL RIGHTS / WARRANTS (Cost $0)			30,643		0.0

							% of net
Shares			Company	Value			assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	26,187,859	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	26,187,859			2.7	%
					26,187,859			2.7
		TOTAL SHORT-TERM INVESTMENTS (Cost $26,187,859)			26,187,859			2.7
		TOTAL PORTFOLIO (Cost $948,244,482)			996,225,516			102.6
		OTHER ASSETS & LIABILITIES, NET			(25,229,737	)		(2.6	)
		NET ASSETS		$	970,995,779			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt
GDR – Global Depositary Receipt

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $21,207,645.

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

At 4/30/2016, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $2,622,810 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary of market values by sector (unaudited)

Emerging Markets Equity Fund ■ April 30, 2016

				% of net
Sector	Value			assets
FINANCIALS	$	242,905,256			25.0	%
INFORMATION TECHNOLOGY		202,416,547			20.9
CONSUMER DISCRETIONARY		153,482,933			15.8
CONSUMER STAPLES		87,983,298			9.1
MATERIALS		74,294,648			7.7
ENERGY		69,338,466			7.1
INDUSTRIALS		56,530,306			5.8
HEALTH CARE		42,031,344			4.3
UTILITIES		25,145,313			2.6
TELECOMMUNICATION SERVICES		15,909,546			1.6
SHORT-TERM INVESTMENTS		26,187,859			2.7
OTHER ASSETS & LIABILITIES, NET		(25,229,737	)		(2.6	)
NET ASSETS	$	970,995,779			100.0	%

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

Enhanced International Equity Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUSTRALIA
	772,121		Amcor Ltd	$	9,002,070		0.7	%
	884,853		Australia & New Zealand Banking Group Ltd		16,219,287		1.2
	3,122,861		Scentre Group		11,084,655		0.8
			Other		57,652,434		4.4
					93,958,446		7.1
BELGIUM
	97,136		Solvay S.A.		9,840,912		0.7
			Other		10,310,309		0.8
					20,151,221		1.5
CHINA					2,378,853		0.2
DENMARK
	170,753		Vestas Wind Systems AS		12,222,848		0.9
			Other		13,329,095		1.0
					25,551,943		1.9
FINLAND					17,766,209		1.4
FRANCE
	107,096		Atos Origin S.A.		9,532,256		0.7
	627,051		AXA S.A.		15,832,787		1.2
	127,159		Cap Gemini S.A.		11,869,365		0.9
	226,771	e	Sanofi-Aventis		18,691,956		1.4
	314,477		Total S.A.		15,893,918		1.2
	79,382		Valeo S.A.		12,591,489		1.0
	199,266	e	Vinci S.A.		14,882,838		1.1
			Other		34,003,427		2.6
					133,298,036		10.1
GERMANY
	110,638		Allianz AG.		18,822,606		1.4
	45,645		Continental AG.		10,051,642		0.8
	237,276		Daimler AG. (Registered)		16,532,594		1.3
	94,834		Siemens AG.		9,924,210		0.8
			Other		67,661,298		5.0
					122,992,350		9.3
HONG KONG					44,143,610		3.3
IRELAND					7,027,045		0.5
ISRAEL					8,613,552		0.7
ITALY
	4,798,444		Banca Intesa S.p.A.		13,338,714		1.0
	2,040,264		Enel S.p.A.		9,272,646		0.7
			Other		9,989,229		0.8
					32,600,589		2.5
JAPAN
	537,000		Daiichi Sankyo Co Ltd		12,655,684		1.0
	252,200		Japan Airlines Co Ltd		9,077,761		0.7
	232,100		Japan Tobacco, Inc		9,483,123		0.7
	231,800		Nippon Telegraph & Telephone Corp		10,373,122		0.8
	1,274,100		Nissan Motor Co Ltd		11,306,392		0.8
	2,107,700		Nomura Holdings, Inc		8,955,114		0.7
	1,455,000		Taisei Corp		9,931,154		0.8
	162,300		Tokyo Electron Ltd		10,726,762		0.8

						% of net
Shares			Company	Value		assets
JAPAN–continued
	473,200		Toyota Motor Corp	$	23,986,368		1.8	%
			Other		185,079,245		14.0
					291,574,725		22.1
LUXEMBOURG					5,097,781		0.4
NETHERLANDS
	571,685	*	Koninklijke Ahold NV		12,448,002		0.9
	426,724		Royal Dutch Shell plc (A Shares)		11,177,267		0.8
	533,587		Royal Dutch Shell plc (B Shares)		14,009,258		1.1
			Other		21,947,373		1.7
					59,581,900		4.5
NEW ZEALAND					3,480,485		0.3
NORWAY					11,961,598		0.9
SINGAPORE
	652,700		United Overseas Bank Ltd		8,994,604		0.7
			Other		5,477,522		0.4
					14,472,126		1.1
SOUTH AFRICA					6,167,154		0.4
SPAIN
	673,695		Abertis Infraestructuras S.A. (Continuous)		11,373,599		0.8
	1,762,651		Iberdrola S.A.		12,547,853		1.0
			Other		13,451,212		1.0
					37,372,664		2.8
SWEDEN
	307,990		Investor AB (B Shares)		11,315,582		0.8
			Other		19,401,381		1.5
					30,716,963		2.3
SWITZERLAND
	448,271		Nestle S.A.		33,458,791		2.5
	319,185		Novartis AG.		24,290,683		1.8
	105,809		Roche Holding AG.		26,770,648		2.0
	140,376		Swiss Re Ltd		12,476,413		1.0
			Other		20,377,083		1.6
					117,373,618		8.9
UNITED KINGDOM
	811,043		Anglo American plc (London)		9,071,733		0.7
	1,687,697		Aviva plc		10,692,391		0.8
	267,655		BP plc (ADR)		8,987,855		0.7
	372,611		British American Tobacco plc		22,718,873		1.7
	1,544,114		BT Group plc		10,009,053		0.8
	1,016,651		GlaxoSmithKline plc		21,728,341		1.7
	286,325		Imperial Tobacco Group plc		15,568,410		1.2
	845,134		National Grid plc		12,058,887		0.9
	708,401		Prudential plc		13,983,502		1.0
	717,610		Sky plc		9,864,290		0.8
			Other		89,177,720		6.7
					223,861,055		17.0
UNITED STATES					952,988		0.1
		TOTAL COMMON STOCKS (Cost $1,271,740,979)			1,311,094,911		99.3

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	concluded

Enhanced International Equity Index Fund ■ April 30, 2016

						% of net
Principal			Issuer	Value		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal National Mortgage Association (FNMA)
$	14,850,000		0.140%, 05/02/16	$	14,850,000		1.1	%
					14,850,000		1.1

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	69,881,999	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		69,881,999		5.3
					69,881,999		5.3

				% of net
	Value			assets
TOTAL SHORT-TERM INVESTMENTS (Cost $84,731,941)	$	84,731,999			6.4	%
TOTAL PORTFOLIO (Cost $1,356,472,920)		1,395,826,910			105.7
OTHER ASSETS & LIABILITIES, NET		(76,555,561	)		(5.7	)
NET ASSETS	$	1,319,271,349			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $58,519,104.

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

At 4/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $8,596,059 or 0.7% or net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Summary of market values by sector (unaudited)

Enhanced International Equity Index Fund ■ April 30, 2016

				% of net
Sector	Value			assets
FINANCIALS	$	311,580,761			23.7	%
INDUSTRIALS		170,652,964			12.9
CONSUMER DISCRETIONARY		166,599,840			12.6
CONSUMER STAPLES		162,651,141			12.3
HEALTH CARE		151,845,803			11.5
MATERIALS		95,228,345			7.2
INFORMATION TECHNOLOGY		67,627,126			5.1
TELECOMMUNICATION SERVICES		67,543,028			5.1
ENERGY		64,782,897			4.9
UTILITIES		52,583,006			4.0
SHORT-TERM INVESTMENTS		84,731,999			6.4
OTHER ASSETS & LIABILITIES, NET		(76,555,561	)		(5.7	)
NET ASSETS	$	1,319,271,349			100.0	%

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)

Global Natural Resources Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUSTRALIA
	411,555		BHP Billiton Ltd	$	6,427,229		2.2	%
	404,693		BHP Billiton plc		5,529,927		1.9
	2,460,125		Fortescue Metals Group Ltd		6,322,506		2.2
	3,231,022	*	South32 Ltd		4,040,839		1.4
			Other		3,421,139		1.2
					25,741,640		8.9
BRAZIL
	519,042		Vale S.A.		2,971,560		1.1
			Other		2,910,302		1.0
					5,881,862		2.1
CANADA
	110,076		Agnico-Eagle Mines Ltd		5,203,322		1.8
	158,660		Canadian Natural Resources Ltd (Canada)		4,764,732		1.7
	343,752		First Quantum Minerals Ltd		2,928,755		1.0
	203,500		Goldcorp, Inc		4,100,167		1.4
	465,000	*	Kinross Gold Corp		2,649,837		0.9
	167,793	*	Seven Generations Energy Ltd		2,955,468		1.0
	154,000		Silver Wheaton Corp		3,226,795		1.1
			Other		4,075,751		1.5
					29,904,827		10.4
CHILE
	184,100		Sociedad Quimica y Minera de Chile S.A. (ADR)		3,834,803		1.3
					3,834,803		1.3
FINLAND
	293,939		UPM-Kymmene Oyj		5,626,601		2.0
					5,626,601		2.0
FRANCE
	163,954		Total S.A.		8,286,366		2.9
					8,286,366		2.9
GERMANY
	120,700		ThyssenKrupp AG.		2,812,531		1.0
					2,812,531		1.0
HONG KONG					952,980		0.3
INDONESIA					1,465,609		0.5
IRELAND					724,132		0.3
ITALY					2,442,568		0.9
JAPAN
	142,084		Nippon Steel Corp		2,956,449		1.0
			Other		897,853		0.3
					3,854,302		1.3
JERSEY, C.I.					1,544,172		0.5
			KOREA, REPUBLIC OF
	12,700		POSCO		2,660,842		0.9
					2,660,842		0.9

						% of net
Shares			Company	Value		assets
LUXEMBOURG
	1,150,482	*	ArcelorMittal	$	6,494,613		2.3	%
					6,494,613		2.3
MALAYSIA					2,506,637		0.9
MEXICO					2,828,691		1.0
NETHERLANDS
	212,823		Royal Dutch Shell plc (A Shares)		5,574,515		1.9
					5,574,515		1.9
NORWAY
	285,806	*	Det Norske Oljeselskap ASA		2,542,830		0.9
					2,542,830		0.9
PERU					897,725		0.3
POLAND					409,418		0.1
PORTUGAL
	230,389		Galp Energia SGPS S.A.		3,165,413		1.1
					3,165,413		1.1
RUSSIA
	209,027		MMC Norilsk Nickel PJSC (ADR)		3,088,849		1.1
			Other		3,556,550		1.2
					6,645,399		2.3
SINGAPORE					1,936,445		0.7
SOUTH AFRICA
	187,813	*	AngloGold Ashanti Ltd		3,053,141		1.1
	171,458		Mondi plc		3,284,201		1.1
			Other		1,108,636		0.4
					7,445,978		2.6
SWITZERLAND
	1,150,000		Glencore Xstrata plc		2,748,406		1.0
	33,367		Syngenta AG.		13,385,670		4.6
					16,134,076		5.6
TAIWAN					1,521,328		0.5
THAILAND					2,303,073		0.8
TURKEY					2,455,401		0.9
UNITED KINGDOM
	666,056		Anglo American plc (London)		7,450,015		2.6
	167,486		Rio Tinto plc		5,618,538		2.0
					13,068,553		4.6
UNITED STATES
	140,446		Archer Daniels Midland Co		5,609,413		2.0
	49,600		Bunge Ltd		3,100,000		1.1
	400,302	*	Callon Petroleum Co		4,207,174		1.5
	100,200		CF Industries Holdings, Inc		3,313,614		1.2
	58,457		Chevron Corp		5,973,136		2.1
	40,564	*	Concho Resources, Inc		4,712,320		1.6
	91,640		ConocoPhillips		4,379,476		1.5
	139,123		Exxon Mobil Corp		12,298,473		4.3
	204,534		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,863,476		1.0

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	concluded

Global Natural Resources Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
UNITED STATES–continued
	72,746		Monsanto Co	$	6,814,845		2.4	%
	70,197	*	Newfield Exploration Co		2,544,641		0.9
	234,028		Newmont Mining Corp		8,183,959		2.8
	68,916		Occidental Petroleum Corp		5,282,411		1.8
	219,692	*	Parsley Energy, Inc		5,145,187		1.8
	38,539		Pioneer Natural Resources Co		6,401,328		2.2
	179,219	*	RSP Permian, Inc		5,485,894		1.9
	18,428		Texas Pacific Land Trust		2,791,860		1.0
	33,751		Toro Co		2,917,774		1.0
	374,700	*	WPX Energy, Inc		3,619,602		1.2
			Other		17,748,993		6.2
					113,393,576		39.5
		TOTAL COMMON STOCKS (Cost $248,412,855)			285,056,906		99.3

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal National Mortgage Association (FNMA)
$	5,850,000		0.140%, 05/02/16		5,850,000		2.0
					5,850,000		2.0

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	3,200,228	c	TIAA-CREF Short Term Lending Portfolio of the
			State Street Navigator Securities Lending Trust	$	3,200,228			1.1	%
					3,200,228			1.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $9,050,206)			9,050,228			3.1
		TOTAL PORTFOLIO (Cost $257,463,061)			294,107,134			102.4
		OTHER ASSETS & LIABILITIES, NET			(6,942,770	)		(2.4	)
		NET ASSETS		$	287,164,364			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

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

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

At 4/30/16, the aggregate value of securities on loan is $3,026,782.

Summary of market values by sector (unaudited)

Global Natural Resources Fund ■ April 30, 2016

				% of net
Sector	Value			assets
MATERIALS	$	156,933,385			54.7	%
ENERGY		107,795,782			37.5
CONSUMER STAPLES		14,618,104			5.1
INDUSTRIALS		2,917,774			1.0
FINANCIALS		2,791,861			1.0
SHORT-TERM INVESTMENTS		9,050,228			3.1
OTHER ASSETS & LIABILITIES, NET		(6,942,770	)		(2.4	)
NET ASSETS	$	287,164,364			100.0	%


64	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds	See notes to financial statements

Summary portfolio of investments (unaudited)

International Equity Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUSTRALIA
	3,879,568		BHP Billiton Ltd	$	60,586,976		1.4	%
					60,586,976		1.4
DENMARK
	1,043,097	*	H Lundbeck AS		34,852,964		0.8
			Other		8,383,025		0.2
					43,235,989		1.0
FRANCE
	4,601,378	e	Accor S.A.		203,763,977		4.7
	259,549		BNP Paribas		13,745,439		0.3
	3,373,197		Compagnie de Saint-Gobain		154,568,428		3.5
	1,407,413		Essilor International S.A.		182,198,021		4.2
	911,525		Groupe Danone		63,864,537		1.5
	122,053	e	Kering		20,931,844		0.5
	4,197,961		Schneider Electric S.A.		274,494,463		6.3
	2,312,608	e	Vinci S.A.		172,724,752		4.0
					1,086,291,461		25.0
GERMANY
	2,097,157		Adidas-Salomon AG.		270,569,710		6.2
	212,414		Continental AG.		46,776,414		1.1
	618,152		Deutsche Boerse AG.		50,866,831		1.2
	654,606		Henkel KGaA (Preference)		74,768,354		1.7
	1,532,373		Lanxess AG.		80,249,787		1.9
	3,081,578		Schaeffler AG.		46,202,114		1.0
					569,433,210		13.1
INDIA
	1,938,477		Asian Paints Ltd		25,285,628		0.6
	259,335		Eicher Motors Ltd		78,165,773		1.8
	6,525,920		HDFC Bank Ltd		110,868,112		2.6
	6,147,362		IndusInd Bank Ltd		97,017,414		2.2
			Other		18,491,431		0.4
					329,828,358		7.6
ITALY
	25,806,721		Banca Intesa S.p.A.		71,737,521		1.6
	5,802,497		Mediobanca S.p.A.		47,797,827		1.1
	2,381,066		Moncler S.p.A		38,701,254		0.9
					158,236,602		3.6
JAPAN
	3,453,415		Ajinomoto Co, Inc		79,602,094		1.8
	1,177,600		Don Quijote Co Ltd		41,894,064		1.0
	29,872,758		Ishikawajima-Harima Heavy Industries Co Ltd		64,779,036		1.5
	993,200		Kao Corp		54,940,823		1.3
	785,490		Konami Corp		24,766,074		0.6
	997,420		Murata Manufacturing Co Ltd		130,074,790		3.0
	3,304,674		Olympus Corp		128,738,864		3.0
	1,181,324	e	Oriental Land Co Ltd		82,031,645		1.9
	4,669,922		Sony Corp		113,112,989		2.5
					719,940,379		16.6

						% of net
Shares			Company	Value		assets
LUXEMBOURG
	4,109,537	*	ArcelorMittal	$	23,198,845		0.5	%
					23,198,845		0.5
NETHERLANDS
	1,995,581		Heineken NV		187,239,691		4.3
			Other		5,796,692		0.2
					193,036,383		4.5
NORWAY
	3,185,896		Statoil ASA		56,075,890		1.3
					56,075,890		1.3
SWEDEN
	5,034,593	e	Electrolux AB (Series B)		146,303,812		3.4
					146,303,812		3.4
SWITZERLAND
	128,277	e	Burckhardt Compression Holding AG.		45,723,163		1.1
	113,316		Geberit AG.		43,596,294		1.0
	1,058,595		Swatch Group AG. (Registered)		70,826,449		1.6
	251,094		Zurich Financial Services AG.		56,341,530		1.3
					216,487,436		5.0
TAIWAN
	27,973,137		Advanced Semiconductor Engineering, Inc		26,916,734		0.6
					26,916,734		0.6
UNITED KINGDOM
	390,522		Associated British Foods plc		17,519,065		0.4
	5,219,150		BAE Systems plc		36,412,233		0.8
	2,762,126		Essentra plc		32,849,428		0.8
	23,639,674		Man Group plc		51,132,135		1.2
	13,209,796		Sky plc		181,582,272		4.2
	69,121,816	*	Tesco plc		173,774,923		4.0
	6,297,556	e	Weir Group plc		110,620,569		2.5
	3,226,722		WPP plc		75,384,603		1.7
			Other		8,393,923		0.2
					687,669,151		15.8
		TOTAL COMMON STOCKS (Cost $4,158,415,441)			4,317,241,226		99.4

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					3,697,336		0.1

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	concluded

International Equity Fund ■ April 30, 2016

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	539,378,240	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	539,378,240			12.4	%
					539,378,240			12.4
		TOTAL SHORT-TERM INVESTMENTS (Cost $543,075,332)			543,075,576			12.5
		TOTAL PORTFOLIO (Cost $4,701,490,773)			4,860,316,802			111.9
		OTHER ASSETS & LIABILITIES, NET			(517,549,590	)		(11.9	)
		NET ASSETS		$	4,342,767,212			100.0	%

*	Non-income producing
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $507,741,933.

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

Summary of market values by sector (unaudited)

International Equity Fund ■ April 30, 2016

				% of net
Sector	Value			assets
CONSUMER DISCRETIONARY	$	1,338,081,149			30.8	%
INDUSTRIALS		981,084,711			22.6
CONSUMER STAPLES		657,407,098			15.1
FINANCIALS		499,506,810			11.5
HEALTH CARE		354,172,874			8.2
MATERIALS		226,482,705			5.2
INFORMATION TECHNOLOGY		204,361,023			4.7
ENERGY		56,144,856			1.3
SHORT-TERM INVESTMENTS		543,075,576			12.5
OTHER ASSETS & LIABILITIES, NET		(517,549,590	)		(11.9	)
NET ASSETS	$	4,342,767,212			100.0	%


66	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds	See notes to financial statements

Summary portfolio of investments (unaudited)

International Opportunities Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUSTRALIA
	712,597		Australia & New Zealand Banking Group Ltd	$	13,061,848		1.1	%
	824,804		BHP Billiton Ltd		12,880,913		1.1
					25,942,761		2.2
BRAZIL					19,119,631		1.6
CANADA
	376,859		Alimentation Couche Tard, Inc		16,519,682		1.3
	314,615		Dollarama, Inc		22,682,771		1.9
	399,003		Gildan Activewear, Inc		12,392,721		1.0
	551,044		Suncor Energy, Inc		16,175,142		1.3
	405,653		Toronto-Dominion Bank		18,056,683		1.5
			Other		24,920,280		2.0
					110,747,279		9.0
CHINA					14,927,105		1.2
DENMARK
	494,822		Novo Nordisk AS		27,628,065		2.3
					27,628,065		2.3
FINLAND
	353,413	*	Huhtamaki Oyj		13,901,516		1.1
			Other		17,270,751		1.4
					31,172,267		2.5
FRANCE
	79,519	e	L’Oreal S.A.		14,444,284		1.2
	186,395		Teleperformance		16,742,397		1.4
	407,842		Total S.A.		20,612,660		1.6
	79,116		Valeo S.A.		12,549,296		1.0
					64,348,637		5.2
GERMANY
	135,383		Fresenius Medical Care AG.		11,783,340		0.9
			Other		9,574,966		0.8
					21,358,306		1.7
HONG KONG
	2,527,400		AIA Group Ltd		15,125,479		1.2
					15,125,479		1.2
INDIA
	594,984		Container Corp Of India Ltd		12,114,575		1.0
					12,114,575		1.0
INDONESIA					17,578,178		1.4
IRELAND
	573,155		CRH plc		16,680,465		1.4
			Other		11,503,194		0.9
					28,183,659		2.3
ITALY
	1,594,201		Mediobanca S.p.A.		13,132,164		1.1
	440,639	*	Yoox S.p.A		12,928,728		1.0
			Other		18,424,602		1.5
					44,485,494		3.6

						% of net
Shares			Company	Value		assets
JAPAN
	329,100		Hoya Corp	$	12,602,640		1.0	%
	519,400	e	MonotaRO Co Ltd		15,596,154		1.3
	116,200		Murata Manufacturing Co Ltd		15,153,787		1.2
	852,900		ORIX Corp		12,064,211		1.0
	1,514,700		Shimizu Corp		13,576,006		1.1
	254,300		Sysmex Corp		15,903,738		1.3
			Other		114,688,669		9.3
					199,585,205		16.2
KOREA, REPUBLIC OF					26,646,158		2.2
MALAYSIA
	8,560,900		IHH Healthcare BHD		14,353,999		1.1
	18,138,000		Karex BHD		12,009,719		1.0
					26,363,718		2.1
NETHERLANDS
	135,373		ASML Holding NV		13,084,583		1.0
	1,267,835		ING Groep NV		15,535,311		1.3
			Other		9,763,042		0.8
					38,382,936		3.1
NORWAY
	980,000		Statoil ASA		17,249,267		1.4
			Other		20,765,411		1.7
					38,014,678		3.1
PHILIPPINES
	8,299,480		Robinsons Retail Holdings, Inc		13,604,607		1.1
			Other		17,225,573		1.4
					30,830,180		2.5
PORTUGAL
	772,464		Jeronimo Martins SGPS S.A.		12,647,045		1.0
					12,647,045		1.0
SPAIN
	288,698		Amadeus IT Holding S.A.		13,164,733		1.1
			Other		6,826,997		0.5
					19,991,730		1.6
SWEDEN
	368,686	e	Hexagon AB (B Shares)		14,727,076		1.2
	334,984	e	Intrum Justitia AB		12,041,467		1.0
			Other		19,388,981		1.6
					46,157,524		3.8
SWITZERLAND
	81,224		Lonza Group AG.		13,547,208		1.1
	244,167		Novartis AG.		18,581,648		1.5
	876,082		UBS AG.		15,187,275		1.2
			Other		8,552,546		0.7
					55,868,677		4.5
TAIWAN
	1,061,861	*	Eclat Textile Co Ltd		12,086,202		1.0
	3,728,607		Hota Industrial Manufacturing Co Ltd		17,839,748		1.5
	2,952,000		Hu Lane Associate, Inc		13,651,552		1.1
			Other		18,808,489		1.5
					62,385,991		5.1

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	concluded

International Opportunities Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
UNITED KINGDOM
	1,392,784		Ashtead Group plc	$	18,523,200		1.5	%
	234,647	*	ASOS plc		12,379,087		1.0
	2,156,605	g	Auto Trader Group plc		11,844,784		1.0
	1,588,221		International Consolidated Airlines Group S.A. (London)		12,210,710		1.0
	228,603		Rightmove plc		12,919,551		1.0
			Other		128,640,316		10.5
					196,517,648		16.0
UNITED STATES
	271,165	*	Lululemon Athletica, Inc		17,774,866		1.5
					17,774,866		1.5
		TOTAL COMMON STOCKS (Cost $1,144,109,828)			1,203,897,792		97.9

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal National Mortgage Association (FNMA)
$	19,450,000		0.140%, 05/02/16		19,450,000		1.6
					19,450,000		1.6
TREASURY DEBT
			United States Treasury Bill
	19,350,000		0.203%, 05/12/16		19,349,187		1.6
					19,349,187		1.6

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	102,606,011	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	102,606,011			8.3	%
					102,606,011			8.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $141,404,738)			141,405,198			11.5
		TOTAL PORTFOLIO (Cost $1,285,514,566)			1,345,302,990			109.4
		OTHER ASSETS & LIABILITIES, NET			(115,897,250	)		(9.4	)
		NET ASSETS		$	1,229,405,740			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $94,918,121.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2016, the aggregate value of these securities, including those in “Other”, was $37,207,319 or 3.0% of net assets.

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

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary of market values by sector (unaudited)

International Opportunities Fund ■ April 30, 2016

				% of net
Sector	Value			assets
CONSUMER DISCRETIONARY	$	265,207,932			21.4	%
FINANCIALS		255,114,439			20.8
INDUSTRIALS		152,752,121			12.4
INFORMATION TECHNOLOGY		131,339,399			10.7
HEALTH CARE		117,946,925			9.6
CONSUMER STAPLES		107,520,373			8.8
MATERIALS		96,863,261			7.9
ENERGY		77,151,714			6.3
TELECOMMUNICATION SERVICES		1,628			0.0
SHORT-TERM INVESTMENTS		141,405,198			11.5
OTHER ASSETS & LIABILITIES, NET		(115,897,250	)		(9.4	)
NET ASSETS	$	1,229,405,740			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Social Choice International Equity Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUSTRALIA
	8,624		Australia & New Zealand Banking Group Ltd	$	158,077		0.8	%
	3,843		Commonwealth Bank of Australia		214,543		1.0
	7,705	*	National Australia Bank Ltd		158,076		0.8
	3,456		Wesfarmers Ltd		111,907		0.5
	8,538		Westpac Banking Corp		200,417		1.0
			Other		666,138		3.1
					1,509,158		7.2
AUSTRIA					38,365		0.2
BELGIUM					152,986		0.7
DENMARK
	4,571		Novo Nordisk AS		255,219		1.2
			Other		134,802		0.6
					390,021		1.8
FINLAND					196,335		0.9
FRANCE
	1,191		Air Liquide		135,079		0.6
	6,104		AXA S.A.		154,124		0.7
	908		Essilor International S.A.		117,546		0.6
	2,000		Groupe Danone		140,127		0.7
	659		L’Oreal S.A.		119,704		0.5
	2,046		Schneider Electric S.A.		133,783		0.6
	418		Unibail-Rodamco		112,043		0.5
	1,741	e	Vinci S.A.		130,033		0.6
			Other		1,007,612		4.8
					2,050,051		9.6
GERMANY
	1,191		Allianz AG.		202,622		1.0
	2,504		BASF SE		207,158		1.0
	1,369		Bayerische Motoren Werke AG.		126,651		0.6
	3,997		Deutsche Post AG.		117,405		0.6
	804		Linde AG.		123,013		0.6
	621		Muenchener Rueckver AG.		115,448		0.5
	2,565		SAP AG.		201,253		1.0
			Other		749,499		3.5
					1,843,049		8.8
HONG KONG
	4,783		Hong Kong Exchanges and Clearing Ltd		120,566		0.6
			Other		508,340		2.4
					628,906		3.0
IRELAND					115,787		0.6
ISRAEL					51,945		0.3
ITALY
	47,551		Banca Intesa S.p.A.		132,182		0.6
			Other		242,632		1.2
					374,814		1.8

						% of net
Shares			Company	Value		assets
JAPAN
	5,300		Honda Motor Co Ltd	$	143,024		0.7	%
	5,400		KDDI Corp		155,551		0.7
	200		Keyence Corp		119,878		0.6
	2,500		Nippon Telegraph & Telephone Corp		111,876		0.5
	4,000		Sumitomo Mitsui Financial Group, Inc		120,367		0.6
	2,600		Takeda Pharmaceutical Co Ltd		124,181		0.6
			Other		3,860,812		18.3
					4,635,689		22.0
LUXEMBOURG					63,978		0.3
NETHERLANDS
	10,530		ING Groep NV		129,028		0.6
	3,303	e	Unilever NV		143,876		0.7
			Other		501,268		2.4
					774,172		3.7
NEW ZEALAND					64,681		0.3
NORWAY					267,582		1.3
PORTUGAL					96,825		0.5
SINGAPORE					373,680		1.8
SOUTH AFRICA					54,190		0.2
SPAIN
	18,595		Banco Bilbao Vizcaya Argentaria S.A.		127,779		0.6
	19,457		Iberdrola S.A.		138,509		0.7
	3,860		Inditex S.A.		124,236		0.6
			Other		286,289		1.3
					676,813		3.2
SWEDEN					763,869		3.6
SWITZERLAND
	2,277	*	Holcim Ltd		115,616		0.6
	4,813		Novartis AG.		366,280		1.7
	1,473		Roche Holding AG.		372,682		1.8
	1,342		Swiss Re Ltd		119,275		0.6
	581		Zurich Financial Services AG.		130,367		0.6
			Other		766,992		3.6
					1,871,212		8.9
UNITED KINGDOM
	17,718		Aviva plc		112,252		0.5
	25,381		BT Group plc		164,521		0.8
	11,678		GlaxoSmithKline plc		249,588		1.2
	45,048		HSBC Holdings plc		298,528		1.4
	11,437		National Grid plc		163,190		0.8
	7,929		Prudential plc		156,515		0.7
	1,405		Reckitt Benckiser Group plc		136,874		0.7
	15,374	*	Standard Chartered plc		124,262		0.6
	2,873		Unilever plc		128,371		0.6
	6,613		Vodafone Group plc (ADR)		216,510		1.0
	5,158		WPP plc		120,504		0.6
			Other		1,960,664		9.3
					3,831,779		18.2

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Social Choice International Equity Fund ■ April 30, 2016

					% of net
Shares		Company	Value		assets
UNITED STATES			$	42,575		0.2	%
	TOTAL COMMON STOCKS (Cost $22,432,059)			20,868,462		99.1
	TOTAL PORTFOLIO (Cost $22,432,059)			20,868,462		99.1
	OTHER ASSETS & LIABILITIES, NET			192,203		0.9
	NET ASSETS		$	21,060,665		100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

*	Non-income producing
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $593,079.

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

Summary of market values by sector (unaudited)

Social Choice International Equity Fund ■ April 30, 2016

			% of net
Sector	Value		assets
FINANCIALS	$	5,354,999		25.5	%
INDUSTRIALS		2,902,415		13.8
CONSUMER DISCRETIONARY		2,742,850		13.0
HEALTH CARE		2,336,972		11.1
CONSUMER STAPLES		2,008,990		9.5
MATERIALS		1,817,876		8.6
TELECOMMUNICATION SERVICES		1,090,942		5.2
INFORMATION TECHNOLOGY		1,019,488		4.8
UTILITIES		897,730		4.3
ENERGY		696,200		3.3
OTHER ASSETS & LIABILITIES, NET		192,203		0.9
NET ASSETS	$	21,060,665		100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds ■ April 30, 2016

		Enhanced		Enhanced																							Social Choice
		Large-Cap Growth		Large-Cap Value			Growth &			Large-Cap			Large-Cap			Mid-Cap			Mid-Cap			Small-Cap			Social Choice		Low Carbon
		Index Fund		Index Fund			Income Fund			Growth Fund			Value Fund			Growth Fund			Value Fund			Equity Fund			Equity Fund		Equity Fund
ASSETS
Portfolio investments, at value*^†		$	2,065,482,999	$	2,053,997,514		$	4,893,225,934		$	3,554,316,925		$	5,774,645,026		$	1,628,362,696		$	5,275,988,218		$	3,029,234,599		$	2,731,316,074	$	47,770,818
Cash**			37,780		48,124			26,304			59,821			31,934			16,828			125,637			1,789,217			10,665,088		2,178,613
Cash – foreign^{^}			—		—			—			—			—			—			265,819			—			—		—
Receivable from securities transactions			10,971,556		21,263,644			102,000,962			56,992,619			113,168,420			17,755,280			40,946,926			31,546,447			—		—
Receivable from Fund shares sold			1,300,059		1,165,375			2,504,893			3,139,607			3,128,884			723,989			3,173,462			1,035,272			4,856,921		1,379
Dividends and interest receivable			1,732,099		2,107,303			4,610,243			1,406,772			6,506,020			322,269			2,169,802			321,079			2,845,393		49,553
Due from affiliates			—		—			—			454			18,756			—			28,310			—			—		21,150
Unrealized appreciation on swap agreements			—		—			—			—			—			—			—			507,833			—		—
Other			75,989		74,278			184,707			112,960			193,383			91,101			202,765			112,748			99,906		172
Total assets			2,079,600,482		2,078,656,238			5,002,553,043			3,616,029,158			5,897,692,423			1,647,272,163			5,322,900,939			3,064,547,195			2,749,783,382		50,021,685
LIABILITIES
Management fees payable			73,361		71,036			213,019			161,513			248,019			77,786			223,851			127,798			44,311		1,297
Service agreement fees payable			—		—			15,920			6,635			25,931			11,071			28,611			14,373			9,118		127
Distribution fees payable			—		—			219,306			136,408			68,305			48,474			103,192			44,636			188,412		666
Due to affiliates			17,395		15,333			35,425			32,596			37,643			18,060			35,942			30,242			31,012		20,694
Payable for collateral for securities loaned			21,742,240		73,167,095			98,081,654			14,176,768			108,716,235			63,759,243			135,686,513			138,701,199			76,599,800		—
Payable for securities transactions			—		22,435,056			111,845,614			55,011,495			136,987,871			2,704,163			46,542,241			41,880,242			—		1,939,074
Payable for Fund shares redeemed			7,051,135		4,203,923			2,816,570			3,313,906			32,335,584			8,548,902			34,389,705			21,914,503			3,521,071		6,600
Income distribution payable			—		—			—			—			—			—			—			—			14,177		—
Payable for variation margin on futures contracts			—		—			—			—			—			—			—			391,769			—		—
Written options^◊			—		319,992			2,918,504			50,400			—			646,000			218,500			—			—		—
Payable for trustee compensation			81,284		79,096			198,650			123,089			209,205			96,480			218,384			121,256			107,765		280
Accrued expenses and other payables			41,200		38,021			208,477			202,281			154,317			78,553			126,176			89,772			324,376		59,005
Total liabilities			29,006,615		100,329,552			216,553,139			73,215,091			278,783,110			75,988,732			217,573,115			203,315,790			80,840,042		2,027,743
NET ASSETS		$	2,050,593,867	$	1,978,326,686		$	4,785,999,904		$	3,542,814,067		$	5,618,909,313		$	1,571,283,431		$	5,105,327,824		$	2,861,231,405		$	2,668,943,340	$	47,993,942
NET ASSETS CONSIST OF:
Paid-in-capital		$	1,710,647,276	$	1,735,288,579		$	3,911,105,279		$	2,796,270,888		$	5,011,780,371		$	1,467,677,927		$	4,157,387,630		$	2,719,000,036		$	2,054,388,160	$	47,234,165
Undistributed net investment income (loss)			10,400,087		12,670,160			5,025,601			4,140,618			29,530,035			905,268			24,163,053			9,842,371			16,433,140		267,194
Accumulated net realized gain (loss) on total investments			12,747,658		(59,459,956	)		(32,357,527	)		(49,777,192	)		(63,171,758	)		(56,519,044	)		(27,620,167	)		(60,245,091	)		11,316,871		(251,834	)
Net unrealized appreciation (depreciation) on total investments			316,798,846		289,827,903			902,226,551			792,179,753			640,770,665			159,219,280			951,397,308			192,634,089			586,805,169		744,417
NET ASSETS		$	2,050,593,867	$	1,978,326,686		$	4,785,999,904		$	3,542,814,067		$	5,618,909,313		$	1,571,283,431		$	5,105,327,824		$	2,861,231,405		$	2,668,943,340	$	47,993,942
INSTITUTIONAL CLASS:
Net assets		$	2,050,494,415	$	1,978,224,698		$	3,077,853,428		$	2,631,007,956		$	4,240,692,529		$	896,655,484		$	3,433,637,521		$	2,074,723,568		$	1,393,346,547	$	39,572,120
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			190,789,492		214,433,448			270,943,213			174,107,613			258,660,401			47,980,669			162,231,252			133,254,592			87,460,123		3,957,001
Net asset value per share			$10.75		$9.23			$11.36			$15.11			$16.39			$18.69			$21.17			$15.57			$15.93		$10.00
ADVISOR CLASS:
Net assets		$	99,452	$	101,988		$	98,689		$	96,005		$	103,661		$	96,437		$	104,281		$	97,701		$	103,063	$	103,629
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			9,257		11,061			8,688			6,356			6,327			5,163			4,930			6,279			6,474		10,364
Net asset value per share			$10.74		$9.22			$11.36			$15.10			$16.38			$18.68			$21.15			$15.56			$15.92		$10.00
PREMIER CLASS:
Net assets		$	—	$	—		$	170,484,467		$	40,655,962		$	311,030,736		$	112,407,647		$	355,448,889		$	151,919,117		$	82,189,276	$	999,515
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—			14,997,836			2,693,360			19,016,606			6,049,345			16,828,338			9,805,966			5,174,273		100,000
Net asset value per share		$	—	$	—			$11.37			$15.09			$16.36			$18.58			$21.12			$15.49			$15.88		$10.00
RETIREMENT CLASS:
Net assets		$	—	$	—		$	577,214,556		$	240,555,298		$	938,378,078		$	399,975,192		$	1,039,596,372		$	518,405,733		$	329,350,152	$	4,642,480
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—			50,031,120			16,011,933			57,437,504			21,968,520			49,390,959			34,029,617			20,397,447		464,752
Net asset value per share		$	—	$	—			$11.54			$15.02			$16.34			$18.21			$21.05			$15.23			$16.15		$9.99
RETAIL CLASS:
Net assets		$	—	$	—		$	960,348,764		$	630,498,846		$	128,704,309		$	162,148,671		$	276,540,761		$	116,085,286		$	863,954,302	$	2,676,198
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			—		—			64,556,677			41,830,097			8,147,220			8,912,905			13,363,673			7,689,691			59,815,169		268,026
Net asset value per share		$	—	$	—			$14.88			$15.07			$15.80			$18.19			$20.69			$15.10			$14.44		$9.98
*	Includes securities loaned of	$	20,724,745	$	71,049,299		$	87,211,249		$	13,690,899		$	105,378,764		$	61,991,814		$	126,538,617		$	132,598,985		$	73,075,158	$	—
**	Includes cash collateral for securities loaned of	$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	10,627,122	$	—
^†	Portfolio investments, cost	$	1,748,684,153	$	1,764,143,317		$	3,990,780,973		$	2,762,132,251		$	5,133,882,371		$	1,469,278,876		$	4,325,749,479		$	2,837,260,103		$	2,144,510,905	$	47,026,401
^	Foreign cash, cost	$	—	$	—		$	—		$	—		$	—		$	—		$	262,278		$	—		$	—	$	—
^◊	Written options premiums	$	—	$	293,698		$	2,687,936		$	45,479		$	—		$	782,183		$	1,371,925		$	—		$	—	$	—

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Statements of assets and liabilities (unaudited)	concluded

TIAA-CREF Funds ■ April 30, 2016

					Enhanced									International			Social Choice
		Emerging Markets			International Equity			Global Natural			International			Opportunities			International
		Equity Fund			Index Fund			Resources Fund			Equity Fund			Fund			Equity Fund
ASSETS
Portfolio investments, at value*^†		$	996,225,516		$	1,395,826,910		$	294,107,134		$	4,320,938,562		$	1,345,302,990		$	20,868,462
Affiliated investments, at value^‡			—			—			—			539,378,240			—			—
Cash**			800,682			436,529			27,256			69,840			27,162			739,968
Cash – foreign^{^}			600,596			1,499,323			19,720			2,972,401			286,469			19,937
Receivable from securities transactions			51,904,439			1,404,238			43,067,835			148,286,100			286,744			23,600
Receivable from Fund shares sold			129,456			234,071			384,939			852,467			665			107,985
Dividends and interest receivable			552,658			8,935,161			945,812			17,100,076			5,472,973			111,993
Due from affiliates			18			—			164			4,820			12			18,754
Other			28,002			52,948			8,575			180,091			19,825			120
Total assets			1,050,241,367			1,408,389,180			338,561,435			5,029,782,597			1,351,396,840			21,890,819
LIABILITIES
Management fees payable			91,396			57,127			20,560			220,587			81,675			696
Service agreement fees payable			756			—			368			16,087			217			62
Distribution fees payable			2,284			—			1,523			173,780			488			457
Due to affiliates			20,657			12,423			21,070			37,466			21,302			20,634
Payable for collateral for securities loaned			26,187,859			69,881,999			3,200,228			539,378,240			102,606,011			719,902
Payable for securities transactions			42,741,249			1,404,772			43,580,643			102,002,223			286,607			30,248
Payable for Fund shares redeemed			9,895,606			17,664,000			4,517,359			44,877,402			18,924,265			—
Payable for trustee compensation			30,762			55,979			9,311			191,316			22,880			231
Accrued expenses and other payables			275,019			41,531			46,009			118,284			47,655			57,924
Total liabilities			79,245,588			89,117,831			51,397,071			687,015,385			121,991,100			830,154
NET ASSETS		$	970,995,779		$	1,319,271,349		$	287,164,364		$	4,342,767,212		$	1,229,405,740		$	21,060,665
NET ASSETS CONSIST OF:
Paid-in-capital		$	1,141,357,400		$	1,331,615,208		$	357,106,584		$	4,540,666,730		$	1,265,044,886		$	22,487,453
Undistributed net investment income (loss)			713,194			17,214,210			1,808,034			23,115,028			6,108,537			223,303
Accumulated net realized gain (loss) on total investments			(218,945,810	)		(69,155,290	)		(108,389,586	)		(380,091,257	)		(101,681,038	)		(90,449	)
Net unrealized appreciation (depreciation) on total investments			47,870,995			39,597,221			36,639,332			159,076,711			59,933,355			(1,559,642	)
NET ASSETS		$	970,995,779		$	1,319,271,349		$	287,164,364		$	4,342,767,212		$	1,229,405,740		$	21,060,665
INSTITUTIONAL CLASS:
Net assets		$	927,465,661		$	1,319,170,644		$	263,554,263		$	2,821,731,053		$	1,218,679,147		$	16,018,930
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			105,820,177			192,239,935			35,368,302			267,873,244			120,481,803			1,728,795
Net asset value per share			$8.76			$6.86			$7.45			$10.53			$10.12			$9.27
ADVISOR CLASS:
Net assets		$	104,145		$	100,705		$	114,202		$	103,063		$	99,967		$	101,577
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			11,893			14,673			15,327			9,784			9,892			10,963
Net asset value per share			$8.76			$6.86			$7.45			$10.53			$10.11			$9.27
PREMIER CLASS:
Net assets		$	11,441,466		$	—		$	3,819,255		$	210,832,337		$	1,022,398		$	926,147
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			1,305,903			—			512,992			20,057,601			101,148			100,000
Net asset value per share			$8.76		$	—			$7.45			$10.51			$10.11			$9.26
RETIREMENT CLASS:
Net assets		$	27,526,370		$	—		$	13,870,934		$	586,729,457		$	7,891,491		$	2,259,317
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			3,150,030			—			1,861,802			53,839,778			781,388			244,065
Net asset value per share			$8.74		$	—			$7.45			$10.90			$10.10			$9.26
RETAIL CLASS:
Net assets		$	4,458,137		$	—		$	5,805,710		$	723,371,302		$	1,712,737		$	1,754,694
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			509,490			—			779,395			102,121,839			169,532			189,699
Net asset value per share			$8.75		$	—			$7.45			$7.08			$10.10			$9.25
*	Includes securities loaned of	$	21,207,645		$	58,519,104		$	3,026,782		$	507,741,933		$	94,918,121		$	593,079
**	Includes cash collateral for securities loaned of	$	—		$	—		$	—		$	—		$	—		$	631,293
^†	Portfolio investments, cost	$	948,244,482		$	1,356,472,920		$	257,463,061		$	4,162,112,533		$	1,285,514,566		$	22,432,059
^‡	Affiliated investments, cost	$	—		$	—		$	—		$	539,378,240		$	—		$	—
^	Foreign cash, cost	$	597,701		$	1,482,067		$	19,669		$	2,937,225		$	284,409		$	19,757

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Funds ■ For the period ended April 30, 2016

		Enhanced			Enhanced																								Social Choice			Emerging
		Large-Cap Growth			Large-Cap Value			Growth &			Large-Cap			Large-Cap			Mid-Cap			Mid-Cap			Small-Cap			Social Choice			Low Carbon			Markets
		Index Fund			Index Fund			Income Fund			Growth Fund			Value Fund			Growth Fund			Value Fund			Equity Fund			Equity Fund			Equity Fund			Equity Fund
INVESTMENT INCOME
Dividends*		$	18,669,934		$	23,896,071		$	43,002,508		$	15,375,576		$	58,304,372		$	4,874,484		$	54,829,218		$	24,168,219		$	29,224,329		$	474,484		$	6,056,616
Income from securities lending			125,926			521,978			987,170			315,297			1,794,704			984,508			1,351,384			505,732			425,066			—			354,244
Interest			6,426			5,351			22,153			59,282			29,741			10,264			79,766			20,313			69,453			—			23,792
Total income			18,802,286			24,423,400			44,011,831			15,750,155			60,128,817			5,869,256			56,260,368			24,694,264			29,718,848			474,484			6,434,652
EXPENSES
Management fees			3,203,082			3,019,551			9,429,227			7,077,662			10,638,665			3,513,036			9,660,615			5,543,929			1,921,814			51,040			4,017,625
Shareholder servicing – Institutional Class			1,228			1,270			2,583			2,221			2,650			1,447			3,744			1,853			4,465			290			876
Shareholder servicing – Advisor Class^†			81			82			81			82			82			81			81			81			81			81			81
Shareholder servicing – Premier Class			—			—			158			108			188			134			250			112			107			221			89
Shareholder servicing – Retirement Class			—			—			727,172			410,773			1,132,679			520,476			1,261,882			640,300			401,136			4,199			33,655
Shareholder servicing – Retail Class			—			—			273,288			246,226			39,884			57,701			64,968			40,444			70,015			1,270			4,560
Distribution fees – Premier Class			—			—			122,625			29,209			258,279			92,945			279,922			130,972			56,621			716			7,314
Distribution fees – Retail Class			—			—			1,182,574			787,817			155,020			205,343			338,515			136,459			1,064,457			2,598			5,313
Administrative service fees			37,764			34,354			77,941			71,146			85,517			37,165			90,113			59,767			62,778			27,148			35,344
Professional fees			26,080			25,509			49,160			40,956			52,400			34,277			51,054			36,301			35,654			13,153			34,488
Custody and accounting fees			17,230			29,351			40,281			76,966			139,708			8,986			35,258			24,521			25,271			10,608			246,797
Registration fees			17,049			17,049			67,946			53,370			34,993			42,570			35,735			28,187			40,450			35,272			33,805
Trustee fees and expenses			8,267			7,713			20,948			15,790			23,687			7,781			22,632			14,042			11,673			85			4,079
Other expenses			46,151			46,773			114,107			102,977			121,203			40,613			135,586			77,545			451,421			5,494			68,016
Total expenses			3,356,932			3,181,652			12,108,091			8,915,303			12,684,955			4,562,555			11,980,355			6,734,513			4,145,943			152,175			4,492,042
Less: Expenses reimbursed by the investment adviser			(27	)		(27	)		(27	)		(26,888	)		(26	)		(29	)		(26	)		(28	)		(26	)		(78,074	)		(1,370	)
Fee waiver by investment adviser and TPIS			—			—			—			—			(799,534	)		—			(1,213,148	)		—			—			—			—
Net expenses			3,356,905			3,181,625			12,108,064			8,888,415			11,885,395			4,562,526			10,767,181			6,734,485			4,145,917			74,101			4,490,672
Net investment income (loss)			15,445,381			21,241,775			31,903,767			6,861,740			48,243,422			1,306,730			45,493,187			17,959,779			25,572,931			400,383			1,943,980
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			17,166,613			(26,063,547	)		(7,915,272	)		(41,924,441	)		(23,890,575	)		(56,345,952	)		(20,954,811	)		(55,181,085	)		14,005,870			(251,068	)		(61,854,798	)
Futures transactions			—			—			—			—			—			—			—			1,440,046			—			—			—
Purchased options			—			—			(187,864	)		—			—			(2,485,311	)		(25,864	)		—			—			—			—
Written options			—			1,548,057			1,883,660			64,055			—			3,605,824			400,388			—			—			—			—
Swap transactions			—			—			—			—			—			—			—			(4,028,096	)		—			—			—
Foreign currency transactions			—			49			101,910			(3,219	)		27,345			—			(1,507	)		—			—			—			(1,086,387	)
Net realized gain (loss) on total investments			17,166,613			(24,515,441	)		(6,117,566	)		(41,863,605	)		(23,863,230	)		(55,225,439	)		(20,581,794	)		(57,769,135	)		14,005,870			(251,068	)		(62,941,185	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			(49,557,290	)		5,807,791			(115,386,240	)		(103,238,409	)		6,779,612			(38,976,229	)		(8,048,741	)		(75,769,595	)		(25,513,174	)		675,170			44,131,148
Futures transactions			—			—			—			—			—			—			—			(439,642	)		—			—			—
Purchased options			—			—			(157,091	)		—			—			(960,187	)		(400,775	)		—			—			—			—
Written options			—			(27,950	)		(15,257	)		(4,921	)		—			276,143			1,153,425			—			—			—			—
Swap transactions			—			—			—			—			—			—			—			1,017,710			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			—			—			39,743			—			(1,411	)		353			5,289			—			—			—			25,886
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(49,557,290	)		5,779,841			(115,518,845	)		(103,243,330	)		6,778,201			(39,659,920	)		(7,290,802	)		(75,191,527	)		(25,513,174	)		675,170			44,157,034
Net realized and unrealized gain (loss) on total investments			(32,390,677	)		(18,735,600	)		(121,636,411	)		(145,106,935	)		(17,085,029	)		(94,885,359	)		(27,872,596	)		(132,960,662	)		(11,507,304	)		424,102			(18,784,151	)
Net increase (decrease) in net assets from operations		$	(16,945,296	)	$	2,506,175		$	(89,732,644	)	$	(138,245,195	)	$	31,158,393		$	(93,578,629	)	$	17,620,591		$	(115,000,883	)	$	14,065,627		$	824,485		$	(16,840,171	)
*	Net of foreign withholding taxes of	$	1,026		$	3,986		$	227,075		$	31,283		$	176,905		$	13,617		$	150,963		$	10,693		$	1,644		$	48		$	907,467
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	3,977
^†	Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Statements of operations (unaudited)	concluded

TIAA-CREF Funds ■ For the period ended April 30, 2016

		Enhanced									International			Social Choice
		International Equity			Global Natural			International			Opportunities			International
		Index Fund			Resources Fund			Equity Fund			Fund			Equity Fund
INVESTMENT INCOME
Dividends*		$	22,974,444		$	3,284,669		$	33,214,025		$	10,028,347		$	307,069
Income from securities lending			394,587			119,235			698,259			756,805			1,947
Interest			4,061			3,053			1,113,370			44,579			3
Total income			23,373,092			3,406,957			35,025,654			10,829,731			309,019
EXPENSES
Management fees			2,449,217			789,538			9,491,705			3,437,985			28,962
Shareholder servicing – Institutional Class			1,025			559			30,824			946			192
Shareholder servicing – Advisor Class^†			81			82			81			81			81
Shareholder servicing – Premier Class			—			61			202			60			197
Shareholder servicing – Retirement Class			—			13,530			735,690			9,140			2,486
Shareholder servicing – Retail Class			—			4,452			138,737			2,551			937
Distribution fees – Premier Class			—			2,473			176,490			744			673
Distribution fees – Retail Class			—			6,126			762,843			2,236			1,527
Administrative service fees			28,661			29,433			78,745			37,284			26,810
Professional fees			29,123			30,130			47,811			32,416			14,101
Custody and accounting fees			55,390			28,909			286,602			51,873			12,235
Registration fees			17,049			33,410			40,025			31,726			35,272
Trustee fees and expenses			5,074			1,044			17,345			4,841			37
Other expenses			55,625			23,456			132,694			48,080			5,385
Total expenses			2,641,245			963,203			11,939,794			3,659,963			128,895
Less: Expenses reimbursed by the investment adviser			(27	)		(25,714	)		(26	)		(689	)		(84,936	)
Fee waiver by investment adviser and TPIS			—			—			(206,080	)		—			—
Net expenses			2,641,218			937,489			11,733,688			3,659,274			43,959
Net investment income (loss)			20,731,874			2,469,468			23,291,966			7,170,457			265,060
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			(54,598,107	)		(28,818,116	)		(181,841,714	)		7,379,745			(84,317	)
Futures transactions			(1,327,963	)		—			—			—			—
Foreign currency transactions			(161,105	)		(4,951	)		(1,235,796	)		(221,162	)		2,234
Net realized gain (loss) on total investments			(56,087,175	)		(28,823,067	)		(183,077,510	)		7,158,583			(82,083	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**			(1,794,931	)		39,484,636			39,497,107			(35,599,385	)		(565,686	)
Futures transactions			2,910			—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			340,908			2,101			288,771			175,917			3,111
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments			(1,451,113	)		39,486,737			39,785,878			(35,423,468	)		(562,575	)
Net realized and unrealized gain (loss) on total investments			(57,538,288	)		10,663,670			(143,291,632	)		(28,264,885	)		(644,658	)
Net increase (decrease) in net assets from operations		$	(36,806,414	)	$	13,133,138		$	(119,999,666	)	$	(21,094,428	)	$	(379,598	)
*	Net of foreign withholding taxes of	$	2,342,767		$	283,100		$	3,077,885		$	1,256,766		$	30,461
**	Includes net change in unrealized foreign capital gains taxes of	$	—		$	23,598		$	—		$	—		$	—
^†	Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Enhanced Large-Cap						Enhanced Large-Cap
		Growth Index Fund						Value Index Fund						Growth & Income Fund						Large-Cap Growth Fund						Large-Cap Value Fund						Mid-Cap Growth Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2016			2015			2016			2015			2016			2015			2016			2015			2016			2015			2016			2015
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	15,445,381		$	20,318,956		$	21,241,775		$	40,907,899		$	31,903,767		$	47,950,530		$	6,861,740		$	7,472,839		$	48,243,422		$	70,813,633		$	1,306,730		$	1,617,605
Net realized gain (loss) on total investments			17,166,613			185,060,408			(24,515,441	)		106,455,350			(6,117,566	)		326,741,407			(41,863,605	)		122,313,703			(23,863,230	)		302,524,128			(55,225,439	)		143,519,973
Net change in unrealized appreciation (depreciation) on total investments			(49,557,290	)		(20,439,338	)		5,779,841			(121,759,219	)		(115,518,845	)		(58,328,326	)		(103,243,330	)		194,004,041			6,778,201			(332,252,720	)		(39,659,920	)		(86,864,444	)
Net increase (decrease) in net assets from operations			(16,945,296	)		184,940,026			2,506,175			25,604,030			(89,732,644	)		316,363,611			(138,245,195	)		323,790,583			31,158,393			41,085,041			(93,578,629	)		58,273,134
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(21,477,095	)		(20,319,168	)		(43,394,194	)		(27,527,281	)		(21,652,726	)		(34,391,341	)		(9,098,396	)		(6,333,865	)		(56,769,962	)		(66,001,856	)		(1,926,579	)		(4,080,043	)
	Advisor Class^†		(104	)		—			(227	)		—			(371	)		—			(34	)		—			(136	)		—			(19	)		—
	Premier Class		—			—			—			—			(1,068,832	)		(1,620,279	)		(98,946	)		(16,950	)		(4,553,911	)		(6,267,507	)		(72,376	)		(421,083	)
	Retirement Class		—			—			—			—			(3,420,719	)		(5,630,003	)		(545,061	)		—			(10,875,422	)		(15,607,928	)		—			(959,202	)
	Retail Class		—			—			—			—			(3,841,078	)		(5,699,176	)		(316,220	)		—			(1,456,384	)		(2,101,411	)		—			(267,305	)
From realized gains:	Institutional Class		(184,289,251	)		(150,620,165	)		(116,788,899	)		(154,072,329	)		(202,166,408	)		(245,437,836	)		(83,625,344	)		(234,208,628	)		(225,069,075	)		(170,063,103	)		(74,181,052	)		(126,006,968	)
	Advisor Class^†		(905	)		—			(615	)		—			(647	)		—			(324	)		—			(546	)		—			(771	)		—
	Premier Class		—			—			—			—			(11,089,183	)		(15,431,901	)		(1,308,802	)		(1,135,236	)		(20,114,043	)		(17,534,288	)		(10,524,325	)		(20,531,402	)
	Retirement Class		—			—			—			—			(40,150,240	)		(57,021,512	)		(7,968,778	)		(11,476,240	)		(53,164,631	)		(47,585,257	)		(36,683,659	)		(71,937,849	)
	Retail Class		—			—			—			—			(50,876,795	)		(64,788,710	)		(21,868,961	)		(64,325,139	)		(7,500,731	)		(6,548,834	)		(14,387,724	)		(26,332,597	)
Total distributions			(205,767,355	)		(170,939,333	)		(160,183,935	)		(181,599,610	)		(334,266,999	)		(430,020,758	)		(124,830,866	)		(317,496,058	)		(379,504,841	)		(331,710,184	)		(137,776,505	)		(250,536,449	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		133,868,201			266,783,098			130,460,164			302,888,790			225,933,485			469,640,373			348,431,316			538,325,945			327,043,580			613,321,911			80,520,569			157,140,774
	Advisor Class^†		100,001			—			100,000			—			100,000			—			100,000			—			100,000			—			100,000			—
	Premier Class		—			—			—			—			15,471,375			37,117,196			7,984,587			36,151,913			22,871,778			89,350,638			7,753,886			43,270,794
	Retirement Class		—			—			—			—			16,459,096			35,736,470			135,085,738			75,818,573			24,036,145			69,594,908			9,415,593			50,018,677
	Retail Class		—			—			—			—			32,025,472			76,182,424			40,050,100			76,872,469			5,541,598			15,517,750			6,829,810			23,944,430
Reinvestments of distributions:	Institutional Class		205,766,345			170,939,333			160,183,093			181,599,610			201,389,687			251,186,038			92,435,936			240,143,011			281,259,858			235,788,117			75,511,023			130,000,380
	Premier Class		—			—			—			—			12,158,015			17,052,180			1,403,020			1,151,695			24,667,954			23,801,795			10,596,701			20,952,485
	Retirement Class		—			—			—			—			43,570,959			62,651,515			8,509,331			11,472,072			64,037,423			63,190,642			36,683,659			72,897,051
	Retail Class		—			—			—			—			53,070,805			68,261,069			21,566,863			62,585,877			8,689,204			8,404,169			14,026,684			25,928,232
Redemptions:	Institutional Class		(75,072,004	)		(228,300,645	)		(49,392,104	)		(157,772,735	)		(151,155,395	)		(457,927,233	)		(137,719,353	)		(408,400,616	)		(205,919,124	)		(286,618,460	)		(80,251,151	)		(137,894,124	)
	Premier Class		—			—			—			—			(8,642,025	)		(54,401,348	)		(3,618,356	)		(8,684,980	)		(72,978,592	)		(112,275,043	)		(24,316,952	)		(52,146,448	)
	Retirement Class		—			—			—			—			(49,528,324	)		(142,297,940	)		(29,876,276	)		(44,398,713	)		(57,356,799	)		(167,326,505	)		(54,726,674	)		(106,009,590	)
	Retail Class		—			—			—			—			(47,822,077	)		(98,146,255	)		(34,258,406	)		(64,886,431	)		(10,101,959	)		(20,958,105	)		(14,963,321	)		(30,364,318	)
Net increase (decrease) from shareholder transactions			264,662,543			209,421,786			241,351,153			326,715,665			343,031,073			265,054,489			450,094,500			516,150,815			411,891,066			531,791,817			67,179,827			197,738,343
Net increase (decrease) in net assets			41,949,892			223,422,479			83,673,393			170,720,085			(80,968,570	)		151,397,342			187,018,439			522,445,340			63,544,618			241,166,674			(164,175,307	)		5,475,028
NET ASSETS
Beginning of period			2,008,643,975			1,785,221,496			1,894,653,293			1,723,933,208			4,866,968,474			4,715,571,132			3,355,795,628			2,833,350,288			5,555,364,695			5,314,198,021			1,735,458,738			1,729,983,710
End of period		$	2,050,593,867		$	2,008,643,975		$	1,978,326,686		$	1,894,653,293		$	4,785,999,904		$	4,866,968,474		$	3,542,814,067		$	3,355,795,628		$	5,618,909,313		$	5,555,364,695		$	1,571,283,431		$	1,735,458,738
Undistributed net investment income (loss) included in net assets		$	10,400,087		$	16,431,905		$	12,670,160		$	34,822,806		$	5,025,601		$	3,105,560		$	4,140,618		$	7,337,535		$	29,530,035		$	54,942,428		$	905,268		$	1,597,512
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		12,697,757			22,973,085			14,711,102			29,778,990			20,334,118			38,423,948			23,266,018			34,439,098			20,982,011			34,572,992			4,256,209			7,216,770
	Advisor Class^†		9,257			—			11,061			—			8,688			—			6,356			—			6,327			—			5,163			—
	Premier Class		—			—			—			—			1,359,373			2,934,179			519,471			2,257,531			1,442,649			4,953,748			413,644			1,916,983
	Retirement Class		—			—			—			—			1,392,523			2,840,914			8,521,614			4,743,621			1,488,474			3,883,158			513,614			2,302,298
	Retail Class		—			—			—			—			2,173,193			4,797,424			2,622,308			4,873,889			364,086			895,468			368,662			1,106,563
Shares reinvested:	Institutional Class		19,411,919			15,610,898			17,957,746			18,417,810			17,748,813			21,375,234			5,963,609			16,336,259			17,983,367			13,724,570			3,943,134			6,319,902
	Premier Class		—			—			—			—			1,070,942			1,448,561			90,517			78,347			1,580,266			1,387,051			556,257			1,023,570
	Retirement Class		—			—			—			—			3,781,036			5,250,699			551,480			782,542			4,104,963			3,686,735			1,963,794			3,624,915
	Retail Class		—			—			—			—			3,575,468			4,518,600			1,393,208			4,260,441			575,825			505,666			751,296			1,289,320
Shares redeemed:	Institutional Class		(7,090,583	)		(19,249,526	)		(5,367,659	)		(15,248,649	)		(13,399,021	)		(36,824,954	)		(8,952,241	)		(25,846,550	)		(12,985,263	)		(15,916,514	)		(4,376,786	)		(6,246,044	)
	Premier Class		—			—			—			—			(766,506	)		(4,492,374	)		(239,700	)		(567,246	)		(4,530,671	)		(6,276,156	)		(1,299,895	)		(2,426,576	)
	Retirement Class		—			—			—			—			(4,310,394	)		(11,313,570	)		(2,006,680	)		(2,816,558	)		(3,608,571	)		(9,334,558	)		(2,992,994	)		(4,898,696	)
	Retail Class		—			—			—			—			(3,235,014	)		(6,153,789	)		(2,274,862	)		(4,132,739	)		(653,537	)		(1,213,332	)		(823,992	)		(1,417,108	)
Net increase (decrease) from shareholder transactions			25,028,350			19,334,457			27,312,250			32,948,151			29,733,219			22,804,872			29,461,098			34,408,635			26,749,926			30,868,828			3,278,106			9,811,897

^†	Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Statements of changes in net assets	continued

TIAA-CREF Funds ■ For the period or year ended

																				Social Choice Low Carbon												Enhanced International
		Mid-Cap Value Fund						Small-Cap Equity Fund						Social Choice Equity Fund						Equity Fund						Emerging Markets Equity Fund						Equity Index Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,				October 31,
		2016			2015			2016			2015			2016			2015			2016			2015^‡			2016			2015			2016			2015
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	45,493,187		$	66,041,878		$	17,959,779		$	19,018,070		$	25,572,931		$	45,716,701		$	400,383		$	78,252		$	1,943,980		$	10,972,180		$	20,731,874			$	36,463,204
Net realized gain (loss) on total investments			(20,581,794	)		465,952,698			(57,769,135	)		217,377,605			14,005,870			95,826,213			(251,068	)		3,716			(62,941,185	)		(91,823,010	)		(56,087,175	)			(8,891,026	)
Net change in unrealized appreciation (depreciation) on total investments			(7,290,802	)		(515,520,149	)		(75,191,527	)		(122,174,054	)		(25,513,174	)		(108,513,216	)		675,170			69,247			44,157,034			(64,776,275	)		(1,451,113	)			(40,274,620	)
Net increase (decrease) in net assets from operations			17,620,591			16,474,427			(115,000,883	)		114,221,621			14,065,627			33,029,698			824,485			151,215			(16,840,171	)		(145,627,105	)		(36,806,414	)			(12,702,442	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(47,690,885	)		(44,439,232	)		(15,294,296	)		(13,424,422	)		(24,453,439	)		(18,273,805	)		(188,748	)		—			(9,120,009	)		(10,617,067	)		(37,422,438	)			(38,034,012	)
	Advisor Class^†		(141	)		—			(71	)		—			(180	)		—			(52	)		—			(96	)		—			(286	)			—
	Premier Class		(5,006,213	)		(5,314,962	)		(1,125,473	)		(1,256,516	)		(1,289,080	)		(1,269,066	)		(4,778	)		—			(80,120	)		(57,318	)		—				—
	Retirement Class		(12,544,437	)		(13,552,066	)		(2,764,208	)		(3,230,852	)		(5,098,702	)		(4,328,497	)		(12,258	)		—			(206,640	)		(181,046	)		—				—
	Retail Class		(3,306,898	)		(3,568,377	)		(512,400	)		(605,244	)		(15,288,591	)		(12,681,922	)		(6,655	)		—			(21,878	)		(52,744	)		—				—
From realized gains:	Institutional Class		(293,841,533	)		(142,408,757	)		(144,242,447	)		(244,327,464	)		(44,511,977	)		(14,545,809	)		(3,902	)		—			—			—			—				(39,241,441	)
	Advisor Class^†		(876	)		—			(684	)		—			(325	)		—			(1	)		—			—			—			—				—
	Premier Class		(34,453,503	)		(19,258,151	)		(13,081,361	)		(25,566,957	)		(2,561,759	)		(1,117,508	)		(109	)		—			—			—			—				—
	Retirement Class		(95,322,348	)		(55,123,329	)		(39,101,406	)		(70,597,977	)		(10,904,788	)		(4,238,039	)		(291	)		—			—			—			—				—
	Retail Class		(26,138,124	)		(14,250,518	)		(8,133,135	)		(14,133,002	)		(32,289,674	)		(11,302,872	)		(179	)		—			—			—			—				—
Total distributions			(518,304,958	)		(297,915,392	)		(224,255,481	)		(373,142,434	)		(136,398,515	)		(67,757,518	)		(216,973	)		—			(9,428,743	)		(10,908,175	)		(37,422,724	)			(77,275,453	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		330,780,476			530,491,945			190,387,083			376,673,720			103,348,256			249,509,870			11,333,290			28,315,526			129,951,934			265,446,733			117,269,517				331,020,769
	Advisor Class^†		100,000			—			100,000			—			100,000			—			100,016			—			100,062			—			100,000				—
	Premier Class		26,383,876			90,945,804			16,496,784			52,758,701			11,506,831			20,856,583			—			1,000,000			2,857,583			9,289,942			—				—
	Retirement Class		23,051,355			59,041,929			26,665,301			78,001,717			13,449,638			31,057,079			2,814,741			1,992,614			2,083,831			20,361,509			—				—
	Retail Class		13,780,950			54,661,955			18,072,235			16,387,398			64,425,546			148,574,434			1,494,832			1,527,707			385,935			1,139,733			—				—
Reinvestments of distributions:	Institutional Class		335,010,003			184,072,274			159,321,936			257,450,380			65,889,985			31,091,166			68,971			—			9,120,009			10,617,067			37,422,438				77,275,453
	Premier Class		39,459,716			24,573,113			14,206,834			26,823,473			3,805,791			2,368,795			—			—			80,047			57,318			—				—
	Retirement Class		107,859,195			68,670,864			41,865,029			73,827,616			15,985,227			8,559,805			7,849			—			206,560			181,046			—				—
	Retail Class		28,545,566			17,389,021			8,389,168			14,329,903			46,813,660			23,532,337			2,675			—			21,109			51,672			—				—
Redemptions:	Institutional Class		(265,183,950	)		(365,907,976	)		(85,182,327	)		(240,354,405	)		(81,940,176	)		(184,821,736	)		(685,789	)		(151	)		(105,489,242	)		(58,730,382	)		(53,906,991	)			(55,786,941	)
	Advisor Class^†		—			—			—			—			—			—			—			—			(50	)		—			—				—
	Premier Class		(66,974,061	)		(122,112,764	)		(39,796,069	)		(64,724,421	)		(7,404,823	)		(39,838,338	)		—			—			(678,958	)		(3,286,231	)		—				—
	Retirement Class		(79,412,580	)		(211,906,607	)		(31,542,169	)		(79,566,305	)		(27,220,377	)		(80,859,939	)		(322,716	)		(5,345	)		(3,132,431	)		(3,987,579	)		—				—
	Retail Class		(32,931,143	)		(66,120,817	)		(7,976,297	)		(13,836,371	)		(118,846,546	)		(159,706,929	)		(392,262	)		(16,743	)		(380,339	)		(1,939,578	)		—				—
Net increase (decrease) from shareholder transactions			460,469,403			263,798,741			311,007,508			497,771,406			89,913,012			50,323,127			14,421,607			32,813,608			35,126,050			239,201,250			100,884,964				352,509,281
Net increase (decrease) in net assets			(40,214,964	)		(17,642,224	)		(28,248,856	)		238,850,593			(32,419,876	)		15,595,307			15,029,119			32,964,823			8,857,136			82,665,970			26,655,826				262,531,386
NET ASSETS
Beginning of period			5,145,542,788			5,163,185,012			2,889,480,261			2,650,629,668			2,701,363,216			2,685,767,909			32,964,823			—			962,138,643			879,472,673			1,292,615,523				1,030,084,137
End of period		$	5,105,327,824		$	5,145,542,788		$	2,861,231,405		$	2,889,480,261		$	2,668,943,340		$	2,701,363,216		$	47,993,942		$	32,964,823		$	970,995,779		$	962,138,643		$	1,319,271,349			$	1,292,615,523
Undistributed net investment income (loss) included in net assets		$	24,163,053		$	47,218,440		$	9,842,371		$	11,579,040		$	16,433,140		$	36,990,201		$	267,194		$	79,302		$	713,194		$	8,197,957		$	17,214,210			$	33,905,060
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		16,126,343			22,010,193			12,303,483			21,273,312			6,715,205			14,922,855			1,154,780			2,865,262			15,560,480			27,112,731			17,591,982				44,374,476
	Advisor Class^†		4,930			—			6,279			—			6,474			—			10,364			—			11,899			—			14,673				—
	Premier Class		1,290,182			3,737,321			1,057,513			2,922,233			739,036			1,229,363			—			100,000			337,689			916,244			—				—
	Retirement Class		1,102,721			2,443,039			1,742,113			4,413,738			855,312			1,828,082			291,835			205,715			245,385			1,999,625			—				—
	Retail Class		680,966			2,279,344			1,209,376			952,875			4,625,689			9,718,363			157,963			154,453			46,529			113,859			—				—
Shares reinvested:	Institutional Class		16,675,461			7,883,181			10,077,289			15,499,722			4,314,996			1,909,777			7,199			—			1,094,839			1,071,349			5,519,534				10,838,072
	Premier Class		1,967,085			1,053,736			902,594			1,621,733			249,888			145,772			—			—			9,609			5,784			—				—
	Retirement Class		5,395,658			2,953,585			2,704,459			4,532,082			1,031,971			518,776			819			—			24,857			18,306			—				—
	Retail Class		1,451,962			759,346			546,526			886,752			3,380,047			1,584,669			279			—			2,534			5,219			—				—
Shares redeemed:	Institutional Class		(13,046,643	)		(14,976,353	)		(5,464,279	)		(13,390,075	)		(5,311,536	)		(11,056,724	)		(70,225	)		(15	)		(12,194,748	)		(5,739,072	)		(7,970,277	)			(7,283,263	)
	Advisor Class^†		—			—			—			—			—			—			—			—			(6	)		—			—				—
	Premier Class		(3,227,188	)		(5,027,783	)		(2,576,449	)		(3,714,771	)		(492,184	)		(2,392,372	)		—			—			(80,303	)		(338,780	)		—				—
	Retirement Class		(3,927,674	)		(8,740,838	)		(2,063,171	)		(4,526,436	)		(1,740,146	)		(4,752,535	)		(33,061	)		(556	)		(369,988	)		(415,268	)		—				—
	Retail Class		(1,629,671	)		(2,783,394	)		(537,639	)		(795,700	)		(8,412,018	)		(10,484,694	)		(42,908	)		(1,761	)		(44,847	)		(206,100	)		—				—
Net increase (decrease) from shareholder transactions			22,864,132			11,591,377			19,908,094			29,675,465			5,962,734			3,171,332			1,477,045			3,323,098			4,643,929			24,543,897			15,155,912				47,929,285

^†	Advisor Class commenced operations on December 4, 2015.
^‡	For the period August 7, 2015 to October 31, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Statements of changes in net assets	concluded

TIAA-CREF Funds ■ For the period or year ended

		Global Natural												International						Social Choice International
		Resources Fund						International Equity Fund						Opportunities Fund						Equity Fund
		April 30,			October 31,			April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
		2016			2015			2016			2015			2016			2015			2016			2015		^‡
		(unaudited		)				(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	2,469,468		$	6,715,828		$	23,291,966		$	60,720,708		$	7,170,457		$	14,530,317		$	265,060		$	77,936
Net realized gain (loss) on total investments			(28,823,067	)		(40,177,958	)		(183,077,510	)		(108,746,752	)		7,158,583			(36,886,384	)		(82,083	)		(4,229	)
Net change in unrealized appreciation (depreciation) on total investments			39,486,737			(14,527,303	)		39,785,878			154,994,018			(35,423,468	)		40,211,878			(562,575	)		(997,067	)
Net increase (decrease) in net assets from operations			13,133,138			(47,989,433	)		(119,999,666	)		106,967,974			(21,094,428	)		17,855,811			(379,598	)		(923,360	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(5,601,178	)		(4,000,554	)		(34,393,641	)		(34,377,261	)		(14,300,760	)		(10,715,553	)		(104,087	)		—
	Advisor Class^†		(248	)		—			(122	)		—			(120	)		—			(63	)		—
	Premier Class		(78,600	)		(75,410	)		(2,714,360	)		(3,688,826	)		(11,121	)		(8,671	)		(5,543	)		—
	Retirement Class		(245,740	)		(154,589	)		(5,761,383	)		(7,508,884	)		(75,311	)		(28,967	)		(10,123	)		—
	Retail Class		(101,273	)		(78,885	)		(12,557,364	)		(5,318,685	)		(14,068	)		(17,344	)		(4,910	)		—
From realized gains:	Institutional Class		—			—			—			—			—			—			—			—
	Advisor Class^†		—			—			—			—			—			—			—			—
	Premier Class		—			—			—			—			—			—			—			—
	Retirement Class		—			—			—			—			—			—			—			—
	Retail Class		—			—			—			—			—			—			—			—
Total distributions			(6,027,039	)		(4,309,438	)		(55,426,870	)		(50,893,656	)		(14,401,380	)		(10,770,535	)		(124,726	)		—
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		42,646,425			70,357,696			268,206,028			632,653,848			141,745,023			218,689,346			311,710			17,038,476
	Advisor Class^†		100,040			—			100,022			—			100,008			—			100,038			—
	Premier Class		250,774			2,456,671			13,213,015			72,675,972			—			16			—			1,000,000
	Retirement Class		3,500,680			5,446,514			6,495,816			74,988,824			1,869,123			8,798,025			725,822			1,637,782
	Retail Class		1,177,858			2,555,894			479,489,480			33,200,251			544,413			2,050,561			780,009			1,051,920
Reinvestments of distributions:	Institutional Class		5,601,178			4,000,554			34,143,721			34,283,727			14,300,760			10,715,553			251			—
	Premier Class		69,070			75,410			2,705,351			3,688,012			—			8,671			—			—
	Retirement Class		245,740			154,589			5,760,455			7,505,902			75,209			28,967			4,728			—
	Retail Class		94,405			75,982			12,401,106			5,139,852			13,814			17,246			256			—
Redemptions:	Institutional Class		(22,927,621	)		(29,539,544	)		(194,688,923	)		(284,194,199	)		(68,706,949	)		(111,789,878	)		(92,441	)		—
	Premier Class		(106,262	)		(2,057,727	)		(50,593,774	)		(102,747,277	)		—			—			—			—
	Retirement Class		(1,730,329	)		(3,019,264	)		(60,132,515	)		(135,024,745	)		(2,577,075	)		(3,666,267	)		(50,052	)		(4,097	)
	Retail Class		(745,573	)		(2,682,665	)		(52,262,069	)		(38,856,705	)		(770,801	)		(2,514,050	)		(9,370	)		(6,683	)
Net increase (decrease) from shareholder transactions			28,176,385			47,824,110			464,837,713			303,313,462			86,593,525			122,338,190			1,770,951			20,717,398
Net increase (decrease) in net assets			35,282,484			(4,474,761	)		289,411,177			359,387,780			51,097,717			129,423,466			1,266,627			19,794,038
NET ASSETS
Beginning of period			251,881,880			256,356,641			4,053,356,035			3,693,968,255			1,178,308,023			1,048,884,557			19,794,038			—
End of period		$	287,164,364		$	251,881,880		$	4,342,767,212		$	4,053,356,035		$	1,229,405,740		$	1,178,308,023		$	21,060,665		$	19,794,038
Undistributed net investment income (loss) included in net assets		$	1,808,034		$	5,365,605		$	23,115,028		$	55,249,932		$	6,108,537		$	13,339,460		$	223,303		$	82,969
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		6,617,699			8,715,992			26,301,939			57,130,624			14,722,791			20,809,637			34,864			1,704,106
	Advisor Class^†		15,327			—			9,784			—			9,892			—			10,963			—
	Premier Class		37,013			289,341			1,312,476			6,373,932			—			—			—			100,000
	Retirement Class		513,876			665,897			615,352			6,356,179			190,241			788,309			80,598			169,067
	Retail Class		176,431			313,036			66,043,729			4,352,299			54,233			185,221			85,931			105,443
Shares reinvested:	Institutional Class		860,396			483,159			3,350,709			3,252,726			1,422,961			1,065,164			28			—
	Premier Class		10,610			9,118			265,751			350,572			—			863			—			—
	Retirement Class		37,690			18,670			545,498			687,984			7,484			2,882			520			—
	Retail Class		14,480			9,177			1,807,741			718,860			1,373			1,716			28			—
Shares redeemed:	Institutional Class		(3,387,776	)		(3,601,237	)		(19,088,434	)		(24,924,427	)		(6,883,187	)		(10,278,103	)		(10,203	)		—
	Premier Class		(15,932	)		(249,866	)		(4,943,379	)		(9,547,286	)		—			—			—			—
	Retirement Class		(264,080	)		(355,738	)		(5,711,018	)		(11,658,746	)		(258,458	)		(345,202	)		(5,676	)		(444	)
	Retail Class		(110,953	)		(337,487	)		(7,688,231	)		(5,139,491	)		(77,097	)		(237,595	)		(1,002	)		(701	)
Net increase (decrease) from shareholder transactions			4,504,781			5,960,062			62,821,917			27,953,226			9,190,233			11,992,892			196,051			2,077,471

^†	Advisor Class commenced operations on December 4, 2015.
^‡	For the period August 7, 2015 to October 31, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/16	^#	$12.12	$0.08		$(0.21	)	$(0.13	)	$(0.13	)	$(1.11	)	$(1.24	)	$10.75
	10/31/15		12.19	0.12		0.98		1.10		(0.14	)	(1.03	)	(1.17	)	12.12
	10/31/14		11.53	0.14		1.44		1.58		(0.12	)	(0.80	)	(0.92	)	12.19
	10/31/13		9.65	0.14		2.22		2.36		(0.12	)	(0.36	)	(0.48	)	11.53
	10/31/12		9.54	0.11		0.93		1.04		(0.10	)	(0.83	)	(0.93	)	9.65
	10/31/11		9.05	0.10		0.86		0.96		(0.09	)	(0.38	)	(0.47	)	9.54
Advisor Class:	4/30/16	^#‡	12.28	0.06		(0.36	)	(0.30	)	(0.13	)	(1.11	)	(1.24	)	10.74

ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/16	^#	10.12	0.10		(0.13	)	(0.03	)	(0.23	)	(0.63	)	(0.86	)	9.23
	10/31/15		11.18	0.23		(0.11	)	0.12		(0.18	)	(1.00	)	(1.18	)	10.12
	10/31/14		10.64	0.17		1.23		1.40		(0.16	)	(0.70	)	(0.86	)	11.18
	10/31/13		8.64	0.18		2.20		2.38		(0.19	)	(0.19	)	(0.38	)	10.64
	10/31/12		8.01	0.17		0.94		1.11		(0.15	)	(0.33	)	(0.48	)	8.64
	10/31/11		7.72	0.15		0.32		0.47		(0.11	)	(0.07	)	(0.18	)	8.01
Advisor Class:	4/30/16	^#‡	10.18	0.09		(0.19	)	(0.10	)	(0.23	)	(0.63	)	(0.86	)	9.22

GROWTH & INCOME FUND
Institutional Class:	4/30/16	^#	12.50	0.08		(0.32	)	(0.24	)	(0.08	)	(0.82	)	(0.90	)	11.36
	10/31/15		12.96	0.13		0.65		0.78		(0.14	)	(1.10	)	(1.24	)	12.50
	10/31/14		12.64	0.13		1.64		1.77		(0.14	)	(1.31	)	(1.45	)	12.96
	10/31/13		10.34	0.15		2.76		2.91		(0.16	)	(0.45	)	(0.61	)	12.64
	10/31/12		9.21	0.13		1.22		1.35		(0.14	)	(0.08	)	(0.22	)	10.34
	10/31/11		8.53	0.10		0.68		0.78		(0.10	)	—		(0.10	)	9.21
Advisor Class:	4/30/16	^#‡	12.71	0.06		(0.51	)	(0.45	)	(0.08	)	(0.82	)	(0.90	)	11.36
Premier Class:	4/30/16	^#	12.51	0.07		(0.31	)	(0.24	)	(0.08	)	(0.82	)	(0.90	)	11.37
	10/31/15		12.96	0.12		0.65		0.77		(0.12	)	(1.10	)	(1.22	)	12.51
	10/31/14		12.65	0.11		1.63		1.74		(0.12	)	(1.31	)	(1.43	)	12.96
	10/31/13		10.35	0.14		2.75		2.89		(0.14	)	(0.45	)	(0.59	)	12.65
	10/31/12		9.21	0.12		1.23		1.35		(0.13	)	(0.08	)	(0.21	)	10.35
	10/31/11		8.53	0.09		0.68		0.77		(0.09	)	—		(0.09	)	9.21
Retirement Class:	4/30/16	^#	12.68	0.07		(0.32	)	(0.25	)	(0.07	)	(0.82	)	(0.89	)	11.54
	10/31/15		13.13	0.11		0.65		0.76		(0.11	)	(1.10	)	(1.21	)	12.68
	10/31/14		12.79	0.10		1.66		1.76		(0.11	)	(1.31	)	(1.42	)	13.13
	10/31/13		10.46	0.13		2.78		2.91		(0.13	)	(0.45	)	(0.58	)	12.79
	10/31/12		9.31	0.11		1.24		1.35		(0.12	)	(0.08	)	(0.20	)	10.46
	10/31/11		8.62	0.08		0.69		0.77		(0.08	)	—		(0.08	)	9.31
Retail Class:	4/30/16	^#	16.08	0.09		(0.41	)	(0.32	)	(0.06	)	(0.82	)	(0.88	)	14.88
	10/31/15		16.31	0.12		0.84		0.96		(0.09	)	(1.10	)	(1.19	)	16.08
	10/31/14		15.55	0.12		2.04		2.16		(0.09	)	(1.31	)	(1.40	)	16.31
	10/31/13		12.59	0.14		3.38		3.52		(0.11	)	(0.45	)	(0.56	)	15.55
	10/31/12		11.16	0.12		1.49		1.61		(0.10	)	(0.08	)	(0.18	)	12.59
	10/31/11		10.32	0.10		0.82		0.92		(0.08	)	—		(0.08	)	11.16

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

					Ratios and supplemental data

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

ENHANCED LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/16	^#	(0.92	)%^b	$2,050,494		0.34	%^c	0.34	%^c	1.57	%^c	51	%^b
	10/31/15		10.08		2,008,644		0.34		0.34		1.06		112
	10/31/14		14.75		1,785,221		0.35		0.35		1.22		105
	10/31/13		25.73		1,471,091		0.37		0.37		1.34		104
	10/31/12		12.07		1,007,636		0.38		0.38		1.16		150
	10/31/11		10.78		818,884		0.38		0.37		1.05		121
Advisor Class:	4/30/16	^#‡	(2.32	)^be	99		0.56	^c	0.49	^c	1.34	^c	51	^b

ENHANCED LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/16	^#	(0.02	)^b	1,978,225		0.34	^c	0.34	^c	2.30	^c	39	^b
	10/31/15		1.34		1,894,653		0.35		0.35		2.26		89
	10/31/14		14.29		1,723,933		0.35		0.35		1.63		91
	10/31/13		28.65		1,415,633		0.36		0.36		1.86		80
	10/31/12		14.73		1,050,177		0.38		0.38		2.12		87
	10/31/11		6.19		800,221		0.38		0.37		1.79		114
Advisor Class:	4/30/16	^#‡	(0.73	)^bf	102		0.57	^c	0.49	^c	2.56	^c	39	^b

GROWTH & INCOME FUND
Institutional Class:	4/30/16	^#	(1.83	)^b	3,077,853		0.42	^c	0.42	^c	1.47	^c	44	^b
	10/31/15		6.74		3,078,681		0.43		0.43		1.08		90
	10/31/14		15.48		2,893,199		0.44		0.44		1.06		98
	10/31/13		29.53		2,307,313		0.45		0.45		1.35		146
	10/31/12		14.83		1,547,720		0.46		0.46		1.33		111
	10/31/11		9.20		1,105,465		0.47		0.47		1.09		116
Advisor Class:	4/30/16	^#‡	(3.50	)^bg	99		0.65	^c	0.57	^c	1.28	^c	44	^b
Premier Class:	4/30/16	^#	(1.90	)^b	170,484		0.57	^c	0.57	^c	1.32	^c	44	^b
	10/31/15		6.65		166,799		0.58		0.58		0.94		90
	10/31/14		15.30		174,273		0.59		0.59		0.92		98
	10/31/13		29.20		169,367		0.60		0.60		1.23		146
	10/31/12		14.77		152,950		0.61		0.61		1.20		111
	10/31/11		9.03		126,358		0.62		0.62		0.95		116
Retirement Class:	4/30/16	^#	(1.93	)^b	577,215		0.67	^c	0.67	^c	1.22	^c	44	^b
	10/31/15		6.45		623,557		0.68		0.68		0.84		90
	10/31/14		15.26		687,630		0.69		0.69		0.82		98
	10/31/13		29.05		623,206		0.70		0.70		1.12		146
	10/31/12		14.61		528,574		0.71		0.71		1.08		111
	10/31/11		8.92		393,410		0.72		0.72		0.86		116
Retail Class:	4/30/16	^#	(1.95	)^b	960,349		0.73	^c	0.73	^c	1.16	^c	44	^b
	10/31/15		6.43		997,931		0.73		0.73		0.78		90
	10/31/14		15.12		960,469		0.76		0.76		0.75		98
	10/31/13		28.98		857,921		0.79		0.79		1.03		146
	10/31/12		14.52		674,389		0.82		0.82		0.99		111
	10/31/11		8.90		569,318		0.72		0.72		0.85		116

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

LARGE-CAP GROWTH FUND
Institutional Class:	4/30/16	^#	$16.37	$0.04		$(0.70	)	$(0.66	)	$(0.06	)	$(0.54	)	$(0.60	)	$15.11
	10/31/15		16.61	0.05		1.59		1.64		(0.05	)	(1.83	)	(1.88	)	16.37
	10/31/14		15.11	0.06		2.54		2.60		(0.06	)	(1.04	)	(1.10	)	16.61
	10/31/13		11.65	0.08		3.75		3.83		(0.05	)	(0.32	)	(0.37	)	15.11
	10/31/12		10.64	0.05		1.09		1.14		(0.03	)	(0.10	)	(0.13	)	11.65
	10/31/11		9.91	0.04		0.72		0.76		(0.03	)	—		(0.03	)	10.64
Advisor Class:	4/30/16	^#‡	16.72	0.01		(1.03	)	(1.02	)	(0.06	)	(0.54	)	(0.60	)	15.10
Premier Class:	4/30/16	^#	16.35	0.03		(0.71	)	(0.68	)	(0.04	)	(0.54	)	(0.58	)	15.09
	10/31/15		16.58	0.02		1.61		1.63		(0.03	)	(1.83	)	(1.86	)	16.35
	10/31/14		15.10	0.03		2.53		2.56		(0.04	)	(1.04	)	(1.08	)	16.58
	10/31/13		11.63	0.06		3.76		3.82		(0.03	)	(0.32	)	(0.35	)	15.10
	10/31/12		10.62	0.04		1.09		1.13		(0.02	)	(0.10	)	(0.12	)	11.63
	10/31/11		9.90	0.02		0.73		0.75		(0.03	)	—		(0.03	)	10.62
Retirement Class:	4/30/16	^#	16.28	0.01		(0.69	)	(0.68	)	(0.04	)	(0.54	)	(0.58	)	15.02
	10/31/15		16.52	0.01		1.58		1.59		—		(1.83	)	(1.83	)	16.28
	10/31/14		15.04	0.02		2.53		2.55		(0.03	)	(1.04	)	(1.07	)	16.52
	10/31/13		11.60	0.04		3.75		3.79		(0.03	)	(0.32	)	(0.35	)	15.04
	10/31/12		10.60	0.03		1.08		1.11		(0.01	)	(0.10	)	(0.11	)	11.60
	10/31/11		9.87	0.01		0.73		0.74		(0.01	)	—		(0.01	)	10.60
Retail Class:	4/30/16	^#	16.31	0.01		(0.70	)	(0.69	)	(0.01	)	(0.54	)	(0.55	)	15.07
	10/31/15		16.55	0.00	^d	1.59		1.59		—		(1.83	)	(1.83	)	16.31
	10/31/14		15.06	0.00	^d	2.53		2.53		0.00	^d	(1.04	)	(1.04	)	16.55
	10/31/13		11.61	0.03		3.74		3.77		0.00	^d	(0.32	)	(0.32	)	15.06
	10/31/12		10.61	0.01		1.09		1.10		0.00	^d	(0.10	)	(0.10	)	11.61
	10/31/11		9.89	0.01		0.72		0.73		(0.01	)	—		(0.01	)	10.61

LARGE-CAP VALUE FUND
Institutional Class:	4/30/16	^#	17.59	0.15		(0.14	)	0.01		(0.24	)	(0.97	)	(1.21	)	16.39
	10/31/15		18.64	0.24		(0.11	)	0.13		(0.33	)	(0.85	)	(1.18	)	17.59
	10/31/14		18.13	0.33		1.65		1.98		(0.24	)	(1.23	)	(1.47	)	18.64
	10/31/13		14.11	0.29		4.05		4.34		(0.27	)	(0.05	)	(0.32	)	18.13
	10/31/12		12.27	0.26		1.77		2.03		(0.19	)	—		(0.19	)	14.11
	10/31/11		12.21	0.19		0.03		0.22		(0.16	)	—		(0.16	)	12.27
Advisor Class:	4/30/16	^#‡	17.69	0.10		(0.20	)	(0.10	)	(0.24	)	(0.97	)	(1.21	)	16.38
Premier Class:	4/30/16	^#	17.53	0.14		(0.12	)	0.02		(0.22	)	(0.97	)	(1.19	)	16.36
	10/31/15		18.59	0.22		(0.13	)	0.09		(0.30	)	(0.85	)	(1.15	)	17.53
	10/31/14		18.09	0.30		1.65		1.95		(0.22	)	(1.23	)	(1.45	)	18.59
	10/31/13		14.08	0.27		4.04		4.31		(0.25	)	(0.05	)	(0.30	)	18.09
	10/31/12		12.24	0.24		1.77		2.01		(0.17	)	—		(0.17	)	14.08
	10/31/11		12.20	0.17		0.02		0.19		(0.15	)	—		(0.15	)	12.24
Retirement Class:	4/30/16	^#	17.50	0.13		(0.12	)	0.01		(0.20	)	(0.97	)	(1.17	)	16.34
	10/31/15		18.55	0.20		(0.12	)	0.08		(0.28	)	(0.85	)	(1.13	)	17.50
	10/31/14		18.05	0.29		1.64		1.93		(0.20	)	(1.23	)	(1.43	)	18.55
	10/31/13		14.05	0.25		4.03		4.28		(0.23	)	(0.05	)	(0.28	)	18.05
	10/31/12		12.21	0.22		1.77		1.99		(0.15	)	—		(0.15	)	14.05
	10/31/11		12.15	0.16		0.03		0.19		(0.13	)	—		(0.13	)	12.21
Retail Class:	4/30/16	^#	16.96	0.12		(0.12	)	0.00	^d	(0.19	)	(0.97	)	(1.16	)	15.80
	10/31/15		18.01	0.18		(0.11	)	0.07		(0.27	)	(0.85	)	(1.12	)	16.96
	10/31/14		17.57	0.27		1.59		1.86		(0.19	)	(1.23	)	(1.42	)	18.01
	10/31/13		13.68	0.22		3.94		4.16		(0.22	)	(0.05	)	(0.27	)	17.57
	10/31/12		11.91	0.20		1.72		1.92		(0.15	)	—		(0.15	)	13.68
	10/31/11		11.86	0.15		0.03		0.18		(0.13	)	—		(0.13	)	11.91

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

					Ratios and supplemental data

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

LARGE-CAP GROWTH FUND
Institutional Class:	4/30/16	^#	(4.12	)%^b	$2,631,008		0.44	%^c	0.44	%^c	0.49	%^c	35	%^b
	10/31/15		11.14		2,518,469		0.44		0.44		0.32		80
	10/31/14		18.18		2,140,596		0.46		0.46		0.37		96
	10/31/13		33.71		1,581,268		0.46		0.46		0.61		102
	10/31/12		10.95		1,082,094		0.47		0.47		0.48		148
	10/31/11		7.71		843,064		0.48		0.48		0.34		160
Advisor Class:	4/30/16	^#‡	(6.20	)^bh	96		0.67	^c	0.59	^c	0.25	^c	35	^b
Premier Class:	4/30/16	^#	(4.23	)^b	40,656		0.59	^c	0.59	^c	0.34	^c	35	^b
	10/31/15		11.06		37,977		0.59		0.59		0.14		80
	10/31/14		17.91		9,194		0.61		0.61		0.21		96
	10/31/13		33.68		5,110		0.62		0.62		0.48		102
	10/31/12		10.72		4,288		0.63		0.63		0.35		148
	10/31/11		7.55		10,205		0.63		0.63		0.20		160
Retirement Class:	4/30/16	^#	(4.28	)^b	240,555		0.79	^c	0.77	^c	0.14	^c	35	^b
	10/31/15		10.83		145,672		0.70		0.70		0.07		80
	10/31/14		17.89		102,990		0.71		0.71		0.13		96
	10/31/13		33.49		191,225		0.71		0.71		0.34		102
	10/31/12		10.57		111,273		0.72		0.72		0.23		148
	10/31/11		7.49		69,209		0.73		0.73		0.10		160
Retail Class:	4/30/16	^#	(4.32	)^b	630,499		0.77	^c	0.77	^c	0.16	^c	35	^b
	10/31/15		10.81		653,677		0.78		0.78		(0.01	)	80
	10/31/14		17.75		580,569		0.81		0.81		0.02		96
	10/31/13		33.29		493,908		0.85		0.85		0.24		102
	10/31/12		10.44		387,606		0.89		0.89		0.06		148
	10/31/11		7.41		367,733		0.79		0.79		0.05		160

LARGE-CAP VALUE FUND
Institutional Class:	4/30/16	^#	0.45	^b	4,240,693		0.42	^c	0.39	^c	1.87	^c	31	^b
	10/31/15		0.83		4,091,753		0.42		0.41		1.35		61
	10/31/14		11.78		3,734,156		0.44		0.44		1.84		49
	10/31/13		31.38		2,837,163		0.45		0.45		1.78		54
	10/31/12		16.79		1,774,248		0.46		0.46		1.93		63
	10/31/11		1.77		1,210,661		0.47		0.47		1.48		68
Advisor Class:	4/30/16	^#‡	(0.26	)^bi	104		0.64	^c	0.54	^c	1.59	^c	31	^b
Premier Class:	4/30/16	^#	0.41	^b	311,031		0.57	^c	0.54	^c	1.73	^c	31	^b
	10/31/15		0.62		359,857		0.57		0.56		1.20		61
	10/31/14		11.59		380,387		0.59		0.59		1.70		49
	10/31/13		31.21		331,817		0.60		0.60		1.65		54
	10/31/12		16.66		267,987		0.61		0.61		1.79		63
	10/31/11		1.54		189,354		0.62		0.62		1.31		68
Retirement Class:	4/30/16	^#	0.34	^b	938,378		0.67	^c	0.64	^c	1.62	^c	31	^b
	10/31/15		0.53		970,460		0.67		0.66		1.11		61
	10/31/14		11.51		1,061,428		0.69		0.69		1.62		49
	10/31/13		31.06		1,162,308		0.70		0.70		1.54		54
	10/31/12		16.53		794,585		0.71		0.71		1.70		63
	10/31/11		1.52		704,222		0.72		0.72		1.22		68
Retail Class:	4/30/16	^#	0.28	^b	128,704		0.73	^c	0.70	^c	1.56	^c	31	^b
	10/31/15		0.51		133,294		0.74		0.72		1.04		61
	10/31/14		11.39		138,226		0.76		0.76		1.53		49
	10/31/13		30.94		125,958		0.80		0.80		1.44		54
	10/31/12		16.36		86,119		0.84		0.84		1.58		63
	10/31/11		1.49		79,489		0.72		0.72		1.22		68

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

MID-CAP GROWTH FUND
Institutional Class:	4/30/16	^#	$21.47	$0.03		$(1.10	)	$(1.07	)	$(0.04	)	$(1.67	)	$(1.71	)	$18.69
	10/31/15		24.31	0.05		0.67		0.72		(0.11	)	(3.45	)	(3.56	)	21.47
	10/31/14		25.18	0.10		2.24		2.34		(0.06	)	(3.15	)	(3.21	)	24.31
	10/31/13		19.94	0.10		6.33		6.43		(0.15	)	(1.04	)	(1.19	)	25.18
	10/31/12		18.75	0.11		1.80		1.91		—		(0.72	)	(0.72	)	19.94
	10/31/11		17.57	0.03		1.15		1.18		—		—		—		18.75
Advisor Class:	4/30/16	^#‡	21.70	0.00	^d	(1.31	)	(1.31	)	(0.04	)	(1.67	)	(1.71	)	18.68
Premier Class:	4/30/16	^#	21.34	0.01		(1.09	)	(1.08	)	(0.01	)	(1.67	)	(1.68	)	18.58
	10/31/15		24.18	0.01		0.67		0.68		(0.07	)	(3.45	)	(3.52	)	21.34
	10/31/14		25.05	0.06		2.25		2.31		(0.03	)	(3.15	)	(3.18	)	24.18
	10/31/13		19.84	0.07		6.30		6.37		(0.12	)	(1.04	)	(1.16	)	25.05
	10/31/12		18.69	0.08		1.79		1.87		—		(0.72	)	(0.72	)	19.84
	10/31/11		17.54	0.00	^d	1.15		1.15		—		—		—		18.69
Retirement Class:	4/30/16	^#	20.94	0.00	^d	(1.06	)	(1.06	)	—		(1.67	)	(1.67	)	18.21
	10/31/15		23.79	(0.01	)	0.66		0.65		(0.05	)	(3.45	)	(3.50	)	20.94
	10/31/14		24.70	0.04		2.20		2.24		0.00	^d	(3.15	)	(3.15	)	23.79
	10/31/13		19.58	0.05		6.21		6.26		(0.10	)	(1.04	)	(1.14	)	24.70
	10/31/12		18.47	0.06		1.77		1.83		—		(0.72	)	(0.72	)	19.58
	10/31/11		17.35	(0.02	)	1.14		1.12		—		—		—		18.47
Retail Class:	4/30/16	^#	20.93	(0.00	)^d	(1.07	)	(1.07	)	—		(1.67	)	(1.67	)	18.19
	10/31/15		23.78	(0.02	)	0.65		0.63		(0.03	)	(3.45	)	(3.48	)	20.93
	10/31/14		24.71	0.02		2.20		2.22		—		(3.15	)	(3.15	)	23.78
	10/31/13		19.58	0.03		6.22		6.25		(0.08	)	(1.04	)	(1.12	)	24.71
	10/31/12		18.49	0.04		1.77		1.81		—		(0.72	)	(0.72	)	19.58
	10/31/11		17.37	(0.02	)	1.14		1.12		—		—		—		18.49

MID-CAP VALUE FUND
Institutional Class:	4/30/16	^#	23.57	0.20		(0.21	)	(0.01	)	(0.33	)	(2.06	)	(2.39	)	21.17
	10/31/15		24.98	0.33		(0.27	)	0.06		(0.35	)	(1.12	)	(1.47	)	23.57
	10/31/14		23.44	0.33		2.92		3.25		(0.29	)	(1.42	)	(1.71	)	24.98
	10/31/13		18.50	0.33		5.26		5.59		(0.32	)	(0.33	)	(0.65	)	23.44
	10/31/12		16.65	0.28		1.80		2.08		(0.23	)	—		(0.23	)	18.50
	10/31/11		15.96	0.23		0.70		0.93		(0.24	)	—		(0.24	)	16.65
Advisor Class:	4/30/16	^#‡	23.48	0.14		(0.08	)	0.06		(0.33	)	(2.06	)	(2.39	)	21.15
Premier Class:	4/30/16	^#	23.51	0.19		(0.22	)	(0.03	)	(0.30	)	(2.06	)	(2.36	)	21.12
	10/31/15		24.91	0.29		(0.26	)	0.03		(0.31	)	(1.12	)	(1.43	)	23.51
	10/31/14		23.38	0.30		2.91		3.21		(0.26	)	(1.42	)	(1.68	)	24.91
	10/31/13		18.46	0.30		5.24		5.54		(0.29	)	(0.33	)	(0.62	)	23.38
	10/31/12		16.61	0.26		1.79		2.05		(0.20	)	—		(0.20	)	18.46
	10/31/11		15.94	0.22		0.68		0.90		(0.23	)	—		(0.23	)	16.61
Retirement Class:	4/30/16	^#	23.41	0.17		(0.20	)	(0.03	)	(0.27	)	(2.06	)	(2.33	)	21.05
	10/31/15		24.81	0.27		(0.28	)	(0.01	)	(0.27	)	(1.12	)	(1.39	)	23.41
	10/31/14		23.29	0.27		2.91		3.18		(0.24	)	(1.42	)	(1.66	)	24.81
	10/31/13		18.39	0.28		5.22		5.50		(0.27	)	(0.33	)	(0.60	)	23.29
	10/31/12		16.54	0.24		1.79		2.03		(0.18	)	—		(0.18	)	18.39
	10/31/11		15.86	0.20		0.68		0.88		(0.20	)	—		(0.20	)	16.54
Retail Class:	4/30/16	^#	23.05	0.17		(0.21	)	(0.04	)	(0.26	)	(2.06	)	(2.32	)	20.69
	10/31/15		24.46	0.25		(0.26	)	(0.01	)	(0.28	)	(1.12	)	(1.40	)	23.05
	10/31/14		22.98	0.25		2.86		3.11		(0.21	)	(1.42	)	(1.63	)	24.46
	10/31/13		18.15	0.27		5.16		5.43		(0.27	)	(0.33	)	(0.60	)	22.98
	10/31/12		16.35	0.22		1.76		1.98		(0.18	)	—		(0.18	)	18.15
	10/31/11		15.68	0.21		0.67		0.88		(0.21	)	—		(0.21	)	16.35

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

					Ratios and supplemental data

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

MID-CAP GROWTH FUND
Institutional Class:	4/30/16	^#	(5.15	)%^b	$896,655		0.47	%^c	0.47	%^c	0.27	%^c	36	%^b
	10/31/15		3.61		948,072		0.47		0.47		0.20		104
	10/31/14		10.64		896,227		0.47		0.47		0.42		104
	10/31/13		34.07		915,882		0.47		0.47		0.46		105
	10/31/12		10.66		586,349		0.48		0.48		0.59		85
	10/31/11		6.72		409,941		0.49		0.49		0.16		81
Advisor Class:	4/30/16	^#‡	(6.22	)^bj	96		0.70	^c	0.62	^c	0.04	^c	36	^b
Premier Class:	4/30/16	^#	(5.24	)^b	112,408		0.62	^c	0.62	^c	0.14	^c	36	^b
	10/31/15		3.44		136,135		0.62		0.62		0.05		104
	10/31/14		10.48		141,798		0.62		0.62		0.27		104
	10/31/13		33.93		177,935		0.62		0.62		0.33		105
	10/31/12		10.48		159,806		0.63		0.63		0.41		85
	10/31/11		6.56		165,209		0.64		0.64		0.01		81
Retirement Class:	4/30/16	^#	(5.25	)^b	399,975		0.72	^c	0.72	^c	0.03	^c	36	^b
	10/31/15		3.32		470,864		0.72		0.72		(0.04	)	104
	10/31/14		10.40		510,331		0.72		0.72		0.17		104
	10/31/13		33.71		570,942		0.72		0.72		0.25		105
	10/31/12		10.38		476,061		0.73		0.73		0.30		85
	10/31/11		6.52		505,020		0.74		0.74		(0.10	)	81
Retail Class:	4/30/16	^#	(5.25	)^b	162,149		0.79	^c	0.79	^c	(0.04	)^c	36	^b
	10/31/15		3.27		180,387		0.78		0.78		(0.11	)	104
	10/31/14		10.29		181,627		0.79		0.79		0.10		104
	10/31/13		33.64		175,018		0.82		0.82		0.13		105
	10/31/12		10.26		125,453		0.84		0.84		0.20		85
	10/31/11		6.45		115,367		0.74		0.74		(0.10	)	81

MID-CAP VALUE FUND
Institutional Class:	4/30/16	^#	0.51	^b	3,433,638		0.41	^c	0.36	^c	1.95	^c	28	^b
	10/31/15		0.27		3,357,973		0.42		0.39		1.34		39
	10/31/14		14.91		3,186,049		0.44		0.43		1.37		28
	10/31/13		31.23		2,181,142		0.45		0.45		1.59		46
	10/31/12		12.66		1,393,965		0.46		0.46		1.61		33
	10/31/11		5.83		965,871		0.46		0.46		1.36		39
Advisor Class:	4/30/16	^#‡	0.79	^bk	104		0.63	^c	0.51	^c	1.75	^c	28	^b
Premier Class:	4/30/16	^#	0.43	^b	355,449		0.56	^c	0.51	^c	1.83	^c	28	^b
	10/31/15		0.10		394,843		0.57		0.54		1.20		39
	10/31/14		14.73		424,326		0.59		0.58		1.27		28
	10/31/13		31.00		457,994		0.60		0.60		1.46		46
	10/31/12		12.53		378,125		0.61		0.61		1.47		33
	10/31/11		5.71		313,155		0.61		0.61		1.30		39
Retirement Class:	4/30/16	^#	0.39	^b	1,039,596		0.66	^c	0.61	^c	1.71	^c	28	^b
	10/31/15		0.00		1,096,242		0.67		0.64		1.10		39
	10/31/14		14.62		1,244,449		0.69		0.68		1.16		28
	10/31/13		30.87		1,542,181		0.70		0.70		1.37		46
	10/31/12		12.41		1,233,934		0.71		0.71		1.39		33
	10/31/11		5.62		1,190,007		0.71		0.71		1.18		39
Retail Class:	4/30/16	^#	0.35	^b	276,541		0.71	^c	0.66	^c	1.67	^c	28	^b
	10/31/15		(0.02	)	296,484		0.71		0.69		1.05		39
	10/31/14		14.52		308,362		0.75		0.74		1.08		28
	10/31/13		30.83		255,059		0.76		0.76		1.30		46
	10/31/12		12.27		199,693		0.81		0.81		1.26		33
	10/31/11		5.59		155,210		0.70		0.70		1.22		39

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

SMALL-CAP EQUITY FUND
Institutional Class:	4/30/16	^#	$17.62	$0.11		$(0.80	)	$(0.69	)	$(0.13	)	$(1.23	)	$(1.36	)	$15.57
	10/31/15		19.70	0.13		0.55		0.68		(0.14	)	(2.62	)	(2.76	)	17.62
	10/31/14		19.79	0.15		1.53		1.68		(0.16	)	(1.61	)	(1.77	)	19.70
	10/31/13		14.63	0.18		5.43		5.61		(0.18	)	(0.27	)	(0.45	)	19.79
	10/31/12		13.88	0.13		1.15		1.28		(0.10	)	(0.43	)	(0.53	)	14.63
	10/31/11		13.13	0.08		0.74		0.82		(0.07	)	—		(0.07	)	13.88
Advisor Class:	4/30/16	^#‡	18.05	0.07		(1.20	)	(1.13	)	(0.13	)	(1.23	)	(1.36	)	15.56
Premier Class:	4/30/16	^#	17.53	0.10		(0.80	)	(0.70	)	(0.11	)	(1.23	)	(1.34	)	15.49
	10/31/15		19.62	0.11		0.55		0.66		(0.13	)	(2.62	)	(2.75	)	17.53
	10/31/14		19.74	0.13		1.51		1.64		(0.15	)	(1.61	)	(1.76	)	19.62
	10/31/13		14.59	0.16		5.41		5.57		(0.15	)	(0.27	)	(0.42	)	19.74
	10/31/12		13.85	0.11		1.15		1.26		(0.09	)	(0.43	)	(0.52	)	14.59
	10/31/11		13.11	0.06		0.75		0.81		(0.07	)	—		(0.07	)	13.85
Retirement Class:	4/30/16	^#	17.25	0.09		(0.79	)	(0.70	)	(0.09	)	(1.23	)	(1.32	)	15.23
	10/31/15		19.36	0.09		0.54		0.63		(0.12	)	(2.62	)	(2.74	)	17.25
	10/31/14		19.51	0.11		1.49		1.60		(0.14	)	(1.61	)	(1.75	)	19.36
	10/31/13		14.42	0.14		5.36		5.50		(0.14	)	(0.27	)	(0.41	)	19.51
	10/31/12		13.68	0.09		1.14		1.23		(0.06	)	(0.43	)	(0.49	)	14.42
	10/31/11		12.94	0.04		0.74		0.78		(0.04	)	—		(0.04	)	13.68
Retail Class:	4/30/16	^#	17.10	0.08		(0.77	)	(0.69	)	(0.08	)	(1.23	)	(1.31	)	15.10
	10/31/15		19.22	0.07		0.54		0.61		(0.11	)	(2.62	)	(2.73	)	17.10
	10/31/14		19.39	0.09		1.48		1.57		(0.13	)	(1.61	)	(1.74	)	19.22
	10/31/13		14.33	0.12		5.33		5.45		(0.12	)	(0.27	)	(0.39	)	19.39
	10/31/12		13.62	0.07		1.13		1.20		(0.06	)	(0.43	)	(0.49	)	14.33
	10/31/11		12.89	0.04		0.73		0.77		(0.04	)	—		(0.04	)	13.62

SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/16	^#	16.71	0.16		(0.09	)	0.07		(0.30	)	(0.55	)	(0.85	)	15.93
	10/31/15		16.91	0.30		(0.07	)	0.23		(0.24	)	(0.19	)	(0.43	)	16.71
	10/31/14		15.08	0.27		1.92		2.19		(0.22	)	(0.14	)	(0.36	)	16.91
	10/31/13		11.72	0.25		3.35		3.60		(0.24	)	—		(0.24	)	15.08
	10/31/12		10.75	0.23		0.93		1.16		(0.19	)	—		(0.19	)	11.72
	10/31/11		10.21	0.19		0.52		0.71		(0.17	)	—		(0.17	)	10.75
Advisor Class:	4/30/16	^#‡	16.78	0.11		(0.12	)	(0.01	)	(0.30	)	(0.55	)	(0.85	)	15.92
Premier Class:	4/30/16	^#	16.65	0.15		(0.10	)	0.05		(0.27	)	(0.55	)	(0.82	)	15.88
	10/31/15		16.86	0.28		(0.08	)	0.20		(0.22	)	(0.19	)	(0.41	)	16.65
	10/31/14		15.03	0.25		1.91		2.16		(0.19	)	(0.14	)	(0.33	)	16.86
	10/31/13		11.68	0.23		3.34		3.57		(0.22	)	—		(0.22	)	15.03
	10/31/12		10.71	0.21		0.93		1.14		(0.17	)	—		(0.17	)	11.68
	10/31/11		10.18	0.17		0.52		0.69		(0.16	)	—		(0.16	)	10.71
Retirement Class:	4/30/16	^#	16.90	0.15		(0.10	)	0.05		(0.25	)	(0.55	)	(0.80	)	16.15
	10/31/15		17.10	0.26		(0.08	)	0.18		(0.19	)	(0.19	)	(0.38	)	16.90
	10/31/14		15.24	0.24		1.94		2.18		(0.18	)	(0.14	)	(0.32	)	17.10
	10/31/13		11.84	0.22		3.39		3.61		(0.21	)	—		(0.21	)	15.24
	10/31/12		10.85	0.20		0.94		1.14		(0.15	)	—		(0.15	)	11.84
	10/31/11		10.30	0.16		0.53		0.69		(0.14	)	—		(0.14	)	10.85
Retail Class:	4/30/16	^#	15.21	0.13		(0.09	)	0.04		(0.26	)	(0.55	)	(0.81	)	14.44
	10/31/15		15.45	0.24		(0.08	)	0.16		(0.21	)	(0.19	)	(0.40	)	15.21
	10/31/14		13.80	0.21		1.76		1.97		(0.18	)	(0.14	)	(0.32	)	15.45
	10/31/13		10.75	0.19		3.07		3.26		(0.21	)	—		(0.21	)	13.80
	10/31/12		9.88	0.18		0.85		1.03		(0.16	)	—		(0.16	)	10.75
	10/31/11		9.40	0.15		0.48		0.63		(0.15	)	—		(0.15	)	9.88

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

					Ratios and supplemental data

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

SMALL-CAP EQUITY FUND
Institutional Class:	4/30/16	^#	(4.01	)%^b	$2,074,724		0.42	%^c	0.42	%^c	1.36	%^c	45	%^b
	10/31/15		4.32		2,050,241		0.42		0.42		0.73		89
	10/31/14		9.40		1,831,047		0.45		0.44		0.81		94
	10/31/13		39.49		1,482,702		0.47		0.44		1.06		85
	10/31/12		9.55		956,314		0.48		0.45		0.90		101
	10/31/11		6.25		648,675		0.49		0.46		0.53		100
Advisor Class:	4/30/16	^#‡	(6.37	)^bl	98		0.65	^c	0.57	^c	1.20	^c	45	^b
Premier Class:	4/30/16	^#	(4.11	)^b	151,919		0.57	^c	0.57	^c	1.26	^c	45	^b
	10/31/15		4.19		182,699		0.57		0.57		0.60		89
	10/31/14		9.19		188,209		0.60		0.59		0.69		94
	10/31/13		39.32		199,759		0.62		0.59		0.94		85
	10/31/12		9.35		162,874		0.63		0.60		0.76		101
	10/31/11		6.13		151,593		0.64		0.61		0.40		100
Retirement Class:	4/30/16	^#	(4.18	)^b	518,406		0.67	^c	0.67	^c	1.13	^c	45	^b
	10/31/15		4.09		545,870		0.67		0.67		0.49		89
	10/31/14		9.08		527,052		0.70		0.69		0.57		94
	10/31/13		39.20		558,845		0.72		0.69		0.86		85
	10/31/12		9.29		493,397		0.73		0.70		0.65		101
	10/31/11		5.96		469,155		0.74		0.71		0.30		100
Retail Class:	4/30/16	^#	(4.15	)^b	116,085		0.74	^c	0.74	^c	1.04	^c	45	^b
	10/31/15		4.01		110,670		0.75		0.75		0.42		89
	10/31/14		8.98		104,321		0.79		0.78		0.48		94
	10/31/13		39.04		100,054		0.83		0.81		0.70		85
	10/31/12		9.09		67,848		0.87		0.85		0.51		101
	10/31/11		5.97		67,381		0.77		0.74		0.27		100

SOCIAL CHOICE EQUITY FUND
Institutional Class:	4/30/16	^#	0.61	^b	1,393,347		0.20	^c	0.20	^c	2.12	^c	6	^b
	10/31/15		1.42		1,365,668		0.18		0.18		1.80		17
	10/31/14		14.82		1,284,871		0.18		0.18		1.72		7
	10/31/13		31.32		934,574		0.18		0.18		1.85		12
	10/31/12		10.93		612,990		0.19		0.19		2.00		17
	10/31/11		6.94		452,268		0.19		0.19		1.74		19
Advisor Class:	4/30/16	^#‡	0.11	^bm	103		0.42	^c	0.35	^c	1.87	^c	6	^b
Premier Class:	4/30/16	^#	0.51	^b	82,189		0.35	^c	0.35	^c	1.97	^c	6	^b
	10/31/15		1.22		77,865		0.32		0.32		1.66		17
	10/31/14		14.70		95,987		0.33		0.33		1.58		7
	10/31/13		31.14		90,567		0.33		0.33		1.73		12
	10/31/12		10.80		83,697		0.33		0.33		1.86		17
	10/31/11		6.79		83,157		0.34		0.34		1.61		19
Retirement Class:	4/30/16	^#	0.50	^b	329,350		0.45	^c	0.45	^c	1.87	^c	6	^b
	10/31/15		1.13		342,134		0.43		0.43		1.56		17
	10/31/14		14.59		387,327		0.43		0.43		1.48		7
	10/31/13		30.99		392,917		0.43		0.43		1.62		12
	10/31/12		10.68		313,635		0.43		0.43		1.76		17
	10/31/11		6.71		335,015		0.44		0.44		1.50		19
Retail Class:	4/30/16	^#	0.44	^b	863,954		0.47	^c	0.47	^c	1.86	^c	6	^b
	10/31/15		1.12		915,697		0.44		0.44		1.54		17
	10/31/14		14.58		917,583		0.46		0.46		1.42		7
	10/31/13		30.87		313,597		0.48		0.48		1.56		12
	10/31/12		10.62		222,461		0.49		0.49		1.69		17
	10/31/11		6.71		199,997		0.41		0.41		1.53		19

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/16	^#	$ 9.92	$0.10		$0.03		$0.13		$(0.05	)	$(0.00	)^d	$(0.05	)	$10.00
	10/31/15	^{^}	10.00	0.03		(0.11	)	(0.08	)	—		—		—		9.92
Advisor Class:	4/30/16	^#‡	10.01	0.07		(0.03	)	0.04		(0.05	)	(0.00	)^d	(0.05	)	10.00
Premier Class:	4/30/16	^#	9.92	0.09		0.04		0.13		(0.05	)	(0.00	)^d	(0.05	)	10.00
	10/31/15	^{^}	10.00	0.03		(0.11	)	(0.08	)	—		—		—		9.92
Retirement Class:	4/30/16	^#	9.91	0.08		0.05		0.13		(0.05	)	(0.00	)^d	(0.05	)	9.99
	10/31/15	^{^}	10.00	0.03		(0.12	)	(0.09	)	—		—		—		9.91
Retail Class:	4/30/16	^#	9.91	0.07		0.04		0.11		(0.04	)	(0.00	)^d	(0.04	)	9.98
	10/31/15	^{^}	10.00	0.03		(0.12	)	(0.09	)	—		—		—		9.91

EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/16	^#	9.07	0.02		(0.24	)	(0.22	)	(0.09	)	—		(0.09	)	8.76
	10/31/15		10.78	0.12		(1.70	)	(1.58	)	(0.13	)	—		(0.13	)	9.07
	10/31/14		11.17	0.12		(0.43	)	(0.31	)	(0.08	)	—		(0.08	)	10.78
	10/31/13		10.44	0.12		0.73		0.85		(0.12	)	—		(0.12	)	11.17
	10/31/12		10.11	0.13		0.27		0.40		(0.07	)	—		(0.07	)	10.44
	10/31/11		11.35	0.14		(1.36	)	(1.22	)	—		(0.02	)	(0.02	)	10.11
Advisor Class:	4/30/16	^#‡	8.87	0.02		(0.04	)	(0.02	)	(0.09	)	—		(0.09	)	8.76
Premier Class:	4/30/16	^#	9.06	0.01		(0.24	)	(0.23	)	(0.07	)	—		(0.07	)	8.76
	10/31/15		10.77	0.12		(1.71	)	(1.59	)	(0.12	)	—		(0.12	)	9.06
	10/31/14		11.16	0.10		(0.43	)	(0.33	)	(0.06	)	—		(0.06	)	10.77
	10/31/13		10.42	0.10		0.74		0.84		(0.10	)	—		(0.10	)	11.16
	10/31/12		10.09	0.05		0.34		0.39		(0.06	)	—		(0.06	)	10.42
	10/31/11		11.34	0.13		(1.36	)	(1.23	)	—		(0.02	)	(0.02	)	10.09
Retirement Class:	4/30/16	^#	9.03	0.01		(0.24	)	(0.23	)	(0.06	)	—		(0.06	)	8.74
	10/31/15		10.73	0.11		(1.70	)	(1.59	)	(0.11	)	—		(0.11	)	9.03
	10/31/14		11.12	0.09		(0.43	)	(0.34	)	(0.05	)	—		(0.05	)	10.73
	10/31/13		10.40	0.09		0.73		0.82		(0.10	)	—		(0.10	)	11.12
	10/31/12		10.08	0.11		0.26		0.37		(0.05	)	—		(0.05	)	10.40
	10/31/11		11.34	0.14		(1.38	)	(1.24	)	—		(0.02	)	(0.02	)	10.08
Retail Class:	4/30/16	^#	9.02	0.00	^d	(0.23	)	(0.23	)	(0.04	)	—		(0.04	)	8.75
	10/31/15		10.72	0.08		(1.69	)	(1.61	)	(0.09	)	—		(0.09	)	9.02
	10/31/14		11.11	0.08		(0.43	)	(0.35	)	(0.04	)	—		(0.04	)	10.72
	10/31/13		10.39	0.08		0.72		0.80		(0.08	)	—		(0.08	)	11.11
	10/31/12		10.07	0.08		0.27		0.35		(0.03	)	—		(0.03	)	10.39
	10/31/11		11.34	0.09		(1.34	)	(1.25	)	—		(0.02	)	(0.02	)	10.07

ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/16	^#	7.30	0.11		(0.34	)	(0.23	)	(0.21	)	—		(0.21	)	6.86
	10/31/15		7.97	0.23		(0.33	)	(0.10	)	(0.28	)	(0.29	)	(0.57	)	7.30
	10/31/14		8.44	0.30		(0.21	)	0.09		(0.27	)	(0.29	)	(0.56	)	7.97
	10/31/13		6.82	0.23		1.66		1.89		(0.27	)	—		(0.27	)	8.44
	10/31/12		6.62	0.24		0.16		0.40		(0.20	)	—		(0.20	)	6.82
	10/31/11		7.11	0.21		(0.52	)	(0.31	)	(0.18	)	—		(0.18	)	6.62
Advisor Class:	4/30/16	^#‡	7.25	0.10		(0.28	)	(0.18	)	(0.21	)	—		(0.21	)	6.86

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

					Ratios and supplemental data

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

SOCIAL CHOICE LOW CARBON EQUITY FUND
Institutional Class:	4/30/16	^#	1.37	%^b	$39,572		0.70	%^c	0.32	%^c	2.01	%^c	18	%^b
	10/31/15	^{^}	(0.80	)^b	28,426		3.77	^c	0.32	^c	1.57	^c	1	^b
Advisor Class:	4/30/16	^#‡	0.42	^bn	104		0.95	^c	0.47	^c	1.76	^c	18	^b
Premier Class:	4/30/16	^#	1.32	^b	1,000		0.88	^c	0.47	^c	1.86	^c	18	^b
	10/31/15	^{^}	(0.80	)^b	992		4.52	^c	0.47	^c	1.47	^c	1	^b
Retirement Class:	4/30/16	^#	1.30	^b	4,642		1.00	^c	0.57	^c	1.71	^c	18	^b
	10/31/15	^{^}	(0.90	)^b	2,034		4.38	^c	0.57	^c	1.35	^c	1	^b
Retail Class:	4/30/16	^#	1.14	^b	2,676		1.09	^c	0.71	^c	1.59	^c	18	^b
	10/31/15	^{^}	(0.90	)^b	1,513		4.72	^c	0.71	^c	1.22	^c	1	^b

EMERGING MARKETS EQUITY FUND
Institutional Class:	4/30/16	^#	(2.20	)^b	927,466		0.94	^c	0.94	^c	0.42	^c	66	^b
	10/31/15		(14.85	)	918,839		0.94		0.94		1.17		114
	10/31/14		(2.79	)	850,536		0.95		0.95		1.10		104
	10/31/13		8.18		676,999		0.95		0.95		1.11		110
	10/31/12		4.00		596,017		0.99		0.95		1.25		115
	10/31/11		(10.78	)	370,441		1.08		0.95		1.29		70
Advisor Class:	4/30/16	^#‡	(0.23	)^bo	104		1.16	^c	1.09	^c	0.53	^c	66	^b
Premier Class:	4/30/16	^#	(2.35	)^b	11,441		1.09	^c	1.09	^c	0.29	^c	66	^b
	10/31/15		(14.98	)	9,408		1.09		1.09		1.21		114
	10/31/14		(2.91	)	4,906		1.10		1.10		0.95		104
	10/31/13		7.96		4,126		1.10		1.10		0.97		110
	10/31/12		3.96		2,113		1.15		1.10		0.46		115
	10/31/11		(10.87	)	7,788		1.23		1.10		1.21		70
Retirement Class:	4/30/16	^#	(2.36	)^b	27,526		1.19	^c	1.19	^c	0.16	^c	66	^b
	10/31/15		(15.03	)	29,332		1.19		1.19		1.07		114
	10/31/14		(3.05	)	17,678		1.20		1.20		0.84		104
	10/31/13		7.91		15,040		1.20		1.20		0.84		110
	10/31/12		3.71		10,655		1.24		1.20		1.06		115
	10/31/11		(10.96	)	5,476		1.33		1.20		1.22		70
Retail Class:	4/30/16	^#	(2.48	)^b	4,458		1.40	^c	1.34	^c	0.02	^c	66	^b
	10/31/15		(15.10	)	4,560		1.31		1.31		0.80		114
	10/31/14		(3.19	)	6,352		1.33		1.33		0.70		104
	10/31/13		7.74		6,321		1.35		1.34		0.71		110
	10/31/12		3.50		5,203		1.40		1.34		0.83		115
	10/31/11		(11.05	)	4,417		1.47		1.34		0.84		70

ENHANCED INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/16	^#	(3.14	)^b	1,319,171		0.42	^c	0.42	^c	3.30	^c	43	^b
	10/31/15		(1.01	)	1,292,616		0.42		0.42		3.08		84
	10/31/14		1.28		1,030,084		0.46		0.43		3.70		71
	10/31/13		28.75		821,836		0.47		0.47		3.12		110
	10/31/12		6.33		636,659		0.51		0.51		3.69		81
	10/31/11		(4.51	)	536,415		0.53		0.53		2.97		92
Advisor Class:	4/30/16	^#‡	(2.48	)^bp	101		0.64	^c	0.57	^c	3.64	^c	43	^b

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

GLOBAL NATURAL RESOURCES FUND
Institutional Class:	4/30/16	^#	$ 7.40	$0.07		$0.16		$0.23		$(0.18	)	$ —	$(0.18	)	$ 7.45
	10/31/15		9.13	0.22		(1.80	)	(1.58	)	(0.15	)	—	(0.15	)	7.40
	10/31/14		9.99	0.17		(0.84	)	(0.67	)	(0.19	)	—	(0.19	)	9.13
	10/31/13		10.19	0.20		(0.21	)	(0.01	)	(0.19	)	—	(0.19	)	9.99
	10/31/12	^†	10.00	0.18		0.03		0.21		(0.02	)	—	(0.02	)	10.19
Advisor Class:	4/30/16	^#‡	7.06	0.05		0.52		0.57		(0.18	)	—	(0.18	)	7.45
Premier Class:	4/30/16	^#	7.39	0.06		0.16		0.22		(0.16	)	—	(0.16	)	7.45
	10/31/15		9.11	0.20		(1.78	)	(1.58	)	(0.14	)	—	(0.14	)	7.39
	10/31/14		9.97	0.15		(0.84	)	(0.69	)	(0.17	)	—	(0.17	)	9.11
	10/31/13		10.17	0.18		(0.20	)	(0.02	)	(0.18	)	—	(0.18	)	9.97
	10/31/12	^†	10.00	0.16		0.03		0.19		(0.02	)	—	(0.02	)	10.17
Retirement Class:	4/30/16	^#	7.39	0.06		0.16		0.22		(0.16	)	—	(0.16	)	7.45
	10/31/15		9.11	0.20		(1.80	)	(1.60	)	(0.12	)	—	(0.12	)	7.39
	10/31/14		9.96	0.14		(0.83	)	(0.69	)	(0.16	)	—	(0.16	)	9.11
	10/31/13		10.17	0.17		(0.21	)	(0.04	)	(0.17	)	—	(0.17	)	9.96
	10/31/12	^†	10.00	0.17		0.02		0.19		(0.02	)	—	(0.02	)	10.17
Retail Class:	4/30/16	^#	7.38	0.05		0.16		0.21		(0.14	)	—	(0.14	)	7.45
	10/31/15		9.10	0.19		(1.80	)	(1.61	)	(0.11	)	—	(0.11	)	7.38
	10/31/14		9.94	0.13		(0.82	)	(0.69	)	(0.15	)	—	(0.15	)	9.10
	10/31/13		10.15	0.16		(0.21	)	(0.05	)	(0.16	)	—	(0.16	)	9.94
	10/31/12	^†	10.00	0.15		0.01		0.16		(0.01	)	—	(0.01	)	10.15

INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/16	^#	10.97	0.06		(0.37	)	(0.31	)	(0.13	)	—	(0.13	)	10.53
	10/31/15		10.81	0.18		0.13		0.31		(0.15	)	—	(0.15	)	10.97
	10/31/14		11.50	0.17		(0.67	)	(0.50	)	(0.19	)	—	(0.19	)	10.81
	10/31/13		9.06	0.20		2.41		2.61		(0.17	)	—	(0.17	)	11.50
	10/31/12		8.14	0.18		0.88		1.06		(0.14	)	—	(0.14	)	9.06
	10/31/11		9.41	0.16		(1.35	)	(1.19	)	(0.08	)	—	(0.08	)	8.14
Advisor Class:	4/30/16	^#‡	10.80	0.06		(0.20	)	(0.14	)	(0.13	)	—	(0.13	)	10.53
Premier Class:	4/30/16	^#	10.94	0.05		(0.36	)	(0.31	)	(0.12	)	—	(0.12	)	10.51
	10/31/15		10.78	0.15		0.15		0.30		(0.14	)	—	(0.14	)	10.94
	10/31/14		11.46	0.16		(0.67	)	(0.51	)	(0.17	)	—	(0.17	)	10.78
	10/31/13		9.04	0.18		2.40		2.58		(0.16	)	—	(0.16	)	11.46
	10/31/12		8.12	0.15		0.90		1.05		(0.13	)	—	(0.13	)	9.04
	10/31/11		9.40	0.14		(1.34	)	(1.20	)	(0.08	)	—	(0.08	)	8.12
Retirement Class:	4/30/16	^#	11.33	0.05		(0.38	)	(0.33	)	(0.10	)	—	(0.10	)	10.90
	10/31/15		11.15	0.16		0.14		0.30		(0.12	)	—	(0.12	)	11.33
	10/31/14		11.85	0.15		(0.69	)	(0.54	)	(0.16	)	—	(0.16	)	11.15
	10/31/13		9.33	0.18		2.49		2.67		(0.15	)	—	(0.15	)	11.85
	10/31/12		8.37	0.16		0.91		1.07		(0.11	)	—	(0.11	)	9.33
	10/31/11		9.68	0.14		(1.39	)	(1.25	)	(0.06	)	—	(0.06	)	8.37
Retail Class:	4/30/16	^#	7.43	0.04		(0.27	)	(0.23	)	(0.12	)	—	(0.12	)	7.08
	10/31/15		7.36	0.10		0.10		0.20		(0.13	)	—	(0.13	)	7.43
	10/31/14		7.89	0.09		(0.46	)	(0.37	)	(0.16	)	—	(0.16	)	7.36
	10/31/13		6.27	0.11		1.66		1.77		(0.15	)	—	(0.15	)	7.89
	10/31/12		5.68	0.10		0.61		0.71		(0.12	)	—	(0.12	)	6.27
	10/31/11		6.59	0.09		(0.93	)	(0.84	)	(0.07	)	—	(0.07	)	5.68

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

continued

					Ratios and supplemental data

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

GLOBAL NATURAL RESOURCES FUND
Institutional Class:	4/30/16	^#	3.40	%^b	$ 263,554		0.77	%^c	0.75	%^c	2.05	%^c	178	%^b
	10/31/15		(17.49	)	231,533		0.74		0.74		2.61		184
	10/31/14		(6.80	)	234,559		0.74		0.74		1.70		169
	10/31/13		(0.05	)	237,218		0.74		0.74		2.03		162
	10/31/12	^†	2.09	^b	244,856		0.86	^c	0.75	^c	1.80	^c	65	^b
Advisor Class:	4/30/16	^#‡	8.36	^bq	114		0.98	^c	0.90	^c	1.97	^c	178	^b
Premier Class:	4/30/16	^#	3.33	^b	3,819		0.92	^c	0.90	^c	1.88	^c	178	^b
	10/31/15		(17.53	)	3,555		0.90		0.90		2.44		184
	10/31/14		(6.95	)	3,944		0.89		0.89		1.55		169
	10/31/13		(0.16	)	4,088		0.90		0.90		1.87		162
	10/31/12	^†	1.88	^b	2,568		1.11	^c	0.90	^c	1.59	^c	65	^b
Retirement Class:	4/30/16	^#	3.24	^b	13,871		1.02	^c	1.00	^c	1.82	^c	178	^b
	10/31/15		(17.66	)	11,633		1.00		1.00		2.38		184
	10/31/14		(7.06	)	11,352		0.99		0.99		1.44		169
	10/31/13		(0.28	)	13,548		0.99		0.99		1.74		162
	10/31/12	^†	1.87	^b	11,290		1.13	^c	1.00	^c	1.65	^c	65	^b
Retail Class:	4/30/16	^#	3.15	^b	5,806		1.20	^c	1.14	^c	1.65	^c	178	^b
	10/31/15		(17.81	)	5,160		1.13		1.13		2.26		184
	10/31/14		(7.02	)	6,502		1.13		1.13		1.31		169
	10/31/13		(0.49	)	6,872		1.16		1.14		1.58		162
	10/31/12	^†	1.64	^b	6,149		1.31	^c	1.14	^c	1.52	^c	65	^b

INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/16	^#	(2.76	)^b	2,821,731		0.49	^c	0.48	^c	1.21	^c	52	^b
	10/31/15		2.97		2,823,880		0.49		0.49		1.60		71
	10/31/14		(4.43	)	2,398,855		0.51		0.51		1.51		85
	10/31/13		29.29		2,059,286		0.51		0.51		1.95		130
	10/31/12		13.36		1,644,055		0.52		0.52		2.16		98
	10/31/11		(12.76	)	1,092,168		0.53		0.53		1.69		107
Advisor Class:	4/30/16	^#‡	(1.25	)^br	103		0.71	^c	0.63	^c	1.51	^c	52	^b
Premier Class:	4/30/16	^#	(2.83	)^b	210,832		0.64	^c	0.63	^c	0.94	^c	52	^b
	10/31/15		2.82		256,322		0.64		0.63		1.37		71
	10/31/14		(4.50	)	282,958		0.66		0.66		1.37		85
	10/31/13		28.96		292,438		0.66		0.66		1.78		130
	10/31/12		13.21		260,341		0.67		0.67		1.78		98
	10/31/11		(12.93	)	218,288		0.68		0.68		1.50		107
Retirement Class:	4/30/16	^#	(2.87	)^b	586,729		0.74	^c	0.73	^c	0.89	^c	52	^b
	10/31/15		2.75		661,567		0.74		0.73		1.36		71
	10/31/14		(4.62	)	702,668		0.76		0.76		1.29		85
	10/31/13		28.97		862,960		0.76		0.76		1.68		130
	10/31/12		13.06		716,864		0.78		0.78		1.92		98
	10/31/11		(13.03	)	754,251		0.78		0.78		1.43		107
Retail Class:	4/30/16	^#	(3.01	)^b	723,371		0.78	^c	0.77	^c	1.09	^c	52	^b
	10/31/15		2.75		311,587		0.83		0.82		1.26		71
	10/31/14		(4.77	)	309,488		0.85		0.85		1.18		85
	10/31/13		28.75		328,367		0.88		0.88		1.59		130
	10/31/12		12.93		266,770		0.92		0.92		1.74		98
	10/31/11		(12.96	)	258,283		0.79		0.79		1.42		107

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

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

INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/16	^#	$10.49	$0.06		$(0.30	)	$(0.24	)	$(0.13	)	$ —	$(0.13	)	$10.12
	10/31/15		10.45	0.14		0.00		0.14		(0.10	)	—	(0.10	)	10.49
	10/31/14		10.89	0.13		(0.53	)	(0.40	)	(0.04	)	—	(0.04	)	10.45
	10/31/13	*	10.00	0.06		0.83		0.89		—		—	—		10.89
Advisor Class:	4/30/16	^#‡	10.58	0.05		(0.39	)	(0.34	)	(0.13	)	—	(0.13	)	10.11
Premier Class:	4/30/16	^#	10.47	0.05		(0.30	)	(0.25	)	(0.11	)	—	(0.11	)	10.11
	10/31/15		10.43	0.12		0.01		0.13		(0.09	)	—	(0.09	)	10.47
	10/31/14		10.87	0.11		(0.52	)	(0.41	)	(0.03	)	—	(0.03	)	10.43
	10/31/13	*	10.00	0.08		0.79		0.87		—		—	—		10.87
Retirement Class:	4/30/16	^#	10.46	0.05		(0.31	)	(0.26	)	(0.10	)	—	(0.10	)	10.10
	10/31/15		10.42	0.12		0.00		0.12		(0.08	)	—	(0.08	)	10.46
	10/31/14		10.87	0.10		(0.52	)	(0.42	)	(0.03	)	—	(0.03	)	10.42
	10/31/13	*	10.00	0.06		0.81		0.87		—		—	—		10.87
Retail Class:	4/30/16	^#	10.44	0.04		(0.31	)	(0.27	)	(0.07	)	—	(0.07	)	10.10
	10/31/15		10.41	0.10		0.00		0.10		(0.07	)	—	(0.07	)	10.44
	10/31/14		10.86	0.10		(0.53	)	(0.43	)	(0.02	)	—	(0.02	)	10.41
	10/31/13	*	10.00	0.06		0.80		0.86		—		—	—		10.86

SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/16	^#	9.53	0.12		(0.32	)	(0.20	)	(0.06	)	—	(0.06	)	9.27
	10/31/15	^{^}	10.00	0.04		(0.51	)	(0.47	)	—		—	—		9.53
Advisor Class:	4/30/16	^#‡	9.51	0.11		(0.29	)	(0.18	)	(0.06	)	—	(0.06	)	9.27
Premier Class:	4/30/16	^#	9.53	0.12		(0.33	)	(0.21	)	(0.06	)	—	(0.06	)	9.26
	10/31/15	^{^}	10.00	0.04		(0.51	)	(0.47	)	—		—	—		9.53
Retirement Class:	4/30/16	^#	9.52	0.12		(0.33	)	(0.21	)	(0.05	)	—	(0.05	)	9.26
	10/31/15	^{^}	10.00	0.03		(0.51	)	(0.48	)	—		—	—		9.52
Retail Class:	4/30/16	^#	9.52	0.12		(0.34	)	(0.22	)	(0.05	)	—	(0.05	)	9.25
	10/31/15	^{^}	10.00	0.03		(0.51	)	(0.48	)	—		—	—		9.52

^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^e	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (1.03)%.
^f	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (0.14)%.
^g	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (1.88)%.
^h	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (4.19)%.
ⁱ	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 0.31%.
^j	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (5.21)%.
^k	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 0.41%.
^l	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (4.08)%.
^m	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 0.53%.
ⁿ	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 1.33%.
^o	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (2.32)%.
^p	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (3.15)%.
^q	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 3.38%.
^r	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (2.78)%.
^s	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (2.41)%.
^t	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (2.09)%.
^#	Unaudited
^†	The Fund commenced operations on November 1, 2011.
*	The Fund commenced operations on April 12, 2013.
^{^}	The Fund commenced operations on August 7, 2015.
^‡	The Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

See notes to financial statements

concluded

					Ratios and supplemental data

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

INTERNATIONAL OPPORTUNITIES FUND
Institutional Class:	4/30/16	^#	(2.30	)%^b	$1,218,679		0.63	%^c	0.63	%^c	1.25	%^c	9	%^b
	10/31/15		1.43		1,166,448		0.63		0.63		1.28		41
	10/31/14		(3.59	)	1,041,194		0.64		0.64		1.23		46
	10/31/13	*	8.80	^b	778,178		0.80	^c	0.70	^c	0.96	^c	35	^b
Advisor Class:	4/30/16	^#‡	(3.24	)^bs	100		0.86	^c	0.78	^c	1.31	^c	9	^b
Premier Class:	4/30/16	^#	(2.38	)^b	1,022		0.79	^c	0.79	^c	1.04	^c	9	^b
	10/31/15		1.25		1,059		0.80		0.80		1.13		41
	10/31/14		(3.77	)	1,046		0.81		0.81		1.05		46
	10/31/13	*	8.70	^b	1,087		1.00	^c	0.85	^c	1.39	^c	35	^b
Retirement Class:	4/30/16	^#	(2.37	)^b	7,891		0.88	^c	0.88	^c	0.98	^c	9	^b
	10/31/15		1.06		8,806		0.89		0.89		1.08		41
	10/31/14		(3.88	)	4,128		0.90		0.90		0.97		46
	10/31/13	*	8.70	^b	2,675		1.08	^c	0.95	^c	1.06	^c	35	^b
Retail Class:	4/30/16	^#	(2.54	)^b	1,713		1.16	^c	1.09	^c	0.71	^c	9	^b
	10/31/15		1.01		1,995		1.00		1.00		0.94		41
	10/31/14		(3.96	)	2,517		0.97		0.97		0.95		46
	10/31/13	*	8.60	^b	1,560		1.10	^c	1.00	^c	1.13	^c	35	^b

SOCIAL CHOICE INTERNATIONAL EQUITY FUND
Institutional Class:	4/30/16	^#	(2.08	)^b	16,019		1.27	^c	0.40	^c	2.75	^c	3	^b
	10/31/15	^{^}	(4.70	)^b	16,238		4.87	^c	0.40	^c	1.80	^c	4	^b
Advisor Class:	4/30/16	^#‡	(1.88	)^bt	102		1.50	^c	0.55	^c	3.11	^c	3	^b
Premier Class:	4/30/16	^#	(2.14	)^b	926		1.47	^c	0.55	^c	2.59	^c	3	^b
	10/31/15	^{^}	(4.80	)^b	953		5.61	^c	0.55	^c	1.65	^c	4	^b
Retirement Class:	4/30/16	^#	(2.15	)^b	2,259		1.55	^c	0.65	^c	2.69	^c	3	^b
	10/31/15	^{^}	(4.80	)^b	1,606		5.61	^c	0.65	^c	1.59	^c	4	^b
Retail Class:	4/30/16	^#	(2.34	)^b	1,755		1.68	^c	0.79	^c	2.81	^c	3	^b
	10/31/15	^{^}	(4.80	)^b	997		5.99	^c	0.79	^c	1.41	^c	4	^b

See notes to financial statements

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

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

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to five share classes, although any one Fund may not necessarily offer all five classes. The Funds may offer Institutional, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. On December 4, 2015, certain Funds made an additional share class (Advisor) available for sale pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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

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

dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

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

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

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

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

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

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

100	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

Note 2—valuation of investments

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

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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

Certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of April 30, 2016, no investments were valued utilizing the practical expedient.

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

Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

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

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

Options: Purchased and written options listed or traded on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Total return swap contract: Total return swaps are marked-to-market daily based upon a price supplied by a pricing service. Total return swaps are generally categorized as Level 2 in the fair value hierarchy.

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the period ended April 30, 2016, there were no material transfers between levels by the Funds.

As of April 30, 2016, 100% of the value of investments in the Social Choice Low Carbon Equity Fund was valued based on Level 1 inputs.

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

101

Notes to financial statements (unaudited)

The following table summarizes the market value of the Funds’ investments as of April 30, 2016, based on the inputs used to value them:

Fund		Level 1			Level 2		Level 3		Total
Enhanced Large-Cap Growth Index
Equity investments*	$	2,039,290,759		$	–	$	–	$	2,039,290,759
Short-term investments		21,742,240			4,450,000		–		26,192,240
Total	$	2,061,032,999		$	4,450,000	$	–	$	2,065,482,999
Enhanced Large-Cap Value Index
Equity investments:
Consumer discretionary	$	125,794,282		$	687,600	$	–	$	126,481,882
All other equity investments*		1,846,948,537			–		–		1,846,948,537
Short-term investments		73,167,095			7,400,000		–		80,567,095
Written options**		(319,992	)		–		–		(319,992	)
Total	$	2,045,589,922		$	8,087,600	$	–	$	2,053,677,522
Growth & Income
Equity investments:
Consumer discretionary	$	702,068,496		$	42,478,138	$	–	$	744,546,634
Consumer staples		451,761,323			26,159,242		–		477,920,565
Financials		542,574,574			25,788,201		–		568,362,775
Health Care		678,477,353			61,153,368		–		739,630,721
Information technology		1,043,195,573			26,314,914		–		1,069,510,487
Materials		140,588,308			8,502,690		–		149,090,998
All other equity investments*		1,019,372,995			–		–		1,019,372,995
Short-term investments		98,081,654			26,648,405		–		124,730,059
Purchased options**		60,700			–		–		60,700
Written options**		(2,918,504	)		–		–		(2,918,504	)
Total	$	4,673,262,472		$	217,044,958	$	–	$	4,890,307,430
Large-Cap Growth
Equity investments:
Information technology	$	1,318,890,985		$	2,801,266	$	–	$	1,321,692,251
All other equity investments*		2,179,349,714			–		–		2,179,349,714
Short-term investments		14,176,768			39,098,192		–		53,274,960
Written options**		(50,400	)		–		–		(50,400	)
Total	$	3,512,367,067		$	41,899,458	$	–	$	3,554,266,525
Large-Cap Value
Equity investments:
Consumer discretionary	$	352,912,669		$	70,415,107	$	–	$	423,327,776
Financials		1,354,339,444			32,368,285		–		1,386,707,729
Health Care		625,742,870			19,731,492		–		645,474,362
Industrials		489,161,839			–		7,267		489,169,106
Information technology		709,327,815			8,942,604		–		718,270,419
Materials		281,082,348			345,309		–		281,427,657
All other equity investments*		1,646,609,425			–		–		1,646,609,425
Short-term investments		108,716,235			74,942,317		–		183,658,552
Total	$	5,567,892,645		$	206,745,114	$	7,267	$	5,774,645,026
Mid-Cap Growth
Equity investments*	$	1,545,335,454		$	–	$	–	$	1,545,335,454
Short-term investments		63,759,243			18,599,999		–		82,359,242
Purchased options**		668,000			–		–		668,000
Written options**		(646,000	)		–		–		(646,000	)
Total	$	1,609,116,697		$	18,599,999	$	–	$	1,627,716,696
Mid-Cap Value
Equity investments:
Consumer discretionary	$	469,594,648		$	7,617,766	$	–	$	477,212,414
Financials		1,395,608,538			15,020,654		–		1,410,629,192
Health Care		223,336,094			35,656,835		–		258,992,929
Information technology		429,598,946			14,637,778		–		444,236,724
All other equity investments*		2,481,831,908			–		–		2,481,831,908
Short-term investments		135,686,513			66,415,288		–		202,101,801
Purchased Options**		983,250			–		–		983,250
Written options**		(218,500	)		–		–		(218,500	)
Total	$	5,136,421,397		$	139,348,321	$	–	$	5,275,769,718

102	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Fund		Level 1		Level 2		Level 3		Total
Small-Cap Equity
Equity investments*	$	2,841,636,552	$	–	$	–	$	2,841,636,552
Short-term investments		138,701,199		48,896,848		–		187,598,047
Futures **		85,361		–		–		85,361
Swaps **		–		507,833		–		507,833
Total	$	2,980,423,112	$	49,404,681	$	–	$	3,029,827,793
Social Choice Equity
Equity investments*	$	2,658,568,111	$	–	$	–	$	2,658,568,111
Short-term investments		–		72,747,963		–		72,747,963
Total	$	2,658,568,111	$	72,747,963	$	–	$	2,731,316,074
Emerging Markets Equity
Equity investments:
Africa/Middle East	$	–	$	37,289,661	$	–	$	37,289,661
Asia		56,404,244		564,829,540		142,827		621,376,611
Europe		7,509,929		26,649,778		–		34,159,707
Latin America		4,518,683		133,472,646		–		137,991,329
All other equity investments*		24,685,439		114,068,560		–		138,753,999
Corporate bonds		–		466,350		–		466,350
Short-term investments		26,187,859		–		–		26,187,859
Total	$	119,306,154	$	876,776,535	$	142,827	$	996,225,516
Enhanced International Equity Index
Equity investments:
Asia	$	145,040	$	335,573,294	$	–	$	335,718,334
Australasia		–		93,958,446		–		93,958,446
Europe		18,303,385		739,493,791		–		757,797,176
North America		–		–		–		–
All other equity investments*		5,273,619		118,347,336		–		123,620,955
Short-term investments		69,881,999		14,850,000		–		84,731,999
Total	$	93,604,043	$	1,302,222,867	$	–	$	1,395,826,910
Global Natural Resources
Equity investments:
Africa/Middle East	$	–	$	7,445,978	$	–	$	7,445,978
Australasia		–		25,741,640		–		25,741,640
Europe		2,748,406		47,880,601		–		50,629,007
Latin America		–		5,881,862		–		5,881,862
North America		113,393,576		29,904,827		–		143,298,403
All other equity investments*		4,732,528		47,327,488		–		52,060,016
Short-term Investments		3,200,228		5,850,000		–		9,050,228
Total	$	124,074,738	$	170,032,396	$	–	$	294,107,134
International Equity
Equity investments:
Asia	$	–	$	1,049,768,736	$	–	$	1,049,768,736
Australasia		–		60,586,976		–		60,586,976
Europe		–		3,057,458,057		–		3,057,458,057
All other equity investments*		–		149,427,457		–		149,427,457
Short-term investments		539,378,240		3,697,336		–		543,075,576
Total	$	539,378,240	$	4,320,938,562	$	–	$	4,860,316,802
International Opportunities
Equity investments:
Asia	$	–	$	345,811,251	$	–	$	345,811,251
Australasia		–		25,942,761		–		25,942,761
Europe		–		570,759,586		–		570,759,586
North America		11,037,120		99,710,159		–		110,747,279
All other equity investments*		17,774,866		132,842,054		19,995		150,636,915
Short-term investments		102,606,011		38,799,187		–		141,405,198
Total	$	131,417,997	$	1,213,864,998	$	19,995	$	1,345,302,990
Social Choice International Equity
Equity investments:
Asia	$	–	$	5,264,598	$	–	$	5,264,598
Australasia		–		1,509,162		–		1,509,162
Europe		216,510		11,594,432		–		11,810,942
All other equity investments*		–		2,283,760		–		2,283,760
Total	$	216,510	$	20,651,952	$	–	$	20,868,462

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

103

Notes to financial statements (unaudited)

Note 3—derivative instruments

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

At April 30, 2016, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

Asset derivatives

Liabilities derivatives

Derivative contract

Location

Fair value
amount

Location

Fair value
amount

Enhanced Large-Cap Value Index Fund

Equity contracts

Written options

(319,992

)

Growth & Income Fund

Equity contracts

Portfolio
investments

60,700

Equity contracts

Written options

(2,918,504

)

Large-Cap Growth Fund

Equity contracts

Written options

(50,400

)

Mid-Cap Growth Fund

Equity contracts

Portfolio
investments

668,000

Equity contracts

Written options

(646,000

)

Mid-Cap Value Fund

Equity contracts

Portfolio investments

983,250

Equity contracts

Written options

(218,500

)

Small-Cap Equity Fund

Equity contracts

Futures*

85,361

Equity contracts

Total return swap

507,833

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

For the period ended April 30, 2016, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

Derivative contract	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Enhanced Large-Cap Value Index Fund
Equity contracts	Written options	$	1,548,057		$	(27,950	)
Growth & Income Fund
Equity contracts	Purchased options		(187,864	)		(157,091	)
Equity contracts	Written options		1,883,660			(15,257	)
Large-Cap Growth Fund
Equity contracts	Written options		64,055			(4,921	)
Mid-Cap Growth Fund
Equity contracts	Purchased options		(2,485,311	)		(960,187	)
Equity contracts	Written options		3,605,824			276,143
Mid-Cap Value Fund
Equity contracts	Purchased options		(25,864	)		(400,775	)
Equity contracts	Written options		400,388			1,153,425
Small-Cap Equity Fund
Equity contracts	Futures transactions		1,440,046			(439,642	)
Equity contracts	Swaps transactions		(4,028,096	)		1,017,710
Enhanced International Equity Index Fund
Equity contracts	Futures transactions		(1,327,963	)		2,910

Futures contracts: The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the period ended April 30, 2016, the Small-Cap Equity Fund and the Enhanced International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At April 30, 2016, the Small-Cap Equity Fund held the following open futures contracts:

Futures	Number of contracts	Settlement value	Expiration date	Unrealized gain (loss	)
Russell 2000 Mini Index	126	$14,207,760	June 2016	$85,361

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended April 30, 2016, the Enhanced Large-Cap Value Index Fund, the Growth & Income Fund, the Large-Cap Growth Fund, the Mid-Cap Growth Fund and the Mid-Cap Value Fund had exposure to options, based on underlying nominal values, generally between 0% and 4% of net assets.

104	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Purchased options outstanding as of April 30, 2016 were as follows:

Number of contracts		Value
Growth & Income Fund
Allergan plc, Call, 5/20/16 at $245	150	$	5,850
Baxter International, Inc, Call, 5/20/16 at $55	1,000		1,000
Delta Air Lines, Inc, Call, 6/17/16 at $49	90		1,800
Hologic, Inc, Call, 5/20/16 at $39	450		1,350
Norwegian Cruise Line Holdings Ltd, Call, 5/20/16 at $52.50	300		21,900
Proofpoint, Inc, Put, 5/20/16 at $50	200		6,400
USG Corp, Call, 5/20/16 at $28	200		11,400
Zimmer Biomet Holdings, Inc, Call, 5/20/16 at $120	200		11,000
Total	2,590	$	60,700
Mid-Cap Growth Fund
Proofpoint, Inc, Put, 5/20/16 at $50	2,000	$	64,000
SVB Financial Group, Put, 5/20/16 at $110	800		604,000
Total	2,800	$	668,000
Mid-Cap Value Fund
SanDisk Corp, Call, 7/15/16 at $72.50	2,300	$	983,250

Written options outstanding as of April 30, 2016 were as follows:

Number of contracts		Value
Enhanced Large-Cap Value Index Fund
Akamai Technologies, Inc, Put, 5/6/16 at $52	22	$	(2,101	)
Alaska Air Group, Inc, Put, 5/20/16 at $70	29		(5,365	)
American Electric Power Co, Inc, Put, 5/20/16 at $62.50	15		(1,275	)
American Electric Power Co, Inc, Put, 5/20/16 at $60	14		(420	)
Baxalta, Inc, Put, 5/20/16 at $40	50		(3,500	)
Best Buy Co, Inc, Put, 5/6/16 at $32.50	22		(1,760	)
Broadcom Ltd, Put, 5/6/16 at $145	24		(4,548	)
Broadcom Ltd, Put, 5/6/16 at $139	26		(2,405	)
Celanese Corp, Put, 5/20/16 at $70	12		(1,590	)
Celgene Corp, Put, 5/6/16 at $102	11		(1,843	)
Celgene Corp, Call, 5/6/16 at $113	12		(108	)
Clorox Co, Put, 5/20/16 at $120	10		(1,000	)
Concho Resources, Inc, Call, 5/20/16 at $115	31		(15,810	)
Concho Resources, Inc, Call, 5/20/16 at $120	50		(13,000	)
Concho Resources, Inc, Put, 5/20/16 at $95	10		(200	)
Continental Resources, Inc, Call, 5/20/16 at $45	20		(450	)
Continental Resources, Inc, Call, 5/20/16 at $39	30		(4,050	)
Continental Resources, Inc, Call, 5/20/16 at $41	50		(4,150	)
Continental Resources, Inc, Put, 5/20/16 at $34	50		(5,400	)
Continental Resources, Inc, Call, 5/20/16 at $43	91		(4,095	)
Continental Resources, Inc, Put, 5/20/16 at $27	25		(500	)
Delta Air Lines, Inc, Put, 5/6/16 at $41	29		(1,928	)
Devon Energy Corp, Put, 5/6/16 at $33.50	50		(3,575	)
Dillard’s, Inc, Call, 5/20/16 at $80	100		(5,500	)
EQT Corp, Put, 5/20/16 at $70	25		(5,500	)
EQT Corp, Call, 5/20/16 at $70	50		(10,500	)
Extra Space Storage, Inc, Put, 5/20/16 at $85	80		(16,600	)
FirstEnergy Corp, Put, 5/20/16 at $32	72		(6,912	)
Hanesbrands, Inc, Call, 5/20/16 at $30	49		(1,715	)
Hanesbrands, Inc, Put, 5/20/16 at $27	32		(800	)
Hormel Foods Corp, Put, 5/20/16 at $40	30		(6,120	)
LifePoint Health, Inc, Put, 5/20/16 at $70	10		(3,500	)
Lincoln National Corp, Call, 5/20/16 at $45	50		(3,500	)
LyondellBasell Industries NV, Put, 5/20/16 at $87.50	30		(18,000	)
LyondellBasell Industries NV, Call, 5/20/16 at $92.50	35		(490	)
LyondellBasell Industries NV, Call, 5/20/16 at $95	25		(250	)
LyondellBasell Industries NV, Put, 5/20/16 at $80	25		(4,737	)

Number of contracts		Value
Enhanced Large-Cap Value Index Fund (continued)
Nabors Industries Ltd, Put, 5/20/16 at $10	120	$	(6,480	)
Nabors Industries Ltd, Call, 5/20/16 at $12	240		(1,320	)
Nabors Industries Ltd, Call, 5/20/16 at $11	100		(2,400	)
Nabors Industries Ltd, Put, 5/20/16 at $9	360		(11,160	)
Norwegian Cruise Line Holdings Ltd, Put, 5/20/16 at $47.50	20		(3,600	)
Norwegian Cruise Line Holdings Ltd, Put, 5/20/16 at $50	38		(11,020	)
Norwegian Cruise Line Holdings Ltd, Put, 5/20/16 at $52.50	22		(10,560	)
Owens Corning, Inc, Put, 5/20/16 at $49	20		(5,950	)
Owens Corning, Inc, Put, 5/20/16 at $45	10		(745	)
Patterson-UTI Energy, Inc, Put, 5/20/16 at $18	30		(825	)
Patterson-UTI Energy, Inc, Call, 5/20/16 at $20	80		(4,800	)
Patterson-UTI Energy, Inc, Put, 5/20/16 at $17	19		(333	)
Pilgrim’s Pride Corp, Put, 5/20/16 at $25	58		(1,740	)
Pilgrim’s Pride Corp, Call, 5/20/16 at $27	25		(1,875	)
Pilgrim’s Pride Corp, Put, 5/20/16 at $24	37		(555	)
Public Storage, Put, 5/20/16 at $250	29		(26,100	)
Public Storage, Put, 5/20/16 at $240	10		(3,380	)
QEP Resources, Inc, Put, 5/20/16 at $14	50		(875	)
Reynolds American, Inc, Put, 5/20/16 at $47.50	17		(595	)
Reynolds American, Inc, Put, 5/20/16 at $50	11		(1,386	)
Ryder System, Inc, Put, 5/20/16 at $65	39		(4,680	)
Signature Bank, Put, 5/20/16 at $135	5		(1,125	)
Signature Bank, Put, 5/20/16 at $140	10		(4,150	)
SVB Financial Group, Put, 5/20/16 at $105	20		(7,400	)
Target Corp, Put, 5/6/16 at $81.50	25		(5,425	)
Tesoro Corp, Put, 5/6/16 at $80	17		(3,566	)
Tesoro Corp, Put, 5/6/16 at $83	22		(3,564	)
Universal Health Services, Inc, Put, 5/20/16 at $120	10		(500	)
Valero Energy Corp, Put, 5/6/16 at $59	20		(2,730	)
Western Digital Corp, Put, 5/6/16 at $39.50	230		(27,956	)
Total	2,990	$	(319,992	)
Growth & Income Fund
Allergan plc, Put, 5/20/16 at $205	150	$	(63,000	)
Allergan plc, Put, 5/20/16 at $210	150		(75,000	)
AMC Networks, Inc, Put, 5/20/16 at $60	375		(31,875	)
Apple, Inc, Put, 5/6/16 at $98	300		(151,500	)
Baxter International, Inc, Put, 5/20/16 at $55	1,000		(1,122,000	)
BioMarin Pharmaceutical, Inc, Call, 5/20/16 at $100	150		(4,500	)
BioMarin Pharmaceutical, Inc, Put, 5/20/16 at $75	150		(11,400	)
Caesarstone Sdot-Yam Ltd, Put, 5/20/16 at $37.50	523		(129,442	)
Charter Communications, Inc, Put, 5/20/16 at $195	300		(76,800	)
ConAgra Foods, Inc, Put, 5/20/16 at $43	525		(20,475	)
Cray, Inc, Put, 5/20/16 at $35	200		(24,000	)
DR Horton, Inc, Put, 5/6/16 at $29	600		(10,200	)
Edwards Lifesciences Corp, Put, 5/20/16 at $95	300		(9,000	)
Electronic Arts, Inc, Put, 5/13/16 at $59	450		(50,850	)
Facebook, Inc, Put, 5/6/16 at $116	300		(28,800	)
Hess Corp, Put, 5/6/16 at $60	450		(76,950	)
Illinois Tool Works, Inc, Put, 5/20/16 at $95	150		(3,000	)
Illinois Tool Works, Inc, Put, 5/20/16 at $97.50	150		(4,500	)
IMAX Corp, Put, 5/20/16 at $29	600		(10,500	)
Infinera Corp, Put, 7/15/16 at $14	1,000		(240,000	)
Jazz Pharmaceuticals plc, Put, 5/6/16 at $141	150		(12,750	)
Kimberly-Clark Corp, Put, 5/20/16 at $125	150		(35,250	)
Lazard Ltd, Put, 5/20/16 at $31	300		(4,500	)
Level 3 Communications, Inc, Put, 5/20/16 at $50	450		(24,750	)
Ligand Pharmaceuticals, Inc, Put, 5/20/16 at $120	225		(114,750	)
Mattel, Inc, Put, 5/6/16 at $31	300		(12,000	)
MicroStrategy, Inc, Put, 5/20/16 at $170	150		(43,500	)
MicroStrategy, Inc, Put, 5/20/16 at $160	100		(14,100	)
Mohawk Industries, Inc, Put, 5/20/16 at $180	200		(26,000	)

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

105

Notes to financial statements (unaudited)

Number of contracts			Value
Growth & Income Fund (continued)
Monster Beverage Corp, Call, 5/6/16 at $143	250		$	(64,561	)
Monster Beverage Corp, Put, 5/20/16 at $120	300			(4,500	)
NetFlix, Inc, Put, 5/6/16 at $95	300			(160,200	)
Norwegian Cruise Line Holdings Ltd, Put, 5/20/16 at $42.50	225			(9,563	)
Norwegian Cruise Line Holdings Ltd, Put, 5/20/16 at $45	225			(17,438	)
O’Reilly Automotive, Inc, Put, 5/20/16 at $250	100			(13,000	)
O’Reilly Automotive, Inc, Call, 5/20/16 at $300	100			(1,000	)
PPG Industries, Inc, Put, 5/20/16 at $110	300			(61,800	)
Proofpoint, Inc, Call, 5/20/16 at $60	300			(45,000	)
Proofpoint, Inc, Put, 5/20/16 at $45	300			(3,000	)
Scripps Networks Interactive, Inc, Put, 5/20/16 at $60	450			(45,000	)
Symantec Corp, Put, 5/20/16 at $17	850			(62,050	)
Total	13,548		$	(2,918,504	)
Large-Cap Growth Fund
Illumina, Inc, Put, 5/6/16 at $130	144		$	(50,400	)
Mid-Cap Growth Fund
Proofpoint, Inc, Call, 5/20/16 at $60	2,000		$	(300,000	)
Proofpoint, Inc, Put, 5/20/16 at $45	2,000			(20,000	)
SVB Financial Group, Put, 5/20/16 at $105	800			(296,000	)
SVB Financial Group, Call, 5/20/16 at $120	800			(30,000	)
Total	5,600		$	(646,000	)
Mid-Cap Value Fund
SanDisk Corp, Put, 7/15/16 at $50	2,300		$	(80,500	)
SanDisk Corp, Call, 7/15/16 at $77.50	2,300			(138,000	)
Total	4,600		$	(218,500	)

Transactions in written options and related premiums received during the period ended April 30, 2016 were as follows:

Number of contracts				Premiums
Enhanced Large-Cap Value Index Fund
Outstanding at beginning of period	202			26,923
Written	33,201			2,749,046
Purchased	(150	)		(7,635	)
Exercised	(10,435	)		(294,178	)
Expired	(19,828	)		(2,180,458	)
Outstanding at end of period	2,990			293,698
Growth & Income Fund
Outstanding at beginning of period	8,300			1,569,077
Written	149,490			25,718,478
Purchased	(66,983	)		(16,737,306	)
Exercised	(8,131	)		(188,800	)
Expired	(69,128	)		(7,673,513	)
Outstanding at end of period	13,548			2,687,936

Number of contracts			Premiums
Large-Cap Growth Fund
Outstanding at beginning of period	–			–
Written	1,106			647,510
Purchased	(329	)		(318,887	)
Exercised	(84	)		–
Expired	(549	)		(283,144	)
Outstanding at end of period	144			45,479
Mid-Cap Growth Fund
Outstanding at beginning of period	10,200			852,140
Written	49,314			5,985,598
Purchased	(5,127	)		(300,169	)
Exercised	(16,430	)		(1,425,411	)
Expired	(32,357	)		(4,329,975	)
Outstanding at end of period	5,600			782,183
Mid-Cap Value Fund
Outstanding at beginning of period	–			–
Written	6,800			2,028,062
Purchased	(2,200	)		(656,137	)
Exercised	–			–
Expired	–			–
Outstanding at end of period	4,600			1,371,925

Total return swap contracts: Total return swaps are agreements that provide a Fund with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific rate. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty, respectively. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. The swap is valued daily and any change in the value of the swap is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swap contract is reflected in unrealized appreciation (depreciation) on swap agreements in the Statements of Assets and Liabilities. Total return swaps are exposed to the market risk factor of the specific underlying financial instrument or index. Additional risks to the Fund include the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Fund’s maximum loss from counterparty risk is the fair value of the contract. The Small-Cap Equity Fund is currently invested in a total return swap contract to gain exposure to certain equity markets. During the period ended April 30, 2016, the Small-Cap Equity Fund’s exposure to total return swaps, based on underlying notional amounts, was generally between 0% and 1% of net assets.

At April 30, 2016, the Small-Cap Equity Fund held the following open total return swap contracts:

Counterparty	Notional amount	Termination date	Fixed payments paid by fund per annum	Total return received by fund	Unrealized appreciation/ depreciation
Goldman Sachs	$19,600,711	6/29/2016	0.79%	Difference between GSCBTINY Index less Russell 2000 Index and Russell 2500 Index	$507,833

106	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Note 4—investment adviser and affiliates

Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

compensates TPIS for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of April 30, 2016, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

	Investment management fee range			Investment management fee—effective rate			Service agreement fee			Distribution fee						Maximum expense amounts^‡
Fund							Retirement Class			Premier Class			Retail Class			Institutional Class			Advisor Class		^†	Premier Class			Retirement Class			Retail Class
Enhanced Large-Cap Growth Index*	0.15%–0.35		%		0.32	%		–	%		–	%		–	%		0.40	%		0.55	%		–	%		–	%		–	%
Enhanced Large-Cap Value Index*		0.15–0.35			0.33			–			–			–			0.40			0.55			–			–			–
Growth & Income*		0.33–0.45			0.40			0.25			0.15			0.25			0.52			0.67			0.67			0.77			0.91
Large-Cap Growth*		0.33–0.45			0.42			0.25			0.15			0.25			0.52			0.67			0.67			0.77			0.91
Large-Cap Value*		0.33–0.45	^a		0.40			0.25			0.15			0.25			0.52			0.67			0.67			0.77			0.91
Mid-Cap Growth*		0.32–0.48			0.44			0.25			0.15			0.25			0.55			0.70			0.70			0.80			0.94
Mid-Cap Value*		0.32–0.48	^b		0.40			0.25			0.15			0.25			0.55			0.70			0.70			0.80			0.94
Small-Cap Equity*		0.30–0.46			0.40			0.25			0.15			0.25			0.53			0.68			0.68			0.78			0.92
Social Choice Equity		0.15			0.15			0.25			0.15			0.25			0.22			0.37			0.37			0.47			0.61
Social Choice Low Carbon Equity		0.25			0.25			0.25			0.15			0.25			0.32			0.47			0.47			0.57			0.71
Emerging Markets Equity*		0.73–0.85			0.85			0.25			0.15			0.25			0.95			1.10			1.10			1.20			1.34
Enhanced International Equity Index*		0.20–0.40			0.39			–			–			–			0.50			0.65			–			–			–
Global Natural Resources*		0.53–0.65			0.65			0.25			0.15			0.25			0.75			0.90			0.90			1.00			1.14
International Equity*		0.38–0.50	^c		0.46			0.25			0.15			0.25			0.60			0.75			0.75			0.85			0.99
International Opportunities*		0.48–0.60			0.60			0.25			0.15			0.25			0.70			0.85			0.85			0.95			1.09
Social Choice International Equity		0.30			0.30			0.25			0.15			0.25			0.40			0.55			0.55			0.65			0.79

*	These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase.
^a	Effective May 1, 2015 Advisors agreed to voluntarily waive a portion of the investment management fee for the Large-Cap Value Fund. The investment management fee range after the waiver is 0.30%–0.42% of average daily net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
^b	Effective May 1, 2015 Advisors agreed to voluntarily waive a portion of the investment management fee for the Mid-Cap Value Fund. The investment management fee range after the waiver is 0.27%–0.43% of average daily net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
^c	Effective May 1, 2015 Advisors agreed to voluntarily waive a portion of the investment management fee for the International Equity Fund. The investment management fee range after the waiver is 0.37%–0.49% of average daily net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.
^†	Advisor Class commenced operations on December 4, 2015.
^‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2017. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

107

Notes to financial statements (unaudited)

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended April 30, 2016, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss		)
Enhanced Large-Cap Growth Index	$	54,398,867	$	47,458,787	$	1,344,967
Enhanced Large-Cap Value Index		3,827,543		4,382,956		307,602
Growth & Income		37,861,473		36,860,862		1,267,518
Large-Cap Growth		51,791,171		9,738,561		(736,974	)
Large-Cap Value		78,345,131		5,539,436		(606,577	)
Mid-Cap Growth		776,643		–		–
Mid-Cap Value		8,942,036		2,771,088		(176,848	)
Small-Cap Equity		13,228,716		21,553,128		2,220,570
Social Choice Equity		7,464,991		3,351,888		(104,301	)

Fund	Purchases		Sales		Realized gain (loss		)
Social Choice Low Carbon	$	112,107	$	17,344	$	(2,666	)
Emerging Markets Equity		3,969,149		22		(1	)
Enhanced International Equity Index		4,519,342		12,903,421		(747,529	)
Global Natural Resources		103,032		478,041		(12,965	)
International Equity		105,471,237		–		–

As of April 30, 2016, TIAA, an affiliate, was invested in the Social Choice Low Carbon Equity Fund, the Emerging Markets Equity Fund, the Global Natural Resources Fund, the International Opportunities Fund, and the Social Choice International Equity Fund. In addition, a registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of April 30, 2016:

										TIAA-CREF
				TIAA-CREF			TIAA-CREF			Managed
Underlying Fund	TIAA			Lifecycle Funds			Lifestyle Funds			Allocation Fund			TIAA Access			Total
Enhanced Large-Cap Growth Index		–	%		96	%		1	%		3	%		–	%		100	%
Enhanced Large-Cap Value Index		–			96			1			3			–			100
Growth & Income		–			37			1			1			5			44
Large-Cap Growth		–			57			1			2			2			62
Large-Cap Value		–			35			1			1			7			44
Mid-Cap Growth		–			7			–			–			9			16
Mid-Cap Value		–			2			–			–			9			11
Small-Cap Equity		–			28			1			1			7			37
Social Choice Equity		–			–			–			–			2			2
Social Choice Low Carbon Equity		42			–			–			–			–			42
Emerging Markets Equity		–			84			2			2			–			88
Enhanced International Equity Index		–			95			1			3			–			99
Global Natural Resources		–			84			2			2			–			88
International Equity		–			42			1			1			6			50
International Opportunities		–			94			2			3			–			99
Social Choice International Equity		88			–			–			–			–			88

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

Value at

Purchase

Sales

Realized

Dividend

Withholding

Shares at

Value at

Issue

October 31, 2015

cost

proceeds

gain (loss

)

income

expense

April 30, 2016

Mid-Cap Value Fund

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

$187,935,969

64,947,200

(117,196,657

)

$ –

$–

–

International Equity

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

537,670,723

(105,486,584

)

–

539,378,240

*	Not an affiliate investment as of October 31, 2015.
**	Not an affiliate investment as of April 30, 2016.

Note 5—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities

or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next

108	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. As of April 30, 2016, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At April 30, 2016, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

								Net
			Gross		Gross			unrealized
	Tax		unrealized		unrealized			appreciation
Fund	cost		appreciation		depreciation			(depreciation		)
Enhanced Large-Cap Growth Index	$	1,757,478,517	$	340,077,882	$	(32,073,400	)	$	308,004,482
Enhanced Large-Cap Value Index		1,820,040,003		269,423,281		(35,465,770	)		233,957,511
Growth & Income		4,031,413,311		904,509,796		(42,697,173	)		861,812,623
Large-Cap Growth		2,774,851,622		820,357,079		(40,891,776	)		779,465,303
Large-Cap Value		5,177,809,542		813,993,629		(217,158,145	)		596,835,484
Mid-Cap Growth		1,478,271,393		225,242,980		(75,151,677	)		150,091,303
Mid-Cap Value		4,363,461,229		1,103,737,777		(191,210,788	)		912,526,989
Small-Cap Equity		2,839,991,751		358,974,268		(169,731,420	)		189,242,848
Social Choice Equity		2,148,193,202		677,934,626		(94,811,754	)		583,122,872
Social Choice Low Carbon Equity		47,106,624		2,121,815		(1,457,621	)		664,194
Emerging Markets Equity		957,970,268		89,276,625		(51,021,377	)		38,255,248
Enhanced International Equity Index		1,362,080,212		104,683,238		(70,936,540	)		33,746,698
Global Natural Resources		281,240,114		15,124,567		(2,257,547	)		12,867,020
International Equity		4,723,499,381		354,617,591		(217,800,170	)		136,817,421
International Opportunities		1,285,643,940		167,826,929		(108,167,879	)		59,659,050
Social Choice International Equity		22,456,509		523,116		(2,111,163	)		(1,588,047	)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2016 were as follows:

	Non-U.S.		Non-U.S.
	government		government
Fund	purchases		sales
Enhanced Large-Cap Growth Index	$	1,082,104,819	$	1,018,637,078
Enhanced Large-Cap Value Index		851,657,983		735,851,034
Growth & Income		2,085,247,892		2,062,481,521
Large-Cap Growth		1,496,900,138		1,192,106,364
Large-Cap Value		1,685,284,760		1,651,273,520
Mid-Cap Growth		572,338,207		657,645,616
Mid-Cap Value		1,469,791,445		1,379,778,894
Small-Cap Equity		1,367,277,952		1,260,828,282
Social Choice Equity		143,982,621		164,264,030
Social Choice Low Carbon		22,078,046		7,511,808
Emerging Markets Equity		653,479,807		620,496,938
Enhanced International Equity Index		622,882,843		536,244,176
Global Natural Resources		461,679,506		436,855,313
International Equity		2,576,058,002		2,148,253,913
International Opportunities		221,794,547		95,919,863
Social Choice International Equity		2,740,909		677,288

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2015 was as follows:

	10/31/2015
	Ordinary		Long-term
Fund	income		capital gains		Total
Enhanced Large-Cap Growth Index	$	50,654,724	$	120,284,609	$	170,939,333
Enhanced Large-Cap Value Index		58,560,584		123,039,026		181,599,610
Growth & Income		151,386,265		278,634,493		430,020,758
Large-Cap Growth		83,290,180		234,205,878		317,496,058
Large-Cap Value		182,879,486		148,830,698		331,710,184
Mid-Cap Growth		78,555,035		171,981,414		250,536,449
Mid-Cap Value		82,045,611		215,869,781		297,915,392
Small-Cap Equity		70,192,622		302,949,812		373,142,434
Social Choice Equity		38,110,791		29,646,728		67,757,519
Social Choice Low Carbon Equity		–		–		–
Emerging Markets Equity		10,908,175		–		10,908,175
Enhanced International Equity Index		40,399,089		36,876,364		77,275,453
Global Natural Resources		4,309,438		–		4,309,438
International Equity		50,893,656		–		50,893,656
International Opportunities		10,770,535		–		10,770,535
Social Choice International Equity		–		–		–

The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.

Note 7—emerging markets risks

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

109

Notes to financial statements (unaudited)

concluded

Note 8—line of credit

Each of the Funds, except the Social Choice Low Carbon Equity Fund and the Social Choice International Equity Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended April 30, 2016, there were no borrowings under this credit facility by the Funds.

Note 9—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as

this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

Note 10—subsequent events

Advisors has agreed to implement a voluntary waiver reducing Large-Cap Value Fund and Mid-Cap Value Fund’s management fee breakpoint schedule by an additional 0.02% and 0.03%, respectively, for one year effective May 1, 2016. During this one-year period, the fee range paid to Advisors will be 0.32% to 0.44%, and 0.30% to 0.46%, respectively, of average daily net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.

Subsequent to April 30, 2016, Advisors determined to compensate certain Funds in an amount that approximates the cost of certain research products and services incurred beginning January 1, 2016. The impact to individual Funds for the reporting period is expected to range from 0.01% to 0.05% of net assets.

110	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Renewal of investment management agreement (unaudited)

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

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series. Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to the renewal of the Agreement with respect to each series covered by this Report other than the Social Choice International Equity and Social Choice Low Carbon Equity Funds (the “Funds”).

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

Overview of the renewal process

The Board held meetings on March 10, 2016 and March 24, 2016, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee and other Committees of the Board. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2015 renewal process. During a series of meetings held prior to the March 10 and March 24, 2016 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Broadridge produced, among other

information, performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs (as applicable). Broadridge also compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge independent of any input from TAI or the Board, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies it employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an unbiased view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Broadridge (and not TAI or the Board).

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of each Fund’s management fee rate and other aspects of the proposed renewal of the Agreement. The Trustees met in private sessions at which no TAI representatives were present to discuss the proposed renewal of the Agreement for each Fund. Further, at each regularly scheduled meeting of the Board, the Board receives and reviews, among other matters, information regarding each Fund’s performance and the Board considered that the evaluation of TAI’s services to the Funds is an ongoing one.

In advance of the Board meetings held on March 10 and March 24, 2016, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

111

Renewal of investment management agreement (unaudited)

managed by TAI or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also given the opportunity to ask questions and request additional information.

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

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

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 24, 2016, the Board voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Fund before any reductions for fees or expenses. In this analysis, the Board considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Fund’s investment performance, or TAI had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

112	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2015. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial risk TAI assumes. The Board considered that TAI had earned profits with respect to each of the Funds other than the Global Natural Resources Fund under the Agreement for the one-year period ended December 31, 2015, and that TAI expected this trend to continue. With respect to the Global Natural Resources Fund, TAI had incurred a small loss, but had previously been profitable to TAI. The Board recognized the effect on TAI’s profitability of the March 1, 2015 amendment of the Agreement for the actively-managed Funds with management fee rates that included contractual “breakpoints” (that is, the asset levels at which additional Fund assets would cause management fee rates to be lower) to permanently decrease the levels of assets needed to reach breakpoints, to further reduce fees at each breakpoint and to add a breakpoint at the $8 billion level. The Board also noted TAI’s one-year voluntary reduction of the Fund’s management fee by an additional 0.05% for the Mid-Cap Value Fund, 0.03% for the Large-Cap Value Fund and 0.01% for the International Equity Fund that began on May 1, 2015. The Board also considered the fact that TAI would not be continuing this voluntary waiver for the International Equity Fund after April 30, 2016 and would be implementing reduced voluntary waivers of 0.025% for the Mid-Cap Value Fund and 0.015% for the Large-Cap Value Fund for a one-year period beginning on May 1, 2016. With respect to those Funds for which the Agreement was profitable to TAI in 2015, the Board concluded that those profits were reasonable in light of various relevant factors.

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

Fees charged by other advisers

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

concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered the extent to which the current fee breakpoints on many actively-managed Funds (which were profitable to TAI) would have a material effect on their fees. The Board considered, in connection with the supporting Broadridge reports, TAI’s representation that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ fee schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliate, TIAA-CREF Investment Management, LLC, provide similar investment management services to other investment companies, foreign funds (UCITs) and separately managed accounts that may have similar investment strategies as certain of the Funds. In the future, TAI may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Board considered the management fee rates actually charged to other investment companies, UCITs and the other accounts that are managed using similar investment strategies. They also considered TAI’s disclosed fee rate schedules for separately managed account mandates with investment strategies similar to the Funds’ strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this is due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services by TAI; (4) may have different regulatory burdens; (5) may target different types of investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

The Board also considered additional benefits to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which TAI is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain funds managed by TAI or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. TAI and the Funds may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar)

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Renewal of investment management agreement (unaudited)

arrangements. Additionally, the Funds may be utilized as investment options for other products and businesses of TAI and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2015. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding a Fund’s “aggregate management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account the different management fee rates that apply to higher levels of Fund assets that exceed one or more breakpoints in the Fund’s management fee rate schedule. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2015 under the Agreement.

Enhanced Large-Cap Growth Index

•	The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.325% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).
•	The Fund did not have a group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”). The Fund was in the 1st, 2nd and 2nd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Enhanced Large-Cap Value Index

•	The Fund’s annual contractual management fee rate is 0.35% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.327% of average daily net assets.

•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund did not have a Performance Group. The Fund was in the 2nd quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Growth & Income Fund

•	The Fund’s annual contractual management fee rate is 0.45% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.404% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st quintile of its Performance Group and Performance Universe for each of the one-, three-, five-and ten-year periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Growth Fund

•	The Fund’s annual contractual management fee rate is 0.45% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.416% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 3rd, 2nd and 2nd quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Value Fund

•	The Fund’s annual contractual management fee rate is 0.45% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.399% of average daily net assets.
•	TAI agreed to implement a voluntary waiver reducing the Fund’s management fee breakpoint schedule by an additional 0.015% for one year effective May 1, 2016.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 4th, 4th, 4th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

114	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

continued

Mid-Cap Growth Fund

•	The Fund’s annual contractual management fee rate is 0.48% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.442% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 5th, 4th, 4th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 4th, 4th and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Mid-Cap Value Fund

•	The Fund’s annual contractual management fee rate is 0.48% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.397% of average daily net assets.
•	TAI agreed to implement a voluntary waiver reducing the Fund’s management fee breakpoint schedule by an additional 0.025% for one year effective May 1, 2016.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 4th, 3rd, 2nd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 4th, 3rd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Small-Cap Equity Fund

•	The Fund’s annual contractual management fee rate is 0.46% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.40% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st, 1st, 1st and 2nd quintiles of both its Performance Group and Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Social Choice Equity Fund

•	The Fund’s annual contractual management fee rate is 0.15% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 4th, 4th, 4th and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 3rd, 3rd and

2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Emerging Markets Equity Fund

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

Enhanced International Equity Index Fund

•	The Fund’s annual contractual management fee rate is 0.40% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.389% of average daily net assets.
•	The Fund’s total expenses ranked 1 out of 5 within its Expense Group, while the Fund’s actual management fee and contractual management fee each ranked 2 out of 5 within its Expense Group. The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Universe.
•	The Fund ranked 3 out of 3, 3 out of 3 and 2 out of 3 of the funds within its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 3rd, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

Global Natural Resources Fund

•	The Fund’s annual contractual management fee rate is 0.65% of average daily net assets with breakpoints.
•	The Fund’s total expenses, actual management fee and contractual management fee were in the 1st, 3rd and 2nd quintiles of its Expense Group, respectively. The Fund’s total expenses, actual management fee and contractual management fee were in the 1st, 2nd and 1st quintiles of its Expense Universe, respectively.
•	The Fund was in the 1st and 3rd quintiles of its Performance Group for the one- and three-year periods, respectively. The Fund was in the 2nd and 3rd quintiles of its Performance Universe for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

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115

Renewal of investment management agreement (unaudited)

concluded

International Equity Fund

•	The Fund’s annual contractual management fee rate is 0.50% of average daily net assets with breakpoints. At year-end asset levels, breakpoints reduced the aggregate management fee rate to 0.459% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 3rd, 4th, 4th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 3rd, 4th and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

International Opportunities Fund

•	The Fund’s annual contractual management fee rate is 0.60% of average daily net assets with breakpoints. At year-end

asset levels, breakpoints reduced the aggregate management fee rate to 0.596% of average daily net assets.

•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group. The Fund’s total expenses and contractual management fee were in the 1st quintile of its Expense Universe, while the Fund’s actual management fee was in the 2nd quintile of its Expense Universe.
•	The Fund was in the 2nd and 4th quintiles of both its Performance Group and Performance Universe for the one-year and since-inception periods, respectively.
•	The Fund is too new to have received an Overall Morningstar Rating.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

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

116	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Funds

Additional information about index providers (unaudited)

Russell Indexes

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

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

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

Standard & Poor’s Index

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

MSCI Indexes

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

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

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

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

TIAA-CREF Funds: Equity Funds ■ 2016 Semiannual Report

117

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How to reach us

TIAA website

TIAA.org
24 hours a day, 7 days a week

Automated telephone service

800-842-2252
24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a

condition to any banking service or activity, and may lose value.

TIAA Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products.

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2016 Semiannual Report

April 30, 2016

TIAA-CREF Funds

Equity Index Funds

Contents

Understanding your report from TIAA-CREF Funds	2

Information for investors	2

TIAA-CREF Market Monitor	3

About the funds’ benchmarks	4

Important information about expenses	5

Fund performance
Equity Index Fund	6
Large-Cap Growth Index Fund	8
Large-Cap Value Index Fund	10
S&P 500 Index Fund	12
Small-Cap Blend Index Fund	14
Emerging Markets Equity Index Fund	16
International Equity Index Fund	18

Summary portfolios of investments	20

Financial statements (unaudited)
Statements of assets and liabilities	34
Statements of operations	36
Statements of changes in net assets	38
Financial highlights	42
Notes to financial statements	48

Renewal of investment management agreement	55

Additional information about index providers	60

How to reach us	Inside back cover

Understanding your report from TIAA-CREF Funds

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

This semiannual report contains information about the holdings and investment performance of the TIAA-CREF Funds as of April 30, 2016. The report contains three main sections:

	•	The fund performance section compares each fund’s investment returns with those of its benchmark index.
	•	The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2016.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time, based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

Information for investors

Portfolio holdings

You can obtain a complete list of the TIAA-CREF Funds’ portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

	•	By visiting our website at TIAA.org; or
	•	By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202-551-8090 for more information.)

Proxy voting

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.

Fund management

The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, Inc. The members of these teams are responsible for the day-to-day investment management of the funds.

2	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

TIAA-CREF Market Monitor

Stock markets fluctuate then stabilize

Growth slows, U.S. dollar drops

In the eurozone, unemployment fell to a four-and-a-half-year low, lending rose and consumer prices declined. Japan’s economy remained stagnant and China’s growth slowed.

Amid volatility, U.S. stocks end flat, foreign stocks decline

Source: Returns for U.S. Stocks are based on the on the Russell 3000^® Index; returns for International Stocks are based on the MSCI EAFE Index.

Value and mid-cap U.S. stocks outperform, bonds post positive returns

Fed raises rates, foreign central banks ease

In January, China’s currency dropped sharply, which triggered concerns about the country’s economy, and global stock markets retreated.

In February, the U.S. dollar dropped and the price per barrel of West Texas Intermediate Crude, which had dropped below $27 per barrel, finally rose, bolstering energy and bank stocks.

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

About the funds’ benchmarks

Broad market indexes

The MSCI EAFE Index measures the performance of the leading stocks in 21 developed market countries outside North America—in Europe, Australasia and the Far East.

The MSCI Emerging Markets Index measures the performance of the leading stocks in 23 emerging market countries in Europe, Asia, Africa, Latin America and the Middle East.

Large-cap indexes

The S&P 500^® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.

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

Small-cap index

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

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

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

4	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Important information about expenses

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2015–April 30, 2016).

Actual expenses

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses may have been higher.

Hypothetical example for comparison purposes

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Equity Index Fund

Portfolio composition
		% of net assets
Sector		as of 4/30/2016
Information technology		18.9
Financials		17.8
Health care		13.9
Consumer discretionary		13.4
Industrials		10.8
Consumer staples		8.9
Energy		6.6
Utilities		3.4
Materials		3.4
Telecommunication services		2.4
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2016
More than $50 billion		50.9
More than $15 billion–$50 billion		23.1
More than $2 billion–$15 billion		21.1
$2 billion or less		4.9
Total		100.0

Performance for the six months ended April 30, 2016

The Equity Index Fund returned 0.06% for the Institutional Class, matching the 0.06% return of its benchmark, the Russell 3000^® Index. For the one-year period ended April 30, 2016, the fund returned –0.19% versus –0.18% for the index. The table below shows returns for all share classes of the fund.

During the six months, the fund had a small exposure to derivative instruments, which contributed to its relative performance. The fund also participated in a securities lending program, which made a positive contribution to its performance. Nonetheless, the fund’s return matched that of its benchmark index, partly because of the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

Stocks experience volatility as Fed raises rates

Performance as of April 30, 2016

Average annual

Total return

total return

Equity Index Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

7/1/1999

0.06

–0.19

10.45

6.84

Advisor Class

12/4/2015

0.04

–0.21

10.45

6.83

Premier Class

9/30/2009

–0.05

–0.37

10.29

6.73

Retirement Class

3/31/2006

–0.06

–0.44

10.18

6.57

Retail Class

3/31/2006

–0.05

–0.49

10.12

6.60

Russell 3000 Index

—

0.06

–0.18

10.50

6.85

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

6	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

anticipated. U.S. stocks, particularly those of energy companies, rebounded in March. Although U.S. stocks rose modestly in April, their returns were tempered somewhat by concerns about weak economic growth.

For the six months, the Russell 3000^®Index, a broad measure of the U.S. stock market, returned 0.06%. Mid-cap stocks outperformed large-cap stocks, and both mid- and large-caps beat small-cap equities. Value stocks ended the period higher, beating their growth counterparts. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended April 30, 2016, the Russell 3000 Index generated an average annual return of 6.85%.

Utilities stocks outperform, information technology trails

Six of the ten industry sectors in the Russell 3000 Index generated positive returns. Consumer staples made the largest contribution by sector to the index’s performance, returning 5.6%, followed by industrials (up 4.1%) and utilities (up 13.1%). Utilities was the best-performing sector, but represented a small weighting in the index. The utilities sector, which is particularly sensitive to interest rate movements, benefited as concerns about the future pace of Fed interest rate hikes eased. Telecommunications services was the second-best performer (up 12.8%) followed by materials (up 6.2%).

The biggest detractor to the Russell 3000 Index’s performance was information technology, which dropped 4.7% and represented the largest component of the index at period-end. Health care (down 2.3%) was the second-worst detractor in this index.

Seven of the benchmark’s ten largest stock components rise

Seven of the index’s ten largest stock components at period-end rose and beat the benchmark. Among them, AT&T performed the best over the period. Facebook shares rallied after the company reported stronger-than-expected earnings for the first quarter of 2016. Johnson & Johnson and Exxon Mobil also posted impressive gains.

Two of the three stocks in the index that ended lower were technology giants Apple and Microsoft. Late in the period, Apple reported a drop in revenue, due in part to lower iPhone and MacBook sales.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
	value		value		(11/1/15–
Equity Index Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	1,000.58		$0.25
Advisor Class^†		1,000.00		991.65		0.81
Premier Class		1,000.00		999.50		0.99
Retirement Class		1,000.00		999.36		1.49
Retail Class		1,000.00		999.48		1.69
5% annual hypothetical return
Institutional Class		1,000.00		1,024.61		0.25
Advisor Class^†		1,000.00		1,023.87		1.01
Premier Class		1,000.00		1,023.87		1.01
Retirement Class		1,000.00		1,023.37		1.51
Retail Class		1,000.00		1,023.17		1.71


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.05% for the Institutional Class, 0.20% for the Premier Class, 0.30% for the Retirement Class and 0.34% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.20% for the Advisor Class.

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

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Large-Cap Growth Index Fund

Portfolio composition
		% of net assets
Sector		as of 4/30/2016
Information technology		27.0
Consumer discretionary		21.3
Health care		16.0
Consumer staples		11.6
Industrials		11.1
Financials		5.7
Materials		3.6
Telecommunication services		2.3
Energy		0.6
Utilities		0.1
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by company size
Market capitalization		% of equity investments as of 4/30/2016
More than $50 billion		57.8
More than $15 billion–$50 billion		23.4
More than $2 billion–$15 billion		18.6
$2 billion or less		0.2
Total		100.0

Performance for the six months ended April 30, 2016

The Large-Cap Growth Index Fund returned –1.36%, compared with the –1.37% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended April 30, 2016, the fund returned 1.00% versus 1.07% for the index. The table below shows returns for all share classes of the fund.

For the six-month period, the fund slightly outpaced its benchmark, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

Stocks experience volatility as Fed raises rates

For the six months, the Russell 3000^®Index, a broad measure of the U.S. stock market, returned 0.06%. Mid-cap stocks outperformed large-caps, while small-cap stocks lagged. Value stocks performed better than their growth counterparts. (Returns by investment style and capitalization size are based on the Russell indexes.)

Performance as of April 30, 2016

									Average annual
			Total return						total return
Large-Cap
Growth Index Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		–1.36	%		1.00	%		11.37	%		8.12	%
Advisor Class		12/4/2015		–1.42	*		0.94	*		11.36	*		8.11	*
Retirement Class		10/1/2002		–1.51			0.74			11.08			7.85
Russell 1000 Growth Index		—		–1.37			1.07			11.44			8.20

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

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


8	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Largest index sectors experience declines

Four out of ten industry sectors of the Russell 1000 Growth Index had losses for the six months. Information technology, the benchmark’s most heavily weighted sector for the period, fell 5.5%, on the back of weak demand for shares of fast-growing companies, and was the largest detractor from the benchmark’s returns. With a 4.0% decline, health care was not far behind, as major insurers have experienced losses due to increased government regulations. Consumer discretionary lost 0.8% as spending on nonessential items decreased. Together, these three sectors represented nearly two-thirds of the benchmark’s total market capitalization at period-end.

At –20.1%, energy produced the most substantial loss but was a minimal part of the benchmark’s total market capitalization on April 30, 2016. Utilities, the benchmark’s smallest weighted sector for the period, registered the best performance, gaining 15.1% as dividend-paying stocks remained attractive compared to relatively low yields on conservative fixed-income products.

Three of the five largest stocks trail the index

For the six months, three of the benchmark’s five largest stocks trailed the performance of the index. Apple suffered a double-digit loss, and was the worst performer, on indications that demand for the iPhone may be waning. Alphabet, the parent holding company of Google, and Microsoft also did not keep pace with the index. Conversely, shares of Facebook rose substantially as the company continued to benefit from an increase in mobile advertising revenue, while Amazon.com produced more modest gains.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(11/1/15–
Growth Index Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	986.38		$0.30
Advisor Class^†		1,000.00		974.84		0.84
Retirement Class		1,000.00		984.90		1.53
5% annual hypothetical return
Institutional Class		1,000.00		1,024.57		0.30
Advisor Class^†		1,000.00		1,023.82		1.06
Retirement Class		1,000.00		1,023.32		1.56


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.21% for the Advisor Class.

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

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Large-Cap Value Index Fund

Portfolio composition
		% of net assets
Sector		as of 4/30/2016
Financials		28.5
Energy		13.6
Health care		11.7
Information technology		10.7
Industrials		10.3
Consumer staples		7.1
Utilities		6.7
Consumer discretionary		5.1
Materials		3.0
Telecommunication services		2.8
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2016
More than $50 billion		51.9
More than $15 billion–$50 billion		26.9
More than $2 billion–$15 billion		20.7
$2 billion or less		0.5
Total		100.0

Performance for the six months ended April 30, 2016

The Large-Cap Value Index Fund returned 1.97% for the Institutional Class, compared with the 1.93% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended April 30, 2016, the fund returned –0.39% versus –0.40% for the index. The table below shows returns for all share classes of the fund.

The fund’s returns were in line with those of its benchmark index for the six-month and one-year periods, despite including a deduction for expenses, which the benchmark’s returns did not. The fund had a risk profile similar to that of its benchmark.

Stocks experience volatility as Fed raises rates

For the six months, the Russell 3000^®Index, a broad measure of the U.S. stock market, returned 0.06%. Mid-cap stocks outperformed large-caps, while small-cap stocks lagged. Value stocks performed better than their growth counterparts. (Returns by investment style and capitalization size are based on the Russell indexes.)

Performance as of April 30, 2016

									Average annual
			Total return						total return
Large-Cap
Value Index Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		1.97	%		–0.39	%		10.05	%		5.62	%
Advisor Class		12/4/2015		1.83	*		–0.53	*		10.02	*		5.60	*
Retirement Class		10/1/2002		1.80			–0.64			9.78			5.37
Russell 1000 Value Index		—		1.93			–0.40			10.13			5.67

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

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

10	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

For the ten years ended April 30, 2016, the Russell 1000 Value Index, a broad measure of U.S. large-cap value stocks, posted an average annual gain of 5.67% and trailed both the 8.20% average return of the Russell 1000 Growth Index and the 6.85% average return of the Russell 3000 Index.

Telecommunication services and utilities stocks perform best

Seven out of the benchmark’s ten industry sectors gained ground for the six months. Investors favored defensive, dividend-paying stocks like those in the telecommunication services and utilities sectors, as market volatility increased and the low-interest rate environment appeared likely to continue. For the six months, telecommunication services climbed 14.6%, and utilities increased 13.2%. Energy, the benchmark’s second-largest sector, gained 1.8%, helped by stabilizing oil prices. Together, these three sectors made up nearly one-quarter of the benchmark’s total market capitalization as of April 30, 2016.

Financials, the benchmark’s largest sector, fell 2.4% as investors worried about the implications of continued low interest rates for banks’ profitability. Information technology was down 2.9% as investors sought to lower risk in their portfolios. Consumer discretionary retreated 3.1% on concerns over higher energy prices.

Four of the benchmark’s largest stocks top its overall return

Four of the benchmark’s five largest stocks gained more than the overall index for the period. Johnson & Johnson performed best. Despite currency exchange headwinds, the U.S. pharmaceutical giant reported stronger sales. Second was Exxon Mobil, the index’s largest stock, which benefited from the recovery in oil prices. Third was General Electric. With interest rates low, GE’s high dividend looks especially attractive, and its stock is one many investors turn to during uncertain times. Fourth was Berkshire Hathaway. Several of the company’s largest holdings, namely Kraft Heinz, IBM and Coca-Cola, outperformed the broader market and helped to offset weakness in its bank holdings. JPMorgan Chase & Co. posted a small loss as the outlook for banking stocks dimmed.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Large-Cap	value		value		(11/1/15–
Value Index Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	1,019.72		$0.30
Advisor Class^†		1,000.00		1,014.23		0.86
Retirement Class		1,000.00		1,017.98		1.56
5% annual hypothetical return
Institutional Class		1,000.00		1,024.57		0.30
Advisor Class^†		1,000.00		1,023.82		1.06
Retirement Class		1,000.00		1,023.32		1.56


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.21% for the Advisor Class.

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

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

S&P 500 Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2016
Information technology		19.6
Financials		16.1
Health care		14.5
Consumer discretionary		12.9
Consumer staples		10.2
Industrials		10.1
Energy		7.3
Utilities		3.3
Materials		2.9
Telecommunication services		2.7
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2016
More than $50 billion		61.5
More than $15 billion–$50 billion		27.6
More than $2 billion–$15 billion		10.9
Total		100.0

Performance for the six months ended April 30, 2016

The S&P 500 Index Fund returned 0.43% for the Institutional Class, matching the 0.43% return of its benchmark, the S&P 500^® Index. For the one-year period ended April 30, 2016, the fund returned 1.16% versus 1.21% for the index. The table below shows returns for all share classes of the fund.

For the period, the fund’s return matched that of its benchmark index despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

Stocks experience volatility as Fed raises rates

For the six months, the large-cap stocks in the S&P 500 Index outperformed those in the Russell 3000^® Index, a broad measure of the U.S. stock market, which returned 0.06%. Although the mid-cap stocks in the Russell 3000 outperformed its large-caps, weak-performing small-cap stocks lowered the return of the entire index. Value stocks performed better than growth stocks.

Performance as of April 30, 2016

									Average annual
			Total return						total return
S&P 500 Index Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		10/1/2002		0.43	%		1.16	%		10.94	%		6.85	%
Advisor Class		12/4/2015		0.38	*		1.11	*		10.93	*		6.84	*
Retirement Class		10/1/2002		0.27			0.91			10.66			6.58
S&P 500 Index		—		0.43			1.21			11.02			6.91

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


12	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

For the ten years ended April 30, 2016, the S&P 500 Index produced an average annual gain of 6.91% versus the 6.85% average annual return of the Russell 3000 Index.

S&P 500’s defensive sectors perform best

Three of the S&P 500’s largest stocks outgain the overall index

Three of the benchmark’s five largest stocks performed better than the index itself. Johnson & Johnson was first, reporting stronger sales, despite the negative effects of currency declines overseas. Exxon Mobil followed, benefiting from the recovery in oil prices. General Electric was third, as its high dividend attracted investors during a period of increased uncertainty.

Information technology giants Apple and Microsoft, the index’s largest constituents, respectively, saw their stock prices decline. Apple’s stock slumped amid investor concerns that iPhone sales may have peaked, while Microsoft reported disappointing results in its latest two quarterly releases, including a notable decrease in net income. In addition, the higher costs of Microsoft’s streamlining efforts and ongoing integration of Nokia’s mobile phone business contributed to its stock decline.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
S&P 500	value		value		(11/1/15–
Index Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	1,004.35		$0.25
Advisor Class^†		1,000.00		994.96		0.85
Retirement Class		1,000.00		1,002.68		1.49
5% annual hypothetical return
Institutional Class		1,000.00		1,024.61		0.25
Advisor Class^†		1,000.00		1,023.82		1.06
Retirement Class		1,000.00		1,023.37		1.51


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.05% for the Institutional Class and 0.30% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.21% for the Advisor Class.

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

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Small-Cap Blend Index Fund

Portfolio composition

		% of net assets
Sector		as of 4/30/2016
Financials		26.3
Information technology		17.3
Health care		14.0
Consumer discretionary		13.4
Industrials		12.8
Materials		4.2
Utilities		4.0
Consumer staples		3.5
Energy		2.9
Telecommunication services		0.9
Short-term investments, other assets & liabilities, net		0.7
Total		100.0


Holdings by company size
Market		% of equity investments
capitalization		as of 4/30/2016
More than $15 billion–$50 billion		0.3
More than $2 billion–$15 billion		39.6
$2 billion or less		60.1
Total		100.0

Performance for the six months ended April 30, 2016

The Small-Cap Blend Index Fund returned –1.66% for the Institutional Class, compared with the –1.90% return of its benchmark, the Russell 2000^® Index. For the one-year period ended April 30, 2016, the fund returned –5.59% versus –5.94% for the index. The table below shows returns for all share classes of the fund.

For the six-month period, the fund participated in a securities lending program, which made a positive contribution to its performance, and it outpaced its benchmark, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

Small caps trail their large-cap counterparts and the broad market

Performance as of April 30, 2016

Average annual

Total return

total return

Small-Cap

Blend Index Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

10/1/2002

–1.66

–5.59

7.22

5.54

Advisor Class

12/4/2015

–1.73

–5.66

7.20

5.53

Retirement Class

10/1/2002

–1.83

–5.89

6.95

5.28

Russell 2000 Index

—

–1.90

–5.94

6.98

5.42

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

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

14	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

For the six months, the Russell 3000^®Index, a broad measure of the U.S. stock market, returned 0.06%. Mid-cap stocks outperformed large-caps, while small-cap stocks lagged. Value stocks performed better than their growth counterparts. (Returns by investment style and capitalization size are based on the Russell indexes.)

Declines in most of the larger sectors weigh on the index

Returns of the five largest stocks in the index were mixed

For the six months, the benchmark’s five largest stocks delivered mixed performance. Tyler Technologies suffered a double-digit loss and was the worst performer, as recent acquisitions hampered the company’s financial condition. Steris, a health technology company, also suffered losses during the period. Conversely, shares of West Pharmaceutical Services rose substantially as the company benefited from strong product demand and organic sales growth. Real estate company CubeSmart and TreeHouse Foods, a private label food and beverage supplier, produced more modest gains.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Small-Cap	value		value		(11/1/15–
Blend Index Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class	$	1,000.00	$	983.45		$0.30
Advisor Class^†		1,000.00		962.66		0.83
Retirement Class		1,000.00		981.72		1.53
5% annual hypothetical return
Institutional Class		1,000.00		1,024.57		0.30
Advisor Class^†		1,000.00		1,023.82		1.06
Retirement Class		1,000.00		1,023.32		1.56


*	“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.
^†	For the Advisor Class, “Expenses paid during period” is based on the fund’s actual expense ratio for this class from commencement of operations on December 4, 2015 through April 30, 2016, multiplied by the average fund value over the period, multiplied by 148/366 for the actual expenses and 182/366 for the hypothetical expenses. There were 148 days in the period from commencement of operations on December 4, 2015 through April 30, 2016. The fund’s annualized expense ratio for the 148-day period was 0.21% for the Advisor Class.

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

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Emerging Markets Equity Index Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Financials	28.2
Information technology	19.1
Consumer discretionary	9.3
Consumer staples	8.0
Energy	7.7
Materials	6.8
Telecommunication services	6.7
Industrials	6.5
Utilities	5.1
Health care	2.5
Short-term investments, other assets & liabilities, net	0.1
Total	100.0

Holdings by country
	% of portfolio investments
	as of 4/30/2016
China	21.5
Korea	14.5
Taiwan	10.9
India	7.6
Brazil	6.9
South Africa	6.6
Mexico	4.2
United States	3.9
Russia	3.9
Malaysia	3.2
17 other nations	14.5
Short-term investments	2.3
Total	100.0

Holdings by company size
Market	% of equity investments
capitalization	as of 4/30/2016
More than $50 billion	18.7
More than $15 billion–$50 billion	31.3
More than $2 billion–$15 billion	46.5
$2 billion or less	3.5
Total	100.0

Performance for the six months ended April 30, 2016

The Emerging Markets Equity Index Fund returned –0.05%, compared with the –0.13% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2016, the fund returned –17.81%, versus –17.87% for the index. The table below shows returns for all share classes of the fund.

For the six-month period, the fund participated in a securities lending program, which made a positive contribution to its performance. In addition, the fund outpaced its benchmark, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

International stocks post losses in a volatile period

Early in the six-month period, both domestic and international stock markets dropped as oil prices fell sharply and investors grew concerned about the slowing global economy. On December 16, 2015, the U.S. Federal Reserve announced it was raising the federal funds rate target by 0.25%. The following month, China’s currency dropped—rekindling concerns about the country’s economy—and stock markets throughout the world fell. Geopolitical concerns and a further drop in oil prices also unnerved investors.

For the six months, the fund’s benchmark outperformed the –3.07% return of the MSCI EAFE Index but lagged the 0.06% return of the U.S. stock market, as measured by the Russell 3000^® Index.

Performance as of April 30, 2016

Average annual

Total return

total return

Emerging Markets

since

Equity Index Fund

Inception date

6 months

1 year

5 years

inception

Institutional Class

8/31/2010

–0.05

–17.81

–4.94

–0.63

Advisor Class

12/4/2015

–0.18

–17.92

–4.97

–0.65

Premier Class

8/31/2010

–0.18

–17.95

–5.10

–0.78

Retirement Class

8/31/2010

–0.28

–18.05

–5.19

–0.88

Retail Class

8/31/2010

–0.26

–18.13

–5.32

–1.02

MSCI Emerging Markets Index

—

–0.13

–17.87

–4.61

–0.16

^†

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

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

16	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

China hinders benchmark’s return but Brazil contributes

For the period, China, the largest component in the benchmark, representing nearly one-quarter of the its market capitalization at period-end, was the second-worst performer, returning –9.4%. The second- and third-largest components, Korea and Taiwan, dropped 0.9% and 2.2%, respectively. The fourth-largest component, Brazil, was the second-best performer, returning 30.4%. (The aforementioned returns are in U.S. dollars.) In local-currency terms, the index returned –1.17%, lagging the –0.13% in U.S. dollars due to the dollar’s decline.

The benchmark index’s top stock holdings end mixed

For the six-month period, two of the benchmark’s five largest stock components, as measured by market capitalization at period-end, generated positive returns. In the order of impact, Taiwan Semiconductor Manufacturing rose after reporting higher-than-expected earnings. Tencent Holdings soared after the Asian Internet giant reported strong profits. By contrast, other top holdings in the benchmark declined. China Mobile fell after announcing a decline in new wireless customers, while Chinese Internet company Naspers dropped due to concerns about the country’s slowing economy. Finally, shares of Samsung Electronics fell after it reported a drop in profits.

Expense example

Six months ended April 30, 2016

					Expenses
					paid
	Beginning		Ending		during
	account		account		period*
Emerging Markets	value		value		(11/1/15–
Equity Index Fund	(11/1/15)		(4/30/16)		4/30/16)
Actual return
Institutional Class		$1,000.00		$ 999.50		$1.14
Advisor Class^†		1,000.00		1,031.74		1.56
Premier Class		1,000.00		998.17		1.89
Retirement Class		1,000.00		997.24		2.38
Retail Class		1,000.00		997.38		3.18
5% annual hypothetical return
Institutional Class		1,000.00		1,023.72		1.16
Advisor Class^†		1,000.00		1,022.97		1.91
Premier Class		1,000.00		1,022.97		1.91
Retirement Class		1,000.00		1,022.48		2.41
Retail Class		1,000.00		1,021.68		3.22

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.23% for the Institutional Class, 0.38% for the Premier Class, 0.48% for the Retirement Class and 0.64% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

International Equity Index Fund

Portfolio composition
	% of net assets
Sector	as of 4/30/2016
Financials	24.0
Industrials	12.9
Consumer discretionary	12.4
Consumer staples	12.2
Health care	11.4
Materials	7.0
Information technology	5.0
Telecommunication services	5.0
Energy	4.9
Utilities	3.8
Short-term investments, other assets & liabilities, net	1.4
Total	100.0

Holdings by country
	% of portfolio investments
		as of 4/30/2016
Japan		20.8
United Kingdom		15.5
France		9.2
Switzerland		8.9
Germany		8.5
Australia		6.8
Netherlands		4.5
Hong Kong		3.0
Spain		3.0
Sweden		2.7
19 other nations		11.2
Short-term investments		5.9
Total		100.0

Holdings by company size
Market	% of equity investments
capitalization		as of 4/30/2016
More than $50 billion		36.3
More than $15 billion–$50 billion		36.3
More than $2 billion–$15 billion		27.3
$2 billion or less		0.1
Total		100.0

Performance for the six months ended April 30, 2016

The International Equity Index Fund returned –3.29%, compared with the –3.07% return of its benchmark, the MSCI EAFE Index. For the one-year period ended April 30, 2016, the fund returned –9.67% versus –9.32% for the index. The table below shows returns for all share classes of the fund.

The fund underperformed its benchmark in part due to the negative effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark. For the six-month period, the fund participated in a securities lending program, which made a positive contribution to its performance.

International stocks post losses in a volatile period

Early in the six-month period, both domestic and international stock markets dropped as oil prices fell sharply and investors grew concerned about the slowing global economy. On December 16, 2015, the U.S. Federal Reserve announced it was raising the federal funds rate target by 0.25%. The following month, China’s currency dropped—rekindling concerns about the country’s economy—and stock markets throughout the world fell. Geopolitical concerns and a further drop in oil prices also unnerved investors.

For the six months, the MSCI EAFE trailed the broad U.S. stock market, which returned 0.06%, as measured by the Russell 3000^® Index.

Performance as of April 30, 2016

Average annual

Total return

total return

International Equity

Index Fund

Inception date

6 months

1 year

5 years

10 years

Institutional Class

10/1/2002

–3.29

–9.67

1.64

1.67

Advisor Class

12/4/2015

–3.36

–9.73

1.63

1.66

Premier Class

9/30/2009

–3.33

–9.77

1.51

1.57

Retirement Class

10/1/2002

–3.39

–9.87

1.41

1.43

MSCI EAFE Index

—

–3.07

–9.32

1.69

1.61

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

18	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Most countries in the benchmark end lower

For the period, 13 of the 21 markets that make up the MSCI EAFE ended lower. The largest component, Japan, dropped 2.8%. The second-largest component, the United Kingdom, was the sixth-worst performer, declining 5.1%. Together, these two markets represented about 40% of the benchmark’s market capitalization at period-end. The third- and fifth-largest components, France and Germany, fell 4.4% and 4.0%, respectively. Australia, the sixth-largest component, was the second-best performer, returning 9.1%. (The aforementioned returns are in U.S. dollars.) The index’s return in local-currency terms was –6.74%, lagging the –3.07% return in U.S. dollars due to the dollar’s decline.

MSCI EAFE Index’s top stock holdings end lower

For the period, the MSCI EAFE Index’s five largest stock holdings as of April 30, 2016, ended down. In order of impact, shares of Swiss pharmaceuticals firm Novartis dropped after it reported lower-than-expected earnings. Toyota fell in part due to concerns that auto sales might be approaching a peak in the United States and weakening in China. HSBC Holdings fell after the banking giant reported that profits in Asia declined. Roche Holding dropped after the Swiss pharmaceutical firm reported disappointing earnings. And finally, Nestlé finished lower after missing a sales forecast early in 2016.

Expense example

Six months ended April 30, 2016

			Expenses
			paid
	Beginning	Ending	during
	account	account	period*
International	value	value	(11/1/15–
Equity Index Fund	(11/1/15)	(4/30/16)	4/30/16)
Actual return
Institutional Class	$1,000.00	$ 967.07	$0.29
Advisor Class^†	1,000.00	975.11	0.84
Premier Class	1,000.00	966.69	1.03
Retirement Class	1,000.00	966.12	1.52
5% annual hypothetical return
Institutional Class	1,000.00	1,024.57	0.30
Advisor Class^†	1,000.00	1,023.82	1.06
Premier Class	1,000.00	1,023.82	1.06
Retirement Class	1,000.00	1,023.32	1.56

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.06% for the Institutional Class, 0.21% for the Premier Class and 0.31% for the Retirement Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

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

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Equity Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	112,704,639		1.1	%
BANKS
	4,894,452		Bank of America Corp		71,263,221		0.7
	1,428,346		Citigroup, Inc		66,103,853		0.6
	1,726,581		JPMorgan Chase & Co		109,119,919		1.0
	2,218,243		Wells Fargo & Co		110,867,785		1.1
			Other		249,705,129		2.4
					607,059,907		5.8
CAPITAL GOODS
	293,667		3M Co		49,153,982		0.5
	307,946		Boeing Co		41,511,121		0.4
	4,470,127		General Electric Co		137,456,405		1.3
	356,902		Honeywell International, Inc		40,783,192		0.4
	388,559		United Technologies Corp		40,553,903		0.4
			Other		490,265,232		4.6
					799,723,835		7.6
COMMERCIAL & PROFESSIONAL SERVICES					116,520,139		1.1
CONSUMER DURABLES & APPAREL					175,007,451		1.7
CONSUMER SERVICES
	414,756		McDonald’s Corp		52,462,486		0.5
			Other		180,471,726		1.7
					232,934,212		2.2
DIVERSIFIED FINANCIALS					385,393,583		3.7
	ENERGY
	889,808		Chevron Corp		90,920,582		0.9
	1,975,161	d	Exxon Mobil Corp		174,604,232		1.6
	657,674		Schlumberger Ltd		52,837,529		0.5
			Other		378,702,505		3.6
					697,064,848		6.6
FOOD & STAPLES RETAILING
	522,840		CVS Health Corp		52,545,420		0.5
	752,949		Wal-Mart Stores, Inc		50,349,700		0.5
			Other		107,476,353		1.0
					210,371,473		2.0
FOOD, BEVERAGE & TOBACCO
	921,753		Altria Group, Inc		57,803,130		0.5
	1,843,051		Coca-Cola Co		82,568,685		0.8
	691,423		PepsiCo, Inc		71,188,912		0.7
	727,856		Philip Morris International, Inc		71,417,231		0.7
			Other		254,299,711		2.4
					537,277,669		5.1
HEALTH CARE EQUIPMENT & SERVICES
	681,323		Medtronic plc		53,926,716		0.5
	453,023		UnitedHealth Group, Inc		59,654,069		0.6
			Other		429,870,877		4.1
					543,451,662		5.2

						% of net
Shares			Company	Value		assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,292,898		Procter & Gamble Co	$	103,586,988		1.0	%
			Other		86,453,864		0.8
					190,040,852		1.8
INSURANCE
	878,150	*	Berkshire Hathaway, Inc (Class B)		127,753,262		1.2
			Other		296,738,874		2.9
					424,492,136		4.1
MATERIALS					351,177,555		3.4
MEDIA
	1,174,060		Comcast Corp (Class A)		71,335,886		0.7
	810,369		Walt Disney Co		83,678,703		0.8
			Other		186,579,845		1.8
					341,594,434		3.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	780,268		AbbVie, Inc		47,596,348		0.5
	185,682	*	Allergan plc		40,211,294		0.4
	365,194		Amgen, Inc		57,810,210		0.6
	786,016		Bristol-Myers Squibb Co		56,734,635		0.5
	641,216		Gilead Sciences, Inc		56,561,663		0.5
	1,317,365		Johnson & Johnson		147,650,269		1.4
	1,339,976		Merck & Co, Inc		73,484,284		0.7
	2,913,813		Pfizer, Inc		95,310,823		0.9
			Other		340,944,878		3.2
					916,304,404		8.7
REAL ESTATE					450,705,027		4.3
RETAILING
	179,800	*	Amazon.com, Inc		118,594,282		1.1
	612,785		Home Depot, Inc		82,045,784		0.8
			Other		337,325,471		3.2
					537,965,537		5.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,251,599		Intel Corp		68,178,418		0.6
			Other		197,906,037		1.9
					266,084,455		2.5
SOFTWARE & SERVICES
	137,378	*	Alphabet, Inc (Class A)		97,247,139		0.9
	140,158	*	Alphabet, Inc (Class C)		97,130,896		0.9
	1,022,607	*	Facebook, Inc		120,238,131		1.2
	427,214		International Business Machines Corp		62,347,611		0.6
	467,136		Mastercard, Inc (Class A)		45,307,521		0.4
	3,834,399		Microsoft Corp		191,221,478		1.8
	1,512,590		Oracle Corp		60,291,837		0.6
	919,323		Visa, Inc (Class A)		71,008,508		0.7
			Other		464,774,364		4.4
					1,209,567,485		11.5

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Equity Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
TECHNOLOGY HARDWARE & EQUIPMENT
	2,716,074		Apple, Inc	$	254,604,776		2.4	%
	2,422,322		Cisco Systems, Inc		66,589,632		0.6
			Other		184,270,800		1.8
					505,465,208		4.8
TELECOMMUNICATION SERVICES
	2,859,063		AT&T, Inc		110,988,826		1.1
	1,929,189		Verizon Communications, Inc		98,272,888		0.9
			Other		42,026,749		0.4
					251,288,463		2.4
TRANSPORTATION					220,310,667		2.1
	UTILITIES				353,580,055		3.4
		TOTAL COMMON STOCKS (Cost $7,350,258,557)			10,436,085,696		99.5
RIGHTS / WARRANTS
BANKS					353		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					4,553		0.0
TELECOMMUNICATION SERVICES					49,856		0.0
		TOTAL RIGHTS / WARRANTS (Cost $50,443)			54,762		0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal National Mortgage Association (FNMA)
$	40,000,000		0.140%, 05/02/16		40,000,000		0.4
			Other		28,839,499		0.3
					68,839,499		0.7
TREASURY DEBT					25,249,358		0.2

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	326,509,105	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	326,509,105			3.1	%
					326,509,105			3.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $420,597,853)			420,597,962			4.0
		TOTAL PORTFOLIO (Cost $7,770,906,853)			10,856,738,420			103.5
		OTHER ASSETS & LIABILITIES, NET			(366,590,599	)		(3.5	)
		NET ASSETS		$	10,490,147,821			100.0	%

*	Non-income producing
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.

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

At 4/30/16, the aggregate value of securities on loan is $316,756,454.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Growth Index Fund ■ April 30, 2016

					% of net
Shares		Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	21,146,982		0.8	%
BANKS				2,623,029		0.1
CAPITAL GOODS
	171,852	3M Co		28,764,588		1.0
	175,980	Boeing Co		23,722,104		0.8
	209,854	Honeywell International, Inc		23,980,016		0.9
		Other		119,728,857		4.2
				196,195,565		6.9
COMMERCIAL & PROFESSIONAL SERVICES				28,083,828		1.0
CONSUMER DURABLES & APPAREL
	365,268	Nike, Inc (Class B)		21,528,896		0.8
		Other		42,829,826		1.5
				64,358,722		2.3
CONSUMER SERVICES
	238,066	McDonald’s Corp		30,112,968		1.1
	405,137	Starbucks Corp		22,780,854		0.8
		Other		45,940,583		1.6
				98,834,405		3.5
DIVERSIFIED FINANCIALS				58,363,500		2.1
ENERGY				16,474,982		0.6
FOOD & STAPLES RETAILING
	119,302	Costco Wholesale Corp		17,672,205		0.6
	281,595	CVS Health Corp		28,300,298		1.0
		Other		19,163,258		0.7
				65,135,761		2.3
FOOD, BEVERAGE & TOBACCO
	499,084	Altria Group, Inc		31,297,558		1.1
	1,057,173	Coca-Cola Co		47,361,350		1.7
	161,578	Kraft Heinz Co		12,614,394		0.4
	399,813	PepsiCo, Inc		41,164,747		1.5
	208,615	Philip Morris International, Inc		20,469,304		0.7
		Other		70,870,753		2.5
				223,778,106		7.9
HEALTH CARE EQUIPMENT & SERVICES
	243,503	UnitedHealth Group, Inc		32,064,475		1.1
		Other		132,119,849		4.7
				164,184,324		5.8
HOUSEHOLD & PERSONAL PRODUCTS
	214,131	Colgate-Palmolive Co		15,186,170		0.5
		Other		24,561,067		0.9
				39,747,237		1.4
INSURANCE				20,392,404		0.7
MATERIALS				102,027,500		3.6

						% of net
Shares			Company	Value		assets
MEDIA
	609,397		Comcast Corp (Class A)	$	37,026,962		1.3	%
	76,271		Time Warner Cable, Inc		16,177,842		0.6
	459,507		Walt Disney Co		47,448,693		1.7
			Other		55,136,796		1.9
					155,790,293		5.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	446,140		AbbVie, Inc		27,214,540		1.0
	206,152		Amgen, Inc		32,633,862		1.1
	60,434	*	Biogen Idec, Inc		16,618,746		0.6
	451,911		Bristol-Myers Squibb Co		32,618,936		1.1
	214,925	*	Celgene Corp		22,225,394		0.8
	263,644		Eli Lilly & Co		19,913,031		0.7
	368,802		Gilead Sciences, Inc		32,532,024		1.2
			Other		105,396,247		3.7
					289,152,780		10.2
REAL ESTATE
	84,355		Simon Property Group, Inc		16,969,695		0.6
			Other		62,731,408		2.2
			`		79,701,103		2.8
RETAILING
	102,858	*	Amazon.com, Inc		67,844,108		2.4
	350,378		Home Depot, Inc		46,912,111		1.6
	243,650		Lowe’s Companies, Inc		18,522,273		0.7
	13,950	*	Priceline.com, Inc		18,744,057		0.7
	183,334		TJX Companies, Inc		13,900,384		0.5
			Other		96,710,251		3.4
					262,633,184		9.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	280,034		Texas Instruments, Inc		15,973,139		0.6
			Other		43,616,762		1.5
					59,589,901		2.1
SOFTWARE & SERVICES
	170,812		Accenture plc		19,288,091		0.7
	135,015	*	Adobe Systems, Inc		12,721,113		0.5
	78,004	*	Alphabet, Inc (Class A)		55,217,472		2.0
	79,372	*	Alphabet, Inc (Class C)		55,005,590		1.9
	584,900	*	Facebook, Inc		68,772,542		2.4
	136,880		International Business Machines Corp		19,976,267		0.7
	269,427		Mastercard, Inc (Class A)		26,131,725		0.9
	1,240,807		Microsoft Corp		61,879,045		2.2
	512,626		Oracle Corp		20,433,272		0.7
	327,932	*	PayPal Holdings, Inc		12,848,376		0.5
	176,989	*	Salesforce.com, Inc		13,415,766		0.5
	527,622		Visa, Inc (Class A)		40,753,523		1.4
			Other		126,914,305		4.5
					533,357,087		18.9
TECHNOLOGY HARDWARE & EQUIPMENT
	1,556,190	d	Apple, Inc		145,877,250		5.2
			Other		23,985,564		0.8
					169,862,814		6.0

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Large-Cap Growth Index Fund ■ April 30, 2016

							% of net
Shares			Company	Value			assets
TELECOMMUNICATION SERVICES
	1,021,563		Verizon Communications, Inc	$	52,038,419			1.9	%
			Other		12,480,098			0.4
					64,518,517			2.3
TRANSPORTATION
	235,974		Union Pacific Corp		20,584,012			0.7
	188,458		United Parcel Service, Inc (Class B)		19,801,282			0.7
			Other		49,167,371			1.7
					89,552,665			3.1
UTILITIES					1,389,204			0.1
		TOTAL COMMON STOCKS (Cost $2,179,062,903)			2,806,893,893			99.3

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal National Mortgage Association (FNMA)
$	14,250,000	d	0.140%, 05/02/16		14,250,000			0.5
					14,250,000			0.5

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	59,935,343	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		59,935,343			2.1
					59,935,343			2.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $74,185,288)			74,185,343			2.6
		TOTAL PORTFOLIO (Cost $2,253,248,191)			2,881,079,236			101.9
		OTHER ASSETS & LIABILITIES, NET			(55,251,046	)		(1.9	)
		NET ASSETS		$	2,825,828,190			100.0	%

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

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

At 4/30/16, the aggregate value of securities on loan is $58,081,760.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Large-Cap Value Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	1,556,668		Ford Motor Co	$	21,108,418		0.5	%
	640,311		General Motors Co		20,361,890		0.5
			Other		14,980,822		0.4
					56,451,130		1.4
BANKS
	4,183,284		Bank of America Corp		60,908,615		1.5
	1,209,136		Citigroup, Inc		55,958,814		1.4
	1,481,542		JPMorgan Chase & Co		93,633,454		2.3
	206,712		PNC Financial Services Group, Inc		18,145,179		0.5
	669,421		US Bancorp		28,577,583		0.7
	1,859,908		Wells Fargo & Co		92,958,202		2.3
			Other		84,642,507		2.1
					434,824,354		10.8
CAPITAL GOODS
	192,454		Danaher Corp		18,619,925		0.5
	3,754,200		General Electric Co		115,441,650		2.8
	303,456		United Technologies Corp		31,671,703		0.8
			Other		173,859,617		4.3
					339,592,895		8.4
COMMERCIAL & PROFESSIONAL SERVICES					31,094,751		0.8
CONSUMER DURABLES & APPAREL					34,786,683		0.9
CONSUMER SERVICES					22,435,157		0.6
DIVERSIFIED FINANCIALS
	263,615		American Express Co		17,248,329		0.4
	172,142		Goldman Sachs Group, Inc		28,250,224		0.7
			Other		160,638,625		4.0
					206,137,178		5.1
ENERGY
	750,800		Chevron Corp		76,716,744		1.9
	492,848		ConocoPhillips		23,553,206		0.6
	200,702		EOG Resources, Inc		16,581,999		0.4
	1,668,933	d	Exxon Mobil Corp		147,533,677		3.7
	307,046		Occidental Petroleum Corp		23,535,076		0.6
	216,595		Phillips 66		17,784,615		0.4
	500,693		Schlumberger Ltd		40,225,676		1.0
			Other		200,572,997		5.0
					546,503,990		13.6
FOOD & STAPLES RETAILING
	291,069		Walgreens Boots Alliance, Inc		23,075,950		0.6
	630,915		Wal-Mart Stores, Inc		42,189,286		1.0
			Other		12,440,247		0.3
					77,705,483		1.9
FOOD, BEVERAGE & TOBACCO
	648,093		Mondelez International, Inc		27,842,075		0.7
	309,961		Philip Morris International, Inc		30,413,374		0.7
			Other		50,650,772		1.3
					108,906,221		2.7

						% of net
Shares			Company	Value		assets
HEALTH CARE EQUIPMENT & SERVICES
	595,009		Abbott Laboratories	$	23,145,850		0.6	%
	569,186		Medtronic plc		45,051,072		1.1
			Other		101,436,215		2.5
					169,633,137		4.2
HOUSEHOLD & PERSONAL PRODUCTS
	1,083,129		Procter & Gamble Co		86,780,295		2.1
			Other		13,248,286		0.3
					100,028,581		2.4
INSURANCE
	459,401		American International Group, Inc		25,643,764		0.7
	694,209	*	Berkshire Hathaway, Inc (Class B)		100,993,525		2.5
	185,850		Chubb Ltd		21,904,281		0.5
	374,684		MetLife, Inc		16,898,248		0.4
			Other		147,460,452		3.7
					312,900,270		7.8
MATERIALS
	387,417		Dow Chemical Co		20,382,008		0.5
			Other		100,324,149		2.5
					120,706,157		3.0
MEDIA					48,665,594		1.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	85,714	*	Allergan plc		18,562,224		0.5
	964,193		Johnson & Johnson		108,066,751		2.7
	999,602		Merck & Co, Inc		54,818,174		1.3
	2,458,441		Pfizer, Inc		80,415,605		2.0
			Other		40,021,266		1.0
					301,884,020		7.5
REAL ESTATE					197,008,540		4.9
	RETAILING
	220,040		Target Corp		17,493,180		0.4
			Other		24,662,472		0.6
					42,155,652		1.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,761,864		Intel Corp		53,349,242		1.3
	509,402		Qualcomm, Inc		25,734,989		0.6
			Other		38,082,130		1.0
					117,166,361		2.9
SOFTWARE & SERVICES
	161,518		International Business Machines Corp		23,571,937		0.6
	1,397,031		Microsoft Corp		69,669,936		1.7
	506,739		Oracle Corp		20,198,616		0.5
			Other		60,615,059		1.5
					174,055,548		4.3
TECHNOLOGY HARDWARE & EQUIPMENT
	2,030,945		Cisco Systems, Inc		55,830,678		1.4
	712,956		EMC Corp		18,615,281		0.4
			Other		67,244,127		1.7
					141,690,086		3.5

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Large-Cap Value Index Fund ■ April 30, 2016

							% of net
Shares			Company	Value			assets
TELECOMMUNICATION SERVICES
	2,068,095		AT&T, Inc	$	80,283,448			2.0	%
			Other		30,424,525			0.8
					110,707,973			2.8
TRANSPORTATION					43,053,235			1.1
	UTILITIES
	276,483		Duke Energy Corp		21,781,331			0.5
	177,577		NextEra Energy, Inc		20,879,503			0.5
	362,121		Southern Co		18,142,262			0.5
			Other		210,313,835			5.2
					271,116,931			6.7
		TOTAL COMMON STOCKS (Cost $3,715,818,333)			4,009,209,927			99.5

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	31,400,000	d	0.200%, 05/02/16		31,400,000			0.8
					31,400,000			0.8

	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	47,455,904	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		47,455,904			1.1
					47,455,904			1.1
		TOTAL SHORT-TERM INVESTMENTS (Cost $78,855,730)			78,855,904			1.9
		TOTAL PORTFOLIO (Cost $3,794,674,063)			4,088,065,831			101.4
		OTHER ASSETS & LIABILITIES, NET			(57,097,634	)		(1.4	)
		NET ASSETS		$	4,030,968,197			100.0	%

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

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

At 4/30/16, the aggregate value of securities on loan is $46,696,052.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

S&P 500 Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	28,466,901		0.9	%
	BANKS
	1,740,994		Bank of America Corp		25,348,873		0.8
	496,661		Citigroup, Inc		22,985,471		0.8
	619,841		JPMorgan Chase & Co		39,173,951		1.3
	779,049		Wells Fargo & Co		38,936,869		1.3
			Other		43,369,486		1.4
					169,814,650		5.6
CAPITAL GOODS
	102,236		3M Co		17,112,262		0.6
	104,862		Boeing Co		14,135,398		0.5
	1,573,139		General Electric Co		48,374,024		1.6
	128,775		Honeywell International, Inc		14,715,119		0.5
	131,752		United Technologies Corp		13,750,956		0.4
			Other		114,273,189		3.7
					222,360,948		7.3
COMMERCIAL & PROFESSIONAL SERVICES					22,529,885		0.7
CONSUMER DURABLES & APPAREL					45,158,398		1.5
CONSUMER SERVICES
	152,235		McDonald’s Corp		19,256,205		0.6
	248,362		Starbucks Corp		13,965,395		0.5
			Other		22,612,883		0.7
					55,834,483		1.8
DIVERSIFIED FINANCIALS					104,286,997		3.4
	ENERGY
	317,792		Chevron Corp		32,471,986		1.1
	700,997	d	Exxon Mobil Corp		61,968,135		2.0
	234,466		Schlumberger Ltd		18,836,998		0.6
			Other		108,515,456		3.6
					221,792,575		7.3
FOOD & STAPLES RETAILING
	185,259		CVS Health Corp		18,618,529		0.6
	264,903		Wal-Mart Stores, Inc		17,714,064		0.6
			Other		33,940,787		1.1
					70,273,380		2.3
FOOD, BEVERAGE & TOBACCO
	329,897		Altria Group, Inc		20,687,841		0.7
	658,395		Coca-Cola Co		29,496,096		1.0
	243,530		PepsiCo, Inc		25,073,849		0.8
	260,928		Philip Morris International, Inc		25,602,255		0.8
			Other		76,315,283		2.5
					177,175,324		5.8
HEALTH CARE EQUIPMENT & SERVICES
	237,496		Medtronic plc		18,797,808		0.6
	160,414		UnitedHealth Group, Inc		21,123,316		0.7
			Other		117,400,392		3.9
					157,321,516		5.2

						% of net
Shares			Company	Value		assets
HOUSEHOLD & PERSONAL PRODUCTS
	447,948		Procter & Gamble Co	$	35,889,594		1.2	%
			Other		26,698,780		0.9
					62,588,374		2.1
INSURANCE
	316,582	*	Berkshire Hathaway, Inc (Class B)		46,056,349		1.5
			Other		80,274,210		2.6
					126,330,559		4.1
MATERIALS					89,454,815		2.9
MEDIA
	409,619		Comcast Corp (Class A)		24,888,450		0.8
	253,089		Walt Disney Co		26,133,970		0.9
			Other		45,075,982		1.5
					96,098,402		3.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	271,776		AbbVie, Inc		16,578,336		0.5
	66,491	*	Allergan plc		14,399,291		0.5
	126,925		Amgen, Inc		20,092,228		0.7
	281,887		Bristol-Myers Squibb Co		20,346,604		0.7
	231,044		Gilead Sciences, Inc		20,380,391		0.7
	466,141		Johnson & Johnson		52,245,083		1.7
	467,435		Merck & Co, Inc		25,634,135		0.8
	1,017,712		Pfizer, Inc		33,289,360		1.1
			Other		83,545,436		2.7
					286,510,864		9.4
REAL ESTATE					89,583,183		2.9
RETAILING
	65,053	*	Amazon.com, Inc		42,908,308		1.4
	214,167		Home Depot, Inc		28,674,820		0.9
			Other		97,170,482		3.2
					168,753,610		5.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	793,642		Intel Corp		24,031,480		0.8
			Other		56,551,856		1.8
					80,583,336		2.6
SOFTWARE & SERVICES
	49,339	*	Alphabet, Inc (Class A)		34,926,091		1.2
	50,116	*	Alphabet, Inc (Class C)		34,730,889		1.1
	386,893	*	Facebook, Inc		45,490,879		1.5
	149,067		International Business Machines Corp		21,754,838		0.7
	163,955		Mastercard, Inc (Class A)		15,901,996		0.5
	1,333,102		Microsoft Corp		66,481,797		2.2
	529,024		Oracle Corp		21,086,897		0.7
	323,362		Visa, Inc (Class A)		24,976,481		0.8
			Other		100,827,563		3.3
					366,177,431		12.0
TECHNOLOGY HARDWARE & EQUIPMENT
	935,480		Apple, Inc		87,691,895		2.9
	848,086		Cisco Systems, Inc		23,313,884		0.8
			Other		40,277,860		1.3
					151,283,639		5.0

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

S&P 500 Index Fund ■ April 30, 2016

							% of net
Shares			Company	Value			assets
TELECOMMUNICATION SERVICES
	1,037,121		AT&T, Inc	$	40,261,037			1.3	%
	686,107		Verizon Communications, Inc		34,950,291			1.2
			Other		6,463,199			0.2
					81,674,527			2.7
TRANSPORTATION					64,158,121			2.1
UTILITIES					101,779,847			3.3
		TOTAL COMMON STOCKS (Cost $2,226,903,134)			3,039,991,765			99.6
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					7,700,000			0.2
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	30,775,373	c	TIAA-CREF Short Term Lending Portfolio of the
			State Street Navigator Securities Lending Trust		30,775,373			1.0
					30,775,373			1.0
		TOTAL SHORT-TERM INVESTMENTS (Cost $38,475,331)			38,475,373			1.2
		TOTAL PORTFOLIO (Cost $2,265,378,465)			3,078,467,138			100.8
		OTHER ASSETS & LIABILITIES, NET			(25,836,557	)		(0.8	)
		NET ASSETS		$	3,052,630,581			100.0	%

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

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

At 4/30/16, the aggregate value of securities on loan is $30,017,032.

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Small-Cap Blend Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	18,576,479		1.1	%
BANKS
	167,346		FirstMerit Corp		3,708,387		0.2
	329,484		Investors Bancorp, Inc		3,805,540		0.2
	78,415		PrivateBancorp, Inc		3,262,848		0.2
	70,666		Prosperity Bancshares, Inc		3,729,045		0.2
	221,455		Umpqua Holdings Corp		3,505,633		0.2
			Other		172,789,816		10.4
					190,801,269		11.4
CAPITAL GOODS
	45,319		Curtiss-Wright Corp		3,470,529		0.2
	61,287		Woodward Governor Co		3,322,368		0.2
			Other		121,981,831		7.3
					128,774,728		7.7
COMMERCIAL & PROFESSIONAL SERVICES					59,792,398		3.6
CONSUMER DURABLES & APPAREL
	43,530		Pool Corp		3,804,957		0.2
			Other		41,636,327		2.5
					45,441,284		2.7
CONSUMER SERVICES
	36,363		Vail Resorts, Inc		4,714,099		0.3
			Other		67,901,577		4.0
					72,615,676		4.3
DIVERSIFIED FINANCIALS
	49,335	e	iShares Russell 2000 Index Fund		5,543,281		0.3
	37,667		MarketAxess Holdings, Inc		4,624,001		0.3
			Other		30,480,074		1.8
					40,647,356		2.4
ENERGY					49,063,525		2.9
FOOD & STAPLES RETAILING
	38,655		Casey’s General Stores, Inc		4,329,360		0.3
			Other		9,341,674		0.5
					13,671,034		0.8
FOOD, BEVERAGE & TOBACCO
	61,882	*	Post Holdings, Inc		4,445,603		0.3
	56,842	*	TreeHouse Foods, Inc		5,024,833		0.3
			Other		28,898,982		1.7
					38,369,418		2.3
HEALTH CARE EQUIPMENT & SERVICES
	41,773	*	Abiomed, Inc		4,057,829		0.2
	53,929	*	Amsurg Corp		4,367,171		0.3
	91,976		Healthsouth Corp		3,813,325		0.2
	85,203		STERIS plc		6,021,296		0.4
	44,199	*	WellCare Health Plans, Inc		3,977,468		0.2
	71,831		West Pharmaceutical Services, Inc		5,114,367		0.3
			Other		91,089,377		5.5
					118,440,833		7.1
HOUSEHOLD & PERSONAL PRODUCTS					6,625,171		0.4

						% of net
Shares			Company	Value		assets
INSURANCE
	185,368		Conseco, Inc	$	3,405,210		0.2	%
	107,808		First American Financial Corp		3,883,244		0.2
			Other		31,530,476		1.9
					38,818,930		2.3
MATERIALS
	119,399	*	Berry Plastics Group, Inc		4,300,752		0.3
	165,563		Olin Corp		3,607,618		0.2
			Other		61,841,019		3.7
					69,749,389		4.2
MEDIA					26,327,802		1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	85,319	*	Neurocrine Biosciences, Inc		3,888,840		0.2
	55,403	*	Parexel International Corp		3,385,123		0.2
			Other		108,004,979		6.5
					115,278,942		6.9
REAL ESTATE
	177,589		CubeSmart		5,258,410		0.3
	91,075		DCT Industrial Trust, Inc		3,676,698		0.2
	56,442		Entertainment Properties Trust		3,718,399		0.2
	427,240		Gramercy Property Trust		3,618,723		0.2
	94,223		Highwoods Properties, Inc		4,403,041		0.3
	39,999		Sovran Self Storage, Inc		4,248,694		0.3
	56,395		Sun Communities, Inc		3,827,528		0.2
			Other		141,720,227		8.5
					170,471,720		10.2
RETAILING
	71,672	*	Burlington Stores, Inc		4,083,154		0.2
			Other		57,372,175		3.5
					61,455,329		3.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	108,896	*	Microsemi Corp		3,679,596		0.2
			Other		45,471,561		2.7
					49,151,157		2.9
SOFTWARE & SERVICES
	48,968	*	EPAM Systems, Inc		3,571,236		0.2
	51,916	*	Euronet Worldwide, Inc		4,002,723		0.3
	31,155		Fair Isaac Corp		3,324,550		0.2
	69,941	*	Guidewire Software, Inc		3,984,539		0.2
	73,965	*	Manhattan Associates, Inc		4,477,841		0.3
	65,952		MAXIMUS, Inc		3,488,861		0.2
	33,768	*	Tyler Technologies, Inc		4,943,973		0.3
			Other		125,872,386		7.5
					153,666,109		9.2
TECHNOLOGY HARDWARE & EQUIPMENT
	41,665		FEI Co		3,709,018		0.2
	42,828	*,e	Viasat, Inc		3,284,908		0.2
			Other		79,583,916		4.8
					86,577,842		5.2
TELECOMMUNICATION SERVICES					14,938,842		0.9

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Small-Cap Blend Index Fund ■ April 30, 2016

							% of net
Shares			Company	Value			assets
TRANSPORTATION				$	25,546,614			1.5	%
	UTILITIES
	50,542		Idacorp, Inc		3,675,920			0.2
	79,327		Piedmont Natural Gas Co, Inc		4,743,755			0.3
	89,188		Portland General Electric Co		3,542,547			0.2
	49,170		WGL Holdings, Inc		3,338,151			0.2
			Other		51,201,164			3.1
					66,501,537			4.0
		TOTAL COMMON STOCKS (Cost $1,400,845,988)			1,661,303,384			99.3
RIGHTS / WARRANTS
BANKS					826			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					16,752			0.0
TELECOMMUNICATION SERVICES					139,956			0.0
		TOTAL RIGHTS / WARRANTS (Cost $141,560)			157,534			0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	11,700,000	d	0.200%, 05/02/16		11,700,000			0.7
					11,700,000			0.7

	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	215,906,214	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		215,906,214			12.9
					215,906,214			12.9
		TOTAL SHORT-TERM INVESTMENTS (Cost $227,606,149)			227,606,214			13.6
		TOTAL PORTFOLIO (Cost $1,628,593,697)			1,889,067,132			112.9
		OTHER ASSETS & LIABILITIES, NET			(215,919,912	)		(12.9	)
		NET ASSETS		$	1,673,147,220			100.0	%

*	Non-income producing
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $206,741,004.

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

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Emerging Markets Equity Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
BRAZIL
	1,703,251		AMBEV S.A.	$	9,602,686		0.7	%
	1,006,935		Banco Bradesco S.A. (Preference)		7,582,937		0.6
	1,101,079		Banco Itau Holding Financeira S.A.		10,523,360		0.8
	1,522,646	*	Petroleo Brasileiro S.A. (Preference)		4,529,089		0.3
			Other		59,585,172		4.4
					91,823,244		6.8
CHILE					16,851,080		1.3
CHINA
	178,102	*	Alibaba Group Holding Ltd (ADR)		13,703,168		1.0
	48,845	*	Baidu, Inc (ADR)		9,490,584		0.7
	29,002,000		Bank of China Ltd		11,742,746		0.9
	30,446,350		China Construction Bank		19,337,300		1.4
	2,738,000		China Life Insurance Co Ltd		6,307,137		0.5
	2,212,000		China Mobile Hong Kong Ltd		25,395,450		1.9
	1,446,000	*	China Overseas Land & Investment Ltd		4,589,989		0.3
	6,770,000		CNOOC Ltd		8,363,118		0.6
	26,862,000		Industrial & Commercial Bank of China		14,381,938		1.1
	1,902,500		Ping An Insurance Group Co of China Ltd		8,928,584		0.7
	1,854,400		Tencent Holdings Ltd		37,733,909		2.8
			Other		138,555,182		10.2
					298,529,105		22.1
COLOMBIA					6,686,728		0.5
CZECH REPUBLIC					2,458,985		0.2
EGYPT					2,411,656		0.2
GREECE					5,445,887		0.4
HONG KONG					6,142,112		0.5
HUNGARY					4,065,057		0.3
INDIA
	526,900		Housing Development Finance Corp		8,634,417		0.6
	652,798		Infosys Technologies Ltd		11,875,573		0.9
	494,010		Reliance Industries Ltd		7,303,179		0.5
	172,089		Tata Consultancy Services Ltd		6,570,933		0.5
			Other		70,991,443		5.3
					105,375,545		7.8
INDONESIA
	18,038,000		PT Telekomunikasi Indonesia Persero Tbk		4,839,466		0.4
			Other		29,011,258		2.1
					33,850,724		2.5
KOREA, REPUBLIC OF
	210,375		Hynix Semiconductor, Inc		5,160,037		0.4
	24,377		Hyundai Mobis		5,555,558		0.4
	55,038		Hyundai Motor Co		6,905,704		0.5
	91,381		Korea Electric Power Corp		4,963,702		0.4
	10,037		Naver Corp		5,948,399		0.4
	25,095		POSCO		5,257,781		0.4
	39,593		Samsung Electronics Co Ltd		43,149,665		3.2
	7,393		Samsung Electronics Co Ltd (Preference)		6,751,943		0.5
	153,208		Shinhan Financial Group Co Ltd		5,617,516		0.4
			Other		110,955,145		8.2
					200,265,450		14.8

						% of net
Shares			Company	Value		assets
MALAYSIA
	950,640		Public Bank BHD	$	4,547,327		0.4	%
	1,247,650		Tenaga Nasional BHD		4,583,204		0.3
			Other		35,287,596		2.6
					44,418,127		3.3
MEXICO
	11,348,670	*	America Movil S.A. de C.V. (Series L)		8,021,077		0.6
	665,037		Fomento Economico Mexicano S.A. de C.V.		6,187,811		0.5
	903,487		Grupo Financiero Banorte S.A. de C.V.		5,129,054		0.4
	882,726		Grupo Televisa S.A.		5,144,081		0.4
	1,868,289		Wal-Mart de Mexico SAB de C.V.		4,620,594		0.3
			Other		29,122,150		2.1
					58,224,767		4.3
NETHERLANDS
	1,040,742		Steinhoff International Holdings NV		6,510,394		0.5
					6,510,394		0.5
PERU					5,890,672		0.4
PHILIPPINES					18,038,211		1.3
POLAND					16,653,350		1.2
QATAR					12,306,554		0.9
ROMANIA					925,207		0.1
RUSSIA
	2,259,208		Gazprom OAO (ADR)		11,738,797		0.9
	198,118		LUKOIL PJSC (ADR)		8,441,334		0.6
	929,020		Sberbank of Russian Federation (ADR)		7,469,440		0.6
			Other		25,820,561		1.9
					53,470,132		4.0
SOUTH AFRICA
	602,683		MTN Group Ltd		6,309,186		0.5
	143,686		Naspers Ltd (N Shares)		19,772,817		1.4
	207,458		Sasol Ltd		6,785,982		0.5
			Other		58,196,571		4.3
					91,064,556		6.7
TAIWAN
	1,395,600		Chunghwa Telecom Co Ltd		4,711,874		0.3
	5,175,310	*	Hon Hai Precision Industry Co, Ltd		12,327,916		0.9
	8,832,000		Taiwan Semiconductor Manufacturing Co Ltd		40,577,458		3.0
			Other		93,439,069		6.9
					151,056,317		11.1
THAILAND					28,461,250		2.1
TURKEY					20,646,458		1.5
UNITED ARAB EMIRATES					12,108,249		0.9

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Emerging Markets Equity Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
UNITED STATES
	652,800		iShares Core MSCI Emerging Markets ETF	$	27,365,376		2.0	%
	777,000		iShares MSCI Emerging Markets		26,721,030		2.0
					54,086,406		4.0
		TOTAL COMMON STOCKS (Cost $1,464,565,898)			1,347,766,223		99.7
PREFERRED STOCKS
BRAZIL					3,285,306		0.2
PHILIPPINES					656		0.0
		TOTAL PREFERRED STOCKS (Cost $4,157,109)			3,285,962		0.2
RIGHTS / WARRANTS
THAILAND					101,046		0.0
		TOTAL RIGHTS / WARRANTS (Cost $172,732)			101,046		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT

			Federal National Mortgage Association (FNMA)
$	6,450,000		0.140%, 05/02/16		6,450,000		0.5
					6,450,000		0.5

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	24,820,196	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	24,820,196			1.8	%
					24,820,196			1.8
		TOTAL SHORT-TERM INVESTMENTS (Cost $31,270,171)			31,270,196			2.3
		TOTAL PORTFOLIO (Cost $1,500,165,910)			1,382,423,427			102.2
		OTHER ASSETS & LIABILITIES, NET			(30,032,579	)		(2.2	)
		NET ASSETS		$	1,352,390,848			100.0	%

Abbreviation(s):

ADR – American Depositary Receipt

ETF – Exchange Traded Fund

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

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

At 4/30/16, the aggregate value of securities on loan is $23,059,977.

At 4/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $3,902,848 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Summary of market values by sector (unaudited)

Emerging Markets Equity Index Fund ■ April 30, 2016

				% of net
Sector	Value			assets

FINANCIALS	$	381,507,238			28.2	%
INFORMATION TECHNOLOGY		257,565,412			19.1
CONSUMER DISCRETIONARY		125,986,290			9.3
CONSUMER STAPLES		108,560,826			8.0
ENERGY		104,407,952			7.7
MATERIALS		92,173,610			6.8
TELECOMMUNICATION SERVICES		90,051,073			6.7
INDUSTRIALS		87,655,957			6.5
UTILITIES		69,004,732			5.1
HEALTH CARE		34,240,141			2.5
SHORT-TERM INVESTMENTS		31,270,196			2.3
OTHER ASSETS & LIABILITIES, NET		(30,032,579	)		(2.2	)
NET ASSETS	$	1,352,390,848			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

International Equity Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
COMMON STOCKS
AUSTRALIA
	1,629,114		Australia & New Zealand Banking Group Ltd	$	29,861,534		0.4	%
	1,769,874		BHP Billiton Ltd		27,640,014		0.4
	955,336		Commonwealth Bank of Australia		53,333,554		0.8
	1,472,003	*	National Australia Bank Ltd		30,199,652		0.5
	1,861,129		Westpac Banking Corp		43,687,281		0.6
			Other		302,629,318		4.4
					487,351,353		7.1
AUSTRIA					12,655,339		0.2
BELGIUM
	446,792		Anheuser-Busch InBev NV		55,426,278		0.8
			Other		40,988,500		0.6
					96,414,778		1.4
CHILE					1,772,236		0.0
CHINA					1,054,898		0.0
DENMARK
	1,088,293		Novo Nordisk AS		60,764,133		0.9
			Other		73,827,272		1.1
					134,591,405		2.0
FINLAND					65,011,144		1.0
	FRANCE
	1,101,375		AXA S.A.		27,809,279		0.4
	580,678		BNP Paribas		30,752,090		0.4
	649,223	e	Sanofi-Aventis		53,513,227		0.8
	1,233,542		Total S.A.		62,344,196		0.9
			Other		484,679,003		7.1
					659,097,795		9.6
GERMANY
	254,115		Allianz AG.		43,232,041		0.6
	508,963		BASF SE		42,106,916		0.6
	459,685		Bayer AG.		53,124,356		0.8
	531,487		Daimler AG. (Registered)		37,032,228		0.5
	1,791,457		Deutsche Telekom AG.		31,446,212		0.4
	550,587		SAP AG.		43,199,613		0.6
	439,093		Siemens AG.		45,950,305		0.7
			Other		314,874,381		4.6
					610,966,052		8.8
HONG KONG
	6,704,400		AIA Group Ltd		40,123,156		0.6
			Other		178,650,236		2.6
					218,773,392		3.2
IRELAND					68,286,656		1.0
ISRAEL
	503,654		Teva Pharmaceutical Industries Ltd		27,667,233		0.4
			Other		16,977,521		0.3
					44,644,754		0.7
ITALY					135,867,257		2.0

						% of net
Shares			Company	Value		assets
JAPAN
	970,500		KDDI Corp	$	27,955,964		0.4	%
	7,161,080		Mitsubishi UFJ Financial Group, Inc		33,047,039		0.5
	538,500		Softbank Corp		28,955,412		0.4
	1,497,400		Toyota Motor Corp		75,902,763		1.1
			Other		1,332,747,927		19.4
					1,498,609,105		21.8
JERSEY, C.I.					5,249,926		0.1
LUXEMBOURG					18,769,036		0.3
MACAU					1,974,381		0.0
MEXICO					1,977,701		0.0
NETHERLANDS
	2,204,687		Royal Dutch Shell plc (A Shares)		57,747,806		0.9
	2,193,271		Royal Dutch Shell plc (B Shares)		57,584,048		0.8
	901,543	e	Unilever NV		39,604,657		0.6
			Other		165,857,097		2.4
					320,793,608		4.7
NEW ZEALAND					11,990,153		0.2
NORWAY					40,890,453		0.6
PORTUGAL					11,249,014		0.2
SINGAPORE					87,810,500		1.3
SOUTH AFRICA					9,183,363		0.1
SPAIN
	8,016,516		Banco Santander S.A.		40,710,427		0.6
			Other		175,650,779		2.5
					216,361,206		3.1
SWEDEN					193,225,453		2.8
SWITZERLAND
	1,769,226		Nestle S.A.		132,054,409		1.9
	1,269,273		Novartis AG.		96,594,478		1.4
	391,843		Roche Holding AG.		99,139,874		1.5
	2,032,058		UBS AG.		35,226,637		0.5
			Other		279,768,483		4.1
					642,783,881		9.4
UNITED KINGDOM
	697,336		AstraZeneca plc		40,007,979		0.6
	10,175,142		BP plc		56,058,730		0.8
	1,041,864		British American Tobacco plc		63,524,631		0.9
	4,634,174		BT Group plc		30,039,035		0.4
	1,410,423		Diageo plc		38,132,332		0.6
	2,721,339		GlaxoSmithKline plc		58,161,730		0.8
	10,942,940		HSBC Holdings plc		72,517,492		1.0
	538,962		Imperial Tobacco Group plc		29,305,095		0.4
	31,236,902		Lloyds TSB Group plc		30,659,350		0.5
	2,104,298		National Grid plc		30,025,406		0.4
	1,399,857		Prudential plc		27,632,518		0.4
	357,629		Reckitt Benckiser Group plc		34,839,840		0.5

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

International Equity Index Fund ■ April 30, 2016

						% of net
Shares			Company	Value		assets
UNITED KINGDOM–continued
	545,636		SABMiller plc	$	33,418,036		0.5	%
	720,627		Unilever plc		32,198,959		0.5
	14,706,382		Vodafone Group plc		47,381,577		0.7
			Other		493,955,639		7.2
					1,117,858,349		16.2
UNITED STATES
	801,941	d,e	iShares MSCI EAFE Index Fund		46,857,413		0.7
			Other		10,197,887		0.1
					57,055,300		0.8
		TOTAL COMMON STOCKS (Cost $6,565,673,461)			6,772,268,488		98.6

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
			Federal Home Loan Bank (FHLB)
$	30,000,000	d	0.200%, 05/02/16		30,000,000		0.4
			Other		34,940,971		0.5
					64,940,971		0.9

							% of net
Shares			Company	Value			assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	362,192,762	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	362,192,762			5.3	%
					362,192,762			5.3
		TOTAL SHORT-TERM INVESTMENTS (Cost $427,133,700)			427,133,733			6.2
		TOTAL PORTFOLIO (Cost $6,992,807,161)			7,199,402,221			104.8
		OTHER ASSETS & LIABILITIES, NET			(334,141,108	)		(4.8	)
		NET ASSETS		$	6,865,261,113			100.0	%

*	Non-income producing
a	Affiliated holding
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $339,464,294.

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

At 4/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $19,852,603 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Summary of market values by sector (unaudited)

International Equity Index Fund ■ April 30, 2016

				% of net
Sector	Value			assets

FINANCIALS	$	1,657,770,089			24.0	%
INDUSTRIALS		884,734,432			12.9
CONSUMER DISCRETIONARY		849,304,721			12.4
CONSUMER STAPLES		836,731,423			12.2
HEALTH CARE		782,980,695			11.4
MATERIALS		477,088,409			7.0
INFORMATION TECHNOLOGY		344,239,688			5.0
TELECOMMUNICATION SERVICES		341,125,010			5.0
ENERGY		337,022,641			4.9
UTILITIES		261,271,380			3.8
SHORT-TERM INVESTMENTS		427,133,733			6.2
OTHER ASSETS & LIABILITIES, NET		(334,141,108	)		(4.8	)
NET ASSETS	$	6,865,261,113			100.0	%

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Funds ■ April 30, 2016

	Equity Index			Large-Cap Growth			Large-Cap Value
	Fund			Index Fund			Index Fund

ASSETS
Portfolio investments, at value*^†	$	10,530,229,315		$	2,881,079,236		$	4,088,065,831
Affiliated investments, at value^‡		326,509,105			—			—
Cash		—			25,206			58,522
Cash – foreign^{^}		—			—			—
Receivable from securities transactions		5,412,154			2,080,855			928,751
Receivable from Fund shares sold		9,731,517			2,178,947			7,100,308
Dividends and interest receivable		10,434,342			2,430,084			4,545,213
Other		298,780			84,713			98,330
Total assets		10,882,615,213			2,887,879,041			4,100,796,955

LIABILITIES
Management fees payable		46,079			12,459			17,697
Service agreement fees payable		10,862			9,983			14,120
Distribution fees payable		159,291			—			—
Due to affiliates		56,548			19,947			23,513
Overdraft payable		16,627			—			—
Payable for collateral for securities loaned		326,509,105			59,935,343			47,455,904
Payable for securities transactions		63,802,368			1,078,356			21,410,179
Payable for Fund shares redeemed		1,143,313			788,642			654,472
Payable for variation margin on futures contracts		241,590			87,824			69,355
Payable for trustee compensation		324,625			92,792			106,528
Accrued expenses and other payables		156,984			25,505			76,990
Total liabilities		392,467,392			62,050,851			69,828,758
NET ASSETS	$	10,490,147,821		$	2,825,828,190		$	4,030,968,197

NET ASSETS CONSIST OF:
Paid-in-capital	$	7,374,916,539		$	2,212,595,352		$	3,783,589,688
Undistributed net investment income (loss)		62,662,935			11,623,362			28,439,884
Accumulated net realized gain (loss) on total investments		(32,734,390	)		(26,116,718	)		(74,372,882	)
Net unrealized appreciation (depreciation) on total investments		3,085,302,737			627,726,194			293,311,507
NET ASSETS	$	10,490,147,821		$	2,825,828,190		$	4,030,968,197

INSTITUTIONAL CLASS:
Net assets	$	9,295,438,663		$	2,463,836,331		$	3,516,312,070
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		607,006,484			115,452,055			213,819,466
Net asset value per share		$15.31			$21.34			$16.45

ADVISOR CLASS:
Net assets	$	102,193		$	99,999		$	104,477
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,675			4,688			6,357
Net asset value per share		$15.31			$21.33			$16.43

PREMIER CLASS:
Net assets	$	60,002,545		$	—		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,926,203			—			—
Net asset value per share		$15.28			$—			$—

RETIREMENT CLASS:
Net assets	$	394,223,470		$	361,891,860		$	514,551,650
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		25,378,456			16,838,279			30,800,248
Net asset value per share		$15.53			$21.49			$16.71

RETAIL CLASS:
Net assets	$	740,380,950		$	—		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		47,521,014			—			—
Net asset value per share		$15.58			$—			$—
* Includes securities loaned of	$	316,756,454		$	58,081,760		$	46,696,052
^† Portfolio investments, cost	$	7,444,397,748		$	2,253,248,191		$	3,794,674,063
‡ Affiliated investments, cost	$	326,509,105		$	—		$	—
^ Foreign cash, cost	$	—		$	—		$	—

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

S&P 500 Index Fund			Small-Cap Blend Index Fund			Emerging Markets Equity Index Fund			International Equity Index Fund

$	3,078,467,138		$	1,673,160,918		$	1,382,423,427		$	6,837,209,459
	—			215,906,214			—			362,192,762
	55,145			—			22,558			68,580
	—			—			377,501			3,191,317
	—			1,525,669			969,758			2,866,904
	2,603,943			1,484,263			1,177,488			6,176,695
	3,167,352			1,844,229			1,007,436			37,023,548
	111,522			76,903			25,807			223,863
	3,084,405,100			1,893,998,196			1,386,003,975			7,248,953,128

	13,457			7,410			20,738			30,229
	20,105			10,829			2,895			17,604
	—			—			3,297			30,054
	22,094			17,879			21,392			39,879
	—			175,989			—			—
	30,775,373			215,906,214			24,820,196			362,192,762
	—			4,313,004			5,982,232			14,814,521
	724,235			173,619			2,009,765			5,972,927
	49,812			123,197			—			251,123
	120,019			81,979			28,724			241,210
	49,424			40,856			723,888			101,706
	31,774,519			220,850,976			33,613,127			383,692,015
$	3,052,630,581		$	1,673,147,220		$	1,352,390,848		$	6,865,261,113

$	2,270,996,552		$	1,423,177,406		$	1,530,723,693		$	6,705,525,319
	19,196,558			6,153,057			4,044,714			64,165,491
	(50,556,433	)		(16,730,807	)		(64,071,018	)		(111,492,244	)
	812,993,904			260,547,564			(118,306,541	)		207,062,547
$	3,052,630,581		$	1,673,147,220		$	1,352,390,848		$	6,865,261,113

$	2,323,069,173		$	1,282,107,914		$	1,224,513,130		$	5,990,426,725
	100,435,542			76,203,348			140,662,013			357,542,561
	$23.13			$16.82			$8.71			$16.75

$	102,275		$	100,831		$	108,082		$	101,071
	4,424			5,995			12,421			6,036
	$23.12			$16.82			$8.70			$16.74

$	—		$	—		$	13,576,137		$	235,963,246
	—			—			1,562,753			14,112,383
	$—			$—			$8.69			$16.72

$	729,459,133		$	390,938,475		$	105,890,062		$	638,770,071
	31,713,048			23,141,544			12,201,143			37,339,510
	$23.00			$16.89			$8.68			$17.11

$	—		$	—		$	8,303,437		$	—
	—			—			956,052			—
	$—			$—			$8.69			$—
$	30,017,032		$	206,741,004		$	23,059,977		$	339,464,294
$	2,265,378,465		$	1,412,687,483		$	1,500,165,910		$	6,630,614,399
$	—		$	215,906,214		$	—		$	362,192,762
$	—		$	—		$	376,117		$	3,159,633

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Funds ■ For the period ended April 30, 2016

	Equity Index Fund			Large-Cap Growth Index Fund			Large-Cap Value Index Fund			S&P 500 Index Fund			Small-Cap Blend Index Fund

INVESTMENT INCOME
Dividends*	$	105,793,460		$	23,030,312		$	48,081,096		$	32,487,371		$	12,810,254
Income from securities lending		2,588,302			429,607			413,996			128,014			2,807,927
Interest		19,976			3,516			11,137			7,127			2,495
Total income		108,401,738			23,463,435			48,506,229			32,622,512			15,620,676

EXPENSES
Management fees		1,955,578			546,453			696,096			572,392			323,150
Shareholder servicing – Institutional Class		8,383			3,589			2,983			1,533			1,992
Shareholder servicing – Advisor Class^†		81			81			81			82			82
Shareholder servicing – Premier Class		117			—			—			—			—
Shareholder servicing – Retirement Class		470,161			434,195			564,155			865,207			492,407
Shareholder servicing – Retail Class		149,457			—			—			—			—
Distribution fees – Premier Class		41,298			—			—			—			—
Distribution fees – Retail Class		890,740			—			—			—			—
Administrative service fees		145,762			54,733			58,722			50,510			36,151
Custody and accounting fees		49,956			25,493			31,601			19,839			13,812
Trustee fees and expenses		41,168			13,447			13,439			14,080			7,522
Other expenses		276,185			109,713			175,438			116,863			89,547
Total expenses		4,028,886			1,187,704			1,542,515			1,640,506			964,663
Less: Expenses reimbursed by the investment adviser		(26	)		(26	)		(26	)		(26	)		(28	)
Net expenses		4,028,860			1,187,678			1,542,489			1,640,480			964,635
Net investment income (loss)		104,372,878			22,275,757			46,963,740			30,982,032			14,656,041

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		26,085,497			(10,192,969	)		2,179,382			(5,320,937	)		(1,464,381	)
Futures transactions		(216,908	)		(414,926	)		1,450,957			813,205			653,648
Foreign currency transactions		(45	)		—			—			—			(91	)
Net realized gain (loss) on total investments		25,868,544			(10,607,895	)		3,630,339			(4,507,732	)		(810,824	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		(101,926,054	)		(50,438,456	)		46,029,349			(14,306,396	)		(45,548,289	)
Futures transactions		(565,112	)		(119,417	)		(111,520	)		(99,384	)		63,473
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—			—			—			—			—
Net change in unrealized appreciation (depreciation)on total investments and from affiliated investments		(102,491,166	)		(50,557,873	)		45,917,829			(14,405,780	)		(45,484,816	)
Net realized and unrealized gain (loss) on total investments		(76,622,622	)		(61,165,768	)		49,548,168			(18,913,512	)		(46,295,640	)
Net increase (decrease) in net assets from operations	$	27,750,256		$	(38,890,011	)	$	96,511,908		$	12,068,520		$	(31,639,599	)
* Net of foreign withholding taxes of	$	23,804		$	801		$	15,050		$	81		$	4,050
** Includes net change in unrealized foreign capital gains taxes of	$	—		$	—		$	—		$	—		$	—

^†	Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Emerging Markets Equity Index Fund			International Equity Index Fund

$	10,649,153		$	101,837,072
	481,233			2,151,341
	1,906			387,065
	11,132,292			104,375,478

	832,636			1,266,077
	3,118			10,779
	81			81
	35			191
	109,699			776,203
	6,289			—
	8,192			177,269
	9,429			—
	37,895			100,628
	346,342			232,833
	4,637			26,923
	152,984			281,225
	1,511,337			2,872,209
	(285	)		(27	)
	1,511,052			2,872,182
	9,621,240			101,503,296

	(26,873,363	)		(57,970,525	)
	—			(5,448,329	)
	(241,423	)		(980,973	)
	(27,114,786	)		(64,399,827	)

	28,613,553			(228,017,112	)
	—			(629,722	)
	28,384			1,594,208


	28,641,937			(227,052,626	)

	1,527,151			(291,452,453	)
$	11,148,391		$	(189,949,157	)
$	1,137,472		$	9,262,450

$	275,757		$	—

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Statements of changes in net assets

TIAA-CREF Funds ■ For the period or year ended

		Equity Index Fund						Large-Cap Growth Index Fund
		April 30, 2016			October 31, 2015			April 30, 2016			October 31, 2015
			(unaudited	)					(unaudited	)
OPERATIONS
Net investment income (loss)		$	104,372,878		$	188,275,966		$	22,275,757		$	35,986,893
Net realized gain (loss) on total investments			25,868,544			122,246,876			(10,607,895	)		28,346,537
Net change in unrealized appreciation (depreciation) on total investments			(102,491,166	)		100,808,356			(50,557,873	)		145,641,295
Net increase (decrease) in net assets from operations			27,750,256			411,331,198			(38,890,011	)		209,974,725

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(173,624,070	)		(145,554,438	)		(35,569,469	)		(24,516,851	)
	Advisor Class^†		(194	)		—			(140	)		—
	Premier Class		(937,442	)		(1,251,294	)		—			—
	Retirement Class		(6,746,243	)		(4,999,376	)		(4,244,624	)		(3,489,780	)
	Retail Class		(12,319,176	)		(9,906,376	)		—			—
From realized gains:	Institutional Class		(106,250,473	)		(43,153,557	)		(31,605,119	)		(28,801,809	)
	Advisor Class^†		(119	)		—			(125	)		—
	Premier Class		(647,646	)		(399,922	)		—			—
	Retirement Class		(4,694,899	)		(1,704,624	)		(4,540,312	)		(4,909,622	)
	Retail Class		(8,823,828	)		(3,478,432	)		—			—
Total distributions			(314,044,090	)		(210,448,019	)		(75,959,789	)		(61,718,062	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		995,541,452			1,407,692,993			330,660,592			968,720,608
	Advisor Class^†		99,996			—			100,018			—
	Premier Class		10,853,643			26,990,624			—			—
	Retirement Class		34,714,785			107,941,914			37,947,992			84,836,276
	Retail Class		40,689,376			140,155,098			—			—
Reinvestments of distributions:	Institutional Class		278,744,081			187,888,356			58,795,458			46,521,490
	Premier Class		1,512,695			1,646,903			—			—
	Retirement Class		11,441,142			6,703,279			8,784,936			8,399,402
	Retail Class		20,317,523			12,804,584			—			—
Redemptions:	Institutional Class		(487,477,739	)		(1,012,932,172	)		(297,950,688	)		(422,250,616	)
	Premier Class		(46,425,841	)		(5,647,688	)		—			—
	Retirement Class		(33,976,684	)		(41,888,213	)		(35,696,617	)		(46,061,476	)
	Retail Class		(39,397,336	)		(71,840,881	)		—			—
Net increase (decrease) from shareholder transactions			786,637,093			759,514,797			102,641,691			640,165,684
Net increase (decrease) in net assets			500,343,259			960,397,976			(12,208,109	)		788,422,347

NET ASSETS
Beginning of period			9,989,804,562			9,029,406,586			2,838,036,299			2,049,613,952
End of period		$	10,490,147,821		$	9,989,804,562		$	2,825,828,190		$	2,838,036,299
Undistributed net investment income (loss) included in net assets		$	62,662,935		$	151,917,182		$	11,623,362		$	29,161,838

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		66,876,632			89,954,567			15,850,473			45,327,697
	Advisor Class^†		6,675			—			4,688			—
	Premier Class		727,802			1,726,541			—			—
	Retirement Class		2,273,578			6,787,512			1,786,942			3,909,272
	Retail Class		2,675,988			8,756,307			—			—
Shares reinvested:	Institutional Class		18,795,960			12,492,577			2,786,514			2,290,571
	Premier Class		102,140			109,720			—			—
	Retirement Class		759,704			438,983			413,020			410,327
	Retail Class		1,344,641			836,354			—			—
Shares redeemed:	Institutional Class		(32,299,790	)		(64,358,988	)		(14,305,530	)		(19,730,168	)
	Premier Class		(2,920,008	)		(361,767	)		—			—
	Retirement Class		(2,287,951	)		(2,645,056	)		(1,674,739	)		(2,141,397	)
	Retail Class		(2,607,295	)		(4,501,651	)		—			—
Net increase (decrease) from shareholder transactions			53,448,076			49,235,099			4,861,368			30,066,302

^†	Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

Large-Cap Value Index Fund						S&P 500 Index Fund						Small-Cap Blend Index Fund						Emerging Markets Equity Index Fund
April 30, 2016			October 31, 2015			April 30, 2016			October 31, 2015			April 30, 2016			October 31, 2015			April 30, 2016			October 31, 2015
	(unaudited	)					(unaudited	)					(unaudited	)					(unaudited	)

$	46,963,740		$	76,640,286		$	30,982,032		$	54,229,628		$	14,656,041		$	26,019,902		$	9,621,240		$	25,403,827
	3,630,339			94,642,661			(4,507,732	)		15,984,693			(810,824	)		72,656,622			(27,114,786	)		(22,169,880	)
	45,917,829			(166,383,013	)		(14,405,780	)		62,609,067			(45,484,816	)		(97,498,588	)		28,641,937			(176,203,735	)
	96,511,908			4,899,934			12,068,520			132,823,388			(31,639,599	)		1,177,936			11,148,391			(172,969,788	)

	(72,142,155	)		(45,115,477	)		(43,722,807	)		(33,277,092	)		(21,514,684	)		(18,457,791	)		(24,414,359	)		(19,394,737	)
	(238	)		—			(193	)		—			(161	)		—			(226	)		—
	—			—			—			—			—			—			(211,337	)		(96,628	)
	(9,657,993	)		(6,179,592	)		(12,371,696	)		(10,575,717	)		(5,799,966	)		(6,261,127	)		(1,805,790	)		(969,776	)
	—			—			—			—			—			—			(147,815	)		(147,012	)
	(117,250,174	)		(63,927,767	)		(13,853,739	)		—			(57,273,346	)		(44,358,526	)		—			—
	(388	)		—			(62	)		—			(430	)		—			—			—
	—			—			—			—			—			—			—			—
	(17,445,954	)		(9,983,098	)		(4,474,823	)		—			(18,481,264	)		(18,004,045	)		—			—
	—			—			—			—			—			—			—			—
	(216,496,902	)		(125,205,934	)		(74,423,320	)		(43,852,809	)		(103,069,851	)		(87,081,489	)		(26,579,527	)		(20,608,153	)

	739,759,440			1,080,003,165			257,877,914			476,756,052			78,317,902			293,447,770			245,013,298			406,956,444
	100,000			—			100,019			—			100,000			—			100,000			—
	—			—			—			—			—			—			4,047,218			7,489,868
	75,683,350			111,429,011			77,251,171			155,686,722			11,404,557			30,577,580			23,523,862			54,599,745
	—			—			—			—			—			—			1,203,655			2,712,084
	161,779,701			91,513,985			56,733,862			32,721,820			75,880,718			62,547,479			24,330,018			19,350,147
	—			—			—			—			—			—			211,337			96,628
	27,103,947			16,162,690			16,846,519			10,575,717			24,281,230			24,259,546			1,805,790			969,776
	—			—			—			—			—			—			139,138			137,324
	(239,761,857	)		(471,680,167	)		(131,304,208	)		(198,769,472	)		(67,029,213	)		(149,668,644	)		(81,740,146	)		(140,032,367	)
	—			—			—			—			—			—			(351,363	)		(942,416	)
	(20,565,503	)		(47,106,817	)		(65,526,265	)		(125,071,695	)		(39,894,278	)		(80,536,408	)		(3,312,018	)		(8,786,832	)
	—			—			—			—			—			—			(751,269	)		(2,327,704	)
	744,099,078			780,321,867			211,979,012			351,899,144			83,060,916			180,627,323			214,219,520			340,222,697
	624,114,084			660,015,867			149,624,212			440,869,723			(51,648,534	)		94,723,770			198,788,384			146,644,756

	3,406,854,113			2,746,838,246			2,903,006,369			2,462,136,646			1,724,795,754			1,630,071,984			1,153,602,464			1,006,957,708
$	4,030,968,197		$	3,406,854,113		$	3,052,630,581		$	2,903,006,369		$	1,673,147,220		$	1,724,795,754		$	1,352,390,848		$	1,153,602,464
$	28,439,884		$	63,276,530		$	19,196,558		$	44,309,222		$	6,153,057		$	18,811,827		$	4,044,714		$	21,003,001

	47,374,374			61,737,353			11,454,453			20,578,630			4,757,759			15,291,625			29,807,786			41,825,496
	6,357			—			4,424			—			5,995			—			12,421			—
	—			—			—			—			—			—			499,046			744,226
	4,708,573			6,271,957			3,461,798			6,762,260			690,280			1,607,923			2,839,948			5,555,708
	—			—			—			—			—			—			147,131			271,704
	10,410,534			5,367,389			2,536,158			1,460,796			4,573,883			3,502,098			3,068,098			2,013,543
	—			—			—			—			—			—			26,684			10,065
	1,714,354			933,720			756,807			474,247			1,455,709			1,352,260			228,292			101,124
	—			—			—			—			—			—			17,568			14,304
	(15,335,348	)		(27,195,615	)		(5,948,379	)		(8,583,365	)		(4,171,848	)		(7,824,281	)		(9,885,290	)		(14,459,468	)
	—			—			—			—			—			—			(43,237	)		(94,059	)
	(1,267,814	)		(2,667,448	)		(2,987,384	)		(5,439,389	)		(2,393,484	)		(4,270,399	)		(415,825	)		(879,758	)
	—			—			—			—			—			—			(91,149	)		(239,436	)
	47,611,030			44,447,356			9,277,877			15,253,179			4,918,294			9,659,226			26,211,473			34,863,449

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Statements of changes in net assets

concluded

TIAA-CREF Funds ■ For the period or year ended

		International Equity Index Fund
		April 30, 2016			October 31, 2015
		(unaudited		)

OPERATIONS
Net investment income (loss)		$	101,503,296		$	192,076,935
Net realized gain (loss) on total investments			(64,399,827	)		(36,967,458	)
Net change in unrealized appreciation (depreciation) on total investments			(227,052,626	)		(233,247,674	)
Net increase (decrease) in net assets from operations			(189,949,157	)		(78,138,197	)

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(163,179,996	)		(184,332,087	)
	Advisor Class^†		(289	)		—
	Premier Class		(6,734,359	)		(6,929,632	)
	Retirement Class		(17,160,264	)		(24,398,260	)
	Retail Class		—			—
From realized gains:	Institutional Class		—			(8,064,501	)
	Advisor Class^†		—			—
	Premier Class		—			(315,593	)
	Retirement Class		—			(1,153,159	)
	Retail Class		—			—
Total distributions			(187,074,908	)		(225,193,232	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		924,157,064			1,249,774,697
	Advisor Class^†		99,986			—
	Premier Class		30,252,358			64,329,903
	Retirement Class		31,934,641			73,797,953
	Retail Class		—			—
Reinvestments of distributions:	Institutional Class		158,959,527			190,852,899
	Premier Class		6,718,085			7,241,372
	Retirement Class		17,160,264			25,551,419
	Retail Class		—			—
Redemptions:	Institutional Class		(319,112,162	)		(585,232,019	)
	Premier Class		(29,159,418	)		(9,629,311	)
	Retirement Class		(44,051,973	)		(135,363,991	)
	Retail Class		—			—
Net increase (decrease) from shareholder transactions			776,958,372			881,322,922
Net increase (decrease) in net assets			399,934,307			577,991,493
NET ASSETS
Beginning of period			6,465,326,806			5,887,335,313
End of period		$	6,865,261,113		$	6,465,326,806
Undistributed net investment income (loss) included in net assets		$	64,165,491		$	149,737,103

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		56,751,330			68,737,106
	Advisor Class^†		6,036			—
	Premier Class		1,855,196			3,501,209
	Retirement Class		1,903,598			3,928,579
	Retail Class		—			—
Shares reinvested:	Institutional Class		9,628,075			10,987,501
	Premier Class		407,404			417,611
	Retirement Class		1,016,603			1,441,140
	Retail Class		—			—
Shares redeemed:	Institutional Class		(19,495,806	)		(32,125,313	)
	Premier Class		(1,756,745	)		(526,035	)
	Retirement Class		(2,607,386	)		(7,307,183	)
	Retail Class		—			—
Net increase (decrease) from shareholder transactions			47,708,305			49,054,615

^†	Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

[This page intentionally left blank.]

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net		Net realized and			Total gain			Less distributions from						Total			Net asset
	period or year ended		value, beginning of period		investment income (loss)^a		unrealized gain (loss) on total investments			(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period
EQUITY INDEX FUND
Institutional Class:	4/30/16	^#		$15.82		$0.16		$(0.17	)		$(0.01	)		$(0.31	)		$(0.19	)		$(0.50	)		$15.31
	10/31/15			15.51		0.31		0.36			0.67			(0.28	)		(0.08	)		(0.36	)		15.82
	10/31/14			13.65		0.27		1.88			2.15			(0.24	)		(0.05	)		(0.29	)		15.51
	10/31/13			10.84		0.25		2.81			3.06			(0.19	)		(0.06	)		(0.25	)		13.65
	10/31/12			9.58		0.21		1.18			1.39			(0.13	)		—			(0.13	)		10.84
	10/31/11			9.03		0.18		0.53			0.71			(0.16	)		—			(0.16	)		9.58
Advisor Class:	4/30/16	^#‡		15.96		0.07		(0.22	)		(0.15	)		(0.31	)		(0.19	)		(0.50	)		15.31
Premier Class:	4/30/16	^#		15.77		0.17		(0.19	)		(0.02	)		(0.28	)		(0.19	)		(0.47	)		15.28
	10/31/15			15.46		0.29		0.36			0.65			(0.26	)		(0.08	)		(0.34	)		15.77
	10/31/14			13.61		0.25		1.87			2.12			(0.22	)		(0.05	)		(0.27	)		15.46
	10/31/13			10.81		0.24		2.80			3.04			(0.18	)		(0.06	)		(0.24	)		13.61
	10/31/12			9.56		0.20		1.17			1.37			(0.12	)		—			(0.12	)		10.81
	10/31/11			9.03		0.16		0.52			0.68			(0.15	)		—			(0.15	)		9.56
Retirement Class:	4/30/16	^#		16.02		0.14		(0.17	)		(0.03	)		(0.27	)		(0.19	)		(0.46	)		15.53
	10/31/15			15.71		0.28		0.36			0.64			(0.25	)		(0.08	)		(0.33	)		16.02
	10/31/14			13.82		0.24		1.91			2.15			(0.21	)		(0.05	)		(0.26	)		15.71
	10/31/13			10.97		0.23		2.84			3.07			(0.16	)		(0.06	)		(0.22	)		13.82
	10/31/12			9.69		0.19		1.20			1.39			(0.11	)		—			(0.11	)		10.97
	10/31/11			9.13		0.16		0.53			0.69			(0.13	)		—			(0.13	)		9.69
Retail Class:	4/30/16	^#		16.06		0.14		(0.16	)		(0.02	)		(0.27	)		(0.19	)		(0.46	)		15.58
	10/31/15			15.75		0.27		0.36			0.63			(0.24	)		(0.08	)		(0.32	)		16.06
	10/31/14			13.85		0.23		1.92			2.15			(0.20	)		(0.05	)		(0.25	)		15.75
	10/31/13			10.99		0.22		2.85			3.07			(0.15	)		(0.06	)		(0.21	)		13.85
	10/31/12			9.72		0.18		1.20			1.38			(0.11	)		—			(0.11	)		10.99
	10/31/11			9.17		0.16		0.53			0.69			(0.14	)		—			(0.14	)		9.72
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/16	^#		22.25		0.17		(0.48	)		(0.31	)		(0.32	)		(0.28	)		(0.60	)		21.34
	10/31/15			21.03		0.33		1.52			1.85			(0.29	)		(0.34	)		(0.63	)		22.25
	10/31/14			18.29		0.30		2.76			3.06			(0.26	)		(0.06	)		(0.32	)		21.03
	10/31/13			14.54		0.29		3.73			4.02			(0.27	)		—			(0.27	)		18.29
	10/31/12			13.06		0.23		1.44			1.67			(0.19	)		—			(0.19	)		14.54
	10/31/11			12.04		0.19		0.99			1.18			(0.16	)		—			(0.16	)		13.06
Advisor Class:	4/30/16	^#‡		22.50		0.11		(0.68	)		(0.57	)		(0.32	)		(0.28	)		(0.60	)		21.33
Retirement Class:	4/30/16	^#		22.38		0.15		(0.50	)		(0.35	)		(0.26	)		(0.28	)		(0.54	)		21.49
	10/31/15			21.15		0.28		1.53			1.81			(0.24	)		(0.34	)		(0.58	)		22.38
	10/31/14			18.39		0.26		2.77			3.03			(0.21	)		(0.06	)		(0.27	)		21.15
	10/31/13			14.61		0.26		3.75			4.01			(0.23	)		—			(0.23	)		18.39
	10/31/12			13.12		0.20		1.45			1.65			(0.16	)		—			(0.16	)		14.61
	10/31/11			12.10		0.16		0.99			1.15			(0.13	)		—			(0.13	)		13.12
LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/16	^#		17.26		0.21		0.06			0.27			(0.41	)		(0.67	)		(1.08	)		16.45
	10/31/15			17.97		0.43		(0.35	)		0.08			(0.33	)		(0.46	)		(0.79	)		17.26
	10/31/14			16.19		0.38		2.16			2.54			(0.33	)		(0.43	)		(0.76	)		17.97
	10/31/13			13.27		0.35		3.21			3.56			(0.33	)		(0.31	)		(0.64	)		16.19
	10/31/12			11.99		0.31		1.59			1.90			(0.28	)		(0.34	)		(0.62	)		13.27
	10/31/11			11.52		0.28		0.42			0.70			(0.22	)		(0.01	)		(0.23	)		11.99
Advisor Class:	4/30/16	^#‡		17.33		0.07		0.11			0.18			(0.41	)		(0.67	)		(1.08	)		16.43
Retirement Class:	4/30/16	^#		17.50		0.20		0.05			0.25			(0.37	)		(0.67	)		(1.04	)		16.71
	10/31/15			18.21		0.40		(0.36	)		0.04			(0.29	)		(0.46	)		(0.75	)		17.50
	10/31/14			16.40		0.34		2.19			2.53			(0.29	)		(0.43	)		(0.72	)		18.21
	10/31/13			13.43		0.32		3.25			3.57			(0.29	)		(0.31	)		(0.60	)		16.40
	10/31/12			12.12		0.29		1.61			1.90			(0.25	)		(0.34	)		(0.59	)		13.43
	10/31/11			11.64		0.25		0.43			0.68			(0.19	)		(0.01	)		(0.20	)		12.12

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
EQUITY INDEX FUND
Institutional Class:	4/30/16	^#		0.06	%^b		$9,295,439			0.05	%^c		0.05	%^c		2.16	%^c		3	%^b
	10/31/15			4.48			8,759,567			0.05			0.05			1.99			8
	10/31/14			16.00			7,998,323			0.05			0.05			1.88			6
	10/31/13			28.85			6,705,277			0.06			0.06			2.09			8	^f
	10/31/12			14.75			3,706,630			0.07			0.07			2.08			6	^f
	10/31/11			7.88			1,749,384			0.07			0.07			1.83			11
Advisor Class:	4/30/16	^#‡		(0.83	)^bg		102			0.27	^c		0.20	^c		1.21	^c		3	^b
Premier Class:	4/30/16	^#		(0.05	)^b		60,003			0.20	^c		0.20	^c		2.28	^c		3	^b
	10/31/15			4.36			94,864			0.20			0.20			1.83			8
	10/31/14			15.81			70,236			0.20			0.20			1.73			6
	10/31/13			28.68			61,343			0.21			0.21			1.95			8	^f
	10/31/12			14.56			48,184			0.22			0.22			1.90			6	^f
	10/31/11			7.60			20,918			0.22			0.22			1.63			11
Retirement Class:	4/30/16	^#		(0.06	)^b		394,223			0.30	^c		0.30	^c		1.92	^c		3	^b
	10/31/15			4.17			394,683			0.30			0.30			1.73			8
	10/31/14			15.76			314,958			0.30			0.30			1.63			6
	10/31/13			28.52			267,636			0.31			0.31			1.86			8	^f
	10/31/12			14.46			195,671			0.32			0.32			1.85			6	^f
	10/31/11			7.61			204,345			0.32			0.32			1.59			11
Retail Class:	4/30/16	^#		(0.05	)^b		740,381			0.34	^c		0.34	^c		1.90	^c		3	^b
	10/31/15			4.12			740,691			0.35			0.35			1.70			8
	10/31/14			15.73			645,889			0.36			0.36			1.58			6
	10/31/13			28.49			536,027			0.38			0.38			1.79			8	^f
	10/31/12			14.35			397,199			0.40			0.40			1.76			6	^f
	10/31/11			7.54			361,203			0.29			0.29			1.61			11
LARGE-CAP GROWTH INDEX FUND
Institutional Class:	4/30/16	^#		(1.36	)^b		2,463,836			0.06	^c		0.06	^c		1.66	^c		7	^b
	10/31/15			9.09			2,472,946			0.06			0.06			1.55			24
	10/31/14			17.00			1,750,638			0.06			0.06			1.56			21
	10/31/13			28.14			1,157,001			0.07			0.07			1.81			19	^f
	10/31/12			12.96			971,051			0.07			0.07			1.66			24	^f
	10/31/11			9.85			568,586			0.08			0.08			1.45			24
Advisor Class:	4/30/16	^#‡		(2.52	)^bh		100			0.28	^c		0.21	^c		1.36	^c		7	^b
Retirement Class:	4/30/16	^#		(1.51	)^b		361,892			0.31	^c		0.31	^c		1.41	^c		7	^b
	10/31/15			8.83			365,090			0.31			0.31			1.31			24
	10/31/14			16.72			298,976			0.31			0.31			1.31			21
	10/31/13			27.90			241,402			0.32			0.32			1.60			19	^f
	10/31/12			12.69			231,810			0.32			0.32			1.42			24	^f
	10/31/11			9.51			173,769			0.33			0.33			1.20			24
LARGE-CAP VALUE INDEX FUND
Institutional Class:	4/30/16	^#		1.97	^b		3,516,312			0.06	^c		0.06	^c		2.72	^c		5	^b
	10/31/15			0.49			2,958,189			0.06			0.06			2.48			24
	10/31/14			16.38			2,362,546			0.06			0.06			2.23			21
	10/31/13			28.07			1,359,068			0.07			0.07			2.41			19	^f
	10/31/12			16.70			1,134,741			0.08			0.08			2.48			20	^f
	10/31/11			6.13			605,062			0.08			0.08			2.27			27
Advisor Class:	4/30/16	^#‡		1.42	^bi		104			0.28	^c		0.21	^c		1.18	^c		5	^b
Retirement Class:	4/30/16	^#		1.80	^b		514,552			0.31	^c		0.31	^c		2.55	^c		5	^b
	10/31/15			0.26			448,665			0.31			0.31			2.24			24
	10/31/14			16.07			384,292			0.31			0.31			2.00			21
	10/31/13			27.79			302,435			0.32			0.32			2.15			19	^f
	10/31/12			16.46			226,640			0.32			0.32			2.28			20	^f
	10/31/11			5.88			192,336			0.33			0.33			2.02			27

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
						Gain (loss) from investment operations
	For the			Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period			value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year			beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended			of period		(loss		)^a	investments			operations			income			gains			distributions			period
S&P 500 INDEX FUND
Institutional Class:	4/30/16	^#			$23.66		$0.25			$(0.17	)		$0.08			$(0.46	)		$(0.15	)		$(0.61	)		$23.13
	10/31/15				22.92		0.47			0.68			1.15			(0.41	)		—			(0.41	)		23.66
	10/31/14				19.91		0.42			2.94			3.36			(0.35	)		—			(0.35	)		22.92
	10/31/13				16.05		0.39			3.86			4.25			(0.39	)		—			(0.39	)		19.91
	10/31/12				14.27		0.33			1.78			2.11			(0.27	)		(0.06	)		(0.33	)		16.05
	10/31/11				13.51		0.28			0.79			1.07			(0.31	)		—			(0.31	)		14.27
Advisor Class:	4/30/16	^#‡			23.87		0.06			(0.20	)		(0.14	)		(0.46	)		(0.15	)		(0.61	)		23.12
Retirement Class:	4/30/16	^#			23.51		0.22			(0.17	)		0.05			(0.41	)		(0.15	)		(0.56	)		23.00
	10/31/15				22.77		0.41			0.69			1.10			(0.36	)		—			(0.36	)		23.51
	10/31/14				19.79		0.36			2.93			3.29			(0.31	)		—			(0.31	)		22.77
	10/31/13				15.96		0.34			3.84			4.18			(0.35	)		—			(0.35	)		19.79
	10/31/12				14.19		0.29			1.78			2.07			(0.24	)		(0.06	)		(0.30	)		15.96
	10/31/11				13.44		0.24			0.78			1.02			(0.27	)		—			(0.27	)		14.19
SMALL-CAP BLEND INDEX FUND
Institutional Class:	4/30/16	^#			18.25		0.15			(0.48	)		(0.33	)		(0.30	)		(0.80	)		(1.10	)		16.82
	10/31/15				19.22		0.30			(0.22	)		0.08			(0.31	)		(0.74	)		(1.05	)		18.25
	10/31/14				18.58		0.28			1.20			1.48			(0.26	)		(0.58	)		(0.84	)		19.22
	10/31/13				14.24		0.31			4.65			4.96			(0.30	)		(0.32	)		(0.62	)		18.58
	10/31/12				13.17		0.25			1.33			1.58			(0.20	)		(0.31	)		(0.51	)		14.24
	10/31/11				12.49		0.17			0.66			0.83			(0.15	)		—			(0.15	)		13.17
Advisor Class:	4/30/16	^#‡			18.63		0.11			(0.82	)		(0.71	)		(0.30	)		(0.80	)		(1.10	)		16.82
Retirement Class:	4/30/16	^#			18.29		0.13			(0.48	)		(0.35	)		(0.25	)		(0.80	)		(1.05	)		16.89
	10/31/15				19.25		0.25			(0.21	)		0.04			(0.26	)		(0.74	)		(1.00	)		18.29
	10/31/14				18.62		0.23			1.20			1.43			(0.22	)		(0.58	)		(0.80	)		19.25
	10/31/13				14.26		0.27			4.68			4.95			(0.27	)		(0.32	)		(0.59	)		18.62
	10/31/12				13.18		0.22			1.33			1.55			(0.16	)		(0.31	)		(0.47	)		14.26
	10/31/11				12.51		0.14			0.65			0.79			(0.12	)		—			(0.12	)		13.18
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/16	^#			8.93		0.07			(0.09	)		(0.02	)		(0.20	)		—			(0.20	)		8.71
	10/31/15				10.68		0.23			(1.77	)		(1.54	)		(0.21	)		—			(0.21	)		8.93
	10/31/14				10.84		0.24			(0.20	)		0.04			(0.20	)		—			(0.20	)		10.68
	10/31/13				10.37		0.23			0.39			0.62			(0.15	)		—			(0.15	)		10.84
	10/31/12				10.24		0.24			0.09			0.33			(0.16	)		(0.04	)		(0.20	)		10.37
	10/31/11				11.33		0.25			(1.31	)		(1.06	)		(0.02	)		(0.01	)		(0.03	)		10.24
Advisor Class:	4/30/16	^#‡			8.64		0.06			0.20			0.26			(0.20	)		—			(0.20	)		8.70
Premier Class:	4/30/16	^#			8.91		0.06			(0.09	)		(0.03	)		(0.19	)		—			(0.19	)		8.69
	10/31/15				10.65		0.23			(1.77	)		(1.54	)		(0.20	)		—			(0.20	)		8.91
	10/31/14				10.82		0.21			(0.19	)		0.02			(0.19	)		—			(0.19	)		10.65
	10/31/13				10.35		0.22			0.39			0.61			(0.14	)		—			(0.14	)		10.82
	10/31/12				10.23		0.24			0.06			0.30			(0.14	)		(0.04	)		(0.18	)		10.35
	10/31/11				11.33		0.23			(1.30	)		(1.07	)		(0.02	)		(0.01	)		(0.03	)		10.23
Retirement Class:	4/30/16	^#			8.90		0.06			(0.10	)		(0.04	)		(0.18	)		—			(0.18	)		8.68
	10/31/15				10.64		0.21			(1.76	)		(1.55	)		(0.19	)		—			(0.19	)		8.90
	10/31/14				10.80		0.21			(0.20	)		0.01			(0.17	)		—			(0.17	)		10.64
	10/31/13				10.34		0.20			0.40			0.60			(0.14	)		—			(0.14	)		10.80
	10/31/12				10.22		0.23			0.07			0.30			(0.14	)		(0.04	)		(0.18	)		10.34
	10/31/11				11.33		0.26			(1.35	)		(1.09	)		(0.01	)		(0.01	)		(0.02	)		10.22
Retail Class:	4/30/16	^#			8.89		0.05			(0.09	)		(0.04	)		(0.16	)		—			(0.16	)		8.69
	10/31/15				10.63		0.19			(1.76	)		(1.57	)		(0.17	)		—			(0.17	)		8.89
	10/31/14				10.79		0.19			(0.19	)		0.00	^d		(0.16	)		—			(0.16	)		10.63
	10/31/13				10.32		0.19			0.40			0.59			(0.12	)		—			(0.12	)		10.79
	10/31/12				10.21		0.20			0.07			0.27			(0.12	)		(0.04	)		(0.16	)		10.32
	10/31/11				11.32		0.22			(1.31	)		(1.09	)		(0.01	)		(0.01	)		(0.02	)		10.21

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

continued

						Ratios and supplemental data
	For the
	period						Net assets at			Ratios to average net assets									Portfolio
	or year						end of period			Gross			Net			Net investment			turnover
	ended		Total return				(in thousands		)	expenses			expenses			income (loss		)	rate
S&P 500 INDEX FUND
Institutional Class:	4/30/16	^#		0.43	%^b			$2,323,069			0.05	%^c		0.05	%^c		2.22	%^c		4	%^b
	10/31/15			5.11				2,186,465			0.06			0.06			2.04			8
	10/31/14			17.16				1,808,921			0.06			0.06			1.97			9
	10/31/13			27.08				1,436,986			0.06			0.06			2.19			4	^f
	10/31/12			15.14				1,342,205			0.07			0.07			2.13			7	^f
	10/31/11			7.96				884,211			0.07			0.07			1.96			14
Advisor Class:	4/30/16	^#‡		(0.50	)^bj			102			0.27	^c		0.21	^c		0.68	^c		4	^b
Retirement Class:	4/30/16	^#		0.27	^b			729,459			0.30	^c		0.30	^c		2.01	^c		4	^b
	10/31/15			4.91				716,541			0.31			0.31			1.79			8
	10/31/14			16.84				653,216			0.31			0.31			1.72			9
	10/31/13			26.73				490,695			0.31			0.31			1.92			4	^f
	10/31/12			14.85				396,922			0.32			0.32			1.89			7	^f
	10/31/11			7.75				352,405			0.32			0.32			1.71			14
SMALL-CAP BLEND INDEX FUND
Institutional Class:	4/30/16	^#		(1.66	)^b			1,282,108			0.06	^c		0.06	^c		1.87	^c		5	^b
	10/31/15			0.54				1,296,895			0.06			0.06			1.56			22
	10/31/14			8.32				1,154,539			0.06			0.06			1.50			24
	10/31/13			36.38				1,048,944			0.07			0.07			1.92			17	^f
	10/31/12			12.48				648,984			0.08			0.08			1.81			17	^f
	10/31/11			6.64				447,756			0.08			0.08			1.26			25
Advisor Class:	4/30/16	^#‡		(3.73	)^bk			101			0.29	^c		0.21	^c		1.65	^c		5	^b
Retirement Class:	4/30/16	^#		(1.83	)^b			390,938			0.31	^c		0.31	^c		1.63	^c		5	^b
	10/31/15			0.31				427,901			0.31			0.31			1.33			22
	10/31/14			8.01				475,533			0.31			0.31			1.25			24
	10/31/13			36.10				506,706			0.32			0.32			1.67			17	^f
	10/31/12			12.20				311,294			0.33			0.33			1.57			17	^f
	10/31/11			6.30				325,760			0.33			0.33			1.02			25
EMERGING MARKETS EQUITY INDEX FUND
Institutional Class:	4/30/16	^#		(0.05	)^b			1,224,513			0.23	^c		0.23	^c		1.64	^c		16	^b
	10/31/15			(14.54	)			1,051,171			0.22			0.22			2.36			42
	10/31/14			0.42				942,827			0.23			0.23			2.29			13
	10/31/13			6.06				680,382			0.29			0.25			2.25			13
	10/31/12			3.31				289,041			0.38			0.25			2.42			25	^f
	10/31/11			(9.36	)			149,206			0.46			0.25			2.26			38
Advisor Class:	4/30/16	^#‡		3.17	^bl			108			0.45	^c		0.38	^c		1.81	^c		16	^b
Premier Class:	4/30/16	^#		(0.18	)^b			13,576			0.38	^c		0.38	^c		1.51	^c		16	^b
	10/31/15			(14.60	)			9,624			0.38			0.38			2.40			42
	10/31/14			0.23				4,475			0.39			0.39			1.95			13
	10/31/13			5.96				6,454			0.44			0.40			2.16			13
	10/31/12			3.06				2,016			0.54			0.40			2.38			25	^f
	10/31/11			(9.50	)			1,330			0.62			0.40			2.04			38
Retirement Class:	4/30/16	^#		(0.28	)^b			105,890			0.48	^c		0.48	^c		1.39	^c		16	^b
	10/31/15			(14.69	)			84,960			0.47			0.47			2.21			42
	10/31/14			0.17				50,771			0.48			0.48			2.01			13
	10/31/13			5.79				34,503			0.54			0.50			1.96			13
	10/31/12			3.03				24,877			0.63			0.50			2.28			25	^f
	10/31/11			(9.61	)			9,356			0.70			0.50			2.38			38
Retail Class:	4/30/16	^#		(0.26	)^b			8,303			0.64	^c		0.64	^c		1.22	^c		16	^b
	10/31/15			(14.85	)			7,847			0.60			0.60			1.98			42
	10/31/14			0.04				8,885			0.64			0.64			1.83			13
	10/31/13			5.70				7,127			0.73			0.64			1.81			13
	10/31/12			2.73				5,773			0.83			0.64			2.00			25	^f
	10/31/11			(9.64	)			5,313			0.88			0.64			1.99			38

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Financial highlights

TIAA-CREF Funds

			Selected per share data
					Gain (loss) from investment operations
	For the		Net asset		Net			Net realized and			Total gain			Less distributions from						Total			Net asset
	period		value,		investment			unrealized gain			(loss) from			Net			Net			dividends			value,
	or year		beginning		income			(loss) on total			investment			investment			realized			and			end of
	ended		of period		(loss		)^a	investments			operations			income			gains			distributions			period
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/16	^#		$17.86		$0.26			$(0.86	)		$(0.60	)		$(0.51	)		$ —			$(0.51	)		$16.75
	10/31/15			18.82		0.57			(0.81	)		(0.24	)		(0.69	)		(0.03	)		(0.72	)		17.86
	10/31/14			19.31		0.72			(0.67	)		0.05			(0.54	)		—			(0.54	)		18.82
	10/31/13			15.73		0.54			3.54			4.08			(0.50	)		—			(0.50	)		19.31
	10/31/12			15.23		0.55			0.39			0.94			(0.44	)		—			(0.44	)		15.73
	10/31/11			16.43		0.53			(1.38	)		(0.85	)		(0.35	)		—			(0.35	)		15.23
Advisor Class:	4/30/16	^#‡		17.70		0.23			(0.68	)		(0.45	)		(0.51	)		—			(0.51	)		16.74
Premier Class:	4/30/16	^#		17.81		0.25			(0.85	)		(0.60	)		(0.49	)		—			(0.49	)		16.72
	10/31/15			18.77		0.54			(0.81	)		(0.27	)		(0.66	)		(0.03	)		(0.69	)		17.81
	10/31/14			19.26		0.68			(0.65	)		0.03			(0.52	)		—			(0.52	)		18.77
	10/31/13			15.69		0.51			3.54			4.05			(0.48	)		—			(0.48	)		19.26
	10/31/12			15.20		0.53			0.38			0.91			(0.42	)		—			(0.42	)		15.69
	10/31/11			16.41		0.49			(1.36	)		(0.87	)		(0.34	)		—			(0.34	)		15.20
Retirement Class:	4/30/16	^#		18.20		0.24			(0.86	)		(0.62	)		(0.47	)		—			(0.47	)		17.11
	10/31/15			19.15		0.53			(0.81	)		(0.28	)		(0.64	)		(0.03	)		(0.67	)		18.20
	10/31/14			19.64		0.69			(0.68	)		0.01			(0.50	)		—			(0.50	)		19.15
	10/31/13			15.99		0.50			3.61			4.11			(0.46	)		—			(0.46	)		19.64
	10/31/12			15.47		0.53			0.38			0.91			(0.39	)		—			(0.39	)		15.99
	10/31/11			16.68		0.51			(1.42	)		(0.91	)		(0.30	)		—			(0.30	)		15.47

^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.
^f	Does not include in-kind transactions.
^g	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 0.04%.
^h	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (1.42)%.
ⁱ	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 1.83%.
^j	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 0.38%.
^k	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (1.73)%.
^l	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (0.18)%.
^m	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was (3.36)%.
^#	Unaudited
^‡	Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

See notes to financial statements

concluded

						Ratios and supplemental data
	For the
	period					Net assets at			Ratios to average net assets									Portfolio
	or year					end of period			Gross			Net			Net investment			turnover
	ended		Total return			(in thousands		)	expenses			expenses			income (loss		)	rate
INTERNATIONAL EQUITY INDEX FUND
Institutional Class:	4/30/16	^#		(3.29	)%^b	$	5,990,427			0.06	%^c		0.06	%^c		3.25	%^c		5	%^b
	10/31/15			(1.18	)		5,549,083			0.06			0.06			3.10			5
	10/31/14			0.37			4,949,536			0.06			0.06			3.73			5
	10/31/13			26.65			4,459,896			0.07			0.07			3.13			3
	10/31/12			6.43			2,833,093			0.08			0.08			3.69			6	^f
	10/31/11			(5.32	)		1,647,918			0.09			0.09			3.23			6
Advisor Class:	4/30/16	^#‡		(2.49	)^bm		101			0.28	^c		0.21	^c		3.53	^c		5	^b
Premier Class:	4/30/16	^#		(3.33	)^b		235,963			0.21	^c		0.21	^c		3.07	^c		5	^b
	10/31/15			(1.33	)		242,384			0.21			0.21			2.95			5
	10/31/14			0.23			191,665			0.21			0.21			3.55			5
	10/31/13			26.47			200,497			0.22			0.22			2.97			3
	10/31/12			6.25			162,307			0.23			0.23			3.53			6	^f
	10/31/11			(5.44	)		125,215			0.24			0.24			3.02			6
Retirement Class:	4/30/16	^#		(3.39	)^b		638,770			0.31	^c		0.31	^c		2.92	^c		5	^b
	10/31/15			(1.38	)		673,860			0.31			0.31			2.84			5
	10/31/14			0.11			746,134			0.31			0.31			3.51			5
	10/31/13			26.35			774,407			0.32			0.32			2.86			3
	10/31/12			6.13			645,359			0.33			0.33			3.46			6	^f
	10/31/11			(5.54	)		625,016			0.34			0.34			3.02			6

See notes to financial statements

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

TIAA-CREF Funds

Note 1—organization and significant accounting policies

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

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

reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

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

48	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Note 2—valuation of investments

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

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

Transfers between levels are recognized at the end of the reporting period. For the period ended April 30, 2016, there were no material transfers between levels by the Funds.

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

The following table summarizes the market value of the Funds’ investments as of April 30, 2016, based on the inputs used to value them:

Fund		Level 1			Level 2	Level 3		Total
Equity Index
Equity Investments:
Financials	$	1,867,608,250		$	353	$	42,403	$	1,867,651,006
Health care		1,459,756,591			—		4,028		1,459,760,619
Industrials		1,136,483,067			—		71,574		1,136,554,641
Telecommunication services		251,288,463			—		49,856		251,338,319
All other equity investments*		5,720,835,873			—		—		5,720,835,873
Short-term investments		326,509,105			94,088,857		—		420,597,962
Futures**		(528,830	)		—		—		(528,830	)
Total	$	10,761,952,519		$	94,089,210	$	167,861	$	10,856,209,590
Large-Cap Growth Index
Equity investments*	$	2,806,893,893		$	—	$	—	$	2,806,893,893
Short-term investments		59,935,343			14,250,000		—		74,185,343
Futures**		(104,851	)		—		—		(104,851	)
Total	$	2,866,724,385		$	14,250,000	$	—	$	2,880,974,385
Large-Cap Value Index
Equity investments*	$	4,009,209,927		$	—	$	—	$	4,009,209,927
Short-term investments		47,455,904			31,400,000		—		78,855,904
Futures**		(80,261	)		—		—		(80,261	)
Total	$	4,056,585,570		$	31,400,000	$	—	$	4,087,985,570
S&P 500 Index
Equity Investments*	$	3,039,991,765		$	—	$	—	$	3,039,991,765
Short-term investments		30,775,373			7,700,000		—		38,475,373
Futures**		(94,770	)		—		—		(94,770	)
Total	$	3,070,672,368		$	7,700,000	$	—	$	3,078,372,368
Small-Cap Blend Index
Equity Investments:
Financials	$	440,642,546		$	826	$	96,730	$	440,740,102
Health care		233,721,005			—		15,521		233,736,526
Industrials		213,953,296			—		160,444		214,113,740
Telecommunication services		14,938,842			—		139,956		15,078,798
All other equity investments*		757,791,752			—		—		757,791,752
Short-term investments		215,906,214			11,700,000		—		227,606,214
Futures**		74,129			—		—		74,129
Total	$	1,877,027,784		$	11,700,826	$	412,651	$	1,889,141,261
Emerging Markets Equity Index
Equity Investments:
Africa/Middle East	$	—		$	91,064,323	$	233	$	91,064,556
Asia		34,386,147			827,057,442		613,975		862,057,564
Europe		2,184,362			51,285,771		—		53,470,133
Latin America		—			153,333,317		—		153,333,317
North America		54,086,406			—		—		54,086,406
All other equity investments*		5,890,672			131,249,927		656		137,141,255
Short-term investments		24,820,196			6,450,000		—		31,270,196
Total	$	121,367,783		$	1,260,440,780	$	614,864	$	1,382,423,427
International Equity Index
Equity Investments:
Asia	$	809,560		$	1,716,572,937	$	—	$	1,717,382,497
Australasia		—			487,351,353		—		487,351,353
Europe		6,699,682			3,754,386,663		—		3,761,086,345
All other equity investments*		55,164,179			751,284,114		—		806,448,293
Short-term investments		362,192,762			64,940,971		—		427,133,733
Futures**		(673,829	)		—		—		(673,829	)
Total	$	424,192,354		$	6,774,536,038	$	—	$	7,198,728,392

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

50	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

Note 3—derivative instruments

At April 30, 2016, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives
		Fair value
Derivative contracts	Location		amount
Equity Index Fund
Equity contracts	Futures*	$	(528,830	)
Large-Cap Growth Index Fund
Equity contracts	Futures*		(104,851	)
Large-Cap Value Index Fund
Equity contracts	Futures*		(80,261	)
S&P 500 Index Fund
Equity contracts	Futures*		(94,770	)
Small-Cap Blend Index Fund
Equity contracts	Futures*		74,129
International Equity Index Fund
Equity contracts	Futures*		(673,829	)

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

For the period ended April 30, 2016, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

					Change in
					unrealized
		Realized			appreciation
Derivative contracts	Location	gain (loss		)	(depreciation		)
Equity Index Fund
Equity contracts	Futures transactions	$	(216,908	)	$	(565,112	)
Large-Cap Growth Index Fund
Equity contracts	Futures transactions		(414,926	)		(119,417	)
Large-Cap Value Index Fund
Equity contracts	Futures transactions		1,450,957			(111,520	)
S&P 500 Index Fund
Equity contracts	Futures transactions		813,205			(99,384	)
Small-Cap Blend Index Fund
Equity contracts	Futures transactions		653,648			63,473
International Equity Index Fund
Equity contracts	Futures transactions		(5,448,329	)		(629,722	)

or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the period ended April 30, 2016, the Equity Index Fund, the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund, the S&P 500 Index Fund, the Small-Cap Blend Index Fund, and the International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At April 30, 2016, the Funds held the following open futures contracts:

		Number of	Settlement		Expiration	Unrealized
Fund	Futures	contracts	value		date	gain (loss		)
Equity Index	S&P 500
	E Mini Index	383	$	39,431,765	June 2016	$	(528,830	)
Large-Cap	S&P 500
Growth Index	E Mini Index	144		14,825,520	June 2016		(104,851	)
Large-Cap	S&P 500
Value Index	E Mini Index	119		12,251,645	June 2016		(80,261	)
S&P 500 Index	S&P 500
	E Mini Index	75		7,721,625	June 2016		(94,770	)
Small-Cap	Russell 2000
Blend Index	Mini Index	79		8,908,040	June 2016		74,129
International	MSCI EAFE
Equity Index	Mini Index	592		49,192,240	June 2016		(673,829	)

Note 4—investment adviser and affiliates

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates TPIS for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

	Investment
	management fee—			Service
	effective rate			agreement fee			Distribution fee						Maximum expense amounts^‡
				Retirement			Premier			Retail			Institutional			Advisor			Premier			Retirement			Retail
				Class			Class			Class			Class			Class		^†	Class			Class			Class
Equity Index		0.04	%		0.25	%		0.15	%		0.25	%		0.09	%		0.24	%		0.24	%		0.34	%		0.48	%
Large-Cap Growth Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—
Large-Cap Value Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—
S&P 500 Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—
Small-Cap Blend Index		0.04			0.25			—			—			0.09			0.24			—			0.34			—
Emerging Markets Equity Index		0.14			0.25			0.15			0.25			0.25			0.40			0.40			0.50			0.64
International Equity Index		0.04			0.25			0.15			—			0.15			0.30			0.30			0.40			—

^†	Advisor Class commenced operations on December 4, 2015.
^‡	Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2017. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

					Realized
Fund	Purchases		Sales		gain (loss		)
Equity Index	$	640,823,063	$	—	$	—
Large-Cap Growth Index		167,034,776		5,413,430		(872,265	)
Large-Cap Value Index		398,170,304		—		—
S&P 500 Index		172,353,142		608,394		24,395
Small-Cap Blend Index		11,898,667		4,014,000		(123,624	)
Emerging Markets Equity Index		43,664,087		16,316,559		(1,693,802	)
International Equity Index		798,965,363		21,376,992		(12,409,425	)

A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds.

The following is the percentage of the Funds’ shares owned by TIAA Access and other funds within the Trust as of April 30, 2016:

Fund	TIAA Lifecycle Index Funds			TIAA Access			Total
Equity Index		26	%		1	%		27	%
Large-Cap Growth Index		—			4			4
Large-Cap Value Index		—			7			7
S&P 500 Index		—			6			6
Small-Cap Blend Index		—			16			16
Emerging Markets Equity Index		20			1			21
International Equity Index		13			4			17

TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of April 30, 2016, three 529 Plans owned 14%, 14%, and 7%, respectively, of the Equity Index Fund; one 529 Plan owned 9% of the Large-Cap Growth Index Fund; one 529 Plan owned 6% of the Large-Cap Value Index Fund; two 529 Plans owned 10% and 8%, respectively, of the S&P 500 Index Fund; two 529 Plans owned 7% and 7%, respectively, of the Emerging Markets Equity Index Fund; and four 529 Plans owned 13%, 7%, 7%, and 6%, respectively, of the International Equity Index Fund.

Issue	Value at October 31, 2015	Purchase cost	Sales proceeds	Realized gain (loss	)	Dividend income	Withholding expense	Shares at April 30, 2016	Value at April 30, 2016
Equity Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$311,112,472	$ 63,598,355	$ 48,201,722	$—		$—	$—	326,509,105	$326,509,105
Small-Cap Blend Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$264,957,247	$ 34,005,174	$ 83,056,207	$—		$—	$—	215,906,214	$215,906,214
International Equity Index Fund
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$280,957,418	$225,110,022	$143,874,678	$—		$—	$—	362,192,762	$362,192,762

52	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

Note 5—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. As of April 30, 2016, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

Fund	Tax cost	Gross unrealized appreciation	Gross unrealized (depreciation)	Net unrealized appreciation (depreciation)
Equity Index	$7,836,599,519	$3,293,494,447	$(273,355,546)	$3,020,138,901
Large-Cap Growth Index	2,281,657,754	658,416,843	(58,995,361)	599,421,482
Large-Cap Value Index	3,884,908,609	366,885,970	(163,728,748)	203,157,222
S&P 500 Index	2,318,523,730	845,684,641	(85,741,233)	759,943,408
Small-Cap Blend Index	1,647,520,887	422,356,840	(180,810,595)	241,546,245
Emerging Markets Equity Index	1,523,329,256	70,385,402	(211,291,231)	(140,905,829)
International Equity Index	7,031,708,867	950,515,348	(782,821,994)	167,693,354

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2016 were as follows:

	Non-U.S.	Non-U.S.
	government	government
Fund	purchases	sales
Equity Index	$827,682,155	$301,376,477
Large-Cap Growth Index	217,888,559	181,046,732
Large-Cap Value Index	745,429,689	189,513,893
S&P 500 Index	273,416,202	124,151,654
Small-Cap Blend Index	86,071,913	92,911,871
Emerging Markets Equity Index	387,592,602	190,331,179
International Equity Index	932,059,763	306,344,639

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2015 was as follows:

	10/31/2015
	Ordinary	Long-term
Fund	income	capital gains	Total
Equity Index	$164,811,117	$45,636,902	$210,448,019
Large-Cap Growth Index	28,903,693	32,814,369	61,718,062
Large-Cap Value Index	74,165,884	51,040,050	125,205,934
S&P 500 Index	43,852,809	—	43,852,809
Small-Cap Blend Index	33,365,721	53,715,768	87,081,489
Emerging Markets Equity Index	20,608,153	—	20,608,153
International Equity Index	215,661,544	9,531,688	225,193,232

The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.

Note 7—emerging markets risks

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

Note 8—line of credit

Each of the Funds participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

concluded

borrowings under the facility by other affiliated accounts or mutual funds. For the period ended April 30, 2016, there were no borrowings under this credit facility by the Funds.

Note 9—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s

maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

54	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

Renewal of investment management agreement (unaudited)

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

Overview of the renewal process

management fee rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs (as applicable). Broadridge also compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge independent of any input from TAI or the Board, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies it employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an unbiased view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Broadridge (and not TAI or the Board).

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Renewal of investment management agreement (unaudited)

accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also given the opportunity to ask questions and request additional information.

The nature, extent and quality of services

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Fund before any reductions for fees or expenses. In, this analysis, the Board considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Fund’s investment performance, or TAI had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

56	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

continued

Cost and profitability

Fees charged by other advisers

Economies of scale

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

Fee comparison with other TAI clients

The Board considered that TAI and its affiliate, TIAA-CREF Investment Management, LLC, provide similar investment

management services to other investment companies that may have similar investment strategies as certain of the Funds. In the future, TAI may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Board considered the management fee rates actually charged to other investment companies that are managed using similar investment strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other investment companies, this is due in part to the fact that these other investment companies: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services by TAI; (4) may have different regulatory burdens; (5) may target different types of investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2015. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. “Gross performance” means a Fund’s performance without any reductions for fees or expenses, including the effect of NAV rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries. For reference, one basis point is equal to 0.01%. Statements below regarding “net profit” or “net loss” refer to

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Renewal of investment management agreement (unaudited)

whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2015 under the Agreement.

Equity Index Fund

•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds identified by Broadridge for expense comparison purposes (“Expense Universe”).
•	The Fund was in the 2nd quintile of its group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-year period. The Fund ranked 5 out of 5, 3 out of 4 and 2 out of 3 of the funds within its Performance Group for the three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 1st and 2nd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.
•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the Russell 3000 Index, differed by -2 basis points.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Large-Cap Growth Index Fund

•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Fund did not have a Performance Group. The Fund was in the 3rd, 2nd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the Russell 1000^® Growth Index, differed by -3 basis points.

•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Large-Cap Value Index Fund

•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund did not have a Performance Group. The Fund was in the 3rd, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the Russell 1000^® Value Index, differed by -5 basis points.

•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

S&P 500 Index Fund

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

Small-Cap Blend Index Fund

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

Emerging Markets Equity Index Fund

•	The Fund’s annual contractual management fee rate is 0.14% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group. The Fund’s total expenses and contractual management fee were in the 2nd quintile of its Expense Universe, while the Fund’s actual management fee was in the 3rd quintile of its Expense Universe.
•	The Fund did not have a Performance Group. The Fund was in the 3rd, 3rd and 4th quintiles of its Performance Universe for the one-, three- and five-year periods.
•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the MSCI Emerging Markets Index, differed by -2 basis points.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

58	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

concluded

International Equity Index Fund

•	The Fund’s annual contractual management fee rate is 0.04% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of its Expense Group and Expense Universe.
•	The Fund was in the 1st quintile of its Performance Group for the one- and three-year periods, while it ranked 1 out of 5 and 1 out of 4 funds within its Performance Group for the five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 2nd and 2nd quintiles of its Performance Universe for the one, three-, five- and ten-year periods, respectively.

•	For the three-year period, the Fund’s gross performance as compared to its benchmark, the MSCI EAFE Index, differed by -8 basis points.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI earned a net profit with respect to its services to the Fund for the one-year period.

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

TIAA-CREF Funds: Equity Index Funds ■ 2016 Semiannual Report

Additional information about index providers (unaudited)

Russell Indexes

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

Russell^® publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. russell makes no representation, warranty or guarantee regarding the use or the results of the use of the russell indexes or any data included therein, or any securities (or combination thereof) comprising the russell indexes. russell makes no other express or implied warranty, and expressly disclaims any warranty, of any kind, including without limitation, any warranty of merchantability or fitness for a particular purpose with respect to the russell index(es) or any data or any security (or combination thereof) included therein.

Standard & Poor^® Index

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

MSCI Indexes

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

although msci shall obtain information for inclusion in or for use in the calculation of the msci indexes from sources that msci considers reliable, none of the msci parties warrants or guarantees the originality, accuracy and/or the completeness of any msci index or any data included therein. none of the msci parties makes any warranty, express or implied, as to results to be obtained by the issuer of these funds, owners of these funds, or any other person or entity, from the use of any msci index or any data included therein. none of the msci parties shall have any liability for any errors, omissions or interruptions of or in connection with any msci index or any data included therein. further, none of the msci parties makes any express or implied warranties of any kind, and the msci parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each msci index and any data included therein. without limiting any of the foregoing, in no event shall any of the msci parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

60	2016 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds

How to reach us

TIAA website

TIAA.org

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Automated telephone service

800-842-2252

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For the hearing- or speech-impaired

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2016 Semiannual Report

April 30, 2016

TIAA-CREF
Emerging Markets Debt Fund

of the TIAA-CREF Funds

	Contents

	Understanding your fund report		2
	Information for investors		3
	Important information about expenses		4
	About the fund’s benchmark		6
	Fund performance
	Emerging Markets Debt Fund		7
	Summary portfolio of investments		10
	Financial statements (unaudited)
	Statement of assets and liabilities		17
	Statement of operations		19
	Statements of changes in net assets		20
	Financial highlights		22
	Notes to financial statements		24
	Renewal of investment management agreement		32
	How to reach us		Inside back cover

Understanding your fund report

This semiannual report contains information about the Emerging Markets Debt Fund and describes the fund’s results for the six months ended April 30, 2016. This report contains three main sections:

	•	The fund performance section compares the fund’s investment returns with those of its benchmark index.
	•	The summary portfolio of investments lists the issuers, industries and types of securities in which the Emerging Markets Debt Fund had investments as of April 30, 2016.
	•	The financial statements provide detailed information about the operations and financial condition of the fund.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Emerging Markets Debt Fund are noted in the fund’s latest prospectus.

2	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

Information for investors

Portfolio holdings

The summary portfolio of investments for the Emerging Markets Debt Fund begins on page 10 of this report. You can obtain a complete list of the holdings of the Emerging Markets Debt Fund (Schedule of Investments) as of the most recently completed fiscal quarter in the following ways:

	•	By visiting our website at TIAA.org; or
	•	By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the Emerging Markets Debt Fund’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of October 31 or April 30; Form N-Q filings are as of January 31 or July 31. Copies of these forms are available:

	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202-551-8090 for more information.)

Proxy voting

In certain market conditions, the investment portfolio of a fixed-income fund may include shares of common or preferred stock. If that should occur, TIAA-CREF Funds’ ownership of stock would give it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at www.sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.

Fund management

The Emerging Markets Debt Fund is managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the fund.

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Important information about expenses

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

The expense example that appears in the table on page 5 is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2015–April 30, 2016).

Actual expenses

The first line of the two lines listed for each share class in the table uses the class’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. The fund has a contractual fee reimbursement. Had it not been in effect, fund expenses may have been higher.

Hypothetical example for comparison purposes

4	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

Expense example

Six months ended April 30, 2016

			Expenses paid
	Beginning	Ending	during period*
	account value	account value	(11/1/15–
Emerging Markets Debt Fund	(11/1/15)	(4/30/16)	4/30/16)
Institutional Class
Actual return	$1,000.00	$1,052.12	$3.32
5% annual hypothetical return	1,000.00	1,021.63	3.27
Advisor Class^†
Actual return	1,000.00	1,061.79	3.33
5% annual hypothetical return	1,000.00	1,020.89	4.02
Premier Class
Actual return	1,000.00	1,052.47	4.08
5% annual hypothetical return	1,000.00	1,020.89	4.02
Retirement Class
Actual return	1,000.00	1,050.91	4.59
5% annual hypothetical return	1,000.00	1,020.39	4.52
Retail Class
Actual return	1,000.00	1,050.45	5.10
5% annual hypothetical return	1,000.00	1,019.89	5.02

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended April 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.65% for the Institutional Class, 0.80% for the Premier Class, 0.90% for the Retirement Class and 1.00% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

About the fund’s benchmark

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding. For additional details about the benchmark index, please see the fund’s prospectus.

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

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is a trademark and service mark of J.P. Morgan. TIAA products are not promoted or sponsored by, or affiliated with, J.P. Morgan. Information has been obtained from sources believed to be reliable but J.P. Morgan does not guarantee its completeness or accuracy. The EMBI-GD Index is used with permission. The EMBI-GD Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2016, J.P. Morgan Chase & Co. All rights reserved.

6	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

Emerging Markets Debt Fund

Performance for the six months ended April 30, 2016

The Emerging Markets Debt Fund returned 5.21% for the Institutional Class, compared with the 5.35% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). For the one-year period ended April 30, 2016, the fund returned 1.85% versus 4.33% for the index. The table below shows returns for all share classes of the fund.

Emerging markets debt securities advance as commodity prices push higher

Emerging markets debt, as measured by the JP Morgan index, rose 7.10% in the final three months of the period, after falling 1.63% in the first three months. Low commodity prices—especially oil—weighed heavily on developing nations that depend on exports. Early in the period, crude oil prices fell sharply, while non-energy commodities struggled against a backdrop of weaker economic growth in China, broadly slower global growth and the U.S. Federal Reserve’s 0.25% rate hike in December 2015.

By mid-February, crude oil prices reversed course and began to rise steadily, despite ending the period flat. Furthermore, China’s currency stabilized, the dollar declined and the Fed signaled it might raise rates at a less aggressive pace than previously anticipated. As a result, many emerging markets nations saw improved performance in the latter half of the period.

The fund achieves gains but modestly trails its benchmark

During the period, the fund slightly trailed its benchmark, largely due to specific corporate selections in Brazil (including one local currency corporate bond) and Colombia. The allocation to local currency sovereign bonds, which returned 7.8% in U.S. dollar terms during the period, was positive, as was the allocation to hard currency corporate bonds, which outperformed sovereigns.

The most significant factors limiting the fund’s relative performance came from security selections in Brazil, where the fund suffered from exposure to a distressed telecom operator, a mining company that suffered a dam accident, and an infrastructure/engineering company. Colombia also detracted due to corporate security selections related mainly to an independent oil and gas company, which defaulted and declared a restructuring during the period. In addition, an underweight to Argentina in sovereign issues detracted from performance, but was partly offset by security selection, which included exposure to a provincial issuer. Similarly, an underweight to Malaysian quasi-sovereigns detracted, though this was offset by successful security choices.

By contrast, the fund benefited from a number of successful allocations, including an underweight to Poland and overweights to Ecuador and Angola. The fund was also helped by an underweight to Chinese quasi-sovereigns and strong corporate selections in Kazakhstan, Guatemala and South Africa.

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Emerging Markets Debt Fund

Performance as of April 30, 2016

							Average annual
		Total return					total return
	Inception						since fund
Emerging Markets Debt Fund	date		6 months		1 year			inception
Institutional Class	9/26/2014		5.21	%	1.85	%		1.44	%
Advisor Class	12/4/2015		5.16	*	1.80	*		1.41	*
Premier Class	9/26/2014		5.25		1.70			1.27
Retirement Class	9/26/2014		5.09		1.51			1.13
Retail Class	9/26/2014		5.05		1.44			1.05
JP Morgan Emerging Markets Bond Index Global Diversified	—		5.35		4.33			4.27	^†

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

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

8	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

Emerging Markets Debt Fund

Portfolio composition

	% of net assets
	as of 4/30/2016
Foreign government securities		57.8
Corporate bonds		40.6
Short-term investments, other assets & liabilities, net		1.6
Total		100.0

Holdings by country

% of portfolio investments
as of 4/30/2016
Mexico			8.4
Turkey			7.7
Brazil			5.5
South Africa			5.2
Peru			4.8
Indonesia			4.4
Russia			3.7
Argentina			3.7
Colombia			2.9
India			2.8
40 other nations			49.4
Short-term investments			1.5
Total			100.0

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
as of 4/30/2016
Less than 1 year			2.4
1–3 years			3.0
3–5 years			15.2
5–10 years			49.6
Over 10 years			29.8
Total			100.0

Holdings by credit quality*

% of fixed-income investments
(excluding short-term investments)
as of 4/30/2016
Aaa/AAA			0.7
A/A			7.9
Baa/BBB			40.1
Ba/BB			24.0
B/B			20.5
Below B/B			2.9
Non-rated			3.9
Total			100.0

^*	Credit quality ratings are based on the J.P. Morgan methodology, which uses the higher of the Moody’s and Standard & Poor’s ratings agencies. These ratings are subject to change without notice.

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

Emerging Markets Debt Fund ■ April 30, 2016

							% of net
Principal			Issuer		Value		assets
BONDS
CORPORATE BONDS
ARGENTINA					$	1,567,500		0.7	%
AZERBAIJAN						1,295,780		0.6
BRAZIL						4,390,672		1.9
CHILE						5,024,013		2.1
CHINA						1,924,660		0.8
COLOMBIA
$	1,800,000	g	GrupoSura Finance S.A.	5.500%, 04/29/26		1,831,500		0.8
			Other			2,443,250		1.0
						4,274,750		1.8
COSTA RICA
	1,800,000	g	Banco Nacional de Costa Rica	5.875%, 04/25/21		1,804,500		0.8
						1,804,500		0.8
CROATIA						1,032,774		0.4
GUATEMALA						1,228,500		0.5
INDIA						4,906,198		2.2
INDONESIA						5,221,866		2.2
JAMAICA
	2,700,000	g	Digicel Group Ltd	7.125%–8.250%, 09/30/20–04/01/22		2,325,500		1.0
						2,325,500		1.0
KAZAKHSTAN						1,589,738		0.7
LUXEMBOURG						1,101,125		0.5
MALAYSIA						879,091		0.4
MEXICO
	2,450,000		BBVA Bancomer S.A.	5.350%–6.750%, 09/30/22–11/12/29		2,526,375		1.1
	1,800,000	g	Cemex SAB de C.V.	7.750%, 04/16/26		1,921,500		0.8
	2,350,000	g	Petroleos Mexicanos	3.500%–6.875%, 01/30/23–08/04/26		2,392,262		1.0
	1,800,000	g	Sigma Alimentos S.A. de C.V.	4.125%, 05/02/26		1,804,248		0.8
			Other			9,196,651		3.8
						17,841,036		7.5
MOROCCO
	2,300,000		OCP S.A.	4.500%–6.875%, 10/22/25–04/25/44		2,316,500		1.0
						2,316,500		1.0
NETHERLANDS
	1,800,000	g	GTH Finance BV	7.250%, 04/26/23		1,801,134		0.8
						1,801,134		0.8

2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

Emerging Markets Debt Fund ■ April 30, 2016

							% of net
Principal			Issuer		Value		assets
NIGERIA
$	2,300,000	g	Zenith Bank plc	6.250%, 04/22/19	$	2,122,210		0.9	%
						2,122,210		0.9
PERU
	1,750,000	g	Union Andina de Cementos SAA	5.875%, 10/30/21		1,798,125		0.8
			Other			2,341,250		1.0
						4,139,375		1.8
RUSSIA						2,151,284		0.9
SINGAPORE						1,015,000		0.4
SOUTH AFRICA
	2,200,000	g	Eskom Holdings SOC Ltd	5.750%, 01/26/21		2,076,765		0.9
	2,300,000	g	Transnet SOC Ltd	4.000%, 07/26/22		2,103,469		0.9
			Other			2,111,549		0.9
						6,291,783		2.7
SRI LANKA
	1,800,000	g	National Savings Bank	5.150%, 09/10/19		1,710,000		0.7
						1,710,000		0.7
TRINIDAD AND TOBAGO						774,001		0.3
TURKEY						8,867,972		3.9
UKRAINE						984,500		0.4
UNITED ARAB EMIRATES						1,244,232		0.5
UNITED KINGDOM						1,298,059		0.6
UNITED STATES						2,386,875		1.1
VENEZUELA						1,116,012		0.5
				TOTAL CORPORATE BONDS
				(Cost $99,115,355)		94,626,640		40.6
GOVERNMENT BONDS
ANGOLA
	3,225,000	g	Republic of Angola	9.500%, 11/12/25		3,148,567		1.3
						3,148,567		1.3
ARGENTINA
	2,725,000	g,h	Argentine Republic Government
			International Bond	6.875%, 04/22/21		2,808,113		1.2
	1,625,000	g,h	Argentine Republic Government
			International Bond	7.500%, 04/22/26		1,649,375		0.7
			Other			2,588,786		1.1
						7,046,274		3.0
AZERBAIJAN
	2,200,000	g	Southern Gas Corridor CJSC	6.875%, 03/24/26		2,261,050		1.0
						2,261,050		1.0

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)

continued

Emerging Markets Debt Fund ■ April 30, 2016

							% of net
Principal			Issuer		Value		assets
BRAZIL
BRL	7,150,000		Brazil Notas do Tesouro Nacional Serie F	10.000%, 01/01/21	$	1,921,115		0.8	%
$	2,760,000		Brazilian Government International Bond	4.250%, 01/07/25		2,562,660		1.1
	2,300,000		Brazilian Government International Bond	5.000%, 01/27/45		1,857,250		0.8
			Other			2,021,997		0.9
						8,363,022		3.6
COLOMBIA						1,394,250		0.6
COSTA RICA
	2,500,000	g	Costa Rica Government International Bond	7.158%, 03/12/45		2,331,250		1.0
						2,331,250		1.0
COTE D’IVOIRE						864,595		0.4
CROATIA
	1,915,000	g	Croatia Government International Bond	6.375%, 03/24/21		2,096,025		0.9
			Other			823,215		0.3
						2,919,240		1.2
DOMINICAN REPUBLIC
	2,225,000	g	Dominican Republic International Bond	5.500%, 01/27/25		2,225,000		1.0
			Other			1,816,603		0.7
						4,041,603		1.7
ECUADOR
	2,200,000	g	Ecuador Government International Bond	10.500%, 03/24/20		2,079,000		0.9
						2,079,000		0.9
EGYPT						1,454,700		0.6
EL SALVADOR
	2,000,000	g	El Salvador Government International Bond	7.650%, 06/15/35		1,790,000		0.8
						1,790,000		0.8
GHANA
	2,200,000	g	Republic of Ghana	8.125%, 01/18/26		1,738,440		0.7
						1,738,440		0.7
GREECE						973,994		0.4
GUATEMALA
	1,775,000	g	Guatemala Government Bond	4.500%, 05/03/26		1,761,688		0.8
			Other			1,354,812		0.6
						3,116,500		1.4
HUNGARY
	3,000,000		Hungary Government International Bond	5.750%, 11/22/23		3,393,750		1.5
						3,393,750		1.5
INDIA
INR	108,000,000		International Finance Corp	6.450%, 10/30/18		1,625,461		0.7
						1,625,461		0.7

2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

Emerging Markets Debt Fund ■ April 30, 2016

							% of net
Principal			Issuer		Value		assets
INDONESIA
$	2,355,000	g	Indonesia Government International Bond	3.375%, 04/15/23	$	2,331,657		1.0	%
	1,600,000	g	Republic of Indonesia	5.250%, 01/17/42		1,638,776		0.7
			Other			1,123,676		0.5
						5,094,109		2.2
JAMAICA
	1,675,000		Jamaica Government International Bond	7.875%, 07/28/45		1,742,000		0.7
			Other			1,025,000		0.4
						2,767,000		1.1
KAZAKHSTAN						1,363,818		0.6
MALAYSIA						1,141,303		0.5
MEXICO
MXN	32,540,000		Mexican Bonos	6.500%, 06/09/22		1,990,276		0.8
						1,990,276		0.8
MOROCCO
$	3,300,000	g	Morocco Government International Bond	4.250%, 12/11/22		3,411,375		1.5
						3,411,375		1.5
NAMIBIA
	2,225,000	g	Namibia International Bonds	5.250%, 10/29/25		2,186,864		0.9
						2,186,864		0.9
NIGERIA						1,398,360		0.6
PAKISTAN
	1,900,000	g	Pakistan Government International Bond	8.250%, 09/30/25		2,001,485		0.9
			Other			1,153,434		0.5
						3,154,919		1.4
PANAMA
	3,600,000		Panama Government International Bond	3.875%, 03/17/28		3,690,000		1.6
						3,690,000		1.6
PARAGUAY
	2,250,000	g	Republic of Paraguay	6.100%, 08/11/44		2,295,000		1.0
			Other			1,250,750		0.5
						3,545,750		1.5
PERU
	2,525,000		Peruvian Government International Bond	4.125%, 08/25/27		2,697,963		1.2
	2,500,000		Peruvian Government International Bond	5.625%, 11/18/50		2,893,750		1.2
			Other			1,480,898		0.6
						7,072,611		3.0
PHILIPPINES
PHP	72,000,000		Philippine Government International Bond	6.250%, 01/14/36		1,722,741		0.7
			Other			1,067,134		0.5
						2,789,875		1.2

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Summary portfolio of investments (unaudited)	continued

Emerging Markets Debt Fund ■ April 30, 2016

							% of net
Principal			Issuer		Value		assets
REPUBLIC OF SERBIA
$	3,225,000	g	Republic of Serbia	7.250%, 09/28/21	$	3,653,274		1.6	%
						3,653,274		1.6
RUSSIA
RUB	142,500,000		Russian Federal Bond - OFZ	7.000%, 08/16/23		1,999,809		0.9
$	1,570,000	g	Russian Foreign Bond - Eurobond	4.875%, 09/16/23		1,671,061		0.7
	1,600,000	g	Russian Foreign Bond - Eurobond	5.625%, 04/04/42		1,682,829		0.7
			Other			1,211,923		0.5
						6,565,622		2.8
SLOVENIA						423,356		0.2
SOUTH AFRICA
	1,900,000		South Africa Government International Bond	5.875%, 09/16/25		2,051,042		0.9
	2,515,000		South Africa Government
			International Bond	4.875%–6.250%, 03/09/20–03/08/41		2,600,236		1.1
			Other			1,118,766		0.5
						5,770,044		2.5
SRI LANKA
	1,850,000	g	Sri Lanka Government International Bond	6.850%, 11/03/25		1,821,591		0.8
			Other			1,104,128		0.5
						2,925,719		1.3
TUNISIA						2,123,389		0.9
TURKEY
	1,750,000		Turkey Government International Bond	6.625%, 02/17/45		2,067,450		0.9
	4,395,000		Turkey Government
			International Bond	4.875%–8.000%, 11/07/19–02/14/34		4,906,137		2.1
			Other			1,978,090		0.9
						8,951,677		3.9
UKRAINE
	2,327,718	g	Ukraine Government International Bond	7.750%, 09/01/19		2,246,713		1.0
	1,850,000	g	Ukraine Government International Bond	7.750%, 09/01/27		1,718,558		0.7
			Other			162,391		0.1
						4,127,662		1.8
UNITED ARAB EMIRATES
	2,000,000	g,h	Abu Dhabi Government International Bond	3.125%, 05/03/26		2,015,000		0.9
						2,015,000		0.9
URUGUAY
	2,200,000		Uruguay Government International Bond	5.100%, 06/18/50		2,062,500		0.9
			Other			1,363,094		0.6
						3,425,594		1.5
VENEZUELA
	6,330,000		Venezuela Government
			International Bond	7.750%–11.750%, 10/13/19–05/07/28		2,556,787		1.1
						2,556,787		1.1

2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

Emerging Markets Debt Fund ■ April 30, 2016

						% of net
Principal		Issuer		Value		assets
VIETNAM				$	1,356,247		0.6	%
ZAMBIA					2,406,947		1.0
			TOTAL GOVERNMENT BONDS
			(Cost $135,188,341)		134,449,274		57.8
			TOTAL BONDS
			(Cost $234,303,696)		229,075,914		98.4

SHORT-TERM INVESTMENTS
UNITED STATES
$	3,500,000	Federal National Mortgage Association (FNMA)	0.140%, 05/02/16		3,500,000		1.5
					3,500,000		1.5
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $3,499,986)		3,500,000		1.5

			TOTAL PORTFOLIO
			(Cost $237,803,682)		232,575,914		99.9
			OTHER ASSETS & LIABILITIES, NET		167,014		0.1
			NET ASSETS	$	232,742,928		100.0	%

Abbreviation(s):

BRL	Brazilian Real
INR	Indian Rupee
MXN	Mexican Peso
PHP	Philippine Peso
RUB	Russian Ruble

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2016, the aggregate value of these securities, including those in “Other,” amounted to $160,508,341 or 69.0% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.

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

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments.

Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Summary of market values by sector (unaudited)

Emerging Markets Debt Fund ■ April 30, 2016

			% of net
Sector	Value		assets
GOVERNMENT	$	130,877,437		56.2	%
FINANCIALS		27,780,541		11.9
UTILITIES		15,020,171		6.5
ENERGY		14,748,563		6.3
INDUSTRIALS		11,237,982		4.8
MATERIALS		9,471,842		4.1
TELECOMMUNICATION SERVICES		9,247,976		4.0
INFORMATION TECHNOLOGY		4,592,035		2.0
CONSUMER STAPLES		3,082,244		1.3
CONSUMER DISCRETIONARY		3,017,123		1.3
SHORT-TERM INVESTMENTS		3,500,000		1.5
OTHER ASSETS & LIABILITIES, NET		167,014		0.1
NET ASSETS	$	232,742,928		100.0	%

2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Statement of assets and liabilities (unaudited)

Emerging Markets Debt Fund ■ April 30, 2016

ASSETS
Portfolio investments, at value^†	$	232,575,914
Cash		48,738
Receivable from securities transactions		9,086,899
Receivable from Fund shares sold		434,518
Dividends and interest receivable		3,132,658
Due from affiliates		485
Other		2,287
Total assets		245,281,499
LIABILITIES
Management fees payable		13,927
Service agreement fee payable		90
Distribution fee payable		398
Due to affiliates		21,133
Payable for securities transactions		8,472,517
Payable for delayed delivery securities		3,848,710
Payable for Fund shares redeemed		30,787
Payable for trustee compensation		2,876
Unrealized depreciation on forward foreign currency contracts		92,762
Accrued expenses and other payables		55,371
Total liabilities		12,538,571
NET ASSETS	$	232,742,928
NET ASSETS CONSIST OF:
Paid-in-capital	$	239,370,772
Undistributed net investment income (loss)		2,329,148
Accumulated net realized gain (loss) on total investments		(3,650,900	)
Net unrealized appreciation (depreciation) on total investments		(5,306,092	)
NET ASSETS	$	232,742,928
INSTITUTIONAL CLASS:
Net assets	$	226,918,486
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		23,670,071
Net asset value per share		$9.59
ADVISOR CLASS:
Net assets	$	107,210
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,180
Net asset value per share		$9.59
PREMIER CLASS:
Net assets	$	980,415
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		102,284
Net asset value per share		$9.59

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Statement of assets and liabilities (unaudited)	concluded

Emerging Markets Debt Fund ■ April 30, 2016

RETIREMENT CLASS:
Net assets	$	3,351,764
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		349,799
Net asset value per share		$9.58
RETAIL CLASS:
Net assets	$	1,385,053
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		144,543
Net asset value per share		$9.58
^† Portfolio investments, cost	$	237,803,682

2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Statement of operations (unaudited)

Emerging Markets Debt Fund ■ For the period ended April 30, 2016

INVESTMENT INCOME
Interest*	$	7,403,961
Total income		7,403,961
EXPENSES
Management fees		587,660
Shareholder servicing — Institutional Class		424
Shareholder servicing — Advisor Class^†		82
Shareholder servicing — Premier Class		56
Shareholder servicing — Retirement Class		3,182
Shareholder servicing — Retail Class		1,221
Distribution fees — Premier Class		697
Distribution fees — Retail Class		1,563
Administrative service fees		29,389
Trustees’ fees and expenses		912
Other expenses		108,737
Total expenses		733,923
Less: Expenses reimbursed by the investment adviser		(32,440	)
Net expenses		701,483
Net Investment income (loss)		6,702,478
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(1,166,888	)
Foreign currency transactions		(408,836	)
Swap transactions		(121,963	)
Net realized gain (loss) on total investments		(1,697,687	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		6,585,267
Forward foreign currency contracts		(92,762	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		24,195
Net change in unrealized appreciation (depreciation) on total investments		6,516,700
Net realized and unrealized gain (loss) on total investments	$	4,819,013
Net increase (decrease) in net assets from operations	$	11,521,491
* Net of foreign withholding taxes of unaffiliated issuers	$	3,940
^† Advisor Class commenced operations on December 4, 2015.

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Statements of changes in net assets

Emerging Markets Debt Fund ■ For the period or year ended

		April 30, 2016			October 31, 2015
			(unaudited	)
OPERATIONS
Net investment income (loss)		$	6,702,478		$	10,963,147
Net realized gain (loss) on total investments			(1,697,687	)		(3,513,996	)
Net change in unrealized appreciation (depreciation) on total investments			6,516,700			(11,825,257	)
Net increase (decrease) in net assets from operations			11,521,491			(4,376,106	)
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(5,523,814	)		(8,103,477	)
	Advisor Class^†		(1,110	)		—
	Premier Class		(24,123	)		(34,818	)
	Retirement Class		(61,428	)		(68,959	)
	Retail Class		(31,124	)		(41,319	)
Total distributions			(5,641,599	)		(8,248,573	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		38,278,825			209,868,388
	Advisor Class^†		99,983			—
	Retirement Class		1,181,879			1,486,120
	Retail Class		97,164			261,578
Reinvestments of distributions:	Institutional Class		14,921			530,552
	Premier Class		—			22,031
	Retirement Class		37,731			56,400
	Retail Class		7,681			28,670
Redemptions:	Institutional Class		(27,391,978	)		(41,137,878	)
	Retirement Class		(311,074	)		(277,779	)
	Retail Class		(12,440	)		(61,178	)
Net increase from shareholder transactions			12,002,692			170,776,904
Net increase in net assets			17,882,584			158,152,225
NET ASSETS
Beginning of period			214,860,344			56,708,119
End of period		$	232,742,928		$	214,860,344
Undistributed net investment income (loss) included in net assets		$	2,329,148		$	1,268,269

2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

Statements of changes in net assets	concluded

Emerging Markets Debt Fund ■ For the period or year ended

		April 30, 2016			October 31, 2015
			(unaudited)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,194,935			21,436,059
	Advisor Class^†		11,180			—
	Retirement Class		127,891			153,249
	Retail Class		10,669			26,767
Shares reinvested:	Institutional Class		1,633			55,058
	Premier Class		—			2,284
	Retirement Class		4,143			5,954
	Retail Class		845			2,996
Shares redeemed:	Institutional Class		(3,003,431	)		(4,327,920	)
	Retirement Class		(33,657	)		(29,131	)
	Retail Class		(1,396	)		(6,357	)
Net increase (decrease) from shareholder transactions			1,312,812			17,318,959

^† Advisor Class commenced operations on December 4, 2015.

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Financial highlights

Emerging Markets Debt Fund

			Selected per share data
					Gain (loss) from investment operations
								Net realized
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from
	period		value,		investment			gain (loss)			(loss) from			Net			Net
	or year		beginning		income			on total			investment			investment			realized
	ended		of period		(loss)		^a	investments			operations			income			gains
Institutional Class
	4/30/16	^#	$	9.36	$	0.29		$	0.18		$	0.47		$	(0.24	)		$—
	10/31/15			10.04		0.51			(0.83	)		(0.32	)		(0.36	)		—
	10/31/14	*		10.00		0.04			0.00	^d		0.04			—			—
Advisor Class
	4/30/16	^†#		9.27		0.23			0.33			0.56			(0.24	)		—
Premier Class
	4/30/16	^#		9.35		0.28			0.20			0.48			(0.24	)		—
	10/31/15			10.04		0.49			(0.84	)		(0.35	)		(0.34	)		—
	10/31/14	*		10.00		0.04			0.00	^d		0.04			—			—
Retirement Class
	4/30/16	^#		9.35		0.27			0.19			0.46			(0.23	)		—
	10/31/15			10.04		0.49			(0.84	)		(0.35	)		(0.34	)		—
	10/31/14	*		10.00		0.04			0.00	^d		0.04			—			—
Retail Class
	4/30/16	^#		9.35		0.27			0.19			0.46			(0.23	)		—
	10/31/15			10.04		0.48			(0.84	)		(0.36	)		(0.33	)		—
	10/31/14	*		10.00		0.03			0.01			0.04			—			—

^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^e	The performance for the Advisor Class, including performance based on the fund’s Institutional Class prior to inception of the Advisor Class, was 5.16%.
^#	Unaudited.
*	The Fund commenced operations on September 26, 2014.
^†	Advisor Class commenced operations on December 4, 2015.

2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

See notes to financial statements

								Ratios and supplemental data

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

$	(0.24	)	$	9.59		5.21	%^b	$	226,918		0.68	%^c		0.65	%^c		6.28	%^c		62	%^b
	(0.36	)		9.36		(3.15	)		210,295		0.66			0.65			5.35			115
	—			10.04		0.40	^b		53,371		8.89	^c		0.65	^c		4.07	^c		3	^b

	(0.24	)		9.59		6.18	^be		107		0.89	^c		0.80	^c		6.21	^c		62	^b

	(0.24	)		9.59		5.25	^b		980		0.84	^c		0.80	^c		6.13	^c		62	^b
	(0.34	)		9.35		(3.44	)		957		0.86			0.80			5.09			115
	—			10.04		0.40	^b		1,004		10.26	^c		0.80	^c		3.70	^c		3	^b

	(0.23	)		9.58		5.09	^b		3,352		0.94	^c		0.90	^c		6.05	^c		62	^b
	(0.34	)		9.35		(3.51	)		2,351		0.94			0.90			5.09			115
	—			10.04		0.40	^b		1,218		10.22	^c		0.90	^c		3.70	^c		3	^b

	(0.23	)		9.58		5.05	^b		1,385		1.13	^c		1.00	^c		5.93	^c		62	^b
	(0.33	)		9.35		(3.59	)		1,257		0.97			0.97			4.96			115
	—			10.04		0.40	^b		1,114		10.33	^c		1.00	^c		3.53	^c		3	^b

See notes to financial statements

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

Emerging Markets Debt Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Emerging Markets Debt Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Fund. The Fund offers five share classes: Institutional, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. On December 4, 2015, the Fund made an additional share class (Advisor) available for sale pursuant to an amendment to the Trust’s registration statement filed with the Commission.

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

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

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

24	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

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

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

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

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

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

Trustee compensation: The Fund pays the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Fund until paid. Amounts payable to the trustees for compensation

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

are included in the accompanying Statement of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statement of Operations.

Note 2—valuation of investments

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statement of Assets and Liabilities. As of April 30, 2016, no investments were valued utilizing the practical expedient.

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

Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized in Level 2 of the fair value hierarchy.

26	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

continued

Transfers between levels are recognized at the end of the reporting period. For the period ended April 30, 2016, there were no material transfers between levels by the Fund.

As of April 30, 2016, 100% of the value of investments in the Fund were valued based on Level 2 inputs

Note 3—derivative instruments

At April 30, 2016, the Fund has invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

	Asset derivatives			Liabilities derivatives
Derivative contract		Location	Fair value amount	Location	Fair value amount
Emerging Markets Debt Fund
Foreign exchange contracts				Forward foreign currency contracts	$(92,762	)

For the period ended April 30, 2016, the effect of derivative contracts on the Fund’s Statement of Operations was as follows:

Derivative contracts	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation	)
Emerging Markets Debt Fund
Foreign exchange contracts	Forward foreign currency transactions	$	—		$(92,762	)
Credit contracts	Swaps transactions		(121,963	)	—

Forward foreign currency contracts: The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objectives. The Fund uses forward foreign currency contracts (“forwards”), including Non-Deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statement of Assets and Liabilities. The Fund realizes gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statement of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets and Liabilities. During the period ended the Fund had exposure to forwards, based on underlying nominal values, generally between 0% and 1%.

At April 30, 2016 the Emerging Markets Debt Fund held the following open forward contracts:

Counterparty	Contract settlement date	Receive		Deliver	Unrealized appreciation (depreciation	)
Bank of America	7/14/2016	$1,100,000	MXN	19,956,750	$(51,915	)
Bank of America	1/17/2017	$1,000,000	CNH	6,853,000	(40,847	)
Total					$(92,762	)

Abbreviation(s):

	CNH		Chinese Yuan
	MXN		Mexican Peso

Note 4—investment adviser and affiliates

Under the terms of the Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of between 0.47% and 0.55% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The fee range represents a breakpoint schedule that reduces investment management fees as the Fund’s net assets increase. The investment management fee effective rate is 0.55%. The Fund has entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.

Under the terms of a Retirement Class Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class shares of the Fund compensated TPIS for providing distribution, promotional and shareholder services to the Retail Class shares of the Fund at the annual rate of 0.25% of the average daily net assets

28	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

continued

attributable to the Fund’s Retail Class. The Premier Class of the Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional and shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.65% of the average daily net assets for the Institutional Class shares; 0.80% of average daily net assets for Advisor Class shares; 0.80% of average daily net assets for Premier Class shares; 0.90% of average daily net assets for Retirement Class shares; and 1.00% of average daily net assets for the Retail Class shares. The expense reimbursement arrangements will continue through at least February 28, 2017, unless changed with approval of the Board.

The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

At the commencement of operations of the Fund, TIAA, an affiliate, invested in the Fund. During the period ended April 30, 2016, TIAA received total proceeds of $8,100,000 from redemptions. The following is the percentage of the Fund’s shares owned by affiliates as of April 30, 2016:

Underlying Fund

TIAA

TIAA-CREF
Lifecycle Funds

Total

Emerging Markets Debt

93%

94%

Note 5—investments

Securities purchased on a when-issued or delayed-delivery basis: The Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time the Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

Restricted securities: Restricted securities held by the Fund, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Notes to financial statements (unaudited)

Net unrealized appreciation (depreciation): At April 30, 2016, the cost of portfolio investments for federal income tax purposes was $238,211,018. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $(5,635,104), consisting of gross unrealized appreciation of $5,302,757, and gross unrealized depreciation of $(10,937,861).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended April 30, 2016 were $146,518,735 and $130,794,343, respectively.

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended October 31, 2015 consisted of $8,248,573 of ordinary income.

The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.

Note 7—emerging markets risks

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

Note 8—line of credit

The Fund participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended April 30, 2016, there were no borrowings under this credit facility by the Fund.

Note 9—indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Fund’s organizational documents, the trustees and officers of the Fund are

30	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

concluded

indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be unlikely.

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Renewal of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Emerging Markets Debt Fund

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series. Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to the renewal of the Agreement with respect to the TIAA-CREF Emerging Markets Debt Fund (the “Fund”).

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

Overview of the renewal process

The Board held meetings on March 10, 2016 and March 24, 2016, at which it considered the annual renewal of the Agreement using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee and other Committees of the Board. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewal. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2015 renewal process. During a series of meetings held prior to the March 10 and March 24, 2016 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to the Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

32	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

Based on guidelines provided by the Operations Committee on behalf of the Board, Broadridge produced, among other information, performance and expense comparison data regarding the Fund, including data relating to the Fund’s management fee rate, total expense ratio, short-term and long-term investment performance and portfolio turnover rate. Broadridge also compared this data, as relevant, for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge independent of any input from TAI or the Board, and, in the case of the investment performance data, against an appropriate broad-based benchmark index. In each case, Broadridge summarized and the Board reviewed the methodologies it employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an unbiased view of the Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe identified by Broadridge (and not TAI or the Board).

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to the Fund pursuant to the Agreement. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of the Fund’s management fee rate and other aspects of the proposed renewal of the Agreement. The Trustees met in private sessions at which no TAI representatives were present to discuss the proposed renewal of the Agreement for the Fund. Further, at each regularly scheduled meeting of the Board, the Board receives and reviews, among other matters, information regarding the Fund’s performance and the Board considered that the evaluation of TAI’s services to the Fund is an ongoing one.

In advance of the Board meetings held on March 10 and March 24, 2016, legal counsel for the Trustees requested, on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for the Fund. In addition to the data provided by Broadridge, as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of the Fund since it had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Renewal of investment management agreement (unaudited)

year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Fund aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Fund; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Fund and affiliates of TAI; (8) a copy of TAI’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also given the opportunity to ask questions and request additional information.

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

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

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to

34	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

continued

renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 24, 2016, the Board voted unanimously to renew the Agreement for the Fund. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.

The nature, extent and quality of services

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

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

Investment performance

The Board considered the investment performance of the Fund, over the one-year and since-inception periods, as indicated in the synopsis below. The Board considered the Fund’s performance as compared to its peer group, peer universe and its benchmark index. The Board also reviewed the performance of the Fund before any reductions for fees or expenses. In this analysis, the Board considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Renewal of investment management agreement (unaudited)

litigation on the Fund’s performance as compared to the performance of its benchmark index. For details regarding the Fund’s performance, see the synopsis below. The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was reasonable.

Cost and profitability

Fees charged by other advisers

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

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of the Fund. The Board also considered the extent to which the Fund’s management fee breakpoints would have a material effect on its fees. The Board considered, in connection with the

36	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

continued

supporting Broadridge reports, TAI’s representation that the maximum fee rate that could be charged to the Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds and also considered that TAI had operated the Fund at a loss in 2015. Based on all factors considered, the Board concluded that the Fund’s fee schedule was reasonable in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliate, TIAA-CREF Investment Management, LLC, provide similar investment management services to other private funds and foreign funds (UCITs) that may have similar investment strategies as the Fund. In the future, TAI may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Board considered the management fee rates actually charged to the other private funds and UCITs that are managed using similar investment strategies. They also considered TAI’s disclosed fee rate schedules for separately managed account mandates with investment strategies similar to the Funds’ strategies. The Board also considered TAI’s representation that, while the management fee rate charged to the Fund may differ from the management fee rates chargeable to these other funds and accounts, this is due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services by TAI; (4) may have different regulatory burdens; (5) may target different types of investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

The Board also considered additional benefits to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Fund to the extent that this relationship results in potential investors viewing TIAA, of which TAI is an indirect wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these funds share resources and/or personnel. TAI and the Fund may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements. Additionally, the Fund may be utilized as an investment option for other products and businesses of TAI and its affiliates, such as variable products, funds of funds and 529 education savings plans.

TIAA-CREF Emerging Markets Debt Fund ■ 2016 Semiannual Report

Renewal of investment management agreement (unaudited)

concluded

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of the Fund, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2015.

•	The Fund’s annual contractual management fee rate is 0.55% of average daily net assets with breakpoints.
•	The Fund’s total expenses and contractual management fees were in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds identified by Broadridge for expense comparison purposes (“Expense Universe”). The Fund’s actual management fees were in the 2nd quintile of both its Expense Group and Expense Universe.
•	The Fund was in the 2nd and 1st quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes, for the one-year and since-inception periods, respectively, and in the 3rd quintile of the universe of comparable funds selected by Broadridge for performance comparison purposes for both the one-year and since-inception periods.
•	The Fund is too new to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period.

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

38	2016 Semiannual Report ■ TIAA-CREF Emerging Markets Debt Fund

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You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

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Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

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

TIAA-CREF FUNDS

ENHANCED LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 0.7%
	81,558		Lear Corp	$	9,389,772
	39	*,e	Tesla Motors, Inc		9,390
	19,750		Thor Industries, Inc		1,264,395
	38,468		Visteon Corp		3,064,746
			TOTAL AUTOMOBILES & COMPONENTS		13,728,303

CAPITAL GOODS - 8.4%
	112,429		3M Co		18,818,366
	84,991		Allison Transmission Holdings, Inc		2,448,591
	2,023	*	Babcock & Wilcox Enterprises, Inc		46,225
	183,361		Boeing Co		24,717,063
	166,888		BWX Technologies, Inc		5,572,390
	218,945	*	HD Supply Holdings, Inc		7,505,435
	135,899		Honeywell International, Inc		15,529,179
	61,560		Huntington Ingalls		8,912,041
	128,132		Illinois Tool Works, Inc		13,392,357
	69,914		Lockheed Martin Corp		16,246,615
	249,190		Masco Corp		7,652,625
	46,483		Northrop Grumman Corp		9,587,584
	196,219		Paccar, Inc		11,559,261
	297,787	*	Quanta Services, Inc		7,063,508
	10,090		Rockwell Automation, Inc		1,144,912
	167,136	*	Spirit Aerosystems Holdings, Inc (Class A)		7,880,462
	88,372	*	United Rentals, Inc		5,914,738
	186,572	*	USG Corp		5,039,310
	24,684		Valmont Industries, Inc		3,465,140
			TOTAL CAPITAL GOODS		172,495,802

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	124,007	*	Clean Harbors, Inc		6,125,946
	291,391		Pitney Bowes, Inc		6,110,469
	255,612		R.R. Donnelley & Sons Co		4,447,649
	81,623		Robert Half International, Inc		3,126,977
	61,769		Waste Management, Inc		3,631,399
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		23,442,440

CONSUMER DURABLES & APPAREL - 2.2%
	41,458		Carter’s, Inc		4,422,325
	242,258		DR Horton, Inc		7,282,275
	107,730		Hasbro, Inc		9,118,267
	135,690		Leggett & Platt, Inc		6,688,160
	163,272	*	Michael Kors Holdings Ltd		8,434,632
	173,584		Nike, Inc (Class B)		10,231,041
			TOTAL CONSUMER DURABLES & APPAREL		46,176,700

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

SHARES			COMPANY	VALUE

CONSUMER SERVICES - 3.8%
	165,922		ARAMARK Holdings Corp	$	5,560,046
	149,161		Brinker International, Inc		6,909,138
	91,661		Extended Stay America, Inc		1,434,495
	111,959		H&R Block, Inc		2,266,050
	35,440		Las Vegas Sands Corp		1,600,116
	10,978	e	Marriott International, Inc (Class A)		769,448
	157,489		McDonald’s Corp		19,920,783
	143,731	*	ServiceMaster Global Holdings, Inc		5,507,772
	125,469		Six Flags Entertainment Corp		7,534,413
	261,682		Starbucks Corp		14,714,379
	33,195		Starwood Hotels & Resorts Worldwide, Inc		2,718,007
	117,141		Wyndham Worldwide Corp		8,311,154
	431		Yum! Brands, Inc		34,290
			TOTAL CONSUMER SERVICES		77,280,091

DIVERSIFIED FINANCIALS - 3.1%
	90,199		American Express Co		5,901,721
	72,042		Ameriprise Financial, Inc		6,908,828
	3,289		Charles Schwab Corp		93,440
	28,430		Eaton Vance Corp		981,688
	30,414		Factset Research Systems, Inc		4,584,910
	53,480		Federated Investors, Inc (Class B)		1,689,968
	38,481		IntercontinentalExchange Group, Inc		9,236,594
	43,455		Invesco Ltd		1,347,540
	170,000		iShares Russell 1000 Growth Index Fund		16,804,500
	51,195		Lazard Ltd (Class A)		1,845,580
	61,521		Moody’s Corp		5,888,790
	114,270		T Rowe Price Group, Inc		8,603,388
			TOTAL DIVERSIFIED FINANCIALS		63,886,947

ENERGY - 0.3%
	92,105	*	FMC Technologies, Inc		2,808,281
	36,236		Marathon Petroleum Corp		1,416,103
	13,745		Tesoro Corp		1,095,339
			TOTAL ENERGY		5,319,723

FOOD & STAPLES RETAILING - 2.3%
	44,473		Costco Wholesale Corp		6,587,785
	271,981		CVS Health Corp		27,334,091
	379,436		Kroger Co		13,428,240
			TOTAL FOOD & STAPLES RETAILING		47,350,116

FOOD, BEVERAGE & TOBACCO - 8.5%
	473,147		Altria Group, Inc		29,671,048
	4,673		Brown-Forman Corp (Class B)		450,103
	129,673		Campbell Soup Co		8,002,121
	646,822		Coca-Cola Co		28,977,626
	45,282		Coca-Cola Enterprises, Inc		2,376,399
	19,919		Constellation Brands, Inc (Class A)		3,108,559
	116,214		Dr Pepper Snapple Group, Inc		10,565,015
	225,733		General Mills, Inc		13,846,462

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

SHARES			COMPANY	VALUE

	8,876		Hershey Co	$	826,444
	60,751		Ingredion, Inc		6,991,833
	135,703		Kellogg Co		10,423,348
	32,960		Kraft Heinz Co		2,573,187
	321,362		PepsiCo, Inc		33,087,432
	96,178		Philip Morris International, Inc		9,436,985
	41,027	e	Pilgrim’s Pride Corp		1,104,037
	119,473		Reynolds American, Inc		5,925,861
	98,344		Tyson Foods, Inc (Class A)		6,473,002
			TOTAL FOOD, BEVERAGE & TOBACCO		173,839,462

HEALTH CARE EQUIPMENT & SERVICES - 5.5%
	19,345		AmerisourceBergen Corp		1,646,260
	67,134		Baxter International, Inc		2,968,666
	144,540		Cardinal Health, Inc		11,340,608
	118,290	*	Centene Corp		7,329,248
	49,864		Cigna Corp		6,908,159
	97,901	*	DaVita, Inc		7,234,884
	76,963	*	Express Scripts Holding Co		5,674,482
	87,001	*	HCA Holdings, Inc		7,014,021
	28,248	*	Hologic, Inc		948,850
	95,407	*	LifePoint Health, Inc		6,445,697
	33,626		McKesson Corp		5,643,115
	34,644	*	Premier, Inc		1,171,314
	149,644		Resmed, Inc		8,350,135
	166,457	*	Tenet Healthcare Corp		5,275,022
	231,176		UnitedHealth Group, Inc		30,441,256
	76,584	*	VCA Antech, Inc		4,822,494
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		113,214,211

HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	63,218		Colgate-Palmolive Co		4,483,420
	97,365	*,e	Herbalife Ltd		5,642,302
	16,552		Kimberly-Clark Corp		2,072,145
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		12,197,867

INSURANCE - 0.6%
	3,342		Aon plc		351,311
	27,947	*	Berkshire Hathaway, Inc (Class B)		4,065,730
	121,188		Marsh & McLennan Cos, Inc		7,653,022
			TOTAL INSURANCE		12,070,063

MATERIALS - 4.4%
	8,837		Aptargroup, Inc		671,612
	106,555	*	Crown Holdings, Inc		5,643,153
	68,674		Dow Chemical Co		3,612,939
	96,399		Eastman Chemical Co		7,362,956
	49,081		EI du Pont de Nemours & Co		3,234,929
	436,480		Graphic Packaging Holding Co		5,796,454
	348,918		Huntsman Corp		5,491,969
	254,881		International Paper Co		11,028,701
	154,448		LyondellBasell Industries AF S.C.A		12,768,216
	64,849		Monsanto Co		6,075,054

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

SHARES			COMPANY	VALUE

	332,157	*	Owens-Illinois, Inc	$	6,131,618
	137,896		Packaging Corp of America		8,946,693
	186,037		Sealed Air Corp		8,810,712
	192,472		Steel Dynamics, Inc		4,852,219
			TOTAL MATERIALS		90,427,225

MEDIA - 5.3%
	56,521		CBS Corp (Class B)		3,160,089
	431,963		Comcast Corp (Class A)		26,246,072
	13,523	*	Discovery Communications, Inc (Class A)		369,313
	1,788		Interpublic Group of Cos, Inc		41,017
	136,956	*	MSG Networks, Inc		2,340,578
	133,132		Omnicom Group, Inc		11,045,962
	45,700	e	Regal Entertainment Group (Class A)		952,845
	71,180		Scripps Networks Interactive (Class A)		4,438,073
	68,622	*	Starz-Liberty Capital		1,867,205
	54,916		Time Warner Cable, Inc		11,648,233
	128,459		Time Warner, Inc		9,652,409
	100,054		Twenty-First Century Fox, Inc		3,027,634
	17,178		Twenty-First Century Fox, Inc (Class B)		517,401
	112,729		Viacom, Inc (Class B)		4,610,616
	275,022		Walt Disney Co		28,398,772
			TOTAL MEDIA		108,316,219

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
	276,040		AbbVie, Inc		16,838,440
	19,933	*	Alexion Pharmaceuticals, Inc		2,776,268
	27,065	*	Allergan plc		5,861,196
	159,317		Amgen, Inc		25,219,881
	56,913	*	Biogen Idec, Inc		15,650,506
	3,485	*	BioMarin Pharmaceutical, Inc		295,110
	225,798		Bristol-Myers Squibb Co		16,298,100
	122,075	*	Celgene Corp		12,623,776
	69,875	*	Charles River Laboratories International, Inc		5,538,991
	101,712		Eli Lilly & Co		7,682,307
	303,661		Gilead Sciences, Inc		26,785,937
	64,875	*	Jazz Pharmaceuticals plc		9,776,663
	135,664		Johnson & Johnson		15,205,221
	7,336	*	Medivation, Inc		424,021
	194,679		Merck & Co, Inc		10,676,196
	7,258	*	Regeneron Pharmaceuticals, Inc		2,734,161
	1,854	*	United Therapeutics Corp		195,041
	19,162	*	Vertex Pharmaceuticals, Inc		1,616,123
	11,317	*	Waters Corp		1,473,021
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		177,670,959

REAL ESTATE - 1.8%
	41,001		American Tower Corp		4,300,185
	9,464	*	CBRE Group, Inc		280,418
	152,986		Columbia Property Trust, Inc		3,411,588
	92,366		Crown Castle International Corp		8,024,758
	43,115		Digital Realty Trust, Inc		3,793,258
	339		Equinix, Inc		111,989

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

SHARES			COMPANY	VALUE

	8,915		Equity Lifestyle Properties, Inc	$	610,588
	274		Gaming and Leisure Properties, Inc		8,984
	10,090		Public Storage, Inc		2,470,133
	43,259		Simon Property Group, Inc		8,702,413
	77,864		Tanger Factory Outlet Centers, Inc		2,731,469
	88,124		Weyerhaeuser Co		2,830,543
			TOTAL REAL ESTATE		37,276,326

RETAILING - 8.0%
	17,753		Aaron’s, Inc		465,306
	72,016	*	Amazon.com, Inc		47,501,034
	1,514	*	AutoZone, Inc		1,158,558
	54,132	*	Bed Bath & Beyond, Inc		2,556,113
	13,119		Dillard’s, Inc (Class A)		924,234
	5,378		Dollar General Corp		440,512
	182,800	e	Gap, Inc		4,237,304
	76,441		Genuine Parts Co		7,336,043
	326,400	*	Groupon, Inc		1,181,568
	285,609		Home Depot, Inc		38,240,189
	34,187		L Brands, Inc		2,676,500
	40,296	*	Liberty Interactive Corp		1,055,755
	110,863	*	LKQ Corp		3,553,159
	169,094		Lowe’s Companies, Inc		12,854,526
	68,374		Macy’s, Inc		2,706,927
	52,449	*	NetFlix, Inc		4,721,983
	6,357	*	O’Reilly Automotive, Inc		1,669,857
	9,137	*	Priceline.com, Inc		12,277,021
	97,888		Ross Stores, Inc		5,558,081
	27,047		Target Corp		2,150,236
	116,841		TJX Companies, Inc		8,858,885
	47,541	*	Urban Outfitters, Inc		1,441,443
			TOTAL RETAILING		163,565,234

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	40,048		Broadcom Ltd		5,836,996
	289,055		Intel Corp		8,752,585
	31,067		Kla-Tencor Corp		2,172,826
	55,764		Lam Research Corp		4,260,370
	6,057		Linear Technology Corp		269,415
	269,070	*	Micron Technology, Inc		2,892,502
	395,492	*	ON Semiconductor Corp		3,745,309
	11,657		Qualcomm, Inc		588,912
	326,622		Texas Instruments, Inc		18,630,519
	148,822		Xilinx, Inc		6,411,252
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		53,560,686

SOFTWARE & SERVICES - 18.6%
	106,477		Accenture plc		12,023,383
	28,744	*	Adobe Systems, Inc		2,708,260
	45,530	*	Alliance Data Systems Corp		9,256,704
	55,412	*	Alphabet, Inc (Class A)		39,225,047
	56,547	*	Alphabet, Inc (Class C)		39,187,636
	13,158		Automatic Data Processing, Inc		1,163,693

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

SHARES			COMPANY	VALUE

	121,788	*	Citrix Systems, Inc	$	9,967,130
	31,354	*	Cognizant Technology Solutions Corp (Class A)		1,830,133
	535,046	*	eBay, Inc		13,071,174
	402,149	*	Facebook, Inc		47,284,679
	145,924	*	First American Corp		5,177,384
	113,460	*	Fiserv, Inc		11,087,311
	14,685	*	GoDaddy, Inc		445,983
	145,154		International Business Machines Corp		21,183,775
	39,526		Leidos Holdings, Inc		1,960,885
	175,294		Mastercard, Inc (Class A)		17,001,765
	1,020,698		Microsoft Corp		50,902,209
	238,068		Oracle Corp		9,489,390
	21,355		Paychex, Inc		1,113,023
	69,287	*	PayPal Holdings, Inc		2,714,665
	258,849	*,e	Rackspace Hosting, Inc		5,919,877
	242,467		Sabre Corp		7,019,420
	100,315	*	Salesforce.com, Inc		7,603,877
	23,666	*	Teradata Corp		598,750
	149,318		Total System Services, Inc		7,636,123
	4,686	*	Twitter, Inc		68,509
	96,321	*	Vantiv, Inc		5,253,347
	131,487	*	VeriFone Systems, Inc		3,742,120
	92,496	*,e	VeriSign, Inc		7,991,654
	311,024		Visa, Inc (Class A)		24,023,494
	470,889		Western Union Co		9,417,780
	71,063	*	WEX, Inc		6,714,743
			TOTAL SOFTWARE & SERVICES		382,783,923

TECHNOLOGY HARDWARE & EQUIPMENT – 6.9%
	29,161		Amphenol Corp (Class A)		1,628,059
	1,183,853		Apple, Inc		110,974,380
	240,248	*	ARRIS International plc		5,470,447
	82,628	*	F5 Networks, Inc		8,655,283
	182,722		Ingram Micro, Inc (Class A)		6,386,134
	128,485		Motorola, Inc		9,660,787
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		142,775,090

TELECOMMUNICATION SERVICES - 2.7%
	265,150		AT&T, Inc		10,293,123
	867,334		Verizon Communications, Inc		44,181,994
			TOTAL TELECOMMUNICATION SERVICES		54,475,117

TRANSPORTATION - 3.3%
	85,891		Alaska Air Group, Inc		6,049,303
	244,138		American Airlines Group, Inc		8,469,147
	3,890		CH Robinson Worldwide, Inc		276,074
	260,207		Delta Air Lines, Inc		10,842,826
	7,910		FedEx Corp		1,306,020
	191,742	*	JetBlue Airways Corp		3,794,574
	184,131		Southwest Airlines Co		8,214,084
	101,294		Union Pacific Corp		8,835,876
	155,636	*	United Continental Holdings, Inc		7,129,685
	119,165		United Parcel Service, Inc (Class B)		12,520,666
			TOTAL TRANSPORTATION		67,438,255

			TOTAL COMMON STOCKS		2,039,290,759
			(Cost $1,722,491,930)

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

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 1.3%

GOVERNMENT AGENCY DEBT - 0.2%
$	4,450,000		Federal National Mortgage Association (FNMA)		0.140	%	05/02/16	$	4,450,000
			TOTAL GOVERNMENT AGENCY DEBT						4,450,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	21,742,240	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						21,742,240
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						21,742,240

			TOTAL SHORT-TERM INVESTMENTS						26,192,240
			(Cost $26,192,223)
			TOTAL INVESTMENTS - 100.7%						2,065,482,999
			(Cost $1,748,684,153)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(14,889,132	)
			NET ASSETS - 100.0%					$	2,050,593,867


*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $20,724,745.

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

TIAA-CREF FUNDS

ENHANCED LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.7%

AUTOMOBILES & COMPONENTS - 0.4%
	242,424		Ford Motor Co	$	3,287,270
	81,424		General Motors Co		2,589,283
	66,000		Goodyear Tire & Rubber Co		1,912,020
	4,000		Lear Corp		460,520
			TOTAL AUTOMOBILES & COMPONENTS		8,249,093

BANKS - 9.9%
	1,523,224		Bank of America Corp		22,178,141
	36,800		Bank of Hawaii Corp		2,517,488
	75,750		BankUnited		2,613,375
	77,224		BB&T Corp		2,732,185
	453,224		Citigroup, Inc		20,975,207
	14,224		Citizens Financial Group, Inc		325,018
	68,000		Comerica, Inc		3,019,200
	36,800		Commerce Bancshares, Inc		1,722,976
	80,000		East West Bancorp, Inc		2,999,200
	42,424		Fifth Third Bancorp		776,783
	55,555		First Republic Bank		3,906,628
	44,224		Huntington Bancshares, Inc		444,893
	733,890		JPMorgan Chase & Co		46,381,848
	14,124		M&T Bank Corp		1,671,152
	73,800		PacWest Bancorp		2,950,524
	77,224		PNC Financial Services Group, Inc		6,778,723
	20,000		Popular, Inc		594,400
	24,224		Regions Financial Corp		227,221
	21,890	*,n	Signature Bank		3,017,099
	169,900		SunTrust Banks, Inc		7,091,626
	31,800	*,n	SVB Financial Group		3,316,104
	151,000		Synovus Financial Corp		4,705,160
	177,724		US Bancorp		7,587,038
	1,006,389		Wells Fargo & Co		50,299,322
	14,224		Zions Bancorporation		391,445
			TOTAL BANKS		199,222,756

CAPITAL GOODS - 8.6%
	88,000	*	Aecom Technology Corp		2,859,120
	45,000		AGCO Corp		2,406,150
	50,000		Air Lease Corp		1,524,000
	30,800		Allegion plc		2,015,860
	68,000	*	Babcock & Wilcox Enterprises, Inc		1,553,800
	96,981		BWX Technologies, Inc		3,238,196
	95,750		Caterpillar, Inc		7,441,690
	7,224		Chicago Bridge & Iron Co NV		290,766
	25,000	*	Colfax Corp		810,750
	16,600		Crane Co		922,462

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

SHARES			COMPANY	VALUE

	9,000		Cummins, Inc	$	1,053,270
	42,424		Danaher Corp		4,104,522
	18,000	e	Donaldson Co, Inc		588,240
	60,000		Dover Corp		3,942,000
	74,224		Eaton Corp		4,696,153
	54,000		Fluor Corp		2,951,640
	41,500		Fortune Brands Home & Security, Inc		2,299,515
	45,000	e	GATX Corp		2,067,300
	36,800		General Dynamics Corp		5,171,136
	1,647,224	n	General Electric Co		50,652,138
	13,000		Honeywell International, Inc		1,485,510
	10,000		Hubbell, Inc		1,057,600
	9,000		IDEX Corp		737,100
	47,500		Ingersoll-Rand plc		3,113,150
	30,000		ITT Corp		1,151,100
	25,000	*	Jacobs Engineering Group, Inc		1,114,500
	23,100		Lockheed Martin Corp		5,367,978
	6,800		MSC Industrial Direct Co (Class A)		527,000
	47,750		Northrop Grumman Corp		9,848,915
	33,999		Orbital ATK, Inc		2,957,913
	16,000	e	Oshkosh Truck Corp		781,600
	63,839	n	Owens Corning, Inc		2,941,063
	14,724		Parker Hannifin Corp		1,708,278
	35,724		Pentair plc		2,074,850
	11,424	*	Quanta Services, Inc		270,977
	81,380		Raytheon Co		10,282,363
	8,200		Regal-Beloit Corp		528,244
	3,000		Roper Industries, Inc		528,270
	18,000		Snap-On, Inc		2,867,040
	14,992	*	Spirit Aerosystems Holdings, Inc (Class A)		706,873
	61,800		Stanley Works		6,916,656
	54,500		Terex Corp		1,302,005
	15,000		Timken Co		534,450
	44,224		United Technologies Corp		4,615,659
	13,000		Valmont Industries, Inc		1,824,940
	24,903	*	WESCO International, Inc		1,464,047
	39,000		Xylem, Inc		1,629,420
			TOTAL CAPITAL GOODS		168,926,209

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	17,724	*	Clean Harbors, Inc		875,566
	16,390		Equifax, Inc		1,970,897
	54,000		Nielsen NV		2,815,560
	24,224		Pitney Bowes, Inc		507,977
	57,224		R.R. Donnelley & Sons Co		995,698
	63,800		Republic Services, Inc		3,003,066
	54,000		Waste Connections, Inc		3,633,120
	47,724		Waste Management, Inc		2,805,694
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		16,607,578

CONSUMER DURABLES & APPAREL - 1.8%
	93,800		Coach, Inc		3,777,326
	66,000		DR Horton, Inc		1,983,960

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

SHARES			COMPANY	VALUE

	157,000	*,e	GoPro, Inc	$	1,984,480
	165,394	n	Hanesbrands, Inc		4,801,388
	5,000		Hasbro, Inc		423,200
	45,000	e	Lennar Corp (Class A)		2,038,950
	155,750		Mattel, Inc		4,842,268
	111,900		Newell Rubbermaid, Inc		5,095,926
	30,700		Phillips-Van Heusen Corp		2,934,920
	72,224		Pulte Homes, Inc		1,328,199
	32,800		Ralph Lauren Corp		3,057,288
	33,000	e	Tupperware Corp		1,916,310
	11,300	*	Vista Outdoor, Inc		542,174
	8,574		Whirlpool Corp		1,493,076
			TOTAL CONSUMER DURABLES & APPAREL		36,219,465

CONSUMER SERVICES - 1.0%
	79,724		Carnival Corp		3,910,462
	63,900		Darden Restaurants, Inc		3,977,775
	46,800	*	Hyatt Hotels Corp		2,240,784
	18,000		International Game Technology plc		312,120
	213,800	*	MGM Resorts International		4,553,940
	61,800	*,n	Norwegian Cruise Line Holdings Ltd		3,021,402
	12,424		Royal Caribbean Cruises Ltd		961,618
	193,000		Sands China Ltd		687,600
			TOTAL CONSUMER SERVICES		19,665,701

DIVERSIFIED FINANCIALS - 5.7%
	64,124		American Express Co		4,195,633
	64,224		Bank of New York Mellon Corp		2,584,374
	16,500		BlackRock, Inc		5,879,445
	121,000		Capital One Financial Corp		8,759,190
	30,000		Charles Schwab Corp		852,300
	31,424		CME Group, Inc		2,888,180
	20,000	e	Consumer Discretionary Select Sector SPDR Fund		1,583,000
	27,124		Discover Financial Services		1,526,267
	14,500	*	E*TRADE Financial Corp		365,110
	47,224		Franklin Resources, Inc		1,763,344
	82,500		Goldman Sachs Group, Inc		13,539,075
	6,424		IntercontinentalExchange Group, Inc		1,541,953
	12,424		Invesco Ltd		385,268
	328,000		Morgan Stanley		8,875,680
	22,300		NASDAQ OMX Group, Inc		1,376,133
	154,000		Navient Corp		2,105,180
	39,724		Northern Trust Corp		2,823,582
	308,000	e	PowerShares QQQ Trust Series		32,561,760
	42,400	e	SPDR Dow Jones Industrial Average ETF Trust		7,529,816
	33,000	e	SPDR Trust Series 1		6,807,900
	127,724	*	Synchrony Financial		3,904,523
	5,000		Voya Financial, Inc		162,350
			TOTAL DIVERSIFIED FINANCIALS		112,010,063

ENERGY - 13.2%
	128,000		Anadarko Petroleum Corp		6,753,280
	5,000	*	Antero Resources Corp		141,500

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

SHARES			COMPANY	VALUE

	41,424		Apache Corp	$	2,253,465
	138,000		Baker Hughes, Inc		6,673,680
	311,424		Chevron Corp		31,821,304
	69,900	*,n	Concho Resources, Inc		8,120,283
	177,224		ConocoPhillips		8,469,535
	131,000	*,n	Continental Resources, Inc		4,881,060
	178,900	*,n	Devon Energy Corp		6,204,252
	2,500	*	Diamondback Energy, Inc		216,450
	21,000	*	Dril-Quip, Inc		1,361,220
	18,300		Energen Corp		777,567
	131,000		EOG Resources, Inc		10,823,220
	61,300	n	EQT Corp		4,297,130
	637,724		Exxon Mobil Corp		56,374,802
	27,724	*	FMC Technologies, Inc		845,305
	112,424		Halliburton Co		4,644,235
	128,900		Hess Corp		7,685,018
	341,300		Kinder Morgan, Inc		6,061,488
	238,000	*	Kosmos Energy LLC		1,542,240
	117,724		Marathon Oil Corp		1,658,731
	72,500		Marathon Petroleum Corp		2,833,300
	9,524	e	Murphy Oil Corp		340,388
	283,800	n	Nabors Industries Ltd		2,781,240
	50,000	*	Newfield Exploration Co		1,812,500
	47,324		Noble Energy, Inc		1,708,870
	147,224		Occidental Petroleum Corp		11,284,720
	23,000	e	Oneok, Inc		831,450
	136,000	n	Patterson-UTI Energy, Inc		2,686,000
	93,000		Phillips 66		7,636,230
	24,224		Pioneer Natural Resources Co		4,023,606
	154,000		Questar Market Resources, Inc		2,761,220
	31,224	e	Range Resources Corp		1,377,291
	118,000	*	Rice Energy, Inc		2,042,580
	139,259	e	RPC, Inc		2,105,596
	201,204		Schlumberger Ltd		16,164,729
	43,735	e	SM Energy Co		1,362,783
	154,000		Spectra Energy Corp		4,815,580
	93,000		Superior Energy Services		1,567,980
	56,982		Targa Resources Investments, Inc		2,305,492
	69,900	n	Tesoro Corp		5,570,331
	155,000	n	Valero Energy Corp		9,124,850
	43,800		World Fuel Services Corp		2,046,774
	253,088	*	WPX Energy, Inc		2,444,830
			TOTAL ENERGY		261,234,105

FOOD & STAPLES RETAILING - 1.7%
	13,800		Costco Wholesale Corp		2,044,194
	51,750		CVS Health Corp		5,200,875
	47,224		Sysco Corp		2,175,610
	106,750		Walgreens Boots Alliance, Inc		8,463,140
	191,224		Wal-Mart Stores, Inc		12,787,149
	103,800		Whole Foods Market, Inc		3,018,504
			TOTAL FOOD & STAPLES RETAILING		33,689,472

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

SHARES			COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 3.7%
	101,750		Altria Group, Inc	$	6,380,742
	7,224		Archer Daniels Midland Co		288,527
	44,224		Campbell Soup Co		2,729,063
	70,500		ConAgra Foods, Inc		3,141,480
	18,380		Constellation Brands, Inc (Class A)		2,868,383
	76,800	n	Hormel Foods Corp		2,960,640
	38,000		Ingredion, Inc		4,373,420
	21,000		J.M. Smucker Co		2,666,580
	31,424		Kellogg Co		2,413,677
	31,000		Molson Coors Brewing Co (Class B)		2,964,530
	311,000		Mondelez International, Inc		13,360,560
	13,890	*	Monster Beverage Corp		2,003,216
	139,724		Philip Morris International, Inc		13,709,719
	86,300	e,n	Pilgrim’s Pride Corp		2,322,333
	61,000	n	Reynolds American, Inc		3,025,600
	3,712		Snyder’s-Lance, Inc		118,673
	113,500		Tyson Foods, Inc (Class A)		7,470,570
			TOTAL FOOD, BEVERAGE & TOBACCO		72,797,713

HEALTH CARE EQUIPMENT & SERVICES - 4.6%
	336,000		Abbott Laboratories		13,070,400
	24,724		Aetna Inc		2,775,763
	40,250		Anthem, Inc		5,665,993
	14,224		Baxter International, Inc		628,985
	236,000	*	Boston Scientific Corp		5,173,120
	42,500		Cardinal Health, Inc		3,334,550
	37,500	*	Centene Corp		2,323,500
	20,890		Cigna Corp		2,894,101
	4,424	*	DaVita, Inc		326,934
	46,800		DENTSPLY SIRONA, Inc		2,789,280
	14,224	*	Express Scripts Holding Co		1,048,736
	93,500	*	HCA Holdings, Inc		7,537,970
	23,999		Humana, Inc		4,249,503
	37,000	*,n	LifePoint Health, Inc		2,499,720
	291,000		Medtronic plc		23,032,650
	24,424		Quest Diagnostics, Inc		1,835,952
	22,424		Stryker Corp		2,444,440
	9,300		Teleflex, Inc		1,448,754
	2,424		UnitedHealth Group, Inc		319,192
	36,389	n	Universal Health Services, Inc (Class B)		4,864,482
	7,724		Zimmer Holdings, Inc		894,207
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		89,158,232

HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
	21,800	n	Clorox Co		2,730,014
	39,000		Energizer Holdings, Inc		1,696,110
	2,100	*,e	Herbalife Ltd		121,695
	38,000		Kimberly-Clark Corp		4,757,220
	8,880	e	Nu Skin Enterprises, Inc (Class A)		362,037
	424,224		Procter & Gamble Co		33,988,827
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		43,655,903

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

SHARES			COMPANY	VALUE

INSURANCE - 5.0%
	74,724		Allstate Corp	$	4,860,796
	28,890		American Financial Group, Inc		1,996,588
	177,224		American International Group, Inc		9,892,644
	38,000		Amtrust Financial Services, Inc		944,300
	205,724	*	Berkshire Hathaway, Inc (Class B)		29,928,727
	49,724		Chubb Ltd		5,860,471
	44,424		Cincinnati Financial Corp		2,932,428
	29,390		Everest Re Group Ltd		5,434,211
	28,000		Hanover Insurance Group, Inc		2,401,280
	90,000		Hartford Financial Services Group, Inc		3,994,200
	128,900	n	Lincoln National Corp		5,600,705
	1,395	*	Markel Corp		1,254,259
	7,124		Marsh & McLennan Cos, Inc		449,881
	77,224		MetLife, Inc		3,482,802
	155,500		Old Republic International Corp		2,875,195
	12,424		Principal Financial Group		530,256
	38,000		ProAssurance Corp		1,813,740
	84,124		Progressive Corp		2,742,442
	74,224		Prudential Financial, Inc		5,762,751
	13,800		Reinsurance Group of America, Inc (Class A)		1,314,036
	21,000		RenaissanceRe Holdings Ltd		2,329,110
	14,224		Travelers Cos, Inc		1,563,218
	25,800		Validus Holdings Ltd		1,189,122
	3,900		Willis Towers Watson plc		487,110
			TOTAL INSURANCE		99,640,272

MATERIALS - 4.1%
	51,500		Albemarle Corp		3,407,240
	157,724		Alcoa, Inc		1,761,777
	103,800	e	Allegheny Technologies, Inc		1,696,092
	9,800		Aptargroup, Inc		744,800
	2,775		Ashland, Inc		309,690
	19,900		Avery Dennison Corp		1,444,939
	55,000		Bemis Co, Inc		2,759,900
	50,000		Cabot Corp		2,439,500
	71,800	n	Celanese Corp (Series A)		5,076,260
	57,750		CF Industries Holdings, Inc		1,909,793
	225,400	*,e	Cliffs Natural Resources, Inc		1,187,858
	57,000	*	Crown Holdings, Inc		3,018,720
	45,000		Domtar Corp		1,738,800
	257,750		Dow Chemical Co		13,560,228
	35,956		Eastman Chemical Co		2,746,319
	144,224	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		2,019,136
	27,224		Graphic Packaging Holding Co		361,535
	57,724		Huntsman Corp		908,576
	4,224		International Paper Co		182,772
	55,500	n	LyondellBasell Industries AF S.C.A		4,588,185
	6,000		Martin Marietta Materials, Inc		1,015,380
	163,890		Newmont Mining Corp		5,731,233
	66,000		Nucor Corp		3,285,480
	132,424	*	Owens-Illinois, Inc		2,444,547
	33,800		Reliance Steel & Aluminum Co		2,500,186

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

SHARES			COMPANY	VALUE

	28,000		Scotts Miracle-Gro Co (Class A)	$	1,981,840
	20,000		Sonoco Products Co		937,800
	83,800	e	Southern Copper Corp (NY)		2,486,346
	133,000		Steel Dynamics, Inc		3,352,930
	80,000		Tahoe Resources, Inc		1,130,400
	33,000		Vulcan Materials Co		3,551,790
			TOTAL MATERIALS		80,280,052

MEDIA - 0.9%
	121,000		Comcast Corp (Class A)		7,351,960
	33,800	*	DISH Network Corp (Class A)		1,666,002
	23,000		Gannett Co, Inc		387,550
	450,000	*,e	Sirius XM Holdings, Inc		1,777,500
	55,000		TEGNA, Inc		1,284,800
	7,224		Time Warner, Inc		542,811
	38,000		Walt Disney Co		3,923,880
			TOTAL MEDIA		16,934,503

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	65,400	*	Allergan plc		14,163,024
	13,800		Amgen, Inc		2,184,540
	88,000	n	Baxalta, Inc		3,691,600
	48,900	*,n	Celgene Corp		5,056,749
	4	*	Endo International plc		108
	55,500		Gilead Sciences, Inc		4,895,655
	387,124		Johnson & Johnson		43,388,858
	402,424		Merck & Co, Inc		22,068,932
	61,800		Perrigo Co plc		5,974,206
	1,177,750		Pfizer, Inc		38,524,203
	63,800		Thermo Electron Corp		9,203,150
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		149,151,025

REAL ESTATE - 3.8%
	14,224		Alexandria Real Estate Equities, Inc		1,322,121
	45,000		American Campus Communities, Inc		2,013,750
	22,424		Annaly Capital Management, Inc		233,658
	44,100		Apple Hospitality REIT, Inc		834,813
	5,724		AvalonBay Communities, Inc		1,011,946
	31,000		Camden Property Trust		2,502,630
	22,424		Chimera Investment Corp		318,421
	80,000		Corrections Corp of America		2,433,600
	57,975		DDR Corp		1,014,562
	33,380		Digital Realty Trust, Inc		2,936,772
	154,000		Duke Realty Corp		3,367,980
	43,189		Equity Lifestyle Properties, Inc		2,958,015
	57,750		Equity Residential		3,931,042
	2,000		Essex Property Trust, Inc		440,900
	55,000	n	Extra Space Storage, Inc		4,672,250
	68,900		Four Corners Property Trust, Inc		1,222,975
	14,724		Gaming and Leisure Properties, Inc		482,800
	47,724		General Growth Properties, Inc		1,337,704
	63,800		Healthcare Trust of America, Inc		1,843,182
	27,224		Host Marriott Corp		430,684

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

SHARES			COMPANY	VALUE

	3,000		Jones Lang LaSalle, Inc	$	345,510
	150,000		Kimco Realty Corp		4,218,000
	5,724		Macerich Co		435,482
	9,000		Mack-Cali Realty Corp		230,040
	33,800		Mid-America Apartment Communities, Inc		3,234,998
	69,000		National Retail Properties, Inc		3,019,440
	12,424		Piedmont Office Realty Trust, Inc		247,362
	47,724		Prologis, Inc		2,167,147
	28,000	n	Public Storage, Inc		6,854,680
	31,424		Rayonier, Inc		775,544
	68,000		Realty Income Corp		4,025,600
	45,000		Regency Centers Corp		3,316,500
	100,000		Senior Housing Properties Trust		1,758,000
	254,000		Spirit Realty Capital, Inc		2,903,220
	25,000		UDR, Inc		873,000
	44,124		Ventas, Inc		2,740,983
	72,424		VEREIT, Inc		643,125
	5,724		Vornado Realty Trust		547,958
	27,724		Weingarten Realty Investors		1,023,570
	22,424		Weyerhaeuser Co		720,259
			TOTAL REAL ESTATE		75,390,223

RETAILING - 2.3%
	68,000	e	Abercrombie & Fitch Co (Class A)		1,817,640
	128,390	e	American Eagle Outfitters, Inc		1,837,261
	172,100	n	Best Buy Co, Inc		5,520,968
	50,000	*	Cabela’s, Inc		2,607,500
	21,000		Children’s Place Retail Stores, Inc		1,636,110
	13,000		CST Brands, Inc		491,010
	30,000	n	Dillard’s, Inc (Class A)		2,113,500
	36,800		Expedia, Inc		4,260,336
	139,900	e	GameStop Corp (Class A)		4,588,720
	2,100		Genuine Parts Co		201,537
	113,000	*,e	JC Penney Co, Inc		1,048,640
	36,924		Kohl’s Corp		1,635,733
	47,500		Macy’s, Inc		1,880,525
	39,000	*	Murphy USA, Inc		2,239,380
	118,800		Staples, Inc		1,211,760
	155,000	n	Target Corp		12,322,500
			TOTAL RETAILING		45,413,120

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	5,400		Analog Devices, Inc		304,128
	133,000		Applied Materials, Inc		2,722,510
	63,900	n	Broadcom Ltd		9,313,425
	38,000	*	Cree, Inc		931,380
	145,000	e	Cypress Semiconductor Corp		1,309,350
	38,000	*	First Solar, Inc		2,121,920
	664,124		Intel Corp		20,109,675
	83,800	*,e	JinkoSolar Holding Co Ltd (ADR)		1,866,226
	9,000		Lam Research Corp		687,600
	446,529	*	Micron Technology, Inc		4,800,187
	183,800		Nvidia Corp		6,530,414

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

SHARES			COMPANY	VALUE

	127,724	*	ON Semiconductor Corp	$	1,209,546
	224,224		Qualcomm, Inc		11,327,796
	103,000	*,e	SunPower Corp		2,074,420
	68,000		Teradyne, Inc		1,285,880
	40,000		Xilinx, Inc		1,723,200
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		68,317,657

SOFTWARE & SERVICES - 3.7%
	67,224		Activision Blizzard, Inc		2,317,211
	55,555	*,n	Akamai Technologies, Inc		2,832,749
	7,224		Amdocs Ltd		408,445
	69,900		Booz Allen Hamilton Holding Co		1,927,143
	83,000		CA, Inc		2,461,780
	7,224	*	First American Corp		256,308
	31,424		International Business Machines Corp		4,586,019
	2,424		Leidos Holdings, Inc		120,255
	642,224		Microsoft Corp		32,027,711
	91,000	*,e	Mobileye NV		3,471,650
	50,000	*	Nuance Communications, Inc		859,000
	167,224		Oracle Corp		6,665,549
	42,224		Symantec Corp		702,818
	9,000	*	Teradata Corp		227,700
	50,000	*,e	VMware, Inc (Class A)		2,845,500
	63,800	*,e	Workday, Inc		4,783,724
	72,424		Xerox Corp		695,270
	177,224	*	Yahoo!, Inc		6,486,398
			TOTAL SOFTWARE & SERVICES		73,675,230

TECHNOLOGY HARDWARE & EQUIPMENT - 4.1%
	50,000	*	Arrow Electronics, Inc		3,105,000
	71,300		Avnet, Inc		2,931,856
	228,000		Brocade Communications Systems, Inc		2,191,080
	742,442		Cisco Systems, Inc		20,409,730
	311,800		Corning, Inc		5,821,306
	39,000		Dolby Laboratories, Inc (Class A)		1,856,790
	227,724		EMC Corp		5,945,874
	45,000		Flir Systems, Inc		1,359,450
	7,224		Harris Corp		577,992
	500,000		Hewlett Packard Enterprise Co		8,330,000
	500,000		HP, Inc		6,135,000
	107,500		Ingram Micro, Inc (Class A)		3,757,125
	191,000		Jabil Circuit, Inc		3,315,760
	55,000		Juniper Networks, Inc		1,287,000
	60,000		Lexmark International, Inc (Class A)		2,316,000
	126,300	*	Lumentum Holdings, Inc		3,195,390
	38,000	*	NCR Corp		1,105,420
	30,000		NetApp, Inc		709,200
	20,000		SanDisk Corp		1,502,600
	47,224	*	Trimble Navigation Ltd		1,131,015
	154,000		Vishay Intertechnology, Inc		1,872,640
	66,000	n	Western Digital Corp		2,697,090
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		81,553,318

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

SHARES			COMPANY	VALUE

TELECOMMUNICATION SERVICES - 2.5%
	794,224		AT&T, Inc	$	30,831,775
	138,000		CenturyTel, Inc		4,271,100
	101,300	*	Level 3 Communications, Inc		5,293,938
	28,000		Telephone & Data Systems, Inc		827,960
	27,724	*	T-Mobile US, Inc		1,088,999
	11,000	*	US Cellular Corp		469,040
	132,750		Verizon Communications, Inc		6,762,285
			TOTAL TELECOMMUNICATION SERVICES		49,545,097

TRANSPORTATION - 1.7%
	39,900	n	Alaska Air Group, Inc		2,810,157
	21,000	e	Copa Holdings S.A. (Class A)		1,338,750
	140,500		CSX Corp		3,831,435
	69,900	n	Delta Air Lines, Inc		2,912,733
	21,750		FedEx Corp		3,591,143
	31,800	*	Genesee & Wyoming, Inc (Class A)		2,070,498
	69,000	*	Hawaiian Holdings, Inc		2,902,830
	32,424	*	JetBlue Airways Corp		641,671
	33,000		Kansas City Southern Industries, Inc		3,126,750
	11,000	*	Kirby Corp		702,020
	35,724		Norfolk Southern Corp		3,219,090
	45,000	n	Ryder System, Inc		3,101,400
	43,989		Union Pacific Corp		3,837,160
			TOTAL TRANSPORTATION		34,085,637

UTILITIES - 7.0%
	131,000		AES Corp		1,461,960
	50,000		Alliant Energy Corp		3,526,000
	88,000		Ameren Corp		4,224,000
	125,400	n	American Electric Power Co, Inc		7,962,900
	75,400		American Water Works Co, Inc		5,486,104
	36,000		Aqua America, Inc		1,139,760
	60,000		Atmos Energy Corp		4,353,000
	101,800		CMS Energy Corp		4,141,224
	83,000		Consolidated Edison, Inc		6,191,800
	4,224		Dominion Resources, Inc		301,889
	34,300		DTE Energy Co		3,058,188
	24,224		Duke Energy Corp		1,908,367
	57,224		Edison International		4,046,309
	9,724		Entergy Corp		731,050
	93,800		Eversource Energy		5,294,072
	122,424		Exelon Corp		4,295,858
	173,800	n	FirstEnergy Corp		5,664,142
	93,000		Great Plains Energy, Inc		2,904,390
	5,000		Health Care Select Sector SPDR Fund		348,950
	38,000		MDU Resources Group, Inc		762,280
	16,300		National Fuel Gas Co		904,650
	101,890		NextEra Energy, Inc		11,980,226
	133,800		NiSource, Inc		3,038,598
	75,500		PG&E Corp		4,394,100
	50,000		Pinnacle West Capital Corp		3,632,500
	128,000		PPL Corp		4,817,920

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

SHARES			COMPANY	VALUE

	160,000		Public Service Enterprise Group, Inc	$	7,380,800
	69,900		SCANA Corp		4,801,431
	27,724		Sempra Energy		2,865,276
	117,224		Southern Co		5,872,922
	50,000	e	Technology Select Sector SPDR Fund		2,106,500
	23,000		UGI Corp		925,520
	36,000		Vectren Corp		1,758,600
	95,400		WEC Energy Group, Inc		5,553,234
	63,800		Westar Energy, Inc		3,292,718
	171,890		Xcel Energy, Inc		6,880,757
			TOTAL UTILITIES		138,007,995

			TOTAL COMMON STOCKS		1,973,430,419
			(Cost $1,683,576,250)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 4.1%

GOVERNMENT AGENCY DEBT - 0.4%
$	7,400,000		Federal National Mortgage Association (FNMA)		0.140	%	05/02/16		7,400,000
			TOTAL GOVERNMENT AGENCY DEBT						7,400,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.7%
	73,167,095	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						73,167,095
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						73,167,095

			TOTAL SHORT-TERM INVESTMENTS						80,567,095
			(Cost $80,567,067)
			TOTAL INVESTMENTS - 103.8%						2,053,997,514
			(Cost $1,764,143,317)
			OTHER ASSETS & LIABILITIES, NET - (3.8)%						(75,670,828	)
			NET ASSETS - 100.0%					$	1,978,326,686



		Abbreviation(s):
		ADR American Depositary Receipt
		ETF Exchange Traded Fund
		REIT Real Estate Investment Trust
		SPDR Standard & Poor’s Depository Receipts

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $71,049,299.
n		All of a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts.

TIAA-CREF FUNDS - Growth & Income Fund

TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

BANKS - 6.3%
	3,921,932		Bank of America Corp	$	57,103,330
	1,069,364		Citigroup, Inc		49,490,166
	266,376		Comerica, Inc		11,827,094
	1,052,534		JPMorgan Chase & Co		66,520,149
	736,919		New York Community Bancorp, Inc		11,075,893
	542,354		SunTrust Banks, Inc		22,637,856
	1,219,202		Wells Fargo & Co		60,935,716
	676,831		Zions Bancorporation		18,626,389
			TOTAL BANKS		298,216,593

CAPITAL GOODS - 7.4%
	141,750		3M Co		23,726,115
	53,678		Acuity Brands, Inc		13,091,528
	447,872	n	Caesarstone Sdot-Yam Ltd		16,584,700
	332,543	e	Fastenal Co		15,559,687
	2,313,352	n	General Electric Co		71,135,574
	533,105		Honeywell International, Inc		60,917,908
	336,454	n	Illinois Tool Works, Inc		35,166,172
	183,613		Northrop Grumman Corp		37,872,017
	299,019		Paccar, Inc		17,615,209
	256,634		Raytheon Co		32,425,706
	91,667		Snap-On, Inc		14,600,720
	139,193	*	WABCO Holdings, Inc		15,611,887
			TOTAL CAPITAL GOODS		354,307,223

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	224,586		Equifax, Inc		27,006,466
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		27,006,466

CONSUMER DURABLES & APPAREL - 3.1%
	509,444	n	DR Horton, Inc		15,313,887
	166,817	*	G-III Apparel Group Ltd		7,548,469
	860,576	*	Kate Spade & Co		22,142,620
	783,408	n	Mattel, Inc		24,356,155
	110,600	*,n	Mohawk Industries, Inc		21,304,878
	517,289		Newell Rubbermaid, Inc		23,557,341
	175,428		Phillips-Van Heusen Corp		16,770,917
	378,001		Sony Corp		9,155,790
	456,974	*,g	Spin Master Corp		8,923,139
			TOTAL CONSUMER DURABLES & APPAREL		149,073,196

CONSUMER SERVICES - 2.0%
	279,511		McDonald’s Corp		35,355,346
	881,586	*	MGM Resorts International		18,777,782

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	400,400	*,n	Norwegian Cruise Line Holdings Ltd	$	19,575,556
	303,794	*	Red Rock Resorts, Inc		5,662,720
	412,867		Sonic Corp		14,190,239
			TOTAL CONSUMER SERVICES		93,561,643

DIVERSIFIED FINANCIALS - 1.7%
	1,431,930		ING Groep NV		17,546,035
	60,831		IntercontinentalExchange Group, Inc		14,601,265
	398,644	n	Lazard Ltd (Class A)		14,371,116
	207,497		London Stock Exchange Group plc		8,242,166
	779,618		Morgan Stanley		21,096,463
	148,752		Oaktree Capital Group LLC		7,186,209
			TOTAL DIVERSIFIED FINANCIALS		83,043,254

ENERGY - 7.1%
	428,962		Anadarko Petroleum Corp		22,632,035
	185,474		Baker Hughes, Inc		8,969,523
	262,220		Chevron Corp		26,793,640
	297,448	*	Concho Resources, Inc		34,554,534
	1,000,225	*,e	Continental Resources, Inc		37,268,383
	172,893	*	Diamondback Energy, Inc		14,969,076
	548,906		EOG Resources, Inc		45,350,614
	249,531	n	Hess Corp		14,877,038
	368,112	*	Newfield Exploration Co		13,344,060
	587,070		Occidental Petroleum Corp		44,998,916
	193,808	*	Parsley Energy, Inc		4,538,983
	195,523		Pioneer Natural Resources Co		32,476,370
	380,750	e	Range Resources Corp		16,794,883
	715,943	*	Rice Energy, Inc		12,392,973
	301,836	*	RSP Permian, Inc		9,239,200
			TOTAL ENERGY		339,200,228

FOOD & STAPLES RETAILING - 0.6%
	767,288		Kroger Co		27,154,322
			TOTAL FOOD & STAPLES RETAILING		27,154,322

FOOD, BEVERAGE & TOBACCO - 8.1%
	1,181,428		Britvic plc		12,171,464
	1,655,457		Coca-Cola Co		74,164,474
	664,775	n	ConAgra Foods, Inc		29,622,374
	165,915		Constellation Brands, Inc (Class A)		25,892,695
	920,879		Cott Corp		12,210,855
	62,974		Diageo plc (ADR)		6,821,973
	269,055		Molson Coors Brewing Co (Class B)		25,729,730
	597,901		Mondelez International, Inc		25,685,827
	218,499	*,n	Monster Beverage Corp		31,511,926
	513,096		PepsiCo, Inc		52,828,364
	671,871		Philip Morris International, Inc		65,923,982
	245,303		Pinnacle Foods, Inc		10,447,455
	281,436		Reynolds American, Inc		13,959,226
			TOTAL FOOD, BEVERAGE & TOBACCO		386,970,345

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 5.5%
	423,615	n	Baxter International, Inc	$	18,732,255
	1,270,015	*	Boston Scientific Corp		27,838,729
	319,348	*,n	Edwards Lifesciences Corp		33,917,951
	256,947	*	Express Scripts Holding Co		18,944,702
	354,597	*	HCA Holdings, Inc		28,587,610
	37,866	*	Intuitive Surgical, Inc		23,717,748
	601,833		Medtronic plc		47,635,082
	182,298		Olympus Corp		7,101,710
	179,837		STERIS plc		12,709,081
	243,313		Universal Health Services, Inc (Class B)		32,526,082
	179,371	*	VCA Antech, Inc		11,294,992
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		263,005,942

HOUSEHOLD & PERSONAL PRODUCTS - 1.3%
	155,774		Beiersdorf AG.		13,987,778
	621,669		Procter & Gamble Co		49,808,120
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		63,795,898

INSURANCE - 3.9%
	733,969		American International Group, Inc		40,970,150
	374,000	*	Berkshire Hathaway, Inc (Class B)		54,409,520
	408,180		Chubb Ltd		48,108,095
	575,835		MetLife, Inc		25,970,158
	539,108		XL Capital Ltd		17,645,005
			TOTAL INSURANCE		187,102,928

MATERIALS - 3.1%
	1,539,460	*	AK Steel Holding Corp		7,204,673
	708,600		Barrick Gold Corp		13,725,582
	314,624	*	Crown Holdings, Inc		16,662,487
	942,379		Dow Chemical Co		49,578,559
	338,650	n	PPG Industries, Inc		37,383,574
	58,259		Scotts Miracle-Gro Co (Class A)		4,123,572
	21,195		Syngenta AG.		8,502,690
	155,319	*	WR Grace & Co		11,909,861
			TOTAL MATERIALS		149,090,998

MEDIA - 3.8%
	331,275	*,n	AMC Networks, Inc		21,609,068
	68,822	*,n	Charter Communications, Inc		14,606,782
	630,690		Comcast Corp (Class A)		38,320,724
	308,976	*,n	Imax Corp		9,887,232
	510,131	e	Lions Gate Entertainment Corp		11,324,908
	150,003	n	Scripps Networks Interactive (Class A)		9,352,687
	854,197		Sky plc		11,741,819
	219,515		Time Warner, Inc		16,494,357
	465,921		Walt Disney Co		48,111,003
			TOTAL MEDIA		181,448,580

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.0%
	840,901		AbbVie, Inc		51,294,961

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	189,860	*,n	Allergan plc	$	41,116,082
	336,242		Amgen, Inc		53,227,109
	431,975	e	AstraZeneca plc (ADR)		12,509,996
	207,830	*,n	BioMarin Pharmaceutical, Inc		17,599,044
	825,883		Bristol-Myers Squibb Co		59,612,235
	632,897		Eli Lilly & Co		47,802,711
	484,692		Gilead Sciences, Inc		42,754,681
	677,370	*	H Lundbeck AS		22,632,940
	317,427		Ipsen		19,191,290
	133,402	*,n	Jazz Pharmaceuticals plc		20,103,681
	70,492	*,e,n	Ligand Pharmaceuticals, Inc (Class B)		8,520,368
	2,079,861		Pfizer, Inc		68,032,253
	195,946		Shire Ltd		12,227,428
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		476,624,779

RETAILING - 6.7%
	119,971	*	Amazon.com, Inc		79,131,672
	34,724	*	AutoZone, Inc		26,571,846
	320,915	*	Dollar Tree, Inc		25,580,135
	654,827		Home Depot, Inc		87,674,787
	393,263	e	Industria De Diseno Textil S.A.		12,657,390
	2,158,133	*	JC Penney Co, Inc		20,027,474
	582,723	*	Michaels Cos, Inc		16,566,815
	168,733	*,n	NetFlix, Inc		15,191,032
	87,778	*,n	O’Reilly Automotive, Inc		23,057,525
	67,239	*	Ulta Salon Cosmetics & Fragrance, Inc		14,004,539
			TOTAL RETAILING		320,463,215

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
	374,726		Analog Devices, Inc		21,104,568
	1,107,660		Applied Materials, Inc		22,673,800
	211,355		Broadcom Ltd		30,804,991
	942,567		Intel Corp		28,540,929
	568,578	*	Microsemi Corp		19,212,251
	360,504		Nvidia Corp		12,808,707
	258,341	*	NXP Semiconductors NV		22,031,321
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		157,176,567

SOFTWARE & SERVICES - 14.3%
	326,223	*	Adobe Systems, Inc		30,736,731
	203,673	*	Alphabet, Inc (Class C)		141,147,426
	216,274	*	CyberArk Software Ltd		8,832,630
	403,525	*,n	Electronic Arts, Inc		24,958,021
	775,178	*,n	Facebook, Inc		91,145,429
	128,716		International Business Machines Corp		18,784,813
	193,648	*	Manhattan Associates, Inc		11,723,450
	2,368,513		Microsoft Corp		118,117,743
	77,385	*,n	MicroStrategy, Inc (Class A)		13,876,678
	857,246		Oracle Corp		34,169,825
	155,670	*,e,n	Proofpoint, Inc		9,069,334
	608,832	*	Salesforce.com, Inc		46,149,466
	800,625	n	Symantec Corp		13,326,403
	486,804	*	Take-Two Interactive Software, Inc		16,638,961

TIAA-CREF FUNDS - Growth & Income Fund

SHARES			COMPANY	VALUE

	715,099		Tencent Holdings Ltd	$	14,551,058
	751,609		Visa, Inc (Class A)		58,054,279
	3,016,302	*,g	Worldpay Group plc		11,763,856
	649,556	*	Yahoo!, Inc		23,773,750
			TOTAL SOFTWARE & SERVICES		686,819,853

TECHNOLOGY HARDWARE & EQUIPMENT - 4.6%
	1,491,705	n	Apple, Inc		139,832,427
	2,180,664		Cisco Systems, Inc		59,946,453
	311,351	*,n	Cray, Inc		11,790,863
	1,147,681	*	Flextronics International Ltd		13,944,324
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		225,514,067

TELECOMMUNICATION SERVICES - 2.1%
	498,882	*,n	Level 3 Communications, Inc		26,071,573
	651,032	*	T-Mobile US, Inc		25,572,537
	978,064		Verizon Communications, Inc		49,822,580
			TOTAL TELECOMMUNICATION SERVICES		101,466,690

TRANSPORTATION - 1.9%
	580,511		Delta Air Lines, Inc		24,189,894
	227,004		Kansas City Southern Industries, Inc		21,508,629
	442,232		United Parcel Service, Inc (Class B)		46,465,316
			TOTAL TRANSPORTATION		92,163,839

UTILITIES - 2.2%
	300,499		American Water Works Co, Inc		21,864,307
	339,870		NextEra Energy, Inc		39,961,915
	595,449		NiSource, Inc		13,522,647
	162,415		PG&E Corp		9,452,553
	197,650		Sempra Energy		20,427,127
			TOTAL UTILITIES		105,228,549

			TOTAL COMMON STOCKS		4,768,435,175
			(Cost $3,865,838,952)

PURCHASED OPTIONS - 0.0%

CAPITAL GOODS - 0.0%
	20,000		USG Corp		11,400
			TOTAL CAPITAL GOODS		11,400

CONSUMER SERVICES - 0.0%
	30,000		Norwegian Cruise Line Holdings Ltd		21,900
			TOTAL CONSUMER SERVICES		21,900

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	100,000		Baxter International, Inc		1,000
	45,000		Hologic, Inc		1,350
	20,000		Zimmer Biomet Holdings, Inc		11,000
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		13,350

TIAA-CREF FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	15,000	Allergan plc	$	5,850
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,850

SOFTWARE & SERVICES - 0.0%
	20,000	Proofpoint, Inc		6,400
		TOTAL SOFTWARE & SERVICES		6,400

TRANSPORTATION - 0.0%
	9,000	Delta Air Lines, Inc		1,800
		TOTAL TRANSPORTATION		1,800

		TOTAL PURCHASED OPTIONS		60,700
		(Cost $212,256)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 2.6%

GOVERNMENT AGENCY DEBT - 0.2%
$	11,600,000	Federal National Mortgage Association (FNMA)		0.140	%	05/02/16	11,600,000
		TOTAL GOVERNMENT AGENCY DEBT					11,600,000

TREASURY DEBT - 0.3%
	15,050,000	United States Treasury Bill		0.177		05/26/16	15,048,405
		TOTAL TREASURY DEBT					15,048,405

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1%
	98,081,654	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		98,081,654
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		98,081,654

			TOTAL SHORT-TERM INVESTMENTS		124,730,059
			(Cost $124,729,765)
			TOTAL INVESTMENTS - 102.2%		4,893,225,934
			(Cost $3,990,780,973)
			OTHER ASSETS & LIABILITIES, NET - (2.2)%		(107,226,030	)
			NET ASSETS - 100.0%	$	4,785,999,904



		Abbreviation(s):
		ADR American Depositary Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $87,211,249.
g		At 4/30/2016, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $20,686,996 or 0.4% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

TIAA-CREF FUNDS - Large-Cap Growth Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.8%

AUTOMOBILES & COMPONENTS - 1.4%
	597,275		Delphi Automotive plc	$	43,977,358
	28,407	*,e	Tesla Motors, Inc		6,839,270
			TOTAL AUTOMOBILES & COMPONENTS		50,816,628

CAPITAL GOODS - 5.6%
	313,955		Honeywell International, Inc		35,875,638
	152,659	*	Middleby Corp		16,737,533
	292,212		Northrop Grumman Corp		60,271,647
	154,876		Parker Hannifin Corp		17,968,713
	239,445		Raytheon Co		30,253,876
	188,190		Roper Industries, Inc		33,138,377
	108,984	*	Univar, Inc		1,896,322
	31,224	*	WABCO Holdings, Inc		3,502,084
			TOTAL CAPITAL GOODS		199,644,190

COMMERCIAL & PROFESSIONAL SERVICES - 3.3%
	1,323,277		Nielsen NV		68,995,663
	585,456	*	Verisk Analytics, Inc		45,419,676
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		114,415,339

CONSUMER DURABLES & APPAREL - 1.1%
	528,482		Mattel, Inc		16,430,506
	362,894		Nike, Inc (Class B)		21,388,972
			TOTAL CONSUMER DURABLES & APPAREL		37,819,478

CONSUMER SERVICES - 5.8%
	692,099		ARAMARK Holdings Corp		23,192,238
	59,252	*	Chipotle Mexican Grill, Inc (Class A)		24,943,314
	319,700	*	MGM Resorts International		6,809,610
	1,354,429	*	Norwegian Cruise Line Holdings Ltd		66,218,034
	1,495,408		Starbucks Corp		84,086,792
			TOTAL CONSUMER SERVICES		205,249,988

DIVERSIFIED FINANCIALS - 1.5%
	664,509		Charles Schwab Corp		18,878,701
	237,074	*	S&P Global, Inc		25,331,357
	342,374	*	Synchrony Financial		10,466,373
			TOTAL DIVERSIFIED FINANCIALS		54,676,431

ENERGY - 0.9%
	288,537		EOG Resources, Inc		23,838,926
	23,136		Pioneer Natural Resources Co		3,842,890
	203,363	*	Rice Energy, Inc		3,520,213
			TOTAL ENERGY		31,202,029

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 3.2%
	404,196		Molson Coors Brewing Co (Class B)	$	38,653,264
	394,895	*	Monster Beverage Corp		56,951,757
	399,638		Pinnacle Foods, Inc		17,020,582
			TOTAL FOOD, BEVERAGE & TOBACCO		112,625,603

HEALTH CARE EQUIPMENT & SERVICES - 3.9%
	1,145,487	*	Cerner Corp		64,307,640
	117,887	*	Intuitive Surgical, Inc		73,839,701
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		138,147,341

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	610,567		Estee Lauder Cos (Class A)		58,535,058
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		58,535,058

MATERIALS - 3.9%
	767,206		Monsanto Co		71,871,858
	367,581		PPG Industries, Inc		40,577,267
	84,920		Sherwin-Williams Co		24,398,365
			TOTAL MATERIALS		136,847,490

MEDIA - 5.0%
	330,463		CBS Corp (Class B)		18,476,186
	1,160,076		Comcast Corp (Class A)		70,486,218
	474,092		Time Warner, Inc		35,623,273
	517,289		Walt Disney Co		53,415,262
			TOTAL MEDIA		178,000,939

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.2%
	325,128	*	Alexion Pharmaceuticals, Inc		45,283,828
	81,397	*	Allergan plc		17,627,334
	38,077	*	Biogen Idec, Inc		10,470,794
	42,403	*	BioMarin Pharmaceutical, Inc		3,590,686
	902,676		Bristol-Myers Squibb Co		65,155,154
	1,055,060	*	Celgene Corp		109,103,755
	369,618		Gilead Sciences, Inc		32,604,004
	144,344	*,n	Illumina, Inc		19,484,997
	78,077		Johnson & Johnson		8,750,870
	571,367		Teva Pharmaceutical Industries Ltd (ADR)		31,110,933
	334,201		Thermo Electron Corp		48,208,494
	42,100	*	Vertex Pharmaceuticals, Inc		3,550,714
	804,700		Zoetis Inc		37,845,041
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		432,786,604

RETAILING - 9.9%
	261,281	*	Amazon.com, Inc		172,338,335
	396,655		Expedia, Inc		45,920,749
	518,879		Home Depot, Inc		69,472,709
	400,065	*	Liberty Interactive Corp		10,481,703
	466,127		Lowe’s Companies, Inc		35,434,975
	193,417	*	NetFlix, Inc		17,413,332
			TOTAL RETAILING		351,061,803

TIAA-CREF FUNDS - Large-Cap Growth Fund

SHARES			COMPANY	VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	874,814	e	ARM Holdings plc (ADR)	$	36,033,588
	227,793		Broadcom Ltd		33,200,830
	63,725	*	NXP Semiconductors NV		5,434,468
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		74,668,886

SOFTWARE & SERVICES - 32.0%
	1,067,305		Activision Blizzard, Inc		36,790,003
	1,265,972	*	Adobe Systems, Inc		119,279,882
	148,844	*	Alibaba Group Holding Ltd (ADR)		11,452,057
	112,203	*	Alphabet, Inc (Class A)		79,426,260
	184,677	*	Alphabet, Inc (Class C)		127,983,008
	352,881		Automatic Data Processing, Inc		31,208,796
	156,279	*,e	Check Point Software Technologies		12,950,841
	1,001,963	*	eBay, Inc		24,477,956
	977,100	*	Facebook, Inc		114,887,418
	1,317,676		Intuit, Inc		132,940,332
	1,123,692		Mastercard, Inc (Class A)		108,986,887
	1,032,945		Microsoft Corp		51,512,967
	515,260	*	PayPal Holdings, Inc		20,187,887
	523,471	*	Red Hat, Inc		38,407,067
	978,418	*	Salesforce.com, Inc		74,164,084
	76,490	*,g	Scout24 AG.		2,801,266
	61,415	*	ServiceNow, Inc		4,389,944
	1,366,396		Visa, Inc (Class A)		105,540,427
	961,546	*	Yahoo!, Inc		35,192,584
			TOTAL SOFTWARE & SERVICES		1,132,579,666

TECHNOLOGY HARDWARE & EQUIPMENT - 3.2%
	1,220,863		Apple, Inc		114,443,698
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		114,443,698

TELECOMMUNICATION SERVICES - 1.1%
	744,323	*	Level 3 Communications, Inc		38,898,320
			TOTAL TELECOMMUNICATION SERVICES		38,898,320

TRANSPORTATION - 1.1%
	1,253,295	*	Hertz Global Holdings, Inc		11,605,511
	309,721		Union Pacific Corp		27,016,963
			TOTAL TRANSPORTATION		38,622,474

			TOTAL COMMON STOCKS		3,501,041,965
			(Cost $2,708,857,659)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 1.5%

GOVERNMENT AGENCY DEBT - 0.6%
$	22,050,000	Federal National Mortgage Association (FNMA)		0.140	%	05/02/16	22,050,000
		TOTAL GOVERNMENT AGENCY DEBT					22,050,000

TIAA-CREF FUNDS - Large-Cap Growth Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

TREASURY DEBT - 0.5%
$	17,050,000		United States Treasury Bill		0.177	%	05/26/16	$	17,048,192
			TOTAL TREASURY DEBT						17,048,192

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	14,176,768	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						14,176,768
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						14,176,768

			TOTAL SHORT-TERM INVESTMENTS						53,274,960
			(Cost $53,274,592)
			TOTAL INVESTMENTS - 100.3%						3,554,316,925
			(Cost $2,762,132,251)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(11,502,858	)
			NET ASSETS - 100.0%					$	3,542,814,067



		Abbreviation(s):
		ADR American Depositary Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $13,690,899.
g		At 4/30/2016, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $2,801,266 or 0.1% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

TIAA-CREF FUNDS - Large-Cap Value Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 0.4%
	380,493	*	American Axle & Manufacturing Holdings, Inc	$	5,901,447
	1,391,027		Ford Motor Co		18,862,326
			TOTAL AUTOMOBILES & COMPONENTS		24,763,773

BANKS - 10.4%
	9,398,440		Bank of America Corp		136,841,286
	390,069		CIT Group, Inc		13,484,685
	1,596,332		Citigroup, Inc		73,878,245
	347,264		Comerica, Inc		15,418,522
	665,348	*	Hilltop Holdings, Inc		13,213,811
	321,505		Huntington Bancshares, Inc		3,234,340
	1,254,980		JPMorgan Chase & Co		79,314,736
	987,574		New York Community Bancorp, Inc		14,843,237
	3,010,730		Regions Financial Corp		28,240,648
	1,439,828		Sberbank of Russian Federation (ADR)		11,576,402
	1,140,276		TCF Financial Corp		15,553,365
	2,931,955		Wells Fargo & Co		146,539,111
	1,337,764		Zions Bancorporation		36,815,265
			TOTAL BANKS		588,953,653

CAPITAL GOODS - 7.6%
	380,897	*	AerCap Holdings NV		15,239,689
	284,808		Caterpillar, Inc		22,135,278
	563,391	*	Colfax Corp		18,270,770
	101,122		General Dynamics Corp		14,209,663
	3,055,755		General Electric Co		93,964,466
	981,915	e	Joy Global, Inc		20,914,790
	384,719		L-3 Communications Holdings, Inc		50,602,090
	623,981		Masco Corp		19,162,457
	106,309		Raytheon Co		13,432,142
	911,814		SPX Corp		14,680,205
	917,090	*	SPX FLOW, Inc		27,476,016
	861,605		Terex Corp		20,583,744
	440,653		Timken Co		15,700,466
	1,179,622		Triumph Group, Inc		42,678,724
	280,261		United Technologies Corp		29,250,841
	334,634	*	USG Corp		9,038,464
			TOTAL CAPITAL GOODS		427,339,805

CONSUMER DURABLES & APPAREL - 2.3%
	53,176		Coach, Inc		2,141,398
	1,619,235		Mattel, Inc		50,342,016
	7,862,700	*	Pioneer Corp		21,069,770
	1,606,326		Pulte Homes, Inc		29,540,335

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	323,202		Sony Corp	$	7,828,470
	677,401	e	Sony Corp (ADR)		16,325,364
			TOTAL CONSUMER DURABLES & APPAREL		127,247,353

CONSUMER SERVICES - 3.2%
	1,122,201		ARAMARK Holdings Corp		37,604,956
	305,561		Carnival Corp		14,987,767
	2,125,950		Extended Stay America, Inc		33,271,117
	1,269,952	*	MGM Resorts International		27,049,978
	514,813	*	Red Rock Resorts, Inc		9,596,114
	953,084		Restaurant Brands International, Inc		41,230,414
	5,160,400		Sands China Ltd		18,384,938
			TOTAL CONSUMER SERVICES		182,125,284

DIVERSIFIED FINANCIALS - 6.0%
	321,674		American Express Co		21,047,130
	371,228		Bank of New York Mellon Corp		14,938,215
	123,573		Capital One Financial Corp		8,945,449
	552,666		Goldman Sachs Group, Inc		90,698,017
	1,678,214	e	ING Groep NV (ADR)		20,591,686
	211,997	e	iShares Dow Jones US Real Estate Index Fund		16,253,810
	432,145		Legg Mason, Inc		13,876,176
	1,116,876		Morgan Stanley		30,222,665
	191,484		State Street Corp		11,929,453
	3,462,935	*	Synchrony Financial		105,861,923
			TOTAL DIVERSIFIED FINANCIALS		334,364,524

ENERGY - 14.6%
	259,264		Anadarko Petroleum Corp		13,678,769
	1,068,208		Apache Corp		58,110,515
	767,373		Baker Hughes, Inc		37,110,158
	30,503		California Resources Corp		67,107
	764,509		Cenovus Energy, Inc		12,109,823
	1,088,392		Chevron Corp		111,211,895
	230,496	*	Concho Resources, Inc		26,776,720
	252,794	*,e	Continental Resources, Inc		9,419,104
	749,656	*	Devon Energy Corp		25,998,070
	9,548	*	Diamondback Energy, Inc		826,666
	514,275		EOG Resources, Inc		42,489,400
	1,109,690		Exxon Mobil Corp		98,096,596
	2,007,223		Kinder Morgan, Inc		35,648,281
	1,201,944		Marathon Oil Corp		16,935,391
	1,872,369	*,e	Matador Resources Co		40,349,552
	538,930		Nabors Industries Ltd		5,281,514
	408,483	*	Newfield Exploration Co		14,807,509
	325,742		Occidental Petroleum Corp		24,968,124
	1,196,976	*	Parsley Energy, Inc		28,033,178
	215,633		Pioneer Natural Resources Co		35,816,641
	485,430		Plains All American Pipeline LP		11,135,764
	562,303		Plains GP Holdings LP		5,566,800
	855,428	e	RPC, Inc		12,934,071
	1,200,511	*	RSP Permian, Inc		36,747,642
	791,103		Schlumberger Ltd		63,557,215

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	644,961		Targa Resources Investments, Inc	$	26,095,122
	3,313,265	*	Weatherford International Ltd		26,936,844
			TOTAL ENERGY		820,708,471

FOOD & STAPLES RETAILING - 0.9%
	159,354		Walgreens Boots Alliance, Inc		12,633,585
	599,100		Wal-Mart Stores, Inc		40,061,817
			TOTAL FOOD & STAPLES RETAILING		52,695,402

FOOD, BEVERAGE & TOBACCO - 4.2%
	1,089,197		ConAgra Foods, Inc		48,534,618
	242,775		Kraft Heinz Co		18,953,444
	68,292		Molson Coors Brewing Co (Class B)		6,530,764
	690,241		Mondelez International, Inc		29,652,754
	655,426		Philip Morris International, Inc		64,310,399
	1,511,739		Pinnacle Foods, Inc		64,384,964
	6,029		Snyder’s-Lance, Inc		192,747
			TOTAL FOOD, BEVERAGE & TOBACCO		232,559,690

HEALTH CARE EQUIPMENT & SERVICES - 4.7%
	1,897,540		Abbott Laboratories		73,814,306
	53,596		Anthem, Inc		7,544,709
	104,402		Baxter International, Inc		4,616,657
	2,202,099	*	Boston Scientific Corp		48,270,010
	326,299	*	Express Scripts Holding Co		24,058,025
	294,976		Medtronic plc		23,347,350
	87,353		UnitedHealth Group, Inc		11,502,643
	315,092	*	WellCare Health Plans, Inc		28,355,129
	349,543		Zimmer Holdings, Inc		40,466,593
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		261,975,422

HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
	1,628,287		Procter & Gamble Co		130,458,354
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		130,458,354

INSURANCE - 6.9%
	344,816		Allstate Corp		22,430,281
	817,558		American International Group, Inc		45,636,088
	410,296	*	Berkshire Hathaway, Inc (Class B)		59,689,862
	341,156		Chubb Ltd		40,208,646
	532,625		Hartford Financial Services Group, Inc		23,637,897
	1,019,455		MetLife, Inc		45,977,420
	907,703		Principal Financial Group		38,740,764
	251,490		Prudential Financial, Inc		19,525,684
	1,680,500		Sony Financial Holdings, Inc		20,775,898
	209,240		Travelers Cos, Inc		22,995,476
	201,447		W.R. Berkley Corp		11,281,032
	1,050,079		XL Capital Ltd		34,369,086
			TOTAL INSURANCE		385,268,134

MATERIALS - 5.0%
	29,142	e	Acerinox S.A.		345,309

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	201,381		Albemarle Corp	$	13,323,367
	2,869,660	e	Alcoa, Inc		32,054,102
	881,448		Axiall Corp		20,758,100
	384,281		Dow Chemical Co		20,217,024
	382,908		EI du Pont de Nemours & Co		25,237,466
	620,724	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		8,690,136
	580,079	*	GCP Applied Technologies, Inc		12,837,148
	5,269,817	*	Louisiana-Pacific Corp		89,586,889
	1,546,238	*	Multi Packaging Solutions International Ltd		25,698,476
	1,499,754		Olin Corp		32,679,640
			TOTAL MATERIALS		281,427,657

MEDIA - 0.7%
	111,953	*	AMC Networks, Inc		7,302,694
	73,028		Naspers Ltd (N Shares)		10,049,478
	150,385		Time Warner, Inc		11,299,929
	275,850		Tribune Co		10,634,017
			TOTAL MEDIA		39,286,118

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.8%
	1,139,096		Agilent Technologies, Inc		46,611,808
	226,348	*	Allergan plc		49,017,923
	104,402		Baxalta, Inc		4,379,664
	606,137	*	Endo International plc		16,365,699
	590,534	*	H Lundbeck AS		19,731,492
	765,147		Johnson & Johnson		85,757,676
	1,089,919		Merck & Co, Inc		59,771,158
	3,114,140		Pfizer, Inc		101,863,519
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		383,498,939

REAL ESTATE - 1.4%
	55,202		AvalonBay Communities, Inc		9,759,161
	62,000	*	Lifestyle Properties Development Ltd		15,986
	473,849	*	MGM Growth Properties LLC		10,457,847
	371,100		Post Properties, Inc		21,286,296
	3,489,240		WP GLIMCHER, Inc		36,602,128
			TOTAL REAL ESTATE		78,121,418

RETAILING - 0.9%
	3,437,268	*,e	Groupon, Inc		12,442,910
	11,456,000		Hengdeli Holdings Ltd		1,192,041
	13,224,320	*	Intime Retail Group Co Ltd		11,890,411
	2,627,143	*	JC Penney Co, Inc		24,379,887
			TOTAL RETAILING		49,905,249

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2%
	3,256,252	*	Advanced Micro Devices, Inc		11,559,694
	3,468,827		Advanced Semiconductor Engineering, Inc (ADR)		17,795,082
	3,279,561	e	Cypress Semiconductor Corp		29,614,436
	2,011,616		Intel Corp		60,911,733
	2,566,653		Marvell Technology Group Ltd		25,615,197
	597,019	*	Mellanox Technologies Ltd		25,821,072

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	221,440		Microchip Technology, Inc	$	10,759,770
	2,482,638	*	ON Semiconductor Corp		23,510,582
	477,129		Qualcomm, Inc		24,104,557
	197,598		Xilinx, Inc		8,512,522
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		238,204,645

SOFTWARE & SERVICES - 4.9%
	129,605	*,e	Cimpress NV		11,388,391
	644,086	*	eBay, Inc		15,735,021
	286,905		Mentor Graphics Corp		5,726,624
	1,307,938		Microsoft Corp		65,226,868
	97,955	*	MicroStrategy, Inc (Class A)		17,565,291
	1,349,050		Oracle Corp		53,773,133
	259,227	*,e	Rackspace Hosting, Inc		5,928,521
	812,742		Symantec Corp		13,528,091
	740,600	*	Teradata Corp		18,737,180
	1,637,476	*	Yahoo!, Inc		59,931,621
			TOTAL SOFTWARE & SERVICES		267,540,741

TECHNOLOGY HARDWARE & EQUIPMENT - 3.7%
	1,126,630	*	Ciena Corp		18,961,183
	3,354,083		Cisco Systems, Inc		92,203,742
	404,844		Corning, Inc		7,558,437
	1,920,709		Hewlett Packard Enterprise Co		31,999,012
	330,502		Hitachi High-Technologies Corp		8,942,604
	1,251,167		HP, Inc		15,351,819
	869,459	*	Lumentum Holdings, Inc		21,997,312
	379,565		Western Digital Corp		15,510,924
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		212,525,033

TELECOMMUNICATION SERVICES - 2.8%
	1,981,528		AT&T, Inc		76,922,917
	842,330	*	Level 3 Communications, Inc		44,020,166
	1,299,568		Telephone & Data Systems, Inc		38,428,226
			TOTAL TELECOMMUNICATION SERVICES		159,371,309

TRANSPORTATION - 1.1%
	726,667	*,b,m	AMR Corp (Escrow)		7,267
	2,986,306	*	Hertz Global Holdings, Inc		27,653,192
	360,621		Kansas City Southern Industries, Inc		34,168,840
			TOTAL TRANSPORTATION		61,829,299

UTILITIES - 4.5%
	291,207		American Electric Power Co, Inc		18,491,644
	276,668		Duke Energy Corp		21,795,905
	852,558	*	Dynegy, Inc		15,030,598
	209,326		Edison International		14,801,441
	250,454		Exelon Corp		8,788,431
	475,983		FirstEnergy Corp		15,512,286
	592,119		NextEra Energy, Inc		69,621,352
	411,908		PG&E Corp		23,973,046
	112,483		Sempra Energy		11,625,118

TIAA-CREF FUNDS - Large-Cap Value Fund

SHARES			COMPANY	VALUE

	162,523	e	Utilities Select Sector SPDR Fund	$	7,869,364
	1,081,864		Xcel Energy, Inc		43,307,016
			TOTAL UTILITIES		250,816,201

			TOTAL COMMON STOCKS		5,590,986,474
			(Cost $4,950,224,153)

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

SHORT-TERM INVESTMENTS - 3.3%

GOVERNMENT AGENCY DEBT - 1.4%

25,750,000

Federal Home Loan Bank (FHLB)

0.200

05/02/16

25,750,000

47,600,000

FHLB

0.245

05/25/16

47,592,384

TOTAL GOVERNMENT AGENCY DEBT

73,342,384

TREASURY DEBT - 0.0%

1,600,000

United States Treasury Bill

0.203

05/12/16

1,599,933

TOTAL TREASURY DEBT

1,599,933

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.9%

108,716,235

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

108,716,235

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

108,716,235

TOTAL SHORT-TERM INVESTMENTS

183,658,552

(Cost $183,658,218)

TOTAL INVESTMENTS - 102.8%

5,774,645,026

(Cost $5,133,882,371)

OTHER ASSETS & LIABILITIES, NET - (2.8)%

(155,735,713

)

NET ASSETS - 100.0%

5,618,909,313



		Abbreviations(s):


		ADR American Depositary Receipt
		SPDR Standard & Poor’s Depository Receipts

*		Non-income producing
b		In bankruptcy
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $105,378,764.
m		Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Mid-Cap Growth Fund

TIAA-CREF FUNDS

MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.4%

AUTOMOBILES & COMPONENTS - 1.3%
	276,078		Delphi Automotive plc	$	20,327,623
			TOTAL AUTOMOBILES & COMPONENTS		20,327,623

BANKS - 2.5%
	1,102,212		Investors Bancorp, Inc		12,730,549
	141,273	*	Signature Bank		19,471,657
	80,000	*	SVB Financial Group		8,342,400
			TOTAL BANKS		40,544,606

CAPITAL GOODS - 10.5%
	62,749		Acuity Brands, Inc		15,303,854
	447,672		Ametek, Inc		21,528,547
	215,492		Fortune Brands Home & Security, Inc		11,940,412
	89,168		Lennox International, Inc		12,033,221
	547,304		Masco Corp		16,807,706
	165,216	*	Middleby Corp		18,114,282
	238,921		Owens Corning, Inc		11,007,090
	99,823		Roper Industries, Inc		17,577,832
	33,863		Snap-On, Inc		5,393,699
	74,531	*	TransDigm Group, Inc		16,983,379
	673,926	*	USG Corp		18,202,741
			TOTAL CAPITAL GOODS		164,892,763

COMMERCIAL & PROFESSIONAL SERVICES - 3.3%
	81,302		Equifax, Inc		9,776,565
	329,467		Nielsen NV		17,178,410
	96,603	*	Stericycle, Inc		9,231,383
	200,166	*	Verisk Analytics, Inc		15,528,878
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		51,715,236

CONSUMER DURABLES & APPAREL - 4.3%
	497,692		DR Horton, Inc		14,960,621
	417,741		Hanesbrands, Inc		12,127,021
	177,922		Harman International Industries, Inc		13,657,293
	403,020		Mattel, Inc		12,529,892
	71,846	*	Mohawk Industries, Inc		13,839,695
			TOTAL CONSUMER DURABLES & APPAREL		67,114,522

CONSUMER SERVICES - 5.4%
	459,000		ARAMARK Holdings Corp		15,381,090
	34,688	*	Chipotle Mexican Grill, Inc (Class A)		14,602,607
	356,296		Hilton Worldwide Holdings, Inc		7,856,327
	360,969	*	Norwegian Cruise Line Holdings Ltd		17,647,775
	138,675	*	Red Rock Resorts, Inc		2,584,902

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	366,900		Restaurant Brands International, Inc	$	15,872,094
	116,173	*	ServiceMaster Global Holdings, Inc		4,451,749
	189,994	*,e	Zoe’s Kitchen, Inc		7,122,875
			TOTAL CONSUMER SERVICES		85,519,419

DIVERSIFIED FINANCIALS - 6.2%
	675,249	e	iShares Russell Midcap Growth Index Fund		62,149,918
	283,859		Lazard Ltd (Class A)		10,233,117
	115,985	*	S&P Global, Inc		12,392,997
	391,346	*	Synchrony Financial		11,963,447
			TOTAL DIVERSIFIED FINANCIALS		96,739,479

ENERGY - 0.8%
	58,209	*	Diamondback Energy, Inc		5,039,735
	218,478	*	RSP Permian, Inc		6,687,612
			TOTAL ENERGY		11,727,347

FOOD, BEVERAGE & TOBACCO - 5.3%
	172,713		Constellation Brands, Inc (Class A)		26,953,591
	128,248		Dr Pepper Snapple Group, Inc		11,659,026
	111,660	*	Monster Beverage Corp		16,103,605
	175,701	*	Post Holdings, Inc		12,622,360
	8,283		Snyder’s-Lance, Inc		264,807
	395,569	*	WhiteWave Foods Co (Class A)		15,905,830
			TOTAL FOOD, BEVERAGE & TOBACCO		83,509,219

HEALTH CARE EQUIPMENT & SERVICES - 10.6%
	278,645	*	Acadia Healthcare Co, Inc		17,607,578
	519,488	*	Brookdale Senior Living, Inc		9,589,748
	226,405	*	Centene Corp		14,028,054
	312,337	*	Cerner Corp		17,534,599
	180,435	*	DexCom, Inc		11,616,405
	208,534	*	Edwards Lifesciences Corp		22,148,396
	513,162	*	Envision Healthcare Holdings, Inc		11,612,856
	93,167	*	Henry Schein, Inc		15,717,273
	253,463	*	Insulet Corp		8,440,318
	37,077	*	Intuitive Surgical, Inc		23,223,550
	216,017	*	MEDNAX, Inc		15,399,852
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		166,918,629

MATERIALS - 5.4%
	167,630		Albemarle Corp		11,090,401
	224,864		Avery Dennison Corp		16,327,375
	377,086	*	Berry Plastics Group, Inc		13,582,638
	155,727	*	GCP Applied Technologies, Inc		3,446,239
	631,980		Olin Corp		13,770,844
	53,038		Sherwin-Williams Co		15,238,348
	155,727	*	WR Grace & Co		11,941,146
			TOTAL MATERIALS		85,396,991

MEDIA - 2.1%
	97,353	*	AMC Networks, Inc		6,350,336

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	45,835	*,e	Charter Communications, Inc	$	9,728,021
	719,463		Interpublic Group of Cos, Inc		16,504,481
			TOTAL MEDIA		32,582,838

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.7%
	62,361	*	Anacor Pharmaceuticals, Inc		3,912,529
	128,882	*	BioMarin Pharmaceutical, Inc		10,913,728
	99,119	*,e	Coherus Biosciences, Inc		1,866,411
	159,598	*	Incyte Corp		11,534,147
	966,100	*,e	Merrimack Pharmaceuticals, Inc		6,839,988
	469,369		Zoetis Inc		22,074,424
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		57,141,227

REAL ESTATE - 3.7%
	324,711	*	CBRE Group, Inc		9,621,187
	266,605		Crown Castle International Corp		23,162,642
	74,111		Equinix, Inc		24,482,569
			TOTAL REAL ESTATE		57,266,398

RETAILING - 11.8%
	29,024		Advance Auto Parts, Inc		4,530,646
	27,220	*	AutoZone, Inc		20,829,560
	102,470	*,e	Carmax, Inc		5,425,787
	180,915		Dollar General Corp		14,818,748
	308,223	*	Dollar Tree, Inc		24,568,455
	152,571		Expedia, Inc		17,663,145
	88,528	*	O’Reilly Automotive, Inc		23,254,535
	320,278		Ross Stores, Inc		18,185,385
	314,736	*	Sally Beauty Holdings, Inc		9,882,710
	171,563		Signet Jewelers Ltd		18,624,879
	230,329		Tractor Supply Co		21,802,943
	30,348	*	Ulta Salon Cosmetics & Fragrance, Inc		6,320,882
			TOTAL RETAILING		185,907,675

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.8%
	162,409		Analog Devices, Inc		9,146,875
	834,334		Applied Materials, Inc		17,078,817
	453,386		ChipMOS TECHNOLOGIES Bermuda Ltd		7,625,953
	195,346		Lam Research Corp		14,924,434
	206,682	*	Mellanox Technologies Ltd		8,938,997
	111,540	*	NXP Semiconductors NV		9,512,131
	118,142		Skyworks Solutions, Inc		7,894,248
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		75,121,455

SOFTWARE & SERVICES - 13.4%
	75,811	*	Alliance Data Systems Corp		15,413,134
	261,308	*	comScore, Inc		8,001,251
	302,388		CSRA, Inc		7,849,993
	272,267	*	Electronic Arts, Inc		16,839,714
	143,180		Fidelity National Information Services, Inc		9,421,244
	131,008	*	FleetCor Technologies, Inc		20,264,318
	341,102	*	Fortinet, Inc		11,089,226

TIAA-CREF FUNDS - Mid-Cap Growth Fund

SHARES			COMPANY	VALUE

	166,722	*	Guidewire Software, Inc	$	9,498,152
	233,624		Intuit, Inc		23,570,325
	56,978	*	LinkedIn Corp		7,139,913
	56,735	*	MicroStrategy, Inc (Class A)		10,173,720
	284,128	*,e	Mobileye NV		10,839,483
	230,925	*,e,n	Proofpoint, Inc		13,453,691
	263,366	*	QLIK Technologies, Inc		8,109,039
	649,075	*	RingCentral, Inc		12,384,351
	101,194	*	ServiceNow, Inc		7,233,347
	103,865	*	Splunk, Inc		5,398,903
	263,363	*	Vantiv, Inc		14,363,818
			TOTAL SOFTWARE & SERVICES		211,043,622

TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	48,163	*	Palo Alto Networks, Inc		7,266,352
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		7,266,352

TRANSPORTATION - 2.8%
	644,634		Southwest Airlines Co		28,757,123
	345,840	*	United Continental Holdings, Inc		15,842,930
			TOTAL TRANSPORTATION		44,600,053

			TOTAL COMMON STOCKS		1,545,335,454
			(Cost $1,386,162,837)

PURCHASED OPTIONS - 0.0%

BANKS - 0.0%
	80,000	n	SVB Financial Group		604,000
			TOTAL BANKS		604,000

SOFTWARE & SERVICES - 0.0%
	200,000		Proofpoint, Inc		64,000
			TOTAL SOFTWARE & SERVICES		64,000

			TOTAL PURCHASED OPTIONS		668,000
			(Cost $756,900)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 5.2%

GOVERNMENT AGENCY DEBT - 1.2%
$	18,600,000	Federal Home Loan Bank (FHLB)		0.200	%	05/02/16	18,599,999
		TOTAL GOVERNMENT AGENCY DEBT					18,599,999

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.0%
	63,759,243	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	63,759,243
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES	63,759,243

TIAA-CREF FUNDS - Mid-Cap Growth Fund

	VALUE

TOTAL SHORT-TERM INVESTMENTS	$	82,359,242
(Cost $82,359,139)
TOTAL INVESTMENTS - 103.6%		1,628,362,696
(Cost $1,469,278,876)
OTHER ASSETS & LIABILITIES, NET - (3.6)%		(57,079,265	)
NET ASSETS - 100.0%	$	1,571,283,431

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $61,991,814.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

TIAA-CREF FUNDS - Mid-Cap Value Fund

TIAA-CREF FUNDS
MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.0%
	177,748		Delphi Automotive plc	$	13,087,585
	183,655		Lear Corp		21,144,200
	244,253		Magna International, Inc (Class A)		10,263,511
	91,834		Visteon Corp		7,316,415
			TOTAL AUTOMOBILES & COMPONENTS		51,811,711

BANKS - 6.6%
	605,689		BankUnited		20,896,270
	555,936		CIT Group, Inc		19,218,707
	520,000		Comerica, Inc		23,088,000
	748,294		East West Bancorp, Inc		28,053,542
	370,000		First Republic Bank		26,018,400
	1,150,102	*	Hilltop Holdings, Inc		22,841,026
	1,830,000		Huntington Bancshares, Inc		18,409,800
	1,214,578		Investors Bancorp, Inc		14,028,376
	1,553,233		Keycorp		19,089,234
	208,539		M&T Bank Corp		24,674,334
	800,000		New York Community Bancorp, Inc		12,024,000
	1,000,000		Regions Financial Corp		9,380,000
	785,709		SunTrust Banks, Inc		32,795,494
	618,541		Synovus Financial Corp		19,273,737
	724,909		Talmer Bancorp Inc		14,063,235
	670,000		TCF Financial Corp		9,138,800
	187,089		Wintrust Financial Corp		9,732,370
	486,661		Zions Bancorporation		13,392,911
			TOTAL BANKS		336,118,236

CAPITAL GOODS - 6.8%
	500,000	*	AerCap Holdings NV		20,005,000
	800,000	*	Babcock & Wilcox Enterprises, Inc		18,280,000
	243,566		Crane Co		13,534,963
	225,000		Fluor Corp		12,298,500
	390,000		Hexcel Corp		17,655,300
	168,377		Hubbell, Inc		17,807,552
	382,911		Ingersoll-Rand plc		25,095,987
	482,819		ITT Corp		18,525,765
	700,000		KBR, Inc		10,892,000
	246,326		L-3 Communications Holdings, Inc		32,399,259
	140,000		Lennox International, Inc		18,893,000
	355,448		Masco Corp		10,915,808
	205,794	*	Masonite International Corp		13,924,022
	138,257		Rockwell Collins, Inc		12,192,885
	456,339	*	SPX FLOW, Inc		13,671,916
	1,530,000		Textron, Inc		59,180,400
	191,009	*	WABCO Holdings, Inc		21,423,569

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	111,865		Westinghouse Air Brake Technologies Corp	$	9,276,964
			TOTAL CAPITAL GOODS		345,972,890

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	807,374		Republic Services, Inc		38,003,094
	209,555		Tyco International plc		8,072,059
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		46,075,153

CONSUMER DURABLES & APPAREL - 2.7%
	117,434		Coach, Inc		4,729,067
	1,040,000		Mattel, Inc		32,333,600
	104,325	*	Mohawk Industries, Inc		20,096,125
	764,569		Newell Rubbermaid, Inc		34,818,472
	5,994	*	NVR, Inc		9,957,772
	314,503		Sony Corp		7,617,766
	217,480	*	Steven Madden Ltd		7,613,975
	265,000	*	Tempur-Pedic International, Inc		16,077,550
			TOTAL CONSUMER DURABLES & APPAREL		133,244,327

CONSUMER SERVICES - 0.9%
	514,452		ARAMARK Holdings Corp		17,239,286
	215,141		Darden Restaurants, Inc		13,392,527
	168,804	*	Denny’s Corp		1,669,472
	233,856	e	Interval Leisure Group, Inc		3,302,047
	289,971		Restaurant Brands International, Inc		12,544,145
			TOTAL CONSUMER SERVICES		48,147,477

DIVERSIFIED FINANCIALS - 3.2%
	490,000		Ameriprise Financial, Inc		46,991,000
	1,210,699	*	E*TRADE Financial Corp		30,485,401
	258,410		Lazard Ltd (Class A)		9,315,680
	408,646		Raymond James Financial, Inc		21,319,062
	1,838,491	*	Synchrony Financial		56,202,670
			TOTAL DIVERSIFIED FINANCIALS		164,313,813

ENERGY - 11.0%
	330,000		Apache Corp		17,952,000
	435,000		Baker Hughes, Inc		21,036,600
	1,550,000		Capital Product Partners LP		4,340,000
	320,000		Cimarex Energy Co		34,841,600
	742,286		Columbia Pipeline Group, Inc		19,017,367
	284,457	*	Concho Resources, Inc		33,045,370
	615,000	*,e	Continental Resources, Inc		22,914,900
	260,075	*	Diamondback Energy, Inc		22,517,294
	182,471	*	Dril-Quip, Inc		11,827,770
	625,000		Energen Corp		26,556,250
	306,458		EQT Corp		21,482,706
	1,325,000		Hess Corp		78,996,500
	253,484		HollyFrontier Corp		9,024,030
	1,030,000	*,e	Matador Resources Co		22,196,500
	167,849		Noble Energy, Inc		6,061,027
	272,275		Oceaneering International, Inc		9,978,879

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	1,005,662	*	Parsley Energy, Inc	$	23,552,604
	867,469		Patterson-UTI Energy, Inc		17,132,513
	385,000		Pioneer Natural Resources Co		63,948,500
	525,000		Plains All American Pipeline LP		12,043,500
	677,860		Rowan Cos plc		12,750,547
	450,000	e	RPC, Inc		6,804,000
	622,313	*	RSP Permian, Inc		19,049,001
	886,306		Superior Energy Services		14,943,119
	150,000		Targa Resources Investments, Inc		6,069,000
	485,635		Tesco Corp		4,594,107
	235,732		Tesoro Corp		18,785,483
			TOTAL ENERGY		561,461,167

FOOD & STAPLES RETAILING - 0.3%
	2,100,000	*	Rite Aid Corp		16,905,000
			TOTAL FOOD & STAPLES RETAILING		16,905,000

FOOD, BEVERAGE & TOBACCO - 5.7%
	1,000,000		Bunge Ltd		62,500,000
	1,010,000		ConAgra Foods, Inc		45,005,600
	1,350,000	e	Cott Corp		17,901,000
	440,000	e	Dean Foods Co		7,581,200
	436,668		Molson Coors Brewing Co (Class B)		41,758,561
	542,579		Pinnacle Foods, Inc		23,108,440
	310,000	*	Post Holdings, Inc		22,270,400
	460,176		Reynolds American, Inc		22,824,729
	730,000		Tyson Foods, Inc (Class A)		48,048,600
			TOTAL FOOD, BEVERAGE & TOBACCO		290,998,530

HEALTH CARE EQUIPMENT & SERVICES - 2.7%
	2,180,000	*	Boston Scientific Corp		47,785,600
	121,084	*	HCA Holdings, Inc		9,761,792
	165,289		Healthsouth Corp		6,852,882
	104,325		Humana, Inc		18,472,828
	234,537		Universal Health Services, Inc (Class B)		31,352,906
	182,979		Zimmer Holdings, Inc		21,183,479
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		135,409,487

INSURANCE - 7.7%
	450,000		Allied World Assurance Co Holdings Ltd		16,011,000
	303,015		Aon plc		31,852,937
	257,127	*	Arch Capital Group Ltd		18,124,882
	253,130		Argo Group International Holdings Ltd		13,914,556
	293,179		Chubb Ltd		34,554,077
	1,156,971		Conseco, Inc		21,253,557
	112,047		Everest Re Group Ltd		20,717,490
	1,217,755		Hartford Financial Services Group, Inc		54,043,967
	202,977		Intact Financial Corp		15,020,654
	568,284		Marsh & McLennan Cos, Inc		35,887,135
	449,932		Principal Financial Group		19,203,098
	340,000		ProAssurance Corp		16,228,200
	142,347		RenaissanceRe Holdings Ltd		15,787,706
	351,986		UnumProvident Corp		12,041,441

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	654,900		Validus Holdings Ltd	$	30,184,341
	1,202,883		XL Capital Ltd		39,370,360
			TOTAL INSURANCE		394,195,401

MATERIALS - 7.4%
	1,100,000		Albemarle Corp		72,776,000
	198,468		Ashland, Inc		22,149,029
	1,110,000		Axiall Corp		26,140,500
	701,475	*	Berry Plastics Group, Inc		25,267,129
	279,414	*	Clearwater Paper Corp		16,692,192
	385,656	*	Crown Holdings, Inc		20,424,342
	721,632	*	Ferro Corp		9,193,592
	570,820	*	GCP Applied Technologies, Inc		12,632,247
	2,510,000	*	Louisiana-Pacific Corp		42,670,000
	1,458,097	*	Multi Packaging Solutions International Ltd		24,233,572
	274,199		Nucor Corp		13,649,626
	908,023		Olin Corp		19,785,821
	142,863		Schweitzer-Mauduit International, Inc		4,913,059
	1,000,000	e	United States Steel Corp		19,110,000
	115,152		WestRock Co		4,819,111
	570,820	*	WR Grace & Co		43,770,478
			TOTAL MATERIALS		378,226,698

MEDIA - 1.6%
	95,000	*	DISH Network Corp (Class A)		4,682,550
	390,247		EW Scripps Co (Class A)		5,923,950
	1,336,262		Interpublic Group of Cos, Inc		30,653,850
	45,929	*	Madison Square Garden Co		7,209,934
	1,340,000	e	MDC Partners, Inc		27,121,600
	137,753	*	MSG Networks, Inc		2,354,199
	142,347		Tribune Co		5,487,477
			TOTAL MEDIA		83,433,560

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.4%
	1,040,000		Agilent Technologies, Inc		42,556,800
	558,000	*	H Lundbeck AS		18,644,435
	102,000		Lonza Group AG.		17,012,400
	1,024,436	*,e	Merrimack Pharmaceuticals, Inc		7,253,007
	660,000	*	Mylan NV		27,528,600
	210,000		PerkinElmer, Inc		10,588,200
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		123,583,442

REAL ESTATE - 10.1%
	467,694		American Assets Trust,Inc		18,553,421
	475,000		American Campus Communities, Inc		21,256,250
	249,021		AvalonBay Communities, Inc		44,024,423
	471,906		Blackstone Mortgage Trust, Inc		12,967,977
	202,991		Boston Properties, Inc		26,157,420
	477,037		DDR Corp		8,348,148
	745,044	*	Equity Commonwealth		20,794,178
	20,220		Essex Property Trust, Inc		4,457,499
	351,383		Gaming and Leisure Properties, Inc		11,521,849
	860,000		General Growth Properties, Inc		24,105,800

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	750,000		HCP, Inc	$	25,372,500
	450,000		Host Marriott Corp		7,119,000
	782,297		Kennedy-Wilson Holdings, Inc		16,905,438
	628,987		Kimco Realty Corp		17,687,114
	216,505		Macerich Co		16,471,700
	1,257,494		MFA Mortgage Investments, Inc		8,689,284
	300,000		Mid-America Apartment Communities, Inc		28,713,000
	950,000		Parkway Properties, Inc		15,627,500
	460,051		Pennsylvania REIT		10,553,570
	336,731		Post Properties, Inc		19,314,890
	757,540		Prologis, Inc		34,399,891
	475,000		STORE Capital Corp		12,193,250
	690,000		Ventas, Inc		42,862,800
	449,932		Weingarten Realty Investors		16,611,489
	380,000		Welltower, Inc		26,379,600
	2,375,000		WP GLIMCHER, Inc		24,913,750
			TOTAL REAL ESTATE		516,001,741

RETAILING - 3.2%
	96,439		Advance Auto Parts, Inc		15,054,128
	826,407		Best Buy Co, Inc		26,511,137
	3,097,901	*,e	JC Penney Co, Inc		28,748,521
	1,055,966	*	Liberty Interactive Corp		27,666,309
	133,175	*	Liberty Ventures		5,327,000
	1,238,580	*	Office Depot, Inc		7,282,851
	849,362		Staples, Inc		8,663,492
	545,000		TJX Companies, Inc		41,321,900
			TOTAL RETAILING		160,575,338

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	1,253,384		Applied Materials, Inc		25,656,770
	17,953		Broadcom Ltd		2,616,650
	562,821	e	Cypress Semiconductor Corp		5,082,274
	462,982		Lam Research Corp		35,371,825
	150,000	*	NXP Semiconductors NV		12,792,000
	1,370,348	*	ON Semiconductor Corp		12,977,195
	740,000		Xilinx, Inc		31,879,200
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		126,375,914

SOFTWARE & SERVICES - 2.0%
	998,134		CA, Inc		29,604,655
	195,732	*	Citrix Systems, Inc		16,018,707
	855,000		Mentor Graphics Corp		17,065,800
	1,336,089		Symantec Corp		22,239,201
	2,000,000		Xerox Corp		19,200,000
			TOTAL SOFTWARE & SERVICES		104,128,363

TECHNOLOGY HARDWARE & EQUIPMENT - 4.2%
	570,576	*	Alcatel S.A.		2,137,125
	198,516	*	Arrow Electronics, Inc		12,327,844
	700,000		Brocade Communications Systems, Inc		6,727,000
	1,639,524	*	Ciena Corp		27,593,189
	870,000		Juniper Networks, Inc		20,358,000

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES			COMPANY	VALUE

	783,056	*	Lumentum Holdings, Inc	$	19,811,317
	1,705,000		Nokia Corp		10,008,350
	2,117,500		Nokia Oyj (Turquoise)		12,500,653
	1,200,000	*	Ruckus Wireless, Inc		16,488,000
	747,075		TE Connectivity Ltd		44,436,021
	1,517,496	*	Viavi Solutions, Inc		9,878,899
	770,000		Western Digital Corp		31,466,050
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		213,732,448

TELECOMMUNICATION SERVICES - 1.6%
	1,110,000	*	Level 3 Communications, Inc		58,008,600
	442,347		Telephone & Data Systems, Inc		13,080,201
	316,488	*	T-Mobile US, Inc		12,431,648
			TOTAL TELECOMMUNICATION SERVICES		83,520,449

TRANSPORTATION - 1.9%
	178,831		Alaska Air Group, Inc		12,595,067
	321,379		American Airlines Group, Inc		11,148,638
	260,000	*	Avis Budget Group, Inc		6,526,000
	216,192		Costamare, Inc		2,097,063
	633,578		CSX Corp		17,277,672
	279,414		Delta Air Lines, Inc		11,643,181
	250,000		Kansas City Southern Industries, Inc		23,687,500
	232,852	*	United Continental Holdings, Inc		10,666,950
			TOTAL TRANSPORTATION		95,642,071

UTILITIES - 13.0%
	350,000		Ameren Corp		16,800,000
	335,000		American Electric Power Co, Inc		21,272,500
	417,453		American Water Works Co, Inc		30,373,880
	540,000	*	Calpine Corp		8,521,200
	1,245,126		Centerpoint Energy, Inc		26,707,953
	710,000		CMS Energy Corp		28,882,800
	445,000		DTE Energy Co		39,676,200
	900,000	*	Dynegy, Inc		15,867,000
	718,342		Edison International		50,793,963
	245,000		Eversource Energy		13,827,800
	668,331		FirstEnergy Corp		21,780,907
	465,000		ITC Holdings Corp		20,492,550
	136,736		National Fuel Gas Co		7,588,848
	190,000		NextEra Energy, Inc		22,340,200
	850,000		NiSource, Inc		19,303,500
	316,070		NorthWestern Corp		17,965,419
	565,094		OGE Energy Corp		16,721,131
	510,000		PG&E Corp		29,682,000
	325,000		Pinnacle West Capital Corp		23,611,250
	1,082,301		PPL Corp		40,737,810
	833,276		Public Service Enterprise Group, Inc		38,439,022
	287,342		Questar Corp		7,203,664
	616,290		Sempra Energy		63,693,571
	392,693		Southwest Gas Corp		25,489,703
	430,000		Westar Energy, Inc		22,192,300
	826,000		Xcel Energy, Inc		33,064,780
			TOTAL UTILITIES		663,029,951

TIAA-CREF FUNDS - Mid-Cap Value Fund

SHARES		COMPANY	VALUE

		TOTAL COMMON STOCKS	$	5,072,903,167
		(Cost $4,122,262,827)

PURCHASED OPTIONS - 0.0%

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	230,000	SanDisk Corp		983,250
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		983,250

		TOTAL PURCHASED OPTIONS		983,250
		(Cost $1,384,025)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 3.9%

TREASURY DEBT - 1.3%
$	9,650,000	United States Treasury Bill		0.161	%	05/05/16	9,649,874
	6,800,000	United States Treasury Bill		0.203		05/12/16	6,799,714
	50,000,000	United States Treasury Bill		0.235		08/11/16	49,965,700
		TOTAL TREASURY DEBT					66,415,288

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.6%
	135,686,513	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		135,686,513
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		135,686,513

			TOTAL SHORT-TERM INVESTMENTS		202,101,801
			(Cost $202,102,627)
			TOTAL INVESTMENTS - 103.3%		5,275,988,218
			(Cost $4,325,749,479)
			OTHER ASSETS & LIABILITIES, NET - (3.3)%		(170,660,394	)
			NET ASSETS - 100.0%	$	5,105,327,824



		Abbreviation(s):
		REIT Real Estate Investment Trust

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $126,538,617.

TIAA-CREF FUNDS - Small-Cap Equity Fund

TIAA-CREF FUNDS
SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.3%

AUTOMOBILES & COMPONENTS - 1.2%
	494,600	*	American Axle & Manufacturing Holdings, Inc	$	7,671,246
	317,944	*	Tenneco, Inc		16,946,415
	128,360		Visteon Corp		10,226,441
			TOTAL AUTOMOBILES & COMPONENTS		34,844,102

BANKS - 10.3%
	422,896		BankUnited		14,589,912
	159,060		Banner Corp		6,804,587
	831,233		Brookline Bancorp, Inc		9,459,432
	844,632		Capitol Federal Financial		11,225,159
	243,030		Columbia Banking System, Inc		7,166,955
	673,260		First Commonwealth Financial Corp		6,180,527
	655,340		First Midwest Bancorp, Inc		12,110,683
	1,284,248		Fulton Financial Corp		17,966,629
	614,670		Great Western Bancorp, Inc		19,374,398
	545,650	*	Hilltop Holdings, Inc		10,836,609
	286,040		IBERIABANK Corp		16,873,500
	278,816		LegacyTexas Financial Group, Inc		6,875,603
	1,479,388	*	MGIC Investment Corp		10,695,975
	493,191		Oritani Financial Corp		8,547,000
	204,420		Pinnacle Financial Partners, Inc		10,051,331
	395,316		Popular, Inc		11,748,791
	515,947		PrivateBancorp, Inc		21,468,555
	788,630		Provident Financial Services, Inc		15,756,827
	850,980		Radian Group, Inc		10,884,034
	738,868		Sterling Bancorp/DE		12,073,103
	662,290		Umpqua Holdings Corp		10,484,051
	303,500		United Community Banks, Inc		6,109,455
	635,870	*	Western Alliance Bancorp		23,260,125
	250,000		Wintrust Financial Corp		13,005,000
			TOTAL BANKS		293,548,241

CAPITAL GOODS - 7.7%
	157,857	*	American Woodmark Corp		11,498,304
	234,470		Apogee Enterprises, Inc		9,716,437
	312,336		Barnes Group, Inc		10,147,797
	367,180	*	Beacon Roofing Supply, Inc		15,689,601
	359,900		Comfort Systems USA, Inc		10,613,451
	140,340		Crane Co		7,798,694
	194,090		Cubic Corp		8,068,321
	372,766		EMCOR Group, Inc		18,071,696
	208,752		Encore Wire Corp		7,984,764
	165,340		EnPro Industries, Inc		9,685,617
	116,900		HEICO Corp		7,167,139
	116,030		IDEX Corp		9,502,857

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	338,440		ITT Corp	$	12,985,943
	270,831		John Bean Technologies Corp		14,121,128
	151,390	*	Moog, Inc (Class A)		7,396,915
	456,500	*	MRC Global, Inc		6,381,870
	367,679		Mueller Industries, Inc		11,603,949
	65,460		Orbital ATK, Inc		5,695,020
	201,230		Owens Corning, Inc		9,270,666
	263,670	*	Spirit Aerosystems Holdings, Inc (Class A)		12,432,041
	298,540	*	SPX FLOW, Inc		8,944,258
	107,106		Universal Forest Products, Inc		8,209,675
			TOTAL CAPITAL GOODS		222,986,143

COMMERCIAL & PROFESSIONAL SERVICES - 2.8%
	429,390		Herman Miller, Inc		12,954,696
	312,170		KAR Auction Services, Inc		11,737,592
	289,676		Kforce, Inc		5,506,741
	426,722	*	Navigant Consulting, Inc		6,810,483
	399,311		Rollins, Inc		10,729,487
	325,340	*	TransUnion		9,743,933
	393,712	*	TrueBlue, Inc		7,358,477
	242,495		Viad Corp		7,214,226
	123,175	*	WageWorks, Inc		6,634,206
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		78,689,841

CONSUMER DURABLES & APPAREL - 3.6%
	273,140		Brunswick Corp		13,118,914
	146,340		Columbia Sportswear Co		8,571,134
	115,060	*	G-III Apparel Group Ltd		5,206,465
	89,980	*	Helen of Troy Ltd		8,955,709
	434,300	*	Kate Spade & Co		11,174,539
	331,388		La-Z-Boy, Inc		8,573,008
	451,246	*	Nautilus, Inc		7,959,979
	142,971		Oxford Industries, Inc		9,496,134
	160,650		Pool Corp		14,042,417
	1,212,470	*	TRI Pointe Homes, Inc		14,064,652
			TOTAL CONSUMER DURABLES & APPAREL		101,162,951

CONSUMER SERVICES - 3.8%
	417,000	*	Apollo Group, Inc (Class A)		3,252,600
	1,082,297	*	Belmond Ltd.		9,913,841
	461,900		Bloomin’ Brands, Inc		8,637,530
	233,440		Cheesecake Factory		11,907,774
	69,370		Churchill Downs, Inc		9,308,067
	216,690	*	Dave & Buster’s Entertainment, Inc		8,385,903
	598,600	*	Denny’s Corp		5,920,154
	347,201	*	Grand Canyon Education, Inc		15,183,100
	431,937	*	K12, Inc		5,308,506
	135,560		Marriott Vacations Worldwide Corp		8,491,478
	170,380	l	Vail Resorts, Inc		22,088,063
			TOTAL CONSUMER SERVICES		108,397,016

DIVERSIFIED FINANCIALS - 1.1%
	247,538		Evercore Partners, Inc (Class A)		12,782,863

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	633,200		NorthStar Asset Management Group, Inc	$	7,877,008
	1,422,760	*	SLM Corp		9,632,085
			TOTAL DIVERSIFIED FINANCIALS		30,291,956

ENERGY - 4.0%
	1,246,750	*	Callon Petroleum Co		13,103,343
	284,700	*	Carrizo Oil & Gas, Inc		10,069,839
	311,012		Delek US Holdings, Inc		4,941,981
	359,248	*	Exterran Corp		5,496,494
	463,300		Green Plains Renewable Energy, Inc		8,385,730
	425,262	*	Matrix Service Co		8,011,936
	3,220,320	*,e	McDermott International, Inc		14,620,253
	889,100	*	Oasis Petroleum, Inc		8,615,379
	209,500		PBF Energy, Inc		6,741,710
	151,180	*	PDC Energy, Inc		9,492,592
	484,800		Questar Market Resources, Inc		8,692,464
	973,751	*	Renewable Energy Group, Inc		9,464,860
	280,790		Western Refining, Inc		7,513,940
			TOTAL ENERGY		115,150,521

FOOD, BEVERAGE & TOBACCO - 2.4%
	1,047,770	*	Darling International, Inc		15,182,187
	706,910	e	Dean Foods Co		12,180,059
	106,516		Lancaster Colony Corp		12,409,114
	83,800	*	Post Holdings, Inc		6,020,192
	115,160	e	Sanderson Farms, Inc		10,564,779
	556,564	e	Vector Group Ltd		12,021,782
			TOTAL FOOD, BEVERAGE & TOBACCO		68,378,113

HEALTH CARE EQUIPMENT & SERVICES - 6.1%
	149,420	*	Abiomed, Inc		14,514,659
	137,347	*	Anika Therapeutics, Inc		6,271,264
	371,130	*	HealthStream, Inc		8,394,961
	282,320		Hill-Rom Holdings, Inc		13,650,172
	175,173	*	ICU Medical, Inc		17,401,686
	137,420	*	Integra LifeSciences Holdings Corp		9,732,084
	521,380		Kindred Healthcare, Inc		7,695,569
	395,980	*	Merit Medical Systems, Inc		8,018,595
	216,639	*	Natus Medical, Inc		6,904,285
	277,820	*	NuVasive, Inc		14,707,791
	321,801	*	Omnicell, Inc		10,252,580
	1,284,831	*	OraSure Technologies, Inc		9,225,087
	260,743	*	PharMerica Corp		6,163,964
	369,440	*	Premier, Inc		12,490,766
	158,900	*,e	Team Health Holdings, Inc		6,646,787
	171,072	*	Vascular Solutions, Inc		5,978,966
	200,593	*	WellCare Health Plans, Inc		18,051,364
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		176,100,580

HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	53,580	*,e	USANA Health Sciences, Inc		6,346,015
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		6,346,015

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

INSURANCE - 2.2%
	790,715		American Equity Investment Life Holding Co	$	11,070,010
	259,117		Aspen Insurance Holdings Ltd		12,010,073
	280,561		Employers Holdings, Inc		8,332,662
	277,399	e	HCI Group, Inc		8,310,874
	174,624		Old Republic International Corp		3,228,798
	348,260		Selective Insurance Group, Inc		12,088,104
	404,500	e	Universal Insurance Holdings, Inc		7,123,245
			TOTAL INSURANCE		62,163,766

MATERIALS - 5.2%
	2,139,670	*,e	AK Steel Holding Corp		10,013,656
	245,240	*	Boise Cascade Co		5,118,159
	221,420		Cabot Corp		10,803,082
	1,089,610	*,e	Century Aluminum Co		9,610,360
	490,810	*	Chemtura		13,669,058
	1,480,970	*,e	Coeur Mining, Inc		11,995,857
	225,829		Commercial Metals Co		4,046,856
	294,185		Greif, Inc (Class A)		10,208,219
	572,570	*	Headwaters, Inc		11,457,126
	340,648	*	Kraton Polymers LLC		7,736,116
	811,100	*	Louisiana-Pacific Corp		13,788,700
	242,440		Minerals Technologies, Inc		14,522,156
	212,300		Schnitzer Steel Industries, Inc (Class A)		4,377,626
	149,939		Sensient Technologies Corp		10,083,398
	172,660	*	Trinseo S.A.		7,388,121
	257,500	e	United States Steel Corp		4,920,825
			TOTAL MATERIALS		149,739,315

MEDIA - 1.1%
	983,994	*	Gray Television, Inc		12,644,323
	613,090	*	Live Nation, Inc		13,169,173
	432,290		Time, Inc		6,354,663
			TOTAL MEDIA		32,168,159

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
	199,800	*,e	Acadia Pharmaceuticals, Inc		6,453,540
	152,300	*,e	Acorda Therapeutics, Inc		3,936,955
	156,200	*,e	AMAG Pharmaceuticals, Inc		4,142,424
	451,700	*,e	Amphastar Pharmaceuticals, Inc		5,555,910
	42,200	*,e	Anacor Pharmaceuticals, Inc		2,647,628
	1,724,839	*,e	Array Biopharma, Inc		5,502,237
	63,900	*,e	Atara Biotherapeutics, Inc		1,150,839
	268,926	*	Cambrex Corp		12,972,990
	78,858	*	Catalent, Inc		2,328,677
	392,510	*	Cepheid, Inc		11,202,235
	120,800	*	Dermira, Inc		3,055,032
	237,682	*	Emergent Biosolutions, Inc		9,155,511
	335,526	*	FibroGen, Inc		6,039,468
	187,360	*	Five Prime Therapeutics, Inc		8,916,462
	539,000	*,e	Halozyme Therapeutics, Inc		5,686,450
	409,523	*	Impax Laboratories, Inc		13,657,592

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	198,363	*	INC Research Holdings, Inc	$	9,547,211
	633,900	*	Infinity Pharmaceuticals, Inc		3,676,620
	209,600	*	Insmed, Inc		2,546,640
	22,000	*	Kite Pharma, Inc		1,018,160
	190,348	*	MacroGenics, Inc		3,913,555
	121,270	*,e	Medicines Co		4,315,999
	359,189	*,e	Merrimack Pharmaceuticals, Inc		2,543,058
	268,842	*	Momenta Pharmaceuticals, Inc		2,556,688
	81,940	*	Neurocrine Biosciences, Inc		3,734,825
	160,200	*,e	NewLink Genetics Corp		2,596,842
	250,000	*,e	Novavax, Inc		1,310,000
	622,900	*,e	Pacific Biosciences of California, Inc		6,010,985
	247,190	*	Parexel International Corp		15,103,309
	244,850		Phibro Animal Health Corp		5,078,189
	88,000	*	PRA Health Sciences, Inc		4,175,600
	221,821	*	Prestige Brands Holdings, Inc		12,594,996
	171,430	*	Retrophin, Inc		2,362,305
	328,154	*	Sagent Pharmaceuticals		3,819,713
	898,830	*	Spectrum Pharmaceuticals, Inc		6,372,705
	388,410	*	Sucampo Pharmaceuticals, Inc (Class A)		4,187,060
	520,706	*	Supernus Pharmaceuticals, Inc		8,935,315
	112,424	*	Ultragenyx Pharmaceutical, Inc		7,602,111
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		216,405,836

REAL ESTATE - 10.0%
	204,400	*,e	Altisource Portfolio Solutions S.A.		6,395,676
	245,270		American Assets Trust,Inc		9,729,861
	225,310		Coresite Realty		16,882,478
	1,720,312		Cousins Properties, Inc		17,805,229
	711,174		CubeSmart		21,057,862
	446,660		DCT Industrial Trust, Inc		18,031,664
	1,289,622		DiamondRock Hospitality Co		11,490,532
	460,110		DuPont Fabros Technology, Inc		18,321,580
	271,480		Entertainment Properties Trust		17,885,103
	678,750		First Industrial Realty Trust, Inc		15,570,525
	386,380		Hersha Hospitality Trust		7,453,270
	440,498		Kennedy-Wilson Holdings, Inc		9,519,162
	140,228		PS Business Parks, Inc		13,428,233
	222,100		QTS Realty Trust, Inc		10,754,082
	556,257		Retail Opportunities Investment Corp		10,941,575
	576,520		RLJ Lodging Trust		12,147,277
	121,588		Saul Centers, Inc		6,466,050
	190,044		Sovran Self Storage, Inc		20,186,474
	939,723		Summit Hotel Properties, Inc		10,712,842
	1,274,832		Sunstone Hotel Investors, Inc		16,330,598
	542,589		Urban Edge Properties		14,074,759
			TOTAL REAL ESTATE		285,184,832

RETAILING - 3.8%
	142,200		Cato Corp (Class A)		5,203,098
	759,340		Chico’s FAS, Inc		9,575,277
	144,540		Children’s Place Retail Stores, Inc		11,261,111
	621,760	*	Express Parent LLC		11,303,597

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	396,300	*	Francesca’s Holdings Corp	$	6,578,580
	173,290		Group 1 Automotive, Inc		11,409,414
	1,205,070	*,e	Groupon, Inc		4,362,353
	756,410	*,e	JC Penney Co, Inc		7,019,485
	489,640	*	Liberty TripAdvisor Holdings, Inc		10,801,458
	321,420	*	Michaels Cos, Inc		9,137,971
	225,500	*	Office Depot, Inc		1,325,940
	122,700	*,e	Restoration Hardware Holdings, Inc		5,309,229
	329,200	*	Sally Beauty Holdings, Inc		10,336,880
	355,400		Tailored Brands, Inc		6,191,068
			TOTAL RETAILING		109,815,461

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
	152,141	*	Advanced Energy Industries, Inc		4,921,761
	162,689		Cabot Microelectronics Corp		6,815,042
	702,498	*	Entegris, Inc		9,336,198
	494,100	*	Inphi Corp		14,659,947
	495,178	*	Integrated Device Technology, Inc		9,547,032
	866,121		Intersil Corp (Class A)		10,124,955
	352,100	*	MaxLinear, Inc		5,897,675
	242,800	*	Microsemi Corp		8,204,212
	237,933		MKS Instruments, Inc		8,532,277
	407,407	*	Rudolph Technologies, Inc		5,650,735
	218,857	*	Silicon Laboratories, Inc		10,242,508
	369,640		Tessera Technologies, Inc		10,616,061
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		104,548,403

SOFTWARE & SERVICES - 9.7%
	241,980	*	BroadSoft, Inc		9,477,147
	139,450	*	CACI International, Inc (Class A)		13,408,118
	262,800	*	comScore, Inc		8,046,936
	314,390		CSRA, Inc		8,161,564
	70,370		DST Systems, Inc		8,492,252
	150,214	*	EPAM Systems, Inc		10,955,107
	168,200	*	Euronet Worldwide, Inc		12,968,220
	750,134	*	Everyday Health, Inc		4,350,777
	218,071	*	ExlService Holdings, Inc		10,552,456
	263,580	*	Gigamon, Inc		8,590,072
	162,800		IAC/InterActiveCorp		7,544,152
	112,200	*	Imperva, Inc		5,215,056
	293,714	*,e	Infoblox, Inc		4,913,835
	723,142	*	Intralinks Holdings, Inc		6,443,195
	328,562	*	Manhattan Associates, Inc		19,891,143
	245,911		MAXIMUS, Inc		13,008,692
	54,860	*	MicroStrategy, Inc (Class A)		9,837,495
	677,650	*	Nuance Communications, Inc		11,642,027
	550,779	*	Progress Software Corp		14,055,880
	347,811	*	RealPage, Inc		7,648,364
	344,686	*	Rubicon Project, Inc		6,676,568
	284,720		Science Applications International Corp		15,115,785
	178,414	*	SPS Commerce, Inc		9,086,625
	84,500	*	Stamps.com, Inc		6,959,420
	231,800	*	Synchronoss Technologies, Inc		7,202,026

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	61,200	*	Tableau Software, Inc	$	3,164,040
	720,850		Travelport Worldwide Ltd		10,055,857
	41,161	*	Tyler Technologies, Inc		6,026,382
	342,280	*	VeriFone Systems, Inc		9,741,289
	249,600	*	Verint Systems, Inc		8,446,464
			TOTAL SOFTWARE & SERVICES		277,676,944

TECHNOLOGY HARDWARE & EQUIPMENT - 5.9%
	123,000	*	Anixter International, Inc		7,662,900
	391,010	*	ARRIS International plc		8,903,298
	223,280		Belden CDT, Inc		14,097,899
	860,290		Brocade Communications Systems, Inc		8,267,387
	228,090	*	Cray, Inc		8,637,768
	815,080	*	Finisar Corp		13,416,217
	576,449	*	II-VI, Inc		12,030,491
	500,334	*	Immersion Corp		3,657,441
	149,849		InterDigital, Inc		8,538,396
	788,768	*	Ixia		7,982,332
	343,920	*	NCR Corp		10,004,633
	223,010	*	Netgear, Inc		9,455,624
	406,490	*	Netscout Systems, Inc		9,048,467
	716,730	*	QLogic Corp		9,381,996
	644,244	*	Sanmina Corp		15,236,371
	94,810	*	Synaptics, Inc		6,783,655
	984,684	*	TTM Technologies, Inc		6,420,140
	248,250	e	Ubiquiti Networks, Inc		8,842,665
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		168,367,680

TELECOMMUNICATION SERVICES - 1.5%
	923,112	*	8x8, Inc		10,468,090
	802,658		Inteliquent, Inc		13,316,096
	350,090		Telephone & Data Systems, Inc		10,352,162
	1,811,390	*	Vonage Holdings Corp		8,459,191
			TOTAL TELECOMMUNICATION SERVICES		42,595,539

TRANSPORTATION - 2.1%
	1,047,734	*	Air Transport Services Group, Inc		14,762,572
	327,253	*	Atlas Air Worldwide Holdings, Inc		13,070,485
	316,860	*	Hub Group, Inc (Class A)		12,205,447
	216,203		Matson, Inc		8,405,973
	311,011		Skywest, Inc		7,308,758
	469,414	*	YRC Worldwide, Inc		4,318,609
			TOTAL TRANSPORTATION		60,071,844

UTILITIES - 3.4%
	275,090		Allete, Inc		15,457,307
	472,623		Avista Corp		18,938,004
	264,755		Black Hills Corp		16,041,505
	119,318		Chesapeake Utilities Corp		7,101,807
	192,300		NRG Yield, Inc (Class A)		2,909,499
	513,300		South Jersey Industries, Inc		14,326,203
	226,990		Southwest Gas Corp		14,733,921

TIAA-CREF FUNDS - Small-Cap Equity Fund

SHARES			COMPANY	VALUE

	642,800	*	Talen Energy Corp	$	7,495,048
			TOTAL UTILITIES		97,003,294

			TOTAL COMMON STOCKS		2,841,636,552
			(Cost $2,649,662,284)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 6.6%

GOVERNMENT AGENCY DEBT - 1.7%
$	29,200,000	d	Federal Home Loan Bank (FHLB)		0.200	%	05/02/16	29,200,000
	19,700,000	d	FHLB		0.245		05/25/16	19,696,848
			TOTAL GOVERNMENT AGENCY DEBT					48,896,848

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.9%
	138,701,199	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		138,701,199
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		138,701,199

			TOTAL SHORT-TERM INVESTMENTS		187,598,047
			(Cost $187,597,819)
			TOTAL INVESTMENTS - 105.9%		3,029,234,599
			(Cost $2,837,260,103)
			OTHER ASSETS & LIABILITIES, NET - (5.9)%		(168,003,194	)
			NET ASSETS - 100.0%	$	2,861,231,405

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $132,598,985.
l		All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swaps agreements.

TIAA-CREF FUNDS - Social Choice Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 1.8%
	13,314		BorgWarner, Inc	$	478,239
	16,566		Delphi Automotive plc		1,219,755
	1,288,424		Ford Motor Co		17,471,029
	92,177		Harley-Davidson, Inc		4,408,826
	303,890		Johnson Controls, Inc		12,581,046
	22,556	*	Modine Manufacturing Co		243,830
	38,837	*,e	Tesla Motors, Inc		9,350,396
			TOTAL AUTOMOBILES & COMPONENTS		45,753,121

BANKS - 3.8%
	1,736		1st Source Corp		59,788
	22,700		Ameris Bancorp		712,780
	40,882		Apollo Residential Mortgage		554,360
	1,681		Arrow Financial Corp		47,337
	20,257		Associated Banc-Corp		369,488
	4,424		Astoria Financial Corp		66,537
	11,989		Bank Mutual Corp		96,871
	6,214		Bank of Hawaii Corp		425,100
	15,284		Bank of the Ozarks, Inc		631,229
	3,518		Banner Corp		150,500
	430,779		BB&T Corp		15,240,961
	2,381		BBCN Bancorp, Inc		37,191
	5,145		Berkshire Hills Bancorp, Inc		139,635
	14,376		Boston Private Financial Holdings, Inc		175,675
	9,648		Brookline Bancorp, Inc		109,794
	8,111		Bryn Mawr Bank Corp		230,515
	1,251		Camden National Corp		54,431
	12,228		Capital Bank Financial Corp		369,652
	1,470		Capitol Federal Financial		19,536
	17,066		Cardinal Financial Corp		377,671
	690		Cathay General Bancorp		21,059
	32,682		Centerstate Banks of Florida, Inc		532,390
	46,146		CIT Group, Inc		1,595,267
	3,672		City Holding Co		180,369
	11,338		CoBiz, Inc		137,303
	440		Columbia Banking System, Inc		12,976
	65,875		Comerica, Inc		2,924,850
	279		Commerce Bancshares, Inc		13,063
	797		Community Bank System, Inc		31,537
	1,572		Community Trust Bancorp, Inc		56,388
	3,270	e	Cullen/Frost Bankers, Inc		209,247
	19,230	*	Customers Bancorp, Inc		499,595
	3,717		East West Bancorp, Inc		139,350
	20,125	*	FCB Financial Holdings, Inc		703,369
	12,279		Federal Agricultural Mortgage Corp (Class C)		499,510

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	3,538		First Bancorp (NC)	$	72,175
	16,895		First Commonwealth Financial Corp		155,096
	5,287		First Community Bancshares, Inc		110,022
	977		First Financial Corp		34,615
	6,758		First Interstate Bancsystem, Inc		183,142
	16,967		First Merchants Corp		435,204
	574		First Niagara Financial Group, Inc		6,061
	2,724		Flushing Financial Corp		54,344
	1,130		FNB Corp		14,939
	540		Glacier Bancorp, Inc		13,981
	4,978		Great Southern Bancorp, Inc		188,467
	1,279		Hancock Holding Co		33,216
	10,400		Heartland Financial USA, Inc		348,504
	19,452		Heritage Financial Corp		358,889
	9,186	*	HomeStreet, Inc		197,958
	11,462	*	HomeTrust Bancshares, Inc		212,620
	2,618		IBERIABANK Corp		154,436
	5,708		Investors Bancorp, Inc		65,927
	653,676		Keycorp		8,033,678
	11,032		Lakeland Bancorp, Inc		122,345
	9,021		Lakeland Financial Corp		426,603
	111,679		M&T Bank Corp		13,213,859
	17,553	*	MGIC Investment Corp		126,908
	6,254		National Bank Holdings Corp		125,017
	310		NBT Bancorp, Inc		8,785
	60,219		New York Community Bancorp, Inc		905,092
	22,664		Northfield Bancorp, Inc		359,451
	11,696		OFG Bancorp		103,276
	7,838		Old National Bancorp		105,029
	7,192		Opus Bank		259,775
	8,836		PacWest Bancorp		353,263
	2,510		Peoples Bancorp, Inc		53,940
	982	e	People’s United Financial, Inc		15,221
	7,580	*	PHH Corp		97,251
	6,391		Pinnacle Financial Partners, Inc		314,245
	194,610		PNC Financial Services Group, Inc		17,082,866
	48,562		Popular, Inc		1,443,263
	12,870		PrivateBancorp, Inc		535,521
	21,071		Provident Financial Services, Inc		420,999
	187,368		Radian Group, Inc		2,396,437
	1,781		Republic Bancorp, Inc (Class A)		48,639
	3,278		S&T Bancorp, Inc		84,146
	4,034		Southside Bancshares, Inc		117,833
	6,312		State Bank & Trust Co		131,795
	8,551		Stock Yards Bancorp, Inc		345,802
	11,029	*	SVB Financial Group		1,150,104
	429		TCF Financial Corp		5,852
	870	*	Texas Capital Bancshares, Inc		39,863
	17,614	*	The Bancorp, Inc		99,871
	8,474	e	TowneBank		177,954
	1,788		Trico Bancshares		48,133
	7,982	*	Tristate Capital Holdings, Inc		106,640
	350		Trustmark Corp		8,579

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	2,167		UMB Financial Corp	$	120,810
	650		Umpqua Holdings Corp		10,290
	1,980	e	United Bankshares, Inc		76,606
	6,589		United Financial Bancorp, Inc (New)		85,525
	4,242		Univest Corp of Pennsylvania		83,737
	488,738		US Bancorp		20,864,225
	18,667	*	Walker & Dunlop, Inc		411,607
	6,764	*	Walter Investment Management Corp		49,039
	4,365		Washington Trust Bancorp, Inc		159,890
	3,230		Webster Financial Corp		118,347
	1,553	e	Westamerica Bancorporation		75,662
	13,557	*	Western Alliance Bancorp		495,915
	12,624		Wilshire Bancorp, Inc		135,961
	230		Wintrust Financial Corp		11,965
	3,911		WSFS Financial Corp		133,522
	14,360		Zions Bancorporation		395,187
			TOTAL BANKS		102,161,243

CAPITAL GOODS - 5.8%
	150,000		3M Co		25,107,000
	5,778		A.O. Smith Corp		446,177
	8,341	e	Advanced Drainage Systems, Inc		192,844
	1,328		American Science & Engineering, Inc		38,047
	180,779		Ametek, Inc		8,693,662
	286		Applied Industrial Technologies, Inc		13,107
	2,250		Argan, Inc		76,905
	46,198		Barnes Group, Inc		1,500,973
	419	*	Beacon Roofing Supply, Inc		17,904
	9,760		Briggs & Stratton Corp		206,619
	46,759	*	Builders FirstSource, Inc		518,557
	121,895		Caterpillar, Inc		9,473,679
	4,135	*	Colfax Corp		134,098
	84,493		Cummins, Inc		9,888,216
	202,777		Danaher Corp		19,618,675
	132,425	e	Deere & Co		11,138,267
	27,134		Dover Corp		1,782,704
	137,592		Eaton Corp		8,705,446
	1,365		EMCOR Group, Inc		66,175
	6,232	*	Esterline Technologies Corp		427,889
	59,517	e	Fastenal Co		2,784,800
	5,388		Fluor Corp		294,508
	300	e	GATX Corp		13,782
	7,479		Graco, Inc		586,279
	245		Granite Construction, Inc		10,925
	1,410		H&E Equipment Services, Inc		28,524
	17,572		Hexcel Corp		795,484
	160,759		Illinois Tool Works, Inc		16,802,531
	53,624		Ingersoll-Rand plc		3,514,517
	500	*	Jacobs Engineering Group, Inc		22,290
	5,879	*	KEYW Holding Corp		40,506
	7,720		Lincoln Electric Holdings, Inc		483,812
	185,696		Masco Corp		5,702,724
	21,542	*	Meritor, Inc		183,107

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	447	*	Middleby Corp	$	49,009
	2,279		MSC Industrial Direct Co (Class A)		176,623
	3,829	*	MYR Group, Inc		97,678
	3,153		Nordson Corp		241,930
	66,007		Owens Corning, Inc		3,040,943
	115,342		Paccar, Inc		6,794,797
	13,733		Parker Hannifin Corp		1,593,303
	41,937		Pentair plc		2,435,701
	30,018	*,e	Plug Power, Inc		61,837
	44,063	*	Quanta Services, Inc		1,045,174
	37,955		Rockwell Automation, Inc		4,306,754
	24,347		Rockwell Collins, Inc		2,147,162
	14,759		Roper Industries, Inc		2,598,912
	2,611	*	Rush Enterprises, Inc (Class A)		51,411
	2,702		TAL International Group, Inc		46,204
	1,401		Timken Co		49,918
	3,116	*,e	Titan Machinery, Inc		40,508
	15,096	*	United Rentals, Inc		1,010,375
	1,485	*	Veritiv Corp		60,915
	1,480	e	W.W. Grainger, Inc		347,090
	10,000	*	Wabash National Corp		142,500
	1,355	*,e	WESCO International, Inc		79,660
	6,028		Woodward Governor Co		326,778
	4,656		Xylem, Inc		194,528
			TOTAL CAPITAL GOODS		156,250,443

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	540		ABM Industries, Inc		17,372
	31,088		Acacia Research (Acacia Technologies)		149,844
	149,459	*	ACCO Brands Corp		1,425,839
	305		Brink’s Co		10,321
	3,343		CEB, Inc		206,230
	3,781		Ceco Environmental Corp		24,955
	84,768	*	Copart, Inc		3,631,461
	650		Covanta Holding Corp		10,569
	7,924		Deluxe Corp		497,469
	32,884		Dun & Bradstreet Corp		3,630,722
	38,728		Equifax, Inc		4,657,042
	290		Essendant, Inc		8,929
	18,325		Exponent, Inc		913,318
	4,282		Heidrick & Struggles International, Inc		84,484
	5,092		HNI Corp		222,622
	3,579	*	IHS, Inc (Class A)		440,861
	6,346		Insperity, Inc		334,878
	5,010		Interface, Inc		85,270
	1,760		Kelly Services, Inc (Class A)		33,035
	5,758		Kimball International, Inc (Class B)		67,023
	590		Knoll, Inc		13,776
	690		Korn/Ferry International		18,727
	10,228		Manpower, Inc		787,863
	3,562	*	Mistras Group, Inc		86,806
	430		Mobile Mini, Inc		13,867
	8,831	*	Navigant Consulting, Inc		140,943

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	970	*	On Assignment, Inc	$	34,978
	45,468		R.R. Donnelley & Sons Co		791,143
	6,963		Resources Connection, Inc		102,844
	61,470		Robert Half International, Inc		2,354,916
	4,160	*	RPX Corp		46,093
	1,210		Steelcase, Inc (Class A)		18,465
	5,080	*	Team, Inc		145,948
	10,180		Tetra Tech, Inc		299,292
	2,825	*	TriNet Group, Inc		46,951
	11,278		Viad Corp		335,521
	40,482		Waste Management, Inc		2,379,937
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		24,070,314

CONSUMER DURABLES & APPAREL - 1.4%
	5,202		CalAtlantic Group, Inc		168,389
	13,930		Callaway Golf Co		130,106
	396		Columbia Sportswear Co		23,194
	1,530		CSS Industries, Inc		42,779
	490	e	Ethan Allen Interiors, Inc		16,680
	53,158		Hanesbrands, Inc		1,543,177
	258		Hasbro, Inc		21,837
	2,202	*	Helen of Troy Ltd		219,165
	22,739	*	Kate Spade & Co		585,074
	202,478		Mattel, Inc		6,295,041
	7,028	*	Meritage Homes Corp		239,163
	595	*	Michael Kors Holdings Ltd		30,738
	3,220	*	Mohawk Industries, Inc		620,269
	6,980		Movado Group, Inc		196,906
	5,166		Newell Rubbermaid, Inc		235,260
	350,244		Nike, Inc (Class B)		20,643,381
	1,614		Phillips-Van Heusen Corp		154,298
	397		Pool Corp		34,702
	399	*	Tempur-Pedic International, Inc		24,207
	42,583	*,e	Under Armour, Inc (Class A)		1,871,097
	4,706	*	Unifi, Inc		121,226
	54,516		VF Corp		3,437,234
	587		Weyco Group, Inc		16,459
	3,389		Whirlpool Corp		590,160
			TOTAL CONSUMER DURABLES & APPAREL		37,260,542

CONSUMER SERVICES - 2.9%
	1,289		Bob Evans Farms, Inc		58,701
	4,297	*	Bright Horizons Family Solutions		281,969
	7,805		Brinker International, Inc		361,528
	31,413		Choice Hotels International, Inc		1,591,383
	33,819		Darden Restaurants, Inc		2,105,233
	320		DineEquity, Inc		27,520
	9,607		Domino’s Pizza, Inc		1,161,294
	1,850		Dunkin Brands Group, Inc		86,025
	359		Jack in the Box, Inc		24,250
	149,371	e	Marriott International, Inc (Class A)		10,469,413
	208,766		McDonald’s Corp		26,406,811
	178,343	*	MGM Resorts International		3,798,706

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	16,650	*	Popeyes Louisiana Kitchen, Inc	$	895,104
	15,819		Royal Caribbean Cruises Ltd		1,224,391
	39,632	*	Ruby Tuesday, Inc		174,381
	38,369		Service Corp International		1,023,301
	25,999	*	ServiceMaster Global Holdings, Inc		996,282
	9,766		Sonic Corp		335,657
	396,244		Starbucks Corp		22,280,800
	55,313		Starwood Hotels & Resorts Worldwide, Inc		4,529,028
	190		Vail Resorts, Inc		24,632
			TOTAL CONSUMER SERVICES		77,856,409

DIVERSIFIED FINANCIALS - 6.0%
	52,376	*	Ally Financial, Inc		932,816
	270,048		American Express Co		17,669,240
	1,075		Ameriprise Financial, Inc		103,092
	437,091		Bank of New York Mellon Corp		17,588,542
	49,451		BlackRock, Inc		17,620,875
	430		CBOE Holdings, Inc		26,643
	518,083		Charles Schwab Corp		14,718,738
	124,077		CME Group, Inc		11,403,917
	280		Cohen & Steers, Inc		10,996
	5,881	*,e	Credit Acceptance Corp		1,154,264
	241,166		Discover Financial Services		13,570,411
	2,390		Factset Research Systems, Inc		360,292
	191,250		Franklin Resources, Inc		7,141,275
	9,333	*	Green Dot Corp		207,473
	53,137		IntercontinentalExchange Group, Inc		12,754,474
	203,789		Invesco Ltd		6,319,497
	23,497		Janus Capital Group, Inc		343,056
	24,238		Legg Mason, Inc		778,282
	29,667		NASDAQ OMX Group, Inc		1,830,751
	3,942		Nelnet, Inc (Class A)		165,209
	199,140		Northern Trust Corp		14,154,871
	4,106	*	Pico Holdings, Inc		40,773
	3,216	*	Safeguard Scientifics, Inc		44,381
	185,701		State Street Corp		11,569,172
	113,676		T Rowe Price Group, Inc		8,558,666
	3,000		TD Ameritrade Holding Corp		89,490
	25,591		Voya Financial, Inc		830,940
	19,340	e	WisdomTree Investments, Inc		210,613
			TOTAL DIVERSIFIED FINANCIALS		160,198,749

ENERGY - 6.8%
	130,417		Apache Corp		7,094,685
	1,665		Archrock, Inc		16,400
	6,796	e	Atwood Oceanics, Inc		65,649
	89,631		Baker Hughes, Inc		4,334,555
	93,320	*	Callon Petroleum Co		980,793
	2,638	e	CARBO Ceramics, Inc		39,174
	78,257	*	Cheniere Energy, Inc		3,042,632
	37,587		Cimarex Energy Co		4,092,473
	97,571	*,e	Clean Energy Fuels Corp		279,053
	237,723		Columbia Pipeline Group, Inc		6,090,463

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	10,655	*	Concho Resources, Inc	$	1,237,791
	185,845		ConocoPhillips		8,881,533
	106,343	*,e	Continental Resources, Inc		3,962,340
	2,470		Delek US Holdings, Inc		39,248
	142,795	*	Devon Energy Corp		4,952,131
	1,150		Energen Corp		48,864
	194,192		EOG Resources, Inc		16,044,143
	35,229		EQT Corp		2,469,553
	3,777	*	FMC Technologies, Inc		115,161
	3,180	*,e	Geospace Technologies Corp		52,025
	6,722		Green Plains Renewable Energy, Inc		121,668
	140,849		Hess Corp		8,397,417
	300,398		Kinder Morgan, Inc		5,335,068
	234,465		Marathon Oil Corp		3,303,612
	198,607		Marathon Petroleum Corp		7,761,562
	5,304	*	Matrix Service Co		99,927
	184,819		National Oilwell Varco, Inc		6,660,877
	6,500	*	Natural Gas Services Group, Inc		149,435
	29,234	*	Newfield Exploration Co		1,059,733
	125,112		Noble Energy, Inc		4,517,794
	3,520	*	Oasis Petroleum, Inc		34,109
	208,138		Occidental Petroleum Corp		15,953,778
	458		Oceaneering International, Inc		16,786
	422	*	Oil States International, Inc		14,618
	45,345		Oneok, Inc		1,639,222
	8,658	*	PDC Energy, Inc		543,636
	173,433		Phillips 66		14,240,584
	57,667		Pioneer Natural Resources Co		9,578,489
	1,928	e	Range Resources Corp		85,044
	2,148	*	RigNet, Inc		36,731
	133,183		Schlumberger Ltd		10,699,922
	79	*	SEACOR Holdings, Inc		4,643
	26,088	e	SM Energy Co		812,902
	15,048	*,e	Southwestern Energy Co		202,095
	336,489		Spectra Energy Corp		10,522,011
	31,883		Superior Energy Services		537,547
	6,235		Tesco Corp		58,983
	16,701		Tesoro Corp		1,330,903
	14,184	*	Tetra Technologies, Inc		102,125
	13,893	*,e	Unit Corp		175,885
	2,713	e	US Silica Holdings Inc		69,317
	90,816		Valero Energy Corp		5,346,338
	394,624	*	Weatherford International Ltd		3,208,293
	66,832		Western Refining, Inc		1,788,424
	183,839		Williams Cos, Inc		3,564,638
			TOTAL ENERGY		181,812,782

FOOD & STAPLES RETAILING - 1.1%
	3,418		Casey’s General Stores, Inc		382,816
	331,206		Kroger Co		11,721,380
	5,390	*,e	Natural Grocers by Vitamin C		72,011
	970		Pricesmart, Inc		83,944
	4,686		Spartan Stores, Inc		129,802

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	312,462		Sysco Corp	$	14,395,124
	580		Weis Markets, Inc		26,402
	71,214		Whole Foods Market, Inc		2,070,903
			TOTAL FOOD & STAPLES RETAILING		28,882,382

FOOD, BEVERAGE & TOBACCO - 4.5%
	522		Alico, Inc		15,091
	8,587		Bunge Ltd		536,687
	95,721		Campbell Soup Co		5,906,943
	46,939		ConAgra Foods, Inc		2,091,602
	5,840	*	Darling International, Inc		84,622
	27,105		Dr Pepper Snapple Group, Inc		2,464,115
	4,635		Flowers Foods, Inc		88,807
	274,262		General Mills, Inc		16,823,231
	3,800	*	Hain Celestial Group, Inc		159,068
	70,402		Hormel Foods Corp		2,713,997
	11,509		J.M. Smucker Co		1,461,413
	189,600		Kellogg Co		14,563,176
	239,031		Kraft Heinz Co		18,661,150
	4,569	*	Landec Corp		51,401
	6,572		McCormick & Co, Inc		616,322
	27,407		Mead Johnson Nutrition Co		2,388,520
	472,835		Mondelez International, Inc		20,312,992
	15,621	*	Omega Protein Corp		290,394
	302,329		PepsiCo, Inc		31,127,794
	1,449	*	Seneca Foods Corp		47,223
	674	*	TreeHouse Foods, Inc		59,582
			TOTAL FOOD, BEVERAGE & TOBACCO		120,464,130

HEALTH CARE EQUIPMENT & SERVICES - 4.3%
	4,035		Abaxis, Inc		182,866
	14,457	*	Acadia Healthcare Co, Inc		913,538
	589		Aceto Corp		13,211
	7,035	*,e	Air Methods Corp		260,154
	22,387	*	Alere, Inc		873,093
	8,979	*	Align Technology, Inc		648,194
	35,952	*	Amedisys, Inc		1,851,168
	87,979		AmerisourceBergen Corp		7,487,013
	21,087	*	AMN Healthcare Services, Inc		748,799
	9,057	*	Amsurg Corp		733,436
	5,424		Analogic Corp		428,442
	4,439	*	Angiodynamics, Inc		54,378
	72,129		Anthem, Inc		10,153,599
	27,837	*,e	athenahealth, Inc		3,710,672
	18,911	*	AtriCure, Inc		300,685
	106,199		Becton Dickinson & Co		17,125,651
	30,852	*	Brookdale Senior Living, Inc		569,528
	13,370	*	Capital Senior Living Corp		268,202
	142,328		Cardinal Health, Inc		11,167,055
	42,468	*	Centene Corp		2,631,317
	55,734	*	Cerner Corp		3,128,907
	54,341	*	Cerus Corp		340,175
	3,151		Chemed Corp		408,937

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	109,013		Cigna Corp	$	15,102,661
	8,003	e	Computer Programs & Systems, Inc		410,794
	4,329	*	Corvel Corp		195,671
	1,063		DENTSPLY SIRONA, Inc		63,355
	37,912	*	Edwards Lifesciences Corp		4,026,633
	14,577	*	Envision Healthcare Holdings, Inc		329,877
	16,337	*	ExamWorks Group, Inc		588,949
	26,220	*,e	GenMark Diagnostics, Inc		154,960
	1,539	*	Greatbatch, Inc		53,557
	300	*	Haemonetics Corp		9,729
	3,802	*	HealthStream, Inc		86,001
	20,417	*	Healthways, Inc		237,858
	3,584	*	Henry Schein, Inc		604,621
	2,640	*	HMS Holdings Corp		44,590
	43,174	*	Hologic, Inc		1,450,215
	51,511		Humana, Inc		9,121,053
	24,622	*	Idexx Laboratories, Inc		2,076,866
	18,008	*	Laboratory Corp of America Holdings		2,256,762
	1,716		Landauer, Inc		59,614
	11,874	*,e	LDR Holding Corp		320,004
	9,359	*	LHC Group, Inc		377,542
	21,680	*	LifePoint Health, Inc		1,464,701
	4,952	*	Magellan Health Services, Inc		348,918
	9,720	*	Medidata Solutions, Inc		424,084
	26,417	*	Merit Medical Systems, Inc		534,944
	20,380	*	Molina Healthcare, Inc		1,054,869
	19,779	*	Natus Medical, Inc		630,357
	11,035	*	NxStage Medical, Inc		177,884
	25,565	*	Omnicell, Inc		814,501
	10,653	*	OraSure Technologies, Inc		76,488
	10,906		Patterson Cos, Inc		472,775
	21,433	*	PharMerica Corp		506,676
	1,887	*	Premier, Inc		63,799
	9,645	*	Providence Service Corp		480,707
	1,816		Quality Systems, Inc		25,569
	5,122	*	Quidel Corp		88,611
	25,215		Resmed, Inc		1,406,997
	14,148	*	Select Medical Holdings Corp		189,300
	7,472	*,e	Spectranetics Corp		127,024
	9,466	*,e	Staar Surgical Co		72,983
	8,077	*	Surgical Care Affiliates, Inc		390,523
	17,374	*	Triple-S Management Corp (Class B)		452,419
	17,940		Universal American Corp		133,474
	8,920		US Physical Therapy, Inc		444,751
	500	*	Varian Medical Systems, Inc		40,590
	12,420	*	Vascular Solutions, Inc		434,079
	14,899	*	VCA Antech, Inc		938,190
	18,508	*	Vocera Communications, Inc		216,914
	6,388	*	Wright Medical Group NV		119,967
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		113,702,426

HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
	2,378		Clorox Co		297,797

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	263,164		Colgate-Palmolive Co	$	18,663,591
	51,678		Estee Lauder Cos (Class A)		4,954,370
	40,204		Kimberly-Clark Corp		5,033,139
	11,539		Medifast, Inc		363,824
	5,669	e	Natural Health Trends Corp		205,161
	475,958		Procter & Gamble Co		38,133,755
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		67,651,637

INSURANCE - 5.3%
	247,849		Aflac, Inc		17,094,145
	5,145		Arthur J. Gallagher & Co		236,876
	32,636		Aspen Insurance Holdings Ltd		1,512,679
	8,868		Axis Capital Holdings Ltd		472,398
	310,396	*	Berkshire Hathaway, Inc (Class B)		45,156,410
	157,312		Chubb Ltd		18,540,793
	476		Employers Holdings, Inc		14,137
	290	*	Enstar Group Ltd		45,948
	3,280		First American Financial Corp		118,146
	111,278		Hartford Financial Services Group, Inc		4,938,518
	400		Kemper Corp		12,384
	26,627		Loews Corp		1,056,559
	98,755		Marsh & McLennan Cos, Inc		6,236,378
	117,053		Principal Financial Group		4,995,822
	273,774		Progressive Corp		8,925,032
	192,025		Prudential Financial, Inc		14,908,821
	200		Reinsurance Group of America, Inc (Class A)		19,044
	10,711		RenaissanceRe Holdings Ltd		1,187,957
	13,769		Stewart Information Services Corp		479,437
	146,087		Travelers Cos, Inc		16,054,961
			TOTAL INSURANCE		142,006,445

MATERIALS - 4.0%
	113,747		Air Products & Chemicals, Inc		16,594,550
	3,402		Albemarle Corp		225,076
	7,701		Aptargroup, Inc		585,276
	66,813		Avery Dennison Corp		4,851,292
	23,667		Ball Corp		1,689,351
	791		Bemis Co, Inc		39,692
	2,310		Carpenter Technology Corp		81,797
	17,130		Celanese Corp (Series A)		1,211,091
	31,721	*	Century Aluminum Co		279,779
	1,826	*	Clearwater Paper Corp		109,085
	46,693		Commercial Metals Co		836,739
	4,705	e	Compass Minerals International, Inc		352,687
	14,217		Eastman Chemical Co		1,085,894
	134,228		Ecolab, Inc		15,433,535
	2,950	*	Ferro Corp		37,583
	12,034	*,e	Flotek Industries, Inc		113,721
	26,314		H.B. Fuller Co		1,176,762
	1,039		Hawkins, Inc		40,656
	7,648		Innophos Holdings, Inc		282,670
	3,111		International Flavors & Fragrances, Inc		371,671
	99,782		International Paper Co		4,317,567

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	510	*	Kraton Polymers LLC	$	11,582
	63,130	*	Louisiana-Pacific Corp		1,073,210
	141,588		LyondellBasell Industries AF S.C.A		11,705,080
	14,012		Minerals Technologies, Inc		839,319
	45,313		Mosaic Co		1,268,311
	420		Neenah Paper, Inc		27,338
	214,304		Nucor Corp		10,668,053
	3,500		PolyOne Corp		125,930
	7,823		PPG Industries, Inc		863,581
	126,084		Praxair, Inc		14,809,827
	274		Quaker Chemical Corp		24,402
	2,337		Reliance Steel & Aluminum Co		172,868
	55,648		Royal Gold, Inc		3,484,678
	4,126		Schnitzer Steel Industries, Inc (Class A)		85,078
	6,530		Sealed Air Corp		309,261
	15,560		Sherwin-Williams Co		4,470,544
	840		Stepan Co		51,484
	28,446	*,e	Stillwater Mining Co		347,041
	6,537	*	Trinseo S.A.		279,718
	22,021		Valspar Corp		2,349,421
	67,182		WestRock Co		2,811,567
	45,328	*	Worthington Industries, Inc		1,711,132
			TOTAL MATERIALS		107,205,899

MEDIA - 3.5%
	24,564	*,e	Charter Communications, Inc		5,213,463
	8,053		Cinemark Holdings, Inc		279,036
	54,300	e	Clear Channel Outdoor Holdings, Inc (Class A)		277,473
	146,657	*	Discovery Communications, Inc (Class A)		4,005,203
	197,556	*	Discovery Communications, Inc (Class C)		5,290,550
	19,509	*,e	DreamWorks Animation SKG, Inc (Class A)		778,799
	12,529	*	Entercom Communications Corp (Class A)		142,079
	51,238		Entravision Communications Corp (Class A)		407,342
	3,930	*	Gray Television, Inc		50,501
	2,205		John Wiley & Sons, Inc (Class A)		109,346
	15,223	*	Liberty Broadband Corp (Class A)		872,582
	21,053	*	Media General, Inc		364,849
	85,700		New York Times Co (Class A)		1,098,674
	320		Scholastic Corp		11,642
	5,846		Scripps Networks Interactive (Class A)		364,498
	23,476	e	Sinclair Broadcast Group, Inc (Class A)		752,875
	97,213		Time Warner Cable, Inc		20,619,849
	249,678		Time Warner, Inc		18,760,805
	335,366		Walt Disney Co		34,629,893
			TOTAL MEDIA		94,029,459

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%
	29,858	*,e	Acadia Pharmaceuticals, Inc		964,413
	150,551		Agilent Technologies, Inc		6,160,547
	82,270	*,e	Akorn, Inc		2,093,771
	55,485	*	Alexion Pharmaceuticals, Inc		7,727,951
	166,755		Amgen, Inc		26,397,316
	52,762	*	Ariad Pharmaceuticals, Inc		378,831

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	57,235	*	Biogen Idec, Inc	$	15,739,053
	38,322	*	BioMarin Pharmaceutical, Inc		3,245,107
	16,269	*,e	Bluebird Bio, Inc		721,530
	392,765		Bristol-Myers Squibb Co		28,349,778
	26,442	*	Cambrex Corp		1,275,562
	179,391	*	Celgene Corp		18,550,823
	22,795	*,e	Cempra, Inc		385,919
	21,898	*	Cepheid, Inc		624,969
	69,018	*,e	Depomed, Inc		1,199,533
	5,043	*,e	Fluidigm Corp		48,312
	292,643		Gilead Sciences, Inc		25,814,039
	870	*,e	Immunogen, Inc		5,959
	17,165	*,e	Immunomedics, Inc		60,936
	42,863	*,e	Inovio Pharmaceuticals, Inc		449,204
	18,809	*	Intra-Cellular Therapies, Inc		645,525
	21,127	*,e	Ionis Pharmaceuticals, Inc		865,573
	13,244	*,e	Ironwood Pharmaceuticals, Inc		138,400
	452,759		Johnson & Johnson		50,745,229
	14,627	*,e	Kite Pharma, Inc		676,938
	572,843		Merck & Co, Inc		31,414,710
	870	*	Mettler-Toledo International, Inc		311,416
	42,183	*,e	MiMedx Group, Inc		317,638
	91,708	*	Nektar Therapeutics		1,437,981
	89,462	*,e	Opko Health, Inc		961,717
	146,030	*,e	Orexigen Therapeutics, Inc		65,275
	4,875		PerkinElmer, Inc		245,798
	31,439	*	Prestige Brands Holdings, Inc		1,785,106
	22,411	*	Prothena Corp plc		967,931
	9,644	*	Quintiles Transnational Holdings, Inc		666,111
	19,457	*,e	Relypsa, Inc		352,172
	47,907	*,e	Sangamo Biosciences, Inc		301,814
	46,751	*,e	Sarepta Therapeutics, Inc		663,397
	17,810	*	Sucampo Pharmaceuticals, Inc (Class A)		191,992
	3,836	*,e	TESARO, Inc		158,964
	47,457	*	Tetraphase Pharmaceuticals, Inc		265,759
	131,438		Thermo Electron Corp		18,959,932
	69,864	*	Vertex Pharmaceuticals, Inc		5,892,330
	23,584	*	Waters Corp		3,069,693
	58,929	*	Xenoport, Inc		259,288
	11,860	*,e	Zafgen, Inc		75,548
	167,218		Zoetis Inc		7,864,263
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		269,494,053

REAL ESTATE - 4.7%
	8,135		American Campus Communities, Inc		364,041
	172,248		American Tower Corp		18,065,370
	616,689		Annaly Capital Management, Inc		6,425,899
	1,000		AvalonBay Communities, Inc		176,790
	48,024		Boston Properties, Inc		6,188,373
	78,489	*	CBRE Group, Inc		2,325,629
	17,160		Coresite Realty		1,285,799
	138,457		Crown Castle International Corp		12,029,144
	2,518		Digital Realty Trust, Inc		221,534

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	8,358		Douglas Emmett, Inc	$	271,217
	58,576		Duke Realty Corp		1,281,057
	22,025		Equinix, Inc		7,275,959
	515		Equity One, Inc		14,575
	73,501		Equity Residential		5,003,213
	3,961		Federal Realty Investment Trust		602,389
	33,420		First Industrial Realty Trust, Inc		766,655
	1,693		Forest City Realty Trust, Inc		35,181
	540		Franklin Street Properties Corp		5,735
	219,210		HCP, Inc		7,415,874
	4,940		Healthcare Realty Trust, Inc		149,583
	290,281		Host Marriott Corp		4,592,245
	4,700		Invesco Mortgage Capital, Inc		60,395
	50,982		Iron Mountain, Inc		1,862,373
	19,343	*	iStar Financial, Inc		189,561
	8		Jones Lang LaSalle, Inc		921
	266		Kilroy Realty Corp		17,239
	15,135		Liberty Property Trust		528,212
	20,078		Macerich Co		1,527,534
	540		Piedmont Office Realty Trust, Inc		10,751
	3,580		Post Properties, Inc		205,349
	211,234		Prologis, Inc		9,592,136
	140		PS Business Parks, Inc		13,406
	34,457		Ryman Hospitality Properties		1,775,569
	99,178		Simon Property Group, Inc		19,951,638
	500		UDR, Inc		17,460
	39,642		Ventas, Inc		2,462,561
	55,605		Vornado Realty Trust		5,323,067
	297		Washington REIT		8,515
	75,037		Welltower, Inc		5,209,069
	14,848		Weyerhaeuser Co		476,918
			TOTAL REAL ESTATE		123,728,936

RETAILING - 3.3%
	29,746	*	1-800-FLOWERS.COM, Inc (Class A)		233,506
	2,432		Aaron’s, Inc		63,743
	50,729	e	American Eagle Outfitters, Inc		725,932
	1,397	*	America’s Car-Mart, Inc		37,118
	15,901	*	AutoZone, Inc		12,167,922
	79,998	*	Bed Bath & Beyond, Inc		3,777,506
	53,182		Best Buy Co, Inc		1,706,079
	3,317		Big 5 Sporting Goods Corp		40,103
	7,121		Blue Nile, Inc		183,579
	250	e	Buckle, Inc		7,235
	2,688	*	Cabela’s, Inc		140,179
	37,531	*,e	Carmax, Inc		1,987,266
	9		Chico’s FAS, Inc		113
	13,497		DSW, Inc (Class A)		331,621
	1,820		Finish Line, Inc (Class A)		35,945
	7,586	*	Francesca’s Holdings Corp		125,928
	13,136	*	FTD Cos, Inc		365,312
	2	e	GameStop Corp (Class A)		66
	204,445	e	Gap, Inc		4,739,035

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	8,830		GNC Holdings, Inc	$	215,099
	155,316	*	Groupon, Inc		562,244
	12,226		Haverty Furniture Cos, Inc		228,259
	11,044		HSN, Inc		585,663
	10,388		Kirkland’s, Inc		170,571
	93,965		Kohl’s Corp		4,162,649
	8,191	*	Lands’ End, Inc		199,287
	7,610	*	LKQ Corp		243,900
	280,474		Lowe’s Companies, Inc		21,321,634
	4,455	*	MarineMax, Inc		84,690
	168,389	*	NetFlix, Inc		15,160,062
	26,766	e	Nordstrom, Inc		1,368,546
	17,354		Nutri/System, Inc		382,135
	96,086	*	Office Depot, Inc		564,986
	2,957	e	Outerwall, Inc		122,154
	8,631	*	Overstock.com, Inc		125,926
	14,574	e	PetMed Express, Inc		266,704
	12,005		Pier 1 Imports, Inc		82,714
	101,252		Ross Stores, Inc		5,749,089
	5,448	*	Sally Beauty Holdings, Inc		171,067
	9,342		Shoe Carnival, Inc		239,435
	24,879	*	Shutterfly, Inc		1,143,936
	5,696	e	Stage Stores, Inc		41,923
	226,633		Staples, Inc		2,311,657
	15,115		Stein Mart, Inc		109,433
	6,435		Tiffany & Co		459,137
	15,754		Tractor Supply Co		1,491,274
	17,401	*	Ulta Salon Cosmetics & Fragrance, Inc		3,624,280
	5	e	Williams-Sonoma, Inc		294
	860		Winmark Corp		81,872
			TOTAL RETAILING		87,938,808

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	25,961	*,e	Advanced Micro Devices, Inc		92,162
	43,692		Analog Devices, Inc		2,460,733
	689,292		Applied Materials, Inc		14,109,807
	11,151	*	Cirrus Logic, Inc		402,551
	24,001	*	Integrated Device Technology, Inc		462,739
	913,426		Intel Corp		27,658,540
	8,578		Lam Research Corp		655,359
	116,799		Nvidia Corp		4,149,869
	217,373	*	ON Semiconductor Corp		2,058,522
	370,613		Qualcomm, Inc		18,723,369
	43,222		Skyworks Solutions, Inc		2,888,094
	35,399	*,e	SunPower Corp		712,936
	15,470		Teradyne, Inc		292,538
	348,081		Texas Instruments, Inc		19,854,540
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		94,521,759

SOFTWARE & SERVICES - 12.3%
	189,040		Accenture plc		21,346,397
	21,502	*	Actua Corp		203,839
	195,711	*	Adobe Systems, Inc		18,439,890

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	43,257	*	Alphabet, Inc (Class A)	$	30,620,765
	44,203	*	Alphabet, Inc (Class C)		30,633,121
	39,278	*,e	Angie’s List, Inc		343,682
	687	*	Aspen Technology, Inc		26,127
	78,354	*	Autodesk, Inc		4,687,136
	114,577		Automatic Data Processing, Inc		10,133,190
	14,312		Blackbaud, Inc		884,052
	49,794		Broadridge Financial Solutions, Inc		2,979,673
	194,356		CA, Inc		5,764,599
	9,420	*	Cadence Design Systems, Inc		218,450
	2,010	*,e	Cimpress NV		176,619
	16,964	*	Citrix Systems, Inc		1,388,334
	265,272	*	Cognizant Technology Solutions Corp (Class A)		15,483,927
	34,741	*	comScore, Inc		1,063,769
	5,337		Convergys Corp		141,430
	18,210		CSG Systems International, Inc		808,160
	6,960	*	DHI Group, Inc		49,486
	21,148	*	Ellie Mae, Inc		1,767,973
	4,854	*,e	EnerNOC, Inc		33,104
	6,786	*	ExlService Holdings, Inc		328,375
	5,777		Fair Isaac Corp		616,464
	14,902	*	FleetCor Technologies, Inc		2,305,055
	128,323	*,e	Glu Mobile, Inc		342,622
	10,911	*	inContact, Inc		101,581
	10,181	*	Infoblox, Inc		170,328
	13,275	*	Internap Network Services Corp		30,267
	195,109		International Business Machines Corp		28,474,208
	150,953		Intuit, Inc		15,229,648
	34,670		j2 Global, Inc		2,202,238
	14,246		Jack Henry & Associates, Inc		1,154,353
	32,415	*	Liquidity Services, Inc		180,876
	4,363	*	LogMeIn, Inc		260,471
	35,770	*	Manhattan Associates, Inc		2,165,516
	23,167	*	Marketo, Inc		509,442
	256,346		Mastercard, Inc (Class A)		24,862,999
	12,164		MAXIMUS, Inc		643,476
	119,146	*	Monster Worldwide, Inc		381,267
	2,864	*	NetSuite, Inc		232,099
	10,078	*,e	NeuStar, Inc (Class A)		236,732
	700,563		Oracle Corp		27,924,441
	38,145		Paychex, Inc		1,988,117
	24,040	*	Perficient, Inc		501,955
	1,618	*	PROS Holdings, Inc		19,028
	16,107	*	QLIK Technologies, Inc		495,935
	17,879	*	Qualys, Inc		450,193
	24,510	*	Quotient Technology, Inc		284,806
	27,097	*	RetailMeNot, Inc		228,428
	24,564	*	RingCentral, Inc		468,681
	2,916	*	Rovi Corp		51,380
	245,074	*	Salesforce.com, Inc		18,576,609
	6,190	*	Sciquest, Inc		85,546
	96,222	*,e	ServiceSource International LLC		387,775

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	11,722	*	SPS Commerce, Inc	$	597,001
	12,852	*	Stamps.com, Inc		1,058,491
	24,141	*	Sykes Enterprises, Inc		703,710
	391,408		Symantec Corp		6,514,986
	3,876	*	Syntel, Inc		164,846
	6,951	*,e	Tangoe, Inc		61,308
	8,168	*	Teradata Corp		206,650
	21,915	*	Tyler Technologies, Inc		3,208,575
	9,913	*	Ultimate Software Group, Inc		1,948,797
	4,890	*,e	Unisys Corp		37,702
	5,290	*,e	Vasco Data Security International		91,676
	33,117	*	Website Pros, Inc		662,009
	76,599	*,e	Workday, Inc		5,743,393
	1,051,874		Xerox Corp		10,097,990
	471,643	*	Yahoo!, Inc		17,262,134
			TOTAL SOFTWARE & SERVICES		327,443,902

TECHNOLOGY HARDWARE & EQUIPMENT - 3.0%
	1,610		Adtran, Inc		31,105
	1,070		Belden CDT, Inc		67,560
	1,524	*	Benchmark Electronics, Inc		29,596
	14,456		Black Box Corp		211,347
	7,451	*	Calix, Inc		51,635
	1,064,563		Cisco Systems, Inc		29,264,837
	3,629		Cognex Corp		128,938
	180	*	Coherent, Inc		16,812
	141,705		Corning, Inc		2,645,632
	33,173	*	Cray, Inc		1,256,262
	6,785		Daktronics, Inc		59,030
	2,946		Electro Rent Corp		29,489
	13,158	*	Electronics for Imaging, Inc		524,215
	662,685		EMC Corp		17,302,705
	3,097	*	FARO Technologies, Inc		89,937
	1,110		FEI Co		98,812
	40,091	*	Finisar Corp		659,898
	3,309	*	GSI Group, Inc		48,146
	645,011		HP, Inc		7,914,285
	78,168		Ingram Micro, Inc (Class A)		2,731,972
	2,970	*	Insight Enterprises, Inc		73,389
	5,777		InterDigital, Inc		329,173
	11,694	*	IPG Photonics Corp		1,013,519
	350	*	Itron, Inc		14,392
	16,051		Jabil Circuit, Inc		278,645
	20,384		Lexmark International, Inc (Class A)		786,822
	212		Littelfuse, Inc		24,694
	6,814		Methode Electronics, Inc		202,580
	78,575		Motorola, Inc		5,908,054
	417		National Instruments Corp		11,497
	18,944	*	Netgear, Inc		803,226
	500	*	OSI Systems, Inc		25,445
	281	*	Plexus Corp		11,735
	46,964	*	QLogic Corp		614,759
	39,417	*	Quantum Corp		18,144

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES			COMPANY	VALUE

	610	*	Rofin-Sinar Technologies, Inc	$	19,636
	47,787		SanDisk Corp		3,590,237
	12,991	*	Scansource, Inc		528,474
	8,832	*	Sonus Networks, Inc		72,952
	22,364	*	Super Micro Computer, Inc		601,815
	502		SYNNEX Corp		41,450
	11,298	*	Tech Data Corp		776,060
	3,218	*	TTM Technologies, Inc		20,981
	12,928	*	Universal Display Corp		753,832
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		79,683,724

TELECOMMUNICATION SERVICES - 2.1%
	25,707	*	Boingo Wireless, Inc		197,687
	373,371		CenturyTel, Inc		11,555,832
	58,198	*	Cincinnati Bell, Inc		222,316
	2,650	e	Consolidated Communications Holdings, Inc		62,646
	3,579	*,e	Fairpoint Communications, Inc		47,458
	16,965	*	General Communication, Inc (Class A)		286,708
	3,026		IDT Corp (Class B)		46,419
	67,259	*,e	Iridium Communications, Inc		542,780
	34,387	*	Level 3 Communications, Inc		1,797,065
	3,379	*	Lumos Networks Corp		43,082
	835,162	*,e	Sprint Corp		2,864,606
	745,853		Verizon Communications, Inc		37,993,752
	100,781	*	Vonage Holdings Corp		470,647
			TOTAL TELECOMMUNICATION SERVICES		56,130,998

TRANSPORTATION - 2.9%
	158		Allegiant Travel Co		25,370
	310		Arkansas Best Corp		5,918
	42,330	*	Avis Budget Group, Inc		1,062,483
	490		CH Robinson Worldwide, Inc		34,775
	263,863		CSX Corp		7,195,544
	152,360		Delta Air Lines, Inc		6,348,841
	4,220	*	Echo Global Logistics, Inc		98,621
	8		Expeditors International of Washington, Inc		397
	1,000	*	Hertz Global Holdings, Inc		9,260
	180		Landstar System, Inc		11,799
	103,126		Norfolk Southern Corp		9,292,684
	9		Ryder System, Inc		620
	357,983		Southwest Airlines Co		15,969,622
	176,809		Union Pacific Corp		15,423,049
	205,552		United Parcel Service, Inc (Class B)		21,597,349
			TOTAL TRANSPORTATION		77,076,332

UTILITIES - 3.1%
	12,632		American Water Works Co, Inc		919,104
	91,114		Centerpoint Energy, Inc		1,954,395
	10,739		Chesapeake Utilities Corp		639,185
	180,018		Consolidated Edison, Inc		13,429,343
	212,848		Duke Energy Corp		16,768,165
	136,459		Eversource Energy		7,701,746
	10,413		ITC Holdings Corp		458,901

TIAA-CREF FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE

	16,882	MGE Energy, Inc	$	841,568
	13,718	New Jersey Resources Corp		489,458
	161,534	NextEra Energy, Inc		18,993,168
	2,044	Northwest Natural Gas Co		105,348
	290	Ormat Technologies, Inc		12,586
	69,235	Piedmont Natural Gas Co, Inc		4,140,253
	8,480	Pinnacle West Capital Corp		616,072
	12,539	Public Service Enterprise Group, Inc		578,424
	103,815	Sempra Energy		10,729,280
	37,448	South Jersey Industries, Inc		1,045,174
	10,048	Unitil Corp		397,097
	1,260	Vectren Corp		61,551
	14,686	WEC Energy Group, Inc		854,872
	14,518	WGL Holdings, Inc		985,627
	38,029	Xcel Energy, Inc		1,522,301
		TOTAL UTILITIES		83,243,618

		TOTAL COMMON STOCKS		2,658,568,111
		(Cost $2,071,764,982)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 2.7%

GOVERNMENT AGENCY DEBT - 0.1%
$	1,200,000	Federal Home Loan Bank (FHLB)		0.200	%	05/02/16		1,200,000
		TOTAL GOVERNMENT AGENCY DEBT						1,200,000

TREASURY DEBT - 0.2%
	6,600,000	United States Treasury Bill		0.371		09/29/16		6,591,777
		TOTAL TREASURY DEBT						6,591,777

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.4%

GOVERNMENT AGENCY DEBT - 0.4%
	10,000,000	Federal Home Loan Bank (FHLB)		0.340		07/20/16		9,992,444
		TOTAL GOVERNMENT AGENCY DEBT						9,992,444

TREASURY DEBT - 2.0%
	28,000,000	United States Treasury Bill		0.190		07/07/16		27,990,099
	27,000,000	United States Treasury Bill		0.315-0.335		08/18/16		26,973,643
		TOTAL TREASURY DEBT						54,963,742

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						64,956,186

		TOTAL SHORT-TERM INVESTMENTS						72,747,963
		(Cost $72,745,923)
		TOTAL INVESTMENTS - 102.3%						2,731,316,074
		(Cost $2,144,510,905)
		OTHER ASSETS & LIABILITIES, NET - (2.3)%						(62,372,734	)
		NET ASSETS - 100.0%					$	2,668,943,340



		Abbreviation(s):
		REIT Real Estate Investment Trust

*		Non-income producing
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $73,075,158.

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE LOW CARBON EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 1.9%
	25,924		Ford Motor Co	$	351,529
	1,657		Harley-Davidson, Inc		79,254
	4,734		Johnson Controls, Inc		195,988
	1,091	*	Tesla Motors, Inc		262,669
			TOTAL AUTOMOBILES & COMPONENTS		889,440

BANKS - 4.1%
	147		1st Source Corp		5,063
	290		Ameris Bancorp		9,106
	277		Apollo Residential Mortgage		3,756
	420		Bank Mutual Corp		3,394
	673		Bank of the Ozarks, Inc		27,795
	783		BankUnited		27,014
	189		Banner Corp		8,085
	8,345		BB&T Corp		295,246
	125		Berkshire Hills Bancorp, Inc		3,393
	756		Boston Private Financial Holdings, Inc		9,238
	13		Bryn Mawr Bank Corp		369
	95		Capital Bank Financial Corp		2,872
	290		Cardinal Financial Corp		6,418
	409		Centerstate Banks of Florida, Inc		6,663
	1,317		CIT Group, Inc		45,529
	327		CoBiz, Inc		3,960
	1,579		Comerica, Inc		70,108
	241	*	Customers Bancorp, Inc		6,261
	231	*	FCB Financial Holdings, Inc		8,073
	94		Federal Agricultural Mortgage Corp (Class C)		3,824
	171		First Bancorp (NC)		3,488
	379		First Commonwealth Financial Corp		3,479
	152		First Community Bancshares, Inc		3,163
	166		First Financial Bancorp		3,237
	177		First Interstate Bancsystem, Inc		4,797
	160		First Merchants Corp		4,104
	4,348		First Niagara Financial Group, Inc		45,915
	272		Heritage Financial Corp		5,018
	166	*	HomeTrust Bancshares, Inc		3,079
	7,774		Keycorp		95,542
	341		Lakeland Bancorp, Inc		3,782
	429		LegacyTexas Financial Group, Inc		10,579
	1,454		M&T Bank Corp		172,037
	649	*	MGIC Investment Corp		4,692
	270		National Bank Holdings Corp		5,397
	4,415		New York Community Bancorp, Inc		66,357
	385		OFG Bancorp		3,400
	90		Opus Bank		3,251

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	1,020		PacWest Bancorp	$	40,780
	165		Peoples Bancorp, Inc		3,546
	2,833		People’s United Financial, Inc		43,912
	603	*	PHH Corp		7,736
	3,803		PNC Financial Services Group, Inc		333,827
	894		Popular, Inc		26,570
	107		Southside Bancshares, Inc		3,125
	151		State Bank & Trust Co		3,153
	570		TFS Financial Corp		10,203
	301	*	The Bancorp, Inc		1,707
	415		TowneBank		8,715
	205		Trico Bancshares		5,519
	2,034		Umpqua Holdings Corp		32,198
	344		Union Bankshares Corp		9,085
	9,112		US Bancorp		388,991
	1,760		Valley National Bancorp		16,650
	229	*	Walker & Dunlop, Inc		5,049
	337	*	Walter Investment Management Corp		2,443
	635		Wilshire Bancorp, Inc		6,839
	1,850		Zions Bancorporation		50,912
			TOTAL BANKS		1,988,444

CAPITAL GOODS - 6.6%
	2,798		3M Co		468,329
	143		Advanced Drainage Systems, Inc		3,306
	642	*	Aecom Technology Corp		20,859
	265		Aircastle Ltd		5,750
	174		Allegion plc		11,388
	117		Argan, Inc		3,999
	621	*	Builders FirstSource, Inc		6,887
	4,340		Caterpillar, Inc		337,305
	810		Chicago Bridge & Iron Co NV		32,603
	373	*	Colfax Corp		12,096
	1,609		Cummins, Inc		188,301
	3,747		Danaher Corp		362,522
	1,280		Deere & Co		107,661
	2,089		Dover Corp		137,247
	3,669		Eaton Corp		232,138
	357	*	Esterline Technologies Corp		24,512
	1,362		Fastenal Co		63,728
	1,300		Fluor Corp		71,058
	236		GATX Corp		10,842
	358		Granite Construction, Inc		15,963
	281		H&E Equipment Services, Inc		5,685
	1,164		Hexcel Corp		52,694
	2,902		Illinois Tool Works, Inc		303,317
	822		ITT Corp		31,540
	115		Kaman Corp		4,840
	439		Kennametal, Inc		10,264
	406	*	KEYW Holding Corp		2,797
	4,541		Masco Corp		139,454
	88	*	MYR Group, Inc		2,245
	1,300	*	NOW, Inc		23,478

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	954		Parker Hannifin Corp	$	110,683
	1,359		Pentair plc		78,931
	1,497	*	Plug Power, Inc		3,084
	482		Rockwell Automation, Inc		54,693
	1,621		Rockwell Collins, Inc		142,956
	390		TAL International Group, Inc		6,669
	860	*	United Rentals, Inc		57,560
	101		Valmont Industries, Inc		14,178
	494		Woodward Governor Co		26,780
			TOTAL CAPITAL GOODS		3,188,342

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	456		Acacia Research (Acacia Technologies)		2,198
	1,327	*	ACCO Brands Corp		12,660
	353		Ceco Environmental Corp		2,330
	1,459	*	Copart, Inc		62,504
	212		Deluxe Corp		13,309
	1,064		Equifax, Inc		127,946
	165		Heidrick & Struggles International, Inc		3,255
	521	*	IHS, Inc (Class A)		64,177
	154		KAR Auction Services, Inc		5,790
	277		Kforce, Inc		5,266
	270		Manpower, Inc		20,798
	145	*	Mistras Group, Inc		3,534
	417	*	Navigant Consulting, Inc		6,655
	220	*	On Assignment, Inc		7,933
	1,816		Pitney Bowes, Inc		38,082
	1,725		R.R. Donnelley & Sons Co		30,015
	500	*	RPX Corp		5,540
	3,735		Tyco International plc		143,872
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		555,864

CONSUMER DURABLES & APPAREL - 1.5%
	848		Hasbro, Inc		71,775
	1,563	*	Kate Spade & Co		40,216
	3,101		Mattel, Inc		96,410
	132	*	Michael Kors Holdings Ltd		6,819
	144		Movado Group, Inc		4,062
	6,957		Nike, Inc (Class B)		410,046
	36	*	Under Armour, Inc (Class A)		1,582
	1,342		VF Corp		84,613
			TOTAL CONSUMER DURABLES & APPAREL		715,523

CONSUMER SERVICES - 2.9%
	55	*	Ascent Media Corp (Series A)		829
	4,484		Hilton Worldwide Holdings, Inc		98,872
	1,004	*	LifeLock, Inc		11,687
	1,395		Marriott International, Inc (Class A)		97,776
	3,775		McDonald’s Corp		477,500
	5,801	*	MGM Resorts International		123,561
	1,586		Royal Caribbean Cruises Ltd		122,756
	850	*	ServiceMaster Global Holdings, Inc		32,572
	26		Six Flags Entertainment Corp		1,561

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	7,446		Starbucks Corp	$	418,688
			TOTAL CONSUMER SERVICES		1,385,802

DIVERSIFIED FINANCIALS - 5.3%
	4,439	*	Ally Financial, Inc		79,059
	5,379		American Express Co		351,948
	670		Ameriprise Financial, Inc		64,253
	8,208		Bank of New York Mellon Corp		330,290
	921		BlackRock, Inc		328,180
	10,458		Charles Schwab Corp		297,112
	2,237		CME Group, Inc		205,603
	3,694		Discover Financial Services		207,861
	237	*	Encore Capital Group, Inc		6,672
	3,157		Franklin Resources, Inc		117,882
	545		IntercontinentalExchange Group, Inc		130,816
	33		Invesco Ltd		1,023
	694		NASDAQ OMX Group, Inc		42,827
	2,139		Northern Trust Corp		152,040
	278	*	Pico Holdings, Inc		2,761
	250	*	Safeguard Scientifics, Inc		3,450
	3,177		State Street Corp		197,927
	1,072		Voya Financial, Inc		34,808
	806		WisdomTree Investments, Inc		8,777
			TOTAL DIVERSIFIED FINANCIALS		2,563,289

ENERGY - 3.7%
	316		Alon USA Energy, Inc		3,318
	844		Archrock, Inc		8,313
	786		Atwood Oceanics, Inc		7,593
	5,662		Baker Hughes, Inc		273,814
	422		Bristow Group, Inc		9,672
	238		CARBO Ceramics, Inc		3,534
	635	*	Clean Energy Fuels Corp		1,816
	696		Delek US Holdings, Inc		11,060
	507	*	Dril-Quip, Inc		32,864
	250	*	Era Group, Inc		2,383
	421	*	Exterran Corp		6,441
	778	*	Fairmount Santrol Holdings, Inc		3,112
	3,008	*	FMC Technologies, Inc		91,714
	719	*	Forum Energy Technologies, Inc		12,036
	419		Frank’s International NV		6,976
	161	*	Geospace Technologies Corp		2,634
	461		Green Plains Renewable Energy, Inc		8,344
	1,284	*	Helix Energy Solutions Group, Inc		11,081
	241	*	Matrix Service Co		4,540
	2,901	*	McDermott International, Inc		13,171
	5,053		National Oilwell Varco, Inc		182,110
	114	*	Natural Gas Services Group, Inc		2,621
	1,020	*	Newpark Resources, Inc		4,763
	1,286		Oceaneering International, Inc		47,132
	627	*	Oil States International, Inc		21,719
	2,719		Oneok, Inc		98,292
	1,483	*	Parker Drilling Co		4,538

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	1,260		PBF Energy, Inc	$	40,547
	444	*	Renewable Energy Group, Inc		4,316
	108	*	RigNet, Inc		1,847
	697		RPC, Inc		10,539
	6,011		Schlumberger Ltd		482,924
	151	*	SEACOR Holdings, Inc		8,874
	348		Tesco Corp		3,292
	1,639		Tesoro Corp		130,612
	981	*	Tetra Technologies, Inc		7,063
	570		Tidewater, Inc		4,993
	777		US Silica Holdings Inc		19,852
	11,653	*	Weatherford International Ltd		94,739
	863		Western Refining, Inc		23,094
	940		World Fuel Services Corp		43,926
			TOTAL ENERGY		1,752,209

FOOD & STAPLES RETAILING - 0.9%
	5,506		Kroger Co		194,858
	82		Pricesmart, Inc		7,096
	4,589		Sysco Corp		211,415
			TOTAL FOOD & STAPLES RETAILING		413,369

FOOD, BEVERAGE & TOBACCO - 4.7%
	1,240		Bunge Ltd		77,500
	1,350		Campbell Soup Co		83,308
	525		Coca-Cola Enterprises, Inc		27,552
	3,789		ConAgra Foods, Inc		168,838
	187		Dr Pepper Snapple Group, Inc		17,000
	3,703		General Mills, Inc		227,142
	2,452		Hormel Foods Corp		94,525
	272		J.M. Smucker Co		34,539
	2,303		Kellogg Co		176,893
	4,298		Kraft Heinz Co		335,545
	714		Mead Johnson Nutrition Co		62,225
	8,963		Mondelez International, Inc		385,050
	5,527		PepsiCo, Inc		569,060
			TOTAL FOOD, BEVERAGE & TOBACCO		2,259,177

HEALTH CARE EQUIPMENT & SERVICES - 4.9%
	365	*	Acadia Healthcare Co, Inc		23,064
	251		Aceto Corp		5,630
	244	*	Amedisys, Inc		12,564
	1,898		AmerisourceBergen Corp		161,520
	428	*	AMN Healthcare Services, Inc		15,198
	216	*	Amsurg Corp		17,492
	2,097		Anthem, Inc		295,195
	502	*	athenahealth, Inc		66,917
	255	*	AtriCure, Inc		4,054
	1,375		Becton Dickinson & Co		221,733
	2,399	*	Brookdale Senior Living, Inc		44,286
	125	*	Capital Senior Living Corp		2,508
	3,280		Cardinal Health, Inc		257,349
	285	*	Cardiovascular Systems, Inc		3,984

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	758	*	Centene Corp	$	46,966
	2,728	*	Cerner Corp		153,150
	859	*	Cerus Corp		5,377
	1,817		Cigna Corp		251,727
	1,517		DENTSPLY SIRONA, Inc		90,413
	1,922	*	Edwards Lifesciences Corp		204,136
	1,172	*	Envision Healthcare Holdings, Inc		26,522
	376	*	GenMark Diagnostics, Inc		2,222
	107	*	HealthStream, Inc		2,420
	540	*	Henry Schein, Inc		91,098
	2,253	*	Hologic, Inc		75,678
	1,140		Humana, Inc		201,860
	9	*	Idexx Laboratories, Inc		759
	99	*	LDR Holding Corp		2,668
	20	*	Merit Medical Systems, Inc		405
	304	*	Omnicell, Inc		9,685
	487	*	OraSure Technologies, Inc		3,497
	274	*	PharMerica Corp		6,477
	57	*	Providence Service Corp		2,841
	270		Resmed, Inc		15,066
	180	*	Spectranetics Corp		3,060
	347	*	Staar Surgical Co		2,675
	91	*	Surgical Care Affiliates, Inc		4,400
	445	*	Team Health Holdings, Inc		18,614
	102	*	Triple-S Management Corp (Class B)		2,656
	10		US Physical Therapy, Inc		499
	435	*	Wright Medical Group NV		8,169
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,364,534

HOUSEHOLD & PERSONAL PRODUCTS - 3.0%
	14		Clorox Co		1,753
	5,403		Colgate-Palmolive Co		383,181
	317	*	Elizabeth Arden, Inc		3,243
	1,178		Estee Lauder Cos (Class A)		112,935
	1,810		Kimberly-Clark Corp		226,594
	96		Natural Health Trends Corp		3,474
	8,873		Procter & Gamble Co		710,905
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,442,085

INSURANCE - 4.7%
	4,380		Aflac, Inc		302,089
	721		Allied World Assurance Co Holdings Ltd		25,653
	281		Aspen Insurance Holdings Ltd		13,024
	764		Axis Capital Holdings Ltd		40,698
	3,022		Chubb Ltd		356,173
	820		First American Financial Corp		29,537
	3,960		Hartford Financial Services Group, Inc		175,745
	329		Kemper Corp		10,186
	3,702		Loews Corp		146,895
	3,753		Marsh & McLennan Cos, Inc		237,002
	988		Principal Financial Group		42,168
	5,342		Progressive Corp		174,149
	3,976		Prudential Financial, Inc		308,697

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	614		Reinsurance Group of America, Inc (Class A)	$	58,465
	2,816		Travelers Cos, Inc		309,478
			TOTAL INSURANCE		2,229,959

MATERIALS - 3.9%
	270		A. Schulman, Inc		7,530
	1,028		Albemarle Corp		68,013
	187		Aptargroup, Inc		14,212
	786		Avery Dennison Corp		57,071
	288		Balchem Corp		17,672
	1,796		Ball Corp		128,198
	1,380		Celanese Corp (Series A)		97,566
	2,616		Ecolab, Inc		300,788
	632	*	Ferro Corp		8,052
	697	*	Flotek Industries, Inc		6,587
	88		Innophos Holdings, Inc		3,252
	741		International Flavors & Fragrances, Inc		88,527
	2,540		International Paper Co		109,906
	270	*	Kraton Polymers LLC		6,132
	180		Materion Corp		5,218
	4,539		Mosaic Co		127,047
	211		Myers Industries, Inc		2,844
	675		PolyOne Corp		24,287
	2,700		PPG Industries, Inc		298,053
	844		Royal Gold, Inc		52,851
	229		Schnitzer Steel Industries, Inc (Class A)		4,722
	1,815		Sealed Air Corp		85,958
	718		Sherwin-Williams Co		206,289
	146		Stepan Co		8,948
	149	*	Trinseo S.A.		6,376
	615		Valspar Corp		65,614
	2,082		WestRock Co		87,132
			TOTAL MATERIALS		1,888,845

MEDIA - 3.6%
	220	*	Carmike Cinemas, Inc		6,598
	976	*	Charter Communications, Inc		207,146
	332	*	Discovery Communications, Inc (Class A)		9,067
	2,469	*	Discovery Communications, Inc (Class C)		66,120
	229	*	Entercom Communications Corp (Class A)		2,597
	574		Entravision Communications Corp (Class A)		4,563
	522	*	Gray Television, Inc		6,708
	139		John Wiley & Sons, Inc (Class A)		6,893
	185	*	Liberty Broadband Corp (Class A)		10,604
	488	*	Liberty Broadband Corp (Class C)		27,938
	863	*	Media General, Inc		14,956
	56		Meredith Corp		2,873
	586		New York Times Co (Class A)		7,513
	572		Sinclair Broadcast Group, Inc (Class A)		18,344
	1,753		Time Warner Cable, Inc		371,829
	4,889		Time Warner, Inc		367,359
	5,948		Walt Disney Co		614,190
			TOTAL MEDIA		1,745,298

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.4%
	1,098	*	Acadia Pharmaceuticals, Inc	$	35,465
	2,517		Agilent Technologies, Inc		102,996
	953	*	Akorn, Inc		24,254
	650	*	Alexion Pharmaceuticals, Inc		90,532
	2,664		Amgen, Inc		421,711
	1,507	*	Ariad Pharmaceuticals, Inc		10,820
	702	*	Biogen Idec, Inc		193,043
	7,013		Bristol-Myers Squibb Co		506,198
	251		Bruker BioSciences Corp		7,103
	282	*	Cambrex Corp		13,604
	3,024	*	Celgene Corp		312,712
	427	*	Cempra, Inc		7,229
	729	*	Depomed, Inc		12,670
	356	*	Fluidigm Corp		3,411
	5,334		Gilead Sciences, Inc		470,512
	367	*	Immunogen, Inc		2,514
	868	*	Immunomedics, Inc		3,081
	879	*	Inovio Pharmaceuticals, Inc		9,212
	323	*	Intra-Cellular Therapies, Inc		11,085
	8,134		Johnson & Johnson		911,659
	10,366		Merck & Co, Inc		568,472
	1,599	*	Nektar Therapeutics		25,072
	452	*	Prestige Brands Holdings, Inc		25,665
	282	*	Prothena Corp plc		12,180
	397	*	Relypsa, Inc		7,186
	47	*	Sage Therapeutics, Inc		1,771
	297	*	Sangamo Biosciences, Inc		1,871
	543	*	Sarepta Therapeutics, Inc		7,705
	224	*	Sucampo Pharmaceuticals, Inc (Class A)		2,415
	153	*	Tetraphase Pharmaceuticals, Inc		857
	347	*	Theravance Biopharma, Inc		7,200
	2,484		Thermo Electron Corp		358,317
	274	*	Versartis, Inc		2,482
	278	*	Vertex Pharmaceuticals, Inc		23,447
	507	*	Xenoport, Inc		2,231
	6,107		Zoetis Inc		287,212
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,483,894

REAL ESTATE - 4.9%
	114	*	Altisource Portfolio Solutions S.A.		3,567
	2,614		American Tower Corp		274,156
	8,688		Annaly Capital Management, Inc		90,529
	243		Apollo Commercial Real Estate Finance, Inc		3,871
	986		AvalonBay Communities, Inc		174,315
	1,430		Chimera Investment Corp		20,306
	2,391		Crown Castle International Corp		207,730
	1,197		CYS Investments, Inc		9,708
	602		Dynex Capital, Inc		3,913
	528		Equinix, Inc		174,425
	2,583		Equity Residential		175,825
	1,542		Forest City Realty Trust, Inc		32,043

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	3,523		HCP, Inc	$	119,183
	822		Host Marriott Corp		13,004
	364	*	iStar Financial, Inc		3,567
	1,136		Kennedy-Wilson Holdings, Inc		24,549
	1,682		NorthStar Realty Finance Corp		21,513
	4,649		Prologis, Inc		211,111
	386		Resource Capital Corp		4,586
	1,841		Simon Property Group, Inc		370,354
	2,774		Two Harbors Investment Corp		21,720
	463		Ventas, Inc		28,761
	2,793		Welltower, Inc		193,890
	4,507		Weyerhaeuser Co		144,765
			TOTAL REAL ESTATE		2,327,391

RETAILING - 3.0%
	304	*	1-800-FLOWERS.COM, Inc (Class A)		2,386
	250	*	AutoZone, Inc		191,308
	495		Best Buy Co, Inc		15,880
	163	*	FTD Cos, Inc		4,533
	811		GameStop Corp (Class A)		26,601
	99		Gap, Inc		2,295
	5,452	*	Groupon, Inc		19,736
	73		Kirkland’s, Inc		1,199
	515		Kohl’s Corp		22,815
	142	*	Lands’ End, Inc		3,455
	5,164		Lowe’s Companies, Inc		392,567
	3,539	*	NetFlix, Inc		318,616
	219		Nordstrom, Inc		11,197
	7,131	*	Office Depot, Inc		41,930
	210		Outerwall, Inc		8,675
	146	*	Overstock.com, Inc		2,130
	3,255		Ross Stores, Inc		184,819
	429	*	Shutterfly, Inc		19,725
	75		Signet Jewelers Ltd		8,142
	328		Stage Stores, Inc		2,414
	264		Staples, Inc		2,693
	473		Tiffany & Co		33,749
	117		Tractor Supply Co		11,075
	490	*	Ulta Salon Cosmetics & Fragrance, Inc		102,057
			TOTAL RETAILING		1,429,997

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
	4,579	*	Advanced Micro Devices, Inc		16,255
	9,699		Applied Materials, Inc		198,539
	17,806		Intel Corp		539,165
	4,216		Nvidia Corp		149,794
	7,769		Qualcomm, Inc		392,490
	392	*	SunPower Corp		7,895
	4,840		Texas Instruments, Inc		276,074
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,580,212

SOFTWARE & SERVICES - 13.1%
	3,428		Accenture plc		387,090

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	492	*	Actua Corp	$	4,664
	3,578	*	Adobe Systems, Inc		337,119
	794	*	Alphabet, Inc (Class A)		562,057
	811	*	Alphabet, Inc (Class C)		562,031
	378	*	Angie’s List, Inc		3,308
	737	*	Aspen Technology, Inc		28,028
	1,992	*	Autodesk, Inc		119,161
	3,464		Automatic Data Processing, Inc		306,356
	776		Booz Allen Hamilton Holding Co		21,394
	1,064		Broadridge Financial Solutions, Inc		63,670
	2,823		CA, Inc		83,730
	1,686	*	Cadence Design Systems, Inc		39,098
	232	*	Cimpress NV		20,386
	1,469	*	Citrix Systems, Inc		120,223
	5,260	*	Cognizant Technology Solutions Corp (Class A)		307,026
	596	*	comScore, Inc		18,250
	265	*	Ellie Mae, Inc		22,154
	329	*	EnerNOC, Inc		2,244
	429	*	Euronet Worldwide, Inc		33,076
	821	*	FleetCor Technologies, Inc		126,992
	628	*	Gartner, Inc		54,743
	1		Global Payments, Inc		48
	1,463	*	Glu Mobile, Inc		3,906
	73	*	Interactive Intelligence, Inc		2,713
	234	*	Internap Network Services Corp		534
	3,555		International Business Machines Corp		518,817
	2,041		Intuit, Inc		205,917
	586		j2 Global, Inc		37,223
	58		Jack Henry & Associates, Inc		4,700
	302	*	LogMeIn, Inc		18,029
	113	*	Manhattan Associates, Inc		6,841
	221		Mantech International Corp (Class A)		7,470
	423	*	Marketo, Inc		9,302
	4,593		Mastercard, Inc (Class A)		445,475
	812	*	Monster Worldwide, Inc		2,598
	302	*	NetSuite, Inc		24,474
	12,713		Oracle Corp		506,740
	2,954		Paychex, Inc		153,963
	309		Pegasystems, Inc		8,155
	431	*	Perficient, Inc		8,999
	207	*	PROS Holdings, Inc		2,434
	705	*	QLIK Technologies, Inc		21,707
	302	*	Qualys, Inc		7,604
	742	*	Quotient Technology, Inc		8,622
	332	*	RetailMeNot, Inc		2,799
	647	*	RingCentral, Inc		12,345
	762	*	Rovi Corp		13,426
	4,573	*	Salesforce.com, Inc		346,633
	248	*	Sciquest, Inc		3,427
	526	*	ServiceSource International LLC		2,120
	150	*	SPS Commerce, Inc		7,640
	173	*	Stamps.com, Inc		14,248
	6,276		Symantec Corp		104,464

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	351	*	Tangoe, Inc	$	3,096
	160	*	Tyler Technologies, Inc		23,426
	611	*	Unisys Corp		4,711
	125	*	Vasco Data Security International		2,166
	533	*	Website Pros, Inc		10,655
	1,382	*	Workday, Inc		103,622
	12,310		Xerox Corp		118,176
	8,487	*	Yahoo!, Inc		310,624
			TOTAL SOFTWARE & SERVICES		6,312,649

TECHNOLOGY HARDWARE & EQUIPMENT - 3.7%
	187		Black Box Corp		2,734
	400	*	Calix, Inc		2,772
	19,364		Cisco Systems, Inc		532,317
	9,121		Corning, Inc		170,289
	496	*	Cray, Inc		18,784
	346		Daktronics, Inc		3,010
	406	*	Electronics for Imaging, Inc		16,175
	13,220		EMC Corp		345,174
	22,427		HP, Inc		275,179
	1,792		Ingram Micro, Inc (Class A)		62,631
	529		Lexmark International, Inc (Class A)		20,419
	1,532		Motorola, Inc		115,191
	266	*	Netgear, Inc		11,278
	163	*	Newport Corp		3,747
	722	*	QLogic Corp		9,451
	2,546		SanDisk Corp		191,281
	305	*	Super Micro Computer, Inc		8,208
	316	*	Tech Data Corp		21,706
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,810,346

TELECOMMUNICATION SERVICES - 2.5%
	327	*	Boingo Wireless, Inc		2,515
	6,927		CenturyTel, Inc		214,391
	1,811	*	Cincinnati Bell, Inc		6,918
	418		Consolidated Communications Holdings, Inc		9,881
	302	*	General Communication, Inc (Class A)		5,104
	5,791	*	Globalstar, Inc		11,292
	1,007	*	Iridium Communications, Inc		8,126
	3,768	*	Level 3 Communications, Inc		196,916
	592		Shenandoah Telecom Co		16,984
	9,676	*	Sprint Corp		33,189
	13,466		Verizon Communications, Inc		685,958
	2,273	*	Vonage Holdings Corp		10,615
	1,217		Windstream Holdings, Inc		10,564
			TOTAL TELECOMMUNICATION SERVICES		1,212,453

TRANSPORTATION - 3.2%
	396	*	Avis Budget Group, Inc		9,940
	10,709		CSX Corp		292,034
	231	*	Echo Global Logistics, Inc		5,398
	417	*	Genesee & Wyoming, Inc (Class A)		27,151
	4,897	*	Hertz Global Holdings, Inc		45,346

TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund

SHARES			COMPANY	VALUE

	995		Kansas City Southern Industries, Inc	$	94,276
	2,923		Norfolk Southern Corp		263,392
	4,574		Union Pacific Corp		398,990
	3,762		United Parcel Service, Inc (Class B)		395,273
	750	*	Wesco Aircraft Holdings, Inc		10,823
			TOTAL TRANSPORTATION		1,542,623

UTILITIES - 3.5%
	2,344		American Water Works Co, Inc		170,549
	2,307		Aqua America, Inc		73,040
	5,604		Centerpoint Energy, Inc		120,206
	178		Chesapeake Utilities Corp		10,595
	3,815		Consolidated Edison, Inc		284,599
	4,113		Edison International		290,830
	4,138		Eversource Energy		233,549
	1,039		New Jersey Resources Corp		37,072
	456		Ormat Technologies, Inc		19,790
	676		Pattern Energy Group, Inc		14,196
	1,026		Piedmont Natural Gas Co, Inc		61,355
	2,854		Sempra Energy		294,961
	574		Southwest Gas Corp		37,258
	605		WGL Holdings, Inc		41,073
			TOTAL UTILITIES		1,689,073

			TOTAL COMMON STOCKS		47,770,818
			(Cost $47,026,401)

			TOTAL INVESTMENTS - 99.5%		47,770,818
			(Cost $47,026,401)
			OTHER ASSETS & LIABILITIES, NET - 0.5%		223,124
			NET ASSETS - 100.0%	$	47,993,942



*		Non-income producing

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

MATURITY

PRINCIPAL

ISSUER

RATE

DATE

VALUE

CORPORATE BONDS - 0.1%

HONG KONG - 0.1%

534,000

Asia Pacific Investment Partners

8.000

10/29/16

466,350

TOTAL HONG KONG

466,350

TOTAL CORPORATE BONDS

466,350

(Cost $534,000)

SHARES			COMPANY

COMMON STOCKS - 99.8%

ARGENTINA - 0.7%
	117,771	*	Pampa Energia S.A. (ADR)	2,409,595
	195,516	*	YPF S.A. (ADR) (Class D)	3,939,647
			TOTAL ARGENTINA	6,349,242

AUSTRALIA - 0.5%
	909,594		Oil Search Ltd	4,822,419
			TOTAL AUSTRALIA	4,822,419

AUSTRIA - 0.8%
	20,642		DO & CO AG. (Istanbul)	2,345,280
	197,166	*	Erste Bank der Oesterreichischen Sparkassen AG.	5,675,663
			TOTAL AUSTRIA	8,020,943

BRAZIL - 7.1%
	895,600		AMBEV S.A.	5,049,265
	1,034,000		Banco Bradesco S.A. (Preference)	7,786,756
	1,144,169		Banco Itau Holding Financeira S.A.	10,935,185
	533,200		BB Seguridade Participacoes S.A.	4,651,014
	649,372		Cielo S.A.	6,325,205
	434,900		Cosan SA Industria e Comercio	4,026,231
	351,700		Empresa Brasileira de Aeronautica S.A.	2,103,502
	1,194,600		Gerdau S.A. (Preference)	2,712,750
	469,300	*	Hypermarcas S.A.	4,140,019
	1,478,900		Kroton Educacional S.A.	5,504,084
	283,300		Ouro Fino Saude Animal Participacoes S.A.	3,789,140
	2,150,500	*	Petroleo Brasileiro S.A.	8,297,488
	681,500		Vale S.A.	3,901,646
			TOTAL BRAZIL	69,222,285

CHILE - 1.5%
	1,292,604		Centros Comerciales Sudamericanos S.A.	3,474,139

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

	16,119,522	*	Enersis Chile S.A.	$	1,974,088
	24,663,426	*	Enersis S.A.		4,190,739
	2,689,986		Parque Arauco S.A.		5,209,169
			TOTAL CHILE		14,848,135

CHINA - 20.3%
	4,310,000		Air China Ltd		3,263,032
	239,144	*	Alibaba Group Holding Ltd (ADR)		18,399,739
	70,476	*	Baidu, Inc (ADR)		13,693,487
	5,814,000		Beijing Enterprises Water Group Ltd		3,467,675
	3,152,000		Brilliance China Automotive Holdings Ltd		3,108,960
	8,978,000	*,e,m	China Animal Healthcare Ltd		11,574
	19,128,000		China Construction Bank		12,148,710
	5,038,000	*	China Eastern Airlines Corp Ltd (H Shares)		2,754,291
	2,921,000		China Galaxy Securities Co Ltd		2,561,980
	1,605,000		China Life Insurance Co Ltd		3,697,208
	117,475		China Lodging Group Ltd (ADR)		4,236,148
	905,000		China Mobile Hong Kong Ltd		10,390,091
	5,662,000		China National Building Material Co Ltd		2,919,151
	2,708,200	*	China Overseas Land & Investment Ltd		8,596,547
	2,192,000		China Resources Land Ltd		5,385,061
	2,415,000		China Vanke Co Ltd		6,027,897
	6,361,000		CNOOC Ltd		7,857,873
	191,429	*	Ctrip.com International Ltd (ADR)		8,348,219
	1,243,400	*,g	Huatai Securities Co Ltd		2,622,810
	19,734,834		Industrial & Commercial Bank of China		10,566,047
	267,993	*	JD.com, Inc (ADR)		6,849,901
	2,254,500		Ping An Insurance Group Co of China Ltd		10,580,548
	1,404,000	e	Sunny Optical Technology Group Co Ltd		4,330,294
	1,992,400		Tencent Holdings Ltd		40,541,976
	13,312,000		Zijin Mining Group Co Ltd		4,441,161
			TOTAL CHINA		196,800,380

HONG KONG - 3.8%
	1,226,600		AIA Group Ltd		7,340,711
	22,290	*,m	Asia Pacific Investment Partners Limited		126,500
	3,184,000	e	China Gas Holdings Ltd		4,596,847
	838,206	*,e,m	China Metal Recycling Holdings Ltd		1,081
	3,036,500	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		3,892,758
	190,321		Melco Crown Entertainment Ltd (ADR)		2,816,751
	22,290	*,m	Mongolian Metals Corporation		0
	1,355,500		Sands China Ltd		4,829,235
	2,069,000		Shimao Property Holdings Ltd		2,855,561
	1,565,000		Techtronic Industries Co		5,866,668
	24,760,000		Tongda Group Holdings Ltd		5,086,051
			TOTAL HONG KONG		37,412,163

HUNGARY - 0.7%
	259,824		OTP Bank		6,884,577
			TOTAL HUNGARY		6,884,577

INDIA - 10.6%
	223,644		Apollo Hospitals Enterprise Ltd		4,419,624

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

	187,260		Bharat Electronics Ltd	$	3,329,408
	270,565		Bharat Petroleum Corp Ltd		3,985,657
	148,642		Container Corp Of India Ltd		3,026,526
	1,858,482		DLF Ltd		3,613,889
	9,490		Eicher Motors Ltd		2,860,367
	388,170		HDFC Bank Ltd		6,594,576
	32,766		HDFC Bank Ltd (ADR)		2,059,998
	1,552,378		ICICI Bank Ltd		5,488,697
	482,043		IndusInd Bank Ltd		7,607,583
	478,039		Infosys Technologies Ltd		8,696,392
	1,136,722		IRB Infrastructure Developers Ltd		3,651,672
	2,414,707	*	Nagarjuna Construction Co		2,829,116
	1,057,475		Phoenix Mills Ltd		5,119,180
	630,110		Reliance Industries Ltd		9,315,209
	329,851		Shriram Transport Finance Co Ltd		4,683,764
	742,442	*	Sobha Developers Ltd		3,280,228
	219,991		Strides Arcolab Ltd		3,578,114
	748,149	*	Sun Pharmaceutical Industries Ltd		9,136,416
	1,020,884	*	Tata Motors Ltd		6,250,266
	569,278		Tata Steel Ltd		3,008,053
			TOTAL INDIA		102,534,735

INDONESIA - 2.0%
	4,070,300		Bank Rakyat Indonesia		3,180,880
	705,200		PT Gudang Garam Tbk		3,695,589
	2,688,300		PT Matahari Department Store Tbk		3,854,655
	20,572,500		PT Telekomunikasi Indonesia Persero Tbk		5,519,455
	19,032,800		PT Waskita Karya Persero Tbk		3,371,838
			TOTAL INDONESIA		19,622,417

JAPAN - 0.4%
	78,100	e	W-Scope Corp		3,994,346
			TOTAL JAPAN		3,994,346

JORDAN - 0.5%
	142,063		Hikma Pharmaceuticals plc		4,580,202
			TOTAL JORDAN		4,580,202

KOREA, REPUBLIC OF - 16.2%
	78,128		CJ E&M Corp		4,597,080
	23,229		CJ O Shopping Co Ltd		4,064,941
	43,620	e	Cosmax, Inc		5,355,654
	26,842		Cuckoo Electronics Co Ltd		4,897,321
	38,013		Daelim Industrial Co		3,008,295
	615,457		Hanon Systems		5,540,736
	172,997		Hyundai Marine & Fire Insurance Co Ltd		4,815,351
	40,149		Innocean Worldwide, Inc		2,903,460
	106,711		i-SENS Inc		3,347,324
	156,601		Korea Electric Power Corp		8,506,371
	31,081		LG Chem Ltd		8,062,227
	13,566		LG Household & Health Care Ltd		11,944,422
	42,287	*	Loen Entertainment, Inc		2,860,788
	94,857		Maeil Dairy Industry Co Ltd		3,859,680

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

	30,086		Mando Corp	$	4,963,220
	12,210		Medy-Tox, Inc		4,513,605
	7,568		Naver Corp		4,485,153
	50,873	*	Osstem Implant Co Ltd		3,185,454
	37,281		POSCO		7,810,932
	128,014		Samsung Card Co		4,350,182
	34,770		Samsung Electronics Co Ltd		37,893,412
	47,569		Samsung SDI Co Ltd		4,737,364
	38,907		SK Energy Co Ltd		5,254,675
	76,096		Woongjin Coway Co Ltd		6,588,217
			TOTAL KOREA, REPUBLIC OF		157,545,864

LUXEMBOURG - 0.2%
	209,016	*	Adecoagro S.A.		2,228,111
			TOTAL LUXEMBOURG		2,228,111

MALAYSIA - 0.5%
	7,960,125		Karex BHD		5,270,640
			TOTAL MALAYSIA		5,270,640

MEXICO - 7.1%
	2,467,300		Alpek SAB de C.V.		4,120,138
	825,800	e	Banregio Grupo Financiero SAB de C.V.		4,948,661
	1,341,400		Concentradora Fibra Danhos S.A. de C.V.		3,006,419
	216,412	*	Controladora Vuela Cia de Aviacion SAB de C.V. (ADR)		4,518,683
	1,277,601		Credito Real SAB de C.V.		2,818,131
	817,600		Fomento Economico Mexicano S.A. de C.V.		7,607,327
	2,290,800	e	Gentera SAB de C.V.		4,556,395
	282,120		Gruma SAB de C.V.		4,121,282
	842,150		Grupo Aeroportuario del Centro Norte Sab de C.V.		4,873,360
	1,350,480		Grupo Financiero Banorte S.A. de C.V.		7,666,612
	2,604,000		Grupo Mexico S.A. de C.V. (Series B)		6,623,270
	672,000		Megacable Holdings SAB de C.V.		3,103,254
	1,244,922	*	Servicios Corporativos Javer SAPI de C.V.		1,329,246
	2,123,246	e	Unifin Financiera SAPI de C.V. SOFOM ENR		6,259,415
	1,300,700		Wal-Mart de Mexico SAB de C.V.		3,216,850
			TOTAL MEXICO		68,769,043

NETHERLANDS - 0.9%
	1,410,382		Steinhoff International Holdings NV		8,822,688
			TOTAL NETHERLANDS		8,822,688

PAKISTAN - 0.7%
	1,152,400		Engro Chemical Pakistan Ltd		3,435,982
	1,330,000		Kohinoor Textile Mills Ltd		936,892
	2,981,500		Maple Leaf Cement Factory Ltd		2,721,787
			TOTAL PAKISTAN		7,094,661

PERU - 0.5%
	34,269		Credicorp Ltd (NY)		4,983,398
			TOTAL PERU		4,983,398

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

PHILIPPINES - 2.9%
	5,216,100		Century Pacific Food, Inc	$	2,102,571
	1,591,700		Concepcion Industrial Corp		1,629,466
	10,714,900		D&L Industries Inc		2,054,232
	165,860		GT Capital Holdings, Inc		4,828,082
	1,934,830		International Container Term Services, Inc		2,678,687
	17,446,700		Metro Pacific Investments Corp		2,158,426
	138,252		Philippine Stock Exchange, Inc		784,915
	1,791,090		Robinsons Retail Holdings, Inc		2,935,976
	10,198,175		SM Prime Holdings		4,917,744
	904,247		Universal Robina		4,015,416
			TOTAL PHILIPPINES		28,105,515

POLAND - 0.5%
	2,674,287	*	Globe Trade Centre S.A.		4,939,473
			TOTAL POLAND		4,939,473

RUSSIA - 3.5%
	160,325		LUKOIL PJSC (ADR)		6,831,064
	86,248		NovaTek OAO (GDR)		8,323,352
	353,007		PhosAgro OAO (ADR)		5,471,609
	134,100		Ros Agro plc (ADR)		2,038,320
	1,076,156		Sberbank of Russian Federation (ADR)		8,652,432
	143,543	*	X 5 Retail Group NV (GDR)		2,842,930
			TOTAL RUSSIA		34,159,707

SINGAPORE - 0.7%
	2,731,700	e	First Resources Ltd		3,860,778
	1,591,300	*	Petra Foods Ltd		3,076,462
			TOTAL SINGAPORE		6,937,240

SOUTH AFRICA - 3.8%
	467,113	*	AngloGold Ashanti Ltd		7,593,521
	466,066	*,e	Brait S.A.		5,214,678
	177,903		Naspers Ltd (N Shares)		24,481,462
			TOTAL SOUTH AFRICA		37,289,661

TAIWAN - 6.1%
	6,467,000		Advanced Semiconductor Engineering, Inc		6,222,774
	2,382,700	*	Hon Hai Precision Industry Co, Ltd		5,675,742
	1,715,636		Hota Industrial Manufacturing Co Ltd		8,208,565
	68,000		Largan Precision Co Ltd		4,746,677
	7,463,000		Taiwan Semiconductor Manufacturing Co Ltd		34,287,768
			TOTAL TAIWAN		59,141,526

THAILAND - 2.1%
	24,916,800		Asia Aviation PCL (ADR)		4,125,627
	24,715,130		Beauty Community PCL (ADR)		3,918,925
	2,936,900		CP Seven Eleven PCL (ADR)		3,839,883
	5,292,131		Minor International PCL (ADR)		5,632,430
	1,239,500		PTT Exploration & Production PCL (ADR)		2,662,831
			TOTAL THAILAND		20,179,696

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

TURKEY - 2.0%
	511,193		Aselsan Elektronik Sanayi Ve Ticaret AS	$	3,645,276
	225,656		Coca-Cola Icecek AS		3,307,983
	2,881,809		Emlak Konut Gayrimenkul Yatiri		3,097,136
	152,491		Tupras Turkiye Petrol Rafine		4,022,020
	1,710,175		Turkiye Garanti Bankasi AS		5,264,286
			TOTAL TURKEY		19,336,701

UNITED ARAB EMIRATES - 1.1%
	260,555		DP World Ltd		4,861,161
	357,550		NMC Health plc		5,469,889
			TOTAL UNITED ARAB EMIRATES		10,331,050

UNITED KINGDOM - 0.6%
	484,657		Anglo American plc		5,422,763
			TOTAL UNITED KINGDOM		5,422,763

UNITED STATES - 1.2%
	76,459	*	Luxoft Holding, Inc		4,420,095
	78,536	*	Yahoo!, Inc		2,874,418
	48,142		Yum! Brands, Inc		3,830,177
			TOTAL UNITED STATES		11,124,690

VIETNAM - 0.3%
	822,607	*	Mobile World Investment Corp		2,762,721
			TOTAL VIETNAM		2,762,721

			TOTAL COMMON STOCKS		969,536,992
			(Cost $921,518,566)

PREFERRED STOCKS - 0.0%

PHILIPPINES - 0.0%
	1,721,900	*,m	Ayala Land, Inc (Preferred B)		3,672
			TOTAL PHILIPPINES		3,672

			TOTAL PREFERRED STOCKS		3,672
			(Cost $4,057)

RIGHTS / WARRANTS - 0.0%

THAILAND - 0.0%
	214,931		Minor International PCL		30,643
			TOTAL THAILAND		30,643

			TOTAL RIGHTS / WARRANTS		30,643
			(Cost $0)

TIAA-CREF FUNDS - Emerging Markets Equity Fund

SHARES			COMPANY	VALUE

SHORT-TERM INVESTMENTS - 2.7%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.7%
	26,187,859	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	26,187,859
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		26,187,859
			TOTAL SHORT-TERM INVESTMENTS		26,187,859
			(Cost $26,187,859)

			TOTAL INVESTMENTS - 102.6%		996,225,516
			(Cost $948,244,482)
			OTHER ASSETS & LIABILITIES, NET - (2.6)%		(25,229,737	)
			NET ASSETS - 100.0%	$	970,995,779



		Abbreviation(s):
		ADR American Depositary Receipt
		GDR Global Depositary Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $21,207,645.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2016, the aggregate value of these securities was $2,622,810 or 0.3% of net assets.
m		Indicates a security that has been deemed illiquid.

TIAA-CREF FUNDS - Emerging Markets Equity Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	242,905,256			25.0	%
INFORMATION TECHNOLOGY		202,416,547			20.9
CONSUMER DISCRETIONARY		153,482,933			15.8
CONSUMER STAPLES		87,983,298			9.1
MATERIALS		74,294,648			7.7
ENERGY		69,338,466			7.1
INDUSTRIALS		56,530,306			5.8
HEALTH CARE		42,031,344			4.3
UTILITIES		25,145,313			2.6
TELECOMMUNICATION SERVICES		15,909,546			1.6
SHORT-TERM INVESTMENTS		26,187,859			2.7
OTHER ASSETS & LIABILITIES, NET		(25,229,737	)		(2.6	)

NET ASSETS	$	970,995,779			100.0	%

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

TIAA-CREF FUNDS

ENHANCED INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.3%

AUSTRALIA - 7.1%
	772,121		Amcor Ltd	$	9,002,070
	884,853		Australia & New Zealand Banking Group Ltd		16,219,287
	200,820		BHP Billiton Ltd		3,136,194
	210,845		BHP Billiton plc		2,881,091
	280,861		Brambles Ltd		2,652,786
	133,162		Caltex Australia Ltd		3,268,216
	188,402		Challenger Financial Services Group Ltd		1,274,425
	104,909		Commonwealth Bank of Australia		5,856,756
	55,977		Computershare Ltd		428,497
	79,315		CSL Ltd		6,320,474
	364,771		Harvey Norman Holdings Ltd		1,235,310
	72,651		Lend Lease Corp Ltd		697,862
	995,040		Macquarie Goodman Group		5,184,020
	188,738		Oil Search Ltd		1,000,637
	1,986,980		Qantas Airways Ltd		4,844,717
	3,122,861		Scentre Group		11,084,655
	743,487		Tabcorp Holdings Ltd		2,493,791
	1,344,232		Telstra Corp Ltd		5,458,064
	257,835		Westpac Banking Corp		6,052,300
	191		Woodside Petroleum Ltd		4,089
	290,619		Woolworths Ltd		4,863,205
			TOTAL AUSTRALIA		93,958,446

AUSTRIA - 0.0%
	77,055	*,e,m	Immoeast AG.		0
			TOTAL AUSTRIA		0

BELGIUM - 1.5%
	36,928		Anheuser-Busch InBev NV		4,581,062
	12,273		Belgacom S.A.		413,647
	50,584		Delhaize Group		5,315,600
	97,136		Solvay S.A.		9,840,912
			TOTAL BELGIUM		20,151,221

CHINA - 0.2%
	3,244,800		Yangzijiang Shipbuilding		2,378,853
			TOTAL CHINA		2,378,853

DENMARK - 1.9%
	2,622		AP Moller - Maersk AS (Class A)		3,572,275
	3,005		AP Moller - Maersk AS (Class B)		4,229,554
	98,994		Novo Nordisk AS		5,527,266
	170,753		Vestas Wind Systems AS		12,222,848
			TOTAL DENMARK		25,551,943

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

FINLAND - 1.4%
	102,291		Elisa Oyj (Series A)	$	3,824,861
	33,531		Kone Oyj (Class B)		1,532,112
	98,282		Nokia Oyj (Turquoise)		580,207
	13,058		Nokian Renkaat Oyj		482,310
	300,515		Stora Enso Oyj (R Shares)		2,627,430
	455,504		UPM-Kymmene Oyj		8,719,289
			TOTAL FINLAND		17,766,209

FRANCE - 10.1%
	107,096		Atos Origin S.A.		9,532,256
	627,051		AXA S.A.		15,832,787
	152,003		BNP Paribas		8,049,917
	127,159		Cap Gemini S.A.		11,869,365
	26,150		Christian Dior S.A.		4,595,085
	73,937		Klepierre		3,477,440
	20,158	e	Michelin (C.G.D.E.) (Class B)		2,105,504
	226,771	e	Sanofi-Aventis		18,691,956
	103,771	e	SCOR SE		3,535,029
	101,434		Societe Generale		3,991,140
	314,477		Total S.A.		15,893,918
	79,382		Valeo S.A.		12,591,489
	199,266	e	Vinci S.A.		14,882,838
	429,421		Vivendi Universal S.A.		8,249,312
			TOTAL FRANCE		133,298,036

GERMANY - 9.3%
	110,638		Allianz AG.		18,822,606
	69,974		BASF SE		5,789,005
	35,392		Bayer AG.		4,090,143
	9,307		Bayerische Motoren Werke AG.		861,024
	45,645		Continental AG.		10,051,642
	237,276		Daimler AG. (Registered)		16,532,594
	210,004	*,e	Deutsche Lufthansa AG.		3,269,730
	309,501		Deutsche Telekom AG.		5,432,804
	119,226		Deutsche Wohnen AG.		3,655,691
	173,191		Evonik Industries AG.		5,495,047
	46,180		Fresenius SE		3,367,362
	51,072		Hannover Rueckversicherung AG.		5,838,598
	136,639		Metro AG.		4,359,287
	123,845		Osram Licht AG.		6,467,051
	83,829		Porsche AG.		4,682,961
	78,461		ProSiebenSat. Media AG.		4,008,180
	26,338		SAP AG.		2,066,506
	94,834		Siemens AG.		9,924,210
	269,613		Telefonica Deutschland Holding AG.		1,371,779
	52,810		TUI AG. (DI)		766,543
	41,250		United Internet AG.		2,016,224
	25,820	e	Volkswagen AG.		4,123,363
			TOTAL GERMANY		122,992,350

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

HONG KONG - 3.3%
	163,600		AIA Group Ltd	$	979,081
	2,842,000		BOC Hong Kong Holdings Ltd		8,488,763
	547,000		Cathay Pacific Airways Ltd		872,108
	548,000		Cheung Kong Property Holdings Ltd		3,742,559
	215,340		CK Hutchison Holdings Ltd		2,576,246
	893,000		CLP Holdings Ltd		8,255,802
	369,000		Henderson Land Development Co Ltd		2,299,807
	12,200		Jardine Matheson Holdings Ltd		672,856
	9,800	e	Melco Crown Entertainment Ltd (ADR)		145,040
	225,000		NWS Holdings Ltd		341,762
	254,400		Sands China Ltd		906,350
	1,524,864		Sino Land Co		2,393,952
	4,805,000	*,g	WH Group Ltd		3,881,123
	1,272,000		Wharf Holdings Ltd		6,875,208
	370,000		Wheelock & Co Ltd		1,712,953
			TOTAL HONG KONG		44,143,610

IRELAND - 0.5%
	9,112	*	AerCap Holdings NV		364,571
	3,219		Kerry Group plc (Class A)		287,046
	4,821		Paddy Power plc		647,920
	48,255		Ryanair Holdings plc (ADR)		3,906,242
	29,186		Shire Ltd		1,821,266
			TOTAL IRELAND		7,027,045

ISRAEL - 0.7%
	45,805		Bank Hapoalim Ltd		235,956
	245,914	*	Bank Leumi Le-Israel		913,893
	512,920		Bezeq Israeli Telecommunication Corp Ltd		1,080,951
	6,957	*,e	Check Point Software Technologies		576,527
	29,457		Israel Chemicals Ltd		146,753
	25,187		Mizrahi Tefahot Bank Ltd		292,956
	97,692		Teva Pharmaceutical Industries Ltd		5,366,516
			TOTAL ISRAEL		8,613,552

ITALY - 2.5%
	154,973		Assicurazioni Generali S.p.A.		2,369,474
	4,798,444		Banca Intesa S.p.A.		13,338,714
	1,305,338		Banca Intesa S.p.A. RSP		3,438,488
	2,040,264		Enel S.p.A.		9,272,646
	219,008		ENI S.p.A.		3,577,919
	13,350	*	Ferrari NV		603,348
			TOTAL ITALY		32,600,589

JAPAN - 22.1%
	80,200		AEON Financial Service Co Ltd		1,789,963
	112,000		Ajinomoto Co, Inc		2,581,628
	176,800		Alfresa Holdings Corp		3,404,643
	49,000		Asahi Kasei Corp		335,264
	240,400		Astellas Pharma, Inc		3,241,213
	76,200		Bridgestone Corp		2,804,724
	167,500		Chubu Electric Power Co, Inc		2,206,335

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	127,900	*	Concordia Financial Group Ltd	$	615,939
	53,600		Daicel Chemical Industries Ltd		669,568
	174,600		Dai-ichi Mutual Life Insurance Co		2,098,638
	537,000		Daiichi Sankyo Co Ltd		12,655,684
	17,900		Daikin Industries Ltd		1,420,883
	250,200		Daiwa House Industry Co Ltd		6,684,520
	634,000		Daiwa Securities Group, Inc		3,692,304
	34,400		FamilyMart Co Ltd		1,815,446
	46,200		Fanuc Ltd		6,824,753
	236,000		Fuji Electric Holdings Co Ltd		1,004,237
	181,600		Fuji Heavy Industries Ltd		5,962,833
	11,600		Fujifilm Holdings Corp		476,160
	302,000		Hankyu Hanshin Holdings, Inc		1,914,228
	361,000		Hiroshima Bank Ltd		1,306,937
	32,200		Hitachi Chemical Co Ltd		540,758
	105,000		Idemitsu Kosan Co Ltd		2,243,034
	27,900		Inpex Holdings, Inc		221,801
	245,900		Itochu Corp		3,125,045
	252,200		Japan Airlines Co Ltd		9,077,761
	232,100		Japan Tobacco, Inc		9,483,123
	154,500		Kao Corp		8,546,473
	191,000		KDDI Corp		5,501,895
	44,000		Kubota Corp		640,942
	36,800	*	Kyushu Financial Group, Inc		193,159
	273,700		Matsushita Electric Industrial Co Ltd		2,440,888
	27,800		Mazda Motor Corp		423,569
	19,200		MEIJI Holdings Co Ltd		1,479,585
	44,000		Minebea Co Ltd		360,403
	733,000		Mitsubishi Electric Corp		7,789,890
	571,000		Mitsubishi Gas Chemical Co, Inc		3,131,256
	94,000		Mitsubishi Heavy Industries Ltd		334,133
	130,000		Mitsubishi Materials Corp		412,332
	160,600		Mitsubishi UFJ Financial Group, Inc		741,139
	485,300		Mitsubishi UFJ Lease & Finance Co Ltd		2,115,008
	374,000		Mitsui Chemicals, Inc		1,240,385
	290,000		Mitsui Sumitomo Insurance Group Holdings, Inc		7,659,328
	45,400		Mixi Inc		1,551,260
	31,500		Murata Manufacturing Co Ltd		4,107,954
	899,000		Nippon Electric Glass Co Ltd		4,759,689
	123,500		Nippon Steel Corp		2,569,758
	231,800		Nippon Telegraph & Telephone Corp		10,373,122
	1,274,100		Nissan Motor Co Ltd		11,306,392
	19,300		NOK Corp		319,873
	2,107,700		Nomura Holdings, Inc		8,955,114
	242,500		Nomura Real Estate Holdings, Inc		4,431,754
	374	*	Nomura Real Estate Master Fund, Inc		586,712
	70,700		NSK Ltd		617,056
	71,100		NTT DoCoMo, Inc		1,705,261
	205,500		Obayashi Corp		2,013,968
	109,700		Osaka Securities Exchange Co Ltd		1,633,789
	95,800		Otsuka Holdings KK		3,734,716
	484,700		Resona Holdings, Inc		1,713,542
	179,400		Seibu Holdings, Inc		3,784,774

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

	356,700		Seiko Epson Corp	$	5,845,205
	277,700		Sekisui House Ltd		4,821,797
	220,100		Shoei Co Ltd		2,190,645
	12,200		Softbank Corp		656,000
	58,600		Sony Corp		1,419,386
	272,100		Sumitomo Rubber Industries, Inc		4,142,327
	23,900		Suzuki Motor Corp		654,945
	1,455,000		Taisei Corp		9,931,154
	3,600		Takeda Pharmaceutical Co Ltd		171,943
	121,700		Tanabe Seiyaku Co Ltd		2,166,808
	50,200		TDK Corp		2,937,394
	1,948,000		Teijin Ltd		6,974,305
	407,500		Tohoku Electric Power Co, Inc		5,209,876
	59,000		Tokio Marine Holdings, Inc		1,930,626
	162,300		Tokyo Electron Ltd		10,726,762
	188,100		Tokyo Tatemono Co Ltd		2,483,587
	51,400		Toyota Industries Corp		2,230,140
	473,200		Toyota Motor Corp		23,986,368
	116,500		West Japan Railway Co		7,032,666
	154,300		Yahoo! Japan Corp		690,250
			TOTAL JAPAN		291,574,725

LUXEMBOURG - 0.4%
	354,501	*	ArcelorMittal		2,001,202
	47,556		Millicom International Cellular S.A.		2,753,466
	4,098	e	RTL Group		343,113
			TOTAL LUXEMBOURG		5,097,781

NETHERLANDS - 4.5%
	11,825	*	Altice NV (Class B)		180,755
	526,631		ING Groep NV		6,453,029
	571,685	*	Koninklijke Ahold NV		12,448,002
	80,908		Koninklijke Vopak NV		4,398,902
	14,006	*	NXP Semiconductors NV		1,194,432
	426,724		Royal Dutch Shell plc (A Shares)		11,177,267
	533,587		Royal Dutch Shell plc (B Shares)		14,009,258
	1,324,939		Royal KPN NV		5,206,550
	102,748	e	Unilever NV		4,513,705
			TOTAL NETHERLANDS		59,581,900

NEW ZEALAND - 0.3%
	256,119		Fletcher Building Ltd		1,488,865
	493,701	*	Meridian Energy Ltd		911,946
	417,545		Telecom Corp of New Zealand Ltd		1,079,674
			TOTAL NEW ZEALAND		3,480,485

NORWAY - 0.9%
	251,146	e	Norsk Hydro ASA		1,092,732
	9,437	*	Schibsted ASA (B Shares)		268,522
	336,130		Telenor ASA		5,783,504
	120,427		Yara International ASA		4,816,840
			TOTAL NORWAY		11,961,598

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

SINGAPORE - 1.1%
	94,500		Jardine Cycle & Carriage Ltd	$	2,701,742
	427,300	e	Oversea-Chinese Banking Corp		2,775,780
	652,700		United Overseas Bank Ltd		8,994,604
			TOTAL SINGAPORE		14,472,126

SOUTH AFRICA - 0.4%
	405,932		Investec plc		3,108,632
	159,676		Mondi plc		3,058,522
			TOTAL SOUTH AFRICA		6,167,154

SPAIN - 2.8%
	673,695		Abertis Infraestructuras S.A. (Continuous)		11,373,599
	127,034		ACS Actividades Construccion y Servicios S.A.		4,213,280
	33,005	*,g	Aena S.A.		4,714,936
	130,149		Banco Santander S.A.		660,938
	154,008		Bankinter S.A.		1,175,511
	100,745		Endesa S.A.		2,119,661
	1,762,651		Iberdrola S.A.		12,547,853
	12,609	e	Industria De Diseno Textil S.A.		405,828
	14,723		Telefonica S.A.		161,058
			TOTAL SPAIN		37,372,664

SWEDEN - 2.3%
	115,113		Ericsson (LM) (B Shares)		932,692
	112,943	e	ICA Gruppen AB		3,713,448
	307,990		Investor AB (B Shares)		11,315,582
	662,733		Nordea Bank AB		6,441,858
	86,514		Svenska Cellulosa AB (B Shares)		2,729,656
	175,800	*,e	Swedish Match AB		5,583,727
			TOTAL SWEDEN		30,716,963

SWITZERLAND - 8.9%
	2,776		Actelion Ltd		449,934
	6,490		EMS-Chemie Holding AG.		3,211,685
	45,333		Kuehne & Nagel International AG.		6,542,241
	33,025		Lonza Group AG.		5,508,182
	448,271		Nestle S.A.		33,458,791
	319,185		Novartis AG.		24,290,683
	105,809		Roche Holding AG.		26,770,648
	198		Sika AG.		843,865
	508,586		STMicroelectronics NV		3,126,997
	140,376		Swiss Re Ltd		12,476,413
	1,010		Swisscom AG.		513,260
	3,230		Wolseley plc		180,919
			TOTAL SWITZERLAND		117,373,618

UNITED KINGDOM - 17.0%
	574,125		3i Group plc		3,982,176
	811,043		Anglo American plc (London)		9,071,733
	65,712	e	AstraZeneca plc (ADR)		1,903,019

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY				VALUE

	1,687,697		Aviva plc			$	10,692,391
	121,305		BAE Systems plc				846,304
	523,549		Barclays plc				1,314,506
	530,166		Barratt Developments plc				4,128,613
	188,376		Berkeley Group Holdings plc				8,254,731
	267,655		BP plc (ADR)				8,987,855
	372,611		British American Tobacco plc				22,718,873
	1,544,114		BT Group plc				10,009,053
	79,336		Compass Group plc				1,412,846
	62,245		Croda International plc				2,742,050
	56,791		Diageo plc				1,535,407
	1,238,527		Direct Line Insurance Group plc				6,561,244
	371,997		easyJet plc				8,017,760
	95,262	e	Fiat DaimlerChrysler Automobiles NV				766,923
	1,016,651		GlaxoSmithKline plc				21,728,341
	1,206,198		HSBC Holdings plc				7,993,323
	286,325		Imperial Tobacco Group plc				15,568,410
	86,075		International Consolidated Airlines Group S.A.				663,738
	80,195		Johnson Matthey plc				3,389,432
	820,750		Legal & General Group plc				2,682,125
	845,134		National Grid plc				12,058,887
	833,263		Old Mutual plc				2,265,440
	53,273		Persimmon plc				1,549,503
	708,401		Prudential plc				13,983,502
	76,077		Reckitt Benckiser Group plc				7,411,341
	493,858		Royal Mail plc				3,517,533
	449,183		Sage Group plc				3,890,770
	200,771		Segro plc				1,226,684
	717,610		Sky plc				9,864,290
	129,274		Unilever plc				5,776,204
	189,923		Vodafone Group plc (ADR)				6,218,079
	48,281		WPP plc				1,127,969
			TOTAL UNITED KINGDOM				223,861,055
UNITED STATES - 0.1%
	8,335	*,e	Mobileye NV				317,980
	23,419	*	Qiagen NV				526,709
	775	*	Taro Pharmaceutical Industries Ltd				108,299
			TOTAL UNITED STATES				952,988

			TOTAL COMMON STOCKS				1,311,094,911
			(Cost $1,271,740,979)

PRINCIPAL			ISSUER	RATE	MATURITY DATE

SHORT-TERM INVESTMENTS – 6.4%

GOVERNMENT AGENCY DEBT - 1.1%
$	14,850,000		Federal National Mortgage Association (FNMA)	0.140%	05/02/16		14,850,000
			TOTAL GOVERNMENT AGENCY DEBT				14,850,000

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

SHARES			COMPANY	VALUE

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.3%
	69,881,999	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	69,881,999
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		69,881,999
			TOTAL SHORT-TERM INVESTMENTS		84,731,999
			(Cost $84,731,941)

			TOTAL INVESTMENTS - 105.7%		1,395,826,910
			(Cost $1,356,472,920)
			OTHER ASSETS & LIABILITIES, NET - (5.7)%		(76,555,561	)
			NET ASSETS - 100.0%	$	1,319,271,349



		Abbreviation(s):
		ADR American Depositary Receipt


*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $58,519,104.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2016, the aggregate value of these securities was $8,596,059, or 0.7% of net assets.
m		Indicates a security that has been deemed illiquid.

100

TIAA-CREF FUNDS - Enhanced International Equity Index Fund

TIAA-CREF FUNDS

ENHANCED INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	311,580,761			23.7	%
INDUSTRIALS		170,652,964			12.9
CONSUMER DISCRETIONARY		166,599,840			12.6
CONSUMER STAPLES		162,651,141			12.3
HEALTH CARE		151,845,803			11.5
MATERIALS		95,228,345			7.2
INFORMATION TECHNOLOGY		67,627,126			5.1
TELECOMMUNICATION SERVICES		67,543,028			5.1
ENERGY		64,782,897			4.9
UTILITIES		52,583,006			4.0
SHORT-TERM INVESTMENTS		84,731,999			6.4
OTHER ASSETS & LIABILITIES, NET		(76,555,561	)		(5.7	)

NET ASSETS	$	1,319,271,349			100.0	%

101

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.3%

AUSTRALIA - 8.9%
	117,402		Amcor Ltd	$	1,368,776
	411,555		BHP Billiton Ltd		6,427,229
	404,693		BHP Billiton plc		5,529,927
	2,460,125		Fortescue Metals Group Ltd		6,322,506
	140,750	*	Newcrest Mining Ltd		2,052,363
	3,231,022	*	South32 Ltd		4,040,839
			TOTAL AUSTRALIA		25,741,640

BRAZIL - 2.1%
	712,000		Gerdau S.A. (Preference)		1,616,841
	173,833	*	Petroleo Brasileiro S.A.		670,717
	209,362	*	Petroleo Brasileiro S.A. (Preference)		622,744
	519,042		Vale S.A.		2,971,560
			TOTAL BRAZIL		5,881,862

CANADA - 10.4%
	110,076		Agnico-Eagle Mines Ltd		5,203,322
	158,660		Canadian Natural Resources Ltd (Canada)		4,764,732
	343,752		First Quantum Minerals Ltd		2,928,755
	203,500		Goldcorp, Inc		4,100,167
	465,000	*	Kinross Gold Corp		2,649,837
	83,200	e	Peyto Exploration & Development Corp		2,123,931
	167,793	*	Seven Generations Energy Ltd		2,955,468
	154,000		Silver Wheaton Corp		3,226,795
	111,248		Teck Cominco Ltd		1,361,894
	119,000		Yamana Gold, Inc		589,926
			TOTAL CANADA		29,904,827

CHILE - 1.3%
	184,100		Sociedad Quimica y Minera de Chile S.A. (ADR)		3,834,803
			TOTAL CHILE		3,834,803

FINLAND - 2.0%
	293,939		UPM-Kymmene Oyj		5,626,601
			TOTAL FINLAND		5,626,601

FRANCE - 2.9%
	163,954		Total S.A.		8,286,366
			TOTAL FRANCE		8,286,366

GERMANY - 1.0%
	120,700		ThyssenKrupp AG.		2,812,531
			TOTAL GERMANY		2,812,531

102

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY		VALUE

HONG KONG - 0.3%
	1,330,000		Nine Dragons Paper Holdings Ltd	$	952,980
			TOTAL HONG KONG		952,980

INDONESIA - 0.5%
	3,200,000		PT Charoen Pokphand Indonesia Tbk		897,806
	4,900,000		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		567,803
			TOTAL INDONESIA		1,465,609

IRELAND - 0.3%
	27,281		Smurfit Kappa Group plc		724,132
			TOTAL IRELAND		724,132

ITALY - 0.9%
	149,512		ENI S.p.A.		2,442,568
			TOTAL ITALY		2,442,568

JAPAN - 1.3%
	63,980	e	JFE Holdings, Inc		897,853
	142,084		Nippon Steel Corp		2,956,449
			TOTAL JAPAN		3,854,302

JERSEY, C.I. - 0.5%
	15,459		Randgold Resources Ltd		1,544,172
			TOTAL JERSEY, C.I.		1,544,172

KOREA, REPUBLIC OF - 0.9%
	12,700		POSCO		2,660,842
			TOTAL KOREA, REPUBLIC OF		2,660,842

LUXEMBOURG - 2.3%
	1,150,482	*	ArcelorMittal		6,494,613
			TOTAL LUXEMBOURG		6,494,613

MALAYSIA - 0.9%
	345,000		Genting Plantations BHD		944,964
	255,045		Kuala Lumpur Kepong BHD		1,561,673
			TOTAL MALAYSIA		2,506,637

MEXICO - 1.0%
	52,500		Fresnillo plc		855,781
	775,668		Grupo Mexico S.A. de C.V. (Series B)		1,972,910
			TOTAL MEXICO		2,828,691

NETHERLANDS - 1.9%
	212,823		Royal Dutch Shell plc (A Shares)		5,574,515
			TOTAL NETHERLANDS		5,574,515

NORWAY - 0.9%
	285,806	*	Det Norske Oljeselskap ASA		2,542,830
			TOTAL NORWAY		2,542,830

103

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY		VALUE

PERU - 0.3%
	30,257	e	Southern Copper Corp (NY)	$	897,725
			TOTAL PERU		897,725

POLAND - 0.1%
	21,000		KGHM Polska Miedz S.A.		409,418
			TOTAL POLAND		409,418

PORTUGAL - 1.1%
	230,389		Galp Energia SGPS S.A.		3,165,413
			TOTAL PORTUGAL		3,165,413

RUSSIA - 2.3%
	52,800		LUKOIL PJSC (ADR)		2,249,681
	209,027		MMC Norilsk Nickel PJSC (ADR)		3,088,849
	13,542		NovaTek OAO (GDR)		1,306,869
			TOTAL RUSSIA		6,645,399

SINGAPORE - 0.7%
	2,870,000		Golden Agri-Resources Ltd		851,390
	395,000		Wilmar International Ltd		1,085,055
			TOTAL SINGAPORE		1,936,445

SOUTH AFRICA - 2.6%
	38,250	*	Anglo American Platinum Ltd		1,108,636
	187,813	*	AngloGold Ashanti Ltd		3,053,141
	171,458		Mondi plc		3,284,201
			TOTAL SOUTH AFRICA		7,445,978

SWITZERLAND - 5.6%
	1,150,000		Glencore Xstrata plc		2,748,406
	33,367		Syngenta AG.		13,385,670
			TOTAL SWITZERLAND		16,134,076

TAIWAN - 0.5%
	2,170,000		China Steel Corp		1,521,328
			TOTAL TAIWAN		1,521,328

THAILAND - 0.8%
	265,200		PTT PCL (Foreign)		2,303,073
			TOTAL THAILAND		2,303,073

TURKEY - 0.9%
	1,472,000		Eregli Demir ve Celik Fabrikalari TAS		2,455,401
			TOTAL TURKEY		2,455,401

UNITED KINGDOM - 4.6%
	666,056		Anglo American plc (London)		7,450,015
	167,486		Rio Tinto plc		5,618,538
			TOTAL UNITED KINGDOM		13,068,553

104

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES			COMPANY					VALUE

UNITED STATES - 39.5%
	242,047	*	AK Steel Holding Corp					$	1,132,780
	30,500		Anadarko Petroleum Corp						1,609,180
	140,446		Archer Daniels Midland Co						5,609,413
	49,600		Bunge Ltd						3,100,000
	400,302	*	Callon Petroleum Co						4,207,174
	100,200		CF Industries Holdings, Inc						3,313,614
	58,457		Chevron Corp						5,973,136
	40,564	*	Concho Resources, Inc						4,712,320
	91,640		ConocoPhillips						4,379,476
	25,200	*	Continental Resources, Inc						938,952
	57,290		Enterprise Products Partners LP						1,529,070
	19,128		EQT Corp						1,340,873
	139,123		Exxon Mobil Corp						12,298,473
	49,277		FMC Corp						2,131,723
	204,534		Freeport-McMoRan Copper & Gold, Inc (Class B)						2,863,476
	28,500		Hess Corp						1,699,170
	22,478		Magellan Midstream Partners LP						1,619,989
	72,746		Monsanto Co						6,814,845
	70,197	*	Newfield Exploration Co						2,544,641
	4,075		NewMarket Corp						1,654,695
	234,028		Newmont Mining Corp						8,183,959
	39,478		Nucor Corp						1,965,215
	68,916		Occidental Petroleum Corp						5,282,411
	219,692	*	Parsley Energy, Inc						5,145,187
	38,539		Pioneer Natural Resources Co						6,401,328
	179,219	*	RSP Permian, Inc						5,485,894
	84,385		Steel Dynamics, Inc						2,127,346
	18,428		Texas Pacific Land Trust						2,791,860
	33,751		Toro Co						2,917,774
	374,700	*	WPX Energy, Inc						3,619,602
			TOTAL UNITED STATES						113,393,576

			TOTAL COMMON STOCKS						285,056,906
			(Cost $248,412,855)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 3.1%

GOVERNMENT AGENCY DEBT - 2.0%
$	5,850,000		Federal National Mortgage Association (FNMA)		0.140	%	05/02/16		5,850,000
			TOTAL GOVERNMENT AGENCY DEBT						5,850,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	3,200,228	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						3,200,228
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						3,200,228
			TOTAL SHORT-TERM INVESTMENTS						9,050,228
			(Cost $9,050,206)

105

TIAA-CREF FUNDS - Global Natural Resources Fund

SHARES	COMPANY	VALUE

	TOTAL INVESTMENTS - 102.4%	$	294,107,134
	(Cost $257,463,061)
	OTHER ASSETS & LIABILITIES, NET - (2.4)%		(6,942,770	)
	NET ASSETS - 100.0%	$	287,164,364




		Abbreviation(s):
		ADR American Depositary Receipt
		GDR Global Depositary Receipt


*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,026,782.

106

TIAA-CREF FUNDS - Global Natural Resources Fund

TIAA-CREF FUNDS

GLOBAL NATURAL RESOURCES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016

				% OF
SECTOR		VALUE		NET ASSETS
MATERIALS	$	156,933,385		54.7	%
ENERGY		107,795,782		37.5
CONSUMER STAPLES		14,618,104		5.1
INDUSTRIALS		2,917,774		1.0
FINANCIALS		2,791,861		1.0
SHORT-TERM INVESTMENTS		9,050,228		3.1
OTHER ASSETS & LIABILITIES, NET		(6,942,770	)	(2.4	)

NET ASSETS	$	287,164,364		100.0	%

107

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.4%

AUSTRALIA - 1.4%
	3,879,568		BHP Billiton Ltd	$	60,586,976
			TOTAL AUSTRALIA		60,586,976

DENMARK - 1.0%
	1,043,097	*	H Lundbeck AS		34,852,964
	150,141	e	Novo Nordisk AS		8,383,025
			TOTAL DENMARK		43,235,989

FRANCE - 25.0%
	4,601,378	e	Accor S.A.		203,763,977
	259,549		BNP Paribas		13,745,439
	3,373,197		Compagnie de Saint-Gobain		154,568,428
	1,407,413		Essilor International S.A.		182,198,021
	911,525		Groupe Danone		63,864,537
	122,053	e	Kering		20,931,844
	4,197,961		Schneider Electric S.A.		274,494,463
	2,312,608	e	Vinci S.A.		172,724,752
			TOTAL FRANCE		1,086,291,461

GERMANY - 13.1%
	2,097,157		Adidas-Salomon AG.		270,569,710
	212,414		Continental AG.		46,776,414
	618,152		Deutsche Boerse AG.		50,866,831
	654,606		Henkel KGaA (Preference)		74,768,354
	1,532,373		Lanxess AG.		80,249,787
	3,081,578		Schaeffler AG.		46,202,114
			TOTAL GERMANY		569,433,210

INDIA - 7.6%
	1,938,477		Asian Paints Ltd		25,285,628
	259,335		Eicher Motors Ltd		78,165,773
	375,519		Emami Ltd		5,697,611
	6,525,920		HDFC Bank Ltd		110,868,112
	6,147,362		IndusInd Bank Ltd		97,017,414
	4,296,780	*	Vakrangee Ltd		12,793,820
			TOTAL INDIA		329,828,358

ITALY - 3.6%
	25,806,721		Banca Intesa S.p.A.		71,737,521
	5,802,497		Mediobanca S.p.A.		47,797,827
	2,381,066		Moncler S.p.A		38,701,254
			TOTAL ITALY		158,236,602

108

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY	VALUE

JAPAN - 16.6%
	3,453,415		Ajinomoto Co, Inc	$	79,602,094
	1,177,600		Don Quijote Co Ltd		41,894,064
	29,872,758		Ishikawajima-Harima Heavy Industries Co Ltd		64,779,036
	993,200		Kao Corp		54,940,823
	785,490		Konami Corp		24,766,074
	997,420		Murata Manufacturing Co Ltd		130,074,790
	3,304,674		Olympus Corp		128,738,864
	1,181,324	e	Oriental Land Co Ltd		82,031,645
	4,669,922		Sony Corp		113,112,989
			TOTAL JAPAN		719,940,379

LUXEMBOURG - 0.5%
	4,109,537	*	ArcelorMittal		23,198,845
			TOTAL LUXEMBOURG		23,198,845

NETHERLANDS - 4.5%
	59,259		ASML Holding NV		5,727,725
	1,995,581		Heineken NV		187,239,691
	2,633		Royal Dutch Shell plc (A Shares)		68,967
			TOTAL NETHERLANDS		193,036,383

NORWAY - 1.3%
	3,185,896		Statoil ASA		56,075,890
			TOTAL NORWAY		56,075,890

SWEDEN - 3.4%
	5,034,593	e	Electrolux AB (Series B)		146,303,812
			TOTAL SWEDEN		146,303,812

SWITZERLAND - 5.0%
	128,277	e	Burckhardt Compression Holding AG.		45,723,163
	113,316		Geberit AG.		43,596,294
	1,058,595		Swatch Group AG. (Registered)		70,826,449
	251,094		Zurich Financial Services AG.		56,341,530
			TOTAL SWITZERLAND		216,487,436

TAIWAN - 0.6%
	27,973,137		Advanced Semiconductor Engineering, Inc		26,916,734
			TOTAL TAIWAN		26,916,734

UNITED KINGDOM - 15.8%
	297,386		ARM Holdings plc		4,081,880
	390,522		Associated British Foods plc		17,519,065
	5,219,150		BAE Systems plc		36,412,233
	2,762,126		Essentra plc		32,849,428
	23,639,674		Man Group plc		51,132,135
	128,540		Rio Tinto plc		4,312,043
	13,209,796		Sky plc		181,582,272
	69,121,816	*	Tesco plc		173,774,923
	6,297,556	e	Weir Group plc		110,620,569

109

TIAA-CREF FUNDS - International Equity Fund

SHARES			COMPANY			VALUE

	3,226,722		WPP plc			$	75,384,603
			TOTAL UNITED KINGDOM				687,669,151

			TOTAL COMMON STOCKS				4,317,241,226
			(Cost $4,158,415,441)

PRINCIPAL			ISSUER	RATE	MATURITY DATE

SHORT-TERM INVESTMENTS – 12.5%

GOVERNMENT AGENCY DEBT - 0.1%
$	3,700,000		Federal Home Loan Bank (FHLB)	0.345%	07/22/16		3,697,336
			TOTAL GOVERNMENT AGENCY DEBT				3,697,336

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 12.4%
	539,378,240	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust				539,378,240
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES				539,378,240
			TOTAL SHORT-TERM INVESTMENTS				543,075,576
			(Cost $543,075,332)

			TOTAL INVESTMENTS - 111.9%				4,860,316,802
			(Cost $4,701,490,773)
			OTHER ASSETS & LIABILITIES, NET - (11.9)%				(517,549,590	)
			NET ASSETS - 100.0%			$	4,342,767,212



*		Non-income producing
a		Affiliated holding
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $507,741,933.

110

TIAA-CREF FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016

				% OF
SECTOR	VALUE			NET ASSETS
CONSUMER DISCRETIONARY	$	1,338,081,149			30.8	%
INDUSTRIALS		981,084,711			22.6
CONSUMER STAPLES		657,407,098			15.1
FINANCIALS		499,506,810			11.5
HEALTH CARE		354,172,874			8.2
MATERIALS		226,482,705			5.2
INFORMATION TECHNOLOGY		204,361,023			4.7
ENERGY		56,144,856			1.3
SHORT-TERM INVESTMENTS		543,075,576			12.5
OTHER ASSETS & LIABILITIES, NET		(517,549,590	)		(11.9	)

NET ASSETS	$	4,342,767,212			100.0	%

111

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 97.9%

AUSTRALIA - 2.2%
	712,597		Australia & New Zealand Banking Group Ltd	$	13,061,848
	824,804		BHP Billiton Ltd		12,880,913
			TOTAL AUSTRALIA		25,942,761

BRAZIL - 1.6%
	969,898		Banco Itau Holding Financeira S.A.		9,269,622
	1,720,500		Vale S.A.		9,850,009
			TOTAL BRAZIL		19,119,631

CANADA - 9.0%
	376,859		Alimentation Couche Tard, Inc		16,519,682
	360,300		Cenovus Energy, Inc (Toronto)		5,711,618
	314,615		Dollarama, Inc		22,682,771
	399,003		Gildan Activewear, Inc		12,392,721
	344,910	*	Imax Corp		11,037,120
	418,483	*,g	Spin Master Corp		8,171,542
	551,044		Suncor Energy, Inc		16,175,142
	405,653		Toronto-Dominion Bank		18,056,683
			TOTAL CANADA		110,747,279

CHINA - 1.2%
	14,247,400	*,e,m	China Animal Healthcare Ltd		18,367
	8,024,600		China Everbright International Ltd		8,983,771
	3,585,200		Haitong Securities Co Ltd		5,924,967
			TOTAL CHINA		14,927,105

DENMARK - 2.3%
	494,822		Novo Nordisk AS		27,628,065
			TOTAL DENMARK		27,628,065

FINLAND - 2.5%
	353,413	*	Huhtamaki Oyj		13,901,516
	1,345,400	*	Outokumpu Oyj		5,663,273
	265,368	*	Sampo Oyj (A Shares)		11,607,478
			TOTAL FINLAND		31,172,267

FRANCE - 5.2%
	79,519	e	L’Oreal S.A.		14,444,284
	186,395		Teleperformance		16,742,397
	407,842		Total S.A.		20,612,660
	79,116		Valeo S.A.		12,549,296
			TOTAL FRANCE		64,348,637

112

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

GERMANY - 1.7%
	106,631		Beiersdorf AG.	$	9,574,966
	135,383		Fresenius Medical Care AG.		11,783,340
			TOTAL GERMANY		21,358,306

HONG KONG - 1.2%
	2,527,400		AIA Group Ltd		15,125,479
			TOTAL HONG KONG		15,125,479

INDIA - 1.0%
	594,984		Container Corp Of India Ltd		12,114,575
			TOTAL INDIA		12,114,575

INDONESIA - 1.4%
	15,725,400		PT Bank Mandiri Persero Tbk		11,431,174
	80,003,300		PT Lippo Karawaci Tbk		6,147,004
			TOTAL INDONESIA		17,578,178

IRELAND - 2.3%
	573,155		CRH plc		16,680,465
	433,372		Smurfit Kappa Group plc		11,503,194
			TOTAL IRELAND		28,183,659

ITALY - 3.6%
	1,594,201		Mediobanca S.p.A.		13,132,164
	602,086		Moncler S.p.A		9,786,156
	1,319,730	*,g	OVS S.p.A		8,638,446
	440,639	*	Yoox S.p.A		12,928,728
			TOTAL ITALY		44,485,494

JAPAN - 16.2%
	435,200	e	COOKPAD, Inc		6,223,593
	175,099	e	GMO Payment Gateway, Inc		11,188,786
	329,100		Hoya Corp		12,602,640
	850,200	e	Infomart Corp		7,612,889
	897,800	*,e	Istyle, Inc		6,544,984
	689,300		Kubota Corp		10,040,932
	1,097,500		Matsui Securities Co Ltd		9,458,574
	519,400	e	MonotaRO Co Ltd		15,596,154
	116,200		Murata Manufacturing Co Ltd		15,153,787
	183,400		Nitto Denko Corp		9,879,840
	2,551,200		Nomura Holdings, Inc		10,839,439
	852,900		ORIX Corp		12,064,211
	292,900		Park24 Co Ltd		8,209,386
	174,400	e	Seria Co Ltd		10,252,373
	1,514,700		Shimizu Corp		13,576,006
	443,500	e	SMS Co Ltd		8,229,142
	343,700		Sumitomo Mitsui Financial Group, Inc		10,342,514
	254,300		Sysmex Corp		15,903,738
	114,700	e	W-Scope Corp		5,866,217
			TOTAL JAPAN		199,585,205

113

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

KOREA, REPUBLIC OF - 2.2%
	69,823		Cosmax, Inc	$	8,572,853
	57,922		Hanssem Co Ltd		9,677,661
	124,101	*	Loen Entertainment, Inc		8,395,644
			TOTAL KOREA, REPUBLIC OF		26,646,158

MALAYSIA - 2.1%
	8,560,900		IHH Healthcare BHD		14,353,999
	18,138,000		Karex BHD		12,009,719
			TOTAL MALAYSIA		26,363,718

NETHERLANDS - 3.1%
	135,373		ASML Holding NV		13,084,583
	1,267,835		ING Groep NV		15,535,311
	1,071,586	*	TomTom NV		9,763,042
			TOTAL NETHERLANDS		38,382,936

NORWAY - 3.1%
	1,188,895	*	Det Norske Oljeselskap ASA		10,577,658
	796,141	e	DNB NOR Holding ASA		10,187,753
	980,000		Statoil ASA		17,249,267
			TOTAL NORWAY		38,014,678

PHILIPPINES - 2.5%
	4,103,180		Banco de Oro Universal Bank		8,741,211
	105,775,800		Megaworld Corp		8,484,362
	8,299,480		Robinsons Retail Holdings, Inc		13,604,607
			TOTAL PHILIPPINES		30,830,180

PORTUGAL - 1.0%
	772,464		Jeronimo Martins SGPS S.A.		12,647,045
			TOTAL PORTUGAL		12,647,045

SPAIN - 1.6%
	288,698		Amadeus IT Holding S.A.		13,164,733
	142,139	*,e,m	Let’s GOWEX S.A.		1,628
	202,481	e	Tecnicas Reunidas S.A.		6,825,369
			TOTAL SPAIN		19,991,730

SWEDEN - 3.8%
	608,212		Boliden AB		10,637,833
	368,686	e	Hexagon AB (B Shares)		14,727,076
	334,984	e	Intrum Justitia AB		12,041,467
	303,771		Kinnevik Investment AB (Series B)		8,751,148
			TOTAL SWEDEN		46,157,524

SWITZERLAND - 4.5%
	81,224		Lonza Group AG.		13,547,208
	244,167		Novartis AG.		18,581,648
	876,082		UBS AG.		15,187,275
	310,543	*,e,g	Wizz Air Holdings plc		8,552,546
			TOTAL SWITZERLAND		55,868,677

114

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY						VALUE

TAIWAN - 5.1%
	1,061,861	*	Eclat Textile Co Ltd					$	12,086,202
	1,374,000		Global PMX Co Ltd						3,887,854
	3,728,607		Hota Industrial Manufacturing Co Ltd						17,839,748
	2,952,000		Hu Lane Associate, Inc						13,651,552
	3,529,000		Taiwan Paiho Ltd						10,596,571
	803,000	*	VHQ Media Holdings Ltd						4,324,064
			TOTAL TAIWAN						62,385,991

UNITED KINGDOM - 16.0%
	1,392,784		Ashtead Group plc						18,523,200
	234,647	*	ASOS plc						12,379,087
	243,254		Associated British Foods plc						10,912,529
	2,156,605	g	Auto Trader Group plc						11,844,784
	3,668,061		Barclays plc						9,209,620
	1,038,570		Beazley plc						4,950,141
	9,268,013	*,e	boohoo.com plc						6,466,289
	1,253,074		Cineworld Group plc						9,488,809
	244,128		Consort Medical plc						3,527,921
	1,034,297		Fevertree Drinks plc						9,234,689
	1,588,221		International Consolidated Airlines Group S.A. (London)						12,210,710
	1,894,966	*	Just Eat plc						10,645,492
	4,496,637		Man Group plc						9,726,135
	3,246,029	*,e	Purplebricks Group plc						8,181,568
	228,603		Rightmove plc						12,919,551
	3,922,834		Taylor Wimpey plc						10,582,066
	393,665		Travis Perkins plc						10,650,593
	1,173,751		Vesuvius plc						5,510,383
	1,814,030		Virgin Money Holdings UK plc						9,698,757
	421,842		WPP plc						9,855,324
			TOTAL UNITED KINGDOM						196,517,648

UNITED STATES - 1.5%
	271,165	*	Lululemon Athletica, Inc						17,774,866
			TOTAL UNITED STATES						17,774,866

			TOTAL COMMON STOCKS						1,203,897,792
			(Cost $1,144,109,828)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 11.5%

GOVERNMENT AGENCY DEBT - 1.6%
$	19,450,000		Federal National Mortgage Association (FNMA)		0.140	%	05/02/16		19,450,000
			TOTAL GOVERNMENT AGENCY DEBT						19,450,000

TREASURY DEBT - 1.6%
	19,350,000		United States Treasury Bill		0.203	%	05/12/16		19,349,187
			TOTAL TREASURY DEBT						19,349,187

115

TIAA-CREF FUNDS - International Opportunities Fund

SHARES			COMPANY	VALUE

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 8.3%
	102,606,011	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	102,606,011
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		102,606,011
			TOTAL SHORT-TERM INVESTMENTS		141,405,198
			(Cost $141,404,738)

			TOTAL INVESTMENTS - 109.4%		1,345,302,990
			(Cost $1,285,514,566)
			OTHER ASSETS & LIABILITIES, NET - (9.4)%		(115,897,250	)
			NET ASSETS - 100.0%	$	1,229,405,740



*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $94,918,121.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2016, the aggregate value of these securities was $37,207,319, or 3.0% of net assets.
m		Indicates a security that has been deemed illiquid.

116

TIAA-CREF FUNDS - International Opportunities Fund

TIAA-CREF FUNDS

INTERNATIONAL OPPORTUNITIES FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016

				% OF
SECTOR	VALUE			NET ASSETS
CONSUMER DISCRETIONARY	$	265,207,932			21.4	%
FINANCIALS		255,114,439			20.8
INDUSTRIALS		152,752,121			12.4
INFORMATION TECHNOLOGY		131,339,399			10.7
HEALTH CARE		117,946,925			9.6
CONSUMER STAPLES		107,520,373			8.8
MATERIALS		96,863,261			7.9
ENERGY		77,151,714			6.3
TELECOMMUNICATION SERVICES		1,628			0.0
SHORT-TERM INVESTMENTS		141,405,198			11.5
OTHER ASSETS & LIABILITIES, NET		(115,897,250	)		(9.4	)

NET ASSETS	$	1,229,405,740			100.0	%

117

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.1%

AUSTRALIA - 7.2%
	314		AGL Energy Ltd	$	4,349
	1,228		Amcor Ltd		14,317
	5,913		AMP Ltd		26,274
	3,469		APA Group		22,977
	691		Asciano Group		4,632
	8,624		Australia & New Zealand Banking Group Ltd		158,077
	8,897		Brambles Ltd		84,034
	2,337		Caltex Australia Ltd		57,357
	4,830		Coca-Cola Amatil Ltd		31,467
	3,843		Commonwealth Bank of Australia		214,543
	1,343		GPT Group (ASE)		5,115
	10,833		Healthscope Ltd		22,311
	1,935		Insurance Australia Group Ltd		8,432
	1,393		Lend Lease Corp Ltd		13,381
	1,408		Macquarie Goodman Group		7,335
	22,620		Mirvac Group		32,003
	7,705	*	National Australia Bank Ltd		158,076
	5,432	*	Newcrest Mining Ltd		79,207
	2,484		QBE Insurance Group Ltd		20,907
	1,195		Ramsay Health Care Ltd		58,765
	16,646		Stockland Trust Group		55,056
	980		Sydney Airport		5,053
	3,298		Transurban Group (ASE)		28,939
	3,456		Wesfarmers Ltd		111,907
	8,538		Westpac Banking Corp		200,417
	3,934		Woodside Petroleum Ltd		84,227
			TOTAL AUSTRALIA		1,509,158

AUSTRIA - 0.2%
	1,275		OMV AG.		38,365
			TOTAL AUSTRIA		38,365

BELGIUM - 0.7%
	443		Delhaize Group		46,553
	1,504		KBC Groep NV		84,618
	437	e	Umicore		21,815
			TOTAL BELGIUM		152,986

DENMARK - 1.8%
	740		Coloplast AS		55,438
	4,571		Novo Nordisk AS		255,219
	460		Novozymes AS		22,063
	166		Pandora AS		21,582

118

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

	499		Vestas Wind Systems AS	$	35,719
			TOTAL DENMARK		390,021

FINLAND - 0.9%
	1,068		Neste Oil Oyj		34,224
	710		Orion Oyj (Class B)		24,797
	3,874		Stora Enso Oyj (R Shares)		33,871
	3,070		UPM-Kymmene Oyj		58,766
	1,041		Wartsila Oyj (B Shares)		44,677
			TOTAL FINLAND		196,335

FRANCE - 9.6%
	1,833	e	Accor S.A.		81,171
	1,191		Air Liquide		135,079
	532		Atos Origin S.A.		47,352
	6,104		AXA S.A.		154,124
	1,419		Bouygues S.A.		47,351
	1,171		Bureau Veritas S.A.		27,756
	550		Cap Gemini S.A.		51,338
	2,368		Carrefour S.A.		67,088
	490		Casino Guichard Perrachon S.A.		29,162
	384		Christian Dior S.A.		67,477
	1,405		CNP Assurances		23,942
	2,422		Compagnie de Saint-Gobain		110,982
	908		Essilor International S.A.		117,546
	281		Eurazeo		19,787
	70		Gecina S.A.		10,116
	2,000		Groupe Danone		140,127
	234		Icade		18,410
	154		JC Decaux S.A.		6,823
	373	e	Kering		63,969
	241		Lagardere S.C.A.		6,396
	652		Legrand S.A.		37,163
	659		L’Oreal S.A.		119,704
	7,927		Natixis		43,741
	319		Renault S.A.		30,780
	2,585		Rexel S.A.		39,195
	2,046		Schneider Electric S.A.		133,783
	2,517		Suez Environnement S.A.		46,387
	904		Technip S.A.		52,984
	418		Unibail-Rodamco		112,043
	1,741	e	Vinci S.A.		130,033
	2,587		Vivendi Universal S.A.		49,697
	247		Wendel		28,545
			TOTAL FRANCE		2,050,051

GERMANY - 8.8%
	809		Adidas-Salomon AG.		104,375
	1,191		Allianz AG.		202,622
	58		Axel Springer AG.		3,243
	2,504		BASF SE		207,158
	1,369		Bayerische Motoren Werke AG.		126,651
	472		Bayerische Motoren Werke AG. (Preference)		37,580

119

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

	78		Beiersdorf AG.	$	7,004
	1,086		Deutsche Boerse AG.		89,365
	1,959	*	Deutsche Lufthansa AG.		30,501
	3,997		Deutsche Post AG.		117,405
	109		Fraport AG. Frankfurt Airport Services Worldwide		6,608
	661		GEA Group AG.		30,716
	580		HeidelbergCement AG.		51,644
	550		Henkel KGaA		55,949
	390		Henkel KGaA (Preference)		44,545
	1,592		K&S AG.		39,737
	804		Linde AG.		123,013
	1,025	*	Merck KGaA		96,531
	1,508		Metro AG.		48,111
	621		Muenchener Rueckver AG.		115,448
	1,115		ProSiebenSat. Media AG.		56,960
	2,565		SAP AG.		201,253
	2,101		Telefonica Deutschland Holding AG.		10,690
	2,476		TUI AG. (DI)		35,940
			TOTAL GERMANY		1,843,049

HONG KONG - 3.0%
	11,000		CLP Holdings Ltd		101,695
	5,200		Hang Seng Bank Ltd		94,279
	49,000		Hong Kong & China Gas Ltd		91,213
	4,783		Hong Kong Exchanges and Clearing Ltd		120,566
	6,000		Hysan Development Co Ltd		26,511
	50,000		Li & Fung Ltd		30,923
	12,576		MTR Corp		62,175
	5,000		Swire Pacific Ltd (Class A)		54,243
	9,800		Swire Properties Ltd		25,446
	6,000		Yue Yuen Industrial Holdings		21,855
			TOTAL HONG KONG		628,906

IRELAND - 0.6%
	1,034		CRH plc		30,092
	961		Kerry Group plc (Class A)		85,695
			TOTAL IRELAND		115,787

ISRAEL - 0.3%
	8,958		Bank Hapoalim Ltd		46,145
	33		Delek Group Ltd		5,800
			TOTAL ISRAEL		51,945

ITALY - 1.8%
	4,332		Assicurazioni Generali S.p.A.		66,234
	1,710		Autostrade S.p.A.		47,665
	47,551		Banca Intesa S.p.A.		132,182
	8,073		Banca Intesa S.p.A. RSP		21,266
	936		Exor S.p.A.		35,253
	8,708		Snam Rete Gas S.p.A.		53,253
	3,357		Terna Rete Elettrica Nazionale S.p.A.		18,961
			TOTAL ITALY		374,814

120

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

JAPAN - 22.0%
	1,200		Aeon Co Ltd	$	17,982
	700		AEON Financial Service Co Ltd		15,623
	800		Aeon Mall Co Ltd		11,002
	900		Aisin Seiki Co Ltd		34,974
	3,000		Ajinomoto Co, Inc		69,151
	1,200		Alfresa Holdings Corp		23,108
	400		Amada Co Ltd		4,019
	1,000		Asahi Glass Co Ltd		5,856
	3,000		Asahi Kasei Corp		20,526
	400		Asics Corp		7,922
	7,700		Astellas Pharma, Inc		103,816
	600		Central Japan Railway Co		105,105
	1,200		Chugai Pharmaceutical Co Ltd		40,441
	200		Daicel Chemical Industries Ltd		2,498
	600		Daikin Industries Ltd		47,627
	1,600		Daiwa House Industry Co Ltd		42,747
	2,300		Denso Corp		87,426
	500		Dentsu, Inc		25,404
	1,000		East Japan Railway Co		87,976
	600		Eisai Co Ltd		37,140
	100		Fast Retailing Co Ltd		26,330
	2,700		Fuji Heavy Industries Ltd		88,654
	8,000		Fujitsu Ltd		27,953
	1,800		Hino Motors Ltd		17,368
	200		Hitachi Chemical Co Ltd		3,359
	400		Hitachi Construction Machinery Co Ltd		6,351
	1,800		Hitachi Metals Ltd		18,277
	5,300		Honda Motor Co Ltd		143,024
	6,700		Inpex Holdings, Inc		53,264
	4,300		JFE Holdings, Inc		60,343
	200		Kansai Paint Co Ltd		3,498
	800		Kao Corp		44,254
	8,000		Kawasaki Heavy Industries Ltd		22,437
	5,400		KDDI Corp		155,551
	200		Keyence Corp		119,878
	1,000		Kikkoman Corp		31,864
	25,000		Kobe Steel Ltd		24,005
	4,400		Komatsu Ltd		75,570
	1,600		Konica Minolta Holdings, Inc		13,810
	4,000		Kubota Corp		58,267
	200		Kuraray Co Ltd		2,536
	1,800		Kyocera Corp		89,316
	2,000		Kyowa Hakko Kogyo Co Ltd		35,556
	9,800		Matsushita Electric Industrial Co Ltd		87,397
	3,600		Mazda Motor Corp		54,851
	5,900		Mitsubishi Corp		99,171
	8,000		Mitsubishi Electric Corp		85,019
	10,000		Mitsubishi Materials Corp		31,718
	4,500	e	Mitsubishi Motors Corp		18,109
	3,500		Mitsubishi UFJ Lease & Finance Co Ltd		15,254
	2,000		Mitsui Chemicals, Inc		6,633

121

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES		COMPANY	VALUE

	4,000	Mitsui Fudosan Co Ltd	$	97,690
	5,000	Mitsui OSK Lines Ltd		10,625
	18,000	Mitsui Trust Holdings, Inc		55,330
	69,900	Mizuho Financial Group, Inc		104,774
	700	Murata Manufacturing Co Ltd		91,288
	10,000	NEC Corp		24,338
	200	NGK Spark Plug Co Ltd		3,989
	400	Nikon Corp		5,831
	600	Nippon Paint Co Ltd		15,754
	4,700	Nippon Steel Corp		97,796
	2,500	Nippon Telegraph & Telephone Corp		111,876
	3,000	Nippon Yusen Kabushiki Kaisha		5,877
	11,100	Nissan Motor Co Ltd		98,502
	500	Nissin Food Products Co Ltd		23,211
	400	Nitto Denko Corp		21,548
	700	NKSJ Holdings, Inc		18,379
	400	Nomura Real Estate Holdings, Inc		7,310
	1,500	NSK Ltd		13,092
	300	NTT Data Corp		15,618
	4,100	NTT DoCoMo, Inc		98,334
	1,300	Omron Corp		41,258
	500	Oriental Land Co Ltd		34,720
	1,000	Osaka Gas Co Ltd		3,605
	5,200	Resona Holdings, Inc		18,383
	5,000	Ricoh Co Ltd		50,955
	1,900	Santen Pharmaceutical Co Ltd		27,230
	200	Secom Co Ltd		15,369
	200	Sekisui Chemical Co Ltd		2,500
	1,400	Sekisui House Ltd		24,309
	1,600	Seven & I Holdings Co Ltd		65,284
	1,000	Shin-Etsu Chemical Co Ltd		56,009
	2,100	Shoei Co Ltd		20,901
	4,500	Sony Corp		108,997
	300	Stanley Electric Co Ltd		6,100
	12,000	Sumitomo Chemical Co Ltd		54,238
	7,700	Sumitomo Corp		81,406
	1,100	Sumitomo Dainippon Pharma Co Ltd		14,160
	2,900	Sumitomo Electric Industries Ltd		34,886
	2,000	Sumitomo Heavy Industries Ltd		8,405
	4,000	Sumitomo Metal Mining Co Ltd		45,130
	4,000	Sumitomo Mitsui Financial Group, Inc		120,367
	1,200	Sumitomo Rubber Industries, Inc		18,268
	1,000	Suntory Beverage & Food Ltd		43,682
	500	Suzuken Co Ltd		17,134
	900	Sysmex Corp		56,285
	1,000	T&D Holdings, Inc		9,572
	2,600	Takeda Pharmaceutical Co Ltd		124,181
	200	TDK Corp		11,703
	700	Tokyo Electron Ltd		46,265
	4,000	Tokyo Gas Co Ltd		17,655
	1,000	Tokyu Corp		8,667
	3,000	Toray Industries, Inc		25,058
	100	Toto Ltd		3,391

122

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

	600		Toyo Suisan Kaisha Ltd	$	21,191
	1,100		Toyota Industries Corp		47,727
	1,500		Toyota Tsusho Corp		33,952
	800		Yakult Honsha Co Ltd		39,657
	100		Yamaha Corp		2,870
	1,500		Yamaha Motor Co Ltd		24,552
	1,400		Yaskawa Electric Corp		16,396
	200		Yokogawa Electric Corp		2,149
			TOTAL JAPAN		4,635,689

LUXEMBOURG - 0.3%
	697		SES Global S.A.		19,043
	3,323		Tenaris S.A.		44,935
			TOTAL LUXEMBOURG		63,978

NETHERLANDS - 3.7%
	7,936		Aegon NV		45,627
	646		Akzo Nobel NV		45,896
	946		ASML Holding NV		91,436
	8,137	*	CNH Industrial NV		62,556
	490		DSM NV		30,075
	180		Gemalto NV		11,700
	10,530		ING Groep NV		129,028
	946	*	Koninklijke Ahold NV		20,598
	3,851		Koninklijke Philips Electronics NV		105,820
	593		Koninklijke Vopak NV		32,241
	899		Reed Elsevier NV		15,097
	6,358		Royal KPN NV		24,985
	3,303	e	Unilever NV		143,876
	400		Wolters Kluwer NV		15,237
			TOTAL NETHERLANDS		774,172

NEW ZEALAND - 0.3%
	4,092		Auckland International Airport Ltd		17,554
	3,166		Fletcher Building Ltd		18,405
	6,643	*	Meridian Energy Ltd		12,271
	2,639		Ryman Healthcare Ltd		16,451
			TOTAL NEW ZEALAND		64,681

NORWAY - 1.3%
	2,275		DNB NOR Holding ASA		29,112
	11,341		Norsk Hydro ASA		49,345
	4,583		Orkla ASA		40,009
	6,203		Statoil ASA		109,181
	2,321		Telenor ASA		39,935
			TOTAL NORWAY		267,582

PORTUGAL - 0.5%
	12,022		Energias de Portugal S.A.		42,739
	3,902		Galp Energia SGPS S.A.		53,611
	29		Jeronimo Martins SGPS S.A.		475
			TOTAL PORTUGAL		96,825

123

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

SINGAPORE - 1.8%
	5,260	*	Ascendas REIT	$	9,600
	22,200		CapitaLand Ltd		51,136
	4,100		CapitaMall Trust		6,294
	3,300		City Developments Ltd		20,412
	8,700		DBS Group Holdings Ltd		98,406
	800		Jardine Cycle & Carriage Ltd		22,872
	12,300		Keppel Corp Ltd		49,154
	900		Singapore Airlines Ltd		7,683
	37,800		Singapore Telecommunications Ltd		108,123
			TOTAL SINGAPORE		373,680

SOUTH AFRICA - 0.2%
	4,555		Investec plc		34,882
	1,008		Mondi plc		19,308
			TOTAL SOUTH AFRICA		54,190

SPAIN - 3.2%
	3,293	e	Abertis Infraestructuras S.A. (Continuous)		55,594
	1,436		Amadeus IT Holding S.A.		65,482
	18,595		Banco Bilbao Vizcaya Argentaria S.A.		127,779
	14,616		CaixaBank S.A.		44,121
	808		Ferrovial S.A.		17,433
	19,457		Iberdrola S.A.		138,509
	3,860		Industria De Diseno Textil S.A.		124,236
	7,867		Repsol YPF S.A.		103,659
			TOTAL SPAIN		676,813

SWEDEN - 3.6%
	221	*	Alfa Laval AB		3,487
	2,497		Assa Abloy AB		52,468
	2,722		Atlas Copco AB (A Shares)		70,520
	2,746	e	Atlas Copco AB (B Shares)		65,975
	2,368		Boliden AB		41,417
	519		Electrolux AB (Series B)		15,082
	1,936		Hennes & Mauritz AB (B Shares)		68,942
	1,155		Industrivarden AB		21,053
	1,284		Kinnevik Investment AB (Series B)		36,990
	9,989		Nordea Bank AB		97,094
	2,665	e	Sandvik AB		27,380
	5,042		Skandinaviska Enskilda Banken AB (Class A)		48,205
	1,070		SKF AB (B Shares)		19,718
	758		Svenska Cellulosa AB (B Shares)		23,916
	2,102		Swedbank AB (A Shares)		45,380
	14,416		TeliaSonera AB		68,945
	4,886		Volvo AB (B Shares)		57,297
			TOTAL SWEDEN		763,869

SWITZERLAND - 8.9%
	650		Actelion Ltd		105,352
	715		Aryzta AG.		27,811
	1,665		Coca-Cola HBC AG.		34,129

124

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

	249		Geberit AG.	$	95,798
	51		Givaudan S.A.		100,667
	2,277	*	Holcim Ltd		115,616
	332		Kuehne & Nagel International AG.		47,913
	9		Lindt & Spruengli AG.		55,146
	446		Lonza Group AG.		74,387
	4,813		Novartis AG.		366,280
	1,473		Roche Holding AG.		372,682
	39		SGS S.A.		85,990
	114		Sulzer AG.		10,407
	1,342		Swiss Re Ltd		119,275
	180		Swisscom AG.		91,472
	677		Wolseley plc		37,920
	581		Zurich Financial Services AG.		130,367
			TOTAL SWITZERLAND		1,871,212

UNITED KINGDOM - 18.2%
	6,844		3i Group plc		47,471
	7,986		Aberdeen Asset Management plc		34,937
	2,003		Aggreko plc		31,883
	2,125		Associated British Foods plc		95,329
	17,718		Aviva plc		112,252
	4,077		Barratt Developments plc		31,749
	7,447		British Land Co plc		78,353
	25,381		BT Group plc		164,521
	533		Bunzl plc		15,909
	2,488		Burberry Group plc		43,320
	1,823		Capita Group plc		26,710
	367		Croda International plc		16,167
	261		easyJet plc		5,626
	14,659		GKN plc		59,822
	11,678		GlaxoSmithKline plc		249,588
	2,414		Hammerson plc		20,659
	45,048		HSBC Holdings plc		298,528
	1,995		InterContinental Hotels Group plc		79,730
	620		Intertek Group plc		29,578
	6,487	e	Intu Properties Plc		28,888
	7,433		ITV plc		24,501
	3,792		J Sainsbury plc		16,043
	1,660		Johnson Matthey plc		70,160
	9,245		Kingfisher plc		49,255
	4,646		Land Securities Group plc		76,954
	15,975		Legal & General Group plc		52,205
	2,198		London Stock Exchange Group plc		87,309
	5,774		Marks & Spencer Group plc		35,816
	5,618		Meggitt plc		33,777
	11,437		National Grid plc		163,190
	281		Next plc		20,914
	31,792		Old Mutual plc		86,435
	4,579		Pearson plc		53,957
	2,127		Petrofac Ltd		26,352
	7,929		Prudential plc		156,515
	1,405		Reckitt Benckiser Group plc		136,874

125

TIAA-CREF FUNDS - Social Choice International Equity Fund

SHARES			COMPANY	VALUE

	3,906		Reed Elsevier plc	$	69,200
	561		Rexam plc		5,131
	2,751		RSA Insurance Group plc		18,479
	1,076		Schroders plc		39,610
	4,998		Scottish & Southern Energy plc		110,424
	1,696		Segro plc		10,362
	1,731		Smiths Group plc		28,091
	2,051	*	Sports Direct International plc		11,570
	15,374	*	Standard Chartered plc		124,262
	5,274		Standard Life plc		25,185
	3,893		Tate & Lyle plc		33,517
	8,914		Taylor Wimpey plc		24,046
	35,815	*	Tesco plc		90,040
	748		Travis Perkins plc		20,237
	2,873		Unilever plc		128,371
	5,127		United Utilities Group plc		70,502
	6,613		Vodafone Group plc (ADR)		216,510
	1,562		Whitbread plc		88,537
	3,638		William Hill plc		16,656
	6,886		WM Morrison Supermarkets plc		19,268
	5,158		WPP plc		120,504
			TOTAL UNITED KINGDOM		3,831,779

UNITED STATES - 0.2%
	1,893	*	Qiagen NV		42,575
			TOTAL UNITED STATES		42,575

			TOTAL COMMON STOCKS		20,868,462
			(Cost $22,432,059)

			TOTAL INVESTMENTS - 99.1%		20,868,462
			(Cost $22,432,059)
			OTHER ASSETS & LIABILITIES, NET - 0.9%		192,203
			NET ASSETS - 100.0%	$	21,060,665



		Abbreviation(s):
		ADR American Depositary Receipt
		REIT Real Estate Investment Trust


*		Non-income producing
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $593,079.

126

TIAA-CREF FUNDS - Social Choice International Equity Fund

TIAA-CREF FUNDS

SOCIAL CHOICE INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016

			% OF
SECTOR	VALUE		NET ASSETS
FINANCIALS	$	5,354,999		25.5	%
INDUSTRIALS		2,902,415		13.8
CONSUMER DISCRETIONARY		2,742,850		13.0
HEALTH CARE		2,336,972		11.1
CONSUMER STAPLES		2,008,990		9.5
MATERIALS		1,817,876		8.6
TELECOMMUNICATION SERVICES		1,090,942		5.2
INFORMATION TECHNOLOGY		1,019,488		4.8
UTILITIES		897,730		4.3
ENERGY		696,200		3.3
OTHER ASSETS & LIABILITIES, NET		192,203		0.9

NET ASSETS	$	21,060,665		100.0	%

127

TIAA-CREF FUNDS - Equity Index Fund

TIAA-CREF FUNDS

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 1.1%
	37,554	*	American Axle & Manufacturing Holdings, Inc	$	582,463
	103,088		BorgWarner, Inc		3,702,921
	25,308		Cooper Tire & Rubber Co		874,138
	8,062	*	Cooper-Standard Holding, Inc		621,661
	68,250		Dana Holding Corp		882,472
	134,646		Delphi Automotive plc		9,913,985
	13,305	*	Dorman Products, Inc		715,676
	18,890		Drew Industries, Inc		1,224,639
	12,398	*	Federal Mogul Corp (Class A)		114,558
	1,825,702		Ford Motor Co		24,756,519
	5,704	*	Fox Factory Holding Corp		98,736
	763,092		General Motors Co		24,266,326
	138,866	e	Gentex Corp		2,227,411
	14,868	*	Gentherm, Inc		546,250
	126,880		Goodyear Tire & Rubber Co		3,675,714
	88,859	e	Harley-Davidson, Inc		4,250,126
	7,334	*	Horizon Global Corp		89,988
	295,043		Johnson Controls, Inc		12,214,780
	35,272		Lear Corp		4,060,865
	14,312		Metaldyne Performance Group, Inc		227,990
	21,146	*	Modine Manufacturing Co		228,588
	7,659	*	Motorcar Parts of America, Inc		245,624
	16,249		Standard Motor Products, Inc		577,002
	12,077	*	Stoneridge, Inc		172,218
	1,415		Strattec Security Corp		74,853
	9,325		Superior Industries International, Inc		243,569
	24,474	*	Tenneco, Inc		1,304,464
	46,472	*,e	Tesla Motors, Inc		11,188,599
	18,249		Thor Industries, Inc		1,168,301
	8,345		Tower International, Inc		191,518
	25,364		Visteon Corp		2,020,750
	11,180	e	Winnebago Industries, Inc		241,935
			TOTAL AUTOMOBILES & COMPONENTS		112,704,639

BANKS - 5.8%
	6,433		1st Source Corp		221,552
	2,590	e	Access National Corp		50,919
	3,144		American National Bankshares, Inc		84,039
	13,132		Ameris Bancorp		412,345
	3,475	e	Ames National Corp		89,620
	1,521	*,e	Anchor BanCorp Wisconsin, Inc		72,795
	12,788		Apollo Residential Mortgage		173,405
	4,559		Arrow Financial Corp		128,381
	63,588		Associated Banc-Corp		1,159,845
	43,500		Astoria Financial Corp		654,240

128

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	16,132		Banc of California, Inc	$	328,286
	2,807		Bancfirst Corp		175,073
	11,733		Banco Latinoamericano de Exportaciones S.A. (Class E)		303,415
	38,151		Bancorpsouth, Inc		896,167
	19,189		Bank Mutual Corp		155,047
	4,894,452		Bank of America Corp		71,263,221
	27,726		Bank of Hawaii Corp		1,896,736
	2,316		Bank of Marin Bancorp		113,530
	35,178	e	Bank of the Ozarks, Inc		1,452,851
	7,344		BankFinancial Corp		90,772
	41,337		BankUnited		1,426,126
	18,646		Banner Corp		797,676
	1,817		Bar Harbor Bankshares		63,050
	363,890		BB&T Corp		12,874,428
	31,951		BBCN Bancorp, Inc		499,075
	6,029		Bear State Financial, Inc		59,325
	53,385	*	Beneficial Bancorp, Inc		741,518
	11,569		Berkshire Hills Bancorp, Inc		313,983
	11,500		Blue Hills Bancorp, Inc		167,670
	13,547		BNC Bancorp		302,911
	50,597	*,e	BofI Holding, Inc		1,030,661
	11,776	e	BOK Financial Corp		708,680
	33,474		Boston Private Financial Holdings, Inc		409,052
	4,660	e	Bridge Bancorp, Inc		141,850
	37,878		Brookline Bancorp, Inc		431,052
	5,973		Bryn Mawr Bank Corp		169,753
	3,755	*	BSB Bancorp, Inc		89,256
	2,211	*	C1 Financial, Inc		54,236
	2,827		Camden National Corp		123,003
	9,174		Capital Bank Financial Corp		277,330
	4,271		Capital City Bank Group, Inc		63,296
	72,963		Capitol Federal Financial		969,678
	12,761		Cardinal Financial Corp		282,401
	11,872	*	Cascade Bancorp		71,826
	32,310		Cathay General Bancorp		986,101
	18,776		Centerstate Banks of Florida, Inc		305,861
	8,558		Central Pacific Financial Corp		199,744
	1,649		Century Bancorp, Inc		70,082
	8,748		Charter Financial Corp		109,612
	12,790		Chemical Financial Corp		491,903
	75,498		CIT Group, Inc		2,609,966
	1,428,346		Citigroup, Inc		66,103,853
	5,032		Citizens & Northern Corp		101,596
	141,805		Citizens Financial Group, Inc		3,240,244
	6,773		City Holding Co		332,690
	10,322		Clifton Bancorp, Inc		153,591
	5,791		CNB Financial Corp		103,601
	14,484		CoBiz, Inc		175,401
	32,896		Columbia Banking System, Inc		970,103
	95,200		Comerica, Inc		4,226,880
	50,574		Commerce Bancshares, Inc		2,367,875
	33,369	e	Community Bank System, Inc		1,320,411
	6,977		Community Trust Bancorp, Inc		250,265

129

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	4,655	*,e	CommunityOne Bancorp	$	61,446
	11,785		ConnectOne Bancorp, Inc		202,820
	6,901	*	CU Bancorp		158,999
	34,802	e	Cullen/Frost Bankers, Inc		2,226,980
	11,525	*	Customers Bancorp, Inc		299,419
	78,986		CVB Financial Corp		1,356,979
	9,848		Dime Community Bancshares		178,347
	16,871	*	Eagle Bancorp, Inc		855,360
	60,089		East West Bancorp, Inc		2,252,737
	3,026		Enterprise Bancorp, Inc		73,017
	11,187		Enterprise Financial Services Corp		306,188
	23,147	*	Essent Group Ltd		472,662
	38,938		EverBank Financial Corp		587,185
	2,904		Farmers Capital Bank Corp		81,631
	11,366	*	FCB Financial Holdings, Inc		397,242
	7,846		Federal Agricultural Mortgage Corp (Class C)		319,175
	6,593		Fidelity Southern Corp		106,543
	358,173		Fifth Third Bancorp		6,558,148
	5,686		Financial Institutions, Inc		159,208
	7,695		First Bancorp (NC)		156,978
	56,710	*	First Bancorp (Puerto Rico)		221,169
	3,643		First Bancorp, Inc		72,314
	9,429		First Busey Corp		192,729
	3,244		First Business Financial Services, Inc		82,106
	5,139		First Citizens Bancshares, Inc (Class A)		1,310,445
	37,222		First Commonwealth Financial Corp		341,698
	6,839		First Community Bancshares, Inc		142,320
	6,547		First Connecticut Bancorp		112,805
	3,699		First Defiance Financial Corp		146,406
	23,087		First Financial Bancorp		450,196
	46,212	e	First Financial Bankshares, Inc		1,496,345
	4,551		First Financial Corp		161,242
	95,427		First Horizon National Corp		1,343,612
	6,709		First Interstate Bancsystem, Inc		181,814
	15,315		First Merchants Corp		392,830
	31,576		First Midwest Bancorp, Inc		583,524
	9,317	*	First NBC Bank Holding Co		202,552
	182,398		First Niagara Financial Group, Inc		1,926,123
	4,731		First of Long Island Corp		144,816
	68,933		First Republic Bank		4,847,369
	66,882		FirstMerit Corp		1,482,105
	8,294	*	Flagstar Bancorp, Inc		196,319
	11,966		Flushing Financial Corp		238,722
	107,457		FNB Corp		1,420,582
	4,715		Fox Chase Bancorp, Inc		92,933
	2,070	*	Franklin Financial Network, Inc		62,804
	75,235		Fulton Financial Corp		1,052,538
	5,141		German American Bancorp, Inc		165,694
	29,731		Glacier Bancorp, Inc		769,736
	4,253		Great Southern Bancorp, Inc		161,019
	37,847		Great Western Bancorp, Inc		1,192,937
	4,011	*	Green Bancorp, Inc		32,730
	5,658		Guaranty Bancorp		92,904

130

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	15,264	*,e	Hampton Roads Bankshares, Inc	$	26,865
	32,474		Hancock Holding Co		843,350
	12,696		Hanmi Financial Corp		293,532
	7,136		Heartland Financial USA, Inc		239,127
	8,704		Heritage Commerce Corp		90,870
	11,879		Heritage Financial Corp		219,168
	9,193		Heritage Oaks Bancorp		76,762
	31,405	*	Hilltop Holdings, Inc		623,703
	221		Hingham Institution for Savings		28,286
	22,719		Home Bancshares, Inc		976,690
	8,704	*	HomeStreet, Inc		187,571
	8,420	*	HomeTrust Bancshares, Inc		156,191
	3,681		Horizon Bancorp		89,816
	368,462		Huntington Bancshares, Inc		3,706,728
	14,980		IBERIABANK Corp		883,670
	3,645	*,e	Impac Mortgage Holdings, Inc		51,759
	12,342		Independent Bank Corp (MA)		580,444
	9,223		Independent Bank Corp (MI)		139,728
	4,046		Independent Bank Group, Inc		148,084
	21,517		International Bancshares Corp		563,530
	170,905		Investors Bancorp, Inc		1,973,953
	1,726,581		JPMorgan Chase & Co		109,119,919
	34,024		Kearny Financial Corp		429,383
	442,973		Keycorp		5,444,138
	14,928		Lakeland Bancorp, Inc		165,552
	6,729		Lakeland Financial Corp		318,214
	18,393		LegacyTexas Financial Group, Inc		453,571
	2,719	*,e	LendingTree, Inc		243,269
	77,307		M&T Bank Corp		9,146,964
	8,727		MainSource Financial Group, Inc		190,685
	30,171		MB Financial, Inc		1,048,744
	6,978		Mercantile Bank Corp		168,309
	1,972		Merchants Bancshares, Inc		60,028
	33,771		Meridian Bancorp, Inc		493,732
	2,375		Meta Financial Group, Inc		117,847
	178,121	*	MGIC Investment Corp		1,287,815
	2,881		MidWestOne Financial Group, Inc		81,705
	16,489		National Bank Holdings Corp		329,615
	2,810	e	National Bankshares, Inc		101,132
	2,432	*,e	National Commerce Corp		58,198
	16,262	*,e	Nationstar Mortgage Holdings, Inc		188,477
	17,248		NBT Bancorp, Inc		488,808
	258,999		New York Community Bancorp, Inc		3,892,755
	20,415	*	NMI Holdings, Inc		128,410
	23,793		Northfield Bancorp, Inc		377,357
	37,412		Northwest Bancshares, Inc		524,516
	5,353	e	OceanFirst Financial Corp		104,276
	46,194		Old National Bancorp		619,000
	11,628		Old Second Bancorp, Inc		83,256
	4,709		Opus Bank		170,089
	27,054		Oritani Financial Corp		468,846
	6,850		Pacific Continental Corp		114,121
	7,914	*	Pacific Premier Bancorp, Inc		184,080

131

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	51,569		PacWest Bancorp	$	2,061,729
	12,409	e	Park National Corp		1,139,146
	18,284		Park Sterling Bank		133,473
	4,691		Peapack Gladstone Financial Corp		89,786
	1,915	e	Penns Woods Bancorp, Inc		79,702
	5,122	*	PennyMac Financial Services, Inc		65,254
	6,191		Peoples Bancorp, Inc		133,045
	3,001	e	Peoples Financial Services Corp		118,299
	137,110	e	People’s United Financial, Inc		2,125,205
	22,644	*	PHH Corp		290,523
	22,923		Pinnacle Financial Partners, Inc		1,127,124
	252,826		PNC Financial Services Group, Inc		22,193,066
	46,565		Popular, Inc		1,383,912
	4,781		Preferred Bank		151,845
	39,077		PrivateBancorp, Inc		1,625,994
	32,606		Prosperity Bancshares, Inc		1,720,619
	22,929		Provident Financial Services, Inc		458,121
	4,442		QCR Holdings, Inc		114,470
	94,002		Radian Group, Inc		1,202,286
	576,763		Regions Financial Corp		5,410,037
	15,229		Renasant Corp		522,964
	4,212		Republic Bancorp, Inc (Class A)		115,030
	13,385		S&T Bancorp, Inc		343,593
	9,942		Sandy Spring Bancorp, Inc		284,242
	8,635	*	Seacoast Banking Corp of Florida		140,060
	11,104	e	ServisFirst Bancshares, Inc		547,205
	5,108		Sierra Bancorp		89,952
	25,709	*	Signature Bank		3,543,471
	11,716		Simmons First National Corp (Class A)		547,137
	15,850		South State Corp		1,109,183
	9,603		Southside Bancshares, Inc		280,504
	7,722		Southwest Bancorp, Inc		123,938
	13,918		State Bank & Trust Co		290,608
	52,783		Sterling Bancorp/DE		862,474
	5,933		Stock Yards Bancorp, Inc		239,931
	3,414		Stonegate Bank		107,541
	5,417	*	Stonegate Mortgage Corp		31,256
	4,609		Suffolk Bancorp		110,570
	3,512	*	Sun Bancorp, Inc		75,473
	233,893		SunTrust Banks, Inc		9,762,694
	27,628	*	SVB Financial Group		2,881,048
	77,131		Synovus Financial Corp		2,403,402
	22,554		Talmer Bancorp Inc		437,548
	67,434		TCF Financial Corp		919,800
	3,666		Territorial Bancorp, Inc		96,159
	21,057	*	Texas Capital Bancshares, Inc		964,832
	58,047		TFS Financial Corp		1,039,041
	12,064	*	The Bancorp, Inc		68,403
	7,418		Tompkins Trustco, Inc		484,692
	22,971	e	TowneBank		482,391
	9,011		Trico Bancshares		242,576
	8,498	*	Tristate Capital Holdings, Inc		113,533
	5,557	*	Triumph Bancorp, Inc		88,301

132

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	37,033		Trustco Bank Corp NY	$	237,382
	36,220		Trustmark Corp		887,752
	15,425		UMB Financial Corp		859,944
	91,215		Umpqua Holdings Corp		1,443,933
	18,425	e	Union Bankshares Corp		486,604
	27,752	e	United Bankshares, Inc		1,073,725
	21,426		United Community Banks, Inc		431,305
	19,365		United Community Financial Corp		115,028
	19,970		United Financial Bancorp, Inc (New)		259,211
	6,493		Univest Corp of Pennsylvania		128,172
	813,645		US Bancorp		34,734,505
	119,221		Valley National Bancorp		1,127,831
	11,109	*	Walker & Dunlop, Inc		244,953
	16,698	*	Walter Investment Management Corp		121,060
	40,232		Washington Federal, Inc		977,235
	5,936		Washington Trust Bancorp, Inc		217,436
	13,586		Waterstone Financial, Inc		190,476
	36,708		Webster Financial Corp		1,344,981
	2,218,243		Wells Fargo & Co		110,867,785
	19,889		WesBanco, Inc		639,034
	6,091		West Bancorporation, Inc		113,597
	21,336	e	Westamerica Bancorporation		1,039,490
	37,146	*	Western Alliance Bancorp		1,358,801
	28,639		Wilshire Bancorp, Inc		308,442
	18,363		Wintrust Financial Corp		955,243
	12,825		WSFS Financial Corp		437,845
	18,367		Yadkin Financial Corp		459,542
	90,422		Zions Bancorporation		2,488,413
			TOTAL BANKS		607,059,907

CAPITAL GOODS - 7.6%
	293,667		3M Co		49,153,982
	34,657		A.O. Smith Corp		2,676,214
	25,084		Aaon, Inc		665,228
	14,774		AAR Corp		355,167
	18,679	*	Accuride Corp		30,260
	27,308		Actuant Corp (Class A)		729,397
	19,662		Acuity Brands, Inc		4,795,365
	19,055	e	Advanced Drainage Systems, Inc		440,552
	64,827	*	Aecom Technology Corp		2,106,229
	15,083	*	Aegion Corp		320,212
	25,799	*	Aerojet Rocketdyne Holdings, Inc		467,478
	7,674	*	Aerovironment, Inc		221,625
	32,826		AGCO Corp		1,755,206
	42,783	e	Air Lease Corp		1,304,026
	25,938		Aircastle Ltd		562,855
	3,979		Alamo Group, Inc		224,575
	12,060		Albany International Corp (Class A)		485,897
	41,546		Allegion plc		2,719,186
	2,945		Allied Motion Technologies, Inc		63,465
	81,361		Allison Transmission Holdings, Inc		2,344,010
	10,776		Altra Holdings, Inc		309,271
	8,663	*	Ameresco, Inc		38,724

133

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,814	e	American Railcar Industries, Inc	$	156,412
	3,837		American Science & Engineering, Inc		109,930
	8,421	*	American Woodmark Corp		613,386
	105,423		Ametek, Inc		5,069,792
	13,179		Apogee Enterprises, Inc		546,138
	16,844		Applied Industrial Technologies, Inc		771,961
	5,194		Argan, Inc		177,531
	8,822	*	Armstrong Flooring, Inc		128,448
	17,644	*	Armstrong World Industries, Inc		720,052
	10,126		Astec Industries, Inc		490,098
	10,768	*	Astronics Corp		397,878
	10,524		AZZ, Inc		577,978
	21,982	*	Babcock & Wilcox Enterprises, Inc		502,289
	21,518		Barnes Group, Inc		699,120
	59,641		BE Aerospace, Inc		2,900,342
	22,466	*	Beacon Roofing Supply, Inc		959,972
	1,363	*,e	Blue Bird Corp		14,734
	13,673	*	BMC Stock Holdings, Inc		239,961
	307,946		Boeing Co		41,511,121
	17,803		Briggs & Stratton Corp		376,890
	28,659	*	Builders FirstSource, Inc		317,828
	65,062		BWX Technologies, Inc		2,172,420
	29,385		Carlisle Cos, Inc		2,994,331
	273,191		Caterpillar, Inc		21,232,405
	12,653	*	Chart Industries, Inc		325,688
	46,207		Chicago Bridge & Iron Co NV		1,859,832
	6,858		CIRCOR International, Inc		387,134
	21,011		Clarcor, Inc		1,234,816
	54,104	*	Colfax Corp		1,754,593
	7,576		Columbus McKinnon Corp		125,080
	19,570		Comfort Systems USA, Inc		577,119
	11,607	*	Commercial Vehicle Group, Inc		29,830
	14,844	*	Continental Building Products Inc		291,091
	19,013		Crane Co		1,056,552
	18,521		Cubic Corp		769,918
	83,899		Cummins, Inc		9,818,700
	20,863		Curtiss-Wright Corp		1,597,689
	270,581		Danaher Corp		26,178,712
	148,199	e	Deere & Co		12,465,018
	29,960	*	DigitalGlobe, Inc		663,914
	60,343	e	Donaldson Co, Inc		1,972,009
	11,557		Douglas Dynamics, Inc		264,771
	68,969		Dover Corp		4,531,263
	4,457	*	Ducommun, Inc		70,911
	5,115	*	DXP Enterprises, Inc		111,763
	15,748	*,e	Dycom Industries, Inc		1,111,809
	210,718		Eaton Corp		13,332,128
	26,817		EMCOR Group, Inc		1,300,088
	301,365		Emerson Electric Co		16,463,570
	8,584		Encore Wire Corp		328,338
	18,470		EnerSys		1,078,094
	6,890		Engility Holdings, Inc		135,526
	11,729	*,e	Enphase Energy, Inc		29,440

134

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	12,925		EnPro Industries, Inc	$	757,146
	10,586		ESCO Technologies, Inc		407,349
	13,491	*	Esterline Technologies Corp		926,292
	133,145	e	Fastenal Co		6,229,855
	24,042		Federal Signal Corp		329,135
	55,718		Flowserve Corp		2,719,596
	62,776		Fluor Corp		3,431,336
	72,610		Fortune Brands Home & Security, Inc		4,023,320
	19,534		Franklin Electric Co, Inc		617,079
	5,538		Freightcar America, Inc		94,977
	8,768	*	FuelCell Energy, Inc		52,257
	29,799	e	GATX Corp		1,368,966
	28,834	*,e	Generac Holdings, Inc		1,099,152
	21,698		General Cable Corp		339,357
	132,191		General Dynamics Corp		18,575,479
	4,470,127		General Electric Co		137,456,405
	20,941	*	Gibraltar Industries, Inc		553,889
	13,030		Global Brass & Copper Holdings, Inc		353,113
	9,996		Gorman-Rupp Co		282,787
	24,145		Graco, Inc		1,892,727
	4,428		Graham Corp		81,962
	20,718		Granite Construction, Inc		923,816
	30,484	*	Great Lakes Dredge & Dock Corp		139,312
	11,454	e	Greenbrier Cos, Inc		343,505
	17,223		Griffon Corp		272,296
	13,024		H&E Equipment Services, Inc		263,476
	36,249		Harsco Corp		257,005
	8,746	*,e	HC2 Holdings, Inc		33,760
	78,180	*	HD Supply Holdings, Inc		2,680,010
	8,701		HEICO Corp		533,458
	16,227		HEICO Corp (Class A)		830,498
	41,494		Hexcel Corp		1,878,433
	25,622		Hillenbrand, Inc		776,603
	356,902		Honeywell International, Inc		40,783,192
	29,719		Hubbell, Inc		3,143,081
	23,381		Huntington Ingalls		3,384,867
	2,730		Hurco Cos, Inc		88,397
	4,045		Hyster-Yale Materials Handling, Inc		247,756
	32,716		IDEX Corp		2,679,440
	137,938		Illinois Tool Works, Inc		14,417,280
	115,455		Ingersoll-Rand plc		7,566,921
	10,817		Insteel Industries, Inc		313,585
	38,702		ITT Corp		1,484,996
	52,136	*	Jacobs Engineering Group, Inc		2,324,223
	15,232		John Bean Technologies Corp		794,196
	60,302	e	Joy Global, Inc		1,284,433
	4,553		Kadant, Inc		215,585
	10,788		Kaman Corp		454,067
	60,138		KBR, Inc		935,747
	64,078		Kennametal, Inc		1,498,144
	14,738	*	KEYW Holding Corp		101,545
	21,521	*	KLX, Inc		725,688
	18,068	*,e	Kratos Defense & Security Solutions, Inc		95,941

135

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	43,277		L-3 Communications Holdings, Inc	$	5,692,224
	1,979	*	Lawson Products, Inc		38,769
	4,086		LB Foster Co (Class A)		80,412
	26,763		Lennox International, Inc		3,611,667
	32,107		Lincoln Electric Holdings, Inc		2,012,146
	9,126	e	Lindsay Corp		697,774
	127,247		Lockheed Martin Corp		29,569,658
	8,117		LSI Industries, Inc		102,680
	7,012	*	Lydall, Inc		257,971
	56,268	e	Manitowoc Co, Inc		320,728
	67,949	*,e	Manitowoc Foodservice, Inc		1,019,914
	159,765		Masco Corp		4,906,383
	20,217	*	Masonite International Corp		1,367,882
	27,378	*	Mastec, Inc		620,385
	43,101	*	Meritor, Inc		366,358
	34,632	*	Middleby Corp		3,797,052
	9,071	*,e	Milacron Holdings Corp		155,386
	5,071		Miller Industries, Inc		107,809
	17,326	*	Moog, Inc (Class A)		846,548
	44,127	*	MRC Global, Inc		616,895
	21,686		MSC Industrial Direct Co (Class A)		1,680,665
	23,127		Mueller Industries, Inc		729,888
	108,827		Mueller Water Products, Inc (Class A)		1,169,890
	8,496	*	MYR Group, Inc		216,733
	1,821		National Presto Industries, Inc		158,773
	21,878	*,e	Navistar International Corp		330,139
	14,901	*	NCI Building Systems, Inc		219,641
	4,363	*,e	Neff Corp		37,304
	11,715	e	NN, Inc		176,194
	33,247		Nordson Corp		2,551,042
	3,848	*	Nortek, Inc		181,472
	85,599		Northrop Grumman Corp		17,655,650
	7,504	*	Northwest Pipe Co		80,968
	44,610	*,e	NOW, Inc		805,657
	4,023	*,e	NV5 Holdings, Inc		99,891
	1,327		Omega Flex, Inc		43,711
	27,401		Orbital ATK, Inc		2,383,887
	16,581	*	Orion Marine Group, Inc		96,833
	34,026		Oshkosh Truck Corp		1,662,170
	50,498		Owens Corning, Inc		2,326,443
	160,861		Paccar, Inc		9,476,322
	61,166		Parker Hannifin Corp		7,096,479
	8,440	*	Patrick Industries, Inc		386,974
	81,738		Pentair plc		4,747,343
	29,257	*	Pgt, Inc		306,321
	79,073	*,e	Plug Power, Inc		162,890
	10,543	*	Ply Gem Holdings, Inc		154,455
	4,787		Powell Industries, Inc		148,971
	2,412	*,e	Power Solutions International, Inc		31,235
	11,395	*	PowerSecure International, Inc		213,314
	1,112		Preformed Line Products Co		46,671
	15,775		Primoris Services Corp		368,977
	17,374	*,e	Proto Labs, Inc		1,039,486

136

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	13,625		Quanex Building Products Corp	$	256,695
	85,925	*	Quanta Services, Inc		2,038,141
	15,258		Raven Industries, Inc		245,501
	143,327		Raytheon Co		18,109,366
	17,826	*	RBC Bearings, Inc		1,306,646
	18,020		Regal-Beloit Corp		1,160,848
	41,807	*	Rexnord Corp		911,393
	59,590		Rockwell Automation, Inc		6,761,677
	70,049		Rockwell Collins, Inc		6,177,621
	48,367		Roper Industries, Inc		8,516,945
	15,653	*	Rush Enterprises, Inc (Class A)		308,208
	16,416		Simpson Manufacturing Co, Inc		617,242
	27,454		Snap-On, Inc		4,372,873
	31,077	*,e	SolarCity Corp		942,255
	5,336	*	Sparton Corp		114,511
	64,517	*	Spirit Aerosystems Holdings, Inc (Class A)		3,041,977
	53,545		SPX Corp		862,075
	17,452	*	SPX FLOW, Inc		522,862
	7,474		Standex International Corp		573,181
	71,131		Stanley Works		7,960,982
	10,632		Sun Hydraulics Corp		376,160
	3,906	*,e	Sunrun, Inc		30,779
	36,162		TAL International Group, Inc		618,370
	23,794	*,e	Taser International, Inc		434,478
	15,081	*	Teledyne Technologies, Inc		1,401,779
	8,345		Tennant Co		445,706
	50,183		Terex Corp		1,198,872
	8,797	e	Textainer Group Holdings Ltd		135,738
	120,966		Textron, Inc		4,678,965
	5,099	*,e	The ExOne Company		67,409
	20,692	*	Thermon Group Holdings		387,768
	38,654		Timken Co		1,377,242
	48,000	e	Titan International, Inc		318,240
	6,762	*,e	Titan Machinery, Inc		87,906
	25,836		Toro Co		2,233,522
	26,341	*	TransDigm Group, Inc		6,002,324
	14,357	*	Trex Co, Inc		681,240
	18,336	*	Trimas Corp		331,882
	66,196		Trinity Industries, Inc		1,291,484
	21,201		Triumph Group, Inc		767,052
	21,246	*	Tutor Perini Corp		336,112
	3,684		Twin Disc, Inc		48,813
	42,341	*	United Rentals, Inc		2,833,883
	388,559		United Technologies Corp		40,553,903
	17,627	*	Univar, Inc		306,710
	12,301		Universal Forest Products, Inc		942,872
	42,430	*	USG Corp		1,146,034
	10,648		Valmont Industries, Inc		1,494,766
	4,334	*	Vectrus, Inc		93,441
	3,422	*	Veritiv Corp		140,370
	6,360	*	Vicor Corp		60,992
	33,173	e	W.W. Grainger, Inc		7,779,732
	30,017	*	Wabash National Corp		427,742

137

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	24,539	*	WABCO Holdings, Inc	$	2,752,294
	10,538		Watsco, Inc		1,417,045
	11,307		Watts Water Technologies, Inc (Class A)		631,722
	22,429	*,e	WESCO International, Inc		1,318,601
	43,632		Westinghouse Air Brake Technologies Corp		3,618,402
	26,864		Woodward Governor Co		1,456,297
	4,989	*	Xerium Technologies, Inc		26,392
	79,368		Xylem, Inc		3,315,995
			TOTAL CAPITAL GOODS		799,723,835

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	22,665		ABM Industries, Inc		729,133
	40,054		Acacia Research (Acacia Technologies)		193,060
	45,827	*	ACCO Brands Corp		437,190
	99,200		ADT Corp		4,164,416
	25,980	*	Advisory Board Co		822,007
	17,200	*	ARC Document Solutions, Inc		70,864
	2,966		Barrett Business Services, Inc		91,976
	20,565		Brady Corp (Class A)		544,767
	20,984		Brink’s Co		710,099
	15,707	*	Casella Waste Systems, Inc (Class A)		112,462
	18,954	*	CBIZ, Inc		192,952
	5,378		CDI Corp		38,453
	22,934		CEB, Inc		1,414,798
	9,740		Ceco Environmental Corp		64,284
	48,163		Cintas Corp		4,324,074
	24,625	*	Clean Harbors, Inc		1,216,475
	52,474	*	Copart, Inc		2,247,986
	47,660		Covanta Holding Corp		774,952
	4,164	*	CRA International, Inc		90,359
	20,444		Deluxe Corp		1,283,474
	24,738		Dun & Bradstreet Corp		2,731,323
	64,481	*,m	Dyax Corp		71,574
	10,065		Ennis, Inc		196,670
	54,250		Equifax, Inc		6,523,562
	15,568		Essendant, Inc		479,339
	10,306		Exponent, Inc		513,651
	4,553	*	Franklin Covey Co		74,988
	17,184	*	FTI Consulting, Inc		692,515
	12,505		G & K Services, Inc (Class A)		883,478
	5,783	*	GP Strategies Corp		134,975
	28,972		Healthcare Services Group		1,096,590
	7,483		Heidrick & Struggles International, Inc		147,640
	5,084	*	Heritage-Crystal Clean, Inc		52,874
	25,719		Herman Miller, Inc		775,942
	15,433	*	Hill International, Inc		65,436
	33,196		HNI Corp		1,451,329
	9,577	*	Huron Consulting Group, Inc		532,577
	7,835	*	ICF International, Inc		308,464
	28,986	*	IHS, Inc (Class A)		3,570,495
	15,602	*	Innerworkings, Inc		127,468
	8,969		Insperity, Inc		473,294
	29,217		Interface, Inc		497,273

138

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	60,535		KAR Auction Services, Inc	$	2,276,116
	11,838		Kelly Services, Inc (Class A)		222,199
	10,767		Kforce, Inc		204,681
	13,713		Kimball International, Inc (Class B)		159,619
	19,323		Knoll, Inc		451,192
	22,769		Korn/Ferry International		617,951
	36,745		Manpower, Inc		2,830,467
	13,491		Matthews International Corp (Class A)		710,166
	10,372		McGrath RentCorp		252,869
	6,545	*	Mistras Group, Inc		159,502
	18,929		Mobile Mini, Inc		610,460
	24,480		MSA Safety, Inc		1,177,243
	5,330		Multi-Color Corp		318,894
	19,412	*	Navigant Consulting, Inc		309,816
	186,795		Nielsen NV		9,739,491
	3,010	*	NL Industries, Inc		9,241
	22,397	*	On Assignment, Inc		807,636
	71,647	*	Pendrell Corp		36,891
	87,078		Pitney Bowes, Inc		1,826,026
	13,081		Quad		164,167
	86,215		R.R. Donnelley & Sons Co		1,500,141
	109,877		Republic Services, Inc		5,171,910
	15,702		Resources Connection, Inc		231,919
	58,314		Robert Half International, Inc		2,234,009
	55,708		Rollins, Inc		1,496,874
	22,513	*	RPX Corp		249,444
	6,998	*	SP Plus Corp		155,915
	32,910		Steelcase, Inc (Class A)		502,207
	46,535	*	Stericycle, Inc		4,446,885
	13,196	*	Team, Inc		379,121
	25,530		Tetra Tech, Inc		750,582
	14,312	*	TransUnion		428,644
	6,571	*	TRC Cos, Inc		56,248
	17,470	*	TriNet Group, Inc		290,351
	17,447	*	TrueBlue, Inc		326,084
	202,279		Tyco International plc		7,791,787
	10,468		Unifirst Corp		1,134,522
	8,688		US Ecology, Inc		391,221
	76,567	*	Verisk Analytics, Inc		5,940,068
	8,044		Viad Corp		239,309
	3,484	*	Volt Information Sciences, Inc		26,165
	1,597		VSE Corp		99,078
	15,815	*	WageWorks, Inc		851,796
	71,062		Waste Connections, Inc		4,781,051
	209,038		Waste Management, Inc		12,289,344
	44,125		West Corp		945,599
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		116,520,139

CONSUMER DURABLES & APPAREL - 1.7%
	5,230	e	Arctic Cat, Inc		86,975
	6,685		Bassett Furniture Industries, Inc		197,274
	24,298	*	Beazer Homes USA, Inc		199,730
	10,025	*	Black Diamond, Inc		42,606

139

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	38,562		Brunswick Corp	$	1,852,133
	32,857	e	CalAtlantic Group, Inc		1,063,581
	82,727		Callaway Golf Co		772,670
	23,785		Carter’s, Inc		2,537,146
	3,668	*	Cavco Industries, Inc		321,647
	15,230	*	Century Communities, Inc		262,565
	3,656	*	Cherokee, Inc		57,180
	137,731		Coach, Inc		5,546,427
	12,865		Columbia Sportswear Co		753,503
	34,925	*	CROCS, Inc		291,624
	3,648		CSS Industries, Inc		101,998
	4,107		Culp, Inc		107,768
	14,574	*,e	Deckers Outdoor Corp		842,523
	147,626		DR Horton, Inc		4,437,638
	3,755		Escalade, Inc		44,797
	11,434		Ethan Allen Interiors, Inc		389,213
	3,208		Flexsteel Industries, Inc		131,175
	18,198	*	Fossil Group, Inc		737,019
	59,320	*	Garmin Ltd		2,528,812
	16,700	*	G-III Apparel Group Ltd		755,675
	80,830	*,e	GoPro, Inc		1,021,691
	11,271	*	Green Brick Partners, Inc		83,067
	184,503		Hanesbrands, Inc		5,356,122
	35,167		Harman International Industries, Inc		2,699,419
	64,665		Hasbro, Inc		5,473,246
	15,635	*	Helen of Troy Ltd		1,556,152
	10,189		Hooker Furniture Corp		252,687
	59,283	*,e	Hovnanian Enterprises, Inc (Class A)		99,003
	32,889	*,e	Iconix Brand Group, Inc		278,899
	15,344	*	Installed Building Products Inc		407,844
	12,744	*,e	iRobot Corp		476,371
	7,723	*,e	Jakks Pacific, Inc		57,923
	2,125		Johnson Outdoors, Inc		51,276
	58,134	*	Kate Spade & Co		1,495,788
	35,932	e	KB Home		487,597
	22,054		La-Z-Boy, Inc		570,537
	58,131		Leggett & Platt, Inc		2,865,277
	3,888		Lennar Corp (B Shares)		139,812
	73,885	e	Lennar Corp (Class A)		3,347,729
	13,092	*,e	LGI Homes, Inc		366,707
	10,480		Libbey, Inc		194,928
	3,865		Lifetime Brands, Inc		66,749
	58,924	*,e	Lululemon Athletica, Inc		3,862,468
	9,944	*	M/I Homes, Inc		199,874
	7,425	*	Malibu Boats Inc		130,680
	4,381		Marine Products Corp		35,880
	167,055		Mattel, Inc		5,193,740
	16,143		MDC Holdings, Inc		397,279
	16,210	*	Meritage Homes Corp		551,626
	86,746	*	Michael Kors Holdings Ltd		4,481,298
	27,589	*	Mohawk Industries, Inc		5,314,469
	6,272		Movado Group, Inc		176,933
	1,709		Nacco Industries, Inc (Class A)		101,720

140

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	13,166	*	Nautilus, Inc	$	232,248
	4,014	*	New Home Co Inc		44,676
	203,027		Newell Rubbermaid, Inc		9,245,850
	639,785		Nike, Inc (Class B)		37,708,928
	1,763	*	NVR, Inc		2,928,854
	6,100		Oxford Industries, Inc		405,162
	19,283	*,e	Performance Sports Group Ltd		71,540
	5,118	*	Perry Ellis International, Inc		97,498
	37,512		Phillips-Van Heusen Corp		3,586,147
	30,093		Polaris Industries, Inc		2,945,503
	18,132		Pool Corp		1,584,918
	166,071		Pulte Homes, Inc		3,054,046
	26,930		Ralph Lauren Corp		2,510,145
	20,387	*	Sequential Brands Group, Inc		113,148
	55,437	*	Skechers U.S.A., Inc (Class A)		1,832,193
	10,162	*	Skullcandy, Inc		34,652
	26,483	*,e	Smith & Wesson Holding Corp		578,124
	23,398	*	Steven Madden Ltd		819,164
	7,676	e	Sturm Ruger & Co, Inc		491,494
	3,027		Superior Uniform Group, Inc		57,574
	15,358	*	Taylor Morrison Home Corp		221,155
	28,609	*,e	Tempur-Pedic International, Inc		1,735,708
	75,808	*	Toll Brothers, Inc		2,069,558
	19,795	*	TopBuild Corp		618,000
	107,744	*	TRI Pointe Homes, Inc		1,249,830
	23,112	*	Tumi Holdings, Inc		616,628
	21,846	e	Tupperware Corp		1,268,597
	90,051	*	Under Armour, Inc		3,674,081
	82,439	*,e	Under Armour, Inc (Class A)		3,622,370
	9,279	*	Unifi, Inc		239,027
	7,354	*	Universal Electronics, Inc		488,379
	11,056	*	Vera Bradley, Inc		193,922
	155,030		VF Corp		9,774,642
	33,581	*,e	Vince Holding Corp		207,531
	26,765	*	Vista Outdoor, Inc		1,284,185
	11,279	*	WCI Communities, Inc		180,238
	2,514		Weyco Group, Inc		70,493
	35,837		Whirlpool Corp		6,240,655
	9,640	*,e	William Lyon Homes, Inc		135,924
	43,079		Wolverine World Wide, Inc		816,347
	12,715	*	Zagg, Inc		101,847
			TOTAL CONSUMER DURABLES & APPAREL		175,007,451

CONSUMER SERVICES - 2.2%
	10,212	*,e	2U, Inc		286,242
	6,940	*	American Public Education, Inc		160,730
	44,579	*	Apollo Group, Inc (Class A)		347,716
	87,532		ARAMARK Holdings Corp		2,933,197
	5,634	*	Ascent Media Corp (Series A)		84,904
	45,558	*	Belmond Ltd.		417,311
	10,126	*	BJ’s Restaurants, Inc		451,620
	50,801		Bloomin’ Brands, Inc		949,979
	9,783		Bob Evans Farms, Inc		445,518

141

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	2,987	*,e	Bojangles’, Inc	$	52,661
	54,120	*	Boyd Gaming Corp		1,008,797
	7,860	*	Bravo Brio Restaurant Group, Inc		57,928
	6,509	*	Bridgepoint Education, Inc		62,096
	15,224	*	Bright Horizons Family Solutions		998,999
	26,863		Brinker International, Inc		1,244,294
	11,513	*	Buffalo Wild Wings, Inc		1,538,828
	17,857	*	Caesars Acquisition Co		135,178
	26,717	*,e	Caesars Entertainment Corp		182,477
	6,499	*	Cambium Learning Group, Inc		29,570
	4,909		Capella Education Co		271,517
	28,671	*	Career Education Corp		153,103
	192,562		Carnival Corp		9,445,166
	6,526		Carriage Services, Inc		159,430
	29,234	*	Carrols Restaurant Group, Inc		406,645
	19,861		Cheesecake Factory		1,013,110
	32,521	*,e	Chegg, Inc		147,645
	14,944	*	Chipotle Mexican Grill, Inc (Class A)		6,290,976
	15,685		Choice Hotels International, Inc		794,602
	6,490		Churchill Downs, Inc		870,828
	9,542	*,e	Chuy’s Holdings, Inc		291,413
	18,313		ClubCorp Holdings, Inc		244,479
	2,954		Collectors Universe		51,370
	12,420	e	Cracker Barrel Old Country Store, Inc		1,818,412
	58,909		Darden Restaurants, Inc		3,667,085
	12,479	*	Dave & Buster’s Entertainment, Inc		482,937
	9,227	*	Del Frisco’s Restaurant Group, Inc		146,986
	42,001	*	Denny’s Corp		415,390
	33,758		DeVry Education Group, Inc		585,701
	17,203	*,e	Diamond Resorts International, Inc		364,876
	6,603		DineEquity, Inc		567,858
	25,448		Domino’s Pizza, Inc		3,076,154
	40,819		Dunkin Brands Group, Inc		1,898,084
	5,479	*,e	El Pollo Loco Holdings, Inc		72,268
	10,436	*	Eldorado Resorts, Inc		136,816
	1,317	*,e	Empire Resorts, Inc		21,902
	51,887		Extended Stay America, Inc		812,032
	11,085	*	Fiesta Restaurant Group, Inc		355,939
	1,540		Graham Holdings Co		733,872
	19,507	*	Grand Canyon Education, Inc		853,041
	122,884		H&R Block, Inc		2,487,172
	4,579	*,e	Habit Restaurants, Inc		76,698
	229,520		Hilton Worldwide Holdings, Inc		5,060,916
	78,799	*	Houghton Mifflin Harcourt Co		1,616,168
	25,069	*	Hyatt Hotels Corp		1,200,304
	38,929		International Game Technology plc		675,029
	18,354		International Speedway Corp (Class A)		614,675
	16,120	e	Interval Leisure Group, Inc		227,614
	10,279	*,e	Intrawest Resorts Holdings Inc		88,811
	9,057	*	Isle of Capri Casinos, Inc		134,949
	6,337	*	J Alexander’s Holdings, Inc		65,271
	15,909		Jack in the Box, Inc		1,074,653
	6,376	*,e	Jamba, Inc		82,824

142

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	15,763	*	K12, Inc	$	193,727
	3,281	*,e	Kona Grill, Inc		43,703
	26,455	*	Krispy Kreme Doughnuts, Inc		460,582
	37,499	*,e	La Quinta Holdings, Inc		478,862
	171,384		Las Vegas Sands Corp		7,737,988
	1,654		Liberty Tax, Inc		19,765
	63,630	*	LifeLock, Inc		740,653
	8,153		Marcus Corp		157,761
	88,799	e	Marriott International, Inc (Class A)		6,223,922
	11,656		Marriott Vacations Worldwide Corp		730,132
	414,756		McDonald’s Corp		52,462,486
	205,870	*	MGM Resorts International		4,385,031
	4,064	*	Monarch Casino & Resort, Inc		77,216
	4,850	*,e	Noodles & Co		54,078
	67,227	*	Norwegian Cruise Line Holdings Ltd		3,286,728
	12,857	*,e	Panera Bread Co (Class A)		2,757,698
	12,134		Papa John’s International, Inc		686,663
	12,716	*,e	Papa Murphy’s Holdings, Inc		159,713
	32,682	*	Penn National Gaming, Inc		527,161
	26,419	*	Pinnacle Entertainment, Inc		291,666
	11,300	*	Popeyes Louisiana Kitchen, Inc		607,488
	8,815	*	Potbelly Corp		125,614
	6,436	*	Red Robin Gourmet Burgers, Inc		417,439
	17,984	*	Regis Corp		245,841
	77,335		Royal Caribbean Cruises Ltd		5,985,729
	25,656	*	Ruby Tuesday, Inc		112,886
	14,638		Ruth’s Chris Steak House, Inc		232,451
	21,569	*,e	Scientific Games Corp (Class A)		213,964
	30,915	e	SeaWorld Entertainment, Inc		616,136
	85,699		Service Corp International		2,285,592
	46,374	*	ServiceMaster Global Holdings, Inc		1,777,052
	2,332	*,e	Shake Shack, Inc		85,165
	32,573		Six Flags Entertainment Corp		1,956,009
	21,460		Sonic Corp		737,580
	25,664	e	Sotheby’s (Class A)		699,087
	4,910		Speedway Motorsports, Inc		86,023
	707,591		Starbucks Corp		39,787,842
	75,003		Starwood Hotels & Resorts Worldwide, Inc		6,141,246
	879	*	Steak N Shake Co		328,693
	4,510	*	Strayer Education, Inc		223,876
	28,365		Texas Roadhouse, Inc (Class A)		1,155,023
	10,044		Universal Technical Institute, Inc		39,674
	15,172		Vail Resorts, Inc		1,966,898
	13,931	*,e	Weight Watchers International, Inc		180,406
	112,021		Wendy’s		1,216,548
	51,316		Wyndham Worldwide Corp		3,640,870
	43,665	e	Wynn Resorts Ltd		3,855,620
	194,781		Yum! Brands, Inc		15,496,776
	7,959	*,e	Zoe’s Kitchen, Inc		298,383
			TOTAL CONSUMER SERVICES		232,934,212

DIVERSIFIED FINANCIALS - 3.7%
	27,383	*	Affiliated Managers Group, Inc		4,663,873

143

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	209,978	*	Ally Financial, Inc	$	3,739,708
	398,085		American Express Co		26,046,702
	78,587		Ameriprise Financial, Inc		7,536,493
	7,917	e	Arlington Asset Investment Corp (Class A)		102,446
	33,348		Artisan Partners Asset Management, Inc		1,077,474
	494	*	Ashford, Inc		22,477
	2,529	*	Associated Capital Group, Inc		77,059
	508,794		Bank of New York Mellon Corp		20,473,871
	2,587	*,e	BBX Capital Corp		39,892
	75,043		BGC Partners, Inc (Class A)		681,390
	61,174		BlackRock, Inc		21,798,131
	6,593		Calamos Asset Management, Inc (Class A)		54,326
	247,818		Capital One Financial Corp		17,939,545
	11,259		Cash America International, Inc		416,133
	44,644		CBOE Holdings, Inc		2,766,142
	526,252		Charles Schwab Corp		14,950,819
	159,476		CME Group, Inc		14,657,439
	22,581		Cohen & Steers, Inc		886,756
	46,375	*,e	Cowen Group, Inc		161,617
	3,556	*,e	Credit Acceptance Corp		697,936
	1,202		Diamond Hill Investment Group, Inc		210,663
	202,803		Discover Financial Services		11,411,725
	131,332	*	E*TRADE Financial Corp		3,306,940
	49,178		Eaton Vance Corp		1,698,116
	15,460	*,e	Encore Capital Group, Inc		435,199
	10,301	*	Enova International, Inc		90,752
	13,809		Evercore Partners, Inc (Class A)		713,097
	20,397	*	Ezcorp, Inc (Class A)		100,965
	22,906		Factset Research Systems, Inc		3,453,079
	52,116		Federated Investors, Inc (Class B)		1,646,866
	21,367	e	Financial Engines, Inc		688,231
	20,734		First Cash Financial Services, Inc		948,166
	36,692	*	FNFV Group		395,173
	203,014		Franklin Resources, Inc		7,580,543
	12,071		Gain Capital Holdings, Inc		82,686
	2,529		GAMCO Investors, Inc (Class A)		100,073
	210,104		Goldman Sachs Group, Inc		34,480,167
	19,045	*	Green Dot Corp		423,370
	31,492		Greenhill & Co, Inc		693,454
	15,606		HFF, Inc (Class A)		496,739
	23,151		Interactive Brokers Group, Inc (Class A)		879,738
	55,420		IntercontinentalExchange Group, Inc		13,302,463
	6,188	*	INTL FCStone, Inc		168,932
	184,660		Invesco Ltd		5,726,307
	14,488		Investment Technology Group, Inc		282,806
	7,000	e	iShares Russell 2000 Index Fund		786,520
	41,000	e	iShares Russell 3000 Index Fund		4,966,740
	63,811		Janus Capital Group, Inc		931,641
	21,930	*	KCG Holdings, Inc		300,441
	45,221	*,e	Ladenburg Thalmann Financial Services, Inc		121,192
	52,222		Lazard Ltd (Class A)		1,882,603
	42,286		Legg Mason, Inc		1,357,803
	28,206	*,e	LendingClub Corp		222,827

144

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	142,081		Leucadia National Corp	$	2,369,911
	35,525	e	LPL Financial Holdings, Inc		937,860
	19,692		MarketAxess Holdings, Inc		2,417,390
	3,292		Marlin Business Services Corp		48,689
	1,266	e	Medley Management, Inc		8,280
	6,782		Moelis & Co		190,642
	80,739		Moody’s Corp		7,728,337
	722,963		Morgan Stanley		19,563,379
	12,247		Morningstar, Inc		1,018,950
	46,951		MSCI, Inc (Class A)		3,565,459
	52,287		NASDAQ OMX Group, Inc		3,226,631
	168,205		Navient Corp		2,299,362
	9,011		Nelnet, Inc (Class A)		377,651
	10,526	*	NewStar Financial, Inc		101,260
	117,923		Northern Trust Corp		8,381,967
	102,151		NorthStar Asset Management Group, Inc		1,270,758
	9,152		OM Asset Management plc		122,820
	4,811	*,e	On Deck Capital, Inc		41,519
	21,854	*,e	OneMain Holdings, Inc		695,394
	3,966		Oppenheimer Holdings, Inc		60,600
	9,653	*	Pico Holdings, Inc		95,854
	14,496	*	Piper Jaffray Cos		604,628
	19,984	*,e	PRA Group, Inc		663,069
	4,748		Pzena Investment Management, Inc (Class A)		43,017
	57,925		Raymond James Financial, Inc		3,021,947
	4,505	*	Regional Management Corp		74,423
	6,469		Resource America, Inc (Class A)		40,884
	132,946	*	S&P Global, Inc		14,205,280
	8,217	*	Safeguard Scientifics, Inc		113,395
	64,502	*	Santander Consumer USA Holdings, Inc		849,491
	59,238		SEI Investments Co		2,848,163
	220,616	*	SLM Corp		1,493,570
	3,000	e	SPDR S&P MidCap 400 ETF Trust		797,550
	119,101	e	SPDR Trust Series 1		24,570,536
	185,029		State Street Corp		11,527,307
	27,768	*	Stifel Financial Corp		913,845
	380,012	*	Synchrony Financial		11,616,967
	128,605		T Rowe Price Group, Inc		9,682,670
	132,751		TD Ameritrade Holding Corp		3,959,962
	13,907		Tiptree Financial, Inc		76,906
	7,143		Virtu Financial, Inc		148,932
	2,871		Virtus Investment Partners, Inc		224,570
	96,574		Voya Financial, Inc		3,135,758
	36,654		Waddell & Reed Financial, Inc (Class A)		745,542
	2,714		Westwood Holdings Group, Inc		156,191
	49,724	e	WisdomTree Investments, Inc		541,494
	3,115	*,e	World Acceptance Corp		135,160
	1,229	*,e	ZAIS Group Holdings, Inc		3,367
			TOTAL DIVERSIFIED FINANCIALS		385,393,583

ENERGY - 6.6%
	45,655	*	Abraxas Petroleum Corp		69,396
	1,000		Adams Resources & Energy, Inc		40,250

145

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	22,186	e	Alon USA Energy, Inc	$	232,953
	235,549		Anadarko Petroleum Corp		12,427,565
	40,005	*	Antero Resources Corp		1,132,141
	170,931		Apache Corp		9,298,646
	28,470		Archrock, Inc		280,429
	9,798		Ardmore Shipping Corp		91,611
	31,018	e	Atwood Oceanics, Inc		299,634
	195,416		Baker Hughes, Inc		9,450,318
	51,764	*,e	Bill Barrett Corp		412,041
	15,099		Bristow Group, Inc		346,069
	219,056		Cabot Oil & Gas Corp		5,125,910
	56,025	*	Callon Petroleum Co		588,823
	8,536	e	CARBO Ceramics, Inc		126,760
	25,681	*	Carrizo Oil & Gas, Inc		908,337
	120,330	*	Cheniere Energy, Inc		4,678,430
	292,116	e	Chesapeake Energy Corp		2,006,837
	889,808		Chevron Corp		90,920,582
	42,749		Cimarex Energy Co		4,654,511
	9,923	*,e	Clayton Williams Energy, Inc		179,904
	32,484	*	Clean Energy Fuels Corp		92,904
	37,432	*,e	Cloud Peak Energy, Inc		82,725
	194,180	*	Cobalt International Energy, Inc		627,201
	179,284		Columbia Pipeline Group, Inc		4,593,256
	58,748	*	Concho Resources, Inc		6,824,755
	575,462		ConocoPhillips		27,501,329
	111,730	e	Consol Energy, Inc		1,681,536
	11,630	*	Contango Oil & Gas Co		146,305
	36,856	*,e	Continental Resources, Inc		1,373,255
	7,838	e	CVR Energy, Inc		190,307
	24,009		Delek US Holdings, Inc		381,503
	172,907	e	Denbury Resources, Inc		667,421
	221,309	*	Devon Energy Corp		7,674,996
	41,496		DHT Holdings, Inc		238,187
	27,486	e	Diamond Offshore Drilling, Inc		666,810
	32,319	*	Diamondback Energy, Inc		2,798,179
	10,808	*	Dorian LPG Ltd		109,809
	16,208	*	Dril-Quip, Inc		1,050,603
	736	*,e	Earthstone Energy, Inc		10,164
	43,644		Energen Corp		1,854,434
	19,728	*,e	Energy Fuels, Inc		46,361
	137,040		Ensco plc		1,638,998
	253,198		EOG Resources, Inc		20,919,219
	73,572	*,e	EP Energy Corp		361,239
	68,480		EQT Corp		4,800,448
	22,290	*	Era Group, Inc		212,424
	15,554	*,e	Erin Energy Corp		31,108
	8,771		Evolution Petroleum Corp		48,591
	19,733	*	Exterran Corp		301,915
	1,975,161	d	Exxon Mobil Corp		174,604,232
	62,541	*,e	Fairmount Santrol Holdings, Inc		250,164
	97,397	*	FMC Technologies, Inc		2,969,635
	24,789	*	Forum Energy Technologies, Inc		414,968
	67,215	e	Frank’s International NV		1,119,130

146

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	24,119	e	Frontline Ltd	$	198,741
	46,846	e	GasLog Ltd		600,097
	38,742	*	Gastar Exploration, Inc		77,097
	7,951	*	Gener8 Maritime, Inc		57,486
	5,250	*,e	Geospace Technologies Corp		85,890
	44,429		Golar LNG Ltd		736,633
	15,813		Green Plains Renewable Energy, Inc		286,215
	11,906	e	Gulfmark Offshore, Inc		80,723
	56,597	*	Gulfport Energy Corp		1,771,486
	4,519	e	Hallador Energy Co		21,104
	394,656		Halliburton Co		16,303,239
	55,572	*	Helix Energy Solutions Group, Inc		479,586
	43,230	e	Helmerich & Payne, Inc		2,858,368
	125,768		Hess Corp		7,498,288
	85,346		HollyFrontier Corp		3,038,318
	14,156	*,e	Hornbeck Offshore Services, Inc		166,191
	9,110	*,e	Independence Contract Drilling, Inc		36,258
	341	*,e	Isramco, Inc		31,771
	842,405		Kinder Morgan, Inc		14,961,113
	129,984	*	Kosmos Energy LLC		842,296
	70,401	*,e	Laredo Petroleum Holdings, Inc		857,484
	393,732		Marathon Oil Corp		5,547,684
	256,742		Marathon Petroleum Corp		10,033,477
	31,972	*,e	Matador Resources Co		688,997
	12,980	*	Matrix Service Co		244,543
	109,671	*,e	McDermott International, Inc		497,906
	34,743	*	Memorial Resource Development Corp		454,438
	83,061	e	Murphy Oil Corp		2,968,600
	155,318		Nabors Industries Ltd		1,522,116
	175,696		National Oilwell Varco, Inc		6,332,084
	5,354	*	Natural Gas Services Group, Inc		123,088
	62,110	e	Navios Maritime Acq Corp		119,872
	83,626	*	Newfield Exploration Co		3,031,442
	38,370	*	Newpark Resources, Inc		179,188
	172,702	e	Noble Corp plc		1,939,443
	192,399		Noble Energy, Inc		6,947,528
	9,719	e	Nordic American Offshore Ltd		55,301
	43,662	e	Nordic American Tanker Shipping		672,831
	4,172	*,e	North Atlantic Drilling Ltd		15,770
	42,056	*,e	Northern Oil And Gas, Inc		229,626
	100,224	*	Oasis Petroleum, Inc		971,171
	356,849		Occidental Petroleum Corp		27,352,476
	42,385		Oceaneering International, Inc		1,553,410
	21,030	*	Oil States International, Inc		728,479
	97,002	e	Oneok, Inc		3,506,622
	17,539	*	Pacific Ethanol, Inc		82,959
	12,659		Panhandle Oil and Gas, Inc (Class A)		239,129
	24,327	*	Par Petroleum Corp		464,889
	56,086	*	Parker Drilling Co		171,623
	67,909	*	Parsley Energy, Inc		1,590,429
	61,210		Patterson-UTI Energy, Inc		1,208,898
	41,947		PBF Energy, Inc		1,349,854
	20,459	*	PDC Energy, Inc		1,284,621

147

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	5,035	*	PHI, Inc	$	112,885
	254,950		Phillips 66		20,933,945
	96,744	*	Pioneer Energy Services Corp		300,874
	75,045		Pioneer Natural Resources Co		12,464,975
	100,202		Questar Market Resources, Inc		1,796,622
	77,014	e	Range Resources Corp		3,397,088
	32,072	*	Renewable Energy Group, Inc		311,740
	3,235	*,e	Rex American Resources Corp		175,887
	41,101	*	Rice Energy, Inc		711,458
	14,006	*,e	RigNet, Inc		239,503
	11,266	*	Ring Energy, Inc		81,115
	58,956		Rowan Cos plc		1,108,962
	42,580	e	RPC, Inc		643,810
	34,344	*	RSP Permian, Inc		1,051,270
	28,765	*	Sanchez Energy Corp		258,597
	657,674		Schlumberger Ltd		52,837,529
	82,818		Scorpio Tankers, Inc		518,441
	7,758	*	SEACOR Holdings, Inc		455,938
	223,517	*,e	Seadrill Ltd		1,068,411
	19,215		SemGroup Corp		589,132
	32,532	e	Ship Finance International Ltd		493,510
	51,187	e	SM Energy Co		1,594,987
	188,744	*,e	Southwestern Energy Co		2,534,832
	306,110		Spectra Energy Corp		9,572,060
	63,455		Superior Energy Services		1,069,851
	95,646	*,e	Synergy Resources Corp		690,564
	75,000		Targa Resources Investments, Inc		3,034,500
	35,239	e	Teekay Corp		394,677
	39,683	e	Teekay Tankers Ltd (Class A)		156,351
	16,145		Tesco Corp		152,732
	57,074		Tesoro Corp		4,548,227
	35,635	*	Tetra Technologies, Inc		256,572
	79,613	e	Tidewater, Inc		697,410
	9,385	*,e	TransAtlantic Petroleum Ltd		10,230
	25,671	*	Unit Corp		324,995
	71,444	*,e	Uranium Energy Corp		57,927
	31,833	e	US Silica Holdings Inc		813,333
	226,487		Valero Energy Corp		13,333,290
	18,049	*,e	W&T Offshore, Inc		43,498
	419,518	*	Weatherford International Ltd		3,410,681
	29,912		Western Refining, Inc		800,445
	106,800	*,e	Whiting Petroleum Corp		1,281,600
	374,067		Williams Cos, Inc		7,253,159
	30,959		World Fuel Services Corp		1,446,714
	143,104	*	WPX Energy, Inc		1,382,385
			TOTAL ENERGY		697,064,848

FOOD & STAPLES RETAILING - 2.0%
	11,700		Andersons, Inc		392,067
	17,534		Casey’s General Stores, Inc		1,963,808
	9,311	*	Chefs’ Warehouse Holdings, Inc		179,423
	206,038		Costco Wholesale Corp		30,520,409
	522,840		CVS Health Corp		52,545,420

148

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	5,387		Ingles Markets, Inc (Class A)	$	194,309
	453,787		Kroger Co		16,059,522
	5,067	*,e	Natural Grocers by Vitamin C		67,695
	5,049	*,e	Performance Food Group Co		130,668
	8,315		Pricesmart, Inc		719,580
	456,881	*	Rite Aid Corp		3,677,892
	9,346	*	Smart & Final Stores, Inc		148,788
	17,874		Spartan Stores, Inc		495,110
	68,237	*	Sprouts Farmers Market, Inc		1,915,413
	109,376	*	Supervalu, Inc		550,161
	269,184		Sysco Corp		12,401,307
	20,912	*	United Natural Foods, Inc		745,931
	2,593		Village Super Market (Class A)		63,269
	407,625		Walgreens Boots Alliance, Inc		32,316,510
	752,949		Wal-Mart Stores, Inc		50,349,700
	4,144		Weis Markets, Inc		188,635
	163,200		Whole Foods Market, Inc		4,745,856
			TOTAL FOOD & STAPLES RETAILING		210,371,473

FOOD, BEVERAGE & TOBACCO - 5.1%
	1,581		Alico, Inc		45,707
	921,753		Altria Group, Inc		57,803,130
	11,027	*,e	Amplify Snack Brands, Inc		169,926
	3,021	*,e	Arcadia Biosciences, Inc		6,495
	289,870		Archer Daniels Midland Co		11,577,408
	26,480		B&G Foods, Inc (Class A)		1,091,241
	17,038	*,e	Blue Buffalo Pet Products, Inc		421,861
	3,908	*	Boston Beer Co, Inc (Class A)		609,961
	15,094	e	Brown-Forman Corp		1,565,399
	54,198		Brown-Forman Corp (Class B)		5,220,351
	67,838		Bunge Ltd		4,239,875
	7,234		Calavo Growers, Inc		413,568
	13,113	e	Cal-Maine Foods, Inc		665,616
	79,391		Campbell Soup Co		4,899,219
	28,161	*,e	Castle Brands, Inc		25,156
	2,067	e	Coca-Cola Bottling Co Consolidated		329,418
	1,843,051		Coca-Cola Co		82,568,685
	105,516		Coca-Cola Enterprises, Inc		5,537,480
	201,350		ConAgra Foods, Inc		8,972,156
	77,134		Constellation Brands, Inc (Class A)		12,037,532
	3,993	*	Craft Brewers Alliance, Inc		34,020
	69,883	*	Darling International, Inc		1,012,605
	66,740	e	Dean Foods Co		1,149,930
	90,429		Dr Pepper Snapple Group, Inc		8,220,900
	3,496	*	Farmer Bros Co		105,614
	78,577		Flowers Foods, Inc		1,505,535
	19,743		Fresh Del Monte Produce, Inc		854,082
	8,938	*,e	Freshpet, Inc		74,007
	273,559		General Mills, Inc		16,780,109
	46,449	*	Hain Celestial Group, Inc		1,944,355
	70,214		Hershey Co		6,537,626
	129,259		Hormel Foods Corp		4,982,934
	32,186		Ingredion, Inc		3,704,287

149

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	5,854	*,e	Inventure Foods, Inc	$	41,915
	9,415		J&J Snack Foods Corp		952,139
	55,792		J.M. Smucker Co		7,084,468
	6,282		John B. Sanfilippo & Son, Inc		347,583
	113,836		Kellogg Co		8,743,743
	288,319		Kraft Heinz Co		22,509,064
	12,265		Lancaster Colony Corp		1,428,872
	10,815	*	Landec Corp		121,669
	1,889	*	Lifeway Foods, Inc		18,323
	4,909	e	Limoneira Co		87,822
	62,502		McCormick & Co, Inc		5,861,438
	91,491		Mead Johnson Nutrition Co		7,973,441
	4,362		Mgp Ingredients, Inc		115,244
	72,906		Molson Coors Brewing Co (Class B)		6,972,001
	765,319		Mondelez International, Inc		32,878,104
	72,090	*	Monster Beverage Corp		10,396,820
	4,631	*	National Beverage Corp		216,453
	13,153	*	Omega Protein Corp		244,514
	691,423		PepsiCo, Inc		71,188,912
	727,856		Philip Morris International, Inc		71,417,231
	28,735	e	Pilgrim’s Pride Corp		773,259
	53,109		Pinnacle Foods, Inc		2,261,912
	27,345	*	Post Holdings, Inc		1,964,465
	397,446		Reynolds American, Inc		19,713,322
	9,235	e	Sanderson Farms, Inc		847,219
	127	*	Seaboard Corp		381,381
	3,366	*	Seneca Foods Corp		109,698
	31,449		Snyder’s-Lance, Inc		1,005,424
	9,335	*	Synutra International, Inc		47,235
	8,246	e	Tootsie Roll Industries, Inc		293,887
	25,999	*	TreeHouse Foods, Inc		2,298,312
	140,728		Tyson Foods, Inc (Class A)		9,262,717
	9,195	e	Universal Corp		501,587
	45,035	e	Vector Group Ltd		972,756
	78,054	*	WhiteWave Foods Co (Class A)		3,138,551
			TOTAL FOOD, BEVERAGE & TOBACCO		537,277,669

HEALTH CARE EQUIPMENT & SERVICES - 5.2%
	3,292	*,e	AAC Holdings, Inc		67,782
	9,364		Abaxis, Inc		424,377
	707,111		Abbott Laboratories		27,506,618
	20,170	*	Abiomed, Inc		1,959,314
	28,702	*	Acadia Healthcare Co, Inc		1,813,679
	33,412	*	Accuray, Inc		179,088
	17,675		Aceto Corp		396,450
	3,135	*	Addus HomeCare Corp		57,998
	3,679	*,e	Adeptus Health, Inc		250,613
	173,357		Aetna Inc		19,462,790
	16,272	*,e	Air Methods Corp		601,739
	39,257	*	Alere, Inc		1,531,023
	36,573	*	Align Technology, Inc		2,640,205
	2,068	*	Alliance HealthCare Services, Inc		14,869
	75,719	*	Allscripts Healthcare Solutions, Inc		1,014,635

150

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	3,624	*	Almost Family, Inc	$	152,244
	19,765	*	Amedisys, Inc		1,017,700
	96,727		AmerisourceBergen Corp		8,231,468
	20,300	*	AMN Healthcare Services, Inc		720,853
	24,686	*	Amsurg Corp		1,999,072
	5,026		Analogic Corp		397,004
	10,989	*	Angiodynamics, Inc		134,615
	5,745	*	Anika Therapeutics, Inc		262,317
	67,061	*,e	Antares Pharma, Inc		73,767
	120,442		Anthem, Inc		16,954,620
	16,427	*,e	athenahealth, Inc		2,189,719
	12,235	*	AtriCure, Inc		194,537
	618		Atrion Corp		245,531
	35,395		Bard (C.R.), Inc		7,509,757
	246,776		Baxter International, Inc		10,912,435
	98,598		Becton Dickinson & Co		15,899,913
	29,228	*,e	BioScrip, Inc		77,162
	11,531	*	BioTelemetry, Inc		181,383
	619,227	*	Boston Scientific Corp		13,573,456
	83,102	*	Brookdale Senior Living, Inc		1,534,063
	14,197		Cantel Medical Corp		951,057
	12,254	*	Capital Senior Living Corp		245,815
	149,972		Cardinal Health, Inc		11,766,803
	13,355	*	Cardiovascular Systems, Inc		186,703
	14,031	*	Castlight Health, Inc		50,512
	75,279	*	Centene Corp		4,664,287
	144,540	*	Cerner Corp		8,114,476
	41,094	*,e	Cerus Corp		257,248
	7,648		Chemed Corp		992,557
	116,959		Cigna Corp		16,203,500
	6,476	*	Civitas Solutions, Inc		129,779
	55,890	*	Community Health Systems, Inc		1,066,381
	4,462	e	Computer Programs & Systems, Inc		229,034
	4,558	*,e	ConforMIS, Inc		56,474
	11,474		Conmed Corp		475,253
	2,706	*	Connecture, Inc		6,251
	25,812		Cooper Cos, Inc		3,951,301
	10,994	*,e	Corindus Vascular Robotics, Inc		11,544
	4,880	*	Corvel Corp		220,576
	13,339	*	Cross Country Healthcare, Inc		165,804
	12,510		CryoLife, Inc		155,124
	6,000	*	Cutera, Inc		69,960
	9,493	*	Cynosure, Inc (Class A)		464,587
	79,683	*	DaVita, Inc		5,888,574
	120,691		DENTSPLY SIRONA, Inc		7,193,184
	34,978	*	DexCom, Inc		2,251,884
	18,600	*,e	Diplomat Pharmacy, Inc		563,394
	100,934	*	Edwards Lifesciences Corp		10,720,200
	28,698	*	Endologix, Inc		321,705
	25,481		Ensign Group, Inc		574,851
	2,354	*,e	Entellus Medical, Inc		34,227
	78,806	*	Envision Healthcare Holdings, Inc		1,783,380
	3,811	*	Exactech, Inc		86,662

151

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	17,896	*	ExamWorks Group, Inc	$	645,151
	301,695	*	Express Scripts Holding Co		22,243,972
	17,289	*	Five Star Quality Care, Inc		42,185
	19,474	*,e	GenMark Diagnostics, Inc		115,091
	32,391	*	Globus Medical, Inc		811,071
	10,451	*	Greatbatch, Inc		363,695
	21,191	*	Haemonetics Corp		687,224
	36,388	*	Halyard Health, Inc		1,024,686
	157,530	*	HCA Holdings, Inc		12,700,069
	15,167	*	HealthEquity, Inc		381,450
	44,560		Healthsouth Corp		1,847,458
	10,518	*	HealthStream, Inc		237,917
	12,854	*	Healthways, Inc		149,749
	18,296	*,e	HeartWare International, Inc		610,355
	36,969	*	Henry Schein, Inc		6,236,670
	23,565		Hill-Rom Holdings, Inc		1,139,368
	36,714	*	HMS Holdings Corp		620,099
	110,035	*	Hologic, Inc		3,696,076
	69,090		Humana, Inc		12,233,766
	11,091	*	ICU Medical, Inc		1,101,780
	45,841	*	Idexx Laboratories, Inc		3,866,688
	4,024	*,e	Imprivata, Inc		48,771
	59,210	*	IMS Health Holdings, Inc		1,577,354
	6,736	*	Inogen Inc		329,121
	10,588	*,e	Inovalon Holdings, Inc		181,055
	23,860	*	Insulet Corp		794,538
	20,876	*	Integra LifeSciences Holdings Corp		1,478,438
	16,617	*	Intuitive Surgical, Inc		10,408,224
	13,425	e	Invacare Corp		150,897
	11,172	*,e	InVivo Therapeutics Holdings Corp		67,032
	1,187	*,e	iRadimed Corp		19,431
	7,484	*	K2M Group Holdings, Inc		121,690
	36,267		Kindred Healthcare, Inc		535,301
	51,218	*	Laboratory Corp of America Holdings		6,418,640
	3,821		Landauer, Inc		132,742
	9,914	*,e	LDR Holding Corp		267,182
	4,833		LeMaitre Vascular, Inc		80,131
	5,627	*	LHC Group, Inc		226,993
	18,242	*	LifePoint Health, Inc		1,232,430
	18,940	*	LivaNova plc		998,706
	15,713	*	Magellan Health Services, Inc		1,107,138
	20,112	*	Masimo Corp		871,855
	108,205		McKesson Corp		18,158,963
	23,205	*	Medidata Solutions, Inc		1,012,434
	40,195	*	MEDNAX, Inc		2,865,502
	681,323		Medtronic plc		53,926,716
	17,521		Meridian Bioscience, Inc		334,826
	18,617	*	Merit Medical Systems, Inc		376,994
	16,384	*	Molina Healthcare, Inc		848,036
	4,200		National Healthcare Corp		270,690
	3,676		National Research Corp		52,898
	13,759	*	Natus Medical, Inc		438,499
	20,469	*	Neogen Corp		966,956

152

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,357	*,e	Nevro Corp	$	763,758
	12,957	*,e	Nobilis Health Corp		54,679
	2,426	*,e	Novocure Ltd		31,295
	21,045	*	NuVasive, Inc		1,114,122
	3,483	*	Nuvectra Corp		29,275
	26,704	*	NxStage Medical, Inc		430,468
	14,598	*	Omnicell, Inc		465,092
	23,565	*	OraSure Technologies, Inc		169,197
	7,923	*	Orthofix International NV		346,711
	42,182		Owens & Minor, Inc		1,535,003
	8,842	*,e	Oxford Immunotec Global plc		92,487
	34,998		Patterson Cos, Inc		1,517,163
	2,036	*,e	Penumbra, Inc		110,962
	15,541	*	PharMerica Corp		367,389
	33,068	*	Premier, Inc		1,118,029
	4,133	*	Press Ganey Holdings, Inc		125,933
	5,733	*	Providence Service Corp		285,733
	23,815		Quality Systems, Inc		335,315
	64,836		Quest Diagnostics, Inc		4,873,722
	11,443	*	Quidel Corp		197,964
	14,581	*	RadNet, Inc		73,634
	63,640		Resmed, Inc		3,551,112
	21,277	*,e	Rockwell Medical, Inc		196,812
	22,692	*	RTI Biologics, Inc		90,541
	3,985	*	SeaSpine Holdings Corp		59,456
	4,961	*,e	Second Sight Medical Products, Inc		23,466
	42,766	*	Select Medical Holdings Corp		572,209
	18,075	*,e	Spectranetics Corp		307,275
	138,176		St. Jude Medical, Inc		10,529,011
	14,817	*,e	Staar Surgical Co		114,239
	38,576		STERIS plc		2,726,166
	158,805		Stryker Corp		17,311,333
	7,270	*	Surgery Partners, Inc		118,428
	13,245	*	Surgical Care Affiliates, Inc		640,396
	5,430	*	SurModics, Inc		109,252
	7,897	*,e	Tandem Diabetes Care, Inc		87,894
	32,599	*,e	Team Health Holdings, Inc		1,363,616
	5,722	*,e	Teladoc, Inc		69,522
	18,936		Teleflex, Inc		2,949,850
	48,126	*	Tenet Healthcare Corp		1,525,113
	39,361	*	TransEnterix, Inc		59,042
	10,733	*	Triple-S Management Corp (Class B)		279,487
	22,475	*,e	Trupanion, Inc		280,263
	50,550	*,e	Unilife Corp		27,797
	453,023		UnitedHealth Group, Inc		59,654,069
	19,646		Universal American Corp		146,166
	41,824		Universal Health Services, Inc (Class B)		5,591,032
	4,931		US Physical Therapy, Inc		245,860
	1,453		Utah Medical Products, Inc		97,206
	56,738	*	Varian Medical Systems, Inc		4,605,991
	6,979	*	Vascular Solutions, Inc		243,916
	44,467	*	VCA Antech, Inc		2,800,087
	43,948	*	Veeva Systems, Inc		1,209,009

153

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	2,579	*,e	Veracyte, Inc	$	14,958
	10,460	*	Vocera Communications, Inc		122,591
	19,879	*	WellCare Health Plans, Inc		1,788,911
	29,883		West Pharmaceutical Services, Inc		2,127,670
	55,220	*	Wright Medical Group NV		1,037,032
	13,608	*,e	Zeltiq Aesthetics, Inc		406,879
	79,809		Zimmer Holdings, Inc		9,239,488
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		543,451,662

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	181,669		Avon Products, Inc		855,661
	22,198	*	Central Garden and Pet Co (Class A)		361,605
	58,846		Church & Dwight Co, Inc		5,455,024
	59,422		Clorox Co		7,441,417
	420,090		Colgate-Palmolive Co		29,792,783
	36,516	e	Coty, Inc		1,110,086
	26,225		Edgewell Personal Care Co		2,152,286
	10,401	*,e	Elizabeth Arden, Inc		106,402
	28,336		Energizer Holdings, Inc		1,232,333
	96,619		Estee Lauder Cos (Class A)		9,262,864
	42,251	*,e	Herbalife Ltd		2,448,445
	32,919	*	HRG Group, Inc		474,034
	6,703		Inter Parfums, Inc		205,246
	167,510		Kimberly-Clark Corp		20,970,577
	5,231		Medifast, Inc		164,933
	5,231	e	Natural Health Trends Corp		189,310
	3,786		Nature’s Sunshine Products, Inc		36,270
	25,040	e	Nu Skin Enterprises, Inc (Class A)		1,020,881
	3,287	*	Nutraceutical International Corp		77,540
	1,470		Oil-Dri Corp of America		49,039
	7,556	e	Orchids Paper Products Co		231,743
	1,292,898		Procter & Gamble Co		103,586,988
	12,196	*	Revlon, Inc (Class A)		444,300
	11,977	e	Spectrum Brands, Inc		1,360,587
	2,534	*,e	USANA Health Sciences, Inc		300,127
	6,944		WD-40 Co		710,371
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		190,040,852

INSURANCE - 4.1%
	206,178		Aflac, Inc		14,220,097
	7,930	*	Alleghany Corp		4,133,750
	39,203		Allied World Assurance Co Holdings Ltd		1,394,843
	184,258		Allstate Corp		11,985,983
	23,053	*	AMBAC Financial Group, Inc		374,150
	33,415		American Equity Investment Life Holding Co		467,810
	32,907		American Financial Group, Inc		2,274,203
	543,936		American International Group, Inc		30,362,508
	2,872		American National Insurance Co		333,497
	7,166		Amerisafe, Inc		386,104
	73,306		Amtrust Financial Services, Inc		1,821,654
	133,745		Aon plc		14,059,274
	54,993	*	Arch Capital Group Ltd		3,876,457
	11,484		Argo Group International Holdings Ltd		631,275

154

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	85,118		Arthur J. Gallagher & Co	$	3,918,833
	25,295		Aspen Insurance Holdings Ltd		1,172,423
	29,376		Assurant, Inc		2,484,328
	65,960		Assured Guaranty Ltd		1,706,385
	4,444	*	Atlas Financial Holdings, Inc		78,081
	45,995		Axis Capital Holdings Ltd		2,450,154
	3,677		Baldwin & Lyons, Inc (Class B)		89,866
	878,150	*	Berkshire Hathaway, Inc (Class B)		127,753,262
	65,134		Brown & Brown, Inc		2,286,855
	219,551		Chubb Ltd		25,876,281
	72,745		Cincinnati Financial Corp		4,801,897
	23,451	*,e	Citizens, Inc (Class A)		191,126
	15,393		CNA Financial Corp		486,419
	84,431		Conseco, Inc		1,550,997
	11,500		Crawford & Co (Class B)		77,510
	3,405		Donegal Group, Inc (Class A)		52,131
	2,877		EMC Insurance Group, Inc		76,125
	12,555		Employers Holdings, Inc		372,884
	26,142		Endurance Specialty Holdings Ltd		1,672,565
	3,656	*	Enstar Group Ltd		579,257
	16,832		Erie Indemnity Co (Class A)		1,588,772
	19,755		Everest Re Group Ltd		3,652,699
	12,227		FBL Financial Group, Inc (Class A)		739,367
	5,754		Federated National Holding Co		109,614
	5,606	e	Fidelity & Guaranty Life		148,223
	43,516		First American Financial Corp		1,567,446
	120,490		FNF Group		3,843,631
	211,511	*	Genworth Financial, Inc (Class A)		725,483
	12,261	*	Greenlight Capital Re Ltd (Class A)		263,979
	5,627	*	Hallmark Financial Services		63,529
	17,950		Hanover Insurance Group, Inc		1,539,392
	187,094		Hartford Financial Services Group, Inc		8,303,232
	3,640	e	HCI Group, Inc		109,054
	9,642		Heritage Insurance Holdings, Inc		128,142
	15,137		Horace Mann Educators Corp		470,761
	3,159		Independence Holding Co		48,554
	4,392		Infinity Property & Casualty Corp		352,063
	6,321		James River Group Holdings Ltd		195,698
	19,560		Kemper Corp		605,578
	114,672		Lincoln National Corp		4,982,498
	135,953		Loews Corp		5,394,615
	19,565		Maiden Holdings Ltd		239,280
	6,799	*	Markel Corp		6,113,049
	254,189		Marsh & McLennan Cos, Inc		16,052,035
	47,353	*	MBIA, Inc		369,353
	20,759		Mercury General Corp		1,098,151
	441,619		MetLife, Inc		19,917,017
	14,334		National General Holdings Corp		289,403
	1,981		National Interstate Corp		60,995
	1,147		National Western Life Group, Inc		248,555
	8,286	*	Navigators Group, Inc		684,506
	114,477		Old Republic International Corp		2,116,680
	3,585	*,e	Patriot National, Inc		29,827

155

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	27,727	e	Primerica, Inc	$	1,374,150
	128,589		Principal Financial Group		5,488,179
	30,721		ProAssurance Corp		1,466,313
	300,125		Progressive Corp		9,784,075
	204,044		Prudential Financial, Inc		15,841,976
	33,904		Reinsurance Group of America, Inc (Class A)		3,228,339
	20,478		RenaissanceRe Holdings Ltd		2,271,215
	26,545		RLI Corp		1,650,568
	5,324		Safety Insurance Group, Inc		301,392
	28,054		Selective Insurance Group, Inc		973,754
	6,046		State Auto Financial Corp		124,003
	11,853		State National Cos, Inc		133,702
	8,992		Stewart Information Services Corp		313,101
	34,592	*	Third Point Reinsurance Ltd		393,657
	74,149		Torchmark Corp		4,292,486
	139,707		Travelers Cos, Inc		15,353,799
	3,342	*	United America Indemnity Ltd		105,106
	7,816		United Fire & Casualty Co		350,313
	6,793		United Insurance Holdings Corp		110,794
	12,750	e	Universal Insurance Holdings, Inc		224,528
	104,808		UnumProvident Corp		3,585,482
	36,138		Validus Holdings Ltd		1,665,600
	40,861		W.R. Berkley Corp		2,288,216
	2,576		White Mountains Insurance Group Ltd		2,138,080
	152,250		XL Capital Ltd		4,983,143
			TOTAL INSURANCE		424,492,136

MATERIALS - 3.4%
	16,713		A. Schulman, Inc		466,126
	1,694		AEP Industries, Inc		104,401
	99,900		Air Products & Chemicals, Inc		14,574,411
	31,824		Airgas, Inc		4,533,011
	80,889	*,e	AK Steel Holding Corp		378,561
	54,044		Albemarle Corp		3,575,551
	609,323	e	Alcoa, Inc		6,806,138
	48,985	e	Allegheny Technologies, Inc		800,415
	11,715		American Vanguard Corp		193,883
	26,457		Aptargroup, Inc		2,010,732
	29,282		Ashland, Inc		3,267,871
	42,007		Avery Dennison Corp		3,050,128
	64,599	*	Axalta Coating Systems Ltd		1,839,134
	30,459		Axiall Corp		717,309
	13,001		Balchem Corp		797,741
	61,017		Ball Corp		4,355,393
	44,396		Bemis Co, Inc		2,227,791
	53,668	*	Berry Plastics Group, Inc		1,933,121
	16,383	*	Boise Cascade Co		341,913
	29,975		Cabot Corp		1,462,480
	21,261		Calgon Carbon Corp		348,468
	21,158		Carpenter Technology Corp		749,205
	69,841		Celanese Corp (Series A)		4,937,759
	28,403	*,e	Century Aluminum Co		250,514
	109,154		CF Industries Holdings, Inc		3,609,723

156

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	2,772		Chase Corp	$	156,036
	95,430		Chemours Co		870,322
	29,409	*	Chemtura		819,041
	8,163	*	Clearwater Paper Corp		487,658
	148,256	*,e	Cliffs Natural Resources, Inc		781,309
	70,741	*	Coeur Mining, Inc		573,002
	50,638		Commercial Metals Co		907,433
	13,610	e	Compass Minerals International, Inc		1,020,206
	3,136	*	Core Molding Technologies, Inc		36,785
	60,020	*	Crown Holdings, Inc		3,178,659
	4,672		Deltic Timber Corp		292,000
	28,645		Domtar Corp		1,106,843
	527,825		Dow Chemical Co		27,768,873
	20,782		Eagle Materials, Inc		1,540,362
	71,899		Eastman Chemical Co		5,491,646
	125,460		Ecolab, Inc		14,425,391
	422,510		EI du Pont de Nemours & Co		27,847,634
	33,069	*	Ferro Corp		421,299
	26,519		Ferroglobe plc		270,229
	24,560	*,e	Flotek Industries, Inc		232,092
	58,089		FMC Corp		2,512,930
	584,270	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		8,179,780
	9,761		FutureFuel Corp		109,714
	33,638	*	GCP Applied Technologies, Inc		744,409
	149,111		Graphic Packaging Holding Co		1,980,194
	13,180		Greif, Inc (Class A)		457,346
	20,360		H.B. Fuller Co		910,499
	1,004	*	Handy & Harman Ltd		27,540
	4,200		Hawkins, Inc		164,346
	5,132		Haynes International, Inc		192,604
	33,400	*	Headwaters, Inc		668,334
	239,148	e	Hecla Mining Co		1,030,728
	92,250		Huntsman Corp		1,452,015
	10,340		Innophos Holdings, Inc		382,166
	11,836		Innospec, Inc		572,389
	36,886		International Flavors & Fragrances, Inc		4,406,770
	196,142		International Paper Co		8,487,064
	27,550	*	Intrepid Potash, Inc		35,264
	11,076		Kaiser Aluminum Corp		1,050,337
	36,287		Kapstone Paper and Packaging Corp		576,600
	3,950		KMG Chemicals, Inc		93,575
	9,009	*	Koppers Holdings, Inc		226,396
	13,123	*	Kraton Polymers LLC		298,023
	8,381	e	Kronos Worldwide, Inc		55,734
	62,472	*	Louisiana-Pacific Corp		1,062,024
	24,172	*	LSB Industries, Inc		318,104
	172,743		LyondellBasell Industries AF S.C.A		14,280,664
	31,604		Martin Marietta Materials, Inc		5,348,345
	8,509		Materion Corp		246,676
	14,460		Minerals Technologies, Inc		866,154
	206,119		Monsanto Co		19,309,228
	157,797		Mosaic Co		4,416,738
	8,563	*	Multi Packaging Solutions International Ltd		142,317

157

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	10,894		Myers Industries, Inc	$	146,851
	6,713		Neenah Paper, Inc		436,949
	3,613		NewMarket Corp		1,467,095
	250,637		Newmont Mining Corp		8,764,776
	144,605		Nucor Corp		7,198,437
	86,018		Olin Corp		1,874,332
	8,043		Olympic Steel, Inc		181,933
	23,656	*	Omnova Solutions, Inc		169,140
	73,880	*	Owens-Illinois, Inc		1,363,825
	46,655		Packaging Corp of America		3,026,976
	17,645		PH Glatfelter Co		404,600
	64,746	*,e	Platform Specialty Products Corp		666,884
	37,351		PolyOne Corp		1,343,889
	127,825		PPG Industries, Inc		14,110,602
	136,461		Praxair, Inc		16,028,709
	9,880		Quaker Chemical Corp		879,913
	30,749		Rayonier Advanced Materials, Inc		315,177
	10,053	*	Real Industry, Inc		88,869
	32,379		Reliance Steel & Aluminum Co		2,395,075
	10,035	*	Rentech, Inc		34,821
	28,450		Royal Gold, Inc		1,781,539
	60,725		RPM International, Inc		3,068,434
	6,509	*,e	Ryerson Holding Corp		57,800
	13,851		Schnitzer Steel Industries, Inc (Class A)		285,608
	14,709		Schweitzer-Mauduit International, Inc		505,842
	20,556		Scotts Miracle-Gro Co (Class A)		1,454,954
	90,655		Sealed Air Corp		4,293,421
	17,740	*,e	Senomyx, Inc		43,463
	19,703		Sensient Technologies Corp		1,325,027
	37,681		Sherwin-Williams Co		10,826,128
	18,128		Silgan Holdings, Inc		919,815
	46,072		Sonoco Products Co		2,160,316
	60,345	e	Southern Copper Corp (NY)		1,790,436
	113,653		Steel Dynamics, Inc		2,865,192
	10,492		Stepan Co		643,055
	49,644	*,e	Stillwater Mining Co		605,657
	16,907	*	Summit Materials, Inc		353,356
	27,754		SunCoke Energy, Inc		206,212
	107,057		Tahoe Resources, Inc		1,512,715
	36,968		TimkenSteel Corp		470,972
	8,634	*	Trecora Resources		98,859
	10,895		Tredegar Corp		173,884
	7,567	*	Trinseo S.A.		323,792
	53,370	e	Tronox Ltd		388,534
	790		United States Lime & Minerals, Inc		42,320
	65,627	e	United States Steel Corp		1,254,132
	8,635	*	US Concrete, Inc		533,298
	7,765		Valhi, Inc		15,297
	36,687		Valspar Corp		3,914,136
	61,180		Vulcan Materials Co		6,584,803
	17,472		Westlake Chemical Corp		876,920
	128,764		WestRock Co		5,388,773
	20,425	*	Worthington Industries, Inc		771,044

158

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	33,638	*	WR Grace & Co	$	2,579,362
			TOTAL MATERIALS		351,177,555

MEDIA - 3.3%
	10,427		AMC Entertainment Holdings, Inc		293,833
	27,125	*	AMC Networks, Inc		1,769,364
	1,540		Cable One, Inc		706,798
	99,565		Cablevision Systems Corp (Class A)		3,324,475
	10,271	*	Carmike Cinemas, Inc		308,027
	222,200		CBS Corp (Class B)		12,423,202
	31,564	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		83,960
	34,344	*,e	Charter Communications, Inc		7,289,171
	48,238		Cinemark Holdings, Inc		1,671,447
	16,417	e	Clear Channel Outdoor Holdings, Inc (Class A)		83,891
	1,174,060		Comcast Corp (Class A)		71,335,886
	12,729	*	Crown Media Holdings, Inc (Class A)		64,536
	444	*,e	Daily Journal Corp		87,202
	82,681	*	Discovery Communications, Inc (Class A)		2,258,018
	136,939	*	Discovery Communications, Inc (Class C)		3,667,226
	98,681	*	DISH Network Corp (Class A)		4,863,986
	31,787	*,e	DreamWorks Animation SKG, Inc (Class A)		1,268,937
	10,087	*	Entercom Communications Corp (Class A)		114,387
	27,822		Entravision Communications Corp (Class A)		221,185
	24,722		EW Scripps Co (Class A)		375,280
	47,342		Gannett Co, Inc		797,713
	19,954	*,e	Global Eagle Entertainment, Inc		159,832
	26,249	*	Gray Television, Inc		337,300
	19,411		Harte-Hanks, Inc		35,328
	4,651	*,e	Hemisphere Media Group, Inc		55,626
	25,300	*	Imax Corp		809,600
	187,029		Interpublic Group of Cos, Inc		4,290,445
	18,939		John Wiley & Sons, Inc (Class A)		939,185
	6,400	*	Liberty Braves Group (Class A)		100,096
	9,796	*	Liberty Braves Group (Class C)		146,156
	11,045	*	Liberty Broadband Corp (Class A)		633,099
	32,412	*	Liberty Broadband Corp (Class C)		1,855,587
	16,002	*	Liberty Media Group (Class A)		292,837
	24,492	*	Liberty Media Group (Class C)		440,856
	64,008	*	Liberty SiriusXM Group (Class A)		2,097,542
	97,969	*	Liberty SiriusXM Group (Class C)		3,136,967
	43,796	e	Lions Gate Entertainment Corp		972,271
	60,990	*	Live Nation, Inc		1,310,065
	6,029	*	Loral Space & Communications, Inc		221,144
	8,488	*	Madison Square Garden Co		1,332,446
	18,296		MDC Partners, Inc		370,311
	40,298	*	Media General, Inc		698,364
	14,647		Meredith Corp		751,538
	30,657	*	MSG Networks, Inc		523,928
	24,739		National CineMedia, Inc		351,294
	27,474		New Media Investment Group, Inc		440,958
	56,460		New York Times Co (Class A)		723,817
	167,147		News Corp		2,075,966
	68,242		News Corp (Class B)		884,416

159

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	13,013	e	Nexstar Broadcasting Group, Inc (Class A)	$	667,957
	120,182		Omnicom Group, Inc		9,971,501
	7,081	*	Reading International, Inc		91,841
	43,690	e	Regal Entertainment Group (Class A)		910,937
	1,443		Saga Communications, Inc		60,678
	11,055		Scholastic Corp		402,181
	39,425		Scripps Networks Interactive (Class A)		2,458,149
	27,529	e	Sinclair Broadcast Group, Inc (Class A)		882,855
	1,012,994	*,e	Sirius XM Holdings, Inc		4,001,326
	9,582	*	Sizmek, Inc		25,392
	37,294	*	Starz-Liberty Capital		1,014,770
	102,409		TEGNA, Inc		2,392,274
	147,883		Thomson Corp		6,082,428
	130,175		Time Warner Cable, Inc		27,611,419
	388,835		Time Warner, Inc		29,217,062
	44,686		Time, Inc		656,884
	3,579	*	Townsquare Media, Inc		38,081
	33,656		Tribune Co		1,297,439
	10,216		Tribune Publishing Co		115,747
	539,771		Twenty-First Century Fox, Inc		16,333,470
	232,486		Twenty-First Century Fox, Inc (Class B)		7,002,478
	6,549		Viacom, Inc		287,698
	175,129		Viacom, Inc (Class B)		7,162,776
	810,369		Walt Disney Co		83,678,703
	14,116	e	World Wrestling Entertainment, Inc (Class A)		234,890
			TOTAL MEDIA		341,594,434

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
	780,268		AbbVie, Inc		47,596,348
	4,145	*,e	Abeona Therapeutics, Inc		11,274
	38,133	*,e	Acadia Pharmaceuticals, Inc		1,231,696
	11,534	*	Accelerate Diagnostics, Inc		144,752
	12,010	*	Acceleron Pharma, Inc		359,699
	49,789	*	Achillion Pharmaceuticals, Inc		425,696
	1,753	*,e	Aclaris Therapeutics, Inc		32,395
	18,623	*	Acorda Therapeutics, Inc		481,405
	4,341	*,e	Adamas Pharmaceuticals, Inc		73,276
	3,477	*,e	Aduro Biotech, Inc		45,027
	24,457	*,e	Advaxis, Inc		189,297
	11,471	*,e	Aegerion Pharmaceuticals, Inc		32,692
	8,917	*	Aerie Pharmaceuticals, Inc		141,424
	6,488	*,e	Affimed NV		26,276
	32,182	*,e	Agenus, Inc		113,281
	4,678	*	Agile Therapeutics, Inc		27,086
	147,880		Agilent Technologies, Inc		6,051,250
	10,892	*,e	Agios Pharmaceuticals, Inc		533,163
	4,873	*,e	Aimmune Therapeutics, Inc		63,105
	22,014	*,e	Akebia Therapeutics, Inc		206,711
	40,640	*,e	Akorn, Inc		1,034,288
	9,821	*,e	Albany Molecular Research, Inc		147,806
	9,973	*	Alder Biopharmaceuticals, Inc		264,783
	99,758	*	Alexion Pharmaceuticals, Inc		13,894,294
	13,899	*,e	Alimera Sciences, Inc		30,856

160

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	68,426	*	Alkermes plc	$	2,719,933
	185,682	*	Allergan plc		40,211,294
	33,593	*	Alnylam Pharmaceuticals, Inc		2,252,075
	15,264	*,e	AMAG Pharmaceuticals, Inc		404,801
	365,194		Amgen, Inc		57,810,210
	50,202	*,e	Amicus Therapeutics, Inc		375,009
	13,086	*,e	Amphastar Pharmaceuticals, Inc		160,958
	19,078	*,e	Anacor Pharmaceuticals, Inc		1,196,954
	3,304	*,e	ANI Pharmaceuticals, Inc		150,233
	21,009	*,e	Anthera Pharmaceuticals, Inc		77,733
	3,706	*	Applied Genetic Technologies Corp		58,221
	11,983	*,e	Aralez Pharmaceuticals, Inc		46,854
	12,806	*,e	Aratana Therapeutics, Inc		76,964
	7,258	*	Ardelyx, Inc		58,137
	101,870	*,e	Arena Pharmaceuticals, Inc		175,216
	70,529	*	Ariad Pharmaceuticals, Inc		506,398
	59,501	*,e	Array Biopharma, Inc		189,808
	26,110	*,e	Arrowhead Research Corp		151,177
	6,395	*,e	Assembly Biosciences, Inc		38,370
	4,375	*,e	Asterias Biotherapeutics, Inc		18,769
	7,360	*	Atara Biotherapeutics, Inc		132,554
	2,585	*,e	aTyr Pharma, Inc		9,203
	12,037	*	Avalanche Biotechnologies, Inc		67,889
	6,415	*	Axovant Sciences Ltd		83,395
	275,847		Baxalta, Inc		11,571,782
	3,426	*,e	Bellicum Pharmaceuticals, Inc		34,740
	30,549	*	BioCryst Pharmaceuticals, Inc		99,590
	20,345	*,e	BioDelivery Sciences International, Inc		68,766
	106,021	*	Biogen Idec, Inc		29,154,715
	73,467	*	BioMarin Pharmaceutical, Inc		6,221,186
	12,282	*	Bio-Rad Laboratories, Inc (Class A)		1,742,202
	1,907	*	Biospecifics Technologies Corp		67,813
	22,343		Bio-Techne Corp		2,081,921
	21,816	*,e	BioTime, Inc		63,703
	17,515	*	Bluebird Bio, Inc		776,790
	3,980	*	Blueprint Medicines Corp		60,416
	786,016		Bristol-Myers Squibb Co		56,734,635
	69,450		Bruker BioSciences Corp		1,965,435
	4,845	*,e	Calithera Biosciences, Inc		25,824
	13,063	*	Cambrex Corp		630,159
	9,334	*,e	Cara Therapeutics Inc		56,937
	34,941	*	Catalent, Inc		1,031,808
	32,705	*	Catalyst Pharmaceuticals, Inc		22,239
	374,298	*	Celgene Corp		38,706,156
	54,616	*,e	Celldex Therapeutics, Inc		218,464
	4,292	*	Cellular Biomedicine Group, Inc		74,123
	18,786	*,e	Cempra, Inc		318,047
	30,223	*	Cepheid, Inc		862,564
	20,437	*	Charles River Laboratories International, Inc		1,620,041
	11,750	*,e	ChemoCentryx, Inc		28,200
	4,507	*,e	Chiasma, Inc		15,189
	19,935	*,e	Chimerix, Inc		119,211
	2,186	*,e	Cidara Therapeutics, Inc		29,249

161

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,793	*,e	Clovis Oncology, Inc	$	164,041
	10,013	*,e	Coherus Biosciences, Inc		188,545
	2,753	*,e	Collegium Pharmaceutical, Inc		52,472
	6,440	*	Concert Pharmaceuticals Inc		89,774
	26,242	*,e	Corcept Therapeutics, Inc		125,174
	3,978	*	Corium International, Inc		17,821
	13,199	*,e	CorMedix, Inc		55,172
	47,198	*	Curis, Inc		94,396
	14,477	*,e	Cytokinetics, Inc		117,843
	28,094	*,e	CytRx Corp		91,586
	26,397	*,e	Depomed, Inc		458,780
	7,827	*	Dermira, Inc		197,945
	6,445	*,e	Dicerna Pharmaceuticals Inc		29,776
	47,996	*	Durect Corp		64,315
	15,131	*,e	Dynavax Technologies Corp		248,300
	5,809	*	Eagle Pharmaceuticals, Inc		219,929
	465,753		Eli Lilly & Co		35,178,324
	12,346	*	Emergent Biosolutions, Inc		475,568
	6,742	*,e	Enanta Pharmaceuticals, Inc		196,866
	103,173	*	Endo International plc		2,785,671
	16,078	*,e	Endocyte, Inc		62,704
	22,129	*	Epizyme, Inc		230,584
	5,562	*,e	Esperion Thereapeutics, Inc		91,161
	39,700	*,e	Exact Sciences Corp		278,694
	132,534	*,e	Exelixis, Inc		610,982
	10,710	*,e	Fibrocell Science, Inc		29,560
	20,219	*	FibroGen, Inc		363,942
	11,496	*	Five Prime Therapeutics, Inc		547,095
	2,340	*,e	Flex Pharma, Inc		25,646
	6,079	*	Flexion Therapeutics Inc		63,222
	12,333	*,e	Fluidigm Corp		118,150
	9,530	*,e	Foamix Pharmaceuticals Ltd		60,134
	5,638	*,e	Foundation Medicine, Inc		89,926
	77,129	*,e	Galena Biopharma, Inc		106,438
	7,981	*,e	Genocea Biosciences Inc		35,116
	7,321	*	Genomic Health, Inc		192,396
	102,393	*,e	Geron Corp		302,059
	641,216		Gilead Sciences, Inc		56,561,663
	3,039	*	Global Blood Therapeutics, Inc		61,297
	44,654	*,e	Halozyme Therapeutics, Inc		471,100
	13,205	*	Harvard Bioscience, Inc		39,219
	27,303	*,e	Heron Therapeutics, Inc		585,376
	2,379	*	Heska Corp		72,797
	35,999	*,e	Idera Pharmaceuticals, Inc		59,758
	7,904	*,e	Ignyta, Inc		54,696
	66,508	*	Illumina, Inc		8,977,915
	4,828	*,e	Immune Design Corp		65,854
	37,297	*	Immunogen, Inc		255,484
	58,703	*,e	Immunomedics, Inc		208,396
	30,046	*	Impax Laboratories, Inc		1,002,034
	11,857	*	INC Research Holdings, Inc		570,677
	71,252	*	Incyte Corp		5,149,382
	20,634	*	Infinity Pharmaceuticals, Inc		119,677

162

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	35,790	e	Innoviva, Inc	$	441,649
	30,381	*,e	Inovio Pharmaceuticals, Inc		318,393
	25,615	*	Insmed, Inc		311,222
	9,791	*,e	Insys Therapeutics, Inc		141,872
	8,853	*,e	Intercept Pharmaceuticals, Inc		1,334,501
	5,893	*	Intersect ENT, Inc		118,155
	12,325	*	Intra-Cellular Therapies, Inc		422,994
	22,481	*,e	Intrexon Corp		600,917
	3,218	*,e	Invitae Corp		30,700
	54,026	*,e	Ionis Pharmaceuticals, Inc		2,213,445
	52,675	*,e	Ironwood Pharmaceuticals, Inc		550,454
	31,830	*	Jazz Pharmaceuticals plc		4,796,781
	1,317,365		Johnson & Johnson		147,650,269
	4,959	*,e	Juno Therapeutics, Inc		208,724
	9,896	*	Karyopharm Therapeutics, Inc		92,033
	59,147	*,e	Keryx Biopharmaceuticals, Inc		321,760
	14,656	*	Kite Pharma, Inc		678,280
	8,243	*	La Jolla Pharmaceutical Co		152,578
	11,088	*,e	Lannett Co, Inc		212,668
	17,445	*,e	Lexicon Pharmaceuticals, Inc		240,915
	9,568	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,156,484
	19,238	*,e	Lion Biotechnologies, Inc		109,079
	3,463	*,e	Loxo Oncology, Inc		79,822
	16,996	*	Luminex Corp		341,620
	14,847	*	MacroGenics, Inc		305,254
	55,715	*	Mallinckrodt plc		3,483,302
	7,447	*,e	Medgenics, Inc		35,522
	28,492	*	Medicines Co		1,014,030
	71,605	*	Medivation, Inc		4,138,769
	1,339,976		Merck & Co, Inc		73,484,284
	46,587	*,e	Merrimack Pharmaceuticals, Inc		329,836
	13,994	*	Mettler-Toledo International, Inc		5,009,152
	47,130	*,e	MiMedx Group, Inc		354,889
	4,258	*,e	Mirati Therapeutics, Inc		88,226
	25,582	*	Momenta Pharmaceuticals, Inc		243,285
	194,455	*	Mylan NV		8,110,718
	45,906	*,e	Myriad Genetics, Inc		1,652,616
	5,740	*,e	NanoString Technologies, Inc		91,381
	65,883	*,e	Navidea Biopharmceuticals, Inc		90,919
	56,385	*	Nektar Therapeutics		884,117
	42,601	*,e	NeoGenomics, Inc		346,772
	51,735	*	Neurocrine Biosciences, Inc		2,358,081
	8,803	*,e	NewLink Genetics Corp		142,697
	20,474	*,e	Northwest Biotherapeutics, Inc		28,664
	132,353	*,e	Novavax, Inc		693,530
	5,561	*,e	Ocular Therapeutix, Inc		68,289
	15,786	*,e	Omeros Corp		209,164
	1,089	*	Oncocyte Corp		5,652
	7,049	*,e	OncoMed Pharmaceuticals, Inc		87,408
	43,248	*,e	Oncothyreon, Inc		56,222
	10,032	*	Ophthotech Corp		468,896
	138,212	*,e	Opko Health, Inc		1,485,779
	45,573	*,e	Orexigen Therapeutics, Inc		20,371

163

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	49,140	*,e	Organovo Holdings, Inc	$	133,661
	7,783	e	Osiris Therapeutics, Inc		43,663
	12,099	*	Otonomy, Inc		172,532
	9,996	*,e	OvaScience, Inc		83,766
	27,392	*,e	Pacific Biosciences of California, Inc		264,333
	15,767	*,e	Pacira Pharmaceuticals, Inc		853,152
	5,045	e	Paratek Pharmaceuticals, Inc		68,713
	22,988	*	Parexel International Corp		1,404,567
	72,802		PDL BioPharma, Inc		274,464
	80,669	*,e	Peregrine Pharmaceuticals, Inc		28,565
	46,959		PerkinElmer, Inc		2,367,673
	18,619	*,e	Pernix Therapeutics Holdings, Inc		13,966
	70,108		Perrigo Co plc		6,777,340
	6,895	*	Pfenex, Inc		56,263
	2,913,813		Pfizer, Inc		95,310,823
	7,545		Phibro Animal Health Corp		156,483
	22,596	*	Portola Pharmaceuticals, Inc		536,881
	12,394	*	PRA Health Sciences, Inc		588,095
	22,326	*	Prestige Brands Holdings, Inc		1,267,670
	30,473	*	Progenics Pharmaceuticals, Inc		161,812
	3,338	*,e	Proteon Therapeutics, Inc		32,579
	16,124	*	Prothena Corp plc		696,396
	14,333	*,e	PTC Therapeutics, Inc		106,351
	10,504	*,e	Puma Biotechnology, Inc		322,368
	101,772	*	Qiagen NV (NASDAQ)		2,285,799
	44,596	*	Quintiles Transnational Holdings, Inc		3,080,246
	15,192	*,e	Radius Health, Inc		540,835
	34,147	*	Raptor Pharmaceutical Corp		167,662
	36,165	*	Regeneron Pharmaceuticals, Inc		13,623,717
	783	*,e	REGENXBIO, Inc		8,159
	12,074	*,e	Regulus Therapeutics, Inc		70,512
	13,895	*,e	Relypsa, Inc		251,499
	13,740	*	Repligen Corp		366,034
	21,285	*	Retrophin, Inc		293,307
	9,301	*,e	Revance Therapeutics, Inc		170,952
	37,550	*	Rigel Pharmaceuticals, Inc		106,266
	5,780	*,e	Sage Therapeutics, Inc		217,848
	9,193	*	Sagent Pharmaceuticals		107,007
	29,213	*,e	Sangamo Biosciences, Inc		184,042
	19,958	*,e	Sarepta Therapeutics, Inc		283,204
	22,166	*	Sciclone Pharmaceuticals, Inc		292,591
	46,464	*,e	Seattle Genetics, Inc		1,648,543
	50,200	*,e	Sequenom, Inc		64,256
	3,756	*,e	Seres Therapeutics, Inc		110,877
	12,170	*,e	Sorrento Therapeutics, Inc		83,486
	3,379	*,e	Spark Therapeutics, Inc		121,272
	27,773	*,e	Spectrum Pharmaceuticals, Inc		196,911
	6,776	*,e	Stemline Therapeutics, Inc		37,268
	10,521	*	Sucampo Pharmaceuticals, Inc (Class A)		113,416
	15,948	*	Supernus Pharmaceuticals, Inc		273,668
	42,666	*,e	Synergy Pharmaceuticals, Inc		133,971
	3,929	*,e	T2 Biosystems, Inc		36,029
	17,729	*,e	Teligent, Inc		97,864

164

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	9,838	*,e	TESARO, Inc	$	407,687
	15,324	*	Tetraphase Pharmaceuticals, Inc		85,814
	15,204	*,e	TG Therapeutics, Inc		138,508
	71,280	*,e	TherapeuticsMD, Inc		588,060
	19,698	*,e	Theravance Biopharma, Inc		408,733
	180,832		Thermo Electron Corp		26,085,016
	678	*	Tobira Therapeutics, Inc		5,336
	4,104	*,e	Tokai Pharmaceuticals, Inc		30,082
	23,387	*	Trevena, Inc		182,185
	17,370	*,e	Trovagene, Inc		69,827
	18,015	*	Ultragenyx Pharmaceutical, Inc		1,218,174
	23,830	*	United Therapeutics Corp		2,506,916
	17,036	*	Vanda Pharmaceuticals, Inc		151,620
	13,570	*,e	Verastem, Inc		22,391
	9,623	*,e	Versartis, Inc		87,184
	112,665	*	Vertex Pharmaceuticals, Inc		9,502,166
	16,833	*,e	Vital Therapies, Inc		144,259
	44,171	*,e	Vivus, Inc		72,882
	10,941	*	VWR Corp		291,468
	35,584	*	Waters Corp		4,631,613
	1,673	*	XBiotech, Inc		21,331
	11,932	*	Xencor Inc		146,167
	24,937	*	Xenoport, Inc		109,723
	6,984	*	Zafgen, Inc		44,488
	48,286	*,e	ZIOPHARM Oncology, Inc		379,528
	244,827		Zoetis Inc		11,514,214
	10,650	*	Zogenix, Inc		109,163
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		916,304,404

REAL ESTATE - 4.3%
	27,624		Acadia Realty Trust		930,929
	11,101		AG Mortgage Investment Trust		148,642
	9,305		Agree Realty Corp		360,848
	20,362		Alexander & Baldwin, Inc		778,643
	2,182		Alexander’s, Inc		834,986
	36,958		Alexandria Real Estate Equities, Inc		3,435,246
	501	*,e	Altisource Asset Management Corp		8,392
	5,825	*,e	Altisource Portfolio Solutions S.A.		182,264
	25,816		Altisource Residential Corp		299,982
	19,801		American Assets Trust,Inc		785,506
	60,081		American Campus Communities, Inc		2,688,625
	161,567		American Capital Agency Corp		2,967,986
	26,768		American Capital Mortgage, Inc		396,969
	119,015		American Homes 4 Rent		1,882,817
	207,666		American Tower Corp		21,780,010
	481,805		Annaly Capital Management, Inc		5,020,408
	50,785		Anworth Mortgage Asset Corp		239,705
	80,188		Apartment Investment & Management Co (Class A)		3,212,331
	28,601		Apollo Commercial Real Estate Finance, Inc		455,614
	76,600		Apple Hospitality REIT, Inc		1,450,038
	23,395		Ares Commercial Real Estate Corp		280,740
	25,296		Armada Hoffler Properties, Inc		295,963
	25,256		ARMOUR Residential REIT, Inc		537,448

165

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	11,429		Ashford Hospitality Prime, Inc	$	127,890
	41,202		Ashford Hospitality Trust, Inc		230,319
	5,479	*,e	AV Homes, Inc		63,008
	59,941		AvalonBay Communities, Inc		10,596,969
	8,243		Bluerock Residential Growth REIT, Inc		90,178
	75,656		Boston Properties, Inc		9,749,032
	86,690		Brandywine Realty Trust		1,296,015
	70,304		Brixmor Property Group, Inc		1,775,176
	35,146		Camden Property Trust		2,837,337
	53,268		Capstead Mortgage Corp		517,765
	38,631		Care Capital Properties, Inc		1,030,289
	13,212		CareTrust REIT, Inc		168,057
	15,941		CatchMark Timber Trust Inc		169,134
	77,914		CBL & Associates Properties, Inc		910,036
	148,897	*	CBRE Group, Inc		4,411,818
	34,982		Cedar Realty Trust, Inc		242,075
	16,749		Chatham Lodging Trust		356,921
	24,623		Chesapeake Lodging Trust		606,464
	86,265		Chimera Investment Corp		1,224,963
	45,974		Colony Financial, Inc		812,820
	15,963		Colony Starwood Homes		389,018
	74,908		Columbia Property Trust, Inc		1,670,448
	51,186		Communications Sales & Leasing, Inc		1,189,051
	1,845	e	Consolidated-Tomoka Land Co		90,958
	3,355		CorEnergy Infrastructure Trust, Inc		71,428
	10,080		Coresite Realty		755,294
	44,313		Corporate Office Properties Trust		1,137,958
	56,670		Corrections Corp of America		1,723,901
	90,162		Cousins Properties, Inc		933,177
	151,364		Crown Castle International Corp		13,150,504
	75,310		CubeSmart		2,229,929
	29,793		CyrusOne, Inc		1,314,765
	128,514		CYS Investments, Inc		1,042,249
	49,318		DCT Industrial Trust, Inc		1,990,968
	139,741		DDR Corp		2,445,467
	81,627		DiamondRock Hospitality Co		727,297
	64,785		Digital Realty Trust, Inc		5,699,784
	58,620		Douglas Emmett, Inc		1,902,219
	141,486		Duke Realty Corp		3,094,299
	26,219		DuPont Fabros Technology, Inc		1,044,041
	21,154		Dynex Capital, Inc		137,501
	4,434		Easterly Government Properties, Inc		81,807
	20,218		EastGroup Properties, Inc		1,208,025
	25,489		Education Realty Trust, Inc		1,013,698
	48,939		Empire State Realty Trust, Inc		905,861
	23,334		Entertainment Properties Trust		1,537,244
	31,641		Equinix, Inc		10,452,604
	68,747	*	Equity Commonwealth		1,918,729
	43,341		Equity Lifestyle Properties, Inc		2,968,425
	26,833		Equity One, Inc		759,374
	172,985		Equity Residential		11,775,089
	29,030		Essex Property Trust, Inc		6,399,663
	61,306		Extra Space Storage, Inc		5,207,945

166

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	37,575		Federal Realty Investment Trust	$	5,714,406
	64,539		FelCor Lodging Trust, Inc		462,099
	44,243		First Industrial Realty Trust, Inc		1,014,934
	24,226		First Potomac Realty Trust		203,741
	116,771		Forest City Realty Trust, Inc		2,426,501
	16,040	*,e	Forestar Group, Inc		216,540
	24,662		Four Corners Property Trust, Inc		437,750
	36,242		Franklin Street Properties Corp		384,890
	2,632	*	FRP Holdings, Inc		96,015
	89,606		Gaming and Leisure Properties, Inc		2,938,186
	258,090		General Growth Properties, Inc		7,234,263
	30,818		Geo Group, Inc		987,101
	11,162		Getty Realty Corp		219,668
	17,812		Gladstone Commercial Corp		299,776
	61,671		Government Properties Income Trust		1,166,815
	180,996		Gramercy Property Trust		1,533,036
	1,205		Great Ajax Corp		16,412
	13,725		Hannon Armstrong Sustainable Infrastructure Capital, Inc		266,265
	39,591		Hatteras Financial Corp		629,101
	217,259		HCP, Inc		7,349,872
	40,337		Healthcare Realty Trust, Inc		1,221,404
	56,087		Healthcare Trust of America, Inc		1,620,353
	20,220		Hersha Hospitality Trust		390,044
	36,946		Highwoods Properties, Inc		1,726,487
	61,066		Hospitality Properties Trust		1,562,679
	332,922		Host Marriott Corp		5,266,826
	16,762	*	Howard Hughes Corp		1,762,860
	30,801		Hudson Pacific Properties		900,929
	18,150		Independence Realty Trust, Inc		130,135
	53,272		Invesco Mortgage Capital, Inc		684,545
	44,489		Investors Real Estate Trust		267,824
	115,191		Iron Mountain, Inc		4,207,927
	42,332	*	iStar Financial, Inc		414,854
	25,105		Jones Lang LaSalle, Inc		2,891,343
	48,807		Kennedy-Wilson Holdings, Inc		1,054,719
	36,268		Kilroy Realty Corp		2,350,529
	180,313		Kimco Realty Corp		5,070,402
	34,550		Kite Realty Group Trust		940,796
	18,000		Ladder Capital Corp		214,380
	36,569		Lamar Advertising Co		2,268,741
	45,653		LaSalle Hotel Properties		1,091,107
	83,456		Lexington Realty Trust		732,744
	60,813		Liberty Property Trust		2,122,374
	26,742		LTC Properties, Inc		1,240,561
	68,863		Macerich Co		5,239,097
	45,234		Mack-Cali Realty Corp		1,156,181
	5,671	*	Marcus & Millichap, Inc		142,229
	105,903		Medical Properties Trust, Inc		1,409,569
	176,434		MFA Mortgage Investments, Inc		1,219,159
	34,144		Mid-America Apartment Communities, Inc		3,267,922
	23,526		Monmouth Real Estate Investment Corp (Class A)		270,549
	69,668		Monogram Residential Trust, Inc		705,737
	15,029		National Health Investors, Inc		1,023,325

167

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	62,330		National Retail Properties, Inc	$	2,727,561
	10,000		National Storage Affiliates Trust		195,200
	119,309		New Residential Investment Corp		1,443,639
	28,420		New Senior Investment Group, Inc		306,936
	63,528		New York Mortgage Trust, Inc		330,346
	54,953		New York REIT, Inc		540,188
	8,034		NexPoint Residential Trust, Inc		112,958
	25,065		NorthStar Realty Europe Corp		299,025
	75,195		NorthStar Realty Finance Corp		961,744
	74,876		Omega Healthcare Investors, Inc		2,528,563
	4,657		One Liberty Properties, Inc		109,067
	6,980		Orchid Island Capital, Inc		67,566
	56,038		Outfront Media, Inc		1,215,464
	72,334		Paramount Group, Inc		1,207,978
	34,833		Parkway Properties, Inc		573,003
	29,966		Pebblebrook Hotel Trust		828,260
	34,599		Pennsylvania REIT		793,701
	36,240		Pennymac Mortgage Investment Trust		492,502
	54,962		Physicians Realty Trust		996,461
	110,618		Piedmont Office Realty Trust, Inc		2,202,404
	32,549		Post Properties, Inc		1,867,011
	31,491		Potlatch Corp		1,109,113
	10,617		Preferred Apartment Communities, Inc		131,014
	237,435		Prologis, Inc		10,781,923
	14,919		PS Business Parks, Inc		1,428,643
	71,700		Public Storage, Inc		17,552,877
	12,645		QTS Realty Trust, Inc		612,271
	49,089		RAIT Investment Trust		149,231
	31,883		Ramco-Gershenson Properties		564,648
	78,469		Rayonier, Inc		1,936,615
	4,574		Re/Max Holdings, Inc		168,323
	82,685	*	Realogy Holdings Corp		2,955,162
	120,179		Realty Income Corp		7,114,597
	33,082		Redwood Trust, Inc		428,743
	47,573		Regency Centers Corp		3,506,130
	30,704		Resource Capital Corp		364,764
	52,879		Retail Opportunities Investment Corp		1,040,130
	96,240		Retail Properties of America, Inc		1,538,878
	37,663		Rexford Industrial Realty, Inc		706,934
	53,310		RLJ Lodging Trust		1,123,242
	3,209		RMR Group, Inc		79,968
	14,383		Rouse Properties, Inc		265,654
	17,386		Ryman Hospitality Properties		895,901
	25,906		Sabra Healthcare REIT, Inc		546,358
	7,154		Saul Centers, Inc		380,450
	23,268		Select Income REIT		538,654
	90,920		Senior Housing Properties Trust		1,598,374
	14,813		Silver Bay Realty Trust Corp		216,270
	150,976		Simon Property Group, Inc		30,371,842
	51,147		SL Green Realty Corp		5,374,527
	16,200		Sovran Self Storage, Inc		1,720,764
	183,274		Spirit Realty Capital, Inc		2,094,822
	22,062	*,e	St. Joe Co		371,745

168

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	26,705	*	STAG Industrial, Inc	$	533,032
	103,811		Starwood Property Trust, Inc		2,009,781
	12,005		STORE Capital Corp		308,168
	42,107		Summit Hotel Properties, Inc		480,020
	19,286		Sun Communities, Inc		1,308,941
	88,977		Sunstone Hotel Investors, Inc		1,139,795
	46,688		Tanger Factory Outlet Centers, Inc		1,637,815
	28,242		Taubman Centers, Inc		1,961,407
	5,639	*	Tejon Ranch Co		126,990
	18,932		Terreno Realty Corp		431,082
	152,202		Two Harbors Investment Corp		1,191,742
	112,938		UDR, Inc		3,943,795
	9,682		UMH Properties, Inc		94,884
	13,251	e,m	United Development Funding IV		42,403
	4,970		Universal Health Realty Income Trust		271,362
	60,024		Urban Edge Properties		1,557,023
	11,670		Urstadt Biddle Properties, Inc (Class A)		239,935
	154,524		Ventas, Inc		9,599,031
	519,996		VEREIT, Inc		4,617,564
	90,182		Vornado Realty Trust		8,633,123
	26,822		Washington REIT		768,987
	65,298		Weingarten Realty Investors		2,410,802
	164,171		Welltower, Inc		11,396,751
	21,861		Western Asset Mortgage Capital Corp		217,954
	381,274		Weyerhaeuser Co		12,246,521
	9,142		Whitestone REIT		122,777
	42,989		WP Carey, Inc		2,626,198
	123,184		WP GLIMCHER, Inc		1,292,200
	45,645		Xenia Hotels & Resorts, Inc		702,020
			TOTAL REAL ESTATE		450,705,027

RETAILING - 5.1%
	10,432	*	1-800-FLOWERS.COM, Inc (Class A)		81,891
	26,967		Aaron’s, Inc		706,805
	29,830	e	Abercrombie & Fitch Co (Class A)		797,356
	33,021		Advance Auto Parts, Inc		5,154,578
	179,800	*	Amazon.com, Inc		118,594,282
	82,186	e	American Eagle Outfitters, Inc		1,176,082
	3,476	*,e	America’s Car-Mart, Inc		92,357
	12,502	*	Asbury Automotive Group, Inc		757,871
	70,905	*	Ascena Retail Group, Inc		624,673
	32,886	*	Autonation, Inc		1,665,676
	15,199	*	AutoZone, Inc		11,630,731
	13,483	*	Barnes & Noble Education, Inc		126,201
	21,334		Barnes & Noble, Inc		250,674
	77,339	*	Bed Bath & Beyond, Inc		3,651,948
	136,986		Best Buy Co, Inc		4,394,511
	10,534		Big 5 Sporting Goods Corp		127,356
	23,343		Big Lots, Inc		1,070,510
	5,139		Blue Nile, Inc		132,483
	13,210	*	Boot Barn Holdings, Inc		108,322
	12,554	e	Buckle, Inc		363,313
	18,666	*	Build-A-Bear Workshop, Inc		245,831

169

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	41,466	*	Burlington Stores, Inc	$	2,362,318
	23,025	*	Cabela’s, Inc		1,200,754
	20,175		Caleres, Inc		508,612
	91,445	*,e	Carmax, Inc		4,842,013
	10,463		Cato Corp (Class A)		382,841
	60,996		Chico’s FAS, Inc		769,160
	8,856		Children’s Place Retail Stores, Inc		689,971
	6,249		Citi Trends, Inc		112,232
	8,181	*	Container Store Group, Inc		58,085
	9,586		Core-Mark Holding Co, Inc		782,793
	31,930		CST Brands, Inc		1,205,996
	14,776	*	Destination XL Group, Inc		79,347
	41,533		Dick’s Sporting Goods, Inc		1,924,639
	10,450		Dillard’s, Inc (Class A)		736,202
	138,358		Dollar General Corp		11,332,904
	109,999	*	Dollar Tree, Inc		8,768,020
	32,017		DSW, Inc (Class A)		786,658
	8,439	*	Etsy, Inc		74,094
	53,552		Expedia, Inc		6,199,715
	37,171	*	Express Parent LLC		675,769
	5,627	*,e	Fenix Parts, Inc		28,360
	20,843		Finish Line, Inc (Class A)		411,649
	25,644	*,e	Five Below, Inc		1,069,355
	73,368		Foot Locker, Inc		4,507,730
	38,319	*	Francesca’s Holdings Corp		636,095
	15,555	e	Fred’s, Inc (Class A)		228,192
	7,507	*	FTD Cos, Inc		208,770
	51,666	e	GameStop Corp (Class A)		1,694,645
	109,193	e	Gap, Inc		2,531,094
	9,647	*	Genesco, Inc		667,379
	67,795		Genuine Parts Co		6,506,286
	39,709		GNC Holdings, Inc		967,311
	9,596		Group 1 Automotive, Inc		631,801
	209,053	*,e	Groupon, Inc		756,772
	24,348		Guess?, Inc		446,786
	7,966		Haverty Furniture Cos, Inc		148,725
	10,580	*,e	Hibbett Sports, Inc		381,938
	612,785		Home Depot, Inc		82,045,784
	13,393		HSN, Inc		710,231
	140,989	*,e	JC Penney Co, Inc		1,308,378
	7,029		Kirkland’s, Inc		115,416
	86,453		Kohl’s Corp		3,829,868
	113,406		L Brands, Inc		8,878,556
	18,295	*	Lands’ End, Inc		445,117
	217,983	*	Liberty Interactive Corp		5,711,155
	31,587	*	Liberty TripAdvisor Holdings, Inc		696,809
	61,017	*	Liberty Ventures		2,440,680
	10,612		Lithia Motors, Inc (Class A)		881,008
	149,094	*	LKQ Corp		4,778,463
	434,542		Lowe’s Companies, Inc		33,033,883
	10,988	*,e	Lumber Liquidators, Inc		163,831
	148,225		Macy’s, Inc		5,868,228
	11,282	*	MarineMax, Inc		214,471

170

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	10,951	*,e	Mattress Firm Holding Corp	$	427,308
	28,030	*	Michaels Cos, Inc		796,893
	18,562		Monro Muffler, Inc		1,284,862
	20,615	*	Murphy USA, Inc		1,183,713
	202,419	*	NetFlix, Inc		18,223,783
	63,114	e	Nordstrom, Inc		3,227,019
	22,226		Nutri/System, Inc		489,417
	240,294	*	Office Depot, Inc		1,412,929
	47,696	*	O’Reilly Automotive, Inc		12,528,785
	8,166	e	Outerwall, Inc		337,337
	4,892	*	Overstock.com, Inc		71,374
	10,430	*	Party City Holdco, Inc		149,462
	18,385		Penske Auto Group, Inc		719,405
	8,830	e	PetMed Express, Inc		161,589
	37,408		Pier 1 Imports, Inc		257,741
	24,249	*	Priceline.com, Inc		32,582,411
	21,824		Rent-A-Center, Inc		320,813
	14,029	*,e	Restoration Hardware Holdings, Inc		607,035
	191,478		Ross Stores, Inc		10,872,121
	70,703	*	Sally Beauty Holdings, Inc		2,220,074
	14,543	*,e	Sears Holdings Corp		238,142
	23,405	*	Select Comfort Corp		577,635
	9,335		Shoe Carnival, Inc		239,256
	27,298	*	Shutterfly, Inc		1,255,162
	38,362		Signet Jewelers Ltd		4,164,579
	16,417		Sonic Automotive, Inc (Class A)		307,983
	14,779	*	Sportsman’s Warehouse Holdings, Inc		168,185
	18,281	e	Stage Stores, Inc		134,548
	280,974		Staples, Inc		2,865,935
	15,745		Stein Mart, Inc		113,994
	23,925		Tailored Brands, Inc		416,773
	285,141		Target Corp		22,668,709
	51,006		Tiffany & Co		3,639,278
	12,603	*,e	Tile Shop Holdings, Inc		224,838
	23,503	*	Tilly’s, Inc		147,834
	315,546		TJX Companies, Inc		23,924,698
	62,173		Tractor Supply Co		5,885,296
	50,643	*	TripAdvisor, Inc		3,271,031
	18,379	*	Tuesday Morning Corp		159,530
	30,255	*	Ulta Salon Cosmetics & Fragrance, Inc		6,301,511
	42,110	*	Urban Outfitters, Inc		1,276,775
	28,369	*,e	Vitamin Shoppe, Inc		776,460
	10,713	*	VOXX International Corp (Class A)		48,101
	8,518	*,e	Wayfair, Inc		321,554
	6,804	*	West Marine, Inc		68,176
	41,492	e	Williams-Sonoma, Inc		2,438,900
	892		Winmark Corp		84,918
	10,806	*	Zumiez, Inc		181,325
			TOTAL RETAILING		537,965,537

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	17,192	*	Advanced Energy Industries, Inc		556,161
	278,371	*,e	Advanced Micro Devices, Inc		988,217

171

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	8,895	*	Alpha & Omega Semiconductor Ltd	$	115,546
	15,019	*	Ambarella, Inc		617,281
	48,137	*	Amkor Technology, Inc		274,862
	150,842		Analog Devices, Inc		8,495,421
	532,360		Applied Materials, Inc		10,897,409
	33,773	*,e	Applied Micro Circuits Corp		210,744
	48,702	*	Axcelis Technologies, Inc		139,288
	176,772		Broadcom Ltd		25,764,519
	28,194		Brooks Automation, Inc		266,715
	10,069		Cabot Microelectronics Corp		421,790
	4,818	*	Cascade Microtech, Inc		100,744
	23,166	*	Cavium, Inc		1,143,705
	8,650	*	Ceva, Inc		199,469
	41,122	*	Cirrus Logic, Inc		1,484,504
	10,237		Cohu, Inc		118,340
	61,168	*	Cree, Inc		1,499,228
	197,688	e	Cypress Semiconductor Corp		1,785,123
	15,352	*	Diodes, Inc		285,854
	9,301	*	DSP Group, Inc		88,360
	58,326	*	Entegris, Inc		775,153
	15,727	*	Exar Corp		95,935
	48,686	*	Fairchild Semiconductor International, Inc		973,720
	44,684	*	First Solar, Inc		2,495,155
	23,909	*	Formfactor, Inc		184,099
	16,268	*	Inphi Corp		482,672
	64,415	*	Integrated Device Technology, Inc		1,241,921
	2,251,599		Intel Corp		68,178,418
	77,001		Intersil Corp (Class A)		900,142
	9,988		IXYS Corp		107,870
	72,454		Kla-Tencor Corp		5,067,433
	28,048	*	Kopin Corp		46,560
	77,660		Lam Research Corp		5,933,224
	46,871	*,e	Lattice Semiconductor Corp		261,071
	117,940		Linear Technology Corp		5,245,971
	9,866	*,e	MA-COM Technology Solutions		403,421
	195,419		Marvell Technology Group Ltd		1,950,282
	31,593	*	Mattson Technology, Inc		115,314
	128,784		Maxim Integrated Products, Inc		4,600,165
	21,700	*	MaxLinear, Inc		363,475
	94,009	e	Microchip Technology, Inc		4,567,897
	491,195	*	Micron Technology, Inc		5,280,346
	45,899	*	Microsemi Corp		1,550,927
	22,106		MKS Instruments, Inc		792,721
	25,194		Monolithic Power Systems, Inc		1,572,610
	9,714	*	Nanometrics, Inc		173,492
	12,097	*	NeoPhotonics Corp Ltd		145,043
	1,929		NVE Corp		110,686
	245,187		Nvidia Corp		8,711,494
	179,953	*	ON Semiconductor Corp		1,704,155
	12,269	*	PDF Solutions, Inc		165,018
	27,944	*	Photronics, Inc		295,648
	12,028		Power Integrations, Inc		580,351
	64,922	*	Qorvo, Inc		2,923,438

172

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	711,416		Qualcomm, Inc	$	35,940,736
	51,257	*,e	Rambus, Inc		595,606
	13,099	*	Rudolph Technologies, Inc		181,683
	29,634	*	Semtech Corp		641,280
	14,732	*	Sigma Designs, Inc		93,254
	32,345	*	Silicon Laboratories, Inc		1,513,746
	89,807		Skyworks Solutions, Inc		6,000,904
	23,701	*,e	SunPower Corp		477,338
	88,985		Teradyne, Inc		1,682,706
	39,839		Tessera Technologies, Inc		1,144,176
	494,497		Texas Instruments, Inc		28,206,109
	12,988	*	Ultra Clean Holdings		73,902
	11,718	*	Ultratech, Inc		254,163
	18,349	*	Veeco Instruments, Inc		337,805
	22,930	*	Xcerra Corp		135,287
	124,342		Xilinx, Inc		5,356,653
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		266,084,455

SOFTWARE & SERVICES - 11.5%
	14,259	*	A10 Networks, Inc		85,126
	297,619		Accenture plc		33,607,137
	48,794	*	ACI Worldwide, Inc		975,392
	227,868		Activision Blizzard, Inc		7,854,610
	17,102	*	Actua Corp		162,127
	31,651	*	Acxiom Corp		695,372
	238,924	*	Adobe Systems, Inc		22,511,419
	88,646	*	Akamai Technologies, Inc		4,520,060
	29,057	*	Alliance Data Systems Corp		5,907,579
	137,378	*	Alphabet, Inc (Class A)		97,247,139
	140,158	*	Alphabet, Inc (Class C)		97,130,896
	7,645	*,e	Amber Road, Inc		37,537
	67,045		Amdocs Ltd		3,790,724
	9,809	*	American Software, Inc (Class A)		89,654
	21,348	*,e	Angie’s List, Inc		186,795
	47,097	*	Ansys, Inc		4,274,995
	2,179	*	Apigee Corp		21,136
	36,651	*	Aspen Technology, Inc		1,393,838
	114,219	*	Autodesk, Inc		6,832,581
	230,931		Automatic Data Processing, Inc		20,423,538
	16,870	*	AVG Technologies NV		334,026
	27,384	*	Bankrate, Inc		250,290
	3,385	*,e	Barracuda Networks, Inc		59,644
	26,404	*	Bazaarvoice, Inc		88,453
	3,373	*,e	Benefitfocus, Inc		127,837
	8,337	*,e	Black Knight Financial Services, Inc		266,617
	19,455		Blackbaud, Inc		1,201,735
	22,491	*	Blackhawk Network Holdings, Inc		722,636
	17,474	*	Blucora, Inc		139,967
	41,933		Booz Allen Hamilton Holding Co		1,156,093
	16,992	*	Bottomline Technologies, Inc		417,323
	5,712	*,e	Box, Inc		73,856
	13,975	*	Brightcove, Inc		84,549
	54,625		Broadridge Financial Solutions, Inc		3,268,760

173

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	12,343	*	BroadSoft, Inc	$	483,414
	168,052		CA, Inc		4,984,422
	11,039	*	CACI International, Inc (Class A)		1,061,400
	127,091	*	Cadence Design Systems, Inc		2,947,240
	23,354	*	Callidus Software, Inc		427,378
	7,703	*	Carbonite, Inc		58,081
	18,501	*	Cardtronics, Inc		729,309
	8,834	*	Care.com, Inc		65,725
	4,627		Cass Information Systems, Inc		228,898
	70,688		CDK Global, Inc		3,362,628
	9,269	*	ChannelAdvisor Corp		115,492
	30,571	*	Ciber, Inc		70,925
	17,582	*,e	Cimpress NV		1,544,930
	73,092	*	Citrix Systems, Inc		5,981,849
	474	*,e	Code Rebel Corp		1,341
	300,229	*	Cognizant Technology Solutions Corp (Class A)		17,524,367
	28,741	*	Commvault Systems, Inc		1,257,994
	74,144		Computer Sciences Corp		2,456,391
	20,622	*	comScore, Inc		631,446
	40,661		Convergys Corp		1,077,516
	22,842	*	Cornerstone OnDemand, Inc		784,623
	13,580	*	CoStar Group, Inc		2,679,470
	13,500		CSG Systems International, Inc		599,130
	61,135		CSRA, Inc		1,587,065
	18,226	*	Cvent, Inc		644,289
	8,444	*	Datalink Corp		67,805
	14,070	*,e	Demandware, Inc		648,346
	18,118	*	DHI Group, Inc		128,819
	3,147	*,e	Digimarc Corp		93,938
	20,736	*,e	Digital Turbine, Inc		17,833
	14,982		DST Systems, Inc		1,808,028
	44,030		EarthLink Holdings Corp		255,814
	553,783	*	eBay, Inc		13,528,919
	11,888	e	Ebix, Inc		572,051
	142,577	*	Electronic Arts, Inc		8,818,387
	17,188	*	Ellie Mae, Inc		1,436,917
	24,698	*,e	Endurance International Group Holdings, Inc		264,516
	11,448	*,e	EnerNOC, Inc		78,075
	16,148	*	Envestnet, Inc		506,724
	20,502	*	EPAM Systems, Inc		1,495,211
	13,005		EPIQ Systems, Inc		192,084
	23,513	*	Euronet Worldwide, Inc		1,812,852
	27,235		EVERTEC, Inc		366,855
	8,968	*	Everyday Health, Inc		52,014
	21,783	*	ExlService Holdings, Inc		1,054,079
	1,022,607	*	Facebook, Inc		120,238,131
	13,745		Fair Isaac Corp		1,466,729
	128,046		Fidelity National Information Services, Inc		8,425,427
	73,053	*	FireEye, Inc		1,267,470
	39,171	*	First American Corp		1,389,787
	80,193	*	First Data Corp		913,398
	107,341	*	Fiserv, Inc		10,489,363
	11,180	*	Five9, Inc		103,415

174

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	41,844	*	FleetCor Technologies, Inc	$	6,472,430
	16,143	*	FleetMatics Group plc		585,184
	5,122		Forrester Research, Inc		172,202
	61,407	*	Fortinet, Inc		1,996,342
	36,058	*	Gartner, Inc		3,143,176
	66,111	*	Genpact Ltd		1,843,836
	11,654	*	Gigamon, Inc		379,804
	70,996		Global Payments, Inc		5,124,514
	6,808	*,e	Globant S.A.		241,616
	50,659	*,e	Glu Mobile, Inc		135,260
	9,925	*	GoDaddy, Inc		301,422
	23,773	*,e	Gogo, Inc		251,756
	31,733	*,e	GrubHub, Inc		832,039
	10,255	*	GTT Communications, Inc		163,875
	8,100	*,e	Guidance Software, Inc		41,310
	29,493	*	Guidewire Software, Inc		1,680,216
	10,211		Hackett Group, Inc		151,940
	3,226	*,e	Hortonworks, Inc		37,325
	7,885	*	HubSpot, Inc		349,227
	36,712		IAC/InterActiveCorp		1,701,234
	11,176	*	Imperva, Inc		519,460
	44,053	*	inContact, Inc		410,133
	46,170	*,e	Infoblox, Inc		772,424
	6,987	*	Interactive Intelligence, Inc		259,707
	23,532	*	Internap Network Services Corp		53,653
	427,214		International Business Machines Corp		62,347,611
	16,908	*	Intralinks Holdings, Inc		150,650
	124,392		Intuit, Inc		12,549,909
	20,267		j2 Global, Inc		1,287,360
	42,543		Jack Henry & Associates, Inc		3,447,259
	24,819	*	Jive Software, Inc		101,013
	32,428	e	Leidos Holdings, Inc		1,608,753
	31,019	*	Limelight Networks, Inc		54,283
	50,965	*	LinkedIn Corp		6,386,424
	25,980	*	Lionbridge Technologies		129,640
	10,535	*	Liquidity Services, Inc		58,785
	23,943	*	Liveperson, Inc		144,855
	10,258	*	LogMeIn, Inc		612,403
	9,229	*	Luxoft Holding, Inc		533,528
	33,442	*	Manhattan Associates, Inc		2,024,579
	9,855		Mantech International Corp (Class A)		333,099
	13,195		Marchex, Inc (Class B)		56,079
	13,298	*	Marin Software, Inc		34,043
	14,726	*,e	Marketo, Inc		323,825
	467,136		Mastercard, Inc (Class A)		45,307,521
	15,784	*,e	Match Group, Inc		179,938
	27,274		MAXIMUS, Inc		1,442,795
	41,078		Mentor Graphics Corp		819,917
	3,834,399		Microsoft Corp		191,221,478
	3,800	*	MicroStrategy, Inc (Class A)		681,416
	16,990	*,e	MobileIron, Inc		65,072
	8,810	*	Model N, Inc		94,091
	16,185	*,e	ModusLink Global Solutions, Inc		23,630

175

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	14,404	*	MoneyGram International, Inc	$	88,585
	16,404		Monotype Imaging Holdings, Inc		361,380
	38,282	*	Monster Worldwide, Inc		122,502
	16,761	*,e	NetSuite, Inc		1,358,311
	24,084	*,e	NeuStar, Inc (Class A)		565,733
	2,428	*	New Relic, Inc		62,594
	26,809		NIC, Inc		474,787
	115,315	*	Nuance Communications, Inc		1,981,112
	11,263	*,e	OPOWER, Inc		88,978
	1,512,590		Oracle Corp		60,291,837
	92,319	*,e	Pandora Media, Inc		916,728
	3,781	*,e	Park City Group, Inc		35,919
	168,934		Paychex, Inc		8,804,840
	20,575	*,e	Paycom Software, Inc		786,171
	6,376	*,e	Paylocity Holding Corp		244,010
	560,312	*	PayPal Holdings, Inc		21,953,024
	14,355		Pegasystems, Inc		378,828
	14,896	*	Perficient, Inc		311,028
	4,957	*,e	PFSweb, Inc		69,894
	44,191	*	Progress Software Corp		1,127,754
	16,626	*,e	Proofpoint, Inc		968,631
	10,016	*	PROS Holdings, Inc		117,788
	47,974	*	PTC, Inc		1,749,132
	9,749	*	Q2 Holdings, Inc		233,099
	3,997		QAD, Inc (Class A)		78,381
	38,331	*	QLIK Technologies, Inc		1,180,211
	10,529	*	Qualys, Inc		265,120
	15,203	*	QuinStreet, Inc		53,515
	42,756	*,e	Quotient Technology, Inc		496,825
	51,869	*,e	Rackspace Hosting, Inc		1,186,244
	9,129	*	RealNetworks, Inc		41,628
	21,632	*,e	RealPage, Inc		475,688
	88,660	*	Red Hat, Inc		6,504,984
	3,209		Reis, Inc		80,771
	15,888	*	RetailMeNot, Inc		133,936
	44,618	*	RingCentral, Inc		851,311
	40,946	*,e	Rocket Fuel, Inc		117,106
	37,512	*	Rovi Corp		660,961
	10,830	*	Rubicon Project, Inc		209,777
	47,268		Sabre Corp		1,368,409
	313,156	*	Salesforce.com, Inc		23,737,225
	9,731		Sapiens International Corp NV		114,631
	20,630		Science Applications International Corp		1,095,247
	11,070	*	Sciquest, Inc		152,987
	13,463	*	Seachange International, Inc		50,217
	68,059	*	ServiceNow, Inc		4,864,857
	26,981	*,e	ServiceSource International LLC		108,733
	15,273	*,e	Shutterstock, Inc		626,498
	16,631	*	Silver Spring Networks, Inc		233,666
	53,944	*	Splunk, Inc		2,804,009
	7,006	*	SPS Commerce, Inc		356,816
	9,872	*,e	Square, Inc		146,994
	34,269		SS&C Technologies Holdings, Inc		2,095,549

176

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	6,035	*	Stamps.com, Inc	$	497,043
	15,730	*	Sykes Enterprises, Inc		458,529
	325,766		Symantec Corp		5,422,375
	16,154	*	Synchronoss Technologies, Inc		501,905
	77,002	*	Synopsys, Inc		3,659,135
	23,579	*	Syntel, Inc		1,002,815
	24,852	*	Tableau Software, Inc		1,284,848
	36,682	*	Take-Two Interactive Software, Inc		1,253,791
	16,127	*,e	Tangoe, Inc		142,240
	8,465	*	TechTarget, Inc		65,688
	11,456	*	TeleNav, Inc		65,299
	7,285		TeleTech Holdings, Inc		202,450
	77,663	*	Teradata Corp		1,964,874
	8,468	*	Textura Corp		223,471
	44,696	*	TiVo, Inc		446,066
	74,585		Total System Services, Inc		3,814,277
	44,464		Travelport Worldwide Ltd		620,273
	4,367	*	Travelzoo, Inc		33,320
	36,630	*,e	TrueCar, Inc		250,549
	6,028	*,e	TubeMogul, Inc		78,123
	265,563	*	Twitter, Inc		3,882,531
	15,248	*	Tyler Technologies, Inc		2,232,460
	13,643	*	Ultimate Software Group, Inc		2,682,077
	48,258	*,e	Unisys Corp		372,069
	5,839	*	United Online, Inc		63,236
	64,476	*	Vantiv, Inc		3,516,521
	3,825	*,e	Varonis Systems, Inc		73,249
	12,292	*,e	Vasco Data Security International		213,020
	48,981	*	VeriFone Systems, Inc		1,393,999
	25,427	*	Verint Systems, Inc		860,450
	46,898	*,e	VeriSign, Inc		4,051,987
	21,463	*,e	VirnetX Holding Corp		96,369
	12,397	*	Virtusa Corp		440,589
	919,323		Visa, Inc (Class A)		71,008,508
	48,155	*,e	VMware, Inc (Class A)		2,740,501
	15,884	*,e	WebMD Health Corp (Class A)		996,562
	19,433	*	Website Pros, Inc		388,466
	249,872		Western Union Co		4,997,440
	16,055	*	WEX, Inc		1,517,037
	9,183	*	Wix.com Ltd		227,004
	47,879	*,e	Workday, Inc		3,589,967
	3,075	*,e	Workiva, Inc		36,623
	487,368		Xerox Corp		4,678,733
	11,023	*	XO Group, Inc		194,666
	9,182	*	Xura, Inc		205,585
	442,431	*	Yahoo!, Inc		16,192,975
	29,129	*	Yelp, Inc		611,709
	22,719	*,e	Zendesk, Inc		513,449
	18,892	*,e	Zillow Group, Inc		472,678
	37,784	*,e	Zillow Group, Inc (Class C)		908,327
	23,238	*	Zix Corp		86,678
	324,452	*	Zynga, Inc		772,196
			TOTAL SOFTWARE & SERVICES		1,209,567,485

177

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
	48,192	*,e	3D Systems Corp	$	852,516
	24,640		Adtran, Inc		476,045
	10,358	*	Aerohive Networks, Inc		60,076
	5,601	*	Agilysys, Inc		59,819
	5,798		Alliance Fiber Optic Products, Inc		107,379
	148,616		Amphenol Corp (Class A)		8,297,231
	12,849	*	Anixter International, Inc		800,493
	2,716,074		Apple, Inc		254,604,776
	9,184	*,e	Applied Optoelectronics, Inc		102,861
	14,184	*,e	Arista Networks, Inc		944,938
	88,155	*	ARRIS International plc		2,007,289
	41,766	*	Arrow Electronics, Inc		2,593,669
	12,829	*	Avid Technology, Inc		71,586
	59,322		Avnet, Inc		2,439,321
	21,648		AVX Corp		286,187
	5,631		Badger Meter, Inc		401,659
	4,329		Bel Fuse, Inc (Class B)		72,121
	17,889		Belden CDT, Inc		1,129,511
	21,281	*	Benchmark Electronics, Inc		413,277
	6,118		Black Box Corp		89,445
	173,985		Brocade Communications Systems, Inc		1,671,996
	15,298	*	CalAmp Corp		229,011
	18,584	*	Calix, Inc		128,787
	54,953		CDW Corp		2,115,690
	16,366		Checkpoint Systems, Inc		165,624
	52,154	*	Ciena Corp		877,752
	2,422,322		Cisco Systems, Inc		66,589,632
	4,709	*,e	Clearfield, Inc		87,399
	36,557		Cognex Corp		1,298,870
	9,960	*	Coherent, Inc		930,264
	44,163	*	CommScope Holding Co, Inc		1,342,997
	6,617		Comtech Telecommunications Corp		160,131
	8,807	*,e	Control4 Corp		65,260
	543,453		Corning, Inc		10,146,268
	11,071	e	CPI Card Group, Inc		87,793
	18,817	*	Cray, Inc		712,600
	13,984		CTS Corp		231,715
	15,342		Daktronics, Inc		133,475
	41,733		Diebold, Inc		1,096,326
	10,399	*	Digi International, Inc		109,917
	35,138		Dolby Laboratories, Inc (Class A)		1,672,920
	7,396	*	DTS, Inc		161,381
	7,109	*,e	Eastman Kodak Co		84,028
	20,185	*	EchoStar Corp (Class A)		825,970
	7,109		Electro Rent Corp		71,161
	19,017	*	Electronics for Imaging, Inc		757,637
	912,188		EMC Corp		23,817,229
	10,385	*	EMCORE Corp		59,194
	2,188	*	ePlus, Inc		175,893
	42,439	*	Extreme Networks, Inc		148,961
	37,016	*	F5 Networks, Inc		3,877,426

178

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	17,362	*	Fabrinet	$	555,063
	7,269	*	FARO Technologies, Inc		211,092
	17,295		FEI Co		1,539,601
	43,394	*	Finisar Corp		714,265
	18,422	*,e	Fitbit, Inc		336,201
	57,796		Flir Systems, Inc		1,746,017
	14,868	*	GSI Group, Inc		216,329
	39,552	*,e	Harmonic, Inc		136,850
	63,000		Harris Corp		5,040,630
	823,657		Hewlett Packard Enterprise Co		13,722,126
	828,674		HP, Inc		10,167,830
	22,069	*	II-VI, Inc		460,580
	13,663	*,e	Imation Corp		21,451
	11,513	*	Immersion Corp		84,160
	54,773	*	Infinera Corp		651,251
	64,117		Ingram Micro, Inc (Class A)		2,240,889
	17,922	*	Insight Enterprises, Inc		442,853
	16,078		InterDigital, Inc		916,124
	34,400	*,e	InvenSense, Inc		264,192
	14,995	*	IPG Photonics Corp		1,299,617
	23,332	*	Itron, Inc		959,412
	26,439	*	Ixia		267,563
	117,305		Jabil Circuit, Inc		2,036,415
	194,240		Juniper Networks, Inc		4,545,216
	70,718	*	Keysight Technologies, Inc		1,844,325
	12,299	*	Kimball Electronics, Inc		134,551
	63,962	*	Knowles Corp		855,172
	5,979	*	KVH Industries, Inc		58,355
	44,249		Lexmark International, Inc (Class A)		1,708,011
	9,266		Littelfuse, Inc		1,079,304
	19,606	*	Lumentum Holdings, Inc		496,032
	13,539	*	Mercury Computer Systems, Inc		284,590
	1,202	e	Mesa Laboratories, Inc		121,138
	15,985		Methode Electronics, Inc		475,234
	88,703		Motorola, Inc		6,669,579
	6,091		MTS Systems Corp		342,436
	3,946	*	Multi-Fineline Electronix, Inc		90,758
	63,883		National Instruments Corp		1,761,254
	72,669	*	NCR Corp		2,113,941
	132,768		NetApp, Inc		3,138,636
	14,600	*	Netgear, Inc		619,040
	46,172	*	Netscout Systems, Inc		1,027,789
	16,531	*	Newport Corp		380,048
	36,848	*	Nimble Storage, Inc		271,938
	16,489	*,e	Novatel Wireless, Inc		25,228
	42,356	*,e	Oclaro, Inc		213,898
	8,081	*	OSI Systems, Inc		411,242
	38,981	*	Palo Alto Networks, Inc		5,881,063
	8,151		Park Electrochemical Corp		132,943
	3,831		PC Connection, Inc		91,063
	24,131		Plantronics, Inc		927,837
	13,718	*	Plexus Corp		572,864
	55,882	*	Polycom, Inc		667,790

179

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	12,284	*,e	Pure Storage, Inc	$	178,732
	35,882	*	QLogic Corp		469,695
	123,689	*	Quantum Corp		56,934
	12,287	*	Rofin-Sinar Technologies, Inc		395,519
	7,760	*	Rogers Corp		445,114
	31,942	*	Ruckus Wireless, Inc		438,883
	99,390		SanDisk Corp		7,467,171
	34,320	*	Sanmina Corp		811,668
	11,491	*	Scansource, Inc		467,454
	28,040	*	ShoreTel, Inc		171,605
	13,572	*,e	Silicon Graphics International Corp		60,803
	20,395	*	Sonus Networks, Inc		168,463
	23,473	*	Stratasys Ltd		574,384
	16,994	*	Super Micro Computer, Inc		457,309
	18,933	*	Synaptics, Inc		1,354,656
	11,840		SYNNEX Corp		977,629
	4,288	*	Systemax, Inc		38,806
	22,947	*	Tech Data Corp		1,576,229
	111,915	*	Trimble Navigation Ltd		2,680,364
	24,970	*	TTM Technologies, Inc		162,804
	13,901	e	Ubiquiti Networks, Inc		495,154
	17,564	*	Universal Display Corp		1,024,157
	17,984	*,e	Viasat, Inc		1,379,373
	98,032	*	Viavi Solutions, Inc		638,188
	55,691		Vishay Intertechnology, Inc		677,203
	5,516	*	Vishay Precision Group, Inc		82,519
	102,969		Western Digital Corp		4,207,828
	22,239	*	Zebra Technologies Corp (Class A)		1,391,272
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		505,465,208

TELECOMMUNICATION SERVICES - 2.4%
	37,114	*	8x8, Inc		420,873
	2,859,063		AT&T, Inc		110,988,826
	3,922		Atlantic Tele-Network, Inc		282,031
	15,710	*	Boingo Wireless, Inc		120,810
	273,687		CenturyTel, Inc		8,470,613
	87,920	*	Cincinnati Bell, Inc		335,854
	30,635	e	Cogent Communications Group, Inc		1,185,574
	28,517	e	Consolidated Communications Holdings, Inc		674,142
	8,375	*,e	Fairpoint Communications, Inc		111,053
	526,925	e	Frontier Communications Corp		2,929,703
	14,505	*	General Communication, Inc (Class A)		245,135
	201,015	*,e	Globalstar, Inc		391,979
	3,994	*	Hawaiian Telcom Holdco, Inc		91,982
	23,799		IDT Corp (Class B)		365,077
	28,808		Inteliquent, Inc		477,925
	26,683	*,e	Iridium Communications, Inc		215,332
	139,988	*	Level 3 Communications, Inc		7,315,773
	8,919	*	Lumos Networks Corp		113,717
	9,455	*,e	NTELOS Holdings Corp		87,459
	25,361	*	Orbcomm, Inc		251,328
	5,431	*	pdvWireless, Inc		219,304
	62,261	*	SBA Communications Corp (Class A)		6,415,373

180

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	19,792		Shenandoah Telecom Co	$	567,832
	11,251		Spok Holdings, Inc		191,154
	368,672	*,e	Sprint Corp		1,264,545
	4,184	*,e	Straight Path Communications, Inc		153,134
	38,769		Telephone & Data Systems, Inc		1,146,399
	132,055	*	T-Mobile US, Inc		5,187,120
	5,233	*	US Cellular Corp		223,135
	1,929,189		Verizon Communications, Inc		98,272,888
	76,451	*	Vonage Holdings Corp		357,026
	73,716	e	Windstream Holdings, Inc		639,855
	60,690	*	Zayo Group Holdings, Inc		1,575,512
			TOTAL TELECOMMUNICATION SERVICES		251,288,463

TRANSPORTATION - 2.1%
	22,768	*	Air Transport Services Group, Inc		320,801
	59,041		Alaska Air Group, Inc		4,158,258
	5,558		Allegiant Travel Co		892,448
	3,092		Amerco, Inc		1,088,384
	302,776		American Airlines Group, Inc		10,503,299
	21,971		Arkansas Best Corp		419,426
	11,244	*	Atlas Air Worldwide Holdings, Inc		449,085
	56,803	*	Avis Budget Group, Inc		1,425,755
	10,955	*	Celadon Group, Inc		110,317
	77,168		CH Robinson Worldwide, Inc		5,476,613
	14,198	e	Copa Holdings S.A. (Class A)		905,122
	4,833	*	Covenant Transportation Group, Inc		96,225
	450,597		CSX Corp		12,287,780
	376,389		Delta Air Lines, Inc		15,684,130
	12,303	*	Echo Global Logistics, Inc		287,521
	93,777		Expeditors International of Washington, Inc		4,652,277
	127,997		FedEx Corp		21,133,585
	26,126		Forward Air Corp		1,190,823
	25,813	*	Genesee & Wyoming, Inc (Class A)		1,680,684
	22,330	*	Hawaiian Holdings, Inc		939,423
	21,551	e	Heartland Express, Inc		390,289
	214,803	*	Hertz Global Holdings, Inc		1,989,076
	16,757	*	Hub Group, Inc (Class A)		645,480
	39,943		J.B. Hunt Transport Services, Inc		3,310,476
	150,965	*	JetBlue Airways Corp		2,987,597
	57,371		Kansas City Southern Industries, Inc		5,435,902
	23,091	*	Kirby Corp		1,473,668
	24,695		Knight Transportation, Inc		656,146
	27,575		Landstar System, Inc		1,807,541
	30,986		Macquarie Infrastructure Co LLC		2,181,105
	9,209		Marten Transport Ltd		171,840
	17,501		Matson, Inc		680,439
	92,315	e	Navios Maritime Holdings, Inc		108,009
	138,091		Norfolk Southern Corp		12,443,380
	28,547	*	Old Dominion Freight Line		1,885,529
	1,308	*	PAM Transportation Services, Inc		32,321
	3,699		Park-Ohio Holdings Corp		94,140
	11,295	*	Radiant Logistics, Inc		44,502
	14,300	*	Roadrunner Transportation Services Holdings, Inc		169,026

181

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	21,983		Ryder System, Inc	$	1,515,068
	9,841	*	Saia, Inc		284,602
	22,872		Skywest, Inc		537,492
	308,161		Southwest Airlines Co		13,747,062
	32,815	*	Spirit Airlines, Inc		1,441,563
	38,046	*,e	Swift Transportation Co, Inc		632,324
	420,946		Union Pacific Corp		36,719,120
	176,565	*	United Continental Holdings, Inc		8,088,443
	326,795		United Parcel Service, Inc (Class B)		34,336,351
	2,557		Universal Truckload Services, Inc		36,463
	4,109	*	USA Truck, Inc		72,811
	10,159	*,e	Virgin America, Inc		565,755
	17,944	e	Werner Enterprises, Inc		454,701
	27,854	*	Wesco Aircraft Holdings, Inc		401,933
	37,686	*,e	XPO Logistics, Inc		1,135,856
	14,424	*	YRC Worldwide, Inc		132,701
			TOTAL TRANSPORTATION		220,310,667

UTILITIES - 3.4%
	24,647	e	Abengoa Yield plc		444,385
	297,945		AES Corp		3,325,066
	67,358		AGL Resources, Inc		4,436,198
	19,876		Allete, Inc		1,116,833
	51,154		Alliant Energy Corp		3,607,380
	109,105		Ameren Corp		5,237,040
	227,242		American Electric Power Co, Inc		14,429,867
	18,348		American States Water Co		764,928
	79,544		American Water Works Co, Inc		5,787,621
	92,579		Aqua America, Inc		2,931,051
	3,086		Artesian Resources Corp		83,291
	58,875	e	Atlantic Power Corp		156,608
	42,841		Atmos Energy Corp		3,108,115
	37,967		Avangrid, Inc		1,522,477
	24,723		Avista Corp		990,651
	23,102	e	Black Hills Corp		1,399,750
	42,159		California Water Service Group		1,177,501
	161,692	*	Calpine Corp		2,551,500
	202,185		Centerpoint Energy, Inc		4,336,868
	9,289		Chesapeake Utilities Corp		552,881
	135,184		CMS Energy Corp		5,499,285
	4,663		Connecticut Water Service, Inc		219,254
	140,576		Consolidated Edison, Inc		10,486,970
	6,110	e	Consolidated Water Co, Inc		84,868
	271,420		Dominion Resources, Inc		19,398,387
	81,221		DTE Energy Co		7,241,664
	334,774		Duke Energy Corp		26,373,496
	71,589	*	Dynegy, Inc		1,262,114
	148,587		Edison International		10,506,587
	17,179		El Paso Electric Co		774,773
	27,444		Empire District Electric Co		924,040
	86,712		Entergy Corp		6,519,008
	148,141		Eversource Energy		8,361,078
	424,471		Exelon Corp		14,894,687

182

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

	195,719		FirstEnergy Corp	$	6,378,482
	5,556	e	Genie Energy Ltd		40,948
	71,204		Great Plains Energy, Inc		2,223,701
	43,719	*	Hawaiian Electric Industries, Inc		1,429,174
	23,227		Idacorp, Inc		1,689,300
	92,105		ITC Holdings Corp		4,059,067
	80,055		MDU Resources Group, Inc		1,605,903
	32,915		MGE Energy, Inc		1,640,813
	6,217		Middlesex Water Co		227,418
	34,836		National Fuel Gas Co		1,933,398
	34,398		New Jersey Resources Corp		1,227,321
	215,407		NextEra Energy, Inc		25,327,555
	138,490		NiSource, Inc		3,145,108
	17,310		Northwest Natural Gas Co		892,157
	18,919		NorthWestern Corp		1,075,356
	149,338		NRG Energy, Inc		2,255,004
	15,511	e	NRG Yield, Inc (Class A)		234,681
	33,550	e	NRG Yield, Inc (Class C)		542,839
	82,512		OGE Energy Corp		2,441,530
	33,943		ONE Gas, Inc		1,984,647
	15,517	e	Ormat Technologies, Inc		673,438
	16,775		Otter Tail Corp		485,133
	67,449	e	Pattern Energy Group, Inc		1,416,429
	222,626		PG&E Corp		12,956,833
	42,259		Piedmont Natural Gas Co, Inc		2,527,088
	58,352		Pinnacle West Capital Corp		4,239,273
	37,981		PNM Resources, Inc		1,203,238
	40,439		Portland General Electric Co		1,606,237
	307,416		PPL Corp		11,571,138
	229,425		Public Service Enterprise Group, Inc		10,583,375
	98,551		Questar Corp		2,470,674
	64,521		SCANA Corp		4,431,948
	111,883		Sempra Energy		11,563,108
	6,635		SJW Corp		228,310
	27,630		South Jersey Industries, Inc		771,153
	442,451		Southern Co		22,166,795
	18,799		Southwest Gas Corp		1,220,243
	1,491	e	Spark Energy, Inc		38,438
	17,510		Spire, Inc		1,119,940
	43,911	*	Talen Energy Corp		512,002
	103,598		TECO Energy, Inc		2,876,917
	18,831		TerraForm Global, Inc		54,798
	43,606	e	TerraForm Power, Inc		465,712
	78,617		UGI Corp		3,163,548
	8,987		Unitil Corp		355,166
	33,919		Vectren Corp		1,656,943
	10,796	*,e	Vivint Solar, Inc		36,059
	143,046		WEC Energy Group, Inc		8,326,708
	63,509		Westar Energy, Inc		3,277,700
	20,634		WGL Holdings, Inc		1,400,842
	228,971		Xcel Energy, Inc		9,165,709
	5,212		York Water Co		154,536
			TOTAL UTILITIES		353,580,055
			TOTAL COMMON STOCKS		10,436,085,696
			(Cost $7,350,258,557)

183

TIAA-CREF FUNDS - Equity Index Fund

SHARES			COMPANY	VALUE

RIGHTS / WARRANTS - 0.0%

BANKS - 0.0%
	3,026	m	Enterprise Bancorp, Inc	$	353
			TOTAL BANKS		353

DIVERSIFIED FINANCIALS - 0.0%
	267	m	Emergent Capital, Inc		0
			TOTAL DIVERSIFIED FINANCIALS		0

ENERGY - 0.0%
	7,432	m	Magnum Hunter Resources Corp		0
			TOTAL ENERGY		0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	874	e	Asterias Biotherapeutics, Inc		525
	1,296	m	Forest Laboratories, Inc CVR		1,231
	1,988	m	Omthera Pharmaceuticals, Inc		1,193
	12,340	e,m	Trius Therapeutics, Inc		1,604
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,553

SOFTWARE & SERVICES - 0.0%
	3,514	m	Gerber Scientific, Inc		0
			TOTAL SOFTWARE & SERVICES		0

TELECOMMUNICATION SERVICES - 0.0%
	19,784	m	Leap Wireless International, Inc		49,856
			TOTAL TELECOMMUNICATION SERVICES		49,856

			TOTAL RIGHTS / WARRANTS		54,762
			(Cost $50,443)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 4.0%

GOVERNMENT AGENCY DEBT - 0.7%
$	28,850,000	d	Federal Home Loan Bank (FHLB)		0.270	%	06/17/16	28,839,499
	40,000,000		Federal National Mortgage Association (FNMA)		0.140		05/02/16	40,000,000
			TOTAL GOVERNMENT AGENCY DEBT					68,839,499

TREASURY DEBT - 0.2%
	14,450,000		United States Treasury Bill		0.161		05/05/16	14,449,812
	10,800,000		United States Treasury Bill		0.203		05/12/16	10,799,546
			TOTAL TREASURY DEBT					25,249,358

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.1%
	326,509,105	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust					326,509,105
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					326,509,105

184

TIAA-CREF FUNDS - Equity Index Fund

	VALUE

TOTAL SHORT-TERM INVESTMENTS	$	420,597,962
(Cost $420,597,853)

TOTAL INVESTMENTS - 103.5%		10,856,738,420
(Cost $7,770,906,853)
OTHER ASSETS & LIABILITIES, NET - (3.5)%		(366,590,599	)
NET ASSETS - 100.0%	$	10,490,147,821



		Abbreviation(s):
		ETF Exchange Traded Fund
		REIT Real Estate Investment Trust
		SPDR Standard & Poor’s Depository Receipts


*		Non-income producing
a		Affiliated holding
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $316,756,454.
m		Indicates a security that has been deemed illiquid.

185

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

TIAA-CREF FUNDS

LARGE-CAP GROWTH INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.3%

AUTOMOBILES & COMPONENTS - 0.8%
	60,915		BorgWarner, Inc	$	2,188,067
	77,321		Delphi Automotive plc		5,693,145
	42,306		Gentex Corp		678,588
	28,087		Harley-Davidson, Inc		1,343,401
	36,448		Johnson Controls, Inc		1,508,947
	15,684		Lear Corp		1,805,699
	26,364	*,e	Tesla Motors, Inc		6,347,397
	11,899		Thor Industries, Inc		761,774
	10,292		Visteon Corp		819,964
			TOTAL AUTOMOBILES & COMPONENTS		21,146,982

BANKS - 0.1%
	12,320	*	Signature Bank		1,698,066
	8,870	*	SVB Financial Group		924,963
			TOTAL BANKS		2,623,029

CAPITAL GOODS - 6.9%
	171,852		3M Co		28,764,588
	20,710		A.O. Smith Corp		1,599,226
	11,746		Acuity Brands, Inc		2,864,732
	4,538	*	Aecom Technology Corp		147,440
	1,279		Air Lease Corp		38,984
	25,223		Allegion plc		1,650,845
	24,881		Allison Transmission Holdings, Inc		716,822
	65,103		Ametek, Inc		3,130,803
	3,680	*	Armstrong Flooring, Inc		53,581
	7,361	*	Armstrong World Industries, Inc		300,402
	2,285	*	Babcock & Wilcox Enterprises, Inc		52,212
	28,031		BE Aerospace, Inc		1,363,148
	175,980		Boeing Co		23,722,104
	5,450		BWX Technologies, Inc		181,976
	3,880		Carlisle Cos, Inc		395,372
	29,981		Caterpillar, Inc		2,330,123
	35,100		Cummins, Inc		4,107,753
	30,094		Danaher Corp		2,911,595
	15,267	e	Deere & Co		1,284,107
	31,627		Donaldson Co, Inc		1,033,570
	124,305		Emerson Electric Co		6,790,782
	79,488	e	Fastenal Co		3,719,244
	16,997		Flowserve Corp		829,624
	14,741		Fortune Brands Home & Security, Inc		816,799
	23,253		General Dynamics Corp		3,267,512
	15,971		Graco, Inc		1,251,967
	46,653	*	HD Supply Holdings, Inc		1,599,265
	25,444		Hexcel Corp		1,151,850

186

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	209,854		Honeywell International, Inc	$	23,980,016
	1,775		Hubbell, Inc		187,724
	13,103		Huntington Ingalls		1,896,921
	18,757		IDEX Corp		1,536,198
	79,757		Illinois Tool Works, Inc		8,336,202
	4,847		Ingersoll-Rand plc		317,672
	10,745		Lennox International, Inc		1,450,038
	17,757		Lincoln Electric Holdings, Inc		1,112,831
	52,595		Lockheed Martin Corp		12,222,026
	93,047		Masco Corp		2,857,473
	15,160	*	Middleby Corp		1,662,142
	4,407		MSC Industrial Direct Co (Class A)		341,543
	15,072		Nordson Corp		1,156,475
	15,673		Northrop Grumman Corp		3,232,713
	86,578		Paccar, Inc		5,100,310
	16,141		Parker Hannifin Corp		1,872,679
	7,972	*	Quanta Services, Inc		189,096
	591		Regal-Beloit Corp		38,072
	36,264		Rockwell Automation, Inc		4,114,876
	35,681		Rockwell Collins, Inc		3,146,707
	10,081		Roper Industries, Inc		1,775,163
	15,576		Snap-On, Inc		2,480,945
	16,110	*,e	SolarCity Corp		488,455
	32,951	*	Spirit Aerosystems Holdings, Inc (Class A)		1,553,640
	3,910		Stanley Works		437,607
	16,387		Textron, Inc		633,849
	14,620		Toro Co		1,263,899
	14,388		TransDigm Group, Inc		3,278,594
	24,611	*	United Rentals, Inc		1,647,214
	21,874		United Technologies Corp		2,282,989
	25,541	*	USG Corp		689,862
	334		Valmont Industries, Inc		46,887
	17,356	e	W.W. Grainger, Inc		4,070,329
	14,722	*	WABCO Holdings, Inc		1,651,220
	7,011		Watsco, Inc		942,769
	25,612		Westinghouse Air Brake Technologies Corp		2,124,003
			TOTAL CAPITAL GOODS		196,195,565

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	23,559		Cintas Corp		2,115,127
	10,148	*	Clean Harbors, Inc		501,311
	31,720	*	Copart, Inc		1,358,885
	31,435		Covanta Holding Corp		511,133
	3,629		Dun & Bradstreet Corp		400,678
	30,994		Equifax, Inc		3,727,029
	15,443	*	IHS, Inc (Class A)		1,902,269
	12,848		KAR Auction Services, Inc		483,085
	68,339		Nielsen NV		3,563,195
	21,126		Pitney Bowes, Inc		443,012
	28,482		R.R. Donnelley & Sons Co		495,587
	37,191		Robert Half International, Inc		1,424,787
	30,881		Rollins, Inc		829,772
	22,883	*	Stericycle, Inc		2,186,700

187

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	6,533	*	TransUnion	$	195,663
	97,516		Tyco International plc		3,756,316
	45,694	*	Verisk Analytics, Inc		3,544,941
	10,960		Waste Management, Inc		644,338
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		28,083,828

CONSUMER DURABLES & APPAREL - 2.3%
	17,533		Brunswick Corp		842,110
	14,792		Carter’s, Inc		1,577,863
	10,435		Coach, Inc		420,217
	36,508		DR Horton, Inc		1,097,430
	9,664	*	Fossil Group, Inc		391,392
	24,939	*,e	GoPro, Inc		315,229
	107,442		Hanesbrands, Inc		3,119,041
	19,157		Harman International Industries, Inc		1,470,491
	23,948		Hasbro, Inc		2,026,959
	35,578	*	Kate Spade & Co		915,422
	36,185		Leggett & Platt, Inc		1,783,559
	961		Lennar Corp (B Shares)		34,557
	17,732	e	Lennar Corp (Class A)		803,437
	30,060	*,e	Lululemon Athletica, Inc		1,970,433
	49,552	*	Michael Kors Holdings Ltd		2,559,856
	11,670	*	Mohawk Industries, Inc		2,247,992
	84,761		Newell Rubbermaid, Inc		3,860,036
	365,268		Nike, Inc (Class B)		21,528,896
	1,092	*	NVR, Inc		1,814,129
	17,928		Polaris Industries, Inc		1,754,793
	1,084		Ralph Lauren Corp		101,040
	33,494	*	Skechers U.S.A., Inc (Class A)		1,106,977
	16,471	*,e	Tempur-Pedic International, Inc		999,296
	15,790	*	Toll Brothers, Inc		431,067
	9,982	*	TopBuild Corp		311,638
	12,392	e	Tupperware Corp		719,603
	48,287	*	Under Armour, Inc		1,970,110
	48,287	*,e	Under Armour, Inc (Class A)		2,121,731
	90,419		VF Corp		5,700,918
	1,926	*	Vista Outdoor, Inc		92,409
	1,551		Whirlpool Corp		270,091
			TOTAL CONSUMER DURABLES & APPAREL		64,358,722

CONSUMER SERVICES - 3.5%
	46,507		ARAMARK Holdings Corp		1,558,450
	15,477		Brinker International, Inc		716,895
	8,361	*	Chipotle Mexican Grill, Inc (Class A)		3,519,730
	9,756		Choice Hotels International, Inc		494,239
	6,672		Darden Restaurants, Inc		415,332
	14,043		Domino’s Pizza, Inc		1,697,518
	26,078		Dunkin Brands Group, Inc		1,212,627
	15,964		Extended Stay America, Inc		249,837
	62,906		H&R Block, Inc		1,273,217
	139,692		Hilton Worldwide Holdings, Inc		3,080,209
	17,634		International Game Technology plc		305,773
	98,413		Las Vegas Sands Corp		4,443,347

188

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	51,920	e	Marriott International, Inc (Class A)	$	3,639,073
	238,066		McDonald’s Corp		30,112,968
	7,853	*	MGM Resorts International		167,269
	33,065	*	Norwegian Cruise Line Holdings Ltd		1,616,548
	6,531	*	Panera Bread Co (Class A)		1,400,834
	53,776		Service Corp International		1,434,206
	27,080	*	ServiceMaster Global Holdings, Inc		1,037,706
	18,806		Six Flags Entertainment Corp		1,129,300
	405,137		Starbucks Corp		22,780,854
	47,808		Starwood Hotels & Resorts Worldwide, Inc		3,914,519
	30,409		Wyndham Worldwide Corp		2,157,518
	19,250	e	Wynn Resorts Ltd		1,699,775
	110,315		Yum! Brands, Inc		8,776,661
			TOTAL CONSUMER SERVICES		98,834,405

DIVERSIFIED FINANCIALS - 2.1%
	14,887	*	Affiliated Managers Group, Inc		2,535,554
	9,084	*	Ally Financial, Inc		161,786
	45,306		American Express Co		2,964,372
	38,461		Ameriprise Financial, Inc		3,688,410
	8,905		Artisan Partners Asset Management, Inc		287,721
	30,210		Bank of New York Mellon Corp		1,215,650
	10,746		BlackRock, Inc		3,829,122
	23,744		CBOE Holdings, Inc		1,471,178
	218,137		Charles Schwab Corp		6,197,272
	2,259	*,e	Credit Acceptance Corp		443,374
	31,022		Eaton Vance Corp		1,071,190
	12,127		Factset Research Systems, Inc		1,828,145
	25,600		Federated Investors, Inc (Class B)		808,960
	1,320		Interactive Brokers Group, Inc (Class A)		50,160
	10,758		IntercontinentalExchange Group, Inc		2,582,243
	16,578		Invesco Ltd		514,084
	5,001	e	iShares Russell 1000 Growth Index Fund		494,349
	33,106		Lazard Ltd (Class A)		1,193,471
	8,951		Legg Mason, Inc		287,417
	21,577	*,e	LendingClub Corp		170,458
	12,636		Leucadia National Corp		210,768
	22,716	e	LPL Financial Holdings, Inc		599,702
	47,118		Moody’s Corp		4,510,135
	6,781		Morningstar, Inc		564,179
	26,823		MSCI, Inc (Class A)		2,036,939
	50,961		NorthStar Asset Management Group, Inc		633,955
	73,149	*	S&P Global, Inc		7,815,971
	4,812	*	Santander Consumer USA Holdings, Inc		63,374
	36,417		SEI Investments Co		1,750,929
	113,283	*	SLM Corp		766,926
	70,411		T Rowe Price Group, Inc		5,301,244
	63,422		TD Ameritrade Holding Corp		1,891,878
	20,776		Waddell & Reed Financial, Inc (Class A)		422,584
			TOTAL DIVERSIFIED FINANCIALS		58,363,500

ENERGY - 0.6%
	125,264		Cabot Oil & Gas Corp		2,931,178

189

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	7,953	*,e	Continental Resources, Inc	$	296,329
	1,547	e	CVR Energy, Inc		37,561
	12,582		EOG Resources, Inc		1,039,525
	40,548	*	FMC Technologies, Inc		1,236,308
	7,078		HollyFrontier Corp		251,977
	10,708		Marathon Petroleum Corp		418,469
	26,257	*	Memorial Resource Development Corp		343,441
	4,916		Oceaneering International, Inc		180,171
	25,700		Oneok, Inc		929,055
	4,029	e	Range Resources Corp		177,719
	1,932	e	RPC, Inc		29,212
	41,379		Schlumberger Ltd		3,324,389
	22,106		Targa Resources Investments, Inc		894,409
	8,403	e	Teekay Corp		94,114
	2,137		Tesoro Corp		170,297
	204,151		Williams Cos, Inc		3,958,488
	3,474		World Fuel Services Corp		162,340
			TOTAL ENERGY		16,474,982

FOOD & STAPLES RETAILING - 2.3%
	119,302		Costco Wholesale Corp		17,672,205
	281,595		CVS Health Corp		28,300,298
	264,507		Kroger Co		9,360,903
	159,093	*	Rite Aid Corp		1,280,699
	41,306	*	Sprouts Farmers Market, Inc		1,159,459
	48,452		Sysco Corp		2,232,184
	35,059		Walgreens Boots Alliance, Inc		2,779,477
	80,830		Whole Foods Market, Inc		2,350,536
			TOTAL FOOD & STAPLES RETAILING		65,135,761

FOOD, BEVERAGE & TOBACCO - 7.9%
	499,084		Altria Group, Inc		31,297,558
	7,382	*,e	Blue Buffalo Pet Products, Inc		182,778
	7,617	e	Brown-Forman Corp		789,959
	29,271		Brown-Forman Corp (Class B)		2,819,383
	27,673		Campbell Soup Co		1,707,701
	1,057,173		Coca-Cola Co		47,361,350
	62,799		Coca-Cola Enterprises, Inc		3,295,692
	16,870		ConAgra Foods, Inc		751,727
	43,918		Constellation Brands, Inc (Class A)		6,853,843
	51,748		Dr Pepper Snapple Group, Inc		4,704,411
	40,639		Flowers Foods, Inc		778,643
	159,433		General Mills, Inc		9,779,620
	27,012	*	Hain Celestial Group, Inc		1,130,722
	39,231		Hershey Co		3,652,799
	74,778		Hormel Foods Corp		2,882,692
	1,977		Ingredion, Inc		227,533
	59,831		Kellogg Co		4,595,619
	161,578		Kraft Heinz Co		12,614,394
	33,854		McCormick & Co, Inc		3,174,828
	51,281		Mead Johnson Nutrition Co		4,469,139
	40,366	*	Monster Beverage Corp		5,821,585
	399,813		PepsiCo, Inc		41,164,747

190

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	208,615		Philip Morris International, Inc	$	20,469,304
	1,543	e	Pilgrim’s Pride Corp		41,522
	223,562		Reynolds American, Inc		11,088,675
	4,043		Tyson Foods, Inc (Class A)		266,110
	46,152	*	WhiteWave Foods Co (Class A)		1,855,772
			TOTAL FOOD, BEVERAGE & TOBACCO		223,778,106

HEALTH CARE EQUIPMENT & SERVICES - 5.8%
	16,527	*	Acadia Healthcare Co, Inc		1,044,341
	22,740		Aetna Inc		2,553,020
	15,010	*	Alere, Inc		585,390
	21,145	*	Align Technology, Inc		1,526,457
	14,142	*	Allscripts Healthcare Solutions, Inc		189,503
	55,756		AmerisourceBergen Corp		4,744,836
	13,727		Anthem, Inc		1,932,350
	10,387	*,e	athenahealth, Inc		1,384,587
	20,312		Bard (C.R.), Inc		4,309,597
	90,453		Baxter International, Inc		3,999,832
	55,582		Becton Dickinson & Co		8,963,153
	32,231	*	Boston Scientific Corp		706,503
	12,677	*	Brookdale Senior Living, Inc		234,017
	79,123		Cardinal Health, Inc		6,207,991
	34,155	*	Centene Corp		2,116,244
	81,962	*	Cerner Corp		4,601,347
	69,476		Cigna Corp		9,625,205
	9,308		Cooper Cos, Inc		1,424,869
	13,583	*	DaVita, Inc		1,003,784
	36,815		DENTSPLY SIRONA, Inc		2,194,174
	21,799	*	DexCom, Inc		1,403,420
	57,977	*	Edwards Lifesciences Corp		6,157,737
	50,626	*	Envision Healthcare Holdings, Inc		1,145,666
	143,483	*	Express Scripts Holding Co		10,579,002
	8,520	*	HCA Holdings, Inc		686,882
	23,418	*	Henry Schein, Inc		3,950,617
	13,494		Hill-Rom Holdings, Inc		652,435
	64,613	*	Hologic, Inc		2,170,351
	37,093		Humana, Inc		6,568,057
	25,897	*	Idexx Laboratories, Inc		2,184,412
	34,561	*	IMS Health Holdings, Inc		920,705
	7,372	*,e	Inovalon Holdings, Inc		126,061
	10,177	*	Intuitive Surgical, Inc		6,374,466
	9,504	*	Laboratory Corp of America Holdings		1,191,041
	1,409	*	LifePoint Health, Inc		95,192
	62,594		McKesson Corp		10,504,525
	14,029	*	MEDNAX, Inc		1,000,127
	12,137		Patterson Cos, Inc		526,139
	9,797	*	Premier, Inc		331,237
	36,773		Resmed, Inc		2,051,933
	41,507		St. Jude Medical, Inc		3,162,833
	45,339		Stryker Corp		4,942,404
	26,925	*	Tenet Healthcare Corp		853,253
	243,503		UnitedHealth Group, Inc		32,064,475
	4,595		Universal Health Services, Inc (Class B)		614,260

191

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	28,695	*	Varian Medical Systems, Inc	$	2,329,460
	20,811	*	VCA Antech, Inc		1,310,469
	18,467	*	Veeva Systems, Inc		508,027
	3,731		Zimmer Holdings, Inc		431,938
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		164,184,324

HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	36,837		Church & Dwight Co, Inc		3,414,790
	27,590		Clorox Co		3,455,096
	214,131		Colgate-Palmolive Co		15,186,170
	20,949	e	Coty, Inc		636,850
	56,529		Estee Lauder Cos (Class A)		5,419,435
	16,712	*,e	Herbalife Ltd		968,460
	77,920		Kimberly-Clark Corp		9,754,805
	3,388	e	Nu Skin Enterprises, Inc (Class A)		138,129
	6,809	e	Spectrum Brands, Inc		773,502
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		39,747,237

INSURANCE - 0.7%
	1,064		Amtrust Financial Services, Inc		26,441
	75,436		Aon plc		7,929,832
	23,723		Arthur J. Gallagher & Co		1,092,207
	33,633	*	Berkshire Hathaway, Inc (Class B)		4,892,929
	7,128		Erie Indemnity Co (Class A)		672,812
	439	*	Markel Corp		394,709
	85,249		Marsh & McLennan Cos, Inc		5,383,474
			TOTAL INSURANCE		20,392,404

MATERIALS - 3.6%
	47,291		Air Products & Chemicals, Inc		6,899,284
	4,115		Airgas, Inc		586,141
	3,258		Aptargroup, Inc		247,608
	1,453		Ashland, Inc		162,155
	22,802		Avery Dennison Corp		1,655,653
	28,555	*	Axalta Coating Systems Ltd		812,961
	37,143		Ball Corp		2,651,267
	2,953		Bemis Co, Inc		148,182
	3,055		Celanese Corp (Series A)		215,989
	64,421		CF Industries Holdings, Inc		2,130,402
	26,243		Chemours Co		239,336
	8,688	e	Compass Minerals International, Inc		651,253
	15,793	*	Crown Holdings, Inc		836,397
	39,253		Dow Chemical Co		2,065,100
	13,308		Eagle Materials, Inc		986,389
	10,229		Eastman Chemical Co		781,291
	70,841		Ecolab, Inc		8,145,298
	112,351		EI du Pont de Nemours & Co		7,405,054
	25,952		FMC Corp		1,122,684
	19,008	*	GCP Applied Technologies, Inc		420,647
	48,914		Graphic Packaging Holding Co		649,578
	37,602		Huntsman Corp		591,855
	21,476		International Flavors & Fragrances, Inc		2,565,738
	107,214		International Paper Co		4,639,150

192

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	98,587		LyondellBasell Industries AF S.C.A	$	8,150,187
	2,795		Martin Marietta Materials, Inc		472,998
	118,674		Monsanto Co		11,117,380
	2,147		NewMarket Corp		871,811
	4,966	*	Owens-Illinois, Inc		91,672
	25,600		Packaging Corp of America		1,660,928
	7,377	*,e	Platform Specialty Products Corp		75,983
	72,778		PPG Industries, Inc		8,033,963
	65,850		Praxair, Inc		7,734,741
	1,598		Royal Gold, Inc		100,067
	34,830		RPM International, Inc		1,759,960
	10,576		Scotts Miracle-Gro Co (Class A)		748,569
	53,439		Sealed Air Corp		2,530,871
	21,968		Sherwin-Williams Co		6,311,626
	10,473		Silgan Holdings, Inc		531,400
	9,616	e	Southern Copper Corp (NY)		285,307
	7,627		Steel Dynamics, Inc		192,277
	7,797		Tahoe Resources, Inc		110,172
	21,956		Valspar Corp		2,342,486
	4,526		Vulcan Materials Co		487,133
	7,248		WestRock Co		303,329
	19,630	*	WR Grace & Co		1,505,228
			TOTAL MATERIALS		102,027,500

MEDIA - 5.5%
	16,168	*	AMC Networks, Inc		1,054,639
	12,149		Cablevision Systems Corp (Class A)		405,655
	123,160		CBS Corp (Class B)		6,885,876
	20,426	*,e	Charter Communications, Inc		4,335,214
	29,990		Cinemark Holdings, Inc		1,039,153
	3,514		Clear Channel Outdoor Holdings, Inc (Class A)		17,957
	609,397		Comcast Corp (Class A)		37,026,962
	36,835	*	Discovery Communications, Inc (Class A)		1,005,964
	63,325	*	Discovery Communications, Inc (Class C)		1,695,843
	38,554	*	DISH Network Corp (Class A)		1,900,327
	107,845		Interpublic Group of Cos, Inc		2,473,964
	24,469	e	Lions Gate Entertainment Corp		543,212
	41,408	*	Live Nation, Inc		889,444
	5,989	*	Madison Square Garden Co		940,153
	16,225	*	MSG Networks, Inc		277,285
	66,762		Omnicom Group, Inc		5,539,243
	25,272	e	Regal Entertainment Group (Class A)		526,921
	24,281		Scripps Networks Interactive (Class A)		1,513,920
	572,689	*,e	Sirius XM Holdings, Inc		2,262,122
	24,962	*	Starz-Liberty Capital		679,216
	76,271		Time Warner Cable, Inc		16,177,842
	113,579		Time Warner, Inc		8,534,326
	202,903		Twenty-First Century Fox, Inc		6,139,845
	85,650		Twenty-First Century Fox, Inc (Class B)		2,579,778
	2,643		Viacom, Inc		116,107
	92,436		Viacom, Inc (Class B)		3,780,632
	459,507		Walt Disney Co		47,448,693
			TOTAL MEDIA		155,790,293

193

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.2%
	446,140		AbbVie, Inc	$	27,214,540
	6,943	*,e	Agios Pharmaceuticals, Inc		339,860
	22,041	*,e	Akorn, Inc		560,943
	58,144	*	Alexion Pharmaceuticals, Inc		8,098,296
	32,894	*	Alkermes plc		1,307,536
	47,768	*	Allergan plc		10,344,638
	16,053	*	Alnylam Pharmaceuticals, Inc		1,076,193
	206,152		Amgen, Inc		32,633,862
	93,159		Baxalta, Inc		3,908,020
	60,434	*	Biogen Idec, Inc		16,618,746
	42,748	*	BioMarin Pharmaceutical, Inc		3,619,901
	5,672		Bio-Techne Corp		528,517
	9,903	*,e	Bluebird Bio, Inc		439,198
	451,911		Bristol-Myers Squibb Co		32,618,936
	31,463		Bruker BioSciences Corp		890,403
	214,925	*	Celgene Corp		22,225,394
	12,743	*	Charles River Laboratories International, Inc		1,010,138
	263,644		Eli Lilly & Co		19,913,031
	22,958	*	Endo International plc		619,866
	368,802		Gilead Sciences, Inc		32,532,024
	38,746	*	Illumina, Inc		5,230,322
	42,092	*	Incyte Corp		3,041,989
	4,222	*,e	Intercept Pharmaceuticals, Inc		636,424
	12,876	*,e	Intrexon Corp		344,175
	31,544	*	Ionis Pharmaceuticals, Inc		1,292,358
	16,388	*	Jazz Pharmaceuticals plc		2,469,672
	97,860		Johnson & Johnson		10,968,149
	2,863	*,e	Juno Therapeutics, Inc		120,504
	12,621	*	Mallinckrodt plc		789,065
	42,413	*	Medivation, Inc		2,451,471
	89,150		Merck & Co, Inc		4,888,986
	7,827	*	Mettler-Toledo International, Inc		2,801,675
	95,011	*	Mylan NV		3,962,909
	81,841	*,e	Opko Health, Inc		879,791
	3,987		PerkinElmer, Inc		201,024
	7,058		Perrigo Co plc		682,297
	7,215	*,e	Puma Biotechnology, Inc		221,428
	21,016	*	Quintiles Transnational Holdings, Inc		1,451,575
	21,067	*	Regeneron Pharmaceuticals, Inc		7,936,150
	27,860	*,e	Seattle Genetics, Inc		988,473
	35,527		Thermo Electron Corp		5,124,770
	12,435	*	United Therapeutics Corp		1,308,162
	65,637	*	Vertex Pharmaceuticals, Inc		5,535,825
	4,751	*	VWR Corp		126,567
	22,013	*	Waters Corp		2,865,212
	134,675		Zoetis Inc		6,333,765
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		289,152,780

REAL ESTATE - 2.8%
	115,410		American Tower Corp		12,104,201
	36,564		Boston Properties, Inc		4,711,637

194

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	78,861	*	CBRE Group, Inc	$	2,336,652
	4,020		Columbia Property Trust, Inc		89,646
	88,851		Crown Castle International Corp		7,719,375
	21,810		Digital Realty Trust, Inc		1,918,844
	13,685		Empire State Realty Trust, Inc		253,309
	18,323		Equinix, Inc		6,053,003
	21,401		Equity Lifestyle Properties, Inc		1,465,755
	33,072		Extra Space Storage, Inc		2,809,466
	19,025		Federal Realty Investment Trust		2,893,322
	3,039		Four Corners Property Trust, Inc		53,942
	18,719		Gaming and Leisure Properties, Inc		613,796
	2,869		Healthcare Trust of America, Inc		82,885
	4,387	*	Howard Hughes Corp		461,381
	27,621		Iron Mountain, Inc		1,008,995
	8,449		Jones Lang LaSalle, Inc		973,071
	21,298		Lamar Advertising Co		1,321,328
	12,960		Omega Healthcare Investors, Inc		437,659
	7,223		Post Properties, Inc		414,311
	36,215		Public Storage, Inc		8,865,794
	14,371	*	Realogy Holdings Corp		513,620
	84,355		Simon Property Group, Inc		16,969,695
	24,961		Tanger Factory Outlet Centers, Inc		875,632
	6,404		Taubman Centers, Inc		444,758
	42,190		Welltower, Inc		2,928,830
	42,970		Weyerhaeuser Co		1,380,196
			TOTAL REAL ESTATE		79,701,103

RETAILING - 9.3%
	2,678		Aaron’s, Inc		70,190
	19,567		Advance Auto Parts, Inc		3,054,409
	102,858	*	Amazon.com, Inc		67,844,108
	18,756	*	Autonation, Inc		949,991
	8,505	*	AutoZone, Inc		6,508,281
	43,238	*	Bed Bath & Beyond, Inc		2,041,698
	1,109	*	Cabela’s, Inc		57,834
	52,337	*,e	Carmax, Inc		2,771,244
	17,227		CST Brands, Inc		650,664
	16,381		Dick’s Sporting Goods, Inc		759,096
	583		Dillard’s, Inc (Class A)		41,072
	77,344		Dollar General Corp		6,335,247
	62,117	*	Dollar Tree, Inc		4,951,346
	1,588		DSW, Inc (Class A)		39,017
	28,048		Expedia, Inc		3,247,117
	33,229		Foot Locker, Inc		2,041,590
	60,656	e	Gap, Inc		1,406,006
	37,708		Genuine Parts Co		3,618,837
	20,817		GNC Holdings, Inc		507,102
	120,431	*	Groupon, Inc		435,960
	350,378		Home Depot, Inc		46,912,111
	66,010		L Brands, Inc		5,167,923
	57,966	*	Liberty Interactive Corp		1,518,709
	37,171	*	Liberty Ventures		1,486,840
	83,188	*	LKQ Corp		2,666,175

195

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	243,650		Lowe’s Companies, Inc	$	18,522,273
	60,610		Macy’s, Inc		2,399,550
	16,869	*	Michaels Cos, Inc		479,586
	422	*	Murphy USA, Inc		24,231
	114,534	*	NetFlix, Inc		10,311,496
	36,714	e	Nordstrom, Inc		1,877,187
	26,779	*	Office Depot, Inc		157,461
	27,183	*	O’Reilly Automotive, Inc		7,140,430
	4,004		Penske Auto Group, Inc		156,677
	13,950	*	Priceline.com, Inc		18,744,057
	111,666		Ross Stores, Inc		6,340,395
	39,342	*	Sally Beauty Holdings, Inc		1,235,339
	296	*,e	Sears Holdings Corp		4,847
	21,614		Signet Jewelers Ltd		2,346,416
	13,667		Target Corp		1,086,527
	22,624		Tiffany & Co		1,614,222
	183,334		TJX Companies, Inc		13,900,384
	36,744		Tractor Supply Co		3,478,187
	30,221	*	TripAdvisor, Inc		1,951,974
	17,352	*	Ulta Salon Cosmetics & Fragrance, Inc		3,614,075
	23,474	*	Urban Outfitters, Inc		711,732
	24,729	e	Williams-Sonoma, Inc		1,453,571
			TOTAL RETAILING		262,633,184

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	78,302		Analog Devices, Inc		4,409,969
	181,749		Applied Materials, Inc		3,720,402
	71,724		Broadcom Ltd		10,453,773
	88,673		Intel Corp		2,685,018
	42,937		Kla-Tencor Corp		3,003,014
	30,202		Lam Research Corp		2,307,433
	65,735		Linear Technology Corp		2,923,893
	26,258		Maxim Integrated Products, Inc		937,936
	57,917	e	Microchip Technology, Inc		2,814,187
	26,576	*	Micron Technology, Inc		285,692
	110,518	*	ON Semiconductor Corp		1,046,605
	37,935	*	Qorvo, Inc		1,708,213
	61,747		Qualcomm, Inc		3,119,458
	51,635		Skyworks Solutions, Inc		3,450,251
	1,653	*,e	SunPower Corp		33,291
	280,034		Texas Instruments, Inc		15,973,139
	16,658		Xilinx, Inc		717,627
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		59,589,901

SOFTWARE & SERVICES - 18.9%
	170,812		Accenture plc		19,288,091
	135,015	*	Adobe Systems, Inc		12,721,113
	49,481	*	Akamai Technologies, Inc		2,523,036
	16,599	*	Alliance Data Systems Corp		3,374,743
	78,004	*	Alphabet, Inc (Class A)		55,217,472
	79,372	*	Alphabet, Inc (Class C)		55,005,590
	5,683	*	Ansys, Inc		515,846
	4,297	*,e	Atlassian Corp plc		99,562

196

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	44,632	*	Autodesk, Inc	$	2,669,886
	102,835		Automatic Data Processing, Inc		9,094,727
	4,676	*,e	Black Knight Financial Services, Inc		149,539
	25,341		Booz Allen Hamilton Holding Co		698,651
	31,040		Broadridge Financial Solutions, Inc		1,857,434
	75,754	*	Cadence Design Systems, Inc		1,756,735
	43,537		CDK Global, Inc		2,071,055
	43,172	*	Citrix Systems, Inc		3,533,197
	163,732	*	Cognizant Technology Solutions Corp (Class A)		9,557,037
	8,775	*	CoStar Group, Inc		1,731,395
	7,027		DST Systems, Inc		848,018
	310,454	*	eBay, Inc		7,584,391
	84,169	*	Electronic Arts, Inc		5,205,853
	584,900	*	Facebook, Inc		68,772,542
	32,973		Fidelity National Information Services, Inc		2,169,623
	36,131	*	FireEye, Inc		626,873
	10,688	*	First American Corp		379,210
	36,681	*	First Data Corp		417,797
	61,277	*	Fiserv, Inc		5,987,988
	24,395	*	FleetCor Technologies, Inc		3,773,419
	37,521	*	Fortinet, Inc		1,219,808
	21,755	*	Gartner, Inc		1,896,383
	41,751	*	Genpact Ltd		1,164,435
	41,854		Global Payments, Inc		3,021,022
	6,297	*	GoDaddy, Inc		191,240
	21,627		IAC/InterActiveCorp		1,002,195
	136,880		International Business Machines Corp		19,976,267
	70,365		Intuit, Inc		7,099,125
	23,452		Jack Henry & Associates, Inc		1,900,316
	1,368		Leidos Holdings, Inc		67,866
	29,518	*	LinkedIn Corp		3,698,901
	269,427		Mastercard, Inc (Class A)		26,131,725
	8,101	*,e	Match Group, Inc		92,351
	1,240,807		Microsoft Corp		61,879,045
	10,281	*,e	NetSuite, Inc		833,172
	512,626		Oracle Corp		20,433,272
	60,201	*,e	Pandora Media, Inc		597,796
	79,049		Paychex, Inc		4,120,034
	327,932	*	PayPal Holdings, Inc		12,848,376
	29,627	*	PTC, Inc		1,080,200
	31,132	*,e	Rackspace Hosting, Inc		711,989
	50,426	*	Red Hat, Inc		3,699,756
	29,100		Sabre Corp		842,445
	176,989	*	Salesforce.com, Inc		13,415,766
	41,123	*	ServiceNow, Inc		2,939,472
	34,576	*	Splunk, Inc		1,797,260
	7,363	*,e	Square, Inc		109,635
	18,638		SS&C Technologies Holdings, Inc		1,139,714
	5,604	*	Synopsys, Inc		266,302
	13,087	*	Tableau Software, Inc		676,598
	27,846	*	Teradata Corp		704,504
	44,534		Total System Services, Inc		2,277,469
	150,677	*	Twitter, Inc		2,202,898

197

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	7,432	*	Ultimate Software Group, Inc	$	1,461,057
	38,623	*	Vantiv, Inc		2,106,498
	30,611	*	VeriFone Systems, Inc		871,189
	27,839	*,e	VeriSign, Inc		2,405,290
	527,622		Visa, Inc (Class A)		40,753,523
	21,525	*,e	VMware, Inc (Class A)		1,224,988
	146,520		Western Union Co		2,930,400
	9,834	*	WEX, Inc		929,215
	28,577	*,e	Workday, Inc		2,142,703
	17,550	*	Yelp, Inc		368,550
	6,920	*,e	Zillow Group, Inc		173,138
	13,410	*,e	Zillow Group, Inc (Class C)		322,376
			TOTAL SOFTWARE & SERVICES		533,357,087

TECHNOLOGY HARDWARE & EQUIPMENT - 6.0%
	12,916	*	3D Systems Corp		228,484
	82,128		Amphenol Corp (Class A)		4,585,206
	1,556,190	d	Apple, Inc		145,877,250
	9,065	*,e	Arista Networks, Inc		603,910
	18,157	*	ARRIS International plc		413,435
	34,533		CDW Corp		1,329,521
	23,448		Cognex Corp		833,108
	13,587	*	CommScope Holding Co, Inc		413,181
	44,611		EMC Corp		1,164,793
	19,684	*	F5 Networks, Inc		2,061,899
	7,657	*,e	Fitbit, Inc		139,740
	23,382		Flir Systems, Inc		706,370
	5,539		Harris Corp		443,175
	6,252		Ingram Micro, Inc (Class A)		218,507
	9,050	*	IPG Photonics Corp		784,364
	12,007		Jabil Circuit, Inc		208,442
	18,906		Juniper Networks, Inc		442,400
	37,495	*	Keysight Technologies, Inc		977,870
	47,090		Motorola, Inc		3,540,697
	6,651		National Instruments Corp		183,368
	23,776		NetApp, Inc		562,065
	21,251	*	Palo Alto Networks, Inc		3,206,138
	3,923	*	Trimble Navigation Ltd		93,956
	13,506	*	Zebra Technologies Corp (Class A)		844,935
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		169,862,814

TELECOMMUNICATION SERVICES - 2.3%
	241,631		AT&T, Inc		9,380,115
	9,075	*	Level 3 Communications, Inc		474,260
	17,168	*	SBA Communications Corp (Class A)		1,768,991
	1,021,563		Verizon Communications, Inc		52,038,419
	33,002	*	Zayo Group Holdings, Inc		856,732
			TOTAL TELECOMMUNICATION SERVICES		64,518,517

TRANSPORTATION - 3.1%
	35,201		Alaska Air Group, Inc		2,479,207
	902		Amerco, Inc		317,504
	169,994		American Airlines Group, Inc		5,897,092

198

TIAA-CREF FUNDS - Large-Cap Growth Index Fund

SHARES			COMPANY	VALUE

	27,557	*	Avis Budget Group, Inc	$	691,681
	38,519		CH Robinson Worldwide, Inc		2,733,693
	67,995		CSX Corp		1,854,224
	209,086		Delta Air Lines, Inc		8,712,614
	54,574		Expeditors International of Washington, Inc		2,707,416
	26,984		FedEx Corp		4,455,328
	5,692	*	Genesee & Wyoming, Inc (Class A)		370,606
	104,513	*	Hertz Global Holdings, Inc		967,790
	24,278		J.B. Hunt Transport Services, Inc		2,012,161
	31,241	*	JetBlue Airways Corp		618,259
	11,536		Landstar System, Inc		756,185
	18,793	*	Old Dominion Freight Line		1,241,278
	179,999		Southwest Airlines Co		8,029,755
	19,856	*	Spirit Airlines, Inc		872,274
	235,974		Union Pacific Corp		20,584,012
	97,147	*	United Continental Holdings, Inc		4,450,304
	188,458		United Parcel Service, Inc (Class B)		19,801,282
			TOTAL TRANSPORTATION		89,552,665

UTILITIES - 0.1%
	11,718	*	Calpine Corp		184,910
	7,510		Dominion Resources, Inc		536,740
	14,715		ITC Holdings Corp		648,490
	1,785	e	TerraForm Power, Inc		19,064
			TOTAL UTILITIES		1,389,204

			TOTAL COMMON STOCKS		2,806,893,893
			(Cost $2,179,062,903)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 2.6%

GOVERNMENT AGENCY DEBT - 0.5%
$	14,250,000	d	Federal National Mortgage Association (FNMA)		0.140	%	05/02/16		14,250,000
			TOTAL GOVERNMENT AGENCY DEBT						14,250,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1%
	59,935,343	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						59,935,343
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						59,935,343

			TOTAL SHORT-TERM INVESTMENTS						74,185,343
			(Cost $74,185,288)

			TOTAL INVESTMENTS – 101.9%						2,881,079,236
			(Cost $2,253,248,191)
			OTHER ASSETS & LIABILITIES, NET - (1.9)%						(55,251,046	)
			NET ASSETS - 100.0%					$	2,825,828,190

199

TIAA-CREF FUNDS - Large-Cap Growth Index Fund


*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $58,081,760.

200

TIAA-CREF FUNDS - Large-Cap Value Index Fund

TIAA-CREF FUNDS

LARGE-CAP VALUE INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 1.4%
	1,556,668		Ford Motor Co	$	21,108,418
	640,311		General Motors Co		20,361,890
	57,756		Gentex Corp		926,406
	107,185		Goodyear Tire & Rubber Co		3,105,149
	34,379		Harley-Davidson, Inc		1,644,348
	202,968		Johnson Controls, Inc		8,402,875
	7,835		Lear Corp		902,044
			TOTAL AUTOMOBILES & COMPONENTS		56,451,130

BANKS - 10.8%
	58,578		Associated Banc-Corp		1,068,463
	4,183,284		Bank of America Corp		60,908,615
	18,252		Bank of Hawaii Corp		1,248,619
	41,632		BankUnited		1,436,304
	322,023		BB&T Corp		11,393,174
	11,528	e	BOK Financial Corp		693,755
	69,400		CIT Group, Inc		2,399,158
	1,209,136		Citigroup, Inc		55,958,814
	125,182		Citizens Financial Group, Inc		2,860,409
	69,713		Comerica, Inc		3,095,257
	34,565		Commerce Bancshares, Inc		1,618,333
	21,593	e	Cullen/Frost Bankers, Inc		1,381,736
	57,665		East West Bancorp, Inc		2,161,861
	323,070		Fifth Third Bancorp		5,915,412
	92,715		First Horizon National Corp		1,305,427
	142,212		First Niagara Financial Group, Inc		1,501,759
	56,852		First Republic Bank		3,997,833
	321,641		Huntington Bancshares, Inc		3,235,708
	1,481,542		JPMorgan Chase & Co		93,633,454
	338,873		Keycorp		4,164,749
	63,996		M&T Bank Corp		7,572,007
	194,996		New York Community Bancorp, Inc		2,930,790
	44,187		PacWest Bancorp		1,766,596
	123,923	e	People’s United Financial, Inc		1,920,806
	206,712		PNC Financial Services Group, Inc		18,145,179
	39,940		Popular, Inc		1,187,017
	529,981		Regions Financial Corp		4,971,222
	1,688	*	Signature Bank		232,657
	206,223		SunTrust Banks, Inc		8,607,748
	7,580	*	SVB Financial Group		790,442
	50,727		Synovus Financial Corp		1,580,653
	66,843		TCF Financial Corp		911,738
	27,284		TFS Financial Corp		488,384
	669,421		US Bancorp		28,577,583
	1,859,908		Wells Fargo & Co		92,958,202

201

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	80,105		Zions Bancorporation	$	2,204,490
			TOTAL BANKS		434,824,354

CAPITAL GOODS - 8.4%
	51,749	*	Aecom Technology Corp		1,681,325
	29,001		AGCO Corp		1,550,684
	39,468		Air Lease Corp		1,202,985
	33,492		Allison Transmission Holdings, Inc		964,905
	2,979	*	Armstrong Flooring, Inc		43,374
	5,958	*	Armstrong World Industries, Inc		243,146
	17,129	*	Babcock & Wilcox Enterprises, Inc		391,398
	35,051		BWX Technologies, Inc		1,170,353
	20,028		Carlisle Cos, Inc		2,040,853
	198,952		Caterpillar, Inc		15,462,549
	39,916		Chicago Bridge & Iron Co NV		1,606,619
	40,777	*	Colfax Corp		1,322,398
	18,950		Crane Co		1,053,052
	17,594		Cummins, Inc		2,059,026
	192,454		Danaher Corp		18,619,925
	103,535	e	Deere & Co		8,708,329
	5,852		Donaldson Co, Inc		191,243
	63,176		Dover Corp		4,150,663
	186,208		Eaton Corp		11,781,380
	82,520		Emerson Electric Co		4,508,068
	28,482		Flowserve Corp		1,390,206
	54,572		Fluor Corp		2,982,906
	41,227		Fortune Brands Home & Security, Inc		2,284,388
	17,064	e	GATX Corp		783,920
	76,244		General Dynamics Corp		10,713,807
	3,754,200		General Electric Co		115,441,650
	20,120		Hubbell, Inc		2,127,891
	2,808		IDEX Corp		229,975
	97,456		Ingersoll-Rand plc		6,387,266
	34,770		ITT Corp		1,334,125
	50,142	*	Jacobs Engineering Group, Inc		2,235,330
	40,117	e	Joy Global, Inc		854,492
	57,887		KBR, Inc		900,722
	31,459		Kennametal, Inc		735,511
	30,799		L-3 Communications Holdings, Inc		4,050,992
	2,692		Lincoln Electric Holdings, Inc		168,708
	30,440		Lockheed Martin Corp		7,073,647
	53,818	e	Manitowoc Co, Inc		306,763
	57,030	*,e	Manitowoc Foodservice, Inc		856,020
	12,922		MSC Industrial Direct Co (Class A)		1,001,455
	50,628		Northrop Grumman Corp		10,442,531
	42,108	*,e	NOW, Inc		760,471
	24,338		Orbital ATK, Inc		2,117,406
	29,465	e	Oshkosh Truck Corp		1,439,365
	47,254		Owens Corning, Inc		2,176,992
	13,642		Paccar, Inc		803,650
	29,895		Parker Hannifin Corp		3,468,418
	71,658		Pentair plc		4,161,897
	50,367	*	Quanta Services, Inc		1,194,705

202

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	122,082		Raytheon Co	$	15,425,061
	16,373		Regal-Beloit Corp		1,054,749
	24,780		Roper Industries, Inc		4,363,510
	4,843	*	Spirit Aerosystems Holdings, Inc (Class A)		228,347
	17,433		SPX Corp		280,671
	16,934	*	SPX FLOW, Inc		507,343
	56,059		Stanley Works		6,274,123
	41,742		Terex Corp		997,216
	84,903		Textron, Inc		3,284,048
	30,428		Timken Co		1,084,150
	63,667		Trinity Industries, Inc		1,242,143
	20,370		Triumph Group, Inc		736,987
	303,456		United Technologies Corp		31,671,703
	9,030		Valmont Industries, Inc		1,267,631
	17,474	*,e	WESCO International, Inc		1,027,296
	71,097		Xylem, Inc		2,970,433
			TOTAL CAPITAL GOODS		339,592,895

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	68,377		ADT Corp		2,870,467
	7,453	*	Clean Harbors, Inc		368,178
	9,852		Dun & Bradstreet Corp		1,087,759
	3,707	*	IHS, Inc (Class A)		456,628
	37,591		KAR Auction Services, Inc		1,413,422
	29,207		Manpower, Inc		2,249,815
	45,422		Nielsen NV		2,368,303
	47,944		Pitney Bowes, Inc		1,005,386
	39,523		R.R. Donnelley & Sons Co		687,700
	96,219		Republic Services, Inc		4,529,028
	2,500	*	TransUnion		74,875
	20,751		Tyco International plc		799,329
	49,348		Waste Connections, Inc		3,320,134
	167,779		Waste Management, Inc		9,863,727
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		31,094,751

CONSUMER DURABLES & APPAREL - 0.9%
	9,124		Brunswick Corp		438,226
	94,849		Coach, Inc		3,819,569
	76,502		DR Horton, Inc		2,299,650
	4,273	*	Fossil Group, Inc		173,056
	46,920	*	Garmin Ltd		2,000,200
	8,503		Hasbro, Inc		719,694
	2,443		Lennar Corp (B Shares)		87,850
	41,553	e	Lennar Corp (Class A)		1,882,766
	134,786		Mattel, Inc		4,190,497
	7,377	*	Mohawk Industries, Inc		1,421,031
	53,004		Newell Rubbermaid, Inc		2,413,782
	32,897		Phillips-Van Heusen Corp		3,144,953
	146,545		Pulte Homes, Inc		2,694,963
	22,603		Ralph Lauren Corp		2,106,826
	45,836	*	Toll Brothers, Inc		1,251,323
	841	e	Tupperware Corp		48,837
	22,418	*	Vista Outdoor, Inc		1,075,616

203

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	28,815		Whirlpool Corp	$	5,017,844
			TOTAL CONSUMER DURABLES & APPAREL		34,786,683

CONSUMER SERVICES - 0.6%
	5,755		ARAMARK Holdings Corp		192,850
	160,752		Carnival Corp		7,884,886
	40,026		Darden Restaurants, Inc		2,491,618
	1,418		Graham Holdings Co		675,734
	6,547		H&R Block, Inc		132,511
	12,924	*	Hyatt Hotels Corp		618,801
	10,893		International Game Technology plc		188,885
	164,240	*	MGM Resorts International		3,498,312
	4,003	*	Norwegian Cruise Line Holdings Ltd		195,707
	68,680		Royal Caribbean Cruises Ltd		5,315,832
	80,887		Wendy’s		878,433
	4,095	e	Wynn Resorts Ltd		361,588
			TOTAL CONSUMER SERVICES		22,435,157

DIVERSIFIED FINANCIALS - 5.1%
	177,577	*	Ally Financial, Inc		3,162,646
	263,615		American Express Co		17,248,329
	11,349		Ameriprise Financial, Inc		1,088,369
	400,184		Bank of New York Mellon Corp		16,103,404
	34,160		BlackRock, Inc		12,172,233
	207,068		Capital One Financial Corp		14,989,653
	134,081		Charles Schwab Corp		3,809,241
	128,355		CME Group, Inc		11,797,108
	165,163		Discover Financial Services		9,293,722
	114,183	*	E*TRADE Financial Corp		2,875,128
	154,338		Franklin Resources, Inc		5,762,981
	172,142		Goldman Sachs Group, Inc		28,250,224
	20,687		Interactive Brokers Group, Inc (Class A)		786,106
	29,998		IntercontinentalExchange Group, Inc		7,200,420
	149,521		Invesco Ltd		4,636,646
	87,000	e	iShares Russell 1000 Value Index Fund		8,777,430
	25,893		Legg Mason, Inc		831,424
	111,360		Leucadia National Corp		1,857,485
	610,507		Morgan Stanley		16,520,320
	46,012		NASDAQ OMX Group, Inc		2,839,401
	138,623		Navient Corp		1,894,976
	92,936		Northern Trust Corp		6,605,891
	21,469	*,e	OneMain Holdings, Inc		683,144
	50,648		Raymond James Financial, Inc		2,642,306
	36,593	*	Santander Consumer USA Holdings, Inc		481,930
	16,833	*	SLM Corp		113,959
	164,927		State Street Corp		10,274,952
	332,235	*	Synchrony Financial		10,156,424
	16,057		TD Ameritrade Holding Corp		478,980
	84,843		Voya Financial, Inc		2,754,852
	2,335		Waddell & Reed Financial, Inc (Class A)		47,494
			TOTAL DIVERSIFIED FINANCIALS		206,137,178

204

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

ENERGY - 13.6%
	202,458		Anadarko Petroleum Corp	$	10,681,684
	28,295	*	Antero Resources Corp		800,748
	150,487		Apache Corp		8,186,493
	172,673		Baker Hughes, Inc		8,350,466
	94,187	*	Cheniere Energy, Inc		3,661,991
	237,406	e	Chesapeake Energy Corp		1,630,979
	750,800		Chevron Corp		76,716,744
	37,301		Cimarex Energy Co		4,061,333
	146,249	*	Cobalt International Energy, Inc		472,384
	158,084		Columbia Pipeline Group, Inc		4,050,112
	51,485	*	Concho Resources, Inc		5,981,012
	492,848		ConocoPhillips		23,553,206
	90,987	e	Consol Energy, Inc		1,369,354
	22,928	*	Continental Resources, Inc		854,297
	3,587	e	CVR Energy, Inc		87,092
	155,410	e	Denbury Resources, Inc		599,883
	190,568	*	Devon Energy Corp		6,608,898
	24,324	e	Diamond Offshore Drilling, Inc		590,100
	28,654	*	Diamondback Energy, Inc		2,480,863
	15,297	*	Dril-Quip, Inc		991,552
	36,901		Energen Corp		1,567,923
	120,100		Ensco plc		1,436,396
	200,702		EOG Resources, Inc		16,581,999
	14,070	*	EP Energy Corp		69,084
	60,646		EQT Corp		4,251,285
	1,668,933	d	Exxon Mobil Corp		147,533,677
	31,838	*	FMC Technologies, Inc		970,741
	13,017	e	Frank’s International NV		216,733
	37,487		Golar LNG Ltd		621,534
	50,349	*	Gulfport Energy Corp		1,575,924
	339,394		Halliburton Co		14,020,366
	38,338	e	Helmerich & Payne, Inc		2,534,909
	110,113		Hess Corp		6,564,937
	60,977		HollyFrontier Corp		2,170,781
	714,792		Kinder Morgan, Inc		12,694,706
	59,620	*	Kosmos Energy LLC		386,338
	50,144	*,e	Laredo Petroleum Holdings, Inc		610,754
	339,450		Marathon Oil Corp		4,782,850
	200,620		Marathon Petroleum Corp		7,840,230
	69,590	e	Murphy Oil Corp		2,487,147
	114,880		Nabors Industries Ltd		1,125,824
	153,790		National Oilwell Varco, Inc		5,542,592
	78,280	*	Newfield Exploration Co		2,837,650
	96,102	e	Noble Corp plc		1,079,225
	171,120		Noble Energy, Inc		6,179,143
	307,046		Occidental Petroleum Corp		23,535,076
	31,575		Oceaneering International, Inc		1,157,224
	45,735		Oneok, Inc		1,653,320
	56,919		Patterson-UTI Energy, Inc		1,124,150
	39,192		PBF Energy, Inc		1,261,199
	216,595		Phillips 66		17,784,615
	64,439		Pioneer Natural Resources Co		10,703,318
	83,197		Questar Market Resources, Inc		1,491,722

205

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	63,084	e	Range Resources Corp	$	2,782,635
	31,074	*	Rice Energy, Inc		537,891
	49,169		Rowan Cos plc		924,869
	22,135	e	RPC, Inc		334,681
	500,693		Schlumberger Ltd		40,225,676
	161,385	*,e	Seadrill Ltd		771,420
	28,454	e	SM Energy Co		886,627
	156,817	*,e	Southwestern Energy Co		2,106,052
	267,886		Spectra Energy Corp		8,376,795
	60,016		Superior Energy Services		1,011,870
	32,358		Targa Resources Investments, Inc		1,309,205
	12,514	e	Teekay Corp		140,157
	47,000		Tesoro Corp		3,745,430
	192,200		Valero Energy Corp		11,314,814
	354,439	*	Weatherford International Ltd		2,881,589
	82,509	*,e	Whiting Petroleum Corp		990,108
	23,261		World Fuel Services Corp		1,086,987
	98,822	*	WPX Energy, Inc		954,621
			TOTAL ENERGY		546,503,990

FOOD & STAPLES RETAILING - 1.9%
	32,740		CVS Health Corp		3,290,370
	162,250	*	Rite Aid Corp		1,306,112
	163,181		Sysco Corp		7,517,749
	291,069		Walgreens Boots Alliance, Inc		23,075,950
	630,915		Wal-Mart Stores, Inc		42,189,286
	11,211		Whole Foods Market, Inc		326,016
			TOTAL FOOD & STAPLES RETAILING		77,705,483

FOOD, BEVERAGE & TOBACCO - 2.7%
	46,747		Altria Group, Inc		2,931,504
	234,259		Archer Daniels Midland Co		9,356,304
	5,000	*,e	Blue Buffalo Pet Products, Inc		123,800
	893	e	Brown-Forman Corp		92,613
	3,704		Brown-Forman Corp (Class B)		356,769
	56,854		Bunge Ltd		3,553,375
	29,143		Campbell Soup Co		1,798,415
	146,859		ConAgra Foods, Inc		6,544,037
	6,828		Flowers Foods, Inc		130,825
	25,088		Ingredion, Inc		2,887,378
	47,806		J.M. Smucker Co		6,070,406
	10,054		Kellogg Co		772,248
	63,212		Molson Coors Brewing Co (Class B)		6,044,964
	648,093		Mondelez International, Inc		27,842,075
	309,961		Philip Morris International, Inc		30,413,374
	23,674	e	Pilgrim’s Pride Corp		637,067
	46,943		Pinnacle Foods, Inc		1,999,302
	111,695		Tyson Foods, Inc (Class A)		7,351,765
			TOTAL FOOD, BEVERAGE & TOBACCO		108,906,221

HEALTH CARE EQUIPMENT & SERVICES - 4.2%
	595,009		Abbott Laboratories		23,145,850
	105,118		Aetna Inc		11,801,598

206

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	12,334	*	Alere, Inc	$	481,026
	49,901	*	Allscripts Healthcare Solutions, Inc		668,673
	84,468		Anthem, Inc		11,890,560
	79,081		Baxter International, Inc		3,496,962
	493,026	*	Boston Scientific Corp		10,807,130
	59,895	*	Brookdale Senior Living, Inc		1,105,662
	12,533		Cardinal Health, Inc		983,339
	16,283	*	Centene Corp		1,008,895
	47,352	*	Community Health Systems, Inc		903,476
	5,996		Cooper Cos, Inc		917,868
	49,679	*	DaVita, Inc		3,671,278
	41,060		DENTSPLY SIRONA, Inc		2,447,176
	40,665	*	Express Scripts Holding Co		2,998,231
	117,625	*	HCA Holdings, Inc		9,482,928
	1,944		Hill-Rom Holdings, Inc		93,992
	4,382		Humana, Inc		775,921
	26,827	*	Laboratory Corp of America Holdings		3,361,960
	15,755	*	LifePoint Health, Inc		1,064,408
	15,600	*	MEDNAX, Inc		1,112,124
	569,186		Medtronic plc		45,051,072
	14,789		Patterson Cos, Inc		641,103
	56,983		Quest Diagnostics, Inc		4,283,412
	48,329		St. Jude Medical, Inc		3,682,670
	66,417		Stryker Corp		7,240,117
	16,417		Teleflex, Inc		2,557,440
	18,881		UnitedHealth Group, Inc		2,486,250
	29,822		Universal Health Services, Inc (Class B)		3,986,605
	2,154	*	VCA Antech, Inc		135,637
	63,486		Zimmer Holdings, Inc		7,349,774
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		169,633,137

HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
	173,739		Avon Products, Inc		818,311
	10,920		Clorox Co		1,367,512
	44,189		Colgate-Palmolive Co		3,133,884
	24,494		Edgewell Personal Care Co		2,010,222
	24,629		Energizer Holdings, Inc		1,071,115
	4,812	*,e	Herbalife Ltd		278,855
	30,346		Kimberly-Clark Corp		3,799,016
	18,871	e	Nu Skin Enterprises, Inc (Class A)		769,371
	1,083,129		Procter & Gamble Co		86,780,295
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		100,028,581

INSURANCE - 7.8%
	173,735		Aflac, Inc		11,982,503
	6,391	*	Alleghany Corp		3,331,500
	36,604		Allied World Assurance Co Holdings Ltd		1,302,370
	154,511		Allstate Corp		10,050,941
	27,999		American Financial Group, Inc		1,935,011
	459,401		American International Group, Inc		25,643,764
	3,033		American National Insurance Co		352,192
	30,518		Amtrust Financial Services, Inc		758,372
	49,260	*	Arch Capital Group Ltd		3,472,337

207

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	29,137		Arthur J. Gallagher & Co	$	1,341,467
	24,806		Aspen Insurance Holdings Ltd		1,149,758
	27,206		Assurant, Inc		2,300,811
	56,042		Assured Guaranty Ltd		1,449,807
	37,792		Axis Capital Holdings Ltd		2,013,180
	694,209	*	Berkshire Hathaway, Inc (Class B)		100,993,525
	46,347		Brown & Brown, Inc		1,627,243
	185,850		Chubb Ltd		21,904,281
	65,562		Cincinnati Financial Corp		4,327,748
	11,002		CNA Financial Corp		347,663
	24,563		Endurance Specialty Holdings Ltd		1,571,541
	17,802		Everest Re Group Ltd		3,291,590
	111,818		FNF Group		3,566,994
	204,189	*	Genworth Financial, Inc (Class A)		700,368
	17,633		Hanover Insurance Group, Inc		1,512,206
	157,645		Hartford Financial Services Group, Inc		6,996,285
	99,719		Lincoln National Corp		4,332,791
	113,268		Loews Corp		4,494,474
	4,994	*	Markel Corp		4,490,155
	85,501		Marsh & McLennan Cos, Inc		5,399,388
	10,905		Mercury General Corp		576,875
	374,684		MetLife, Inc		16,898,248
	103,212		Old Republic International Corp		1,908,390
	116,685		Principal Financial Group		4,980,116
	21,800		ProAssurance Corp		1,040,514
	234,276		Progressive Corp		7,637,398
	180,041		Prudential Financial, Inc		13,978,383
	26,465		Reinsurance Group of America, Inc (Class A)		2,519,997
	17,591		RenaissanceRe Holdings Ltd		1,951,018
	49,768		Torchmark Corp		2,881,070
	117,655		Travelers Cos, Inc		12,930,285
	97,717		UnumProvident Corp		3,342,899
	33,721		Validus Holdings Ltd		1,554,201
	38,654		W.R. Berkley Corp		2,164,624
	2,279		White Mountains Insurance Group Ltd		1,891,570
	122,347		XL Capital Ltd		4,004,417
			TOTAL INSURANCE		312,900,270

MATERIALS - 3.0%
	15,275		Air Products & Chemicals, Inc		2,228,470
	21,133		Airgas, Inc		3,010,185
	44,775		Albemarle Corp		2,962,314
	522,488		Alcoa, Inc		5,836,191
	43,197	e	Allegheny Technologies, Inc		705,839
	20,186		Aptargroup, Inc		1,534,136
	22,701		Ashland, Inc		2,533,432
	2,589		Avery Dennison Corp		187,987
	34,935		Bemis Co, Inc		1,753,038
	25,360		Cabot Corp		1,237,314
	56,811		Celanese Corp (Series A)		4,016,538
	39,076		Chemours Co		356,373
	31,063	*	Crown Holdings, Inc		1,645,097
	24,947		Domtar Corp		963,952

208

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	387,417		Dow Chemical Co	$	20,382,008
	44,021		Eastman Chemical Co		3,362,324
	194,235		EI du Pont de Nemours & Co		12,802,029
	13,663		FMC Corp		591,061
	500,123	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		7,001,722
	55,396		Graphic Packaging Holding Co		735,659
	32,580		Huntsman Corp		512,809
	7,268		International Paper Co		314,486
	22,945		Martin Marietta Materials, Inc		3,882,982
	138,659		Mosaic Co		3,881,065
	211,720		Newmont Mining Corp		7,403,848
	126,838		Nucor Corp		6,313,996
	61,888	*	Owens-Illinois, Inc		1,142,452
	45,416	*,e	Platform Specialty Products Corp		467,785
	19,254		Praxair, Inc		2,261,575
	29,139		Reliance Steel & Aluminum Co		2,155,412
	24,725		Royal Gold, Inc		1,548,280
	2,002		Scotts Miracle-Gro Co (Class A)		141,702
	40,058		Sonoco Products Co		1,878,320
	30,187	e	Southern Copper Corp (NY)		895,648
	85,843		Steel Dynamics, Inc		2,164,102
	77,533		Tahoe Resources, Inc		1,095,541
	59,311	e	United States Steel Corp		1,133,433
	45,933		Vulcan Materials Co		4,943,769
	15,908		Westlake Chemical Corp		798,423
	93,784		WestRock Co		3,924,860
			TOTAL MATERIALS		120,706,157

MEDIA - 1.2%
	1,434		Cable One, Inc		658,149
	69,520		Cablevision Systems Corp (Class A)		2,321,273
	6,781	e	Clear Channel Outdoor Holdings, Inc (Class A)		34,651
	96,520		Comcast Corp (Class A)		5,864,555
	5,855	*	Discovery Communications, Inc (Class A)		159,900
	9,317	*	Discovery Communications, Inc (Class C)		249,509
	28,395	*	DISH Network Corp (Class A)		1,399,590
	45,411		Gannett Co, Inc		765,175
	18,491		John Wiley & Sons, Inc (Class A)		916,969
	4,163	*	Liberty Braves Group (Class A)		65,109
	7,841	*	Liberty Braves Group (Class C)		116,988
	10,589	*	Liberty Broadband Corp (Class A)		606,961
	26,569	*	Liberty Broadband Corp (Class C)		1,521,075
	10,407	*	Liberty Media Group (Class A)		190,448
	19,604	*	Liberty Media Group (Class C)		352,872
	41,630	*	Liberty SiriusXM Group (Class A)		1,364,215
	79,951	*	Liberty SiriusXM Group (Class C)		2,560,031
	153,221		News Corp		1,903,005
	48,903		News Corp (Class B)		633,783
	90,507		TEGNA, Inc		2,114,244
	131,440		Thomson Corp		5,406,127
	159,721		Time Warner, Inc		12,001,436
	32,128		Tribune Co		1,238,534
	144,214		Twenty-First Century Fox, Inc		4,363,916

209

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	61,656		Twenty-First Century Fox, Inc (Class B)	$	1,857,079
			TOTAL MEDIA		48,665,594

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	133,861		Agilent Technologies, Inc		5,477,592
	10,240	*	Alkermes plc		407,040
	85,714	*	Allergan plc		18,562,224
	5,666	*	Alnylam Pharmaceuticals, Inc		379,849
	79,119		Baxalta, Inc		3,319,042
	8,336	*	Bio-Rad Laboratories, Inc (Class A)		1,182,462
	9,081		Bio-Techne Corp		846,168
	57,166	*	Endo International plc		1,543,482
	964,193		Johnson & Johnson		108,066,751
	28,143	*	Mallinckrodt plc		1,759,500
	999,602		Merck & Co, Inc		54,818,174
	24,804	*	Mylan NV		1,034,575
	37,707		PerkinElmer, Inc		1,901,187
	47,361		Perrigo Co plc		4,578,388
	2,458,441		Pfizer, Inc		80,415,605
	92,536	*	Qiagen NV (NASDAQ)		2,078,358
	1,792	*	Quintiles Transnational Holdings, Inc		123,773
	105,591		Thermo Electron Corp		15,231,502
	5,944	*	VWR Corp		158,348
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		301,884,020

REAL ESTATE - 4.9%
	28,665		Alexandria Real Estate Equities, Inc		2,664,412
	51,767		American Campus Communities, Inc		2,316,573
	132,784		American Capital Agency Corp		2,439,242
	81,361		American Homes 4 Rent		1,287,131
	378,692		Annaly Capital Management, Inc		3,945,971
	62,525		Apartment Investment & Management Co (Class A)		2,504,752
	69,807		Apple Hospitality REIT, Inc		1,321,447
	52,814		AvalonBay Communities, Inc		9,336,987
	5,346		Boston Properties, Inc		688,886
	70,061		Brandywine Realty Trust		1,047,412
	68,153		Brixmor Property Group, Inc		1,720,863
	34,685		Camden Property Trust		2,800,120
	32,705		Care Capital Properties, Inc		872,242
	70,458		CBL & Associates Properties, Inc		822,949
	77,271		Chimera Investment Corp		1,097,248
	43,364		Columbia Property Trust, Inc		967,017
	48,413		Communications Sales & Leasing, Inc		1,124,634
	38,263		Corporate Office Properties Trust		982,594
	47,000		Corrections Corp of America		1,429,740
	120,658		DDR Corp		2,111,515
	24,931		Digital Realty Trust, Inc		2,193,429
	58,235		Douglas Emmett, Inc		1,889,726
	135,059		Duke Realty Corp		2,953,740
	26,176		Empire State Realty Trust, Inc		484,518
	52,211	*	Equity Commonwealth		1,457,209
	144,983		Equity Residential		9,868,993
	25,914		Essex Property Trust, Inc		5,712,741

210

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	88,950		Forest City Realty Trust, Inc	$	1,848,381
	19,130		Four Corners Property Trust, Inc		339,558
	30,049		Gaming and Leisure Properties, Inc		985,307
	230,044		General Growth Properties, Inc		6,448,133
	183,306		HCP, Inc		6,201,242
	46,224		Healthcare Trust of America, Inc		1,335,411
	58,711		Hospitality Properties Trust		1,502,415
	299,626		Host Marriott Corp		4,740,083
	9,439	*	Howard Hughes Corp		992,700
	64,008		Iron Mountain, Inc		2,338,212
	4,938		Jones Lang LaSalle, Inc		568,709
	35,290		Kilroy Realty Corp		2,287,145
	164,540		Kimco Realty Corp		4,626,865
	59,266		Liberty Property Trust		2,068,383
	59,435		Macerich Co		4,521,815
	144,356		MFA Mortgage Investments, Inc		997,500
	30,283		Mid-America Apartment Communities, Inc		2,898,386
	57,188		National Retail Properties, Inc		2,502,547
	25,825		NorthStar Realty Europe Corp		308,092
	75,655		NorthStar Realty Finance Corp		967,627
	52,542		Omega Healthcare Investors, Inc		1,774,343
	53,358		Outfront Media, Inc		1,157,335
	71,648		Paramount Group, Inc		1,196,522
	58,242		Piedmont Office Realty Trust, Inc		1,159,598
	15,144		Post Properties, Inc		868,660
	208,019		Prologis, Inc		9,446,143
	5,145		Public Storage, Inc		1,259,547
	49,458		Rayonier, Inc		1,220,623
	37,564	*	Realogy Holdings Corp		1,342,537
	99,943		Realty Income Corp		5,916,626
	37,769		Regency Centers Corp		2,783,575
	94,085		Retail Properties of America, Inc		1,504,419
	91,763		Senior Housing Properties Trust		1,613,194
	39,850		SL Green Realty Corp		4,187,438
	177,936		Spirit Realty Capital, Inc		2,033,808
	94,588		Starwood Property Trust, Inc		1,831,224
	15,883		Taubman Centers, Inc		1,103,074
	142,401		Two Harbors Investment Corp		1,115,000
	103,356		UDR, Inc		3,609,192
	131,275		Ventas, Inc		8,154,803
	361,894		VEREIT, Inc		3,213,619
	74,978		Vornado Realty Trust		7,177,644
	49,424		Weingarten Realty Investors		1,824,734
	79,347		Welltower, Inc		5,508,269
	255,081		Weyerhaeuser Co		8,193,202
	41,173		WP Carey, Inc		2,515,259
	74,123		WP GLIMCHER, Inc		777,550
			TOTAL REAL ESTATE		197,008,540

RETAILING - 1.0%
	23,032		Aaron’s, Inc		603,669
	111,482		Best Buy Co, Inc		3,576,343
	18,030	*	Cabela’s, Inc		940,264

211

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	5,270		CST Brands, Inc	$	199,048
	11,868		Dick’s Sporting Goods, Inc		549,963
	7,755		Dillard’s, Inc (Class A)		546,340
	27,690		DSW, Inc (Class A)		680,343
	5,539		Expedia, Inc		641,250
	7,757		Foot Locker, Inc		476,590
	43,224	e	GameStop Corp (Class A)		1,417,747
	4,215		Genuine Parts Co		404,514
	125,686	*,e	JC Penney Co, Inc		1,166,366
	76,021		Kohl’s Corp		3,367,730
	108,368	*	Liberty Interactive Corp		2,839,242
	34,902		Macy’s, Inc		1,381,770
	16,056	*	Murphy USA, Inc		921,936
	179,673	*	Office Depot, Inc		1,056,477
	10,176		Penske Auto Group, Inc		398,187
	7,574	*,e	Sears Holdings Corp		124,024
	253,064		Staples, Inc		2,581,253
	220,040		Target Corp		17,493,180
	11,064		Tiffany & Co		789,416
			TOTAL RETAILING		42,155,652

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
	10,898		Analog Devices, Inc		613,775
	186,227		Applied Materials, Inc		3,812,067
	44,829		Broadcom Ltd		6,533,827
	42,033	*	Cree, Inc		1,030,229
	127,939	e	Cypress Semiconductor Corp		1,155,289
	30,540	*	First Solar, Inc		1,705,354
	1,761,864		Intel Corp		53,349,242
	18,128		Lam Research Corp		1,384,979
	177,726		Marvell Technology Group Ltd		1,773,705
	73,345		Maxim Integrated Products, Inc		2,619,883
	396,228	*	Micron Technology, Inc		4,259,451
	215,053		Nvidia Corp		7,640,833
	16,631	*	ON Semiconductor Corp		157,495
	509,402		Qualcomm, Inc		25,734,989
	19,748	*,e	SunPower Corp		397,725
	85,136		Teradyne, Inc		1,609,922
	78,635		Xilinx, Inc		3,387,596
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		117,166,361

SOFTWARE & SERVICES - 4.3%
	200,296		Activision Blizzard, Inc		6,904,203
	61,722		Amdocs Ltd		3,489,762
	29,023	*	Ansys, Inc		2,634,418
	4,171	*,e	Atlassian Corp plc		96,642
	23,645	*	Autodesk, Inc		1,414,444
	36,911		Automatic Data Processing, Inc		3,264,409
	858	*,e	Black Knight Financial Services, Inc		27,439
	2,534		Booz Allen Hamilton Holding Co		69,862
	119,550		CA, Inc		3,545,853
	54,561		Computer Sciences Corp		1,807,606
	55,673		CSRA, Inc		1,445,271

212

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	3,345		DST Systems, Inc	$	403,675
	64,046		Fidelity National Information Services, Inc		4,214,227
	19,932	*	First American Corp		707,187
	18,232	*	First Data Corp		207,663
	161,518		International Business Machines Corp		23,571,937
	23,967	e	Leidos Holdings, Inc		1,189,003
	3,195	*,e	Match Group, Inc		36,423
	1,397,031		Microsoft Corp		69,669,936
	100,058	*	Nuance Communications, Inc		1,718,996
	506,739		Oracle Corp		20,198,616
	16,373		Paychex, Inc		853,361
	3,582	*,e	Square, Inc		53,336
	2,985		SS&C Technologies Holdings, Inc		182,533
	271,476		Symantec Corp		4,518,718
	57,045	*	Synopsys, Inc		2,710,778
	12,846	*	Teradata Corp		325,004
	405,135		Xerox Corp		3,889,296
	374,540	*	Yahoo!, Inc		13,708,164
	7,014	*,e	Zillow Group, Inc		175,490
	13,805	*,e	Zillow Group, Inc (Class C)		331,872
	289,674	*	Zynga, Inc		689,424
			TOTAL SOFTWARE & SERVICES		174,055,548

TECHNOLOGY HARDWARE & EQUIPMENT - 3.5%
	29,272	*,e	3D Systems Corp		517,822
	44,843	*	ARRIS International plc		1,021,075
	37,936	*	Arrow Electronics, Inc		2,355,826
	53,846		Avnet, Inc		2,214,148
	166,699		Brocade Communications Systems, Inc		1,601,977
	2,030,945		Cisco Systems, Inc		55,830,678
	23,632	*	CommScope Holding Co, Inc		718,649
	441,437		Corning, Inc		8,241,629
	19,621		Dolby Laboratories, Inc (Class A)		934,156
	17,373	*	EchoStar Corp (Class A)		710,903
	712,956		EMC Corp		18,615,281
	8,648	*,e	Fitbit, Inc		157,826
	21,064		Flir Systems, Inc		636,343
	40,977		Harris Corp		3,278,570
	684,770		Hewlett Packard Enterprise Co		11,408,268
	689,235		HP, Inc		8,456,913
	56,183		Ingram Micro, Inc (Class A)		1,963,596
	63,675		Jabil Circuit, Inc		1,105,398
	129,456		Juniper Networks, Inc		3,029,270
	10,309	*	Keysight Technologies, Inc		268,859
	24,574		Lexmark International, Inc (Class A)		948,556
	18,154	*	Lumentum Holdings, Inc		459,296
	34,270		National Instruments Corp		944,824
	53,236	*	NCR Corp		1,548,635
	81,010		NetApp, Inc		1,915,076
	82,736		SanDisk Corp		6,215,956
	97,380	*	Trimble Navigation Ltd		2,332,251
	95,152	*	Viavi Solutions, Inc		619,440
	89,046		Western Digital Corp		3,638,865
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		141,690,086

213

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

TELECOMMUNICATION SERVICES - 2.8%
	2,068,095		AT&T, Inc	$	80,283,448
	225,653		CenturyTel, Inc		6,983,960
	462,205	e	Frontier Communications Corp		2,569,860
	101,735	*	Level 3 Communications, Inc		5,316,671
	25,990	*	SBA Communications Corp (Class A)		2,678,010
	302,189	*,e	Sprint Corp		1,036,508
	36,931		Telephone & Data Systems, Inc		1,092,050
	109,222	*	T-Mobile US, Inc		4,290,240
	6,024	*	US Cellular Corp		256,863
	117,219		Verizon Communications, Inc		5,971,136
	8,830	*	Zayo Group Holdings, Inc		229,227
			TOTAL TELECOMMUNICATION SERVICES		110,707,973

TRANSPORTATION - 1.1%
	1,566		Amerco, Inc		551,232
	13,209	e	Copa Holdings S.A. (Class A)		842,074
	291,041		CSX Corp		7,936,688
	68,305		FedEx Corp		11,277,839
	13,500	*	Genesee & Wyoming, Inc (Class A)		878,985
	80,283	*	JetBlue Airways Corp		1,588,801
	44,059		Kansas City Southern Industries, Inc		4,174,590
	22,109	*	Kirby Corp		1,410,996
	27,407		Macquarie Infrastructure Co LLC		1,929,179
	122,084		Norfolk Southern Corp		11,000,989
	21,211		Ryder System, Inc		1,461,862
			TOTAL TRANSPORTATION		43,053,235

UTILITIES - 6.7%
	268,735		AES Corp		2,999,083
	47,989		AGL Resources, Inc		3,160,556
	45,617		Alliant Energy Corp		3,216,911
	97,007		Ameren Corp		4,656,336
	195,379		American Electric Power Co, Inc		12,406,567
	71,732		American Water Works Co, Inc		5,219,220
	70,667		Aqua America, Inc		2,237,317
	40,289		Atmos Energy Corp		2,922,967
	22,444		Avangrid, Inc		900,004
	133,038	*	Calpine Corp		2,099,340
	170,187		Centerpoint Energy, Inc		3,650,511
	111,465		CMS Energy Corp		4,534,396
	116,694		Consolidated Edison, Inc		8,705,372
	225,562		Dominion Resources, Inc		16,120,916
	71,518		DTE Energy Co		6,376,545
	276,483		Duke Energy Corp		21,781,331
	129,812		Edison International		9,179,007
	71,390		Entergy Corp		5,367,100
	126,205		Eversource Energy		7,123,010
	365,605		Exelon Corp		12,829,080
	168,395		FirstEnergy Corp		5,487,993
	61,147		Great Plains Energy, Inc		1,909,621

214

TIAA-CREF FUNDS - Large-Cap Value Index Fund

SHARES			COMPANY	VALUE

	50,092	*	Hawaiian Electric Industries, Inc	$	1,637,508
	39,811		ITC Holdings Corp		1,754,471
	77,390		MDU Resources Group, Inc		1,552,443
	33,525		National Fuel Gas Co		1,860,638
	177,577		NextEra Energy, Inc		20,879,503
	126,436		NiSource, Inc		2,871,362
	124,062		NRG Energy, Inc		1,873,336
	79,916		OGE Energy Corp		2,364,714
	192,242		PG&E Corp		11,188,484
	44,176		Pinnacle West Capital Corp		3,209,386
	266,452		PPL Corp		10,029,253
	202,015		Public Service Enterprise Group, Inc		9,318,952
	70,885		Questar Corp		1,777,087
	56,964		SCANA Corp		3,912,857
	98,764		Sempra Energy		10,207,259
	362,121		Southern Co		18,142,262
	94,483		TECO Energy, Inc		2,623,793
	25,220	e	TerraForm Power, Inc		269,350
	69,031		UGI Corp		2,777,807
	32,669		Vectren Corp		1,595,881
	126,305		WEC Energy Group, Inc		7,352,214
	56,588		Westar Energy, Inc		2,920,507
	202,715		Xcel Energy, Inc		8,114,681
			TOTAL UTILITIES		271,116,931

			TOTAL COMMON STOCKS		4,009,209,927
			(Cost $3,715,818,333)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 1.9%

GOVERNMENT AGENCY DEBT - 0.8%
$	31,400,000	d	Federal Home Loan Bank (FHLB)		0.200	%	05/02/16		31,400,000
			TOTAL GOVERNMENT AGENCY DEBT						31,400,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
	47,455,904	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						47,455,904
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						47,455,904

			TOTAL SHORT-TERM INVESTMENTS						78,855,904
			(Cost $78,855,730)

			TOTAL INVESTMENTS - 101.4%						4,088,065,831
			(Cost $3,794,674,063)
			OTHER ASSETS & LIABILITIES, NET - (1.4)%						(57,097,634	)
			NET ASSETS - 100.0%					$	4,030,968,197

215

TIAA-CREF FUNDS - Large-Cap Value Index Fund



		Abbreviation(s):
		REIT Real Estate Investment Trust

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $46,696,052.

216

TIAA-CREF FUNDS - S&P 500 Index Fund

TIAA-CREF FUNDS

S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 0.9%
	36,669		BorgWarner, Inc	$	1,317,151
	45,319		Delphi Automotive plc		3,336,838
	666,758		Ford Motor Co		9,041,239
	240,463		General Motors Co		7,646,723
	44,035		Goodyear Tire & Rubber Co		1,275,694
	30,605		Harley-Davidson, Inc		1,463,837
	105,928		Johnson Controls, Inc		4,385,419
			TOTAL AUTOMOBILES & COMPONENTS		28,466,901

BANKS - 5.6%
	1,740,994		Bank of America Corp		25,348,873
	135,845		BB&T Corp		4,806,196
	496,661		Citigroup, Inc		22,985,471
	86,000		Citizens Financial Group, Inc		1,965,100
	29,301		Comerica, Inc		1,300,964
	127,369		Fifth Third Bancorp		2,332,126
	136,761		Huntington Bancshares, Inc		1,375,816
	619,841		JPMorgan Chase & Co		39,173,951
	138,577		Keycorp		1,703,111
	27,471		M&T Bank Corp		3,250,369
	51,004	e	People’s United Financial, Inc		790,562
	85,324		PNC Financial Services Group, Inc		7,489,741
	213,654		Regions Financial Corp		2,004,075
	82,799		SunTrust Banks, Inc		3,456,030
	275,936		US Bancorp		11,779,708
	779,049		Wells Fargo & Co		38,936,869
	40,541		Zions Bancorporation		1,115,688
			TOTAL BANKS		169,814,650

CAPITAL GOODS - 7.3%
	102,236		3M Co		17,112,262
	15,353		Allegion plc		1,004,854
	38,647		Ametek, Inc		1,858,534
	104,862		Boeing Co		14,135,398
	98,309		Caterpillar, Inc		7,640,576
	28,401		Cummins, Inc		3,323,769
	99,683		Danaher Corp		9,644,330
	50,313	e	Deere & Co		4,231,826
	24,989		Dover Corp		1,641,777
	76,186		Eaton Corp		4,820,288
	105,953		Emerson Electric Co		5,788,212
	47,479	e	Fastenal Co		2,221,542
	25,312		Flowserve Corp		1,235,479
	23,191		Fluor Corp		1,267,620
	49,234		General Dynamics Corp		6,918,362

217

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	1,573,139		General Electric Co	$	48,374,024
	128,775		Honeywell International, Inc		14,715,119
	54,683		Illinois Tool Works, Inc		5,715,467
	41,717		Ingersoll-Rand plc		2,734,132
	20,131	*	Jacobs Engineering Group, Inc		897,440
	14,220		L-3 Communications Holdings, Inc		1,870,357
	43,799		Lockheed Martin Corp		10,178,012
	54,918		Masco Corp		1,686,532
	30,661		Northrop Grumman Corp		6,324,138
	57,873		Paccar, Inc		3,409,298
	22,729		Parker Hannifin Corp		2,637,019
	29,284		Pentair plc		1,700,815
	33,377	*	Quanta Services, Inc		791,703
	50,632		Raytheon Co		6,397,353
	21,058		Rockwell Automation, Inc		2,389,451
	23,281		Rockwell Collins, Inc		2,053,151
	17,679		Roper Industries, Inc		3,113,095
	9,624		Snap-On, Inc		1,532,911
	24,670		Stanley Works		2,761,066
	44,470		Textron, Inc		1,720,100
	15,118	*	United Rentals, Inc		1,011,848
	131,752		United Technologies Corp		13,750,956
	10,029	e	W.W. Grainger, Inc		2,352,001
	33,512		Xylem, Inc		1,400,131
			TOTAL CAPITAL GOODS		222,360,948

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	29,050		ADT Corp		1,219,519
	15,581		Cintas Corp		1,398,862
	7,418		Dun & Bradstreet Corp		819,021
	19,214		Equifax, Inc		2,310,483
	59,791		Nielsen NV		3,117,503
	32,047		Pitney Bowes, Inc		672,026
	39,356		Republic Services, Inc		1,852,487
	21,646		Robert Half International, Inc		829,258
	14,410	*	Stericycle, Inc		1,377,020
	69,403		Tyco International plc		2,673,404
	27,658	*	Verisk Analytics, Inc		2,145,708
	69,988		Waste Management, Inc		4,114,594
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		22,529,885

CONSUMER DURABLES & APPAREL - 1.5%
	47,614		Coach, Inc		1,917,416
	54,031		DR Horton, Inc		1,624,172
	22,020	*	Garmin Ltd		938,713
	65,742		Hanesbrands, Inc		1,908,490
	11,540		Harman International Industries, Inc		885,811
	18,327		Hasbro, Inc		1,551,197
	22,714		Leggett & Platt, Inc		1,119,573
	30,916	e	Lennar Corp (Class A)		1,400,804
	55,880		Mattel, Inc		1,737,309
	30,023	*	Michael Kors Holdings Ltd		1,550,988
	10,491	*	Mohawk Industries, Inc		2,020,881

218

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	75,332		Newell Rubbermaid, Inc	$	3,430,619
	227,511		Nike, Inc (Class B)		13,409,498
	14,172		Phillips-Van Heusen Corp		1,354,843
	52,580		Pulte Homes, Inc		966,946
	10,856		Ralph Lauren Corp		1,011,888
	29,700	*	Under Armour, Inc		1,211,760
	29,700	*,e	Under Armour, Inc (Class A)		1,305,018
	57,178		VF Corp		3,605,073
	12,676		Whirlpool Corp		2,207,399
			TOTAL CONSUMER DURABLES & APPAREL		45,158,398

CONSUMER SERVICES - 1.8%
	74,502		Carnival Corp		3,654,323
	5,288	*	Chipotle Mexican Grill, Inc (Class A)		2,226,089
	18,846		Darden Restaurants, Inc		1,173,163
	42,219		H&R Block, Inc		854,513
	31,906	e	Marriott International, Inc (Class A)		2,236,292
	152,235		McDonald’s Corp		19,256,205
	28,544		Royal Caribbean Cruises Ltd		2,209,306
	248,362		Starbucks Corp		13,965,395
	27,700		Starwood Hotels & Resorts Worldwide, Inc		2,268,076
	18,104		Wyndham Worldwide Corp		1,284,479
	13,970	e	Wynn Resorts Ltd		1,233,551
	68,792		Yum! Brands, Inc		5,473,091
			TOTAL CONSUMER SERVICES		55,834,483

DIVERSIFIED FINANCIALS - 3.4%
	9,124	*	Affiliated Managers Group, Inc		1,554,000
	139,065		American Express Co		9,099,023
	27,743		Ameriprise Financial, Inc		2,660,554
	177,483		Bank of New York Mellon Corp		7,141,916
	21,553		BlackRock, Inc		7,679,980
	88,333		Capital One Financial Corp		6,394,426
	202,400		Charles Schwab Corp		5,750,184
	57,450		CME Group, Inc		5,280,229
	68,481		Discover Financial Services		3,853,426
	48,190	*	E*TRADE Financial Corp		1,213,424
	65,502		Franklin Resources, Inc		2,445,845
	65,726		Goldman Sachs Group, Inc		10,786,294
	20,555		IntercontinentalExchange Group, Inc		4,933,817
	67,432		Invesco Ltd		2,091,066
	20,891		Legg Mason, Inc		670,810
	52,100		Leucadia National Corp		869,028
	28,101		Moody’s Corp		2,689,828
	255,642		Morgan Stanley		6,917,672
	21,411		NASDAQ OMX Group, Inc		1,321,273
	56,406		Navient Corp		771,070
	36,156		Northern Trust Corp		2,569,968
	44,662	*	S&P Global, Inc		4,772,135
	6,100	e	SPDR Trust Series 1		1,258,430
	64,987		State Street Corp		4,048,690
	139,826	*	Synchrony Financial		4,274,481
	43,026		T Rowe Price Group, Inc		3,239,428
			TOTAL DIVERSIFIED FINANCIALS		104,286,997

219

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

ENERGY - 7.3%
	85,539		Anadarko Petroleum Corp	$	4,513,038
	66,201		Apache Corp		3,601,334
	71,632		Baker Hughes, Inc		3,464,124
	75,569		Cabot Oil & Gas Corp		1,768,315
	104,159	e	Chesapeake Energy Corp		715,572
	317,792		Chevron Corp		32,471,986
	15,844		Cimarex Energy Co		1,725,095
	65,525		Columbia Pipeline Group, Inc		1,678,750
	21,083	*	Concho Resources, Inc		2,449,212
	205,915		ConocoPhillips		9,840,678
	86,329	*	Devon Energy Corp		2,993,890
	11,255	e	Diamond Offshore Drilling, Inc		273,046
	91,651		EOG Resources, Inc		7,572,206
	26,208		EQT Corp		1,837,181
	700,997	d	Exxon Mobil Corp		61,968,135
	37,716	*	FMC Technologies, Inc		1,149,961
	143,016		Halliburton Co		5,907,991
	17,672	e	Helmerich & Payne, Inc		1,168,473
	43,283		Hess Corp		2,580,532
	307,699		Kinder Morgan, Inc		5,464,734
	145,148		Marathon Oil Corp		2,045,135
	89,926		Marathon Petroleum Corp		3,514,308
	27,104	e	Murphy Oil Corp		968,697
	61,959		National Oilwell Varco, Inc		2,233,002
	37,516	*	Newfield Exploration Co		1,359,955
	70,066		Noble Energy, Inc		2,530,083
	128,547		Occidental Petroleum Corp		9,853,128
	35,515		Oneok, Inc		1,283,867
	79,063		Phillips 66		6,491,863
	26,709		Pioneer Natural Resources Co		4,436,365
	29,799	e	Range Resources Corp		1,314,434
	234,466		Schlumberger Ltd		18,836,998
	73,064	*,e	Southwestern Energy Co		981,250
	112,463		Spectra Energy Corp		3,516,718
	19,596		Tesoro Corp		1,561,605
	74,261	e	Transocean Ltd (NYSE)		822,812
	78,797		Valero Energy Corp		4,638,779
	116,520		Williams Cos, Inc		2,259,323
			TOTAL ENERGY		221,792,575

FOOD & STAPLES RETAILING - 2.3%
	74,261		Costco Wholesale Corp		11,000,282
	185,259		CVS Health Corp		18,618,529
	164,672		Kroger Co		5,827,742
	87,927		Sysco Corp		4,050,797
	145,073		Walgreens Boots Alliance, Inc		11,501,388
	264,903		Wal-Mart Stores, Inc		17,714,064
	53,665		Whole Foods Market, Inc		1,560,578
			TOTAL FOOD & STAPLES RETAILING		70,273,380

220

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 5.8%
	329,897		Altria Group, Inc	$	20,687,841
	99,401		Archer Daniels Midland Co		3,970,076
	17,708		Brown-Forman Corp (Class B)		1,705,635
	29,490		Campbell Soup Co		1,819,828
	658,395		Coca-Cola Co		29,496,096
	33,893		Coca-Cola Enterprises, Inc		1,778,705
	74,139		ConAgra Foods, Inc		3,303,634
	29,521		Constellation Brands, Inc (Class A)		4,607,047
	31,532		Dr Pepper Snapple Group, Inc		2,866,574
	99,430		General Mills, Inc		6,099,036
	23,915		Hershey Co		2,226,726
	44,448		Hormel Foods Corp		1,713,470
	19,650		J.M. Smucker Co		2,495,157
	41,505		Kellogg Co		3,187,999
	100,161		Kraft Heinz Co		7,819,569
	20,732		McCormick & Co, Inc		1,944,247
	30,687		Mead Johnson Nutrition Co		2,674,372
	30,960		Molson Coors Brewing Co (Class B)		2,960,705
	263,488		Mondelez International, Inc		11,319,445
	25,929	*	Monster Beverage Corp		3,739,480
	243,530		PepsiCo, Inc		25,073,849
	260,928		Philip Morris International, Inc		25,602,255
	137,819		Reynolds American, Inc		6,835,822
	49,343		Tyson Foods, Inc (Class A)		3,247,756
			TOTAL FOOD, BEVERAGE & TOBACCO		177,175,324

HEALTH CARE EQUIPMENT & SERVICES - 5.2%
	246,223		Abbott Laboratories		9,578,075
	58,814		Aetna Inc		6,603,048
	32,109		AmerisourceBergen Corp		2,732,476
	43,822		Anthem, Inc		6,168,823
	13,024		Bard (C.R.), Inc		2,763,302
	89,326		Baxter International, Inc		3,949,996
	34,978		Becton Dickinson & Co		5,640,552
	230,856	*	Boston Scientific Corp		5,060,364
	55,482		Cardinal Health, Inc		4,353,118
	28,367	*	Centene Corp		1,757,619
	52,532	*	Cerner Corp		2,949,146
	43,084		Cigna Corp		5,968,857
	29,245	*	DaVita, Inc		2,161,205
	39,288		DENTSPLY SIRONA, Inc		2,341,565
	35,707	*	Edwards Lifesciences Corp		3,792,440
	106,507	*	Express Scripts Holding Co		7,852,761
	51,434	*	HCA Holdings, Inc		4,146,609
	14,249	*	Henry Schein, Inc		2,403,806
	43,074	*	Hologic, Inc		1,446,856
	24,957		Humana, Inc		4,419,136
	6,474	*	Intuitive Surgical, Inc		4,055,055
	18,090	*	Laboratory Corp of America Holdings		2,267,039
	38,258		McKesson Corp		6,420,458
	237,496		Medtronic plc		18,797,808
	16,337		Patterson Cos, Inc		708,209

221

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	23,261		Quest Diagnostics, Inc	$	1,748,529
	46,221		St. Jude Medical, Inc		3,522,040
	52,750		Stryker Corp		5,750,277
	160,414		UnitedHealth Group, Inc		21,123,316
	14,765		Universal Health Services, Inc (Class B)		1,973,785
	17,648	*	Varian Medical Systems, Inc		1,432,665
	29,650		Zimmer Holdings, Inc		3,432,581
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		157,321,516

HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
	23,324		Church & Dwight Co, Inc		2,162,135
	21,798		Clorox Co		2,729,763
	149,010		Colgate-Palmolive Co		10,567,789
	37,385		Estee Lauder Cos (Class A)		3,584,100
	61,147		Kimberly-Clark Corp		7,654,993
	447,948		Procter & Gamble Co		35,889,594
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		62,588,374

INSURANCE - 4.1%
	71,676		Aflac, Inc		4,943,494
	62,363		Allstate Corp		4,056,713
	196,009		American International Group, Inc		10,941,222
	46,081		Aon plc		4,844,035
	12,020		Assurant, Inc		1,016,531
	316,582	*	Berkshire Hathaway, Inc (Class B)		46,056,349
	77,415		Chubb Ltd		9,124,132
	26,097		Cincinnati Financial Corp		1,722,663
	65,601		Hartford Financial Services Group, Inc		2,911,372
	39,125		Lincoln National Corp		1,699,981
	48,586		Loews Corp		1,927,892
	87,785		Marsh & McLennan Cos, Inc		5,543,623
	180,650		MetLife, Inc		8,147,315
	44,217		Principal Financial Group		1,887,182
	102,223		Progressive Corp		3,332,470
	73,790		Prudential Financial, Inc		5,729,056
	18,545		Torchmark Corp		1,073,570
	48,481		Travelers Cos, Inc		5,328,062
	44,663		UnumProvident Corp		1,527,921
	23,633		Willis Towers Watson plc		2,951,762
	47,822		XL Capital Ltd		1,565,214
			TOTAL INSURANCE		126,330,559

MATERIALS - 2.9%
	32,563		Air Products & Chemicals, Inc		4,750,616
	10,722		Airgas, Inc		1,527,242
	223,761		Alcoa, Inc		2,499,410
	15,387		Avery Dennison Corp		1,117,250
	23,133		Ball Corp		1,651,234
	39,861		CF Industries Holdings, Inc		1,318,203
	189,158		Dow Chemical Co		9,951,602
	24,573		Eastman Chemical Co		1,876,886
	44,570		Ecolab, Inc		5,124,659
	146,734		EI du Pont de Nemours & Co		9,671,238

222

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	21,690		FMC Corp	$	938,309
	215,112	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		3,011,568
	13,034		International Flavors & Fragrances, Inc		1,557,172
	67,778		International Paper Co		2,932,754
	59,598		LyondellBasell Industries AF S.C.A		4,926,967
	10,828		Martin Marietta Materials, Inc		1,832,423
	73,954		Monsanto Co		6,928,011
	57,585		Mosaic Co		1,611,804
	89,440		Newmont Mining Corp		3,127,717
	52,049		Nucor Corp		2,590,999
	27,085	*	Owens-Illinois, Inc		499,989
	44,296		PPG Industries, Inc		4,889,835
	47,078		Praxair, Inc		5,529,782
	34,386		Sealed Air Corp		1,628,521
	13,194		Sherwin-Williams Co		3,790,768
	22,424		Vulcan Materials Co		2,413,495
	41,968		WestRock Co		1,756,361
			TOTAL MATERIALS		89,454,815

MEDIA - 3.2%
	41,647		Cablevision Systems Corp (Class A)		1,390,593
	69,615		CBS Corp (Class B)		3,892,175
	409,619		Comcast Corp (Class A)		24,888,450
	23,474	*	Discovery Communications, Inc (Class A)		641,075
	39,790	*	Discovery Communications, Inc (Class C)		1,065,576
	65,260		Interpublic Group of Cos, Inc		1,497,064
	69,264		News Corp		860,259
	16,576		News Corp (Class B)		214,825
	39,091		Omnicom Group, Inc		3,243,380
	14,950		Scripps Networks Interactive (Class A)		932,133
	36,141		TEGNA, Inc		844,254
	47,500		Time Warner Cable, Inc		10,075,225
	133,153		Time Warner, Inc		10,005,116
	188,602		Twenty-First Century Fox, Inc		5,707,097
	77,032		Twenty-First Century Fox, Inc (Class B)		2,320,204
	58,362		Viacom, Inc (Class B)		2,387,006
	253,089		Walt Disney Co		26,133,970
			TOTAL MEDIA		96,098,402

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.4%
	271,776		AbbVie, Inc		16,578,336
	52,902		Agilent Technologies, Inc		2,164,750
	37,638	*	Alexion Pharmaceuticals, Inc		5,242,220
	66,491	*	Allergan plc		14,399,291
	126,925		Amgen, Inc		20,092,228
	115,067		Baxalta, Inc		4,827,061
	36,936	*	Biogen Idec, Inc		10,157,031
	281,887		Bristol-Myers Squibb Co		20,346,604
	131,429	*	Celgene Corp		13,591,073
	164,289		Eli Lilly & Co		12,408,748
	35,926	*	Endo International plc		970,002
	231,044		Gilead Sciences, Inc		20,380,391
	24,614	*	Illumina, Inc		3,322,644

223

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	466,141		Johnson & Johnson	$	52,245,083
	18,861	*	Mallinckrodt plc		1,179,190
	467,435		Merck & Co, Inc		25,634,135
	69,163	*	Mylan NV		2,884,789
	17,444		PerkinElmer, Inc		879,526
	25,487		Perrigo Co plc		2,463,828
	1,017,712		Pfizer, Inc		33,289,360
	13,067	*	Regeneron Pharmaceuticals, Inc		4,922,469
	66,325		Thermo Electron Corp		9,567,381
	41,458	*	Vertex Pharmaceuticals, Inc		3,496,568
	14,679	*	Waters Corp		1,910,619
	75,644		Zoetis Inc		3,557,537
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		286,510,864

REAL ESTATE - 2.9%
	72,408		American Tower Corp		7,594,151
	26,266		Apartment Investment & Management Co (Class A)		1,052,216
	22,241		AvalonBay Communities, Inc		3,931,986
	26,773		Boston Properties, Inc		3,449,969
	47,144	*	CBRE Group, Inc		1,396,877
	55,037		Crown Castle International Corp		4,781,615
	11,603		Equinix, Inc		3,833,051
	58,606		Equity Residential		3,989,310
	10,824		Essex Property Trust, Inc		2,386,151
	21,364		Extra Space Storage, Inc		1,814,872
	12,464		Federal Realty Investment Trust		1,895,525
	94,637		General Growth Properties, Inc		2,652,675
	82,096		HCP, Inc		2,777,308
	123,310		Host Marriott Corp		1,950,764
	31,408		Iron Mountain, Inc		1,147,334
	67,110		Kimco Realty Corp		1,887,133
	21,158		Macerich Co		1,609,701
	85,734		Prologis, Inc		3,893,181
	25,093		Public Storage, Inc		6,143,017
	44,311		Realty Income Corp		2,623,211
	52,353		Simon Property Group, Inc		10,531,853
	16,092		SL Green Realty Corp		1,690,947
	42,784		UDR, Inc		1,494,017
	57,893		Ventas, Inc		3,596,313
	30,868		Vornado Realty Trust		2,954,994
	61,342		Welltower, Inc		4,258,362
	132,212		Weyerhaeuser Co		4,246,650
			TOTAL REAL ESTATE		89,583,183

RETAILING - 5.5%
	12,389		Advance Auto Parts, Inc		1,933,923
	65,053	*	Amazon.com, Inc		42,908,308
	12,307	*	Autonation, Inc		623,350
	5,098	*	AutoZone, Inc		3,901,142
	27,553	*	Bed Bath & Beyond, Inc		1,301,053
	46,487		Best Buy Co, Inc		1,491,303
	32,934	*,e	Carmax, Inc		1,743,855
	48,727		Dollar General Corp		3,991,229

224

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	40,630	*	Dollar Tree, Inc	$	3,238,617
	19,580		Expedia, Inc		2,266,777
	22,984		Foot Locker, Inc		1,412,137
	37,062	e	Gap, Inc		859,097
	24,160		Genuine Parts Co		2,318,635
	214,167		Home Depot, Inc		28,674,820
	32,336		Kohl’s Corp		1,432,485
	42,273		L Brands, Inc		3,309,553
	154,312		Lowe’s Companies, Inc		11,730,798
	52,647		Macy’s, Inc		2,084,295
	73,154	*	NetFlix, Inc		6,586,055
	21,296		Nordstrom, Inc		1,088,864
	16,355	*	O’Reilly Automotive, Inc		4,296,131
	8,320	*	Priceline.com, Inc		11,179,251
	68,162		Ross Stores, Inc		3,870,238
	13,536		Signet Jewelers Ltd		1,469,468
	120,080		Staples, Inc		1,224,816
	101,596		Target Corp		8,076,882
	17,760		Tiffany & Co		1,267,176
	112,585		TJX Companies, Inc		8,536,195
	22,086		Tractor Supply Co		2,090,661
	18,679	*	TripAdvisor, Inc		1,206,477
	10,590	*	Ulta Salon Cosmetics & Fragrance, Inc		2,205,685
	14,325	*	Urban Outfitters, Inc		434,334
			TOTAL RETAILING		168,753,610

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	53,763		Analog Devices, Inc		3,027,932
	187,716		Applied Materials, Inc		3,842,547
	63,066		Broadcom Ltd		9,191,869
	12,512	*	First Solar, Inc		698,670
	793,642		Intel Corp		24,031,480
	25,742		Kla-Tencor Corp		1,800,395
	25,972		Lam Research Corp		1,984,261
	39,083		Linear Technology Corp		1,738,412
	33,986		Microchip Technology, Inc		1,651,380
	185,655	*	Micron Technology, Inc		1,995,791
	86,049		Nvidia Corp		3,057,321
	21,238	*	Qorvo, Inc		956,347
	252,287		Qualcomm, Inc		12,745,539
	33,318		Skyworks Solutions, Inc		2,226,309
	170,147		Texas Instruments, Inc		9,705,185
	44,798		Xilinx, Inc		1,929,898
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		80,583,336

SOFTWARE & SERVICES - 12.0%
	106,491		Accenture plc		12,024,964
	82,872		Activision Blizzard, Inc		2,856,598
	84,647	*	Adobe Systems, Inc		7,975,440
	28,951	*	Akamai Technologies, Inc		1,476,211
	9,893	*	Alliance Data Systems Corp		2,011,346
	49,339	*	Alphabet, Inc (Class A)		34,926,091
	50,116	*	Alphabet, Inc (Class C)		34,730,889

225

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	38,555	*	Autodesk, Inc	$	2,306,360
	78,283		Automatic Data Processing, Inc		6,923,349
	50,803		CA, Inc		1,506,817
	25,250	*	Citrix Systems, Inc		2,066,460
	101,826	*	Cognizant Technology Solutions Corp (Class A)		5,943,584
	26,773		CSRA, Inc		695,027
	183,341	*	eBay, Inc		4,479,021
	52,085	*	Electronic Arts, Inc		3,221,457
	386,893	*	Facebook, Inc		45,490,879
	44,968		Fidelity National Information Services, Inc		2,958,894
	36,861	*	Fiserv, Inc		3,602,057
	24,236		Global Payments, Inc		1,749,354
	149,067		International Business Machines Corp		21,754,838
	43,894		Intuit, Inc		4,428,466
	163,955		Mastercard, Inc (Class A)		15,901,996
	1,333,102		Microsoft Corp		66,481,797
	529,024		Oracle Corp		21,086,897
	55,817		Paychex, Inc		2,909,182
	186,627	*	PayPal Holdings, Inc		7,312,046
	32,450	*	Red Hat, Inc		2,380,857
	106,236	*	Salesforce.com, Inc		8,052,689
	107,829		Symantec Corp		1,794,814
	27,574	*	Teradata Corp		697,622
	26,789		Total System Services, Inc		1,369,989
	17,031	*,e	VeriSign, Inc		1,471,478
	323,362		Visa, Inc (Class A)		24,976,481
	88,166		Western Union Co		1,763,320
	154,829		Xerox Corp		1,486,358
	146,552	*	Yahoo!, Inc		5,363,803
			TOTAL SOFTWARE & SERVICES		366,177,431

TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
	53,902		Amphenol Corp (Class A)		3,009,349
	935,480		Apple, Inc		87,691,895
	848,086		Cisco Systems, Inc		23,313,884
	183,356		Corning, Inc		3,423,257
	324,757		EMC Corp		8,479,405
	11,371	*	F5 Networks, Inc		1,191,112
	25,540		Flir Systems, Inc		771,563
	20,567		Harris Corp		1,645,566
	288,468		Hewlett Packard Enterprise Co		4,805,877
	284,829		HP, Inc		3,494,852
	57,881		Juniper Networks, Inc		1,354,415
	27,956		Motorola, Inc		2,102,012
	46,926		NetApp, Inc		1,109,331
	34,519		SanDisk Corp		2,593,412
	48,752	e	Seagate Technology, Inc		1,061,331
	60,933		TE Connectivity Ltd		3,624,295
	39,449		Western Digital Corp		1,612,083
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		151,283,639

TELECOMMUNICATION SERVICES - 2.7%
	1,037,121		AT&T, Inc		40,261,037

226

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES			COMPANY	VALUE

	94,134		CenturyTel, Inc	$	2,913,447
	193,069	e	Frontier Communications Corp		1,073,464
	47,384	*	Level 3 Communications, Inc		2,476,288
	686,107		Verizon Communications, Inc		34,950,291
			TOTAL TELECOMMUNICATION SERVICES		81,674,527

TRANSPORTATION - 2.1%
	100,848		American Airlines Group, Inc		3,498,417
	25,900		CH Robinson Worldwide, Inc		1,838,123
	162,249		CSX Corp		4,424,530
	130,985		Delta Air Lines, Inc		5,458,145
	33,281		Expeditors International of Washington, Inc		1,651,070
	43,153		FedEx Corp		7,124,992
	14,352		J.B. Hunt Transport Services, Inc		1,189,494
	18,425		Kansas City Southern Industries, Inc		1,745,769
	49,879		Norfolk Southern Corp		4,494,597
	8,519		Ryder System, Inc		587,129
	106,789		Southwest Airlines Co		4,763,857
	142,508		Union Pacific Corp		12,430,973
	62,271	*	United Continental Holdings, Inc		2,852,635
	115,146		United Parcel Service, Inc (Class B)		12,098,390
			TOTAL TRANSPORTATION		64,158,121

UTILITIES - 3.3%
	109,036		AES Corp		1,216,842
	22,170		AGL Resources, Inc		1,460,116
	39,319		Ameren Corp		1,887,312
	82,348		American Electric Power Co, Inc		5,229,098
	31,826		American Water Works Co, Inc		2,315,660
	73,642		Centerpoint Energy, Inc		1,579,621
	48,004		CMS Energy Corp		1,952,803
	50,460		Consolidated Edison, Inc		3,764,316
	99,859		Dominion Resources, Inc		7,136,923
	29,463		DTE Energy Co		2,626,921
	117,178		Duke Energy Corp		9,231,283
	54,846		Edison International		3,878,161
	28,806		Entergy Corp		2,165,635
	51,450		Eversource Energy		2,903,838
	155,316		Exelon Corp		5,450,038
	74,859		FirstEnergy Corp		2,439,655
	76,766		NextEra Energy, Inc		9,026,146
	50,769		NiSource, Inc		1,152,964
	64,666		NRG Energy, Inc		976,457
	80,671		PG&E Corp		4,695,052
	20,505		Pinnacle West Capital Corp		1,489,688
	112,599		PPL Corp		4,238,226
	84,559		Public Service Enterprise Group, Inc		3,900,707
	22,951		SCANA Corp		1,576,504
	38,744		Sempra Energy		4,004,192
	153,762		Southern Co		7,703,476
	44,306		TECO Energy, Inc		1,230,378
	51,511		WEC Energy Group, Inc		2,998,455
	88,668		Xcel Energy, Inc		3,549,380
			TOTAL UTILITIES		101,779,847

227

TIAA-CREF FUNDS - S&P 500 Index Fund

SHARES	COMPANY	VALUE

	TOTAL COMMON STOCKS	$	3,039,991,765
	(Cost $2,226,903,134)

MATURITY

PRINCIPAL

ISSUER

RATE

DATE

SHORT-TERM INVESTMENTS - 1.2%

GOVERNMENT AGENCY DEBT - 0.2%

7,700,000

Federal Home Loan Bank (FHLB)

0.200

05/02/16

7,700,000

TOTAL GOVERNMENT AGENCY DEBT

7,700,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%

30,775,373

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

30,775,373

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

30,775,373

TOTAL SHORT-TERM INVESTMENTS

38,475,373

(Cost $38,475,331)

TOTAL INVESTMENTS - 100.8%

3,078,467,138

(Cost $2,265,378,465)

OTHER ASSETS & LIABILITIES, NET - (0.8)%

(25,836,557

)

NET ASSETS - 100.0%

3,052,630,581



		Abbreviation(s):
		SPDR Standard & Poor’s Depository Receipts


*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $30,017,032.

228

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

TIAA-CREF FUNDS

SMALL-CAP BLEND INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.3%

AUTOMOBILES & COMPONENTS - 1.1%
	76,485	*	American Axle & Manufacturing Holdings, Inc	$	1,186,282
	56,881		Cooper Tire & Rubber Co		1,964,670
	13,258	*	Cooper-Standard Holding, Inc		1,022,324
	150,091		Dana Holding Corp		1,940,677
	26,917	*	Dorman Products, Inc		1,447,865
	23,523		Drew Industries, Inc		1,524,996
	31,308	*	Federal Mogul Corp (Class A)		289,286
	17,196	*	Fox Factory Holding Corp		297,663
	35,469	*	Gentherm, Inc		1,303,131
	17,662	*	Horizon Global Corp		216,713
	11,086		Metaldyne Performance Group, Inc		176,600
	49,523	*	Modine Manufacturing Co		535,344
	17,521	*	Motorcar Parts of America, Inc		561,898
	20,057		Standard Motor Products, Inc		712,224
	27,332	*	Stoneridge, Inc		389,754
	3,609		Strattec Security Corp		190,916
	25,375		Superior Industries International, Inc		662,795
	58,106	*	Tenneco, Inc		3,097,050
	21,226		Tower International, Inc		487,137
	26,301		Winnebago Industries, Inc		569,154
			TOTAL AUTOMOBILES & COMPONENTS		18,576,479

BANKS - 11.4%
	15,930		1st Source Corp		548,629
	7,055		Access National Corp		138,701
	3,483	*,e	Allegiance Bancshares, Inc		73,317
	8,079		American National Bankshares, Inc		215,952
	31,415		Ameris Bancorp		986,431
	9,067	e	Ames National Corp		233,838
	7,255	*,e	Anchor BanCorp Wisconsin, Inc		347,224
	32,924		Apollo Residential Mortgage		446,449
	11,333		Arrow Financial Corp		319,137
	86,261		Astoria Financial Corp		1,297,365
	44,060		Banc of California, Inc		896,621
	7,774		Bancfirst Corp		484,864
	29,328		Banco Latinoamericano de Exportaciones S.A. (Class E)		758,422
	95,093		Bancorpsouth, Inc		2,233,735
	53,792		Bank Mutual Corp		434,639
	7,266		Bank of Marin Bancorp		356,179
	78,030	e	Bank of the Ozarks, Inc		3,222,639
	18,313		BankFinancial Corp		226,349
	20,632		Banner Corp		882,637
	5,605		Bar Harbor Bankshares		194,494
	77,812		BBCN Bancorp, Inc		1,215,423
	13,041	e	Bear State Financial, Inc		128,323

229

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	88,129	*	Beneficial Bancorp, Inc	$	1,224,112
	28,764		Berkshire Hills Bancorp, Inc		780,655
	33,875		Blue Hills Bancorp, Inc		493,898
	29,947		BNC Bancorp		669,615
	64,800	*,e	BofI Holding, Inc		1,319,976
	81,040		Boston Private Financial Holdings, Inc		990,309
	15,658		Bridge Bancorp, Inc		476,630
	69,647		Brookline Bancorp, Inc		792,583
	19,341		Bryn Mawr Bank Corp		549,671
	7,742	*	BSB Bancorp, Inc		184,027
	9,349	*	C1 Financial, Inc		229,331
	8,277		Camden National Corp		360,132
	21,945		Capital Bank Financial Corp		663,397
	10,709		Capital City Bank Group, Inc		158,707
	142,187		Capitol Federal Financial		1,889,665
	31,588		Cardinal Financial Corp		699,042
	31,440	*	Cascade Bancorp		190,212
	78,731		Cathay General Bancorp		2,402,870
	44,381		Centerstate Banks of Florida, Inc		722,967
	22,245		Central Pacific Financial Corp		519,198
	3,258		Century Bancorp, Inc		138,465
	16,272		Charter Financial Corp		203,888
	34,510		Chemical Financial Corp		1,327,255
	10,246		Citizens & Northern Corp		206,867
	16,816		City Holding Co		826,002
	26,018		Clifton Bancorp, Inc		387,148
	13,729		CNB Financial Corp		245,612
	35,823		CoBiz, Inc		433,817
	57,452		Columbia Banking System, Inc		1,694,260
	44,881	e	Community Bank System, Inc		1,775,941
	15,152		Community Trust Bancorp, Inc		543,502
	10,837	*,e	CommunityOne Bancorp		143,048
	28,969		ConnectOne Bancorp, Inc		498,557
	15,934	*	CU Bancorp		367,119
	27,401	*	Customers Bancorp, Inc		711,878
	107,686		CVB Financial Corp		1,850,046
	32,145		Dime Community Bancshares		582,146
	29,211	*	Eagle Bancorp, Inc		1,480,998
	7,076		Enterprise Bancorp, Inc		170,744
	19,421		Enterprise Financial Services Corp		531,553
	2,048	*	Equity Bancshares, Inc		42,947
	54,922	*	Essent Group Ltd		1,121,507
	97,516		EverBank Financial Corp		1,470,541
	7,391		Farmers Capital Bank Corp		207,761
	28,475	*	FCB Financial Holdings, Inc		995,201
	10,182		Federal Agricultural Mortgage Corp (Class C)		414,204
	19,388		Fidelity Southern Corp		313,310
	13,827		Financial Institutions, Inc		387,156
	19,811		First Bancorp (NC)		404,144
	139,368	*	First Bancorp (Puerto Rico)		543,535
	10,483		First Bancorp, Inc		208,088
	24,181		First Busey Corp		494,260
	8,064		First Business Financial Services, Inc		204,100

230

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	7,995		First Citizens Bancshares, Inc (Class A)	$	2,038,725
	86,829		First Commonwealth Financial Corp		797,090
	15,815		First Community Bancshares, Inc		329,110
	16,091		First Connecticut Bancorp		277,248
	9,327		First Defiance Financial Corp		369,163
	59,479		First Financial Bancorp		1,159,841
	66,480	e	First Financial Bankshares, Inc		2,152,622
	13,094		First Financial Corp		463,920
	19,038		First Interstate Bancsystem, Inc		515,930
	40,031		First Merchants Corp		1,026,795
	76,463		First Midwest Bancorp, Inc		1,413,036
	14,845	*	First NBC Bank Holding Co		322,730
	12,135		First of Long Island Corp		371,452
	167,346		FirstMerit Corp		3,708,387
	21,814	*	Flagstar Bancorp, Inc		516,337
	29,148		Flushing Financial Corp		581,503
	202,206		FNB Corp		2,673,163
	11,182		Fox Chase Bancorp, Inc		220,397
	6,096	*	Franklin Financial Network, Inc		184,953
	172,322		Fulton Financial Corp		2,410,785
	15,273		German American Bancorp, Inc		492,249
	79,314		Glacier Bancorp, Inc		2,053,439
	12,612		Great Southern Bancorp, Inc		477,490
	44,219		Great Western Bancorp, Inc		1,393,783
	14,264	*	Green Bancorp, Inc		116,394
	14,000		Guaranty Bancorp		229,880
	29,360	*,e	Hampton Roads Bankshares, Inc		51,674
	76,759		Hancock Holding Co		1,993,431
	32,090		Hanmi Financial Corp		741,921
	18,994		Heartland Financial USA, Inc		636,489
	24,314		Heritage Commerce Corp		253,838
	30,598		Heritage Financial Corp		564,533
	21,368		Heritage Oaks Bancorp		178,423
	75,013	*	Hilltop Holdings, Inc		1,489,758
	1,287		Hingham Institution for Savings		164,723
	56,412		Home Bancshares, Inc		2,425,152
	21,697	*	HomeStreet, Inc		467,570
	19,712	*	HomeTrust Bancshares, Inc		365,658
	11,432		Horizon Bancorp		278,941
	38,386		IBERIABANK Corp		2,264,390
	9,588	*	Impac Mortgage Holdings, Inc		136,150
	25,720		Independent Bank Corp (MA)		1,209,612
	21,819		Independent Bank Corp (MI)		330,558
	9,302		Independent Bank Group, Inc		340,453
	53,282		International Bancshares Corp		1,395,456
	329,484		Investors Bancorp, Inc		3,805,540
	91,104		Kearny Financial Corp		1,149,732
	37,394		Lakeland Bancorp, Inc		414,699
	16,213		Lakeland Financial Corp		766,713
	49,058		LegacyTexas Financial Group, Inc		1,209,770
	6,287	*,e	LendingTree, Inc		562,498
	9,205	e	Live Oak Bancshares, Inc		144,887
	21,309		MainSource Financial Group, Inc		465,602

231

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	73,969		MB Financial, Inc	$	2,571,162
	17,088		Mercantile Bank Corp		412,163
	4,839		Merchants Bancshares, Inc		147,299
	53,596		Meridian Bancorp, Inc		783,574
	7,916		Meta Financial Group, Inc		392,792
	338,490	*	MGIC Investment Corp		2,447,283
	8,766		MidWestOne Financial Group, Inc		248,604
	29,927		National Bank Holdings Corp		598,241
	7,556	e	National Bankshares, Inc		271,940
	5,763	*,e	National Commerce Corp		137,909
	39,650	*,e	Nationstar Mortgage Holdings, Inc		459,544
	43,313		NBT Bancorp, Inc		1,227,490
	48,071	*	NMI Holdings, Inc		302,367
	46,440		Northfield Bancorp, Inc		736,538
	98,977		Northwest Bancshares, Inc		1,387,658
	12,998	e	OceanFirst Financial Corp		253,201
	51,712	*	Ocwen Financial Corp		116,869
	46,066		OFG Bancorp		406,763
	114,112		Old National Bancorp		1,529,101
	27,653		Old Second Bancorp, Inc		197,995
	10,165		Opus Bank		367,160
	42,876		Oritani Financial Corp		743,041
	19,565		Pacific Continental Corp		325,953
	28,496	*	Pacific Premier Bancorp, Inc		662,817
	13,835	e	Park National Corp		1,270,053
	45,156		Park Sterling Bank		329,639
	15,207		Peapack Gladstone Financial Corp		291,062
	4,955	e	Penns Woods Bancorp, Inc		206,227
	12,923	*	PennyMac Financial Services, Inc		164,639
	18,166		Peoples Bancorp, Inc		390,387
	7,171	e	Peoples Financial Services Corp		282,681
	4,069		People’s Utah Bancorp		66,894
	49,423	*	PHH Corp		634,097
	35,260		Pinnacle Financial Partners, Inc		1,733,734
	11,131		Preferred Bank		353,521
	78,415		PrivateBancorp, Inc		3,262,848
	70,666		Prosperity Bancshares, Inc		3,729,045
	64,252		Provident Financial Services, Inc		1,283,755
	11,024		QCR Holdings, Inc		284,088
	189,455		Radian Group, Inc		2,423,129
	39,385		Renasant Corp		1,352,481
	10,205		Republic Bancorp, Inc (Class A)		278,699
	37,329		S&T Bancorp, Inc		958,235
	24,138		Sandy Spring Bancorp, Inc		690,105
	29,398	*	Seacoast Banking Corp of Florida		476,836
	21,719	e	ServisFirst Bancshares, Inc		1,070,312
	10,766		Sierra Bancorp		189,589
	29,106		Simmons First National Corp (Class A)		1,359,250
	23,874		South State Corp		1,670,703
	24,693		Southside Bancshares, Inc		721,283
	21,572		Southwest Bancorp, Inc		346,231
	34,872		State Bank & Trust Co		728,127
	117,549		Sterling Bancorp/DE		1,920,751

232

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	17,028		Stock Yards Bancorp, Inc	$	688,612
	10,170		Stonegate Bank		320,355
	14,162	*,e	Stonegate Mortgage Corp		81,715
	11,789		Suffolk Bancorp		282,818
	11,696	*	Sun Bancorp, Inc		251,347
	53,015		Talmer Bancorp Inc		1,028,491
	7,366		Territorial Bancorp, Inc		193,210
	45,904	*	Texas Capital Bancshares, Inc		2,103,321
	33,148	*	The Bancorp, Inc		187,949
	14,715		Tompkins Trustco, Inc		961,478
	44,352	e	TowneBank		931,392
	22,289		Trico Bancshares		600,020
	20,766	*	Tristate Capital Holdings, Inc		277,434
	13,923	*	Triumph Bancorp, Inc		221,236
	108,399		Trustco Bank Corp NY		694,838
	72,256		Trustmark Corp		1,770,995
	40,510		UMB Financial Corp		2,258,433
	221,455		Umpqua Holdings Corp		3,505,633
	48,676		Union Bankshares Corp		1,285,533
	68,565	e	United Bankshares, Inc		2,652,780
	51,119		United Community Banks, Inc		1,029,025
	48,476		United Community Financial Corp		287,947
	49,343		United Financial Bancorp, Inc (New)		640,472
	18,988		Univest Corp of Pennsylvania		374,823
	241,523		Valley National Bancorp		2,284,808
	26,981	*	Walker & Dunlop, Inc		594,931
	37,849	*	Walter Investment Management Corp		274,405
	94,531		Washington Federal, Inc		2,296,158
	14,496		Washington Trust Bancorp, Inc		530,988
	29,408		Waterstone Financial, Inc		412,300
	87,853		Webster Financial Corp		3,218,934
	40,975		WesBanco, Inc		1,316,527
	15,179		West Bancorporation, Inc		283,088
	27,330	e	Westamerica Bancorporation		1,331,518
	86,078	*	Western Alliance Bancorp		3,148,733
	69,454		Wilshire Bancorp, Inc		748,020
	46,719		Wintrust Financial Corp		2,430,322
	31,219		WSFS Financial Corp		1,065,817
	41,984		Yadkin Financial Corp		1,050,440
			TOTAL BANKS		190,801,269

CAPITAL GOODS - 7.7%
	40,902		Aaon, Inc		1,084,721
	34,624		AAR Corp		832,361
	40,256	*	Accuride Corp		65,215
	62,631		Actuant Corp (Class A)		1,672,874
	32,824	e	Advanced Drainage Systems, Inc		758,891
	36,336	*	Aegion Corp		771,413
	61,543	*	Aerojet Rocketdyne Holdings, Inc		1,115,159
	22,155	*	Aerovironment, Inc		639,836
	61,906		Aircastle Ltd		1,343,360
	9,655		Alamo Group, Inc		544,928
	28,427		Albany International Corp (Class A)		1,145,324

233

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	6,660		Allied Motion Technologies, Inc	$	143,523
	27,408		Altra Holdings, Inc		786,610
	19,600	*	Ameresco, Inc		87,612
	9,795	e	American Railcar Industries, Inc		401,693
	7,186		American Science & Engineering, Inc		205,879
	12,743	*	American Woodmark Corp		928,200
	28,481		Apogee Enterprises, Inc		1,180,253
	39,152		Applied Industrial Technologies, Inc		1,794,336
	12,958		Argan, Inc		442,904
	19,388		Astec Industries, Inc		938,379
	21,754	*	Astronics Corp		803,810
	25,138		AZZ, Inc		1,380,579
	53,414		Barnes Group, Inc		1,735,421
	48,985	*	Beacon Roofing Supply, Inc		2,093,129
	5,094	*,e	Blue Bird Corp		55,066
	37,150	*	BMC Stock Holdings, Inc		651,982
	43,520		Briggs & Stratton Corp		921,318
	51,855	*	Builders FirstSource, Inc		575,072
	17,366	*	CAI International, Inc		177,481
	30,495	*	Chart Industries, Inc		784,941
	17,514		CIRCOR International, Inc		988,665
	51,289		Clarcor, Inc		3,014,255
	19,970		Columbus McKinnon Corp		329,705
	37,168		Comfort Systems USA, Inc		1,096,084
	29,403	*	Commercial Vehicle Group, Inc		75,566
	30,674	*	Continental Building Products Inc		601,517
	23,449		Cubic Corp		974,775
	45,319		Curtiss-Wright Corp		3,470,529
	64,699	*	DigitalGlobe, Inc		1,433,730
	22,415		Douglas Dynamics, Inc		513,528
	10,767	*	Ducommun, Inc		171,303
	12,479	*	DXP Enterprises, Inc		272,666
	34,914	*,e	Dycom Industries, Inc		2,464,928
	61,649		EMCOR Group, Inc		2,988,744
	20,663		Encore Wire Corp		790,360
	44,370		EnerSys		2,589,877
	17,843		Engility Holdings, Inc		350,972
	26,832	*,e	Enphase Energy, Inc		67,348
	22,395		EnPro Industries, Inc		1,311,899
	28,016		ESCO Technologies, Inc		1,078,056
	29,998	*	Esterline Technologies Corp		2,059,663
	60,919		Federal Signal Corp		833,981
	50,053		Franklin Electric Co, Inc		1,581,174
	11,886		Freightcar America, Inc		203,845
	25,042	*	FuelCell Energy, Inc		149,250
	69,230	*,e	Generac Holdings, Inc		2,639,048
	47,839		General Cable Corp		748,202
	31,408	*	Gibraltar Industries, Inc		830,742
	20,984		Global Brass & Copper Holdings, Inc		568,666
	19,926		Gorman-Rupp Co		563,707
	9,437		Graham Corp		174,679
	39,343		Granite Construction, Inc		1,754,304
	58,993	*	Great Lakes Dredge & Dock Corp		269,598

234

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	26,592	e	Greenbrier Cos, Inc	$	797,494
	34,300		Griffon Corp		542,283
	31,669		H&E Equipment Services, Inc		640,664
	86,773		Harsco Corp		615,221
	27,451	*,e	HC2 Holdings, Inc		105,961
	19,010		HEICO Corp		1,165,503
	39,150		HEICO Corp (Class A)		2,003,697
	61,360		Hillenbrand, Inc		1,859,822
	6,745		Hurco Cos, Inc		218,403
	9,251		Hyster-Yale Materials Handling, Inc		566,624
	18,487		Insteel Industries, Inc		535,938
	29,351		John Bean Technologies Corp		1,530,361
	10,874		Kadant, Inc		514,884
	26,110		Kaman Corp		1,098,970
	32,908	*	KEYW Holding Corp		226,736
	51,438	*	KLX, Inc		1,734,489
	54,060	*,e	Kratos Defense & Security Solutions, Inc		287,059
	5,643	*	Lawson Products, Inc		110,546
	11,212		LB Foster Co (Class A)		220,652
	11,250	e	Lindsay Corp		860,175
	20,502		LSI Industries, Inc		259,350
	16,831	*	Lydall, Inc		619,212
	29,740	*	Masonite International Corp		2,012,208
	66,368	*	Mastec, Inc		1,503,899
	97,927	*	Meritor, Inc		832,379
	14,836	*,e	Milacron Holdings Corp		254,141
	11,012		Miller Industries, Inc		234,115
	36,500	*	Moog, Inc (Class A)		1,783,390
	105,025	*	MRC Global, Inc		1,468,249
	56,285		Mueller Industries, Inc		1,776,355
	157,466		Mueller Water Products, Inc (Class A)		1,692,759
	21,221	*	MYR Group, Inc		541,348
	4,787		National Presto Industries, Inc		417,379
	54,029	*,e	Navistar International Corp		815,298
	27,481	*	NCI Building Systems, Inc		405,070
	10,582	*,e	Neff Corp		90,476
	26,497	e	NN, Inc		398,515
	9,573	*	Nortek, Inc		451,463
	9,087	*	Northwest Pipe Co		98,049
	5,043	*	NV5 Holdings, Inc		125,218
	2,779		Omega Flex, Inc		91,540
	27,602	*	Orion Marine Group, Inc		161,196
	12,687	*	Patrick Industries, Inc		581,699
	47,234	*	Pgt, Inc		494,540
	180,107	*,e	Plug Power, Inc		371,020
	22,422	*	Ply Gem Holdings, Inc		328,482
	8,999		Powell Industries, Inc		280,049
	4,499	*,e	Power Solutions International, Inc		58,262
	22,262	*	PowerSecure International, Inc		416,745
	2,540		Preformed Line Products Co		106,604
	37,795		Primoris Services Corp		884,025
	23,380	*,e	Proto Labs, Inc		1,398,825
	33,919		Quanex Building Products Corp		639,034

235

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	40,296		Raven Industries, Inc	$	648,363
	24,205	*	RBC Bearings, Inc		1,774,227
	102,319	*	Rexnord Corp		2,230,554
	34,488	*	Rush Enterprises, Inc (Class A)		679,069
	44,065		Simpson Manufacturing Co, Inc		1,656,844
	9,657	*	Sparton Corp		207,239
	12,644		Standex International Corp		969,668
	24,050		Sun Hydraulics Corp		850,889
	17,231	*,e	Sunrun, Inc		135,780
	33,219		TAL International Group, Inc		568,045
	52,818	*,e	Taser International, Inc		964,457
	34,791	*	Teledyne Technologies, Inc		3,233,823
	18,735		Tennant Co		1,000,636
	21,570	e	Textainer Group Holdings Ltd		332,825
	11,638	*,e	The ExOne Company		153,854
	32,109	*	Thermon Group Holdings		601,723
	52,057	e	Titan International, Inc		345,138
	16,874	*,e	Titan Machinery, Inc		219,362
	32,223	*	Trex Co, Inc		1,528,981
	44,157	*	Trimas Corp		799,242
	38,852	*	Tutor Perini Corp		614,639
	4,286		Twin Disc, Inc		56,790
	42,782	*	Univar, Inc		744,407
	20,214		Universal Forest Products, Inc		1,549,403
	10,148	*	Vectrus, Inc		218,791
	7,964	*	Veritiv Corp		326,683
	16,534	*	Vicor Corp		158,561
	67,217	*	Wabash National Corp		957,842
	28,949		Watts Water Technologies, Inc (Class A)		1,617,381
	61,287		Woodward Governor Co		3,322,368
	10,800	*	Xerium Technologies, Inc		57,132
			TOTAL CAPITAL GOODS		128,774,728

COMMERCIAL & PROFESSIONAL SERVICES - 3.6%
	54,806		ABM Industries, Inc		1,763,109
	49,848		Acacia Research (Acacia Technologies)		240,267
	110,371	*	ACCO Brands Corp		1,052,939
	43,505	*	Advisory Board Co		1,376,498
	40,180	*	ARC Document Solutions, Inc		165,542
	6,953		Barrett Business Services, Inc		215,613
	50,323		Brady Corp (Class A)		1,333,056
	51,289		Brink’s Co		1,735,620
	46,585	*	Casella Waste Systems, Inc (Class A)		333,549
	47,794	*	CBIZ, Inc		486,543
	14,084		CDI Corp		100,701
	33,582		CEB, Inc		2,071,674
	28,692		Ceco Environmental Corp		189,367
	107,541	*,e	Civeo Corp		163,462
	9,022	*	CRA International, Inc		195,777
	49,292		Deluxe Corp		3,094,552
	144,544	*,m	Dyax Corp		160,444
	25,140		Ennis, Inc		491,236
	39,056		Essendant, Inc		1,202,534

236

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	26,053		Exponent, Inc	$	1,298,482
	11,828	*	Franklin Covey Co		194,807
	40,576	*	FTI Consulting, Inc		1,635,213
	19,415		G & K Services, Inc (Class A)		1,371,670
	16,192	*	GP Strategies Corp		377,921
	70,081		Healthcare Services Group		2,652,566
	18,314		Heidrick & Struggles International, Inc		361,335
	13,051	*	Heritage-Crystal Clean, Inc		135,730
	59,014		Herman Miller, Inc		1,780,452
	35,918	*	Hill International, Inc		152,292
	45,836		HNI Corp		2,003,950
	21,647	*	Huron Consulting Group, Inc		1,203,790
	19,123	*	ICF International, Inc		752,872
	36,082	*	Innerworkings, Inc		294,790
	15,789		Insperity, Inc		833,186
	65,437		Interface, Inc		1,113,738
	28,819		Kelly Services, Inc (Class A)		540,933
	24,234		Kforce, Inc		460,688
	36,396		Kimball International, Inc (Class B)		423,649
	47,563		Knoll, Inc		1,110,596
	50,577		Korn/Ferry International		1,372,660
	32,488		Matthews International Corp (Class A)		1,710,168
	26,961		McGrath RentCorp		657,309
	16,925	*	Mistras Group, Inc		412,462
	45,972		Mobile Mini, Inc		1,482,597
	29,424		MSA Safety, Inc		1,415,000
	12,695		Multi-Color Corp		759,542
	47,061	*	Navigant Consulting, Inc		751,094
	5,347	*	NL Industries, Inc		16,415
	51,874	*	On Assignment, Inc		1,870,576
	162,243	*	Pendrell Corp		83,539
	34,238		Quad		429,687
	41,885		Resources Connection, Inc		618,641
	53,520	*	RPX Corp		593,002
	16,304	*	SP Plus Corp		363,253
	83,723		Steelcase, Inc (Class A)		1,277,613
	29,097	*	Team, Inc		835,957
	60,553		Tetra Tech, Inc		1,780,258
	18,838	*	TRC Cos, Inc		161,253
	41,085	*	TriNet Group, Inc		682,833
	40,927	*	TrueBlue, Inc		764,926
	15,645		Unifirst Corp		1,695,605
	21,718		US Ecology, Inc		977,962
	19,566		Viad Corp		582,088
	9,292	*	Volt Information Sciences, Inc		69,783
	4,151		VSE Corp		257,528
	35,445	*	WageWorks, Inc		1,909,068
	55,550		West Corp		1,190,436
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		59,792,398

CONSUMER DURABLES & APPAREL - 2.7%
	12,479	e	Arctic Cat, Inc		207,526
	10,215		Bassett Furniture Industries, Inc		301,445

237

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	33,360	*	Beazer Homes USA, Inc	$	274,219
	22,204	*	Black Diamond, Inc		94,367
	76,905		CalAtlantic Group, Inc		2,489,415
	83,655		Callaway Golf Co		781,338
	8,892	*	Cavco Industries, Inc		779,739
	16,957	*	Century Communities, Inc		292,339
	8,692	*	Cherokee, Inc		135,943
	28,617		Columbia Sportswear Co		1,676,098
	76,715	*	CROCS, Inc		640,570
	9,477		CSS Industries, Inc		264,977
	9,636		Culp, Inc		252,849
	32,833	*	Deckers Outdoor Corp		1,898,076
	9,865		Escalade, Inc		117,689
	24,832		Ethan Allen Interiors, Inc		845,281
	5,851		Flexsteel Industries, Inc		239,247
	40,232	*	G-III Apparel Group Ltd		1,820,498
	22,516	*,e	Green Brick Partners, Inc		165,943
	28,491	*	Helen of Troy Ltd		2,835,709
	9,978		Hooker Furniture Corp		247,454
	126,782	*,e	Hovnanian Enterprises, Inc (Class A)		211,726
	48,463	*,e	Iconix Brand Group, Inc		410,966
	19,435	*	Installed Building Products Inc		516,582
	29,735	*,e	iRobot Corp		1,111,494
	18,424	*,e	Jakks Pacific, Inc		138,180
	5,339		Johnson Outdoors, Inc		128,830
	75,738	e	KB Home		1,027,765
	51,417		La-Z-Boy, Inc		1,330,158
	14,190	*,e	LGI Homes, Inc		397,462
	21,325		Libbey, Inc		396,645
	11,087		Lifetime Brands, Inc		191,472
	24,257	*	M/I Homes, Inc		487,566
	17,373	*	Malibu Boats Inc		305,765
	7,893		Marine Products Corp		64,644
	6,594	*	MCBC Holdings, Inc		88,491
	38,585		MDC Holdings, Inc		949,577
	40,222	*	Meritage Homes Corp		1,368,755
	15,730		Movado Group, Inc		443,743
	4,040		Nacco Industries, Inc (Class A)		240,461
	30,988	*	Nautilus, Inc		546,628
	12,045	*,e	New Home Co Inc		134,061
	14,575		Oxford Industries, Inc		968,072
	44,256	*,e	Performance Sports Group Ltd		164,190
	12,107	*	Perry Ellis International, Inc		230,638
	43,530		Pool Corp		3,804,957
	36,712	*	Sequential Brands Group, Inc		203,752
	23,235	*	Skullcandy, Inc		79,231
	53,379	*,e	Smith & Wesson Holding Corp		1,165,264
	56,083	*	Steven Madden Ltd		1,963,466
	18,799	e	Sturm Ruger & Co, Inc		1,203,700
	7,215		Superior Uniform Group, Inc		137,229
	34,190	*	Taylor Morrison Home Corp		492,336
	163,484	*	TRI Pointe Homes, Inc		1,896,414
	55,918	*	Tumi Holdings, Inc		1,491,892

238

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	14,745	*	Unifi, Inc	$	379,831
	14,656	*	Universal Electronics, Inc		973,305
	21,621	*	Vera Bradley, Inc		379,232
	26,016	*,e	Vince Holding Corp		160,779
	15,105	*	WCI Communities, Inc		241,378
	6,440		Weyco Group, Inc		180,578
	19,491	*,e	William Lyon Homes, Inc		274,823
	103,330		Wolverine World Wide, Inc		1,958,104
	30,015	*	Zagg, Inc		240,420
			TOTAL CONSUMER DURABLES & APPAREL		45,441,284

CONSUMER SERVICES - 4.3%
	26,531	*,e	2U, Inc		743,664
	16,699	*	American Public Education, Inc		386,749
	97,445	*	Apollo Group, Inc (Class A)		760,071
	13,283	*	Ascent Media Corp (Series A)		200,175
	96,334	*	Belmond Ltd.		882,419
	21,171	*	BJ’s Restaurants, Inc		944,227
	122,344		Bloomin’ Brands, Inc		2,287,833
	20,135		Bob Evans Farms, Inc		916,948
	8,102	*,e	Bojangles’, Inc		142,838
	81,532	*	Boyd Gaming Corp		1,519,756
	18,250	*	Bravo Brio Restaurant Group, Inc		134,502
	15,511	*	Bridgepoint Education, Inc		147,975
	37,391	*	Bright Horizons Family Solutions		2,453,597
	18,879	*	Buffalo Wild Wings, Inc		2,523,367
	45,166	*	Caesars Acquisition Co		341,907
	58,150	*,e	Caesars Entertainment Corp		397,164
	12,574	*	Cambium Learning Group, Inc		57,212
	12,666		Capella Education Co		700,556
	66,139	*	Career Education Corp		353,182
	16,764		Carriage Services, Inc		409,544
	35,305	*	Carrols Restaurant Group, Inc		491,093
	48,782		Cheesecake Factory		2,488,370
	83,666	*,e	Chegg, Inc		379,844
	12,304		Churchill Downs, Inc		1,650,951
	16,184	*,e	Chuy’s Holdings, Inc		494,259
	43,456		ClubCorp Holdings, Inc		580,138
	6,913		Collectors Universe		120,217
	19,129	e	Cracker Barrel Old Country Store, Inc		2,800,677
	22,773	*	Dave & Buster’s Entertainment, Inc		881,315
	23,278	*	Del Frisco’s Restaurant Group, Inc		370,819
	83,503	*	Denny’s Corp		825,845
	63,483	e	DeVry Education Group, Inc		1,101,430
	42,080	*,e	Diamond Resorts International, Inc		892,517
	17,712		DineEquity, Inc		1,523,232
	13,423	*,e	El Pollo Loco Holdings, Inc		177,049
	27,723	*	Eldorado Resorts, Inc		363,449
	2,870	*,e	Empire Resorts, Inc		47,728
	26,352	*	Fiesta Restaurant Group, Inc		846,163
	4,520	*,e	Fogo De Chao, Inc		75,439
	47,202	*	Grand Canyon Education, Inc		2,064,143
	11,225	*,e	Habit Restaurants, Inc		188,019

239

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	124,456	*	Houghton Mifflin Harcourt Co	$	2,552,593
	29,164		International Speedway Corp (Class A)		976,702
	112,131	e	Interval Leisure Group, Inc		1,583,290
	17,664	*	Intrawest Resorts Holdings Inc		152,617
	22,518	*	Isle of Capri Casinos, Inc		335,518
	13,518	*	J Alexander’s Holdings, Inc		139,235
	34,928		Jack in the Box, Inc		2,359,386
	14,065	*,e	Jamba, Inc		182,704
	32,907	*	K12, Inc		404,427
	8,254	*,e	Kona Grill, Inc		109,943
	65,599	*	Krispy Kreme Doughnuts, Inc		1,142,079
	91,327	*	La Quinta Holdings, Inc		1,166,246
	5,829		Liberty Tax, Inc		69,657
	95,607	*	LifeLock, Inc		1,112,865
	17,871		Marcus Corp		345,804
	23,597		Marriott Vacations Worldwide Corp		1,478,116
	9,363	*	Monarch Casino & Resort, Inc		177,897
	11,386	*,e	Noodles & Co		126,954
	28,618		Papa John’s International, Inc		1,619,493
	9,004	*,e	Papa Murphy’s Holdings, Inc		113,090
	84,210	*	Penn National Gaming, Inc		1,358,307
	61,177	*	Pinnacle Entertainment, Inc		675,394
	15,628	*,e	Planet Fitness, Inc		240,046
	22,991	*	Popeyes Louisiana Kitchen, Inc		1,235,996
	21,421	*	Potbelly Corp		305,249
	13,810	*	Red Robin Gourmet Burgers, Inc		895,717
	40,609	*	Regis Corp		555,125
	60,611	*	Ruby Tuesday, Inc		266,688
	35,473		Ruth’s Chris Steak House, Inc		563,311
	52,131	*,e	Scientific Games Corp (Class A)		517,139
	71,068	e	SeaWorld Entertainment, Inc		1,416,385
	5,632	*,e	Shake Shack, Inc		205,681
	51,242		Sonic Corp		1,761,188
	55,787		Sotheby’s (Class A)		1,519,638
	12,021		Speedway Motorsports, Inc		210,608
	1,636	*	Steak N Shake Co		611,766
	11,331	*	Strayer Education, Inc		562,471
	70,469		Texas Roadhouse, Inc (Class A)		2,869,498
	20,600		Universal Technical Institute, Inc		81,370
	36,363		Vail Resorts, Inc		4,714,099
	27,948	*,e	Weight Watchers International, Inc		361,927
	6,667	*	Wingstop, Inc		166,275
	18,853	*,e	Zoe’s Kitchen, Inc		706,799
			TOTAL CONSUMER SERVICES		72,615,676

DIVERSIFIED FINANCIALS - 2.4%
	23,512	e	Arlington Asset Investment Corp (Class A)		304,245
	1,111	*	Ashford, Inc		50,550
	6,214	*	Associated Capital Group, Inc		189,341
	6,816	*,e	BBX Capital Corp		105,103
	184,071		BGC Partners, Inc (Class A)		1,671,365
	17,377		Calamos Asset Management, Inc (Class A)		143,186
	26,787		Cash America International, Inc		990,047

240

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	22,775		Cohen & Steers, Inc	$	894,374
	112,577	*,e	Cowen Group, Inc		392,331
	2,920		Diamond Hill Investment Group, Inc		511,759
	25,958	*,e	Encore Capital Group, Inc		730,718
	26,067	*	Enova International, Inc		229,650
	33,961		Evercore Partners, Inc (Class A)		1,753,746
	51,255	*	Ezcorp, Inc (Class A)		253,712
	52,036	e	Financial Engines, Inc		1,676,080
	27,630		First Cash Financial Services, Inc		1,263,520
	78,266	*	FNFV Group		842,925
	31,424		Gain Capital Holdings, Inc		215,254
	6,214		GAMCO Investors, Inc (Class A)		245,888
	45,862	*	Green Dot Corp		1,019,512
	32,320		Greenhill & Co, Inc		711,686
	37,726		HFF, Inc (Class A)		1,200,819
	11,408		Houlihan Lokey, Inc		287,596
	14,902	*	INTL FCStone, Inc		406,825
	33,538		Investment Technology Group, Inc		654,662
	49,335	e	iShares Russell 2000 Index Fund		5,543,281
	146,561		Janus Capital Group, Inc		2,139,791
	33,597	*	KCG Holdings, Inc		460,279
	108,919	*,e	Ladenburg Thalmann Financial Services, Inc		291,903
	37,667		MarketAxess Holdings, Inc		4,624,001
	8,576		Marlin Business Services Corp		126,839
	10,267	e	Medley Management, Inc		67,146
	17,142		Moelis & Co		481,862
	23,151		Nelnet, Inc (Class A)		970,258
	23,615	*	NewStar Financial, Inc		227,176
	24,695		OM Asset Management plc		331,407
	11,319	*	On Deck Capital, Inc		97,683
	10,059		Oppenheimer Holdings, Inc		153,701
	22,714	*	Pico Holdings, Inc		225,550
	13,012	*	Piper Jaffray Cos		542,731
	48,197	*,e	PRA Group, Inc		1,599,176
	12,342		Pzena Investment Management, Inc (Class A)		111,819
	10,556	*	Regional Management Corp		174,385
	15,588		Resource America, Inc (Class A)		98,516
	21,041	*	Safeguard Scientifics, Inc		290,366
	68,263	*	Stifel Financial Corp		2,246,535
	29,168		Tiptree Financial, Inc		161,299
	18,583		Virtu Financial, Inc		387,456
	6,706		Virtus Investment Partners, Inc		524,543
	7,734		Westwood Holdings Group, Inc		445,092
	116,084	e	WisdomTree Investments, Inc		1,264,155
	7,036	*,e	World Acceptance Corp		305,292
	3,730	*,e	ZAIS Group Holdings, Inc		10,220
			TOTAL DIVERSIFIED FINANCIALS		40,647,356

ENERGY - 2.9%
	95,186	*	Abraxas Petroleum Corp		144,683
	2,024		Adams Resources & Energy, Inc		81,466
	31,843	e	Alon USA Energy, Inc		334,352
	69,082		Archrock, Inc		680,458

241

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	18,187	e	Ardmore Shipping Corp	$	170,048
	65,601	e	Atwood Oceanics, Inc		633,706
	42,040	*,e	Basic Energy Services, Inc		134,528
	51,663	*,e	Bill Barrett Corp		411,237
	24,847	*,e	Bonanza Creek Energy, Inc		96,406
	34,849		Bristow Group, Inc		798,739
	55,813	*,e	C&J Energy Services Ltd		80,929
	118,799	*	Callon Petroleum Co		1,248,577
	22,536	e	CARBO Ceramics, Inc		334,660
	58,559	*	Carrizo Oil & Gas, Inc		2,071,232
	5,790	*,e	Clayton Williams Energy, Inc		104,973
	71,771	*,e	Clean Energy Fuels Corp		205,265
	80,854	*,e	Cloud Peak Energy, Inc		178,687
	21,139	*	Contango Oil & Gas Co		265,929
	57,750		Delek US Holdings, Inc		917,648
	95,894		DHT Holdings, Inc		550,432
	26,002	*,e	Dorian LPG Ltd		264,180
	2,787	*,e	Earthstone Energy, Inc		38,488
	48,511	*,e	Energy Fuels, Inc		114,001
	20,076	*	Era Group, Inc		191,324
	18,688	*,e	Erin Energy Corp		37,376
	26,714		Evolution Petroleum Corp		147,996
	155,844	*,e	EXCO Resources, Inc		236,883
	34,541	*	Exterran Corp		528,477
	72,910	*,e	Fairmount Santrol Holdings, Inc		291,640
	59,573	*	Forum Energy Technologies, Inc		997,252
	47,348	e	Frontline Ltd		390,148
	44,986	e	GasLog Ltd		576,271
	107,331	*,e	Gastar Exploration, Inc		213,589
	17,835	*	Gener8 Maritime, Inc		128,947
	13,377	*,e	Geospace Technologies Corp		218,848
	37,962		Green Plains Renewable Energy, Inc		687,112
	29,345	e	Gulfmark Offshore, Inc		198,959
	11,677	e	Hallador Energy Co		54,532
	112,665	*	Helix Energy Solutions Group, Inc		972,299
	32,710	*,e	Hornbeck Offshore Services, Inc		384,015
	16,123	*,e	Independence Contract Drilling, Inc		64,170
	815	*,e	Isramco, Inc		75,934
	28,980	*,e	Jones Energy, Inc (Class A)		139,104
	81,055	*	Matador Resources Co		1,746,735
	26,978	*	Matrix Service Co		508,266
	237,512	*	McDermott International, Inc		1,078,304
	12,792	*	Natural Gas Services Group, Inc		294,088
	80,085	e	Navios Maritime Acq Corp		154,564
	85,866	*	Newpark Resources, Inc		400,994
	24,346	e	Nordic American Offshore Ltd		138,529
	88,974	e	Nordic American Tanker Shipping		1,371,089
	7,705	*,e	North Atlantic Drilling Ltd		29,125
	63,901	*,e	Northern Oil And Gas, Inc		348,899
	182,399	*	Oasis Petroleum, Inc		1,767,446
	51,216	*	Oil States International, Inc		1,774,122
	40,046	*	Pacific Ethanol, Inc		189,418
	17,632		Panhandle Oil and Gas, Inc (Class A)		333,068

242

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	15,655	*	Par Petroleum Corp	$	299,167
	126,716	*	Parker Drilling Co		387,751
	112,866	*	Parsley Energy, Inc		2,643,322
	46,441	*	PDC Energy, Inc		2,916,030
	12,236	*	PHI, Inc		274,331
	66,714	*	Pioneer Energy Services Corp		207,481
	45,997	*	Renewable Energy Group, Inc		447,091
	6,632	*,e	Rex American Resources Corp		360,582
	12,000	*	RigNet, Inc		205,200
	29,991	*	Ring Energy, Inc		215,935
	67,213	*	RSP Permian, Inc		2,057,390
	55,367	*	Sanchez Energy Corp		497,749
	182,425		Scorpio Tankers, Inc		1,141,980
	19,291	*	SEACOR Holdings, Inc		1,133,732
	43,666		SemGroup Corp		1,338,800
	57,860	e	Ship Finance International Ltd		877,736
	36,202	*,e	Solazyme, Inc		84,713
	56,551	*,e	Stone Energy Corp		55,426
	141,564	*	Synergy Resources Corp		1,022,092
	99,116	e	Teekay Tankers Ltd (Class A)		390,517
	42,038		Tesco Corp		397,679
	81,516	*	Tetra Technologies, Inc		586,915
	50,086	e	Tidewater, Inc		438,753
	27,408	*,e	TransAtlantic Petroleum Ltd		29,875
	53,024	*,e	Unit Corp		671,284
	103,419	*,e	Uranium Energy Corp		83,852
	63,295	e	US Silica Holdings Inc		1,617,187
	41,216	*,e	W&T Offshore, Inc		99,331
	71,933		Western Refining, Inc		1,924,927
	17,749	*	Westmoreland Coal Co		126,550
			TOTAL ENERGY		49,063,525

FOOD & STAPLES RETAILING - 0.8%
	27,713		Andersons, Inc		928,663
	38,655		Casey’s General Stores, Inc		4,329,360
	18,993	*	Chefs’ Warehouse Holdings, Inc		365,995
	13,054		Ingles Markets, Inc (Class A)		470,858
	9,375	*,e	Natural Grocers by Vitamin C		125,250
	16,159	*,e	Performance Food Group Co		418,195
	19,859		Pricesmart, Inc		1,718,598
	23,742	*	Smart & Final Stores, Inc		377,973
	37,784		Spartan Stores, Inc		1,046,617
	264,872	*	Supervalu, Inc		1,332,306
	50,221	*	United Natural Foods, Inc		1,791,383
	7,291		Village Super Market (Class A)		177,900
	12,916		Weis Markets, Inc		587,936
			TOTAL FOOD & STAPLES RETAILING		13,671,034

FOOD, BEVERAGE & TOBACCO - 2.3%
	3,815	e	Alico, Inc		110,292
	14,661	*,e	Amplify Snack Brands, Inc		225,926
	7,945	*,e	Arcadia Biosciences, Inc		17,082
	62,784		B&G Foods, Inc (Class A)		2,587,329

243

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	9,155	*	Boston Beer Co, Inc (Class A)	$	1,428,912
	14,549		Calavo Growers, Inc		831,766
	30,756	e	Cal-Maine Foods, Inc		1,561,175
	61,465	*,e	Castle Brands, Inc		54,907
	4,575	e	Coca-Cola Bottling Co Consolidated		729,118
	14,481	*	Craft Brewers Alliance, Inc		123,378
	165,250	*	Darling International, Inc		2,394,472
	97,504	e	Dean Foods Co		1,679,994
	8,217	*	Farmer Bros Co		248,236
	32,477		Fresh Del Monte Produce, Inc		1,404,955
	20,309	*,e	Freshpet, Inc		168,158
	19,110	*,e	Inventure Foods, Inc		136,828
	15,438		J&J Snack Foods Corp		1,561,245
	8,337		John B. Sanfilippo & Son, Inc		461,286
	19,107		Lancaster Colony Corp		2,225,965
	25,406	*	Landec Corp		285,817
	4,622	*,e	Lifeway Foods, Inc		44,833
	11,234	e	Limoneira Co		200,976
	10,299		Mgp Ingredients, Inc		272,100
	11,098	*	National Beverage Corp		518,720
	22,029	*	Omega Protein Corp		409,519
	61,882	*	Post Holdings, Inc		4,445,603
	22,501	e	Sanderson Farms, Inc		2,064,242
	259	*	Seaboard Corp		777,777
	8,268	*	Seneca Foods Corp		269,454
	69,273		Snyder’s-Lance, Inc		2,214,658
	22,657	*	Synutra International, Inc		114,644
	19,586	e	Tootsie Roll Industries, Inc		698,045
	56,842	*	TreeHouse Foods, Inc		5,024,833
	22,020	e	Universal Corp		1,201,191
	86,851	e	Vector Group Ltd		1,875,982
			TOTAL FOOD, BEVERAGE & TOBACCO		38,369,418

HEALTH CARE EQUIPMENT & SERVICES - 7.1%
	8,805	*,e	AAC Holdings, Inc		181,295
	23,198		Abaxis, Inc		1,051,333
	41,773	*	Abiomed, Inc		4,057,829
	78,459	*,e	Accuray, Inc		420,540
	29,143		Aceto Corp		653,677
	6,267	*	Addus HomeCare Corp		115,939
	6,458	*,e	Adeptus Health, Inc		439,919
	38,892	*,e	Air Methods Corp		1,438,226
	5,173	*	Alliance HealthCare Services, Inc		37,194
	7,020	*	Almost Family, Inc		294,910
	28,169	*	Amedisys, Inc		1,450,422
	48,722	*	AMN Healthcare Services, Inc		1,730,118
	53,929	*	Amsurg Corp		4,367,171
	13,027		Analogic Corp		1,029,003
	25,240	*	Angiodynamics, Inc		309,190
	14,458	*	Anika Therapeutics, Inc		660,152
	149,201	*,e	Antares Pharma, Inc		164,121
	29,107	*	AtriCure, Inc		462,801
	1,597		Atrion Corp		634,488

244

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	67,050	*,e	BioScrip, Inc	$	177,012
	27,871	*	BioTelemetry, Inc		438,411
	34,273		Cantel Medical Corp		2,295,948
	29,246	*	Capital Senior Living Corp		586,675
	33,033	*	Cardiovascular Systems, Inc		461,801
	35,236	*	Castlight Health, Inc		126,850
	93,310	*,e	Cerus Corp		584,121
	17,153		Chemed Corp		2,226,116
	11,534	*	Civitas Solutions, Inc		231,141
	11,962	e	Computer Programs & Systems, Inc		614,009
	10,327	*,e	ConforMIS, Inc		127,951
	28,826		Conmed Corp		1,193,973
	6,408	*	Connecture, Inc		14,802
	21,885	*,e	Corindus Vascular Robotics, Inc		22,979
	9,624	*	Corvel Corp		435,005
	31,495	*	Cross Country Healthcare, Inc		391,483
	28,598		CryoLife, Inc		354,615
	14,113	*	Cutera, Inc		164,558
	22,254	*	Cynosure, Inc (Class A)		1,089,111
	37,038	*,e	Diplomat Pharmacy, Inc		1,121,881
	7,582	*,e	EndoChoice Holdings, Inc		41,853
	73,585	*	Endologix, Inc		824,888
	51,092		Ensign Group, Inc		1,152,635
	6,007	*,e	Entellus Medical, Inc		87,342
	12,750	*,e	Evolent Health, Inc		153,127
	9,916	*	Exactech, Inc		225,490
	40,950	*	ExamWorks Group, Inc		1,476,247
	42,445	*	Five Star Quality Care, Inc		103,566
	36,213	*	Genesis Health Care, Inc		91,257
	42,505	*,e	GenMark Diagnostics, Inc		251,205
	6,804	*	Glaukos Corp		128,187
	68,834	*	Globus Medical, Inc		1,723,603
	24,900	*	Greatbatch, Inc		866,520
	53,370	*	Haemonetics Corp		1,730,789
	47,835	*	Halyard Health, Inc		1,347,034
	36,171	*	HealthEquity, Inc		909,701
	91,976		Healthsouth Corp		3,813,325
	24,596	*	HealthStream, Inc		556,361
	30,759	*	Healthways, Inc		358,342
	17,876	*,e	HeartWare International, Inc		596,343
	88,829	*	HMS Holdings Corp		1,500,322
	13,808	*	ICU Medical, Inc		1,371,687
	8,932	*,e	Imprivata, Inc		108,256
	15,933	*	Inogen Inc		778,486
	56,136	*	Insulet Corp		1,869,329
	27,750	*	Integra LifeSciences Holdings Corp		1,965,255
	31,552	e	Invacare Corp		354,644
	31,956	*,e	InVivo Therapeutics Holdings Corp		191,736
	4,632	*,e	Invuity, Inc		31,498
	2,727	*,e	iRadimed Corp		44,641
	19,753	*	K2M Group Holdings, Inc		321,184
	85,855		Kindred Healthcare, Inc		1,267,220
	9,201		Landauer, Inc		319,643

245

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	12,399	*,e	Lantheus Holdings, Inc	$	25,542
	25,430	*,e	LDR Holding Corp		685,338
	11,608		LeMaitre Vascular, Inc		192,461
	12,864	*	LHC Group, Inc		518,934
	44,500	*	LivaNova plc		2,346,485
	24,717	*	Magellan Health Services, Inc		1,741,560
	43,940	*	Masimo Corp		1,904,799
	55,300	*	Medidata Solutions, Inc		2,412,739
	44,324		Meridian Bioscience, Inc		847,032
	43,379	*	Merit Medical Systems, Inc		878,425
	39,784	*	Molina Healthcare, Inc		2,059,220
	11,193		National Healthcare Corp		721,389
	8,654		National Research Corp		124,531
	32,137	*	Natus Medical, Inc		1,024,206
	37,519	*	Neogen Corp		1,772,398
	16,623	*	Nevro Corp		1,117,897
	45,528	*,e	Nobilis Health Corp		192,128
	8,688	*,e	Novocure Ltd		112,075
	48,037	*	NuVasive, Inc		2,543,079
	8,300	*	Nuvectra Corp		69,761
	63,778	*	NxStage Medical, Inc		1,028,101
	36,971	*	Omnicell, Inc		1,177,896
	54,867	*	OraSure Technologies, Inc		393,945
	18,461	*	Orthofix International NV		807,853
	63,466		Owens & Minor, Inc		2,309,528
	19,641	*,e	Oxford Immunotec Global plc		205,445
	4,544	*	Penumbra, Inc		247,648
	30,753	*	PharMerica Corp		727,001
	9,976	*	Press Ganey Holdings, Inc		303,969
	13,332	*	Providence Service Corp		664,467
	49,568		Quality Systems, Inc		697,917
	28,516	*	Quidel Corp		493,327
	35,479	*	RadNet, Inc		179,169
	50,507	*,e	Rockwell Medical, Inc		467,190
	56,330	*	RTI Biologics, Inc		224,757
	8,323	*	SeaSpine Holdings Corp		124,179
	11,493	*	Second Sight Medical Products, Inc		54,362
	102,681	*	Select Medical Holdings Corp		1,373,872
	43,646	*,e	Spectranetics Corp		741,982
	37,901	*,e	Staar Surgical Co		292,217
	85,203		STERIS plc		6,021,296
	15,895	*	Surgery Partners, Inc		258,930
	21,052	*	Surgical Care Affiliates, Inc		1,017,864
	13,101	*	SurModics, Inc		263,592
	17,193	*,e	Tandem Diabetes Care, Inc		191,358
	72,031	*,e	Team Health Holdings, Inc		3,013,057
	9,360	*,e	Teladoc, Inc		113,724
	48,044	*	TransEnterix, Inc		72,066
	23,541	*	Triple-S Management Corp (Class B)		613,008
	15,904	*,e	Trupanion, Inc		198,323
	113,513	*,e	Unilife Corp		62,421
	48,654		Universal American Corp		361,986
	12,604		US Physical Therapy, Inc		628,435

246

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	3,848		Utah Medical Products, Inc	$	257,431
	19,308	*	Vascular Solutions, Inc		674,815
	16,977	*,e	Veracyte, Inc		98,467
	26,125	*	Vocera Communications, Inc		306,185
	44,199	*	WellCare Health Plans, Inc		3,977,468
	71,831		West Pharmaceutical Services, Inc		5,114,367
	90,539	*	Wright Medical Group NV		1,700,322
	32,522	*,e	Zeltiq Aesthetics, Inc		972,408
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		118,440,833

HOUSEHOLD & PERSONAL PRODUCTS - 0.4%
	42,791	*	Central Garden and Pet Co (Class A)		697,065
	26,107	*,e	Elizabeth Arden, Inc		267,075
	83,011	*	HRG Group, Inc		1,195,358
	16,566		Inter Parfums, Inc		507,251
	12,038		Medifast, Inc		379,558
	8,193	e	Natural Health Trends Corp		296,505
	9,628		Nature’s Sunshine Products, Inc		92,236
	7,732	*	Nutraceutical International Corp		182,398
	4,674		Oil-Dri Corp of America		155,925
	9,315	e	Orchids Paper Products Co		285,691
	11,200	*	Revlon, Inc (Class A)		408,016
	5,595	*,e	USANA Health Sciences, Inc		662,672
	14,618		WD-40 Co		1,495,421
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		6,625,171

INSURANCE - 2.3%
	45,910	*	AMBAC Financial Group, Inc		745,119
	81,218		American Equity Investment Life Holding Co		1,137,052
	18,496		Amerisafe, Inc		996,564
	27,244		Argo Group International Holdings Ltd		1,497,603
	10,991	*	Atlas Financial Holdings, Inc		193,112
	7,899		Baldwin & Lyons, Inc (Class B)		193,052
	47,780	*,e	Citizens, Inc (Class A)		389,407
	185,368		Conseco, Inc		3,405,210
	28,087		Crawford & Co (Class B)		189,306
	5,771		Donegal Group, Inc (Class A)		88,354
	18,842	*	eHealth, Inc		210,842
	7,923		EMC Insurance Group, Inc		209,643
	31,592		Employers Holdings, Inc		938,282
	9,401	*	Enstar Group Ltd		1,489,494
	10,915		FBL Financial Group, Inc (Class A)		660,030
	14,381		Federated National Holding Co		273,958
	10,994	e	Fidelity & Guaranty Life		290,681
	107,808		First American Financial Corp		3,883,244
	30,437	*	Greenlight Capital Re Ltd (Class A)		655,309
	13,466	*	Hallmark Financial Services		152,031
	8,715		HCI Group, Inc		261,101
	24,156		Heritage Insurance Holdings, Inc		321,033
	40,131		Horace Mann Educators Corp		1,248,074
	6,381		Independence Holding Co		98,076
	11,697		Infinity Property & Casualty Corp		937,632
	11,302		James River Group Holdings Ltd		349,910

247

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	42,403		Kemper Corp	$	1,312,797
	49,309		Maiden Holdings Ltd		603,049
	117,957	*	MBIA, Inc		920,065
	39,603		National General Holdings Corp		799,585
	6,976		National Interstate Corp		214,791
	2,568		National Western Life Group, Inc		556,486
	11,363	*	Navigators Group, Inc		938,697
	29,023		OneBeacon Insurance Group Ltd (Class A)		359,885
	8,254	*,e	Patriot National, Inc		68,673
	47,455		Primerica, Inc		2,351,870
	43,222		RLI Corp		2,687,544
	15,271		Safety Insurance Group, Inc		864,491
	57,270		Selective Insurance Group, Inc		1,987,842
	15,535		State Auto Financial Corp		318,623
	30,579		State National Cos, Inc		344,931
	21,705		Stewart Information Services Corp		755,768
	83,366	*	Third Point Reinsurance Ltd		948,705
	8,122	*	United America Indemnity Ltd		255,437
	19,725		United Fire & Casualty Co		884,075
	16,671		United Insurance Holdings Corp		271,904
	31,777	e	Universal Insurance Holdings, Inc		559,593
			TOTAL INSURANCE		38,818,930

MATERIALS - 4.2%
	28,562		A. Schulman, Inc		796,594
	3,977		AEP Industries, Inc		245,103
	177,123	*,e	AK Steel Holding Corp		828,936
	28,366		American Vanguard Corp		469,457
	70,441		Axiall Corp		1,658,886
	31,252		Balchem Corp		1,917,623
	119,399	*	Berry Plastics Group, Inc		4,300,752
	38,537	*	Boise Cascade Co		804,267
	55,870		Calgon Carbon Corp		915,709
	46,713		Carpenter Technology Corp		1,654,107
	48,917	*	Century Aluminum Co		431,448
	6,705		Chase Corp		377,424
	66,407	*	Chemtura		1,849,435
	19,438	*	Clearwater Paper Corp		1,161,226
	180,525	*,e	Cliffs Natural Resources, Inc		951,367
	139,033	*,e	Coeur Mining, Inc		1,126,167
	116,556		Commercial Metals Co		2,088,684
	7,758	*	Core Molding Technologies, Inc		91,001
	11,876		Deltic Timber Corp		742,250
	75,416	*	Ferro Corp		960,800
	64,750		Ferroglobe plc		659,802
	54,187	*,e	Flotek Industries, Inc		512,067
	25,584		FutureFuel Corp		287,564
	30,446		Greif, Inc (Class A)		1,056,476
	50,708		H.B. Fuller Co		2,267,662
	2,530	*	Handy & Harman Ltd		69,398
	10,180		Hawkins, Inc		398,343
	12,649		Haynes International, Inc		474,717
	75,710	*	Headwaters, Inc		1,514,957

248

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	371,274	e	Hecla Mining Co	$	1,600,191
	20,371		Innophos Holdings, Inc		752,912
	24,349		Innospec, Inc		1,177,518
	54,841	*	Intrepid Potash, Inc		70,196
	17,038		Kaiser Aluminum Corp		1,615,714
	86,155		Kapstone Paper and Packaging Corp		1,369,003
	9,445		KMG Chemicals, Inc		223,752
	21,056	*	Koppers Holdings, Inc		529,137
	30,936	*	Kraton Polymers LLC		702,557
	20,428	e	Kronos Worldwide, Inc		135,846
	145,682	*	Louisiana-Pacific Corp		2,476,594
	20,608	*	LSB Industries, Inc		271,201
	20,344		Materion Corp		589,773
	34,645		Minerals Technologies, Inc		2,075,235
	18,570	*	Multi Packaging Solutions International Ltd		308,633
	24,696		Myers Industries, Inc		332,902
	16,308		Neenah Paper, Inc		1,061,488
	165,563		Olin Corp		3,607,618
	8,900		Olympic Steel, Inc		201,318
	45,790	*	Omnova Solutions, Inc		327,398
	42,169		PH Glatfelter Co		966,935
	88,207		PolyOne Corp		3,173,688
	13,000		Quaker Chemical Corp		1,157,780
	41,150		Rayonier Advanced Materials, Inc		421,787
	23,788	*	Real Industry, Inc		210,286
	23,109	*	Rentech, Inc		80,188
	19,554	*,e	Ryerson Holding Corp		173,640
	25,986		Schnitzer Steel Industries, Inc (Class A)		535,831
	29,710		Schweitzer-Mauduit International, Inc		1,021,727
	42,849	*,e	Senomyx, Inc		104,980
	46,094		Sensient Technologies Corp		3,099,821
	18,795		Stepan Co		1,151,946
	119,760	*	Stillwater Mining Co		1,461,072
	31,869	*	Summit Materials, Inc		666,062
	70,729		SunCoke Energy, Inc		525,516
	42,921		TimkenSteel Corp		546,814
	20,093	*	Trecora Resources		230,065
	24,432		Tredegar Corp		389,935
	11,164	*	Trinseo S.A.		477,708
	63,884	e	Tronox Ltd		465,076
	1,928		United States Lime & Minerals, Inc		103,283
	14,689	*	US Concrete, Inc		907,193
	19,013	e	Valhi, Inc		37,456
	47,666	*	Worthington Industries, Inc		1,799,392
			TOTAL MATERIALS		69,749,389

MEDIA - 1.6%
	20,655		AMC Entertainment Holdings, Inc		582,058
	23,893	*	Carmike Cinemas, Inc		716,551
	84,159	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		223,863
	32,930	*	Crown Media Holdings, Inc (Class A)		166,955
	1,030	*,e	Daily Journal Corp		202,292
	76,235	*,e	DreamWorks Animation SKG, Inc (Class A)		3,043,301

249

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	24,793	*	Entercom Communications Corp (Class A)	$	281,153
	65,278		Entravision Communications Corp (Class A)		518,960
	29,536	*,e	Eros International plc		395,192
	59,221		EW Scripps Co (Class A)		898,975
	45,225	*,e	Global Eagle Entertainment, Inc		362,252
	63,288	*	Gray Television, Inc		813,251
	46,878		Harte-Hanks, Inc		85,318
	9,856	*,e	Hemisphere Media Group, Inc		117,878
	60,079	*	Imax Corp		1,922,528
	13,752	*	Loral Space & Communications, Inc		504,423
	45,405	e	MDC Partners, Inc		918,997
	97,981	*	Media General, Inc		1,698,011
	36,912		Meredith Corp		1,893,955
	62,064		National CineMedia, Inc		881,309
	45,515		New Media Investment Group, Inc		730,516
	136,084		New York Times Co (Class A)		1,744,597
	31,107	e	Nexstar Broadcasting Group, Inc (Class A)		1,596,722
	16,165	*	Reading International, Inc		209,660
	3,448		Saga Communications, Inc		144,988
	26,005		Scholastic Corp		946,062
	66,522	e	Sinclair Broadcast Group, Inc (Class A)		2,133,360
	20,885	*	Sizmek, Inc		55,345
	111,758		Time, Inc		1,642,843
	6,971	*	Townsquare Media, Inc		74,171
	29,557		Tribune Publishing Co		334,881
	29,293	e	World Wrestling Entertainment, Inc (Class A)		487,435
			TOTAL MEDIA		26,327,802

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%
	15,470	*,e	Abeona Therapeutics, Inc		42,078
	85,469	*,e	Acadia Pharmaceuticals, Inc		2,760,649
	25,192	*,e	Accelerate Diagnostics, Inc		316,160
	24,605	*	Acceleron Pharma, Inc		736,920
	117,905	*	Achillion Pharmaceuticals, Inc		1,008,088
	5,687	*,e	Aclaris Therapeutics, Inc		105,096
	42,465	*	Acorda Therapeutics, Inc		1,097,720
	12,163	*,e	Adamas Pharmaceuticals, Inc		205,311
	8,151	*,e	Aduro Biotech, Inc		105,555
	30,871	*,e	Advaxis, Inc		238,942
	25,868	*,e	Aegerion Pharmaceuticals, Inc		73,724
	21,413	*	Aerie Pharmaceuticals, Inc		339,610
	23,562	*,e	Affimed NV		95,426
	74,389	*,e	Agenus, Inc		261,849
	10,076	*	Agile Therapeutics, Inc		58,340
	10,825	*,e	Aimmune Therapeutics, Inc		140,184
	31,073	*,e	Akebia Therapeutics, Inc		291,775
	24,535	*,e	Albany Molecular Research, Inc		369,252
	23,644	*	Alder Biopharmaceuticals, Inc		627,748
	39,206	*,e	Alimera Sciences, Inc		87,037
	35,513	*,e	AMAG Pharmaceuticals, Inc		941,805
	117,084	*,e	Amicus Therapeutics, Inc		874,617
	30,956	*	Amphastar Pharmaceuticals, Inc		380,759
	41,296	*	Anacor Pharmaceuticals, Inc		2,590,911

250

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	8,046	*,e	ANI Pharmaceuticals, Inc	$	365,852
	40,458	*,e	Anthera Pharmaceuticals, Inc		149,695
	8,593	*	Applied Genetic Technologies Corp		134,996
	51,777	*,e	Aralez Pharmaceuticals, Inc		202,448
	38,365	*,e	Aratana Therapeutics, Inc		230,574
	21,614	*	Ardelyx, Inc		173,128
	235,877	*,e	Arena Pharmaceuticals, Inc		405,708
	170,296	*	Ariad Pharmaceuticals, Inc		1,222,725
	147,456	*,e	Array Biopharma, Inc		470,385
	60,850	*,e	Arrowhead Research Corp		352,321
	14,007	*,e	Assembly Biosciences, Inc		84,042
	10,258	*,e	Asterias Biotherapeutics, Inc		44,007
	16,962	*	Atara Biotherapeutics, Inc		305,486
	5,901	*,e	aTyr Pharma, Inc		21,008
	23,588	*	Avalanche Biotechnologies, Inc		133,036
	4,322	*	Avexis, Inc		108,050
	13,753	*	Axovant Sciences Ltd		178,789
	8,254	*,e	Bellicum Pharmaceuticals, Inc		83,696
	72,307	*	BioCryst Pharmaceuticals, Inc		235,721
	47,870	*,e	BioDelivery Sciences International, Inc		161,801
	4,816	*	Biospecifics Technologies Corp		171,257
	57,113	*,e	BioTime, Inc		166,770
	9,145	*	Blueprint Medicines Corp		138,821
	16,842	*,e	Calithera Biosciences, Inc		89,768
	31,018	*	Cambrex Corp		1,496,308
	20,459	*,e	Cara Therapeutics Inc		124,800
	82,691	*	Catalent, Inc		2,441,865
	73,488	*	Catalyst Pharmaceuticals, Inc		49,972
	98,538	*,e	Celldex Therapeutics, Inc		394,152
	11,627	*	Cellular Biomedicine Group, Inc		200,798
	36,254	*,e	Cempra, Inc		613,780
	73,212	*	Cepheid, Inc		2,089,470
	27,703	*,e	ChemoCentryx, Inc		66,487
	7,265	*,e	Chiasma, Inc		24,483
	45,664	*	Chimerix, Inc		273,071
	4,675	*,e	Cidara Therapeutics, Inc		62,551
	29,056	*,e	Clovis Oncology, Inc		404,169
	23,838	*,e	Coherus Biosciences, Inc		448,870
	8,121	*,e	Collegium Pharmaceutical, Inc		154,786
	14,967	*	Concert Pharmaceuticals Inc		208,640
	60,245	*,e	Corcept Therapeutics, Inc		287,369
	11,355	*	Corium International, Inc		50,870
	40,459	*,e	CorMedix, Inc		169,119
	108,471	*	Curis, Inc		216,942
	35,133	*,e	Cytokinetics, Inc		285,983
	7,663	*,e	CytomX Therapeutics, Inc		99,006
	65,326	*,e	CytRx Corp		212,963
	59,876	*,e	Depomed, Inc		1,040,645
	15,776	*	Dermira, Inc		398,975
	19,332	*,e	Dicerna Pharmaceuticals Inc		89,314
	5,921	*	Dimension Therapeutics, Inc		42,098
	109,347	*,e	Durect Corp		146,525
	37,260	*,e	Dynavax Technologies Corp		611,437

251

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	8,657	*	Eagle Pharmaceuticals, Inc	$	327,754
	8,456	*,e	Edge Therapeutics, Inc		69,593
	6,564	*,e	Editas Medicine, Inc		216,940
	30,382	*	Emergent Biosolutions, Inc		1,170,315
	16,121	*,e	Enanta Pharmaceuticals, Inc		470,733
	37,543	*,e	Endocyte, Inc		146,418
	43,416	*	Epizyme, Inc		452,395
	13,139	*,e	Esperion Thereapeutics, Inc		215,348
	95,532	*,e	Exact Sciences Corp		670,635
	225,417	*,e	Exelixis, Inc		1,039,172
	24,047	*,e	Fibrocell Science, Inc		66,370
	47,668	*	FibroGen, Inc		858,024
	23,032	*	Five Prime Therapeutics, Inc		1,096,093
	5,228	*,e	Flex Pharma, Inc		57,299
	13,563	*	Flexion Therapeutics Inc		141,055
	28,059	*,e	Fluidigm Corp		268,805
	22,064	*,e	Foamix Pharmaceuticals Ltd		139,224
	11,781	*,e	Foundation Medicine, Inc		187,907
	194,934	*,e	Galena Biopharma, Inc		269,009
	22,342	*,e	Genocea Biosciences Inc		98,305
	17,642	*	Genomic Health, Inc		463,632
	160,088	*,e	Geron Corp		472,260
	6,696	*	Global Blood Therapeutics, Inc		135,058
	107,127	*,e	Halozyme Therapeutics, Inc		1,130,190
	32,692	*	Harvard Bioscience, Inc		97,095
	29,543	*	Heron Therapeutics, Inc		633,402
	5,541	*	Heska Corp		169,555
	100,475	*,e	Idera Pharmaceuticals, Inc		166,788
	21,188	*,e	Ignyta, Inc		146,621
	13,745	*,e	Immune Design Corp		187,482
	85,876	*,e	Immunogen, Inc		588,251
	93,914	*,e	Immunomedics, Inc		333,395
	71,491	*	Impax Laboratories, Inc		2,384,225
	13,670	*	INC Research Holdings, Inc		657,937
	52,474	*	Infinity Pharmaceuticals, Inc		304,349
	86,329	e	Innoviva, Inc		1,065,300
	72,905	*,e	Inovio Pharmaceuticals, Inc		764,044
	63,662	*	Insmed, Inc		773,493
	24,772	*,e	Insys Therapeutics, Inc		358,946
	15,805	*	Intersect ENT, Inc		316,890
	27,128	*	Intra-Cellular Therapies, Inc		931,033
	7,081	*,e	Invitae Corp		67,553
	124,952	*,e	Ironwood Pharmaceuticals, Inc		1,305,748
	24,634	*,e	Karyopharm Therapeutics, Inc		229,096
	103,737	*,e	Keryx Biopharmaceuticals, Inc		564,329
	32,712	*,e	Kite Pharma, Inc		1,513,911
	14,091	*	La Jolla Pharmaceutical Co		260,824
	26,477	*,e	Lannett Co, Inc		507,829
	40,501	*,e	Lexicon Pharmaceuticals, Inc		559,319
	17,726	*,e	Ligand Pharmaceuticals, Inc (Class B)		2,142,542
	43,969	*,e	Lion Biotechnologies, Inc		249,304
	9,557	*,e	Loxo Oncology, Inc		220,289
	41,556	*	Luminex Corp		835,276

252

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	31,201	*	MacroGenics, Inc	$	641,493
	246,072	*,e	MannKind Corp		332,197
	22,117	*	Medgenics, Inc		105,498
	65,817	*	Medicines Co		2,342,427
	117,464	*,e	Merrimack Pharmaceuticals, Inc		831,645
	108,804	*,e	MiMedx Group, Inc		819,294
	11,737	*,e	Mirati Therapeutics, Inc		243,191
	60,703	*	Momenta Pharmaceuticals, Inc		577,286
	6,378	*,e	MyoKardia, Inc		72,964
	69,707	*,e	Myriad Genetics, Inc		2,509,452
	14,043	*,e	NanoString Technologies, Inc		223,565
	6,440	*,e	NantKwest, Inc		53,388
	10,484	*,e	Natera, Inc		102,953
	146,915	*,e	Navidea Biopharmceuticals, Inc		202,743
	131,055	*	Nektar Therapeutics		2,054,942
	53,101	*	NeoGenomics, Inc		432,242
	5,394	*,e	Neos Therapeutics, Inc		48,924
	85,319	*	Neurocrine Biosciences, Inc		3,888,840
	20,569	*,e	NewLink Genetics Corp		333,423
	4,804	*	Nivalis Therapeutics, Inc		20,321
	68,184	*,e	Northwest Biotherapeutics, Inc		95,458
	267,188	*,e	Novavax, Inc		1,400,065
	15,143	*,e	Ocular Therapeutix, Inc		185,956
	40,157	*,e	Omeros Corp		532,080
	2,855	*,e	Oncocyte Corp		14,817
	19,631	*,e	OncoMed Pharmaceuticals, Inc		243,424
	106,102	*,e	Oncothyreon, Inc		137,933
	23,695	*	Ophthotech Corp		1,107,504
	110,061	*,e	Orexigen Therapeutics, Inc		49,197
	92,107	*,e	Organovo Holdings, Inc		250,531
	18,769	e	Osiris Therapeutics, Inc		105,294
	18,250	*	Otonomy, Inc		260,245
	23,800	*,e	OvaScience, Inc		199,444
	69,770	*	Pacific Biosciences of California, Inc		673,280
	36,471	*,e	Pacira Pharmaceuticals, Inc		1,973,446
	11,855	e	Paratek Pharmaceuticals, Inc		161,465
	55,403	*	Parexel International Corp		3,385,123
	163,983		PDL BioPharma, Inc		618,216
	207,737	*,e	Peregrine Pharmaceuticals, Inc		73,560
	46,713	*,e	Pernix Therapeutics Holdings, Inc		35,039
	17,617	*	Pfenex, Inc		143,755
	17,320		Phibro Animal Health Corp		359,217
	50,505	*	Portola Pharmaceuticals, Inc		1,199,999
	19,664	*	PRA Health Sciences, Inc		933,057
	52,112	*	Prestige Brands Holdings, Inc		2,958,919
	67,891	*	Progenics Pharmaceuticals, Inc		360,501
	7,545	*,e	Proteon Therapeutics, Inc		73,639
	34,350	*	Prothena Corp plc		1,483,576
	33,647	*,e	PTC Therapeutics, Inc		249,661
	33,841	*,e	Radius Health, Inc		1,204,740
	82,716	*	Raptor Pharmaceutical Corp		406,136
	7,270	*,e	REGENXBIO, Inc		75,753
	30,047	*,e	Regulus Therapeutics, Inc		175,474

253

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	33,139	*,e	Relypsa, Inc	$	599,816
	32,962	*	Repligen Corp		878,108
	34,838	*	Retrophin, Inc		480,068
	19,551	*,e	Revance Therapeutics, Inc		359,347
	86,426	*	Rigel Pharmaceuticals, Inc		244,586
	15,708	*,e	Sage Therapeutics, Inc		592,034
	21,983	*	Sagent Pharmaceuticals		255,882
	73,761	*,e	Sangamo Biosciences, Inc		464,694
	45,155	*,e	Sarepta Therapeutics, Inc		640,749
	48,404	*	Sciclone Pharmaceuticals, Inc		638,933
	115,305	*,e	Sequenom, Inc		147,590
	8,305	*,e	Seres Therapeutics, Inc		245,164
	30,624	*,e	Sorrento Therapeutics, Inc		210,081
	9,327	*,e	Spark Therapeutics, Inc		334,746
	65,459	*	Spectrum Pharmaceuticals, Inc		464,104
	15,450	*,e	Stemline Therapeutics, Inc		84,975
	25,678	*	Sucampo Pharmaceuticals, Inc (Class A)		276,809
	35,302	*	Supernus Pharmaceuticals, Inc		605,782
	100,285	*,e	Synergy Pharmaceuticals, Inc		314,895
	12,173	*,e	T2 Biosystems, Inc		111,626
	40,334	*,e	Teligent, Inc		222,644
	23,081	*,e	TESARO, Inc		956,477
	41,531	*,e	Tetraphase Pharmaceuticals, Inc		232,574
	39,309	*,e	TG Therapeutics, Inc		358,105
	146,822	*,e	TherapeuticsMD, Inc		1,211,281
	28,489	*,e	Theravance Biopharma, Inc		591,147
	3,064	*	Tobira Therapeutics, Inc		24,114
	9,184	*,e	Tokai Pharmaceuticals, Inc		67,319
	32,540	*	Trevena, Inc		253,487
	29,211	*,e	Trovagene, Inc		117,428
	38,700	*	Ultragenyx Pharmaceutical, Inc		2,616,894
	40,506	*	Vanda Pharmaceuticals, Inc		360,503
	54,433	*,e	Verastem, Inc		89,814
	22,134	*,e	Versartis, Inc		200,534
	23,699	*,e	Vital Therapies, Inc		203,100
	109,188	*,e	Vivus, Inc		180,160
	5,862	*,e	Voyager Therapeutics, Inc		68,292
	5,470	*	vTv Therapeutics, Inc		34,461
	3,977	*	XBiotech, Inc		50,707
	29,823	*	Xencor Inc		365,332
	59,536	*	Xenoport, Inc		261,958
	16,091	*	Zafgen, Inc		102,500
	117,824	*,e	ZIOPHARM Oncology, Inc		926,097
	24,312	*	Zogenix, Inc		249,198
	4,796	*,e	Zynerba Pharmaceuticals, Inc		39,087
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		115,278,942

REAL ESTATE - 10.2%
	67,364		Acadia Realty Trust		2,270,167
	27,725		AG Mortgage Investment Trust		371,238
	20,345		Agree Realty Corp		788,979
	49,088		Alexander & Baldwin, Inc		1,877,125
	2,326		Alexander’s, Inc		890,090

254

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	1,629	*,e	Altisource Asset Management Corp	$	27,286
	14,162	*,e	Altisource Portfolio Solutions S.A.		443,129
	55,732		Altisource Residential Corp		647,606
	36,610		American Assets Trust,Inc		1,452,319
	49,859		American Capital Mortgage, Inc		739,409
	104,621		Anworth Mortgage Asset Corp		493,811
	56,957		Apollo Commercial Real Estate Finance, Inc		907,325
	26,436		Ares Commercial Real Estate Corp		317,232
	33,876		Armada Hoffler Properties, Inc		396,349
	38,162		ARMOUR Residential REIT, Inc		812,087
	27,326		Ashford Hospitality Prime, Inc		305,778
	82,127		Ashford Hospitality Trust, Inc		459,090
	11,871	*,e	AV Homes, Inc		136,516
	18,364		Bluerock Residential Growth REIT, Inc		200,902
	93,423		Capstead Mortgage Corp		908,072
	58,741		CareTrust REIT, Inc		747,185
	39,744		CatchMark Timber Trust Inc		421,684
	83,032		Cedar Realty Trust, Inc		574,581
	37,765		Chatham Lodging Trust		804,772
	58,199		Chesapeake Lodging Trust		1,433,441
	113,628		Colony Financial, Inc		2,008,943
	40,921		Colony Starwood Homes		997,245
	4,072	e	Consolidated-Tomoka Land Co		200,750
	11,783		CorEnergy Infrastructure Trust, Inc		250,860
	23,728		Coresite Realty		1,777,939
	211,279		Cousins Properties, Inc		2,186,738
	177,589		CubeSmart		5,258,410
	72,460		CyrusOne, Inc		3,197,660
	154,156		CYS Investments, Inc		1,250,205
	91,075		DCT Industrial Trust, Inc		3,676,698
	198,604		DiamondRock Hospitality Co		1,769,562
	70,187		DuPont Fabros Technology, Inc		2,794,846
	53,467		Dynex Capital, Inc		347,535
	13,241		Easterly Government Properties, Inc		244,296
	31,835		EastGroup Properties, Inc		1,902,141
	62,531		Education Realty Trust, Inc		2,486,858
	56,442		Entertainment Properties Trust		3,718,399
	78,548		Equity One, Inc		2,222,908
	152,058		FelCor Lodging Trust, Inc		1,088,735
	114,594		First Industrial Realty Trust, Inc		2,628,786
	65,597		First Potomac Realty Trust		551,671
	32,814	*,e	Forestar Group, Inc		442,989
	97,190		Franklin Street Properties Corp		1,032,158
	5,672	*	FRP Holdings, Inc		206,915
	52,000		Gaming and Leisure Properties, Inc		1,705,095
	73,714		Geo Group, Inc		2,361,059
	25,052		Getty Realty Corp		493,023
	20,564		Gladstone Commercial Corp		346,092
	74,589		Government Properties Income Trust		1,411,224
	427,240		Gramercy Property Trust		3,618,723
	4,038		Great Ajax Corp		54,998
	38,189		Hannon Armstrong Sustainable Infrastructure Capital, Inc		740,867
	102,879		Hatteras Financial Corp		1,634,747

255

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	102,591		Healthcare Realty Trust, Inc	$	3,106,455
	47,890		Hersha Hospitality Trust		923,798
	94,223		Highwoods Properties, Inc		4,403,041
	76,530		Hudson Pacific Properties		2,238,502
	31,039		Independence Realty Trust, Inc		222,550
	114,114		Invesco Mortgage Capital, Inc		1,466,365
	120,145		Investors Real Estate Trust		723,273
	83,369	*	iStar Financial, Inc		817,016
	91,351		Kennedy-Wilson Holdings, Inc		1,974,095
	82,307		Kite Realty Group Trust		2,241,220
	42,610		Ladder Capital Corp		507,485
	112,168		LaSalle Hotel Properties		2,680,815
	200,368		Lexington Realty Trust		1,759,231
	39,117		LTC Properties, Inc		1,814,638
	92,296		Mack-Cali Realty Corp		2,359,086
	13,574	*	Marcus & Millichap, Inc		340,436
	233,266		Medical Properties Trust, Inc		3,104,770
	63,440		Monmouth Real Estate Investment Corp (Class A)		729,560
	162,484		Monogram Residential Trust, Inc		1,645,963
	37,306		National Health Investors, Inc		2,540,166
	23,890		National Storage Affiliates Trust		466,333
	234,029		New Residential Investment Corp		2,831,751
	87,452		New Senior Investment Group, Inc		944,482
	106,701		New York Mortgage Trust, Inc		554,845
	160,924		New York REIT, Inc		1,581,883
	17,860		NexPoint Residential Trust, Inc		251,112
	12,738		One Liberty Properties, Inc		298,324
	22,189		Orchid Island Capital, Inc		214,789
	82,314		Parkway Properties, Inc		1,354,065
	72,227		Pebblebrook Hotel Trust		1,996,354
	72,416		Pennsylvania REIT		1,661,223
	72,859		Pennymac Mortgage Investment Trust		990,154
	135,283		Physicians Realty Trust		2,452,681
	42,819		Potlatch Corp		1,508,085
	21,712		Preferred Apartment Communities, Inc		267,926
	20,393		PS Business Parks, Inc		1,952,834
	32,780		QTS Realty Trust, Inc		1,587,208
	89,788		RAIT Investment Trust		272,955
	77,193		Ramco-Gershenson Properties		1,367,088
	10,771		Re/Max Holdings, Inc		396,373
	82,219		Redwood Trust, Inc		1,065,558
	32,662		Resource Capital Corp		388,025
	99,243		Retail Opportunities Investment Corp		1,952,110
	66,064		Rexford Industrial Realty, Inc		1,240,021
	129,890		RLJ Lodging Trust		2,736,782
	6,966		RMR Group, Inc		173,593
	35,729		Rouse Properties, Inc		659,915
	42,496		Ryman Hospitality Properties		2,189,819
	65,424		Sabra Healthcare REIT, Inc		1,379,792
	11,205		Saul Centers, Inc		595,882
	61,858		Select Income REIT		1,432,013
	32,965		Silver Bay Realty Trust Corp		481,289
	39,999		Sovran Self Storage, Inc		4,248,694

256

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	55,401	*,e	St. Joe Co	$	933,507
	63,467	*	STAG Industrial, Inc		1,266,801
	39,755		STORE Capital Corp		1,020,511
	85,107		Summit Hotel Properties, Inc		970,220
	56,395		Sun Communities, Inc		3,827,528
	211,792		Sunstone Hotel Investors, Inc		2,713,055
	13,376	*	Tejon Ranch Co		301,228
	42,494		Terreno Realty Corp		967,588
	23,702		UMH Properties, Inc		232,280
	30,228	m	United Development Funding IV		96,730
	12,310		Universal Health Realty Income Trust		672,126
	91,610		Urban Edge Properties		2,376,363
	28,521		Urstadt Biddle Properties, Inc (Class A)		586,392
	67,209		Washington REIT		1,926,882
	40,897		Western Asset Mortgage Capital Corp		407,743
	26,674		Whitestone REIT		358,232
	109,679		Xenia Hotels & Resorts, Inc		1,686,863
			TOTAL REAL ESTATE		170,471,720

RETAILING - 3.7%
	24,384	*	1-800-FLOWERS.COM, Inc (Class A)		191,414
	69,736	e	Abercrombie & Fitch Co (Class A)		1,864,043
	181,587	e	American Eagle Outfitters, Inc		2,598,510
	8,046	*,e	America’s Car-Mart, Inc		213,782
	25,150	*	Asbury Automotive Group, Inc		1,524,593
	171,287	*	Ascena Retail Group, Inc		1,509,038
	31,946	*	Barnes & Noble Education, Inc		299,015
	50,548		Barnes & Noble, Inc		593,939
	17,760		Big 5 Sporting Goods Corp		214,718
	49,419		Big Lots, Inc		2,266,355
	11,975		Blue Nile, Inc		308,716
	12,382	*,e	Boot Barn Holdings, Inc		101,532
	28,528	e	Buckle, Inc		825,600
	13,582	*	Build-A-Bear Workshop, Inc		178,875
	71,672	*	Burlington Stores, Inc		4,083,154
	42,710		Caleres, Inc		1,076,719
	25,862		Cato Corp (Class A)		946,291
	143,080		Chico’s FAS, Inc		1,804,239
	20,681		Children’s Place Retail Stores, Inc		1,611,257
	15,428		Citi Trends, Inc		277,087
	27,369	*,e	Conn’s, Inc		376,050
	15,469	*	Container Store Group, Inc		109,830
	23,162		Core-Mark Holding Co, Inc		1,891,409
	38,739	*	Destination XL Group, Inc		208,028
	7,518	*,e	Duluth Holdings, Inc		178,853
	19,614	*	Etsy, Inc		172,211
	85,515	*	Express Parent LLC		1,554,663
	13,392	*,e	Fenix Parts, Inc		67,496
	44,921		Finish Line, Inc (Class A)		887,190
	54,779	*,e	Five Below, Inc		2,284,284
	43,084	*	Francesca’s Holdings Corp		715,194
	38,568	e	Fred’s, Inc (Class A)		565,793
	18,115	*	FTD Cos, Inc		503,778

257

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	22,195	*	Genesco, Inc	$	1,535,450
	23,025		Group 1 Automotive, Inc		1,515,966
	61,642		Guess?, Inc		1,131,131
	19,812		Haverty Furniture Cos, Inc		369,890
	24,711	*,e	Hibbett Sports, Inc		892,067
	33,409		HSN, Inc		1,771,679
	16,867		Kirkland’s, Inc		276,956
	16,071	*	Lands’ End, Inc		391,007
	75,174	*	Liberty TripAdvisor Holdings, Inc		1,658,338
	22,840		Lithia Motors, Inc (Class A)		1,896,177
	27,029	*,e	Lumber Liquidators, Inc		403,002
	24,891	*	MarineMax, Inc		473,178
	20,877	*,e	Mattress Firm Holding Corp		814,621
	31,943		Monro Muffler, Inc		2,211,094
	28,196		Nutri/System, Inc		620,876
	10,226	*,e	Ollie’s Bargain Outlet Holdings, Inc		270,478
	18,750	e	Outerwall, Inc		774,563
	12,308	*	Overstock.com, Inc		179,574
	25,493	*	Party City Holdco, Inc		365,315
	22,104	e	PetMed Express, Inc		404,503
	90,142		Pier 1 Imports, Inc		621,078
	52,629		Rent-A-Center, Inc		773,646
	33,267	*,e	Restoration Hardware Holdings, Inc		1,439,463
	51,844	*	Select Comfort Corp		1,279,510
	14,764		Shoe Carnival, Inc		378,401
	36,761	*	Shutterfly, Inc		1,690,271
	32,127		Sonic Automotive, Inc (Class A)		602,703
	17,558	*	Sportsman’s Warehouse Holdings, Inc		199,810
	31,143	e	Stage Stores, Inc		229,212
	28,620		Stein Mart, Inc		207,209
	49,697		Tailored Brands, Inc		865,722
	28,109	*,e	Tile Shop Holdings, Inc		501,465
	10,913	*	Tilly’s, Inc		68,643
	43,429	*	Tuesday Morning Corp		376,964
	24,429	*,e	Vitamin Shoppe, Inc		668,622
	22,684	*	VOXX International Corp (Class A)		101,851
	20,597	*,e	Wayfair, Inc		777,537
	17,573	*	West Marine, Inc		176,081
	2,170		Winmark Corp		206,584
	19,728	*	Zumiez, Inc		331,036
			TOTAL RETAILING		61,455,329

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
	40,359	*	Advanced Energy Industries, Inc		1,305,614
	630,371	*,e	Advanced Micro Devices, Inc		2,237,817
	24,661	*	Alpha & Omega Semiconductor Ltd		320,346
	31,447	*	Ambarella, Inc		1,292,472
	100,771	*	Amkor Technology, Inc		575,403
	78,351	*,e	Applied Micro Circuits Corp		488,910
	114,808	*	Axcelis Technologies, Inc		328,351
	65,818		Brooks Automation, Inc		622,638
	25,426		Cabot Microelectronics Corp		1,065,095
	13,374	*	Cascade Microtech, Inc		279,650

258

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	56,113	*	Cavium, Inc	$	2,770,299
	20,232	*	Ceva, Inc		466,550
	16	*,m	China Energy Savings Technology, Inc		0
	62,952	*	Cirrus Logic, Inc		2,272,567
	24,765		Cohu, Inc		286,283
	41,734	*	Diodes, Inc		777,087
	20,670	*	DSP Group, Inc		196,365
	140,576	*	Entegris, Inc		1,868,255
	39,003	*	Exar Corp		237,918
	115,687	*	Fairchild Semiconductor International, Inc		2,313,740
	60,184	*	Formfactor, Inc		463,417
	38,575	*	Inphi Corp		1,144,520
	136,250	*	Integrated Device Technology, Inc		2,626,900
	132,059		Intersil Corp (Class A)		1,543,770
	24,815		IXYS Corp		268,002
	68,467	*	Kopin Corp		113,655
	120,553	*,e	Lattice Semiconductor Corp		671,480
	23,722	*,e	MA-COM Technology Solutions		969,993
	72,816	*	Mattson Technology, Inc		265,778
	55,067	*	MaxLinear, Inc		922,372
	108,896	*	Microsemi Corp		3,679,596
	55,672		MKS Instruments, Inc		1,996,398
	39,436		Monolithic Power Systems, Inc		2,461,595
	23,076	*	Nanometrics, Inc		412,137
	29,729	*	NeoPhotonics Corp Ltd		356,451
	4,803		NVE Corp		275,596
	26,317	*	PDF Solutions, Inc		353,964
	65,322	*	Photronics, Inc		691,107
	28,770		Power Integrations, Inc		1,388,153
	115,930	*,e	Rambus, Inc		1,347,107
	31,230	*	Rudolph Technologies, Inc		433,160
	65,071	*	Semtech Corp		1,408,137
	34,576	*	Sigma Designs, Inc		218,866
	43,241	*	Silicon Laboratories, Inc		2,023,679
	53,821		Tessera Technologies, Inc		1,545,739
	32,683	*	Ultra Clean Holdings		185,966
	26,957	*	Ultratech, Inc		584,697
	41,611	*	Veeco Instruments, Inc		766,059
	55,509	*	Xcerra Corp		327,503
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		49,151,157

SOFTWARE & SERVICES - 9.2%
	10,176	*,e	6D Global Technologies, Inc		1,628
	36,452	*	A10 Networks, Inc		217,618
	117,215	*	ACI Worldwide, Inc		2,343,128
	39,588	*	Actua Corp		375,294
	80,500	*	Acxiom Corp		1,768,585
	7,921	*,e	Alarm.com Holdings, Inc		180,678
	16,648	*,e	Amber Road, Inc		81,742
	24,391	*	American Software, Inc (Class A)		222,934
	45,100	*,e	Angie’s List, Inc		394,625
	4,727	*	Apigee Corp		45,852
	5,643	*,e	Appfolio, Inc		70,763

259

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	85,396	*	Aspen Technology, Inc	$	3,247,610
	40,417	*	AVG Technologies NV		800,257
	67,576	*	Bankrate, Inc		617,645
	9,163	*,e	Barracuda Networks, Inc		161,452
	59,500	*	Bazaarvoice, Inc		199,325
	7,688	*,e	Benefitfocus, Inc		291,375
	46,914		Blackbaud, Inc		2,897,878
	53,648	*	Blackhawk Network Holdings, Inc		1,723,710
	39,857	*	Blucora, Inc		319,255
	41,073	*	Bottomline Technologies, Inc		1,008,753
	12,585	*,e	Box, Inc		162,724
	31,734	*	Brightcove, Inc		191,991
	28,788	*	BroadSoft, Inc		1,127,482
	24,248	*	CACI International, Inc (Class A)		2,331,445
	56,464	*	Callidus Software, Inc		1,033,291
	17,791	*	Carbonite, Inc		134,144
	45,111	*	Cardtronics, Inc		1,778,276
	18,583	*	Care.com, Inc		138,258
	12,180		Cass Information Systems, Inc		602,545
	21,208	*	ChannelAdvisor Corp		264,252
	77,067	*	Ciber, Inc		178,795
	32,712	*,e	Cimpress NV		2,874,403
	841	*,e	Code Rebel Corp		2,380
	45,974	*	Commvault Systems, Inc		2,012,282
	48,934	*	comScore, Inc		1,498,359
	98,603		Convergys Corp		2,612,979
	53,315	*	Cornerstone OnDemand, Inc		1,831,370
	33,039		CSG Systems International, Inc		1,466,271
	23,803	*	Cvent, Inc		841,436
	20,219	*	Datalink Corp		162,359
	33,185	*,e	Demandware, Inc		1,529,165
	42,638	*	DHI Group, Inc		303,156
	8,542	*,e	Digimarc Corp		254,979
	63,902	*,e	Digital Turbine, Inc		54,956
	103,428		EarthLink Holdings Corp		600,917
	27,034	e	Ebix, Inc		1,300,876
	29,647	*	Ellie Mae, Inc		2,478,489
	58,654	*,e	Endurance International Group Holdings, Inc		628,184
	26,484	*,e	EnerNOC, Inc		180,621
	39,104	*	Envestnet, Inc		1,227,084
	48,968	*	EPAM Systems, Inc		3,571,236
	31,782		EPIQ Systems, Inc		469,420
	51,916	*	Euronet Worldwide, Inc		4,002,723
	74,314	*	Everi Holdings, Inc		124,848
	69,512		EVERTEC, Inc		936,327
	26,795	*	Everyday Health, Inc		155,411
	33,490	*	ExlService Holdings, Inc		1,620,581
	31,155		Fair Isaac Corp		3,324,550
	23,015	*	Five9, Inc		212,889
	38,230	*	FleetMatics Group plc		1,385,837
	10,412		Forrester Research, Inc		350,051
	27,423	*	Gigamon, Inc		893,716
	15,596	*,e	Globant S.A.		553,502

260

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	120,650	*,e	Glu Mobile, Inc	$	322,135
	56,295	*,e	Gogo, Inc		596,164
	75,845	*,e	GrubHub, Inc		1,988,656
	23,830	*	GTT Communications, Inc		380,803
	18,586	*,e	Guidance Software, Inc		94,789
	69,941	*	Guidewire Software, Inc		3,984,539
	23,423		Hackett Group, Inc		348,534
	9,678	*,e	Hortonworks, Inc		111,974
	18,802	*	HubSpot, Inc		832,741
	28,627	*	Imperva, Inc		1,330,583
	59,820	*	inContact, Inc		556,924
	59,817	*	Infoblox, Inc		1,000,738
	5,017	*,e	Instructure, Inc		101,042
	18,441	*	Interactive Intelligence, Inc		685,452
	54,269	*	Internap Network Services Corp		123,733
	39,161	*	Intralinks Holdings, Inc		348,925
	48,362		j2 Global, Inc		3,071,954
	45,109	*	Jive Software, Inc		183,594
	59,233	*	Limelight Networks, Inc		103,658
	61,565	*	Lionbridge Technologies		307,209
	24,779	*	Liquidity Services, Inc		138,267
	55,081	*	Liveperson, Inc		333,240
	24,576	*	LogMeIn, Inc		1,467,187
	18,628	*	Luxoft Holding, Inc		1,076,885
	73,965	*	Manhattan Associates, Inc		4,477,841
	23,335		Mantech International Corp (Class A)		788,723
	31,255		Marchex, Inc (Class B)		132,834
	29,240	*	Marin Software, Inc		74,854
	36,638	*	Marketo, Inc		805,670
	65,952		MAXIMUS, Inc		3,488,861
	92,552		Mentor Graphics Corp		1,847,338
	9,310	*	MicroStrategy, Inc (Class A)		1,669,469
	7,124	*	MINDBODY, Inc		96,958
	44,215	*,e	MobileIron, Inc		169,343
	23,694	*	Model N, Inc		253,052
	35,712	*,e	ModusLink Global Solutions, Inc		52,140
	28,615	*	MoneyGram International, Inc		175,982
	41,607		Monotype Imaging Holdings, Inc		916,602
	90,465	*	Monster Worldwide, Inc		289,488
	54,823	*,e	NeuStar, Inc (Class A)		1,287,792
	5,567	*,e	New Relic, Inc		143,517
	68,705		NIC, Inc		1,216,766
	25,440	*,e	OPOWER, Inc		200,976
	10,334	*,e	Park City Group, Inc		98,173
	31,672	*,e	Paycom Software, Inc		1,210,187
	15,906	*,e	Paylocity Holding Corp		608,723
	34,892		Pegasystems, Inc		920,800
	35,004	*	Perficient, Inc		730,884
	11,782	*	PFSweb, Inc		166,126
	53,031	*	Progress Software Corp		1,353,351
	39,185	*,e	Proofpoint, Inc		2,282,918
	23,264	*	PROS Holdings, Inc		273,585
	19,012	*	Q2 Holdings, Inc		454,577

261

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	9,874		QAD, Inc (Class A)	$	193,629
	91,226	*	QLIK Technologies, Inc		2,808,849
	24,909	*	Qualys, Inc		627,209
	34,576	*	QuinStreet, Inc		121,708
	61,733	*,e	Quotient Technology, Inc		717,337
	7,981	*,e	Rapid7, Inc		99,922
	21,714	*	RealNetworks, Inc		99,016
	55,187	*	RealPage, Inc		1,213,562
	8,341		Reis, Inc		209,943
	37,244	*	RetailMeNot, Inc		313,967
	53,590	*	RingCentral, Inc		1,022,497
	31,134	*,e	Rocket Fuel, Inc		89,043
	82,647	*	Rovi Corp		1,456,240
	25,016	*	Rubicon Project, Inc		484,560
	23,257		Sapiens International Corp NV		273,967
	47,478		Science Applications International Corp		2,520,607
	26,858	*	Sciquest, Inc		371,178
	32,419	*	Seachange International, Inc		120,923
	57,465	*,e	ServiceSource International LLC		231,584
	20,327	*,e	Shutterstock, Inc		833,814
	35,655	*,e	Silver Spring Networks, Inc		500,953
	16,283	*	SPS Commerce, Inc		829,293
	14,260	*	Stamps.com, Inc		1,174,454
	38,163	*	Sykes Enterprises, Inc		1,112,451
	39,118	*	Synchronoss Technologies, Inc		1,215,396
	31,533	*	Syntel, Inc		1,341,098
	84,623	*	Take-Two Interactive Software, Inc		2,892,414
	38,022	*,e	Tangoe, Inc		335,354
	18,841	*	TechTarget, Inc		146,206
	28,892	*	TeleNav, Inc		164,684
	19,261		TeleTech Holdings, Inc		535,263
	21,154	*	Textura Corp		558,254
	94,668	*	TiVo, Inc		944,787
	110,298		Travelport Worldwide Ltd		1,538,657
	7,507	*	Travelzoo, Inc		57,278
	49,976	*,e	TrueCar, Inc		341,836
	15,952	*,e	TubeMogul, Inc		206,738
	33,768	*	Tyler Technologies, Inc		4,943,973
	49,422	*,e	Unisys Corp		381,044
	14,227	*	United Online, Inc		154,078
	8,703	*,e	Varonis Systems, Inc		166,662
	29,509	*,e	Vasco Data Security International		511,391
	63,111	*	Verint Systems, Inc		2,135,676
	51,933	*,e	VirnetX Holding Corp		233,179
	29,572	*	Virtusa Corp		1,050,989
	37,682	*,e	WebMD Health Corp (Class A)		2,364,169
	43,761	*	Website Pros, Inc		874,782
	19,275	*	Wix.com Ltd		476,478
	7,011	*,e	Workiva, Inc		83,501
	8,077	*	Xactly Corp		65,101
	25,815	*	XO Group, Inc		455,893
	22,155	*	Xura, Inc		496,050
	57,858	*,e	Zendesk, Inc		1,307,591

262

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	56,021	*	Zix Corp	$	208,958
			TOTAL SOFTWARE & SERVICES		153,666,109

TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%
	49,422		Adtran, Inc		954,833
	22,655	*	Aerohive Networks, Inc		131,399
	15,013	*	Agilysys, Inc		160,339
	14,194		Alliance Fiber Optic Products, Inc		262,873
	29,788	*	Anixter International, Inc		1,855,792
	17,493	*,e	Applied Optoelectronics, Inc		195,922
	31,524	*	Avid Technology, Inc		175,904
	53,191		AVX Corp		703,185
	15,328		Badger Meter, Inc		1,093,346
	9,564		Bel Fuse, Inc (Class B)		159,336
	42,490		Belden CDT, Inc		2,682,819
	51,061	*	Benchmark Electronics, Inc		991,605
	15,785		Black Box Corp		230,777
	35,292	*	CalAmp Corp		528,321
	43,314	*	Calix, Inc		300,166
	41,018		Checkpoint Systems, Inc		415,102
	123,545	*	Ciena Corp		2,079,262
	10,845	*,e	Clearfield, Inc		201,283
	23,964	*	Coherent, Inc		2,238,238
	15,632		Comtech Telecommunications Corp		378,294
	20,292	*,e	Control4 Corp		150,364
	17,315	e	CPI Card Group, Inc		137,308
	41,433	*	Cray, Inc		1,569,068
	32,766		CTS Corp		542,933
	36,739		Daktronics, Inc		319,629
	64,848	e	Diebold, Inc		1,703,557
	24,046	*	Digi International, Inc		254,166
	17,639	*	DTS, Inc		384,883
	17,155	*,e	Eastman Kodak Co		202,772
	11,875		Electro Rent Corp		118,869
	47,087	*	Electronics for Imaging, Inc		1,875,946
	24,144	*	EMCORE Corp		137,621
	5,465	*	ePlus, Inc		439,331
	101,739	*	Extreme Networks, Inc		357,104
	35,608	*	Fabrinet		1,138,388
	17,943	*	FARO Technologies, Inc		521,065
	41,665		FEI Co		3,709,018
	104,523	*	Finisar Corp		1,720,449
	33,593	*	GSI Group, Inc		488,778
	86,866	*	Harmonic, Inc		300,556
	51,183	*	II-VI, Inc		1,068,189
	33,579	*,e	Imation Corp		52,719
	27,393	*	Immersion Corp		200,243
	132,351	*	Infinera Corp		1,573,653
	37,787	*	Insight Enterprises, Inc		933,717
	36,189		InterDigital, Inc		2,062,049
	76,838	*,e	InvenSense, Inc		590,116
	38,676	*	Itron, Inc		1,590,357
	59,314	*	Ixia		600,258

263

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	28,451	*	Kimball Electronics, Inc	$	311,254
	86,052	*	Knowles Corp		1,150,515
	16,067	*	KVH Industries, Inc		156,814
	22,615		Littelfuse, Inc		2,634,195
	34,827	*	Mercury Computer Systems, Inc		732,064
	2,814	e	Mesa Laboratories, Inc		283,595
	38,340		Methode Electronics, Inc		1,139,848
	15,749		MTS Systems Corp		885,409
	9,272	*	Multi-Fineline Electronix, Inc		213,256
	31,897	*	Netgear, Inc		1,352,433
	92,400	*	Netscout Systems, Inc		2,056,824
	39,077	*	Newport Corp		898,380
	50,251	*	Nimble Storage, Inc		370,852
	36,678	*,e	Novatel Wireless, Inc		56,117
	98,029	*,e	Oclaro, Inc		495,046
	19,870	*	OSI Systems, Inc		1,011,184
	20,087		Park Electrochemical Corp		327,619
	9,596		PC Connection, Inc		228,097
	35,356		Plantronics, Inc		1,359,438
	33,760	*	Plexus Corp		1,409,818
	134,602	*	Polycom, Inc		1,608,494
	28,514	*,e	Pure Storage, Inc		414,879
	87,041	*	QLogic Corp		1,139,367
	209,644	*	Quantum Corp		96,499
	28,436	*	Rofin-Sinar Technologies, Inc		915,355
	18,170	*	Rogers Corp		1,042,231
	75,224	*	Ruckus Wireless, Inc		1,033,578
	78,650	*	Sanmina Corp		1,860,073
	27,926	*	Scansource, Inc		1,136,030
	63,337	*	ShoreTel, Inc		387,622
	34,136	*,e	Silicon Graphics International Corp		152,929
	51,488	*	Sonus Networks, Inc		425,291
	53,836	*,e	Stratasys Ltd		1,317,367
	36,947	*	Super Micro Computer, Inc		994,244
	37,048	*	Synaptics, Inc		2,650,784
	28,741		SYNNEX Corp		2,373,144
	10,728	*	Systemax, Inc		97,088
	36,080	*	Tech Data Corp		2,478,335
	57,840	*	TTM Technologies, Inc		377,117
	30,576	e	Ubiquiti Networks, Inc		1,089,117
	40,198	*	Universal Display Corp		2,343,945
	42,828	*,e	Viasat, Inc		3,284,908
	133,557		Vishay Intertechnology, Inc		1,624,053
	12,081	*	Vishay Precision Group, Inc		180,732
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		86,577,842

TELECOMMUNICATION SERVICES - 0.9%
	88,085	*	8x8, Inc		998,884
	10,860		Atlantic Tele-Network, Inc		780,943
	35,687	*	Boingo Wireless, Inc		274,433
	211,103	*	Cincinnati Bell, Inc		806,413
	47,859	e	Cogent Communications Group, Inc		1,852,143
	53,727	e	Consolidated Communications Holdings, Inc		1,270,106

264

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

	20,369	*,e	Fairpoint Communications, Inc	$	270,093
	34,532	*	General Communication, Inc (Class A)		583,591
	491,799	*,e	Globalstar, Inc		959,008
	10,932	*	Hawaiian Telcom Holdco, Inc		251,764
	16,347		IDT Corp (Class B)		250,763
	33,235		Inteliquent, Inc		551,369
	83,533	*,e	Iridium Communications, Inc		674,111
	25,441	*	Lumos Networks Corp		324,373
	16,690	*,e	NTELOS Holdings Corp		154,382
	57,661	*	Orbcomm, Inc		571,420
	12,678	*	pdvWireless, Inc		511,938
	48,562		Shenandoah Telecom Co		1,393,244
	20,651		Spok Holdings, Inc		350,860
	9,738	*,e	Straight Path Communications, Inc		356,411
	68	*,m	Touch America Holdings, Inc		0
	185,701	*	Vonage Holdings Corp		867,224
	102,001	e	Windstream Holdings, Inc		885,369
			TOTAL TELECOMMUNICATION SERVICES		14,938,842

TRANSPORTATION - 1.5%
	53,428	*	Air Transport Services Group, Inc		752,801
	13,972		Allegiant Travel Co		2,243,484
	25,630		Arkansas Best Corp		489,277
	24,398	*	Atlas Air Worldwide Holdings, Inc		974,456
	26,683	*	Celadon Group, Inc		268,698
	11,427	*	Covenant Transportation Group, Inc		227,512
	28,944	*	Echo Global Logistics, Inc		676,421
	32,750		Forward Air Corp		1,492,745
	30,976	*,e	Golden Ocean Group Ltd (Oslo)		26,856
	47,527	*	Hawaiian Holdings, Inc		1,999,461
	50,687	e	Heartland Express, Inc		917,942
	37,089	*	Hub Group, Inc (Class A)		1,428,668
	61,355		Knight Transportation, Inc		1,630,202
	24,395		Marten Transport Ltd		455,211
	43,615		Matson, Inc		1,695,751
	79,459	e	Navios Maritime Holdings, Inc		92,967
	3,157	*	PAM Transportation Services, Inc		78,010
	8,589		Park-Ohio Holdings Corp		218,590
	32,201	*	Radiant Logistics, Inc		126,872
	27,977	*	Roadrunner Transportation Services Holdings, Inc		330,688
	24,857	*	Saia, Inc		718,864
	52,542		Skywest, Inc		1,234,737
	88,895	*,e	Swift Transportation Co, Inc		1,477,435
	8,612		Universal Truckload Services, Inc		122,807
	9,571	*	USA Truck, Inc		169,598
	22,096	*,e	Virgin America, Inc		1,230,526
	44,583		Werner Enterprises, Inc		1,129,733
	61,179	*	Wesco Aircraft Holdings, Inc		882,813
	71,487	*,e	XPO Logistics, Inc		2,154,618
	32,486	*	YRC Worldwide, Inc		298,871
			TOTAL TRANSPORTATION		25,546,614

265

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

UTILITIES - 4.0%
	49,632	e	Abengoa Yield plc	$	894,865
	49,217		Allete, Inc		2,765,503
	39,439		American States Water Co		1,644,212
	9,160		Artesian Resources Corp		247,228
	119,644	e	Atlantic Power Corp		318,253
	60,707		Avista Corp		2,432,529
	50,417		Black Hills Corp		3,054,766
	50,961		California Water Service Group		1,423,341
	15,084		Chesapeake Utilities Corp		897,800
	13,047		Connecticut Water Service, Inc		613,470
	14,359	e	Consolidated Water Co, Inc		199,447
	119,981	*	Dynegy, Inc		2,115,265
	39,375		El Paso Electric Co		1,775,813
	43,843		Empire District Electric Co		1,476,194
	12,088	e	Genie Energy Ltd		89,089
	50,542		Idacorp, Inc		3,675,920
	36,266		MGE Energy, Inc		1,807,860
	18,365		Middlesex Water Co		671,792
	84,800		New Jersey Resources Corp		3,025,664
	28,825		Northwest Natural Gas Co		1,485,641
	45,892		NorthWestern Corp		2,608,501
	36,598	e	NRG Yield, Inc (Class A)		553,728
	61,936	e	NRG Yield, Inc (Class C)		1,002,124
	52,339		ONE Gas, Inc		3,060,261
	39,130	e	Ormat Technologies, Inc		1,698,242
	40,220		Otter Tail Corp		1,163,162
	55,649	e	Pattern Energy Group, Inc		1,168,629
	79,327		Piedmont Natural Gas Co, Inc		4,743,755
	78,669		PNM Resources, Inc		2,492,234
	89,188		Portland General Electric Co		3,542,547
	15,915		SJW Corp		547,635
	66,722		South Jersey Industries, Inc		1,862,211
	45,695		Southwest Gas Corp		2,966,062
	4,815	e	Spark Energy, Inc		124,131
	42,251		Spire, Inc		2,702,374
	90,495	*	Talen Energy Corp		1,055,172
	42,097		TerraForm Global, Inc		122,502
	16,319		Unitil Corp		644,927
	20,056	*,e	Vivint Solar, Inc		66,987
	49,170		WGL Holdings, Inc		3,338,151
	14,285		York Water Co		423,550
			TOTAL UTILITIES		66,501,537

			TOTAL COMMON STOCKS		1,661,303,384
			(Cost $1,400,845,988)

RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	7,076	m	Enterprise Bancorp, Inc		826
			TOTAL BANKS		826

DIVERSIFIED FINANCIALS - 0.0%
	1,297	m	Emergent Capital, Inc		0
			TOTAL DIVERSIFIED FINANCIALS		0

266

TIAA-CREF FUNDS - Small-Cap Blend Index Fund

SHARES			COMPANY	VALUE

ENERGY - 0.0%
	16,387	m	Magnum Hunter Resources Corp	$	0
			TOTAL ENERGY		0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	2,051	e	Asterias Biotherapeutics, Inc		1,231
	8,325	m	Forest Laboratories, Inc CVR		7,909
	5,149	m	Omthera Pharmaceuticals, Inc		3,089
	34,794	e,m	Trius Therapeutics, Inc		4,523
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		16,752

SOFTWARE & SERVICES - 0.0%
	17,421	m	Gerber Scientific, Inc		0
			TOTAL SOFTWARE & SERVICES		0

TELECOMMUNICATION SERVICES - 0.0%
	55,538	m	Leap Wireless International, Inc		139,956
			TOTAL TELECOMMUNICATION SERVICES		139,956

			TOTAL RIGHTS / WARRANTS		157,534
			(Cost $141,560)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 13.6%

GOVERNMENT AGENCY DEBT - 0.7%
$	11,700,000	d	Federal Home Loan Bank (FHLB)		0.200	%	05/02/16		11,700,000
			TOTAL GOVERNMENT AGENCY DEBT						11,700,000

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 12.9%
	215,906,214	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						215,906,214
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						215,906,214

			TOTAL SHORT-TERM INVESTMENTS						227,606,214
			(Cost $227,606,149)

			TOTAL INVESTMENTS - 112.9%						1,889,067,132
			(Cost $1,628,593,697)
			OTHER ASSETS & LIABILITIES, NET - (12.9)%						(215,919,912	)
			NET ASSETS - 100.0%					$	1,673,147,220

267

TIAA-CREF FUNDS - Small-Cap Blend Index Fund



		Abbreviation(s):
		CVR Contingent Value Rights
		REIT Real Estate Investment Trust

*		Non-income producing
a		Affiliated holding
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $206,741,004.
m		Indicates a security that has been deemed illiquid.

268

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 99.7%

BRAZIL - 6.8%
	1,703,251		AMBEV S.A.	$	9,602,686
	50,400	*	B2W Companhia Global Do Varejo		200,765
	292,045		Banco Bradesco S.A.		2,385,271
	1,006,935		Banco Bradesco S.A. (Preference)		7,582,937
	298,286		Banco do Brasil S.A.		1,917,599
	1,101,079		Banco Itau Holding Financeira S.A.		10,523,360
	132,639		Banco Santander Brasil S.A.		715,790
	254,800		BB Seguridade Participacoes S.A.		2,222,578
	594,574		BM&F Bovespa S.A.		2,970,061
	151,600		BR Malls Participacoes S.A.		746,264
	51,415		Braskem S.A.		367,010
	237,256		BRF S.A.		3,394,053
	73,992		Centrais Eletricas Brasileiras S.A. (Preference)		275,594
	70,141		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		861,046
	59,457		Cia Brasileira de Distribuicao Grupo Pao de Acucar		874,935
	310,356		Cia de Concessoes Rodoviarias		1,460,074
	123,300		Cia de Saneamento Basico do Estado de Sao Paulo		946,462
	282,891		Cia Energetica de Minas Gerais		563,438
	65,820		Cia Energetica de Sao Paulo (Class B)		275,586
	33,495		Cia Paranaense de Energia		275,712
	238,230		Cia Siderurgica Nacional S.A.		910,182
	366,199		Cielo S.A.		3,566,960
	85,236		Cosan SA Industria e Comercio		789,101
	59,685		CPFL Energia S.A.		344,478
	73,700		EDP - Energias do Brasil S.A.		274,292
	226,679		Empresa Brasileira de Aeronautica S.A.		1,355,757
	60,100		Equatorial Energia S.A.		743,375
	104,200		Estacio Participacoes S.A.		359,629
	87,063		Fibria Celulose S.A.		769,055
	268,775		Gerdau S.A. (Preference)		610,346
	115,382	*	Hypermarcas S.A.		1,017,864
	260,764		JBS S.A.		685,413
	111,120		Klabin S.A.		563,152
	479,796		Kroton Educacional S.A.		1,785,677
	46,791		Localiza Rent A Car		448,965
	45,810		Lojas Americanas S.A.		147,450
	208,585		Lojas Americanas S.A.(Preference)		972,194
	206,450		Lojas Renner S.A.		1,246,774
	9,100		M Dias Branco S.A.		211,145
	28,500		Multiplan Empreendimentos Imobiliarios S.A.		488,500
	65,392		Natura Cosmeticos S.A.		484,843
	82,453		Odontoprev S.A.		250,769
	1,148,072	*	Petroleo Brasileiro S.A.		4,429,720
	1,522,646	*	Petroleo Brasileiro S.A. (Preference)		4,529,089

269

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	36,381		Porto Seguro S.A.	$	293,016
	86,500		Qualicorp S.A.		374,747
	77,600		Raia Drogasil S.A.		1,241,871
	287,000	*	Rumo Logistica Operadora Multimodal S.A.		357,159
	81,909		Satipel Industrial S.A.		186,479
	52,505		Sul America SA		255,712
	127,400		Suzano Papel e Celulose S.A.		486,374
	144,121	*	Telefonica Brasil S.A.		1,775,086
	273,166		Tim Participacoes S.A.		606,815
	42,000		Totvus S.A.		344,377
	58,700		Tractebel Energia S.A.		651,132
	37,400		Transmissora Alianca de Energia Eletrica S.A.		212,705
	149,180		Ultrapar Participacoes S.A.		3,141,271
	471,600		Vale S.A.		2,699,950
	688,773		Vale S.A. (Preference)		3,152,224
	203,540		Weg S.A.		898,375
			TOTAL BRAZIL		91,823,244

CHILE - 1.3%
	775,256		AES Gener S.A.		388,558
	946,877		Aguas Andinas S.A.		548,613
	7,545,597		Banco de Chile		827,226
	10,117		Banco de Credito e Inversiones		435,031
	20,357,401		Banco Santander Chile S.A.		979,546
	431,028		Centros Comerciales Sudamericanos S.A.		1,158,477
	47,379		Cia Cervecerias Unidas S.A.		530,870
	2,803,523		Colbun S.A.		755,499
	32,942,370		Corpbanca S.A.		299,419
	103,324		Embotelladora Andina S.A.		350,135
	1,139,572	*	Empresa Nacional de Electricidad S.A.		1,048,853
	42,812		Empresa Nacional de Telecomunicaciones S.A.		373,477
	479,049		Empresas CMPC S.A.		1,070,596
	223,456		Empresas COPEC S.A.		2,232,108
	1,139,572	*	Endesa Americas S.A.		534,120
	7,137,445	*	Enersis Chile S.A.		874,092
	7,137,445	*	Enersis S.A.		1,212,774
	104,466	*	Lan Airlines S.A.		746,586
	173,111		SACI Falabella		1,339,987
	35,494		Sociedad Quimica y Minera de Chile S.A. (Class B)		758,995
	193,359		Sonda S.A.		386,118
			TOTAL CHILE		16,851,080

CHINA - 22.1%
	13,387	*,e	58.COM, Inc (ADR)		731,600
	272,500		AAC Technologies Holdings, Inc		1,891,413
	8,883,000		Agricultural Bank of China		3,205,990
	598,000		Air China Ltd		452,736
	178,102	*	Alibaba Group Holding Ltd (ADR)		13,703,168
	810,000	*	Alibaba Health Information Technology Ltd		546,477
	2,014,000	*,e	Aluminum Corp of China Ltd		673,382
	526,500		Anhui Conch Cement Co Ltd		1,387,363
	341,000		Anta Sports Products Ltd		868,605
	852,000		AviChina Industry & Technology Co		593,876

270

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	48,845	*	Baidu, Inc (ADR)	$	9,490,584
	29,002,000		Bank of China Ltd		11,742,746
	3,367,500		Bank of Communications Co Ltd		2,122,425
	548,000		Beijing Capital International Airport Co Ltd		587,951
	178,500		Beijing Enterprises Holdings Ltd		930,943
	1,702,000	e	Beijing Enterprises Water Group Ltd		1,015,133
	1,766,000		Belle International Holdings Ltd		1,077,006
	1,078,000		Brilliance China Automotive Holdings Ltd		1,063,280
	244,500	e	Byd Co Ltd		1,429,860
	325,000	*,e	CAR, Inc		368,963
	3,571,000	g	CGN Power Co Ltd		1,139,497
	3,497,000		China Cinda Asset Management Co Ltd		1,145,143
	3,245,600	*	China Citic Bank		2,035,482
	1,681,000	e	China Coal Energy Co		795,911
	1,663,000		China Communications Construction Co Ltd		1,996,157
	988,400		China Communications Services Corp Ltd		466,518
	462,000		China Conch Venture Holdings Ltd		934,778
	30,446,350		China Construction Bank		19,337,300
	1,123,000	*,e	China COSCO Holdings Co Ltd		438,475
	1,527,000		China Everbright Bank Co Ltd		692,417
	953,000		China Everbright International Ltd		1,066,911
	372,000		China Everbright Ltd		734,350
	1,315,000		China Galaxy Securities Co Ltd		1,153,374
	2,183,000	e	China Huishan Dairy Holdings Co Ltd		814,950
	569,024	*	China Insurance International Holdings Co Ltd		1,159,526
	210,000		China International Marine Containers Group Co Ltd		327,713
	2,738,000		China Life Insurance Co Ltd		6,307,137
	1,099,000		China Longyuan Power Group Corp		760,341
	406,000		China Medical System Holdings Ltd		526,865
	1,062,000		China Mengniu Dairy Co Ltd		1,795,970
	1,729,500		China Merchants Bank Co Ltd		3,788,686
	453,268		China Merchants Holdings International Co Ltd		1,344,487
	2,316,300		China Minsheng Banking Corp Ltd		2,175,686
	2,212,000		China Mobile Hong Kong Ltd		25,395,450
	1,028,000	e	China National Building Material Co Ltd		530,005
	850,000	e	China Oilfield Services Ltd		737,377
	1,446,000	*	China Overseas Land & Investment Ltd		4,589,989
	983,600		China Pacific Insurance Group Co Ltd		3,448,938
	1,127,000		China Power International Development Ltd		481,025
	781,000		China Railway Construction Corp		992,879
	1,463,000		China Railway Group Ltd		1,158,007
	430,677		China Resources Beer Holdings Company Ltd		946,374
	308,000		China Resources Gas Group Ltd		871,591
	1,027,555		China Resources Land Ltd		2,524,382
	655,372		China Resources Power Holdings Co		1,103,808
	1,469,500		China Shenhua Energy Co Ltd		2,474,401
	1,635,000	*,e	China Shipping Container Lines Co Ltd		373,243
	726,000		China Southern Airlines Co Ltd		455,233
	626,000		China State Construction International Holdings Ltd		975,123
	5,198,000		China Telecom Corp Ltd		2,573,353
	2,234,000		China Unicom Ltd		2,614,423
	517,500		China Vanke Co Ltd		1,291,692
	305,200		Chongqing Changan Automobile Co Ltd		527,749

271

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	1,050,000		Chongqing Rural Commercial Bank	$	551,859
	1,590,000		Citic Pacific Ltd		2,318,688
	849,000		CITIC Securities Co Ltd		1,865,915
	6,770,000		CNOOC Ltd		8,363,118
	648,981		COSCO Pacific Ltd		690,144
	1,975,675		Country Garden Holdings Co Ltd		779,546
	1,636,050	e	CRRC Corp Ltd		1,587,804
	1,478,000		CSPC Pharmaceutical Group Ltd		1,313,611
	50,104	*	Ctrip.com International Ltd (ADR)		2,185,035
	232,900	g,m	Dalian Wanda Commercial Properties Co Ltd		1,524,720
	1,066,000		Datang International Power Generation Co Ltd		302,843
	1,018,000		Dongfeng Motor Group Co Ltd		1,112,459
	272,000		ENN Energy Holdings Ltd		1,326,718
	1,827,000	e	Evergrande Real Estate Group		1,350,035
	650,000		Far East Horizon Ltd		515,955
	734,952	*	Fosun International		1,015,496
	1,250,000		Franshion Properties China Ltd		357,884
	1,780,000		Geely Automobile Holdings Ltd		884,823
	558,600	*,e	GF Securities Co Ltd		1,267,783
	4,346,668	e	GOME Electrical Appliances Holdings Ltd		557,471
	1,179,500		Great Wall Motor Co Ltd		887,325
	972,000		Guangdong Investments Ltd		1,372,523
	898,000		Guangzhou Automobile Group Co Ltd		1,043,538
	382,000		Guangzhou R&F Properties Co Ltd		532,706
	224,000		Haitian International Holdings Ltd		382,180
	1,248,000		Haitong Securities Co Ltd		2,062,467
	281,000		Hengan International Group Co Ltd		2,517,707
	590,000		Huadian Power International Co		302,533
	1,646,000		Huaneng Power International, Inc		1,174,024
	1,424,000		Huaneng Renewables Corp Ltd		420,200
	587,200	*,g	Huatai Securities Co Ltd		1,238,631
	26,862,000		Industrial & Commercial Bank of China		14,381,938
	64,632	*	JD.com, Inc (ADR)		1,651,994
	492,000		Jiangsu Express		646,575
	752,000		Jiangxi Copper Co Ltd		918,125
	318,000	e	Kingsoft Corp Ltd		730,127
	2,698,000	e	Lenovo Group Ltd		2,134,364
	520,000	e	Longfor Properties Co Ltd		729,516
	476,000	*	Luye Pharma Group Ltd		330,304
	13,583		Netease.com (ADR)		1,911,128
	289,700		New China Life insurance Co Ltd		944,392
	23,844		New Oriental Education & Technology Group (ADR)		933,731
	2,475,000		People’s Insurance Co Group of China Ltd		995,359
	1,465,055		PICC Property & Casualty Co Ltd		2,665,048
	1,902,500		Ping An Insurance Group Co of China Ltd		8,928,584
	16,406	*	Qihoo 360 Technology Co Ltd (ADR)		1,245,872
	10,600	*,e	Qunar Cayman Islands Ltd (ADR)		432,586
	8,945,000	*	Semiconductor Manufacturing International		735,351
	684,000		Shandong Weigao Group Medical Polymer Co Ltd		410,622
	1,114,000	e	Shanghai Electric Group Co Ltd		465,668
	145,000		Shanghai Fosun Pharmaceutical Group Co Ltd		393,196
	173,000		Shanghai Industrial Holdings Ltd		393,318
	183,333	m	Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		613,975

272

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	301,300		Shanghai Pharmaceuticals Holding Co Ltd	$	638,624
	209,000		Shenzhou International Group Holdings Ltd		1,080,431
	1,339,649	e	Shui On Land Ltd		349,603
	1,172,000		Sihuan Pharmaceutical Holdings		270,453
	1,194,471		Sino-Ocean Land Holdings Ltd		537,198
	403,000		Sinopec Engineering Group Co Ltd		373,794
	1,428,000	*	Sinopec Shanghai Petrochemical Co Ltd		700,469
	454,800		Sinopharm Group Co		1,943,922
	766,000		Sinotrans Ltd		354,034
	863,500		Soho China Ltd		434,133
	44,628	e	SouFun Holdings Ltd (ADR)		253,933
	693,000		Sunac China Holdings Ltd		443,061
	8,700	*	TAL Education Group (ADR)		503,382
	1,854,400		Tencent Holdings Ltd		37,733,909
	804,000	e	Tingyi Cayman Islands Holding Corp		936,594
	357,000		Travelsky Technology Ltd		663,423
	158,000		Tsingtao Brewery Co Ltd		596,329
	75,424	*	Vipshop Holdings Ltd (ADR)		1,028,783
	2,245,000	e	Want Want China Holdings Ltd		1,721,908
	419,400		Weichai Power Co Ltd		503,632
	1,220,000	e	Yanzhou Coal Mining Co Ltd		692,902
	2,226,160		Yuexiul Property Co Ltd		323,185
	5,004	*	YY, Inc (ADR)		314,351
	600,000		Zhejiang Expressway Co Ltd		612,241
	190,000		Zhuzhou CSR Times Electric Co Ltd		1,081,050
	2,154,000		Zijin Mining Group Co Ltd		718,619
	279,864		ZTE Corp		435,411
			TOTAL CHINA		298,529,105

COLOMBIA - 0.5%
	137,235		BanColombia S.A. (Preference)		1,304,573
	154,074		Cementos Argos S.A.		626,315
	24,532	*	Corp Financiera Colombiana S.A.		332,238
	337	*,m	Corp Financiera Colombiana S.A. (No-Div)		4,567
	2,475,845		Ecopetrol S.A.		1,229,801
	107,119		Grupo Argos S.A.		706,934
	1,040,383		Grupo Aval Acciones y Valores		434,605
	82,814		Grupo de Inversiones Suramericana S.A.		1,119,230
	34,962		Grupo de Inversiones Suramericana S.A. (Preference)		466,374
	151,305		Interconexion Electrica S.A.		462,091
			TOTAL COLOMBIA		6,686,728

CZECH REPUBLIC - 0.2%
	62,116		CEZ AS		1,213,047
	5,118		Komercni Banka AS		1,052,620
	19,025		Telefonica O2 Czech Republic AS		193,318
			TOTAL CZECH REPUBLIC		2,458,985

EGYPT - 0.2%
	365,301		Commercial International Bank		1,858,603
	944,833	*	Orascom Telecom Holding SAE		314,946
	316,999		Talaat Moustafa Group		238,107
			TOTAL EGYPT		2,411,656

273

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

GREECE - 0.4%
	493,901	*	Alpha Bank AE	$	1,073,169
	633,723	*	Eurobank Ergasias S.A.		534,755
	10,570	*	Folli Follie S.A.		217,857
	90,249		Hellenic Telecommunications Organization S.A.		878,606
	31,848	*	JUMBO S.A.		417,150
	1,832,481	*	National Bank of Greece S.A.		547,390
	83,715		OPAP S.A.		632,841
	2,100,000	*	Piraeus Bank S.A.		622,223
	34,663		Public Power Corp		115,118
	17,832	*	Titan Cement Co S.A.		406,778
			TOTAL GREECE		5,445,887

HONG KONG - 0.5%
	3,550,000	*,e	Alibaba Pictures Group Ltd		829,345
	594,000	e	China Gas Holdings Ltd		857,578
	4,891,799		GCL Poly Energy Holdings Ltd		728,993
	448,000		Haier Electronics Group Co Ltd		752,429
	690,000		Nine Dragons Paper Holdings Ltd		494,403
	479,000		Shimao Property Holdings Ltd		661,099
	1,637,000		Sino Biopharmaceutical		1,159,985
	878,500	e	Sun Art Retail Group Ltd		658,280
			TOTAL HONG KONG		6,142,112

HUNGARY - 0.3%
	22,242		MOL Hungarian Oil and Gas plc		1,359,009
	71,248		OTP Bank		1,887,864
	41,186		Richter Gedeon Rt		818,184
			TOTAL HUNGARY		4,065,057

INDIA - 7.8%
	211,594		Ambuja Cements Ltd		703,572
	20,374		Apollo Hospitals Enterprise Ltd		402,628
	388,979		Ashok Leyland Ltd		624,691
	101,154		Asian Paints Ltd		1,319,460
	18,105		Associated Cement Co Ltd		393,224
	91,811		Aurobindo Pharma Ltd		1,049,999
	182,628		Axis Bank Ltd		1,297,817
	29,745		Bajaj Holdings and Investment Ltd		1,115,442
	36,229		Bharat Forge Ltd		435,114
	220,017		Bharat Heavy Electricals		414,775
	79,753		Bharat Petroleum Corp Ltd		1,174,831
	444,090		Bharti Airtel Ltd		2,429,355
	140,588	*	Bharti Infratel Ltd		792,212
	2,565		Bosch Ltd		759,203
	69,715		Cadila Healthcare Ltd		343,642
	261,575		Cairn India Ltd		571,269
	129,169		Cipla Ltd		1,043,797
	324,667		Coal India Ltd		1,408,548
	9,130		Container Corp Of India Ltd		185,898
	148,355		Dabur India Ltd		616,514
	25,689		Divi S Laboratories Ltd		406,495

274

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	40,579		Dr Reddy’s Laboratories Ltd	$	1,873,572
	4,622		Eicher Motors Ltd		1,393,110
	129,367		GAIL India Ltd		701,565
	1,505		GlaxoSmithKline Consumer Healthcare Ltd		133,673
	49,643		Glenmark Pharmaceuticals Ltd		618,628
	32,517		Godrej Consumer Products Ltd		646,810
	204,248		HCL Technologies Ltd		2,305,814
	18,935		Hero Honda Motors Ltd		825,857
	535,754		Hindalco Industries Ltd		777,123
	281,225		Hindustan Lever Ltd		3,677,635
	526,900		Housing Development Finance Corp		8,634,417
	438,042		ICICI Bank Ltd		1,548,772
	394,773		Idea Cellular Ltd		703,950
	101,411		Indiabulls Housing Finance Ltd		1,057,155
	652,798		Infosys Technologies Ltd		11,875,573
	836,133		ITC Ltd		4,093,450
	30,106	*	JSW Steel Ltd		622,411
	120,717		Larsen & Toubro Ltd		2,278,255
	100,687	*	LIC Housing Finance Ltd		700,280
	80,611		Lupin Ltd		1,948,790
	91,078		Mahindra & Mahindra Financial Services Ltd		411,247
	135,852		Mahindra & Mahindra Ltd		2,722,547
	127,054		Marico Ltd		495,538
	38,809		Maruti Suzuki India Ltd		2,215,157
	111,727		Motherson Sumi Systems Ltd		423,899
	296,381		Mundra Port and Special Economic Zone Ltd		1,061,427
	8,142		Nestle India Ltd		702,437
	342,880		NTPC Ltd		718,488
	13,054		Piramal Healthcare Ltd		234,246
	94,394		Power Finance Corp Ltd		254,782
	354,267	*	Reliance Communication Ventures Ltd		298,832
	494,010		Reliance Industries Ltd		7,303,179
	105,379		Rural Electrification Corp Ltd		282,617
	454,176	*	Sesa Sterlite Ltd		709,377
	2,043		Shree Cement Ltd		390,555
	48,881		Shriram Transport Finance Co Ltd		694,092
	29,598		Siemens India Ltd		506,681
	596,684		State Bank of India		1,695,158
	350,049	*	Sun Pharmaceutical Industries Ltd		4,274,808
	172,089		Tata Consultancy Services Ltd		6,570,933
	299,143	*	Tata Motors Ltd		1,831,475
	131,606	*	Tata Motors Ltd (DVR)		589,358
	356,525		Tata Power Co Ltd		377,489
	114,171		Tata Steel Ltd		603,277
	79,672		Tech Mahindra Ltd		582,858
	13,134		Ultra Tech Cement Ltd		625,290
	18,893		United Breweries Ltd		216,786
	95,256		United Phosphorus Ltd		770,596
	21,515	*	United Spirits Ltd		769,848
	222,936		Wipro Ltd		1,860,532
	204,380		ZEE Telefilms Ltd		1,276,710
			TOTAL INDIA		105,375,545

275

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

INDONESIA - 2.5%
	7,349,000		Adaro Energy Tbk	$	405,077
	3,998,700		Bank Rakyat Indonesia		3,124,926
	368,500		Indofood CBP Sukses Makmur Tbk		425,997
	585,800		PT AKR Corporindo Tbk		287,761
	135,100		PT Astra Agro Lestari Tbk		164,593
	7,241,400		PT Astra International Tbk		3,674,681
	4,463,800		PT Bank Central Asia Tbk		4,405,323
	1,026,066		PT Bank Danamon Indonesia Tbk		255,623
	3,401,471		PT Bank Mandiri Persero Tbk		2,472,612
	2,364,093		PT Bank Negara Indonesia		818,525
	2,356,000		PT Bumi Serpong Damai		328,899
	2,475,300		PT Charoen Pokphand Indonesia Tbk		694,481
	997,500	*	PT Excelcomindo Pratama		265,817
	2,020,300		PT Global MediaCom Tbk		177,055
	161,300		PT Gudang Garam Tbk		845,290
	135,300	*	PT Hanjaya Mandala Sampoerna Tbk		1,023,341
	555,900		PT Indocement Tunggal Prakarsa Tbk		828,107
	1,300,500		PT Indofood Sukses Makmur Tbk		699,012
	584,700		PT Jasa Marga Tbk		240,927
	7,666,300		PT Kalbe Farma Tbk		797,129
	7,024,600		PT Lippo Karawaci Tbk		539,731
	802,900		PT Matahari Department Store Tbk		1,151,249
	1,577,800		PT Media Nusantara Citra Tbk		279,629
	3,961,600		PT Perusahaan Gas Negara Persero Tbk		782,844
	1,132,300		PT Semen Gresik Persero Tbk		846,375
	3,316,600		PT Summarecon Agung Tbk		391,296
	1,725,800		PT Surya Citra Media Tbk		416,957
	18,038,000		PT Telekomunikasi Indonesia Persero Tbk		4,839,466
	547,400		PT Unilever Indonesia Tbk		1,763,051
	570,200		PT United Tractors Tbk		645,480
	579,100		Tower Bersama Infrastructure		259,470
			TOTAL INDONESIA		33,850,724

KOREA, REPUBLIC OF - 14.8%
	11,658		Amorepacific Corp		4,157,702
	3,146		Amorepacific Corp (Preference)		625,323
	2,771		BGF retail Co Ltd		450,820
	92,394		BS Financial Group, Inc		751,453
	25,097	*,e	Celltrion, Inc		2,208,111
	25,429		Cheil Communications, Inc		373,890
	27,650		Cheil Industries, Inc		3,168,685
	2,765		CJ CheilJedang Corp		918,460
	5,015		CJ Corp		938,595
	6,668		CJ E&M Corp		392,348
	8,877		Daelim Industrial Co		702,513
	44,028	*	Daewoo Engineering & Construction Co Ltd		244,275
	18,314		Daewoo International Corp		396,161
	65,213		Daewoo Securities Co Ltd		469,337
	9,932	e	Daum Communications		873,697
	6,518	*,e	DC Chemical Co Ltd		645,248
	52,544		DGB Financial Group Co Ltd		421,862
	14,824		Dongbu Insurance Co Ltd		908,647

276

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	12,877		Dongsuh Co, Inc	$	363,196
	2,264		Doosan Corp		212,791
	14,362		Doosan Heavy Industries and Construction Co Ltd		326,962
	7,209		E-Mart Co Ltd		1,157,932
	6,949		GLOVIS Co Ltd		1,155,036
	18,269	*	GS Engineering & Construction Corp		492,926
	22,128		GS Holdings Corp		1,068,272
	9,811		GS Retail Co Ltd		459,048
	106,600		Hana Financial Group, Inc		2,390,457
	25,275		Hankook Tire Co Ltd		1,175,626
	4,221		Hanmi Holdings Co Ltd		500,526
	1,887	e	Hanmi Pharm Co Ltd		983,385
	57,865		Hanon Systems		520,938
	3,444		Hanssem Co Ltd		575,427
	37,107		Hanwha Chemical Corp		812,579
	15,925		Hanwha Corp		525,340
	5,660		Honam Petrochemical Corp		1,443,692
	11,950	e	Hotel Shilla Co Ltd		766,015
	210,375		Hynix Semiconductor, Inc		5,160,037
	7,633		Hyosung Corp		816,652
	5,144		Hyundai Department Store Co Ltd		663,771
	20,510		Hyundai Development Co		903,528
	26,981		Hyundai Engineering & Construction Co Ltd		945,183
	15,522	*	Hyundai Heavy Industries		1,570,366
	19,163		Hyundai Marine & Fire Insurance Co Ltd		533,400
	24,377		Hyundai Mobis		5,555,558
	55,038		Hyundai Motor Co		6,905,704
	12,846		Hyundai Motor Co Ltd (2nd Preference)		1,123,711
	8,514		Hyundai Motor Co Ltd (Preference)		727,009
	27,378		Hyundai Steel Co		1,501,725
	5,540		Hyundai Wia Corp		467,786
	96,356		Industrial Bank of Korea		1,024,210
	40,187		Kangwon Land, Inc		1,504,279
	138,435		KB Financial Group, Inc		4,235,708
	2,073		KCC Corp		770,814
	7,177		KEPCO Plant Service & Engineering Co Ltd		474,501
	93,591		Kia Motors Corp		3,925,363
	21,523		Korea Aerospace Industries Ltd		1,274,873
	91,381		Korea Electric Power Corp		4,963,702
	2,508	*	Korea Express Co Ltd		427,060
	11,459		Korea Gas Corp		414,584
	13,711		Korea Investment Holdings Co Ltd		551,484
	5,581		Korea Kumho Petrochemical		332,608
	68,326		Korea Life Insurance Co Ltd		399,816
	3,615		Korea Zinc Co Ltd		1,567,574
	13,452	*	Korean Air Lines Co Ltd		343,690
	9,181		KT Corp		245,932
	39,477		KT&G Corp		4,253,059
	16,785		LG Chem Ltd		4,353,930
	2,611		LG Chem Ltd (Preference)		451,470
	32,213		LG Corp		1,919,879
	38,778		LG Electronics, Inc		1,973,215
	3,391		LG Household & Health Care Ltd		2,985,665

277

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	5,319		LG Innotek Co Ltd	$	342,413
	76,539		LG Telecom Ltd		750,829
	78,150		LG.Philips LCD Co Ltd		1,626,745
	226		Lotte Chilsung Beverage Co Ltd		390,564
	210	m	Lotte Confectionery Co Ltd		460,400
	3,902		Lotte Shopping Co Ltd		929,004
	24,245		Mirae Asset Securities Co Ltd		520,915
	10,037		Naver Corp		5,948,399
	5,898		NCsoft		1,181,885
	1,242		Orion Corp		1,010,468
	437		Ottogi Corp		312,353
	9,803		Pacific Corp		1,439,016
	20,175		Paradise Co Ltd		305,799
	25,095		POSCO		5,257,781
	5,778		S1 Corp (Korea)		471,262
	10,475		Samsung Card Co		355,962
	21,968		Samsung Electro-Mechanics Co Ltd		1,000,000
	39,593		Samsung Electronics Co Ltd		43,149,665
	7,393		Samsung Electronics Co Ltd (Preference)		6,751,943
	12,696		Samsung Fire & Marine Insurance Co Ltd		3,272,815
	56,297	*	Samsung Heavy Industries Co Ltd		524,187
	28,779		Samsung Life Insurance Co Ltd		2,760,829
	19,172		Samsung SDI Co Ltd		1,909,326
	11,265		Samsung SDS Co Ltd		1,679,682
	19,754		Samsung Securities Co Ltd		678,432
	153,208		Shinhan Financial Group Co Ltd		5,617,516
	2,185		Shinsegae Co Ltd		404,020
	12,093		SK C&C Co Ltd		2,370,100
	24,730		SK Energy Co Ltd		3,339,967
	49,287		SK Networks Co Ltd		292,745
	7,331		SK Telecom Co Ltd		1,331,303
	17,393		S-Oil Corp		1,321,924
	18,448		Woongjin Coway Co Ltd		1,597,185
	107,463		Woori Bank		987,374
	48,259		Woori Investment & Securities Co Ltd		418,465
	2,776		Yuhan Corp		709,056
			TOTAL KOREA, REPUBLIC OF		200,265,450

MALAYSIA - 3.3%
	368,700		AirAsia BHD		178,978
	318,400		Alliance Financial Group BHD		326,010
	668,800		AMMB Holdings BHD		774,586
	593,000		Astro Malaysia Holdings BHD		419,428
	169,493		Berjaya Sports Toto BHD		131,898
	47,500		British American Tobacco Malaysia BHD		557,865
	685,000		Bumi Armada BHD		138,308
	1,943,033		Bumiputra-Commerce Holdings BHD		2,318,544
	1,210,596		Dialog Group BHD		491,956
	1,315,500		Digi.Com BHD		1,480,363
	377,000		Felda Global Ventures Holdings BHD		139,673
	532,600		Gamuda BHD		647,600
	781,175		Genting BHD		1,765,955
	69,500		Genting Plantations BHD		190,362

278

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	196,700		HAP Seng Consolidated BHD	$	385,696
	176,000		Hartalega Holdings BHD		193,278
	218,287		Hong Leong Bank BHD		751,373
	69,106		Hong Leong Credit BHD		263,909
	900,000		IHH Healthcare BHD		1,509,023
	1,066,600		IJM Corp BHD		941,961
	1,032,300		IOI Corp BHD		1,165,488
	400,833		IOI Properties Group Sdn BHD		248,308
	149,100		Kuala Lumpur Kepong BHD		912,958
	120,700		Lafarge Malayan Cement BHD		270,660
	1,804,652		Malayan Banking BHD		4,120,042
	313,576		Malaysia Airports Holdings BHD		537,811
	679,100		Maxis BHD		971,780
	384,200		MISC BHD		831,048
	980,500		Petronas Chemicals Group BHD		1,684,156
	132,300		Petronas Dagangan BHD		807,380
	271,800		Petronas Gas BHD		1,528,152
	166,500		PPB Group BHD		688,423
	950,640		Public Bank BHD		4,547,327
	1,140,600		Resorts World BHD		1,303,212
	203,701		RHB Capital BHD		318,830
	1,256,900		Sapurakencana Petroleum BHD		528,987
	1,144,828		Sime Darby BHD		2,253,241
	397,465		Telekom Malaysia BHD		676,416
	1,247,650		Tenaga Nasional BHD		4,583,204
	988,703		TM International BHD		1,428,094
	180,500		UMW Holdings BHD		302,782
	307,800		Westports Holdings BHD		326,412
	1,386,800		YTL Corp BHD		553,457
	581,269		YTL Power International BHD		223,193
			TOTAL MALAYSIA		44,418,127

MEXICO - 4.3%
	1,000,650		Alfa S.A. de C.V. (Class A)		1,880,946
	11,348,670	*	America Movil S.A. de C.V. (Series L)		8,021,077
	5,234,043	*,e	Cemex S.A. de C.V.		3,884,922
	182,160		Coca-Cola Femsa S.A. de C.V.		1,583,305
	64,100		El Puerto de Liverpool SAB de C.V.		728,643
	124,925		Embotelladoras Arca SAB de C.V.		862,331
	871,500		Fibra Uno Administracion S.A. de C.V.		2,074,825
	665,037		Fomento Economico Mexicano S.A. de C.V.		6,187,811
	375,886		Gentera SAB de C.V.		747,636
	63,200		Gruma SAB de C.V.		923,242
	102,828	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		968,832
	65,020		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		998,505
	568,720		Grupo Bimbo S.A. de C.V. (Series A)		1,733,797
	177,998		Grupo Carso S.A. de C.V. (Series A1)		851,159
	87,300		Grupo Comercial Chedraui S.a. DE C.V.		247,419
	903,487		Grupo Financiero Banorte S.A. de C.V.		5,129,054
	834,532	e	Grupo Financiero Inbursa S.A.		1,638,539
	642,500		Grupo Financiero Santander Mexico SAB de C.V.		1,177,474
	199,700		Grupo Lala SAB de C.V.		534,053
	1,528,156		Grupo Mexico S.A. de C.V. (Series B)		3,886,862

279

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	882,726		Grupo Televisa S.A.	$	5,144,081
	44,682		Industrias Penoles S.A. de C.V.		698,487
	546,042		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,292,373
	388,896		Mexichem SAB de C.V.		981,697
	210,700	*	OHL Mexico SAB de CV		342,662
	85,510		Promotora y Operadora de Infraestructura SAB de C.V.		1,084,441
	1,868,289		Wal-Mart de Mexico SAB de C.V.		4,620,594
			TOTAL MEXICO		58,224,767

NETHERLANDS - 0.5%
	1,040,742		Steinhoff International Holdings NV		6,510,394
			TOTAL NETHERLANDS		6,510,394

PERU - 0.4%
	55,822		Cia de Minas Buenaventura S.A. (ADR) (Series B)		566,593
	22,590		Credicorp Ltd (NY)		3,285,038
	68,724	e	Southern Copper Corp (NY)		2,039,041
			TOTAL PERU		5,890,672

PHILIPPINES - 1.3%
	709,400		Aboitiz Equity Ventures, Inc		1,002,867
	414,700		Aboitiz Power Corp		396,722
	648,600		Alliance Global Group, Inc		200,254
	74,258		Ayala Corp		1,219,599
	2,724,300		Ayala Land, Inc		2,010,052
	630,116		Banco de Oro Universal Bank		1,342,368
	292,610		Bank of the Philippine Islands		564,519
	1,227,500		DMCI Holdings, Inc		325,948
	12,040		Globe Telecom, Inc		562,485
	27,170		GT Capital Holdings, Inc		790,902
	180,030		International Container Term Services, Inc		249,244
	853,230		JG Summit Holdings (Series B)		1,480,091
	170,590		Jollibee Foods Corp		834,530
	4,448,900		Megaworld Corp		356,850
	4,266,600		Metro Pacific Investments Corp		527,844
	143,102		Metropolitan Bank & Trust		247,802
	35,665		Philippine Long Distance Telephone Co		1,303,837
	2,989,000		PNOC Energy Development Corp		375,437
	475,000		Robinsons Land Corp		274,151
	55,640		SM Investments Corp		1,117,790
	3,038,975		SM Prime Holdings		1,465,449
	312,900		Universal Robina		1,389,470
			TOTAL PHILIPPINES		18,038,211

POLAND - 1.2%
	14,744	*	Alior Bank S.A.		266,757
	8,150		Bank Handlowy w Warszawie S.A.		158,083
	216,854	*	Bank Millennium S.A.		284,067
	49,002		Bank Pekao S.A.		1,992,774
	10,630	*	Bank Zachodni WBK S.A.		739,266
	4,389	*	BRE Bank S.A.		370,781
	8,170		CCC S.A.		364,314
	45,713	*	Cyfrowy Polsat S.A.		291,041

280

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	48,293		Enea S.A.	$	149,306
	89,184		Energa S.A.		290,573
	26,188		Eurocash S.A.		374,169
	54,571	*	Grupa Lotos S.A.		424,272
	62,828		KGHM Polska Miedz S.A.		1,224,901
	470		LPP S.A.		693,803
	799,354		Polish Oil & Gas Co		1,064,702
	289,718		Polska Grupa Energetyczna S.A.		1,000,412
	127,919		Polski Koncern Naftowy Orlen S.A.		2,307,079
	299,760	*	Powszechna Kasa Oszczednosci Bank Polski S.A.		1,920,905
	192,232		Powszechny Zaklad Ubezpieczen S.A.		1,739,936
	95,708		Synthos S.A.		102,060
	303,984		Tauron Polska Energia S.A.		235,646
	212,799		Telekomunikacja Polska S.A.		346,779
	13,692	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		311,724
			TOTAL POLAND		16,653,350

	QATAR - 0.9%
	34,886	*	Barwa Real Estate Co		320,874
	47,510	*	Commercial Bank of Qatar QSC		495,660
	37,408	*	Doha Bank QSC		378,764
	288,674	*	Ezdan Holding Group QSC		1,456,645
	55,567	*	Industries Qatar QSC		1,597,969
	139,808	*	Masraf Al Rayan		1,307,850
	27,725	*	Ooredoo QSC		698,476
	8,698	*	Qatar Electricity & Water Co		495,255
	118,665	*	Qatar Gas Transport Co Ltd		750,030
	40,682	*	Qatar Insurance Co SAQ		893,017
	19,449	*	Qatar Islamic Bank SAQ		521,354
	76,524		Qatar National Bank		3,001,797
	119,125	*	Vodafone Qatar		388,863
			TOTAL QATAR		12,306,554

ROMANIA - 0.1%
	73,480		New Europe Property Investments plc		925,207
			TOTAL ROMANIA		925,207

RUSSIA - 4.0%
	65,445		AFK Sistema (GDR)		481,021
	2,259,208		Gazprom OAO (ADR)		11,738,797
	7,345		Gazpromneft OAO (ADR)		87,084
	198,118		LUKOIL PJSC (ADR)		8,441,334
	95,961		Magnit OAO (GDR)		3,326,788
	27,913		MegaFon OAO (GDR)		321,521
	194,250		MMC Norilsk Nickel PJSC (ADR)		2,870,485
	177,749		Mobile TeleSystems (ADR)		1,645,956
	35,610		NovaTek OAO (GDR)		3,436,538
	591,919		Rosneft Oil Co (GDR)		3,248,515
	41,908		Rostelecom (ADR)		377,421
	527,849		RusHydro PJSC (ADR)		538,406
	929,020		Sberbank of Russian Federation (ADR)		7,469,440
	81,516		Severstal (GDR)		949,358
	557,567		Surgutneftegaz (ADR)		2,963,032

281

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	103,631		Tatneft PAO (ADR)	$	3,266,869
	1,073,969		VTB Bank OJSC (GDR)		2,307,567
			TOTAL RUSSIA		53,470,132

SOUTH AFRICA - 6.7%
	331,683	*,m	African Bank Investments Ltd		233
	22,127	*	Anglo American Platinum Ltd		641,328
	145,298	*	AngloGold Ashanti Ltd		2,362,005
	124,655		Aspen Pharmacare Holdings Ltd		2,940,837
	106,672		Barclays Africa Group Ltd		1,080,185
	78,862		Barloworld Ltd		455,257
	115,264		Bidvest Group Ltd		2,928,450
	116,766	*	Brait S.A.		1,306,461
	12,562	e	Capitec Bank Holdings Ltd		521,244
	92,038	e	Coronation Fund Managers Ltd		478,188
	125,542		Discovery Holdings Ltd		1,123,605
	91,939	e	Exxaro Resources Ltd		583,518
	1,233,998		FirstRand Ltd		3,966,205
	217,592		Fortress Income Fund Ltd		575,704
	268,000		Fortress Income Fund Ltd (A Shares)		301,366
	72,103		Foschini Ltd		774,574
	264,956		Gold Fields Ltd		1,225,860
	120,662		Gold Reef Resorts Ltd		225,636
	810,351		Growthpoint Properties Ltd		1,434,044
	87,240		Hyprop Investments Ltd		752,260
	262,245	*	Impala Platinum Holdings Ltd		1,092,112
	59,528		Imperial Holdings Ltd		622,041
	85,332		Investec Ltd		658,809
	30,961		Liberty Holdings Ltd		304,134
	329,147		Life Healthcare Group Holdings Pte Ltd		863,452
	45,598		Massmart Holdings Ltd		391,340
	341,129		Metropolitan Holdings Ltd		568,511
	41,845		Mondi Ltd		805,675
	90,622		Mr Price Group Ltd		1,152,051
	602,683		MTN Group Ltd		6,309,186
	143,686		Naspers Ltd (N Shares)		19,772,817
	63,296		Nedbank Group Ltd		808,847
	310,672		Network Healthcare Holdings Ltd		792,176
	88,637	e	Pick’n Pay Stores Ltd		459,824
	41,354		Pioneer Foods Ltd		484,175
	27,904		PSG Group Ltd		389,702
	209,892		Rand Merchant Investment Holdings Ltd		628,519
	1,334,954		Redefine Properties Ltd		1,152,319
	179,251		Remgro Ltd		3,220,920
	87,042		Resilient REIT Ltd		831,609
	263,526		RMB Holdings Ltd		1,077,365
	624,857		Sanlam Ltd		3,034,534
	181,321	*	Sappi Ltd		786,401
	207,458		Sasol Ltd		6,785,982
	158,463		Shoprite Holdings Ltd		1,907,089
	256,577		Sibanye Gold Ltd		982,097
	53,392		Spar Group Ltd		797,959
	445,062		Standard Bank Group Ltd		3,996,808

282

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	91,536		Telkom S.A. Ltd	$	364,962
	57,302		Tiger Brands Ltd		1,418,690
	147,622		Truworths International Ltd		1,102,324
	129,666		Vodacom Group Pty Ltd		1,507,619
	359,907		Woolworths Holdings Ltd		2,317,547
			TOTAL SOUTH AFRICA		91,064,556

TAIWAN - 11.1%
	1,163,912	*	Acer, Inc		412,904
	2,174,372		Advanced Semiconductor Engineering, Inc		2,092,257
	121,850		Advantech Co Ltd		858,768
	743,512		Asia Cement Corp		661,489
	721,000	*	Asia Pacific Telecom Co Ltd		230,602
	256,500		Asustek Computer, Inc		2,248,573
	3,122,000		AU Optronics Corp		893,367
	59,000		Casetek Holdings Ltd		264,960
	241,000		Catcher Technology Co Ltd		1,686,720
	2,918,270		Cathay Financial Holding Co Ltd		3,267,844
	357,518	*	Chailease Holding Co Ltd		598,302
	1,479,391		Chang Hwa Commercial Bank		771,237
	558,490		Cheng Shin Rubber Industry Co Ltd		1,158,844
	179,170	*	Chicony Electronics Co Ltd		429,207
	912,000	*	China Airlines		297,685
	4,378,754		China Development Financial Holding Corp		1,113,862
	1,022,987		China Life Insurance Co Ltd (Taiwan)		768,833
	4,196,850		China Steel Corp		2,942,297
	5,363,693	*	Chinatrust Financial Holding Co		2,718,188
	1,395,600		Chunghwa Telecom Co Ltd		4,711,874
	1,354,000		Compal Electronics, Inc		794,782
	718,929	*	Delta Electronics, Inc		3,330,167
	2,296,482		E.Sun Financial Holding Co Ltd		1,271,086
	66,742	*	Eclat Textile Co Ltd		759,664
	686,967	*	Eva Airways Corp		340,036
	524,491		Evergreen Marine Corp Tawain Ltd		193,078
	1,029,852		Far Eastern Textile Co Ltd		769,076
	571,000		Far EasTone Telecommunications Co Ltd		1,287,554
	109,520		Feng TAY Enterprise Co Ltd		470,590
	3,370,074	*	First Financial Holding Co Ltd		1,648,133
	1,188,270		Formosa Chemicals & Fibre Corp		3,027,934
	620,000		Formosa Petrochemical Corp		1,758,547
	1,520,600		Formosa Plastics Corp		3,776,424
	234,000		Formosa Taffeta Co Ltd		214,074
	323,052	*	Foxconn Technology Co Ltd		664,562
	2,433,812		Fubon Financial Holding Co Ltd		2,948,122
	2,866,112	*	Fuhwa Financial Holdings Co Ltd		943,328
	107,000		Giant Manufacturing Co Ltd		641,565
	14,000		Hermes Microvision, Inc		428,707
	265,500		High Tech Computer Corp		674,844
	231,290		Highwealth Construction Corp		346,701
	84,290	*	Hiwin Technologies Corp		369,664
	5,175,310	*	Hon Hai Precision Industry Co, Ltd		12,327,916
	91,000		Hotai Motor Co Ltd		896,093
	2,272,853	*	Hua Nan Financial Holdings Co Ltd		1,101,188

283

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	3,060,061		InnoLux Display Corp	$	944,368
	858,000	*	Inotera Memories, Inc		776,546
	827,060		Inventec Co Ltd		545,338
	37,000		Largan Precision Co Ltd		2,582,750
	638,120	*	Lite-On Technology Corp		775,073
	547,961		MediaTek, Inc		3,886,142
	4,014,046	*	Mega Financial Holding Co Ltd		2,844,726
	75,000		Merida Industry Co Ltd		307,252
	1,750,860		Nan Ya Plastics Corp		3,421,818
	210,000		Novatek Microelectronics Corp Ltd		731,742
	35,000	*	OBI Pharma, Inc		411,682
	706,000		Pegatron Technology Corp		1,487,304
	50,000		Phison Electronics Corp		416,063
	765,000		Pou Chen Corp		961,668
	238,000		Powertech Technology, Inc		480,332
	214,000		President Chain Store Corp		1,513,061
	938,000		Quanta Computer, Inc		1,507,710
	178,814		Radiant Opto-Electronics Corp		256,632
	160,085		Realtek Semiconductor Corp		447,053
	335,111	*	Ruentex Development Co Ltd		376,874
	148,730		Ruentex Industries Ltd		207,110
	2,523,093		Shin Kong Financial Holding Co Ltd		509,222
	763,169		Siliconware Precision Industries Co		1,129,968
	91,490		Simplo Technology Co Ltd		307,849
	3,085,524	*	SinoPac Financial Holdings Co Ltd		911,706
	119,836		Standard Foods Corp		290,077
	403,000		Synnex Technology International Corp		399,144
	2,524,266		Taishin Financial Holdings Co Ltd		952,284
	638,082	*	Taiwan Business Bank		164,352
	1,301,914		Taiwan Cement Corp		1,324,303
	2,285,970		Taiwan Cooperative Financial Holding		1,008,092
	245,000		Taiwan Fertilizer Co Ltd		332,536
	617,200		Taiwan Mobile Co Ltd		2,034,509
	8,832,000		Taiwan Semiconductor Manufacturing Co Ltd		40,577,458
	610,000		Teco Electric and Machinery Co Ltd		480,938
	77,000		Transcend Information, Inc		216,070
	1,751,569	*	Uni-President Enterprises Corp		3,153,155
	3,866,000		United Microelectronics Corp		1,434,146
	276,000		Vanguard International Semiconductor Corp		420,553
	745,186	*	Wistron Corp		439,914
	458,500		WPG Holdings Co Ltd		489,227
	255,000		Yulon Motor Co Ltd		223,581
	126,127		Zhen Ding Technology Holding Ltd		264,341
			TOTAL TAIWAN		151,056,317

THAILAND - 2.1%
	365,100		Advanced Info Service PCL (Foreign)		1,627,022
	157,900		Airports of Thailand PCL (Foreign)		1,770,166
	73,000		Bangkok Bank PCL (Foreign)		346,089
	1,417,400		Bangkok Dusit Medical Services PCL		964,841
	2,700,000		Bangkok Expressway & Metro PCL		459,564
	812,600		Banpu PCL (Foreign)		297,482
	273,300		BEC World PCL (Foreign)		203,060

284

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

	970,600		BTS Group Holdings PCL (Foreign)	$	255,450
	127,300		Bumrungrad Hospital PCL (Foreign)		738,754
	245,600		Central Pattana PCL (Foreign)		370,348
	551,900		Charoen Pokphand Foods PCL		374,873
	1,563,000		CP Seven Eleven PCL (Foreign)		2,047,159
	59,000		Delta Electronics Thai PCL		121,371
	372,900		Energy Absolute PCL (Foreign)		226,741
	185,100		Glow Energy PCL (Foreign)		467,569
	578,926		Home Product Center PCL (Foreign)		133,106
	528,278		Indorama Ventures PCL (Foreign)		429,494
	6,194,600		IRPC PCL (Foreign)		902,598
	646,300		Kasikornbank PCL (Foreign)		3,083,638
	1,447,950		Krung Thai Bank PCL (Foreign)		723,534
	340,870		Minor International PCL (Foreign)		355,717
	536,384		PTT Exploration & Production PCL (Foreign)		1,152,329
	705,641		PTT Global Chemical PCL (Foreign)		1,257,738
	401,900		PTT PCL (Foreign)		3,490,215
	150,750		Siam Cement PCL (Foreign)		2,111,619
	576,800		Siam Commercial Bank PCL (Foreign)		2,198,188
	484,900		Thai Oil PCL (Foreign)		914,640
	666,000		Thai Union Group PCL		393,648
	3,120,700		TMB Bank PCL (Foreign)		203,125
	3,957,227	*	True Corp PCL		841,172
			TOTAL THAILAND		28,461,250

TURKEY - 1.5%
	770,944		Akbank TAS		2,368,824
	75,143		Anadolu Efes Biracilik Ve Malt Sanayii AS		590,769
	82,321		Arcelik AS		552,681
	77,494		BIM Birlesik Magazalar AS		1,705,377
	28,591		Coca-Cola Icecek AS		419,127
	544,473		Emlak Konut Gayrimenkul Yatiri		585,156
	155,983		Enka Insaat ve Sanayi AS		270,779
	440,037		Eregli Demir ve Celik Fabrikalari TAS		734,013
	21,083		Ford Otomotiv Sanayi AS		283,420
	358,988		Haci Omer Sabanci Holding AS		1,295,118
	226,747		KOC Holding AS		1,184,739
	189,465		Petkim Petrokimya Holding		278,142
	49,701		TAV Havalimanlari Holding AS		289,635
	26,501		Tofas Turk Otomobil Fabrik		209,664
	62,009		Tupras Turkiye Petrol Rafine		1,635,516
	207,305	*	Turk Hava Yollari		510,898
	158,987		Turk Sise ve Cam Fabrikalari AS		222,070
	114,226		Turk Telekomunikasyon AS		275,870
	301,614	*	Turkcell Iletisim Hizmet AS		1,305,209
	882,614		Turkiye Garanti Bankasi AS		2,716,875
	239,561		Turkiye Halk Bankasi AS		920,005
	575,693		Turkiye Is Bankasi (Series C)		1,009,388
	227,268		Turkiye Vakiflar Bankasi Tao		401,110
	49,172		Ulker Biskuvi Sanayi AS		391,520
	320,847	*	Yapi ve Kredi Bankasi		490,553
			TOTAL TURKEY		20,646,458

285

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

UNITED ARAB EMIRATES - 0.9%
	648,245	*	Abu Dhabi Commercial Bank PJSC	$	1,160,300
	1,166,017	*	Aldar Properties PJSC		859,057
	727,619	*	Arabtec Holding Co		322,578
	56,868		DP World Ltd		1,060,983
	899,608	*	Dubai Financial Market		370,500
	346,758	*	Dubai Islamic Bank PJSC		547,282
	735,021	*	Emaar Malls Group PJSC		575,352
	1,290,249		Emaar Properties PJSC		2,361,243
	619,011		Emirates Telecommunications Group Co PJSC		3,185,305
	312,735		First Gulf Bank PJSC		1,094,571
	237,116	*	National Bank of Abu Dhabi PJSC		571,078
			TOTAL UNITED ARAB EMIRATES		12,108,249

UNITED STATES - 4.0%
	652,800		iShares Core MSCI Emerging Markets ETF		27,365,376
	777,000		iShares MSCI Emerging Markets		26,721,030
			TOTAL UNITED STATES		54,086,406

			TOTAL COMMON STOCKS		1,347,766,223
			(Cost $1,464,565,898)

PREFERRED STOCKS - 0.2%

BRAZIL - 0.2%
	1,304,733	*	ITAUSA Investimentos Itau PR		3,285,306
			TOTAL BRAZIL		3,285,306

PHILIPPINES - 0.0%
	307,700	*,m	Ayala Land, Inc (Preferred B)		656
			TOTAL PHILIPPINES		656

			TOTAL PREFERRED STOCKS		3,285,962
			(Cost $4,157,109)

RIGHTS / WARRANTS - 0.0%
THAILAND - 0.0%
	406,300		Banpu PCL		90,582
	1,329,521		True Corp PCL		10,464
			TOTAL THAILAND		101,046

			TOTAL RIGHTS / WARRANTS		101,046
			(Cost $172,732)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 2.3%

GOVERNMENT AGENCY DEBT - 0.5%
$	6,450,000	Federal National Mortgage Association (FNMA)		0.140	%	05/02/16	6,450,000
		TOTAL GOVERNMENT AGENCY DEBT					6,450,000

286

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

SHARES			COMPANY	VALUE

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.8%
	24,820,196	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	24,820,196
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		24,820,196
			TOTAL SHORT-TERM INVESTMENTS		31,270,196
			(Cost $31,270,171)

			TOTAL INVESTMENTS - 102.2%		1,382,423,427
			(Cost $1,500,165,910)
			OTHER ASSETS & LIABILITIES, NET - (2.2)%		(30,032,579	)
			NET ASSETS - 100.0%	$	1,352,390,848



		Abbreviation(s):
		ADR American Depositary Receipt
		DVR Differential Voting Rights
		ETF Exchange Traded Fund
		GDR Global Depositary Receipt
		REIT Real Estate Investment Trust


*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $23,059,977.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2016, the aggregate value of these securities amounted to $3,902,848 or 0.3% of net assets.
m		Indicates a security that has been deemed illiquid.

287

TIAA-CREF FUNDS - Emerging Markets Equity Index Fund

TIAA-CREF FUNDS

EMERGING MARKETS EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	381,507,238			28.2	%
INFORMATION TECHNOLOGY		257,565,412			19.1
CONSUMER DISCRETIONARY		125,986,290			9.3
CONSUMER STAPLES		108,560,826			8.0
ENERGY		104,407,952			7.7
MATERIALS		92,173,610			6.8
TELECOMMUNICATION SERVICES		90,051,073			6.7
INDUSTRIALS		87,655,957			6.5
UTILITIES		69,004,732			5.1
HEALTH CARE		34,240,141			2.5
SHORT - TERM INVESTMENTS		31,270,196			2.3
OTHER ASSETS & LIABILITIES, NET		(30,032,579	)		(2.2	)

NET ASSETS	$	1,352,390,848			100.0	%

288

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

SHARES			COMPANY	VALUE

COMMON STOCKS - 98.6%

AUSTRALIA - 7.1%
	360,545		AGL Energy Ltd	$	4,994,051
	1,374,091	e	Alumina Ltd		1,551,639
	629,037		Amcor Ltd		7,333,870
	1,588,924		AMP Ltd		7,060,391
	598,340		APA Group		3,963,038
	292,318		Aristocrat Leisure Ltd		2,209,817
	342,865		Asciano Group		2,298,534
	1,207,223		AusNet Services		1,404,403
	1,629,114		Australia & New Zealand Banking Group Ltd		29,861,534
	117,099		Australian Stock Exchange Ltd		3,876,173
	200,761	e	Bank of Queensland Ltd		1,707,175
	245,969		Bendigo Bank Ltd		1,731,566
	1,769,874		BHP Billiton Ltd		27,640,014
	1,202,971		BHP Billiton plc		16,437,995
	399,485		Boral Ltd		1,944,348
	870,417		Brambles Ltd		8,221,257
	159,821		Caltex Australia Ltd		3,922,512
	303,343		Challenger Financial Services Group Ltd		2,051,931
	68,592		CIMIC Group Ltd		1,855,139
	307,723		Coca-Cola Amatil Ltd		2,004,809
	31,199		Cochlear Ltd		2,551,962
	955,336		Commonwealth Bank of Australia		53,333,554
	244,672		Computershare Ltd		1,872,935
	199,365		Crown Resorts Ltd		1,779,159
	258,457		CSL Ltd		20,595,987
	507,769		Dexus Property Group		3,237,623
	1,223,538		DUET Group (ASE Exchange)		2,090,445
	33,147	e	Flight Centre Travel Group Ltd		986,970
	873,457	e	Fortescue Metals Group Ltd		2,244,779
	951,516		GPT Group (ASE)		3,623,849
	306,721		Harvey Norman Holdings Ltd		1,038,721
	1,074,662		Healthscope Ltd		2,213,260
	227,413		Iluka Resources Ltd		1,103,727
	915,526		Incitec Pivot Ltd		2,224,847
	1,298,077		Insurance Australia Group Ltd		5,656,564
	304,550		Lend Lease Corp Ltd		2,925,407
	945,806		Macquarie Goodman Group		4,927,517
	171,500		Macquarie Group Ltd		8,215,697
	1,649,350		Medibank Pvt Ltd		3,925,266
	1,978,033		Mirvac Group		2,798,584
	1,472,003	*	National Australia Bank Ltd		30,199,652
	428,886	*	Newcrest Mining Ltd		6,253,852
	766,161		Oil Search Ltd		4,061,977
	201,423	e	Orica Ltd		2,327,356

289

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	971,700		Origin Energy Ltd	$	3,993,203
	176,136		Platinum Asset Mangement Ltd		807,604
	279,724		Qantas Airways Ltd		682,032
	730,961		QBE Insurance Group Ltd		6,152,229
	1,119,066		QR National Ltd		3,615,476
	74,231		Ramsay Health Care Ltd		3,650,371
	37,085		REA Group Ltd		1,426,834
	930,064		Santos Ltd		3,350,552
	3,011,957		Scentre Group		10,691,000
	172,915		Seek Ltd		2,139,805
	210,054		Sonic Healthcare Ltd		3,082,420
	2,983,933	*	South32 Ltd		3,731,820
	1,279,142		Stockland Trust Group		4,230,754
	690,988		Suncorp-Metway Ltd		6,535,484
	619,505		Sydney Airport		3,194,207
	431,815		Tabcorp Holdings Ltd		1,448,386
	774,081		Tattersall’s Ltd		2,205,846
	2,386,820		Telstra Corp Ltd		9,691,346
	160,632		TPG Telecom Ltd		1,301,933
	1,140,674		Transurban Group (ASE)		10,009,147
	403,850		Treasury Wine Estates Ltd		2,843,608
	1,990,017		Vicinity Centres		5,002,082
	278,177		Vocus Communications Ltd		1,816,799
	636,704		Wesfarmers Ltd		20,616,912
	1,074,447		Westfield Corp		8,206,200
	1,861,129		Westpac Banking Corp		43,687,281
	409,334		Woodside Petroleum Ltd		8,763,840
	729,911		Woolworths Ltd		12,214,296
			TOTAL AUSTRALIA		487,351,353

AUSTRIA - 0.2%
	40,902		Andritz AG.		2,295,918
	163,961	*	Erste Bank der Oesterreichischen Sparkassen AG.		4,719,817
	69,565	*,e,m	Immoeast AG.		0
	80,402		OMV AG.		2,419,299
	63,619	*,e	Raiffeisen International Bank Holding AG.		1,018,370
	61,021		Voestalpine AG.		2,201,935
			TOTAL AUSTRIA		12,655,339

BELGIUM - 1.4%
	119,365		Ageas		4,690,656
	446,792		Anheuser-Busch InBev NV		55,426,278
	81,681	e	Belgacom S.A.		2,752,960
	36,960		Colruyt S.A.		2,131,176
	57,091		Delhaize Group		5,999,386
	48,788		Groupe Bruxelles Lambert S.A.		4,316,485
	133,583		KBC Groep NV		7,515,650
	41,260		Solvay S.A.		4,180,078
	34,943	*	Telenet Group Holding NV		1,739,513
	67,242	e	UCB S.A.		5,043,766
	52,461	e	Umicore		2,618,830
			TOTAL BELGIUM		96,414,778

290

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

CHILE - 0.0%
	250,236	e	Antofagasta plc	$	1,772,236
			TOTAL CHILE		1,772,236

CHINA - 0.0%
	1,438,900		Yangzijiang Shipbuilding		1,054,898
			TOTAL CHINA		1,054,898

DENMARK - 2.0%
	2,174		AP Moller - Maersk AS (Class A)		2,961,909
	3,707		AP Moller - Maersk AS (Class B)		5,217,623
	58,971		Carlsberg AS (Class B)		5,748,629
	59,821		Christian Hansen Holding		3,725,116
	59,669		Coloplast AS		4,470,132
	397,829		Danske Bank AS		11,256,391
	103,303		DSV AS		4,348,864
	31,342	*	Genmab AS		4,650,237
	85,842		ISS A.S.		3,260,675
	1,088,293		Novo Nordisk AS		60,764,133
	127,355		Novozymes AS		6,108,225
	60,761		Pandora AS		7,899,690
	432,219		TDC AS		2,213,078
	58,904		Tryg A.S.		1,113,041
	129,197		Vestas Wind Systems AS		9,248,185
	15,613	*	William Demant Holding		1,605,477
			TOTAL DENMARK		134,591,405

FINLAND – 1.0%
	76,375		Elisa Oyj (Series A)		2,855,811
	247,626		Fortum Oyj		3,733,338
	194,188		Kone Oyj (Class B)		8,872,914
	58,368		Metso Oyj		1,405,930
	74,780		Neste Oil Oyj		2,396,290
	3,181,568		Nokia Oyj (Turquoise)		18,782,375
	61,732		Nokian Renkaat Oyj		2,280,130
	55,107		Orion Oyj (Class B)		1,924,597
	251,868	*	Sampo Oyj (A Shares)		11,016,974
	335,819		Stora Enso Oyj (R Shares)		2,936,096
	287,307		UPM-Kymmene Oyj		5,499,651
	77,056		Wartsila Oyj (B Shares)		3,307,038
			TOTAL FINLAND		65,011,144

FRANCE - 9.6%
	116,379	e	Accor S.A.		5,153,640
	19,106		Aeroports de Paris		2,404,860
	191,261		Air Liquide		21,692,186
	96,207	*,e	Alstom RGPT		2,460,064
	36,330		Arkema		2,899,732
	46,715		Atos Origin S.A.		4,157,945
	1,101,375		AXA S.A.		27,809,279
	580,678		BNP Paribas		30,752,090
	550,245		Bollore		2,179,077
	113,348	e	Bouygues S.A.		3,782,303

291

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	144,769		Bureau Veritas S.A.	$	3,431,493
	88,526		Cap Gemini S.A.		8,263,256
	303,450	e	Carrefour S.A.		8,597,003
	31,198	e	Casino Guichard Perrachon S.A.		1,856,740
	32,139		Christian Dior S.A.		5,647,473
	115,985	e	CNP Assurances		1,976,412
	265,119		Compagnie de Saint-Gobain		12,148,424
	582,229		Credit Agricole S.A.		6,444,545
	68,215		Dassault Systemes S.A.		5,335,543
	111,409	e	Edenred		2,197,611
	155,221		Electricite de France		2,230,040
	113,426		Essilor International S.A.		14,683,673
	26,797		Eurazeo		1,886,972
	328,324	e	European Aeronautic Defence and Space Co		20,526,019
	92,768		Eutelsat Communications		2,882,165
	19,529	*	Fonciere Des Regions		1,847,558
	1,086,157		France Telecom S.A.		18,045,327
	833,707	e	Gaz de France		13,750,697
	17,850		Gecina S.A.		2,579,495
	322,173		Groupe Danone		22,572,534
	283,197		Groupe Eurotunnel S.A.		3,615,780
	15,630		Hermes International		5,566,733
	21,355		Icade		1,680,072
	14,592		Iliad S.A.		3,190,656
	18,053		Imerys S.A.		1,333,183
	29,550	e	Ingenico		3,483,286
	47,996		JC Decaux S.A.		2,126,594
	41,403		Kering		7,100,531
	120,040		Klepierre		5,645,778
	62,378	e	Lagardere S.C.A.		1,655,378
	148,745		Legrand S.A.		8,478,122
	141,865	e	L’Oreal S.A.		25,769,166
	154,239	e	LVMH Moet Hennessy Louis Vuitton S.A.		25,697,995
	101,856	e	Michelin (C.G.D.E.) (Class B)		10,638,863
	532,893		Natixis		2,940,469
	66,701		Numericable SAS		2,185,409
	115,083		Pernod-Ricard S.A.		12,430,684
	244,871	*	Peugeot S.A.		3,946,378
	103,262		Publicis Groupe S.A.		7,641,719
	13,188	e	Remy Cointreau S.A.		1,096,565
	110,348	e	Renault S.A.		10,647,232
	162,796		Rexel S.A.		2,468,406
	173,227		Safran S.A.		11,942,207
	649,223	e	Sanofi-Aventis		53,513,227
	309,870		Schneider Electric S.A.		20,261,646
	79,737	e	SCOR SE		2,716,295
	14,926		Societe BIC S.A.		2,119,244
	396,058		Societe Generale		15,583,757
	50,699		Sodexho Alliance S.A.		5,121,795
	156,204	e	Suez Environnement S.A.		2,878,782
	56,641		Technip S.A.		3,319,734
	58,686		Thales S.A.		5,078,550
	1,233,542		Total S.A.		62,344,196

292

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	54,194		Unibail-Rodamco	$	14,526,443
	43,740		Valeo S.A.		6,937,993
	258,387	e	Veolia Environnement		6,347,421
	265,977	e	Vinci S.A.		19,865,369
	641,649	e	Vivendi Universal S.A.		12,326,278
	17,850		Wendel		2,062,828
	111,624		Zodiac S.A.		2,618,875
			TOTAL FRANCE		659,097,795

GERMANY - 8.8%
	119,079		Adidas-Salomon AG.		15,363,261
	254,115		Allianz AG.		43,232,041
	27,551		Axel Springer AG.		1,540,570
	508,963		BASF SE		42,106,916
	459,685		Bayer AG.		53,124,356
	180,923		Bayerische Motoren Werke AG.		16,737,830
	34,723		Bayerische Motoren Werke AG. (Preference)		2,764,620
	53,327		Beiersdorf AG.		4,788,515
	82,974		Brenntag AG.		4,873,776
	607,556		Commerzbank AG.		5,697,271
	60,625		Continental AG.		13,350,439
	531,487		Daimler AG. (Registered)		37,032,228
	254,402	*	Deutsche Annington Immobilien SE		8,575,418
	757,957		Deutsche Bank AG.		14,365,496
	104,908		Deutsche Boerse AG.		8,632,727
	127,415	*	Deutsche Lufthansa AG.		1,983,832
	538,991		Deutsche Post AG.		15,831,930
	1,791,457		Deutsche Telekom AG.		31,446,212
	181,446		Deutsche Wohnen AG.		5,563,471
	1,096,302		E.ON AG.		11,362,261
	74,712		Evonik Industries AG.		2,370,481
	20,856	e	Fraport AG. Frankfurt Airport Services Worldwide		1,264,347
	120,034		Fresenius Medical Care AG.		10,447,408
	210,212		Fresenius SE		15,328,280
	36,436		Fuchs Petrolub AG. (Preference)		1,560,217
	98,289		GEA Group AG.		4,567,445
	35,828		Hannover Rueckversicherung AG.		4,095,890
	78,173		HeidelbergCement AG.		6,960,629
	59,882		Henkel KGaA		6,091,471
	95,670		Henkel KGaA (Preference)		10,927,319
	37,639		Hugo Boss AG.		2,401,973
	621,427		Infineon Technologies AG.		8,866,254
	117,604	e	K&S AG.		2,935,428
	48,834		Lanxess AG.		2,557,418
	102,889		Linde AG.		15,742,214
	22,613		MAN AG.		2,454,380
	69,727	*	Merck KGaA		6,566,666
	96,698		Metro AG.		3,085,022
	93,650		Muenchener Rueckver AG.		17,410,062
	48,967		Osram Licht AG.		2,557,003
	89,262		Porsche AG.		4,986,466
	120,273		ProSiebenSat. Media AG.		6,144,146
	291,420	*	RWE AG.		4,366,226

293

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	550,587		SAP AG.	$	43,199,613
	439,093		Siemens AG.		45,950,305
	67,535		Symrise AG.		4,482,375
	466,077		Telefonica Deutschland Holding AG.		2,371,380
	209,227		ThyssenKrupp AG.		4,875,373
	299,384		TUI AG. (DI)		4,345,594
	63,895		United Internet AG.		3,123,069
	21,323	e	Volkswagen AG.		3,405,208
	105,265		Volkswagen AG. (Preference)		15,270,068
	56,730	*,e,g	Zalando SE		1,883,152
			TOTAL GERMANY		610,966,052

HONG KONG - 3.2%
	6,704,400		AIA Group Ltd		40,123,156
	139,700		ASM Pacific Technology		1,006,697
	625,919	e	Bank of East Asia Ltd		2,270,825
	1,989,000		BOC Hong Kong Holdings Ltd		5,940,939
	673,000		Cathay Pacific Airways Ltd		1,072,995
	370,000		Cheung Kong Infrastructure Holdings Ltd		3,491,842
	1,532,836		Cheung Kong Property Holdings Ltd		10,468,485
	1,515,836		CK Hutchison Holdings Ltd		18,134,887
	1,065,000		CLP Holdings Ltd		9,845,946
	1,195,750		First Pacific Co		757,217
	1,283,000		Galaxy Entertainment Group Ltd		4,312,470
	1,240,000		Hang Lung Properties Ltd		2,469,056
	437,600		Hang Seng Bank Ltd		7,933,924
	621,311		Henderson Land Development Co Ltd		3,872,346
	1,555,500	g	HK Electric Investments & HK Electric Investments Ltd		1,398,719
	1,613,640		HKT Trust and HKT Ltd		2,338,217
	3,705,521		Hong Kong & China Gas Ltd		6,897,772
	803,000		Hong Kong Electric Holdings Ltd		7,639,810
	651,919		Hong Kong Exchanges and Clearing Ltd		16,433,085
	306,200		Hongkong Land Holdings Ltd		1,939,690
	385,792		Hysan Development Co Ltd		1,704,609
	137,600		Jardine Matheson Holdings Ltd		7,588,933
	338,123		Kerry Properties Ltd		918,814
	3,098,600	e	Li & Fung Ltd		1,916,359
	1,208,991		Link REIT		7,334,803
	54,700	e	Melco Crown Entertainment Ltd (ADR)		809,560
	869,900		MTR Corp		4,300,713
	2,994,015		New World Development Co Ltd		2,977,573
	2,557,099	*,e	Noble Group Ltd		866,913
	837,334		NWS Holdings Ltd		1,271,861
	2,153,937		PCCW Ltd		1,457,964
	1,334,800		Sands China Ltd		4,755,487
	748,192		Shangri-La Asia Ltd		914,024
	1,591,143		Sino Land Co		2,498,006
	1,008,000		SJM Holdings Ltd		675,818
	959,186		Sun Hung Kai Properties Ltd		12,088,737
	314,000		Swire Pacific Ltd (Class A)		3,406,465
	758,400		Swire Properties Ltd		1,969,229
	743,000		Techtronic Industries Co		2,785,262
	3,044,000	*,g	WH Group Ltd		2,458,718

294

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	732,762		Wharf Holdings Ltd	$	3,960,606
	493,000		Wheelock & Co Ltd		2,282,394
	407,000		Yue Yuen Industrial Holdings		1,482,466
			TOTAL HONG KONG		218,773,392

IRELAND - 1.0%
	49,024	*	AerCap Holdings NV		1,961,450
	14,572,896	*	Bank of Ireland		4,425,447
	459,136		CRH plc		13,362,183
	518,514		Experian Group Ltd		9,501,649
	67,097	*,m	Irish Bank Resolution Corp Ltd		0
	237,803		James Hardie Industries NV		3,326,377
	87,302		Kerry Group plc (Class A)		7,784,935
	45,634		Paddy Power plc		6,132,993
	40,148	*	Ryanair Holdings plc		608,626
	9,777		Ryanair Holdings plc (ADR)		791,448
	326,777		Shire Ltd		20,391,548
			TOTAL IRELAND		68,286,656

ISRAEL - 0.7%
	22,602		Azrieli Group		905,426
	594,473		Bank Hapoalim Ltd		3,062,322
	781,483	*	Bank Leumi Le-Israel		2,904,233
	1,037,171		Bezeq Israeli Telecommunication Corp Ltd		2,185,782
	38,939	*,e	Check Point Software Technologies		3,226,875
	2,524		Delek Group Ltd		443,647
	275,206		Israel Chemicals Ltd		1,371,064
	72,772		Mizrahi Tefahot Bank Ltd		846,428
	31,660		Nice Systems Ltd		2,031,744
	503,654		Teva Pharmaceutical Industries Ltd		27,667,233
			TOTAL ISRAEL		44,644,754

ITALY - 2.0%
	619,966		Assicurazioni Generali S.p.A.		9,479,027
	238,287		Autostrade S.p.A.		6,642,131
	6,991,523		Banca Intesa S.p.A.		19,435,035
	639,893		Banca Intesa S.p.A. RSP		1,685,590
	525,038		Banche Popolari Unite Scpa		2,231,726
	198,143		Banco Popolare SC		1,403,014
	4,293,874		Enel S.p.A.		19,514,912
	1,416,628		ENI S.p.A.		23,143,356
	60,295		Exor S.p.A.		2,270,918
	75,080	*,e	Ferrari NV		3,393,211
	210,726	*	Finmeccanica S.p.A.		2,671,358
	583,427		Fondiaria-Sai S.p.A		1,365,248
	99,945		Luxottica Group S.p.A.		5,453,960
	295,717		Mediobanca S.p.A.		2,435,956
	120,023		Prysmian S.p.A.		2,839,606
	3,368,347	*	Saipem S.p.A.		1,618,505
	1,129,612		Snam Rete Gas S.p.A.		6,908,026
	3,350,749		Telecom Italia RSP		2,635,593
	6,231,519	*	Telecom Italia S.p.A.		6,084,908
	789,401		Terna Rete Elettrica Nazionale S.p.A.		4,458,728

295

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	2,629,301		UniCredit S.p.A	$	10,196,449
			TOTAL ITALY		135,867,257

JAPAN - 21.8%
	15,500		ABC-Mart, Inc		1,005,829
	210,500	*,e	Acom Co Ltd		1,098,102
	360,500		Aeon Co Ltd		5,402,236
	57,400		AEON Financial Service Co Ltd		1,281,096
	59,000		Aeon Mall Co Ltd		811,435
	82,000		Air Water, Inc		1,231,873
	102,800		Aisin Seiki Co Ltd		3,994,787
	304,000		Ajinomoto Co, Inc		7,007,277
	112,100		Alfresa Holdings Corp		2,158,713
	633,000		All Nippon Airways Co Ltd		1,767,550
	104,500		Alps Electric Co Ltd		1,806,146
	190,500		Amada Co Ltd		1,913,856
	589,000		Aozora Bank Ltd		2,089,779
	206,500		Asahi Breweries Ltd		6,553,696
	523,000		Asahi Glass Co Ltd		3,062,924
	681,000		Asahi Kasei Corp		4,659,488
	85,100		Asics Corp		1,685,437
	1,197,700		Astellas Pharma, Inc		16,148,088
	184,000		Bank of Kyoto Ltd		1,234,212
	40,400		Benesse Holdings Inc		1,146,210
	361,400		Bridgestone Corp		13,302,197
	144,600		Brother Industries Ltd		1,639,236
	40,300		Calbee, Inc		1,568,926
	604,400		Canon, Inc		16,900,670
	112,000	e	Casio Computer Co Ltd		2,131,014
	79,200		Central Japan Railway Co		13,873,912
	367,000		Chiba Bank Ltd		1,853,358
	345,800		Chubu Electric Power Co, Inc		4,554,929
	131,258		Chugai Pharmaceutical Co Ltd		4,423,486
	81,600		Chugoku Bank Ltd		843,535
	153,600		Chugoku Electric Power Co, Inc		1,993,498
	191,200		Citizen Watch Co Ltd		1,078,482
	591,000	*	Concordia Financial Group Ltd		2,846,132
	98,500		Credit Saison Co Ltd		1,811,243
	286,000		Dai Nippon Printing Co Ltd		2,682,240
	156,600		Daicel Chemical Industries Ltd		1,956,239
	102,400	e	Daihatsu Motor Co Ltd		1,366,533
	598,800		Dai-ichi Mutual Life Insurance Co		7,197,391
	368,700		Daiichi Sankyo Co Ltd		8,689,294
	128,100		Daikin Industries Ltd		10,168,444
	38,000		Daito Trust Construction Co Ltd		5,374,424
	328,000		Daiwa House Industry Co Ltd		8,763,080
	893,000		Daiwa Securities Group, Inc		5,200,674
	272,100		Denso Corp		10,342,840
	119,200		Dentsu, Inc		6,056,434
	63,700		Don Quijote Co Ltd		2,266,179
	184,000		East Japan Railway Co		16,187,592
	143,700		Eisai Co Ltd		8,894,981
	76,800		Electric Power Development Co		2,314,603

296

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	32,200		FamilyMart Co Ltd	$	1,699,342
	110,800		Fanuc Ltd		16,367,589
	30,100		Fast Retailing Co Ltd		7,925,396
	292,000		Fuji Electric Holdings Co Ltd		1,242,530
	336,800		Fuji Heavy Industries Ltd		11,058,822
	255,200		Fujifilm Holdings Corp		10,475,515
	1,000,000		Fujitsu Ltd		3,494,097
	394,000		Fukuoka Financial Group, Inc		1,346,886
	230,200	e	GungHo Online Entertainment Inc		602,526
	199,000		Gunma Bank Ltd		787,903
	290,000		Hachijuni Bank Ltd		1,267,833
	122,200		Hakuhodo DY Holdings, Inc		1,377,633
	77,200		Hamamatsu Photonics KK		2,145,450
	614,000		Hankyu Hanshin Holdings, Inc		3,891,842
	10,000		Hikari Tsushin, Inc		749,022
	133,800		Hino Motors Ltd		1,291,040
	16,200		Hirose Electric Co Ltd		1,959,325
	259,000		Hiroshima Bank Ltd		937,664
	30,000		Hisamitsu Pharmaceutical Co, Inc		1,419,305
	58,200		Hitachi Chemical Co Ltd		977,395
	57,600		Hitachi Construction Machinery Co Ltd		914,506
	35,900		Hitachi High-Technologies Corp		971,369
	2,761,000		Hitachi Ltd		12,651,524
	118,500		Hitachi Metals Ltd		1,203,267
	634,000		Hokuhoku Financial Group, Inc		798,232
	101,400		Hokuriku Electric Power Co		1,328,061
	905,600		Honda Motor Co Ltd		24,438,312
	21,200		Hoshizaki Electric Co Ltd		1,779,172
	226,800		Hoya Corp		8,685,137
	53,600		Idemitsu Kosan Co Ltd		1,145,016
	78,100		Iida Group Holdings Co Ltd		1,458,603
	528,400		Inpex Holdings, Inc		4,200,696
	191,880		Isetan Mitsukoshi Holdings Ltd		2,036,179
	776,000		Ishikawajima-Harima Heavy Industries Co Ltd		1,682,755
	319,700		Isuzu Motors Ltd		3,420,878
	892,700		Itochu Corp		11,344,969
	27,900		Itochu Techno-Science Corp		546,738
	163,400		Iyo Bank Ltd		1,073,719
	131,600		J Front Retailing Co Ltd		1,581,034
	72,100		Japan Airlines Co Ltd		2,595,189
	25,600	e	Japan Airport Terminal Co Ltd		913,598
	246,800	*,e	Japan Post Bank Co Ltd		3,013,196
	268,300	*	Japan Post Holdings Co Ltd		3,614,704
	430		Japan Prime Realty Investment Corp		1,895,388
	780		Japan Real Estate Investment Corp		4,857,070
	1,371		Japan Retail Fund Investment Corp		3,368,366
	619,000		Japan Tobacco, Inc		25,291,051
	273,000		JFE Holdings, Inc		3,831,101
	110,000		JGC Corp		1,876,044
	332,000		Joyo Bank Ltd		1,157,056
	99,200		JSR Corp		1,359,850
	107,900		JTEKT Corp		1,373,961
	1,217,800		JX Holdings, Inc		5,233,989

297

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	471,000		Kajima Corp	$	2,925,929
	81,700		Kakaku.com, Inc		1,471,507
	122,000		Kamigumi Co Ltd		1,093,831
	195,000		Kaneka Corp		1,632,095
	382,300	*	Kansai Electric Power Co, Inc		3,366,964
	125,900		Kansai Paint Co Ltd		2,201,946
	286,400		Kao Corp		15,842,783
	770,000		Kawasaki Heavy Industries Ltd		2,159,579
	970,500		KDDI Corp		27,955,964
	325,000		Keihan Electric Railway Co Ltd		2,356,565
	242,000		Keihin Electric Express Railway Co Ltd		2,190,617
	311,000		Keio Corp		2,739,271
	145,000		Keisei Electric Railway Co Ltd		1,994,889
	26,000		Keyence Corp		15,584,215
	80,000		Kikkoman Corp		2,549,091
	1,067,000		Kintetsu Corp		4,388,061
	473,900		Kirin Brewery Co Ltd		6,834,960
	1,612,000		Kobe Steel Ltd		1,547,874
	65,300		Koito Manufacturing Co Ltd		2,829,075
	500,700		Komatsu Ltd		8,599,479
	52,200		Konami Corp		1,645,838
	247,600		Konica Minolta Holdings, Inc		2,137,176
	19,700		Kose Corp		1,801,859
	608,500		Kubota Corp		8,863,931
	189,600		Kuraray Co Ltd		2,403,756
	59,500		Kurita Water Industries Ltd		1,430,734
	178,400		Kyocera Corp		8,852,235
	125,500		Kyowa Hakko Kogyo Co Ltd		2,231,144
	231,800	*	Kyushu Electric Power Co, Inc		2,326,509
	219,600	*	Kyushu Financial Group, Inc		1,152,655
	34,200		Lawson, Inc		2,647,190
	143,300		LIXIL Group Corp		3,000,442
	120,700	e	M3, Inc		3,256,057
	29,500		Mabuchi Motor Co Ltd		1,468,412
	63,800		Makita Corp		4,024,722
	945,000		Marubeni Corp		5,016,300
	119,200		Marui Co Ltd		1,821,094
	28,000		Maruichi Steel Tube Ltd		814,359
	1,226,800		Matsushita Electric Industrial Co Ltd		10,940,742
	297,000		Mazda Motor Corp		4,525,178
	39,300	e	McDonald’s Holdings Co Japan Ltd		981,815
	71,100		Mediceo Paltac Holdings Co Ltd		1,124,888
	65,600		MEIJI Holdings Co Ltd		5,055,248
	178,000		Minebea Co Ltd		1,457,995
	28,100		Miraca Holdings, Inc		1,194,169
	728,800		Mitsubishi Chemical Holdings Corp		3,803,271
	739,100		Mitsubishi Corp		12,423,238
	1,053,000		Mitsubishi Electric Corp		11,190,661
	696,000		Mitsubishi Estate Co Ltd		13,225,813
	209,000		Mitsubishi Gas Chemical Co, Inc		1,146,117
	1,651,000		Mitsubishi Heavy Industries Ltd		5,868,661
	64,000		Mitsubishi Logistics Corp		874,948
	606,000		Mitsubishi Materials Corp		1,922,099

298

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	351,099		Mitsubishi Motors Corp	$	1,412,945
	7,161,080		Mitsubishi UFJ Financial Group, Inc		33,047,039
	247,300		Mitsubishi UFJ Lease & Finance Co Ltd		1,077,769
	933,400		Mitsui & Co Ltd		11,401,705
	450,000		Mitsui Chemicals, Inc		1,492,442
	524,000		Mitsui Fudosan Co Ltd		12,797,352
	632,000		Mitsui OSK Lines Ltd		1,343,028
	276,600		Mitsui Sumitomo Insurance Group Holdings, Inc		7,305,414
	1,783,000		Mitsui Trust Holdings, Inc		5,480,729
	23,000		Mixi Inc		785,880
	13,360,707		Mizuho Financial Group, Inc		20,026,515
	114,900		Murata Manufacturing Co Ltd		14,984,253
	64,700		Nabtesco Corp		1,459,580
	469,000		Nagoya Railroad Co Ltd		2,365,373
	92,800		Namco Bandai Holdings, Inc		1,975,646
	1,393,000		NEC Corp		3,390,246
	83,500		Nexon Co Ltd		1,253,784
	143,000		NGK Insulators Ltd		2,936,727
	96,888		NGK Spark Plug Co Ltd		1,932,272
	121,200		NHK Spring Co Ltd		1,066,791
	121,600		Nidec Corp		8,910,126
	182,400	e	Nikon Corp		2,658,918
	59,800		Nintendo Co Ltd		8,096,977
	830		Nippon Building Fund, Inc		5,258,053
	216,000		Nippon Electric Glass Co Ltd		1,143,596
	448,000		Nippon Express Co Ltd		2,044,412
	94,000		Nippon Meat Packers, Inc		2,095,203
	91,300		Nippon Paint Co Ltd		2,397,253
	966		Nippon ProLogis REIT, Inc		2,316,310
	418,900		Nippon Steel Corp		8,716,369
	392,100		Nippon Telegraph & Telephone Corp		17,546,596
	846,000		Nippon Yusen Kabushiki Kaisha		1,657,333
	1,401,800		Nissan Motor Co Ltd		12,439,605
	110,900		Nisshin Seifun Group, Inc		1,815,553
	34,900		Nissin Food Products Co Ltd		1,620,162
	39,900		Nitori Co Ltd		3,711,448
	90,700		Nitto Denko Corp		4,886,050
	195,500		NKSJ Holdings, Inc		5,133,050
	58,500		NOK Corp		969,563
	1,987,100		Nomura Holdings, Inc		8,442,713
	64,700		Nomura Real Estate Holdings, Inc		1,182,410
	1,911	*	Nomura Real Estate Master Fund, Inc		2,997,879
	63,600		Nomura Research Institute Ltd		2,231,093
	253,000		NSK Ltd		2,208,137
	67,800		NTT Data Corp		3,529,713
	808,100		NTT DoCoMo, Inc		19,381,453
	88,000		NTT Urban Development Corp		823,499
	348,900		Obayashi Corp		3,419,336
	35,500		Obic Co Ltd		1,865,912
	361,000		Odakyu Electric Railway Co Ltd		3,920,278
	420,000		OJI Paper Co Ltd		1,724,746
	148,800		Olympus Corp		5,796,742
	105,300		Omron Corp		3,341,892

299

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	232,500	*	Ono Pharmaceutical Co Ltd	$	10,475,955
	26,600		Oracle Corp Japan		1,432,745
	111,800		Oriental Land Co Ltd		7,763,440
	720,700		ORIX Corp		10,194,251
	1,007,000		Osaka Gas Co Ltd		3,630,407
	294,800		Osaka Securities Exchange Co Ltd		4,390,529
	27,000		Otsuka Corp		1,287,579
	220,500		Otsuka Holdings KK		8,596,083
	63,300		Park24 Co Ltd		1,774,169
	516,400		Rakuten, Inc		5,613,972
	87,800		Recruit Holdings Co Ltd		2,712,668
	1,283,500		Resona Holdings, Inc		4,537,511
	371,000		Ricoh Co Ltd		3,780,831
	19,800		Rinnai Corp		1,747,410
	53,100		Rohm Co Ltd		2,297,940
	12,900		Ryohin Keikaku Co Ltd		2,873,651
	26,500		Sankyo Co Ltd		1,003,320
	37,800	e	Sanrio Co Ltd		743,172
	201,400		Santen Pharmaceutical Co Ltd		2,886,384
	113,440		SBI Holdings, Inc		1,174,525
	112,400		Secom Co Ltd		8,637,384
	96,100		Sega Sammy Holdings, Inc		1,046,371
	81,100		Seibu Holdings, Inc		1,710,954
	151,700		Seiko Epson Corp		2,485,892
	218,400		Sekisui Chemical Co Ltd		2,729,578
	321,600		Sekisui House Ltd		5,584,048
	409,400		Seven & I Holdings Co Ltd		16,704,509
	308,400		Seven Bank Ltd		1,310,456
	97,800		Shikoku Electric Power Co, Inc		1,207,198
	138,000		Shimadzu Corp		2,065,518
	12,200		Shimamura Co Ltd		1,646,920
	43,500		Shimano, Inc		6,241,005
	318,000		Shimizu Corp		2,850,182
	230,700		Shin-Etsu Chemical Co Ltd		12,921,225
	925,000		Shinsei Bank Ltd		1,296,458
	165,900		Shionogi & Co Ltd		8,467,893
	192,400		Shiseido Co Ltd		4,279,062
	281,000		Shizuoka Bank Ltd		2,082,688
	196,500		Shoei Co Ltd		1,955,755
	132,800		Showa Shell Sekiyu KK		1,385,862
	28,900		SMC Corp		7,047,542
	538,500		Softbank Corp		28,955,412
	39,900		Sohgo Security Services Co Ltd		2,215,643
	712,500		Sony Corp		17,257,891
	91,300		Sony Financial Holdings, Inc		1,128,735
	77,700		Stanley Electric Co Ltd		1,579,815
	879,009		Sumitomo Chemical Co Ltd		3,972,964
	645,200		Sumitomo Corp		6,821,221
	93,300	e	Sumitomo Dainippon Pharma Co Ltd		1,201,029
	406,200		Sumitomo Electric Industries Ltd		4,886,438
	308,000		Sumitomo Heavy Industries Ltd		1,294,394
	269,000		Sumitomo Metal Mining Co Ltd		3,034,985
	718,500		Sumitomo Mitsui Financial Group, Inc		21,620,879

300

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	210,000		Sumitomo Realty & Development Co Ltd	$	6,106,016
	98,900		Sumitomo Rubber Industries, Inc		1,505,609
	79,900		Suntory Beverage & Food Ltd		3,490,200
	93,600		Suruga Bank Ltd		1,819,955
	40,500		Suzuken Co Ltd		1,387,859
	194,500		Suzuki Motor Corp		5,329,988
	84,800		Sysmex Corp		5,303,331
	310,700		T&D Holdings, Inc		2,974,165
	655,000		Taiheiyo Cement Corp		1,733,139
	563,000		Taisei Corp		3,842,776
	21,100		Taisho Pharmaceutical Holdings Co Ltd		1,733,066
	115,400		Taiyo Nippon Sanso Corp		1,065,595
	148,000		Takashimaya Co Ltd		1,080,521
	446,100		Takeda Pharmaceutical Co Ltd		21,306,561
	120,800		Tanabe Seiyaku Co Ltd		2,150,784
	66,400		TDK Corp		3,885,318
	605,000		Teijin Ltd		2,166,044
	167,500		Terumo Corp		6,367,565
	71,300		THK Co Ltd		1,416,225
	548,000		Tobu Railway Co Ltd		2,808,536
	59,500		Toho Co Ltd		1,508,030
	225,000		Toho Gas Co Ltd		1,536,239
	243,400		Tohoku Electric Power Co, Inc		3,111,862
	382,400		Tokio Marine Holdings, Inc		12,513,073
	782,200	*	Tokyo Electric Power Co, Inc		4,189,378
	94,500		Tokyo Electron Ltd		6,245,712
	1,215,000		Tokyo Gas Co Ltd		5,362,611
	130,900		Tokyo Tatemono Co Ltd		1,728,344
	604,000		Tokyu Corp		5,234,831
	271,000		Tokyu Fudosan Holdings Corp		1,842,455
	150,000		TonenGeneral Sekiyu KK		1,420,756
	269,000		Toppan Printing Co Ltd		2,300,052
	785,000		Toray Industries, Inc		6,556,926
	2,353,000	*,e	Toshiba Corp		4,976,481
	74,900		Toto Ltd		2,539,850
	89,500		Toyo Seikan Kaisha Ltd		1,764,470
	47,600		Toyo Suisan Kaisha Ltd		1,681,124
	32,300		Toyoda Gosei Co Ltd		595,574
	87,500		Toyota Industries Corp		3,796,444
	1,497,400		Toyota Motor Corp		75,902,763
	114,000		Toyota Tsusho Corp		2,580,317
	56,800		Trend Micro, Inc		2,154,086
	200,000		Uni-Charm Corp		4,134,213
	1,431		United Urban Investment Corp		2,469,912
	118,600		USS Co Ltd		1,876,056
	87,900		West Japan Railway Co		5,306,192
	800,900		Yahoo! Japan Corp		3,582,767
	54,600		Yakult Honsha Co Ltd		2,706,559
	370,100		Yamada Denki Co Ltd		1,863,181
	136,000	e	Yamaguchi Financial Group, Inc		1,264,093
	91,000		Yamaha Corp		2,611,711
	144,600		Yamaha Motor Co Ltd		2,366,862
	181,400		Yamato Transport Co Ltd		3,658,625

301

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	74,000		Yamazaki Baking Co Ltd	$	1,751,792
	131,500		Yaskawa Electric Corp		1,540,035
	123,000		Yokogawa Electric Corp		1,321,537
	53,000		Yokohama Rubber Co Ltd		888,525
			TOTAL JAPAN		1,498,609,105

JERSEY, C.I. - 0.1%
	52,558		Randgold Resources Ltd		5,249,926
			TOTAL JERSEY, C.I.		5,249,926

LUXEMBOURG - 0.3%
	1,029,591	*,e	ArcelorMittal		5,812,168
	41,922		Millicom International Cellular S.A.		2,427,261
	24,742	e	RTL Group		2,071,573
	175,388	e	SES Global S.A.		4,791,720
	271,127		Tenaris S.A.		3,666,314
			TOTAL LUXEMBOURG		18,769,036

MACAU - 0.0%
	561,200		MGM China Holdings Ltd		786,277
	835,600	e	Wynn Macau Ltd		1,188,104
			TOTAL MACAU		1,974,381

MEXICO - 0.0%
	121,327		Fresnillo plc		1,977,701
			TOTAL MEXICO		1,977,701

NETHERLANDS - 4.7%
	1,075,075		Aegon NV		6,180,965
	134,658		Akzo Nobel NV		9,566,994
	219,433	*	Altice NV (Class A)		3,326,569
	69,427	*	Altice NV (Class B)		1,061,248
	191,124		ASML Holding NV		18,473,240
	54,425		Boskalis Westminster		2,269,687
	549,457	*	CNH Industrial NV		4,224,159
	99,898		DSM NV		6,131,395
	43,236		Gemalto NV		2,810,418
	59,016		Heineken Holding NV		4,872,169
	130,065		Heineken NV		12,203,629
	2,150,635		ING Groep NV		26,352,627
	448,227	*	Koninklijke Ahold NV		9,759,799
	523,385		Koninklijke Philips Electronics NV		14,381,872
	36,889		Koninklijke Vopak NV		2,005,625
	171,050		NN Group NV		5,937,578
	78,561	*	NXP Semiconductors NV		6,699,682
	55,843	*,e	OCI NV		1,103,462
	67,802		Randstad Holdings NV		3,643,432
	532,528	e	Reed Elsevier NV		8,943,054
	2,204,687		Royal Dutch Shell plc (A Shares)		57,747,806
	2,193,271		Royal Dutch Shell plc (B Shares)		57,584,048
	1,766,633		Royal KPN NV		6,942,254
	310,775		TNT Express NV		2,821,146

302

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	901,543	e	Unilever NV	$	39,604,657
	161,346		Wolters Kluwer NV		6,146,093
			TOTAL NETHERLANDS		320,793,608

NEW ZEALAND - 0.2%
	518,806		Auckland International Airport Ltd		2,225,530
	462,008		Contact Energy Ltd		1,639,248
	359,760		Fletcher Building Ltd		2,091,349
	737,328	*	Meridian Energy Ltd		1,361,965
	342,618		Mighty River Power Ltd		722,956
	221,820		Ryman Healthcare Ltd		1,382,755
	992,491		Telecom Corp of New Zealand Ltd		2,566,350
			TOTAL NEW ZEALAND		11,990,153

NORWAY - 0.6%
	526,943	e	DNB NOR Holding ASA		6,742,983
	102,719		Gjensidige Forsikring BA		1,758,621
	741,295	e	Norsk Hydro ASA		3,225,362
	441,863	e	Orkla ASA		3,857,431
	39,888	*	Schibsted ASA		1,162,521
	59,639	*	Schibsted ASA (B Shares)		1,696,977
	635,485		Statoil ASA		11,185,358
	428,637		Telenor ASA		7,375,194
	97,155		Yara International ASA		3,886,006
			TOTAL NORWAY		40,890,453

PORTUGAL - 0.2%
	22,307,209	*,e	Banco Comercial Portugues S.A.		991,064
	1,253,411	e	Energias de Portugal S.A.		4,455,961
	248,892		Galp Energia SGPS S.A.		3,419,633
	145,511		Jeronimo Martins SGPS S.A.		2,382,356
			TOTAL PORTUGAL		11,249,014

SINGAPORE - 1.3%
	1,305,908	*	Ascendas REIT		2,383,394
	1,058,000		CapitaCommercial Trust		1,122,451
	1,350,600		CapitaLand Ltd		3,111,007
	1,331,030		CapitaMall Trust		2,043,331
	213,100		City Developments Ltd		1,318,102
	1,136,100		ComfortDelgro Corp Ltd		2,434,995
	984,550		DBS Group Holdings Ltd		11,136,318
	3,422,400		Genting Singapore plc		2,065,777
	1,781,200		Global Logistic Properties		2,525,827
	3,682,547		Golden Agri-Resources Ltd		1,092,434
	2,893,900		Hutchison Port Holdings Trust		1,284,692
	64,309		Jardine Cycle & Carriage Ltd		1,838,585
	776,300	e	Keppel Corp Ltd		3,102,272
	1,743,594	e	Oversea-Chinese Banking Corp		11,326,548
	513,860		SembCorp Industries Ltd		1,098,381
	437,600	e	SembCorp Marine Ltd		540,651
	304,433		Singapore Airlines Ltd		2,598,787
	475,000		Singapore Exchange Ltd		2,651,236
	936,400	e	Singapore Press Holdings Ltd		2,818,747

303

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	798,500		Singapore Technologies Engineering Ltd	$	1,906,027
	4,550,003		Singapore Telecommunications Ltd		13,014,778
	363,500		StarHub Ltd		892,934
	1,579,000		Suntec Real Estate Investment Trust		1,972,847
	694,358		United Overseas Bank Ltd		9,568,677
	247,270		UOL Group Ltd		1,126,000
	1,032,300		Wilmar International Ltd		2,835,702
			TOTAL SINGAPORE		87,810,500

SOUTH AFRICA - 0.1%
	225,100		Al Noor Hospitals Group plc		2,978,287
	299,461		Investec plc		2,293,276
	204,223		Mondi plc		3,911,800
			TOTAL SOUTH AFRICA		9,183,363

SPAIN - 3.1%
	276,815		Abertis Infraestructuras S.A. (Continuous)		4,673,306
	103,155		ACS Actividades Construccion y Servicios S.A.		3,421,296
	39,447	*,g	Aena S.A.		5,635,209
	242,029		Amadeus IT Holding S.A.		11,036,610
	3,557,072		Banco Bilbao Vizcaya Argentaria S.A.		24,443,511
	2,822,727	e	Banco de Sabadell S.A.		5,408,588
	82,035	*,e,m	Banco de Sabadell S.A. (Interim)		157,186
	908,053		Banco Popular Espanol S.A.		2,475,967
	8,016,516		Banco Santander S.A.		40,710,427
	2,425,466		Bankia S.A.		2,262,531
	421,323		Bankinter S.A.		3,215,873
	1,559,581		CaixaBank S.A.		4,707,916
	755,249		Corp Mapfre S.A.		1,921,259
	320,339		Distribuidora Internacional de Alimentacion S.A.		1,782,482
	129,435		Enagas		3,951,641
	190,882		Endesa S.A.		4,016,132
	252,665		Ferrovial S.A.		5,451,266
	181,057		Gas Natural SDG S.A.		3,775,582
	159,721		Grifols S.A.		3,482,428
	3,103,407		Iberdrola S.A.		22,092,346
	616,403		Industria De Diseno Textil S.A.		19,839,276
	58,123		Red Electrica de Espana		5,198,185
	606,374		Repsol YPF S.A.		7,989,862
	2,496,200		Telefonica S.A.		27,306,414
	132,309		Zardoya Otis S.A.		1,405,913
			TOTAL SPAIN		216,361,206

SWEDEN - 2.8%
	156,668	*,e	Alfa Laval AB		2,471,925
	573,585	e	Assa Abloy AB		12,052,311
	370,163	e	Atlas Copco AB (A Shares)		9,589,905
	230,805	e	Atlas Copco AB (B Shares)		5,545,302
	147,484		Boliden AB		2,579,545
	130,303		Electrolux AB (Series B)		3,786,567
	1,697,973		Ericsson (LM) (B Shares)		13,757,668
	110,300		Getinge AB (B Shares)		2,336,002
	537,007		Hennes & Mauritz AB (B Shares)		19,123,003

304

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	138,619		Hexagon AB (B Shares)	$	5,537,103
	216,842		Husqvarna AB (B Shares)		1,730,669
	43,187	e	ICA Gruppen AB		1,419,943
	84,534		Industrivarden AB		1,540,865
	262,406		Investor AB (B Shares)		9,640,821
	141,124		Kinnevik Investment AB (Series B)		4,065,553
	129,212	*,e	Lundin Petroleum AB		2,424,241
	1,712,446		Nordea Bank AB		16,645,216
	580,501	e	Sandvik AB		5,964,113
	169,017	e	Securitas AB (B Shares)		2,672,538
	811,072		Skandinaviska Enskilda Banken AB (Class A)		7,754,367
	202,739		Skanska AB (B Shares)		4,468,543
	220,851		SKF AB (B Shares)		4,069,767
	324,995		Svenska Cellulosa AB (B Shares)		10,254,118
	828,168		Svenska Handelsbanken AB		11,047,882
	504,739		Swedbank AB (A Shares)		10,896,713
	104,399	*,e	Swedish Match AB		3,315,902
	209,330	e	Tele2 AB		2,000,089
	1,399,339		TeliaSonera AB		6,692,429
	839,307		Volvo AB (B Shares)		9,842,353
			TOTAL SWEDEN		193,225,453

SWITZERLAND - 9.4%
	1,196,516		ABB Ltd		25,330,561
	56,601		Actelion Ltd		9,173,896
	90,017		Adecco S.A.		5,810,907
	51,991	e	Aryzta AG.		2,022,249
	30,374		Baloise Holding AG.		3,765,053
	1,364	e	Barry Callebaut AG.		1,604,649
	285,755		Cie Financiere Richemont S.A.		19,054,204
	104,187		Coca-Cola HBC AG.		2,135,636
	995,825	*	Credit Suisse Group		15,154,921
	24,945	*	Dufry Group		3,288,197
	5,111		EMS-Chemie Holding AG.		2,529,264
	2,294	e	Galenica AG.		3,358,397
	19,974		Geberit AG.		7,684,637
	4,917		Givaudan S.A.		9,705,484
	6,892,727		Glencore Xstrata plc		16,473,055
	248,979	*	Holcim Ltd		12,642,026
	120,243		Julius Baer Group Ltd		5,153,106
	28,102		Kuehne & Nagel International AG.		4,055,546
	519		Lindt & Spruengli AG.		3,180,110
	60		Lindt & Spruengli AG. (Registered)		4,392,438
	28,681		Lonza Group AG.		4,783,653
	1,769,226		Nestle S.A.		132,054,409
	1,269,273		Novartis AG.		96,594,478
	20,302		Pargesa Holding S.A.		1,412,591
	8,743	e	Partners Group		3,605,949
	29,254		Phonak Holding AG.		3,916,457
	391,843		Roche Holding AG.		99,139,874
	23,082		Schindler Holding AG.		4,209,595
	12,926		Schindler Holding AG. (Registered)		2,378,087
	2,899		SGS S.A.		6,391,948

305

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	1,156		Sika AG.	$	4,926,808
	400,143		STMicroelectronics NV		2,460,245
	10,775		Sulzer AG.		983,599
	17,003	e	Swatch Group AG.		5,801,108
	31,406		Swatch Group AG. (Registered)		2,101,253
	18,798		Swiss Life Holding		4,754,327
	39,690		Swiss Prime Site AG.		3,479,474
	199,324		Swiss Re Ltd		17,715,625
	13,717		Swisscom AG.		6,970,681
	51,045		Syngenta AG.		20,477,463
	2,032,058		UBS AG.		35,226,637
	138,756		Wolseley plc		7,772,012
	85,181		Zurich Financial Services AG.		19,113,272
			TOTAL SWITZERLAND		642,783,881

UNITED KINGDOM - 16.2%
	585,068		3i Group plc		4,058,077
	507,178		Aberdeen Asset Management plc		2,218,821
	126,611		Admiral Group plc		3,441,115
	152,516		Aggreko plc		2,427,663
	784,372		Anglo American plc (London)		8,773,411
	770,148		ARM Holdings plc		10,570,946
	279,985		Ashtead Group plc		3,723,634
	204,902		Associated British Foods plc		9,192,034
	697,336		AstraZeneca plc		40,007,979
	576,435	g	Auto Trader Group plc		3,165,971
	2,230,616		Aviva plc		14,132,050
	131,085		Babcock International Group		1,819,067
	1,734,489		BAE Systems plc		12,100,939
	9,324,764		Barclays plc		23,412,244
	535,943		Barratt Developments plc		4,173,601
	77,956		Berkeley Group Holdings plc		3,416,071
	10,175,142		BP plc		56,058,730
	1,041,864		British American Tobacco plc		63,524,631
	533,578		British Land Co plc		5,614,033
	4,634,174		BT Group plc		30,039,035
	183,337		Bunzl plc		5,472,245
	243,296		Burberry Group plc		4,236,164
	360,565		Capita Group plc		5,282,975
	2,817,466		Centrica plc		9,839,222
	745,066		Cobham plc		1,681,021
	911,305		Compass Group plc		16,228,869
	71,209		Croda International plc		3,136,937
	1,410,423		Diageo plc		38,132,332
	738,843		Direct Line Insurance Group plc		3,914,109
	88,575		easyJet plc		1,909,083
	512,434	e	Fiat DaimlerChrysler Automobiles NV		4,125,439
	921,029		GKN plc		3,758,647
	2,721,339		GlaxoSmithKline plc		58,161,730
	891,010		Group 4 Securicor plc		2,456,976
	422,453		Hammerson plc		3,615,318
	159,311		Hargreaves Lansdown plc		2,999,418
	10,942,940		HSBC Holdings plc		72,517,492

306

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	313,244		ICAP plc	$	2,147,519
	173,305		IMI plc		2,371,653
	538,962		Imperial Tobacco Group plc		29,305,095
	241,703		Inmarsat plc		3,288,626
	136,431		InterContinental Hotels Group plc		5,452,476
	436,468		International Consolidated Airlines Group S.A.		3,365,673
	86,101		Intertek Group plc		4,107,505
	512,786		Intu Properties plc		2,283,522
	2,084,309		ITV plc		6,870,424
	725,187		J Sainsbury plc		3,068,130
	105,049		Johnson Matthey plc		4,439,884
	1,252,602		Kingfisher plc		6,673,518
	435,303		Land Securities Group plc		7,210,098
	3,171,312		Legal & General Group plc		10,363,514
	31,236,902		Lloyds TSB Group plc		30,659,350
	172,786		London Stock Exchange Group plc		6,863,380
	878,762		Marks & Spencer Group plc		5,450,991
	418,553		Meggitt plc		2,516,489
	370,202	g	Merlin Entertainments plc		2,338,457
	2,104,298		National Grid plc		30,025,406
	521,448		New Carphone Warehouse plc		3,245,986
	80,645		Next plc		6,002,095
	2,662,309		Old Mutual plc		7,238,173
	450,630		Pearson plc		5,309,991
	167,180		Persimmon plc		4,862,611
	143,476		Petrofac Ltd		1,777,595
	76,595		Provident Financial plc		3,266,860
	1,399,857		Prudential plc		27,632,518
	357,629		Reckitt Benckiser Group plc		34,839,840
	599,306		Reed Elsevier plc		10,617,449
	419,626		Rexam plc		3,837,773
	234,344		Rio Tinto Ltd		9,143,746
	683,584		Rio Tinto plc		22,931,723
	1,021,171		Rolls-Royce Group plc		10,017,937
	72,503,140	*,m	Rolls-Royce Holdings plc		105,938
	1,983,376	*	Royal Bank of Scotland Group plc		6,672,765
	537,842		Royal Mail plc		3,830,812
	545,921		RSA Insurance Group plc		3,667,100
	545,636		SABMiller plc		33,418,036
	572,996		Sage Group plc		4,963,223
	66,973		Schroders plc		2,465,431
	559,164		Scottish & Southern Energy plc		12,353,924
	465,035		Segro plc		2,841,302
	140,162		Severn Trent plc		4,569,331
	550,806		Sky plc		7,571,397
	488,370		Smith & Nephew plc		8,270,202
	210,895		Smiths Group plc		3,422,483
	180,881	*	Sports Direct International plc		1,020,406
	276,687		St. James’s Place plc		3,512,179
	1,853,230	*	Standard Chartered plc		14,978,931
	1,058,736		Standard Life plc		5,055,751
	298,388		Tate & Lyle plc		2,568,981
	1,775,783		Taylor Wimpey plc		4,790,275

307

TIAA-CREF FUNDS - International Equity Index Fund

SHARES			COMPANY	VALUE

	4,489,498	*	Tesco plc	$	11,286,772
	133,818		Travis Perkins plc		3,620,441
	720,627		Unilever plc		32,198,959
	368,753		United Utilities Group plc		5,070,763
	14,706,382		Vodafone Group plc		47,381,577
	136,311	e	Weir Group plc		2,394,389
	98,039		Whitbread plc		5,557,037
	561,481		William Hill plc		2,570,638
	1,233,232	e	WM Morrison Supermarkets plc		3,450,693
	762,130	*,g	Worldpay Group plc		2,972,377
	702,499		WPP plc		16,412,200
			TOTAL UNITED KINGDOM		1,117,858,349

UNITED STATES - 0.8%
	104,239		Carnival plc		5,199,322
	801,941	d,e	iShares MSCI EAFE Index Fund		46,857,413
	46,586	*,e	Mobileye NV		1,777,256
	118,786	*	Qiagen NV		2,671,572
	3,934	*	Taro Pharmaceutical Industries Ltd		549,737
			TOTAL UNITED STATES		57,055,300

			TOTAL COMMON STOCKS		6,772,268,488
			(Cost $6,565,673,461)

RIGHTS / WARRANTS - 0.0%

AUSTRALIA - 0.0%
	989,098	m	BGP Holdings plc		0
			TOTAL AUSTRALIA		0

			TOTAL RIGHTS / WARRANTS		0
			(Cost $0)

PRINCIPAL			ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 6.2%

GOVERNMENT AGENCY DEBT - 0.9%
$	30,000,000	d	Federal Home Loan Bank (FHLB)		0.200	%	05/02/16		30,000,000
	18,100,000		FHLB		0.245		05/25/16		18,097,104
	16,850,000	d	FHLB		0.270		06/17/16		16,843,867
			TOTAL GOVERNMENT AGENCY DEBT						64,940,971

SHARES			COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.3%
	362,192,762	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						362,192,762
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						362,192,762
			TOTAL SHORT-TERM INVESTMENTS						427,133,733
			(Cost $427,133,700)

			TOTAL INVESTMENTS - 104.8%						7,199,402,221
			(Cost $6,992,807,161)
			OTHER ASSETS & LIABILITIES, NET - (4.8)%						(334,141,108	)
			NET ASSETS - 100.0%					$	6,865,261,113

308

TIAA-CREF FUNDS - International Equity Index Fund



		Abbreviation(s):
		ADR American Depositary Receipt
		REIT Real Estate Investment Trust


*		Non-income producing
a		Affiliated holding
c		Investments made with cash collateral received from securities on loan.
d		All or a portion of these securities have been segregated to cover margin requirements on open futures transactions.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $339,464,294.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2016, the aggregate value of these securities amounted to $19,852,603 or 0.3% of net assets.
m		Indicates a security that has been deemed illiquid.

309

TIAA-CREF FUNDS - International Equity Index Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY INDEX FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016

				% OF
SECTOR	VALUE			NET ASSETS
FINANCIALS	$	1,657,770,089			24.0	%
INDUSTRIALS		884,734,432			12.9
CONSUMER DISCRETIONARY		849,304,721			12.4
CONSUMER STAPLES		836,731,423			12.2
HEALTH CARE		782,980,695			11.4
MATERIALS		477,088,409			7.0
INFORMATION TECHNOLOGY		344,239,688			5.0
TELECOMMUNICATION SERVICES		341,125,010			5.0
ENERGY		337,022,641			4.9
UTILITIES		261,271,380			3.8
SHORT - TERM INVESTMENTS		427,133,733			6.2
OTHER ASSETS & LIABILITIES, NET		(334,141,108	)		(4.8	)

NET ASSETS	$	6,865,261,113			100.0	%

310

TIAA-CREF FUNDS - Emerging Markets Debt Fund

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (unaudited)

April 30, 2016

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

BONDS - 98.4%

CORPORATE BONDS - 40.6%

ARGENTINA - 0.7%
$	1,500,000	g	YPF S.A.		8.500	%	03/23/21	$	1,567,500
			TOTAL ARGENTINA						1,567,500

AZERBAIJAN - 0.6%
	700,000		State Oil Co of the Azerbaijan Republic		4.750		03/13/23		629,030
	700,000		State Oil Co of the Azerbaijan Republic		6.950		03/18/30		666,750
			TOTAL AZERBAIJAN						1,295,780

BRAZIL - 1.9%
	1,050,000	g	GTL Trade Finance, Inc		5.893		04/29/24		933,240
	2,000,000	g	Odebrecht Finance Ltd		4.375		04/25/25		739,000
	180,480	g	Odebrecht Offshore Drilling Finance Ltd		6.625		10/01/22		23,192
	320,981	g	Odebrecht Offshore Drilling Finance Ltd		6.750		10/01/22		41,727
BRL	2,305,000	g	Oi S.A.		9.750		09/15/16		120,637
$	1,100,000	g	Oi S.A.		5.750		02/10/22		277,750
	625,000		Petrobras Global Finance BV		4.875		03/17/20		554,688
	1,125,000		Petrobras International Finance Co		5.750		01/20/20		1,032,188
	1,100,000	g	Samarco Mineracao S.A.		5.375		09/26/24		668,250
			TOTAL BRAZIL						4,390,672

CHILE - 2.1%
	700,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		685,806
	1,100,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500		09/16/25		1,148,421
	1,300,000	g	Empresa Electrica Angamos S.A.		4.875		05/25/29		1,229,518
	1,000,000	g	ENTEL Chile S.A.		4.875		10/30/24		1,012,768
	1,000,000	g	Latam Airlines Group S.A.		7.250		06/09/20		947,500
			TOTAL CHILE						5,024,013

CHINA - 0.8%
	1,050,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		792,750
	1,100,000	g	Semiconductor Manufacturing International Corp		4.125		10/07/19		1,131,910
			TOTAL CHINA						1,924,660

COLOMBIA - 1.8%
	1,100,000		Ecopetrol S.A.		5.375		06/26/26		1,009,250
	1,800,000	g	GrupoSura Finance S.A.		5.500		04/29/26		1,831,500
	300,000	g	Pacific Rubiales Energy Corp		5.375		01/26/19		45,000
	1,100,000	g	Pacific Rubiales Energy Corp		5.625		01/19/25		165,000
	1,200,000	g	SUAM Finance BV		4.875		04/17/24		1,224,000
			TOTAL COLOMBIA						4,274,750

311

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

COSTA RICA - 0.8%
$	1,800,000	g	Banco Nacional de Costa Rica		5.875	%	04/25/21	$	1,804,500
			TOTAL COSTA RICA						1,804,500

CROATIA - 0.4%
	1,000,000	g	Hrvatska Elektroprivreda		5.875		10/23/22		1,032,774
			TOTAL CROATIA						1,032,774

GUATEMALA - 0.5%
	1,300,000	g	Comcel Trust		6.875		02/06/24		1,228,500
			TOTAL GUATEMALA						1,228,500

INDIA - 2.2%
	1,100,000	g	Adani Ports & Special Economic Zone Ltd		3.500		07/29/20		1,110,567
	1,000,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		1,076,424
	500,000	g	Bharti Airtel Ltd		4.375		06/10/25		511,246
	1,100,000	g	ICICI Bank Ltd		4.000		03/18/26		1,100,165
	1,000,000	g	Reliance Holdings USA		5.400		02/14/22		1,107,796
			TOTAL INDIA						4,906,198

INDONESIA - 2.2%
	2,100,000	g	Indo Energy Finance II BV		6.375		01/24/23		1,001,965
	1,000,000	g	Pelabuhan Indonesia II PT		4.250		05/05/25		971,250
	1,130,000	g	Pertamina Persero PT		4.300		05/20/23		1,121,911
	1,000,000	g	Pertamina Persero PT		6.500		05/27/41		1,019,740
	1,200,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		1,107,000
			TOTAL INDONESIA						5,221,866

JAMAICA - 1.0%
	1,300,000	g	Digicel Group Ltd		8.250		09/30/20		1,186,250
	1,400,000	g	Digicel Group Ltd		7.125		04/01/22		1,139,250
			TOTAL JAMAICA						2,325,500

KAZAKHSTAN - 0.7%
	1,700,000	g	Kazakhstan Temir Zholy Finance BV		6.950		07/10/42		1,589,738
			TOTAL KAZAKHSTAN						1,589,738

LUXEMBOURG - 0.5%
	1,150,000	g	Millicom International Cellular S.A.		6.000		03/15/25		1,101,125
			TOTAL LUXEMBOURG						1,101,125

MALAYSIA - 0.4%
	1,000,000		1MDB Global Investments Ltd		4.400		03/09/23		879,091
			TOTAL MALAYSIA						879,091

MEXICO - 7.5%
MXN	25,450,000		America Movil SAB de C.V.		6.450		12/05/22		1,431,176
$	1,000,000	g	Banco Nacional de Comercio Exterior SNC		4.375		10/14/25		1,022,500
	1,150,000	g	BBVA Bancomer S.A.		6.750		09/30/22		1,262,125
	1,300,000	g,i	BBVA Bancomer S.A.		5.350		11/12/29		1,264,250

312

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

$	1,800,000	g	Cemex SAB de C.V.		7.750	%	04/16/26	$	1,921,500
	975,000		Grupo Televisa SAB		6.125		01/31/46		1,053,975
	1,150,000	g	Nacional Financiera SNC		3.375		11/05/20		1,173,000
	750,000		Pemex Project Funding Master Trust		6.625		06/15/35		761,250
	1,150,000		Petroleos Mexicanos		3.500		01/30/23		1,068,062
	1,200,000	g	Petroleos Mexicanos		6.875		08/04/26		1,324,200
	1,250,000	g	PLA Administradora Industrial S de RL de C.V.		5.250		11/10/22		1,240,625
	1,800,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		1,804,248
	1,400,000	g	Sixsigma Networks Mexico S.A. de C.V.		8.250		11/07/21		1,344,000
	1,150,000	g	Trust F/1401		5.250		01/30/26		1,170,125
			TOTAL MEXICO						17,841,036

MOROCCO - 1.0%
	1,100,000	g	OCP S.A.		4.500		10/22/25		1,067,000
	1,200,000	g	OCP S.A.		6.875		04/25/44		1,249,500
			TOTAL MOROCCO						2,316,500

NETHERLANDS - 0.8%
	1,800,000	g	GTH Finance BV		7.250		04/26/23		1,801,134
			TOTAL NETHERLANDS						1,801,134

NIGERIA - 0.9%
	2,300,000	g	Zenith Bank plc		6.250		04/22/19		2,122,210
			TOTAL NIGERIA						2,122,210

PERU - 1.8%
	1,250,000	g	Banco de Credito del Peru		4.250		04/01/23		1,306,250
	1,000,000	g	Corp Lindley S.A.		4.625		04/12/23		1,035,000
	1,750,000	g	Union Andina de Cementos SAA		5.875		10/30/21		1,798,125
			TOTAL PERU						4,139,375

RUSSIA - 0.9%
	1,000,000	g	LUKOIL International Finance BV		4.563		04/24/23		972,370
	1,100,000	g	Sberbank of Russia Via SB Capital S.A.		6.125		02/07/22		1,178,914
			TOTAL RUSSIA						2,151,284

SINGAPORE - 0.4%
	1,000,000	g	STATS ChipPAC Ltd		8.500		11/24/20		1,015,000
			TOTAL SINGAPORE						1,015,000

SOUTH AFRICA - 2.7%
	2,200,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		2,076,765
	1,100,000	g	Eskom Holdings SOC Ltd		7.125		02/11/25		1,036,299
	1,150,000	g	Gold Fields Orogen Holding BVI Ltd		4.875		10/07/20		1,075,250
	2,300,000	g	Transnet SOC Ltd		4.000		07/26/22		2,103,469
			TOTAL SOUTH AFRICA						6,291,783

SRI LANKA - 0.7%
	1,800,000	g	National Savings Bank		5.150		09/10/19		1,710,000
			TOTAL SRI LANKA						1,710,000

313

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

TRINIDAD AND TOBAGO - 0.3%
$	826,042	g	Petroleum Co of Trinidad & Tobago Ltd		6.000	%	05/08/22	$	774,001
			TOTAL TRINIDAD AND TOBAGO						774,001

TURKEY - 3.9%
	1,500,000	g	Akbank TAS		5.125		03/31/25		1,496,070
	1,200,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		1,062,744
	1,200,000	g	Arcelik AS.		5.000		04/03/23		1,170,398
	1,300,000	g	KOC Holding AS.		5.250		03/15/23		1,329,510
	1,200,000	g	Turk Telekomunikasyon AS.		4.875		06/19/24		1,185,600
	1,400,000	g	Turkiye Is Bankasi		5.375		10/06/21		1,420,650
	1,200,000	g,i	Turkiye Vakiflar Bankasi Tao		6.875		02/03/25		1,203,000
			TOTAL TURKEY						8,867,972

UKRAINE - 0.4%
	1,100,000	g	MHP S.A.		8.250		04/02/20		984,500
			TOTAL UKRAINE						984,500

UNITED ARAB EMIRATES - 0.5%
	1,200,000	g	DP World Ltd		6.850		07/02/37		1,244,232
			TOTAL UNITED ARAB EMIRATES						1,244,232

UNITED KINGDOM - 0.6%
	1,300,000	g	Standard Chartered plc		4.050		04/12/26		1,298,059
			TOTAL UNITED KINGDOM						1,298,059

UNITED STATES - 1.1%
	1,200,000		Plains Exploration & Production Co		6.875		02/15/23		1,080,000
	1,275,000	g	Sable International Finance Ltd		6.875		08/01/22		1,306,875
			TOTAL UNITED STATES						2,386,875

VENEZUELA - 0.5%
	3,175,000		Petroleos de Venezuela S.A.		5.375		04/12/27		1,116,012
			TOTAL VENEZUELA						1,116,012

			TOTAL CORPORATE BONDS						94,626,640
			(Cost $99,115,355)

GOVERNMENT BONDS - 57.8%

ANGOLA - 1.3%
	3,225,000	g	Republic of Angola		9.500		11/12/25		3,148,567
			TOTAL ANGOLA						3,148,567

ARGENTINA - 3.0%
	2,725,000	g,h	Argentine Republic Government International Bond		6.875		04/22/21		2,808,113
	1,625,000	g,h	Argentine Republic Government International Bond		7.500		04/22/26		1,649,375
ARS	20,000,000	j	Letras del Banco Central de la Republica Argentina		0.000		07/06/16		1,310,786
$	1,200,000		Provincia de Buenos Aires		9.125		03/16/24		1,278,000
			TOTAL ARGENTINA						7,046,274

314

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

AZERBAIJAN - 1.0%
$	2,200,000	g	Southern Gas Corridor CJSC		6.875	%	03/24/26	$	2,261,050
			TOTAL AZERBAIJAN						2,261,050

BRAZIL - 3.6%
	804,393	g	Brazil Loan Trust		5.477		07/24/23		731,997
	1,500,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		1,290,000
BRL	7,150,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/21		1,921,115
$	2,760,000		Brazilian Government International Bond		4.250		01/07/25		2,562,660
	2,300,000		Brazilian Government International Bond		5.000		01/27/45		1,857,250
			TOTAL BRAZIL						8,363,022

COLOMBIA - 0.6%
	1,300,000		Colombia Government International Bond		6.125		01/18/41		1,394,250
			TOTAL COLOMBIA						1,394,250

COSTA RICA - 1.0%
	2,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		2,331,250
			TOTAL COSTA RICA						2,331,250

COTE D’IVOIRE - 0.4%
	950,000	g,i	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		864,595
			TOTAL COTE D’IVOIRE						864,595

CROATIA - 1.2%
	750,000	g	Croatia Government International Bond		6.750		11/05/19		823,215
	1,915,000	g	Croatia Government International Bond		6.375		03/24/21		2,096,025
			TOTAL CROATIA						2,919,240

DOMINICAN REPUBLIC - 1.7%
DOP	15,000,000	g	Dominican Republic Central Bank Notes		10.000		02/24/17		328,754
	65,000,000	g	Dominican Republic International Bond		16.000		02/10/17		1,487,849
$	2,225,000	g	Dominican Republic International Bond		5.500		01/27/25		2,225,000
			TOTAL DOMINICAN REPUBLIC						4,041,603

ECUADOR - 0.9%
	2,200,000	g	Ecuador Government International Bond		10.500		03/24/20		2,079,000
			TOTAL ECUADOR						2,079,000

EGYPT - 0.6%
	1,625,000	g	Egypt Government International Bond		5.875		06/11/25		1,454,700
			TOTAL EGYPT						1,454,700

EL SALVADOR - 0.8%
	2,000,000	g	El Salvador Government International Bond		7.650		06/15/35		1,790,000
			TOTAL EL SALVADOR						1,790,000

315

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

GHANA - 0.7%
$	2,200,000	g	Republic of Ghana		8.125	%	01/18/26	$	1,738,440
			TOTAL GHANA						1,738,440

GREECE - 0.4%
EUR	958,000	g	Hellenic Republic Government Bond		4.750		04/17/19		973,994
			TOTAL GREECE						973,994

GUATEMALA - 1.4%
$	1,775,000	g	Guatemala Government Bond		4.500		05/03/26		1,761,688
	1,325,000	g	Guatemala Government Bond		4.875		02/13/28		1,354,812
			TOTAL GUATEMALA						3,116,500

HUNGARY - 1.5%
	3,000,000		Hungary Government International Bond		5.750		11/22/23		3,393,750
			TOTAL HUNGARY						3,393,750

INDIA - 0.7%
INR	108,000,000		International Finance Corp		6.450		10/30/18		1,625,461
			TOTAL INDIA						1,625,461

INDONESIA – 2.2%
$	2,355,000	g	Indonesia Government International Bond		3.375		04/15/23		2,331,657
	1,000,000	g	Indonesia Government International Bond		5.950		01/08/46		1,123,676
	1,600,000	g	Republic of Indonesia		5.250		01/17/42		1,638,776
			TOTAL INDONESIA						5,094,109

JAMAICA - 1.1%
	1,000,000		Jamaica Government International Bond		6.750		04/28/28		1,025,000
	1,675,000		Jamaica Government International Bond		7.875		07/28/45		1,742,000
			TOTAL JAMAICA						2,767,000

KAZAKHSTAN - 0.6%
	1,250,000	g	Kazakhstan Government International Bond		6.500		07/21/45		1,363,818
			TOTAL KAZAKHSTAN						1,363,818

MALAYSIA - 0.5%
MYR	4,450,000		Malaysia Government Bond		3.955		09/15/25		1,141,303
			TOTAL MALAYSIA						1,141,303

MEXICO - 0.8%
MXN	32,540,000		Mexican Bonos		6.500		06/09/22		1,990,276
			TOTAL MEXICO						1,990,276

MOROCCO - 1.5%
$	3,300,000	g	Morocco Government International Bond		4.250		12/11/22		3,411,375
			TOTAL MOROCCO						3,411,375

316

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

NAMIBIA - 0.9%
$	2,225,000	g	Namibia International Bonds		5.250	%	10/29/25	$	2,186,864
			TOTAL NAMIBIA						2,186,864

NIGERIA - 0.6%
	1,500,000	g	Nigeria Government International Bond		6.375		07/12/23		1,398,360
			TOTAL NIGERIA						1,398,360

PAKISTAN - 1.4%
	1,100,000	g	Pakistan Government International Bond		7.250		04/15/19		1,153,434
	1,900,000	g	Pakistan Government International Bond		8.250		09/30/25		2,001,485
			TOTAL PAKISTAN						3,154,919

PANAMA - 1.6%
	3,600,000		Panama Government International Bond		3.875		03/17/28		3,690,000
			TOTAL PANAMA						3,690,000

PARAGUAY - 1.5%
	725,000	g	Paraguay Government International Bond		5.000		04/15/26		739,500
	500,000	g	Republic of Paraguay		4.625		01/25/23		511,250
	2,250,000	g	Republic of Paraguay		6.100		08/11/44		2,295,000
			TOTAL PARAGUAY						3,545,750

PERU - 3.0%
	2,525,000		Peruvian Government International Bond		4.125		08/25/27		2,697,963
PEN	4,700,000	g	Peruvian Government International Bond		6.950		08/12/31		1,480,898
$	2,500,000		Peruvian Government International Bond		5.625		11/18/50		2,893,750
			TOTAL PERU						7,072,611

PHILIPPINES - 1.2%
PHP	72,000,000		Philippine Government International Bond		6.250		01/14/36		1,722,741
$	1,000,000		Philippine Government International Bond		3.700		03/01/41		1,067,134
			TOTAL PHILIPPINES						2,789,875

REPUBLIC OF SERBIA - 1.6%
	3,225,000	g	Republic of Serbia		7.250		09/28/21		3,653,274
			TOTAL REPUBLIC OF SERBIA						3,653,274

RUSSIA - 2.8%
RUB	142,500,000		Russian Federal Bond - OFZ		7.000		08/16/23		1,999,809
$	1,200,000	g	Russian Foreign Bond - Eurobond		3.250		04/04/17		1,211,923
	1,570,000	g	Russian Foreign Bond - Eurobond		4.875		09/16/23		1,671,061
	1,600,000	g	Russian Foreign Bond - Eurobond		5.625		04/04/42		1,682,829
			TOTAL RUSSIA						6,565,622

SLOVENIA - 0.2%
	375,000	g	Slovenia Government International Bond		5.500		10/26/22		423,356
			TOTAL SLOVENIA						423,356

SOUTH AFRICA - 2.5%
ZAR	16,000,000		South Africa Government Bond		8.000		12/21/18		1,118,766
$	450,000		South Africa Government International Bond		5.500		03/09/20		478,624

317

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

$	1,900,000		South Africa Government International Bond		5.875	%	09/16/25	$	2,051,042
	1,450,000		South Africa Government International Bond		4.875		04/14/26		1,448,187
	615,000		South Africa Government International Bond		6.250		03/08/41		673,425
			TOTAL SOUTH AFRICA						5,770,044

SRI LANKA - 1.3%
	1,100,000	g	Sri Lanka Government International Bond		6.250		07/27/21		1,104,128
	1,850,000	g	Sri Lanka Government International Bond		6.850		11/03/25		1,821,591
			TOTAL SRI LANKA						2,925,719

TUNISIA - 0.9%
	950,000	g	Banque Centrale de Tunisie S.A.		5.750		01/30/25		854,639
	1,250,000		Banque Centrale de Tunisie S.A.		8.250		09/19/27		1,268,750
			TOTAL TUNISIA						2,123,389

TURKEY - 3.9%
	800,000		Republic of Turkey		6.000		01/14/41		869,472
TRY	3,117,500		Turkey Government Bond		8.200		11/16/16		1,108,618
$	525,000		Turkey Government International Bond		7.500		11/07/19		601,508
	1,360,000		Turkey Government International Bond		5.625		03/30/21		1,474,836
	1,200,000		Turkey Government International Bond		5.125		03/25/22		1,274,400
	600,000		Turkey Government International Bond		4.875		10/09/26		618,838
	710,000		Turkey Government International Bond		8.000		02/14/34		936,555
	1,750,000		Turkey Government International Bond		6.625		02/17/45		2,067,450
			TOTAL TURKEY						8,951,677

UKRAINE - 1.8%
	2,327,718	g	Ukraine Government International Bond		7.750		09/01/19		2,246,713
	1,850,000	g	Ukraine Government International Bond		7.750		09/01/27		1,718,558
	520,000	g,i,j	Ukraine Government International Bond		0.000		05/31/40		162,391
			TOTAL UKRAINE						4,127,662

UNITED ARAB EMIRATES - 0.9%
	2,000,000	g,h	Abu Dhabi Government International Bond		3.125		05/03/26		2,015,000
			TOTAL UNITED ARAB EMIRATES						2,015,000

URUGUAY - 1.5%
	1,325,000		Uruguay Government International Bond		4.375		10/27/27		1,363,094
	2,200,000		Uruguay Government International Bond		5.100		06/18/50		2,062,500
			TOTAL URUGUAY						3,425,594

VENEZUELA - 1.1%
	4,030,000		Venezuela Government International Bond		7.750		10/13/19		1,617,037
	1,400,000		Venezuela Government International Bond		11.750		10/21/26		593,250
	900,000		Venezuela Government International Bond		9.250		05/07/28		346,500
			TOTAL VENEZUELA						2,556,787

VIETNAM - 0.6%
	1,325,000	g	Vietnam Government International Bond		4.800		11/19/24		1,356,247
			TOTAL VIETNAM						1,356,247

318

TIAA-CREF FUNDS - Emerging Markets Debt Fund

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE

ZAMBIA - 1.0%
$	1,850,000	g	Republic of Zambia		5.375	%	09/20/22	$	1,375,697
	1,250,000	g	Zambia Government International Bond		8.970		07/30/27		1,031,250
			TOTAL ZAMBIA						2,406,947

			TOTAL GOVERNMENT BONDS						134,449,274
			(Cost $135,188,341)

			TOTAL BONDS						229,075,914
			(Cost $234,303,696)

SHORT-TERM INVESTMENTS - 1.5%

UNITED STATES - 1.5%
	3,500,000		Federal National Mortgage Association (FNMA)		0.140		05/02/16		3,500,000
			TOTAL UNITED STATES						3,500,000

			TOTAL SHORT-TERM INVESTMENTS						3,500,000
			(Cost $3,499,986)

			TOTAL INVESTMENTS - 99.9%						232,575,914
			(Cost $237,803,682)
			OTHER ASSETS & LIABILITIES, NET - 0.1%						167,014
			NET ASSETS - 100.0%					$	232,742,928



		Abbreviation(s):

		ARS		Argentine Peso
		BRL		Brazilian Real
		DOP		Dominican Peso
		EUR		Euro
		INR		Indian Rupee
		MXN		Mexican Peso
		MYR		Malaysian Ringgit
		PEN		Peruvian Sol
		PHP		Philippine Peso
		RUB		Russian Ruble
		TRY		Turkish Lira
		ZAR		South African Rand

g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 4/30/2016, the aggregate value of these securities amounted to $160,508,341 or 69.0% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.
j		Zero coupon.

319

TIAA-CREF FUNDS

EMERGING MARKETS DEBT FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

April 30, 2016


SECTOR	VALUE	% OF NET ASSETS
GOVERNMENT	$130,877,437	56.2%
FINANCIALS	27,780,541	11.9
UTILITIES	15,020,171	6.5
ENERGY	14,748,563	6.3
INDUSTRIALS	11,237,982	4.8
MATERIALS	9,471,842	4.1
TELECOMMUNICATION SERVICES	9,247,976	4.0
INFORMATION TECHNOLOGY	4,592,035	2.0
CONSUMER STAPLES	3,082,244	1.3
CONSUMER DISCRETIONARY	3,017,123	1.3
SHORT-TERM INVESTMENTS	3,500,000	1.5
OTHER ASSETS & LIABILITIES, NET	167,014	0.1
NET ASSETS	$232,742,928	100.0%

320

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF FUNDS

Dated: June 20, 2016	By:	/s/Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: June 20, 2016	By:	/s/Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and President
		(principal executive officer)

Dated: June 20, 2016	By:	/s/Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer